{"_id": "d1b2e74c0", "title": "", "text": "The following tables present the recorded investment by portfolio segment and by class, excluding commercial financing receivables and other miscellaneous financing receivables at December 31, 2019 and 2018. Commercial financing receivables are excluded from the presentation of financing receivables by portfolio segment, as they are short term in nature and the current estimated risk of loss and resulting impact to the company\u2019s financing results are not material.\nWrite-offs of lease receivables and loan receivables were $16 million and $47 million, respectively, for the year ended December 31, 2019. Provisions for credit losses recorded for lease receivables and loan receivables were a release of $6 million and an addition of $2 million, respectively, for the year ended December 31, 2019.\nThe average recorded investment of impaired leases and loans for Americas, EMEA and Asia Pacific was $138 million, $49 million and $45 million, respectively, for the year ended December 31, 2019. Both interest income recognized, and interest income recognized on a cash basis on impaired leases and loans were immaterial for the year ended December 31, 2019.\n\n($ in millions) | | | | \n---------------------------------------------------------- | -------- | ------ | ------------ | --------\nAt December 31, 2019: | Americas | EMEA | Asia Pacific | Total \nRecorded investment: | | | | \nLease receivables | $ 3,419 | $1,186 | $ 963 | $ 5,567 \nLoan receivables | 6,726 | 3,901 | 2,395 | 13,022 \nEnding balance | $10,144 | $5,087 | $3,359 | $18,590 \nRecorded investment, collectively evaluated for impairment | $10,032 | $5,040 | $3,326 | $18,399 \nRecorded investment, individually evaluated for impairment | $ 112 | $ 47 | $ 32 | $ 191 \nAllowance for credit losses | | | | \nBeginning balance at January 1, 2019 | | | | \nLease receivables | $ 53 | $ 22 | $ 24 | $ 99\nLoan receivables | 105 | 43 | 32 | 179 \nTotal | $ 158 | $ 65 | $ 56 | $ 279 \nWrite-offs | (42) | (3) | (18) | (63) \nRecoveries | 1 | 0 | 1 | 2 \nProvision | 5 | (7) | (3) | (5) \nOther* | (1) | 0 | (1) | (2) \nEnding balance at December 31, 2019 | $ 120 | $ 54 | $ 36 | $ 210 \nLease receivables | $ 33 | $ 23 | $ 16 | $ 72 \nLoan receivables | $ 88 | $ 31 | $ 20 | $ 138 \nRelated allowance, collectively evaluated for impairment | $ 25 | $ 11 | $ 4 | $ 39 \nRelated allowance, individually evaluated for impairment | $ 96 | $ 43 | $ 32 | $ 171 "} {"_id": "d1b32cade", "title": "", "text": "NOTE 13. INCOME TAXES\nWe calculate our provision for federal and state income taxes based on current tax law. U.S. federal tax reform (Tax Act) was enacted on December 22, 2017, and has several key provisions impacting the accounting for and reporting of income taxes. The most significant provision reduced the U.S. corporate statutory tax rate from 35% to 21% beginning on January 1, 2018. We remeasured the applicable deferred tax assets and liabilities based on the rates at which they are expected to reverse. As a result, the gross deferred tax assets and liabilities were adjusted which resulted in an expense for income taxes of $7.1 million which was fully offset by a corresponding change to our valuation allowance in 2017. The Tax Act contains several base broadening provisions that became effective on January 1, 2018, that did not have a material impact on 2018 and 2019 earnings.\nDeferred tax asset (liability) is comprised of the following (in thousands):\nWe have determined it is more likely than not that our deferred tax assets will not be realized. Accordingly, we have provided a valuation allowance for deferred tax assets.\n\nDecember 31 | | \n---------------------------------------- | --------------- | ---------------\n | 2019 | 2018 \nNet operating loss carryforwards | $7,672 | $4,541 \nStock options and warrants | 420 | 214 \nProperty | 138 | 299 \nIntangible assets | 66 | 94 \nCapitalized expenses | 54 | 86 \nOther | 210 | 164 \nOperating right-of-use lease assets | (667) | \nOperating right-of-use lease liabilities | 794 | \nNet deferred tax assets | 8,687 | 5,398 \nLess: Valuation allowance | (8,687) | (5,398) \nDeferred tax asset (liability) | $ - | $ -"} {"_id": "d1b38504e", "title": "", "text": "8. Earnings Per Share\nBasic earnings per share is computed in accordance with ASC 260, Earnings per Share, based on weighted average outstanding common shares. Diluted earnings per share is computed based on basic weighted average outstanding common shares adjusted for the dilutive effect of stock options, RSUs, and certain contingently issuable shares for which performance targets have been achieved.\nThe following table reconciles the weighted average share amounts used to compute both basic and diluted earnings per share (in thousands):\nThe diluted earnings per share computation excludes 1.8 million, 2.2 million, and 3.9 million options to purchase shares, RSUs, and contingently issuable shares during the years ended December 31, 2019, 2018, and 2017, respectively, as their effect would be antidilutive.\nCommon stock outstanding as of December 31, 2019 and 2018, was 115,986,352 and 116,123,361, respectively.\n\n | | Years Ended December 31, | \n---------------------------------------------------------------------- | ------- | ------------------------ | -------\n | 2019 | 2018 | 2017 \nWeighted average shares outstanding: | | | \nBasic weighted average shares outstanding | 116,175 | 116,057 | 118,059\nAdd: Dilutive effect of stock options, RSUs, and contingently issuable | | | \nshares | 2,396 | 1,575 | 1,385 \nDiluted weighted average shares outstanding | 118,571 | 117,632 | 119,444"} {"_id": "d1b37e6a4", "title": "", "text": "AMERICAN TOWER CORPORATION AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Tabular amounts in millions, unless otherwise disclosed)\n8. ACCRUED EXPENSES\nAccrued expenses consisted of the following:\n\n | As of | \n-------------------------------------- | ----------------- | -----------------\n | December 31, 2019 | December 31, 2018\nAccrued property and real estate taxes | $198.1 | $169.7 \nAccrued pass-through costs | 74.2 | 71.2 \nAmounts payable to tenants | 77.9 | 93.5 \nAccrued rent | 75.6 | 61.4 \nPayroll and related withholdings | 102.4 | 90.4 \nAccrued construction costs | 27.8 | 41.5 \nAccrued income tax payable | 55.2 | 57.9 \nOther accrued expenses | 347.0 | 362.7 \nAccrued expenses | $958.2 | $948.3 "} {"_id": "d1b3a8e2c", "title": "", "text": "The tax effects of temporary differences that give rise to significant portions of the Company's deferred tax assets and deferred tax liabilities are as follows (amounts in millions):\nIn assessing whether it is more likely than not that deferred tax assets will be realized, the Company considers all available evidence, both positive and negative, including its recent cumulative earnings experience and expectations of future available taxable income of the appropriate character by taxing jurisdiction, tax attribute carryback and carryforward periods available to them for tax reporting purposes, and prudent and feasible tax planning strategies.\n\n | March 31, | \n------------------------------------------------ | --------- | --------\n | 2019 | 2018 \nDeferred tax assets: | | \nDeferred income on shipments to distributors | $\u2014 | $39.1 \nInventory valuation | 45.0 | 10.7 \nNet operating loss carryforward | 94.3 | 101.1 \nCapital loss carryforward | 9.6 | 10.6 \nShare-based compensation | 42.4 | 31.4 \nIncome tax credits | 376.5 | 178.4 \nProperty, plant and equipment | 23.6 | 25.7 \nAccrued expenses and other | 91.4 | 91.2 \nIntangible assets | 1,608.1 | \u2014 \nOther | 12.6 | \u2014 \nGross deferred tax assets | 2,303.5 | 488.2 \nValuation allowances | (332.1) | (204.5) \nDeferred tax assets, net of valuation allowances | 1,971.4 | 283.7 \nDeferred tax liabilities: | | \nConvertible debt | (279.3) | (304.4) \nIntangible assets | (721.0) | (66.6) \nOther | \u2014 | (18.3) \nDeferred tax liabilities | (1,000.3) | (389.3) \nNet deferred tax asset (liability) | $971.1 | $(105.6)\nReported as: | | \nNon-current deferred tax assets | $1,677.2 | $100.2 \nNon-current deferred tax liability | (706.1) | (205.8) \nNet deferred tax asset (liability) | $971.1 | $(105.6)"} {"_id": "d1b3c2610", "title": "", "text": "(1) Include cost of equipment sold, content and programming costs, payments to other carriers, franchise fees and network costs.\n(2) Include advertising and marketing expenses, selling costs, billing expenses, bad debts and collection expenses.\n(3) Include office building expenses, professional service fees, Canadian Radio-television and Telecommunications Commission (\u201cCRTC\u201d) fees, losses and gains on disposals and write-offs of property, plant and equipment and other administrative expenses.\n9. OPERATING EXPENSES\n\nYears ended August 31, | 2019 | 2018 \n--------------------------------------------------- | --------- | ------------------\n(In thousands of Canadian dollars) | $ | $ \n | | (restated, Note 3)\nSalaries, employee benefits and outsourced services | 345,041 | 317,118 \nService delivery costs(1) | 661,214 | 615,267 \nCustomer related costs(2) | 83,401 | 68,744 \nOther external purchases(3) | 114,324 | 120,496 \n | 1,203,980 | 1,121,625 "} {"_id": "d1b375054", "title": "", "text": "Other gains, net. We recorded net other gains totalling RMB19,689 million for the year ended 31 December 2019, which primarily comprised of non-IFRS adjustment items such as fair value gains arising from increased valuations for certain investee companies in verticals such as FinTech services, social media and education, as well as net deemed disposal gains arising from the capital activities of certain investee companies in verticals including transportation services and online games.\nSelling and marketing expenses. Selling and marketing expenses decreased by 12% to RMB21,396 million for the year ended 31 December 2019 on a year-on-year basis. The decrease was mainly due to the reduction of advertising and promotion expenses as a result of improved operational efficiencies. As a percentage of revenues, selling and marketing expenses decreased to 6% for the year ended 31 December 2019 from 8% for the year ended 31 December 2018.\nGeneral and administrative expenses. General and administrative expenses increased by 29% to RMB53,446 million for the year ended 31 December 2019 on a year-on-year basis. The increase was primarily driven by greater R&D expenses and staff costs. As a percentage of revenues, general and administrative expenses increased to 14% for the year ended 31 December 2019 from 13% for the year ended 31 December 2018.\nFinance costs, net. Net finance costs increased by 63% to RMB7,613 million for the year ended 31 December 2019 on a year-on-year basis. The increase primarily reflected greater interest expenses resulting from higher amounts of indebtedness.\nShare of (loss)/profit of associates and joint ventures. We recorded share of losses of associates and joint ventures of RMB1,681 million for the year ended 31 December 2019, compared to share of profit of RMB1,487 million for the year ended 31 December 2018. The change was mainly due to non-cash charges booked by certain associates.\nIncome tax expense. Income tax expense decreased by 7% to RMB13,512 million for the year ended 31 December 2019 on a year-on-year basis. The decrease mainly reflected the entitlements of preferential tax treatments and benefits.\nProfit attributable to equity holders of the Company. Profit attributable to equity holders of the Company increased by 19% to RMB93,310 million for the year ended 31 December 2019 on a year-on-year basis. Non-IFRS profit attributable to equity holders of the Company increased by 22% to RMB94,351 million for the year ended 31 December 2019.\n\n | Year ended 31 December | \n------------------------------------------------------------- | ---------------------- | ---------\n | 2019 | 2018 \n | (RMB in millions) | \nRevenues | 377,289 | 312,694 \nCost of revenues | (209,756) | (170,574)\nGross profit | 167,533 | 142,120 \nInterest income | 6,314 | 4,569 \nOther gains, net | 19,689 | 16,714 \nSelling and marketing expenses | (21,396) | (24,233) \nGeneral and administrative expenses | (53,446) | (41,522) \nOperating profit | 118,694 | 97,648 \nFinance costs, net | (7,613) | (4,669) \nShare of (loss)/profit of associates and joint ventures | (1,681) | 1,487 \nProfit before income tax | 109,400 | 94,466 \nIncome tax expense | (13,512) | (14,482) \nProfit for the year | 95,888 | 79,984 \nAttributable to: | | \nEquity holders of the Company | 93,310 | 78,719 \nNon-controlling interests | 2,578 | 1,265 \n | 95,888 | 79,984 \nNon-IFRS profit attributable to equity holders of the Company | 94,351 | 77,469 "} {"_id": "d1b38a7ec", "title": "", "text": "Non-Management Director Compensation in Fiscal 2019\nThe non-management directors received the following compensation during fiscal 2019:\n(1) This column represents the fair value of the stock award on the grant date determined in accordance with the provisions of ASC 718. As per SEC rules relating to executive compensation disclosure, the amounts shown exclude the impact of forfeitures related to service based vesting conditions. For additional information regarding assumptions made in calculating the amount reflected in this column, please refer to Note 10 to our audited consolidated financial statements, included in our Annual Report on Form 10-K for fiscal 2019.\n(2) Dividend equivalent payments on unvested restricted stock.\n\nName | Fees Earned or Paid in Cash ($) | Stock Awards ($) (1) | Option Awards ($) | All Other Compensation ($) (2) | Total ($)\n------------------- | ------------------------------- | -------------------- | ----------------- | ------------------------------ | ---------\nRobert D. Rosenthal | 95,000 | 40,000 | - | 25,900 | 160,900 \nChad M. Lindbloom | 95,00 | 40,000 | - | 13,800 | 148,800 \nPaul S. Pearlman | 65,000 | 40,000 | - | 850 | 105,850 \nLawrence Reinhold | 65,000 | 40,000 | - | 850 | 105,850 "} {"_id": "d1b39e774", "title": "", "text": "6. Earnings per Share\nUnder ASC 260, Earnings per Share, the two-class method is an earnings allocation formula that determines earnings per share for each class of common stock according to dividends declared (or accumulated) and participation rights in undistributed earnings. Under that method, basic and diluted earnings per share data are presented for each class of common stock.\nIn applying the two-class method, we determined that undistributed earnings should be allocated equally on a per share basis between Class A and Class B common stock. Under our Certificate of Incorporation, the holders of the common stock are entitled to participate ratably, on a share-for-share basis as if all shares of common stock were of a single class, in such dividends, as may be declared by the Board of Directors. During the years ended December 31, 2019, 2018 and 2017, we declared and paid quarterly dividends, in the amount of $0.27, $0.25 and $0.21 per share on both classes of common stock.\nBasic earnings per share has been computed by dividing net income available to common stockholders by the weighted average number of shares of common stock outstanding during each period. Shares issued during the period and shares reacquired during the period are weighted for the portion of the period in which the shares were outstanding. Diluted earnings per share have been computed in a manner consistent with that of basic earnings per share while giving effect to all potentially dilutive common shares that were outstanding during each period.\nThe net income available to common stockholders and weighted average number of common shares outstanding used to compute basic and diluted earnings per share for each class of common stock are as follows (in thousands, except per share amounts):\nFor the years ended December 31, 2019, 2018 and 2017, options to purchase 288,133 shares, 293,898 shares and 265,866 shares, respectively, were outstanding but not included in the computation of diluted earnings per share because the options' effect would have been anti-dilutive. For the years ended December 31, 2019, 2018 and 2017, there were 338,748 shares, 420,524 shares and 463,800 shares, respectively, issued from the exercise of stock options.\n\n | | Year Ended December 31, | \n-------------------------------------------------------------------------------------------------------------------- | -------- | ----------------------- | --------\n | 2019 | 2018 | 2017 \nDistributed earnings | $43,207 | $39,627 | $32,709 \nUndistributed earnings | 70,683 | 42,470 | 81,432 \nNet income | $113,890 | $82,097 | $114,141\nClass A common stock: | | | \nBasic net income available to common stockholders | $76,294 | $54,715 | $75,413 \nBasic weighted average common shares outstanding | 26,763 | 26,354 | 25,685 \nBasic earnings per share | $2.85 | $2.08 | $2.94 \nDiluted net income available to common stockholders | $76,555 | $54,937 | $75,698 \nEffect of potential exercise of stock options | 279 | 324 | 288 \nDiluted weighted average common shares outstanding | 27,042 | 26,678 | 25,973 \nDiluted earnings per share | $2.83 | $2.06 | $2.91 \nClass B common stock: | | | \nBasic net income available to common stockholders | $37,596 | $27,382 | $38,728 \nBasic weighted average common shares outstanding | 13,188 | 13,189 | 13,190 \nBasic earnings per share | $2.85 | $2.08 | $2.94 \nDiluted net income available to common stockholders | $37,335 | $27,160 | $38,443 \nDiluted weighted average common shares outstanding | 13,188 | 13,189 | 13,190 \nDiluted earnings per share | $2.83 | $2.06 | $2.91 \nFor the years ended December 31, 2019, 2018 and 2017, options to purchase 288,133 shares, 293,898 shares and 265,866 | | | "} {"_id": "d1b3b16d0", "title": "", "text": "Stock-Based Compensation Expense and Valuations of Stock Awards\nWe estimated the fair values of our restricted stock-based awards that are solely subject to service-based vesting requirements based upon their market values as of the grant dates, discounted for the present values of expected dividends.\nThe fair values of our PSUs were also measured based upon their market values as of their respective grant dates, discounted for the present values of expected dividends. The vesting conditions and related terms of our PSUs were communicated to each participating employee as of their respective grant dates and included attainment metrics that were defined, fixed and based upon consistent U.S. GAAP metrics or internal metrics that are defined, fixed and consistently determined, and that require the employee to render service. Therefore, these awards met the performance-based award classification criteria as defined within ASC 718.\nWe estimated the fair values of our stock options that were solely subject to service-based vesting requirements using the Black-Scholes-Merton option-pricing model, which was developed for use in estimating the fair values of stock options. Option valuation models, including the Black-Scholes-Merton option-pricing model, require the input of assumptions, including stock price volatility. Changes in the input assumptions can affect the fair value estimates and ultimately how much we recognize as stock-based compensation expense. The fair values of our stock options were estimated at the grant dates or at the acquisition dates for options assumed in a business combination. The weighted-average input assumptions used and resulting fair values of our service-based stock options were as follows for fiscal 2019, 2018 and 2017.\nThe expected life input is based on historical exercise patterns and post-vesting termination behavior, the risk-free interest rate input is based on U.S. Treasury instruments, the annualized dividend yield input is based on the per share dividend declared by the Board, and the volatility input is calculated based on the implied volatility of our publicly traded options.\nWe estimated the fair values of the PSOs granted during fiscal 2018 at approximately $10 per share using a Monte Carlo simulation approach as of the grant date with the following assumptions: risk-free interest rate of 2.14%, expected term of seven years, expected volatility of 22.44% and dividend yield of 1.49%.\n\n | Year Ended May 31, | | \n------------------------------------- | ------------------ | ----- | -----\n | 2019 | 2018 | 2017 \nExpected life (in years) | 4.6 | 4.7 | 4.8 \nrisk-free interest rate | 2.7% | 2.0% | 1.0% \nVolatility | 24% | 22% | 23% \nDividend yield | 1.7% | 1.5% | 1.5% \nWeighted-average fair value per share | $10.77 | $9.34 | $8.18"} {"_id": "d1b3bbb12", "title": "", "text": "27 Financial risk management (continued)\nCredit risk\nCredit risk is the risk of financial loss if a tenant or counterparty fails to meet an obligation under a contract. Credit risk arises primarily from trade receivables but also from other financial assets with counterparties including loans to joint ventures, cash deposits and derivative financial instruments.\n\u2013 trade receivables\nCredit risk associated with trade receivables is actively managed; tenants are typically invoiced quarterly in advance and are managed individually by asset managers, who continuously monitor and work with tenants, aiming wherever possible to identify and address risks prior to default.\nProspective tenants are assessed via a review process, including obtaining credit ratings and reviewing financial information, which is conducted internally. As a result deposits or guarantees may be obtained. The amount of deposits held as collateral at 31 December 2019 is \u00a33.5 million (2018: \u00a33.5 million).\nWhen applying a loss allowance for expected credit losses, judgement is exercised as to the collectability of trade receivables and to determine if it is appropriate to impair these assets. When considering expected credit losses, management has taken into account days past due, credit status of the counterparty and historical evidence of collection.\nThe ageing analysis of trade receivables is as follows:\n\n\u00a3m | 2019 | 2018\n------------------- | ---- | ----\nUp to three months | 29.9 | 32.1\nThree to six months | 10.0 | 3.7 \nTrade receivables | 39.9 | 35.8"} {"_id": "d1b369812", "title": "", "text": "Non-GAAP (Core) Financial Measures\nThe following discussion and analysis of our financial condition and results of operations include certain non-GAAP financial measures as identified in the reconciliation below. The non-GAAP financial measures disclosed herein do not have standard meaning and may vary from the non-GAAP financial measures used by other companies or how we may calculate those measures in other instances from time to time. Non-GAAP financial measures should not be considered a substitute for, or superior to, measures of financial performance prepared in accordance with U.S. GAAP. Also, our \u201ccore\u201d financial measures should not be construed as an inference by us that our future results will be unaffected by those items that are excluded from our \u201ccore\u201d financial measures.\nManagement believes that the non-GAAP \u201ccore\u201d financial measures set forth below are useful to facilitate evaluating the past and future performance of our ongoing manufacturing operations over multiple periods on a comparable basis by excluding the effects of the amortization of intangibles, stock-based compensation expense and related charges, restructuring and related charges, distressed customer charges, acquisition and integration charges, loss on disposal of subsidiaries, settlement of receivables and related charges, impairment of notes receivable and related charges, goodwill impairment charges, business interruption and impairment charges, net, other than temporary impairment on securities, restructuring of securities loss, income (loss) from discontinued operations, gain (loss) on sale of discontinued operations and certain other expenses, net of tax and certain deferred tax valuation allowance charges. Among other uses, management uses non-GAAP \u201ccore\u201d financial measures to make operating decisions, assess business performance and as a factor in determining certain employee performance when evaluating incentive compensation. Management believes that the non-GAAP \u201ccore\u201d financial measures set forth below are useful to facilitate evaluating the past and future performance of our ongoing manufacturing operations over multiple periods on a comparable basis by excluding the effects of the amortization of intangibles, stock-based compensation expense and related charges, restructuring and related charges, distressed customer charges, acquisition and integration charges, loss on disposal of subsidiaries, settlement of receivables and related charges, impairment of notes receivable and related charges, goodwill impairment charges, business interruption and impairment charges, net, other than temporary impairment on securities, restructuring of securities loss, income (loss) from discontinued operations, gain (loss) on sale of discontinued operations and certain other expenses, net of tax and certain deferred tax valuation allowance charges. Among other uses, management uses non-GAAP \u201ccore\u201d financial measures to make operating decisions, assess business performance and as a factor in determining certain employee performance when evaluating incentive compensation. Management believes that the non-GAAP \u201ccore\u201d financial measures set forth below are useful to facilitate evaluating the past and future performance of our ongoing manufacturing operations over multiple periods on a comparable basis by excluding the effects of the amortization of intangibles, stock-based compensation expense and related charges, restructuring and related charges, distressed customer charges, acquisition and integration charges, loss on disposal of subsidiaries, settlement of receivables and related charges, impairment of notes receivable and related charges, goodwill impairment charges, business interruption and impairment charges, net, other than temporary impairment on securities, restructuring of securities loss, income (loss) from discontinued operations, gain (loss) on sale of discontinued operations and certain other expenses, net of tax and certain deferred tax valuation allowance charges. Among other uses, management uses non-GAAP \u201ccore\u201d financial measures to make operating decisions, assess business performance and as a factor in determining certain employee performance when evaluating incentive compensation.\nWe determine the tax effect of the items excluded from \u201ccore\u201d earnings and \u201ccore\u201d diluted earnings per share based upon evaluation of the statutory tax treatment and the applicable tax rate of the jurisdiction in which the pre-tax items were incurred, and for which realization of the resulting tax benefit, if any, is expected. In certain jurisdictions where we do not expect to realize a tax benefit (due to existing tax incentives or a history of operating losses or other factors resulting in a valuation allowance related to deferred tax assets), a reduced or 0% tax rate is applied.\nWe are reporting \u201ccore\u201d operating income, \u201ccore\u201d earnings and \u201ccore\u201d return on invested capital to provide investors with an additional method for assessing operating income and earnings, by presenting what we believe are our \u201ccore\u201d manufacturing operations. A significant portion (based on the respective values) of the items that are excluded for purposes of calculating \u201ccore\u201d operating income and \u201ccore\u201d earnings also impacted certain balance sheet assets, resulting in a portion of an asset being written off without a corresponding recovery of cash we may have previously spent with respect to the asset. In the case of restructuring and related charges, we may make associated cash payments in the future. In addition, although, for purposes of calculating \u201ccore\u201d operating income and \u201ccore\u201d earnings, we exclude stock-based compensation expense (which we anticipate continuing to incur in the future) because it is a non-cash expense, the associated stock issued may result in an increase in our outstanding shares of stock, which may result in the dilution of our stockholders\u2019 ownership interest. We encourage you to consider these matters when evaluating the utility of these non-GAAP financial measures.\nIncluded in the tables below are a reconciliation of the non-GAAP financial measures to the most directly comparable U.S. GAAP financial measures as provided in our Consolidated Financial Statements:\nReconciliation of U.S. GAAP Financial Results to Non-GAAP Measures\n(1) Charges during fiscal years 2019 and 2018 relate to inventory and other assets charges for certain distressed customers in the networking and consumer wearables sectors. Charges during fiscal year 2017 relate to inventory and other assets charges for the disengagement with an energy customer.\n(2) Charges, net of insurance proceeds of $2.9 million and $24.9 million, for the fiscal years ended August 31, 2019 and 2018, respectively, relate to business interruption and asset impairment costs associated with damage from Hurricane Maria, which impacted our operations in Cayey, Puerto Rico.\n(3) Charges related to our strategic collaboration with Johnson & Johnson Medical Devices Companies (\u201cJJMD\u201d).\n(4) Relates to a restructuring of securities loss on available for sale securities during fiscal year 2019. See Note 16 \u2013 \u201cFair Value Measurements\u201d to the Consolidated Financial Statements for further discussion.\n(5) The fiscal year ended August 31, 2019 includes a $13.3 million income tax benefit for the effects of the Tax Act recorded during the three months ended November 30, 2018. The fiscal year ended August 31, 2018 includes a $142.3 million provisional estimate to account for the effects of the Tax Act.\n\n | | Fiscal Year Ended August 31, | \n------------------------------------------------------------------------------------------------------------------ | -------- | ---------------------------- | --------\n(in thousands, except for per share data) | 2019 | 2018 | 2017 \nOperating income (U.S. GAAP) | $701,356 | $542,153 | $410,230\nAmortization of intangibles | 31,923 | 38,490 | 35,524 \nStock-based compensation expense and related charges | 61,346 | 98,511 | 48,544 \nRestructuring and related charges | 25,914 | 36,902 | 160,395 \nDistressed customer charges(1) | 6,235 | 32,710 | 10,198 \nBusiness interruption and impairment charges, net(2) | (2,860) | 11,299 | \u2014 \nAcquisition and integration charges(3) | 52,697 | 8,082 | \u2014 \nLoss on disposal of subsidiaries | \u2014 | \u2014 | 2,112 \nAdjustments to operating income | 175,255 | 225,994 | 256,773 \nCore operating income(Non-GAAP) | $876,611 | $768,147 | $667,003\nNet income attributable to Jabil Inc.(U.S.GAAP) | $287,111 | $86,330 | $129,090\nAdjustments to operating income | 175,255 | 225,994 | 256,773 \nOther than temporary impairment on securities | \u2014 | \u2014 | 11,539 \nRestructuring of securities loss(4) | 29,632 | \u2014 | \u2014 \nAdjustment for taxes(5) | (18,633) | 146,206 | (4,726) \nCore earnings(Non-GAAP) | $473,365 | $458,530 | $392,676\nDiluted earnings per share(U.S.GAAP) | $1.81 | $0.49 | $0.69 \nDiluted core earnings per share(Non-GAAP) | $2.98 | $2.62 | $2.11 \nDiluted weighted average shares outstanding used in the calculation of earnings per share (U.S. GAAP and Non-GAAP) | 158,647 | 175,044 | 185,838 "} {"_id": "d1a71456c", "title": "", "text": "23. Trade and other payables\nNotes\n1. In 2018, government grants of $0.4 million and $0.9 million were included within payments received on account and accruals, respectively. These have been reclassified to government grants.\n2. In 2018, government grants of $1.0 million were included within other payables. These have been reclassified to government grants.\nTrade payables are non-interest bearing and are normally settled on 30 to 60-day terms. Other payables are non-interest bearing.\nThe Directors consider that the carrying amount of trade payables approximates their fair value.\n\n | | 2019 | 2018 \n------------------------------------- | ---- | --------- | ---------\nNote | Note | $ million | $ million\nCurrent | | | \nTrade payables | | 24.6 | 12.9 \nPayments received on account1 | | 2.3 | 1.0 \nOther taxes and social security costs | | 4.6 | 3.7 \nOther payables | | 1.5 | 1.0 \nAccruals1 | | 49.3 | 43.2 \nGovernment grants1 | 24 | 1.8 | 1.3 \n | | 84.1 | 63.1 \nNon-current | | | \nOther payables2 | | 0.8 | 4.4 \nGovernment grants2 | 24 | 0.2 | 1.0 \n | | 1.0 | 5.4 \n | | 85.1 | 68.5 "} {"_id": "d1b30f754", "title": "", "text": "Financing Cash Flow Activities\nYear Ended December 31, 2019 Compared with the Year Ended December 31, 2018\nNet cash provided by financing activities \u2013 continuing operations increased during the year ended December 31, 2019 primarily due to inflows resulting from (i) the issuance of the 0.875% Convertible Senior Notes, (ii) lower credit facility payments, partially offset with less credit facility borrowings and (iii) a decrease in the repurchase of common stock. These were partially offset by the purchase of the remaining minority interest in Pulse8 during 2019.\nYear Ended December 31, 2018 Compared with the Year Ended December 31, 2017\nWe used cash in financing activities \u2013 continuing operations during the year ended December 31, 2018 compared with cash inflows from financing activities \u2013 continuing operations during the year ended December 31, 2017, which was primarily driven by higher repayments of borrowings outstanding under our senior secured credit facility and higher common stock repurchases. We used a portion of the proceeds from the sale of our investment in Netsmart to repay balances outstanding under our senior secured credit facilities at the end of 2018. We borrowed funds in 2018 to purchase Practice Fusion and Health Grid and to acquire the remaining outstanding minority interest in which we initially acquired a controlling interest in April 2015.\nNet cash provided by financing activities \u2013 discontinued operations increased during the year ended December 31, 2018 compared with the prior year primarily due to higher borrowings by Netsmart used to finance business acquisitions.\n\n | | Year Ended December 31, | | | \n----------------------------------------------------------------------------- | --------- | ----------------------- | --------- | ----------------------- | -----------------------\n(In thousands) | 2019 | 2018 | 2017 | 2019 $ Change from 2018 | 2018 $ Change from 2017\nProceeds from sale or issuance of common stock | $0 | $1,283 | $1,568 | $(1,283) | $(285) \nTaxes paid related to net share settlement of equity awards | (7,286) | (9,466) | (7,269) | 2,180 | (2,197) \nProceeds from issuance of 0.875% Convertible Senior Notes | 218,000 | 0 | 0 | 218,000 | 0 \nPayments for issuance costs on 0.875% Convertible Senior Notes | (5,445) | 0 | 0 | (5,445) | 0 \nPayments for capped call transaction on 0.875% Convertible Senior Notes | (17,222) | 0 | 0 | (17,222) | 0 \nCredit facility payments | (220,000) | (713,751) | (138,139) | 493,751 | (575,612) \nCredit facility borrowings, net of issuance costs | 279,241 | 430,843 | 325,001 | (151,602) | 105,842 \nRepurchase of common stock | (111,460) | (138,928) | (12,077) | 27,468 | (126,851) \nPayment of acquisition and other financing obligations | (14,685) | (5,198) | (1,283) | (9,487) | (3,915) \nPurchases of subsidiary shares owned by non-controlling interest | (53,800) | (7,198) | 0 | (46,602) | (7,198) \nNet cash provided by (used in) financing activities - continuing operations | 67,343 | (442,415) | 167,801 | 509,758 | (610,216) \nNet cash provided by (used in) financing activities - discontinued operations | 0 | 149,432 | 30,784 | (149,432) | 118,648 \nNet cash provided (used in) by financing activities | $67,343 | $(292,983) | $198,585 | $360,326 | $(491,568) "} {"_id": "d1b2efcc4", "title": "", "text": "5 Staff costs and numbers\nThe aggregate payroll costs of persons employed by the Group were as follows:\n\n | 2019 | 2018 \n--------------------- | ----- | -----\n | \u00a3m | \u00a3m \nWages and salaries | 345.6 | 325.9\nSocial security costs | 71.6 | 58.7 \nPension costs | 21.5 | 19.3 \nTotal payroll costs | 438.7 | 403.9"} {"_id": "d1b3179a4", "title": "", "text": "Information as to Teradyne\u2019s revenues by country is as follows:\n(1) Revenues attributable to a country are based on location of customer site.\nIn 2019 and 2018, no single direct customer accounted for more than 10% of Teradyne\u2019s consolidated revenues. In 2017, revenues from Taiwan Semiconductor Manufacturing Company Ltd. accounted for 13% of its consolidated revenues. Taiwan Semiconductor Manufacturing Company Ltd. is a customer of Teradyne\u2019s Semiconductor Test segment. Teradyne estimates consolidated revenues driven by Huawei Technologies Co.Ltd. (\u201cHuawei\u201d), combining direct sales to that customer with sales to the customer\u2019s OSATs, accounted for approximately 11% and 4% of its consolidated revenues in 2019 and 2018, respectively. Teradyne estimates consolidated revenues driven by another OEM customer, combining direct sales to that customer with sales to the customer\u2019s OSATs (which include Taiwan Semiconductor Manufacturing Company Ltd.), accounted for approximately 10%, 13% and 22% of its consolidated revenues in 2019, 2018 and 2017, respectively.\n\n | 2019 | 2018 | 2017 \n---------------------------- | ---------- | -------------- | ----------\n | | (in thousands) | \nRevenues from customers (1): | | | \nChina | $514,327 | $348,942 | $260,451 \nTaiwan | 485,681 | 516,322 | 687,031 \nUnited States | 333,059 | 282,869 | 252,516 \nKorea | 239,504 | 163,224 | 206,819 \nEurope | 219,015 | 223,207 | 163,715 \nJapan | 175,322 | 158,281 | 169,093 \nThailand | 87,503 | 59,184 | 29,566 \nSingapore | 84,111 | 108,618 | 101,085 \nMalaysia | 58,200 | 122,797 | 124,048 \nPhilippines | 54,560 | 77,996 | 105,850 \nRest of the World | 43,683 | 39,362 | 36,432 \n | $2,294,965 | $2,100,802 | $2,136,606"} {"_id": "d1a719738", "title": "", "text": "Equity in net earnings of affiliates:\nAs of December 31, 2019, we held a 32.0% (2018: 32.0%) ownership interest in Golar Partners (including our 2% general partner interest) and 100% of the incentive distribution rights (\"IDRs\"). The decrease in the share of net earnings in Golar Partners is due to a decrease in underlying performance of Golar Partners and fair value adjustment for the year ended December 31, 2019. The decrease in the share of net earnings in Golar Partners is offset by the movement of the impairment charge of $149.4 million recognized for the year ended December 31, 2018.\nThe share of net earnings in other affiliates represents our share of equity in Egyptian Company for Gas Services S.A.E (\"ECGS\") and Avenir LNG Limited (\"Avenir\"). During the year ended December 31, 2018 we recognized negative goodwill of $3.8 million in equity in net earnings of affiliates to reflect our bargain purchase of Avenir. Refer to note 14 \"Investment in Affiliates\" of our consolidated financial statements included herein for further details.\n\n | | December 31, | | \n-------------------------------------------------- | -------- | ------------ | -------- | --------\n(in thousands of $) | 2019 | 2018 | Change | % Change\nShare in net (loss)/earnings in Golar Partners | (20,050) | 7,001 | (27,051) | (386)% \nImpairment of investment in Golar Partners | \u2014 | (149,389) | 149,389 | 100% \nShare of net (losses)/earnings in other affiliates | (2,515) | 3,711 | (6,226) | (168)% \n | (22,565) | (138,677) | 116,112 | (84)% "} {"_id": "d1b31bec8", "title": "", "text": "Liability for Warranty\nLiability for Warranty Our products generally include warranties of 90 days to five years for product defects. We accrue for warranty returns at the time revenue is recognized based on our historical return rate and estimate of the cost to repair or replace the defective products. We engage in extensive product quality programs and processes, including actively monitoring and evaluating the quality of our component suppliers. The increasing complexity of our products will cause warranty incidences, when they arise, to be more costly. Our estimates regarding future warranty obligations may change due to product failure rates, material usage and other rework costs incurred in correcting a product failure. In addition, from time to time, specific warranty accruals may be recorded if unforeseen problems arise. Should our actual experience relative to these factors be worse than our estimates, we will be required to record additional warranty expense. Alternatively, if we provide for more reserves than we require, we will reverse a portion of such provisions in future periods. The liability for warranty obligations totaled $8.4 million and $8.6 million as of December 31, 2019 and 2018, respectively. These liabilities are included in accrued expenses in the accompanying Consolidated Balance Sheets. During 2017, we recorded a reduction in warranty expense related to a settlement with a third-party supplier for a defective component, the impact of which is reflected in the following table.\nA summary of warranty expense and write-off activity for the years ended December 31, 2019, 2018 and 2017 is as follows:\n(In thousands)\n\nYear Ended December 31, | 2019 | 2018 | 2017 \n------------------------------------------ | ------- | ------- | -------\nBalance at beginning of period | $8,623 | $9,724 | $8,548 \nPlus: Amounts charged to cost and expenses | 4,569 | 7,392 | 6,951 \nLess: Deductions | (4,798) | (8,493) | (5,775)\nBalance at end of period | $8,394 | $8,623 | $9,724 "} {"_id": "d1b34db9e", "title": "", "text": "Note 23. Defined Benefit Pension Plan and Postretirement Benefits\nDefined Benefit Pension Plans\nThe Company sponsors non-contributory defined benefit pension plans (the \u201cPension Plans\u201d) for its covered employees in the Philippines. The Pension Plans provide defined benefits based on years of service and final salary. All permanent employees meeting the minimum service requirement are eligible to participate in the Pension Plans. As of December 31, 2019, the Pension Plans were unfunded. The Company expects to make no cash contributions to its Pension Plans during 2020.\nThe following table provides a reconciliation of the change in the benefit obligation for the Pension Plans and the net amount recognized, included in \u201cOther long-term liabilities,\u201d in the accompanying Consolidated Balance Sheets (in thousands):\n\n | December 31, | \n-------------------------------------- | ------------ | --------\n | 2019 | 2018 \nBalance at the beginning of the period | $3,282 | $3,642 \nService cost | 405 | 448 \nInterest cost | 254 | 196 \nActuarial (gains) losses | (108) | (783) \nBenefits paid | (22) | (32) \nEffect of foreign currency translation | 122 | (189) \nBalance at the end of the period | $3,933 | $3,282 \nUnfunded status | (3,933) | (3,282) \nNet amount recognized | $(3,933) | $(3,282)"} {"_id": "d1b35ea48", "title": "", "text": "RESEARCH AND DEVELOPMENT EXPENSES\nTotal research and development (R&D) expenses, excluding impairment charges, increased by 22% in 2019 compared to the previous year, mainly as a result of higher development activities. As a percentage of sales (excluding the patent litigation & arbitration settlement), R&D expenses decreased to 10% compared to 11% in 2018. Currency changes resulted in a 4% increase in R&D expenses year-over-year.\nTotal research and development expenses developed as follows:\nImpairment of capitalized development expenses related primarily to the development of new technology that is now no longer in-demand from customers.\nWe continue to invest strongly in R&D. As part of our R&D activities, we are engaged in various development programs with customers and research institutes. These allow us to develop products that meet customer requirements and obtain access to new technology and expertise. The costs relating to prototypes and experimental models, which we may subsequently sell to customers, are charged to the cost of sales.\nOur R&D operations in the Netherlands, Belgium, and the United States receive research and development grants and credits from various sources.\n\nYear ended December 31, | | | \n------------------------------------------------- | ------ | ------ | --------\n(EUR million) | 2018 | 2019 | % Change\nFront-end: | | | \nResearch and development expenses | 125.3 | 150.7 | 20% \nCapitalization of development expenses | (49.7) | (60.2) | 21% \nResearch and development grants and credits | (0.3) | \u2013 | \u2013 \nAmortization of capitalized development expenses | 12.0 | 15.6 | 30% \n | 87.3 | 106.1 | 22% \nImpairment capitalized development expenses | 1.3 | 4.8 | \u2013 \nTotal | 88.6 | 110.8 | 25% "} {"_id": "d1b309b74", "title": "", "text": "Stock options weighted average remaining contractual terms (in years) information at December 31, for the years 2019, 2018, and 2017 is as follows:\nAs of December 31, 2019, total unrecognized expense related to non-vested restricted stock unit awards and stock options was $45 million, and is expected to be recognized over a weighted average period of 1.8 years.\n\n | 2019 | 2018 | 2017\n--------------------------- | ---- | ---- | ----\nOutstanding | 4.2 | 3.6 | 4.1 \nVested and expected to vest | 5.0 | 3.6 | 4.1 \nExercisable | 2.1 | 2.4 | 2.8 "} {"_id": "d1a7340d8", "title": "", "text": "ITEM 6. SELECTED FINANCIAL DATA\nIn December 2016, we acquired the 67% remaining interest in Inotera and began consolidating Inotera's operating results. In the periods presented above through December 2016, Inotera sold DRAM products exclusively to us through supply agreements. The cash paid for the Inotera Acquisition was funded, in part, with a term loan of 80 billion New Taiwan dollars and $986 million from the sale of 58 million shares of our common stock. See \"Item 8. Financial Statements and Supplementary Data \u2013 Notes to Consolidated Financial Statements \u2013 Acquisition of Inotera.\"\n\n | 2019 | 2018 | 2017 | 2016 | 2015 \n---------------------------------------- | ------- | ------- | --------------------------------------- | ------- | -------\n | | | (in millions, except per share amounts) | | \nRevenue | $23,406 | $30,391 | $20,322 | $12,399 | $16,192\nGross margin | 10,702 | 17,891 | 8,436 | 2,505 | 5,215 \nOperating income | 7,376 | 14,994 | 5,868 | 168 | 2,998 \nNet income (loss) | 6,358 | 14,138 | 5,090 | (275) | 2,899 \nNet income (loss) attributable to Micron | 6,313 | 14,135 | 5,089 | (276) | 2,899 \nDiluted earnings (loss) per share | 5.51 | 11.51 | 4.41 | (0.27) | 2.47 \nCash and short-term investments | 7,955 | 6,802 | 5,428 | 4,398 | 3,521 \nTotal current assets | 16,503 | 16,039 | 12,457 | 9,495 | 8,596 \nProperty, plant, and equipment | 28,240 | 23,672 | 19,431 | 14,686 | 10,554 \nTotal assets | 48,887 | 43,376 | 35,336 | 27,540 | 24,143 \nTotal current liabilities | 6,390 | 5,754 | 5,334 | 4,835 | 3,905 \nLong-term debt | 4,541 | 3,777 | 9,872 | 9,154 | 6,252 \nTotal Micron shareholders' equity | 35,881 | 32,294 | 18,621 | 12,080 | 12,302 \nNoncontrolling interests in subsidiaries | 889 | 870 | 849 | 848 | 937 \nTotal equity | 36,770 | 33,164 | 19,470 | 12,928 | 13,239 "} {"_id": "d1b392faa", "title": "", "text": "9. Income Taxes\nOn December 22, 2017, the Tax Act was enacted into law, which made changes to U.S. tax law, including, but not limited to: (1) reducing the U.S. Federal corporate income tax rate from 35% to 21%; (2) requiring companies to pay a one-time transition tax on certain unrepatriated earnings of foreign subsidiaries; (3) generally eliminating U.S. Federal corporate income taxes on dividends from foreign subsidiaries; (4) capitalizing R&D expenses which are amortized over five to 15 years; and (5) other changes to how foreign and domestic earnings are taxed.\nThe Tax Act includes a provision to tax global intangible low-taxed income (\u201cGILTI\u201d) of foreign subsidiaries and a base erosion anti-abuse tax (\u201cBEAT\u201d) measure that taxes certain payments between a U.S. corporation and its foreign subsidiaries. These provisions of the Tax Act were effective for the Company beginning August 1, 2018 and had no impact on the tax benefit for the year ended July 31, 2019.\nUnder U.S. GAAP, the Company can make an accounting policy election to either treat taxes due on the GILTI inclusion as a current period expense or factor such amounts into its measurement of deferred taxes. The Company has elected the current period expense method. The Company has finalized its assessment of the transitional impacts of the Tax Act.\nIn December 2018, the IRS issued proposed regulations related to the BEAT tax, which the Company is in the process of evaluating. If the proposed BEAT regulations are finalized in their current form, the impact may be material to the tax provision in the quarter of enactment.\nThe U.S. Treasury Department, the Internal Revenue Service (\u201cIRS\u201d), and other standard-setting bodies will continue to interpret or issue guidance on how provisions of the Tax Act will be applied or otherwise administered. The Company continues to obtain, analyze, and interpret guidance as it is issued and will revise its estimates as additional information becomes available.\nAny legislative changes, including any other new or proposed U.S. Department of the Treasury regulations that have yet to be issued, may result in income tax adjustments, which could be material to our provision for income taxes and effective tax rate in the period any such changes are enacted. The Company\u2019s income (loss) before provision for (benefit from) income taxes for the years ended July 31, 2019, 2018 and 2017 is as follows (in thousands):\n\n | | Fiscal years ended July 31, | \n-------------------------------------------------------------- | -------- | --------------------------- | -------\n | 2019 | 2018 | 2017 \nDomestic | $(1,778) | $(13,501) | $21,723\nInternational | 14,230 | 5,225 | 6,803 \nIncome (loss) before provision for (benefit from) income taxes | $12,452 | $(8,276) | $28,526"} {"_id": "d1b3782ea", "title": "", "text": "Contractual Obligations\nWe have various contractual obligations impacting our liquidity. The following represents our contractual obligations as of January 31, 2020 (table in millions)\n(1) Consists of principal and interest payments on the Senior Notes. Refer to \u201cLiquidity and Capital Resources\u201d for a discussion of the public debt offering we issued on August 21, 2017 in the aggregate principal amount of $4.0 billion.\n(2) Consists of principal and interest payments on the outstanding note payable to Dell. Refer to \u201cLiquidity and Capital Resources\u201d for a discussion of the $270 million note payable we entered into with Dell per the note exchange agreement from January 21, 2014.\n(3) Consists of the principal on the senior unsecured term loan facility (the \u201cTerm Loan\u201d). The Term Loan can be repaid any time before October 2020. Given the variable nature of the interest on the Term Loan, including when the repayment will take place, interest payments have been excluded from the table above.\n(4) Consists of both operating and finance leases. Our operating leases are primarily for facility space and land. Amounts in the table above exclude legally binding minimum lease payments for leases signed but not yet commenced of $361 million, as well as expected sublease income.\n(5) Consists of future cash payments related to the Transition Tax.\n(6) As of January 31, 2020, we had $479 million of gross uncertain tax benefits, excluding interest and penalties. The timing of future payments relating to these obligations is highly uncertain. Based on the timing and outcome of examinations of our subsidiaries, the result of the expiration of statutes of limitations for specific jurisdictions or the timing and result of ruling requests from taxing authorities, it is reasonably possible that within the next 12 months total unrecognized tax benefits could be potentially reduced by approximately $17 million.\n\n | | | Payments Due by Period | | \n---------------------------- | ------ | ---------------- | ---------------------- | --------- | -----------------\n | Total | Less than 1 year | 1-3 years | 3-5 years | More than 5 years\nSenior Notes(1) | $4,552 | $1,372 | $1,686 | $98 | $1,396 \nNote payable to Dell(2) | 283 | 5 | 278 | \u2014 | \u2014 \nTerm Loan(3) | 1,500 | 1,500 | \u2014 | \u2014 | \u2014 \nFuture Lease Commitments(4) | 1,202 | 144 | 268 | 178 | 612 \nPurchase obligations | 255 | 168 | 87 | \u2014 | \u2014 \nTax obligations(5) | 545 | 53 | 104 | 227 | 161 \nAsset Retirement Obligations | 13 | 1 | 5 | 2 | 5 \nSub-Total | 8,350 | 3,243 | 2,428 | 505 | 2,174 \nUncertain tax positions(6) | 479 | | | | \nTotal | $8,829 | | | | "} {"_id": "d1b323506", "title": "", "text": "The following table provides a reconciliation of Adjusted SG&A to SG&A expenses, the most directly comparable financial measure presented in accordance with U.S. GAAP:\n(a) Represents depreciation and amortization expense included in SG&A.\n(b) Represents non-cash share-based compensation expense included in SG&A.\n(c) Represents new store marketing allowance of $1,000 for each store added to our distribution network, as well as the non-capitalized freight costs associated with Freshpet Fridge replacements. The expense enhances the overall marketing spend to support our growing distribution network.\n(d) Represents fees associated with secondary public offerings of our common stock.\n(e) Represents charges associated with our former Chief Executive Officer\u2019s separation agreement, as well as changes in estimates associated with leadership transition costs\n(f) Represents fees associated with two securities lawsuits.\n\n | Twelve Months Ended December 31, | | | | \n------------------------------------------ | -------------------------------- | ------- | ------- | ------- | -------\n | 2019 | 2018 | 2017 | 2016 | 2015 \n | (Dollars in thousands) | | | | \nSG&A expenses | $114,450 | $94,876 | $75,167 | $62,586 | $58,297\nDepreciation and amortization expense (a) | 9,551 | 7,977 | 6,901 | 5,859 | 5,008 \nNon-cash share-based compensation (b) | 6,912 | 5,949 | 4,195 | 3,972 | 3,723 \nLaunch expense (c) | 4,563 | 3,540 | 3,066 | 2,813 | 2,626 \nLoss on disposal of equipment | 649 | \u2014 | \u2014 | \u2014 | \u2014 \nSecondary offering expenses (d) | 302 | 362 | \u2014 | \u2014 | 593 \nLeadership transition expenses (e) | \u2014 | \u2014 | 63 | 1,291 | \u2014 \nLitigation expense (f) | \u2014 | 348 | 145 | \u2014 | \u2014 \nAdjusted SG&A Expenses | $92,473 | $76,698 | $60,797 | $48,651 | $46,347\nAdjusted SG&A Expenses as a % of Net Sales | 37.6% | 39.7% | 39.9% | 37.5% | 40.8% "} {"_id": "d1b39af66", "title": "", "text": "Adjusted EBITDA Non-GAAP Reconciliation\n(UNAUDITED)\n($ in millions)\n(1) Refer to Non-GAAP Integration and Transformation Costs and Special Items table for details of the integration and transformation costs and special items included above.\n\n | | | Pro Forma (1)\n---------------------------------------------------------------------------------------- | -------- | ------- | -------------\n | 2019 | 2018 | 2017 \nNet income (loss) | $(5,269) | (1,733) | 1,508 \nIncome tax expense | 503 | 170 | (770) \nTotal other expense, net | 2,040 | 2,133 | 2,147 \nDepreciation and amortization expense | 4,829 | 5,120 | 5,125 \nShare-based compensation expenses | 162 | 186 | 238 \nGoodwill impairment | 6,506 | 2,726 | 0 \nAdjusted EBITDA | 8,771 | 8,602 | 8,248 \nExclude: transaction related expenses | 0 | 0 | 192 \nExclude: integration and transformation costs(1) | 234 | 378 | 164 \nExclude: special items(1) | 65 | 60 | 82 \nAdjusted EBITDA excluding integration and transformation costs and special items | $9,070 | 9,040 | 8,686 \nTotal revenue | $22,401 | 23,443 | 24,128 \nAdjusted EBITDA Margin | 39.2% | 36.7% | 34.2% \nAdjusted EBITDA Margin, excluding integration and transformation costs and special items | 40.5% | 38.6% | 36.0% "} {"_id": "d1b358fda", "title": "", "text": "Notes to Consolidated Financial Statements - (Continued) Fiscal Years Ended May 26, 2019, May 27, 2018, and May 28, 2017 (columnar dollars in millions except per share amounts) General\nThe Revolving Credit Facility (as defined in Note 5) and the Term Loan Agreement generally require our ratio of earnings before interest, taxes, depreciation and amortization (\"EBITDA\") to interest expense not to be less than 3.0 to 1.0 and our ratio of funded debt to EBITDA not to exceed certain decreasing specified levels, ranging from 5.875 through the first quarter of fiscal 2020 to 3.75 from the second quarter of fiscal 2023 and thereafter, with each ratio to be calculated on a rolling fourquarter basis. As of May 26, 2019, we were in compliance with all financial covenants under the Revolving Credit Facility and the Term Loan Agreement.\nNet interest expense consists of:\nInterest paid from continuing operations was $375.6 million, $164.5 million, and $223.7 million in fiscal 2019, 2018, and 2017, respectively.\n\n | 2019 | 2018 | 2017 \n-------------------- | ------ | ------ | ------\nLong-term debt | $385.9 | $161.2 | $203.6\nShort-term debt | 15.0 | 4.8 | 0.6 \nInterest income | (6.8) | (3.8) | (3.7) \nInterest capitalized | (2.7) | (3.5) | (5.0) \n | $391.4 | $158.7 | $195.5"} {"_id": "d1b2f1524", "title": "", "text": "H. Net Income Per Share\nBasic net income per share is computed by dividing net income by the weighted-average number of common stock outstanding during the period. Diluted net income per share is computed by dividing net income by the weighted-average number of common stock outstanding and potentially dilutive securities outstanding during the period, as calculated using the treasury stock method. Potentially dilutive securities primarily include unvested restricted stock units (\u201cRSUs\u201d), including PSU awards, and stock options, including purchase options under VMware\u2019s employee stock purchase plan, which included Pivotal\u2019s employee stock purchase plan through the date of acquisition. Securities are excluded from the computation of diluted net income per share if their effect would be anti-dilutive. VMware uses the two-class method to calculate net income per share as both classes share the same rights in dividends; therefore, basic and diluted earnings per share are the same for both classes.\nThe following table sets forth the computations of basic and diluted net income per share during the periods presented (table in millions, except per share amounts and shares in thousands):\n\n | | For the Year Ended | \n------------------------------------------------------------------------------------------------------------------- | ---------------- | ------------------ | ----------------\n | January 31, 2020 | February 1, 2019 | February 2, 2018\nNet income attributable to VMware, Inc. | $6,412 | $1,650 | $437 \nWeighted-average shares, basic for Classes A and B | 417,058 | 413,769 | 410,315 \nEffect of other dilutive securities | 8,177 | 7,362 | 10,572 \nWeighted-average shares, diluted for Classes A and B | 425,235 | 421,131 | 420,887 \nNet income per weighted-average share attributable to VMware, Inc. common stockholders, basic for Classes A and B | $15.37 | $3.99 | $1.07 \nNet income per weighted-average share attributable to VMware, Inc. common stockholders, diluted for Classes A and B | $15.08 | $3.92 | $1.04 "} {"_id": "d1b36f0dc", "title": "", "text": "7. OTHER BALANCE SHEET AMOUNTS\nThe components of property and equipment, net is as follows (in thousands):\nDepreciation expense for the years ended December 31, 2019, 2018, and 2017 was $11.8 million, $10.2 million, and $10.3 million, respectively.\n\n | | December 31, | \n----------------------------------------------- | ----------- | ------------ | --------\n | Useful Life | 2019 | 2018 \nComputer equipment and software | 3 \u2013 5 years | $57,474 | $52,055 \nFurniture and fixtures | 7 years | 6,096 | 4,367 \nLeasehold improvements | 2 \u2013 6 years | 22,800 | 9,987 \nRenovation in progress | n/a | 8 | 1,984 \nBuild-to-suit property | 25 years | \u2014 | 51,058 \nTotal property and equipment, gross | | 86,378 | 119,451 \nLess: accumulated depreciation and amortization | | (49,852) | (42,197)\nTotal property and equipment, net | | $36,526 | $77,254 "} {"_id": "d1a725a2e", "title": "", "text": "Management Discussion and Analysis\nAssociates\n\"nm\" denotes not meaningful.\nNotes: (1) Based on Singapore Financial Reporting Standards (International).\n(2) Assuming constant exchange rates for the regional currencies (Indian Rupee, Indonesian Rupiah, Philippine Peso and Thai Baht) from FY 2018.\n(3) Share of results excluded the Group\u2019s share of the associates\u2019 significant one-off items which have been classified as exceptional items of the Group.\n(4) Singtel holds an equity interest of 21.0% in Intouch which has an equity interest of 40.5% in AIS.\n(5) Bharti Telecom Limited (BTL) holds an equity interest of 50.1% in Airtel as at 31 March 2019. In BTL\u2019s standalone books, its loss comprised mainly interest charges on its borrowings.\n(5) Bharti Telecom Limited (BTL) holds an equity interest of 50.1% in Airtel as at 31 March 2019. In BTL\u2019s standalone books, its loss comprised mainly interest charges on its borrowings.\n(6) Singtel ceased to own units in NetLink Trust following the sale to NetLink NBN Trust in July 2017 but continues to have an interest of 24.8% in NetLink NBN Trust, the holding company of NetLink Trust. The share of results included Singtel\u2019s amortisation of deferred gain of S$20 million (FY 2018: S$32 million) on assets previously transferred to NetLink Trust, but excluded the fair value adjustments recorded by NetLink NBN Trust in respect of its acquisition of units in NetLink Trust.\n(7) Include the share of results of Singapore Post Limited.\n\n | Financial Year ended 31 March | | | \n---------------------------------------------- | ----------------------------- | ------------ | ------ | -------------------------------\n | 2019 | 2018 | Change | Change in constant currency (2)\n | (S$ million) | (S$ million) | (%) | (%) \nGroup share of associates' pre-tax pro\ufb01ts (3) | 1,536 | 2,461 | -37.6 | -36.2 \nShare of post-tax pro\ufb01ts | | | | \nTelkomsel | 843 | 1,031 | -18.3 | -12.4 \nAIS | 286 | 292 | -1.7 | -3.9 \nGlobe (3) | | | | \n- ordinary results | 251 | 180 | 39.3 | 45.3 \n- exceptional items | - | 22 | nm | nm \n | 251 | 202 | 23.9 | 29.1 \nIntouch (3) (4) | | | | \n- operating results | 101 | 106 | -4.4 | -6.5 \n- amortisation of acquired intangibles | (22) | (21) | 8.3 | 5.9 \n | 79 | 86 | -7.5 | -9.5 \nAirtel (3) | (131) | 101 | nm | nm \nBTL (5) | (40) | (18) | 127.8 | 140.9 \n | (171) | 83 | nm | nm \nRegional associates (3) | 1,287 | 1,694 | -24.0 | -21.5 \nNetLink NBN Trust/ NetLink Trust (6) | 48 | 72 | -32.9 | -32.9 \nOther associates (3) (7) | 47 | 57 | -17.6 | -17.6 \nGroup share of associates\u2019 post-tax pro\ufb01ts (3) | 1,383 | 1,823 | -24.1 | -21.8 "} {"_id": "d1b2e7bb4", "title": "", "text": "18. Commitments\nThe Group leases various offices in locations such as Amsterdam, the Netherlands; the San Francisco Bay Area, California, New York, New York, Austin, Texas, and Boston, Massachusetts, United States; Sydney, Australia; Manila, the Philippines; Bengaluru, India; Yokohama, Japan; and Ankara, Turkey under non-cancellable operating leases expiring within one to nine years. The leases have varying terms, escalation clauses and renewal rights. On renewal, the terms of the leases are renegotiated. The Group incurred rent expense on its operating leases of $38.6 million, $23.6 million, and $12.2 million during the fiscal years ended 2019, 2018 and 2017, respectively.\nAdditionally, the Group has a contractual commitment for services with third-parties related to its cloud services platform and data centers. These commitments are non-cancellable and expire within two to four years.\nCommitments for minimum lease payments in relation to non-cancellable operating leases and purchase obligations as of June 30, 2019 were as follows:\n\n | Operating Leases | Other Contractual Commitments | Total \n------------------------ | ---------------- | ----------------------------- | --------\n | | (U.S. $ in thousands) | \nFiscal Period: | | | \nYear ending 2020 | $38,790 | $108,978 | $147,768\nYears ending 2021 - 2024 | 148,021 | 219,342 | 367,363 \nThereafter | 144,037 | \u2014 | 144,037 \nTotal commitments | $330,848 | $328,320 | 659,168 "} {"_id": "d1a718d56", "title": "", "text": "Note 8: Net Income per Share\nBasic net income per share is computed by dividing net income by the weighted-average number of common shares outstanding during the period. Diluted net income per share is computed using the treasury stock method, for dilutive stock options, restricted stock units, and convertible notes.\nThe following table reconciles the numerators and denominators of the basic and diluted computations for net income per share.\n(1) Diluted shares outstanding do not include any effect resulting from note hedges associated with the Company\u2019s 2018 Notes as their impact would have been anti-dilutive.\n\n | | YearEnded | \n---------------------------------------- | ------------- | ------------------------------------- | -------------\n | June 30, 2019 | June 24, 2018 | June 25, 2017\n | | (in thousands, except per share data) | \nNumerator: | | | \nNet income | $2,191,430 | $2,380,681 | $1,697,763 \nDenominator: | | | \nBasic average shares outstanding | 152,478 | 161,643 | 162,222 \nEffect of potential dilutive securities: | | | \nEmployee stock plans | 1,323 | 2,312 | 2,058 \nConvertible notes | 5,610 | 12,258 | 16,861 \nWarrants | 504 | 4,569 | 2,629 \nDiluted average shares outstanding | 159,915 | 180,782 | 183,770 \nNet income per share-basic | $14.37 | $14.73 | $10.47 \nNet income per share-diluted | $13.70 | $13.17 | $9.24 "} {"_id": "d1b36ec4a", "title": "", "text": "Fair Value of Convertible Notes held at amortized cost\nAs of December 31, 2019 and 2018, the fair value and carrying value of the Company's Convertible Notes were:\nThe fair value shown above represents the fair value of the debt instrument, inclusive of both the debt and equity components, but excluding the derivative liability. The carrying value represents only the carrying value of the debt component.\nThe fair value of the Convertible Notes was determined by using unobservable inputs that are supported by minimal non-active market activity and that are significant to determining the fair value of the debt instrument. The fair value is level 3 in the fair value hierarchy.\n(Dollars in thousands, except per share amounts)\n\n | Fair value | Carrying value | Face value\n---------------------------------------------------- | ---------- | -------------- | ----------\n5.5% convertible senior notes due December 15, 2021: | | | \nBalance as of December 31, 2019 | | | \nRelated party | $6,727 | $8,864 | $10,000 \nOthers | 65,257 | 84,648 | 97,000 \n | $71,984 | $93,512 | $107,000 \nBalance as of December 31, 2018 | | | \nRelated party | $5,879 | $8,378 | $10,000 \nOthers | 57,031 | 79,433 | 97,000 \n | $62,910 | $87,811 | $107,000 "} {"_id": "d1a7174c4", "title": "", "text": "11. Reportable Segments, Geographic Information and Major Customers\nReportable segments are defined as components of an enterprise about which separate financial information is available that is evaluated regularly by the chief operating decision maker, or group, in assessing performance and allocating resources. The Company uses an internal management reporting system, which provides important financial data to evaluate performance and allocate the Company\u2019s resources on a regional basis. Net sales for the segments are attributed to the region in which the product is manufactured or the service is performed. The services provided, manufacturing processes used, class of customers serviced and order fulfillment processes used are similar and generally interchangeable across the segments. A segment\u2019s performance is evaluated based upon its operating income (loss). A segment\u2019s operating income (loss) includes its net sales less cost of sales and selling and administrative expenses, but excludes corporate and other expenses. Corporate and other expenses\u00a0 fiscal 2019 and the $13.5 million one-time employee bonus paid to full-time, non-executive employees during fiscal 2018 due to the Company's ability to access overseas cash as a result of Tax Reform (the \"one-time employee bonus\"). These costs are not allocated to the segments, as management excludes such costs when assessing the performance of the segments. Inter-segment transactions are generally recorded at amounts that approximate arm\u2019s length transactions. The accounting policies for the segments are the same as for the Company taken as a whole.\nInformation about the Company\u2019s three reportable segments for fiscal 2019, 2018 and 2017 is as follows (in thousands):\n\n | September 28,\n2019 | September 29,\n2018\n-------------------------- | ------------------ | ------------------\nTotal assets: | | \nAMER | $751,990 | $645,791 \nAPAC | 958,744 | 937,510 \nEMEA | 209,541 | 193,797 \nCorporate and eliminations | 80,608 | 155,544 \n | $2,000,883 | $1,932,642 "} {"_id": "d1a717e60", "title": "", "text": "Relative importance of spend on pay\nThe following table shows, for FY19 and FY18, the actual expenditure and percentage change in total employee costs and percentage change in distributions to shareholders.\n1 Represents dividends paid in each financial year\n2 Total employee expenditure includes wages and salaries, social security costs, pension and other costs and share-based payments, see note 10 of the Financial Statements\n\n | FY19 | FY18 | Change\n-------------------------------------- | ----- | ----- | ------\n | $M | $M | % \nShareholder distributions \u2013 dividends1 | 23.9 | 21.8 | 10% \nTotal employee expenditure2 | 370.1 | 361.9 | 2% "} {"_id": "d1b3453e0", "title": "", "text": "ITEM 6. SELECTED FINANCIAL DATA\nThe following selected consolidated financial data is derived from our Consolidated Financial Statements. As our historical operating results are not necessarily indicative of future operating results, this data should be read in conjunction with the Consolidated Financial Statements and notes thereto, and with Item 7, Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations.\n(1) On December 1, 2018, the beginning of our fiscal year 2019, we adopted the requirements of the Financial Accounting Standards Board\u2019s Accounting Standards Update No. 2014-09, Revenue from Contracts with Customers, Topic 606, utilizing the modified retrospective method of transition. Prior period information has not been restated and continues to be reported under the accounting standard in effect for those periods.\n(2) As of November 29, 2019, working capital was in a deficit primarily due to the reclassification of our $2.25 billion term loan due April 30, 2020 and $900 million 4.75% senior notes due February 1, 2020 to current liabilities. We intend to refinance our Term Loan and 2020 Notes on or before the due dates.\n(3) Our fiscal year is a 52- or 53-week year that ends on the Friday closest to November 30. Fiscal 2016 was a 53-week fiscal year compared with the other periods presented which were 52-week fiscal years.\n\n(in thousands, except per share amounts and employee data) | | | Fiscal Years | | \n---------------------------------------------------------------------------------------- | ------------ | ----------- | ------------ | ----------- | -----------\n | 2019(1) | 2018 | 2017 | 2016(3) | 2015 \nOperations: | | | | | \nRevenue: | $11,171,297 | $9,030,008 | $7,301,505 | $5,854,430 | $4,795,511 \nGross profit | $9,498,577 | $7,835,009 | $6,291,014 | $5,034,522 | $4,051,194 \nIncome before income taxes | $3,204,741 | $2,793,876 | $2,137,641 | $1,435,138 | $873,781 \nNet income | $2,951,458 | $2,590,774 | $1,693,954 | $1,168,782 | $629,551 \nNet income per share: | | | | | \nBasic | $6.07 | $5.28 | $3.43 | $2.35 | $1.26 \nDiluted | $6.00 | $5.20 | $3.38 | $2.32 | $1.24 \nShares used to compute basic net income per share | 486,291 | 490,564 | 493,632 | 498,345 | 498,764 \nShares used to compute diluted net income per share | 491,572 | 497,843 | 501,123 | 504,299 | 507,164 \nFinancial position: | | | | | \nCash, cash equivalents and short-term investments | $4,176,976 | $3,228,962 | $5,819,774 | $4,761,300 | $3,988,084 \nWorking capital(2) | $(1,696,013) | $555,913 | $3,720,356 | $3,028,139 | $2,608,336 \nTotal assets | $20,762,400 | $18,768,682 | $14,535,556 | $12,697,246 | $11,714,500\nDebt, current | $3,149,343 | $\u2014 | $\u2014 | $\u2014 | $\u2014 \nDebt, non-current | $988,924 | $4,124,800 | $1,881,421 | $1,892,200 | $1,895,259 \nStockholders\u2019 equity | $10,530,155 | $9,362,114 | $8,459,869 | $7,424,835 | $7,001,580 \nAdditional data: | | | | | \nWorldwide employees | 22,634 | 21,357 | 17,973 | 15,706 | 13,893 "} {"_id": "d1b3b6d7e", "title": "", "text": "Summary of Cash Flows\nThe following table summarizes cash flow information for the periods presented:\nNet cash provided by operating activities increased $224 million for fiscal 2019 as compared to fiscal 2018. The increase was primarily due to more favorable timing of working capital changes including higher advance payments from customers, $59 million received for the Greek arbitration award and lower payments for integration and restructuring costs. These activities were partially offset by higher tax payments, the timing of interest payments and $60 million of proceeds received from the termination of interest rate swaps in the prior year.\nNet cash provided by operating activities increased $242 million for fiscal 2018 as compared to fiscal 2017. The increase was primarily due to lower payments for taxes, integration and restructuring costs and proceeds received from the termination of interest rate swaps. This was partially offset by $24 million of cash paid related to the 2016 acquisition of Lockheed Martin's Information Systems & Global Solutions business (\"IS&GS Business\").\nNet cash provided by investing activities increased $179 million for fiscal 2019 as compared to fiscal 2018. The increase was primarily due to $178 million of proceeds received for the dispositions of our commercial cybersecurity and health staff augmentation businesses, $96 million of proceeds received for the sale of real estate properties and $81 million of cash paid in the prior year related to our 2016 acquisition. These activities were partially offset by $94 million of cash paid related to the acquisition of IMX, higher purchases of property, equipment and software and lower proceeds from promissory notes.\nNet cash used in investing activities increased $43 million for fiscal 2018 as compared to fiscal 2017. The increase was primarily due to $81 million of cash paid related to the 2016 acquisition of the IS&GS Business, partially offset by $40 million of proceeds from the settlement of a promissory note.\nNet cash used in financing activities increased $2 million for fiscal 2019 as compared to fiscal 2018. The increase was primarily due to the timing of debt payments and higher stock repurchases, partially offset by $23 million of cash paid related to a tax indemnification in the prior year and the timing of issuances of stock.\nNet cash used in financing activities increased $278 million for fiscal 2018 as compared to fiscal 2017. The increase was primarily due to $250 million of stock repurchases under the ASR program, $167 million of open market stock repurchases and $23 million of cash paid related to a tax indemnification liability. This was partially offset by $150 million of lower debt payments and $14 million of proceeds received from a real estate financing transaction.\n\n | January 3, 2020 | December 28, 2018 | December 29, 2017\n--------------------------------------------------------------------- | --------------- | ----------------- | -----------------\n | | (in millions) | \nNet cash provided by operating activities | $992 | $768 | $526 \nNet cash provided by (used in) investing activities | 65 | (114) | (71) \nNet cash used in financing activities | (709) | (707) | (429) \nNet increase (decrease) in cash, cash equivalents and restricted cash | $348 | $(53) | $26 "} {"_id": "d1b3ae232", "title": "", "text": "Auditor Service Fees\nThe aggregate amounts paid or accrued by the Company with respect to fees payable to PricewaterhouseCoopers LLP, the auditors of the Company, for audit (including separate audits of wholly-owned and non-wholly owned entities, financings, regulatory reporting requirements and SOX related services), audit-related, tax and other services in the years ended December 31, 2019 and 2018 were as follows:\nAudit fees relate to the audit of our annual consolidated financial statements, the review of our quarterly condensed consolidated financial statements and services in connection with our 2019 and 2018 public offerings of Class A subordinate voting shares\nAudit-related fees consist of aggregate fees for accounting consultations and other services that were reasonably related to the performance of audits or reviews of our consolidated financial statements and were not reported above under \"Audit Fees\".\nTax fees relate to assistance with tax compliance, expatriate tax return preparation, tax planning and various tax advisory services.\nOther fees are any additional amounts for products and services provided by the principal accountants other than the services reported above under \"Audit Fees\", \"Audit-Related Fees\" and \"Tax Fees\".\n\n | Fiscal 2019 | Fiscal 2018\n------------------ | -------------- | -----------\n | $ | $ \n | (in thousands) | \nAudit Fees | 1,133 | 764 \nAudit-Related Fees | \u2014 | \u2014 \nTax Fees | \u2014 | \u2014 \nAll Other Fees | 3 | 2 \nTotal | 1,136 | 766 "} {"_id": "d1b38d9ec", "title": "", "text": "Revenues\nFiscal 2019 revenues from satellite programs, one of the Company\u2019s largest business area, increased by $8.6 million, or 61%, compared to the prior fiscal year. For Fiscal 2019 satellite program revenues for government end use were 46% of total revenues as compared to 36% for the prior fiscal year. Satellite program revenues for commercial end use were 5% and 14% of total revenue for Fiscal 2019 and Fiscal 2018, respectively. Revenues on satellite program contracts are recorded in the FEI-NY segment and are recognized primarily under the POC method. Sales revenues from non-space U.S. Government/DOD customers increased by approximately $5.2 million or 29% in Fiscal 2019 compared to prior fiscal year. These revenues are recorded in both the FEI-NY and FEI-Zyfer segments and accounted for approximately 46% and 45% of consolidated revenues for fiscal years 2019 and 2018, respectively. For the year ended April 30, 2019, other commercial and industrial sales accounted for approximately 8% of consolidated revenues compared to approximately 19% for fiscal year 2018. Sales in this business area were $3.9 million for the year ended April 30, 2019 compared to $7.6 million for the preceding year. Changes in revenue for the current year are partially due to implementation of ASU 2014-09 (see Note 1 to the Consolidated Financial Statements).\n\n | | Fiscal years ended April 30, (in thousands) | | \n------------------ | ------- | ------------------------------------------- | -------- | -----\n | | | Change | \n | 2019 | 2018 | $ | % \nFEI-NY | $38,096 | $26,936 | $11,160 | 41% \nFEI-Zyfer | 12,235 | 15,272 | (3,037 ) | (20%)\nIntersegment sales | (822) | (2,801) | 1,979 | (71%)\n | $49,509 | $39,407 | $10,102 | 26% "} {"_id": "d1b3259b4", "title": "", "text": "Benefit for Income Taxes\nOur benefit for income taxes includes U.S. federal, state and foreign income taxes. The domestic and foreign components of our income from continuing operations before income taxes were as follows:\n\n | Year Ended December 31, | | \n----------------------------------------------- | ----------------------- | ------ | ------\n | 2019 | 2018 | 2017 \nU.S. | $176.4 | $138.9 | $180.6\nForeign | (50.0) | (65.9) | (73.8)\nIncomefromcontinuingoperationsbeforeincometaxes | $126.4 | $73.0 | $106.8"} {"_id": "d1b341db2", "title": "", "text": "Deferred Taxes The components of the net deferred tax liability are as follows:\nDeferred income taxes are provided for the temporary differences between assets and liabilities recognized for financial reporting purposes and assets and liabilities recognized for tax purposes. The ultimate realization of deferred tax assets depends upon taxable income during the future periods in which those temporary differences become deductible.\nTo determine whether deferred tax assets can be realized, management assesses whether it is more likely than not that some portion or all of the deferred tax assets will not be realized, taking into consideration the scheduled reversal of deferred tax liabilities, projected future taxable income and tax-planning strategies.\nConsolidated and its wholly owned subsidiaries, which file a consolidated federal income tax return, estimates it has available federal NOL carryforwards as of December 31, 2019 of $349.5 million and related deferred tax assets of $73.4 million.\nThe federal NOL carryforwards for tax years beginning after December 31, 2017 of $60.7 million and related deferred tax assets of $12.8 million can be carried forward indefinitely. The federal NOL carryforwards for the tax years prior to December 31, 2017 of $288.8 million and related deferred tax assets of $60.6 million expire in 2026 to 2035.\nETFL, a nonconsolidated subsidiary for federal income tax return purposes, estimates it has available NOL carryforwards as of December 31, 2019 of $1.0 million and related deferred tax assets of $0.2 million. ETFL\u2019s federal NOL carryforwards are for the tax years prior to December 31, 2017 and expire in 2021 to 2024.\nWe estimate that we have available state NOL carryforwards as of December 31, 2019 of $758.5 million and related deferred tax assets of $16.7 million. The state NOL carryforwards expire from 2020 to 2039. Management believes that it is more likely than not that we will not be able to realize state NOL carryforwards of $80.3 million and related deferred tax asset of $5.2 million and has placed a valuation allowance on this amount.\nThe related NOL carryforwards expire from 2020 to 2037. If or when recognized, the tax benefits related to any reversal of the valuation allowance will be accounted for as a reduction of income tax expense.\nThe enacted Tax Act repeals the federal alternative minimum tax (\u201cAMT\u201d) regime for tax years beginning after December 31, 2017. We have available AMT credit carryforwards as of December 31, 2019 of $1.5 million, which will be fully refundable with the filing of the 2019 federal income tax return in 2020.\nWe estimate that we have available state tax credit carryforwards as of December 31, 2019 of $7.7 million and related deferred tax assets of $6.1 million. The state tax credit carryforwards are limited annually and expire from 2020 to 2029.\nManagement believes that it is more likely than not that we will not be able to realize state tax carryforwards of $1.8 million and related deferred tax asset of $1.5 million and has placed a valuation allowance on this amount. The related state tax credit carryforwards expire from 2020 to 2024. If or when recognized, the tax benefits related to any reversal of the valuation allowance will be accounted for as a reduction of income tax expense.\n\n | Year Ended December 31, | \n--------------------------------------- | ----------------------- | ----------\n(In thousands) | 2019 | 2018 \nNon-current deferred tax assets: | | \nReserve for uncollectible accounts | $1,194 | $1,164 \nAccrued vacation pay deducted when paid | 4,152 | 4,371 \nAccrued expenses and deferred revenue | 9,839 | 12,848 \nNet operating loss carryforwards | 86,535 | 76,659 \nPension and postretirement obligations | 80,245 | 84,786 \nShare-based compensation | 693 | 9 \nDerivative instruments | 5,868 | (825) \nFinancing costs | 176 | 189 \nTax credit carryforwards | 6,077 | 6,411 \n | 194,779 | 185,612 \nValuation allowance | (6,680) | (9,158) \nNet non-current deferred tax assets | 188,099 | 176,454 \nNon-current deferred tax liabilities: | | \nGoodwill and other intangibles | (66,271) | (82,992) \nBasis in investment | (5) | (12) \nPartnership investments | (16,138) | (14,425) \nProperty, plant and equipment | (278,712) | (267,154) \n | (361,126) | (364,583) \nNet non-current deferred taxes | $(173,027) | $(188,129)"} {"_id": "d1b3c6594", "title": "", "text": "3. Revenue\n(a) Disaggregation of Revenue\nWe disaggregate our revenue into groups of similar products and services that depict the nature, amount, and timing of revenue and cash flows for our various offerings. The sales cycle, contractual obligations, customer requirements, and go-to-market strategies differ for each of our product categories, resulting in different economic risk profiles for each category.\nThe following table presents this disaggregation of revenue (in millions):\nAmounts may not sum due to rounding.\n(1) During the second quarter of fiscal 2019, we completed the divestiture of the Service Provider Video Software Solutions (SPVSS) business. Total revenue includes SPVSS business revenue of $168 million and $903 million for fiscal 2019 and 2018, respectively.\nInfrastructure Platforms consist of our core networking technologies of switching, routing, wireless, and data center products that are designed to work together to deliver networking capabilities and transport and/or store data. These technologies consist of both hardware and software offerings, including software licenses and software-as-a-service (SaaS), that help our customers build networks, automate, orchestrate, integrate, and digitize data. We are shifting and expanding more of our business to software and subscriptions across our core networking portfolio. Our hardware and perpetual software in this category are distinct performance obligations where revenue is recognized upfront upon transfer of control. Term software licenses are multiple performance obligations where the term license is recognized upfront upon transfer of control with the associated software maintenance revenue recognized ratably over the contract term. SaaS arrangements in this category have one distinct performance obligation which is satisfied over time with revenue recognized ratably over the contract term.\nApplications consists of offerings that utilize the core networking and data center platforms to provide their functions. The products consist primarily of software offerings, including software licenses and SaaS, as well as hardware. Our perpetual software and hardware in this category are distinct performance obligations where revenue is recognized upfront upon transfer of control. Term software licenses are multiple performance obligations where the term license is recognized upfront upon transfer of control with the associated software maintenance revenue recognized ratably over the contract term. SaaS arrangements in this category have one distinct performance obligation which is satisfied over time with revenue recognized ratably over the contract term.\nSecurity primarily includes our network security, cloud and email security, identity and access management, advanced threat protection, and unified threat management products. These products consist of both hardware and software offerings, including software licenses and SaaS. Updates and upgrades for the term software licenses are critical for our software to perform its intended commercial purpose because of the continuous need for our software to secure our customers\u2019 network environments against frequent threats. Therefore, security software licenses are generally represented by a single distinct performance obligation with revenue recognized ratably over the contract term. Our hardware and perpetual software in this category are distinct performance obligations where revenue is recognized upfront upon transfer of control. SaaS arrangements in this category have one distinct performance obligation which is satisfied over time with revenue recognized ratably over the contract term.\nOther Products primarily include our Service Provider Video Software Solutions and cloud and system management products. On October 28, 2018, we completed the sale of the SPVSS. These products include both hardware and software licenses. Our offerings in this category are distinct performance obligations where revenue is recognized upfront upon transfer of control.\nIn addition to our product offerings, we provide a broad range of service and support options for our customers, including technical support services and advanced services. Technical support services represent the majority of these offerings which are distinct performance obligations that are satisfied over time with revenue recognized ratably over the contract term. Advanced services are distinct performance obligations that are satisfied over time with revenue recognized as services are delivered.\nThe sales arrangements as discussed above are typically made pursuant to customer purchase orders based on master purchase or partner agreements. Cash is received based on our standard payment terms which is typically 30 days. We provide financing arrangements to customers for all of our hardware, software and service offerings. Refer to Note 8 for additional information. For these arrangements, cash is typically received over time.\n\nYears Ended | July 27, 2019 | July 28, 2018 | July 29, 2017\n------------------------ | ------------- | ------------- | -------------\nRevenue: | | | \nInfrastructure Platforms | $30,191 | $28,322 | $27,817 \nApplications | 5,803 | 5,036 | 4,568 \nSecurity | 2,730 | 2,352 | 2,152 \nOther Products | 281 | 999 | 1,168 \nTotal Product | 39,005 | 36,709 | 35,705 \nServices | 12,899 | 12,621 | 12,300 \nTotal (1) | $51,904 | $49,330 | $48,005 "} {"_id": "d1b34dd6a", "title": "", "text": "The following table presents information related to our credit agreements (dollars in thousands):\n(1) Excludes the amortization of deferred loan fees and includes the commitment fee.\nIn January 2018, the Company repaid $175.0 million of long-term debt outstanding under its 2015 Credit Agreement, primarily using funds repatriated from its foreign subsidiaries.\n\n | | Years Ended December 31, | \n---------------------------------- | ------- | ------------------------ | --------\n | 2019 | 2018 | 2017 \nAverage daily utilization | $87,800 | $106,189 | $268,775\nInterest expense (1) | $3,465 | $3,817 | $6,668 \nWeighted average interest rate (1) | 3.9% | 3.6% | 2.5% "} {"_id": "d1b31a780", "title": "", "text": "Assets and Liabilities Measured at Fair Value\nThe following table presents our assets and liabilities measured at fair value on a recurring or non-recurring basis (in thousands):\nThe carrying amount of cash equivalents approximates fair value as of each reporting date because of the short maturity of those instruments.\nThe Company did not have any non-financial assets or non-financial liabilities that were recognized or disclosed at fair value as of December 31, 2019 and December 31, 2018.\n\n | December 31, 2019 | | | December 31, 2018 | | \n------------------------------------------- | ----------------- | ------- | ------- | ----------------- | ------- | -------\n | Level 1 | Level 2 | Level 3 | Level 1 | Level 2 | Level 3\nAssets | | | | | | \nCash and cash equivalents | | | | | | \nMoney market funds | $256,915 | $ - | $ - | $254,552 | $ - | $ - \nOther current assets: | | | | | | \nIndemnification - Sale of SSL | $ - | $ - | $598 | $ - | $ - | $2,410 \nLiabilities | | | | | | \nLong term liabilities | | | | | | \nIndemnification - Globalstar do Brasil S.A. | $ - | $ - | $145 | $ - | $ - | $184 "} {"_id": "d1b3aea0c", "title": "", "text": "* Recast to reflect segment changes.\nThe GTS gross profit margin increased 0.3 points year to year to 34.8 percent, due to the benefits of workforce actions and the continued scale out of our public cloud. We continued to take structural actions to improve our cost competitiveness and are accelerating the use of AI and automation in delivery operations, including leveraging Red Hat\u2019s Ansible platform. Pre-tax income of $1,645 million decreased 7.6 percent, driven primarily by the decline in revenue and gross profit, and a higher level of workforce rebalancing charges in the current year. Pre-tax margin of 5.8 percent was essentially flat year to year, with the 2019 pre-tax margin reflecting benefits from structural and workforce actions.\n\n($ in millions) | | | \n---------------------------------- | ------ | ------- | ---------------------------------\nFor the year ended December 31: | 2019 | 2018* | Yr.-to-Yr. Percent/ Margin Change\nGlobal Technology Services | | | \nExternal total gross profit | $9,515 | $10,035 | (5.2)% \nExternal total gross profit margin | 34.8% | 34.4% | 0.3pts. \nPre-tax income | $1,645 | $ 1,781 | (7.6)% \nPre-tax margin | 5.8% | 5.9% | (0.2)pts. "} {"_id": "d1b39309a", "title": "", "text": "11. Stockholders\u2019 Equity\nThe Company recognized stock-based compensation expense within selling, general and administrative expense as follows (in thousands):\n(1) For the fiscal year ended August 31, 2018, represents a one-time cash-settled stock award that vested on November 30, 2017.\n\n | | Fiscal Year Ended August 31, | \n-------------------------------- | ------- | ---------------------------- | -------\n | 2019 | 2018 | 2017 \nRestricted stock units | $53,766 | $84,082 | $42,122\nEmployee stock purchase plan (1) | 7,580 | 6,891 | 6,334 \nOther | \u2014 | 7,538 | 88 \nTotal | $61,346 | $98,511 | $48,544"} {"_id": "d1b310dde", "title": "", "text": "Liquidity\nOur principal sources of liquidity as of April 26, 2019 consisted of cash, cash equivalents and short-term investments, cash we expect to generate from operations, and our commercial paper program and related credit facility.\nCash, cash equivalents and short-term investments consisted of the following (in millions):\nAs of April 26, 2019 and April 27, 2018, $3.7 billion and $4.5 billion, respectively, of cash, cash equivalents and short-term investments were held by various foreign subsidiaries and were generally based in U.S. dollar-denominated holdings, while $0.2 billion and $0.9 billion, respectively, were available in the U.S. The TCJA imposes a one-time transition tax on substantially all accumulated foreign earnings through December 31, 2017, and generally allows companies to make distributions of foreign earnings without incurring additional federal taxes. As a part of the recognition of the impacts of the TCJA, we have reviewed our projected global cash requirements and have determined that certain historical and future foreign earnings will no longer be indefinitely reinvested.\nOur principal liquidity requirements are primarily to meet our working capital needs, support ongoing business activities, fund research and development, meet capital expenditure needs, invest in critical or complementary technologies, service interest and principal payments on our debt, fund our stock repurchase program, and pay dividends, as and if declared.\nThe principal objectives of our investment policy are the preservation of principal and maintenance of liquidity. We attempt to mitigate default risk by investing in high-quality investment grade securities, limiting the time to maturity and monitoring the counter-parties and underlying obligors closely. We believe our cash equivalents and short-term investments are liquid and accessible. We are not aware of any significant deterioration in the fair value of our cash equivalents or investments from the values reported as of April 26, 2019.\nOur investment portfolio has been and will continue to be exposed to market risk due to trends in the credit and capital markets. We continue to closely monitor current economic and market events to minimize the market risk of our investment portfolio. We routinely monitor our financial exposure to both sovereign and non-sovereign borrowers and counterparties. We utilize a variety of planning and financing strategies in an effort to ensure our worldwide cash is available when and where it is needed. Based on past performance and current expectations, we believe our cash and cash equivalents, investments, cash generated from operations, and ability to access capital markets and committed credit lines will satisfy, through at least the next 12 months, our liquidity requirements, both in total and domestically, including the following: working capital needs, capital expenditures, stock repurchases, cash dividends, contractual obligations, commitments, principal and interest payments on debt, and other liquidity requirements associated with our operations. We also have an automatic shelf registration statement on file with the Securities and Exchange Commission (SEC). We may in the future offer an additional unspecified amount of debt, equity and other securities.\n\n | April 26, 2019 | April 27, 2018\n------------------------- | -------------- | --------------\nCash and cash equivalents | $ 2,325 | $ 2,941 \nShort-term investments | 1,574 | 2,450 \nTotal | $ 3,899 | $ 5,391 "} {"_id": "d1b3bea42", "title": "", "text": "On June 7, 2019, the U.S. Court of Appeals for the Ninth Circuit in Altera Corp. v. Commissioner upheld U.S. Treasury Department regulations requiring that related parties in a cost-sharing arrangement share expenses related to stock-based compensation in proportion to the economic activity of the parties. The ruling reversed the prior decision of the U.S. Tax Court. On November 12, 2019, the Ninth Circuit Court of Appeals denied the plaintiff\u2019s request for an en banc rehearing. Based on the appellate court\u2019s ruling, the Company recorded a cumulative income tax expense of $5.3 million in the fourth quarter of 2019. The plaintiff filed a petition for a writ of certiorari in the U.S. Supreme Court on February 10, 2020, and the Company will continue to monitor developments in this matter.\nThe tax effects of temporary differences that give rise to significant portions of the deferred tax assets were as follows (in thousands):\nThe Company accounts for deferred taxes under ASC Topic 740, \u201cIncome Taxes\u201d (\u201cASC 740\u201d) which involves weighing positive and negative evidence concerning the realizability of the Company\u2019s deferred tax assets in each jurisdiction. The Company evaluated its ability to realize the benefit of its net deferred tax assets and weighed all available positive and negative evidence both objective and subjective in nature. In determining the need for a valuation allowance, the weight given to positive and negative evidence is commensurate with the extent to which the evidence may be objectively verified. Consideration was given to negative evidence such as: the duration and severity of losses in prior years, high seasonal revenue concentrations, increasing competitive pressures, and a challenging retail environment. Realization of the Company\u2019s net deferred tax assets is dependent upon its generation of sufficient taxable income in future years in appropriate tax jurisdictions to obtain benefit from the reversal of temporary differences, net operating loss carryforwards and tax credit carryforwards. The amount of net deferred tax assets considered realizable is subject to adjustment in future periods if estimates of future taxable income change.\nThe Company recorded a valuation allowance to reduce its deferred tax assets to the net amount that the Company believes is more likely than not to be realized. As of December 31, 2019, the Company has a valuation allowance of $191.7 million against its U.S. deferred tax assets and a valuation allowance of $52.9 million against certain of its foreign deferred tax assets that the Company is not expected to realize. The Company will continue to assess the realizability of its deferred tax assets in each of the applicable jurisdictions going forward.\nAs of December 31, 2019, the Company has U.S. federal net operating loss carryforwards of $316.2 million which expire beginning after 2032, California net operating loss carryforwards of $57.3 million which expire beginning after 2032, and other states net operating loss carryforwards of $52.1 million which expire beginning after 2023. As of December 31, 2019, the Company has U.S. federal research tax credit carryforwards of approximately $22.6 million, which if not utilized, begin to expire after 2031, California research tax credit carryforwards of approximately $45.0 million, which do not expire, Massachusetts research tax credit carryforwards of approximately $2.9 million, which if not utilized, begin to expire after 2028,\n\n | December 31, | \n----------------------------------------------- | ------------ | ---------\n | 2019 | 2018 \nDeferred tax assets: | | \nNet operating losses and credits | $113,475 | $61,494 \nFixed assets and intangible assets | 61,932 | 55,476 \nAccruals and reserves | 75,133 | 53,818 \nStock-based compensation | 8,615 | 9,494 \nInventory | 429 | 911 \nOther | 5,287 | 4,806 \nTotal deferred tax assets | 264,871 | 185,999 \nLess: valuation allowance | (244,581) | (181,122)\nDeferred tax assets, net of valuation allowance | 20,290 | 4,877 \nDeferred tax liabilities: | | \nAccruals and reserves | (15,525) | \u2014 \nOther | (914) | (560) \nTotal deferred tax liabilities | (16,439) | (560) \nNet deferred tax assets | $3,851 | $4,317 "} {"_id": "d1b3c0d88", "title": "", "text": "Cash Flow Hedge Gains (Losses)\nWe recognized the following gains (losses) on foreign exchange contracts designated as cash flow hedges:\nWe do not have any net derivative gains included in AOCI as of June 30, 2019 that will be reclassified into earnings within the following 12 months. No significant amounts of gains (losses) were reclassified from AOCI into earnings as a result of forecasted transactions that failed to occur during fiscal year 2019.\n\n(In millions) | | | \n------------------------------------------------------------------------------------ | ------ | ------ | ------\nYear Ended June 30, | 2019 | 2018 | 2017 \nEffective Portion | | | \nGains recognized in other comprehensive income (loss), net of tax of $1, $11, and $4 | $ 159 | $ 219 | $ 328\nGains reclassified from accumulated other comprehensive income (loss) into revenue | 341 | 185 | 555 \nAmount Excluded from Effectiveness Assessment and Ineffective Portion | | | \nLosses recognized in other income (expense), net | (64) | (255) | (389) "} {"_id": "d1a72b690", "title": "", "text": "The following table summarizes information regarding shares of common stock granted and vested (in thousands, except per common stock amounts):\nAs of December 31, 2019, there was $0.2 million of total unrecognized compensation cost, net of actual forfeitures, related to nonvested common stock. This cost is expected to be recognized over a weighted average period of 4.2 years.\n\n | | Years Ended December 31, | \n------------------------------------------------------- | ------ | ------------------------ | ------\n | 2019 | 2018 | 2017 \nNumber of shares of common stock granted | 16 | 16 | 13 \nWeighted average grant-date fair value per common stock | $29.10 | $28.48 | $30.49\nFair value of common stock vested | $320 | $315 | $334 \nCash used to settle the obligation | $366 | $804 | $1,134"} {"_id": "d1b31dae8", "title": "", "text": "A reconciliation of the change in gross unrecognized tax benefits, excluding interest and penalties,\nis as follows (in thousands):\nAs of September 28, 2019, the total amount of gross unrecognized tax benefits including gross interest and penalties was $63.9 million, of which $43.9 million, if recognized, would affect our effective tax rate. We reassessed the computation of the transition tax liability based upon the issuance of new guidance and the availability of additional substantiation in fiscal 2019. The adjustments resulted in a tax benefit of approximately $6.0 million, which was recorded in fiscal 2019. Our total gross unrecognized tax benefit, net of certain deferred tax assets is classified as a long-term taxes payable in the consolidated balance sheets. We include interest and penalties related to unrecognized tax benefits within the provision for income taxes. As of September 28, 2019, the total amount of gross interest and penalties accrued was $5.8 million and it is classified as long-term taxes payable in the consolidated balance sheets. As of September 29, 2018, we had accrued $4.4 million for the gross interest and penalties and it is classified as Other long-term liabilities in the consolidated balance sheets.\n\n | | Fiscal year-end | \n------------------------------------------------------------ | ------- | --------------- | -------\n | 2019 | 2018 | 2017 \nBalance as of the beginning of the year | $65,882 | $47,566 | $20,442\nIncrease related to acquisitions | \u2014 | \u2014 | 25,151 \nTax positions related to current year: | | | \nAdditions | 605 | 19,033 | 1,326 \nReductions | \u2014 | \u2014 | \u2014 \nTax positions related to prior year: | | | \nAdditions | 448 | 117 | 4,951 \nReductions | (6,071) | \u2014 | (65) \nLapses in statutes of limitations | (639) | (700) | (610) \nDecrease in unrecognized tax benefits based on audit results | \u2014 | \u2014 | (5,217)\nForeign currency revaluation adjustment | (2,114) | (134) | 1,588 \nBalance as of end of year | $58,111 | $65,882 | $47,566"} {"_id": "d1a71726c", "title": "", "text": "Item 10. Directors, Executive Officers and Corporate Governance\nExecutive Officers of the Registrant\nThe following table sets forth information concerning the executive officers of Loral as of March 12, 2020.\nThe remaining information required under Item 10 will be presented in the Company\u2019s 2020 definitive proxy statement which is incorporated herein by reference or by amendment to this Annual Report on Form 10\u2010K.\n\nName | Age | Position \n------------------ | --- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------\nAvi Katz | 61 | President, General Counsel and Secretary since December 2012. Senior Vice President, General Counsel and Secretary from January 2008 to December 2012. \nJohn Capogrossi | 66 | Vice President, Chief Financial Officer and Treasurer since January 2016. Vice President, Chief Financial Officer, Treasurer and Controller from March 2013 to January 2016. Vice President and Controller from January 2008 to March 2013.\nRavinder S. Girgla | 56 | Vice President and Controller since January 2016. Deputy Controller from February 2013 to January 2016. Assistant Controller from July 2008 to February 2013. "} {"_id": "d1b38bc3c", "title": "", "text": "AMERICAN TOWER CORPORATION AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Tabular amounts in millions, unless otherwise disclosed)\nThe components of the net deferred tax asset and liability and related valuation allowance were as follows:\nThe Company provides valuation allowances if, based on the available evidence, it is more likely than not that some or all of the deferred tax assets will not be realized. Management assesses the available evidence to estimate if sufficient future taxable income will be generated to use the existing deferred tax assets.\n\n | December 31, 2019 | December 31, 2018\n---------------------------------------- | ----------------- | -----------------\nAssets: | | \nOperating lease liability | $878.5 | $\u2014 \nNet operating loss carryforwards | 356.6 | 264.9 \nAccrued asset retirement obligations | 174.9 | 165.7 \nStock-based compensation | 5.6 | 6.3 \nUnearned revenue | 31.7 | 28.3 \nUnrealized loss on foreign currency | 3.8 | 12.9 \nOther accruals and allowances | 65.6 | 78.6 \nItems not currently deductible and other | 26.1 | 26.2 \nLiabilities: | | \nDepreciation and amortization | (1,040.3) | (757.0) \nRight-of-use asset | (865.1) | \u2014 \nDeferred rent | (79.7) | (36.9) \nOther | \u2014 | (15.3) \nSubtotal | (442.3) | (226.3) \nValuation allowance | (194.2) | (151.9) \nNet deferred tax liabilities | $(636.5) | $(378.2) "} {"_id": "d1b31094c", "title": "", "text": "Note 12 Restructuring Activities\nFor the year ended December 31, 2019, the Company incurred $41.9 million of restructuring charges and $60.3 million of other related costs for our restructuring program. These charges were primarily a result of restructuring and associated costs in connection with the Company\u2019s Reinvent SEE strategy.\nOur restructuring program (\u201cProgram\u201d) is defined as the initiatives associated with our Reinvent SEE strategy in addition to the conclusion of our previously existing restructuring programs at the time of Reinvent SEE's approval. Reinvent SEE is a three-year program approved by the Board of Directors in December 2018. The expected spend in the previously existing program at the time of Reinvent SEE's approval was primarily related to elimination of stranded costs following the sale of Diversey. The Company expects restructuring activities to be completed by the end of 2021.\nThe Board of Directors has approved cumulative restructuring spend of $840 to $885 million for the Program. Restructuring spend is estimated to be incurred as follows:\n(1) Total estimated cash cost excludes the impact of proceeds expected from the sale of property and equipment and foreign currency impact.\n(2) Remaining restructuring spend primarily consists of restructuring costs associated with the Company\u2019s Reinvent SEE strategy.\nAdditionally, the Company anticipates approximately $6.0 million restructuring spend related to recent acquisitions, of which $2.3 million was incurred as of December 31, 2019. The Company expects the remainder of the anticipated spend to be incurred in 2020. See Note 5, \"Discontinued Operations, Divestitures and Acquisitions,\" to the Notes to Consolidated Financial Statements for additional information related to our acquisitions.\n\n(in millions) | Total Restructuring program range | Total Restructuring program range | Less Cumulative Spend to Date | Remaining Restructuring Spend(2) | \n------------------------------------------------------------- | --------------------------------- | --------------------------------- | ----------------------------- | -------------------------------- | -----\n | Low | High | | Low | High \nCosts of reduction in headcount as a result of reorganization | $ 355 | $ 370 | $ (325) | $ 30 | $ 45 \nOther expenses associated with the Program | 230 | 245 | (196) | 34 | 49 \nTotal expense | 585 | 615 | (521) | 64 | 94 \nCapital expenditures | 255 | 270 | (239) | 16 | 31 \nTotal estimated cash cost(1) | $ 840 | $ 885 | $ (760) | $ 80 | $ 125"} {"_id": "d1b2fe95e", "title": "", "text": "Note 7: Income Taxes\nOn December 22, 2017, the \u201cTax Cuts & Jobs Act\u201d was signed into law and was effective for the Company starting in the quarter ended December 24, 2017. U.S. tax reform reduced the U.S. federal statutory tax rate from 35% to 21%, assessed a one-time transition tax on earnings of certain foreign subsidiaries that were previously tax deferred, and created new taxes on certain foreign sourced earnings. The impact on income taxes due to a change in legislation is required under the authoritative guidance of Accounting Standards Codification (\u201cASC\u201d) 740, Income Taxes, to be recognized in the period in which the law is enacted. In conjunction, the SEC issued Staff Accounting Bulletin (\u201cSAB\u201d) 118, which allowed for the recording of provisional amounts related to U.S. tax reform and subsequent adjustments related to U.S. tax reform during an up to one-year measurement period that is similar to the measurement period used when accounting for business combinations. The Company recorded what it believed to be reasonable estimates during the SAB 118 measurement period. During the December 2018 quarter, the Company finalized the accounting of the income tax effects of U.S. tax reform. Although the SAB 118 measurement period has ended, there may be some aspects of U.S. tax reform that remain subject to future regulations and/or notices which may further clarify certain provisions of U.S. tax reform. The Company may need to adjust its previously recorded amounts to reflect the recognition and measurement of its tax accounting positions in accordance with ASC 740; such adjustments could be material.\nThe computation of the one-time transition tax on accumulated unrepatriated foreign earnings was recorded on a provisional basis in the amount of $883.0 million in the fiscal year ended June 24, 2018, as permitted under SAB 118. The Company recorded a subsequent provisional adjustment of $36.6 million, as a result of incorporating new information into the estimate, in the Condensed Consolidated Financial Statements in the three months ended September 23, 2018. The Company finalized the computation of the transition tax liability during the December 2018 quarter. The final adjustment resulted in a tax benefit of $51.2 million, which was recorded in the Company\u2019s Condensed Consolidated Financial Statements in the three months ended December 23, 2018. The final balance of total transition tax is $868.4 million. The one-time transition tax is based on the Company\u2019s total post-1986 earnings and profits (\u201cE&P\u201d) that was previously deferred from U.S. income taxes. The Company had previously accrued deferred taxes on a portion of this E&P. The Company has completed the calculation of total post-1986 E&P and related income tax pools for its foreign subsidiaries. The Company elected to pay the one-time transition tax over a period of eight years.\nBeginning in fiscal year 2019, the Company is subject to the impact of the GILTI provision of U.S. tax reform. The GILTI provision imposes taxes on foreign earnings in excess of a deemed return on tangible assets. The Company has calculated the impact of the GILTI provision on current year earnings and has included the impact in the effective tax rate. The Company made an accounting policy election in the September 2018 quarter to record deferred taxes in relation to the GILTI provision, and recorded a provisional tax benefit of $48.0 million in the Condensed Consolidated Financial Statements in the three months ended September 23, 2018, under SAB 118. The Company finalized the computation of the accounting policy election during the December 2018 quarter. The final adjustment resulted in a tax expense of $0.4 million, which was recorded in the Company\u2019s Condensed Consolidated Financial Statements in the three months ended December 23, 2018. The final tax benefit of the election is $47.6 million.\nThe components of income (loss) before income taxes were as follows:\n\n | | YearEnded | \n------------- | ------------- | -------------- | -------------\n | June 30, 2019 | June 24, 2018 | June 25, 2017\n | | (in thousands) | \nUnited States | $(59,876) | $128,190 | $7,553 \nForeign | 2,506,447 | 3,023,599 | 1,804,120 \n | $2,446,571 | $3,151,789 | $1,811,673 "} {"_id": "d1b38a3e6", "title": "", "text": "10. Tax\nThe tax charge for the year ended 31 December 2019 was $11.6 million (2018 $5.4 million). This was after a prior year tax charge of $0.1 million and a tax credit on the adjusting items of $0.7 million (2018 prior year credit of $1.5 million and tax credit on adjusting items of $5.2 million). Excluding the prior year and tax credit on adjusting items, the effective tax rate was 13.0 per cent (2018 15.4 per cent).\n\n | 2019 | 2018 \n------------------------------------------------------ | --------- | ---------\n | $ million | $ million\nTax charge in the income statement | | \nCurrent income tax | | \nUK tax | 0.3 | 0.1 \nForeign tax | 9.2 | 6.2 \nAmounts underprovided/(overprovided) in previous years | 0.3 | (1.2) \nTotal current income tax charge | 9.8 | 5.1 \nDeferred tax | | \nRecognition of deferred tax assets | (1.5) | (0.8) \nReversal of temporary differences | 3.5 | 1.4 \nAdjustments in respect of prior years | (0.2) | (0.3) \nTotal deferred tax charge | 1.8 | 0.3 \nTax charge in the income statement | 11.6 | 5.4 "} {"_id": "d1b34b52e", "title": "", "text": "Warranty Reserves\nWe provide warranties on the majority of our product sales and reserves for estimated warranty costs are recorded during the period of sale. The determination of such reserves requires us to make estimates of product return rates and expected costs to repair or replace the products under warranty. We currently establish warranty reserves based on historical warranty costs for each product line. The weighted average warranty period covered is approximately 15 to 18 months. If actual return rates and/or repair and replacement costs differ significantly from our estimates, adjustments to cost of sales may be required in future periods.\nComponents of the reserve for warranty costs during fiscal 2019, 2018 and 2017 were as follows (in thousands):\n\n | | Fiscal | \n------------------------------------------------------------- | -------- | -------- | --------\n | 2019 | 2018 | 2017 \nBeginning balance | $40,220 | $36,149 | $15,949 \nAdditions related to current period sales | 52,271 | 58,865 | 41,365 \nWarranty costs incurred in the current period | (54,538) | (51,935) | (31,825)\nAccruals resulting from acquisitions | 21 | 179 | 14,314 \nAdjustments to accruals related to foreign exchange and other | (1,514) | (3,038) | (3,654) \nEnding balance | $36,460 | $40,220 | $36,149 "} {"_id": "d1a7303b6", "title": "", "text": "Estimated Useful Lives of Computer Software and Other Intangible Assets Acquired\nAs of the acquisition date, the gross carrying value and weighted average estimated useful lives of Computer software and Other intangible assets acquired during the year ended December 31, 2019 consisted of the following (dollars in millions):\n\n | Gross carrying value | Weighted average estimated life (in years)\n-------------------------- | -------------------- | ------------------------------------------\nComputer software | $9.4 | 5 \nOther intangible assets: | | \nClient relationships | 19.1 | 10 \nTrade names | 1.4 | 3 \nNon-compete agreements | 0.9 | 5 \nOther intangible assets | 21.4 | \nTotal gross carrying value | $30.8 | "} {"_id": "d1b39f4bc", "title": "", "text": "The three levels are described below:\nLevel 1 Inputs \u2013 Unadjusted quoted prices in active markets for identical assets or liabilities that is accessible by the Company;\nLevel 2 Inputs \u2013 Quoted prices in markets that are not active or financial instruments for which all significant inputs are observable, either directly or indirectly;\nLevel 3 Inputs \u2013 Unobservable inputs for the asset or liability including significant assumptions of the Company and other market participants.\nThe carrying amount of the Company\u2019s financial assets and liabilities, such as cash, accounts payable and accrued expenses approximate their fair value because of\nthe short maturity of those instruments. The carrying amount of the Company\u2019s financial assets and liabilities, such as cash, accounts payable and accrued expenses approximate their fair value because of the short maturity of those instruments.\nTransactions involving related parties cannot be presumed to be carried out on an arm\u2019s-length basis, as the requisite conditions of competitive, free-market dealings\nmay not exist. Representations about transactions with related parties, if made, shall not imply that the related party transactions were consummated on terms equivalent to\nthose that prevail in arm\u2019s-length transactions unless such representations can be substantiated.\nThe assets or liability\u2019s fair value measurement within the fair value hierarchy is based upon the lowest level of any input that is significant to the fair value measurement. The following table provides a summary of financial instruments that are measured at fair value as of December 31, 2019.\n\n | | Fair Value Measurement Using | | | \n------------------------------- | -------------- | ---------------------------- | ------- | ---------- | ----------\n | Carrying Value | Level 1 | Level 2 | Level 3 | Total \nMarketable securities | 0 | 0 | 0 | 0 | 0 \nDerivative warrants liabilities | $(332,222) | $- | $- | $(332,222) | $(332,222)"} {"_id": "d1b37a3a6", "title": "", "text": "Proofpoint, Inc. Notes to Consolidated Financial Statements (Continued) (dollars and share amounts in thousands, except per share amounts)\nPer the terms of the share purchase agreement, unvested stock options and unvested restricted stock units held by Meta Networks employees were canceled and exchanged for the Company\u2019s unvested stock options and unvested restricted stock units, respectively. The fair value of $184 of these unvested awards was attributed to pre-combination services and was included in consideration transferred. The fair value of $12,918 was allocated to post-combination services. The unvested awards are subject to the recipient\u2019s continued service with the Company, and $12,918 will be recognized ratably as stock-based compensation expense over the required remaining service period.\nAlso, as part of the share purchase agreement, the unvested restricted shares of certain employees of Meta Networks were exchanged into the right to receive $7,827 of deferred cash consideration and 72 shares of the Company\u2019s common stock that were deferred with the fair value of $8,599. The deferred cash consideration was presented as restricted cash on the Company\u2019s consolidated balance sheet as of December 31, 2019. The deferred cash consideration of $7,596 and the deferred stock $8,338 (see Note 11 \u201cEquity Award Plans\u201d) were allocated to post-combination expense and were not included in the purchase price. The deferred cash consideration and deferred shares are subject to forfeiture if employment terminates prior to the lapse of the restrictions, and their fair value is expensed as compensation and stock-based compensation expense over the three-year vesting period.\nThe Cost to Recreate Method was used to value the acquired developed technology asset. Management applied judgment in estimating the fair value of this intangible asset, which involved the use of significant assumptions such as the cost and time to build the acquired technology, developer\u2019s profit and rate of return.\nThe following table summarizes the fair values of tangible assets acquired, liabilities assumed, intangible assets and goodwill:\n\n | Fair value | Estimated Useful Life\n--------------------------- | ---------- | ---------------------\n | | (in years) \nCurrent assets | $356 | N/A \nFixed assets | 68 | N/A \nCore/developed technology | 21,000 | 3 \nDeferred tax liability, net | (1,854) | N/A \nOther liabilities | (671) | N/A \nGoodwill | 85,869 | Indefinite \n | $104,768 | "} {"_id": "d1b336944", "title": "", "text": "GasLog Ltd. and its Subsidiaries\nNotes to the consolidated financial statements (Continued)\nFor the years ended December 31, 2017, 2018 and 2019\n(All amounts expressed in thousands of U.S. Dollars, except share and per share data)\n29. Earnings/(losses) per share (\u2018\u2018EPS\u2019\u2019)\nBasic earnings/(losses) per share was calculated by dividing the profit/(loss) for the year attributable to the owners of the common shares after deducting the dividend on Preference Shares by the weighted average number of common shares issued and outstanding during the year.\nDiluted EPS is calculated by dividing the profit/(loss) for the year attributable to the owners of the Group adjusted for the effects of all dilutive potential ordinary shares by the weighted average number of all potential ordinary shares assumed to have been converted into common shares, unless such potential ordinary shares have an antidilutive effect.\nThe following reflects the earnings/(losses) and share data used in the basic and diluted earnings/ (losses) per share computations:\nThe Group excluded the effect of 2,630,173 SARs and 367,162 RSUs in calculating diluted EPS for the year ended December 31, 2019, as they were anti-dilutive (December 31, 2018: 555,453 SARs and 0 RSUs, December 31, 2017: 998,502 SARs and 0 RSUs).\n\n | | For the year ended December 31, | \n-------------------------------------------------------------------------------------------------- | ---------- | ------------------------------- | ----------\n | 2017 | 2018 | 2019 \nBasic earnings/(loss) per share | | | \nProfit/(loss) for the year attributable to owners of the Group | 15,506 | 47,683 | (100,661) \nLess: Dividends on Preference Shares | (10,064) | (10,063) | (10,063) \nProfit/(loss) for the year available to owners of the Group | 5,442 | 37,620 | (110,724) \nWeighted average number of shares outstanding, basic | 80,622,788 | 80,792,837 | 80,849,818\nBasic earnings/(loss) per share | 0.07 | 0.47 | (1.37) \nDiluted earnings/(loss) per share | | | \nProfit/(loss) for the year available to owners of the Group used in the calculation of diluted EPS | 5,442 | 37,620 | (110,724) \nWeighted average number of shares outstanding, basic | 80,622,788 | 80,792,837 | 80,849,818\nDilutive potential ordinary shares | 643,342 | 844,185 | \u2014 \nWeighted average number of shares used in the calculation of diluted EPS | 81,266,130 | 81,637,022 | 80,849,818\nDiluted earnings/(loss) per share | 0.07 | 0.46 | (1.37) "} {"_id": "d1b37c6ce", "title": "", "text": "16. Quarterly Financial Data: (unaudited, amount in thousands, except per share data):\nDuring the Company's second quarter of fiscal 2019 and second quarter of fiscal 2018, we recorded $2.3 million and $80.8 million, respectively, primarily related to the legal settlement of several antitrust claims against the Company. Also during the second quarter of fiscal 2018, the Tax Cuts and Jobs Act of 2017 was enacted. This resulted in an initial revaluation of our deferred tax liabilities during the third quarter which favorably impacted our results by $35.0 million. In the fourth quarter of fiscal 2018, we completed our analysis of the Act and recorded additional tax benefit of $8.0 million.\n\n | Fiscal Year 2019 | | | \n------------------------------------------------------- | ---------------- | -------------- | ------------- | --------------\n | First Quarter | Second Quarter | Third Quarter | Fourth Quarter\nNet sales | $340,583 | $356,040 | $383,993 | $280,572 \nGross profit | 57,128 | 70,535 | 82,441 | 12,755 \nNet income (loss) attributable to Cal-Maine Foods, Inc. | 12,406 | 21,807 | 39,777 | (19,761) \nNet income (loss) per share: | | | | \nBasic | $0.26 | $0.45 | $0.82 | $(0.41) \nDiluted | $0.26 | $0.45 | $0.82 | $(0.41) \n | Fiscal Year 2018 | | | \n | First Quarter | Second Quarter | Third Quarter | Fourth Quarter\nNet sales | $262,845 | $361,172 | $435,820 | $443,095 \nGross profit | 17,336 | 82,396 | 120,098 | 141,216 \nNet income (loss) attributable to Cal-Maine Foods, Inc. | (15,993) | (26,136) | 96,294 | 71,767 \nNet income (loss) per share: | | | | \nBasic | $(0.33) | $(0.54) | $1.99 | $1.48 \nDiluted | $(0.33) | $(0.54) | $1.99 | $1.48 "} {"_id": "d1b370248", "title": "", "text": "FLNG segment\nTotal operating revenues: On May 31, 2018, the Hilli was accepted by the Customer and, accordingly, commenced operations. As a result, she generated $127.6 million total operating revenues in relation to her liquefaction services for the year ended December 31, 2018.\nVessel operating expenses: This represents the vessel operating expenses incurred by the Hilli since she commenced operations.\nProject development expenses: This relates to non-capitalized project-related expenses comprising of legal, professional and consultancy costs. The increase for the twelve months ended December 31, 2018 was primarily as a result of increased engineering consultation fees and front-end engineering and design costs in relation to the Gimi GTA project.\nDepreciation: Subsequent to the Customer's acceptance of the Hilli, we determined her to be operational and, therefore, depreciation commenced during the second quarter of 2018.\nOther operating gains: Includes the realized and unrealized gain on the oil derivative instrument. In 2018, we recognized a realized gain of $26.7 million, and an unrealized fair value loss of $10.0 million, relating to the LTA oil derivative instrument as a result of the increased price of Brent Crude during the year. The derivative asset was recognized upon the LTA becoming effective in December 2017. In 2017, we recognized an unrealized fair value gain of $15.1 million.\nFor the year ended December 31, 2018, this is partially offset by a $1.3 million write off of capitalized conversion costs in relation to the Gandria. In addition, subsequent to the decision to wind down OneLNG, we wrote off $12.7 million of the trading balance with OneLNG as we deem it to be no longer recoverable.\nEquity in net losses of affiliates: Pursuant to the formation of OneLNG in July 2016, we equity account for our share of net losses in OneLNG. Given the difficulties in finalizing an attractive debt financing package along with other capital and resource priorities, in April 2018, Golar and Schlumberger decided to wind down OneLNG and work on FLNG projects as required on a case-by-case basis. As a result, activity levels have been substantially reduced for the year ended December 31, 2018 and the carrying value of the investment was written down to $nil.\n\n | | December 31, | | \n---------------------------------- | -------- | ------------ | -------- | ----------\n(in thousands of $) | 2018 | 2017 | Change | % Change \nTotal operating revenues | 127,625 | \u2014 | 127,625 | 100% \nVessel operating expenses | (26,317) | (2) | (26,315) | 1,315,750%\nVoyage expenses | (1,363) | (121) | (1,242) | 1,026% \nAdministrative expenses | 175 | (1,736) | 1,911 | (110)% \nProject development expenses | (16,526) | (2,506) | (14,020) | 559% \nDepreciation and amortization | (28,193) | \u2014 | (28,193) | 100% \nOther operating gains | 2,749 | 15,100 | (12,351) | (82)% \nOperating income | 58,150 | 10,735 | 47,415 | 442% \nEquity in net losses of affiliates | (2,047) | (8,153) | 6,106 | (75)% "} {"_id": "d1b3b7da0", "title": "", "text": "9.2. Trade and other receivables\nClassification as trade and other receivables\nTrade receivables are amounts due from customers for rental income, goods sold or services performed in the ordinary course of business. Loans and other receivables are non-derivative financial assets with fixed or determinable payments that are not quoted in an active market. If collection is expected in one year or less, they are classified as current assets. If not, they are presented as non-current assets.\nThe allowance for expected credit losses represents an estimate of receivables that are not considered to be recoverable. For the year ended 30 June 2019 the Group has recognised an expected loss provision following the adoption of AASB 9 Financial Instruments. The Group recognises a loss allowance based on lifetime expected credit losses at each reporting date.\nThe Group assesses this allowance based on its historical credit loss experience, adjusted for forward-looking factors specific to the debtors. At 30 June 2018, the Group recognised a provision for trade receivables relating to receivables acquired on the purchase of investment properties where there are specific risks around recoverability.\n\n | | 2019 | 2018 \n------------------------------------ | ----- | ------ | ------\n | Notes | $'000 | $'000 \nCurrent | | | \nTrade receivables | | 3,770 | 3,054 \nAllowance for expected credit losses | | (135) | (23) \n | | 3,635 | 3,031 \nOther receivables | | 4,223 | 4,082 \nReceivables from related parties | 17 | 11,880 | 8,039 \n | | 19,738 | 15,152\nNon-current | | | \nOther receivables | | 118 | 601 \nTotal current and non-current | | 19,856 | 15,753"} {"_id": "d1b3381ea", "title": "", "text": "Accounts Receivable and Allowance for Doubtful Accounts\nAccounts receivable consists primarily of amounts due to the Company from normal business activities. We maintain an allowance for doubtful accounts for estimated losses that result from the inability of our customers to make required payments.\nThe allowance for doubtful accounts is maintained based on customer payment levels, historical experience and management\u2019s views on trends in the overall receivable agings. In addition, for larger accounts, we perform analyses of risks on a customer-specific basis. We perform ongoing credit evaluations of our customers\u2019 financial condition and management believes that an adequate allowance for doubtful accounts has been provided.\nUncollectible accounts are removed from accounts receivable and are charged against the allowance for doubtful accounts when internal collection efforts have been unsuccessful. The following table summarizes the activity in allowance for doubtful accounts for the years ended December 31, 2019, 2018 and 2017:\n\n | | Year Ended December 31, | \n---------------------------------------- | ------- | ----------------------- | -------\n(In thousands) | 2019 | 2018 | 2017 \nBalance at beginning of year | $4,421 | $6,667 | $2,813 \nProvision charged to expense | 9,347 | 8,793 | 7,072 \nWrite-offs, less recoveries | (9,219) | (11,039) | (6,516)\nAcquired allowance for doubtful accounts | \u2014 | \u2014 | 3,298 \nBalance at end of year | $4,549 | $4,421 | $6,667 "} {"_id": "d1b3aae3e", "title": "", "text": "Stock purchase warrants\nPrior to the 2019 Brookfield Transaction, Teekay held 15.5 million common unit warrants (or the Brookfield Transaction Warrants) issued by Altera to Teekay in connection with the 2017 Brookfield Transaction (see Note 4) and 1,755,000 warrants to purchase common units of Altera issued to Teekay in connection with Altera's private placement of Series D Preferred Units in June 2016 (or the Series D Warrants). In May 2019, Teekay sold to Brookfield all of the Company\u2019s remaining interests in Altera, which included, among other things, both the Brookfield Transaction Warrants and Series D Warrants.\nChanges in fair value during the years ended December 31, 2019 and 2018 for the Company\u2019s Brookfield Transaction Warrants and the Series D Warrants, which were measured at fair value using significant unobservable inputs (Level 3), are as follows:\n\n | Year Ended December 31, | \n------------------------------------------- | ----------------------- | --------\n | 2019 | 2018 \n | $ | $ \nFair value at the beginning of the year | 12,026 | 30,749 \nFair value on acquisition/issuance | \u2014 | 2,330 \nUnrealized gain (loss) included in earnings | 26,900 | (21,053)\nRealized loss included in earnings | (25,559) | \u2014 \nSettlements | (13,367) | \u2014 \nFair value at the end of the year | \u2014 | 12,026 "} {"_id": "d1b3970fa", "title": "", "text": "14. SHAREHOLDERS\u2019 EQUITY\nAuthorized, issued and outstanding common shares roll-forward is as follows:\nIn December 2017, the Company completed an underwritten public offering of 40,000,000 common shares which increased its equity by $103.7 million.\nIn December 2018, the Annual General Meeting of the Company approved to increase the Company\u2019s authorized share capital from $1.8 million to $3.6 million.\nDuring 2019, the Company has issued 5,260,968 shares through the ATM program and raised net proceeds of $17.9 million.\n\n | Authorized\nShares | Issued and Out-\nstanding Shares | Common Stock\n----------------------------------------------- | ----------------- | ------------------------------- | ------------\nBalance as of January 1, 2017 | 180,000,000 | 101,969,666 | 1,020 \nCommon Shares Issued in Follow-on Offering | - | 40,000,000 | 400 \nBalance as of December 31, 2017 | 180,000,000 | 141,969,666 | 1,420 \nAuthorization of additional authorized shares | 180,000,000 | - | - \nBalance as of December 31, 2018 | 360,000,000 | 141,969,666 | 1,420 \nAt-the-Market Offering | - | 5,260,968 | 52 \nBalance as of December 31, 2019 | 360,000,000 | 147,230,634 | 1,472 "} {"_id": "d1b34ecb0", "title": "", "text": "The\u00a0income\u00a0tax\u00a0(benefit)\u00a0provision\u00a0was\u00a0charged\u00a0to\u00a0continuing\u00a0operations\u00a0or\u00a0accumulated\u00a0other\u00a0comprehensive\u00a0income\u00a0(loss)\u00a0as\u00a0follows:\nPrior\u00a0year\u00a0balances\u00a0related\u00a0to\u00a0deferred\u00a0tax\u00a0assets\u00a0and\u00a0liabilities\u00a0have\u00a0been\u00a0recast\u00a0to\u00a0net\u00a0the\u00a0federal\u00a0effect\u00a0of\u00a0state\u00a0taxes\u00a0with\u00a0the\u00a0specific\u00a0deferred\u00a0tax\u00a0asset\u00a0or\u00a0liability to\u00a0which\u00a0it\u00a0relates\n\nYear Ended December 31, | | | \n--------------------------------------------- | ------- | ---- | ------\n(dollars in millions) | 2019 | 2018 | 2017 \nIncome tax (benefit) provision related to: | | | \nContinuing operations | $(10.6) | $9.4 | $26.7 \nAccumulated other comprehensive income (loss) | 0.2 | 1.3 | (28.3)"} {"_id": "d1b319fd8", "title": "", "text": "ANG's revenues are principally derived from sales of compressed natural gas. ANG recognizes revenue from the sale of natural gas fuel primarily at the time the fuel is dispensed.\nIn December 2019, the U.S. Congress passed an alternative fuel tax credit (\"AFTC\") which will continue to support the use of natural gas. The AFTC is retroactive beginning January 2018 and extends through 2020.\nThe legislation extends the $0.50 per gallon fuel credit/payment for the use of natural gas as a transportation fuel, and the Alternative Fuel Vehicle Refueling Property Credit, which extends the 30 percent/$30,000 investment tax credit for alternative vehicle refueling property. Net revenue after customer rebates for such credits recognized in 2019 was $10.6 million.\nAs a result of the Bipartisan Budget Act of 2018, signed into law on February 9, 2018, all AFTC revenue for vehicle fuel ANG sold in 2017 was collected in the second quarter of 2018. Net revenue after customer rebates for such credits recognized in 2018 was $2.6 million.\nDisaggregation of Revenues The following table disaggregates ANG's revenue by type (in millions):\n\n | Years Ended December 31, | \n------------------------------------------- | ------------------------ | ------\n | 2019 | 2018 \nVolume-related | $ 27.5 | $ 16.5\nMaintenance services | 0.1 | 0.1 \nTotal revenue from contracts with customers | 27.6 | 16.6 \nRNG incentives | 0.5 | 1.3 \nAlternative fuel tax credit | 10.6 | 2.6 \nOther revenue | 0.3 | 0.2 \nTotal Energy segment revenue | $ 39.0 | $ 20.7"} {"_id": "d1b356758", "title": "", "text": "Revenue by Market The table below presents disaggregated net revenues by market (in thousands):\n(1) Due to the adoption of ASC 606 on January 1, 2018 using the modified retrospective method, amounts prior to 2018 have not been adjusted to reflect the change to recognize certain distributor sales upon sale to the distributor, or the sell-in method, from recognition upon the Company's sale to the distributors' end customers, or the sellthrough method, which required the deferral of revenue and profit on such distributor sales.\nRevenues from sales to the Company\u2019s distributors accounted for 52%, 42% and 34% of net revenue for the years ended December 31, 2019, 2018 and 2017, respectively.\n\n | | Year Ended December 31, | \n--------------------------- | -------- | ----------------------- | --------\n | 2019 | 2018 | 2017(1) \nConnected home | $152,674 | $207,336 | $288,610\n% of net revenue | 48% | 54% | 69% \nInfrastructure | 85,369 | 82,388 | 71,779 \n% of net revenue | 27% | 21% | 17% \nIndustrial and multi-market | 79,137 | 95,273 | 59,929 \n% of net revenue | 25% | 25% | 14% \nTotal net revenue | $317,180 | $384,997 | $420,318"} {"_id": "d1b388e88", "title": "", "text": "Cash Flows\nThe following table summarizes our cash flows for the periods indicated:\nCash Flows from Operating Activities\nNet cash used in operating activities of $156.8 million in 2019 was primarily due to a net loss of $320.7 million, as well as an increase in net operating assets and liabilities of $3.3 million, partially offset by total non-cash adjustments of $167.2 million. The increase in net operating assets and liabilities included a $21.3 million increase in accounts receivable primarily due to an increase in days sales outstanding, an $18.5 million increase in inventories primarily due to Fitbit Versa Lite Edition, Fitbit Inspire, Fitbit Inspire HR and Fitbit Versa 2, and a $22.9 million decrease in lease liabilities, partially offset by a $40.7 million net increase in accounts payable and accrued liabilities and other liabilities primarily related to higher rebates and promotional activities in the fourth quarter of 2019, a $15.1 million decrease in prepaid expenses and other assets, and a $4.0 million increase in deferred revenue. Our days sales outstanding in accounts receivable, calculated as the number of days represented by the accounts receivable balance as of period end, increased from 70 days as of December 31, 2018 to 74 days as of December 31, 2019, due to lower collections during the fourth quarter of 2019 compared to the fourth quarter of 2018. The $167.2 million total non-cash adjustments for 2019 included stock-based compensation expense of $77.7 million, depreciation and amortization expense of $62.8 million, and non-cash lease expense of $19.2 million.\nNet cash used in operating activities was $156.8 million in 2019, compared to net cash provided by operating activities of $113.2 million in 2018, primarily due to a $134.9 million increase in net loss for 2019 compared to 2018, an increase of $126.0 million in change in net operating assets and liabilities compared to 2018 primarily related to a $72.2 million income tax refund received in 2018 and increases in accounts receivable and inventories in 2019, as well as a decrease of $9.1 million for non-cash adjustments to net loss in 2019 compared to 2018.\nCash Flows from Investing Activities\nNet cash provided by investing activities for 2019 of $25.8 million was primarily due to maturities and sales of marketable securities of $414.7 million, partially offset by purchases of marketable securities of $347.6 million, purchases of property and equipment of $36.5 million, payment of $2.2 million for the cash portion of an acquisition, net of cash acquired, and acquisition-related holdback payments of $2.6 million.\nNet cash provided by investing activities for 2018 of $17.5 million was primarily due to maturities and sales of marketable securities of $443.6 million, partially offset by purchases of marketable securities of $353.9 million, purchases of property and equipment of $52.9 million, payment of $13.6 million for the cash portion of an acquisition, net of cash acquired, and acquisition-related holdback payments of $5.6 million.\nWe may continue to use cash in the future to acquire businesses and technologies that enhance and expand our product offerings. Due to the nature of these transactions, it is difficult to predict the amount and timing of such cash requirements to complete such transactions. We may be required to raise additional funds to complete future acquisitions.\nCash Flows from Financing Activities\nNet cash used in financing activities for 2019 of $8.4 million was primarily due to $18.2 million in net cash used for payment of taxes on common stock issued under our employee equity incentive plans and $2.7 million used for financing lease payments, offset in part by $13.0 million in proceeds from the exercise of stock options and from stock purchases made through our 2015 Employee Stock Purchase Plan, or 2015 ESPP.\n\n | | Year Ended December 31, | \n--------------------------------------- | ---------- | ----------------------- | --------\n | 2019 | 2018 | 2017 \n | | (in thousands) | \nNet cash provided by (used in): | | | \nOperating activities | $(156,832) | $113,207 | $64,241 \nInvesting activities | 25,761 | 17,496 | (28,718)\nFinancing activities | (8,406) | 1,287 | 4,635 \nNet change in cash and cash equivalents | $(139,477) | $131,990 | $40,158 "} {"_id": "d1a7244a8", "title": "", "text": "Expenditure on R&D\nTCS Innovation Labs are located in India and other parts of the world. These R&D centers, as certified by Department of Scientific & Industrial Research (DSIR) function from Pune, Chennai, Bengaluru, Delhi- NCR, Hyderabad, Kolkata and Mumbai.\nExpenditure incurred in the R&D centers and innovation centers during FY 2019 and FY 2018 are given below:\n\nExpenditure on R&D and innovation | Unconsolidated | | Consolidated | \n------------------------------------------------------------------- | -------------- | ------- | ------------ | -------\n | FY 2019 | FY 2018 | FY 2019 | FY 2018\na. Capital | 2 | - | 2 | - \nb. Recurring | 303 | 295 | 306 | 298 \nc. Total R&D expenditure (a+b) | 305 | 295 | 308 | 298 \nd. Innovation center expenditure | 1,285 | 1,079 | 1,352 | 1,202 \ne. Total R&D and innovation expenditure (c+d) | 1,590 | 1,374 | 1,660 | 1,500 \nf. R&D and innovation expenditure as a percentage of total turnover | 1.3% | 1.4% | 1.1% | 1.2% "} {"_id": "d1b3bae6a", "title": "", "text": "Results of Operations\nThe following table sets forth the percentage of revenue for certain items in our statements of operations for the periods indicated:\nImpact of inflation and product price changes on our revenue and on income was immaterial in 2019, 2018 and 2017.\n\nFiscal Years | | | \n-------------------------------------- | ------ | ------ | ------\n | 2019 | 2018 | 2017 \nStatements of Operations: | | | \nRevenue | 100% | 100% | 100% \nCost of revenue | 43% | 50% | 55% \nGross profit | 57% | 50% | 45% \nOperating expenses: | | | \nResearch and development | 120% | 79% | 79% \nSelling, general and administrative | 86% | 79% | 81% \nLoss from operations | (149)% | (108)% | (115)%\nInterest expense | (3)% | (1)% | (1)% \nInterest income and other expense, net | 2% | 1% | \u2014% \nLoss before income taxes | (150)% | (108)% | (116)%\nProvision for income taxes | 1% | 1% | 1% \nNet loss | (151)% | (109)% | (117)%"} {"_id": "d1b30b2c6", "title": "", "text": "Fair Value of Financial Instruments\nThe following table summarizes our financial assets and liabilities measured at fair value on a recurring basis (in millions):\n(1) Reported as other current assets in the consolidated balance sheets\n(2) Reported as other non-current assets in the consolidated balance sheets\n(3) Reported as accrued expenses in the consolidated balance sheets\n\n | | April 26, 2019 | \n------------------------------------------------------- | ------- | ----------------------------------------------- | -------\n | | Fair Value Measurements at Reporting Date Using | \n | Total | Level 1 | Level 2\nCash | $ 2,216 | $ 2,216 | $ \u2014 \nCorporate bonds | 1,353 | \u2014 | 1,353 \nU.S. Treasury and government debt securities | 213 | 131 | 82 \nCertificates of deposit | 117 | \u2014 | 117 \nTotal cash, cash equivalents and short-term investments | $ 3,899 | $ 2,347 | $ 1,552\nOther items: | | | \nMutual funds (1) | $ 6 | $ 6 | $ \u2014 \nMutual funds (2) | $ 29 | $ 29 | $ \u2014 \nForeign currency exchange contracts assets (1) | $ 4 | $ \u2014 | $ 4 \nForeign currency exchange contracts liabilities (3) | (1 ) | $ \u2014 | (1 ) "} {"_id": "d1b360230", "title": "", "text": "Sales and Marketing Expense\nSales and marketing expense increased by $22.6 million in 2018 compared to 2017. The increase was primarily due to a $20.0 million increase in employee- related costs, which includes stock-based compensation, associated with our increased headcount from 215 employees as of December 31, 2017 to 286 employees as of December 31, 2018. The remaining increase was principally the result of a $1.8 million increase in trade show and advertising costs and a $0.8 million increase attributed to office related expenses to support the sales team. The adoption of ASC 606 did not have a material impact on the change in commission expense when compared to year over year.\n\n | Year Ended December 31, | | Change | \n------------------- | ----------------------- | ---------------------- | -------- | -----\n | 2018 | 2017 | $ | % \n | | (dollars in thousands) | | \nSales and marketing | $ 69,608 | $ 46,998 | $ 22,610 | 48.1%\n% of revenue | 47% | 45% | | "} {"_id": "d1b382074", "title": "", "text": "Deferred income taxes reflect the net tax effects of temporary differences between the bases of assets and liabilities for financial reporting and income tax purposes as well as carryforwards. Deferred tax assets and liabilities consist of the following:\nWe assess positive and negative evidence for each jurisdiction to determine whether it is more likely than not that existing deferred tax assets will be realized. As of August 29, 2019, and August 30, 2018, we had a valuation allowance of $277 million and $228 million, respectively, against our net deferred tax assets, primarily related to net operating loss carryforwards in Japan. Changes in 2019 in the valuation allowance were due to adjustments based on management's assessment of tax credits and net operating losses that are more likely than not to be realized.\n\nAs of | 2019 | 2018 \n------------------------------------------------------------------- | ------ | ------\nDeferred tax assets | | \nNet operating loss and tax credit carryforwards | $1,045 | $1,417\nAccrued salaries, wages, and benefits | 122 | 163 \nProperty, plant, and equipment | 80 | \u2014 \nOther | 110 | 115 \nGross deferred tax assets | 1,357 | 1,695 \nLess valuation allowance | (277) | (228) \nDeferred tax assets, net of valuation allowance | 1,080 | 1,467 \nDeferred tax liabilities | | \nProduct and process technology | (138) | (62) \nProperty, plant, and equipment | \u2014 | (173) \nOther | (109) | (213) \nDeferred tax liabilities | (247) | (448) \nNet deferred tax assets | $833 | $1,019\nReported as | | \nDeferred tax assets | $837 | $1,022\nDeferred tax liabilities (included in other noncurrent liabilities) | (4) | (3) \nNet deferred tax assets | $833 | $1,019"} {"_id": "d1b349c42", "title": "", "text": "Operating income increased to SEK 2.3 (1.1) billion. Operating income excluding restructur- ing charges improved to SEK 2.4 (1.4) billion due to a positive effect from reversal of a provision for impairment of trade receivables made in Q1 2019, of SEK 0.7 billion, and higher gross margin.\nOperating margin was 6.3%, excluding restructuring charges and the positive effect from reversal of a provision for impairment of trade receivables of SEK 0.7 billion in Q1 2019.\nRestructuring charges amounted to SEK 0.0 (\u20130.3) billion.\nEmerging Business and Other\nSegment Emerging Business and Other represented 3% (4%) of Group net sales in 2019.\nThe segment includes:\n\u2013\u2013 Emerging Business, including IoT, iconectiv\nand New businesses\n\u2013\u2013 Media businesses, including Red Bee\nMedia and a 49% ownership of MediaKind.\nNet sales\nReported sales decreased by \u201319% in 2019 due to the 51% divestment of MediaKind in February 2019. Sales adjusted for comparable units and currency increased by 14% driven by growth in the iconectiv business through a multi-year number portability contract in the US.\nGross margin\nGross margin declined mainly due to the 51% divestment of MediaKind. The decline was partly offset by lower restructuring charges.\nOperating income (loss)\nOperating income was impacted by costs of SEK \u201310.7 billion related to the resolution of the US SEC and DOJ investigations, a refund of earlier paid social security costs in Sweden of SEK 0.9 billion and by costs of SEK \u20130.3\nbillion related to the wind-down of the ST-Ericsson legal structure.\nOperating income in Emerging Business, iconectiv and common costs improved, driven by profitable growth in iconectiv. Red Bee Media income improved supported by profit improvement activities. Media Solutions income improved driven by the 51% divestment of Media Kind, including a capital gain from the transaction.\n\nSEK\u00a0billion | Full year 2019 | Full year 2018\n-------------------------------------------------------------------------------- | -------------- | --------------\nSegment operating income | -12.5 | -5.4 \nincome of which Emerging Business, iconective, media businesses and common costs | -2.4 | -5.4 \nof which SEC and DOJ\nsettlement costs | \u201310.7 | \u2013 \nof which costs for\nST-Ericsson wind-down | \u20130.3 | \u2013 \nof which a refund of social security costs in Sweden | 0.9 | - "} {"_id": "d1b396c7c", "title": "", "text": "Fiscal 2021 LTIP\nGrants made in Fiscal 2019 under the Fiscal 2021 LTIP took effect on August 6, 2018 with the goal of measuring performance over the three year period starting July 1, 2018. The table below illustrates the target value of each element under the Fiscal 2021 LTIP for each Named Executive Officer.\nAwards granted in Fiscal 2019 under the Fiscal 2021 LTIP were in addition to the awards granted in Fiscal 2018, Fiscal 2017, and prior years. For details of our previous LTIPs, see Item 11 of our Annual Report on Form 10-K for the appropriate year.\n\nNamed Executive Officer | Performance Share Units | Restricted Share Units | Stock Options | Total \n----------------------- | ----------------------- | ---------------------- | ------------- | ----------\nMark J. Barrenechea | $2,815,000 | $1,407,500 | $1,407,500 | $5,630,000\nMadhu Ranganathan | $500,000 | $250,000 | $250,000 | $1,000,000\nMuhi Majzoub | $550,000 | $275,000 | $275,000 | $1,100,000\nGordon A. Davies | $500,000 | $250,000 | $250,000 | $1,000,000\nSimon Harrison | $218,750 | $109,375 | $109,375 | $437,500 "} {"_id": "d1b3c33a8", "title": "", "text": "Return on Invested Capital (\"ROIC\") and Economic Return. We use a financial model that is aligned with our business strategy and includes a ROIC goal of 500 basis points over our weighted average cost of capital (\"WACC\"), which we refer to as \"Economic Return.\" Our primary focus is on our Economic Return goal of 5.0%, which is designed to create shareholder value and generate sufficient cash to self-fund our targeted organic revenue growth rate of 12.0%. ROIC and Economic Return are non-GAAP financial measures.\nNon-GAAP financial measures, including ROIC and Economic Return, are used for internal management goals and decision making because such measures provide management and investors additional insight into financial performance. In particular, we provide ROIC and Economic Return because we believe they offer insight into the metrics that are driving management decisions because we view ROIC and Economic Return as important measures in evaluating the efficiency and effectiveness of our long-term capital requirements. We also use a derivative measure of ROIC as a performance criteria in determining certain elements of compensation, and certain compensation incentives are based on Economic Return performance.\nWe define ROIC as tax-effected operating income before restructuring and other special items divided by average invested capital over a rolling five-quarter period for the fiscal year. Invested capital is defined as equity plus debt, less cash and cash equivalents. Other companies may not define or calculate ROIC in the same way. ROIC and other non-GAAP financial measures should be considered in addition to, not as a substitute for, measures of our financial performance prepared in accordance with U.S. generally accepted accounting principles (\"GAAP\").\nWe review our internal calculation of WACC annually. Our WACC was 9.0% for fiscal year 2019 and 9.5% for fiscal year 2018. By exercising discipline to generate ROIC in excess of our WACC, our goal is to create value for our shareholders. Fiscal 2019 ROIC of 13.1% reflects an Economic Return of 4.1%, based on our weighted average cost of capital of 9.0%, and fiscal 2018 ROIC of 16.1% reflects an Economic Return of 6.6%, based on our weighted average cost of capital of 9.5% for that fiscal year.\nFor a reconciliation of ROIC, Economic Return and adjusted operating income (tax effected) to our financial statements that were prepared using GAAP, see Exhibit 99.1 to this annual report on Form 10-K, which exhibit is incorporated herein by reference.\nRefer to the table below, which includes the calculation of ROIC and Economic Return (dollars in millions) for the indicated periods:\n\n | 2019 | 2018 \n---------------------------------------- | ------ | ------\nAdjusted operating income (tax effected) | $120.7 | $118.6\nAverage invested capital | 923.1 | $735.6\nAfter-tax ROIC | 13.1% | 16.1% \nWACC | 9.0% | 9.5% \nEconomic Return | 4.1% | 6.6% "} {"_id": "d1b3ac036", "title": "", "text": "CASH FLOW STATEMENT1\n1 Abridged version. The complete version is shown in the consolidated financial statements.\n\n\u20ac million | 2017/18 | 2018/19\n---------------------------------------------------------------- | ------- | -------\nCash flow from operating activities of continuing operations | 766 | 796 \nCash flow from operating activities of discontinued operations | 139 | 157 \nCash flow from operating activities | 905 | 953 \nCash flow from investing activities of continuing operations | \u2212292 | 46 \nCash flow from investing activities of discontinued operations | \u221289 | \u2212136 \nCash flow from investing activities | \u2212381 | \u221290 \nCash flow before financing activities of continuing operations | 474 | 842 \nCash flow before financing activities of discontinued operations | 50 | 21 \nCash flow before financing activities | 524 | 863 \nCash flow from financing activities of continuing operations | \u2212587 | \u22121,122 \nCash flow from financing activities of discontinued operations | \u221274 | \u2212109 \nCash flow from financing activities | \u2212661 | \u22121,231 \nTotal cash flows | \u2212137 | \u2212368 \nCurrency effects on cash and cash equivalents | \u221230 | 17 \nTotal change in cash and cash equivalents | \u2212167 | \u2212351 "} {"_id": "d1b3a3490", "title": "", "text": "19. Cash and cash equivalents\nThe majority of the Group\u2019s cash is held in bank deposits or money market funds which have a maturity of three months or less to enable us to meet our short-term liquidity requirements.\nAccounting policies\nCash and cash equivalents comprise cash in hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of changes in value. Assets in money market funds, whose contractual cash flows do not represent solely payments of interest and principal, are measured at fair value with gains and losses arising from changes in fair value included in net profit or loss for the period. All other cash and cash equivalents are measured at amortised cost.\nNote: 1 Items are measured at fair value and the valuation basis is level 1 classification, which comprises financial instruments where fair value is determined by unadjusted quoted prices in active markets.\nThe carrying amount of balances at amortised cost approximates their fair value.\nCash and cash equivalents of \u20ac1,381 million (2018: \u20ac1,449 million) are held in countries with restrictions on remittances but where the balances could be used to repay subsidiaries\u2019 third party liabilities.\n\n | 2019 | 2018 \n----------------------------------------------------------------------------- | ------ | -----\n | \u20acm | \u20acm \nCash at bank and in hand | 2,434 | 2,197\nRepurchase agreements and bank deposits | 2,196 | \u2013 \nMoney market funds1 | 9,007 | 2,477\nCash and cash equivalents as presented in the statement of financial position | 13,637 | 4,674\nBank overdrafts | (32) | (7) \nCash and cash equivalents of discontinued operations | \u2013 | 727 \nCash and cash equivalents as presented in the statement of cash flows | 13,605 | 5,394"} {"_id": "d1b2f98f0", "title": "", "text": "Greenhouse gas emissions\nIn line with the Companies Act 2006, Sophos is required to measure and report on its Greenhouse Gas (\u201cGHG\u201d) emissions disclosures. These have been calculated for the year-ending 31 March 2019, in line with the Group\u2019s financial year. The calculation of the disclosures has been performed in accordance with Greenhouse Gas Protocol Corporate Standard and using the UK government\u2019s conversion factor guidance for the year reported.\nThe Group\u2019s operations that primarily release GHG includes usage of electricity and gas of owned and leased offices, business travel and usage of vehicles. The Group keeps its data capture process under review, seeking to extend the availability of direct information wherever possible. Where direct information for certain sites is not available, estimates have been developed that enable reporting for them. These estimates are revised if new or improved data is obtained.\nThe Group will continue to build its GHG reporting capabilities. The Group\u2019s chosen intensity ratio is \u2018tonnes of CO2 equivalent per million US dollars of billings\u2019 as it aligns with Sophos\u2019 strategic growth ambitions.\nCreating an environmentally friendly HQ\nThe Group commissioned a greening study of its global headquarters in Abingdon, Oxfordshire. The purpose of the study was to benchmark the current environmental, health and wellbeing performance of the building against current best practice and against direct and indirect competitors.\nThe findings of the study showed that the building performance was consistent with intermediate good practice and the building management was consistent with standard good practice. The study highlighted areas of future improvement. The findings and recommendations of this report will be a key driver for developing best practice in environmental sustainability to match the growth aspirations and objectives of the Company.\nThe Group is endeavouring to achieve the standards in environmental performance, health and wellbeing that is expected of a global technology organisation at the Group\u2019s headquarters.\n\n | | Year-ended 31 March 2019 | Year-ended 31 March 2018 | Year-ended 31 March 2017\n------------------------ | --------------------------------------------------------- | ------------------------ | ------------------------ | ------------------------\n | | tCO2e | tCO2e | tCO2e \nScope 1 | Combustion of natural gas and operation of owned vehicles | 220.9 | 320.0 | 251.8 \nScope 2 | Electricity consumption in offices | 4,487.2 | 4,457.3 | 4,681.9 \nScope 3 | Business travel (air and car) | 3,260.9 | 5,117.4 | 4,510.9 \nTotal | | 7,969.0 | 9,894.7 | 9,444.6 \nIntensity ratio | | | | \ntCO2e per $M of billings | | 10.5 | 12.9 | 14.9 "} {"_id": "d1b3acad6", "title": "", "text": "As of December 31, 2019, our required annual payments relating to these contractual obligations were as follows (in millions):\n(1) Includes finance lease obligations.\n(2) These calculations include the effect of our interest rate swaps and assume that (a) applicable margins remain constant; (b) our term A loan and revolving credit facility variable rate debt is priced at the one-month LIBOR rate in effect as of December 31, 2019; (c) only mandatory debt repayments are made; and (d) no refinancing occurs at debt maturity.\n(3) Other includes commitment fees on our revolving credit facility and rating agencies fees.\n\n | | | Payments due by period | \n------------------------------------------- | -------- | ------ | ---------------------- | ---------\n | Total | 2020 | 2021-2022 | 2023-2024\nDebt(1) | $1,554.8 | $80.0 | $184.1 | $1,290.7 \nInterest on debt (2) | 171.5 | 54.7 | 102.0 | 14.8 \nData processing and maintenance commitments | 103.4 | 44.5 | 46.5 | 12.4 \nOperating lease payments | 27.5 | 12.6 | 11.5 | 3.4 \nOther(3) | 3.9 | 1.2 | 2.4 | 0.3 \nTotal | $1,861.1 | $193.0 | $346.5 | $1,321.6 "} {"_id": "d1b359674", "title": "", "text": "14. Income Taxes\nIncome before income taxes is as follows (in millions):\n\n | | Year Ended | \n-------- | -------------- | -------------- | --------------\n | April 26, 2019 | April 27, 2018 | April 28, 2017\nDomestic | $ 678 | $ 589 | $ 166 \nForeign | 590 | 610 | 455 \nTotal | $ 1,268 | $ 1,199 | $ 621 "} {"_id": "d1b336c6e", "title": "", "text": "Net Income (Loss) Per Share: Basic net income (loss) per share (EPS) is computed by dividing the net income (loss) attributable to Cubic for the period by the weighted average number of common shares outstanding during the period, including vested RSUs.\nIn periods with a net income from continuing operations attributable to Cubic, diluted EPS is computed by dividing the net income for the period by the weighted average number of common and common equivalent shares outstanding during the period. Common equivalent shares consist of dilutive RSUs. Dilutive RSUs are calculated based on the average share price for each fiscal period using the treasury stock method. For RSUs with performance-based vesting, no common equivalent shares are included in the computation of diluted EPS until the related performance criteria have been met. For RSUs with performance and market-based vesting, no common equivalent shares are included in the computation of diluted EPS until the performance criteria have been met, and once the criteria are met the dilutive restricted stock units are calculated using the treasury stock method, modified by the multiplier that is calculated at the end of the accounting period as if the vesting date was at the end of the accounting period. The multiplier on RSUs with performance and market-based vesting is further described in Note 16.\nIn periods with a net loss from continuing operations attributable to Cubic, common equivalent shares are not included in the computation of diluted EPS, because to do so would be anti-dilutive.\nThe weighted-average number of shares outstanding used to compute net income (loss) per common share were as follows (in thousands):\n\n | | Years Ended September 30, | \n---------------------------------- | ------ | ------------------------- | ------\n | 2019 | 2018 | 2017 \nWeighted average shares - basic | 30,495 | 27,229 | 27,106\nEffect of dilutive securities | 111 | 122 | \u2014 \nWeighted average shares - diluted | 30,606 | 27,351 | 27,106\nNumber of anti-dilutive securities | \u2014 | \u2014 | 967 "} {"_id": "d1b37188c", "title": "", "text": "Note 8 \u2014 Property, Plant and Equipment, net\nThe components of property, plant and equipment, net, are:\nThe estimated useful lives of buildings and improvements and rental property are twenty to twenty-five years. The estimated useful lives of furniture and equipment range from three to eight years. Depreciation expense from continuing operations was $1.5 million and $1.2 million for 2019 and 2018, respectively.\nThe Company leases a portion of its headquarters facility to various tenants. Net rent received from these leases totaled $0.3 million and $0.4 million for 2019 and 2018, respectively.\n\n | December 31, | \n----------------------------- | -------------- | --------\n | (in thousands) | \n | 2019 | 2018 \nLand | $199 | $199 \nBuilding and improvements | 6,983 | 6,983 \nRental property | 2,749 | 2,749 \nSoftware | 12,015 | 2,226 \nFurniture and equipment | 11,755 | 10,274 \nConstruction in process | 480 | 8,519 \n | 34,181 | 30,950 \nLess accumulated depreciation | (19,830) | (18,375)\n | $ 14,351 | $ 12,575"} {"_id": "d1b321580", "title": "", "text": "Patents and Intangible Assets\nThe Company owns or possesses licenses to use its patents. The costs of maintaining the patents are expensed as incurred.\nThe Company and Finjan Blue entered into a Patent Assignment and Support Agreement (the \u201cPatent Assignment Agreement\u201d) with IBM effective as of August 24, 2017 (see \"Note 7 - Commitments and Contingencies\"). Pursuant to the Patent Assignment Agreement, Finjan Blue acquired select IBM patents in the security sector. In accordance with ASC 350-30-35-2 through 35-4, Intangibles-Goodwill and Other, the Company determined that the useful life of the patents acquired under the Patent Assignment and Support Agreement should be amortized over the four-year term of the agreement.\nOn May 15, 2018, Finjan Blue, entered into a second agreement with IBM (the \u201cMay 2018 Patent Assignment Agreement\u201d). Pursuant to the May 2018 Patent Assignment Agreement, Finjan Blue acquired 56 select issued and pending IBM patents in the security sector. The terms of the May 2018 Patent Assignment Agreement are confidential. In accordance with ASC 350-30-35-2 through 35-4, Intangibles-Goodwill and Other, the Company determined that the useful life of the patents acquired under the May 2018 Patent Assignment Agreement should be amortized over five years as the covenants between the parties are effective for that period.\nManagement did not identify any triggering events which would have necessitated an impairment change.\nThe components of these intangible assets are as follows:\nAmortization expense for the years ended December 31, 2019, 2018 and 2017 was approximately $2.0 million, $1.8 million, and $0.8 million, respectively.\n\nAs of December 31, | | \n----------------------------- | -------- | --------------\n | 2019 | 2018 \n | | (in thousands)\nPatents | $26,069 | $26,069 \nLess accumulated amortization | (22,517) | (20,562) \nIntangible assets, net | $3,552 | $5,507 "} {"_id": "d1b395eee", "title": "", "text": "22. PENSIONS\nDefined contribution scheme\nWe operate a defined contribution scheme. The pension cost for the period represents contributions payable by us to the scheme. The charge to net income for the years ended December 31, 2019, 2018 and 2017 was $2.4 million, $1.9 million and $1.7 million, respectively.\nDefined benefit schemes\nWe have two defined benefit pension plans both of which are closed to new entrants but still cover certain of our employees. Benefits are based on the employee's years of service and compensation. Net periodic pension plan costs are determined using the Projected Unit Credit Cost method. Our plans are funded by us in conformity with the funding requirements of the applicable government regulations. Plan assets consist of both fixed income and equity funds managed by professional fund managers. We have two defined benefit pension plans both of which are closed to new entrants but still cover certain of our employees. Benefits are based on the employee's years of service and compensation. Net periodic pension plan costs are determined using the Projected Unit Credit Cost method. Our plans are funded by us in conformity with the funding requirements of the applicable government regulations. Plan assets consist of both fixed income and equity funds managed by professional fund managers.\nWe use December 31 as a measurement date for our pension plans.\nThe components of net periodic benefit costs are as follows:\nThe components of net periodic benefit costs are recognized in the income statement within administrative expenses and vessel operating expenses.\nThe estimated net loss for the defined benefit pension plans that will be amortized from accumulated other comprehensive income into net periodic pension benefit cost during the year ended December 31, 2019 is $0.8 million (2018: $1.4 million).\n\n(in thousands of $) | 2019 | 2018 | 2017 \n------------------------------ | ----- | ----- | -----\nService cost | 162 | 250 | 313 \nInterest cost | 1,740 | 1,687 | 1,901\nExpected return on plan assets | (375) | (926) | (843)\nRecognized actuarial loss | 777 | 1,392 | 1,182\nNet periodic benefit cost | 2,304 | 2,403 | 2,553"} {"_id": "d1b33ae9a", "title": "", "text": "Note 20. Income Taxes\nThe Company\u2019s income before income taxes consisted of the following (in thousands):\n\n | | Years Ended December31, | \n-------------------------------- | ------- | ----------------------- | -------\n | 2019 | 2018 | 2017 \nDomestic (U.S., state and local) | $38,672 | $6,971 | $9,662 \nForeign | 47,251 | 49,946 | 71,645 \n | $85,923 | $56,917 | $81,307"} {"_id": "d1b2fcf50", "title": "", "text": "QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK\nMarket risk is the risk of loss related to adverse changes in market prices, including interest rates and foreign exchange rates, of financial instruments. We are exposed to various types of market risks, including changes in interest rates and foreign currency exchange rates, in the normal course of business.\nWe use financial instruments, including variable rate debt and swaps and foreign exchange spot transactions, to manage risks associated with our interest rate and foreign currency exposures through a controlled program of risk management in accordance with established policies. These policies are reviewed and approved by our board of directors and stockholders\u2019 meeting. Our treasury operations are subject to internal audit on a regular basis. We do not hold or issue derivative financial instruments for speculatively purposes.\nSince export sales are primarily conducted in U.S. dollars, we had U.S. dollar-denominated accounts receivable of US$626 million as of December 31, 2019. As of the same date, we also had Japanese Yen-denominated accounts receivable of \u00a514,266 million attributable to our Japanese operations and Renminbi-denominated accounts receivable of RMB\u00a5710 million attributable to our China operations. We had U.S. dollar-, Japanese Yen- and Renminbi-denominated accounts payables of US$128 million, \u00a57,193 million and RMB\u00a5262 million, respectively, as of December 31, 2019.\nOur primary market risk exposures relate to interest rate movements on borrowings and exchange rate movements on foreign currency denominated accounts receivable, capital expenditures relating to equipment used in manufacturing processes (including lithography, etching and chemical vapor deposition) and purchased primarily from Europe, Japan and the United States.\nThe following table provides information as of December 31, 2019 on our market risk sensitive financial instruments.\n\n | As of December 31, 2019 | \n------------------------------------- | ----------------------- | -----------\n | Carrying Amount | Fair Amount\n | (in NT$ millions) | \nTime Deposits: Non-Trading Purpose | 62,320 | 62,320 \nShort-term Loans: Non-Trading Purpose | 12,015 | 12,015 \nBonds: Non-Trading Purpose | 38,781 | 39,572 \nLong-term Loans: Non-Trading Purpose | 33,902 | 33,902 "} {"_id": "d1b38b516", "title": "", "text": "Subsequent to origination, the delinquency and write-off experience is monitored as key credit quality indicators for the portfolio of device payment plan agreement receivables and fixed-term service plans. The extent of collection efforts with respect to a particular customer are based on the results of proprietary custom empirically derived internal behavioral-scoring models that analyze the customer\u2019s past performance to predict the likelihood of the customer falling further delinquent.\nThese customer-scoring models assess a number of variables, including origination characteristics, customer account history and payment patterns. Based on the score derived from these models, accounts are grouped by risk category to determine the collection strategy to be applied to such accounts.\nCollection performance results and the credit quality of device payment plan agreement receivables are continuously monitored based on a variety of metrics, including aging. An account is considered to be delinquent and in default status if there are unpaid charges remaining on the account on the day after the bill\u2019s due date.\nAt December 31, 2019 and 2018, the balance and aging of the device payment plan agreement receivables on a gross basis was as follows:\n\n | 2019 | 2018 \n------------------------------------------------ | -------- | --------\nUnbilled | $ 22,827 | $ 24,282\nBilled: | | \nCurrent | 1,286 | 1,465 \nPast due | 236 | 271 \nDevice payment plan agreement receivables, gross | $ 24,349 | $ 26,018"} {"_id": "d1b3a9c50", "title": "", "text": "b) Transactions with Golar Power and affiliates:\nNet revenues: The transactions with Golar Power and its affiliates for the twelve months ended December 31, 2019, 2018 and 2017 consisted of the following:\n(i) Debt guarantee compensation - In connection with the closing of the Golar Power and Stonepeak transaction, Golar Power entered into agreements to compensate Golar in relation to certain debt guarantees (as further described under the subheading \"Guarantees and other\") relating to Golar Power and subsidiaries.\n(ii) Balances due to Golar Power and affiliates - Receivables and payables with Golar Power and its subsidiaries are comprised primarily of unpaid management fees, advisory and administrative services. In addition, certain receivables and payables arise when we pay an invoice on behalf of a related party and vice versa. Receivables and payables are generally settled quarterly in arrears. Balances owing to or due from Golar Power and its subsidiaries are unsecured, interest-free and intended to be settled in the ordinary course of business. In December 2019, we loaned $7.0 million to Golar Power, with interest of LIBOR plus 5.0%. The loan was fully repaid, including interest, in December 2019.\n\n(in thousands of $) | 2019 | 2018 | 2017 \n---------------------------------------------- | ----- | ----- | -----\nManagement and administrative services revenue | 5,904 | 6,167 | 5,711\nShip management fees income | 1,210 | 1,400 | 824 \nDebt guarantee compensation (i) | 693 | 861 | 775 \nOther (ii) | (2) | (247) | 135 \nTotal | 7,805 | 8,181 | 7,445"} {"_id": "d1b322700", "title": "", "text": "Stock repurchases\n(1) On March 15, 2019, the Company announced that the Board of Directors extended the expiration date of the current stock repurchase program to June 30, 2020 and increased the amount of common stock the Company is authorized to repurchase by $60 million.\n\n | 2019 | | 2018 | | 2017 | \n------------------ | ------ | --------- | ------- | --------- | ------ | --------\n(in thousands) | Shares | Amount | Shares | Amount | Shares | Amount \nJanuary 1, | | $6,620 | | $34,892 | | $39,385 \nAuthorizations (1) | | $60,000 | | $27,003 | | $ - \nRepurchases | (333) | $(21,136) | (1,001) | $(55,275) | (99) | $(4,493)\nDecember 31, | | $45,484 | | $6,620 | | $34,892 "} {"_id": "d1a71b272", "title": "", "text": "Other gains, net. We recorded net other gains of RMB3,630 million for the fourth quarter of 2019, which mainly comprised of non-IFRS adjustment items such as fair value gains due to increases in valuations of certain investee companies in verticals such as social media and FinTech services.\nSelling and marketing expenses. Selling and marketing expenses increased by 17% to RMB6,712 million for the fourth quarter of 2019 on a year-on-year basis. The increase was mainly driven by greater marketing spending on services and products such as FinTech and cloud services, smart phone games and digital content services, including expenses attributable to Supercell. As a percentage of revenues, selling and marketing expenses decreased to 6% for the fourth quarter of 2019 from 7% for the fourth quarter of 2018.\nGeneral and administrative expenses. General and administrative expenses increased by 41% to RMB16,002 million for the fourth quarter of 2019 on a year-on-year basis. The increase was mainly due to greater R&D expenses and staff costs, including expenses attributable to Supercell. As a percentage of revenues, general and administrative expenses increased to 15% for the fourth quarter of 2019 from 13% for the fourth quarter of 2018.\nFinance costs, net. Net finance costs increased by 102% to RMB2,767 million for the fourth quarter of 2019 on a year-on-year basis. The increase was primarily driven by greater interest expenses as a result of higher amount of indebtedness.\nShare of (loss)/profit of associates and joint ventures. We recorded share of losses of associates and joint ventures of RMB1,328 million for the fourth quarter of 2019, compared to share of profit of RMB16 million for the fourth quarter of 2018. The change was mainly due to share of losses arising from non-cash fair value changes of investment portfolios booked by certain associates in the fourth quarter of 2019, compared to share of profit recorded in the same quarter last year.\nIncome tax expense. Income tax expense increased by 12% to RMB2,137 million for the fourth quarter of 2019 on a year-on-year basis.\nProfit attributable to equity holders of the Company. Profit attributable to equity holders of the Company increased by 52% to RMB21,582 million for the fourth quarter of 2019 on a year-on-year basis. Non-IFRS profit attributable to equity holders of the Company increased by 29% to RMB25,484 million for the fourth quarter of 2019.\nFOURTH QUARTER OF 2019 COMPARED TO FOURTH QUARTER OF 2018\nThe following table sets forth the comparative figures for the fourth quarter of 2019 and the fourth quarter of 2018:\n\n | Unaudited | \n------------------------------------------------------------- | ------------------ | -----------\n | Three months ended | \n | 31 December | 31 December\n | 2019 | 2018 \n | (RMB in millions) | \nRevenues | 105,767 | 84,896 \nCost of revenues | (59,659) | (49,744) \nGross profit | 46,108 | 35,152 \nInterest income | 1,580 | 1,350 \nOther gains/(losses), net | 3,630 | (2,139) \nSelling and marketing expenses | (6,712) | (5,730) \nGeneral and administrative expenses | (16,002) | (11,345) \nOperating profit | 28,604 | 17,288 \nFinance costs, net | (2,767) | (1,372) \nShare of (loss)/profit of associates and joint ventures | (1,328) | 16 \nProfit before income tax | 24,509 | 15,932 \nIncome tax expense | (2,137) | (1,906) \nProfit for the period | 22,372 | 14,026 \nAttributable to: | | \nEquity holders of the Company | 21,582 | 14,229 \nNon-controlling interests | 790 | (203) \n | 22,372 | 14,026 \nNon-IFRS profit attributable to equity holders of the Company | 25,484 | 19,730 "} {"_id": "d1b31c378", "title": "", "text": "8. Stocks\nNote\n1. Finished goods in 2018 includes \u00a32.2 million relating to deferred costs which has been reclassified from prepayments; see note 1 for further details.\nThere were no stock write-downs recognised in the period (2018 nil) and there were no reversals of prior period stock write-downs (2018 nil).\nNo stock is carried at fair value less costs to sell (2018 nil).\n\n | 2019 | 2018 \n---------------- | --------- | ---------\n | \u00a3 million | \u00a3 million\nWork in progress | 0.7 | 0.6 \nFinished goods\u00b9 | 3.2 | 3.9 \n | 3.9 | 4.5 "} {"_id": "d1b39887e", "title": "", "text": "As at December 31, 2019, we had US$8.3 billion of US dollardenominated senior notes and debentures, all of which were hedged using debt derivatives.\n1 US dollar-denominated long-term debt reflects the hedged exchange rate and the hedged interest rate.\n2 Pursuant to the requirements for hedge accounting under IFRS 9, Financial instruments, as at December 31, 2019 and December 31, 2018, RCI accounted for 100% of its debt derivatives related to senior notes as hedges against designated US dollar-denominated debt. As a result, as at December 31, 2019 and 2018, 100% of our US dollar-denominated senior notes and debentures are hedged for accounting and economic purposes.\n3 Borrowings include long-term debt, including the impact of debt derivatives, and short-term borrowings associated with our US CP and accounts receivable securitization programs.\n\n | As at December 31 | \n----------------------------------------------------------------------- | ----------------- | ----------\n(In millions of dollars, except exchange rates, percentages, and years) | 2019 | 2018 \nUS dollar-denominated long-term debt 1 | US$ 8,300 | US$ 6,050 \nHedged with debt derivatives | US$ 8,300 | US$ 6,050 \nHedged exchange rate | 1.1932 | 1.1438 \nPercent hedged2 | 100.0% | 100.0% \nAmount of borrowings at fixed rates 3 | | \nTotal borrowings | $ 17,496 | $ 15,320 \nTotal borrowings at fixed rates | $ 15,254 | $ 13,070 \nPercent of borrowings at fixed rates | 87.2% | 85.3% \nWeighted average interest rate on borrowings | 4.30% | 4.45% \nWeighted average term to maturity | 14.1 years | 10.7 years"} {"_id": "d1b3a9782", "title": "", "text": "NOTE 9. ACCOUNTS RECEIVABLE\nA significant percentage of our accounts receivable is derived from sales to a limited number of large multinational semiconductor device manufacturers located throughout the world. In order to monitor potential expected credit losses, we perform ongoing credit evaluations of our customers\u2019 financial condition.\nThe carrying amount of accounts receivable is as follows:\n\n | December 31, | \n------------------- | ------------ | -------\n | 2018 | 2019 \nCurrent | 154,607 | 171,866\nOverdue <30 days | 8,802 | 19,977 \nOverdue 31-60 days | 2,258 | 2,076 \nOverdue 61-120 days | 3,507 | 1,599 \nOverdue >120 days | 4,276 | 4,017 \nTotal | 173,450 | 199,535"} {"_id": "d1b36dd36", "title": "", "text": "Shares Reserved for Issuance\nThe following are shares reserved for issuance (in thousands):\n\n | June 30,\n2019 | June 30,\n2018\n----------------------------------------------------- | ------------- | -------------\n2013 Equity Incentive Plan shares available for grant | 8,462 | 9,957 \nEmployee stock options and awards outstanding | 10,455 | 12,060 \n2014 Employee Stock Purchase Plan | 10,085 | 5,365 \nTotal shares reserved for issuance | 29,002 | 27,382 "} {"_id": "d1b2e34ec", "title": "", "text": "Share Options\nThe Company estimates the fair value of employee share options on the date of grant using the Black-Scholes option-pricing model, which requires the use of highly subjective estimates and assumptions. The Company estimates the expected term of share options for service-based awards utilizing the \u201cSimplified Method,\u201d as it does not have sufficient historical share option exercise information on which to base its estimate. The Simplified Method is based on the average of the vesting tranches and the contractual life of each grant.\nThe risk-free interest rate is based on a treasury instrument whose term is consistent with the expected life of the share option. Since there was no public market for the Company\u2019s ordinary shares prior to the IPO and as its shares have been publicly traded for a limited time, the Company determined the expected volatility for options granted based on an analysis of reported data for a peer group of companies that issue options with substantially similar terms.\nThe expected volatility of options granted has been determined using an average of the historical volatility measures of this peer group of companies. The Company uses an expected dividend rate of zero as it currently has no history or expectation of paying dividends on its ordinary shares. The fair value of the Company\u2019s ordinary shares at the time of each share option grant is based on the closing market value of its ordinary shares on the grant date.\nThe fair value of each share option grant was estimated using the Black-Scholes option-pricing model that used the following weighted-average assumptions:\nThe weighted-average per share fair value of share options granted to employees during the years ended March 31, 2019, 2018 and 2017 was $16.48, $11.12 and $8.65 per share, respectively.\n\n | | Year ended March 31, | \n-------------------------------------------------- | ------ | --------------------- | ------\n | 2019 | 2018 | 2017 \nExpected term (in years) | 6.1 | 6.1 | 6.1 \nRisk-free interest rate | 2.7% | 2.2% | 2.1% \nExpected volatility | 41.5% | 39.8% | 41.0% \nExpected dividend yield | \u2014% | \u2014% | \u2014% \nEstimated grant date fair value per ordinary share | $37.15 | $26.52 | $20.22"} {"_id": "d1b34befc", "title": "", "text": "The Company sells its products to distributors and original equipment manufacturers (OEMs) in a broad range of market segments, performs on-going credit evaluations of its customers and, as deemed necessary, may require collateral, primarily letters of credit. The Company's operations outside the U.S. consist of product assembly and final test facilities in Thailand, and sales and support centers and design centers in certain foreign countries. Domestic operations are responsible for the design, development and wafer fabrication of products, as well as the coordination of production planning and shipping to meet worldwide customer commitments. The Company's Thailand assembly and test facility is reimbursed in relation to value added with respect to assembly and test operations and other functions performed, and certain foreign sales offices receive compensation for sales within their territory. Accordingly, for financial statement purposes, it is not meaningful to segregate sales or operating profits for the assembly and test and foreign sales office operations. Identifiable long-lived assets (consisting of property, plant and equipment net of accumulated amortization) by geographic area are as follows (in millions):\nSales to unaffiliated customers located outside the U.S., primarily in Asia and Europe, aggregated approximately 80% of consolidated net sales for fiscal 2019 and approximately 85% and 84% of net sales during fiscal 2018 and fiscal 2017, respectively. Sales to customers in Europe represented approximately 23% of consolidated net sales for fiscal 2019 and approximately 24% of consolidated net sales for each of fiscal 2018 and fiscal 2017. Sales to customers in Asia represented approximately 52% of consolidated net sales for fiscal 2019 and approximately 58% of consolidated net sales for each of fiscal 2018 and 2017. Within Asia, sales into China represented approximately 22%, 30% and 32% of consolidated net sales for fiscal 2019, 2018 and 2017, respectively. Sales into Taiwan represented approximately 13%, 11% and 9% of consolidated net sales for fiscal 2019, 2018 and 2017, respectively. Sales into any other individual foreign country did not exceed 10% of the Company's net sales for any of the three years presented.\nWith the exception of Arrow Electronics, the Company's largest distributor, which made up 10% of net sales, no other distributor or end customer accounted for more than 10% of net sales in fiscal 2019. In fiscal 2018 and fiscal 2017, no distributor or end customer accounted for more than 10% of net sales.\n\n | March 31, | \n----------------------- | --------- | ------\n | 2019 | 2018 \nUnited States | $521.1 | $393.3\nThailand | 209.3 | 215.5 \nVarious other countries | 266.3 | 159.1 \nTotal long-lived assets | $996.7 | $767.9"} {"_id": "d1a73a852", "title": "", "text": "Trade Accounts Receivable\nThe Company\u2019s trade accounts receivable, net, consisted of the following (in thousands):\n(1) Included in \u201cReceivables, net\u201d in the accompanying Consolidated Balance Sheets.\n(2) Included in \u201cDeferred charges and other assets\u201d in the accompanying Consolidated Balance Sheets.\nThe Company\u2019s noncurrent trade accounts receivable result from (1) contracts with customers that include renewal provisions, and (2) contracts with customers under multi-year arrangements. For contracts that include renewal provisions, revenue is recognized up-front upon satisfaction of the associated performance obligations, but payments are received upon renewal. Renewals occur in bi-annual and annual increments over the associated expected contract term, the majority of which range from two to five years. The Company\u2019s contracts with customers under multi-year arrangements generally have three-year terms and are invoiced annually at the beginning of each annual coverage period. The Company records a receivable related to revenue recognized under multi-year arrangements as the Company has an unconditional right to invoice and receive payment in the future related to these arrangements.\nWhere the timing of revenue recognition differs from the timing of invoicing and payment, the Company has determined that its contracts do not include a significant financing component. A substantial amount of the consideration promised by the customer under the contracts that include renewal provisions is variable, and the amount and timing of that consideration varies based on the occurrence or nonoccurrence of future events that are not substantially within the Company\u2019s control. With respect to multi-year year arrangements, there is minimal difference between the consideration received and the cash selling price, any offered discounts are driven by volume, and the contracts are of short duration resulting in insignificant interest. Thus, the primary purpose of the invoicing terms on the multi-year arrangements is to provide the customer with a simplified and predictable way of purchasing certain products, not to provide financing or to receive financing from the Company\u2019s customer.\n\n | December 31, | \n---------------------------------------------- | ------------ | --------\n | 2019 | 2018 \nTrade accounts receivable, net, current (1) | $375,136 | $335,377\nTrade accounts receivable, net, noncurrent (2) | 26,496 | 15,948 \n | $401,632 | $351,325"} {"_id": "d1b36d21e", "title": "", "text": "1. Sales revenues\nCommencing with financial year 2018/19, METRO has been applying IFRS 15 (Revenue from Contracts with Customers). The sales revenues reported for the current financial year relate exclusively to revenues from contracts with customers.\nSales revenues are allocated to the following categories:\n\n\u20ac million | 2017/2018 | 2018/2019\n------------------------------------ | --------- | ---------\nStore-based and other business | 22,585 | 22,487 \nMETRO Germany | 4,128 | 4,075 \nMETRO Western Europe (excl. Germany) | 8,904 | 8,885 \nMETRO Russia | 2,550 | 2,406 \nMETRO Eastern Europe (excl. Russia) | 5,893 | 5,986 \nMETRO Asia | 1,074 | 1,097 \nOthers | 35 | 38 \nDelivery sales | 4,207 | 4,595 \nMETRO Germany | 633 | 660 \nMETRO Western Europe (excl. Germany) | 1,704 | 1,867 \nMETRO Russia | 265 | 257 \nMETRO Eastern Europe (excl. Russia) | 1,059 | 1,205 \nMETRO Asia | 538 | 599 \nOthers | 7 | 7 \nTotal sales | 26,792 | 27,082 \nMETRO Germany | 4,761 | 4,735 \nMETRO Western Europe (excl. Germany) | 10,609 | 10,752 \nMETRO Russia | 2,815 | 2,662 \nMETRO Eastern Europe (excl. Russia) | 6,952 | 7,191 \nMETRO Asia | 1,612 | 1,696 \nOthers | 43 | 46 "} {"_id": "d1b36d638", "title": "", "text": "LIQUIDITY AND CAPITAL RESOURCES\nThe Company\u2019s cash and cash equivalents increased to $93,628 at June 30, 2019 from $31,440 at June 30, 2018. Cash at the end of fiscal 2018 was lower due primarily to the acquisition of Ensenta and higher repayment of debt in fiscal 2018.\nThe following table summarizes net cash from operating activities in the statement of cash flows:\nCash provided by operating activities increased 5% compared to fiscal 2018. Cash from operations is primarily used to repay debt, pay dividends and repurchase stock, and for capital expenditures.\n\n | Year Ended | \n----------------------------------------- | ---------- | --------\n | June 30 | \n | 2019 | 2018 \nNet income | $271,885 | $365,034\nNon-cash expenses | 180,987 | 87,906 \nChange in receivables | (11,777) | 21,489 \nChange in deferred revenue | 23,656 | 1,255 \nChange in other assets and liabilities | (33,623) | (63,542)\nNet cash provided by operating activities | $431,128 | $412,142"} {"_id": "d1b3b362e", "title": "", "text": "Global Financing Receivables and Allowances\nThe following table presents external Global Financing receivables excluding residual values, the allowance for credit losses and immaterial miscellaneous receivables:\n(1) Includes deferred initial direct costs which are eliminated in IBM\u2019s consolidated results.\nThe percentage of Global Financing receivables reserved was 1.0 percent at December 31, 2019, compared to 0.9 percent at December 31, 2018. The decline in the allowance for credit losses was driven by write-offs of $64 million, primarily of receivables previously reserved, and net releases of $7 million as a result of lower average asset balances in client and commercial financing. See note K, \u201cFinancing Receivables,\u201d for additional information.\n\n($ in millions) | | \n--------------------------------------- | ------- | -------\nAt December 31: | 2019 | 2018 \nRecorded investment (1) | $22,446 | $31,182\nSpecific allowance for credit losses | 177 | 220 \nUnallocated allowance for credit losses | 45 | 72 \nTotal allowance for credit losses | 221 | 292 \nNet financing receivables | $22,224 | $30,890"} {"_id": "d1b2ef814", "title": "", "text": "Net Periodic Benefit Cost\nThe following table provides information about the net periodic benefit cost for the plans for fiscal years 2019, 2018 and 2017 (in thousands):\nOn September 1, 2018, the Company adopted a new accounting standard, which changes the presentation of net periodic benefit cost in the Consolidated Statements of Operation. The Company adopted the standard on a retrospective basis which results in reclassifications for the service cost component of net periodic benefit cost from selling, general and administrative expense to cost of revenue and for the other components from selling, general and administrative expense to other expense. Prior periods have not been reclassified due to immateriality.\n\n | | Pension | \n---------------------------------------- | ------- | ------- | -------\n | 2019 | 2018 | 2017 \nService cost | $1,437 | $1,063 | $1,068 \nInterest cost | 3,715 | 3,807 | 2,942 \nExpected long-term return on plan assets | (5,291) | (5,954) | (4,206)\nRecognized actuarial loss | 741 | 1,127 | 1,929 \nAmortization of prior service credit | (44) | (88) | (138) \nNet settlement loss | 634 | 116 | 1,472 \nNet periodic benefit cost | $1,192 | $71 | $3,067 "} {"_id": "d1b305416", "title": "", "text": "Pro Forma Information\nThe following unaudited pro forma information gives effect to the acquisition of AutoGuide as if the acquisition occurred on January 1, 2018 and the acquisition of MiR as if the acquisition occurred on January 1, 2017. The unaudited pro forma results are not necessarily indicative of what actually would have occurred had the acquisition been in effect for the periods presented:\nPro forma results for the year ended December 31, 2019 were adjusted to exclude $1.2 million of AutoGuide acquisition related costs and $0.1 million of AutoGuide non-recurring expense related to fair value adjustment to acquisition-date inventory.\nPro forma results for the year ended December 31, 2018 were adjusted to include $1.2 million of AutoGuide acquisition related costs and $0.4 million of AutoGuide non-recurring expense related to fair value adjustment to acquisition-date inventory.\nPro forma results for the year ended December 31, 2018 were adjusted to exclude $2.9 million of MiR acquisition related costs and $0.4 million of MiR non-recurring expense related to fair value adjustment to acquisition-date inventory.\n\n | For the Year Ended | \n---------------------------- | ---------------------------------------- | -----------------\n | December 31, 2019 | December 31, 2018\n | (in thousands, except per share amounts) | \nRevenues | $2,303,737 | $2,111,373 \nNet income | $464,602 | $442,082 \nNet income per common share: | | \nBasic | $2.73 | $2.36 \nDiluted | $2.59 | $2.30 "} {"_id": "d1b386f48", "title": "", "text": "2019 Performance Target and Payout: The ultimate number of our PBRS that vest, can range between 0% to 200%, and will be based on our achievement of the absolute Adjusted EBITDA Run Rate target (measured from fourth quarter of 2018 to fourth quarter of 2020), as illustrated in the table below.\n(1) Determined by dividing (i) the Adjusted EBITDA actually attained for the fourth quarter of 2020 minus the Adjusted EBITDA actually attained for the fourth quarter of 2018 by (ii) the Adjusted EBITDA actually attained for the fourth quarter of 2018.\n(2) Linear interpolation is used when our Adjusted EBITDA Run Rate performance is between the threshold, target and maximum amounts to determine the corresponding percentage of target award earned.\n\nPerformance Level | Adjusted EBITDA Run Rate(1) | Payout as % of Target Award(2)\n----------------- | --------------------------- | ------------------------------\nMaximum | \u2265 2.8% | 200% \nTarget | 0.0% | 100% \nThreshold | (2.8)% | 50% \nBelow Threshold | < (2.8)% | 0% "} {"_id": "d1b3106f4", "title": "", "text": "The fair value of each option grant was estimated on the date of grant using the Black-Scholes option pricing model using the following weighted average assumptions:\nBased on the Black-Scholes option pricing model, the weighted average estimated fair value of employee stock options granted was $4.63 and $2.58 per share during the years ended December 31, 2019 and 2018, respectively.\nThe expected life was determined using the simplified method outlined in ASC 718, \u201cCompensation - Stock Compensation\u201d. Expected volatility of the stock options was based upon historical data and other relevant factors. We have not provided an estimate for forfeitures because we have had nominal forfeited options and RSUs and believed that all outstanding options and RSUs at December 31, 2019, would vest.\n\n | Year Ended | Year Ended \n------------------------------- | ----------------- | -----------------\n | December 31, 2019 | December 31, 2018\nExpected stock price volatility | 92.34% | 85.26% \nRisk-free interest rate | 2.09% | 2.73% \nExpected life term | 6.14 years | 6.02 years \nExpected dividends | 0% | 0% "} {"_id": "d1b32522a", "title": "", "text": "Changes in Estimates on Contracts\nChanges in estimates related to contracts accounted for using the cost-to-cost method of accounting are recognized in the period in which such changes are made for the inception-to-date effect of the changes, with the exception of contracts acquired through a business combination, where the adjustment is made for the period commencing from the date of acquisition.\nChanges in estimates on contracts for the periods presented were as follows:\nThe impact on diluted EPS attributable to Leidos common stockholders is calculated using the Company's statutory tax rate.\n\n | | Year Ended | \n---------------------------------------------------------------- | --------------- | ------------------------------------------- | -----------------\n | January 3,\u00a02020 | December 28,\u00a02018 | December 29, 2017\n | | (in millions, except for per share amounts) | \nFavorable impact | $95 | $167 | $185 \nUnfavorable impact | (52) | (62) | (82) \nNet favorable impact to income before income taxes | $43 | $105 | $103 \nImpact on diluted EPS attributable to Leidos common stockholders | $0.23 | $0.52 | $0.41 "} {"_id": "d1b33fcf6", "title": "", "text": "Reconciliation of Bookings\nThe following table reconciles total bookings to total revenue, its most directly comparable GAAP financial measure:\n(1) Change in deferred revenue also includes the impact of realized gains or losses from the hedging of bookings in foreign currencies.\n\n | Year Ended December 31, | | | | \n----------------------------- | ------------------------ | -------- | -------- | -------- | --------\n | 2019 | 2018 | 2017 | 2016 | 2015 \nTotal Bookings: | (unaudited; in millions) | | | | \nTotal revenue | $2,988.1 | $2,660.1 | $2,231.9 | $1,847.9 | $1,607.3\nChange in deferred revenue(1) | 180.5 | 163.2 | 214.4 | 163.5 | 165.9 \nNet refunds | 233.4 | 192.6 | 170.0 | 141.9 | 137.8 \nOther | (0.8) | (4.4) | 1.9 | 2.2 | 3.2 \nTotal bookings | $3,401.2 | $3,011.5 | $2,618.2 | $2,155.5 | $1,914.2"} {"_id": "d1b352f68", "title": "", "text": "Our calculation of TCE may not be comparable to that reported by other entities. The following table reconciles our total operating revenues to average daily TCE:\n(i) \"Voyage and commission expenses\" is derived from the caption \"Voyage, charterhire and commission expenses\" and \"Voyage, charterhire and commission expenses - collaborative arrangement\" less (i) charterhire expenses (net of the effect of the related guarantee obligation) of $nil, $nil and $12.4 million for the years ended December 31, 2019, 2018 and 2017, respectively, which arose on the charter-back of the Golar Grand from Golar Partners, and (ii) voyage and commission expenses in relation to the Hilli Episeyo of $0.5 million, $1.4 million and $nil for the years ended December 31, 2019, 2018 and 2017, respectively.\n(5) We calculate average daily vessel operating costs by dividing vessel operating costs by the number of calendar days. Calendar days exclude those from vessels chartered in where the vessel operating costs are borne by the legal owner, and those of vessels undergoing conversion.\n\n | | | Years Ended December 31, | | \n-------------------------------------------- | --------- | --------- | ------------------------------------------------------------------------------------------------------- | -------- | --------\n | 2019 | 2018 | 2017 | 2016 | 2015 \n | | | (in thousands of U.S.$, except number of shares, per common share data, fleet and other financial data) | | \nTotal operating revenues | 448,750 | 430,604 | 143,537 | 80,257 | 102,674 \nLess: Liquefaction services revenue | (218,096) | (127,625) | \u2014 | \u2014 | \u2014 \nLess: Vessel and other management fees | (21,888) | (24,209) | (26,576) | (14,225) | (12,547)\nNet time and voyage charter revenues | 208,766 | 278,770 | 116,961 | 66,032 | 90,127 \nVoyage and commission expenses (i) | (38,381) | (104,463) | (48,933) | (25,291) | (23,434)\n | 170,385 | 174,307 | 68,028 | 40,741 | 66,693 \nCalendar days less scheduled off-hire days | 3,840 | 3,987 | 3,885 | 4,034 | 4,481 \nAverage daily TCE rate (to the closest $100) | 44,400 | 43,700 | 17,500 | 10,100 | 14,900 "} {"_id": "d1b2e86a4", "title": "", "text": "The following is a reconciliation of the federal statutory income tax rate to the effective income tax rates reflected in the Consolidated Statements of Comprehensive Income for fiscal 2019, 2018 and 2017:\nThe effective tax rate for fiscal 2019 was lower than the effective tax rate for fiscal 2018 primarily due to the impact of the U.S. Tax Cuts and Jobs Act (\u201cTax Reform\u201d) that was recorded in fiscal 2018. During fiscal 2019, the Company reasserted that certain historical undistributed earnings of two foreign subsidiaries will be permanently reinvested which provided a $10.5 million benefit to the effective tax rate. The impact of the changes in the Company's assertion has been included in \"Withholding tax on dividends\" in the effective income tax reconciliation above. The reduction to the effective tax rate compared to fiscal 2018 was offset by an increase due to the GILTI provisions of Tax Reform in fiscal 2019. The GILTI impact in the table above includes the deduction allowed by the regulations as well as the foreign tax credits attributed to GILTI. The Company has elected to treat the income tax effects of GILTI as a period cost. The effective tax rate for fiscal 2018 was higher than the effective tax rate for fiscal 2017 primarily due to expenses related to Tax Reform.\nDuring fiscal 2019, the Company recorded a $1.9 million increase to its valuation allowance due to continuing losses in certain jurisdictions within the AMER and EMEA segments, partially offset by an expiration of net operating losses that had a valuation allowance recorded.\nDuring fiscal 2018, the Company recorded a $32.9 million reduction to its valuation allowance which includes $9.7 million related to the U.S. federal tax rate change as part of Tax Reform from 35% to 21%, $21.0 million of carryforward credits and net operating losses utilized against the deemed repatriation of undistributed foreign earnings and $3.6 million for the release of the U.S. valuation allowance due to the expected future U.S. taxable income related to the GILTI provisions of Tax Reform. These benefits were partially offset by a $1.4 million increase in foreign valuation allowances in the EMEA segment.\nDuring fiscal 2017, the Company recorded a $14.9 million addition to its valuation allowance relating to continuing losses in certain jurisdictions within the AMER and EMEA segments.\n\n | 2019 | 2018 | 2017 \n-------------------------------------------------------- | ------- | ------- | ------\nFederal statutory income tax rate | 21.0 % | 24.5 % | 35.0 %\nIncrease (decrease) resulting from: | | | \nForeign tax rate differences | (21.0) | (30.2) | (39.9)\nWithholding tax on dividends | (5.4) | 23.7 | \u2014 \nPermanent differences | (1.3) | 0.8 | 3.0 \nExcess tax benefits related to share-based compensation | (1.3) | (2.7) | (2.0) \nGlobal intangible low-taxed income (\"GILTI\") | 11.7 | \u2014 | \u2014 \nDeemed repatriation tax | 5.6 | 92.2 | \u2014 \nNon-deductible compensation | 1.5 | 0.2 | 0.2 \nValuation allowances | 1.5 | (30.6) | 12.2 \nRate changes | \u2014 | 9.0 | \u2014 \nOther, net | 1.5 | 1.0 | (0.5) \nEffective income tax rate | 13.8 % | 87.9 % | 8.0 % "} {"_id": "d1b3c50d6", "title": "", "text": "In 2019, gross margin decreased by 130 basis points to 38.7% from 40.0% in the full year 2018 mainly due to normal price pressure and increased unsaturation charges, partially offset by improved manufacturing efficiencies, better product mix, and favorable currency effects, net of hedging. Unused capacity charges in 2019 were $65 million, impacting full year gross margin by 70 basis points.\nIn 2018, gross margin improved by 80 basis points to 40.0% from 39.2% in the full year 2017 benefiting from manufacturing efficiencies and better product mix, partially offset by normal price pressure and unfavorable currency effects, net of hedging. In 2018 unused capacity charges were negligible.\n\n | Year Ended December 31, | Year Ended December 31, | Year Ended December 31, | Variation | Variation \n-------------------------------------------- | ----------------------- | ----------------------- | ----------------------- | ------------ | ------------\n | 2019 | 2018 | 2017 | 2019 vs 2018 | 2018 vs 2017\n | (In millions) | (In millions) | (In millions) | | \nCost of sales | $(5,860) | $(5,803) | $(5,075) | 1.0% | (14.3)% \nGross profit | $3,696 | $3,861 | $3,272 | (4.3)% | 18.0% \nGross margin (as percentage of net revenues) | 38.7% | 40.0% | 39.2% | -130 bps | +80 bps "} {"_id": "d1b323d94", "title": "", "text": "7 Trade and other payables\n(i) Recognition and measurement\nTrade and other payables, including accruals, are recorded when the Group is required to make future payments as a result of purchases of assets or services provided to the Group prior to the end of financial period. The amounts are unsecured and are usually paid within 30 days of recognition. Trade and other payables are presented as current liabilities unless payment is not due within 12 months from the reporting date. They are recognised initially at their fair value and subsequently measured at amortised cost using the effective interest method.\n(ii) Fair values of trade and other payables\nDue to the short-term nature of trade and other payables, their carrying amount is considered to be the same as their fair value.\n(iii) Risk Exposure\nAs the majority of payables are in Australian dollars, management does not believe there are any significant risks in relation to these financial liabilities. Refer to note 15 for details of the Group\u2019s financial risk management policies.\n\n | 30 June 2019 | 30 June 2018\n------------------------------ | ------------ | ------------\n | $'000 | $'000 \nTrade payables | 44,840 | 27,640 \nAccrued capital expenditure | 5,841 | 1,767 \nAccrued expenses | 2,848 | 2,114 \nOther creditors | 3,117 | 2,888 \nTotal trade and other payables | 56,646 | 34,409 "} {"_id": "d1b353b48", "title": "", "text": "15 Goodwill and other intangible assets continued\nAcquired intangibles\nThe disclosure by class of acquired intangible assets is shown in the tables below.\n2019\nCustomer relationships are amortised over their useful economic lives in line with the accounting policies disclosed in Note 1. Within this balance individually material balances relate to Thermocoax \u00a332.6m. The remaining amortisation period is 14.3 years.\nBrand names and trademark assets are amortised over their useful economic lives in line with the accounting policies disclosed in Note 1. Within this balance individually material balances relate to Chromalox \u00a3114.1m (2018: \u00a3125.4m), Gestra \u00a328.4m (2018: \u00a332.5m) and Thermocoax \u00a313.6m. The remaining amortisation periods are 17.5 years, 12.3 years and 19.3 years respectively.\nManufacturing designs and core technology are amortised over their useful economic lives in line with the accounting policies disclosed in Note 1. Within this balance individually material balances relate to Chromalox \u00a312.9m (2018: \u00a315.1m), Gestra \u00a310.8m (2018: \u00a312.3m) and Aflex \u00a38.5m (2018: \u00a39.4m). The remaining amortisation period is 12.5 years for Chromalox, 12.3 years for Gestra and 10 years for Aflex.\nNon-compete undertakings are amortised over their useful economic lives in line with the accounting policies disclosed in Note 1. There are no individually material items within this balance.\n\n | Customer relationships | Brand names and trademarks | Manufacturing designs and core technology | Non-compete undertakings and other | Total acquired intangibles\n------------------------------ | ---------------------- | -------------------------- | ----------------------------------------- | ---------------------------------- | --------------------------\n | \u00a3m | \u00a3m | \u00a3m | \u00a3m | \u00a3m \nCost: | | | | | \nAt 1st January 2019 | 57.1 | 187.3 | 56.0 | 20.2 | 320.6 \nExchange and other adjustments | (3.0) | (7.8) | (2.2) | (0.9) | (13.9) \n | 54.1 | 179.5 | 53.8 | 19.3 | 306.7 \nAcquisitions | 34.9 | 14.3 | 7.2 | 3.8 | 60.2 \nAt 31st December 2019 | 89.0 | 193.8 | 61.0 | 23.1 | 366.9 \nAmortisation and impairment: | | | | | \nAt 1st January 2019 | 25.1 | 21.3 | 14.2 | 15.6 | 76.2 \nExchange adjustments | (1.3) | (1.1) | (0.6) | (0.8) | (3.8) \n | 23.8 | 20.2 | 13.6 | 14.8 | 72.4 \nAmortisation and impairment | 7.1 | 10.4 | 5.6 | 3.7 | 26.8 \nAt 31st December 2019 | 30.9 | 30.6 | 19.2 | 18.5 | 99.2 \nNet book value: | | | | | \nAt 31st December 2019 | 58.1 | 163.2 | 41.8 | 4.6 | 267.7 "} {"_id": "d1b2ff4b2", "title": "", "text": "ITEM 16.C. PRINCIPAL ACCOUNTANT FEES AND SERVICES\nDeloitte LLP, an independent registered public accounting firm, has audited our annual financial statements acting as our independent auditor for the fiscal years ended December 31, 2018 and December 31, 2019.\nThe chart below sets forth the total amount billed and accrued for Deloitte LLP for services performed in 2018 and 2019, respectively, and breaks down these amounts by the category of service. The fees paid to our principal accountant were approved in accordance with the pre-approval policies and procedures described below.\nAudit Fees\nAudit fees represent compensation for professional services rendered for the audit of the consolidated financial statements of the Company and the audit of the financial statements for its individual subsidiary companies, fees for the review of the quarterly financial information, as well as in connection with the review of registration statements and related consents and comfort letters, and any other services required for SEC or other regulatory filings\nIncluded in the audit fees for 2018 are fees of $0.2 million related to the Partnership\u2019s public offerings completed in 2018. Included in the audit fees for 2019 are fees of $0.2 million related to equity and bond related transactions.\nTax Fees\nNo tax fees were billed by our principal accountant in 2018 and 2019.\nAudit-Related Fees\nNo audit-related fees were billed by our principal accountant in 2018 and 2019.\nAll Other Fees\nNo other fees were billed by our principal accountant in 2018 and 2019.\n\n | 2018 | 2019\n---------- | --------------------------------------- | ----\n | (Expressed in millions of U.S. Dollars) | \nAudit fees | $1.8 | $1.7\nTotal fees | $1.8 | $1.7"} {"_id": "d1b361c98", "title": "", "text": "2018 Acquisition\nWombat Security Technologies, Inc.\nOn February 28, 2018 (the \u201cWombat Acquisition Date\u201d), pursuant to the terms of the merger agreement, the Company acquired all shares of Wombat Security Technologies, Inc. (\u201cWombat\u201d), a leader for phishing simulation and security awareness computer-based training. By collecting data from Wombat\u2019s PhishAlarm solution, the Company has access to data on phishing campaigns as seen by non-Company customers, providing broader visibility and insight to the Proofpoint Nexus platform.\nWith this acquisition, the Company\u2019s customers can leverage the industry\u2019s first solution combining the Company\u2019s advanced threat protection with Wombat\u2019s phishing simulation and computer-based security awareness training. With the combined solutions, the Company\u2019s customers can:\nuse real detected phishing attacks for simulations, assessing users based on the threats that are actually targeting them; both investigate and take action on user-reporting phishing, leveraging orchestration and automation to find real attacks, quarantine emails in users\u2019 inboxes, and lock user accounts to limit risk; and train users in the moment immediately after they click for both simulated and real phishing attacks.\nThe Company also expects to achieve savings in corporate overhead costs for the combined entities. These factors, among others, contributed to a purchase price in excess of the estimated fair value of acquired net identifiable assets and, as a result, goodwill was recorded in connection with the acquisition.\nProofpoint, Inc. Notes to Consolidated Financial Statements (Continued) (dollars and share amounts in thousands, except per share amounts)\nAt the Wombat Acquisition Date, the consideration transferred was $225,366, net of cash acquired of $13,452.\nPer the terms of the merger agreement, unvested in-the-money stock options held by Wombat employees were canceled and paid off using the same amount per option as for the common share less applicable exercise price for each option. The fair value of $1,580 of these unvested options was attributed to pre-combination service and included in consideration transferred. The fair value of unvested options of $1,571 was allocated to post-combination services and expensed in the three months ended March 31, 2018. Also, as part of the merger agreement, 51 shares of the Company\u2019s common stock were deferred for certain key employees with the total fair value of $5,458 (see Note 11 \u201cEquity Award Plans\u201d), which was not included in the purchase price. The deferred shares are subject to forfeiture if employment terminates prior to the lapse of the restrictions, and their fair value is expensed as stock-based compensation expense over the remaining service period.\nThe following table summarizes the fair values of tangible assets acquired, liabilities assumed, intangible assets and goodwill:\n\n | Fair value | Estimated Useful Life\n--------------------------- | ---------- | ---------------------\n | | (in years) \nCurrent assets | $23,344 | N/A \nFixed assets | 954 | N/A \nCustomer relationships | 37,800 | 7 \nOrder backlog | 6,800 | 2 \nCore/developed technology | 35,200 | 4 \nTrade name | 2,400 | 4 \nDeferred revenue | (14,700) | N/A \nDeferred tax liability, net | (14,725) | N/A \nOther liabilities | (1,120) | N/A \nGoodwill | 162,865 | Indefinite \n | $238,818 | "} {"_id": "d1b3796e0", "title": "", "text": "GasLog Ltd. and its Subsidiaries\nNotes to the consolidated financial statements (Continued)\nFor the years ended December 31, 2017, 2018 and 2019\n(All amounts expressed in thousands of U.S. Dollars, except share and per share data)\n17. General and Administrative Expenses\nAn analysis of general and administrative expenses is as follows:\n* Employee costs include restructuring costs of $3,975 pursuant to management\u2019s decision to relocate more of its employees including several members of senior management to the Piraeus, Greece office.\n\n | | For the year ended December 31, | \n---------------------------------- | ------ | ------------------------------- | ------\n | 2017 | 2018 | 2019 \nEmployee costs* | 18,789 | 20,980 | 24,863\nShare-based compensation (Note 22) | 4,565 | 5,216 | 5,107 \nOther expenses | 16,496 | 15,797 | 17,415\nTotal | 39,850 | 41,993 | 47,385"} {"_id": "d1b340070", "title": "", "text": "Future minimum operating lease payments were as follows:\nOperating lease commitments were mainly in respect of land and buildings which arose from a sale and operating leaseback transaction in 2001. Leases have an average term of 13 years (2017/18: 14 years) and rentals are fixed for an average of 13 years (2017/18: 14 years).\nOther than as disclosed below, there were no contingent liabilities or guarantees at 31 March 2018 other than those arising in the ordinary course of the group\u2019s business and on these no material losses are anticipated. We have insurance cover to certain limits for major risks on property and major claims in connection with legal liabilities arising in the course of our operations. Otherwise, the group generally carries its own risks.\n\nPayable in the year ending 31 March: | 2019 \u00a3m | 2018 \u00a3m\n--------------------------------------------- | ------- | -------\n2019 | - | 600 \n2020 | 755 | 550 \n2021 | 641 | 513 \n2022 | 599 | 486 \n2023 | 555 | 463 \n2024 | 512 | 449 \nThereafter | 3,557 | 3,536 \nTotal future minimum operating lease payments | 6,619 | 6,597 "} {"_id": "d1b36b34c", "title": "", "text": "ITEM 6. DIRECTORS, SENIOR MANAGEMENT AND EMPLOYEES\nA. Directors and Senior Management\nSet forth below are the names and positions of our directors of the Company and senior management of the Company. The directors of the Company are elected annually, and each elected director holds office until a successor is elected. Officers are elected from time to time by vote of the Board and holds office until a successor is elected. Set forth below are the names and positions of our directors of the Company and senior management of the Company. The directors of the Company are elected annually, and each elected director holds office until a successor is elected. Officers are elected from time to time by vote of the Board and holds office until a successor is elected.\nCertain biographical information with respect to each director and senior management of the Company listed above is set forth below. On March 6, 2020, Andreas Ove Ugland, a director and Vice Chairman of the Company and our Audit Committee Chairman, passed. Mr. Ugland had been a valued member of our Board of Directors since 1997.\nHerbj\u00f8rn Hansson earned his M.B.A. at the Norwegian School of Economics and Business Administration and attended Harvard Business School. In 1974 he was employed by the Norwegian Shipowners\u2019 Association. In the period from 1975 to 1980, he was Chief Economist and Research Manager of INTERTANKO, an industry association whose members control about 70% of the world\u2019s independently owned tanker fleet, excluding state owned and oil company fleets. During the 1980s, he was Chief Financial Officer of Kosmos/Anders Jahre, at the time one of the largest Norwegian based shipping and industry groups. In 1989, Mr. Hansson founded Ugland Nordic Shipping AS, or UNS, which became one of the world\u2019s largest owners of specialized shuttle tankers. He served as Chairman in the first phase and as Chief Executive Officer as from 1993 to 2001 when UNS, under his management, was sold to Teekay Shipping Corporation, or Teekay, for an enterprise value of $780.0 million. He continued to work with Teekay, and reached the position of Vice Chairman of Teekay Norway AS, until he started working full-time for the Company on September 1, 2004. Mr. Hansson is the founder and has been Chairman and Chief Executive Officer of the Company since its establishment in 1995. He also has been a member of various governing bodies of companies within shipping, insurance, banking, manufacturing, national/international shipping agencies including classification societies and protection and indemnity associations. Mr. Hansson is fluent in Norwegian and English, and has a command of German and French for conversational purposes.\nDavid Workman has been a director of the Company since November 2019. Mr. Workman has served as Hermitage Offshore Services Ltd.\u2019s Class A Director since December 2013. Mr. Workman was Chief Operating Officer and member of the Supervisory Board of Stork Technical Services, or STS, guided, as Chief Executive Officer, the sale of the RBG Offshore Services Group into the STS group in 2011. Mr. Workman has 30 years of broad experience in the offshore sector ranging from drilling operations/field development through production operations and project management. He has worked with a wide variety of exploration and production companies in the sector and has balanced this with exposure to the service sector, working with management companies. As part of his experience with these different companies, he has had extensive exposure to the North Sea market. Mr. Workman graduated from Imperial College London in 1983 with a Masters in Petroleum Engineering and spent his early years as a Drilling/Production Operations Engineer with BP. In 1987 he joined Hamilton Brothers Oil and Gas who were early adopters of floating production systems. In 1993 he joined Kerr McGee as an operations manager for the Tentech 850 designed Gryphon FPSO, the first permanently moored FPSO in the North Sea. In 1996, Mr. Workman established the service company Atlantic Floating Production, which went on to become the management contractor and duty holder on the John Fredriksen owned Northern Producer and on the Petroleum Geo-Services (PGS) owned Banff FPF. In 2003, Mr. Workman was instrumental in founding Tuscan Energy which went on to redevelop the abandoned Argyll Field in the UK Continental Shelf. In 2009, Mr. Workman was appointed as Chief Executive Officer of STS in 2011.\nRichard H. K. Vietor has been a director of the Company since July 2007. Mr. Vietor is the Paul Whiton Cherrington Professor of Business Administration where he teaches courses on the regulation of business and the international political economy. He was appointed Professor in 1984. Before coming to Harvard Business School in 1978, Professor Vietor held faculty appointments at Virginia Polytechnic Institute and the University of Missouri. He received a B.A. in economics from Union College in 1967, an M.A. in history from Hofstra University in 1971, and a Ph.D. from the University of Pittsburgh in 1975.\nAlexander Hansson has been a director of the Company since November 2019. Mr. Hansson is an investor in various markets globally and has made several successful investments in both listed and privately held companies. Mr. Hansson is the son of the Company\u2019s Chairman and Chief Executive Officer and he has built a network over the last 20 years in the shipping and finance sector. He has operated shipping and trading offices in London and Monaco. He studied at EBS Regents College in London, United Kingdom.\nJim Kelly has been a director of the Company since June 2010. Mr. Kelly has worked for Time Inc., the world\u2019s largest magazine publisher, since 1978. He served as Foreign Editor during the fall of the Soviet Union and the first Gulf War, and was named Deputy Managing Editor in 1996. In 2001, Mr. Kelly became the magazine\u2019s managing editor, and during his tenure the magazine won a record four National Magazine awards. In 2004, Time Magazine received its first EMMA for its contribution to the ABC News Series \u201cIraq: Where Things Stand.\u201d In late 2006, Mr. Kelly became the managing editor of all of Time Inc., helping supervise the work of more than 2,000 journalists working at 125 titles, including Fortune, Money, Sports Illustrated and People. Since 2009, Mr. Kelly has worked as a consultant at Bloomberg LP and taught at Princeton and Columbia Universities. Jim Kelly was elected as member of our Audit Committee in February 2012. Mr. Kelly was appointed as the Chairman of the Audit Committee upon the passing of Mr. Ugland.\nBj\u00f8rn Giaever joined the Company as Chief Financial Officer and Secretary on October 16, 2017. Mr. Giaever has over 20 years of experience in the shipping & offshore industry, holding key roles in corporate finance and equity research. He joined the Company from Fearnley Securities AS, where he served as partner and director in the Corporate Finance division. From 2006 to 2010, Mr. Giaever served as a senior corporate advisor in the John Fredriksen group in London. In addition, Mr. Giaever has been a top rated Shipping Analyst at DNB Markets and partner at Inge Steensland AS, specializing in gas and maritime matters. Mr. Giaever holds a BSc in business and economics.\n\n | | The Company \n-------------------- | --- | ---------------------------------------------------------\nName | Age | Position \nHerbj\u00f8rn Hansson | 72 | Chairman, Chief Executive Officer, President and Director\nDavid Workman | 58 | Director \nRichard H. K. Vietor | 74 | Director \nAlexander Hansson | 38 | Director \nJim Kelly | 66 | Vice Chairman, Director and Audit Committee Member \nBj\u00f8rn Giaever | 52 | Chief Financial Officer "} {"_id": "d1b3c172e", "title": "", "text": "The following represents VMware\u2019s future minimum lease payments under non-cancellable operating and finance leases as of January 31, 2020 (table in millions):\n(1) Total lease liabilities as of January 31, 2020 excluded legally binding lease payments for leases signed but not yet commenced of $361 million.\n\n | Operating Leases | Finance Leases\n----------------------------------- | ---------------- | --------------\n2021 | $138 | $6 \n2022 | 135 | 6 \n2023 | 120 | 7 \n2024 | 94 | 7 \n2025 | 70 | 7 \nThereafter | 577 | 35 \nTotal future minimum lease payments | 1,134 | 68 \nLess: Imputed interest | (279) | (9) \nTotal lease liabilities(1) | $855 | $59 "} {"_id": "d1b3085c6", "title": "", "text": "Our common shares are not a direct investment of our pension funds; however, the pension funds may indirectly include our shares. The aggregate amount of our common shares would not be considered material relative to the total pension fund assets.\nOur funding policy is to make contributions in accordance with the laws and customs of the various countries in which we operate as well as to make discretionary voluntary contributions from time to time. We expect to make the minimum required contributions of $42 million and $26 million to our non-U.S. and U.S. pension plans, respectively, in fiscal 2020. We may also make voluntary contributions at our discretion.\nAt fiscal year end 2019, benefit payments, which reflect future expected service, as appropriate, are expected to be\npaid as follows:\n\n | Non-U.S. Plans | U.S. Plans \n---------------- | -------------- | -------------\n | | (in millions)\nFiscal 2020 | $ 82 | $ 77 \nFiscal 2021 | 77 | 74 \nFiscal 2022 | 81 | 74 \nFiscal 2023 | 85 | 74 \nFiscal 2024 | 86 | 74 \nFiscal 2025-2029 | 490 | 361 "} {"_id": "d1b30252c", "title": "", "text": "Sales and Marketing Expense\nSales and marketing expense increased by $18.1 million in 2019 compared to 2018. The increase was primarily due to a $15.5 million increase in employee-related costs, which includes stock-based compensation, associated with our increased headcount from 286 employees as of December 31, 2018 to 345 employees as of December 31, 2019. The remaining increase was principally the result of a $1.2 million increase in trade show and advertising costs and a $1.0 million increase attributed to office related expenses to support the sales team.\n\n | Year Ended December 31, | | Change | \n------------------- | ----------------------- | ---------------------- | -------- | -----\n | 2019 | 2018 | $ | % \n | | (dollars in thousands) | | \nSales and marketing | $ 87,731 | $ 69,608 | $ 18,123 | 26.0%\n% of revenue | 44% | 47% | | "} {"_id": "d1b30ba96", "title": "", "text": "Restructuring charges During the year we incurred charges of \u00a3386m (2017/18: \u00a3241m, 2016/17: \u00a3nil), primarily relating to leaver costs. These costs reflect projects within our group-wide cost transformation programme and include costs related to the remaining integration of EE and \u00a323m costs to close the BT Pension Scheme and provide transition payments to affected employees.\nEE integration costs EE integration costs incurred in prior years (2017/18: \u00a346m, 2016/17: \u00a3215m) relate to EE related restructuring and leaver costs. In 2016/17, this also included a \u00a362m amortisation charge relating to the write-off of IT assets as we integrated the EE and BT IT infrastructure. In the current year remaining EE integration activities have been combined into the wider restructuring programme.\nRetrospective regulatory matters We have recognised a net charge of \u00a327m (2017/18: \u00a349m, 2016/17: \u00a3479m) in relation to regulatory matters in the year. This reflects the completion of the majority of compensation payments to other communications providers in relation to Ofcom\u2019s March 2017 findings of its investigation into our historical practices on Deemed Consent by Openreach, and new matters arising. Of this, \u00a331m is recognised in revenue offset by \u00a34m in operating costs.\nPension equalisation costs During the year we recognised a charge of \u00a326m (2017/18: \u00a3nil, 2016/17: \u00a3nil) in relation to the high court requirement to equalise pension benefits between men and women due to guaranteed minimum pension (GMP).\nProperty rationalisation costs We have recognised a charge of \u00a336m (2017/18: \u00a328m, 2016/17: \u00a3nil) relating to the rationalisation of the group\u2019s property portfolio and a reassessment of lease-end obligations.\nItalian business investigation During the year we have released \u00a3(55)m provisions relating to settlement of various matters in our Italian business (2017/18: a charge of \u00a322m, 2016/17: a charge of \u00a3238m).\nInterest expense on retirement benefit obligation During the year we incurred \u00a3139m (2017/18: \u00a3218m, 2016/17: 209m) of interest costs in relation to our defined benefit pension obligations. See note 20 for more details. Tax on specific items A tax credit of \u00a3112m (2017/18: \u00a387m, 2016/17: 154m) was recognised in relation to specific items.\n10. Specific items continued EE acquisition warranty claims In the prior year we reached settlements with Deutsche Telekom and Orange in respect of any warranty claims under the 2015 EE acquisition agreement, arising from the issues previously announced regarding our operations in Italy. This represents a full and final settlement of these issues and resulted in a specific item charge of \u00a3225m.\n\n10. Specific items continued | | | \n------------------------------------------------- | ----- | ---- | -----\n | 2019 | 2018 | 2017 \nYear ended 31 March | \u00a3m | \u00a3m | \u00a3m \nRevenue | | | \nItalian business investigation | \u2013 | \u2013 | 22 \nRetrospective regulatory matters | 31 | 23 | (2) \n | 31 | 23 | 20 \nOperating costs | | | \nEE acquisition warranty claims | \u2013 | 225 | \u2013 \nRestructuring charges | 386 | 241 | \u2013 \nEE integration costs | \u2013 | 46 | 215 \nProperty rationalisation costs | 36 | 28 | \u2013 \nPension equalisation costs | 26 | \u2013 | \u2013 \nRetrospective regulatory matters | (4) | 26 | 481 \nItalian business investigation | (55) | 22 | 238 \nOut of period irrecoverable VAT | \u2013 | \u2013 | 30 \nProfit (loss) on disposal of businesses | 5 | (1) | (16) \n | 394 | 587 | 948 \nOperating loss | 425 | 610 | 968 \nNet finance expense | | | \nInterest expense on retirement benefit obligation | 139 | 218 | 209 \nInterest on out of period irrecoverable VAT | \u2013 | \u2013 | 1 \n | 139 | 218 | 210 \nNet specific items charge before tax | 564 | 828 | 1,178\nTaxation | | | \nTax credit on specific items above | (112) | (87) | (154)\nTax credit on re-measurement of deferred tax | \u2013 | \u2013 | (63) \n | (112) | (87) | (217)\nNet specific items charge after tax | 452 | 741 | 961 "} {"_id": "d1b2e8d98", "title": "", "text": "Fiscal 2018 compared to Fiscal 2017\nNet Sales\nOverall, our net sales were $7.94 billion in fiscal 2018, an increase of 1% compared to fiscal 2017.\nGrocery & Snacks net sales for fiscal 2018 were $3.29 billion, an increase of $78.2 million, or 2%, compared to fiscal 2017. Results reflected a decrease in volumes of approximately 2% in fiscal 2018 compared to the prior-year period, excluding the impact of acquisitions. The decrease in sales volumes reflected a reduction in promotional intensity, planned discontinuation of certain lower-performing products, retailer inventory reductions, which were higher than anticipated, and deliberate actions to optimize distribution on certain lower-margin products, consistent with the Company's value over volume strategy. Price/ mix was flat compared to the prior-year period as favorable mix improvements from recent innovation and higher net pricing nearly offset continued investments in retailer marketing to drive brand saliency, enhanced distribution, and consumer trial. The acquisition of Angie's Artisan Treats, LLC contributed $68.1 million to Grocery & Snacks net sales during fiscal 2018. The Frontera acquisition contributed $8.6 million and the Thanasi acquisition contributed $66.5 million to Grocery & Snacks net sales during fiscal 2018 through the one-year anniversaries of the acquisitions. The Frontera and Thanasi acquisitions occurred in September 2016 and April 2017, respectively.\nRefrigerated & Frozen net sales for fiscal 2018 were $2.75 billion, an increase of $100.3 million, or 4%, compared to fiscal 2017. Results for fiscal 2018 reflected a 3% increase in volume compared to fiscal 2017, excluding the impact of 31 acquisitions. The increase in sales volumes was a result of brand renovation and innovation launches. Price/mix was flat compared to fiscal 2017, as favorability in both net pricing and mix offset continued investment in retailer marketing to drive brand saliency, enhanced distribution, and consumer trial. The acquisition of the Sandwich Bros. of Wisconsin\u00ae business contributed $21.3 million to Refrigerated & Frozen's net sales during fiscal 2018. The Frontera acquisition, which occurred in September 2016, and subsequent innovation in the Frontera\u00ae brand contributed $4.4 million during fiscal 2018 through the one-year anniversary of the acquisition.\nInternational net sales for fiscal 2018 were $843.5 million, an increase of $27.5 million, or 3%, compared to fiscal 2017. Results for fiscal 2018 reflected a 3% decrease in volume, a 3% increase due to foreign exchange rates, and a 3% increase in price/mix, in each case compared to fiscal 2017. The volume decrease for fiscal 2018 was driven by strategic decisions to eliminate lower margin products and to reduce promotional intensity. The increase in price/mix compared to the prior-year period was driven by improvements in pricing and trade productivity.\nFoodservice net sales for fiscal 2018 were $1.05 billion, a decrease of $23.5 million, or 2%, compared to fiscal 2017. Results for fiscal 2018 reflected an 11% decrease in volume, partially offset by a 9% increase in price/mix compared to fiscal 2017. The decrease in volumes compared to the prior year primarily reflected the impact of exiting a non-core business, the planned discontinuation of certain lower-performing businesses, and softness in certain categories. The increase in price/mix for fiscal 2018 reflected favorable product and customer mix, the impact of inflation-driven increases in pricing, and the execution of the segment's value over volume strategy.\nIn the first quarter of fiscal 2017, we divested our Spicetec and JM Swank businesses. These businesses comprise the entire Commercial segment following the presentation of Lamb Weston as discontinued operations. Accordingly, there were no net sales in the Commercial segment after the first quarter of fiscal 2017. These businesses had net sales of $71.1 million in fiscal 2017 prior to the completion of the divestitures.\n\n($ in millions) | | | \n--------------------- | --------------------- | --------------------- | -----------\nReporting Segment | Fiscal 2018 Net Sales | Fiscal 2017 Net Sales | % Inc (Dec)\nGrocery & Snacks | $3,287.0 | $3,208.8 | 2% \nRefrigerated & Frozen | 2,753.0 | 2,652.7 | 4% \nInternational | 843.5 | 816.0 | 3% \nFoodservice | 1,054.8 | 1,078.3 | (2)% \nCommercial | \u2014 | 71.1 | (100)% \nTotal | $7,938.3 | $7,826.9 | 1% "} {"_id": "d1a73ca80", "title": "", "text": "19. Related Party Transactions\nKey management personnel compensation\nAll directors and executive management have authority and responsibility for planning, directing and controlling the activities of the Group, and are considered to be key management personnel.\nCompensation for the Group\u2019s key management personnel is as follows:\n\n | | Fiscal Year Ended June 30, | \n------------------------------------ | ------- | -------------------------- | -------\n | 2019 | 2018 | 2017 \n | | (U.S. $ in thousands) | \nExecutive management | | | \nShort-term compensation and benefits | $3,835 | $2,991 | $2,860 \nPost-employment benefits | 109 | 99 | 100 \nShare-based payments | 17,144 | 9,335 | 26,030 \n | $21,088 | $12,425 | $28,990\nBoard of directors | | | \nCash remuneration | $430 | $362 | $388 \nShare-based payments | 1,772 | 1,577 | 1,825 \n | $2,202 | $1,939 | $2,213 "} {"_id": "d1b39e53a", "title": "", "text": "Defined Benefit Pension Plans\nWe recognize the funded status of each defined pension benefit plan as the difference between the fair value of plan assets and the projected benefit obligation of the employee benefit plans in the Consolidated Balance Sheets, with a corresponding adjustment to accumulated other comprehensive loss, net of taxes. Each overfunded plan is recognized as an asset and each underfunded plan is recognized as a liability on our Consolidated Balance Sheets. Subsequent changes in the funded status are reflected on the Consolidated Balance Sheets in unrecognized pension items, a component of AOCL, which are included in total stockholders\u2019 deficit. The amount of unamortized pension items is recorded net of tax.\nWe have amortized actuarial gains or losses over the average future working lifetime (or remaining lifetime of inactive participants if there are no active participants). We have used the corridor method, where the corridor is the greater of ten percent of the projected benefit obligation or fair value of assets at year end. If actuarial gains or losses do not exceed the corridor, then there is no amortization of gain or loss.\nDuring the year ended December 31, 2017, several of our pension plans transferred in the sale of Diversey. Two international plans were split between Diversey and Sealed Air at the close of the sale. Unless noted, the tables in this disclosure show only activity related to plans retained by Sealed Air.\nThe following table shows the components of our net periodic benefit cost for the three years ended December 31, for our pension plans charged to operations:\n(1) The amount recorded in inventory for the years ended December 31, 2019, 2018 and 2017 was not material.\n\n | | Year Ended December 31, | \n--------------------------------------------------------------------------------------------------------- | ------ | ----------------------- | -----\n(In millions) | 2019 | 2018 | 2017 \nNet periodic benefit (income) cost: | | | \nU.S. and international net periodic benefit cost included in cost of sales(1) | $ 1.1 | $ 0.8 | $ 1.4\nU.S. and international net periodic benefit cost included in selling, general and administrative expenses | 2.8 | 3.5 | 5.6 \nU.S. and international net periodic benefit (income) included in other (income) expense | (4.4) | (8.4) | (6.0)\nTotal benefit (income) cost | (0.5 ) | (4.1 ) | $ 1.0"} {"_id": "d1b3a8bde", "title": "", "text": "Significant components of our deferred tax assets and liabilities are as follows:\nThe deferred tax assets and liabilities for fiscal 2019 and 2018 include amounts related to various acquisitions. The total change in deferred tax assets and liabilities in fiscal 2019 includes changes that are recorded to other comprehensive income (loss), retained earnings and goodwill.\nWe calculate deferred tax assets and liabilities based on differences between financial reporting and tax bases of assets and liabilities and measure them using the enacted tax rates and laws that we expect will be in effect when the differences reverse.\n\n | | September 30, \n---------------------------------- | -------- | --------------\n | 2019 | 2018 \n | | (in thousands)\nDeferred tax assets: | | \nAccrued employee benefits | $ 11,409 | $ 8,285 \nAllowances for loss contingencies | 3,561 | 3,518 \nDeferred compensation | 3,071 | 3,272 \nIntangible assets | \u2014 | 1,361 \nInventory valuation | 8,036 | 1,154 \nLong-term contracts | 6,995 | 7,751 \nPrepaid and accrued expenses | 1,816 | 1,229 \nRetirement benefits | 4,967 | 1,398 \nTax credit carryforwards | 33,118 | 35,137 \nLoss carryforwards | 36,248 | 29,097 \nOther | 818 | 264 \nTotal gross deferred tax assets | 110,039 | 92,466 \nValuation allowance | (69,098) | (81,838) \nTotal deferred tax assets | 40,941 | 10,628 \nDeferred tax liabilities: | | \nDebt obligation basis difference | (4,582) | \u2014 \nDeferred revenue | (12,135) | (2,351) \nIntangible assets | (18,592) | \u2014 \nProperty, plant and equipment | (4,524) | (5,079) \nUnremitted earnings | (977) | (823) \nOther | (587) | (351) \nTotal deferred tax liabilities | (41,397) | (8,604) \nNet deferred tax asset (liability) | $ (456) | $ 2,024 "} {"_id": "d1b3a781a", "title": "", "text": "Our net sales by offering category for EMEA for 2019 and 2018, were as follows (dollars in thousands):\nNet sales in EMEA remained flat (increased 5% excluding the effects of fluctuating foreign currency exchange rates), or down $3.6 million, in 2019 compared to 2018. Net sales of hardware declined 5%, year to year, while net sales of software and services were up 2% and 7%, respectively, year over year. The changes were the result of the following:\n\u2022 Lower volume of net sales of networking solutions, partially offset by higher volume of net sales of devices, to large enterprise and public sector clients in hardware net sales. \u2022 Higher volume of software net sales to large enterprise and public sector clients.\n\u2022 Higher volume of net sales of cloud solution offerings and increased software referral fees that are recorded on a net sales recognition basis. In addition, there was an increase in the volume of Insight delivered services.\n\n | EMEA | | \n--------- | ---------- | ---------- | -------\nSales Mix | 2019 | 2018 | %Change\nHardware | $622,949 | $653,499 | (5%) \nSoftware | 753,729 | 736,509 | 2% \nServices | 149,966 | 140,233 | 7% \n | $1,526,644 | $1,530,241 | \u2014 "} {"_id": "d1b36dc82", "title": "", "text": "Environmental Performance Summary Below are some key environmental indicators, and are compiled based on the \u201cESG Reporting Guide\u201d in Appendix 27 to the Listing Rules. Unless otherwise specified, the following data covers Tencent\u2019s major office buildings and the main data centres in Mainland China. 1. Emissions 1.1 Office Buildings\nDue to its business nature, the significant air emissions of the Group are GHG emissions, arising mainly from fuels and purchased electricity produced from fossil fuels.\nThe Group\u2019s GHG inventory includes carbon dioxide, methane and nitrous oxide. GHG emissions data for the year ended 31 December 2019 is presented in carbon dioxide equivalent and is calculated based on the \u201c2017 Baseline Emission Factors for Regional Power Grids in China for CDM and CCER Projects\u201d issued by the Ministry of Ecology and Environment of China, and the \u201c2006 IPCC Guidelines for National Greenhouse Gas Inventories\u201d issued by the Intergovernmental Panel on Climate Change (IPCC)\nDiesel is consumed by backup power generators.\nHazardous waste produced by the Group\u2019s office buildings mainly includes waste toner cartridge and waste ink cartridge from printing equipment. Waste toner cartridge and waste ink cartridge are centralised and disposed of by printing suppliers. Such data covers all office buildings of the Group in Mainland China.\nNon-hazardous waste produced by the Group\u2019s office buildings mainly includes domestic waste and non-hazardous office waste. Domestic waste is disposed of by the property management companies and kitchen waste recycling vendors, and its data is not available, therefore estimation of domestic waste is made with reference to \u201cHandbook on Domestic Discharge Coefficients for Towns in the First Nationwide Census on Contaminant Discharge\u201d published by the State Council. Non-hazardous office waste is centralised for disposal by vendors; hence such data covers all office buildings of the Group in Mainland China.\nHazardous waste produced by the Group\u2019s data centres mainly includes waste lead-acid accumulators. Waste lead-acid accumulators are disposed of by qualified waste recycling vendors.\nNon-hazardous waste produced by the Group\u2019s data centres mainly includes waste servers and waste hard drives. Waste servers and destroyed waste hard drives are centralised and recycled by waste recycling vendors. Such data covers all the Group\u2019s data centres.\n\nIndicators | For the year ended 31 December | \n------------------------------------------------------------ | ------------------------------ | ----------\n | 2019 | 2018 \nTotal GHG emissions (Scopes 1 and 2) (tonnes) | 113,501.50 | 102,831.74\nDirect GHG emissions (Scope 1) (tonnes) | 3,785.86 | 2,554.31 \nIncluding: Gasoline (tonnes) | 197.25 | 191.00 \nDiesel (tonnes) | 10.87 | 11.07 \nNatural gas (tonnes) | 3,577.74 | 2,352.24 \nIndirect GHG emissions (Scope 2) (tonnes) | 109,715.64 | 100,277.43\nIncluding: Purchased electricity (tonnes) | 109,715.64 | 100,277.43\nTotal GHG emissions per employee (tonnes per employee) | 1.90 | 2.01 \nTotal GHG emissions per floor area (tonnes per square metre) | 0.07 | 0.09 \nHazardous waste (tonnes) | 2.40 | 2.51 \nHazardous waste per employee (tonnes per employee) | 0.00004 | 0.00005 \nNon-hazardous waste (tonnes) | 5,227.11 | 4,566.52 \nNon-hazardous waste per employee (tonnes per employee) | 0.09 | 0.09 "} {"_id": "d1b3abdac", "title": "", "text": "Stock Options\u2014Stock options are typically granted at prices not less than 100% of market value of the underlying stock at the date of grant. Stock options typically vest over a period of 3 to 5 years from the grant date and expire 10 years after the grant date. The Company recorded $32.0, $23.2, and $18.3 of compensation expense relating to outstanding options during 2019, 2018 and 2017, respectively, as a component of general and administrative expenses at Corporate.\nThe Company estimates the fair value of its option awards using the Black-Scholes option valuation model. The stock volatility for each grant is measured using the weighted-average of historical daily price changes of the Company\u2019s common stock over the most recent period equal to the expected life of the grant. The expected term of options granted is derived from historical data to estimate option exercises and employee forfeitures, and represents the period of time that options granted are expected to be outstanding. The risk-free rate for periods within the contractual life of the option is based on the U.S. Treasury yield curve in effect at the time of grant. The weighted-average fair value of options granted in 2019, 2018 and 2017 were calculated using the following weighted-average assumptions:\n\n | 2019 | 2018 | 2017 \n------------------------------------ | ----- | ----- | -----\nWeighted-average fair value ($) | 68.05 | 57.75 | 40.87\nRisk-free interest rate (%) | 2.37 | 2.65 | 2.03 \nAverage expected option life (years) | 5.42 | 5.32 | 5.26 \nExpected volatility (%) | 19.22 | 18.05 | 18.74\nExpected dividend yield (%) | 0.58 | 0.59 | 0.67 "} {"_id": "d1b310ef6", "title": "", "text": "15 Financial risk management (continued)\n(b) Credit risk\nCredit risk arises from cash and cash equivalents, and trade and other receivables.\n(i) Cash and cash equivalents and security deposits\nDeposits are placed with Australian banks or independently rated parties with a minimum rating of \u2018BBB+\u2019. To reduce exposure deposits are placed with a variety of financial institutions.\nThe credit quality of financial assets can be assessed by reference to external credit ratings (if available) or to historical information about counterparty default rates:\nIn determining the credit quality of these financial assets, NEXTDC has used the long-term rating from Standard & Poor\u2019s as of July 2019.\n\n | 30 June 2019 | 30 June 2018\n----------------- | ------------ | ------------\n | $'000 | $'000 \nCASH AT BANK | | \nAA rated | 398,999 | 417,982 \nSECURITY DEPOSITS | | \nAA rated | 8,822 | 4,151 "} {"_id": "d1b3258ce", "title": "", "text": "Acquisitions and divestments\nAcquisitions\nIn 2019, Ericsson made acquisitions with a negative cash flow effect amounting to SEK 1,815 (1,220) million. The acquisitions presented below are not material, but the Company gives the information to provide the reader a summarized view of the content of the acquisitions made. The acquisitions consist primarily of:\nKathrein: On October 2, 2019, the Company acquired assets from Kathrein, a world leading provider of antenna and filter technologies with approximately 4,000 employees. Kathrein\u2019s antenna and filters business has a strong R&D organization with extensive experience in antenna design and research, coupled with a strong IPR portfolio. In addition to broadening Ericsson\u2019s portfolio of antenna and filter products, the acquisition will bring vital competence for the evolution of advanced radio network products. The acquired Kathrein business has had a negative impact of SEK \u20130.5 billion since the acquisition, corresponding to \u20131 percentage point in Networks operating margin. Balances to facilitate the Purchase price allocation are preliminary.\nCSF: On August 20, 2019, the Company acquired 100% of the shares in CSF Holdings Inc. a US-based technology company with approximately 25 employees. CSF strengthens iconectiv\u2019s Business to Consumer (B2C) product platforms to enable growth in messaging and Toll-Free Number (TFN) management. Balances to facilitate the Purchase price allocation are final.\nST-Ericsson: Before ST-Ericsson was a joint venture where Ericsson and ST Microelectronics had a 50/50 ownership. This joint venture consisted of a number of legal entities where the two parties owned different stakes in the different legal entities. In December 2019 the Company initiated transactions to wind-down the legal structure of ST-Ericsson by acquiring the remaining shares in two legal ST-Ericsson entities and costs of SEK \u20130.3 billion impacted the result. The Company now owns 100% of the shares in those entities.\nIn order to finalize a Purchase price allocation all relevant information needs to be in place. Examples of such information are final consideration and final opening balances, they may remain preliminary for a period of time due\nto for example adjustments of working capital, tax items or decisions from local authorities.\n1) Acquisition-related costs are included in Selling and administrative expenses in the consolidated income statement.\n\nAcquisitions 2017\u20132019 | | | \n------------------------------------------ | ----- | ----- | ----\n | 2019 | 2018 | 2017\nTotal consideration, including cash | 1,957 | 1,314 | 62 \nNet assets acquired | | | \nCash and cash equivalents | 142 | 94 | \u2013 \nProperty, plant and equipment | 353 | 4 | 12 \nIntangible assets | 497 | 481 | 101 \nInvestments in associates | 101 | 64 | \u2013 \nOther assets | 1,357 | 254 | 1 \nProvisions, incl. post-employment benefits | \u2013102 | \u2013 | \u2013 \nOther liabilities | \u2013743 | \u2013494 | 25 \nTotal identifiable net assets | 1,605 | 403 | 139 \nCosts recognized in net income | 153 | \u2013 | \u2013 \nGoodwill | 199 | 911 | \u201377 \nTotal | 1,957 | 1,314 | 62 \nAcquisition-related costs 1) | 85 | 24 | 49 "} {"_id": "d1b3b6eb4", "title": "", "text": "Operating income in the Transportation Solutions segment decreased $352 million in fiscal 2019 as compared to fiscal 2018. The Transportation Solutions segment\u2019s operating income included the following:\nExcluding these items, operating income decreased in fiscal 2019 primarily as a result of lower volume, unfavorable product mix, and price erosion, partially offset by lower material costs.\n\n | | Fiscal \n-------------------------------------------------------------------------------------- | ------ | -------------\n | 2019 | 2018 \n | | (in millions)\nAcquisition-related charges: | | \nAcquisition and integration costs | $ 17 | $ 8 \nCharges associated with the amortization of acquisition-related fair value adjustments | \u2014 | 4 \n | 17 | 12 \nRestructuring and other charges, net | 144 | 33 \nOther items | 14 | \u2014 \nTotal | $ 175 | $ 45 "} {"_id": "d1b304548", "title": "", "text": "BENEFIT OBLIGATION AND PLAN ASSETS FOR PENSION BENEFIT PLANS\nThe vested benefit obligation for a defined-benefit pension plan is the actuarial present value of the vested benefits to which the employee is currently entitled based on the employee\u2019s expected date of separation or retirement.\n1 The projected benefit obligation was approximately 35% in the U.S. and 65% outside of the U.S. as of December 28, 2019 and December 29, 2018.\n2 The fair value of plan assets was approximately 55% in the U.S. and 45% outside of the U.S. as of December 28, 2019 and December 29, 2018.\n3 The accumulated other comprehensive loss (income), before tax, was approximately 35% in the U.S. and 65% outside of the U.S. as of December 28, 2019 and December 29, 2018.\nChanges in actuarial gains and losses in the projected benefit obligation are generally driven by discount rate movement. We use the corridor approach to amortize actuarial gains and losses. Under this approach, net actuarial gains or losses in excess of 10% of the larger of the projected benefit obligation or the fair value of plan assets are amortized on a straight-line basis.\n\n(In Millions) | Dec 28, 2019 | Dec 29, 2018\n----------------------------------------------------------- | ------------ | ------------\nChanges in projected benefit obligation: | | \nBeginning projected benefit obligation | $3,433 | $3,842 \nService cost | 54 | 65 \nInterest cost | 113 | 113 \nActuarial (gain) loss | 829 | (204) \nCurrency exchange rate changes | (2) | (121) \nPlan curtailments | \u2014 | (150) \nPlan settlements | (57) | (74) \nOther | (86) | (38) \nEnding projected benefit obligation 1 | 4,284 | 3,433 \nChanges in fair value of plan assets: | | \nBeginning fair value of plan assets | 2,551 | 2,287 \nActual return on plan assets | 193 | (38) \nEmployer contributions | 30 | 480 \nCurrency exchange rate changes | 3 | (62) \nPlan settlements | (57) | (74) \nOther | (66) | (42) \nEnding fair value of plan assets 2 | 2,654 | 2,551 \nNet funded status | $1,630 | $882 \nAmounts recognized in the Consolidated Balance Sheets | | \nOther long-term assets | $\u2014 | $244 \nOther long-term liabilities | $1,630 | $1,126 \nAccumulated other comprehensive loss (income), before tax 3 | $1,730 | $1,038 "} {"_id": "d1b3444a4", "title": "", "text": "Unrecognized deferred tax assets\nDeferred tax assets have not been recognized in respect of the following items, given the volatile nature of the semi-conductor equipment industry. Therefore it is not probable that future taxable profit will be available to offset deductible temporary differences.\n1 These credits regards R&D credits generated in the US, in the state of Arizona. However, ASMI does not recognize these credits stemming from prior years due to the fact that utilization of prior year credits is only possibly if and when the credits generated in the current year are fully utilized. Given the level of R&D activity in the US, the company does not expect it could fully utilize the credits generated in the current year and, hence, does not expect to benefit from the available credits generated in prior years.\n\n | 2019 | \n-------------------------------- | ------------ | ----------\n | Gross amount | Tax effect\nDeductible temporary differences | 20,642 | 4,842 \nCredits 1) | 15,221 | 15,221 \nUnrecognized deferred tax assets | 35,863 | 20,063 "} {"_id": "d1b3a4c0a", "title": "", "text": "TREASURY SHARES\nOn December 31, 2019, we had 48,866,220 outstanding common shares excluding 2,431,174 treasury shares. This compared to 49,318,898 outstanding common shares and 6,978,496 treasury shares at year-end 2018. Besides the cancellation of 5 million treasury shares in July 2019, the change in the number of treasury shares in 2019 was the result of approximately 950,000 repurchased shares and approximately 498,000 treasury shares that were used as part of share based payments.\n\n | 2018 | 2019 \n--------------------------------------------------------- | ---------- | ----------\nAs per January 1: | | \nIssued shares | 62,297,394 | 56,297,394\nTreasury shares | 6,157,241 | 6,978,496 \nOutstanding shares | 56,140,153 | 49,318,898\nChanges during the year: | | \nCancellation of treasury shares | 6,000,000 | 5,000,000 \nShare buybacks | 7,242,734 | 950,902 \nTreasury shares used for share based performance programs | 421,479 | 498,224 \nAs per December 31: | | \nIssued shares | 56,297,394 | 51,297,394\nTreasury shares | 6,978,496 | 2,431,174 \nOutstanding shares | 49,318,898 | 48,866,220"} {"_id": "d1b39398c", "title": "", "text": "Our CODM evaluates each segment based on Adjusted Earnings Before Interest, Taxes, Depreciation and Amortization (\u201cAdjusted EBITDA\u201d), and we therefore consider Adjusted EBITDA to be a primary measure of operating performance of our operating segments. We define Adjusted EBITDA as earnings before investment income, interest expense, taxes, depreciation, amortization and stock-based compensation and other adjustments as identified below. The adjustments to our financial results prepared in accordance with U.S. generally accepted accounting principles (\u201cGAAP\u201d) to calculate Adjusted EBITDA are itemized below (in thousands):\nIt is not practicable for us to report identifiable assets by segment because these businesses share resources, functions and facilities\nWe do not have significant long-lived assets outside the United States.\n\n | | Year Ended February 28, | \n----------------------------------------------------------- | -------- | ----------------------- | --------\n | 2019 | 2018 | 2017 \nNet income (loss) | $18,398 | $16,617 | $(7,904)\nInvestment income | (5,258) | (2,256) | (1,691) \nInterest expense | 16,726 | 10,280 | 9,896 \nIncome tax provision (benefits) | (1,330) | 10,681 | (1,563) \nDepreciation and amortization | 20,016 | 22,957 | 23,469 \nStock-based compensation | 11,029 | 9,298 | 7,833 \nImpairment loss and equity in net loss of affiliate | 6,787 | 1,411 | 1,284 \nLoss on extinguishment of debt | 2,033 | - | - \nAcquisition and integration related expenses | 935 | - | 4,513 \nNon-recurring legal expenses, net of reversal of litigation | | | \nprovision | (11,020) | 10,738 | 9,192 \nGain on LoJack battery performance legal Settlement | (18,333) | (28,333) | - \nRestructuring | 8,015 | - | - \nOther | 217 | 989 | 4,339 \nAdjusted EBITDA | $48,215 | $52,382 | $49,368 "} {"_id": "d1b314178", "title": "", "text": "Pension benefit commitments\nFor fiscal 2019, Managing Board members were granted contributions under the BSAV totaling \u20ac 5.6 million (2018: \u20ac 5.4 million), based on a Supervisory Board decision from November 7, 2019. Of this amount, \u20ac 0.02 million (2018: \u20ac 0.03 million) relates to the funding of pension commitments earned prior to the transfer to the BSAV.\nThe expense recognized in fiscal 2019 as a service cost under IFRS for Managing Board members\u2019 entitlements under the BSAV in fiscal 2019 totaled \u20ac 5.4 million (2018: \u20ac 5.3 million).\nContributions under the BSAV are added to the individual pension accounts in the January following each fiscal year. Until pension payments begin, members\u2019 pension accounts are credited with an annual interest payment (guaranteed interest) on January 1 of each year. The interest rate is currently 0.90%.\nThe following table shows the individualized contributions (allocations) under the BSAV for fiscal 2019 as well as the defined benefit obligations for pension commitments:\nIn fiscal 2019, former members of the Managing Board and their surviving dependents received emoluments within the meaning of Section 314 para. 1 No. 6 b of the German Commercial Code totaling \u20ac 21.09 million (2018: \u20ac 39.9 million).\nThe defined benefit obligation (DBO) of all pension commitments to former members of the Managing Board and their surviving dependents as of September 30, 2019, amounted to \u20ac175.7 million (2018: \u20ac168.2 million). This figure is included in NOTE 17 in B.6 NOTES TO CONSOLIDATED FINANCIAL STATEMENTS.\n1 Deferred compensation totals \u20ac 4,125,612 (2018: \u20ac 4,115,237), including \u20ac 3,703,123 for Joe Kaeser (2018: \u20ac 3,694,439), \u20ac 361,494 for Klaus Helmrich (2018: \u20ac 362,606) and \u20ac 60,995 for Prof. Dr. Ralf P. Thomas (2018: \u20ac 58,192).\n2 In accordance with the provisions of the BSAV, benefits to be paid to Lisa Davis are not in any way secured or funded through the trust associated with the Company\u2019s BSAV plan or with any other trust. They represent only an unsecured, unfunded legal obligation on the part of the Company to pay such benefits in the future under certain conditions, and the payout will only be made from the Company\u2019s general assets.\n\n | | Total contributions for | Defined benefit obligation for all pension commitments excluding deferred compensation 1 | \n--------------------------------------------------------- | --------- | ----------------------- | ---------------------------------------------------------------------------------------- | ----------\n(in \u20ac) | 2019 | 2018 | 2019 | 2018 \nManaging Board members in office as of September 30, 2019 | | | | \nJoe Kaeser | 1,234,800 | 1,210,440 | 14,299,267 | 12,970,960\nDr. Roland Busch | 616,896 | 604,800 | 6,071,233 | 5,121,226 \nLisa Davis 2 | 616,896 | 604,800 | 5,701,811 | 5,322,537 \nKlaus Helmrich | 616,896 | 604,800 | 6,473,904 | 5,714,522 \nJanina Kugel | 616,896 | 604,800 | 2,674,432 | 2,157,427 \nCedrik Neike | 616,896 | 604,800 | 2,349,895 | 1,757,258 \nMichael Sen | 616,896 | 604,800 | 1,862,660 | 1,239,785 \nProf. Dr. Ralf P. Thomas | 616,896 | 604,800 | 6,184,498 | 5,235,121 \nTotal | 5,553,072 | 5,444,040 | 45,617,700 | 39,518,836"} {"_id": "d1a7411b6", "title": "", "text": "Under the 2019 Plan, the Compensation Committee set the following non-equity incentive target amounts, non-equity incentive compensation cap percentages and relative percentages weights for each plan component for each of our NEOs in 2019 who are participating in our incentive compensation plans. Under the 2019 Plan, the Compensation Committee set the following non-equity incentive target amounts, non-equity incentive compensation cap percentages and relative percentages weights for each plan component for each of our NEOs in 2019 who are participating in our incentive compensation plans.\nAs noted above, Messrs Richard, Robert and Bruce Leeds no longer participate in incentive compensation. In addition, as\nMr. Reinhold left Systemax as the Chief Executive Officer in January 2019, he did not participate in the 2019 NEO Plan.\n\nName | Target ($) | Cap (%) | Net Sales (%) | Adjusted Operating Income (%) | Strategic Objectives (%) | Corporate Governance (%) | Business Unit/Individual Objectives (%)\n------------- | ---------- | ------- | ------------- | ----------------------------- | ------------------------ | ------------------------ | ---------------------------------------\nBarry Litwin | 1,113,750 | 111 | 20 | 60 | 18 | 4 | 0 \nThomas Clark | 225,000 | 150 | 0 | 0 | 0 | 0 | 100 \nRobert Dooley | 615,000 | 150 | 0 | 0 | 0 | 0 | 100 \nEric Lerner | 300,900 | 150 | 0 | 0 | 0 | 0 | 100 \nManoj Shetty | 241,535 | 150 | 0 | 0 | 0 | 0 | 100 "} {"_id": "d1b3873a8", "title": "", "text": "4. Inventories\nInventories consisted of the following (in thousands):\nWe grow and maintain flocks of layers (mature female chickens), pullets (female chickens, under 18 weeks of age), and breeders (male and female chickens used to produce fertile eggs to hatch for egg production flocks). Our total flock at June 1, 2019, consisted of approximately 9.4 million pullets and breeders and 36.2 million layers.\n\n | June 1, 2019 | June 2, 2018\n--------------------------------------- | ------------ | ------------\nFlocks, net of accumulated amortization | $105,536 | $96,594 \nEggs | 14,318 | 17,313 \nFeed and supplies | 52,383 | 54,737 \n | $172,237 | $168,644 "} {"_id": "d1b32c3fe", "title": "", "text": "Revenues\nRevenues for our reportable segments were as follows:\nThe increase in Semiconductor Test revenues of $60.2 million, or 4%, from 2018 to 2019 was driven primarily by an increase in semiconductor tester sales for 5G infrastructure and image sensors and higher service revenue, partially offset by a decrease in sales in the automotive and analog test segments.\nThe increase in Industrial Automation revenues of $36.6 million, or 14%, from 2018 to 2019 was primarily due to higher demand for collaborative robots. The MiR acquisition was completed in April 2018.\nThe increase in System Test revenues of $71.4 million, or 33%, from 2018 to 2019 was primarily due to higher sales in Storage Test of 3.5\u201d hard disk drive testers, higher sales in Defense/Aerospace test instrumentation and systems, and higher sales in Production Board Test from higher 5G demand.\nThe increase in Wireless Test revenues of $25.3 million, or 19%, from 2018 to 2019 was primarily due to higher demand for millimeter wave and cellular test products driven by new wireless standards and 5G, partially offset by lower sales in connectivity test products and services.\n\n | 2019 | 2018 | 2018-2019 Dollar Change\n--------------------- | -------- | ------------- | -----------------------\n | | (in millions) | \nSemiconductor Test | $1,552.6 | $1,492.4 | $60.2 \nIndustrial Automation | 298.1 | 261.5 | 36.6 \nSystem Test | 287.5 | 216.1 | 71.4 \nWireless Test | 157.3 | 132.0 | 25.3 \nCorporate and Other | (0.5) | (1.2) | 0.7 \n | $2,295.0 | $2,100.8 | $194.2 "} {"_id": "d1a722c66", "title": "", "text": "Cost of Net Revenue and Gross Profit\nCost of net revenue decreased $26.7 million to $149.5 million for the year ended December 31, 2019, as compared to $176.2 million for the year ended December 31, 2018. The decrease was primarily driven by lower sales. The decrease in gross profit percentage for the year ended December 31, 2019, as compared to the year ended December 31, 2018, was due to lower revenue and product mix.\nWe currently expect that gross profit percentage will fluctuate in the future, from period-to-period, based on changes in product mix, average selling prices, and average manufacturing costs.\n\n | Year Ended December 31, | | % Change\n------------------- | ----------------------- | ---------------------- | --------\n | 2019 | 2018 | 2019 \n | | (dollars in thousands) | \nCost of net revenue | $149,495 | $176,223 | (15)% \n% of net revenue | 47% | 46% | \nGross profit | 167,685 | 208,774 | (20)% \n% of net revenue | 53% | 54% | "} {"_id": "d1b37b562", "title": "", "text": "Note 2 \u2013 Business Combinations\nIn November 2018, we acquired SmartRG, Inc., a provider of carrier-class, open-source connected home platforms and cloud services for broadband service providers for cash consideration. This transaction was accounted for as a business combination. We have included the financial results of this acquisition in our consolidated financial statements since the date of acquisition. These revenues are included in the Subscriber Solutions & Experience category within the Network Solutions and Services & Support reportable segments.\nContingent liabilities with a fair value totaling $1.2 million were recognized at the acquisition date, the payments of which were dependent upon SmartRG achieving future revenue, EBIT or customer purchase order milestones during the first half of 2019. The required milestones were not achieved and therefore, we recognized a gain of $1.2 million upon the reversal of these liabilities during the second quarter of 2019.\nAn escrow in the amount of $2.8 million was set up at the acquisition date to fund post-closing working capital settlements and to satisfy indemnity obligations to the Company arising from any inaccuracy or breach of representations, warranties, covenants, agreements or obligations of the sellers. The escrow is subject to arbitration. In December 2019, $1.3 million of the $2.8 million was released from the escrow account pursuant to the agreement, with the final settlement of the remaining balance expected during the fourth quarter of 2020. The remaining minimum and maximum potential release of funds to the seller ranges from no payment to $1.5 million.\nWe recorded goodwill of $3.5 million as a result of this acquisition, which represents the excess of the purchase price over the fair value of net assets acquired and liabilities assumed. We assessed the recognition and measurement of the assets acquired and liabilities assumed based on historical and forecasted data for future periods and concluded that our valuation procedures and resulting measures were appropriate.\nOn March 19, 2018, we acquired Sumitomo Electric Lightwave Corp.\u2019s (SEL) North American EPON business and entered into a technology license and OEM supply agreement with Sumitomo Electric Industries, Ltd. (SEI). This acquisition establishes ADTRAN as the North American market leader for EPON solutions for the cable MSO industry and it will accelerate the MSO market\u2019s adoption of our open, programmable and scalable architectures. This transaction was accounted for as a business combination. We have included the financial results of this acquisition in our consolidated financial statements since the date of acquisition. These revenues are included in the Access & Aggregation and Subscriber Solutions & Experience categories within the Network Solutions reportable segment.\nWe recorded a bargain purchase gain of $11.3 million during the first quarter of 2018, net of income taxes, which is subject to customary working capital adjustments between the parties. The bargain purchase gain of $11.3 million represents the difference between the fair-value of the net assets acquired over the cash paid. SEI, an OEM supplier based in Japan, is the global market leader in EPON. SEI\u2019s Broadband Networks Division, through its SEL subsidiary, operated a North American EPON business that included sales, marketing, support, and region-specific engineering development. The North American EPON market is primarily driven by the Tier 1 cable MSO operators and has developed more slowly than anticipated. Through the transaction, SEI divested its North American EPON assets and established a relationship with ADTRAN. The transfer of these assets to ADTRAN, which included key customer relationships and a required assumption by ADTRAN of relatively low incremental expenses, along with the value of the technology license and OEM supply agreement, resulted in the bargain purchase gain. We have assessed the recognition and measurement of the assets acquired and liabilities assumed based on historical and forecasted data for future periods and we have concluded that our valuation procedures and resulting measures were appropriate. The gain is included in the line item \u201dGain on bargain purchase of a business\u201d in the 2018 Consolidated Statements of Income.\nThe final allocation of the purchase price to the estimated fair value of the assets acquired and liabilities assumed at the acquisition date for SmartRG and the final allocation of the purchase price to the estimated fair value of the assets acquired and liabilities assumed at the acquisition date for Sumitomo are as follows:\n(In thousands)\n\n(In thousands) | Sumitomo | SmartRG\n-------------------------------------------------- | -------- | -------\nAssets | | \nTangible assets aquired | $1,006 | $8,594 \nIntangible assets | 22,100 | 9,960 \nGoodwill | \u2014 | 3,476 \nTotal assets acquired | 23,106 | 22,030 \nLiabilities | | \nLiabilities Assumed | (3,978) | (6,001)\nTotal liabilities assumed | (3,978) | (6,001)\nTotal net assets | 19,128 | 16,029 \nGain on bargain purchase of a business, net of tax | (11,322) | \u2014 \nTotal purchase price | $7,806 | $16,029"} {"_id": "d1b392abe", "title": "", "text": "Stock-based Compensation Expense\nThe following table sets forth our stock-based compensation expense for the years ended December 31, 2019, 2018 and 2017 (in thousands):\nStock-based compensation awards include employee stock options, restricted stock awards and units, and employee stock purchases. For the year ended December 31, 2019, stock-based compensation expense was $31.6 million, of which $0.2 million related to employee stock options, $29.1 million related to restricted stock awards and units and $2.3 million related to employee stock purchases. For the year ended December 31, 2018, stock-based compensation expense was $31.0 million, of which $0.4 million related to employee stock options, $28.0 million related to restricted stock awards and units and $2.6 million related to employee stock purchases. The increase in stock-based compensation expense in 2019 compared to 2018 was due primarily to a higher volume of restricted stock unit grants.\n\n | | Years Ended December 31, | \n--------------------------------------------- | ------- | ------------------------ | -------\n | 2019 | 2018 | 2017 \nResearch, development and other related costs | $14,643 | $13,168 | $13,277\nSelling, general and administrative | 16,911 | 17,843 | 20,185 \nTotal stock-based compensation expense | $31,554 | $31,011 | $33,462"} {"_id": "d1b2f3bda", "title": "", "text": "Subsequent to origination, the delinquency and write-off experience is monitored as key credit quality indicators for the portfolio of device payment plan agreement receivables and fixed-term service plans. The extent of collection efforts with respect to a particular customer are based on the results of proprietary custom empirically derived internal behavioral-scoring models that analyze the customer\u2019s past performance to predict the likelihood of the customer falling further delinquent.\nThese customer-scoring models assess a number of variables, including origination characteristics, customer account history and payment patterns. Based on the score derived from these models, accounts are grouped by risk category to determine the collection strategy to be applied to such accounts.\nCollection performance results and the credit quality of device payment plan agreement receivables are continuously monitored based on a variety of metrics, including aging. An account is considered to be delinquent and in default status if there are unpaid charges remaining on the account on the day after the bill\u2019s due date.\nAt December 31, 2019 and 2018, the balance and aging of the device payment plan agreement receivables on a gross basis was as follows:\n\n | 2019 | 2018 \n------------------------------------------------ | -------- | --------\nUnbilled | $ 12,403 | $ 11,485\nBilled: | | \nCurrent | 815 | 641 \nPast due | 262 | 209 \nDevice payment plan agreement receivables, gross | $ 13,480 | $ 12,335"} {"_id": "d1b3b4c2c", "title": "", "text": "Audit Fees consist of fees billed for the annual audit of our Company\u2019s Consolidated Financial Statements, the statutory audit of the financial statements of the Company\u2019s subsidiaries and consultations on complex accounting issues relating to the annual audit. Audit Fees also include services that only our independent external auditor can reasonably provide, such as comfort letters and carve-out audits in connection with strategic transactions.\nAudit-related services are assurance and related fees consisting of the audit of employee benefit plans, due diligence services related to acquisitions and certain agreed-upon procedures.\nTax Fees include fees billed for tax compliance services, including the preparation of original and amended tax returns and claims for refund; tax consultations, such as assistance in connection with tax audits and expatriate tax compliance.\n\n | 2019 | Percentage of Total Fees | 2018 | Percentage of Total Fees\n----------------------------------------------------------------------------------------- | --------- | ------------------------ | --------- | ------------------------\nAudit Fees | | | | \nStatutory Audit, Certification, Audit of Individual and Consolidated Financial Statements | 4,105,000 | 95.2% | 4,556,500 | 96.3% \nAudit-Related Fees | 209,005 | 4.8% | 173,934 | 3.7% \nNon-audit Fees | | | | \nTax Fees | \u2014 | \u2014 | \u2014 | \u2014 \nAll Other Fees | \u2014 | \u2014 | \u2014 | \u2014 \nTotal | 4,314,005 | 100.0% | 4,730,434 | 100% "} {"_id": "d1b356bf4", "title": "", "text": "Net Debt to Adjusted EBITDA Ratio\n(UNAUDITED)\n($ in millions)\n(1) 2017 Adjusted EBITDA shown pro forma, assuming the Level 3 acquisition and the colocation and data center sale took place on January 1, 2017.\n\n | 2019 | 2018 | 2017(1)\n------------------------------------------------------------------------------------ | ------- | ------ | -------\nGross Debt | $35,039 | 36,352 | 38,053 \nCash and cash equivalents | (1,690) | (488) | (551) \nNet debt | $33,349 | 35,864 | 37,502 \nAdjusted EBITDA excluding integration and transformation costs and special items (1) | $9,070 | 9,040 | 8,686 \nNet Debt to Adjusted EBITDA Ratio | 3.7 | 4.0 | 4.3 "} {"_id": "d1b35c86a", "title": "", "text": "Contract Assets and Liabilities\nContract assets represent the Company\u2019s rights to consideration in exchange for services transferred to a customer that have not been billed as of the reporting date. While the Company\u2019s rights to consideration are generally unconditional at the time its performance obligations are satisfied, under certain circumstances the related billing occurs in arrears, generally within one month of the services being rendered.\nAt the inception of a contract, the Company generally expects the period between when it transfers its services to its customers and when the customer pays for such services will be one year or less.\nContract liabilities relate to advance consideration received or the right to consideration that is unconditional from customers for which revenue is recognized when the performance obligation is satisfied and control transferred to the customer.\nThe table below sets forth the Company\u2019s contract assets and contract liabilities from contracts with customers.\nThe increase in the contract assets balance during the period was primarily due to $203 million of revenue recognized that was not billed, in accordance with the terms of the contracts, as of December 31, 2019, offset by $193 million of contract assets included in the December 31, 2018 balance that were invoiced to Nielsen\u2019s clients and therefore transferred to trade receivables.\nThe decrease in the contract liability balance during the period was primarily due to $326 million of advance consideration received or the right to consideration that is unconditional from customers for which revenue was not recognized during the period, offset by $337 million of revenue recognized during the period that had been included in the December 31, 2018 contract liability balance.\n\n(IN MILLIONS) | Year Ended December 31, | \n-------------------- | ----------------------- | ----\n | 2019 | 2018\nContract assets | $218 | $210\nContract liabilities | $346 | $359"} {"_id": "d1b33a4fe", "title": "", "text": "Our revenues and operating results are significantly affected by the timing, number and breadth of our theatrical releases and their budgets, the timing of television syndication agreements, and our amortization policy for the first 12 months of commercial exploitation for a film. The timing of releases is determined based on several factors. A significant portion of the films we distribute are delivered to Indian theaters at times when theater attendance has traditionally been highest, including school holidays, national holidays and the festivals. This timing of releases also takes into account competitor film release dates, major cricket events in India and film production schedules. Significant holidays and festivals, such as Diwali, Eid and Christmas, occur during July to December each year, and the Indian Premier League cricket season generally occurs during April and May of each year. The Tamil New Year, called Pongal, falls in January each year making the quarter ending March an important one for Tamil releases.\nOur quarterly results can vary from one period to the next, and the results of one quarter are not necessarily indicative of results for the next or any future quarter. Our revenue and operating results are therefore seasonal in nature due to the impact on income of the timing of new releases as well as timing and quantum of catalogue revenues.\n\n | | Three Months Ended | | \n-------------------------------------------------- | ------------- | ------------------ | ----------------- | --------------\n | June 30, 2018 | September 30, 2018 | December 31, 2018 | March 31, 2019\n | | (in thousands) | | \nRevenue | 60,212 | 63,425 | 76,744 | 69,745 \nAdjustment towards significant financing component | 6,410 | 8,837 | 9,917 | 9,303 \nGross Revenue | 66,622 | 72,262 | 86,661 | 79,048 "} {"_id": "d1b363cfa", "title": "", "text": "Other Intangible Assets, Net\nOther intangible assets include developed technologies, customer relationships, trade names, patents, user lists and the related accumulated amortization. These assets are shown as \u201cDeveloped technologies, net\u201d and as part of \u201cOther assets\u201d in the Consolidated Balance Sheet. The majority of Autodesk\u2019s other intangible assets are amortized to expense over the estimated economic life of the product, which ranges from two to ten years. Amortization expense for developed technologies, customer relationships, trade names, patents, and user lists was $33.5 million in fiscal 2019, $36.6 million in fiscal 2018 and $72.2 million in fiscal 2017.\nOther intangible assets and related accumulated amortization at January 31 were as follows:\n(1) Included in \u201cOther assets\u201d in the accompanying Consolidated Balance Sheets. (2) Includes the effects of foreign currency translation.\n\n | 2019 | 2018 \n------------------------------------------------------------------------- | ------- | -------\nDeveloped technologies, at cost | $670.2 | $578.5 \nCustomer relationships, trade names, patents, and user lists, at cost (1) | 533.1 | 372.5 \nOther intangible assets, at cost (2) | 1,203.3 | 951.0 \nLess: accumulated amortization | (922.5) | (895.8)\nOther intangible assets, net | $280.8 | $55.2 "} {"_id": "d1a7218e8", "title": "", "text": "Gross Profit\nGross profit in fiscal year 2019 increased to $444.8 million, or 18.7 percent of net sales from $382.3 million, or 17.7 percent of net sales for fiscal year 2018. Excluding the impact of the surcharge revenue, our gross margin in fiscal year 2019 was 22.9 percent compared to 21.3 percent in fiscal year 2018. The results reflect the impact of improved product mix coupled with capacity gains and operating cost reductions compared to the same period a year ago. Fiscal year 2019 also reflects an $11.4 million benefit related to an insurance recovery in our third fiscal quarter.\nOur surcharge mechanism is structured to recover increases in raw material costs, although in certain cases with a lag effect as discussed above. While the surcharge generally protects the absolute gross profit dollars, it does have a dilutive effect on gross margin as a percent of sales. The following represents a summary of the dilutive impact of the surcharge on gross margin. We present and discuss these financial measures because management believes removing the impact of surcharge provides a more consistent and meaningful basis for comparing results of operations from period to period. See the section \u201cNon-GAAP Financial Measures\u201d below for further discussion of these financial measures.\n\n | Fiscal Year | \n---------------------------------------- | ----------- | --------\n($ in millions) | 2019 | 2018 \nNet sales | $2,380.2 | $2,157.7\nLess: surcharge revenue | 438.1 | 365.4 \nNet sales excluding surcharge revenue | $1,942.1 | $1,792.3\nGross profit | $444.8 | $382.3 \nGross margin | 18.7% | 17.7% \nGross margin excluding surcharge revenue | 22.9% | 21.3% "} {"_id": "d1b34a598", "title": "", "text": "4.4 Operating costs\nCost of revenues includes costs of wireless devices and other equipment sold, network and content costs, and payments to other carriers.\nLabour costs (net of capitalized costs) include wages, salaries and related taxes and benefits, post-employment benefit plans service cost, and other labour costs, including contractor and outsourcing costs\nOther operating costs include marketing, advertising and sales commission costs, bad debt expense, taxes other than income taxes, IT costs, professional service fees and rent\nBCE Total BCE operating costs declined by 0.5% in 2019, compared to last year, driven by reduced costs in Bell Media of 2.5%, while costs in Bell Wireless and Bell Wireline remained relatively stable year over year. These results reflected the benefit from the adoption of IFRS 16 in 2019.\n\n | 2019 | 2018 | $ CHANGE | % CHANGE\n-------------------------- | -------- | -------- | -------- | --------\nBell Wireless | (5,300) | (5,297) | (3) | (0.1%) \nBell Wireline | (6,942) | (6,946) | 4 | 0.1% \nBell Media | (2,367) | (2,428) | 61 | 2.5% \nInter-segment eliminations | 751 | 738 | 13 | 1.8% \nTotal BCE operating costs | (13,858) | (13,933) | 75 | 0.5% "} {"_id": "d1b3aa4de", "title": "", "text": "Provision for income taxes\nWe are a U.S.-based multinational company subject to tax in multiple U.S. and international tax jurisdictions. A substantial portion of our international earnings were generated from subsidiaries organized in Ireland and Singapore. Our results of operations would be adversely affected to the extent that our geographical mix of income becomes more weighted toward jurisdictions with higher tax rates and would be favorably affected to the extent the relative geographic mix shifts to lower tax jurisdictions. Any change in our mix of earnings is dependent upon many factors and is therefore difficult to predict.\nThe increase in our effective tax rate in fiscal 2019 compared to fiscal 2018 was primarily due to one-time benefits from the 2017 Tax Act in fiscal 2018. In addition, increases in tax expense in fiscal 2019 are attributable to the valuation allowance on capital losses for which we cannot yet recognize a tax benefit.\n\n | Fiscal Year | \n------------------------------------------------------- | ----------- | ------\n(In millions, except for percentages) | 2019 | 2018 \nIncome from continuing operations before income taxes | $108 | $437 \nProvision for (benefit from) income taxes | $92 | $(690)\nEffective tax rate on income from continuing operations | 85% | (158)%"} {"_id": "d1b2f783e", "title": "", "text": "Note 7 \u2014 Inventories, net\nInventories are used in the manufacture and service of Restaurant/Retail products. The components of inventory, net consist of the following:\nAt December 31, 2019 and 2018, the Company had recorded inventory write-downs of $9.6 million and $9.8 million , respectively, against Restaurant/Retail inventories, which relate primarily to service parts.\n\n | December 31, | \n--------------- | -------------- | -------\n | (in thousands) | \n | 2019 | 2018 \nFinished Goods | $8,320 | $12,472\nWork in process | \u2014 | 67 \nComponent parts | 6,768 | 4,716 \nService parts | 4,238 | 5,482 \n | $19,326 | $22,737"} {"_id": "d1b326030", "title": "", "text": "Expected Future Pension Benefit Payments\nFuture benefit payments are expected to be paid as follows:\n\n | United States | Foreign\n--------- | -------------- | -------\n | (in thousands) | \n2020 | $8,027 | $1,237 \n2021 | 8,416 | 985 \n2022 | 9,163 | 982 \n2023 | 9,785 | 1,258 \n2024 | 10,558 | 1,098 \n2025-2029 | 59,665 | 6,129 "} {"_id": "d1b3386b8", "title": "", "text": "3.6 PROFIT FOR THE YEAR\n(1) Fiscal 2018 was restated to comply with IFRS 15 and to reflect a change in accounting policy as well as to reclassify results from Cogeco Peer 1 as discontinued operations. For further details, please consult the \"Accounting policies\" and \"Discontinued operations\" sections.\n(2) The non-controlling interest represents a participation of 21% in Atlantic Broadband's results by Caisse de d\u00e9p\u00f4t et placement du Qu\u00e9bec (\"CDPQ\"), effective since the MetroCast acquisition on January 4, 2018.\nFiscal 2019 profit for the year from continuing operations and profit for the year from continuing operations attributable to owners of the Corporation decreased by 7.2% and 9.4%, respectively, as a result of: \u2022 last year's $94 million income tax reduction following the United States tax reform; and \u2022 the increase in depreciation and amortization mostly related to the impact of the MetroCast acquisition; partly offset by \u2022 higher adjusted EBITDA mainly as a result of the impact of the MetroCast acquisition; \u2022 the decrease in financial expense; and \u2022 the decrease in integration, restructuring and acquisition costs.\nFiscal 2019 profit for the year and profit for the year attributable to owners of the Corporation increased by 20.0% and 18.4%, respectively, mainly due to a profit for the year from discontinued operations of $75.4 million resulting from the sale of Cogeco Peer 1 in the third quarter of fiscal 2019 compared to a loss for the year from discontinued operations of $24.4 million for the prior year in addition to the elements mentioned above.\n\nYears ended August 31, | 2019 | 2018 (1) | Change\n------------------------------------------------------------------------------------------ | ------- | -------- | ------\n(in thousands of dollars, except percentages and earnings per share) | $ | $ | % \nProfit for the year from continuing operations | 356,908 | 384,578 | (7.2) \nProfit for the year | 432,288 | 360,197 | 20.0 \nProfit for the year from continuing operations attributable to owners of the Corporation | 339,973 | 375,214 | (9.4) \nProfit for the year attributable to owners of the Corporation | 415,353 | 350,833 | 18.4 \nProfit for the year from continuing operations attributable to non-controlling interest(2) | 16,935 | 9,364 | 80.9 \nBasic earnings per share from continuing operations | 6.89 | 7.61 | (9.5) \nBasic earnings per share | 8.41 | 7.12 | 18.1 "} {"_id": "d1b3416dc", "title": "", "text": "6. Property, Plant and Equipment\nProperty, plant and equipment consisted of the following (in thousands):\nDepreciation expense was $51.7 million, $51.1 million and $48.8 million in fiscal years 2019, 2018 and 2017, respectively.\nThe Company maintains insurance for both property damage and business interruption relating to catastrophic events, such as fires. Insurance recoveries received for property damage and business interruption in excess of the net book value of damaged assets, clean-up and demolition costs, and post-event costs are recognized as income in the period received or committed when all contingencies associated with the recoveries are resolved. Gains on insurance recoveries related to business interruption are recorded within \u201cCost of sales\u201d and any gains or losses related to property damage are recorded within \u201cOther income (expense).\u201d Insurance recoveries related to business interruption are classified as operating cash flows and recoveries related to property damage are classified as investing cash flows in the statement of cash flows. Insurance claims incurred or finalized during the fiscal years ended 2019, 2018, and 2017 did not have a material affect on the Company's consolidated financial statements.\n\n | June 1, 2019 | June 2, 2018\n------------------------------ | ------------ | ------------\nLand and improvements | $93,046 | $90,757 \nBuildings and improvements | 370,451 | 360,030 \nMachinery and equipment | 496,166 | 478,997 \nConstruction-in-progress | 52,551 | 9,307 \n | 1,012,214 | 939,091 \nLess: accumulated depreciation | 555,920 | 513,707 \n | $456,294 | $425,384 "} {"_id": "d1b2ed62c", "title": "", "text": "7. Accrued Expenses\nAccrued expenses consist of the following (in thousands):\n\n | August 31, 2019 | August 31, 2018\n-------------------------------------------------- | --------------- | ---------------\nContract liabilities | $511,329 | $\u2014 \nDeferred income | \u2014 | 691,365 \nAccrued compensation and employee benefits | 600,907 | 570,400 \nObligation associated with securitization programs | 475,251 | \u2014 \nOther accrued expenses | 1,402,657 | 1,000,979 \nAccrued expenses | $2,990,144 | $2,262,744 "} {"_id": "d1b3a7ae0", "title": "", "text": "Other income, net\nThe components of other income, net from continuing operations for the years ended December 31 are as follows:\nIn 2018, we recorded a $0.5 million adjustment to decrease the fair value of the Company's contingent consideration related to the Brink Acquisition. Also, during 2019 and 2018, the Company incurred a net loss on rental contracts of approximately $1.0 million and $0.9 million, respectively.\n\n | Year ended December 31 (in thousands) | \n---------------------------------------------- | ------------------------------------- | ------\n | 2019 | 2018 \nForeign currency loss | $(83) | $(258)\nRental loss-net | (996) | (865) \nGain on sale of real estate | \u2014 | 649 \nFair value adjustment contingent consideration | \u2014 | 450 \nOther | (424) | 330 \nOther income, net | $(1,503) | $306 "} {"_id": "d1b3b0ad2", "title": "", "text": "Net sales by segment and industry end market(1) were as follows:\n(1) Industry end market information is presented consistently with our internal management reporting and may be revised periodically as management deems necessary.\n\n | | Fiscal | \n-------------------------------- | -------- | ------------- | --------\n | 2019 | 2018 | 2017 \n | | (in millions) | \nTransportation Solutions: | | | \nAutomotive | $ 5,686 | $ 6,092 | $ 5,228\nCommercial transportation | 1,221 | 1,280 | 997 \nSensors | 914 | 918 | 814 \nTotal Transportation Solutions | 7,821 | 8,290 | 7,039 \nIndustrial Solutions: | | | \nIndustrial equipment | 1,949 | 1,987 | 1,747 \nAerospace, defense, oil, and gas | 1,306 | 1,157 | 1,075 \nEnergy | 699 | 712 | 685 \nTotal Industrial Solutions | 3,954 | 3,856 | 3,507 \nCommunications Solutions: | | | \nData and devices | 993 | 1,068 | 963 \nAppliances | 680 | 774 | 676 \nTotal Communications Solutions | 1,673 | 1,842 | 1,639 \nTotal | $ 13,448 | $ 13,988 | $ 12,185"} {"_id": "d1b387c0e", "title": "", "text": "14. Segment Information\nThe Company operates under two reportable segments based on the geographic locations of its subsidiaries:\n(1) \u00a0FEI-NY \u2013 operates out of New York and its operations consist principally of precision time and frequency control products used in three principal markets- communication satellites (both commercial and U.S. Government-funded); terrestrial cellular telephone or other ground-based telecommunication stations; and other components and systems for the U.S. military.\nThe FEI-NY segment also includes the operations of the Company\u2019s wholly-owned subsidiaries, FEI-Elcom and FEI-Asia. FEI- Asia functions as a manufacturing facility for the FEI-NY segment with historically minimal sales to outside customers. FEI- Elcom, in addition to its own product line, provides design and technical support for the FEI-NY segment\u2019s satellite business.\n(2) \u00a0FEI-Zyfer \u2013 operates out of California and its products incorporate Global Positioning System (GPS) technologies into systems and subsystems for secure communications, both government and commercial, and other locator applications. This segment also provides sales and support for the Company\u2019s wireline telecommunications family of products, including US5G, which are sold in the U. S. market.\nThe Company measures segment performance based on total revenues and profits generated by each geographic location rather than on the specific types of customers or end-users. Consequently, the Company determined that the segments indicated above most appropriately reflect the way the Company\u2019s management views the business.\nThe accounting policies of the two segments are the same as those described in the \u201cSummary of Significant Accounting Policies.\u201d The Company evaluates the performance of its segments and allocates resources to them based on operating profit which is defined as income before investment income, interest expense and taxes. All acquired assets, including intangible assets, are included in the assets of both reporting segments.\nThe table below presents information about reported segments for each of the years ended April 30, 2019 and 2018, respectively, with reconciliation of segment amounts to consolidated amounts as reported in the statement of operations or the balance sheet for each of the years (in thousands):\n\n | 2019 | 2018 \n-------------------------------------------------- | --------- | ----------\nNet revenues: | | \nFEI-NY | $38,096 | $26,936 \nFEI-Zyfer | 12,235 | 15,272 \nLess intersegment revenues | (822 ) | (2,801) \nConsolidated revenues | $49,509 | $ 39,407 \nOperating loss: | | \nFEI-NY | $(4,429 ) | $ (15,097)\nFEI-Zyfer | 1,730 | 3,164 \nCorporate | (118 ) | (462) \nConsolidated operating loss | $(2,817 ) | $ (12,395)\n | 2019 | 2018 \nIdentifiable assets: | | \nFEI-NY (approximately $1.5 in China in 2019) | $54,295 | $ 55,181 \nFEI-Zyfer | 10,478 | 8,168 \nless intersegment receivables | (8,346 ) | (11,888) \nCorporate | 30,344 | 32,123 \nConsolidated identifiable assets | $86,771 | $ 83,584 \nDepreciation and amortization (allocated): | | \nFEI-NY | $2,695 | $ 2,355 \nFEI-Zyfer | 92 | 114 \nCorporate | 15 | 15 \nConsolidated depreciation and amortization expense | $2,802 | $ 2,484 "} {"_id": "d1b3a1c8a", "title": "", "text": "(3) Accounts Receivable, Net\nAccounts receivable, net, is as follows (in thousands):\nBad debt expense for the years ended December 31, 2019, 2018 and 2017 was $0.7 million, $0.1 million and $0.6 million, respectively.\n\n | As of December 31, | \n------------------------------- | ------------------ | -------\n | 2019 | 2018 \nAccounts receivable | $69,767 | $41,818\nAllowance for doubtful accounts | (1,125) | (711) \nNet accounts receivable | $68,642 | $41,107"} {"_id": "d1b315bcc", "title": "", "text": "Statement of financial position\nNet assets have decreased to $157,164,000 at 30 June 2019 from $163,937,000 at 30 June 2018.\nCurrent assets have decreased from 30 June 2018 by 18% to $75,460,000. This is driven by a reduction in cash assets, a result of continued investment in technology and further investment in iMoney. The current component of the trail commission asset is $25,626,000, which increased by 16% since 30 June 2018.\nNon-current assets have increased from 30 June 2018 by 2% to $150,607,000 which is largely due to higher non-current trail commission asset partially offset by capital asset writeoffs and Home Loans Goodwill impairment. The non-current component of the trail commission asset is $88,452,000 which increased by 9% since 30 June 2018, mainly due to sales volume and partner mix.\nCurrent liabilities decreased from 30 June 2018 to 30 June 2019 by 20% to $34,555,000 primarily due to payments to suppliers in addition to trade related payable balances post 30 June 2018.\nNon-current liabilities have increased by 9% ending on $34,348,000. This relates to an increase in lease liabilities and deferred tax liabilities.\n\nFINANCIAL PERFORMANCE SUMMARY | 2019 $\u2019000 | 2018 $\u2019000 RESTATED | CHANGE\n----------------------------- | ----------- | -------------------- | ------\nCurrent assets | 75,460 | 91,457 | (18%) \nNon-current assets | 150,607 | 147,234 | 2% \nTotal assets | 226,067 | 238,691 | (5%) \nCurrent liabilities | 34,555 | 43,336 | (20%) \nNon-current liabilities | 34,348 | 31,418 | 9% \nTotal liabilities | 68,903 | 74,754 | (8%) \nNet assets | 157,164 | 163,937 | (4%) \nEquity | 157,164 | 163,937 | (4%) "} {"_id": "d1a73b248", "title": "", "text": "Research and Development Expense\nResearch and development expense increased by $8.7 million in 2019 compared to 2018. The increase was primarily due to a $5.4 million increase in employee-related costs, which includes stock-based compensation, associated with our increased headcount from 229 employees as of December 31, 2018 to 252 employees as of December 31, 2019, a $1.3 million increase in hosting and software related cost to support research and development activities and an increase of $0.4 million in office related expenses to support research and development activities. In addition, a total of $6.5 million of internally-developed software costs during 2019 and $7.7 million of internally-developed software costs during 2018 were capitalized, resulting in an increase of the expense by $1.2 million compared to 2018.\n\n | Year Ended December 31, | | Change | \n------------------------ | ----------------------- | ---------------------- | ------- | -----\n | 2019 | 2018 | $ | % \n | | (dollars in thousands) | | \nResearch and development | $ 50,024 | $ 41,305 | $ 8,719 | 21.1%\n% of revenue | 25% | 28% | | "} {"_id": "d1b37b828", "title": "", "text": "The following table presents the approximate amount of federal, foreign and state operating loss carryforwards and federal tax credit carryforwards available to\nreduce future taxable income, along with the respective range of years that the operating loss and tax credit carryforwards would expired if not utilized:\nAt March 31, 2019, certain of our U.S. and foreign subsidiaries in Brazil, France, Germany, Israel, Japan, Mexico and Korea had tax operating loss and tax credit carry\nforwards totaling approximately $263,836. There is a greater likelihood of not realizing the future tax benefits of these net operating losses and other deductible\ntemporary differences in Brazil, Israel, China, and Korea since these losses and other deductible temporary differences must be used to offset future taxable income of\nthose subsidiaries, which cannot be assured, and are not available to offset taxable income of other subsidiaries located in those countries. Accordingly, we have\nrecorded valuation allowances related to the net deferred tax assets in these jurisdictions. Valuation allowances decreased $(12,101), and increased $317 and $6,812\nduring the years ended March 31, 2017, 2018, and 2019, respectively, as a result of changes in the net operating losses of the subsidiaries or as a result of changes in\nforeign currency exchange rates in the countries mentioned above\nThe decrease in valuation allowance during the year ended March 31, 2017 was also due to the reversal of valuation allowances of $5,530 related to the future\nutilization of NOLs totaling $15,878 at a Japanese subsidiary. The related tax benefits upon utilization of the Japanese NOLs expire eight years after they are generated,\nand they are not subject to annual utilization limitations. The realization of tax benefits due to the utilization of these NOLs could take an extended period of time to\nrealize and are dependent upon the Japanese subsidiary\u2019s continuing profitability, and some could expire prior to utilization. The increase in valuation allowance during\nthe year ended March 31, 2019, was due to the addition of valuation allowances of $3,124 related to the Ethertronics acquisition and $1,763 related to capital and section\n1231 losses at AVX Corporation.\nThe decrease in valuation allowance during the year ended March 31, 2017 was also due to the reversal of valuation allowances of $5,530 related to the future utilization of NOLs totaling $15,878 at a Japanese subsidiary. The related tax benefits upon utilization of the Japanese NOLs expire eight years after they are generated, and they are not subject to annual utilization limitations. The realization of tax benefits due to the utilization of these NOLs could take an extended period of time to realize and are dependent upon the Japanese subsidiary\u2019s continuing profitability, and some could expire prior to utilization. The increase in valuation allowance during the year ended March 31, 2019, was due to the addition of valuation allowances of $3,124 related to the Ethertronics acquisition and $1,763 related to capital and section 1231 losses at AVX Corporation.\nIncome taxes paid totaled $55,642, $66,354 and $75,640 during the years ended March 31, 2017, 2018 and 2019, respectively\n\n | March 31, 2019 | Beginning expiration year | Ending expiration year\n------------------------------------ | -------------- | ------------------------- | ----------------------\nFederal operating loss carryforwards | $14,440 | 2026 | 2036 \nFederal operating loss carryforwards | 11,895 | No Exp | No Exp \nForeign operating loss carryforwards | 178,784 | No Exp | No Exp \nForeign operating loss carryforwards | 25,792 | 2020 | 2039 \nState operating loss carryforwards | 3,279 | 2022 | 2039 \nFederal tax credit carryforwards | 17,373 | 2039 | 2039 \nForeign tax credit carryforward | 4,187 | 2023 | 2029 \nState tax credit carryforward | 8,086 | 2020 | 2029 "} {"_id": "d1b316e00", "title": "", "text": "Note 13: Supplemental Balance Sheets and Statements of Operations Detail\n(1) Fiscal year ended March 31, 2018 adjusted due to the adoption of ASC 606.\n\n | March 31, | \n------------------------------------------ | --------- | --------\n(amounts in thousands) | 2019 | 2018 \nAccounts receivable: | | \nTrade | $176,715 | $166,459\nAllowance for doubtful accounts reserve | (1,206) | (1,210) \nShip-from-stock and debit (\u201cSFSD\u201d) reserve | (18,862) | (17,362)\nReturns reserves (1) | (964) | (131) \nRebates reserves | (967) | (446) \nPrice protection reserves | (657) | (420) \nOther | \u2014 | (329) \nAccounts receivable, net (1) | $154,059 | $146,561"} {"_id": "d1b381278", "title": "", "text": "Capital reserve and reserves retained from earnings\nPrior to the effective date of the reclassification and demerger of CECONOMY AG on 12 July 2017, METRO AG was not yet a group within the meaning of IFRS 10. Accordingly, combined financial statements of METRO Wholesale & Food Specialist GROUP (hereinafter: MWFS GROUP) were prepared for the IPO prospectus of METRO AG. Equity in the combined financial statements was the residual amount from the combined assets and liabilities of MWFS GROUP. Following the demerger, METRO became an independent group with METRO AG as the listed parent company. Therefore, the equity in the consolidated financial statements is subdivided according to legal requirements. The subscribed capital of \u20ac363 million and the capital reserve of \u20ac6,118 million were recognised at the carrying amounts from the METRO AG Annual Financial Statements as of 30 September 2017. For this purpose, a transfer was made from the equity item net assets, recognised as of 1 October 2016, attributable to the former METRO GROUP of the combined financial statements of MWFS GROUP. The remaining negative amount of this equity item was reclassified to reserves retained from earnings. It cannot be traced back to a history of loss.\nReserves retained from earnings can be broken down as follows:\n1 Previous year: gains/losses on remeasuring financial instruments in the category \u2018available for sale\u2019.\n2 Adjustment of previous year according to explanation in notes.\n\n\u20ac million | 30/9/2018 | 30/9/2019\n------------------------------------------------------------------------------------------------ | --------- | ---------\nEffective portion of gains/losses from cash flow hedges | 0 | 2 \nEquity and debt instruments1 | 9 | \u22123 \nCurrency translation differences from translating the financial statements of foreign operations | \u2212738 | \u2212602 \nRemeasurement of defined benefit pension plans | \u2212410 | \u2212500 \nIncome tax on components of other comprehensive income | 91 | 106 \nOther reserves retained from earnings | \u22122,401 2 | \u22122,782 \n | \u22123,449 | \u22123,778 "} {"_id": "d1a73ec0e", "title": "", "text": "Note 13. Investments Held in Rabbi Trust\nThe mutual funds held in the rabbi trust were 66% equity-based and 34% debt-based as of December 31, 2019. Net investment income (losses), included in \u201cOther income (expense), net\u201d in the accompanying Consolidated Statements of Operations consisted of the following (in thousands):\n\n | | Years Ended December 31, | \n------------------------------------------------------------ | ------ | ------------------------ | ------\n | 2019 | 2018 | 2017 \nNet realized gains (losses) from sales of trading securities | $143 | $10 | $195 \nDividend and interest income | 419 | 635 | 422 \nNet unrealized holding gains (losses) | 1,817 | (1,512) | 1,002 \n | $2,379 | $(867) | $1,619"} {"_id": "d1b3aa344", "title": "", "text": "Fees Paid to the Independent Registered Public Accounting Firm\nThe following table presents fees for professional audit services and other services rendered to our company by KPMG for our fiscal years ended December 31, 2017 and 2018.\n(1) Audit Fees consist of professional services rendered in connection with the audit of our annual consolidated financial statements, including audited financial statements presented in our Annual Report on Form 10-K for the fiscal years ended December 31, 2017 and 2018 and services that are normally provided by the independent registered public accountants in connection with statutory and regulatory filings or engagements for those fiscal years.\n(2) Audit-Related Fees consist of fees for professional services for assurance and related\nservices that are reasonably related to the performance of the audit or review of our consolidated financial statements and are not reported under \u201cAudit Fees.\u201d These services could include accounting consultations concerning financial accounting and reporting standards, due diligence procedures in connection with acquisition and procedures related to other attestation services.\n(3) Tax Fees consist of fees for professional services for tax compliance, tax advice and tax planning. These services include consultation on tax matters and assistance regarding federal, state and international tax compliance.\n(4) All Other Fees consist of license fees for the use of accounting research software.\n\n | 2017 | 2018 \n---------------------- | -------------- | --------------\n | (In Thousands) | (In Thousands)\nAudit Fees (1) | $3,747 | $4,476 \nAudit-Related Fees (2) | \u2014 | \u2014 \nTax Fees (3) | \u2014 | \u2014 \nAll Other Fees (4) | $3 | $3 \nTotal Fees | $3,750 | $4,479 "} {"_id": "d1b31fef6", "title": "", "text": "Note 8 \u2013 Property, Plant and Equipment\nAs of December 31, 2019 and 2018, property, plant and equipment was comprised of the following:\nDepreciation expense was $12.5 million, $12.7 million and $12.8 million for the years ended December 31, 2019, 2018 and 2017, respectively, which is recorded in cost of sales, selling, general and administrative expense and research and development expense in the consolidated statements of income.\nWe assess long-lived assets used in operations for potential impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable and the undiscounted cash flows estimated to be generated by the asset are less than the asset\u2019s carrying value. During the year ended December 31, 2019, the Company recognized impairment charges of $3.9 million related to the abandonment of certain information technology projects in which we had previously capitalized expenses related to these projects. The impairment charges were determined based on actual costs incurred as part of the projects. No impairment charges were recognized during the years ended December 31, 2018 and 2017.\n\n(In thousands) | 2019 | 2018 \n---------------------------------------- | --------- | ---------\nLand | $4,575 | $4,575 \nBuilding and land improvements | 34,797 | 34,379 \nBuilding | 68,157 | 68,183 \nFurniture and fixtures | 19,959 | 19,831 \nComputer hardware and software | 74,399 | 92,071 \nEngineering and other equipment | 130,430 | 127,060 \nTotal Property, Plant and Equipment | 332,317 | 346,099 \nLess accumulated depreciation | (258,609) | (265,464)\nTotal Property, Plant and Equipment, net | $73,708 | $80,635 "} {"_id": "d1b3993d2", "title": "", "text": "AMERICAN TOWER CORPORATION AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Tabular amounts in millions, unless otherwise disclosed)\nAccounts Receivable and Deferred Rent Asset\u2014The Company derives the largest portion of its revenues and corresponding accounts receivable and the related deferred rent asset from a relatively small number of tenants in the telecommunications industry, and 54% of its current-year revenues are derived from four tenants.\nThe Company\u2019s deferred rent asset is associated with non-cancellable tenant leases that contain fixed escalation clauses over the terms of the applicable lease in which revenue is recognized on a straight-line basis over the lease term.\nThe Company mitigates its concentrations of credit risk with respect to notes and trade receivables and the related deferred rent assets by actively monitoring the creditworthiness of its borrowers and tenants. In recognizing tenant revenue, the Company assesses the collectibility of both the amounts billed and the portion recognized in advance of billing on a straight-line basis. This assessment takes tenant credit risk and business and industry conditions into consideration to ultimately determine the collectibility of the amounts billed. To the extent the amounts, based on management\u2019s estimates, may not be collectible, revenue recognition is deferred until such point as collectibility is determined to be reasonably assured. Any amounts that were previously recognized as revenue and subsequently determined to be uncollectible are charged to bad debt expense included in Selling, general, administrative and development expense in the accompanying consolidated statements of operations.\nAccounts receivable is reported net of allowances for doubtful accounts related to estimated losses resulting from a tenant\u2019s inability to make required payments and allowances for amounts invoiced whose collectibility is not reasonably assured. These allowances are generally estimated based on payment patterns, days past due and collection history, and incorporate changes in economic conditions that may not be reflected in historical trends, such as tenants in bankruptcy, liquidation or reorganization. Receivables are written-off against the allowances when they are determined to be uncollectible. Such determination includes analysis and consideration of the particular conditions of the account. Changes in the allowances were as follows:\n(1) In 2019, write-offs are primarily related to uncollectible amounts in India. In 2018 and 2017, recoveries include recognition of revenue resulting from collections of previously reserved amounts.\n\n | | Year Ended December 31, | \n------------------------------------ | ------- | ----------------------- | ------\n | 2019 | 2018 | 2017 \nBalance as of January 1, | $282.4 | $131.0 | $45.9 \nCurrent year increases | 104.3 | 157.8 | 87.2 \nWrite-offs, recoveries and other (1) | (223.4) | (6.4) | (2.1) \nBalance as of December 31, | $163.3 | $282.4 | $131.0"} {"_id": "d1b376fda", "title": "", "text": "CREDIT RISK\nIn many instances, trade receivables are written off directly to bad debt expense if the account has not been collected after a predetermined period of time.\nThe following table provides further details on trade receivables, net of allowance for doubtful accounts.\n\nAT DECEMBER 31 | 2019 | 2018 \n------------------------------------------------------------------ | ----- | -----\nTrade receivables not past due | 2,082 | 2,091\nTrade receivables past due, net of allowance for doubtful accounts | | \nUnder 60 days | 541 | 508 \n60 to 120 days | 232 | 304 \nOver 120 days | 64 | 72 \nTrade receivables, net of allowance for doubtful accounts | 2,919 | 2,975"} {"_id": "d1b37dcae", "title": "", "text": "Annual Recurring Revenue\nBeginning with the fourth quarter of 2018, we began monitoring a new operating metric, total annual recurring revenue (\u201cTotal ARR\u201d), which is defined as the annualized value of all recurring revenue contracts active at the end of a reporting period. Total ARR includes the annualized value of subscriptions (\u201cSubscription ARR\u201d) and the annualized value of software support contracts related to perpetual licenses (\u201cPerpetual license support ARR\u201d) active at the end of a reporting period and does not include revenue reported as perpetual license or professional services in our consolidated statement of operations. We are monitoring these metrics because they align with how our customers are increasingly purchasing our solutions and how we are managing our business. These ARR measures should be viewed independently of revenue, unearned revenue, and customer arrangements with termination rights as ARR is an operating metric and is not intended to be combined with or replace those items. ARR is not an indicator of future revenue and can be impacted by contract start and end dates and renewal rates.\nARR metrics as of December 31, 2019 and 2018 were as follows (unaudited):\n\n | December 31, | \n--------------------------------------------- | ------------ | ------\n(in millions, except percentages) | 2019 | 2018 \nTotal ARR | $179.5 | $162.6\nYear-over-year percentage increase | 10% | 20% \nSubscription ARR | $113.9 | $95.9 \nYear-over-year percentage increase | 19% | 32% \nPerpetual license support ARR | $65.6 | $66.7 \nYear-over-year percentage increase (decrease) | (2)% | 6% "} {"_id": "d1b377f84", "title": "", "text": "Interest and Other Expense, Net\nThe following table sets forth the components of interest and other expense, net:\nInterest and other expense, net, positively changed by $30.5 million during fiscal 2019, as compared to fiscal 2018, primarily driven by curtailment gains on our pension plans, mark-to-market gains on certain of our privately-held strategic investments, realized gains on sales of strategic investments, offset by an increase in interest expense resulting from our term loan entered into on December 17, 2018 in aggregate principal amount of $500 million and mark-to-market losses on marketable securities.\nInterest and other expense, net, increased $24.0 million during fiscal 2018, as compared to fiscal 2017, primarily related to increases in impairment losses on certain of our privately-held strategic investments and interest expense resulting from our June 2017 issuance of $500.0 million aggregate principal amount of 3.5% notes due June 15, 2027.\nInterest expense and investment income fluctuates based on average cash, marketable securities and debt balances, average maturities and interest rates.\nGains and losses on foreign currency are primarily due to the impact of re-measuring foreign currency transactions and net monetary assets into the functional currency of the corresponding entity. The amount of the gain or loss on foreign currency is driven by the volume of foreign currency transactions and the foreign currency exchange rates for the year\n\n | | Fiscal year ended January 31, | \n------------------------------------ | ------- | ----------------------------- | -------\n | 2019 | 2018 | 2017 \n | | (in millions) | \nInterest and investment expense, net | $(52.1) | $(34.5) | $(29.7)\nGain (loss) on foreign currency | 5.1 | (3.3) | (3.3) \nGain (loss) on strategic investments | 12.5 | (16.4) | 0.3 \nOther income | 16.8 | 6.0 | 8.5 \nInterest and other expense, net | $(17.7) | $(48.2) | $(24.2)"} {"_id": "d1b398cac", "title": "", "text": "Note 11: Share-Based Compensation\nTotal share-based compensation expense related to the Company's stock options, RSUs, stock grant awards and ESPP were recorded within the Consolidated Statements of Operations and Comprehensive Income as follows (in millions):\n(1) Recognition of related income tax benefits are the result of the adoption of ASU 2016-09 during the first quarter of 2017 through a cumulative effect adjustment of $68.1 million recorded as a credit to retained earnings as of January 1, 2017. Tax benefit is calculated using the federal statutory rate of 21% during the years ended December 31, 2019 and December 31, 2018, and 35% for the year ended December 31, 2017.\nAt December 31, 2019, total unrecognized share-based compensation expense, net of estimated forfeitures, related to non-vested RSUs with service, performance and market conditions was $74.9 million, which is expected to be recognized over a weighted-average period of 1.3 years. The total intrinsic value of stock options exercised during the year ended December 31, 2019 was $3.9 million.\nThe Company received cash of $1.7 million and $26.2 million from the exercise of stock options and the issuance of shares under the ESPP, respectively. Upon option exercise, vesting of RSUs, stock grant awards, or completion of a purchase under the ESPP, the Company issues new shares of common stock.\n\n | | Year Ended December 31, | \n----------------------------------------------- | ------ | ----------------------- | ------\n | 2019 | 2018 | 2017 \nCost of revenue | $10.6 | $7.0 | $6.0 \nResearch and development | 17.0 | 14.3 | 12.5 \nSelling and marketing | 14.8 | 14.1 | 11.7 \nGeneral and administrative | 37.0 | 42.9 | 39.6 \nShare-based compensation expense | 79.4 | 78.3 | 69.8 \nRelated income tax benefits at federal rate (1) | (16.7) | (16.4) | (24.4)\nShare-based compensation expense, net of taxes | $62.7 | $61.9 | $45.4 "} {"_id": "d1b311ef0", "title": "", "text": "Group and business unit performance factors\nThe underlying values and weightings for each KPI are set and approved by the remuneration committee in advance of each year to determine parameters for the STI in the form of a balanced scorecard. Below is the group STI scorecard for FY19 that applied to the CEO, CFO, executive directors, prescribed officers and other participants:\n* The actual targets have not been provided as they are linked to budget and considered commercially sensitive information.\n** For the key performance indicators within the growth and efficiency strategic objectives, the targeted percentages for \u201cthreshold\u201d, \u201con-target\u201d and\n\u201cstretch\u201d as set out above per key performance indicator represent the targeted percentage achievement of the underlying budgeted amounts.\n\nStrategic objective | Strategic objective weighting | Key performance indicator | Key performance indicator weighting | Score = 50% | Score = 100% | Score = 200%\n-------------------------- | ----------------------------- | ------------------------- | ----------------------------------- | -------------------------------------------------------------------- | -------------------- | ------------\nGrowth*,** | 60% | Sales volume growth | 10% | 40,0% | 100,0% | 140,0% \n | | Absolute gross margin | 10% | 96,8% | 100,0% | 103,6% \n | | PBIT | 40% | 98,6% | 100,0% | 103,6% \nEfficiency*,** | 10% | Cost savings initiatives | 5% | 98,6% | 100,0% | 123,4% \n | | Net working capital | 5% | 101,2% | 100,0% | 97,7% \n | | | | Reduction in execution-related marketplace incidents year-on-year by | | \nPeople and sustainability* | 30% | Quality | 10% | 10% | 15% | 20% \n | | Safety (LTIFR) | 10% | 120,0% | 100,0% | 80,0% \n | | BBBEE score | 10% | Level 7 (60 to 61) | Level 7 (61.1 to 65) | Level 6 "} {"_id": "d1b36a532", "title": "", "text": "Electro-Magnetic, Sensors, and Actuators\nThe following table sets forth net sales, operating income, and operating income as a percentage of net sales for our MSA reportable segment in fiscal years 2019 and 2018 (amounts in thousands, except percentages).\nNet Sales MSA net sales of $240.7 million in fiscal year 2019 increased $13.8 million or 6.1% from $227.0 million in fiscal year 2018. The increase in net sales was primarily driven by a $15.0 million increase in OEM sales in the JPKO region. Also contributing to the increase in net sales was a $4.3 million increase in EMS sales across all regions and a $3.7 million increase in distributor sales across the Americas and EMEA regions. These increase in net sales were partially offset by a $5.5 million decrease in distributor sales across the APAC and JPKO regions and a $3.8 million decrease in OEM sales across the Americas, APAC, and JPKO regions.\nReportable Segment Operating Income\nSegment operating income of $22.5 million in fiscal year 2019 increased $6.9 million from $15.7 million in fiscal year 2018. The increase in operating income was primarily due to a $6.6 million decrease in SG&A expenses resulting from a decrease in payroll expenses that was caused by a reduction in head count. Also contributing to the increase in operating income was a $2.9 million decrease in restructuring charges, a $1.3 million decrease in net loss on write down and disposal of long-lived assets, and a $0.2 million decrease in R&D expenses. Partially offsetting these improvements was a $4.1 million decrease in gross margin, which was primarily driven by a change in the sales mix to lower margin products.\n\n | | For the Fiscal Years Ended | | \n------------------------ | -------------- | -------------------------- | -------------- | --------------\n | March 31, 2019 | | March 31, 2018 | \nSales | Amount | % to Net Sales | Amount | % to Net Sales\nNet sales | $240,740 | | $226,964 | \nSegment operating income | 22,546 | 9.4% | 15,694 | 6.9% "} {"_id": "d1b3220e8", "title": "", "text": "Total Expense for Share-Based Payment\nTotal expense for the share-based payment plans of Executive Board members was determined in accordance with IFRS 2 (Share- Based Payments) and consists exclusively of obligations arising from Executive Board activities.\n\n\u20ac thousands | 2019 | 2018 \n------------------------------------------------------------------------------ | -------- | -------\nChristian Klein (Co-CEO from 10/10/2019) | 1,925 | 442.2 \nJennifer Morgan (Co-CEO from 10/10/2019) | 2,894 | 796.1 \nRobert Enslin (until 4/5/2019) | 3,480 | 727.0 \nAdaire Fox-Martin | 2,667 | 796.1 \nMichael Kleinemeier | 3,253 | 914.2 \nBernd Leukert (until 3/31/2019) | 8,606 | 775.2 \nBill McDermott (CEO until 10/10/2019, Executive Board member until 11/15/2019) | 14,689 | 2,155.8\nLuka Mucic | 3,391 | 675.8 \nJ\u00fcrgen M\u00fcller (from 1/1/2019) | 768 | - \nStefan Ries | 2,646 | 772.0 \nThomas Saueressig (from 11/1/2019) | 128 | - \nTotal | 44,446.5 | 8,054.4"} {"_id": "d1b3b497a", "title": "", "text": "Off-Balance Sheet Arrangements and Contractual Obligations\nWe have certain obligations to make future payments under various contracts, some of which are recorded on our balance sheet\n\nand some of which are not. Obligations that are recorded on our balance sheet in accordance with GAAP include our long-term\n\ndebt which is outlined in the following table. Our off-balance sheet arrangements are presented as operating leases and purchase\n\nobligations in the table. Our contractual obligations and commitments as of June 30, 2019, relating to these agreements and our\n\nguarantees are included in the following table based on their contractual maturity date.\nThe amounts in the table below exclude $373 million of liabilities related to uncertain tax benefits as we are unable to reasonably\n\nestimate the ultimate amount or time of settlement. See Note 7 of our Consolidated Financial Statements in Part II, Item 8 of this\n\n2019 Form 10-K for further discussion. The amounts in the table below also exclude $10 million associated with funding\n\ncommitments related to non-marketable equity investments as we are unable to make a reasonable estimate regarding the timing\n\nof capital calls.\nThe amounts in the table below exclude $373 million of liabilities related to uncertain tax benefits as we are unable to reasonably\n\nestimate the ultimate amount or time of settlement. See Note 7 of our Consolidated Financial Statements in Part II, Item 8 of this\n\n2019 Form 10-K for further discussion. The amounts in the table below also exclude $10 million associated with funding\n\ncommitments related to non-marketable equity investments as we are unable to make a reasonable estimate regarding the timing\n\nof capital calls.\n(1) Excludes $26.5 million associated with our build-to-suit lease arrangements that are classified as capital leases in the Consolidated Balance Sheets in Part II, Item 8 of this 2019 Form 10-K for which cash payment is not anticipated.\n(2) The conversion period for the 2.625% Convertible Senior Notes due May 2041 (the \u201c2041 Notes\u201d) was open as of June 30, 2019, and as such the net carrying value of the 2041 Notes is included within current liabilities on our Consolidated Balance Sheet. The principal balances of the 2041 Notes are reflected in the payment period in the table above based on the contractual maturity assuming no conversion. See Note 14 of our Consolidated Financial Statements in Part II, Item 8 of this 2019 Form 10-K for additional information concerning the 2041 Notes and associated conversion features.\n(3) We may choose to apply existing tax credits, thereby reducing the actual cash payment.\n(4) Certain tax-related liabilities and post-retirement benefits classified as other non-current liabilities on the Consolidated Balance Sheet are included in the \u201cMore than 5 Years\u201d category due to the uncertainty in the timing and amount of future payments. Additionally, the balance excludes contractual obligations recorded in our Consolidated Balance Sheet as current liabilities.\nOperating Leases\nWe lease most of our administrative, R&D, and manufacturing facilities; regional sales/service offices; and certain equipment under non-cancelable operating leases. Certain of our facility leases for buildings located in Fremont and Livermore, California; Tualatin, Oregon; and certain other facility leases provide us with an option to extend the leases for additional periods or to purchase the facilities. Certain of our facility leases provide for periodic rent increases based on the general rate of inflation. In addition to amounts included in the table above, we have guaranteed residual values for certain of our Fremont and Livermore facility leases of up to $250 million. See Note 16 to our Consolidated Financial Statements in Part II, Item 8 of this 2019 Form 10-K for further discussion.\nCapital Leases\nCapital leases reflect building and office equipment lease obligations. The amounts in the table above include the interest portion of payment obligations.\nPurchase Obligations\nPurchase obligations consist of significant contractual obligations either on an annual basis or over multi-year periods related to our outsourcing activities or other material commitments, including vendor-consigned inventories. The contractual cash obligations and commitments table presented above contains our minimum obligations at June 30, 2019, under these arrangements and others. For obligations with cancellation provisions, the amounts included in the preceding table were limited to the non-cancelable portion of the agreement terms or the minimum cancellation fee. Actual expenditures will vary based on the volume of transactions and length of contractual service provided.\nIncome Taxes\nDuring the December 2017 quarter, a one-time transition tax on accumulated unrepatriated foreign earnings, estimated at $991 million, was recognized associated with the December 2017 U.S. tax reform. In accordance with SAB 118, we finalized the amount of the transition tax during the period ended December 23, 2018. The final amount is $868.4 million. The Company elected\nLong-Term Debt\nIn June 2012, with the acquisition of Novellus, we assumed $700 million in aggregate principal amount of 2.625% Convertible Senior Notes due May 2041. We pay cash interest on the 2041 Notes at an annual rate of 2.625%, on a semi-annual basis. The 2041 Notes may be converted, under certain circumstances, into our Common Stock.\nDuring the quarter-ended June 30, 2019, the market value of our Common Stock was greater than or equal to 130% of the 2041 Notes conversion prices for 20 or more trading days of the 30 consecutive trading days preceding the quarter end. As a result, the 2041 Notes are convertible at the option of the holder and are classified as current liabilities in our Consolidated Balance Sheets for fiscal year 2019.\nOn March 12, 2015, we completed a public offering of $500 million aggregate principal amount of Senior Notes due March 15, 2020 (the \u201c2020 Notes\u201d) and $500 million aggregate principal amount of Senior Notes due March 15, 2025 (the \u201c2025 Notes\u201d). We pay interest at an annual rate of 2.75% and 3.80%, respectively, on the 2020 Notes and 2025 Notes, on a semi-annual basis on March 15 and September 15 of each year.\nOn June 7, 2016, we completed a public offering of $800.0 million aggregate principal amount of Senior Notes due June 15, 2021, (the \u201c2021 Notes\u201d), together with the 2020 Notes, and 2021 Notes, the \u201cSenior Notes\u201d, and collectively with the Convertible Notes, the \u201cNotes\u201d). We pay interest at an annual rate of 2.80% on the 2021 Notes on a semi-annual basis on June 15 and December 15 of each year.\nOn March 4, 2019, we completed a public offering of $750 million aggregate principal amount of the Company\u2019s Senior Notes due March 15, 2026 (the \u201c2026 Notes\u201d), $1 billion aggregate principal amount of the Company\u2019s Senior Notes due March 15, 2029 (the \u201c2029 Notes\u201d), and $750 million aggregate principal amount of the Company\u2019s Senior Notes due March 15, 2049 (the \u201c2049 Notes\u201d, collectively with the 2026 and 2029 Notes, the \u201cSenior Notes issued in 2019\u201d). We will pay interest at an annual rate of 3.75%, 4.00%, and 4.875%, respectively on the 2026, 2029 and 2049 Notes, on a semi-annual basis on March 15 and September 15 of each year, beginning September 15, 2019.\nWe may redeem the 2020, 2021, 2025, 2026, 2029 and 2049 Notes (collectively the \u201cSenior Notes\u201d) at a redemption price equal to 100% of the principal amount of such series (\u201cpar\u201d), plus a \u201cmake whole\u201d premium as described in the indenture in respect to the Senior Notes and accrued and unpaid interest before February 15, 2020, for the 2020 Notes, before May 15, 2021 for the 2021 Notes, before December 15, 2024 for the 2025 Notes, before January 15, 2026 for the 2026 Notes, before December 15, 2028 for the 2029 Notes, and before September 15, 2048 for the 2049 Notes. We may redeem the Senior Notes at par, plus accrued and unpaid interest at any time on or after February 15, 2020, for the 2020 Notes, on or after May 15, 2021 for the 2021 Notes, on or after December 24, 2024, for the 2025 Notes, on or after January 15, 2026 for the 2026 Notes, on or after December 15, 2028 for the 2029 Notes, and on or after September 15, 2048 for the 2049 Notes. In addition, upon the occurrence of certain events, as described in the indenture, we will be required to make an offer to repurchase the Senior Notes at a price equal to 101% of the principal amount of the respective note, plus accrued and unpaid interest.\nDuring fiscal year 2019, 2018, and 2017, we made $117 million, $753 million, and $1.7 billion, respectively, in principal payments on long-term debt and capital leases.\n\n | Total | Less Than 1 Year | 1-3 Years | Years3-5 | More Than 5 Years\n------------------------------------------------------------------------- | ---------- | ---------------- | ------------- | -------- | -----------------\n | | | (inthousands) | | \nOperating leases | $98,389 | $37,427 | $36,581 | $12,556 | $11,825 \nCapital leases (1) | 50,049 | 7,729 | 17,422 | 10,097 | 14,801 \nPurchase obligations | 424,561 | 345,498 | 28,946 | 13,442 | 36,675 \nLong-term debt and interest expense (2) | 6,468,517 | 660,840 | 1,079,096 | 257,630 | 4,470,951 \nOne-time transition tax on accumulated unrepatriated foreign earnings (3) | 798,892 | 69,469 | 138,938 | 199,723 | 390,762 \nOther long-term liabilities (4) | 190,821 | 4,785 | 13,692 | 7,802 | 164,542 \nTotal | $8,031,229 | $1,125,748 | $1,314,675 | $501,250 | $5,089,556 "} {"_id": "d1b322480", "title": "", "text": "14. Trade and other receivables\nTrade and other receivables mainly consist of amounts owed to us by customers and amounts that we pay to our suppliers in advance. Derivative financial instruments with a positive market value are reported within this note as are contract assets, which represent an asset for accrued revenue in respect of goods or services delivered to customers for which a trade receivable does not yet exist.\nAccounting policies\nTrade receivables represent amounts owed by customers where the right to payment is conditional only on the passage of time. Trade receivables that are recovered in instalments from customers over an extended period are discounted at market rates and interest revenue is accredited over the expected repayment period. Other trade receivables do not carry any interest and are stated at their nominal value. When the Group establishes a practice of selling portfolios of receivables from time to time these portfolios are recorded at fair value through other comprehensive income; all other trade receivables are recorded at amortised cost\nThe carrying value of all trade receivables, contract assets and finance lease receivables recorded at amortised cost is reduced by allowances for lifetime estimated credit losses. Estimated future credit losses are first recorded on the initial recognition of a receivable and are based on the ageing of the receivable balances, historical experience and forward looking considerations. Individual balances are written off when management deems them not to be collectible.\nNotes: 1 Previously described as accrued income in the year ended 31 March 2018\n2 Items are measured at fair value and the valuation basis is level 2 classification, which comprises items where fair value is determined from inputs other than quoted prices that are observable for the asset or liability, either directly or indirectly\nThe Group\u2019s trade receivables and contract assets are classified at amortised cost unless stated otherwise and are measured after allowances for future expected credit losses, see note 21 \u201cCapital and financial risk management\u201d for more information on credit risk.\nThe carrying amounts of trade and other receivables, which are measured at amortised cost, approximate their fair value and are predominantly non-interest bearing.\nThe Group\u2019s contract-related costs comprise \u20ac1,433 million relating to costs incurred to obtain customer contracts and \u20ac74 million relating to costs incurred to fulfil customer contracts; an amortisation and impairment expense of \u20ac1,506 million was recognised in operating profit during the year.\nIn January and February 2019 \u20ac57 million and \u20ac70 million, respectively, of trade receivables were reclassified from amortised cost to fair value through other comprehensive income following changes to the Group\u2019s business model under which the balances may be sold to a third party\nThe fair values of the derivative financial instruments are calculated by discounting the future cash flows to net present values using appropriate market interest rates and foreign currency rates prevailing at 31 March.\n\n | 2019 | 2018 \n----------------------------------------------------------------------- | ------ | -----\n | \u20acm | \u20acm \nIncluded within non-current assets: | | \nTrade receivables | 197 | 435 \nTrade receivables held at fair value through other comprehensive income | 179 | \u2013 \nContract assets1 | 531 | 350 \nContract-related costs | 375 | \u2013 \nAmounts owed by associates and joint ventures | 1 | 1 \nOther receivables | 77 | 194 \nPrepayments | 371 | 597 \nDerivative financial instruments2 | 3,439 | 2,449\n | 5,170 | 4,026\nIncluded within current assets: | | \nTrade receivables | 4,088 | 4,967\nTrade receivables held at fair value through other comprehensive income | 613 | \u2013 \nContract assets1 | 3,671 | 2,257\nContract-related costs | 1,132 | \u2013 \nAmounts owed by associates and joint ventures | 388 | 524 \nOther receivables | 876 | 895 \nPrepayments | 1,227 | 1,152\nDerivative financial instruments2 | 195 | 180 \n | 12,190 | 9,975"} {"_id": "d1b320e82", "title": "", "text": "VALUATION AND QUALIFYING ACCOUNTS\n(Amounts in millions)\n(A) Includes increases and reversals of allowances for sales returns, price protection, and valuation allowance for deferred tax assets due to normal reserving terms.\n(B) Includes actual write-offs and utilization of allowances for sales returns, price protection, and releases of income tax valuation allowances and foreign currency translation and other adjustments.\n\nCol. A Description | Col B. Balance at Beginning of Period | Col. C Additions(A) | Col. D Deductions(B) | Col. E Balance at End of Period\n---------------------------------------------------------------------- | ------------------------------------- | ------------------- | -------------------- | -------------------------------\nAt December 31, 2019 | | | | \nAllowances for sales returns and price protection and other allowances | $186 | $11 | $(79) | $118 \nValuation allowance for deferred tax assets | $61 | $127 | $(7) | $181 \nAt December 31, 2018 | | | | \nAllowances for sales returns and price protection and other allowances | $274 | $24 | $(112) | $186 \nValuation allowance for deferred tax assets | $\u2014 | $61 | $\u2014 | $61 \nAt December 31, 2017 | | | | \nAllowances for sales returns and price protection and other allowances | $257 | $83 | $(66) | $274 "} {"_id": "d1a72cf18", "title": "", "text": "4. PREPAID EXPENSES\nPrepaid expenses consisted of the following at December 31, 2019 and 2018 (in thousands):\u00a0 Prepaid expenses consisted of the following at December 31, 2019 and 2018 (in thousands):\u00a0 Prepaid expenses consisted of the following at December 31, 2019 and 2018 (in thousands):\nIn 2018, we recorded impairment charges of approximately$0.4 million related to prepaid licenses and production tooling as a result of the restructuring of our operations. These charges are included in \u201cRestructuring expenses\u201d in the accompanying statements of comprehensive loss (see Note 15).\n\n | 2019 | 2018\n-------------------------------------------- | ---- | ----\nPrepaid services | $221 | $252\nPrepaid bonds for German statutory costs | 188 | 199 \nPrepaid insurance | 62 | 19 \nPrepaid licenses, software tools and support | 17 | 51 \nOther prepaid expenses | 17 | 17 \n | $505 | $538"} {"_id": "d1b366bd0", "title": "", "text": "2017 ESPP\nIn May 2017, we adopted the 2017 Employee Stock Purchase Plan (the \u201c2017 ESPP\u201d). The 2017 ESPP grants employees the ability to designate a portion of their base-pay to purchase ordinary shares at a price equal to 85% of the fair market value of our ordinary shares on the first or last day of each 6 month purchase period. Purchase periods begin on January 1 or July 1 and end on June 30 or December 31, or the next business day if such date is not a business day. Shares are purchased on the last day of the purchase period.\nThe table below sets forth the weighted average assumptions used to measure the fair value of 2017 ESPP rights:\nWe recognize share-based compensation expense associated with the 2017 ESPP over the duration of the purchase period. We recognized$0.3 million, $0.3 million, and $0.1 million of share-based compensation expense associated with the 2017 ESPP during 2019, 2018, and 2017, respectively. At December 27, 2019, there was no unrecognized share-based compensation expense.\n\n | Year Ended | | \n------------------------------ | ----------------- | ----------------- | -----------------\n | December 27, 2019 | December 28, 2018 | December 29, 2017\nWeighted average expected term | 0.5 years | 0.5 years | 0.4 years \nRisk-free interest rate | 2.3% | 1.9% | 1.1% \nDividend yield | 0.0% | 0.0% | 0.0% \nVolatility | 56.0% | 52.7% | 47.8% "} {"_id": "d1b3b623e", "title": "", "text": "R. Segment Information\nVMware operates in one reportable operating segment, thus all required financial segment information is included in the consolidated financial statements. Operating segments are defined as components of an enterprise for which separate financial information is evaluated regularly by the chief operating decision maker in deciding how to allocate resources and assessing performance. VMware\u2019s chief operating decision maker allocates resources and assesses performance based upon discrete financial information at the consolidated level.\nRevenue by type during the periods presented was as follows (table in millions):\n\n | | For the Year Ended | \n--------------------------------------- | ---------------- | ------------------ | ----------------\n | January 31, 2020 | February 1, 2019 | February 2, 2018\nRevenue: | | | \nLicense | $3,181 | $3,042 | $2,628 \nSubscription and SaaS | 1,877 | 1,303 | 927 \nTotal license and subscription and SaaS | 5,058 | 4,345 | 3,555 \nServices: | | | \nSoftware maintenance | 4,754 | 4,351 | 3,919 \nProfessional services | 999 | 917 | 862 \nTotal services | 5,753 | 5,268 | 4,781 \nTotal revenue | $10,811 | $9,613 | $8,336 "} {"_id": "d1b393298", "title": "", "text": "Accounts Receivable and Allowance for Doubtful Accounts\nThe majority of our accounts receivable are derived from sales to large multinational semiconductor manufacturers throughout the world, are recorded at their invoiced amount and do not bear interest.\nIn order to monitor potential credit losses, we perform ongoing credit evaluations of our customers' financial condition. An allowance for doubtful accounts is maintained based upon our assessment of the expected collectability of all accounts receivable. The allowance for doubtful accounts is reviewed and assessed for adequacy on a quarterly basis.\nWe take into consideration (1) any circumstances of which we are aware of a customer's inability to meet its financial obligations and (2) our judgments as to prevailing economic conditions in the industry and their impact on our customers. If circumstances change, and the financial condition of our customers is adversely affected and they are unable to meet their financial obligations, we may need to take additional allowances, which would result in an increase in our operating expense.\nActivity related to our allowance for doubtful accounts receivable was as follows (in thousands):\n\n | | Fiscal Year Ended | \n----------------------------------------- | ----------------- | ----------------- | -----------------\n | December 28, 2019 | December 29, 2018 | December 30, 2017\nBalance at beginning of year | $185 | $200 | $299 \nCharges (reversals) to costs and expenses | 37 | (15) | (99) \nBalance at end of year | $222 | $185 | $200 "} {"_id": "d1b36c206", "title": "", "text": "Other Income (Expense), Net\nOther income (expense), net relates to certain non-operational charges primarily consisting of income or losses in our share of marketable equity securities accounted for under the equity method and of transactional foreign exchange gains (losses). The income (expense) from foreign exchange is dependent upon the change in foreign currency exchange rates vis-\u00e0vis the functional currency of the legal entity.\n(1) Represents the release to income from other comprehensive income relating to the mark to market on shares we held in Guidance prior to our acquisition in the first quarter of Fiscal 2018.\n(2) Represents a gain recognized in connection with the settlement of a certain breach of contractual arrangement in the second quarter of Fiscal 2018.\n\n | | | Year Ended June 30, | | \n---------------------------------------------------------------- | -------- | --------------------------- | ------------------- | --------------------------- | -------\n(In thousands) | 2019 | Change increase (decrease)) | 2018 | Change increase (decrease)) | 2017 \nForeign exchange gains (losses) | $(4,330) | $(9,175) | $4,845 | $1,776 | $3,069 \nOpenText share in net income (loss) of equity investees (note 8) | 13,668 | 7,703 | 5,965 | 13 | 5,952 \nIncome from long-term other receivable | \u2014 | (1,327) | 1,327 | (5,099) | 6,426 \nGain on shares held in Guidance (1) | \u2014 | (841) | 841 | 841 | \u2014 \nGain from contractual settlement (2) | \u2014 | (5,000) | 5,000 | 5,000 | \u2014 \nOther miscellaneous income (expense) | 818 | 823 | (5) | (301) | 296 \nTotal other income (expense), net | $10,156 | $(7,817) | $17,973 | $2,230 | $15,743"} {"_id": "d1b3b4ac4", "title": "", "text": "Contractual Obligations\nThe following table provides aggregate information regarding our contractual obligations as of March 31, 2019.\n(1) Operating lease obligations are presented net of contractually binding sub-lease arrangements. Additional information regarding our operating lease obligations is contained in Note 12, Commitments and Contingencies.\n(2) At March 31, 2019, we had a $1.1 million liability reserve for unrecognized income tax positions which is not reflected in the table above. The timing of potential cash outflows related to the unrecognized tax positions is not reasonably determinable and therefore, is not scheduled. Substantially all of this reserve is included in Other non-current liabilities. Additional information regarding unrecognized tax positions is provided in Note 10, Income Taxes.\nWe believe that cash on hand, funds from operations, and access to capital markets will provide adequate funds to finance capital spending and working capital needs and to service our obligations and other commitments arising during the foreseeable future.\n\n(In thousands) | Total | 2020 | 2021-2022 | 2023-2024 | Thereafter\n--------------------------------- | ------- | ------ | --------- | --------- | ----------\nOperating leases (1) | $19,437 | $4,143 | $7,111 | $3,686 | $4,497 \nCapital leases | 65 | 27 | 38 | \u2014 | \u2014 \nAsset retirement obligation | 400 | \u2014 | 150 | 250 | \nTotal contractual obligations (2) | $19,902 | $4,170 | $7,299 | $3,936 | $4,497 "} {"_id": "d1a737b0c", "title": "", "text": "Results of Operations\nThe following table sets forth our consolidated statement of operations for the years ended December 31, 2019, 2018, and 2017.\n(1) Includes stock-based compensation expense and related payroll taxes as follows:\n\n | | Years ended December 31, | \n--------------------------------------------------------------------------------------- | ----------------------------------------------- | ------------------------ | ----------\n | 2019 | 2018 | 2017 \n | (in thousands, except share and per share data) | | \nRevenues: | | | \nSubscription solutions | $642,241 | $464,996 | $310,031 \nMerchant solutions | 935,932 | 608,233 | 363,273 \n | 1,578,173 | 1,073,229 | 673,304 \nCost of revenues(1)(2): | | | \nSubscription solutions | 128,155 | 100,990 | 61,267 \nMerchant solutions | 584,375 | 375,972 | 231,784 \n | 712,530 | 476,962 | 293,051 \nGross profit | 865,643 | 596,267 | 380,253 \nOperating expenses: | | | \nSales and marketing(1)(2) | 472,841 | 350,069 | 225,694 \nResearch and development(1)(2) | 355,015 | 230,674 | 135,997 \nGeneral and administrative(1) | 178,934 | 107,444 | 67,719 \nTotal operating expenses | 1,006,790 | 688,187 | 429,410 \nLoss from operations | (141,147) | (91,920) | (49,157) \nOther income | 45,332 | 27,367 | 9,162 \nLoss before income taxes | (95,815) | (64,553) | (39,995) \nProvision for income taxes | 29,027 | \u2014 | \u2014 \nNet loss | $(124,842) | $(64,553) | $(39,995) \nBasic and diluted net loss per share attributable to shareholders | $(1.10) | $(0.61) | $(0.42) \nWeighted average shares used to compute net loss per share attributable to shareholders | 113,026,424 | 105,671,839 | 95,774,897"} {"_id": "d1a73c7c4", "title": "", "text": "BELL WIRELESS RESULTS\nREVENUES\nBell Wireless operating revenues increased by 3.7% in 2019, compared to 2018, driven by greater postpaid and prepaid service revenues and higher product revenues.\nService revenues increased by 2.5% in 2019, compared to last year, driven by: \u2022 Continued growth in our postpaid and prepaid subscriber base coupled with rate increases \u2022 A greater mix of customers subscribing to higher-value monthly plans including unlimited data plans launched in June\u00a02019 \u2022 The favourable year-over-year impact from the\u00a02018 CRTC retroactive decision on wireless domestic wholesale roaming rates\nThese factors were partly offset by: \u2022 Greater sales of premium handsets and more customers subscribing to higher-value monthly plans \u2022 Lower data and voice overages driven by increased customer adoption of monthly plans with higher data allotments and richer voice plans\nProduct revenues increased by 6.6% in 2019, compared to last year, driven by greater sales of premium handsets and the impact of higher-value rate plans in our sales mix.\n\n | 2019 | 2018 | $ CHANGE | % CHANGE\n-------------------------------- | ----- | ----- | -------- | --------\nExternal service revenues | 6,427 | 6,269 | 158 | 2.5% \nInter-segment service revenues | 49 | 48 | 1 | 2.1% \nTotal operating service revenues | 6,476 | 6,317 | 159 | 2.5% \nExternal product revenues | 2,660 | 2,497 | 163 | 6.5% \nInter-segment product revenues | 6 | 4 | 2 | 50.0% \nTotal operating product revenues | 2,666 | 2,501 | 165 | 6.6% \nTotal Bell Wireless revenues | 9,142 | 8,818 | 324 | 3.7% "} {"_id": "d1b3c3fe2", "title": "", "text": "Revenue\nThe following table presents the breakdown of revenue between product and service (in millions, except percentages):\n(1) Total revenue, product revenue and service revenue not including the SPVSS business in the prior year increased 7%, 8% and 3%, respectively.\n\n | | Years Ended | | 2019 vs. 2018 | \n--------------------- | ----------------- | ------------- | ------------- | ------------------- | -------------------\n | July 27, 2019 (1) | July 28, 2018 | July 29, 2017 | Variance in Dollars | Variance in Percent\nRevenue: | | | | | \nProduct | $39,005 | $36,709 | $35,705 | $2,296 | 6% \nPercentage of revenue | 75.1% | 74.4% | 74.4% | | \nService | 12,899 | 12,621 | 12,300 | 278 | 2% \nPercentage of revenue | 24.9% | 25.6% | 25.6% | | \nTotal | $51,904 | $49,330 | $48,005 | $2,574 | 5% "} {"_id": "d1b3bd318", "title": "", "text": "External auditor\nTransition of external auditor\nDeloitte was appointed as intu\u2019s external auditor for the 2019 audit following approval at the 2019 AGM, succeeding PwC. Although it is still early into Deloitte\u2019s tenure as intu\u2019s external auditor, I am pleased that the transition of the external audit process has gone well. The Audit Committee has recommended that Deloitte be reappointed as external auditor at the 2020 AGM.\nA key area of focus for the Audit Committee in 2019 was the effective transition of the external audit process from PwC to Deloitte. For this to be achieved, a detailed transition plan was put in place between management and Deloitte with the aim of familiarising Deloitte with intu. In addition to regular communication between the Group finance team and Deloitte, the key areas of the transition plan included:\n\u2014Deloitte shadowing PwC through the 2018 audit and attending the November 2018 and February 2019 Audit Committee meetings\n\u2014regular communication between management, Deloitte and PwC to agree and facilitate the handover process\n\u2014Deloitte\u2019s review of PwC\u2019s 2018 audit files\n\u2014meetings with senior management across intu to familiarise Deloitte with key business processes\n\u2014site visits to shopping centres to see how the assets are operated as well as meeting with centre management and leasing teams\n\u2014meetings with the Group\u2019s thirdparty valuers to understand the valuation process\n\u2014detailed reviews of the Group\u2019s cash flow, financing and covenant projections\nExternal auditor effectiveness\nThe Audit Committee has assessed the effectiveness of the external auditor, Deloitte, in line with the approach set out in the FRC\u2019s Audit Quality Practice Aid tailored to the fact that it is Deloitte\u2019s first year as intu\u2019s external auditor. In carrying out the evaluation for 2019 the Audit Committee has reviewed and challenged with the external auditor:\n\u2014the 2019 audit plan presented by Deloitte, including the risks identified and its audit approach\n\u2014the FRC\u2019s audit quality inspection review of Deloitte\n\u2014the output of the audit, including reports to the Audit Committee and management\n\u2014performance of the audit team at meetings\nThe above was assessed through internal feedback, direct meetings, reviews of internal as well as independent reports.\nFollowing this review, the Audit Committee has concluded that Deloitte has been effective in its role as external auditor for the 2019 audit. The Audit Committee will continue to review the effectiveness and independence of the external auditor each year.\nNon-audit services\nOn 1 January 2017 the Group implemented the FRC\u2019s Ethical Standard for Auditors which imposes restrictions on certain non-audit services. The FRC\u2019s Revised Ethical Standard will become effective for the Group from 15 March 2020. The majority of non-audit related services are prohibited and others require approval by the Audit Committee. There is a statutory overall fee limit of 70 per cent of the average of audit fees charged in the past three years.\nThe Audit Committee has sole authority to approve contracts for non-audit services with the external auditor, subject to observing certain guidelines. In order to ensure that external auditor independence and objectivity is maintained, the Audit Committee considers whether the proposed arrangements will maintain external auditor independence. The external auditor must also satisfy the Company that it is acting independently.\nThe table below summarises the fees paid to the external auditor over the last three years (with 2019 being attributable to Deloitte, and 2018 and 2017 attributable to PwC).\nAudit Committee effectiveness\nAs part of the Board evaluation process, the effectiveness of the Audit Committee was reviewed and this confirmed that the Committee remained effective at meeting its objectives.\nSteve Barber Chairman of the Audit Committee 12 March 2020\n\n | 2019 | 2018 | 2017\n------------------------------------- | ----- | ----- | ----\n | \u00a3000 | \u00a3000 | \u00a3000\nAudit fees | 1,092 | 823 | 789 \nNon-audit fees | 598 | 281 | 49 \nTotal fees paid to auditor | 1,690 | 1,104 | 838 \nRatio of non-audit fees to audit fees | 55% | 34% | 6% "} {"_id": "d1b346380", "title": "", "text": "REVENUES BY SERVICES AND PRODUCTS\nThe following table presents our revenues disaggregated by type of services and products.\n(1) Our service revenues are generally recognized over time.\n(2) Our product revenues are generally recognized at a point in time.\n\nFOR THE YEAR ENDED DECEMBER 31 | 2019 | 2018 \n------------------------------ | ------ | ------\nServices\u2009(1) | | \nWireless | 6,427 | 6,269 \nWireline data | 7,684 | 7,466 \nWireline voice | 3,564 | 3,782 \nMedia | 2,811 | 2,677 \nOther wireline services | 251 | 247 \nTotal services | 20,737 | 20,441\nProducts\u2009(2) | | \nWireless | 2,660 | 2,497 \nWireline data | 519 | 466 \nWireline equipment and other | 48 | 64 \nTotal products | 3,227 | 3,027 \nTotal operating revenues | 23,964 | 23,468"} {"_id": "d1b32d2b8", "title": "", "text": "1 As defined by the International Monetary Fund.\nRevenue related to external customers went up moderately yearover- year on growth in nearly all industrial businesses. SGRE and Siemens Healthineers posted the highest growth rates, while revenue at Gas and Power declined moderately in a difficult market environment. The revenue decline in emerging markets was due mainly to lower revenue in Egypt, where in fiscal 2018 Gas and Power recorded sharply higher revenue from large orders.\nRevenue in Europe, C. I. S., Africa, Middle East increased moderately on growth in a majority of industrial businesses, driven by substantial growth at SGRE. Gas and Power posted a clear decline in a difficult market environment. In Germany, revenue was up moderately with significant growth in Mobility and Gas and Power, partly offset by a decline in SGRE.\nIn the Americas, revenue came in clearly higher year-over-year, benefiting from positive currency translation effects. Siemens Healthineers, Smart Infrastructure and Gas and Power recorded the largest increases, while SGRE posted clearly lower revenue in the region. In the U. S., all industrial businesses posted higher revenues year-over-year, with SGRE and Smart Infrastructure recording the strongest growth rates.\nRevenue in Asia, Australia rose moderately year-over-year on growth in the majority of industrial businesses, led by Siemens Healthineers and Digital Industries. Gas and Power and SGRE posted lower revenue year-over-year. In China, revenue was also\nup in the majority of industrial businesses, led by Siemens Healthineers. In contrast, SGRE posted substantially lower revenue year-over-year in that country.\n\n | | Fiscal year | | % Change\n------------------------------------- | ------ | ----------- | ------ | --------\n(in millions of \u20ac) | 2019 | 2018 | Actual | Comp. \nEurope, C. I. S., Africa, Middle East | 44,360 | 42,782 | 4% | 4% \ntherein: Germany | 12,282 | 11,729 | 5% | 4 % \nAmericas | 23,796 | 22,115 | 8% | 3% \ntherein: U. S. | 17,993 | 16,012 | 12% | 6% \nAsia, Australia | 18,693 | 18,147 | 3% | 2% \ntherein: China | 8,405 | 8,102 | 4% | 3% \nSiemens | 86,849 | 83,044 | 5 % | 3 % \ntherein: emerging markets1 | 27,607 | 28,272 | (2) % | (2) % "} {"_id": "d1b34c960", "title": "", "text": "NAVIOS MARITIME HOLDINGS INC. NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Expressed in thousands of U.S. dollars \u2014 except share data)\nThe Company entered into new lease liabilities amounting to $47,064 during the year ended December 31, 2019.\nThe table below provides the total amount of lease payments on an undiscounted basis on our chartered-in contracts, office lease agreements and land lease agreements as of December 31, 2019:\nAs of December 31, 2019, the weighted average remaining lease terms on our charter-in contracts, office lease agreements and land leases are 4.5 years, 1.9 years and 46.3 years, respectively.\n\n | Charter-in vessels in operation | Land Leases | Office space\n------------------------------------------------------ | ------------------------------- | ----------- | ------------\nDecember 31, 2020 | $109,574 | $556 | $753 \nDecember 31, 2021 | 85,399 | 556 | 356 \nDecember 31, 2022 | 57,282 | 556 | 101 \nDecember 31, 2023 | 47,603 | 556 | 81 \nDecember 31, 2024 | 34,025 | 556 | \u2014 \nDecember 31, 2025 and thereafter | 33,481 | 23,002 | \u2014 \nTotal | $367,364 | $25,782 | $1,291 \nOperating lease liabilities, including current portion | $304,568 | $7,660 | $1,204 \nDiscount based on incremental borrowing rate | $62,796 | $18,122 | $87 "} {"_id": "d1b3270fc", "title": "", "text": "Product Revenue by Segment\nThe following table presents the breakdown of product revenue by segment (in millions, except percentages):\nAmounts may not sum and percentages may not recalculate due to rounding.\nAmericas Product revenue in the Americas segment increased by 8%, driven by growth in the enterprise, public sector and commercial markets. These increases were partially offset by a product revenue decline in the service provider market. From a country perspective, product revenue increased by 9% in the United States, 26% in Mexico and 6% in Canada, partially offset by a product revenue decrease of 1% in Brazil.\nEMEA The increase in product revenue in the EMEA segment of 6% was driven by growth in the public sector and enterprise markets, partially offset by a decline in the service provider market. Product revenue in the commercial market was flat. Product revenue from emerging countries within EMEA increased by 9%, and product revenue for the remainder of the EMEA segment increased by 5%.\nAPJC Product revenue in the APJC segment increased by 1%, driven by growth in the public sector and enterprise markets, partially offset by declines in the service provider and commercial markets. From a country perspective, product revenue increased by 9% in Japan and 5% in India, partially offset by a product revenue decrease of 16% in China.\n\n | | Years Ended | | 2019 vs. 2018 | \n----------------------------- | ------------- | ------------- | ------------- | ------------------- | -------------------\n | July 27, 2019 | July 28, 2018 | July 29, 2017 | Variance in Dollars | Variance in Percent\nProduct revenue: | | | | | \nAmericas | $22,754 | $21,088 | $20,487 | $1,666 | 8% \nPercentage of product revenue | 58.3% | 57.5% | 57.4% | | \nEMEA | 10,246 | 9,671 | 9,369 | 575 | 6% \nPercentage of product revenue | 26.3% | 26.3% | 26.2% | | \nAPJC | 6,005 | 5,950 | 5,849 | 55 | 1% \nPercentage of product revenue | 15.4% | 16.2% | 16.4% | | \nTotal | $39,005 | $36,709 | $35,705 | $2,296 | 6% "} {"_id": "d1b3a11a4", "title": "", "text": "The following is selected financial data for our reportable segments (in thousands):\nACI On Premise Segment Adjusted EBITDA decreased $2.6 million for the year ended December 31, 2019, compared to the same period in 2018, primarily due to a $5.2 million increase in cash operating expense, partially offset by a $2.6 million increase in revenue.\nACI On Demand Segment Adjusted EBITDA increased $54.5 million for the year ended December 31, 2019, compared to the same period in 2018, of which $46.4 million was due to the acquisition of Speedpay. Excluding the impact of the acquisition of Speedpay, ACI On Demand Segment Adjusted EBITDA increased $8.1 million, primarily due to a $18.3 million increase in revenue, partially offset by a $10.2 million increase in cash operating expense.\n\n | Years Ended December 31, | \n-------------------------------------- | ------------------------ | -----------\n | 2019 | 2018 \nRevenues | | \nACI On Premise | $579,334 | $576,755 \nACI On Demand | 678,960 | 433,025 \nTotal revenue | $ 1,258,294 | $ 1,009,780\nSegment Adjusted EBITDA | | \nACI On Premise | $321,305 | $323,902 \nACI On Demand | 66,501 | 12,015 \nDepreciation and amortization | (122,569 ) | (97,350 ) \nStock-based compensation expense | (36,763 ) | (20,360 ) \nCorporate and unallocated expenses | (104,718 ) | (92,296 ) \nInterest, net | (52,066 ) | (30,388 ) \nOther, net | 520 | (3,724 ) \nIncome before income taxes | $ 72,210 | $ 91,799 \nDepreciation and amortization | | \nACI On Premise | $ 11,992 | $ 11,634 \nACI On Demand | 34,395 | 31,541 \nCorporate | 76,182 | 54,175 \nTotal depreciation and amortization | $ 122,569 | $ 97,350 \nStock-based compensation expense | | \nACI On Premise | $ 7,651 | $ 4,348 \nACI On Demand | 7,995 | 4,338 \nCorporate and other | 21,117 | 11,674 \nTotal stock-based compensation expense | $ 36,763 | $ 20,360 "} {"_id": "d1b397b86", "title": "", "text": "ICAR Vision Systems, S.L.\nOn October 16, 2017, Mitek Holding B.V., a company incorporated under the laws of The Netherlands and a wholly owned subsidiary of the Company (\u201cMitek Holding B.V.\u201d), acquired all of the issued and outstanding shares of ICAR, a company incorporated under the laws of Spain (the \u201cICAR Acquisition\u201d), and each of its subsidiaries, pursuant to a Share Purchase Agreement (the \u201cPurchase Agreement\u201d), by and among, the Company, Mitek Holding B.V., and each of the shareholders of ICAR (the \u201cSellers\u201d). ICAR is a technology provider of identity fraud proofing and document management solutions for web, desktop, and mobile platforms. Upon completion of the ICAR Acquisition, ICAR became a direct wholly owned subsidiary of Mitek Holding B.V. and an indirect wholly owned subsidiary of the Company. ICAR is a leading provider of consumer identity verification solutions in Spain and Latin America. The ICAR Acquisition strengthens the Company\u2019s position as a global digital identity verification powerhouse in the Consumer Identity and Access Management solutions market.\nAs consideration for the ICAR Acquisition, the Company agreed to an aggregate purchase price of up to $13.9 million, net of cash acquired. On October 16, 2017, the Company: (i) made a cash payment to Sellers of $3.0 million, net of cash acquired and subject to adjustments for transaction expenses, escrow amounts, indebtedness, and working capital adjustments; and (ii) issued to Sellers 584,291 shares, or $5.6 million, of Common Stock. In addition to the foregoing, the Sellers may be entitled to additional cash consideration upon achievement of certain milestones as follows: (a) subject to achievement of the revenue target for the fourth quarter of calendar 2017, the Company will pay to Sellers up to $1.5 million (the \u201cQ4 Consideration\u201d), which amount shall be deposited (as additional funds) into the escrow fund described below; and (b) subject to achievement of certain revenue and net income targets for ICAR for the twelve-month period ending on September 30, 2018, and the twelve-month period ending on September 30, 2019, the Company will pay to Sellers up to $3.8 million in additional cash consideration (the \u201cEarnout Consideration\u201d); provided that if the revenue target set forth in clause (a) is not met, then the Q4 Consideration will instead be added to the Earnout Consideration payable upon (and subject to) achievement of the revenue and net income targets for the twelve-month period ending on September 30, 2018. The Company estimated the fair value of the total Q4 Consideration and Earnout Consideration to be $2.9 million on October 16, 2017, which was determined using a discounted cash flow methodology based on financial forecasts determined by management that included assumptions about revenue growth and discount rates. Each quarter the Company revises the estimated fair value of the Earnout Consideration and revises as necessary.\nThe Company incurred $0.5 million of expense in connection with the ICAR Acquisition primarily related to legal fees, outside service costs, and travel expense, which are included in acquisition-related costs and expenses in the consolidated statements of operations and other comprehensive income (loss).\nOn October 16, 2017, the Company deposited $1.5 million of cash into an escrow fund to serve as collateral and partial security for working capital adjustments and certain indemnification rights. In April 2018, the Q4 Consideration of $1.5 million was deposited into the escrow fund. As a result of the achievement of earnout targets during fiscal 2018, the Company paid $1.8 million in January 2019. The Company intends to extend the period over which the remaining $1.8 million of earnout consideration is earned. A portion of the earnout consideration will be paid during first quarter of fiscal 2020 based on the achievement of revenue and income targets earned during fiscal 2019. The remaining portion of the earnout consideration will be paid out during the first quarter of fiscal 2021, which will be based on the achievement of certain revenue, income, development and corporate targets achieved during fiscal 2020. During the first quarter of fiscal 2020, the Company released all escrow funds, excluding $1.0 million which is being held for any potential settlement relating to the claims which may arise from the litigation which was brought on by Global Equity & Corporate Consulting, S.L. against ICAR as more fully described in Note 9.\nThe Company used cash on hand for cash paid on October 16, 2017, and under the terms of the Purchase Agreement, the Company has agreed to guarantee the obligations of Mitek Holding B.V. thereunder.\nAcquisitions are accounted for using the purchase method of accounting in accordance with ASC Topic 805,Business Combinations. Accordingly, the results of operations of A2iA and ICAR have been included in the accompanying consolidated financial statements since the date of each acquisition. The purchase price for both the A2iA Acquisition and the ICAR Acquisition have been allocated to the tangible and intangible assets acquired and liabilities assumed based upon the respective estimates of fair value as of the date of each acquisition, and are based on assumptions that the Company\u2019s management believes are reasonable given the information currently available.\nThe following table summarizes the estimated fair values of the assets acquired and liabilities assumed during the year ended September 30, 2018 a(mounts shown in thousands):\nThe goodwill recognized is due to expected synergies and other factors and is not expected to be deductible for income tax purposes. The Company estimated the fair value of identifiable acquisition-related intangible assets with definite lives primarily based on discounted cash flow projections that will arise from these assets. The Company exercised significant judgment with regard to assumptions used in the determination of fair value such as with respect to discount rates and the determination of the estimated useful lives of the intangible assets.\n\n | A2iA | ICAR | Total \n------------------------------- | ------- | ------- | -------\nCurrent assets | $3,929 | $2,036 | $5,965 \nProperty, plant, and equipment | 307 | 83 | 390 \nIntangible assets | 28,610 | 6,407 | 35,017 \nGoodwill | 24,991 | 6,936 | 31,927 \nOther non-current assets | 1,177 | 87 | 1,264 \nCurrent liabilities | (2,688) | (1,652) | (4,340)\nDeferred income tax liabilities | (7,503) | (1,602) | (9,105)\nOther non-current liabilities | (7) | (828) | (835) \nNet assets acquired | $48,816 | $11,467 | $60,283"} {"_id": "d1b37a252", "title": "", "text": "Liquidity and Capital Resources\nOur primary sources of liquidity are cash flows from operations, available cash reserves and debt capacity available under various credit facilities. We could raise additional funds through other public or private debt or equity financings. We may use our available or additional funds to, among other things\nfacilitate purchases, redemptions and exchanges of shares and pay dividends;\nacquire complementary businesses or technologies;\ntake advantage of opportunities, including more rapid expansion; or\ndevelop new services and solutions.\nAs of August 31, 2019, Cash and cash equivalents were $6.1 billion, compared with $5.1 billion as of August 31, 2018.\nCash flows from operating, investing and financing activities, as reflected in our Consolidated Cash Flows Statements, are summarized in the following table:\nOperating activities: The $600 million year-over-year increase in operating cash flow was due to higher net income as well as changes in operating assets and liabilities, including an increase in accounts payable, partially offset by higher tax disbursements.\nInvesting activities: The $506 million increase in cash used was primarily due to higher spending on business acquisitions and investments. For additional information, see Note 6 (Business Combinations) to our Consolidated Financial Statements under Item 8, \u201cFinancial Statements and Supplementary Data.\u201d\nFinancing activities: The $58 million increase in cash used was primarily due to an increase in cash dividends paid as well as an increase in purchases of shares, partially offset by an increase in proceeds from share issuances and a decrease in the purchase of additional interests in consolidated subsidiaries. For additional information, see Note 14 (Material Transactions Affecting Shareholders\u2019 Equity) to our Consolidated Financial Statements under Item 8, \u201cFinancial Statements and Supplementary Data.\u201d\nWe believe that our current and longer-term working capital, investments and other general corporate funding requirements will be satisfied for the next twelve months and thereafter through cash flows from operations and, to the extent necessary, from our borrowing facilities and future financial market activities\nSubstantially all of our cash is held in jurisdictions where there are no regulatory restrictions or material tax effects on the free flow of funds. In addition, domestic cash inflows for our Irish parent, principally dividend distributions from lower-tier subsidiaries, have been sufficient to meet our historic cash requirements, and we expect this to continue into the future.\n\n | Fiscal 2019 | Fiscal 2018 | 2019 to 2018 Change\n------------------------------------------------------------ | ----------- | ----------------------------- | -------------------\n | | (in millions of U.S. dollars) | \nNet cash provided by (used in): | | | \nOperating activities | $6,627 | $6,027 | $600 \nInvesting activities | (1,756) | (1,250) | (506) \nFinancing activities | (3,767) | (3,709) | (58) \nEffect of exchange rate changes on cash and cash equivalents | (39) | (134) | 95 \nNet increase (decrease) in cash and cash equivalents | $1,065 | $934 | $131 "} {"_id": "d1b392492", "title": "", "text": "Fair Value Valuation Assumptions\nValuation of Stock Options\nThe fair value of stock options granted are principally estimated using a binomial-lattice model. The inputs in our binomial-lattice model include expected stock price volatility, risk-free interest rate, dividend yield, contractual term, and vesting schedule, as well as measures of employees\u2019 cancellations, exercise, and post-vesting termination behavior. Statistical methods are used to estimate employee termination rates.\nThe following table presents the weighted-average assumptions, weighted average grant date fair value, and the range of expected stock price volatilities:\nExpected life The expected life of employee stock options is a derived output of the binomial-lattice model and represents the weighted-average period the stock options are expected to remain outstanding. A binomial-lattice model assumes that employees will exercise their options when the stock price equals or exceeds an exercise multiple. The exercise multiple is based on historical employee exercise behaviors.\nVolatility To estimate volatility for the binomial-lattice model, we consider the implied volatility of exchange-traded options on our stock to estimate short-term volatility, the historical volatility of our common shares during the option\u2019s contractual term to estimate long-term volatility, and a statistical model to estimate the transition from short-term volatility to long-term volatility.\nRisk-free interest rate As is the case for volatility, the risk-free interest rate is assumed to change during the option\u2019s contractual term. The riskfree interest rate, which is based on U.S. Treasury yield curves, reflects the expected movement in the interest rate from one time period to the next (\u201cforward rate\u201d).\nDividend yield The expected dividend yield assumption is based on our historical and expected future amount of dividend payouts. Share-based compensation expense recognized is based on awards ultimately expected to vest and therefore has been reduced for estimated forfeitures. Forfeitures are estimated at the time of grant based on historical experience and revised, if necessary, in subsequent periods if actual forfeitures differ from those estimates.\n\n | | Employee and Director Options | \n-------------------------------------- | ------ | -------------------------------- | ------\n | | For the Years Ended December 31, | \n | 2019 | 2018 | 2017 \nExpected life (in years) | 7.85 | 7.64 | 7.01 \nVolatility | 30.00% | 32.37% | 35.00%\nRisk free interest rate | 1.90% | 3.10% | 2.14% \nDividend yield | 0.76% | 0.61% | 0.50% \nWeighted-average grant date fair value | $17.12 | $21.03 | $21.11\nStock price volatility range: | | | \nLow | 30.00% | 31.72% | 28.19%\nHigh | 38.17% | 36.73% | 35.00%"} {"_id": "d1b2f1326", "title": "", "text": "Note 23 Provisions\n(1) Other includes environmental, vacant space and legal provisions\nAROs reflect management\u2019s best estimates of expected future costs to restore current leased premises to their original condition prior to lease inception. Cash outflows associated with our ARO liabilities are generally expected to occur at the restoration dates of the assets to which they relate, which are long-term in nature. The timing and extent of restoration work that will be ultimately required for these sites is uncertain.\n\nFOR THE YEAR ENDED DECEMBER 31 | NOTE | AROs | OTHER\u2009(1) | TOTAL\n------------------------------ | ---- | ---- | --------- | -----\nJanuary 1, 2019 | | 199 | 172 | 371 \nAdditions | | 21 | 24 | 45 \nUsage | | (4) | (52) | (56) \nReversals | | (17) | (1) | (18) \nAdoption of IFRS 16 | | \u2013 | (11) | (11) \nDecember 31, 2019 | | 199 | 132 | 331 \nCurrent | 20 | 16 | 17 | 33 \nNon-current | 25 | 183 | 115 | 298 \nDecember 31, 2019 | | 199 | 132 | 331 "} {"_id": "d1b35cd42", "title": "", "text": "Note: 1 See \u201cAlternative performance measures\u201d on page 231 for further details and reconciliations to the respective closest equivalent GAAP measure.\nThe Group\u2019s adjusted effective tax rate for its controlled businesses for the year ended 31 March 2019 was 24.4% compared to 20.6% for the last financial year. The higher rate in the current year is primarily due to a change in the mix of the Group\u2019s profit, driven by the financing for the Liberty Global transaction. The tax rate in the prior year also reflected the consequences of closing tax audits in Germany and Romania. We expect the Group\u2019s adjusted effective tax rate to remain in the low-mid twenties range for the medium term.\nThe Group\u2019s adjusted effective tax rate for both years does not include the following items: the derecognition of a deferred tax asset in Spain of \u20ac1,166 million (2018: \u20acnil); deferred tax on the use of Luxembourg losses of \u20ac320 million (2018: \u20ac304 million); an increase in the deferred tax asset of \u20ac488 million (2018: \u20ac330 million) arising from a revaluation of investments based upon the local GAAP financial statements and tax returns.\nThe Group\u2019s adjusted effective tax rate for the year ended 31 March 2018 does not include the recognition of a deferred tax asset of \u20ac1,603 million due to higher interest rates; and a tax charge in respect of capital gains on the transfer of share in Vodafone Kenya Limited to the Vodacom Group of \u20ac110 million.\n\nTaxation | | \n------------------------------------------------------------------------- | ------- | -------\n | 2019 \u20acm | 2018 \u20acm\nIncome tax (expense)/credit: | (1,496) | 879 \nTax on adjustments to derive adjusted profit before tax | (206) | (188) \nDeferred tax following revaluation of investments in Luxembourg | (488) | (330) \nLuxembourg deferred tax asset recognised | \u2013 | (1,603)\nDeferred tax on use of Luxembourg losses in the year | 320 | 304 \nTax on the Safaricom transaction | \u2013 | 110 \nDerecognition of a deferred tax asset in Spain | 1,166 | \u2013 \nAdjusted income tax expense for calculating adjusted tax rate1 | (704) | (828) \nLoss)/profit before tax | (2,613) | 3,878 \nAdjustments to derive adjusted profit before tax (see earnings per share) | 5,149 | 530 \nAdjusted profit before tax1 | 2,536 | 4,408 \nShare of adjusted results in associates and joint ventures | 348 | (389) \nAdjusted profit before tax for calculating adjusted effective tax rate | 2,884 | 4,019 \nAdjusted effective tax rate1 | 24.4% | 20.6% "} {"_id": "d1b35dfda", "title": "", "text": "REVENUE\n(1) Fiscal 2019 average foreign exchange rate used for translation was 1.3255 USD/CDN.\n(2) Fiscal 2018 was restated to comply with IFRS 15 and to reflect a change in accounting policy as well as to reclassify results from Cogeco Peer 1 as discontinued operations. For further details, please consult the \"Accounting policies\" and \"Discontinued operations\" sections.\n(3) Fiscal 2019 actuals are translated at the average foreign exchange rate of fiscal 2018 which was 1.2773 USD/CDN.\nFiscal 2019 revenue increased by 8.6% (6.8% in constant currency) resulting from: \u2022 a growth in the American broadband services segment mainly due to the impact of the MetroCast acquisition which was included in revenue for only an eight-month period in the prior year combined with strong organic growth and the acquisition of the south Florida fibre network previously owned by FiberLight, LLC (the \"FiberLight acquisition\"); partly offset by \u2022 a decrease in the Canadian broadband services segment mainly as a result of: \u25e6 a decline in primary service units in the fourth quarter of fiscal 2018 and the first quarter of 2019 from lower service activations primarily due to issues resulting from the implementation of a new customer management system; partly offset by \u25e6 rate increases; and \u25e6 higher net pricing from consumer sales.\nFor further details on the Corporation\u2019s revenue, please refer to the \"Segmented operating and financial results\" section.\n\nYears ended August 31, | | | | | \n--------------------------------------------- | ---------- | ---------- | -------- | --------------------------------- | -----------------------------\n(in thousands of dollars, except percentages) | 2019 (1) $ | 2018 (2) $ | Change % | Change in constant currency (3) % | Foreign exchange impact (3) $\nCanadian broadband services | 1,294,967 | 1,299,906 | (0.4) | (0.4) | - \nAmerican broadband services | 1,036,853 | 847,372 | 22.4 | 17.9 | 37,433 \nInter-segment eliminations and other | - | 126 | (100.0) | (100.0) | - \n | 2,331,820 | 2,147,404 | 8.6 | 6.8 | 37,433 "} {"_id": "d1b2ee16c", "title": "", "text": "Other Income (Expense)\nInterest income in 2019 increased by $0.4 million due to an increase in interest income earned on investment securities and money market portfolios.\nInterest expense in 2019 decreased by $6.6 million due to the payoff of the 1.50% convertible notes due July 1, 2018 with a principal amount of $253.0 million (the \u201c2018 Notes\u201d) in the third quarter of 2018. Refer to the section titled \u201cLiquidity and Capital Resources\u201d for additional information on the convertible notes.\nOther, net primarily included foreign exchange gains and losses related to transactions denominated in foreign currencies, as well as foreign exchange gains and losses related to our intercompany loans and certain cash accounts. Foreign exchange gains and losses for the years ended December 31, 2019, 2018, and 2017, were primarily driven by fluctuations in the euro and US dollar in relation to the British pound.\n\n | | Year Ended December 31, | \n------------------ | --------- | ----------------------- | ---------\n | 2019 | 2018 | 2017 \n | | (in thousands) | \nInterest income | $8,178 | $7,796 | $2,951 \nInterest expense | (21,559) | (28,176) | (14,762) \nOther, net | 84 | (3,098) | 1,478 \nOther expense, net | $(13,297) | $(23,478) | $(10,333)"} {"_id": "d1a73fa6e", "title": "", "text": "Service Revenue by Segment\nThe following table presents the breakdown of service revenue by segment (in millions, except percentages):\nAmounts may not sum and percentages may not recalculate due to rounding\nService revenue increased 2%, driven by an increase in software and solution support offerings. Service revenue increased in the Americas and EMEA segments, partially offset by decreased revenue in our APJC segment.\n\n | | Years Ended | | 2019 vs. 2018 | \n----------------------------- | ------------- | ------------- | ------------- | ------------------- | -------------------\nYears Ended | July 27, 2019 | July 28, 2018 | July 29, 2017 | Variance in Dollars | Variance in Percent\nService revenue: | | | | | \nAmericas | $ 8,173 | $ 7,982 | $7,864 | $191 | 2% \nPercentage of service revenue | 63.4% | 63.3% | 63.9% | | \nEMEA | 2,854 | 2,754 | 2,635 | 100 | 4% \nPercentage of service revenue | 22.1% | 21.8% | 21.4% | | \nAPJC | 1,872 | 1,885 | 1,801 | (13) | (1)% \nPercentage of service revenue | 14.5% | 14.9% | 14.7% | | \nTotal | $ 12,899 | $ 12,621 | $12,300 | $278 | 2% "} {"_id": "d1b359200", "title": "", "text": "27 Financial risk management\nThe Group is exposed to a variety of financial risks arising from the Group\u2019s operations being principally market risk (including interest rate risk and foreign exchange risk), liquidity risk and credit risk.\nThe majority of the Group\u2019s financial risk management is carried out by the Group\u2019s treasury department. The policies for managing each of these risks and their impact on the results for the year are summarised below.\nMarket risk\na) Interest rate risk\nInterest rate risk comprises both cash flow and fair value risks. Cash flow interest rate risk is the risk that the future cash flows of a financial instrument will fluctuate due to changes in market interest rates. Fair value interest rate risk is the risk that the fair value of financial instruments will fluctuate as a result of changes in market interest rates\nThe Group\u2019s interest rate risk arises from borrowings issued at floating rates that expose the Group to cash flow interest rate risk, whereas borrowings issued at fixed interest rates expose the Group to fair value interest rate risk. Bank debt is typically issued at floating rates linked to LIBOR. The Group is aware that LIBOR will be discontinued after 2021 and is actively monitoring the output from the various working groups on LIBOR reform. The Group will also be carrying out a review on whether the fall-back provision across its existing facilities (including bank debt, floating rate notes and interest rate swaps) is adequate, and look to implement changes as and when it is appropriate. Bond debt and other capital market debt is generally issued at fixed rates.\nIt is Group policy, and often a requirement of the Group\u2019s lenders, to eliminate substantially all exposure to interest rate fluctuations by using floating to fixed interest rate swaps (referred to as allocated swaps) in order to establish certainty over cash flows. Such allocated swaps have the economic effect of converting borrowings from floating to fixed rates. The Group also holds interest rate swaps that are not actively used as a hedge against borrowings (referred to as unallocated swaps).\nAs a consequence, the Group is exposed to market price risk in respect of the fair value of its fixed rate interest rate swaps. Additional information on the Group\u2019s interest rate swaps is provided in the financial review on page 34\nThe table below shows the effects of allocated swaps on the borrowings profile of the Group:\nGroup policy is to target interest rate protection within the range of 75 per cent to 100 per cent\nThe weighted average rate for allocated swaps currently effective is 1.97 per cent (2018: 1.89 per cent).\nThe nominal value of unallocated swaps, which are excluded from the above table, is \u00a3483.4 million (2018: \u00a3566.7 million). Their fair value of \u00a3166.7 million (2018: \u00a3184.4 million) is included as a liability in the balance sheet. The term of each unallocated swap runs until its respective maturity date, the last of which runs until 2037, but each also has a mandatory or discretionary break clause which, unless otherwise agreed, would lead to earlier termination between 2020 and 2023. In the event of an early termination of an unallocated swap, a settlement amount is immediately payable by the Group.\nThe impact on the total fair value of derivatives liability and the inverse to change in fair value of financial instruments (allocated and unallocated swaps) of a 50 basis point increase in the level of interest rates would be a credit to the income statement and increase in equity of \u00a367.8 million (2018: \u00a378.8 million). The approximate impact of a 50-basis point reduction in the level of interest rates would be a charge to the income statement and decrease in equity of \u00a367.8 million (2018: \u00a378.8 million). In practice, a parallel shift in the yield curve is highly unlikely. However, the above sensitivity analysis is a reasonable illustration of the possible effect from the changes in slope and shifts in the yield curve that may occur. Where the fixed rate derivative financial instruments are matched by floating rate debt, the overall effect on Group cash flow of such a movement would be very small.\n\n | | 2019 | | 2018 \n---------------------------------------------------- | ------- | --------- | ------- | ---------\n\u00a3m | Fixed | Floating | Fixed | Floating \nBorrowings (nominal value)1 | 2,951.8 | 1,667.3 | 2,998.3 | 1,884.1 \nDerivative impact (nominal value of allocated swaps) | 1,073.5 | (1,073.5) | 1,112.6 | (1,112.6)\nNet borrowings profile | 4,025.3 | 593.8 | 4,110.9 | 771.5 \nInterest rate protection | | 87.1% | | 84.2% "} {"_id": "d1b3900e8", "title": "", "text": "Segments\nWe are organized into two reportable operating segments: OLS and ILS. While both segments deliver cost-effective, highly reliable photonics solutions, OLS is focused on high performance laser sources and complex optical sub-systems, typically used in microelectronics manufacturing, medical diagnostics and therapeutic applications, as well as in scientific research. ILS delivers high performance laser sources, sub-systems and tools primarily used for industrial laser materials processing, serving important end markets like automotive, machine tool, consumer goods and medical device manufacturing.\nThe following table sets forth, for the periods indicated, the amount of net sales and their relative percentages of total net sales by segment (dollars in thousands):\nNet sales for fiscal 2019 decreased $471.9 million, or 25%, compared to fiscal 2018, with decreases of $372.8 million, or 30%, in our OLS segment and decreases of $99.1 million, or 15%, in our ILS segment. The fiscal 2019 decreases in both OLS and ILS segment sales included decreases due to the unfavorable impact of foreign exchange rates.\nThe decrease in our OLS segment sales in fiscal 2019 was primarily due to weaker demand resulting in lower shipments of ELA tools used in the flat panel display market and lower revenues from consumable service parts.\nThe decrease in our ILS segment sales from fiscal 2018 to fiscal 2019 was primarily due to lower sales for materials processing and microelectronics applications, partially offset by higher sales for medical and military applications within the OEM components and instrumentation market.\n\n | Fiscal 2019 | | Fiscal 2018 | \n--------------------------------- | ----------- | ----------------------------- | ----------- | -----------------------------\n | Amount | Percentage of total net sales | Amount | Percentage of total net sales\nOEM Laser Sources (OLS) | $886,676 | 62.0% | $1,259,477 | 66.2% \nIndustrial Lasers & Systems (ILS) | 543,964 | 38.0% | 643,096 | 33.8% \nTotal | $1,430,640 | 100.0% | $1,902,573 | 100.0% "} {"_id": "d1b3b5f14", "title": "", "text": "Contract Balances\nTiming of revenue recognition may differ from the timing of invoicing to customers. The Company records an accrued receivable when revenue is recognized prior to invoicing and the Company\u2019s right to consideration only requires the passage of time, or deferred revenue when revenue is recognized subsequent to invoicing.\nTotal receivables represent amounts billed and amounts earned that are to be billed in the future (i.e., accrued receivables). Included in accrued receivables are services and SaaS and PaaS revenues earned in the current period but billed in the following period and amounts due under multi-year software license arrangements with extended payment terms for which the Company has an unconditional right to invoice and receive payment subsequent to invoicing.\nTotal receivables, net is comprised of the following (in thousands):\nNo customer accounted for more than 10% of the Company\u2019s consolidated receivables balance as of December 31, 2019 and 2018.\n\n | December 31, | \n--------------------------------------------- | ------------ | ---------\n | 2019 | 2018 \nBilled receivables | $213,654 | $239,275 \nAllowance for doubtful accounts | (5,149) | (3,912) \nBilled receivables, net | 208,505 | 235,363 \nAccrued receivables | 399,302 | 336,858 \nSignificant financing component | (35,569 ) | (35,029 )\nTotal accrued receivables, net | 363,733 | 301,829 \nLess: current accrued receivables | 161,714 | 123,053 \nLess: current significant financing component | (11,022 ) | (10,234 )\nTotal long-term accrued receivables, net | 213,041 | 189,010 \nTotal receivables, net | $572,238 | $537,192 "} {"_id": "d1b2efec2", "title": "", "text": "Sources and Uses of Cash\nHistorically, our primary source of cash has been provided by operations. Other sources of cash in the past three fiscal years include proceeds from our Euro Term Loan used to finance our acquisition of Rofin, proceeds received from the sale of our stock through our employee stock purchase plan as well as borrowings under our revolving credit facility (\u2018\u2018Revolving Credit Facility\u2019\u2019). Our historical uses of cash have primarily been for acquisitions of businesses and technologies, the repurchase of our common stock, capital expenditures and debt issuance costs. Supplemental information pertaining to our historical sources and uses of cash is presented as follows and should be read in conjunction with our Consolidated Statements of Cash Flows and notes thereto (in thousands):\nNet cash provided by operating activities decreased by $54.7 million in fiscal 2019 compared to fiscal 2018. The decrease in cash provided by operating activities in fiscal 2019 was primarily due to lower net income and lower cash flows from income taxes payable and deferred taxes, partially offset by higher cash flows from accounts receivable, inventories, deferred revenue and accrued payroll. We believe that our existing cash, cash equivalents and short term investments combined with cash to be provided by operating activities and amounts available under our Revolving Credit Facility will be adequate to cover our working capital needs and planned capital expenditures for at least the next 12 months to the extent such items are known or are reasonably determinable based on current business and market conditions. However, we may elect to finance certain of our capital expenditure requirements through other sources of capital. We continue to follow our strategy to further strengthen our financial position by using available cash flow to fund operations.\n\n | Fiscal | \n---------------------------------------------------------------- | -------- | ---------\n | 2019 | 2018 \nNet cash provided by operating activities | $181,401 | $236,111 \nPurchases of property and equipment | (83,283) | (90,757) \nAcquisition of businesses, net of cash acquired | (18,881) | (45,448) \nProceeds from sale of discontinued operation (the Hull Business) | \u2014 | 25,000 \nProceeds from sales of other entities | \u2014 | 6,250 \nBorrowings, net of repayments | 263 | (173,252)\nIssuance of shares under employee stock plans | 11,811 | 10,574 \nRepurchase of common stock | (77,410) | (100,000)\nNet settlement of restricted common stock | (15,179) | (36,320) "} {"_id": "d1a71ea1c", "title": "", "text": "Property and equipment, net by geographic location consists of the following:\n(1) Includes amounts capitalized related to the Company\u2019s U.S. build-to-suit facility of $41.8 million and $39.4 million as of March 31, 2019 and 2018, respectively.\n(2) Includes amounts capitalized related to the Company\u2019s U.K. build-to-suit facility of $31.2 million as of March 31, 2018. In March 2019, the Company derecognized the U.K. build-to-suit facility upon substantial completion of construction. See Note 12 for further details.\n\n | As of March 31, | \n-------------------- | --------------- | --------\n | 2019 | 2018 \nUnited States (1) | $62,455 | $62,064 \nUnited Kingdom (2) | 17,402 | 46,664 \nSouth Africa | 6,170 | 6,512 \nAustralia | 3,481 | 3,953 \nOther | 4,694 | 4,629 \nTotal | $94,202 | $123,822"} {"_id": "d1a71fc46", "title": "", "text": "(iii) Contract balances\nIncreases in the balance of accrued and unearned revenue during the year relate to the acquisition of Sigma Systems (refer to Note 24). Additionally, the increase in accrued revenue was a result of software licences deployed on contract inception but have yet to be billed to the customer.\nRevenues recognised in the current reporting period that was included in deferred revenue at the beginning of the reporting period was $22,251,000, representing support and maintenance performed during the period.\n\n | 2019 | 2018 \n---------------- | ------ | ------\n | $\u2019000 | $\u2019000 \nAccrued revenue | 27,817 | 5,824 \nUnearned revenue | 27,069 | 22,914"} {"_id": "d1b306f28", "title": "", "text": "24. Operating lease commitments\nThe Group has lease agreements in respect of property, plant and equipment, for which future minimum payments extend over a number of years.\nLeases primarily relate to the Group\u2019s properties, which principally comprise offices and factories. Lease payments are typically subject to market review every five years to reflect market rentals, but because of the uncertainty over the amount of any future changes, such changes have not been reflected in the table below. Within our leasing arrangements there are no significant contingent rental, renewal, purchase or escalation clauses.\nThe future aggregate minimum lease payments under non-cancellable operating leases for continuing operations are as follows:\nThe Group has made provision for the aggregate minimum lease payments under non-cancellable operating leases. The Group sub-lets various properties under non-cancellable lease arrangements. Sub-lease receipts of \u00a30.2m (2017/18: \u00a30.2m) were recognised in the statement of profit or loss during the period. The total future minimum sub-lease payments at the period end is \u00a30.2m (2017/18: \u00a30.2m).\n\n | As at 30 Mar 2019 | | As at 31 Mar 2018 | \n--------------------- | ----------------- | ------------------- | ----------------- | -------------------\n | Property | Plant and Equipment | Property | Plant and Equipment\n | \u00a3m | \u00a3m | \u00a3m | \u00a3m \nWithin one year | 1.8 | 1.3 | 2.5 | 1.8 \nBetween 2 and 5 years | 6.3 | 2.4 | 5.3 | 1.9 \nAfter 5 years | 6.0 | 0.5 | 9.4 | \u2013 \nTotal | 14.1 | 4.2 | 17.2 | 3.7 "} {"_id": "d1b32f04a", "title": "", "text": "Note 23 Other (Expense) Income, net\nThe following table provides details of other (expense) income, net:\n(1) Cryovac Brasil Ltda., a Sealed Air subsidiary, received a final decision from the Brazilian court regarding a claim in which Sealed Air contended that certain indirect taxes paid were calculated on an incorrect amount. As a result, for the year ended December 31, 2019, we recorded income of $4.8 million to Other, net for a claim of overpaid taxes related to 2015 through 2018.\n\n | | Year Ended December 31, | \n-------------------------------------------------- | -------- | ----------------------- | -------\n(In millions) | 2019 | 2018 | 2017 \nNet foreign exchange transaction loss | $ (7.7) | $ (16.7) | $ (5.9)\nBank fee expense | (5.0) | (4.4 ) | (5.8) \nPension income other than service costs | 1.0 | 3.9 | 16.7 \nLoss on debt redemption and refinancing activities | (16.1) | (1.9 ) | \u2014 \nOther, net(1) | 8.3 | 1.0 | 1.2 \nOther (expense) income, net | $ (19.5) | $ (18.1) | $ 6.2 "} {"_id": "d1b39f28c", "title": "", "text": "Interest in associates\n*Included within share of profit from associates is $1,917,000 representing NSR\u2019s share of fair value gains related to investment properties held by joint ventures and associates (30 June 2018: $1,383,000).\nThe Group owns 24.9% (2018: 24.9%) of the Australia Prime Storage Fund (\u201cAPSF\u201d). APSF is a partnership with Universal Self Storage to facilitate the development and ownership of multiple premium grade selfstorage centres in select cities around Australia.\nDuring the year ended 30 June 2019, National Storage (Operations) Pty Ltd earned fees of $0.8m from APSF associated with the design, development, financing of the construction process, and ongoing management of centres (see note 17) (30 June 2018: $0.7m).\nAs at 30 June 2019, APSF had two operating centres in Queensland, Australia, with a third asset under construction in Victoria, Australia.\nFollowing the financial year end, on 26 July 2019, the Group purchased two storage centre investment properties from APSF for $42.6m, and reached an agreement to purchase a third asset for $21.35m on completion of construction (see note 23). During the year ended 30 June 2018, the Group purchased a storage centre investment property asset in Queensland, Australia from APSF for $14m.\nAs at 30 June 2019, APSF had contractual commitments of $2.8m in place for the construction of one storage centre in Victoria, Australia. Neither associate had any contingent liabilities or any other capital commitments at 30 June 2019 or 30 June 2018. As at 30 June 2019, APSF had contractual commitments of $2.8m in place for the construction of one storage centre in Victoria, Australia. Neither associate had any contingent liabilities or any other capital commitments at 30 June 2019 or 30 June 2018.\nThe Group holds a 24% (30 June 2018: 24.8%) holding in Spacer Marketplaces Pty Ltd (\u201cSpacer\u201d). Spacer operate online peer-to-peer marketplaces for self-storage and parking.\n\n | 2019 | 2018 \n---------------------------------------------------------------- | ------ | -------\n | $'000 | $'000 \nOpening balance at 1 July | 10,693 | 8,611 \nCapital contribution / acquisition of shareholding in associates | - | 2,048 \nShare of profit from associates* | 1,695 | 1,282 \nDistributions from associate | - | (1,248)\nClosing balance at 30 June | 12,388 | 10,693 "} {"_id": "d1b37e47e", "title": "", "text": "6. Inventories\nInventories consisted of the following:\n\n | | Fiscal Year End\n---------------- | ------- | ---------------\n | 2019 | 2018 \n | | (in millions) \nRaw materials | $ 260 | $ 276 \nWork in progress | 739 | 656 \nFinished goods | 837 | 925 \nInventories | $ 1,836 | $ 1,857 "} {"_id": "d1b36b180", "title": "", "text": "Revenue\nWe manage our business on a geographic basis, organized into three geographic segments. Our revenue, which includes product and service for each segment, is summarized in the following table (in millions, except percentages):\nAmounts may not sum and percentages may not recalculate due to rounding.\nTotal revenue in fiscal 2019 increased by 5% compared with fiscal 2018. Product revenue increased by 6% and service revenue increased by 2%. Our total revenue reflected growth across each of our geographic segments. Product revenue for the BRICM countries, in the aggregate, experienced 1% product revenue decline, driven by a 16% decrease in product revenue in China and a decrease of 1% in Brazil. These decreases were partially offset by increased product revenue in Mexico, Russia and India of 26%, 6% and 5%, respectively.\nIn addition to the impact of macroeconomic factors, including a reduced IT spending environment and reductions in spending by government entities, revenue by segment in a particular period may be significantly impacted by several factors related to revenue recognition, including the complexity of transactions such as multiple performance obligations; the mix of financing arrangements provided to channel partners and customers; and final acceptance of the product, system, or solution, among other factors. In addition, certain customers tend to make large and sporadic purchases, and the revenue related to these transactions may also be affected by the timing of revenue recognition, which in turn would impact the revenue of the relevant segment.\n\n | | Years Ended | | 2019 vs. 2018 | \n--------------------- | ------------- | ------------- | ------------- | ------------------- | -------------------\n | July 27, 2019 | July 28, 2018 | July 29, 2017 | Variance in Dollars | Variance in Percent\nRevenue: | | | | | \nAmericas | $ 30,927 | $ 29,070 | $28,351 | $1,857 | 6% \nPercentage of revenue | 59.6% | 58.9% | 59.1% | | \nEMEA | 13,100 | 12,425 | 12,004 | 675 | 5% \nPercentage of revenue | 25.2% | 25.2% | 25.0% | | \nAPJC | 7,877 | 7,834 | 7,650 | 43 | 1% \nPercentage of revenue | 15.2% | 15.9% | 15.9% | | \nTotal | $51,904 | $49,330 | $48,005 | $2,574 | 5% "} {"_id": "d1b2f8c2a", "title": "", "text": "At December 31, 2019 and 2018, $21 million and $20 million, respectively, of unrecognized tax benefits were classified as a reduction of deferred tax assets. The finalisation in the fourth quarter of 2018 of pending tax litigations triggered the reversal of uncertain tax positions in major tax jurisdictions for a total amount of $310 million.\nIt is reasonably possible that certain of the uncertain tax positions disclosed in the table above could increase within the next 12 months due to ongoing tax audits. The Company is not able to make an estimate of the range of the reasonably possible change.\nAdditionally, the Company elected to classify accrued interest and penalties related to uncertain tax positions as components of income tax expense in the consolidated statements of income, they were less than $1 million in 2019, $1 million in 2018, less than $1 million in 2017, $1 million in 2016, $1 million in 2015, $27 million in 2014 and not material in the previous years. Accrued interest and penalties amounted to $6 million at December 31, 2019 and $5 million at December 31, 2018.\nThe tax years that remain open for review in the Company\u2019s major tax jurisdictions, including France, Italy, United States and India, are from 1997 to 2019.\n\n | December 31, 2019 | December 31, 2018 | December 31, 2017\n------------------------------------------------------------ | ----------------- | ----------------- | -----------------\nBalance at beginning of year | 38 | 333 | 258 \nAdditions based on tax positions related to the current year | 7 | 43 | 43 \nAdditions based on acquisitions related to the current year | 5 | \u2014 | \u2014 \nAdditions for tax positions of prior years | 1 | 8 | 12 \nReduction for tax positions of prior years | (1) | (310) | (9) \nSettlements | (2) | (18) | (2) \nPrepayment / Refund | \u2014 | \u2014 | \u2014 \nReductions due to lapse of statute of limitations | \u2014 | \u2014 | \u2014 \nForeign currency translation | \u2014 | (18) | 31 \nBalance at end of year | 48 | 38 | 333 "} {"_id": "d1b361b12", "title": "", "text": "5. Goodwill and Purchased Intangible Assets\n(b) Purchased Intangible Assets\nThe following table presents the amortization of purchased intangible assets (in millions):\n\nYears Ended | July 27, 2019 | July 28, 2018 | July 29, 2017\n-------------------------------------------- | ------------- | ------------- | -------------\nAmortization of purchased intangible assets: | | | \nCost of sales . | $624 | $640 | $556 \nOperating expenses | | | \nAmortization of purchased intangible assets | 150 | 221 | 259 \nRestructuring and other charges | \u2014 | \u2014 | 38 \nTotal . | $774 | $861 | $853 "} {"_id": "d1b2f6ad8", "title": "", "text": "(1) Fiscal 2018 was restated to comply with IFRS 15 and to reflect a change in accounting policy as well as to reclassify results from Cogeco Peer 1 as discontinued operations. For further details, please consult the \"Accounting policies\" and \"Discontinued operations\" sections.\n(2) The non-controlling interest represents a participation of 21% in Atlantic Broadband's results by Caisse de d\u00e9pot et placement du Qu\u00e9bec (\"CDPQ\"), effective since the MetroCast acquisition on January 4, 2018.\nFiscal 2019 fourth-quarter profit for the period from continuing operations and profit for the period from continuing operations attributable to owners of the Corporation increased by 21.8% and 20.8%, respectively, as a result of: \u2022 higher adjusted EBITDA; and \u2022 the decrease in financial expense.\nFiscal 2019 fourth-quarter profit for the period and profit for the period attributable to owners of the Corporation increased by 26.1% and 25.2%, respectively, mainly due to a profit for the period from discontinued operations of $1.9 million due to working capital adjustments during the fourth quarter related to the sale of Cogeco Peer 1 compared to a loss for the period from discontinued operations of $1.1 million for the comparable period of the prior year in addition to the elements mentioned above.\n\nThree months ended August 31, | 2019 | 2018(2) | Change\n-------------------------------------------------------------------------------------------- | ------ | ------- | ------\n(in thousands of dollars, except percentages and earnings per share) | $ | $ | % \nProfit for the period from continuing operations | 92,403 | 75,870 | 21.8 \nProfit for the period | 94,323 | 74,818 | 26.1 \nProfit for the period from continuing operations attributable to owners of the Corporation | 87,850 | 72,753 | 20.8 \nProfit for the period attributable to owners of the Corporation | 89,770 | 71,701 | 25.2 \nProfit for the period from continuing operations attributable to non-controlling interest(2) | 4,553 | 3,117 | 46.1 \nBasic earnings per share from continuing operations | 1.78 | 1.48 | 20.3 \nBasic earnings per share | 1.82 | 1.45 | 25.5 "} {"_id": "d1b3b762a", "title": "", "text": "Deferred income taxes on the Consolidated Balance Sheets result from temporary differences between the amount of assets and liabilities recognized for financial reporting and tax purposes. The principal components of our current and non-current deferred taxes were as follows:\nIn December 2017, the Tax Cuts and Jobs Act (\u201cthe Act\u201d) was signed into law. As a result of the Act, we recognized an estimated expense of $11.9 million in the fourth quarter of 2017, of which $9.2 million related to the writedown of deferred tax assets and $2.7 million related to tax on unrepatriated foreign earnings. We calculated our best estimate of the impact of the Act in our 2017 year-end income tax provision in accordance with Staff Accounting Bulletin No. 118, which was issued to address the application of U.S. GAAP in situations when a registrant does not have the necessary information available, prepared or analyzed to finalize the accounting for certain income tax effects of the Act. Additional work to complete a more detailed analysis of historical foreign earnings, as well as the full impact relating to the write-down of deferred tax assets, was completed in the third quarter of 2018 and resulted in a tax benefit of $4.0 million for the year ended December 31, 2018.\nAs of December 31, 2019 and 2018, non-current deferred taxes related to our investments and our defined benefit pension plan reflect deferred taxes on the net unrealized gains and losses on available-for-sale investments and deferred taxes on unrealized losses in our pension plan. The net change in non-current deferred taxes associated with these items, which resulted in a deferred tax benefit of $0.4 million and $2.8 million in 2019 and 2018, respectively, was recorded as an adjustment to other comprehensive income (loss), presented in the Consolidated Statements of Comprehensive Income (Loss).\nThe Company continually reviews the adequacy of our valuation allowance and recognizes the benefits of deferred tax assets only as the reassessment indicates that it is more likely than not that the deferred tax assets will be realized in accordance with ASC 740, Income Taxes. Due to our recent decrease in revenue and profitability for 2019, and all other positive and negative objective evidence considered as part of our analysis, our ability to consider other subjective evidence such as projections for future growth is limited when evaluating whether our deferred tax assets will be realized. As such, the Company was no longer able to conclude that it was more likely than not that our domestic deferred tax assets would be realized and a valuation allowance against our domestic deferred tax assets was established in the third quarter of 2019. The amount of the deferred tax assets considered realizable may be adjusted in future periods in the event that sufficient evidence is present to support a conclusion that it is more likely than not that all or a portion of our domestic deferred tax assets will be realized.\nAs of December 31, 2019, the Company had gross deferred tax assets totaling $56.2 million offset by a valuation allowance totaling $48.6 million. Of the valuation allowance, $42.8 million was established in the current year primarily related to our domestic deferred tax assets. The remaining $5.8 million established in prior periods related to state research and development credit carryforwards and foreign net operating loss and research and development credit carryforwards where we lack sufficient activity to realize those deferred tax assets. The remaining $7.6 million in deferred tax assets that were not offset by a valuation allowance are located in various foreign jurisdictions where the Company believes it is more likely than not we will realize these deferred tax assets.\n\n(In thousands) | 2019 | 2018 \n------------------------------------------------------------------- | -------- | --------\nDeferred tax assets | | \nInventory | $7,144 | $6,609 \nAccrued expenses | 2,330 | 2,850 \nInvestments | \u2014 | 1,122 \nDeferred compensation | 5,660 | 4,779 \nStock-based compensation | 2,451 | 3,069 \nUncertain tax positions related to state taxes and related interest | 241 | 326 \nPensions | 7,074 | 5,538 \nForeign losses | 2,925 | 3,097 \nState losses and credit carry-forwards | 3,995 | 8,164 \nFederal loss and research carry-forwards | 12,171 | 17,495 \nLease liabilities | 2,496 | \u2014 \nCapitalized research and development expenditures | 22,230 | \u2014 \nValuation allowance | (48,616) | (5,816) \nTotal Deferred Tax Assets | 20,101 | 47,233 \nDeferred tax liabilities | | \nProperty, plant and equipment | (2,815) | (3,515) \nIntellectual property | (5,337) | (6,531) \nRight of use lease assets | (2,496) | \u2014 \nInvestments | (1,892) | \u2014 \nTotal Deferred Tax Liabilities | (12,540) | (10,046)\nNet Deferred Tax Assets | $7,561 | $37,187 "} {"_id": "d1b378880", "title": "", "text": "CONTRACTUAL OBLIGATIONS\nThe following table summarizes our significant financial contractual obligations at January 31, 2019, and the effect such obligations are expected to have on our liquidity and cash flows in future periods.\n(1) This table generally excludes amounts already recorded on the balance sheet as current liabilities, certain purchase obligations as discussed below, long term deferred revenue, and amounts related to income tax liabilities for uncertain tax positions, since we cannot predict with reasonable reliability the timing of cash settlements to the respective taxing authorities (see Part II, Item 8, Note 5, \u201cIncome Taxes\u201d in the Notes to Consolidated Financial Statements).\nNotes consist of the Notes issued in December 2012, June 2015 and June 2017. See Part II, Item 8, Note 8, \"Borrowing Arrangements,\" in the Notes to Consolidated Financial Statements for further discussion..\nTerm loan consists of the Term Loan Agreement entered into on December 17, 2018 as described above.\nOperating lease obligations consist primarily of obligations for facilities, net of sublease income, computer equipment and other equipment leases\nPurchase obligations are contractual obligations for purchase of goods or services and are defined as agreements that are enforceable and legally binding on Autodesk and that specify all significant terms, including: fixed or minimum quantities to be purchased; fixed, minimum, or variable price provisions; and the approximate timing of the transaction. Purchase obligations relate primarily to enterprise subscription agreements, IT infrastructure costs, and marketing costs\nDeferred compensation obligations relate to amounts held in a rabbi trust under our non-qualified deferred compensation plan. See Part II, Item 8, Note 7, \u201cDeferred Compensation,\u201d in our Notes to Consolidated Financial Statements for further information regarding this plan.\nPension obligations relate to our obligations for pension plans outside of the U.S. See Part II, Item 8, Note 15, \u201cRetirement Benefit Plans,\u201d in our Notes to Consolidated Financial Statements for further information regarding these obligations.\nAsset retirement obligations represent the estimated costs to bring certain office buildings that we lease back to their original condition after the termination of the lease\nPurchase orders or contracts for the purchase of supplies and other goods and services are not included in the table above. We are not able to determine the aggregate amount of such purchase orders that represent contractual obligations, as purchase orders may represent authorizations to purchase rather than binding agreements. Our purchase orders are based on our current procurement or development needs and are fulfilled by our vendors within short time horizons. We do not have significant agreements for the purchase of supplies or other goods specifying minimum quantities or set prices that exceed our expected requirements for three months. In addition, we have certain software royalty commitments associated with the shipment and licensing of certain products.\nThe expected timing of payment of the obligations discussed above is estimated based on current information. Timing of payments and actual amounts paid may be different depending on the time of receipt of goods or services or changes to agreed upon amounts for some obligations.\nWe provide indemnifications of varying scopes and certain guarantees, including limited product warranties. Historically, costs related to these warranties and indemnifications have not been significant, but because potential future costs are highly variable, we are unable to estimate the maximum potential impact of these guarantees on our future results of operations\n\n | Total | Fiscal year 2020 | Fiscal years 2021-2022 | Fiscal years 2023-2024 | Thereafter\n--------------------------------- | -------- | ---------------- | ---------------------- | ---------------------- | ----------\n | | | (in millions) | | \nNotes | $1,898.3 | $57.3 | $541.7 | $422.3 | $877.0 \nTerm loan | 533.8 | 18.0 | 515.8 | \u2014 | \u2014 \nOperating lease obligations | 409.8 | 75.4 | 115.3 | 92.1 | 127.0 \nPurchase obligations | 82.7 | 47.8 | 17.0 | 11.7 | 6.2 \nDeferred compensation obligations | 60.3 | 5.0 | 9.2 | 8.8 | 37.3 \nPension obligations | 25.5 | 2.4 | 4.6 | 4.6 | 13.9 \nAsset retirement obligations | 10.4 | 6.7 | 1.1 | 1.2 | 1.4 \nTotal (1) | $3,020.8 | $212.6 | $1,204.7 | $540.7 | $1,062.8 "} {"_id": "d1b351028", "title": "", "text": "3. REVENUE FROM CONTRACTS WITH CUSTOMERS\nRevenues and related costs on construction contracts are recognized as the performance obligations are satisfied over time in accordance with ASC 606, Revenue from Contracts with Customers. Under ASC 606, revenue and associated profit, will be recognized as the customer obtains control of the goods and services promised in the contract (i.e., performance obligations). The cost of uninstalled materials or equipment will generally be excluded from the Company\u2019s recognition of profit, unless specifically produced or manufactured for a project, because such costs are not considered to be a measure of progress.\nIn adopting ASC 606, the Company had the following significant changes in accounting principles:\n(i) Timing of revenue recognition for uninstalled materials - The Company previously recognized the majority of its revenue from the installation or construction of commercial & public works projects using the percentage-of-completion method of accounting, whereby revenue is recognized as the Company progresses on the contract. The percentage-of-completion for each project was determined on an actual cost-to-estimated final cost basis. Under ASC 606, revenue and associated profit, is recognized as the customer obtains control of the goods and services promised in the contract (i.e., performance obligations). The cost of uninstalled materials or equipment is generally excluded from the Company\u2019s recognition of profit, unless specifically produced or manufactured for a project, because such costs are not considered to be a measure of progress.\n(ii) Completed contracts - The Company previously recognized the majority of its revenue from the installation of residential projects using the completed contract method of accounting whereby revenue the Company recognized when the project is completed. Under, ASC 606, revenue is recognized as the customer obtains control of the goods and services promised in the contract (i.e., performance obligations).\nRevenue recognition for other sales arrangements such as the sales of materials will remain materially consistent with prior treatment.\nThe adoption of the new revenue recognition standard resulted in a cumulative effect adjustment to retained earnings of approximately $1,405 as of January 1, 2018. The details of this adjustment are summarized below.\n\n | Balance at December 31, 2017 | Adjustments Due to ASC 606 | Balance at January 1, 2018\n-------------------- | ---------------------------- | -------------------------- | --------------------------\nContract assets | $3,790 | $(584) | $3,206 \nContract liabilities | 7,288 | 821 | 8,109 \nAccumulated deficit | (56,365) | (1,405) | (57,770) "} {"_id": "d1b34b31c", "title": "", "text": "Capital expenditures\nFor 2019, capital expenditure was SEK 5.1 (4.0) billion, representing 2.3% of sales. Expenditures are largely related to test sites and equipment for R&D, network operation centers and manufacturing and repair operations.\nThe increase in 2019 was mainly due to investments in 5G test equipment.\nAnnual capital expenditures are normally around 2% of sales. This corresponds to the needs for keeping and maintaining the current capacity level. The Board of Directors reviews the Company\u2019s investment plans and proposals.\nAs of December 31, 2019, no material land, buildings, machinery or equipment were pledged as collateral for outstanding indebtedness.\n\nCapital expenditures 2017\u20132019 | | | \n------------------------------ | ---- | ---- | ----\nSEK\u00a0billion | 2019 | 2018 | 2017\nCapital expenditures | 5.1 | 4.0 | 3.9 \nOf which in Sweden | 2.0 | 1.3 | 1.5 \nShare of annual sales | 2.3% | 1.9% | 1.9%"} {"_id": "d1b3b5438", "title": "", "text": "The total fair value of RSUs and PSUs granted and vested during the years ended December 31, 2019, 2018 and 2017 were as follows:\nAs of December 31, 2019, there was $1.1 billion of unrecognized compensation cost related to non-vested RSUs, which will be recognized on a straight-line basis over the remaining weighted average contractual term of approximately 2.5 years.\nIn connection with vesting and release of RSUs and PSUs, the tax benefits realized by the company for the years ended December 31, 2019, 2018 and 2017 were $131 million, $117 million and $180 million, respectively.\n\n($ in millions) | | | \n------------------------------- | ---- | ---- | ----\nFor the year ended December 31: | 2019 | 2018 | 2017\nRSUs | | | \nGranted | $674 | $583 | $484\nVested | 428 | 381 | 463 \nPSUs | | | \nGranted | $164 | $118 | $113\nVested | 118 | 101 | 51 "} {"_id": "d1b36b7fc", "title": "", "text": "4. Link between Group performance and remuneration outcomes\nThe Altium Remuneration Framework is designed to align key employee remuneration to shareholder returns (in the form of capital appreciation and dividends). The table below shows the Group performance on key financial results and performance metrics over the last five years.\nAltium\u2019s remuneration strategy has evolved over the past seven years and we believe that it is linked intrinsically to the success of the Group. Strong payout results for STI and LTI have reflected the strong financial performance of the Group. In addition, STI and LTI hurdles have changed over time to better reflect what is most important for Group growth.\n1 Normalised EPS and Profit for the year excludes deferred tax asset of US$77 million recognised on the transfer of core business assets to the USA.\n2 The maximum STI payable based on the above performance hurdles is 100%, however based on achievement of individual personal goals, the overall achievement level may be modified up to 150% or down to 0%.\n\n | 2019 | 2018 | 2017 | 2016 | 2015 \n---------------------------- | ---------------------- | ---------------------- | ---------------------- | ---------------------- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------\n | US$\u2019000 | US$\u2019000 | US$\u2019000 | US$\u2019000 | US$\u2019000 \nRevenue | 171,819 | 140,176 | 110,865 | 93,597 | 80,216 \nEBITDA | 62,721 | 44,869 | 33,254 | 27,430 | 22,697 \nEPS | 40.57 | 28.86 | 21.70 | 17.89 | 12.47 1 \nProfit for the year | 52,893 | 37,489 | 28,077 | 23,020 | 15,398 1 \nDividend declared - AU cents | 34 | 27 | 23 | 20 | 16 \nShare price - AU$ | $34.2 | 22.51 | 8.57 | 6.46 | 4.43 \nSTI Achievement | 100% - 150% 2 | 131% | 103% | 97% | 63% \nSTI performance hurdles | 70% Revenue 30% EBITDA | 50% Revenue 50% EBITDA | 70% Revenue 30% EBITDA | 50% Revenue 50% EBITDA | Different metrics related to subscriber related to subscriber growth, EPS and Product development related to subscriber growth, EPS and Product development related to subscriber growth, EPS and Product development\nLTI Achievement | 100% | 100% | 100% | 100% | 50% \nLTI performance hurdles | 50% Revenue | EPS | EPS | EPS | 50% Subscriber growth 50% EPS "} {"_id": "d1b3b2760", "title": "", "text": "The following table shows summary financial performance for the Group:\nNotes\n1. Order intake represents commitments from customers to purchase goods and/or services that will ultimately result in recognised revenue.\n2. Before exceptional items, acquisition related costs, acquired intangible asset amortisation and share-based payment amounting to $4.3 million in total (2018 $19.6 million).\n3. Adjusted operating profit as a percentage of revenue in the period.\n4. Effective tax rate is the adjusted tax charge, before tax on adjusting items, expressed as a percentage of adjusted profit before tax.\n5. Adjusted basic earnings per share is based on adjusted earnings as set out in note 11 of Notes to the full year consolidated financial statements.\n6. Cash flow generated from operations, less tax and net capital expenditure, interest paid and/or received, and payment of lease liabilities/sublease income.\n7. Dividends are determined in US dollars and paid in sterling at the exchange rate prevailing when the dividend is proposed. The final dividend proposed for 2019 of 3.45 cents per Ordinary Share is equivalent to 2.70 pence per Ordinary Share.\nNote on Alternative Performance Measures (APMs)\nThe performance of the Group is assessed using a variety of performance measures, including APMs which are presented to provide users with additional financial information that is regularly reviewed by management. These APMs are not defined under IFRS and therefore may not be directly comparable with similarly identified measures used by other companies.\nThe APMs adopted by the Group are defined on pages 190 and 191. The APMs which relate to adjusted income statement lines are presented and reconciled to GAAP measures using a columnar approach on the face of the income statement and can be identified by the prefix \u201cadjusted\u201d in the commentary. All APMs are clearly identified as such, with explanatory footnotes to the tables of financial information provided, and reconciled to reported GAAP measures in the Financial review or Notes to the consolidated financial statements.\n\n$ million | 2019 | 2018 | Change (%)\n------------------------------------------ | ----- | ----- | ----------\nOrder intake1 | 532.0 | 470.0 | 13.2 \nRevenue | 503.6 | 476.9 | 5.6 \nGross profit | 368.6 | 344.5 | 7.0 \nGross margin (%) | 73.2 | 72.2 | 1.0 \nAdjusted operating costs2 | 275.7 | 267.4 | 3.1 \nAdjusted operating profit2 | 92.9 | 77.1 | 20.5 \nAdjusted operating margin3 (%) | 18.4 | 16.2 | 2.2 \nReported operating profit | 88.6 | 57.5 | 54.1 \nEffective tax rate4 (%) | 13.0 | 15.4 | (2.4) \nReported profit before tax | 89.6 | 61.2 | 46.4 \nAdjusted basic earnings per share5 (cents) | 13.40 | 10.86 | 23.4 \nBasic earnings per share (cents) | 12.79 | 9.14 | 39.9 \nFree cash flow6 | 100.1 | 50.9 | 96.7 \nClosing cash | 183.2 | 121.6 | 50.7 \nFinal dividend per share7 (cents) | 3.45 | 2.73 | 26.4 "} {"_id": "d1b327606", "title": "", "text": "Liability Insurance\nThe Company carries property, general liability, vehicle liability, directors\u2019 and officers\u2019 liability and workers\u2019 compensation insurance. Additionally, the Company carries an umbrella liability policy to provide excess coverage over the underlying limits of the aforementioned primary policies.\nThe Company\u2019s insurance programs for workers\u2019 compensation, general liability, and employee related health care benefits are provided through high deductible or self-insured programs. Claims in excess of self-insurance levels are fully insured subject to policy limits. Accruals are based on historical claims experience, actual claims filed, and estimates of claims incurred but not reported.\nThe Company\u2019s liabilities for unpaid and incurred, but not reported claims, for workers\u2019 compensation, general liability, and health insurance at September 2019 and September 2018 was $1.5 million and $1.6 million, respectively. These amounts are included in accrued expenses in the accompanying Consolidated Balance Sheets. While the ultimate amount of claims incurred is dependent on future developments, in the Company\u2019s opinion, recorded reserves are adequate to cover the future payment of claims previously incurred. However, it is possible that recorded reserves may not be adequate to cover the future payment of claims.\nAdjustments, if any, to claims estimates previously recorded, resulting from actual claim payments, are reflected in operations in the periods in which such adjustments are known.\nA summary of the activity in the Company\u2019s self-insured liabilities reserve is set forth below (in millions):\n\n | 2019 | 2018 \n------------------ | ----- | -----\nBeginning balance | $1.6 | $1.5 \nCharged to expense | 5.4 | 5.8 \nPayments | (5.5) | (5.7)\nEnding balance | $ 1.5 | $ 1.6"} {"_id": "d1b3b2d14", "title": "", "text": "7. INCOME TAXES:\nThe components of income tax expense from operations for fiscal 2019 and fiscal 2018 consisted of the following:\n\n | 2019 | 2018 \n------------------ | ---------- | ----------\nCurrent: Federal | $1,139,927 | $1,294,253\nCurrent: State | 428,501 | 423,209 \n | 1,568,428 | 1,717,462 \nDeferred: Federal | 34,466 | (470,166) \nDeferred: State | 6,106 | (83,296) \n | 40,572 | (553,462) \nIncome tax expense | $1,609,000 | $1,164,000"} {"_id": "d1b398b80", "title": "", "text": "Share Repurchase Programs\nOn December 1, 2014, the Company announced the \"Capital Allocation Policy\" under which the Company intends to return to stockholders approximately 80 percent of free cash flow, less repayments of long-term debt, subject to a variety of factors, including the strategic plans, market and economic conditions and the discretion of the Company\u2019s board of directors. For the purposes of the Capital Allocation Policy, the Company defines \"free cash flow\" as net cash provided by operating activities less purchases of property, plant and equipment.\nOn December 1, 2014, the Company announced the 2014 Share Repurchase Program (the \"2014 Share Repurchase Program\") pursuant to the Capital Allocation Policy. Under the Company\u2019s 2014 Share Repurchase Program, the Company had the ability to repurchase up to $ 1.0 billion (exclusive of fees, commissions and other expenses) of the Company\u2019s common stock over a\u00a0period of four years from December 1, 2014, subject to certain contingencies.\nThe 2014 Share Repurchase Program, which did not require the Company to purchase any particular amount of common stock and was subject to the discretion of the board of directors, expired on November 30, 2018 with approximately $288.2 million remaining unutilized.\nThe Company repurchased common stock worth approximately $315.0 million and $25.0 million under the 2014 Share Repurchase Program during the years ended December 31, 2018 and December 31, 2017, respectively.\nOn November 15, 2018, the Company announced the 2018 Share Repurchase Program (the \"2018 Share Repurchase Program\") pursuant to the Capital Allocation Policy. Under the 2018 Share Repurchase Program, the Company is authorized to repurchase up to $ 1.5 billion of its common shares from December 1, 2018 through December 31, 2022, exclusive of any fees, commissions or other expenses.\nThe Company may repurchase its common stock from time to time in privately negotiated transactions or open market transactions, including pursuant to a trading plan in accordance with Rule 10b5-1 and Rule 10b-18 of the Exchange Act, or by any combination of such methods or other methods.\nThe timing of any repurchases and the actual number of shares repurchased will depend on a variety of factors, including the Company\u2019s stock price, corporate and regulatory requirements, restrictions under the Company\u2019s debt obligations and other market and economic conditions. There were $138.9 million in repurchases of the Company's common stock under the 2018 Share Repurchase Program during the year ended December 31, 2019. As of December 31, 2019, the remaining authorized amount under the 2018 Share Repurchase Program was $1,361.1 million.\nInformation relating to the Company's 2018 and 2014 Share Repurchase Programs is as follows (in millions, except per share data):\n(1) None of these shares had been reissued or retired as of December 31, 2019, but may be reissued or retired by the Company at a later date.\n\n | | Year ended December 31, | \n-------------------------------------------- | -------- | ----------------------- | ------\n | 2019 | 2018 | 2017 \nNumber of repurchased shares (1) | 7.8 | 16.8 | 1.6 \nAggregate purchase price | $138.9 | $315.0 | $25.0 \nFees, commissions and other expenses | 0.1 | 0.3 | \u2014 \nTotal cash used for share repurchases | $139.0 | $315.3 | $25.0 \nWeighted-average purchase price per share | $17.89 | $18.78 | $15.35\nAvailable for future purchases at period end | $1,361.1 | $1,500.0 | $603.2"} {"_id": "d1b36c3be", "title": "", "text": "We completed our qualitative assessment of our indefinite-lived intangible assets other than goodwill as of December 31, 2019 and 2018 and concluded it is more likely than not that our indefinite-lived intangible assets are not impaired; thus, no impairment charge for these assets was recorded in 2019 or 2018.\nThe following tables show the rollforward of goodwill assigned to our reportable segments from December 31, 2017 through December 31, 2019.\n(1) Goodwill is net of accumulated impairment losses of $1.1 billion that related to our former hosting segment now included in our business segment.\n(2) We allocated $32 million of Level 3 goodwill to consumer as we expect the consumer segment to benefit from synergies resulting from the business combination. (2) We allocated $32 million of Level 3 goodwill to consumer as we expect the consumer segment to benefit from synergies resulting from the business combination.\n(3) Includes $58 million decrease due to effect of foreign currency exchange rate change.\n\n | Business | Consumer | Total \n----------------------------------------------- | -------- | --------------------- | -------\n | | (Dollars in millions) | \nAs of December 31, 2017(1) | $20,197 | 10,278 | 30,475 \nPurchase accounting and other adjustments(2)(3) | 250 | 32 | 282 \nImpairment | \u2014 | (2,726) | (2,726)\nAs of December 31, 2018 | $20,447 | 7,584 | 28,031 "} {"_id": "d1a7200d8", "title": "", "text": "ALTERNATIVE PERFORMANCE MEASURES\nNet profit/(loss) for the year excluding impairment:\nNet profit excluding impairment is net profit less impairment and reversals of impairment generated from impairment testing during the year (Please refer to Note 8). The Company reports Net profit excluding impairment because we believe it provides additional meaningful information to investors regarding the operational performance excluding fluctuations in the valuation of fixed assets.\n\nUSDm | 2019 | 2018 | 2017\n--------------------------------------------------- | ------ | ----- | ----\nReconciliation to net profit/(loss) for the year | | | \nNet profit/(loss) for the year | 166.0 | -34.8 | 2.4 \nReversal of impairment losses on tangible assets | -120.0 | - | - \nNet profit/(loss) for the year excluding impairment | 46.0 | -34.8 | 2.4 "} {"_id": "d1b317bac", "title": "", "text": "AMERICAN TOWER CORPORATION AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Tabular amounts in millions, unless otherwise disclosed) net foreign currency losses\n(\u201cAOCL\u201d) in the consolidated balance sheets and included as a component of Comprehensive income in the consolidated\nstatements of comprehensive income.\nGains and losses on foreign currency transactions are reflected in Other expense in the consolidated statements of operations. However, the effect from fluctuations in foreign currency exchange rates on intercompany debt for which repayment is not anticipated in the foreseeable future is reflected in AOCL in the consolidated balance sheets and included as a component of Comprehensive income.\nThe Company recorded the following net foreign currency losses:\n\n | | Year Ended December 31, | \n--------------------------------------------------------- | ----- | ----------------------- | ------\n | 2019 | 2018 | 2017 \nForeign currency losses recorded in AOCL | $45.8 | $385.8 | $51.6 \nForeign currency (gains) losses recorded in Other expense | (6.1) | 4.5 | (26.4)\nTotal foreign currency losses | $39.7 | $390.3 | $25.2 "} {"_id": "d1b331e12", "title": "", "text": "The service cost component of net pension expense represents the estimated cost of future pension liabilities earned associated with active employees. The pension earnings, interest and deferrals (\u201cpension EID\u201d) is comprised of the expected return on plan assets, interest costs on the projected benefit obligations of the plans and amortization of actuarial gains and losses and prior service costs.\nNet pension expense is recorded in accounts that are included in both the cost of sales and selling, general and administrative expenses based on the function of the associated employees and in other income (expense), net. The following is a summary of the classification of net pension expense for the years ended June 30, 2019, 2018 and 2017:\nAs of June 30, 2019 and 2018, amounts capitalized in gross inventory were $1.7 million and $1.7 million, respectively.\n\n | | Years Ended June 30, | \n-------------------------------------------------- | ----- | -------------------- | -----\n($ in millions) | 2019 | 2018 | 2017 \nCost of sales | | | \nService cost | $10.0 | $10.5 | $20.2\nTotal cost of sales | 10.0 | 10.5 | 20.2 \nSelling, general and administrative expenses | | | \nService cost | 1.5 | 1.6 | 3.9 \nTotal selling, general and administrative expenses | 1.5 | 1.6 | 3.9 \nOther expense | | | \nPension earnings, interest and deferrals | 0.1 | 2.1 | 23.8 \nCurtailment charge | \u2014 | \u2014 | 0.5 \nTotal other expense | 0.1 | 2.1 | 24.3 \nNet pension expense | $11.6 | $14.2 | $48.4"} {"_id": "d1b31c0c6", "title": "", "text": "Contractual Obligations\nPresented below is information about our material contractual obligations and the periods in which those future payments are due as of December 31, 2019. Future events could cause actual payments to differ from these estimates. As of December 31, 2019, the following table summarizes our contractual obligations and the effect such obligations are expected to have on our liquidity and cash flow in future periods (in thousands):\n(1) The 2017 Facility incurs interest at a variable rate. The projected variable interest payments assume no change in the Eurodollar Base Rate, or LIBOR, from December 31, 2019.\n(2) Represents the current portion of our expected cash payments for our liability to repurchase subsidiary unit awards for our professional residential property management and vacation rental management subsidiary.\n(3) Represents amounts due under multi-year, non-cancelable contracts with third-party vendors, as well as other commitments.\nThe commitment amounts in the table above are associated with contracts that are enforceable and legally binding and that specify all significant terms, including fixed or minimum services to be used, fixed, minimum or variable price provisions, and the approximate timing of the actions under the contracts. The table does not include obligations under agreements that we can cancel without a significant penalty.\nAs of December 31, 2019, we had no outstanding letters of credit under our 2017 Facility.\n\nContractual Obligations | 1 Year | 2 to 3 Years | 4 to 5 Years | More Than 5 Years | Total \n---------------------------------- | ------- | ------------ | ------------ | ----------------- | --------\nDebt: | | | | | \nPrincipal payments | $\u2014 | $63,000 | $\u2014 | $\u2014 | $63,000 \nInterest payments1 | 2,206 | 3,876 | \u2014 | \u2014 | 6,082 \nUnused line fee payments | 126 | 222 | \u2014 | \u2014 | 348 \nOperating lease commitments | 9,818 | 18,823 | 15,840 | 10,893 | 55,374 \nSubsidiary unit award liabilities2 | 141 | \u2014 | \u2014 | \u2014 | 141 \nOther long-term liabilities | \u2014 | 4,375 | 2,513 | 601 | 7,489 \nOther commitments 3 | 624 | 290 | \u2014 | \u2014 | 914 \nTotal contractual obligations | $12,915 | $90,586 | $18,353 | $11,494 | $133,348"} {"_id": "d1b33e310", "title": "", "text": "In relation to the oil derivative instrument (see note 24), the fair value was determined using the estimated discounted cash flows of the additional payments due to us as a result of oil prices moving above a contractual oil price floor over the term of the liquefaction tolling agreement (\"LTA\"). Significant inputs used in the valuation of the oil derivative instrument include management\u2019s estimate of an appropriate discount rate and the length of time to blend the long-term and the short-term oil prices obtained from quoted prices in active markets. The changes in fair value of our oil derivative instrument is recognized in each period in current earnings in \"Realized and unrealized gain on oil derivative instrument\" as part of the consolidated statement of income.\nThe realized and unrealized (loss)/ gain on the oil derivative instrument is as follows:\nThe unrealized loss/gain results from movement in oil prices above a contractual floor price over term of the LTA; the realized gain results from monthly billings above the base tolling fee under the LTA. For further information on the nature of this derivative, refer to note 24.\n\n | | Year Ended\u00a0December 31, | \n---------------------------------------------------- | -------- | ----------------------- | ------\n(in thousands of $) | 2019 | 2018 | 2017 \nRealized gain on oil derivative instrument | 13,089 | 26,737 | \u2014 \nUnrealized (loss)/gain on oil derivative instrument | (39,090) | (9,970) | 15,100\n | (26,001) | 16,767 | 15,100"} {"_id": "d1b31925e", "title": "", "text": "Defined Benefit Pension Plans\nThe Company maintains defined benefit pension plans for employees of certain of its foreign subsidiaries. Such plans conform to local practice in terms of providing minimum benefits mandated by law, collective agreements or customary practice. The Company recognizes the aggregate amount of all overfunded plans as assets and the aggregate amount of all underfunded plans as liabilities in its financial statements.\nThe Company's expected long-term rate of return on plan assets is updated at least annually, taking into consideration its asset allocation, historical returns on similar types of assets and the current economic environment. For estimation purposes, the Company assumes its long-term asset mix will generally be consistent with the current mix. The Company determines its discount rates using highly rated corporate bond yields and government bond yields.\nBenefits under all of the Company's plans are valued utilizing the projected unit credit cost method. The Company's policy is to fund its defined benefit plans in accordance with local requirements and regulations. The funding is primarily driven by the Company's current assessment of the economic environment and projected benefit payments of its foreign subsidiaries. The Company's measurement date for determining its defined benefit obligations for all plans is December 31 of each year.\nThe Company recognizes actuarial gains and losses in the period the Company's annual pension plan actuarial valuations are prepared, which generally occurs during the fourth quarter of each year, or during any interim period where a revaluation is deemed necessary.\nThe following is a summary of the status of the Company's foreign defined benefit pension plans and the net periodic pension cost (dollars in millions):\nThe long term rate of return on plan assets was determined using the weighted-average method, which incorporates factors that include the historical inflation rates, interest rate yield curve and current market conditions.\n\n | | Year Ended December 31, | \n-------------------------------------------------- | ------ | ----------------------- | ------\n | 2019 | 2018 | 2017 \nService cost | $9.4 | $9.6 | $10.0 \nInterest cost | 5.0 | 4.7 | 4.3 \nExpected return on plan assets | (6.0) | (6.1) | (5.5) \nCurtailment gain | \u2014 | (0.3) | \u2014 \nActuarial and other loss | 15.6 | 6.1 | 1.9 \nTotal net periodic pension cost | $24.0 | $14.0 | $10.7 \nWeighted average assumptions | | | \nDiscount rate used for net periodic pension costs | 1.74 % | 1.66 % | 1.60 %\nDiscount rate used for pension benefit obligations | 1.43 % | 1.74 % | 1.66 %\nExpected return on plan assets | 3.23 % | 3.18 % | 3.22 %\nRate of compensation increase | 3.07 % | 3.22 % | 3.22 %"} {"_id": "d1b35ce14", "title": "", "text": "The following table illustrates the classification of pre-payroll tax and social contribution stock-based compensation expense included in the consolidated statements of income for the years ended December 31, 2019, December 31, 2018 and December 31, 2017:\nThe fair value of the shares vested in 2019 was $114 million compared to $68 million for 2018 and $38 million for 2017.\nCompensation cost, excluding payroll tax and social contribution, capitalized as part of inventory was $6 million as of December 31, 2019, compared to $6 million as of December 31, 2018 and $3 million as of December 31, 2017. As of December 31, 2019, there was $138 million of total unrecognized compensation cost related to the grant of unvested shares, which is expected to be recognized over a weighted average period of approximately 9 months.\nThe total deferred income tax benefit recognized in the consolidated statements of income related to unvested share-based compensation expense amounted to $9 million, $7 million and $3 million for the years ended December 31, 2019, 2018 and 2017, respectively.\n\n | December 31, 2019 | December 31, 2018 | December 31, 2017\n---------------------------------------------------------- | ----------------- | ----------------- | -----------------\nCost of sales | 22 | 23 | 12 \nSelling, general and administrative | 46 | 67 | 31 \nResearch and development | 77 | 35 | 18 \nTotal pre-payroll tax and social contribution compensation | 145 | 125 | 61 "} {"_id": "d1b2fbe34", "title": "", "text": "Segment Operating Profit (Earnings before general corporate expenses, pension and postretirement non-service income, interest expense, net, income taxes, and equity method investment earnings)\nGrocery & Snacks operating profit for fiscal 2019 was $689.2 million, a decrease of $35.6 million, or 5%, compared to fiscal 2018. Gross profits were $55.8 million lower in fiscal 2019 than in fiscal 2018. The lower gross profit was driven by higher input costs, transportation inflation, and a reduction in profit associated with the divestiture of the Wesson \u00ae oil business, partially offset by profit contribution of acquisitions and supply chain realized productivity. The acquisition of Angie's Artisan Treats, LLC contributed $12.6 million to Grocery & Snacks gross profit in fiscal 2019, through the one-year anniversary of the acquisition. Advertising and promotion expenses for fiscal 2019 decreased by $31.3 million compared to fiscal 2018. Operating profit of the Grocery & Snacks segment was impacted by charges totaling $76.5 million in fiscal 2019 for the impairment of our Chef Boyardee\u00ae and Red Fork\u00ae brand assets and $4.0 million in fiscal 2018 for the impairment of our HK Anderson\u00ae , Red Fork\u00ae , and Salpica\u00ae brand assets. Grocery & Snacks also recognized a $33.1 million gain on the sale of our Wesson \u00ae oil business in fiscal 2019. Operating profit of the Grocery & Snacks segment included $1.0 million and $11.4 million of expenses in fiscal 2019 and 2018, respectively, related to acquisitions and divestitures and charges of $4.6 million and $14.1 million in connection with our restructuring plans in fiscal 2019 and 2018, respectively. Grocery & Snacks operating profit for fiscal 2019 was $689.2 million, a decrease of $35.6 million, or 5%, compared to fiscal 2018. Gross profits were $55.8 million lower in fiscal 2019 than in fiscal 2018. The lower gross profit was driven by higher input costs, transportation inflation, and a reduction in profit associated with the divestiture of the Wesson \u00ae oil business, partially offset by profit contribution of acquisitions and supply chain realized productivity. The acquisition of Angie's Artisan Treats, LLC contributed $12.6 million to Grocery & Snacks gross profit in fiscal 2019, through the one-year anniversary of the acquisition. Advertising and promotion expenses for fiscal 2019 decreased by $31.3 million compared to fiscal 2018. Operating profit of the Grocery & Snacks segment was impacted by charges totaling $76.5 million in fiscal 2019 for the impairment of our Chef Boyardee\u00ae and Red Fork\u00ae brand assets and $4.0 million in fiscal 2018 for the impairment of our HK Anderson\u00ae , Red Fork\u00ae , and Salpica\u00ae brand assets. Grocery & Snacks also recognized a $33.1 million gain on the sale of our Wesson \u00ae oil business in fiscal 2019. Operating profit of the Grocery & Snacks segment included $1.0 million and $11.4 million of expenses in fiscal 2019 and 2018, respectively, related to acquisitions and divestitures and charges of $4.6 million and $14.1 million in connection with our restructuring plans in fiscal 2019 and 2018, respectively.\nRefrigerated & Frozen operating profit for fiscal 2019 was $502.2 million, an increase of $22.8 million, or 5%, compared to fiscal 2018. Gross profits were $19.6 million lower in fiscal 2019 than in fiscal 2018, driven by increased input costs and transportation inflation, partially offset by supply chain realized productivity. Advertising and promotion expenses for fiscal 2019 decreased by $24.6 million compared to fiscal 2018. Operating profit of the Refrigerated & Frozen segment included a gain of $23.1 million in fiscal 2019 related to the sale of our Italian-based frozen pasta business, Gelit.\nInternational operating profit for fiscal 2019 was $94.5 million, an increase of $8.0 million, or 9%, compared to fiscal 2018. Gross profits were flat in fiscal 2019 compared to fiscal 2018. Included in the International segment fiscal 2019 operating profit was a gain of $13.2 million related to the sale of our Del Monte\u00ae processed fruit and vegetable business in Canada, charges of $13.1 million for the impairment of our Aylmer\u00ae and Sundrop \u00ae brand assets, and charges of $2.9 million related to divestitures. In addition, operating profit was impacted by charges of $1.9 million and $1.5 million in connection with our restructuring plans, in fiscal 2019 and 2018, respectively.\nFoodservice operating profit for fiscal 2019 was $117.7 million, a decrease of $4.1 million, or 3%, compared to fiscal 2018. Gross profits were $8.5 million lower in fiscal 2019 than in fiscal 2018, due to lower volume (including the sale of our Trenton, Missouri production facility) and higher input costs, partially offset by supply chain realized productivity\nPinnacle Foods operating profit for fiscal 2019 (reflecting 213 days of Conagra Brands ownership) was $238.2 million. Operating profit for Pinnacle Foods during fiscal 2019 included incremental cost of goods sold of $53.0 million due to the impact of writing inventory to fair value as part of our acquisition accounting and the subsequent sale of that inventory, as well as charges of $5.9 million related to restructuring activities.\n\n($ in millions) | | | \n--------------------- | ---------------------------- | ---------------------------- | -----------\nReporting Segment | Fiscal 2019 Operating Profit | Fiscal 2018 Operating Profit | % Inc (Dec)\nGrocery & Snacks | $689.2 | $724.8 | (5)% \nRefrigerated & Frozen | 502.2 | 479.4 | 5% \nInternational | 94.5 | 86.5 | 9% \nFoodservice | 117.7 | 121.8 | (3)% \nPinnacle Foods | 238.2 | \u2014 | 100% "} {"_id": "d1b2f32e8", "title": "", "text": "1.\u00a0Goodwill and Other Intangible Assets\nThe changes in the carrying amount of goodwill for the years ended December 31, 2019 and 2018, are as follows:\nOur 2019 acquisitions of DeliverySlip (as defined herein) and AppRiver (as defined herein) resulted in the addition to our goodwill balance in 2019. Our 2018 acquisition of Erado (as defined herein) resulted in the addition to our goodwill balance in 2018. Our 2018 acquisition adjustments to goodwill reflect the appropriate reallocation of excess purchase price from goodwill to acquired assets and liabilities related to our 2017 Greenview and EMS (as defined herein) purchases. We evaluate goodwill for impairment annually in the fourth quarter, or when there is reason to believe that the value has been diminished or impaired. There were no impairment indicators to the goodwill recorded as of December 31, 2019.\n\n | Year Ended December 31, | \n----------------------------------------- | ----------------------- | --------\n(In thousands) | 2019 | 2018 \nOpening balance | $ 13,783 | $ 8,469 \nAdditions | 157,121 | 6,215 \nAcquisition adjustments | \u2014 | (901 ) \nEffect of currency translation adjustment | 305 | \u2014 \nGoodwill | $ 171,209 | $ 13,783"} {"_id": "d1b377142", "title": "", "text": "Operating profit/loss\nOur operating profit in 2019 was EUR 485 million, a change of EUR 544 million, compared to an operating loss of EUR 59 million in 2018. The change in operating result was primarily due to lower selling, general and administrative expenses, research and development expenses and a net positive fluctuation in other operating income and expenses, partially offset by lower gross profit. Our operating margin in 2019 was 2.1%, compared to approximately breakeven in 2018.\n(1) Excludes costs related to the acquisition of Alcatel Lucent and related integration, goodwill impairment charges, intangible asset amortization and other purchase price fair value adjustments, restructuring and associated charges and certain other items.\nThe following table sets forth the impact of unallocated items on operating profit/loss:\n\nEURm | 2019 | 2018 \n-------------------------------------------------------------------------------------------------------- | ----- | -----\nTotal segment operating profit(1) | 2,003 | 2,180\nAmortization and depreciation of acquired intangible assets and property, plant and equipment | (924) | (940)\nRestructuring and associated charges | (502) | (321)\nGain on defined benefit plan amendment | 168 | - \nProduct portfolio strategy costs | (163) | (583)\nTransaction and related costs, including integration costs relating to the acquisition of Alcatel Lucent | (48) | (220)\nImpairment of assets, net of impairment reversals | (29) | (48) \nOperating model integration | (12) | - \nRelease of acquisition-related fair value adjustments to deferred revenue and inventory | (6) | (16) \nDivestment of businesses | (2) | (39) \nFair value changes of legacy IPR fund | - | (57) \nOther | - | (15) \nTotal operating profit/(loss) | 485 | (59) "} {"_id": "d1b328f2e", "title": "", "text": "Unrecognized Tax Benefits\nReconciliation of the unrecognized tax benefits is summarized below (in thousands):\n(1) The reductions for tax positions of prior years for the fiscal year ended August 31, 2019 are primarily related to a non-U.S. taxing authority ruling related to certain non-U.S. net operating loss carry forwards, offset with a valuation allowance and the impacts of the Tax Act.\n(2) The additions for the fiscal years ended August 31, 2019 and 2018 are primarily related to the impacts of the Tax Act and taxation of certain intercompany transactions. The additions for the fiscal year ended August 31, 2017 are primarily related to certain non-U.S. net operating loss carry forwards, previously offset with a valuation allowance, that can no longer be recognized due to an internal restructuring.\n(3) The reductions from settlements with taxing authorities for the fiscal year ended August 31, 2019 are primarily related to the settlement of a U.S. audit.\nThe Company recognizes interest and penalties related to unrecognized tax benefits in income tax expense. The Company\u2019s accrued interest and penalties were approximately $18.9 million and $20.4 million as of August 31, 2019 and 2018, respectively. The Company recognized interest and penalties of approximately $(1.5) million, $(6.7) million and $5.2 million during the fiscal years ended August 31, 2019, 2018 and 2017, respectively.\nIt is reasonably possible that the August 31, 2019 unrecognized tax benefits could decrease during the next 12 months by $5.8 million, primarily related to a state settlement.\nThe Company is no longer subject to U.S. federal tax examinations for fiscal years before August 31, 2015. In major non-U.S. and state jurisdictions, the Company is no longer subject to income tax examinations for fiscal years before August 31, 2009.\nThe Internal Revenue Service (\u201cIRS\u201d) completed its field examination of the Company\u2019s tax returns for fiscal years 2009 through 2011 and issued a Revenue Agent\u2019s Report (\u201cRAR\u201d) on May 27, 2015, which was updated on June 22, 2016. The IRS completed its field examination of the Company\u2019s tax returns for fiscal years 2012 through 2014 and issued an RAR on April 19, 2017. The proposed adjustments in the RAR from both examination periods relate primarily to U.S. taxation of certain intercompany transactions. On May 8, 2019, the tax return audits for fiscal years 2009 through 2014 were effectively settled when the Company agreed to the IRS Office of Appeals\u2019 Form 870-AD (Offer to Waive Restrictions on Assessment and Collection of Tax Deficiency and to Accept Overassessment) adjustments, which were substantially lower than the initial RAR proposed adjustments. The settlement did not have a material effect on the Company\u2019s financial position, results of operations, or cash flows and no additional tax liabilities were recorded.\n\n | | Fiscal Year Ended August 31, | \n---------------------------------------------------------------------------------- | --------- | ---------------------------- | --------\n | 2019 | 2018 | 2017 \nBeginning balance | $256,705 | $201,355 | $149,898\nAdditions for tax positions of prior years | 20,158 | 14,465 | 2,155 \nReductions for tax positions of prior years(1) | (106,252) | (21,045) | (12,233)\nAdditions for tax positions related to current year(2) | 35,769 | 81,866 | 77,807 \nCash settlements | \u2014 | (1,659) | (2,298) \nReductions from lapses in statutes of limitations | (2,570) | (7,496) | (10,446)\nReductions from settlements with taxing authorities(3) | (35,582) | (5,928) | (6,061) \nForeign exchange rate adjustment | (3,845) | (4,853) | 2,533 \nEnding balance | $164,383 | $256,705 | $201,355\nUnrecognized tax benefits that would affect the effective tax rate (if recognized) | $93,237 | $117,455 | $75,223 "} {"_id": "d1b35b33e", "title": "", "text": "25. Loans and other borrowings continued\nNet Debt\nNet debt consists of loans and other borrowings (both current and non-current), less current asset investments and cash and cash equivalents. Loans and other borrowings are measured at the net proceeds raised, adjusted to amortise any discount over the term of the debt. For the purpose of this measure, current asset investments and cash and cash equivalents are measured at the lower of cost and net realisable value. Currency denominated balances within net debt are translated to sterling at swapped rates where hedged.\nNet debt is considered to be an alternative performance measure as it is not defined in IFRS. The most directly comparable IFRS measure is the aggregate of loans and other borrowings (current and non-current), current asset investments and cash and cash equivalents. A reconciliation from the most directly comparable IFRS measure to net debt is given below.\nA reconciliation from the most directly comparable IFRS measure to net debt is given below.\n\nAt 31 March | 2019 \u00a3m | 2018 \u00a3m | 2017 \u00a3m\n------------------------------------------------------------------------------------------------------ | ------- | ------- | -------\nLoans and other borrowings | 16,876 | 14,275 | 12,713 \nLess: | | | \nCash and cash equivalents | (1,666) | (528) | (528) \nCurrent asset investments | (3,214) | (3,022) | (1,520)\n | 11,996 | 10,725 | 10,665 \nAdjustments: | | | \nTo retranslate debt balances at swap rates where hedged by currency swaps | (701) | (874) | (1,419)\nTo remove accrued interest applied to reflect the effective interest method and fair value adjustments | (260) | (224) | (314) \nNet debt | 11,035 | 9,627 | 8,932 "} {"_id": "d1b3354cc", "title": "", "text": "Contract Balances\nThe following table provides information about contract assets and contract liabilities from contracts with customers (amounts in thousands):\nContract assets, reported within current assets and other long-term assets in the consolidated balance sheets, primarily result from revenue being recognized when a license is delivered and payments are made over time. Contract liabilities primarily relate to advance consideration received from customers, deferred revenue, for which transfer of control occurs, and therefore revenue is recognized, as services are provided. Contract balances are reported in a net contract asset or liability position on a contract-by-contract basis at the end of each reporting period. The Company recognized $4.4 million of revenue during the year ended September 30, 2019 that was included in the contract liability balance at the beginning of the period.\n\n | September 30, 2019 | October 1, 2018\n--------------------------------- | ------------------ | ---------------\nContract assets, current | $2,350 | $169 \nContract assets, non-current | 581 | 507 \nContract liabilities, current | 5,612 | 4,281 \nContract liabilities, non-current | 736 | 485 "} {"_id": "d1b3bc0b2", "title": "", "text": "Consumer Cyber Safety segment\nRevenue increased $616 million due to a $639 million increase in revenue from sales of our identity and information protection products acquired at the end of fiscal 2017, offset by a $23 million decrease in revenue related to our consumer security products. Our revenue growth reflects the benefit of the shift to subscription-based contracts and bundling of our consumer products, which is helping to mitigate the trend of declining revenues from sales of stand-alone security products. Operating income increased $272 million primarily due to sales of our identity and information protection products, partially offset by higher related cost of sales and operating expenses.\n\n | Fiscal Year | | Variance in | \n------------------------------------- | ----------- | ------ | ----------- | -------\n(In millions, except for percentages) | 2018 | 2017 | Dollar | Percent\nNet revenues | $2,280 | $1,664 | $616 | 37% \nPercentage of total net revenues | 47% | 41% | | \nOperating income | $1,111 | $839 | $272 | 32% \nOperating margin | 49% | 50% | | "} {"_id": "d1b32c4da", "title": "", "text": "Cubic Global Defense\nSales: CGD sales decreased 2% to $317.9 million in 2019 compared to $325.2 million in 2018. The timing of sales recognition was impacted by the adoption of ASC 606. Under ASC 606, a number of our CGD contracts, most significantly in air combat training and ground live training, for which revenue was historically recorded upon delivery of products to the customer, are now accounted for on the percentage-of-completion cost-to-cost method of revenue recognition. For fiscal 2019, sales were lower from air combat training systems, simulation product development contracts, and international services contracts, partially offset by higher sales from ground combat training systems. The average exchange rates between the prevailing currencies in our foreign operations and the U.S. dollar resulted in a decrease in CGD sales of $3.2 million for 2019 compared to 2018.\nAmortization of Purchased Intangibles: Amortization of purchased intangibles included in the CGD results amounted to $0.6 million in 2019 and $1.1 million in 2018.\nOperating Income: CGD operating income increased by 39% to $23.0 million in 2019 compared to $16.6 million in 2018. For fiscal 2019, operating profits improved primarily due to the results of cost reduction efforts, including headcount reductions designed to optimize our cost position, and reduced R&D expenditures. Operating profits were higher from increased sales of ground combat training system sales but were lower on decreased sales from air combat training systems, simulation product development contracts, and international services contracts. The average exchange rates between the prevailing currency in our foreign operations and the U.S. dollar had no significant impact on CGD operating income between 2018 and 2019.\nAdjusted EBITDA: CGD Adjusted EBITDA was $32.8 million in 2019 compared to $26.3 million in 2018. The increase in Adjusted EBITDA was primarily driven by the same factors that drove the increase in operating income described above. Adjusted EBITDA for CGD increased by $3.1 million in 2019 as a result of the adoption of the new revenue recognition standard.\n\n | Fiscal 2019 | Fiscal 2018 | % Change\n---------------- | ----------- | ------------- | --------\n | | (in millions) | \nSales | $ 317.9 | $ 325.2 | (2)% \nOperating income | 23.0 | 16.6 | 39 \nAdjusted EBITDA | 32.8 | 26.3 | 25 "} {"_id": "d1b3bcf6c", "title": "", "text": "Credit risk\nThe carrying amount of financial assets, previously recognised as loans and receivables under IAS 39 now classified as amortised cost under IFRS 9, represents the maximum credit exposure. The maximum exposure to credit risk at 31 March 2019 was \u00a359.1m (2018: \u00a356.5m).\nThe maximum exposure to credit risk for trade receivables at the reporting date by geographic region was:\n\n | | 2019 | 2018\n------- | ---- | ---- | ----\n | Note | \u00a3m | \u00a3m \nUK | | 24.5 | 24.9\nIreland | | 0.4 | 0.5 \nTotal | | 24.9 | 25.4"} {"_id": "d1b3b8f0c", "title": "", "text": "a. Analysis of revenue growth\nOn a reported basis, TCS\u2019 revenue grew 19% in FY 2019, compared to 4.4% in the prior year. This was largely an outcome of greater demand for our services and solutions during the year, driven by expanding participation in our customers\u2019 growth and transformation initiatives. In addition, there was some benefit from the movement in currency exchange rates.\nFY 2019 saw volatility in USD-INR, ranging from `64.90 and `74.10, and averaging at `70.07. There was also significant volatility in exchange rates of emerging markets\u2019 currencies. Average currency exchange rates during FY 2019 for the three major currencies are given below:\nMovements in currency exchange rates through the year resulted in a positive impact of 7.6% on the reported revenue. The constant currency revenue growth for the year, which is the reported revenue growth stripped of the currency impact, was 11.4%.\n\nCurrency | Weightage (%) | FY 2019 ` | FY 2018 ` | % Change YoY\n------------------------- | ------------- | ----------- | --------- | ------------\nUSD | 53.6 | 70.07 | 64.49 | 8.7 \nGBP | 13.9 | 91.60 | 86.05 | 6.5 \nEUR | 10.1 | 80.82 | 76.16 | 6.1 \nBreakup of revenue growth | FY 2019 (%) | FY 2018 (%) | | \nBusiness growth | 11.4 | 6.7 | | \nImpact of exchange rate | 7.6 | (2.3) | | \nTotal growth | 19.0 | 4.4 | | "} {"_id": "d1b30df3a", "title": "", "text": "Vessel operations segment\n(1) TCE is a non-GAAP financial measure. For a reconciliation of TCE, please see \u201cItem 3. Key Information-A. Selected Financial Data.\"\nTotal operating revenues: Operating revenues decreased by $72.3 million to $230.7 million for the year ended December 31, 2019 compared to $303.0 million in 2018. This was principally due to a decrease of:\n\u2022 $90.4 million in revenue as a result of lower utilization, higher number of drydocking days and lower charterhire rates for our fleet for the year ended December 31, 2019 compared to the same period in 2018. During the year ended December 31, 2019, the majority of our fleet was scheduled for drydocking, resulting in 278 days of off-hire in aggregate, compared to 28 days of off-hire during the same period in 2018; and\n\u2022 $2.3 million decrease in vessel and other management fees revenue for the year ended December 31, 2019 compared to the same period in 2018, mainly due to the wind down of OneLNG during 2018.\nThis was partially offset by the:\n\u2022 $20.4 million increase in revenue from the Golar Viking as she was mostly on-hire during the year ended December 31, 2019, compared to being on commercial waiting time until December 2018.\nAverage daily TCE: As a result of lower voyage expenses offsetting the decrease in operating revenues, the average daily TCE for the year ended December 31, 2019 increased marginally to $44,400 compared to $43,700 for the same period in 2018.\nVessel operating expenses: Vessel operating expenses decreased by $2.9 million to $67.6 million for the year ended December 31, 2019, compared to $70.5 million for the same period in 2018, primarily due to a decrease of:\n\u2022 $3.1 million in reactivation and operating costs of the Golar Viking as she was taken out of lay-up in January 2018;\n\u2022 $1.8 million in expenses in relation to the Gandria as a result of the generic works in anticipation of her conversion into a FLNG at the start of 2018; and\n\u2022 $1.1 million in expenses in relation to the Gimi in the year ended December 31, 2019, as we commenced capitalization of costs associated with her conversion to a FLNG following receipt of the Limited Notice to Proceed in December 2018 to service the Gimi GTA Project.\nThis was partially offset by an increase in non-capitalizable vessel operating costs of $2.8 million net increase as a result of the scheduled drydocking in the year ended December 31, 2019.\nVoyage, charterhire and commission expenses: Largely relates to charterhire expenses, fuel costs associated with commercial waiting time and vessel positioning costs. While a vessel is on-hire, fuel costs are typically paid by the charterer, whereas during periods of commercial waiting time, fuel costs are paid by us. The decrease in voyage, charterhire and commission expenses of $66.1 million to $38.4 million for the year ended December 31, 2019 compared to $104.5 million for the same period in 2018, is principally due to a decrease of:\n\u2022 $56.4 million reduction in voyage expenses as a result of decreased utilization of our vessels; and\n\u2022 $15.2 million reduction in bunker consumption as the majority of our fleet underwent drydocking for a total of 278 days in aggregate, compared to 28 days during the same period in 2018.\nThis was partially offset by the $4.6 million increase in costs in relation to the Golar Arctic, as she was mostly on commercial waiting time for the year ended December 31, 2019, compared to full utilization during the same period in 2018.\nAdministrative expenses: Administrative expenses decreased by $0.9 million to $50.8 million for the year ended December 31, 2019 compared to $51.7 million for the same period in 2018, principally due to a decrease in corporate expenses and share options expenses.\nProject development expenses: Project development expenses decreased by $3.1 million to $2.1 million for the year ended December 31, 2019 compared to $5.2 million for the same period in 2018, principally due to a decrease in non-capitalized project-related expenses comprising of legal, professional and consultancy costs.\nDepreciation and amortization: Depreciation and amortization decreased by $0.6 million to $64.9 million for the year ended December 31, 2019 compared to $65.5 million for the same period in 2018, principally due to a decrease of $0.9 million in Golar Viking depreciation for the year ended December 31, 2019, compared to the same period in 2018, as a result of a $34.3 million impairment charge on the vessel and equipment recognized in March 2019.\nImpairment of long-term assets: Impairment of long-term assets increased by $42.1 million for the year ended December 31,\n2019 due to a:\n\u2022 $34.3 million impairment charge on vessel and equipment associated with our LNG carrier, the Golar Viking. In March 2019, we signed an agreement with LNG Hrvatska for the future sale of the Golar Viking once converted into an FSRU, following the completion of its current charter lease term. Although the sale is not expected to close until the fourth quarter of 2020, the transaction triggered an immediate impairment test. As the current carrying value of the vessel exceeds the price that a market participant would pay for the vessel at the measurement date, a non-cash impairment charge of $34.3 million was recognized. The fair value was based on average broker valuations as of the measurement date and represents the exit price in the principal LNG carrier sales market; and\n\u2022 $7.3 million impairment charge associated with our investment in OLT Offshore LNG Toscana S.P.A. (\"OLT-O\"). In May 2019, a major shareholder in OLT-O sold its shareholding which triggered an assessment of the recoverability of the carrying value of our 2.6% investment in OLT-O. As the carrying value of our investment exceeded the representative fair value, we wrote off our investment.\nOther operating gains: Other operating gains comprised of:\n\u2022 $9.3 million and $50.7 million recovered in connection with the ongoing arbitration proceedings arising from the delays and the termination of the Golar Tundra time charter with a former charterer, for the year ended December 31, 2019 and 2018, respectively. The amount for the year ended December 31, 2019 represents the final payment to settle these proceedings; and\n\u2022 $4.0 million loss of hire insurance proceeds on the Golar Viking for the year ended December 31, 2019.\n\n | | December 31, | | \n----------------------------------------------------------------------------------------------- | -------- | ------------ | -------- | --------\n(in thousands of $, except average daily TCE) | 2019 | 2018 | Change | % Change\nTotal operating revenues | 230,654 | 302,979 | (72,325) | (24)% \nVessel operating expenses | (67,601) | (70,543) | 2,942 | (4)% \nVoyage, charterhire and commission expenses (including expenses from collaborative arrangement) | (38,381) | (104,463) | 66,082 | (63)% \nAdministrative expenses | (50,801) | (51,716) | 915 | (2)% \nProject development expenses | (2,050) | (5,165) | 3,115 | (60)% \nDepreciation and amortization | (64,945) | (65,496) | 551 | (1)% \nImpairment of long-term assets | (42,098) | \u2014 | (42,098) | 100% \nOther operating gains | 13,295 | 50,740 | (37,445) | (74)% \nOperating (loss)/income | (21,927) | 56,336 | (78,263) | (139)% \nEquity in net losses of affiliates | (22,565) | (138,677) | 116,112 | (84)% \nOther Financial Data: | | | | \nAverage Daily TCE (1) (to the closest $100) | 44,400 | 43,700 | 700 | 2% \nCalendar days less scheduled off-hire days | 3,840 | 3,987 | (147) | (4)% "} {"_id": "d1b37f9b4", "title": "", "text": "16. Segment, Geographic, and Significant Customer Information\nWe operate in one industry segment: the design, manufacturing, marketing, and technical support of high-performance storage and data management solutions. We conduct business globally, and our sales and support activities are managed on a geographic basis. Our management reviews financial information presented on a consolidated basis, accompanied by disaggregated information it receives from our internal management system about revenues by geographic region, based on the location from which the customer relationship is managed, for purposes of allocating resources and evaluating financial performance. We do not allocate costs of revenues, research and development, sales and marketing, or general and administrative expenses to our geographic regions in this internal management reporting because management does not review operations or operating results, or make planning decisions, below the consolidated entity level.\nThe majority of our assets, excluding cash, cash equivalents, short-term investments and accounts receivable, were attributable to our domestic operations. The following table presents cash, cash equivalents and short-term investments held in the U.S. and internationally in various foreign subsidiaries (in millions):\n\n | April 26, 2019 | April 27, 2018\n------------- | -------------- | --------------\nU.S. | $ 159 | $ 853 \nInternational | 3,740 | 4,538 \nTotal | $ 3,899 | $ 5,391 "} {"_id": "d1b33d62c", "title": "", "text": "13. Income Taxes\nOn December 22, 2017, the legislation commonly known as the Tax Cuts and Jobs Act (the \u201cTCJA\u201d or the \u201cAct\u201d) was enacted into law. The Act made comprehensive changes to the U.S. tax code, including, but not limited to: (1) reducing the U.S. federal corporate tax rate from 35% to 21%; (2) changing rules related to uses and limitations of net operating loss carry-forwards created in tax years beginning after December 31, 2017 as well as the repeal of the current carryback provisions for net operating losses arising in tax years ending after December 31, 2017; (3) immediate full expensing of certain qualified property; (4) creating a new limitation on deductible interest expense; (5) eliminating the corporate alternative minimum tax; (6) repeal of the deduction for income attributable to domestic production activities; and (7) changes in the manner in which international operations are taxed in the U.S. including a mandatory one- time transition tax on the accumulated untaxed earnings of foreign subsidiaries of U.S. shareholders.\nIn response to the TCJA, the U.S. Securities and Exchange Commission (\u201cSEC\u201d) staff issued Staff Accounting Bulletin No. 118 (\u201cSAB 118\u201d), which provides guidance on accounting for the tax effects of TCJA. The purpose of SAB 118 was to address any uncertainty or diversity of view in applying ASC Topic 740, Income Taxes in the reporting period in which the TCJA was enacted. SAB 118 addresses situations where the accounting is incomplete for certain income tax effects of the TJCA upon issuance of a company\u2019s financial statements for the reporting period which include the enactment date. SAB 118 allows for a provisional amount to be recorded if it is a reasonable estimate of the impact of the TCJA. Additionally, SAB 118 allows for a measurement period to finalize the impacts of the TCJA, not to extend beyond one year from the date of enactment. For the year ended April 30, 2018, the Company recorded a provisional decrease in its deferred tax assets and liabilities for the reduction in the federal tax rate with a corresponding adjustment to the valuation allowance. During the year ended April 30, 2019, the Company completed the accounting for the tax effects of the TCJA with no material changes to the provisional estimate recorded in prior periods.\nThe TCJA also established the Global Intangible Low-Taxed Income (\u201cGILTI\u201d) provisions that impose a tax on foreign income in excess of a deemed return on tangible assets on foreign corporations. The Company does not anticipate being subject to GILTI due to the sale of Gillam in Fiscal 2018 and the treatment of FEI-Asia as a disregarded entity for U.S. tax purposes.\nThe provision for income taxes consisted of the following (in thousands):\n\n | 2019 | 2018 \n---------------------- | ------ | -------\nCurrent: | | \nFederal | $8 | $ (869)\nForeign | 196 | - \nState | 99 | (124) \nCurrent provision | 303 | (993) \nDeferred: | | \nFederal | - | 10,702 \nForeign | (247 ) | 267 \nState | - | 1,200 \nDeferred (benefit) tax | (247 ) | 12,169 \nTotal provision | $56 | $11,176"} {"_id": "d1b3a4aca", "title": "", "text": "6. Property and Equipment, Net\nProperty and equipment, net was comprised of the following (amounts in millions):\nDepreciation expense for the years ended December 31, 2019, 2018, and 2017 was $124 million, $138 million, and $130 million, respectively.\n\n | At December 31, | \n------------------------------------ | --------------- | -----\n | 2019 | 2018 \nLand | $1 | $1 \nBuildings | 4 | 4 \nLeasehold improvements | 252 | 248 \nComputer equipment | 654 | 700 \nOffice furniture and other equipment | 91 | 99 \nTotal cost of property and equipment | 1,002 | 1,052\nLess accumulated depreciation | (749) | (770)\nProperty and equipment, net | $253 | $282 "} {"_id": "d1b332236", "title": "", "text": "Remaining Performance Obligation Associated with Non-Lease Arrangements\nA majority of the Company\u2019s revenue is provided over a contract term. When allocating the total contract transaction price to identified performance obligations, a portion of the total transaction price relates to performance obligations that are yet to be satisfied or are partially satisfied as of the end of the reporting period.\nIn determining the transaction price allocated to remaining performance obligations, the Company does not include non- recurring charges and estimates for usage.\nRemaining performance obligations associated with the Company\u2019s contracts reflect recurring charges billed, adjusted to reflect estimates for sales incentives and revenue adjustments.\nThe table below reflects an estimate of the remaining transaction price of fixed fee, non-lease revenue arrangements to be recognized in the future periods presented. The table below does not include estimated amounts to be recognized in future periods associated with variable usage-based consideration.\n\n | Year Ended June 30, | | | | | | \n------------------ | ------------------- | ------ | ------ | ----- | ----- | ---------- | --------\n | 2020 | 2021 | 2022 | 2023 | 2024 | Thereafter | Total \n | (in millions) | | | | | | \nReportable Segment | | | | | | | \nZayo Networks | 621.4 | 295.9 | 117.4 | 36.7 | 14.1 | 17.5 | 1,103.0 \nzColo | 21.7 | 11.0 | 6.2 | 3.5 | 2.5 | 2.0 | 46.9 \nAllstream | 110.3 | 26.7 | 11.8 | 1.6 | 0.3 | \u2014 | 150.7 \nTotal | $753.4 | $333.6 | $135.4 | $41.8 | $16.9 | $19.5 | $1,300.6"} {"_id": "d1b3a6672", "title": "", "text": "Note 11. Other Current Assets\nOther current assets consisted of the following (in thousands):\n\n | December 31, | \n------------------------------- | ------------ | -------\n | 2019 | 2018 \nInvestments held in rabbi trust | $13,927 | $11,442\nFinancial derivatives | 3,373 | 1,078 \nDeferred rent | 558 | 1,867 \nOther current assets | 2,667 | 2,374 \n | $20,525 | $16,761"} {"_id": "d1b2ff9bc", "title": "", "text": "Year ended December 31, 2018 compared with the year ended December 31, 2017:\nRevenue in 2018 is derived from multiple license agreements that we entered into with third-parties following negotiations pursuant to our patent licensing and enforcement program. The revenue increase is primarily due to licensing revenues, as further described in \"Item 1. Business\" - \"Licensing and Enforcement - Current Activities, Post 2013\".\nCost of revenues includes contingent legal fees directly associated with our licensing and enforcement programs. Cost of revenues increased largely in proportion to increase in revenues.\nSelling, general and administrative expenses (\"SG&A\") consisted primarily of legal fees incurred in operations and employee headcount related expenses. These comprise approximately 74% of total SG&A expense. Litigation expenses increased $4.2 million to $16.5 million in 2018 compared to 2017 and are primarily due to the timing of various outstanding litigation actions. See \"Item 3. Legal Proceedings\". Employee headcount related expenses increased $1.8 million to $7.2 million in 2018 compared to 2017, and is primarily due to incentive bonuses earned during the year. The balance of SG&A expenses include consulting, other professional services, facilities and other administrative fees and expenses.\nResearch and Development expenses (\"R&D\") are primarily from our Finjan Mobile security business and increased by $0.6 million to $2.1 million in 2018 compared to 2017, as we continue to position this business for future growth.\nOther income (expense) is primarily due to changes in the fair value of the warrant liability of $3.4 million in 2018 versus a benefit of $2.2 million in 2017, and interest expense of $0.6 million in 2018, net.\nWe recognized an income tax expense of $8.1 million on pre-tax income of $28.7 million in 2018 as compared to a benefit from the reduction in the valuation allowance of $6.2 million in 2017.\n\n | | For the Year Ended December 31, | | \n----------------------------------- | ----- | --------------------------------- | ------ | --------\n | 2018 | 2017 | Change | % Change\n | | (In millions, except percentages) | | \nRevenues | $82.3 | $50.5 | $31.8 | 63% \nCost of revenues | 15.3 | 6.0 | 9.3 | 155% \nGross profit | 67.0 | 44.5 | 22.5 | 51% \nGross margin | 81% | 88% | | \nOperating expenses: | | | | \nSelling, general and administrative | 32.2 | 28.6 | 3.6 | 13% \nResearch and development | 2.1 | 1.5 | 0.6 | 40% \nTotal operating expenses | 34.3 | 30.1 | 4.2 | 14% \nOther income (expense) | (4.0) | 2.2 | (6.2) | (282)% \nIncome before income taxes | 28.7 | 16.6 | 12.1 | 73% \nIncome tax provision (benefit) | 8.0 | (6.2) | 14.2 | (229)% \nNet income | $20.7 | $22.8 | $(2.1) | (9)% "} {"_id": "d1b3a9962", "title": "", "text": "Accrued expenses and other consist of the following (in thousands):\nAt December 31, 2019 and 2018, accounts receivable, accounts payable and accrued expenses are not measured at fair value; however, the Company believes that the carrying amounts of these assets and liabilities are a reasonable estimate of their fair value because of their relative short maturity.\n\nDecember 31, | | \n-------------------------------- | ------ | ------\n | 2019 | 2018 \nAccrued advertising expense | $1,774 | $1,875\nAccrued compensation expense | 2,955 | 2,813 \nReserve for member refunds | 293 | 382 \nOther accrued expenses | 2,455 | 2,266 \nDeferred rent | \u2014 | 517 \nTotal accrued expenses and other | $7,477 | 7,853 "} {"_id": "d1b3be6fa", "title": "", "text": "Note 2. Business Acquisitions\nAcquisition of Microsemi\nThe following unaudited pro-forma consolidated results of operations for the fiscal year ended March 31, 2019 and 2018 assume the closing of the Microsemi acquisition occurred as of April 1, 2017. The pro-forma adjustments are mainly comprised of acquired inventory fair value costs and amortization of purchased intangible assets. The pro-forma results of operations are presented for informational purposes only and are not indicative of the results of operations that would have been achieved if the acquisition had taken place on April 1, 2017 or of results that may occur in the future (in millions except per share data):\n\n | Year Ended March 31, | \n------------------------------------------ | -------------------- | --------\n | 2019 | 2018 \nNet sales | $5,563.7 | $5,875.0\nNet income (loss) | $542.0 | $(762.3)\nBasic net income (loss) per common share | $2.29 | $(3.27) \nDiluted net income (loss) per common share | $2.17 | $(3.27) "} {"_id": "d1b2eca42", "title": "", "text": "NET INCOME (LOSS) PER COMMON SHARE\nBasic net income (loss) per common share is based upon the weighted-average number of common shares outstanding. Diluted net income (loss) per common share is based on the weighted-average number of common shares outstanding and potentially dilutive common shares outstanding and computed as follows:\n* For the twelve months ended December 31, 2018, the diluted earnings per common share included the weighted average effect of 215,196 unvested Restricted Stock Units and 716,661 stock options that are potentially dilutive to earnings per share since the exercise price of such securities was less than the average market price during the period. For the twelve months ended December 31, 2017, the diluted earnings per common share included 438,712 unvested Restricted Stock Units and the weighted average effect of 477,048 stock options that are potentially dilutive to earnings per share since the exercise price of such securities was less than the average market price during the period.\n\n | | Years Ended | \n----------------------------------------------------- | ---------- | ----------------------------------------------- | ----------\n | | December 31, | \n | 2019 | 2018 | 2017 \n | | (In thousands, except share and per share data) | \nNumerator: | | | \nNet income (loss) attributable to common stockholders | $(16,490) | $19,813 | $17,929 \nDenominator: | | | \nWeighted-average common shares, basic | 27,618,284 | 27,484,655 | 25,353,966\nWeighted-average common shares, diluted* | 27,618,284 | 28,416,512 | 26,269,727\nNet income (loss) per common share: | | | \nBasic: | $(0.60) | $0.72 | $0.71 \nDiluted: | $(0.60) | $0.70 | $0.68 "} {"_id": "d1b36ac94", "title": "", "text": "ITEM 7. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS (United States Dollars in thousands, except per share data and unless otherwise indicated)\nCash flows\nWe prepare our Consolidated Statements of Cash Flows using the indirect method, under which we reconcile net income to cash flows provided by operating activities by adjusting net income for those items that impact net income, but may not result in actual cash receipts or payments during the period. The following table provides a summary of our operating, investing and financing cash flows for the periods indicated.\n\n | | Year Ended December 31, | \n----------------------------------------- | ---------- | ----------------------- | ---------\n | 2019 | 2018 | 2017 \nNet cash provided by operating activities | $153,327 | $256,426 | $160,394 \nNet cash used in investing activities | $(15,381) | $(6,581) | $(4,135) \nNet cash used in financing activities | $(150,604) | $(145,184) | $(30,535)"} {"_id": "d1b36e98e", "title": "", "text": "Products, Support and Professional Services\nWe are a leading developer and marketer of software enabled solutions and services to the hospitality industry, including: software solutions fully integrated with third party hardware and operating systems; support, maintenance and subscription services; and, professional services. Areas of specialization are point of sale, property management, and a broad range of solutions that support the ecosystem of these core solutions.\nWe present revenue and costs of goods sold in three categories: \u2022 Products (hardware and software) \u2022 Support, maintenance and subscription services \u2022 Professional services\nTotal revenue for these three specific areas is as follows:\nProducts: Products revenue is comprised of revenue from the sale of software along with third party hardware and operating systems. Software sales include up front revenue for licensing our solutions on a perpetual basis. Software sales are driven by our solutions' ability to help our customer meet the demands of their guests and improve operating efficiencies. Our software revenue is also driven by the ability of our customers to configure our solutions for their specific needs and the robust catalog of integrations we offer to third party solutions. Our software solutions require varying form factors of third party hardware and operating systems to operate, such as staff facing terminals, kiosk solutions, mobile tablets or servers. Third party hardware and operating system revenue is typically driven by new customer wins and existing customer hardware refresh purchases.\nSupport, Maintenance and Subscription Services: Technical software support, software maintenance and software subscription services are a significant portion of our consolidated revenue and typically generate higher profit margins than products revenue. Growth has been driven by a strategic focus on developing and promoting these offerings while market demand for maintenance services and updates that enhance reliability, as well as the desire for flexibility in purchasing options, continue to reinforce this trend. Our commitment to exceptional service has enabled us to become a trusted partner with customers who wish to optimize the level of service they provide to their guests and maximize commerce opportunities both on premise and in the cloud.\nProfessional Services: We have industry-leading expertise in designing, implementing, integrating and installing customized solutions into both traditional and newly created platforms. For existing enterprises, we seamlessly integrate new systems and for start-ups and fast-growing customers, we become a partner that can manage large-scale rollouts and tight construction schedules. Our extensive experience ranges from staging equipment to phased rollouts as well as training staff to provide operational expertise to help achieve maximum effectiveness and efficiencies in a manner that saves our customers time and money.\n\n | | Year ended March 31, | \n---------------------------------------------- | -------- | -------------------- | --------\n(In thousands) | 2019 | 2018 | 2017 \nProducts | $39,003 | $33,699 | $38,339 \nSupport, maintenance and subscription services | 75,496 | 69,068 | 63,308 \nProfessional services | 26,343 | 24,593 | 26,031 \nTotal | $140,842 | $127,360 | $127,678"} {"_id": "d1b332d58", "title": "", "text": "Information About Our Executive Officers\nSet forth below are the name, age and position of each of our executive officers\nThe following are biographical summaries of our executive officers other than Mr.\u00a0Kirchner, for whom a\u00a0biographical summary\u00a0is\u00a0set forth under \u201cInformation about\u00a0Our\u00a0Board\u00a0of Directors.\u201d\nRobert Andersen is\u00a0executive\u00a0vice\u00a0president\u00a0and\u00a0chief\u00a0financial\u00a0officer\u00a0of\u00a0Xperi\u00a0Corporation.\u00a0He\u00a0became\u00a0executive\u00a0vice\u00a0president\u00a0and\u00a0chief\u00a0financial\u00a0officer\u00a0of Xperi\u00a0Corporation\u00a0in\u00a0January\u00a02014.\u00a0Prior\u00a0to\u00a0joining\u00a0Xperi\u00a0Corporation,\u00a0he\u00a0served\u00a0as\u00a0executive\u00a0vice\u00a0president\u00a0and\u00a0CFO\u00a0of\u00a0G2\u00a0Holdings\u00a0Corp.\u00a0d/b/a\u00a0Components Direct.\u00a0Mr.\u00a0Andersen\u00a0previously\u00a0served\u00a0as\u00a0CFO\u00a0at\u00a0Phoenix\u00a0Technologies\u00a0Ltd.\u00a0and\u00a0held\u00a0senior\u00a0financial\u00a0roles\u00a0at\u00a0Wind\u00a0River\u00a0Systems,\u00a0Inc.\u00a0and\u00a0NextOffice,\u00a0Inc.\u00a0His finance\u00a0career\u00a0began\u00a0at\u00a0Hewlett-Packard\u00a0Company,\u00a0where\u00a0he\u00a0served\u00a0in\u00a0various\u00a0controller,\u00a0treasury\u00a0and\u00a0technology\u00a0finance\u00a0management\u00a0roles.\u00a0Mr.\u00a0Andersen\u00a0served on\u00a0the\u00a0board\u00a0of\u00a0directors\u00a0of\u00a0publicly\u00a0traded\u00a0Quantum\u00a0Corporation\u00a0through\u00a0March\u00a02017.\u00a0He\u00a0currently\u00a0serves\u00a0on\u00a0the\u00a0board\u00a0of\u00a0directors\u00a0of\u00a0the\u00a0Alameda\u00a0County Community\u00a0Food\u00a0Bank\u00a0in\u00a0the\u00a0role\u00a0of\u00a0vice\u00a0chair.\u00a0Mr.\u00a0Andersen\u00a0holds\u00a0a\u00a0B.A.\u00a0in\u00a0economics\u00a0from\u00a0the\u00a0University\u00a0of\u00a0California,\u00a0Davis,\u00a0and\u00a0an\u00a0M.B.A.\u00a0from\u00a0the\u00a0Anderson\u00a0School\u00a0of\u00a0Management\u00a0at\u00a0the\u00a0University\u00a0of\u00a0California,\u00a0Los\u00a0Angeles.\nPaul Davis is general counsel and corporate secretary of Xperi Corporation. He joined Xperi Corporation in August 2011, and became general counsel and corporate secretary in July 2013. Before joining Xperi Corporation, he was an attorney at Skadden, Arps, Slate, Meagher & Flom LLP, where his practice focused on mergers and acquisitions, corporate securities matters and corporate governance. Mr. Davis holds a Juris Doctor from the University of California, Hastings College of the Law and B.A. degrees in history and political science from the University of California, San Diego. While at Hastings, he was magna cum laude, an Order of the Coif member and a managing editor on the Hastings Law Journal.\nMurali Dharan has served\u00a0as\u00a0president\u00a0of\u00a0Tessera\u00a0Intellectual\u00a0Property\u00a0Corp.\u00a0(\u201cTessera\u201d)\u00a0since\u00a0October\u00a0of\u00a02017\u00a0and\u00a0is\u00a0responsible\u00a0for\u00a0the\u00a0strategic\u00a0direction, management\u00a0and\u00a0growth\u00a0of\u00a0the\u00a0Tessera\u00a0intellectual\u00a0property\u00a0licensing\u00a0business.\u00a0He\u00a0has\u00a0extensive\u00a0leadership\u00a0experience,\u00a0most\u00a0recently\u00a0as\u00a0CEO\u00a0of\u00a0IPVALUE, guiding\u00a0the\u00a0company\u00a0from\u00a0a\u00a0start-up\u00a0to\u00a0an\u00a0industry\u00a0leader\u00a0and\u00a0helping\u00a0partners\u00a0to\u00a0generate\u00a0more\u00a0than\u00a0$1.6\u00a0billion\u00a0in\u00a0IP\u00a0revenue.\u00a0Prior\u00a0to\u00a0joining\u00a0IPVALUE\u00a0in\u00a02002, Mr.\u00a0Dharan\u00a0held\u00a0executive\u00a0roles\u00a0at\u00a0various\u00a0technology\u00a0companies,\u00a0including\u00a0executive\u00a0vice\u00a0president\u00a0at\u00a0Preview\u00a0Systems,\u00a0vice\u00a0president\u00a0and\u00a0general\u00a0manager\u00a0at Silicon\u00a0Graphics,\u00a0and\u00a0vice\u00a0president\u00a0and\u00a0general\u00a0manager\u00a0at\u00a0NEC.\u00a0Mr.\u00a0Dharan\u00a0holds\u00a0an\u00a0electrical\u00a0engineering\u00a0degree\u00a0from\u00a0Anna\u00a0University\u00a0in\u00a0India,\u00a0a\u00a0master\u2019s degree\u00a0in\u00a0computer\u00a0science\u00a0from\u00a0Indiana\u00a0University,\u00a0and\u00a0an\u00a0MBA\u00a0from\u00a0Stanford\u00a0University.\nGeir Skaaden has served as our chief products and services officer since December 2016 and leads global sales, business development and product management for our portfolio of imaging and audio solutions. He served as DTS\u2019s Executive Vice President, Products, Platforms and Solutions from October 2015 until its acquisition by the Company in December 2016, having previously served as DTS\u2019s Senior Vice President, Corporate Business Development, Digital Content and Media Solutions since December 2013. Prior to that, Mr. Skaaden served as DTS\u2019s Senior Vice President, Products & Platforms from April 2012 to December 2013. From 2008 to 2012, Mr. Skaaden served in a number of positions overseeing numerous aspects including strategic sales, licensing operations, and business development. Prior to joining DTS in 2008, Mr. Skaaden served as the Chief Executive Officer at Neural Audio Corporation from 2004 to 2008, where he previously served as Vice President, Corporate Development from 2002 to 2004. Mr. Skaaden holds a B.A. in Finance from the University of Oregon, a Business degree from the Norwegian School of Management and an M.B.A. from the University of Washington.\nWe have adopted a written code of business conduct and ethics that applies to our principal executive officer, principal financial officer, principal accounting officer or controller, or persons serving similar functions. The text of our code of business conduct and ethics has been posted on our website at http://www.xperi.com. and is included as an exhibit to our Current Report on Form 8-K filed with the SEC on December 1, 2016.\n\nName | Age | Position(s) \n--------------- | --- | ------------------------------------------------\nJon Kirchner | 52 | Chief Executive Officer, Director \nRobert Andersen | 56 | Chief Financial Officer \nPaul Davis | 44 | General Counsel and Corporate Secretary \nMurali Dharan | 58 | President of Tessera Intellectual Property Corp.\nGeir Skaaden | 53 | Chief Products and Services Officer "} {"_id": "d1b3b5ad2", "title": "", "text": "Hotels sales improvement in the second half was driven by Bars, Food and Accommodation, benefitting from venue refurbishments completed in the year.\nHotels sales increased by 3.7% in F19 or 1.8% on a normalised basis. Comparable sales increased by 1.9% with 3.0% growth in Q4. Sales growth accelerated in the second half due to continued growth in Bars, Food and Accommodation benefitting from venue refurbishments with 49 completed during the year. Gaming sales continue to be more subdued, particularly in Victoria. During the year, five venues were opened or acquired with 328 hotels at year\u2010end.\nNormalised gross profit declined by 54 bps reflecting business mix and increasing input cost prices on Food margins. CODB was well controlled and declined by 18 bps on a normalised basis.\nEBIT of $261 million decreased by 0.5% on a normalised basis reflecting a weaker first half trading performance. Normalised EBIT in the second half increased by 1.3%.\nNormalised ROFE decreased by 38 bps due to an increase in funds employed driven by refurbishments and acquisitions of hotels.\n\n | F19 | F18 | | \n----------------------------- | -------- | -------- | -------- | -----------------\n$ MILLION | 53 WEEKS | 52 WEEKS | CHANGE | CHANGE NORMALISED\nSales | 1,671 | 1,612 | 3.7% | 1.8% \nEBITDA | 372 | 361 | 3.5% | 2.5% \nDepreciation and amortisation | (111) | (102) | 9.9% | 9.9% \nEBIT | 261 | 259 | 1.0% | (0.5)% \nGross margin (%) | 83.6 | 84.2 | (55) bps | (54) bps \nCost of doing business (%) | 68.0 | 68.1 | (12) bps | (18) bps \nEBIT to sales (%) | 15.6 | 16.1 | (43) bps | (35) bps \nFunds employed | 2,068 | 1,995 | 3.7% | \nROFE (%) | 12.9 | 13.1 | (20) bps | (38) bps "} {"_id": "d1b3182b4", "title": "", "text": "Stock-based Compensation Expense\nThe income tax benefit related to share-based compensation was $66 million, $158 million and $97 million for 2019, 2018 and 2017, respectively. The income tax benefits related to share-based compensation for the periods presented prior to the second quarter of 2018 were offset by an increase in the U.S. valuation allowance. Stock-based compensation expense of $30 million and $19 million was capitalized and remained in inventory as of August 29, 2019 and August 30, 2018, respectively. As of August 29, 2019, $439 million of total unrecognized compensation costs for unvested awards, before the effect of any future forfeitures, was expected to be recognized through the fourth quarter of 2023, resulting in a weighted-average period of 1.3 years.\n\nFor the year ended | 2019 | 2018 | 2017\n------------------------------------------------- | ---- | ---- | ----\nStock-based compensation expense by caption | | | \nCost of goods sold | $102 | $83 | $88 \nSelling, general, and administrative | 73 | 61 | 75 \nResearch and development | 68 | 54 | 52 \n | $243 | $198 | $215\nStock-based compensation expense by type of award | | | \nRestricted stock awards | $178 | $140 | $144\nStock options | 33 | 55 | 71 \nESPP | 32 | 3 | \u2014 \n | $243 | $198 | $215"} {"_id": "d1b2e55ee", "title": "", "text": "NOTE 8\u2014INVENTORIES\nInventories consist of the following (in thousands):\nAt September 30, 2019, work in process and inventoried costs under long-term contracts includes approximately $5.8 million in costs incurred outside the scope of work or in advance of a contract award compared to $0.9 million at September 30, 2018. We believe it is probable that we will recover the costs inventoried at September 30, 2019, plus a profit margin, under contract change orders or awards within the next year.\nCosts we incur for certain U.S. federal government contracts include general and administrative costs as allowed by government cost accounting standards. The amounts remaining in inventory at September 30, 2019 and 2018 were $0.5 million and $2.0 million, respectively.\n\n | | September 30,\n--------------------------------------------------------------- | ---------- | -------------\n | 2019 | 2018 \nFinished products | $10,905 | $7,099 \nWork in process and inventoried costs under long-term contracts | 46,951 | 63,169 \nMaterials and purchased parts | 48,938 | 23,710 \nCustomer advances | \u2014 | (9,779) \nNet inventories | $ 106,794 | $ 84,199 "} {"_id": "d1b347a32", "title": "", "text": "Summarised cash flow statement\nCash flow\nWe generated a net cash inflow from operating activities of \u00a34,256m, down \u00a3671m, mainly driven by \u00a32bn contributions to the BT Pension Scheme, offset by favourable working capital movements. In line with our outlook, normalised free cash flowb was \u00a32,440m, down \u00a3533m or 18%, driven by increased cash capital expenditure, decrease in EBITDA and higher tax payments.\nFree cash flow, which includes specific item outflows of \u00a3598m (2017/18: \u00a3828m) and a \u00a3273m (2017/18: \u00a3109m) tax benefit from pension deficit payments, was \u00a3619m (2017/18: \u00a31,586m). Last year also included payments of \u00a3325m for the acquisition of mobile spectrum.\nThe spectrum auction bidding took place across the 2017/18 and 2018/19 financial years. Whilst \u00a3325m was on deposit with Ofcom at 31 March 2018, we went on to acquire spectrum for a total price of \u00a3304m and the excess deposit balance has since been refunded. We made pension deficit payments of \u00a32,024m (2017/18: \u00a3872m) and paid dividends to our shareholders of \u00a31,504m (2017/18: \u00a31,523m).\nThe net cash cost of specific items of \u00a3598m (2017/18: \u00a3828m) includes restructuring payments of \u00a3372m (2017/18: \u00a3189m) and regulatory payments of \u00a3170m (2017/18: \u00a3267m). Last year also included payments of \u00a3225m relating to the settlement of warranty claims under the 2015 EE acquisition agreement.\nb After net interest paid, before pension deficit payments (including the cash tax benefit of pension deficit payments) and specific items.\n\n | 2019 | 2018 | 2017 \n------------------------------------------------------------------ | ------- | ------- | -------\nYear ended 31 March | \u00a3m | \u00a3m | \u00a3m \nCash generated from operations | 4,687 | 5,400 | 6,725 \nTax paid | (431) | (473) | (551) \nNet cash inflows from operating activities | 4,256 | 4,927 | 6,174 \nNet purchase of property, plant and equipment and software | (3,637) | (3,341) | (3,119)\nFree cash flow | 619 | 1,586 | 3,055 \nInterest received | 23 | 7 | 7 \nInterest paid | (531) | (555) | (629) \nAdd back pension deficit payments | 2,024 | 872 | 274 \nAdd back net cash flow from specific items | 598 | 828 | 205 \nAdd back net sale of non-current asset investments | 1 | 19 | (20) \nAdd back prepayments in respect of acquisition of spectrum licence | - | 325 | - \nRemove refund on acquisition of spectrum licence | (21) | - | - \nRemove cash tax benefit of pension deficit payments | (273) | (109) | (110) \nNormalised free cash flow b | 2,440 | 2,973 | 2,782 "} {"_id": "d1b3bfd5c", "title": "", "text": "The table below shows the carrying amounts and estimated fair values of our debt, excluding lease liabilities:\n(1) Includes borrowings denominated in currencies other than US Dollars.\n(2) At December 31, 2019, the carrying amount and estimated fair value of debt exclude lease liabilities.\nIn addition to the table above, the Company remeasures amounts related to certain equity compensation that are carried at fair value on a recurring basis in the Consolidated Financial Statements or for which a fair value measurement was required. Refer to Note 21, \u201cStockholders\u2019 Deficit,\u201d of the Notes to Consolidated Financial Statements for share-based compensation in the Notes to Consolidated Financial Statements. Included among our non-financial assets and liabilities that are not required to be measured at fair value on a recurring basis are inventories, net property and equipment, goodwill, intangible assets and asset retirement obligations.\n\n | December 31, 2019 | | December 31, 2018 | \n---------------------------------------- | ----------------- | ---------- | ----------------- | ----------\n(In millions) | Carrying Amount | Fair Value | Carrying Amount | Fair Value\nTerm Loan A Facility due July 2022 | $ 474.6 | $ 474.6 | $ \u2014 | $ \u2014 \nTerm Loan A Facility due July 2023(1) | 223.8 | 223.8 | 222.2 | 222.2 \n6.50% Senior Notes due December 2020 | \u2014 | \u2014 | 424.0 | 440.1 \n4.875% Senior Notes due December 2022 | 421.9 | 450.1 | 421.1 | 421.2 \n5.25% Senior Notes due April 2023 | 422.0 | 454.1 | 421.2 | 424.5 \n4.50% Senior Notes due September 2023(1) | 445.6 | 509.5 | 454.9 | 489.9 \n5.125% Senior Notes due December 2024 | 421.9 | 458.9 | 421.3 | 419.8 \n5.50% Senior Notes due September 2025 | 397.4 | 441.2 | 397.1 | 394.8 \n4.00% Senior Notes due December 2027 | 420.4 | 431.5 | \u2014 | \u2014 \n6.875% Senior Notes due July 2033 | 445.7 | 528.8 | 445.5 | 453.4 \nOther foreign borrowings(1) | 12.1 | 12.4 | 98.5 | 99.2 \nOther domestic borrowings | 89.0 | 89.0 | 168.4 | 170.0 \nTotal debt(2) | $ 3,774.4 | $ 4,073.9 | $ 3,474.2 | $ 3,535.1 "} {"_id": "d1b325f2c", "title": "", "text": "35 Related party transactions\nKey management1 compensation\n1 Key management comprises the directors of intu properties plc and the Executive Committee who have been designated as persons discharging managerial responsibility (PDMR).\nDuring 2017 the Group\u2019s joint ventures in intu Puerto Venecia and intu Asturias sold shares in subsidiaries, previously wholly owned by the respective joint ventures, listed on the Spanish MaB to PDMRs of the Group. The total value of the shares at 31 December 2019 is \u20ac1.0 million for each joint venture, representing 1 per cent of the respective outstanding share capital. The sale of shares in these entities was required to comply with Spanish MaB free float listing requirements. The Group provided an interest-free loan to PDMRs to enable them to purchase the shares. The loans are treated as a taxable benefit which accordingly is included in the above table. In line with the terms of the relevant loan agreements entered into, the loans are repayable in full upon cessation of employment or the sale of the underlying assets. Further to the exchange of contracts in respect of the sale of intu Puerto Venecia in December 2019 and of intu Asturias in January 2020, the relevant PDMRs sold these shareholdings in January 2020 and February 2020 respectively. All outstanding loans in respect of the above arrangements have been repaid to the Company in full or in part. For those loans which have been partially repaid, the outstanding balance has been written off by the Company.\n\nKey management1 compensation | | \n------------------------------------------- | ---- | ----\n\u00a3m | 2019 | 2018\nSalaries and short-term employee benefits | 4.7 | 4.9 \nPensions and other post-employment benefits | 0.3 | 0.8 \nShare-based payments | 1.5 | 1.7 \n | 6.5 | 7.4 "} {"_id": "d1b31236e", "title": "", "text": "Cloud & Cognitive Software revenue increased in 2018 compared to the prior year with growth in all three lines of business, as reported and adjusted for currency. Within Cognitive Applications, the increase was driven by strong double-digit growth in security services, while growth in Cloud & Data Platforms was led by analytics platforms and integration offerings. Transaction Processing Platforms grew with improved revenue performance sequentially in the fourth-quarter 2018 versus the third-quarter 2018 reflecting clients\u2019 commitment to the company\u2019s platform for the long term and the value it provides in managing mission-critical workloads. Within Cloud & Cognitive Software, cloud revenue of $3.0 billion grew 10 percent as reported and adjusted for currency compared to the prior year.\n* Recast to reflect segment changes.\nGross margin in Cloud & Cognitive Software was impacted by an increased mix toward SaaS, a mix toward security services and increased royalty costs associated with IP licensing agreements compared to the prior year. Pre-tax income improvement year to year was primarily driven by operational efficiencies and mix.\n\n($ in millions) | | | \n------------------------------- | ------- | ------- | ---------------------------------\nFor the year ended December 31: | 2018* | 2017* | Yr.-to-Yr. Percent/ Margin Change\nCloud & Cognitive Software | | | \nExternal gross profit | $17,224 | $16,986 | 1.4% \nExternal gross profit margin | 77.6% | 78.1% | (0.5)pts. \nPre-tax income | $8,882 | $8,068 | 10.1% \nPre-tax margin | 35.0% | 32.4% | 2.6pts. "} {"_id": "d1b3458e0", "title": "", "text": "GasLog Ltd. and its Subsidiaries\nNotes to the consolidated financial statements (Continued)\nFor the years ended December 31, 2017, 2018 and 2019\n(All amounts expressed in thousands of U.S. Dollars, except share and per share data)\n21. Related Party Transactions (Continued)\nCompensation of key management personnel\nThe remuneration of directors and key management was as follows:\n\n | | For the year ended December 31, | \n--------------------------------------------------------- | ----- | ------------------------------- | -----\n | 2017 | 2018 | 2019 \nRemuneration | 7,603 | 7,011 | 7,536\nShort-term benefits | 106 | 136 | 172 \nExpense recognized in respect of share-based compensation | 1,821 | 1,992 | 2,044\nTotal | 9,530 | 9,139 | 9,752"} {"_id": "d1b3685de", "title": "", "text": "4. Income Taxes\nProvision for Income Taxes\nIncome tax expense (benefit) is summarized below (in thousands):\n\n | | Fiscal Year Ended August 31, | \n------------------------ | --------- | ---------------------------- | --------\n | 2019 | 2018 | 2017 \nCurrent: | | | \nDomestic\u2013federal | $(23,675) | $69,080 | $2,436 \nDomestic\u2013state | 1,383 | 134 | 12 \nForeign | 175,993 | 178,790 | 188,872 \nTotal current | 153,701 | 248,004 | 191,320 \nDeferred: | | | \nDomestic\u2013federal | (8,000) | (24,342) | 253 \nDomestic\u2013state | (2,202) | 93 | 30 \nForeign | 17,731 | 62,105 | (62,537)\nTotal deferred | 7,529 | 37,856 | (62,254)\nTotal income tax expense | $161,230 | $285,860 | $129,066"} {"_id": "d1b3ad134", "title": "", "text": "Our net sales to significant customers as a percentage of total net sales were as follows:\nWe sell parts to these three transportation customers for certain vehicle platforms under purchase agreements that have no volume commitments and are subject to purchase orders issued from time to time.\nNo other customer accounted for 10% or more of total net sales during these periods. We continue to focus on broadening our customer base to diversify our end market exposure.\nChanges in the level of our customers' orders have, in the past, had a significant impact on our operating results. If a major customer reduces the amount of business it does with us, or substantially changes the terms of that business, there could be an adverse impact on our operating results\n\n | | Years Ended December 31, | \n------------------------ | ----- | ------------------------ | -----\n | 2019 | 2018 | 2017 \nCummins Inc. | 16.1% | 15.2% | 13.4%\nHonda Motor Co. | 11.6% | 10.5% | 11.2%\nToyota Motor Corporation | 9.6% | 10.5% | 10.2%"} {"_id": "d1b3061a4", "title": "", "text": "Financial Condition, Liquidity and Capital Resources\nWe believe our current world-wide cash balances together with expected future cash flows to be generated from operations and our committed credit facility will be sufficient to support current operations. A significant amount of cash and expected future cash flows are located outside of the U.S. Of the $83.2 million of cash and cash equivalents as of April 27, 2019, $69.9 million was held in subsidiaries outside the U.S. and can be repatriated, primarily through the repayment of intercompany loans and the payment of dividends, without creating material additional income tax expense.\nCash flow is summarized below:\nOperating Activities \u2014 Fiscal 2019 Compared to Fiscal 2018\nNet cash provided by operating activities decreased $15.8 million to $102.0 million for fiscal 2019, compared to $117.8 million for fiscal 2018. The decrease was due to lower cash generated from changes in operating assets and liabilities, partially offset by higher net income adjusted for non-cash items. The $42.2 million of cash outflows for operating assets and liabilities was primarily due to higher prepaid expenses and other assets and lower accounts payable and accrued expenses.\nOperating Activities \u2014 Fiscal 2018 Compared to Fiscal 2017\nNet cash provided by operating activities decreased $27.4 million to $117.8 million in fiscal 2018, compared to $145.2 million in fiscal 2017. The decrease was primarily due to lower net income adjusted for non-cash items, partially offset by cash generated from changes in operating assets and liabilities. The $43.6 million of cash inflows for operating assets and liabilities was due to higher accounts payable and accrued expenses and lower prepaid expenses and other assets, offset by higher inventory levels.\nInvesting Activities \u2014 Fiscal 2019 Compared to Fiscal 2018\nNet cash used in investing activities increased by $291.8 million to $470.8 million in fiscal 2019, compared to $179.0 million in fiscal 2018, primarily due to acquisitions. In fiscal 2019, we paid $422.1 million for the acquisition of Grakon. In fiscal 2018, we paid $130.9 million for the acquisitions of Pacific Insight and Procoplast.\nInvesting Activities \u2014 Fiscal 2018 Compared to Fiscal 2017\nNet cash used in investing activities increased by $157.3 million to $179.0 million in fiscal 2018, compared to $21.7 million in fiscal 2017. The increase was primarily due to $130.9 million paid for the acquisitions of Pacific Insight and Procoplast. In addition, purchases of property, plant and equipment for our operations were higher in fiscal 2018 compared to fiscal 2017.\nFinancing Activities \u2014 Fiscal 2019 Compared to Fiscal 2018\nNet cash provided by financing activities was $217.4 million in fiscal 2019, compared to net cash used in financing activities of $12.7 million in fiscal 2018. During fiscal 2019, we had net borrowings of $238.5 million which was partially used to fund the acquisition of Grakon. We paid dividends of $16.3 million in fiscal 2019, compared to $14.7 million in fiscal 2018.\nFinancing Activities \u2014 Fiscal 2018 Compared to Fiscal 2017\nNet cash used in financing activities decreased $34.3 million to $12.7 million in fiscal 2018, compared to $47.0 million in fiscal 2017. During fiscal 2018, we had net borrowings of $2.0 million, compared to repayments on borrowings of $30.0 million in fiscal 2017. We paid dividends of $14.7 million and $13.7 million in fiscal 2018 and fiscal 2017, respectively. We did not repurchase any common stock in fiscal 2018. In fiscal 2017, we paid $9.8 million for the repurchase of common stock.\n\n | | Fiscal Year Ended | \n------------------------------------------------------------ | --------- | ----------------- | ---------\n | April 27, | April 28, | April 29,\n(Dollars in Millions) | 2019 | 2018 | 2017 \nOperating activities: | | | \nNet Income | $91.6 | $57.2 | $92.9 \nNon-cash Items | 52.6 | 17.0 | 32.1 \nChanges in Operating Assets and Liabilities | (42.2) | 43.6 | 20.2 \nNet Cash Provided by Operating Activities | 102.0 | 117.8 | 145.2 \nNet Cash Used in Investing Activities | (470.8) | (179.0) | (21.7) \nNet Cash Provided by (Used In) Financing Activities | 217.4 | (12.7) | (47.0) \nEffect of Exchange Rate Changes on Cash and Cash Equivalents | (11.5) | 26.0 | (10.3) \nNet Increase (Decrease) in Cash and Cash Equivalents | (162.9) | (47.9) | 66.2 \nCash and Cash Equivalents at Beginning of the Year | 246.1 | 294.0 | 227.8 \nCash and Cash Equivalents at End of the Year | $83.2 | $246.1 | $294.0 "} {"_id": "d1b37ee24", "title": "", "text": "The significant components of the Company\u2019s deferred income tax assets and liabilities as of December 31, 2019 and 2018 are as follows:\nIn July 2019, the Company formally established its EMEA headquarters in Ireland and its Asia-Pacific headquarters in Singapore. As a result of these actions, the Company transferred regional relationship and territory rights from its Canadian entity to enable each regional headquarters to develop and maintain merchant and commercial operations within its respective region, while keeping the ownership of all of the Company's current developed technology within Canada. These transfers reflect the growing proportion of the Company's business occurring internationally and resulted in a one-time capital gain. As a result of the capital gain, ongoing operations, the recognition of deferred tax assets and liabilities, and the utilization of all applicable credits and other tax attributes, including loss carryforwards, the Company has a provision for income taxes of $29,027 in the year ended December 31, 2019.\nDuring the year ended December 31, 2019, the Company released some of its valuation allowance against its deferred tax assets in Canada, the United States, and Sweden. In the third quarter of 2019, the Company released a portion of its valuation allowance against its Canadian deferred tax assets as a result of the capital gain from the transfer of the regional relationship and territory rights. In the United States, as a result of the acquisition of 6RS the Company released a portion of its valuation allowance during its fourth quarter against deferred tax assets on its United States net operating losses.\nThe Company has provided for deferred income taxes for the estimated tax cost of distributable earnings of its subsidiaries of $292.\nThe Company had no material uncertain income tax positions for the years ended December 31, 2019 and 2018. The Company's accounting policy is to recognize interest and penalties related to uncertain tax positions as a component of income tax expense. In the years ended December 31, 2019 and 2018, there was no interest or penalties related to uncertain tax positions.\nThe Company remains subject to audit by the relevant tax authorities for the years ended 2012 through 2019.\nInvestment tax credits, which are earned as a result of qualifying R&D expenditures, are recognized and applied to reduce income tax expense in the year in which the expenditures are made and their realization is reasonably assured.\nAs at December 31, 2019 and 2018, the Company had unused non-capital tax losses of approximately $209,759 and $53,941 respectively. Of the December 31, 2019 balance, $150,707 of the non-capital tax losses do not expire, while the remaining non-capital losses of $59,052 are due to expire between 2033 and 2039. The Company has U.S. state losses of $298,998 as at December 31, 2019 (December 31, 2018 - $116,026). There is no SR&ED expenditure pool balance as at December 31, 2019 (December 31, 2018 - $9,575). In addition, at December 31, 2019 and 2018, the Company had investment tax credits of $2,111 and $4,179, respectively. The investment tax credits are due to expire between 2035 and 2039.\nExpressed in US $000's except share and per share amounts\n\n | December 31, 2019 | December 31, 2018\n------------------------------------------------------------- | ----------------- | -----------------\n | $ | $ \nDeferred tax assets | | \nTax loss carryforwards | 59,407 | 19,540 \nTemporary differences on capital and intangible assets | 44,445 | 2,366 \nStock-based compensation expense | 11,324 | 6,427 \nAccruals and reserves | 10,397 | 8,384 \nShare issuance costs | 6,590 | 8,011 \nTemporary differences related to lease assets and liabilities | 4,526 | \u2014 \nInvestment tax credits | 694 | 5,833 \nValuation allowance | (89,363) | (46,343) \nTotal deferred tax assets | 48,020 | 4,218 \nDeferred tax liabilities | | \nTemporary differences on intangible assets | (35,967) | (5,350) \nOther deferred tax liabilities | (1,374) | \u2014 \nTotal deferred tax liabilities | (37,341) | (5,350) \nNet deferred tax assets (liabilities) | 10,679 | (1,132) "} {"_id": "d1b36c97c", "title": "", "text": "Item 6. Selected Financial Data\nFive-Year Financial Summary in millions, except per share data (Fiscal years ended June 30,)\n(a) Fiscal year 2019 included $1.2 million of acquisition-related costs related to LPW Technology Ltd. See Note 4 in the Notes to the Consolidated Financial Statements included in Item 8. \u201cFinancial Statements and Supplementary Data\u201d of this report.\n(b) Fiscal year 2018 included $68.3 million of discrete income tax net benefits related to the U.S. tax reform and other legislative changes. See Note 17 in the Notes to the Consolidated Financial Statements included in Item 8. \u201cFinancial Statements and Supplementary Data\u201d of this report.\n(c) Fiscal year 2017 included $3.2 million of loss on divestiture of business. See Note 4 in the Notes to the Consolidated Financial Statements included in Item 8. \"Financial Statements and Supplementary Data\" of this report.\n(d) Fiscal year 2016 included $22.5 million of excess inventory write-down charges, $12.5 million of goodwill impairment charges and $18.0 million of restructuring and impairment charges including $7.6 million of impairment of intangible assets and property, plant and equipment and $10.4 million of restructuring costs related primarily to an early retirement incentive and other severance related costs.\n(e) Fiscal year 2015 included $29.1 million of restructuring costs related principally to workforce reduction, facility closures and write-down of certain assets.\n(f) The weighted average common shares outstanding for fiscal years 2016 and 2015 included 5.5 million and 0.9 million less shares, respectively, related to the share repurchase program authorized in October 2014. During the fiscal years ended June 30, 2016 and 2015, we repurchased 3,762,200 shares and 2,995,272 shares, respectively, of common stock for $123.9 million and $124.5 million, respectively.\nSee Item 7. \u201cManagement\u2019s Discussion and Analysis of Financial Condition and Results of Operations\u201d for discussion of factors that affect the comparability of the \u201cSelected Financial Data\u201d.\n\n | 2019 (a) | 2018(b) | 2017(c) | 2016(d)(f) | 2015 (e)(f)\n------------------------------------------- | -------- | -------- | -------- | ---------- | -----------\nSummary of Operations: | | | | | \nNet sales | $2,380.2 | $2,157.7 | $1,797.6 | $1,813.4 | $2,226.7 \nOperating income | $241.4 | $189.3 | $121.5 | $70.8 | $119.3 \nNet income | $167.0 | $188.5 | $47.0 | $11.3 | $58.7 \nFinancial Position at Year-End: | | | | | \nCash and cash equivalents | $27.0 | $56.2 | $66.3 | $82.0 | $70.0 \nTotal assets | $3,187.8 | $3,007.0 | $2,878.1 | $2,794.3 | $2,902.6 \nLong-term debt, net of current portion | $550.6 | $545.7 | $550.0 | $611.3 | $603.8 \nPer Common Share: | | | | | \nNet earnings: | | | | | \nBasic | $3.46 | $3.96 | $0.99 | $0.23 | $1.11 \nDiluted | $3.43 | $3.92 | $0.99 | $0.23 | $1.11 \nCash dividend-common | $0.80 | $0.72 | $0.72 | $0.72 | $0.72 \nWeighted Average Common Shares outstanding: | | | | | \nBasic | 47.7 | 47.2 | 47.0 | 48.1 | 52.6 \nDiluted | 48.1 | 47.6 | 47.1 | 48.2 | 52.7 "} {"_id": "d1b378fa6", "title": "", "text": "We do not allocate to our operating segments certain operating expenses that we manage separately at the corporate level and are not used in evaluating the results of, or in allocating resources to, our segments. These unallocated expenses consist primarily of stock-based compensation expense; amortization of intangible assets; restructuring, transition and other costs; and acquisition-related costs.\nThe following table provides a reconciliation of our total reportable segments\u2019 operating income to our total operating income (loss):\n\n | | Year Ended | \n--------------------------------------------------------------------- | -------------- | -------------- | --------------\n(In millions) | March 29, 2019 | March 30, 2018 | March 31, 2017\nTotal segment operating income | $1,414 | $1,584 | $1,026 \nReconciling items: | | | \nStock-based compensation expense | 352 | 610 | 440 \nAmortization of intangible assets | 443 | 453 | 293 \nRestructuring, transition and other costs | 241 | 410 | 273 \nAcquisition-related costs | 3 | 60 | 120 \nOther | (5) | 2 | - \nTotal consolidated operating income (loss) from continuing operations | $380 | $49 | $(100) "} {"_id": "d1b3bedf8", "title": "", "text": "7. Property, Plant, and Equipment, Net\nNet property, plant, and equipment consisted of the following:\nDepreciation expense was $510 million, $487 million, and $442 million in fiscal 2019, 2018, and 2017, respectively.\n\n | | Fiscal Year End\n-------------------------------------- | -------- | ---------------\n | 2019 | 2018 \n | | (in millions) \nProperty, plant, and equipment, gross: | | \nLand and improvements | $ 152 | $ 171 \nBuildings and improvements | 1,393 | 1,379 \nMachinery and equipment | 7,298 | 7,124 \nConstruction in process | 637 | 724 \n | 9,480 | 9,398 \nAccumulated depreciation | (5,906) | (5,901) \nProperty, plant, and equipment, net | $ 3,574 | $ 3,497 "} {"_id": "d1b391f92", "title": "", "text": "Note 12 \u2013 Income Taxes\nThe provision for income taxes consists of the following for the fiscal years ended December 27, 2019, December 28, 2018 and December 29, 2017:\n\n | December 27, 2019 | December 28, 2018 | December 29, 2017\n------------------------------------------- | ------------------ | ------------------ | -----------------\nCurrent income tax expense: | | | \nFederal | $4,003 | $2,945 | $3,342 \nState | 2,144 | 1,943 | 1,403 \nTotal current income tax expense | 6,147 | 4,888 | 4,745 \nDeferred income tax expense (benefit): | | | \nFederal | 1,617 | 2,363 | (1,059) \nForeign | 17 | (472) | 215 \nState | 429 | 663 | 141 \nTotal deferred income tax expense (benefit) | 2,063 | 2,554 | (703) \nTotal income tax expense | $8,210 | $7,442 | $4,042 "} {"_id": "d1a740248", "title": "", "text": "Key Business Metrics\nIn addition to the measures presented in our consolidated financial statements, we use the following key metrics to evaluate our business, measure our performance, develop financial forecasts, and make strategic decisions.\nDevices Sold\nDevices sold represents the number of wearable devices that are sold during a period, net of expected returns. Devices sold does not include sales of accessories. Growth rates between devices sold and revenue are not necessarily correlated because our revenue is affected by other variables, such as the types of products sold during the period, the introduction of new product offerings with differing U.S. manufacturer\u2019s suggested retail prices, or MSRPs, and sales of accessories and premium services.\nActive Users\nWe grow our community of users through device sales and investment in software to drive engagement. We define an active user as a registered Fitbit user who, within the three months prior to the date of measurement, has (a) an active Fitbit Premium or Fitbit Coach subscription, (b) paired a wearable device or Aria scale with his or her Fitbit account, or (c) logged at least 100 steps with a wearable device or a weight measurement using an Aria scale. Active users can be new users who joined the community during the past 90 days, existing users who have remained active, or previously active users who were inactive for 90 days or greater, if they meet the preceding definition of an active user. The active user number excludes users who have downloaded our mobile apps without purchasing any of our wearable devices and users who have downloaded free versions of Fitbit Coach but are not subscribers to its paid premium offerings.\n\n | | For the Year Ended or As of December 31, | \n--------------- | ---------- | ---------------------------------------- | ---------\n | 2019 | 2018 | 2017 \n | | (in thousands) | \nDevices sold | 15,988 | 13,939 | 15,343 \nActive users | 29,566 | 27,627 | 25,367 \nAdjusted EBITDA | $(128,333) | $(31,361) | $(52,158)\nFree cash flow | $(193,363) | $60,327 | $(24,919)"} {"_id": "d1b3927b2", "title": "", "text": "10 Auditor\u2019s Remuneration\nThe Group paid the following amounts to its auditor in respect of the audit of the historical financial information and for other non-audit services provided to the Group.\n\n | Year-ended 31 March 2019 | Year-ended 31 March 2018\n--------------------------------- | ------------------------ | ------------------------\n | $M | $M \nAudit of the Financial Statements | 0.4 | 0.4 \nSubsidiary local statutory audits | 0.2 | 0.3 \nTotal audit fees | 0.6 | 0.7 \nOther assurance services | 0.1 | 0.1 \nTotal non-audit fees | 0.1 | 0.1 "} {"_id": "d1b3493e6", "title": "", "text": "26 Operating leases\nThe Group earns rental income by leasing its investment properties to tenants under operating leases.\nIn the UK the standard shopping centre lease is for a term of 10 to 15 years. Standard lease provisions include service charge payments, recovery of other direct costs and review every five years to market rent. Standard turnover-based leases have a turnover percentage agreed with each lessee which is applied to a retail unit\u2019s annual sales and any excess between the resulting turnover rent and the minimum rent is receivable by the Group and recognised as income in the period in which it arises.\nThe Group\u2019s secure rental income profile is underpinned by long lease lengths (as mentioned above), high occupancy and upward only rent reviews.\nThe future minimum lease amounts receivable by the Group under non-cancellable operating leases for continuing operations are as follows:\nThe income statement includes \u00a312.7 million (2018: \u00a314.4 million) recognised in respect of contingent rents calculated by reference to tenants\u2019 turnover.\n\n\u00a3m | 2019 | 2018 \n------------------------------------------------- | ------- | -------\nNot later than one year | 322.6 | 374.6 \nLater than one year and not later than five years | 788.3 | 987.2 \nLater than five years | 657.3 | 973.5 \n | 1,768.2 | 2,335.3"} {"_id": "d1b33fab2", "title": "", "text": "Note 5 \u2013 Goodwill and Intangible Assets\nGoodwill and indefinite-lived intangible assets consisted of the following:\nGoodwill\nThe Company performed the annual impairment assessment of goodwill for our single reporting unit as of December 31, 2019, noting no impairment loss. The fair value exceeded the carrying value by 2.4%. Considerable management judgment is necessary to evaluate goodwill for impairment. We estimate fair value using widely accepted valuation techniques including discounted cash flows and market multiples analysis with respect to our single reporting unit. These valuation approaches are dependent upon a number of factors, including estimates of future growth rates, our cost of capital, capital expenditures, income tax rates, and other variables. Assumptions used in our valuations were consistent with our internal projections and operating plans. Our discounted cash flows forecast could be negatively impacted by a change in the competitive landscape, any internal decisions to pursue new or different strategies, a loss of a significant customer, or a significant change in the market place including changes in the prices paid for our products or changes in the size of the market for our products. Additionally, under the market approach analysis, we used significant other observable inputs including various guideline company comparisons. We base our fair value estimates on assumptions we believe to be reasonable, but which are unpredictable and inherently uncertain. Changes in these estimates or assumptions could materially affect the determination of fair value and the conclusions of the quantitative goodwill test for our one reporting unit.\nIndefinite-lived Intangible Assets\nThe Company performed the annual impairment assessment on the indefinite-lived intangible asset as of December 31, 2019 and 2018, resulting in no impairment losses.\n\n | | December 31,\n----------------------------------------------- | -------- | ------------\n | 2019 | 2018 \nGoodwill | $ 10,368 | $ 10,368 \nAccumulated impairment losses | (1,244 ) | (1,244 ) \nGoodwill | 9,124 | 9,124 \nBrand names | 3,700 | 3,700 \nGoodwill and indefinite lived intangible assets | $ 12,824 | $ 12,824 "} {"_id": "d1b353c42", "title": "", "text": "As of December 31, 2019 and 2018, the fair value of the 2022 Notes, which was determined based on inputs that are observable in the market or that could be derived from, or corroborated with, observable market data, quoted price of the 2022 Notes in an over-the-counter market (Level 2), and carrying value of debt instruments (carrying value excludes the equity component of the Company\u2019s convertible notes classified in equity) were as follows (in thousands):\nIn connection with the issuance of the 2022 Notes, the Company entered into capped call transactions with certain counterparties affiliated with the initial purchasers and others. The capped call transactions are expected to reduce potential dilution of earnings per share upon conversion of the 2022 Notes.\nUnder the capped call transactions, the Company purchased capped call options that in the aggregate relate to the total number of shares of the Company\u2019s common stock underlying the 2022 Notes, with an initial strike price of approximately $33.71 per share, which corresponds to the initial conversion price of the 2022 Notes and is subject to anti-dilution adjustments substantially similar to those applicable to the conversion rate of the 2022 Notes, and have a cap price of approximately $47.20.\nThe cost of the purchased capped calls of $12.9 million was recorded to shareholders\u2019 equity and will not be re-measured.\nBased on the closing price of the Company\u2019s common stock of $78.08 on December 31, 2019, the if-converted value of the 2022 Notes was more than their respective principal amounts.\n\n | | As of December 31, | | \n---------- | ---------- | ------------------ | ---------- | --------------\n | 2019 | | 2018 | \n | Fair Value | Carrying Value | Fair Value | Carrying Value\n2022 Notes | $215,801 | $79,224 | $ 189,802 | $94,097 "} {"_id": "d1a722f4a", "title": "", "text": "4 Expenses\nThe Group has identified a number of significant expense items below that impacted financial performance for the year:\n(a) Finance costs\nIncluded in finance costs are costs related to unsecured notes on issue and interest expense on lease liabilities.\nRefer to note 16 for details on unsecured notes on issue and note 12 for details on interest expense on lease liabilities for the year.\n(b) Data centre rent paid to APDC\nNEXTDC Limited acquired Asia Pacific Data Centre (\"APDC\") on 18 October 2018 (refer to note 26). Prior to acquisition, APDC was the landlord of three of NEXTDC\u2019s data centre facilities: M1 Melbourne, S1 Sydney and P1 Perth. For the year ended 30 June 2018, NEXTDC paid rent and ancillary amounts to APDC totalling $13.8 million that was included in the Consolidated Statement of Comprehensive Income in Data centre facility costs. On early adoption of AASB 16 from 1 July 2018, this rent ceased to be a Data centre facility cost, and became a depreciation expense and finance cost, until 18 October 2018, when the three leases were derecognised on acquisition.\n(c) APDC acquisition costs\nA number of acquisition related costs were incurred as a result of the acquisition of APDC. Refer note 26 for further details.\n\n | | 30 June 2019 | 30 June 2018\n-------------------------------------------------------------------------------------------------- | ---- | ------------ | ------------\n | Note | $'000 | $'000 \nEXPENSE | | | \nFinance costs | 4(a) | (54,897) | (25,803) \nData centre rent paid to APDC (included in Data centre facility costs) | 4(b) | - | (13,785) \nAPDC transaction costs (included in Professional fees) | 4(c) | (5,459) | - \nLandholder duty on acquisition of APDC properties (included in Office and administrative expenses) | 4(c) | (3,498) | - "} {"_id": "d1a739434", "title": "", "text": "3. Operating segments continued\nNote\n1. Non-current assets excludes trade and other receivables, assets recognised from costs to obtain a contract, defined benefit pension plan surplus and deferred tax asset.\nEurope, Middle East and Africa includes United Kingdom non-current assets of $6.9 million (2018 $2.0 million). Americas includes United States non-current assets of $182.4 million (2018 $171.1 million).\n\n | 2019 | 2018 \n------------------------------ | --------- | ---------\n | $ million | $ million\nNon-current assets1 | | \nAmericas | 196.9 | 184.6 \nAsia Pacific | 7.4 | 4.4 \nEurope, Middle East and Africa | 11.5 | 5.1 \n | 215.8 | 194.1 "} {"_id": "d1b3373e4", "title": "", "text": "Unrecognized Tax Benefits\nWe recognize the benefits of tax return positions if we determine that the positions are \u201cmore-likely-than-not\u201d to be sustained by the taxing authority. Interest and penalties accrued on unrecognized tax benefits are recorded as tax expense in the period incurred. The following table reflects changes in the unrecognized tax benefits (in thousands):\nOf the unrecognized tax benefits at December 28, 2019, $13.4 million would impact the effective tax rate if recognized.\nThe amount of income taxes we pay is subject to ongoing audits by federal, state and foreign tax authorities which might result in proposed assessments. Our estimate for the potential outcome for any uncertain tax issue is judgmental in nature. However, we believe we have adequately provided for any reasonably foreseeable outcome related to those matters.\nOur future results may include favorable or unfavorable adjustments to our estimated tax liabilities in the period the assessments are made or resolved or when statutes of limitation on potential assessments expire. As of December 28, 2019, changes to our uncertain tax positions in the next 12 months that are reasonably possible are not expected to have a significant impact on our financial position or results of operations.\nAt December 28, 2019, our tax years 2016 through 2019, 2015 through 2019 and 2014 through 2019, remain open for examination in the federal, state and foreign jurisdictions, respectively. However, to the extent allowed by law, the taxing authorities may have the right to examine prior periods where net operating losses and credits were generated and carried forward, and make adjustments up to the net operating loss and credit carryforward amounts.\n\n | | Fiscal Year Ended | \n---------------------------------------------------------------------------------------- | ----------------- | ----------------- | -----------------\n | December 28, 2019 | December 29, 2018 | December 30, 2017\nUnrecognized tax benefit, beginning balance | $25,224 | $18,296 | $17,978 \nAdditions based on tax positions related to the current year | 3,679 | 1,677 | 694 \nAdditions based on tax positions from prior years | \u2014 | 5,332 | \u2014 \nReductions for tax positions of prior years | (5) | (7) | \u2014 \nReductions due to lapse of the applicable statute of limitations | (98) | (74) | (376) \nUnrecognized tax benefit, ending balance | $28,800 | $25,224 | $18,296 \nInterest and penalties recognized as a component of Provision (benefit) for income taxes | $59 | $71 | $67 \nInterest and penalties accrued at period end | 212 | 230 | 218 "} {"_id": "d1a71a278", "title": "", "text": "SEGMENT RESULTS\nCubic Transportation Systems\nSales: CTS sales increased 27% to $849.8 million in 2019 compared to $670.7 million in 2018, including the impact of the adoption of ASC 606. The increase in sales was primarily driven by growth in both organic and inorganic business in North America. Sales in 2019 were higher in the U.S. primarily due to system development on contracts in New York, Boston, and the San Francisco Bay Area. Businesses acquired by CTS during fiscal year 2019, whose operations are all located in the U.S., had sales of $74.4 million in fiscal year 2019. Sales increased slightly in Australia between fiscal years 2018 and 2019 as increased system development work on a contract in Brisbane was partially offset by the negative impact of foreign currency exchange rates as well as a decrease in service sales. Sales were lower in the UK primarily due to a decrease in system development work in London and the negative impact of currency exchange rates. The average exchange rates between the prevailing currencies in our foreign operations and the U.S. dollar resulted in a decrease in CTS sales of $22.2 million for 2019 compared to 2018, primarily due to the strengthening of the U.S. dollar against the British pound and Australian dollar.\nAmortization of Purchased Intangibles: Amortization of purchased intangibles included in the CTS operating results totaled $22.0 million in 2019 and $5.2 million in 2018. The increase is due to the amortization of purchased intangibles for companies acquired by CTS in fiscal year 2019.\nOperating Income: CTS operating income increased 28% in 2019 to $77.2 million compared to $60.4 million in 2018. The increase in operating income was primarily caused by higher margins on increased work on development projects in New York, Boston, the San Francisco Bay Area and Brisbane, as well as the impact of the adoption of ASC 606. These increases in operating income were partially offset by operating losses incurred by businesses acquired by CTS in fiscal 2019 as well as the negative impact of changes in foreign currency exchange rates. Businesses acquired by CTS in fiscal years 2019 incurred operating losses of $10.1 million in fiscal 2019, which included acquisition transaction costs of $8.1 million and amortization of intangible assets totaling $19.3 million. The average exchange rates between the prevailing currency in our foreign operations and the U.S. dollar resulted in a decrease in CTS operating income of $3.6 million for 2019 compared to 2018.\nAdjusted EBITDA: CTS Adjusted EBITDA increased 51% to $110.5 million in 2019 compared to $73.3 million in 2018. The increase in Adjusted EBITDA was primarily driven by the same factors that drove the increase in operating income described above excluding the increases in amortization of purchased intangibles and acquisition transaction costs which are excluded from Adjusted EBITDA. Adjusted EBITDA for CTS increased by $2.3 million in 2019 as a result of the adoption of the new revenue recognition standard.\n\n | Fiscal 2019 | Fiscal 2018 | % Change\n---------------- | ----------- | ------------- | --------\n | | (in millions) | \nSales | $ 849.8 | $ 670.7 | 27 % \nOperating income | 77.2 | 60.4 | 28 \nAdjusted EBITDA | 110.5 | 73.3 | 51 "} {"_id": "d1b38fe7c", "title": "", "text": "4. INVENTORIES\nThe components of inventories, net, are as follows (in thousands):\n\n | March 30, 2019 | March 31, 2018\n----------------- | -------------- | --------------\nRaw materials | $118,608 | $110,389 \nWork in process | 272,469 | 221,137 \nFinished goods | 120,716 | 140,766 \nTotal inventories | $511,793 | $472,292 "} {"_id": "d1b36a8ac", "title": "", "text": "Notes to Consolidated Financial Statements - (Continued) Fiscal Years Ended May 26, 2019, May 27, 2018, and May 28, 2017 (columnar dollars in millions except per share amounts) 3. RESTRUCTURING ACTIVITIES\nPinnacle Integration Restructuring Plan\nIn December 2018, our Board of Directors (the \"Board\") approved a restructuring and integration plan related to the ongoing integration of the recently acquired operations of Pinnacle (the \"Pinnacle Integration Restructuring Plan\") for the purpose of achieving significant cost synergies between the companies. We expect to incur material charges for exit and disposal activities under U.S. GAAP. Although we remain unable to make good faith estimates relating to the entire Pinnacle Integration Restructuring Plan, we are reporting on actions initiated through the end of fiscal 2019, including the estimated amounts or range of amounts for each major type of costs expected to be incurred, and the charges that have resulted or will result in cash outflows. We expect to incur up to $360.0 million of operational expenditures ($285.0 million of cash charges and $75.0 million of non-cash charges) as well as $85.0 million of capital expenditures under the Pinnacle Integration Restructuring Plan. We have incurred or expect to incur approximately $260.1 million of charges ($254.0 million of cash charges and $6.1 million of non-cash charges) for actions identified to date under the Pinnacle Integration Restructuring Plan. We expect to incur costs related to the Pinnacle Integration Restructuring Plan over a three-year period.\u00a0 In December 2018, our Board of Directors (the \"Board\") approved a restructuring and integration plan related to the ongoing integration of the recently acquired operations of Pinnacle (the \"Pinnacle Integration Restructuring Plan\") for the purpose of achieving significant cost synergies between the companies. We expect to incur material charges for exit and disposal activities under U.S. GAAP. Although we remain unable to make good faith estimates relating to the entire Pinnacle Integration Restructuring Plan, we are reporting on actions initiated through the end of fiscal 2019, including the estimated amounts or range of amounts for each major type of costs expected to be incurred, and the charges that have resulted or will result in cash outflows. We expect to incur up to $360.0 million of operational expenditures ($285.0 million of cash charges and $75.0 million of non-cash charges) as well as $85.0 million of capital expenditures under the Pinnacle Integration Restructuring Plan. We have incurred or expect to incur approximately $260.1 million of charges ($254.0 million of cash charges and $6.1 million of non-cash charges) for actions identified to date under the Pinnacle Integration Restructuring Plan. We expect to incur costs related to the Pinnacle Integration Restructuring Plan over a three-year period.\u00a0 In December 2018, our Board of Directors (the \"Board\") approved a restructuring and integration plan related to the ongoing integration of the recently acquired operations of Pinnacle (the \"Pinnacle Integration Restructuring Plan\") for the purpose of achieving significant cost synergies between the companies. We expect to incur material charges for exit and disposal activities under U.S. GAAP. Although we remain unable to make good faith estimates relating to the entire Pinnacle Integration Restructuring Plan, we are reporting on actions initiated through the end of fiscal 2019, including the estimated amounts or range of amounts for each major type of costs expected to be incurred, and the charges that have resulted or will result in cash outflows. We expect to incur up to $360.0 million of operational expenditures ($285.0 million of cash charges and $75.0 million of non-cash charges) as well as $85.0 million of capital expenditures under the Pinnacle Integration Restructuring Plan. We have incurred or expect to incur approximately $260.1 million of charges ($254.0 million of cash charges and $6.1 million of non-cash charges) for actions identified to date under the Pinnacle Integration Restructuring Plan. We expect to incur costs related to the Pinnacle Integration Restructuring Plan over a three-year period.\nWe anticipate that we will recognize the following pre-tax expenses in association with the Pinnacle Integration Restructuring Plan (amounts include charges recognized from plan inception through the end of fiscal 2019):\n\n | International | Pinnacle Foods | Corporate | Total \n---------------------------------------------------- | ------------- | -------------- | --------- | ------\nOther cost of goods sold | $\u2014 | $5.7 | $\u2014 | $5.7 \nTotal cost of goods sold . | \u2014 | 5.7 | \u2014 | 5.7 \nSeverance and related costs | 0.7 | 0.6 | 116.8 | 118.1 \nAccelerated depreciation | \u2014 | \u2014 | 6.1 | 6.1 \nContract/lease termination . | \u2014 | 0.8 | 19.8 | 20.6 \nConsulting/professional fees . | 0.2 | \u2014 | 96.1 | 96.3 \nOther selling, general and administrative expenses . | 0.1 | \u2014 | 13.2 | 13.3 \nTotal selling, general and administrative expenses | 1.0 | 1.4 | 252.0 | 254.4 \nConsolidated total | $1.0 | $7.1 | $252.0 | $260.1"} {"_id": "d1a71d82e", "title": "", "text": "Amortization of Intangible Assets: Substantially all of our intangible assets were acquired through our business combinations. We amortize our intangible assets over, and monitor the appropriateness of, the estimated useful lives of these assets. We also periodically review these intangible assets for potential impairment based upon relevant facts and circumstances. Note 6 of Notes to Consolidated Financial Statements included elsewhere in this Annual report has additional information regarding our intangible assets and related amortization.\nAmortization of intangible assets increased in fiscal 2019 compared to fiscal 2018 primarily due to additional amortization from intangible assets, which primarily included developed technology that we acquired in connection with our recent acquisitions, partially offset by a reduction in expenses associated with certain of our intangible assets that became fully amortized.\n\nYear Ended May 31, | | | | \n----------------------------------------------------------------------- | ------ | ------ | -------------- | ------\n | | | Percent Change | \n(Dollars in millions) | 2019 | Actual | Constant | 2018 \nDeveloped technology | $857 | 13% | 14% | $758 \nCloud services and license support agreements and related relationships | 712 | -3% | -3% | 731 \nOther | 120 | -9% | -9% | 131 \nTotal amortization of intangible assets | $1,689 | 4% | 4% | $1,620"} {"_id": "d1b3a0baa", "title": "", "text": "Unaudited Pro Forma Results of Acquirees\nAutodesk has included the financial results of each of the acquirees in the consolidated financial statements from the respective dates of acquisition; the revenues and the results of each of the acquirees, except for PlanGrid, have not been material both individually or in the aggregate to Autodesk's fiscal 2019 and 2018 results.\nThe following unaudited pro forma financial information summarizes the combined results of operations for Autodesk and PlanGrid, as though the companies were combined as of the beginning of Autodesk's fiscal year 2018. The unaudited pro forma financial information was as follows (in millions):\nThe pro forma financial information for all periods presented includes the business combination accounting effects from the acquisition of PlanGrid including amortization expense from acquired intangible assets, compensation expense, and the interest expense and debt issuance costs related to the term loan agreement. The historical financial information has been adjusted to give effect to pro forma events that are directly attributable to the business combinations and factually supportable. The pro forma financial information is for informational purposes only and is not indicative of the results of operations that would have been achieved if the acquisition had taken place at the beginning of the Company\u2019s fiscal 2018.\nThe pro forma financial information for fiscal 2019 and 2018 combines the historical results of the Company, the adjusted historical results of PlanGrid for fiscal 2019 and 2018 considering the date the Company acquired PlanGrid and the effects of the pro forma adjustments described above\n\n | Fiscal Year ended January 31, | \n-------------- | ----------------------------- | --------\n | 2019 | 2018 \nTotal revenues | $2,632.6 | $2,099.2\nPretax loss | (157.5) | (724.9) \nNet loss | (200.1) | (734.5) "} {"_id": "d1b3689e4", "title": "", "text": "Jack in the Box restaurants offer a broad selection of distinctive products including classic burgers like our Jumbo Jack\u00ae and innovative product lines such as Buttery Jack\u00ae burgers. We also offer quality products such as breakfast sandwiches with freshly cracked eggs, and craveable favorites such as tacos and curly fries, along with specialty sandwiches, salads, and real ice cream shakes, among other items. We allow our guests to customize their meals to their tastes and order any product when they want it, including breakfast items any time of day (or night). We are known for variety and innovation, which has led to the development of four strong dayparts: breakfast, lunch, dinner, and late-night.\nThe Jack in the Box restaurant chain was the first major hamburger chain to develop and expand the concept of drive-thru restaurants. In addition to drive-thru windows, most of our restaurants have seating capacities ranging from 20 to 100 people and are open 18-24 hours a day. Drive-thru sales currently account for approximately 70% of sales at company-operated restaurants. The average check in fiscal year2019 was $8.34 for company-operated restaurants.\nWith a presence in only 21 states and one territory, we believe Jack in the Box is a brand with significant growth opportunities. In fiscal 2019, franchisees continued to expand in existing markets.\nThe following table summarizes the changes in the number of company-operated and franchise restaurants over the past five years:\nSite selections for all new company-operated restaurants are made after an economic analysis and a review of demographic data and other information relating to population density, traffic, competition, restaurant visibility and access, available parking, surrounding businesses, and opportunities for market penetration. Restaurants developed by franchisees are built to brand specifications on sites we have approved.\nOur company-operated restaurants have multiple restaurant models with different seating capacities to improve our flexibility in selecting locations. Management believes that this flexibility enables the Company to match the restaurant configuration with the specific economic, demographic, geographic, or physical characteristics of a particular site.\nTypical costs to develop a traditional restaurant, excluding the land value, range from approximately$1.4 million to $2.0 million. The majority of our corporate restaurants are constructed on leased land or on land that we purchase and subsequently sell, along with the improvements, in sale and leaseback transactions. Upon completion of a sale and leaseback transaction, the Company\u2019s initial cash investment is reduced to the cost of equipment, which ranges from approximately $0.4 million to $0.5 million.\n\n | | | Fiscal Year | | \n----------------------------- | ----- | ----- | ----------- | ----- | -----\n | 2019 | 2018 | 2017 | 2016 | 2015 \nCompany-operated restaurants: | | | | | \nBeginning of period | 137 | 276 | 417 | 413 | 431 \nNew | \u2014 | 1 | 2 | 4 | 2 \nRefranchised | \u2014 | (135) | (178) | (1) | (21) \nClosed | \u2014 | (5) | (15) | \u2014 | (6) \nAcquired from franchisees | \u2014 | \u2014 | 50 | 1 | 7 \nEnd of period total | 137 | 137 | 276 | 417 | 413 \n% of system | 6% | 6% | 12% | 18% | 18% \nFranchise restaurants: | | | | | \nBeginning of period | 2,100 | 1,975 | 1,838 | 1,836 | 1,819\nNew | 19 | 11 | 18 | 12 | 16 \nRefranchised | \u2014 | 135 | 178 | 1 | 21 \nClosed | (13) | (21) | (9) | (10) | (13) \nSold to company | \u2014 | \u2014 | (50) | (1) | (7) \nEnd of period total | 2,106 | 2,100 | 1,975 | 1,838 | 1,836\n% of system | 94% | 94% | 88% | 82% | 82% \nSystem end of period total | 2,243 | 2,237 | 2,251 | 2,255 | 2,249"} {"_id": "d1b33eefa", "title": "", "text": "Free cash flow\nThe Group reported an inflow of Free cash in the period of \u00a329.2m. Trading profit of \u00a3128.5m was \u00a35.5m ahead of the prior year for the reasons outlined above, while depreciation of \u00a317.0m was slightly higher than 2017/18. Other non-cash items of \u00a32.4m was predominantly due to share based payments.\nNet interest paid was \u00a37.9m lower in the year at \u00a330.1m, reflecting the timing of interest payable on the \u00a3300m fixed rate notes due October 2023 which were issued in the first half of the year. This is a one-off benefit to cash interest paid; in 2019/20 cash interest is expected to be in the range of \u00a335-39m. No taxation was paid in the period due to the availability of brought forward losses and capital allowances, however, a payment of \u00a31.0m was received in the prior period from Irish tax authorities in respect of tax paid in prior years.\nPension contributions in the year were \u00a341.9m, in line with expectations, and \u00a32.1m higher than the prior year. Pension deficit contribution payments made to the Premier Foods pension schemes of \u00a334.9m were the largest component of cash paid in the year; the balance being expenses connected to administering both the RHM and Premier Foods schemes and government levies. Pension deficit contribution payments in 2019/20 are expected to be \u00a337m and administration and government levy costs approximately \u00a36-8m.\nCapital expenditure was \u00a317.7m in the year, \u00a31.5m lower than the prior year. In 2019/20, the Group expects to increase its capital expenditure to circa \u00a325m to fund investment in both growth projects supporting the Group\u2019s innovation strategy and cost release projects to deliver efficiency savings. For example, the Group is investing in one of its lines at its Stoke cake manufacturing site which will provide enhanced and varied product innovation capabilities.\nWorking capital investment was \u00a37.7m in the year compared to \u00a30.6m in 2017/18. Part of this movement reflected higher stock levels in anticipation of the original planned date to leave the European Union to protect the Company against the risk of delays at ports.\nRestructuring costs were \u00a318.1m compared to \u00a312.5m in the comparative period. These were predominantly associated with implementation costs of the Group\u2019s logistics transformation programme and also advisory costs connected with the potential disposal of the Ambrosia brand which has since concluded.\nFinancing fees of \u00a312.2m relate to costs associated with the extension of the Group\u2019s revolving credit facility and the issue of new \u00a3300m Senior secured fixed rate notes early in the financial year. This comprised \u00a35.6m due to the early redemption of previously issued fixed rate notes due March 2021 and \u00a36.6m of other fees associated with the issue of the new fixed rate notes and extension of the Group\u2019s revolving credit facility.\nThe Group received a partial repayment of its loan note and associated interest from Hovis of \u00a37.6m in the year. There is the possibility of the Group receiving a second tranche during 2019/20.\nOn a statutory basis, cash generated from operations was \u00a380.2m compared to \u00a389.4m in 2017/18. Cash generated from operating activities was \u00a357.7m in the year after deducting net interest paid of \u00a322.5m, which includes the partial repayment of the loan note from Hovis as described above. Cash used in investing activities was \u00a317.7m in 2018/19 compared to \u00a317.9m in the prior year. Cash used in financing activities was \u00a335.8m in the year versus \u00a37.2m cash generated in 2017/18. This was due to the repayment of the \u00a3325m fixed rate notes due March 2021, partly offset by proceeds received from the issue of \u00a3300m floating rate notes due October 2023 and the payment of financing fees as described above.\nAt 30 March 2019, the Group held cash and bank deposits of \u00a327.8m compared to \u00a323.6m at 31 March 2018 and the Group\u2019s revolving credit facility was undrawn.\n\nAdjusted earnings per share (\u00a3m) | 2018/19 | 2017/18\n-------------------------------------------------- | ------- | -------\nTrading profit | 128.5 | 123.0 \nDepreciation | 17.0 | 16.6 \nOther non-cash items | 2.4 | 2.8 \nInterest | (30.1) | (38.0) \nTaxation | \u2013 | 1.0 \nPension contributions | (41.9) | (39.8) \nCapital expenditure | (17.7) | (19.2) \nWorking capital and other | (7.7) | (0.6) \nRestructuring costs | (18.1) | (12.5) \nProceeds from share issue | 1.4 | 1.2 \nSale of property, plant and equipment | \u2013 | 1.3 \nHovis repayment of loan note | 7.6 | \u2013 \nFinancing fees | (12.2) | (7.0) \nFree cash flow10 | 29.2 | 28.8 \nStatutory cash flow statement | | \nCash generated from operating activities | 57.7 | 52.4 \nCash used in investing activities | (17.7) | (17.9) \nCash (used in)/generated from financing activities | (35.8) | 7.2 \nNet increase in cash and cash equivalents | 4.2 | 41.7 "} {"_id": "d1b3af286", "title": "", "text": "The following table reconciles total segment adjusted EBITDA to net (loss) income for the years ended December 31, 2019, 2018 and 2017:\nWe do not have any single customer that provides more than 10% of our consolidated total operating revenue.\nThe assets we hold outside of the U.S. represent less than 10% of our total assets. Revenue from sources outside of the U.S. is responsible for less than 10% of our total operating revenue.\n\n | | Years Ended December 31, | \n--------------------------------- | -------- | ------------------------ | -------\n | 2019 | 2018 | 2017 \n | | (Dollars in millions) | \nTotal segment adjusted EBITDA | $15,987 | 16,647 | 12,560 \nDepreciation and amortization | (4,829) | (5,120) | (3,936)\nGoodwill impairment | (6,506) | (2,726) | \u2014 \nOther operating expenses | (7,216) | (8,045) | (6,504)\nShare-based compensation | (162) | (186) | (111) \nOperating (loss) income | (2,726) | 570 | 2,009 \nTotal other expense, net | (2,040) | (2,133) | (1,469)\n(Loss) income before income taxes | (4,766) | (1,563) | 540 \nIncome tax expense (benefit) | 503 | 170 | (849) \nNet (loss) income | $(5,269) | (1,733) | 1,389 "} {"_id": "d1b33a026", "title": "", "text": "7. INVESTMENTS IN JOINT VENTURES\nThe total carrying value of our equity method investments at the end of fiscal 2019 and 2018 was $796.3 million and $776.2 million, respectively. These amounts are included in other assets and reflect our 44% ownership interest in Ardent Mills and 50% ownership interests in other joint ventures. Due to differences in fiscal reporting periods, we recognized the equity method investment earnings on a lag of approximately one month.\nIn fiscal 2019, we had purchases from our equity method investees of $39.4 million. Total dividends received from equity method investments in fiscal 2019 were $55.0 million.\nIn fiscal 2018, we had purchases from our equity method investees of $34.9 million. Total dividends received from equity method investments in fiscal 2018 were $62.5 million.\nIn fiscal 2017, we had purchases from our equity method investees of $41.8 million. Total dividends received from equity method investments in fiscal 2017 were $68.2 million.\nNotes to Consolidated Financial Statements - (Continued) Fiscal Years Ended May 26, 2019, May 27, 2018, and May 28, 2017 (columnar dollars in millions except per share amounts) Summarized combined financial information for our equity method investments on a 100% basis is as follows:\n\n | 2019 | 2018 | 2017 \n--------------------------------- | -------- | -------- | --------\nNet Sales: | | | \nArdent Mills . | $3,476.0 | $3,344.1 | $3,180.0\nOthers | 195.4 | 198.8 | 177.7 \nTotal net sales . | $3,671.4 | $3,542.9 | $3,357.7\nGross margin: | | | \nArdent Mills . | $281.9 | $386.5 | $340.3 \nOthers | 45.5 | 34.8 | 34.6 \nTotal gross margin | $327.4 | $421.3 | $374.9 \nEarnings after income taxes: | | | \nArdent Mills . | $151.9 | $197.0 | $152.0 \nOthers | 18.1 | 10.1 | 10.1 \nTotal earnings after income taxes | $170.0 | $207.1 | $162.1 "} {"_id": "d1b33d726", "title": "", "text": "* Recast to reflect segment changes.\n** 2019 results were impacted by Red Hat purchase accounting and acquisition-related activity.\nThe Cloud & Cognitive Software gross profit margin decreased 0.9 points to 76.7 percent in 2019 compared to the prior year. The gross profit margin decline was driven by the purchase price accounting impacts from the Red Hat acquisition.\nPre-tax income of $7,952 million decreased 10.5 percent compared to the prior year with a pre-tax margin decline of 4.4 points to 30.6 percent which reflects the acquisition of Red Hat, ongoing investments in key strategic areas and lower income from IP partnership agreements.\n\n($ in millions) | | | \n-------------------------------- | ------- | ------- | -----------------------------------\nFor thee year ended December 31: | 2019 | 2018* | Yr.-to-Yr. Percent/ Margin Change**\nCloud & Cognitive Software | | | \nExternal gross profit | $17,790 | $17,224 | 3.3% \nExternal gross profit margin | 76.7% | 77.6% | (0.9)pts. \nPre-tax income | $ 7,952 | $ 8,882 | (10.5)% \nPre-tax margin | 30.6% | 35.0% | (4.4)pts. "} {"_id": "d1b3999f4", "title": "", "text": "14 Leases\nRight-of-use assets\nThe vast majority of the right-of-use asset value relates to leased property where the Group leases a number of office and warehouse sites in a number of geographical locations. The remaining leases are largely made up of leased motor vehicles, where the Group makes use of leasing cars for sales and service engineers at a number of operating company locations. The average lease term is 4.3 years.\n\n | Leased land and buildings | Leased plants and machinery | Leased fixtures, fittings, tools and equipment | Total right-of-use assets\n------------------------------------------- | ------------------------- | --------------------------- | ---------------------------------------------- | -------------------------\n | \u00a3m | \u00a3m | \u00a3m | \u00a3m \nCost: | | | | \nTransition adjustment at 1st January 2019 | 27.2 | 7.0 | 1.9 | 36.1 \nReclassification from long-term prepayments | 5.1 | \u2013 | \u2013 | 5.1 \nAdditions | 7.2 | 4.2 | 0.3 | 11.7 \nAcquisitions | 0.8 | 0.3 | \u2013 | 1.1 \nDisposals | (0.2) | (0.1) | \u2013 | (0.3) \nExchange adjustments | (1.5) | (0.4) | (0.1) | (2.0) \nAt 31st December 2019 | 38.6 | 11.0 | 2.1 | 51.7 \nDepreciation: | | | | \nCharged in the year | 7.0 | 3.7 | 0.6 | 11.3 \nDisposals | (0.1) | \u2013 | \u2013 | (0.1) \nExchange adjustments | (0.2) | (0.1) | \u2013 | (0.3) \nAt 31st December 2019 | 6.7 | 3.6 | 0.6 | 10.9 \nNet book value: | | | | \nAt 31st December 2019 | 31.9 | 7.4 | 1.5 | 40.8 "} {"_id": "d1a73ffe6", "title": "", "text": "New Zealand Food\u2019s sales for the year were NZ$6.7 billion, an increase of 4.3% on the prior year (6.0% increase in AUD) or 2.4% on a normalised basis.\nComparable sales increased 3.4% for the year, driven by positive core offer momentum with Countdown\u2019s customer satisfaction and brand advocacy measures continuing to steadily improve. Highlights include increased Fruit & Vegetables VOC (H2: +6 pts) driven by a focus on direct\u2010to\u2010grower fresh quality, and improved community perceptions aided by the removal of single\u2010use plastic bags in the first half.\nDigital momentum remained strong throughout the year, with F19 sales growth of 40% (normalised) driven by Pick up, Same day delivery, and capacity expansion. Customer advocacy for Online also remains strong with VOC NPS of 66 in Q4.\nSales growth improved in the second half (H1: 1.9%, normalised H2: 3.0%) driven by positive comparable transaction growth and aided by a recovery in market growth post Christmas. Sales per square metre increased by 6.4%(normalised 4.5%) due to strong sales growth and a 2.0% reduction in trading space following store closures. During the year, three stores were closed and two stores were opened with 180 Countdown supermarkets at the end of the year.\nStockloss improvements were maintained in the second half, contributing to an 18 bps increase in gross margin while remaining price competitive. Average prices declined 0.8% for the year, but with a lower rate of deflation for the second half.\nCODB as a percentage of sales increased 25 bps (normalised) driven primarily by strategic investment into digital, IT and data capabilities.\nEBIT increased 3.9% for the year (1.0% normalised), with H2 EBIT growth of 4.4% (normalised) aided by sales momentum and improved cost management.\nOn a normalised basis, ROFE increased by 5 bps.\n(3) During the period, the management of the New Zealand Wine Cellars business transferred from Endeavour Drinks to New Zealand Food. The prior period has been re\u2011presented toconform with the current period presentation.\n\n | F19 | F18 (3) | | CHANGE \n----------------------------- | -------- | -------- | ------- | ----------\nNZ$ MILLION | 53 WEEKS | 52 WEEKS | CHANGE | NORMALISED\nSales | 6,712 | 6,433 | 4.3% | 2.4% \nEBITDA | 425 | 411 | 3.0% | 1.0% \nDepreciation and amortisation | (129) | (127) | 1.0% | 1.0% \nEBIT | 296 | 284 | 3.9% | 1.0% \nGross margin (%) | 24.4 | 24.2 | 18 bps | 18 bps \nCost of doing business (%) | 20.0 | 19.8 | 20 bps | 25 bps \nEBIT to sales (%) | 4.4 | 4.4 | (2) bps | (6) bps \nSales per square metre ($)$) | 16,626 | 15,621 | 6.4% | 4.5% \nFunds employed | 3,210 | 2,998 | 7.1% | \nROFE (%) | 9.6 | 9.5 | 15 bps | 5 bps "} {"_id": "d1b33143a", "title": "", "text": "In assessing the ability to realize our deferred tax assets, we considered whether it is more likely than not that some portion or all the deferred tax assets will not be realized. We considered the following: we have historical cumulative book income, as measured by the current and prior two years; we have strong, consistent taxpaying history; we have substantial U.S. federal income tax carryback potential; and we have substantial amounts of scheduled future reversals of taxable temporary differences from our deferred tax liabilities. We have concluded that this positive evidence outweighs the negative evidence and, thus, that the deferred tax assets as of March 29, 2019 are realizable on a \u2018\u2018more likely than not\u2019\u2019 basis.\nThe aggregate changes in the balance of gross unrecognized tax benefits were as follows:\nThere was a change of $68 million in gross unrecognized tax benefits during fiscal 2019. This gross liability does not include offsetting tax benefits associated with the correlative effects of potential transfer pricing adjustments, interest deductions, and state income taxes.\nOf the total unrecognized tax benefits at March 29, 2019, $361 million, if recognized, would favorably affect our effective tax rate.\nWe recognize interest and/or penalties related to uncertain tax positions in income tax expense. At March 29, 2019, before any tax benefits, we had $43 million of accrued interest and penalties on unrecognized tax benefits. Interest included in our provision for income taxes was an expense of approximately $17 million for fiscal 2019. If the accrued interest and penalties do not ultimately become payable, amounts accrued will be reduced in the period that such determination is made and reflected as a reduction of the overall income tax provision.\nWe file income tax returns in the U.S. on a federal basis and in many U.S. state and foreign jurisdictions. Our most significant tax jurisdictions are the U.S., Ireland, and Singapore. Our tax filings remain subject to examination by applicable tax authorities for a certain length of time following the tax year to which those filings relate. Our fiscal years 2014 through 2019 remain subject to examination by the IRS for U.S. federal tax purposes. Our fiscal years prior to 2014 have been settled and closed with the IRS. Our 2015 through 2019 fiscal years remain subject to examination by the appropriate governmental agencies for Irish tax purposes, and our 2014 through 2019 fiscal years remain subject to examination by the appropriate governmental agencies for Singapore tax purposes.\nThe timing of the resolution of income tax examinations is highly uncertain, and the amounts ultimately paid, if any, upon resolution of the issues raised by the taxing authorities may differ materially from the amounts accrued for each year. Although potential resolution of uncertain tax positions involves multiple tax periods and jurisdictions, it is reasonably possible that the gross unrecognized tax benefits related to these audits could decrease (whether by payment, release, or a combination of both) in the next 12 months by $26 million. Depending on the nature of the settlement or expiration of statutes of limitations, we estimate $26 million could affect our income tax provision and therefore benefit the resulting effective tax rate.\nWe continue to monitor the progress of ongoing income tax controversies and the impact, if any, of the expected tolling of the statute of limitations in various taxing jurisdictions.\n\n | | Year Ended | \n---------------------------------------------- | -------------- | -------------- | --------------\n(In millions) | March 29, 2019 | March 30, 2018 | March 31, 2017\nBalance at beginning of year | $378 | $248 | $197 \nSettlements with tax authorities | (3) | (4) | (23) \nLapse of statute of limitations | (17) | (3) | (9) \nIncrease related to prior period tax positions | 16 | 35 | 21 \nDecrease related to prior period tax positions | (11) | \u2014 | (9) \nIncrease related to current year tax positions | 75 | 98 | 38 \nIncrease due to acquisition | 8 | 4 | 33 \nNet increase | 68 | 130 | 51 \nBalance at end of year | $446 | $378 | $248 "} {"_id": "d1b3a84d6", "title": "", "text": "Non-operating income (expense), net\nNon-operating income (expense), net, decreased primarily due to the absence of the fiscal 2018 $653 million gain on the divestiture of our WSS and PKI solutions. In addition, our loss from our equity interest received in connection with the divestiture of our WSS and PKI solutions increased $75 million, which was partially offset by a $48 million decrease in interest expense as a result of lower outstanding borrowings due to repayments.\n\n | Fiscal Year | | \n--------------------------------- | ----------- | ------ | -------------------\n(In millions) | 2019 | 2018 | Variance in Dollars\nInterest expense | $(208) | $(256) | $48 \nGain on divestiture | \u2014 | 653 | (653) \nInterest income | 42 | 24 | 18 \nLoss from equity interest | (101) | (26) | (75) \nForeign exchange loss | (18) | (28) | 10 \nOther | 13 | 21 | (8) \nTotal other income (expense), net | $(272) | $388 | $(660) "} {"_id": "d1b33e3f6", "title": "", "text": "Australian taxes paid summary\nTax payments made by iSelect for the 2019 and 2018 financial years are summarised below.\n\n | CONSOLIDATED | 2018 \n-------------------------- | ------------ | ----------\n | 2019 $'000 | 2018 $\u2019000\nIncome tax (net of refund) | (2,327) | 172 \nPayroll tax | 2,657 | 3,035 \nFringe benefits tax | 205 | 247 \nTotal taxes paid | 535 | 3,454 "} {"_id": "d1b3a520e", "title": "", "text": "We present below a summary of the items that cause recorded income taxes to differ from taxes computed using the statutory\nfederal income tax rate for the years ended December 31, 2019, 2018 and 2017:\nOn December 22, 2017, the United States enacted tax reform legislation commonly known as the Tax Cuts and Jobs Act (\u201cthe Act\u201d), resulting in significant modifications to existing law. In December 2017, we recorded a provisional estimate of $3.3 million for the one-time deemed repatriation transition tax on unrepatriated foreign earnings. The provisional amount was based on information available at that time, including estimated tax earnings and profits from foreign investments. In the fourth quarter of 2018, we finalized our transition tax calculation and recorded additional tax expense of $0.3 million. In December 2017, we also recorded a provisional write-down to deferred tax assets of $0.7 million related to changes in Section 162(m), Internal Revenue Code of 1986, regarding deductions for excessive employee compensation. In 2018, we finalized our calculation under Section 162(m) and recorded a tax benefit of $0.5 million. We also recorded a one-time tax benefit in December 2017 of $1.2 million from the remeasurement of deferred tax assets and liabilities from 35% to 21%. As of December 31, 2018, we completed the accounting for all of the impacts of the Act. Act\u201d), resulting in significant modifications to existing law. In December 2017, we recorded a provisional estimate of $3.3 million for the one-time deemed repatriation transition tax on unrepatriated foreign earnings. The provisional amount was based on information available at that time, including estimated tax earnings and profits from foreign investments. In the fourth quarter of 2018, we finalized our transition tax calculation and recorded additional tax expense of $0.3 million. In December 2017, we also recorded a provisional write-down to deferred tax assets of $0.7 million related to changes in Section 162(m), Internal Revenue Code of 1986, regarding deductions for excessive employee compensation. In 2018, we finalized our calculation under Section 162(m) and recorded a tax benefit of $0.5 million. We also recorded a one-time tax benefit in December 2017 of $1.2 million from the remeasurement of deferred tax assets and liabilities from 35% to 21%. As of December 31, 2018, we completed the accounting for all of the impacts of the Act.\nAct\u201d), resulting in significant modifications to existing law. In December 2017, we recorded a provisional estimate of $3.3 million for\nthe one-time deemed repatriation transition tax on unrepatriated foreign earnings. The provisional amount was based on information\navailable at that time, including estimated tax earnings and profits from foreign investments. In the fourth quarter of 2018, we\nfinalized our transition tax calculation and recorded additional tax expense of $0.3 million. In December 2017, we also recorded a\nprovisional write-down to deferred tax assets of $0.7 million related to changes in Section 162(m), Internal Revenue Code of 1986,\nregarding deductions for excessive employee compensation. In 2018, we finalized our calculation under Section 162(m) and recorded\na tax benefit of $0.5 million. We also recorded a one-time tax benefit in December 2017 of $1.2 million from the remeasurement of\ndeferred tax assets and liabilities from 35% to 21%. As of December 31, 2018, we completed the accounting for all of the impacts of\nthe Act.\nThe Act provides for the global intangible low-taxed income (\u201cGILTI\u201d) provision which requires us in our U.S. income tax return, to include foreign subsidiary earnings in excess of an allowable return on the foreign subsidiary\u2019s tangible assets. The FASB staff provided additional guidance to address the accounting for the effects of the provisions related to the taxation of GILTI, noting that companies should make an accounting policy election to recognize deferred taxes for temporary basis differences expected to reverse as GILTI in future years or to include the tax expense in the year it is incurred. We have elected to include the tax expense in the year that we incur it.\n\n | | Year Ended December 31, | \n--------------------------------------------- | ----------- | ----------------------- | -------\n | 2019 | 2018 | 2017 \nStatutory federal income tax rate | 21.0 % | 21.0 % | 35.0 % \nEffect of: | | | \nState income tax, net of federal benefit | 3.5 | 3.4 | 2.3 \nState credit carryforwards | 1.3 | 0.3 | (0.1 ) \nU.S. federal R&D tax credit | (1.9 ) | (1.7 ) | (0.8 ) \nTax Reform | - | (0.1 ) | 1.5 \nExcess benefit of equity compensation | (0.1 ) | (0.6 ) | (1.0 ) \nForeign-derived intangible income (FDII) | | | \ndeduction | (3.1 ) | (1.6 ) | - \nForeign operations | 1.1 | 1.2 | (0.1 ) \nTax contingencies | 3.7 | 0.5 | - \nOther permanent differences | 1.5 | 1.0 | 0.3 \nChange in valuation allowance | (0.9 ) | (0.2 ) | (0.1 ) \nIncome Tax | 26.1% | 23.2% | 37.0% "} {"_id": "d1b3766ca", "title": "", "text": "16. SHARE-BASED PAYMENTS continued\nc. Employee Share Option Plan\nThe Employee Share Option Plan (the Option Plan) was approved by shareholders at the Company\u2019s AGM on 9 November 2001 and reaffirmed at the AGM on 24 November 2011.The Employee Share Option Plan (the Option Plan) was approved by shareholders at the Company\u2019s AGM on 9 November 2001 and reaffirmed at the AGM on 24 November 2011. Under the Option Plan, awards are made to eligible executives and other management personnel who have an impact on the Group\u2019s performance. Option Plan awards are delivered in the form of options over shares, which vest over a period of three years subject to meeting performance measures and continuous employment with the Company. Each option is to subscribe for one ordinary share when the option is exercised and, when issued, the shares will rank equally with other shares.\nUnless the terms on which an option was offered specified otherwise, an option may be exercised at any time after the vesting date on satisfaction of the relevant performance criteria.\nOptions issued under the Employee Share Option Plan are valued on the same basis as those issued to KMP, which is described in Note 16(d).\nThere were no new options issued under the Option Plan during the 30 June 2019 and 30 June 2018 financial years, as the Option Plan was replaced with the Rights Plan as described in Note 16(b).\nMovement of options during the year ended 30 June 2019:\n1. The original expiry date for this tranche of options was 2 July 2018. However, due to extraordinary circumstances, the remaining 75,000 options could not be exercised during the prior financial year. Therefore, the Board had exercised its discretion during the year to extend the expiry date for the remaining options to 30 September 2018.\n2. Options associated with an EPS hurdle are not expected to vest on 31 August 2019 as the minimum performance target will not be met. Options associated with a TSR hurdle will vest on 31 August 2019 in accordance with accounting standards. However, because the minimum target was not met, these options will be restricted and unexercisable. Refer to Section 3b) of the audited Remuneration Report for further details.\n\nGrant Date | Vesting Date | Expiry Date | Exercise Price $ | No. of Options at Beg. of Year | Options Exercised or Lapsed | No. of Options at End of Year\n------------------------------- | ------------- | -------------- | ---------------- | ------------------------------ | --------------------------- | -----------------------------\n2 Jul 2013 | 2 Jul 2016 | 30 Sept 2018 1 | 0.92 | 75,000 | (75,000) | - \n2 Jul 2014 | 2 Jul 2017 | 2 Jul 2019 | 1.30 | 470,000 | (205,000) | 265,000 \n2 Jul 2015 | 2 Jul 2018 | 2 Jul 2020 | 2.67 | 1,000,000 | (75,000) | 925,000 \n22 Dec 2016 | 31 Aug 2019 2 | 22 Dec 2021 | 3.59 | 1,323,730 | - | 1,323,730 \nTotal | | | | 2,868,730 | (355,000) | 2,513,730 \nWeighted average exercise price | | | | | $1.51 | $3.01 "} {"_id": "d1b3967cc", "title": "", "text": "(4) Goodwill, Customer Relationships and Other Intangible Assets\nGoodwill, customer relationships and other intangible assets consisted of the following:\nOur goodwill was derived from numerous acquisitions where the purchase price exceeded the fair value of the net assets acquired (including the acquisition described in Note 2\u2014Acquisition of Level 3). As of December 31, 2019, the weighted average remaining useful lives of the intangible assets were approximately 8 years in total, approximately 9 years for customer relationships, 4 years for capitalized software and 3 years for trade names.\nTotal amortization expense for intangible assets for the years ended December 31, 2019, 2018 and 2017 was $1.7 billion, $1.8 billion and $1.2 billion, respectively. As of December 31, 2019, the gross carrying amount of goodwill, customer relationships, indefinite-life and other intangible assets was $44.0 billion.\n\n | As of December 31 | \n-------------------------------------------------------------------------- | -------------------- | ------\n | 2019 | 2018 \n | (Dollars in million) | \nGoodwill | $21,534 | 28,031\nCustomer relationships, less accumulated amortization of $9,809 and $8,492 | $7,596 | 8,911 \nIndefinite-life intangible assets | $269 | 269 \nOther intangible assets subject to amortization: | | \nCapitalized software, less accumulated amortization of $2,957 and $2,616 | $1,599 | 1,468 \nTrade names, less accumulated amortization of $91 and $61 | 103 | 131 \nTotal other intangible assets, net | $1,971 | 1,868 "} {"_id": "d1b395a2a", "title": "", "text": "2019 financial year guidance\nThe adjusted EBITDA and free cash flow guidance measures for the year ended 31 March 2019 were forward-looking alternative performance measures based on the Group\u2019s assessment of the global macroeconomic outlook and foreign exchange rates of \u20ac1:\u00a30.87, \u20ac1:ZAR 15.1, \u20ac1:TRY 5.1 and \u20ac1:EGP 22.1. These guidance measures exclude the impact of licence and spectrum payments, material one-off tax-related payments, restructuring payments, changes in shareholder recharges from India and any fundamental structural change to the Eurozone. They also assume no material change to the current structure of the Group. We believe it is both useful and necessary to report these guidance measures to give investors an indication of the Group\u2019s expected future performance, the Group\u2019s sensitivity to foreign exchange movements and to report actual performance against these guidance measures.\nReconciliations of adjusted EBITDA and free cash flow to the 2019 financial year guidance basis is shown below.\n\n | | Adjusted EBITDA | | Free cash flow (pre-spectrum)\n--------------------------------- | ------- | --------------- | ------ | -----------------------------\n | 2019 \u20acm | 2018 \u20acm | Growth | 2019 \u20acm \nReported (IAS 18 basis) | 14,139 | 14,737 | (4.1)% | 5,443 \nOther activity (including M&A) | (95) | (341) | | \u2013 \nForeign exchange | \u2013 | (288) | | \u2013 \nHandset financing and settlements | (198) | (674) | | \u2013 \nGuidance basis | 13,846 | 13,434 | 3.1% | 5,443 "} {"_id": "d1b36ce68", "title": "", "text": "Backlog\nAt December 31, 2019 and 2018, our backlog of unfilled orders in our four reportable segments was as follows:\nCustomers may delay delivery of products or cancel orders suddenly and without advanced notice, subject to possible cancellation penalties. Due to possible customer changes in delivery schedules and cancellation of orders, our backlog at any particular date is not necessarily indicative of the actual sales for any succeeding period. Delays in delivery schedules or cancellations of backlog during any particular period could have a material adverse effect on our business, financial condition or results of operations.\n\n | 2019 | 2018 \n--------------------- | ------------- | ------\n | (in millions) | \nSemiconductor Test | $543.2 | $367.5\nSystem Test | 206.0 | 149.5 \nWireless Test | 42.9 | 32.0 \nIndustrial Automation | 17.9 | 19.7 \n | $810.0 | $568.7"} {"_id": "d1b3b96f0", "title": "", "text": "North America\nNorth America net revenues increased $710,000 in 2019 compared to 2018 (see \u201cRevenues\u201d above). North America expenses decreased $2.2 million from 2018 to 2019 primarily due to a $1.7 million decrease in salary and employee related expenses, $742,000 decrease in professional service expenses, a $584,000 decrease in customer service costs and a $498,000 decrease in trade and brand marketing expenses, offset partially by a $1.2 million increase in member acquisition costs.\n\n | Year Ended December 31, | \n----------------------------------------- | ----------------------- | -------\n | 2019 | 2018 \n(In thousands) | | \nRevenues | $68,024 | $67,314\nIncome from operations | $12,491 | $9,587 \nIncome from operations as a % of revenues | 18% | 14% "} {"_id": "d1b306456", "title": "", "text": "4. Discontinued Operations\nIn fiscal 2019, we sold our Subsea Communications (\u201cSubCom\u201d) business for net cash proceeds of $297 million and incurred a pre-tax loss on sale of $86 million, related primarily to the recognition of cumulative translation adjustment losses of $67 million and the guarantee liabilities discussed below. The definitive agreement provided that, if the purchaser sells the business within two years of the closing date, we will be entitled to 20% of the net proceeds of that future sale, as defined in the agreement, in excess of $325 million. The sale of the SubCom business, which was previously included in our Communications Solutions segment, represents our exit from the telecommunications market and was significant to our sales and profitability, both to the Communications Solutions segment and to the consolidated company. We concluded that the divestiture was a strategic shift that had a major effect on our operations and financial results. As a result, the SubCom business met the held for sale and discontinued operations criteria and has been reported as such in all periods presented on our Consolidated Financial Statements.\nUpon entering into the definitive agreement, which we consider a level 2 observable input in the fair value hierarchy, we assessed the carrying value of the SubCom business and determined that it was in excess of its fair value. In fiscal 2018, we recorded a pre-tax impairment charge of $19 million, which was included in income (loss) from discontinued operations on the Consolidated Statement of Operations, to write the carrying value of the business down to its estimated fair value less costs to sell.\nIn connection with the sale, we contractually agreed to continue to honor performance guarantees and letters of credit related to the SubCom business\u2019 projects that existed as of the date of sale. These guarantees had a combined value of approximately $1.55 billion as of fiscal year end 2019 and are expected to expire at various dates through fiscal 2025; however, the majority are expected to expire by fiscal year end 2020. At the time of sale, we determined that the fair value of these guarantees was $12 million, which we recognized by a charge to pre-tax loss on sale. Also, under the terms of the definitive agreement, we are required to issue up to $300 million of new performance guarantees, subject to certain limitations, for projects entered into by the SubCom business following the sale for a period of up to three years. At fiscal year end 2019, there were no such new performance guarantees outstanding. We have contractual recourse against the SubCom business if we are required to perform on any SubCom guarantees; however, based on historical experience, we do not anticipate having to perform.\nThe following table presents the summarized components of income (loss) from discontinued operations, net of income taxes, for the SubCom business and prior divestitures:\n(1) Included a $19 million impairment charge recorded in connection with the sale of our SubCom business.\n(2) Included a $19 million credit related to the SubCom business\u2019 curtailment of a postretirement benefit plan.\n\n | | Fiscal | \n--------------------------------------------------------------- | -------- | ------------- | ------\n | 2019 | 2018 | 2017 \n | | (in millions) | \nNet sales | $ 41 | $ 702 | $ 928\nCost of sales | 50 | 602 | 653 \nGross margin | (9) | 100 | 275 \nSelling, general, and administrative expenses | 11 | 48 | 50 \nResearch, development, and engineering expenses | 3 | 39 | 40 \nRestructuring and other charges (credits), net | 3 | 30 (1) | (3) \nOperating income (loss) | (26) | (17) | 188 \nNon-operating income, net | \u2014 | \u2014 | 22 (2)\nPre-tax income (loss) from discontinued operations | (26) | (17) | 210 \nPre-tax gain (loss) on sale of discontinued operations | (86) | (2) | 3 \nIncome tax (expense) benefit | 10 | \u2014 | (70) \nIncome (loss) from discontinued operations, net of income taxes | $ (102) | $ (19) | $ 143"} {"_id": "d1b343388", "title": "", "text": "7 OTHER GAINS, NET\nNote: (a) The disposal and deemed disposal gains of approximately RMB8,492 million recognised during the year ended 31 December 2019 mainly comprised the following:\n\u2013 net gains of approximately RMB4,859 million (2018: RMB1,661 million) on dilution of the Group\u2019s equity interests in certain associates due to new equity interests being issued by these associates (Note 21). These investee companies are principally engaged in Internet-related business; and\n\u2013 aggregate net gains of approximately RMB3,633 million (2018: RMB1,271 million) on disposals, partial disposals or deemed disposals of various investments of the Group.\n(b) Net fair value gains on FVPL of approximately RMB9,511 million (Note 24) recognised during the year ended 31 December 2019 mainly comprised the following:\n\u2013 aggregate gains of approximately RMB1,886 million (2018: RMB22,215 million) arising from reclassification of several investments principally engaged in Internet-related business from FVPL to investments in associates due to the conversion of the Group\u2019s redeemable instruments or preferred shares of these investee companies into their ordinary shares and the Group has board representation upon their respective initial public offerings (\u201cIPO\u201d); and\n\u2013 net gains of approximately RMB7,625 million (2018: RMB6,523 million) from fair value changes of FVPL.\n\n | 2019 | 2018 \n----------------------------------------------------------------------------------------------------------------- | ----------- | -----------\n | RMB\u2019Million | RMB\u2019Million\nNet gains on disposals and deemed disposals of investee companies (Note (a)) | 8,492 | 2,932 \nNet fair value gains on FVPL (Note (b)) | 9,511 | 28,738 \nSubsidies and tax rebates | 4,263 | 3,456 \nImpairment provision/(reversal) for investee companies and intangible assets arising from acquisitions (Note (c)) | (4,006) | (17,577) \nNet fair value gains on other financial instruments (Note 27 and Note 38) | 1,647 | 1,019 \nDividend income | 1,014 | 686 \nDonations to Tencent Charity Funds | (850) | (730) \nOthers | (382) | (1,810) \n | 19,689 | 16,714 "} {"_id": "d1b37ae6e", "title": "", "text": "Contractual Obligations\nOur principal commitments consist of obligations for outstanding debt, leases for our office space, contractual commitments for professional service projects, and third-party consulting firms. The following table summarizes our contractual obligations at December 31, 2019 (in thousands):\n\n | | | Payment Due by period | | \n------------------------------------------------------- | -------- | ---------------- | --------------------- | --------- | -----------------\n | Total | Less than 1 Year | 1-3 Years | 3-5 Years | More than 5 Years\nLong-term debt obligations including interest | $334,500 | $17,250 | $317,250 | $\u2014 | $\u2014 \nOperating lease obligations | 82,895 | 9,434 | 47,410 | 15,226 | 10,825 \nSoftware subscription and other contractual obligations | 18,726 | 12,371 | 6,355 | \u2014 | \u2014 \n | $436,121 | $39,055 | $371,015 | $15,226 | $10,825 "} {"_id": "d1b38d1cc", "title": "", "text": "Market for Registrant\u2019s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities\nADTRAN\u2019s common stock is traded on the NASDAQ Global Select Market under the symbol ADTN. As of February 19, 2020, ADTRAN had 163 stockholders of record and approximately 6,972 beneficial owners of shares held in street name. The following table shows the high and low closing prices per share for our common stock as reported by NASDAQ for the periods indicated.\n\nCOMMON STOCK PRICES | | | | \n------------------- | ------------- | -------------- | ------------- | --------------\n2019 | First Quarter | Second Quarter | Third Quarter | Fourth Quarter\nHigh | $15.40 | $17.81 | $16.40 | $11.59 \nLow | $10.49 | $13.76 | $ 9.92 | $ 8.09 "} {"_id": "d1b317aa8", "title": "", "text": "Intellectual Property and Custom Development Income\nLicensing of intellectual property including royalty-based fees decreased 49.2 percent in 2019 compared to 2018. This was primarily due to a decline in new partnership agreements compared to the prior year. The timing and amount of licensing, sales or other transfers of IP may vary significantly from period to period depending upon the timing of licensing agreements, economic conditions, industry consolidation and the timing of new patents and know-how development.\n\n($ in millions) | | | Percent \n--------------------------------------------------------------- | ---- | ------ | -------------------------\nFor the year ended December 31: | 2019 | 2018 | Yr.-to-Yr. Percent Change\nLicensing of intellectual property including royalty-based fees | $367 | $723 | (43.2)% \nCustom development income | 246 | 275 | (10.5) \nSales/other transfers of intellectual property | 34 | 28 | 22.6 \nTotal | $648 | $1,026 | (36.9)% "} {"_id": "d1b38772c", "title": "", "text": "2017 Restructuring Plan\nOn September 15, 2016, the Company\u2019s Board of Directors formally approved a restructuring plan to better align the Company\u2019s global capacity and administrative support infrastructure to further optimize organizational effectiveness. This action includes headcount reductions across the Company\u2019s selling, general and administrative cost base and capacity realignment in higher cost locations (the \u201c2017 Restructuring Plan\u201d).\nThe 2017 Restructuring Plan, totaling $195.0 million in restructuring and other related costs, is complete as of August 31, 2019.\nThe tables below summarize the Company\u2019s liability activity, primarily associated with the 2017 Restructuring Plan (in thousands):\n\n | Employee Severance and Benefit Costs | Lease Costs | Asset Write-off Costs | Other Related Costs | Total \n-------------------------------------------------- | ------------------------------------ | ----------- | --------------------- | ------------------- | --------\nBalance as of August 31, 2017 | $ 33,580 | $1,665 | $ \u2014 | $ 3,143 | $38,388 \nRestructuring related charges | 16,269 | 1,596 | 16,264 | 2,773 | 36,902 \nAsset write-off charge and other non-cash activity | (127) | 525 | (16,264) | 25 | (15,841)\nCash payments | (31,591) | (1,102) | \u2014 | (5,419) | (38,112)\nBalance as of August 31, 2018 | 18,131 | 2,684 | \u2014 | 522 | 21,337 \nRestructuring related charges | 16,029 | (41) | (3,566) | 2,071 | 14,493 \nAsset write-off charge and other non-cash activity | (494) | \u2014 | 3,566 | (18) | 3,054 \nCash payments | (30,504) | (663) | \u2014 | (1,786) | (32,953)\nBalance as of August 31, 2019 | $3,162 | $1,980 | $\u2014 | $789 | $5,931 "} {"_id": "d1b3692cc", "title": "", "text": "12. Government grants\nThe following government grants are included within creditors:\nA government grant has been received to accelerate and support research and development in the vulnerability of global navigation satellite systems.\n\n | 2019 | 2018 \n----------- | --------- | ---------\n | \u00a3 million | \u00a3 million\nCurrent | 0.7 | 0.3 \nNon-current | 0.1 | 0.8 \n | 0.8 | 1.1 "} {"_id": "d1a719d6e", "title": "", "text": "30. RECONCILIATION OF LIABILITIES FROM FINANCING ACTIVITIES (Cont\u2019d)\nNote: (1) The cash flows comprise the net amount of proceeds from borrowings and repayments of borrowings, net interest paid on borrowings, and settlement of swaps for bonds repaid in the statement of cash flows.\n\n | Bonds | Bank loans | Finance lease liabilities | Interest payable | Derivative financial instruments\n----------------------------- | ------- | ---------- | ------------------------- | ---------------- | --------------------------------\nGroup - 2018 | S$ Mil | S$ Mil | S$ Mil | S$ Mil | S$ Mil \nAs at 1 April 2017 | 8,726.6 | 2,306.3 | 198.2 | 142.7 | (245.3) \nFinancing cash flows (1) | (506.2) | 222.6 | (28.3) | (379.9) | 61.4 \nNon-cash changes: | | | | | \nFair value adjustments | (65.4) | - | - | - | 107.8 \nAmortisation of bond discount | 3.2 | - | - | - | - \nForeign exchange movements | (273.3) | (58.5) | (0.5) | (8.5) | 11.5 \nAcquisition of subsidiary | - | 31.3 | 8.7 | - | \nAdditions of finance lease | - | - | 4.8 | - | - \nInterest expense | - | - | - | 383.6 | - \nAdjustment | - | - | (78.3) | - | - \n | (335.5) | (27.2) | (65.3) | 375.1 | 119.3 \nAs at 31 March 2018 | 7,884.9 | 2,501.7 | 104.6 | 137.9 | (64.6) "} {"_id": "d1b3287ae", "title": "", "text": "Revenue\nRecurring revenue consists of subscription-based software sales, support and maintenance revenue, recurring transactions revenue and recurring revenue from managed services solutions, such as outsourcing, private cloud hosting and revenue cycle management. Non-recurring revenue consists of perpetual software licenses sales, hardware resale and non-recurring transactions revenue, and project-based client services revenue.\nYear Ended December 31, 2019 Compared with the Year Ended December 31, 2018\nRecurring revenue decreased during the year ended December 31, 2019 compared to prior year due to known attrition within the EIS and other businesses partially offset with growth in subscription revenue. The sale of the OneContent business on April 2, 2018 also contributed to the decline in recurring revenue. The OneContent business was acquired as part of the EIS Business acquisition on October 2, 2017, and it contributed $13 million of recurring revenue during the first quarter of 2018, including $1 million of amortization of acquisition-related deferred revenue adjustments. Non-recurring revenue increased due to higher sales of perpetual software licenses for our acute solutions and hardware in 2019 compared to 2018, partially offset by lower client services revenue related to the timing of software activations.\nThe percentage of recurring and non-recurring revenue of our total revenue was 79% and 21%, respectively, during the year ended December 31, 2019 and 81% and 19%, respectively, during the year ended December 31, 2018.\nYear Ended December 31, 2018 Compared with the Year Ended December 31, 2017\nThe increase in revenue for the year ended December 31, 2018 compared with the year ended December 31, 2017 was primarily driven by incremental revenue from the acquisitions of the EIS Business in the fourth quarter of 2017 and Practice Fusion in the first quarter of 2018. Total revenue includes the amortization of acquisition-related deferred revenue adjustments, which totaled $24 million and $29 million during the years ended December 31, 2018 and 2017, respectively. The growth in both recurring and non-recurring revenue for the year ended December 31, 2018 compared with the prior year was also largely driven by incremental revenue from the previously mentioned acquisitions.\nThe increase in revenue for the year ended December 31, 2018 compared with the year ended December 31, 2017 was primarily driven by incremental revenue from the acquisitions of the EIS Business in the fourth quarter of 2017 and Practice Fusion in the first quarter of 2018. Total revenue includes the amortization of acquisition-related deferred revenue adjustments, which totaled $24 million and $29 million during the years ended December 31, 2018 and 2017, respectively. The growth in both recurring and non-recurring revenue for the year ended December 31, 2018 compared with the prior year was also largely driven by incremental revenue from the previously mentioned acquisitions.\n\n | | | Year Ended December 31, | | \n--------------------- | ---------- | ---------- | ----------------------- | ----------------------- | -----------------------\n(In thousands) | 2019 | 2018 | 2017 | 2019 % Change from 2018 | 2018 % Change from 2017\nRevenue: | | | | | \nRecurring revenue | $1,395,869 | $1,411,742 | $1,176,720 | (1.1%) | 20.0% \nNon-recurring revenue | 375,808 | 338,220 | 320,988 | 11.1% | 5.4% \nTotal revenue | $1,771,677 | $1,749,962 | $1,497,708 | 1.2% | 16.8% "} {"_id": "d1b36c6de", "title": "", "text": "Free Cash Flow\nWe monitor our free cash flow, as a key measure of our overall business performance, which enables us to analyze our financial performance without the effects of certain non-cash items such as depreciation, amortization, and stock-based compensation expenses. Additionally, free cash flow takes into account the impact of changes in deferred revenue, which reflects the receipt of cash payment for products before they are recognized as revenue, and unbilled accounts receivable, which reflects revenue that has been recognized that has yet to be invoiced to our customers.\nOur net cash provided by (used in) operating activities is significantly impacted by the timing of invoicing and collections of accounts receivable, the timing and amount of annual bonus payments, as well as payroll and tax payments. Our capital expenditures consisted of purchases of property and equipment, most of which were computer hardware, software, capitalized software development costs, and leasehold improvements.\nIn fiscal year 2019, free cash flow was impacted by $23.6 million related to the build out and furnishing of our new corporate headquarters in San Mateo, California. For a further discussion of our operating cash flows, see \u201cLiquidity and Capital Resources - Cash Flows.\u201d(in thousands)\n\n | Fiscal years ended July 31, | \n----------------------------------------- | --------------------------- | --------\n | 2019 | 2018 \nNet cash provided by operating activities | $116,126 | $140,459\nNet cash used for capital expenditures | (48,857) | (12,011)\nFree cash flow | $67,269 | $128,448"} {"_id": "d1b2f4a30", "title": "", "text": "Plans with projected benefit obligations in excess of plan assets are attributable to unfunded domestic supplemental retirement plans, and our U.K. retirement plan.\nAccrued benefit liability reported as:\nAs of September 30, 2019 and 2018, the amounts included in accumulated other comprehensive income, consisted of\ndeferred net losses totaling approximately $6.3 million and $5.3 million, respectively.\nThe amount of net deferred loss expected to be recognized as a component of net periodic benefit cost for the year ending September 30, 2019, is approximately $229 thousand.\n\n | September 30, | \n------------------------------------- | ---------------------- | ------\n | 2019 | 2018 \n | (Amounts in thousands) | \nCurrent accrued benefit liability | $335 | $340 \nNon-current accrued benefit liability | 6,904 | 6,168 \nTotal accrued benefit liability | $7,239 | $6,508"} {"_id": "d1a72ba82", "title": "", "text": "Other Subsidiary Debt\u2014 The Company\u2019s other subsidiary debt includes (i) a credit facility entered into by one of the Company\u2019s South African subsidiaries in December 2015, as amended (the \u201cSouth African Credit Facility\u201d), (ii) a long-term credit facility entered into by one of the Company\u2019s Colombian subsidiaries in October 2014 (the \u201cColombian Credit Facility\u201d), (iii) a credit facility entered into by one of the Company\u2019s Brazilian subsidiaries in December 2014 (the \u201cBrazil Credit Facility\u201d) with Banco Nacional de Desenvolvimento Econ\u00f4mico e Social, (iv) a note entered into by one of the Company\u2019s subsidiaries in October 2018 in connection with the acquisition of sites in Kenya (the \u201cKenya Debt\u201d), (v) U.S. subsidiary debt related to a seller-financed acquisition (the \u201cU.S. Subsidiary Debt\u201d) and (vi) debt entered into by certain Eaton Towers subsidiaries acquired in connection with the Eaton Towers Acquisition (the \u201cEaton Towers Debt\u201d).\nAmounts outstanding and key terms of other subsidiary debt consisted of the following as of December 31, (in millions, except percentages):\n(1) Includes applicable deferred financing costs.\n(2) Denominated in ZAR, with an original principal amount of 830.0 million ZAR. On December 23, 2016, the borrower borrowed an additional 500.0 million ZAR. Debt accrues interest at a variable rate. The borrower no longer maintains the ability to draw on the South African Credit Facility.\n(3) Denominated in COP, with an original principal amount of 200.0 billion COP. Debt accrues interest at a variable rate. The loan agreement for the Colombian Credit Facility requires that the borrower manage exposure to variability in interest rates on certain of the amounts outstanding under the Colombian Credit Facility. The borrower no longer maintains the ability to draw on the Colombian Credit Facility.\n(4) Denominated in BRL, with an original principal amount of 271.0 million BRL. Debt accrues interest at a variable rate. The borrower no longer maintains the ability to draw on the Brazil Credit Facility.\n(5) Denominated in USD, with an original principal amount of $51.8 million. The loan agreement for the Kenya Debt requires that the debt be paid either (i) in future installments subject to the satisfaction of specified conditions or (ii) three years from the note origination date.\n(6) Related to a seller-financed acquisition. Denominated in USD with an original principal amount of $2.5 million.\n(7) Related to the Eaton Towers Acquisition. Denominated in multiple currencies, including USD, EUR, KES and XOF. Amounts shown represent principal outstanding as of December 31, 2019.\n(8) Subsequent to December 31, 2019, the Company repaid all of the outstanding USD denominated and KES denominated debt.\nPursuant to the agreements governing the South African Credit Facility and the Colombian Credit Facility, payments of principal and interest are generally payable quarterly in arrears. Outstanding principal and accrued but unpaid interest will be due and payable in full at maturity. The South African Credit Facility may be prepaid in whole or in part without prepayment consideration. The Colombian Credit Facility may be prepaid in whole or in part at any time, subject to certain limitations and prepayment consideration.\nThe South African Credit Facility, the Colombian Credit Facility and the Brazil Credit Facility are secured by, among other things, liens on towers owned by the applicable borrower.\nEach of the agreements governing the other subsidiary debt contains contractual covenants and other restrictions. Failure to comply with certain of the financial and operating covenants could constitute a default under the applicable debt agreement, which could result in, among other things, the amounts outstanding, including all accrued interest and unpaid fees, becoming immediately due and payable.\n\n | Carrying Value (Denominated Currency) (1) | | Carrying Value (USD) (1) | | Interest Rate | Maturity Date \n--------------------------------- | ----------------------------------------- | --------- | ------------------------ | ----- | ------------- | -----------------\n | 2019 | 2018 | 2019 | 2018 | | \nSouth African Credit Facility (2) | 288.7 | 577.4 | $20.6 | $40.2 | 8.75% | December 17, 2020\nColombian Credit Facility (3) | 79,647.3 | 109,193.8 | $24.3 | $33.6 | 8.13% | April 24, 2021 \nBrazil Credit Facility (4) | 65.4 | 94.7 | $16.2 | $24.4 | Various | January 15, 2022 \nKenya Debt (5) | 29.6 | 51.8 | $29.6 | $51.8 | 8.00% | October 1, 2021 \nU.S. Subsidiary Debt (6) | 1.9 | 2.5 | $1.9 | $2.5 | \u2014% | January 1, 2022 \nEaton Towers Debt (7): | | | | | | \nUSD Denominated (8) | 238.8 | \u2014 | $238.8 | $\u2014 | Various | Various \nEUR Denominated | 26.2 | \u2014 | $29.5 | $\u2014 | Various | Various \nXOF Denominated | 16,836.8 | \u2014 | $28.8 | $\u2014 | Various | Various \nKES Denominated (8) | 3,319.2 | \u2014 | $ 32.7 | $\u2014 | Various | Various "} {"_id": "d1b33989c", "title": "", "text": "25. Loans and other borrowings continued\nLoans and other borrowings are analysed as follows:\na Includes collateral received on swaps of \u00a3638m (2017/18: \u00a3525m, 2016/17: \u00a3702m).\nThe carrying values disclosed in the above table reflect balances at amortised cost adjusted for accrued interest and fair value adjustments to the relevant loans or borrowings. These do not reflect the final principal repayments that will arise after taking account of the relevant derivatives in hedging relationships which are reflected in the table below. Apart from finance leases, all borrowings as at 31 March 2019, 2018 and 2017 were unsecured.\n\n | 2019 | 2018 | 2017 \n--------------------------------- | ------ | ------ | ------\nAt 31 March | \u00a3m | \u00a3m | \u00a3m \nCurrent liabilities | | | \nListed bonds | 1,367 | 1,702 | 1,539 \nFinance leases | 16 | 18 | 15 \nBank loans | \u2013 | \u2013 | 352 \nOther loans and bank overdrafts a | 717 | 561 | 726 \nTotal current liabilities | 2,100 | 2,281 | 2,632 \nNon-current liabilities | | | \nListed bonds | 14,586 | 11,789 | 9,866 \nFinance leases | 190 | 205 | 214 \nOther loans | \u2013 | \u2013 | 1 \nTotal non-current liabilities | 14,776 | 11,994 | 10,081\nTotal | 16,876 | 14,275 | 12,713"} {"_id": "d1b3a9052", "title": "", "text": "DERIVATIVE LIABILITIES\nIn connection with the issuance of Series A-1 Preferred Stock in June 2017, the Company issued a warrant with variable consideration through September 2018. The Company determined that this instrument is an embedded derivative pursuant to ASC 815, \u201cDerivatives and Hedging.\u201d The accounting treatment of derivative financial instruments requires that the Company record the warrant, at its fair value as of the inception date of the agreement and at fair value as of each subsequent balance sheet date through the expiration of the variable consideration. Any change in fair value is recorded as a change in the fair value of derivative liabilities for each reporting period at each balance sheet date. The Company reassesses the classification at each balance sheet date. If the classification changes as a result of events during the period, the contract is reclassified as of the date of the event that caused the reclassification. On September 19, 2018, upon expiration of the variable consideration, the warrant liability of $4.5 million was reclassified to equity.\nThe Monte Carlo Valuation model is used to estimate the fair value of the warrant. The model was developed for use in estimating the fair value of traded options or warrants. The expected volatility is estimated based on the most recent historical period of time equal to the weighted average life of the instrument granted.\nThe risk-free interest rate used is the United States Treasury rate for the day of the grant having a term equal to the life of the equity instrument. The volatility is a measure of the amount by which the Company\u2019s share price has fluctuated or is expected to fluctuate. The dividend yield is zero as the Company has not made any dividend payment and has no plans to pay dividends in the foreseeable future. The Company determines the expected term of its warrant awards by using the contractual term.\nThe principal assumptions used in applying the model were as follows:\n\n | Upon 2018 Expiration | December 31, 2017\n----------------------- | -------------------- | -----------------\nAssumptions: | | \nRisk-free interest rate | 2.3% - 2.5% | 1.5% - 2.0% \nExpected life | 1.8 - 2.2 Years | 2.5 - 3 Years \nExpected volatility | 65% - 70% | 50% - 60% \nDividends | 0% | 0% "} {"_id": "d1b3316ec", "title": "", "text": "15. ASSET UNDER DEVELOPMENT\nIn May 2018, upon the completion of the Hilli FLNG conversion and commissioning, we reclassified $1,296 million to \"Vessels and equipment, net\" in our consolidated balance sheet as of December 31, 2018.\nIn December 2018, we entered into agreements with Keppel for the conversion of the Gimi to a FLNG and consequently reclassified the carrying value of the Gimi of $20.0 million from \"Vessels and equipment, net\" to \"Asset under development\".\nIn February 2019, Golar entered into an agreement with BP for the employment of a FLNG unit, Gimi, to service the Greater Tortue Ahmeyim project for a 20-year period expected to commence in 2022.\nIn April 2019, we issued the shipyard with a Final Notice to Proceed with conversion works that had been initiated under the Limited Notice to Proceed. We also completed the sale of 30% of the total issued ordinary share capital of Gimi MS Corp to First FLNG Holdings (see note 5). The estimated conversion cost of the Gimi is approximately $1.3 billion.\n\n(in thousands of $) | 2019 | 2018 \n-------------------------------------------------- | ------- | -----------\nAs of January 1 | 20,000 | 1,177,489 \nAdditions | 372,849 | 118,942 \nTransfer to vessels and equipment, net (note 16) | \u2014 | (1,296,431)\nTransfer from vessels and equipment, net (note 16) | \u2014 | 20,000 \nTransfer from other non-current assets (note 17) | 31,048 | \u2014 \nInterest costs capitalized | 10,351 | \u2014 \nAs of December 31 | 434,248 | 20,000 "} {"_id": "d1b3c0eaa", "title": "", "text": "Year ended December 31, 2017 compared to the year ended December 31, 2018\nThe following table summarizes our net cash flows from operating, investing and financing activities for the years indicated:\nNet Cash Provided By Operating Activities\nNet cash provided by operating activities increased by $60.1 million, from $223.6 million during the year ended December 31, 2017 to $283.7 million during the year ended December 31, 2018. The increase was attributable to an increase in total revenues (revenues and net pool allocation) of $103.7 million, partially offset by a decrease of $23.5 million caused by movements in working capital accounts, an increase of $15.3 million in cash paid for interest including the interest paid for finance leases and a net decrease of $4.8 million from the remaining movements.\nNet Cash Used In Investing Activities\nNet cash used in investing activities increased by $618.4 million, from $74.6 million during the year ended December 31, 2017 to $693.0 million during the year ended December 31, 2018. The increase is mainly attributable to an increase of $591.5 million in payments for the construction costs of newbuildings and other fixed assets and a net decrease in cash from short-term investments of $43.0 million in 2018 compared to 2017. The above movements were partially offset by $14.0 million in payments made for the investment in Gastrade made in 2017 and an increase of $2.1 million in cash from interest income.\nNet Cash Provided By Financing Activities\nNet cash provided by financing activities increased by $360.8 million, from $7.3 million during the year ended December 31, 2017 to $368.1 million during the year ended December 31, 2018. The increase is mainly attributable to an increase of $244.2 million in proceeds from our borrowings, a decrease in bank loan and bond repayments of $165.3 million, an increase of $69.2 million in proceeds from the issuance of the Partnership\u2019s Series B and Series C Preference Units in 2018 as compared to the issuance of 5,750,000 of its 8.625% Series A Cumulative Redeemable Perpetual Fixed to Floating Rate Preference Units (the \u2018\u2018Partnership\u2019s Series A Preference Units\u2019\u2019) in 2017 and an increase of\n$20.6 million from payments during 2017 for CCS termination. The above movements were partially offset by a decrease of $81.1 million in proceeds from GasLog Partners\u2019 common unit offerings and an increase of $57.0 million in dividend payments.\n\n | | Year ended December 31, | \n----------------------------------------- | -------- | ----------------------- | ---------\n | 2017 | 2018 | Change \nAmounts in thousands of U.S. dollars | | | \nNet cash provided by operating activities | $223,630 | $283,710 | $60,080 \nNet cash used in investing activities | (74,599) | (692,999) | (618,400)\nNet cash provided by financing activities | 7,265 | 368,120 | 360,855 "} {"_id": "d1b3573f6", "title": "", "text": "As of June 30, 2018, the Group\u2019s investments consisted of the following:\nAs of June 30, 2018, the Group had $323.1 million of investments which were classified as short-term investments on the Group\u2019s consolidated statements of financial position. Additionally, the Group had certificates of deposit and time deposits totaling $3.6 million which were classified as long-term and were included in other non- current assets on the Group\u2019s consolidated statements of financial position.\n\n | Amortized Cost | Unrealized Gains | Unrealized Losses | Fair Value\n----------------------------------------- | -------------- | --------------------- | ----------------- | ----------\n | | (U.S. $ in thousands) | | \nDebt Investments | | | | \nU.S. treasury securities | $52,809 | $\u2014 | $(109) | $52,700 \nAgency securities | 22,097 | \u2014 | (82) | 22,015 \nCertificates of deposit and time deposits | 58,824 | \u2014 | \u2014 | 58,824 \nCommercial paper | 35,372 | \u2014 | \u2014 | 35,372 \nCorporate debt securities | 158,538 | 14 | (669) | 157,883 \nTotal investments | $327,640 | $14 | $(860) | $326,794 "} {"_id": "d1b3b8728", "title": "", "text": "Strategic Investments\nIn December 2019, the Company made a minority investment in a privately-held company, Talespin, Inc., for $8.0 million, representing approximately 13% equity ownership. The investment is accounted for using the equity method of accounting due to the Company\u2019s ability to exercise significant influence.\nThe Company\u2019s non-marketable investments are composed of the following (in thousands):\n\n | December 31, | \n------------------------------------------------------------ | ------------ | ------\n | 2019 | 2018 \nAccounted for at cost, adjusted for observable price changes | $1,750 | $1,250\nAccounted for using the equity method | 8,000 | \u2014 \nTotal non-marketable investments | $9,750 | $1,250"} {"_id": "d1b300fb0", "title": "", "text": "Other Contractual Obligations\nOur other contractual obligations include finance lease obligations (including interest portion), facility leases, leases of certain computer and other equipment, agreements to purchase data and telecommunication services, the payment of principal and interest on debt and pension fund obligations.\nAt December 31, 2019, the minimum annual payments under these agreements and other contracts that had initial or remaining non-cancelable terms in excess of one year are as listed in the following table. Due to the uncertainty with respect to the timing of future cash flows associated with our unrecognized tax positions at December 31, 2019, we are unable to make reasonably reliable estimates of the timing of any potential cash settlements with the respective taxing authorities. Therefore, $189 million in uncertain tax positions (which includes interest and penalties of $25 million) have been excluded from the contractual obligations table below. See Note 15 \u2013 \u201cIncome Taxes\u201d \u2013 to the consolidated financial statements for a discussion on income taxes.\n(a) Our short-term and long-term debt obligations are described in Note 12 \u2013 \u201cLong-Term Debt and Other Financing Arrangements\u201d and our short-term and long-term finance lease obligations are described in Note 5 \u201cLeases\u201d,\u2013 to our consolidated financial statements.\n(b) Our operating lease obligations are described in Note 17 \u2013 \u201cCommitments and Contingencies\u201d \u2013 to our consolidated financial statements.\n\n | Payments due by period | | | | | | \n-------------------------------------------- | ---------------------- | ------ | ------ | ------ | ------ | ---- | ----------\n(IN MILLIONS) | Total | 2020 | 2021 | 2022 | 2023 | 2024 | Thereafter\nFinance lease obligations(a) | $162 | $61 | $42 | $29 | $15 | $7 | $8 \nOperating leases(b) | 574 | 136 | 99 | 75 | 53 | 40 | 171 \nOther contractual obligations(c) | 1,639 | 627 | 295 | 203 | 190 | 185 | 139 \nLong-term debt, including current portion(a) | 8,164 | 854 | 702 | 2,399 | 3,710 | \u2014 | 499 \nInterest(d) | 1,038 | 354 | 315 | 216 | 115 | 25 | 13 \nPension fund obligations(e) | 28 | 28 | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 \nTotal | $11,605 | $2,060 | $1,453 | $2,922 | $4,083 | $257 | $830 "} {"_id": "d1b3c41c2", "title": "", "text": "Land, Property and Equipment\nLand, property and equipment are stated at cost, net of accumulated depreciation and amortization. Depreciation and amortization are computed using the straight-line method over the estimated useful lives of the assets, or for leasehold improvements, the shorter of the remaining lease term or the estimated useful life. The estimated useful lives for machinery and equipment range from 5 to 7 years and for office, computer and research equipment from2 to 5 years. Expenditures for major renewals and improvements that extend the useful life of property and equipment are capitalized.\nDepreciation and amortization expense was $0.6 million and $0.8 million for fiscal years2019 and 2018, respectively. In accordance with ASC Topic 360, Property, Plant and Equipment (ASC 360), the Company assesses all of its long-lived assets, including intangibles, for impairment when impairment indicators are identified. If the carrying value of an asset exceeds its undiscounted cash flows, an impairment loss may be necessary. An impairment loss is calculated as the difference between the carrying value and the fair value of the asset.\nThe Company acquired 16 acres of land with an acquisition and sold4 acres in April 2015 for$264,000. The Company still owns 12 acres of land that remains on the market. The Company concluded that a sale transaction for the remaining land is not probable within the next year; therefore, unsold land is classified as held-and-used as of March 31, 2019 and 2018.\nThe components of fixed assets are as follows:\n\nMarch 31, | | \n---------------------------------------------- | ------- | -------\n(in thousands) | 2019 | 2018 \nLand | $672 | $672 \nMachinery and equipment | 1,372 | 1,296 \nOffice, computer and research equipment | 5,267 | 5,175 \nLeasehold improvements | 798 | 1,238 \nLand, property and equipment, gross | $8,109 | $8,381 \nLess accumulated depreciation and amortization | (6,811) | (6,780)\nLand, property and equipment, net | $1,298 | $1,601 "} {"_id": "d1b3c19d6", "title": "", "text": "UK SIP\nThe weighted average market value per ordinary share for SIP awards released in 2019 was 386.1p (2018: 372.0p). The SIP shares outstanding at 31 March 2018 have fully vested (2018: had a weighted average remaining vesting period of 0.1 years). Shares released prior to the vesting date relate to those attributable to good leavers as defined by the scheme rules.\n\n | 2019 | 2018 \n---------------------------------- | --------- | --------\n | Number | Number \nOutstanding at 1 April | 690,791 | 776,045 \nDividend shares awarded | 4,518 | 9,778 \nForfeited | (9,275) | (75,986)\nReleased | (365,162) | (19,046)\nOutstanding at 31 March | 320,872 | 690,791 \nVested and outstanding at 31 March | 320,872 | \u2013 "} {"_id": "d1b3ada80", "title": "", "text": "Assets Measured at Fair Value on a Recurring Basis\nAssets measured at fair value on a recurring basis at March 31, 2018 are as follows (amounts in millions):\nThere were no transfers between Level 1 or Level 2 during fiscal 2019 or fiscal 2018. There were no assets measured on a recurring basis during fiscal 2019 or fiscal 2018 using significant unobservable inputs (Level 3).\n\n | Quoted Prices in Active Markets for Identical Instruments (Level 1) | Significant Other Observable Inputs (Level 2) | Total Balance\n----------------------------------- | ------------------------------------------------------------------- | --------------------------------------------- | -------------\nAssets | | | \nCash and cash equivalents: | | | \nMoney market mutual funds | $121.0 | $\u2014 | $121.0 \nDeposit accounts | \u2014 | 641.6 | 641.6 \nCommercial Paper | \u2014 | 118.7 | 118.7 \nGovernment agency bonds | \u2014 | 20.0 | 20.0 \nShort-term investments: | | | \nMarketable equity securities | 2.8 | \u2014 | 2.8 \nCorporate bonds and debt | \u2014 | 542.9 | 542.9 \nTime deposits | \u2014 | 11.5 | 11.5 \nGovernment agency bonds | \u2014 | 723.2 | 723.2 \nMunicipal bonds - taxable | \u2014 | 14.9 | 14.9 \nTotal assets measured at fair value | $123.8 | $2,072.8 | $2,196.6 "} {"_id": "d1b3ac8d8", "title": "", "text": "Item 2. Properties\nOur corporate headquarters are located in Culver City, California, where we occupy facilities totaling approximately 8,000 square feet on a monthto-month basis pursuant to a Shared Services Agreement with NantWorks. We use these facilities for administration, sales and marketing, research and development, engineering, client support, and professional services. In addition, we have 5 U.S. locations across four states and one international location. Our key facilities include the following:\nUnited States\nBoston, Massachusetts\nPanama City, Florida\nPhiladelphia, Pennsylvania\nPhoenix, Arizona\nInternational\n\u25e6 Belfast, Northern Ireland\nNote that on February 3, 2020, the Company completed the sale of its Connected Care business which includes the Panama City, Florida property.\nWe believe that our facilities are adequate to meet our needs in the near term, and that, if needed, suitable additional space will be available to accommodate any expansion of our operations.\nThe following table outlines our facilities location, square footage, and use:\n\nCity | State | Country | Sq ft | Type | Business Nature/Use \n------------ | ----- | ------- | ------- | ----- | ------------------------------------------------------------------------------\nBoston | MA | USA | 31,752 | Lease | Administrative, sales, client support, R&D, engineering, professional services\nPanama City | FL | USA | 51,288 | Lease | Administrative, sales, client support, R&D, engineering, professional services\nBelfast | NI | UK | 15,500 | Lease | R&D, engineering, administrative \nPhoenix | AZ | USA | 4,865 | Lease | Data Centre \nPhiladelphia | PA | USA | 14,183 | Lease | Administrative, sales, client support, R&D, engineering, professional services\n | | | 117,588 | | "} {"_id": "d1b3c2944", "title": "", "text": "Significant components of the Company\u2019s deferred tax assets and liabilities are outlined below.\nThe increase in the Company's deferred tax liability is primarily attributable to the Company's decision to take bonus depreciation on qualifying assets placed in service during fiscal 2019.\nIncluded in the deferred tax assets at October 31, 2019, is a federal NOL carryforward of $255.4 million. All of the NOL carryforward was incurred subsequent to the enactment of the TCJA and therefore has an indefinite carryforward period. The Company has significant deferred tax liabilities, primarily related to property, plant and equipment, which are expected to reverse and allow for the full utilization of the NOL carryforward. As such, the Company has not recorded a valuation allowance related to the NOL carryforward. Also included in the deferred tax assets are North Carolina Investing in Business Property Credit and North Carolina Jobs Credits totaling $4.9 million, as well as Georgia Job Tax Credits totaling $2.6 million. The North Carolina Investing in Business Property Credit provides a 7% investment tax credit for property located in a North Carolina development area, the North Carolina Creating Jobs Credit provides a tax credit for increased employment in North Carolina, and the Georgia Job Tax Credit provides a tax credit for creation and retention of qualifying jobs in Georgia. It is management\u2019s opinion that the majority of the North Carolina and Georgia income tax credits will not be utilized before they expire, and a $5.6 million valuation allowance has been recorded as of October 31, 2019. The North Carolina credits began to expire during fiscal 2018, and the remaining credits expire between fiscal years 2020 and 2023.\n\nOctober 31, | | \n----------------------------------------- | -------- | --------\n | 2019 | 2018 \n(In thousands) | | \nDeferred tax liabilities: | | \nProperty, plant and equipment | $148,505 | $88,351 \nPrepaid and other assets | 1,911 | 1,751 \nTotal deferred tax liabilities | 150,416 | 90,102 \nDeferred tax assets: | | \nAccrued expenses and accounts receivable | 8,172 | 7,814 \nInventory | 1,155 | 2,862 \nCompensation on restricted stock | 7,528 | 8,280 \nState income tax credits | 9,333 | 12,235 \nOther | 1,272 | 654 \nValuation allowance | (5,637) | (11,017)\nNet operating loss | 54,461 | 6,481 \nTotal deferred tax assets | 76,284 | 27,309 \nNet deferred tax liabilities | $74,132 | $62,793 "} {"_id": "d1a73afdc", "title": "", "text": "Notes: (1) TWDV \u2013 Tax written down value\n(2) NBV \u2013 Net book value\nDeferred tax assets and liabilities are offset when there is a legally enforceable right to set-off current tax assets against current tax liabilities, and when deferred income taxes relate to the same fiscal authority.\n\nCompany - 2018 | Provisions | Others | Total \n------------------------------------ | ---------- | --------------- | -------\nDeferred tax assets | S$ Mil | S$ Mil | S$ Mil \nBalance as at 1 April 2017 | 0.3 | 2.8 | 3.1 \nEffects of adoption of SFRS(I) 15 | - | (1.0) | (1.0) \nBalance as at 1 April 2017, restated | 0.3 | 1.8 | 2.1 \nCredited to income statement | 0.2 | 9.0 | 9.2 \nBalance as at 31 March 2018 | 0.5 | 10.8 | 11.3 \n | | Accelerated tax | \nCompany - 2018 | | depreciation | Total \nDeferred tax liabilities | | S$ Mil | S$ Mil \nBalance as at 1 April 2017 | | (285.3) | (285.3)\nEffects of adoption of SFRS(I) 1 | | 10.2 | 10.2 "} {"_id": "d1b358abc", "title": "", "text": "NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (in thousands, except for share and per share data)\nNOTE 13 \u2014 Derivatives\nOur earnings and cash flows are subject to fluctuations due to changes in foreign currency exchange rates and interest rates. We selectively use derivative financial instruments including foreign currency forward contracts and interest rate swaps to manage our exposure to these risks.\nThe use of derivative financial instruments exposes the Company to credit risk, which relates to the risk of nonperformance by a counterparty to the derivative contracts. We manage our credit risk by entering into derivative contracts with only highly rated financial institutions and by using netting agreements.\nThe effective portion of derivative gains and losses are recorded in accumulated other comprehensive loss until the hedged transaction affects earnings upon settlement, at which time they are reclassified to cost of goods sold or net sales. If it is probable that an anticipated hedged transaction will not occur by the end of the originally specified time period, we reclassify the gains or losses related to that hedge from accumulated other comprehensive loss to other income (expense).\nWe assess hedge effectiveness qualitatively by verifying that the critical terms of the hedging instrument and the forecasted transaction continue to match, and that there have been no adverse developments that have increased the risk that the counterparty will default. No recognition of ineffectiveness was recorded in our Consolidated Statement of Earnings for the twelve months ended December 31, 2019.\nForeign Currency Hedges\nWe use forward contracts to mitigate currency risk related to a portion of our forecasted foreign currency revenues and costs. The currency forward contracts are designed as cash flow hedges and are recorded in the Consolidated Balance Sheets at fair value.\nWe continue to monitor the Company\u2019s overall currency exposure and may elect to add cash flow hedges in the future. At December 31, 2019, we had a net unrealized gain of $655 in accumulated other comprehensive loss, of which $595 is expected to be reclassified to income within the next 12 months. The notional amount of foreign currency forward contracts outstanding was $8,011 at December 31, 2019.\nInterest Rate Swaps\nWe use interest rate swaps to convert a portion of our revolving credit facility's outstanding balance from a variable rate of interest to a fixed rate. As of December 31, 2019, we have agreements to fix interest rates on $50,000 of long-term debt through February 2024. The difference to be paid or received under the terms of the swap agreements will be recognized as an adjustment to interest expense when settled.\nThese swaps are treated as cash flow hedges and consequently, the changes in fair value are recorded in other comprehensive loss. The estimated net amount of the existing gains or losses that are reported in accumulated other comprehensive loss that are expected to be reclassified into earnings within the next twelve months is approximately $82.\nThe location and fair values of derivative instruments designated as hedging instruments in the Consolidated Balance Sheets as of December 31, 2019, are shown in the following table:\nThe Company has elected to net its foreign currency derivative assets and liabilities in the balance sheet in accordance with ASC 210-20 (Balance Sheet, Offsetting). On a gross basis, there were foreign currency derivative assets of $648 and foreign currency derivative liabilities of $68 at December 31, 2019.\n\n | As of December 31, | \n----------------------------------------------------------- | ------------------ | ----\n | 2019 | 2018\nInterest rate swaps reported in Other current assets | $82 | $576\nInterest rate swaps reported in Other assets | $\u2014 | $369\nInterest rate swaps reported in Other long-term obligations | $(78) | $\u2014 \nForeign currency hedges reported in Other current assets | $580 | $393"} {"_id": "d1b3b8c3c", "title": "", "text": "Deferred Tax Assets and Liabilities\nSignificant components of the deferred tax assets and liabilities are summarized below (in thousands):\nBased on the Company\u2019s historical operating income, projection of future taxable income, scheduled reversal of taxable temporary differences, and tax planning strategies, management believes that it is more likely than not that the Company will realize the benefit of its deferred tax assets, net of valuation allowances recorded. The net increase in the total valuation allowance for the fiscal year ended August 31, 2019 is primarily related to the increase of a net operating loss carry forward due to a release of a non-U.S. unrecognized tax benefit and the increase of deferred tax assets in sites with existing valuation allowances. The decrease in domestic federal and state tax credits is primarily related to the utilization of tax credits against the one-time transition tax.\nAs of August 31, 2019, the Company intends to indefinitely reinvest the remaining earnings from its foreign subsidiaries for which a deferred tax liability has not already been recorded. The accumulated earnings are the most significant component of the basis difference which is indefinitely reinvested. As of August 31, 2019, the indefinitely reinvested earnings in foreign subsidiaries upon which taxes had not been provided were approximately $1.9 billion. The estimated amount of the unrecognized deferred tax liability on these reinvested earnings was approximately $0.2 billion.\n\n | Fiscal Year Ended August 31, | \n---------------------------------------------------------------------------------------------- | ---------------------------- | ---------\n | 2019 | 2018 \nDeferred tax assets: | | \nNet operating loss carry forward | $183,297 | $119,259 \nReceivables | 6,165 | 7,111 \nInventories | 9,590 | 7,634 \nCompensated absences | 10,401 | 8,266 \nAccrued expenses | 81,731 | 81,912 \nProperty, plant and equipment, principally due to differences in depreciation and amortization | 66,268 | 97,420 \nDomestic federal and state tax credits | 42,464 | 70,153 \nForeign jurisdiction tax credits | 15,345 | 25,887 \nEquity compensation\u2013Domestic | 7,617 | 7,566 \nEquity compensation\u2013Foreign | 2,179 | 2,401 \nDomestic federal interest carry forward | 5,853 | \u2014 \nCash flow hedges | 9,878 | \u2014 \nUnrecognized capital loss carry forward | 7,799 | \u2014 \nRevenue recognition | 19,195 | \u2014 \nOther | 21,907 | 18,176 \nTotal deferred tax assets before valuation allowances | 489,689 | 445,785 \nLess valuation allowances | (287,604) | (223,487)\nNet deferred tax assets | $202,085 | $222,298 \nDeferred tax liabilities: | | \nUnremitted earnings of foreign subsidiaries | 75,387 | 74,654 \nIntangible assets | 39,242 | 39,122 \nOther | 4,447 | 4,655 \nTotal deferred tax liabilities | $119,076 | $118,431 \nNet deferred tax assets | $83,009 | $103,867 "} {"_id": "d1b3554b6", "title": "", "text": "A. Selected Financial Data The table set forth below presents our selected historical consolidated financial data for the periods and at the dates indicated. The selected historical consolidated statements of income data for each of the three years ended March 31, 2019, 2018, and 2017 and the selected statements of financial position data as of March 31, 2019 and 2018 have been derived from and should be read in conjunction with \u201cPart I \u2014 Item 5.\nOperating and Financial Review and Prospects\u201d and our consolidated financial statements included elsewhere in this Annual Report on Form 20-F. The selected historical consolidated statements of income data for each of the two years ended March 31, 2016 and 2015 and the selected historical statements of financial position data as of March 31, 2017, 2016, and 2015 have been derived from audited consolidated financial statements not included in this Annual Report on Form 20-F.\n(1) References to \u201cnet income\u201d in this document correspond to \u201cprofit/(loss) for the period\u201d or \u201cprofit/(loss) for the year\u201d line items in our consolidated financial statement appearing elsewhere in this document. (2) Gross Revenue is defined as reported revenue adjusted in respect of significant financing component that arises on account of normal credit terms provided to catalogue customers.\n(3) We use EBITDA, Adjusted EBITDA and Gross Adjusted EBITDA as supplemental financial measures. EBITDA is defined by us as net income before interest expense, income tax expense and depreciation and amortization (excluding amortization of capitalized film content and debt issuance costs).\nAdjusted EBITDA is defined as EBITDA adjusted for (gain)/impairment of available-for-sale financial assets, profit/loss on held for trading liabilities (including profit/loss on derivative financial instruments), transactions costs relating to equity transactions, share based payments, Loss / (Gain) on sale of property and equipment, Loss on de-recognition of financial assets measured at amortized cost, net,\nCredit impairment loss, net, Loss on financial liability (convertible notes) measured at fair value through profit and loss, Loss on deconsolidation of a subsidiary and exceptional items such as impairment of goodwill, trademark, film & content rights and content advances.\nGross Adjusted EBITDA is defined as Adjusted EBITDA adjusted for amortization of intangible films and content rights. EBITDA, Adjusted EBITDA and Gross Adjusted EBITDA as used and defined by us, may not be comparable to similarly-titled measures employed by other companies and is not a measure of performance calculated in accordance with GAAP.\nEBITDA Adjusted EBITDA and Gross Adjusted EBITDA should not be considered in isolation or as a substitute for operating income, net income, cash flows from operating, investing and financing activities, or other income or cash flow statement data prepared in accordance with GAAP. EBITDA, Adjusted EBITDA and Gross Adjusted EBITDA provide no information regarding a Company\u2019s capital structure, borrowings, interest costs, capital expenditures and working capital movement or tax position.\n\n | | | Year ended March 31, | | \n------------------------------------------ | ---------- | --------- | ------------------------------------------------ | --------- | ---------\n | 2019 | 2018 | 2017 | 2016 | 2015 \n | | | (in thousands, except (Loss)/Earnings per share) | | \nSelected Statement of Income Data | | | | | \nRevenue | $270,126 | $261,253 | $252,994 | $274,428 | $284,175 \nCost of sales | (155,396) | (134,708) | (164,240) | (172,764) | (155,777)\nGross profit | 114,730 | 126,545 | 88,754 | 101,664 | 128,398 \nAdministrative costs | (87,134) | (68,029) | (63,309) | (64,019) | (49,546) \nOperating profit before exceptional item | 27,596 | 58,516 | 25,445 | 37,645 | 78,852 \nImpairment loss | (423,335) | \u2014 | \u2014 | \u2014 | \u2014 \nOperating profit/(loss) | (395,739) | 58,516 | 25,445 | 37,645 | 78,852 \nNet finance costs | (7,674) | (17,813) | (17,156) | (8,010) | (5,861) \nOther gains/(losses), net | 288 | (41,321) | 14,205 | (3,636) | (10,483) \nProfit/(loss) before tax | (403,125) | (618) | 22,494 | 25,999 | 62,508 \nIncome tax | (7,328) | (9,127) | (11,039) | (12,711) | (13,178) \nProfit/(loss) for the year (1) | $(410,453) | $(9,745) | $11,455 | $13,288 | $49,330 \n(Loss)/Earnings per share (cents) | | | | | \nBasic (loss)/earnings per share | (599.5) | (36.3) | 6.4 | 6.6 | 74.3 \nDiluted (loss)/earnings per share | (599.5) | (36.3) | 5.1 | 5.2 | 72.4 \nWeighted average number of ordinary shares | | | | | \nBasic | 70,707 | 62,151 | 59,410 | 57,732 | 54,278 \nDiluted | 72,170 | 63,482 | 60,943 | 59,036 | 54,969 \nOther non-GAAP measures | | | | | \nGross Revenue (2) | $304,593 | $268,069 | $252,994 | $274,428 | $284,175 \nEBITDA (3) | $(393,188) | $20,186 | $42,548 | $36,294 | $70,066 \nAdjusted EBITDA (3) | $103,845 | $82,955 | $55,664 | $70,852 | $101,150 \nGross Adjusted EBITDA (3) | $234,000 | $198,240 | $190,980 | $199,155 | $218,404 "} {"_id": "d1b3c4fb4", "title": "", "text": "Management Discussion and Analysis\nCash Flow\n\"nm\" denotes not meaningful\nNote: (1) Refers to Singtel Group excluding Optus.\nThe Group\u2019s free cash flow grew 1.2% to S$3.65 billion. The increase was driven by lower capital expenditure partly offset by lower operating cash flow, higher cash taxes and lower associates\u2019 dividends.\nNet cash inflow from operating activities declined 9.9% to S$5.37 billion. Dividends received from the associates fell 6.0% mainly from Telkomsel, the Southern Cross consortium and NetLink Trust.\u00a0\n\nNet cash inflow from operating activities declined 9.9% to S$5.37 billion. Dividends received from the associates fell 6.0% mainly from Telkomsel, the Southern Cross consortium and NetLink Trust.\nThe investing cash outflow was S$2.33 billion. During the year, Singtel received proceeds of S$118 million from the disposal of a property in Singapore. Payments of S$123 million were made for the acquisition of Videology assets in August 2018 and S$344 million for the acquisition of a 5.7% equity interest in Airtel Africa in October 2018. Capital expenditure totalled S$1.72 billion, comprising S$587 million for Singtel and S$1.13 billion (A$1.14 billion) for Optus. In Singtel, major capital investments in the year included S$215 million for fixed and data infrastructure, S$183 million for mobile networks and S$189 million for ICT and other investments.\u00a0 The investing cash outflow was S$2.33 billion. During the year, Singtel received proceeds of S$118 million from the disposal of a property in Singapore. Payments of S$123 million were made for the acquisition of Videology assets in August 2018 and S$344 million for the acquisition of a 5.7% equity interest in Airtel Africa in October 2018. Capital expenditure totalled S$1.72 billion, comprising S$587 million for Singtel and S$1.13 billion (A$1.14 billion) for Optus. In Singtel, major capital investments in the year included S$215 million for fixed and data infrastructure, S$183 million for mobile networks and S$189 million for ICT and other investments.\nIn Optus, capital investments in mobile networks amounted to A$633 million with the balance in fixed and other investments.\u00a0\n\nIn Optus, capital investments in mobile networks amounted to A$633 million with the balance in fixed and other investments.\nNet cash outflow for financing activities amounted to S$3.06 billion. Major cash outflows included net interest payments of S$385 million, and payments of S$1.75 billion for final dividends in respect of FY 2018 and S$1.11 billion for interim dividends in respect of FY 2019, partly offset by increase in net borrowings of S$222 million.\n\n | Financial Year ended 31 March | | \n------------------------------------------------------------- | ----------------------------- | ------------ | ------\n | 2019 | 2018 | Change\n | (S$ million) | (S$ million) | (%) \nNet cash in\ufb02ow from operating activities | 5,368 | 5,955 | -9.9 \nNet cash out\ufb02ow for investing activities | (2,329) | (1,951) | 19.4 \nNet cash out\ufb02ow for \ufb01nancing activities | (3,056) | (4,009) | -23.8 \nNet change in cash balance | (16) | (5) | 248.9 \nExchange effects on cash balance | 4 | (4) | nm \nCash balance at beginning of year | 525 | 534 | -1.7 \nCash balance at end of year | 513 | 525 | -2.3 \nSingtel (1) | 1,242 | 1,126 | 10.3 \nOptus | 1,006 | 989 | 1.8 \nAssociates (net dividends after withholding tax) | 1,402 | 1,492 | -6.0 \nGroup free cash \ufb02ow | 3,650 | 3,606 | 1.2 \nOptus (in A$ million) | 1,028 | 947 | 8.5 \nCash capital expenditure as a percentage of operating revenue | 10% | 14% | "} {"_id": "d1b31c9e0", "title": "", "text": "Net periodic benefit cost \u2014 The components of the fiscal year net periodic benefit cost were as follows (in thousands):\nChanges in presentation \u2014As discussed in Note 1, Nature of Operations and Summary of Significant Accounting Policies, we adopted ASU 2017-07 during the first quarter of 2019 using the retrospective method, which changed the financial statement presentation of service costs and the other components of net periodic benefit cost. The service cost component continues to be included in operating income; however, the other components are now presented in a separate line below earnings from operations captioned \u201cOther pension and post-retirement expenses, net\u201d in our consolidated statements of earnings. Further, in connection with the adoption, plan administrative expenses historically presented as a component of service cost are now presented as a component of expected return on plan assets. The prior year components of net periodic benefit costs and assumptions on the long-term rate of return on assets have been recast to conform to current year presentation.\nPrior service costs are amortized on a straight-line basis from date of participation to full eligibility. Unrecognized gains or losses are amortized using the \u201ccorridor approach\u201d under which the net gain or loss in excess of 10% of the greater of the PBO or the market-related value of the assets, if applicable, is amortized. For our Qualified Plan, actuarial losses are amortized over the average future expected lifetime of all participants expected to receive benefits. For our SERP, actuarial losses are amortized over the expected remaining future lifetime for inactive participants, and for our postretirement health plans, actuarial losses are amortized over the expected remaining future lifetime of inactive participants expected to receive benefits.\n\n | 2019 | 2018 | 2017 \n----------------------------------------------- | -------- | -------- | --------\nQualified Plan: | | | \nInterest cost | $19,825 | $19,463 | $19,889 \nExpected return on plan assets | (26,334) | (26,467) | (26,811)\nActuarial loss | 2,754 | 3,331 | 4,455 \nNet periodic benefit credit | $(3,755) | $(3,673) | $(2,467)\nSERP: | | | \nService cost | $\u2014 | $490 | $855 \nInterest cost | 3,080 | 2,894 | 2,850 \nActuarial loss | 1,207 | 1,538 | 1,659 \nAmortization of unrecognized prior service cost | 115 | 146 | 153 \nNet periodic benefit cost | $4,402 | $5,068 | $5,517 \nPostretirement health plans: | | | \nInterest cost | $997 | $955 | $1,003 \nActuarial (gain) loss | (159) | (27) | 162 \nNet periodic benefit cost | $838 | $928 | $1,165 "} {"_id": "d1b3621de", "title": "", "text": "Principal Accounting Fees and Services\nThe following table sets forth fees for services provided by Deloitte & Touche LLP, the member firms of Deloitte Touche Tohmatsu, and their respective affiliates (collectively, \u2018\u2018Deloitte\u2019\u2019) during fiscal 2019 and 2018:\n(1) Represents fees for professional services provided in connection with the integrated audit of our annual financial statements and internal control over financial reporting and review of our quarterly financial statements, advice on accounting matters that arose during the audit and audit services provided in connection with other statutory or regulatory filings.\n(2) Represents tax compliance and related services.\n(3) Represents the annual subscription for access to the Deloitte Accounting Research Tool, which is a searchable on-line accounting database.\n\n | 2019 | 2018 \n------------------ | ---------- | ----------\nAudit fees (1) | $3,454,348 | $3,589,147\nTax fees (2) | 546,618 | 931,017 \nAll other fees (3) | 1,895 | 1,895 \nTotal | $4,002,861 | $4,522,059"} {"_id": "d1b37937a", "title": "", "text": "Unrecognized Tax Benefits\nA reconciliation of the beginning and ending amount of gross unrecognized tax benefits, excluding interest and penalties associated with unrecognized tax benefits, for the periods presented is as follows (table in millions):\nOf the net unrecognized tax benefits, including interest and penalties, $323 million and $296 million were included in income tax payable on the consolidated balance sheets as of January 31, 2020 and February 1, 2019, respectively. Approximately $313 million and $266 million, respectively, would, if recognized, benefit VMware's annual effective income tax rate. VMware includes interest expense and penalties related to income tax matters in the income tax provision. VMware had accrued $48 million and $56 million of interest and penalties associated with unrecognized tax benefits as of January 31, 2020 and February 1, 2019, respectively. Income tax expense during the year ended February 1, 2019 included interest and penalties associated with uncertain tax positions of $15 million. Interest and penalties associated with uncertain tax positions included in income tax expense (benefit) were not significant during the years ended January 31, 2020 and February 2, 2018.\nThe Dell-owned EMC consolidated group is routinely under audit by the IRS. All U.S. federal income tax matters have been concluded for years through 2015 while VMware was part of the Dell-owned EMC consolidated group. The IRS has started its examination of fiscal years 2015 through 2019 for the Dell consolidated group, which VMware was part of beginning fiscal 2017. In addition, VMware is under corporate income tax audits in various states and non-U.S. jurisdictions. Consistent with the Company\u2019s historical practices under the tax sharing agreement with EMC, when VMware becomes subject to federal tax audits as a member of Dell\u2019s consolidated group, the tax sharing agreement provides that Dell has authority to control the audit and represent Dell\u2019s and VMware\u2019s interests to the IRS.\nOpen tax years subject to examinations for larger non-U.S. jurisdictions vary beginning in 2008. Audit outcomes and the timing of audit settlements are subject to significant uncertainty. When considering the outcomes and the timing of tax examinations, the expiration of statutes of limitations for specific jurisdictions, or the timing and result of ruling requests from taxing authorities, it is reasonably possible that total unrecognized tax benefits could be potentially reduced by approximately $17 million within the next 12 months.\n\n | | For the Year Ended | \n--------------------------------------------------------------- | ---------------- | ------------------ | ----------------\n | January 31, 2020 | February 1, 2019 | February 2, 2018\nBalance, beginning of the year | $385 | $305 | $265 \nTax positions related to current year: | | | \nAdditions | 116 | 57 | 63 \nTax positions related to prior years: | | | \nAdditions | 98 | 44 | 2 \nReductions | (7) | (1) | (2) \nSettlements | (28) | (4) | (9) \nReductions resulting from a lapse of the statute of limitations | (83) | (8) | (24) \nForeign currency effects | (2) | (8) | 10 \nBalance, end of the year | $479 | $385 | $305 "} {"_id": "d1b301456", "title": "", "text": "For the periods indicated, the weighted-average fair value of options and weighted-average assumptions were as follows:\n*Options valued using Monte Carlo Valuation Method\nAs of June 30, 2019, the total compensation cost related to the unvested stock option awards not yet recognized was approximately $24.1 million, which will be recognized over a weighted-average period of approximately 3.0 years.\nNo cash was used by us to settle equity instruments granted under share-based compensation arrangements in any of the periods presented.\nWe have not capitalized any share-based compensation costs as part of the cost of an asset in any of the periods presented.\nFor the year ended June 30, 2019, cash in the amount of $35.6 million was received as the result of the exercise of options granted under share-based payment arrangements. The tax benefit realized by us during the year ended June 30, 2019 from the exercise of options eligible for a tax deduction was $2.9 million.\nFor the year ended June 30, 2018, cash in the amount of $54.4 million was received as the result of the exercise of options granted under share-based payment arrangements. The tax benefit realized by us during the year ended June 30, 2018 from the exercise of options eligible for a tax deduction was $1.5 million.\nFor the year ended June 30, 2017, cash in the amount of $20.8 million was received as the result of the exercise of options granted under share-based payment arrangements. The tax benefit realized by us during the year ended June 30, 2017 from the exercise of options eligible for a tax deduction was $2.2 million.\n\n | | Year Ended June 30, | \n---------------------------------------------- | ------ | ------------------- | ------\n | 2019 | 2018 | 2017 \nWeighted\u2013average fair value of options granted | $8.39 | $7.58 | $7.06 \nWeighted-average assumptions used: | | | \nExpected volatility | 25.72% | 26.95% | 28.32%\nRisk\u2013free interest rate | 2.57% | 2.18% | 1.46% \nExpected dividend yield | 1.54% | 1.50% | 1.43% \nExpected life (in years) | 4.44 | 4.38 | 4.51 \nForfeiture rate (based on historical rates) | 6% | 6% | 5% \nAverage exercise share price | $38.81 | $34.60 | $31.75\nDerived service period (in years)* | N/A | N/A | 1.79 "} {"_id": "d1b356866", "title": "", "text": "The following is a tabular reconciliation of the total amounts of unrecognized tax benefits (excluding interest and penalties):\nIncluded in the balance of unrecognized tax benefits as of December 31, 2019 and 2018 are $2,495 and $220, respectively, of tax benefits that, if recognized would affect the effective tax rate.\nThe Company records interest and penalties on unrecognized tax benefits in its provision for income taxes. Accrued interest and penalties are included within the related liability for unrecognized tax benefit line on the consolidated balance sheets. During the years ended December 31, 2019 and 2018, the Company accrued interest of $114 and $0, respectively, and recorded liabilities for interest and penalties of $252 and $0, respectively.\nAfter taking into consideration tax attributes, such as net operating loss carryforwards and interest, the Company\u2019s unrecognized tax benefits represent a noncurrent reserve for uncertain tax positions of $864 and $220 as of December 31, 2019 and 2018, respectively.\nThe U.S. Internal Revenue Service completed exams on the Company's U.S. federal income tax returns for years 2012 - 2015. With few exceptions, the Company is no longer subject to state and local income tax examinations by tax authorities for years before 2015. The Company conducts business and files income tax returns in numerous states. Currently, one of the Company's state tax returns is under examination by a state as part of routine audits conducted in the ordinary course of business.\nThe future utilization of state net operating losses could potentially subject the Company to state examinations prior to the otherwise applicable statute of limitation. States vary in carryforward periods but generally extend up to 20 years or a period consistent with the federal limits under the Tax Cuts and Jobs Act.\n\n | Years Ended December 31, | \n------------------------------------------------------- | ------------------------ | --------\n | 2019 | 2018 \nBalance of unrecognized tax benefits as of January 1, | $1,226 | $37,240 \nIncreases for positions taken in prior years | 1,353 | 657 \nRate change | (84) | \u2014 \nAmount of decreases related to settlements | \u2014 | (36,671)\nBalance of unrecognized tax benefits as of December 31, | $2,495 | $1,226 "} {"_id": "d1a72a358", "title": "", "text": "History and Development of the Company\nOur legal and commercial name is United Microelectronics Corporation, commonly known as \u201cUMC\u201d. We were incorporated under the R.O.C. Company Law as a company limited by shares in May 1980 and our common shares were listed on the Taiwan Stock Exchange in 1985. Our principal executive office is located at No. 3 Li-Hsin Road II, Hsinchu Science Park, Hsinchu, Taiwan, Republic of China, and our telephone number is 886-3-578-2258.\nOur Internet website address is www.umc.com. The information on our website does not form part of this annual report. Our ADSs have been listed on the NYSE under the symbol \u201cUMC\u201d since September 19, 2000. In 2019, we were ranked among the top 5% of companies for a fifth consecutive year in the Corporate Governance Evaluation conducted by the Taiwan Stock Exchange and Taipei Exchange. The assessment was conducted across over 1,400 public companies in Taiwan.\nWe are one of the world\u2019s largest independent semiconductor foundries and a leader in semiconductor manufacturing process technologies. Our primary business is the manufacture, or \u201cfabrication\u201d, of semiconductors, sometimes called \u201cchips\u201d or \u201cintegrated circuits\u201d, for others. Using our own proprietary processes and techniques, we make chips to the design specifications of our many customers. Our company maintains a diversified customer base across industries, including communication devices, consumer electronics, computer, and others, while continuing to focus on manufacturing for high growth, large volume applications, including networking, telecommunications, internet, multimedia, PCs and graphics.\nWe sell and market mainly wafers which in turn are used in a number of different applications by our customers. The following table presented the percentages of our wafer sales by application for the years ended December 31, 2017, 2018 and 2019.\n\n | | Years Ended December 31, | \n------------- | ----- | ------------------------ | -----\nApplication | 2017 | 2018 | 2019 \n | % | % | % \nCommunication | 48.6 | 45.2 | 52.2 \nConsumer | 29.4 | 28.6 | 26.4 \nComputer | 13.1 | 16.3 | 13.6 \nOthers | 8.9 | 9.9 | 7.8 \nTotal | 100.0 | 100.0 | 100.0"} {"_id": "d1b30bf14", "title": "", "text": "At 31 December 2019 trade receivables are shown net of a loss allowance totalling \u00a36.1 million (2018: \u00a34.0 million).\nThe Group does not use factoring to generate cash flow from trade receivables.\n\u2013 other financial assets including loans to joint ventures\nThe Group applies the expected credit loss model in respect of other financial assets. Financial assets are individually assessed as to whether the credit risk has increased significantly in the period and therefore whether there is a need to apply the lifetime expected credit losses model as opposed to the 12-month expected credit loss model.\nAt 31 December 2019 there is no loss allowance recognised for other financial assets as it has been concluded as an immaterial risk of credit loss on other financial assets.\n\u2013 cash deposits and derivative financial instruments\nThe credit risk relating to cash deposits and derivative financial instruments is actively managed by the Group\u2019s treasury department. Relationships are maintained with a number of tier one institutional counterparties, ensuring compliance with Group policy relating to limits on the credit ratings of counterparties (between BBB+ and AAA).\nExcessive credit risk concentration is avoided through adhering to authorised limits for all counterparties.\n\n | Credit Rating | Authorised Limit | Group Exposure 31 December 2019 | Credit Rating | Authorised Limit | Group Exposure 31 December 2018\n--------------------------------------------------------------- | ------------- | ---------------- | ------------------------------- | ------------- | ---------------- | -------------------------------\n | | \u00a3m | \u00a3m | | \u00a3m | \u00a3m \nCounterparty #1 | AA- | 125.0 | 64.9 | AA- | 125.0 | 111.9 \nCounterparty #2 | AAA | 150.0 | 43.1 | A+ | 100.0 | 44.1 \nCounterparty #3 | A+ | 100.0 | 38.7 | A | 100.0 | 27.2 \nCounterparty #4 | A | 100.0 | 26.0 | AAA | 150.0 | 22.3 \nCounterparty #5 | A | 75.0 | 20.0 | AAA | 150.0 | 12.3 \nSum of five largest exposures | | | 192.7 | | | 217.8 \nSum of cash deposits and derivative financial instrument assets | | | 203.5 | | | 244.2 \nFive largest exposures as a percentage of assets at risk | | | 95% | | | 89% "} {"_id": "d1a735816", "title": "", "text": "Item 6. Selected Financial Data\nThe selected financial data presented for each of the five years ended December 31, 2019 is derived from our audited consolidated financial statements. The selected financial data presented should be read in conjunction with our consolidated financial statements, the notes to our consolidated financial statements and Item 7 \u201cManagement's Discussion and Analysis of Financial Condition and Results of Operations.\u201d\n(1) On January 1, 2019, we adopted Accounting Standards Codification (ASC) 842, Leases, using the modified retrospective method at the beginning of the period of adoption, January 1, 2019, through the recognition of a lease obligation and corresponding right of use asset. Results for reporting periods beginning after January 1, 2019 are presented under ASC 842, while prior periods amount were not adjusted and continue to be reported in accordance with ASC 840, Leases.\n(2) On January 1, 2018, we adopted ASC 606, Revenue from Contracts with Customers, using the modified retrospective method applied to those contracts that were not substantially complete as of January 1, 2018. Results for reporting periods beginning after January 1, 2018 are presented under ASC 606, while prior period amounts were not adjusted and continue to be reported in accordance with ASC 605, Revenue Recognition.\n(3) The Tax Cuts and Jobs Act, enacted on December 22, 2017, reduces the U.S. corporate tax rate from 35% to 21% beginning in 2018. Due to the enactment of the Tax Cuts and Jobs Act, our income tax expense was reduced by $50.6 million for the year ended December 31, 2017 from the re-measurement of our existing deferred tax assets and liabilities.\n(4) Over the past five years, we completed 7 acquisitions. In aggregate, these acquisitions have added $343.6 million in goodwill. For additional information on our recent acquisitions, see Note 5 to our consolidated financial statements in Item 8.\n\n | | | Year Ended December 31, | | \n------------------------------------------ | ---------- | ---------- | ---------------------------------------- | ---------- | ----------\n | 2019 (1) | 2018 (2) | 2017 (3) | 2016 | 2015 \n | | | (in thousands, except per share amounts) | | \nStatement of Income Data: | | | | | \nRevenues | $2,222,559 | $1,958,557 | $1,717,018 | $1,601,596 | $1,550,117\nOperating income | $138,325 | $112,742 | $98,194 | $90,963 | $84,886 \nNet income | $113,890 | $82,097 | $114,141 | $56,391 | $51,127 \nBasic earnings per share (Class A and B) | $2.85 | $2.08 | $2.94 | $1.48 | $1.36 \nDiluted earnings per share (Class A and B) | $2.83 | $2.06 | $2.91 | $1.47 | $1.36 \nDividend per share | $1.08 | $1.00 | $0.84 | $0.84 | $0.84 \nBalance Sheet Data: | | | | | \nWorking capital | $154,753 | $196,652 | $138,879 | $229,659 | $189,276 \nGoodwill (4) | $1,191,259 | $1,085,806 | $1,084,560 | $955,874 | $919,591 \nTotal assets | $2,107,914 | $1,803,871 | $1,744,475 | $1,598,464 | $1,506,424\nLong-term debt | $36,500 | $7,500 | $31,000 | $\u2014 | $\u2014 "} {"_id": "d1b3597d2", "title": "", "text": "The purchase was accounted for as a transaction between entities under common control. Assets and liabilities transferred were recorded at historical carrying amounts of Pivotal on the date of the transfer, except for certain goodwill and intangible assets that were recorded in the amounts previously recognized by Dell for Pivotal in connection with Dell\u2019s acquisition of EMC during fiscal 2016. VMware\u2019s previous investment in Pivotal, including any unrealized gain or loss previously recognized in other income (expense), net on the consolidated statements of income, were derecognized. Transactions with Pivotal that were previously accounted for as transactions between related parties were eliminated in the consolidated financial statements for all periods presented. All intercompany transactions and account balances between VMware and Pivotal have been eliminated upon consolidation for all periods presented.\nThe effect of the change from the combination to the consolidated statements of income was as follows (amounts in millions, except per share amounts):\n\n | | For the Year Ended | \n------------------------------------------------------------------------------------------------------------- | ---------------- | ------------------ | ----------------\n | January 31, 2020 | February 1, 2019 | February 2, 2018\nTotal revenue | $777 | $639 | $474 \nOperating income | (287) | (247) | (239) \nNet income | (204) | (832) | (234) \nNet income attributable to VMware | (148) | (772) | (222) \nNet income per weighted-average share attributable to VMware common stockholders, basic for Classes A and B | $(0.63) | $(1.95) | $(0.56) \nNet income per weighted-average share attributable to VMware common stockholders, diluted for Classes A and B | $(0.67) | $(1.93) | $(0.56) \nOther comprehensive income (loss) | $\u2014 | $(26) | $35 "} {"_id": "d1b32aa36", "title": "", "text": "Accrued Warranty\nThe following table summarizes the activity related to the Company\u2019s product warranty liability during the following periods (in thousands):\n\n | Year Ended | \n---------------------------------------- | ------------- | -------------\n | June 30,\n2019 | June 30,\n2018\nBalance beginning of period | $12,807 | $10,584 \nWarranties assumed due to acquisitions | \u2014 | 3,682 \nNew warranties issued | 22,919 | 10,491 \nWarranty expenditures | (20,947) | (11,950) \nBalance end of period | $14,779 | $12,807 "} {"_id": "d1a72d99a", "title": "", "text": "Financing Receivables and Guarantees The following table summarizes our financing receivables (in millions):\nFinancing Receivables Our financing arrangements include leases, loans, and financed service contracts. Lease receivables include sales-type and direct-financing leases. Arrangements related to leases are generally collateralized by a security interest in the underlying assets. Our loan receivables include customer financing for purchases of our hardware, software and services and also may include additional funds for other costs associated with network installation and integration of our products and services. We also provide financing to certain qualified customers for long-term service contracts, which primarily relate to technical support services. The majority of the revenue from these financed service contracts is deferred and is recognized ratably over the period during which the services are performed. Financing receivables increased by 2%. We expect to continue to expand the use of our financing programs in the near term.\nFinancing Guarantees In the normal course of business, third parties may provide financing arrangements to our customers and channel partners under financing programs. The financing arrangements to customers provided by third parties are related to leases and loans and typically have terms of up to three years. In some cases, we provide guarantees to third parties for these lease and loan arrangements. The financing arrangements to channel partners consist of revolving short-term financing provided by third parties, generally with payment terms ranging from 60 to 90 days. In certain instances, these financing arrangements result in a transfer of our receivables to the third party. The receivables are derecognized upon transfer, as these transfers qualify as true sales, and we receive payments for the receivables from the third party based on our standard payment terms.\nThe volume of channel partner financing was $29.6 billion, $28.2 billion, and $27.0 billion in fiscal 2019, 2018, and 2017, respectively. These financing arrangements facilitate the working capital requirements of the channel partners, and in some cases, we guarantee a portion of these arrangements. The balance of the channel partner financing subject to guarantees was $1.4 billion and $1.0 billion as of July 27, 2019 and July 28, 2018, respectively. We could be called upon to make payments under these guarantees in the event of nonpayment by the channel partners or end-user customers. Historically, our payments under these arrangements have been immaterial. Where we provide a guarantee, we defer the revenue associated with the channel partner and end-user financing arrangement in accordance with revenue recognition policies, or we record a liability for the fair value of the guarantees. In either case, the deferred revenue is recognized as revenue when the guarantee is removed. As of July 27, 2019, the total maximum potential future payments related to these guarantees was approximately $218 million, of which approximately $77 million was recorded as deferred revenue.\n\n | July 27, 2019 | July 28, 2018 | Increase (Decrease)\n------------------------------- | ------------- | ------------- | -------------------\nLease receivables, net | $2,326 | $2,576 | $(250) \nLoan receivables, net . | 5,367 | 4,939 | 428 \nFinanced service contracts, net | 2,360 | 2,316 | 44 \nTotal, net | $10,053 | $9,831 | $222 "} {"_id": "d1b38d8b6", "title": "", "text": "Total assets for the Company decreased $76.4 million as of December 31, 2019 as compared to December 31, 2018.\u00a0 Entertainment and Communications assets decreased $58.8 million due to a decrease in property, plant and equipment primarily as a result of the increased depreciation in 2019 related to Hawaiian Telcom property, plant and equipment exceeding capital expenditures. IT Services and Hardware assets increased by $32.6 million primarily due to the Company\u2019s recognition of operating lease right-of-use assets in the Consolidated Balance Sheets upon adoption of ASU 2016-02.\nCorporate assets decreased $50.2 million primarily due to decreased receivables. Lower receivables is partially due to timing of sales in the fourth quarter as well as additional sales of certain receivables under the factoring arrangement as of December 31, 2019 compared to December 31, 2018. Deferred tax assets and liabilities totaled $59.3 million and $11.7 million as of December 31, 2019, respectively. Deferred tax assets and liabilities totaled $47.5 million and $11.4 million as of December 31, 2018, respectively. The increase in deferred tax assets in 2019, as compared to 2018, is due to increased net operating losses in 2019.\n\n | | As of December 31,\n-------------------------------- | -------- | ------------------\n(dollars in millions) | 2019 | 2018 \nAssets | | \nEntertainment and Communications | $1,840.0 | $1,898.8 \nIT Services and Hardware | 500.7 | 468.1 \nCorporate and eliminations | 313.1 | 363.3 \nTotal assets | $2,653.8 | $2,730.2 "} {"_id": "d1a73ba68", "title": "", "text": "Restricted Stock Awards and Restricted Stock Unit Awards\nFor equity based restricted stock and restricted stock unit awards that contain only service conditions for vesting (time-based awards), we calculate the award fair value based on the closing price of CenturyLink common stock on the accounting grant date. We also grant equity-based awards that contain service conditions as well as additional market or performance conditions. For awards having both service and market conditions, the award fair value is calculated using Monte-Carlo simulations. Awards with service as well as market or performance conditions specify a target number of shares for the award, although each recipient ultimately has the opportunity to receive between 0% and 200% of the target number of shares. For awards with service and market conditions, the percentage received is based on our total shareholder return over the three-year service period versus that of selected peer companies. For awards with service and performance conditions, the percentage received depends upon the attainment of one or more financial performance targets during the two or\u00a0three-year service period.\nThe following table summarizes activity involving restricted stock and restricted stock unit awards for the year ended December 31, 2019:\n(1) Shares granted whose related performance conditions were not finalized at December 31, 2019, were excluded from this figure.\nDuring 2018, we granted 9.7 million shares of restricted stock and restricted stock unit awards at a weighted-average price of $17.02. During 2017, we granted 5.2 million shares of restricted stock and restricted stock unit awards at a weighted-average price of $22.02. The total fair value of restricted stock that vested during 2019, 2018 and 2017, was $118 million, $169 million and $60 million, respectively.\n\n | Number of shares | Weighed-Average Grant Date Fair Value\n------------------------------- | ---------------- | -------------------------------------\n | (In thousands) | \nNon-vested at December 31, 2018 | 17,059 | $19.65 \nGranted(1) | 9,780 | 12.41 \nVested | (9,038) | 19.54 \nForfeited | (1,757) | 18.62 \nNon-vested at December 31, 2019 | 16,044 | 15.42 "} {"_id": "d1b37eaf0", "title": "", "text": "Defined Benefit Plan\nWe maintain defined benefit pension plans for certain of our non-U.S. employees in the U.K., Germany, and Philippines. Each plan is managed locally and in accordance with respective local laws and regulations.\nIn order to measure the expense and related benefit obligation, various assumptions are made including discount rates used to value the obligation, expected return on plan assets used to fund these expenses and estimated future inflation rates. These assumptions are based on historical experience as well as facts and circumstances. An actuarial analysis is used to measure the expense and liability associated with pension benefits.\nIn connection with the acquisition of Artesyn in September of 2019, the Company acquired certain pension plans and, as a result, started including the related balances in its Consolidated Balance Sheets at December 31, 2019 and the expenses attributable to these plans for the period from September 10, 2019 to December 31, 2019 in its Consolidated Statement of Operations. See Note 2. Business Acquisitions for more details on this transaction.\nADVANCED ENERGY INDUSTRIES, INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS \u2013 (continued) (in thousands, except per share amounts)\nThe information provided below includes one pension plan which is part of discontinued operations. As such, all related liabilities and expenses are reported in discontinued operations in the Company\u2019s Consolidated Balance Sheets and Consolidated Statements of Operations for all periods presented.\nThe Company\u2019s projected benefit obligation and plan assets for defined benefit pension plans at December 31, 2019 and 2018 and the related assumptions used to determine the related liabilities are as follows:\n\n | Years Ended December 31, | \n----------------------------------------------- | ------------------------ | -----------\n | 2019 | 2018 \nProjected benefit obligation, beginning of year | $ 33,178 | $ 34,498 \nAcquisition | 48,350 | 1,063 \nService cost | 272 | 841 \nInterest cost | 1,211 | 802 \nActuarial loss | (193) | (988) \nBenefits paid | (1,779) | (1,113) \nTranslation adjustment | 2,223 | (1,925) \nProjected benefit obligation, end of year | $ 83,262 | $ 33,178 \nFair value of plan assets, beginning of year | $ 13,433 | $ 14,181 \nAcquisitions | 102 | 981 \nActual return on plan assets | 380 | 675 \nContributions | 644 | 828 \nBenefits paid | (1,176) | (1,086) \nActuarial gain | 1,064 | (1,357) \nTranslation adjustment | 456 | (789) \nFair value of plan assets, end of year | $ 14,903 | $ 13,433 \nFunded status of plan | $ (68,359) | $ (19,745)"} {"_id": "d1b3857ba", "title": "", "text": "Cash Flows\nOur cash flows from operations are significantly impacted by timing of invoicing and collections of accounts receivable and annual bonus payments, as well as payments of payroll, payroll taxes, and other taxes.\nWe expect that we will continue to generate positive cash flows from operations on an annual basis, although this may fluctuate significantly on a quarterly basis. In particular, we typically use more cash during the first fiscal quarter ended October 31, as we generally pay cash bonuses to our employees for the prior fiscal year during that period and pay seasonally higher sales commissions from increased customer orders booked in our fourth fiscal quarter.\nWe believe that our existing cash and cash equivalents and sources of liquidity will be sufficient to fund our operations for at least the next 12 months. Our future capital requirements will depend on many factors, including our rate of revenue growth, the expansion of our sales and marketing activities, the timing and extent of our spending to support our research and development efforts, investments in cloud infrastructure and operating costs, and expansion into other markets.\nWe also may invest in or acquire complementary businesses, applications, or technologies, which may require the use of significant cash resources and/or additional financing. The following summary of cash flows for the periods indicated has been derived from our consolidated financial statements included elsewhere in this Annual Report on Form 10-K (in thousands):\n\n | Fiscal years ended July 31, | \n----------------------------------------- | --------------------------- | ----------\n | 2019 | 2018 \nNet cash provided by operating activities | $116,126 | $140,459 \nNet cash used in investing activities | $(301,433) | $(537,584)\nNet cash provided by financing activities | $3,954 | $573,000 "} {"_id": "d1b3c06da", "title": "", "text": "Long-term employee benefit obligations\nThe obligation comprises an obligation under the incentive programs to deliver Restricted Share Units in TORM plc at a determinable price to the entity's key personnel. The RSUs granted entitle the holder to acquire one TORM A-share.\nThe program was established during the year and comprises the following number of shares in TORM plc:\nIn 2017, the Board agreed to grant a total of 866.6 RSUs to other management. The RSUs to other management were subject to a three-year vesting period, with one third of the grant amount vesting at each anniversary date beginning on 1 January, 2018. The exercise price of each vested RSU is following certain adjustments for dividends at DKK 93.6 and an exercise period of six months.\nIn 2018, the Board agreed to grant a total of 944,468 RSU\u2019s to other management. The vesting period of the program is three years for key employees and three years for the Executive Director. The exercise price is set to DKK 53.7. The exercise period is 12 months after the vesting date for key employees and 12 months after the vesting date for the Executive Director. The fair value of the options granted in 2018 was determined using the Black-Scholes model and is not material. The average remaining contractual life for the restricted shares as per 31 December 2018 is 1.1 years (2017: 1.3 years).\nIn 2019, the Board agreed to grant a total of 1,001,100 RSUs to other management. The vesting period of the program is three years for key employees. The exercise price is set to DKK 53.7. The exercise period is 12 months after the vesting date. The fair value of the options granted in 2019 was determined using the Black-Scholes model and is not material. The average remaining contractual life for the restricted shares as per 31 December 2019 is 1.5 years.\n\nNumber of shares (1,000) | 2019 | 2018 | 2017 \n----------------------------- | ------- | ------- | -------\nOutstanding as of 1 January | 2,719.1 | 2,611.2 | 1,999.8\nGranted during the period | 1,001.1 | 907.3 | 866.6 \nExercised during the period | -529.4 | - | - \nExpired during the period | -785.3 | -764.0 | -233.9 \nForfeited during the period | -177.2 | -35.4 | -21.3 \nOutstanding as of 31 December | 2,228.3 | 2,719.1 | 2,611.2\nExercisable as of 31 December | - | 255.3 | 255.3 "} {"_id": "d1b310ab4", "title": "", "text": "9. Pensions continued\nDefined benefit plans continued\nii) Amounts in the financial statements continued\ne) Movements in the fair value of plans\u2019 assets\n\n | 2019 | 2018 \n------------------------------------------- | --------- | ---------\n | $ million | $ million\nAt 1 January | 254.2 | 282.6 \nInterest income on plans\u2019 assets | 7.0 | 7.0 \nEmployer contributions | 6.6 | 6.8 \nBenefit payments | (11.4) | (12.1) \nPlan administration expenses | (0.6) | (0.5) \nRe-measurement gain/(loss) on plans\u2019 assets | 25.8 | (14.2) \nExchange adjustment | 9.5 | (15.4) \nFair value of plans\u2019 assets | 291.1 | 254.2 "} {"_id": "d1b3c854c", "title": "", "text": "Contract Estimates\nUse of the cost-to-cost or other similar methods of revenue recognition requires us to make reasonably dependable estimates regarding the revenue and cost associated with the design, manufacture and delivery of our products and services. Revisions or adjustments to estimates of the transaction price, estimated costs at completion and estimated profit or loss of a performance obligation are often required as work progresses under a contract, as experience is gained, as facts and circumstances change and as new information is obtained, even though the scope of work required under the contract may not change. In determining the estimated costs at completion, we have to make assumptions regarding labor productivity and availability, the complexity of the work to be performed, the availability of materials, estimated increases in wages and prices for materials, performance by our subcontractors, and the availability and timing of funding from our customer, among other variables. Revisions or adjustments to our estimated transaction price and estimated costs at completion may also be required if contract modifications occur. The revisions in contract estimates, if significant, can materially affect our results of operations and cash flows, and in some cases result in liabilities to complete contracts in a loss position. Based upon our history, we believe we have the ability to make reasonable estimates for these items. We have accounting policies and controls in place to address these, as well as other contractual and business arrangements to properly account for long-term contracts, and we continue to monitor and improve such policies, controls, and arrangements. For other information on such policies, controls and arrangements, see our discussion in Item 9A of this Form 10-K.\nProducts and services provided under long-term, fixed-price contracts represented approximately 97% of our sales for 2019. Because of the significance of the judgments and estimation processes, it is likely that materially different amounts could be recorded if we used different assumptions or if our underlying circumstances were to change. For example, if underlying assumptions were to change such that our estimated profit rate at completion for all fixed-price contracts accounted for under the cost-to-cost percentage-of-completion method was higher or lower by one percentage point, our 2019 operating income would have increased or decreased by approximately $6.5 million. When adjustments in estimated contract revenues or estimated costs at completion are required, any changes from prior estimates are recognized by recording adjustments in the current period for the inception-to-date effect of the changes on current and prior periods using the cumulative catch-up method of accounting. When estimates of total costs to be incurred on a contract exceed total estimates of revenue to be earned, a provision for the entire loss on the contract is recorded in the period the loss is determined.\nThe aggregate impact of net changes in contract estimates are presented in the table below (amounts in thousands).\nFor other information on accounting policies we have in place for recognizing sales and profits and the impact of our adoption of ASC 606, see our discussion under \u201cRevenue Recognition\u201d in Note 1 to the Consolidated Financial Statements.\n\n | | Years Ended September 30, | \n-------------------------------------------- | ---------- | ------------------------- | --------\n | 2019 | 2018 | 2017 \nOperating income (loss) | $ (2,235) | $ (6,986) | $ 5,737\nNet income (loss) from continuing operations | (2,351) | (5,146) | 3,208 \nDiluted earnings per share | (0.08) | (0.19) | 0.12 "} {"_id": "d1b3c18d2", "title": "", "text": "2017 Acquisitions\nCloudmark, Inc\nOn November 21, 2017 (the \u201cCloudmark Acquisition Date\u201d), pursuant to the terms of the merger agreement, the Company acquired all shares of Cloudmark, Inc. (\u201cCloudmark\u201d), a leader in messaging security and threat intelligence for internet service providers and mobile carriers worldwide. As part of the acquisition, Cloudmark\u2019s Global Threat Network was incorporated into Company\u2019s cloud-based Nexus platform, which powers its email, social media, mobile, and SaaS security effectiveness.\u00a0\n\nOn November 21, 2017 (the \u201cCloudmark Acquisition Date\u201d), pursuant to the terms of the merger agreement, the Company acquired all shares of Cloudmark, Inc. (\u201cCloudmark\u201d), a leader in messaging security and threat intelligence for internet service providers and mobile carriers worldwide. As part of the acquisition, Cloudmark\u2019s Global Threat Network was incorporated into Company\u2019s cloud-based Nexus platform, which powers its email, social media, mobile, and SaaS security effectiveness.\nThe Company believes that with this acquisition, it will benefit from increased messaging threat intelligence from the analysis of billions of daily emails, malicious domain intelligence, and visibility into fraudulent and malicious SMS messages directed to mobile carriers worldwide. The Company also expects to achieve savings in corporate overhead costs for the combined entities. These factors, among others, contributed to a purchase price in excess of the estimated fair value of acquired net identifiable assets and, as a result, goodwill was recorded in connection with the acquisition.\nAt the Cloudmark Acquisition Date, the consideration transferred was $107,283, net of cash acquired of $31,973.\nPer the terms of the merger agreement, unvested stock options and unvested restricted stock units held by Cloudmark employees were canceled and exchanged for the Company\u2019s unvested stock options and unvested restricted stock units, respectively. The fair value of $91 of these unvested awards was attributed to pre-combination services and included in consideration transferred. The fair value of $1,180 was allocated to post-combination\nProofpoint, Inc. Notes to Consolidated Financial Statements (Continued) (dollars and share amounts in thousands, except per share amounts)\nservices. The unvested awards are subject to the recipient\u2019s continued service with the Company, and $1,180 is recognized ratably as stock-based compensation expense over the required remaining service period.\nThe following table summarizes the fair values of tangible assets acquired, liabilities assumed, intangible assets and goodwill:\n\n | | Estimated \n--------------------------- | ---------- | -----------\n | | Useful Life\n | Fair value | (in years) \nCurrent assets | $37,390 | N/A \nFixed assets | 543 | N/A \nNon-current assets | 74 | N/A \nLiabilities | (4,422) | N/A \nDeferred revenue | (15,400) | N/A \nCustomer relationships | 15,300 | 8 \nOrder backlog | 1,400 | 1 \nCore/developed technology | 18,500 | 4 \nDeferred tax liability, net | (7,905) | N/A \nGoodwill | 93,776 | Indefinite \n | $139,256 | "} {"_id": "d1b336764", "title": "", "text": "SCHEDULE II - VALUATION AND QUALIFYING ACCOUNTS\nFor the years ended December: (in millions)\n(1) Excludes approximately $5.6 million of reserves related to notes receivable and tax refund receivables originated in 2016.\n(2) Excludes approximately $0.4 million of reserves related to non-trade receivables.\n(3) Amounts represent gross revenue and cost reversals to the estimated sales returns and allowances accounts.\n(4) Amounts in 2019 and 2018 are reported within accrued expenses and other current liabilities, as Product Returns Liability (see Note 4 and 9).\n(5) Amounts in 2019 and 2018 are reported within prepaid expenses and other current assets.\n\nDescription | Balance at Beginning of Period | | Write-offs | Other | Balance at End of Period\n----------------------------------- | ------------------------------ | ------- | ---------- | ---------- | ------------------------\nAllowance for doubtful accounts | | | | | \n2019 | $1.0 | $1.0 | $(0.8) | $0.0 | $1.2 (1) \n2018 | $1.1 | $0.7 | $(0.8) | $0.0 | $1.0 (1) \n2017 | $9.1 | $1.0 | $(0.9) | $0.0 | $1.1 (1) (2) \nAllowance for sales returns (4) | | | | | \n2019 | $0.0 | $0.0 | $0.0 | $0.0 | $0.0 \n2018 | $0.0 | $0.0 | $0.0 | $0.0 | $0.0 \n2017 | $1.4 | $1.4 | $0.0 | $(1.4) (3) | $1.4 \nAllowance for inventory returns (5) | | | | | \n2019 | $0.0 | $0.0 | $0.0 | $0.0 | $0.0 \n2018 | $0.0 | $0.0 | $0.0 | $0.0 | $0.0 \n2017 | $(0.6) | $(0.5) | $0.0 | $0.6 (3) | $(0.5) \nAllowance for deferred tax assets | | | | | \n2019 | $18.3 | $(0.3) | $0.0 | $(1.2) | $16.8) \n2018 | $18.3 | $(0.3) | $0.0 | $0.3 | $18.3 \n2017 | $69.0 | $(28.6) | $(2.9) | $(19.2) | $18.3 "} {"_id": "d1b30cca2", "title": "", "text": "GasLog Ltd. and its Subsidiaries\nNotes to the consolidated financial statements (Continued)\nFor the years ended December 31, 2017, 2018 and 2019\n(All amounts expressed in thousands of U.S. Dollars, except share and per share data)\n25. Capital Risk Management\nThe Group\u2019s objectives when managing capital are to safeguard the Group\u2019s ability to continue as a going concern, to ensure that it maintains a strong credit rating and healthy capital ratios in order to support its business and maximize shareholders value.\nThe Group monitors capital using a gearing ratio, which is total debt divided by total equity plus total debt. The gearing ratio is calculated as follows:\n\n | As of December 31, | \n-------------------------------------- | ------------------ | ---------\n | 2018 | 2019 \nBorrowings, current portion | 520,550 | 255,422 \nBorrowings, non-current portion | 2,307,909 | 2,891,973\nLease liabilities, current portion | 6,675 | 9,363 \nLease liabilities, non-current portion | 199,424 | 195,567 \nTotal debt | 3,034,558 | 3,352,325\nTotal equity | 1,983,122 | 1,649,853\nTotal debt and equity | 5,017,680 | 5,002,178\nGearing ratio | 60.48% | 67.01% "} {"_id": "d1b38fdc8", "title": "", "text": "11 Intangible assets\n(a) Intangible assets\nRIGHTS AND LICENCES\nCertain licences that NEXTDC possesses have an indefinite useful life and are carried at cost less impairment losses and are subject to impairment review at least annually and whenever there is an indication that it may be impaired.\nOther licences that NEXTDC acquires are carried at cost less accumulated amortisation and accumulated impairment losses. Amortisation is recognised on a straight-line basis over the estimated useful life. The estimated useful life and amortisation method are reviewed at the end of each annual reporting period.\nINTERNALLY GENERATED SOFTWARE\nInternally developed software is capitalised at cost less accumulated amortisation. Amortisation is calculated using the straight-line basis over the asset\u2019s useful economic life which is generally two to three years. Their useful lives and potential impairment are reviewed at the end of each financial year.\nSOFTWARE UNDER DEVELOPMENT\nCosts incurred in developing products or systems and costs incurred in acquiring software and licenses that will contribute to future period financial benefits through revenue generation and/or cost reduction are capitalised to software and systems. Costs capitalised include external direct costs of materials and services and employee costs.\nAssets in the course of construction include only those costs directly attributable to the development phase and are only recognised following completion of technical feasibility and where the Group has an intention and ability to use the asset.\n\n | Rights and licences | Internally generated software | Software under development | Total \n-------------------------------------- | ------------------- | ----------------------------- | -------------------------- | -------\nMovements | $'000 | $'000 | $'000 | $'000 \n30 June 2019 | | | | \nOpening net book amount at 1 July 2018 | 13 | 6,385 | 6,509 | 12,907 \nAdditions \u2013 internally developed | - | - | 11,896 | 11,896 \nAmortisation | - | (1,116) | - | (1,116)\nTransfers between classes | - | 2,121 | (2,121) | - \nDisposals | - | (9) | - | (9) \nClosing net book amount | 13 | 7,381 | 16,284 | 23,678 "} {"_id": "d1b35cf86", "title": "", "text": "Total CO2 emissions FY19\n1 Tonnes of carbon dioxide equivalent.\n2 Absolute carbon emissions divided by revenue in millions.\nAuto Trader is required to measure and\nreport its direct and indirect greenhouse\ngas (\u2018GHG\u2019) emissions by the Companies Act\n2006 (Strategic Report and Directors\u2019 Report)\nRegulations 2013. The greenhouse gas\nreporting period is aligned to the financial\nreporting year. The methodology used to\ncalculate our emissions is based on the\nfinancial consolidation approach, as\ndefined in the Greenhouse Gas Protocol,\nA Corporate Accounting and Reporting\nStandard (Revised Edition). Emission\nfactors used are from UK government\n(\u2018BEIS\u2019) conversion factor guidance for\nthe year reported.\nAuto Trader is required to measure and report its direct and indirect greenhouse gas (\u2018GHG\u2019) emissions by the Companies Act 2006 (Strategic Report and Directors\u2019 Report) Regulations 2013. The greenhouse gas reporting period is aligned to the financial reporting year. The methodology used to calculate our emissions is based on the financial consolidation approach, as defined in the Greenhouse Gas Protocol, A Corporate Accounting and Reporting Standard (Revised Edition). Emission factors used are from UK government (\u2018BEIS\u2019) conversion factor guidance for the year reported.\nThe report includes the \u2018Scope 1\u2019 (combustion of fuel) in relation to company cars and \u2018Scope 2\u2019 (purchased electricity and gas) emissions associated with our offices. We have chosen to include the emissions associated with leased company cars in Scope 1, as we are responsible for these emissions.\nWe have chosen to present a revenue intensity ratio as this is a relevant indicator of our growth and is aligned with our business strategy. The reduction in our GHG emissions is due to a reduction in the fuel emissions from our company car fleet, as the fleet has reduced. We have also reduced the amount of electricity we use, and this coupled with a decrease in BEIS conversion factors has also contributed to our Scope 2 reduction.\n\n | FY19 | FY18 | FY17 | FY16 \n------------------- | ----- | ----- | ----- | -----\nScope 1 | 263 | 390 | 491 | 565 \nManchester | 213 | 281 | 361 | 357 \nLondon | 44 | 60 | 76 | 88 \nScope 2 | 258 | 340 | 437 | 445 \nTotal | 521 | 731 | 928 | 1,010\nRevenue | 355.1 | 330.1 | 311.5 | 281.6\nCarbon intensity | 1.47 | 2.21 | 2.98 | 3.59 \nYear-on-year change | -34% | -26% | -17% | "} {"_id": "d1b3a81f2", "title": "", "text": "Accrued Liabilities\nAccrued liabilities consisted of the following (in thousands):\n\n | December 31, 2019 | December 31, 2018\n--------------------------------- | ----------------- | -----------------\nAccrued compensation and benefits | $12,227 | $15,283 \nAccrued tax liabilities | 4,354 | 4,455 \nLease liabilities | 5,109 | \u2014 \nOther | 6,066 | 5,553 \nTotal accrued liabilities | $27,756 | $25,291 "} {"_id": "d1b30af92", "title": "", "text": "Total Other (Income) Expense, Net\nTotal other income for the year ended December 31, 2019 was $6.6 million compared to $0.5 million of other expense for the year ended December 31,\n2018. Interest income increased due to interest earned on investing our public offering cash proceeds. Interest expense decreased due to having no outstanding borrowings during the year ended December 31, 2019. We discuss borrowings under \u201cLiquidity and Capital Resources\u201d below. Other (income) expense, net was $0.9 million other income in the year ended December 31, 2019 compared to $0.6 million of other income in the year ended December 31, 2018, primarily due to our earnout liabilities. We estimate the fair value of earnout liabilities related to business combinations quarterly. During the year ended December 31, 2019, the adjustments to fair value decreased the carrying value of the earnout liability for our acquisition of Indix, resulting in other income of $1.7 million, partially offset by an increase in the carrying value of the earnout liabilities for our acquisitions of Compli and Portway, which resulted in other expense of $0.6 million. The fair value of the Indix acquisition earnout liability decreased at December 31, 2019, from the fair value at acquisition in February 2019, due primarily to the last three earnout milestones, which are nonfinancial, being more difficult to complete within the required timeframe than initially assessed. During the year ended December 31, 2018, the adjustments to fair value decreased the carrying value of the earnout liabilities for prior acquisitions, resulting in other income of $0.4 million.\n\n | | For the Year Ended December 31, | | | | \n--------------------------------- | --------------------- | ------------------------------- | -------------------------- | --------------------- | ----------- | ----------------\n | | 2019 | | 2018 | $ Change | \n | As reported (ASC 606) | Impacts from Adoption | Without Adoption (ASC 605) | As Reported (ASC 605) | As Reported | Without Adoption\n | | (dollars in thousands) | | | | \nOther (income) expense, net | | | | | | \nInterest income | $(6,037) | $ - | $(6,037) | $(1,553) | $(4,484) | $(4,484) \nInterest expense | 289 | - | 289 | 2,608 | (2,319) | (2,319) \nOther (income) expense, net | (865) | - | (865) | (583) | (282) | (282) \nTotal other (income) expense, net | $(6,613) | $ - | $(6,613) | $472 | $(7,085) | $(7,085) "} {"_id": "d1b33efcc", "title": "", "text": "Deferred Revenue and Customer Liabilities\nDeferred revenue and customer liabilities consisted of the following (in thousands):\nThe Company expects to recognize the majority of its deferred revenue as of December 31, 2019 over the next 180 days. Revenues of $3.7 million were recognized during the year ended December 31, 2019 from amounts included in deferred revenue at December 31, 2018. Revenues of $4.4 million were recognized during the year ended December 31, 2018 from amounts included in deferred revenue at January 1, 2018.\nThe Company expects to recognize the majority of the customer arrangements with termination rights into revenue as the Company has not historically experienced a high rate of contract terminations.\nEstimated refund liabilities are generally resolved in 180 days, once it is determined whether the requisite service levels and client requirements were achieved to settle the contingency.\n\n | December 31, | \n--------------------------------------------- | ------------ | -------\n | 2019 | 2018 \nDeferred revenue | $3,012 | $3,655 \nCustomer arrangements with termination rights | 15,024 | 16,404 \nEstimated refund liabilities | 8,585 | 10,117 \n | $26,621 | $30,176"} {"_id": "d1a731540", "title": "", "text": "Operating income in the fourth quarter grew on a sequential and year-over-year basis to $460 million compared to $336 million and $443 million in the prior and year-ago quarters, respectively.\nOperating income\n\n | | Three Months Ended | \n----------------------------- | ----------------- | ------------------------ | -----------------\n | December 31, 2019 | September 29, 2019 | December 31, 2018\n | | (Unaudited, in millions) | \nOperating income | $460 | $336 | $443 \nAs percentage of net revenues | 16.7% | 13.1% | 16.8% "} {"_id": "d1b3304fe", "title": "", "text": "(6) Intangible Assets\nIntangible assets consist of the following (in thousands):\nDuring 2019, we periodically assessed whether any indicators of impairment existed related to our intangible assets. As of each interim period end during the year, we concluded that a triggering event had not occurred that would more likely than not reduce the fair value of our intangible assets below their carrying values.\nAmortization expense recognized in 2019, 2018 and 2017 was $23,671,000, $15,737,000 and $16,812,000, respectively.\n\n | December 31, | \n------------------------ | ------------ | --------\n | 2019 | 2018 \nCustomer relationships | $336,455 | $159,566\nOther | 15,621 | 5,555 \n | 352,076 | 165,121 \nAccumulated amortization | (73,492) | (52,942)\nIntangible assets, net | 278,584 | 112,179 "} {"_id": "d1b35a6c8", "title": "", "text": "Revenue\nOur revenue consists of fees generated from cloud subscriptions, software licensing, maintenance, professional services, and hardware sales.\nCloud Subscriptions Revenue Year 2019 compared with year 2018 In 2017, we released Manhattan Active\u2122 Solutions accelerating our business transition to cloud subscriptions. As a result, cloud subscriptions revenue increased $23.7 million, or 103%, to $46.8 million in 2019 compared to 2018 as customers began to purchase. our SaaS offerings rather than a traditional perpetual license. Our customers increasingly prefer cloud-based solutions, including existing customers that are migrating from on-premise to cloud-based offerings. Cloud subscriptions revenue for the Americas, EMEA and APAC segments increased $20.3 million, $2.7 million and $0.7 million, respectively.\nYear 2018 compared with year 2017\nCloud subscriptions revenue increased $13.5 million to $23.1 million in 2018 compared to 2017 as customers began to purchase our SaaS offerings rather than a traditional perpetual license. Cloud subscriptions revenue for the Americas, EMEA and APAC segments increased $11.3 million, $1.8 million and $0.4 million, respectively. The EMEA segment began recognizing cloud subscription revenue for the first time in 2017 while the APAC segment began in 2018.\nSoftware License Revenue Year 2019 compared with year 2018 Software license revenue increased $3.5 million to $48.9 million in 2019 compared to 2018. License revenue for the Americas and EMEA segments increased $6.1 million and $0.1 million, respectively, and license revenue for the APAC segment decreased $2.7 million, in 2019 over 2018. The perpetual license sales percentage mix across our product suite in 2019 was approximately 80% warehouse management solutions.\nYear 2018 compared with year 2017 Software license revenue decreased $26.9 million to $45.4 million in 2018 compared to 2017. The decrease was influenced by (1) extended sales cycles and evaluations for some of our contracts, and (2) the business transition to cloud subscriptions, which resulted in traditional perpetual license deals closing as cloud deals based on customer demand. License revenue for the Americas and EMEA segments decreased $15.7 million and $11.5 million, respectively, in 2018 over 2017, while license revenue for the APAC segment increased $0.3 million. The perpetual license sales percentage mix across our product suite in 2018 was approximately 80% warehouse management solutions.\nSoftware license revenue decreased $26.9 million to $45.4 million in 2018 compared to 2017. The decrease was influenced by (1)\nextended sales cycles and evaluations for some of our contracts, and (2) the business transition to cloud subscriptions, which resulted\nin traditional perpetual license deals closing as cloud deals based on customer demand. License revenue for the Americas and EMEA segments decreased $15.7 million and $11.5 million, respectively, in 2018 over 2017, while license revenue for the APAC segment increased $0.3 million. The perpetual license sales percentage mix across our product suite in 2018 was approximately 80% warehouse management solutions.\nMaintenance Revenue\nYear 2019 compared with year 2018\nMaintenance revenue increased $2.2 million in 2019 compared to 2018 primarily due to (1) an increase in the first-year maintenance revenue; (2) our annual renewal rate of customers subscribing to maintenance, which was greater than 90%; and (3) increases in the maintenance renewal prices. Maintenance revenue for the Americas, EMEA and APAC segments increased $1.4 million, $0.4 million and $0.4 million, respectively, compared to 2018.\nYear 2018 compared with year 2017\nMaintenance revenue increased $4.0 million in 2018 compared to 2017 primarily due to (1) an increase in the first-year maintenance revenue; (2) our annual renewal rate of customers subscribing to maintenance, which was greater than 90%; and (3) increases in the maintenance renewal prices. Maintenance revenue for the Americas, EMEA and APAC segments increased $1.1 million, $2.2 million and $0.7 million, respectively, compared to 2017.\nServices Revenue Year 2019 compared with year 2018 Services revenue increased $30.8 million, or 9%, in 2019 compared to 2018. The Americas, EMEA and APAC segments increased $17.8 million, $10.3 million and $2.7 million, respectively, compared to 2018.\nYear 2019 compared with year 2018\nServices revenue increased $30.8 million, or 9%, in 2019 compared to 2018. The Americas, EMEA and APAC segments increased $17.8 million, $10.3 million and $2.7 million, respectively, compared to 2018.\nYear 2018 compared with year 2017 Services revenue increased $3.2 million in 2018 compared to 2017 primarily due to improving demand in the Americas and solid growth in EMEA. Services revenue for the Americas and EMEA segment increased $1.0 million and $6.9 million, respectively, and services revenue for the APAC segment decreased $4.7 million, compared to 2017.\nServices revenue increased $3.2 million in 2018 compared to 2017 primarily due to improving demand in the Americas and solid growth in EMEA. Services revenue for the Americas and EMEA segment increased $1.0 million and $6.9 million, respectively, and services revenue for the APAC segment decreased $4.7 million, compared to 2017.\nHardware\nHardware sales, net decreased $1.5 million, or -10% in 2019 compared to 2018. We adopted the new ASC 606 standard as of\nJanuary 1, 2018 and elected to use the modified retrospective method. Historical hardware sales prior to the adoption of ASC 606\nwere recorded on a gross basis, as we were the principal in the transaction in accordance with the previous standard, ASC 605-45.\nUnder the new standard, we are an agent in the transaction as we do not physically control the hardware which we sell. Accordingly, starting January 1, 2018, we recognize our hardware revenue net of related cost which reduces both hardware revenue and cost of sales as compared to our accounting prior to 2018. For comparison purposes only, had we implemented ASC 606 using the full\nretrospective method, we would have also presented hardware revenue net of cost for prior periods as shown below.\n\n% Change vs. Prior | | | | | | | | \n------------------- | -------- | ------------------ | -------- | ---- | ---- | ---- | ---- | ----\n | Year | % of Total Revenue | | | | | | \n | 2019 | 2018 | 2017 | 2019 | 2018 | 2019 | 2018 | 2017\n(in thousands) | | | | | | | | \nCloud subscriptions | $46,831 | $23,104 | $9,596 | 103% | 141% | 8% | 4% | 2% \nSoftware license | 48,855 | 45,368 | 72,313 | 8% | -37% | 8% | 8% | 12% \nMaintenance | 149,230 | 147,033 | 142,988 | 1% | 3% | 24% | 26% | 24% \nServices | 360,516 | 329,685 | 326,502 | 9% | 1% | 58% | 59% | 55% \nHardware | 12,517 | 13,967 | 43,190 | -10% | -68% | 2% | 3% | 7% \nTotal revenue | $617,949 | $559,157 | $594,599 | 11% | -6% | 100% | 100% | 100%"} {"_id": "d1b38ba70", "title": "", "text": "Note 9. Intangible Assets, net\nThe Company\u2019s definite-lived intangible assets as of December 31, 2019 and 2018 consisted of the following:\nAmortization of definite-lived intangible assets is provided over their estimated useful lives on a straight-line basis or the pattern in which economic benefits are consumed, if reliably determinable. The Company reviews its definite-lived intangible assets for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Amortization expense from continuing and discontinued operations was $8,879 and $9,150 for the years ended December 31, 2019 and 2018, respectively\n\nDecember 31, 2019 | | | | \n------------------------ | ---------------------- | ---------------------- | ---------- | --------\n | Customer Relationships | Developed Technologies | Trade Name | Total \nGross carrying amount | $52,000 | 32,000 | 3,000 | 87,000 \nAccumulated amortization | (13,866) | (18,286) | (3,000) | (35,152)\nIntangible assets, net | $38,134 | $13,714 | $\u2014 | $51,848 "} {"_id": "d1b32b67a", "title": "", "text": "ALTERNATIVE PERFORMANCE MEASURES \u2013 continued\nReturn on Invested Capital (RoIC): TORM defines RoIC as earnings before interest and tax (EBIT) less tax, divided by the average invested capital for the period. Invested capital is defined below.\nRoIC expresses the returns generated on capital invested in the Group. The progression of RoIC is used by TORM to measure progress against our longer-term value creation goals outlined to investors. RoIC is calculated as follows:\n\nUSDm | 2019 | 2018 | 2017 \n------------------------------------- | ------- | ------- | -------\nOperating profit/(loss) (EBIT) | 205.9 | 2.8 | 39.5 \nTax | -0.8 | -1.6 | -0.8 \nEBIT less Tax | 205.1 | 1.2 | 38.7 \nInvested capital, opening balance | 1,469.4 | 1,406.0 | 1,387.7\nInvested capital, ending balance | 1,786.0 | 1,469.4 | 1,406.0\nAverage invested capital for the year | 1,627.7 | 1,437.7 | 1,396.9\nReturn on Invested Capital (RoIC) | 12.6% | 0.1% | 2.8% "} {"_id": "d1a731c70", "title": "", "text": "NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (in thousands, except for share and per share data)\nNOTE 15 \u2014 Shareholders' Equity\nA roll forward of common shares outstanding is as follows:\n\n | As of December 31, | \n-------------------------------- | ------------------ | ----------\n | 2019 | 2018 \nBalance at beginning of the year | 32,750,727 | 32,938,466\nRepurchases | (420,770) | (342,100) \nRestricted stock unit issuances | 142,449 | 154,361 \nBalance at end of period | 32,472,406 | 32,750,727"} {"_id": "d1b3c0234", "title": "", "text": "The allowance for doubtful accounts represents management's estimate of uncollectible balances. We determine the allowance based on known troubled accounts, historical experience and other currently available evidence. We write off trade receivables when the likelihood of collection of a trade receivable balance is considered remote.\nThe rollforward of allowance for doubtful accounts is as follows (in millions):\n\n | | Year ended December 31, | \n----------------------------- | ------ | ----------------------- | ------\n | 2019 | 2018 | 2017 \nBeginning balance | $(1.3) | $(1.9) | $(2.2)\nBad debt expense | (1.6) | (0.6) | (0.8) \nWrite-offs, net of recoveries | 1.6 | 1.2 | 1.1 \nEnding balance | $(1.3) | $(1.3) | $(1.9)"} {"_id": "d1b2f2640", "title": "", "text": "ACQUISITIONS National Storage has successfully transacted 35 acquisitions and 4 development sites in FY19 and continues to pursue high-quality acquisitions across Australia and New Zealand. The ability to acquire and integrate strategic accretive acquisitions is one of National Storage\u2019s major competitive advantages and a cornerstone of its growth strategy. This active growth strategy also strengthens and scales the National Storage operating platform which drives efficiencies across the business.\nWINE ARK Wine Ark, Australia\u2019s largest wine storage provider is part of the National Storage group and houses over two million bottles of fine wine across 15 centres for clients located in over 30 countries. There are few businesses in Australia with more experience when it comes to storing and managing premium wine. Throughout FY19 Wine Ark continued to strengthen its relationship and involvement in the greater wine trade supporting the Wine Communicators of Australia, Sommeliers Association of Australia, Wine Australia and Commanderie de Bordeaux (Australian Chapter).\n\nREGION | NUMBER OF CENTRES | TOTAL NLA\n------------------- | ----------------- | ---------\nBrisbane | 5 | 25,000 \nGold Coast | 4 | 6,500 \nSunshine Coast | 1 | 6,500 \nCentral Coast (NSW) | 6 | 20,600 \nWollongong | 3 | 12,700 \nMelbourne | 2 | 8,600 \nAdelaide | 3 | 15,500 \nPerth | 2 | 10,800 \nAuckland (NZ) | 3 | 27,000 \nHamilton (NZ) | 4 | 21,600 \nRotorua (NZ) | 1 | 5,000 \nTauranga (NZ) | 1 | 3,200 \nTotal Acquisitions | 35 | 163,000 "} {"_id": "d1b389748", "title": "", "text": "The unrecognized tax benefit at December 31, 2019 and 2018, was $29.0 million and $28.4 million, respectively, of which $22.4 million and $22.6 million, respectively, are included in other noncurrent liabilities in the consolidated balance sheets. Of the total unrecognized tax benefit amounts at December 31, 2019 and 2018, $28.2 million and $27.5 million, respectively, represent the net unrecognized tax benefits that, if recognized, would favorably impact the effective income tax rate in the respective years.\nA reconciliation of the beginning and ending amount of unrecognized tax benefits for the years ended December 31 is as follows (in thousands):\nThe Company files income tax returns in the U.S. federal jurisdiction, various state and local jurisdictions, and many foreign jurisdictions. The United States, Germany, India, Ireland, Luxembourg, Mexico, the United Kingdom, and Uruguay are the main taxing jurisdictions in which the Company operates. The years open for audit vary depending on the tax jurisdiction. In the United States, the Company\u2019s tax returns for years following 2015 are open for audit. In the foreign jurisdictions, the tax returns open for audit generally vary by jurisdiction between 2003 and 2018.\nThe Company\u2019s Indian income tax returns covering fiscal years 2003, 2005, 2010 through 2013, and 2016 are under audit by the Indian tax authority. Other foreign subsidiaries could face challenges from various foreign tax authorities. It is not certain that the local authorities will accept the Company\u2019s tax positions. The Company believes its tax positions comply with applicable tax law and intends to vigorously defend its positions. However, differing positions on certain issues could be upheld by tax authorities, which could adversely affect the Company\u2019s financial condition and results of operations.\nThe Company believes it is reasonably possible that the total amount of unrecognized tax benefits will decrease within the next 12 months by approximately $11.7 million due to the settlement of various audits and the expiration of statutes of limitations. The Company accrues interest related to uncertain tax positions in interest expense or interest income and recognizes penalties related to uncertain tax positions in other income or other expense. As of December 31, 2019 and 2018, $1.2 million is accrued for the payment of interest and penalties related to income tax liabilities. The aggregate amount of interest and penalties expense (benefit) recorded in the statements of operations for the years ended December 31, 2019, 2018, and 2017, is $0.2 million, $0.0 million, and $(0.8) million, respectively.\n\n | 2019 | 2018 | 2017 \n------------------------------------------------------------------- | -------- | ------- | --------\nBalance of unrecognized tax benefits at beginning of year | $28,406 | $27,237 | $24,278 \nIncreases for tax positions of prior years | 2,784 | 315 | 2,478 \nDecreases for tax positions of prior years | (96 ) | (61) | (114 ) \nIncreases for tax positions established for the current period | 2,542 | 1,185 | 1,677 \nDecreases for settlements with taxing authorities | (220 ) | \u2014 | (154 ) \nReductions resulting from lapse of applicable statute of limitation | (4,462 ) | (115) | (1,155 )\nAdjustment resulting from foreign currency translation | 46 | (155) | 227 \nBalance of unrecognized tax benefits at end of year | $29,000 | $28,406 | $27,237 "} {"_id": "d1b38a56c", "title": "", "text": "Note 3 \u2013 Inventories, net\nInventories consisted of the following:\n\n | | December 31,\n---------------------- | ------- | ------------\n | 2019 | 2018 \nIngredients | $ 1,942 | $ 1,580 \nPackaging | 2,230 | 2,072 \nFinished goods | 2,220 | 2,165 \nTotal inventories, net | $ 6,392 | $ 5,817 "} {"_id": "d1b358206", "title": "", "text": "Results of Operations\nYear Ended December 31, 2019 Compared to the Year Ended December 31, 2018\nOur management reviews and analyzes several key financial measures in order to manage our business and assess the quality of and variability of our service revenue, operating results and cash flows. The following summary tables present a comparison of our results of operations with respect to certain key financial measures. The comparisons illustrated in the tables are discussed in greater detail below.\n\n | | Year Ended December 31, | \n---------------------------------- | ------- | ----------------------- | --------------\n | 2019 | 2018 | Percent Change\nOther Operating Data | | | \nAverage Revenue Per Unit (ARPU) | | | \nARPU\u2014on-net | $ 461 | $ 480 | (3.8)% \nARPU\u2014off-net | $ 1,097 | $ 1,155 | (5.0)% \nAverage price per megabit | $ 0.62 | $ 0.82 | (23.9)% \nCustomer Connections\u2014end of period | | | \nOn-net | 74,554 | 68,770 | 8.4% \nOff-net | 11,660 | 10,974 | 6.3% "} {"_id": "d1b3c7cfa", "title": "", "text": "Share-Based Compensation\nThe following table shows a summary of share-based compensation expense included in the Consolidated Statements of Operations during the periods presented (in thousands):\nAmounts presented above include share-based compensation expense of $0.8 million for fiscal year 2017, which is recorded as discontinued operations related to employees of our Compute business.\nAs of September 27, 2019, the total unrecognized compensation costs related to outstanding stock options, restricted stock awards and units including awards with time-based, performance-based, and market-based vesting was $47.0 million, which we expect to recognize over a weighted-average period of 2.9 years.\n\n | | Fiscal Years | \n----------------------------------- | ------- | ------------ | -------\n | 2019 | 2018 | 2017 \nCost of revenue | $2,936 | $3,869 | $3,189 \nResearch and development | 8,551 | 13,448 | 10,565 \nSelling, general and administrative | 12,305 | 14,620 | 22,581 \nTotal | $23,792 | $31,937 | $36,335"} {"_id": "d1b302f4a", "title": "", "text": "SELECTED FINANCIAL DATA\nThe following data should be read in conjunction with the consolidated financial statements and accompanying notes included elsewhere in the Annual Report on Form 10-K. Fiscal 2018 and 2017 have been recast to reflect the Company\u2019s retrospective adoption of Accounting Standards Update (\u201cASU\u201d) 2014-09, Revenue from Contracts with Customers, and related amendments, collectively referred to as Accounting Standards Codification (\u201cASC\u201d) 606. Fiscal 2016 and 2015 were not recast. Net income for fiscal 2018 and 2019 has been impacted by the reduced U.S. corporate tax rate enacted by the Tax Cuts and Jobs Act (\u201cTCJA\u201d) of 2017, and fiscal 2018 net income contains the related adjustment for the re-measurement of deferred taxes. Acquisitions have affected revenue and net income in fiscal 2019 as well as the historical periods presented.\n(1) Revenue includes license sales, support and service revenues, and hardware sales, less returns and allowances.\n\n | | | (In Thousands, Except Per Share Data) | | \n---------------------------- | ---------- | ---------- | ------------------------------------- | ----------- | -----------\n | | | YEAR ENDED JUNE 30, | | \nIncome Statement Data | 2019 | 2018 | 2017 | 2016 | 2015 \n | | | | *Unadjusted | *Unadjusted\nRevenue (1) | $1,552,691 | $1,470,797 | $1,388,290 | $1,354,646 | $1,256,190 \nNet Income | $271,885 | $365,034 | $229,561 | $248,867 | $211,221 \nBasic earnings per share | $3.52 | $4.73 | $2.95 | $3.13 | $2.60 \nDiluted earnings per share | $3.52 | $4.70 | $2.93 | $3.12 | $2.59 \nDividends declared per share | $1.54 | $1.36 | $1.18 | $1.06 | $0.94 \nBalance Sheet Data | | | | | \nTotal deferred revenue | $394,306 | $369,915 | $368,151 | $521,054 | $531,987 \nTotal assets | $2,184,829 | $2,033,058 | $1,868,199 | $1,815,512 | $1,836,835 \nLong-term debt | $\u2014 | $\u2014 | $50,000 | $\u2014 | $50,102 \nStockholders\u2019 equity | $1,429,013 | $1,322,844 | $1,099,693 | $996,210 | $991,534 "} {"_id": "d1b39c2ee", "title": "", "text": "49. Notes on related parties\nIn financial year 2018/19, METRO maintained the following business relations to related companies:\nTransactions with associated companies and other related parties\nThe services received totalling \u20ac93 million (2017/18: \u20ac96 million) that METRO companies received from associates and other related parties in financial year 2018/19 consisted mainly of real estate leases in the amount of \u20ac79 million (2017/18: \u20ac80 million), thereof \u20ac76 million from associates; (2017/18: \u20ac78 million) and the rendering of services in the amount of \u20ac15 million (2017/18: \u20ac16 million), thereof \u20ac7 million from joint ventures; (2017/18: \u20ac8 million). Other future financial commitments in the amount of \u20ac667 million (2017/18: \u20ac719 million) consist of tenancy agreements with the following associated companies: OPCI FWP France, OPCI FWS France, Habib METRO Pakistan and the Mayfair group. In financial year 2018/19, METRO companies provided services to companies belonging to the group of associates and related parties in the amount of \u20ac8 million (2017/18: \u20ac8 million). A dividend of \u20ac38 million has been paid out to a shareholder with significant influence. Business relations with related parties are based on contractual agreements providing for arm\u2019s length prices. As in financial year 2017/18, there were no business relations with related natural persons and companies of management in key positions in financial year 2018/19.\nRelated persons (compensation for management in key positions)\nThe management in key positions consists of members of the Management Board and the Supervisory Board of METRO AG. Thus, the expenses for members of the Management Board of METRO AG amounted to \u20ac6.9 million (2017/18: \u20ac5.2 million) for short-term benefits and \u20ac3.7 million (2017/18: \u20ac7.0 million) for post-employment benefits. Thereof an amount of \u20ac3.0 million relates to termination benefits paid in financial year 2018/19. The expenses for existing compensation programmes with long-term incentive effect in financial year 2018/19, calculated in accordance with IFRS 2, amounted to \u20ac2.6 million (2017/18: \u20ac0.7 million). The short-term compensation for the members of the Supervisory Board of METRO AG amounted to \u20ac2.2 million (2017/18: \u20ac2.2 million). The total compensation for members of the Management Board in key positions in financial year 2018/19 amounted to \u20ac15.4 million (2017/18: \u20ac15.1 million).\n\n\u20ac million | 2017/2018 | 2018/2019\n--------------------------------------------------- | --------- | ---------\nServices provided | 8 | 8 \nAssociates | 5 | 5 \nJoint ventures | 3 | 3 \nMiscellaneous related parties | 0 | 0 \nServices received | 96 | 93 \nAssociates | 78 | 76 \nJoint ventures | 8 | 7 \nMiscellaneous related parties | 10 | 10 \nReceivables from services provided, as of 30/9 | 0 | 0 \nAssociates | 0 | 0 \nJoint ventures | 0 | 0 \nMiscellaneous related parties | 0 | 0 \nLiabilities from goods/services received as of 30/9 | 1 | 1 \nAssociates | 0 | 0 \nJoint ventures | 0 | 0 \nMiscellaneous related parties | 1 | 1 "} {"_id": "d1a7249da", "title": "", "text": "Stock-Based Compensation Expense\nAll share-based awards are measured based on the grant date fair value of the awards and recognized in the Consolidated Statements of Operations and Comprehensive Loss over the period during which the employee is required to perform services in exchange for the award (generally the vesting period of the award).\nThe Company estimates the fair value of stock options granted using the Black-Scholes option valuation model, which requires assumptions, including the fair value of the Company's underlying common stock, expected term, expected volatility, risk-free interest rate and dividend yield of the Company's common stock. These estimates involve inherent uncertainties and the application of management\u2019s judgment. If factors change and different assumptions are used, share-based compensation expense could be materially different in the future.\nThese assumptions are estimated as follows:\n\u2022 Fair Value of Common Stock. The Company uses the five-day volume weighted average price for its common stock as reported on the New York Stock Exchange.\n\u2022 #Expected Term. The Company determines the expected term based on the average period the stock options are expected to remain outstanding. The Company bases the expected term assumptions on its historical behavior combined with estimates of the post-vesting holding period.\n\u2022 Expected Volatility. The Company determines the price volatility factor based on the Company's historical volatility over the expected life of the stock options.\n\u2022 Risk-Free Interest Rate. The Company bases the risk-free interest rate used in the Black-Scholes valuation model on the yield available on U.S. Treasury zero-coupon issues with an equivalent remaining term of the stock options for each stock option group.\n\u2022 Expected Dividend. The Company has not paid and does not anticipate paying any cash dividends in the foreseeable future and, therefore, uses an expected dividend yield of zero in the option pricing model.\nThe grant weighted average assumptions used to estimate the fair value of stock options granted to employees were as follows:\n\n | Years ended | \n----------------------- | ----------------- | -----------------\n | December 31, 2019 | December 31, 2018\nExpected volatility | 50.7% | 54.2% \nRisk-free interest rate | 2.25% | 2.72% \nDividend yield | Nil | Nil \nAverage expected life | 4.77 | 5.31 "} {"_id": "d1b31e448", "title": "", "text": "Selected financial data\nUnaudited information\nThe selected financial data shown below include the results of Vodafone\u00a0India as discontinued operations in all years following the agreement to combine it with Idea Cellular.\nNotes: 1 See note 8 to the consolidated financial statements, \u201cEarnings per share\u201d. Earnings and dividends per ADS is calculated by multiplying earnings per ordinary share by ten, the number of ordinary shares per ADS.\n2 On 19 February 2014, we announced a \u201c6 for 11\u201d share consolidation effective 24 February 2014. This had the effect of reducing the number of shares in issue from 52,821,751,216 ordinary shares (including 4,351,833,492 ordinary shares held in Treasury) as at the close of business on 18 February 2014 to 28,811,864,298 new ordinary shares in issue immediately after the share consolidation on 24 February 2014.\n3 The final dividend for the year ended 31 March 2019 was proposed by the Directors on 14 May 2019 and is payable on 2 August 2019 to holders of record as of 7 June 2019. The total dividends have been translated into US\u00a0dollars at 31 March 2019 for purposes of the above disclosure but the dividends are payable in US dollars under the terms of the ADS depositary agreement.\n\nAt/for the year ended 31 March | 2019 | 2018 | 2017 | 2016 | 2015 \n----------------------------------------------------------- | -------- | ------- | -------- | -------- | -------\nConsolidated income statement data (\u20acm) | | | | | \nRevenue | 43,666 | 46,571 | 47,631 | 49,810 | 48,385 \nOperating (loss)/profit | (951) | 4,299 | 3,725 | 1,320 | 2,073 \n(Loss)/profit before taxation | (2,613) | 3,878 | 2,792 | (190) | 1,734 \n(Loss)/profit for financial year from continuing operations | (4,109) | 4,757 | (1,972) | (5,127) | 7,805 \n(Loss)/profit for the financial year | (7,644) | 2,788 | (6,079) | (5,122) | 7,477 \nConsolidated statement of financial position data (\u20acm) | | | | | \nTotal assets | 142,862 | 145,611 | 154,684 | 169,107 | 169,579\nTotal equity | 63,445 | 68,607 | 73,719 | 85,136 | 93,708 \nTotal equity shareholders\u2019 funds | 62,218 | 67,640 | 72,200 | 83,325 | 91,510 \nEarnings per share1,2 | | | | | \nWeighted average number of shares (millions) | | | | | \n\u2013 Basic | 27,607 | 27,770 | 27,971 | 26,692 | 26,489 \n\u2013 Diluted | 27,607 | 27,857 | 27,971 | 26,692 | 26,629 \nBasic (loss)/earnings per ordinary share | (29.05)c | 8.78c | (22.51)c | (20.25)c | 27.48c \nDiluted (loss)/earnings per ordinary share | (29.05)c | 8.76c | (22.51)c | (20.25)c | 27.33c \nBasic (loss)/earnings per share from continuing operations | (16.25)c | 15.87c | (7.83)c | (20.27)c | 28.72c \nCash dividends1,3 | | | | | \nAmount per ordinary share (eurocents) | 9.00c | 15.07c | 14.77c | \u2013 | \u2013 \nAmount per ADS (eurocents) | 9.00c | 15.07c | 147.7c | \u2013 | \u2013 \nAmount per ordinary share (pence) | \u2013 | \u2013 | \u2013 | 11.45p | 11.22p \nAmount per ADS (pence) | \u2013 | \u2013 | \u2013 | 114.5p | 111.2p \nAmount per ordinary share (US cents) | 10.10c | 17.93c | 18.52c | 16.49c | 16.65c \nAmount per ADS (US cents) | 10.10c | 179.3c | 182.5c | 164.9c | 166.5c "} {"_id": "d1b34134e", "title": "", "text": "11. Quarterly financial information (unaudited): (Continued)\n(1) Included in net income for the three months ended September 30, 2019 and December 31, 2019 are an unrealized gain and (loss) on foreign exchange on the Company\u2019s 2024 Notes of $6.1 million and ($4.0) million, respectively.\n\n | | Three months ended | | \n--------------------------------------------------------------- | -------------- | -------------------------------------------------- | ------------------ | -----------------\n | March 31, 2018 | June 30, 2018 | September 30, 2018 | December 31, 2018\n | | (in thousands, except share and per share amounts) | | \nService revenue | $128,706 | $129,296 | $130,139 | $132,049 \nNetwork operations, including equity-based compensation expense | 54,875 | 54,379 | 54,615 | 55,660 \nGains on equipment transactions | 117 | 357 | 416 | 92 \nOperating income | 20,637 | 21,354 | 22,255 | 22,311 \nNet income | 6,784 | 6,552 | 8,231 | 7,100 \nNet income per common share\u2014basic and diluted | 0.15 | 0.15 | 0.18 | 0.16 \nWeighted-average number of common shares\u2014basic | 44,923,973 | 45,016,767 | 45,105,830 | 45,284,481 \nWeighted-average number of common shares\u2014diluted | 45,294,697 | 45,536,473 | 45,699,635 | 45,803,418 "} {"_id": "d1b374e60", "title": "", "text": "The total compensation of the Executive Board members for each of the years 2019, 2018, and 2017 was as follows:\nExecutive Board Compensation\n1) Portion of total executive compensation allocated to the respective year\n\n\u20ac thousands | 2019 | 2018 | 2017 \n---------------------------- | ------ | ------ | ------\nShort-term employee benefits | 17,378 | 18,652 | 16,634\nShare-based payment1) | 32,393 | 23,646 | 25,723\nSubtotal1) | 49,771 | 42,298 | 42,357\nPost-employment benefits | 2,825 | 1,106 | 1,312 \nThereof defined-benefit | 2,056 | 250 | 423 \nThereof defined-contribution | 769 | 856 | 889 \nTotal1) | 52,596 | 43,404 | 43,669"} {"_id": "d1b3b5712", "title": "", "text": "BALANCE SHEET DATA\n(In thousands)\n(1) Working capital consists of current assets less current liabilities. Amounts prior to 2016 have been recast to conform to the current period\u2019s presentation as a result of our adoption of Accounting Standards Update 2015-17, Balance Sheet Classification of Deferred Taxes. See Note 1 of Notes to Consolidated Financial Statements, included in Part II, Item 8 of this report for additional information.\n(2) Total debt outstanding consisted of taxable revenue bonds due to the State of Alabama Industrial Development Authority. The bonds matured on January 1, 2020 and were repaid in full on January 2, 2020. See Note 12 of Notes to Consolidated Financial Statements, included in Part II, Item 8 of this report for additional information.\n\nAs of December 31, | 2019 | 2018 | 2017 | 2016 | 2015 \n-------------------- | -------- | -------- | -------- | -------- | --------\nWorking capital (1) | $207,599 | $237,416 | $306,296 | $226,367 | $219,219\nTotal assets | $545,118 | $628,027 | $669,094 | $667,235 | $632,904\nTotal debt (2) | $24,600 | $25,600 | $26,700 | $27,800 | $28,900 \nStockholders\u2019 equity | $380,426 | $446,279 | $497,911 | $479,517 | $480,160"} {"_id": "d1b3278c2", "title": "", "text": "Administrative expenses\nThe Group has adopted IFRS 16 \u2018Leases\u2019 in the period, which impacts Other costs and Depreciation & amortisation within Operating profit. Property and vehicle rental charges are no longer included in other costs, and depreciation now includes depreciation on leased assets. Prior period comparatives have been restated to reflect these changes as the fully retrospective approach has been used.\nOperating costs continue to be well controlled, with administrative expenses increasing by 3% to \u00a3112.3m (2018 restated: \u00a3108.8m).\nPeople costs, which comprise all staff costs including third-party contractor costs, increased by 3% in the year to \u00a356.4m (2018: \u00a354.8m). The increase in people costs was driven primarily by underlying salary costs which increased due to strong competition for digital talent, however this has been partially offset by a reduction in average full-time equivalent employees (\u2018FTEs\u2019) (including contractors) to 804 (2018: 824). The number of FTEs was particularly impacted in the fourth quarter by the transfer of 15 staff to Dealer Auction, our joint venture with Cox Automotive UK. Share-based payments, including applicable national insurance costs of \u00a35.9m (2018: \u00a33.7m), have been included within people costs. The year-on-year increase in the share-based payment charge was due to leavers under the Performance Share Plan in 2018 for which a credit was recognised in the prior year, and a change in the way senior management are remunerated. The Group now settles a greater proportion of the senior management incentive scheme in shares which increases the share-based payment charge with an offset realised within cash bonuses.\nMarketing spend increased in line with revenue by 8% to \u00a317.6m (2018: \u00a316.3m), as we look to maintain and enhance our audience position and educate consumers on new products such as new car offerings and search by monthly payment.\nOther costs, which include data services, property related costs and other overheads, remain well controlled and increased by 2% on a like-for-like basis to \u00a329.4m (2018 restated: \u00a328.7m).\nDepreciation & amortisation remained broadly flat at \u00a38.9m (2018 restated: \u00a39.0m). Within this was depreciation of \u00a32.0m in relation to lease assets (2018 restated: \u00a31.9m).\n1\u00a0 \u00a0 2018 has been restated for the impact of IFRS 16.\n\n | 2019 | 2018 | \n----------------------------- | ----- | ----- | ------\nCosts | \u00a3m | \u00a3m | Change\nPeople costs | 56.4 | 54.8 | 3% \nMarketing | 17.6 | 16.3 | 8% \nOther costs | 29.4 | 28.7 | 2% \nDepreciation and amortisation | 8.9 | 9.0 | (1%) \nTotal administrative expenses | 112.3 | 108.8 | 3% "} {"_id": "d1b377840", "title": "", "text": "Property and equipment, net (in millions):\nIn September 2017, we entered into an agreement to sell certain land and buildings located in Sunnyvale, California, with a book value of $118 million, for a total of $306 million, through two separate and independent closings. Upon the completion of the first closing in fiscal 2018, we consummated the sale of properties with a net book value of $66 million for cash proceeds of $210 million, resulting in a gain, net of direct selling costs, of $142 million. The remaining properties, consisting of land with a net book value of $52 million, were classified as assets held-for-sale, and included as other current assets in our consolidated balance sheets as of April 26, 2019 and April 27, 2018. We will consummate the sale of these properties, and receive cash proceeds of $96 million, upon the completion of the second closing, which is expected to occur within the next 12 months. That closing is subject to due diligence, certain termination rights and customary closing conditions, including local governmental approval of the subdivision of a land parcel.\n\n | April 26, 2019 | April 27, 2018\n----------------------------------------------------- | -------------- | --------------\nLand | $ 106 | $ 106 \nBuildings and improvements | 605 | 594 \nLeasehold improvements | 86 | 88 \nComputer, production, engineering and other equipment | 817 | 733 \nComputer software | 357 | 357 \nFurniture and fixtures | 105 | 99 \nConstruction-in-progress | 10 | 27 \n | 2,086 | 2,004 \nAccumulated depreciation and amortization | (1,327 ) | (1,248 ) \nProperty and equipment, net | $ 759 | $ 756 "} {"_id": "d1b35243c", "title": "", "text": "S. INCOME TAXES\nThe components of income (loss) before income taxes and the provision (benefit) for income taxes as shown in the consolidated statements of operations were as follows:\nIncome tax expense for 2019, 2018 and 2017 totaled $58.3 million, $16.0 million and $266.7 million, respectively. The effective tax rate for 2019, 2018 and 2017 was 11.1%, 3.4% and 50.9%, respectively.\nOn December 22, 2017, the U.S. enacted the Tax Cuts and Jobs Act of 2017 (the \u201cTax Reform Act\u201d), making significant changes to the Internal Revenue Code. The Tax Reform Act has significant direct and indirect implications for accounting for income taxes under ASC 740, \u201cAccounting for Income Taxes\u201d some of which could not be calculated with precision until further clarification and guidance was made available from tax authorities, regulatory bodies or the FASB. In light of this uncertainty, on December 22, 2017 the SEC issued Staff Accounting Bulletin (\u201cSAB\u201d) No. 118, \u201cIncome Tax Accounting Implications of the Tax Cuts and Jobs Act,\u201d to address uncertainty in the application of U.S. GAAP when the registrant does not have the necessary information available, prepared, or analyzed (including computations) in reasonable detail to complete the accounting for certain income tax effects of the Tax Reform Act. In accordance with SAB 118, Teradyne recorded $186.0 million of additional income tax expense in the fourth quarter of 2017 which represented Teradyne\u2019s best estimate of the impact of the Tax Reform Act in accordance with Teradyne\u2019s understanding of the Tax Reform Act and available guidance as of that date. The $186.0 million was primarily composed of expense of $161.0 million related to the one-time transition tax on the mandatory deemed repatriation of foreign earnings, $33.6 million of expense related to the remeasurement of certain deferred tax assets and liabilities based on the rates at which they are expected to reverse in the future, and a benefit of $10.3 million associated with the impact of correlative adjustments on uncertain tax positions. In accordance with the requirements of SAB 118, in the fourth quarter of 2018, Teradyne completed its analysis of the effect of the Tax Reform Act based on the application of the most recently available guidance as of December 31, 2018 and recorded $49.5 million of net income tax benefit. The net benefit consisted of $51.7 million of benefit resulting from a reduction in the estimate of the one-time transition tax on the mandatory deemed repatriation of foreign earnings and an expense of $2.2 million associated with the impact of correlative adjustments on uncertain tax positions.\n\n | 2019 | 2018 | 2017 \n------------------------------------ | -------- | -------------- | --------\n | | (in thousands) | \nIncome before income taxes | | | \nU.S | $192,442 | $189,691 | $76,699 \nNon-U.S | 333,330 | 278,110 | 447,713 \n | $525,772 | $467,801 | $524,412\nProvision (benefit) for income taxes | | | \nCurrent: | | | \nU.S. Federal | $19,297 | $(59,122) | $162,679\nNon-U.S | 52,810 | 45,083 | 64,313 \nState | (4,347) | 1,721 | 2,623 \n | 67,760 | (12,318) | 229,615 \nDeferred: | | | \nU.S. Federal | (4,522) | 29,252 | 43,687 \nNon-U.S | (8,007) | (1,243) | (6,476) \nState | 3,073 | 331 | (106) \n | (9,456) | 28,340 | 37,105 \nTotal provision for income taxes | $58,304 | $16,022 | $266,720"} {"_id": "d1b3b9f92", "title": "", "text": "RECENT DEVELOPMENTS AND RESULTS OF OPERATIONS\nThe results of operations that follow have first been divided into (a) our controlling interests in our publicly-traded subsidiaries Teekay LNG and Teekay Tankers and (b) Teekay Parent.\nWithin these groups, we have further subdivided the results into their respective lines of business. The following table (a) presents revenues and income (loss) from vessel operations for each of Teekay LNG and Teekay Tankers, and for Teekay Parent, and (b) reconciles these amounts to our consolidated financial statements.\n(1) During 2019, Teekay Tankers' ship-to-ship transfer business provided operational and maintenance services to Teekay LNG Bahrain Operations L.L.C., an entity wholly-owned by Teekay LNG, for the LNG receiving and regasification terminal in Bahrain. Also during 2019, the Magellan Spirit LNG carrier was chartered by Teekay LNG to Teekay Parent for a short period of time. During 2018, Teekay Parent chartered in two LNG carriers from Teekay LNG until March and April 2018.\n\n | Revenues | | Income (loss) from vessel operations | \n------------------------------- | --------- | --------- | ------------------------------------ | -------\n(in thousands of U.S. dollars) | 2019 | 2018 | 2019 | 2018 \nTeekay LNG | 601,256 | 510,762 | 299,253 | 148,599\nTeekay Tankers | 943,917 | 776,493 | 123,883 | 7,204 \nTeekay Parent | 413,806 | 451,659 | (219,094) | 8,516 \nElimination of intercompany (1) | (13,588) | (10,426) | \u2014 | \u2014 \nTeekay Corporation Consolidated | 1,945,391 | 1,728,488 | 204,042 | 164,319"} {"_id": "d1b3be34e", "title": "", "text": "Note 4. Expenses\nAccounting policy for expenses\nOperating lease costs\nOperating lease payments, net of any incentives received from the lessor, are charged to profit or loss on a straight-line basis over the term of the lease.\nFinance costs\nAll finance costs are expensed in the period in which they are incurred.\nResearch and development costs\nExpenditure on research activities, undertaken with the prospect of obtaining new technical knowledge and understanding, is recognised in the statement of profit or loss and other comprehensive income as an expense when it is incurred.\nExpenditure on development activities is charged as incurred, or deferred where these costs are directly associated with either integration of acquired technology or the development of new technology and it is determined that the technology has reached technological feasibility. Costs are deferred to future periods to the extent that they are expected beyond any reasonable doubt to be recoverable. The costs capitalised comprises directly attributable costs, including costs of materials, services and direct labour. Deferred costs are amortised from the date of commercial release on a straight-line basis over the period of the expected benefit, which varies from 2 to 10 years.\n\nConsolidated | | \n------------------------------------------------------------------ | ------ | ------\n | 2019 | 2018 \n | US$000 | US$000\nProfit before income tax includes the following specific expenses: | | \nIncluded in professional advice expense | | \nCosts associated with acquisitions | 244 | 572 \nFinance costs | | \nInterest and finance charges paid/payable | 1 | 2 \nUnwinding of the discount on provisions | 199 | 60 \nFinance costs expensed | 200 | 62 \nOperating leases included in income statement | | \nOffice rent | 4,339 | 3,538 \nEquipment | 12 | 16 \nMotor vehicle | 51 | 96 \nTotal expense relating to operating leases | 4,402 | 3,650 \nPost-employment benefits | | \nPost-employment benefits: defined contribution | 2,169 | 1,870 \nResearch and development costs expensed | | \nResearch and development costs incurred | 18,478 | 17,793"} {"_id": "d1b3a0da8", "title": "", "text": "21. Supplemental Data\nThe following are additional required disclosures and other material items:\n\n | | Years Ended June 30, | \n------------------------------------------------------------ | ------ | -------------------- | -------\n($ in millions) | 2019 | 2018 | 2017 \nCost Data: | | | \nRepairs and maintenance costs | $120.4 | $108.0 | $99.1 \nCash Flow Data: | | | \nNoncash investing and financing activities: | | | \nNoncash purchases of property, plant, equipment and software | $16.1 | $16.5 | $13.7 \nCash paid (received) during the year for: | | | \nInterest payments, net | $27.6 | $29.5 | $27.7 \nIncome tax payments (refunds), net | $27.5 | $33.7 | $(33.3)"} {"_id": "d1b3c1404", "title": "", "text": "15 Financial risk management (continued)\n(b) Credit risk\nCredit risk arises from cash and cash equivalents, and trade and other receivables.\n(ii) Trade and other receivables\nCustomer credit risk is managed subject to the Group\u2019s established policy, procedures and control relating to customer credit risk management. Credit evaluations are performed on all customers. Outstanding customer receivables are monitored regularly.\nThe Group aims to minimise concentration of credit risk by undertaking transactions with a large number of customers. In addition, receivable balances are monitored on an ongoing basis with the intention that the Group\u2019s exposure to bad debts is minimised.\nRevenues from data centre services of $61.2 million were derived from two customers (2018: $44.4 million from one customer) whose revenue comprised more than 37% (2018: 29%) of total data centre services revenue.\nThe maximum exposure to credit risk at the end of the reporting period is the carrying value of each class of the financial assets mentioned above and each class of receivable disclosed in Note 5. The Group does not require collateral in respect of financial assets.\nThe Group applies the simplified approach to providing for expected credit losses prescribed by AASB 9, which permits the use of the lifetime expected loss provision for all trade receivables. The loss allowance provision as at 30 June 2019 is determined as follows; the expected credit losses below also incorporate forward looking information.\n\n30 June 2019 | Current | 0 to 30 days past due | 31 to 60 days past due | More than 60 days past due | Total \n------------------------ | ------- | --------------------- | ---------------------- | -------------------------- | ------\n | $'000 | $'000 | $'000 | $'000 | $'000 \nExpected loss rate | 1% | 5% | 7.5% | 20% | - \nGross carrying amount | 23,762 | 2,068 | 787 | 1,703 | 28,320\nLoss allowance provision | 238 | 103 | 59 | 341 | 741 \nNet receivables | 23,524 | 1,965 | 728 | 1,362 | 27,579"} {"_id": "d1b35e1e2", "title": "", "text": "Section 6: Our investments\nThis section outlines our group structure and includes information about our controlled and associated entities. It provides details of changes to these investments and their effect on our financial position and performance during the financial year. It also includes the results of our associated entities.\n6.1 Parent entity disclosures\nThe accounting policies of the parent entity, iSelect Limited, which have been applied in determining the financial information shown below, are the same as those applied in the consolidated financial statements except for accounting for investments in subsidiaries which are measured at cost.\nThere are no contractual or contingent liabilities of the parent as at reporting date (2018: $nil). iSelect Limited has issued bank guarantees and letters of credit to third parties for various operational purposes. It is not expected these guarantees will be called on.\n\n | CONSOLIDATE | \n--------------------------------------------- | ----------- | ----------\n | 2019 $\u2019000 | 2018 $\u2019000\nFinancial Position | | \nAssets | | \nCurrent Assets | 4,297 | 7,869 \nNon-Current Assets | 165,165 | 174,810 \nTotal Assets | 169,462 | 182,679 \nLiabilities | | \nCurrent Liabilities | 92,352 | 93,067 \nTotal Liabilities | 92,352 | 93,067 \nNet Assets | 77,110 | 89,612 \nEquity | | \nContributed Equity | 111,290 | 111,066 \nReserves | 3,960 | 3,198 \nAccumulated Losses | (38,140) | (24,652) \nTotal Equity | 77,110 | 89,612 \nFinancial Performance | | \nLoss of the parent entity | (4,812) | (163) \nTotal comprehensive loss of the parent entity | (4,812) | (163) "} {"_id": "d1b2e7a06", "title": "", "text": "7. Property, Plant and Equipment and Leases\nProperty, plant and equipment at April 30, 2019 and 2018, consisted of the following (in thousands):\nDepreciation and amortization expense for the years ended April 30, 2019 and 2018 was $2,802,000 and $2,484,000, respectively.\nMaintenance and repairs charged to operations for the years ended April 30, 2019 and 2018 was approximately $309,000 and $466,000, respectively.\nThe Company leases its Long Island, New York headquarters building. On July 25, 2018, the Company signed an amendment to the lease which extends the current lease terms ten years and eight months through September 30, 2029. Pursuant to the amendment to the lease agreement, the annual rent will increase from $1,046,810 in 2019 to $1,276,056 in 2029. Under the terms of the lease, the Company is required to pay its proportionate share of real estate taxes, insurance and other charges.\nIn addition, the Company\u2019s subsidiaries in New Jersey and California lease their office and manufacturing facilities. On February 1, 2018, FEI-Elcom entered into a new lease agreement in New Jersey for office and manufacturing space encompassing approximately 9,000 square feet. The monthly rent is $9,673 through the end of the lease which expires in January 31, 2021. FEI-Zyfer has signed a second amendment to its lease in California, which extends the lease an additional 88 months, beginning October 1, 2017 and expiring January 31, 2025. The average annual rent over the period of the amendment is approximately $312,000. FEI-Zyfer leases office and manufacturing space encompassing 27,850 square feet.\nRent expense under operating leases for the years ended April 30, 2019 and 2018 was approximately $1.2 million and $1.7 million, respectively. The Company records rent expense on its New York building and FEI-Zyfer facility on the straight-line method over the lives of the respective leases. As a result, as of April 30, 2019 and 2018, the Company\u2019s Consolidated Balance Sheet included deferred rent payable of approximately $236,000 and $110,000, respectively, which will be recognized over the respective rental periods.\n\n | 2019 | 2018 \n----------------------------------- | --------- | --------\nBuildings and building improvements | $2,692 | $2,790 \nMachinery, equipment and furniture | 57,157 | 57,503 \n | 59,849 | 60,293 \nLess, accumulated depreciation | (46,811 ) | (46,166)\n | $13,038 | $ 14,127"} {"_id": "d1b3734e8", "title": "", "text": "Valuation of Goodwill\nGoodwill balances by reporting unit are as follows:\nGoodwill represents the purchase price paid in excess of the fair value of net tangible and intangible assets acquired. Goodwill is not amortized but is subject to an impairment test at a reporting unit level on an annual basis and when circumstances indicate that an impairment is more-likely-than-not. Such circumstances that might indicate an impairment is more-likely-than-not include a significant adverse change in the business climate for one of our reporting units or a decision to dispose of a reporting unit or a significant portion of a reporting unit. The test for goodwill impairment is a two-step process. The first step of the test is performed by comparing the fair value of each reporting unit to its carrying amount, including recorded goodwill. If the carrying amount of a reporting unit exceeds its fair value, the second step is performed to measure the amount of the impairment, if any, by comparing the implied fair value of goodwill to its carrying amount. Any resulting impairment would be recorded in the current period.\nDetermining the fair value of a reporting unit for purposes of the goodwill impairment test or for changes in our operating structure is judgmental in nature and involves the use of estimates and assumptions. These estimates and assumptions could have a significant impact on whether or not an impairment charge is recognized and also the magnitude of any such charge. Estimates of fair value are primarily determined using discounted cash flows and market multiples from publicly traded comparable companies. These approaches use significant estimates and assumptions including projected future cash flows, discount rate reflecting the inherent risk in future cash flows, perpetual growth rate and determination of appropriate market comparables.\nWe evaluate our reporting units when changes in our operating structure occur, and if necessary, reassign goodwill using a relative fair value allocation approach. As described in Note 18 to our Consolidated Financial Statements in Item 8 of this Form 10-K, beginning on October 1, 2017, we concluded that CMS became a separate operating segment. In conjunction with the changes to reporting units, we reassigned goodwill between CGD and CMS based on their relative fair values as of October 1, 2017. We estimated the fair value of CGD and CMS at October 1, 2017 based upon market multiples from publicly traded comparable companies in addition to discounted cash flows models for CMS and for a combination of CGD and CMS based on discrete financial forecasts developed by management for planning purposes. Cash flows beyond the discrete forecasts were estimated based on projected growth rates and financial ratios, influenced by an analysis of historical ratios and by calculating a terminal value at the end of the discrete financial forecasts. For the October 1, 2017 valuations, future cash flows were discounted to present value using a discount rate of 13% for our CMS reporting unit and 11% for the combination of our CGD and CMS reporting units.\nFor the first step of our fiscal 2019 annual impairment test, we estimated the fair value of CTS based upon market multiples from publicly traded comparable companies and for CGD and CMS, we estimated the fair value based upon a combination of market multiples from publicly traded comparable companies and discounted cash flow models. The discounted cash flows were based on discrete three-year financial forecasts developed by management for planning purposes. Cash flows beyond the discrete forecasts were estimated based on projected growth rates and financial ratios, influenced by an analysis of historical ratios and by calculating a terminal value at the end of the three-year forecasts. The future cash flows were discounted to present value using a discount rate of 15% for CGD and 12.5% for CMS. The results of our 2019 annual impairment test indicated that the estimated fair value for our CTS and CGD reporting units exceeded their carrying amounts by over 100%, while the estimated fair value of our CMS reporting unit exceeded its carrying amount by over 60%.\nUnforeseen negative changes in future business or other market conditions for any of our reporting units including margin compression or loss of business, could cause recorded goodwill to be impaired in the future. Also, changes in estimates and assumptions we make in conducting our goodwill assessment could affect the estimated fair value of our reporting units and could result in a goodwill impairment charge in a future period.\n\nSeptember 30, | 2019 | 2018 | 2017 \n---------------------------- | -------- | ------------- | --------\n | | (in millions) | \nCubic Transportation Systems | $ 254.6 | $ 49.8 | $ 50.9 \nCubic Mission Solutions | 181.4 | 138.1 | \u2014 \nCubic Global Defense | 142.1 | 145.7 | 270.7 \nTotal goodwill | $ 578.1 | $ 333.6 | $ 321.6"} {"_id": "d1b36fb72", "title": "", "text": "Other Income (Expense), Net\nOther expense, net decreased by $31 thousand in 2019 compared to 2018 as a result of the recognition of a $1.4 million loss on extinguishment related to the partial repurchase of our 2022 Notes and a $1.1 million increase in interest expense related to our convertible senior notes, offset by an increase of $2.7 million of interest income earned on our investment as a result of proceeds invested from our convertible note and common stock offerings.\n\n | Year Ended December 31, | | Change | \n------------------ | ----------------------- | ---------------------- | ------ | ------\n | 2019 | 2018 | $ | % \n | | (dollars in thousands) | | \nOther expense, net | $ 4,597 | $ 4,628 | $ (31) | (0.7)%\n% of revenue | 2% | 3% | | "} {"_id": "d1b3aa1a0", "title": "", "text": "F. INVENTORIES\nInventories, net consisted of the following at December 31, 2019 and 2018:\nInventory reserves for the years ended December 31, 2019 and 2018 were $103.6 million and $100.8 million, respectively.\n\n | 2019 | 2018 \n--------------- | -------------- | --------\n | (in thousands) | \nRaw material | $118,595 | $89,365 \nWork-in-process | 32,695 | 31,014 \nFinished goods | 45,401 | 33,162 \n | $196,691 | $153,541"} {"_id": "d1b376cb0", "title": "", "text": "NOTE 14. INCOME (LOSS) PER SHARE (EPS)\nBasic EPS is calculated under the two-class method under which all earnings (distributed and undistributed) are allocated to each class of common stock and participating securities based on their respective rights to receive dividends. Our outstanding convertible preferred stocks are considered participating securities as the holders may participate in undistributed earnings with holders of common shares and are not obligated to share in our net losses.\nDiluted EPS is computed by dividing the net income attributable to RiceBran Technologies common shareholders by the weighted average number of common shares outstanding during the period increased by the number of additional common shares that would have been outstanding if the impact of assumed exercises and conversions is dilutive. The dilutive effects of outstanding options, warrants, nonvested shares and restricted stock units that vest solely on the basis of a service condition are calculated using the treasury stock method. The dilutive effects of the outstanding preferred stock are calculated using the if-converted method.\nBelow are reconciliations of the numerators and denominators in the EPS computations, and information on potentially dilutive securities.\nThe impacts of potentially dilutive securities outstanding at December 31, 2019 and 2018, were not included in the calculation of diluted EPS in 2019 and 2018 because to do so would be anti-dilutive. Those securities listed in the table above which were anti-dilutive in 2019 and 2018, which remain outstanding, could potentially dilute EPS in the future.\n\nYear Ended December 31 | | \n------------------------------------------------------------------------------------------------------------------------------------------------------------------------ | ---------- | ----------\n | 2019 | 2018 \nNUMERATOR: Basic and diluted - loss from continuing operations (in thousands) | $ (13,735) | $ (8,101) \nDENOMINATOR: Basic and diluted - weighted average number of common shares outstanding (in thousands) | 32,359,316 | 22,099,149\nNumber of shares of common stock which could be purchased with weighted average outstanding securities not included in diluted EPS because effect would be antidilutive: | | \nStock options | 1,024,811 | 911,264 \nWarrants | 8,443,547 | 16,383,944\nConvertible preferred stock | 224,848 | 581,680 \nRestricted stock units | 1,235,287 | 623,603 \nWeighted average number of nonvested shares of common stock not included in diluted EPS because effect would be antidilutive | 659,581 | 1,169,986 "} {"_id": "d1b3c2bce", "title": "", "text": "Stock-based compensation\nThe Company recognized $2.3 million, $2.1 million and $1.9 million of stock-based compensation expense for the years ended March 31, 2019, 2018 and 2017, respectively, as follows:\nStock-based compensation expense in the years ended March 31, 2019, 2018 and 2017 included $211,000, $207,000 and $150,000, respectively, related to the Company\u2019s Employee Stock Purchase Plan.\n\n | | Year Ended March 31, | \n----------------------------------- | ------ | --------------------- | ------\n | 2019 | 2018 | 2017 \n | | (In thousands) | \nCost of revenues | $234 | $259 | $282 \nResearch and development | 1,310 | 1,141 | 980 \nSelling, general and administrative | 722 | 670 | 615 \nTotal | $2,266 | $2,070 | $1,877"} {"_id": "d1b3b46be", "title": "", "text": "Principal Activities\nThe principal activities during the financial year within the Group were health, life and car insurance policy sales, mortgage brokerage, energy, broadband and financial referral services. There have been no significant changes in the nature of these activities during the year.\nReview of results and operations1\nSummary of financial results\n1 Throughout this report, certain non-IFRS information, such as EBITDA, EBIT, Net Profit after Tax (NPAT), Earnings Per Share (EPS), Conversion Ratio, Leads and Revenue Per Sale (RPS) are used. Earnings before interest and income tax expense (EBIT) reflects profit for the year prior to including the effect of net finance costs and income taxes. Earnings before interest, income tax expense, depreciation and amortisation and loss on associate (EBITDA) reflects profits for the year prior to including the effect of net finance costs, income taxes, depreciation and amortisation and loss on associate. The individual components of EBITDA and EBIT are included as line items in the Consolidated Statement of Profit or Loss and Other Comprehensive Income. Non-IFRS information is not audited. Reference to underlying results excludes the financial impacts of iMoney performance, impairment losses and write-offs from discontinued assets and operations, and material one-off transactions resulting from operations which are no longer core to the business.\n2 Refer to the Reported versus Underlying Results reconciliation on page 112. The reconciliation forms part of the Review of Results and Operations\n3 Restated due to retrospective adoption of new Accounting Standards.\n\n | 2019 $\u2019000 | 2018 $\u2019000 RESTATED3 | CHANGE\n---------------------------------------------------- | ----------- | -------------------- | ------\nContinuing Operations | | | \nOperating revenue | 154,159 | 176,931 | (13%) \nGross profit | 52,963 | 45,139 | 17% \nEBITDA | 7,202 | 10,878 | (34%) \nEBIT | (1,040) | 1,405 | (174%)\nNPAT | (2,003) | 1,089 | (284%)\nReported Results (including discontinued operations) | | | \nOperating revenue | 154,585 | 178,139 | (13%) \nGross profit | 53,225 | 45,944 | 16 \nEBITDA | 6,062 | (5,700) | 206 \nEBIT | (2,252) | (15,278) | 85 \nNPAT | (4,360) | (15,640) | 72 \nEPS (cents) | (1.7) | (7.0) | 76 \nUnderlying Results | | | \nUnderlying EBITDA2 | 22,866 | 15,739 | 45 \nUnderlying EBIT2 | 15,151 | 8,537 | 77 \nUnderlying NPAT2 | 11,062 | 6,732 | 64 \nUnderlying EPS2 | 5.1 | 3.1 | 65 "} {"_id": "d1b3975be", "title": "", "text": "GasLog Ltd. and its Subsidiaries\nNotes to the consolidated financial statements (Continued)\nFor the years ended December 31, 2017, 2018 and 2019\n(All amounts expressed in thousands of U.S. Dollars, except share and per share data)\n14. Other Payables and Accruals\nAn analysis of other payables and accruals is as follows:\nThe unearned revenue represents charter hires received in advance in December 2019 relating to the hire period of January 2020 for 22 vessels (December 2018: 17 vessels).\n\n | As of December 31, | \n----------------- | ------------------ | -------\n | 2018 | 2019 \nUnearned revenue | 38,680 | 48,183 \nAccrued off-hire | 7,376 | 6,968 \nAccrued purchases | 18,578 | 9,759 \nAccrued interest | 38,107 | 36,746 \nOther accruals | 24,709 | 34,586 \nTotal | 127,450 | 136,242"} {"_id": "d1b343d6a", "title": "", "text": "Note 3. Revenue from Contracts with Customers\nContract Assets\nOur contract assets consist of capitalized commission costs and upfront payments made to customers. The current portion of capitalized commission costs and upfront payments made to customers are included in other current assets within our consolidated balance sheets. The non-current portion of capitalized commission costs and upfront payments made to customers are reflected in other assets within our consolidated balance sheets. Our amortization of contract assets during the years ended December 31, 2019 and 2018 were $2.4 million and $2.0 million, respectively. There were no amortized commission costs during the year ended December 31, 2017.\nWe review the capitalized costs for impairment at least annually. Impairment exists if the carrying amount of the asset recognized from contract costs exceeds the remaining amount of consideration we expect to receive in exchange for providing the goods and services to which such asset relates, less the costs that relate directly to providing those good and services and that have not been recognized as an expense. We did not record an impairment loss on our contract assets during the years ended December 31, 2019, 2018 and 2017.\nThe changes in our contract assets are as follows (in thousands):\n\n | Year Ended December 31, | \n------------------------------------------------------------------------- | ----------------------- | -------\n | 2019 | 2018 \nBeginning of period balance | $2,881 | $\u2014 \nCommission costs and upfront payments to a customer capitalized in period | 4,141 | 4,864 \nAmortization of contract assets | (2,444) | (1,983)\nEnd of period balance | $4,578 | $2,881 "} {"_id": "d1b3c1cba", "title": "", "text": "2. CONCENTRATIONS OF CREDIT RISK\nThe Company\u2019s principal financial instrument subject to potential concentration of credit risk is accounts receivable, which is unsecured. The Company provides an allowance for doubtful accounts equal to estimated losses expected to be incurred in the collection of accounts receivable. The Company has adopted credit policies and standards intended to accommodate industry growth and inherent risk and it believes that credit risks are moderated by the financial stability of its major customers, conservative payment terms and the Company\u2019s strict credit policies.\nRevenue from significant customers, those representing 10% or more of revenue for the respective periods, are summarized as follows:\nThe Company provided its products to Apple through sales to multiple contract manufacturers.\nThese customers primarily purchase RF and Wi-Fi solutions for cellular base stations and a variety of mobile devices, including smartphones, wearables, laptops, tablets and cellular-based applications for the IoT.\nAccounts receivable related to these customers (which includes multiple contract manufacturers) accounted for 49%, 26%, and 40% of the Company\u2019s total net accounts receivable balance as of March 30, 2019, March 31, 2018 and April 1, 2017, respectively.\nOn May 16, 2019, the Bureau of Industry and Security (BIS) of the U.S. Department of Commerce placed Huawei and 68 of its non-U.S. affiliates on the \u201centity list\u201d under Export Administration Regulations (EAR), which had the effect of prohibiting all future sales by the Company of any product to Huawei or its affiliates, absent obtaining a license from BIS. While BIS has broad authority to issue licenses, the rulemaking imposes a presumption that licenses will be denied.\nAlthough Huawei is not prohibited from paying (and the Company is not restricted from collecting) accounts receivable for products sold to Huawei prior to the BIS action, the credit risks associated with these accounts may have increased as a result of this development. As of the date of this report, the Company is unable to predict the scope or duration of the new EAR restrictions on Huawei or the impact to the Company\u2019s business or future results of operations.\n\n | | Fiscal Year | \n---------------------------------------- | ---- | ----------- | ----\n | 2019 | 2018 | 2017\nApple Inc. (\u201cApple\u201d) | 32% | 36% | 34% \nHuawei Technologies Co., Ltd. (\u201cHuawei\u201d) | 13% | 8% | 11% "} {"_id": "d1b3be84e", "title": "", "text": "Other Income (Expense)\nInterest Income\nInterest income represents interest earned on our cash, cash equivalents, and investments.\nInterest income increased by $16.9 million in fiscal year 2019. The increase in our interest income is associated with the increase in invested funds, primarily as a result of proceeds of approximately $600 million related to the common stock and convertible note offering in March 2018 and, to a lesser extent, higher yields on those invested funds.\nInterest Expense\nInterest expense includes both stated interest and the amortization of debt discount and issuance costs associated with the $400.0 million aggregate principal amount of our Convertible Senior Notes that were issued in March 2018. Accordingly, interest expense in fiscal year 2019 is higher than fiscal year 2018 as the notes were only outstanding for part of fiscal year 2018.\nInterest expense increased $10.9 million in fiscal year 2019, compared to the same period a year ago. Interest expense for fiscal year 2019 consists of noncash interest expense of $12.2 million related to the amortization of debt discount and issuance costs and stated interest of $5.0 million.\nOther Income (Expense), Net\nOther income (expense), net consists primarily of foreign exchange gains and losses resulting from fluctuations in foreign exchange rates on monetary asset and monetary liability balances that are denominated in currencies other than the functional currency of the entity in which they are recorded. We currently have entities with a functional currency of the Argentine Peso, Australian Dollar, Brazilian Real, British Pound, Canadian Dollar, Euro, Japanese Yen, Malaysian Ringgit, and Polish Zloty.\nWe realized a net currency exchange loss of $1.9 million in fiscal year 2019 as compared to a net currency exchange gain of $0.5 million in fiscal year 2018 as a result of exchange rate movements on foreign currency denominated accounts against the US Dollar.\n\n | Fiscal years ended July 31, | | | \n--------------------------- | --------------------------- | ---------------------------------- | -------- | -----\n | 2019 | 2018 | Change | \n | Amount | Amount | ($) | (%) \n | | (In thousands, except percentages) | | \nInterest income | $30,182 | $13,281 | 16,901 | 127 \nInterest expense | $(17,334) | $(6,442) | (10,892) | 169 \nOther income (expense), net | $(1,867) | $509 | (2,376) | (467)"} {"_id": "d1b30d954", "title": "", "text": "Operating assets and liabilities\n5 Trade and other receivables\n(a) Trade receivables\n(i) Classification as trade receivables\nTrade receivables are amounts due from customers for goods sold or services performed in the ordinary course of business. They are generally due for settlement within 30 - 60 days and therefore are all classified as current. Trade receivables are recognised initially at the amount of consideration that is unconditional unless they contain significant financing components, when they are recognised at fair value. The Group holds the trade receivables with the objective to collect the contractual cash flows and therefore measures them subsequently at amortised cost using the effective interest method.\n(ii) Fair values of trade and other receivables\nDue to the short-term nature of the trade and other receivables, their carrying amount is considered to be the same as their fair value.\n(iii) Impairment and risk exposure\nInformation about the Group's impairment policies, calculation of loss allowance and exposure to credit risk, foreign currency risk and interest rate risk can be found in note 15.\n(b) Interest receivable\nInterest receivable relates to interest accrued on term deposits. Credit risk of this is assessed in the same manner as cash and cash equivalents which is detailed in note 15.\n\n | | 30 June 2019 | 30 June 2018\n------------------------------- | ---- | ------------ | ------------\n | Note | $'000 | $'000 \nTrade receivables | 5(a) | 28,320 | 36,522 \nLoss allowance (see note 15(b)) | | (741) | (1,254) \n | | 27,579 | 35,268 \nInterest receivable | 5(b) | 54 | 27 \nGST receivable | | 6,222 | 162 \nOther receivables | | 1 | 1,629 \nTotal | | 33,856 | 37,086 "} {"_id": "d1b2fd590", "title": "", "text": "NOTE 10 \u2013 COMMON STOCK PURCHASE WARRANTS\nOur warrant activity during the years ended December 31, 2019 and 2018 is shown below (in thousands except price data):\nIn connection with the issuance of the $10.0 million secured promissory notes in December 2013, we issued common stock purchase warrants (\u201cwarrants\u201d) exercisable for 60 thousand shares of our common stock having an exercise price of $2.52 per share (after giving effect to our one-for-five reverse stock split) with an expiration date in December 2020. These warrants contain a cashless exercise feature (See Note 7).\nAs part of our July 2017 private placement transaction with Mr. Schutte, we issued warrants to purchase 1,782,531 shares of our common stock. The warrants are immediately exercisable at a price of $0.528 per share and expire five years after issuance (See Note 8). We have assigned a relative fair value of $495 thousand to the warrants out of the total $4.0 million proceeds from the private placement transaction and have accounted for these warrants as equity.\nOn June 28, 2019 as part of the changes made to the loan agreements we had with Mr. Schutte, each having an original due date of January 2, 2020, we issued to him a warrant to purchase 10.0 million shares of our common stock exercisable at a price of $0.01 per share and expire five years after issuance. We obtained a valuation of fair value on the warrant and $1.145 million was allocated to the warrant and accounted for as equity. (see Note 7 and Note 8). The warrant was assigned and transferred by Mr. Schutte to AD Pharma on June 28, 2019.\n\n | | | December 31, | \n-------------------- | ------ | -------- | ------------ | --------\n | | 2019 | | 2018 \n | | WAvg | | WAvg \n | | Exercise | | Exercise\n | Number | Price | Number | Price \nOutstanding, Jan. 1 | 1,842 | $0.59 | 1,842 | $0.59 \nIssued | 10,000 | 0.01 | - | - \nExercised | - | - | - | - \nExpired | - | - | - | - \nModification | - | - | - | - \nOutstanding, Dec. 31 | 11,842 | 0.10 | 1,842 | $0.59 "} {"_id": "d1b397ece", "title": "", "text": "ADVANCED ENERGY INDUSTRIES, INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS \u2013 (continued) (in thousands, except per share amounts)\nThe final fair values of the assets acquired and liabilities assumed from our acquisitions in 2018 are as follows:\n\n | Trek | Electrostatic Product Line | LumaSense | Total \n--------------------------------------- | ------- | -------------------------- | --------- | --------\nAccounts and other receivable, net | $ 2,818 | $ 77 | $ 7,167 | $ 10,062\nInventories | 3,941 | 292 | 9,372 | 13,605 \nProperty and equipment | 594 | 50 | 1,353 | 1,997 \nGoodwill | \u2014 | 1,220 | 36,258 | 37,478 \nIntangible assets | 788 | 1,400 | 43,240 | 45,428 \nDeferred income tax assets | 606 | \u2014 | 6,331 | 6,937 \nOther assets | 854 | \u2014 | 6,004 | 6,858 \nTotal assets acquired | 9,601 | 3,039 | 109,725 | 122,365 \nAccounts payable | 747 | 39 | 5,734 | 6,520 \nDeferred income tax liabilities | \u2014 | \u2014 | 11,699 | 11,699 \nOther liabilities | 2,782 | \u2014 | 7,608 | 10,390 \nTotal liabilities assumed | 3,529 | 39 | 25,041 | 28,609 \nTotal fair value of net assets acquired | $ 6,072 | $ 3,000 | $ 84,684 | $ 93,756"} {"_id": "d1b333fe6", "title": "", "text": "1998 Employee Qualified Stock Purchase Plan (\u201cESPP\u201d)\nUnder Autodesk\u2019s ESPP, which was approved by stockholders in 1998, eligible employees may purchase shares of Autodesk\u2019s common stock at their discretion using up to 15% of their eligible compensation, subject to certain limitations, at 85% of the lower of Autodesk's closing price (fair market value) on the offering date or the exercise date. The offering period for ESPP awards consists of four, six-month exercise periods within a 24-month offering period.\nAt January 31, 2019, a total of 8.1 million shares were available for future issuance. Under the ESPP, the Company issues shares on the first trading day following March 31 and September 30 of each fiscal year. The ESPP does not have an expiration date.\nA\u00a0summary of the ESPP activity for the fiscal years ended January 31, 2019, 2018 and 2017 is as follows:\nAutodesk recorded $27.2 million, $25.7 million, and $25.9 million of compensation expense associated with the ESPP in fiscal 2019, 2018, and 2017, respectively.\n\n | | Fiscal year ended January 31, | \n----------------------------------------------------------------------- | ------ | ----------------------------- | ------\n | 2019 | 2018 | 2017 \nIssued shares | 1.0 | 2.0 | 2.3 \nAverage price of issued shares | $90.25 | $39.03 | $36.99\nWeighted average grant date fair value of awards granted under the ESPP | $42.75 | $32.41 | $19.20"} {"_id": "d1b362666", "title": "", "text": "Deferred income taxes reflect the net tax effects of temporary differences between the amounts of assets and liabilities for accounting purposes and the amounts used for income tax purposes. The components of the net deferred tax assets (liabilities) are as follows (amounts in millions):\nAs of December 31, 2019, we had gross tax credit carryforwards of $191 million for state purposes. The tax credit carryforwards are included in Deferred tax assets net of unrealized tax benefits that would apply upon the realization of uncertain tax positions. In addition, we had foreign NOL carryforwards of $32 million at December 31, 2019, attributed mainly to losses in France which can be carried forward indefinitely.\nWe evaluate deferred tax assets each period for recoverability. We record a valuation allowance for assets that do not meet the threshold of \u201cmore likely than not\u201d to be realized in the future. To make that determination, we evaluate the likelihood of realization based on the weight of all positive and negative evidence available. As a result of the Closing Agreement, we received in 2018, we determined at that time that our remaining California research and development credit carryforwards (\u201cCA R&D Credit\u201d) no longer met the threshold of more likely than not to be realized in the future. As such, consistent with our position at December 31, 2018, we have established a full valuation allowance against our CA R&D Credit. For the year ended December 31, 2019, the valuation allowance related to our CA R&D Credit is $71 million. We will reassess this determination quarterly and record a tax benefit if and when future evidence allows for a partial or full release of this valuation allowance.\nAs of December 31, 2017, we no longer consider the available cash balances related to undistributed earnings held outside of the U.S. by our foreign subsidiaries to be indefinitely reinvested.\n\n, | As of December 31, | \n------------------------------------------------ | ------------------ | -----\n | 2019 | 2018 \nDeferred tax assets: | | \nAllowance for sales returns and price protection | $19 | $25 \nAccrued expenses | 28 | 26 \nDeferred revenue | 119 | 136 \nTax attributes carryforwards | 93 | 81 \nShare-based compensation | 54 | 69 \nIntangibles | 1,289 | 43 \nU.S. deferred taxes on foreign earnings | \u2014 | 318 \nCapitalized software development expenses | 67 | \u2014 \nOther | 109 | 28 \nDeferred tax assets | 1,778 | 726 \nValuation allowance | (181) | (61) \nDeferred tax assets, net of valuation allowance | 1,597 | 665 \nDeferred tax liabilities: | | \nIntangibles | (142) | (140)\nCapitalized software development expenses | \u2014 | (57) \nU.S. deferred taxes on foreign earnings | (594) | \u2014 \nOther | (73) | (26) \nDeferred tax liabilities | (809) | (223)\nNet deferred tax assets | $788 | $442 "} {"_id": "d1b3bb6f8", "title": "", "text": "Greenhouse gas emissions\nSpirent is committed to acting to combat climate change and reporting its progress. Our total Scope 1 and 2 emissions dropped by 6.14 per cent from 2018, and our emissions per $ million of revenue were down by 10.9 per cent. We have reduced our total emissions by 29 per cent since our 2014 baseline.\nThe Group responded to the Carbon Disclosure Project in 2019, completing the Climate Change and Supply Chain questionnaires. In 2019 we achieved a Climate Change rating of B (management) (2018 C) and a Supplier Engagement rating of B (management) (2018 B). The average for our sector is C in both categories.\n\n | 2019 | 2018 \n-------------------------------------------------------------------- | -------------- | --------------\n | Tonnes of CO2e | Tonnes of CO2e\nEmissions from: | | \nCombustion of fuel and operation of facilities (Scope 1) | 144.7 | 137.2 \nElectricity, heat, steam and cooling purchased for own use (Scope 2) | 4,641.0 | 4,950.4 \nTotal emissions | 4,785.7 | 5,087.6 \nEmissions intensity metrics: | | \nNormalised per FTE employee | 3.46 | 3.57 \nNormalised per square metre of gross internal area of our facilities | 0.114 | 0.125 \nNormalised per $ million of revenues | 9.50 | 10.67 "} {"_id": "d1b360cc6", "title": "", "text": "Cash, Cash Equivalents and Restricted Cash\nAs of December 31, 2019, the Company had $259.1 million of cash and cash equivalents. Cash and cash equivalents include liquid investments, primarily money market funds, with maturities of less than 90 days at the time of purchase. Management determines the appropriate classification of its investments at the time of purchase and at each balance sheet date.\nAs of December 31, 2019 and December 31, 2018, the Company had restricted cash of $0.3 million, representing the amount pledged as collateral to the issuer of a standby letter of credit (the \u201cLC\u201d). The LC, which expires in August 2021, has been provided as a guaranty to the lessor of our corporate offices.\nThe following table provides a reconciliation of cash, cash equivalents and restricted cash reported within the consolidated balance sheet to the consolidated statement of cash flows (in thousands):\n\n | December 31, | \n------------------------------------------------------------------------------- | ------------ | --------\n | 2019 | 2018 \nCash and cash equivalents | $259,067 | $256,947\nRestricted cash included in other assets | 304 | 304 \nCash, cash equivalents and restricted cash shown in the statement of cash flows | $259,371 | $257,251"} {"_id": "d1b3a042a", "title": "", "text": "KEMET CORPORATION AND SUBSIDIARIES\nNotes to Consolidated Financial Statements (Continued)\nA summary of the expenses aggregated on the Consolidated Statements of Operations line item \u201cRestructuring charges\u201d in the fiscal years ended March 31, 2019, 2018 and 2017, is as follows (amounts in thousands):\nFiscal Year Ended March 31, 2019\nThe Company incurred $8.8 million in restructuring charges in the fiscal year ended March 31, 2019, including $2.8 million in personnel reduction costs and $6.0 million in relocation and exit costs. The personnel reduction costs of $2.8 million were primarily due to $0.9 million in costs related to headcount reductions in the TOKIN legacy group across various internal and operational functions, $0.3 million in severance charges related to personnel reductions in the Film and Electrolytic reportable segment resulting from a reorganization of the segment's management structure, and $1.6 million in costs related to reorganization in the Solid Capacitors reportable segment due to a permanent structural change driven by a decline of MnO2 products. The relocation and exit costs of $6.0 million were primarily due to $3.4 million in costs related to the Company's relocation of its tantalum powder equipment from Carson City, Nevada to its plant in Matamoros, Mexico and $2.3 million in costs related to the relocation of axial electrolytic production equipment from Granna, Sweden to its plant in Evora, Portugal.\nFiscal Year Ended March 31, 2018\nThe Company incurred $14.8 million in restructuring charges in the fiscal year ended March 31, 2018, including $12.6 million related to personnel reduction costs and $2.3 million of relocation and exit costs. The personnel reduction costs of $12.6 million were due to $5.2 million related to a voluntary reduction in force in the Film and Electrolytic reportable segment's Italian operations; $4.4 million related to a headcount reduction in the TOKIN legacy group across various internal and operational functions; $2.7 million in severance charges across various overhead functions in the Simpsonville, South Carolina office as these functions were relocated to the Company's new corporate headquarters in Fort Lauderdale, Florida; and $0.2 million in headcount reductions related to a European sales reorganization. The relocation and exit costs of $2.3 million included $0.9 million in lease termination penalties related to the relocation of global marketing, finance and accounting, and information technology functions to the Company's Fort Lauderdale office, $0.8 million in expenses related to the relocation of the K-Salt operations to the existing Matamoros, Mexico plant, $0.4 million in exit costs related to the shut-down of operations for KFM, and $0.1 million related to the transfer of certain Tantalum production from Simpsonville, South Carolina to Victoria, Mexico.\nFiscal Year Ended March 31, 2017\nThe Company incurred $5.4 million in restructuring charges in the fiscal year ended March 31, 2017, including $2.2 million related to personnel reduction costs and $3.2 million of relocation and exit costs. The personnel reduction costs of $2.2 million corresponded with the following: $0.3 million related to the consolidation of certain Solid Capacitor manufacturing in Matamoros, Mexico; $0.4 million for headcount reductions related to the shut-down of operations for KFM; $0.3 million related to headcount reductions in Europe (primarily Italy and Landsberg, Germany) corresponding with the relocation of certain production lines and laboratories to lower cost regions; $0.3 million for overhead reductions in Sweden; $0.3 million in U.S. headcount reductions related to the relocation of global marketing functions to the Company\u2019s Fort Lauderdale, Florida office; $0.3 million in headcount reductions related to the transfer of certain Tantalum production from Simpsonville, South Carolina to Victoria, Mexico; $0.2 million in overhead reductions for the relocation of research and development operations from Weymouth, England to Evora, Portugal; and $0.1 million in manufacturing headcount reductions related to the relocation of the K-Salt operations to the existing Matamoros, Mexico plant. The relocation and exit costs of $3.2 million included $1.9 million in expenses related to contract termination costs related to the shut-down of operations for KFM; $0.6 million in expenses related to the relocation of the K-Salt operations to the existing Matamoros, Mexico plant; $0.6 million for transfers of Film and Electrolytic production lines and R&D functions to lower cost regions; and $0.1 million related to the transfer of certain Tantalum production from Simpsonville, South Carolina to Victoria, Mexico.\n\n | | Fiscal Years Ended March 31, | \n------------------------- | ------ | ---------------------------- | ------\n | 2019 | 2018 | 2017 \nPersonnel reduction costs | $2,823 | $12,587 | $2,214\nRelocation and exit costs | 5,956 | 2,256 | 3,190 \nRestructuring charges | $8,779 | $14,843 | $5,404"} {"_id": "d1b337c7c", "title": "", "text": "Operating expenses\nnm\u2014not meaningful\nResearch and development expenses\nResearch and development expenses increased $19.6 million in the year ended March 31, 2019 compared to the year ended March 31, 2018, which was primarily attributable to increases in personnel-related costs of $11.8 million, share-based compensation expense of $3.6 million and information technology and facility costs of $1.6 million.\nResearch and development expenses for the year ended March 31, 2019 as compared to the year ended March 31, 2018 were positively impacted by approximately $0.5 million primarily as a result of the strengthening of the U.S. dollar relative to the British pound.\nPersonnel-related cost increased primarily as a result of salaries and benefits associated with increased headcount throughout the year, share-based compensation expense increased primarily as a result of share option grants since the prior year and information technology and facility costs increased primarily as a result of increased headcount.\nSales and marketing expenses\nSales and marketing expenses increased $17.9 million in the year ended March 31, 2019 compared to the year ended March 31, 2018, which was primarily attributable to increases in information technology and facilities costs of $5.3 million, personnel-related costs of $4.0 million, share-based compensation expense of $3.4 million, professional services of $2.7 million, travel and other costs of $1.2 million and marketing costs of $1.1 million.\nSales and marketing expenses for the year ended March 31, 2019 as compared to the year ended March 31, 2018 were positively impacted by approximately $1.5 million primarily as a result of the strengthening of the U.S. dollar relative to the Australian dollar, South African rand and British pound. Information technology and facilities costs and travel and other costs increased primarily as a result of increased headcount.\nPersonnel-related costs increased primarily as a result of salaries and benefits associated with increased headcount and commissions, partially offset by the impact of adopting ASC 606, which resulted in capitalizing $13.8 million of commissions that would have been expensed under the prior accounting rules. Share-based compensation expense increased primarily as a result of share option grants since the prior year. Professional services costs increased primarily due to increased consulting fees.\nGeneral and administrative expenses\nGeneral and administrative expenses increased $16.8 million in the year ended March 31, 2019 compared to the year ended March 31, 2018, which was primarily attributable to increases in personnel-related costs of $6.3 million, share-based compensation expense of $5.8 million, information technology and facilities costs of $1.9 million, professional services costs of $1.2 million and litigation-related expenses of $1.0 million. Personnel-related costs increased primarily as a result of salaries and benefits associated with increased headcount.\nShare-based compensation expense increased primarily as a result of share option grants since the prior year and to a lesser extent the impact of share option modifications. Information technology and facility costs increased primarily as a result of increased headcount. Professional services costs increased primarily due to acquisition-related expenses.\nRestructuring and Impairment of long-lived assets\nIn the second quarter of fiscal 2019, we recorded a revision to restructuring expense of $0.2 million related to the exit of our Watertown, Massachusetts corporate office space. In the fourth quarter of fiscal 2018, upon the exit of our Watertown, Massachusetts corporate office space, we recorded a restructuring charge of $0.8 million for the remaining non-cancelable rent and estimated operating expenses for the vacated premises, net of sublease rentals and we recorded a non-cash impairment charge of $1.7 million primarily related to leasehold improvements.\n\n | Year ended March 31, | | Period-to-period change | \n----------------------------------- | -------------------- | -------- | ----------------------- | --------\n | 2019 | 2018 | Amount | % Change\n | | | (dollars in thousands) | \nOperating expenses: | | | | \nResearch and development | $57,939 | $38,373 | $19,566 | 51% \nSales and marketing | 139,194 | 121,246 | 17,948 | 15% \nGeneral and administrative | 53,759 | 36,989 | 16,770 | 45% \nImpairment of long-lived assets | \u2014 | 1,712 | (1,712) | nm \nRestructuring | (170) | 832 | (1,002) | nm \nTotal operating expenses | $250,722 | $199,152 | $51,570 | 26% "} {"_id": "d1b399044", "title": "", "text": "Cash flows\nThe following table summarizes our cash flow activities in fiscal 2019 compared to fiscal 2018.\nOur cash flow activities in fiscal 2018 compared to fiscal 2017 were discussed under Liquidity, Capital Resources and Cash Requirement in Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations included in our Annual Report on Form 10-K for the fiscal year ended March 30, 2018.\n\n | Fiscal Year | \n------------------------------------------------ | ----------- | --------\n(In millions) | 2019 | 2018 \nNet cash provided by (used in): | | \nOperating activities | $1,495 | $957 \nInvesting activities | $(241) | $(21) \nFinancing activities | $(1,209) | $(3,475)\nIncrease (decrease) in cash and cash equivalents | $17 | $(2,473)"} {"_id": "d1b339a5e", "title": "", "text": "Item 6. Selected Financial Data\nThe following table sets forth selected consolidated financial data for each of the fiscal years ended June 30, 2019, 2018, 2017, 2016 and 2015 derived from the Company\u2019s audited financial statements (in thousands, except per share amounts). The consolidated financial data as of and for the years ended June 30, 2015 are derived from the audited financial statements which have not been adjusted for the adoption of Accounting Standards update 2014- 09, Revenue from Contracts with Customers (Topic 606). These tables should be reviewed in conjunction with the Consolidated Financial Statements in Item 8 and related Notes, as well as Item 7, \u201cManagement\u2019s Discussion and Analysis of Financial Condition and Results of Operations.\u201d Historical results may not be indicative of future results.\n(1) Operating income (loss) include the following operating expenses (in thousands):\n(2) \u00a0The significant increase in net revenues during the year ended June 30, 2018 was primarily due to the acquisitions of the Campus Fabric and Data Center Businesses.\n\n | | Year Ended June 30, | | | \n--------------------------------------------------------------- | --------- | ------------------- | -------- | --------- | ---------\n | 2019 | 2018 | 2017 | 2016 | 2015 \nConsolidated Statements of Operations Data: | | | | | \nNet revenues | $995,789 | $983,142 (2) | $607,084 | $519,834 | $552,940 \nOperating income (loss) (1) | $(14,726) | $(38,210) | $6,040 | $(30,029) | $(62,994)\nNet loss | $(25,853) | $(46,792) | $(1,744) | $(36,363) | $(71,643)\nNet loss per share \u2013 basic | $(0.22) | $(0.41) | $(0.02) | $(0.35) | $(0.72) \nNet loss per share \u2013 diluted | $(0.22) | $(0.41) | $(0.02) | $(0.35) | $(0.72) \nShares used in per share calculation \u2013 basic | 117,954 | 114,221 | 108,273 | 103,074 | 99,000 \nShares used in per share calculation \u2013 diluted | 117,954 | 114,221 | 108,273 | 103,074 | 99,000 "} {"_id": "d1b376ef4", "title": "", "text": "The following table summarizes the Qdoba results for each period (in thousands, except per share data):\nSelling, general and administrative expenses presented in the table above include corporate costs directly in support of Qdoba operations. All other corporate costs were classified in results of continuing operations. Our credit facility required us to make a mandatory prepayment (\u201cQdoba Prepayment\u201d) on our term loan upon the closing of the Qdoba Sale, which was $260.0 million. Interest expense associated with our credit facility was allocated to discontinued operations based on our estimate of the mandatory prepayment that was made upon closing of the Qdoba Sale.\nLease guarantees \u2014 While all operating leases held in the name of Qdoba were part of the Qdoba Sale, some of the leases remain guaranteed by the Company pursuant to one or more written guarantees (the \u201cGuarantees\u201d). In the event Qdoba fails to meet its payment and performance obligations under such guaranteed leases, we may be required to make rent and other payments to the landlord under the requirements of the Guarantees. Should we, as guarantor of the lease obligations, be required to make any lease payments due for the remaining term of the subject lease(s) subsequent to March 21, 2018, the maximum amount we may be required to pay is approximately$32.1 million as ofSeptember 29, 2019. The lease terms extend for a maximum of approximately16 more years as of September 29, 2019, and we would remain a guarantor of the leases in the event the leases are extended for any established renewal periods. In the event that we are obligated to make payments under the Guarantees, we believe the exposure is limited due to contractual protections and recourse available in the lease agreements, as well as the Qdoba Purchase Agreement, including a requirement of the landlord to mitigate damages by re-letting the properties in default, and indemnity from the Buyer. Qdoba continues to meet its obligations under these leases and there have not been any events that would indicate that Qdoba will not continue to meet the obligations of the leases. As such, we have not recorded a liability for the Guarantees as of September 29, 2019 as the likelihood of Qdoba defaulting on the assigned agreements was deemed to be less than probable.\n\n | 2019 | 2018 | 2017 \n-------------------------------------------------------------------------- | ------ | --------- | ---------\nCompany restaurant sales | $\u2014 | $192,620 | $436,558 \nFranchise revenues | \u2014 | 9,337 | 20,065 \nCompany restaurant costs (excluding depreciation and amortization) | \u2014 | (166,122) | (357,370)\nFranchise costs (excluding depreciation and amortization) | \u2014 | (2,338) | (4,993) \nSelling, general and administrative expenses | 174 | (19,286) | (36,706) \nDepreciation and amortization | \u2014 | (5,012) | (21,500) \nImpairment and other charges, net | (262) | (2,305) | (15,061) \nInterest expense, net | \u2014 | (4,787) | (9,025) \nOperating (loss) earnings from discontinued operations before income taxes | (88) | 2,107 | 11,968 \n(Loss) gain on Qdoba Sale | (85) | 30,717 | \u2014 \n(Loss) earnings from discontinued operations before income taxes | (173) | 32,824 | 11,968 \nIncome tax benefit (expense) | 2,863 | (15,726) | (4,518) \nEarnings from discontinued operations, net of income taxes | $2,690 | $17,098 | $7,450 \nNet earnings per share from discontinued operations: | | | \nBasic | $0.10 | $0.60 | $0.24 \nDiluted | $0.10 | $0.59 | $0.24 "} {"_id": "d1b364c36", "title": "", "text": "Billings\nBillings represent the value of products and services invoiced to customers after receiving a purchase order from the customer and delivering products and services to them, or for which there is no right to a refund. Billings do not equate to statutory revenue.\n\n | Year-ended 31 March 2019 | Year-ended 31 March 2018 Restated See note 2\n------------------------------------- | ------------------------ | --------------------------------------------\n | $M | $M \nRevenue | 710.6 | 639.0 \nNet deferral of revenue (see note 23) | 49.7 | 129.6 \nBillings | 760.3 | 768.6 \nCurrency revaluation | 25.9 | 18.7 \nConstant currency billings | 786.2 | 787.3 "} {"_id": "d1b34e5e4", "title": "", "text": "5. Operating Expenses\nNotes: (1) Includes equipment costs related to ICT services.\n(2) Includes supplies and services, as well as rentals of properties and mobile base stations.\n\n | Group | \n------------------------------------ | -------- | --------\n | 2019 | 2018 \n | S$ Mil | S$ Mil \nCost of equipment sold (1) | 3,106.1 | 2,696.7 \nOther cost of sales | 2,767.1 | 2,499.2 \nStaff costs | 2,597.3 | 2,760.1 \nSelling and administrative costs (2) | 2,472.6 | 2,536.6 \nTraffic expenses | 1,573.4 | 1,615.8 \nRepair and maintenance | 388.0 | 367.9 \n | 12,904.5 | 12,476.3"} {"_id": "d1a7127d0", "title": "", "text": "5. Remuneration continued\nRemuneration at a glance 2019\nHow we performed\nThe above figures exclude the acquisition of Thermocoax.\n\nRemuneration key performance indicator | 2019 actual | 2019 threshold | 2019 target | 2019 maximum | Remuneration measure \n--------------------------------------- | ----------- | -------------- | ----------- | ------------ | ----------------------\nGroup operating profit (\u00a3m) | 277.3 | 256.7 | 270.3 | 283.8 | Annual Incentive Plan \nGroup cash generation (\u00a3m) | 296.4 | 270.7 | 285.0 | 299.2 | Annual Incentive Plan \nGroup ROCE (%) | 54.5 | 50.1 | 52.7 | 55.3 | Annual Incentive Plan \n2017-2019 EPS (%) | 57.5 | 27.6 | N/A | 52.3 | Performance Share Plan\n2017-2019 relative TSR (percentile TSR) | 94th | 50th | N/A | 75th | Performance Share Plan"} {"_id": "d1b3a88a0", "title": "", "text": "Note 8 Income taxes\nThe following table shows the significant components of income taxes deducted from net earnings.\n\nFOR THE YEAR ENDED DECEMBER 31 | 2019 | 2018 \n-------------------------------------------------------------------------------- | ------- | -----\nCurrent taxes | | \nCurrent taxes | (761) | (775)\nUncertain tax positions | 6 | 8 \nChange in estimate relating to prior periods | 22 | 12 \nDeferred taxes | | \nDeferred taxes relating to the origination and reversal of temporary differences | (322) | (352)\nChange in estimate relating to prior periods | (8) | 8 \nRecognition and utilization of loss carryforwards | (106) | 44 \nEffect of change in provincial corporate tax rate | 27 | \u2013 \nUncertain tax positions | 9 | 60 \nTotal income taxes | (1,133) | (995)"} {"_id": "d1b306bae", "title": "", "text": "Other intangible assets at fiscal year ends 2019 and 2018 consisted of the following:\nGoodwill, trademarks and tradenames are considered to have indefinite useful lives and therefore no amortization has been taken on these assets. The Company\u2019s retail reporting unit recorded intangible asset (trademarks and tradenames) impairment charges of approximately $2.9 million during fiscal 2019 and goodwill impairment charges of approximately $1.9 million during fiscal 2018 when it was determined that the carrying values of these assets exceeded their fair values. These impairment charges arose from a range of considerations including, but not limited to, heightened competition in the industry, retail sector market conditions, and earning shortfalls which impacted the Company\u2019s projections of future cash flows to be generated. These impairment charges were recorded in the Company\u2019s consolidated statement of operations as a component of operating income.\nGoodwill recorded on the Company\u2019s consolidated balance sheet represents amounts allocated to its wholesale reporting unit which totaled $4.4 million at both September 2019 and September 2018. The Company determined that the estimated fair value of its wholesale reporting unit exceeded its carrying value at both September 2019 and September 2018.\n\n | September 2019 | September 2018\n------------------------------------------------------------------------------------------------------------------------------------------------- | -------------- | --------------\nTrademarks and tradenames (Retail Segment) | $500,000 | $3,373,269 \nustomer relationships (Wholesale Segment) (less accumulated amortization of approximately $2.1 million at both September 2019 and September 2018) | \u2014 | 41,667 \n | $ 500,000 | $3,414,936 "} {"_id": "d1b346754", "title": "", "text": "Share Repurchase\nIn September 2015, our Board of Directors authorized a program to repurchase up to $150.0 million of our common stock over a thirty-month period. In November 2017, our Board of Directors approved an extension of the share repurchase program to December 2019 from its original maturity of March 2018. In May 2018, our Board of Directors approved a $50 million increase in its authorization to repurchase shares of our common stock under this same program.\nOn December 18, 2019, the Board of Directors authorized to remove the expiration date to the Company\u2019s share repurchase program and increase the authorized amount by $25.1 million. As of December 31, 2019, the Company is authorized to repurchase shares of the Company\u2019s common stock of up to a total of $50.0 million.\nADVANCED ENERGY INDUSTRIES, INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS \u2013 (continued) (in thousands, except per share amounts)\nIn order to execute the repurchase of shares of our common stock, the Company periodically enters into stock repurchase agreements. During the years ended December 31, 2019, 2018 and 2017 the Company has repurchased the following shares of common stock:\n\n | | Years Ended December 31, | \n---------------------------------------- | ---- | ------------------------ | -------\n(in thousands, except per share amounts) | 2019 | 2018 | 2017 \nAmount paid to repurchase shares | $ \u2014 | $95,125 | $29,993\nNumber of shares repurchased | \u2014 | 1,696 | 422 \nAverage repurchase price per share | $ \u2014 | $56.07 | $71.07 "} {"_id": "d1b35eb9c", "title": "", "text": "OPERATING EXPENSES\n(1) Fiscal 2019 average foreign exchange rate used for translation was 1.3255 USD/CDN.\n(2) Fiscal 2018 was restated to comply with IFRS 15 and to reflect a change in accounting policy as well as to reclassify results from Cogeco Peer 1 as discontinued\noperations. For further details, please consult the \"Accounting policies\" and \"Discontinued operations\" sections.\n(3) Fiscal 2019 actuals are translated at the average foreign exchange rate of fiscal 2018 which was 1.2773 USD/CDN.\nFiscal 2019 operating expenses increased by 7.3% (5.4% in constant currency) mainly from:\n\u2022 growth in the American broadband services segment mainly due to the impact of the MetroCast acquisition which was included in operating expenses for only an eight-month period in the prior year combined with higher programming costs, additional headcount to support growth, higher marketing initiatives to drive primary service units growth and the FiberLight acquisition; and\n\u2022 additional costs in Inter-segment eliminations and other resulting from the timing of corporate projects and initiatives; partly offset by\n\u2022 lower operating expenses in the Canadian broadband services segment mainly attributable to lower programming costs resulting from a lower level of primary service units and lower compensation expenses resulting from an operational optimization program implemented in the first half of fiscal 2019, partly offset by higher marketing initiatives, additional headcount costs in the first quarter of fiscal 2019 to support the stabilization phase of the new customer management system as well as retroactive costs related to higher rates than expected established by the Copyright Board of Canada.\nFor further details on the Corporation\u2019s operating expenses, please refer to the \"Segmented operating and financial results\" section.\n\nYears ended August 31, | 2019 (1) | 2018 (2) | Change | Change in constant currency (3) | Foreign exchange impact (3)\n--------------------------------------------- | --------- | --------- | ------ | ------------------------------- | ---------------------------\n(in thousands of dollars, except percentages) | $ | $ | % | % | $ \nCanadian broadband services | 606,286 | 618,886 | (2.0) | (2.2) | 1,102 \nAmerican broadband services | 571,208 | 478,172 | 19.5 | 15.2 | 20,522 \nInter-segment eliminations and other | 26,486 | 24,567 | 7.8 | 7.8 | 12 \n | 1,203,980 | 1,121,625 | 7.3 | 5.4 | 21,636 "} {"_id": "d1b365942", "title": "", "text": "NOTE L \u2013 INCOME TAXES\nOn December 22, 2017, the U.S. government enacted comprehensive tax legislation commonly referred to as the Tax Cuts and Jobs Act (the \u201cTax Act\u201d). The Tax Act makes broad and complex changes to the U.S. tax code, including, but not limited to, the following that impact the Company: (1) reducing the U.S. federal corporate income tax rate from 35 percent to 21 percent; (2) eliminating the corporate alternative minimum tax; (3) creating a new limitation on deductible interest expense; (4) limiting the deductibility of certain executive compensation; and (5) limiting certain other deductions.\nThe Company follows ASC 740-10 \u201cIncome Taxes\u201d which requires the recognition of deferred tax liabilities and assets for the expected future tax consequences of events that have been included in the financial statement or tax returns. Under this method, deferred tax liabilities and assets are determined based on the difference between financial statements and tax bases of assets and liabilities using enacted tax rates in effect for the year in which the differences are expected to reverse.\nA reconciliation of tax expense computed at the statutory federal tax rate on loss from operations before income taxes to the actual income tax (benefit) /expense is as follows:\n\n | 2019 | 2018 \n----------------------------------------------------- | ---------- | ----------\nTax benefit computed at the statutory rate | $(427,244) | $(631,497)\nState taxes | 6,525 | 6,874 \nBook expenses not deductible for tax purposes | 2,980 | 2,882 \nRate Change | 45,656 | \u2013 \nOther | 2,517 | (27,286) \n | (369,566) | (649,027) \nChange in valuation allowance for deferred tax assets | 269,203 | 658,650 \nIncome tax (benefit) expense | $(100,363) | $9,623 "} {"_id": "d1b34107e", "title": "", "text": "The employee pension plan mandated by the Labor Standards Act of the R.O.C. is a defined benefit plan. The pension benefits are disbursed based on the units of service years and average monthly salary prior to retirement according to the Labor Standards Act. Two units per year are awarded for the first 15 years of services while one unit per year is awarded after the completion of the 15th year and the total units will not exceed 45 units.\nThe Company contributes an amount equivalent to 2% of the employees\u2019 total salaries and wages on a monthly basis to the pension fund deposited with the Bank of Taiwan under the name of a pension fund supervisory committee. The pension fund is managed by the government\u2019s designated authorities and therefore is not included in the Company\u2019s consolidated financial statements. For the years ended December 31, 2017, 2018 and 2019, total pension expenses of NT$80 million, NT$69 million and NT$59 million, respectively, were recognized by the Company.\nMovements in present value of defined benefit obligation during the year:\n\n | For the years ended December 31, | \n--------------------------------------------------------------- | -------------------------------- | ------------------\n | 2018 | 2019 \n | $NT (In Thousands) | $NT (In Thousands)\nDefined benefit obligation at beginning of year | $(5,671,058) | $(5,620,509) \nItems recognized as profit or loss: | | \nService cost | (24,477) | (21,043) \nInterest cost | (61,247) | (51,146) \nSubtotal | (85,724) | (72,189) \nRemeasurements recognized in other comprehensive income (loss): | | \nArising from changes in financial assumptions | (91,350) | (114,976) \nExperience adjustments | (5,907) | 180,095 \nSubtotal | (97,257) | 65,119 \nBenefits paid | 233,530 | 216,510 "} {"_id": "d1b2e8b36", "title": "", "text": "Selling, General and Administrative\nThe increase in selling, general and administrative in fiscal 2019 compared to fiscal 2018 was primarily due to higher variable costs on increased sales volumes, primarily related to increases in headcount costs and employee incentive compensation, as well as additional costs from the FRT acquisition, offset partially by a decrease in the amortization of intangible assets.\n\n | | Fiscal Year Ended | | \n----------------------------------- | ----------------- | ---------------------- | -------- | --------\n | December 28, 2019 | December 29, 2018 | $ Change | % Change\n | | (Dollars in thousands) | | \nSelling, general and administrative | $106,335 | $99,254 | $7,081 | 7.1 % \n% of revenues | 18.0 % | 18.7 % | | \n | | Fiscal Year Ended | | \n | December 29, 2018 | December 30, 2017 | $ Change | % Change\n | | (Dollars in thousands) | | \nSelling, general and administrative | $99,254 | $95,489 | $3,765 | 3.9 % \n% of revenues | 18.7 % | 17.4 % | | "} {"_id": "d1b38b0de", "title": "", "text": "* 2019 results were impacted by Red Hat purchase accounting and acquisition-related activity.\nTotal expense and other (income) increased 13.7 percent in the fourth quarter with an expense-to-revenue ratio of 32.6 percent compared to 28.7 percent in the fourth quarter of 2018. The year-to-year increase was a result of higher spending (15 points) driven by Red Hat (15 points) and higher acquisitionrelated charges and amortization of acquired intangible assets associated with the Red Hat transaction (4 points), partially offset by higher divestiture gains (3 points) and lower non-operating retirement-related costs (3 points).\nTotal operating (non-GAAP) expense and other income increased 14.7 percent year to year primarily driven by the higher spending, partially offset by the divestiture gains, as described above.\n\n($ in millions) | | | \n----------------------------------------------- | ------ | ------ | ----------------------------------\nFor the fourth quarter: | 2019 | 2018 | Yr.-to-Yr. Percent/ Margin Change*\nTotal consolidated expense and other (income) | $7,107 | $6,253 | 13.7% \nNon-operating adjustments | | | \nAmortization of acquired intangible assets | (294) | (106) | 176.0 \nAcquisition-related charges | (27) | (13) | 104.7 \nNon-operating retirement related (costs)/income | (196) | (387) | (49.4) \nOperating (non-GAAP) expense and other (income) | $6,591 | $5,746 | 14.7% \nTotal consolidated expense-to-revenue ratio | 32.6% | 28.7% | 3.9pts \nOperating (non-GAAP) expense-to-revenue ratio | 30.3% | 26.4% | 3.9pts "} {"_id": "d1b336516", "title": "", "text": "Upon adoption, the Company recorded a cumulative effect adjustment of $139.4 million, net of tax adjustment of $21.0 million, which increased the June 25, 2018 opening retained earnings balance on the Condensed Consolidated Balance Sheet, primarily as a result of changes in the timing of recognition of system sales. Under ASC 606, the Company recognizes revenue from sales of systems when the Company determines that control has passed to the customer which is generally (1) for products that have been demonstrated to meet product specifications prior to shipment upon shipment or delivery; (2) for products that have not been demonstrated to meet product specifications prior to shipment, revenue is recognized upon completion of installation and receipt of customer acceptance; (3) for transactions where legal title does not pass upon shipment or delivery and the Company does not have a right to payment, revenue is recognized when legal title passes to the customer and the Company has a right to payment, which is generally at customer acceptance.\nThe impact of adoption of ASC 606 on the Company\u2019s Consolidated Statement of Operations and Consolidated Balance Sheet was as follows:\nExcept as disclosed above, the adoption of ASC 606 did not have a significant impact on the Company\u2019s Consolidated Statement of Operations for the year ended June 30, 2019.\nIn January 2016, the FASB released ASU 2016-01, \u201cFinancial Instruments \u2013 Overall \u2013 Recognition and Measurement of Financial Assets and Financial Liabilities.\u201d The FASB issued a subsequent amendment to the initial guidance in February 2018 within ASU 2018-03. These amendments change the accounting for and financial statement presentation of equity investments, other than those accounted for under the equity method of accounting or those that result in consolidation of the investee. The amendments provide clarity on the measurement methodology to be used for the required disclosure of fair value of financial instruments measured at amortized cost on the balance sheet and clarifies that an entity should evaluate the need for a valuation allowance on deferred tax assets related to available-for-sale securities in combination with the entity\u2019s other deferred tax assets, among other changes. The Company\u2019s adoption of this standard in the first quarter of fiscal year 2019 did not have a material impact on its Consolidated Financial Statements.\nIn August 2016, the FASB released ASU 2016-15, \u201cStatement of Cash Flows \u2013 Classification of Certain Cash Receipts and Cash Payments.\u201d The amendment provides and clarifies guidance on the classification of certain cash receipts and cash payments in the statement of cash flows to eliminate diversity in practice. The Company adopted the standard update in the first quarter of fiscal year 2019, using a retrospective transition method. The Company\u2019s adoption of this standard did not have a material impact on its Consolidated Financial Statements.\nIn October 2016, the FASB released ASU 2016-16, \u201cIncome Tax \u2013 Intra-Entity Transfers of Assets Other than Inventory.\u201d This standard update improves the accounting for the income tax consequences of intra-entity transfers of assets other than inventory. The Company adopted this standard in the first quarter of fiscal year 2019 using a modified-retrospective approach through a cumulative-effect adjustment directly to retained earnings. The Company\u2019s adoption of this standard resulted in a $0.4 million decrease to retained earnings and a corresponding $0.4 million offset to other assets on its Consolidated Financial Statements.\nIn November 2016, the FASB released ASU 2016-18, \u201cStatement of Cash Flows \u2013 Restricted Cash.\u201d This standard update requires that restricted cash and restricted cash equivalents be included in cash and cash equivalents when reconciling the beginning-of-period and end-of-period total amounts shown in the statement of cash flows. The Company adopted this standard in the first quarter of fiscal year 2019, using a retrospective transition method to each period presented. The adoption of this standard did not have a material impact on its Consolidated Financial Statements.\nIn February 2018, the FASB released ASU 2018-02, \u201cReclassification of Certain Tax Effects from Accumulated Other Comprehensive Income.\u201d This standard update addresses a specific consequence of the Tax Cuts and Jobs Act (\u201cU.S. Tax Reform\u201d) and allows a reclassification from accumulated other comprehensive income to retained earnings for the stranded tax effects resulting from U.S. tax reform. Consequently, the update eliminates the stranded tax effects that were created as a result of the historical U.S. federal corporate income tax rate to the newly enacted U.S. federal corporate income tax rate. The Company adopted this standard in the first quarter of fiscal year 2019 using a modified-retrospective approach through a cumulative-effect adjustment directly to retained earnings. The adoption of this standard resulted in a $2.2 million increase to retained earnings, with a corresponding $2.2 million decrease to other comprehensive income.\nIn August 2018, the Securities and Exchange Commission (\u201cSEC\u201d) adopted amendments to eliminate, integrate, update or modify certain of its disclosure requirements. The amendments are part of the SEC\u2019s efforts to improve disclosure effectiveness and were focused on eliminating disclosure requirements that have become redundant, duplicative, overlapping, outdated, or superseded. The Company adopted these amendments in the first quarter of fiscal Year 2019. The adoption of these amendments resulted in minor changes within its Consolidated Financial Statements.\n\n | | Year Ended | \n------------------ | ----------- | -------------------------- | -------------------------------\n | | June 30, 2019 | \n | As Reported | Without Adoption of ASC606 | Effect of Change Higher/(Lower)\n | | (in thousands) | \nRevenue | $9,653,559 | $9,049,790 | $603,769 \nCost of goods sold | $5,295,100 | $5,016,679 | $278,421 "} {"_id": "d1b38986a", "title": "", "text": "CTS CORPORATION AND SUBSIDIARIES Consolidated Statements of Comprehensive Earnings (in thousands)\nThe accompanying notes are an integral part of the consolidated financial statements.\n\n | | Years Ended December 31, | \n------------------------------------------------------- | ------- | ------------------------ | -------\n | 2019 | 2018 | 2017 \nNet earnings | $36,146 | $46,532 | $14,448\nOther comprehensive earnings (loss): | | | \nChanges in fair market value of derivatives, net of tax | (509) | 795 | 110 \nChanges in unrealized pension cost, net of tax | 6,439 | (1,830) | 13,687 \nCumulative translation adjustment, net of tax | 83 | (311) | 437 \nOther comprehensive earnings (loss) | $6,013 | $(1,346) | $14,234\nComprehensive earnings | $42,159 | $45,186 | $28,682"} {"_id": "d1b34c654", "title": "", "text": "Operating Income (Loss) by Business Unit\nPercentages reflect operating income (loss) as a percentage of revenue for each business unit.\nCNBU operating income for 2019 decreased from 2018 primarily due to declines in pricing and higher R&D costs, partially offset by cost reductions. MBU operating income for 2019 decreased from 2018 primarily due to declines in pricing partially offset by increases in sales of high-value managed NAND products and manufacturing cost reductions. SBU operating margin for 2019 declined from 2018 primarily due to declines in pricing, which were partially offset by manufacturing cost reductions and increases in sales volumes. SBU operating results for 2019 and 2018 were adversely impacted by the underutilization charges at IMFT. EBU operating income for 2019 decreased from 2018 as a result of declines in pricing and higher R&D costs partially offset by manufacturing cost reductions and increases in sales volumes.\nCNBU operating income for 2018 improved from 2017 primarily due to improved pricing and higher sales volumes resulting from strong demand for our products combined with manufacturing cost reductions. MBU operating income for 2018 improved from 2017 primarily due to increases in pricing and sales volumes for LPDRAM products, higher sales of high-value managed NAND products, and manufacturing cost reductions. SBU operating income for 2018 improved from 2017 primarily due to manufacturing cost reductions enabled by our execution in transitioning to 64-layer TLC 3D NAND products and improvements in product mix. SBU operating income for 2018 was adversely impacted by higher costs associated with IMFT's production of 3D XPoint memory products at less than full capacity. EBU operating income for 2018 increased as compared to 2017 as a result of increases in average selling prices, manufacturing cost reductions, and increases in sales volumes, partially offset by higher R&D costs.\n\nFor the year ended | 2019 | 2019 | 2018 | 2018 | 2017 | 2017\n------------------ | ------ | ----- | ------- | ---- | ------ | ----\nCNBU | $4,645 | 47% | $9,773 | 64% | $3,755 | 44% \nMBU | 2,606 | 41% | 3,033 | 46% | 927 | 21% \nSBU | (386) | (10)% | 964 | 19% | 552 | 12% \nEBU | 923 | 29% | 1,473 | 42% | 975 | 36% \nAll Other | 13 | 18% | \u2014 | \u2014% | 23 | 35% \n | $7,801 | | $15,243 | | $6,232 | "} {"_id": "d1b3ae55c", "title": "", "text": "Capital management\nThe following table summarises the capital of the Group at 31 March:\nNote: 1 Financial liabilities under put option arrangements comprise liabilities for payments due to holders of the equity shares in Kabel Deutschland AG under the terms of a domination and profit and loss transfer agreement; the amounts at 31 March 2018 were previously presented within short-term borrowings\nThe Group\u2019s policy is to borrow centrally using a mixture of long-term and short-term capital market issues and borrowing facilities to meet anticipated funding requirements. These borrowings, together with cash generated from operations, are loaned internally or contributed as equity to certain subsidiaries. The Board has approved three internal debt protection ratios being: net interest to operating cash flow (plus dividends from associates); retained cash flow (operating cash flow plus dividends from associates less interest, tax, dividends to non-controlling shareholders and equity dividends) to net debt; and operating cash flow (plus dividends from associates) to net debt. These internal ratios establish levels of debt that the Group should not exceed other than for relatively short periods of time and are shared with the Group\u2019s debt rating agencies being Moody\u2019s, Fitch\u00a0Ratings and Standard & Poor\u2019s.\n\n | 2019 | 2018 \n---------------------------------------------------- | ------ | -------\n | \u20acm | \u20acm \nNet debt | 27,033 | 29,631 \nFinancial liabilities under put option arrangements1 | 1,844 | 1,838 \nEquity | 63,445 | 68,607 \nCapital | 92,322 | 100,076"} {"_id": "d1b322e9e", "title": "", "text": "ITEM 12. SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS\nThe following table sets forth information regarding the beneficial ownership of our common stock as of March 1, 2020 for (i) each of our directors, (ii) each of our executive officers, (iii) each person known by us to be the beneficial owner of more than 5% of our outstanding shares of common stock, and (iv) all of our executive officers and directors as a group.\n* Less than 1%.\n(1) Unless otherwise indicated, we believe that all persons named in the above table have sole voting and investment power with respect to all shares of our common stock beneficially owned by them. Unless otherwise indicated the address for each listed beneficial owner is c/o Network-1 Technologies, Inc., 445 Park Avenue, Suite 912, New York, New York 10022.\n(2) A person is deemed to be the beneficial owner of shares of common stock that can be acquired by such person within 60 days from March 1, 2020 upon the exercise of options or restricted stock units that vest within such 60 day period. Each beneficial owner's percentage ownership is determined by assuming that all stock options and restricted stock units held by such person (but not those held by any other person) and which are exercisable or vested within 60 days from March 1, 2020 have been exercised and vested. Assumes a base of 24,032,941 shares of our common stock outstanding as of March 1, 2020.\n(3) Includes (i) 3,549,369 shares of common stock held by Mr. Horowitz, (ii) 500,000 shares of common stock subject to currently exercisable stock options held by Mr. Horowitz, (iii) 2,157,097 shares of common stock held by CMH Capital Management Corp., an entity solely owned by Mr. Horowitz, (iv) 134,275 shares of common stock owned by the CMH Capital Management Corp. Profit Sharing Plan, of which Mr. Horowitz is the trustee, (v) 67,470 shares of common stock owned by Donna Slavitt, the wife of Mr. Horowitz, (vi) an aggregate of 452,250 shares of common stock held by two trusts and a custodian account for the benefit of Mr. Horowitz\u2019s three children, and (vii) 2,291 shares of common stock held by Horowitz Partners, a general partnership of which Mr. Horowitz is a partner. Does not include 250,000 shares of common stock subject to restricted stock units that do not vest within 60 days of March 1, 2020.\n(4) Includes 2,157,097 shares of common stock owned by CMH Capital Management Corp. and 134,275 shares of common stock owned by CMH Capital Management Corp. Profit Sharing Plan. Corey M. Horowitz, by virtue of being the sole officer, director and shareholder of CMH Capital Management Corp. and the trustee of the CMH Capital Management Corp. Profit Sharing Plan, has the sole power to vote and dispose of the shares of common stock owned by CMH Capital Management Corp. and the CMH Capital Management Corp. Profit Sharing Plan.\n(5) Includes (i) 242,235 shares of common stock and (ii) 3,750 shares of common stock subject to restricted stock units that vest within 60 days of March 1, 2020. Does not include 11,250 shares of common stock subject to restricted stock units that do not vest within 60 days from March 1, 2020.\n(6) Includes (i) 108,309 shares of common stock and (ii) 3,750 shares of common stock subject to restricted stock units that vest within 60 days of March 1, 2020. Does not\ninclude 11,250 shares of common stock subject to restricted stock units that do not vest within 60 days from March 1, 2020.\n(7) Includes 94,160 shares of common stock. Does not include 27,500 shares of common stock subject to restricted stock units owned by Mr. Kahn that do not vest within 60 days from March 1, 2020.\n(8) Includes (i) 72,061 shares of common stock and (ii) 3,750 shares of common stock subject to restricted stock units that vest within 60 days of March 1, 2020. Does not include 11,250 shares of common stock subject to restricted stock units that do not vest within 60 days from March 1, 2020.\n(9) Includes 67,499 shares of common stock. Does not include 35,000 shares of common stock subjected to restricted stock units owned by Mr. Greene that do not vest within 60 days from March 1, 2020.\n(10) Includes 585,233 shares of common stock owned by Mr. Heinemann and 2,242,582 shares of common stock owned by Goose Hill Capital LLC. Goose Hill Capital LLC is an entity in which Mr. Heinemann is the sole member. Mr. Heinemann, by virtue of being the sole member of Goose Hill Capital LLC, has the sole power to vote and dispose of the shares of common stock owned by Goose Hill Capital LLC. The aforementioned beneficial ownership is based upon Amendment No. 7 to Schedule 13G filed by Mr. Heinemann with the SEC on February 11, 2019. The address for Mr. Heinemann is c/o Goose Hill Capital, LLC, 12378 Indian Road, North Palm Beach, Florida 33408.\n(11) Includes 2,242,582 shares of common stock. Steven D. Heinemann, by virtue of being the sole member of Goose Hill Capital LLC, has the sole power to vote and dispose of the shares of common stock owned by Goose Hill Capital LLC. The aforementioned beneficial ownership is based upon Amendment No. 7 to Schedule 13G filed by Mr. Heinemann with the SEC on February 11, 2019. The address for Goose Hill Capital LLC is 12378 Indian Road, North Palm Beach, Florida 33408.\n(12) Includes 1,200,130 shares of common stock. The aforementioned beneficial ownership is based upon a Schedule 13G filed by Mr. Herzog with the SEC on February 10, 2016. The address of Mr. Herzog is 824 Harbor Road, Southport, Connecticut 06890-1410.\n\nNAME AND ADDRESS OF BENEFICIAL OWNER | AMOUNT AND NATURE OF BENEFICIAL OWNERSHIP(1)(2) | PERCENTAGE OF COMMON STOCK BENEFICIALLY OWNED(2)\n-------------------------------------------------- | ----------------------------------------------- | ------------------------------------------------\nExecutive Officers and Directors: | | \nCorey M. Horowitz(3) | 6,862,752 | 28.0% \nCMH Capital Management Corp(4) | 2,291,372 | 9.5% \nNiv Harizman(5) | 245,985 | 1.0% \nEmanuel Pearlman (6) | 112,059 | * \nDavid C. Kahn(7) | 94,160 | * \nAllison Hoffman(8) | 75,811 | * \nJonathan E. Greene(9) | 67,499 | * \nAll officers and directors as a group (6 Persons) | 7,458,266 | 30.4% \n5% Stockholders: | | \nSteven D. Heinemann(10) | 2,827,815 | 11.8% \nGoose Hill Capital LLC(11) | 2,242,582 | 9.3% \nJohn Herzog(12) | 1,200,130 | 5.0% "} {"_id": "d1b33bd86", "title": "", "text": "Cost of Revenue and Operating Expenses\nCost of subscription and maintenance revenue includes the labor costs of providing product support to our subscription and maintenance customers, including allocated IT and facilities costs, professional services fees related to operating our network and cloud infrastructure, royalties, depreciation expense and operating lease payments associated with computer equipment, data center costs, salaries, related expenses of network operations, and stock-based compensation expense.\nCost of other revenue includes labor costs associated with product setup, costs of consulting and training services contracts, and collaborative project management services contracts. Cost of other revenue also includes stock-based compensation expense, direct material and overhead charges, allocated IT and facilities costs, professional services fees and royalties. Direct material and overhead charges include the cost associated with electronic and physical fulfillment.\nCost of revenue, at least over the near term, is affected by the volume and mix of product sales, fluctuations in consulting costs, amortization of developed technology, new customer support offerings, royalty rates for licensed technology embedded in our products and employee stock-based compensation expense\nMarketing and sales expenses include salaries, bonuses, benefits and stock-based compensation expense for our marketing and sales employees, the expense of travel, entertainment and training for such personnel, sales and dealer commissions, and the costs of programs aimed at increasing revenue, such as advertising, trade shows and expositions, and various sales and promotional programs. Marketing and sales expenses also include payment processing fees, the cost of supplies and equipment, gains and losses on our operating expense cash flow hedges, allocated IT and facilities costs, and labor costs associated with sales and order management.\nResearch and development expenses, which are expensed as incurred, consist primarily of salaries, bonuses, benefits and stock-based compensation expense for research and development employees, the expense of travel, entertainment and training for such personnel, professional services such as fees paid to software development firms and independent contractors, gains and losses on our operating expense cash flow hedges, and allocated IT and facilities costs.\nGeneral and administrative expenses include salaries, bonuses, acquisition-related transition costs, benefits and stock-based compensation expense for our CEO, finance, human resources and legal employees, as well as professional fees for legal and accounting services, certain foreign business taxes, gains and losses on our operating expense cash flow hedges, expense of travel, entertainment and training, net IT and facilities costs, and the cost of supplies and equipment.\n\n | Fiscal year ended January 31, 2019 | Change compared to prior fiscal year | | Fiscal year ended January 31, 2018 | Management comments \n--------------------------------------- | ---------------------------------- | ------------------------------------ | ----- | ---------------------------------- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------\n(in millions) | | $ | % | | \nCost of revenue: | | | | | \nSubscription and maintenance | $216.0 | $1.6 | 1% | $214.4 | Up primarily due to an increase in cloud hosting costs partially offset by a decrease in royalty and depreciation expense. \nOther (1) | 54.4 | (18.2) | (25)% | 72.6 | Down primarily due to lower employee-related costs from reduced headcount associated with the Fiscal 2018 Plan restructuring and lower professional fees. \nAmortization of developed technology | 15.5 | (0.9) | (5)% | 16.4 | Down as previously acquired developed technologies continue to become fully amortized. \nTotal cost of revenue | $285.9 | $(17.5) | (6)% | $303.4 | \nMarketing and sales | $1,183.9 | $96.6 | 9% | $1,087.3 | Up due to increased employee-related costs driven by higher headcount, as well as higher cloud hosting costs and professional fees. \nResearch and development | 725.0 | (30.5) | (4)% | 755.5 | Down due to a decrease in employee-related costs from lower headcount associated with the Fiscal 2018 plan restructuring partially offset by higher professional fees.\nGeneral and administrative | 340.1 | 34.9 | 11% | 305.2 | Up primarily due to higher professional fees, employee-related costs and facilities costs, partially offset by lower employee benefits costs. \nAmortization of purchased intangibles | 18.0 | (2.2) | (11)% | 20.2 | Down as previously acquired intangible assets continue to become fully amortized. \nRestructuring and other exit costs, net | 41.9 | (52.2) | (55)% | 94.1 | Down as we substantially completed the reduction in force and facilities consolidation of the Fiscal 2018 Plan. \n | $ 2,308.9 | $46.6 | 2% | $2,262.3 | "} {"_id": "d1b36afe6", "title": "", "text": "The following table reconciles the expected income tax expense, computed by applying our combined German tax rate of 26.4% (2018: 26.4%; 2017: 26.4%), to the actual income tax expense. Our 2019 combined German tax rate includes a corporate income tax rate of 15.0% (2018: 15.0%; 2017: 15.0%), plus a solidarity surcharge of 5.5% (2018: 5.5%; 2017: 5.5%) thereon, and trade taxes of 10.6% (2018: 10.6%; 2017: 10.6%).\nRelationship Between Tax Expense and Profit Before Tax\n\n\u20ac millions, unless otherwise stated | 2019 | 2018 | 2017 \n-------------------------------------------------------------------------------------------------- | ----- | ----- | -----\nProfit before tax | 4,596 | 5,600 | 5,029\nTax expense at applicable tax rate of 26.4% rate of 26.4% (2018: 26.4%; 2017: 26.4%) | 1,212 | 1,478 | 1,327\nTax effect of: | | | \nForeign tax rates | \u2013209 | \u2013147 | \u2013403 \nChanges in tax laws and tax rates | 10 | 0 | \u2013212 \nNon-deductible expenses | 116 | 106 | 82 \nTax-exempt income | \u201393 | \u201338 | \u201395 \nWithholding taxes | 138 | 91 | 131 \nResearch and development and foreign tax credits | \u201389 | \u201333 | \u201326 \nPrior-year taxes | 80 | \u201317 | \u201326 \nReassessment of deferred tax assets, research and development tax credits, and foreign tax credits | 48 | 58 | 185 \nOther | 13 | 13 | 20 \nTotal income tax expense | 1,226 | 1,511 | 983 \nEffective tax rate (in %) | 26.7 | 27.0 | 19.5 "} {"_id": "d1b35c9dc", "title": "", "text": "8. Income Per Share\nBasic income per share is calculated by dividing net earnings by the weighted average number of common shares outstanding for the applicable period. Diluted income per share is calculated after adjusting the denominator of the basic income per share calculation for the effect of all potential dilutive common shares outstanding during the period. The following table sets forth the computation of basic and diluted income per share:\nFor fiscal 2019, options and RSUs of 83,939 were excluded from the computation of diluted net income per share as their effect would have been anti-dilutive. For fiscal 2018 and fiscal 2017, the Company had no options or RSUs that were excluded from the computation of diluted net income per shares. RSAs for 594,382 shares in fiscal 2019, 363,413 shares in fiscal 2018 and 779,000 shares in fiscal 2017 were excluded from the calculation of diluted net income per share as these awards contain performance conditions that would not have been achieved as of the end of each reporting period had the measurement period ended as of that date.\n\n | April 27, 2019 | April 28, 2018 | April 29, 2017\n---------------------------------------------------------------- | -------------- | -------------- | --------------\nNumerator: | | | \nNet Income (in millions) | $91.6 | $57.2 | $92.9 \nDenominator: | | | \nDenominator for Basic Earnings Per Share-Weighted Average Shares | | | \nOutstanding and Vested/Unissued Restricted Stock Units | 37,405,298 | 37,281,630 | 37,283,096 \nDilutive Potential Common Shares-Employee Stock Options, | | | \nRestricted Stock Awards and Restricted Stock Units | 264,262 | 260,269 | 202,605 \nDenominator for Diluted Earnings Per Share | 37,669,560 | 37,541,899 | 37,485,701 \nBasic and Diluted Income Per Share: | | | \nBasic Income Per Share | $2.45 | $1.54 | $2.49 \nDiluted Income Per Share | $2.43 | $1.52 | $2.48 "} {"_id": "d1b31ad02", "title": "", "text": "NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (in thousands, except for share and per share data)\nNOTE 6 \u2014 Retirement Plans\nWe have a number of noncontributory defined benefit pension plans (\"pension plans\") covering approximately 3% of our active employees. Pension plans covering salaried employees provide pension benefits that are based on the employees\u00b4 years of service and compensation prior to retirement. Pension plans covering hourly employees generally provide benefits of stated amounts for each year of service.\nWe also provide post-retirement life insurance benefits for certain retired employees. Domestic employees who were hired prior to 1982 and certain former union employees are eligible for life insurance benefits upon retirement. We fund life insurance benefits through term life insurance policies and intend to continue funding all of the premiums on a pay-as-you-go basis.\nWe recognize the funded status of a benefit plan in our consolidated balance sheets. The funded status is measured as the difference between plan assets at fair value and the projected benefit obligation. We also recognize, as a component of other comprehensive earnings, net of tax, the gains or losses and prior service costs or credits that arise during the period but are not recognized as components of net periodic benefit/cost.\nThe measurement dates for the pension plans for our U.S. and non-U.S. locations were December 31, 2019, and 2018.\nDuring 2017, we offered certain former vested employees in our U.S. pension plan a one-time option to receive a lump sum distribution of their benefits from pension plan assets. The pension plan made approximately $23,912 in lump sum payments to settle its obligation to these participants. These settlement payments decreased the projected benefit obligation and plan assets by $23,912, and resulted in a non-cash settlement charge of $13,476 related to unrecognized net actuarial losses that were previously included in accumulated other comprehensive loss. The measurement date of this settlement was December 31, 2017.\nIn February 2020, the CTS Board of Directors authorized and empowered management to explore termination of our U.S. based pension plans at management's discretion, subject to certain conditions. Management has not yet made a final decision on whether to pursue a plan termination and the potential timing thereof.\nThe measurement dates for the post-retirement life insurance plan were December 31, 2019, and 2018. The following table provides a reconciliation of benefit obligation, plan assets, and the funded status of the post-retirement life insurance plan at those measurement dates.\n\n | Post-Retirement Life Insurance Plan | \n-------------------------------------------------------------- | ----------------------------------- | --------\n | 2019 | 2018 \nAccumulated benefit obligation | $4,766 | $4,595 \nChange in projected benefit obligation: | | \nProjected benefit obligation at January 1 | $4,595 | $5,134 \nService cost | 1 | 2 \nInterest cost | 170 | 156 \nBenefits paid | (145) | (157) \nActuarial loss (gain) | 145 | (540) \nProjected benefit obligation at December 31 | $4,766 | $4,595 \nChange in plan assets: | | \nAssets at fair value at January 1 | $\u2014 | $\u2014 \nActual return on assets | \u2014 | \u2014 \nCompany contributions | 145 | 157 \nBenefits paid | (145) | (157) \nOther | \u2014 | \u2014 \nAssets at fair value at December 31 | $\u2014 | $\u2014 \nFunded status (plan assets less projected benefit obligations) | $(4,766) | $(4,595)"} {"_id": "d1b3832bc", "title": "", "text": "The majority of the Company's revenues are generated from U.S. government contracts, either as a prime contractor or as a subcontractor to other contractors. Revenues from the U.S. government can be adversely impacted by spending caps or changes in budgetary priorities of the U.S. government, as well as delays in program start dates or the award of a contract.\nDisaggregated revenues by contract-type were as follows:\n\nYear Ended January 3, 2020 | | | | \n-------------------------------------------------- | ----------------- | ------ | ------ | -------\n | Defense Solutions | Civil | Health | Total \n(in millions) | | | | \nCost-reimbursement and fixed-price-incentive-fee | $3,697 | $1,997 | $234 | $5,928 \nFirm-fixed-price | 1,203 | 1,075 | 1,296 | 3,574 \nTime-and-materials and fixed-price-level-of-effort | 466 | 564 | 444 | 1,474 \nTotal | $5,366 | $3,636 | $1,974 | $10,976"} {"_id": "d1b375932", "title": "", "text": "Revenue allocated to remaining performance obligations represents contract revenues that have not yet been recognized for contracts with a duration greater than one year. As of December 31, 2019, we did not have any significant performance obligations related to customer contracts that had an original expected duration of one year or more, other than maintenance services, which are satisfied over time. As a practical expedient, for certain contracts recognize revenue equal to the amounts we are entitled to invoice which correspond to the value of completed performance obligations to date. The amount related to these performance obligations was $13.3 million as of December 31, 2018. The amount related to these performance obligations was $13.6 million as of December 31, 2019, and the Company expects to recognize 64% of such revenue over the next 12 months with the remainder thereafter.\nThe following table provides information about accounts receivables, contract assets and unearned revenue from contracts with customers:\n(1) Included in other receivables on the Consolidated Balance Sheets\nOf the outstanding unearned revenue balance as of December 31, 2018, $12.7 million was recognized as revenue during the year ended December 31, 2019.\n\n(In thousands) | December 31, 2019 | December 31, 2018\n---------------------------- | ----------------- | -----------------\nAccounts receivable | $90,531 | $99,385 \nContract assets (1) | $2,812 | $3,766 \nUnearned revenue | $11,963 | $17,940 \nNon-current unearned revenue | $6,012 | $5,296 "} {"_id": "d1b38e52c", "title": "", "text": "19. Net Income per Share\nThe following table presents the calculation of basic and diluted net income per share (in millions, except per-share amounts):\nEmployee equity share options, unvested shares, and similar equity instruments granted and assumed by Cisco are treated as potential common shares outstanding in computing diluted earnings per share. Diluted shares outstanding include the dilutive effect of in-the-money options, unvested restricted stock, and restricted stock units. The dilutive effect of such equity awards is calculated based on the average share price for each fiscal period using the treasury stock method. Under the treasury stock method, the amount the employee must pay for exercising stock options and the amount of compensation cost for future service that has not yet recognized are collectively assumed to be used to repurchase shares.\n\nYears Ended | July 27, 2019 | July 28, 2018 | July 29, 2017\n-------------------------------------------------- | ------------- | ------------- | -------------\nNet income . | $11,621 | $110 | $9,609 \nWeighted-average shares\u2014basic | 4,419 | 4,837 | 5,010 \nEffect of dilutive potential common shares | 34 | 44 | 39 \nWeighted-average shares\u2014diluted . | 4,453 | 4,881 | 5,049 \nNet income per share\u2014basic . | $2.63 | $0.02 | $1.92 \nNet income per share\u2014diluted | $2.61 | $0.02 | $1.90 \nAntidilutive employee share-based awards, excluded | 55 | 61 | 136 "} {"_id": "d1b365a78", "title": "", "text": "ADVANCED ENERGY INDUSTRIES, INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS \u2013 (continued) (in thousands, except per share amounts)\nNOTE 11. PROPERTY AND EQUIPMENT, NET\nProperty and equipment, net is comprised of the following:\n\n | December 31, | \n------------------------------------ | ------------ | --------\n | 2019 | 2018 \nBuildings and land | $1,693 | $1,737 \nMachinery and equipment | 108,945 | 41,330 \nComputer and communication equipment | 29,106 | 24,051 \nFurniture and fixtures | 4,119 | 3,203 \nVehicles | 262 | 282 \nLeasehold improvements | 33,041 | 20,593 \nConstruction in process | 9,089 | 867 \n | 186,255 | 92,063 \nLess: Accumulated depreciation | (78,146) | (60,794)\nProperty and equipment, net | $108,109 | $31,269 "} {"_id": "d1b34d356", "title": "", "text": "Research and Development\nResearch and development expenses in 2019 decreased by $4.6 million, or 21%, as compared to 2018. The decrease was primarily due to a reduction in the number of full-time research and development personnel, resulting in a decrease of $3.1 million in compensation expense and $0.6 million in allocated facilities and information technology costs as compared to 2018. We did not incur restructuring costs in 2019, as compared to 2018 when $0.1 million was incurred as part of the 2018 Restructuring Plan (refer to Note 4 of the accompanying consolidated financial statements). Finally, the decrease was further driven by lower professional fees of $0.6 million, as we reduced the number of research and development contractors as compared to 2018.\n\n | Years Ended December 31, | | Change | \n------------------------ | ------------------------ | ---------------------- | -------- | -----\n | 2019 | 2018 | $ | % \n | | (dollars in thousands) | | \nResearch and development | $17,845 | $22,450 | $(4,605) | (21)%\nPercent of revenues, net | 36% | 38% | | "} {"_id": "d1b367134", "title": "", "text": "Postretirement Benefit Plans\nThe Company also provides certain postretirement health care and life insurance benefits to qualifying domestic retirees and their eligible dependents. The health care plan for shore-based employees and their dependents and seagoing licensed deck officers (\u201cDeck Officers\u201d) and their dependents is contributory at retirement, while the life insurance plan for all employees is noncontributory.\nIn general, postretirement medical coverage is provided to shore-based employees hired prior to January 1, 2005 and all Deck Officers who retire and have met minimum age and service requirements under a formula related to total years of service. The Company no longer provides prescription drug coverage to its retirees or their beneficiaries once they reach age 65.\nThe Company does not currently fund these benefit arrangements and has the right to amend or terminate the health care and life insurance benefits at any time.\nInformation with respect to the domestic pension and postretirement benefit plans for which the Company uses a December 31 measurement date, follow:\n\n | 2019 | 2018 | 2019 | 2018 \n---------------------------------------------- | --------- | --------- | ----------------------------- | -----------------------------\nAt December 31, | | | Change in benefit obligation: | Change in benefit obligation:\nBenefit obligation at beginning of year | $44,015 | $48,500 | $3,401 | $4,548 \nCost of benefits earned (service cost) | \u2014 | \u2014 | 105 | 119 \nInterest cost on benefit obligation | 1,802 | 1,673 | 140 | 142 \nActuarial losses/(gains) | 3,805 | (3,456) | 84 | (1,206) \nBenefits paid | (2,686) | (2,702) | (158) | (202) \nBenefit obligation at year end | 46,936 | 44,015 | 3,572 | 3,401 \nChange in plan assets: | | | | \nFair value of plan assets at beginning of year | 31,929 | 35,591 | \u2014 | \u2014 \nActual return on plan assets | 6,790 | (1,882) | \u2014 | \u2014 \nEmployer contributions | 721 | 922 | 158 | 202 \nBenefits paid | (2,686) | (2,702) | (158) | (202) \nFair value of plan assets at year end | 36,754 | 31,929 | \u2014 | \u2014 \nUnfunded status at December 31 | $(10,182) | $(12,086) | $(3,572) | $(3,401) "} {"_id": "d1b357e96", "title": "", "text": "17. Quarterly Financial Data (Unaudited)\nThe following is summarized quarterly financial data for fiscal 2019 and 2018 (in thousands, except per share amounts):\n(1) The annual total amounts may not equal the sum of the quarterly amounts due to rounding. Earnings per share is computed independently for each quarter.\n(2) The first quarter of fiscal 2019 results included $7.0 million of tax expense as a result of new regulations issued in November 2018 under Tax Reform. These regulations impacted the treatment of foreign taxes paid.\n(3) The fourth quarter of fiscal 2019 results included restructuring costs of $1.7 million, $1.5 million net of taxes.\n(4) The fourth quarter of fiscal 2019 results included the permanent reinvestment assertion of $10.5 million of certain historical undistributed earnings of two foreign subsidiaries.\n(7) The first quarter of fiscal 2019 included $0.23 per share of tax expense as a result of U.S. Tax Reform. The fourth quarter of fiscal 2019 included $0.05 per share of expense related to restructuring costs and $0.35 per share tax benefit resulting from the permanent reinvestment assertion of certain historical undistributed earnings of two foreign subsidiaries.\n\n2019 | First\nQuarter | Second\u00a0Quarter | Third\u00a0Quarter | Fourth Quarter | Total \n--------------------------------- | ------------- | -------------- | ------------- | -------------- | ----------\nNet sales | $765,544 | $789,051 | $799,644 | $810,195 | $3,164,434\nGross profit | 72,383 | 70,636 | 71,030 | 77,789 | 291,838 \nNet income (2,3,4) | 22,226 | 24,758 | 24,801 | 36,831 | 108,616 \nEarnings per share (1): | | | | | \nBasic | $0.71 | $0.81 | $0.83 | $1.26 | $3.59 \nDiluted (7) | $0.69 | $0.79 | $0.81 | $1.23 | $3.50 "} {"_id": "d1b368c82", "title": "", "text": "Accounts Receivable\nAccounts receivable are uncollateralized customer obligations due under normal trade terms. The Company records allowances for doubtful accounts based on customer-specific analysis and general matters such as current assessment of past due balances and economic conditions. The Company writes off accounts receivable when they become uncollectible. The allowance for doubtful accounts was $55,039 and $65,542 at December 31, 2019 and 2018, respectively. Management identifies a delinquent customer based upon the delinquent payment status of an outstanding invoice, generally greater than 30 days past due date. The delinquent account designation does not trigger an accounting transaction until such time the account is deemed uncollectible. The allowance for doubtful accounts is determined by examining the reserve history and any outstanding invoices that are over 30 days past due as of the end of the reporting period. Accounts are deemed uncollectible on a case-by-case basis, at management\u2019s discretion based upon an examination of the communication with the delinquent customer and payment history. Typically, accounts are only escalated to \u201cuncollectible\u201d status after multiple attempts at collection have proven unsuccessful.\nThe allowance for doubtful accounts for the years ended December 31 are as follows:\n\n | 2019 | 2018 \n---------------------------- | -------- | --------\nBeginning balance | $65,542 | $22,173 \nProvision charged to expense | 29,849 | 55,152 \nDeductions | (40,352) | (11,783)\nEnding balance | 55,039 | $65,542 "} {"_id": "d1b33cb1e", "title": "", "text": "7. Balance Sheet Details\nCash, cash equivalents, and restricted cash consist of the following:\nAs of December 31, 2019 and December 31, 2018, cash and cash equivalents included $20.4 million and $0 of money market funds, respectively. As of December 31, 2019 and 2018, the Company has restricted cash of $0.4 million and $1.0 million, respectively. The cash is restricted in connection with guarantees for certain import duties and office leases.\n\n | December 31, 2019 | December 31, 2018\n------------------------------------------------ | ----------------- | -----------------\n(in thousands) | | \nCash and cash equivalents | $92,708 | $73,142 \nShort-term restricted cash | 349 | 645 \nLong-term restricted cash | 60 | 404 \nTotal cash, cash equivalents and restricted cash | $93,117 | $74,191 "} {"_id": "d1b32ab9e", "title": "", "text": "Purchased Intangible Assets\nPurchased intangible assets include core and developed technology, in-process research and development, customer-related intangibles, acquisition-date backlog and other intangible assets. The estimated fair values of the core and developed technology and in-process research and development were determined based on the present value of the expected cash flows to be generated by the respective existing technology or future technology. The core and developed technology intangible assets are being amortized in a manner based on the expected cash flows used in the initial determination of fair value. In-process research and development is capitalized until such time as the related projects are completed or abandoned at which time the capitalized amounts will begin to be amortized or written off. Customer-related intangible assets consist of Atmel's contractual relationships and customer loyalty related to its distributor and end-customer relationships, and the fair values of the customerrelated intangibles were determined based on Atmel's projected revenues. An analysis of expected attrition and revenue growth for existing customers was prepared from Atmel's historical customer information. Customer relationships are being amortized in a manner based on the estimated cash flows associated with the existing customers and anticipated retention rates. Backlog relates to the value of orders not yet shipped by Atmel at the acquisition date, and the fair values were based on the estimated profit associated with those orders. Backlog related assets had a one year useful life and were being amortized on a straight\u00a0line basis over that period. The total weighted average amortization period of intangible assets acquired as a result of the Atmel transaction is 9 years. Amortization expense associated with acquired intangible assets is not deductible for tax purposes. Thus, approximately $178.1 million was established as a net deferred tax liability for the future amortization of the intangible assets.\n\n | Weighted Average Useful Life | April 4, 2016\n----------------------------------- | ---------------------------- | -------------\n | (in years) | (in millions)\nCore and developed technology | 11 | $1,075.0 \nIn-process research and development | \u2014 | 140.7 \nCustomer-related | 6 | 630.6 \nBacklog | 1 | 40.3 \nOther | 5 | 1.8 \nTotal purchased intangible assets | | $1,888.4 "} {"_id": "d1b309516", "title": "", "text": "The significant components of the Company\u2019s deferred tax liabilities and assets follow:\n(1) Includes deferred tax liabilities related to finance lease right-of-use assets totaling $6,190 and $0 at December 31, 2019 and 2018, respectively.\nAs of December 31, 2019, the Company had U.S. federal net operating loss carryforwards of $213,800 which are available to reduce future taxes, if any. The federal net operating loss carryforwards begin to expire in 2034. Additionally, as of December 31, 2019, the Company had U.S. state net operating loss carryforwards of $445,936.\nThis includes net operating losses previously unrecorded due to minimal projected income in those jurisdictions. These U.S. state net operating loss carryforwards expire in various years ending from December 31, 2019 through December 31, 2035. Included in the financing and professional fees deferred income assets above are U.S. federal interest expense deductions with an indefinite carryforward period.\nThere was a change of control in the Company during 2014 that limited the annual usage of pre-ownership change net operating losses. All pre-ownership change net operating losses were fully utilized in 2019.\nThe Company assessed all available positive and negative evidence to determine whether sufficient future taxable income will be generated to permit use of existing deferred tax assets. For U.S. federal deferred tax assets, the Company concluded that sufficient positive evidence existed, primarily the result of reversing deferred tax liabilities during the carryover period.\nHowever, for certain state deferred tax assets, the negative evidence has outweighed the positive evidence which has resulted in the Company establishing a valuation allowance of $20,952 and $10,961 as of December 31, 2019 and 2018, respectively, to recognize only the portion of the deferred tax asset that is more likely than not to be realized.\nDuring the years ended December 31, 2019 and 2018, the Company paid (net of refunds received) $1,293 and $1,313, respectively, of income taxes.\n\n | December 31, | \n--------------------------------------- | ------------ | --------\n | 2019 | 2018 \nDeferred tax liabilities: | | \nVessels and other property (1) | $128,026 | $128,226\nPrepaid expenditures | 5,621 | 7,108 \nOperating lease right-of-use assets | 72,298 | \u2014 \nOther-net | 2 | 4 \nTotal deferred tax liabilities | 205,947 | 135,338 \nDeferred tax assets: | | \nLoss carryforwards | 68,917 | 66,737 \nOperating lease liability | 71,779 | \u2014 \nFinance lease liability | 6,333 | \u2014 \nEmployee compensation and benefit plans | 3,869 | 4,287 \nFinancing and professional fees | 2,003 | 1,859 \nAccrued expenses and other | 1,165 | 51 \nTotal deferred tax assets | 154,066 | 72,934 \nValuation allowance | 20,952 | 10,961 \nNet deferred tax assets | 133,114 | 61,973 \nNet deferred tax liabilities | $72,833 | $73,365 "} {"_id": "d1b378e52", "title": "", "text": "20. Trade and other payables\nFollowing the application of IFRS 16, trade and other payables for the year ended 31 March 2018 have been restated (note 2).\nTrade payables are unsecured and are usually paid within 30 days of recognition. The carrying amounts of trade and other payables are considered to be the same as their fair values, due to their short-term nature.\n\n | 2019 | (Restated) 2018\n------------------------------- | ---- | ---------------\n | \u00a3m | \u00a3m \nTrade payables | 4.3 | 3.7 \nAccruals | 10.5 | 9.8 \nOther taxes and social security | 13.0 | 11.8 \nDeferred income | 13.2 | 1.8 \nOther payables | 0.3 | 0.9 \nAccrued interest payable | 0.5 | 0.5 \nTotal | 41.8 | 28.5 "} {"_id": "d1b377ce6", "title": "", "text": "RSUs\nThe Company\u2019s RSUs include time-based RSUs, RSUs with performance conditions (\u201cPSUs\u201d), RSUs with market conditions (\u201cMSUs\u201d), and RSUs with both market and performance conditions (\u201cMPSUs\u201d). Vesting of awards with performance conditions or market conditions is subject to the achievement of pre-determined performance goals and the approval of such achievement by the Compensation Committee of the Board of Directors (the \u201cCompensation Committee\u201d). All awards include service conditions which require continued employment with the Company.\nA summary of RSU activity is presented in the table below (in thousands, except per-share amounts):\n(1) Amount reflects the number of awards that may ultimately be earned based on management\u2019s probability assessment of the achievement of performance conditions at each reporting period.\nThe intrinsic value related to vested RSUs was $138.3 million, $90.0 million and $74.0 million for the years ended December 31, 2019, 2018 and 2017, respectively. As of December 31, 2019, the total intrinsic value of all outstanding RSUs was $679.5 million, based on the closing stock price of $178.02. As of December 31, 2019, unamortized compensation expense related to all outstanding RSUs was $100.1 million with a weighted-average remaining recognition period of approximately three years.\nCash proceeds from vested PSUs with a purchase price totaled $16.6 million and $10.6 million for the years ended December 31, 2019 and 2018, respectively. There were no proceeds for the year ended December 31, 2017.\n\n | Time-Based RSUs | | PSUs and MPSUs | | MSUs | | Total | \n-------------------------------- | ---------------- | ------------------------------------------------- | ---------------- | ------------------------------------------------- | ---------------- | ------------------------------------------------- | ---------------- | -------------------------------------------------\n | Number of Shares | Weighted- Average Grant Date Fair Value Per Share | Number of Shares | Weighted- Average Grant Date Fair Value Per Share | Number of Shares | Weighted- Average Grant Date Fair Value Per Share | Number of Shares | Weighted- Average Grant Date Fair Value Per Share\nOutstanding at January 1, 2017 | 366 | $51.35 | 2,284 | $43.24 | 1,620 | $23.57 | 4,270 | $36.47 \nGranted | 81 | $94.25 | 585(1) | $62.72 | - | $- | 666 | $66.56 \nVested | (175) | $48.35 | (597) | $41.94 | - | $- | (772) | $43.39 \nForfeited | (14) | $61.8 | (6) | $49.82 | - | $- | (20) | $58.46 \nOutstanding at December 31, 2017 | 258 | $66.3 | 2,266 | $48.59 | 1,620 | $23.57 | 4,144 | $39.91 \nGranted | 133 | $114.36 | 630(1) | $85.06 | 600 | $68.48 | 1,363 | $80.62 \nVested | (136) | $60.23 | (717) | $41.08 | - | $- | (853) | $44.13 \nForfeited | (15) | $82.2 | (5) | $63.16 | (1) | $68.48 | (21) | $76.92 \nOutstanding at December 31, 2018 | 240 | $95.38 | 2,174 | $61.61 | 2,219 | $35.69 | 4,633 | $50.94 \nGranted | 52 | $142.32 | 512(1) | $99.88 | - | $- | 564 | $103.68 \nVested | (103) | $81.53 | (656) | $53.72 | (324) | $23.57 | (1,083) | $47.34 \nForfeited | (9) | $117.31 | (43) | $42.72 | (9) | $68.48 | (61) | $57.01 \nOutstanding at December 31, 2019 | 180 | $115.45 | 1,987 | $74.50 | 1,886 | $37.63 | 4,053 | $59.16 "} {"_id": "d1b311a04", "title": "", "text": "Accounts receivable and contract balances\nThe timing of revenue recognition may differ from the time of billing to customers. Receivables presented in the balance sheet represent an unconditional right to consideration.\nContract balances represent amounts from an arrangement when either the performance obligation has been satisfied by transferring goods and/or services to the customer in advance of receiving all or partial consideration for such goods and/or services from the customer, or the customer has made payment in advance of obtaining control of the goods and/or services promised to the customer in the contract.\nContract assets primarily relate to rights to consideration for goods and/or services provided to the customers but for which there is not an unconditional right at the reporting date. Under a fixed-term plan, the total contract revenue is allocated between wireless services and equipment revenues, as discussed above.\nIn conjunction with these arrangements, a contract asset is created, which represents the difference between the amount of equipment revenue recognized upon sale and the amount of consideration received from the customer. The contract asset is recognized as accounts receivable as wireless services are provided and billed. The right to bill the customer is\n\nobtained as service is provided over time, which results in the right to the payment being unconditional.\nThe contract asset balances are presented in the balance sheets as prepaid expenses and other, and other assets - net. Contract assets are assessed for impairment on an annual basis and an impairment charge is recognized to the extent the carrying amount is not recoverable. The impairment charge related to contract assets was insignificant for\u00a0the years ended December 31, 2019 and 2018.\nIncreases in the contract asset balances were primarily due to new contracts and increases in sales promotions recognized upfront, driven by customer activity related to wireless services, while decreases were due to reclassifications to accounts receivable due to billings on the existing contracts and insignificant impairment charges.\nContract liabilities arise when customers are billed and consideration is received in advance of providing the goods and/or services promised in the contract. The majority of the contract liability at each year end is recognized during the following year as these contract liabilities primarily relate to advanced billing of fixed monthly fees for service that are recognized within the following month when services are provided to the customer.\nThe contract liability balances are presented in the balance sheet as contract liabilities and other, and other liabilities. Increases in contract liabilities were primarily due to increases in sales promotions recognized over time and upfront fees, as well as increases in deferred revenue related to advanced billings, while decreases in contract liabilities were primarily due to the satisfaction of performance obligations related to wireless services.\nThe balance of receivables from contracts with customers, contract assets and contract liabilities recorded in the balance sheet were as follows:\n(1) Balances do not include receivables related to the following contracts: leasing arrangements (such as towers) and the interest on equipment financed on a device payment plan agreement when sold to the customer by an authorized agent. (2) Included in device payment plan agreement receivables presented in Device Payment Plans Note. Balances do not include receivables related to contracts completed prior to January 1, 2018 and receivables derived from the sale of equipment on a device payment plan through an authorized agent.\n\n | At December 31, 2019 | At December 31, 2018 | At January 1, 2018\n--------------------------------------------- | -------------------- | -------------------- | ------------------\nReceivables (1) | $ 5,752 | $ 5,448 | $ 5,555 \nDevice payment plan agreement receivables (2) | 15,313 | 12,272 | 2,073 \nContract assets | 761 | 772 | 858 \nContract liabilities | 4,721 | 4,521 | 3,445 "} {"_id": "d1b367f1c", "title": "", "text": "Stock Ownership Requirements\nWe believe that in order to align the interests of our executive officers with those of our stockholders, our executive officers should have a financial stake in our Company. We have maintained stock ownership requirements for our executive officers since October 2005. For FY19, our executive officers were required to hold the following minimum number of shares:\n\u2022 CEO: 6x base salary; \u2022 CFO, COO and President: 3x base salary; and \u2022 Executive Vice Presidents: 2x base salary.\nStock options and unvested RSUs and PRUs do not count toward stock ownership requirements.\nThe executive officer is required to acquire and thereafter maintain the stock ownership required within four years of becoming an executive officer of NortonLifeLock (or four years following the adoption date of these revised guidelines). During the four-year transitional period, each executive officer must retain at least 50% of all net (after-tax) equity grants until the required stock ownership level has been met.\nAs of October 25, 2019, Messrs. Kapuria, Pilette and Taylor reached the stated ownership requirements for FY19. Transitioning or former executive officers and non-executive officers are not included in the table below. See the table below for individual ownership levels relative to the executive\u2019s ownership requirement.\n(1) Based on the closing price for a share of our common stock of $22.69 on October 25, 2019.\n\nExecutive Officer | Ownership Requirement (1) (# of shares) | Holdings as of October 25, 2019(# of shares)\n----------------- | --------------------------------------- | --------------------------------------------\nSamir Kapuria | 39,665 | 186,735 \nVincent Pilette | 85,941 | 785,906 \nScott C. Taylor | 52,887 | 408,724 "} {"_id": "d1b382eac", "title": "", "text": "Deferred Tax Assets and Valuation Allowance\nDeferred tax assets reflect the tax effects of net operating losses (\u201cNOLs\u201d), tax credit carryovers, and temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. The most significant item of our deferred tax assets is derived from our Federal NOLs. We have approximately $167.8 million gross Federal NOLs at December 31, 2019 (of which approximately $160.2 million was generated prior to January 1, 2018). Because we believe the ability for us to use these NOLs generated prior to January 1, 2018 to offset any future taxable income is severely limited as prescribed under Internal Revenue Code (\u201cIRC\u201d) Section 382, we had estimated and recorded an amount for the likely limitation to our deferred tax asset in the fourth quarter of 2017, thereby reducing the aggregate estimated benefit of the Federal NOLs available to us of approximately $1.0 million at December 31, 2017. We believe the gross Federal NOL benefit we generated prior to January 1, 2018 to offset taxable income is less than $150 thousand annually. As prescribed under Internal Revenue Code, any unused Federal NOL benefit from the annual limitation can be accumulated and carried forward to the subsequent year and will expire if not used in accordance with the NOL carried forward term of 20 years or 2037, if generated before 2018 and Federal NOLs generated after 2017 can be carried forward indefinitely. Future common stock transactions, such as the exercise of common stock purchase warrants or the conversion of debt into common stock, may cause another qualifying event under IRC 382 which may further limit our utilization of our NOLs.\nThe components of our deferred tax assets are as follows (in thousands):\nThe realization of deferred income tax assets is dependent upon future earnings, if any, and the timing and amount of which may be uncertain. A valuation allowance is required against deferred income tax assets if, based on the weight of available evidence, it is more likely than not that some or all of the deferred income tax assets may not be realized. At both December 31, 2019 and 2018, all our remaining net deferred income tax assets were offset by a valuation allowance due to uncertainties with respect to future utilization of NOL carryforwards. If in the future it is determined that additional amounts of our deferred income tax assets would likely be realized, the valuation allowance would be reduced in the period in which such determination is made and an additional benefit from income taxes in such period would be recognized.\n\n | | December 31,\n------------------------------------ | ------- | ------------\n | 2019 | 2018 \nDeferred tax assets: | | \nEstimated future value of NOLs | | \n- Federal | $2,622 | $2,174 \n- State | 869 | 862 \nResearch and development tax credits | | \n- Federal | 1,207 | 1,184 \n- State | 8 | - \nShare-based compensation | 72 | 71 \nOther, net | 177 | 151 \nTotal deferred taxes | 4,955 | 4,442 \nValuation allowance | (4,955) | (4,442) \nNet deferred tax assets | $- | $- "} {"_id": "d1b393784", "title": "", "text": "Restricted Stock Units\nThe 2013 Plan provides for the issuance of RSUs to employees, directors, and consultants. RSUs issued under the 2013 Plan generally vest over four years. A summary of activity of RSUs under the 2013 Plan at December 31, 2019 and changes during the periods then ended is presented in the following table:\nAs of December 31, 2019 and 2018, there was a total of $198.3 million and $107.9 million of unrecognized share-based compensation expense, net of estimated forfeitures, related to RSUs, which will be recognized on a straight-line basis over the remaining weighted-average vesting periods of approximately 2.3 years and 2.4 years, respectively.\n\n | Number of RSUs Outstanding (in thousands) | Weighted- Average Grant Date Fair Value Per Share | Aggregate Intrinsic Value (in thousands)\n-------------------------------- | ----------------------------------------- | ------------------------------------------------- | ----------------------------------------\nOutstanding at December 31, 2016 | 3,554 | $18.01 | $73,261 \nGranted | 3,005 | 30.20 | \nReleased | (1,680) | 19.54 | \nCanceled/Forfeited | (598) | 20.91 | \nOutstanding at December 31, 2017 | 4,281 | $25.51 | $207,197 \nGranted | 1,746 | 67.64 | \nReleased | (1,971) | 30.50 | \nCanceled/Forfeited | (495) | 34.99 | \nOutstanding at December 31, 2018 | 3,561 | $42.09 | $293,523 \nGranted | 2,069 | 122.35 | \nReleased | (1,906) | 50.99 | \nCanceled/Forfeited | (475) | 60.38 | \nOutstanding at December 31, 2019 | 3,249 | $85.39 | $548,145 "} {"_id": "d1a728c1a", "title": "", "text": "(b) Revenue for Groups of Similar Products and Services\nWe design, manufacture, and sell IP-based networking and other products related to the communications and IT industry and provide services associated with these products and their use.\nThe following table presents revenue for groups of similar products and services (in millions):\n(1) Includes SPVSS business revenue of $168 million and $903 million for fiscal 2019 and 2018, respectively.\n\nYears Ended | July 27, 2019 | July 28, 2018 | July 29, 2017\n--------------------------- | ------------- | ------------- | -------------\nRevenue: | | | \nInfrastructure Platforms . | $30,191 | $28,322 | $27,817 \nApplications . | 5,803 | 5,036 | 4,568 \nSecurity | 2,730 | 2,352 | 2,152 \nOther Products . | 281 | 999 | 1,168 \nTotal Product . | 39,005 | 36,709 | 35,705 \nServices | 12,899 | 12,621 | 12,300 \nTotal (1) | $51,904 | $49,330 | $48,005 "} {"_id": "d1b3c043c", "title": "", "text": "The components of the deferred income tax assets are as follows:\nAt December 31, 2019, the Company had federal, state and foreign tax net operating loss carryforwards of approximately $269.3 million, $86.4 million and $11.7 million, respectively. The federal, state and foreign tax loss carryforwards will begin to expire in2 020, 2020 and 2026 respectively, unless previously utilized. At December 31, 2019, the Company had federal, state and foreign tax credit carryforwards of approximately $41.8 million, $86.3 million and $5.7 million, respectively. The federal and foreign tax credit carryforwards will begin to expire in 2023 and 2024 respectively, unless previously utilized. The state tax credit carryforwards do not expire. The Company also has foreign incentive deductions of approximately $24.5 million that do not expire.\nIn addition, the Company has $0.3 million of federal alternative minimum tax credit carryforwards that will be refundable in future years, due to the Tax Cuts and Jobs Act described below.\nThe Company utilizes the asset and liability method of accounting for income taxes, under which deferred taxes are determined based on temporary differences between the financial statement and tax basis of assets and liabilities using tax rates expected to be in effect during the years in which the temporary differences reverse. The Company records a valuation allowance to reduce its deferred taxes to the amount it believes is more likely than not to be realized. In making such determination, the Company considers all available positive and negative evidence quarterly, including scheduled reversals of deferred tax liabilities, projected future taxable income, tax planning strategies, and recent financial performance. Forming a conclusion that a valuation allowance is not required is difficult when there is negative evidence such as cumulative losses in recent years. Based upon the Company's review of all positive and negative evidence, the Company released $51.2 million in valuation allowance against certain of its deferred tax assets in 2017. In 2018, the Company released an additional $11.3 million of its valuation allowance as a result of completing its analysis of the effects of the Tax Act. The Company continues to maintain a valuation allowance on its state deferred taxes, certain of its federal deferred tax assets, and certain foreign deferred tax assets in jurisdictions where the Company has cumulative losses or otherwise is not expected to utilize certain tax attributes. The Company does not incur expense or benefit in certain tax-free jurisdictions in which it operates.\nThe income tax benefit for the year ended December 31, 2019 primarily related to the mix of pre-tax income among jurisdictions, discrete tax benefits related to stockbased compensation, and release of certain reserves for uncertain tax positions under ASC 740-10.\nThe income tax benefit for the year ended December 31, 2018 primarily related to a partial release of the Company's valuation allowance and the mix of pre-tax income among jurisdictions, excess tax benefits related to stock-based compensation, and release of uncertain tax positions under ASC 740-10.\n\n | 2019 | 2018 \n-------------------------------- | -------------- | --------\n | (in thousands) | \nDeferred tax assets: | | \nNet operating loss carryforwards | $65,477 | $64,887 \nResearch and development credits | 80,404 | 75,032 \nAccrued expenses and other | 7,768 | 7,965 \nLease obligation | 2,047 | \u2014 \nAccrued compensation | 1,441 | 2,504 \nStock-based compensation | 3,460 | 2,550 \n | 160,597 | 152,938 \nLess valuation allowance | (77,957) | (79,196)\n | 82,640 | 73,742 \nDeferred tax liabilities: | | \nFixed assets | (246) | (1,391) \nLeased right-of-use assets | (1,483) | \u2014 \nIntangible assets | (13,627) | (20,833)\nNet deferred tax assets | $67,284 | 51,518 "} {"_id": "d1b33829e", "title": "", "text": "Long-term state receivables include receivables related to funding and receivables related to tax refund. Funding are mainly public grants to be received from governmental agencies in Italy and France as part of longterm research and development, industrialization and capital investment projects. Long-term receivables related to tax refund correspond to tax benefits claimed by the Company in certain of its local tax jurisdictions, for which collection is expected beyond one year.\nIn 2019 and 2018, the Company entered into a factoring transaction to accelerate the realization in cash of some non-current assets. As at December 31, 2019, $131 million of the non-current assets were sold without recourse, compared to $122 million as at December 31, 2018, with a financial cost of less than $1 million for both periods.\nOther non-current assets consisted of the following:\n\n | December 31, 2019 | December 31, 2018\n------------------------------------- | ----------------- | -----------------\nEquity securities | 23 | 19 \nLong-term state receivables | 358 | 391 \nDeposits and other non-current assets | 56 | 42 \nTotal | 437 | 452 "} {"_id": "d1b3aa632", "title": "", "text": "Accumulated other comprehensive income (loss)\nComponents and activities of AOCI, net of tax, were as follows:\nDuring fiscal 2018, a net foreign currency translation loss of $8 million related to foreign entities sold in the divestiture of our WSS and PKI solutions was reclassified to Gain on divestiture, and a net gain of $3 million related to liquidated foreign entities was reclassified to Other income (expense), net. A realized gain of $7 million on securities sold in connection with the divestiture of our WSS and PKI solutions was reclassified to Gain on divestiture. The tax effect of $3 million was reclassified to Income tax expense (benefit).\n\n(In millions) | Foreign Currency Translation Adjustments | Unrealized Gain (Loss) On Available- For-Sale Securities | Equity Method Investee | Total AOCI\n---------------------------------------------------------- | ---------------------------------------- | -------------------------------------------------------- | ---------------------- | ----------\nBalance as of March 31, 2017 | $7 | $5 | $\u2014 | $12 \nOther comprehensive loss before reclassifications | (4) | (5) | \u2014 | (9) \nReclassification to net income (loss) | 5 | (4) | \u2014 | 1 \nBalance as of March 30, 2018 | 8 | (4) | \u2014 | 4 \nOther comprehensive income (loss) before reclassifications | (13) | 3 | (1) | (11) \nBalance as of March 29, 2019 | $(5) | $(1) | $(1) | $(7) "} {"_id": "d1a71d310", "title": "", "text": "(8) LONG-TERM DEBT\nOn September 23, 2016, Roper entered into a five-year $2.5 billion unsecured credit facility, as amended December 2, 2016, (the \u201c2016 Facility\u201d) with JPMorgan Chase Bank, N.A., as administrative agent, and a syndicate of lenders, which replaced its previous $1.85 billion unsecured credit facility dated as of July 27, 2012, as amended as of October 28, 2015 (the \u201c2012 Facility\u201d). The 2016 Facility comprises a five year $2.5 billion revolving credit facility, which includes availability of up to $150.0 for letters of credit. Roper may also, subject to compliance with specified conditions, request term loans or additional revolving credit commitments in an aggregate amount not to exceed $500.0. At December 31, 2019, there were $0.0 of outstanding borrowings under the 2016 Facility.\nThe 2016 Facility contains affirmative and negative covenants which, among other things, limit Roper\u2019s ability to incur new debt, enter into certain mergers and acquisitions, sell assets and grant liens, make restricted payments (including the payment of dividends on our common stock) and capital expenditures, or change its line of business. Roper is also subject to financial covenants which require the Company to limit its consolidated total leverage ratio and to maintain a consolidated interest coverage ratio. The most restrictive covenant is the consolidated total leverage ratio which is limited to 3.50 to 1.\nThe 2016 Facility provides that the consolidated total leverage ratio may be increased, no more than twice during the term of the 2016 Facility, to 4.00 to 1 for a consecutive four quarter fiscal period per increase (or, for any portion of such four quarter fiscal period in which the maximum would be 4.25 to 1). In conjunction with the Deltek acquisition in December of 2016, we increased the maximum consolidated total leverage ratio covenant to 4.25 to 1 through June 30, 2017 and 4.00 to 1 through December 31, 2017.\nThe Company was in compliance with its debt covenants throughout the years ended December 31, 2019 and 2018.\nOn August 26, 2019, the Company completed a public offering of $500.0 aggregate principal amount of 2.35% senior unsecured notes due September 15, 2024 and $700.0 aggregate principal amount of 2.95% senior unsecured notes due September 15, 2029 (the \u201c2019 Offering\u201d). The notes bear interest at a fixed rate and are payable semi-annually in arrears on March 15 and September 15 of each year, beginning March 15, 2020. The net proceeds were used to fund a portion of the purchase of iPipeline Holdings, Inc.\nOn August 28, 2018, the Company completed a public offering of $700.0 aggregate principal amount of 3.65% senior unsecured notes due September 15, 2023 and $800.0 aggregate principal amount of 4.20% senior unsecured notes due September 15, 2028 (the \u201c2018 Offering\u201d). The notes bear interest at a fixed rate and are payable semi-annually in arrears on March 15 and September 15 of each year, beginning March 15, 2019.\nOn December 19, 2016, the Company completed a public offering of $500.0 aggregate principal amount of 2.80% senior unsecured notes due December 15, 2021 and $700.0 aggregate principal amount of 3.80% senior unsecured notes due December 15, 2026. The notes bear interest at a fixed rate and are payable semi-annually in arrears on June 15 and December 15 of each year, beginning June 15, 2017.\nOn December 7, 2015, the Company completed a public offering of $600.0 aggregate principal amount of 3.00% senior unsecured notes due December 15, 2020 and $300.0 aggregate principal amount of 3.85% senior unsecured notes due December 15, 2025. The notes bear interest at a fixed rate and are payable semi-annually in arrears on June 15 and December 15 of each year, beginning June 15, 2016.\nOn November 21, 2012, the Company completed a public offering of $500.0 aggregate principal amount of 3.125% senior unsecured notes due November 15, 2022. The notes bear interest at a fixed rate and are payable semi-annually in arrears on May 15 and November 15 of each year, beginning May 15, 2013.\nIn September 2009, the Company completed a public offering of $500.0 aggregate principal amount of 6.25% senior unsecured notes due September 1, 2019 (the \u201c2019 Notes\u201d). During 2018 a portion of the net proceeds of the 2018 Offering were used to redeem all of the $500.0 of outstanding 2019 Notes. The Company incurred a debt extinguishment charge in connection with the redemption of the 2019 Notes of $15.9, which represents the make-whole premium and unamortized deferred financing costs.\nRoper may redeem some or all of these notes at any time or from time to time, at 100% of their principal amount, plus a makewhole premium based on a spread to U.S. Treasury securities.\nThe Company\u2019s senior notes are unsecured senior obligations of the Company and rank equally in right of payment with all of Roper\u2019s existing and future unsecured and unsubordinated indebtedness. The notes are effectively subordinated to any of its existing and future secured indebtedness to the extent of the value of the collateral securing such indebtedness. The notes are not guaranteed by any of Roper\u2019s subsidiaries and are effectively subordinated to all existing and future indebtedness and other liabilities of Roper\u2019s subsidiaries.\nTotal debt at December 31 consisted of the following:\n\n | 2019 | 2018 \n------------------------------------ | ----------- | ---------\n2016 Facility | $ \u2014 | $ 865.0\n$600 3.000% senior notes due 2020 | 600.0 | 600.0 \n$500 2.800% senior notes due 2021 | 500.0 | 500.0 \n$500 3.125% senior notes due 2022 | 500.0 | 500.0 \n$700 3.650% senior notes due 2023 | 700.0 | 700.0 \n$500 2.350% senior notes due 2024 | 500.0 | \u2014 \n$300 3.850% senior notes due 2025 | 300.0 | 300.0 \n$700 3.800% senior notes due 2026 | 700.0 | 700.0 \n$800 4.200% senior notes due 2028 | 800.0 | 800.0 \n$700 2.950% senior notes due 2029 | 700.0 | \u2014 \nOther | 7.7 | 3.0 \nLess unamortized debt issuance costs | (32.4) | (26.3) \nTotal debt | 5,275.3 | 4,941.7 \nLess current portion | 602.2 | 1.5 \nLong-term debt | $ 4,673.1 | $ 4,940.2"} {"_id": "d1b3c3a38", "title": "", "text": "8. Earnings Per Share\nCertain share-based payment awards entitling holders to receive non-forfeitable dividends before vesting are considered participating securities and thus included in the calculation of basic earnings per share, to the extent they are dilutive. These awards are included in the calculation of basic earnings per share under the two-class method. The two-class method allocates earnings for the period between common shareholders and other security holders. The participating awards receiving dividends are allocated the same amount of income as if they were outstanding shares.\nThe following table presents earnings per share (in thousands).\n\n | | For the years ended | \n---------------------------------------------------------------------- | ---------------- | -------------------- | ----------------\n | October 31, 2019 | October 31, 2018 | October 31, 2017\nNet income | $53,294 | $61,431 | $279,745 \nDistributed and undistributed (earnings) to unvested restricted | (778) | (878) | (4,285) \nDistributed and undistributed earnings to common shareholders -- Basic | 52,516 | 60,553 | 275,460 \nWeighted average shares outstanding \u2014 Basic | 21,829 | 22,429 | 22,393 \nWeighted average shares outstanding \u2014 Diluted | 21,829 | 22,429 | 22,393 \nEarnings per common share \u2014 Basic | $2.41 | $2.70 | $12.30 \nEarnings per common share \u2014 Diluted | $2.41 | $2.70 | $12.30 "} {"_id": "d1b2fcdd4", "title": "", "text": "Financing receivables primarily consist of client loan and installment payment receivables (loans), investment in sales-type and direct financing leases, and commercial financing receivables. Client loan and installment payment receivables (loans) are provided primarily to clients to finance the purchase of hardware, software and services.\nPayment terms on these financing arrangements are generally for terms up to seven years. Client loans and installment payment financing contracts are priced independently at competitive market rates. Investment in sales-type and direct financing leases relates principally to the company\u2019s Systems products and are for terms ranging generally from two to six years.\nCommercial financing receivables relate primarily to inventory and accounts receivable financing for dealers and remarketers of IBM and OEM products. Payment terms for inventory and accounts receivable financing generally range from 30 to 90 days.\n\n($ in millions) | | | | \n-------------------------------- | ---------------------------------------------------- | -------------------------------- | -------------------------------------------------------- | -------\nAt December 31, 2019: | Investment in Sales-Type and Direct Financing Leases | Commercial Financing Receivables | Client Loan and Installment Payment Receivables/ (Loans) | Total \nFinancing receivables, gross | $6,077 | $3,836 | $13,592 | $23,504\nUnearned income | (509) | (4) | (570) | (1,083)\nRecorded investment | $5,567 | $3,831 | $13,022 | $22,421\nAllowance for credit losses | (72) | (11) | (138) | (221) \nUnguaranteed residual value | 652 | \u2014 | \u2014 | 652 \nGuaranteed residual value | 53 | \u2014 | \u2014 | 53 \nTotal financing receivables, net | $6,199 | $3,820 | $12,884 | $22,904\nCurrent portion | $2,334 | $3,820 | $ 8,037 | $14,192\nNoncurrent portion | $3,865 | $ \u2014 | $ 4,847 | $ 8,712"} {"_id": "d1b3aa0e2", "title": "", "text": "9. Net interest income/interest expenses\nThe interest result can be broken down as follows:\nInterest income and interest expenses from financial instruments are assigned to the measurement categories according to IFRS 9 on the basis of the underlying transactions.\nThe interest expenses included here (of the measurement categories in accordance with IFRS 9) primarily include interest expenses for issued bonds (including the Commercial Paper Programme) of \u20ac41 million (2017/18: \u20ac55 million) and for liabilities to banks of \u20ac19 million (2017/18: \u20ac12 million).\nThe decline in interest expenses was primarily the result of more favourable refinancing terms.\n\n\u20ac million | 2017/2018 | 2018/2019\n------------------------------------------------------------------------------------------------------------ | --------- | ---------\nInterest income | 27 | 29 \nthereof finance leases | (0) | (0) \nthereof from post-employment benefits plans | (5) | (7) \nthereof from financial instruments of the measurement categories according to IFRS 9 (previous year: IAS39): | (16) | (12) \nInterest expenses | \u2212163 | \u2212148 \nthereof finance leases | (\u221251) | (\u221249) \nthereof from post-employment benefits plans | (\u221216) | (\u221215) \nthereof from financial instruments of the measurement categories according to IFRS9 (previous year: IAS39) | (\u221279) | (\u221269) \nInterest result | \u2212136 | \u2212119 "} {"_id": "d1b2f454e", "title": "", "text": "NOTE 13 - TAXES ON INCOME (Cont.)\nD. Loss from continuing operations, before taxes on income, consists of the following:\nE. Due to the Company\u2019s cumulative losses, the effect of ASC 740 as codified from ASC 740-10 is not material.\n\n | Year ended December 31 | \n------------- | ---------------------- | --------\n | 2019 | 2 0 1 8 \n | U.S. $ in thousands | \nUnited States | (4,378) | (3,617) \nIsrael | (18,875) | (10,331)\n | (23,253) | (13,948)"} {"_id": "d1b3a5b00", "title": "", "text": "UK OPERATING COSTS\nUK operating costs decreased 1.2%. Store closures more than offset the cost of new space and channel shift. Cost savings across the business outweighed inflation related increases.\nStore staffing costs reduced, as savings from store management restructuring, closures and other efficiencies more than offset pay inflation. Other store costs reduced driven by lower depreciation, due to our closure programme and as a number of assets have reached the end of their useful life, which more than offset rent and rates inflation in the year.\nThe growth in distribution and warehousing costs was largely driven by inflation and the costs of channel shift, as well as costs associated with the closure of an equipment warehouse, with some offset achieved from improved efficiencies at Castle Donington.\nThe increase in marketing costs reflected investments in our Food brand and the planned increase in costs in the second half of the year due to the timing of campaigns.\nCentral costs reduced as lower incentive costs year-on-year, the benefits of technology transformation programmes and other cost efficiencies more than offset system investment write offs and expenditure on the Fuse programme.\n\n | 52 weeks ended | | \n-------------------------- | -------------- | ----------- | ------\n | 30 Mar 2019 | 31 Mar 2018 | Change\n | \u00a3m | \u00a3m | % \nStore staffing | 1,044.7 | 1,070.6 | -2.4 \nOther store costs | 950.4 | 992.1 | -4.2 \nDistribution & warehousing | 564.6 | 538.0 | 4.9 \nMarketing | 155.1 | 151.6 | 2.3 \nCentral costs | 694.8 | 698.0 | -0.5 \nTotal | 3,409.6 | 3,450.3 | -1.2 "} {"_id": "d1a7309a6", "title": "", "text": "Revenues. Revenues increased by 21% to RMB377.3 billion for the year ended 31 December 2019 on a year-on-year basis. The following table sets forth our revenues by line of business for the years ended 31 December 2019 and 2018:\nRevenues from our VAS business increased by 13% year-on-year to RMB200 billion. Online games revenues grew by 10% to RMB114.7 billion. The increase was primarily due to revenue contributions from domestic smart phone games including Honour of Kings and Peacekeeper Elite, as well as increased contributions from our overseas titles such as PUBG Mobile and Supercell titles, partly offset by the revenue decline from PC client games such as DnF. Social networks revenues increased by 17% to RMB85,281 million. The increase mainly reflected revenue growth from digital content services such as live broadcast services and video streaming subscriptions.\nRevenues from FinTech and Business Services increased by 39% year-on-year to RMB101.4 billion. The increase was primarily driven by greater revenues from commercial payment due to increased daily active consumers and number of transactions per user. Greater revenues from cloud services also contributed to the annual growth.\nRevenues from Online Advertising business increased by 18% year-on-year to RMB68,377 million. Social and others advertising revenues grew by 33% to RMB52,897 million. The increase mainly reflected higher advertising revenues derived from Weixin (primarily Weixin Moments and Mini Programs) as a result of its increased inventories and impressions, as well as contributions from our mobile advertising network due to increased traffic and video inventories. Media advertising revenues decreased by 15% to RMB15,480 million. The decrease was primarily due to lower advertising revenues from our media platforms including Tencent Video and Tencent News resulting from unpredictability in broadcast schedules and the challenging macro-environment, as well as the absence of the FIFA World Cup in year 2019.\n\n | Year ended 31 December | | | \n----------------------------- | ----------------------------------- | ---------- | ---------- | ----------\n | 2019 | | 2018 | \n | | % of total | | % of total\n | Amount | revenues | Amount | revenues \n | | | (Restated) | (Restated)\n | (RMB in millions, unless specified) | | | \nVAS | 199,991 | 53% | 176,646 | 56% \nFinTech and Business Services | 101,355 | 27% | 73,138 | 23% \nOnline Advertising | 68,377 | 18% | 58,079 | 19% \nOthers | 7,566 | 2% | 4,831 | 2% \nTotal revenues | 377,289 | 100% | 312,694 | 100% "} {"_id": "d1b373ba0", "title": "", "text": "Cost of Revenues\nCost of Subscription Solutions\nCost of subscription solutions increased $27.2 million, or 26.9%, for the year ended December 31, 2019 compared to the same period in 2018. The increase was primarily due to higher third-party infrastructure and hosting costs. The increase was also due to an increase in costs necessary to support a greater number of merchants using our platform, resulting in an increase in: credit card fees for processing merchant billings, employee-related costs, amortization of technology related to enhancing our platform, payments to third-party partners for the registration of domain names, and payments to third-party theme developers. As a percentage of revenues, costs of subscription solutions decreased from 9.4% in 2018 to 8.1% in 2019 due to a decrease in third-party infrastructure and hosting costs and employee-related costs as a percentage of revenue in 2019.\nCost of subscription solutions increased $39.7 million, or 64.8%, for the year ended December 31, 2018 compared to the same period in 2017. The increase was primarily due to higher third-party infrastructure and hosting costs as well as higher employee-related costs.\nCost of Merchant Solutions\nCost of merchant solutions increased $208.4 million, or 55.4%, for the year ended December 31, 2019 compared to the same period in 2018. The increase was primarily due to the increase in GMV facilitated through Shopify Payments, which resulted in higher payment processing and interchange fees. The increase was also due to higher amortization, largely related to the technology resulting from the 6RS acquisition, higher product costs associated with expanding our product offerings and higher credit card fees for processing merchant billings. Cost of merchant solutions as a percentage of revenues increased from 35.0% in 2018 to 37.0% in 2019, mainly as a result of Shopify Payments representing a larger percentage of total revenue.\nCost of merchant solutions increased $144.2 million, or 62.2%, for the year ended December 31, 2018 compared to the same period in 2017. The increase was primarily due to the increase in GMV facilitated through Shopify Payments, which resulted in payment processing fees, including interchange fees, increasing for the year ended December 31, 2018 as compared to the same period in 2017.\n\n | Years ended December 31 | | | 2019 vs 2018 | 2018 vs 2017\n------------------------------ | ---------------------------------- | --------- | --------- | ------------ | ------------\n | 2019 | 2018 | 2017 | % | % \n | (in thousands, except percentages) | | | | \nCost of revenues: | | | | | \nCost of subscription solutions | $ 128,155 | $ 100,990 | $ 61,267 | 26.9 % | 64.8 % \nCost of merchant solutions | 584,375 | 375,972 | 231,784 | 55.4 % | 62.2 % \nTotal cost of revenues | $ 712,530 | $ 476,962 | $ 293,051 | 49.4 % | 62.8 % \nPercentage of revenues: | | | | | \nCost of subscription solutions | 8.1 % | 9.4 % | 9.1 % | | \nCost of merchant solutions | 37.0 % | 35.0 % | 34.4 % | | \n | 45.1 % | 44.4 % | 43.5 % | | "} {"_id": "d1b3c0c84", "title": "", "text": "Deferred Tax Assets and Liabilities\nDeferred income taxes result from temporary differences between the amount of assets and liabilities recognized for financial reporting and tax purposes. The components of the net deferred income tax asset were as follows:\n\n | | Fiscal Year End\n----------------------------------------------- | ------- | ---------------\n | 2019 | 2018 \n | | (in millions) \nDeferred tax assets: | | \nAccrued liabilities and reserves | $ 245 | $ 255 \nTax loss and credit carryforwards | 6,041 | 3,237 \nInventories | 43 | 58 \nIntangible assets | 964 | \u2014 \nPension and postretirement benefits | 248 | 179 \nDeferred revenue | 4 | 5 \nInterest | 134 | 30 \nUnrecognized income tax benefits | 7 | 8 \nBasis difference in subsidiaries | \u2014 | 946 \nOther | 8 | 13 \nGross deferred tax assets | 7,694 | 4,731 \nValuation allowance | (4,970) | (2,191) \nDeferred tax assets, net of valuation allowance | 2,724 | 2,540 \n | | \nDeferred tax liabilities: | | \nIntangible assets | \u2014 | (552) \nProperty, plant, and equipment | (57) | (13) \nOther | (47) | (38) \nTotal deferred tax liabilities | (104) | (603) \nNet deferred tax assets | $ 2,620 | $ 1,937 "} {"_id": "d1b31cf44", "title": "", "text": "Due To/From Related Parties, Net\nAmounts due to and from related parties, net as of the periods presented consisted of the following (table in millions):\n(1) Includes an immaterial amount related to the Company\u2019s current operating lease liabilities due to related parties as of January 31, 2020.\nThe Company also recognized an immaterial amount related to non-current operating lease liabilities due to related parties. This amount has been included in operating lease liabilities on the consolidated balance sheet as of January 31, 2020.\n\n | January 31, 2020 | February 1, 2019\n-------------------------------------- | ---------------- | ----------------\nDue from related parties, current | $1,618 | $1,248 \nDue to related parties, current(1) | 161 | 158 \nDue from related parties, net, current | $1,457 | $1,090 "} {"_id": "d1b39ca32", "title": "", "text": "Contract assets and deferred revenue\n(1) Included in other current assets. (2) Included in other long-term assets. (3) Included in other long-term liabilities.\nContract assets are client committed amounts for which revenue recognized exceeds the amount billed to the client and the right to payment is subject to conditions other than the passage of time, such as the completion of a related performance obligation. Deferred revenue consists of billings and payments received in advance of revenue recognition. Contract assets and deferred revenue are netted at the contract level for each reporting period.\nThe change in deferred revenue in the year ended December 31, 2019 was primarily due to new billings in advance of revenue recognition, partially offset by revenue recognized during the period that was included in deferred revenue at December 31, 2018.\n\n(in thousands) | December 31, 2019 | December 31, 2018\n------------------------------ | ----------------- | -----------------\nContract assets (1) | $5,558 | $3,711 \nLong-term contract assets (2) | 5,420 | 2,543 \n | $10,978 | $6,254 \nDeferred revenue | $190,080 | $185,145 \nLong-term deferred revenue (3) | 5,407 | 5,344 \n | $195,487 | $190,489 "} {"_id": "d1b32848e", "title": "", "text": "9. DEFERRED REVENUES\nDeferred revenues consisted of the following:\nDeferred cloud services and license support revenues and deferred hardware revenues substantially represent customer payments made in advance for cloud or support contracts that are typically billed in advance with corresponding revenues generally being recognized ratably over the contractual periods. Deferred services revenues include prepayments for our services business and revenues for these services are generally recognized as the services are performed. Deferred cloud license and on-premise license revenues typically resulted from customer payments that related to undelivered products and services or specified enhancements.\nIn connection with our acquisitions, we have estimated the fair values of the cloud services and license support performance obligations assumed from our acquired companies. We generally have estimated the fair values of these obligations assumed using a cost build-up approach. The cost build-up approach determines fair value by estimating the costs related to fulfilling the obligations plus a normal profit margin. The sum of the costs and operating profit approximates, in theory, the amount that we would be required to pay a third party to assume these acquired obligations. These aforementioned fair value adjustments recorded for obligations assumed from our acquisitions reduced the cloud services and license support deferred revenues balances that we recorded as liabilities from these acquisitions and also reduced the resulting revenues that we recognized or will recognize over the terms of the acquired obligations during the post-combination periods.\n\n | | May 31,\n----------------------------------------------------------------- | ------ | -------\n(in millions) | 2019 | 2018 \nCloud services and license support | $7,340 | $7,265 \nHardware | 635 | 645 \nServices | 360 | 404 \nCloud license and on-premise license | 39 | 27 \nDeferred revenues, current | 8,374 | 8,341 \nDeferred revenues, non-current (in other non-current liabilities) | 669 | 625 \nTotal deferred revenues | $9,043 | $8,966 "} {"_id": "d1b3aa86c", "title": "", "text": "The activity for unrecognized gross tax benefits is as follows (in millions):\nIncluded in the December 31, 2019 balance of $130.0 million is $97.2 million related to unrecognized tax benefits that, if recognized, would impact the annual effective tax rate. Also included in the balance of unrecognized tax benefits as of December 31, 2019 is $32.8 million of benefit that, if recognized, would result in adjustments to other tax accounts, primarily deferred taxes.\nAlthough the Company cannot predict the timing of resolution with taxing authorities, if any, the Company believes it is reasonably possible that its unrecognized tax benefits will be reduced by $1.5 million in the next 12 months due to settlement with tax authorities or expiration of the applicable statute of limitations. The Company did not recognize any additional tax benefit or expense for interest and penalties during the year ended December 31, 2019.\nThe Company recognized approximately $0.8 million of tax benefit and $1.5 million of tax expense for interest and penalties during the years ended December 31, 2018 and 2017, respectively. The Company had approximately $5.1 million, $5.1 million, and $5.9 million of accrued interest and penalties at December 31, 2019, 2018, and 2017, respectively. The Company recognizes interest and penalties accrued in relation to unrecognized tax benefits in tax expense.\nTax years prior to 2016 are generally not subject to examination by the IRS except for items involving tax attributes that have been carried forward to tax years whose statute of limitations remains open. The Company is not currently under IRS examination. For state returns, the Company is generally not subject to income tax examinations for years prior to 2015.\nThe Company is also subject to routine examinations by various foreign tax jurisdictions in which it operates. With respect to jurisdictions outside the United States, the Company's subsidiaries are generally no longer subject to income tax audits for years prior to 2009. The Company is currently under audit in the following jurisdictions including, but not limited to, Canada, China, the Czech Republic, the Philippines, Singapore and the United Kingdom.\n\n | 2019 | 2018 | 2017 \n------------------------------------------------------ | ------ | ------ | ------\nBalance at beginning of year | $112.2 | $114.8 | $136.7\nAcquired balances | 15.5 | \u2014 | \u2014 \nAdditions for tax benefits related to the current year | 9.4 | 7.4 | 23.6 \nAdditions for tax benefits of prior years | 8.0 | 2.8 | 4.7 \nReductions for tax benefits of prior years | (0.2) | (1.9) | (1.6) \nLapse of statute | (8.2) | (10.9) | (16.3)\nSettlements | (6.7) | \u2014 | (4.9) \nChange in rate due to U.S. Tax Reform | \u2014 | \u2014 | (27.4)\nBalance at end of year | $130.0 | $112.2 | $114.8"} {"_id": "d1b3921e0", "title": "", "text": "Profitability Measures\nNet Income:\nOur net income in the fiscal year ended February 28, 2019 was $18.4 million as compared to net income of $16.6 million in the same period last year. The increase is due to a $11.7 million increase in operating income, $3.0 million increase in investment income and $12.0 million decrease in income tax provision. The increase in operating income was primarily attributable to $21.0 million decrease in general and administrative expense due to reduced legal provision and related costs as further discussed in Note 19 and partially offset by $8.0 million of restructuring expense.\nAdjusted EBITDA for Telematics Systems in the fiscal year ended February 28, 2019 decreased $8.1 million compared to the same period last year due to lower revenues as described above and the impact of high margin revenue earned on a strategic technology partnership arrangement in fiscal 2018. These factors were coupled with higher operating expenses in Telematics Systems as a result of increased headcount and outsourced professional service fees. Adjusted EBITDA for Software and Subscription Services increased $4.9 million compared to the same period last year due primarily to continued growth in revenues and gross profit from our Italia market and higher gross profit from our fleet management services.\nSee Note 20 for reconciliation of Adjusted EBITDA by reportable segments and a reconciliation to GAAP-basis net income (loss).\n\n | Fiscal years ended | | | \n-------------------------------- | ------------------ | ------- | -------- | --------\n | February 28, | | | \n(In thousands) | 2019 | 2018 | $ Change | % Change\n | Segment | | | \nTelematics Systems | $40,821 | $48,943 | $(8,122) | (17.0%) \nSoftware & Subscription Services | 13,093 | 8,233 | 4,860 | 59.0% \nCorporate Expense | (5,699) | (4,794) | (905) | 19.0% \nTotal Adjusted EBITDA | $48,215 | $52,382 | $(4,167) | (8.0%) "} {"_id": "d1b331c50", "title": "", "text": "The impact of product mix within our TS segment on gross margins for the fiscal years ended September 30 was as follows:\nThe overall TS segment gross margin as a percentage of sales remained the same in fiscal year 2019 when compared to fiscal year 2018. The $0.6 million increase in our TS segment product gross margins resulted from an increase in product revenues in the U.S. division, partially offset by a decrease in the U.K division. The $1.1 million.increase in the TS segment service gross margins primarily resulted from increased service revenues in the U.S. division.\n\n | | | 2018 | | Increase | \n-------- | ------- | --- | ---------------------------- | --- | -------- | ---\n | GM$ | GM% | GM$ | GM% | GM$ | GM%\n | | | (Dollar amount in thousands) | | | \nProducts | $7,462 | 13% | $6,886 | 13% | $576 | -% \nServices | 6,427 | 56% | 5,376 | 55% | 1,051 | 1 \nTotal | $13,889 | 20% | $12,262 | 20% | 1,627 | -% "} {"_id": "d1a7362fc", "title": "", "text": "Movements in Class A ordinary share capital\nClass A shares as of June 30, 2019 and June 30, 2018 does not include 911,367 and 827,871 shares of restricted stock outstanding, respectively, that are subject to forfeiture or repurchase.\n\n | Number of Shares | Amount \n-------------------------------------------------- | ---------------- | ---------------------\n | | (U.S. $ in thousands)\nDetails | | \nBalance as of June 30, 2017 | 91,979,704 | $9,198 \nConversion of Class B ordinary shares | 5,861,707 | 587 \nExercise of share options | 1,902,084 | 190 \nIssuance for settlement of RSUs | 5,253,809 | 525 \nVesting of share options that were early exercised | 374,496 | 37 \nBalance as of June 30, 2018 | 105,371,800 | 10,537 \nConversion of Class B ordinary shares | 5,219,947 | 522 \nExercise of share options | 1,496,875 | 150 \nIssuance for settlement of RSUs | 4,674,873 | 467 \nVesting of share options that were early exercised | 510,071 | 51 \nBalance as of June 30, 2019 | 117,273,566 | $11,727 "} {"_id": "d1a72c40a", "title": "", "text": "14. Fair Value Measures\nThe Company is required to categorize both financial and nonfinancial assets and liabilities based on the following fair value hierarchy. The fair value of an asset is the price at which the asset could be sold in an orderly transaction between unrelated, knowledgeable, and willing parties able to engage in the transaction. A liability\u2019s fair value is defined as the amount that would be paid to transfer the liability to a new obligor in a transaction between such parties, not the amount that would be paid to settle the liability with the creditor.\n\u2022 Level 1 - Quoted prices in active markets for identical assets or liabilities. \u2022 Level 2 - Inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. \u2022 Level 3 - Unobservable inputs for the asset or liability supported by little or no market activity and are significant to the fair value of the assets or liabilities.\nThe disclosure of fair value of certain financial assets and liabilities recorded at cost are as follows:\nCash and cash equivalents, accounts receivable, and accounts payable: The carrying amount approximates fair value due to the short maturity of these instruments.\nLong-term debt: The carrying value of the Company\u2019s long-term debt is at its stated value. We have not elected to carry our long-term debt at fair value. Fair values for debt are based on quoted market prices or published forward interest rate curves, which are level 2 inputs. Estimated fair values are management\u2019s estimates, which is a level 3 input; however, when there is no readily available market data, the estimated fair values may not represent the amounts that could be realized in a current transaction, and the fair values could change significantly. The fair value of the Company\u2019s debt is sensitive to changes in the general level of U.S. interest rates. Under its current policies, the Company does not use interest rate derivative instruments to manage exposure to interest rate changes. A one percent (1%) decrease in interest rates would increase the net fair value of the Company\u2019s debt by $23,000 at June 1, 2019. The fair value and carrying value of the Company\u2019s long-term debt were as follows (in thousands):\n\n | June 1, 2019 | | June 2, 2018 | \n---------------- | -------------- | ---------- | -------------- | ----------\n | Carrying Value | Fair Value | Carrying Value | Fair Value\nNote payable | $1,283 | $1,309 | $4,750 | $4,732 \nLong-term leases | 1,054 | 940 | 1,340 | 1,171 \n | $2,337 | $2,249 | $6,090 | $5,903 "} {"_id": "d1b362fe4", "title": "", "text": "C) DIVIDENDS\nFor the year ended August 31, 2019, quarterly eligible dividends of $0.525 per share, for a total of $2.10 per share or $103.7 million, were paid to the holders of multiple and subordinate voting shares, compared to quarterly eligible dividends of $0.475 per share, for a total of $1.90 per share or $93.7 million for the year ended August 31, 2018.\nAt its October 30, 2019 meeting, the Board of Directors of Cogeco Communications declared a quarterly eligible dividend of $0.58 per share for multiple voting and subordinate voting shares, payable on November 27, 2019 to shareholders of record on November 13, 2019.\n\nYears ended August 31, | 2019 | 2018 \n-------------------------------------- | ------- | ------\n(In thousands of Canadian dollars) | $ | $ \nDividends on multiple voting shares | 32,951 | 29,813\nDividends on subordinate voting shares | 70,757 | 63,886\n | 103,708 | 93,699"} {"_id": "d1b38464e", "title": "", "text": "Deferred Revenue\nThe opening balances of current and long-term deferred revenue were $30,694 and $1,352, respectively, as of January 1, 2018.\nExpressed in US $000's except share and per share amounts\n\n | Years ended | \n----------------- | ----------------- | -----------------\n | December 31, 2019 | December 31, 2018\n | $ | $ \nCurrent portion | 56,691 | 39,180 \nLong term portion | 5,969 | 1,881 \n | 62,660 | 41,061 "} {"_id": "d1b3a6e42", "title": "", "text": "(D.6) Non-Current Assets by Region\nThe table below shows non-current assets excluding financial instruments, deferred tax assets, post-employment benefit assets, and rights arising under insurance contracts.\nNon-Current Assets by Region\nFor a breakdown of our employee headcount by region, see Note (B.1) , and for a breakdown of revenue by region, see Note (A.1) .\n\n\u20ac millions | 2019 | 2018 \n---------------- | ------ | ------\nGermany | 4,486 | 4,184 \nRest of EMEA | 5,386 | 4,742 \nEMEA | 9,872 | 8,926 \nUnited States | 29,744 | 22,133\nRest of Americas | 411 | 258 \nAmericas | 30,154 | 22,391\nAPJ | 1,276 | 922 \nSAP Group | 41,302 | 32,239"} {"_id": "d1b3a49c6", "title": "", "text": "The Group has non-current borrowing facilities denominated in Australian Dollars (\u201cAUD\u201d) and New Zealand Dollars (\u201cNZD\u201d). All facilities are interest only facilities with any drawn balances payable at maturity. Drawn amounts and facility limits are as follows:\nThe major terms of these agreements are as follows: \u2022 Maturity dates on the facilities range from 23 July 2020 to 23 December 2026 (2018: 23 July 2019 to 23 December 2026). \u2022 The interest rate applied is the bank bill rate plus a margin depending on the gearing ratio. \u2022 Security has been granted over the Group's freehold investment properties.\nThe Group has a bank overdraft facility with a limit of $3m that was undrawn at 30 June 2019 and 30 June 2018. During the year ended 30 June 2019, the Group converted an existing AUD facility of $25m into an NZD facility of $25.75m, refinanced part of the existing debt facilities, and increased its club banking facilities by AUD $100m and NZD $50m (year ended 30 June 2018 facilities increased by $150m AUD and $25m NZD).\nThe Group have complied with the financial covenants of their borrowing facilities during the 2019 and 2018 reporting periods (see note 16). The fair value of borrowings approximates carrying value. Details of the exposure to risk arising from current and non-current borrowings are set out in note 15.\n\n | 2019 | 2018 \n-------------------------------- | ------- | -------\n | $'000 | $'000 \nBank finance facilities (AUD) | | \nDrawn amount | 663,800 | 520,300\nFacility limit | 680,000 | 605,000\nBank finance facilities (NZD) | | \nDrawn amount | 192,250 | 87,500 \nFacility limit | 196,750 | 121,000\nAUD equivalent of NZD facilities | | \nDrawn amount | 184,038 | 80,048 \nFacility limit | 188,346 | 110,696"} {"_id": "d1a71febc", "title": "", "text": "S. Selected Quarterly Financial Data (unaudited)\nQuarterly financial data for fiscal 2020 and 2019 were as follows (tables in millions, except per share amounts):\n(1) Adjusted to reflect the recast of prior period information due to the Pivotal acquisition, which was accounted for as a transaction between entities under common control (refer to Note B).\n\nFiscal 2020 | Q1 2020 (1) | Q2 2020 (1) | Q3 2020 (1) | Q4 2020\n---------------------------------------------------------------------------------------------------------------------------------------------------------------- | ----------- | ----------- | ----------- | -------\nTotal revenue | $2,450 | $2,632 | $2,656 | $3,073 \nNet income attributable to VMware, Inc. | 380 | 5,303 | 407 | 321 \ncommon stockholders, basic for Classes A and B Net income per weighted-average share attributable to VMware, Inc. common stockholders, basic for Classes A and B | $0.91 | $12.72 | $0.98 | $0.77 \nNet income per weighted-average share attributable to VMware, Inc. common stockholders, diluted for Classes A and B | $0.89 | $12.47 | $0.96 | $0.76 "} {"_id": "d1b39dacc", "title": "", "text": "The breakout of product and service revenues was as follows:\nOur product revenues increased $158.1 million, or 9%, in 2019 from 2018 primarily due to higher sales in Semiconductor Test of testers for 5G infrastructure and image sensors, higher sales in Storage Test of 3.5\u201d hard disk drive testers, and higher demand in Industrial Automation, partially offset by a decrease in sales in Semiconductor Test automotive and analog test segments. Service revenues increased $36.1 million or 10%.\nIn 2019 and 2018, no single direct customer accounted for more than 10% of our consolidated revenues. In 2019 and 2018, our five largest direct customers in aggregate accounted for 27% and 27% of our consolidated revenues, respectively.\nWe estimate consolidated revenues driven by Huawei Technologies Co. Ltd. (\u201cHuawei\u201d), combining direct sales to that customer with sales to the customer\u2019s OSATs, accounted for approximately 11% and 4% of our consolidated revenues in 2019 and 2018, respectively. We estimate consolidated revenues driven by another OEM customer, combining direct sales to that customer with sales to the customer\u2019s OSATs, accounted for approximately 10% and 13% of our consolidated revenues in 2019 and 2018, respectively.\n\n | 2019 | 2018 | 2018-2019 Dollar Change\n----------------- | -------- | ------------- | -----------------------\n | | (in millions) | \nProducts revenues | $1,887.7 | $1,729.6 | $158.1 \nServices revenues | 407.3 | 371.2 | 36.1 \n | $2,295.0 | $2,100.8 | $194.2 "} {"_id": "d1b31457e", "title": "", "text": "ADVANCED ENERGY INDUSTRIES, INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS \u2013 (continued) (in thousands, except per share amounts)\nThe provision for income taxes from continuing operations is summarized as follows:\nThe Company\u2019s effective tax rates differ from the U.S. federal statutory rate of 21% for the years ended December 31, 2019 and December 31, 2018, primarily due to the benefit of tax credits and earnings in foreign jurisdictions which are subject to lower tax rates, offset by additional GILTI tax in the US and withholding taxes.\n\n | | Years Ended December 31, | \n-------------------------------- | -------- | ------------------------ | --------\n | 2019 | 2018 | 2017 \nCurrent: | | | \nFederal | $(9,627) | $1,423 | $26,550 \nState | 882 | 12 | 601 \nForeign | 18,429 | 13,772 | 9,621 \nTotal current provision | $9,684 | $15,207 | $36,772 \nDeferred: | | | \nFederal | $ 3,822 | $ 4,021 | $ 28,297\nState | (178) | 2,363 | (1,000) \nForeign | (2,629) | 3,636 | (1,979) \nTotal deferred provision | 1,015 | 10,020 | 25,318 \nTotal provision for income taxes | $10,699 | $25,227 | $62,090 "} {"_id": "d1b30f8da", "title": "", "text": "Other (Income) Expenses\nnm - not meaningful\nInterest income. Interest income decreased $64,000 during fiscal 2018 as compared to fiscal 2017.\nInterest expense. Interest expense consists of costs associated with capital leases and loans on corporate-owned life insurance policies.\nOther (income) expense, net. Other (income) expense, net consists mainly of the impact of foreign currency due to movement of European and Asian currencies against the US dollar.\n\n | Year ended March 31, | | (Unfavorable) favorable | \n--------------------------------- | -------------------- | ------ | ----------------------- | -------\n(Dollars in thousands) | 2018 | 2017 | $ | % \nOther (income) expenses | | | | \nInterest (income) | $(98) | $(162) | $(64) | (39.5)%\nInterest expense | 10 | 15 | 5 | 33.3% \nOther (income) expense, net | (391) | 224 | 615 | nm \nTotal other (income) expense, net | $(479) | $77 | $556 | nm "} {"_id": "d1b356de8", "title": "", "text": "Note 15\u2014Segments and Geographic Information\nWe operate in two reportable segments consisting of the Probe Cards Segment and the Systems Segment. Our chief operating decision maker (\"CODM\") is our Chief Executive Officer, who reviews operating results to make decisions about allocating resources and assessing performance for the entire company. The following table summarizes the operating results by reportable segment (dollars in thousands):\nOperating results provide useful information to our management for assessment of our performance and results of operations. Certain components of our operating results are utilized to determine executive compensation along with other measures.\nCorporate and Other includes unallocated expenses relating to amortization of intangible assets, share-based compensation expense, acquisition-related costs, including charges related to inventory stepped up to fair value, and other costs, which are not used in evaluating the results of, or in allocating resources to, our reportable segments. Acquisition-related costs include transaction costs and any costs directly related to the acquisition and integration of acquired businesses.\n\n | | | Fiscal 2019 | \n------------ | ----------- | ------- | ------------------- | --------\n | Probe Cards | Systems | Corporate and Other | Total \nRevenues | $491,363 | $98,101 | $\u2014 | $589,464\nGross profit | $211,382 | $50,927 | $(24,813) | $237,496\nGross margin | 43.0 % | 51.9 % | \u2014 % | 40.3 % \n | | | Fiscal 2018 | \n | Probe Cards | Systems | Corporate and Other | Total \nRevenues | $434,269 | $95,406 | $\u2014 | $529,675\nGross profit | $187,320 | $47,074 | $(24,055) | $210,339\nGross margin | 43.1 % | 49.3 % | \u2014 % | 39.7 % \n | | | Fiscal 2017 | \n | Probe Cards | Systems | Corporate and Other | Total \nRevenues | $454,794 | $93,647 | $\u2014 | $548,441\nGross profit | $195,903 | $46,647 | $(26,953) | $215,597\nGross margin | 43.1 % | 49.8% | \u2014 % | 39.3 % "} {"_id": "d1b3c3056", "title": "", "text": "The tax effects of temporary differences that gave rise to significant portions of deferred tax assets and liabilities are as follows (in thousands):\nThe Company considered both positive and negative evidence, including future reversals of existing taxable temporary differences, projected future taxable income, tax planning strategies, historic book profit/loss, prior taxable income/loss, and results of future operations, and determined that a valuation allowance was not required for a significant portion of its deferred tax assets. A valuation allowance of $31.4 million and $28.5 million remained as of July 31, 2019 and 2018, respectively.\nThe increase of $2.9 million in the valuation allowance in the current fiscal year relates primarily to net operating losses and income tax credits incurred in certain tax jurisdictions for which no tax benefit was recognized.\n\n | As of July 31, | \n------------------------------------ | -------------- | -------\n | 2019 | 2018 \nAccruals and reserves | $7,870 | $12,129\nStock-based compensation | 6,353 | 7,658 \nDeferred revenue | 2,316 | 4,023 \nProperty and equipment | \u2014 | 1,268 \nNet operating loss carryforwards | 55,881 | 56,668 \nTax credits | 74,819 | 60,450 \nTotal deferred tax assets | 147,239 | 142,196\nLess valuation allowance | 31,421 | 28,541 \nNet deferred tax assets | 115,818 | 113,655\nLess deferred tax liabilities: | | \nIntangible assets | 7,413 | 11,461 \nConvertible debt | 10,274 | 11,567 \nProperty and equipment | 1,435 | \u2014 \nUnremitted foreign earnings | 302 | 258 \nCapitalized commissions | 6,086 | \u2014 \nTotal deferred tax liabilities | 25,510 | 23,286 \nDeferred tax assets, net | 90,308 | 90,369 \nLess foreign deferred revenue | \u2014 | 69 \nLess foreign capitalized commissions | 906 | \u2014 \nTotal net deferred tax assets | 89,402 | 90,300 "} {"_id": "d1b30ff60", "title": "", "text": "Product warranty liabilities:\nEquipment and software systems sales include a standard product warranty. The following tables summarize the activity related to product warranty liabilities and their balances as reported in our consolidated balance sheets (in millions):\n\n | Year Ended | \n--------------------------------- | -------------- | --------------\n | April 26, 2019 | April 27, 2018\nBalance at beginning of period | $ 40 | $ 50 \nExpense accrued during the period | 22 | 16 \nWarranty costs incurred | (22) | (26) \nBalance at end of period | $ 40 | $ 40 \nTotal warranty liabilities | $ 40 | $ 40 "} {"_id": "d1b383f1e", "title": "", "text": "For a particular tax-paying component of the Company and within a particular tax jurisdiction, all current deferred tax liabilities and assets are offset and presented as a single amount, similarly to non-current deferred tax liabilities and assets. The Company does not offset deferred tax liabilities and assets attributable to different tax-paying components or to different tax jurisdictions.\nThe net deferred tax assets are recorded in legal entities which have been historically profitable and are expected to be profitable in the next coming years.\n\n | December 31, 2019 | December 31, 2018\n------------------------------------------------------- | ----------------- | -----------------\nTax loss carryforwards and investment credits | 612 | 603 \nLess unrecognized tax benefit | (21) | (20) \nTax loss carry forwards net of unrecognized tax benefit | 591 | 583 \nInventory valuation | 28 | 28 \nImpairment and restructuring charges | 6 | 14 \nFixed asset depreciation in arrears | 39 | 35 \nIncreased depreciation incentives | 213 | 211 \nCapitalized development costs | 118 | 108 \nReceivables for government funding | 14 | 11 \nTax credits granted on past capital investments | 1,151 | 1,155 \nPension service costs | 81 | 65 \nStock awards | 6 | 7 \nOperating lease liabilities | 40 | \u2014 \nCommercial accruals | 15 | 12 \nOther temporary differences | 22 | 26 \nTotal deferred tax assets | 2,324 | 2,255 \nValuation allowances | (1,534) | (1,548) \nDeferred tax assets, net | 790 | 707 \nAccelerated fixed asset depreciation | (20) | (16) \nAcquired intangible assets | (16) | (13) \nAdvances of government funding | (31) | (12) \nOperating lease right-of-use assets | (40) | \u2014 \nOther temporary differences | (7) | (7) \nDeferred tax liabilities | (114) | (48) \nNet deferred income tax asset | 676 | 659 "} {"_id": "d1b33b3e0", "title": "", "text": "Sales and Marketing\nSales and marketing expenses in 2019 decreased by $7.6 million, or 32%, as compared to 2018. This decrease was primarily due to a reduction in the global sales support and marketing headcount, including reductions that were part of our restructuring activities during 2019 (refer to Note 4 of the accompanying consolidated financial statements), contributing to net decreases of $4.8 million in personnel-related costs, and $1.0 million in allocated facilities and information technology costs as compared to 2018. Restructuring costs in 2019 decreased $0.4 million, as there were additional restructuring activities in 2018, including a headcount reduction of approximately 13% of our workforce and the closure of certain leased facilities. The remaining decrease during 2019 was primarily the result of lower marketing costs of $0.6 million, as we eliminated or shifted the timing of certain of our marketing activities.\n\n | Years Ended December 31, | | Change | \n------------------------ | ------------------------ | ------- | -------- | -----\n | 2019 | 2018 | $ | % \n | (dollars in thousands) | | | \nSales and marketing | $15,836 | $23,425 | $(7,589) | (32)%\nPercent of revenues, net | 32% | 40% | | "} {"_id": "d1b2fc690", "title": "", "text": "13. INCOME TAXES\nThe Company files income tax returns in the U.S. federal jurisdiction and the state of California. With few exceptions, the Company is no longer subject to U.S. federal, state and local, or non-U.S. income tax examinations by tax authorities for years before 2015.\nDeferred income taxes have been provided by temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for tax purposes. To the extent allowed by GAAP, the Company provides valuation allowances against the deferred tax assets for amounts when the realization is uncertain. Included in the balances at December 31, 2019 and 2018, are no tax positions for which the ultimate deductibility is highly certain, but for which there is uncertainty about the timing of such deductibility. Because of the impact of deferred tax accounting, other than interest and penalties, the disallowance of the shorter deductibility period would not affect the annual effective tax rate but would accelerate the payment of cash to the taxing authority to an earlier period.\nThe Company\u2019s policy is to recognize interest accrued related to unrecognized tax benefits in interest expense and penalties in operating expenses. During the periods ended December 31, 2019 and 2018, the Company did not recognize interest and penalties.\nThe income tax provision differs from the amount of income tax determined by applying the U.S. federal income tax rate to pretax income from continuing operations for the year ended December 31, 2019 and 2018 due to the following:\n\n | 2019 | 2018 \n----------------------------------------- | -------- | --------\nNet taxable (loss) at effective tax rates | $(2,508) | $(1,567)\nStock compensation expense | 119 | 358 \nAmortization of debt discount | 94 | 10 \nImpairment of goodwill | - | 519 \nOther | (223) | (153) \nValuation allowance | 2,518 | 833 \nIncome tax expense | $- | $- "} {"_id": "d1b31a370", "title": "", "text": "Combined Incentive Plan Information\nRSU share activity under the 2004 Plan is set forth below:\nThe total intrinsic value of RSUs which vested during the years ended March 31, 2019, 2018 and 2017 was $229.3 million, $146.0 million and $166.1 million, respectively. The aggregate intrinsic value of RSUs outstanding at March 31, 2019 was $522.0 million, calculated based on the closing price of the Company's common stock of $82.96 per share on March 29, 2019. At March 31, 2019, the weighted average remaining expense recognition period was 1.91 years.\n\n | Number of Shares | Weighted Average Grant Date Fair Value\n---------------------------------- | ---------------- | --------------------------------------\nNonvested shares at March 31, 2016 | 6,307,742 | $36.76 \nGranted | 1,635,655 | 51.46 \nAssumed upon acquisition | 2,059,524 | 46.57 \nForfeited | (722,212) | 43.58 \nVested | (2,861,253) | 38.60 \nNonvested shares at March 31, 2017 | 6,419,456 | 42.06 \nGranted | 1,267,536 | 77.26 \nForfeited | (279,051) | 49.65 \nVested | (1,735,501) | 38.00 \nNonvested shares at March 31, 2018 | 5,672,440 | 50.79 \nGranted | 1,951,408 | 77.83 \nAssumed upon acquisition | 1,805,680 | 91.70 \nForfeited | (408,242) | 73.36 \nVested | (2,729,324) | 61.51 \nNonvested shares at March 31, 2019 | 6,291,962 | $64.81 "} {"_id": "d1b311c48", "title": "", "text": "Costs and Expenses\nCost of Revenues\nThe following tables detail the components of cost of revenues in dollars (amounts in millions) and as a percentage of associated net revenues:\nCost of Revenues\u2014Product Sales:\nThe decrease in product costs for 2019, as compared to 2018, was due to the decrease in product sales, primarily associated with the Destiny franchise (reflecting our sale of the publishing rights for Destiny to Bungie in December 2018).\nThe decrease in software royalties, amortization, and intellectual property licenses related to product sales for 2019, as compared to 2018, was primarily due to a decrease of $133 million in software amortization and royalties from Activision, primarily due to the Destiny franchise. The decrease was partially offset by:\nhigher software amortization and royalties for Call of Duty: Black Ops 4, which was released in October 2018, as compared to Call of Duty: WWII, which was released in November 2017; software amortization and royalties from Sekiro: Shadows Die Twice, which was released in March 2019; and higher software amortization and royalties for Call of Duty: Modern Warfare, which was released in October 2019, as compared to Call of Duty: Black Ops 4.\nCost of Revenues\u2014Subscription, Licensing, and Other Revenues:\nThe decrease in game operations and distribution costs for 2019, as compared to 2018, was primarily due to a decrease of $50 million in service provider fees such as digital storefront fees (e.g., fees retained by Apple and Google for our sales on their platforms), payment processor fees, and server bandwidth fees.\nThe decrease in software royalties, amortization, and intellectual property licenses related to subscription, licensing, and other revenues for 2019, as compared to 2018, was primarily due to:\na decrease of $122 million in amortization of internally-developed franchise intangible assets acquired as part of our acquisition of King; a decrease of $36 million in software amortization and royalties from Activision, driven by the Destiny franchise, partially offset by software royalties on Call of Duty: Mobile, which was released in October 2019; and\u00a0 lower amortization of capitalized film costs due to the release of the third season of the animated TV series, Skylanders\u2122 Academy, in September 2018, with no comparable release in 2019.\n\n | Year Ended December 31, 2019 | % of associated net revenues | Year Ended December 31, 2018 | % of associated net revenues | Increase (Decrease)\n---------------------------------------------------------------- | ---------------------------- | ---------------------------- | ---------------------------- | ---------------------------- | -------------------\nCost of revenues\u2014product sales: | | | | | \nProduct costs | $656 | 33% | $719 | 32% | $(63) \nSoftware royalties, amortization, intellectual property licenses | 240 | 12 | 371 | 16 | (131) \nCost of revenues\u2014subscription, licensing, and other revenues: | | | | | \nGame operations and distribution costs | 965 | 21 | 1,028 | 20 | (63) \nSoftware royalties, amortization, intellectual property licenses | 233 | 5 | 399 | 8 | (166) \nTotal cost of revenues | $2,094 | 32% | $2,517 | 34% | $(423) "} {"_id": "d1b35fb64", "title": "", "text": "Other assets\nOther assets consisted of the following at December 31, 2019 and 2018 (in thousands):\n(1)\u00a0\u00a0\u00a0 See Note 10. \"Leases\" to our consolidated financial statements for discussion of our lease arrangements.\n(1)\u00a0\u00a0\u00a0 (2)\u00a0 \u00a0 In April 2009, we entered into a credit facility agreement with a solar power project entity of one of our customers for an available amount of \u20ac17.5 million to provide financing for a PV solar power system. The credit facility bears interest at 8.0% per annum, payable quarterly, with the full amount due in December 2026. As of December 31, 2019 and 2018, the balance outstanding on the credit facility was \u20ac7.0 million ($7.8 million and $8.0 million, respectively).\n(3)\u00a0 \u00a0 In June 2015, 8point3 Energy Partners LP (the \u201cPartnership\u201d), a limited partnership formed by First Solar and SunPower Corporation (collectively the \u201cSponsors\u201d), completed its initial public offering (the \u201cIPO\u201d). As part of the IPO, the Sponsors contributed interests in various projects to OpCo in exchange for voting and economic interests in the entity, and the Partnership acquired an economic interest in OpCo using proceeds from the IPO.\nIn June 2018, we completed the sale of our interests in the Partnership and its subsidiaries to CD Clean Energy and Infrastructure V JV, LLC, an equity fund managed by Capital Dynamics, Inc. and certain other co-investors and other parties, and received net proceeds of $240.0 million after the payment of fees, expenses, and other amounts. We accounted for our interests in OpCo, a subsidiary of the Partnership, under the equity method of accounting as we were able to exercise significant influence over the Partnership due to our representation on the board of directors of its general partner and certain of our associates serving as officers of its general partner. During the year ended December 31, 2018, we recognized equity in earnings, net of tax, of $39.7 million from our investment in OpCo, including a gain of $40.3 million, net of tax, for the sale of our interests in the Partnership and its subsidiaries. During the year ended December 31, 2018, we received distributions from OpCo of $12.4 million.\nIn connection with the IPO, we also entered into an agreement with a subsidiary of the Partnership to lease back one of our originally contributed projects, Maryland Solar, until December 31, 2019. Under the terms of the agreement, we made fixed rent payments to the Partnership\u2019s subsidiary and were entitled to all of the energy generated by the project. Due to certain continuing involvement with the project, we accounted for the leaseback agreement as a financing transaction until the sale of our interests in the Partnership and its subsidiaries in June 2018. Following the sale of such interests, the Maryland Solar project qualified for sale-leaseback accounting, and we recognized net revenue of $32.0 million from the sale of the project.\n(4)\u00a0 \u00a0 See Note 9. \u201cDerivative Financial Instruments\u201d to our consolidated financial statements for discussion of our derivative instruments.\n\n | 2019 | 2018 \n------------------------------- | -------- | -------\nOperating lease assets (1) | $145,711 | $\u2014 \nIndirect tax receivables . | 9,446 | 22,487 \nNotes receivable (2) | 8,194 | 8,017 \nIncome taxes receivable . | 4,106 | 4,444 \nEquity method investments (3) . | 2,812 | 3,186 \nDerivative instruments (4) . | 139 | \u2014 \nDeferred rent . | \u2014 | 27,249 \nOther . | 79,446 | 33,495 \nOther assets | $249,854 | $98,878"} {"_id": "d1b3c32cc", "title": "", "text": "Contract Costs\nAs discussed in Note 1, Topic 606 requires the recognition of an asset for incremental costs to obtain a customer contract, which is then amortized to expense over the respective period of expected benefit. We recognize an asset for incremental commission costs paid to internal and external sales personnel and agents in conjunction with obtaining customer contracts. We only defer these costs when we have determined the commissions are incremental costs that would not have been incurred absent the customer contract and are expected to be recoverable. Costs to obtain a contract are amortized and recorded ratably as commission expense over the period representing the transfer of goods or services to which the assets relate. Costs to obtain wireless contracts are amortized over both of our Consumer and Business customers\u2019 estimated device upgrade cycles, as such costs are typically incurred each time a customer upgrades. Costs to obtain wireline contracts are amortized as expense over the estimated customer relationship period for our Consumer customers. Incremental costs to obtain wireline contracts for our Business customers are insignificant. Costs to obtain contracts are recorded in Selling, general and administrative expense.\nWe also defer costs incurred to fulfill contracts that: (1) relate directly to the contract; (2) are expected to generate resources that will be used to satisfy our performance obligation under the contract; and (3) are expected to be recovered through revenue generated under the contract. Contract fulfillment costs are expensed as we satisfy our performance obligations and recorded to Cost of services. These costs principally relate to direct costs that enhance our wireline business resources, such as costs incurred to install circuits.\nWe determine the amortization periods for our costs incurred to obtain or fulfill a customer contract at a portfolio level due to the similarities within these customer contract portfolios.\nOther costs, such as general costs or costs related to past performance obligations, are expensed as incurred.\nCollectively, costs to obtain a contract and costs to fulfill a contract are referred to as deferred contract costs, and amortized over a 2 to 5-year period. Deferred contract costs are classified as current or non-current within Prepaid expenses and other and Other assets, respectively.\nThe balances of deferred contract costs included in our consolidated balance sheets were as follows:\nFor the years ended December 31, 2019 and 2018, we recognized expense of $2.7 billion and $2.0 billion, respectively, associated with the amortization of deferred contract costs, primarily within Selling, general and administrative expense in our consolidated statements of income.\nWe assess our deferred contract costs for impairment on a quarterly basis. We recognize an impairment charge to the extent the carrying amount of a deferred cost exceeds the remaining amount of consideration we expect to receive in exchange for the goods and services related to the cost, less the expected costs related directly to providing those goods and services that have not yet been recognized as expenses. There have been no impairment charges recognized for the years ended December 31, 2019 and 2018.\n\n(dollars in millions) | At December 31, 2019 | At December 31, 2018\n-------------------------- | -------------------- | --------------------\nAssets | | \nPrepaid expenses and other | $2,578 | $ 2,083 \nOther assets | 1,911 | 1,812 \nTotal | $ 4,489 | $ 3,895 "} {"_id": "d1b372f34", "title": "", "text": "ADVANCED ENERGY INDUSTRIES, INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS \u2013 (continued) (in thousands, except per share amounts)\nNOTE 23. SUPPLEMENTAL QUARTERLY FINANCIAL DATA (UNAUDITED)\nThe following tables present unaudited quarterly results for each of the eight quarters in the periods ended December 31, 2019 and 2018, in thousands. We believe that all necessary adjustments have been included in the amounts stated below to present fairly such quarterly information. Due to the volatility of the industries in which our customers operate, the operating results for any quarter are not necessarily indicative of results for any subsequent period.\n\n | | Quarter Ended | | \n------------------------------------------------------------------------- | ----------------- | ------------------ | ------------- | --------------\n | December 31, 2019 | September 30, 2019 | June 30, 2019 | March 31, 2019\nSales, net | $ 338,268 | $ 175,127 | $ 134,810 | $ 140,743 \nGross Profit | $112,295 | $73,491 | $64,126 | $65,740 \nRestructuring Expense | $1,418 | $152 | $1,795 | $1,673 \nOperating income | $22,202 | $9,390 | $11,005 | $11,791 \nIncome from continuing operations, net of income taxes | $ 10,479 | $ 7,256 | $ 23,373 | $ 15,387 \nLoss (income) from discontinued operations, net of income taxes | $ (210) | $ 375 | $ 8,324 | $ (9) \nNet Income | $ 10,269 | $ 7,631 | $ 31,697 | $ 15,378 \nIncome from continuing operations attributable to noncontrolling interest | $ 5 | $ 10 | $ 11 | $ 8 \nNet income attributable to Advanced Energy Industries, Inc. | $ 10,264 | $ 7,621 | $ 31,686 | $ 15,370 \nEarnings (Loss) Per Share: | | | | \nContinuing Operations: | | | | \nBasic earnings per share | $ 0.27 | $ 0.19 | $ 0.61 | $ 0.40 \nDiluted earnings per share | $ 0.27 | $ 0.19 | $ 0.61 | $ 0.40 \nDiscontinued Operations: | | | | \nBasic loss per share | $ (0.01) | $ 0.01 | $ 0.22 | $ \u2014 \nDiluted loss per share | $ (0.01) | $ 0.01 | $ 0.22 | $ \u2014 \nNet Income: | | | | \nBasic earnings per share | $ 0.27 | $ 0.20 | $ 0.83 | $ 0.40 \nDiluted earnings per share | $ 0.27 | $ 0.20 | $ 0.82 | $ 0.40 "} {"_id": "d1b332efc", "title": "", "text": "Operating Income and Operating Margin\nOperating income for fiscal 2019 increased $406 million, or 7%, over fiscal 2018.\nOperating income and operating margin for each of the operating groups were as follows:\nAmounts in table may not total due to rounding.\n(1) Effective September 1, 2018, we adopted FASB ASU No. 2017-07, Compensation-Retirement Benefits (Topic 715): Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost. Certain components of pension service costs were reclassified from Operating expenses to Non-operating expenses. Prior period amounts have been revised to conform with the current period presentation.\n\n | | Fiscal | | | \n---------------------------------- | ---------------- | ---------------- | ----------------------------- | ---------------- | -------------------\n | 2019 | | 2018 (1) | | \n | Operating Income | Operating Margin | Operating Income | Operating Margin | Increase (Decrease)\n | | | (in millions of U.S. dollars) | | \nCommunications, Media & Technology | $1,555 | 18% | $1,380 | 17% | $175 \nFinancial Services | 1,238 | 15 | 1,365 | 16 | (128) \nHealth & Public Service | 739 | 10 | 766 | 11 | (27) \nProducts | 1,720 | 14 | 1,664 | 15 | 56 \nResources | 1,053 | 16 | 724 | 12 | 330 \nTOTAL | $6,305 | 14.6% | $5,899 | 14.4% | $406 "} {"_id": "d1b3c5a04", "title": "", "text": "Contractual Obligations\nThe following summarizes our contractual obligations as of December 31, 2019 (in thousands):\nPurchase obligations represent an estimate of open purchase orders and contractual obligations in the normal course of business for which we have not received the goods or services as of December 31, 2019. Although open purchase orders are considered enforceable and legally binding, except for our purchase orders with our inventory suppliers, the terms generally allow us the option to cancel, reschedule, and adjust our requirements based on our business needs prior to the delivery of goods or performance of services. Our purchase orders with our inventory suppliers are non-cancellable. In addition, we have other obligations for goods and services that we enter into in the normal course of business. These obligations, however, are either not enforceable or legally binding, or are subject to change based on our business decisions. The aggregate of these items represents our estimate of purchase obligations.\n\n | | Payments due by period | | | \n--------------------------- | ------------ | ---------------------- | ------------ | ----------------- | -------\n | Up to 1 year | 1 to 3 years | 3 to 5 years | More than 5 years | Total \nOperating lease obligations | 16,164 | 19,812 | 6,551 | 5,883 | 48,410 \nFinancing obligations | 2,956 | 5,912 | \u2014 | \u2014 | 8,868 \nLong-term debt | \u2014 | \u2014 | 460,000 | \u2014 | 460,000\nPurchase obligations | 55,755 | 16,220 | 7,595 | 17,649 | 97,219 \nTotal | 74,875 | 41,944 | 474,146 | 23,532 | 614,497"} {"_id": "d1a719184", "title": "", "text": "Differences between the provision for income taxes on earnings from continuing operations and the amount computed using the U.S. Federal statutory income tax rate are as follows (amounts in thousands):\n(1) The statutory income tax rate for the fiscal year ended March 31, 2017 is 35%. The Tax Cuts and Jobs Act enacted on December 22, 2017 reduced the U.S. federal corporate tax rate from 35% to 21%, effective January 1, 2018. Based on the fiscal year of the Company ending on March 31, the statutory income tax rate for the fiscal year ended March 31, 2018 is a blended rate of 31.6% based on the number of days in the fiscal year before January 1, 2018 and the number of days in the fiscal after December 31, 2017. The statutory income tax rate for the fiscal year ended March 31, 2019 is 21%.\n(2) The effect of prior year adjustments was offset by a full valuation allowance resulting in no impact on the provision for income taxes.\n(3) Fiscal year ended March 31, 2019 difference consist of $1.5 million related to the expansion of the Sec. 162(m) limitation due to tax law changes.\n(4) Fiscal year end March 31, 2018 differences due to tax law changes consists of $4.8 million related to foreign earnings and $45.6 million related to tax rate adjustment. $45.6 million related to tax rate adjustment is the gross deferred rate change, which is offset by valuation allowance adjustment, resulting in a net benefit of $0.8 million.\n(5) Fiscal year ended March 31, 2018 difference consists mainly of $3.7 million related to the revaluation of state net operating loss carryforwards as a result of the change in the federal tax rate.\n(6) The change in foreign operations valuation allowance excludes other comprehensive income and currency translation adjustments of $3.8 million, $(3.4) million, and $0.9 million for fiscal years ended 2019, 2018 and 2017, respectively, which has no impact on the provision for income taxes.\nThe foreign jurisdictions having the greatest effect on the provision for income taxes are China and Mexico. The statutory tax rates for China and Mexico are 25% and 30%, respectively. The combined provision for income taxes for China\nand Mexico for fiscal years ended 2019, 2018 and 2017 is $5.7 million, $3.8 million, and $3.1 million, respectively.\n\n | | Fiscal Years Ended March 31, | \n------------------------------------------------------ | --------- | ---------------------------- | -------\n | 2019 | 2018 | 2017 \nAmount computed using the statutory rate (1) | $35,791 | $59,162 | $3,722 \nChange in U.S. valuation allowance | (67,761) | (66,948) | (7,080)\nUnremitted earnings of foreign subsidiaries | \u2014 | \u2014 | 2,127 \nEffect of prior year adjustments (2) | 2,450 | (1,337) | 1,789 \nIRC section 162(m) limitation (3) | 4,553 | \u2014 | \u2014 \nExpired foreign tax credits | \u2014 | 407 | 4,766 \nTaxable foreign source income | 3,502 | 22,238 | 1,835 \n(Put)/call option valuation impact | \u2014 | \u2014 | (3,745)\nNon-taxable gain from bargain purchase | \u2014 | (41,292) | \u2014 \nDeduction related to APA settlement | (2,309) | \u2014 | \u2014 \nTax-deductible equity compensation | (4,215) | (5,699) | (44) \nOther non-deductible expenses | (44) | 220 | (893) \nDifferences due to U.S. tax law changes (4) | \u2014 | 50,420 | \u2014 \nState income taxes, net of federal taxes (5) | (695) | (3,325) | (35) \nChange in foreign operations tax exposure reserves | 132 | 1,059 | 108 \nForeign tax rate differential | 6,501 | (400) | 587 \nChange in foreign tax law | (1,956) | 251 | 144 \nChange in foreign operations valuation allowance (6) | (41,133) | (6,676) | 983 \nNondeductible expenses related to antitrust litigation | 14,360 | 488 | \u2014 \nOther effect of foreign operations | 11,364 | 564 | 30 \nProvision for income tax expense (benefit) | $(39,460) | $9,132 | $4,294 "} {"_id": "d1b364b50", "title": "", "text": "The following table summarizes the maturities of our available-for-sale debt investments as of July 27, 2019 (in millions):\nActual maturities may differ from the contractual maturities because borrowers may have the right to call or prepay certain obligations.\n\n | Amortized Cost | Fair Value\n-------------------------------------------------- | -------------- | ----------\nWithin 1 year | $6,322 | $6,324 \nAfter 1 year through 5 years | 12,191 | 12,218 \nAfter 5 years through 10 years | 1,643 | 1,687 \nAfter 10 years | 9 | 10 \nMortgage-backed securities with no single maturity | 1,425 | 1,421 \nTotal | $21,590 | $21,660 "} {"_id": "d1b318a5c", "title": "", "text": "11. Taxation\nThe taxation charge for the year is lower than (2018: the same as) the effective rate of corporation tax in the UK of 19% (2018: 19%). The differences are explained below:\nTaxation on items taken directly to equity was a credit of \u00a30.6m (2018: \u00a30.1m) relating to tax on share-based payments.\nThe tax charge for the year is based on the standard rate of UK corporation tax for the period of 19% (2018: 19%). Deferred income taxes have been measured at the tax rate expected to be applicable at the date the deferred income tax assets and liabilities are realised. Management has performed an assessment, for all material deferred income tax assets and liabilities, to determine the period over which the deferred income tax assets and liabilities are forecast to be realised, which has resulted in an average deferred income tax rate of 17% being used to measure all deferred tax balances as at 31 March 2019 (2018: 17%).\n\n | 2019 | (Restated) 2018\n----------------------------------------------------------------------------------------------- | ----- | ---------------\n | \u00a3m | \u00a3m \nProfit before taxation | 242.2 | 210.7 \nTax on profit on ordinary activities at the standard UK corporation tax rate of 19% (2018: 19%) | 46.0 | 40.0 \nExpenses not deductible for taxation purposes | 0.3 | 0.8 \nIncome not taxable | (1.7) | \u2013 \nAdjustments in respect of foreign tax rates | (0.1) | (0.1) \nAdjustments in respect of prior years | \u2013 | (1.1) \nTotal taxation charge | 44.5 | 39.6 "} {"_id": "d1b354a8e", "title": "", "text": "10.5. Intangible assets\nImpairment testing of goodwill\nGoodwill has been allocated to the listed group (NSR). Management have determined that the listed group, which is considered one operating segment (see note 4), is the appropriate CGU against which to allocate these intangible assets owing to the synergies arising from combining the portfolios of the Group.\nThe recoverable amount of the listed group has been determined based on the fair value less costs of disposal method using the fair value quoted on an active market. As at 1 July 2019, NSR had 773,343,956 stapled securities quoted on the Australian Securities Exchange at $1.745 per security providing a market capitalisation of $1,349.5m.\nThis amount is in excess of the carrying amount of the Group\u2019s net assets at 30 June 2019 which includes the contract for future issue of equity recognised as contributed equity within the statement of financial position at this date (see note 13). Had the security price decreased by 2.5% the market capitalisation would still have been in excess of the carrying amount.\n\n | | 2019 | 2018 \n---------------------------------- | ----- | ------ | ------\n | Notes | $'000 | $'000 \nGoodwill | | | \nOpening and closing net book value | | 43,954 | 43,954\nOther intangible assets | | | \nOpening net book value | | 2,051 | 1,582 \nAdditions | | 1,079 | 864 \nAmortisation | 6 | (584) | (395) \nClosing net book value | | 2,546 | 2,051 \nTotal intangible assets | | 46,500 | 46,005"} {"_id": "d1b365cb2", "title": "", "text": "OTHER FINANCIAL INFORMATION\nIn addition to our results determined under U.S. generally accepted accounting principles (\u201cGAAP\u201d) discussed above, we believe the following non-GAAP measures are useful to investors in evaluating our operating performance. For the fiscal years ended January 31, 2019, 2018, and 2017, our gross profit, gross margin, (loss) income from operations, operating margin, net (loss) income, diluted net (loss) income per share and diluted shares used in per share calculation on a GAAP and non-GAAP basis were as follows (in millions except for gross margin, operating margin, and per share data):\nFor our internal budgeting and resource allocation process and as a means to provide consistency in period-to-period comparisons, we use non-GAAP measures to supplement our consolidated financial statements presented on a GAAP basis. These non-GAAP measures do not include certain items that may have a material impact upon our reported financial results. We also use non-GAAP measures in making operating decisions because we believe those measures provide meaningful supplemental information regarding our earning potential and performance for management by excluding certain benefits, credits, expenses and charges that may not be indicative of our core business operating results. For the reasons set forth below, we believe these non-GAAP financial measures are useful to investors both because (1) they allow for greater transparency with respect to key metrics used by management in its financial and operational decision-making and (2) they are used by our institutional investors and the analyst community to help them analyze the health of our business. This allows investors and others to better understand and evaluate our operating results and future prospects in the same manner as management, compare financial results across accounting periods and to those of peer companies and to better understand the long-term performance of our core business. We also use some of these measures for purposes of determining company-wide incentive compensation.\nThere are limitations in using non-GAAP financial measures because non-GAAP financial measures are not prepared in accordance with GAAP and may be different from non-GAAP financial measures used by other companies. The non-GAAP financial measures included above are limited in value because they exclude certain items that may have a material impact upon our reported financial results. In addition, they are subject to inherent limitations as they reflect the exercise of judgments by management about which charges are excluded from the non-GAAP financial measures. We compensate for these limitations by analyzing current and future results on a GAAP basis as well as a non-GAAP basis and also by providing GAAP measures in our public disclosures. The presentation of non-GAAP financial information is meant to be considered in addition to, not as a substitute for or in isolation from, the directly comparable financial measures prepared in accordance with GAAP. We urge investors to review the reconciliation of our non-GAAP financial measures to the comparable GAAP financial measures included below, and not to rely on any single financial measure to evaluate our business.\n\n | | Fiscal Year Ended January 31, | \n---------------------------------------------------------------------- | -------- | ----------------------------- | --------\n | 2019 | 2018 | 2017 \n | | (Unaudited) | \nGross profit | $2,283.9 | $1,753.2 | $1,689.1\nNon-GAAP gross profit | $2,317.0 | $1,785.5 | $1,743.2\nGross margin | 89% | 85% | 83% \nNon-GAAP gross margin | 90% | 87% | 86% \nLoss from operations | $(25.0) | $(509.1) | $(499.6)\nNon-GAAP income (loss) from operations | $316.0 | $(112.0) | $(125.5)\nOperating margin | (1)% | (25)% | (25)% \nNon-GAAP operating margin | 12% | (5)% | (6)% \nNet loss | $(80.8) | $(566.9) | $(582.1)\nNon-GAAP net income (loss) | $223.3 | $(106.3) | $(111.0)\nDiluted net loss per share | $(0.37) | $(2.58) | $(2.61) \nNon-GAAP diluted net income (loss) per share | $1.01 | $(0.48) | $(0.50) \nGAAP diluted weighted average shares used in per share calculation | 218.9 | 219.5 | 222.7 \nNon-GAAP diluted weighted average shares used in per share calculation | 222.0 | 219.5 | 222.7 "} {"_id": "d1b3791b8", "title": "", "text": "9. PROPERTY, PLANT AND EQUIPMENT\nProperty, plant and equipment consists of the following (in thousands):\nDepreciation and amortization expense related to property and equipment for fiscal years 2019, 2018 and 2017 was $29.7 million, $30.7 million and $27.3 million, respectively. Accumulated depreciation on capital lease assets for fiscal years 2019 and 2018 was $5.3 million and $3.2 million, respectively.\nSee Note 17 - Impairments and Note 15 - Restructurings for information related to property and equipment impaired during fiscal year 2019.\n\n | September 27, | September 28, \n---------------------------------------------- | -------------- | --------------\n | 2019 | 2018 \nConstruction in process | 24,848 | 49,661 \nMachinery and equipment | 175,696 | 174,638 \nLeasehold improvements | 12,962 | 14,984 \nFurniture and fixtures | 3,716 | 2,306 \nCapital lease assets | 46,496 | 19,380 \nComputer equipment and software | 18,116 | 17,317 \n Total property and equipment | 281,834 | 278,286 \nLess accumulated depreciation and amortization | (149,187) | (128,363) \nProperty and equipment \u2014 net | $132,647 | $149,923 "} {"_id": "d1b3604d8", "title": "", "text": "Telecommunications Segment\nNet revenue: Net revenue from our Telecommunications segment for the year ended December 31, 2019 decreased $97.5 million to $696.1 million from $793.6 million for the year ended December 31, 2018. The decrease can be attributed to changes in our customer mix, fluctuations in wholesale voice termination volumes and market pressures, which resulted in a decline in revenue contribution.\nCost of revenue: Cost of revenue from our Telecommunications segment for the year ended December 31, 2019 decreased $94.2 million to $684.9 million from $779.1 million for the year ended December 31, 2018. The decrease was directly correlated to the fluctuations in wholesale voice termination volumes, in addition to a slight reduction in margin mix attributed to market pressures on call termination rates.\nSelling, general and administrative: Selling, general and administrative expenses from our Telecommunications segment for the year ended December 31, 2019 decreased $1.2 million to $8.2 million from $9.4 million for the year ended December 31, 2018. The decrease was primarily due to a decrease in compensation expense due to headcount decreases and reductions in bad debt expense.\nOther operating expense: $4.5 million of other operating expense for the year ended December 31, 2019 was driven by impairment of goodwill as a result of declining performance at the segment.\n\n | | Years Ended December 31, | \n----------------------------------- | ------ | ------------------------ | ---------------------\n | 2019 | 2018 | Increase / (Decrease)\nNet revenue | $696.1 | $793.6 | $(97.5) \nCost of revenue | 684.9 | 779.1 | (94.2) \nSelling, general and administrative | 8.2 | 9.4 | (1.2) \nDepreciation and amortization | 0.3 | 0.3 | \u2014 \nOther operating expense | 4.5 | \u2014 | 4.5 \nIncome (loss) from operations | (1.8) | $4.8 | $(6.6) "} {"_id": "d1b3c3c5e", "title": "", "text": "As a result of the U.S. federal corporate income tax rate change, effective as of January 1, 2018, we remeasured our deferred tax assets and liabilities based on the rates at which they are expected to reverse in the future periods. During fiscal 2018, we recorded $108 million of tax expense related to all tax rate changes. Upon finalization of our provisional estimates during the third quarter of fiscal 2019, we recorded tax expense of $6 million related to deferred tax assets for equity-based compensation awards to our executives.\nThe TCJA imposes a mandatory, one-time transition tax on accumulated foreign earnings and profits not previously subject to U.S. income tax at a rate of 15.5% on earnings to the extent of foreign cash and other liquid assets, and 8% on the remaining earnings. In fiscal 2018, we recorded a $732 million discrete tax expense for the estimated U.S. federal and state income tax impacts of the transition tax. In the third quarter of fiscal 2019, we finalized our computation of the transition tax and recorded a reduction of $5 million to our provisional estimate.\nAs of April 26, 2019, we have completed the accounting for the tax impacts of the TCJA, however, we will continue to assess the impact of further guidance from federal and state tax authorities on our business and consolidated financial statements, and recognize any adjustments in the period in which they are determined.\nUnder the TCJA, the global minimum tax on intangible income (GMT) provisions impose a tax on foreign income in excess of a deemed return on tangible assets of foreign corporations. Under U.S. GAAP, companies are allowed to make an accounting policy election to either (i) account for GMT as a component of tax expense in the period in which a company is subject to the rules, or (ii) account for GMT in a company\u2019s measurement of deferred taxes. We have elected to recognize the GMT as a period cost and thus recorded $22 million of tax expense for federal and state impacts for fiscal 2019.\nIn October 2016, the FASB issued an ASU which eliminates the deferred tax effects of intra-entity asset transfers other than inventory. As a result, tax expense from the sale of an asset in the seller\u2019s tax jurisdiction is recognized when the transfer occurs, even though the pre-tax effects of that transaction are eliminated in consolidation.\nDuring fiscal 2017, we adopted a new accounting standard that simplifies stock-based compensation income tax accounting and presentation within the financial statements and recorded a tax charge of $18 million following the post-adoption rules which require that all excess tax benefits and deficiencies from stock-based compensation be recognized as a component of income tax expense.\nThe components of our deferred tax assets and liabilities are as follows (in millions):\nThe valuation allowance increased by $14 million in fiscal 2019. The increase is mainly attributable to corresponding changes in deferred tax assets, primarily foreign tax credit carryforwards and certain state tax credit carryforwards.\nAs of April 26, 2019, we have federal net operating loss and tax credit carryforwards of approximately $2 million and $3 million, respectively. In addition, we have gross state net operating loss and tax credit carryforwards of $25 million and $138 million, respectively. The majority of the state credit carryforwards are California research credits which are offset by a valuation allowance as we believe it is more likely than not that these credits will not be utilized. We also have $4 million of foreign net operating losses, and $43 million of foreign tax credit carryforwards generated by our Dutch subsidiary which are fully offset by a valuation allowance. Certain acquired net operating loss and credit carryforwards are subject to an annual limitation under Internal Revenue Code Section 382, but are expected to be realized with the exception of those which have a valuation allowance. The federal, state, and foreign net operating loss carryforwards and credits will expire in various years from fiscal 2020 through 2038. The California research credit and Dutch foreign tax credit carryforwards do not expire.\n\n | April 26, 2019 | April 27, 2018\n---------------------------------------------------------------------------- | -------------- | --------------\nDeferred tax assets: | | \nReserves and accruals | $ 50 | $ 57 \nNet operating loss and credit carryforwards | 139 | 131 \nStock-based compensation | 16 | 22 \nDeferred revenue | 205 | 156 \nOther | 16 | 29 \nGross deferred tax assets | 426 | 395 \nValuation allowance | (123 ) | (109 ) \nDeferred tax assets, net of valuation allowance | 303 | 286 \nDeferred tax liabilities: | | \nPrepaids and accruals | 31 | 21 \nAcquired intangibles | 32 | 29 \nProperty and equipment | 31 | 25 \nOther | 10 | 14 \nTotal deferred tax liabilities | 104 | 89 \nDeferred tax assets, net of valuation allowance and deferred tax liabilities | $199 | $197 "} {"_id": "d1b394e18", "title": "", "text": "NOTE 5: EARNINGS PER SHARE\nWe computed basic earnings per share of common stock based on the weighted average number of shares of common stock outstanding during the period. We computed diluted earnings per share of common stock based on the weighted average number of shares of common stock outstanding plus potentially dilutive shares of common stock outstanding during the period.\nPotentially dilutive shares of common stock from employee incentive plans are determined by applying the treasury stock method to the assumed exercise of outstanding stock options, the assumed vesting of outstanding RSUs, and the assumed issuance of common stock under the 2006 ESPP. In December 2017, we paid cash to satisfy the conversion of our convertible\ndebentures due 2035, which we excluded from our diluted earnings per share computation starting in the fourth quarter of 2017 and are no longer dilutive. In November 2019, we issued a notice of redemption for the remaining $372 million of 2009 Debentures with a redemption date of January 9, 2020. Our 2009 Debentures required settlement of the principal amount of the debt in cash upon conversion. Since the conversion premium was paid in cash or stock at our option, we determined the potentially dilutive shares of common stock by applying the treasury stock method. We included our 2009 Debentures in the calculation of diluted earnings per share of common stock in all periods presented because the average market price was above the conversion price.\nPotentially dilutive shares of common stock from employee incentive plans are determined by applying the treasury stock method to the assumed exercise of outstanding stock options, the assumed vesting of outstanding RSUs, and the assumed issuance of common stock under the 2006 ESPP. In December 2017, we paid cash to satisfy the conversion of our convertible debentures due 2035, which we excluded from our diluted earnings per share computation starting in the fourth quarter of 2017 and are no longer dilutive. In November 2019, we issued a notice of redemption for the remaining $372 million of 2009 Debentures with a redemption date of January 9, 2020. Our 2009 Debentures required settlement of the principal amount of the debt in cash upon conversion. Since the conversion premium was paid in cash or stock at our option, we determined the potentially dilutive shares of common stock by applying the treasury stock method. We included our 2009 Debentures in the calculation of diluted earnings per share of common stock in all periods presented because the average market price was above the conversion price.\nSecurities that would have been anti-dilutive are insignificant and are excluded from the computation of diluted earnings per share in all periods presented.\n\nYears Ended (In Millions, Except Per Share Amounts) | Dec 28, 2019 | Dec 29, 2018 | Dec 30, 2017\n----------------------------------------------------------- | ------------ | ------------ | ------------\nNet income available to common stockholders | $21,048 | $21,053 | $9,601 \nWeighted average shares of common stock outstanding\u2014Basic | 4,417 | 4,611 | 4,701 \nDilutive effect of employee incentive plans | 41 | 50 | 47 \nDilutive effect of convertible debt | 15 | 40 | 87 \nWeighted average shares of common stock outstanding\u2014Diluted | 4,473 | 4,701 | 4,835 \nEarnings per share\u2014Basic | $4.77 | $4.57 | $2.04 \nEarnings per share\u2014Diluted | $4.71 | $4.48 | $1.99 "} {"_id": "d1b3022fc", "title": "", "text": "AMERICAN TOWER CORPORATION AND SUBSIDIARIES\nNOTES TO CONSOLIDATED FINANCIAL STATEMENTS\n(Tabular amounts in millions, unless otherwise disclosed)\n2. PREPAID AND OTHER CURRENT ASSETS\nPrepaid and other current assets consisted of the following:\nThe reduction in Prepaid operating ground leases is a result of the reclassification of assets to the Right-of-use asset in connection with the Company\u2019s adoption of the new lease accounting standard.\n\n | As of December 31, 2019 | As of December 31, 2018\n----------------------------------------------------- | ----------------------- | -----------------------\nUnbilled receivables | $142.3 | $126.1 \nPrepaid income tax | 185.8 | 125.1 \nValue added tax and other consumption tax receivables | 71.3 | 86.3 \nPrepaid assets | 56.8 | 40.5 \nPrepaid operating ground leases | \u2014 | 165.0 \nOther miscellaneous current assets | 57.4 | 78.2 \nPrepaid and other current assets | $513.6 | $621.2 "} {"_id": "d1b3bdaa2", "title": "", "text": "Cash Flows\nComparison of Years Ended December 31, 2019 and 2018\nThe following table summarizes our cash flows for the years ended December 31, 2019 and 2018 (in thousands):\nCash Flows from Operating Activities\nNet cash used in operating activities was $0.6 million for the year ended December 31, 2019 and consisted primarily of a net loss of $3.8 million, capitalized debt discount of $13 thousand and a loss on debt extinguishment of $2.6 million. This net loss was partially offset by non-cash items such as $108 thousand in share-based compensation expense, $66 thousand of debt discount and debt issue cost amortization expense, $66 thousand of depreciation expense, and $207 thousand of intangible asset amortization expense with $154 thousand in net cash outflows from changes in operating assets and liabilities. Cash outflows from changes in operating assets and liabilities of $154 thousand were primarily due to $78 thousand increase in collaboration revenue receivable and $379 thousand decrease in accounts payable and accrued expenses. These cash outflows were partially offset by a decreases of $55 thousand in royalty receivables, $67 thousand in income tax receivable, $394 thousand in accrued interest and $44 thousand in prepaid expenses and other current assets and increases of $18 thousand in other current liabilities.\nNet cash used in operating activities was $3.9 million for the year ended December 31, 2018 and consisted primarily of a net loss of $3.8 million, capitalized debt discount of $172 thousand and a gain on the debt extinguishment of $296 thousand. This net loss was partially offset by non-cash items such as $218 thousand in share-based compensation expense, $87 thousand of debt discount and debt issue cost amortization expense, $73 thousand of depreciation expense, and $207 thousand of intangible asset amortization expense with $183 thousand in net cash outflows from changes in operating assets and liabilities. Cash outflows from changes in operating assets and liabilities of $896 thousand were primarily due to $66 thousand increase in royalty receivable and $830 thousand decreases in both accrued interest and accrued expenses. These cash outflows were partially offset by a $109 thousand decrease in prepaid expenses and other current assets and increase of $604 in accounts payable.\nCash Flows from Investing Activities\nWe had no investing activities for the years ended December 31, 2019 and 2018.\nCash Flows from Financing Activities\nNet cash provided by financing activities was $1.4 million for the year ended December 31, 2019 and consisted of the net proceeds from loans provided by Mr. Schutte.\nNet cash provided by financing activities was $1.8 million for the year ended December 31, 2018 and consisted of the $4.350 million net proceeds from loans provided by Mr. Schutte partially offset by $2.6 million principal repayments and debt retirement on the loan with Oxford Finance.\n\n | | Year Ended \n---------------------------------------------------- | ------ | ------------\n | | December 31,\n | 2019 | 2018 \nNet cash (used in) provided by: | | \nOperating activities | $(618) | $(3,908) \nInvesting activities | - | - \nFinancing activities | 1,389 | 1,779 \nNet increase (decrease) in cash and cash equivalents | $771 | $(2,129) "} {"_id": "d1b37f2b6", "title": "", "text": "3. REVENUE FROM CONTRACTS WITH CUSTOMERS\nRevenues and related costs on construction contracts are recognized as the performance obligations are satisfied over time in accordance with ASC 606, Revenue from Contracts with Customers. Under ASC 606, revenue and associated profit, will be recognized as the customer obtains control of the goods and services promised in the contract (i.e., performance obligations). The cost of uninstalled materials or equipment will generally be excluded from the Company\u2019s recognition of profit, unless specifically produced or manufactured for a project, because such costs are not considered to be a measure of progress.\nThe following tables summarize the impact of the adoption of ASC 606 on the Company\u2019s condensed consolidated statement of operations for the year ended December 31, 2018 and the consolidated balance sheet as of December 31, 2018:\n\n | | For the Year Ended December 31, 2018 | \n------------------ | ----------- | ------------------------------------ | -----------------------------\n | As Reported | Without Adoption of ASC 606 | Impact of Adoption of ASC 606\nRevenue | $70,965 | $68,845 | $(2,120) \nCost of goods sold | 58,701 | 57,471 | (1,230) \nGross profit | 12,264 | 11,374 | (890) "} {"_id": "d1b2fc294", "title": "", "text": "Plan Assets\u00a0 The fair value of plan assets, summarized by level within the fair value hierarchy described in Note 20, as of May 26, 2019, was as follows:\nLevel 1 assets are valued based on quoted prices in active markets for identical securities. The majority of the Level 1 assets listed above include the common stock of both U.S. and international companies, mutual funds, master limited partnership units, and real estate investment trusts, all of which are actively traded and priced in the market.\nLevel 2 assets are valued based on other significant observable inputs including quoted prices for similar securities, yield curves, indices, etc. Level 2 assets consist primarily of individual fixed income securities where values are based on quoted prices of similar securities and observable market data.\nLevel 3 assets consist of investments where active market pricing is not readily available and, as such, fair value is estimated using significant unobservable inputs.\nCertain assets that are measured at fair value using the NAV (net asset value) per share (or its equivalent) practical expedient have not been classified in the fair value hierarchy. Such investments are generally considered long-term in nature with varying redemption availability. For certain of these investments, with a fair value of approximately $51.0 million as of May 26, 2019, the asset managers have the ability to impose customary redemption gates which may further restrict or limit the redemption of invested funds therein. As of May 26, 2019, funds with a fair value of $4.2 million have imposed such gates.\nAs of May 26, 2019, we have unfunded commitments for additional investments of $48.3 million in private equity funds and $17.0 million in natural resources funds. We expect unfunded commitments to be funded from plan assets rather than the general assets of the Company.\nNotes to Consolidated Financial Statements - (Continued) Fiscal Years Ended May 26, 2019, May 27, 2018, and May 28, 2017 (columnar dollars in millions except per share amounts)\n\n | Level 1 | Level 2 | Level 3 | Total \n------------------------------------------------------------------------- | ------- | -------- | ------- | --------\nCash and cash equivalents | $0.7 | $77.7 | $\u2014 | $78.4 \nEquity securities: | | | | \nU.S. equity securities | 56.3 | 91.8 | \u2014 | 148.1 \nInternational equity securities | 87.8 | 0.4 | \u2014 | 88.2 \nFixed income securities: | | | | \nGovernment bonds | \u2014 | 748.3 | \u2014 | 748.3 \nCorporate bonds | \u2014 | 2,255.5 | \u2014 | 2,255.5 \nMortgage-backed bonds | \u2014 | 31.1 | \u2014 | 31.1 \nReal estate funds | 0.4 | \u2014 | \u2014 | 0.4 \nNet receivables for unsettled transactions | 5.6 | \u2014 | \u2014 | 5.6 \nFair value measurement of pension plan assets in the fair value hierarchy | $150.8 | $3,204.8 | $\u2014 | $3,355.6\nInvestments measured at net asset value | | | | 245.9 \nTotal pension plan assets | | | | $3,601.5"} {"_id": "d1b32fc66", "title": "", "text": "Unrecognized Tax Benefits\nThe aggregate changes in the balance of gross unrecognized tax benefits were as follows (in millions):\nAs of July 27, 2019, $1.7 billion of the unrecognized tax benefits would affect the effective tax rate if realized. During fiscal 2019, we recognized $30 million of net interest expense and $6 million of penalty expense. During fiscal 2018, we recognized $10 million of net interest expense and no net penalty expense. During fiscal 2017, we recognized $26 million of net interest expense and a $4 million reduction in penalties. Our total accrual for interest and penalties was $220 million, $180 million, and $186 million as of the end of fiscal 2019, 2018, and 2017, respectively. We are no longer subject to U.S. federal income tax audit for returns covering tax years through fiscal 2010. We are no longer subject to foreign or state income tax audits for returns covering tax years through fiscal 1999 and fiscal 2008, respectively.\nWe regularly engage in discussions and negotiations with tax authorities regarding tax matters in various jurisdictions. We believe it is reasonably possible that certain federal, foreign, and state tax matters may be concluded in the next 12 months. Specific positions that may be resolved include issues involving transfer pricing and various other matters. We estimate that the unrecognized tax benefits at July 27, 2019 could be reduced by $50 million in the next 12 months.\n\nYears Ended | July 27, 2019 | July 28, 2018 | July 29, 2017\n------------------------------------------------------------ | ------------- | ------------- | -------------\nBeginning balance | $2,000 | $1,973 | $1,627 \nAdditions based on tax positions related to the current year | 185 | 251 | 336 \nAdditions for tax positions of prior years | 84 | 84 | 180 \nReductions for tax positions of prior years . | (283) | (129) | (78) \nSettlements | (38) | (124) | (43) \nLapse of statute of limitations . | (23) | (55) | (49) \nEnding balance . | $ 1,925 | $ 2,000 | $ 1,973 "} {"_id": "d1b3bfb40", "title": "", "text": "FAIR VALUE MEASUREMENT\nThe Company measures certain financial assets and liabilities at fair value. Fair value is determined based upon the exit price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants, as determined by either the principal market or the most advantageous market. Inputs used in the valuation techniques to derive fair values are classified based on a three-level hierarchy, as follows:\nLevel 1\u2014Quoted prices (unadjusted) in active markets for identical assets or liabilities.\nLevel 2\u2014Observable inputs other than Level 1 prices such as quoted prices for similar assets or liabilities, quoted prices in markets with insufficient volume or infrequent transactions (less active markets), or model-derived valuations in which all significant inputs are observable or can be derived principally from or\ncorroborated by observable market data for substantially the full term of the assets or liabilities.\nLevel 3\u2014Unobservable inputs to the valuation methodology that are significant to the measurement of fair value of assets or liabilities.\nThe Company considers all highly liquid investments purchased with an original maturity of three months or less to be cash equivalents. The Company\u2019s investments are in money market funds, U.S. treasury bonds, commercial paper, certificates of deposit, asset-backed securities and corporate debt securities, which are classified as Level 2 within the fair value hierarchy, and were initially valued at the transaction price and subsequently valued at each reporting date utilizing market-observable data. The market-observable data included reportable trades, benchmark yields, credit spreads, broker/dealer quotes, bids, offers, current spot rates and other industry and economic events.\nThe fair value of these assets measured on a recurring basis was determined using the following inputs as ofDecember 31, 2019 and 2018 (in thousands):\n\nDecember 31, 2019 | | | | \n------------------------- | ----------------------------------------- | --------------------------------------------- | ----------------------------------------- | ----------------\n | Quoted Prices in Active Markets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | Total Fair Value\nAssets: | | | | \nMoney market funds | $\u2014 | $2,010 | $\u2014 | $2,010 \nU.S. treasury bonds | \u2014 | 116,835 | \u2014 | 116,835 \nCommercial paper | \u2014 | 44,300 | \u2014 | 44,300 \nCertificates of deposit | \u2014 | 24,539 | \u2014 | 24,539 \nAsset-backed securities | \u2014 | 73,499 | \u2014 | 73,499 \nCorporate debt securities | \u2014 | 181,079 | \u2014 | 181,079 \nTotal | $\u2014 | 442,262 | \u2014 | 442,262 "} {"_id": "d1b2f23f2", "title": "", "text": "CAPITAL MANAGEMENT\nThe primary objective of the Company\u2019s capital management is to ensure that it maintains a strong credit rating and healthy capital ratios to support its business and maximize the stockholders\u2019 value. The Company also ensures its ability to operate continuously to provide returns to stockholders and the interests of other related parties, while maintaining the optimal capital structure to reduce costs of capital.\nTo maintain or adjust the capital structure, the Company may adjust the dividend payment to stockholders, return capital to stockholders, issue new shares or dispose assets to redeem liabilities.\nSimilar to its peers, the Company monitors its capital based on debt to capital ratio. The ratio is calculated as the Company\u2019s net debt divided by its total capital. The net debt is derived by taking the total liabilities on the consolidated balance sheets minus cash and cash equivalents. The total capital consists of total equity (including capital, additional paid-in capital, retained earnings, other components of equity and non-controlling interests) plus net debt.\nThe Company\u2019s strategy, which is unchanged for the reporting periods, is to maintain a reasonable ratio in order to raise capital with reasonable cost. The debt to capital ratios as of December 31, 2018 and 2019 were as follows:\n\n | As of December 31, | \n------------------------------- | ------------------ | --------------\n | 2018 | 2019 \n | NT$ | NT$ \n | (In Thousands) | (In Thousands)\nTotal liabilities | $158,199,746 | $163,347,778 \nLess: Cash and cash equivalents | (83,661,739) | (95,492,477) \nNet debt | 74,538,007 | 67,855,301 \nTotal equity | 204,397,483 | 202,913,915 \nTotal capital | $278,935,490 | $270,769,216 \nDebt to capital ratios | 26.72% | 25.06% "} {"_id": "d1b398464", "title": "", "text": "16. Segment, Geographic, and Significant Customer Information\nWith the exception of property and equipment, we do not identify or allocate our long-lived assets by geographic area. The following table presents property and equipment information for geographic areas based on the physical location of the assets (in millions):\n\n | April 26, 2019 | April 27, 2018\n------------- | -------------- | --------------\nU.S. | $ 572 | $ 566 \nInternational | 187 | 190 \nTotal | $ 759 | $ 756 "} {"_id": "d1a734aec", "title": "", "text": "Segment operating results\nEnterprise Security segment\nRevenue increased $199 million primarily due to increases of $331 million in revenue from sales of our network and web security solutions and $36 million from sales of endpoint and information protection solutions, partially offset by a $184 million decrease in revenue as a result of the divestiture of our WSS and PKI solutions. Revenue during fiscal 2018 was also unfavorably affected by a shift in the mix of sales towards subscription and cloud-delivered solutions subject to ratable revenue recognition, which resulted in less in-period recognized revenue and more revenue deferred to the balance sheet as compared to fiscal 2017. Operating income increased $286 million primarily due to higher revenue discussed above, a $51 million decrease in sales and marketing expenses and a $38 million decrease in cost of revenues.\n\n | Fiscal Year | | Variance in | \n------------------------------------- | ----------- | ------ | ----------- | -------\n(In millions, except for percentages) | 2018 | 2017 | Dollars | Percent\nNet revenues | $2,554 | $2,355 | $199 | 8% \nPercentage of total net revenues | 53% | 59% | | \nOperating income | $473 | $187 | $286 | 153% \nOperating margin | 19% | 8% | | "} {"_id": "d1a730672", "title": "", "text": "GreenSky, Inc. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS \u2014 (Continued) (United States Dollars in thousands, except per share data, unless otherwise stated)\nNote 6. Property, Equipment and Software\nThe following table shows depreciation and amortization expense, as well as recorded impairment losses related to abandoned capitalized software projects that are recorded within general and administrative expense in the Consolidated Statements of Operations. We determined that these software projects would not generate future cash flows through use or disposal to a third party and, as such, the fair value as of the respective reporting dates was $0.\n\n | | Year Ended December 31, | \n-------------------- | ------ | ----------------------- | ------\n | 2019 | 2018 | 2017 \nDepreciation expense | $2,540 | $2,320 | $2,149\nAmortization expense | 4,764 | 2,158 | 1,834 \nImpairment losses | \u2014 | 19 | 78 "} {"_id": "d1b2f46ca", "title": "", "text": "Research, Development and Engineering Expense\nNM\u2014Not meaningful\nResearch, development and engineering (RD&E) expense was 7.8 percent of revenue in 2019 and 6.8 percent of revenue in 2018.\nRD&E expense increased 11.3 percent in 2019 versus 2018 primarily driven by: \u2022 Higher spending (11 points) including investment in the z15 and Red Hat spending in the second half of 2019 (8 points); and \u2022 Higher acquisition-related charges associated with the Red Hat transaction (1 point); partially offset by \u2022 The effects of currency (1 point).\nOperating (non-GAAP) expense increased 10.4 percent year to year primarily driven by the same factors excluding the acquisition-related charges associated with the Red Hat transaction.\n\n($ in million) | | | \n---------------------------------------------------------- | ------ | ------ | -------------------------\nFor the year ended December 31: | 2019 | 2018 | Yr.-to-Yr. Percent Change\nTotal consolidated research, development and engineering | $5,989 | $5,379 | 11.3% \nNon-operating adjustment | | | \nAcquisition-related charges | (53) | - | NM \nOperating (non-GAAP) research, development and engineering | $5,936 | $5,379 | 10.4% "} {"_id": "d1b3162d4", "title": "", "text": "The Corporation\u2019s segment profit (loss) is reported in two operating segments: Canadian broadband services and American broadband services. The reporting structure reflects how the Corporation manages its business activities to make decisions about resources to be allocated to the segments and to assess their performance.\nThe Canadian and American broadband services segments provide a wide range of Internet, video and telephony services primarily to residential customers as well as business services across their coverage areas. The Canadian broadband services activities are carried out by Cogeco Connexion in the provinces of Qu\u00e9bec and Ontario and the American broadband services activities are carried out by Atlantic Broadband in 11 states: Connecticut, Delaware, Florida, Maine, Maryland, New Hampshire, New York, Pennsylvania, South Carolina, Virginia and West Virginia.\nThe previously reported Business ICT services segment, comprised of the Cogeco Peer 1 operations, is now reported in discontinued operations following the sale on April 30, 2019 of the Cogeco Peer 1 subsidiary. Information about the discontinued segment is provided in Note 8.\nThe Corporation and its chief operating decision maker assess the performance of each operating segment based on its segment profit (loss), which is equal to revenue less operating expenses. The other expenses, except for management fees, financial expense and income taxes, are reported by segment solely for external reporting purposes.\n(1) Revenue by geographic market includes $1,294,967 in Canada and $1,036,853 in the United States. (2) Comprised of restructuring costs within the Canadian broadband services segment and acquisition and integration costs related to the FiberLight network acquisition in the American broadband services segment.\n\nYear ended August 31, 2019 | Canadian broadband services | American broadband services | Inter-segment eliminations and other | Consolidated\n---------------------------------------------------- | --------------------------- | --------------------------- | ------------------------------------ | ------------\n(In thousands of Canadian dollars) | $ | $ | $ | $ \nRevenue (1) | 1,294,967 | 1,036,853 | \u2014 | 2,331,820 \nOperating expenses | 606,286 | 571,208 | 26,486 | 1,203,980 \nManagement fees \u2013 Cogeco Inc. | \u2014 | \u2014 | 19,900 | 19,900 \nSegment profit (loss) | 688,681 | 465,645 | (46,386) | 1,107,940 \nIntegration, restructuring and acquisition costs (2) | 9,299 | 1,851 | \u2014 | 11,150 \nDepreciation and amortization | 254,345 | 226,301 | 79 | 480,725 \nFinancial expense | | | | 175,502 \nProfit before income taxes | | | | 440,563 \nIncome taxes | | | | 83,655 \nProfit for the year from continuing operations | | | | 356,908 \nAcquisition of property, plant and equipment | 241,940 | 192,605 | \u2014 | 434,545 "} {"_id": "d1b340598", "title": "", "text": "Postretirement Benefit Plans\nIn addition to receiving pension benefits, U.S. Teradyne employees who meet early retirement eligibility requirements as of their termination dates may participate in Teradyne\u2019s Welfare Plan, which includes medical and dental benefits up to age 65. Death benefits provide a fixed sum to retirees\u2019 survivors and are available to all retirees. Substantially all of Teradyne\u2019s current U.S. employees could become eligible for these benefits, and the existing benefit obligation relates primarily to those employees.\nThe December 31 balances of the postretirement assets and obligations are shown below:\n\n | 2019 | 2018 \n----------------------------- | -------------- | --------\n | (in thousands) | \nAssets and Obligations | | \nChange in benefit obligation: | | \nProjected benefit obligation: | | \nBeginning of year | $9,256 | $6,177 \nService cost | 41 | 39 \nInterest cost | 347 | 196 \nActuarial loss | 717 | 25 \nBenefits paid | (1,358) | (889) \nSpecial termination benefits | \u2014 | 3,708 \nEnd of year | 9,003 | 9,256 \nChange in plan assets: | | \nFair value of plan assets: | | \nBeginning of year | \u2014 | \u2014 \nCompany contributions | 1,358 | 889 \nBenefits paid | (1,358) | (889) \nEnd of year | \u2014 | \u2014 \nFunded status | $(9,003) | $(9,256)"} {"_id": "d1b2e3a5a", "title": "", "text": "Profit or loss for the period after taxes\nThe current result of METRO China was reclassified in the consolidated income statement under the item \u2018profit or loss for the period from discontinued operations after taxes\u2019, taking into account necessary consolidation measures. To increase the economic meaningfulness of the earnings statement of the continuing sector, its shares in the consolidation effects were also included in the discontinued section of the earnings statement as far as they were related to business relations that are to be upheld in the long term even after the planned disposal. The previous year\u2019s figures of the income statement were adjusted accordingly.\nProfit or loss for the period from discontinued operations after taxes is attributable to the shareholders of METRO AG in the amount of \u20ac118 million (2017/18: \u20ac87 million). Noncontrolling interests account for \u20ac5 million of earnings (2017/18: \u20ac1 million).\nIn connection with the divestment process, expenses in the low 2-digit million euros range have been incurred to date.\nAs a result, profit or loss for the period from discontinued operations after taxes is made up as follows for METRO China:\n\n\u20ac million | 2017/2018 | 2018/2019\n--------------------------------------------------------------------------------------- | --------- | ---------\nSales | 2,680 | 2,901 \nExpenses | \u22122,563 | \u22122,736 \nCurrent earnings from discontinued operations before taxes | 117 | 165 \nIncome taxes on gains/losses on the current result | \u221229 | \u221243 \nCurrent earnings from discontinued operations after taxes | 88 | 122 \nGains/losses from the remeasurement or disposal of discontinued operations before taxes | 0 | 0 \nGains/losses from the remeasurement or disposal of discontinued operations after taxes | 0 | 0 \nProfit or loss for the period from discontinued operations after taxes | 88 | 122 "} {"_id": "d1b3577de", "title": "", "text": "Non-GAAP Integration and Transformation Costs and Special Items\n(UNAUDITED)\n($ in millions)\n(1) Includes $18 million of hardware impairment for Q3 2018 and $15 million of content commitment impairment and $27 million of hardware, software and internal labor impairment in Q1 2018.\n(2) Includes $55 million of restructuring reserve impairment for Q2 2018.\n(3) Reference to pro forma figures assume the Level 3 acquisition and the colocation and data center sale took place on January 1, 2017.\n\n | | | Pro Forma (3)\n----------------------------------------------------------------------------------------- | ---- | ---- | -------------\nIntegration and Transformation Costs and Special Items Impacting Adjusted EBITDA | 2019 | 2018 | 2017 \nConsumer litigation settlement | $65 | 0 | 0 \nLoss on sale of data centers and colocation business | 0 | 0 | 82 \nOTT/Stream impairment of content commitment and hardware, software, and internal labor(1) | 0 | 60 | 0 \nTotal special items impacting Adjusted EBITDA | 65 | 60 | 82 \nPlus: integration and transformation costs impacting Adjusted EBITDA (2) | 234 | 378 | 164 \nPlus: transaction related expenses impacting Adjusted EBTIDA | 0 | 0 | 192 \nTotal integration and transformation costs and special items impacting Adjusted EBITDA | $299 | 438 | 438 "} {"_id": "d1b3bb45a", "title": "", "text": "22. Directors and key management compensation\nThis note details the total amounts earned by the Company\u2019s Directors and members of the Executive Committee.\nDirectors\nAggregate emoluments of the Directors of the Company were as follows:\nNotes: 1 Excludes gains from long-term incentive plans.\n2 Includes the value of the cash allowance taken by some individuals in lieu of pension contributions\nNo Directors serving during the year exercised share options in the year ended 31 March 2019 (2018: one Director, gain \u20ac0.1 million; gain 2017: one Director, \u20ac0.7 million\n\n | 2019 \u20acm | 2018 \u20acm | 2017 \u20acm\n------------------ | ------- | ------- | -------\nSalaries and fees | 4 | 4 | 4 \nIncentive schemes1 | 2 | 3 | 2 \nOther benefits2 | \u2013 | 1 | 1 \n | 6 | 8 | 7 "} {"_id": "d1b32775a", "title": "", "text": "ADVANCED ENERGY INDUSTRIES, INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS \u2013 (continued) (in thousands, except per share amounts)\nNOTE 15. WARRANTIES\nProvisions of our sales agreements include customary product warranties, ranging from 12 months to 24 months following installation. The estimated cost of our warranty obligation is recorded when revenue is recognized and is based upon our historical experience by product, configuration and geographic region.\nOur estimated warranty obligation is included in Other accrued expenses in our Consolidated Balance Sheets. Changes in our product warranty obligation are as follows:\n\n | | Years Ended December 31, | \n------------------------------------------ | ------- | ------------------------ | -------\n | 2019 | 2018 | 2017 \nBalances at beginning of period | $2,084 | $2,312 | $2,329 \nWarranty acquired in business combinations | 4,818 | 305 | 118 \nIncreases to accruals | 1,752 | 1,606 | 2,029 \nWarranty expenditures | (2,249) | (2,127) | (2,184)\nEffect of changes in exchange rates | 8 | (12) | 20 \nBalances at end of period | $6,413 | $2,084 | $2,312 "} {"_id": "d1b3af812", "title": "", "text": "Interest Income and Interest Expense\nInterest income is earned on our cash, cash equivalents, restricted cash and marketable securities. The increase in interest income in fiscal 2019 compared to fiscal 2018 was attributable to higher investment yields, related in part to longer duration investments, as well as higher average investment balances.\nInterest expense primarily includes interest on our term loans, partially offset by income from our interest-rate swap derivative contracts, as well as term loan issuance costs amortization charges. The decrease in interest expense in fiscal 2019 compared to fiscal 2018 was primarily due to lower outstanding debt balances related to the CMI acquisition as a result of principal payments made, partially offset by additional interest expense related to the term loan originated to finance the acquisition of FRT.\nOther Income (Expense), Net\nOther income (expense), net primarily includes the effects of foreign currency impact and various other gains and losses.\n\n | | Fiscal Year Ended | \n------------------------------------------------ | ----------------- | ---------------------- | -----------------\n | December 28, 2019 | December 29, 2018 | December 30, 2017\n | | (Dollars in thousands) | \nInterest income | $2,714 | $1,356 | $548 \nWeighted average balance of cash and investments | $179,526 | $138,467 | $124,637 \nWeighted average yield on cash and investments | 2.05 % | 1.51 % | 0.84 % \nInterest expense | $1,915 | $3,314 | $4,491 \nAverage debt outstanding | $56,776 | $90,086 | $127,598 \nWeighted average interest rate on debt | 4.09 % | 3.98 % | 3.07 % "} {"_id": "d1b300222", "title": "", "text": "Note 3 \u2013 Net Income per Share\nThe following table sets forth the computation of basic and diluted earnings per share:\n\n | | Fiscal Year Ended | \n------------------------------- | ------------------ | ------------------ | -----------------\n | December 27, 2019 | December 28, 2018 | December 29, 2017\nNet income per share: | | | \nBasic | $0.82 | $0.71 | $0.55 \nDiluted | $0.81 | $0.70 | $0.54 \nWeighted average common shares: | | | \nBasic | 29,532,342 | 28,703,265 | 26,118,482 \nDiluted | 30,073,338 | 29,678,919 | 27,424,526 "} {"_id": "d1a731748", "title": "", "text": "Expected realisation of remaining performance obligations at year end\nThe Group applies the practical expedient in paragraph 121 of IFRS 15 and does not disclose information about remaining performance obligations that have original expected durations of one year or less.\nFor contracts that exceed one year, deferred income that relates to unsatisfied or partially satisfied performance obligations at year end is expected to be recognised as revenue in the future as follows:\nThe above information represents the revenue the Group will recognise when it satisfies the remaining performance obligations in the contracts. The amounts presented do not include orders for which the Group has not performed.\n\n | 2019 | 2018 \n--------------------- | --------- | ---------\n | $ million | $ million\nWithin one year | 18.3 | 15.5 \nGreater than one year | 10.3 | 12.7 \n | 28.6 | 28.2 "} {"_id": "d1a737d96", "title": "", "text": "Historically, a small number of OEM customers have accounted for a substantial portion of our net revenues, and we expect that significant customer concentration will continue for the foreseeable future. Many of our OEMs use contract manufacturers to manufacture their equipment. Accordingly, a significant percentage of our net revenues is derived from sales to these contract manufacturers and to consignment warehouses.\nIn addition, a significant portion of our sales are made to foreign and domestic distributors who resell our products to OEMs, as well as their contract manufacturers. Direct sales to contract manufacturers and consignment warehouses accounted for 41.3%, 34.9% and 39.0% of our net revenues for fiscal 2019, 2018 and 2017, respectively.\nSales to foreign and domestic distributors accounted for 56.0%, 62.5% and 57.5% of our net revenues for fiscal 2019, 2018 and 2017, respectively. The following direct customers accounted for 10% or more of our net revenues in one or more of the following periods:\nNokia was our largest customer in fiscal 2019, 2018 and 2017. Nokia purchases products directly from us and through contract manufacturers and distributors. Based on information provided to us by its contract manufacturers and our distributors, purchases by Nokia represented approximately 45%, 36% and 41% of our net revenues in fiscal 2019, 2018 and 2017, respectively.\nOur revenues have been substantially impacted by significant fluctuations in sales to Nokia, and we expect that future direct and indirect sales to Nokia will continue to fluctuate substantially on a quarterly basis and that such fluctuations may significantly affect our operating results in future periods. To our knowledge, none of our other OEM customers accounted for more than 10% of our net revenues in fiscal 2019, 2018 or 2017.\n\n | | Fiscal Year Ended | \n--------------------------------------------------------- | ----- | ----------------- | -----\n | | March 31, | \n | 2019 | 2018 | 2017 \nContract manufacturers and consignment warehouses: | | | \nFlextronics Technology | 21.8% | 14.0% | 10.4%\nSanmina | 17.7 | 16.0 | 20.4 \nDistributors: | | | \nAvnet Logistics | 31.3 | 35.3 | 25.5 \nNexcomm | 14.8 | 16.1 | 19.7 "} {"_id": "d1b321864", "title": "", "text": "11. Fair Value Measurements\nThe following is a description of the valuation techniques that we use to measure the fair value of assets and liabilities that we measure and report at fair value on a recurring basis:\nCash Equivalents. At December 31, 2019 and 2018, our cash equivalents consisted of money market funds. We value our cash equivalents using observable inputs that reflect quoted prices for securities with identical characteristics, and accordingly, we classify the valuation techniques that use these inputs as Level 1.\nMarketable Securities and Restricted Investments. At December 31, 2019 and 2018, our marketable securities consisted of foreign debt, foreign government obligations, U.S. debt, and time deposits, and our restricted investments consisted of foreign and U.S. government obligations. We value our marketable securities and restricted investments using observable inputs that reflect quoted prices for securities with identical characteristics or quoted prices for securities with similar characteristics and other observable inputs (such as interest rates that are observable at commonly quoted intervals). Accordingly, we classify the valuation techniques that use these inputs as either Level 1 or Level 2 depending on the inputs used. We also consider the effect of our counterparties\u2019 credit standing in these fair value measurements.\nDerivative Assets and Liabilities. At December 31, 2019 and 2018, our derivative assets and liabilities consisted of foreign exchange forward contracts involving major currencies and interest rate swap contracts involving major interest rates. Since our derivative assets and liabilities are not traded on an exchange, we value them using standard industry valuation models. As applicable, these models project future cash flows and discount the amounts to a present value using market-based observable inputs, including interest rate curves, credit risk, foreign exchange rates, and forward and spot prices for currencies. These inputs are observable in active markets over the contract term of the derivative instruments we hold, and accordingly, we classify the valuation techniques as Level 2. In evaluating credit risk, we consider the effect of our counterparties\u2019 and our own credit standing in the fair value measurements of our derivative assets and liabilities, respectively.\nAt December 31, 2019 and 2018, the fair value measurements of our assets and liabilities measured on a recurring basis were as follows (in thousands):\n\n | | | Fair Value Measurements at Reporting Date Using | \n------------------------------ | ----------------- | -------------------------------------------------------------- | ----------------------------------------------- | -----------------------------------------\n | December 31, 2019 | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3)\nAssets: | | | | \nCash equivalents: | | | | \nMoney market funds . | $7,322 | $7,322 | $ \u2014 | $ \u2014 \nMarketable securities: | | | | \nForeign debt | 387,820 | \u2014 | 387,820 | \u2014 \nForeign government obligations | 22,011 | \u2014 | 22,011 | \u2014 \nU.S. debt . | 66,134 | \u2014 | 66,134 | \u2014 \nTime deposits . | 335,541 | 335,541 | \u2014 | \u2014 \nRestricted investments . | 223,785 | \u2014 | 223,785 | \u2014 \nDerivative assets . | 1,338 | \u2014 | 1,338 | \u2014 \nTotal assets . | $ 1,043,951 | $ 342,863 | $ 701,088 | $ \u2014 \nLiabilities: | | | | \nDerivative liabilities | $ 10,021 | $ \u2014 | $ 10,021 | $ \u2014 "} {"_id": "d1b33c48e", "title": "", "text": "Current assets of continuing operations decreased by \u20ac569 million compared to the previous year's figures to \u20ac7.8 billion (30/9/2018: \u20ac8.3 billion). Cash and cash equivalents in particular contributed to this development with a decrease of \u20ac407 million to \u20ac0.5 billion (30/9/2018: \u20ac0.9 billion).\n1 Adjusted for effects of the discontinued business segment.\nFor more information about the development of current assets, see the notes to the consolidated financial statements in the numbers listed in the table.\n\n\u20ac million | Note no. | 30/9/2018 | 30/9/2018 adjusted1 | 30/9/2019\n---------------------------------------------- | -------- | --------- | ------------------- | ---------\nCurrent assets | | 7,703 | 8,329 | 7,761 \nInventories | 26 | 2,108 | 1,905 | 1,946 \nTrade receivables | 27 | 571 | 496 | 482 \nFinancial assets | | 1 | 1 | 4 \nOther financial and other non-financial assets | 24 | 913 | 796 | 881 \nEntitlements to income tax refunds | | 206 | 202 | 190 \nCash and cash equivalents | 29 | 1,298 | 906 | 500 \nAssets held for sale | 30,43 | 2,605 | 4,024 | 3,758 "} {"_id": "d1b37423a", "title": "", "text": "Performance-Based Restricted Stock Units\nPerformance-based restricted stock units are eligible to vest at the end of each fiscal year in a three-year performance period based on the Company\u2019s annual growth rate in net sales and non-GAAP diluted earnings per share (subject to certain adjustments) over a multiple of four times the related results for the fourth quarter of 2018 relative to the growth rates for a peer group of companies for the same metrics and periods.\nFor the performance-based restricted stock units granted in 2019, 60% of each performance-based award is subject to the net sales metric for the performance period and 40% is subject to the non-GAAP diluted earnings per share metric for the performance period. The maximum percentage for a particular metric is2 50% of the target number of units subject to the award related to that metric, however, vesting of the performance stock units is capped at 30% and 100%, respectively, of the target number of units subject to the award in years one and two, respectively, of the three-year performance period.\nAs of December 31, 2019, the Company believes that it is probable that the Company will achieve performance metrics specified in the award agreement based on its expected revenue and non-GAAP diluted EPS results over the performance period and calculated growth rates relative to its peers\u2019 expected results based on data available, as defined in the award agreement.\nA summary of the Company\u2019s performance-based restricted stock unit activity is as follows:\n(1) Number of shares granted is based on the maximum percentage achievable in the performance-based restricted stock unit award.\n\n | Number of Shares | Weighted-Average Grant-Date\n-------------------------------- | ---------------- | ---------------------------\n | (in thousands) | Fair Value per Share \nOutstanding at December 31, 2018 | \u2014 | $\u2014 \nGranted(1) | 445 | 22.21 \nOutstanding at December 31, 2019 | 445 | 22.21 "} {"_id": "d1b340c28", "title": "", "text": "Performance\nFree Cash Flow was \u00a354.9m in FY19 compared to \u00a392.4m in FY18, the decrease primarily reflecting the impact of US cash flows. This represents a conversion rate of 36% of Adjusted EBITDA (FY18: 45%). Excluding the US cash flows, Free Cash Flow Conversion increased to 47% from 33% in FY18, driven by improved EBITDA, lower working capital outflows, lower interest costs and lower exceptional cashflows.\nSeveral other factors had a specific impact on cash flow during FY19. These included the effects of the disposal of the US business and associated capital restructuring, as well as the timing of dividend payments.\nNet Debt decreased to \u00a3288.5m from \u00a3501.1m at the end of FY18. The Group\u2019s Net Debt:EBITDA leverage as measured under financing agreements was 1.8x at year end. This compared to 1.9x at the end of March 2019 and 2.3x at the end of September 2018. This outturn includes the increased debt associated with the Freshtime acquisition completed in early September 2019. As at 27 September 2019, the Group had committed facilities of \u00a3506m with a weighted average maturity of 4.0 years.\nROIC was 14.4% for the 12 months ended 27 September 2019, compared to 15.6% for the 12 months ended 28 September 2018. The reduction was primarily driven by increased investment, in particular the timing of the acquisition of Freshtime and was so impacted by an increased tax rate.\n\n | FY19 \u00a3m | FY18 \u00a3m | Change (As reported)\n------------------------------------------- | ------- | ------- | --------------------\nFree Cash Flow | 54.9 | 92.4 | -\u00a337.5m \nNet Debt | 288.5 | 501.1 | \nNet Debt:EBITDA as per financing agreements | 1.8x | 2.3x | \nROIC | 14.4% | 15.6% | -120bps "} {"_id": "d1b33ab70", "title": "", "text": "AMERICAN TOWER CORPORATION AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Tabular amounts in millions, unless otherwise disclosed)\n13. INCOME TAXES\nBeginning in the taxable year ended December 31, 2012, the Company has filed, and intends to continue to file, U.S. federal income tax returns as a REIT, and its domestic TRSs filed, and intend to continue to file, separate tax returns as required. The Company also files tax returns in various states and countries. The Company\u2019s state tax returns reflect different combinations of the Company\u2019s subsidiaries and are dependent on the connection each subsidiary has with a particular state and form of organization. The following information pertains to the Company\u2019s income taxes on a consolidated basis.\nThe income tax provision from continuing operations consisted of the following:\nThe effective tax rate (\u201cETR\u201d) on income from continuing operations for the years ended December 31, 2019, 2018 and 2017 differs from the federal statutory rate primarily due to the Company\u2019s qualification for taxation as a REIT, as well as adjustments for state and foreign items. As a REIT, the Company may deduct earnings distributed to stockholders against the income generated by its REIT operations. In addition, the Company is able to offset certain income by utilizing its NOLs, subject to specified limitations.\n\n | 2019 | 2018 | 2017 \n------------------------------ | ------ | ------- | -------\nCurrent: | | | \nFederal | $(1.7) | $(1.4) | $(0.1) \nState | (5.0) | (1.8) | (3.8) \nForeign | (48.2) | (189.7) | (113.4)\nDeferred: | | | \nFederal | 1.4 | 4.0 | 0.2 \nState | 0.5 | 0.7 | 1.0 \nForeign | 53.2 | 298.3 | 85.4 \nIncome tax benefit (provision) | $0.2 | $110.1 | $(30.7)"} {"_id": "d1b2ee34c", "title": "", "text": "The Company maintains a general allowance for doubtful accounts based on historical experience, along with additional customer specific allowances. The Company regularly monitors credit risk exposures in consolidated receivables. In estimating the necessary level of our allowance for doubtful accounts, management considers the aging of accounts receivable, the creditworthiness of customers, economic conditions within the customer\u2019s industry, and general economic conditions, among other factors.\nThe following reflects activity in the Company\u2019s allowance for doubtful accounts receivable for the periods indicated (in thousands):\nProvision increases recorded in general and administrative expense during the years ended December 31, 2019, 2018, and 2017, reflect increases in the allowance for doubtful accounts based upon collection experience in the geographic regions in which the Company conducts business, net of collection of customer-specific receivables that were previously reserved for as doubtful of collection.\n\n | | Years Ended December 31, | \n-------------------------------------------------- | ------- | ------------------------ | -------\n | 2019 | 2018 | 2017 \nBalance, beginning of period | -$3,912 | -$4,799 | -$3,873\nProvision increase | -2,561 | -1,505 | -2,086 \nAmounts written off, net of recoveries | 1,368 | 2,269 | 1,305 \nForeign currency translation adjustments and other | -44 | 123 | -145 \nBalance, end of period | -$5,149 | -$3,912 | -$4,799"} {"_id": "d1b3203ce", "title": "", "text": "1.25% Notes Embedded Cash Conversion Option\nThe embedded cash conversion option within the 1.25% Notes is required to be separated from the 1.25% Notes and accounted for separately as a derivative liability, with changes in fair value recognized immediately in our consolidated statements of operations in Other income (loss), net until the cash conversion option settles or expires.\nThe initial fair value liability of the embedded cash conversion option was $82.8 million, which simultaneously reduced the carrying value of the 1.25% Notes (effectively an original issuance discount). The embedded cash conversion option is measured and reported at fair value on a recurring basis within Level 3 of the fair value hierarchy. For further discussion of the inputs used to determine the fair value of the embedded cash conversion option, refer to Note 1, \u201cBasis of Presentation and Significant Accounting Policies.\u201d\nThe following table shows the net impact of the changes in fair values of the 1.25% Call Option and 1.25% Notes embedded cash conversion option in the consolidated statements of operations:\n\n | | Year Ended December 31, | \n----------------------------------------------- | --------- | ----------------------- | --------\n(In thousands) | 2019 | 2018 | 2017 \n1.25% Call Option | $ (9,020) | $ (37,474) | $ 29,498\n1.25% Embedded cash conversion option | 9,789 | 37,803 | (30,118)\nNet (loss) income included in other income, net | $ 769 | $ 329 | $ (620) "} {"_id": "d1b3c24f8", "title": "", "text": "NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (in thousands, except for share and per share data)\nNOTE 21 \u2014 Quarterly Financial Data\nQuarterly Results of Operations (Unaudited)\n\n | First | Second | Third | Fourth \n-------------------------- | -------- | -------- | -------- | --------\n2019 | | | | \nNet sales | $117,625 | $120,684 | $115,651 | $115,040\nGross margin | $40,615 | $41,204 | $37,057 | $38,700 \nOperating earnings | $14,218 | $17,083 | $10,124 | $12,391 \nNet earnings | $11,419 | $11,943 | $2,722 | $10,062 \nBasic earnings per share | $0.35 | $0.36 | $0.08 | $0.31 \nDiluted earnings per share | $0.34 | $0.36 | $0.08 | $0.31 \n2018 | | | | \nNet sales | $113,530 | $118,021 | $118,859 | $120,073\nGross margin | $38,433 | $41,813 | $42,082 | $42,645 \nOperating earnings | $13,359 | $14,544 | $16,118 | $17,017 \nNet earnings | $ 11,54 | $7,209 | $10,211 | $17,564 \nBasic earnings per share | $0.35 | $0.22 | $0.31 | $0.53 \nDiluted earnings per share | $0.34 | $0.21 | $0.30 | $0.52 "} {"_id": "d1b2e7cb8", "title": "", "text": "Other Defined Benefit Plans\nWe maintain various defined benefit plans to provide termination and postretirement benefits to certain eligible employees outside of the U.S. We also provide disability benefits to certain eligible employees in the U.S. Eligibility is determined based on the terms of our plans and local statutory requirements.\nFunded Status\nThe funded status of our postretirement health care and other defined benefit plans, which is recognized in other long-term liabilities in our consolidated balance sheets, was as follows (in millions):\n\n | April 26, 2019 | April 27, 2018\n------------------------- | -------------- | --------------\nFair value of plan assets | $ 31 | $ 25 \nBenefit obligations | (61) | (53) \nUnfunded obligations | $(30) | $(28) "} {"_id": "d1b36bf9a", "title": "", "text": "3.6 Provisions\nRecognition, measurement and classification\nEmployee benefits \u2013 annual and long service leave\nThe Group recognises a liability for long service leave and annual leave measured as the present value of expected future payments to be made in respect of services provided by employees up to the reporting date using the projected unit credit method. Consideration is given to expected future wage and salary levels, experience of employee departures, and periods of service. Expected future payments are discounted using market yields at the reporting date on corporate bond rates with terms to maturity and currencies that match, as closely as possible, the estimated future cash outflows.\nThe Group does not expect its long service leave or annual leave benefits to be settled wholly within 12 months of the reporting date.\nAnnual and long service leave are classified as current where there is a current obligation to pay the employee shall they leave the Group.\nClawback provisions\nUpfront fees received from certain insurance funds, broadband providers and mortgage brokers can be clawed back in the event of early termination of membership. They vary across the industries and are usually triggered where a referred member terminates their policy. Each relevant Product Provider has an individual agreement and the clawback period ranges between 0 and 24 months, depending on the agreement.\nKey estimates - Employee benefits\nProvisions are measured at the present value of management\u2019s best estimate of the expenditure required to settle the present obligation at the reporting date using the discounted cash flow methodology. The risks specific to the provision are factored into the cash flows and as such a corporate bond rate relative to the expected life of the provision is used as a discount rate. If the effect of the time value of money is material, provisions are discounted using a current pre-tax rate that reflects the time value of money and the risks specific to the liability. The increase in the provision resulting from the passage of time is recognised as interest expense.\nKey estimates - Clawback provisions\nThe Group provides for this liability based upon historic average rates of attrition and recognises revenue net of these clawback amounts.\n\n | CONSOLIDATED | \n------------------ | ------------ | ----------\n | 2019 $\u2019000 | 2018 $\u2019000\nCurrent | | \nAnnual leave | 2,349 | 2,233 \nLong service leave | 830 | 781 \nClawback | 2,715 | 2,463 \nRebates | 241 | 224 \n | 6,135 | 5,701 \nNon-Current | | \nLong service leave | 418 | 343 \n | 418 | 343 "} {"_id": "d1b350c5e", "title": "", "text": "NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (in thousands, except for share and per share data)\nFollowing the enactment of the 2017 Tax Cut and Jobs Act and the associated one-time transition tax, in general, repatriation of foreign earnings to the US can be completed with no incremental US Tax. However, there are limited other taxes that continue to apply such as foreign withholding and certain state taxes. The company records a deferred tax liability for the estimated foreign earnings and state tax cost associated with the undistributed foreign earnings that are not permanently reinvested.\nThe Tax Act also includes provisions for Global Intangible Low-Taxed Income (\u201cGILTI\u201d) wherein taxes on foreign income are imposed in excess of a deemed return on tangible assets of foreign corporations. We elected to recognize the tax on GILTI as an expense in the period the tax is incurred.\nWe recognize the financial statement benefit of a tax position when it is more-likely-than-not, based on its technical merits, that the position will be sustained upon examination. A tax position that meets the more-likely-than-not threshold is then measured to determine the amount of benefit to be recognized in the financial statements. As of December 31, 2019, we have approximately $5,016 of unrecognized tax benefits, which if recognized, would impact the effective tax rate. We do not anticipate any significant changes in our unrecognized tax benefits within the next 12 months.\nA reconciliation of the beginning and ending unrecognized tax benefits is provided below:\nOur continuing practice is to recognize interest and/or penalties related to unrecognized tax benefits as income tax expense. As of December 31, 2019, and 2018, $707 and $2,515, respectively, of interest and penalties were accrued.\nWe are subject to taxation in the U.S., various states, and in non-U.S. jurisdictions. Our U.S. income tax returns are primarily subject to examination from 2016 through 2018; however, U.S. tax authorities also have the ability to review prior tax years to the extent loss carryforwards and tax credit carryforwards are utilized. The open years for the non-U.S. tax returns range from 2008 through 2018 based on local statutes.\n\n | As of December 31, | \n------------------------------------------------------- | ------------------ | -------\n | 2019 | 2018 \nBalance at January 1 | $3,649 | $4,670 \nIncrease related to current year tax positions | 2,834 | 55 \n(Decrease) increase related to prior year tax positions | (10) | 46 \nDecrease related to lapse in statute of limitation | (1,457) | (1,076)\nDecrease related to settlements with taxing authorities | \u2014 | (46) \nBalance at December 31 | $5,016 | $3,649 "} {"_id": "d1a7326f2", "title": "", "text": "Disaggregation of Revenue\nThe Company allocates sales from external customers to geographic areas based on the location to which the product is transported. Sales outside the United States are principally to customers in countries in the Caribbean, Canada, Central and South America.\nThe following table presents our domestic and international sales for each of the last three fiscal years:\nLong-lived assets: As of September 30, 2019 and 2018, the Company had property, plant and equipment with a net book value of $1,406,546 and $412,755, respectively, located in Mexico.\n\n | | Year Ended September 30, | \n------------------- | ----------- | ------------------------ | -----------\n | 2019 | 2018 | 2017 \nUnited States | $78,553,000 | $72,295,000 | $67,901,000\nAll Other Countries | 6,481,000 | 5,356,000 | 6,047,000 \nTotal Net Sales | 85,034,000 | $77,651,000 | $73,948,000"} {"_id": "d1b386e80", "title": "", "text": "Note 19 \u2013 Summarized Quarterly Financial Data (Unaudited)\nThe following table presents unaudited quarterly operating results for each of our last eight fiscal quarters. This information has been prepared on a basis consistent with our audited financial statements and includes all adjustments, consisting only of normal recurring adjustments, considered necessary for a fair presentation of the data.\nUNAUDITED QUARTERLY OPERATING RESULTS\n(In thousands, except for per share amounts)\n(1) Assumes exercise of dilutive securities calculated under the treasury stock method.\n\nThree Months Ended | March 31, 2019 | June 30, 2019 | September 30, 2019 | December 31, 2019\n------------------------------------------ | -------------- | ------------- | ------------------ | -----------------\nNet sales | $143,791 | $156,391 | $114,092 | $115,787 \nGross profit | $60,612 | $65,015 | $46,331 | $47,209 \nOperating income (loss) | $(6,167) | $562 | $(20,288) | $(14,070) \nNet income (loss) | $770 | $3,995 | $(46,123) | $(11,624) \nEarnings (loss) per common share - basic | $0.02 | $0.08 | $(0.96) | $(0.25) \nEarnings (loss) per common share - diluted | $0.02(1) | $0.08(1) | $(0.96) | $(0.25) "} {"_id": "d1a722202", "title": "", "text": "Research and Development Expense\nResearch and development expense increased by $19.1 million in 2018 compared to 2017. The increase was primarily due to a $18.1 million increase in employee-related costs, which includes stock-based compensation, associated with our increased headcount from 159 employees as of December 31, 2017 to 229 employees as of December 31, 2018. The remaining increase was principally the result of a $2.9 million increase in hosting and software related cost to support research and development activities and an increase of $0.3 million in software subscription cost which was offset by a $1.0 million decrease in office related expenses to support research and development activities. A total of $7.8 million of internally-developed software costs during 2018 and $6.3 million of internally-developed software costs during 2017 were capitalized, resulting in a decrease of the expense by $1.4 million compared to 2017.\n\n | Year Ended December 31, | | Change | \n------------------------ | ----------------------- | ---------------------- | -------- | -----\n | 2018 | 2017 | $ | % \n | | (dollars in thousands) | | \nResearch and development | $ 41,305 | $ 22,241 | $ 19,064 | 85.7%\n% of revenue | 28% | 21% | | "} {"_id": "d1b2f7b68", "title": "", "text": "Contractual Obligations\nThe following table provides a summary of our contractual obligations and commercial commitments at December 31, 2019. Additional detail about these items is included in the notes to the consolidated financial statements.\n(1) Items included in long-term debt with variable coupon rates exclude unamortized debt issuance costs, and are described in Note 7 to the consolidated financial statements. (2) See Note 6 to the consolidated financial statements for additional information.\n(3) Items included in purchase obligations are primarily commitments to purchase content and network services, equipment, software and marketing services, which will be used or sold in the ordinary course of business. These amounts do not represent our entire anticipated purchases in the future, but represent only those items that are the subject of contractual obligations. We also purchase products and services as needed with no firm commitment.\nFor this reason, the amounts presented in this table alone do not provide a reliable indicator of our expected future cash outflows or changes in our expected cash position. See Note 16 to the consolidated financial statements for additional information.\n(4) Other long-term liabilities represent estimated postretirement benefit and qualified pension plan contributions. Estimated qualified pension plan contributions include expected minimum funding contributions, which commence in 2026 based on the plan\u2019s current funded status. Estimated postretirement benefit payments include expected future postretirement benefit payments.\nThese estimated amounts: (1) are subject to change based on changes to assumptions and future plan performance, which could impact the timing or amounts of these payments; and (2) exclude expectations beyond 5 years due to uncertainty of the timing and amounts. See Note 11 to the consolidated financial statements for additional information.\n(5) Represents future minimum payments under the sublease arrangement for our tower transaction. See Note 6 to the consolidated financial statements for additional information.\nWe are not able to make a reasonable estimate of when the unrecognized tax benefits balance of $2.9 billion and related interest and penalties will be settled with the respective taxing authorities until issues or examinations are further developed. See Note 12 to the consolidated financial statements for additional information.\n\n | | | | | (dollars in millions) Payments Due By Period\n--------------------------------------------------- | --------- | ---------------- | ------------- | ------------- | --------------------------------------------\nContractual Obligations | Total | Less than 1 year | 1 to 3 years | 3 to 5 years | More than 5 years \nLong-term debt(1) | $110,865 | $ 10,470 | $ 16,431 | $ 9,803 | $ 74,161 \nFinance lease obligations(2) | 1,213 | 366 | 479 | 244 | 124 \nTotal long-term debt, including current maturities | 112,078 | 10,836 | 16,910 | 10,047 | 74,285 \nInterest on long-term debt(1) | 62,450 | 4,578 | 8,383 | 7,426 | 42,063 \nOperating leases(2) | 25,968 | 4,099 | 7,127 | 5,485 | 9,257 \nPurchase obligations(3) | 18,769 | 8,384 | 7,448 | 1,441 | 1,496 \nOther long-term liabilities(4) | 4,135 | 694 | 1,692 | 1,749 | \u2014 \nFinance obligations(5) | 1,539 | 281 | 579 | 603 | 76 \nTotal contractual obligations | $ 224,939 | $ 28,872 | $ 42,139 | $ 26,751 | $ 127,177 "} {"_id": "d1b3aed54", "title": "", "text": "Deferred commissions\nAs a result of our adoption of ASC 606, we capitalize sales commissions that are incremental direct costs of obtaining customer contracts for which revenue is not immediately recognized. We then amortize capitalized commissions based on the transfer of goods or services to which they relate. The following tables summarize the activity related to deferred commissions and their balances as reported in our consolidated balance sheets (in millions):\n\n | | Year Ended \n-------------------------- | -------------- | --------------\n | April 26, 2019 | April 27, 2018\nOther current assets | $ 75 | $ 66 \nOther non-current assets | 97 | 71 \nTotal deferred commissions | $ 172 | $ 137 "} {"_id": "d1a731306", "title": "", "text": "AMERICAN TOWER CORPORATION AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Tabular amounts in millions, unless otherwise disclosed)\n6. NOTES RECEIVABLE AND OTHER NON-CURRENT ASSETS\nNotes receivable and other non-current assets consisted of the following:\nThe reduction in Long-term prepaid ground rent is a result of the reclassification of assets to the Right-of-use asset in connection with the Company\u2019s adoption of the new lease accounting standard.\n\n | As of | \n--------------------------------------------- | ----------------- | -----------------\n | December 31, 2019 | December 31, 2018\nLong-term prepaid ground rent | $\u2014 | $607.5 \nNotes receivable | 1.1 | 1.0 \nOther miscellaneous assets | 405.3 | 354.1 \nNotes receivable and other non-current assets | $406.4 | $962.6 "} {"_id": "d1b3b9614", "title": "", "text": "On August 1, 2019 the Company acquired 100% of the limited liability company interest in Automated Packaging Systems, LLC, formerly Automated Packaging Systems, Inc., a manufacturer of automated bagging systems. The acquisition is included in our Product Care reporting segment. Automated offers opportunities to expand the Company's automated solutions as well as expand into adjacent markets.\nConsideration exchanged for Automated was $445.7 million in cash. The preliminary opening balance sheet includes $58.2 million of assumed liabilities in connection with a deferred incentive compensation plan for Automated's European employees. Of this amount $19.7 million was paid as of December 31, 2019. Sealed Air will make the remaining payments to deferred incentive compensation plan participants in approximately equal installments over the next two years.\nThe purchase price was primarily funded with proceeds from the incremental term facility provided for under an amendment to our Credit Agreement, as described in Note 14, \"Debt and Credit Facilities,\" of the Notes to Consolidated Financial Statements. For the year ended December 31, 2019, transaction expenses recognized for the Automated acquisition was $3.3 million. These expenses are included within selling, general and administrative expenses in the Consolidated Statements of Operations.\nThe following table summarizes the consideration transferred to acquire Automated and the preliminary allocation of the purchase price among the assets acquired and liabilities assumed. The allocation of purchase price is still preliminary as the Company finalizes the final purchase price adjustment with the seller and finalizes other aspects of the valuation including deferred taxes and intangible valuations. Preliminary estimates will be finalized within one year of the date of acquisition.\n(1) On August 1, 2019, $8.6 million in cash was initially recorded as Other receivables in our preliminary opening balance sheet as disclosed in the table included in our third quarter 2019 Form 10-Q filing. The Company determined this balance should be reflected in Cash as the amount was settled to Automated on the day of purchase. This change had no impact on consideration paid or on our Consolidated Balance Sheets as of September 30, 2019.\n(2) On August 1, 2019, $19.4 million was initially recorded within Other non-current liabilities in our preliminary opening balance sheet as disclosed in the table included in our third quarter 2019 Form 10-Q filing. This amount was related to the second installment payment of the deferred incentive compensation plan for Automated's European employees. As two payments were expected to be made within the first twelve months after acquisition, the amount related to the second payment should have been reflected in other current liabilities. The preliminary allocation as of August 1, 2019 now shows the second installment within other current liabilities.\n\n | Revised Preliminary | Measurement | Revised Preliminary \n----------------------------------------------------------- | -------------------- | ----------- | -----------------------\n | Allocation | Period | Allocation \n(In millions) | As of August 1, 2019 | Adjustments | As of December 31, 2019\nTotal consideration transferred | $ 445.7 | $ \u2014 | $ 445.7 \nAssets: | | | \nCash and cash equivalents(1) | 16.0 | (0.2) | 15.8 \nTrade receivables, net | 37.3 | \u2014 | 37.3 \nOther receivables(1) | 0.3 | \u2014 | 0.3 \nInventories, net | 40.7 | (0.7) | 40.0 \nPrepaid expenses and other current assets | 2.3 | \u2014 | 2.3 \nProperty and equipment, net | 79.3 | 9.3 | 88.6 \nIdentifiable intangible assets, net | 78.7 | (1.4) | 77.3 \nGoodwill | 261.3 | (7.4) | 253.9 \nOperating lease right-of-use-assets | \u2014 | 4.3 | 4.3 \nOther non-current assets | 24.7 | 1.3 | 26.0 \nTotal assets | $ 540.6 | $ 5.2 | $ 545.8 \nLiabilities: | | | \nAccounts Payable | 12.0 | \u2014 | 12.0 \nCurrent portion of long-term debt | 2.6 | \u2014 | 2.6 \nCurrent portion of operating lease liabilities | \u2014 | 1.5 | 1.5 \nOther current liabilities(2) | 56.2 | (1.1) | 55.1 \nLong-term debt, less current portion | 4.3 | \u2014 | 4.3 \nLong-term operating lease liabilities, less current portion | \u2014 | 2.8 | 2.8 \nDeferred taxes | \u2014 | 0.4 | 0.4 \nOther non-current liabilities(2) | 19.8 | 1.6 | 21.4 \nTotal liabilities | $ 94.9 | $ 5.2 | $ 100.1 "} {"_id": "d1b3a358a", "title": "", "text": "Acquisition-Related Expenses\nWe have incurred acquisition-related expenses related to our acquisition of Level 3. The table below summarizes our acquisition-related expenses, which consist of integration and transformation-related expenses, including severance and retention compensation expenses, and transaction-related expenses:\nAt December 31, 2019, we had incurred cumulative acquisition-related expenses of $950 million for Level 3. The total amounts of these expenses are included in our selling, general and administrative expenses.\nLevel 3 incurred transaction-related expenses of $47 million on the date of acquisition. This amount is not included in our results of operations.\n\n | | Years Ended December 31, | \n----------------------------------------------- | ---- | ------------------------ | ----\n | 2019 | 2018 | 2017\n | | (Dollars in millions) | \nTransaction-related expenses | $\u2014 | 2 | 174 \nIntegration and transformation-related expenses | 234 | 391 | 97 \nTotal acquisition-related expenses | $234 | 393 | 271 "} {"_id": "d1b386d40", "title": "", "text": "Provision (Benefit) For Income Taxes\nProvision for income taxes reflects the tax provision on our operations in foreign and U.S. jurisdictions, offset by tax benefits from a partial release of valuation allowance against U.S. federal and state deferred tax assets (\"DTAs\") and from lapsing of statute of limitations related to uncertain tax positions in foreign jurisdictions. As of December 28, 2019, we maintain a valuation allowance of $36.6 million primarily against our California deferred tax assets and foreign tax credits, due to uncertainty about the future realization of these assets.\nThe benefit for income taxes in fiscal 2018 includes a $75.8 million reduction to our valuation allowance on our U.S. deferred tax assets as sufficient positive evidence existed to support the realization of such DTAs. The effective tax rate in fiscal 2018 also benefited from a lower statutory tax rate in the U.S., partially offset by higher profits in foreign jurisdictions.\nOur effective tax rate may vary from period to period based on changes in estimated taxable income or loss by jurisdiction, changes to the valuation allowance, changes to U.S. federal, state or foreign tax laws, future expansion into areas with varying country, state, and local income tax rates, deductibility of certain costs and expenses by jurisdiction.\n\n | | Fiscal Year Ended | \n------------------------------------ | ----------------- | ---------------------- | -----------------\n | December 28, 2019 | December 29, 2018 | December 30, 2017\n | | (Dollars in thousands) | \nProvision (benefit) for income taxes | $11,717 | $(70,109) | $1,293 \nEffective tax rate | 22.9 % | (206.6) % | 3.1 % "} {"_id": "d1b394044", "title": "", "text": "Our net sales by offering category for North America for 2019 and 2018, were as follows (dollars\nin thousands):\nNet sales in North America increased 12%, or $661.3 million, in 2019 compared to 2018. This increase reflects the addition of PCM, which reported $716.1 million in net sales in 2019, partially offset by a decline in net sales of the core business of $51.3 million. Net sales of hardware, software and services increased 10%, 14% and 25%, respectively, year over year.\n\n | North America | | \n-------- | ------------- | ---------- | -------\nSalesMix | 2019 | 2018 | %Change\nHardware | $3,957,507 | $3,610,356 | 10% \nSoftware | 1,269,983 | 1,112,715 | 14% \nServices | 796,815 | 639,910 | 25% \n | $6,024,305 | $5,362,981 | 12% "} {"_id": "d1b33a846", "title": "", "text": "3.3 DEPRECIATION AND AMORTIZATION\n(1) Fiscal 2018 was restated to comply with IFRS 15 and to reflect a change in accounting policy as well as to reclassify results from Cogeco Peer 1 as discontinued operations. For further details, please consult the \"Accounting policies\" and \"Discontinued operations\" sections.\nFiscal 2019 depreciation and amortization expense increased by 10.9% resulting mainly from the impact of the MetroCast acquisition combined with additional depreciation from the acquisitions of property, plant and equipment during the fiscal year and the appreciation of the US dollar against the Canadian dollar compared to the prior year.\n\nYears ended August 31, | 2019 | 2018 (1) | Change\n--------------------------------------------- | ------- | -------- | ------\n(in thousands of dollars, except percentages) | $ | $ | % \nDepreciation of property, plant and equipment | 423,432 | 387,726 | 9.2 \nAmortization of intangible assets | 57,293 | 45,928 | 24.7 \n | 480,725 | 433,654 | 10.9 "} {"_id": "d1b365190", "title": "", "text": "Long-lived assets by geographic region were as follows (amounts in millions):\nThe only long-lived assets that we classify by region are our long-term tangible fixed assets, which consist of property, plant, and equipment assets, and beginning with 2019, as a result of our adoption of a new lease accounting standard, our lease ROU assets; all other long-term assets are not allocated by location.\nFor information regarding significant customers, see \u201cConcentration of Credit Risk\u201d in Note 2.\n\n | | At December 31, | \n-------------------------------------------- | ---- | --------------- | ----\n | 2019 | 2018 | 2017\nLong-lived assets* by geographic region: | | | \nAmericas | $322 | $203 | $197\nEMEA | 142 | 62 | 75 \nAsia Pacific | 21 | 17 | 22 \nTotal long-lived assets by geographic region | $485 | $282 | $294"} {"_id": "d1b3558a8", "title": "", "text": "20 Trade and Other Receivables\nTrade receivables are non interest-bearing and are generally on 30\u201390 day payment terms depending on the geographical territory in which sales are generated. The carrying value of trade and other receivables also represents their fair value. During the year-ended 31 March 2019 a provision for impairment of $0.6M (2018: $0.6M) was recognised in operating expenses against receivables.\nThe net contract acquisition expense deferred within the Consolidated Statement of Profit or Loss was $0.9M of the total $259.9M of Sales and Marketing costs (2018: $8.4M / $239.9M).\n\n | 31 March 2019 | 31 March 2018 Restated See note 2\n--------------------------------------------- | ------------- | ---------------------------------\n | $M | $M \nCurrent | | \nTrade receivables | 128.7 | 151.8 \nPrepayments | 26.9 | 23.1 \nDeferral of contract acquisition costs | 31.5 | 29.5 \nOther receivables | 8.2 | 6.4 \nTotal current trade and other receivables | 195.3 | 210.8 \nNon-current | | \nDeferral of contract acquisition costs | 15.1 | 16.2 \nOther receivables | 1.3 | 1.3 \nTotal non-current trade and other receivables | 16.4 | 17.5 "} {"_id": "d1b39a5ac", "title": "", "text": "ADVANCED ENERGY INDUSTRIES, INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS \u2013 (continued) (in thousands, except per share amounts)\nThe fair value of the Company\u2019s qualified pension plan assets by category for the years ended December 31, are as follows:\nAt December 31, 2019 our plan\u2019s assets of $14.9 million were invested in five separate funds including a multiasset fund (32.4%), a diversified growth fund (32.6%), an index-linked gilt (13.0%), corporate bonds (14.0%), and insurance contracts (7%). The asset and growth funds aim to generate an \u2018equity-like\u2019 return over an economic cycle with significantly reduced volatility relative to equity markets and have scope to use a diverse range of asset classes, including equities, bonds, cash and alternatives, e.g. property, infrastructure, high yield bonds, floating rate debt, private, equity, hedge funds and currency. The bond fund and gilt fund are invested in index-linked gilts and corporate bonds. These investments are intended to provide a degree of protection against changes in the value of our plan\u2019s liabilities related to changes in long-term expectations for interest rates and inflation expectations.\n\n | | December 31, 2019 | | \n----------------------- | ------- | ----------------- | ------- | -------\n | Level 1 | Level 2 | Level 3 | Total \nMulti-Asset Fund | $ \u2014 | $4,825 | $ \u2014 | $ 4,825\nDiversified Growth Fund | \u2014 | 4,855 | \u2014 | 4,855 \nIndex-Linked Gilts | \u2014 | 1,934 | \u2014 | 1,934 \nCorporate Bonds | \u2014 | 2,090 | \u2014 | 2,090 \nInsurance Contracts | \u2014 | \u2014 | 1,045 | 1,045 \nCash | 154 | \u2014 | \u2014 | 154 \nTotal | $154 | $13,704 | $1,045 | $14,903\n | | December 31, 2018 | | \n | Level 1 | Level 2 | Level 3 | Total \nMulti-Asset Fund | $ \u2014 | $4,570 | $\u2014 | $4,570 \nDiversified Growth Fund | \u2014 | 4,650 | \u2014 | 4,650 \nIndex-Linked Gilts | \u2014 | 2,044 | \u2014 | 2,044 \nCorporate Bonds | \u2014 | 2,044 | \u2014 | 2,044 \nInsurance Contracts | \u2014 | \u2014 | 72 | 72 \nCash | 53 | \u2014 | \u2014 | 53 \nTotal | $53 | $13,308 | $72 | $13,433"} {"_id": "d1b3b60c2", "title": "", "text": "Goodwill\nGoodwill consists of the excess of the consideration transferred over the fair value of net assets acquired in business combinations. Autodesk tests goodwill for impairment annually in its fourth fiscal quarter or more often if circumstances indicate a potential impairment may exist, or if events have affected the composition of reporting units.\nWhen goodwill is assessed for impairment, Autodesk has the option to perform an assessment of qualitative factors of impairment (\u201coptional assessment\u201d) prior to necessitating a quantitative impairment test. Should the optional assessment be used for any given fiscal year, qualitative factors to consider include cost factors; financial performance; legal, regulatory, contractual, political, business, or other factors; entity specific factors; industry and market considerations, macroeconomic conditions, and other relevant events and factors affecting the reporting unit. If, after assessing the totality of events or circumstances, it is more likely than not that the fair value of the reporting unit is greater than its carrying value, then performing the quantitative impairment test is unnecessary.\nThe quantitative impairment test is necessary when either Autodesk does not use the optional assessment or, as a result of the optional assessment, it is not more likely than not that the fair value of the reporting unit is greater than its carrying value. In situations in which an entity's reporting unit is publicly traded, the fair value of the Company may be approximated by its market capitalization, in performing the quantitative impairment test.\nGoodwill impairment exists when the estimated fair value of goodwill is less than its carrying value. If impairment exists, the carrying value of the goodwill is reduced to fair value through an impairment charge recorded in the Company's statements of operations. The process of evaluating the potential impairment of goodwill is subjective and requires significant judgment at many points during the analysis. The value of Autodesk\u2019s goodwill could also be impacted by future adverse changes such as: (i) declines in Autodesk\u2019s actual financial results, (ii) a sustained decline in Autodesk\u2019s market capitalization, (iii) a significant slowdown in the worldwide economy or the industries Autodesk serves, or (iv) changes in Autodesk\u2019s business strategy.\nFor the annual impairment test, Autodesk's market capitalization was substantially in excess of the carrying value of the Company as of January 31, 2019. Accordingly, Autodesk has determined there was no goodwill impairment during the fiscal year ended January 31, 2019. In addition, Autodesk did not recognize any goodwill impairment losses in fiscal 2018 or 2017.\nThe following table summarizes the changes in the carrying amount of goodwill during the fiscal years ended January 31, 2019 and 2018:\n(1) Purchase accounting adjustments reflect revisions made to the Company\u2019s preliminary determination of estimated fair value of assets and liabilities assumed during fiscal 2019 and 2018.\n\n(in million) | January 31, 2019 | January 31, 2018\n------------------------------------------------------------------------------------- | ---------------- | ----------------\nGoodwill, beginning of the year | $1,769.4 | $1,710.3 \nLess: accumulated impairment losses, beginning of the year | (149.2) | (149.2) \nAdditions arising from acquisitions during the year | 866.9 | \u2014 \nEffect of foreign currency translation, measurement period adjustments, and other (1) | (36.3) | 59.1 \nGoodwill, end of the year | $2,450.8 | $1,620.2 "} {"_id": "d1b301ffa", "title": "", "text": "Operating Leases and Other Contractual Commitments\nVMware leases office facilities and equipment under various operating arrangements. VMware\u2019s minimum future lease commitments and other contractual commitments at January 31, 2020 were as follows (table in millions):\n(1) Amounts in the table above exclude legally binding minimum lease payments for leases signed but not yet commenced of $361 million, as well as expected sublease income.\nThe amount of the future lease commitments after fiscal 2025 is primarily for the ground leases on VMware\u2019s Palo Alto, California headquarter facilities, which expire in fiscal 2047. As several of VMware\u2019s operating leases are payable in foreign currencies, the operating lease payments may fluctuate in response to changes in the exchange rate between the U.S. dollar and the foreign currencies in which the commitments are payable.\n\n | Future Lease Commitments(1) | Purchase Obligations | Asset Retirement Obligations | Total \n---------- | --------------------------- | -------------------- | ---------------------------- | ------\n2021 | $144 | $168 | $1 | $313 \n2022 | 141 | 74 | 3 | 218 \n2023 | 127 | 13 | 2 | 142 \n2024 | 101 | \u2014 | \u2014 | 101 \n2025 | 77 | \u2014 | 2 | 79 \nThereafter | 612 | \u2014 | 5 | 617 \nTotal | $1,202 | $255 | $13 | $1,470"} {"_id": "d1b3a2fb8", "title": "", "text": "Property, plant and equipment, net\nProperty, plant and equipment, net consisted of the following at December 31, 2019 and 2018 (in thousands):\nWe periodically assess the estimated useful lives of our property, plant and equipment whenever applicable facts and circumstances indicate a change in the estimated useful life of an asset may have occurred. During the year ended December 31, 2019, we revised the estimated useful lives of certain core Series 6 manufacturing equipment from 10 years to 15 years. Such revision was primarily due to the validation of certain aspects of our Series 6 module technology, including the nature of the manufacturing process, the operating and maintenance cost profile of the manufacturing equipment, and the technology\u2019s compatibility with our long-term module technology roadmap. We expect the revised useful lives to reduce depreciation by approximately $15.0 million per year. Depreciation of property, plant and equipment was $176.4 million, $109.1 million, and $91.4 million for the years ended December 31, 2019, 2018, and 2017, respectively.\n\n | 2019 | 2018 \n------------------------------------ | ----------- | -----------\nLand | $14,241 | $14,382 \nBuildings and improvements . | 664,266 | 567,605 \nMachinery and equipment . | 2,436,997 | 1,826,434 \nOffice equipment and furniture . | 159,848 | 178,011 \nLeasehold improvements | 48,772 | 49,055 \nConstruction in progress | 243,107 | 405,581 \nProperty, plant and equipment, gross | 3,567,231 | 3,041,068 \nAccumulated depreciation . | (1,386,082) | (1,284,857)\nProperty, plant and equipment, net | $2,181,149 | $1,756,211 "} {"_id": "d1b391722", "title": "", "text": "Our financial performance\nThis section presents our operating performance, providing commentary on how the revenue and the adjusted EBITDA performance of the Group and its operating segments have developed over the last year. Following the adoption of\u00a0IFRS 15 \u201cRevenue from Contracts with Customers\u201d on 1 April 2018, the Group\u2019s statutory results for the year ended 31 March 2019 are on an IFRS 15 basis, whereas the statutory results for the year ended 31 March 2018 are on an IAS\u00a018 basis as previously reported, with any comparison between the two bases of reporting not being meaningful. As a result, the discussion of our operating financial performance is primarily on an IAS 18 basis for all years presented. See\u00a0\u201cAlternative performance measures\u201d on page 231 for more information and\u00a0reconciliations to the closest respective equivalent GAAP\u00a0measures.\nNotes:\n* All amounts in the Our financial performance section marked with an \u201c*\u201d represent organic growth which presents performance on a comparable basis, both in terms of merger and acquisition activity and movements in foreign exchange rates. Organic growth is an alternative performance measure. See \u201cAlternative performance measures\u201d on page 231 for further details and reconciliations to the respective closest equivalent GAAP measure.\nRevenue and service revenue include the regional results of Europe, Rest of the World, Other (which includes the results of partner market activities) and eliminations. The 2019 results reflect average foreign exchange rates of \u20ac1:\u00a30.88, \u20ac1:INR 80.93, \u20ac1:ZAR 15.92, \u20ac1:TKL 6.05 and \u20ac1: EGP 20.61.\n2 Service revenue, adjusted EBITDA, adjusted EBIT and adjusted operating profit are alternative performance measures. Alternative performance measures are non-GAAP measures that are presented to provide readers with additional financial information that is regularly reviewed by management and should not be viewed in isolation or as an alternative to the equivalent GAAP measures. See \u201cAlternative performance measures\u201d on page 231 for more information and reconciliations to the closest respective equivalent GAAP measure and \u201cDefinition of terms\u201d on page 250 for further details.\n3 Share of adjusted results in equity accounted associates and joint ventures excludes amortisation of acquired customer bases and brand intangible assets, restructuring costs and other costs of \u20ac0.6 billion which are included in amortisation of acquired customer base and brand intangible assets, restructuring costs and other income and expense respectively.\n\nGroup1,2 | | | | | \n------------------------------------------------------------------- | ---------- | --------- | --------- | ------------- | ----------\n | 2019 | 2019 | 2018 | IAS 18 growth | \n | IFRS 15 \u20acm | IAS 18 \u20acm | IAS 18 \u20acm | Reported % | Organic* %\nRevenue | 43,666 | 45,066 | 46,571 | (3.2) | (0.1) \nService revenue | 36,458 | 39,220 | 41,066 | (4.5) | (0.9) \nOther revenue | 7,208 | 5,846 | 5,505 | | \nAdjusted EBITDA | 13,918 | 14,139 | 14,737 | (4.1) | (0.5) \nDepreciation and amortisation | (9,665) | (9,665) | (9,910) | | \nAdjusted EBIT | 4,253 | 4,474 | 4,827 | (7.3) | (2.5) \nShare of adjusted results in associates and joint ventures3 | (348) | (291) | 389 | | \nAdjusted operating profit | 3,905 | 4,183 | 5,216 | (19.8) | (0.2) \nAdjustments for: | | | | | \nImpairment loss | (3,525) | | \u2013 | | \nRestructuring costs | (486) | | (156) | | \nAmortisation of acquired customer bases and brand intangible assets | (583) | | (974) | | \nOther income and expense | (262) | | 213 | | \nOperating (loss)/profit | (951) | | 4,299 | | \nNon-operating income and expense | (7) | | (32) | | \nNet financing costs | (1,655) | | (389) | | \nIncome tax (expense)/credit | (1,496) | | 879 | | \n(Loss)/profit for the financial year from continuing operations | (4,109) | | 4,757 | | \nLoss for the financial year from discontinued operations | (3,535) | | (1,969) | | \n(Loss)/profit for the financial year | (7,644) | | 2,788 | | "} {"_id": "d1b318f20", "title": "", "text": "Item 6. Selected Financial Data\nYou should read the following selected consolidated financial data in conjunction with Part II, Item 7, \"Management's Discussion and Analysis of Financial Condition and Results of Operations,\" and our consolidated financial statements and the related notes included in Part II, Item 8, \"Financial Statements and Supplementary Data\" of this Annual Report on Form 10-K.\nThe consolidated statements of income data for each of the years ended December 31, 2019, 2018, and 2017 and the consolidated balance sheets data as of December 31, 2019 and 2018 are derived from our audited consolidated financial statements included in Part II, Item 8, \"Financial Statements and Supplementary Data\" of this Annual Report on Form 10-K. The consolidated statements of income data for the years ended December 31, 2016 and 2015 and the consolidated balance sheets data as of December 31, 2017, 2016, and 2015 are derived from our audited consolidated financial statements, except as otherwise noted, that are not included in this Annual Report on Form 10-K. Our historical results are not necessarily indicative of our results in any future period.\n(1) Total costs and expenses include 4,840 million, 4,150 million, 3,720 million, 3,220 million, and 2,970 million of share-based compensation for the years ended December 31, 2019, 2018, 2017, 2016, and 2015, respectively.\n\n | | | Year Ended December 31, | | \n--------------------------------------------------------------------------- | ------- | ------- | ------------------------------------ | ------- | -------\n | 2019 | 2018 | 2017 | 2016 | 2015 \n | | | (in millions, except per share data) | | \nConsolidated Statements of Income Data: | | | | | \nRevenue | $70,697 | $55,838 | $40,653 | $27,638 | $17,928\nTotal costs and expenses(1) | $46,711 | $30,925 | $20,450 | $15,211 | $11,703\nIncome from operations | $23,986 | $24,913 | $20,203 | $12,427 | $6,225 \nIncome before provision for income taxes | $24,812 | $25,361 | $20,594 | $12,518 | $6,194 \nNet income | $18,485 | $22,112 | $15,934 | $10,217 | $3,688 \nNet income attributable to Class A and Class B common stockholders | $18,485 | $22,111 | $15,920 | $10,188 | $3,669 \nEarnings per share attributable to Class A and Class B common stockholders: | | | | | \nBasic | $6.48 | $7.65 | $5.49 | $3.56 | $1.31 \nDiluted | $6.43 | $7.57 | $5.39 | $3.49 | $1.29 "} {"_id": "d1b344f08", "title": "", "text": "Repurchase of Company Shares\nIn November 2018, the Board of Directors authorized management to repurchase up to an additional $5.0 billion of Common Stock on such terms and conditions as it deems appropriate. These repurchases can be conducted on the open market or as private purchases and may include the use of derivative contracts with large financial institutions, in all cases subject to compliance with applicable law. This repurchase program has no termination date and may be suspended or discontinued at any time. Funding for this share repurchase program may be through a combination of cash on hand, cash generation, and borrowings. As of June 30, 2019, we have purchased approximately $2.0 billion of shares under this authorization, $0.5 billion via open market trading and $1.5 billion utilizing accelerated share repurchase arrangements.\nAccelerated Share Repurchase Agreements\nOn June 4, 2019, we entered into four separate accelerated share repurchase agreements (collectively, the \u201cJune 2019 ASR\u201d) with two financial institutions to repurchase a total of $750 million of Common Stock. We took an initial delivery of approximately 3.1 million shares, which represented 75% of the prepayment amount divided by our closing stock price on June 4, 2019. The total number of shares received under the June 2019 ASR will be based upon the average daily volume weighted average price of our Common Stock during the repurchase period, less an agreed upon discount. Final settlement of the June 2019 ASR is anticipated to occur no later than November 20, 2019.\nOn January 31, 2019, we entered into two separate accelerated share repurchase agreements (collectively, the \u201cJanuary 2019 ASR\u201d) with two financial institutions to repurchase a total of $760 million of Common Stock. We took an initial delivery of approximately 3.3 million shares, which represented 75% of the prepayment amount divided by our closing stock price on January 30, 2019. The total number of shares received under the January 2019 ASR was based upon the average daily volume weighted average price of our Common Stock during the repurchase period, less an agreed upon discount. Final settlement of the agreements occurred during May 2019, resulted in the receipt of approximately 0.8 million additional shares, which yielded a weighted-average share price of approximately $182.32 for the transaction period.\nShare repurchases, including those under the repurchase program, were as follows:\n(1) During the fiscal year ended June 30, 2019, we acquired 0.5 million shares at a total cost of $80.5 million which we withheld through net share settlements to cover minimum tax withholding obligations upon the vesting of restricted stock unit awards granted under our equity compensation plans. The shares retained by us through these net share settlements are not a part of the Board-authorized repurchase program but instead are authorized under our equity compensation plan.\n(2) Average price paid per share excludes effect of accelerated share repurchases, see additional disclosure above regarding our accelerated share repurchase activity during the fiscal year.\n\nPeriod | Total Number of Shares Repurchased (1) | Average Price Paid per Share(2) | Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs | Amount Available Under Repurchase Program\n------------------------------------------------- | -------------------------------------- | ------------------------------------- | -------------------------------------------------------------------------------- | -----------------------------------------\n | | (in thousands, except per share data) | | \nAvailable balance as of June 24, 2018 | | | | $1,733,638 \nQuarter ended September 23, 2018 | 7,821 | $183.46 | 7,807 | 108 \nBoard authorization, $5.0 billion, November 2018 | | | | 5,000,000 \nQuarter ended December 23, 2018 | 1,693 | $145.30 | 1,683 | 5,000,000 \nQuarter ended March 31, 2019 | 6,125 | $172.06 | 5,702 | 4,138,494 \nApril 1, 2019 - April 28, 2019 | 3 | $193.52 | \u2014 | 4,138,494 \nApril 29, 2019 - May 26, 2019 | 1,147 | $190.89 | 1,143 | 3,920,258 \nMay 27, 2019 - June 30, 2019 | 4,728 | $176.68 | 4,724 | 3,033,500 \nTotal | 21,517 | $181.72 | 21,059 | $ 3,033,500 "} {"_id": "d1b335d96", "title": "", "text": "31. NET DEFERRED GAIN (Cont\u2019d)\nNetLink Trust (\u201cNLT\u201d) is a business trust established as part of the Info-communications Media Development Authority of Singapore\u2019s effective open access requirements under Singapore\u2019s Next Generation Nationwide Broadband Network.\nIn prior years, Singtel had sold certain infrastructure assets, namely ducts, manholes and exchange buildings (\u201cAssets\u201d) to NLT. At the consolidated level, the gain on disposal of Assets recognised by Singtel is deferred in the Group\u2019s statement of financial position and amortised over the useful lives of the Assets. The unamortised deferred gain is released to the Group\u2019s income statement when NLT is partially or fully sold, based on the proportionate equity interest disposed.\nSingtel sold its 100% interest in NLT to NetLink NBN Trust (the \u201cTrust\u201d) in July 2017 for cash as well as a 24.8% interest in the Trust. Net deferred gains of S$1.10 billion were correspondingly released to the Group\u2019s income statement in the previous financial year upon this sale. Following the divestment, Singtel ceased to own units in NLT but continues to have an interest of 24.8% in the Trust which owns all the units in NLT.\n\nSingtel sold its 100% interest in NLT to NetLink NBN Trust (the \u201cTrust\u201d) in July 2017 for cash as well as a 24.8% interest in the Trust. Net deferred gains of S$1.10 billion were correspondingly released to the Group\u2019s income statement in the previous financial year upon this sale. Following the divestment, Singtel ceased to own units in NLT but continues to have an interest of 24.8% in the Trust which owns all the units in NLT.\n\n | | Group | \n------------------------------------------------ | -------- | -------- | -------\n | 31 March | 31 March | 1 April\n | 2019 | 2018 | 2017 \n | S$ Mil | S$ Mil | S$ Mil \nUnamortised deferred gain | 446.3 | 452.7 | 1,616.5\nReclassification from \u2018Associates\u2019 (see Note 23) | (50.5) | (74.9) | (265.0)\nNet deferred gain | 395.8 | 377.8 | 1,351.5\nClassified as \u2013 | | | \nCurrent | 20.8 | 20.1 | 68.8 \nNon-current | 375.0 | 357.7 | 1,282.7\n | 395.8 | 377.8 | 1,351.5"} {"_id": "d1b3b7846", "title": "", "text": "5. Income taxes: (Continued)\nOur consolidated temporary differences comprising our net deferred tax assets are as follows (in thousands):\nAt each balance sheet date, the Company assesses the likelihood that it will be able to realize its deferred tax assets. The Company considers all available positive and negative evidence in assessing the need for a valuation allowance. The Company maintains a full valuation allowance against certain of its deferred tax assets consisting primarily of net operating loss carryforwards related to its foreign operations in Canada, Europe, Asia, Latin America and Australia and net operating losses in the United States that are limited for use under Section 382 of the Internal Revenue Code.\nAs of December 31, 2019, the Company has combined net operating loss carry-forwards of $994.0 million. This amount includes federal net operating loss carry-forwards in the United States of $97.6 million, net operating loss carry-forwards related to its European, Mexican, Canadian and Asian operations of $890.1 million, $3.3 million, $1.8 million and $1.0 million, respectively. Section 382 of the Internal Revenue Code in the United States limits the utilization of net operating losses when ownership changes, as defined by that section, occur. The Company has performed an analysis of its Section 382 ownership changes and has determined that the utilization of certain of its net operating loss carryforwards in the United States is limited based on the annual Section 382 limitation and remaining carryforward period. Of the net operating losses available at December 31, 2019 in the United States $38.4 million are limited for use under Section 382. Net operating loss carryforwards outside of the United States totaling $896.4 million are not subject to limitations similar to Section 382. The net operating loss carryforwards in the United States will expire, if unused, between 2025 and 2036. The net operating loss carry-forwards related to the Company's Mexican, Asian and Canadian operations will expire if unused, between 2020 and 2029. The net operating loss carry- forwards related to the Company's European operations include $744.6 million that do not expire and $145.5 million that expire between 2020 and 2035.\nOther than the $2.3 million transition tax recorded in the year ended December 31, 2017 as a result of its foreign earnings the Company has not provided for United States deferred income taxes or foreign withholding taxes on its undistributed earnings for certain non-US subsidiaries earnings or cumulative translation adjustments because these earnings and adjustments are intended to be permanently reinvested in operations outside the United States. It is not practical to determine the amount of the unrecognized deferred tax liability on such undistributed earnings or cumulative translation adjustments.\n\n | December 31, | \n------------------------------------- | ------------ | ---------\n | 2019 | 2018 \nDeferred Tax Assets: | | \nNet operating loss carry-forwards | $255,269 | $255,235 \nTax credits | 2,261 | 2,458 \nEquity-based compensation | 4,116 | 3,322 \nOperating leases | 32,289 | \u2014 \nTotal gross deferred tax assets | 293,935 | 261,015 \nValuation allowance | (131,069) | (126,579)\n | 162,866 | 134,436 \nDeferred Tax Liabilities: | | \nDepreciation and amortization | 34,884 | 29,769 \nAccrued liabilities and other | 107,711 | 101,934 \nRight-of-use assets | 29,670 | \u2014 \nGross deferred tax liabilities | 172,265 | 131,703 \nNet deferred tax (liabilities) assets | $(9,399) | $2,733 "} {"_id": "d1b3393c4", "title": "", "text": "The funded status of the plans was as follows:\n(in thousands)\n\n | Years Ended March 31, | \n----------------------------------- | --------------------- | ---------\n | 2019 | 2018 \nFair value of plan assets | $90,365 | $84,718 \nLess: projected benefit obligations | 143,662 | 128,915 \nUnderfunded status | $(53,297) | $(44,197)"} {"_id": "d1b36de6c", "title": "", "text": "Property and Equipment\nProperty and equipment are stated at cost. Depreciation of these assets is generally computed using the straight-line method over their estimated useful lives based on asset class. As of December 31, 2019 and 2018, net property and equipment consisted of the following (in thousands):\n\n | | December 31, | \n------------------------------ | --------------------------------------------------------------- | ------------ | ----------\n | Useful Lives | 2019 | 2018 \nComputer and office equipment | 3 - 5 years | $143,942 | $129,359 \nLeasehold improvements lease | Lesser of useful life of improvement or remaining life of lease | 33,346 | 32,096 \nFurniture and fixtures | 7 years | 12,980 | 12,500 \nBuilding and improvements | 7 - 30 years | 14,553 | 14,381 \nLand | Non-depreciable | 1,785 | 1,785 \nProperty and equipment, gross | | 206,606 | 190,121 \nLess: accumulated depreciation | | (136,226 ) | (117,392 )\nProperty and equipment, net | | $ 70,380 | $ 72,729 "} {"_id": "d1b372692", "title": "", "text": "Markets and Pricing\nThe three largest customer markets in the fresh and frozen chicken industry are food service customers that purchase fresh, bulk-packed products produced from a relatively big bird, retail grocery store customers that purchase fresh, tray- packed products produced from a medium-sized bird, and quick-serve food service customers that purchase products produced from relatively small birds.\nThe following table sets forth, for each of the Company\u2019s poultry processing plants, the general customer market to which the plant is devoted, the weekly capacity of each plant at full capacity expressed in number of head processed, and the industry's average size of birds processed in the relevant market.\nOur big bird plants process a relatively large bird. The chicken products produced at these plants is generally sold as fresh, bulk-packed chicken cut into a variety of products, including boneless breast meat, chicken tenders, whole and cut wings and boneless thigh meat, and is sold primarily to restaurants, food service customers and further processors at negotiated spreads from quoted commodity market prices for those products. We have long-term contracts with many of our customers for these products produced at our big bird plants, but prices for products sold pursuant to those contracts fluctuate based on quoted commodity market prices. The contracts do not require the customers to purchase, or the Company to sell, any specific quantity of product. The dark meat from these birds that is not deboned is sold primarily as frozen leg quarters in the export market or as fresh whole legs to further processors. While we have long-standing relationships with many of our export partners, virtually all of our export sales are at negotiated or spot commodity prices, which prices exhibit fluctuations typical of commodity markets. We have few long-term contracts for this product.\nAs of October 31, 2019, the Company had the capacity to process 7.1 million head per week in its big bird plants, and its results are materially affected by fluctuations in the commodity market prices for boneless breast meat, chicken tenders, wings, leg quarters and boneless thigh meat as quoted by Urner Barry.\nUrner Barry is an independent company specializing in the timely, accurate and independent reporting on market news and market price quotations to its customers in various food and protein industries, including poultry. The Urner Barry spot market prices for boneless breast meat, chicken tenders, leg quarters, whole wings and boneless thighs for the past five calendar years are set forth below and are published with Urner Barry's permission. Realized prices will not necessarily equal quoted market prices since most contracts offer negotiated discounts to quoted market prices, which discounts are negotiated on a customer by customer basis and are influenced by many factors. Selection of a particular market price benchmark is largely customer driven:\nOur chill-pack plants process medium sized birds and cut and package the product in various sized individual trays to customers\u2019 specifications. The trays are weighed and pre-priced primarily for customers to resell through retail grocery outlets. While the Company sells some of its chill-pack product under store brand names, most of its chill-pack production is sold under the Company\u2019s Sanderson Farms\u00ae brand name. The Company has long-term contracts with most of its chill-pack customers. These agreements typically provide for the pricing of product based on agreed upon, flat prices or on negotiated formulas that use an agreed upon, regularly quoted market price as the base, as well as various other guidelines for the relationship between the parties. All of our contracts with retail grocery store customers also provide for the sale of negotiated quantities of product at periodically negotiated prices, rather than the flat and formula-driven prices discussed above. None of our contracts with retail grocery store customers require the customers to purchase, or the Company to sell, any specific quantity of product. As of October 31, 2019, the Company had the capacity to process 6.5 million head per week at its chill-pack plants, and its results are materially affected by fluctuations in Urner Barry prices and other market benchmarks.\nAs with products produced at our big bird plants, selection of the desired methodology for pricing chill-pack products is largely customer driven. Prior to the discontinuation in November 2016 of the Georgia Dock index, which had been published by the Georgia Department of Agriculture, many of our chill-pack customers used that index as the base for pricing formulas. As new and renewing contracts have been negotiated, many of our chill-pack customers chose to negotiate flat prices for the life of the contracts, while some of our customers have chosen to use an index published by Express Markets, Inc. (\"EMI\").\nAlmost all of our products sold by our prepared chicken plant are sold under long-term contracts at fixed prices related to the spot commodity price of chicken at the time the contract is negotiated, plus a premium for additional processing.\n\nPlant Location | Market | Capacity Per Week | Industry Bird Size\n------------------------- | ----------------- | ------------------- | ------------------\nLaurel, Mississippi | Big Bird | 650,000 | 8.95 \nHammond, Louisiana | Big Bird | 650,000 | 8.95 \nHazlehurst, Mississippi | Big Bird | 650,000 | 8.95 \nCollins, Mississippi | Big Bird | 1,300,000 | 8.95 \nWaco, Texas | Big Bird | 1,300,000 | 8.95 \nPalestine, Texas | Big Bird | 1,300,000 | 8.95 \nSt. Pauls, North Carolina | Big Bird | 1,300,000 | 8.95 \nMcComb, Mississippi | Chill-Pack Retail | 1,300,000 | 6.52 \nBryan, Texas | Chill-Pack Retail | 1,300,000 | 6.52 \nMoultrie, Georgia | Chill-Pack Retail | 1,300,000 | 6.52 \nKinston, North Carolina | Chill-Pack Retail | 1,300,000 | 6.52 \nTyler, Texas | Chill-Pack Retail | 1,300,000 | 6.52 "} {"_id": "d1b32c16a", "title": "", "text": "Transactions involving stock options issued to employees are summarized as follows:\nThe expected life of awards granted represents the period of time that they are expected to be outstanding. The Company determines the expected life based on historical experience with similar awards, giving consideration to the contractual terms, vesting schedules, exercise patterns and pre-vesting and post-vesting forfeitures. The Company estimates the volatility of the Company\u2019s common stock based on the calculated historical volatility of the Company\u2019s common stock using the share price data for the trailing period equal to the expected term prior to the date of the award. The Company bases the risk-free interest rate used in the Black-Scholes option valuation model on the implied yield currently available on U.S. Treasury zero-coupon issues with an equivalent remaining term equal to the expected life of the award. The Company has not paid any cash dividends on the Company\u2019s common stock and does not anticipate paying any cash dividends in the foreseeable future. Consequently, the Company uses an expected dividend yield of zero in the Black-Scholes option valuation model. The Company uses historical data to estimate pre-vesting option forfeitures and records share-based compensation for those awards that are expected to vest. In accordance with ASC 718-10, the Company calculates share-based compensation for changes to the estimate of expected equity award forfeitures based on actual forfeiture experience.\n\n | Number of Shares | Weighted Average Exercise Price Per Share\n-------------------------------- | ---------------- | -----------------------------------------\nOutstanding at January 1, 2018 | 4,376,474 | $0.16 \nGranted | 67,394 | 0.17 \nExercised | \u2013 | \u2013 \nCancelled or expired | (1,094,075) | 0.14 \nOutstanding at December 31, 2018 | 3,349,793 | $0.16 \nGranted | \u2013 | \u2013 \nExercised | \u2013 | \u2013 \nCancelled or expired | \u2013 | \u2013 \nOutstanding at December 31, 2019 | 3,349,793 | $0.16 "} {"_id": "d1a71a016", "title": "", "text": "Annual Dividends Paid and Proposed\nThe following table sets forth in euro the annual dividends paid or proposed to be paid per ordinary share in respect of each of the years indicated. One SAP ADR currently represents one SAP SE ordinary share. Accordingly, the final dividend per ADR is equal to the dividend for one SAP SE ordinary share and is dependent on the euro/U.S. dollar exchange rate. The table does not reflect tax credits that may be available to German taxpayers who receive dividend payments. If you own our ordinary shares or ADRs and if you are a U.S. resident, refer to \u201cItem 10. Additional Information \u2014 Taxation,\u201d for further information.\n(1) Translated for the convenience of the reader from euro into U.S. dollars at the Noon Buying Rate for converting euro into U.S. dollars on the dividend payment date. The Depositary is required to convert any dividend payments received from SAP as promptly as practicable upon receipt.\n(2) Subject to approval at the Annual General Meeting of Shareholders of SAP SE currently scheduled to be held on May 15, 2020.\n(3) Translated for the convenience of the reader from euro into U.S. dollars at the Noon Buying Rate for converting euro into U.S. dollars on February 7, 2020 of US$1.0950 per \u20ac1.00. The dividend paid may differ due to changes in the exchange rate.\nThe amount of dividends paid on the ordinary shares depends on the amount of profits to be distributed by SAP SE, which depends in part upon our financial performance. In addition, the amount of dividends received by holders of ADRs may be affected by fluctuations in exchange rates (see \u201cItem 3. Key Information \u2014 Exchange Rates\u201d). The timing, declaration, amount and payment of any future dividend will depend upon our future earnings, capital needs and other relevant factors, in each case as proposed by the Executive Board and the Supervisory Board of SAP SE and approved by the Annual General Meeting of Shareholders.\nIn light of SAP\u2019s strong financial performance and healthy balance sheet, the Supervisory Board of SAP SE approved, on November 4, 2019, the Executive Board\u2019s plan for enhanced capital return in 2020. Under this new program, the Company intends to repurchase shares and/or issue a special dividend with a combined volume of \u20ac1.5 billion by December 31, 2020.\n\n | Dividend Paid per Ordinary Share | \n----------------------- | -------------------------------- | -------------\nYear Ended December 31, | \u20ac | US$ \n2015 | 1.15 | 1.30 (1) \n2016 | 1.25 | 1.37 (1) \n2017 | 1.40 | 1.65 (1) \n2018 | 1.50 | 1.68 (1) \n2019 (proposed) | 1.58 (2) | 1.73 (2), (3)"} {"_id": "d1a727810", "title": "", "text": "B. Remuneration to other directors:\n* Relinquished the position of Independent Director w.e.f. July 10, 2018.\n** Relinquished the position of Independent Director w.e.f. September 28, 2018.\n*** Appointed as Additional and Independent Director w.e.f. December 18, 2018.\n**** Appointed as an Additional and Independent Director w.e.f. January 10, 2019.\n@ As a policy, N Chandrasekaran, Chairman, has abstained from receiving commission from the Company.\n@@ In line with the internal guidelines of the Company, no payment is made towards commission to the Non-Executive Directors of the Company, who are in full time employment with any other Tata company.\n\n | | | | (` lakh) \n----------------------------------------------------------------------------------------------- | ---------------------------------------------------- | ---------- | ---------------------- | ------------\nParticulars of Remuneration | Sitting Fees for attending board/ committee meetings | Commission | Others, please specify | Total Amount\n1. Independent Directors | | | | \nAman Mehta | 4.80 | 315.00 | - | 319.80 \nV Thyagarajan* | 3.00 | 100.00 | - | 103.00 \nProf Clayton M Christensen** | 0.30 | 75.00 | - | 75.30 \nDr Ron Sommer | 5.10 | 220.00 | - | 225.10 \nO P Bhatt | 7.50 | 215.00 | - | 222.50 \nDr Pradeep Kumar Khosla | 2.10 | 150.00 | - | 152.10 \nHanne Sorensen*** | 0.60 | 50.00 | - | 50.60 \nKeki Mistry*** | 0.60 | 50.00 | - | 50.60 \nDon Callahan**** | 0.30 | 35.00 | - | 35.30 \nTotal (1) | 24.30 | 1,210.00 | - | 1,234.30 \n2. Other Non-Executive Directors | | | | \nN Chandrasekaran@ | 3.60 | - | - | 3.60 \nAarthi Subramanian@@ | 5.70 | - | - | 5.70 \nTotal (2) | 9.30 | - | - | 9.30 \nTotal (B)=(1+2) | 33.60 | 1,210.00 | - | 1,243.60 \nTotal Managerial Remuneration | | | | \nCeiling as per the Act (@1% of profits calculated under Section 198 of the Companies Act, 2013) | | 40,434.81 | | "} {"_id": "d1b3b23be", "title": "", "text": "Net sales\nNet sales of $1.2 billion for fiscal year 2018 increased 58.5% from $757.3 million for fiscal year 2017. Solid Capacitor and Film and Electrolytic sales increased by $196.1 million and $19.7 million, respectively and net sales for MSA, our new reportable segment in fiscal year 2018, was $227.0 million. Prior to the acquisition of TOKIN on April 19, 2017, the Company did not have any MSA sales.\nThe increase in Solid Capacitors net sales was primarily driven by the addition of net sales of $133.8 million resulting from the TOKIN acquisition and an increase in net sales to the legacy products distributor channel of $81.7 million. To a lesser degree, an increase in legacy Ceramic products' net sales of $6.0 million in the EMS channel across all regions and $10.2 million in the OEM channel in the EMEA and APAC regions also contributed to the increase in Solid Capacitors net sales. These increases were partially offset by a $28.0 million decrease in net sales in the OEM channel for legacy Tantalum products across all regions. In addition, Solid Capacitors net sales was favorably impacted by $6.1 million from foreign currency exchange due to the change in the value of the Euro compared to the U.S. dollar.\nThe increase in Film and Electrolytic net sales was driven by an increase in net sales in the distributor channel across the APAC and EMEA regions of $13.7 million, and to a lesser degree, a $3.3 million increase in net sales in the OEM channel of the EMEA region and a $4.2 million increase in the EMS channel across the Americas, EMEA, and APAC regions. These increases were partially offset by a decrease in net sales of $1.2 million in the OEM channel across the Americas, APAC, and JPKO regions. In addition, there was a favorable impact of $7.6 million from foreign currency exchange primarily due to the change in the value of the Euro compared to the U.S. dollar.\nIn fiscal years 2018 and 2017, net sales by region were as follows (dollars in thousands):\n\n | Fiscal Year 2018 | | Fiscal Year 2017 | \n-------- | ---------------- | ---------- | ---------------- | ----------\n | Net Sales | % of Total | Net Sales | % of Total\nAPAC | $479,987 | 40.0% | $288,764 | 38.1% \nEMEA | 277,898 | 23.1% | 237,437 | 31.4% \nAmericas | 259,105 | 21.6% | 224,056 | 29.6% \nJPKO | 183,191 | 15.3% | 7,081 | 0.9% \nTotal | $ 1,200,181 | | $ 757,338 | "} {"_id": "d1b34c80c", "title": "", "text": "ADVANCED ENERGY INDUSTRIES, INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS \u2013 (continued) (in thousands, except per share amounts)\nThe table below summarizes the restructuring charges for the years ended:\n\n | 2019 | 2018 | Cumulative Cost Through December 31, 2019\n--------------------------------------- | ------ | ------ | -----------------------------------------\nSeverance and related charges | $3,041 | $4,239 | $7,280 \nFacility relocation and closure charges | 1,996 | \u2014 | 1,996 \nTotal restructuring charges | $5,038 | $4,239 | $9,277 "} {"_id": "d1b338c9e", "title": "", "text": "14. Net Loss Per Share\nBasic net loss per common share for the years ended December 31, 2019 and 2018 was computed by dividing the net loss attributable to Neonode Inc. for the relevant period by the weighted average number of shares of common stock outstanding during the year. Diluted loss per common share is computed by dividing net loss attributable to Neonode Inc. for the relevant period by the weighted average number of shares of common stock and common stock equivalents outstanding during the year.\nPotential\u00a0common\u00a0stock\u00a0equivalents\u00a0of\u00a0approximately\u00a00\u00a0and\u00a0350,000\u00a0outstanding\u00a0stock\u00a0warrants,\u00a00\u00a0and\u00a011,000\u00a0shares\u00a0issuable\u00a0upon\u00a0conversion\u00a0of preferred\u00a0stock\u00a0and\u00a00\u00a0and\u00a00\u00a0stock\u00a0options\u00a0are\u00a0excluded\u00a0from\u00a0the\u00a0diluted\u00a0earnings\u00a0per\u00a0share\u00a0calculation\u00a0for\u00a0the\u00a0years\u00a0ended\u00a0December\u00a031,\u00a02019\u00a0and\u00a02018, respectively,\u00a0due\u00a0to\u00a0their\u00a0anti-dilutive\u00a0effect.\n\n(In thousands, except per share amounts) | Years ended December 31, | \n---------------------------------------------------- | ------------------------ | --------\n | 2019 | 2018 \nBASIC AND DILUTED | | \nWeighted average number of common shares outstanding | 8,844 | 5,884 \nNet loss attributable to Neonode Inc. | $(5,298) | $(3,060)\nNet loss per share basic and diluted | $(0.60) | $(0.52) "} {"_id": "d1b39bad8", "title": "", "text": "ADVANCED ENERGY INDUSTRIES, INC.\nNOTES TO CONSOLIDATED FINANCIAL STATEMENTS \u2013 (continued)\n(in thousands, except per share amounts)\nIn 2019, Advanced Energy finalized the assessment of fair value for the assets acquired and liabilities assumed related to the LumaSense acquisition. The following table summarizes the fair values of the assets acquired and liabilities assumed from the LumaSense acquisition, including measurement period adjustments.\nDuring 2019, we adjusted the estimated values of the assets acquired and liabilities assumed based upon the final valuation report. These adjustments included additional liabilities, changes to deferred taxes and changes in the allocation of excess purchase price between goodwill and intangibles.\n\n | Preliminary: December 31, 2018 | Measurement Period Adjustments | Adjusted: December 31, 2019\n--------------------------------------- | ------------------------------ | ------------------------------ | ---------------------------\nAccounts and other receivable, net | $ 7,167 | $ - | $ 7,167 \nInventories | 9,372 | - | 9,372 \nProperty and equipment | 1,353 | - | 1,353 \nGoodwill | 48,032 | (11,774) | 36,258 \nIntangible assets | 26,000 | 17,240 | 43,240 \nDeferred income tax assets | 8,116 | (1,785) | 6,331 \nOther assets | 5,126 | 878 | 6,004 \nTotal assets acquired | 105,166 | 4,559 | 109,725 \nAccounts payable | 5,734 | - | 5,734 \nDeferred income tax liabilities | 7,984 | 3,715 | 11,699 \nOther liabilities | 6,764 | 844 | 7,608 \nTotal liabilities assumed | 20,482 | 4,559 | 25,041 \nTotal fair value of net assets acquired | $ 84,684 | $ - | $ 84,684 "} {"_id": "d1a71b628", "title": "", "text": "The deferred tax assets and liabilities result from differences in the timing of the recognition of certain income and expense items for tax and financial accounting purposes. The sources of these differences at each balance sheet date are as follows (in thousands):\nIn assessing the realizability of deferred tax assets, the Company considers whether it is more likely than not that some portion or all of the deferred tax assets will not be realized. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income during the periods in which those temporary differences become deductible. The Company considers projected future taxable income, carryback opportunities, and tax planning strategies in making this assessment. Based upon the level of historical taxable income and projections for future taxable income over the periods which the deferred tax assets are deductible, the Company believes it is more likely than not that it will realize the benefits of these deductible differences, net of the valuation allowances recorded. During the year ended December 31, 2019, the Company decreased its valuation allowance by $12.8 million which relates to a reduction in the valuation allowance on U.S. foreign tax credits offset by an increase in valuation allowance on foreign net operating losses.\nAt December 31, 2019, the Company had domestic federal tax net operating losses (\u201cNOLs\u201d) of $65.9 million, which will begin to expire in 2020. The Company had deferred tax assets equal to $1.4 million related to domestic state tax NOLs which will begin to expire in 2020. The Company does not have any valuation allowance against the federal tax NOLs but has provided a $1.2 million valuation allowance against the deferred tax asset associated with the state NOLs. The Company had foreign tax NOLs of $30.4 million, of which $28.1 million may be utilized over an indefinite life, with the remainder expiring over the next 17 years. The Company has provided a $0.7 million valuation allowance against the deferred tax asset associated with the foreign NOLs.\nThe Company had U.S. foreign tax credit carryforwards at December 31, 2019, of $40.7 million, for which an $1.2 million valuation allowance has been provided. The U.S. foreign tax credits will begin to expire in 2022. The Company had foreign tax credit carryforwards in other foreign jurisdictions at December 31, 2019, of $1.9 million, of which $1.3 million may be utilized over an indefinite life, with the remainder expiring over the next seven years. The Company has provided a $1.2 million valuation allowance against the tax benefit associated with these foreign credits. The Company also has domestic federal and state general business tax credit carryforwards at December 31, 2019, of $15.7 million and $0.8 million, respectively, which will begin to expire in 2020 and 2022, respectively.\n\n | December 31, | \n---------------------------------------------------------------------- | ------------ | ----------\n | 2019 | 2018 \nDeferred income tax assets: | | \nNet operating loss carryforwards | $23,030 | $25,745 \nTax credits | 52,902 | 43,838 \nCompensation | 18,791 | 15,934 \nDeferred revenue | 25,599 | 27,587 \nResearch and development expense deferral | \u2014 | 12,631 \nOther | 4,065 | 5,393 \nGross deferred income tax assets | 124,387 | 131,128 \nLess: valuation allowance | (7,653) | (20,415 ) \nNet deferred income tax assets | $ 116,734 | $ 110,713 \nDeferred income tax liabilities: | | \nDepreciation and amortization | $ (52,978) | (60,872 ) \nDeferred revenue | (44,198) | (54,508 ) \nTotal deferred income tax liabilities | (97,176) | (115,380 )\nNet deferred income taxes | $ 19,558 | (4,667 ) \nDeferred income taxes / liabilities included in the balance sheet are: | | \nDeferred income tax asset \u2013 noncurrent | $ 51,611 | $ 27,048 \nDeferred income tax liability \u2013 noncurrent | (32,053) | (31,715 ) \nNet deferred income taxes | $ 19,558 | (4,667 ) "} {"_id": "d1a7310a4", "title": "", "text": "Income Tax Provision (Benefit)\nThe income tax benefit for the year ended December 31, 2019 was $12.6 million or approximately 39% of pre-tax loss compared to an income tax benefit of $6.7 million or approximately 20% of pre-tax loss for the year ended December 31, 2018.\nThe income tax benefit for the year ended December 31, 2019 primarily related to the mix of pre-tax income among jurisdictions, discrete tax benefits related to stockbased compensation, and release of certain reserves for uncertain tax positions under ASC 740-10.\nThe income tax benefit for the year ended December 31, 2018 primarily related to a partial release of our valuation allowance and the mix of pre-tax income among jurisdictions, excess tax benefits related to stock-based compensation, and release of uncertain tax positions under ASC 740-10.\n\n | Year Ended December 31, | | % Change\n------------------ | ----------------------- | ---------------------- | --------\n | 2019 | 2018 | 2019 \n | | (dollars in thousands) | \nIncome tax benefit | $(12,586) | $(6,653) | 89% \n% of pre-tax loss | 39% | 20% | "} {"_id": "d1b2f4cb0", "title": "", "text": "2019 vs 2018\nThe decrease in tax expense for the year ended December 31, 2019, compared to the year ended December 31, 2018, resulted primarily from a decline in pre-tax earnings coupled with favorable benefits from the settlement of international tax audits and changes in estimate in tax expense recorded upon finalizing U.S. tax returns. These benefits were partially offset by the impact of stock based compensation related to shortfalls that occurred during the year as well as the impact of limitations on current and future deductions for certain executive officers under IRC section 162(m).\nDuring fiscal year 2019, the Company evaluated the impact of the Global Intangible Low-Taxed Income \u201cGILTI\u201d, Foreign Derived Intangible Income \u201cFDII\u201d and Base Erosion and Anti-abuse Tax \u201cBEAT\u201d provisions. These provisions resulted in a net addition to tax of $1.7 million. This amount is comprised of BEAT of $2.1 million offset by the impact of GILTI and FDII of $(0.4) million. For fiscal year 2018, the company estimated that these provisions would result on a net benefit of $(0.3) million. Included in the 2019 tax expense is a benefit of $(0.7) million related to the net impact of these provisions as reported on the final U.S. tax return for the year ended December 31, 2018.\n2018 vs 2017\nThe decrease in the effective tax rate and the decrease in tax expense for the year ended December 31, 2018, compared to the year ended December 31, 2017, resulted primarily from the combination of a decline in pre-tax earnings and the decrease in the US federal tax rate from 35% to 21%, and the impact of other provisions of the tax Cuts and Jobs Act. Additionally, tax expense for the year ended December 31, 2017 included the effect of the implementation of certain aspects of the Tax Act including recording provisional expense for the transition tax of $21.7 million for US federal and state income tax purposes. Additionally, the Company recorded tax expense of $26.6 million resulting from the remeasurement of net deferred tax assets resulting from the reduction in US federal tax rate. These items resulted in higher tax expense during fiscal 2017. During fiscal year 2018, the Company completed the computation of the transition tax as part of the 2017 income tax returns filing and reduced the federal and state provisional amount by $6.7 million. The Company has also evaluated the impact of the Global Intangible Low-Taxed Income \u201cGILTI\u201d, Foreign Derived Intangible Income \u201cFDII\u201d and Base Erosion and Anti-abuse Tax \u201cBEAT\u201d provisions and as a result recorded a detriment of $0.4 million and a benefit of $(0.7) million in relation to GILTI and FDII respectively, resulting on a net benefit of $(0.3) million. During the year ended December 31, 2018, the Company recorded tax expense of $23.0 million in continuing operations related to the write-off of deferred tax assets for which the underlying assets and liabilities related to Arlo. The decrease in the effective tax rate and the decrease in tax expense for the year ended December 31, 2018, compared to the year ended December 31, 2017, resulted primarily from the combination of a decline in pre-tax earnings and the decrease in the US federal tax rate from 35% to 21%, and the impact of other provisions of the tax Cuts and Jobs Act. Additionally, tax expense for the year ended December 31, 2017 included the effect of the implementation of certain aspects of the Tax Act including recording provisional expense for the transition tax of $21.7 million for US federal and state income tax purposes. Additionally, the Company recorded tax expense of $26.6 million resulting from the remeasurement of net deferred tax assets resulting from the reduction in US federal tax rate. These items resulted in higher tax expense during fiscal 2017. During fiscal year 2018, the Company completed the computation of the transition tax as part of the 2017 income tax returns filing and reduced the federal and state provisional amount by $6.7 million. The Company has also evaluated the impact of the Global Intangible Low-Taxed Income \u201cGILTI\u201d, Foreign Derived Intangible Income \u201cFDII\u201d and Base Erosion and Anti-abuse Tax \u201cBEAT\u201d provisions and as a result recorded a detriment of $0.4 million and a benefit of $(0.7) million in relation to GILTI and FDII respectively, resulting on a net benefit of $(0.3) million. During the year ended December 31, 2018, the Company recorded tax expense of $23.0 million in continuing operations related to the write-off of deferred tax assets for which the underlying assets and liabilities related to Arlo.\nWe are subject to income taxes in the U.S. and numerous foreign jurisdictions. Our future foreign tax rate could be affected by changes in the composition in earnings in countries with tax rates differing from the U.S. federal rate. We are under examination in various U.S. and foreign jurisdictions.\n\n | Year Ended December 31, | | | | \n-------------------------------------- | ----------------------- | -------- | ------- | -------- | -------\n | 2019 | % Change | 2018 | % Change | 2017 \n(In thousands, except percentage data) | | | | | \nProvision (benefit) for income tax | $3,780 | (85.4)% | $25,878 | (54.9)% | $57,357\nEffective tax rate | 12.8% | | 59.9% | | 124.1% "} {"_id": "d1b34c74e", "title": "", "text": "VMware and Pivotal Employee Stock Purchase Plans\nIn June 2007, VMware adopted its 2007 Employee Stock Purchase Plan (the \u201cESPP\u201d), which is intended to be qualified under Section 423 of the Internal Revenue Code. On June 25, 2019, VMware amended its ESPP to increase the number of shares available for issuance by 9.0 million shares of Class A common stock. As of January 31, 2020, the number of authorized shares under the ESPP was a total of 32.3 million shares. Under the ESPP, eligible VMware employees are granted options to purchase shares at the lower of 85% of the fair market value of the stock at the time of grant or 85% of the fair market value at the time of exercise. The option period is generally twelve months and includes two embedded six-month option periods. Options are exercised at the end of each embedded option period. If the fair market value of the stock is lower on the first day of the second embedded option period than it was at the time of grant, then the twelve-month option period expires and each enrolled participant is granted a new twelve-month option. As of January 31, 2020, 14.3 million shares of VMware Class A common stock were available for issuance under the ESPP.\nThe following table summarizes ESPP activity for VMware during the periods presented (cash proceeds in millions, shares in thousands):\nAs of January 31, 2020, $95 million of ESPP withholdings were recorded as a liability in accrued expenses and other on the consolidated balance sheets for the purchase that occurred on February 29, 2020.\nPrior to the acquisition of Pivotal, Pivotal granted options to eligible Pivotal employees to purchase shares of its Class A common stock at the lower of 85% of the fair market value of the stock at the time of grant or 85% of the fair market value of the Pivotal stock at the time of exercise. Pivotal\u2019s ESPP activity was not material during the periods presented.\n\n | | For the Year Ended | \n-------------------------------- | ---------------- | ------------------ | ----------------\n | January 31, 2020 | February 1, 2019 | February 2, 2018\nCash proceeds | $172 | $161 | $65 \nClass A common stock purchased | 1,489 | 1,895 | 903 \nWeighted-average price per share | $115.51 | $84.95 | $72.40 "} {"_id": "d1b3a74e6", "title": "", "text": "3.3 Trade receivables and contract assets\nRecognition and measurement\nAll trade and other receivables recognised as current assets are due for settlement within no more than 30 days for marketing fees and within one year for trail commission. Trade receivables are measured on the basis of amortised cost.\nIt is the Group\u2019s policy that all key partners who wish to trade on credit terms are subject to credit verification procedures.\nAllowance for credit losses\niSelect applies the simplified approach and records lifetime expected losses on all trade receivables and contract assets. As a consequence, we do not track changes in credit risk, but recognise a loss allowance based on lifetime expected credit loss at each reporting date.\niSelect calculates its provision utilising historical credit loss experience, adjusted for other relevant factors, i.e. aging of receivables, credit rating of the debtor, etc. Debts that are known to be uncollectable are written off when identified. If an impairment allowance has been recognised for a debt that becomes uncollectable, the debt is written off against the provision. If an amount is subsequently recovered, it is credited against profit or loss.\nAs at 30 June 2019, expected credit losses are not considered material.\nContract assets\nContract assets are initially recognised for revenue earned from comparison, purchase support and referral services, as receipt of consideration is conditional on successful completion of a purchase between the customers and the product providers. Upon completion of sale and acceptance by the customer and the provider, invoices are issued to the provider for the amount receivable. These amounts invoiced are reclassified from contract assets to trade receivables. The trade receivable balance represents the Group\u2019s unconditional right to receive the cash.\nKey estimates \u2013 allowance for credit losses\nWe apply management judgement to estimate the expected credit losses for trade receivables and contract assets. Expected credit losses are assessed on an ongoing basis. Financial difficulties of the debtor, probability of default, delinquency in payments and credit ratings are utilised in this assessment.\n\n | CONSOLIDATED CONSOLIDATED | \n---------------------------------------------------------------------------------------- | ------------------------- | ----------\n | 2019 $\u2019000 | 2018 $\u2019000\nTrade receivables | 6,165 | 4,952 \nAllowance for credit losses | - | (15) \nContract assets | 16,824 | 23,773 \n | 22,989 | 28,710 \nThe ageing analysis of trade rec The ageing analysis of trade receivables is as follows: | | \nCurrent | 4,967 | 4,408 \nPast due 1 \u2013 30 days | 1,024 | 291 \nPast due 31 \u2013 90 days | 130 | 108 \nPast due 90+ days | 44 | 130 \n | 6,165 | 4,937 "} {"_id": "d1b353dd2", "title": "", "text": "Global Services\nAdjusteda revenue \u00a34,735m\n\u00a34,735m\nAdjusteda operating profit\n\u00a3135m\nGlobal Services operates in a global market that continues to experience high levels of change driven by both rapid technology innovation and a dynamic competitive landscape. Customers\u2019 demands continue to evolve towards more flexible, on-demand models and new cloud-based and software-defined networking solutions. We continue to execute our Digital Global Services transformation programme to focus our business, standardise our operations, transform our underlying infrastructure, and provide innovative solutions to address the changing demands of our customers. We are focused on around 800 multinational companies and financial institutions served by three global industry verticals.\nAdjusteda revenue for the year was down 6%, in line with our strategy to de-emphasise low margin business and including the impact of divestments. This includes a \u00a335m negative impact from foreign exchange movements, primarily reflecting lower IP Exchange volumes and equipment sales.\nAdjusteda operating costs for the year were down 8% mainly reflecting the decline in IP Exchange volumes and equipment sales and lower labour costs from our ongoing restructuring programme. Adjusteda EBITDA for the year was up \u00a371m reflecting the reduction in operating costs and certain one-offs, more than offsetting the impact of lower revenue.\nDepreciation and amortisation was down 13% for the year due to closure of certain projects in the prior year.\nCapital expenditure was down 12% for the year reflecting ongoing rationalisation and our strategy to become a more asset light business. Normalised free cash flowb for the year improved by 151% to \u00a3296m, reflecting higher EBITDA, lower capital expenditure and improved working capital.\nTotal order intake was \u00a33.3bn, down 15% year on year continuing to reflect a shift in customer behaviour, including shorter contract lengths and greater prevalence of usage-based terms.\na Adjusted measures exclude specific items, as explained in the Additional Information on page 185. b Free cash flow after net interest paid, before pension deficit payments (including the cash tax benefit of pension deficit payments) and specific items. c Openreach comparatives have been re-presented to reflect the transfer of Northern Ireland Networks from Enterprise to Openreach.\n\n | 2019 (IFRS 15) | 2018 (IAS 18) | Change | \n--------------------------- | -------------- | ------------- | ------ | -----\nYear to 31 March | \u00a3m | \u00a3m | \u00a3m | % \nAdjusted a revenue | 4,735 | 5,013 | (278) | (6) \nAdjusted a operating costs | 4,230 | 4,579 | (349) | (8) \nAdjusted a EBITDA | 505 | 434 | 71 | 16 \nDepreciation & amortisation | 370 | 424 | (54) | (13) \nAdjusted a operating profit | 135 | 10 | 125 | 1,250\nCapital expenditure | 245 | 278 | (33) | (12) \nNormalised free cash flow b | 296 | 118 | 178 | 151 "} {"_id": "d1b33c330", "title": "", "text": "Financial information of associates and joint ventures:\nThere is no individually significant associate or joint venture for the Company. For individually immaterial associates and joint ventures, the following tables summarize the amount recognized by the Company at its share of those associates and joint ventures separately.\nWhen an associate or a joint venture is a foreign operation, and the functional currency of the foreign entity is different from the Company, an exchange difference arising from translation of the foreign entity will be recognized in other comprehensive income (loss).\nSuch exchange differences recognized in other comprehensive income (loss) in the financial statements for the years ended December 31, 2017, 2018 and 2019 were NT$45 million, NT$(16) million and NT$(9) million, respectively, which were not included in the following table.\nThe aggregate amount of the Company\u2019s share of all its individually immaterial associates that are accounted for using the equity method was as follows:\n\n | | For the years ended December 31, | \n-------------------------------------------- | ----------------- | -------------------------------- | ------------------\n | 2017 | 2018 | 2019 \n | $NT(In Thousands) | $NT (In Thousands) | $NT (In Thousands)\nProfit (loss) from continuing operations | $77,589 | $(616,665) | $115,329 \nPost-tax profit from discontinued operations | 80,248 | \u2014 | \u2014 \nOther comprehensive income (loss) | 526,773 | (82,871) | 873,308 \nTotal comprehensive income (loss) | $684,610 | $(699,536) | $988,637 "} {"_id": "d1b2f9a8a", "title": "", "text": "Balance Sheet and Cash Flows\nCash and Cash Equivalents and Investments The following table summarizes our cash and cash equivalents and investments (in millions):\nThe net decrease in cash and cash equivalents and investments from fiscal 2018 to fiscal 2019 was primarily driven by cash returned to shareholders in the form of repurchases of common stock of $20.7 billion under the stock repurchase program and cash dividends of $6.0 billion, net cash paid for acquisitions and divestitures of $2.2 billion, a net decrease in debt of $1.1 billion, and capital expenditures of $0.9 billion. These uses of cash were partially offset by cash provided by operating activities of $15.8 billion and the timing of settlements of investments and other of $2.0 billion.\nIn addition to cash requirements in the normal course of business, on July 9, 2019 we announced our intent to acquire Acacia Communications, Inc. (\u201cAcacia\u201d) for a purchase consideration of approximately $2.6 billion in cash. Additionally, $0.7 billion of the U.S. transition tax on accumulated earnings for foreign subsidiaries, $6.0 billion of long-term debt and $4.2 billion of commercial paper notes outstanding at July 27, 2019, are payable within the next 12 months from the balance sheet date. See further discussion of liquidity and future payments under \u201cContractual Obligations\u201d and \u201cLiquidity and Capital Resource Requirements\u201d below.\nWe maintain an investment portfolio of various holdings, types, and maturities. We classify our investments as short-term investments based on their nature and their availability for use in current operations. We believe the overall credit quality of our portfolio is strong, with our cash equivalents and our available-for-sale debt investment portfolio consisting primarily of high quality investment-grade securities. We believe that our strong cash and cash equivalents and investments position allows us to use our cash resources for strategic investments to gain access to new technologies, for acquisitions, for customer financing activities, for working capital needs, and for the repurchase of shares of common stock and payment of dividends as discussed below.\n\n | July 27, 2019 | July 28, 2018 | Increase (Decrease)\n----------------------------------- | ------------- | ------------- | -------------------\nCash and cash equivalents . | $11,750 | $8,934 | $2,816 \nAvailable-for-sale debt investments | 21,660 | 37,009 | (15,349) \nMarketable equity securities | 3 | 605 | (602) \nTotal | $33,413 | $46,548 | $(13,135) "} {"_id": "d1b348dce", "title": "", "text": "(1)\u00a0\u00a0The bonus paid in 2019, 2018 and 2017 was approved by the compensation Committee and Supervisory Board with respect to the 2018, 2017 and 2016 financial year, respectively, based on the evaluation and assessment of the actual fulfillment of a number of pre-defined objectives for such year.\n(2)\u00a0\u00a0Including stock awards, employer social contributions, company car allowance, pension contributions, complementary pension contributions, miscellaneous allowances as well as one-off contractually obligated deferred compensation paid to Mr. Bozotti in 2019.\nIn accordance with the resolutions adopted at our AGM held on May 30, 2012, the bonus of our former President and Chief Executive Officer, Mr. Bozotti, in 2018 and 2017 included a portion of a bonus payable in stock awards and corresponding to 86,782 and 59,435 vested shares, respectively, based on fulfillment of a number of pre-defined objectives.\nIn addition, our sole member of our Managing Board, President and Chief Executive Officer, Mr. Chery, was granted, in accordance with the compensation policy adopted by our General Meeting of Shareholders and subsequent shareholder authorizations, up to 100,000 unvested Stock Awards. The vesting of such stock awards is conditional upon the sole member of our Managing Board, President and Chief Executive Officer\u2019s, continued service with us.\n(3) In 2019, the total compensation of the sole member of our Managing Board, President and Chief Executive Officer was 46% fixed to 54% variable, compared to 12% fixed to 88% variable in 2018 and 44% fixed to 56% variable in 2017.\n\n | 2019 | 2018 | 2017 \n-------------------------------- | ---------- | ----------- | ----------\nSalary | $896,297 | $927,820 | $903,186 \nBonus(1) | $1,280,173 | $3,214,578 | $1,044,514\nCharges and Non-cash Benefits(2) | $5,618,382 | $6,971,946 | $1,828,814\nTotal(3) | $7,794,852 | $11,114,344 | $3,776,514"} {"_id": "d1b39ec7e", "title": "", "text": "OPERATING AND FINANCIAL RESULTS\n(1) For the three-month period ended August 31, 2019, the average foreign exchange rate used for translation was 1.3222 USD/CDN.\n(2) Fiscal 2018 was restated to comply with IFRS 15 and to reflect a change in accounting policy as well as to reclassify results from Cogeco Peer 1 as discontinued\noperations. For further details, please consult the \"Accounting policies\" and \"Discontinued operations\" sections.\n(3) Fiscal 2019 actuals are translated at the average foreign exchange rate of the comparable period of fiscal 2018 which was 1.3100 USD/CDN.\n\nThree months ended August 31, | 2019 (1) | 2018 (2) | Change | Change in constant currency | Foreign exchange impact\n--------------------------------------------- | -------- | -------- | ------ | --------------------------- | -----------------------\n(in thousands of dollars, except percentages) | $ | $ | % | % | $ \nRevenue | 583,673 | 566,184 | 3.1 | 2.7 | 2,427 \nOperating expenses | 302,833 | 297,977 | 1.6 | 1.1 | 1,441 \nManagement fees \u2013 Cogeco Inc. | 5,230 | 4,796 | 9.0 | 9.0 | - \nAdjusted EBITDA | 275,610 | 263,411 | 4.6 | 4.3 | 986 \nAdjusted EBITDA margin | 47.2% | 46.5% | | | "} {"_id": "d1a72083a", "title": "", "text": "29. Share-based payments continued\nShare Incentive Plan\nIn 2015, the Group established a Share Incentive Plan (\u2018SIP\u2019). All eligible employees were awarded free shares (or nil-cost options in the case of employees in Ireland) valued at \u00a33,600 each based on the share price at the time of the Company\u2019s admission to the Stock Exchange in March 2015, subject to a three-year service period (\u2018Vesting Period\u2019). The SIP shareholders are entitled to dividends over the Vesting Period. There are no performance conditions applicable to the vesting of SIP shares. The fair value of the SIP awards at the grant date was measured to be \u00a32.72 using the Black-Scholes model. The resulting share-based payments charge is being spread evenly over the Vesting Period.\n\n | Group | | Company | \n------------------------------------------------ | ----- | ---- | ------- | ----\n | 2019 | 2018 | 2019 | 2018\n | \u00a3m | \u00a3m | \u00a3m | \u00a3m \nShare Incentive Plan (\u2018SIP\u2019) | \u2013 | 0.8 | \u2013 | \u2013 \nSharesave scheme (\u2018SAYE\u2019) | 0.3 | 0.3 | \u2013 | \u2013 \nPerformance Share Plan (\u2018PSP\u2019) | 2.1 | 1.8 | 1.3 | 0.7 \nDeferred Annual Bonus and Single Incentive Plan | 2.3 | 0.4 | 0.4 | 0.2 \nTotal share-based payment charge | 4.7 | 3.3 | 1.7 | 0.9 \nNI and apprenticeship levy on applicable schemes | 1.2 | 0.4 | 0.6 | 0.1 \nTotal charge | 5.9 | 3.7 | 2.3 | 1.0 "} {"_id": "d1b38c9f2", "title": "", "text": "The following table presents the principal components of the difference between the effective tax rate to the U.S. federal statutory income tax rate for the years ended March 31:\nDuring fiscal 2018, we recorded a provisional tax benefit of approximately $3.3 million as a result of the enactment of the Tax Cuts and Jobs Act (\"Tax Act\") on December 22, 2017.\nWe completed the accounting for the Tax Act during Q3 fiscal 2019 and recorded an adjustment on December 31, 2018 of $0.2 million to increase our deferred tax liability associated with certain indefinite lived intangibles. We have elected to account for global intangible low-taxed income (GILTI) inclusions in the period in which they are incurred.\nOur tax provision includes a provision for income taxes in certain foreign jurisdictions where subsidiaries are profitable, but only a minimal benefit is reflected related to U.S. and certain foreign tax losses due to the uncertainty of the ultimate realization of future benefits from these losses.\nThe 2019 tax provision results primarily from foreign tax expense, the reversal of reserves for uncertain tax positions and the completion of our accounting for the Tax Act. The 2019 tax provision differs from the statutory rate primarily due to the recognition of net operating losses as deferred tax assets, which were offset by increases in the valuation allowance, state taxes and other U.S. permanent book to tax differences.\nThe 2018 tax provision primarily results from a reduction in the deferred rate and the ability to offset indefinite lived deferred tax liabilities with certain deferred tax assets due to passage of the Tax Act. The 2018 effective rate differs from the statutory rate primarily due to the impact of the Tax Act, recognition of net operating losses as deferred tax assets, which were offset by increases in the valuation allowance, certain foreign and state tax effects including a benefit of $0.4 million related to a settlement with the California Franchise Tax Board and other U.S. permanent book to tax differences.\nThe 2017 tax provision primarily results from state taxes, taxes withheld in foreign jurisdictions and foreign tax expense. The 2017 tax provision differs from the statutory rate primarily due to the recognition of net operating losses as deferred tax assets, which were offset by increases in the valuation allowance, state taxes and other U.S. permanent book to tax differences.\n\n(In thousands) | 2019 | 2018 | 2017 \n--------------------------------------------------- | -------- | -------- | --------\nIncome tax benefit at the US Federal statutory rate | $(2,718) | $(3,654) | $(4,019)\nBenefit for state taxes | (304) | (642) | (142) \nImpact of foreign operations | (310) | 38 | 158 \nIndefinite life assets | 130 | 335 | 102 \nOfficer life insurance | 3 | (5) | (6) \nChange in valuation allowance | 3,302 | 3,328 | 4,007 \nChange in liability for unrecognized tax benefits | (400) | 40 | 9 \nImpact of Tax Act, net | 226 | (3,287) | \u2014 \nMeals and entertainment | 60 | 81 | 163 \nEquity | 2 | 476 | \u2014 \nGlobal intangible low-taxed income | 94 | \u2014 | \u2014 \nOther | 136 | 39 | (36) \nTotal income tax expense (benefit) | $221 | $(3,251) | $236 "} {"_id": "d1b3a9b60", "title": "", "text": "The net contract acquisition expense deferred within the Consolidated Statement of Profit or Loss was $0.9M of the total $259.9M of Sales and Marketing costs (2018: $8.4M / $239.9M).\nAt 31 March 2019, trade receivables at a nominal value of $1.2M (2018: $0.9M) were impaired and fully provided for. Movements in the provision for impairment of receivables were as follows: 31\n\n | 31 March 2019 | 31 March 2018\n-------------------------------------- | ------------- | -------------\n | $M | $M \nAt 1 April | 0.9 | 0.4 \nCharge for the year | 0.6 | 0.6 \nAmounts written off | (0.2) | (0.1) \nEffects of movements in exchange rates | (0.1) | \u2013 \nAt 31 March | 1.2 | 0.9 "} {"_id": "d1b393bb2", "title": "", "text": "Network advertising revenue is generated primarily from the sale of television airtime for programs or advertisements. Network advertising revenue is recognized when the program or advertisement is broadcast. Revenues are reported net of agency commissions, which are calculated as a stated percentage applied to gross billings. The Network advertising contracts are generally short-term in nature.\nNetwork distribution revenue consists of payments received from cable, satellite and other multiple video program distribution systems for their retransmission of our network content. Network distribution revenue is recognized as earned over the life of the retransmission consent contract and varies from month to month.\nVariable fees are usage/sales based, calculated on the average number of subscribers, and recognized as revenue when the usage occurs. Transaction prices are based on the contract terms, with no material judgments or estimates.\nBroadcast station revenue is generated primarily from the sale of television airtime in return for a fixed fee or a portion of the related ad sales recognized by the third party. In a typical broadcast station revenue agreement, the licensee of a station makes available, for a fee, airtime on its station to a party which supplies content to be broadcast during that airtime and collects revenue from advertising aired during such content.\nBroadcast station revenue is recognized over the life of the contract, when the program is broadcast. The fees that we charge can be fixed or variable and the contracts that the Company enters into are generally short-term in nature. Variable fees are usage/salesbased and recognized as revenue when the subsequent usage occurs. Transaction prices are based on the contract terms, with no material judgments or estimates.\nDisaggregation of Revenues The following table disaggregates the Broadcasting segment's revenue by type (in millions):\n\n | Years Ended December 31, | \n------------------------------------------- | ------------------------ | ------\n | 2019 | 2018 \nNetwork advertising | $22.7 | $28.2 \nBroadcast station | 11.9 | 10.8 \nNetwork distribution | 4.9 | 4.8 \nOther | 2.3 | 1.6 \nTotal revenue from contracts with customers | 41.8 | 45.4 \nOther revenue | - | - \nTotal Broadcasting segment revenue | $ 41.8 | $ 45.4"} {"_id": "d1b3757ac", "title": "", "text": "NOTE 6. ACCOUNTS RECEIVABLE AND REVENUES\nAmounts billed and due from our customers are classified as accounts receivables on our consolidated balance sheets and require\npayment on a short-term basis. Invoices are generally issued at the point control transfers and substantially all of our invoices are due\nwithin 30 days or less, however certain customers have terms of up to 120 days. For substantially all of our contracts, control of the\nordered product(s) transfers at our location. Periodically, we require payment prior to the point in time we recognize revenue. Amounts\nreceived from customers prior to revenue recognition on a contract are contract liabilities, are classified as customer prepayments liability on our consolidated balance sheets and are typically applied to an invoice within 30 days of the prepayment. Revenues in 2019 include $0.1 million in unearned revenue as of December 31, 2018, and in 2018 include less than $0.1 million in unearned revenue as of\nJanuary 1, 2018.\nOur accounts receivable potentially subject us to significant concentrations of credit risk. Revenues and accounts receivable from significant customers (customers with revenue or accounts receivable in excess of 10% of consolidated totals) are stated below as a percent of consolidated totals.\n\n | | | Customer | | \n------------------------------------------------- | --- | --- | -------- | --- | ---\n | A | B | C | D | E \n% of revenue, 2019 | 11% | 9% | 16% | 3% | 2% \n% of revenue, 2018 | 17% | 14% | 1% | 4% | -% \n% of accounts receivable, as of December 31, 2019 | 10% | 8% | 31% | -% | 10%\n% of accounts receivable, as of December 31, 2018 | 13% | -% | 16% | 14% | -% "} {"_id": "d1b34b8d0", "title": "", "text": "Summarized financial information of Hilli LLC\nThe assets and liabilities of Hilli LLC(1) that most significantly impacted our consolidated balance sheet as of December 31, 2019 and 2018, are as follows:\n(1) As Hilli LLC is the primary beneficiary of the Hilli Lessor VIE (see above) the Hilli LLC balances include the Hilli Lessor VIE.\n\n(in thousands of $) | 2019 | 2018 \n----------------------- | --------- | ---------\nBalance sheet | | \nCurrent assets | 64,507 | 172,554 \nNon-current assets | 1,300,065 | 1,392,710\nCurrent liabilities | (496,029) | (278,728)\nNon-current liabilities | (418,578) | (842,786)"} {"_id": "d1a73899e", "title": "", "text": "Contract Balances\nTiming of revenue recognition may differ from the timing of invoicing to customers. We record a receivable when revenue is recognized prior to invoicing, or unearned revenue when revenue is recognized subsequent to invoicing. For multi-year agreements, we generally invoice customers annually at the beginning of each annual coverage period. We record a receivable related to revenue recognized for multi-year on-premises licenses as we have an unconditional right to invoice and receive payment in the future related to those licenses.\nAs of June 30, 2019 and 2018, long-term accounts receivable, net of allowance for doubtful accounts, was $2.2 billion and $1.8 billion, respectively, and is included in other long-term assets in our consolidated balance sheets.\nThe allowance for doubtful accounts reflects our best estimate of probable losses inherent in the accounts receivable balance. We determine the allowance based on known troubled accounts, historical experience, and other currently available evidence.\nActivity in the allowance for doubtful accounts was as follows:\n\n(In millions) | | | \n---------------------------- | ------- | ------ | ------\nYear Ended June 30, | 2019 | 2018 | 2017 \nBalance, beginning of period | $ 397 | $ 361 | $ 409\nCharged to costs and other | 153 | 134 | 58 \nWrite-offs | (116) | (98) | (106) \nBalance, end of period | $ 434 | $ 397 | $ 361"} {"_id": "d1b32e6c2", "title": "", "text": "Contract costs As discussed in the Significant Accounting Policies Note, Topic 606 requires the recognition of an asset for incremental costs to obtain a customer contract, which is then amortized to expense, over the respective period of expected benefit. The Partnership recognizes a contract asset for incremental commission costs paid to Verizon Wireless personnel and agents in conjunction with obtaining customer contracts.\nThe costs are only deferred when it is determined the commissions are incremental costs that would not have been incurred absent the customer contract and are expected to be recovered. Costs to obtain a contract are amortized and recorded ratably as commission expense over the period representing the transfer of goods or services to which the assets relate. Costs to obtain contracts are amortized over the customers' estimated device upgrade cycle of two to three years, as such costs are typically incurred each time a customer upgrades their equipment.\nThe amortization periods for the costs incurred to obtain a customer contract is determined at a portfolio level due to the similarities within these customer contract portfolios. Other costs, such as general costs or costs related to past performance obligations, are expensed as incurred. Deferred contract costs are classified as current or non-current within prepaid expenses and other, and other assets \u2013 net, respectively. The balances of deferred contract costs as of December 31, 2019 and 2018, included in the balance sheet were as follows:\nFor the years ended December 31, 2019 and 2018, the Partnership recognized expense of $3,126 and $2,161, respectively, associated with the amortization of deferred contract costs, primarily within selling, general and administrative expenses in the statements of income.\nDeferred contract costs are assessed for impairment on an annual basis. An impairment charge is recognized to the extent the carrying amount of a deferred cost exceeds the remaining amount of consideration expected to be received in exchange for the goods and services related to the cost, less the expected costs related directly to providing those goods and services that have not yet been recognized as expenses. There have been no impairment charges recognized for the year ended December 31, 2019 and 2018.\n\n | 2019 | 2018 \n-------------------------- | ------- | -------\nAssets | | \nPrepaid expenses and other | $ 3,027 | $ 2,347\nOther assets - net | 1,824 | 1,831 \nTotal | $ 4,851 | $ 4,178"} {"_id": "d1b35acf4", "title": "", "text": "GreenSky, Inc. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS \u2014 (Continued) (United States Dollars in thousands, except per share data, unless otherwise stated)\nKey details of the term loan are as follows:\n(1) The principal balance of the term loan is scheduled to be repaid on a quarterly basis at an amortization rate of 0.25% per quarter through December 31, 2024, with the balance due at maturity. For each of the next five years, principal repayments on the term loan are expected to be $4,000.\n(2) For the years ended December 31, 2019 and 2018, debt discount of $613 and $593, respectively, and debt issuance costs of $1,062\nand $1,091, respectively, were amortized into interest expense in the Consolidated Statements of Operations. Giving effect to the\namortization of debt discount and debt issuance costs on the term loan, the effective interest rates were 5.95% and 5.99% during the\nyears ended December 31, 2019 and 2018, respectively.\n\n | December 31, | \n---------------------------------- | ------------ | --------\n | 2019 | 2018 \nTerm loan, face value(1) | $393,000 | $397,000\nUnamortized debt discount (2) | (3,115) | (3,728) \nUnamortized debt issuance costs(2) | (5,388) | (6,450) \nTerm loan | $384,497 | $386,822"} {"_id": "d1b2f3a5e", "title": "", "text": "4.11 Income Taxes\nThe following table reconciles the amount of reported income taxes in the income statements with income taxes calculated at a statutory income tax rate of 27.0% for both\u00a02019 and 2018.\nIncome taxes in 2019 increased by $138 million, compared to 2018, mainly due to higher taxable income and a lower value of uncertain tax positions favourably resolved in 2019 compared to 2018, partly offset by a favourable change in the corporate income tax rate in Alberta in Q2 2019.\n\nFOR THE YEAR ENDED DECEMBER 31 | 2019 | 2018 \n---------------------------------------------------- | ------- | -------\nNet earnings | 3,253 | 2,973 \nAdd back income taxes | 1,133 | 995 \nEarnings before income taxes | 4,386 | 3,968 \nApplicable statutory tax rate | 27.0% | 27.0% \nIncome taxes computed at applicable statutory rates | (1,184) | (1,071)\nNon-taxable portion of gains (losses) on investments | 4 | (9) \nUncertain tax positions | 15 | 68 \nEffect of change in provincial corporate tax rate | 27 | \u2013 \nChange in estimate relating to prior periods | 14 | 20 \nNon-taxable portion of equity losses | (20) | (10) \nPreviously unrecognized tax benefits | 9 | \u2013 \nOther | 2 | 7 \nTotal income taxes | (1,133) | (995) \nAverage effective tax rate | 25.8% | 25.1% "} {"_id": "d1b2e2632", "title": "", "text": "Inventories\nThe components of inventories consist of the following (in millions):\nInventories are valued at the lower of cost and net realizable value using the first-in, first-out method. Inventory impairment charges establish a new cost basis for inventory and charges are not subsequently reversed to income even if circumstances later suggest that increased carrying amounts are recoverable.\n\n | March 31, | \n----------------- | --------- | ------\n | 2019 | 2018 \nRaw materials | $74.5 | $26.0 \nWork in process | 413.0 | 311.8 \nFinished goods | 224.2 | 138.4 \nTotal inventories | $711.7 | $476.2"} {"_id": "d1b32309c", "title": "", "text": "Liquidity and Capital Resources\nAs of December 31, 2019, we had total current assets of approximately $27.1 million, compared with current liabilities of approximately $6.1 million, resulting in working capital of approximately $21.0 million and a current ratio of approximately 4.4 to 1. This compares with the working capital balance of approximately $11.5 million and the current ratio of 3.7 to 1 at December 31, 2018. This increase in working capital, as discussed in more detail below, is primarily the result of the capital we raised in 2019.\nFollowing is a table with summary data from the consolidated statement of cash flows for the years ended December 31, 2019 and 2018, as presented.\nOur operating activities used approximately $1.7 million in the year ended December 31, 2019, as compared with approximately $0.8 million provided by operating activities in the year ended December 31, 2018. The cash provided in 2018 was the result of our net income and non-cash expenses, partially offset by the increased working capital required to support higher revenues. The cash used in operations in 2019 was the result of increased levels of working capital required to support higher revenue levels, expenditures related to growth, and costs associated with our acquisition in 2019.\nWe used approximately $5.7 million in investing activities in the year ended December 31, 2018, as compared with approximately $10.6 million used in investing activities in the year ended December 31, 2019. The majority of the investing activities in 2018 related to our acquisition of CareSpeak communications in October 2018. The majority of investing in activities in 2019 related to our acquisitions of RMDY Health, Inc. in 2019, as well as a software purchase in 2019.\nFinancing activities provided $8.7 million in the year ended December 31, 2018, as compared with $22.2 million in the year ended December 31, 2019. The cash provided in 2018 was primarily the result of the equity raised in connection with our uplisting to Nasdaq, as well as from the proceeds of option exercises. The cash used in 2019 was the result of our underwritten offering in 2019, as well as from the proceeds of option exercises.\nWith our cash on hand, we have sufficient cash to operate our business for more than the next 12 months and we do not anticipate the need to raise additional equity for operating purposes.\n\n | 2019 | 2018 \n--------------------------------------------------- | ------------ | -----------\nNet cash provided by (used in) operating activities | $(1,660,796) | $792,555 \nNet cash used in investing activities | (10,582,086) | (5,686,833)\nNet cash provided by financing activities | 22,181,528 | 8,685,739 \nNet increase in cash and cash equivalents | $9,938,646 | $3,791,461 "} {"_id": "d1b324adc", "title": "", "text": "Our Net Financial Position as of December 31, 2019 was a net cash position of $672 million, decreasing compared to the net cash position of $686 million at December 31, 2018.\nAt December 31, 2019, our financial debt was $2,072 million, composed of (i) $173 million of current portion of long-term debt and (ii) $1,899 million of long-term debt. The breakdown of our total financial debt included: (i) $1,354 million in the senior unsecured convertible bonds issued in 2017, (ii) $706 million in European Investment Bank loans (the \u201cEIB Loans\u201d), and (iii) $12 million in loans from other funding programs and other long-term loans.\nThe EIB Loans are comprised of three long-term amortizing credit facilities as part of our R&D funding programs. The first, signed in 2010, is a \u20ac350 million multi-currency loan to support our industrial and R&D programs. It was drawn mainly in U.S. dollars for an amount of $321 million and only partially in Euros for an amount of \u20ac100 million, of which $55 million remained outstanding as of December 31, 2019.\nThe second, signed in 2013, is a \u20ac350 million multi-currency loan which also supports our R&D programs. It was drawn in U.S. dollars for an amount of $471 million, of which $118 million is outstanding as of December 31, 2019. The third, signed in August 2017 for a total aggregate amount of \u20ac500 million in relation to R&D and capital expenditure investments in the European Union. It was fully drawn in Euros corresponding to $533 million outstanding as of December 31, 2019.\n\n | | Year Ended December 31, | \n------------------------------------------ | ------- | ----------------------- | -------\n | 2019 | 2018 | 2017 \n | | (In millions) | \nCash and cash equivalents | $2,597 | $2,266 | $1,759 \nRestricted cash | 10 | \u2014 | \u2014 \nShort-term deposits | 4 | \u2014 | \u2014 \nMarketable securities | 133 | 330 | 431 \nTotal financial resources | 2,744 | 2,596 | 2,190 \nShort-term debt, including bank overdrafts | (173) | (146) | (118) \nLong-term debt | (1,899) | (1,764) | (1,583)\nTotal financial debt | (2,072) | (1,910) | (1,701)\nNet Financial Position | $672 | $686 | $489 "} {"_id": "d1b37c246", "title": "", "text": "Note 12. Liabilities\nThe components of accounts payable, accrued expenses and other current liabilities are as follows (in thousands):\n\n | December 31, 2019 | December 31, 2018\n---------------------------------------------------- | ----------------- | -----------------\nDeferred rent | $ \u2014 | $11,656 \nContingent consideration liability from acquisitions | 2,595 | \u2014 \nHoldback liability from acquisitions | 1,650 | \u2014 \nOther liabilities | 3,244 | 1,650 \nOther liabilities | $7,489 | $13,306 "} {"_id": "d1b36eb0a", "title": "", "text": "Balance sheet\n(a) Restated following adoption of IFRS 16. See note 1 and note 24 for further details\nGoodwill and intangible assets increased to \u20ac31.0 billion (2018: \u20ac29.5 billion) mainly as a result of acquisitions which contributed \u20ac1.2 billion and favourable currency impact of \u20ac0.5 billion driven by strengthening of the US Dollar and Pound Sterling.\nIn current assets, cash and cash equivalents increased by \u20ac1.0 billion. The increase is primarily due to strong cash delivery in several countries which will be used to repay short term debt in due course.\nCurrent and non-current financial liabilities increased by \u20ac1.5 billion as a result of commercial paper issue and bank borrowings.\nThe net pension plan deficit was lower than prior year by \u20ac0.7 billion as\ngains from investment performance exceeded the increase in liabilities.\n\n | \u20ac million | \u20ac million \n------------------------------ | --------- | -------------\n | 2019 | 2018 \n | | (Restated)(a)\nGoodwill and intangible assets | 31,029 | 29,493 \nOther non-current assets | 17,347 | 16,140 \nCurrent assets | 16,430 | 15,478 \nTotal assets | 64,806 | 61,111 \nCurrent liabilities | 20,978 | 20,150 \nNon-current liabilities | 29,942 | 28,844 \nTotal liabilities | 50,920 | 48,994 \nShareholders\u2019 equity | 13,192 | 11,397 \nNon-controlling interest | 694 | 720 \nTotal equity | 13,886 | 12,117 \nTotal liabilities and equity | 64,806 | 61,111 "} {"_id": "d1b3021b2", "title": "", "text": "3.1 OPERATING RESULTS\n(1) Fiscal 2019 average foreign exchange rate used for translation was 1.3255 USD/CDN.\n(2) Fiscal 2018 was restated to comply with IFRS 15 and to reflect a change in accounting policy as well as to reclassify results from Cogeco Peer 1 as discontinued\noperations. For further details, please consult the \"Accounting policies\" and \"Discontinued operations\" sections.\n(3) Fiscal 2019 actuals are translated at the average foreign exchange rate of fiscal 2018 which was 1.2773 USD/CDN.\n\nYears ended August 31, | 2019 (1) | 2018 (2) | Change | Change in constant currency (3) | Foreign exchange impact (3)\n--------------------------------------------- | --------- | --------- | ------ | ------------------------------- | ---------------------------\n(in thousands of dollars, except percentages) | $ | $ | % | % | $ \nRevenue | 2,331,820 | 2,147,404 | 8.6 | 6.8 | 37,433 \nOperating Expenses | 1,203,980 | 1,121,625 | 7.3 | 5.4 | 21,636 \nManagement fees \u2013 Cogeco Inc. | 19,900 | 18,961 | 5.0 | 5.0 | - \nAdjusted EBITDA | 1,107,940 | 1,006,818 | 10.0 | 8.5 | 15,797 \nAdjusted EBITDA margin | 47.5% | 46.9% | | | "} {"_id": "d1b37e578", "title": "", "text": "1.10 Percentage change in remuneration of the Group Chief Executive\nThe following table provides a summary of the 2019 increase in base salary, benefits and bonus for the Group Chief Executive compared to the average increase for the general UK employee population across the Group in the same period.\n* 2018 percentage restated to include all UK bonuses for the general UK employee population across the Group.\n\n | | 2019 change | 2018 change\n-------- | ---------------------------- | ----------- | -----------\nSalary | Group Chief Executive | 7.7% | 2.7% \n | General employee population | 2.9% | 2.7% \nBenefits | Group Chief Executive | 5.2% | 3.2% \n | General employee population | 2.9% | 2.7% \nBonus | Group Chief Executive | 15.5% | -4.9% \n | General employee population* | 22.2% | 1.6% "} {"_id": "d1b31bcc0", "title": "", "text": "12. Geographic Information\nThe following table depicts the disaggregation of revenue by geographic region based on the ship to location of our customers and is consistent with how we evaluate our financial performance (in thousands)\n\n | | Years Ended December 31, | \n----------------------------- | -------- | ------------------------ | --------\n | 2019 | 2018 | 2017 \nAmericas | $89,944 | $112,506 | $122,893\nJapan | 59,454 | 55,205 | 51,488 \nAsia Pacific, excluding Japan | 35,689 | 36,897 | 33,189 \nEMEA | 27,541 | 27,615 | 27,859 \nTotal | $212,628 | $232,223 | $235,429"} {"_id": "d1b358e2c", "title": "", "text": "Restricted Stock Units\nCertain key employees have been granted time-based, performance-based and market-based restricted stock units. The time-based restricted stock units granted generally vest on a graded vesting schedule over three years. The performance-based restricted stock units generally vest on a cliff vesting schedule over three years and up to a maximum of 150%, depending on the specified performance condition and the level of achievement obtained. The performance-based restricted stock units have a vesting condition that is based upon the Company\u2019s cumulative adjusted core earnings per share during the performance period. The market-based restricted stock units generally vest on a cliff vesting schedule over three years and up to a maximum of 200%, depending on the specified performance condition and the level of achievement obtained. The market-based restricted stock units have a vesting condition that is tied to the Company\u2019s total shareholder return based on the Company\u2019s stock performance in relation to the companies in the Standard and Poor\u2019s (S&P) Super Composite Technology Hardware and Equipment Index excluding the Company.\nOn October 6, 2017, the Company\u2019s Compensation Committee approved the modification of vesting criteria for certain performance-based restricted stock units granted in fiscal year 2015. As a result of the modification, 0.8 million awards vested during the first quarter of fiscal year 2018, which resulted in approximately $24.9 million of stock-based compensation expense recognized.\nThe following table summarizes restricted stock units activity from August 31, 2018 through August 31, 2019:\n(1) For those shares granted that are based on the achievement of certain performance criteria, the amount represents the maximum number of shares that can vest. During the fiscal year ended August 31, 2019, the Company awarded approximately 1.6 million time-based restricted stock units, 0.4 million performance based restricted stock units and 0.4 million market-based restricted stock units based on target performance criteria.\n\n | Shares | Weighted- Average Grant-Date Fair Value\n--------------------------------- | ----------- | ---------------------------------------\nOutstanding as of August 31, 2018 | 8,352,307 | $24.34 \nChanges during the period | | \nShares granted(1) | 3,144,205 | $25.25 \nShares vested | (1,983,411) | $25.07 \nShares forfeited | (2,347,628) | $24.78 \nOutstanding as of August 31, 2019 | 7,165,473 | $26.27 "} {"_id": "d1b301ca8", "title": "", "text": "F. Tabular Disclosure of Contractual Obligations\nThe following table sets forth our contractual obligations and commitments with definitive payment terms on a consolidated basis which will require significant cash outlays in the future as of December 31, 2019.\n(1) Assuming the domestic bonds are paid off upon maturity.\n(2) Represents our obligations to make lease payments mainly to use machineries, equipment, office and land on which our fabs are located, primarily in the Hsinchu Science Park and the Tainan Science Park in Taiwan, Pasir Ris Wafer Fab Park in Singapore.\n(3) Represents commitments for purchase of raw materials and construction contracts, intellectual properties and royalties payable under our technology license agreements. These commitments include the amounts which are not recorded on our balance sheet as of December 31, 2019.\n(4) Represents the guarantee deposits and financial liability for the repurchase of other investors\u2019 investment. The amounts of payments due under these agreements are determined based on fixed contract amounts.\n\n | | | Payments Due by Period | | \n---------------------------------- | ------- | ---------------- | ---------------------------- | --------- | -------------\n | Total | Less than 1 Year | 1-3 Years | 4-5 Years | After 5 Years\n | | | (in NT$ millions)$ millions) | | \nLong-term debt(1) | | | | | \nUnsecured bonds | 39,940 | 20,660 | 10,590 | 8,690 | \u2014 \nLoans | 51,058 | 18,316 | 19,632 | 13,098 | 12 \nLease obligations(2) | 7,128 | 741 | 1,414 | 1,181 | 3,792 \nPurchase obligations(3) | 38,878 | 29,832 | 2,845 | 1,810 | 4,391 \nOther long-term obligations(4) | 21,411 | 101 | 12,765 | 8,446 | 99 \nTotal contractual cash obligations | 158,415 | 69,650 | 47,246 | 33,225 | 8,294 "} {"_id": "d1b34a7be", "title": "", "text": "3. Investment in Unconsolidated Entities\nThe Company has several investments in unconsolidated entities that are accounted for using the equity method of accounting. Red River Valley Egg Farm, LLC (\"Red River\") operates a cage-free shell egg production complex near Bogota, Texas. Specialty Eggs, LLC (\"Specialty Eggs\") owns the Egg-Land's Best franchise for most of Georgia and South Carolina, as well as a portion of western North Carolina and eastern Alabama. Southwest Specialty Eggs, LLC (\"Southwest Specialty Eggs\") owns the Egg-Land's Best franchise for Arizona, southern California and Clark County, Nevada (including Las Vegas). As of June 1, 2019, the Company owns 50% of each of Red River, Specialty Eggs, and Southwest Specialty Eggs. Equity method investments are included in \u201cInvestments in unconsolidated entities\u201d in the accompanying Consolidated Balance Sheets and totaled $60.7 million and $64.2 million at June 1, 2019 and at June 2, 2018, respectively.\nEquity in income of unconsolidated entities of $4.8 million, $3.5 million, and $1.4 million from these entities has been included in the Consolidated Statements of Operations for fiscal 2019, 2018, and 2017, respectively.\nThe condensed consolidated financial information for the Company's unconsolidated joint ventures was as follows (in thousands):\nThe Company is a member of Eggland\u2019s Best, Inc. (\u201cEB\u201d), which is a cooperative. At June 1, 2019 and June 2, 2018, \u201cOther long-term assets\u201d as shown on the Company\u2019s Consolidated Balance Sheet includes the cost of the Company\u2019s investment in EB plus any qualified written allocations. The Company cannot exert significant influence over EB\u2019s operating and financial activities; therefore, the Company accounts for this investment using the cost method. The carrying value of this investment at June 1, 2019 and June 2, 2018 was $2.6 million and $2.6 million, respectively.\n\n | | For the fiscal year ended | \n----------------- | ------------ | ------------------------- | ------------\n | June 1, 2019 | June 2, 2018 | June 3, 2017\nNet sales | $112,396 | $107,705 | $86,072 \nNet income | 9,490 | 7,071 | 2,804 \nTotal assets | 128,470 | 134,056 | 131,871 \nTotal liabilities | 7,600 | 5,859 | 6,543 \nTotal equity | 120,870 | 128,197 | 125,328 "} {"_id": "d1b2e6b6a", "title": "", "text": "11 Intangible assets\n(a) Intangible assets\nRIGHTS AND LICENCES\nCertain licences that NEXTDC possesses have an indefinite useful life and are carried at cost less impairment losses and are subject to impairment review at least annually and whenever there is an indication that it may be impaired.\nOther licences that NEXTDC acquires are carried at cost less accumulated amortisation and accumulated impairment losses. Amortisation is recognised on a straight-line basis over the estimated useful life. The estimated useful life and amortisation method are reviewed at the end of each annual reporting period.\nINTERNALLY GENERATED SOFTWARE\nInternally developed software is capitalised at cost less accumulated amortisation. Amortisation is calculated using the straight-line basis over the asset\u2019s useful economic life which is generally two to three years. Their useful lives and potential impairment are reviewed at the end of each financial year.\nSOFTWARE UNDER DEVELOPMENT\nCosts incurred in developing products or systems and costs incurred in acquiring software and licenses that will contribute to future period financial benefits through revenue generation and/or cost reduction are capitalised to software and systems. Costs capitalised include external direct costs of materials and services and employee costs.\nAssets in the course of construction include only those costs directly attributable to the development phase and are only recognised following completion of technical feasibility and where the Group has an intention and ability to use the asset.\n\n | 30 June 2019 | 30 June 2018\n----------------------------- | ------------ | ------------\n | $'000 | $'000 \nRights and licences | 13 | 13 \nInternally generated software | 7,381 | 6,385 \nSoftware under development | 16,284 | 6,509 \nTotal intangible assets | 23,678 | 12,907 "} {"_id": "d1b3300b2", "title": "", "text": "Share-based payments expense for the period was $62,028,117 (2018: $57,710,434).\nThe variables in the table below are used as inputs into the model to determine the fair value of performance rights.\n(1) Grant date represents the offer acceptance date.\n(2) The expected volatility is based on the historical implied volatility calculated based on the weighted average remaining life of the performance rights adjusted for any expected changes to future volatility due to publicly available information.\n\n | 2019 | 2018 \n----------------------------------------- | ----------- | -----------\n | F19 LTI | F18 LTI \nGrant date (1) | 30 Nov 2018 | 31 Oct 2017\nPerformance period start date | 1 Jul 2018 | 1 Jul 2017 \nExercise date | 1 Jul 2021 | 1 Jul 2020 \nExpected volatility (2) | 15.0% | 16.0% \nExpected dividend yield | 4.0% | 4.0% \nRisk-free interest rate | 2.1% | 1.9% \nWeighted average fair value at grant date | $24.63 | $20.23 "} {"_id": "d1b3afdf8", "title": "", "text": "The following table sets forth our 60-month backlog estimate, by reportable segment, as of December 31, 2019; September 30, 2019; June 30, 2019; March 31, 2019; and December 31, 2018 (in millions). The 60-month backlog estimate includes approximately $1.5 billion as a result of the acquisition of Speedpay, which occurred on May 9, 2019. Dollar amounts reflect foreign currency exchange rates as of each period end. This is a non-GAAP financial measure being presented to provide comparability across accounting periods. We believe this measure provides useful information to investors and others in understanding and evaluating our financial performance.\nEstimates of future financial results require substantial judgment and are based on several assumptions, as described above. These assumptions may turn out to be inaccurate or wrong for reasons outside of management\u2019s control. For example, our customers may attempt to renegotiate or terminate their contracts for many reasons, including mergers, changes in their financial condition, or general changes in economic conditions in the customer\u2019s industry or geographic location. We may also experience delays in the development or delivery of products or services specified in customer contracts, which may cause the actual renewal rates and amounts to differ from historical experiences. Changes in foreign currency exchange rates may also impact the amount of revenue recognized in future periods. Accordingly, there can be no assurance that amounts included in backlog estimates will generate the specified revenues or that the actual revenues will be generated within the corresponding 60-month period. Additionally, because certain components of Committed Backlog and all of Renewal Backlog estimates are operating metrics, the estimates are not required to be subject to the same level of internal review or controls as contracted but not recognized Committed Backlog.\n\n | December 31, 2019 | September 30, 2019 | June 30, 2019 | March 31, 2019 | December 31, 2018\n-------------- | ----------------- | ------------------ | ------------- | -------------- | -----------------\nACI On Premise | $1,977 | $1,925 | $1,880 | $1,861 | $1,875 \nACI On Demand | 3,855 | 3,756 | 3,813 | 2,290 | 2,299 \nTotal | $5,832 | $5,681 | $5,693 | $4,151 | $4,174 \n | December 31, 2019 | September 30, 2019 | June 30, 2019 | March 31, 2019 | December 31, 2018\nCommitted | $2,168 | $2,003 | $2,105 | $1,734 | $1,832 \nRenewal | 3,664 | 3,678 | 3,588 | 2,417 | 2,342 \nTotal | $5,832 | $5,681 | $5,693 | $4,151 | $4,174 "} {"_id": "d1b35277a", "title": "", "text": "Proofpoint, Inc. Notes to Consolidated Financial Statements (Continued) (dollars and share amounts in thousands, except per share amounts)\nAlso, as part of the share purchase agreement, the unvested restricted shares of a certain employee of ObserveIT were exchanged into the right to receive $532 of deferred cash consideration. The deferred cash consideration is presented as restricted cash on the Company\u2019s consolidated balance sheet. The deferred cash consideration of $485 was allocated to post-combination expense and was not included in the purchase price. The deferred cash consideration is subject to forfeiture if employment terminates prior to the lapse of the restrictions, and the fair value is expensed as compensation expense over the three-year vesting period.\nThe Discounted Cash Flow Method was used to value the acquired developed technology, in-process research and development asset, customer relationships and order backlog. The Relief from Royalty Method was used to value the acquired trade name. Management applied significant judgment in estimating the fair values of these intangible assets, which involved the use of significant assumptions with respect to forecasted revenue, forecasted operating results and discount rates.\nThe following table summarizes the fair values of tangible assets acquired, liabilities assumed, intangible assets and goodwill:\n*Purchased in-process research and development will be accounted for as an indefinite-lived intangible asset until the underlying project is completed or abandoned.\nMeta Networks, Ltd.\nOn May 15, 2019 (the \u201cMeta Networks Acquisition Date\u201d), pursuant to the terms of the share purchase agreement, the Company acquired all shares of Meta Networks, Ltd. (\u201cMeta Networks\u201d), an innovator in zero trust network access.\nBy combining Meta Networks\u2019 innovative zero trust network access technology with the Company\u2019s people-centric security capabilities the Company expects to make it far simpler for enterprises to precisely control employee and contractor access to on-premises, cloud and consumer applications.\nThese factors, among others, contributed to a purchase price in excess of the estimated fair value of acquired net identifiable assets and, as a result, goodwill was recorded in connection with the acquisition. The results of operations and the fair values of the acquired assets and liabilities assumed have been included in the accompanying consolidated financial statements since the Meta Networks Acquisition Date.\u00a0 These factors, among others, contributed to a purchase price in excess of the estimated fair value of acquired net identifiable assets and, as a result, goodwill was recorded in connection with the acquisition. The results of operations and the fair values of the acquired assets and liabilities assumed have been included in the accompanying consolidated financial statements since the Meta Networks Acquisition Date.\nAt the Meta Networks Acquisition Date, the consideration transferred was $104,664, net of cash acquired of $104. Of the consideration transferred, $12,500 was held in escrow to secure indemnification obligations, which has not been released as of the issuance of these consolidated financial statements. The revenue from Meta Networks was not material in 2019, and due to the continued integration of the combined businesses, it was impractical to determine the earnings.\n\n | Estimated | Estimated \n------------------------------------ | ---------- | -----------\n | Fair value | Useful Life\n | | (in years) \nCurrent assets | $10,603 | N/A \nFixed assets | 2,132 | N/A \nOperating lease right-of-use asset | 2,669 | N/A \nOther assets | 652 | N/A \nCustomer relationships | 15,800 | 5 \nOrder backlog | 1,300 | 1 \nCore/developed technology | 35,400 | 4 \nTrade name | 400 | 2 \nIn-process research and development* | 20,600 | N/A \nOperating lease liabilities | (3,317) | N/A \nDeferred revenue | (6,700) | N/A \nOther liabilities | (5,414) | N/A \nGoodwill | 144,374 | Indefinite \n | $218,499 | "} {"_id": "d1b34d946", "title": "", "text": "Contractual Obligations\nThe following summarizes our contractual obligations at June 30, 2019, and the effect such obligations are expected to have on our liquidity and cash flow in future periods (in thousands):\nThe contractual obligations referenced above are more specifically defined as follows:\nDebt obligations relate to amounts owed under our Credit Agreement.\nInventory unconditional purchase obligations represent the purchase of long lead-time component inventory that our contract manufacturers procure in accordance with our forecast. We expect to honor the inventory purchase commitments within the next 12 months.\nContractual commitments to suppliers for future services.\nDeferred payments represent Data Center Business consideration obligation of $1.0 million per quarter.\nContingent consideration for the Capital Financing Business acquisition, at fair value. Actual payments could be different\nNon-cancelable operating lease obligations represent base rents and operating expense obligations.\nOther liabilities include our commitments towards debt related fees and specific arrangements other than inventory.\nThe amounts in the table above exclude immaterial income tax liabilities related to uncertain tax positions as we are unable to reasonably estimate the timing of the settlement.\nWe did not have any material commitments for capital expenditures as of June 30, 2019.\n\n | Total | Less than\n1 Year | 1-3 years | 3-5 years | More than\n5 years\n------------------------------------------------ | -------- | ---------------- | ------------- | ----------- | -----------------\nContractual Obligations: | | | | | \nDebt obligations | $180,500 | $9,500 | $28,500 | $142,500 | $\u2014 \nInterest on debt obligations | 25,582 | 8,333 | 14,952 | 2,297 | \u2014 \nInventory unconditional purchase obligations | 51,241 | 51,241 | \u2014 | \u2014 | \u2014 \nContractual commitments | 94,000 | 23,500 | 47,000 | 23,500 | \u2014 \nNon-cancellable operating lease obligations | 104,678 | 22,733 | 41,854 | 23,804 | 16,287 \nDeferred payments for an acquisition | 15,000 | 4,000 | 8,000 | 3,000 | \u2014 \nContingent consideration for an acquisition | 6,298 | 4,236 | 2,013 | 49 | \u2014 \nOther liabilities | 379 | 124 | 249 | 6 | \u2014 \nTotal contractual cash obligations | $477,678 | $123,667 | $142,568 | $195,156 | $16,287 "} {"_id": "d1b376116", "title": "", "text": "14.\u00a0Selected Quarterly Financial Data (Unaudited)\nSelected quarterly financial data for 2019 and 2018 is as follows (in thousands, except per share amounts):\n\n | | Quarter Ended | | \n-------------------------- | --------- | ------------- | ------------- | ------------\n | March 31, | June 30, | September 30, | December 31,\n | 2019 | 2019 | 2019 | 2019 \nRevenue | $50,290 | $49,189 | $52,833 | $60,316 \nGross profit | $38,040 | $37,918 | $40,913 | $46,876 \nNet income (loss) | $(12,272) | $(5,771) | $173 | $51 \nNet loss per share-basic | $(0.16) | $(0.08) | $\u2014 | $\u2014 \nNet loss per share-diluted | $(0.16) | $(0.08) | $\u2014 | $\u2014 \n | | Quarter | Ended | \n | March 31, | June 30, | September 30, | December 31,\n | 2018 | 2018 | 2018 | 2018 \nRevenue | $49,183 | $60,713 | $60,502 | $61,825 \nGross profit | $37,299 | $47,526 | $47,488 | $48,014 \nNet loss | $(19,670) | $(4,532) | $(1,807) | $(1,608) \nNet loss per share-basic | $(0.27) | $(0.06) | $(0.02) | $(0.02) \nNet loss per share-diluted | $(0.27) | $(0.06) | $(0.02) | $(0.02) "} {"_id": "d1b313dcc", "title": "", "text": "Geographical information\nNet revenues by geography are based on the billing addresses of our customers. The following table represents net revenues by geographic area for the periods presented:\nNote: The Americas include U.S., Canada, and Latin America; EMEA includes Europe, Middle East, and Africa; APJ includes Asia Pacific and Japan\nRevenues from customers inside the U.S. were $2.8 billion, $2.8 billion, and $2.1 billion during fiscal 2019, 2018, and 2017, respectively. No other individual country accounted for more than 10% of revenues.\n\n | | Year Ended | \n------------------ | -------------- | -------------- | --------------\n(In millions) | March 29, 2019 | March 30, 2018 | March 31, 2017\nAmericas | $3,028 | $3,031 | $2,329 \nEMEA | 1,002 | 1,048 | 955 \nAPJ | 701 | 755 | 735 \nTotal net revenues | $4,731 | $4,834 | $4,019 "} {"_id": "d1b35d094", "title": "", "text": "Item 14. Principal Accountant Fees and Services\nThe aggregate fees for professional services rendered by our independent registered public accounting firm, KPMG LLP, for Fiscal 2019 and Fiscal 2018 were:\n(1) Audit fees were primarily for professional services rendered for (a) the annual audits of our consolidated financial statements and the accompanying attestation report regarding our ICFR contained in our Annual Report on Form 10- K, (b) the review of quarterly financial information included in our Quarterly Reports on Form 10-Q, (c) audit services related to mergers and acquisitions and offering documents, and (d) annual statutory audits where applicable.\n(2) Audit-related fees were primarily for assurance and related services, such as the review of non-periodic filings with the SEC.\n(3) Tax fees were for services related to tax compliance, including the preparation of tax returns, tax planning and tax advice.\n(4) All other fees consist of fees for services other than the services reported in audit fees, audit-related fees, and tax fees.\nOpenText's Audit Committee has established a policy of reviewing, in advance, and either approving or not approving, all audit, audit-related, tax and other non-audit services that our independent registered public accounting firm provides to us. This policy requires that all services received from our independent registered public accounting firm be approved in advance by the Audit Committee or a delegate of the Audit Committee. The Audit Committee has delegated the pre-approval responsibility to the Chair of the Audit Committee. All services that KPMG LLP provided to us in Fiscal 2019 and Fiscal 2018 have been preapproved by the Audit Committee.\nThe Audit Committee has determined that the provision of the services as set out above is compatible with the maintaining of KPMG LLP's independence in the conduct of its auditing functions.\n\n | Year ended June 30, | \n---------------------- | ------------------- | ------\n(In thousands) | 2019 | 2018 \nAudit fees (1) | $4,598 | $4,701\nAudit-related fees (2) | \u2014 | \u2014 \nTax fees (3) | 108 | 116 \nAll other fees (4) | 40 | 101 \nTotal | $4,746 | $4,918"} {"_id": "d1b34cb5e", "title": "", "text": "In November 2017, GMSL acquired the trenching and cable laying services business from Fugro N.V. (\"Fugro\"). As part of the transaction, Fugro became a 23.6% holder of GMSL's parent, Global Marine Holdings, LLC (\"GMH\"). GMSL, in the normal course of business, incurred revenue and expenses with Fugro for various services.\nFor the years ended December 31, 2019 and 2018, GMSL recognized $11.3 million and $9.3 million respectively, of expenses for transactions with Fugro. For the year ended December 31, 2019 GMSL recognized $0.8 million of revenues. The parent company of GMSL, GMH, incurred management fees of $0.6 million for each of the years ended December 31, 2019 and 2018.\nGMSL also has transactions with several of their equity method investees. A summary of transactions with such equity method investees and balances outstanding are as follows (in millions):\n\n | Years Ended December 31, | \n--------------------- | ------------------------ | ------\n | 2019 | 2018 \nNet revenue | $ 6.4 | $ 21.8\nOperating expenses | $ 1.0 | $ 4.8 \nInterest expense | $ 1.0 | $ 1.3 \n | December 31, | \n | 2019 | 2018 \nAccounts receivable | $ 1.2 | $ 5.0 \nLong-term obligations | $ 22.5 | $ 28.5\nAccounts payable | $ 0.1 | $ 2.2 \nDividends | $ 4.5 | $ 25.8"} {"_id": "d1b3a9354", "title": "", "text": "CONSOLIDATED STATEMENTS OF OPERATIONS\nThe accompanying notes are an integral part of these consolidated financial statements.\n\n | Fiscal Years Ended September | \n------------------------------------------------------------------- | ---------------------------- | --------------\n | 2019 | 2018 \nSales (including excise taxes of $370.2 million and $368.4 million, | $1,392,388,157 | $1,322,306,658\nCost of sales | 1,308,364,726 | 1,245,375,460 \nGross profit | 84,023,431 | 76,931,198 \nSelling, general and administrative expenses | 72,182,883 | 66,781,234 \nDepreciation and amortization | 2,617,591 | 2,318,146 \nImpairment charges | 2,873,269 | 1,912,877 \n | 77,673,743 | 71,012,257 \nOperating income | 6,349,688 | 5,918,941 \nOther expense (income): | | \nInterest expense | 1,598,864 | 1,194,373 \nOther (income), net | (61,119) | (54,042) \n | 1,537,745 | 1,140,331 \nIncome from operations before income taxes | 4,811,943 | 4,778,610 \nIncome tax expense | 1,609,000 | 1,164,000 \nNet income available to common shareholders | $ 3,202,943 | $ 3,614,610 \nBasic earnings per share available to common shareholders | $ 5.36 | $ 5.47 \nDiluted earnings per share available to common shareholders | $ 5.25 | $ 5.38 \nBasic weighted average shares outstanding | 597,961 | 660,925 \nDiluted weighted average shares outstanding | 609,836 | 672,449 \nDividends declared and paid per common share | $ 1.00 | $ 1.00 "} {"_id": "d1b330422", "title": "", "text": "As described in Note 7, the acquisition of Norstel resulted in the recognition of technology in process for $86 million in the line \u201cTechnologies in progress\u201d.\nThe line \u201cTechnologies in progress\u201d in the table above also includes internally developed software under construction and software not ready for use.\nThe amortization expense in 2019, 2018 and 2017 was $69 million, $64 million and $58 million, respectively.\n\nDecember 31, 2019 | Gross Cost | Accumulated Amortization | Net Cost\n----------------------------------------- | ---------- | ------------------------ | --------\nTechnologies & licenses | 699 | (578) | 121 \nPurchased & internally developed software | 486 | (427) | 59 \nTechnologies in progress | 119 | \u2014 | 119 \nOther intangible assets | 70 | (70) | \u2014 \nTotal | 1,374 | (1,075) | 299 \nDecember 31, 2018 | Gross Cost | Accumulated Amortization | Net Cost\nTechnologies & licenses | 705 | (592) | 113 \nPurchased & internally developed software | 459 | (404) | 55 \nTechnologies in progress | 44 | \u2014 | 44 \nOther intangible assets | 69 | (69) | \u2014 \nTotal | 1,277 | (1,065) | 212 "} {"_id": "d1b3950ac", "title": "", "text": "Note 9: Long-Term Debt\nThe Company's long-term debt consists of the following (annualized interest rates, dollars in millions):\n(1) Interest is payable on June 1 and December 1 of each year at 1.00% annually. (2) Interest is payable on April 15 and October 15 of each year at 1.625% annually. (3) Consists of U.S. real estate mortgages, term loans, revolving lines of credit, notes payable and other facilities at certain international locations where interest is payable weekly, monthly or quarterly, with interest rates between 1.00% and 4.00% and maturity dates between 2019 and 2022.\n(4) Debt discount of $20.4 million and $41.6 million for the 1.00% Notes, $71.8 million and $88.5 million for the 1.625% Notes and $10.5 million and $9.3 million for the Term Loan \"B\" Facility, in each case as of December 31, 2019 and December 31, 2018, respectively. (5) Debt issuance costs of $2.8 million and $5.8 million for the 1.00% Notes, $6.9 million and $8.5 million for the 1.625% Notes and $24.3 million and $19.2 million for the Term Loan \"B\" Facility, in each case as of December 31, 2019 and December 31, 2018, respectively.\n\n | As of | \n--------------------------------------------------------------------------------------------- | ----------------- | -----------------\n | December 31, 2019 | December 31, 2018\nAmended Credit Agreement: | | \nRevolving Credit Facility due 2024, interest payable monthly at3 .30% and 3.77%, respectively | $800.0 | $400.0 \nTerm Loan \u201cB\u201d Facility due 2026, interest payable monthly at3 .80% and 4.27%, respectively | 1,630.9 | 1,134.5 \n1.00% Notes due 2020 (1) | 690.0 | 690.0 \n1.625% Notes due 2023 (2) | 575.0 | 575.0 \nOther long-term debt (3) | 53.3 | 139.5 \nGross long-term debt, including current maturities | 3,749.2 | 2,939.0 \nLess: Debt discount (4) | (102.7) | (139.4) \nLess: Debt issuance costs (5) | (34.0) | (33.5) \nNet long-term debt, including current maturities | 3,612.5 | 2,766.1 \nLess: Current maturities | (736.0) | (138.5) \n Net long-term debt | $2,876.5 | $2,627.6 "} {"_id": "d1b3bb91e", "title": "", "text": "The Company sponsors a defined benefit plan, the Woolworths Group Superannuation Plan (WGSP or the Plan), that provides superannuation benefits for employees upon retirement. The defined benefit plan is closed to new members. The assets of the WGSP are held in a sub-plan within AMP SignatureSuper that is legally separated from the Group. The WGSP invests entirely in pooled unit trust products where prices are quoted on a daily basis.\nThe WGSP consists of members with defined benefit entitlements and defined contribution benefits. The plan also pays allocated pensions to a small number of pensioners. The following disclosures relate only to the Group\u2019s obligation in respect of defined benefit entitlements.\nThe Group contributes to the WGSP at rates as set out in the Trust Deed and Rules and the Participation Deed between the Group and AMP Superannuation Limited. Members contribute to the WGSP at rates dependent upon their membership category. The plan provides lump sum defined benefits that are defined by salary and period of membership.\nAn actuarial valuation was carried out at both reporting dates by Mr Nicholas Wilkinson, FIAA, Willis Towers Watson. The principal actuarial assumptions used for the purpose of the valuation are as follows:\n\n | 2019 | 2018\n-------------------------------- | ---- | ----\n | % | % \nDiscount rate | 2.9 | 3.8 \nExpected rate of salary increase | 2.5 | 2.5 \nRate of price inflation | 2.0 | 2.0 "} {"_id": "d1b38d4ec", "title": "", "text": "Warranty Obligations\nWe offer warranties on certain products and record a liability for the estimated future costs associated with warranty claims at the time revenue is recognized. The warranty liability is based upon historical experience and our estimate of the level of future costs. While we engage in product quality programs and processes, our warranty obligation is affected by product failure rates, material usage and service delivery costs incurred in correcting a product failure.\nWe continuously monitor product returns for warranty and maintain a reserve for the related expenses based upon our historical experience and any specifically identified field failures. As we sell new products to our customers, we must exercise considerable judgment in estimating the expected failure rates. This estimating process is based on historical experience of similar products, as well as various other assumptions that we believe to be reasonable under the circumstances.\nWe provide for the estimated cost of product warranties at the time revenue is recognized. Warranty costs are reflected in the Consolidated Statement of Income as a Cost of revenues. A reconciliation of the changes in our warranty liability is as follows (in thousands):\n\n | | Fiscal Year Ended | \n---------------------------- | ----------------- | ----------------- | -----------------\n | December 28,\n2019 | December 29, 2018 | December 30, 2017\nBalance at beginning of year | $2,102 | $ 3,662 | $2,972 \nAccruals | 3,881 | 3,181 | 8,115 \nSettlements | (4,041) | (4,741) | (7,425) \nBalance at end of year | $1,942 | $2,102 | $3,662 "} {"_id": "d1b2ee798", "title": "", "text": "22. Cash and cash equivalents\nCash at bank earns interest at floating interest rates. Of the total cash and cash equivalents balance, $79.3 million (2018 $63.9 million) is callable at notice of three months or less at the date of investment.\nShort-term bank deposits are made for varying periods of between one day and three months depending on the cash requirements of the Group and earn interest at the short-term deposit rates appropriate for the term of the deposit and currency.\nAt the end of 2019, the currency split of cash and cash equivalents was US Dollar 78 per cent (2018 83 per cent), Sterling 11 per cent (2018 8 per cent) and other currencies 11 per cent (2018 9 per cent).\nFor the purposes of the cash flow statement, cash and cash equivalents comprise the above amounts.\n\n | 2019 | 2018 \n------------------------ | --------- | ---------\n | $ million | $ million\nCash at bank | 103.9 | 57.7 \nShort-term bank deposits | 79.3 | 63.9 \n | 183.2 | 121.6 "} {"_id": "d1b30124e", "title": "", "text": "The following is a summary of investments, including those that meet the definition of a cash equivalent, as of December 31, 2018 (in thousands):\nAs of December 31, 2019, the Company\u2019s investment in corporate bonds and US treasury securities had a weighted-average maturity date of approximately five months. Unrealized gains and losses on investments were not significant individually or in aggregate, and the Company does not believe the unrealized losses represent other-than-temporary impairments as of December 31, 2019.\n\n | Amortized Cost | Unrealized Gains | Unrealized Losses | Fair Value\n------------------------------- | -------------- | ---------------- | ----------------- | ----------\nCurrent assets: | | | | \nCash | $54,275 | $\u2014 | $\u2014 | $54,275 \nCash equivalents: | | | | \nMoney market funds | 129,321 | \u2014 | \u2014 | 129,321 \nTotal cash equivalents | 129,321 | \u2014 | \u2014 | 129,321 \nTotal cash and cash equivalents | 183,596 | \u2014 | \u2014 | 183,596 \nShort-term investments: | | | | \nCorporate bonds | 58,115 | \u2014 | (82) | 58,033 \nUS treasury securities | 138,826 | \u2014 | (100) | 138,726 \nCommercial paper | 7,973 | \u2014 | \u2014 | 7,973 \nTotal short-term investments | 204,914 | \u2014 | (182) | 204,732 \nLong-term investments: | | | | \nStrategic investments | 1,250 | \u2014 | \u2014 | 1,250 \nTotal long-term investments | $1,250 | $\u2014 | $\u2014 | $1,250 "} {"_id": "d1b36daca", "title": "", "text": "ITEM 2. PROPERTIES\nThe Company leases the following real property:\nThe Company executed a three-year lease beginning in October 2017 for approximately 83,000 square feet for our Aurora, Illinois headquarters facility.\nDuring fiscal year 2019, the Company executed a two-year lease beginning in September 2018 for approximately 2,300 square feet for our Manchester, New Hampshire IBW office space.\nThe Company is currently evaluating a replacement lease for the ISM design center in Ohio.\nOn April 1, 2013, as a result of the Kentrox acquisition, the Company acquired a sixteen acre parcel of land in Dublin, Ohio. The Company sold four acres in April 2015 and is marketing the remaining twelve acres for sale.\n\nLocation | Purpose | Square footage | Termination calendar year | Segment\n-------------- | -------------------------------------------------------------- | --------------- | ------------------------- | -------\nAurora, IL | Corporate headquarters, office, distribution and manufacturing | 83,000 | 2020 | \nDublin, OH | Design center | 9,465 | 2019 | ISM \nManchester, NH | IBW office | 2,287 | 2020 | IBW "} {"_id": "d1b3ba1fe", "title": "", "text": "Executive Overview of Results \u2013 Fiscal Years Ended June 1, 2019, June 2, 2018, and June 3, 2017\nOur operating results are significantly affected by wholesale shell egg market prices and feed costs, which can fluctuate\nwidely and are outside of our control. The majority of our shell eggs are sold at independently quoted wholesale\nmarket prices for shell eggs or formulas related to our costs of production which include the cost of corn and soybean\nmeal. The following table shows our net income (loss), gross profit, net average shell egg selling price, the average\nUrner Barry wholesale large shell egg prices in the southeast region, and feed cost per dozen produced for each of our\nthree most recent fiscal years.\nThe shell egg industry has historically been subject to periods of high profitability followed by periods of significant\nloss. The periods of high profitability have often reflected increased consumer demand relative to supply while the\nperiods of significant loss have often reflected excess supply for the then prevailing consumer demand. Historically,\ndemand for shell eggs increases in line with overall population growth. As reflected above, our operating results\nfluctuate with changes in the spot egg market quote and feed costs. The net average shell egg selling price is the\nblended price for all sizes and grades of shell eggs, including non-graded shell egg sales, breaking stock and undergrades. In fiscal 2017, our net average selling price and dozens sold decreased over the previous fiscal year\nprimarily due to the oversupply of eggs resulting from the repopulation of the national flock of laying hens to levels\nexceeding the flock size prior to the avian influenza outbreak in 2015, along with a reduced demand for egg products. In\nfiscal 2018, strong demand resulted in an increase in our average selling price and dozens sold, and feed costs decreased\nover prior years. Fiscal 2019 saw an increasing U.S. flock size result in oversupply of eggs, particularly in the last half\nof the fiscal year. This resulted in decreased gross profit and net income for fiscal 2019.\nNET SALES\nNet sales for the fiscal year ended June 1, 2019 were $1,361.2 million, a decrease of $141.7 million, or 9.4%, from\nnet sales of $1,502.9 million for fiscal 2018. The decrease was primarily due to lower selling prices for non-specialty\neggs in fiscal 2019 due to the oversupply of eggs, particularly in the last half of the fiscal year, contrasted with fiscal\n2018 in which we experienced strong demand resulting in higher prices for non-specialty eggs.\nIn fiscal 2019, shell egg sales made up approximately 97% of our net sales. Total dozens sold in fiscal 2019 were 1,038.9 million, an increase of 1.2 million dozen, or 0.1%, compared to 1,037.7 million sold in fiscal 2018 resulting in an increase in net sales of $1.7 million for fiscal 2019 compared with the prior year.\nNet average selling price of shell eggs decreased from $1.397 per dozen for fiscal 2018 to $1.265 per dozen for fiscal 2019, a decrease of $0.132 per dozen, or 9.4%, primarily reflecting an abundance of eggs in the market. The decrease in sales price in fiscal 2019 from fiscal 2018 resulted in a corresponding decrease in net sales of approximately $137.1 million. Our operating results are significantly affected by wholesale shell egg market prices, which are outside of our control. Small changes in production or demand levels can have a large effect on shell egg prices.\nEgg products accounted for approximately 3% of our net sales. These revenues were $41.5 million for the fiscal year\nended June 1, 2019 compared with $43.5 million for the fiscal 2018.\n\nFiscal Year ended | June 1, 2019 | June 2, 2018 | June 3, 2017\n------------------------------------------------------------------------ | ------------ | ------------ | ------------\nNet income (loss) attributable to Cal-Maine Foods, Inc. - (in thousands) | $54,229 | $125,932 | $(74,278) \nGross profit (in thousands) | 222,859 | 361,046 | 45,550 \nNet average shell egg selling price (rounded) | 1.27 | 1.40 | 1.01 \nAverage Urner Barry Spot Egg Market Quotations 1 | 1.23 | 1.49 | 0.85 \nFeed cost per dozen produced | 0.415 | 0.394 | 0.399 "} {"_id": "d1a7210fa", "title": "", "text": "NOTE 4. OTHER ASSETS\nGoodwill\nThe carrying amount of goodwill for the fiscal years ended June 30, 2019 and 2018, by reportable segments, is as follows:\nGoodwill acquired during fiscal 2019 totaled $17,015, with $12,893 of that resulting from the purchase of BOLTS Technologies, Inc., $3,999 resulting from the purchase of Agiletics, Inc., and the remainder resulting from a measurement period adjustment on the Ensenta valuation. The goodwill arising from these acquisitions consists largely of the growth potential, synergies and economies of scale expected from combining the operations of the Company with those of BOLTS Technologies and Agiletics, together with the value of their assembled workforces. No goodwill was assigned to the Company\u2019s Corporate and Other reportable segment.\nGoodwill acquired during fiscal 2018 totaled $97,597, with $91,098 of that resulting from the purchase of Ensenta Corporation, included in the Payments segment. The remaining $6,499 of goodwill acquired during fiscal 2018 resulted from the purchase of Vanguard Software Group, which was added to the Company\u2019s Complementary segment. The goodwill arising from these acquisitions consists largely of the growth potential, synergies and economies of scale expected from combining the operations of the Company with those of Ensenta and Vanguard, together with the value of their assembled workforces. No goodwill was assigned to the Company\u2019s Corporate and Other reportable segment.\nThe Goodwill reduction during fiscal 2018 was a result of the Company\u2019s sale of jhaDirect product line in the first quarter. Goodwill allocated to the carrying amount of the net assets sold was calculated based on the relative fair values of the business disposed and the portion of the reporting unit that was retained.\n\n | June 30, | \n--------------------------------------------- | -------- | --------\nCore | 2019 | 2018 \nBeginning balance | $195,956 | $195,956\nGoodwill, acquired during the year | 4,000 | \u2014 \nGoodwill, adjustments related to dispositions | \u2014 | \u2014 \nEnding balance | $199,956 | $195,956\nPayments | | \nBeginning balance | $325,204 | $234,106\nGoodwill, acquired during the year | 122 | 91,098 \nGoodwill, adjustments related to dispositions | \u2014 | \u2014 \nEnding balance | $325,326 | $325,204\nComplementary | | \nBeginning balance | $128,769 | $122,403\nGoodwill, acquired during the year | 12,893 | 6,499 \nGoodwill, adjustments related to dispositions | \u2014 | (133) \nEnding balance | $141,662 | $128,769"} {"_id": "d1b352216", "title": "", "text": "AMERICAN TOWER CORPORATION AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Tabular amounts in millions, unless otherwise disclosed)\nAs of December 31, 2019, the Company does not have material operating or financing leases that have not yet commenced.\nMaturities of operating and finance lease liabilities as of December 31, 2019 were as follows:\n(1) Balances are translated at the applicable period-end exchange rate, which may impact comparability between periods.\n\nFiscal Year | Operating Lease (1) | Finance Lease (1)\n--------------------------------------- | ------------------- | -----------------\n2020 | $904.3 | $8.0 \n2021 | 878.3 | 5.3 \n2022 | 845.5 | 4.3 \n2023 | 810.3 | 3.0 \n2024 | 766.4 | 2.1 \nThereafter | 6,140.1 | 45.4 \nTotal lease payments | 10,344.9 | 68.1 \nLess amounts representing interest | (3,340.0) | (37.4) \nTotal lease liability | 7,004.9 | 30.7 \nLess current portion of lease liability | 494.5 | 6.7 \nNon-current lease liability | $6,510.4 | $24.0 "} {"_id": "d1b32e136", "title": "", "text": "4. Acquisitions and Divestitures\n(a) Acquisition Summary\nWe completed five acquisitions during fiscal 2019. A summary of the allocation of the total purchase consideration is presented as follows (in millions):\nOn September 28, 2018, we completed our acquisition of privately held Duo Security, Inc. (\u201cDuo\u201d), a leading provider of unified access security and multi-factor authentication delivered through the cloud. Revenue from the Duo acquisition has been included in our Security product category.\nOn February 6, 2019, we completed our acquisition of Luxtera, Inc. (\u201cLuxtera\u201d), a privately held semiconductor company. Revenue from the Luxtera acquisition has been included in our Infrastructure Platforms product category.\nThe total purchase consideration related to our acquisitions completed during fiscal 2019 consisted of cash consideration and vested share-based awards assumed. The total cash and cash equivalents acquired from these acquisitions was approximately $100 million.\n\nFiscal 2019 | Purchase Consideration | Net Tangible Assets Acquired (Liabilities Assumed) | Purchased Intangible Assets | Goodwill\n----------------------- | ---------------------- | -------------------------------------------------- | --------------------------- | --------\nDuo | $2,025 | $(57) | $342 | $1,740 \nLuxtera | 596 | (19) | 319 | 296 \nOthers (three in total) | 65 | 2 | 11 | 52 \nTotal | $2,686 | $(74) | $672 | $2,088 "} {"_id": "d1b347b86", "title": "", "text": "Item 5. Market for the Registrant\u2019s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities.\nThe Company\u2019s common stock is traded on the NASDAQ Stock Market LLC under the symbol SAFM.\nThe number of stockholders of record as of December 12, 2019, was 2,742. The number of beneficial owners of our stock is greater than the number of holders of record, and the exact number is unknown.\nThe amount of future common stock dividends will depend on our earnings, financial condition, capital requirements, the effect a dividend would have on the Company's compliance with financial covenants and other factors, which will be considered by the Board of Directors on a quarterly basis.\nDuring its fourth fiscal quarter, the Company repurchased shares of its common stock as follows:\n1 \u00a0All purchases were made pursuant to the Company's Stock Incentive Plan, as amended and restated on February 11, 2016, under which shares were withheld to satisfy tax withholding obligations.\n2 \u00a0On May 31, 2018, the Company\u2019s Board of Directors expanded and extended the share repurchase program originally approved on October 22, 2009, under which the Company was originally authorized to purchase up to one million shares of its common stock and is now authorized to purchase up to two million shares of its common stock in open market transactions or negotiated purchases, subject to market conditions, share price and other considerations. The authorization will expire on May 31, 2021. During the fourth quarter of fiscal 2018, the Company purchased 823,385 shares in open market transactions under this program. The Company\u2019s repurchases of vested restricted stock to satisfy tax withholding obligations of its Stock Incentive Plan participants are not made under the 2018 general repurchase plan.\n3 \u00a0Does not include vested restricted shares that may yet be repurchased under the Stock Incentive Plan as described in Note 1.\n\nPeriod | (a) Total Number of Shares Purchased (1) | (b) Average Price Paid per Share | (c) Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs (2) | (d) Maximum Number (or Approximate Dollar Value) of Shares that May Yet Be Purchased Under the Plans or Programs (2)(3)\n----------------------- | ---------------------------------------- | -------------------------------- | ---------------------------------------------------------------------------------------- | -----------------------------------------------------------------------------------------------------------------------\nAug. 1 - Aug. 31, 2019 | \u2014 | \u2014 | \u2014 | 1,176,615 \nSep. 1 - Sep. 30, 2019 | 901 | $151.33 | 901 | 1,176,615 \nOct. 1 - Oct. 31, 2019 | 34,344 | $154.81 | 34,344 | 1,176,615 \nTotal | 35,245 | $154.72 | 35,245 | 1,176,615 "} {"_id": "d1b32863c", "title": "", "text": "A summary of the status of the Company\u2019s nonvested options as of December 31, 2019, and changes during the year ended December 31, 2019, is presented below\nAs of December 31, 2019, the Company had 3,835,366 shares issuable under options outstanding at a weighted average exercise price of $1.34 and an intrinsic value of\n$635,536.\nAs of December 31, 2019, the Company had 3,846,299 shares issuable under options outstanding at a weighted average exercise price of $1.36 and an intrinsic value of\n$2,150,912.\nThe total number of options granted during the year ended December, 2019 and 2018 was 126,567 and 280,000, respectively. The exercise price for these options was $1.00 per share, $1.25 per share, or $1.75 per share.\nThe Company recognized compensation expense related to options issued of $797,761 and $1,130,071 during the year ended December 31, 2019 and 2018, respectively,\nwhich is included in general and administrative expenses and research and development expenses. For the year ended December 31, 2019, $562,734 of the stock compensation\nwas related to employees and $235,027 was related to non-employees.\nOn January 24, 2018, the Company entered into a consulting agreement (the \u201cAgreement\u201d) with NeuroAssets S\u00e0rl (\u201cConsultant\u201d), a Swiss company. As part of the\nagreement, on February 20, 2018, the Compensation Committee of the Company\u2019s Board of Directors approved a grant of 200,000 options under our 2016 Equity Compensation\nPlan. The options vest over 48 months in equal monthly installments with the first monthly vesting event scheduled to occur on March 20, 2018, have a term of ten years and\nare exercisable at a price of $1.75 per share. The vesting of the options will accelerate if a corporate partnership results from an introduction made by Consultant.\nOn January 24, 2018, the Company entered into a consulting agreement (the \u201cAgreement\u201d) with NeuroAssets S\u00e0rl (\u201cConsultant\u201d), a Swiss company. As part of the agreement, on February 20, 2018, the Compensation Committee of the Company\u2019s Board of Directors approved a grant of 200,000 options under our 2016 Equity Compensation Plan. The options vest over 48 months in equal monthly installments with the first monthly vesting event scheduled to occur on March 20, 2018, have a term of ten years and are exercisable at a price of $1.75 per share. The vesting of the options will accelerate if a corporate partnership results from an introduction made by Consultant.\nDuring the first quarter of 2018 the Company granted 80,000 stock options to four consultants. 50,000 of these options vest immediately and the remaining 30,000\noptions vest monthly over 48 months, have an exercise price of $1.75, and have a term of ten years\nAs of December 31, 2019, the unamortized stock option expense was $287,905 with $144,423 being related to employees and $143,482 being related to non-employees.\nAs of December 31, 2019, the weighted average period for the unamortized stock compensation to be recognized is 3.98 years\nOn February 25, 2019, the Company granted 101,567 options with an exercise price of $1.00 and a ten year term. 59,900 of these options vest immediately and 41,667\nvest bi-weekly over two months. These options have a Black-Scholes value of $199,807. The Company issued 59,900 options for settlement of accounts payable totaling\n$29,850 and recorded a loss of $99,541 on the settlement of the accounts payable\nOn February 25, 2019, the Company granted 101,567 options with an exercise price of $1.00 and a ten year term. 59,900 of these options vest immediately and 41,667 vest bi-weekly over two months. These options have a Black-Scholes value of $199,807. The Company issued 59,900 options for settlement of accounts payable totaling $29,850 and recorded a loss of $99,541 on the settlement of the accounts payable.\nOn June 17, 2019, the Company granted 25,000 options with an exercise price of $1.75 and a ten year term. These options vest immediately and have a Black-Scholes\nvalue of $36,374\n\nNonvested Options | Option | Weighted-Average Exercise Price\n--------------------------- | --------- | -------------------------------\nNonvested at December, 2017 | 1,492,861 | $1.54 \nGranted | 280,000 | $1.75 \nVested | (972,651) | $1.29 \nForfeited | | \nNonvested at December, 2018 | 800,210 | $1.63 \nGranted | 126,567 | $1.15 \nVested | (584,895) | $1.46 \nForfeited | (137,500) | $1.75 \nNonvested at December, 2019 | 204,382 | $1.74 "} {"_id": "d1a72f362", "title": "", "text": "Total Restructuring Reserves\nRestructuring reserves included on the Consolidated Balance Sheets were as follows:\n\n | | Fiscal Year End\n------------------------------------- | ------ | ---------------\n | 2019 | 2018 \n | | (in millions) \nAccrued and other current liabilities | $ 245 | $ 141 \nOther liabilities | 19 | 26 \nRestructuring reserves | $ 264 | $ 167 "} {"_id": "d1b34d766", "title": "", "text": "The credit quality and credit concentration of cash equivalents, current asset investments and derivative financial assets are detailed in the tables below. Where the opinion of Moody\u2019s and Standard & Poor\u2019s (S&P) differ, the lower rating is used.\na We hold cash collateral of \u00a3638m (2017/18: \u00a3492m, 2016/17: \u00a3702m) in respect of derivative financial assets with certain counterparties.\nThe concentration of credit risk for our trading balances is provided in note 17, which analyses outstanding balances by customerfacing unit. Where multiple transactions are undertaken with a single financial counterparty or group of related counterparties, we enter into netting arrangements to reduce our exposure to credit risk by making use of standard International Swaps and Derivatives Association (ISDA) documentation.\nWe have also entered into credit support agreements with certain swap counterparties whereby, on a daily, weekly and monthly basis, the fair value position on notional \u00a33,289m of long dated cross-currency swaps and interest rate swaps is collateralised. The related net cash inflow during the year was \u00a3129m (2017/18: outflow \u00a3220m, 2016/17: inflow \u00a3100m). The collateral paid and received is recognised within current asset investments and loans and other borrowings, respectively.\n\n | 2019 | 2018 | 2017 \n------------------------------------------- | ----- | ----- | -----\nMoody\u2019s / S&P credit rating of counterparty | \u00a3m | \u00a3m | \u00a3m \nAa2/AA and above | 2,522 | 2,575 | 1,444\nAa3/AA\u2013 | 1,376 | 313 | 208 \nA1/A+a | 1,145 | 651 | 952 \nA2/Aa | 649 | 628 | 370 \nA3/A\u2013a | 50 | 180 | 204 \nBaa1/BBB+a | 75 | 59 | 561 \nBaa2/BBB and below a | 160 | 207 | 86 \n | 5,977 | 4,613 | 3,825"} {"_id": "d1b32cf84", "title": "", "text": "Executive Director Fixed Pay increases\nThe Committee has approved Fixed Pay increases of 4% for the CEO and 3% for the CFO, effective from 1 January 2020. This is in line with the average increase awarded to the wider Unilever workforce in 2019 of 3.6%. These increases were awarded to recognise the strong leadership of both individuals in 2019, which was Alan Jope\u2019s first year in the CEO role and a year of transformation for Unilever generally. We also wanted to recognise Graeme Pitkethly\u2019s seniority in his role, coming into his 5th year as CFO.\nWhen our CEO Alan Jope was appointed on 1 January 2019 he was appointed with Fixed Pay 14% below that of what the Committee proposed for his predecessor and at the lower quartile of our remuneration benchmarking peer group, despite Unilever being one of the largest companies in this peer group. This positioning was intentional, given Alan\u2019s internal promotion on appointment. However, subject to Alan\u2019s continuing good performance the Committee will, over time, continue to review his Fixed Pay positioning and progress this towards the market median benchmark.\n* MCIP at maximum (67%) investment of bonus.\n\n | Alan Jope CEO \u20ac'000 p.a. | | Graeme Pitkethly CFO \u20ac'000 p.a. | \n---------------------------- | ------------------------ | ----- | ------------------------------- | -----\n | 2019 | 2020 | 2019 | 2020 \nFixed Pay | 1,450 | 1,508 | 1,103 | 1,136\nAnnual Bonus | 2,175 | 2,262 | 1,323 | 1,363\nMCIP* Match share award | 2,186 | 2,273 | 1,330 | 1,370\nTarget Total Pay | 5,811 | 6,043 | 3,756 | 3,869\nPersonal MCIP* Investment in | 67% | 67% | 67% | 67% \nUnilever shares | 1,457 | 1,516 | 886 | 913 "} {"_id": "d1b3a6bfe", "title": "", "text": "ITEM 6. SELECTED FINANCIAL DATA\nThe information set forth below is not necessarily indicative of results of future operations and should be read in conjunction with Item 7. \u2018\u2018Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations\u2019\u2019 and the Consolidated Financial Statements and Notes to Consolidated Financial Statements included elsewhere in this annual report.\nWe derived the consolidated statement of operations data for fiscal 2019, 2018 and 2017 and the consolidated balance sheet data as of fiscal 2019 and 2018 year-end from our audited consolidated financial statements, and accompanying notes, contained in this annual report. The consolidated statements of operations data for fiscal 2016 and 2015 and the consolidated balance sheet data as of fiscal 2017, 2016 and 2015 year-end are derived from our audited consolidated financial statements which are not included in this annual report.\n* In November 2015, the FASB issued amended guidance that clarifies that in a classified statement of financial position, an entity shall classify deferred tax liabilities and assets as noncurrent amounts. This guidance superseded ASC 740-10-45-5 which required the valuation allowance for a particular tax jurisdiction be allocated between current and noncurrent deferred tax assets for that tax jurisdiction on a pro rata basis. We elected to early adopt the standard retrospectively in fiscal 2016, which resulted in the reclassification of current deferred income tax assets to non-current deferred income tax assets and non-current deferred income tax liabilities on our consolidated balance sheets for fiscal 2017, 2016 and 2015.\n(1) Includes $16.0 million of after-tax restructuring charges, $0.4 million of after-tax amortization of purchase accounting step-up, $1.1 million of benefit from amounts received on a resolved asset recovery matter, $1.7 million non-recurring income tax net expense and $2.5 million of excess tax benefits for employee stock-based compensation.\n(2) Includes $2.9 million of after-tax restructuring charges, $0.8 million impairment and other charges, $0.7 million of after-tax acquisition costs, $0.6 million of after-tax amortization of purchase accounting step-up, $26.7 million of tax charges due to the U.S. Tax Cuts and Jobs Act transition tax and deferred tax remeasurement, $3.3 million tax charge due to an increase in valuation allowances against deferred tax assets and $12.8 million of tax benefit from the adoption of new rules for accounting for excess tax benefits and tax deficiencies for employee stock-based compensation.\n(3) Includes $19.0 million of after-tax amortization of purchase accounting step-up, $17.4 million of after tax costs related to the acquisition of Rofin, $8.4 million of after-tax restructuring charges, an after-tax charge of $1.9 million for the impairment of net assets of several entities held for sale, $1.8 million after-tax interest expense on the commitment of our term loan to finance the acquisition of Rofin, a $7.1 million after-tax gain on our hedge of our foreign exchange risk related to the commitment of our term loan and the issuance of debt to finance the acquisition of Rofin, a $3.4 million after-tax gain on our sale of previously owned Rofin shares and a benefit of $1.4 million from the closure of R&D tax audits.\n(4) Includes $6.4 million of after tax costs related to the acquisition of Rofin, a $1.4 million after-tax loss on our hedge of our foreign exchange risk related to the commitment of our term loan to finance the acquisition of Rofin, $0.8 million after-tax interest expense on the commitment of our term loan to finance the acquisition of Rofin and a benefit of $1.2 million from the renewal of the R&D tax credit for fiscal 2015.\n(5) Includes a charge of $1.3 million after tax for the impairment of our investment in SiOnyx, a $1.3 million after-tax charge for an accrual related to an ongoing customs audit, a benefit of $1.1 million from the renewal of the R&D tax credit for fiscal 2014 and a $1.3 million gain on our purchase of Tinsley in the fourth quarter of fiscal 2015.\n\n | Fiscal | Fiscal | Fiscal | Fiscal | Fiscal \n----------------------------------------------- | ---------- | ---------- | ------------------------------------- | ---------- | --------\nConsolidated financial data | 2019(1) | 2018(2) | 2017(3) | 2016(4) | 2015(5) \n | | | (in thousands, except per share data) | | \nNet sales | $1,430,640 | $1,902,573 | $1,723,311 | $857,385 | $802,460\nGross profit | $486,465 | $830,691 | $750,269 | $381,392 | $335,399\nNet income from continuing operations | $53,825 | $247,360 | $208,644 | $87,502 | $76,409 \nNet income per share from continuing operations | | | | | \nBasic | $2.23 | $10.07 | $8.52 | $3.62 | $3.09 \nDiluted | $2.22 | $9.95 | $8.42 | $3.58 | $3.06 \nShares used in computation: | | | | | \nBasic | 24,118 | 24,572 | 24,487 | 24,142 | 24,754 \nDiluted | 24,279 | 24,851 | 24,777 | 24,415 | 24,992 \nTotal assets* | $2,083,169 | $2,259,969 | $2,337,800 | $1,161,148 | $968,947\nLong-term obligations | $392,238 | $420,711 | $589,001 | $\u2014 | $\u2014 \nOther long-term liabilities* | $165,881 | $151,956 | $166,390 | $48,826 | $49,939 \nStockholders\u2019 equity | $1,284,736 | $1,314,464 | $1,163,264 | $910,828 | $796,418"} {"_id": "d1a72d184", "title": "", "text": "Other Income (Expense), Net\nInterest expense decreased $54.7 million during fiscal 2019 as compared to fiscal 2018, primarily due to elimination of the non-recourse residential financing obligations in connection with the sale of the Residential Lease Portfolio in November 2018, as well as the elimination of the sales-leaseback financing obligations in connection with the sale of the commercial sale-leaseback portfolio during the first and second quarters of fiscal 2019.\nInterest expense increased $17.7 million in fiscal 2018 as compared to fiscal 2017 primarily due to new debt and new commercial sale-leaseback arrangements.\nOther income increased by $119.4 million during fiscal 2019 as compared to fiscal 2018, primarily due to a $158.3 million gain on an equity investment with readily determinable fair value in fiscal 2019, as compared to a loss of $6.4 million in fiscal 2018. Additionally, gain on sale of equity investments during fiscal 2019 was $17.7 million, compared to $54.2 million in fiscal 2018.\nOther income increased by $143.0 million in fiscal 2018 as compared to fiscal 2017. The change is primarily due to a $54.2 million gain on the sale of our equity method investments in fiscal 2018, a $73.0 million impairment charge in fiscal 2017 in our 8point3 Energy Partners LP equity investment balance due to the adoption of ASC 606 which materially increased the investment balance and consequently, led to the recognition of an other-than-temporary impairment in the first quarter of fiscal 2017.\n\n | | Fiscal Year | \n---------------------------------- | -------- | ----------- | ----------\n(In thousands, except percentages) | 2019 | 2018 | 2017 \nInterest income | $2,702 | $3,057 | $2,100 \nInterest expense | (53,353) | (108,011) | (90,288) \nOther Income (expense): | | | \nOther, net | 174,734 | 55,314 | (87,645) \nOther income (expense), net | $124,083 | $(49,640) | $(175,833)\nAs a percentage of revenue | 7% | (3)% | (10)% "} {"_id": "d1b38f878", "title": "", "text": "Item 6. Selected Financial Data.\nSELECTED CONSOLIDATED FINANCIAL DATA\nThe following selected historical financial data should be read in conjunction with Item 7, \u201cManagement\u2019s Discussion and Analysis of Financial Condition and Results of Operations,\u201d and our consolidated financial statements and the related notes appearing in Item 8, \u201cFinancial Statements and Supplementary Data,\u201d of this Annual Report on Form 10-K to fully understand the factors that may affect the comparability of the information presented below.\nThe selected consolidated financial data in this section are not intended to replace the consolidated financial statements and are qualified in their entirety by the consolidated financial statements and related notes included elsewhere in this Annual Report on Form 10-K.\nThe following selected consolidated statements of operations data for the years ended December 31, 2019, 2018 and 2017, and the consolidated balance sheet data as of December 31, 2019 and 2018, have been derived from our audited consolidated financial statements included elsewhere in this Annual Report on Form 10-K. The consolidated statements of operations data for the years ended December 31, 2016 and 2015 and the consolidated balance sheet data as of December 31, 2017, 2016 and 2015 have been derived from our audited consolidated financial statements not included in this Annual Report on Form 10-K. The selected consolidated financial data for the year ended December 31, 2019 and as of December 31, 2019 reflects the adoption of ASU No. 2016-02, Leases (Topic 842). The selected consolidated financial data for the years ended December 31, 2019 and 2018 and as of December 31, 2019 and 2018 reflects the adoption of ASU No. 2014-09, Revenue from Contracts with Customers. See Notes 15 and 18 of the notes to consolidated financial statements for a summary of adjustments. The summary consolidated financial data for the years ended December 31, 2018, 2017, 2016 and 2015 and as of December 31, 2018, 2017, 2016 and 2015 does not reflect the adoption of ASU 2016-02. The summary consolidated financial data for the years ended December 31, 2017, 2016 and 2015 and as of December 31, 2017, 2016 and 2015 does not reflect the adoption of ASU 2014-09.\n\n | | | Year Ended December 31, | | \n-------------------------------------------------------------------------- | ---------- | ---------- | ------------------------------------------------ | ---------- | ----------\n | 2019 | 2018 | 2017 | 2016 | 2015 \n | | | (in thousands, except shares and per share data) | | \nRevenue | $200,882 | $147,094 | $104,352 | $76,846 | $58,720 \nCost of revenue(1) | 63,535 | 46,810 | 31,503 | 23,767 | 19,789 \nGross profit | 137,347 | 100,284 | 72,849 | 53,079 | 38,931 \nOperating expenses: | | | | | \nSales and marketing(1) | 87,731 | 69,608 | 46,998 | 34,847 | 25,925 \nResearch and development(1) | 50,024 | 41,305 | 22,241 | 14,765 | 11,521 \nGeneral and administrative(1) | 46,820 | 31,462 | 22,895 | 14,293 | 12,272 \nTotal operating expenses | 184,575 | 142,375 | 92,134 | 63,905 | 49,718 \nOperating loss | (47,228) | (42,091) | (19,285) | (10,826) | (10,787) \nOther expenses, net | (4,597) | (4,628) | (302) | (484) | (599) \nLoss before income taxes | (51,825) | (46,719) | (19,587) | (11,310) | (11,386) \n(Provision for) benefit from income taxes | (425) | (796) | (47) | 24 | 562 \nNet loss | $(52,250) | $(47,515) | $(19,634) | $(11,286) | $(10,824) \nNet loss per share attributable to common shareholders - basic and diluted | $(1.58) | $(1.63) | $(0.70) | $(0.68) | $(0.88) \nWeighted average shares outstanding - basic and diluted | 33,161,656 | 29,107,267 | 27,862,375 | 16,659,561 | 12,257,413"} {"_id": "d1b390570", "title": "", "text": "Our 2019 net revenues decreased 1.1% compared to the prior year, primarily due to a decrease in volumes of approximately 8%, partially compensated by an increase in average selling prices of approximately 7%. The increase in the average selling prices was driven by favorable product mix of approximately 10%, partially offset by a negative pricing effect of approximately 3%.\nOur 2018 net revenues increased 15.8% compared to the prior year, primarily due to increase in average selling prices of approximately 16%, while volumes remained substantially flat. The increase in the average selling prices was driven by favorable product mix of approximately 18%, partially offset by a negative pricing effect of approximately 2%. Our net revenues registered double-digit growth across all product groups and geographies.\nIn 2019, 2018 and 2017, our largest customer, Apple, accounted for 17.6%, 13.1% and 10.5% of our net revenues, respectively, reported within our three product groups.\n\n | Year Ended December 31, | Year Ended December 31, | Year Ended December 31, | % Variation | % Variation \n-------------- | ----------------------- | ----------------------- | ----------------------- | ------------ | ------------\n | 2019 | 2018 | 2017 | 2019 vs 2018 | 2018 vs 2017\n | (in millions) | (in millions) | (in millions) | | \nNet sales | $9,529 | $9,612 | $8,308 | (0.9)% | 15.7% \nOther revenues | 27 | 52 | 39 | (49.0) | 36.1 \nNet revenues | $9,556 | $9,664 | $8,347 | (1.1)% | 15.8% "} {"_id": "d1b3895d6", "title": "", "text": "Unaudited Pro Forma Financial Information\nThe pro forma financial information in the table below presents the combined results of operations for ACI and Speedpay as if the acquisition had occurred January 1, 2018. The pro forma information is shown for illustrative purposes only and is not necessarily indicative of future results of operations of the Company or results of operations of the Company that would have actually occurred had the transaction been in effect for the periods presented. This pro forma information is not intended to represent or be indicative of actual results had the acquisition occurred as of the beginning of each period, and does not reflect potential synergies, integration costs, or other such costs or savings.\nCertain pro forma adjustments have been made to net income (loss) for the year ended December 31, 2019 and 2018, to give effect to estimated adjustments that remove the amortization expense on eliminated Speedpay historical identifiable intangible assets, add amortization expense for the value of acquired identified intangible assets (primarily acquired software, customer relationships, and trademarks), and add estimated interest expense on the Company\u2019s additional Delayed Draw Term Loan and Revolving Credit Facility borrowings. Additionally, certain transaction expenses that are a direct result of the acquisition have been excluded from the year ended December 31, 2019.\nThe following is the unaudited summarized pro forma financial information for the periods presented (in thousands, except per share data):\nWalletron\nOn May 9, 2019, the Company also completed the acquisition of Walletron, which delivers patented mobile wallet technology. The Company has included the financial results of Walletron in the consolidated financial statements from the date of acquisition, which were not material.\nRevChip and TranSend\nOn October 1, 2019, the Company acquired certain technology assets of RevChip, LLC (\"RevChip\") and TranSend Integrated Technologies Inc. (\"TranSend\") for a combined $7.0 million. As substantially all of the value was in the developed technology, the purchase was recognized as an asset acquisition. The Company has included the financial results of RevChip and TranSend in the consolidated financial statements from the date of acquisition, which were not material.\n\n | Years Ended December 31, | \n--------------------------- | ------------------------ | ----------\n | 2019 | 2018 \nPro forma revenue | $1,382,957 | $1,361,729\nPro forma net income | $82,003 | $88,428 \nPro forma income per share: | | \nBasic | $ 0.71 | $ 0.76 \nDiluted | $ 0.69 | $ 0.75 "} {"_id": "d1b338d98", "title": "", "text": "Note 11. Share-Based Compensation\nA summary of share-based compensation expense recognized in the Company\u2019s Consolidated Statements of Operations is as follows (in thousands):\n\n | | Year ended December 31, | \n-------------------------------------- | -------- | ----------------------- | ------\n | 2019 | 2018 | 2017 \nCost of revenues | $8,741 | $4,982 | $3,735\nResearch and development | 23,132 | 14,975 | 9,550 \nSales and marketing | 38,325 | 27,324 | 16,015\nGeneral and administrative | 31,156 | 20,807 | 12,760\nTotal share-based compensation expense | $101,354 | 68,088 | 42,060"} {"_id": "d1b38224a", "title": "", "text": "The 2019 operating expenses increased 3.9% compared to the prior year, mainly due to salary dynamic, increased spending in certain R&D programs and higher share-based compensation cost, partially offset by favorable currency effects, net of hedging.\nThe 2018 operating expenses increased 9.5% compared to the prior year, mainly due to unfavorable currency effects, net of hedging, salary dynamic, increased R&D activities and higher costs of the share-based compensation plans.\nThe R&D expenses were net of research tax credits in France and Italy, which amounted to $126 million in 2019, $138 million in 2018 and $124 million in 2017.\n\n | Year Ended December 31, | Year Ended December 31, | Year Ended December 31, | Variation | Variation \n-------------------------------------------- | ----------------------- | ----------------------- | ----------------------- | ------------ | ------------\n | 2019 | 2018 | 2017 | 2019 vs 2018 | 2018 vs 2017\n | (In millions) | (In millions) | (In millions) | | \nSelling, general and administrative expenses | $(1,093) | $(1,095) | $(981) | 0.3% | (11.7)% \nResearch and development expenses | (1,498) | (1,398) | (1,296) | (7.1) | (7.9) \nTotal operating expenses | $(2,591) | $(2,493) | $(2,277) | (3.9)% | (9.5)% \nAs percentage of net revenues | (27.1)% | (25.8)% | (27.3)% | -130 bps | +150 bps "} {"_id": "d1b34fb10", "title": "", "text": "GasLog Ltd. and its Subsidiaries\nNotes to the consolidated financial statements (Continued)\nFor the years ended December 31, 2017, 2018 and 2019\n(All amounts expressed in thousands of U.S. Dollars, except share and per share data)\n7. Leases (Continued)\nOn February 24, 2016, GasLog\u2019s subsidiary, GAS-twenty six Ltd., completed the sale and leaseback of the Methane Julia Louise with a subsidiary of Mitsui. Mitsui has the right to on-sell and lease back the vessel. The vessel was sold to Mitsui for a cash consideration of $217,000. GasLog leased back the vessel under a bareboat charter from Mitsui for a period of up to 20 years. GasLog has the option to repurchase the vessel on pre-agreed terms no earlier than the end of year ten and no later than the end of year 17 of the bareboat charter. The bareboat hire is fixed and GasLog had a holiday period for the first 210 days, which expired on September 21, 2016. This leaseback meets the definition of a finance lease under IAS 17 Leases.\nThe movements in right-of use assets are reported in the following table:\n*The balance as of December 31, 2018 represented the vessel held under finance lease and was included in the financial statement line \u2018\u2018Vessel held under finance lease\u2019\u2019, which was renamed to \u2018\u2018Right-of-use assets\u2019\u2019 as of January 1, 2019.\n\nRight-of-Use Assets | Vessel | Vessel Equipment | Properties | Other | Total \n----------------------- | ---------- | ---------------- | ---------- | ----- | --------\nAs of January 1, 2019 | 206,753(*) | 2,630 | 4,969 | 19 | 214,371 \nAdditions | 1,001 | 336 | 1,080 | 47 | 2,464 \nDepreciation expense | (7,722) | (1,109) | (1,499) | (10) | (10,340)\nAs of December 31, 2019 | 200,032 | 1,857 | 4,550 | 56 | 206,495 "} {"_id": "d1b35f90c", "title": "", "text": "A discussion of net sales by reportable segment is presented below for the indicated fiscal years (in millions):\nAMER. Net sales for fiscal 2019 in the AMER segment increased $210.4 million, or 17.3%, as compared to fiscal 2018. The increase in net sales was driven by a $181.7 million increase in production ramps of new products for existing customers, a $13.5 million increase in production ramps for new customers and overall net increased customer end-market demand. The increase was partially offset by a $16.4 million decrease for end-of-life products and a $6.0 million reduction due to disengagements with customers.\nAPAC. Net sales for fiscal 2019 in the APAC segment increased $59.2 million, or 4.0%, as compared to fiscal 2018. The increase in net sales was driven by an $87.3 million increase in production ramps of new products for existing customers and a $58.1 million increase in production ramps for new customers. The increase was partially offset by a $28.4 million reduction due to a disengagement with a customer, a $7.3 million decrease for end-of-life products and overall net decreased customer end-market demand.\nEMEA. Net sales for fiscal 2019 in the EMEA segment increased $28.4 million, or 10.1%, as compared to fiscal 2018. The increase in net sales was the result of a $20.2 million increase in production ramps of new products for existing customers, a $4.2 million increase in production ramps for new customers and overall net increased customer end-market demand. The increase was partially offset by a $6.2 million reduction due to a disengagement with a customer.\n\n | 2019 | 2018 \n---------------------------------- | -------- | --------\nNet sales: | | \nAMER | $1,429.3 | $1,218.9\nAPAC | 1,557.2 | 1,498.0 \nEMEA | 309.9 | 281.5 \nElimination of inter-segment sales | (132.0) | (124.9) \nTotal net sales | 3,164.4 | 2,873.5 "} {"_id": "d1b39cb0e", "title": "", "text": "Definite-Lived Intangible Assets, Net\nThe following table summarizes the changes in the carrying amount of definite-lived intangible assets during the periods presented (table in millions):\nUpon adoption of Topic 842 on February 2, 2019, leasehold interest of $116 million related to favorable terms of certain ground lease agreements was derecognized and adjusted to the carrying amount of the operating lease ROU assets and classified as other assets on the consolidated balance sheets. Prior to adoption, these assets were classified as intangible assets, net on the consolidated balance sheets.\n\n | January 31, 2020 | February 1, 2019\n--------------------------------------------------------------- | ---------------- | ----------------\nBalance, beginning of the year | $966 | $1,059 \nAdditions to intangible assets related to business combinations | 622 | 154 \nAmortization expense | (300) | (247) \nDerecognized leasehold interest | (116) | \u2014 \nBalance, end of the year | $1,172 | $966 "} {"_id": "d1b38897e", "title": "", "text": "Stock Option Activity - The weighted-average fair value of options granted during the years ended December 31, 2019, 2018 and 2017, as determined under the Black-Scholes-Merton valuation model, was $12.07, $10.42 and $6.75, respectively. Option grants that vested during the years ended December 31, 2019, 2018 and 2017 had a combined fair value of $2.5 million, $1.5 million and $1.7 million, respectively.\nThe following table summarizes stock option activity for the years ended December 31, 2019, 2018 and 2017:\n\n | Number of Shares | Weighted Average Exercise Price | Aggregate Intrinsic Value (in thousands) | Weighted Average Remaining Contractual Life\n---------------------------------------------- | ---------------- | ------------------------------- | ---------------------------------------- | -------------------------------------------\nStock options outstanding at December 31, 2016 | 1,160,419 | $29.93 | $14,299 | \nGranted | 534,030 | $42.90 | | \nExercised | (463,800) | $29.34 | $7,203 | \nCancelled and expired | (61,241) | $33.80 | | \nStock options outstanding at December 31, 2017 | 1,169,408 | $35.88 | $16,731 | \nGranted | 466,828 | $54.87 | | \nExercised | (420,524) | $30.05 | $12,411 | \nCancelled and expired | (122,312) | $43.85 | | \nStock options outstanding at December 31, 2018 | 1,093,400 | $45.34 | $8,776 | \nGranted | 489,947 | $63.87 | | \nExercised | (338,748) | $37.94 | $9,641 | \nCancelled and expired | (108,504) | $51.21 | | \nStock options outstanding at December 31, 2019 | 1,136,095 | $54.98 | $28,291 | 4 years \nStock options exercisable at December 31, 2019 | 290,540 | $44.90 | $10,163 | 3 years "} {"_id": "d1b38dc80", "title": "", "text": "PSUs \u2013 Total Shareholder Return (TSR)\nThe PSUs granted based on TSR are contingently awarded and will be payable in shares of the Company\u2019s common stock subject to the condition that the number of PSUs, if any, earned by the employees upon the expiration of a three-year award performance period is dependent on the Company\u2019s TSR ranking relative to a peer group of companies. The fair value of the PSUs based on TSR was estimated on the grant date using a Monte Carlo Simulation. Other assumptions include the expected volatility of all companies included in the TSR, the historical share price returns analysis of all companies included in the TSR and assumes dividends are reinvested. The expected volatility was based on the historical volatility for a period of time that approximates the duration between the valuation date and the end of the performance period. The risk-free interest rate is based on the Zero-Coupon Treasury STRIP yield curve matching the term from the valuation date to the end of the performance period. Compensation expense for the PSUs based on TSR (which is considered a market condition) is a fixed amount determined at the grant date fair value and is recognized 100% over the three-year award performance period regardless of whether PSUs are awarded at the end of the award performance period.\nThe number of PSUs granted based on TSR and the assumptions used to calculate the grant date fair value of the PSUs based on TSR are shown in the following table:\n(1) For 2019, this represents the weighted average fair value for PSU awards approved during the first and third quarter.\n(2) For 2019, values represent weighted average assumptions for PSU awards approved during the first and third quarter.\n(3) On May 18, 2017, the O&C Committee approved a change in the vesting policy regarding the existing 2017 Three year PSU Awards for Ilham Kadri. The modified vesting terms resulted in award modification accounting treatment. The weighted average fair value on grant date reflects the impact of the fair value on date of modification for these awards.\n\n | 2019 | 2018 | 2017 \n------------------------------------------------ | ------- | ------- | -------\nNumber of units granted | 70,543 | 56,829 | 100,958\nWeighted average fair value on grant date(1) (3) | $ 57.53 | $ 43.40 | $ 44.24\nExpected Price volatility(2) | 22.86% | 22.00% | 25.31 %\nRisk-free interest rate(2) | 2.36% | 2.00% | 1.56 % "} {"_id": "d1b349b3e", "title": "", "text": "Cost of Revenue, Gross Profit, and Gross Margin\nCost of revenue increased $4.9 million, or 3%, in 2019 as compared to 2018. The increase in cost of revenue was primarily due to $12.1 million in increased personnel expenses, stock-based compensation, and overhead costs, $3.9 million in increased content costs, $3.6 million in increased amortization of acquired intangible assets, and $1.6 million in increased capitalized software amortization. These increased costs were partially offset by $16.4 million in decreased external implementation professional service costs. These costs were incurred to service our existing customers and support our continued growth. The improvement in gross margin was primarily due to a higher mix of subscription revenue, which carries a higher gross margin.\nCost of revenue increased $1.5 million, or 1%, in 2018 as compared to 2017. The increase in cost of revenue was primarily due to $6.0 million in increased capitalized software amortization and $4.5 million in increased content costs. These increased costs were partially offset by $6.6 million in decreased amortization of acquired intangible assets and $2.9 million in external implementation service costs. These costs were incurred to service our existing customers and support our continued growth. The improvement in gross margin was primarily due to a higher mix of subscription revenue, which carries a higher gross margin.\n\n | | Year Ended December 31, | \n--------------- | -------- | ----------------------- | --------\n | 2019 | 2018 | 2017 \n | | (dollars in thousands) | \nCost of revenue | $149,215 | $144,349 | $142,867\nGross profit | $427,308 | $393,542 | $339,118\nGross margin | 74.1% | 73.2% | 70.4% "} {"_id": "d1b32136e", "title": "", "text": "Revenue from external customers, classified by significant product and service offerings, was as follows:\nOur commercial cloud revenue, which includes Office 365 Commercial, Azure, the commercial portion of LinkedIn, Dynamics 365, and other commercial cloud properties, was $38.1 billion, $26.6 billion and $16.2 billion in fiscal years 2019, 2018, and 2017, respectively. These amounts are primarily included in Office products and cloud services, Server products and cloud services, and LinkedIn in the table above.\n\n | | (In millions) | \n---------------------------------- | ---------- | ------------- | ----------\nYear Ended June 30, | 2019 | 2018 | 2017 \nServer products and cloud services | $ 32,622 | $ 26,129 | $ 21,649 \nOffice products and cloud services | 31,769 | 28,316 | 25,573 \nWindows | 20,395 | 19,518 | 18,593 \nGaming | 11,386 | 10,353 | 9,051 \nSearch advertising | 7,628 | 7,012 | 6,219 \nLinkedIn | 6,754 | 5,259 | 2,271 \nEnterprise Services | 6,124 | 5,846 | 5,542 \nDevices | 6,095 | 5,134 | 5,062 \nOther | 3,070 | 2,793 | 2,611 \nTotal | $ 125,843 | $ 110,360 | $ 96,571"} {"_id": "d1b2f2a1e", "title": "", "text": "Segments\nWe operate through three reportable segments: Transportation Solutions, Industrial Solutions, and Communications Solutions. We believe our segments serve a combined market of approximately $190 billion.\nOur net sales by segment as a percentage of our total net sales were as follows:\nBelow is a description of our reportable segments and the primary products, markets, and competitors of each segment.\nTransportation Solutions The Transportation Solutions segment is a leader in connectivity and sensor technologies. The primary products sold by the Transportation Solutions segment include terminals and connector systems and components, sensors, antennas, relays, application tooling, and wire and heat shrink tubing. The Transportation Solutions segment\u2019s products, which must withstand harsh conditions, are used in the following end markets:\n\u2022 Automotive (73% of segment\u2019s net sales)\u2014We are one of the leading providers of advanced automobile connectivity solutions. The automotive industry uses our products in automotive technologies for body and chassis systems, convenience applications, driver information, infotainment solutions, miniaturization solutions, motor and powertrain applications, and safety and security systems. Hybrid and electronic mobility solutions include in-vehicle technologies, battery technologies, and charging solutions.\n\u2022 Commercial transportation (15% of segment\u2019s net sales)\u2014We deliver reliable connectivity products designed to withstand harsh environmental conditions for on- and off-highway vehicles and recreational transportation, including heavy trucks, construction, agriculture, buses, and other vehicles.\n\u2022 Sensors (12% of segment\u2019s net sales)\u2014We offer a portfolio of intelligent, efficient, and high-performing sensor solutions that are used by customers across multiple industries, including automotive, industrial equipment, commercial transportation, medical solutions, aerospace and defense, and consumer applications.\nThe Transportation Solutions segment\u2019s major competitors include Yazaki, Aptiv, Sumitomo, Sensata, Honeywell, Molex, and Amphenol.\nIndustrial Solutions The Industrial Solutions segment is a leading supplier of products that connect and distribute power, data, and signals. The primary products sold by the Industrial Solutions segment include terminals and connector systems and components, heat shrink tubing, relays, and wire and cable. The Industrial Solutions segment\u2019s products are used in the following end markets:\n\u2022 Industrial equipment (49% of segment\u2019s net sales)\u2014Our products are used in factory automation and process control systems such as industrial controls, robotics, human machine interface, industrial communication, and power distribution. Our intelligent building products are used to connect lighting, HVAC, elevators/escalators, and security. Our rail products are used in high-speed trains, metros, light rail vehicles, locomotives, and signaling switching equipment. Our products are also used by the solar industry. The medical industry uses our products in imaging, diagnostic, surgical, and minimally invasive interventional applications.\n\u2022 Aerospace, defense, oil, and gas (33% of segment\u2019s net sales)\u2014We design, develop, and manufacture a comprehensive portfolio of critical electronic components and systems for the harsh operating conditions of the aerospace, defense, and marine industries. Our products and systems are designed and manufactured to operate effectively in harsh conditions ranging from the depths of the ocean to the far reaches of space.\n\u2022 Energy (18% of segment\u2019s net sales)\u2014Our products are used by OEMs and utility companies in the electrical power industry and include a wide range of solutions for the electrical power generation, transmission, distribution, and industrial markets.\nThe Industrial Solutions segment competes primarily against Amphenol, Belden, Hubbell, Carlisle Companies, 3M, Integer Holdings, Esterline, Molex, and Phoenix Contact.\nCommunications Solutions The Communications Solutions segment is a leading supplier of electronic components for the data and devices and the appliances markets. The primary products sold by the Communications Solutions segment include terminals and connector systems and components, relays, heat shrink tubing, and antennas. The Communications Solutions segment\u2019s products are used in the following end markets:\n\u2022 Data and devices (59% of segment\u2019s net sales)\u2014We deliver products and solutions that are used in a variety of equipment architectures within the networking equipment, data center equipment, and wireless infrastructure industries. Additionally, we deliver a range of connectivity solutions for the Internet of Things, smartphones, tablet computers, notebooks, and virtual reality applications to help our customers meet their current challenges and future innovations.\n\u2022 Appliances (41% of segment\u2019s net sales)\u2014We provide solutions to meet the daily demands of home appliances. Our products are used in many household appliances, including washers, dryers, refrigerators, air conditioners, dishwashers, cooking appliances, water heaters, air purifiers, floor care devices, and microwaves. Our expansive range of standard products is supplemented by an array of custom-designed solutions.\nThe Communications Solutions segment\u2019s major competitors include Amphenol, Molex, JST, and Korea Electric Terminal (KET).\n\n | | Fiscal | \n------------------------ | ----- | ------ | -----\n | 2019 | 2018 | 2017 \nTransportation Solutions | 58 % | 59 % | 58 % \nIndustrial Solutions | 30 | 28 | 29 \nCommunications Solutions | 12 | 13 | 13 \nTotal | 100 % | 100 % | 100 %"} {"_id": "d1b2e4efa", "title": "", "text": "The fair value of our foreign exchange forward contracts is presented on a gross basis in our Condensed Consolidated Balance Sheets. To mitigate losses in the event of nonperformance by counterparties, we have entered into master netting arrangements with our counterparties that allow us to settle payments on a net basis. The effect of netting on our derivative assets and liabilities was not material as of March 29, 2019 and March 30, 2018.\nThe notional amount of our outstanding foreign exchange forward contracts in U.S. dollar equivalent was as follows:\n\n(In millions) | March 29, 2019 | March 30, 2018\n-------------------------------------------- | -------------- | --------------\nNet investment hedges | | \nForeign exchange forward contracts sold | $116 | $\u2014 \nBalance sheet contracts | | \nForeign exchange forward contracts purchased | $963 | $697 \nForeign exchange forward contracts sold | $122 | $151 "} {"_id": "d1b370068", "title": "", "text": "Openreach has a UK-wide presence which is overlapped by our competitors in around half the country. This overlap is expected to grow as alternative network providers build-out new fibre footprint. Our volume discount deal, signed with the majority of our major communications provider customers, has led to another record quarter for fibre sales. We are also rapidly expanding our fibre-to-the-premises network to provide the next generation of services for our customers. We have experienced strong demand from businesses for Ethernet circuits for the second consecutive quarter.\nAdjusteda revenue decline of 4% for the year was driven by regulated price reductions predominantly on FTTC and Ethernet products, non-regulated price reductions (mainly driven by communications providers signing up for fibre volume discounts), a small decline in our physical line base and a reclassification of costs to revenue. This was partly offset by 25% growth in our fibre rental base, a 9% increase in our Ethernet rental base and the impact of adopting IFRS 15.\nAdjusteda operating costs were broadly flat, with higher costs from recruiting and training engineers to support our \u2018Fibre First\u2019 programme and help improve customer experience, as well as pay inflation and business rates, offset by efficiency savings and a reclassification of costs to revenue. Adjusteda EBITDA was down 7% for the year.\nCapital expenditure was \u00a32.1bn, up 22%, driven by investment in our FTTP and Gfast network build and higher year-on-year BDUK net grant funding deferrals, partly offset by efficiency savings.\nNormalised free cash flowb was down 38% due to the EBITDA decline, higher underlying capital expenditure (excluding BDUK grant funding deferrals) and timing of customer receipts.\na Adjusted measures exclude specific items, as explained in the Additional Information on page 185. b Free cash flow after net interest paid, before pension deficit payments (including the cash tax benefit of pension deficit payments) and specific items. c Openreach comparatives have been re-presented to reflect the transfer of Northern Ireland Networks from Enterprise to Openreach.\n\nOpenreachc | | | | \n--------------------------- | -------------- | ------------- | -------------------------------- | ----\nAdjusteda revenue \u00a35,075m | | | Adjusteda operating profit \u00a3955m | \n | 2019 (IFRS 15) | 2018 (IAS 18) | Change | \nYear to 31 March | \u00a3m | \u00a3m | \u00a3m | % \nAdjusted a revenue | 5,075 | 5,278 | (203) | (4) \nAdjusted a operating costs | 2,652 | 2,663 | (11) | \u2013 \nAdjusted a EBITDA | 2,423 | 2,615 | (192) | (7) \nDepreciation & amortisation | 1,468 | 1,401 | 67 | 5 \nAdjusted a operating profit | 955 | 1,214 | (259) | (21)\nCapital expenditure | 2,081 | 1,699 | 382 | 22 \nNormalised free cash flowb | 685 | 1,100 | (415) | (38)"} {"_id": "d1b3c77f0", "title": "", "text": "As of December 31, 2019, maturities of lease liabilities were as follows:\nAs of December 31, 2019, we had no material operating or finance leases that had not yet commenced.\n\n | Operating Leases | Finance Leases\n--------------------- | --------------------- | --------------\n | (Dollars in millions) | \n2020 | $460 | 47 \n2021 | 361 | 28 \n2022 | 308 | 22 \n2023 | 265 | 22 \n2024 | 194 | 21 \nThereafter | 686 | 170 \nTotal lease payments | 2,274 | 310 \nLess: interest | (516) | (90) \nTotal | $1,758 | 220 \nLess: current portion | (416) | (35) \nLong-term portion | $1,342 | 185 "} {"_id": "d1b30f236", "title": "", "text": "Revenues. Revenues increased by 9% to RMB105.8 billion for the fourth quarter of 2019 on a quarter-on-quarter basis.\nRevenues from VAS increased by 3% to RMB52,308 million for the fourth quarter of 2019. Online games revenues grew by 6% to RMB30,286 million. The increase was primarily due to revenue contributions from domestic smart phone titles such as Peacekeeper Elite, as well as revenues contributed from Supercell commencing in the fourth quarter of 2019, partly offset by the decrease in revenues from PC client games. Social networks revenues were RMB22,022 million, broadly stable compared to the third quarter of 2019.\nRevenues from FinTech and Business Services increased by 12% to RMB29,920 million for the fourth quarter of 2019. The increase mainly reflected the growth of commercial payment, social payment and cloud services.\nRevenues from Online Advertising increased by 10% to RMB20,225 million for the fourth quarter of 2019. Social and others advertising revenues grew by 11% to RMB16,274 million. The increase was primarily driven by greater revenues from our mobile advertising network and Weixin Moments, benefitting from the positive seasonality of eCommerce promotional activities in the fourth quarter. Media advertising revenues increased by 8% to RMB3,951 million. The increase mainly reflected greater advertising revenues from our media platforms including Tencent Video, Tencent News and TME.\nCost of revenues. Cost of revenues increased by 9% to RMB59,659 million for the fourth quarter of 2019 on a quarter-onquarter basis. The increase was primarily driven by greater channel costs, costs of FinTech services and content costs. As a percentage of revenues, cost of revenues was 56% for the fourth quarter of 2019, broadly stable compared to the third quarter of 2019.\nCost of revenues for VAS increased by 7% to RMB26,120 million for the fourth quarter of 2019. The increase was primarily due to greater content costs for live broadcast services and major eSport events, as well as higher channel and content costs for smart phone games, including the channel costs attributable to Supercell.\nCost of revenues for FinTech and Business Services increased by 11% to RMB21,520 million for the fourth quarter of 2019. The increase mainly reflected greater costs from increased volume of payment activities and greater scale of cloud services.\nCost of revenues for Online Advertising decreased by 2% to RMB9,241 million for the fourth quarter of 2019. The decrease was primarily driven by lower content costs for our advertising-funded long form video service, partly offset by traffic acquisition costs due to revenue growth from our advertising network.\nSelling and marketing expenses. Selling and marketing expenses increased by 17% to RMB6,712 million for the fourth quarter of 2019 on a quarter-on-quarter basis. The increase mainly reflected seasonally greater marketing spending on smart phone games and digital content services, as well as expenses attributable to Supercell.\nGeneral and administrative expenses. General and administrative expenses increased by 18% to RMB16,002 million for the fourth quarter of 2019 on a quarter-on-quarter basis. The increase was mainly due to greater R&D expenses and staff costs, including expenses attributable to Supercell.\nShare of (loss)/profit of associates and joint ventures. We recorded share of losses of associates and joint ventures of RMB1,328 million for the fourth quarter of 2019, compared to share of profit of RMB234 million for the third quarter of 2019. The movement mainly reflected certain associates booking non-cash fair value changes to their investment portfolios.\nProfit attributable to equity holders of the Company. Profit attributable to equity holders of the Company increased by 6% to RMB21,582 million for the fourth quarter of 2019 on a quarter-on-quarter basis. Non-IFRS profit attributable to equity holders of the Company increased by 4% to RMB25,484 million.\n\n | Unaudited | \n------------------------------------------------------------- | ------------------ | ------------\n | Three months ended | \n | 31 December | 30 September\n | 2019 | 2019 \n | (RMB in millions) | \nRevenues | 105,767 | 97,236 \nCost of revenues | (59,659) | (54,757) \nGross profit | 46,108 | 42,479 \nInterest income | 1,580 | 1,674 \nOther gains, net | 3,630 | 932 \nSelling and marketing expenses | (6,712) | (5,722) \nGeneral and administrative expenses | (16,002) | (13,536) \nOperating profit | 28,604 | 25,827 \nFinance costs, net | (2,767) | (1,747) \nShare of (loss)/profit of associates and joint ventures | (1,328) | 234 \nProfit before income tax | 24,509 | 24,314 \nIncome tax expense | (2,137) | (3,338) \nProfit for the period | 22,372 | 20,976 \nAttributable to: | | \nEquity holders of the Company | 21,582 | 20,382 \nNon-controlling interests | 790 | 594 \n | 22,372 | 20,976 \nNon-IFRS profit attributable to equity holders of the Company | 25,484 | 24,412 "} {"_id": "d1b32e3fc", "title": "", "text": "Note 4 \u2013 Stock-Based Compensation\nStock Incentive Program Descriptions\nIn January 2006, the Board of Directors adopted the ADTRAN, Inc. 2006 Employee Stock Incentive Plan (the \u201c2006 Plan\u201d), which authorized 13.0 million shares of common stock for issuance to certain employees and officers through incentive stock options and non-qualified stock options, stock appreciation rights, RSUs and restricted stock. The 2006 Plan was adopted by stockholder approval at our annual meeting of stockholders held in May 2006. Options granted under the 2006 Plan typically become exercisable beginning after one year of continued employment, normally pursuant to a four-year vesting schedule beginning on the first anniversary of the grant date and had a ten-year contractual term. The 2006 Plan was replaced in May 2015 by the ADTRAN, Inc. 2015 Employee Stock Incentive Plan (the \u201c2015 Plan\u201d). Expiration dates of options outstanding as of December 31, 2019 under the 2006 Plan range from 2020 to 2024.\nIn January 2015, the Board of Directors adopted the 2015 Plan, which authorized 7.7 million shares of common stock for issuance to certain employees and officers through incentive stock options and non-qualified stock options, stock appreciation rights, PSUs, RSUs and restricted stock. The 2015 Plan was adopted by stockholder approval at our annual meeting of stockholders held in May 2015. PSUs, RSUs and restricted stock granted under the 2015 Plan reduce the shares authorized for issuance under the 2015 Plan by 2.5 shares of common stock for each share underlying the award. Options granted under the 2015 Plan typically become exercisable beginning after one year of continued employment, normally pursuant to a four-year vesting schedule beginning on the first anniversary of the grant date and have a ten-year contractual term. Expiration dates of options outstanding as of December 31, 2019 under the 2015 Plan range from 2025 to 2026.\nOur stockholders approved the 2010 Directors Stock Plan (the \u201c2010 Directors Plan\u201d) in May 2010, under which 0.5 million shares of common stock have been reserved for issuance. This plan replaced the 2005 Directors Stock Option Plan. Under the 2010 Directors Plan, the Company may issue stock options, restricted stock and RSUs to our non-employee directors. Stock awards issued under the 2010 Directors Plan become vested in full on the first anniversary of the grant date. Options issued under the 2010 Directors Plan had a ten-year contractual term. All remaining options under the 2010 Directors Plan expired in 2019.\nThe following table summarizes stock-based compensation expense related to stock options, PSUs, RSUs and restricted stock for the years ended December 31, 2019, 2018 and 2017, which was recognized as follows:\n\n(In thousands) | 2019 | 2018 | 2017 \n---------------------------------------------------------------------------------------------- | ------- | ------- | -------\nStock-based compensation expense included in cost of sales | $369 | $418 | $379 \nSelling, general and administrative expense | 3,889 | 3,989 | 4,063 \nResearch and development expense | 2,704 | 2,748 | 2,991 \nStock-based compensation expense included in operating expenses | 6,593 | 6,737 | 7,054 \nTotal stock-based compensation expense | 6,962 | 7,155 | 7,433 \nTax benefit for expense associated with non-qualified options, PSUs, RSUs and restricted stock | (1,659) | (1,432) | (1,699)\nTotal stock-based compensation expense, net of tax | $5,303 | $5,723 | $5,734 "} {"_id": "d1b3a079a", "title": "", "text": "The net deferred tax asset is classified on the consolidated balance sheets as follows (in thousands):\nWe have various tax attribute carryforwards which include the following:\n\u2022 Foreign federal and local gross net operating loss carryforwards are $61.6 million, of which $47.0 million have no expiration date and $14.6 million have various expiration dates beginning in fiscal 2020. Among the total of $61.6 million foreign net operating loss carryforwards, a valuation allowance of $31.7 million has been provided for certain jurisdictions since the recovery of the carryforwards is uncertain. U.S. federal and certain state gross net operating loss carryforwards are $14.0 million and $30.7 million, respectively, which were acquired from our acquisitions. A full valuation allowance against certain other state net operating losses of $30.7 million has been recorded. California gross net operating loss carryforwards are $2.8 million and are scheduled to expire beginning in fiscal 2032.\n\u2022 U.S. federal R&D credit carryforwards of $35.4 million are scheduled to expire beginning in fiscal 2025. California R&D credit carryforwards of $32.2 million have no expiration date. A total of $27.1 million valuation allowance, before U.S. federal benefit, has been recorded against California R&D credit carryforwards of $32.2 million since the recovery of the carryforwards is uncertain. Other states R&D credit carryforwards of $3.9 million are scheduled to expire beginning in fiscal 2020. A valuation allowance totaling $2.7 million, before U.S. federal benefit, has been recorded against certain state R&D credit carryforwards of $3.9 million since the recovery of the carryforwards is uncertain.\n\u2022 U.S. federal foreign tax credit carryforwards of $51.9 million are scheduled to expire beginning in fiscal 2022.\n\n | Fiscal year-end | \n------------------------------------------- | --------------- | --------\n | 2019 | 2018 \nNon-current deferred income tax assets | $87,011 | $64,858 \nNon-current deferred income tax liabilities | (27,785) | (26,339)\nNet deferred tax assets | $59,226 | $38,519 "} {"_id": "d1b30e5d4", "title": "", "text": "Dividend Policy\nOur policy is to declare quarterly dividends to shareholders as decided by the Board of Directors. The dividend to shareholders could be higher than the operating cash flow or the dividend to shareholders could be lower than the operating cash flow after reserves as the Board of Directors may from time to time determine are required, taking into account contingent liabilities, the terms of our borrowing agreements, our other cash needs and the requirements of Bermuda law.\nTotal dividends distributed in 2019 totaled $14.3 million or $0.10 per share. The quarterly dividend payments per share over the last 5 years have been as follows:\n* Includes $0.05 per share distributed as dividend-in-kind.\nThe Company declared a dividend of $0.07 per share in respect of the fourth quarter of 2019, which was paid to shareholders on March 16, 2020.\n\nPeriod | 2019 | 2018 | 2017 | 2016 | 2015 \n------------ | ----- | ----- | ------- | ----- | -----\n1st Quarter | $0.04 | $0.03 | $0.20 | $0.43 | $0.22\n2nd Quarter | $0.03 | $0.01 | $0.20 | $0.43 | $0.38\n3rd Quarter | $0.01 | $0.02 | $0.15* | $0.25 | $0.40\n4th Quarter | $0.02 | $0.01 | $0.03 | $0.26 | $0.38\nTotal | $0.10 | $0.07 | $0.58 | $1.37 | $1.38"} {"_id": "d1a73e024", "title": "", "text": "Item 6: Selected Financial Data\nThe following selected consolidated financial data is derived from our consolidated financial statements. This data should be read in conjunction with our consolidated financial statements and the related notes, and Item 7: Management's Discussion and Analysis of Financial Condition and Results of Operations contained elsewhere in this Annual Report on Form 10-K.\n(1) Fiscal 2018 net income includes an income tax benefit of $75.8 million from a valuation allowance release against certain U.S. deferred tax assets. See Note 13 of Notes to Consolidated Financial Statements. (2) Fiscal 2019, 2018, 2017, 2016, and 2015 net income (loss) includes restructuring charges, net, of $0.5 million, $0.2 million, $0.8 million, $7.3 million and $0.6 million, respectively.\n(3) Fiscal 2016 net loss includes impairment charges of $12.4 million. (4) Fiscal 2015 net loss includes the following: i) a $1.5 million gain from a business interruption insurance claim relating to a factory fire at a customer's facility; and ii) a $1.0 million net gain from the sale of intellectual property.\n(5) Fiscal 2016 includes the following as a result of the Cascade Microtech acquisition: i) $82.6 million in revenue; ii) $27.8 million of intangible amortization expense; and iii) a $7.6 million charge for inventory-related step-up amortization.\n\n | Fiscal 2019 (2) | Fiscal 2018(1)(2) | Fiscal 2017(2) | Fiscal 2016 (2)(3)(5) | Fiscal 2015(2)(4)\n------------------------------------------------ | --------------- | ----------------- | --------------------------------------------- | --------------------- | -----------------\n | | | (Dollars in thousands, except per share data) | | \nConsolidated Statements of Operations Data: | | | | | \nRevenues | $589,464 | $529,675 | $548,441 | $383,881 | $282,358 \nGross profit | 237,496 | 210,339 | 215,597 | 102,682 | 85,738 \nNet income (loss) | 39,346 | 104,036 | 40,913 | (6,557) | (1,523) \nBasic net income (loss) per share | 0.52 | 1.42 | 0.57 | (0.10) | (0.03) \nDiluted net income (loss) per share | 0.51 | 1.38 | 0.55 | (0.10) | (0.03) \nConsolidated Balance Sheets Data: | | | | | \nCash, cash equivalents and marketable securities | $220,872 | $149,003 | $140,172 | $108,905 | $187,589 \nWorking capital | 282,483 | 235,302 | 213,693 | 172,002 | 214,437 \nTotal assets | 839,882 | 728,222 | 646,574 | 618,982 | 342,723 \nTerm loan, net of current portion | 15,639 | 34,971 | 87,228 | 125,475 | \u2014 \nTotal stockholders' equity | 640,997 | 580,164 | 458,637 | 401,056 | 294,681 \nNumber of employees | 1,836 | 1,676 | 1,685 | 1,571 | 958 "} {"_id": "d1b3797e4", "title": "", "text": "Gross Profit\nGross profit in fiscal year 2018 increased to $382.3 million, or 17.7 percent of net sales from $300.8 million, or 16.7 percent of net sales for fiscal year 2017. Excluding the impact of the surcharge revenue, our gross margin in fiscal year 2018 was 21.3 percent compared to 19.3 percent in fiscal year 2017. The results reflect the impact of stronger demand and improved product mix coupled with operating cost improvements compared to fiscal year 2017.\nOur surcharge mechanism is structured to recover increases in raw material costs, although in certain cases with a lag effect as discussed above. While the surcharge generally protects the absolute gross profit dollars, it does have a dilutive effect on gross margin as a percent of sales. The following represents a summary of the dilutive impact of the surcharge on gross margin. We present and discuss these financial measures because management believes removing the impact of surcharge provides a more consistent and meaningful basis for comparing results of operations from period to period. See the section \u201cNon-GAAP Financial Measures\u201d below for further discussion of these financial measures.\n\n | Fiscal Year | \n---------------------------------------- | ----------- | --------\n($ in millions) | 2018 | 2017 \nNet sales | $2,157.7 | $1,797.6\nLess: surcharge revenue | 365.4 | 239.2 \nNet sales excluding surcharge revenue | $1,792.3 | $1,558.4\nGross profit | $382.3 | $300.8 \nGross margin | 17.7% | 16.7% \nGross margin excluding surcharge revenue | 21.3% | 19.3% "} {"_id": "d1b3bff82", "title": "", "text": "As of April 30, 2019, the Company has U.S. federal net operating losses of $23 million of which $4 million begins to expire in Fiscal 2023 through 2031 and which are subject to annual limitation under Internal Revenue Code Section 382. The remaining U.S. federal net operating losses of $18.9 million have an indefinite carry-forward period. The U.S. federal capital loss carry-forward of $9.9 million expires in 2023. The Company also has state net operating loss carry-forwards, R&D tax credits, and state tax credits that expire in various years and amounts.\nA reconciliation of the beginning and ending amounts of unrecognized tax benefits, is as follows (in thousands):\nThe entire amount reflected in the table above at April 30, 2019, if recognized, would reduce our effective tax rate. As of April 30, 2019, and 2018, the Company had $64,000 and $10,000, respectively, accrued for the payment of interest and penalties. For the fiscal years ended April 30, 2019 and 2018, the Company recognized interest and penalties of $54,000 and $3,000, respectively. Although it is difficult to predict or estimate the change in the Company\u2019s unrecognized tax benefits over the next twelve months, the Company believes that it is reasonably possible that decreases in unrecognized tax benefits of up to $40,000 may be recognized during the next twelve months.\nThe Company is subject to taxation in the U.S. federal, various state and local jurisdictions, and foreign jurisdictions. The Company is no longer subject to examination of its federal income tax returns by the Internal Revenue Service for fiscal years 2016 and prior. During Fiscal 2018, the Company closed an Internal Revenue Service examination of its Fiscal 2016 tax return with no change to the tax liability reported. The Company is no longer subject to examination by the taxing authorities in its foreign jurisdictions for Fiscal 2015 and prior. Net operating losses and tax attributes generated by domestic and foreign entities in closed years and utilized in open years are subject to adjustment by the tax authorities.\n\n | 2019 | 2018 \n------------------------------------------------------ | ------ | ------\nBalance at the beginning of the fiscal year | $1,264 | $1,626\nAdditions based on positions taken in the current year | - | - \nAdditions based on positions taken in prior years | 142 | - \nDecreases based on positions taken in prior years | (119 ) | (304) \nLapse in statute of limitations | (29 ) | (58) \nBalance at the end of the fiscal year | $1,258 | $1,264"} {"_id": "d1b3127ec", "title": "", "text": "GreenSky, Inc.\nNOTES TO CONSOLIDATED FINANCIAL STATEMENTS \u2014 (Continued)\n(United States Dollars in thousands, except per share data, unless otherwise stated)\nThe following table reconciles the beginning and ending fair value measurements of our servicing liabilities associated with transferring our rights to Charged-Off Receivables during the periods presented.\n(1) Recognized in other gains (losses), net in the Consolidated Statements of Operations.\n(2) Represents the reduction of our servicing liabilities due to the passage of time and collection of loan payments.\n\n | | Year Ended December 31, | \n-------------------------------------------------------------- | ------- | ----------------------- | ------\n | 2019 | 2018 | 2017 \nBeginning balance | $3,016 | $2,071 | $\u2014 \nInitial obligation from transfer of Charged-Off Receivables(1) | 2,705 | 2,461 | 2,379 \nFair value changes recognized in other gains (losses), net(2) | (1,925) | (1,516) | (308) \nEnding balance | $3,796 | $3,016 | $2,071"} {"_id": "d1b389392", "title": "", "text": "Obligations and Commitments\nAs of August 31, 2019, we had the following obligations and commitments to make future payments under contracts, contractual obligations and commercial commitments:\nAmounts in table may not total due to rounding.\nThe liability related to unrecognized tax benefits has been excluded from the contractual obligations table because a reasonable estimate of the timing and amount of cash outflows from future tax settlements cannot be determined. For additional information, see Note 10 (Income Taxes) to our Consolidated Financial Statements under Item 8, \u201cFinancial Statements and Supplementary Data.\u201d\nAmounts represent projected payments under certain unfunded retirement plans for former pre-incorporation partners. Given these plans are unfunded, we pay these benefits directly. These plans were eliminated for active partners after May 15, 2001\nOther commitments include, among other things, information technology, software support and maintenance obligations, as well as other obligations in the ordinary course of business that we cannot cancel or where we would be required to pay a termination fee in the event of cancellation. Amounts shown do not include recourse that we may have to recover termination fees or penalties from clients.\n\n | | | Payments due by period | | \n---------------------------------------------- | ------ | ---------------- | ----------------------------- | --------- | -----------------\nContractual Cash Obligations (1) | Total | Less than 1 year | 1-3 years | 3-5 years | More than 5 years\n | | | (in millions of U.S. dollars) | | \nLong-term debt | $23 | $6 | $11 | $6 | \nOperating leases | 3,840 | 688 | 1,114 | 792 | 1,246 \nRetirement obligations (2) | 95 | 10 | 20 | 20 | 44 \nPurchase obligations and other commitments (3) | 286 | 206 | 61 | 12 | 6 \nTotal | $4,244 | $910 | $1,206 | $830 | $1,296 "} {"_id": "d1b32c020", "title": "", "text": "Gross Profit\nGross profit increased $269.4 million, or 45.2%, for the year ended December 31, 2019 compared to the same period in 2018. As a percentage of total revenues, gross profit decreased from 55.6% in the year ended December 31, 2018 to 54.9% in the year ended December 31, 2019, due to Shopify Payments representing a larger percentage of total revenue and an increase in amortization of technology related to the 6RS acquisition as well as other platform enhancements. This was partly offset by lower third-party infrastructure and hosting costs and employee-related costs as a percentage of revenues as well as the relative growth of higher-margin merchant solutions products, namely Shopify Capital and referral fees from partners.\nGross profit increased $216.0 million, or 56.8%, for the year ended December 31, 2018 compared to the same period in 2017. As a percentage of total revenues, gross profit decreased from 56.5% in the year ended December 31, 2017 to 55.6% in the year ended December 31, 2018, due to Shopify Payments representing a larger percentage of total revenue, increasing the functionality and flexibility of our hosting infrastructure, and higher product costs associated with expanding our product offerings. This was partly offset by the relative growth of higher-margin merchant solutions products, namely referral fees from partners, Shopify Capital, and Shopify Shipping.\n\n | Years ended December 31 | | | 2019 vs 2018 | 2018 vs 2017\n---------------------------- | ---------------------------------- | --------- | --------- | ------------ | ------------\n | 2019 | 2018 | 2017 | % Change | % Change \n | (in thousands, except percentages) | | | | \nGross profit | $ 865,643 | $ 596,267 | $ 380,253 | 45.2 % | 56.8 % \nPercentage of total revenues | 54.9 % | 55.6 % | 56.5 % | | "} {"_id": "d1a73ccc4", "title": "", "text": "COMMITMENTS AND CONTINGENCIES\nWarranties\nThe Company\u2019s standard warranty obligation to its customers provides for repair or replacement of a defective product at the Company\u2019s discretion for a period of time following purchase, generally between 12 and 24 months. Factors that affect the warranty obligation include product failure rates, material usage and service delivery costs incurred in correcting product failures. In addition, from time to time, specific warranty accruals may be made if unforeseen technical problems arise. The estimated cost associated with fulfilling the Company\u2019s warranty obligation to customers is recorded in cost of revenue.\nChanges in the Company\u2019s warranty liability, which is included as a component of accrued liabilities on the consolidated balance sheets, are set forth in the table below (in thousands):\n\n | | Year Ended December 31, | \n----------------------------------------------------- | -------- | ----------------------- | --------\n | 2019 | 2018 | 2017 \nWarranty reserve, beginning of period | $8,220 | $8,306 | $2,158 \nProvisions made to warranty reserve during the period | 13,708 | 11,775 | 16,597 \nCharges against warranty reserve during the period | (11,574) | (11,861) | (10,449)\nWarranty reserve end of period | $10,354 | 8,220 | 8,306 "} {"_id": "d1b2e9cc0", "title": "", "text": "CUSTOMER STATISTICS\nINTERNET Fiscal 2019 fourth-quarter Internet service customers net additions stood at 2,441 compared to 4,693 for the same period of the prior year as a result of: \u2022 additional connects related to the Florida expansion initiatives and in the MetroCast footprint; \u2022 our customers' ongoing interest in high speed offerings; and \u2022 growth in both the residential and business sectors.\nVIDEO Fiscal 2019 fourth-quarter video service customers net additions stood at 5,294 compared to net losses of 3,046 for the same period of the prior year mainly from: \u2022 the activation of bulk properties in Florida during the fourth quarter of fiscal 2019; and \u2022 our customers' ongoing interest in TiVo's digital advanced video services; partly offset by \u2022 competitive offers in the industry; and \u2022 a changing video consumption environment.\nTELEPHONY Fiscal 2019 fourth-quarter telephony service customers net losses stood at 304 compared to net additions of 1,150 for the same period of the prior year mainly as a result of a decline in the residential sector, partly offset by growth in the business sector. TELEPHONY Fiscal 2019 fourth-quarter telephony service customers net losses stood at 304 compared to net additions of 1,150 for the same period of the prior year mainly as a result of a decline in the residential sector, partly offset by growth in the business sector.\n\n | | Net additions (losses) | \n--------------------------- | ---------- | ----------------------------- | -------\n | | Three months ended August 31, | \n | August 31, | | \n | 2019 | 2019 | 2018 \nPrimary service units | 901,446 | 7,431 | 2,797 \nInternet service customers | 446,137 | 2,441 | 4,693 \nVideo service customers | 312,555 | 5,294 | (3,046)\nTelephony service customers | 142,754 | (304) | 1,150 "} {"_id": "d1b3302a6", "title": "", "text": "If not presented separately in our income statement, restructuring expenses would have been classified in the different expense items in our income statement as follows:\nRestructuring Expenses by Functional Area\n\n\u20ac millions | 2019 | 2018 | 2017\n-------------------------- | ------ | ---- | ----\nCost of cloud and software | \u2013138 | \u20133 | \u201355 \nCost of services | \u2013154 | \u20133 | \u2013118\nResearch and development | \u2013467 | \u20133 | \u20139 \nSales and marketing | \u2013299 | \u201311 | \u20132 \nGeneral and administration | \u201371 | 0 | 2 \nRestructuring expenses | \u20131,130 | \u201319 | \u2013182"} {"_id": "d1b3a277a", "title": "", "text": "Note 7. Prepaid Expenses and Other Current Assets and Accrued and Other Current Liabilities\nPrepaid expenses and other current assets as of December 31, 2019 and 2018 consisted of the following:\n\nDecember 31, | | \n------------------------------------------ | ------- | ------\n | 2019 | 2018 \nPrepaid expenses | $1,948 | $1,179\nSecurities litigation insurance receivable | 16,627 | 306 \nOther current assets | 1,556 | 2,865 \nPrepaid expenses and other current assets | $20,131 | $4,350"} {"_id": "d1b372930", "title": "", "text": "GasLog Ltd. and its Subsidiaries Notes to the consolidated financial statements (Continued) For the years ended December 31, 2017, 2018 and 2019 (All amounts expressed in thousands of U.S. Dollars, except share and per share data) \u00a0 \u00a0\u00a0 Investment in associates and joint venture consist of the following:\nThe additions of $158 relate to the investment in Gastrade (December 31, 2018: $136). On February 9, 2017, GasLog acquired a 20% shareholding in Gastrade, a private limited company licensed to develop an independent natural gas system offshore Alexandroupolis in Northern Greece utilizing an FSRU along with other fixed infrastructure. GasLog, as well as being a shareholder, will provide operations and maintenance (\u2018\u2018O&M\u2019\u2019) services for the FSRU through an O&M agreement which was signed on February 23, 2018.\n\n | Associates | \n----------------------------- | ---------- | ------\n | 2018 | 2019 \nAs of January 1, | 20,800 | 20,713\nAdditions | 136 | 158 \nShare of profit of associates | 1,800 | 1,627 \nDividend declared | (2,023) | (878) \nAs of December 31, | 20,713 | 21,620"} {"_id": "d1b3324de", "title": "", "text": "2020 Incentive Plan Enhancements.\nFor 2020, we have transitioned into the operation phase of our long-term strategy. As discussed further in this\nCD&A, following an internal review process, extensive discussions with our shareholders and consultation with our executive compensation consultants, we revised the design for our 2020 incentive programs to support our strategic priorities as described below:\n\u2022 added Revenue as metric to our STI plan to encourage and reward top-line performance \u2022 changed the metric and performance period for our LTI plan to three-year cumulative Adjusted EBITDA target \u2022 added three-year Relative TSR Modifier, as a positive or negative adjustment +/- 20%, for our LTI plan.\n\n | Short-Term Incentive Plan | \n----------------------------------- | ------------------------- | --------------\nStrategy | Integrate and Transform | Operate \nMetrics | 2018 & 2019 Weighting | 2020 Weighting\nAdjusted EBITDA | 65% | 50% \nFree Cash Flow | 25% | 25% \nRevenue | \u2014 | 15% \nCustomer Experience | 10% | 10% \n | Long-Term Incentive Plan | \nStrategy | Integrate and Transform | Operate \nMetrics | 2018 & 2019 Weighting | 2020 Weighting\nAdjusted EBITDA Run Rate (2 year) | 100% | \u2014 \nCumulative Adjusted EBITDA (3 year) | \u2014 | 100% \nRelative TSR Modifier (3 year) | \u2014 | +/-20% "} {"_id": "d1b32dce0", "title": "", "text": "O. Accrued Expenses and Other\nAccrued expenses and other as of the periods presented consisted of the following (table in millions)\n(1) Other primarily consists of litigation accrual, leases accrual, income tax payable and indirect tax accrual.\nAccrued partner liabilities primarily relate to rebates and marketing development fund accruals for channel partners, system vendors and systems integrators. Accrued partner liabilities also include accruals for professional service arrangements for which VMware intends to leverage channel partners to directly fulfill the obligation to its customers.\nAs of January 31, 2020, other included $237 million litigation accrual related to Cirba patent and trademark infringement lawsuit and $155 million accrual for amounts owed to dissenting shareholders in connection with the Pivotal acquisition. Refer to Note E and Note B, respectively, for more information.\n\n | January 31, 2020 | February 1, 2019\n--------------------------------- | ---------------- | ----------------\nAccrued employee related expenses | $845 | $780 \nAccrued partner liabilities | 181 | 207 \nCustomer deposits | 247 | 239 \nOther(1) | 878 | 438 \nTotal | $2,151 | $1,664 "} {"_id": "d1b37c7fa", "title": "", "text": "Telecommunications Segment\nICS operates an extensive network of direct routes and offers premium voice communication services for carrying a mix of business, residential and carrier long-distance traffic, data and transit traffic. Customers may have a bilateral relationship with ICS, meaning they have both a customer and vendor relationship with ICS. In these cases, ICS sells the customer access to the ICS supplier routes but also purchases access to the customer\u2019s supplier routes.\nNet revenue is derived from the long-distance data and transit traffic. Net revenue is earned based on the number of minutes during a call multiplied by the price per minute, and is recorded upon completion of a call. Completed calls are billable activity while incomplete calls are non-billable. Incomplete calls may occur as a result of technical issues or because the customer\u2019s credit limit was exceeded and thus the customer routing of traffic was prevented.\nRevenue for a period is calculated from information received through ICS\u2019s billing software, such as minutes and market rates. Customized billing software has been implemented to track the information from the switch and analyze the call detail records against stored detailed information about revenue rates. This software provides ICS with the ability to perform a timely and accurate analysis of revenue earned in a period.\nICS evaluates gross versus net revenue recognition for each of its contractual arrangements by assessing indicators of control and significant influence to determine whether the ICS acts as a principal (i.e. gross recognition) or an agent (i.e. net recognition). ICS has determined that it acts as a principal for all of its performance obligations in connection with all revenue earned. Net revenue represents gross revenue, net of allowance for doubtful accounts receivable, service credits and service adjustments. Cost of revenue includes network costs that consist of access, transport and termination costs. The majority of ICS\u2019s cost of revenue is variable, primarily based upon minutes of use, with transmission and termination costs being the most significant expense.\nDisaggregation of Revenues ICS's revenues are predominantly derived from wholesale of international long distance minutes (in millions):\n\nYears Ended December 31, | | \n------------------------------------------- | ------ | ------\n | 2019 | 2018 \nTermination of long distance minutes | $696.1 | $793.6\nTotal revenue from contracts with customers | 696.1 | 793.6 \nOther revenue | \u2014 | \u2014 \nTotal Telecommunications segment revenue | $696.1 | $793.6"} {"_id": "d1b2f76d6", "title": "", "text": "Operating costs\nTotal Group adjusted operating costs were up $8.3 million or 3.1 per cent in 2019 compared to last year, broadly in line with inflation. The emphasis remained on effective resource allocation and careful cost management. The overall investment in product development was maintained, with continuing focus on high-growth, high-margin areas. Investment in the sales and marketing organisation was targeted on expanding our key account management programme to drive incremental business with our most valuable customers and developing routes to market for our new technologies to a broadening customer base. Administration costs in 2019 reflected an inflationary increase and higher corporate costs, primarily due to CEO transition.\nSegmentally, investment continued in Networks & Security, where we see the most near-term opportunities for growth, particularly in relation to 400G high-speed Ethernet and our Positioning business. A new General Manager joined Lifecycle Service Assurance in October and a review is in progress to evolve the business and optimise the organisational structure to expand the customer base and deliver on our growth agenda. Proactive cost management has once again been demonstrated within Connected Devices, where we have seen a decrease in legacy product revenue year-on-year. As stated above, corporate costs in 2019 included costs associated with CEO transition.\nNote\n1. Before exceptional items, acquisition related costs, acquired intangible asset amortisation and share-based payment amounting to $4.3 million in total (2018 $19.6 million).\n\n$ million | 2019 | 2018 \n--------------------------- | ----- | -----\nProduct development | 96.5 | 96.9 \nSelling and marketing | 129.2 | 123.9\nAdministration1 | 50.0 | 46.6 \nAdjusted operating costs1 | 275.7 | 267.4\nNetworks & Security | 158.4 | 148.9\nLifecycle Service Assurance | 70.5 | 70.5 \nConnected Devices | 38.2 | 40.8 \nCorporate | 8.6 | 7.2 \nAdjusted operating costs1 | 275.7 | 267.4"} {"_id": "d1b3247ee", "title": "", "text": "2.4 KEY PERFORMANCE INDICATORS AND PERFORMANCE HIGHLIGHTS\nThe following key performance indicators are closely monitored to ensure that business strategies and objectives are closely aligned with shareholder value creation. The key performance indicators are not measurements in accordance with IFRS and should not be considered an alternative to other measures of performance in accordance with IFRS. The Corporation's method of calculating key performance indicators may differ from other companies and, accordingly, these key performance indicators may not be comparable to similar measures presented by other companies. The Corporation measures its performance, with regard to these objectives by monitoring revenue, adjusted EBITDA(1), free cash flow(1) and capital intensity(1) on a constant currency basis(1).\n(1) Fiscal 2018 was restated to comply with IFRS 15 and to reflect a change in accounting policy as well as to reclassify results from Cogeco Peer 1 as discontinued operations. For further details, please consult the \"Accounting policies\" and \"Discontinued operations\" sections.\n(2) Following the announcement of the agreement on February 27, 2019 to sell Cogeco Peer 1, fiscal 2019 financial guidelines were revised.\n(3) Actual results are presented in constant currency based on fiscal 2018 average foreign exchange rates of 1.2773 USD/CDN.\nFor further details on the Corporation's operating results, please refer to the \"Operating and financial results\", the \"Segmented operating and financial results\" and the \"Cash flow analysis\" sections.\n\n(in millions of dollars, except percentages) | Actual Fiscal 2018 (1) $ | Revised projections (2) Fiscal 2019 (constant currency) (3) | Actual Fiscal 2019 (constant currency) (3) $ | Actual Fiscal 2019 (constant currency) (3) % | Achievement of the projections Fiscal 2019\n--------------------------------------------- | ------------------------ | ----------------------------------------------------------- | -------------------------------------------- | -------------------------------------------- | ------------------------------------------\nFinancial guidelines | | | | | \nRevenue | 2,147 | Increase of 6% to 8% | 2,294 | 6.8 | Achieved \nAdjusted EBITDA | 1,007 | Increase of 8% to 10% | 1,092 | 8.5 | Achieved \nAcquisitions of property, plant and equipment | 458 | $450 to $470 | 425 | (7.1) | Surpassed \nCapital intensity | 21.3% | 20% to 21% | 18.5% | - | Surpassed \nFree cash flow | 302 | Increase of 38% to 45% | 453 | 50.0 | Surpassed "} {"_id": "d1b32f824", "title": "", "text": "Transactions with Dell\nVMware and Dell engaged in the following ongoing related party transactions, which resulted in revenue and receipts, and unearned revenue for VMware:\n\u2022 Pursuant to OEM and reseller arrangements, Dell integrates or bundles VMware\u2019s products and services with Dell\u2019s products and sells them to end users. Dell also acts as a distributor, purchasing VMware\u2019s standalone products and services for resale to end-user customers through VMwareauthorized resellers. Revenue under these arrangements is presented net of related marketing development funds and rebates paid to Dell. In addition, VMware provides professional services to end users based upon contractual agreements with Dell. \u2022 Dell purchases products and services from VMware for its internal use. \u2022 From time to time, VMware and Dell enter into agreements to collaborate on technology projects, and Dell pays VMware for services or reimburses VMware for costs incurred by VMware, in connection with such projects.\nDell purchases VMware products and services directly from VMware, as well as through VMware\u2019s channel partners. Information about VMware\u2019s\nrevenue and receipts, and unearned revenue from such arrangements, for the periods presented consisted of the following (table in millions):\nCustomer deposits resulting from transactions with Dell were $194 million and $85 million as of January 31, 2020 and February 1, 2019, respectively\n\n | | Revenue and Receipts | | Unearned Revenue | \n----------------------------------------- | ---------------- | -------------------- | ---------------- | ---------------- | ----------------\n | | For the Year Ended | | As of | \n | January 31, 2020 | February 1, 2019 | February 2, 2018 | January 31, 2020 | February 1, 2019\nReseller revenue | $3,288 | $2,355 | $1,464 | $3,787 | $2,554 \nInternal-use revenue | 82 | 41 | 46 | 57 | 29 \nCollaborative technology project receipts | 10 | 4 | \u2014 | n/a | n/a "} {"_id": "d1b34a228", "title": "", "text": "11. Income Taxes\nThe geographical breakdown of loss before income taxes is as follows (in thousands):\n\n | | Years Ended December 31, | \n------------------------ | --------- | ------------------------ | ---------\n | 2019 | 2018 | 2017 \nDomestic loss | $(20,345) | $(29,658) | $(13,752)\nForeign income | 3,933 | 3,123 | 4,207 \nLoss before income taxes | $(16,412) | $(26,535) | $(9,545) "} {"_id": "d1b3712f6", "title": "", "text": "Debt\nOur funding requirements are continually monitored and we execute our strategies to manage the overall asset and liability profile. Additionally, we maintain sufficient flexibility to access global funding sources as needed.\nTotal debt of $62,899 million increased $17,087 million from December 31, 2018, driven by issuances of $32,415 million; partially offset by debt maturities of $12,673 million and a decrease in commercial paper of $2,691 million.\nNon-Global Financing debt of $38,173 million increased $23,587 million from prior year-end levels primarily driven by issuances to fund the Red Hat acquisition.\nGlobal Financing debt of $24,727 million decreased $6,500 million from December 31, 2018, primarily due to the wind down of OEM IT commercial financing operations.\nGlobal Financing provides financing predominantly for IBM\u2019s external client assets, as well as for assets under contract by other IBM units. These assets, primarily for GTS, generate long-term, stable revenue streams similar to the Global Financing asset portfolio. Based on their attributes, these GTS assets are leveraged with the balance of the Global Financing asset base.\nThe debt used to fund Global Financing assets is composed of intercompany loans and external debt. Total debt changes generally correspond with the level of client and commercial financing receivables, the level of cash and cash equivalents, the change in intercompany and external payables and the change in intercompany investment from IBM. The terms of the intercompany loans are set by the company to substantially match the term, currency and interest rate variability underlying the financing receivable and are based on arm\u2019s-length pricing. The Global Financing debt-to-equity ratio remained at 9 to 1 at December 31, 2019.\nAs previously stated, we measure Global Financing as a stand-alone entity, and accordingly, interest expense relating to debt supporting Global Financing\u2019s external client and internal business is included in the \u201cGlobal Financing Results of Operations\u201d and in note D, \u201cSegments.\u201d In the Consolidated Income Statement, the external debt-related interest expense supporting Global Financing\u2019s internal financing to IBM is reclassified from cost of financing to interest expense.\n\n($ in millions) | | \n----------------------------------- | ------- | -------\nAt December 31: | 2019 | 2018 \nTotal company debt | $62,899 | $45,812\nTotal Global Financing segment debt | $24,727 | $31,227\nDebt to support external clients | 21,487 | 27,536 \nDebt to support internal clients | 3,239 | 3,690 \nNon-Global Financing debt | 38,173 | 14,585 "} {"_id": "d1b355b1e", "title": "", "text": "Services\nTeradyne services consist of extended warranties, training and application support, service agreement, post contract customer support (\u201cPCS\u201d) and replacement parts. Each service is recognized based on relative standalone selling price. Extended warranty, training and support, service agreements and PCS are recognized over time based on the period of service. Replacement parts are recognized at a point in time upon transfer of control to the customer.\nTeradyne does not allow customer returns or provide refunds to customers for any products or services. Teradyne products include a standard 12-month warranty. This warranty is not considered a distinct performance obligation because it does not obligate Teradyne to provide a separate service to the customer and it cannot be purchased separately. Cost related to warranty are included in cost of revenues when product revenues are recognized.\nAs of December 31, 2019 and 2018, deferred revenue and customer advances consisted of the following and are included in the short and long-term deferred revenue and customer advances:\n\n | 2019 | 2018 \n------------------------------------------------- | -------------- | --------\n | (in thousands) | \nMaintenance, service and training | $63,815 | $58,362 \nExtended warranty | 30,677 | 27,422 \nCustomer advances, undelivered elements and other | 56,358 | 24,677 \nTotal deferred revenue and customer advances | $150,850 | $110,461"} {"_id": "d1b364844", "title": "", "text": "ACCOUNTING POLICY\nAccounts receivable represent amounts owing to us that are currently due and collectible. We initially recognize accounts receivable on the date they originate. We measure accounts receivable initially at fair value, and subsequently at amortized cost, with changes recognized in net income. We measure an impairment loss for accounts receivable as the excess of the carrying amount over the present value of future cash flows we expect to derive from it, if any. The excess is allocated to an allowance for doubtful accounts and recognized as a loss in net income.\nEXPLANATORY INFORMATION\nWe have retrospectively reclassified $23 million as at December 31, 2018 and January 1, 2019 related to our wireless financing programs from \u201caccounts receivable\u201d to \u201cother current assets\u201d as the collection time frame of the amounts differs from accounts receivable.\n\n | As at December 31 | As at December 31 | As at December 31\n------------------------------- | ----------------- | ----------------- | -----------------\n(In millions of dollars) | Note | 2019 | 2018 \nCustomer accounts receivable | | 1,579 | 1,529 \nOther accounts receivable | | 785 | 762 \nAllowance for doubtful accounts | 15 | (60) | (55) \nTotal accounts receivable | | 2,304 | 2,236 "} {"_id": "d1b3501c8", "title": "", "text": "The Company is holding the following currency derivatives designated as hedging instruments:\nHedge ratio is 1:1 and changes in forward rate have been designated as the hedged risk. The change in the fair value of the hedging instrument is compared with the change in fair value of the hedged item, and the lower amount\nis taken to OCI. If the change in fair value of the hedging instrument is higher, then the excess change in fair value is considered ineffective hedging and recorded in net foreign exchange gains and losses. Upon recognition of the\nhedged net sales, the cumulative amount in hedging reserve is released in the OCI as a reclassification adjustment and recognized in net sales.\nSee note E1, \u201cEquity\u201d for movement in the cash flow hedge reserve. No hedged net sales were recognized in 2019, hence no amount was released from hedging reserve in the OCI. No hedge ineffectiveness was recognized in\nthe income statement in 2019.\n\nForeign exchange forward contracts | | | \n---------------------------------- | -------- | --------- | -----\n2019 | < 1 year | 1\u20133 years | Total\nNotional Amount (USD millions) | 517 | 176 | 693 \nAverage forward rate (SEK/USD) | 9.13 | 8.92 | \u2013 "} {"_id": "d1b342c1c", "title": "", "text": "Expected realisation of remaining performance obligations at year end\nThe Company applies the practical expedient in paragraph 121 of IFRS 15 and does not disclose information about remaining performance obligations that have original expected durations of one year or less.\nFor contracts that exceed one year, deferred income that relates to unsatisfied or partially satisfied performance obligations at year end is expected to be recognised as revenue in the future as follows:\nThe above information represents the revenue the Company will recognise when it satisfies the remaining performance obligations in the contracts. The amounts presented do not include orders for which neither party has performed.\nRevenue from the sale of hardware and software generally arises from contracts less than one year in length. Consequently, the above amounts predominantly relate to the sale of maintenance and support services.\nVirtually all of the revenue will be recognised within three years.\nThe Company provides standard warranties on its products and services. The nature of these warranties is considered to provide customers with assurance that the related product or service will function as intended in accordance with the agreed specification, and does not contain or imply any additional service obligation to the customer. Warranty obligations are estimated and recognised as liabilities based on the probable outflow of resources.\n\n | 2019 | 2018 \n--------------------- | --------- | ---------\n | \u00a3 million | \u00a3 million\nWithin one year | 1.0 | 1.2 \nGreater than one year | 0.8 | 0.9 \n | 1.8 | 2.1 "} {"_id": "d1b327aa2", "title": "", "text": "Contractual Obligations and Commitments\nThe following table summarizes our contractual cash obligations and other commercial commitments as of December 31, 2019.\n(1) These amounts include interest and principal payment obligations on our \u20ac135.0 million of 2024 Notes through the maturity date of June 30, 2024, interest and principal payments on our $445.0 million of 2022 Notes through the maturity date of March 1, 2022, interest and principal payments on our $189.2 million of 2021 Notes through the maturity date of April 15, 2021 and $12.5 million due under an installment payment agreement with a vendor.\n(2) The amounts include principal and interest payments under our finance lease obligations. Our finance lease obligations were incurred in connection with IRUs for inter-city and intra-city dark fiber underlying substantial portions of our network. These finance leases are presented on our balance sheet at the net present value of the future minimum lease payments, or $169.8 million at December 31, 2019. These leases generally have initial terms of 15 to 20 years.\n(3) These amounts include amounts due under our facilities, operating leases, colocation obligations and carrier neutral data center obligations. Certain of these operating lease liabilities are presented on our balance sheet at the net present value of the future minimum lease payments, or $96.8 million at December 31, 2019.\n(4) These amounts include amounts due under unconditional purchase obligations including dark fiber IRU operating and finance lease agreements entered into but not delivered and accepted prior to December 31, 2019.\n\n | | | Payments due by period | | \n----------------------------------------------------------- | ---------- | ---------------- | ---------------------- | ----------- | -------------\n | Total | Less than 1 year | 1 - 3 years | 3 - 5 years | After 5 years\n | | | (in thousands) | | \nDebt(1) | 903,696 | 50,601 | 691,748 | 161,347 | \u2014 \nFinance lease obligations(2) | 340,188 | 25,459 | 48,693 | 45,311 | 220,725 \nOperating leases, colocation and data center obligations(3) | 205,087 | 36,119 | 42,344 | 26,138 | 100,486 \nUnconditional purchase obligations(4) | 27,885 | 12,154 | 1,346 | 1,307 | 13,078 \nTotal contractual cash obligations | $1,476,856 | $124,333 | $784,131 | $234,103 | $334,289 "} {"_id": "d1b3b7c24", "title": "", "text": "Systems Business\nDuring 2019, EDP Renewables, ConnectGen, and Innergex Renewable Energy each accounted for more than 10% of our systems business net sales, and the majority of our systems business net sales were in the United States and Australia. Substantially all of our systems business net sales during 2019 were denominated in U.S. dollars and Australian dollars. We typically recognize revenue for sales of solar power systems using cost based input methods, which result in revenue being recognized as work is performed based on the relationship between actual costs incurred compared to the total estimated costs for a given contract. We may also recognize revenue for the sale of a development project, which excludes EPC services, or for the sale of a completed system when we enter into the associated sales contract with the customer. The revenue recognition policies for our systems business are further described in Note 2. \u201cSummary of Significant Accounting Policies\u201d to our consolidated financial statements.\nThe following table shows net sales by reportable segment for the years ended December 31, 2019, 2018, and 2017:\nNet sales from our modules segment increased by $958.1 million in 2019 primarily due to a 180% increase in the volume of watts sold and a 4% increase in the average selling price per watt. Net sales from our systems segment decreased by $139.0 million in 2019 primarily as a result of the sale of the Mashiko and certain India projects in 2018 and the completion of substantially all construction activities at the California Flats, Willow Springs, and various other projects in Florida in late 2018 and early 2019, partially offset by the sale of the Sun Streams, Sunshine Valley, and Beryl projects and ongoing construction activities at the Phoebe and GA Solar 4 projects in 2019.\n\n | | Years Ended | | | Change | | \n---------------------- | ----------- | ----------- | ----------- | -------------- | ------ | -------------- | -----\n(Dollars in thousands) | 2019 | 2018 | 2017 | 2019 over 2018 | | 2018 over 2017 | \nModules | $ 1,460,116 | $ 502,001 | $ 806,398 | $ 958,115 | 191% | $(304,397) | (38)%\nSystems . | 1,603,001 | 1,742,043 | 2,134,926 | (139,042) | (8)% | (392,883) | (18)%\nNet sales . | $ 3,063,117 | $ 2,244,044 | $ 2,941,324 | $ 819,073 | 36% | $(697,280) | (24)%"} {"_id": "d1b3861b0", "title": "", "text": "Consolidated Statements of Earnings and Comprehensive Earnings\nA detail of related party items included in Operating expenses (net of expense reimbursements) is as follows (in millions):\n(1) Transactions with FNF are summarized through November 30, 2019, the date after which FNF is no longer considered a related party.\n\n | | Year ended December 31, | \n---------------------------------------------------------- | ------- | ----------------------- | -----\n | 2019(1) | 2018 | 2017 \nData entry, indexing services and other operating expenses | $8.8 | $8.2 | $5.1 \nCorporate services | 3.8 | 4.9 | 9.2 \nTechnology and corporate services | (0.1) | (1.0) | (1.7)\nTotal related party expenses, net | $12.5 | $12.1 | $12.6"} {"_id": "d1b302c5c", "title": "", "text": "Share Unit Awards\nIn accordance with stockholder-approved equity incentive plans, we grant awards of restricted stock units and cash-settled restricted stock units (\"share units\") to employees and directors. These awards generally have requisite service periods of three years. Under each such award, stock or cash (as applicable) is issued without direct cost to the employee. We estimate the fair value of the share units based upon the market price of our stock at the date of grant. Certain share unit grants do not provide for the payment of dividend equivalents to the participant during the requisite service period (the \"vesting period\"). For those grants, the value of the grants is reduced by the net present value of the foregone dividend equivalent payments.\nWe recognize compensation expense for share unit awards on a straight-line basis over the requisite service period, accounting for forfeitures as they occur. All cash-settled restricted stock units are marked-to-market and presented within other current and noncurrent liabilities in our Consolidated Balance Sheets. The compensation expense for our stock-settled share unit awards totaled $23.9 million, $21.8 million, and $18.2 million for fiscal 2019, 2018, and 2017, respectively, including discontinued operations of $1.4 million for fiscal 2017. The tax benefit related to the stock-settled share unit award compensation expense for fiscal 2019, 2018, and 2017 was $6.0 million, $7.2 million, and $7.0 million, respectively. The compensation expense for our cash-settled share unit awards totaled $17.5 million, $5.8 million, and $20.9 million for fiscal 2019, 2018, and 2017, respectively, including discontinued operations of $2.6 million for fiscal 2017. The tax benefit related to the cash-settled share unit award compensation expense for fiscal 2019, 2018, and 2017 was $4.4 million, $1.9 million, and $8.0 million, respectively.\nDuring the second quarter of fiscal 2019, in connection with the completion of the Pinnacle acquisition, we granted 2.0 million cash-settled share unit awards at a grant date fair value of $36.37 per share unit to Pinnacle employees in replacement of their unvested restricted share unit awards that were outstanding as of the closing date. Included in the compensation expense described above for fiscal 2019 is expense of $18.9 million for accelerated vesting of awards related to Pinnacle integration restructuring activities, net of the impact of marking-to-market these awards based on a lower market price of shares of Conagra Brands common stock. Approximately $36.3 million of the fair value of the replacement share unit awards granted to Pinnacle employees was attributable to pre-combination service and was included in the purchase price and established as a liability. Included in the expense for cash-settled share unit awards above is income of $6.7 million related to the mark-to-market of this liability. As of May 26, 2019, our liability for the replacement awards was $15.9 million, which includes post-combination service expense, the mark-to-market of the liability, and the impact of payouts since completing the Pinnacle acquisition. Post-combination expense of approximately $3.9 million, based on the market price of shares of Conagra Brands common stock as of May 26, 2019, is expected to be recognized related to the replacement awards over the remaining post-combination service period of approximately two years.\nThe following table summarizes the nonvested share units as of May 26, 2019 and changes during the fiscal year then ended:\nDuring fiscal 2019, 2018, and 2017, we granted 0.9 million, 0.9 million, and 0.6 million stock-settled share units, respectively, with a weighted average grant date fair value of $35.43, $34.16, and $46.79 per share unit, respectively. During fiscal 2017, we granted 0.4 million cash-settled share units with a weighted average grant date fair value of $48.07 per share unit. No cash-settled share unit awards were granted in fiscal 2018.\nThe total intrinsic value of stock-settled share units vested was $24.6 million, $18.5 million, and $27.0 million during fiscal 2019, 2018, and 2017, respectively. The total intrinsic value of cash-settled share units vested was $50.5 million, $14.2 million, and $24.0 million during fiscal 2019, 2018, and 2017, respectively.\nAt May 26, 2019, we had $25.2 million and $4.2 million of total unrecognized compensation expense that will be recognized over a weighted average period of 1.9 years and 1.5 years, related to stock-settled share unit awards and cash-settled share unit awards, respectively\nNotes to Consolidated Financial Statements - (Continued) Fiscal Years Ended May 26, 2019, May 27, 2018, and May 28, 2017 (columnar dollars in millions except per share amounts)\n\n | Stock-Settled | | Cash-Settled | \n------------------------------------- | ------------------------- | -------------------------------------- | ------------------------- | --------------------------------------\nShare Units | Share Units (in Millions) | Weighted Average Grant-Date Fair Value | Share Units (in Millions) | Weighted Average Grant-Date Fair Value\nNonvested share units at May 27, 2018 | 1.78 | $34.20 | 0.71 | $34.58 \nGranted | 0.89 | $35.43 | 1.95 | $36.37 \nVested/Issued | (0.72) | $33.29 | (1.64) | $35.55 \nForfeited | (0.14) | $35.08 | (0.05) | $36.07 \nNonvested share units at May 26, 2019 | 1.81 | $34.89 | 0.97 | $36.20 "} {"_id": "d1b355ccc", "title": "", "text": "Results of Operations\nRevenue (in thousands, except for percentages)\nComparison of Years Ended December 31, 2018 and 2017\nTotal net revenue for the year ended December 31, 2018, increased by $1,083.9 million, or 49%, compared to the year ended December 31, 2017.\nTransaction-based revenue for the year ended December 31, 2018, increased by $551.3 million, or 29%, compared to the year ended December 31, 2017. This increase was attributable to the growth in GPV processed of $19.3 billion, or 30%, to $84.7 billion from $65.3 billion. We continued to benefit from growth in processed volumes from our existing sellers, in addition to meaningful contributions from new sellers. Additionally, GPV from larger sellers, which we define as all sellers that generate more than $125,000 in annualized GPV, represented 51% of our GPV in the fourth quarter of 2018, an increase from 47% in the fourth quarter of 2017. We continued to see ongoing success with attracting and enabling large seller growth, which we believe will help drive strong GPV growth as we scale.\nSubscription and services-based revenue for the year ended December 31, 2018 increased by $339.0 million, or 134%, compared to the year ended December 31, 2017. Growth was driven primarily by Instant Deposit, Caviar, Cash Card, and Square Capital, as well as acquisitions completed in the second quarter. Subscription and services-based revenue grew to 18% of total net revenue in the year ended December 31, 2018, up from 11% in the year ended December 31, 2017.\nHardware revenue for the year ended December 31, 2018, increased by $27.1 million, or 65%, compared to the year ended December 31, 2017. The increase primarily reflects growth in shipments of Square Register following its launch in the fourth quarter of 2017 and, to a lesser extent, the launch of Square Terminal during the fourth quarter of 2018. The increase was also driven by continued growth in sales of our contactless and chip readers, as well as growth in sales of our Square Stand and third-party peripherals driven primarily by new features and product offerings. Additionally, the adoption of ASC 606 resulted in an increase of $5.9 million in hardware revenue for the year ended December 31, 2018 primarily related to the earlier revenue recognition of hardware sold through retail distribution channels and hardware installment sales, which were previously recorded upon sell through to the end user customer.\nBitcoin revenue for the year ended December 31, 2018, increased by $166.5 million compared to the year ended December 31, 2017. During the fourth quarter of 2017, we started offering our Cash App customers the ability to purchase bitcoin from us. Bitcoin revenue comprises the total sale amount we receive from bitcoin sales to customers and is recorded upon transfer of bitcoin to the customer\u2019s account. The sale amount generally includes a small margin added to the price we pay to purchase bitcoin and accordingly, the amount of bitcoin revenue will fluctuate depending on the volatility of market bitcoin prices and customer demand.\n\n | | Year Ended December 31, | | 2017 to 2018 | 2016 to 2017\n--------------------------------------- | ---------- | ----------------------- | ---------- | ------------ | ------------\n | 2018 | 2017 | 2016 | % Change | % Change \nTransaction-based revenue | $2,471,451 | $1,920,174 | $1,456,160 | 29% | 32% \nStarbucks transaction-based revenue | \u2014 | \u2014 | 78,903 | NM | (100)% \nSubscription and services-based revenue | 591,706 | 252,664 | 129,351 | 134% | 95% \nHardware revenue | 68,503 | 41,415 | 44,307 | 65% | (7)% \nBitcoin revenue | 166,517 | \u2014 | \u2014 | NM | NM \nTotal net revenue | $3,298,177 | $2,214,253 | $1,708,721 | 49% | 30% "} {"_id": "d1b38706a", "title": "", "text": "NOTES PAYABLE (continued)\nAll of these notes payable issued by the Group were unsecured.\nOn 1 April 2019, the Company updated the Global Medium Term Note Programme (the \u201cProgramme\u201d) to include, among other things, the Company\u2019s recent corporate and financial information and increased the limit of aggregate principal amount of the notes under the Programme from USD10 billion to USD20 billion (or its equivalent in other currencies).\nOn 11 April 2019, the Company issued five tranches of senior notes under the Programme with an aggregate principal amount of USD6 billion as set out below.\nDuring the year ended 31 December 2019, the notes payable with an aggregate principal amount of USD2,000 million issued in April 2014 reached their maturity and were repaid in full by the Group.\nAs at 31 December 2019, the fair value of the notes payable amounted to RMB98,668 million (31 December 2018: RMB62,820 million). The respective fair values are assessed based on the active market price of these notes on the reporting date or by making reference to similar instruments traded in the observable market.\n\n | Amount (USD\u2019Million) | Interest Rate (per annum) | Due \n------------------------ | -------------------- | -------------------------- | ----\n2024 Notes | 1,250 | 3.280% | 2024\n2024 Floating Rate Notes | 750 | 3-month USD LIBOR + 0.910% | 2024\n2026 Notes | 500 | 3.575% | 2026\n2029 Notes | 3,000 | 3.975% | 2029\n2049 Notes | 500 | 4.525% | 2049\n | 6,000 | | "} {"_id": "d1b35a1c8", "title": "", "text": "5. Investment income and financing costs\nInvestment income comprises interest received from short-term investments and other receivables as well as certain foreign exchange movements. Financing costs mainly arise from interest due on bonds and commercial paper issued, bank loans and the results of hedging transactions used to manage foreign exchange and interest rate movements\nNote: 1 Includes \u20ac305 million (2018: \u20ac187 million; 2017: \u20ac272 million) of interest on foreign exchange derivatives.\n\n | 2019 | 2018 | 2017 \n--------------------------------------------------------- | ----- | ----- | -----\n | \u20acm | \u20acm | \u20acm \nInvestment income: | | | \nAmortised cost | 286 | 339 | 426 \nFair value through profit and loss | 147 | 24 | 20 \nForeign exchange | \u2013 | 322 | 28 \n | 433 | 685 | 474 \nFinancing costs: | | | \nItems in hedge relationships: | | | \nOther loans | 17 | 74 | 170 \nInterest rate and cross-currency interest rate swaps | (414) | (128) | (235)\nFair value hedging instrument | (8) | 48 | 22 \nFair value of hedged item | 10 | (36) | (16) \nOther financial liabilities held at amortised cost: | | | \nBank loans and overdrafts | 336 | 317 | 419 \nBonds and other liabilities1 | 1,567 | 885 | 1,243\nInterest (credit)/charge on settlement of tax issues | (1) | (11) | 47 \nFair value through profit and loss: | | | \nDerivatives \u2013 options, forward starting swaps and futures | 391 | (75) | (244)\nForeign exchange | 190 | \u2013 | \u2013 \n | 2,088 | 1,074 | 1,406\nNet financing costs | 1,655 | 389 | 932 "} {"_id": "d1b338e56", "title": "", "text": "Segment Product Revenue, Operating Income and Operating Income as a Percentage of Revenue\nInfrastructure and Defense Products\nIDP revenue increased $104.2 million, or 13.2%, in fiscal 2019, compared to fiscal 2018, primarily due to higher demand for our base station products.\nIDP operating income increased $31.6 million, or 13.4%, in fiscal 2019, compared to fiscal 2018, primarily due to higher revenue, partially offset by lower gross margin (which was negatively impacted by lower factory utilization).\nSee Note 16 of the Notes to the Consolidated Financial Statements set forth in Part II, Item 8 of this report for a reconciliation of segment operating income to the consolidated operating income for fiscal years 2019, 2018 and 2017.\n\nFiscal Year | | \n---------------------------------- | -------- | --------\n(In thousands, except percentages) | 2019 | 2018 \nRevenue | $892,665 | $788,495\nOperating income | $267,304 | $235,719\nOperating income as a % of revenue | 29.9% | 29.9% "} {"_id": "d1b370c02", "title": "", "text": "Note 5. Fair Value of Financial Instruments\nThe Company measures and reports certain cash equivalents, including money market funds and certificates of deposit, in addition to its long-term investments at fair value in accordance with the provisions of the authoritative accounting guidance that addresses fair value measurements. This guidance establishes a hierarchy for inputs used in measuring fair value that maximizes the use of observable inputs and minimizes the use of unobservable inputs by requiring that the most observable inputs be used when available\nThe hierarchy is broken down into three levels based on the reliability of the inputs as follows:\nLevel 1: Observable inputs that reflect unadjusted quoted prices in active markets for identical assets or liabilities\nLevel 2: Other inputs, such as quoted prices for similar assets or liabilities, quoted prices for identical or similar assets or liabilities in inactive markets, or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the asset or liability\nLevel 3: Unobservable inputs that are supported by little or no market activity and that are based on management\u2019s assumptions, including fair value measurements determined by using pricing models, discounted cash flow methodologies or similar techniques\nThe financial assets carried at fair value were determined using the following inputs (in thousands):\nThe Company\u2019s other financial instruments, including accounts receivable, accounts payable, and other current liabilities, are carried at cost, which approximates fair-value due to the relatively short maturity of those instruments.\n\n | Fair value at December 31, 2019 | Level 1 | Level 2 | Level 3\n--------------------- | ------------------------------- | -------- | ------- | -------\nCash equivalents: | | | | \nMoney market funds | $297,311 | $297,311 | $ - | $ - \nNoncurrent assets: | | | | \nLong-term investments | 132,188 | - | - | 132,188\n | Fair value at December 31, 2018 | Level 1 | Level 2 | Level 3\nCash equivalents: | | | | \nMoney market funds | $485,872 | $485,872 | $ - | $ - \nNoncurrent assets: | | | | \nLong-term investments | - | - | - | - "} {"_id": "d1b39a7e6", "title": "", "text": "Sales and Distribution\nWe maintain a strong local presence in each of the geographic regions in which we operate. Our net sales by geographic region(1) as a percentage of our total net sales were as follows:\n(1) Net sales to external customers are attributed to individual countries based on the legal entity that records the sale.\nWe sell our products into approximately 150 countries primarily through direct selling efforts to manufacturers. In fiscal 2019, our direct sales represented approximately 80% of total net sales. We also sell our products indirectly via third-party distributors.\nWe maintain distribution centers around the world. Products are generally delivered to the distribution centers by our manufacturing facilities and then subsequently delivered to the customer. In some instances, however, products are delivered directly from our manufacturing facility to the customer. Our global coverage positions us near our customers\u2019 locations and allows us to assist them in consolidating their supply base and lowering their production costs. We contract with a wide range of transport providers to deliver our products globally via road, rail, sea, and air. We believe our balanced sales distribution lowers our exposure to any particular geography and improves our financial profile.\n\n | | Fiscal | \n---------------------------------- | ----- | ------ | -----\n | 2019 | 2018 | 2017 \nEurope/Middle East/Africa (\u201cEMEA\u201d) | 36 % | 38 % | 36 % \nAsia\u2013Pacific | 33 | 34 | 35 \nAmericas | 31 | 28 | 29 \nTotal | 100 % | 100 % | 100 %"} {"_id": "d1a73a424", "title": "", "text": "2019 Compensation of Outside Directors\n(1) For fiscal 2019, the Compensation Committee granted each outside director an award of restricted shares or restricted stock units valued at $165,000 based upon the volume-weighted average closing price of our Common Shares over a 15-day trading period ending prior to the May 22, 2019, grant date. However, as required by SEC rules, the dollar value reported in this column reflects the grant date fair value of that award based upon the closing stock price of our Common Shares on the grant date in accordance with FASB ASC Topic 718. These awards vest on May 22, 2020 (subject to accelerated vesting or forfeiture in certain limited circumstances). See \u201c\u2014Cash and Stock Payments.\u201d\n(2) As of December 31, 2019, Mr. Post held 365,221 unvested shares of restricted stock (consisting of 14,706 time-based and 350,515 performance-based shares, which will vest and pay out or be forfeited in accordance with their original performance conditions) and each of our other outside directors held 14,706 unvested shares of restricted stock or unvested RSUs deferred under the Non-Employee Director Deferred Compensation Plan (the \u201cDeferred RSUs\u201d), which constituted the only unvested equity-based awards held by our outside directors as of such date. For further information on our directors\u2019 stock ownership, see \u201cOwnership of Our Securities\u2014 Executive Officers and Directors,\u201d and for information on certain deferred fee arrangements pertaining to Mr. Roberts, see \u201c\u2014Other Benefits.\u201d\n(3) Includes (i) reimbursements for the cost of annual physical examinations and related travel of $5,000 for each of Mr. Hanks and Ms. Landrieu, $3,950 for Mr. Perry and $4,436 for Mr. Post, (ii) the payments related to the attendance of the KPMG Conference of $6,000 for Messrs. Hanks and Perry, (iii) payments related to the attendance of the NACD Global Board Leaders\u2019 Summit of $6,000 for each of Ms. Landrieu and Messrs. Hanks and Perry and the payments related to the attendance of the G100 Conference of $4,000 for each of Ms. Bejar and Mr. Chilton. Except as otherwise noted in the prior sentence, the table above does not reflect (i) reimbursements for travel expenses or (ii) any benefits associated with the directors or their family members participating in recreational activities scheduled during Board retreats or meetings (as described further under the heading \u201cCompensation Discussion and Analysis\u2014Our Compensation Program Objectives and Components of Pay\u2014Other Benefits\u2014Perquisites\u201d).\n(4) The terms of each of these directors will end immediately following the 2020 annual shareholders meeting.\n\nName | Fees Earned or Paid in Cash | Stock Awards(1),(2) | All Other Compensation(3) | Total \n--------------------------- | --------------------------- | ------------------- | ------------------------- | --------\nContinuing Directors: | | | | \nMartha H. Bejar | $120,000 | $146,472 | $4,000 | $270,472\nVirginia Boulet | 130,000 | 146,472 | \u2014 | 276,472 \nPeter C. Brown | 128,375 | 146,472 | \u2014 | 274,847 \nKevin P. Chilton | 128,500 | 146,472 | \u2014 | 274,972 \nSteven T. Clontz | 115,000 | 146,472 | \u2014 | 261,472 \nT. Michael Glenn | 121,000 | 146,472 | \u2014 | 267,472 \nW. Bruce Hanks | 244,000 | 146,472 | 17,000 | 407,472 \nMichael J. Roberts | 114,000 | 146,472 | \u2014 | 260,472 \nLaurie A. Siegel | 113,000 | 146,472 | \u2014 | 259,472 \nNon-Returning Directors:(4) | | | | \nMary L. Landrieu | 113,000 | 146,472 | \u2014 | 259,472 \nHarvey P. Perry | 309,000 | 146,472 | 15,950 | 471,422 \nGlen F. Post, III | 109,000 | 146,472 | 4,436 | 259,908 "} {"_id": "d1b303d6e", "title": "", "text": "ITEM 7. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS (United States Dollars in thousands, except per share data and unless otherwise indicated)\nIn light of the anticipated material non-cash charges to be recorded in connection with our financial guarantee arrangements as required subsequent to the adoption and implementation of ASU 2016-13 (as discussed in Note 1 to the Notes to Consolidated Financial Statements in Item 8 within \"Accounting Standards Issued, But Not Yet Adopted \u2013 Measurement of credit losses on financial instruments\"), management is evaluating both the disclosure of additional non-GAAP financial measures and the modification of its historical computation of adjusted EBITDA commencing in 2020 to enhance the disclosure of indicators of our business performance over the long term and to provide additional useful information to users of our financial statements.\nFurther, we utilize Adjusted Pro Forma Net Income, which we define as consolidated net income, adjusted for (i) transaction and non-recurring expenses; (ii) for 2019, losses associated with the financial guarantee arrangement for a Bank Partner that did not renew its loan origination agreement; and (iii) incremental pro forma tax expense assuming all of our noncontrolling interests were subject to income taxation. Adjusted Pro Forma Net Income is a useful measure because it makes our results more directly comparable to public companies that have the vast majority of their earnings subject to corporate income taxation. Adjusted Pro Forma Net Income has limitations as an analytical tool and should not be considered in isolation from, or as a substitute for, the analysis of other GAAP financial measures, such as net income. Some of the limitations of Adjusted Pro Forma Net Income include:\n\u2022 It makes assumptions about tax expense, which may differ from actual results; and \u2022 It is not a universally consistent calculation, which limits its usefulness as a comparative measure.\nManagement compensates for the inherent limitations associated with using the measure of Adjusted Pro Forma Net Income through disclosure of such limitations, presentation of our financial statements in accordance with GAAP and reconciliation of Adjusted Pro Forma Net Income to the most directly comparable GAAP measure, net income, as presented below.\n(1) Includes losses recorded in the fourth quarter of 2019 associated with the financial guarantee arrangement for a Bank Partner that did not renew its loan origination agreement when it expired in November 2019. See Note 14 to the Notes to Consolidated Financial Statements included in Item 8 for additional discussion of our financial guarantee arrangements.\n(2) For the year ended December 31, 2019, includes loss on remeasurement of our tax receivable agreement liability of $9.8 million and professional fees associated with our strategic alternatives review process of $1.5 million. For the year ended December 31, 2018, includes certain costs associated with our IPO, which were not deferrable against the proceeds of the IPO. Further, includes certain costs, such as legal and debt arrangement costs, related to our March 2018 term loan upsizing. For the year ended December 31, 2017, includes one-time fees paid to an affiliate of one of the members of the board of managers in conjunction with the August 2017 term loan transaction.\n(3) For the year ended December 31, 2019, includes (i) legal fees associated with IPO related litigation of $2.0 million, (ii) one-time tax compliance fees related to filing the final tax return for the Former Corporate Investors associated with the Reorganization Transactions of $0.2 million, and (iii) lien filing expenses related to certain Bank Partner solar loans of $0.6 million.\n(4) Represents the incremental tax effect on net income, adjusted for the items noted above, assuming that all consolidated net income was subject to corporate taxation for the periods presented. For the years ended December 31, 2019, 2018 and 2017, we assumed effective tax rates of 14.8%, 19.7% and 38.4%, respectively.\n\n | | Year Ended December 31, | \n------------------------------------------ | -------- | ----------------------- | --------\n | 2019 | 2018 | 2017 \nNet income | $95,973 | $127,980 | $138,668\nChange in financial guarantee liability(1) | 16,215 | \u2014 | \u2014 \nTransaction expenses(2) | 11,345 | 2,393 | 2,612 \nNon-recurring expenses(3) | 2,804 | \u2014 | \u2014 \nIncremental pro forma tax expense(4) | (24,768) | (21,248) | (54,266)\nAdjusted Pro Forma Net Income | $101,569 | $109,125 | $87,014 "} {"_id": "d1b37b97c", "title": "", "text": "Operating expenses\nSales and marketing expense decreased primarily due to a $51 million decrease in stock-based compensation expense and a $41 million decrease as a result of the divestiture of our WSS and PKI solutions.\nResearch and development expense decreased primarily due to a $66 million decrease in stockbased compensation expense.\nGeneral and administrative expense decreased primarily due to a $130 million decrease in stock-based compensation expense.\nAmortization of intangible assets decreased primarily due to the intangible assets sold with the divestiture of WSS and PKI solutions.\nRestructuring, transition and other costs reflect a decrease of $70 million in fiscal 2019 compared to fiscal 2018 in severance and other restructuring costs. In addition, fiscal 2018 costs included $88 million of transition related costs related to our fiscal 2018 divestiture of our WSS and PKI solutions compared to $3 million in fiscal 2019.\n\nFiscal Year | | | Variance in | \n----------------------------------------- | ------ | ------ | ----------- | -------\n | 2019 | 2018 | Dollars | Percent\n(In millions, except for percentages) | | | | \nSales and marketing | $1,493 | $1,593 | $(100) | (6)% \nResearch and development | 913 | 956 | (43) | (4)% \nGeneral and administrative | 447 | 574 | (127) | (22)% \nAmortization of intangible assets | 207 | 220 | (13) | (6)% \nRestructuring, transition and other costs | 241 | 410 | (169) | (41)% \nTotal | $3,301 | $3,753 | $(452) | (12)% "} {"_id": "d1b393cac", "title": "", "text": "Segment Financial Results\nRevenues\nThe following table sets forth revenues by segment for the periods presented (in millions):\n(1) Revenues for Corporate and Other represent deferred revenue purchase accounting adjustments recorded in accordance with GAAP.\n\n | Year ended December 31 | | Variance | \n----------------------- | ---------------------- | -------- | -------- | --\n | 2019 | 2018 | $ | % \nSoftware Solutions | $1,012.3 | $962.0 | $50.3 | 5%\nData and Analytics | 165.4 | 154.5 | 10.9 | 7%\nCorporate and Other (1) | (0.5) | (2.5) | 2.0 | NM\nTotal | $1,177.2 | $1,114.0 | $63.2 | 6%"} {"_id": "d1b3309ea", "title": "", "text": "Employee Stock Purchase Plan\nThe weighted average estimated fair value, as defined by the amended authoritative guidance, of rights issued pursuant to the Company\u2019s ESPP during 2019, 2018 and 2017 was $4.28, $5.18 and $6.02, respectively. Sales under the ESPP were 24,131 shares of common stock at an average price per share of $9.76 for 2019, 31,306 shares of common stock at an average price per share of $15.40 for 2018, and 38,449 shares of common stock at an average price per share of $12.04 for 2017.\nAs of December 29, 2019, 62,335 shares under the 2009 ESPP remained available for issuance. The Company recorded compensation expenses related to the ESPP of $60,000, $205,000 and $153,000 in 2019, 2018 and 2017, respectively.\nThe fair value of rights issued pursuant to the Company\u2019s ESPP was estimated on the commencement date of each offering period using the following weighted average assumptions:\nThe methodologies for determining the above values were as follows:\n\u2022 Expected term: The expected term represents the length of the purchase period contained in the ESPP.\n\u2022 Risk-free interest rate: The risk-free interest rate assumption is based upon the risk-free rate of a Treasury Constant Maturity bond with a maturity appropriate for the term of the purchase period.\n\u2022 Volatility: The Company determines expected volatility based on historical volatility of the Company\u2019s common stock for the term of the purchase period.\n\u2022 Dividend Yield: The expected dividend assumption is based on the Company\u2019s intent not to issue a dividend under its dividend policy.\n\n | Fiscal Years | | \n----------------------- | ------------ | ----- | -----\n | 2019 | 2018 | 2017 \nExpected life (months) | 6.0 | 6.0 | 6.1 \nRisk-free interest rate | 2.37% | 2.26% | 1.22%\nVolatility | 54% | 50% | 53% "} {"_id": "d1a73e402", "title": "", "text": "Information on the reportable segment net revenues and segment operating income are presented below (amounts in millions):\n(1) Intersegment revenues reflect licensing and service fees charged between segments.\n\n | | Year Ended December 31, 2019 | | \n------------------------------------ | ---------- | ---------------------------- | ------ | ------\n | Activision | Blizzard | King | Total \nSegment Revenues | | | | \nNet revenues from external customers | $2,219 | $1,676 | $2,031 | $5,926\nIntersegment net revenues (1) | \u2014 | 43 | \u2014 | 43 \nSegment net revenues | $2,219 | $1,719 | $2,031 | $5,969\nSegment operating income | $850 | $464 | $740 | $2,054\n | | Year Ended December 31, 2018 | | \n | Activision | Blizzard | King | Total \nSegment Revenues | | | | \nNet revenues from external customers | $2,458 | $2,238 | $2,086 | $6,782\nIntersegment net revenues (1) | \u2014 | 53 | \u2014 | 53 \nSegment net revenues | $2,458 | $2,291 | $2,086 | $6,835\nSegment operating income | $1,011 | $685 | $750 | $2,446\n | | Year Ended December 31, 2017 | | \n | Activision | Blizzard | King | Total \nSegment Revenues | | | | \nNet revenues from external customers | $2,628 | $2,120 | $1,998 | $6,746\nIntersegment net revenues (1) | \u2014 | 19 | \u2014 | 19 \nSegment net revenues | $2,628 | $2,139 | $1,998 | $6,765\nSegment operating income | $1,005 | $712 | $700 | $2,417"} {"_id": "d1b360794", "title": "", "text": "EXPLANATORY INFORMATION\nFor the years ended December 31, 2019 and 2018, accounting for outstanding share-based payments using the equity-settled method for stock-based compensation was determined to be more dilutive than using the cash-settled method. As a result, net income for the year ended December 31, 2019 was reduced by $6 million (2018 \u2013 $2 million) in the diluted earnings per share calculation.\nFor the year ended December 31, 2019, there were 1,077,875 options out of the money (2018 \u2013 37,715) for purposes of the calculation of earnings per share. These options were excluded from the calculation of the effect of dilutive securities because they were anti-dilutive.\n\n | Years ended December 31 | \n--------------------------------------------------------------------------------------------------- | ----------------------- | -----\n(In millions of dollars, except per share amounts) | 2019 | 2018 \nNumerator (basic) \u2013 Net income for the year | 2,043 | 2,059\nDenominator \u2013 Number of shares (in millions): Weighted average number of shares outstanding \u2013 basic | 512 | 515 \nEffect of dilutive securities (in millions): Employee stock options and restricted share units | 1 | 1 \nWeighted average number of shares outstanding \u2013 diluted | 513 | 516 \nEarnings per share: | | \nBasic | $3.99 | $4.00\nDiluted | $3.97 | $3.99"} {"_id": "d1b32002c", "title": "", "text": "Item 5. Market for Registrant's Common Equity, Related Shareholder Matters and Issuer Purchases of Equity Securities.\nOur common shares, without par value, are traded on the NASDAQ Stock Market LLC under the symbol \u201cAGYS\u201d. The high and low sales prices for the common shares for each quarter during the past two fiscal years are presented in the table below.\nThe closing price of the common shares on May 21, 2019, was $22.51 per share. There were 1,561 active shareholders of record.\nWe did not pay dividends in fiscal 2019 or 2018 and are unlikely to do so in the foreseeable future. The current policy of the Board of Directors is to retain any available earnings for use in the operations of our business.\n\n2019 | High | Low \n-------------- | ------ | ------\nFourth quarter | $21.17 | $13.92\nThird quarter | $17.02 | $13.88\nSecond quarter | $16.72 | $14.72\nFirst quarter | $15.55 | $11.78\n2018 | High | Low \nFourth quarter | $13.00 | $10.77\nThird quarter | $12.98 | $11.30\nSecond quarter | $12.14 | $9.80 \nFirst quarter | $10.30 | $9.08 "} {"_id": "d1b30b0a0", "title": "", "text": "Free Cash Flow\nFree cash flow is a non-GAAP financial measure that reflects an additional way of viewing our liquidity that, when viewed with our GAAP results, provides a more complete understanding of factors and trends affecting our cash flows. Free cash flow is calculated by subtracting capital expenditures from net cash provided by operating activities. We believe it is a more conservative measure of cash flow since purchases of fixed assets are necessary for ongoing operations.\nFree cash flow has limitations due to the fact that it\u00a0does not represent the residual cash flow available for discretionary expenditures. For example, free cash flow does not incorporate payments made on finance lease obligations or cash payments for business acquisitions or wireless licenses. Therefore, we believe it is important to view free cash flow as a complement to our entire consolidated statements of cash flows.\nThe following table reconciles net cash provided by operating activities to Free cash flow:\nThe increase in free cash flow during 2019 is a reflection of the increase in operating cash flows, partially offset by the increase in capital expenditures discussed above.\n\n | | (dollars in millions)\n---------------------------------------------------------- | -------- | ---------------------\nYears Ended December 31, | 2019 | 2018 \nNet cash provided by operating activities | $ 35,746 | $ 34,339 \nLess Capital expenditures (including capitalized software) | 17,939 | 16,658 \nFree cash flow | $ 17,807 | $ 17,681 "} {"_id": "d1b336372", "title": "", "text": "Value-at-Risk (VaR)\nWe employ various tools to monitor our derivative risk, including value-at-risk (\"VaR\") models. We perform simulations using historical data to estimate potential losses in the fair value of current derivative positions. We use price and volatility information for the prior 90 days in the calculation of VaR that is used to monitor our daily risk. The purpose of this measurement 45 is to provide a single view of the potential risk of loss associated with derivative positions at a given point in time based on recent changes in market prices. Our model uses a 95% confidence level. Accordingly, in any given one-day time period, losses greater than the amounts included in the table below are expected to occur only 5% of the time. We include commodity swaps, futures, and options and foreign exchange forwards, swaps, and options in this calculation. The following table provides an overview of our average daily VaR for our energy, agriculture, and foreign exchange positions for fiscal 2019 and 2018.\n\n | Fair Value Impact | \n----------------------- | ------------------------------------------------- | -------------------------------------------------\nIn Millions | Average During the Fiscal Year Ended May 26, 2019 | Average During the Fiscal Year Ended May 27, 2018\nProcessing Activities | | \nEnergy commodities | $0.4 | $0.2 \nAgriculture commodities | 0.4 | 0.4 \nOther commodities | 0.1 | \u2014 \nForeign exchange | 0.7 | 0.7 "} {"_id": "d1b38e05e", "title": "", "text": "PRODUCTS\nOur primary product is drinkable kefir, a cultured dairy product. Lifeway Kefir is tart and tangy, high in protein, calcium and vitamin D. Thanks to our exclusive blend of kefir cultures, each cup of kefir contains 12 live and active cultures and 15 to 20 billion beneficial CFU (Colony Forming Units) at the time of manufacture.\nWe manufacture (directly or through co-packers) our products under our own brand, as well as under private labels on behalf of certain customers. As of December 31, 2019, Lifeway offered approximately 20 varieties of our kefir products including more than 60 flavors . In addition to our core drinkable kefir products, we offer several lines of products developed through our innovation and development efforts. These include Kefir Cups, a strained, cupped version of our kefir; and Organic Farmer Cheese Cups, a cupped version of our soft cheeses, both served in resealable 5 oz. containers. We also offer Skyr, a strained cupped Icelandic yogurt; Plantiful, a plant-based probiotic beverage made from organic and non-GMO pea protein with 10 vegan kefir cultures; a line of probiotic supplements for adults and children; and a soft serve kefir mix.\nOur product categories are:\n\u2022 Drinkable Kefir, sold in a variety of organic and non-organic sizes, flavors, and types, including low fat, non-fat, whole milk, protein, and BioKefir (a 3.5 oz. kefir with additional probiotic cultures). \u2022 European-style soft cheeses, including farmer cheese in resealable cups. \u2022 Cream and other, which consists primarily of cream, a byproduct of making our kefir. \u2022 ProBugs, a line of kefir products designed for children. \u2022 Other Dairy, which includes Cupped Kefir and Icelandic Skyr, a line of strained kefir and yogurt products in resealable cups. \u2022 Frozen Kefir, available in both soft serve and pint-size containers.\nNet sales of products by category were as follows for the years ended December 31:\n(a) Includes Lifeway Kefir Shop sales\n\n | | 2019 | | 2018\n---------------------------------- | -------- | ---- | --------- | ----\nIn thousands | $ | % | $ | % \nDrinkable Kefir other than ProBugs | $ 71,822 | 77% | $ 78,523 | 76% \nCheese | 11,459 | 12% | 11,486 | 11% \nCream and other | 4,228 | 4% | 5,276 | 5% \nProBugs Kefir | 2,780 | 3% | 2,795 | 3% \nOther dairy | 1,756 | 2% | 3,836 | 4% \nFrozen Kefir (a) | 1,617 | 2% | 1,434 | 1% \nNet Sales | $ 93,662 | 100% | $ 103,350 | 100%"} {"_id": "d1b37f626", "title": "", "text": "(1) Of the total deferred costs, $1,896 million was current and $2,472 million was noncurrent at December 31, 2019 and $2,300 million was current and $2,676 million was noncurrent at December 31, 2018.\nThe amount of total deferred costs amortized during the year ended December 31, 2019 was $3,836 million and there were no material impairment losses incurred. Refer to note A, \u201cSignificant Accounting Policies,\u201d for additional information on deferred costs to fulfill a contract and capitalized costs of obtaining a contract.\n\n($ in millions) | | \n-------------------------------------- | ------ | ------\nAt December 31: | 2019 | 2018 \nCapitalized costs to obtain a contract | $ 609 | $ 717\nDeferred costs to fulfill a contract | | \nDeferred setup costs | 1,939 | 2,085 \nOther deferred fulfillment costs | 1,820 | 2,173 \nTotal deferred costs (1) | $4,368 | $4,975"} {"_id": "d1b3711d4", "title": "", "text": "14. Restructuring and Related Charges\nFollowing is a summary of the Company\u2019s restructuring and related charges (in thousands):\n(1) Includes $21.5 million, $16.3 million and $51.3 million recorded in the EMS segment, $2.6 million, $16.6 million and $82.4 million recorded in the DMS segment and $1.8 million, $4.0 million and $26.7 million of non-allocated charges for the fiscal years ended August 31, 2019, 2018 and 2017, respectively. Except for asset write-off costs, all restructuring and related charges are cash settled.\n(2) Fiscal year ended August 31, 2017, includes expenses related to the 2017 and 2013 Restructuring Plans.\n\n | | Fiscal Year Ended August 31, | \n------------------------------------------ | ------- | ---------------------------- | --------\n | 2019 | 2018 | 2017(2) \nEmployee severance and benefit costs | $16,029 | $16,269 | $56,834 \nLease costs | (41) | 1,596 | 3,966 \nAsset write-off costs | (3,566) | 16,264 | 94,346 \nOther costs | 13,492 | 2,773 | 5,249 \nTotal restructuring and related charges(1) | $25,914 | $36,902 | $160,395"} {"_id": "d1b2f0d72", "title": "", "text": "5.2 Employee share plans (continued)\nFY2019, FY2018 & FY2017 offer under LTI Plan\nEach LTI Plan share is offered subject to the achievement of the performance measure, which is tested once at the end of the performance period. The LTI Plans will be measured against one performance measure \u2013 relative Total Shareholder Return (TSR). LTI Plan shares that do not vest after testing of the relevant performance measure, lapse without retesting.\nThe shares will only vest if a certain Total Shareholder Return (TSR) relative to the designated comparator group, being the ASX Small Ordinaries Index excluding mining and energy companies, is achieved during the performance period. In relation to the offer, vesting starts where relative TSR reaches the 50th Percentile.\nAt the 50th Percentile, 50% of LTI Plan shares will vest. All LTI Plan shares will vest if relative TSR is above the 75th Percentile. Between these points, the percentage of vesting increases on a straight-line basis.\nSummary of Shares issued under the FY2017 LTI Plan\nThe following table illustrates the number of, and movements in, shares issued during the year:\n\n | 2019 NUMBER | 2018 NUMBER\n------------------------------------------ | ----------- | -----------\nOutstanding at the beginning of the period | 768,806 | 3,384,696 \nGranted during the period | - | - \nForfeited during the period | (768,806) | (2,615,890)\nExercised during the period | - | - \nOutstanding at the end of the period | - | 768,806 "} {"_id": "d1b30842c", "title": "", "text": "(a) Description of segments and principal activities (continued)\u00a0 The Group also conducts operations in the United States of America (\u201cUnited States\u201d), Europe and other regions, and holds investments (including investments in associates, investments in joint ventures, FVPL and FVOCI) in various territories. The geographical information on the total assets is as follows:\nAs at 31 December 2019, the total non-current assets other than financial instruments and deferred tax assets located in Mainland China and other regions amounted to RMB311,386 million (31 December 2018: RMB282,774 million) and RMB136,338 million (31 December 2018: RMB65,057 million), respectively.\nAll the revenues derived from any single external customer were less than 10% of the Group\u2019s total revenues during the years ended 31 December 2019 and 2018.\n\n | As at 31 December | \n--------------------------------------------- | ----------------- | -----------\n | 2019 | 2018 \n | RMB\u2019Million | RMB\u2019Million\nOperating assets | | \n\u2013 Mainland China | 345,721 | 270,373 \n\u2013 Others | 168,714 | 83,962 \nInvestments | | \n\u2013 Mainland China and Hong Kong | 289,491 | 254,992 \n\u2013 North America | 76,488 | 44,835 \n\u2013 Europe | 29,707 | 37,451 \n\u2013 Asia excluding Mainland China and Hong Kong | 40,139 | 30,148 \n\u2013 Others | 3,726 | 1,760 \n | 953,986 | 723,521 "} {"_id": "d1b3736be", "title": "", "text": "(5) Revenue Recognition\nThe following tables present our reported results under ASC 606 and a reconciliation to results using the historical accounting method:\n\n | | Year Ended December 31, 2018 | \n-------------------------------------------------------------------------- | ----------------- | ----------------------------------------------------------------------- | ------------------------------------\n | Reported Balances | Impact of ASC 606 | ASC 605 Historical Adjusted Balances\n | | (Dollars in millions, except per share amounts and shares in thousands) | \nOperating revenue | $23,443 | 39 | 23,482 \nCost of services and products (exclusive of depreciation and amortization) | 10,862 | 22 | 10,884 \nSelling,general and administrative | 4,165 | 71 | 4,236 \nInterest expense | 2,177 | (9) | 2,168 \nIncome tax expense | 170 | (12) | 158 \nNet loss | (1,733) | (33) | (1,766) \nBASIC AND DILUTED LOSS PER COMMON SHARE | | | \nBASIC | $(1.63) | (0.03) | (1.66) \nDILUTED | $(1.63) | (0.03) | (1.66) \nWEIGHTED-AVERAGE COMMON SHARES OUTSTANDING | | | \nBASIC | 1,065,866 | - | 1,065,866 \nDILUTED | 1,065,866 | - | 1,065,866 "} {"_id": "d1b34d270", "title": "", "text": "Contractual obligations and commitments\nA summary of our principal contractual financial obligations and commitments at 31 March 2019 are set out below. In addition, information in relation to our participation in the current German spectrum licence auction and our commitments arising from the Group\u2019s announcement on 9 May 2018 that it had agreed to acquire Liberty Global\u2019s operations in Germany, the Czech Republic, Hungary and Romania (are set out in note 28 \u201cCommitments\u201d).\nNotes: 1 This table includes obligations to pay dividends to non-controlling shareholders (see \u201cDividends from associates and to non-controlling shareholders\u201d on page 160). The table excludes current and deferred tax liabilities and obligations under post employment benefit schemes, details of which are provided in notes 6 \u201cTaxation\u201d and 25 \u201cPost employment benefits\u201d respectively. The table also excludes the contractual obligations of associates and joint ventures.\n2 See note 21 \u201cCapital and financial risk management\u201d.\n3 See note 28 \u201cCommitments\u201d.\n4 Primarily related to spectrum and network infrastructure.\n5 Primarily related to device purchase obligations.\n\n | | | | | Payments due by period\n---------------------------------------- | ------- | -------- | --------- | --------- | ----------------------\n | | | | | \u20acm \nContractual obligations and commitments1 | Total | < 1 year | 1\u20133 years | 3\u20135 years | >5 years \nFinancial liabilities2 | 86,160 | 21,953 | 11,404 | 14,881 | 37,922 \nOperating lease commitments3 | 10,816 | 2,834 | 2,881 | 1,689 | 3,412 \nCapital commitments3,4 | 3,012 | 1,514 | 1,274 | 173 | 51 \nPurchase commitments5 | 8,460 | 4,091 | 2,616 | 689 | 1,064 \nTotal | 108,448 | 30,392 | 18,175 | 17,432 | 42,449 "} {"_id": "d1b34da5e", "title": "", "text": "Our fourth quarter 2019 net revenues amounted to $2,754 million, registering a sequential increase of 7.9%, 290 basis points above the mid-point of our guidance, with all product groups contributing to the growth. The sequential increase resulted from higher volumes of approximately 7% and an increase of approximately 1% in average selling prices, the latter entirely due to product mix, while selling prices remained substantially stable.\nOn a year-over-year basis, our net revenues increased by 4.0%. This increase was entirely due to an increase of approximately 6% in average selling prices, partially offset by an approximate 2% decrease in volumes. The average selling prices increase was entirely driven by improved product mix of approximately 9%, partially offset by lower selling prices of approximately 3%.\n\n | Three Months Ended | Three Months Ended | Three Months Ended | % Variation | % Variation \n-------------- | ------------------------ | ------------------ | ------------------ | ----------- | ----------------\n | December 31, 2019 | September 29, 2019 | December 31, 2018 | Sequential | Year- Over- Year\n | (Unaudited, in millions) | | | | \nNet sales | $ 2,750 | $ 2,547 | $ 2,633 | 8.0% | 4.5% \nOther revenues | 4 | 6 | 15 | (45.0) | (77.4) \nNet revenues | $ 2,754 | $ 2,553 | $ 2,648 | 7.9% | 4.0% "} {"_id": "d1b3545fc", "title": "", "text": "NOTE 7 \u2013 LEASING\nTORM has leases for the office buildings, some vehicles and other administrative equipment. With the exception of short-term leases and leases of low-value assets, each lease is reflected on the balance sheet as a right-of-use asset with a corresponding lease liability. The right-of-use assets are included in the financial statement line item in which the corresponding underlying assets would be presented if they were owned. Please refer to note 6.\nAs of 31 December 2019, TORM had recognized the following right-of-use assets:\n\nUSDm | Vessels and capitalized dry-docking | Land and buildings | Other plant and operating equipment\n----------------------------------- | ----------------------------------- | ------------------ | -----------------------------------\nCost: | | | \nBalance as of 1 January | 43.3 | - | - \nAdjustment on transition to IFRS 16 | - | 9.9 | 0.3 \nAdditions | 1.8 | 0.5 | 0.4 \nDisposals | -2.7 | - | -0.1 \nBalance as of 31 December | 42.4 | 10.4 | 0.6 \nDepreciation: | | | \nBalance as of 1 January | 13.4 | - | - \nDisposals | -2.7 | - | - \nDepreciation for the year | 4.8 | 2.3 | 0.2 \nBalance as of 31 December | 15.5 | 2.3 | 0.2 \nCarrying amount as of 31 December | 26.9 | 8.1 | 0.4 "} {"_id": "d1b37221e", "title": "", "text": "Note 2: Net Income Per Share\nBasic net income per share is computed using the weighted-average number of common shares outstanding for the period. Diluted net income per share is computed by adjusting the weighted-average number of common shares outstanding for the effect of dilutive potential common shares outstanding during the period. Potential common shares included in the diluted calculation consist of incremental shares issuable upon the exercise of outstanding stock options calculated using the treasury stock method.\nThe following table sets forth the calculation of basic and diluted net income per share (in thousands, except per share amounts):\nFor the years ended December 31, 2019 and 2018, options to purchase 200,000 and 200,000 shares of common stock, respectively, were not included in the computation of diluted net income per share because the effect would have been anti-dilutive.\n\nYear Ended December 31, | | \n-------------------------------------------- | ------ | ------\n | 2019 | 2018 \nNet income | $4,155 | $4,661\nWeighted average common shares\u2014basic | 11,809 | 12,323\nEffect of dilutive securities: stock options | 226 | 187 \nWeighted average common shares\u2014diluted | 12,035 | 12,510\nNet income per share\u2014basic | $0.35 | $0.38 \nNet income per share\u2014diluted | $0.35 | $0.37 "} {"_id": "d1b3a79e6", "title": "", "text": "Net revenues by geographical region\nPercentage of revenue by geographic region as presented below is based on the billing location of the customer.\nPercentages may not add to 100% due to rounding.\nThe Americas include U.S., Canada, and Latin America; EMEA includes Europe, Middle East, and Africa; APJ includes Asia Pacific and Japan.\n\n | Fiscal Year | \n-------- | ----------- | ----\n | 2019 | 2018\nAmericas | 64% | 63% \nEMEA | 21% | 22% \nAPJ | 15% | 16% "} {"_id": "d1b2e83de", "title": "", "text": "Stock-Based Compensation\nA summary of our stock-based compensation expense is as follows (in thousands):\n(1) Amount for the year ended December 31, 2018 includes $4.1 million of accelerated stock-based compensation expense. In March 2018, as\na result of a suspension of the 2014 Purchase Plan due to our non-timely filing status, all unrecognized stock-based compensation expense\nrelated to ESPP under the 2014 Purchase Plan was accelerated and recognized within the consolidated statement of operations.\nAs of December 31, 2019, we had $29.5 million of unrecognized stock-based compensation expense related to\nunvested stock-based awards, including ESPP under our Amended 2014 Purchase Plan, which will be recognized\nover a weighted-average period of 2.6 years.\n\n | | Years Ended December 31, | \n------------------------------------------------ | ------- | ------------------------ | -------\n | 2019 | 2018 | 2017 \nStock-based compensation by type of award: | | | \nStock options | $648 | $1,353 | $2,705 \nStock awards | 14,882 | 10,445 | 11,421 \nEmployee stock purchase rights(1) | 999 | 5,240 | 3,077 \nTotal | $16,529 | $17,038 | $17,203\nStock-based compensation by category of expense: | | | \nCost of revenue | $1,500 | $1,602 | $1,362 \nSales and marketing | 5,765 | 5,667 | 6,075 \nResearch and development | 6,039 | 6,631 | 6,343 \nGeneral and administrative | 3,225 | 3,138 | 3,423 \nTotal | $16,529 | $17,038 | $17,203"} {"_id": "d1b317652", "title": "", "text": "5. Property, Plant and Equipment\nProperty, plant and equipment consists of the following (in thousands):\n\n | August 31, | \n---------------------------------------------- | ---------- | ----------\n | 2019 | 2018 \nLand and improvements | $146,719 | $144,136 \nBuildings | 962,559 | 849,975 \nLeasehold improvements | 1,092,787 | 1,013,428 \nMachinery and equipment | 4,262,015 | 3,983,025 \nFurniture, fixtures and office equipment | 209,257 | 192,243 \nComputer hardware and software | 671,252 | 601,955 \nTransportation equipment | 16,423 | 17,215 \nConstruction in progress | 83,234 | 42,984 \n | 7,444,246 | 6,844,961 \nLess accumulated depreciation and amortization | 4,110,496 | 3,646,945 \n | $3,333,750 | $3,198,016"} {"_id": "d1b3a9174", "title": "", "text": "Liquidity and Capital Resources\nAs of December 31, 2019, we had $19.5 million in cash and cash equivalents, of which $14.8 million was held outside the U.S. in certain of our foreign operations. If these assets are distributed to the U.S., we may be subject to additional U.S. taxes in certain circumstances. We have not provided for any repatriation taxes and currently have the intent to leave such cash and cash equivalents in the foreign countries. Cash and cash equivalents increased from $18.0 million as of December 31, 2018 primarily as a result of cash provided by operating activities, offset partially by cash used for repurchases of our common stock and our equity investment in WeekenGO. We expect that cash on hand will be sufficient to provide for working capital needs for at least the next twelve months.\nNet cash provided by operating activities is net income adjusted for certain non-cash items and changes in assets and liabilities. Net cash provided by operating activities was $11.2 million for 2019, which consisted of net income of $4.2 million, adjustments for non-cash items of $3.8 million and a $3.2 million increase in cash from changes in operating assets and liabilities. Adjustments for non-cash items primarily consisted of a $1.3 million of depreciation and amortization expense on property and equipment, a $993,000 of stock-based compensation expense and $821,000 for our share of WeekenGO losses, amortization of basis differences and currency translation adjustment. The increase in cash from changes in operating assets and liabilities primarily consisted of a $3.1 million increase in accounts payable.\nNet cash provided by operating activities was $5.3 million for 2018, which consisted of a net income of $4.7 million, adjustments for non-cash items of $2.5 million, offset partially a $1.9 million decrease in cash from changes in operating assets and liabilities. Adjustments for non-cash items primarily consisted of a $1.8 million of depreciation and amortization expense on property and equipment and a $915,000 of stock-based compensation expense. The decrease in cash from changes in operating assets and liabilities primarily consisted of a $1.5 million increase in accounts receivable.\nCash paid for income taxes, net of refunds received in 2019 and 2018, was $4.7 million and $4.3 million, respectively.\nNet cash used in investing activities for 2019 and 2018 was $1.1 million and $3.7 million, respectively. The cash used in investing activities in 2019 was primarily due to $673,000 investment in WeekenGO and $474,000 in purchases of property and equipment. The cash used in investing activities in 2018 was primarily due to $3.1 million investment in WeekenGO and $752,000 in purchases of property and equipment, offset partially by $150,000 proceeds from sale of property and equipment.\nNet cash used in financing activities for 2019 and 2018 was $9.1 million and $5.3 million, respectively. Net cash used in financing activities for the year ended December 31, 2019 was primarily due to $10.8 million used in repurchases of our common stock, offset partially by $1.7 million of proceeds from the issuance of common stock, net of tax paid for the net share settlement. Net cash used in financing activities for the year ended December 31, 2018 was primarily due to $5.3 million cash used in repurchases of our common stock.\n\nYear Ended December 31, | | \n----------------------------------------------------------------------------- | ------- | -------\n | 2019 | 2018 \n(In thousands) | | \nNet cash provided by operating activities | $11,236 | $5,317 \nNet cash used in investing activities | (1,147) | (3,685)\nNet cash used in financing activities | (9,106) | (5,292)\nEffect of exchange rate changes on cash, cash equivalents and restricted cash | 266 | (880) \nNet increase (decrease) in cash, cash equivalents and restricted cash | $1,249 | (4,540)"} {"_id": "d1b3b3926", "title": "", "text": "Stock Options\nThe following table summarizes stock option activity under the Company\u2019s stock option plans during the fiscal years ended September 30, 2019, 2018, and 2017:\nThe Company recognized $0.7 million, $1.4 million, and $1.0 million in stock-based compensation expense related to outstanding stock options in the fiscal years ended September 30, 2019, 2018, and 2017, respectively. As of September 30, 2019, the Company had $2.0 million of unrecognized compensation expense related to outstanding stock options expected to be recognized over a weighted-average period of approximately three years.\nAggregate intrinsic value represents the value of the Company\u2019s closing stock price on the last trading day of the fiscal period in excess of the weighted-average exercise price, multiplied by the number of options outstanding and exercisable. The total intrinsic value of options exercised during the fiscal years ended September 30, 2019, 2018, and 2017 was $11.1 million, $1.4 million, and $1.4 million, respectively. The per-share weighted-average fair value of options granted during the fiscal years ended September 30, 2019, 2018, and 2017 was $5.07, $4.56, and $4.28, respectively. The aggregate intrinsic value of options outstanding as of September 30, 2019 and 2018, was $4.9 million and $8.7 million, respectively.\n\n | Number of Shares | Weighted-Average Exercise Price Per Share | Weighted-Average Remaining Contractual Term (in Years)\n--------------------------------- | ---------------- | ----------------------------------------- | ------------------------------------------------------\nOutstanding at September 30, 2016 | 3,015,374 | $3.95 | 6.4 \nGranted | 147,800 | $7.06 | \nExercised | (235,514) | $2.92 | \nCanceled | (81,794) | $3.59 | \nOutstanding at September 30, 2017 | 2,845,866 | $4.21 | 5.4 \nGranted | 299,397 | $8.60 | \nExercised | (250,823) | $2.96 | \nCanceled | (88,076) | $5.23 | \nOutstanding at September 30, 2018 | 2,806,364 | $4.75 | 4.6 \nGranted | 409,368 | $9.59 | \nExercised | (1,384,647) | $3.25 | \nCanceled | (144,183) | $6.62 | \nOutstanding at September 30, 2019 | 1,686,902 | 7.00 | 5.4 "} {"_id": "d1b34cc44", "title": "", "text": "\u00a31.5m (2018: \u00a31.4m) of scheme assets have a quoted market price in an active market.\nThe actual return on plan assets was a gain of \u00a35.5m (2018: \u00a31.0m loss).\nThe amounts recognised in the Company Statement of Financial Position are determined as follows:\n\n | 2019 | 2018 \n-------------------------------------------------------------------------- | ------ | ------\n | \u00a3m | \u00a3m \nFair value of scheme\u2019s assets | 59.5 | 56.4 \nPresent value of funded scheme\u2019s liabilities | (53.9) | (52.7)\nRetirement benefit asset recognised in the Statement of Financial Position | 5.6 | 3.7 \nRelated deferred tax | (0.9) | (0.6) \nNet pension asset | 4.7 | 3.1 "} {"_id": "d1b30a7d6", "title": "", "text": "Consolidated Statements of Financial Position Data:\n* Adjusted IFRS balances to reflect the impact of the full retrospective adoption of IFRS 15. See Note 2 of the notes to our consolidated financial statements for further details.\n\n | | | As of June 30, | | \n------------------------------ | ---------- | --------------------- | -------------- | -------- | --------\n | 2019 | 2018 | 2017 | 2016 | 2015 \n | | (U.S. $ in thousands) | | | \n | | *As Adjusted | *As Adjusted | | \nCash and cash equivalents | $1,268,441 | $1,410,339 | $244,420 | $259,709 | $187,094\nShort-term investments | 445,046 | 323,134 | 305,499 | 483,405 | 30,251 \nDerivative assets | 215,233 | 99,995 | 3,252 | \u2014 | \u2014 \nWorking capital | (287,597) | 1,377,145 | 296,984 | 542,038 | 50,477 \nTotal assets | 2,977,258 | 2,421,828 | 1,282,117 | 990,973 | 397,161 \nDeferred revenue | 468,820 | 342,871 | 245,195 | 181,068 | 136,565 \nDerivative liabilities | 855,079 | 207,970 | \u2014 | \u2014 | \u2014 \nExchangeable senior notes, net | 853,576 | 819,637 | \u2014 | \u2014 | \u2014 \nTotal liabilities | 2,411,791 | 1,514,508 | 379,424 | 259,310 | 207,107 \nShare capital | 24,199 | 23,531 | 22,726 | 21,620 | 18,461 \nTotal equity | 565,467 | 907,320 | 902,693 | 731,663 | 190,054 "} {"_id": "d1b367724", "title": "", "text": "23. Investments continued\nIFRS 9 was applied for the first time on 1 April 2018 and introduces new classifications for financial instruments, including investments. Under IAS 39, we classified investments as available-for-sale, loans and receivables, and fair value through profit or loss. On transition to IFRS 9 we have reclassified them as fair value through other comprehensive income, fair value through profit or loss, and amortised cost, as set out in note 1. The current year figures in the following table reflect the classifications under IFRS 9, and the prior year figures reflect the previous classifications under IAS 39.\nInvestments held at amortised cost consist of investments previously classified as loans and receivables and relate to money market investments denominated in sterling of \u00a32,687m (2017/18: \u00a3416m, 2016/17: \u00a335m), in US dollars of \u00a326m (2017/18: \u00a327m, 2016/17: \u00a330m) in euros of \u00a3499m (2017/18: \u00a3nil, 2016/17: \u00a3nil) and in other currencies \u00a32m (2017/18: \u00a34m, 2016/17: \u00a318m). They also include investments in liquidity funds of \u00a32,522m (2017/18: \u00a32,575m, 2016/17: \u00a31,437m) held to collect contractual cash flows. In prior years these were classified as available-for-sale.\n\nAt 31 March | 2019 \u00a3m | 2018 \u00a3m | 2017 \u00a3m\n--------------------------------------------- | ------- | ------- | -------\nNon-current assets | 48 | - | - \nFair value through other comprehensive income | - | 46 | 37 \nAvailable-for-sale | 6 | 7 | 7 \nFair value through profit or loss | 54 | 53 | 44 \nCurrent assets | | | \nFair value through other comprehensive income | - | - | - \nAvailable-for-sale | - | 2,575 | 1,437 \nInvestments held at amortised cost | 3,214 | - | - \nLoans and receivables | - | 447 | 83 \n | 3,214 | 3,022 | 1,520 "} {"_id": "d1a7285e4", "title": "", "text": "Inventories and Inventory Valuation\nInventories are stated at the lower of first-in, first-out (FIFO) cost or market value. Market value is based upon an estimated average selling price reduced by estimated costs of disposal. Should actual market conditions differ from the Company\u2019s estimates, the Company\u2019s future results of operations could be materially affected. Reductions in inventory valuation are included in Cost of revenue in the accompanying Consolidated Statements of Operations. The Company reviews inventory for excess quantities and obsolescence based on its best estimates of future demand, product lifecycle status and product development plans. The Company uses historical information along with these future estimates to reduce the inventory cost basis. Subsequent changes in facts and circumstances do not result in the restoration or increase in that newly established cost basis. Prices anticipated for future inventory demand are compared to current and committed inventory values.\nThe components of inventories are as follows:\n\nMarch 31, | | \n----------------- | ------ | ------\n(in thousands) | 2019 | 2018 \nRaw materials | $3,445 | $2,969\nFinished goods | 6,356 | 6,253 \nTotal inventories | $9,801 | $9,222"} {"_id": "d1b30db52", "title": "", "text": "Notes to Consolidated Financial Statements - (Continued) Fiscal Years Ended May 26, 2019, May 27, 2018, and May 28, 2017 (columnar dollars in millions except per share amounts)\u00a0 During fiscal 2019, we recognized the following pre-tax expenses for the Pinnacle Integration Restructuring Plan:\nIncluded in the above results are $163.5 million of charges that have resulted or will result in cash outflows and $4.7 million in non-cash charges.\n\n | International | Pinnacle Foods | Corporate | Total \n---------------------------------------------------- | ------------- | -------------- | --------- | ------\nOther cost of goods sold | $\u2014 | $3.7 | $\u2014 | $3.7 \nTotal cost of goods sold . | \u2014 | 3.7 | \u2014 | 3.7 \nSeverance and related costs | 0.7 | 0.6 | 110.8 | 112.1 \nAccelerated depreciation | \u2014 | \u2014 | 4.7 | 4.7 \nContract/lease termination . | \u2014 | 0.8 | 0.3 | 1.1 \nConsulting/professional fees . | 0.2 | \u2014 | 38.1 | 38.3 \nOther selling, general and administrative expenses . | 0.1 | \u2014 | 8.2 | 8.3 \nTotal selling, general and administrative expenses | 1.0 | 1.4 | 162.1 | 164.5 \nConsolidated total | $1.0 | $5.1 | $162.1 | $168.2"} {"_id": "d1b2e2ab0", "title": "", "text": "COMMON SHARES AND CLASS B SHARES\nBCE\u2019s articles of amalgamation provide for an unlimited number of voting common shares and non-voting Class B shares, all without par value. The common shares and the Class B shares rank equally in the payment of dividends and in the distribution of assets if BCE is liquidated, dissolved or wound up, after payments due to the holders of preferred shares. No Class B shares were outstanding at December\u00a031,\u00a02019 and 2018.\nThe following table provides details about the outstanding common shares of BCE.\nIn Q1\u00a02018, BCE repurchased and canceled 3,085,697\u00a0common shares for a total cost of $175\u00a0million through a NCIB. Of the total cost, $69\u00a0million represents stated capital and $3\u00a0million represents the reduction of the contributed surplus attributable to these common shares. The remaining $103\u00a0million was charged to the deficit.\nCONTRIBUTED SURPLUS\nContributed surplus in\u00a02019 and\u00a02018 includes premiums in excess of par value upon the issuance of BCE common shares and share-based compensation expense net of settlements.\n\n | | 2019 | | 2018 | \n----------------------------------------------- | ---- | ---------------- | -------------- | ---------------- | --------------\n | NOTE | NUMBER OF SHARES | STATED CAPITAL | NUMBER OF SHARES | STATED CAPITAL\nOutstanding, January 1 | | 898,200,415 | 20,036 | 900,996,640 | 20,091 \nShares issued for the acquisition of AlarmForce | 34 | \u2013 | \u2013 | 22,531 | 1 \nShares issued under employee stock option plan | 28 | 4,459,559 | 251 | 266,941 | 13 \nRepurchase of common shares | | \u2013 | \u2013 | (3,085,697) | (69) \nShares issued under ESP | | 1,231,479 | 75 | \u2013 | \u2013 \nShares issued under DSP | | 16,729 | 1 | \u2013 | \u2013 \nOutstanding, December 31 | | 903,908,182 | 20,363 | 898,200,415 | 20,036 "} {"_id": "d1b37f428", "title": "", "text": "Fiscal Year Ended 2019 and 2018 Revenues\n* Adjusted IFRS balances to reflect the impact of the full retrospective adoption of IFRS 15. See Note 2 of the notes to our consolidated financial statements for further details.\nTotal revenues increased $329.1 million, or 37%, in the fiscal year ended June 30, 2019 compared to the fiscal year ended June 30, 2018. Growth in total revenues was attributable to increased demand for our products from both new and existing customers. Of total revenues recognized in the fiscal year ended June 30, 2019, over 90% was attributable to sales to customer accounts existing on or before June 30, 2018. Our number of total customers increased to 152,727 at June 30, 2019 from 125,796 at June 30, 2018.\nSubscription revenues increased $223.3 million, or 54%, in the fiscal year ended June 30, 2019 compared to the fiscal year ended June 30, 2018. The increase in subscription revenues was primarily attributable to additional subscriptions from our existing customer base. As customers increasingly adopt cloud-based, subscription services and term-based licenses of our Data Center products for their business needs, we expect our subscription revenues to continue to increase at a rate higher than the rate of increase of our perpetual license revenues in future periods.\nMaintenance revenues increased $68.0 million, or 21%, in the fiscal year ended June 30, 2019 compared to the fiscal year ended June 30, 2018. The increase in maintenance revenues was primarily attributable to growing renewal of software maintenance contracts from our customers related to our perpetual license software offerings.\nPerpetual license revenues increased $10.4 million, or 13%, in the fiscal year ended June 30, 2019 compared to the fiscal year ended June 30, 2018. A substantial majority of the increase in perpetual license revenues was attributable to additional licenses to existing customers.\nOther revenues increased $27.5 million, or 45%, in the fiscal year ended June 30, 2019 compared to the fiscal year ended June 30, 2018. The increase in other revenues was primarily attributable to an increase in revenue from sales of third-party apps through our Atlassian Marketplace.\n\n | Fiscal Year Ended June 30, | | | \n----------------- | -------------------------- | --------------------- | -------- | --------\n | 2019 | 2018 | $ Change | % Change\n | | (U.S. $ in thousands) | | \n | | *As Adjusted | | \nSubscription | $633,950 | $410,694 | $223,256 | 54% \nMaintenance | 394,526 | 326,511 | 68,015 | 21 \nPerpetual license | 93,593 | 83,171 | 10,422 | 13 \nOther | 88,058 | 60,602 | 27,456 | 45 \nTotal revenues | $1,210,127 | $880,978 | $329,149 | 37 "} {"_id": "d1b33c6f0", "title": "", "text": "Net Investment in Direct Financing Leases and Sales-Type Leases\nTeekay LNG owns a 70% ownership interest in Teekay BLT Corporation (or the Teekay Tangguh Joint Venture), which is a party to operating leases whereby the Teekay Tangguh Joint Venture leases two LNG carriers (or the Tangguh LNG Carriers) to a third party, which in turn leases the vessels back to the joint venture. The time charters for the two Tangguh LNG carriers are accounted for as direct financing leases. The Tangguh LNG Carriers commenced their time charters with their charterers in 2009.\nIn 2013, Teekay LNG acquired two 155,900-cubic meter LNG carriers, the WilPride and WilForce, from Norway-based Awilco LNG ASA (or Awilco) and chartered them back to Awilco on five- and four-year fixed-rate bareboat charter contracts (plus a one-year extension option), respectively, with Awilco holding a fixed-price purchase obligation at the end of the charters. The bareboat charters with Awilco were accounted for as direct financing leases.\nHowever, in June 2017, Teekay LNG agreed to amend the charter contracts with Awilco to defer a portion of charter hire and extend the bareboat charter contracts and related purchase obligations on both vessels to December 2019. The amendments had the effect of deferring charter hire of between $10,600 per day and $20,600 per day per vessel from July 1, 2017 until December 2019, with such deferred amounts added to the purchase obligation amounts.\nAs a result of the contract amendments, both of the charter contracts with Awilco were reclassified as operating leases upon the expiry of their respective original contract terms in November 2017 and August 2018.\nIn September 2019, Awilco exercised its option to extend both charters from December 31, 2019 by up to 60 days with the ownership of both vessels transferring to Awilco at the end of this extension. In October 2019, Awilco obtained credit approval for a financing facility that would provide funds necessary for Awilco to satisfy its purchase obligation of the two LNG carriers.\nAs a result, both vessels were derecognized from the consolidated balance sheets and sales-type lease receivables were recognized based on the remaining amounts owing to Teekay LNG, including the purchase obligations. Teekay LNG recognized a gain of $14.3 million upon derecognition of the vessels for the year ended December 31, 2019, which was included in write-down and loss on sale of vessels in the Company's consolidated statements of loss (see Note 19). Awilco purchased both vessels in January 2020 (see Note 24(a)).\nIn addition, the 21-year charter contract for the Bahrain Spirit floating storage unit (or FSU) commenced in September 2018 and is accounted for as a direct finance lease. The following table lists the components of the net investments in direct financing leases and sales-type leases:\nAs at December 31, 2019, estimated minimum lease payments to be received by Teekay LNG related to its direct financing and sales-type leases in each of the next five succeeding fiscal years were approximately $324.7 million (2020), $64.2 million (2021), $64.2 million (2022), $64.0 million (2023), $64.3 million (2024) and an aggregate of $534.6 million thereafter. The leases are scheduled to end between 2020 and 2039.\nAs at December 31, 2018, estimated minimum lease payments to be received by Teekay LNG related to its direct financing leases in each of the next five years were approximately $63.9 million (2019), $64.3 million (2020), $64.2 million (2021), $64.2 million (2022), $64.0 million (2023) and an aggregate of $576.5 million thereafter.\n\n | December 31, 2019 | December 31, 2018\n---------------------------------------------------------- | ----------------- | -----------------\n | $ | $ \nTotal minimum lease payments to be received | 1,115,968 | 897,130 \nEstimated unguaranteed residual value of leased properties | 284,277 | 291,098 \nInitial direct costs and other | 296 | 329 \nLess unearned revenue | (581,732) | (613,394) \nTotal | 818,809 | 575,163 \nLess current portion | (273,986) | (12,635) \nLong-term portion | 544,823 | 562,528 "} {"_id": "d1b35377e", "title": "", "text": "Other Current Liabilities\nThe components of other current liabilities are included in the following table (in thousands):\n\n | December 31, | \n------------------------------- | ------------ | -------\n | 2019 | 2018 \nOperating lease liabilities | $15,049 | $ \u2014 \nVendor financed licenses | 9,667 | 3,551 \nRoyalties payable | 6,107 | 11,318 \nAccrued interest | 9,212 | 8,407 \nOther | 36,936 | 38,412 \nTotal other current liabilities | $76,971 | $61,688"} {"_id": "d1b2efb8e", "title": "", "text": "Net debt including IFRS 16 lease liabilities\nA reconciliation between net debt and net debt including IFRS 16 lease liabilities is given below. A breakdown of the balances that are included within net debt is given within Note 24. Net debt excludes IFRS 16 lease liabilities to enable comparability with prior years.\n\n | 2019 | 2018 \n-------------------------------------- | ----- | -----\n | \u00a3m | \u00a3m \nNet debt | 295.2 | 235.8\nIFRS 16 lease liabilities | 38.9 | \u2013 \nNet debt and IFRS 16 lease liabilities | 334.1 | 235.8"} {"_id": "d1b390e62", "title": "", "text": "EBITDA and EBITDA Margin\nThe following tables set forth EBITDA (in millions) and EBITDA Margin by segment for the periods presented:\nSoftware Solutions\nEBITDA was $567.2 million in 2018 compared to $516.5 million in 2017, an increase of $50.7 million, or 10%, with an EBITDA Margin of 59.0%, an increase of 190 basis points from the prior year. The increase was primarily driven by incremental margins on revenue growth.\nData and Analytics\nEBITDA was $39.5 million in 2018 compared to $38.4 million in 2017, an increase of $1.1 million, or 3%, with an EBITDA Margin of 25.6%, an increase of 30 basis points from the prior year. The EBITDA Margin increase was primarily driven by incremental margins on revenue growth.\n\n | Year ended December 31, | | Variance | \n------------------ | ----------------------- | ------ | -------- | ---\n | 2018 | 2017 | $ | % \nSoftware Solutions | $567.2 | $516.5 | $50.7 | 10%\nData and Analytics | 39.5 | 38.4 | 1.1 | 3% "} {"_id": "d1b39336a", "title": "", "text": "Asia Pacific\nAsia Pacific net revenues decreased $1.4 million in 2019 compared to 2018 (see \u201cRevenues\u201d above). Asia Pacific expenses decreased $203,000 from 2018 to 2019. This decrease was primarily due to a $503,000 decrease of salary expense, offset partially by a $303,000 increase in member acquisition costs.\nForeign currency movements relative to the U.S. dollar negatively impacted our local currency loss from our operations in Asia Pacific by approximately $136,000 for 2019. Foreign currency movements relative to the U.S. dollar positively impacted our local currency loss from our operations in Asia Pacific by approximately $127,000 for 2018.\n\nYear Ended December 31, | | \n----------------------------------------- | -------- | --------\n | 2019 | 2018 \n(In thousands) | | \nRevenues | $6,490 | $7,859 \n(Loss) from operations | $(7,488) | $(6,322)\n(Loss) from operations as a % of revenues | (115)% | (80)% "} {"_id": "d1b3c1ada", "title": "", "text": "Operating Metrics\nThe following operating metrics are key performance indicators that we use to evaluate our business. The key drivers of changes in our operating metrics are presented in the order of significance.\nNet bookings and In-game net bookings\nWe monitor net bookings as a key operating metric in evaluating the performance of our business because it enables an analysis of performance based on the timing of actual transactions with our customers and provides more timely indication of trends in our operating results. Net bookings is the net amount of products and services sold digitally or sold-in physically in the period, and includes license fees, merchandise, and publisher incentives, among others. Net bookings is equal to net revenues excluding the impact from deferrals. In-game net bookings primarily includes the net amount of downloadable content and microtransactions sold during the period, and is equal to in-game net revenues excluding the impact from deferrals.\nNet bookings and in-game net bookings were as follows (amounts in millions):\nNet bookings\nThe decrease in net bookings for 2019, as compared to 2018, was primarily due to:\na $572 million decrease in Blizzard net bookings primarily driven by (1) lower net bookings from Hearthstone and (2) overall lower net bookings from World of Warcraft expansion and in-game content sales, primarily due to World of Warcraft: Battle for Azeroth, which was released in August 2018, with no comparable release in 2019 (although net bookings from subscriptions increased due to the release of World of Warcraft Classic in August 2019);\na $239 million decrease in Activision net bookings primarily driven by (1) lower net bookings from the Destiny franchise (reflecting our sale of the publishing rights for Destiny to Bungie in December 2018) and (2) lower net bookings from Call of Duty franchise catalog titles, partially offset by net bookings from Sekiro: Shadows Die Twice, Crash Team Racing Nitro-Fueled, and Call of Duty: Mobile, which were new releases in March 2019, June 2019, and October 2019, respectively; and\na $55 million decrease in King net bookings primarily driven by lower net bookings from player purchases across various franchise titles, primarily driven by the Candy Crush franchise, partially offset by an increase in advertising net bookings.\nIn-game net bookings\nThe decrease in in-game net bookings for 2019, as compared to 2018, was primarily due to:\na $539 million decrease in Blizzard in-game net bookings primarily driven by (1) lower in-game net bookings from Hearthstone and (2) lower in-game net bookings from World of Warcraft, in part due to World of Warcraft: Battle for Azeroth;\na $167 million decrease in Activision in-game net bookings primarily due to lower in-game net bookings from the Destiny franchise, partially offset by in-game net bookings from Call of Duty: Mobile; and\na $131 million decrease in King in-game net bookings primarily due to lower in-game net bookings across various franchise titles, primarily driven by the Candy Crush franchise.\n\n | For the Years Ended December 31, | | \n-------------------- | -------------------------------- | ------ | -------------------\n | 2019 | 2018 | Increase (Decrease)\nNet bookings | $6,388 | $7,262 | $(874) \nIn-game net bookings | $3,366 | $4,203 | $(837) "} {"_id": "d1b36f4e2", "title": "", "text": "Operating Expenses\nThe following table sets forth, for the periods indicated, the amount of operating expenses and their relative percentages of total net sales by the line items reflected in our consolidated statement of operations (dollars in thousands):\n\n | Fiscal 2019 | | Fiscal 2018 | \n----------------------------------- | ----------- | ----------------------------- | ----------- | -----------------------------\n | Amount | Percentage of total net sales | Amount | Percentage of total net sales\n | | (Dollars in thousands) | | \nResearch and development | $117,353 | 8.2% | $132,586 | 7.0% \nSelling, general and administrative | 272,257 | 19.0% | 293,632 | 15.4% \nImpairment and other charges | \u2014 | \u2014% | 766 | \u2014% \nAmortization of intangible assets | 13,760 | 1.0% | 10,690 | 0.6% \nTotal operating expenses | $403,370 | 28.2% | $437,674 | 23.0% "} {"_id": "d1b304fca", "title": "", "text": "Fees Paid to our Independent Auditor\nThe following table sets forth the fees billed to us by Ernst & Young LLP for services in fiscal 2019 and 2018, all of which\nwere pre-approved by the Audit Committee.\n(1) In accordance with the SEC\u2019s definitions and rules, \u201caudit fees\u201d are fees that were billed to Systemax by Ernst & Young LLP for\nthe audit of our annual financial statements, to be included in the Form 10-K, and review of financial statements included in the\nForm 10-Qs; for the audit of our internal control over financial reporting with the objective of obtaining reasonable assurance about\nwhether effective internal control over financial reporting was maintained in all material respects; for the attestation of management\u2019s\nreport on the effectiveness of internal control over financial reporting; and for services that are normally provided by the auditor\nin connection with statutory and regulatory filings or engagements.\n(2) \u201cAudit-related fees\u201d are fees for assurance and related services that are reasonably related to the performance of the audit or\nreview of our financial statements and internal control over financial reporting, including services in connection with assisting\nSystemax in our compliance with our obligations under Section 404 of the Sarbanes-Oxley Act and related regulations.\n(3) Ernst & Young LLP did not provide any professional services for tax compliance, planning or advice in 2019 or 2018.\n(4) Consists of fees billed for other professional services rendered to Systemax.\n\nFee Category | 2019 ($) | 2018 ($) \n---------------------- | --------- | ---------\nAudit fees (1) | 1,196,000 | 1,257,000\nAudit-related fees (2) | 0 | 15,000 \nTax fees (3) | 0 | 0 \nAll other fees (4) | 2,000 | 2,000 \nTotal | 1,198,000 | 1,274,000"} {"_id": "d1b39bd9e", "title": "", "text": "23 Borrowings (continued)\nThe fair values of fixed rate borrowings and CMBS are assessed based on quoted market prices, and as such are categorised as Level 1 in the fair value hierarchy (see note 27 for definition). The fair values of unlisted floating rate borrowings are equal to their carrying values and are categorised as Level 2 in the fair value hierarchy.\nThe maturity profile of debt (excluding lease liabilities) is as follows:\nCertain borrowing agreements contain financial and other conditions that, if contravened, could alter the repayment profile (further information is provided in financial covenants on pages 165 and 166)\nAt 31 December 2019 the Group had committed undrawn borrowing facilities of \u00a3238.5 million (2018: \u00a3274.2 million), maturing in 2021 and 2022. This includes \u00a342.1 million of undrawn facilities in respect of development finance.\n\n\u00a3m | 2019 | 2018 \n------------------------------------------------------------- | ------- | -------\nRepayable within one year | 65.8 | 46.7 \nRepayable in more than one year but not more than two years | 901.8 | 30.5 \nRepayable in more than two years but not more than five years | 2,114.2 | 2,722.0\nRepayable in more than five years | 1,569.6 | 2,155.9\n | 4,651.4 | 4,955.1"} {"_id": "d1b3878a8", "title": "", "text": "Free cash flow\nWe define free cash flow as net cash provided by (used in) operating activities less purchase of property and equipment. We consider free cash flow to be a liquidity measure that provides useful information to management and investors about the amount of cash generated by the business that can possibly be used for investing in our business and strengthening the balance sheet, but it is not intended to represent the residual cash flow available for discretionary expenditures. Free cash flow is not prepared in accordance with U.S. GAAP, and should not be considered in isolation of, or as an alternative to, measures prepared in accordance with U.S. GAAP.\nThe following table presents a reconciliation of net cash provided by (used in) operating activities to free cash flow:\n(1) Our adoption of ASU 2016-09 on January 1, 2017 resulted in excess tax benefits for share-based payments recorded as a reduction of income tax expense and reflected within operating cash flows, rather than recorded within equity and reflected within financing cash flows. We elected to adopt this new standard retrospectively, which impacted the presentation for all periods prior to the adoption date.\n\n | | | Year Ended December 31, | | \n------------------------------------------------------- | ---------- | -------- | ----------------------- | ---------- | ----------\n | 2019 | 2018 | 2017 | 2016 | 2015 \n | | | (in thousands) | | \nNet cash provided by (used in) operating activities (1) | $(156,832) | $113,207 | $64,241 | $138,720 | $141,257 \nPurchase of property and equipment | (36,531) | (52,880) | (89,160) | (78,640) | (30,566) \nFree cash flow | $(193,363) | $60,327 | $(24,919) | $60,080 | $110,691 \nNet cash provided by (used in) investing activities | $25,761 | $17,496 | $(28,718) | $(392,666) | $(170,027)\nNet cash provided by (used in) financing activities (1) | $(8,406) | $1,287 | $4,635 | $19,794 | $368,953 "} {"_id": "d1b3aaa1a", "title": "", "text": "Operating profit\nNotes\n1. Before exceptional items, acquisition related costs, acquired intangible asset amortisation and share-based payment amounting to $4.3 million in total (2018 $19.6 million).\n2. Adjusted operating profit as a percentage of revenue in the period.\nAdjusted operating profit increased by $15.8 million or 20.5 per cent to $92.9 million in 2019, compared with $77.1 million in 2018. Adjusted operating margin increased by 2.2 per cent to 18.4 per cent, from 16.2 per cent in 2018.\nReported operating profit was up by $31.1 million or 54.1 per cent to $88.6 million (2018 $57.5 million). Total adjusting items were lower in 2019 at $4.3 million, compared to $19.6 million in 2018, mainly due to exceptional items totalling $13.1 million charged last year (see below).\n\n$ million | 2019 | Adjusted operating margin 1, 2 % | 2018 | Adjusted operating margin 1, 2 %\n-------------------------------------- | ----- | -------------------------------- | ------ | --------------------------------\nNetworks & Security | 73.9 | 23.1 | 56.4 | 19.8 \nLifecycle Service Assurance | 18.1 | 16.3 | 17.4 | 15.4 \nConnected Devices | 9.5 | 13.1 | 10.5 | 13.3 \nCorporate | (8.6) | | (7.2) | \nAdjusted operating profit1 | 92.9 | 18.4 | 77.1 | 16.2 \nExceptional items | 0.5 | | (13.1) | \nAcquisition related costs | (0.1) | | \u2013 | \nAcquired intangible asset amortisation | (1.2) | | (3.7) | \nShare-based payment | (3.5) | | (2.8) | \nReported operating profit | 88.6 | | 57.5 | "} {"_id": "d1b3610c2", "title": "", "text": "Write-offs of lease receivables and loan receivables were $15 million and $20 million, respectively, for the year ended December 31, 2018. Provisions for credit losses recorded for lease receivables and loan receivables were $14 million and $2 million, respectively, for the year ended December 31, 2018.\nThe average recorded investment of impaired leases and loans for Americas, EMEA and Asia Pacific was $138 million, $55 million and $73 million, respectively, for the year ended December 31, 2018. Both interest income recognized, and interest income recognized on a cash basis on impaired leases and loans were immaterial for the year ended December 31, 2018.\n\n($ in millions) | | | | \n---------------------------------------------------------- | -------- | ------ | ------------ | --------\nAt December 31, 2018: | Americas | EMEA | Asia Pacific | Total \nRecorded investment: | | | | \nLease receivables | $ 3,827 | $1,341 | $1,152 | $ 6,320 \nLoan receivables | 6,817 | 3,675 | 2,489 | 12,981 \nEnding balance | $10,644 | $5,016 | $3,641 | $19,301 \nRecorded investment, collectively evaluated for impairment | $10,498 | $4,964 | $3,590 | $19,052 \nRecorded investment, individually evaluated for impairment | $ 146 | $ 52 | $ 51 | $ 249 \nAllowance for credit losses | | | | \nBeginning balance at January 1, 2018 | | | | \nLease receivables | $ 63 | $ 9 | $ 31 | $ 103 \nLoan receivables | 108 | 52 | 51 | 211 \nTotal | $ 172 | $ 61 | $ 82 | $ 314 \nWrite-offs | (10) | (2) | (23) | (35) \nRecoveries | 0 | 0 | 2 | 2 \nProvision | 7 | 9 | 0 | 16 \nOther* | (11) | (3) | (4) | (19) \nEnding balance at December 31, 2018 | $ 158 | $ 65 | $ 56 | $ 279 \nLease receivables | $ 53 | $ 22 | $ 24 | $ 99 \nLoan receivables | $ 105 | $ 43 | $ 32 | $ 179 \nRelated allowance, collectively evaluated for impairment | $ 39 | $ 16 | $ 5 | $ 59\nRelated allowance, individually evaluated for impairment | $ 119 | $ 49 | $ 51 | $ 219 "} {"_id": "d1b32b54e", "title": "", "text": "The Company estimates the fair values of stock options using the Black-Scholes option-pricing model on the date of grant.For the years ended December 31, 2019 and 2018, the assumptions used in the Black-Scholes option pricing model, which was used to estimate the grant date fair value per option, were as follows:\nThe risk-free interest rate is the United States Treasury rate for the day of the grant having a term equal to the life of the equity instrument. The volatility is a measure of the amount by which the Company\u2019s share price has fluctuated or is expected to fluctuate; the Company used its common stock volatility along with the average of historic volatilities of comparative companies. The dividend yield is zero as the Company has not made any dividend payment and has no plans to pay dividends in the foreseeable future. The Company determines the expected term of its stock option awards by using the simplified method, which assumes each vesting tranche of the award has a term equal to average of the contractual term and the vesting period.\nAs of December 31, 2019, total compensation cost not yet recognized related to unvested stock options was approximately $0.8 million, which is expected to be recognized over a weighted-average period of 2.3 years.\n\n | 2019 | 2018 \n---------------------------------------------------------------- | --------------- | ---------------\n | Employee Grants | Employee Grants\nWeighted-average Black-Scholes option pricing model assumptions: | | \nVolatility | 73.01% | 82.00% \nExpected term (in years) | 6 | 6 \nRisk-free rate | 2.22% | 2.24% \nExpected dividend yield | 0.0% | 0.0% \nWeighted average grant date fair value per share | $2.10 | $2.22 "} {"_id": "d1b3150c8", "title": "", "text": "1 Interest on borrowings includes interest on short-term borrowings and on long-term debt. 2 See \u201cAccounting Policies\u201d for more information.\nThe 6% increase in finance costs this year was a result of: \u2022 interest on lease liabilities as a result of our adoption of IFRS 16; and \u2022 higher outstanding debt as a result of our debt issuances in April 2019, in large part to fund our acquisition of 600 MHz spectrum licences (see \u201cManaging Our Liquidity and Financial Resources\u201d); partially offset by \u2022 a $21 million loss on discontinuation of hedge accounting on certain bond forward derivatives recognized in 2018.\nInterest on borrowings Interest on borrowings increased this year as a result of the net issuance of senior notes throughout the year, partially offset by a higher proportion of borrowings under our lower-interest US CP program compared to 2018. See \u201cManaging Our Liquidity and Financial Resources\u201d for more information about our debt and related finance costs.\nLoss on repayment of long-term debt This year, we recognized a $19 million loss (2018 \u2013 $28 million loss) on repayment of long-term debt, reflecting the payment of redemption premiums associated with our redemption of $900 million (2018 \u2013 US$1.4 billion) of 4.7% senior notes in November 2019 that were otherwise due in September 2020 (2018 \u2013 6.8% senior notes in April 2018 that were otherwise due in August 2018).\nForeign exchange and change in fair value of derivative instruments We recognized $79 million in net foreign exchange gains in 2019 (2018 \u2013 $136 million in net losses). These gains and losses were primarily attributed to our US dollar-denominated commercial paper (US CP) program borrowings.\nThese foreign exchange gains (2018 \u2013 losses) were offset by the $80 million loss related to the change in fair value of derivatives (2018 \u2013 $95 million gain) that was primarily attributed to the debt derivatives, which were not designated as hedges for accounting purposes, we used to offset the foreign exchange risk related to these US dollar-denominated borrowings.\nDuring the year ended December 31, 2018, we determined that we would no longer be able to exercise certain ten-year bond forward derivatives within the originally designated time frame. Consequently, we discontinued hedge accounting on those bond forward derivatives and reclassified a $21 million loss from the hedging reserve within shareholders\u2019 equity to finance costs (recorded in \u201cchange in fair value of derivative instruments\u201d). We subsequently extended the bond forwards to May 31, 2019, with the ability to extend them further, and redesignated them as effective hedges. During the year ended December 31, 2019, we exercised our remaining bond forwards.\nSee \u201cManaging Our Liquidity and Financial Resources\u201d for more information about our debt and related finance costs.\n\nFINANCE COSTS | Years ended December 31 | | \n-------------------------------------------------- | ----------------------- | ---- | ----\n(In millions of dollars) | 2019 | 2018 | %Chg\nInterest on borrowings 1 | 746 | 709 | 5 \nInterest on post-employment benefits liability | 11 | 14 | (21)\nLoss on repayment of long-term debt | 19 | 28 | (32)\n(Gain) loss on foreign exchange | (79) | 136 | n/m \nChange in fair value of derivative instruments | 80 | (95) | n/m \nCapitalized interest | (19) | (20) | (5) \nOther | 21 | 21 | - \nFinance costs before interest on lease liabilities | 779 | 793 | (2) \nInterest on lease liabilities 2 | 61 | - | n/m \nTotal finance costs | 840 | 793 | 6 "} {"_id": "d1b380ed6", "title": "", "text": "1.2 Data Centres\nNote: 1. Due to its business nature, the significant air emissions of the Group are GHG emissions, arising mainly from fuels and purchased electricity produced from fossil fuels.\n2. The Group\u2019s GHG inventory includes carbon dioxide, methane and nitrous oxide. GHG emissions data for the year ended 31 December 2019 is presented in carbon dioxide equivalent and is calculated based on the \u201c2017 Baseline Emission Factors for Regional Power Grids in China for CDM and CCER Projects\u201d issued by the Ministry of Ecology and Environment of China, and the \u201c2006 IPCC Guidelines for National Greenhouse Gas Inventories\u201d issued by the Intergovernmental Panel on Climate Change (IPCC).\n3. Diesel is consumed by backup power generators.\n4. Hazardous waste produced by the Group\u2019s office buildings mainly includes waste toner cartridge and waste ink cartridge from printing equipment. Waste toner cartridge and waste ink cartridge are centralised and disposed of by printing suppliers. Such data covers all office buildings of the Group in Mainland China.\n5. Non-hazardous waste produced by the Group\u2019s office buildings mainly includes domestic waste and non-hazardous office waste. Domestic waste is disposed of by the property management companies and kitchen waste recycling vendors, and its data is not available, therefore estimation of domestic waste is made with reference to \u201cHandbook on Domestic Discharge Coefficients for Towns in the First Nationwide Census on Contaminant Discharge\u201d published by the State Council. Non-hazardous office waste is centralised for disposal by vendors; hence such data covers all office buildings of the Group in Mainland China.\n6. Hazardous waste produced by the Group\u2019s data centres mainly includes waste lead-acid accumulators. Waste lead-acid accumulators are disposed of by qualified waste recycling vendors.\n7. Non-hazardous waste produced by the Group\u2019s data centres mainly includes waste servers and waste hard drives. Waste servers and destroyed waste hard drives are centralised and recycled by waste recycling vendors. Such data covers all the Group\u2019s data centres.\n\nIndicators | For the year ended 31 December | \n--------------------------------------------- | ------------------------------ | ----------\n | 2019 | 2018 \nTotal GHG emissions (Scopes 1 and 2) (tonnes) | 743,287.01 | 612,521.16\nDirect GHG emissions (Scope 1) (tonnes) | 316.35 | 36.76 \nIncluding: Diesel (tonnes) | 316.35 | 36.76 \nIndirect GHG emissions (Scope 2) (tonnes) | 742,970.66 | 612,484.40\nIncluding: Purchased electricity (tonnes) | 742,970.66 | 612,484.40\nHazardous waste (tonnes) | 8.00 | \u2013 \nNon-hazardous waste (tonnes) | 1,811.27 | 1,350.76 "} {"_id": "d1b3686ec", "title": "", "text": "d) Transaction with other related parties:\nNet revenues/(expenses): The transactions with other related parties for the years ended December 31, 2019, 2018 and 2017 consisted of the following:\n(i) The Cool Pool - On July 8, 2019 GasLog's vessel charter contracts had concluded and withdrew their participation from the Cool Pool. Following Gaslog's departure, we assumed sole responsibility for the management of the Cool Pool and consolidate the Cool Pool. From point of consolidation, the Cool Pool ceased to be a related party.\n(ii) Magni Partners - Tor Olav Tr\u00f8im is the founder of, and partner in, Magni Partners (Bermuda) Limited, a privately held Bermuda company, and is the ultimate beneficial owner of the company. Receivables and payables from Magni Partners comprise primarily of the cost (without mark-up) or part cost of personnel employed by Magni Partners who have providedadvisory and management services to Golar. These costs do not include any payment for any services provided by Tor Olav Tr\u00f8im himself.\niii) Borr Drilling - Tor Olav Tr\u00f8im is the founder, and director of Borr Drilling, a Bermuda company listed on the Oslo and NASDAQ stock exchanges. Receivables comprise primarily of management and administrative services provided by our Bermuda corporate office.\niv) 2020 Bulkers - 2020 Bulkers is a related party by virtue of common directorships. Receivables comprise primarily of management and administrative services provided by our Bermuda corporate office.\n\n(in thousands of $) | 2019 | 2018 | 2017 \n------------------- | ------ | ------- | ------\nThe Cool Pool (i) | 39,666 | 151,152 | 59,838\nMagni Partners (ii) | (858) | (375) | (260) \nBorr Drilling (iii) | 542 | \u2014 | \u2014 \n2020 Bulkers (iv) | 265 | \u2014 | \u2014 \nTotal | 39,615 | 150,777 | 59,578"} {"_id": "d1b31b4fa", "title": "", "text": "4. Prepaid expenses\nPrepaid expenses consisted of the following:\n\nOctober 31, | | \n---------------------- | ------- | -------\n | 2019 | 2018 \n(In thousands) | | \nParts and supplies | $33,617 | $28,287\nPrepaid insurance | 8,859 | 8,232 \nOther prepaid expenses | 14,455 | 6,721 \nTotal prepaid expenses | $56,931 | $43,240"} {"_id": "d1b30bbfe", "title": "", "text": "Uncertain Tax Positions\nA reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows (in thousands):\nOut of $2.1 million of unrecognized tax benefits, there are no unrecognized tax benefits that would result in a change in the Company's effective tax rate if recognized in future years. The accrued interest and penalties related to uncertain tax positions was not significant for December 29, 2019, December 30, 2018 and December 31, 2017.\nThe Company is not currently under tax examination and the Company\u2019s historical net operating loss and credit carryforwards may be adjusted bythe Internal Revenue Service, and other tax authorities until the statute closes on the year in which such tax attributes are utilized. The Company estimates that its unrecognized tax benefits will not change significantly within the next twelve months.\nThe Company is subject to U.S. federal income tax as well as income taxes in many U.S. states and foreign jurisdictions in which the Company operates. The U.S. tax years from 1999 forward remain effectively open to examination due to the carryover of unused net operating losses and tax credits.\n\n | December 29, 2019 | December 30,2018 | December 31, 2017\n------------------------------------------------------- | ----------------- | ---------------- | -----------------\nBeginning balance of unrecognized tax benefits | $2,161 | $2,107 | $2,014 \nAdditions for tax positions related to the prior year | (46) | (2) | 16 \nAdditions for tax positions related to the current year | 88 | 125 | 77 \nLapse of statutes of limitations | (86) | (69) | \u2014 \nEnding balance of unrecognized tax benefits | $2,117 | $2,161 | $2,107 "} {"_id": "d1b36b4aa", "title": "", "text": "Profitability Measures\nNet income:\nThe net income in the fiscal year ended February 28, 2018 was $16.6 million as compared to a net loss of $7.9 million in the same period last year. The increase is primarily the result of the $28.3 million non-operating gain from the legal settlement with a former supplier of LoJack, which was recognized during fiscal 2018. This gain was partially offset by higher tax expense in fiscal 2018 due to U.S. and foreign taxes on the $28.3 million legal settlement gain as well as the revaluation of our net deferred income tax assets that occurred in the fourth quarter of fiscal 2018 as we adopted the provisions of the Tax Cuts and Jobs Act which was enacted on December 22, 2017.\nAdjusted EBITDA:\nAdjusted EBITDA for Telematics Systems in the fiscal year ended February 28, 2018 increased $1.5 million compared to the same period last year due to higher MRM products revenue. Adjusted EBITDA for Software and Subscription Services increased $5.2 million compared to the same period last year due primarily to lower selling and marketing expenses and lower general and administrative expenses.\nSee Note 20 for a reconciliation of Adjusted EBITDA by reportable segments and a reconciliation to GAAP-basis net income (loss).\n\n | Fiscal years ended | | | \n-------------------------------- | ------------------ | ------- | -------- | --------\n | February 28, | | | \n(In thousands) | 2018 | 2017 | $ Change | % Change\nSegment | | | | \nTelematics Systems | $48,943 | $47,432 | $1,511 | 3.2% \nSoftware & Subscription Services | 8,233 | 3,075 | 5,158 | 167.7% \nSatellite | - | 2,447 | (2,447) | (100.0%)\nCorporate Expense | (4,794) | (3,586) | (1,208) | 33.7% \nTotal Adjusted EBITDA | $52,382 | $49,368 | $3,014 | 6.1% "} {"_id": "d1b35e2be", "title": "", "text": "ADVANCED ENERGY INDUSTRIES, INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS \u2013 (continued) (in thousands, except per share amounts)\nIn February 2018, Advanced Energy acquired Trek Holding Co., LTD (\"Trek\"), a privately held company with operations in Tokyo, Japan and Lockport, New York, for $6.1 million, net of cash acquired. Trek has a 95% ownership interest in its U.S. subsidiary which is also its primary operation.\nThe components of the fair value of the total consideration transferred for our 2018 acquisitions are as follows:\n\n | Trek | Electrostatic Product Line | LumaSense | Total \n------------------------- | ------- | -------------------------- | --------- | ---------\nCash paid for acquisition | $11,723 | $3,000 | $94,946 | $ 109,669\nLess cash acquired | (5,651) | \u2014 | (10,262) | (15,913) \nTotal purchase price | $6,072 | $3,000 | $84,684 | $ 93,756 "} {"_id": "d1b37796c", "title": "", "text": "NOTE 7 \u2014 PROPERTY AND EQUIPMENT\nThe components of property and equipment were as follows:\nDuring fiscal years 2019, 2018, and 2017, depreciation expense was $9.7 billion, $7.7 billion, and $6.1 billion, respectively. We have committed $4.0 billion for the construction of new buildings, building improvements, and leasehold improvements as of June 30, 2019.\n\n(In millions) | | \n------------------------------- | --------- | ---------\nJune 30, | 2019 | 2018 \nLand | $ 1,540 | $ 1,254 \nBuildings and improvements | 26,288 | 20,604 \nLeasehold improvements | 5,316 | 4,735 \nComputer equipment and software | 33,823 | 27,633 \nFurniture and equipment | 4,840 | 4,457 \nTotal, at cost | 71,807 | 58,683 \nAccumulated depreciation | (35,330) | (29,223) \nTotal, net | $ 36,477 | $ 29,460"} {"_id": "d1b323f38", "title": "", "text": "A.2.6 Calculation of return on capital employed\nFor purposes of calculating ROCE in interim periods, income before interest after tax is annualized. Average capital employed is determined using the average of the respective balances as of the quarterly reporting dates for the periods under review.\n[1] Item Other interest expenses / income, net primarily consists of interest relating to corporate debt, and related hedging activities, as well as interest income on corporate assets.\n\n(in millions of \u20ac) | 2019 | 2018 \n-------------------------------------------------------------------------- | ------ | ------\nNet income | 5,648 | 6,120 \nLess: Other interest expenses / income, net 1 | (529) | (482) \nPlus: SFS Other interest expenses / income | 763 | 721 \nPlus: Net interest expenses related to provisions for pensions and similar | | \nobligations | 148 | 164 \nLess: Interest adjustments | | \n(discontinued operations) | \u2013 | \u2013 \nLess: Taxes on interest adjustments | | \n(tax rate (flat) 30%) | (115) | (121) \n(I) Income before interest after tax | 5,916 | 6,401 \n(II) Average capital employed | 53,459 | 50,715\n(I) / (II) ROCE | 11.1 % | 12.6 %"} {"_id": "d1b3aeca0", "title": "", "text": "Segment Financial Results\nRevenues\nThe following table sets forth revenues by segment for the periods presented (in millions):\n(1) Revenues for Corporate and Other represent deferred revenue purchase accounting adjustments recorded in accordance with GAAP.\nSoftware Solutions\nRevenues were $962.0 million in 2018 compared to $904.5 million in 2017, an increase of $57.5 million, or 6%. Our servicing software solutions revenues increased 7%, or $52.5 million, primarily driven by loan growth on MSP\u00ae from new and existing\u00a0 clients. Our origination software solutions revenues increased 3%, or $5.0 million, primarily driven by growth in our loan origination system solutions and a software license fee in our Lending Solutions business, partially offset by the effect of lower volumes on our Exchange and eLending platforms primarily as a result of the 26% decline in refinancing originations as reported by the Mortgage Bankers Association.\nData and Analytics\nRevenues were $154.5 million in 2018 compared to $151.6 million in 2017, an increase of $2.9 million, or 2%. The increase was primarily driven by growth in our property data and multiple listing service businesses, partially offset by upfront revenues from long-term strategic license deals in 2017.\n\n | Year ended December 31 | | Variance | \n---------------------- | ---------------------- | -------- | -------- | --\n | 2018 | 2017 | $ | % \nSoftware Solutions | $962.0 | $904.5 | $57.5 | 6%\nData and Analytics | 154.5 | 151.6 | 2.9 | 2%\nCorporate and Other(1) | (2.5) | (4.5) | 2.0 | NM\nTotal | $1,114.0 | $1,051.6 | $62.4 | 6%"} {"_id": "d1b30b5d2", "title": "", "text": "Free Cash Flow\nFree cash flow is a non-IFRS financial measure that we calculate as net cash provided by operating activities less net cash used in investing activities for capital expenditures.\nFree cash flow increased by $140.9 million during the fiscal year ended June 30, 2019 due to a $154.9 million increase of net cash provided by operating activities, offset by a $14.0 million increase of capital expenditures as we continue to invest in our facilities.\nFor more information about net cash provided by operating activities, please see \u201cLiquidity and Capital Resources\u201d.\n\n | | Fiscal Year Ended June 30, | \n----------------------------------------- | -------- | -------------------------- | --------\n | 2019 | 2018 | 2017 \nNet cash provided by operating activities | $466,342 | $311,456 | $199,381\nLess: Capital expenditures | (44,192) | (30,209) | (15,129)\nFree cash flow | $422,150 | $281,247 | $184,252"} {"_id": "d1b3b4cea", "title": "", "text": "Note 3: Balance Sheet Components\nPrepaid expenses and other consist of the following (in thousands):\n\nDecember 31, | | \n-------------------------------- | ------ | ------\n | 2019 | 2018 \nPrepaid expenses | $2,303 | $1,780\nOther current assets | 193 | 167 \nTotal prepaid expenses and other | $2,496 | $1,947"} {"_id": "d1b33f684", "title": "", "text": "Seasonality\nThe Company\u2019s sales, income and cash flow from operations vary between quarters, and are generally lowest in the first quarter of the from operations vary between quarters, and are generally lowest in the first quarter of the year and highest in the fourth quarter. This is mainly a result of the seasonal purchase patterns of network operators.\n\nMost recent three-year average seasonality | | | | \n------------------------------------------ | ------------- | -------------- | ------------- | --------------\n | First quarter | Second quarter | Third quarter | Fourth quarter\nSequential change, sales | -25% | 11% | 4% | 17% \nShare of annual sales | 22% | 24% | 25% | 29% "} {"_id": "d1a720542", "title": "", "text": "IFRS cash flow\nThe key drivers of the decrease in cash and cash equivalents of \u00a335.8 million in the year are discussed below.\nCash flows from operating activities of \u00a311.1 million were \u00a391.5 million lower than 2018, largely due to the reduction in underlying earnings of \u00a365.9 million (see income statement section) and the early settlement of interest rate swaps of \u00a352.4 million, partially offset by improvements in working capital of \u00a332.2 million.\nCash flows from investing activities mainly reflected cash inflows related to the part disposal of intu Derby of \u00a396.7 million and other sundry disposals of \u00a375.3 million, partially offset by capital expenditure during the year of \u00a3127.7 million.\nCash flows from financing activities primarily reflected net borrowings repaid in the year (see debt activity section on page 36).\n\nm | 2019 | 2018 \n--------------------------------------- | ------- | ------\nCash flows from: | | \noperating activities | 11.1 | 102.6 \ninvesting activities | 75.5 | (0.4) \nfinancing activities | (122.4) | (90.8)\nNet change in cash and cash equivalents | (35.8) | 11.4 "} {"_id": "d1a715e30", "title": "", "text": "The tax effect of temporary differences and carryforwards that give rise to significant portions of deferred tax assets and liabilities consisted of the following:\nThe liability for gross unrecognized tax benefits at May 26, 2019 was $44.1 million, excluding a related liability of $11.7 million for gross interest and penalties. Included in the balance at May 26, 2019 are $1.0 million of tax positions for which the ultimate deductibility is highly certain but for which there is uncertainty about the timing of such deductibility. Because of the impact of deferred tax accounting, the disallowance of the shorter deductibility period would not affect the annual effective tax rate but would accelerate the payment of cash to the taxing authority to an earlier period. Any associated interest and penalties imposed would affect the tax rate. As of May 27, 2018, our gross liability for unrecognized tax benefits was $32.5 million, excluding a related liability of $7.7 million for gross interest and penalties. Interest and penalties recognized in the Consolidated Statements of Operations was an expense of $1.2 million in fiscal 2019, an expense of $1.6 million in fiscal 2018, and a benefit of $0.3 million in fiscal 2017.\nNotes to Consolidated Financial Statements - (Continued) Fiscal Years Ended May 26, 2019, May 27, 2018, and May 28, 2017 (columnar dollars in millions except per share amounts)\n\n | May 26, 2019 | | May 27, 2018 | \n-------------------------------------------------------------- | ------------ | ----------- | ------------ | -----------\n | Assets | Liabilities | Assets | Liabilities\nProperty, plant and equipment | $\u2014 | $240.7 | $\u2014 | $141.0 \nInventory | 15.2 | \u2014 | 2.6 | \u2014 \nGoodwill, trademarks and other intangible assets | \u2014 | 1,187.0 | \u2014 | 406.2 \nAccrued expenses | 11.8 | \u2014 | 15.5 | \u2014 \nCompensation related liabilities | 35.9 | \u2014 | 34.1 | \u2014 \nPension and other postretirement benefits | 54.6 | \u2014 | 45.8 | \u2014 \nInvestment in unconsolidated subsidiaries | \u2014 | 185.4 | \u2014 | 165.8 \nOther liabilities that will give rise to future tax deductions | 123.5 | \u2014 | 109.7 | \u2014 \nNet capital and operating loss carryforwards | 766.5 | \u2014 | 762.5 | \u2014 \nFederal credits | 18.0 | \u2014 | 3.5 | \u2014 \nOther | 37.6 | 24.0 | 23.6 | 9.5 \n | 1,063.1 | 1,637.1 | 997.3 | 722.5 \nLess: Valuation allowance | (738.1) | \u2014 | (739.6) | \u2014 \nNet deferred taxes | $325.0 | $1,637.1 | $257.7 | $722.5 "} {"_id": "d1b3769fe", "title": "", "text": "Long-lived assets by geographic area, which primarily include property and equipment, net, as of the periods presented were as follows (table in millions):\nNo individual country other than the U.S. accounted for 10% or more of these assets as of January 31, 2020 and February 1, 2019\nVMware\u2019s product and service solutions are organized into three main product groups:\n\u2022 Software-Defined Data Center\n\u2022 Hybrid and Multi-Cloud Computing\n\u2022 Digital Workspace\u2014End-User Computing\nVMware develops and markets product and service offerings within each of these three product groups. Additionally, synergies are leveraged across these three product areas. VMware\u2019s products and service solutions from each of its product groups may also be bundled as part of an enterprise agreement arrangement or packaged together and sold as a suite. Accordingly, it is not practicable to determine revenue by each of the three product groups described above.\n\n | January 1, 2020 | February 1, 2019\n------------- | --------------- | ----------------\nUnited States | $860 | $849 \nInternational | 209 | 113 \nTotal | $1,069 | $962 "} {"_id": "d1a73715c", "title": "", "text": "Geographic information\nThe Group is domiciled in the UK and the following tables detail external revenue by location of customers, trade receivables and non-current assets (excluding deferred tax) by geographic area:\nDue to the large number of customers the Group serves, there are no individual customers whose revenue is greater than 10% of the Group\u2019s total revenue in all periods presented in these financial statements.\n\n | 2019 | 2018 \n------------- | ----- | -----\nRevenue | \u00a3m | \u00a3m \nUK | 349.9 | 324.9\nIreland | 5.2 | 5.2 \nTotal revenue | 355.1 | 330.1"} {"_id": "d1b36ef9c", "title": "", "text": "The Systems gross profit margin increased 3.2 points to 53.1 percent in 2019 compared to the prior year. The increase was driven by actions taken in 2018 to better position the cost structure over the longer term, a mix to IBM Z hardware and operating systems and margin improvement in Storage Systems.\nPre-tax income of $701 million declined 22.4 percent and pre-tax margin of 8.4 percent decreased 1.8 points year to year driven by the declines in Power Systems and Storage Systems revenue and the continued investment in innovation across the Systems portfolio, mitigated by the benefit from the new hardware launches in the second-half 2019.\n\n($ in millions) | | | \n------------------------------------------------------- | ------ | ------ | --------------------------------\nFor the year ended December 31: | 2019 | 2018 | Yr.-to-Yr Percent/ Margin Change\nSystems | | | \nExternal Systems Hardware gross profit | $2,622 | $2,590 | 1.2% \nExternal Systems Hardware gross profit margin | 44.3% | 40.7% | 3.6pts. \nExternal Operating Systems Software gross profit | $1,412 | $1,412 | 0.0% \nExternal Operating Systems Software gross profit margin | 83.8% | 84.5% | (0.7)pts. \nExternal total gross profit | $4,034 | $4,002 | 0.8% \nExternal total gross profit margin | 53.1% | 49.8% | 3.2pts. \nPre-tax income | $701 | $904 | (22.4)% \nPre-tax margin | 8.4% | 10.2% | (1.8)pts. "} {"_id": "d1b3a9f84", "title": "", "text": "This section presents the Group\u2019s contractual obligation to make a payment in the future in relation to purchases of property, plant and equipment, and lease commitments.\nCapital expenditure and operating lease commitments of the Group at the reporting date are as follows:\nThe commitments set out above do not include contingent turnover rentals, which are charged on many retail premises leased by the Group. These rentals are calculated as a percentage of the turnover of the store occupying the premises, with the percentage and turnover threshold at which the additional rentals commence varying with each lease agreement.\nThe Group leases retail premises and warehousing facilities which are generally for periods up to 40 years. The operating lease commitments include leases for the Norwest office and distribution centres. Generally the lease agreements are for initial terms of between five and 25 years and most include multiple renewal options for additional five to 10-year terms. Under most leases, the Group is responsible for property taxes, insurance, maintenance, and expenses related to the leased properties. However, many of the more recent lease agreements have been negotiated on a gross or semi-gross basis, which eliminates or significantly reduces the Group\u2019s exposure to operational charges associated with the properties.\nFrom 1 July 2019, the Group adopted AASB 16 Leases and as a result the operating lease commitments set out above have been recognised in the Consolidated Statement of Financial Position, with the exception of the service component of lease payments. Refer to Note 1.2.6 for a reconciliation between the operating lease commitments at 30 June 2019 and the lease liabilities recognised at 1 July 2019.\n\n | 2019 | 2018 \n----------------------------------------------------------------------- | ------ | ------\n | $M | $M \nCapital expenditure commitments | | \nEstimated capital expenditure under firm contracts, payable: | | \nNot later than one year | 398 | 416 \nLater than one year, not later than two years | \u2013 | \u2013 \nLater than two years, not later than five years | \u2013 | \u2013 \nTotal capital expenditure commitments | 398 | 416 \nOperating lease commitments | | \nFuture minimum rentals under non-cancellable operating leases, payable: | | \nNot later than one year | 1,998 | 2,089 \nLater than one year, not later than five years | 7,415 | 7,484 \nLater than five years | 12,378 | 13,331\nTotal operating lease commitments | 21,791 | 22,904\nTotal commitments for expenditure | 22,189 | 23,320"} {"_id": "d1b382998", "title": "", "text": "During the year ended December 31, 2019, the Company completed a reorganization of certain of its foreign subsidiaries that resulted in the derecognition of the related deferred tax assets for net operating losses which were subject to a valuation allowance. As a result, the Company reduced both its net operating loss deferred tax assets and valuation allowance by approximately $19.7 million.\nThe Company accrued $2.7 million as of both December 31, 2019 and 2018, excluding penalties and interest, for the liability for unrecognized tax benefits, which was included in \u201cLong-term income tax liabilities\u201d in the accompanying Consolidated Balance Sheets. Had the Company recognized these tax benefits, approximately $2.7 million, along with the related interest and penalties, would have favorably impacted the effective tax rate in both 2019 and 2018. The Company does not anticipate that any of the unrecognized tax benefits will be recognized in the next twelve months.\nThe Company recognizes interest and penalties related to unrecognized tax benefits in the provision for income taxes. The Company had $1.1 million and $0.6 million accrued for interest and penalties as of December 31, 2019 and 2018, respectively. Of the accrued interest and penalties at December 31, 2019 and 2018, $0.6 million and $0.4 million, respectively, relate to statutory penalties. The amount of interest and penalties, net, included in the provision for income taxes in the accompanying Consolidated Statements of Operations for the years ended December 31, 2019, 2018 and 2017 was $0.4 million, $0.7 million and $(9.5) million, respectively.\nThe tabular reconciliation of the amounts of unrecognized net tax benefits is presented below (in thousands):\n\n | | Years Ended December 31, | \n----------------------------------------------------------- | ------ | ------------------------ | --------\n | 2019 | 2018 | 2017 \nBalance at the beginning of the period | $2,720 | $1,342 | $8,531 \nCurrent period tax position increases | \u2014 | 2,950 | \u2014 \nDecreases from settlements with tax authorities | \u2014 | (191) | (10,865)\nDecreases due to lapse in applicable statute of limitations | \u2014 | (1,310) | (466) \nForeign currency translation increases (decreases) | (9) | (71) | 4,142 \nBalance at the end of the period | $2,711 | $2,720 | $1,342 "} {"_id": "d1b3af100", "title": "", "text": "Disaggregation of Revenue\nThe tables below present the Company\u2019s revenue disaggregated by type of revenue. Refer to Note 13, Reportable Segment Information, for disaggregated revenue by type and reportable segment. The majority of the Company\u2019s revenue is earned domestically, with revenue from customers outside the United States comprising less than 1% of total revenue.\n\n | Year Ended June 30, | | \n--------------------------- | ------------------- | ---------- | ----------\n | 2019 | 2018 | 2017 \nProcessing | $594,202 | $550,058 | $506,555 \nOutsourcing & Cloud | 405,359 | 361,922 | 327,738 \nProduct Delivery & Services | 231,982 | 251,743 | 256,794 \nIn-House Support | 321,148 | 307,074 | 297,203 \nServices & Support | 958,489 | 920,739 | $881,735 \nTotal Revenue | $1,552,691 | $1,470,797 | $1,388,290"} {"_id": "d1b339b76", "title": "", "text": "Assumptions used\nThe last triennial actuarial valuation of the Scheme was performed by an independent professional actuary at 30 April 2018 using the projected unit method of valuation. For the purposes of IAS 19 (revised) the actuarial valuation as at 30 April 2018 has been updated on an approximate basis to 31 March 2019. There have been no changes in the valuation methodology adopted for this year\u2019s disclosures compared to the prior year\u2019s disclosures.\nThe principal financial assumptions used to calculate the liabilities under IAS 19 (revised) are as follows:\nThe financial assumptions reflect the nature and term of the Scheme\u2019s liabilities.\n\n | 2019 | 2018\n------------------------------------ | ---- | ----\n | % | % \nDiscount rate for scheme liabilities | 2.45 | 2.60\nCPI inflation | 2.35 | 2.25\nRPI inflation | 3.45 | 3.35\nPension increases | | \nPre 1988 GMP | \u2013 | \u2013 \nPost 1988 GMP | 2.10 | 2.10\nPre 2004 non GMP | 5.00 | 5.00\nPost 2004 | 3.35 | 3.25"} {"_id": "d1b3105c8", "title": "", "text": "6. Goodwill and Other Intangible Assets\nThe Company completed its annual impairment test for goodwill and indefinite-lived intangible assets during the fourth quarter of fiscal year 2019 and determined the fair values of the reporting units and the indefinite-lived intangible assets were in excess of the carrying values and that no impairment existed as of the date of the impairment test.\nThe following table presents the changes in goodwill allocated to the Company\u2019s reportable segments, Electronics Manufacturing Services (\u201cEMS\u201d) and Diversified Manufacturing Services (\u201cDMS\u201d), during the fiscal years ended August 31, 2019 and 2018 (in thousands):\n(1) Includes $8.2 million of goodwill reallocated between DMS and EMS during fiscal year 2018.\n\n | EMS | DMS | Total \n----------------------------------------- | ------- | -------- | --------\nBalance as of August 31, 2017 | $52,574 | $555,610 | $608,184\nAcquisitions and adjustments(1) | 30,763 | (8,186) | 22,577 \nChange in foreign currency exchange rates | (667) | (2,349) | (3,016) \nBalance as of August 31, 2018 | 82,670 | 545,075 | 627,745 \nChange in foreign currency exchange rates | (702) | (4,788) | (5,490) \nBalance as of August 31, 2019 | $81,968 | $540,287 | $622,255"} {"_id": "d1b3174e0", "title": "", "text": "Audit and Non-Audit Fees\nThe following table presents fees billed for professional audit services rendered by PricewaterhouseCoopers LLP for the audit of the Company\u2019s annual financial statements for the years ended June 29, 2019 and June 30, 2018 respectively, and fees billed for other services rendered by PricewaterhouseCoopers LLP and during those periods.\n(1) Audit Fees are related to professional services rendered in connection with the audit of the Company\u2019s annual financial statements, the audit of internal control over financial reporting in accordance with Section 404 of the Sarbanes-Oxley Act of 2002, reviews of financial statements included in the Company\u2019s Quarterly Reports on Form 10-Q, and audit services provided in connection with other statutory and regulatory filings. Audit Fees in fiscal 2019 include fees for services performed by PricewaterhouseCoopers LLP in connection with the acquisitions of RPC Photonics, Inc. (\u201cRPC\u201d) and 3Z Telecom, Inc. (\u201c3Z\u201d). Audit Fees in fiscal 2018 include fees for the acquisitions of the AvComm and Wireless businesses of Cobham plc (\u201cAW\u201d) and Trilithic Inc. (\u201cTrilithic\u201d).\n(2) Audit-Related Fees are related to due diligence services for our acquisition activities incurred in fiscal 2018.\n(3) Tax Fees for fiscal 2019 and 2018 include professional services rendered in connection with transfer pricing consulting, tax audits, planning services and other tax consulting.\n(4) All Other Fees are related to certain software subscription fees.\nFor fiscal year 2019, the Audit Committee considered whether audit-related services and services other than audit-related services provided by PricewaterhouseCoopers LLP are compatible with maintaining the independence of PricewaterhouseCoopers LLP and concluded that the independence of PricewaterhouseCoopers LLP was maintained.\n\n | Fiscal 2019 | Fiscal 2018\n---------------------- | ----------- | -----------\nAudit Fees (1) | $3,631,575 | $3,784,488 \nAudit-Related Fees (2) | 0 | 359,000 \nTax Fees (3) | 169,776 | 61,592 \nAll Other Fees (4) | 4,500 | 3,600 \nTotal | $3,805,851 | $4,208,680 "} {"_id": "d1b37ec1c", "title": "", "text": "21 Called up share capital and reserves\nOther reserves in the Consolidated Statement of Changes in Equity on pages 151 to 152 are made up as follows:\nThe change in translation reserve includes a \u00a31.4m credit transferred from retained earnings.\n\n | 1st January 2019 | Change in year | 31st December 2019\n------------------------------ | ---------------- | -------------- | ------------------\n | \u00a3m | \u00a3m | \u00a3m \nTranslation reserve | 30.3 | (45.0) | (14.7) \nNet investment hedge reserve | (7.4) | 12.9 | 5.5 \nCash flow hedges reserve | \u2013 | 3.3 | 3.3 \nCapital redemption reserve | 1.8 | \u2013 | 1.8 \nEmployee Benefit Trust reserve | (2.5) | (4.0) | (6.5) \nTotal other reserves | 22.2 | (32.8) | (10.6) "} {"_id": "d1b39023c", "title": "", "text": "In November 2016, the FASB issued guidance that requires entities to show the changes in the total of cash, cash equivalents, restricted cash and restricted cash equivalents in the statement of cash flows. The guidance is effective for annual reporting periods and interim periods within those annual reporting periods beginning after December 15, 2017, our fiscal 2019. The retrospective transition method should be applied. We adopted this guidance in the first quarter of fiscal 2019 and it did not have a material impact on our consolidated financial statements.\nIn October 2016, the FASB issued guidance that requires companies to recognize the income tax effects of intercompany sales and transfers of assets, other than\ninventory, in the period in which the transfer occurs. The guidance is effective for annual reporting periods and interim periods within those annual reporting\nperiods beginning after December 15, 2017, our fiscal 2019. The modified retrospective transition method should be applied. We adopted this guidance in the first\nquarter of fiscal 2019 and it did not have a material impact on our consolidated financial statements.\nIn August 2016, the FASB issued guidance that aims to eliminate diversity in practice in how certain cash receipts and cash payments are presented and classified in the statement of cash flows. The guidance is effective for annual reporting periods and interim periods within those annual reporting periods beginning after December 15, 2017, our fiscal 2019. The retrospective transition method should be applied. We adopted this guidance in the first quarter of fiscal 2019 and it did not have a material impact on our consolidated financial statements.\nn January 2016, the FASB issued guidance that requires most equity investments be measured at fair value, with subsequent other changes in fair value recognized in net income. The guidance also impacts financial liabilities under the fair value option and the presentation and disclosure requirements on the classification and measurement of financial instruments. The guidance is effective for annual reporting periods and interim periods within those annual reporting periods beginning after December 15, 2017, our fiscal 2019. It should be applied by means of a cumulative-effect adjustment to the balance sheet as of the beginning of the fiscal year of adoption, unless equity securities do not have readily determinable fair values, in which case the amendments should be applied prospectively. We adopted this guidance in the first quarter of fiscal 2019. We did not use prospective amendments for any investments and adoption did not have a material impact on our consolidated financial statements.\nThe following reconciliations provide the effect of the reclassification of the net periodic benefit cost from operating expenses to other (income) expense in our consolidated statements of income for fiscal year 2018 and 2017 (in millions):\n\nTwelve Months Ended September 29, 2018: | As Previously Reported | Adjustments | As Recast\n--------------------------------------- | ---------------------- | ----------- | ---------\nCost of Sales | $34,926 | $30 | $34,956 \nSelling, General and Administrative | $2,071 | $(7) | $2,064 \nOperating Income | $3,055 | $(23) | $3,032 \nOther (Income) Expense | $310 | $(23) | $287 \nTwelve Months Ended September 30, 2017: | As Previously Reported | Adjustments | As Recast\nCost of Sales | $33,177 | $21 | $33,198 \nSelling, General and Administrative | $2,152 | $(11) | $2,141 \nOperating Income | $2,931 | $(10) | $2,921 \nOther (Income) Expense | $303 | $(10) | $293 "} {"_id": "d1b3b5dc0", "title": "", "text": "Note 14. Property and Equipment, Net\nProperty and equipment, net consisted of the following (in thousands):\n\n | December 31, | \n----------------------------------------------- | ------------ | --------\n | 2019 | 2018 \nLand | $1,949 | $2,185 \nBuildings and leasehold improvements | 138,755 | 129,582 \nEquipment, furniture and fixtures | 307,559 | 298,537 \nCapitalized internally developed software costs | 38,466 | 41,883 \nTransportation equipment | 613 | 636 \nConstruction in progress | 5,037 | 2,253 \n | 492,379 | 475,076 \nLess: Accumulated depreciation | 366,389 | 339,658 \n | $125,990 | $135,418"} {"_id": "d1b327df4", "title": "", "text": "ADVANCED ENERGY INDUSTRIES, INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS \u2013 (continued) (in thousands, except per share amounts)\nNOTE 9. ACCOUNTS AND OTHER RECEIVABLE\nAccounts and other receivable are recorded at net realizable value. Components of accounts and other receivable, net of reserves, are as follows:\nAmounts billed, net consist of amounts that have been invoiced to our customers in accordance with terms and conditions, and are shown net of an allowance for doubtful accounts. These receivables are all short term in nature and do not include any financing components.\nUnbilled receivables consist of amounts where we have satisfied our contractual obligations related to inventory stocking contracts with customers. Such amounts are typically invoiced to the customer upon their consumption of the inventory managed under the stocking contracts. We anticipate that substantially all unbilled receivables will be invoiced and collected over the next twelve months. These contracts do not include any financing components.\n\n | December 31, 2019 | December 31, 2018\n---------------------- | ----------------- | -----------------\nAmounts billed, net | $227,528 | $80,709 \nUnbilled receivables | 19,036 | 19,733 \nTotal receivables, net | $246,564 | $100,442 "} {"_id": "d1b319772", "title": "", "text": "Following is a summary of our cash flows provided by (used in) operating activities, investing activities and financing activities for the years endedD ecember 31, 2019 and 2018. A discussion of cash flows for the year ended December 31, 2017 has been omitted from this Annual Report on Form 10-K, but may be found in \u201cItem 7.\nManagement\u2019s Discussion and Analysis of Financial Condition and Results of Operations,\u201d under the heading \u201cLiquidity and Capital Resources\u201d in our Annual Report on Form 10-K for the year ended December 31, 2018, filed with the SEC on February 5, 2019, which discussion is incorporated herein by reference and which is available free of charge on the SEC\u2019s website at www.sec.gov.\nCash Flows from Operating Activities\nNet cash provided by operating activities was $78.3 million for the year ended December 31, 2019. Net cash provided by operating activities consisted of positive cash flow from operations including $101.1 million in non-cash expenses and $16.9 million in changes in operating assets and liabilities, partially offset by net loss of $19.9 million and deferred income taxes and excess tax benefits from stock-based compensation of $19.8 million.\nNon-cash items included in net loss for the year ended December 31, 2019 primarily included depreciation and amortization of property, equipment, intangible assets and leased right-of-use assets of $66.4 million and stock-based compensation of $32.1 million.\nDuring the year ended December 31, 2019, we also exited certain leased facilities, which resulted in impairment of leased right-of-use assets of$ 9.2 million and leasehold improvements of $1.4 million, which was partially offset by a gain on extinguishment of related lease liabilities of$ 10.4 million, all of which are non-cash items that did not affect cash flows.\nNet cash provided by operating activities was $102.7 million for the year ended December 31, 2018. Net cash provided by operating activities consisted of positive cash flow from operations including $100.3 million in non-cash operating expenses and $28.6 million in changes in operating assets and liabilities, partially offset by net loss of $26.2 million.\nNon-cash items included in net loss for the year ended December 31, 2018 primarily included depreciation and amortization of property, equipment and intangible assets of $79.0 million, stock-based compensation of $31.7 million, and impairment of intangible assets of $2.2 million, partially offset by deferred income taxes of $12.1 million and excess tax benefits on stock-based awards of $2.0 million.\nCash Flows from Investing Activities\nNet cash used in investing activities was $7.0 million for the year ended December 31, 2019. Net cash used in investing activities primarily consisted of $6.9 million in purchases of property and equipment. Net cash used in investing activities was $7.8 million for the year ended December 31, 2018. Net cash used in investing activities consisted entirely of $7.8 million in purchases of property and equipment.\nCash Flows from Financing Activities\nNet cash used in financing activities was $53.4 million for the year ended December 31, 2019. Net cash used in financing activities consisted primarily of cash outflows from aggregate prepayments of principal of $50.0 million and $12.0 million in minimum tax withholding paid on behalf of employees for restricted stock units, partially offset by cash inflows of $8.6 million in net proceeds from issuance of common stock upon exercise of stock options.\nNet cash used in financing activities was $93.8 million for the year ended December 31, 2018. Net cash used in financing activities primarily consisted of cash outflows from $93.0 million in aggregate prepayments of principal on outstanding debt and $7.6 million in minimum tax withholding paid on behalf of employees for restricted stock units, partially offset by cash inflows of $6.8 million in net proceeds from issuance of common stock upon exercise of stock options.\nWe believe that our $92.7 million of cash and cash equivalents at December 31, 2019 will be sufficient to fund our projected operating requirements for at least the next twelve months. We have repaid $213.0 million of debt to date. The credit agreement permits the Company to request incremental loans in an aggregate principal amount not to exceed the sum of $160.0 million (subject to adjustments for any voluntary prepayments), plus an unlimited amount that is subject to pro forma compliance with certain secured leverage ratio and total leverage ratio tests.\nIncremental loans are subject to certain additional conditions, including obtaining additional commitments from the lenders then party to the credit agreement or new lenders. The term loan facility has a seven-year term and bears interest at either an Adjusted LIBOR or an Adjusted Base Rate, at our option, plus a fixed applicable margin.\nOur cash and cash equivalents in recent years have been favorably affected by our implementation of an equity-based bonus program for our employees, including executives. In connection with that bonus program, in February 2019, we issued 0.3 million freely-tradable shares of our common stock in settlement of bonus awards for the 2018 performance period. We expect to implement a similar equity-based plan for fiscal 2019, but our compensation committee retains discretion to effect payment in cash, stock, or a combination of cash and stock.\nNotwithstanding the foregoing, we may need to raise additional capital or incur additional indebtedness to fund strategic initiatives or operating activities, particularly if we continue to pursue acquisitions.\nOur future capital requirements will depend on many factors, including our rate of revenue growth, the expansion of our engineering, sales and marketing activities, the timing and extent of our expansion into new territories, the timing of introductions of new products and enhancements to existing products, the continuing market acceptance of our products and potential material investments in, or acquisitions of, complementary businesses, services or technologies. Additional funds may not be available on terms favorable to us or at all.\nIf we are unable to raise additional funds when needed, we may not be able to sustain our operations or execute our strategic plans.\n\n | Years Ended December 31, | \n----------------------------------------------------------------------------- | ------------------------ | --------\n | 2019 | 2018 \n | (in thousands) | \nNet cash provided by operating activities | $78,348 | $102,689\nNet cash used in investing activities | (6,973) | (7,825) \nNet cash used in financing activities | (53,383) | (93,784)\nEffect of exchange rate changes on cash, cash equivalents and restricted cash | 934 | (1,301) \nIncrease (decrease) in cash, cash equivalents and restricted cash | $18,926 | (221) "} {"_id": "d1a73ab0e", "title": "", "text": "13. SHARE-BASED EMPLOYEE COMPENSATION\nStock incentive plans \u2014 We offer share-based compensation plans to attract, retain, and motivate key officers, employees, and non-employee directors to work toward the financial success of the Company.\nOur stock incentive plans are administered by the Compensation Committee of the Board of Directors and have been approved by the stockholders of the Company. The terms and conditions of our share-based awards are determined by the Compensation Committee for each award date and may include provisions for the exercise price, expirations, vesting, restriction on sales, and forfeitures, as applicable. We issue new shares to satisfy stock issuances under our stock incentive plans.\nOur Amended and Restated 2004 Stock Incentive Plan authorizes the issuance of up to11,600,000 common shares in connection with the granting of stock options, stock appreciation rights, restricted stock purchase rights, restricted stock bonuses, restricted stock units, or performance units to key employees, directors, and other designated employees. There were 1,677,983 shares of common stock available for future issuance under this plan as of September 29, 2019.\nWe also maintain a deferred compensation plan for non-management directors under which those who are eligible to receive fees or retainers may choose to defer receipt of their compensation. The deferred amounts are converted to stock equivalents. The plan requires settlement in shares of our common stock based on the number of stock equivalents and dividend equivalents at the time of a participant\u2019s separation from the Board of Directors. This plan provides for the issuance of up to 350,000 shares of common stock in connection with the crediting of stock equivalents. There were143,122 shares of common stock available for future issuance under this plan as of September 29, 2019.\nCompensation expense \u2014 The components of share-based compensation expense, included within \u201cSelling, general, and administrative expenses\u201d in our consolidated statement of earnings, in each fiscal year are as follows (in thousands):\nNonvested restricted stock units \u2014 Nonvested restricted stock units (\u201cRSUs\u201d) are generally issued to executives, non-management directors and certain other members of management and employees. Prior to fiscal 2011, RSUs were granted to certain Executive and Senior Vice Presidents pursuant to our share ownership guidelines. These awards vest upon retirement or termination based on years of service. There were 60,272 of such RSUs outstanding as of September 29, 2019.\n\n | 2019 | 2018 | 2017 \n----------------------------------------------- | ------ | ------ | -------\nNonvested stock units | $5,458 | $5,737 | $5,873 \nStock options | 936 | 1,790 | 1,826 \nPerformance share awards | 1,417 | 1,236 | 2,580 \nNonvested restricted stock awards | \u2014 | 33 | 88 \nNon-management directors\u2019 deferred compensation | 263 | 350 | 270 \nTotal share-based compensation expense | $8,074 | $9,146 | $10,637"} {"_id": "d1a72ff9c", "title": "", "text": "Significant components of Teradyne\u2019s deferred tax assets (liabilities) as of December 31, 2019 and 2018 were as follows:\nAs of December 31, 2019 and 2018, Teradyne evaluated the likelihood that it would realize deferred income taxes to offset future taxable income and concluded that it is more likely than not that a substantial majority of its deferred tax assets will be realized through consideration of both the positive and negative evidence. At December 31, 2019 and 2018, Teradyne maintained a valuation allowance for certain deferred tax assets of $77.2 million and $69.9 million, respectively, primarily related to state net operating losses and state tax credit carryforwards, due to the uncertainty regarding their realization. Adjustments could be required in the future if Teradyne estimates that the amount of deferred tax assets to be realized is more or less than the net amount recorded.\n\n | 2019 | 2018 \n-------------------------------- | -------------- | ---------\n | (in thousands) | \nDeferred tax assets | | \nTax credits | $79,480 | $69,091 \nAccruals | 25,424 | 23,449 \nPension liabilities | 24,459 | 20,826 \nInventory valuations | 18,572 | 18,514 \nDeferred revenue | 7,622 | 9,130 \nEquity compensation | 7,042 | 7,190 \nVacation accrual | 4,768 | 4,772 \nInvestment impairment | 3,292 | \u2014 \nNet operating loss carryforwards | 2,705 | 3,658 \nMarketable securities | \u2014 | 962 \nOther | 1,472 | 685 \nGross deferred tax assets | 174,836 | 158,277 \nLess: valuation allowance | (77,177) | (69,852) \nTotal deferred tax assets | $97,659 | $88,425 \nDeferred tax liabilities: | | \nDepreciation | $(18,238) | $(14,028)\nIntangible assets | (16,705) | (24,211) \nMarketable securities | (1,601) | \u2014 \nTotal deferred tax liabilities | $(36,544) | $(38,239)\nNet deferred assets | $61,115 | $50,186 "} {"_id": "d1b374866", "title": "", "text": "Contract Liabilities\nContract liabilities include payments received in advance of performance under the contract, and are realized with the associated revenue recognized under the contract. The changes in our contract liabilities are as follows (in thousands):\nThe revenue recognized from amounts included in contract liabilities primarily relates to prepayment contracts with customers as well as payments of activation fees.\n\nYear Ended December 31, | | \n---------------------------------------------------------------- | ------- | -------\n | 2019 | 2018 \nBeginning of period balance | $11,176 | $12,678\nRevenue deferred and acquired in current period | 6,127 | 3,954 \nRevenue recognized from amounts included in contract liabilities | (6,805) | (5,456)\nEnd of period balance | $10,498 | $11,176"} {"_id": "d1b31baa4", "title": "", "text": "Stock-Based Compensation\nThe following table summarizes the components of total stock-based compensation included in VMware\u2019s consolidated statements of income during the periods presented (table in millions):\nAs of January 31, 2020, the total unrecognized compensation cost for stock options and restricted stock was $1.8 billion and will be recognized through fiscal 2024 with a weighted-average remaining period of 1.5 years. Stock-based compensation related to VMware equity awards held by VMware employees is recognized on VMware\u2019s consolidated statements of income over the awards\u2019 requisite service periods.\n\n | | For the Year Ended | \n------------------------------------------ | ---------------- | ------------------ | ----------------\n | January 31, 2020 | February 1, 2019 | February 2, 2018\nCost of license revenue | $1 | $1 | $2 \nCost of subscription and SaaS revenue | 13 | 7 | 5 \nCost of services revenue | 83 | 58 | 53 \nResearch and development | 459 | 391 | 363 \nSales and marketing | 293 | 226 | 205 \nGeneral and administrative | 168 | 117 | 84 \nStock-based compensation | 1,017 | 800 | 712 \nIncome tax benefit | (347) | (253) | (232) \nTotal stock-based compensation, net of tax | $670 | $547 | $480 "} {"_id": "d1b38bf5c", "title": "", "text": "Results of Operations\nThe following describes the line items set forth in our consolidated statements of operations. A discussion of changes in our results of operations during the year ended December 31, 2018 compared to the year ended December 31, 2017 has been omitted from this Annual Report on Form 10-K, but may be found in \u201cItem 7.\nManagement\u2019s Discussion and Analysis of Financial Condition and Results of Operations\u201d in our Annual Report on Form 10-K for the year ended December 31, 2018, filed with the SEC on February 5, 2019, which discussion is incorporated herein by reference and which is available free of charge on the SEC\u2019s website at www.sec.gov.\nNet Revenue. Net revenue is generated from sales of radio-frequency, analog and mixed-signal integrated circuits for the connected home, wired and wireless infrastructure, and industrial and multi-market applications. A significant portion of our sales are to distributors, which then resell our products.\nCost of Net Revenue. Cost of net revenue includes the cost of finished silicon wafers processed by third-party foundries; costs associated with our outsourced packaging and assembly, test and shipping; costs of personnel, including stock-based compensation, and equipment associated with manufacturing support, logistics and quality assurance; amortization of acquired developed technology intangible assets and inventory step-ups to fair value; amortization of certain production mask costs; cost of production load boards and sockets; and an allocated portion of our occupancy costs.\nResearch and Development. Research and development expense includes personnel-related expenses, including stock-based compensation, new product engineering mask costs, prototype integrated circuit packaging and test costs, computer-aided design software license costs, intellectual property license costs, reference design development costs, development testing and evaluation costs, depreciation expense and allocated occupancy costs.\nResearch and development activities include the design of new products, refinement of existing products and design of test methodologies to ensure compliance with required specifications. All research and development costs are expensed as incurred.\nSelling, General and Administrative. Selling, general and administrative expense includes personnel-related expenses, including stock-based compensation, amortization of certain acquired intangible assets, third-party sales commissions, field application engineering support, travel costs, professional and consulting fees, legal fees, depreciation expense and allocated occupancy costs. Impairment Losses. Impairment losses consist of charges resulting from the impairment of acquired intangible assets.\nRestructuring Charges. Restructuring charges consist of severance, lease and leasehold impairment charges, and other charges related to restructuring plans. Interest and Other Income (Expense), Net. Interest and other income (expense), net includes interest income, interest expense and other income (expense). Interest income consists of interest earned on our cash, cash equivalents and restricted cash balances. Interest expense consists of interest accrued on debt. Other income (expense) generally consists of income (expense) generated from non-operating transactions.\nIncome Tax Provision (Benefit). We make certain estimates and judgments in determining income tax expense for financial statement purposes. These estimates and judgments occur in the calculation of certain tax assets and liabilities, which arise from differences in the timing of recognition of revenue and expenses for tax and financial statement purposes and the realizability of assets in future years.\nThe following table sets forth our consolidated statement of operations data as a percentage of net revenue for the periods indicated:\n\n | | Years Ended December 31,\n---------------------------------------------- | ---- | ------------------------\n | 2019 | 2018 \nNet revenue | 100% | 100% \nCost of net revenue | 47 | 46 \nGross profit | 53 | 54 \nOperating expenses: | | \nResearch and development | 31 | 31 \nSelling, general and administrative | 28 | 26 \nImpairment losses | - | 1 \nRestructuring charges | 1 | 1 \nTotal operating expenses | 60 | 59 \nLoss from operations | (7) | (5) \nTotal interest and other income (expense), net | (3) | (4) \nLoss before income taxes | (10) | (9) \nIncome tax benefit | (4) | (2) \nNet loss | (6)% | (7)% "} {"_id": "d1b31ee98", "title": "", "text": "Outstanding Equity Awards at Fiscal Year End\nThe following table summarizes the equity awards made to our named executive officers that were outstanding at December 31, 2019\n\nName | No. of Securities Underlying Unexercised Options (#) Exercisable No. of Securities Underlying Unexercised | No. of Securities Underlying Unexercised Options (#) Unexercisable No. of Securities Underlying Unexercised | Option Exercise Price | Option Expiration Date\n---------------------- | --------------------------------------------------------------------------------------------------------- | ----------------------------------------------------------------------------------------------------------- | --------------------- | ----------------------\nGaro H. Armen (1) | 500,000 | - | $1.25 | April 16, 2026 \nGaro H. Armen (2) | 184,028 | 65,972 | $1.75 | October 16, 2027 \nAlexander K. Arrow (3) | 100,000 | - | $1.25 | February 12, 2026 \nAlexander K. Arrow (3) | 140,000 | - | $1.25 | April 15, 2026 \nAlexander K. Arrow (4) | 55,208 | 19,792 | $1.75 | October 16, 2027 \nAlexander K. Arrow (5) | 41,667 | - | $1.00 | February 1, 2029 "} {"_id": "d1b3958ea", "title": "", "text": "12. Information about Segments of Geographic Areas\nThe Company operates in one segment, the development and marketing of network infrastructure equipment. Revenue is attributed to a geographical area based on the location of the customers. The Company operates in three geographic theaters: Americas, which includes the United States, Canada, Mexico, Central America and South America; EMEA, which includes Europe, Russia, Middle East and Africa; and APAC which includes Asia Pacific, China, South Asia and Japan. The Company\u2019s chief operating decision maker (\u201cCODM\u201d), who is its CEO, reviews financial information presented on a consolidated basis for purposes of allocating resources and evaluating financial performance.\nSee Note 3. Revenues for the Company\u2019s revenues by geographic regions and channel based on the customers\u2019 ship-to location.\nThe Company\u2019s long-lived assets are attributed to the geographic regions as follows (in thousands):\n\nLong-lived Assets | June 30,\n2019 | June 30,\n2018\n----------------------- | ------------- | -------------\nAmericas | $136,035 | $178,251 \nEMEA | 28,744 | 15,106 \nAPAC | 11,529 | 9,896 \nTotal long-lived assets | $176,308 | $203,253 "} {"_id": "d1b33a1de", "title": "", "text": "19 Trade and other payables\nContract liabilities relate to advance payments received from customers which have not yet been recognised as revenue. \u00a38.3m of the contract liabilities at 31st December 2018 was recognised as revenue during 2019 (2018: \u00a33.0m).\n\n | 2019 | 2018 \n------------------------------ | ----- | -----\n | \u00a3m | \u00a3m \nTrade payables | 57.9 | 57.4 \nContract liabilities | 8.7 | 8.9 \nSocial security | 5.6 | 5.1 \nOther payables | 37.8 | 37.6 \nAccruals | 64.8 | 58.0 \nTotal trade and other payables | 174.8 | 167.0"} {"_id": "d1b319ea2", "title": "", "text": "9. Audit, audit related and other non-audit services\u00a0 The following fees were paid or are payable to the company\u2019s auditors, KPMG LLP and other firms in the KPMG network, for the year ended 31 March 2019. Figures in the table below for the years ended 31 March 2017 and 2018 are in respect of fees paid to the company\u2019s previous auditors, PricewaterhouseCoopers LLP.\na Services in relation to the audit of the parent company and the consolidated financial statements, including fees for reports under section 404 of the Sarbanes-Oxley Act. This also includes fees payable for the statutory audits of the financial statements of subsidiary companies. This excludes amounts for the audit of BT Group Employee Share Ownership Trust and Ilford Trustees (Jersey) Limited amounting to \u00a332,000.\nb During the year a further \u00a3446,000 of fees were payable to PricewaterhouseCoopers LLP in relation to the audit of 2017/18 subsidiary accounts and the audit of our restated IAS 19 accounting valuation of retirement benefit obligations, which have not been included in the 2019 balances in the above table.\nc Services in relation to other statutory filings or engagements that are required by law or regulation to be carried out by an appointed auditor. This includes fees for the review of interim results, the accrued fee for the audit of the group\u2019s regulatory financial statements and reporting associated with the group\u2019s US debt shelf registration. d Services relating to tax returns, tax audits, monitoring and enquiries.\ne Fees payable for all taxation advisory services not falling within taxation compliance. All other assurance services include fees payable to KPMG LLP for agreed upon procedures performed on the estimated impact of the new IFRS 15 revenue accounting standard, which took effect from 1 April 2018 for the 2017/18 audit. g Fees payable for all non-audit services not covered above, principally comprising other advisory services.\nf All other assurance services include fees payable to KPMG LLP for agreed upon procedures performed on the estimated impact of the new IFRS 15 revenue accounting standard, which took effect from 1 April 2018 for the 2017/18 audit.\ng Fees payable for all non-audit services not covered above, principally comprising other advisory services.\n\n | 2019 | 2018 | 2017 \n------------------------------------------------------------------------- | ------ | ------ | ------\nYear ended 31 March | \u00a3000 | \u00a3000 | \u00a3000 \nFees payable to the company\u2019s auditors and its associates for: | | | \nAudit services a,b | | | \nThe audit of the parent company and the consolidated financial statements | 8,165 | 5,418 | 4,316 \nThe audit of the company\u2019s subsidiaries | 6,061 | 5,877 | 5,675 \n | 14,226 | 11,295 | 9,991 \nAudit related assurance services c | 2,236 | 1,771 | 1,865 \nOther non-audit services | | | \nTaxation compliance services d | \u2013 | \u2013 | 366 \nTaxation advisory services e | \u2013 | \u2013 | 111 \nAll other assurance services f | 748 | 211 | 200 \nAll other services g | 210 | 592 | 2,332 \n | 958 | 803 | 3,009 \nTotal services | 17,420 | 13,869 | 14,865"} {"_id": "d1b363336", "title": "", "text": "30. Financial instruments and financial risk management\nThe main purpose of the Group\u2019s financial instruments, other than trade and other receivables, trade and other payables, contractual provisions and lease liabilities, is to fund the Group\u2019s liquidity requirements.\nAll of the Group\u2019s financial assets and liabilities are categorised as financial assets/liabilities stated at amortised cost, except for forward foreign currency exchange contracts, included within current other financial assets, that are designated as financial assets at fair value through profit or loss and corporate owned life insurance, amounting to $3.0 million (2018 $2.4 million), included within non-current trade and other receivables, that is designated as financial assets at fair value through profit or loss. These are shown in the below table:\nThe Group enters into derivative transactions, forward foreign currency exchange contracts, for the management of the Group\u2019s foreign currency exposures when deemed appropriate.\nThe key objective of the Group\u2019s treasury department is to manage the financial risks of the business and to ensure that sufficient liquidity is available to the Group. All treasury activity operates within a formal control framework. The Board has approved treasury policies and guidelines and periodically reviews treasury activities. Additionally, it is the Group\u2019s policy that speculative treasury transactions are expressly forbidden.\n\n | | 2019 | 2018 \n------------------------------------------------------- | ----- | --------- | ---------\n | Notes | $ million | $ million\nNon-current trade and other receivables | 20 | 5.7 | 3.5 \nCash and cash equivalents | 22 | 183.2 | 121.6 \nCurrent trade and other receivables | 20 | 133.2 | 126.9 \nCurrent other financial assets | 20 | 0.1 | \u2013 \nFinancial assets | | 322.2 | 252.0 \nNon-current other payables, excluding government grants | 23 | 0.8 | 4.4 \nCurrent trade payables, other payables and accruals | 23 | 75.4 | 57.1 \nLease liabilities, current and non-current | 26 | 33.0 | \u2013 \nContractual provisions | 28 | 3.6 | 3.6 \nFinancial liabilities | | 112.8 | 65.1 "} {"_id": "d1b2e2826", "title": "", "text": "The following are the significant assumptions adopted in measuring the Company\u2019s pension and other benefit obligations:\nFor certain Canadian post-retirement plans the above trend rates are applicable for 2019 to 2024 which will increase linearly to 4.75% in 2029 and grading down to an ultimate rate of 3.57% per annum in 2040 and thereafter.\n\nAs at December 31, | Pension 2019 | Other 2019 | Pension 2018 | Other 2018 \n-------------------------------- | ------------ | -------------- | ------------ | --------------\nActuarial benefit obligation | | | | \nDiscount rate | 3.20% | 2.95% to 3.20% | 3.80% | 3.80% to 4.00%\nBenefit costs for the year ended | | | | \nDiscount rate | 3.90% | 3.90% to 4.00% | 3.60% | 3.25% to 3.60%\nFuture salary growth | 2.50% | N/A | 2.50% | N/A \nHealth care cost trend rate | N/A | 3.49% to 5.49% | N/A | 4.50% \nOther medical trend rates | N/A | 4.00% to 4.56% | N/A | 4.50% "} {"_id": "d1b31fb54", "title": "", "text": "The following table summarizes stock-based compensation expense in the Company\u2019s consolidated statements of operations:\nFor the year ended September 30, 2019, the Company granted 33,000 nonvested shares to certain key employees, 55,000 nonvested shares to certain officers including 35,000 shares granted to the Chief Executive Officer, and 20,000 nonvested shares\nto its non-employee directors. For the year ended September 30, 2018, the Company granted 12,000 nonvested shares to certain key employees, 40,000 nonvested shares to certain officers including 30,000 to its Chief Executive Officer and 20,000 nonvested\nshares to its non-employee directors.\nThe Company measures the fair value of nonvested stock awards based upon the market price of its common stock as of the date of grant. The Company used the Black-Scholes option-pricing model to value stock options. The Black-Scholes model requires the use of a number of assumptions including volatility of the Company\u2019s stock price, the weighted average risk-free interest rate and the weighted average expected life of the options, at the time of grant. The expected dividend yield is equal to the divided per share declared, divided by the closing share price on the date the options were granted. All equity compensation awards granted for the years ended September 30, 2019 and September 30, 2018 were nonvested stock awards.\n\n | Years Ended | \n----------------------------------- | ---------------------- | ------------------\n | September 30, 2019 | September 30, 2018\n | (Amounts in thousands) | \nCost of sales | $7 | $5 \nEngineering and development | 49 | 32 \nSelling, general and administrative | 736 | 654 \nTotal | $792 | $691 "} {"_id": "d1a714224", "title": "", "text": "Equity in net earnings of affiliates:\nThe decrease in the share of net earnings in Golar Partners is as a result of a decrease in the underlying performance of Golar Partners in 2018. As a result, during the year ended December 31, 2018, we recognized an impairment charge of $149.4 million. The year ended December 31, 2017 included a deemed loss on disposal of $17.0 million as a result of a dilution in our holding in Golar Partners due to further issuances of common units by Golar Partners in February 2017. As of December 31, 2018, we held a 32.0% (2017: 31.8%) ownership interest in Golar Partners (including our 2% general partner interest) and 100% of IDRs.\nThe share of net earnings in other affiliates represents our share of equity in Egyptian Company for Gas Services S.A.E (\"ECGS\") and Avenir LNG Limited (\"Avenir\"). During the year ended December 31, 2018 we recognized negative goodwill of $3.8 million in equity in net earnings of affiliates to reflect our bargain purchase of Avenir. Refer to note 14 \"Investment in Affiliates\" of our consolidated financial statements included herein for further details.\n\n | | December 31, | | \n------------------------------------------------------------ | --------- | ------------ | --------- | --------\n(in thousands of $) | 2018 | 2017 | Change | % Change\nShare of net earnings in Golar Partners | 7,001 | 17,702 | (10,701) | (60)% \nImpairment of investment in Golar Partners | (149,389) | \u2014 | (149,389) | 100% \nNet loss on deemed disposal of investments in Golar Partners | \u2014 | (16,992) | 16,992 | 100% \nShare of net earnings in other affiliates | 3,711 | 793 | 2,918 | 368% \n | (138,677) | 1,503 | (140,180) | (9,327)%"} {"_id": "d1b3a9dd6", "title": "", "text": "Selected financial information from our consolidated balance sheets is as follows:\n(1) During 2016, as a result of our then pending sale of a portion of our colocation business and data centers, we reclassified $1.1 billion in net property, plant and equipment and $1.1 billion of goodwill to assets held for sale which is included in other current assets on our consolidated balance sheet. See Note 3\u2014Sale of Data Centers and Colocation Business to our consolidated financial statements in Item 8 of Part II of this report, for additional information.\n(2) During 2019 and 2018, we recorded non-cash, non-tax-deductible goodwill impairment charges of $6.5 billion and $2.7 billion, respectively.\n(3) In 2015, we adopted both ASU 2015-03 \u201cSimplifying the Presentation of Debt Issuance Costs\u201d and ASU 2015-17 \u201cBalance Sheet Classification of Deferred Taxes\u201d by retrospectively applying the requirements of the ASUs to our previously issued consolidated financial statements.\n(4) In 2019, we adopted ASU 2016-02 \u201cLeases (ASC 842)\u201d by using the non-comparative transition option pursuant to ASU 2018-11. Therefore, we have not restated comparative period financial information for the effects of ASC 842.\n(5) Total long-term debt includes current maturities of long-term debt and finance lease obligations of $305 million for the year ended December 31, 2016 associated with assets held for sale. For additional information on our total long-term debt, see Note 7\u2014 Long-Term Debt and Credit Facilities to our consolidated financial statements in Item 8 of Part II of this report. For total contractual obligations, see \u201cManagement\u2019s Discussion and Analysis of Financial Condition and Results of Operations\u2014Future Contractual Obligations\u201d in Item 7 of Part II of this report.\n\n | | | As of December 31, | | \n------------------------------------ | ------- | ------ | --------------------- | ------ | ------\n | 2019 | 2018 | 2017 | 2016 | 2015 \n | | | (Dollars in millions) | | \nNet property, plant and equipment(1) | $26,079 | 26,408 | 26,852 | 17,039 | 18,069\nGoodwill(1)(2) | 21,534 | 28,031 | 30,475 | 19,650 | 20,742\nTotal assets(3)(4) | 64,742 | 70,256 | 75,611 | 47,017 | 47,604\nTotal long-term debt(3)(5) | 34,694 | 36,061 | 37,726 | 19,993 | 20,225\nTotal stockholders\u2019 equity | 13,470 | 19,828 | 23,491 | 13,399 | 14,060"} {"_id": "d1b3a1f8c", "title": "", "text": "Disaggregation of revenue\nTo provide visibility into our transition from older products to our newer, higher growth products and clarity into the dynamics of our product revenue, we have historically grouped our products by \u201cStrategic\u201d and \u201cMature\u201d solutions. Strategic solutions include Clustered ONTAP, branded E-Series, SolidFire, converged and hyper-converged infrastructure, ELAs and other optional add-on software products. Mature solutions include 7-mode ONTAP, add-on hardware and related operating system (OS) software and original equipment manufacturers (OEM) products. Both our Mature and Strategic product lines include a mix of disk, hybrid and all flash storage media. Additionally, we provide a variety of services including software maintenance, hardware maintenance and other services including professional services, global support solutions, and customer education and training.\nThe following table depicts the disaggregation of revenue by our products and services (in millions):\nRevenues by geographic region are presented in Note 16 \u2013 Segment, Geographic, and Significant Customer Information\n\n | | Year Ended | \n------------------------------------------------ | -------------- | -------------- | --------------\n | April 26, 2019 | April 27, 2018 | April 28, 2017\nProduct revenues | $ 3,755 | $ 3,525 | $ 3,060 \nStrategic | 2,709 | 2,468 | 2,000 \nMature | 1,046 | 1,057 | 1,060 \nSoftware maintenance revenues | 946 | 902 | 905 \nHardware maintenance and other services revenues | 1,445 | 1,492 | 1,526 \nHardware maintenance support contracts | 1,182 | 1,214 | 1,258 \nProfessional and other services | 263 | 278 | 268 \nNet revenues | $ 6,146 | $ 5,919 | $ 5,491 "} {"_id": "d1b3a0c72", "title": "", "text": "Restricted Stock Units\nRSU activity is summarized as follows (shares in thousands):\nThe weighted-average grant date fair value of RSUs granted during the years ended December 31, 2019, 2018, and 2017 was $55.69, $46.17, and $37.99, respectively. The total fair value of RSUs vested as of the vesting dates during the years ended December 31, 2019, 2018, and 2017 was $58.4 million, $49.9 million, and $37.2 million, respectively.\nUnrecognized compensation expense related to unvested RSUs was $127.2 million at December 31, 2019, which is expected to be recognized over a weighted-average period of 2.6 years.\n\n | Number of Shares | Weighted- Average Grant Date Fair Value\n------------------------------------ | ---------------- | ---------------------------------------\nUnvested shares at December 31, 2018 | 4,117 | $41.94 \nGranted | 1,589 | 55.69 \nForfeited | (510) | 45.72 \nVested | (1,440) | 40.61 \nUnvested shares at December 31, 2019 | 3,756 | $47.76 "} {"_id": "d1b2f0318", "title": "", "text": "Contractual Obligations\nOur contractual obligations as of December 31, 2019, were:\nWe have no off-balance sheet arrangements that have a material current effect or are reasonably likely to have a material future effect on our financial condition or changes in our financial condition.\nManagement believes that existing capital resources and funds generated from operations are sufficient to finance anticipated capital requirements.\n\n | | | Payments due by period | | \n---------------------------------- | -------- | ------ | ---------------------- | --------- | -----------\n | Total | 2020 | 2021-2022 | 2023-2024 | 2025-beyond\nLong-term debt, including interest | $111,586 | $2,807 | $5,876 | $102,903 | $\u2014 \nOperating lease payments | 37,610 | 4,467 | 8,764 | 7,813 | 16,566 \nRetirement obligations | 6,447 | 757 | 1,429 | 1,328 | 2,933 \nTotal | $155,643 | $8,031 | $16,069 | $112,044 | $19,499 "} {"_id": "d1b36d9f8", "title": "", "text": "Note 9. Non-current assets - property, plant and equipment\nProperty, plant and equipment secured under finance leases\nRefer to note 24 for further information on property, plant and equipment secured under finance leases.\nAccounting policy for property, plant and equipment\nPlant and equipment are stated at cost less accumulated depreciation and any accumulated impairment losses. Cost includes expenditure that is directly attributable to the acquisition of the items. Subsequent costs are included in the assets carrying amount or recognised as a separate asset, as appropriate, only when it is probable that future economic benefits associated with the item will flow to the group and the cost of the item can be measured reliably.\nPlant and equipment are depreciated and leasehold improvements are amortised over their estimated useful lives using the straightline method. Assets held under finance lease are depreciated over their expected useful lives as owned assets or, where shorter, the term of the relevant lease.\n\nConsolidated | | \n-------------------------------- | ------- | -------\n | 2019 | 2018 \n | US$000 | US$000 \nLeasehold improvements - at cost | 7,754 | 5,181 \nLess: Accumulated depreciation | (3,648) | (2,501)\n | 4,106 | 2,680 \nPlant and equipment - at cost | 6,472 | 5,298 \nLess: Accumulated depreciation | (2,827) | (2,278)\n | 3,645 | 3,020 \nPlant and equipment under lease | 15 | 27 \nLess: Accumulated depreciation | (4) | (15) \n | 11 | 12 \n | 7,762 | 5,712 "} {"_id": "d1b31d5de", "title": "", "text": "Streamlined Energy and Carbon Reporting\nWe have decided to voluntarily comply with the UK government\u2019s Streamlined Energy and Carbon Reporting (SECR) policy a year early. The table below represents Unilever\u2019s energy use and associated GHG emissions from electricity and fuel in the UK for the 2018 and 2019 reporting years (1 October to 30 September), with scope calculations aligned to the Greenhouse Gas Protocol. The scope of this data includes 8 manufacturing sites and 11 non-manufacturing sites based in the UK. The UK accounts for 5% of our global total Scope 1 and 2 emissions, outlined in our mandatory GHG reporting also on this page.\n(a) Fleet and associated diesel use excluded. Transportation is operated by a\nthird party and accounted for under Scope 3.\n(b) Carbon emission factors for grid electricity calculated according to the marketbased method'\nFor further information on energy efficiency measures taken to reduce our carbon\nemissions, please see page 19.\n\nK operations | 2019 | 2018 \n---------------------------------------- | ------- | -------\nBiogas (MWh) | 17,045 | 15,958 \nNatural gas (MWh) | 238,081 | 278,849\nPG (MWh) | 866 | 1,513 \nFuel oils (MWh) | 580 | 648 \nCoal (MWh) | 0 | 0 \nElectricity (MWh) | 195,796 | 196,965\nHeat and steam (MWh) | 212,482 | 272,985\nTotal energy (MWh)(a) | 408,280 | 469,950\nTotal Scope 1 emissions (tonnes CO2e) | 48,178 | 56,533 \nTotal Scope 2 emissions (tonnes COe)(b)2 | 702 | 3,067 "} {"_id": "d1b321a58", "title": "", "text": "iv) Shareholding Pattern of top ten shareholders (other than Directors, Promoters and holder of GDRs and ADRs):\n* The shares of the Company are traded on daily basis and hence the datewise increase/decrease in shareholding is not indicated. Shareholding is consolidated based on permanent account number (PAN) of the shareholder.\n\nTop Ten Shareholders* | Shareholding at the beginning of the year April 1, 2018 | | Cumulative shareholding at end of the year March 31, 2019 | \n---------------------------------------------------------------------------------------------------- | ------------------------------------------------------- | -------------------------------- | --------------------------------------------------------- | --------------------------------\n | No. of shares | % of total shares of the Company | No. of shares | % of total shares of the Company\n1. Life Insurance Corporation of India | 75,384,947 | 3.9 | 152,493,927 | 4.1 \n2. SBI Mutual Fund | 7,056,720 | 0.4 | 21,680,561 | 0.6 \n3. First State Investments Icvc- Stewart Investors Asia Pacific Leaders Fund | 15,054,489 | 0.8 | 19,248,438 | 0.5 \n4. Government of Singapore | 6,497,754 | 0.3 | 18,028,475 | 0.5 \n5.Oppenheimer Developing Markets Fund | 7,996,009 | 0.4 | 16,731,906 | 0.5 \n6.ICICI Prudential Life Insurance Company Ltd | 3,886,141 | 0.2 | 16,139,316 | 0.4 \n7.Axis Mutual Fund Trustee Limited | 4,055,256 | 0.2 | 15,244,614 | 0.4 \n8.Abu Dhabi Investment Authority | 6,296,384 | 0.3 | 15,036,984 | 0.4 \n9. Vanguard Emerging Markets Stock Index Fund, A Series of Vanguard International Equity Index Funds | 7,595,080 | 0.4 | 14,112,213 | 0.4 \n10. Vanguard Total International Stock Index Fund | 6,179,273 | 0.3 | 13,978,944 | 0.4 "} {"_id": "d1b3675c6", "title": "", "text": "(a) GitHub has been included in our consolidated results of operations starting on the October 25, 2018 acquisition date.\n(b) Includes a $2.6 billion net income tax benefit related to intangible property transfers and a $157 million net charge related to the enactment of the Tax Cuts and Jobs Act (\u201cTCJA\u201d), which together increased net income and diluted earnings per share (\u201cEPS\u201d) by $2.4 billion and $0.31, respectively. Refer to Note 12 \u2013 Income Taxes of the Notes to Financial Statements for further discussion.\n(c) Includes a $13.7 billion net charge related to the enactment of the TCJA, which decreased net income and diluted EPS by $13.7 billion and $1.75, respectively. Refer to Note 12 \u2013 Income Taxes of the Notes to Financial Statements for further discussion.\n(d) Reflects the impact of the adoption of new accounting standards in fiscal year 2018 related to revenue recognition and leases.\n(e) LinkedIn has been included in our consolidated results of operations starting on the December 8, 2016 acquisition date.\n(f) Includes $306 million of employee severance expenses primarily related to our sales and marketing restructuring plan, which decreased operating income, net income, and diluted EPS by $306 million, $243 million, and $0.04, respectively.\n(g) Includes $630 million of asset impairment charges related to our Phone business and $480 million of restructuring charges associated with our Phone business restructuring plans, which together decreased operating income, net income, and diluted EPS by $1.1 billion, $895 million, and $0.11, respectively.\n(h) Includes $7.5 billion of goodwill and asset impairment charges related to our Phone business and $2.5 billion of integration and restructuring expenses, primarily associated with our Phone business restructuring plans, which together decreased operating income, net income, and diluted EPS by $10.0 billion, $9.5 billion, and $1.15, respectively.\n\n(In millions, except per share amounts) | | | | | \n--------------------------------------- | --------- | --------- | ----------- | ---------- | ---------\nYear Ended June 30, | 2019 (a) | 2018 | 2017 (d)(e) | 2016 (d) | 2015 \nRevenue | $ 125,843 | $ 110,360 | $ 96,571 | $ 91,154 | $ 93,580 \nGross margin | 82,933 | 72,007 | 62,310 | 58,374 | 60,542 \nOperating income | 42,959 | 35,058 | 29,025 (f) | 26,078 (g) | 18,161(h)\nNet income | 39,240(b) | 16,571(c) | 25,489 (f) | 20,539 (g) | 12,193(h)\nDiluted earnings per share | 5.06 (b) | 2.13(c) | 3.25 (f) | 2.56 (g) | 1.48(h) \nCash dividends declared per share | 1.84 | 1.68 | 1.56 | 1.44 | 1.24 \nCash, cash equivalents, and short-term | | | | | \ninvestments | 133,819 | 133,768 | 132,981 | 113,240 | 96,526 \nTotal assets | 286,556 | 258,848 | 250,312 | 202,897 | 174,303 \nLong-term obligations | 114,806 | 117,642 | 106,856 | 66,705 | 44,574 \nStockholders\u2019 equity | 102,330 | 82,718 | 87,711 | 83,090 | 80,083 "} {"_id": "d1a73fcc6", "title": "", "text": "The following table presents each NEO\u2019s base salary for FY19.\n(1) Mr. Kapuria was named an executive officer during FY19 and received a salary increase in connection with his promotion. His salary increased from $390,000 to $440,000 effective May 8, 2018.\nAs presented in the table above, our named executive officers did not receive an increase in annual base salary other than in connection with a promotion for Mr. Kapuria. Our former CEO determined that none of our other NEOs would receive a base salary increase for FY19. In addition, our Board also determined that Mr. Clark would not receive a salary increase in FY19.\n\n | FY18 | Change in | FY19 \n----------------------- | ----------------- | ---------- | -------------\nNEO | Annual Salary ($) | Salary (%) | Annual Salary\nGregory S. Clark | 1,000,000 | \u2014 | 1,000,000 \nNicholas R. Noviello | 650,000 | \u2014 | 650,000 \nAmy L. Cappellanti-Wolf | 440,000 | \u2014 | 440,000 \nSamir Kapuria(1) | 390,000(1) | 60,000(1) | 450,000 \nScott C. Taylor | 600,000 | \u2014 | 600,000 "} {"_id": "d1b388d20", "title": "", "text": "Vesting of Equity Awards During 2019\nThe following table provides details regarding the equity awards held by our named executives that vested during 2019. Restricted stock and restricted stock units were the only equity awards held by our named executives during 2019.\n(1) Represents both time-vested and performance-based equity awards that vested during 2019. For details on the payout of our performance-based equity awards, please see \u201cCompensation Discussion and Analysis\u2014Our 2019 Compensation Program and Components of Pay\u2014Grants of Long Term Incentive Compensation\u2014Long Term Incentive Performance Updates\u201d and \u201c\u2014Our Compensation Philosophy Objectives and Linkage to Corporate Strategy\u2014Overview of Pay Elements and Linkage to Compensation Philosophy and Corporate Strategy.\u201d\n(2) Based on the closing trading price of the Common Shares on the applicable vesting date.\n\n | Stock Vested During 2019 | \n----------- | --------------------------------------- | ----------------------------\nName | Number of Shares Acquired on Vesting(1) | Value Realized on Vesting(2)\nMr. Storey | 1,063,929 | $13,479,617 \nMr. Dev | 55,490 | 749,737 \nMr. Goff | 114,167 | 1,338,934 \nMr. Trezise | 71,576 | 812,600 \nMr. Andrews | 16,678 | 221,859 "} {"_id": "d1b38257e", "title": "", "text": "FAIR VALUE\nFair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date.\nCertain fair value estimates are affected by assumptions we make about the amount and timing of future cash flows and discount rates, all of which reflect varying degrees of risk. Income taxes and other expenses that would be incurred on disposition of financial instruments are not reflected in the fair values. As a result, the fair values are not the net amounts that would be realized if these instruments were settled.\nThe carrying values of our cash and cash equivalents, trade and other receivables, dividends payable, trade payables and accruals, compensation payable, severance and other costs payable, interest payable, notes payable and loans secured by trade receivables approximate fair value as they are short-term.\nThe following table provides the fair value details of financial instruments measured at amortized cost in the statements of financial position.\n(1) Upon adoption of IFRS\u00a016 on January\u00a01, 2019, fair value disclosures are no longer required for leases\n\n | | | DECEMBER 31, 2019 | | DECEMBER 31, 2018 | \n--------------------------------- | ---------------------------------------------------------------------- | ---------------------------------------------------------------------------------------------- | ----------------- | ---------- | ----------------- | ----------\n | CLASSIFICATION | FAIR VALUE METHODOLOGY | CARRYING VALUE | FAIR VALUE | CARRYING VALUE | FAIR VALUE\nCRTC tangible benefits obligation | Trade payables and other liabilities and other non-current liabilities | Present value of estimated future cash flows discounted using observable market interest rates | 29 | 29 | 61 | 61 \nCRTC deferral account obligation | Trade payables and other liabilities and other non-current liabilities | Present value of estimated future cash flows discounted using observable market interest rates | 82 | 85 | 108 | 112 \nDebt securities and other debt | Debt due within one year and long-term debt | Quoted market price of debt | 18,653 | 20,905 | 18,188 | 19,178 \nFinance leases (1) | Debt due within one year and long-term debt | Present value of future cash flows discounted using observable market interest rates | - | - | 2,097 | 2,304 "} {"_id": "d1b36e1dc", "title": "", "text": "10. Creditors: amounts falling due within one year\nTrade creditors are non-interest bearing and are normally settled on 30 to 60-day terms. Other creditors are non-interest bearing.\nThe Directors consider that the carrying amount of trade creditors approximates their fair value.\n\n | | 2019 | 2018 \n------------------------------------- | ----- | --------- | ---------\n | Notes | \u00a3 million | \u00a3 million\nTrade creditors | | 2.3 | 1.4 \nOwed to subsidiaries | | 90.4 | 84.8 \nAccruals | | 5.1 | 4.5 \nDeferred income | | 3.2 | 4.4 \nLease liabilities | 14 | 0.1 | \u2013 \nOther taxes and social security costs | | 0.4 | 0.5 \nGovernment grants | 12 | 0.7 | 0.3 \n | | 102.2 | 95.9 "} {"_id": "d1b33931a", "title": "", "text": "Reconciliation of segment EBITDA to total adjusted EBITDA is below:\nFor additional information on our reportable segments and product and services categories, see Note 17\u2014 Segment Information to our consolidated financial statements in Item 8 of Part II of this report.\n\n | | Year Ended December 31, | \n--------------------------------- | ------- | ----------------------- | -------\n | 2019 | 2018 | 2017 \n | | (Dollars in millions) | \nAdjusted EBITDA | | | \nInternational and Global Accounts | $2,286 | 2,341 | 821 \nEnterprise | 3,490 | 3,522 | 2,456 \nSmall and Medium Business | 1,870 | 2,013 | 1,581 \nWholesale | 3,427 | 3,666 | 2,566 \nConsumer | 4,914 | 5,105 | 5,136 \nTotal segment EBITDA | $15,987 | 16,647 | 12,560 \nOperations and Other EBITDA | (7,216) | (8,045) | (6,504)\nTotal adjusted EBITDA | $8,771 | 8,602 | 6,056 "} {"_id": "d1b3ba9b0", "title": "", "text": "In Endeavour Drinks, BWS and Dan Murphy\u2019s key VOC metrics ended F19 at record highs, with improvements both in\u2010store and Online. Sales increased by 5.0% (3.2% normalised) to $8.7 billion with comparable sales increasing 2.3%. The market remained subdued throughout the year with declining volumes offset by price and mix improvements. Sales growth in H2 improved on H1 in both Dan Murphy\u2019s and BWS, with Endeavour Drinks\u2019 sales increasing by 4.8% (normalised) with comparable sales increasing 4.0%, compared to 0.7% growth in H1. The timing of New Year\u2019s Day boosted sales in H2 by 84 bps and Q3, in particular, also benefitted from more stable weather compared to Q2. Dan Murphy\u2019s focus on \u2018discovery\u2019 driven range, service and convenience is also beginning to resonate with customers.\nBWS maintained its strong trading momentum, with enhancements to localised ranging and tailored Woolworths Rewards offerings. The BWS store network grew to 1,346 stores with 30 net new stores and the new BWS Renewal format successfully extended to key urban standalone stores. BWS\u2019 convenience offering continued to expand, with On Demand delivery now available in 605 stores, supporting double\u2010digit online sales growth. Jimmy Brings expanded its geographical reach to Brisbane, Gold Coast, Canberra and new suburbs in Sydney and Melbourne.\nDan Murphy\u2019s delivered double\u2010digit Online sales growth with new customer offerings, including the roll out of On Demand delivery to 91 stores and 30\u2010minute Pick up from all stores. In\u2010store customer experience was enhanced with the introduction of wine merchants in key stores, to improve team product knowledge and customer discovery, while memberships in My Dan\u2019s loyalty program increased 15% on the prior year. Dan Murphy\u2019s store network grew to 230 with three new store openings in Q4 including the first store to be powered by solar energy.\nEndeavour Drinks sales per square metre increased by 3.2% (1.4% normalised) with sales growth above net average space growth of 1.7%.\nGross margin was 22.9%, 14 bps down on a normalised basis, with trading margin improvements offset by higher freight costs attributable to petrol prices, growth in online delivery and category mix.\nNormalised CODB as a percentage of sales grew 64 bps, driven by a $21 million impairment charge related to goodwill and other intangible assets associated with the Summergate business in China. Summergate has now transitioned to ExportCo. Excluding Summergate, normalised CODB as a percentage of sales increased by 40 bps due to above\u2010inflationary cost pressures, as well as targeted investment in key focus areas including customer experience, ranging, data and analytics.\nEndeavour Drinks EBIT for F19 decreased 8.2% to $474 million. EBIT normalised for the 53rd week and Summergate impairment of $21 million decreased 5.6%. Normalised ROFE (excluding the Summergate impairment) declined 148 bps driven by the decline in EBIT.\n(3) During the period, the management of the New Zealand Wine Cellars business transferred from Endeavour Drinks to New Zealand Food. The prior period has been re\u2011presented toconform with the current period presentation.\n\n | F19 | F18 (3) | | CHANGE \n----------------------------- | -------- | -------- | --------- | ----------\n$ MILLION | 53 WEEKS | 52 WEEKS | CHANGE | NORMALISED\nSales | 8,657 | 8,244 | 5.0% | 3.2% \nEBITDA | 579 | 603 | (4.1)% | (5.4)% \nDepreciation and amortisation | (105) | (87) | 20.1% | 20.1% \nEBIT | 474 | 516 | (8.2)% | (9.7)% \nGross margin (%) | 22.9 | 23.1 | (16) bps | (14) bps \nCost of doing business (%) | 17.4 | 16.8 | 63 bps | 64 bps \nEBIT to sales (%) | 5.5 | 6.3 | (78) bps | (78) bps \nSales per square metre ($)$) | 18,675 | 18,094 | 3.2% | 1.4% \nFunds employed | 3,185 | 3,214 | (0.9)% | \nROFE (%) | 15.2 | 17.1 | (190) bps | (215) bps "} {"_id": "d1b381124", "title": "", "text": "Amounts in the financial statements Group income statement\nThe expense or income arising from all group retirement benefit arrangements recognised in the group income statement is shown below.\na Relates to the removal of future indexation obligations following changes to the benefits provided under certain pension plans operating outside the UK in 2017/18. b All employees impacted by the closure of the BTPS receive transition payments into their BTRSS pot for a period linked to the employee\u2019s age. There was no past service cost or credit on closure due to the assumed past service benefit link as an active member being the same as that assumed for a deferred member.\nc In October, a High Court judgment involving the Lloyds Banking Group\u2019s defined benefit pension schemes was handed down, resulting in the group needing to recognise additional liability to equalise benefits between men and women due to GMPs, in common with most UK defined benefit schemes.\n\n | 2019 | 2018 | 2017\n----------------------------------------------------------------------------------------- | ---- | ---- | ----\nYear ended 31 March | \u00a3m | \u00a3m | \u00a3m \nRecognised in the income statement before specific items | | | \nService cost (including administration expenses & PPF levy: | | | \ndefined benefit plans | 135 | 376 | 281 \ndefined contribution plans | 476 | 265 | 240 \nPast service credit a | \u2013 | (17) | \u2013 \nSubtotal | 611 | 624 | 521 \nRecognised in the income statement as specific items (note 10) | | | \nCosts to close BT Pension Scheme and provide transition paymentsb for affected employees | 23 | \u2013 | \u2013 \nCost to equalise benefits between men and women due to guaranteed minimum pension (GMP) c | 26 | \u2013 | \u2013 \nNet interest expense on pensions deficit included in specific items | 139 | 218 | 209 \nSubtotal | 188 | 218 | 209 \nTotal recognised in the income statement | 799 | 842 | 730 "} {"_id": "d1b3121fc", "title": "", "text": "NOTE 6- continued\n\u00b9\u207e For additional information regarding impairment considerations, please refer to note 8.\nIncluded in the carrying amount for \"Vessels and capitalized dry-docking\" are capitalized drydocking costs in the amount of USD 60.7m (2018: USD 67.5m, 2017: USD 68.1m).\nThe sale and leaseback transactions in 2019 were all classified as financing arrangements and did not result in derecognition of the underlying assets as control was retained by the Group.\n\nUSDm | 2019 | 2018 | 2017 \n------------------------------------------ | ------- | ------- | -------\nVessels and capitalized dry-docking | | | \nCost: | | | \nBalance as of 1 January | 1,886.3 | 1,726.6 | 1,697.4\nAdditions | 81.3 | 162.7 | 103.1 \nDisposals | -25.6 | -30.2 | -14.3 \nTransferred from prepayments | 252.3 | 81.8 | - \nTransferred to assets held for sale | -130.1 | -54.6 | -59.6 \nBalance as of 31 December | 2,064.2 | 1,886.3 | 1,726.6\nDepreciation: | | | \nBalance as of 1 January | 327.6 | 264.8 | 180.0 \nDisposals | -25.6 | -30.2 | -14.3 \nDepreciation for the year | 106.5 | 113.4 | 113.6 \nTransferred to assets held for sale | -47.9 | -20.4 | -14.5 \nBalance as of 31 December | 360.6 | 327.6 | 264.8 \nImpairment: | | | \nBalance as of 1 January | 162.1 | 167.3 | 173.6 \nImpairment losses on tangible fixed assets | 6.0 | 3.2 | 3.6 \nReversal of impairment \u00b9\u207e | -120.0 | - | - \nTransferred to assets held for sale | -19.3 | -8.4 | -9.9 \nBalance as of 31 December | 28.8 | 162.1 | 167.3 \nCarrying amount as of 31 December | 1,674.8 | 1,396.6 | 1,294.5"} {"_id": "d1b377e58", "title": "", "text": "The provision for income taxes differed from the provision computed by applying the Federal statutory rate to income (loss) from continuing operations before taxes due to the following:\nThe effective income tax rate was 18.9% and (141.8)% during the years ended December 31, 2019 and December 31, 2018, respectively. The decrease in 2019 compared to statutory tax rate of 21% was primarily due to deferred tax adjustments related to foreign tax credit carryforwards and state taxes, offset by changes in the valuation allowance and excess tax benefits resulting from the exercise of non-qualified stock options.\nThe effective tax rate for the year ended December 31,2018 was significantly impacted by recording a substantial increase in a valuation allowance on the entire deferred tax assets.\n\n | Year ended December 31, | \n------------------------------- | ----------------------- | --------\n | 2019 | 2018 \nFederal statutory tax rate | 21.0% | 21.0% \nState taxes | (4.5) | 4.4 \nNon deductible expenses | (0.3) | (0.6) \nTax credits | 4.0 | 4.6 \nExpired tax credit | (1.3) | (3.9) \nDeferred tax adjustment | (4.8) | \u2014 \nStock based compensation | 1.9 | 0.8 \nValuation allowance | 3.2 | (167.0) \nContingent purchase revaluation | \u2014 | (1.0) \nOther | (0.3) | (0.1) \n | 18.9% | (141.8)%"} {"_id": "d1b32b31e", "title": "", "text": "7. Property, Plant and Equipment\nProperty, plant and equipment consisted of the following components at June 30, 2019 and 2018:\n\n | June 30, | \n----------------------------------------------- | -------- | --------\n($ in millions) | 2019 | 2018 \nLand | $35.6 | $34.8 \nBuildings and building equipment | 512.9 | 500.0 \nMachinery and equipment | 2,183.6 | 2,129.0 \nConstruction in progress | 150.7 | 83.6 \nTotal at cost | 2,882.8 | 2,747.4 \nLess: accumulated depreciation and amortization | 1,516.6 | 1,434.0 \nTotal property, plant, and equipment | $1,366.2 | $1,313.4"} {"_id": "d1b398a04", "title": "", "text": "5. Earnings Per Common Share\nBasic\u00a0earnings\u00a0per\u00a0common\u00a0share\u00a0(\"EPS\")\u00a0is\u00a0based\u00a0upon\u00a0the\u00a0weighted-average\u00a0number\u00a0of\u00a0common\u00a0shares\u00a0outstanding\u00a0during\u00a0the\u00a0period.\u00a0\u00a0Diluted\u00a0EPS\u00a0reflects\u00a0the potential\u00a0dilution\u00a0that\u00a0would\u00a0occur\u00a0upon\u00a0issuance\u00a0of\u00a0common\u00a0shares\u00a0for\u00a0awards\u00a0under\u00a0stock-based\u00a0compensation\u00a0plans,\u00a0or\u00a0conversion\u00a0of\u00a0preferred\u00a0stock,\u00a0but\u00a0only\u00a0to the\u00a0extent\u00a0that\u00a0they\u00a0are\u00a0considered\u00a0dilutive.\nThe\u00a0following\u00a0table\u00a0shows\u00a0the\u00a0computation\u00a0of\u00a0basic\u00a0and\u00a0diluted\u00a0EPS:\nIn\u00a0conjunction\u00a0with\u00a0the\u00a0acquisition\u00a0of\u00a0Hawaiian\u00a0Telcom\u00a0in\u00a0the\u00a0third\u00a0quarter\u00a0of\u00a02018,\u00a0the\u00a0Company\u00a0issued\u00a07.7\u00a0million\u00a0Common\u00a0Shares\u00a0as\u00a0a\u00a0part\u00a0of\u00a0the\u00a0acquisition consideration.\u00a0In\u00a0addition,\u00a0the\u00a0Company\u00a0granted\u00a00.1\u00a0million\u00a0time-based\u00a0restricted\u00a0stock\u00a0units\u00a0to\u00a0certain\u00a0Hawaiian\u00a0Telcom\u00a0employees\u00a0under\u00a0the\u00a0Hawaiian\u00a0Telcom 2010\u00a0Equity\u00a0Incentive\u00a0Plan\nFor\u00a0the\u00a0years\u00a0ended\u00a0December\u00a031,\u00a02019\u00a0and\u00a0December\u00a031,\u00a02018,\u00a0the\u00a0Company\u00a0had\u00a0a\u00a0net\u00a0loss\u00a0available\u00a0to\u00a0common\u00a0shareholders\u00a0and,\u00a0as\u00a0a\u00a0result,\u00a0all\u00a0common\u00a0stock equivalents\u00a0were\u00a0excluded\u00a0from\u00a0the\u00a0computation\u00a0of\u00a0diluted\u00a0EPS\u00a0as\u00a0their\u00a0inclusion\u00a0would\u00a0have\u00a0been\u00a0anti-dilutive.\u00a0\u00a0For\u00a0the\u00a0year\u00a0ended\u00a0December\u00a031,\u00a02017,\u00a0awards under\u00a0the\u00a0Company\u2019s\u00a0stock-based\u00a0compensation\u00a0plans\u00a0for\u00a0common\u00a0shares\u00a0of\u00a00.2\u00a0million,\u00a0were\u00a0excluded\u00a0from\u00a0the\u00a0computation\u00a0of\u00a0diluted\u00a0EPS\u00a0as\u00a0their\u00a0inclusion would\u00a0have\u00a0been\u00a0anti-dilutive.\u00a0\u00a0For\u00a0all\u00a0periods\u00a0presented,\u00a0preferred\u00a0stock\u00a0convertible\u00a0into\u00a00.9\u00a0million\u00a0common\u00a0shares\u00a0was\u00a0excluded\u00a0as\u00a0it\u00a0was\u00a0anti-dilutive.\n\nYear Ended December 31, | | | \n---------------------------------------------------------------------- | ------- | ------- | -----\n(in millions, except per share amounts) | 2019 | 2018 | 2017 \nNumerator: | | | \nNet (loss) income | $(66.6) | $(69.8) | $40.0\nPreferred stock dividends | 10.4 | 10.4 | 10.4 \nNet (loss) income applicable to common shareowners - basic and diluted | $(77.0) | $(80.2) | $29.6\nDenominator: | | | \nWeighted-average common shares outstanding - basic | 50.4 | 46.3 | 42.2 \nStock-based compensation arrangements | \u2014 | \u2014 | 0.2 \nWeighted-average common shares outstanding - diluted | 50.4 | 46.3 | 42.4 \nBasic and diluted net (loss) earnings per common share | ($1.53) | ($1.73) | $0.70"} {"_id": "d1b39d270", "title": "", "text": "16. Segment, Geographic, and Significant Customer Information\nWe operate in one industry segment: the design, manufacturing, marketing, and technical support of high-performance storage and data management solutions. We conduct business globally, and our sales and support activities are managed on a geographic basis. Our management reviews financial information presented on a consolidated basis, accompanied by disaggregated information it receives from our internal management system about revenues by geographic region, based on the location from which the customer relationship is managed, for purposes of allocating resources and evaluating financial performance. We do not allocate costs of revenues, research and development, sales and marketing, or general and administrative expenses to our geographic regions in this internal management reporting because management does not review operations or operating results, or make planning decisions, below the consolidated entity level.\nSummarized revenues by geographic region based on information from our internal management system and utilized by our Chief Executive Officer, who is considered our Chief Operating Decision Maker, is as follows (in millions):\nAmericas revenues consist of sales to Americas commercial and U.S. public sector markets. Sales to customers inside the U.S. were $3,116 million, $2,878 million and $2,721 million during fiscal 2019, 2018 and 2017, respectively.\n\n | | Year Ended | \n-------------------------------------------------- | -------------- | -------------- | --------------\n | April 26, 2019 | April 27, 2018 | April 28, 2017\nUnited States, Canada and Latin America (Americas) | $ 3,425 | $ 3,207 | $ 3,021 \nEurope, Middle East and Africa (EMEA) | 1,847 | 1,873 | 1,741 \nAsia Pacific (APAC) | 874 | 839 | 729 \nNet revenues | $ 6,146 | $ 5,919 | $ 5,491 "} {"_id": "d1b34c4ba", "title": "", "text": "Note 18: Comprehensive Income (Loss)\nThe components of accumulated other comprehensive loss, net of tax at the end of June 30, 2019, as well as the activity during the fiscal year ended June 30, 2019, were as follows:\n(1) Amount of after-tax gain reclassified from accumulated other comprehensive income into net income located in other expense, net.\n(2) Amount of after-tax gain reclassified from accumulated other comprehensive income into net income located in revenue: $9.6 million gain; cost of goods sold: $5.0 million loss; selling, general, and administrative expenses: $1.7 million loss; and other income and expense: $0.1 million loss.\nTax related to other comprehensive income, and the components thereto, for the years ended June 30, 2019, June 24, 2018 and June 25, 2017 was not material.\n\n | Accumulated Foreign Currency Translation Adjustment | Accumulated Unrealised Gains or Losses on Cash Flow Hedges | Accumulated Unrealized Holding Gain or Loss on Available-For- Sale Investments | Accumulated Unrealized Components of Defined Benefit Plans | Total \n----------------------------------------------------------------------------------------------- | --------------------------------------------------- | ---------------------------------------------------------- | ------------------------------------------------------------------------------ | ---------------------------------------------------------- | ---------\n | | | (inthousands) | | \nBalance as of June 24, 2018 | $(32,722) | $(4,042) | $(1,190) | $(19,495) | $(57,449)\nOther comprehensive (loss) income before reclassifications | (9,470) | 2,860 | 3,535 | (1,153) | (4,228) \nLosses (gains) reclassified from accumulated other comprehensive income (loss) to net income | 2,822 | (2,749) | (199) | \u2014 | (126) \nEffects of ASU 2018-02 adoption | \u2014 | (399) | \u2014 | (1,828) | (2,227) \nNet current-period other comprehensive income (loss) | (6,648) | (288) | 3,336 | (2,981) | (6,581) \nBalance as of June 30, 2019 | $(39,370) | $(4,330) | $2,146 | $(22,476) | $(64,030)"} {"_id": "d1b334e28", "title": "", "text": "Restricted Shares\nWe granted shares to certain of our Directors, executives and key employees under the 2016 and 2011 Plans, the vesting of which is service-based. The following table summarizes the activity during the twelve months ended March 31, 2019 for restricted shares awarded under the 2016 and 2011 Plans:\nThe weighted-average grant date fair value of the restricted shares is determined based upon the closing price of our common shares on the grant date. During fiscal 2019, a total of 197,917 shares, net of 47,146 shares withheld from the vested restricted shares to cover the employee's minimum applicable income taxes, were issued from treasury. The shares withheld were returned to treasury shares.\n\n | Number of Shares | Weighted-Average Grant-Date Fair Value\n----------------------------- | ---------------- | --------------------------------------\n | | (per share) \nOutstanding at April 1, 2018 | 243,354 | $10.78 \nGranted | 265,452 | 14.66 \nVested | (197,917) | 12.74 \nForfeited | (73,743) | 11.3 \nOutstanding at March 31, 2019 | 237,146 | $13.46 "} {"_id": "d1b36ee3e", "title": "", "text": "Share-based Compensation Expense\nWe have several share-based compensation plans covering stock options and RSUs for our employees and directors, which are described more fully in Note 11.\nWe measure our compensation cost related to share-based payment transactions based on fair value of the equity or liability classified instrument. For purposes of estimating the fair value of each stock option unit on the date of grant, we utilize the Black-Scholes option-pricing model. Option valuation models require the input of highly subjective assumptions including the expected volatility factor of the market price of our common stock (as determined by reviewing our historical public market closing prices). Our accounting for share-based compensation for RSUs is based on the closing market price of our common stock on the date of grant.\nOur total share-based compensation expense recognized in the Company\u2019s results of operations from non-cash and cash-portioned instruments issued to our employees and directors comprised the following (in thousands):\n\n | | Year Ended December 31,\n-------------------------------------- | ---- | -----------------------\n | 2019 | 2018 \nResearch and development expense: | | \nStock option awards | $8 | $38 \nRSU awards | 13 | 27 \n | 21 | $65 \nGeneral and administrative expense: | | \nStock option awards | 12 | 61 \nRSU awards | 105 | 104 \n | 117 | $165 \nTotal share-based compensation expense | 138 | $230 "} {"_id": "d1b3a6596", "title": "", "text": "2019 vs 2018\nSMB segment net revenue was flat for the year ended December 31, 2019 compared to the prior year, primarily due to a decline in net revenue of our\nnetwork storage products, substantially offset by growth in net revenue of our switch products. Geographically, net revenue grew in APAC, but declined in Americas and EMEA.\nContribution income decreased for the year ended December 31, 2019 compared to the prior year, primarily as a result of lower gross margin attainment, partially offset by lower operating expenses as a proportion of net revenue. Contribution margin decreased for the year ended December 31, 2019 compared to the prior year, primarily lower gross margin attainment mainly resulting from foreign exchange headwinds due to the strengthening of the U.S. dollar as well as higher provisions for sales returns.\n2018 vs 2017\nSMB segment net revenue increased for the year ended December 31, 2018 compared to the prior year, primarily due to growth in switches, partially offset by the decrease in network storage. SMB experienced growth in net revenue across all regions. SMB net revenue was further benefited by lower provisions for sales returns deemed to be a reduction of net revenue.\nContribution income increased for the year ended December 31, 2018 compared to the prior year, primarily due to increasing net revenue and improved gross margin performance not being met with proportionate increases in operating expense compared to the prior period.\n\n | | | Year Ended December 31, | | \n------------------------- | -------- | -------- | -------------------------------------- | -------- | --------\n | 2019 | % Change | 2018 | % Change | 2017 \n | | | (in thousands, except percentage data) | | \nNet revenue | $287,372 | (0.1)% | $287,756 | 6.2% | $270,908\nPercentage of net revenue | 28.8% | | 27.2% | | 26.1% \nContribution income | $67,282 | (4.1)% | $70,142 | 9.8% | $63,865 \nContribution margin | 23.4% | | 24.4% | | 23.6% "} {"_id": "d1b343752", "title": "", "text": "Accrued expenses consisted of the following (in thousands):\nContract liabilities represent amounts that are collected in advance of the satisfaction of performance obligations under the new revenue recognition standard. See Recently Adopted Accounting Standards in Note 2 and Contract Liabilities in Note 6.\n\n | December 31, | December 31,\n---------------------------------------------- | ------------ | ------------\n | 2019 | 2018 \nAccrued payroll and related taxes | $3,985 | $3,800 \nAccrued federal, state, and local taxes | 2,635 | 1,827 \nAccrued bonus | 20,206 | 10,766 \nSelf-insurance reserves | 2,238 | \u2014 \nEmployee stock purchase plan contributions | 4,716 | 6,473 \nAccrued sales commissions | 5,397 | 6,889 \nAccrued partner commissions | 7,043 | 5,535 \nContract liabilities | 5,197 | \u2014 \nAccrued purchase price related to acquisitions | 2,763 | \u2014 \nOther | 7,924 | 6,811 \nTotal | $62,104 | $42,101 "} {"_id": "d1b3ab596", "title": "", "text": "A.9.1 Results of operations\nStatement of Income of Siemens AG in accordance with German Commercial Code (condensed)\nBeginning of August 2018, Siemens AG carved out its mobility business to Siemens Mobility GmbH by way of singular succession. The decreases in revenue, cost of sales, gross profit and research and development (R & D) expenses were mainly driven by this carve-out.\nOn a geographical basis, 75 % of revenue was generated in the Europe, C. I. S., Africa, Middle East region, 18 % in the Asia, Australia region and 7 % in the Americas region. Exports from Germany accounted for 62 % of overall revenue. In fiscal 2019, orders for Siemens AG amounted to \u20ac 21.6 billion. Within Siemens AG, the development of revenue depends strongly on the completion of contracts, primarily in connection with large orders.\nThe R & D intensity (R & D as a percentage of revenue) increased by 0.8 percentage points year-over-year. The research and development activities of Siemens AG are fundamentally the same as for its fields of business activities within the Siemens Group, respectively. On an average basis, we employed 9,000 people in R & D in fiscal 2019.\nThe decrease in Financial income, net was primarily attributable to lower income from investments, net. The main factor for this decrease was a significant income from the profit transfer agreement with Siemens Beteiligungen Inland GmbH, Germany, in\nfiscal 2018.\n\n | | Fiscal year | \n----------------------------------------------------------------------------------- | -------- | ----------- | ---------\n(in millions of \u20ac) | 2019 | 2018 | % Change \nRevenue | 22,104 | 28,185 | (22) % \nCost of Sales | (15,825) | (21,074) | 25 % \nGross profit | 6,279 | 7,111 | (12) % \nas percentage of revenue | 28 % | 25 % | \nResearch and development expenses | (2,362) | (2,788) | 15 % \nSelling and general administrative expenses | (3,979) | (3,767) | (6) % \nOther operating income (expenses), net | 9,469 | 1 | n / a \nFinancial income, net thereof Income from investments, net 3,754 (prior year 5,381) | 3,188 | 4,643 | (31) % \nIncome from business activity | 12,596 | 5,199 | 142 % \nIncome taxes | (1,377) | (653) | (111) % \nNet income | 11,219 | 4,547 | 147 % \nProfit carried forward | 170 | 134 | 27 % \nAllocation to other retained earnings | (6,005) | (1,451) | > (200) %\nUnappropriated net income | 5,384 | 3,230 | 67 % "} {"_id": "d1b2eb41c", "title": "", "text": "Changes in Accumulated Other Comprehensive Income (Loss)\nThe following table summarizes the changes in accumulated other comprehensive income (loss), which is reported as a component of shareholders\u2019 equity, for the years ended December 31, 2019 and 2018:\nExpressed in US $000's except share and per share amounts\n\n | Accumulated Other Comprehensive Income (Loss) | \n--------------------------------------------------------------------------------------------------------------------- | --------------------------------------------- | -----------------\n | Years ended | \n | December 31, 2019 | December 31, 2018\n | $ | $ \nBalance, beginning of the year | (12,216) | 3,435 \n | | \nOther comprehensive income (loss) before reclassifications | 12,865 | (19,821) \nLoss on cash flow hedges reclassified from accumulated other comprehensive income (loss) to earnings were as follows: | | \nCost of revenues | 279 | 255 \nSales and marketing | 1,538 | 1,224 \nResearch and development | 2,620 | 2,063 \nGeneral and administrative | 744 | 628 \nTax effect on unrealized gain (loss) on cash flow hedges | (4,784) | \u2014 \nOther comprehensive income (loss), net of tax | 13,262 | (15,651) \nBalance, end of the year | 1,046 | (12,216) "} {"_id": "d1b3b3ffc", "title": "", "text": "NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (in thousands, except for share and per share data)\nNOTE 18 \u2014 Income Taxes\nThe long-term deferred tax assets and long-term deferred tax liabilities are as follows below:\nAt each reporting date, we weigh all available positive and negative evidence to assess whether it is more-likely-than-not that the Company's deferred tax assets, including deferred tax assets associated with accumulated loss carryforwards and tax credits in the various jurisdictions in which it operates, will be realized. As of December 31, 2019, and 2018, we recorded deferred tax assets related to certain U.S. state and non-U.S. income tax loss carryforwards of $4,724 and $4,647, respectively, and U.S. and non- U.S. tax credits of $15,964 and $16,909, respectively. The deferred tax assets expire in various years primarily between 2021 and 2039.\nGenerally, we assess if it is more-likely-than-not that our net deferred tax assets will be realized during the available carry-forward periods. As a result, we have determined that valuation allowances of $8,011 and $8,274 should be provided for certain deferred tax assets at December 31, 2019, and 2018, respectively. As of December 31, 2019, the valuation allowances relate to certain U.S. state and non-U.S. loss carry-forwards and certain U.S. state tax credits that management does not anticipate will be utilized.\nNo valuation allowance was recorded in 2019 against the U.S. federal foreign tax credit carryforwards of $5,785, which expire in varying amounts between 2023 and 2029 as well as the research and development tax credits of $7,495, which expire in varying amounts between 2021 and 2039. We assessed the anticipated realization of those tax credits utilizing future taxable income projections. Based on those projections, management believes it is more-likely-than-not that we will realize the benefits of these credit carryforwards.\n\n | As of December 31, | \n------------------------------------ | ------------------ | --------\n | 2019 | 2018 \nNon-current deferred tax assets | $19,795 | $22,201 \nNon-current deferred tax liabilities | $(5,637) | $(3,990)\nTotal net deferred tax assets | $14,158 | $18,211 "} {"_id": "d1b37640e", "title": "", "text": "Deferred income taxes arise from temporary differences between the tax basis of assets and liabilities and their reported amounts in the financial statements. A summary of the tax effect of the significant components of deferred income taxes is as follows (in thousands):\nAt December 31, 2019, we had state and foreign net operating losses of approximately $12.2 million and $7.9 million, respectively. The state net operating losses expire beginning 2027 through 2038. We recorded a full valuation allowance against the foreign net operating losses and a partial valuation allowance against the state net operating losses, as we do not believe those losses will be fully utilized in the future.\n\nDecember 31, | | \n------------------------------------------------------------------- | -------- | --------\n | 2019 | 2018 \nGoodwill and other intangibles | $136,882 | $114,532\nLease arrangements | 31,128 | \u2014 \nProperty and equipment | 13,270 | 8,168 \nUnbilled receivables - IRC Section 481(a) | 5,878 | 8,816 \nGross deferred tax liabilities | 187,158 | 131,516 \nLease obligations | (34,146) | \u2014 \nRetirement and other liabilities | (18,614) | (20,707)\nAllowance for potential contract losses and other contract reserves | (2,205) | (1,681) \nForeign and state operating loss carryforwards | (2,239) | (1,709) \nLess: Valuation allowance | 1,828 | 1,537 \nGross deferred tax assets | (55,376) | (22,560)\nNet deferred tax liabilities | $131,782 | $108,956"} {"_id": "d1b327fa2", "title": "", "text": "The weighted-average grant date fair value of stock options granted during 2017 was $2.00 per share. There were no stock options granted in 2019 or 2018. The total grant date fair value of stock options that vested during 2019, 2018, and 2017 was $2.8 million, $10.1 million and $20.2 million, respectively. As of December 31, 2019, the total unrecognized compensation expense related to unvested stock options was $0.3 million, which the Company expects to recognize over an estimated weighted average period of 0.2 years. As of December 31, 2019, the total unrecognized compensation expense related to unvested RSUs was $94.2 million, which the Company expects to recognize over an estimated weighted average period of 1.9 years. As of December 31, 2019, there was zero unrecognized compensation expense related to unvested warrants.\nStock-based compensation is measured at the grant date based on the fair value of the award and is recognized as expense over the requisite service period, which is generally the vesting period of the respective award. The Company accounts for forfeitures as they occur. The fair value of RSUs without market conditions is the fair value of the Company\u2019s Class A common stock on the grant date. The fair value of RSUs with market conditions is estimated using a Monte Carlo simulation model. In determining the fair value of the stock options, warrants and the equity awards issued under the 2015 ESPP, the Company used the Black-Scholes option-pricing model and assumptions discussed below. Each of these inputs is subjective and generally requires significant judgment.\nFair Value of Common Stock\u2014The fair value of the shares of common stock underlying stock options had historically been established by the Company\u2019s board of directors. Following the completion of the IPO, the Company began using the market closing price for the Company\u2019s Class A common stock as reported on the New York Stock Exchange.\nExpected Term\u2014The Company does not have sufficient historical exercise data to provide a reasonable basis upon which to estimate expected term due to the limited period of time stock-based awards have been exercisable. As a result, for stock options, the Company used the simplified method to calculate the expected term, which is equal to the average of the stock-based award\u2019s weighted average vesting period and its contractual term. The expected term of the 2015 ESPP was based on the contractual term.\nVolatility\u2014The Company estimates the expected volatility of the common stock underlying its stock options at the grant date. Prior to 2018, the Company estimated the expected volatility of the common stock underlying stock options, warrants and equity awards issued under its 2015 ESPP at the grant date by taking the average historical volatility of the common stock of a group of comparable publicly traded companies over a period equal to the expected life. The Company used this method because it had limited information on the volatility of its Class A common stock because of its short trading history. Beginning in 2018, the Company used a combination of historical volatility from its Class A common stock along with historical volatility from the group of comparable publicly traded companies.\nRisk-Free Rate\u2014The risk-free interest rate is estimated average interest rate based on U.S. Treasury zero-coupon notes with terms consistent with the expected term of the awards.\nDividend Yield\u2014The Company has never declared or paid any cash dividends and does not presently plan to pay cash dividends in the foreseeable future. Consequently, it used an expected dividend yield of zero.\nThe assumptions used in calculating the fair value of the stock-based awards represent management judgment. As a result, if factors change and different assumptions are used, the stock-based compensation expense could be materially different in the future. The fair value of the stock option awards, warrants, awards issued under the 2015 ESPP, and awards granted to employees was estimated at the date of grant using a Black-Scholes option-pricing model. The fair value of the RSUs with market conditions were estimated using a Black-Scholes option-pricing model combined with a Monte Carlo simulation model. The fair value of these awards were estimated using the following Black-Scholes assumptions:\n\n | | Year Ended December 31, | \n-------------------------------------- | ------- | ----------------------- | -------\n | 2019 | 2018 | 2017 \nCost of revenue | $6,403 | $7,312 | $5,312 \nResearch and development | 44,855 | 57,188 | 54,123 \nSales and marketing | 11,585 | 14,726 | 14,959 \nGeneral and administrative | 14,896 | 17,783 | 17,187 \nTotal stock-based compensation expense | $77,739 | $97,009 | $91,581"} {"_id": "d1b313192", "title": "", "text": "ADVANCED ENERGY INDUSTRIES, INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS \u2013 (continued) (in thousands, except per share amounts)\nNOTE 23. SUPPLEMENTAL QUARTERLY FINANCIAL DATA (UNAUDITED)\nThe following tables present unaudited quarterly results for each of the eight quarters in the periods ended December 31, 2019 and 2018, in thousands. We believe that all necessary adjustments have been included in the amounts stated below to present fairly such quarterly information. Due to the volatility of the industries in which our customers operate, the operating results for any quarter are not necessarily indicative of results for any subsequent period.\n\n | | Quarter Ended | | \n------------------------------------------------------------------------- | ------------ | ------------- | --------- | ---------\n | December 31, | September 30, | June 30, | March 31,\n | 2018 | 2018 | 2018 | 2018 \nSales, net | $154,161 | $173,082 | $196,032 | $195,617 \nGross Profit | $ 75,188 | $ 85,539 | $ 101,235 | $ 103,645\nRestructuring Expense | $ 3,836 | $ 403 | $ \u2014 | $ \u2014 \nOperating income | $ 19,570 | $ 39,862 | $ 56,018 | $ 56,103 \nIncome from continuing operations, net of income taxes | $ 19,222 | $ 35,157 | $ 46,400 | $ 46,370 \nLoss (income) from discontinued operations, net of income taxes | $ 188 | $ (371) | $ 5 | $ 140 \nNet Income | $19,410 | $34,786 | $46,405 | $46,510 \nIncome from continuing operations attributable to noncontrolling interest | $ 4 | $ 7 | $ 44 | $ 31 \nNet income attributable to Advanced Energy Industries, Inc. | $ 19,406 | $34,779 | $46,361 | $ 46,479 \nEarnings (Loss) Per Share: | | | | \nContinuing Operations: | | | | \nBasic earnings per share | $0.50 | $0.90 | $1.18 | $1.17 \nDiluted earnings per share | $0.50 | $0.90 | $1.17 | $1.16 \nDiscontinued Operations: | | | | \nBasic loss per share | $ \u2014 | $ (0.01) | $ \u2014 | $ \u2014 \nDiluted loss per share | $ \u2014 | $ (0.01) | $ \u2014 | $ \u2014 \nNet Income: | | | | \nBasic earnings per share | $ 0.51 | $ 0.89 | $ 1.18 | $1.17 \nDiluted earnings per share | $0.50 | $0.89 | $1.17 | $1.16 "} {"_id": "d1b3b2e40", "title": "", "text": "Loan-to-value (LTV): TORM defines Loan-to-value (LTV) ratio as Vessel values divided by net borrowings on the vessels.\nLTV describes the net debt ratio on the vessel, and is used by TORM to describe the financial situation, the liquidity risk as well as to express the future possibilities to raise new capital by new loan facilities.\n\nUSDm | 2019 | 2018 | 2017 \n-------------------------------------------------------------------------------- | ------- | ------- | -------\nVessel values including newbuildings (broker values) | 1,801.5 | 1,675.1 | 1,661.1\nTotal (value) | 1,801.5 | 1,675.1 | 1,661.1\nBorrowings | 863.4 | 754.7 | 753.9 \n- Hereof debt regarding Land and buildings & Other plant and operating equipment | -8.7 | - | - \nCommitted CAPEX on newbuildings | 51.2 | 258.0 | 306.9 \nLoans receivables | -4.6 | - | - \nCash and cash equivalents, including restricted cash | -72.5 | -127.4 | -134.2 \nTotal (loan) | 828.8 | 885.3 | 926.6 \nLoan-to-value (LTV) ratio | 46.0% | 52.9% | 55.8% "} {"_id": "d1b3315de", "title": "", "text": "The fair value of the assets held by the U.K. pension plan by asset category are as follows:\nThe expected long-term rates of return on plan assets are equal to the yields to maturity of appropriate indices for government and corporate bonds and by adding a premium to the government bond return for equities. The expected rate of return on cash is the Bank of England base rate in force at the effective date.\nLevel 1 investments represent mutual funds for which a quoted market price is available on an active market. These investments primarily hold stocks or bonds, or a combination of stocks and bonds.\n\n | | | | Fair value as of | | | | \n----------------- | -------------------------------------------------- | ------- | ------- | ---------------- | -------------------------------------------------- | ------- | ------- | -------\n | September 30, 2019 | | | | September 30, 2018 | | | \n | Fair Value Measurements Using Inputs Considered as | | | | Fair Value Measurements Using Inputs Considered as | | | \nAsset category | Total | Level 1 | Level 2 | Level 3 | Total | Level 1 | Level 2 | Level 3\nCash on deposit | $279 | $279 | $- | $- | $36 | $36 | $- | $- \nPooled funds | 7,959 | 7,959 | - | - | 8,234 | 8,234 | - | - \nTotal plan assets | $8,238 | $8,238 | $- | $- | $8,270 | $8,270 | $- | $- "} {"_id": "d1b31d46c", "title": "", "text": "The following table presents the percentage relationship of our Consolidated Statement of Operations line items to our consolidated net revenues for the periods presented:\nNet revenue. Total revenue increased $13.5 million, or 10.6%, in fiscal 2019 compared to fiscal 2018. Products revenue increased $5.3 million, or 15.7%, due to growth in third-party hardware sales and in on premise software sales, which grew more than 20% compared to the prior year.\nSupport, maintenance and subscription services revenue increased $6.4 million, or 9.3%, driven by growth in customers using our on premise software products that require the payment of support and maintenance along with continued increases in subscription based revenue, which increased 23.5% in fiscal 2019 compared to fiscal 2018.\nSubscription based revenue comprised 17.7% of total consolidated revenues in 2019 compared to 15.8% in 2018. Professional services revenue increased $1.8 million, or 7.1%, as a result of growth in our customer base including installations of our traditional on premise and subscription based software solutions and increased responses to customer service requests.\nGross profit and gross profit margin. Our total gross profit increased $9.5 million, or 14.7%, in fiscal 2019 and total gross profit margin increased from 50.6% to 52.5%. Products gross profit decreased $0.1 million and gross profit margin decreased 3.3% to 18.4% primarily as a result of increased developed technology amortization.\nSupport, maintenance and subscription services gross profit increased $7.2 million and gross profit margin increased 310 basis points to 78.9% due to the scalable nature of our infrastructure supporting and hosting customers. Professional services gross profit increased $2.4 million and gross profit margin increased 7.7% to 26.9% due to increased revenue with lower costs from the restructuring of our professional services workforce during the first quarter of 2018 into a more efficient operating structure with limited use of contract labor.\nOperating expenses Operating expenses, excluding the charges for legal settlements and restructuring, severance and other charges, increased $10.5 million, or 13.7%, in fiscal 2019 compared with fiscal 2018. As a percent of total revenue, operating expenses have increased 2.3% in fiscal 2019 compared with fiscal 2018.\nProduct development. Product development includes all expenses associated with research and development. Product development increased $9.9 million, or 35.4%, during fiscal 2019 as compared to fiscal 2018 primarily due to the reduction of cost capitalization. The products in our rGuest platform for which we had capitalized costs reached general availability by the beginning of the second\u00a0quarter of fiscal 2019.\nThese products join our well established products with the application of agile development practices in a more dynamic development process that involves higher frequency releases of product features and functions. We capitalized $2.0 million of external use software development costs, and $0.3 million of internal use software development costs during fiscal 2019, with the full balance capitalized in Q1 fiscal 2019.\nWe capitalized approximately $8.9 million in total development costs during fiscal 2018. Total product development costs, including operating expenses and capitalized amounts, were $40.1 million during fiscal 2019 compared to $38.4 million in fiscal 2018. The $1.7 million increase is mostly due to continued expansion of our R&D teams and increased compensation expense as a result of bonus earnings.\nSales and marketing. Sales and marketing increased $1.6 million, or 8.7%, in fiscal 2019 compared with fiscal 2018. The change is due primarily to an increase of $1.6 million in incentive compensation related to an increase in sales, revenue and profitability during fiscal 2019.\nGeneral and administrative. General and administrative decreased $0.9 million, or 3.8%, in fiscal 2019 compared to fiscal 2018. The change is due primarily to reduced outside professional costs for legal and accounting services.\nDepreciation of fixed assets. Depreciation of fixed assets decreased $0.1 million or 5% in fiscal 2019 as compared to fiscal 2018.\nAmortization of intangibles. Amortization of intangibles increased $0.7 million, or 36.6%, in fiscal 2019 as compared to fiscal 2018 due to our remaining Guest suite of products being placed into service on June 30, 2018.\nRestructuring, severance and other charges. Restructuring, severance, and other charges decreased $1.8 million due to non-recurring 2018 restructuring activities while charges for non-restructuring severance increased $1.2 million, resulting in a net decrease of $0.6 million during fiscal 2019. Our restructuring actions are discussed further in Note 4, Restructuring Charges.\nLegal settlements. Legal settlements consist of settlements of employment and other business-related matters.\n\n | Year ended March 31, | \n-------------------------------------------------------- | -------------------- | ------\n | 2019 | 2018 \nNet revenue: | | \nProducts | 27.7% | 26.5% \nSupport, maintenance and subscription services | 53.6 | 54.2 \nProfessional services | 18.7 | 19.3 \nTotal net revenue | 100.0 | 100.0 \nCost of goods sold: | | \nProducts, inclusive of developed technology amortization | 22.6 | 20.7 \nSupport, maintenance and subscription services | 11.3 | 13.1 \nProfessional services | 13.6 | 15.6 \nTotal net cost of goods sold | 47.5 | 49.4 \nGross profit | 52.5 | 50.6 \nOperating expenses: | | \nProduct development | 26.9 | 21.9 \nSales and marketing | 13.9 | 14.2 \nGeneral and administrative | 16.4 | 18.9 \nDepreciation of fixed assets | 1.8 | 2.1 \nAmortization of intangibles | 1.8 | 1.5 \nRestructuring, severance and other charges | 0.8 | 1.4 \nLegal settlements | 0.1 | 0.1 \nOperating loss | (9.3)% | (9.5)%"} {"_id": "d1b38f3c8", "title": "", "text": "Foreign Currency Exchange Rate Risk\nAs part of managing the exposure to changes in foreign currency exchange rates, we utilize cross-currency swap contracts and foreign currency forward contracts, a portion of which are designated as cash flow hedges. The objective of these contracts is to minimize impacts to cash flows and profitability due to changes in foreign currency exchange rates on intercompany and other cash transactions. We expect that significantly all of the balance in accumulated other comprehensive income (loss) associated with the cash flow hedge-designated instruments addressing foreign exchange risks will be reclassified into the Consolidated Statement of Operations within the next twelve months.\nDuring fiscal 2015, we entered into cross-currency swap contracts with an aggregate notional value of \u20ac1,000 million to reduce our exposure to foreign currency exchange rate risk associated with certain intercompany loans. Under the terms of these contracts, which have been designated as cash flow hedges, we make interest payments in euros at 3.50% per annum and receive interest in U.S. dollars at a weighted-average rate of 5.33% per annum. Upon the maturity of these contracts in fiscal 2022, we will pay the notional value of the contracts in euros and receive U.S. dollars from our counterparties. In connection with the cross-currency swap contracts, both counterparties to each contract are required to provide cash collateral.\nAt fiscal year end 2019, these cross-currency swap contracts were in an asset position of $19 million and were recorded in other assets on the Consolidated Balance Sheet. The cross-currency swap contracts were in a liability position of $100 million and were recorded in other liabilities on the Consolidated Balance Sheet at fiscal year end 2018. At fiscal year end 2019 and 2018, collateral received from or paid to our counterparties approximated the derivative positions and was recorded in accrued and other current liabilities (when the contracts are in an asset position) or prepaid expenses and other current assets (when the contracts are in a liability position) on the Consolidated Balance Sheets. The impacts of these cross-currency swap contracts were as follows:\n(1) Gains and losses excluded from the hedging relationship are recognized prospectively in selling, general, and administrative expenses and are offset by losses and gains generated as a result of re-measuring certain intercompany loans to the U.S. dollar.\n\n | | Fiscal | \n------------------------------------------------------------ | ---- | ------------- | ------\n | 2019 | 2018 | 2017 \n | | (in millions) | \nGains (losses) recorded in other comprehensive income (loss) | $ 53 | $ (25) | $ (20)\nGains (losses) excluded from the hedging relationship (1) | 66 | 21 | (58) "} {"_id": "d1b3c8146", "title": "", "text": "4) Professional Service and Other:\nProfessional service and other revenues consist of revenues from consulting contracts and contracts to provide implementation, training and integration services (professional services). Other revenues consist of hardware revenues, which are grouped within the \u201cProfessional service and other\u201d category because they are relatively immaterial to our service revenues. Professional services are typically performed after the purchase of new software licenses. Professional service and other revenues can vary from period to period based on the type of engagements as well as those implementations that are assumed by our partner network.\nCost of professional service and other revenues consists primarily of the costs of providing integration, configuration and training with respect to our various software products. The most significant components of these costs are personnel-related expenses, travel costs and third party subcontracting.\nProfessional service and other revenues decreased by $31.3 million or 9.9% during the year ended June 30, 2019 as compared to the prior fiscal year; down 7.4% after factoring the impact of $8.1 million of foreign exchange rate changes. Geographically, the overall change was attributable to a decrease in Americas of $19.0 million, a decrease in EMEA of $9.0 million and a decrease in Asia Pacific of $3.3 million.\nCost of Professional service and other revenues decreased by $28.8 million during the year ended June 30, 2019 as compared to the prior fiscal year as a result of a decrease in labour-related costs of approximately $29.0 million resulting primarily from a reduction in the use of external labour resources, partially offset by an increase in other miscellaneous costs of $0.2 million.\nOverall, the gross margin percentage on Professional service and other revenues increased to approximately 21% from approximately 20%. This is the result of effectively executing our strategy of optimizing margins by being selective about the professional service engagements we accept.\nProfessional service and other revenues under proforma Topic 605 were not materially different from those under Topic 606 as discussed above.\n\n | | | Year Ended June 30, | | \n-------------------------------------------------------- | -------- | -------------------------- | ------------------- | -------------------------- | --------\n(In thousands) | 2019 | Change increase (decrease) | 2018 | Change increase (decrease) | 2017 \nProfessional Service and Other Revenues: | | | | | \nAmericas | $132,426 | $(19,045) | $151,471 | $39,872 | $111,599\nEMEA | 122,861 | (8,982) | 131,843 | 29,601 | 102,242 \nAsia Pacific | 29,649 | (3,294) | 32,943 | 11,468 | 21,475 \nTotal Professional Service and Other Revenues | 284,936 | (31,321) | 316,257 | 80,941 | 235,316 \nCost of Professional Service and Other Revenues | 224,635 | (28,754) | 253,389 | 58,435 | 194,954 \nGAAP-based Professional Service and Other Gross Profit | $60,301 | $(2,567) | $62,868 | $22,506 | $40,362 \nGAAP-based Professional Service and Other Gross Margin % | 21.2% | | 19.9% | | 17.2% \n% Professional Service and Other Revenues by | | | | | \nGeography: | | | | | \nAmericas | 46.5% | | 47.9% | | 47.4% \nEMEA | 43.1% | | 41.7% | | 43.4% \nAsia Pacific | 10.4% | | 10.4% | | 9.2% "} {"_id": "d1b347744", "title": "", "text": "Segment Data\nOperating segments are defined as components of an enterprise that engage in business activities from which they may earn revenues and incur expenses; for which separate financial information is available; and whose operating results are regularly reviewed by the chief operating decision maker to assess the performance\nof the individual segment and make decisions about resources to be allocated to the segment.\nThe Company derives its revenue from providing comprehensive electronics design, production and product management services. The chief operating decision maker evaluates performance and allocates resources on a segment basis. The Company\u2019s operating segments consist of two segments \u2013 EMS and DMS, which are also the Company\u2019s reportable segments. The segments are organized based on the economic profiles of the services performed, including manufacturing capabilities, market strategy, margins, return on capital and risk profiles.\nThe EMS segment is focused around leveraging IT, supply chain design and engineering, technologies largely centered on core electronics, utilizing the Company\u2019s large scale manufacturing infrastructure and the ability to serve a broad range of end markets. The EMS segment is a high volume business that produces products at a quicker rate (i.e. cycle time) and in larger quantities and includes customers primarily in the automotive and transportation, capital equipment, cloud, computing and storage, defense and aerospace, industrial and energy, networking and telecommunications, print and retail, and smart home and appliances industries.\nThe DMS segment is focused on providing engineering solutions, with an emphasis on material sciences, technologies and healthcare. The DMS segment includes customers primarily in the edge devices and accessories, healthcare, mobility and packaging industries.\nNet revenue for the operating segments is attributed to the segment in which the service is performed. An operating segment\u2019s performance is evaluated based on its pre-tax operating contribution, or segment income. Segment income is defined as net revenue less cost of revenue, segment selling, general and administrative expenses, segment research and development expenses and an allocation of corporate manufacturing expenses and selling, general and administrative expenses. Segment income does not include amortization of intangibles, stock-based compensation expense and related charges, restructuring and related charges, distressed customer charges, acquisition and integration charges, loss on disposal of subsidiaries, settlement of receivables and related charges, impairment of notes receivable and related charges, restructuring of securities loss, goodwill impairment charges, business interruption and impairment charges, net, income (loss) from discontinued operations, gain (loss) on sale of discontinued operations, other expense, interest income, interest expense, income tax expense or adjustment for net income (loss) attributable to noncontrolling interests.\nTotal segment assets are defined as accounts receivable, inventories, net, customer-related property, plant and equipment, intangible assets net of accumulated amortization and goodwill. All other non-segment assets are reviewed on a global basis by management. Transactions between operating segments are generally recorded at amounts that approximate those at which we would transact with third parties.\nThe following tables set forth operating segment information (in thousands):\n\n | August 31, 2019 | August 31, 2018\n-------------------------- | --------------- | ---------------\nTotal assets | | \nEMS | $4,353,465 | $3,456,866 \nDMS | 4,988,198 | 5,378,436 \nOther non-allocated assets | 3,628,812 | 3,210,339 \n | $12,970,475 | $12,045,641 "} {"_id": "d1b35284c", "title": "", "text": "NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (in thousands, except for share and per share data)\nNOTE 18 \u2014 Income Taxes\nEarnings before income taxes consist of the following:\n\n | | Years Ended December 31, | \n-------- | ------- | ------------------------ | -------\n | 2019 | 2018 | 2017 \nU.S. | $15,103 | $30,815 | $9,315 \nNon-U.S. | 35,163 | 27,288 | 30,938 \nTotal | $50,266 | $58,103 | $40,253"} {"_id": "d1b2e585a", "title": "", "text": "8. Debt and Interest Rate Swap\nDebt The carrying amount of the Company's long-term debt consists of the following:\nOn May 12, 2017, the Company entered into a credit agreement with certain lenders and a collateral agent in connection with the acquisition of Exar (Note 3). The credit agreement provides for an initial secured term B loan facility (the \u201cInitial Term Loan\u201d) in an aggregate principal amount of $425.0 million. The credit agreement permits the Company to request incremental loans in an aggregate principal amount not to exceed the sum of $160.0 million (subject to adjustments for any voluntary prepayments), plus an unlimited amount that is subject to pro forma compliance with certain secured leverage ratio and total leverage ratio tests. Incremental loans are subject\u00a0 to certain additional conditions, including obtaining additional commitments from the lenders then party to the credit agreement or new lenders.\nLoans under the credit agreement bear interest, at the Company\u2019s option, at a rate equal to either (i) ab ase rate equal to the highest of (x) the federal funds rate, plus 0.50%, (y) the prime rate then in effect and (z) an adjusted LIBOR rate determined on the basis of a one- three- or six-month interest period, plus 1.0% or (ii) an adjusted LIBOR rate, subject to a floor of 0.75%, in each case, plus an applicable margin of 2.50% in the case of LIBOR rate loans and 1.50% in the case of base rate loans. Commencing on September 30, 2017, the Initial Term Loan will amortize in equal quarterly installments equal to 0.25% of the original principal amount of the Initial Term Loan, with the balance payable on the maturity date. The Initial Term Loan has a term of seven years and will mature on May 12, 2024, at which time all outstanding principal and accrued and unpaid interest on the Initial Term Loan must be repaid. The Company is also required to pay fees customary for a credit facility of this size and type.\nThe Company is required to make mandatory prepayments of the outstanding principal amount of term loans under the credit agreement with the net cash proceeds from the disposition of certain assets and the receipt of insurance proceeds upon certain casualty and condemnation events, in each case, to the extent not reinvested within a specified time period, from excess cash flow beyond stated threshold amounts, and from the incurrence of certain indebtedness. The Company has the right to prepay its term loans under the credit agreement, in whole or in part, at any time without premium or penalty, subject to certain limitations and a 1.0% soft call premium applicable during the first six months for the loan term. The Company exercised its right to prepay and made aggregate payments of principal of $213.0 million to date through December 31, 2019.\nThe Company\u2019s obligations under the credit agreement are required to be guaranteed by certain of its domestic subsidiaries meeting materiality thresholds set forth in the credit agreement. Such obligations, including the guaranties, are secured by substantially all of the assets of the Company and the subsidiary guarantors pursuant to a security agreement with the collateral agent.\nThe credit agreement also contains customary events of default that include, among other things, certain payment defaults, cross defaults to other indebtedness, covenant defaults, change in control defaults, judgment defaults, and bankruptcy and insolvency defaults. If an event of default exists, the lenders may require immediate payment of all obligations under the credit agreement, and may exercise certain other rights and remedies provided for under the credit agreement, the other loan documents and applicable law.\nAs of December 31, 2019 and 2018, the weighted average effective interest rate on long-term debt was approximately4 .9% and 4.6%, respectively.\nThe debt is carried at its principal amount, net of unamortized debt discount and issuance costs, and is not adjusted to fair value each period. The issuance date fair value of the liability component of the debt in the amount of $398.5 million was determined using a discounted cash flow analysis, in which the projected interest and principal payments were discounted back to the issuance date of the term loan at a market interest rate for nonconvertible debt of 4.6%, which represents a Level 2 fair value measurement. The debt discount of $2.1 million and debt issuance costs of $6.0 million are being amortized to interest expense using the effective interest method from the issuance date through the contractual maturity date of the term loan of May 12, 2024.\nDuring the year ended December 31, 2017, the Company recognized amortization of debt discount of $0.2 million and debt issuance costs of $0.6 million to interest expense.\nThe approximate fair value of the term loan as of December 31, 2019 and 2018 was $214.6 million and $268.1 million, respectively, which was estimated on the basis\nof inputs that are observable in the market and which is considered a Level 2 measurement method in the fair value hierarchy.\nAs of December 31, 2019 and 2018, the remaining principal balance on the term loan was $212.0 million and $262.0 million, respectively. The remaining principal\nbalance is due on May 12, 2024 at the maturity date on the term loan.\n\n | December 31, 2019 | December 31, 2018\n--------------------------------------- | ----------------- | -----------------\n | (in thousands) | \nPrincipal | $212,000 | $262,000 \nLess: | | \nUnamortized debt discount | (1,328) | (1,630) \nUnamortized debt issuance costs | (3,763) | (4,613) \nNet carrying amount of long-term debt | 206,909 | 255,757 \nLess: current portion of long-term debt | \u2014 | \u2014 \nLong-term debt, non-current portion | $206,909 | 255,757 "} {"_id": "d1b3a8756", "title": "", "text": "Sources and uses of cash\nCash flow movement for the year ended March 31, 2019 compared to year ended March 31, 2018\nNet cash generated from operating activities in fiscal year 2019 was $75.0 million compared to $83.2 million in the in fiscal year 2018, a decrease of $8.2 million, or 9.9%, primarily due to decrease in working capital movement of $65.1 million, mainly attributable to increase in trade receivables by $88.5 million and increase in trade payables by $23.4 million and as a result of lower operating profit before exceptional item generated in fiscal year 2019 as compared to fiscal year 2018.\nNet cash used in investing activities in fiscal year 2019 was $157.7 million compared to $185.4 million in fiscal year 2018, a decrease of $27.7 million, or 14.9%, primarily as a result of investment in restricted deposits amounting to $53.5 million in fiscal year 2019 and offset by the decrease in purchase of intangible film rights and content rights in fiscal year 2019 was $107.7 million, compared to $186.8 million in fiscal year 2018, decrease of $79.1 million, or 42.3%.\nNet cash from financing activities in fiscal year 2019 was $84.1 million compared to $77.4 million in fiscal year 2018, an increase of $6.7 million, or 8.7%, primarily as a result of the proceeds from the issuance of share capital and an increase in short-term borrowings in fiscal year, 2019.\nCash flow movement for the year ended March 31, 2018 compared to year ended March 31, 2017\nNet cash generated from operating activities in fiscal year 2018, was $83.2 million, compared to $99.0 million in fiscal year 2017, a decrease of $15.8 million, or 15.9%, primarily due to decrease in working capital movement of $24.3 million mainly attributable to increase in trade receivables to $19.1 million and decrease in trade payables by $5.4 million. The cash flow from operating activities has also decreased due to increase in interest and income tax paid in fiscal 2018 by 2.4 million and $2.9 million respectively. The aforesaid decrease is partially offset on account of deconsolidation of a subsidiary during the year.\nNet cash used in investing activities in fiscal year 2018 was $185.4 million, compared to $175.2 million in fiscal year 2017, an increase of $10.2 million, or 5.8%, due to the change in mix of films released in fiscal year 2018. The purchase of intangible film rights and content rights in fiscal year 2018 was $186.8 million, compared to $173.5 million in fiscal year 2017, an increase of $13.3 million, or 7.7%.\nNet cash generated from financing activities in fiscal year 2018 was $77.4 million, compared to $5.9 million in fiscal year 2017, an increase of $71.5 million, or 1,205.7%, primarily due proceeds from issue of share capital of $16.6 million, proceeds from sale of shares of a subsidiary of $40.2 million and share application money of 18.0 million.\nCapital expenditures\nIn fiscal year 2019, the company invested over $264.3 million (of which cash outflow is $107.7 million) in film content, and in fiscal 2020 the company expects to invest approximately $150 to $160 million in film content.\n\n | | Year Ended March 31, | \n------------------------------------- | ---------- | -------------------- | ----------\n | 2019 | 2018 | 2017 \n | | (in thousands) | \nNet cash from operating activities | $74,966 | $83,243 | $98,993 \nNet cash used in investing activities | $(157,733) | $(185,420) | $(175,191)\nNet cash from financing activities | $84,117 | $77,415 | $5,929 "} {"_id": "d1b36f99c", "title": "", "text": "The following table summarizes our principal contractual obligations and sets forth the amounts of required or contingently required cash outlays in 2020 and future years:\n(1) Current portion of long-term debt is exclusive of present value discounting for finance lease obligations of $1.7 million. The long-term debt is exclusive of capitalized lender fees of $22.2 million, present value discounting for finance lease obligations of $6.1 million, and debt discounts of $2.3 million.\n(2) Includes interest payments required under our senior notes issuances and Amended Credit Facility only. The interest payments included above for our Term Loan A were calculated using the following assumptions: \u2022 interest rates based on stated LIBOR rates as of December 31, 2019; and \u2022 all non-US Dollar balances are converted using exchange rates as of December 31, 2019.\n(3) Obligations related to defined benefit pension plans and other post-employment benefit plans have been excluded from the table above, due to factors such as the retirement of employees, the performance of plan assets and economic and actuarial assumptions, as it is not reasonably possible to estimate when these obligations will become due. Refer to Note 17, \u201cProfit Sharing, Retirement Savings Plans and Defined Benefit Pension Plans,\u201d and Note 18, \u201cOther Post- Employment Benefits and Other Employee Benefit Plans,\u201d of the Notes to Consolidated Financial Statements for additional information related to these plans.\nShort-term Borrowings, Current Portion of Long-Term Debt and Long-Term Debt\nShort-term borrowings, current portion of long-term debt and long-term debt represent the principal amount of the debt\nrequired to be repaid in each period.\nOperating Leases\nThe contractual operating lease obligations listed in the table above represent estimated future minimum annual rental commitments primarily under non-cancelable real and personal property leases as of December 31, 2019.\nOther Principal Contractual Obligations\nOther principal contractual obligations include agreements to purchase an estimated amount of goods, including raw materials, or services, including energy, in the normal course of business. These obligations are enforceable and legally binding and specify all significant terms, including fixed or minimum quantities to be purchased, minimum or variable price provisions and the approximate timing of the purchase. The amounts included in the table above represent estimates of the minimum amounts we are obligated to pay, or reasonably likely to pay under these agreements. We may purchase additional goods or services above the minimum requirements of these obligations and, as a result use additional cash.\n\n | | | Payments Due by Years | | \n--------------------------------------------------- | --------- | ------- | --------------------- | --------- | ----------\n(In millions) | Total | 2020 | 2021-2022 | 2023-2024 | Thereafter\nContractual Obligations | | | | | \nShort-term borrowings | $ 98.9 | $ 98.9 | $ \u2014 | $ \u2014 | $ \u2014 \nCurrent portion of long-term debt(1) | 18.4 | 18.4 | \u2014 | \u2014 | \u2014 \nLong-term debt(1) | 3,729.2 | \u2014 | 938.9 | 1,499.8 | 1,290.5 \nTotal debt | $ 3,846.5 | $ 117.3 | $ 938.9 | $ 1,499.8 | $ 1,290.5 \nInterest payments due on long-term debt(2) | 1,057.2 | 180.4 | 342.7 | 204.7 | 329.4 \nOperating leases | 105.4 | 30.6 | 40.0 | 18.7 | 16.1 \nFirst quarter 2020 quarterly cash dividend declared | 24.8 | 24.8 | \u2014 | \u2014 | \u2014 \nOther principal contractual obligations | 86.2 | 35.6 | 31.4 | 19.2 | \u2014 \nTotal contractual cash obligations(3) | $ 5,120.1 | $ 388.7 | $ 1,353.0 | $ 1,742.4 | $ 1,636.0 "} {"_id": "d1b373862", "title": "", "text": "(19) Income Taxes\nAs of December 31, 2019 and 2018, the components of deferred tax assets primarily relate to equity method investments, equity-based compensation, deferred revenues, interest rate swaps, employee benefits accruals and deferred compensation. As of December 31, 2019 and 2018, the components of deferred tax liabilities primarily relate to depreciation and amortization of intangible assets, property and equipment and deferred contract costs.\nThe significant components of deferred tax assets and liabilities consist of the following (in millions):\n\n | December 31, | \n----------------------------------------- | ------------ | --------\n | 2019 | 2018 \nDeferred tax assets: | | \nEquity method investments | $25.7 | $\u2014 \nEquity-based compensation | 12.6 | 9.2 \nDeferred revenues | 6.2 | 14.8 \nInterest rate swaps | 5.6 | \u2014 \nOther | 13.0 | 11.4 \nTotal deferred tax assets | 63.1 | 35.4 \nDeferred tax liabilities: | | \nGoodwill and other intangibles | (168.7) | (178.9) \nDeferred contract costs | (40.3) | (41.9) \nProperty, equipment and computer software | (34.3) | (28.0) \nOther | (5.1) | (7.5) \nTotal deferred tax liabilities | (248.4) | (256.3) \nNet deferred tax liability | $(185.3) | $(220.9)"} {"_id": "d1b3667ac", "title": "", "text": "GreenSky, Inc. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS \u2014 (Continued) (United States Dollars in thousands, except per share data, unless otherwise stated)\nFinance charge reversal liability\nOur Bank Partners offer certain loan products that have a feature whereby the account holder is provided a promotional period to repay the loan principal balance in full without incurring a finance charge. For these loan products, we bill interest each month throughout the promotional period and, under the terms of the contracts with our Bank Partners, we are obligated to pay this billed interest to the Bank Partners if an account holder repays the loan balance in full within the promotional period. Therefore, the monthly process of billing interest on deferred loan products triggers a potential future finance charge reversal (\"FCR\") liability for the Company. The FCR component of our Bank Partner contracts qualifies as an embedded derivative. The FCR liability is not designated as a hedge for accounting purposes and, as such, changes in its fair value are recorded within cost of revenue in the Consolidated Statements of Operations.\nThe FCR liability is carried at fair value on a recurring basis in the Consolidated Balance Sheets and is estimated based on historical experience and management\u2019s expectation of future FCR. The FCR liability is classified within Level 3 of the fair value hierarchy, as the primary component of the fair value is obtained from unobservable inputs based on the Company\u2019s data, reasonably adjusted for assumptions that would be used by market participants. The following table reconciles the beginning and ending fair value measurements of our FCR liability during the periods indicated.\n(1) Includes: (i) incentive payments from Bank Partners, which is the surplus of finance charges billed to borrowers over an agreedupon portfolio yield, a fixed servicing fee and realized net credit losses, (ii) cash received from recoveries on previously charged-off Bank Partner loans, and (iii) the proceeds received from transferring our rights to Charged-Off Receivables attributable to previously charged-off Bank Partner loans. We consider all monthly incentive payments from Bank Partners during the period to be related to billed finance charges on deferred interest products until monthly incentive payments exceed total billed finance charges on deferred products, which did not occur during any of the periods presented.\n(2) Represents the reversal of previously billed finance charges associated with deferred payment loan principal balances that were repaid within the promotional period.\n(3) A fair value adjustment is made based on the expected reversal percentage of billed finance charges (expected settlements), which is estimated at each reporting date. The fair value adjustment is recognized in cost of revenue in the Consolidated Statements of Operations.\n\n | | Year Ended December 31, | \n--------------------------------------------------- | --------- | ----------------------- | ---------\n | 2019 | 2018 | 2017 \nBeginning balance | $138,589 | $94,148 | $68,064 \nReceipts(1) | 159,527 | 129,153 | 109,818 \nSettlements(2) | (262,449) | (181,590) | (127,029)\nFair value changes recognized in cost of revenue(3) | 170,368 | 96,878 | 43,295 \nEnding balance | $206,035 | $138,589 | $94,148 "} {"_id": "d1b339c52", "title": "", "text": "10 Taxation (continued)\nThere are unrecognised deferred tax assets on the following temporary differences (presented below before the application of the relevant tax rate) due to uncertainty over the level of profits in the non-REIT elements of the Group in future periods:\nThe Company recognises no deferred tax asset or liability (2018: nil).\n\n\u00a3m | 2019 | 2018 \n---------------------------------------- | ----- | -----\nRevenue losses \u2013 UK | 398.4 | 300.8\nCapital losses \u2013 UK | 34.5 | 34.2 \nDerivative financial instruments | 172.7 | 184.9\nOther temporary differences | 20.1 | 9.7 \nTotal unrecognised temporary differences | 625.7 | 529.6"} {"_id": "d1b362b70", "title": "", "text": "Dividends\nThe following table shows our total cash dividends paid in the years ended December 31:\nOn February 13, 2020, our Board of Directors declared a quarterly cash dividend of $0.16 per common share payable on March 20, 2020 to stockholders of record at the close of business on March 6, 2020. The estimated amount of this dividend payment is $24.8 million based on 154.7 million shares of our common stock issued and outstanding as of February 21, 2020.\nThe dividend payments discussed above are recorded as reductions to cash and cash equivalents and retained earnings on our Consolidated Balance Sheets. Our credit facility and our senior notes contain covenants that restrict our ability to declare or pay dividends and repurchase stock. However, we do not believe these covenants are likely to materially limit the future payment of quarterly cash dividends on our common stock. From time to time, we may consider other means of returning value to our stockholders based on our consolidated financial condition and results of operations. There is no guarantee that our Board of Directors will declare any further dividends.\n\n(In millions, except per share amounts) | Total Cash Dividends Paid | Total Cash Dividends Paid Per Common Share\n--------------------------------------- | ------------------------- | ------------------------------------------\n2017 | $119.7 | $0.64 \n2018 | 102.9 | 0.64 \n2019 | 99.1 | 0.64 \nTotal | $321.7 | "} {"_id": "d1b37336c", "title": "", "text": "Results of Operations: Years Ended December 31, 2018, versus Year Ended December 31, 2017 (Amounts in thousands, except percentages and per share amounts):\nCapital Resources\nLong-term debt was comprised of the following:\nOn February 12, 2019, we entered into an amended and restated five-year Credit Agreement with a group of banks (the \"Credit Agreement\") to extend the term of the facility. The Credit Agreement provides for a revolving credit facility of $300,000, which may be increased by $150,000 at the request of the Company, subject to the administrative agent's approval. This new unsecured credit facility replaces the prior $300,000 unsecured credit facility, which would have expired August 10, 2020. Borrowings of $50,000 under the prior credit agreement were refinanced into the Credit Agreement. The prior agreement was terminated as of February 12, 2019.\nThe Revolving Credit Facility includes a swing line sublimit of $15,000 and a letter of credit sublimit of $10,000. Borrowings under the Revolving Credit Facility bear interest at the base rate defined in the Credit Agreement. We also pay a quarterly commitment fee on the unused portion of the Revolving Credit Facility. The commitment fee ranges from 0.20% to 0.30% based on the our total leverage ratio.\nWe have entered into interest rate swap agreements to fix interest rates on $50,000 of long-term debt through February 2024. The difference to be paid or received under the terms of the swap agreements is recognized as an adjustment to interest expense when settled.\nWe have historically funded our capital and operating needs primarily through cash flows from operating activities, supported by available credit under our Revolving Credit Facility. We believe that cash flows from operating activities and available borrowings under our Revolving Credit Facility will be adequate to fund our working capital needs, capital expenditures, and debt service requirements for at least the next twelve months. However, we may choose to pursue additional equity and debt financing to provide additional liquidity or to fund acquisitions.\n\n | As of December 31, | \n----------------------------------- | ------------------ | --------\n | 2019 | 2018 \nTotal credit facility | $300,000 | $300,000\nBalance Outstanding | $99,700 | $50,000 \nStandby letters of credit | $1,800 | $1,940 \nAmount available | $198,500 | $248,060\nWeighted-average interest rate | 3.25% | 3.10% \nCommitment fee percentage per annum | 0.23% | 0.20% "} {"_id": "d1b325342", "title": "", "text": "ACI WORLDWIDE, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (in thousands)\nThe accompanying notes are an integral part of the consolidated financial statements.\n\n | | Years Ended December 31, | \n---------------------------------------- | ------- | ------------------------ | -------\n | 2019 | 2018 | 2017 \nNet income | $67,062 | $68,921 | $5,135 \nOther comprehensive income (loss): | | | \nForeign currency translation adjustments | 1,034 | -15,261 | 16,744 \nTotal other comprehensive income (loss) | 1,034 | (15,261 ) | 16,744 \nComprehensive income | $68,096 | $53,660 | $21,879"} {"_id": "d1b3b4394", "title": "", "text": "According to the regulations of Taiwan Financial Supervisory Commission (FSC), UMC is required to appropriate a special reserve in the amount equal to the sum of debit elements under equity, such as unrealized loss on financial instruments and debit balance of exchange differences on translation of foreign operations, at every year-end. Such special reserve is prohibited from distribution. However, if any of the debit elements is reversed, the special reserve in the amount equal to the reversal may be released for earnings distribution or offsetting accumulated deficits.\nThe distribution of earnings for 2018 was approved by the stockholders\u2019 meeting held on June 12, 2019, while the distribution of earnings for 2019 was approved by the Board of Directors\u2019 meeting on April 27, 2020. The details of distribution are as follows:\n\n | Appropriation of earnings (in thousand NT dollars) Appropriation of earnings (in thousand NT dollars) | | Cash dividend per share (NT dollars) | \n--------------- | ----------------------------------------------------------------------------------------------------- | ----------- | ------------------------------------ | -----\n | 2018 | 2019 | 2018 | 2019 \nLegal reserve | $707,299 | $963,947 | | \nSpecial reserve | 14,513,940 | (3,491,626) | | \nCash dividends | 6,916,105 | 9,765,155 | $0.58 | $0.75"} {"_id": "d1b36177a", "title": "", "text": "GasLog Ltd. and its Subsidiaries\nNotes to the consolidated financial statements (Continued)\nFor the years ended December 31, 2017, 2018 and 2019\n(All amounts expressed in thousands of U.S. Dollars, except share and per share data)\n10. Other Non-Current Assets\nOther non-current assets consist of the following:\nCash collaterals on swaps represent cash deposited for the Group\u2019s interest rate swaps being the difference between their fair value and an agreed threshold.\n\n | As of December 31, | \n------------------------- | ------------------ | ------\n | 2018 | 2019 \nVarious guarantees | 451 | 388 \nOther long-term assets | 2,092 | 1,613 \nCash collaterals on swaps | \u2014 | 22,220\nTotal | 2,543 | 24,221"} {"_id": "d1b37f78e", "title": "", "text": "The tax effects of temporary differences that give rise to the Company\u2019s deferred tax assets and liabilities are as follows:\nAs of December 31, 2019 and 2018, the Company had federal net operating loss carryforwards (\u201cNOL\u201d) of approximately $7,161,000 and $6,617,000, respectively. The\nlosses expire beginning in 2024. The Company has not performed a detailed analysis to determine whether an ownership change under IRC Section 382 has occurred. The effect\nof an ownership change would be the imposition of annual limitation on the use of NOL carryforwards attributable to periods before the change Any limitation may result in\nexpiration of a portion of the NOL before utilization. As of December 31, 2019 and 2018, the Company had state and local net operating loss carryforwards of approximately\n$7,153,000 and $6,609,000, respectively, to reduce future state tax liabilities also through 2035.\nAs of December 31, 2019 and 2018, the Company had Canadian NOL of approximately $1,111,000 and $1,070,000, respectively. The Canadian losses expire in stages\nbeginning in 2026. As of December 31, 2019 and 2018, the Company also has unclaimed Canadian federal scientific research and development investment tax credits, which are\navailable to reduce future federal taxes payable of approximately $0 and $0 respectively.\nAs of December 31, 2019 and 2018, the Company had Canadian NOL of approximately $1,111,000 and $1,070,000, respectively. The Canadian losses expire in stages beginning in 2026. As of December 31, 2019 and 2018, the Company also has unclaimed Canadian federal scientific research and development investment tax credits, which are available to reduce future federal taxes payable of approximately $0 and $0 respectively. As of December 31, 2019 and 2018, the Company had Canadian NOL of approximately $1,111,000 and $1,070,000, respectively. The Canadian losses expire in stages beginning in 2026. As of December 31, 2019 and 2018, the Company also has unclaimed Canadian federal scientific research and development investment tax credits, which are available to reduce future federal taxes payable of approximately $0 and $0 respectively. As of December 31, 2019 and 2018, the Company had Canadian NOL of approximately $1,111,000 and $1,070,000, respectively. The Canadian losses expire in stages beginning in 2026. As of December 31, 2019 and 2018, the Company also has unclaimed Canadian federal scientific research and development investment tax credits, which are available to reduce future federal taxes payable of approximately $0 and $0 respectively.\nAs a result of losses and uncertainty of future profit, the net deferred tax asset has been fully reserved. The net change in the valuation allowance during the years\nended December 31, 2019 and 2018 was an increase of $661,000 and $457,000, respectively\nForeign earnings are assumed to be permanently reinvested. U.S. Federal income taxes have not been provided on undistributed earnings of our foreign subsidiary.\nThe Company recognizes interest and penalties related to uncertain tax positions in selling, general and administrative expenses. The Company has not identified any\nuncertain tax positions requiring a reserve as of December 31, 2019 and 2018.\nThe Company is required to file U.S. federal and state income tax returns. These returns are subject to audit by tax authorities beginning with the year ended December 31, 2014.\n\n | 2019 | 2018 \n----------------------------------------------------- | ----------- | -----------\nU.S. net operating loss carryforwards | 2,894,000 | 2,627,000 \nStock compensation | 784,000 | 359,000 \nCanadian Provincial income tax losses | 29,000 | 56,000 \nCanadian Provincial scientific investment tax credits | (4,000) | - \n | 3,703,000 | 3,042,000 \nValuation allowance | (3,703,000) | (3,042,000)\nNet deferred tax assets | - | - "} {"_id": "d1a729b42", "title": "", "text": "For the fourth quarter of 2019, we reported a net income of $392 million, compared to a net income of $302 million and $418 million in the prior and year-ago quarters, respectively. The fourth quarter 2019 net income represented diluted earnings per share of $0.43 compared to $0.34 in the prior quarter and $0.46 in the prior-year quarter.\nNet income attributable to parent company\n\n | | Three Months Ended | \n----------------------------------------- | ----------------- | ------------------------ | -----------------\n | December 31, 2019 | September 29, 2019 | December 31, 2018\n | | (Unaudited, in millions) | \nNet income attributable to parent company | $392 | $302 | $418 \nAs percentage of net revenues | 14.2% | 11.8% | 15.8% "} {"_id": "d1b3b6b30", "title": "", "text": "Net financial result and taxes\n1 Adjustment of previous year according to explanation in notes.\nNet financial result The net financial result from continuing operations primarily comprises the interest result of \u20ac\u2212119 million (2017/18: \u20ac\u2212136 million) and the other financial result of \u20ac1 million (2017/18: \u20ac\u22122 million). Net interest result improved significantly as a result of more favourable refinancing terms.\n\n\u20ac million | 2017/2018 | 2018/2019\n---------------------------------------------------------------------- | --------- | ---------\nEarnings before interest and taxes EBIT | 713 | 828 \nEarnings share of non-operating companies recognised at equity | 0 | 0 \nOther investment result | 0 | \u22121 \nInterest income/expenses (interest result) | \u2212136 | \u2212119 \nOther financial result | \u22122 | 1 \nNet financial result | \u2212137 | \u2212119 \nEarnings before taxes EBT | 576 | 709 \nIncome taxes | \u2212216 | \u2212298 \nProfit or loss for the period from continuing operations | 359 | 411 \nProfit or loss for the period from discontinued operations after taxes | \u221222 | \u2212526 \nProfit or loss for the period | 337 | \u2212115 "} {"_id": "d1a71f084", "title": "", "text": "The net deferred tax assets (liabilities) are comprised of the following (in thousands):\nA valuation allowance is recorded to reduce deferred tax assets to the amount that is more likely than not to be realized based on an assessment of positive and negative evidence, including estimates of future taxable income necessary to realize future deductible amounts. A significant piece of objective negative evidence evaluated was the cumulative loss incurred over the three-year period ended December 31, 2019. Such objective evidence limits the ability to consider other subjective evidence such as its projections for future growth. On the basis of this evaluation, at December 31, 2019 and 2018, a valuation allowance of $24.6 million and $25.1 million, respectively, has been recorded.\nAs of December 31, 2019, the Company has accumulated federal and state net operating loss (\u201cNOL\u201d) carryforwards of $165.0 million and $134.3 million, respectively. Of the $165.0 million of federal NOL carryforwards, $57.9 million was generated before January 1, 2018 and is subject to the 20-year carryforward period (\u201cpre-Tax Act losses\u201d). The remaining $107.1 million (\u201cpost-Tax Act losses\u201d) can be carried forward indefinitely but is subject to the 80% taxable income limitation. The pre-Tax Act U.S. federal and state net operating loss carryforwards will expire in varying amounts through 2037. The Company completed a Section 382 study for the period through March 31, 2019 and determined that a Section 382 ownership change occurred on December 31, 2017 subjecting all pre-Tax Act losses to a utilization limitation; however, such limitation is not expected to result in NOLs expiring unused. Any future annual limitation may result in the expiration of NOLs before utilization.\nAs of December 31, 2019 and 2018, the Company had combined foreign net operating loss carry-forwards available to reduce future taxable income of approximately $25.6 million and $25.5 million, respectively. As of December 31, 2019 and 2018, valuation allowances of $24.6 million and $25.1 million, respectively, had been recorded against the related deferred tax assets for those loss carry-forwards that are not more likely than not to be fully utilized in reducing future taxable income.\n\n | As of December 31 | \n------------------------------------------------- | ----------------- | --------\n | 2019 | 2018 \nDeferred tax assets | | \nLease liability | $4,295 | $278 \nAMT credit | 9 | 11 \nAccrued expenses | 2,837 | 2,057 \nDeferred revenue | \u2014 | 549 \nNet operating loss carryforward | 50,950 | 34,662 \nOther assets | 6,967 | 2,343 \nProperty and equipment | \u2014 | 123 \nIntangible assets | 2,416 | 836 \nValuation allowance | (24,637) | (25,079)\nTotal net deferred tax assets | 42,837 | 15,780 \nDeferred tax liabilities | | \nDeferred commissions | (4,308) | (3,215) \nDeferred revenue | (336) | \u2014 \nIntangible assets | (7,948) | (7,295) \nProperty and equipment | (296) | \u2014 \nDebt discount | (26,589) | (4,986) \nRight-of-use asset | (3,909) | \u2014 \nDeferred state taxes | (1,101) | (1,233) \nOther | (352) | \u2014 \nTotal deferred tax liabilities | (44,839) | (16,729)\nTotal non-current deferred income tax liabilities | $(2,002) | $(949) "} {"_id": "d1b38d7c6", "title": "", "text": "Item 5. Market for Registrant\u2019s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities\nOur common stock is listed on NASDAQ under the symbol \u2018\u2018CSGS\u2019\u2019. On January 31, 2020, the number of holders of record of common stock was 126.\nStock Price Performance\nThe following graph compares the cumulative total stockholder return on our common stock, the Russell 2000 Index, and our Standard Industrial Classification (\u201cSIC\u201d) Code Index: Data Preparation and Processing Services during the indicated five-year period. The graph assumes that $100 was invested on December 31, 2014, in our common stock and in each of the two indexes, and that all dividends, if any, were reinvested.\n\n | | | As of December 31, | | | \n---------------------------------------- | ------- | ------- | ------------------ | ------- | ------- | -------\n | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 \nCSG Systems International, Inc. | $100.00 | $146.72 | $200.85 | $185.42 | $137.31 | $227.96\nRussell 2000 Index | 100.00 | 95.59 | 115.95 | 132.94 | 118.30 | 148.49 \nData Preparation and Processing Services | 100.00 | 110.52 | 129.67 | 159.46 | 174.32 | 245.10 "} {"_id": "d1b38a148", "title": "", "text": "Sales by Category\nIn addition to the above reporting segments, we also report revenue for the following three categories \u2013 (1) Access & Aggregation, (2) Subscriber Solutions & Experience and (3) Traditional & Other Products.\nThe following tables disaggregates our revenue by major source for the years ended December 31, 2019, 2018 and 2017:\n(1) Subscriber Solutions & Experience was formerly reported as Customer Devices. With the increasing focus on enhancing the customer experience for both our business and consumer broadband customers and the addition of SmartRG during the fourth quarter of 2018, Subscriber Solutions & Experience more accurately represents this revenue category.\n\n | | | 2019 \n------------------------------------- | ----------------- | ------------------ | --------\n(In thousands) | Network Solutions | Services & Support | Total \nAccess & Aggregation | $289,980 | $58,894 | $348,874\nSubscriber Solutions & Experience (1) | 144,651 | 8,269 | 152,920 \nTraditional & Other Products | 20,595 | 7,672 | 28,267 \nTotal | $455,226 | $74,835 | $530,061"} {"_id": "d1b354c00", "title": "", "text": "Consolidated Statements of Comprehensive Income (Loss)\n(Amounts in thousands)\n(1) Fiscal years ended March 31, 2018 and 2017 adjusted due to the adoption of ASC 606.\n(2) Fiscal year ended March 31, 2018 adjusted due to the adoption of ASC 606.\nSee accompanying notes to consolidated financial statements.\n\n | | Fiscal Years Ended March 31, | \n--------------------------------------------------------------- | -------- | ---------------------------- | --------\n | 2019 | 2018 | 2017 \nNet income (1) | $206,587 | $254,127 | $47,157 \nOther comprehensive income (loss), net of tax: | | | \nForeign currency translation gains (losses) (2) | (24,065) | 35,271 | (15,284)\nDefined benefit pension plans | (927) | 167 | 163 \nDefined benefit post-retirement plan adjustments | (86) | (255) | 20 \nEquity interest in investee\u2019s other comprehensive income (loss) | (11) | 5,584 | 1,440 \nForeign exchange contracts | (588) | (1,753) | 3,274 \nExcluded component of fair value hedges | (2,249) | \u2014 | \u2014 \nOther comprehensive income (loss) (2) | (27,926) | 39,014 | (10,387)\nTotal comprehensive income (1) | $178,661 | $293,141 | $36,770 "} {"_id": "d1b370a72", "title": "", "text": "Director Compensation\nIn 2019, we compensated each non-management director of our Company by granting to each such outside director 15,000 RSUs. The RSUs vested in equal amounts of 3,750 RSUs on each of March 15, 2019, June 15, 2019, September 15, 2019 and December 15, 2019. In addition, we pay our non-management directors cash director fees of $40,000 per annum ($10,000 per quarter). Non-management directors also receive additional cash compensation on an annual basis for serving on the following Board committees: The Audit Committee Chairperson receives $7,500 and members receive $5,000; the Chairperson and members of each of the Compensation Committee and Nominating and Corporate Governance Committee receive annual fees of $3,750 and $2,500, respectively.\nIn consideration for serving as the sole member of our Strategic Development Committee, in June 2013 we issued to Niv Harizman a five-year stock option to purchase 300,000 shares of our common stock, at an exercise price of $1.88 per share, which option vested 100,000 shares on the date of grant, 100,000 shares on the first anniversary of the date of grant and vested 100,000 shares on the second anniversary from the grant date. On June 17, 2018, Mr. Harizman exercised the aforementioned stock option on a net (cashless) exercise basis by delivering to us 181,936 shares of our common stock and he received 118,064 shares of our common stock.\nThe following table sets forth the compensation awarded to, earned by or paid to all persons who served as members of our board of directors (other than our Named Executive Officers) during the year ended December 31, 2019. No director who is also a Named Executive Officer received any compensation for services as a director in 2019.\n(1) Represents directors\u2019 fees payable in cash to each non-management director of $10,000 per quarter ($40,000 per annum) for 2019 plus additional cash fees for serving on Board committees as disclosed in the text above.\n(2) The amounts included in this column represent the grant date fair value of restricted stock unit awards (RSUs) granted to directors, computed in accordance with FASB ASC Topic 718. For a discussion of valuation assumptions see Note B[11] to our consolidated financial statements included in this Annual Report. The 15,000 RSUs granted to each non-management director vested on a quarterly basis beginning March 15, 2019. Each restricted stock unit represents the contingent right to receive one share of common stock.\n(3) As of December 31, 2019, each of the above listed directors held outstanding stock options to purchase 35,000 shares of our common stock at an exercise price of $2.34 per share.\n(4) Includes payment of dividends (dividend equivalent rights) on RSUs for 2019.\n\nName | Fees earned or paid in cash ($) (1) | Stock Awards ($) (2) (3) | All other compensation ($) (4) | Total ($)\n---------------- | ----------------------------------- | ------------------------ | ------------------------------ | ---------\nEmanuel Pearlman | $ 50,000 | $ 39,000 | $ 750 | $ 89,750\nNiv Harizman | $ 46,250 | $ 39,000 | $ 750 | $ 86,000\nAlison Hoffman | $ 48,890 | $ 39,000 | $ 750 | $ 88,640 "} {"_id": "d1a7118d0", "title": "", "text": "Research and Development (\u201cR&D\u201d), Sales and Marketing, and General and Administrative (\u201cG&A\u201d) Expenses\nR&D, sales and marketing, and G&A expenses are summarized in the following table (in millions, except percentages):\nR&D Expenses R&D expenses increased due to higher headcount-related expenses and, to a lesser extent, higher acquisition-related costs, higher contracted services and higher discretionary spending.\nWe continue to invest in R&D in order to bring a broad range of products to market in a timely fashion. If we believe that we are unable to enter a particular market in a timely manner with internally developed products, we may purchase or license technology from other businesses, or we may partner with or acquire businesses as an alternative to internal R&D.\nSales and Marketing Expenses Sales and marketing expenses increased due to higher headcount-related expenses, higher discretionary spending and, to a lesser extent, higher contracted services and higher acquisition-related costs, partially offset by lower share-based compensation expense.\nG&A Expenses G&A expenses decreased due to a benefit from the $400 million litigation settlement with Arista Networks and lower contracted services, partially offset by higher discretionary spending and higher headcount-related expenses.\nEffect of Foreign Currency In fiscal 2019, foreign currency fluctuations, net of hedging, decreased the combined R&D, sales and marketing, and G&A expenses by approximately $233 million, or 1.3%, compared with fiscal 2018. In fiscal 2018, foreign currency fluctuations, net of hedging, increased the combined R&D, sales and marketing, and G&A expenses by approximately $93 million, or 0.5%, compared with fiscal 2017.\n\n | | Years Ended | | | \n-------------------------- | ------------- | ------------- | ------------- | ------------------- | -------------------\n | July 27, 2019 | July 28, 2018 | July 29, 2017 | Variance in Dollars | Variance in Percent\nResearch and development | $ 6,577 | $ 6,332 | $6,059 | $245 | 4% \nPercentage of revenue | 12.7% | 12.8% | 12.6% | | \nSales and marketing | 9,571 | 9,242 | 9,184 | 329 | 4% \nPercentage of revenue | 18.4% | 18.7% | 19.1% | | \nGeneral and administrative | 1,827 | 2,144 | 1,993 | (317) | (15)% \nPercentage of revenue | 3.5% | 4.3% | 4.2% | | \nTotal | $17,975 | $17,718 | $17,236 | $257 | 1% \nPercentage of revenue | 34.6% | 35.9% | 35.9% | | "} {"_id": "d1a733a98", "title": "", "text": "Disaggregated Revenue\nThe table below includes the Company\u2019s revenue for the fiscal year ended September 28, 2019 disaggregated by geographic reportable segment and market sector (in thousands):\n\n | | Fiscal Year Ended September 28, 2019 | | \n------------------------- | ---------- | ------------------------------------ | -------- | ----------\n | | Reportable Segment: | | \n | AMER | APAC | EMEA | Total \nMarket Sector: | | | | \nHealthcare/Life Sciences | $488,851 | $602,922 | $128,225 | $1,219,998\nIndustrial/Commercial | 359,381 | 534,971 | 86,868 | 981,220 \nAerospace/Defense | 317,558 | 186,486 | 84,556 | 588,600 \nCommunications | 256,523 | 113,329 | 4,764 | 374,616 \n External revenue | 1,422,313 | 1,437,708 | 304,413 | 3,164,434 \nInter-segment sales | 6,995 | 119,497 | 5,520 | 132,012 \n Segment revenue | $1,429,308 | $1,557,205 | $309,933 | $3,296,446"} {"_id": "d1b3b0d3e", "title": "", "text": "24. Post employment benefits\nThe Group operates a number of defined benefit and defined contribution pension plans for our employees. The Group\u2019s largest defined benefit scheme is in the UK. For further details see \u201cCritical accounting judgements and key sources of estimation uncertainty\u201d in note 1 to the consolidated financial statements.\nAccounting policies\nFor defined benefit retirement plans, the difference between the fair value of the plan assets and the present value of the plan liabilities is recognised as an asset or liability on the statement of financial position. Scheme liabilities are assessed using the projected unit funding method and applying the principal actuarial assumptions at the reporting period date. Assets are valued at market value.\nActuarial gains and losses are taken to the statement of comprehensive income as incurred. For this purpose, actuarial gains and losses comprise both the effects of changes in actuarial assumptions and experience adjustments arising from differences between the previous actuarial assumptions and what has actually occurred. The return on plan assets, in excess of interest income, and costs incurred for the management of plan assets are also taken to other comprehensive income.\nOther movements in the net surplus or deficit are recognised in the income statement, including the current service cost, any past service cost and the effect of any settlements. The interest cost less the expected interest income on assets is also charged to the income statement. The amount charged to the income statement in respect of these plans is included within operating costs or in the Group\u2019s share of the results of equity accounted operations, as appropriate\nThe Group\u2019s contributions to defined contribution pension plans are charged to the income statement as they fall due.\nBackground\nAt 31 March 2019 the Group operated a number of pension plans for the benefit of its employees throughout the world, with varying rights and obligations depending on the conditions and practices in the countries concerned. The Group\u2019s pension plans are provided through both defined benefit and defined contribution arrangements. Defined benefit schemes provide benefits based on the employees\u2019 length of pensionable service and their final pensionable salary or other criteria. Defined contribution schemes offer employees individual funds that are converted into benefits at the time of retirement\nThe Group operates defined benefit schemes in Germany, Ghana, India, Ireland, Italy, the UK, the United States and the Group operates defined benefit indemnity plans in Greece and Turkey. Defined contribution pension schemes are currently provided in Egypt, Germany, Greece, Hungary, India, Ireland, Italy, New Zealand, Portugal, South\u00a0Africa, Spain and the UK.\nDefined benefit schemes\nThe Group\u2019s retirement policy is to provide competitive pension provision, in each operating country, in line with the market median for that location. The Group\u2019s preferred retirement provision is focused on Defined Contribution (\u2018DC\u2019) arrangements and/or State provision for future service.\nThe Group\u2019s main defined benefit funding liability is the Vodafone UK Group Pension Scheme (\u2018Vodafone UK plan\u2019). Since June 2014 the plan has consisted of two segregated sections: the Vodafone Section and the Cable & Wireless Section (\u2018CWW Section\u2019). Both sections are closed to new entrants and to future accrual. The Group also operates smaller funded and unfunded plans in the UK, funded and unfunded plans in Germany and funded plans in Ireland. Defined benefit pension provision exposes the Group to actuarial risks such as longer than expected longevity of participants, lower than expected return on investments and higher than expected inflation, which may increase the liabilities or reduce the value of assets of the schemes.\nThe main defined benefit schemes are administered by trustee boards which are legally separate from the Group and consist of representatives who are employees, former employees or are independent from the Company. The boards of the pension schemes are required by legislation to act in the best interest of the participants, set the investment strategy and contribution rates and are subject to statutory funding objectives.\nThe Vodafone UK plan is registered as an occupational pension plan with HM Revenue and Customs (\u2018HMRC\u2019) and is subject to UK legislation and operates within the framework outlined by the Pensions Regulator. UK legislation requires that pension schemes are funded prudently and that valuations are undertaken at least every three years. Separate valuations are required for the Vodafone Section and CWW Section.\nThe trustees obtain regular actuarial valuations to check whether the statutory funding objective is met and whether a recovery plan is required to restore funding to the level of the agreed technical provisions. On 19 October 2017, the 31 March 2016 triennial actuarial valuation for the Vodafone Section and CWW Section of the Vodafone UK plan, which is used to judge the funding the Group needs to put into the scheme, was concluded.\n\nIncome statement expense | | | \n-------------------------------------------------- | ------- | ------- | -------\n | 2019 \u20acm | 2018 \u20acm | 2017 \u20acm\nDefined contribution schemes | 166 | 178 | 192 \nDefined benefit schemes | 57 | 44 | 20 \nTotal amount charged to income statement (note 23) | 223 | 222 | 212 "} {"_id": "d1b3550b0", "title": "", "text": "3.5 Leases\nRecognition, measurement and classification\nThe Group has applied AASB 16 using the retrospective approach. The impact of changes is disclosed in Note 1.6.\nAt inception of a contract, the Group assesses whether a contract is, or contains a lease. A contract is, or contains, a lease if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. To assess whether a contract conveys the right to control the use of an identified asset, the Group assesses whether:\n\u2022 The contract involves the use of an identified asset \u2013 this may be specified explicitly or implicitly, and should be physically distinct or represent substantially all of the capacity of a physically distinct asset. If the supplier has a substantive substitution right, then the asset is not identified.\n\u2022 The Group has the right to obtain substantially all of the economic benefits from the use of the asset throughout the period of use; and\n\u2022 The Group has the right to direct the use of the asset. The Group has this right when it has the decisionmaking rights that are most relevant to changing how and for what purpose the asset is used. In rare cases where all the decisions about how and for what purpose the asset is used are predetermined, the Group has the right to direct the use of the asset if either:\n\u2022 The Group has the right to operate the asset\n\u2022\u2022 The Group designed the asset in a way that predetermines how and for what purpose it will be used\nThe Group recognises a right-of-use asset and a lease liability at the lease commencement date. For measurement and recognition of right-of-use assets, refer to Note 3.1.\nThe lease liability is initially measured at the present value of the lease payments that are not paid at the commencement date, discounted using the interest rate implicit in the lease or, if that rate cannot be readily determined, the Group\u2019s incremental borrowing rate. Generally, the Group uses its incremental borrowing rate as the discount rate.\nLease payments included in the measurement of the lease liability comprise:\n\u2022 Fixed payments, including in-substance fixed payments;\n\u2022 variable lease payments that depend on an index or a rate, initially measured using the index or rate as at the commencement date;\n\u2022 amounts expected to be payable under a residual value guarantee; and\n\u2022 the exercise price under a purchase option that the Group is reasonably certain to exercise, lease payments in an optional renewal period if the Group is reasonably certain to exercise an extension option, and penalties for early termination of a lease unless the Group is reasonably certain not to terminate early.\nThe lease liability is measured at amortised cost using the effective interest method. It is remeasured when there is a change in future lease payments arising from a change in an index or rate, if there is a change in the Group\u2019s estimate of the amount expected to be payable under a residual value guarantee or if the Group changes its assessment of whether it will exercise a purchase, extension or termination option.\nWhen the lease liability is remeasured in this way, a corresponding adjustment is made to the carrying amount of the right-of-use asset, or is recorded in profit or loss if the carrying amount of the right-of-use asset has been reduced to zero.\nShort-term leases and leases of low-value assets\nThe Group has elected not to recognise right-of-use assets and lease liabilities for short-term leases of machinery that have a lease term of 12 months or less and leases of low-value assets, including IT equipment. The Group recognises the lease payments associated with these leases as an expense on a straight-line basis over the lease term.\n\n | CONSOLIDATED | \n----------------- | ------------ | ----------\n | 2019 $\u2019000 | 2018 $\u2019000\nLease liabilities | | \nCurrent | 2,569 | 2,599 \nNon-current | 6,773 | 5,934 \n | 9,342 | 8,533 "} {"_id": "d1b32a568", "title": "", "text": "Net Cash Provided By Operating Activities and Free Cash Flow\nThe following table presents a reconciliation of net cash provided by operating activities to free cash flow (in thousands, except for percentages):\nNet cash provided by operating activities for the twelve months ended December 31, 2019 was $115.5 million as compared to $90.3 million during the same period in 2018. The increase was primarily due to improved profitability, improved collections, and other working capital changes in 2019 when compared to the same period in 2018.\nFree cash flow for the twelve months ended December 31, 2019 was $72.8 million, resulting in a free cash flow margin of 12.6%, as compared to free cash flow of $49.8 million and a free cash flow margin of 9.3% for the same period in 2018. The increase was primarily due to both improved profitability and collections, and is partially offset by cash paid for interest on our convertible notes of $17.4 million in the twelve months ended December 31, 2019. Refer to the section titled \u201cLiquidity and Capital Resources\u201d for additional information on the convertible notes.\n\n | | Year Ended December 31, | \n----------------------------------------- | -------- | ----------------------- | --------\n | 2019 | 2018 | 2017 \nReconciliation of free cash flow: | | | \nNet cash provided by operating activities | $115,549 | $90,253 | $67,510 \nCapital expenditures | (18,034) | (14,895) | (7,100) \nCapitalized software costs | (24,668) | (25,515) | (20,571)\nFree cash flow | $72,847 | $49,843 | $39,839 \nFree cash flow margin | 12.6% | 9.3% | 8.3% "} {"_id": "d1b3673aa", "title": "", "text": "The components of net deferred income tax assets for income tax purposes are as follows (in thousands):\nThe net deferred tax assets as of February 28, 2018 in the above table include the deferred tax assets of our Italian and Canadian subsidiaries amounting to $7.4 million and $7.6 million, respectively, which were disclosed narratively in the fiscal 2018 Form 10-K. The deferred tax assets primarily relate to net operating losses (NOL\u2019s) and research and development expenditure pool carryforwards. We had provided a 100% valuation allowance against these deferred tax assets at February 28, 2018, as it was more likely than not that the deferred tax assets would not be realized.\nAs of February 28, 2019 and 2018, we maintained a valuation allowance with respect to certain of our deferred tax assets relating primarily to NOL\u2019s in certain non-U.S. jurisdictions and certain state tax credits that we believe are not likely to be realized. During fiscal 2019, we decreased the valuation allowance against our deferred tax assets by approximately $5.9 million, as it is more likely than not that these deferred tax assets would be realized based upon the assessment of positive and negative evidence. This reduction in our valuation allowance is primarily attributable to a release of valuation allowance against foreign deferred tax assets, partially offset by an increase in valuation allowances for state tax credits.\nAt February 28, 2019, we had net operating loss carryforwards of approximately $30.1 million, $60.8 million and $44.7 million for federal, state and foreign purposes, respectively, expiring at various dates through fiscal 2039. Approximately $18.3 million of foreign net operating loss carryforwards do not expire. The federal net operating loss carryforwards are subject to various limitations under Section 382 of the Internal Revenue Code. If substantial changes in our ownership were to occur, there may be certain annual limitations on the amount of the NOL carryforwards that can be utilized\nAs of February 28, 2019, we had R&D tax credit carryforwards of $9.1 million and $8.9 million for federal and state income tax purposes, respectively. The federal R&D tax credits expire at various dates through 2039. A substantial portion of the state R&D tax credits have no expiration date.\nWe adopted the updated guidance on stock based compensation and we have tax deductions on exercised stock options and vested restricted stock awards that exceed stock compensation expense amounts recognized for financial reporting purposes. The gross excess tax deductions were $2.9 million, $2.6 and $0 in fiscal years 2019, 2018 and 2017, respectively. Under the new guidance, all excess tax benefits and tax deficiencies are recognized in the income statement as they occur.\nWe follow ASC Topic 740, \u201cIncome Taxes,\u201d which clarifies the accounting for income taxes by prescribing a minimum recognition threshold that a tax position is required to meet before being recognized in the financial statements. Management determined based on our evaluation of our income tax positions that we have uncertain tax benefit of $3.2 million, $1.0 million and $1.0 million on at February 28, 2019, 2018 and 2017, respectively, for which we have not yet recognized an income tax benefit for financial reporting purposes.\nAt February 28, 2019, we increased the uncertain tax benefits related to certain foreign net operating loss carryforwards. Such deferred tax assets were previously offset by a valuation allowance so that the increase in the unrecognized tax benefit coupled with the reduction of the valuation allowance on such net operating losses did not result in an income tax expense during the current fiscal year. If total uncertain tax benefits were realized in a future period, it would result in a tax benefit of $3.2 million. As of February 28, 2019, our liabilities for uncertain tax benefits were netted against our deferred tax assets on our consolidated balance sheet. It is reasonably possible the amount of unrecognized tax benefits could be reduced within the next 12 months by at least $0.6 million.\nWe recognize interest and/or penalties related to uncertain tax positions in income tax expense. No amounts of interest and/or penalties have been accrued as of February 28, 2019.\n\n | | February 28,\n------------------------------------------ | -------- | ------------\n | 2019 | 2018 \nNet operating loss carryforwards | $19,269 | $22,013 \nDepreciation, amortization and impairments | (11,945) | (11,112) \nResearch and development credits | 19,189 | 17,432 \nStock-based compensation | 2,783 | 2,376 \nOther tax credits | 1,018 | 2,015 \nInventory reserve | 624 | 292 \nWarranty reserve | 313 | 429 \nPayroll and employee benefit accruals | 2,220 | 1,941 \nAllowance for doubtful accounts | 454 | 354 \nOther accrued liabilities | 6,208 | 8,975 \nConvertible debt | (10,822) | (194) \nOther, net | 3,281 | 3,904 \nGross deferred tax assets | 32,592 | 48,425 \nValuation allowance | (10,929) | (16,844) \nNet deferred tax assets | $21,663 | $31,581 \nReported as: | | \nDeferred tax assets | $22,626 | $31,581 \nDeferred tax liabilities | (963) | - \nNet deferred tax assets | $21,663 | $31,581 "} {"_id": "d1b3979a6", "title": "", "text": "Contractual Obligations\nThe following table summarizes our contractual obligations as of September 30, 2019 (in thousands):\nOur principal executive offices, as well as our research and development facility, are located in approximately 29,000 square feet of office space in San Diego, California and the term of the lease continues through June 30, 2024. The average annual base rent under this lease is approximately $1.0 million per year. In connection with this lease, we received tenant improvement allowances totaling approximately $1.0 million. These lease incentives are being amortized as a reduction of rent expense over the term of the lease.\nOur other offices are located in Paris, France; Amsterdam, The Netherlands; New York, New York; Barcelona, Spain; and London, United Kingdom. The\nterm of the Paris, France lease continues through July 31, 2021, with an annual base rent of approximately \u20ac0.4 million (or $0.4 million). The term of the\nAmsterdam, The Netherlands lease continues through December 31, 2022, with an annual base rent of approximately \u20ac0.2 million (or $0.2 million). The term of\nthe New York, New York lease continues through November 30, 2024, with an annual base rent of approximately $0.2 million. The term of the Barcelona, Spain lease continues through May 31, 2023, with an annual base rent of approximately \u20ac0.1 million (or $0.1 million). The term of the London, United Kingdom lease continues through May 31, 2020, with an annual base rent of approximately \u00a363,000 (or approximately $78,000). Our other offices are located in Paris, France; Amsterdam, The Netherlands; New York, New York; Barcelona, Spain; and London, United Kingdom. The term of the Paris, France lease continues through July 31, 2021, with an annual base rent of approximately \u20ac0.4 million (or $0.4 million). The term of the Amsterdam, The Netherlands lease continues through December 31, 2022, with an annual base rent of approximately \u20ac0.2 million (or $0.2 million). The term of the New York, New York lease continues through November 30, 2024, with an annual base rent of approximately $0.2 million. The term of the Barcelona, Spain lease continues through May 31, 2023, with an annual base rent of approximately \u20ac0.1 million (or $0.1 million). The term of the London, United Kingdom lease continues through May 31, 2020, with an annual base rent of approximately \u00a363,000 (or approximately $78,000).\nOther than the lease for our office space in San Diego, California, we do not believe that the leases for our offices are material to the Company. We believe our existing properties are in good condition and are sufficient and suitable for the conduct of its business.\n\n | Less than 1 year | 1-3 years | 3-5 years | More than 5 years | Total \n--------------------------- | ---------------- | --------- | --------- | ----------------- | ------\nOperating lease obligations | $1,699 | $3,950 | $2,707 | $36 | $8,392\nOther borrowings | 131 | 145 | 219 | 61 | 556 \nTotal | $1,830 | $4,095 | $2,926 | $97 | $8,948"} {"_id": "d1b375216", "title": "", "text": "(8) Accounts Receivable\nThe following table presents details of our accounts receivable balances:\nWe are exposed to concentrations of credit risk from residential and business customers. We generally do not require collateral to secure our receivable balances. We have agreements with other communications service providers whereby we agree to bill and collect on their behalf for services rendered by those providers to our customers within our local service area. We purchase accounts receivable from other communications service providers primarily on a recourse basis and include these amounts in our accounts receivable balance. We have not experienced any significant loss associated with these purchased receivables.\n\n | As of December 31, | \n------------------------------------- | --------------------- | -----\n | 2019 | 2018 \n | (Dollars in millions) | \nTrade and purchased receivables | $1,971 | 2,094\nEarned and unbilled receivables | 374 | 425 \nOther | 20 | 21 \nTotal accounts receivable | 2,365 | 2,540\nLess: allowance for doubtful accounts | (106) | (142)\nAccounts receivable, less allowance | $2,259 | 2,398"} {"_id": "d1b328358", "title": "", "text": "ITEM 6. SELECTED FINANCIAL DATA.\nThe following selected financial data has been derived from our audited financial statements. This data should be read in conjunction with Item 7\u2014 \u201cManagement\u2019s Discussion and Analysis of Financial Condition and Results of Operations\u201d and our financial statements and related notes thereto included elsewhere in this Form 10-K. Our historical results are not necessarily indicative of operating results to be expected in the future.\n\nSelected Financial Data (in thousands, except per share data) | | | | | \n------------------------------------------------------------- | -------- | --------- | ------------------------ | ------- | -------\n | | | Year Ended September 30, | | \n | 2019 | 2018 | 2017 | 2016 | 2015 \nIncome Statement Data | | | | | \nRevenue | $84,590 | $63,559 | $45,390 | $34,701 | $25,367\nOperating income (loss) | $(4,590) | $(7,806) | $2,769 | $1,824 | $1,892 \nNet income (loss) | $(724) | $(11,807) | $14,092 | $1,959 | $2,526 \nNet income (loss) per share\u2014basic | $(0.02) | $(0.33) | $0.43 | $0.06 | $0.08 \nNet income (loss) per share\u2014diluted | $(0.02) | $(0.33) | $0.40 | $0.06 | $0.08 \nBalance Sheet Data | | | | | \nWorking capital | $34,082 | $17,221 | $41,342 | $31,980 | $24,005\nTotal assets | $135,897 | $127,150 | $71,719 | $48,385 | $38,746\nOther borrowings | $556 | $810 | $\u2014 | $\u2014 | $\u2014 \nStockholders\u2019 equity | $107,333 | $95,394 | $61,408 | $39,485 | $30,433"} {"_id": "d1b34d45a", "title": "", "text": "Net Loss per Share\nThe Company applies the two-class method to calculate its basic and diluted net loss per share as both classes of its voting shares are participating securities with equal participation rights and are entitled to receive dividends on a share for share basis.\nThe following table summarizes the reconciliation of the basic weighted average number of shares outstanding and the diluted weighted average number of shares outstanding:\nIn the years ended December 31, 2019 and 2018, the Company was in a loss position and therefore diluted loss per share is equal to basic loss per share.\n\n | Years ended | \n------------------------------------------------------------------------------------------------------------------------------------- | ----------------- | -----------------\n | December 31, 2019 | December 31, 2018\nBasic and diluted weighted average number of shares outstanding | 113,026,424 | 105,671,839 \nThe following items have been excluded from the diluted weighted average number of shares outstanding because they are anti-dilutive: | | \nStock options | 3,812,242 | 5,476,790 \nRestricted share units | 1,939,918 | 2,473,665 \nDeferred share units | 673 | 347 \n | 5,752,833 | 7,950,802 "} {"_id": "d1a73d944", "title": "", "text": "The following table sets forth the aggregate fees by categories specified below in connection with certain professional services rendered by Ernst & Young, our principal external auditors, for the years indicated.\n(1) Audit fees consist of fees associated with the annual audit, review of our quarterly financial statements, statutory audits and internal control review. They also include fees billed for those services that are normally provided by the independent accountants in connection with statutory and regulatory filings.\n(2) Audit-related fees consist of fees billed for assurance and services related to the performance of the audit or review of our financial statements but not described in footnote (1) above. These services include certification of our Singapore Branch to Singapore authorities and application for corporation registration.\n(3) Tax fees include fees billed for professional services rendered by Ernst & Young, primarily in connection with our tax compliance activities.\nAll audit and non-audit services performed by Ernst & Young were pre-approved by our audit committee. In certain circumstances, the audit committee delegates to one designated member to pre-approve such audit and non-audit services. Pre-approval by a designated member should be reported to the audit committee at its upcoming meeting.\n\n | | Years ended December 31, | \n---------------------- | ------ | ------------------------ | -----\n | 2018 | 2019 | \n | NT$ | NT$ | US$ \n | | (in thousands) | \nAudit Fees (1) | 52,794 | 62,040 | 2,074\nAudit-related Fees (2) | 1,283 | 1,095 | 37 \nTax Fees (3) | 4,304 | 3,943 | 132 \nTotal | 58,381 | 67,078 | 2,243"} {"_id": "d1b2f751e", "title": "", "text": "12. Commitments and Contingencies\nThe Company leases its facilities under non-cancelable operating leases and build-to-suit leases with various expiration dates through March 2029. Rent expense related to the Company\u2019s office facilities was $5.3 million, $4.8 million and $3.2 million for the years ended March 31, 2019, 2018 and 2017, respectively. The Company has also entered into various capital lease agreements for computer equipment with non-cancelable terms through January 2022 and has non-cancelable commitments related to its data centers.\nFuture minimum payments for our capital leases, facility operating leases (including Lexington MA \u2013 U.S. build-to-suit lease) and data center operating leases as of March 31, 2019 are as follows:\nCertain amounts included in the table above relating to data center operating leases for the Company\u2019s servers include usage-based charges in addition to base rent.\nFuture lease payments in the table above do not include amounts due to the Company for future minimum sublease rental income of $0.6 million under non-cancelable subleases through 2020.\nThe Company has outstanding letters of credit of $3.9 million and $3.8 million related to certain operating leases as of March 31, 2019 and 2018, respectively.\n\nYear Ending March 31, | Capital Leases | Facility Leases | Data Centers\n----------------------------------------------- | -------------- | --------------- | ------------\n2020 | $ 918 | $ 10,649 | $ 21,216 \n2021 | 1,102 | 15,186 | 17,427 \n2022 | 326 | 14,111 | 13,010 \n2023 | \u2014 | 13,825 | 2,774 \n2024 | \u2014 | 13,686 | 356 \nThereafter | \u2014 | 59,502 | \u2014 \nTotal minimum lease payments | $ 2,346 | $ 126,959 | $ 54,783 \nLess: Amount representing interest | (121) | | \nPresent value of capital lease obligations | 2,225 | | \nLess: Current portion | (844) | | \nLong-term portion of capital lease obligations | $1,381 | | "} {"_id": "d1b37dea2", "title": "", "text": "Cubic Global Defense\nSales: CGD sales decreased 10% to $325.2 million in 2018 compared to $360.2 million in 2017. The year-over-year comparative sales and operating income were significantly impacted by an $8.0 million gain recognized on an equitable contract adjustment in fiscal 2017 for our littoral combat ship virtual training contract with the U.S. Navy. Sales were lower in fiscal 2018 on virtual training sales, air combat training system sales, and ground combat training system sales, while sales of international training support services increased between fiscal 2017 and 2018. The average exchange rates between the prevailing currency in our foreign operations and the U.S. dollar had no significant impact on CGD sales between 2017 and 2018.\nAmortization of Purchased Intangibles: Amortization of purchased intangibles included in the CGD results amounted to $1.1 million in 2018 and $0.9 million in 2017.\nOperating Income: CGD had operating income of $16.6 million in 2018 compared to $28.1 million in 2017. The decrease in operating income was primarily caused by the gain of $8.0 million recognized in fiscal 2017 due to the approval of a contract adjustment with the U.S. Navy described above. In fiscal 2018 an arbitrator awarded $1.7 million to a former reseller of our air combat training systems in the Far East, which was recorded as SG&A expense by CGD in 2018. In addition, CGD\u2019s R&D expenditures increased approximately $1.8 million year-over-year. The increase in R&D expenditures is indicative of the acceleration of our development of next generation live, virtual, constructive, and game-based training systems. These decreases in operating income in fiscal 2018 were partially offset by increased operating income from ground combat training systems, which was higher primarily due to improvements in expected total costs for the development of two ground combat training system contracts in the Far East. The average exchange rates between the prevailing currency in our foreign operations and the U.S. dollar had no significant impact on CGD operating income between 2017 and 2018.\nAdjusted EBITDA: CGD Adjusted EBITDA was $26.3 million in 2018 compared to $39.4 million in 2017. The decrease in Adjusted EBITDA was primarily driven by the same factors that drove the decrease in operating income described above excluding the increase in amortization which is excluded from Adjusted EBITDA.\n\n | Fiscal 2018 | Fiscal 2017 | % Change\n---------------- | ----------- | ------------- | --------\n | | (in millions) | \nSales | $ 325.2 | $ 360.2 | (10)% \nOperating income | 16.6 | 28.1 | (41) \nAdjusted EBITDA | 26.3 | 39.4 | (33) "} {"_id": "d1b33198a", "title": "", "text": "Cost of Revenues and Gross Margin\nSubscription cost of revenues and gross margin. Cost of subscriptions revenues increased by $50.9 million, or 46%, during fiscal year 2019 as compared to fiscal year 2018. Primary drivers of the increase were increases in third-party costs to support our solution offerings of $21.5 million, infrastructure support costs of $19.8 million including amortization expense from acquired intangible assets, and headcount and personnel and contractor related costs of $9.6 million including share-based compensation expense. These factors resulted in a decrease in gross margin.\nThe increase in headcount and other expense categories described herein was driven primarily by investments in our infrastructure and capacity to improve the availability of our subscription offerings, while also supporting the growth in new customers and increased usage of our subscriptions by our existing customer base. We expect subscription gross margin to be within a relatively similar range in the future.\nOther cost of revenues and gross margin. Cost of other revenues increased by $23.0 million, or 48%, during fiscal year 2019 as compared to fiscal year 2018. This was primarily due to the increase in services personnel costs of $11.1 million including share-based compensation expense, cost of product sales of $10.6 million, and overhead costs of $1.3 million. Other revenues gross margin fluctuates based on timing of completion of professional services projects and discounting on phones.\n\n | Year ended December 31, | | | | Year ended December 31, | | | \n---------------------------------- | ----------------------- | -------- | -------- | -------- | ----------------------- | -------- | -------- | --------\n(in thousands, except percentages) | 2019 | 2018 | $ Change | % Change | 2018 | 2017 | $ Change | % Change\nCost of revenues | | | | | | | | \nSubscriptions | $160,320 | $109,454 | $50,866 | 46% | $109,454 | $89,193 | $20,261 | 23% \nOther | 70,723 | 47,675 | 23,048 | 48% | 47,675 | 32,078 | 15,597 | 49% \nTotal cost of revenues | $231,043 | $157,129 | $73,914 | 47% | $157,129 | $121,271 | $35,858 | 30% \nPercentage of revenues | | | | | | | | \nSubscriptions | 18% | 16% | | | 16% | 18% | | \nOther | 8% | 7% | | | 7% | 6% | | \nGross margins | | | | | | | | \nSubscriptions | 80% | 82% | | | 82% | 81% | | \nOther | 17% | 22% | | | 22% | 16% | | \nTotal gross margin % | 74% | 77% | | | 77% | 76% | | "} {"_id": "d1a724228", "title": "", "text": "Change in Product Mix and Technology Migration\nBecause the price of wafers processed with different technologies varies significantly, the mix of wafers that we produce is among the primary factors that affect our revenues and profitability. The value of a wafer is determined principally by the complexity and performance of the processing technology used to produce the wafer, as well as by the yield and defect density. Production of devices with higher levels of functionality and performance, with better yields and lower defect density as well as with greater system-level integration requires better manufacturing expertise and generally commands higher wafer prices. The increase in price generally has more than offset associated increases in production cost once an appropriate economy of scale is reached.\nPrices for wafers of a given level of technology generally decline over the processing technology life cycle. As a result, we have continuously been migrating to increasingly sophisticated technologies to maintain the same level of profitability. We began our volume production with 65-nanometer and 40-nanometer technologies in 2006 and 2009, respectively. We introduced our 28-nanometer technology to customers in 2011 and started large-scale commercial production in 2014. Our 28nm and below technologies contributed approximately 17.1%, 15.2% and 11.3% of our foundry revenue in 2017, 2018 and 2019 respectively.\n\n | | Years Ended December 31, | \n----------------------- | ----- | ------------------------ | -----\nProcess Technologies | 2017 | 2018 | 2019 \n | % | % | % \n14 nanometers and under | 0.9 | 2.6 | 0.0 \n28 nanometers | 16.2 | 12.6 | 11.3 \n40 nanometers | 28.4 | 25.3 | 23.1 \n65 nanometers | 12.3 | 12.5 | 14.7 \n90 nanometers | 4.9 | 8.3 | 13.6 \n0.11/0.13 micron | 11.5 | 11.6 | 12.6 \n0.15/0.18 micron | 12.4 | 13.7 | 13.1 \n0.25/0.35 micron | 10.0 | 10.1 | 8.7 \n0.50 micron or higher | 3.4 | 3.3 | 2.9 \nTotal | 100.0 | 100.0 | 100.0"} {"_id": "d1a7177a8", "title": "", "text": "NOTE 4 \u2013 REVENUE FROM CONTRACTS WITH CUSTOMERS\nRevenue is recognized when, or as, performance obligations under terms of a contract are satisfied, which occurs when control of the promised service is transferred to a customer. Revenue is measured as the amount of consideration the Company expects to receive in exchange for transferring services to a customer (\u201ctransaction price\u201d). The Company will then recognize as revenue the amount of the transaction price that is allocated to the respective performance obligation when, or as, the performance obligation is satisfied. When determining the transaction price of the contract, an adjustment is made if payment from a customer occurs either significantly before or significantly after performance, resulting in a significant financing component. None of the Company\u2019s licenses and collaboration agreements contained a significant financing component at either December 31, 2019 or 2018.\nThe Company\u2019s existing license and collaboration agreements may contain a single performance obligation or may contain multiple performance obligations. Those which contain multiple performance obligations will require an allocation of the transaction price based on the estimated relative standalone selling prices of the promised services underlying each performance obligation.\nThe Company\u2019s existing license and collaboration agreements contain customer options for the license of additional products and territories. We determined the option\u2019s standalone selling prices based on the option product\u2019s potential market size in the option territory as compared to the currently licensed product and U.S. territory. Some of our existing license and collaboration agreements contain a license to the technology as well as licenses to tradenames or trademarks. The Company determined that the licenses to the tradenames or trademarks were immaterial in context of the contract.\nSales-based Milestones and Royalty Revenues\nThe commercial sales-based milestones and sales royalties earned under the license and collaboration for Oxaydo and sales royalties earned under the license for the Nexafed products, are recorded in the period of the related sales by Zyla and MainPointe. Payments of sales-based milestones are generally due within 30 days after the end of a calendar year. Payments of royalties are generally due within 45 days after the end of a calendar quarter.\nLicense and Collaboration Agreement Revenues\nThe achievement of milestones under the Company\u2019s license and collaboration agreements will be recorded as revenue during the period the milestone\u2019s achievement becomes probable, which may result in earlier recognition as compared to the previous accounting standards. The license fee of an option product or option territory under the Company\u2019s license and collaboration agreements will be recorded as revenue when the option is exercised and any obligations on behalf of the Company, such as to transfer know-how, has been fulfilled. The monthly license fee under the Company\u2019s LTX-03 license and collaboration agreement will be recorded as revenue upon the fulfillment of the monthly development activities. The out-of-pocket development expenses under the license and collaboration agreements will be recorded as revenue upon the performance of the service or delivery of the material during the month.\nOn June 28, 2019 we entered into an agreement with AD Pharma for the development and license of LTX-03 (hydrocodone bitartrate with acetaminophen) immediate-release tablets utilizing Acura\u2019s patented LIMITx\u2122 having a monthly license payment of $350 thousand from AD Pharma to us for a period of up to 18 months until November 2020. AD Pharma will pay directly for or reimburse Acura to the extent Acura pay\u2019s for, all out-of-pocket development expenses. The first license payment was received July 2, 2019.\nDisaggregation of Total Revenues\nThe Company has two license agreements for currently marketed products containing its technologies; the Oxaydo product containing the Aversion Technology has been licensed to Zyla and the Nexafed products containing the Impede Technology which have been licensed to MainPointe. On January 1, 2020, MainPointe assigned to AD Pharma, with Acura\u2019s consent, all of its right, title and interest in the MainPointe Agreement between MainPointe and Acura. All of the Company\u2019s royalty revenues are earned from these two license agreements by the licensee\u2019s sale of products in the United States.\nRoyalty revenues by licensee are summarized below:\nContract Balance and Performance Obligations\nThe Company had no contract assets and contract liability balances under the license and collaboration agreements at either December 31, 2019 or 2018. Contract assets may be reported in future periods under prepaid expenses or other current assets on the consolidated balance sheet. Contract liabilities may be reported in future periods consisting of deferred revenue as presented on the consolidated balance sheet.\n\n | | For the Year Ended\n-------------------- | ---- | ------------------\n | | December 31, \n | 2019 | 2018 \n | | (in thousands) \nZyla (Oxaydo) | $351 | $386 \nMainPointe (Nexafed) | 21 | 24 \nRoyalty revenues | 372 | $410 "} {"_id": "d1b33c20e", "title": "", "text": "Expense\nFor the years ended December 31, 2019, 2018, and 2017, Teradyne\u2019s net periodic postretirement benefit cost (income) was comprised of the following:\n\n | 2019 | 2018 | 2017 \n---------------------------------------------------------------------------------------- | ------ | -------------- | ------\n | | (in thousands) | \nComponents of Net Periodic Postretirement Benefit | | | \nCost (income): | | | \nService cost | $41 | $39 | $34 \nInterest cost | 347 | 196 | 201 \nAmortization of prior service credit | (191) | (373) | (496) \nNet actuarial loss | 717 | 25 | 398 \nSpecial termination benefits | \u2014 | 3,708 | 591 \nTotal net periodic postretirement benefit cost | 914 | 3,595 | 728 \nChanges in Plan Assets and Benefit Obligations Recognized in Other Comprehensive Income: | | | \nPrior service cost | \u2014 | \u2014 | \u2014 \nReversal of amortization items: | | | \nPrior service credit | 191 | 373 | 496 \nTotal recognized in other comprehensive income | 191 | 373 | 496 \nTotal recognized in net periodic postretirement cost and other comprehensive income | $1,105 | $3,968 | $1,224"} {"_id": "d1b3c55fe", "title": "", "text": "Cash Flow Information\nCash\u00a0flows\u00a0in\u00a0foreign\u00a0currencies\u00a0have\u00a0been\u00a0converted\u00a0to\u00a0U.S.\u00a0Dollars\u00a0at\u00a0an\u00a0approximate\u00a0weighted-average\u00a0exchange\u00a0rate\u00a0for\u00a0the\u00a0respective\u00a0reporting periods.\u00a0The\u00a0weighted-average\u00a0exchange\u00a0rates\u00a0for\u00a0the\u00a0consolidated\u00a0statements\u00a0of\u00a0operations\u00a0were\u00a0as\u00a0follows:\n\n | Years ended December 31, | \n---------------- | ------------------------ | --------\n | 2019 | 2018 \nSwedish Krona | 9.46 | 8.70 \nJapanese Yen | 109.01 | 110.43 \nSouth Korean Won | 1,165.70 | 1,100.50\nTaiwan Dollar | 30.90 | 30.15 "} {"_id": "d1b303e86", "title": "", "text": "10 Earnings per share\nBasic and diluted earnings per share calculated on an adjusted profit basis are included in Note 2.\nThe dilution is in respect of unexercised share options and the Performance Share Plan.\n\n | 2019 | 2018 \n----------------------------------------------- | ------ | ------\nProfit attributable to equity shareholders (\u00a3m) | 166.6 | 223.1 \nWeighted average shares (million) | 73.7 | 73.6 \nDilution (million) | 0.2 | 0.2 \nDiluted weighted average shares (million) | 73.9 | 73.8 \nBasic earnings per share | 226.2p | 303.1p\nDiluted earnings per share | 225.5p | 302.0p"} {"_id": "d1a741ec2", "title": "", "text": "NOTE 21\u2014EARNINGS PER SHARE\nBasic earnings per share are computed by dividing net income, attributable to OpenText, by the weighted average number of Common Shares outstanding during the period. Diluted earnings per share are computed by dividing net income, attributable to OpenText, by the shares used in the calculation of basic earnings per share plus the dilutive effect of Common Share equivalents, such as stock options, using the treasury stock method. Common Share equivalents are excluded from the computation of diluted earnings per share if their effect is anti-dilutive.\n(1) Please also see note 14 \"Income Taxes\" for details relating to a one-time tax benefit of $876.1 million recorded during the three months ended September 30, 2016 in connection with an internal reorganization of our subsidiaries.\n(2) Represents options to purchase Common Shares excluded from the calculation of diluted earnings per share because the exercise price of the stock options was greater than or equal to the average price of the Common Shares during the period.\n\n | | Year Ended June 30, | \n-------------------------------------------------------- | -------- | ------------------- | -------------\n | 2019 | 2018 | 2017 \nBasic earnings per share | | | \nNet income attributable to OpenText | $285,501 | $242,224 | $1,025,659(1)\nBasic earnings per share attributable to OpenText | $1.06 | $0.91 | $4.04 \nDiluted earnings per share | | | \nNet income attributable to OpenText | $285,501 | $242,224 | $1,025,659(1)\nDiluted earnings per share attributable to OpenText | $1.06 | $0.91 | $4.01 \nWeighted-average number of shares outstanding (in 000's) | | | \nBasic | 268,784 | 266,085 | 253,879 \nEffect of dilutive securities | 1,124 | 1,407 | 1,926 \nDiluted | 269,908 | 267,492 | 255,805 \nExcluded as anti-dilutive(2) | 2,759 | 2,770 | 1,371 "} {"_id": "d1b312dd2", "title": "", "text": "Revenue and deferred revenue\nThe Group adopted IFRS 15 Revenue from Contracts with Customers in the current year and has therefore restated the results for the prior-year on a consistent basis, see note 2 of the Financial Statements for further details.\nThe Group\u2019s revenue increased by $71.6 million, or 11.2 per cent, to $710.6 million in the year-ended 31 March 2019. Subscription revenue was notably strong in the period, with reported growth of 15.9 per cent, or 16.7 per cent on a constant currency basis, because of strong prior-period billings and incremental growth of the MSP channel in the current period.\n1 Restated for the adoption of IFRS 15 as explained in note 2 of the Financial Statements\nRevenue in the period of $710.6 million comprised $394.1 million from the recognition of prior-period deferred revenues and $316.5 million from in-period billings. The majority of the Group\u2019s billings, which are recognised over the life of the contract, relate to subscription products (FY19: 84.8 per cent; FY18: 83.8 per cent), with the benefit from increased billings being spread over a number of years on the subsequent recognition of deferred revenue. The deferred revenue balance at the end of the period of $742.1 million increased $13.5 million year-on-year, an increase of 1.9 per cent. This was mainly due to a net deferral of billings amounting to $49.7 million partially offset by a net currency revaluation of $36.2 million, a consequence of the weakening of the euro and sterling against the US dollar during the year. Deferred revenue due within one year at the balance sheet date of $428.6M increased by 5.1 per cent at actual rates or by 10.7 per cent in constant currency.\nRevenue in the Americas increased by $29.7 million or 13.3 per cent to $253.3 million in the year-ended 31 March 2019, supported by the recognition of prior-period Enduser billings from the Sophos Central platform and the growth of the MSP channel in the current period.\nEMEA revenue increased by $39.1 million or 12.0 per cent to $363.6 million in the year-ended 31 March 2019, with growth in Enduser in particular, but also aided by Network sales.\nAPJ revenue increased by $2.8 million, or 3.1 per cent to $93.7 million in the year-ended 31 March 2019, with good growth in Enduser products partially offset by a decline in Network sales following the legacy product transition.\n\n | FY19 | FY18\u00b9 | Growth % | Growth %\n------------------- | ------------- | ------------- | ---------- | --------\n | $m (Reported) | $m (Reported) | (Reported) | (CC) \nRevenue by Region: | | | | \n\u2013 Americas | 253.3 | 223.6 | 13.3 | 13.4 \n\u2013 EMEA | 363.6 | 324.5 | 12.0 | 12.7 \n\u2013 APJ | 93.7 | 90.9 | 3.1 | 6.2 \n | 710.6 | 639.0 | 11.2 | 12.0 \nRevenue by Product: | | | | \n\u2013 Network | 328.5 | 316.5 | 3.8 | 4.7 \n\u2013 Enduser | 348.4 | 291.8 | 19.4 | 20.2 \n\u2013 Other | 33.7 | 30.7 | 9.8 | 10.0 \n | 710.6 | 639.0 | 11.2 | 12.0 \nRevenue by Type: | | | | \n\u2013 Subscription | 593.9 | 512.4 | 15.9 | 16.7 \n\u2013 Hardware | 106.8 | 115.1 | (7.2) | (6.3) \n\u2013 Other | 9.9 | 11.5 | (13.9) | (12.8) \n | 710.6 | 639.0 | 11.2 | 12.0 "} {"_id": "d1b304b42", "title": "", "text": "Gross margin\nThe Group achieved further gross margin expansion in 2019 with an increase of 1.0 percentage points, to 73.2 per cent from 72.2 per cent in 2018. This followed an increase of 0.7 percentage points last year. Once again, all the operating segments achieved an improvement in gross margin, benefiting from new product launches and a higher proportion of software sales.\n\n$ million | 2019 | % | 2018 | % \n--------------------------- | ----- | ---- | ----- | ----\nNetworks & Security | 232.3 | 72.6 | 205.3 | 72.0\nLifecycle Service Assurance | 88.6 | 79.7 | 87.9 | 77.9\nConnected Devices | 47.7 | 65.8 | 51.3 | 64.9\n | 368.6 | 73.2 | 344.5 | 72.2"} {"_id": "d1b347866", "title": "", "text": "Fiscal 2019 Restructuring Plan\nDuring Fiscal 2019, we began to implement restructuring activities to streamline our operations (Fiscal 2019 Restructuring Plan), including in connection with our recent acquisitions of Catalyst and Liaison, to take further steps to improve our operational efficiency. The Fiscal 2019 Restructuring Plan charges relate to workforce reductions and facility consolidations. These charges require management to make certain judgments and estimates regarding the amount and timing of restructuring charges or recoveries. Our estimated liability could change subsequent to its recognition, requiring adjustments to the expense and the liability recorded. On a quarterly basis, we conduct an evaluation of the related liabilities and expenses and revise our assumptions and estimates as appropriate.\nAs of June 30, 2019, we expect total costs to be incurred in conjunction with the Fiscal 2019 Restructuring Plan to be approximately $30.0 million, of which $28.3 million has already been recorded within \"Special charges (recoveries)\" to date. We do not expect to incur any further significant charges relating to this plan.\nA reconciliation of the beginning and ending liability for the year ended June 30, 2019 is shown below.\n\nFiscal 2019 Restructuring Plan | Workplace reduction | Facility costs | Total \n----------------------------------- | ------------------- | -------------- | --------\nBalance payable as at June 30, 2018 | $\u2014 | $\u2014 | $\u2014 \nAccruals and adjustments | 12,460 | 15,858 | 28,318 \nCash payments | (10,420) | (4,739) | (15,159)\nNon-cash adjustments | \u2014 | (3,393) | (3,393) \nForeign exchange | (221) | (2,438) | (2,659) \nBalance payable as at June 30, 2019 | $1,819 | $5,288 | $7,107 "} {"_id": "d1b38a288", "title": "", "text": "MEDIA FINANCIAL RESULTS\nREVENUE\nMedia revenue is earned from:\n\u2022 advertising sales across its television, radio, and digital media properties; \u2022 subscriptions to televised and OTT products; \u2022 ticket sales, fund redistribution and other distributions from MLB, and concession sales; and \u2022 retail product sales.\nThe 4% decrease in revenue this year was a result of: \u2022 the sale of our publishing business in the second quarter of 2019; and \u2022 lower revenue at the Toronto Blue Jays, primarily as a result of a distribution from Major League Baseball in 2018; partially offset by \u2022 higher revenue generated by Sportsnet and TSC. Excluding the sale of our publishing business and the impact of the distribution from Major League Baseball last year, Media revenue would have increased by 1% this year.\nOPERATING EXPENSES\nWe record Media operating expenses in four primary categories:\n\u2022 the cost of broadcast content, including sports programming\nand production;\n\u2022 Toronto Blue Jays player compensation;\n\u2022 the cost of retail products sold; and\n\u2022 all other expenses involved in day-to-day operations.\nThe 2% decrease in operating expenses this year was a result of:\n\u2022 lower Toronto Blue Jays player compensation; and\n\u2022 lower publishing-related costs due to the sale of this business;\npartially offset by\n\u2022 higher programming costs; and\n\u2022 higher cost of sales as a result of higher revenue at TSC.\nADJUSTED EBITDA\nThe 29% decrease in adjusted EBITDA this year was a result of the\nrevenue and expense changes described above. Excluding the\nimpact of the sale of our publishing business in the second quarter\nof 2019 and the distribution from Major League Baseball last year,\nadjusted EBITDA would have increased by 1% this year.\n\n | | Years ended December 31 | \n---------------------------------------- | ----- | ----------------------- | --------\n(In millions of dollars, except margins) | 2019 | 2018 | %Chg \nRevenue | 2,072 | 2,168 | (4) \nOperating expenses | 1,932 | 1,972 | (2) \nAdjusted EBITDA | 140 | 196 | (29) \nAdjusted EBITDA margin | 6.8% | 9.0% | (2.2pts)\nCapital expenditures | 102 | 90 | 13 "} {"_id": "d1b33423e", "title": "", "text": "8 Auditor\u2019s remuneration\n1 Relates to the interim report review of the Group, and interim reviews of certain subsidiary undertakings.\n2 2019 other non-audit assurance services relate primarily to reporting accountants\u2019 work associated with the potential equity raise not completed.\nThe reporting accountants\u2019 work surrounding the potential equity raise not completed includes a working capital report that requires the accountant to have detailed knowledge of the Group. If a firm other than the audit firm were to undertake this work, they would require a significant amount of additional time to become familiar with the Group. Deloitte was therefore chosen to undertake this work as it was considered to be sensible and more efficient both in terms of time and costs.\n2018 other non-audit assurance services included \u00a340,000 related to reporting accountants\u2019 work associated with a year end significant change report and \u00a3190,000 related to reporting accountants\u2019 work in connection with the Group\u2019s Q3 profit estimate which was required at the time due to Takeover Code rules.\nThe work surrounding a significant change report and a profit estimate requires the accountant to have detailed knowledge of the Group. If a firm other than the audit firm were to undertake this work, they would require a significant amount of additional time to become familiar with the Group. PwC was therefore chosen to undertake this work as it was considered to be sensible and more efficient both in terms of time and costs.\nAs for all 2019 and 2018 non-audit work, consideration was given as to whether Deloitte\u2019s (2019) and PwC\u2019s (2018) independence could be affected by undertaking this work. It was concluded by the Audit Committee that this would not be the case.\nFees payable by the Group\u2019s joint ventures in respect of 2019 were \u00a3156,000 (Group\u2019s share), all of which relates to audit and audit-related services (2018: \u00a3121,000, all of which related to audit and audit-related services).\n\n | 2019 | 2018 \n------------------------------------------------------------- | ----- | -----\n | \u00a3000 | \u00a3000 \nFees payable to the Company\u2019s auditor and its associates for: | | \nThe audit of the Company\u2019s annual financial statements | 559 | 382 \nThe audit of the Company\u2019s subsidiaries | 533 | 441 \nFees related to the audit of the Company and its subsidiaries | 1,092 | 823 \nAudit-related assurance services1 | 64 | 51 \nTotal fees for audit and audit-related services | 1,156 | 874 \nOther non-audit assurance services2 | 534 | 230 \nTotal fees | 1,690 | 1,104"} {"_id": "d1b32ef28", "title": "", "text": "NOTE 3 \u2013 STAFF COSTS\nEmployee information\nThe majority of the staff on vessels are not employed by TORM. Staff costs included in operating expenses relate to the 108 seafarers (2018: 112, 2017: 131).\nThe average number of employees is calculated as a full-time equivalent (FTE).\nThe Executive Director is, in the event of termination by the Company, entitled to a severance payment of up to 12 months' salary.\n\nUSDm | 2019 | 2018 | 2017 \n----------------------------------------------- | ----- | ----- | -----\nTotal staff costs | | | \nStaff costs included in operating expenses | 8.1 | 9.3 | 9.2 \nStaff costs included in administrative expenses | 37.7 | 36.9 | 34.6 \nTotal | 45.8 | 46.2 | 43.8 \nStaff costs comprise the following | | | \nWages and salaries | 37.2 | 38.1 | 36.4 \nShare-based compensation | 1.9 | 2.1 | 1.9 \nPension costs | 3.5 | 3.3 | 3.1 \nOther social security costs | 0.9 | 0.6 | 0.3 \nOther staff costs | 2.3 | 2.1 | 2.1 \nTotal | 45.8 | 46.2 | 43.8 \nAverage number of permanent employees | | | \nSeafarers | 107.6 | 111.7 | 130.6\nLand-based | 313.5 | 302.2 | 286.6\nTotal | 421.1 | 413.9 | 417.2"} {"_id": "d1a73cf94", "title": "", "text": "13. EARNINGS (LOSS) PER SHARE\nBasic earnings per share (\u201cEPS\u201d) are computed by dividing net income (loss) by the weighted-average number of common shares outstanding for the period. Diluted EPS is computed by dividing net income by the weighted-average number of common shares and dilutive common stock equivalents outstanding during the period.\nOn March 29, 2019, the Company launched an ATM program of our common shares for up to $40.0 million. The Company has issued 5,260,968 shares with net proceeds of $17.9 million under its At-the-Market as of December 31, 2019. The Company has not issued any shares subsequent to the balance sheet date.\nThe remaining available proceeds through the offering is $21.4 million as of the date of this report. Based on the share price of the Company of $3.47 per share as of April 3, 2020 it would have resulted in 6,173,500 new shares being issued, if fully utilizing the remaining balance available through the ATM.\n\nAll figures in USD except number of shares and earnings (loss) per common share | 2019 | 2018 | 2017 \n------------------------------------------------------------------------------- | ----------- | ----------- | -----------\nNumerator: | | | \nNet Loss | (10,352) | (95,306) | (204,969) \nDenominator: | | | \nBasic - Weighted Average Common Shares Outstanding | 142,571,361 | 141,969,666 | 103,832,680\nDilutive \u2013 Weighted Average Common Shares Outstanding | 142,571,361 | 141,969,666 | 103,832,680\nLoss per Common Share: | | | \nBasic | (0.07) | (0.67) | (1.97) \nDiluted | (0.07) | (0.67) | (1.97) "} {"_id": "d1b34fe9e", "title": "", "text": "(18) Quarterly Financial Data (Unaudited)\nDuring the first quarter of 2019, we recorded a non-cash, non-tax-deductible goodwill impairment charge of $6.5 billion for goodwill, see Note 4\u2014Goodwill, Customer Relationships and Other Intangible Assets for further details.\nDuring the fourth quarter of 2018, we recorded a non-cash, non-tax-deductible goodwill impairment charge of $2.7 billion for goodwill see Note 4\u2014Goodwill, Customer Relationships and Other Intangible Assets for further details.\nDuring the first quarter of 2018, we recognized $71 million of expenses related to our acquisition of Level 3 followed by acquisition-related expenses of $162 million, $43 million and $117 million in the second, third and fourth quarters of 2018, respectively. During 2019, we recognized expenses related to our acquisition of Level 3 of $34 million, $39 million, $38 million and $123 million in the first, second, third and fourth quarters of 2019, respectively.\n\n | First Quarter | Second Quarter | Third Quarter | Fourth Quarter | Total \n---------------------------------------- | ------------- | -------------- | ----------------------------------------------- | -------------- | -------\n | | | (Dollars in millions, except per share amounts) | | \n2019 | | | | | \nOperating revenue | $5,647 | 5,578 | 5,606 | 5,570 | 22,401 \nOperating (loss) income | (5,499) | 976 | 950 | 847 | (2,726)\nNet (loss) income | (6,165) | 371 | 302 | 223 | (5,269)\nBasic (loss) earnings per common share | (5.77) | 0.35 | 0.28 | 0.21 | (4.92) \nDiluted (loss) earnings per common share | (5.77) | 0.35 | 0.28 | 0.21 | (4.92) \n2018 | | | | | \nOperating revenue | $5,945 | 5,902 | 5,818 | 5,778 | 23,443 \nOperating income (loss) | 750 | 767 | 894 | (1,841) | 570 \nNet income (loss) | 115 | 292 | 272 | (2,412) | (1,733)\nBasic earnings (loss) per common share | 0.11 | 0.27 | 0.25 | (2.26) | (1.63) \nDiluted earnings (loss) per common share | 0.11 | 0.27 | 0.25 | (2.26) | (1.63) "} {"_id": "d1b32ed66", "title": "", "text": "Plan Summaries\nAs of January 3, 2020, the Company had stock-based compensation awards outstanding under the following plans: the 2017 Omnibus Incentive Plan, 2006 Equity Incentive Plan, as amended, and the 2006 Employee Stock Purchase Plan, as amended (\"ESPP\"). Leidos issues new shares upon the issuance of the vesting of stock units or exercising of stock options under these plans.\nIn fiscal 2017, stockholders approved the 2017 Omnibus Incentive Plan which provides the Company and its affiliates' employees, directors and consultants the opportunity to receive various types of stock-based compensation awards, such as stock options, restricted stock units and performance-based awards, as well as cash awards.\nThe Company grants service-based awards that generally vest or become exercisable 25% a year over four years or cliff vest in three years. As of January 3, 2020, 4.4 million shares of Leidos' stock were reserved for future issuance under the 2017 Omnibus Incentive Plan and the 2006 Equity Incentive Plan.\nThe Company offers eligible employees the opportunity to defer restricted stock units into an equity-based deferred equity compensation plan, the Key Executive Stock Deferral Plan (\"KESDP\"). Prior to 2013, the Company offered an additional opportunity for deferrals into the Management Stock Compensation Plan (\"MSCP\"). Benefits from these plans are payable in shares of Leidos' stock that are held in a trust for the purpose of funding shares to the plans' participants.\nRestricted stock units deferred under the KESDP are counted against the total shares available for future issuance under the 2017 Omnibus Incentive Plan. All awards under the MSCP are fully vested and the plan does not provide for a maximum number of shares available for future issuance.\nThe Company's ESPP allows eligible employees to purchase shares of Leidos' stock at a discount of up to 15% of the fair market value on the date of purchase. During the first half of fiscal 2018 and 2017, the discount was 5% of the fair market value on the date of purchase, thereby resulting in the ESPP being non-compensatory. Effective the second half of fiscal 2018, the Company increased the discount to 10% of the fair market value on the date of purchase, resulting in the ESPP being compensatory.\nDuring fiscal 2019, 2018 and 2017, $25 million, $11 million and $10 million, respectively, was received from ESPP plan participants for the issuance of Leidos' stock. A total of 4.2 million shares remain available for future issuance under the ESPP.\nStock-based compensation and related tax benefits recognized under all plans were as follows:\n\n | | Year Ended | \n----------------------------------------------------- | --------------- | ----------------- | -----------------\n | January 3, 2020 | December 28, 2018 | December 29, 2017\n | | (in millions) | \nTotal stock-based compensation expense | $52 | $44 | $43 \nTax benefits recognized from stock-based compensation | 13 | 11 | 17 "} {"_id": "d1b374794", "title": "", "text": "Deferred Revenue The following table presents the breakdown of deferred revenue (in millions):\nDeferred revenue decreased primarily due to the adoption of ASC 606 in the beginning of our first quarter of fiscal 2019. Of the total deferred revenue decrease related to the adoption of ASC 606 of $2.8 billion, $2.6 billion relates to deferred product revenue and $0.2 billion relates to deferred service revenue. Of the adjustment to deferred product revenue, $1.3 billion related to our recurring software and subscription offers, $0.6 billion related to two-tier distribution, and the remainder related to nonrecurring software and other adjustments. The decrease related to the adoption of ASC 606 was partially offset by an increase in product deferred revenue during the fiscal year. The increase in deferred service revenue was driven by the impact of contract renewals, partially offset by amortization of deferred service revenue.\n\n | July 27, 2019 | July 28, 2018 | Increase (Decrease)\n------------ | ------------- | ------------- | -------------------\nService | $11,709 | $11,431 | $ 278 \nProduct | 6,758 | 8,254 | (1,496) \nTotal | $18,467 | $19,685 | $(1,218) \nReported as: | | | \nCurrent | $10,668 | $11,490 | $(822) \nNoncurrent | 7,799 | 8,195 | (396) \nTotal | $18,467 | $19,685 | $(1,218) "} {"_id": "d1b37bddc", "title": "", "text": "For purposes of reconciling the Company\u2019s provision for income taxes at the statutory rate and the Company\u2019s provision (benefit) for income taxes at the effective tax rate, a notional 26% tax rate was applied as follows (in thousands):\nThe difference between the statutory federal income tax rate and the Company\u2019s effective tax rate in 2019, 2018 and 2017 is primarily attributable to the effect of state income taxes, difference between the U.S. and foreign tax rates, deferred tax state rate adjustment, share-based compensation, true up of deferred taxes, other non-deductible permanent items, and change in valuation allowance. In addition, the Company\u2019s foreign subsidiaries are subject to varied applicable statutory income tax rates for the periods presented.\n\n | | Year Ended December 31, | \n---------------------------------------------------------------------- | --------- | ----------------------- | --------\n | 2019 | 2018 | 2017 \nIncome tax at federal statutory rate | $(10,883) | $(9,811) | $(6,659)\nIncrease (decrease) in tax resulting from: | | | \nState income tax expense, net of federal tax effect | (3,657) | (2,749) | (421) \nNondeductible permanent items | 3,522 | (1,522) | 1,506 \nForeign rate differential | (367) | 552 | 599 \nTax rate change | \u2014 | 134 | 7,226 \nAdjustment to deferred taxes | (1,904) | 307 | 37 \nChange in valuation allowance | 22,481 | 15,805 | (2,291) \nUncertain tax positions | 128 | 143 | 76 \nNonqualified stock option and performance award windfall upon exercise | (9,128) | (1,983) | \u2014 \nOther | 233 | (80) | (26) \nTotal | $425 | $796 | $47 "} {"_id": "d1b3aad30", "title": "", "text": "Interest Expense and Interest Income and Other Expense, net\nThe table below sets forth the changes in interest expense and interest income and other expense, net, for the fiscal year ended December 29, 2019, as compared to fiscal year ended December 30, 2018 (in thousands, except percentage data):\nThe $242,000 increase in interest expense was attributable to higher line of credit balance in 2019 compared to 2018. The $112,000 increase in interest income and other expenses was attributable to increase in interest income from money market account with Heritage Bank.\n\n | Fiscal Years | | Year-Over-Year Change | \n-------------------------------------- | ------------ | ------ | --------------------- | ----------\n | 2019 | 2018 | Amount | Percentage\nInterest expense | $(350) | $(108) | $(242) | 224% \nInterest income and other expense, net | 189 | 77 | 112 | 145% \n | $(161) | $(31) | $(130) | 419% "} {"_id": "d1b2fb01a", "title": "", "text": "5.2 Key Management Personnel Compensation\nNotes: (1) Comprise base salary, bonus, contributions to defined contribution plans and other benefits, but exclude performance share and share option expenses disclosed below.\n(2) The Group Chief Executive Officer, an executive director of Singtel, was awarded up to 1,030,168 (2018: 1,712,538) ordinary shares of Singtel pursuant to Singtel performance share plans, subject to certain performance criteria including other terms and conditions being met. The performance share award in the previous financial year included a one-off Special Share Award (\u201cSSA\u201d). The performance share expense computed in accordance with SFRS(I) 2, Share-based Payment, was S$1.5 million (2018: S$3.3 million).\n(3) The other key management personnel of the Group comprise the Chief Executive Officers of Consumer Singapore, Consumer Australia, Group Enterprise, Group Digital Life and International Group, as well as the Group Chief Corporate Officer, Group Chief Financial Officer, Group Chief Human Resources Officer, Group Chief Information Officer and Group Chief Technology Officer. The other key management personnel were awarded up to 3,537,119 (2018: 4,391,498) ordinary shares of Singtel pursuant to Singtel performance share plans, subject to certain performance criteria including other terms and conditions being met. The performance share award in the previous financial year included a one-off SSA. The performance share expense computed in accordance with SFRS(I) 2 was S$6.1 million (2018: S$8.5 million).\n(4) Directors\u2019 remuneration comprises the following: (i) Directors\u2019 fees of S$2.7 million (2018: S$2.5 million), including fees paid to certain directors in their capacities as members of the Optus Advisory Committee and the Technology Advisory Panel, and as director of Singtel Innov8 Pte. Ltd.\u00a0(ii) Car-related benefits of the Chairman of S$24,557 (2018: S$20,446). In addition to the Directors\u2019 remuneration, Venkataraman Vishnampet Ganesan, a non-executive director of Singtel, was awarded 831,087 (2018: Nil) of share options pursuant to the Amobee Long-Term Incentive Plan during the financial year, subject to certain terms and conditions being met. The share option expense computed in accordance with SFRS(I) 2 was S$104,278 (2018: S$21,607).\n\n | | Group \n----------------------------------------- | ------ | ------\n | 2019 | 2018 \n | S$ Mil | S$ Mil\nKey management personnel compensation (1) | | \nExecutive director (2) | 3.5 | 6.1 \nOther key management personnel (3) | 15.9 | 22.4 \n | 19.4 | 28.5 \nDirectors' remuneration (4) | 2.7 | 2.5 \n | 22.1 | 31.0 "} {"_id": "d1b301e4c", "title": "", "text": "GreenSky, Inc. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS \u2014 (Continued) (United States Dollars in thousands, except per share data, unless otherwise stated)\nDisaggregated revenue\nRevenue disaggregated by type of service was as follows for the periods presented:\n(1) For the year ended December 31, 2019, includes a $30,459 change in fair value of our servicing asset primarily associated with increases to the contractually specified fixed servicing fees for certain Bank Partners. Refer to Note 3 for additional information.\n(2) Other revenue includes miscellaneous revenue items that are individually immaterial. Other revenue is presented separately herein in order to clearly present merchant, interchange and servicing fees, which are more integral to our primary operations and better enable financial statement users to calculate metrics such as servicing and merchant fee yields.\nNo assets were recognized from the costs to obtain or fulfill a contract with a customer as of December 31,\n2019 and 2018. We recognized bad debt expense arising from our contracts with customers of $950, $1,294 and\n$817 during the years ended December 31, 2019, 2018 and 2017, respectively, which is recorded within general and\nadministrative expense in our Consolidated Statements of Operations.\n\n | | Year Ended December 31, | \n------------------- | -------- | ----------------------- | --------\n | 2019 | 2018 | 2017 \nMerchant fees | $361,755 | $297,776 | $234,548\nInterchange fees | 44,150 | 51,128 | 44,410 \nTransaction fees | 405,905 | 348,904 | 278,958 \nServicing fees(1) | 123,697 | 65,597 | 46,575 \nOther(2) | 44 | 172 | 354 \nServicing and other | 123,741 | 65,769 | 46,929 \nTotal revenue | $529,646 | $414,673 | $325,887"} {"_id": "d1b33382a", "title": "", "text": "Restricted Stock Units\nThe Company intends to settle all vested restricted stock unit payments held by United States-based participants in shares of the Company\u2019s common stock and classifies these awards as equity awards in its Consolidated Balance Sheets. Awards held by participants who are based outside of the United States will be settled in cash and are classified within accrued and other current liabilities on the Consolidated Balance Sheets as of December 31, 2019 and 2018\nThe following table summarizes the activity related to the unvested restricted stock units during the years ended December 31, 2019 and 2018:\nUnrecognized compensation expense related to unvested restricted stock units was $731 at December 31, 2019, which is expected to be recognized as expense over the weighted-average period of 0.7 years.\nDuring the years ended December 31, 2019 and 2018, the Company issued 642,520 and 782,364 shares, respectively, of common stock to participants of the 2016 Plan based in the United States, after withholding approximately 261,335 and 472,965 shares, respectively, to satisfy tax withholding obligations. The Company made a cash payment of $181 and $1,495 to cover employee withholding taxes upon the settlement of these vested restricted stock units during the years ended December 31, 2019 and 2018, respectively. During the years ended December 31, 2019 and 2018, the Company also paid $0 and $300 to cash-settle 16 and 100,025 vested restricted stock units by agreement with the Chief Operating Officer in relation to certain grants made to him and to pay cash in lieu of fractional shares for vested units held by participants based in the United States.\n\n | Number of Units | Weighted-Average Grant-Date Fair Value\n--------------------------------------------------------------- | --------------- | --------------------------------------\nUnvested restricted stock units outstanding - December 31, 2017 | 3,106,024 | $3.43 \nGranted | 853,736 | 1.46 \nVested | (1,583,399) | 3.18 \nForfeited | (563,400) | 3.39 \nUnvested restricted stock units outstanding - December 31, 2018 | 1,812,961 | $2.74 \nGranted | 60,000 | $0.98 \nVested | (904,096) | $2.67 \nForfeited | (263,450) | $2.71 \nUnvested restricted stock units outstanding - December 31, 2019 | 705,415 | $2.68 "} {"_id": "d1b338460", "title": "", "text": "Basic and Diluted Net Income Per Share\nBasic net income per share is computed using net income divided by the weighted average number of shares of common stock\noutstanding (\u201cWeighted Shares\u201d) for the period presented.\nDiluted net income per share is computed using net income divided by Weighted Shares and the treasury stock method effect of common equivalent shares (\u201cCESs\u201d) outstanding for each period presented. In the following table, we present a reconciliation of earnings per share and the shares used in the computation of earnings per share for the years ended December 31, 2019, 2018 and 2017 (in thousands, except per share data):\ncommon equivalent shares (\u201cCESs\u201d) outstanding for each period presented. In the following table, we present a reconciliation of\nearnings per share and the shares used in the computation of earnings per share for the years ended December 31, 2019, 2018 and\n2017 (in thousands, except per share data):\nThe number of anti-dilutive CESs in 2019, 2018 and 2017 was immaterial. See Note 2 for further information on those securities.\n\n | | Year Ended December 31, | \n---------------------------------- | ---------- | ---------------------------------------- | ---------\n | 2019 | 2018 | 2017 \n | | (in thousands, except per share data) | \nNet income | $ 85,762 | $ 104,690 | $ 116,481\nEarnings per share\uff1a | | | \nBasic | $ 1.33 | $ 1.58 | $ 1.68 \nEffect of CESs | (0.01 ) | - | - \nDiluted | $ 1.32 | $ 1.58 | $ 1.68 \nWeighted average number of shares: | | | \nBasic | 64,397 | 66,201 | 69,175 \nEffect of CESs | 706 | 233 | 249 \nDiluted | 65,103 | 66,434 | 69,424 "} {"_id": "d1b326d46", "title": "", "text": "Year Ended December 31, 2018 Compared to the Year Ended December 31, 2017\nOur management reviews and analyzes several key financial measures in order to manage our business and assess the quality of and variability of our service revenue, operating results and cash flows. The following summary tables present a comparison of our results of operations with respect to certain key financial measures. The comparisons illustrated in the tables are discussed in greater detail below.\n(1) Includes non-cash equity-based compensation expense of $895 and $604 for 2018 and 2017, respectively.\n(2) Includes non-cash equity-based compensation expense of $16,813 and $12,686 for 2018 and 2017, respectively.\nService Revenue. Our service revenue increased 7.2% from 2017 to 2018. Exchange rates positively impacted our increase in service revenue by approximately $4.0 million. All foreign currency comparisons herein reflect results for 2018 translated at the average foreign currency exchange rates for 2017. We increased our total service revenue by increasing the number of sales representatives selling our services, by expanding our network, by adding additional buildings to our network, by increasing our penetration into the buildings connected to our network and by gaining market share by offering our services at lower prices than our competitors.\nRevenue recognition standards include guidance relating to any tax assessed by a governmental authority that is directly imposed on a revenue-producing transaction between a seller and a customer and may include, but is not limited to, gross receipts taxes, Universal Service Fund fees and certain state regulatory fees. We record these taxes billed to our customers on a gross basis (as service revenue and network operations expense) in our consolidated statements of operations. The impact of these taxes including the Universal Service Fund resulted in an increase to our revenues from 2017 to 2018 of approximately $1.6 million.\nOur net-centric customers tend to purchase their service on a price per megabit basis. Our corporate customers tend to utilize a small portion of their allocated bandwidth on their connections and tend to purchase their service on a per connection basis. Revenues from our corporate and net-centric customers represented 64.9% and 35.1% of total service revenue, respectively, for 2018 and represented 62.3% and 37.7% of total service revenue, respectively, for 2017. Revenues from corporate customers increased 11.8% to $337.8 million for 2018 from $302.1 million for 2017 primarily due to an increase in our number of our corporate customers. Revenues from our net-centric customers decreased by 0.4% to $182.3 million for 2018 from $183.1 million for 2017 primarily due to an increase in our number of net-centric customers being offset by a decline in our average price per megabit. Our revenue from our net- centric customers has declined as a percentage of our total revenue and grew at a slower rate than our corporate customer revenue because net-centric customers purchase our services based upon a price per megabit basis and our average price per megabit declined by 25.9% from 2017 to 2018. Additionally, the net-centric market experiences a greater level of pricing pressure than the corporate market and net-centric customers who renew their service with us expect their renewed service to be at a lower price than their current price. We expect that our average price per megabit will continue to decline at similar rates which would result in our corporate revenues continuing to represent a greater portion of our total revenues and our net-centric revenues continuing to grow at a lower rate than our corporate revenues. Additionally, the impact of foreign exchange rates has a more significant impact on our net- centric revenues.\nOur on-net revenues increased 8.1% from 2017 to 2018. We increased the number of our on-net customer connections by 12.1% at December 31, 2018 from December 31, 2017. On-net customer connections increased at a greater rate than on-net revenues primarily due to the 5.1% decline in our on-net ARPU, primarily from a decline in ARPU for our net-centric customers. ARPU is determined by dividing revenue for the period by the average customer connections for that period. Our average price per megabit for our installed base of customers is determined by dividing the aggregate monthly recurring fixed charges for those customers by the aggregate committed data rate for the same customers. The decline in on-net ARPU is partly attributed to volume and term based pricing discounts. Additionally, on-net customers who cancel their service from our installed base of customers, in general, have an ARPU that is greater than the ARPU for our new customers due to declining prices primarily for our on-net services sold to our net-centric customers. These trends resulted in the reduction to our on-net ARPU and a 25.9% decline in our average price per megabit for our installed base of customers.\nOur off-net revenues increased 5.2% from 2017 to 2018. Our off-net revenues increased as we increased the number of our off-net customer connections by 10.3% at December 31, 2018 from December 31, 2017. Our off-net customer connections increased at a greater rate than our off-net revenue primarily due to the 6.8% decrease in our off-net ARPU.\nNetwork Operations Expenses. Network operations expenses include the costs of personnel associated with service delivery, network management, and customer support, network facilities costs, fiber and equipment maintenance fees, leased circuit costs, access and facilities fees paid to building owners and excise taxes billed to our customers and recorded on a gross basis. Non-cash equity-based compensation expense is included in network operations expenses consistent with the classification of the employee's salary and other compensation. Our network operations expenses, including non-cash equity-based compensation expense, increased 4.9% from 2017 to 2018 as we were connected to 11.9% more customer connections and we were connected to 170 more on-net buildings as of December 31, 2018 compared to December 31, 2017. The increase in network operations expense is primarily attributable to an increase in costs related to our network and facilities expansion activities and the increase in our off- net revenues. When we provide off-net services we also assume the cost of the associated tail circuits.\nSelling, General, and Administrative Expenses (\u201cSG&A\u201d). Our SG&A expenses, including non-cash equity- based compensation expense, increased 4.6% from 2017 to 2018. Non cash equity-based compensation expense is included in SG&A expenses consistent with the classification of the employee's salary and other compensation and was $16.8 million for 2018 and $12.7 million for 2017. SG&A expenses increased primarily from an increase in salaries and related costs required to support our expansion and increases in our sales efforts and an increase in our headcount partly offset by a $1.1 million decrease in our legal fees primarily associated with U.S. net neutrality and interconnection regulatory matters and by the $1.3 million reduction in commission expense from the impact of the new revenue accounting standard which requires us to capitalize certain commissions paid to our sales agents and sales employees. Our sales force headcount increased by 7.8% from 574 at December 31, 2017 to 619 at December 31, 2018 and our total headcount increased by 4.8% from 929 at December 31, 2017 to 974 at December 31, 2018.\nDepreciation and Amortization Expenses. Our depreciation and amortization expenses increased 7.0% from 2017 to 2018. The increase is primarily due to the depreciation expense associated with the increase related to newly deployed fixed assets more than offsetting the decline in depreciation expense from fully depreciated fixed assets.\nGains on Equipment Transactions. We exchanged certain used network equipment and cash consideration for new network equipment resulting in gains of $1.0 million for 2018 and $3.9 million for 2017. The gains are based upon the excess of the estimated fair value of the new network equipment over the carrying amount of the returned used network equipment and the cash paid. The reduction in gains from 2017 to 2018 was due to purchasing more equipment under the exchange program in 2017 than we purchased in 2018.\nInterest Expense. Interest expense results from interest incurred on our $445.0 million of senior secured notes, interest incurred on our $189.2 million of senior unsecured notes, interest on our installment payment agreement and interest on our finance lease obligations. Our interest expense increased by 5.3% for 2018 from 2017 primarily due to the issuance of $70.0 million of senior secured notes in August 2018 and an increase in our finance lease obligations.\nIncome Tax Expense. Our income tax expense was $12.7 million for 2018 and $25.2 million for 2017. The decrease in our income tax expense was primarily related to an increase in deferred income tax expense for 2017 primarily due to the impact of the Tax Cuts and Jobs Act (the \"Act\"). On December 22, 2017, the President of the United States signed into law the Act. The Act amended the Internal Revenue Code and reduced the corporate tax rate from a maximum rate of 35% to a flat 21% rate. The rate reduction was effective on January 1, 2018 and may reduce our future income taxes payable once we become a cash taxpayer in the United States. As a result of the reduction in the corporate income tax rate and other provisions under the Act, we were required to revalue our net deferred tax asset at December 31, 2017 resulting in a reduction in our net deferred tax asset of $9.0 million and we also recorded a transition tax of $2.3 million related to our foreign operations for a total income tax expense of approximately $11.3 million, which was recorded as additional noncash income tax expense in 2017.\nBuildings On-net. As of December 31, 2018 and 2017 we had a total of 2,676 and 2,506 on-net buildings connected to our network, respectively.\n\n | Year Ended December 31, | | Change \n------------------------------------------------ | ----------------------- | -------- | -------\n | 2018 | 2017 | Percent\n | (in thousands) | | \nService revenue | $520,193 | $485,175 | 7.2% \nOn-net revenues | 374,555 | 346,445 | 8.1% \nOff-net revenues | 145,004 | 137,892 | 5.2% \nNetwork operations expenses(1) | 219,526 | 209,278 | 4.9% \nSelling, general, and administrative expenses(2) | 133,858 | 127,915 | 4.6% \nDepreciation and amortization expenses | 81,233 | 75,926 | 7.0% \nGains on equipment transactions | 982 | 3,862 | (74.6)%\nInterest expense | 51,056 | 48,467 | 5.3% \nIncome tax expense | 12,715 | 25,242 | (49.6)%"} {"_id": "d1a7265a0", "title": "", "text": "13. Income Taxes\nOn December 22, 2017, the Tax Cuts and Jobs Act (\u201cTax Act\u201d) was signed into U.S. Law. As of December 31, 2018, the Company had completed its accounting for the tax effects related to the enactment of the Tax Act.\nThe Tax Act reduced the U.S. federal corporate income tax rate from 35% to 21%, effective January 1, 2018. During the year ended December 31, 2017, the Company remeasured certain deferred tax assets and liabilities and recorded a $15.0 million provisional tax charge. During the year ended December 31, 2018, the Company reduced the initial provisional tax charge by recording a $4.9 million benefit related to accelerated tax deductions claimed on the 2018 U.S. Federal Income Tax Return.\nThe Tax Act required U.S. companies to pay a one-time transition tax on certain unremitted foreign earnings. During the year ended December 31, 2017, the Company recorded a $20.9 million provisional tax charge based on post-1986 earnings and profits of foreign subsidiaries that were previously deferred from U.S. income taxes. Upon further analysis, the Company reduced the initial provisional tax charge by recording an $8.1 million benefit during the year ended December 31, 2018.\nDuring the year ended December 31, 2018, the Company recorded a $15.5 million valuation allowance on its deferred tax asset related to U.S. foreign tax credits based upon business conditions and tax laws in effect at that time.\nDuring the year ended December 31, 2019, following the acquisition of Speedpay, the Company determined it will more likely than not be able to utilize foreign tax credits in future years due to additional income generated by Speedpay; therefore, the Company released the $15.5 million valuation allowance that had been established on this deferred tax asset.\nThe Tax Act subjects a U.S. shareholder to tax on global intangible low-taxed income (\"GILTI\") earned by certain foreign subsidiaries. The Company has elected to account for GILTI in the year the tax is incurred.\nPrior to 2018, the Company considered all earnings in foreign subsidiaries to be indefinitely reinvested, and accordingly, recorded no deferred income taxes related to unremitted earnings. As of December 31, 2019 and 2018, the Company considered only the earnings in its Indian subsidiaries to be indefinitely reinvested. The earnings of all other foreign subsidiaries are no longer considered indefinitely reinvested. The Company is also permanently reinvested for outside book/tax basis differences related to foreign subsidiaries.\nFor financial reporting purposes, income before income taxes includes the following components (in thousands):\n\n | | Years Ended December 31, | \n------------- | ------- | ------------------------ | -------\n | 2019 | 2018 | 2017 \nUnited States | -16,317 | $16,312 | -42,863\nForeign | 88,527 | 75,487 | 86,435 \nTotal | $72,210 | $91,799 | $43,572"} {"_id": "d1b3c6bc0", "title": "", "text": "Consolidated Comparison of Fiscal Year 2019 to Fiscal Year 2018\nNet Sales\nNet sales of $1.4 billion in fiscal year 2019 increased 15.2% from $1.2 billion in fiscal year 2018 primarily due to an increased in Solid Capacitor net sales $164.6 million. In addition, Film and Electrolytic net sales increased by $4.3 million, and MSA net sales increased by $13.8 million.\nThe increase in Solid Capacitors net sales was primarily driven by a $111.8 million increase in distributor sales across the Americas, APAC, and EMEA regions. The $111.8 million increase consisted of a $72.8 million increase in Ceramic product line sales and a $39.0 million increase in Tantalum product line sales. Also contributing to the increase in net sales was a $30.6 million increase in OEM sales across the APAC, EMEA, and JPKO regions, and a $28.0 million increase in EMS sales across all regions. These increases in net sales were partially offset by a $3.2 million decrease in distributor sales in the JPKO region and a $2.7 million decrease in OEM sales in the Americas region. In addition, Solid Capacitors net sales was unfavorably impacted by $0.5 million from foreign currency exchange due to the change in the value of the Euro compared to the U.S. dollar.\nThe increase in Film and Electrolytic net sales was primarily driven by a $10.5 million increase in distributor sales across the Americas and EMEA regions. Also contributing to the increase in net sales was $1.7 million increase in EMS sales in the Americas region and a $0.8 million increase in OEM sales in the JPKO region. These increases in net sales were partially offset by a $5.6 million decrease in OEM sales across the APAC and EMEA regions and a $3.1 million decrease in distributor sales across the APAC and JPKO regions. In addition, there was an unfavorable impact of $0.1 million from foreign currency exchange primarily due to the change in the value of the Euro compared to the U.S. dollar.\nThe increase in MSA net sales was primarily driven by a $15.0 million increase in OEM sales in the JPKO region. Also contributing to the increase in net sales was a $4.3 million increase in EMS sales across all regions and a $3.7 million increase in distributor sales across the Americas and EMEA regions. These increase in net sales were partially offset by a $5.5 million decrease in distributor sales across the APAC and JPKO regions and a $3.8 million decrease in OEM sales across the Americas, APAC, and JPKO regions.\nIn fiscal years 2019 and 2018, net sales by channel and the percentages of net sales by region to total net sales were as follows (dollars in thousands):\n\n | Fiscal Year 2019 | | Fiscal Year 2018 | \n-------- | ---------------- | ---------- | ---------------- | ----------\n | Net Sales | % of Total | Net Sales | % of Total\nAPAC | $533,340 | 38.6% | $479,987 | 40.0% \nEMEA | 315,535 | 22.8% | 277,898 | 23.1% \nAmericas | 337,842 | 24.4% | 259,105 | 21.6% \nJPKO | 196,101 | 14.2% | 183,191 | 15.3% \nTotal | $1,382,818 | | $1,200,181 | "} {"_id": "d1b32921c", "title": "", "text": "BIG W\u2019s Store\u2010controllable VOC and VOC NPS improved on the prior year with higher customer scores translating into sales, with an increase in F19 of 4.2% on a normalised basis to $3.8 billion. Comparable sales increased by 5.3% in F19 and 7.2% in Q4 (Easter\u2010adjusted) with growth in all customer universes.\nBIG W\u2019s growth continues to be driven by an increase in customer transactions (F19: 4.0%) and customers increasingly putting more items in their baskets with comparable items per basket growth of 4.4%. Together this drove comparable item growth of 8.6%. Excluding reusable bags, comparable items increased by 5.2%.\nWith BIG W\u2019s turnaround gaining momentum, and to build a sustainable network for the future, a store and DC network review was announced in April. BIG W intends to close approximately 30 stores over the next three years and two distribution centres at the end of their leases. The review of the store network is ongoing, with three stores recently announced to be closed in F20.\nBIG W has remained price competitive, improved ranges and built a convenient online and in\u2010store experience in F19.\nNormalised Online sales increased by 128% in F19 with Pick up consistently delivering strong sales growth. Apparel, which has been more challenging, improved steadily through H2 due to a focus on range, stock flow and in\u2010store execution.\nNormalised gross profit declined 49 bps for F19 reflecting continued challenges in stockloss as well as slow sell\u2010through of seasonal apparel in H1. Category mix improved in H2 with improved apparel sell\u2010through.\nNormalised CODB declined 132 bps resulting from store efficiencies and sales growth fractionalising fixed costs.\nThe LBIT of $85 million before significant items excludes a $371 million charge identified as part of the network review.\nFunds employed declined primarily due to significant items provisions. Inventory quality has improved as a result of solid sales and improved apparel sell\u2010through in H2.\nIn F20, BIG W will focus on creating a sustainable business that is simpler to operate, and continue providing customers with low prices and more convenient, connected solutions in\u2010store and online.\n\n | F19 | F18 | | CHANGE \n----------------------------- | -------- | -------- | --------- | ----------\n$ MILLION | 53 WEEKS | 52 WEEKS | CHANGE | NORMALISED\nSales | 3,797 | 3,566 | 6.5% | 4.2% \nLBITDA before | | | | \nsignificant items | (5) | (30) | (82.2)% | (88.7)% \nDepreciation and amortisation | (80) | (80) | 0.7% | 0.7% \nLBIT before significant items | (85) | (110) | (22.2)% | (24.0)% \nSignificant items | (371) | \u2013 | n.m. | n.m. \nLBIT after significant items | (456) | (110) | 315.5% | 313.7% \nGross margin (%) | 31.1 | 31.7 | (59) bps | (49) bps \nCost of doing business (%) | 33.4 | 34.8 | (142) bps | (132) bps \nLBIT 2 to sales (%) | (2.3) | (3.1) | 83 bps | 84 bps \nSales per square metre ($)$) | 3,629 | 3,369 | 7.7% | 5.4% \nFunds employed | 204 | 502 | (59.4)% | \nROFE (%) | (23.0) | (23.3) | 24 bps | 77 bps "} {"_id": "d1b2f65ce", "title": "", "text": "Summary Disclosures about Contractual Obligations and Commercial Commitments\nOur material capital commitments consist of obligations under facilities and operating leases. Some of these leases have free or escalating rent payment provisions. We recognize rent expense under leases on a straight-line basis. We anticipate that we will experience an increase in our capital expenditures and lease commitments as a result of our anticipated growth in operations, infrastructure, personnel and resources devoted to building our brand name.\nThe following table summarizes our obligations as of March 31, 2019 (dollars in thousands):\nWe generally do not enter into binding purchase obligations. The purchase obligations above relate primarily to marketing and IT services. The contractual obligations table above excludes unrecognized tax benefits, plus related interest and penalties totaling $1.1 million because we cannot reasonably estimate in which future periods these amounts will ultimately be settled.\nWe have certain software royalty commitments associated with the shipment and licensing of certain products. Royalty expense is generally based on a fixed cost per unit shipped or a fixed fee for unlimited units shipped over a designated period. Royalty expense, included in cost of software and products revenues was $12.3 million in fiscal 2019 and $4.5 million million in fiscal 2018.\nWe offer a 90-day limited product warranty for our software. To date, costs relating to this product warranty have not been material.\n\n | | | Payments Due by Period | | \n--------------------------- | ------- | ---------------- | ---------------------- | --------- | -----------------\n | Total | Less Than 1 Year | 2-3 Years | 4-5 Years | More Than 5 Years\nOperating lease obligations | $23,673 | $9,008 | $10,907 | $2,827 | $931 \nPurchase obligations | 20,520 | 16,748 | 3,669 | 103 | \u2014 \nTotal | $44,193 | $25,756 | $14,576 | $2,930 | $931 "} {"_id": "d1a71a764", "title": "", "text": "NAVIOS MARITIME HOLDINGS INC. NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Expressed in thousands of U.S. dollars \u2014 except share data)\nNOTE 5: ACCOUNTS RECEIVABLE, NET\nAccounts receivable consisted of the following:\n\n | December 31, 2019 | December 31,2018\n---------------------------------------- | ----------------- | ----------------\nAccounts receivable | $68,309 | $76,376 \nLess: provision for doubtful receivables | (16,377) | (16,086) \nAccounts receivable, net | $51,932 | $60,290 "} {"_id": "d1b332632", "title": "", "text": "Acquisition Related and Other Expenses: Acquisition related and other expenses consist of personnel related costs and stock-based compensation for transitional and certain other employees, integration related professional services, and certain business combination adjustments including certain adjustments after the measurement period has ended and certain other operating items, net. Stock-based compensation expenses included in acquisition related and other expenses resulted from unvested restricted stock-based awards and stock options assumed from acquisitions whereby vesting was accelerated generally upon termination of the employees pursuant to the original terms of those restricted stock-based awards and stock options.\n* Not meaningful\nOn a constant currency basis, acquisition related and other expenses decreased in fiscal 2019 compared to fiscal 2018 primarily due to certain favorable business combination related adjustments that were recorded in fiscal 201 9 .\n\n | | | Year Ended May 31, | \n--------------------------------------------- | ---- | ------ | ------------------ | ----\n | | | Percent Change | \n(Dollars in millions) | 2019 | Actual | Constant | 2018\nTransitional and other employee related costs | $49 | 3% | 4% | $48 \nStock-based compensation | \u2014 | -100% | -100% | 1 \nProfessional fees and other, net | 16 | 373% | 426% | 3 \nBusiness combination adjustments, net | (21) | * | * | \u2014 \nTotal acquisition related and other expenses | $44 | -15% | -13% | $52 "} {"_id": "d1b3b2026", "title": "", "text": "In accordance with the requirements of ASC 606, the disclosure of the impact of adoption on our consolidated\nbalance sheet as of the fiscal year ended February 28, 2019 is as follows:\n(1) Deferred product costs included in Prepaid expenses and other current assets and Other assets amounted\nto $6.2 million and $8.8 million, respectively, as of February 28, 2019.\n(2) The balances as of February 28, 2019 also included deferred revenue of TRACKER, which was acquired\non February 25, 2019 (see Note 2).\nThe impact of adopting ASC 606 on our consolidated statements of comprehensive income (loss) for the fiscal year ended February 28, 2019 was immaterial.\n\n | | As of February 28, 2019 | \n--------------------------------------------- | ------------------------------------ | ----------------------- | ---------------\n | | ASC 606 | Without ASC 606\n | As reported | Adjustments | Adoption \nAssets | | | \nPrepaid expenses and other current assets (1) | $19,373 | (1,473) | $17,900 \nDeferred income tax assets | 22,626 | (532) | 22,094 \nOther assets (1) | 22,510 | (3,319) | 19,191 \n | Liabilities and Stockholders' Equity | | \nDeferred revenue (2) | $24,264 | (1,945) | 22,319 \nOther non-current liabilities (2) | 38,476 | (5,353) | 33,123 \nStockholders' equity: | | | \nAccumulated deficit | $(2,227) | 1,689 | (538) "} {"_id": "d1b34ebe8", "title": "", "text": "23. Associates (Cont'd)\nThe summarised financial information of the Group\u2019s significant associate namely Intouch Holdings Public Company Limited (\u201cIntouch\u201d), based on its financial statements and a reconciliation with the carrying amount of the investment in the consolidated financial statements was as follows \u2013\nNote: (1) Others include adjustments to align the respective local accounting standards to SFRS(I).\n\n | 2019 | 2018 | 2017 \n------------------------------------------------- | ------- | ------- | -------\n | S$ Mil | S$ Mil | S$ Mil \nStatement of comprehensive income | | | \nRevenue | 250.1 | 353.9 | 144.1 \nProfit after tax | 451.7 | 488.2 | 166.1 \nOther comprehensive (loss)/ income | (0.9) | 10.9 | (1.6) \nTotal comprehensive income | 450.8 | 499.1 | 164.5 \nStatement of financial position | | | \nCurrent assets | 743.1 | 720.0 | 701.9 \nNon-current assets | 1,532.5 | 1,554.3 | 1,629.3\nCurrent liabilities | (305.1) | (444.4) | (483.6)\nNon-current liabilities | (205.5) | (313.4) | (395.3)\nNet assets | 1,765.0 | 1,516.5 | 1,452.3\nLess: Non-controlling interests | (304.6) | (342.2) | (411.6)\nNet assets attributable to equity holders | 1,460.4 | 1,174.3 | 1,040.7\nProportion of the Group\u2019s ownership | 21.0% | 21.0% | 21.0% \nGroup\u2019s share of net assets | 306.7 | 246.6 | 218.5 \nGoodwill and other identifiable intangible assets | 1,441.7 | 1,417.6 | 1,371.7\nOthers (1) | (46.8) | (23.0) | (8.4) \nCarrying amount of the investment | 1,701.6 | 1,641.2 | 1,581.8\nOther items | | | \nGroup\u2019s share of market value | 1,653.2 | 1,639.6 | 1,525.0\nDividends received during the year | 78.5 | 77.8 | - "} {"_id": "d1b333df2", "title": "", "text": "Accumulated Other Comprehensive Loss-Recognition and Deferrals\nThe following table presents cumulative items not recognized as a component of net periodic benefits expense as of December 31, 2018, items recognized as a component of net periodic benefits expense in 2019, additional items deferred during 2019 and cumulative items not recognized as a component of net periodic benefits expense as of December 31, 2019. The items not recognized as a component of net periodic benefits expense have been recorded on our consolidated balance sheets in accumulated other comprehensive loss:\n\n | | | As of and for the Years Ended December 31, | | \n------------------------------------------ | -------- | -------------------------------------------- | ------------------------------------------ | ------------------ | -------\n | 2018 | Recognition of Net Periodic Benefits Expense | Deferrals | Net Change in AOCL | 2019 \n | | | (Dollars in millions) | | \nAccumulated other comprehensive loss: | | | | | \nPension plans: | | | | | \nNet actuarial (loss) gain | $(2,973) | 224 | (297) | (73) | (3,046)\nPrior service benefit (cost) | 46 | (8) | 9 | 1 | 47 \nDeferred income tax benefit (expense) | 754 | (53) | 69 | 16 | 770 \nTotal pension plans | (2,173) | 163 | (219) | (56) | (2,229)\nPost-retirement benefit plans: | | | | | \nNet actuarial (loss) gain | 7 | \u2014 | (182) | (182) | (175) \nPrior service (cost) benefit | (87) | 16 | \u2014 | 16 | (71) \nDeferred income tax benefit (expense) | 22 | (4) | 44 | 40 | 62 \nTotal post-retirement benefit plans | (58) | 12 | (138) | (126) | (184) \nTotal accumulated other comprehensive loss | $(2,231) | 175 | (357) | (182) | (2,413)"} {"_id": "d1a732a94", "title": "", "text": "Dividends are distributions of the Group\u2019s profit after tax before significant items to its shareholders and represent one of the ways the Group distributes returns to its shareholders.\nAll dividends are fully franked at a 30% tax rate.\nOn 29 August 2019, the Board of Directors declared a final dividend in respect of the 2019 period of 57 cents per share, fully franked at a 30% tax rate. The amount will be paid on or around 30 September 2019 and is expected to be $717 million. As the dividend was declared subsequent to 30 June 2019, no provision had been made as at 30 June 2019.\nThe DRP remains active. Eligible shareholders may participate in the DRP in respect of all or part of their shareholding. There is currently no DRP discount applied and no limit on the number of shares that can participate in the DRP.\nShares will be allocated to shareholders under the DRP for the 2019 final dividend at an amount equal to the average of the daily volume weighted average market price of ordinary shares of the Company traded on the ASX over the period of 10 trading days commencing on 6 September 2019. The last date for receipt of election notices for the DRP is 5 September 2019. The Company may acquire shares on-market during this period to satisfy its obligations under the DRP.\nDuring the period, 13.4% (2018: 39.9%) of the dividends paid were reinvested in shares of the Company. The change in the reinvestment participation rate reflects the removal of the discount with effect from the 2018 final dividend paid on 12 October 2018. The DRP in respect of the 2019 interim dividend was satisfied in full through the on-market purchase and transfer of $73 million of shares to participating shareholders.\n\n | 2019 | | | | 2018 | \n----------------------------------------- | --------- | ------ | --------------- | --------- | ------ | --------------\n | CENTS PER | TOTAL | DATE OF | CENTS PER | TOTAL | DATE OF \n | SHARE | AMOUNT | PAYMENT | SHARE | AMOUNT | PAYMENT \n | | $M | | | $M | \nCurrent year interim | 45 | 593 | 5 April 2019 | 43 | 561 | 6 April 2018 \nPrior year final | 50 | 657 | 12 October 2018 | 50 | 647 | 6 October 2017\nPrior year special | 10 | 131 | 12 October 2018 | - | \u2013 | \nDividends paid during the period | 105 | 1,381 | | 93 | 1,208 | \nIssues of shares to satisfy the dividend | | | | | | \nreinvestment plan | | (114) | | | (482) | \nDividends received - shares held in trust | | - | | | (2) | \nDividends paid in cash | | 1,267 | | | 724 | "} {"_id": "d1b32e28a", "title": "", "text": "Contractual Obligations\nFollowing is a summary of our contractual cash obligations as of February 28, 2019 (in thousands):\nPurchase obligations consist primarily of inventory purchase commitments.\n\n | | | Future Estimated Cash Payments Due by Period | | \n---------------------------------------- | --------- | -------- | -------------------------------------------- | --------- | --------\n | Less than | 1 - 3 | 3 - 5 | | \nContractual Obligations | 1 year | years | years | > 5 years | Total \nConvertible senior notes principal | $- | $122,527 | $- | $230,000 | $352,527\nConvertible senior notes stated interest | 6,591 | 10,196 | 9,200 | 6,900 | 32,887 \nOperating leases | 7,565 | 12,628 | 12,325 | 7,659 | 40,177 \nPurchase obligations | 39,390 | - | - | - | 39,390 \nTotal contractual obligations | $53,546 | $145,351 | $21,525 | $244,559 | $464,981"} {"_id": "d1a73e6aa", "title": "", "text": "10. Other financial result\nThe other financial income and expenses from financial instruments are assigned to measurement categories according to IFRS 9 on the basis of the underlying transactions. Besides income and expenses from the measurement of financial instruments (except derivatives in hedging relationships in accordance with IAS 39), this also includes the measurement of foreign currency positions according to IAS 21.\nThe total comprehensive income from currency effects and measurement results from hedging transactions and hedging relationships totalled \u20ac17 million (2017/18: \u20ac\u221214 million). In addition, the other financial result reflects \u20ac\u22125 million (2017/18: \u20ac4 million) in currency effects resulting from the translation of the financial statements of foreign subsidiaries that are recognised through profit or loss in the year the subsidiary is deconsolidated or in the year business activities are discontinued. In addition, impairment losses on financial assets amounting to \u20ac2 million (2017/18: \u20ac0 million) were recognised in the reporting period.\n\n\u20ac million | 2017/2018 | 2018/2019\n------------------------------------------------------------------------------------------------------------ | --------- | ---------\nOther financial income | 182 | 159 \nthereof currency effects | (126) | (112) \nthereof hedging transactions | (16) | (39) \nOther financial expenses | \u2212184 | \u2212158 \nthereof currency effects | (\u2212152) | (\u2212116) \nthereof hedging transactions | (\u22123) | (\u221218) \nOther financial result | \u22122 | 1 \nthereof from financial instruments of the measurement categories according to IFRS 9 (previous year: IAS39): | (\u221216) | (17) \nthereof cash flow hedges: | | \nineffectiveness | (7) | (\u22121) "} {"_id": "d1b34a89a", "title": "", "text": "Unaudited Pro Forma Financial Information\nThe unaudited pro forma financial information in the table below summarizes the combined results of operations for Oracle, Aconex and certain other companies that we acquired since the beginning of fiscal 2018 that were considered relevant for the purposes of unaudited pro forma financial information disclosure as if the companies were combined as of the beginning of fiscal 2018. The unaudited pro forma financial information for all periods presented included the business combination accounting effects resulting from these acquisitions, including amortization charges from acquired intangible assets (certain of which are preliminary), stock-based compensation charges for unvested restricted stock-based awards and stock options assumed, if any, and the related tax effects as though the aforementioned companies were combined as of the beginning of fiscal 2018. The unaudited pro forma financial information as presented below is for informational purposes only and is not necessarily indicative of the results of operations that would have been achieved if the acquisitions had taken place at the beginning of fiscal 2018 or 2019.\nThe unaudited pro forma financial information for fiscal 2019 presented the historical results of Oracle for fiscal 2019 and certain other companies that we acquired since the beginning of fiscal 2019 based upon their respective previous reporting periods and the dates these companies were acquired by us, and the effects of the pro forma adjustments listed above.\nThe unaudited pro forma financial information for fiscal 2018 combined the historical results of Oracle for fiscal 201 8 and the historical results of Aconex for the twelve month period ended December 31, 2017 (adjusted due to differences in reporting periods and considering the date we acquired Aconex) and certain other companies that we acquired since the beginning of fiscal 201 8 based upon their respective previous reporting periods and the dates these companies were acquired by us, and the effects of the pro forma adjustments listed above. The unaudited pro forma financial information was as follows:\n\n | Year Ended May 31, | \n------------------------------------ | ------------------ | -------\n(in millions, except per share data) | 2019 | 2018 \nTotal revenues | $39,512 | $39,546\nNet income | $11,076 | $3,500 \nBasic earnings per share | $3.05 | $0.85 \nDiluted earnings per share | $2.97 | $0.83 "} {"_id": "d1b354372", "title": "", "text": "Concentrations\nThe Company may be subject to concentration of credit risk as a result of certain financial instruments consisting of accounts receivable and short term investments. The Company performs ongoing credit evaluations of its customers and generally does not require collateral in exchange for credit.\nThe following table sets forth major customers accounting for 10% or more of the Company\u2019s net revenue:\n\n | Year Ended | | \n--------------------- | ------------- | ------------- | -------------\n | June 30,\n2019 | June 30,\n2018 | June 30, 2017\nTech Data Corporation | 18% | 14% | 16% \nJenne Corporation | 17% | 13% | 15% \nWestcon Group Inc. | 12% | 13% | 12% "} {"_id": "d1a71fa20", "title": "", "text": "9. DEBT AND OTHER FINANCING ARRANGEMENTS\n2021 Senior Convertible Notes\nIn 2017, the Company issued $300.0 million principal amount of 5.75% senior convertible notes (the \u201c2021 Notes\u201d) for a purchase price equal to 98% of the principal amount. The Company received net proceeds of $284.9 million, net of a discount of $6.0 million and issuance costs of $9.1 million. The debt discount is being accreted to interest expense over the term of the 2021 Notes using the interest method. The issuance costs were deferred and are being amortized to interest expense over the same term.\nThe 2021 Notes are governed by an Indenture, dated December 8, 2017 between the Company and US Bank National Association, as trustee (the \u201c2017 Indenture\u201d). The 2021 Notes mature on July 1, 2021, unless earlier repurchased or converted. Interest is payable semi-annually in arrears on January 1 and July 1, commencing January 1, 2018.\nThe 2021 Notes are convertible at an initial conversion rate of 23.8095 shares of the Company\u2019s common stock per $1,000 principal amount of the 2021 Notes, which represents an initial conversion price of $42.00 per share, subject to adjustment for anti-dilutive issuances, voluntary increases in the conversion rate, and make-whole adjustments upon a fundamental change. A fundamental change includes a change in control, delisting of the Company\u2019s common stock, and a liquidation of the Company. Upon conversion, the Company will deliver the applicable number of the Company\u2019s common stock and cash in lieu of any fractional shares. Holders of the 2021 Notes may convert their 2021 Notes at any time prior to the close of business on the scheduled trading day immediately preceding the maturity date.\nThe holders of the 2021 Notes may require the Company to repurchase all or a portion of their 2021 Notes at a cash repurchase price equal to 100% of the principal amount of the 2021 Notes being repurchased, plus the remaining scheduled interest through and including the maturity date, upon a fundamental change and events of default, including non-payment of interest or principal and other obligations under the 2017 Indenture.\nThe net carrying amounts of the liability components of the 2021 Notes consist of the following (in thousands):\nThe effective interest rate of the liability component is 6.4% for the 2021 Notes.\n\n | December 31, 2019 | December 31, 2018\n---------------------------------------------------------- | ----------------- | -----------------\nPrincipal amount | $300,000 | $300,000 \nUnamortized debt discount | (2,691) | (4,348) \nNet carrying amount before unamortized debt issuance costs | 297,309 | 295,652 \nUnamortized debt issuance costs | (4,135) | (6,685) \nNet carrying value | $293,174 | $288,967 "} {"_id": "d1b389e46", "title": "", "text": "11. Reportable Segments, Geographic Information and Major Customers\nReportable segments are defined as components of an enterprise about which separate financial information is available that is evaluated regularly by the chief operating decision maker, or group, in assessing performance and allocating resources. The Company uses an internal management reporting system, which provides important financial data to evaluate performance and allocate the Company\u2019s resources on a regional basis. Net sales for the segments are attributed to the region in which the product is manufactured or the service is performed. The services provided, manufacturing processes used, class of customers serviced and order fulfillment processes used are similar and generally interchangeable across the segments. A segment\u2019s performance is evaluated based upon its operating income (loss). A segment\u2019s operating income (loss) includes its net sales less cost of sales and selling and administrative expenses, but excludes corporate and other expenses. Corporate and other expenses\u00a0 fiscal 2019 and the $13.5 million one-time employee bonus paid to full-time, non-executive employees during fiscal 2018 due to the Company's ability to access overseas cash as a result of Tax Reform (the \"one-time employee bonus\"). These costs are not allocated to the segments, as management excludes such costs when assessing the performance of the segments. Inter-segment transactions are generally recorded at amounts that approximate arm\u2019s length transactions. The accounting policies for the segments are the same as for the Company taken as a whole.\nInformation about the Company\u2019s three reportable segments for fiscal 2019, 2018 and 2017 is as follows (in thousands):\n\n | 2019 | 2018 | 2017 \n--------------------- | ------- | ------- | -------\nDepreciation: | | | \nAMER | $22,531 | $21,224 | $19,694\nAPAC | 16,905 | 15,954 | 15,588 \nEMEA | 6,105 | 6,054 | 5,467 \nCorporate | 5,344 | 4,863 | 4,581 \n | 50,885 | 48,095 | 45,330 \nCapital expenditures: | | | \nAMER | $42,459 | $17,690 | $18,111\nAPAC | 33,454 | 33,018 | 13,816 \nEMEA | 5,186 | 7,923 | 5,748 \nCorporate | 9,501 | 4,149 | 863 \n | $90,600 | $62,780 | $38,538"} {"_id": "d1b3193e4", "title": "", "text": "2. Earnings Per Share:\nBasic earnings per share are computed by dividing net earnings by the weighted average number of shares of common stock outstanding for the period. Diluted\nearnings per share are computed by dividing net earnings by the sum of (a) the weighted average number of shares of common stock outstanding during the period and\n(b) the dilutive effect of potential common stock equivalents during the period. Stock options and unvested service-based RSU awards make up the common stock\nequivalents and are computed using the treasury stock method.\nThe table below represents the basic and diluted earnings per share, calculated using the weighted average number of shares of common stock and potential\ncommon stock equivalents outstanding for the years ended March 31, 2017, 2018, and 2019:\n(1) Common stock equivalents not included in the computation of diluted earnings per share because the impact would have been anti-dilutive were 1,381 shares, 1,733\nshares, and 4,375 shares for the fiscal years ended March 31, 2017, 2018, and 2019, respectively.\n\n | | Fiscal Year Ended March 31, | \n--------------------------------------------------------------------- | -------- | --------------------------- | --------\n | 2017 | 2018 | 2019 \nNet income | $125,785 | $4,910 | $271,813\nComputation of Basic EPS: | | | \nWeighted Average Shares Outstanding used in Computing Basic EPS | 167,506 | 168,262 | 168,713 \nBasic earnings per share | $0.75 | $0.03 | $1.61 \nComputation of Diluted EPS: | | | \nWeighted Average Shares Outstanding used in Computing Basic EPS | 167,506 | 168,262 | 168,713 \nEffect of stock options | 311 | 663 | 609 \nWeighted Average Shares Outstanding used in Computing Diluted EPS (1) | 167,837 | 168,925 | 169,322 \nDiluted earnings per share | $0.75 | $0.03 | $1.61 "} {"_id": "d1b3c842a", "title": "", "text": "Indefinite-lived Intangible Assets\nThe carrying amount of indefinite-lived intangible assets were as follows (in millions):\nThe Broadcasting segment strategically acquires assets across the United States, which results in the recording of FCC licenses. Providing the Company acts within the requirements and constraints of the regulatory authorities, the renewal and extension of these licenses is reasonably certain at minimal costs. Accordingly, we have concluded that the acquired FCC licenses are indefinite-lived intangible assets.\nIn 2019, FCC licenses increased $15.6 million, $18.2 million of which was through acquisitions, offset by $2.3 million of impairments and $0.3 million loss on the sale of licenses. Our Broadcasting segment recorded the impairment as a result of its decision to forfeit FCC licenses in certain lower-ranked markets, and does not expect any significant changes to future cash flows as a result of these forfeitures. The Company reports intangible impairment charges within the Asset impairment expense line of our Consolidated Statements of Operations.\n\n | December 31, | \n-------------- | ------------ | -------\n | 2019 | 2018 \nFCC licenses | $ 136.2 | $ 120.6\nState licenses | 2.5 | 2.5 \nTotal | $ 138.7 | $ 123.1"} {"_id": "d1b32ddbc", "title": "", "text": "Contract Balances\nA contract asset will be recorded if we have recognized revenue but do not have an unconditional right to the related consideration from the customer. For example, this will be the case if implementation services offered in a cloud arrangement are identified as a separate performance obligation and are provided to a customer prior to us being able to bill the customer. In addition, a contract asset may arise in relation to subscription licenses if the license revenue that is recognized upfront exceeds the amount that we are able to invoice the customer at that time. Contract assets are reclassified to accounts receivable when the rights become unconditional.\nThe balance for our contract assets and contract liabilities (i.e. deferred revenues) for the periods indicated below were as follows:\nThe difference in the opening and closing balances of our contract assets and deferred revenues primarily results from the timing difference between our performance and the customer\u2019s payments. We fulfill our obligations under a contract with a customer by transferring products and services in exchange for consideration from the customer. During the year ended June 30, 2019, we reclassified $19.2 million of contract assets to receivables as a result of the right to the transaction consideration becoming unconditional. During the year ended June 30, 2019, there was no significant impairment loss recognized related to contract assets.\nWe recognize deferred revenue when we have received consideration or an amount of consideration is due from the customer for future obligations to transfer products or services. Our deferred revenues primarily relate to customer support agreements which have been paid for by customers prior to the performance of those services. The amount of revenue that was recognized during the year ended June 30, 2019 that was included in the deferred revenue balances at July 1, 2018 was approximately $617 million.\n\n | As of June 30, 2019 | As of July 1, 2018\n--------------------------- | ------------------- | ------------------\nShort-term contract assets | $20,956 | $5,474 \nLong-term contract assets | $15,386 | $12,382 \nShort-term deferred revenue | $641,656 | $618,197 \nLong-term deferred revenue | $46,974 | $64,743 "} {"_id": "d1b3add00", "title": "", "text": "Overview of the Markets We Serve\nThe U.S. mortgage loan servicing market is comprised of first and second lien mortgage loans. Even through housing downturns, the mortgage loan servicing market generally remains stable, as the total number of first lien mortgage loans outstanding tends to stay relatively constant. The number of second lien mortgage loans outstanding can vary based on a number of factors including loan-to-value ratios, interest rates and lenders' desire to own such loans.\nWhile delinquent mortgage loans typically represent a small portion of the overall mortgage loan servicing market, the mortgage loan default process is long and complex and involves multiple parties, a significant exchange of data and documentation and extensive regulatory requirements. Providers in the default process must be able to meet strict regulatory guidelines, which we believe are best met through the use of proven technology.\nThe U.S. mortgage loan origination market consists of both purchase and refinance mortgage loan originations. The mortgage loan origination process is complex and involves multiple parties, significant data exchange and significant regulatory oversight, which requires a comprehensive, scalable solution developed by a company with substantial industry experience. According to the Mortgage Bankers Association (\"MBA\"), the U.S. mortgage loan origination market for purchase and refinance mortgage loan originations is estimated as follows (in billions):\nNote: Amounts may not recalculate due to rounding.\n(1) The 2019, 2018 and 2017 U.S. mortgage loan origination market for purchase and refinance originations is estimated by the MBA Mortgage Finance Forecast as of February 18, 2020, February 11, 2019 and October 16, 2018, respectively.\n\n | 2019 | 2018 | 2017 \n------------------------------ | -------- | -------- | --------\nMortgage loan originations(1): | | | \nPurchase | $1,272.0 | $1,185.0 | $1,143.0\nRefinance | 796.0 | 458.0 | 616.0 \nTotal | $2,068.0 | $1,643.0 | $1,760.0"} {"_id": "d1b38a04e", "title": "", "text": "NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (in thousands, except for share and per share data)\nNOTE 18 \u2014 Income Taxes\nSignificant components of our deferred tax assets and liabilities are as follows:\n\n | As of December 31, | \n-------------------------------------- | ------------------ | -------\n | 2019 | 2018 \nPost-retirement benefits | $1,100 | $1,061 \nInventory reserves | 708 | 1,236 \nLoss carry-forwards | 4,724 | 4,647 \nCredit carry-forwards | 15,964 | 16,909 \nAccrued expenses | 4,932 | 5,685 \nResearch expenditures | 17,953 | 16,847 \nOperating lease liabilities | 6,211 | \u2014 \nStock compensation | 2,232 | 2,142 \nForeign exchange loss | 1,986 | 2,245 \nOther | 230 | 207 \nGross deferred tax assets | 56,040 | 50,979 \nDepreciation and amortization | 12,453 | 11,500 \nPensions | 13,552 | 11,736 \nOperating lease assets | 5,963 | \u2014 \nSubsidiaries' unremitted earnings | 1,903 | 1,258 \nGross deferred tax liabilities | 33,871 | 24,494 \nNet deferred tax assets | 22,169 | 26,485 \nDeferred tax asset valuation allowance | (8,011) | (8,274)\nTotal net deferred tax assets | $14,158 | $18,211"} {"_id": "d1b35575e", "title": "", "text": "Deferred tax (liabilities) assets are comprised of the following at:\nThe Company has Federal tax credit carryforwards of $5.4 million that expire in various tax years from 2028 to 2038. The Company has a Federal operating loss carryforward of $24.5 million expiring from 2029 through 2037 and a Federal operating loss carryforward of $17.9 million with an unlimited carryforward period. The Company also has state tax credit carryforwards of $0.3 million and state operating loss carryforwards of $43.3 million, which vary by jurisdiction and expire in various tax years through 2039.\nIn assessing the ability to realize deferred tax assets, management considers whether it is more likely than not that some portion or all of the deferred tax assets will not be realized. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income during the periods in which the temporary differences become deductible. Management considers the scheduled reversal of deferred tax liabilities, projected future taxable income, and tax planning strategies in making this assessment.\nAs a result of this analysis and based on the current year\u2019s taxable income, and utilization of certain carryforwards management determined an increase in the valuation allowance in the current year to be appropriate.\nIn calculating the valuation allowance, the Company was not permitted to use its existing deferred tax liabilities related to its indefinite-lived intangible assets (i.e. \u201cnaked credit deferred tax liabilities\u201d) as a source of taxable income to support the realization of its existing finite-lived deferred tax assets.\nDue to the Tax Act, U.S. net operating losses (\"NOLs\") arising in tax years ending after December 31, 2017 will no longer be subject to the limited 20-year carryforward period. Under the new law, these NOLs carry forward indefinitely, resulting in the creation of indefinite-lived deferred tax assets. Consequently, as the Company schedules its deferred taxes and considers the ability to realize its deferred tax assets in future periods, it needs to consider how existing deferred tax assets, other than historical NOLs, will reverse.\nIf the reversal is expected to generate an indefinite carryforward NOL under the new law, this may impact the valuation allowance assessment. The indefinite carryforward period for NOLs also means that its deferred tax liabilities related to indefinite-lived intangibles, commonly referred to as \u201cnaked credits,\u201d can be considered as support for realization. The adjustment for the 2019 \u201cnaked credit\u201d resulted in a $0.01 million deferred tax liability.\nIn 2019, it was determined that the foreign tax credit carryforward of the Company would not be realizable. The reduction of the foreign tax credit carryforward resulted in a decrease in the valuation allowance for those credits. Therefore, there is no net income tax provision in 2019 related to the reduction in the foreign tax credit carryforward. A valuation allowance is required to the extent it is more likely than not that the future benefit associated with certain Federal and state tax loss carryforwards will not be realized.\nThe current year income tax provision includes a reduction of the Company\u2019s valuation allowance due to the establishment of a deferred tax liability in connection with the issuance of convertible debt. The establishment of that deferred tax liability created \u201cfuture taxable income\u201d for the utilization of existing deferred tax assets of the Company, resulting in the $4 million reduction of the Company\u2019s valuation allowance.\nThe Company records the benefits relating to uncertain tax positions only when it is more likely than not (likelihood of greater than 50%), based on technical merits, that the position would be sustained upon examination by taxing authorities. Tax positions that meet the more likely than not threshold are measured using a probability-weighted approach as the largest amount of tax benefit that is greater than 50% likely of being realized upon settlement.\nAt December 31, 2019, the Company\u2019s reserve for uncertain tax positions is not material and we believe we have adequately provided for its tax-related liabilities. The Company is no longer subject to United States federal income tax examinations for years before 2014.\n\n | December 31, | \n--------------------------------------------- | -------------- | --------\n | (in thousands) | \n | 2019 | 2018 \nDeferred tax (liabilities) assets: | | \nSubordinated debt | $(3,659) | $\u2014 \nIndefinite lived intangibles | (64) | \u2014 \nRight of use assets | (756) | \u2014 \nSoftware development costs | (1,219) | (1,954) \nAcquired intangible assets | (446) | (676) \nDepreciation on property, plant and equipment | (352) | \u2014 \nGross deferred tax liabilities | (6,496) | (2,630) \nAllowances for bad debts and inventory | 3,013 | 2,785 \nCapitalized inventory costs | 141 | 116 \nIntangible assets | 117 | 420 \nEmployee benefit accruals | 2,427 | 1,742 \nInterest Limitation | 1,248 | \u2014 \nLease liabilities | 772 | \u2014 \nFederal net operating loss carryforward | 8,563 | 6,512 \nState net operating loss carryforward | 2,317 | 2,112 \nTax credit carryforwards | 5,777 | 6,176 \nDepreciation on property, plant and equipment | \u2014 | 373 \nOther | 912 | 722 \nGross deferred tax assets | 25,287 | 20,958 \nLess valuation allowance | (18,855) | (18,328)\nNet deferred tax liabilities | $(64) | $\u2014 "} {"_id": "d1b3489dc", "title": "", "text": "Sales and Marketing\nSales and marketing expenses increased $3.1 million, or 1%, in 2019 as compared to 2018. As a percentage of revenue, sales and marketing expense decreased by approximately two percentage points, resulting from the 2018 Reallocation, increased cost efficiency, and leverage realized from changes to our sales commission plans as we continued our efforts to strategically scale our sales teams and improve their productivity.\nSales and marketing expenses decreased $15.6 million, or 7%, in 2018 as compared to 2017. As a percentage of revenue, sales and marketing expense decreased by approximately eight percentage points, primarily resulting from a combination of increased cost efficiency, reduction in headcount as part of our restructuring activities, and leverage realized from changes to our sales commission plans as we continued our efforts to strategically scale our sales teams and improve their productivity.\n\n | | Year Ended December 31, | \n------------------- | -------- | ----------------------- | --------\n | 2019 | 2018 | 2017 \n | | (dollars in thousands) | \nSales and marketing | $227,733 | $224,635 | $240,271\nPercent of revenue | 39.5% | 41.8% | 49.9% "} {"_id": "d1b32a07c", "title": "", "text": "1 Interest on borrowings includes interest on short-term borrowings and on long-term debt.\nFOREIGN EXCHANGE AND CHANGE IN FAIR VALUE OF DERIVATIVE INSTRUMENTS We recognized $79 million in net foreign exchange gains in 2019 (2018 \u2013 $136 million in net losses). These gains and losses were primarily attributed to our US dollar-denominated commercial paper (US CP) program borrowings (see note 17).\nThese foreign exchange gains (2018 \u2013 losses) were partially offset by the $80 million loss related to the change in fair value of derivatives (2018 \u2013 $95 million gain) that was primarily attributed to the debt derivatives, which were not designated as hedges for accounting purposes, we used to substantially offset the foreign exchange risk related to these US dollar-denominated borrowings.\nDuring the year ended December 31, 2018, after determining we would not be able to exercise our outstanding bond forward derivatives (bond forwards) within the designated time frame, we discontinued hedge accounting and reclassified a $21 million loss from the hedging reserve within shareholders\u2019 equity to \u201cchange in fair value of derivative instruments\u201d within finance costs.\nWe subsequently extended the bond forwards and redesignated them as effective hedges. During the year ended December 31, 2019, we exercised these bond forwards. See note 17 for more information on our bond forwards.\nNOTE 11: FINANCE COSTS\n\n | Years ended December 31 | Years ended December 31 | Years ended December 31\n-------------------------------------------------- | ----------------------- | ----------------------- | -----------------------\n(In millions of dollars) | Note | 2019 | 2018 \nInterest on borrowings 1 | | 746 | 709 \nInterest on post-employment benefits liability | 23 | 11 | 14 \nLoss on repayment of long-term debt | 21 | 19 | 28 \n(Gain) loss on foreign exchange | | (79) | 136 \nChange in fair value of derivative instruments | | 80 | (95) \nCapitalized interest | | (19) | (20) \nOther | | 21 | 21 \nFinance costs before interest on lease liabilities | | 779 | 793 \nInterest expense on lease liabilities | 8 | 61 | - \nTotal finance costs | | 840 | 793 "} {"_id": "d1b3c6152", "title": "", "text": "Note: 1 Primarily comprises foreign exchange differences reflected in the income statement in relation to sterling and US dollar balances.\nNet financing costs increased by \u20ac1.3 billion, primarily driven by mark-to-market losses (including hedges of the mandatory convertible bond) and adverse foreign exchange rate movements. Net financing costs before interest on settlement of tax issues includes increased interest costs as part of the financing for the Liberty Global transaction as well as adverse interest rate movements on borrowings in foreign operations. Excluding these, underlying financing costs remained stable, reflecting consistent average net debt balances and weighted average borrowing costs for both periods.\n\nNet financing costs | | \n--------------------------------------------------------------- | ------- | -------\n | 2019 | 2018 \n | \u20acm | \u20acm \nInvestment income | 433 | 685 \nFinancing costs | (2,088) | (1,074)\nNet financing costs | (1,655) | (389) \nAnalysed as: | | \nNet financing costs before interest on settlement of tax issues | (1,043) | (749) \nInterest income arising on settlement of outstanding tax issues | 1 | 11 \n | (1,042) | (738) \nMark to market (losses)/gains | (423) | 27 \nForeign exchange (losses)/gains1 | (190) | 322 \nNet financing costs | (1,655) | (389) "} {"_id": "d1b2e9e46", "title": "", "text": "Fourth quarter gross profit was $1,081 million and gross margin was 39.3%. On a sequential basis, gross margin increased 140 basis points, mainly driven by improved product mix and better manufacturing efficiencies.\nGross margin decreased 70 basis points year-over-year, mainly impacted by price pressure and unsaturation charges, partially offset by improved manufacturing efficiencies, better product mix and favorable currency effects, net of hedging.\n\n | | Three Months Ended | | Variation | \n-------------------------------------------- | ----------------- | ------------------------ | ----------------- | ---------- | --------------\n | December 31, 2019 | September 29, 2018 | December 31, 2018 | Sequential | Year-Over-Year\n | | (Unaudited, in millions) | | | \nGross profit | $ 1,081 | $ 967 | $ 1,059 | 11.8% | 2.0% \nGross margin (as percentage of net revenues) | 39.3% | 37.9% | 40.0% | +140 bps | -70 bps "} {"_id": "d1b38eae0", "title": "", "text": "* As adjusted to reflect the impact of the full retrospective adoption of IFRS 15. See Note 2 for further details.\nThe U.S. Tax Cuts and Jobs Act (the \u201cTax Act\u201d) enacted on December 22, 2017 introduces a number of changes to U.S. income tax law. Among other changes, the Tax Act (i) reduces the U.S. federal corporate tax rate from 35% to 21%, (ii) enacts limitations regarding the deductibility of interest expense, (iii) modifies the provisions relating to the limitations on deductions for executive compensation of publicly traded corporations, (iv) imposes new limitations on the utilization of net operating loss arising in taxable years beginning after December 31, 2017, (v) repeals the corporate alternative minimum tax and provides for a refund of existing alternative minimum tax credits, and (vi) creates new taxes on certain foreign-sourced earnings and certain related-party payments, which are referred to as the global intangible low-taxed income tax and the base erosion tax, respectively.\nAs a result of the new U.S. federal statutory corporate tax rate of 21% contained within the Tax Act, the Group recorded non-cash charges of $16.9 million to tax expense and $16.9 million to equity to revalue the Group\u2019s U.S. net deferred tax assets during fiscal year 2018.\nIn June 2019 and December 2017, as a result of the Group\u2019s assessment of the realizability of its Australian and U.S. deferred tax assets, the Group recorded non-cash charges to tax expense of $54.7 million and $30.4 million, respectively, and $25.8 million to equity in December 2017 to reduce the carrying value of these assets. The assessment of the realizability of the Australian and U.S. deferred tax assets is based on all available positive and negative evidence. Such evidence includes, but is not limited to, recent cumulative earnings or losses, expectations of future taxable income by taxing jurisdiction, and the carry-forward periods available for the utilization of deferred tax assets. The Group will continue to assess and record any necessary changes to align its deferred tax assets to their realizable value.\nIn December 2017, the Group made changes to its corporate structure to include certain foreign subsidiaries in its U.S. consolidated tax group that resulted in the creation of certain deferred tax assets and liabilities, including a non-recognized deferred tax asset of $2.1 billion related to the fair market value of its intellectual property. The assets are included in the Group\u2019s quarterly assessment and are only recognized to the extent they are determined to be realizable.\nThe impact on the net deferred tax asset from business combinations of $19.1 million in fiscal year 2019 represents the net deferred tax assets and liabilities recognized as a result of the acquisition of OpsGenie. The Group acquired net operating loss carryforward deferred tax assets of approximately $1.8 million from OpsGenie. The Group also recognized deferred tax liabilities of approximately $19.6 million primarily related to acquired intangibles from OpsGenie, the amortization of which will not be deductible from future taxable profits.\n\n | 2019 | 2018 \n------------------------------------------- | --------------------- | ------------\n | (U.S. $ in thousands) | \n | | *As Adjusted\nReconciliation of deferred tax assets, net | | \nBalance at the beginning of | $47,060 | $140,532 \nDeferred tax expense for the year | (15,916) | (53,297) \nDebited to equity | (8,884) | (40,092) \nAdjustment in respect of income tax payable | \u2014 | (83) \nImpact from business combinations | (19,092) | \u2014 \nCurrency revaluation impact | 44 | \u2014 \nBalance at the ending of | $3,212 | $47,060 "} {"_id": "d1b371b5c", "title": "", "text": "Foreign Currency Analysis\nWe generate a significant amount of our revenue in the United States, Germany, Japan, the United Kingdom and Canada\nThe following table shows the impact of foreign exchange rate changes on our net revenue and total spend:\n(1) Please refer to the Glossary of Terms for the definitions of our constant currency growth rates.\nChanges in the value of the U.S. dollar may have a significant effect on net revenue, total spend, and income (loss) from operations in future periods. We use foreign currency contracts to reduce the exchange rate effect on a portion of the net revenue of certain anticipated transactions but do not attempt to completely mitigate the impact of fluctuations of such foreign currency against the U.S. dollar.\n\n | Fiscal Year Ended January 31, 2019 | | \n----------- | ---------------------------------------------------------- | ------------------------------------------------------------------ | -------------------------------------------------------------------\n | Percent change compared to prior fiscal year (as reported) | Constant currency percent change compared to prior fiscal year (1) | Positive/negative/neutral impact from foreign exchange rate changes\nRevenue | 25% | 24% | Positive \nTotal spend | 1% | 1% | Neutral "} {"_id": "d1b308d82", "title": "", "text": "Contractual Obligations\nThe following table presents the payments due by fiscal year for our outstanding contractual obligations as of December 31, 2019 (in thousands):\n(1) Includes estimated cash interest to be paid over the remaining terms of the underlying debt. Interest payments are based on fixed and floating rates as of December 31, 2019.\n(2) Purchase obligations represent agreements to purchase goods or services, including open purchase orders and contracts with fixed volume commitments, that are noncancelable or cancelable with a significant penalty. Purchase obligations for our long-term supply agreements for the purchase of substrate glass and cover glass represent specified termination penalties, which are up to $430 million in the aggregate under the agreements. Our actual purchases under these supply agreements are expected to be approximately $2.4 billion of substrate glass and $500 million of cover glass.\n(3) In connection with business or project acquisitions, we may agree to pay additional amounts to the selling parties upon achievement of certain milestones. See Note 14. \u201cCommitments and Contingencies\u201d to our consolidated financial statements for further information.\n(4) Transition tax obligations represent estimated payments for U.S. federal taxes associated with accumulated earnings and profits of our foreign corporate subsidiaries. See Note 18. \u201cIncome Taxes\u201d to our consolidated financial statements for further information.\n(5) Includes expected letter of credit fees and unused revolver fees.\nWe have excluded $72.2 million of unrecognized tax benefits from the amounts presented above as the timing of such obligations is uncertain.\n\n | | | Payments Due by Year | | \n-------------------------------- | ---------- | --------- | -------------------- | -------- | ---------\n | | Less Than | 1 - 3 | 3 - 5 | More Than\n | Total | 1 Year | Years | Years | 5 Years \nLong-term debt obligations | $482,892 | $17,684 | $98,571 | $37,496 | $329,141 \nInterest payments (1) . | 168,040 | 17,276 | 29,533 | 27,409 | 93,822 \nOperating lease obligations | 162,913 | 15,153 | 28,771 | 26,708 | 92,281 \nPurchase obligations (2) . | 1,424,267 | 900,200 | 221,888 | 187,277 | 114,902 \nRecycling obligations . | 137,761 | \u2014 | \u2014 | \u2014 | 137,761 \nContingent consideration (3) . | 6,895 | 2,395 | 4,500 | \u2014 | \u2014 \nTransition tax obligations (4) . | 76,667 | 6,620 | 14,747 | 32,259 | 23,041 \nOther obligations (5) . | 10,527 | 2,933 | 5,164 | 2,430 | \u2014 \nTotal . | $2,469,962 | $962,261 | $403,174 | $313,579 | $790,948 "} {"_id": "d1b3c1bb6", "title": "", "text": "Additional Information\nThe following table presents sales information by geographic area for the years ended December 31, 2019, 2018 and 2017:\nCustomers comprising more than 10% of revenue can change from year to year. Single customers comprising more than 10% of our revenue in 2019 included three customers at 19%, 17% and 13%. Single customers comprising more than 10% of our revenue in 2018 included two customers at 27% and 17%. Single customers comprising more than 10% of our revenue in 2017 included two customers at 40% and 16%. Other than those with more than 10% of revenues disclosed above, and excluding distributors, our next five largest customers can change, and has historically changed, from year-to-year. These combined customers represented 15%, 18% and 15% of total revenue in 2019, 2018 and 2017, respectively.\nAs of December 31, 2019, property, plant and equipment, net totaled $73.7 million, which included $69.9 million held in the U.S. and $3.9 million held outside the U.S. As of December 31, 2018, property, plant and equipment, net totaled $80.6 million, which included $77.3 million held in the U.S. and $3.3 million held outside the U.S. Property, plant and equipment, net is reported on a company-wide, functional basis only.\n\n(In thousands) | 2019 | 2018 | 2017 \n------------------- | -------- | -------- | --------\nUnited States | $300,853 | $288,843 | $508,178\nMexico | 90,795 | 12,186 | 2,246 \nGermany | 78,062 | 167,251 | 119,502 \nOther international | 60,351 | 60,997 | 36,974 \nTotal | $530,061 | $529,277 | $666,900"} {"_id": "d1b326a3a", "title": "", "text": "AMERICAN TOWER CORPORATION AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENT(Tabular amounts in millions, unless otherwise disclosed)\n11. ASSET RETIREMENT OBLIGATIONS\nThe changes in the carrying amount of the Company\u2019s asset retirement obligations were as follows:\n(1) Revisions in estimates include decreases to the liability of $6.7 million and $49.4 million related to foreign currency translation for the years ended December 31, 2019 and 2018, respectively.\nAs of December 31, 2019, the estimated undiscounted future cash outlay for asset retirement obligations was $3.2 billion.\n\n | 2019 | 2018 \n---------------------------------- | -------- | --------\nBeginning balance as of January 1, | $1,210.0 | $1,175.3\nAdditions | 61.8 | 39.6 \nAccretion expense | 81.6 | 83.6 \nRevisions in estimates (1) | 56.8 | (81.5) \nSettlements | (26.1) | (7.0) \nBalance as of December 31, | $1,384.1 | $1,210.0"} {"_id": "d1b3c36a0", "title": "", "text": "Free Cash Flow (non-U.S. GAAP measure). We also present Free Cash Flow, which is a non-U.S. GAAP measure, defined as (i) net cash from operating activities plus (ii) net cash used in investing activities, excluding payment for purchases (and proceeds from the sale) of marketable securities, and net cash variation for joint ventures deconsolidation, which are considered as temporary financial investments. The result of this definition is ultimately net cash from operating activities plus payment for purchase and proceeds from sale of tangible, intangible and financial assets, proceeds received in the sale of businesses and cash paid for business acquisitions.\nWe believe Free Cash Flow, a non-U.S. GAAP measure, provides useful information for investors and management because it measures our capacity to generate cash from our operating and investing activities to sustain our operations. Free Cash Flow is not a U.S. GAAP measure and does not represent total cash flow since it does not include the cash flows generated by or used in financing activities.\nFree Cash Flow reconciles with the total cash flow and the net cash increase (decrease) by including the payment for purchases (and proceeds from the sale) of marketable securities and net cash variation from joint ventures deconsolidation, the net cash from (used in) financing activities and the effect of changes in exchange rates. In addition, our definition of Free Cash Flow may differ from definitions used by other companies. Free Cash Flow is determined from our Consolidated Statements of Cash Flows as follows:\n(1) Reflects the total of the following line items reconciled with our Consolidated Statements of Cash Flows relating to the investing activities: Payment for purchase of tangible assets, Proceeds from sale of tangible assets, Payment for purchase of intangible assets, Payment for purchase of financial assets, Proceeds from sale of financial assets, Payment for disposal of equity investment, Proceeds received in sale of businesses, Payment for business acquisitions, net of cash and cash equivalents acquired.\nFree Cash Flow was positive $497 million in 2019, compared to positive $533 million and positive $308 million in 2018 and 2017, respectively.\n\n | | Year Ended December 31, | \n------------------------------------------------------------------------------------------------------------------------------- | ------- | ----------------------- | -------\n | 2019 | 2018 | 2017 \n | | (In millions) | \nNet cash from operating activities | $1,869 | $1,845 | $1,677 \nNet cash used in investing activities | (1,172) | (1,212) | (1,468)\nExcluding: | | | \nPayment for purchase and proceeds from sale of marketable securities, and net cash variation for joint ventures deconsolidation | (200) | (100) | 99 \nPayment for purchase and proceeds from sale of tangible and intangible assets, payment for business acquisitions(1) | (1,372) | (1,312) | (1,369)\nFree Cash Flow (non-U.S. GAAP measure) | $497 | $533 | $308 "} {"_id": "d1b391e34", "title": "", "text": "11. Segment Information and Geographic Area Information\nThe following table sets forth certain geographic financial information for fiscal 2019, fiscal 2018 and fiscal 2017. Geographic net sales are determined based on our sales from our various operational locations.\n\n | | Fiscal Year Ended | \n---------------------------------------- | -------------- | ----------------- | --------------\n(Dollars in Millions) | April 27, 2019 | April 28, 2018 | April 29, 2017\nNet Sales: | | | \nU.S. | $540.5 | $487.5 | $506.9 \nMalta | 148.5 | 184.0 | 155.5 \nChina | 113.7 | 117.3 | 127.7 \nCanada | 101.6 | 54.4 | \u2014 \nOther | 96.0 | 65.1 | 26.4 \nTotal Net Sales | $1,000.3 | $908.3 | $816.5 \nProperty, Plant and Equipment, Net: | | | \nU.S. | $83.9 | $63.3 | $44.9 \nMalta | 33.0 | 36.8 | 26.4 \nBelgium | 22.1 | 25.0 | \u2014 \nChina | 18.6 | 7.2 | 5.9 \nOther | 34.3 | 29.9 | 13.4 \nTotal Property, Plant and Equipment, Net | $191.9 | $162.2 | $90.6 "} {"_id": "d1b3b24cc", "title": "", "text": "Results of Continuing Operations\nThe analysis presented below is organized to provide the information we believe will facilitate an understanding of our historical performance and relevant trends going forward, and should be read in conjunction with our Consolidated Financial Statements, including the notes thereto, in Item 8 \"Financial Statements and Supplementary Data\" of this Annual Report on Form 10 - K.\nThe following table sets forth, for the periods indicated, certain data derived from our Consolidated Statements of Operations (in thousands):\n\n | Year Ended December 31, | \n------------------------------------------------------ | ----------------------- | ---------\n | 2019 | 2018 \nSales | $788,948 | $718,892 \nGross profit | 315,652 | 365,607 \nOperating expenses | 261,264 | 194,054 \nOperating income from continuing operations | 54,388 | 171,553 \nOther income (expense), net | 12,806 | 823 \nIncome from continuing operations before income taxes | 67,194 | 172,376 \nProvision for income taxes | 10,699 | 25,227 \nIncome from continuing operations, net of income taxes | $ 56,495 | $ 147,149"} {"_id": "d1b386c5a", "title": "", "text": "Commitments and Contractual Obligations\nAs of June 30, 2019, we have entered into the following contractual obligations with minimum payments for the indicated fiscal periods as follows:\n1) Includes interest up to maturity and principal payments. Please see note 10 \"Long-Term Debt\" for more details.\n(2) Net of $30.7 million of sublease income to be received from properties which we have subleased to third parties.\n\n | | | Payments due between | | \n------------------------------- | ---------- | --------------------------- | --------------------------- | --------------------------- | -----------------------\n | Total | July 1, 2019\u2014 June 30, 2020 | July 1, 2020\u2014 June 30, 2022 | July 1, 2022\u2014 June 30, 2024 | July 1, 2024 and beyond\nLong-term debt obligations (1) | $3,408,565 | $147,059 | $292,156 | $1,045,567 | $1,923,783 \nOperating lease obligations (2) | 318,851 | 72,853 | 106,394 | 59,441 | 80,163 \nPurchase obligations | 11,280 | 8,364 | 2,747 | 169 | \u2014 \n | $3,738,696 | $228,276 | $401,297 | $1,105,177 | $2,003,946 "} {"_id": "d1a7261ea", "title": "", "text": "8. Directors and Key Management remuneration\nThe remuneration of Directors is disclosed in the Directors\u2019 remuneration report on pages 64 to 74:\nKey Management compensation\nDuring the year to 31 March 2019, Key Management comprised the members of the OLT and the Non-Executive Directors (2018: OLT and the Non-Executive Directors). The remuneration of all Key Management (including Directors) was as follows:\n\n | 2019 | 2018\n---------------------------- | ---- | ----\n | \u00a3m | \u00a3m \nShort-term employee benefits | 5.3 | 4.9 \nShare-based payments | 3.5 | 2.6 \nTermination benefits | \u2013 | 0.1 \nPension contributions | 0.2 | 0.2 \nTotal | 9.0 | 7.8 "} {"_id": "d1b34279e", "title": "", "text": "A.4.1 Orders and revenue by region\nPositive currency translation effects added one percentage point each to order and revenue growth; portfolio transactions had only minimal effects on volume growth year-over-year. The resulting ratio of orders to revenue (book-to-bill) for Siemens in fiscal 2019 was a strong 1.13, again well above 1. The order backlog was \u20ac 146 billion as of September 30, 2019, a new high.\n1 As defined by the International Monetary Fund.\nOrders related to external customers were clearly up year-overyear on growth in nearly all industrial businesses, led by Mobility. Gas and Power, Siemens Healthineers, Smart Infrastructure and SGRE all posted clear growth, while orders declined slightly in Digital Industries. Volume from large orders for Industrial Businesses overall was up substantially due to a sharp increase at Mobility, but also due to a significant increase in SGRE and Gas and Power. Growth in emerging markets was driven by orders from China, and from Russia where Mobility won a \u20ac 1.2 billion contract for high-speed trains including maintenance.\nOrder development was mixed in the Europe, C. I. S., Africa, Middle East region. The majority of industrial businesses posted order growth, led by double-digit growth in Mobility, which won several large contracts in the year under review. This increase was more than offset by a substantial decline in SGRE due mainly to a lower volume from large orders and a decrease in Digital Industries. In contrast to the region overall, orders were up clearly in Germany, driven by sharp growth in Gas and Power which recorded, among others, a large high voltage direct current (HVDC) order. Mobility recorded a significant increase in order intake in Germany, while the other industrial businesses posted declines.\nOrders in the Americas region were up significantly year-over-year, benefiting from positive currency translation effects. Double-digit growth in nearly all industrial businesses was led by SGRE and Mobility with particularly sharp increases. The pattern of order development in the U. S. was largely the same as in the Americas region.\nIn the Asia, Australia region, orders also rose significantly due to growth in nearly all industrial businesses. The primary growth driver was SGRE, which recorded a sharply higher volume from large orders, including two large orders for offshore wind-farms\nincluding service in Taiwan totaling \u20ac 2.3 billion. Orders for Mobility dropped substantially compared to the prior year. Clear growth in China included a majority of industrial businesses.\n\n | | Fiscal year | | % Change\n------------------------------------- | ------ | ----------- | ------ | --------\n(in millions of \u20ac) | 2019 | 2018 | Actual | Comp. \nEurope, C. I. S., Africa, Middle East | 46,086 | 46,495 | (1)% | (1)% \ntherein: Germany | 12,021 | 11,254 | 7% | 7% \nAmericas | 29,812 | 25,060 | 19% | 14% \ntherein: U.S. | 21,166 | 18,106 | 17% | 10% \nAsia, Australia | 22,101 | 19,742 | 12% | 11% \ntherein: China | 8,989 | 8,459 | 6% | 6% \nSiemens | 97,999 | 91,296 | 7% | 6% \ntherein: emerging markets1 | 31,720 | 30,564 | 4% | 4% "} {"_id": "d1b2f19b6", "title": "", "text": "Item 6. Selected Consolidated Financial Data\nThe following table presents selected consolidated financial data as of and for the five-year period ended December 31, 2019. Our past results of operations are not necessarily indicative of our future results of operations. The following selected consolidated financial data is qualified in its entirety by, and should be read in conjunction with, \u201cManagement's Discussion and Analysis of Financial Condition and Results of Operations\u201d and the consolidated financial statements and the notes thereto included elsewhere herein.\nConsolidated Statement of Operations Data:\n\n | | | Year Ended December 31, | | \n-------------------------------------------------------------------------- | -------- | -------- | ------------------------------------- | -------- | --------\n | 2019 | 2018 | 2017 | 2016 | 2015 \n | | | (In thousands, except per share data) | | \nRevenues | $111,412 | $111,322 | $106,524 | $114,263 | $123,961\nIncome from operations | 9,464 | 8,238 | 4,545 | 10,186 | 3,820 \nIncome from continuing operations, net of taxes | 4,155 | 4,661 | 1,592 | 6,007 | 8,523 \nIncome from discontinued operations, net of taxes | \u2014 | \u2014 | 1,938 | 624 | 2,341 \nNet income | $4,155 | $4,661 | $3,530 | $6,631 | $10,864 \nIncome per share\u2014basic: | | | | | \nContinuing operations | $0.35 | $0.38 | $0.12 | $0.43 | $0.58 \nDiscontinued operations | \u2014 | \u2014 | 0.15 | 0.04 | 0.16 \nNet income per share | $0.35 | $0.38 | $0.27 | $0.47 | $0.74 \nIncome per share\u2014diluted: | | | | | \nContinuing operations | $0.35 | $0.37 | $0.12 | $0.43 | $0.58 \nDiscontinued operations | \u2014 | \u2014 | 0.15 | 0.04 | 0.16 \nNet income per share | $0.35 | $0.37 | $0.27 | $0.47 | $0.74 \nShares used in per share calculation from continuing operations \u2014basic | 11,809 | 12,323 | 12,882 | 13,997 | 14,722 \nShares used in per share calculation from discontinued operations \u2014basic | 11,809 | 12,323 | 12,882 | 13,997 | 14,722 \nShares used in per share calculation from continuing operations\u2014diluted | 12,035 | 12,510 | 12,894 | 13,997 | 14,722 \nShares used in per share calculation from discontinuing operations\u2014diluted | 12,035 | 12,510 | 12,894 | 13,997 | 14,722 "} {"_id": "d1b30a394", "title": "", "text": "Deferred income taxes are recorded for differences in the basis of assets and liabilities for financial reporting purposes and tax reporting purposes. Deferred tax assets (liabilities) were comprised of the following:\nAt January 3, 2020, the Company had state net operating losses of $77 million and state tax credits of $7 million. Both will begin to expire in fiscal 2020; however, the Company expects to utilize $24 million and $7 million of these state net operating losses and state tax credits, respectively. The Company also had foreign net operating losses of $44 million, which do not expire. The Company expects to utilize $9 million of these foreign net operating losses.\nOur valuation allowance for deferred tax assets was $20 million and $28 million as of January 3, 2020 and December 28, 2018, respectively. The valuation allowance decreased by $8 million primarily due to the sale of the commercial cybersecurity business and releases related to the expected utilization of certain carryover attributes, partially offset by an increase related to foreign withholding taxes.\n\n | January 3, 2020 | December 28, 2018\n----------------------------------------------- | --------------- | -----------------\n | (in millions) | \nOperating lease liabilities | $115 | $\u2014 \nAccrued vacation and bonuses | 54 | 48 \nReserves | 46 | 57 \nDeferred compensation | 26 | 25 \nCredits and net operating losses carryovers | 25 | 31 \nVesting stock awards | 18 | 20 \nAccumulated other comprehensive loss | 12 | \u2014 \nDeferred rent and tenant allowances | 4 | 18 \nInvestments | 2 | 18 \nDeferred gain | \u2014 | 20 \nOther | 9 | 13 \nTotal deferred tax assets | 311 | 250 \nValuation allowance | (20) | (28) \nDeferred tax assets, net of valuation allowance | 291 | 222 \nPurchased intangible assets | $(339) | $(326) \nOperating lease right-of-use assets | (103) | \u2014 \nDeferred revenue | (17) | (40) \nEmployee benefit contributions | (6) | (4) \nAccumulated other comprehensive income | \u2014 | (6) \nPartnership interest | \u2014 | (2) \nOther | (10) | (14) \nTotal deferred tax liabilities | (475) | (392) \nNet deferred tax liabilities | $(184) | $(170) "} {"_id": "d1b373038", "title": "", "text": "Note 10 \u2013 Income taxes\nThe provision (benefit) for income taxes consists of the following:\n\n | For the Years Ended December 31, | \n------------------------------------ | -------------------------------- | -------\n | 2019 | 2018 \nCurrent: | | \nFederal | $ (27) | $ (13 )\nState and local | 276 | 249 \nTotal current | 249 | 236 \nDeferred | 533 | (461) \nProvision (benefit) for income taxes | $ 782 | $ (225)"} {"_id": "d1b343c66", "title": "", "text": "Equity, liabilities and net debt in the consolidated financial statements\nEquity amounts to \u20ac2,735 million (30/9/2018: \u20ac3,074 million), while liabilities amounts to \u20ac11,762 million (30/9/2018: \u20ac12,132 million). Net debt related to continuing operations decreased by \u20ac0.2 billion in the adjusted year-on-year comparison and amounted to \u20ac2.9 billion as of 30 September 2019 (30/09/2018: \u20ac3.1 billion).\n1 Adjustment of previous year according to explanation in notes\n2 Shown in the balance sheet under other financial assets (current).\n3 Adjusted for the effects of discontinued operations.\n\n\u20ac million | 30/9/2018 1 | 30/9/2018 adjusted3 | 30/9/2019\n-------------------------------------------- | ----------- | ------------------- | ---------\nEquity | 3,074 | 3,074 | 2,735 \nLiabilities | 12,132 | 12,132 | 11,762 \nNet debt | 2,710 | 3,102 | 2,858 \nFinancial liabilities (incl. finance leases) | 4,010 | 4,010 | 3,369 \nCash and cash equivalents | 1,298 | 906 | 500 \nShort-term financial investments2 | 2 | 2 | 11 "} {"_id": "d1b3229ee", "title": "", "text": "(c) Additional Segment Information\nThe majority of our assets as of July 27, 2019 and July 28, 2018 were attributable to our U.S. operations. In fiscal 2019, 2018, and 2017, no single customer accounted for 10% or more of revenue.\nProperty and equipment information is based on the physical location of the assets. The following table presents property and equipment information for geographic areas (in millions):\n\n | July 27, 2019 | July 28, 2018 | July 29, 2017\n---------------------------- | ------------- | ------------- | -------------\nProperty and equipment, net: | | | \nUnited States | $2,266 | $2,487 | $2,711 \nInternational | 523 | 519 | 611 \nTotal | $2,789 | $3,006 | $3,322 "} {"_id": "d1b394972", "title": "", "text": "NOTE 2. RIGHT-OF-USE ASSETS\nThe Company leases many assets, including land, buildings, houses, motor vehicles, machinery and equipment. Leases typically run up to a period of 5 years, some with an option to renew the lease after the end of the non-cancelable period. Lease payments are renegotiated on a periodic basis; timing is depending on the region and type of lease. The Company has not entered into any sub-lease arrangements.\nRight-of-use assets\n\n | Land and buildings | Motor vehicles | Other machinery and equipment | Total \n------------------------------------------- | ------------------ | -------------- | ----------------------------- | -------\nBalance January 1, 2019 | 23,579 | 1,488 | 620 | 25,687 \nAdditions | 6,475 | 1,588 | 16 | 8,079 \nTransfer from property, plant and equipment | 459 | \u2013 | \u2013 | 459 \nModifications and reassessments | 75 | 31 | (24) | 82 \nRetirements | \u2013 | \u2013 | \u2013 | \u2013 \nDepreciation for the year | (6,057) | (1,008) | (268) | (7,333)\nForeign currency translation effect | 518 | 43 | 12 | 573 \nBalance December 31, 2019 | 25,049 | 2,142 | 356 | 27,547 "} {"_id": "d1b326814", "title": "", "text": "EXECUTIVE OFFICERS OF THE REGISTRANT\nExecutive officers of our Company are appointed by the Board of Directors and serve at the discretion of the Board. The following table sets forth certain information with respect to all executive officers of our Company.\nCHRISTOPHER H. ATAYAN has served in various senior executive positions with the Company since March 2006, including his service as Chairman of the Board since January 2008 and Chief Executive Officer since October 2006, and has been a director of the Company since 2004. Mr. Atayan has served as the Senior Managing Director of Slusser Associates, a private equity and investment banking firm, since 1988, and has been engaged in private equity and investment banking since 1982. He also serves on the Board of Eastek Holdings, LLC, a manufacturing company.\nANDREW C. PLUMMER has served as our President and Chief Operating Officer since October 2018, as our Chief Financial Officer since January 2007, and as our Secretary from January 2007 to October 2018. From 2004 to 2007, Mr. Plummer served our company in various roles including Acting Chief Financial Officer, Corporate Controller, and Manager of SEC Compliance. Prior to joining our company in 2004, Mr. Plummer practiced public accounting, primarily with the accounting firm Deloitte and Touche, LLP (now Deloitte).\nCHARLES J. SCHMADERER has served as the Company\u2019s Vice President and Corporate Controller since April 2018 and as Secretary since October 2018. From 2006 to 2018, Mr. Schmaderer served the Company in various roles including as the Vice President of Financial Reporting and Assistant Secretary, and as the Director of Financial and SEC Reporting. Prior to joining AMCON in 2006, Mr. Schmaderer practiced public accounting, primarily with the accounting firm Grant Thornton, LLP and also holds a Master of Business Administration (MBA).\n\nName | Age | Position \n--------------------- | --- | --------------------------------------------------------\nChristopher H. Atayan | 59 | Chairman of the Board, Chief Executive Officer, Director\nAndrew C. Plummer | 45 | President, Chief Financial Officer, Director \nCharles J. Schmaderer | 50 | Vice President, Corporate Controller, Secretary "} {"_id": "d1b33add2", "title": "", "text": "Accounts Receivable\nThe following is a summary of Accounts receivable (in thousands):\n\n | June 30,\n2019 | June 30,\n2018\n------------------------------- | ------------- | -------------\nAccounts receivable | $201,365 | $225,167 \nAllowance for doubtful accounts | (1,054) | (1,478) \nAllowance for product returns | (25,897) | (11,266) \nAccounts receivable, net | $174,414 | $212,423 "} {"_id": "d1b392bae", "title": "", "text": "Financial position and cash flow\nCapital expenditure and cash flow\nNet operating cash inflow was $4,709,000, which was $4,081,000 lower than last year. The reduction in operating revenue was offset by lower operational costs. However, net cash was impacted by the increase in trail to upfront revenue mix. In addition, as a result of the loss position reported for FY18, the Group received a net tax refund of $2,327,000 during the year, compared to the prior year net tax paid of $172,000.\nNet investing cash outflows for the year was $12,337,000. The $7,755,000 decrease in spend in investing activities relates to the Group\u2019s controlling interest acquisition of iMoney in December 2017.\nNet financing cash outflows for the 2019 year totalled $3,471,000. This included $2,839,000 lease payments and $497,000 interest expense related to leases. The material decrease against the prior year comparative period relates to $32,918,000 paid in share buy-backs and dividends in the prior period.\n\nCASH FLOW SUMMARY | 2019 $\u2019000 | 2018 $\u2019000 RESTATED | CHANGE\n--------------------------------------------- | ---------- | ------------------- | ------\nNet cash provided from operating activities | 4,709 | 8,790 | 46% \nNet cash used in investing activities | (12,337) | (20,092) | (39%) \nNet cash used in financing activities | (3,471) | (36,014) | (90%) \nNet change in cash and cash equivalent | (11,099) | (47,316) | (77%) "} {"_id": "d1b2f68da", "title": "", "text": "Interest expense includes the following (in millions):\nThe remaining period over which the unamortized debt discount will be recognized as non-cash interest expense is 7.88 years, 5.88 years, and 17.88 years for the 2017 Senior Convertible Debt, 2015 Senior Convertible Debt and 2017 Junior Convertible Debt, respectively.\nIn November 2017, the Company called for redemption $14.6 million in principal value of the remaining outstanding 2007 Junior Subordinated Convertible Debt (2007 Junior Convertible Debt) with an effective redemption date of December 15, 2017 for which substantially all holders submitted requests to convert. Prior to the call, conversion requests were received in both the second and third quarters of fiscal 2018. Total conversions for fiscal 2018 were for a principal amount of $32.5 million for which the Company settled the principal amount in cash and issued 0.5 million shares of its common stock in respect of the conversion value in excess of the principal amount for the conversions occurring prior to the redemption notice and $41.0\u00a0 of redemption. A loss on total conversions was recorded for $2.2 million.\nIn June 2017, the Company exchanged, in privately negotiated transactions, $111.3 million aggregate principal amount of its 2007 Junior Convertible Debt for (i) $111.3 million principal amount of 2017 Junior Convertible Debt with a market value of $119.3 million plus (ii) the issuance of 3.2 million shares of the Company's common stock with a value of $254.6 million, of which $56.3 million was allocated to the fair value of the liability and $321.1 million was allocated to the reacquisition of the equity component for total consideration of $374.0 million. The transaction resulted in a loss on settlement of the 2007 Junior Convertible Debt of approximately $13.8 million, which represented the difference between the fair value of the liability component at time of repurchase and the sum of the carrying values of the debt component and any unamortized debt issuance costs. The debt discount on the new 2017 Junior Convertible Debt was the difference between the par value and the fair value of the debt resulting in a debt discount of $55.1 million which will be amortized to interest expense using the effective interest method over the term of the debt.\nIn February 2017, the Company issued the 2017 Senior Convertible Debt and 2017 Junior Convertible Debt for net proceeds of $2.04 billion and $567.7 million, respectively. In connection with the issuance of these instruments, the Company incurred issuance costs of $33.7 million, of which $17.8 million and $3.4 million was recorded as convertible debt issuance costs related to the 2017 Senior Convertible Debt and 2017 Junior Convertible Debt, respectively, and will be amortized using the effective interest method over the term of the debt. The balance of $12.5 million in fees was recorded to equity. Interest on both instruments is payable semi-annually on February 15 and August 15 of each year.\nIn February 2015, the Company issued the 2015 Senior Convertible Debt for net proceeds of approximately $1.69 billion. In connection with the issuance, the Company incurred issuance costs of $30.3 million, of which $20.4 million was recorded as debt issuance costs and will be amortized using the effective interest method over the term of the debt. The balance of $9.9 million was recorded to equity.\nThe Company utilized the proceeds from the issuances of the 2017 Senior Convertible Debt, 2017 Junior Convertible Debt, and 2015 Senior Convertible Debt to reduce amounts borrowed under its Credit Facility and to settle a portion of the 2007 Junior Convertible Debt in privately negotiated transactions. In February 2017 and February 2015, the Company settled $431.3 million and $575.0 million, respectively, in aggregate principal of its 2007 Junior Convertible Debt. The February 2015 repurchase consisted solely of cash. In February 2017, the Company used cash of $431.3 million and an aggregate of 12.0 million in shares of the Company's common stock valued at $862.7 million for total consideration of $1.29 billion to repurchase $431.3 million of the 2007 Junior Convertible Debt, of which $188.0 million was allocated to the liability component and $1.11 billion was allocated to the equity component. In addition, in February 2017, there was an inducement fee of $5.0 million which was recorded in the consolidated statements of income in loss on settlement of debt. The consideration transferred in February 2015 was $1.13 billion, of which $238.3 million was allocated to the liability component and $896.3 million was allocated to the equity component. In the case of both settlements of the 2007 Junior Convertible Debt, the consideration was allocated to the liability and equity components using the equivalent rate that reflected the borrowing rate for a similar nonconvertible debt prior to the retirement. The transactions resulted in a loss on settlement of debt of approximately $43.9 million and $50.6 million in fiscal 2017 and fiscal 2015, respectively, which represented, in each case, the difference between the fair value of the liability component at time of repurchase and the sum of the carrying values of the debt component and any unamortized debt issuance costs.\n\n | | Year Ended March 31, | \n----------------------------------------------------- | ------ | -------------------- | ------\n | 2019 | 2018 | 2017 \nDebt issuance amortization | $12.9 | $3.1 | $2.4 \nDebt discount amortization | 2.2 | \u2014 | \u2014 \nInterest expense | 291.8 | 6.6 | 40.4 \nTotal interest expense on Senior Secured Indebtedness | 306.9 | 9.7 | 42.8 \nDebt issuance amortization | 3.6 | 3.5 | 2.1 \nDebt discount amortization | 112.4 | 106.1 | 56.1 \nCoupon interest expense | 77.1 | 77.3 | 44.5 \nTotal interest expense on Convertible Debt | 193.1 | 186.9 | 102.7 \nOther interest expense | 2.9 | 2.4 | 0.8 \nTotal interest expense | $502.9 | $199.0 | $146.3"} {"_id": "d1b3780ba", "title": "", "text": "NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (in thousands, except for share and per share data)\nNOTE 9 \u2014 Accrued Expenses and Other Liabilities\nThe components of accrued expenses and other liabilities are as follows:\n\n | As of December 31, | \n-------------------------------------------- | ------------------ | -------\n | 2019 | 2018 \nAccrued product-related costs | $4,464 | $4,377 \nAccrued income taxes | 7,903 | 6,914 \nAccrued property and other taxes | 1,574 | 1,976 \nAccrued professional fees | 1,599 | 3,350 \nContract liabilities | 2,877 | 1,981 \nDividends payable | 1,299 | 1,310 \nRemediation reserves | 11,444 | 11,274 \nOther accrued liabilities | 5,218 | 6,165 \nTotal accrued expenses and other liabilities | $36,378 | $37,347"} {"_id": "d1b30f3ee", "title": "", "text": "Restricted Share Units\nThe following table illustrates the number and WASP on date of award, and movements in, restricted share units (\u201cRSUs\u201d) and cash-based awards granted under the 2015 LTIP:\nRSUs and cash-based awards have a vesting period between two to five years, with no award vesting within the first 12 months of the grant.\n\n | Year-ended 31 March 2019 | | Year-ended 31 March 2018 | \n------------------------------------ | ------------------------ | ------- | ------------------------ | -------\n | Number | WASP | Number | WASP \nRestricted share units | 000\u2019s | \u00a3 pence | 000\u2019s | \u00a3 pence\nOutstanding at the start of the year | 14,840 | 316.09 | 15,350 | 215.92 \nAwarded | 8,749 | 478.44 | 6,337 | 453.14 \nForfeited | (1,421) | 426.11 | (1,421) | 284.15 \nReleased | (6,822) | 309.77 | (5,426) | 218.49 \nOutstanding at the end of the year | 15,346 | 401.27 | 14,840 | 316.09 "} {"_id": "d1b2f8694", "title": "", "text": "2019 Annual LTI Grants. Except for Messrs. Dev, Trezise and Andrews, the Committee granted annual LTI\nawards to our named executives in February 2019 at amounts substantially similar to the awards granted to\nthem in 2018. Mr. Dev\u2019s 2019 LTI target was increased to $2,700,000, as previously approved by the Committee\nupon his promotion to CFO in November 2018. Mr. Andrews\u2019 2019 LTI target was increased to $750,000, as\npreviously approved by the Committee following a review of compensation benchmarking in November 2018. In\nFebruary 2019, the Committee reviewed the compensation benchmarking data for all executive officers and\nincreased Mr. Trezise\u2019s LTI target to $800,000 and left unchanged the LTI target for our other NEOs.\nOn February 28, 2019, the Committee granted our named executives the following number of (i) restricted shares or RSUs that will vest over a three-year period principally in exchange for continued service (\u201ctime-vested restricted shares or RSUs\u201d), (ii) performance-based restricted shares or RSUs that will vest in two equal installments on March 1 of each of 2021 and 2022 based on attainment during the 2019 Performance Period, as defined above, of an Adjusted EBITDA Run Rate target of 0.0% (the \u201cPerformance-Vested Shares or RSUs\u201d), as described further above:\n(1) Represents the number of restricted shares or RSUs granted in 2019.\n(2) As discussed further above, the actual number of shares that vest in the future may be lower or higher, depending on the level of performance achieved.\n(3) Dividends on the shares of restricted stock (or, with respect to RSUs, dividend equivalents) will not be paid while unvested, but will accrue and paid or be forfeited in tandem with the vesting of the related shares or RSUs.\n(4) For purposes of these grants, we determined both the number of time-vested and performance-based restricted shares or RSUs by dividing the total grant value granted to the executive by the volume-weighted average closing price of a share of our common stock over the 15-trading-day period ending five trading days prior to the grant date (\u201cVWAP\u201d), rounding to the nearest whole share. However, as noted previously, for purposes of reporting these awards in the Summary Compensation Table, our shares of time-vested restricted stock or RSUs are valued based on the closing price of our common stock on the date of grant and our shares of performance-based restricted stock or RSUs are valued as of the grant date based on probable outcomes, as required by applicable accounting and SEC disclosure rules. See footnote 2 to the Summary Compensation Table for more information.\n(5) Mr. Storey\u2019s annual grant was in the form of RSUs.\n\n | | 2019 Annual LTI Grants | | | \n-------------------- | ------------------------------------- | ---------------------- | ------------------------------------------- | -------------- | --------------------\n | Time-vested Restricted Shares or RSUs | | Performance-based Restricted Shares or RSUs | | \nNamed Officer | No. of Shares(1)(3) | Grant Value(1) | No. of Shares(2)(3) | Grant Value(4) | Total Grant Value(4)\nCurrent Executives: | | | | | \nJeffrey K. Storey(5) | 358,884 | $5,040,000 | 538,328 | $7,560,000 | $12,600,000 \nIndraneel Dev | 76,904 | 1,080,000 | 115,356 | 1,620,000 | 2,700,000 \nStacey W. Goff | 56,966 | 800,000 | 85,449 | 1,200,000 | 2,000,000 \nScott A. Trezise | 22,786 | 320,000 | 34,180 | 480,000 | 800,000 \nShaun. C. Andrews | 21,362 | 300,000 | 32,043 | 450,000 | 750,000 "} {"_id": "d1b39967a", "title": "", "text": "AMERICAN TOWER CORPORATION AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Tabular amounts in millions, unless otherwise disclosed)\n23. SELECTED QUARTERLY FINANCIAL DATA (UNAUDITED)\nSelected quarterly financial data for the years ended December 31, 2019 and 2018 is as follows (in millions, except per share data):\n(1) Represents Operating expenses, exclusive of Depreciation, amortization and accretion, Selling, general, administrative and development expense, and Other operating expenses.\n\n | | Three Months Ended | | | \n------------------------------------------------------------------------------------------- | --------- | ------------------ | ------------- | ------------ | ------------------------\n | March 31, | June 30, | September 30, | December 31, | Year Ended, December 31,\n2019: | | | | | \nOperating revenues | $1,813.4 | $1,889.6 | $1,953.6 | $1,923.7 | $7,580.3 \nCosts of operations (1) | 543.4 | 563.3 | 559.9 | 550.2 | 2,216.8 \nOperating income | 614.9 | 683.9 | 728.3 | 661.3 | 2,688.4 \nNet income | 407.6 | 434.3 | 505.3 | 569.4 | 1,916.6 \nNet income attributable to American Tower Corporation stockholders | 397.4 | 429.1 | 498.6 | 562.7 | 1,887.8 \nNet income attributable to American Tower Corporation common stockholders | 397.4 | 429.1 | 498.6 | 562.7 | 1,887.8 \nBasic net income per share attributable to American Tower Corporation common stockholders | 0.90 | 0.97 | 1.13 | 1.27 | 4.27 \nDiluted net income per share attributable to American Tower Corporation common stockholders | 0.89 | 0.96 | 1.12 | 1.26 | 4.24 "} {"_id": "d1b35af42", "title": "", "text": "The following table presents a rollforward of our restructuring liability as of September 30, 2019, which is included within accrued compensation and other current liabilities within our Consolidated Balance Sheet, (in millions):\nCertain restructuring costs are based upon estimates. Actual amounts paid may ultimately differ from these estimates. If additional costs are incurred or recognized amounts exceed costs, such changes in estimates will be recognized when incurred.\n\n | Restructuring Liability Employee Separation and other | Restructuring Liability Consulting Costs\n-------------------------------- | ----------------------------------------------------- | ----------------------------------------\nBalance as of October 1, 2017 | $ 1.0 | $ \u2014 \nAccrued costs | 4.2 | 0.8 \nCash payments | (4.6) | (0.5) \nBalance as of September 30, 2018 | $ 0.6 | $ 0.3 \nAccrued costs | 7.5 | 7.9 \nCash payments | (6.1) | (7.4) \nBalance as of September 30, 2019 | $ 2.0 | $ 0.8 "} {"_id": "d1b39d34c", "title": "", "text": "Long-term Incentive Program Performance Share Awards\nDuring the year ended December 31, 2017, pursuant to the Company\u2019s 2016 Incentive Plan, the Company granted long-term incentive program performance share awards (\u201cLTIP performance shares\u201d). These LTIP performance shares are earned, if at all, based upon the achievement, over a specified period that must not be less than one year and is typically a three-year performance period, of performance goals related to (i) the compound annual growth over the performance period in the sales for the Company as determined by the Company, and (ii) the cumulative operating income or EBITDA over the performance period as determined by the Company. Up to 200% of the LTIP performance shares may be earned upon achievement of performance goals equal to or exceeding the maximum target levels for the performance goals over the performance period. On a quarterly basis, management\nA summary of the nonvested LTIP performance shares is as follows:\nDuring the year ended December 31, 2019, the Company revised the expected attainment rates for outstanding LTIP performance shares due to changes in forecasted sales and operating income, resulting in additional stock-based compensation expense of approximately $3.7 million.\n\n | Number of Shares at Expected Attainment | Weighted Average Grant Date Fair Value\n------------------------------ | --------------------------------------- | --------------------------------------\nNonvested at December 31, 2018 | 540,697 | $19.83 \nForfeited | -56,567 | 18.80 \nChange in expected attainment | 185,339 | 20.09 \nNonvested at December 31, 2019 | 669,469 | $20.12 "} {"_id": "d1b367b34", "title": "", "text": "Cash, Cash Equivalents and Marketable Securities\nCash, cash equivalents, and marketable securities increased by $485.5 million to $2,455.2 million as at December 31, 2019 from $ 1,969.7 million as at December 31, 2018, primarily as a result of proceeds from the public offering in September 2019, cash provided by our operating activities, and proceeds from the exercise of stock options.\nCash equivalents and marketable securities include money market funds, repurchase agreements, term deposits, U.S. and Canadian federal bonds, corporate bonds, and commercial paper, all maturing within the 12 months from December 31, 2019.\nThe following table summarizes our total cash, cash equivalents and marketable securities as at December 31, 2019 and 2018 as well as our operating, investing and financing activities for the years ended December 31, 2019 and 2018:\nCash Flows From Operating Activities\nOur largest source of operating cash is from subscription solutions. These payments are typically paid to us at the beginning of the applicable subscription period, except for our Shopify Plus merchants who typically pay us at the end of their monthly billing cycle. We also generate significant cash flows from our Shopify Payments processing fee arrangements, which are received on a daily basis as transactions are processed. Our primary uses of cash from operating activities are for third-party payment processing fees, employee-related expenditures, advancing funds to merchants through Shopify Capital, marketing programs, third-party shipping and fulfillment partners, outsourced hosting costs, and leased facilities.\nFor the year ended December 31, 2019, cash provided by operating activities was $70.6 million. This was primarily as a result of our net loss of $124.8 million, which once adjusted for $158.5 million of stock-based compensation expense, $35.7 million of amortization and depreciation, a $37.9 million increase in deferred income taxes, a $15.9 million increase of our provision for uncollectible merchant cash advances and loans, and an unrealized foreign exchange loss of $3.2 million, contributed $50.4 million of positive cash flows. Additional cash of $162.9 million resulted from the following increases in operating liabilities: $84.6 million in accounts payable and accrued liabilities due to indirect taxes payable, payroll liabilities, and payment processing and interchange fees; $64.6 million in income tax assets and liabilities; $12.3 million in deferred revenue due to the growth in sales of our subscription solutions along with the acquisition of 6RS; and $1.5 million increase in net lease liabilities. These were offset by $142.8 million of cash used resulting from the following increases in operating assets: $74.2 million in merchant cash advances and loans as we continued to grow Shopify Capital; $56.2 million in trade and other receivables; and $12.4 million in other current assets driven primarily by an increase in prepaid expenses, forward contract assets designated for hedge accounting, and deposits.\nFor the year ended December 31, 2018, cash provided by operating activities was $9.3 million. This was primarily as a result of our net loss of $64.6 million, which once adjusted for $95.7 million of stock-based compensation expense, $27.1 million of amortization and depreciation, a $5.9 million increase of our provision for uncollectible merchant cash advances, and an unrealized foreign exchange loss of $1.3 million, contributed $65.4 million of positive cash flows. Additional cash of $38.1 million resulted from the following increases in operating liabilities: $20.6 million in accounts payable and accrued liabilities; $9.0 million in deferred revenue; and $8.4 million in lease liabilities. These were offset by $94.2 million of cash used resulting from the following increases in operating assets: $50.7 million in merchant cash advances and loans; $32.6 million in trade and other receivables; and $10.8 million in other current assets.\nCash Flows From Investing Activities\nCash flows used in investing activities are primarily related to the purchase and sale of marketable securities, business acquisitions, purchases of leasehold improvements and furniture and fixtures to support our expanding infrastructure and workforce, purchases of computer equipment, and software development costs eligible for capitalization.\nNet cash used in investing activities in the year ended December 31, 2019 was $ 569.5 million, which was driven by $265.5 million used to make business acquisitions, most of which was for the 6RS acquisition on October 17, 2019, net purchases of $241.6 million in marketable securities, $ 56.8 million used to purchase property and equipment, which primarily consisted of expenditures on leasehold improvements, and $5.6 million used for purchasing and developing software to add functionality to our platform and support our expanding merchant base.\nNet cash used in investing activities in the year ended December 31, 2018 was $810.6 million, reflecting net purchases of $749.7 million in marketable securities. Cash used in investing activities also included $28.0 million used to purchase property and equipment, which primarily consisted of expenditures on leasehold improvements, $19.4 million used to make business acquisitions, and $13.6 million used for purchasing and developing software.\nCash Flows From Financing Activities\nTo date, cash flows from financing activities have related to proceeds from private placements, public offerings, and exercises of stock options.\nNet cash provided by financing activities in the year ended December 31, 2019 was $736.4 million driven mainly by the $688.0 million raised by our September 2019 public offering, and $48.3 million in proceeds from the issuance of Class A subordinate voting shares and Class B multiple voting shares as a result of stock option exercises. This compares to $1,072.2 million for the same period in 2018 of which $1,041.7 million was raised by our February and December 2018 public offerings while the remaining $30.5 million related to stock option exercises.\n\n | Years ended December 31, | \n---------------------------------------------------------------- | ------------------------ | ----------\n | 2019 | 2018 \n | (in thousands) | \nCash, cash equivalents and marketable securities (end of period) | $2,455,194 | 1,969,670 \nNet cash provided by (used in): | | \nOperating activities | $70,615 | $9,324 \nInvesting activities | (569,475) | (810,633) \nFinancing activities | 736,351 | 1,072,182 \nEffect of foreign exchange on cash and cash equivalents | 1,742 | (1,867) \nNet increase in cash and cash equivalents | 239,233 | 269,006 \nChange in marketable securities | 246,291 | 762,625 \nNet increase in cash, cash equivalents and marketable securities | $485,524 | $1,031,631"} {"_id": "d1b316f0e", "title": "", "text": "Free Cash Flow. Free cash flow represents net cash provided by operating activities minus capital expenditures and capitalized software development costs. Free cash flow is a measure used by management to understand and evaluate our core operating performance and trends and to generate future operating plans.\nThe exclusion of capital expenditures and amounts capitalized for internally-developed software facilitates comparisons of our operating performance on a period-to-period basis and excludes items that we do not consider to be indicative of our core operating performance. Free cash flow is not a measure calculated in accordance with GAAP. We believe that free cash flow provides useful information to investors and others in understanding and evaluating our operating results in the same manner as our management and board of directors.\nNevertheless, our use of free cash flow has limitations as an analytical tool, and you should not consider it in isolation or as a substitute for analysis of our financial results as reported under GAAP. You should consider free cash flow alongside our other GAAP-based financial performance measures, net cash provided by operating activities, and our other GAAP financial results. The following table presents a reconciliation of free cash flow to net cash for operating activities, the most directly comparable GAAP measure, for each of the periods indicated (in thousands):\n\n | | Year Ended December 31, | \n----------------------------------------- | -------- | ----------------------- | --------\n | 2019 | 2018 | 2017 \nNet cash provided by operating activities | $10,317 | $3,295 | $4,863 \nCapital expenditures | (5,269) | (1,721) | (1,667) \nCapitalized software development costs | (7,819) | (8,499) | (6,160) \nFree cash flow | $(2,771) | $(6,925) | $(2,964)"} {"_id": "d1b369e02", "title": "", "text": "8 EXPENSES BY NATURE\nNote: (a) Transaction costs primarily consist of bank handling fees, channel and distribution costs.\n(b) During the year ended 31 December 2019, the Group incurred expenses for the purpose of research and development of approximately RMB30,387 million (2018: RMB22,936 million), which comprised employee benefits expenses of approximately RMB24,478 million (2018: RMB19,088 million).\nDuring the year ended 31 December 2019, employee benefits expenses included the share-based compensation expenses of approximately RMB10,500 million (2018: RMB7,900 million).\nNo significant development expenses had been capitalised for the years ended 31 December 2019 and 2018.\n(c) Included the amortisation charges of intangible assets mainly in respect of media contents.\nDuring the year ended 31 December 2019, amortisation of intangible assets included the amortisation of intangible assets resulting from business combinations of approximately RMB1,051 million (2018: RMB524 million).\n\n | 2019 | 2018 \n------------------------------------------------------------------------------------------------------------------ | ----------- | -----------\n | RMB\u2019Million | RMB\u2019Million\nTransaction costs (Note (a)) | 85,702 | 69,976 \nEmployee benefits expenses (Note (b) and Note 13) | 53,123 | 42,153 \nContent costs (excluding amortisation of intangible assets) | 48,321 | 39,061 \nAmortisation of intangible assets (Note (c) and Note 20) | 28,954 | 25,616 \nBandwidth and server custody fees (excluding depreciation of right-of-use assets) | 16,284 | 15,818 \nDepreciation of property, plant and equipment, investment properties and right-of-use assets (Note 16 and Note 18) | 15,623 | 8,423 \nPromotion and advertising expenses | 16,405 | 19,806 \nTravelling and entertainment expenses | 1,773 | 1,450 \nAuditor\u2019s remuneration | | \n\u2013 Audit and audit-related services | 105 | 110 \n\u2013 Non-audit services | 43 | 26 "} {"_id": "d1b34b240", "title": "", "text": "The following table provides detail of amounts reclassified from AOCL:\n(1) These accumulated other comprehensive components are included in our derivative and hedging activities. See Note 15, \u201cDerivatives and Hedging Activities,\u201d of the Notes to Consolidated Financial Statements for additional details.\n\n(In millions) | 2019 | 2018 | 2017 | Location of Amount Reclassified from AOCL\n----------------------------------------------------------------- | ------ | ------ | ------ | -----------------------------------------\nDefined benefit pension plans and other post-employment benefits: | | | | \nPrior service credits | $ 0.1 | $0.3 | $ 1.3 | \nActuarial losses | (4.9) | (3.1) | (10.0) | \nTotal pre-tax amount | (4.8) | (2.8) | (8.7) | Other (expense) income, net \nTax benefit | 1.2 | 0.7 | 2.5 | \nNet of tax | (3.6) | (2.1) | (6.2) | \nNet gains (losses) on cash flow hedging derivatives:(1) | | | | \nForeign currency forward contracts | 1.6 | 0.2 | 0.9 | Cost of sales \nInterest rate and currency swaps | \u2014 | \u2014 | (3.4) | \nTreasury locks | 0.1 | 0.1 | 0.1 | Interest expense, net \nTotal pre-tax amount | 1.7 | 0.3 | (2.4) | \nTax (expense) benefit | (0.6) | (0.1) | 0.8 | \nNet of tax | 1.1 | 0.2 | (1.6) | \nTotal reclassifications for the period | (2.5 ) | (1.9 ) | (7.8 ) | "} {"_id": "d1b35ed0e", "title": "", "text": "Deferred Compensation Plan\nThe Company has a non-qualified, unfunded deferred compensation plan, which provides certain key employees, including executive officers, with the ability to defer the receipt of compensation in order to accumulate funds for retirement on a tax deferred basis. The Company does not make contributions to the plan or guarantee returns on the investments. The Company is responsible for the plan\u2019s administrative expenses. Participants\u2019 deferrals and investment gains and losses remain as the Company\u2019s liabilities and the underlying assets are subject to claims of general creditors.\nThe liabilities for compensation deferred under the plan are recorded at fair value in each reporting period. Changes in the fair value of the liabilities are included in operating expense on the Consolidated Statements of Operations. The Company manages the risk of changes in the fair value of the liabilities by electing to match the liabilities with investments in corporate-owned life insurance policies, mutual funds and money market funds that offset a substantial portion of the exposure. The investments are recorded at the cash surrender value of the corporate-owned life insurance policies, and at the fair value of the mutual funds and money market funds, which are classified as trading securities. Changes in the cash surrender value of the corporate-owned life insurance policies and the fair value of mutual fund and money market fund investments are included in interest and other income, net on the Consolidated Statements of Operations. The following table summarizes the deferred compensation plan balances on the Consolidated Balance Sheets (in thousands):\n\n | December 31, | \n--------------------------------------------------------------- | ------------ | -------\n | 2019 | 2018 \nDeferred compensation plan asset components: | | \nCash surrender value of corporate-owned life insurance policies | $16,883 | $13,103\nFair value of mutual funds and money market funds | 21,975 | 18,867 \nTotal | $38,858 | $31,970\nDeferred compensation plan assets reported in: | | \nOther long-term assets | $38,858 | $31,970\nDeferred compensation plan liabilities reported in: | | \nAccrued compensation and related benefits (short-term) | $425 | $447 \nOther long-term liabilities | 39,665 | 32,283 \nTotal | $40,090 | $32,730"} {"_id": "d1b36580c", "title": "", "text": "The following securities have been excluded from the calculation of diluted weighted average common shares outstanding as the inclusion of these securities would have an anti-dilutive effect:\nParticipating securities are composed of certain stock options granted under the 2015 Plan, and previously granted under the 2009 Equity Incentive Plan, that may be exercised before the options have vested. Unvested shares have a non-forfeitable right to dividends. Unvested shares issued as a result of early exercise are subject to repurchase by us upon termination of employment or services at the original exercise price. The common stock subject to repurchase is no longer classified as participating securities when shares revert to common stock outstanding as the awards vest and our repurchase right lapses.\nOur redeemable noncontrolling interest relates to our 85% equity ownership interest in OpenEye. The OpenEye stockholder agreement contains a put option that gives the minority OpenEye stockholders the right to sell their OpenEye shares to us based on the fair value of the shares. The OpenEye stockholder agreement also contains a call option that gives us the right to purchase the remaining OpenEye shares from the minority OpenEye stockholders based on the fair value of the shares. The put and call options can each be exercised beginning in the first quarter of 2023. This redeemable noncontrolling interest is considered temporary equity and we report it between liabilities and stockholders\u2019 equity in the consolidated balance sheets. The amount of the net income or loss attributable to redeemable noncontrolling interests is recorded in the consolidated statements of operations.\n\n | | Year Ended December 31, | \n---------------------------------- | ------- | ----------------------- | -------\n | 2019 | 2018 | 2017 \nStock options | 223,259 | 229,294 | 258,917\nRestricted stock awards | \u2014 | \u2014 | 129 \nRestricted stock units | 136,600 | 148,175 | 188,050\nCommon stock subject to repurchase | 250 | 957 | 13,281 "} {"_id": "d1b31b5e0", "title": "", "text": "5. Other operating expenses\nThe expenses from logistics services provided by METRO LOGISTICS to companies intended for sale and non-group companies are offset by income from logistics services, which are reported under other operating income.\n\n\u20ac million | 2017/2018 | 2018/2019\n---------------------------------------- | --------- | ---------\nExpenses from logistics services | 272 | 254 \nLosses from the disposal of fixed assets | 4 | 6 \nImpairment losses on goodwill | 0 | 3 \nMiscellaneous | 17 | 17 \n | 293 | 279 "} {"_id": "d1b3515fa", "title": "", "text": "Sufficiency of Cash Resources The following table sets forth selected information regarding our financial condition:\nOur net working capital position improved $18.0 million as of December 31, 2019 compared to December 31, 2018 primarily as a result of the elimination in 2019 of the quarterly dividend of approximately $27.6 million and a decrease in accrued compensation of $7.4 million.\nThese reductions in the working capital deficit were offset in part by the recognition of current lease liabilities of $6.2 million at December 31, 2019 as part of the adoption on January 1, 2019 of ASU No. 2016- 02, Leases. Working capital was also impacted by a decline in accounts receivable of $13.1 million compared to December 31, 2018.\nOur most significant use of funds in 2020 is expected to be for: (i) interest payments on our indebtedness of between $125.0 million and $130.0 million and principal payments on debt of $18.4 million; and (ii) capital expenditures of between $195.0 million and $205.0 million.\nBased on available cash, we may utilize a portion of the dividend savings to reduce our longterm debt or repurchase additional amounts of our Senior Notes in the open market or in private transactions if such purchases can be made on economically favorable terms. In the future, our ability to use cash may be limited by our other expected uses of cash and our ability to incur additional debt will be limited by our existing and future debt agreements.\nWe believe that cash flows from operating activities, together with our existing cash and borrowings available under our revolving credit facility, will be sufficient for at least the next twelve months to fund our current anticipated uses of cash.\nAfter that, our ability to fund these expected uses of cash and to comply with the financial covenants under our debt agreements will depend on the results of future operations, performance and cash flow. Our ability to fund these expected uses from the results of future operations will be subject to prevailing economic conditions and to financial, business, regulatory, legislative and other factors, many of which are beyond our control.\nWe may be unable to access the cash flows of our subsidiaries since certain of our subsidiaries are parties to credit or other borrowing agreements, or subject to statutory or regulatory restrictions, that restrict the payment of dividends or making intercompany loans and investments, and those subsidiaries are likely to continue to be subject to such restrictions and prohibitions for the foreseeable future.\nIn addition, future agreements that our subsidiaries may enter into governing the terms of indebtedness may restrict our subsidiaries\u2019 ability to pay dividends or advance cash in any other manner to us.\nTo the extent that our business plans or projections change or prove to be inaccurate, we may require additional financing or require financing sooner than we currently anticipate. Sources of additional financing may include commercial bank borrowings, other strategic debt financing, sales of nonstrategic assets, vendor financing or the private\u00a0or public sales of equity and debt securities.\nThere can be no assurance that we will be able to generate sufficient cash flows from operations in the future, that anticipated revenue growth will be realized, or that future borrowings or equity issuances will be available in amounts sufficient to provide adequate sources of cash to fund our expected uses of cash. Failure to obtain adequate financing, if necessary, could require us to significantly reduce our operations or level of capital expenditures, which could have a material adverse effect on our financial condition and the results of operations.\n\n | | December 31,\n-------------------------------- | -------- | ------------\n(In thousands, except for ratio) | 2019 | 2018 \nCash and cash equivalents | $ 12,395 | $ 9,599 \nWorking capital (deficit) | (67,429) | (85,471) \nCurrent ratio | 0.72 | 0.70 "} {"_id": "d1b2fec7e", "title": "", "text": "Summarized financial information of Hilli LLC\nThe most significant impacts of Hilli LLC VIE's operations on our consolidated statements of income and consolidated statements of cash flows, as of December 31, 2019 and 2018, are as follows:\n\n(in thousands of $) | 2019 | 2018 \n----------------------------------------------------------------------- | --------- | --------\nStatement of income | | \nLiquefaction services revenue | 218,096 | 127,625 \nRealized and unrealized (losses)/gains on the oil derivative instrument | (26,001) | 16,767 \nStatement of cash flows | | \nNet debt repayments | (243,513) | (30,300)\nNet debt receipts | 129,454 | \u2014 "} {"_id": "d1a71da5e", "title": "", "text": "17. Personnel expenses\nPersonnel expenses can be broken down as follows:\nWages and salaries include expenses relating to restructuring measures and severance payments of \u20ac23 million (2017/18: \u20ac19 million). The variable remuneration rose from \u20ac52 million in financial year 2017/18 to \u20ac81 million in financial year 2018/19. Wages and salaries also include expenses for long-term remuneration components totalling \u20ac7 million (2017/18: \u20ac16 million).\n\n\u20ac million | 2017/2018 | 2018/2019\n--------------------------------------------------------------------------------------------- | --------- | ---------\nWages and salaries | 2,173 | 2,264 \nSocial security expenses, expenses for post-employment benefits and related employee benefits | 552 | 552 \nthereof for post-employment benefits | (43) | (41) \n | 2,725 | 2,816 "} {"_id": "d1b3669c8", "title": "", "text": "A summary of our outstanding debt as of December 31, 2018, is as follows (amounts in millions):\nRefer to Note 13 of the notes to the consolidated financial statements included in Item 8 of this Annual Report on Form 10-K for further disclosures regarding our debt obligations.\n\n | | | December 31, 2018 \n---------- | --------------------- | ------------------------------------------------- | -------------------\n | Gross Carrying Amount | Unamortized Discount and Deferred Financing Costs | Net Carrying Amount\n2021 Notes | 650 | (3) | 647 \n2022 Notes | 400 | (3) | 397 \n2026 Notes | 850 | (8) | 842 \n2027 Notes | 400 | (5) | 395 \n2047 Notes | 400 | (10) | 390 \nTotal debt | $2,700 | $(29) | $2,671 "} {"_id": "d1b313ad4", "title": "", "text": "Unfunded Status\nThe following table presents the unfunded status of the Combined Pension Plan and post-retirement benefit plans:\nThe current portion of our post-retirement benefit obligations is recorded on our consolidated balance sheets in accrued expenses and other current liabilities-salaries and benefits.\n\n | Combined Pension Plan | | Post-Retirement Benefit Plans | \n-------------------------------------- | ------------------------ | --------------------- | ----------------------------- | -------\n | Years Ended December 31, | | Years Ended December 31, | \n | 2019 | 2018 | 2019 | 2018 \n | | (Dollars in millions) | | \nBenefit obligation | $(12,217) | (11,594) | (3,037) | (2,977)\nFair value of plan assets | 10,493 | 10,033 | 13 | 18 \nUnfunded status | (1,724) | (1,561) | (3,024) | (2,959)\nCurrent portion of unfunded status | \u2014 | \u2014 | (224) | (252) \nNon-current portion of unfunded status | $(1,724) | (1,561) | (2,800) | (2,707)"} {"_id": "d1b31b176", "title": "", "text": "Note 17. Other Accrued Expenses and Current Liabilities\nOther accrued expenses and current liabilities consisted of the following (in thousands):\n\n | December 31, | \n------------------------------------------------------- | ------------ | -------\n | 2019 | 2018 \nAccrued purchases | $4,328 | $1,679 \nAccrued legal and professional fees | 3,860 | 3,380 \nAccrued customer-acquisition advertising costs (Note 1) | 3,745 | 2,831 \nDeferred Symphony acquisition purchase price (Note 4) | 3,517 | 3,394 \nAccrued roadside assistance claim costs | 1,709 | 1,330 \nAccrued telephone charges | 1,605 | 2,000 \nFinancial derivatives (Note 12) | 251 | 2,859 \nAccrued restructuring (Note 5) | 56 | 976 \nAccrued rent (Note 3) | \u2014 | 3,283 \nOther | 10,259 | 9,503 \n | $29,330 | $31,235"} {"_id": "d1b33bf5c", "title": "", "text": "Software Development Costs\nWe capitalize purchased software upon acquisition if it is accounted for as internal-use software or if it meets the future alternative use criteria. We capitalize incurred labor costs for software development from the time technological feasibility of the software is established, or when the preliminary project phase is completed in the case of internal-use software, until the software is available for general release. Research and development costs and other computer software maintenance costs related to software development are expensed as incurred.\nWe estimate the useful life of our capitalized software and amortize its value over that estimated life. If the actual useful life is shorter than our estimated useful life, we will amortize the remaining book value over the remaining useful life or the asset may be deemed to be impaired and, accordingly, a write-down of the value of the asset may be recorded as a charge to earnings.\nUpon the availability for general release, we commence amortization of the capitalized software costs on a product by product basis. Amortization of capitalized software is recorded using the greater of (i) the ratio of current revenues to total and anticipated future revenues for the applicable product or (ii) the straightline method over the remaining estimated economic life, which is estimated to be three to five years.\nAt each balance sheet date, the unamortized capitalized costs of a software product are compared with the net realizable value of that product. The net realizable value is the estimated future gross revenues from that product reduced by the estimated future costs of completing and disposing of that product, including the costs of performing maintenance and client support required to satisfy our responsibility set forth at the time of sale.\nThe amount by which the unamortized capitalized costs of a software product exceed the net realizable value of that asset is written off. If we determine that the value of the capitalized software could not be recovered, a write-down of the value of the capitalized software to its recoverable value is recorded as a charge to earnings. The unamortized balances of capitalized software were as follows:\n\n | December 31, | \n------------------------------- | ------------ | ---------\n(In thousands) | 2019 | 2018 \nSoftware development costs | $428,641 | $317,637 \nLess: accumulated amortization | (184,712) | (107,977)\nSoftware development costs, net | $243,929 | $209,660 "} {"_id": "d1b375b44", "title": "", "text": "Stock Options\nThe following table summarizes activity involving stock option awards for the year ended December 31, 2019:\nThe aggregate intrinsic value of our options outstanding and exercisable at December 31, 2019 was less than $1 million. The weighted-average remaining contractual term for such options was 0.18 years.\nDuring 2019, we received net cash proceeds of less than $1 million in connection with our option exercises. The tax benefit realized from these exercises was less than $1 million. The total intrinsic value of options exercised for the years ended December 31, 2019, 2018 and 2017, was less than $1 million each year.\n\n | Number of options | Weighted-Average Exercise Price\n------------------------------------------------ | ----------------- | -------------------------------\n | (in thousands) | \nOutstanding and Exercisable at December 31, 2018 | 543 | $27.46 \nExercised | (6) | 11.38 \nForfeited/Expired | (68) | 24.78 \nOutstanding and Exercisable at December 31, 2019 | 469 | 28.04 "} {"_id": "d1b3018d4", "title": "", "text": "13. Stock-Based Compensation:\nUnder the 2014 RSU Plan, we may grant restricted stock units of up to an aggregate of 3,000 units. Each unit converts to one share of the Company\u2019s stock at the\ntime of vesting. The fair value of RSU awards is determined at the closing market price of the Company\u2019s common stock at the date of grant. For the years ended March\n31, 2018 and 2019, there were 292 and 315 awards, respectively, granted from this plan. Restricted stock activity during the year ended 2019 is as follows:\nPerformance-based awards vest one year after the grant date. Service-based awards vest as to one-third annually with the requisite service periods beginning on\nthe grant date. Awards are amortized over their respective grade-vesting periods. The total unrecognized compensation costs related to unvested stock awards expected\nto be recognized over the vesting period, approximately three years, was $1,476 at March 31, 2019.\nWe have four fixed stock option plans. Under the 2004 Stock Option Plan, as amended, we may grant options to employees for the purchase of up to an aggregate\nof 10,000 shares of common stock. Under the 2004 Non-Employee Directors\u2019 Stock Option Plan, as amended, we may grant options for the purchase of up to an\naggregate of 1,000 shares of common stock. No awards were made under these two plans after August 1, 2013. Under the 2014 Stock Option Plan, we can grant options\nto employees for the purchase of up to an aggregate of 10,000 shares of common stock. Under the 2014 Non-Employee Directors\u2019 Stock Option Plan, as amended, we can\ngrant options to our directors for the purchase of up to an aggregate of 1,000 shares of common stock. Under all plans, the exercise price of each option shall not be less\nthan the market price of our stock on the date of grant and an option\u2019s maximum term is 10 years. Options granted under the 2004 Stock Option Plan and the 2014 Stock\nOption Plan vest as to 25% annually and options granted under the 2004 Non-Employee Directors\u2019 Stock Option Plan and the 2014 Non-Employee Director\u2019s Stock\nOption Plan vest as to one-third annually. Requisite service periods related to all plans begin on the grant date. As of March 31, 2019, there were 12,447 shares of\ncommon stock available for future issuance under all of the plans, consisting of options available to be granted and options currently outstanding.\n\n | March 31, 2019 | \n---------------------------- | ---------------- | ------------------------------------------------\n | Number of shares | Weighted-Average Grant Date Fair Value per Share\nNon-vested at March 31, 2018 | 358 | $16.27 \nGranted | 315 | 15.28 \nVested | (172) | 16.27 \nCancelled and forfeited | (68) | 16.27 \nNon-vested at March 31, 2019 | 433 | $15.55 "} {"_id": "d1b3603a2", "title": "", "text": "NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (in thousands, except for share and per share data)\nWe employ a liability-driven investment strategy whereby a mix of equity and fixed-income investments are used to pursue a derisking strategy which over time seeks to reduce interest rate mismatch risk and other risks while achieving a return that matches or exceeds the growth in projected pension plan liabilities. Risk tolerance is established through careful consideration of plan liabilities and funded status. The investment portfolio primarily contains a diversified mix of equity and fixed-income investments. Other assets such as private equity are used modestly to enhance long-term returns while improving portfolio diversification. Investment risk is measured and monitored on an ongoing basis through quarterly investment portfolio reviews, annual liability measurements, and asset/liability studies at regular intervals.\nThe following table summarizes the fair values of our pension plan assets:\n(1) Comprised of common stocks of companies in various industries. The Pension Plan fund manager may shift investments from value to growth strategies or vice-versa, from small cap to large cap stocks or vice-versa, in order to meet the Pension Plan's investment objectives, which are to provide for a reasonable amount of long-term growth of capital without undue exposure to volatility, and protect the assets from erosion of purchasing power.\n(2) Comprised of investment grade short-term investment and money-market funds.\n(3) Comprised of partnerships that invest in various U.S. and international industries.\n(4) Comprised of long-term government bonds with a minimum maturity of 10 years and zero-coupon Treasury securities (\"Treasury Strips\") with maturities greater than 20 years.\n(5) Comprised predominately of investment grade U.S. corporate bonds with maturities greater than 10 years and U.S. high-yield corporate bonds; emerging market debt (local currency sovereign bonds, U.S. dollar-denominated sovereign bonds and U.S. dollar-denominated corporate bonds); and U.S. bank loans.\n(6) Comprised of investments in securities of U.S. and non-U.S. real estate investment trusts (REITs), real estate operating companies and other companies that are principally engaged in the real estate industry and of investments in global private direct commercial real estate. Investments can be redeemed immediately following the valuation date with a notice of at least fifteen business days before valuation.\n(7) Comprised of investments that are measured at fair value using the NAV per share practical expedient. In accordance with the provisions of ASC 820-10, these investments have not been classified in the fair value hierarchy. The fair value amount not leveled is presented to allow reconciliation of the fair value hierarchy to total fund pension plan assets.\n\n | As of December 31, | \n------------------------------------ | ------------------ | --------\n | 2019 | 2018 \nEquity securities - U.S. holdings(1) | $24,586 | $20,469 \nEquity funds - U.S. holdings(1) (7) | \u2014 | 54 \nBond funds - government(4) (7) | 33,991 | 19,146 \nBond funds - other(5) (7) | 207,901 | 202,393 \nReal estate(6) (7) | 2,979 | 2,652 \nCash and cash equivalents(2) | 5,700 | 5,866 \nPartnerships(3) | 7,539 | 9,172 \nTotal fair value of plan assets | $282,696 | $259,752"} {"_id": "d1b3542a0", "title": "", "text": "(5) Earnings Per Share\nBasic earnings per share is computed by dividing Net earnings attributable to Black Knight by the weighted-average number of shares of common stock outstanding during the period.\nFor the periods presented, potentially dilutive securities include unvested restricted stock awards and the shares of BKFS Class B common stock prior to the Distribution. For the year ended December 31, 2017, the numerator in the diluted net earnings per share calculation is adjusted to reflect our income tax expense at an expected effective tax rate assuming the conversion of the shares of BKFS Class B common stock into shares of BKFS Class A common stock on a one-for-one basis prior to the Distribution. The effective tax rate for the year ended December 31, 2017 was (16.7)%, including the effect of the benefit related to the revaluation of our net deferred income tax liability and certain other discrete items recorded during 2017. For the year ended December 31, 2017, the denominator includes approximately 63.1 million shares of BKFS Class B common stock outstanding prior to the Distribution. The denominator also includes the dilutive effect of approximately 0.9 million, 0.6 million and 0.6 million shares of unvested restricted shares of common stock for the years ended December 31, 2019, 2018 and 2017, respectively.\nThe shares of BKFS Class B common stock did not share in the earnings or losses of Black Knight and were, therefore, not participating securities. Accordingly, basic and diluted net earnings per share of BKFS Class B common stock have not been presented.\nThe computation of basic and diluted earnings per share is as follows (in millions, except per share amounts):\n\n | | Year ended December 31, | \n------------------------------------------------------------------------------ | ------ | ----------------------- | ------\n | 2019 | 2018 | 2017 \nBasic: | | | \nNet earnings attributable to Black Knight | $108.8 | $168.5 | $182.3\nShares used for basic net earnings per share: | | | \nWeighted average shares of common stock outstanding | 147.7 | 147.6 | 88.7 \nBasic net earnings per share | $0.74 | $1.14 | $2.06 \nDiluted: | | | \nEarnings before income taxes and equity in losses of unconsolidated affiliates | | | $192.4\nIncome tax benefit excluding the effect of noncontrolling interests | | | (32.2)\nNet earnings | | | $224.6\nNet earnings attributable to Black Knight | $108.8 | $168.5 | \nShares used for diluted net earnings per share: | | | \nWeighted average shares of common stock outstanding | 147.7 | 147.6 | 88.7 \nDilutive effect of unvested restricted shares of common | | | \nstock | 0.9 | 0.6 | 0.6 \nWeighted average shares of BKFS Class B common stock outstanding | \u2014 | \u2014 | 63.1 \nWeighted average shares of common stock, diluted | 148.6 | 148.2 | 152.4 \nDiluted net earnings per share | $0.73 | $1.14 | $1.47 "} {"_id": "d1b2eed56", "title": "", "text": "Revenue stream\nThe Company generates revenue primarily from the sales of equipment and sales of spares & service. The products and services described by nature in Note 1, can be part of all revenue streams.\nThe proceeds resulting from the patent litigation & arbitration settlements (\u20ac159 million) are included in the equipment revenue stream.\n\n | Year ended December 31, | \n------------------------ | ----------------------- | ---------\n(EUR thousand) | 2018 | 2019 \nEquipment revenue | 631,504 | 1,068,645\nSpares & service revenue | 186,577 | 215,215 \nTotal | 818,081 | 1,283,860"} {"_id": "d1b3a42f0", "title": "", "text": "The Company continually reviews the adequacy of our valuation allowance and recognizes the benefits of deferred tax assets only as the reassessment indicates that it is more likely than not that the deferred tax assets will be realized in accordance with ASC 740, Income Taxes. Due to our recent decrease in revenue and profitability for 2019, and all other positive and negative objective evidence considered as part of our analysis, our ability to consider other subjective evidence such as projections for future growth is limited when evaluating whether our deferred tax assets will be realized. As such, the Company was no longer able to conclude that it was more likely than not that our domestic deferred tax assets would be realized and a valuation allowance against our domestic deferred tax assets was established in the third quarter of 2019. The amount of the deferred tax assets considered realizable may be adjusted in future periods in the event that sufficient evidence is present to support a conclusion that it is more likely than not that all or a portion of our domestic deferred tax assets will be realized.\nAs of December 31, 2019, the Company had gross deferred tax assets totaling $56.2 million offset by a valuation allowance totaling $48.6 million. Of the valuation allowance, $42.8 million was established in the current year primarily related to our domestic deferred tax assets. The remaining $5.8 million established in prior periods related to state research and development credit carryforwards and foreign net operating loss and research and development credit carryforwards where we lack sufficient activity to realize those deferred tax assets. The remaining $7.6 million in deferred tax assets that were not offset by a valuation allowance are located in various foreign jurisdictions where the Company believes it is more likely than not we will realize these deferred tax assets.\nSupplemental balance sheet information related to deferred tax assets is as follows:\nAs of December 31, 2019 and 2018, the deferred tax assets for foreign and domestic loss carry-forwards, research and development tax credits, unamortized research and development costs and state credit carryforwards totaled $41.3 million and $28.8 million, respectively. As of December 31, 2019, $19.1 million of these deferred tax assets will expire at various times between 2020 and 2039. The remaining deferred tax assets will either amortize through 2029 or carryforward indefinitely.\nAs of December 31, 2019 and 2018, respectively, our cash and cash equivalents were $73.8 million and $105.5 million and short-term investments were $33.2 million and $3.2 million, which provided available short-term liquidity of $107.0 million and $108.7 million. Of these amounts, our foreign subsidiaries held cash of $52.3 million and $87.1 million, respectively, representing approximately 48.9% and 80.1% of available short-term liquidity, which is used to fund on-going liquidity needs of these subsidiaries. We intend to permanently reinvest these funds outside the U.S. except to the extent any of these funds can be repatriated without withholding tax and our current business plans do not indicate a need to repatriate to fund domestic operations. However, if all of these funds were repatriated to the U.S. or used for U.S. operations, certain amounts could be subject to tax. Due to the timing and circumstances of repatriation of such earnings, if any, it is not practical to determine the amount of funds subject to unrecognized deferred tax liability.\nDuring 2019, 2018 and 2017, no income tax benefit or expense was recorded for stock options exercised as an adjustment to equity.\n\n | | | December 31, 2019 \n-------------- | ------------------- | ------------------- | ------------------------\n(In thousands) | Deferred Tax Assets | Valuation Allowance | Deferred Tax Assets, net\nDomestic | $46,266 | $(46,266) | $ \u2014 \nInternational | 9,911 | (2,350) | 7,561 \nTotal | $56,177 | $(48,616) | $7,561 "} {"_id": "d1a739e3e", "title": "", "text": "Liquidity risk\nOur policy is to maintain a strong capital base so as to maintain investor, creditor and market confidence and to sustain future development of the business.\nOur liquidity needs are affected by many factors, some of which are based on the normal on-going operations of the business, and others that relate to the uncertainties of the global economy and the semiconductor industry. Although our cash requirements fluctuate based on the timing and extent of these factors, we believe that cash generated from operations, together with our principal sources of liquidity are sufficient to satisfy our current requirements, including our expected capital expenditures in 2020.\nWe intend to return cash to our shareholders on a regular basis in the form of dividend payments and, subject to our actual and anticipated liquidity requirements and other relevant factors, share buybacks.\nThe following table summarizes the Company\u2019s contractual and other obligations as at December 31, 2019.\nTotal short-term lines of credit amounted to \u20ac150 million at December 31, 2019. The amount outstanding at December 31, 2019 was nil and the undrawn portion totaled \u20ac150 million. The standby revolving credit facility of \u20ac150 million with a consortium of banks will be available through December 16, 2023.\nFor the majority of purchase commitments, the Company has flexible delivery schedules depending on the market conditions, which allows the Company, to a certain extent, to delay delivery beyond originally planned delivery schedules.\n\n | Total | Less than 1 year | 1-5 years | More than 5 years\n----------------------------------------- | ------- | ---------------- | --------- | -----------------\nAccounts payable | 119,712 | 119,712 | \u2014 | \u2014 \nIncome tax payable | 34,599 | 34,599 | \u2014 | \u2014 \nAccrued expenses and other payables | 149,843 | 149,843 | \u2014 | \u2014 \nLease liabilities | 24,261 | 6,977 | 14,726 | 2,558 \nPension liabilities | 7,734 | 333 | 2,544 | 4,857 \nPurchase obligations: | | | | \nPurchase commitments to suppliers | 100,694 | 99,546 | 1,148 | \u2014 \nCapital expenditure and other commitments | 43,692 | 40,745 | 2,947 | \u2014 \nTotal contractual obligations | 480,535 | 451,755 | 21,365 | 7,415 "} {"_id": "d1b38c812", "title": "", "text": "The tax effects of temporary differences in the recognition of income and expense for tax and financial reporting purposes that give rise to significant portions of the net deferred tax asset (liability) are as follows (in millions):\nAs of December 31, 2019 and 2018, the Company had approximately $521.9 million and $768.9 million, respectively, of federal NOL carryforwards, before reduction for unrecognized tax benefits, which are subject to annual limitations prescribed in Section 382 of the Internal Revenue Code. The decrease is due to current year utilization. If not utilized, a portion of the NOLs will expire in varying amounts from 2024 to 2036; however, a small portion of the NOL that was generated after December 31, 2017 is carried forward indefinitely.\nAs of December 31, 2019 and 2018, the Company had approximately $134.5 million and $83.7 million, respectively, of federal credit carryforwards, before consideration of valuation allowance or reduction for unrecognized tax benefits, which are subject to annual limitations prescribed in Section 383 of the Internal Revenue Code. If not utilized, the credits will expire in varying amounts from 2028 to 2039.\nAs of December 31, 2019 and 2018, the Company had approximately $825.8 million and $801.0 million, respectively, of state NOL carryforwards, before consideration of valuation allowance or reduction for unrecognized tax benefits. If not utilized, a\u00a0portion of the NOLs will expire in varying amounts starting in 2020.\nCertain states have adopted the federal rule allowing unlimited NOL carryover for NOLs generated in tax years beginning after December 31, 2017. Therefore, a portion of the state NOLs generated after 2017 carry forward indefinitely. As of December 31, 2019 and 2018, the Company had $138.6 million and $115.8 million, respectively, of state credit carryforwards before consideration of valuation allowance or reduction for unrecognized tax benefits. If not utilized, a portion of the credits will begin to expire in varying amounts starting in 2020.\nAs of December 31, 2019 and 2018, the Company had approximately $757.1 million and $734.4 million, respectively, of foreign NOL carryforwards, before consideration of valuation allowance. If not utilized, a portion of the NOLs will begin to expire in varying amounts starting in 2020. A significant portion of these NOLs will expire by 2025.\nAs of December 31, 2019 and 2018, the Company had $76.8 million and $68.8 million, respectively, of foreign credit carryforwards before consideration of valuation allowance. If not utilized, the majority of these credits will expire by 2026.\nThe Company continues to maintain a valuation allowance of $186.3 million on a portion of its Japan NOLs, which expire in varying amounts from 2020 to 2024. In addition to the valuation allowance mentioned above on Japan NOLs, the Company continues to maintain a full valuation allowance on its U.S. state deferred tax assets, and a valuation allowance on foreign NOLs and tax credits in certain other foreign jurisdictions.\n\n | As of December 31, | \n-------------------------------------------------------------- | ------------------ | -------\n | 2019 | 2018 \nNet operating loss and tax credit carryforwards | $612.9 | $584.9 \n163 (j) interest expense carryforward | 49.3 | \u2014 \nTax-deductible goodwill and amortizable intangibles | (48.6) | (29.4) \nCapitalization of research and development expenses | 42.7 | \u2014 \nReserves and accruals | 27.5 | 57.4 \nProperty, plant and equipment | (81.2) | (63.5) \nInventories | 22.0 | 20.2 \nUndistributed earnings of foreign subsidiaries | (63.7) | (48.7) \nShare-based compensation | 10.3 | 7.7 \nPension | 26.3 | 24.3 \nOther | 8.0 | 6.0 \nDeferred tax assets and liabilities before valuation allowance | 605.5 | 558.9 \n Valuation allowance | (357.9) | (347.5)\nNet deferred tax asset | $247.6 | $211.4 "} {"_id": "d1b34cdfc", "title": "", "text": "OPERATING AND FINANCIAL RESULTS\n(1) Fiscal 2019 average foreign exchange rate used for translation was 1.3255 USD/CDN.\n(2) Fiscal 2018 was restated to comply with IFRS 15 and to reflect a change in accounting policy. For further details, please consult the \"Accounting policies\" section.\n(3) Fiscal 2019 actuals are translated at the average foreign exchange rate of fiscal 2018 which was 1.2773 USD/CDN.\nREVENUE Fiscal 2019 revenue increased by 22.4% (17.9% in constant currency). In local currency, revenue amounted to US$782.3 million compared to US$662.3 million for fiscal 2018. The increase resulted mainly from: \u2022 the impact of the MetroCast acquisition completed on January 4, 2018 which was included in revenue for only an eight-month period in the prior year; \u2022 rate increases; \u2022 continued growth in Internet service customers; and \u2022 the FiberLight acquisition completed in the first quarter of fiscal 2019; partly offset by \u2022 a decrease in video service customers. Excluding the MetroCast and FiberLight acquisitions, revenue in constant currency increased by 5.2% for fiscal 2019.\nOPERATING EXPENSES Fiscal 2019 operating expenses increased by 19.5% (15.2% in constant currency) mainly as a result of: \u2022 the impact of the MetroCast acquisition which was included in operating expenses for only an eight-month period in the prior year; \u2022 programming rate increases; \u2022 the FiberLight acquisition completed in the first quarter of fiscal 2019; \u2022 higher compensation expenses due to higher headcount to support growth; and \u2022 higher marketing initiatives to drive primary service units growth; partly offset by \u2022 the prior year's non-recurring costs of $3.1 million (US$2.5 million) related to hurricane Irma.\nADJUSTED EBITDA Fiscal 2019 adjusted EBITDA increased by 26.1% (21.5% in constant currency). In local currency, adjusted EBITDA amounted to US$351.3 million compared to US$288.4 million for fiscal 2018. The increase was mainly due to the impact of the MetroCast and FiberLight acquisitions combined with strong organic growth. Excluding the MetroCast and FiberLight acquisitions and the prior year's non-recurring costs of $3.1 million ($US2.5 million) related to hurricane Irma, adjusted EBITDA in constant currency increased by 5.7% for fiscal 2019.\nCAPITAL INTENSITY AND ACQUISITIONS OF PROPERTY, PLANT AND EQUIPMENT Fiscal 2019 acquisitions of property, plant and equipment decreased by 9.4% (12.4% in constant currency) mainly due to: \u2022 the acquisition of several dark fibres throughout south Florida from FiberLight, LLC for a consideration of $21.2 million (US$16.8 million) during the second quarter of fiscal 2018; partly offset by \u2022 additional capital expenditures related to the impact of the MetroCast acquisition; and \u2022 additional capital expenditures related to the expansion in Florida. Fiscal 2019 capital intensity reached 18.6% compared to 25.1% for fiscal 2018 mainly as a result of lower capital expenditures combined with revenue growth.\n\nYears ended August 31, | 2019 (1) | 2018 (2) | Change | Change in constant currency (3) | Foreign exchange impact (3)\n--------------------------------------------- | --------- | -------- | ------ | ------------------------------- | ---------------------------\n(in thousands of dollars, except percentages) | $ | $ | % | % | $ \nRevenue | 1,036,853 | 847,372 | 22.4 | 17.9 | 37,433 \nOperating expenses | 571,208 | 478,172 | 19.5 | 15.2 | 20,522 \nAdjusted EBITDA | 465,645 | 369,200 | 26.1 | 21.5 | 16,911 \nAdjusted EBITDA Margin | 44.9% | 43.6% | | | \nAcquisitions of property, plant and equipment | 192,605 | 212,580 | (9.4) | (12.4) | 6,332 \nCapital intensity | 18.6% | 25.1% | | | "} {"_id": "d1a7376e8", "title": "", "text": "Item 5. Market for Registrant\u2019s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities\nOur common stock is traded on the New York Stock Exchange under the symbol \"MEI.\" The following is a tabulation of high and low sales prices for the periods presented and cash dividends declared per share.\nOn June 13, 2019, the Board of Directors declared a dividend of $0.11 per share of common stock, payable on July 26, 2019, to holders of record on July 12, 2019. As of June 18, 2019, the number of record holders of our common stock was 397.\n\n | High | Low | Dividends\nDeclared Per\nShare\n-------------------------------- | ------ | ------ | ----------------------------\nFiscal Year Ended April 27, 2019 | | | \nFirst Quarter | $45.45 | $37.70 | $0.11 \nSecond Quarter | 41.30 | 27.65 | 0.11 \nThird Quarter | 33.98 | 20.99 | 0.11 \nFourth Quarter | 32.22 | 25.11 | 0.11 \nFiscal Year Ended April 28, 2018 | | | \nFirst Quarter | $44.95 | $36.05 | $0.09 \nSecond Quarter | 46.75 | 36.75 | 0.09 \nThird Quarter | 48.44 | 39.00 | 0.11 \nFourth Quarter | 42.10 | 36.95 | 0.11 "} {"_id": "d1b2f6042", "title": "", "text": "Uncertain Tax Positions\nIn accordance with authoritative guidance, the impact of an uncertain income tax position on the income tax return must be recognized at the largest amount that is more-likely-than-not to be sustained upon audit by the relevant taxing authority. An uncertain income tax position will not be recognized if it has less than a 50% likelihood of being sustained.\nThe following table reconciles the beginning and ending amount of unrecognized tax benefits for the fiscal years ended September 30, 2019, 2018,and 2017 (amounts shown in thousands):\nOf the total unrecognized tax benefits at September 30, 2019, $1.6 million will impact the Company\u2019s effective tax rate. The Company does not anticipate that there will be a substantial change in unrecognized tax benefits within the next twelve months.\nThe Company's practice is to recognize interest and/or penalties related to income tax matters in income tax expense. As of September 30, 2019, no accrued interest or penalties related to uncertain tax positions are recorded in the consolidated financial statements.\nThe Company is subject to income taxation in the U.S. at the federal and state levels. All tax years are subject to examination by U.S., California, and other state tax authorities due to the carryforward of unutilized net operating losses and tax credits. The Company is also subject to foreign income taxes in the countries in which it operates. The Company\u2019s U.S. federal tax return for the year ended September 30, 2017 is currently under examination. To our knowledge, the Company is not currently under examination by any other taxing authorities.\n\n | 2019 | 2018 | 2017 \n------------------------------------------------------------ | ------ | ------ | ------\nGross unrecognized tax benefits at the beginning of the year | $1,321 | $1,181 | $\u2014 \nAdditions from tax positions taken in the current year | 213 | 140 | 140 \nAdditions from tax positions taken in prior years | 73 | \u2014 | 1,041 \nReductions from tax positions taken in prior years | \u2014 | \u2014 | \u2014 \nTax settlements | \u2014 | \u2014 | \u2014 \nGross unrecognized tax benefits at end of the year | $1,607 | $1,321 | $1,181"} {"_id": "d1b347d5c", "title": "", "text": "2. Property and equipment:\nProperty and equipment consisted of the following (in thousands):\nDepreciation and amortization expense related to property and equipment and finance leases was $80.2 million, $81.2 million and $75.9 million, for 2019, 2018 and 2017, respectively.\nThe Company capitalizes the compensation cost of employees directly involved with its construction activities. In 2019, 2018 and 2017, the Company capitalized compensation costs of $10.7 million, $10.5 million and $9.7 million respectively. These amounts are included in system infrastructure costs.\nExchange agreement\nIn 2019, 2018 and 2017 the Company exchanged certain used network equipment and cash consideration for new network equipment. The fair value of the new network equipment received was estimated to be $3.3 million, $3.2 million and $9.1 million resulting in gains of $1.0 million, $1.0 million and $3.9 million respectively. The estimated fair value of the equipment received was based upon the cash consideration price the Company pays for the new network equipment on a standalone basis (Level 3).\nInstallment payment agreement\nThe Company has entered into an installment payment agreement (\u201cIPA\u201d) with a vendor. Under the IPA the Company may purchase network equipment in exchange for interest free note obligations each with a twenty-four month term. There are no payments under each note obligation for the first six months followed by eighteen equal installment payments for the remaining eighteen month term. As of December 31, 2019 and December 31, 2018, there was $12.5 million and $11.2 million, respectively, of note obligations outstanding under the IPA, secured by the related equipment. The Company recorded the assets purchased and the present value of the note obligation utilizing an imputed interest rate. The resulting discounts totaling $0.4 million and $0.4 million as of December 31, 2019 and December 31, 2018, respectively, under the note obligations are being amortized over the note term using the effective interest rate method.\n\n | December 31, | \n---------------------------------------------- | ------------ | ---------\n | 2019 | 2018 \nOwned assets: | | \nNetwork equipment | $566,936 | $538,761 \nLeasehold improvements | 227,388 | 214,495 \nSystem infrastructure | 134,726 | 124,018 \nSoftware | 10,035 | 9,963 \nOffice and other equipment | 18,169 | 16,711 \nBuilding | 1,252 | 1,277 \nLand | 106 | 108 \n | 958,612 | 905,333 \nLess\u2014Accumulated depreciation and amortization | (790,033) | (736,356)\n | 168,579 | 168,977 \nAssets under finance leases: | | \nIRUs | 408,170 | 395,170 \nLess\u2014Accumulated depreciation and amortization | (207,820) | (188,822)\n | 200,350 | 206,348 \nProperty and equipment, net | $368,929 | $375,325 "} {"_id": "d1b30b4b0", "title": "", "text": "Free Cash Flow\nThe following provides a reconciliation of free cash flow, as used in this annual report, to its most directly comparable U.S. GAAP financial measures:\nManagement believes that the free cash flow measure provides useful information to investors regarding our financial condition because it is a measure of cash generated which management evaluates for alternative uses. It is management\u2019s current intention to use excess cash to fund investments in capital equipment, acquisition opportunities and consistent dividend payments. Free cash flow is not a U.S. GAAP financial measure and should not be considered in isolation of, or as a substitute for, cash flows calculated in accordance with U.S. GAAP.\n\n | | Fiscal Year | \n--------------------------------------------------------------------------------- | ------- | ----------- | -------\n($ in millions) | 2019 | 2018 | 2017 \nNet cash provided from operating activities | $232.4 | $209.2 | $130.3 \nPurchases of property, plant, equipment and software | (180.3) | (135.0) | (98.5) \nAcquisition of businesses, net of cash acquired | (79.0) | (13.3) | (35.3) \nProceeds from divestiture of business | \u2014 | \u2014 | 12.0 \nProceeds from disposals of property, plant and equipment and assets held for sale | 0.4 | 1.9 | 2.5 \nProceeds from note receivable from sale of equity method investment | \u2014 | 6.3 | 6.3 \nProceeds from insurance recovery | 11.4 | \u2014 | \u2014 \nDividends paid | (38.6) | (34.4) | (34.1) \nFree cash flow | $(53.7) | $34.7 | $(16.8)"} {"_id": "d1b3b3a70", "title": "", "text": "Cash Flow Hedges\nThe Company has interest rate swap agreements to hedge the cash flows of a portion of its variable rate senior secured term loans (the \"Variable Rate Loans\"). The objective of these instruments is to reduce variability in the forecasted interest payments of the Company's Variable Rate Loans, which is based on the LIBOR rate. Under the terms of the interest rate swap agreements, the Company will receive monthly variable interest payments based on the one-month LIBOR rate and will pay interest at a fixed rate.\nIn February 2018, the Company entered into interest rate swap agreements to hedge the cash flows of an additional $250 million of its Variable Rate Loans. The interest rate swap agreements on $1.1 billion of the Company's Variable Rate Loans had a maturity date of December 2021 and a fixed interest rate of 1.08%.\nThe interest rate swap agreements on $300 million and $250 million of the Company's Variable Rate Loans both had a maturity date of August 2022 and fixed interest rates of 1.66% and 2.59%, respectively. The counterparties to these agreements are financial institutions.\nIn September 2018, the Company terminated its existing interest rate swaps. The net derivative gain of $60 million related to the discontinued cash flow hedge remained within accumulated other comprehensive loss and is being reclassified into earnings over the remaining life of the original hedge as the hedged variable rate debt impacts earnings.\nAdditionally, in September 2018, the Company entered into new interest rate swap agreements to hedge the cash flows of $1.5 billion of the Company's Variable Rate Loans. These interest rate swap agreements have a maturity date of August 2025 and a fixed interest rate of 3.00%.\nThe interest rate swap transactions were accounted for as cash flow hedges. The gain (loss) on the swap is reported as a component of other comprehensive income (loss) and is reclassified into earnings when the interest payments on the underlying hedged items impact earnings. A qualitative assessment of hedge effectiveness is performed on a quarterly basis, unless facts and circumstances indicate the hedge may no longer be highly effective.\nThe effect of the Company's cash flow hedges on other comprehensive (loss) income and earnings for the periods presented was as follows:\nThe Company expects to reclassify gains of $1 million from accumulated other comprehensive loss into earnings during the next 12 months.\n\n | | Year Ended | \n------------------------------------------------------------------------------------------------------------------------------------ | --------------- | ----------------- | -----------------\n | January 3, 2020 | December 28, 2018 | December 29, 2017\n | | (in millions) | \nTotal interest expense, net presented in the consolidated statements of income in which the effects of cash flow hedges are recorded | $133 | $138 | $140 \nAmount recognized in other comprehensive (loss) income | $(55) | $(7) | $10 \nAmount reclassified from accumulated other comprehensive loss into earnings during the next 12 months. | (7) | (6) | \u2014 "} {"_id": "d1b353684", "title": "", "text": "The following table shows select line items that were materially impacted by the adoption of ASC Topics 606 and 340-40 on Autodesk\u2019s Consolidated Balance Sheet as of January 31, 2019:\n(1) Short term and long term \"contract assets\" under ASC Topic 606 are included within \"Prepaid expenses and other current assets\" and \"Other assets\", respectively, on the Consolidated Balance Sheet\n(2) Included in the \"Accumulated deficit\" adjustment is $179.4 million for the cumulative effect adjustment of adopting ASC Topic 606 and 340-40 on the opening balance as of February 1, 2018.\nAdoption of the standard had no impact to net cash provided by or (used in) operating, financing, or investing activities on the Company\u2019s Consolidated Statements of Cash Flows\n\n | As reported | Impact from the adoption of ASC 606 and 340-40 | As adjusted\n--------------------------------------------- | ----------- | ---------------------------------------------- | -----------\nASSETS | | | \nCurrent assets: | | | \nAccounts receivable, net | $474.3 | $73.4 | $547.7 \nPrepaid expenses and other current assets (1) | 192.1 | (79.4) | 112.7 \nDeferred income taxes, net | 65.3 | 7.0 | 72.3 \nOther assets (1) | 337.8 | (17.9) | 319.9 \nLIABILITIES AND STOCKHOLDERS\u2019 DEFICIT | | | \nCurrent liabilities: | | | \nDeferred revenue | 1,763.3 | 140.6 | 1,903.9 \nOther accrued liabilities | 142.3 | 1.7 | 144.0 \nLong-term deferred revenue | 328.1 | 37.2 | 365.3 \nLong-term income taxes payable | 21.5 | (0.2) | 21.3 \nLong-term deferred income taxes | 79.8 | (6.7) | 73.1 \nStockholders\u2019 deficit: | | | \nAccumulated deficit (2) | $(2,147.4) | $(189.5) | $(2,336.9) "} {"_id": "d1b356f0a", "title": "", "text": "b. Employee Performance Rights Plan\nThe Employee Performance Rights Plan (the Rights Plan) was approved by shareholders at the Company\u2019s AGM on 23 November 2017. Under the Rights Plan, awards are made to eligible executives and other management personnel who have an impact on the Group\u2019s performance. Rights Plan awards are granted in the form of performance rights over shares, which vest over a period of three years subject to meeting performance measures and continuous employment with the Company. Each performance right is to subscribe for one ordinary share upon vesting and, when issued, the shares will rank equally with other shares.\nPerformance rights issued under the Employee Performance Rights Plan are valued on the same basis as those issued to KMP, which is described in Note 16(d).\n1. The vesting date for rights granted on 2 July 2017 and 2 July 2018 is the date on which the Board notifies the executive that the rights have vested, after the outcomes for the measurement period have been determined and satisfaction of performance conditions have been assessed. This is likely to be 31 August 2020 and 31 August 2021 respectively.\nNo performance rights vested or lapsed during the financial year. The number of performance rights issued and outstanding at 30 June 2018 was 355,316, consisting solely of the performance rights granted on 2 July 2017.\nThe weighted average contractual life of outstanding performance rights at the end of the financial year is 1.77 years (2018: 2.17 years).\n\nPerformance rights issued and outstanding at 30 June 2019 | | | | \n--------------------------------------------------------- | ------------- | ---------------------- | -------------- | --------------------------\nGrant Date | Vesting Date1 | Fair Value per Right $ | Rights Granted | No. of Rights at 30/6/2019\n2 Jul 2017 | 31 Aug 2020 | 3.815 | 355,316 | 355,316 \n2 Jul 2018 | 31 Aug 2021 | 3.01 | 530,652 | 530,652 \nTotal | | | 885,968 | 885,968 "} {"_id": "d1b355ee8", "title": "", "text": "Operating Segment Results\nCurrently, we have three reportable segments\u2014Activision, Blizzard, and King. Our operating segments are consistent with the manner in which our operations are reviewed and managed by our Chief Executive Officer, who is our chief operating decision maker (\u201cCODM\u201d). The CODM reviews segment performance exclusive of: the impact of the change in deferred revenues and related cost of revenues with respect to certain of our online-enabled games; share-based compensation expense; amortization of intangible assets as a result of purchase price accounting; fees and other expenses (including legal fees, expenses, and accruals) related to acquisitions, associated integration activities, and financings; certain restructuring and related costs; and certain other non-cash charges. The CODM does not review any information regarding total assets on an operating segment basis, and accordingly, no disclosure is made with respect thereto.\nOur operating segments are also consistent with our internal organizational structure, the way we assess operating performance and allocate resources, and the availability of separate financial information. We do not aggregate operating segments.\nInformation on the reportable segment net revenues and segment operating income are presented below (amounts in millions):\n(1) Intersegment revenues reflect licensing and service fees charged between segments.\n\n | | | | For the Year Ended December 31, 2018\n------------------------------------ | ---------- | -------- | ------ | ------------------------------------\n | Activision | Blizzard | King | Total \nSegment Revenues | | | | \nNet revenues from external customers | $2,458 | $2,238 | $2,086 | $6,782 \nIntersegment net revenues (1) | \u2014 | 53 | \u2014 | 53 \nSegment net revenues | $2,458 | $2,291 | $2,086 | $6,835 \nSegment operating income | $1,011 | $685 | $750 | $2,446 "} {"_id": "d1b3af434", "title": "", "text": "Intangible assets\nIntangible assets include the value assigned to completed technologies, customer relationships, and trade names. The estimated useful lives for all of these intangible assets, range from two to seven years. Intangible assets as of September 30, 2019 and 2018 are summarized as follows(amounts shown in thousands, except for years):\nAmortization expense related to acquired intangible assets was $7.0 million, $4.0 million, and $0.6 million for fiscal years ended September 30, 2019, 2018, and 2017, respectively and is recorded in acquisition-related costs and expenses in the consolidated statements of operations.\n\nSeptember 30, 2019: | Weighted Average Amortization Period | Cost | Accumulated Amortization | Net \n----------------------- | ------------------------------------ | ------- | ------------------------ | -------\nCompleted technologies | 6.4 years | $20,341 | $7,104 | $13,237\nCustomer relationships | 4.8 years | 17,628 | 6,701 | 10,927 \nTrade names | 4.5 years | 618 | 377 | 241 \nTotal intangible assets | | $38,587 | $14,182 | $24,405"} {"_id": "d1b32441a", "title": "", "text": "Liquidity and Capital Resources\nIn assessing our short term and long term liquidity, management reviews and analyzes our current cash balances, short-term investments, accounts receivable, accounts payable, accrued liabilities, capital expenditure and operating expense commitments, and required finance lease, interest and debt payments and other obligations. In assessing our short term and long term liquidity, management reviews and analyzes our current cash balances, short-term investments, accounts receivable, accounts payable, accrued liabilities, capital expenditure and operating expense commitments, and required finance lease, interest and debt payments and other obligations.\nThe following table sets forth our consolidated cash flows.\nNet Cash Provided By Operating Activities. Our primary source of operating cash is receipts from our customers who are billed on a monthly basis for our services. Our primary uses of operating cash are payments made to our vendors, employees and interest payments made to our finance lease vendors and our note holders. Our changes in cash provided by operating activities are primarily due to changes in our operating profit and changes in our interest payments. Cash provided by operating activities for 2019, 2018 and 2017 includes interest payments on our note obligations of $38.0 million, $32.7 million and $30.8 million, respectively.\nNet Cash Used In Investing Activities. Our primary use of investing cash is for purchases of property and equipment. These amounts were $47.0 million, $49.9 million and $45.8 million for 2019, 2018 and 2017, respectively. The annual changes in purchases of property and equipment are primarily due to the timing and scope of our network expansion activities including geographic expansion and adding buildings to our network. In 2019, 2018 and 2017 we obtained $11.3 million, $9.9 million and $9.0 million, respectively, of network equipment and software in non-cash exchanges for notes payable under an installment payment agreement.\nNet Cash Provided By (Used In) Financing Activities. Our primary uses of cash for financing activities are for dividend payments, stock purchases and principal payments under our finance lease obligations. Amounts paid under our stock buyback program were $6.6 million for 2018 and $1.8 million for 2017. There were no stock purchases for 2019. During 2019, 2018 and 2017 we paid $112.6 million, $97.9 million and $81.7 million, respectively, for our quarterly dividend payments. Our quarterly dividend payments have increased due to regular quarterly increases in our quarterly dividend per share amounts. Principal payments under our finance lease obligations were $9.1 million, $10.3 million and $11.2 million for 2019, 2018 and 2017, respectively, and are impacted by the timing and extent of our network expansion activities. Our financing activities also include proceeds from and repayments of our debt offerings. In June 2019 we received net proceeds of $152.1 million from the issuance of our \u20ac135.0 million of 2024 Notes. In August 2018 we received net proceeds of $69.9 million from the issuance of our $70.0 million of senior secured notes. Total installment payment agreement principal payments were $10.0 million, $9.4 million and $3.8 million for 2019, 2018 and 2017, respectively.\n\n | | Year Ended December 31, | \n---------------------------------------------------- | --------- | ----------------------- | ----------\n | 2019 | 2018 | 2017 \n | | (in thousands) | \nNet cash provided by operating activities | $ 148,809 | $ 133,921 | $ 111,702 \nNet cash used in investing activities | (46,958) | (49,937) | (45,801) \nNet cash provided by (used in) financing activities | 22,020 | (52,545) | (97,267) \nEffect of exchange rates on cash | (542) | (2,357) | 4,058 \nNet increase (decrease) in cash and cash equivalents | | | \nduring the year | $ 123,329 | $ 29,082 | $ (27,308)"} {"_id": "d1b2e819a", "title": "", "text": "SG&A costs during fiscal 2018 were $222.0 million, an increase of $5.7 million compared to the $216.3 million of SG&A during fiscal 2017. The following table shows the components of SG&A costs for the twelve months ended October 31, 2018 and 2017.\nRegarding the table above, the change in start-up expense in any particular period relates to the stage of the start-up process in which a facility under construction is in during the period. Non-construction related expenses, such as labor, training and office-related expenses for a facility under construction are recorded as start-up expense until the facility begins operations. As a facility moves closer to actual start-up, the expenses incurred for labor, training, etc. increase. As a result, amounts classified as start-up expenses will increase period over period until the facility begins production. Once production begins, the expenses from that point forward are recorded as costs of goods sold. The increase in legal expenses was primarily attributable to our ongoing defense of the litigation described in \u201cPart II, Item 3. Legal Proceedings\u201d of this Form 10-K. The increases in trainee expense and administrative salaries were primarily attributable to increases in personnel that coincide with the Company's growth plans. The decrease in bonus expense, payouts of which are based on profitability, was the result of profitability not reaching the required levels for payout of that incentive. The decrease in ESOP expense, payouts of which are based on profitability, was attributable to the difference in the level of profitability between fiscal 2018 and 2017. The increase in all other SG&A expenses was the result of a net increase in various other categories of SG&A costs.\n\nSelling, General and Administrative Costs (in thousands) | | | \n-------------------------------------------------------- | ------------------------------------ | ------------------------------------ | --------------------\nDescription | Twelve months ended October 31, 2018 | Twelve months ended October 31, 2017 | Increase/(Decrease) \nStart-up expense (Tyler, Texas complex) | $13,394 | $403 | $ 12,991 \nLegal services expense | 17,573 | 7,879 | 9,694 \nAll other SG&A | 68,863 | 61,847 | 7,016 \nAdministrative salary expense | 42,288 | 36,193 | 6,095 \nTrainee expense | 21,553 | 16,182 | 5,371 \nCharter aircraft expense | 2,167 | 900 | 1,267 \nDepreciation expense - machinery and equipment | 5,801 | 4,555 | 1,246 \nStock compensation expense | 15,702 | 16,952 | (1,250) \nMarketing expense | 32,624 | 34,272 | (1,648) \nStart-up expense (St. Pauls, North Carolina complex) | \u2014 | 4,022 | (4,022) \nBonus award program expense | \u2014 | 15,098 | (15,098) \nEmployee Stock Ownership Plan (\"ESOP\") expense | 2,000 | 18,000 | (16,000) \nTotal SG&A | $221,965 | $216,303 | $ 5,662 "} {"_id": "d1a7250b0", "title": "", "text": "The following table summarizes the potentially dilutive common shares that were excluded from diluted weighted-average common shares outstanding because including them would have had an anti-dilutive effect (in thousands):\nSince the Company expects to settle the principal amount of its outstanding convertible senior notes in cash and any excess in cash or shares of the Company\u2019s Class A Common Stock, the Company uses the treasury stock method for calculating any potential dilutive effect of the conversion spread on diluted net income per share, if applicable. The conversion spread will have a dilutive impact on diluted net income per share of common stock when the average market price of the Company\u2019s Class A Common Stock for a given period exceeds the conversion price of $81.45 per share for the Notes.\n\n | | Year Ended December 31, | \n------------------------------------------------------------------------ | ----- | ----------------------- | ------\n | 2019 | 2018 | 2017 \nShares of common stock issuable under equity incentive plans outstanding | 6,832 | 8,943 | 10,806\nConvertible senior notes | 1,905 | 79 | - \nPotential common shares excluded from diluted net loss per share | 8,737 | 9,022 | 10,806"} {"_id": "d1b395dea", "title": "", "text": "29 Employee Share Ownership Plan (ESOP)\nThe cost of shares in intu properties plc held by the Trustee of the ESOP operated by the Company is accounted for as a deduction from equity.\nThe purpose of the ESOP is to acquire and hold shares which will be transferred to employees in the future under the Group\u2019s employee incentive arrangements as described in note 7 including joint ownership of shares in its role as Trustee of the Joint Share Ownership Plan. During 2019, no dividends in respect of these shares have been waived by agreement (2018: \u00a31.6 million).\n\n | | 2019 | | 2018 \n-------------- | -------------- | ----- | -------------- | -----\n | Shares million | \u00a3m | Shares million | \u00a3m \nAt 1 January | 11.2 | 37.0 | 11.6 | 39.1 \nAcquisitions | 0.2 | 0.1 | 0.6 | 0.9 \nDisposals | (1.1) | (3.5) | (1.0) | (3.0)\nAt 31 December | 10.3 | 33.6 | 11.2 | 37.0 "} {"_id": "d1b2fab74", "title": "", "text": "The components of our income tax provision for the years ended December 31, 2019, 2018 and 2017 are as follows (in thousands):\nAs a result of a loss in a foreign location, we have a net operating loss carry-forward (\u201cNOL\u201d) of approximately $0.3 million\navailable to offset future income. All $0.3 million of the NOL expires in 2025. We have established a valuation allowance for this\nNOL because the ability to utilize it is not more likely than not.\nWe have tax credit carry-forwards of approximately $5.1 million available to offset future state tax. These tax credit carry-forwards\nexpire in 2020 to 2029. These credits represent a deferred tax asset of $4.0 million after consideration of the federal benefit of state tax\ndeductions. A valuation allowance of $1.8 million has been established for these credits because the ability to use them is not more\nlikely than not.\nAt December 31, 2019 we had approximately $58.2 million of undistributed earnings and profits. The undistributed earnings and\nprofits are considered previously taxed income and would not be subject to U.S. income taxes upon repatriation of those earnings, in\nthe form of dividends. The undistributed earnings and profits are considered to be permanently reinvested, accordingly no provision\nfor local withholdings taxes have been provided, however, upon repatriation of those earnings, in the form of dividends, we could be\nsubject to additional local withholding taxes.\n\n | | Year Ended December 31, | \n---------------------------------- | ------------ | -------------------------- | --------\n | 2019 | 2018 | 2017 \nCurrent: | | | \nFederal | $ 18,682 | $ 22,606 | $ 53,998\nState | 5,711 | 6,182 | 6,595 \nForeign | 7,323 | 7,018 | 6,185 \n | 31,716 | 35,806 | 66,778 \nDeferred: | | | \nFederal | (863 ) | (3,127 ) | 1,590 \nState | (326 ) | (674 ) | 35 \nForeign | (212 ) | (464 ) | (51 ) \n | (1,401 ) | (4,265 ) | 1,574 \nTotal | $ 30,315 | $ 31,541 | $ 68,352"} {"_id": "d1a7138d8", "title": "", "text": "Contractual Obligations\nThe following table summarizes our significant contractual obligations at March 31, 2019, and the effect such obligations are expected to have on our liquidity and cash flows in future periods (in millions):\n(1) Operating lease obligations include $18.1 million of future lease payments which is recorded as a liability on the balance sheet as of March 31, 2019. This obligation is due under an operating lease from our acquisition of Atmel for a building in San Jose, California.\n(2) Capital purchase obligations represent commitments for construction or purchases of property, plant and equipment. These obligations were not recorded as liabilities on our balance sheet as of March 31, 2019, as we have not yet received the related goods or taken title to the property.\n(3) Other purchase obligations and commitments include payments due under various types of licenses and outstanding purchase commitments with our wafer foundries.\n(4) The Term Loan Facility matures on May 29, 2025.\n(5) For purposes of this table, we have assumed that the principal of our 2023 revolving loans outstanding at March 31, 2019 will be paid on May 18, 2023, which is the maturity date of such borrowings.\n(6) For purposes of this table, we have assumed that the principal of our 2017 senior convertible debt will be paid on February 15, 2027, which is the maturity date of such debt.\n(7) For purposes of this table, we have assumed that the principal of our 2015 Senior Convertible Debt will be paid on February 15, 2025, which is the maturity date of such debt.\n(8) For purposes of this table, we have assumed that the principal of our 2017 Junior Convertible Debt will be paid on February 15, 2037, which is the maturity date of such debt.\n(9) For purposes of this table, pension obligations due in more than 5 years represent the expected pension payments from 2025 through 2029. It excludes pension obligations subsequent to 2029.\n(10) During fiscal 2018, we recognized a provisionary one-time transition tax on accumulated unrepatriated foreign earnings, estimated at $644.7 million, as a result of the recent U.S. tax reform. As of December 31, 2018, with the conclusion of the measurement period in accordance with SAB 118, we increased this amount by $13.1 million to $657.8 million, of which we expect cash payments of approximately $280.7 million after offsets by the utilization of various tax attribute carryforwards in the United States. Our first payment on this obligation of $35.0 million was made in the quarter ended September 30, 2018 and we expect future cash payments of approximately $245.7 million. This tax is to be paid over a period of eight years, with 8% of the transition tax paid each year for fiscal 2019 through fiscal 2023, and 15%, 20%, and 25%, respectively, to be paid during fiscal 2024, 2025, and 2026.\n(11) The contractual obligations do not include amounts related to uncertain tax positions because reasonable estimates cannot be made.\nPurchase orders or contracts for the purchase of raw materials and other goods and services, with the exception of commitments to our wafer foundries, are not included in the table above. We are not able to determine the aggregate amount of such purchase orders that represent contractual obligations, as purchase orders may represent authorizations to purchase rather than binding agreements. For the purpose of this table, contractual obligations for the purchase of goods or services are defined as agreements that are enforceable and legally binding on us and that specify all significant terms, including: fixed or minimum quantities to be purchased; fixed, minimum or variable price provisions; and the approximate timing of the transaction. Our purchase orders are based on our current manufacturing needs and are fulfilled by our vendors with short time horizons. We do not have significant agreements for the purchase of raw materials or other goods specifying minimum quantities or set prices that exceed our expected requirements for three months. We also enter into contracts for outsourced services; however, the obligations under these contracts were not significant and the contracts generally contain clauses allowing for cancellation without significant penalty.\nThe expected timing of payment of the obligations discussed above is estimated based on current information. Timing of payments and actual amounts paid may be different depending on the time of receipt of goods or services or changes to agreed-upon amounts for some obligations.\n\n | | | Payments Due by Period | | \n---------------------------------------------- | --------- | ---------------- | ---------------------- | ----------- | -----------------\n | Total | Less than 1 year | 1 \u2013 3 years | 3 \u2013 5 years | More than 5 years\nOperating lease obligations (1) | $167.1 | $49.0 | $68.4 | $27.1 | $22.6 \nCapital purchase obligations (2) | 18.8 | 18.8 | \u2014 | \u2014 | \u2014 \nOther purchase obligations and commitments (3) | 205.6 | 194.9 | 10.5 | 0.2 | \u2014 \nTerm Loan Facility (4) | 2,435.4 | 72.5 | 174.7 | 174.4 | 2,013.8 \nRevolving Credit Facility (5) | 3,879.0 | 147.0 | 294.0 | 3,438.0 | \u2014 \n2023 and 2021 Senior Notes | 2,293.0 | 82.5 | 1,145.5 | 1,065.0 | \u2014 \n2017 Senior Convertible Debt (6) | 2,339.1 | 33.6 | 67.3 | 67.3 | 2,170.9 \n2015 Senior Convertible Debt (7) | 1,893.2 | 28.0 | 56.1 | 56.1 | 1,753.0 \n2017 Junior Convertible Debt (8) | 964.0 | 15.4 | 30.9 | 30.9 | 886.8 \nPension obligations (9) | 20.7 | 1.3 | 3.4 | 4.1 | 11.9 \nTransition tax obligation (10) | 245.7 | 9.9 | 44.9 | 64.6 | 126.3 \nTotal contractual obligations (11) | $14,461.6 | $652.9 | $1,895.7 | $4,927.7 | $6,985.3 "} {"_id": "d1b396b78", "title": "", "text": "The failed-sale-leaseback accounting treatment had the following effects on our consolidated results of operations for the years ended December 31, 2018 and 2017:\nAfter factoring in the costs to sell the data centers and colocation business, excluding the impact from the failed-sale-leaseback accounting treatment, the sale resulted in a $20 million gain as a result of the aggregate value of the proceeds we received exceeding the carrying value of the assets sold and liabilities assumed. Based on the fair market values of the failed-sale-leaseback assets, the failed-sale-leaseback accounting treatment resulted in a loss of $102 million as a result of the requirement to treat a certain amount of the pre-tax cash proceeds from the sale of the assets as though it were the result of a financing obligation. The combined net loss of $82 million was included in selling, general and administrative expenses in our consolidated statement of operations for the year ended December 31, 2017.\nEffective November 3, 2016, which is the date we entered into the agreement to sell a portion of our data centers and colocation business, we ceased recording depreciation of the property, plant and equipment to be sold and amortization of the business\u2019s intangible assets in accordance with applicable accounting rules. Otherwise, we estimate that we would have recorded additional depreciation and amortization expense of $67 million from January 1, 2017 through May 1, 2017.\nUpon adopting ASU 2016-02, accounting for the failed sale leaseback is no longer applicable based on our facts and circumstances, and the real estate assets and corresponding financing obligation were derecognized from our consolidated financial statements. Please see \u201cLeases\u201d (ASU 2016-02) in Note 1\u2014 Background and Summary of Significant Accounting Policies for additional information on the impact the new lease standard will have on the accounting for the failed-sale-leaseback.\n\n | Positive (Negative) Impact to Net Income | \n-------------------------------------------------------------------------------------------- | ---------------------------------------- | -----\n | December 31, | \n | 2018 | 2017 \n | (Dollars in millions) | \nIncrease in revenue | $74 | 49 \nDecrease in cost of sales | 22 | 15 \nIncrease in loss on sale of business included in selling, general and administrative expense | \u2014 | (102)\nIncrease in depreciation expense (one-time) | \u2014 | (44) \nIncrease in depreciation expense (ongoing) | (69) | (47) \nIncrease in interest expense | (55) | (39) \nDecrease in income tax expense | 7 | 65 \nDecrease in net income | $(21) | (103)"} {"_id": "d1b39a6ce", "title": "", "text": "Contractual Obligations and Contingent Liabilities and Commitments\nOur principal commitments consist primarily of obligations under operating and financing leases, which include among others, certain leases of our offices, colocations and servers as well as contractual commitment related network infrastructure and data center operations. The following table summarizes our commitments to settle contractual obligations in cash as of December 31, 2019:\n(1) Finance leases are related to servers and network infrastructure and our data center operations.\nAs of December 31, 2019, we had severance agreements with certain employees which would require us to pay up to approximately $6.4 million if all such employees were terminated from employment with our Company following a triggering event (e.g., change of control) as defined in the severance agreements.\n\n | Payments Due by Year Ending December 31, 2020 | | | | \n---------------------------------------------- | --------------------------------------------- | ---------- | ----------- | ----------- | --------------\n(In thousands) | Total | Year 1 (1) | Years 2 & 3 | Years 4 & 5 | Beyond 5 Years\nOperating leases, including imputed interest | 12,807 | 3,519 | 5,102 | 4,186 | \u2014 \nFinance leases, including imputed interest (1) | 2,165 | 1,423 | 736 | 6 | \u2014 \nTotal contractual obligations | $ 14,972 | $ 4,942 | $ 5,838 | $ 4,192 | $ \u2014 "} {"_id": "d1b31ed3a", "title": "", "text": "AMERICAN TOWER CORPORATION AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Tabular amounts in millions, unless otherwise disclosed)\nAdditional information relating to the total assets of the Company\u2019s operating segments is as follows for the years ended December 31,:\n(1) Total assets in each of the Company\u2019s property segments includes the Right-of-use asset recognized in connection with the Company\u2019s adoption of the new lease accounting standard.\n(2) Balances are translated at the applicable period end exchange rate, which may impact comparability between periods.\n(3) Balances include corporate assets such as cash and cash equivalents, certain tangible and intangible assets and income tax accounts that have not been allocated to specific segments.\n\n | 2019 (1) | 2018 | 2017 \n-------------------------- | --------- | --------- | ---------\nU.S. property | $22,624.6 | $18,782.0 | $19,032.6\nAsia property (2) | 5,307.8 | 4,938.8 | 4,770.8 \nAfrica property (2) | 4,711.1 | 1,929.7 | 1,673.4 \nEurope property (2) | 1,535.3 | 1,438.1 | 1,540.2 \nLatin America property (2) | 8,125.5 | 5,594.7 | 5,868.4 \nServices | 26.8 | 46.3 | 42.3 \nOther (3) | 470.5 | 280.8 | 286.6 \nTotal assets | $42,801.6 | $33,010.4 | $33,214.3"} {"_id": "d1b390a2a", "title": "", "text": "Prepaid expenses and other current assets\nPrepaid expenses and other current assets consisted of the following at December 31, 2019 and 2018 (in thousands):\n(1) In November 2014 and February 2016, we entered into a term loan agreement and a convertible loan agreement, respectively, with Clean Energy Collective, LLC (\u201cCEC\u201d). Our term loan bears interest at 16% per annum, and our convertible loan bears interest at 10% per annum. In November 2018, we amended the terms of the loan agreements to (i) extend their maturity to June 2020, (ii) waive the conversion features on our convertible loan, and (iii) increase the frequency of interest payments, subject to certain conditions. In January 2019, CEC finalized certain restructuring arrangements, which resulted in a dilution of our ownership interest in CEC and the loss of our representation on the company\u2019s board of managers. As a result of such restructuring, CEC no longer qualified to be accounted for under the equity method. As of December 31, 2019, the aggregate balance outstanding on the loans was $23.9 million and was presented within \u201cPrepaid expenses and other current assets.\u201d As of December 31, 2018, the aggregate balance outstanding on the loans was $22.8 million and was presented within \u201cNotes receivable, affiliate.\u201d\n(2) See Note 9. \u201cDerivative Financial Instruments\u201d to our consolidated financial statements for discussion of our derivative instruments.\n\n | 2019 | 2018 \n----------------------------------------- | -------- | --------\nPrepaid expenses | $137,927 | $90,981 \nPrepaid income taxes . | 47,811 | 59,319 \nIndirect tax receivables . | 29,908 | 26,327 \nRestricted cash | 13,697 | 19,671 \nNotes receivable (1) | 23,873 | 5,196 \nDerivative instruments (2) . | 1,199 | 2,364 \nOther current assets | 22,040 | 39,203 \nPrepaid expenses and other current assets | $276,455 | $243,061"} {"_id": "d1b334a2c", "title": "", "text": "Summary cash flow information is set forth below for the years ended December 31, (in millions):\nWe use our cash flows to fund our operations and investments in our business, including tower maintenance and improvements, communications site construction and managed network installations and tower and land acquisitions. Additionally, we use our cash flows to make distributions, including distributions of our REIT taxable income to maintain our qualification for taxation as a REIT under the Code. We may also repay or repurchase our existing indebtedness or equity from time to time. We typically fund our international expansion efforts primarily through a combination of cash on hand, intercompany debt and equity contributions.\nIn April 2019, Tata Teleservices and Tata Sons Limited, two of our minority holders in India, delivered notice of exercise\nof their put options with respect to their remaining combined holdings in our Indian subsidiary, ATC TIPL (see note 15 to our\nconsolidated financial statements included in this Annual Report). Accordingly, we expect to pay an amount equivalent to INR\n24.8 billion (approximately $347.6 million at the December 31, 2019 exchange rate) to redeem the put shares in the first half of\n2020, subject to regulatory approval. In connection with the closing of the Eaton Towers Acquisition,\u00a0\nIn April 2019, Tata Teleservices and Tata Sons Limited, two of our minority holders in India, delivered notice of exercise of their put options with respect to their remaining combined holdings in our Indian subsidiary, ATC TIPL (see note 15 to our consolidated financial statements included in this Annual Report). Accordingly, we expect to pay an amount equivalent to INR 24.8 billion (approximately $347.6 million at the December 31, 2019 exchange rate) to redeem the put shares in the first half of 2020, subject to regulatory approval. In connection with the closing of the Eaton Towers Acquisition,\u00a0 In April 2019, Tata Teleservices and Tata Sons Limited, two of our minority holders in India, delivered notice of exercise of their put options with respect to their remaining combined holdings in our Indian subsidiary, ATC TIPL (see note 15 to our consolidated financial statements included in this Annual Report). Accordingly, we expect to pay an amount equivalent to INR 24.8 billion (approximately $347.6 million at the December 31, 2019 exchange rate) to redeem the put shares in the first half of 2020, subject to regulatory approval. In connection with the closing of the Eaton Towers Acquisition, we entered into an agreement with MTN to acquire MTN\u2019s noncontrolling interests in each of our joint ventures in Ghana and Uganda for total consideration of approximately $523.0 million. The transaction is expected to close in the first quarter of 2020, subject to regulatory approval and other closing conditions. In April 2019, Tata Teleservices and Tata Sons Limited, two of our minority holders in India, delivered notice of exercise of their put options with respect to their remaining combined holdings in our Indian subsidiary, ATC TIPL (see note 15 to our consolidated financial statements included in this Annual Report). Accordingly, we expect to pay an amount equivalent to INR 24.8 billion (approximately $347.6 million at the December 31, 2019 exchange rate) to redeem the put shares in the first half of 2020, subject to regulatory approval. In connection with the closing of the Eaton Towers Acquisition\nAs of December 31, 2019, we had total outstanding indebtedness of $24.2 billion, with a current portion of $2.9 billion. During the year ended December 31, 2019, we generated sufficient cash flow from operations to fund our capital expenditures and debt service obligations, as well as our required distributions. We believe the cash generated by operating activities during the year ending December 31, 2020, together with our borrowing capacity under our credit facilities and cash on hand, will be sufficient to fund our required distributions, capital expenditures, debt service obligations (interest and principal repayments) and signed acquisitions. As of December 31, 2019, we had $1.3 billion of cash and cash equivalents held by our foreign subsidiaries, of which $583.0 million was held by our joint ventures. While certain subsidiaries may pay us interest or principal on intercompany debt, it has not been our practice to repatriate earnings from our foreign subsidiaries primarily due to our ongoing expansion efforts and related capital needs. However, in the event that we do repatriate any funds, we may be required to accrue and pay certain taxes.\n\n | 2019 | 2018 | 2017 \n---------------------------------------------------------------------------------------------------------- | --------- | --------- | ---------\nNet cash provided by (used for): | | | \nOperating activities | $3,752.6 | $3,748.3 | $2,925.6 \nInvesting activities | (3,987.5) | (2,749.5) | (2,800.9)\nFinancing activities | 521.7 | (607.7) | (113.0) \nNet effect of changes in foreign currency exchange rates on cash and cash equivalents, and restricted cash | (13.7) | (41.1) | 6.7 \nNet increase in cash and cash equivalents, and restricted cash | $273.1 | $350.0 | $18.4 "} {"_id": "d1b3443e6", "title": "", "text": "Orders for Digital Industries declined due to lower demand in the short-cycle factory automation and motion control businesses, which faced increasingly adverse market conditions during the course of the fiscal year, particularly in the automotive and machine building industries. These declines were only partly offset by clear growth in the process automation business and a moderate increase in the software business, which was due to positive currency translation effects and new volume from recent acquisitions, particularly including Mendix.\nThe latter two businesses were also the drivers for revenue growth, as year-overyear revenue growth for the short-cycle businesses in the first half of fiscal 2019 gave way to declines in the second half. On a geographic basis, orders declined in the regions Europe, C. I. S., Africa, Middle East and in the Americas, only partly offset by an increase in the Asia, Australia region. Revenue rose in all three reporting regions. The software business strengthened its contribution to Adjusted EBITA with a double-digit increase.\nHigher expenses related to new cloud-based offerings were partly offset by a \u20ac 50 million gain from the sale of an equity investment. The process automation business showed a moderate increase in Adjusted EBITA, due mainly to higher revenue. Nevertheless, Adjusted EBITA for Digital Industries overall came in slightly lower year-over-year due to clear declines in the short-cycle businesses. Severance charges were \u20ac 92 million in fiscal 2019, up from \u20ac 75 million a year earlier. Digital Industries\u2019 order backlog was \u20ac 5 billion at the end of the fiscal year, of which \u20ac 4 billion are expected to be converted into revenue in fiscal 2020.\nDigital Industries achieved its results in a market environment that lost momentum in the course of fiscal 2019. In particular, demand for investment goods eroded notably in the second half of the fiscal year. All regions were impacted by the slowdown, and countries with strong focus on investment goods and strong export ties to China suffered notably. While process industries still benefited from positive development of raw material prices, discrete industries faced headwinds from low demand including destocking effects. The automotive industry was hit by production cuts in Europe and weak demand in China. This, among other factors, also impacted the machine building industry, particularly affecting customers in Germany and Japan.\nProduction\ngrowth in the pharmaceutical and chemicals industries flattened\nduring the course of fiscal 2019, due in part to spillover effects from the automotive industry on related chemicals segments. The food and beverage industry grew modestly and global electronics and semiconductor production expanded but prices were under pressure. For fiscal 2020, the market environment for Digital Industries is expected to weaken further. Manufacturing investments are expected to decrease at least moderately but then begin to stabilize in the second half of fiscal 2020. An overall decline in investment sentiment caused by global trade tensions, among other factors, dampens short-term expectations and fuels increasing cautiousness for investments globally. A weakening of growth in China could lead to spillover effects in other Asian\ncountries and also in Europe.\n\n | | Fiscal year | | % Change\n-------------------------- | ------ | ----------- | ------ | --------\n(in millions of \u20ac) | 2019 | 2018 | Actual | Comp. \nOrders | 15,944 | 16,287 | (2) % | (4) % \nRevenue | 16,087 | 15,587 | 3 % | 2 % \ntherein: software business | 4,039 | 3,560 | 13% | 8% \nAdjusted EBITA | 2,880 | 2,898 | (1) % | \nAdjusted EBITA margin | 17.9 % | 18.6 % | | "} {"_id": "d1b36783c", "title": "", "text": "Finite-lived Intangible Assets\nOther intangible assets, net consisted of the following:\nThe remaining $152 of intangible asset at December 31, 2019 is expected to be amortized in 2020.\n\n | | December 31,\n----------------------------------------------------- | -------- | ------------\n | 2019 | 2018 \nRecipes | $ 44 | $ 44 \nCustomer lists and other customer related intangibles | 4,529 | 4,529 \nCustomer relationships | 985 | 985 \nTrade names | 2,248 | 2,248 \nFormula | 438 | 438 \n | 8,244 | 8,244 \nAccumulated amortization | (8,092 ) | (7,900 ) \nIntangible assets, net | $ 152 | $ 344 "} {"_id": "d1a72135c", "title": "", "text": "The following table presents the components of impairment and other charges, net, in each fiscal year (in thousands):\nRestructuring costs decreased by $2.2 million as a result of lower severance expenses, as our general and administrative cost reduction initiative came to its conclusion as planned. Costs of closed restaurants and other increased by $3.8 million, primarily due to a $3.5 million charge recorded in 2019 related to the write- off of software development costs associated with a discontinued technology project. Gains on disposition of property and equipment, net, increased by $7.9 million, primarily due to a $5.7 million gain related to a sale of property and a$0.8 million gain related to an eminent domain transaction in 2019.\nRefer to Note 9, Impairment and Other Charges, Net, of the notes to the consolidated financial statements for additional information regarding these charges.\n\n | 2019 | 2018 \n------------------------------------------------------------ | ------- | -------\nRestructuring costs | $8,455 | $10,647\nCosts of closed restaurants and other | 8,628 | 4,803 \n(Gains) losses on disposition of property and equipment, net | (6,244) | 1,627 \nAccelerated depreciation | 1,616 | 1,130 \nOperating restaurant impairment charges | \u2014 | 211 \n | $12,455 | $18,418"} {"_id": "d1b334f90", "title": "", "text": "Item 6. Selected Financial Data\nThe following selected consolidated financial data set forth below was derived from our historical audited consolidated financial statements and should be read in conjunction with Item 7 \u2013 Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations and Item 8 \u2013 Financial Statements and Supplementary Data, and other financial data included elsewhere in this Annual Report on Form 10-K. Our historical results of operations are not indicative of our future results of operations.\n(2) Fiscal 2018 and 2017 have been adjusted for our retrospective adoption of the new accounting standard Revenue from Contracts with Customers (ASC 606). Refer to Note 7 \u2013 Revenue of the Notes to Consolidated Financial Statements for details.\n\n | April 26, 2019 | April 27, 2018 (2) | April 28, 2017 (2) | April 29, 2016 | April 24, 2015\n------------------------------------------------------------- | -------------- | ------------------ | ------------------ | -------------- | --------------\n | | | | (In millions) | \nCash, cash equivalents and short-term investments | $ 3,899 | $ 5,391 | $ 4,921 | $ 5,303 | $ 5,326 \nWorking capital | $ 1,743 | $ 3,421 | $ 2,178 | $ 2,786 | $ 4,064 \nTotal assets | $ 8,741 | $ 9,991 | $ 9,562 | $ 10,037 | $ 9,401 \nTotal debt | $ 1,793 | $ 1,926 | $ 1,993 | $ 2,339 | $ 1,487 \nTotal deferred revenue and financed unearned services revenue | $ 3,668 | $ 3,363 | $ 3,213 | $ 3,385 | $ 3,197 \nTotal stockholders' equity | $ 1,090 | $ 2,276 | $ 2,949 | $ 2,881 | $ 3,414 "} {"_id": "d1a736054", "title": "", "text": "Results of Operations\nConsolidated Results\nTotal Revenue\nTotal revenue for 2019 decreased 23% as compared to 2018 primarily due to pricing declines resulting from the challenging memory market environment in 2019. Sales of DRAM products for 2019 decreased 28% as compared to 2018 primarily due to declines in average selling prices of approximately 30% resulting from supply and demand imbalances, customer inventory corrections, and CPU shortages. Sales of NAND products for 2019 decreased 12% as compared to 2018 primarily due to declines in average selling prices in the mid-40% range resulting from supply and demand imbalances, which were partially offset by significant increases in sales volumes. In addition, demand for our NAND products was adversely affected by the transition from SATA SSDs to NVMe SSDs. The higher NAND sales volumes in 2019 were driven by increases in sales of high-value mobile managed NAND products as well as discrete NAND products enabled by our execution in ramping 64- and 96-layer TLC 3D NAND.\nTotal revenue for 2018 increased 50% as compared to 2017. Higher revenue in 2018 for both DRAM and NAND as compared to 2017 were driven by strong execution in delivering high-value products featuring our 1Xnm DRAM and 64-layer 3D NAND technologies combined with strong demand for products across our primary markets. Sales of DRAM products for 2018 increased 64% from 2017 primarily due to an increase in average selling prices of approximately 35% and an increase in sales volumes of approximately 20% as a result of strong market conditions, particularly for cloud, enterprise, mobile, and graphics markets, combined with increased sales into high-value markets. Sales of NAND products for 2018 increased 20% from 2017 despite declines in average selling prices primarily due to an increase in sales volumes of approximately 30% driven by increases in sales of high-value SSD and mobile managed NAND products enabled by strong demand and our execution in delivering 3D NAND products.\nOverall Gross Margin\nOur overall gross margin percentage decreased to 46% for 2019 from 59% for 2018 primarily due to declines in average selling prices partially offset by cost reductions resulting from strong execution in delivering products featuring advanced technologies and from continuous improvement initiatives to reduce production costs. Underutilization of IMFT assets adversely impacted our gross margin by a per-quarter average of approximately $100 million in 2019 and $65 million in 2018, and we anticipate the adverse impact of underutilization at IMFT to increase to approximately $150 million per quarter beginning in the first quarter of 2020.\nWe continue to evaluate planned technology node transitions, capital spending and re-use rates for NAND equipment. Based on our preliminary assessment, we anticipate changing the depreciable life of our NAND equipment from five to seven years beginning in the first quarter of 2020. We anticipate this change will reduce our depreciation expense included in cost of goods sold for the first quarter of 2020 by approximately $80 million, increasing to approximately $100 to $150 million per quarter for the remainder of 2020.\nOur overall gross margin percentage increased to 59% for 2018 from 42% for 2017 primarily due to favorable market conditions across key markets combined with strong execution in delivering products featuring advanced technologies, including 1Xnm DRAM and 64-layer 3D NAND, enabling manufacturing cost reductions. For 2018 as compared to 2017, pricing for DRAM products increased while manufacturing costs declined and, for NAND products, manufacturing cost reductions outpaced declines in average selling prices.\n\nFor the year ended | 2019 | 2019 | 2018 | 2018 | 2017 | 2017\n------------------------------------------------------ | ------- | ---- | ------- | ---- | ------- | ----\nRevenue | $23,406 | 100% | $30,391 | 100% | $20,322 | 100%\nCost of goods sold | 12,704 | 54% | 12,500 | 41% | 11,886 | 58% \nGross margin | 10,702 | 46% | 17,891 | 59% | 8,436 | 42% \nSelling, general, and administrative | 836 | 4% | 813 | 3% | 743 | 4% \nResearch and development | 2,441 | 10% | 2,141 | 7% | 1,824 | 9% \nOther operating (income) expense, net | 49 | \u2014% | (57) | \u2014% | 1 | \u2014% \nOperating income | 7,376 | 32% | 14,994 | 49% | 5,868 | 29% \nInterest income (expense), net | 77 | \u2014% | (222) | (1)% | (560) | (3)%\nOther non-operating income (expense), net | (405) | (2)% | (465) | (2)% | (112) | (1)%\nIncome tax (provision) benefit | (693) | (3)% | (168) | (1)% | (114) | (1)%\nEquity in net income (loss) of equity method investees | 3 | \u2014% | (1) | \u2014% | 8 | \u2014% \nNet income attributable to noncontrolling interests | (45) | \u2014% | (3) | \u2014% | (1) | \u2014% \nNet income attributable to Micron | $6,313 | 27% | $14,135 | 47% | $5,089 | 25% "} {"_id": "d1b339ea0", "title": "", "text": "A summary of option activity under all of the Company\u2019s equity incentive plans at December 31, 2019 and changes during the period then ended is presented in the following table:\nThere were no options granted for the year ended December 31, 2019 and 2018. The total intrinsic value of options exercised during year ended December 31, 2019, 2018 and 2017 were $215.5 million, $74.6 million, and $41.2 million, respectively.\n\n | Number of Options Outstanding (in thousands) | Weighted- Average Exercise Price Per Share | Weighted- Average Contractual Term (in Years) | Aggregate Intrinsic Value (in thousands)\n--------------------------------------------------- | -------------------------------------------- | ------------------------------------------ | --------------------------------------------- | ----------------------------------------\nOutstanding at December 31, 2016 | 7,384 | $10.59 | 5.3 | $74,065 \nGranted | 25 | 23.99 | | \nExercised | (1,722) | 10.39 | | \nCanceled/Forfeited | (401) | 16.04 | | \nOutstanding at December 31, 2017 | 5,286 | $10.30 | 4.2 | $201,480 \nGranted | - | - | | \nExercised | (1,138) | 8.17 | | \nCanceled/Forfeited | (17) | 18.79 | | \nOutstanding at December 31, 2018 | 4,131 | $10.86 | 3.3 | $295,921 \nGranted | - | - | | \nExercised | (1,742) | 8.53 | | \nCanceled/Forfeited | (132) | 2.73 | | \nOutstanding at December 31, 2019 | 2,257 | $13.13 | 2.5 | $351,428 \nVested and expected to vest as of December 31, 2019 | 2,259 | $13.13 | 2.5 | $351,362 \nExcercisable as of December 31, 2019 | 2,243 | $13.10 | 2.5 | $349,002 "} {"_id": "d1b333032", "title": "", "text": "Reporting Channels and Whistleblower Protection\nTo ensure that our conduct meets relevant legal requirements and the highest ethical standards under the Ethics Code, TSMC provides multiple channels for reporting business conduct concerns.\nFirst of all, our Audit Committee approved and we have implemented the \u201cComplaint Policy and Procedures for Certain Accounting and Legal Matters\u201d and \u201cProcedures for Ombudsman System\u201d that allow employees or any whistleblowers with relevant evidence to report any financial, legal, or ethical irregularities anonymously through either the Ombudsman or directly to the Audit Committee.\nTSMC maintains additional internal reporting channels for our employees. To foster an open culture of ethics compliance, we encourage our employees and the third parties we do business with to report any suspected noncompliance with law or relevant TSMC policy.\nTSMC treats any complaint and the investigation thereof in a confidential and sensitive manner, and strictly prohibits any form of retaliation against any individual who in good faith reports or helps with the investigation of any complaint. Due to the open reporting channels, TSMC receives reports on various issues from employees and external parties such as our customers and suppliers from time to time. Below is a summary of the Number of Reported Incidents.\nNote 1: Among the 205 cases, 132 were related to employee relationship, 47 cases related to other matters (e.g. employee\u2019s individual interest or private matters), and 26 cases related to ethical matters.\nNote 2: One case involved an employee who requested a supplier to reserve a hotel and pay advance accommodation fees during his business trip, actions which violate TSMC policy, and the employee was disciplined. Another case involved an employee who abused his work relationship by requesting a supplier to make a personal loan to the employee, a severe violation of our Ethics Code, and the employee was terminated.\nNote 3: After the investigation by TSMC\u2019s Sexual Harassment Investigation Committee, four employees involved in confirmed cases of sexual harassment received severe discipline from the Company.\n\nYear | FY 2016 | FY 2017 | FY 2018 | FY 2019 \n---------------------------------------------------- | ------- | ------- | ------- | ------------\nTotal reported cases | 116 | 113 | 150 | 205 (Note 1)\nEthics-related cases | 16 | 20 | 14 | 26 \nCases investigated and verified as ethics violations | 2 | 4 | 1 | 2 (Note 2) \nSexual Harassment Investigation Committees Formed | 5 | 7 | 3 | 4 \nCases investigated and verified as violations | 5 | 3 | 3 | 4 (Note 3) "} {"_id": "d1b2fb4a2", "title": "", "text": "Discontinued Operations\nIn December 2015, we completed the wind down of engineering, manufacturing and sales of our solar inverter product line (the \"inverter business\"). Accordingly, the results of our inverter business have been reflected as \u201cIncome (loss) from discontinued operations, net of income taxes\u201d on our Consolidated Statements of Operations for all periods presented herein.\nThe effect of our sales of the remaining extended inverter warranties to our customers continues to be reflected in deferred revenue in our Consolidated Balance Sheets. Deferred revenue for extended inverter warranties and the associated costs of warranty service will be reflected in Sales and Cost of goods sold, respectively, from continuing operations in future periods in our Consolidated Statement of Operations, as the deferred revenue is earned and the associated services are rendered. Extended warranties related to the inverter product line are no longer offered.\nIn May 2019, we divested our grid-tied central solar inverter repair and service operation. In conjunction with the divesture, the initial product warranty for the previously sold grid-tied central solar inverters was transferred to the buyer. Accordingly, a gain of $8.6 million net of tax expense of $2.4 million was recognized in Other income (expense) and Provision (benefit) for income taxes, respectively, in our discontinued operations for the year December 31, 2019. Operating income from discontinued operations for the year ended December 31, 2019 and 2018, also includes the impacts of changes in our estimated product warranty liability, the recovery of accounts receivable and foreign exchange gain or (losses).\nIncome (loss) from discontinued operations, net of income taxes (in thousands):\n\n | Years Ended December 31, | \n--------------------------------------------------------------- | ------------------------ | -------\n | 2019 | 2018 \nSales | $ \u2014 | $ \u2014 \nCost of sales | (901) | (88) \nTotal operating expense | 1,022 | 96 \nOperating income (loss) from discontinued operations | (121) | (8) \nOther income (expense) | 10,895 | (24) \nIncome (loss) from discontinued operations before income taxes | 10,774 | (32) \nProvision (benefit) for income taxes | 2,294 | 6 \nIncome (loss) from discontinued operations, net of income taxes | $ 8,480 | $ (38)"} {"_id": "d1b3ab398", "title": "", "text": "AMERICAN TOWER CORPORATION AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Tabular amounts in millions, unless otherwise disclosed)\n17. OTHER OPERATING EXPENSE\nOther operating expense consists primarily of impairment charges, net losses on sales or disposals of assets and other operating expense items. The Company records impairment charges to write down certain assets to their net realizable value after an indicator of impairment is identified and subsequent analysis determines that the asset is either partially recoverable or not recoverable. These assets consisted primarily of towers and related assets, which are typically assessed on an individual basis, network location intangibles, which relate directly to towers, and tenant-related intangibles, which are assessed on a tenant basis. Net losses on sales or disposals of assets primarily relate to certain non-core towers, other assets and miscellaneous items. Other operating expenses includes acquisition-related costs and integration costs.\nImpairment charges included the following for the years ended December 31,:\n(1) For the year ended December 31, 2018, impairment charges on tower and network location intangible assets included $258.3 million in India primarily related to carrier consolidation-driven churn events. In addition, the Company fully impaired the tenant relationship for Aircel Ltd., which resulted in an impairment charge of $107.3 million.\n(2) During the year ended December 31, 2017, $81.0 million of impairment charges on tower and network location intangible assets and all impairment charges on tenant relationships were related to carrier consolidation-driven churn in India.\n(3) For the year ended December 31, 2019, amount includes impairment charges related to right-of-use assets and land easements.\n\n | 2019 | 2018 (1) | 2017 (2)\n-------------------------------------------- | ----- | -------- | --------\nTower and network location intangible assets | $77.4 | $284.9 | $108.7 \nTenant relationships | \u2014 | 107.3 | 100.1 \nOther (3) | 16.8 | 1.8 | 2.6 \nTotal impairment charges | $94.2 | $394.0 | $211.4 "} {"_id": "d1a7289ae", "title": "", "text": "1 Effective January 1, 2019, we adopted IFRS 16, with the ongoing impacts of this standard included in our results prospectively from that date. Our 2018 and 2017 results have not been restated for the effects of IFRS 16. See \u201cAccounting Policies\u201d. 2 As defined. See \u201cKey Performance Indicators\u201d.\n3 Adjusted EBITDA, adjusted EBITDA margin, and adjusted net income are non-GAAP measures and should not be considered substitutes or alternatives for GAAP measures. These are not defined terms under IFRS and do not have standard meanings, so may not be a reliable way to compare us to other companies. See \u201cNon-GAAP Measures and Related Performance Measures\u201d for information about these measures, including how we calculate them.\nRevenue Consolidated revenue increased by 5% in 2018, reflecting revenue growth of 7% in Wireless and 1% in both Cable and Media. Wireless revenue increased as a result of the increased mix of subscribers on higher-rate plans from our various brands and an increase in sales of higher-value devices.\nCable revenue increased by 1% as the increase in Internet revenue from the general movement of customers to higher speed and usage tiers of our Internet offerings was partially offset by the decrease in legacy Television subscribers and the impact of Phone pricing packages. Media revenue increased by 1% as a result of higher revenue at the Toronto Blue Jays, including a distribution from Major League Baseball, and higher Sportsnet and other network subscription revenue, partially offset by lower advertising revenue.\nAdjusted EBITDA Consolidated adjusted EBITDA increased in 2018 to $5,983 million, reflecting increases in Wireless, Cable, and Media. Wireless adjusted EBITDA increased 10% as a result of the strong flow-through of service revenue growth, partially offset by higher expenditures associated with increased subscriber volumes and costs of devices.\nCable adjusted EBITDA increased by 3% in 2018 as a result of strong Internet revenue growth, the ongoing product mix shift to higher-margin Internet services, and various cost efficiency and productivity initiatives. Media adjusted EBITDA increased 54% primarily as a result of the increase in revenue as discussed above and lower operating expenses from improvements made to our cost structure across the divisions.\nNet income and adjusted net income Net income and adjusted net income both increased in 2018 primarily as a result of higher adjusted EBITDA, partially offset by higher depreciation and amortization. Net income increased to $2,059 million in 2018 from $1,845 million in 2017 and adjusted net income increased to $2,241 million in 2018 from $1,902 million in 2017.\n2018 FULL-YEAR RESULTS COMPARED TO 2017\n\n2018 FULL-YEAR RESULTS COMPARED TO 2017 | | | \n----------------------------------------------- | ----------------------- | ----------------------- | -----------------------\n | Years ended December 31 | Years ended December 31 | Years ended December 31\n(In millions of dollars, except margins) | 2018 1 | 2017 1 | %Chg \nRevenue | | | \nWireless | 9,200 | 8,569 | 7 \nCable | 3,932 | 3,894 | 1 \nMedia | 2,168 | 2,153 | 1 \nCorporate items and intercompany eliminations 2 | (204) | (247) | (17 \nRevenue | 15,096 | 14,369 | 5 \nTotal service revenue 2 | 12,974 | 12,550 | 3 \nAdjusted EBITDA 3 | | | \nWireless | 4,090 | 3,726 | 10 \nCable | 1,874 | 1,819 | 3 \nMedia | 196 | 127 | 54 \nCorporate items and intercompany eliminations | (177) | (170) | 4 \nAdjusted EBITDA 3 | 5,983 | 5,502 | 9 \nAdjusted EBITDA margin 3 | 39.6% | 38.3% | \nNet income | 2,059 | 1,845 | 12 \nAdjusted net income 3 | 2,241 | 1,902 | 18 "} {"_id": "d1b2e387a", "title": "", "text": "Lines of Credit\nThe following table summarizes our available lines of credit and committed and uncommitted lines of credit, including the revolving credit facility discussed above, and the amounts available under our accounts receivable securitization programs.\n(1) Includes total borrowings under the accounts receivable securitization programs, the revolving credit facility and borrowings under lines of credit available to several subsidiaries.\n(2) Of the total available lines of credit, $1,137.4 million were committed as of December 31, 2019.\n\n | December 31, | \n---------------------------------- | ------------ | ---------\n(In millions) | 2019 | 2018 \nUsed lines of credit (1) | $ 98.9 | $ 232.8 \nUnused lines of credit | 1,245.2 | 1,135.3 \nTotal available lines of credit(2) | $ 1,344.1 | $ 1,368.1"} {"_id": "d1b33ce20", "title": "", "text": "The Group\u2019s revenue mainly comprises the sale of goods in-store and online, and hospitality and leisure services. Revenue is recognised when control of the goods has transferred to the customer or when the service is provided at an amount that reflects the consideration to which the Group expects to be entitled.\nFor sale of goods in-store, control of the goods transfers to the customer at the point the customer purchases the goods in-store. For sale of goods online, control of the goods transfers to the customer at the point the goods are delivered to, or collected by, the customer. Where payment for the goods is received prior to control transferring to the customer, revenue recognition is deferred in contract liabilities within trade and other payables in the Consolidated Statement of Financial Position until the goods have been delivered to, or collected by, the customer.\nWoolworths Rewards points granted by the Group provide customers with a material right to a discount on future purchases. The amounts allocated to Woolworths Rewards points are deferred in contract liabilities within trade and other payables in the Consolidated Statement of Financial Position until redeemed by the customer.\n\n | 2019 | 2018 \n-------------------------------- | -------- | --------\n | 53 WEEKS | 52 WEEKS\n | $M | $M \nSale of goods in-store | 54,720 | 52,533 \nSale of goods online | 2,534 | 1,883 \nLeisure and hospitality services | 1,671 | 1,612 \nOther | 1,059 | 916 \nTotal | 59,984 | 56,944 "} {"_id": "d1b37442e", "title": "", "text": "KEY PERFORMANCE INDICATORS\nBelow is a summary of some of the quantitative performance indicators (as defined below) that are evaluated by management to assess our financial performance. Some of the indicators are non-GAAP measures and should not be considered as an alternative to any other measure for determining operating performance or liquidity that is calculated in accordance with generally accepted accounting principles.\nDefinitions and analysis of these performance indicators are as follows:\nNet Sales Net sales include sales of lasers, laser systems, related accessories and service. Net sales for fiscal 2019 decreased 29.6% in our OLS segment and decreased 15.4% in our ILS segment from fiscal 2018. For a description of the reasons for changes in net sales refer to the \u2018\u2018Results of Operations\u2019\u2019 section below.\nGross Profit as a Percentage of Net Sales Gross profit as a percentage of net sales (\u2018\u2018gross profit percentage\u2019\u2019) is calculated as gross profit for the period divided by net sales for the period. Gross profit percentage for OLS decreased to 47.3% in fiscal 2019 from 52.7% in fiscal 2018. Gross profit percentage for ILS decreased to 13.3% in fiscal 2019 from 26.7% in fiscal 2018. For a description of the reasons for changes in gross profit refer to the \u2018\u2018Results of Operations\u2019\u2019 section below.\nResearch and Development as a Percentage of Net Sales Research and development as a percentage of net sales (\u2018\u2018R&D percentage\u2019\u2019) is calculated as research and development expense for the period divided by net sales for the period. Management considers R&D percentage to be an important indicator in managing our business as investing in new technologies is a key to future growth. R&D percentage increased to 8.2% in fiscal 2019 from 7.0% in fiscal 2018. For a description of the reasons for changes in R&D spending refer to the \u2018\u2018Results of Operations\u2019\u2019 section below.\nNet Cash Provided by Operating Activities Net cash provided by operating activities shown on our Consolidated Statements of Cash Flows primarily represents the excess of cash collected from billings to our customers and other receipts over cash paid to our vendors for expenses and inventory purchases to run our business. We believe that cash flows from operations is an important performance indicator because cash generation over the long term is essential to maintaining a healthy business and providing funds to help fuel growth. For a description of the reasons for changes in Net Cash Provided by Operating Activities refer to the \u2018\u2018Liquidity and Capital Resources\u2019\u2019 section below.\nDays Sales Outstanding in Receivables We calculate days sales outstanding (\u2018\u2018DSO\u2019\u2019) in receivables as net receivables at the end of the period divided by net sales during the period and then multiplied by the number of days in the period, using 360 days for years. DSO in receivables indicates how well we are managing our collection of receivables, with lower DSO in receivables resulting in higher working capital availability. The more money we have tied up in receivables, the less money we have available for research and development, acquisitions, expansion, marketing and other activities to grow our business. Our DSO in receivables for fiscal 2019 remained unchanged at 67 days as compared to fiscal 2018.\nAnnualized Fourth Quarter Inventory Turns We calculate annualized fourth quarter inventory turns as cost of sales during the fourth quarter annualized and divided by net inventories at the end of the fourth quarter. This indicates how well we are managing our inventory levels, with higher inventory turns resulting in more working capital availability and a higher return on our investments in inventory. Our annualized fourth quarter inventory turns for fiscal 2019 decreased to 2.1 turns from 2.2 turns in fiscal 2018 primarily as a result of a decrease in demand for sales of our large ELA tools, partially offset by the impact of lower inventories due to restructuring charges.\nAdjusted EBITDA as a Percentage of Net Sales We define adjusted EBITDA as operating income adjusted for depreciation, amortization, stock compensation expense, major restructuring costs and certain other non-operating income and expense items, such as costs related to our acquisitions. Key initiatives to reach our goals for EBITDA improvements include utilization of our Asian manufacturing locations, optimizing our supply chain and continued leveraging of our infrastructure.\nWe utilize a number of different financial measures, both GAAP and non-GAAP, such as adjusted EBITDA as a percentage of net sales, in analyzing and assessing our overall business performance, for making operating decisions and for forecasting and planning future periods. We consider the use of non-GAAP financial measures helpful in assessing our current financial performance and ongoing operations. While we use non-GAAP financial measures as a tool to enhance our understanding of certain aspects of our financial performance, we do not consider these measures to be a substitute for, or superior to, the information provided by GAAP financial measures. We provide adjusted EBITDA in order to enhance investors\u2019 understanding of our ongoing operations. This measure is used by some investors when assessing our performance.\n\n | Fiscal | \n--------------------------------------------------------------------- | -------- | ----------\n | 2019 | 2018 \nNet Sales - OEM Laser Sources | $886,676 | $1,259,477\nNet Sales - Industrial Lasers & Systems | $543,964 | $643,096 \nGross Profit as a Percentage of Net Sales\u2014OEM Laser Sources | 47.3% | 52.7% \nGross Profit as a Percentage of Net Sales\u2014Industrial Lasers & Systems | 13.3% | 26.7% \nResearch and Development Expenses as a Percentage of Net Sales | 8.2% | 7.0% \nIncome From Continuing Operations Before Income Taxes | $60,048 | $361,555 \nNet Cash Provided by Operating Activities | $181,401 | $236,111 \nDays Sales Outstanding in Receivables | 67 | 67 \nAnnualized Fourth Quarter Inventory Turns | 2.1 | 2.2 \nNet Income From Continuing Operations as a Percentage of Net Sales | 3.8% | 13.0% \nAdjusted EBITDA as a Percentage of Net Sales | 18.1% | 28.9% "} {"_id": "d1b397320", "title": "", "text": "5. Accrued expenses\nAccrued expenses consisted of the following:\n\nOctober 31, | | \n---------------------------- | ------- | -------\n | 2019 | 2018 \n(In thousands) | | \nWorkers\u2019 compensation claims | $9,687 | $9,020 \nAccrued wages | 19,525 | 14,142 \nAccrued rebates | 13,529 | 7,828 \nAccrued vacation | 10,592 | 8,554 \nAccrued property taxes | 11,331 | 9,453 \nAccrued payroll taxes | 8,290 | 9,034 \nOther accrued expenses | 9,986 | 11,922 \nTotal accrued expenses | $82,940 | $69,953"} {"_id": "d1b32d380", "title": "", "text": "ALTERNATIVE PERFORMANCE MEASURES \u2013 continued\nLiquidity: TORM defines liquidity as available cash, comprising cash and cash equivalents, including restricted cash, as well as undrawn credit facilities.\nTORM finds the APM important as the liquidity expresses TORM\u2019s financial position, ability to meet current liabilities and cash buffer. Furthermore, it expresses TORM\u2019s ability to act and invest when possibilities occur.\n\nUSDm | 2019 | 2018 | 2017 \n---------------------------------------------------- | ----- | ----- | -----\nCash and cash equivalents, including restricted cash | 72.5 | 127.4 | 134.2\nUndrawn credit facilities | 173.1 | 278.7 | 270.7\nLiquidity | 245.6 | 406.1 | 404.9"} {"_id": "d1b345f84", "title": "", "text": "It rewards executives subject to performance against three equally weighted measures over a three year performance period:\nRelative TSR is used as a measure in our LTI plan to align executive outcomes and long\u2010term shareholder value creation. The peer group is the ASX30 excluding metals and mining companies. Peer group ranking at the 75th percentile or higher 100% vesting is achieved and ranking at the median 50% vesting is achieved. Between the 75th\u00a0 and median, pro-rata vesting is achieved from 50% to 100%. Peer group ranking below the median results in zero vesting.\nSales per square metre measures sales productivity improvements across the Food and Drinks businesses. Efficient use of our physical network for in\u2010store and online sales is core to our success.\nROFE is an important measures to drive behaviours consistent with the delivery of long\u2010term shareholder value. ROFE improvements can be delivered through earnings growth as well as the disciplined allocation of capital and management of assets, which is important for a business that is building capabilities for the future. Lease\u2010adjusted ROFE measures the balance between our earnings growth and the disciplined allocation and application of assets used to generate those earnings. We adjust for leases to recognise that a very significant portion of our sites are leased. This approach is also similar to the accounting standard definition of ROFE that will change to incorporate a lease-adjusted definition from F20.\nThe Sales/SQM and ROFE targets are published following the end of the performance period given the commercial sensitivity of this information.\n\n | rTSR | SALES/SQM | ROFE \n------- | ------ | --------- | ------\nEntry | 16.66% | 6.66% | 6.66% \nTarget | n/a | 20% | 20% \nStretch | 33.33% | 33.33% | 33.33%"} {"_id": "d1a73c530", "title": "", "text": "The following table compares our other consolidated operating results for 2019 and 2018:\nInterest expense. Interest expense increased to $279.1 million in 2019, compared to $254.1 million in 2018, primarily due to: \u2022 an increase of $29.9 million primarily to the commencement of Teekay LNG's finance lease obligations upon the deliveries of the Myrina, Megara and Yamal Spirit LNG carriers and an increase in debt balance to pay for the final newbuilding installments on the Bahrain Spirit and Sean Spirit LNG carrier newbuilding deliveries;\n\u2022 an increase of $6.7 million primarily due to the additional interest expense incurred by Teekay Tankers with respect to three sale-leaseback financing transactions completed in September 2018, November 2018 and May 2019; and \u2022 an increase of $6.3 million due to decreases in capitalized interest in Teekay LNG in 2019 as a result of vessels delivered during 2018 and 2019;\n\u2022 an increase of $6.7 million primarily due to the additional interest expense incurred by Teekay Tankers with respect to three sale-leaseback financing transactions completed in September 2018, November 2018 and May 2019; and \u2022 an increase of $6.3 million due to decreases in capitalized interest in Teekay LNG in 2019 as a result of vessels delivered during 2018 and 2019;\n\u2022 a decrease of $4.1 million relating to interest incurred by Teekay Parent in 2018 as a result of the prepayment of the outstanding amounts under one revolving credit facility and lower debt issuance cost amortization in 2019 on an amendment of another revolving credit facility.\nRealized and unrealized (losses) gains on non-designated derivative instruments. Realized and unrealized (losses) gains related to derivative instruments that are not designated as hedges for accounting purposes are included as a separate line item in the consolidated statements of loss. Net realized and unrealized losses on non-designated derivatives were $13.7 million for 2019, compared to $14.9 million for 2018, as detailed in the table below:\nThe realized losses relate to amounts we actually realized for settlements related to these derivative instruments in normal course and amounts\npaid to terminate interest rate swap agreement terminations.\nDuring 2019 and 2018, we had interest rate swap agreements with aggregate average net outstanding notional amounts of approximately $1.1 billion and $1.3 billion, respectively, with average fixed rates of approximately 3.0% and 2.9%, respectively. Short-term variable benchmark interest rates during these periods were generally less than 3.0% and, as such, we incurred realized losses of $8.3 million and $13.9 million during 2019 and 2018, respectively, under the interest rate swap agreements.\nWe did not incur any realized losses related to the termination of interest rate swaps in 2019, compared to realized losses of $13.7 million during 2018. Primarily as a result of significant changes in long-term benchmark interest rates during 2019 and 2018, we recognized unrealized losses of $7.9 million in 2019 compared to unrealized gains of $33.7 million in 2018 under the interest rate swap agreements.\nDuring the year ended December 31, 2019, we recognized a reversal of previously unrealized losses of $26.9 million on all the warrants held by Teekay to purchase common units of Altera (or the Warrants) as a result of the sale of the Warrants to Brookfield, and we concurrently recognized a realized loss of $25.6 million during the same period. During the year ended December 31, 2018, we recognized unrealized losses of $21.1 million on the Warrants. Please read \u201cItem 18 \u2013 Financial Statements: Note 12 \u2013 Fair Value Measurements and Financial Instruments.\u201d\nForeign Exchange Loss. Foreign currency exchange losses were $13.6 million in 2019 compared to gains of $6.1 million in 2018. Our foreign currency exchange gains and losses, substantially all of which are unrealized, are primarily due to the relevant period-end revaluation of our Norwegian-Krone (or NOK)-denominated debt and our Euro-denominated term loans, finance leases and restricted cash for financial reporting purposes and the realized and unrealized (losses) gains on our cross currency swaps.\nGains on NOK-denominated and Euro-denominated monetary liabilities reflect a stronger U.S. Dollar against the NOK and Euro on the date of revaluation or settlement compared to the rate in effect at the beginning of the period. Losses on NOK-denominated and Euro-denominated monetary liabilities reflect a weaker U.S. Dollar against the NOK and Euro on the date of revaluation or settlement compared to the rate in effect at the beginning of the period.\nFor 2019, foreign currency exchange loss included realized losses of $5.1 million (2018 \u2013 $6.5 million) and unrealized losses of $13.2 million (2018 \u2013 gains of $21.2 million) on our cross currency swaps, realized losses on maturity and termination of cross currency swaps of $nil (2018 \u2013 $42.3 million) and unrealized gains of $5.8 million (2018 \u2013 gains of $19.2 million) on the revaluation of our NOK-denominated debt.\nLoss on deconsolidation of Altera. Loss on deconsolidation of Altera was $7.1 million in 2018. Please read \"Item 18 \u2013 Financial Statements: Note 4 \u2013 Deconsolidation and Sale of Altera.\"\nOther loss. Other loss was $14.5 million in 2019 compared to $2.0 million in 2018. Other loss in 2019 was primarily due to losses of $10.6 million on the repurchase of 2020 Notes, $2.0 million tax expense on Teekay LNG's income from U.S. sources and $1.4 million losses relating to Teekay LNG's sale lease-back refinancing of the Torben Spirit completed in 2019. Other loss in 2018 included $1.8 million related to repurchases of the 2020 Notes and $0.6 million related to the tax indemnification guarantee liability related to the Teekay Nakilat finance lease.\nIncome Tax Expense. Income tax expense was $25.5 million in 2019 compared to $19.7 million in 2018. This increase in income tax expense was primarily due to changes to freight tax accruals in 2019.\n\n | Year Ended December 31, | \n----------------------------------------------------------------------- | ----------------------- | ---------\n(in thousands of U.S. dollars, except percentages) | 2019 | 2018 \nInterest expense | (279,059) | (254,126)\nInterest income | 7,804 | 8,525 \nRealized and unrealized losses on non-designated derivative instruments | (13,719) | (14,852) \nForeign exchange (loss) gain | (13,574) | 6,140 \nLoss on deconsolidation of Altera | \u2014 | (7,070) \nOther loss | (14,475) | (2,013) \nIncome tax expense | (25,482) | (19,724) "} {"_id": "d1b31b91e", "title": "", "text": "Operating Results \u2013 Teekay Tankers\nThe following table compares Teekay Tankers\u2019 operating results, equity income and number of calendar-ship-days for its vessels for 2019 and 2018.\n(1) Calendar-ship-days presented relate to owned and in-chartered consolidated vessels.\nTeekay Tankers' income from vessel operations increased to $123.9 million in 2019 compared to $7.2 million in 2018, primarily as a result of: \u2022 an increase of $129.3 million due to higher overall average realized spot tanker rates earned by Teekay Tankers' Suezmax, Aframax and LR2 product tankers; \u2022 an increase of $3.5 million due to improved net results from Teekay Tankers' full service lightering (or FSL) activities from more voyage days and higher realized spot rates earned;\n\u2022 an increase of $3.4 million resulting from lower general and administrative expenses primarily due to non-recurring project expenses incurred in 2018; \u2022 a net increase of $2.3 million primarily due to the delivery of three Aframax and two LR2 chartered-in tankers in late 2018 and throughout 2019, partially offset by the redeliveries of various in-chartered tankers to their owners in the second and third quarters of 2018; and \u2022 an increase of $1.2 million as a result of restructuring charge incurred in the prior year;\npartially offset by\n\u2022 a decrease of $10.2 million due to a higher number of off-hire days in 2019 resulting from dry dockings and higher off-hire bunker expenses compared to the prior year; \u2022 a decrease of $6.9 million due to lower revenues and loss on the sale of one Suezmax tanker in 2019 and the write-down of two Suezmax tankers that were classified as held for sale at December 31, 2019; and \u2022 a decrease of $6.4 million due to the amortization of first dry dockings for various former Tanker Investments Ltd. (or TIL) vessels subsequent to Teekay Tankers' acquisition of TIL in late 2017.\nEquity income increased to $2.3 million in 2019 from $1.2 million in 2018 primarily due to higher earnings recognized in 2019 from the High-Q Investment Ltd. joint venture as a result of higher spot rates earned in 2019.\n\n | Year Ended December 31, | \n--------------------------------------------------------- | ----------------------- | ---------\n(in thousands of U.S. dollars, except calendar-ship-days) | 2019 | 2018 \nRevenues | 943,917 | 776,493 \nVoyage expenses | (402,294) | (381,306)\nVessel operating expenses | (208,601) | (209,131)\nTime-charter hire expense | (43,189) | (19,538) \nDepreciation and amortization | (124,002) | (118,514)\nGeneral and administrative expenses | (36,404) | (39,775) \nWrite-down and loss on sale of vessels | (5,544) | 170 \nRestructuring charges | \u2014 | (1,195) \nIncome from vessel operations | 123,883 | 7,204 \nEquity income | 2,345 | 1,220 \nCalendar-Ship-Days (1) | | \nConventional Tankers | 22,350 | 21,226 "} {"_id": "d1a7161fa", "title": "", "text": "Item 6. Selected Financial Data\nVarious factors affecting the comparability of the information included in the table above are discussed in Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations.\n\n | | | Year Ended October 31, | | \n---------------------------------------- | ---------- | ---------- | -------------------------------------- | ---------- | ----------\n | 2019 | 2018 | 2017 | 2016 | 2015 \n | | | (In thousands, except per share data) | | \nNet sales | $3,440,258 | $3,236,004 | $3,342,226 | $2,816,057 | $2,803,480\nOperating income | 67,994 | 29,700 | 425,239 | 294,111 | 335,998 \nNet income | 53,294 | 61,431 | 279,745 | 188,961 | 216,001 \nBasic earnings per share | 2.41 | 2.70 | 12.30 | 8.37 | 9.52 \nDiluted earnings per share | 2.41 | 2.70 | 12.30 | 8.37 | 9.52 \nWorking capital | 365,430 | 367,600 | 650,817 | 465,135 | 396,834 \nTotal assets | 1,774,134 | 1,659,440 | 1,733,243 | 1,422,700 | 1,246,752 \nLong-term debt, less current maturities | 55,000 | \u2014 | \u2014 | \u2014 | \u2014 \nStockholders\u2019 equity | 1,417,675 | 1,387,893 | 1,432,862 | 1,190,262 | 1,029,861 \nCash dividends declared per share | $1.28 | $1.28 | $2.04 | $1.90 | $1.38 "} {"_id": "d1b2e1e08", "title": "", "text": "Our product categories are:\nDrinkable Kefir, sold in a variety of organic and non-organic sizes, flavors, and types, including low fat, non-fat, whole milk, protein, and BioKefir (a 3.5 oz. kefir with additional probiotic cultures).\nEuropean-style soft cheeses, including farmer cheese in resealable cups.\nCream and other, which consists primarily of cream, a byproduct of making our kefir.\nProBugs, a line of kefir products designed for children.\nOther Dairy, which includes Cupped Kefir and Icelandic Skyr, a line of strained kefir and yogurt products in resealable cups.\nFrozen Kefir, available in soft serve and pint-size containers.\nLifeway has determined that it has one reportable segment based on how our chief operating decision maker manages the business and in a manner consistent with the internal reporting provided to the chief operating decision maker. The chief operating decision maker, who is responsible for allocating resources and assessing our performance, has been identified collectively as the Chief Financial Officer, the Chief Operating Officer, the Chief Executive Officer, and Chairperson of the board of directors. Substantially all of our consolidated revenues relate to the sale of cultured dairy products that we produce using the same processes and materials and are sold to consumers through a common network of distributors and retailers in the United States.\nNet sales of products by category were as follows for the years ended December 31:\n(a) Includes Lifeway Kefir Shop sales\nSignificant Customers \u2013 Sales are predominately to companies in the retail food industry located within the United States. Two major customers accounted for approximately 22% and 21% of net sales for the years ended December 31, 2019 and 2018, respectively. Two major customers accounted for approximately 17% of accounts receivable as of December 31, 2019 and 2018. Our ten largest customers as a group accounted for approximately 57% and 59% of net sales for the years ended December 31, 2019 and 2018, respectively.\n\n | | 2019 | | 2018\n---------------------------------- | -------- | ---- | --------- | ----\nIn thousands | $ | % | $ | % \nDrinkable Kefir other than ProBugs | $ 71,822 | 77% | $ 78,523 | 76% \nCheese | 11,459 | 12% | 11,486 | 11% \nCream and other | 4,228 | 4% | 5,276 | 5% \nProBugs Kefir | 2,780 | 3% | 2,795 | 3% \nOther dairy | 1,756 | 2% | 3,836 | 4% \nFrozen Kefir (a) | 1,617 | 2% | 1,434 | 1% \nNet Sales | $ 93,662 | 100% | $ 103,350 | 100%"} {"_id": "d1b393f5e", "title": "", "text": "Deferred tax assets and liabilities reflect the net tax effects of net operating loss carryovers and the temporary differences between the assets and liabilities carrying value for financial reporting and the amounts used for income tax purposes. The Company\u2019s significant deferred tax assets (liabilities) components are as follows:\nIn assessing the ability to realize the Company\u2019s net deferred tax assets, management considers various factors including taxable income in carryback years, future reversals of existing taxable temporary differences, tax planning strategies, and future taxable income projections to determine whether it is more likely than not that some portion or all of the net deferred tax assets will not be realized.\nBased on the negative evidence, including the worldwide cumulative losses that the Company has incurred, the Company has determined that the uncertainty regarding realizing its deferred tax assets is sufficient to warrant the need for a full valuation allowance against its worldwide net deferred tax assets.\nThe $4.3 million net increase in the valuation allowance from 2018 to 2019 is primarily due to operating losses incurred and windfall tax benefits on equity awards in the current year, partially offset by the reduction in valuation allowance as a result of recording a net deferred tax liability associated with the adoption of ASC 606. In addition, the Company recognized a tax benefit of $1.0 million for the release of a portion of the Company\u2019s pre-existing U.S. and U.K. valuation allowances as a result of the Ataata and Simply Migrate business combinations.\nDuring the third quarter of fiscal 2018, the Tax Cuts and Jobs Act (the Act) was enacted in the United States. In addition, the Securities and Exchange Commission issued guidance under Staff Accounting Bulletin No. 118, Income Tax Accounting Implications of the Tax Cuts and Jobs Act (SAB 118) that directed taxpayers to consider the impact of the U.S. legislation as \u201cprovisional\u201d when it did not have the necessary information available, prepared or analyzed (including computations) in reasonable detail to complete its accounting for the change in tax law.\nDuring 2019, the Company has completed its accounting for the tax effects of the enactment of the Act. During the year ended March 31, 2019, the Company recognized an immaterial adjustment to the provisional estimate recorded related to the Act in the Company\u2019s fiscal 2018 financial statements.\nAs of March 31, 2019, the Company had U.K. net operating loss carryforwards of approximately $57.4 million that do not expire. As of March 31, 2019, the Company had U.S. federal net operating loss carryforwards of approximately $78.6 million. U.S. federal net operating loss carryforwards generated through March 31, 2017 of approximately $32.5 million expire at various dates through 2037, and U.S. federal net operating loss carryforwards generated in the tax years beginning after March 31, 2017 of approximately $46.1 million do not expire.\nAs of March 31, 2019, the Company had U.S. state net operating loss carryforwards of approximately $54.6 million that expire at various dates through 2039. As of March 31, 2019, the Company had Australian net operating loss carryforwards of approximately $23.9 million that do not expire. As of March 31, 2019, the Company had German net operating loss carryforwards of approximately $9.9 million that do not expire.\nAs of March 31, 2019, the Company had Israeli net operating loss carryforwards of approximately $3.3 million that do not expire. As of March 31, 2019, the Company had a U.K. income tax credit carryforward of $1.1 million that does not expire. As of March 31, 2019, the Company had Israeli income tax credit carryforwards of $0.6 million that expires in 2023 and 2024.\nUnder Section 382 of the U.S. Internal Revenue Code, if a corporation undergoes an ownership change, the corporation\u2019s ability to use its pre-change net operating loss carryforwards to offset its post-change income and taxes may be limited. In general, an ownership change occurs if there is a 50 percent cumulative change in ownership of the Company over a rolling three-year period. Similar rules may apply under U.S. state tax laws.\nThe Company believes that it has experienced an ownership change in the past and may experience ownership changes in the future resulting from future transactions in our share capital, some of which may be outside the Company\u2019s control. The Company\u2019s ability to utilize its net operating loss carryforwards or other tax attributes to offset U.S. federal and state taxable income in the future may be subject to future limitations.\nAs of March 31, 2019 and 2018, the Company had liabilities for uncertain tax positions of $6.0 million and $6.2 million, respectively, none of which, if recognized, would impact the Company\u2019s effective tax rate.\n\n | As of March 31, | \n--------------------------------------- | --------------- | --------\n | 2019 | 2018 \nDeferred tax assets: | | \nNet operating loss carryforwards | $35,120 | $24,159 \nShare-based compensation | 5,687 | 2,760 \nDeferred revenue | 1,761 | 2,237 \nFixed assets | 4,187 | 3,593 \nLease liability | 11,748 | 17,024 \nAccrued compensation | 1,211 | 742 \nAccrued costs | 401 | 1,362 \nDeferred rent | 320 | 473 \nIncome tax credits | 1,833 | 1,151 \nOther | 1,247 | 109 \nGross deferred tax assets | 63,515 | 53,610 \nDeferred tax liabilities: | | \nPrepaid expenses | (219) | (315) \nFixed assets | (13,855) | (19,280)\nUnremitted earnings | (320) | (115) \nIntangible assets | (4,818) | \u2014 \nCapitalized commissions | (7,606) | \u2014 \nOther | (387) | \u2014 \nGross deferred tax liabilities | (27,205) | (19,710)\nValuation allowance | (38,318) | (34,008)\nDeferred tax (liabilities) assets, net | $(2,008) | $(108) "} {"_id": "d1b3a52c2", "title": "", "text": "Cash and Cash Equivalents\nHighly liquid instruments purchased with original maturities of three months or less are considered cash equivalents. Cash equivalents are invested with high credit quality financial institutions and consist of short-term investments, such as demand deposit accounts, money market accounts, money market funds and time deposits. The carrying amounts of these instruments reported in the Consolidated Balance Sheets approximate their fair value because of their immediate or short-term maturities.\nCash and cash equivalents are unrestricted and include the following (in millions):\n\n | December 31, | \n------------------------- | ------------ | -----\n | 2019 | 2018 \nCash | $8.2 | $9.5 \nCash equivalents | 7.2 | 10.8 \nCash and cash equivalents | $15.4 | $20.3"} {"_id": "d1b335c1a", "title": "", "text": "Life Sciences Segment\nSelling, general and administrative: Selling, general and administrative expenses from our Life Sciences segment for the year ended December 31, 2019 decreased $5.0 million to $8.6 million from $13.6 million for the year ended December 31, 2018. The decrease was driven by comparably fewer expenses at the Pansend holding company, which incurred additional compensation expense in the prior period related to the performance of the segment. The decrease was also due to a reduction in costs associated with the sale of BeneVir in the second quarter of 2018.\n\nLife Sciences Segment | | | \n----------------------------------- | ----- | ------------------------ | ---------------------\n | | Years Ended December 31, | \n | 2019 | 2018 | Increase / (Decrease)\nSelling, general and administrative | $8.6 | $13.6 | $(5.0) \nDepreciation and amortization | 0.3 | 0.2 | 0.1 \nLoss from operations | (8.9) | $(13.8) | $4.9 "} {"_id": "d1b35bc4e", "title": "", "text": "Accounting for Uncertainty in Income Taxes\nDuring fiscal 2019 and 2018, the aggregate changes in our total gross amount of unrecognized tax benefits are summarized as follows:\nAt September 30, 2019 and 2018, the amount of unrecognized tax benefits that, if recognized, would affect the effective tax rate was $0.7 million and $1.8 million, respectively. During fiscal year 2020, it is reasonably possible that resolution of reviews by taxing authorities, both domestic and foreign, could be reached with respect to an immaterial amount of net unrecognized tax benefits depending on the timing of examinations or expiration of statutes of limitations, either because our tax positions are sustained or because we agree to the disallowance and pay the related income tax. We recognize interest and/or penalties related to income tax matters in income tax expense. The amount of net interest and penalties recognized as a component of income tax expense during fiscal 2019 and 2018 were not material.\nWe are subject to ongoing audits from various taxing authorities in the jurisdictions in which we do business. As of September 30, 2019, the fiscal years open under the statute of limitations in significant jurisdictions include 2016 through 2019 in the U.S. We believe we have adequately provided for uncertain tax issues we have not yet resolved with federal, state and foreign tax authorities. Although not more likely than not, the most adverse resolution of these issues could result in additional charges to earnings in future periods. Based upon a consideration of all relevant facts and circumstances, we do not believe the ultimate resolution of uncertain tax issues for all open tax periods will have a material adverse effect upon our financial condition or results of operations.\nCash amounts paid for income taxes, net of refunds received, were $28.7 million, $15.7 million and $1.6 million in 2019, 2018 and 2017, respectively.\n\n | | September 30, \n------------------------------------------------------------- | ------- | --------------\n | 2019 | 2018 \n | | (in thousands)\nBalance at beginning of year | $ 9,942 | $ 13,248 \nAdditions (reductions) for tax positions taken in prior years | 8,458 | (80) \nRecognition of benefits from expiration of statutes | (776) | (1,770) \nAdditions for tax positions related to the current year | 951 | 713 \nReductions for tax positions related to acquisitions | \u2014 | (2,169) \nBalance at end of year | $18,575 | $9,942 "} {"_id": "d1b398f54", "title": "", "text": "Note 15. Stock-Based Compensation\nThe following table summarizes the components of non-cash stock-based compensation expense (in thousands):\n2015 Equity Incentive Plan\nWe issue stock options pursuant to our 2015 Plan. The 2015 Plan allows for the grant of stock options to employees and for the grant of nonqualified stock options, stock appreciation rights, restricted stock awards, restricted stock unit awards, or RSUs, performance-based stock awards, and other forms of equity compensation to our employees, directors and non-employee directors and consultants.\nIn June 2015, our board of directors adopted and our stockholders approved our 2015 Plan pursuant to which we initially reserved a total of 4,700,000 shares of common stock for issuance under the 2015 Plan, which included shares of our common stock previously reserved for issuance under our Amended and Restated 2009 Stock Incentive Plan, or the 2009 Plan. The number of shares of common stock reserved for issuance under the 2015 Plan will automatically increase on January 1 each year, for a period of not more than ten years, commencing on January 1, 2016 through January 1, 2024, by 5% of the total number of shares of common stock outstanding on December 31 of the preceding calendar year, or a lesser number of shares as may be determined by the board of directors. As a result of the adoption of the 2015 Plan, no further grants may be made under the 2009 Plan. As of December 31, 2019, 6,527,550 shares remained available for future grant under the 2015 Plan.\nStock Options\nStock options under the 2015 Plan have been granted at exercise prices based on the closing price of our common stock on the date of grant. Stock options under the 2009 Plan were granted at exercise prices as determined by the board of directors to be the fair market value of our common stock. Our stock options generally vest over a five-year period and each option, if not exercised or forfeited, expires on the tenth anniversary of the grant date.\nCertain stock options granted under the 2015 Plan and previously granted under the 2009 Plan may be exercised before the options have vested. Unvested shares issued as a result of early exercise are subject to repurchase by us upon termination of employment or services at the original exercise price. The proceeds from the early exercise of stock options are initially recorded as a current liability and are reclassified to common stock and additional paid-in capital as the awards vest and our repurchase right lapses. There were 250 and 957 unvested shares of common stock outstanding subject to our right of repurchase as of December 31, 2019 and 2018, respectively. We repurchased 27 and 107 of these unvested shares of common stock related to early exercised stock options in connection with employee terminations during the years ended December 31, 2019 and 2018, respectively. We recorded less than $0.1 million in accounts payable, accrued expenses and other current liabilities on our consolidated balance sheets for the proceeds from the early exercise of the unvested stock options as of December 31, 2019 and 2018.\nWe account for stock-based compensation options based on the fair value of the award as of the grant date. We recognize stock-based compensation expense using the accelerated attribution method, net of actual forfeitures, in which compensation cost for each vesting tranche in an award is recognized ratably from the service inception date to the vesting date for that tranche.\nWe value our stock options using the Black-Scholes option pricing model, which requires the input of subjective assumptions, including the risk-free interest rate, expected term, expected stock price volatility and dividend yield. The risk-free interest rate assumption is based upon observed interest rates for constant maturity U.S. Treasury securities consistent with the expected term of our stock options. The expected term represents the period of time the stock options are expected to be outstanding and is based on the \"simplified method.\" Under the \"simplified method,\" the expected term of an option is presumed to be the mid-point between the vesting date and the end of the contractual term. We use the \"simplified method\" due to the lack of sufficient historical exercise data to provide a reasonable basis upon which to otherwise estimate the expected term of the stock options. Beginning in November 2019, the expected volatility for options granted is based on historical volatilities of our stock over the estimated expected term of the stock options. The expected volatility for options granted prior to November 2019 was based on historical volatilities of our stock and publicly traded stock of comparable companies over the estimated expected term of the stock options.\nThere were 186,500, 219,450 and 252,100 stock options granted during the years ended December 31, 2019, 2018 and 2017, respectively. We declared and paid dividends in June 2015 in anticipation of our IPO, which we closed on July 1, 2015. Subsequent to the IPO, we do not expect to declare or pay dividends on a recurring basis. As such, we assume that the dividend rate is 0%.\n\n | | Year Ended December 31, | \n-------------------------------------- | ------- | ----------------------- | -------\n | 2019 | 2018 | 2017 \nStock options and assumed options | $3,783 | $3,511 | $3,913 \nRestricted stock units | 16,627 | 9,770 | 3,366 \nRestricted stock awards | \u2014 | 1 | 19 \nEmployee stock purchase plan | 193 | 147 | 115 \nTotal stock-based compensation expense | $20,603 | $13,429 | $7,413 \nTax benefit from stock-based awards | $5,154 | $7,581 | $12,719"} {"_id": "d1b368b9c", "title": "", "text": "American Tower Corporation \u2022 2019 Annual Report\nAppendix 1 \u2022 Letter to Stakeholders\nRETURN ON INVESTED CAPITAL (ROIC) RECONCILIATION1 ($ in millions. Totals may not add due to rounding.)\n1 Historical denominator balances reflect purchase accounting adjustments\n2 Represents Q4 2015 annualized numbers to account for full year impact of Verizon Transaction.\n3 Represents Q4 2016 annualized numbers to account for full year impact of Viom Transaction\n4 Adjusted to annualize impacts of acquisitions closed throughout the year.\n5 Positively impacted by the Company's settlement with Tata in Q4 2018.\n6 Excludes the impact of deferred tax adjustments related to valuation.\n\n | 2015 2 | 2016 3 | 2017 4 | 2018 4,5 | 2019 4 \n----------------- | ------- | ------- | ------- | -------- | -------\nAdjusted EBITDA | $3,206 | $3,743 | $4,149 | $4,725 | $4,917 \nCash Taxes | (107) | (98) | (137) | (172) | (168) \nMaintenance Capex | (124) | (159) | (115) | (150) | (160) \nCorporate Capex | (26) | (27) | (17) | (9) | (11) \nNumerator | $2,948 | $3,459 | $3,880 | $4,394 | $4,579 \nGross PPE | $14,397 | $15,652 | $16,950 | $17,717 | $19,326\nGross Intangibles | 12,671 | 14,795 | 16,183 | 16,323 | 18,474 \nGross Goodwill6 | 4,240 | 4,510 | 4,879 | 4,797 | 5,492 \nDenominator | $31,308 | $34,957 | $38,012 | $38,837 | $43,292\nROIC | 9.4% | 9.9% | 10.2% | 11.3% | 10.6% "} {"_id": "d1b35949e", "title": "", "text": "Foreign currency translation risk\nOur reporting currency is the U.S. dollar. Fluctuations in foreign currencies impact the amount of total assets and liabilities that we report for our foreign subsidiaries upon the translation of these amounts into U.S. dollars. In particular, the amount of cash and cash equivalents that we report in U.S. dollars for a significant portion of the cash held by these subsidiaries is subject to translation variance caused by changes in foreign currency exchange rates as of the end of each respective reporting period (the offset to which is recorded to accumulated other comprehensive income on our Consolidated Balance Sheets).\nThe following table shows our cash and cash equivalents denominated in certain major foreign currencies as of June 30, 2019 (equivalent in U.S. dollar):\nIf overall foreign currency exchange rates in comparison to the U.S. dollar uniformly weakened by 10%, the amount of cash and cash equivalents we would report in equivalent U.S. dollars would decrease by approximately $32.9 million (June 30, 2018\u2014$34.6 million), assuming we have not entered into any derivatives discussed above under \"Foreign Currency Transaction Risk\".\n\n(In thousands) | U.S. Dollar Equivalent at June 30, 2019 | U.S. Dollar Equivalent at June 30, 2018\n----------------------------------------------------------------- | --------------------------------------- | ---------------------------------------\nEuro | $120,417 | $120,346 \nBritish Pound | 33,703 | 31,211 \nCanadian Dollar | 12,635 | 24,590 \nSwiss Franc | 56,776 | 52,652 \nOther foreign currencies | 105,273 | 117,459 \nTotal cash and cash equivalents denominated in foreign currencies | 328,804 | 346,258 \nU.S. dollar | 612,205 | 336,684 \nTotal cash and cash equivalents | $941,009 | $682,942 "} {"_id": "d1b344274", "title": "", "text": "Amounts recognised in the balance sheet are as follows:\nThe surplus of \u00a32.2m (2018: \u00a31.3m) has not been recognised as an asset as it is not deemed to be recoverable by the Group.\n\n | 2019 | 2018 \n------------------------------------------------------ | ------ | ------\n | \u00a3m | \u00a3m \nPresent value of funded obligations | 20.0 | 19.7 \nFair value of plan assets | (22.2) | (21.0)\nEffect of surplus cap | 2.2 | 1.3 \nNet asset recognised in the Consolidated balance sheet | \u2013 | \u2013 "} {"_id": "d1b300a4c", "title": "", "text": "Inventory\nInventory is stated at the lower of cost and net realizable value, using the first-in, first-out (\u201cFIFO\u201d) valuation method. Net realizable value is the estimated selling prices in the ordinary course of business, less reasonably predictable costs of completion, disposal, and transportation. Any adjustments to reduce the cost of inventories to their net realizable value are recognized in earnings in the current period.\nDue to the low sell-through of our AirBar products, management has decided to fully reserve work-in-process for AirBar components, as well as AirBar related raw materials. Management has further decided to reserve for a portion of AirBar finished goods, depending on type of AirBar and in which location it is stored. The AirBar inventory reserve was $0.8 million and $1.0 million for the years ended December 31, 2019 and 2018, respectively.\nIn order to protect our manufacturing partners from losses in relation to AirBar production, we agreed to secure the value of the inventory with a bank guarantee. Since the sale of AirBars has been lower than expected, a major part of the inventory at the partner remained unused when the due date of the bank guarantee neared and Neonode therefore agreed that the partner should keep inventory for the production of 20,000 AirBars and the rest be purchased by us. The inventory value of these purchases has been fully reserved.\nAs\u00a0of\u00a0December\u00a031,\u00a02019,\u00a0the\u00a0Company\u2019s\u00a0inventory\u00a0consists\u00a0primarily\u00a0of\u00a0components\u00a0that\u00a0will\u00a0be\u00a0used\u00a0in\u00a0the\u00a0manufacturing\u00a0of\u00a0our\u00a0sensor\u00a0modules.\u00a0We segregate\u00a0inventory\u00a0for\u00a0reporting\u00a0purposes\u00a0by\u00a0raw\u00a0materials,\u00a0work-in-process,\u00a0and\u00a0finished\u00a0goods.\nRaw\u00a0materials,\u00a0work-in-process,\u00a0and\u00a0finished\u00a0goods\u00a0are\u00a0as\u00a0follows\u00a0(in\u00a0thousands):\n\n | December 31, | December 31,\n---------------- | ------------ | ------------\n | 2019 | 2018 \nRaw materials | $396 | $246 \nWork-in-process | 186 | 220 \nFinished goods | 448 | 753 \nEnding inventory | $1,030 | $1,219 "} {"_id": "d1b3764f4", "title": "", "text": "Short-Term Debt\nThe weighted-average interest rate for commercial paper at December 31, 2019 and 2018 was 1.6 percent and 2.5 percent, respectively. The weighted-average interest rates for short-term loans were 6.1 percent and 4.3 percent at December 31, 2019 and 2018, respectively.\n\n($ in millions) | | \n--------------------------------- | ------ | -------\nAt December 31: | 2019 | 2018 \nCommercial paper | $ 304 | $ 2,995\nShort-term loans | 971 | 161 \nLong-term debt\u2014current maturities | 7,522 | 7,051 \nTotal | $8,797 | $10,207"} {"_id": "d1b3000ba", "title": "", "text": "(1) Included in other long-term assets.\nFor certain other financial instruments, including accounts receivable, unbilled receivables, and accounts payable, the carrying value approximates fair value due to the relatively short maturity of these items.\n\n | | December 31, 2018 | | \n------------------------------------------- | ------- | ----------------- | ------- | -------\n(in thousands) | Level 1 | Level 2 | Level 3 | Total \nCash equivalents | $10,155 | $10,000 | - | $20,155\nMarketable securities: | | | | \nMunicipal bonds | $\u2014 | $44,705 | \u2014 | $44,705\nCorporate bonds | \u2014 | $48,296 | \u2014 | $48,296\nTotal marketable securities | $\u2014 | $93,001 | \u2014 | $93,001\nInvestments in privately-held companies (1) | $\u2014 | \u2014 | $3,390 | $3,390 "} {"_id": "d1b364542", "title": "", "text": "The following table summarizes information regarding restricted shares/RSUs granted and vested (in thousands, except per restricted share/RSU amounts):\nAs of December 31, 2019, based on the probability of achieving the performance goals, there was $6.1 million of total unrecognized compensation cost, net of actual forfeitures, related to nonvested restricted shares/RSUs. Of the unrecognized compensation cost, 33% related to performance-based nonvested restricted shares/RSUs and 67% related to employment-based nonvested restricted shares/RSUs. This cost is expected to be recognized over a weighted average period of 2.0 years.\n\n | | Years Ended December 31, | \n--------------------------------------------------------------- | ------ | ------------------------ | ------\n | 2019 | 2018 | 2017 \nNumber of restricted shares/ RSUs granted | 508 | 492 | 480 \nWeighted average grant-date fair value per restricted share/RSU | $28.43 | $28.16 | $29.42\nFair value of restricted shares/RSUs vested | $3,647 | $8,342 | $6,868"} {"_id": "d1b2f9418", "title": "", "text": "Minimising our environmental impact\nDuring FY19 we have undertaken energy audits across all our UK manufacturing sites as part of our Energy Savings Opportunity Scheme (\u2018ESOS\u2019) compliance programme, which is a mandatory energy assessment scheme for UK organisations. Our progress on energy efficiency improvements remains good, and we have delivered a further 4.9% improvement in our primary energy per tonne of product against last year, and 26.5% over the last six years.\n\nCategory | Destination | FY19 | | FY18 | \n------------- | ------------------------------------ | ------ | --------------- | ------ | ---------------\n | | Tonnes | % of production | Tonnes | % of production\n | Redistribution for human consumption | 950 | 0.3% | 791 | 0.2% \nWaste avoided | Animal feed | 4,454 | 1.2% | 4,895 | 1.3% \n | Total | 5,404 | 1.5% | 5,686 | 1.5% \n | Co/Anaerobic digestion | 24,978 | 6.6% | 32,202 | 8.3% \nFood waste | Controlled combustion | 1,650 | 0.4% | 1,964 | 0.5% \n | Sewer | 8,280 | 2.2% | 6,746 | 1.7% \n | Total | 34,908 | 9.2% | 40,912 | 10.5% "} {"_id": "d1b2fbfce", "title": "", "text": "26. Acquisitions and disposals\nWe completed a number of acquisitions and disposals during the year. The note below provides details of these transactions as well as those in the prior year. For further details see \u201cCritical accounting judgements and key sources of estimation uncertainty\u201d in note 1 \u201cBasis of preparation\u201d to the consolidated financial statements.\nAccounting policies\nBusiness combinations\nAcquisitions of subsidiaries are accounted for using the acquisition method. The cost of the acquisition is measured at the aggregate of the fair values at the date of exchange of assets given, liabilities incurred or assumed and equity instruments issued by the Group. Acquisition-related costs are recognised in the income statement as incurred. The acquiree\u2019s identifiable assets and liabilities are recognised at their fair values at the acquisition date. Goodwill is measured as the excess of the sum of the consideration transferred, the amount of any non-controlling interests in the acquiree and the fair value of the Group\u2019s previously held equity interest in the acquiree, if any, over the net amounts of identifiable assets acquired and liabilities assumed at the acquisition date. The interest of the non-controlling shareholders in the acquiree may initially be measured either at fair value or at the non-controlling shareholders\u2019 proportion of the net fair value of the identifiable assets acquired, liabilities and contingent liabilities assumed. The choice of measurement basis is made on an acquisition-by-acquisition basis. Acquisitions of subsidiaries are accounted for using the acquisition method. The cost of the acquisition is measured at the aggregate of the fair values at the date of exchange of assets given, liabilities incurred or assumed and equity instruments issued by the Group. Acquisition-related costs are recognised in the income statement as incurred. The acquiree\u2019s identifiable assets and liabilities are recognised at their fair values at the acquisition date. Goodwill is measured as the excess of the sum of the consideration transferred, the amount of any non-controlling interests in the acquiree and the fair value of the Group\u2019s previously held equity interest in the acquiree, if any, over the net amounts of identifiable assets acquired and liabilities assumed at the acquisition date. The interest of the non-controlling shareholders in the acquiree may initially be measured either at fair value or at the non-controlling shareholders\u2019 proportion of the net fair value of the identifiable assets acquired, liabilities and contingent liabilities assumed. The choice of measurement basis is made on an acquisition-by-acquisition basis.\nAcquisition of interests from non-controlling shareholders\nIn transactions with non-controlling parties that do not result in a change in control, the difference between the fair value of the consideration paid or received and the amount by which the non-controlling interest is adjusted is recognised in equity\nThe aggregate cash consideration in respect of purchases in subsidiaries, net of cash acquired, is as follows:\nDuring the year ended 31 March 2019 the Group completed certain acquisitions for an aggregate net cash consideration of \u20ac87 million. The aggregate fair values of goodwill, identifiable assets, and liabilities of the acquired operations were \u20ac77 million, \u20ac123 million and \u20ac139 million respectively.\n\n | 2019 | 2018\n----------------------------------------------- | ---- | ----\n | \u20acm | \u20acm \nCash consideration paid | | \nAcquisitions during the year | 61 | 9 \nNet cash acquired and acquisition related costs | 26 | \u2013 \n | 87 | 9 "} {"_id": "d1b3225a2", "title": "", "text": "4.2 Equity (continued)\nShare buy-back\nA buy-back is the purchase by a company of its existing shares. Refer to note 4.3 for further details.\nShare-based payment reserve\nThis reserve records the value of shares under the Long Term Incentive Plan, and historical Employee and CEO Share Option plans offered to the CEO, Executives and employees as part of their remuneration. Refer to note 5.2 for further details of these plans.\nBusiness combination reserve\nThe internal group restructure performed in the 2007 financial year, which interposed the holding company, iSelect Limited, into the consolidated group was exempted by AASB 3 Business Combinations as it precludes entities or businesses under common control. The carry-over basis method of accounting was used for the restructuring of the iSelect Group. As such, the assets and liabilities were reflected at their carrying amounts. No adjustments were made to reflect fair values, or recognise any new assets or liabilities. No goodwill was recognised as a result of the combination and any difference between the consideration paid and the \u2018equity\u2019 acquired was reflected within equity as an equity reserve titled \u201cBusiness Combination Reserve\u201d.\nForeign currency translation reserve\nRefer to Note 1.5 for further details.\n\n | CONSOLIDATED | \n------------------------------------ | ------------ | ----------\n | 2019 $\u2019000 | 2018 $\u2019000\nReserves | | \nShare-based payment reserve | 3,960 | 3,198 \nBusiness combination reserve | 5,571 | 5,571 \nForeign currency translation reserve | (12) | (24) \n | 9,519 | 8,745 "} {"_id": "d1b3b8962", "title": "", "text": "We measure and report our annual scope 1 & 2 GHG emissions. As part of our commitment to reduce our Greenhouse Gas (\u2018GHG\u2019) emissions, we moved to a certified green tariff renewable electricity supply contract for\nour UK operations from the beginning of the financial year.\nThe GHG emissions summary below shows our gross emissions including location-based scope 2 emissions, as well as our net emissions accounting for the market-based scope 2 reporting for our certified green electricity tariff.\nThe reduction in emissions is driven by continued progress in energy efficiency, a reduction in emissions associated with refrigerants as we continue to move away from fluorinated gas refrigerants, and the general reduction in UK grid carbon factor as more renewables make up a greater proportion of the fuel mix.\nOver the last six years, we have made good progress in our water consumption per tonne of product, reducing it by 15% over the period. There was also a significant improvement in FY19, and one of the contributing factors to the improvement was the closure of the Evercreech desserts facility which had a higher water intensity than most sites within the business.\n* Our GHG emissions have been calculated using the GHG Protocol Corporate Accounting and Reporting Standard, and emissions factors from DEFRA\u2019s UK government GHG conversion factors for company reporting (where factors have not been provided directly by a supplier). ** UK & Ireland only \u2013 comparable with FY19 Group structure. *** Full Group including US business.\n\nEmissions are summarised below, all reported as CO2 equivalent (\u2018CO2e\u2019) | | | \n----------------------------------------------------------------------- | ------- | ---------------------------------- | -------\n | | Emissions reported in tonnes CO2e* | \nEmissions from: | FY19** | FY18** | FY18***\nCombustion of fuel and operation of facilities (Scope 1) | 59,495 | 66,336 | 75,600 \nElectricity, heat, steam and cooling purchased for own use (Scope 2) | 27,633 | 32,389 | 67,754 \nTotal gross emissions (Scope 1 and 2) | 87,128 | 98,725 | 143,354\nGreen tariff | -27,603 | 0 | 0 \nTotal net emissions (Scope 1 and 2) | 59,525 | 98,725 | 143,354\nRatio (KgCO2e per \u00a31 sales revenue) | 0.060 | 0.066 | 0.056 "} {"_id": "d1b39cf00", "title": "", "text": "GreenSky, Inc. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS \u2014 (Continued) (United States Dollars in thousands, except per share data, unless otherwise stated)\nNote 3. Fair Value of Assets and Liabilities\nThe following table summarizes, by level within the fair value hierarchy, the carrying amounts and estimated fair values of our assets and liabilities measured at fair value on a recurring or nonrecurring basis or disclosed, but not carried, at fair value in the Consolidated Balance Sheets as of the dates presented. There were no transfers into, out of, or between levels within the fair value hierarchy during any of the periods presented. Refer to Note 4, Note 7, Note 8, and Note 9 for additional information on these assets and liabilities.\n(1) Disclosed, but not carried, at fair value.\n(2) Measured at fair value on a nonrecurring basis.\n(3) Measured and carried at fair value on a recurring basis.\n\n | | December 31, 2019 | | December 31, 2018 | \n-------------------------------------- | ----- | ----------------- | ---------- | ----------------- | ----------\n | Level | Carrying Value | Fair Value | Carrying Value | Fair Value\nAssets: | | | | | \nCash and cash equivalents(1) | 1 | $195,760 | $195,760 | $303,390 | $303,390 \nLoan receivables held for sale, net(2) | 2 | 51,926 | 55,958 | 2,876 | 3,552 \nServicing assets(3) | 3 | 30,459 | 30,459 | \u2014 | \u2014 \nLiabilities: | | | | | \nFinance charge reversal liability(3) | 3 | $206,035 | $206,035 | $138,589 | $138,589 \nTerm loan(1) | 2 | 384,497 | 392,201 | 386,822 | 386,234 \nInterest rate swap(3) | 2 | 2,763 | 2,763 | \u2014 | \u2014 \nServicing liabilities(3) | 3 | 3,796 | 3,796 | 3,016 | 3,016 "} {"_id": "d1b341b5a", "title": "", "text": "The Company\u2019s pension plan asset allocation at December 31, 2019 and at December 31, 2018 is as follows:\nAs of December 31, 2019, investments in funds were composed of commingled and multi-strategy funds invested in diversified portfolios of corporate bonds (37%), government bonds (32%), equity (15%) and other instruments (16%).\nAs of December 31, 2018, investments in funds were composed approximately for two thirds of commingled funds mainly invested in corporate bonds (55%) and treasury bonds and notes (45%) and for one third of multi-strategy funds invested in broadly diversified portfolios of\ncorporate and government bonds, equity and derivative instruments.\n\n | Percentage of Plan Assets at December | \n-------------------------------------------------------- | ------------------------------------- | ----\nAsset Category | 2019 | 2018\nCash and cash equivalents | 1% | 2% \nEquity securities | 24% | 27% \nGovernment debt securities | 12% | 3% \nCorporate debt securities | 16% | 26% \nInvestments in funds(a) | 21% | 17% \nReal estate | 2% | 3% \nOther (mainly insurance assets \u2013 contracts and reserves) | 24% | 22% \nTotal | 100% | 100%"} {"_id": "d1a72e818", "title": "", "text": "Amortization of Intangibles and Acquisition-Related Costs\nAmortization of intangibles included in operating expense and acquisition-related costs during fiscal years 2019 , 2018 and 2017 were as follows (in thousands):\nAmortization of intangible assets consists of amortization of acquired intangible assets, including customer relationships and trademarks and trade names. Acquisition-related costs include legal expense, due diligence costs, and other professional costs incurred for business acquisitions.\nThe increase in amortization of intangible assets from fiscal year 2018 to 2019 was primarily due to the Blue Microphones Acquisition and the ASTRO Acquisition. The increase in amortization of intangible assets from fiscal year 2018 to 2017 was primarily driven by the ASTRO Acquisition.\n\n | | Years Ended March 31, | \n--------------------------------- | ------- | --------------------- | ------\n | 2019 | 2018 | 2017 \nAmortization of intangible assets | $12,594 | $7,518 | $4,352\nAcquisition-related costs | 1,696 | 1,412 | 1,462 \nTotal | $14,290 | $8,930 | $5,814"} {"_id": "d1b3134f8", "title": "", "text": "Underlying effective tax rate\nThe underlying effective tax rate is calculated by dividing taxation excluding the tax impact of non-underlying items by profit before tax excluding the impact of non-underlying items and share of net profit/(loss) of joint ventures and associates. This measure reflects the underlying tax rate in relation to profit before tax excluding non-underlying items before tax and share of net profit/(loss) of joint ventures and associates.\nTax impact on non-underlying items within operating profit is the sum of the tax on each non-underlying item, based on the applicable country tax rates and tax treatment. This is shown in the table:\n(a) Restated following adoption of IFRS 16. See note 1 and note 24 for further details.\n(b) Refer to note 3 for further details on these items.\n(c) Excludes \u20ac3 million (2018: \u20ac32 million) gain on disposal of spreads business by the joint venture in Portugal which is included in the share of net profit/(loss) of joint ventures and associates line. Including the gain, total non-underlying items not in operating profit but within net profit before tax is \u20ac35 million (2018: \u20ac154 million). See note 3.\n\n | \u20ac million | \u20ac million \n---------------------------------------------------------------------------------------------------------------------------- | --------- | -------------\n | 2019 | 2018 \n | | (Restated)(a)\nTaxation | 2,263 | 2,572 \nTax impact of: | | \nNon-underlying items within operating profit(b) | 309 | (259) \nNon-underlying items not in operating profit Taxation before tax impact of non-underlying | (196) | (29) \nTaxation before tax impact of non-underlying | 2,376 | 2,284 \nProfit before taxation | 8,289 | 12,360 \nNon-underlying items within operating profit before tax(b) | 1,239 | (3,176) \nNon-underlying items not in operating profit but within net profit before tax(c) | (32) | (122) \nShare of net (profit)/loss of joint ventures and associates | (176) | (185) \nProfit before tax excluding non-underlying items before tax and share of net profit/ (loss) of joint ventures and associates | 9,320 | 8,877 \nUnderlying effective tax rate | 25.5% | 25.7% "} {"_id": "d1b37543c", "title": "", "text": "Dividends\nThe following is a summary of our fiscal 2019, 2018 and 2017 activities related to dividends on our common stock (in millions, except per share amounts).\nOn May 22, 2019, we declared a cash dividend of $0.48 per share of common stock, payable on July 24, 2019 to shareholders of record as of the close of business on July 5, 2019. The timing and amount of future dividends will depend on market conditions, corporate business and financial considerations and regulatory requirements. All dividends declared have been determined by the Company to be legally authorized under the laws of the state in which we are incorporated.\n\n | | Year Ended | \n---------------------------------------------------------------------- | -------------- | -------------- | --------------\n | April 26, 2019 | April 27, 2018 | April 28, 2017\nDividends per share declared | $ 1.60 | $ 0.80 | $ 0.76 \nDividend payments allocated to additional paid-in capital | $ 403 | $ 106 | $ 88 \nDividend payments allocated to retained earnings (accumulated deficit) | $ \u2014 | $ 108 | $ 120 "} {"_id": "d1b32c98a", "title": "", "text": "8. Deferred Revenue\nDeferred revenue consisted of the following:\n\n | December 31, | \n--------------------- | ------------ | --------\n | 2019 | 2018 \nCurrent: | | \nDomains | $752.7 | $686.3 \nHosting and presence | 526.7 | 483.3 \nBusiness applications | 265.0 | 224.1 \n | $1,544.4 | $1,393.7\nNoncurrent: | | \nDomains | $382.2 | $365.8 \nHosting and presence | 187.2 | 180.6 \nBusiness applications | 85.0 | 77.4 \n | $ 654.4 | $623.8 "} {"_id": "d1b3a8f4e", "title": "", "text": "A reconciliation of the beginning and ending balance of unrecognized tax benefits is as follows:\nIncluded in the total unrecognized tax benefits at December 31, 2019, 2018 and 2017 is $2.4 billion, $2.3 billion and $1.9 billion, respectively, that if recognized, would favorably affect the effective income tax rate.\n\n | | | (dollars in millions)\n------------------------------------------------------------ | ------- | ------- | ---------------------\n | 2019 | 2018 | 2017 \nBalance at January 1, | $ 2,871 | $2,355 | $ 1,902 \nAdditions based on tax positions related to the current year | 149 | 160 | 219 \nAdditions for tax positions of prior years | 297 | 699 | 756 \nReductions for tax positions of prior years | (300) | (248) | (419) \nSettlements | (58) | (40) | (42) \nLapses of statutes of limitations | (89) | (55) | (61) \nBalance at December 31, | $ 2,870 | $ 2,871 | $ 2,355 "} {"_id": "d1b2f0886", "title": "", "text": "(23) Dividends\nOur Board of Directors declared the following dividends payable in 2019 and 2018:\nThe declaration of dividends is solely at the discretion of our Board of Directors, which may change or terminate our dividend practice at any time for any reason without prior notice. On February 27, 2020, our Board of Directors declared a quarterly cash dividend of $0.25 per share.\n\nDate Declared | Record Date | Dividend per Share | Total Amount | Payment Date\n----------------- | ----------- | ------------------ | ------------- | ------------\n | | | (in millions) | \nNovember 21, 2019 | 12/2/2019 | $0.250 | $273 | 12/13/2019 \nAugust 22, 2019 | 9/2/2019 | 0.250 | 273 | 9/13/2019 \nMay 23, 2019 | 6/3/2019 | 0.250 | 274 | 6/14/2019 \nMarch 1, 2019 | 3/12/2019 | 0.250 | 273 | 3/22/2019 \nNovember 14, 2018 | 11/26/2018 | 0.540 | 586 | 12/7/2018 \nAugust 21, 2018 | 8/31/2018 | 0.540 | 584 | 9/14/2018 \nMay 23, 2018 | 6/4/2018 | 0.540 | 588 | 6/15/2018 \nFebruary 21, 2018 | 3/5/2018 | 0.540 | 586 | 3/16/2018 "} {"_id": "d1b3199ca", "title": "", "text": "Netsmart Discontinued Operation\nOn December 31, 2018, we sold all of the Class A Common Units of Netsmart held by the Company in exchange for $566.6 million in cash plus a final settlement as determined following the closing.\nPrior to the sale, Netsmart comprised a separate reportable segment, which due to its significance to our historical consolidated financial statements and results of operations, is reported as a discontinued operation as a result of the sale. Refer to Note 4, \u201cBusiness Combinations and Other Investments\u201d for additional information about this transaction.\nThe following table summarizes Netsmart\u2019s major income and expense line items as reported in the consolidated statements of operations for the years ended December 31, 2018 and 2017:\n(1) Activity includes both Netsmart and intercompany transactions that would not have been eliminated if Netsmart\u2019s results were not consolidated.\n\n | Year ended December 31, | \n------------------------------------------------------------------- | ----------------------- | --------\n(In thousands) | 2018 | 2017 \nMajor income and expense line items related to Netsmart: | | \nRevenue: | | \nSoftware delivery, support and maintenance | $214,065 | $198,204\nClient services | 131,166 | 110,430 \nTotal revenue | 345,231 | 308,634 \nCost of revenue: | | \nSoftware delivery, support and maintenance | 60,100 | 51,079 \nClient services | 94,061 | 78,317 \nAmortization of software development and acquisition related assets | 34,357 | 29,876 \nTotal cost of revenue | 188,518 | 159,272 \nGross profit | 156,713 | 149,362 \nSelling, general and administrative expenses | 125,807 | 85,583 \nResearch and development | 25,315 | 17,937 \nAmortization of intangible and acquisition-related assets | 24,029 | 16,409 \nIncome from discontinued operations of Netsmart | (18,438) | 29,433 \nInterest expense | (59,541) | (49,939)\nOther income | 101 | 925 \nLoss from discontinued operations of Netsmart before income taxes | (77,878) | (19,581)\nIncome tax benefit | 22,933 | 45,253 \n(Loss) income from discontinued operations, net of tax for Netsmart | $(54,945) | $25,672 "} {"_id": "d1b3bd836", "title": "", "text": "14. DEFINED BENEFIT PLANS\nAs a result of the Rofin acquisition, we have assumed all assets and liabilities of Rofin\u2019s defined benefit plans for the Rofin-Sinar Laser, GmbH (\u2018\u2018RSL\u2019\u2019) and Rofin-Sinar Inc. (\u2018\u2018RS Inc.\u2019\u2019) employees. The U.S. plan began in fiscal 1995 and is partially funded. Any new employees hired after January 1, 2007, are not eligible for the RS Inc. pension plan. As is the customary practice with German companies, the German pension plan is unfunded. Any new employees hired after 2000 are not eligible for the RSL pension plan. The measurement date of these pension plans is September 30. For these pension plans, actuarial gains and losses are deferred into OCI and amortized over future periods.\nEffective January 1, 2012, the RS Inc. defined benefit plan was amended to exclude highly compensated employees, as defined by the Internal Revenue Service, from receiving future years of service under the RS Inc. defined benefit plan. A non-qualified defined benefit plan was created to replace the benefits lost by the employees that were otherwise excluded from the qualified defined benefit plan. Effective August 31, 2018 both the RS Inc. plans were amended to freeze all future compensation benefit accruals.\nIn addition, we have defined benefit plans in South Korea, Japan, Spain and Italy, covering all full-time employees with at least one year of service, and a defined benefit plan in Germany covering two individuals. As is the customary practice with European and Asian companies, the plans are unfunded, with the exception of the Spanish plan which is partially funded. We have elected to recognize all actuarial gains and losses on these plans immediately, as incurred. The measurement date of these defined benefit plans is September 30.\nFor financial reporting purposes, the calculation of net periodic pension costs is based upon a number of actuarial assumptions including a discount rate for plan obligations, an assumed rate of return on pension assets and an assumed rate of compensation increase for employees covered by the plan. All of these assumptions were based upon management\u2019s judgment, considering all known trends and uncertainties. Actual results that differ from these assumptions would impact future expense recognition and the cash funding requirements of our defined benefit plans.\nComponents of net periodic cost are as follows for fiscal 2019, 2018 and 2017 (in thousands):\n\n | | Fiscal | \n-------------------------------------------------- | ------ | ------- | ------\n | 2019 | 2018 | 2017 \nService cost | $1,955 | $2,262 | $2,077\nInterest cost | 1,308 | 1,230 | 1,086 \nExpected return on plan assets | (817) | (787) | (736) \nRecognized net actuarial (gain) loss | 470 | 240 | (236) \nForeign exchange impacts | (79) | (56) | (6) \nRecognition of curtailment gain due to plan freeze | \u2014 | (1,236) | \u2014 \nNet periodic pension cost | $2,837 | $1,653 | $2,185"} {"_id": "d1b340b1a", "title": "", "text": "Results of Operations\nThe following tables set forth selected consolidated statements of operations data and such data as a percentage of total revenues. The historical results presented below are not necessarily indicative of the results that may be expected for any future period (in thousands):\n\n | | Year ended December 31, | \n----------------------------------------- | --------- | ----------------------- | --------\n | 2019 | 2018 | 2017 \nRevenues | | | \nSubscriptions | $817,811 | $612,888 | $465,254\nOther | 85,047 | 60,736 | 38,363 \nTotal revenues | 902,858 | 673,624 | 503,617 \nCost of revenues | | | \nSubscriptions | 160,320 | 109,454 | 89,193 \nOther | 70,723 | 47,675 | 32,078 \nTotal cost of revenues | 231,043 | 157,129 | 121,271 \nGross profit | 671,815 | 516,495 | 382,346 \nOperating expenses | | | \nResearch and development | 136,363 | 101,042 | 75,148 \nSales and marketing | 439,100 | 329,116 | 240,223 \nGeneral and administrative | 142,027 | 102,773 | 72,313 \nTotal operating expenses | 717,490 | 532,931 | 387,684 \nLoss from operations | (45,675) | (16,436) | (5,338) \nOther income (expense), net | | | \nInterest expense | (20,512) | (16,102) | (99) \nOther income, net | 9,247 | 6,475 | 1,491 \nOther income (expense), net | (11,265) | (9,627) | 1,392 \nLoss before income taxes | (56,940) | (26,063) | (3,946) \nProvision for (benefit from) income taxes | (3,333) | 140 | 258 \nNet loss | $(53,607) | $(26,203) | $(4,204)"} {"_id": "d1b346d12", "title": "", "text": "Information About Executive Officers\nInformation regarding our executive officers as of February 28, 2020 is as follows:\nMichael Hsing has served on our Board of Directors and has served as our President and Chief Executive Officer since founding MPS in August 1997. Prior to founding MPS, Mr. Hsing was a Senior Silicon Technology Developer at several analog IC companies, where he developed and patented key technologies, which set new standards in the power electronics industry. Mr. Hsing is an inventor on numerous patents related to the process development of bipolar mixed-signal semiconductor manufacturing. Mr. Hsing holds a B.S.E.E. from the University of Florida.\nBernie Blegen has served as our Chief Financial Officer since July 2016 and is responsible for finance, accounting, tax, treasury and investor relations. From August 2011 to June 2016, Mr. Blegen served as our Corporate Controller. Prior to joining MPS, Mr. Blegen held a number of executive finance and accounting positions for other publicly traded technology companies, including Xilinx, Inc. and Credence Systems. Mr. Blegen holds a B.A. from the University of California, Santa Barbara.\nDeming Xiao has served as our President of Asia Operations since January 2008. Since joining us in May 2001, Mr. Xiao has held several executive positions, including Foundry Manager and Senior Vice President of Operations. Before joining MPS, from June 2000 to May 2001, Mr. Xiao was Engineering Account Manager at Chartered Semiconductor Manufacturing, Inc. Prior to that, Mr. Xiao spent six years as the Manager of Process Integration Engineering at Fairchild Imaging Sensors. Mr. Xiao holds a B.S. in Semiconductor Physics from Sichuan University, Chengdu, China and an M.S.E.E. from Wayne State University.\nMaurice Sciammas has served as our Senior Vice President of Worldwide Sales and Marketing since 2007. Mr. Sciammas joined MPS in July 1999 and served as Vice President of Products and Vice President of Sales (excluding greater China) until he was appointed to his current position. Before joining MPS, he was Director of IC Products at Supertex from 1990 to 1999. He has also held positions at Micrel, Inc. He holds a B.S.E.E. degree from San Jose State University.\nSaria Tseng has served as our Vice President, General Counsel and Corporate Secretary since 2004 and additionally as our Vice President, Strategic Corporate Development since 2009. Ms. Tseng joined the Company from MaXXan Systems, Inc., where she was Vice President and General Counsel from 2001 to 2004. Previously, Ms. Tseng was an attorney at Gray Cary Ware & Freidenrich, LLP and Jones, Day, Reavis & Pogue. Ms. Tseng is a member of the state bar in both California and New York and is a member of the bar association of the Republic of China (Taiwan). Ms. Tseng currently serves on the Board of Directors of Super Micro Computer, Inc., a global leader in high performance server technology. Ms. Tseng holds Masters of Law degrees from the University of California at Berkeley and the Chinese Culture University in Taipei.\n\nName | Age | Position \n---------------- | --- | ----------------------------------------------------------------------------------------\nMichael Hsing | 60 | President, Chief Executive Officer and Director \nBernie Blegen | 62 | Vice President and Chief Financial Officer \nDeming Xiao | 57 | President of Asia Operations \nMaurice Sciammas | 60 | Senior Vice President of Worldwide Sales and Marketing \nSaria Tseng | 49 | Vice President, Strategic Corporate Development, General Counsel and Corporate Secretary"} {"_id": "d1b3a5bd2", "title": "", "text": "Compensation of Key Management Personnel (Including Directors)\nShort-term employee benefits comprise fees, salaries, benefits and bonuses earned during the year as well as nonmonetary benefits.\nPost-employment benefits comprise the cost of providing defined contribution pensions to senior management in respect of the current period.\nShare-based payments comprise the cost of senior management\u2019s participation in share-based payment plans for the period as measured by the fair value of awards in accordance with IFRS2.\n\n | Year-ended 31 March 2019 | Year-ended 31 March 2018\n------------------------------------- | ------------------------ | ------------------------\n | $M | $M \nShort-term employee benefits | 6.6 | 9.1 \nPost-employment benefits | 0.1 | 0.1 \nShare-based payments - equity-settled | 10.4 | 17.7 \nTotal | 17.1 | 26.9 "} {"_id": "d1b3a407a", "title": "", "text": "Foreign exchange earnings and outgo\nExport revenue constituted 93.3 percent of the total unconsolidated revenue in FY 2019 (92.2 percent in FY 2018).\n\n | | (` crore)\n----------------------------------- | ------- | ---------\nForeign exchange earnings and outgo | FY 2019 | FY 2018 \na. Foreign exchange earnings | 119,499 | 92,258 \nb. CIF Value of imports | 447 | 768 \nc.Expenditure in foreign currency | 49,336 | 33,014 "} {"_id": "d1b335b34", "title": "", "text": "Teradyne\u2019s gross unrecognized tax benefits for the years ended December 31, 2019, 2018 and 2017 were as follows:\nCurrent year additions relate to federal and state research credits. Prior year additions primarily relate to stock-based compensation. Prior year reductions are primarily composed of federal and state reserves related to transfer pricing and research credits and resulted from the completion of the 2015 U.S. federal audit in the first quarter of 2019.\nOf the $21.2 million of unrecognized tax benefits as of December 31, 2019, $12.7 million would impact the consolidated income tax rate if ultimately recognized. The remaining $8.5 million would impact deferred taxes if recognized.\nTeradyne does not anticipate a material change in the balance of unrecognized tax benefits as of December 31, 2019 in the next twelve months.\nTeradyne records all interest and penalties related to income taxes as a component of income tax expense. Accrued interest and penalties related to income tax items at December 31, 2019 and 2018 amounted to $1.4 million and $0.3 million, respectively. For the years ended December 31, 2019, 2018 and 2017, expense of $1.1 million, expense of $0.1 million and benefit of $0.1 million, respectively, was recorded for interest and penalties related to income tax items.\nTeradyne is subject to U.S. federal income tax, as well as income tax in multiple state, local and foreign jurisdictions. As of December 31, 2019, all material state and local income tax matters have been concluded through 2013, all material federal income tax matters have been concluded through 2015 and all material foreign income tax matters have been concluded through 2011. However, in some jurisdictions, including the United States, operating losses and tax credits may be subject to adjustment until such time as they are utilized and the year of utilization is closed to adjustment.\nAs of December 31, 2019, Teradyne is not permanently reinvested with respect to the unremitted earnings of non-U.S. subsidiaries to the extent that those earnings exceed local statutory and operational requirements. Remittance of those earnings is not expected to result in material income tax.\n\n | 2019 | 2018 | 2017 \n---------------------------------- | -------- | -------------- | --------\n | | (in thousands) | \nBeginning balance, as of January 1 | $43,395 | $36,263 | $38,958 \nAdditions: | | | \nTax positions for current year | 1,322 | 4,716 | 8,208 \nTax positions for prior years | 8,043 | 2,626 | 199 \nReductions: | | | \nTax positions for prior years | (31,397) | (153) | (10,573)\nExpiration of statutes | (183) | (57) | (325) \nSettlements with tax authorities | \u2014 | \u2014 | (204) \nEnding balance, as of December 31 | $21,180 | $43,395 | $36,263 "} {"_id": "d1b3884d8", "title": "", "text": "5. INVESTMENTS\nThe Company determines the appropriate designation of investments at the time of purchase and reevaluates such designation as of each balance sheet date. All of the Company\u2019s investments are designated as available-for-sale debt securities. As of September 30, 2019 and 2018, the Company\u2019s short-term investments have maturity dates of less than one year from the balance sheet date. The Company\u2019s long-term investments have maturity dates of greater than one year from the balance sheet date.\nAvailable-for-sale marketable securities are carried at fair value as determined by quoted market prices for identical or similar assets, with unrealized gains and losses, net of taxes, and reported as a separate component of stockholders\u2019 equity. Management reviews the fair value of the portfolio at least monthly and evaluates individual securities with fair value below amortized cost at the balance sheet date. For debt securities, in order to determine whether impairment is other than-temporary, management must conclude whether the Company intends to sell the impaired security and whether it is more likely than not that the Company will be required to sell the security before recovering its amortized cost basis. If management intends to sell an impaired debt security or it is more likely than not the Company will be required to sell the security prior to recovering its amortized cost basis, an other-than-temporary impairment is deemed to have occurred. The amount of an other-than-temporary impairment related to a credit loss, or securities that management intends to sell before recovery, is recognized in earnings. The amount of an other-than-temporary impairment on debt securities related to other factors is recorded consistent with changes in the fair value of all other available for-sale securities as a component of stockholders\u2019 equity in other comprehensive income. No other-than-temporary impairment charges were recognized in the fiscal years ended September 30, 2019, 2018, and 2017. There were no realized gains or losses from the sale of available-for-sale securities during the years ended September 30, 2019 and 2017. The Company recorded a net realized loss from the sale of available-for-sale securities of $49,000 during the year ended September 30, 2018.\nThe cost of securities sold is based on the specific identification method. Amortization of premiums, accretion of discounts, interest, dividend income, and realized gains and losses are included in investment income.\nThe following tables summarize investments by type of security as of September 30, 2019 and 2018, respectively(amounts shown in thousands):\n\nSeptember 30, 2019: | Cost | Gross Unrealized Gains | Gross Unrealized Losses | Fair Market Value\n------------------------------------- | ------- | ---------------------- | ----------------------- | -----------------\nAvailable-for-sale securities: | | | | \nU.S. Treasury, short-term | $4,240 | $2 | $\u2014 | $4,242 \nCorporate debt securities, short-term | 12,258 | 2 | \u2014 | 12,260 \nU.S. Treasury, long-term | 1,102 | \u2014 | (1) | 1,101 \nCorporate debt securities, long-term | 451 | \u2014 | \u2014 | 451 \nTotal | $18,051 | $4 | $(1) | $18,054 "} {"_id": "d1b3b7f94", "title": "", "text": "3. Inventories\nInventories consisted of the following:\nThe increase in live inventories is attributable to an increase in the quantity of live birds in inventory at the Company's Tyler, Texas facility as it increased production during fiscal 2019, as well as the value at which the Company's live poultry inventories of broilers are recorded. In periods where the Company estimates that the cost to grow live birds in inventory to a marketable age and then process and distribute those birds will be lower in the aggregate than the anticipated sales proceeds, the Company values the broiler inventories on hand at cost and accumulates costs as the birds are grown to a marketable age subsequent to the balance sheet date. In periods where the Company estimates that the cost to grow live birds in inventory to a marketable age and then process and distribute those birds will be higher in the aggregate than the anticipated sales proceeds, the Company will make an adjustment to lower the value of live birds in inventory to the net realizable value. The significant judgments that management makes in order to assess the net realizable value of its broiler inventory include estimating future selling prices of finished products and the related cost of sales to complete. The Company recorded a charge of $2.8 million at October 31, 2019 and of $9.6 million at October 31, 2018 to reduce the values of live broiler inventories on hand at those dates from cost to net realizable value.\nThe increases in feed, eggs and other, processed poultry and packaging materials inventories are also attributable to an increase in the inventory volume at the Tyler, Texas facility.\nThe increase in prepared chicken inventory is attributable to the mix of the different finished products in inventory at October 31, 2019, as compared to October 31, 2018, as well as an increase in production volume at the Company's prepared chicken facility in Flowood, Mississippi. During fiscal 2019, the facility processed approximately 129.1 million pounds of prepared chicken products, as compared to approximately 107.6 million pounds during fiscal 2018. Approximately 1.2 million pounds of that increase was in inventory at October 31, 2019, representing an approximately 12% increase in inventory volume.\n\nOctober 31, | | \n---------------------------------------------------- | --------- | --------\n | 2019 | 2018 \n(In thousands) | | \nLive poultry-broilers (net of reserve) and breeders | $ 179,870 | $150,980\nFeed, eggs and other | 47,417 | 37,965 \nProcessed poultry | 35,121 | 30,973 \nPrepared chicken | 20,032 | 13,591 \nPackaging materials | 7,488 | 6,547 \nTotal inventories | $289,928 | $240,056"} {"_id": "d1b2e455e", "title": "", "text": "Deferred taxes arise because of differences in the book and tax bases of certain assets and liabilities. Significant components of deferred tax assets and liabilities are as follows:\nAt December 31, 2019, undistributed earnings of our foreign subsidiaries indefinitely invested outside the U.S. amounted to approximately $3.8 billion. The majority of Verizon\u2019s cash flow is generated from domestic operations and we are not dependent on foreign cash or earnings to meet our funding requirements, nor do we intend to repatriate these undistributed foreign earnings to fund U.S. operations.\nFurthermore, a portion of these undistributed earnings represents amounts that legally must be kept in reserve in accordance with certain foreign jurisdictional requirements and are unavailable for distribution or repatriation. As a result, we have not provided U.S. deferred taxes on these undistributed earnings because we intend that they will remain indefinitely reinvested outside of the U.S. and therefore unavailable for use in funding U.S. operations. Determination of the amount of unrecognized deferred taxes related to these undistributed earnings is not practicable.\nAt December 31, 2019, we had net after-tax loss and credit carry forwards for income tax purposes of approximately $3.0 billion that primarily relate to state and foreign taxes. Of these net after-tax loss and credit carry forwards, approximately $2.0 billion will expire between 2020 and 2039 and approximately $1.0 billion may be carried forward indefinitely.\nDuring 2019, the valuation allowance decreased approximately $481 million. The balance of the valuation allowance at December 31, 2019 and the 2019 activity is primarily related to state and foreign taxes.\n\n | | (dollars in millions)\n------------------------------------------ | -------- | ---------------------\nAt December 31, | 2019 | 2018 \nDeferred Tax Assets | | \nEmployee benefits | $ 5,048 | $ 5,403 \nTax loss and credit carry forwards | 3,012 | 3,576 \nOther \u2013 assets | 5,595 | 1,650 \n | 13,655 | 10,629 \nValuation allowances | (2,260) | (2,741) \nDeferred tax assets | 11,395 | 7,888 \nDeferred Tax Liabilities | | \nSpectrum and other intangible amortization | 22,388 | 21,976 \nDepreciation | 16,884 | 15,662 \nOther\u2014liabilities | 6,742 | 3,976 \nDeferred tax liabilities | 46,014 | 41,614 \nNet deferred tax liability | $ 34,619 | $ 33,726 "} {"_id": "d1b31a91a", "title": "", "text": "Net Revenues by Platform\nThe following tables detail our net revenues by platform (amounts in millions):\n(1) Net revenues from \u201cMobile and ancillary\u201d include revenues from mobile devices, as well as non-platform-specific game-related revenues, such as standalone sales of toys and accessories.\n(2) Net revenues from \u201cOther\u201d primarily includes revenues from our Distribution business and the Overwatch League.\nConsole\nThe decrease in net revenues from console for 2019, as compared to 2018, was primarily due to:\nlower revenues recognized from the Destiny franchise (reflecting our sale of the publishing rights for Destiny to Bungie in December 2018); and lower revenues recognized from Call of Duty franchise catalog titles.\nThe decrease was partially offset by revenues recognized from Crash Team Racing Nitro-Fueled, which was released in June 2019.\nPC\nThe decrease in net revenues from PC for 2019, as compared to 2018, was primarily due to:\nlower revenues recognized from the Destiny franchise; and lower revenues recognized from Hearthstone.\nMobile and Ancillary\nThe increase in net revenues from mobile and ancillary for 2019, as compared to 2018, was primarily due to revenues recognized from Call of Duty: Mobile, which was released in October 2019.\n\n | | For the Years | Ended December 31, | \n------------------------------- | ------ | ------------- | -------------------- | --------\n | 2019 | 2018 | Increase/ (decrease) | % Change\nNet revenues by platform: | | | | \nConsole | $1,920 | $2,538 | $(618) | (24)% \nPC | 1,718 | 2,180 | (462) | (21) \nMobile and ancillary (1) | 2,203 | 2,175 | 28 | 1 \nOther (2) | 648 | 607 | 41 | 7 \nTotal consolidated net revenues | $6,489 | $7,500 | $(1,011) | (13) "} {"_id": "d1b3bd19c", "title": "", "text": "NOTE 3. ACQUISITIONS\nMGI\nOn April 4, 2019, we acquired substantially all of the assets comprising the business of MGI Grain Processing, LLC, a Minnesota limited liability company, now conducting business as MGI Grain Incorporated (MGI) for an aggregate purchase price of $3.8 million. The purchase price included $0.3 million deposited in an escrow account at closing which was subsequently released to the sellers in June 2019. MGI owns and operates a grain mill and processing facility in East Grand Forks, Minnesota. We acquired MGI as part of our strategy to expand our product portfolio. The acquisition has been accounted for as a business combination. The results of MGI\u2019s operations are included in our consolidated financial statements beginning April 4, 2019. In 2019, we incurred $0.1 million of MGI acquisition-related costs which are included in selling, general and administrative expenses.\nThe purchase price for MGI was subject to adjustment if the estimated closing working capital with respect to the assets purchased and the liabilities assumed was different than the actual closing working capital, as defined in the purchase agreement. The seller of MGI paid a working capital adjustment of $18 thousand in 2019. The following table summarizes the purchase price allocation, the consideration transferred to acquire MGI and the amounts of identified assets acquired and liabilities assumed (in thousands).\nIn the fourth quarter of 2019, our appraiser finalized certain fair value calculations and we completed our review of the calculations. The fair value of MGI\u2019s trade receivables at acquisition, equaled the gross amount of trade receivables. The fair value of the customer relationship intangible at acquisition was estimated using an income approach based on expected future cash flows. As discussed in Note 9, we are amortizing the customer relationship intangible to expense over the 15-year period of expected future economic benefit, in proportion to the discounted expected future cash flows used to estimate the value of the intangible at acquisition. Goodwill primarily was attributed to intangible assets that do not qualify for separate recognition and synergies generated by MGI when combined with our existing operations. The $0.7 million allocated to goodwill is deductible for tax purposes over the next fifteen years.\n\n | Estimated at June 30, 2019 | Adjustments | Final as of December 31, 2019 \n------------------------------------------------------------------------------ | ------------------------------ | ------------------------------- | ------------------------------\nCash | $3,795 | $ - | $3,795 \nWorking capital adjustment to purchase price | (38) | 20 | (18) \nTotal fair value of consideration transferred | 3,757 | 20 | 3,777 \nAccounts receivable | 591 | - | 591 \nInventories | 149 | - | 149 \nDeposits and other current assets | 4 | 8 | 12 \nProperty and equipment | 1,560 | - | 1,560 \nCustomer relationship | 930 | - | 930 \nOther finite-lived intangible assets | 35 | - | 35 \nAccounts payable | (219) | - | (219) \nFinance lease liabilities | (18) | - | (18) \nNet recognized amounts of identifiable assets acquired and liabilities assumed | 3,032 | 8 | 3,040 \nGoodwill | $ 725 | $ 12 | $ 737"} {"_id": "d1b38a4a4", "title": "", "text": "Deferred Revenue\nThe following table summarizes contract liabilities which are shown as deferred revenue (in thousands):\nTotal deferred revenue increased primarily due to the extended duration period of new maintenance contracts during fiscal year 2019.\n\n | June 30,\n2019 | June 30,\n2018\n--------------------------------- | ------------- | -------------\nDeferred maintenance | $192,955 | $164,986 \nOther deferred revenue | 10,287 | 9,539 \nTotal deferred revenue, net | 203,242 | 174,525 \nLess: current portion | 144,230 | 130,865 \nNon-current deferred revenue, net | $59,012 | $43,660 "} {"_id": "d1b3bbc52", "title": "", "text": "GreenSky, Inc. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS \u2014 (Continued) (United States Dollars in thousands, except per share data, unless otherwise stated)\nNote 5. Accounts Receivable\nAccounts receivable consisted of the following as of the dates indicated\n\n | Accounts Receivable, Gross | Allowance for Losses | Accounts Receivable, Net\n------------------- | -------------------------- | -------------------- | ------------------------\nDecember 31, 2019 | | | \nTransaction related | $12,863 | $(238) | $12,625 \nServicing related | 6,868 | \u2014 | 6,868 \nTotal | $19,731 | $(238) | $19,493 \nDecember 31, 2018 | | | \nTransaction related | $14,704 | $(168) | $14,536 \nServicing related | 864 | \u2014 | 864 \nTotal | $15,568 | $(168) | $15,400 "} {"_id": "d1b39adae", "title": "", "text": "(a) EBITDA is calculated as operating profit less interest income and other gains/losses, net and adding back depreciation of property, plant and equipment, investment properties as well as right-of-use assets, and amortisation of intangible assets. Adjusted EBITDA is calculated as EBITDA plus equity-settled share-based compensation expenses.\n(b) Adjusted EBITDA margin is calculated by dividing Adjusted EBITDA by revenues.\n(c) Net debt represents period end balance and is calculated as cash and cash equivalents, plus term deposits and others, minus borrowings and notes payable.\n(d) Capital expenditures consist of additions (excluding business combinations) to property, plant and equipment, construction in progress, investment properties, land use rights and intangible assets (excluding video and music contents, game licences and other contents).\n\n | Unaudited | | | | \n----------------------------- | ----------------------------------- | ------------ | ----------- | ----------- | -----------\n | Three months ended | | | Year ended | \n | 31 December | 30 September | 31 December | 31 December | 31 December\n | 2019 | 2019 | 2018 | 2019 | 2018 \n | (RMB in millions, unless specified) | | | | \nEBITDA (a) | 35,675 | 35,378 | 27,180 | 137,268 | 110,404 \nAdjusted EBITDA (a) | 38,572 | 38,123 | 29,701 | 147,395 | 118,273 \nAdjusted EBITDA margin (b) | 36% | 39% | 35% | 39% | 38% \nInterest and related expenses | 2,348 | 2,086 | 1,345 | 7,690 | 4,898 \nNet debt (c) | (15,552) | (7,173) | (12,170) | (15,552) | (12,170) \nCapital expenditures (d) | 16,869 | 6,632 | 4,564 | 32,369 | 23,941 "} {"_id": "d1b32b094", "title": "", "text": "Note 7 Other expense\nImpairment of Assets\n2019\nImpairment charges in 2019 included $85 million allocated to indefinite-life intangible assets, and $8 million allocated primarily\u00a0to property, plant and equipment. These impairment charges relate to broadcast licences and certain assets for various radio markets within our Bell Media segment. The impairment charges were a result of continued advertising demand and ratings pressures in the industry resulting from audience declines, as well as competitive pressure from streaming services. The charges were determined by comparing the carrying value of the CGUs to their fair value less cost of disposal. We estimated the fair value of the CGUs using both discounted cash flows and market-based valuation models, which include five-year cash flow projections derived from business plans reviewed by senior management for the period of January 1, 2020 to December 31, 2024, using a discount rate of 7.5% and a perpetuity growth rate of nil as well as market multiple data from public companies and market transactions. The carrying value of these CGUs was $464 million at December 31, 2019.\n2018\nImpairment charges in\u00a0 2018 included $145\u00a0 million allocated to indefinite-life intangible assets, and $14\u00a0million allocated to finite-life intangible assets. These impairment charges primarily relate to our French TV channels within our Bell Media segment. These impairments were the result of revenue and profitability declines from lower audience levels and subscriber erosion. The charges were determined by comparing the carrying value of the CGUs to their fair value less costs of disposal. We estimated the fair value of the CGUs using both discounted cash flows and market-based valuation models, which include five-year cash flow projections derived from business plans reviewed by senior management for the period of January\u00a01,\u00a02019 to December\u00a031, 2023, using a discount rate of 8.0% to 8.5% and a perpetuity growth rate of nil, as well as market multiple data from public companies and market transactions. The carrying value of these CGUs was $515\u00a0million at December\u00a031, 2018. In the previous year\u2019s impairment analysis, the company\u2019s French Pay and French Specialty TV channels were tested for recoverability separately. In 2018, the CGUs were grouped to form one French CGU which reflects the evolution of the cash flows from our content strategies as well as the CRTC beginning to regulate Canadian broadcasters under a group licence approach based on language.\nAdditionally, in 2018, we recorded an indefinite-life intangible asset impairment charge of $31\u00a0million within our Bell Media segment as a result of a strategic decision to retire a brand.\nEQUITY LOSSES FROM INVESTMENTS IN ASSOCIATES AND JOINT VENTURES\nWe recorded a loss on investment of $53 million and $20\u00a0million in\u00a02019 and 2018, respectively, related to equity losses on our share of an obligation to repurchase at fair value the minority interest in one of BCE\u2019s joint ventures. The obligation is marked to market each reporting period and the gain or loss on investment is recorded as equity gains or losses from investments in associates and joint ventures.\nGAINS (LOSSES) ON INVESTMENTS\nIn\u00a02019 we recorded gains of $13\u00a0million which included a gain on an\u00a0obligation to repurchase at fair value the minority interest in one of our\u00a0subsidiaries.\nIn 2018, we recorded losses of $34 million which included a loss on an\u00a0obligation to repurchase at fair value the minority interest in one of our\u00a0subsidiaries.\n\nFOR THE YEAR ENDED DECEMBER 31 | NOTE | 2019 | 2018 \n------------------------------------------------------------------------------------------------------------------------- | ------ | ----- | -----\nImpairment of assets | 14, 16 | (102) | (200)\nEquity losses from investments in associates and joint ventures | 17 | | \nLosses on investments | | (53) | (20) \nOperations | | (19) | (15) \nEarly debt redemption costs | 22 | (18) | (20) \n(Losses) gains on retirements and disposals of property, plant and equipment and intangible assets | | (9) | 11 \nNet mark-to-market gains (losses) on derivatives used to economically hedge equity settled share-based compensation plans | | 138 | (80) \nGains (losses) on investments | | 13 | (34) \nOther | | 37 | 10 \nTotal other expense | | (13) | (348)"} {"_id": "d1b37fc52", "title": "", "text": "Item 6. SELECTED FINANCIAL DATA\nThe following table summarizes certain selected consolidated financial data, which should be read in conjunction with our consolidated financial statements and notes thereto in Item 8 and with \u201cManagement\u2019s Discussion and Analysis of Financial Condition and Results of Operations\u201d included under Item 7 in this Annual Report on Form 10-K. The selected consolidated financial data presented below at and for each of the years in the five-year period ended December 31, 2019, is derived from our consolidated financial statements and include the operations of King commencing on February 23, 2016. All amounts set forth in the following tables are in millions, except per share data.\n(1) On January 1, 2018, we adopted a new revenue accounting standard utilizing the modified retrospective method of transition. As a result, periods prior to January 1, 2018 have not been restated to reflect the new accounting standard and continue to be reported under the accounting standards that were in effect for those periods.\n(2) Net income for 2019, 2018, and 2017 includes the impact of significant discrete tax-related impacts, including incremental income tax expense and benefits in 2017 and 2018 due to the application of the U.S. Tax Reform Act. See further discussion in Note 19 of the notes to the consolidated financial statements included in Item 8 of this Annual Report on Form 10-K.\n(3) Cash and investments consists of cash and cash equivalents along with short-term and long-term investments. We had total investments of $69 million, $155 million, $62 million, $26 million, and $17 million, as of December 31, 2019, December 31, 2018, December 31, 2017, December 31, 2016, and December 31, 2015, respectively. Cash and investments as of December 31, 2015, excludes $3,561 million of cash placed in escrow for the acquisition of King.\n(4) For discussion on our debt obligations, see Note 13 of the notes to the consolidated financial statements included in Item 8 of this Annual Report on Form 10-K.\n(5) Net debt is defined as long-term debt, gross less cash and investments\n(6) During the three months ended March 31, 2019, we identified an amount which should have been recorded in the three months and year ended December 31, 2018 to reduce income tax expense by $35 million. Our selected financial data for the year ended December 31, 2018, as presented above, has been revised to reflect the correction. See further discussion in Note 2 of the notes to the consolidated financial statements included in Item 8 of this Annual Report on Form 10-K.\n\n | | | For the Years Ended December 31, | | \n--------------------------------- | ------ | ------- | -------------------------------- | ------ | ------\n | 2019 | 2018(6) | 2017 | 2016 | 2015 \nStatement of Operations Data (1): | | | | | \nNet revenues | $6,489 | $7,500 | $7,017 | $6,608 | $4,664\nNet income (2) | 1,503 | 1,848 | 273 | 966 | 892 \nBasic net income per share | 1.96 | 2.43 | 0.36 | 1.30 | 1.21 \nDiluted net income per share | 1.95 | 2.40 | 0.36 | 1.28 | 1.19 \nCash dividends declared per share | 0.37 | 0.34 | 0.30 | 0.26 | 0.23 \nOperating cash flows | $1,831 | $1,790 | $2,213 | $2,155 | $1,259\nBalance Sheet Data: | | | | | \nCash and investments (3) | $5,863 | $4,380 | $4,775 | $3,271 | $1,840\nTotal assets | 19,845 | 17,890 | 18,668 | 17,452 | 15,246\nLong-term debt, net (4) | 2,675 | 2,671 | 4,390 | 4,887 | 4,074 \nLong-term debt, gross | 2,700 | 2,700 | 4,440 | 4,940 | 4,119 \nNet debt (5) | \u2014 | \u2014 | \u2014 | 1,669 | 2,279 "} {"_id": "d1a736f40", "title": "", "text": "Other Income (Expense), Net\nAdditional information relating to Other income (expense), net is as follows:\nnm -not meaningful\nThe change in Other income (expense), net during the year ended December 31, 2019, compared to the similar period in 2018, was primarily driven by early debt redemption costs of $3.6 billion recorded during 2019, compared to $725 million recorded during 2018 (see \u201cSpecial Items\u201d) as well as pension and benefit charges of $126 million recorded in 2019, compared with pension and benefit credits of $2.1 billion recorded in 2018 (see \u201cSpecial Items\u201d).\n\n | | | (dollars in millions)\u00a0 Increase/ (Decrease) | Increase/ (Decrease)\n---------------------------------------------- | --------- | ------ | ------------------------------------------- | --------------------\nYears Ended December 31, | 2019 | 2018 | (dollars in millions) | 2019 vs. 2018 \nInterest income | $ 121 | $ 94 | $ 27 | 28.7% \nOther components of net periodic benefit cost | 627 | 3,068 | (2,441) | (79.6) \nEarly debt extinguishment costs | (3,604) | (725) | (2,879) | nm \nOther, net | (44) | (73) | 29 | 39.7 \nTotal | $ (2,900) | $2,364 | $ (5,264) | nm "} {"_id": "d1b2eead6", "title": "", "text": "The assumptions used to calculate these amounts for fiscal 2019 are set forth under Note 16 of the Notes to Consolidated Financial Statements included in the Company\u2019s Annual Report on Form 10-K for fiscal year 2019 filed with the SEC on August 27, 2019.\n(2) Amounts shown do not reflect compensation actually received by the NEO. Instead, the amounts shown in this column represent the grant date fair values of stock options issued pursuant to the Company\u2019s 2003 Equity Incentive Plan and certain inducement grants, computed in accordance with FASB ASC Topic 718. The assumptions used to calculate these amounts for fiscal 2019 are set forth under Note 16 of the Notes to Consolidated Financial Statements included in the Company\u2019s Annual Report on Form 10-K for fiscal year 2019 filed with the SEC on August 27, 2019.\n(3) All non-equity incentive plan compensation was paid pursuant to the Variable Pay Plan.\n(4) The amounts in the \u201cAll Other Compensation\u201d column for fiscal 2019 include:\u00a0$4,000 401(k) matching contribution by the Company for each NEOs other than Mr. McNab.\n(5) The Compensation Committee awarded Mr. Maletira a one-time discretionary bonus in the amount of $180,000 in connection with his work on the AvComm and Wireless acquisition. Please see \u201cDiscretionary Bonuses\u201d under the Compensation Discussion and Analysis on page 36 of this proxy statement.\n(6) Mr. Staley was awarded a $60,000 sign-on bonus when he joined the Company in February 2017.\nThe amounts in the salary, bonus, and non-equity incentive plan compensation columns of the Summary Compensation Table reflect actual amounts paid for the relevant years, while the amounts in the stock awards column reflect accounting values. The tables entitled \u201cOutstanding Equity Awards at Fiscal Year-End Table\u201d and \u201cOption Exercises and Stock Vested Table\u201d provide further information on the named executive officers\u2019 potential realizable value and actual value realized with respect to their equity awards. The Summary Compensation Table should be read in conjunction with the Compensation Discussion and Analysis and the subsequent tables and narrative descriptions.\n\nName | Fiscal Year | Maximum Possible Value of MSUs Using Grant Date Fair Value | Maximum Possible Value of PSUs Using Grant Date Fair Value\n--------------- | ----------- | ---------------------------------------------------------- | ----------------------------------------------------------\nOleg Khaykin | 2019 | 4,067,526 | \u2014 \n | 2018 | 2,457,750 | 909,900 \n | 2017 | 659,618 | \u2014 \nAmar Maletira | 2019 | 1,379,350 | \u2014 \n | 2018 | 1,015,870 | 454,950 \n | 2017 | 574,500 | \u2014 \nPaul McNab | 2019 | 591,150 | \u2014 \n | 2018 | 442,395 | \u2014 \n | 2017 | 373,425 | \u2014 \nLuke Scrivanich | 2019 | 591,150 | \u2014 \n | 2018 | 442,395 | \u2014 \n | 2017 | 393,600 | \u2014 \nGary Staley | 2019 | 591,150 | \u2014 \n | 2018 | 943,527 | \u2014 \n | 2017 | 303,948 | \u2014 "} {"_id": "d1b3beb3c", "title": "", "text": "Cost of Revenues\nOur Products and Licensing segment costs increased $8.6 million to $16.7 million for the year ended December 31, 2019 compared to $8.1 million for the year ended December 31, 2018. This increase primarily resulted from $3.9 million of cost of revenues from the legacy business of MOI and $4.4 million of cost of revenues from the legacy business of GP during the year ended December 31, 2019, as well as an increase in sales volume.\nOur Technology Development segment costs increased $3.2 million, to $18.6 million for the year ended December 31, 2019 compared to $15.4 million for the year ended December 31, 2018. The overall increase in Technology Development segment costs was driven by increases in direct labor and subcontractor costs consistent with the rate of growth in Technology Development segment revenues.\n\n | Years ended December 31, | | | \n---------------------------- | ------------------------ | ----------- | ------------- | ------------\n | 2019 | 2018 | $ Difference | % Difference\nProducts and licensing costs | $16,684,172 | $8,078,870 | $8,605,302 | 106.5% \nTechnology development costs | 18,649,161 | 15,400,475 | 3,248,686 | 21.1% \nTotal costs of revenues | $35,333,333 | $23,479,345 | $11,853,988 | 50.5% "} {"_id": "d1b39abf6", "title": "", "text": "NantHealth, Inc\nConsolidated Statements of Cash Flows (Continued)\n(Dollars in thousands)\n(1) Cash and cash equivalents included restricted cash of $1,136, $1,136, and $350 at December 31, 2019, 2018, and 2017 included in other assets, respectively. Restricted cash consists of funds that are contractually restricted as to usage or withdrawal related to the Company's security deposits in the form of standby letters of credit for leased facilities. No amounts have been drawn upon the letters of credit as of December 31, 2019.\nThe accompanying notes are an integral part of these Consolidated Financial Statements.\n\nYear Ended December 31, | | \n--------------------------------------------------------------------- | ------ | ------\n | 2019 | 2018 \nSupplemental disclosure of cash flow information | | \nIncome taxes paid | $318 | $15 \nInterest paid | $5,909 | $5,885\nInterest received | \u2014 | 13 \nNoncash investing and financing activities | | \nPurchases of property and equipment (including internal use software) | 1,068 | 529 \nAssignment of NantHealth Labs (see Note 20) | \u2014 | 8,956 "} {"_id": "d1b357bda", "title": "", "text": "The following table presents the percentage relationship of our Consolidated Statement of Operations line items to our consolidated net revenues for the periods presented:\nNet revenue. Total revenue decreased $0.3 million, or 0.2% in fiscal 2018 compared to fiscal 2017. Products revenue decreased $4.6 million or 12.1% while support, maintenance and subscription services revenue increased 5.8 million, or 9.1%, as a result of continued focus on selling hosted perpetual and subscription services which increased 35% year over year. Hosted perpetual and subscription services revenue comprised 16% of total consolidated revenues in 2018 compared to 12% in 2017. Professional services revenue decreased $1.4 million, or 5.5%, primarily as a result of a decrease in proprietary services of $1.5 million offset by an increase in remarketed services of $0.1 million.\nGross profit and gross profit margin. Our total gross profit increased $0.6 million, or 1.0%, in fiscal 2018 and total gross profit margin increased 0.6% to 50.6%. Products gross profit decreased $2.8 million and gross profit margin decreased 4.6% to 21.7% primarily as a result of lower product revenue coupled with higher amortization of developed technology by $2.0 million related to the previously announced general availability of the latest version of our rGuest Buy and rGuest Stay software that were placed into service in the first and second quarters of fiscal 2017, and the second quarter of fiscal 2018.\nSupport, maintenance and subscription services gross profit increased $6.0 million and gross profit margin increased 260 basis points to 75.8% due to the scalable nature of our infrastructure supporting and hosting customers. Professional services gross profit decreased $2.6 million and gross profit margin decreased 9.0% to 19.2% due to lower professional services revenues on higher cost structure following a recent alignment toward enabling the Company to provide more customer-centric services going forward.\nOperating expenses Operating expenses, excluding legal settlements and restructuring, severance and other charges, increased $1.0 million, or 1.4%, in fiscal 2018 compared with fiscal 2017. As a percent of total revenue, operating expenses have increased 0.9% in fiscal 2018 compared with fiscal 2017\nProduct development. Product development includes all expenses associated with research and development. Product development decreased $1.1 million, or 3.8%, during fiscal 2018 as compared to fiscal 2017. This decrease is primarily driven by our shift from contract labor to internal resources resulting in a decrease in contract labor of $5.9 million and an increase in payroll related expenses of $4.7 million.\nSales and marketing. Sales and marketing decreased $2.7 million, or 13.2%, in fiscal 2018 compared with fiscal 2017. The change is due primarily to a decrease of $2.2 million in incentive commissions related to revision of our commission plan from total contract value to annual contract value coupled with lower sales in fiscal 2018.\nDepreciation of fixed assets. Depreciation of fixed assets increased $0.2 million or 9.2% in fiscal 2018 as compared to fiscal 2017.\nAmortization of intangibles. Amortization of intangibles increased $0.5 million, or 35.0%, in fiscal 2018 as compared to fiscal 2017 due to our latest version of rGuest Pay being placed into service on March 31, 2017.\nRestructuring, severance and other charges. Restructuring, severance, and other charges increased $0.2 million during fiscal 2018 compared to fiscal 2017 related to our ongoing efforts to create more efficient teams across the business, which included certain executive changes during the year.\nOur restructuring actions are discussed further in Note 4, Restructuring Charges.\nLegal settlements. During fiscal 2018 and 2017, we recorded $0.2 million and $0.1 million, respectively, in legal settlements for employment and other business-related matters.\n\n | Year ended March 31, | \n--------------------------------------------------------- | -------------------- | ------\n | 2018 | 2017 \nNet revenue: | | \nProducts | 26.5% | 30.0% \nSupport, maintenance and subscription services | 54.2 | 49.6 \nProfessional services | 19.3 | 20.4 \nTotal net revenue | 100.0 | 100.0 \nCost of goods sold: | | \nProducts (inclusive of developed technology amortization) | 20.7 | 22.1 \nSupport, maintenance and subscription services | 13.1 | 13.3 \nProfessional services | 15.6 | 14.6 \nTotal cost of goods sold | 49.4 | 50.0 \nGross profit | 50.6 | 50.0 \nOperating expenses: | | \nProduct development | 21.9 | 22.8 \nSales and marketing | 14.2 | 16.3 \nGeneral and administrative | 18.9 | 15.6 \nDepreciation of fixed assets | 2.1 | 1.9 \nAmortization of intangibles | 1.5 | 1.1 \nRestructuring, severance and other charges | 1.4 | 1.2 \nLegal settlements | 0.1 | 0.1 \nOperating loss | (9.5)% | (8.9)%"} {"_id": "d1b3affd8", "title": "", "text": "Operating expenses\nnm\u2014not meaningful\nResearch and development expenses\nResearch and development expenses increased $15.8 million in the year ended March 31, 2018 compared to the year ended March 31, 2017, which was primarily attributable to increases in personnel-related costs of $10.1 million, information technology and facility costs of $2.3 million, professional services costs of $0.9 million, share-based compensation expense of $0.7 million, travel and other costs of $0.5 million and data center costs of $0.5 million.\nResearch and development expenses for the year ended March 31, 2018 as compared to the year ended March 31, 2017 were negatively impacted by approximately $0.5 million primarily as a result of the weakening of the U.S. dollar relative to the British pound.\nPersonnel-related cost increased primarily as a result of salaries and benefits associated with increased headcount throughout the year, information technology and facility costs increased primarily as a result of increased headcount, professional services costs increased primarily as a result of the use of research and development contractors and share-based compensation expense increased primarily as a result of share option grants since the prior year.\nSales and marketing expenses\nSales and marketing expenses increased $25.1 million in the year ended March 31, 2018 compared to the year ended March 31, 2017, which was primarily attributable to increases in personnel-related costs of $13.5 million, marketing costs of $4.7 million, information technology and facilities costs of $3.6 million, travel and other costs of $2.3 million and professional services of $0.8 million.\nSales and marketing expenses for the year ended March 31, 2018 as compared to the year ended March 31, 2017 were negatively impacted by approximately $1.4 million primarily as a result of the weakening of the U.S. dollar relative to the South African rand and British pound. Personnel-related costs increased primarily as a result of salaries and benefits associated with increased headcount. Information technology and facility costs and travel and other costs increased primarily as a result of increased headcount.\nGeneral and administrative expenses\nGeneral and administrative expenses increased $9.1 million in the year ended March 31, 2018 compared to the year ended March 31, 2017, which was primarily attributable to increases in personnel-related costs of $5.0 million, share-based compensation expense of $1.2 million, information technology and facilities costs of $1.0 million and professional services costs and material supplies of $0.6 million each.\nGeneral and administrative expenses for the year ended March 31, 2018 as compared to the year ended March 31, 2017 were negatively impacted by approximately $0.3 million primarily as a result of the weakening of the U.S. dollar against the British pound and South African rand. Personnel-related costs increased primarily as a result of salaries and benefits associated with increased headcount.\nShare-based compensation expense increased primarily as a result of share option grants since the prior year. Information technology and facility and material supplies costs increased primarily as a result of increased headcount.\nRestructuring and Impairment of long-lived assets\nIn the fourth quarter of fiscal 2018, upon the exit of our Watertown, Massachusetts corporate office space, we recorded a restructuring charge of $0.8 million for remaining non-cancelable rent and estimated operating expenses for the vacated premises, net of sublease rentals, and a non-cash impairment charge of $1.7 million primarily related to leasehold improvements.\n\n | Year ended March 31, | | Period-to-period change | \n----------------------------------- | -------------------- | ---------------------- | ----------------------- | --------\n% Change | 2018 | 2017 | Amount | % Change\n | | (dollars in thousands) | | \nOperating expenses: | | | | \nResearch and development | $38,373 | $22,593 | $15,780 | 70% \nSales and marketing | 121,246 | 96,154 | 25,092 | 26% \nGeneral and administrative | 36,989 | 27,875 | 9,114 | 33% \nImpairment of long-lived assets | 1,712 | \u2014 | 1,712 | nm \nRestructuring | 832 | \u2014 | 832 | nm \nTotal operating expenses | $199,152 | $146,622 | $52,530 | 36% "} {"_id": "d1b343608", "title": "", "text": "The following table provides reconciliation from U.S. GAAP Net income to non-GAAP Adjusted EBITDA (amounts in thousands):\n(1) Fiscal years ending March 31, 2018 and 2017 adjusted due to the adoption of ASC 606.\n(2) $0.9 million in costs incurred during fiscal year 2018 related to the relocation of the Company's tantalum powder facility equipment from Carson City, Nevada to its existing Matamoros, Mexico plant were reclassified from \u201cPlant start-up costs\u201d to \u201cRestructuring charges\u201d during fiscal year 2019.\n\n | | Fiscal Years Ended March 31, | \n----------------------------------------------------------- | -------- | ---------------------------- | --------\n | 2019 | 2018 | 2017 \nNet income (U.S. GAAP) (1) | $206,587 | $254,127 | $47,157 \nNon-GAAP adjustments: | | | \nIncome tax expense (benefit) | (39,460) | 9,132 | 4,294 \nInterest expense, net | 19,204 | 32,073 | 39,731 \nDepreciation and amortization | 52,628 | 50,661 | 38,151 \nEBITDA (non-GAAP) (1) | 238,959 | 345,993 | 129,333 \nExcluding the following items: | | | \nEquity (income) loss from equity method investments | 3,304 | (76,192) | (41,643)\nAcquisition (gain) loss | \u2014 | (130,880) | \u2014 \nChange in value of TOKIN options | \u2014 | \u2014 | (10,700)\n(Gain) loss on write down and disposal of long-lived assets | 1,660 | (992) | 10,671 \nERP integration costs/IT transition costs | 8,813 | 80 | 7,045 \nStock-based compensation | 12,866 | 7,657 | 4,720 \nRestructuring charges (2) | 8,779 | 14,843 | 5,404 \nR&D grant reimbursements and grant income | (4,559) | \u2014 | \u2014 \nLegal expenses/fines related to antitrust class actions | 11,896 | 16,636 | 2,640 \nNet foreign exchange (gain) loss | (7,230) | 13,145 | (3,758) \nTOKIN investment-related expenses | \u2014 | \u2014 | 1,101 \nPlant start-up costs (2) | (927) | 929 | 427 \nLoss on early extinguishment of debt | 15,946 | 486 | \u2014 \nAdjusted EBITDA (non-GAAP) (1) | $289,507 | $191,705 | $105,240"} {"_id": "d1a728e36", "title": "", "text": "We use a wide variety of raw materials in the manufacture of our products. Cost of sales and gross margin are subject to variability in raw material prices which continue to fluctuate for many of the raw materials we use, including copper, gold, and silver. In fiscal 2019, we purchased approximately 172 million pounds of copper, 122,000 troy ounces of gold, and 2.6 million troy ounces of silver. The following table presents the average prices incurred related to copper, gold, and silver:\nIn fiscal 2020, we expect to purchase approximately 170 million pounds of copper, 120,000 troy ounces of gold, and 2.4 million troy ounces of silver.\n\n | | | Fiscal \n------ | -------- | ------ | -------\n | Measure | 2019 | 2018 \nCopper | Lb. | $ 2.93 | $ 2.86\nGold | Troy oz. | 1,309 | 1,281 \nSilver | Troy oz. | 16.42 | 17.15 "} {"_id": "d1b3a09c0", "title": "", "text": "Deferred taxes are recorded for temporary differences between the carrying amounts of assets and liabilities and their tax bases. The significant components of deferred tax assets and liabilities that are recorded in the consolidated balance sheets are summarized in the table below. A valuation allowance is required when it is more likely than not that all or a portion of a deferred tax asset will not be realized. As of June 30, 2019, the Company had state net operating loss carryforwards of $337.6 million expiring between 2020 and 2039. A significant portion of the state net operating loss carryforwards are subject to an annual limitation that, under current law, is likely to limit future tax benefits to approximately $3.3 million. Valuation allowances increased by $0.7 million during fiscal year 2019 primarily due to increases in net operating losses incurred in certain tax jurisdictions for which no tax benefit was recognized.\nThe Company does not have unrecognized tax benefits as of June 30, 2019, 2018 and 2017. The Company\nrecognizes interest and penalties accrued on any unrecognized tax benefits as a component of income tax expense.\nAll years prior to fiscal year 2013 have been settled with the Internal Revenue Service and with most significant state, local and foreign tax jurisdictions.\nIn December 2017, an Act to Provide for Reconciliation Pursuant to Titles II and V of the Concurrent Resolution on the Budget for Fiscal Year 2018 (the \u201cAct\u201d) was enacted. The Act included provisions that reduced the federal statutory income tax rate from 35 percent to 21 percent, created a territorial tax system with a one-time mandatory tax on previously deferred foreign earnings (i.e. transition tax), and changed certain business deductions including allowing for immediate expensing of certain qualified capital expenditures and limitations on deductions of interest expense. The SEC staff issued guidance on income tax accounting for the Act which allowed companies to record provisional amounts during a measurement period not to extend beyond one year of the enactment date. In accordance with this guidance, during fiscal year 2018, we recorded a provisional tax charge of $5.0 million for the transition tax and a provisional tax benefit of $74.6 million for the remeasurement of deferred tax assets and liabilities. During fiscal year 2019, we recorded a discrete tax benefit of $0.2 million in measurement period adjustments for the transition tax offset by a discrete tax charge of $0.2 million for the remeasurement of deferred tax assets and liabilities. Our accounting for the impact of the Act was completed as of the period ending December 31, 2018. Under the Act, the transition tax is being paid over an eight year period beginning in fiscal year 2019.\nThe Act also established new tax provisions that became effective in fiscal year 2019, including but not limited to eliminating the corporate alternative minimum tax, creating the base erosion anti-abuse tax (\u201cBEAT\u201d), establishing new limitations on deductible interest expense and certain executive compensation, creating a new provision designed to tax global intangible low-tax income (\u201cGILTI\u201d) and generally eliminating U.S. federal income taxes on dividends from foreign subsidiaries. The Company has made an accounting policy election to treat the tax effect of GILTI as a current period expense when incurred.\nUndistributed earnings of our foreign subsidiaries, totaling $77.8 million were considered permanently reinvested. Following enactment of the Act, the repatriation of cash to the U.S. is generally no longer taxable for federal income tax purposes. If these earnings were to be repatriated, approximately $0.3 million of tax expense would be incurred.\n\n | June 30, | \n---------------------------------- | -------- | --------\n($ in millions) | 2019 | 2018 \nDeferred tax assets: | | \nPensions | $86.9 | $66.8 \nPostretirement provisions | 35.7 | 33.7 \nNet operating loss carryforwards | 28.8 | 26.5 \nDerivatives and hedging activities | 4.1 | \u2014 \nOther | 32.1 | 29.4 \nGross deferred tax assets | 187.6 | 156.4 \nValuation allowances | (24.6) | (23.9) \nTotal deferred tax assets | 163.0 | 132.5 \nDeferred tax liabilities: | | \nDepreciation | (249.5) | (235.2) \nIntangible assets | (11.3) | (11.9) \nInventories | (36.1) | (30.5) \nDerivatives and hedging activities | (0.3) | (8.7) \nOther | (4.3) | (3.5) \nTotal deferred tax liabilities | (301.5) | (289.8) \nDeferred tax liabilities, net | $(138.5) | $(157.3)"} {"_id": "d1b3a1e2e", "title": "", "text": "Revenues. Revenues increased by 25% to RMB105.8 billion for the fourth quarter of 2019 on a year-on-year basis. The following table sets forth our revenues by line of business for the fourth quarter of 2019 and the fourth quarter of 2018:\nRevenues from VAS increased by 20% to RMB52,308 million for the fourth quarter of 2019 on a year-on-year basis. Online games revenues grew by 25% to RMB30,286 million. The increase was primarily driven by revenue growth from smart phone games in both domestic and overseas markets, including titles such as Peacekeeper Elite and PUBG Mobile, as well as revenue contributions from Supercell titles, partly offset by lower revenues from PC client games such as DnF. Social networks revenues increased by 13% to RMB22,022 million. The increase mainly reflected greater contributions from digital content services such as live broadcast and music streaming services. Total smart phone games revenues (including smart phone games revenues attributable to our social networks business) were RMB26,035 million and PC client games revenues were RMB10,359 million for the fourth quarter of 2019.\nRevenues from FinTech and Business Services increased by 39% to RMB29,920 million for the fourth quarter of 2019 on a year-on-year basis. The increase was primarily due to greater revenue contributions from commercial payment, as well as revenue growth from cloud services as a result of deeper penetration in key verticals.\nRevenues from Online Advertising increased by 19% to RMB20,225 million for the fourth quarter of 2019 on a year-onyear basis. Social and others advertising revenues increased by 37% to RMB16,274 million. The increase was mainly driven by advertising revenue growth from Weixin Moments and our mobile advertising network. Media advertising revenues decreased by 24% to RMB3,951 million. The decrease primarily reflected lower advertising revenues from our media platforms including Tencent Video and Tencent News due to uncertain broadcasting schedules and fewer telecasts of sports events.\n\n | Unaudited | | | \n----------------------------- | ----------------------------------- | ---------- | ---------------- | ----------\n | Three months ended | | | \n | 31 December 2019 | | 31 December 2018 | \n | | % of total | | % of total\n | Amount | revenues | Amount | revenues \n | | | (Restated) | (Restated)\n | (RMB in millions, unless specified) | | | \nVAS | 52,308 | 50% | 43,651 | 51% \nFinTech and Business Services | 29,920 | 28% | 21,597 | 26% \nOnline Advertising | 20,225 | 19% | 17,033 | 20% \nOthers | 3,314 | 3% | 2,615 | 3% \nTotal revenues | 105,767 | 100% | 84,896 | 100% "} {"_id": "d1b39b8f8", "title": "", "text": "ADJUSTED NET EARNINGS AND ADJUSTED EPS\nThe terms adjusted net earnings and adjusted EPS do not have any standardized meaning under IFRS. Therefore, they are unlikely to be comparable to similar measures presented by other issuers.\nWe define adjusted net earnings as net earnings attributable to common shareholders before severance, acquisition and other costs, net mark-to-market losses (gains) on derivatives used to economically hedge equity settled share-based compensation plans, net losses (gains) on investments, early debt redemption costs and impairment charges, net of tax and NCI. We define adjusted EPS as adjusted net earnings per BCE common share.\nWe use adjusted net earnings and adjusted EPS, and we believe that certain investors and analysts use these measures, among other ones, to assess the performance of our businesses without the effects of severance, acquisition and other costs, net mark-to-market losses (gains) on derivatives used to economically hedge equity settled share-based compensation plans, net losses (gains) on investments, early debt redemption costs and impairment charges, net of tax and NCI. We exclude these items because they affect the comparability of our financial results and could potentially distort the analysis of trends in business performance. Excluding these items does not imply they are non-recurring\nThe most comparable IFRS financial measures are net earnings attributable to common shareholders and EPS.\nThe following table is a reconciliation of net earnings attributable to common shareholders and EPS to adjusted net earnings on a consolidated basis and per BCE common share (adjusted EPS), respectively.\n\n | 2019 | | 2018 | \n------------------------------------------------------------------------------------------------------------------------- | ----- | --------- | ----- | ---------\n | TOTAL | PER SHARE | TOTAL | PER SHARE\nNet earnings attributable to common shareholders | 3,040 | 3.37 | 2,785 | 3.10 \nSeverance, acquisition and other costs | 83 | 0.10 | 100 | 0.11 \nNet mark-to-market losses (gains) on derivatives used to economically hedge equity settled share-based compensation plans | (101) | (0.11) | 58 | 0.07 \nNet (gains) losses on investments | 44 | 0.05 | 47 | 0.05 \nEarly debt redemption costs | 13 | 0.01 | 15 | 0.02 \nImpairment charges | 74 | 0.08 | 146 | 0.16 \nAdjusted net earnings | 3,153 | 3.50 | 3,151 | 3.51 "} {"_id": "d1b39b2d6", "title": "", "text": "Disaggregation of Revenue\nWe generate revenue from the sale of services and sale of software for end-user software products provided through direct customer downloads and through the sale of these end-user software products via partners. The following table depicts the disaggregation of revenue (in thousands) according to revenue type and is consistent with how we evaluate our financial performance:\nRevenue from Contracts with Customers:\n\n | Twelve months ended December 31, | \n--------------------------- | -------------------------------- | -------\n | 2019 | 2018 \nServices | $59,545 | $64,476\nSoftware and other | 3,788 | 5,073 \n Total revenue | $63,333 | $69,549"} {"_id": "d1b2f8856", "title": "", "text": "Net periodic benefit expense for our post-retirement benefit plans includes the following components:\nWe report service costs for our Combined Pension Plan and post-retirement benefit plans in cost of services and products and selling, general and administrative expenses in our consolidated statements of operations for the years ended December 31, 2019, 2018 and 2017. Additionally, a portion of the service cost is also allocated to certain assets under construction, which are capitalized and reflected as part of property, plant and equipment in our consolidated balance sheets. The remaining components of net periodic benefit expense (income) are reported in other income, net in our consolidated statements of operations. As a result of ongoing efforts to reduce our workforce, we recognized a one-time charge in 2019 of $6 million and in 2018 of $15 million for special termination benefit enhancements paid to certain eligible employees upon voluntary retirement.\n\n | Post-Retirement Plans | | \n-------------------------------------------- | ------------------------ | ---- | ----\n | Years Ended December 31, | | \n | 2019 | 2018 | 2017\n | (Dollars in milions) | | \nService cost | $15 | 18 | 18 \nInterest cost | 110 | 97 | 100 \nExpected return on plan assets | (1) | (1) | (2) \nRecognition of prior service cost | 16 | 20 | 20 \nNet periodic post-retirement benefit expense | $140 | 134 | 136 "} {"_id": "d1b351262", "title": "", "text": "NOTE 8\u2014OTHER ASSETS\nDeposits and restricted cash primarily relate to security deposits provided to landlords in accordance with facility lease agreements and cash restricted per the terms of certain contractual-based agreements.\nDeferred implementation costs relate to direct and relevant costs on implementation of long-term contracts, to the extent such costs can be recovered through guaranteed contract revenues. As a result of the adoption of Topic 606, deferred implementation costs are no longer capitalized, but rather expensed as incurred as these costs do not relate to future performance obligations. Accordingly, these costs were adjusted through opening retained earnings as of July 1, 2018 (see note 3 \"Revenues\").\nCapitalized costs to obtain a contract relate to incremental costs of obtaining a contract, such as sales commissions, which are eligible for capitalization on contracts to the extent that such costs are expected to be recovered (see note 3 \"Revenues\").\nInvestments relate to certain non-marketable equity securities in which we are a limited partner. Our interests in each of these investees range from 4% to below 20%. These investments are accounted for using the equity method. Our share of net income or losses based on our interest in these investments is recorded as a component of other income (expense), net in our Consolidated Statements of Income. During the year ended June 30, 2019, our share of income (loss) from these investments was $13.7 million (year ended June 30, 2018 and 2017 \u2014 $6.0 million and $6.0 million, respectively).\nLong-term prepaid expenses and other long-term assets includes advance payments on long-term licenses that are being amortized over the applicable terms of the licenses and other miscellaneous assets.\n\n | As of June 30, 2019 | As of June 30, 2018\n----------------------------------------------------- | ------------------- | -------------------\nDeposits and restricted cash | $13,671 | $9,479 \nDeferred implementation costs | \u2014 | 13,740 \nCapitalized costs to obtain a contract | 35,593 | 13,027 \nInvestments | 67,002 | 49,635 \nLong-term prepaid expenses and other long-term assets | 32,711 | 25,386 \nTotal | $148,977 | $111,267 "} {"_id": "d1b39e936", "title": "", "text": "3. Operating (loss)/profit\nDetailed below are the key amounts recognised in arriving at our operating (loss)/profit\nNotes: 1 The year ended 31 March 2019 included \u20acnil (2018: \u20ac80 million credit, 2017: \u20ac127 million charge) reported in other income and expense in the consolidated income statement\n2 Reported in other income and expense in the consolidated income statement.\n\n | 2019 | 2018 | 2017 \n------------------------------------------------------------------------------------------------------ | ----- | ----- | -------\n | \u20acm | \u20acm | \u20acm \nNet foreign exchange losses/(gains)1 | 1 | (65) | 133 \nDepreciation of property, plant and equipment (note 11): | | | \nOwned assets | 5,795 | 5,963 | 6,253 \nLeased assets | 59 | 47 | 12 \nAmortisation of intangible assets (note 10) | 3,941 | 4,399 | 4,821 \nImpairment of goodwill in subsidiaries, associates and joint arrangements (note 4) | 3,525 | \u2013 | \u2013 \nStaff costs (note 23) | 5,267 | 5,295 | 5,519 \nAmounts related to inventory included in cost of sales | 5,886 | 6,045 | 6,464 \nOperating lease rentals payable | 3,826 | 3,788 | 3,976 \nLoss on disposal of property, plant and equipment and intangible assets | 33 | 36 | 22 \nOwn costs capitalised attributable to the construction or acquisition of property, plant and equipment | (844) | (829) | (800) \nNet gain on formation of VodafoneZiggo (note 26)2 | \u2013 | \u2013 | (1,275)"} {"_id": "d1b377714", "title": "", "text": "Note 6 \u2013 Accrued Expenses\nAccrued expenses consisted of the following:\n\n | | December 31,\n---------------------------------------------------- | ------- | ------------\n | 2019 | 2018 \nPayroll and incentive compensation | $ 3,009 | $ 1,937 \nCurrent portion of operating lease liabilities \u2013 | 285 | - \nReal estate taxes | 398 | 398 \nOther | 395 | 442 \nTotal accrued expenses | $ 4,087 | $ 2,777 "} {"_id": "d1b3bd4a8", "title": "", "text": "ADVANCED ENERGY INDUSTRIES, INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS \u2013 (continued) (in thousands, except per share amounts)\nWe account for uncertain tax positions by applying a minimum recognition threshold to tax positions before recognizing these positions in the financial statements. The reconciliation of our total gross unrecognized tax benefits is as follows:\nThe unrecognized tax benefits of $13.0 million, if recognized, will impact the Company\u2019s effective tax rate. In accordance with our accounting policy, we recognize accrued interest and penalties related to unrecognized tax benefits as a component of tax expense. We had $3.0 million and $1.2 million of accrued interest and penalties at December 31, 2019 and 2018, respectively. We expect the total amount of tax contingencies will decrease by approximately $3.5 million in 2020 based on statute of limitation expiration.\nWith few exceptions, the Company is no longer subject to federal, state or foreign income tax examinations by tax authorities for years before 2016.\n\n | | Years Ended December 31, | \n--------------------------------------------------------------------------- | ------- | ------------------------ | -------\n | 2019 | 2018 | 2017 \nBalance at beginning of period | $13,162 | $15,990 | $11,401\nAdditions based on tax positions taken during a prior period | 484 | 94 | 1,258 \nAdditions based on tax positions taken during a prior period - acquisitions | 4,479 | 757 | \u2014 \nAdditions based on tax positions taken during the current period | \u2014 | \u2014 | 4,433 \nReductions based on tax positions taken during a prior period | (4,295) | (153) | \u2014 \nReductions related to a lapse of applicable statute of limitations | (821) | (3,144) | (1,102)\nReductions related to a settlement with taxing authorities | \u2014 | (382) | \u2014 \nBalance at end of period | $13,009 | $13,162 | $15,990"} {"_id": "d1b346f9c", "title": "", "text": "On February 6, 2018, the Company announced that its Board of Directors had unanimously approved the pursuit of a separation of its smart camera business \u201cArlo\u201d from NETGEAR (the \u201cSeparation\u201d) to be effected by way of initial public offering (\u201cIPO\u201d) and spin-off. On August 2, 2018, Arlo Technologies, Inc. (\u201cArlo\u201d) and NETGEAR announced the pricing of Arlo's initial public offering (\u201cIPO\u201d) at a price to the public of $16.00 per share, subsequently listing on the New York Stock Exchange on August 3, 2018 under the symbol \"ARLO\". On August 7, Arlo completed the IPO and generated proceeds of approximately $170.2 million, net of offering costs, which Arlo used for its general corporate purposes. Upon completion of the IPO, Arlo common stock outstanding amounted to 74,247,000 shares, of which NETGEAR held 62,500,000 shares, representing approximately 84.2% of the outstanding shares of Arlo common stock. On December 31, 2018, NETGEAR completed the distribution of these 62,500,000 shares of common stock of Arlo (the \u201cDistribution\u201d). After the completion of the Distribution, NETGEAR no longer owns any shares of Arlo common stock. The Distribution took place by way of a pro rata common stock dividend to each NETGEAR stockholder of record on the record date of the Distribution, December 17, 2018, and NETGEAR stockholders received 1.980295 shares of Arlo common stock for every share of NETGEAR common stock held as of the record date.\nUpon completion of the Distribution, the Company ceased to own a controlling financial interest in Arlo and Arlo's assets, liabilities, operating results and cash flows for all periods presented have been classified as discontinued operations within the Consolidated Financial Statements.\nIn connection with Arlo's Separation, the Company incurred Separation expense of $34.2 million since commencing in December 2017. Separation expense primarily consists of third-party advisory, consulting, legal and professional services, IT costs and employee bonuses directly related to the separation, as well as other items that are incremental and one-time in nature that are related to the separation. The majority of these costs are reflected in the Company's consolidated statement of operations as discontinued operations for all periods presented. In addition, in the third fiscal quarter of 2018, the Company contributed $70.0 million in cash to Arlo and provided for, among other things, the transfer from NETGEAR to Arlo of assets and the assumption by Arlo of liabilities comprising its business effected through a master separation agreement between NETGEAR and Arlo. The master separation agreement governs the separation of Arlo's business from NETGEAR as well as various interim arrangements. In connection with these arrangements, during the third and fourth quarter of 2018, NETGEAR recorded a reduction to operating expenses of $6.3 million relating to the transition services, which are reflected in the Company's consolidated statement of operations as discontinued operations for the periods presented. In the third quarter of 2018, NETGEAR provided billing and collection services to Arlo in respect of its trade receivables and trade payments. As of December 31, 2018, NETGEAR had a net liability to Arlo of $12.2 million relating to these transition service, billing and collection services, and the net liability was classified within accounts payable on the consolidated balance sheets. The Company does not expect the amounts relating to such services to be material after the Distribution. Additionally, the Company entered into certain other agreements that provide a framework for the relationship between NETGEAR and Arlo after the separation, including a transition services agreement, a tax matters agreement, an employee matters agreement, an intellectual property rights cross-license agreement, and a registration rights agreement. In connection with Arlo's Separation, the Company incurred Separation expense of $34.2 million since commencing in December 2017. Separation expense primarily consists of third-party advisory, consulting, legal and professional services, IT costs and employee bonuses directly related to the separation, as well as other items that are incremental and one-time in nature that are related to the separation. The majority of these costs are reflected in the Company's consolidated statement of operations as discontinued operations for all periods presented. In addition, in the third fiscal quarter of 2018, the Company contributed $70.0 million in cash to Arlo and provided for, among other things, the transfer from NETGEAR to Arlo of assets and the assumption by Arlo of liabilities comprising its business effected through a master separation agreement between NETGEAR and Arlo. The master separation agreement governs the separation of Arlo's business from NETGEAR as well as various interim arrangements. In connection with these arrangements, during the third and fourth quarter of 2018, NETGEAR recorded a reduction to operating expenses of $6.3 million relating to the transition services, which are reflected in the Company's consolidated statement of operations as discontinued operations for the periods presented. In the third quarter of 2018, NETGEAR provided billing and collection services to Arlo in respect of its trade receivables and trade payments. As of December 31, 2018, NETGEAR had a net liability to Arlo of $12.2 million relating to these transition service, billing and collection services, and the net liability was classified within accounts payable on the consolidated balance sheets. The Company does not expect the amounts relating to such services to be material after the Distribution. Additionally, the Company entered into certain other agreements that provide a framework for the relationship between NETGEAR and Arlo after the separation, including a transition services agreement, a tax matters agreement, an employee matters agreement, an intellectual property rights cross-license agreement, and a registration rights agreement.\nThe financial results of Arlo through the Distribution date are presented as income (loss) from discontinued operations, net of tax, in the consolidated\nstatements of operations. The following table presents financial results of Arlo:\n\n | | Year Ended December 31,\n-------------------------------------------------------------- | --------- | -----------------------\n | 2018 | 2017 \n | | (In thousands) \nNet revenue | $464,649 | $367,751 \nCost of net revenue | 372,843 | 279,425 \nGross profit | 91,806 | 88,326 \nOperating expenses: | | \nResearch and development | 48,696 | 22,710 \nSales and marketing | 39,713 | 19,490 \nGeneral and administrative | 17,762 | 691 \nSeparation expense | 31,583 | 1,384 \nLitigation reserves, net | \u2014 | 28 \nTotal operating expenses | 137,754 | 44,303 \nIncome (loss) from operations of discontinued operations | (45,948) | 44,023 \nInterest income, net | 1,239 | \u2014 \nOther income (expense), net | (41) | 467 \nIncome (loss) from discontinued operations before income taxes | (44,750) | 44,490 \nProvision (benefit) for income taxes | (9,095) | 13,921 \nIncome (loss) from discontinued operations, net of tax | $(35,655) | $30,569 "} {"_id": "d1b3143b2", "title": "", "text": "Lockheed Martin Transaction\nOn August 16, 2016, a wholly-owned subsidiary of Leidos Holdings, Inc. merged with the IS&GS Business in a Reverse Morris Trust transaction (the \"IS&GS Transactions\").\nDuring fiscal 2017, the Company recorded adjustments to finalize the fair value of acquired assets and liabilities assumed which resulted in a $337 million increase in goodwill. Significant changes included intangible assets, property, plant and equipment, deferred tax assets, other assets, accounts payable and accrued liabilities and deferred tax liabilities.\nOn January 10, 2018, the final amount of the net working capital of the IS&GS Business was determined through a binding arbitration proceeding in accordance with the Separation Agreement with Lockheed Martin. As a result, $24 million was recorded as acquisition costs in the consolidated statements of income for fiscal 2017. On January 18, 2018, the final working capital amount of $105 million was paid to Lockheed Martin, of which $24 million and $81 million was presented as cash flows from operating and investing activities, respectively, on the consolidated statements of cash flows.\nDuring fiscal 2018, a tax indemnification liability of $23 million was paid to Lockheed Martin in accordance with the Tax Matters Agreement, which was presented as cash flows from financing activities on the consolidated statements of cash flows.\nThe Company incurred the following expenses related to the acquisition and integration of the IS&GS Business:\nThese acquisition and integration costs have been recorded within Corporate and presented in \"Acquisition, integration and restructuring costs\" on the consolidated statements of income.\n\n | | Year Ended | \n--------------------------------------- | --------------- | ----------------- | -----------------\n | January 3, 2020 | December 28, 2018 | December 29, 2017\n | | (in millions) | \nAcquisition costs | $\u2014 | $\u2014 | $25 \nIntegration costs | 3 | 29 | 77 \nTotal acquisition and integration costs | $3 | $29 | $102 "} {"_id": "d1b34be20", "title": "", "text": "8 Directors\u2019 emoluments\nDirectors represent the key management personnel of the Group under the terms of IAS 24 (Related Party Disclosures). Total remuneration is shown below.\nFurther details of salaries and short-term benefits, post-retirement benefits, share plans and long-term share incentive plans are shown in the Annual Report on Remuneration 2019 on pages 102 to 132. The share-based payments charge comprises a charge in relation to the Performance Share Plan and the Employee Share Ownership Plan (as described in Note 23).\n\n | 2019 | 2018\n-------------------------------- | ---- | ----\n | \u00a3m | \u00a3m \nSalaries and short-term benefits | 4.1 | 3.7 \nPost-retirement benefits | 0.5 | 0.4 \nShare-based payments | 1.7 | 1.3 \nTotal Directors' remuneration | 6.3 | 5.4 "} {"_id": "d1b33f59e", "title": "", "text": "The following is a summary of amounts reclassified from AOCI for the years ended June 30, 2019 and 2018:\n(a) Amounts in parentheses indicate debits to income/loss.\n(b) These AOCI components are included in the computation of net periodic benefit cost (see Note 11 for additional details).\n\n | | Amount Reclassified from AOCI | \n------------------------------------------------------------------- | ----------------------- | ----------------------------- | -------\n | | Years Ended June 30, | \n($ in millions) (a) | Location of gain (loss) | 2019 | 2018 \nDetails about AOCI Components | | | \nCash flow hedging items | | | \nCommodity contracts | Cost of sales | $5.1 | $1.8 \nForeign exchange contracts | Net sales | 1.0 | (1.0) \nForward interest rate swaps | Interest expense | 0.4 | 0.4 \n | Total before tax | 6.5 | 1.2 \n | Tax expense | (1.6) | (0.4) \n | Net of tax | $4.9 | $0.8 \nAmortization of pension and other postretirement benefit plan items | | | \nNet actuarial loss | (b) | $(12.0) | $(16.4)\nPrior service cost | (b) | 3.1 | 3.1 \n | Total before tax | (8.9) | (13.3) \n | Tax benefit | 2.1 | 4.4 \n | Net of tax | $(6.8) | $(8.9) "} {"_id": "d1b33ca56", "title": "", "text": "RESULTS OF OPERATIONS\nRevenue\n(1) Reflects client arrangements (term license, cloud, and maintenance) that are subject to renewal.\nWe expect our revenue mix to continue to shift in favor of our subscription offerings, particularly cloud arrangements, which could result in slower total revenue growth in the near term. Revenue from cloud arrangements is generally recognized over the service period, while revenue from term and perpetual license arrangements is generally recognized upfront when the license rights become effective.\nSubscription revenue\nThe increase in cloud revenue in 2019 reflects the shift in client preferences to cloud arrangements from other types of arrangements. The increase in term license revenue in 2019 was due to several large, multi-year term license contracts executed in 2019. This increase was partially offset by term license contracts with multi-year committed maintenance periods, where a greater portion of the contract value is allocated to maintenance.\nThe increase in maintenance revenue in 2019 was primarily due to the continued growth in the aggregate value of the installed base of our software and strong renewal rates in excess of 90%\nPerpetual license\nThe decrease in perpetual license revenue in 2019 reflects the shift in client preferences in favor of our subscription offerings, particularly cloud arrangements\nConsulting\nOur consulting revenue fluctuates depending upon the mix of new implementation projects we perform as compared to those performed by our enabled clients or led by our partners. See \"Our consulting revenue is significantly dependent upon our consulting personnel implementing new license and cloud arrangements\" in Item 1A of this Annual Report for additional information.\nThe decrease in consulting revenue in 2019 was primarily due to a decrease in billable hours.\n\n(Dollars in thousands) | 2019 | | 2018 | | Change | \n---------------------- | -------- | ---- | -------- | ---- | -------- | -----\nCloud | $133,746 | 15% | 82,627 | 9% | $51,119 | 62% \nTerm license | 199,433 | 22% | 178,256 | 20% | 21,177 | 12% \nMaintenance | 280,580 | 30% | 263,875 | 30% | 16,705 | 6% \nSubscription (1) | 613,759 | 67% | 524,758 | 59% | 89,001 | 17% \nPerpetual license | 80,015 | 9% | 109,863 | 12% | (29,848) | (27)%\nConsulting | 217,609 | 24% | 256,960 | 29% | (39,351) | (15)%\n | $911,383 | 100% | $891,581 | 100% | $19,802 | 2% "} {"_id": "d1b38c38a", "title": "", "text": "VALUATION AND QUALIFYING ACCOUNTS\n(in millions)\nForeign exchange and other includes the impact of foreign exchange and certain immaterial reclassifications.\n\n | Allowances For | \n------------------------------------- | --------------------- | -------------------\n | Financing Receivables | Accounts Receivable\nYear ended July 29, 2017 | | \nBalance at beginning of fiscal year . | $375 | $249 \nProvisions (benefits) | (35) | 27 \nRecoveries (write-offs), net . | (49) | (61) \nForeign exchange and other . | 4 | (4) \nBalance at end of fiscal year | $295 | $211 \nYear ended July 28, 2018 | | \nBalance at beginning of fiscal year . | $295 | $211 \nProvisions (benefits) | (89) | (45) \nRecoveries (write-offs), net . | (6) | (37) \nForeign exchange and other . | 5 | \u2014 \nBalance at end of fiscal year | $205 | $129 \nYear ended July 27, 2019 | | \nBalance at beginning of fiscal year | $205 | $129 \nProvisions (benefits) | (16) | 56 \nRecoveries (write-offs), net | (42) | (50) \nForeign exchange and other . | (21) | 1 \nBalance at end of fiscal year | $126 | $136 "} {"_id": "d1b38db72", "title": "", "text": "The following table summarizes net revenues by significant product and services categories:\nEndpoint and information protection products include endpoint security, advanced threat protection, and information protection solutions and their related support services. Network and web security products include network security, web security, and cloud security solutions and their related support services. WSS and PKI products consist of the solutions we divested on October 31, 2017. Other products and services primarily consist of email security products, managed security services, consulting, and other professional services.\nConsumer security products include Norton security, Norton Secure VPN, and other consumer security solutions. Identity and information protection products include LifeLock identity theft protection and other information protection solutions.\nProducts and service revenue information\n\n | | Year Ended | \n----------------------------------- | -------------- | -------------- | --------------\n(in millions) | March 29, 2019 | March 30, 2018 | March 31, 2017\nEnterprise Security: | | | \nEndpoint and information protection | $1,027 | $983 | $947 \nNetwork and web security | 748 | 782 | 451 \nWSS and PKI | - | 238 | 422 \nOther products and services | 548 | 551 | 535 \nTotal Enterprise Security | $2,323 | $2,554 | $2,355 \nConsumer Cyber Safety: | | | \nConsumer security | $1,471 | $1,504 | $1,527 \nIdentity and information protection | 937 | 776 | 137 \nTotal Consumer Cyber Safety | 2,408 | 2,280 | 1,664 \nTotal net revenues | $4,731 | $4,834 | $4,019 "} {"_id": "d1b3274f8", "title": "", "text": "Note 15. NET INCOME (LOSS) PER SHARE\nWe calculate basic net income (loss) per share by dividing earnings allocated to common stockholders by the basic weighted-average number of common shares outstanding for the period.\nDiluted weighted-average shares is computed using basic weighted-average number of common shares outstanding plus any potentially dilutive securities outstanding during the period using the treasury-stock-type method and the if-converted method, except when their effect is anti-dilutive. Potentially dilutive securities include stock options, restricted stock units, and the outstanding senior convertible debentures.\nThe following table presents the calculation of basic and diluted net income (loss) per share attributable to stockholders:\n1 As a result of our net loss attributable to stockholders for fiscal 2019, 2018, and 2017, the inclusion of all potentially dilutive stock options, restricted stock units, and common shares under noted warrants and convertible debt would be anti-dilutive. Therefore, those stock options, restricted stock units and shares were excluded from the computation of the weighted-average shares for diluted net loss per share for such periods.\n\n | | Fiscal Year Ended | \n-------------------------------------------------- | ----------------- | ----------------- | -----------------\n(In thousands, except per share amounts) | December 29, 2019 | December 30, 2018 | December 31, 2017\nBasic net income (loss) per share: | | | \nNumerator: | | | \nNet income (loss) attributable to stockholders | $22,159 | $(811,091) | $(929,121) \nDenominator: | | | \nBasic weighted-average common shares | 144,796 | 140,825 | 139,370 \nBasic net income (loss) per share | $0.15 | $(5.76) | $(6.67) \nDiluted net income (loss) per share 1 | | | \nNumerator: | | | \nNet income (loss) attributable to stockholders | $22,159 | $(811,091) | $(929,121) \nNet income (loss) available to common stockholders | $22,159 | $(811,091) | $(929,121) \nDenominator: | | | \nBasic weighted-average common shares | 144,796 | 140,825 | 139,370 \nEffect of dilutive securities: | | | \nRestricted stock units | 2,729 | - | - \nDilutive weighted-average common shares: | 147,525 | 140,825 | 139,370 \nDilutive net income (loss) per share | $ 0.15 | $ (5.76) | $ (6.67) "} {"_id": "d1b34f8f4", "title": "", "text": "As a result of the adoption of ASC 606, our deferred product revenues and deferred product costs for the fleet management and auto vehicle finance verticals increased as balances are now amortized over the estimated average in-service lives of these devices. Deferred income tax assets and accumulated deficit increased as a result of the changes made to our deferred product revenues and deferred product costs. The cumulative effect of the changes made to our consolidated balance sheet for the adoption of ASC 606 were as follows (in thousands):\n(1) Deferred product costs included in Prepaid expenses and other current assets and Other assets amounted to $5.4 million and $6.0 million, respectively, as of March 1, 2018.\n\n | Balance at | ASC 606 | Balance at \n--------------------------------------------- | ------------------------------------ | ----------- | -------------\n | February 28, 2018 | Adjustments | March 1, 2018\n | Assets | | \nPrepaid expenses and other current assets (1) | $12,000 | 1,891 | $13,891 \nDeferred income tax assets | 31,581 | 532 | 32,113 \nOther assets (1) | 18,829 | 3,145 | 21,974 \n | | | \n | Liabilities and Stockholders' Equity | | \nDeferred revenue | $17,757 | 2,156 | 19,913 \nOther non-current liabilities | 24,249 | 5,007 | 29,256 \n | | | \n | Stockholders' equity | | "} {"_id": "d1b39ff66", "title": "", "text": "Intangible Assets\nInternal software development costs of $2,526 and $12,666 were capitalized during the years ended December 31, 2019 and 2018, respectively, and are classified within software development costs as an intangible asset. Amortization expense related to the capitalized internally developed software was $7,464 and $3,832 for the years ended December 31, 2019 and 2018, respectively, and is included in cost of revenues, sales and marketing and general and administrative expenses in the accompanying Consolidated Statements of Operations and Comprehensive Loss.\nExpressed in US $000's except share and per share amounts\n\n | December 31, 2018 | | \n------------------------------- | ----------------- | ------------------------ | --------------\n | Cost | Accumulated amortization | Net book value\n | $ | $ | $ \nAcquired technology | 15,556 | 7,875 | 7,681 \nSoftware development costs | 24,963 | 9,226 | 15,737 \nAcquired customer relationships | 495 | 346 | 149 \nPurchased software | 6,973 | 4,503 | 2,470 \nOther intangible assets | 591 | 556 | 35 \n | 48,578 | 22,506 | 26,072 "} {"_id": "d1b38b32c", "title": "", "text": "Note 6 \u2014 Accounts Receivable, net\nThe Company\u2019s net accounts receivable consists of:\nAt December 31, 2019 and 2018, the Company had recorded allowances for doubtful accounts of $1.8 million and $1.3 million, respectively, against Restaurant/Retail segment accounts receivable. Write-offs of accounts receivable during fiscal years 2019 and 2018 were $0.3 million and $0.4 million, respectively. The bad debt expense which is recorded in the consolidated statements of operations was $0.8 million and $0.8 million in 2019 and 2018, respectively.\nReceivables recorded as of December 31, 2019 and 2018 all represent unconditional rights to payments from customers.\n\n | December 31, | \n-------------------------- | -------------- | -------\n | (in thousands) | \n | 2019 | 2018 \nGovernment segment: | | \nBilled | $11,608 | $9,100 \nAdvanced billings | (608) | (563) \n | 11,000 | 8,537 \nRestaurant/Retail segment: | | \nAccounts receivable - net | 30,774 | 17,682 \n | $41,774 | $26,219"} {"_id": "d1b2e46e4", "title": "", "text": "ASSUMPTIONS USED IN STOCK OPTION PRICING MODEL\nThe fair value of options granted was determined using a variation of a binomial option pricing model that takes into account factors specific to the share incentive plans, such as the vesting period. The following table shows the principal assumptions used in the valuation.\nExpected dividend growth is commensurate with BCE\u2019s dividend growth strategy. Expected volatility is based on the historical volatility of BCE\u2019s share price. The risk-free rate used is equal to the yield available on Government of Canada bonds at the date of grant with a term equal to the expected life of the options\n\n | 2019 | 2018 \n---------------------------------------------- | ----- | -----\nWeighted average fair value per option granted | $2.34 | $2.13\nWeighted average share price | $58 | $57 \nWeighted average exercise price | $58 | $56 \nExpected dividend growth | 5% | 5% \nExpected volatility | 14% | 12% \nRisk-free interest rate | 2% | 2% \nExpected life (years) | 4 | 4 "} {"_id": "d1b37762e", "title": "", "text": "The reconciliation between U.S. federal income taxes at the statutory rate and income tax expense (benefit) was as follows:\n(1) The U.S. federal statutory rate was 21% for fiscal 2019, 24.58% for fiscal 2018, and 35%\nfor fiscal 2017.\n(2) Excludes items which are separately presented.\nThe income tax benefit for fiscal 2019 included a $216 million income tax benefit related to the tax impacts of certain measures of the Switzerland Federal Act on Tax Reform and AHV Financing (\u201cSwiss Tax Reform\u201d), a $90 million income tax benefit related to the effective settlement of a tax audit in a non-U.S. jurisdiction, and $15 million of income tax expense associated with the tax impacts of certain legal entity restructurings and intercompany transactions. See \u201cSwiss Tax Reform\u201d below for additional information regarding Swiss Tax Reform.\nThe income tax benefit for fiscal 2018 included a $1,222 million net income tax benefit associated with the tax impacts of certain legal entity restructurings and intercompany transactions that occurred in the quarter ended September 28, 2018. The net income tax benefit of $1,222 million related primarily to the recognition of certain non-U.S. loss carryforwards and basis differences in subsidiaries expected to be utilized against future taxable income, partially offset by a $46 million increase in the valuation allowance for certain U.S. federal tax credit carryforwards. The income tax benefit for fiscal 2018 also included $567 million of income tax expense related to the tax impacts of the Tax Cuts and Jobs Act (the \u201cAct\u201d) and a $61 million net income tax benefit related to the tax impacts of certain legal entity restructurings that occurred in the quarter ended December 29, 2017. See \u201cTax Cuts and Jobs Act\u201d below for additional information regarding the Act.\nThe income tax expense for fiscal 2017 included a $52 million income tax benefit associated with the tax impacts of certain intercompany transactions and the corresponding reduction in the valuation allowance for U.S. tax loss carryforwards, a $40 million income tax benefit related to share-based payments and the adoption of ASU No. 2016-09, and a $14 million income tax benefit associated with pre-separation tax matters.\n\n | | Fiscal | \n------------------------------------------------------------------ | ------ | ------------- | -----\n | 2019 | 2018 | 2017 \n | | (in millions) | \nNotional U.S. federal income tax expense at the statutory rate (1) | $ 406 | $ 551 | $ 602\nAdjustments to reconcile to the income tax expense (benefit): | | | \nU.S. state income tax benefit, net | (5) | (7) | (4) \nTax law changes | 15 | 638 | 7 \nTax credits | (22) | (8) | (8) \nNon-U.S. net earnings(2) | (166) | (213) | (355)\nChange in accrued income tax liabilities | (61) | 13 | 24 \nValuation allowance | (163) | 33 | (1) \nLegal entity restructuring and intercompany transactions | 3 | (1,329) | (40) \nExcess tax benefits from share-based payments | (8) | (24) | (40) \nOther | (14) | 2 | (5) \nIncome tax expense (benefit) | $ (15) | $ (344) | $ 180"} {"_id": "d1b2f4fc6", "title": "", "text": "Information about VMware\u2019s payments for such arrangements during the periods presented consisted of the following (table in millions):\n1) Amount includes indirect taxes that were remitted to Dell during the periods presented.\nVMware also purchases Dell products through Dell\u2019s channel partners. Purchases of Dell products through Dell\u2019s channel partners were not significant during the periods presented.\nFrom time to time, VMware and Dell also enter into joint marketing, sales, branding and product development arrangements, for which both parties may incur costs.\nDuring the fourth quarter of fiscal 2020, VMware entered into an arrangement with Dell to transfer approximately 250 professional services employees from Dell to VMware. These employees are experienced in providing professional services delivering VMware technology and this transfer centralizes these resources within the Company in order to serve its customers more efficiently and effectively. The transfer was substantially completed during the fourth quarter of fiscal 2020 and did not have a material impact to the consolidated financial statements. VMware also expects that Dell will resell VMware consulting solutions.\nDuring the third quarter of fiscal 2019, VMware acquired technology and employees related to the Dell EMC Service Assurance Suite, which provides root cause analysis management software for communications service providers, from Dell. The purchase of the Dell EMC Service Assurance Suite was accounted for as a transaction by entities under common control. The amount of the purchase price in excess of the historical cost of the acquired assets was recognized as a reduction to retained earnings on the consolidated balance sheets. Transition services were provided by Dell over a period of 18 months, starting from the date of the acquisition, which were not significant.\nDuring the second quarter of fiscal 2018, VMware acquired Wavefront, Inc. (\u201cWavefront\u201d). Upon closing of the acquisition, Dell was paid $20 million in cash for its non-controlling ownership interest in Wavefront.\n\n | | For the Year Ended | \n------------------------------------------------------------- | ---------------- | ------------------ | ----------------\n | January 31, 2020 | February 1, 2019 | February 2, 2018\nPurchases and leases of products and purchases of services(1) | $242 | $200 | $142 \nDell subsidiary support and administrative costs | 119 | 145 | 212 "} {"_id": "d1b3ba3c0", "title": "", "text": "Earnings per share presents the amount of profit generated for the reporting period attributable to shareholders divided by the weighted average number of shares on issue. The potential for any share rights issued by the Group to dilute existing shareholders\u2019 ownership when the share rights are exercised are also presented.\n(1) Weighted average number of shares has been adjusted to remove shares held in trust by Woolworths Custodian Pty Ltd (as trustee of various employee share trusts)\n(2) Includes 8.0 million (2018: 3.4 million) shares deemed to be issued for no consideration in respect of employee performance rights.\nIn 2019, the weighted average number of ordinary shares used in the calculation of EPS included the effect of the off-market share buy-back that was completed on 27 May 2019, resulting in 58.7 million ordinary shares being cancelled. Refer to Note 4.3 for further details on the share buy-back.\n\n | 2019 | 2018 \n----------------------------------------------------------------------------------- | -------- | --------\n | 53 WEEKS | 52 WEEKS\nProfit for the period attributable to equity holders of the parent entity used in | | \nearnings per share ($M) | | \nContinuing operations | 1,493 | 1,605 \nDiscontinued operations | 1,200 | 119 \n | 2,693 | 1,724 \nWeighted average number of shares used in earnings per share (shares, millions) (1) | | \nBasic earnings per share | 1,305.7 | 1,300.5 \nDiluted earnings per share (2) | 1,313.7 | 1,303.9 \nBasic earnings per share (cents per share) (1) | | \nContinuing operations | 114.3 | 123.4 \nDiscontinued operations | 91.9 | 9.2 \n | 206.2 | 132.6 \nDiluted earnings per share (cents per share) (1,2) | | \nContinuing operations | 113.6 | 123.1 \nDiscontinued operations | 91.3 | 9.2 \n | 204.9 | 132.3 "} {"_id": "d1b361266", "title": "", "text": "Goodwill\nThe following table summarizes the changes in the carrying amount of goodwill during the periods presented (table in millions):\n\n | January 31, 2020 | February 1, 2019\n----------------------------------------------------- | ---------------- | ----------------\nBalance, beginning of the year | $7,418 | $6,660 \nIncrease in goodwill related to business combinations | 1,911 | 784 \nOther adjustment | \u2014 | (26) \nBalance, end of the year | $9,329 | $7,418 "} {"_id": "d1b32ae78", "title": "", "text": "30. Financial instruments and financial risk management continued\nb) Credit risk continued\nThe composition of trade receivables at 31 December is as follows:\nThe Group closely monitors amounts due from customers and performs activities such as credit checks and reviews of payment history and has put in place appropriate credit approval limits. Based on these procedures, management assessed the quality of those receivables that are past due but not impaired as low risk.\nThe receivables\u2019 provision is based on expected credit losses. The movement on the provision during the year is given in note 20. The value of impaired trade receivables is $1.4 million (2018 $0.9 million). For all other financial assets, the maximum exposure to credit risk is represented by the carrying amount.\n\n | 2019 | 2018 \n----------------------------- | --------- | ---------\n | $ million | $ million\nNeither impaired nor past due | 115.3 | 99.8 \nPast due but not impaired: | | \n\u2013 Less than 30 days overdue | 8.6 | 16.8 \n\u2013 30 to 60 days | 3.6 | 3.2 \n\u2013 Over 60 days | 1.2 | 3.6 \nTrade receivables | 128.7 | 123.4 "} {"_id": "d1b30fc4a", "title": "", "text": "Research and Development Expenses: research and development expenses consist primarily of personnel related expenditures. We intend to continue to invest significantly in our research and development efforts because, in our judgment, they are essential to maintaining our competitive position.\n(1) Excluding stock-based compensation\nOn a constant currency basis, total research and development expenses were flat in fiscal 2019, as lower employee related expenses including lower variable compensation were offset by an increase in stock-based compensation expenses .\n\nYear Ended May 31, | | | | \n---------------------------- | ------ | ------ | -------------- | ------\n | | | Percent Change | \n(Dollars in millions) | 2019 | Actual | Constant | 2018 \nResearch and development (1) | $5,063 | -2% | 0% | $5,163\nStock-based compensation | 963 | 5% | 5% | 921 \nTotal expenses | $6,026 | -1% | 0% | $6,084\n% of Total Revenues | 15% | | | 15% "} {"_id": "d1a71cfa0", "title": "", "text": "AMERICAN TOWER CORPORATION AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS\n20. SUPPLEMENTAL CASH FLOW INFORMATION\nSupplemental cash flow information and non-cash investing and financing activities are as follows for the years ended December 31,:\n(1) Related to the note extinguishment with TV Azteca, S.A. de C.V. in 2018.\n\n | 2019 | 2018 | 2017 \n-------------------------------------------------------------------------------------------------------------------------------- | ------ | ------ | ------\nSupplemental cash flow information: | | | \nCash paid for interest | $750.2 | $789.7 | $712.1\nCash paid for income taxes (net of refunds of $11.2, $25.0 and $20.7, respectively) | 147.5 | 163.9 | 136.5 \nNon-cash investing and financing activities: | | | \n(Decrease) increase in accounts payable and accrued expenses for purchases of property and equipment and construction activities | (21.0) | 8.3 | 34.0 \nPurchases of property and equipment under finance leases, perpetual easements and capital leases | 81.3 | 57.8 | 54.8 \nFair value of debt assumed through acquisitions | 329.8 | \u2014 | \u2014 \nAcquisition of Commercialization Rights (1) | \u2014 | 24.8 | \u2014 \nConversion of third-party debt to equity | \u2014 | \u2014 | 48.2 \nDebt financed acquisition of communication sites | \u2014 | 54.2 | \u2014 "} {"_id": "d1b2e5d50", "title": "", "text": "5. Income taxes: (Continued)\nIn the normal course of business the Company takes positions on its tax returns that may be challenged by taxing\nauthorities. The Company evaluates all uncertain tax positions to assess whether the position will more likely than not\nbe sustained upon examination. If the Company determines that the tax position is not more likely than not to be\nsustained, the Company records a liability for the amount of the benefit that is not more likely than not to be realized\nwhen the tax position is settled. The Company does not have a liability for uncertain tax positions at December 31,\n2019 and does not expect that its liability for uncertain tax positions will materially increase during the twelve months\nended December 31, 2020, however, actual changes in the liability for uncertain tax positions could be different than\ncurrently expected. If recognized, changes in the Company's total unrecognized tax benefits would impact the\nCompany's effective income tax rate.\nIn the normal course of business the Company takes positions on its tax returns that may be challenged by taxing authorities. The Company evaluates all uncertain tax positions to assess whether the position will more likely than not be sustained upon examination. If the Company determines that the tax position is not more likely than not to be sustained, the Company records a liability for the amount of the benefit that is not more likely than not to be realized when the tax position is settled. The Company does not have a liability for uncertain tax positions at December 31, 2019 and does not expect that its liability for uncertain tax positions will materially increase during the twelve months ended December 31, 2020, however, actual changes in the liability for uncertain tax positions could be different than currently expected. If recognized, changes in the Company's total unrecognized tax benefits would impact the Company's effective income tax rate. In the normal course of business the Company takes positions on its tax returns that may be challenged by taxing authorities. The Company evaluates all uncertain tax positions to assess whether the position will more likely than not be sustained upon examination. If the Company determines that the tax position is not more likely than not to be sustained, the Company records a liability for the amount of the benefit that is not more likely than not to be realized when the tax position is settled. The Company does not have a liability for uncertain tax positions at December 31, 2019 and does not expect that its liability for uncertain tax positions will materially increase during the twelve months ended December 31, 2020, however, actual changes in the liability for uncertain tax positions could be different than currently expected. If recognized, changes in the Company's total unrecognized tax benefits would impact the Company's effective income tax rate. In the normal course of business the Company takes positions on its tax returns that may be challenged by taxing authorities. The Company evaluates all uncertain tax positions to assess whether the position will more likely than not be sustained upon examination. If the Company determines that the tax position is not more likely than not to be sustained, the Company records a liability for the amount of the benefit that is not more likely than not to be realized when the tax position is settled. The Company does not have a liability for uncertain tax positions at December 31, 2019 and does not expect that its liability for uncertain tax positions will materially increase during the twelve months ended December 31, 2020, however, actual changes in the liability for uncertain tax positions could be different than currently expected. If recognized, changes in the Company's total unrecognized tax benefits would impact the Company's effective income tax rate.\nThe Company or one of its subsidiaries files income tax returns in the US federal jurisdiction and various state and foreign jurisdictions. The Company is subject to US federal tax and state tax examinations for years 2004 to 2019. The Company is subject to tax examinations in its foreign jurisdictions generally for years 2005 to 2019.\nThe following is a reconciliation of the Federal statutory income taxes to the amounts reported in the financial statements (in thousands).\n\n | | Years Ended December 31, | \n--------------------------------------------- | --------- | ------------------------ | ---------\n | 2019 | 2018 | 2017 \nFederal income tax expense at statutory rates | $(11,061) | $(8,690) | $(10,892)\nEffect of: | | | \nState income taxes, net of federal benefit | (2,973) | (2,665) | (2,244) \nImpact of foreign operations | (11) | (146) | 74 \nNon-deductible expenses | (592) | (1,274) | (1,350) \nFederal tax rate change | \u2014 | \u2014 | (9,046) \nTax effect of TCJA from foreign earnings | (28) | (130) | (2,296) \nOther | (581) | (645) | 239 \nChanges in valuation allowance | 92 | 835 | 273 \nIncome tax expense | $(15,154) | $(12,715) | $(25,242)"} {"_id": "d1b3a4dea", "title": "", "text": "8.1 CAPITAL STRUCTURE\nThe table below summarizes debt-related financial ratios over the last two fiscal years and the fiscal 2020 guidelines:\n(1) Based on mid-range guidelines. (2) Excludes amortization of deferred transaction costs and commitment fees but includes the impact of interest rate swaps. Potential variations in the US LIBOR rates in fiscal 2020 have not been considered. (3) Taking into consideration the interest rate swaps in effect at the end of each fiscal year. (4) Net indebtedness is defined as the aggregate of bank indebtedness, balance due on business combinations and principal on long-term debt, less cash and cash equivalents. (5) Adjusted EBITDA and financial expense for fiscal year 2018 include only eight months of MetroCast operations. (6) Specific guidance on interest coverage cannot be provided given that financial expense guidance is not provided.\nIn fiscal 2019, the financial leverage ratio relating to net indebtedness over adjusted EBITDA has declined as a result of the sale of Cogeco Peer 1 on April 30, 2019 for a net cash consideration of $720 million and to a lesser extent growing adjusted EBITDA and a reduction in net indebtedness from generated free cash flow. In fiscal 2020, prior to the adoption of IFRS 16 Leases, the financial leverage ratio relating to net indebtedness over adjusted EBITDA should continue to decline as a result of growing adjusted EBITDA and a projected reduction in net indebtedness from generated free cash flow.\n\nYears ended August 31, | 2020 Guidelines(1) | 2019 | 2018\n---------------------------------------- | ------------------ | ---- | ----\nAverage cost of indebtedness(2) | 4.4% | 4.4% | 4.4%\nFixed rate indebtedness(3) | 78% | 78% | 72% \nAverage term: long-term debt (in years) | 3.9 | 4.9 | 5.7 \nNet indebtedness(4) / adjusted EBITDA(5) | 2.3 | 2.6 | 3.8 \nAdjusted EBITDA / financial expense(5) | N/A (6) | 6.3 | 5.4 "} {"_id": "d1b3616a8", "title": "", "text": "The following table sets forth activity during the years ended December 31, 2019 and 2018 related to finite-lived intangible assets:\nThe Company regularly reviews the carrying amounts of its long-lived assets subject to depreciation and amortization, as well as the related useful lives, to determine whether indicators of impairment may exist which warrant adjustments to carrying values or estimated useful lives. An impairment loss is recognized when the sum of the expected future undiscounted net cash flows is less than the carrying amount of the asset.\nShould impairment exist, the impairment loss is measured based on the excess of the carrying amount of the asset over the asset\u2019s fair value. During the years ended December 31, 2019 and 2017, no impairment losses related to finite-lived intangible assets were recognized. Impairment loss related to finite-lived intangible assets for the year ended December 31, 2018 was $2.2 million and related to acquired developed technology.\n\n | Years Ended December 31, | \n-------------------------------------------- | ------------------------ | --------\n | 2019 | 2018 \n | (in thousands) | \nBeginning balance | $240,500 | $310,645\nOther additions | 86 | \u2014 \nTransfers to developed technology from IPR&D | 4,400 | \u2014 \nAmortization | (57,015) | (67,947)\nImpairment losses | \u2014 | (2,198) \nEnding balance | $187,971 | 240,500 "} {"_id": "d1b3bca94", "title": "", "text": "Horizon Clinicals and Series2000 Revenue Cycle Discontinued Operation\nTwo of the product offerings acquired with the EIS Business in 2017, Horizon Clinicals and Series2000 Revenue Cycle, were sunset after March 31, 2018. The decision to discontinue maintaining and supporting these solutions was made prior to our acquisition of the EIS Business and, therefore, they are presented below as discontinued operations.\nUntil the end of the first quarter of 2018, we were involved in ongoing maintenance and support for these solutions until customers transitioned to other platforms. No disposal gains or losses were recognized during the year ended December 31, 2018 related to these discontinued solutions. We had $0.9 million of accrued expenses associated with the Horizon Clinicals and Series2000 Revenue Cycle businesses on the consolidated balance sheets as of December 31, 2018\nThe following table summarizes the major income and expense line items of these discontinued solutions, as reported in the consolidated statements of operations for the years ended December 31, 2018 and 2017:\n\n(In thousands) | 2018 | 2017 \n-------------------------------------------------------------------------------------------------------------------------------------------- | ------- | -------\nMajor classes of line items constituting pretax profit (loss) of discontinued operations for Horizon Clinicals and Series2000 Revenue Cycle: | | \nRevenue: | | \nSoftware delivery, support and maintenance | $9,441 | $10,949\nClient services | 404 | 1,044 \nTotal revenue | 9,845 | 11,993 \nCost of revenue: | | \nSoftware delivery, support and maintenance | 2,322 | 2,918 \nClient services | 830 | 261 \nTotal cost of revenue | 3,152 | 3,179 \nGross profit | 6,693 | 8,814 \nResearch and development | 1,651 | 1,148 \nIncome from discontinued operations for Horizon Clinicals and Series2000 Revenue Cycle before income taxes | 5,042 | 7,666 \nIncome tax provision | (1,311) | (2,990)\nIncome from discontinued operations, net of tax for Horizon Clinicals and Series2000 Revenue Cycle | $3,731 | $4,676 "} {"_id": "d1b338a6e", "title": "", "text": "Opening Balance Sheet Adjustments\nThe following summarizes the effect of adopting the above new accounting standards:\n(1) The balance as of March 30, 2018, includes income tax receivable and prepaid income taxes of $107 million and short-term deferred commissions of $94 million. The opening balance as of March 31, 2018, includes income tax receivable and prepaid income taxes of $99 million and short-term deferred commissions of $86 million.\n(2) The balance as of March 30, 2018, includes long-term deferred commissions of $35 million, long-term income tax receivable and prepaid income taxes of $61 million and deferred income tax assets of $46 million. The opening balance as of March 31, 2018, includes long-term deferred commissions of $92 million, long-term income tax receivable and prepaid income taxes of $29 million, and deferred income tax assets of $828 million.\n\n(in millions) | Balance as of March 30, 2018 | Revenue Recognition Guidance | Accounting for Income Taxes Guidance | Opening Balance as of March 31, 2018\n------------------------------- | ---------------------------- | ---------------------------- | ------------------------------------ | ------------------------------------\nAccounts receivable, net | $809 | $24 | $\u2014 | $833 \nOther current assets (1) | $522 | $(8) | $(8) | $506 \nOther long-term assets (2) | $526 | $57 | $750 | $1,333 \nTotal assets | $15,759 | $73 | $742 | $16,574 \nShort-term contract liabilities | $2,368 | $(107) | $\u2014 | $2,261 \nOther current liabilities | $372 | $(2) | $\u2014 | $370 \nLong-term contract liabilities | $735 | $(62) | $\u2014 | $673 \nDeferred income tax liabilities | $592 | $47 | $\u2014 | $639 \nTotal liabilities | $10,736 | $(124) | $\u2014 | $10,612 \nRetained earnings | $328 | $197 | $742 | $1,267 "} {"_id": "d1b2ff39a", "title": "", "text": "Results of Operations\nConsolidated Results of Operations\nThe following tables present certain financial data for the periods indicated (dollars in millions):\n\n | | Year ended December 31, | \n------------------------------------------------------------------------------ | -------- | ----------------------- | --------\n | 2019 | 2018 | 2017 \nRevenues | $1,177.2 | $1,114.0 | $1,051.6\nExpenses: | | | \nOperating expenses | 646.0 | 625.4 | 569.5 \nDepreciation and amortization | 236.2 | 217.0 | 206.5 \nTransition and integration costs | 5.4 | 6.6 | 13.1 \nTotal expenses | 887.6 | 849.0 | 789.1 \nOperating income | 289.6 | 265.0 | 262.5 \nOperating margin | 24.6% | 23.8% | 25.0% \nInterest expense, net | (63.5) | (51.7) | (57.5) \nOther expense, net | (1.4) | (7.1) | (12.6) \nEarnings before income taxes and equity in losses of unconsolidated affiliates | 224.7 | 206.2 | 192.4 \nIncome tax expense (benefit) | 41.9 | 37.7 | (61.8) \nEarnings before equity in losses of unconsolidated affiliates | 182.8 | 168.5 | 254.2 \nEquity in losses of unconsolidated affiliates, net of tax | (74.0) | \u2014 | \u2014 \nNet earnings | $108.8 | $168.5 | $254.2 \nEarnings per share: | | | \nNet earnings per share attributable to Black Knight common shareholders: | | | \nDiluted | $0.73 | $1.14 | $1.47 \nWeighted average shares of common stock outstanding: | | | \nDiluted | 148.6 | 148.2 | 152.4 "} {"_id": "d1b37ff2c", "title": "", "text": "(b) Purchase Commitments with Contract Manufacturers and Suppliers\nWe purchase components from a variety of suppliers and use several contract manufacturers to provide manufacturing services for our products. During the normal course of business, in order to manage manufacturing lead times and help ensure adequate component supply, we enter into agreements with contract manufacturers and suppliers that either allow them to procure inventory based upon criteria as defined by us or establish the parameters defining our requirements. A significant portion of our reported purchase commitments arising from these agreements consists of firm, noncancelable, and unconditional commitments. Certain of these purchase commitments with contract manufacturers and suppliers relate to arrangements to secure long-term pricing for certain product components for multi-year periods. In certain instances, these agreements allow us the option to cancel, reschedule, and adjust our requirements based on our business needs prior to firm orders being placed.\nThe following table summarizes our purchase commitments with contract manufacturers and suppliers (in millions):\nWe record a liability for firm, noncancelable, and unconditional purchase commitments for quantities in excess of our future demand forecasts consistent with the valuation of our excess and obsolete inventory. As of July 27, 2019 and July 28, 2018, the liability for these purchase commitments was $129 million and $159 million, respectively, and was included in other current liabilities.\n\nCommitments by Period | July 27, 2019 | July 28, 2018\n--------------------- | ------------- | -------------\nLess than 1 year | $4,239 | $5,407 \n1 to 3 years | 728 | 710 \n3 to 5 years | \u2014 | 360 \nTotal | $4,967 | $6,477 "} {"_id": "d1b3bd6b0", "title": "", "text": "Purchases of Equity Securities by the Issuer and Affiliated Purchasers\nThe following table provides information with respect to the shares of common stock repurchased by us during the three months ended April 26, 2019:\nIn May 2003, our Board of Directors approved a stock repurchase program. As of April 26, 2019, our Board of Directors has authorized the repurchase of up to $13.6 billion of our common stock, including a $4.0 billion increase approved by our Board of Directors in April 2018. Since inception of the program through April 26, 2019, we repurchased a total of 313 million shares of our common stock for an aggregate purchase price of $11.7 billion. Under this program, we may purchase shares of our outstanding common stock through solicited or unsolicited transactions in the open market, in privately negotiated transactions, through accelerated share repurchase programs, pursuant to a Rule 10b5-1 plan or in such other manner as deemed appropriate by our management. The stock repurchase program may be suspended or discontinued at any time.\n\nPeriod | Total Number of Shares Purchased | Average Price Paid per Share | Total Number of Shares Purchased as Part of Publicly Announced Program | Approximate Dollar Value of Shares That May Yet Be Purchased Under The Repurchased Program\n------------------------------------ | -------------------------------- | ---------------------------- | ---------------------------------------------------------------------- | ------------------------------------------------------------------------------------------\n | (Shares in thousands) | | (Shares in thousands) | (Dollars in millions) \nJanuary 26, 2019 - February 22, 2019 | 262 | $ 64.77 | 306,255 | $ 2,372 \nFebruary 23, 2019 - March 22, 2019 | 3,380 | $ 65.53 | 309,635 | $ 2,150 \nMarch 23, 2019 - April 26, 2019 | 3,608 | $72.49 | 313,244 | $ 1,889 \nTotal | 7,250 | $68.97 | | "} {"_id": "d1b36aab4", "title": "", "text": "The following table presents summary results for each of our three businesses for each of fiscal 2019 , 2018 and 2017 :\n(1) Cloud and license revenues presented for management reporting included revenues related to cloud and license obligations that would have otherwise been recorded by the acquired businesses as independent entities but were not recognized in our consolidated statements of operations for the periods presented due to business combination accounting requirements. See Note 9 for an explanation of these adjustments and the table below for a reconciliation of our total operating segment revenues to our total consolidated revenues as reported in our consolidated statements of operations\n(2) The margins reported reflect only the direct controllable costs of each line of business and do not include allocations of product development, general and administrative and certain other allocable expenses, net. Additionally, the margins reported above do not reflect amortization of intangible assets, acquisition related and other expenses, restructuring expenses, stock-based compensation, interest expense or non-operating income, net. refer to the table below for a reconciliation of our total margin for operating segments to our income before provision for income taxes as reported per our consolidated statements of operations.\n\nYear Ended May 31, | | | \n------------------------------------------- | ------- | ------- | -------\n(in millions) | 2019 | 2018 | 2017 \nCloud and license: | | | \nrevenues (1) | $32,582 | $32,041 | $30,452\nCloud services and license support expenses | 3,597 | 3,441 | 2,881 \nSales and marketing expenses | 7,398 | 7,213 | 6,770 \nMargin (2) | $21,587 | $21,387 | $20,801\nHardware: | | | \nrevenues | $3,704 | $3,994 | $4,152 \nHardware products and support expenses | 1,327 | 1,547 | 1,618 \nSales and marketing expenses | 520 | 643 | 825 \nMargin (2) | $1,857 | $1,804 | $1,709 \nServices: | | | \nrevenues | $3,240 | $3,395 | $3,359 \nServices expenses | 2,703 | 2,729 | 2,661 \nMargin (2) | $537 | $666 | $698 \nTotals: | | | \nrevenues (1) | $39,526 | $39,430 | $37,963\nExpenses | 15,545 | 15,573 | 14,755 \nMargin (2) | $23,981 | $23,857 | $23,208"} {"_id": "d1b39f390", "title": "", "text": "9. BALANCE SHEET DETAILS (Continued)\nOther long-term liabilities consist of the following (in thousands):\n\n | Fiscal year-end | \n--------------------------------------------------- | --------------- | --------\n | 2019 | 2018 \nLong-term taxes payable | $37,385 | $36,336 \nDeferred compensation (see Note 13) | 39,715 | 40,895 \nDeferred tax liabilities (see Note 16) | 27,785 | 26,339 \nDeferred revenue | 8,012 | 5,091 \nAsset retirement obligations liability (see Note 2) | 4,934 | 4,529 \nDefined benefit plan liabilities (see Note 14) | 45,862 | 37,528 \nOther long-term liabilities | 2,188 | 1,238 \nTotal other long-term liabilities | $165,881 | $151,956"} {"_id": "d1b347492", "title": "", "text": "15 Goodwill and other intangible assets continued\nImpairment\nIn accordance with the requirements of IAS 36 (Impairment of Assets), goodwill is allocated to the Group\u2019s cash-generating units, or groups of cash-generating units, that are expected to benefit from the synergies of the business combination that gave rise to the goodwill.\nDuring 2019, we performed a review on the basis of identification of our individual CGUs. As a result of this review, we have consolidated a number of our current individual CGUs into groups of CGUs that represent the lowest level to which goodwill is monitored for internal management purposes, being each operating segment as disclosed in Note 3. As a result, we performed an impairment review at an operating segment CGU level, the breakdown of the goodwill value at 31st December across these is shown below:\nIn order to complete the transition to performing goodwill impairment reviews at an operating segment level, we also performed a goodwill impairment review as at 31st December 2019 under the historical CGU basis. The result of this impairment review led to an impairment of \u00a34.2m\u00a0being recognised in respect of Watson-Marlow FlowSmart. No other impairment was recognised.\nThe goodwill balance has been tested for annual impairment on the following basis:\n\u2022 the carrying values of goodwill have been assessed by reference to value in use. These have been estimated using cash flows based on forecast information for the next financial year which have been approved by the Board and then extended up to a further 9 years based on the most recent forecasts prepared by management; \u2022 pre-tax discount rates range from 11-12% (2018: 10-15%); \u2022 short to medium-term growth rates vary between 3-8% depending on detailed forecasts (2018: 2-8%). The range in rates excludes the annualised impact of owning Thermocoax for a first full year in 2020. The short to medium-term is defined as not more than 10 years; and \u2022 long-term growth rates are set using IMF forecasts and vary between 1.8-2.5% (2018: 0.8-3.0%).\n\n | 2019 Goodwill | 2018 Goodwill\n-------------------------- | ------------- | -------------\n | \u00a3m | \u00a3m \nSteam Specialties | 113.0 | 119.3 \nElectric Thermal Solutions | 244.7 | 183.0 \nWatson-Marlow | 60.0 | 65.7 \nTotal goodwill | 417.7 | 368.0 "} {"_id": "d1b2fc51e", "title": "", "text": "10.8. Non-financial assets fair value measurement\nThe Group has classified its non-financial assets held at fair value into the three levels prescribed in note 9.8 to provide an indication about the reliability of inputs used to determine fair value.\nRecognised fair value measurements\nThe Group\u2019s policy is to recognise transfers into and out of fair value hierarchy levels at the end of the reporting period. There were no transfers between levels 1 and 2 for recurring fair value measurements during the year. During the year ended 30 June 2019 the Group transferred $2.1m from level 3 to level 2 following the reclassification of assets from freehold investment properties to assets held for sale, and $5.7m from level 2 to level 3 following the reclassification of assets from assets held for sale to freehold investment properties, as detailed in note 10.2.\nIn the prior year ended 30 June 2018 the Group transferred $4.4m from level 3 to level 2 following the reclassification of an asset from freehold investment properties to assets held for sale.\nFair value measurements using significant observable inputs (level 2)\nThe fair value of assets held for sale is determined using valuation techniques which maximise the use of observable market data. For the years ended 30 June 2019 and 30 June 2018, the Group has valued assets classified as held for sale at the contractually agreed sales price less estimated cost of sale or other observable evidence of market value.\nFair value measurements using significant unobservable inputs (level 3)\nValuation techniques used to determine level 3 fair values and valuation process Investment properties, principally storage buildings, are held for rental to customers requiring selfstorage facilities and are carried at fair value. Changes in fair values are presented in profit or loss as fair value adjustments.\nFair values are determined by a combination of independent valuations and Director valuations. The independent valuations are performed by an accredited independent valuer. Investment properties are independently valued on a rotational basis every three years unless the underlying financing requires a more frequent valuation cycle. For properties subject to an independent valuation report the Directors verify all major inputs to the valuation and review the results with the independent valuer. The Director valuations are completed by the NSH Group Board. The valuations are determined using the same techniques and similar estimates to those applied by the independent valuer.\nThe Group obtains the majority of its external independent valuations at each financial year end. The Group\u2019s policy is to maintain the valuation of the investment property valued in the preceding year at external valuation, unless there is an indication of a significant change to the property\u2019s valuation inputs.\n\n | | Level 1 | Level 2 | Level 3 | Total \n------------------------------- | ----- | ------- | ------- | --------- | ---------\n | Notes | $'000 | $'000 | $'000 | $'000 \nAt 30 June 2019 | | | | | \nAssets held for sale | 10.2 | - | 1,107 | - | 1,107 \nLeasehold investment properties | 10.4 | - | - | 215,279 | 215,279 \nFreehold investment properties | 10.4 | - | - | 1,874,698 | 1,874,698\n | | - | 1,107 | 2,089,977 | 2,091,084\nAt 30 June 2018 | | | | | \nAssets held for sale | 10.2 | - | 5,713 | - | 5,713 \nLeasehold investment properties | 10.4 | - | - | 207,664 | 207,664 \nFreehold investment properties | 10.4 | - | | 1,377,924 | 1,377,924"} {"_id": "d1b36fdf2", "title": "", "text": "Long-term obligations consist of the following (in thousands):\n(1) Net of debt issuance costs of $6.4 million and $11.2 million at September 28, 2019 and September 29, 2018, respectively.\n\n | Fiscal year-end | \n-------------------------------------------- | --------------- | --------\n | 2019 | 2018 \nEuro Term Loan due 2024(1) | $385,208 | $411,661\n1.3% Term loan due 2024 | 5,466 | 7,242 \n1.0% State of Connecticut term loan due 2023 | 1,028 | 1,406 \nCapital lease obligations | 536 | 402 \nTotal long-term obligations | $392,238 | $420,711"} {"_id": "d1b33a616", "title": "", "text": "Production start-up\nProduction start-up expense consists primarily of employee compensation and other costs associated with operating a production line before it is qualified for full production, including the cost of raw materials for solar modules run through the production line during the qualification phase and applicable facility related costs. Costs related to equipment upgrades and implementation of manufacturing process improvements are also included in production start-up expense as well as costs related to the selection of a new site, related legal and regulatory costs, and costs to maintain our plant replication program to the extent we cannot capitalize these expenditures. In general, we expect production start-up expense per production line to be higher when we build an entirely new manufacturing facility compared with the addition or replacement of production lines at an existing manufacturing facility, primarily due to the additional infrastructure investment required when building an entirely new facility.\nThe following table shows production start-up expense for the years ended December 31, 2019, 2018, and 2017:\nDuring 2019, we incurred production start-up expense at our new facility in Lake Township, Ohio. We also incurred production start-up expense at our second facility in Ho Chi Minh City, Vietnam in early 2019. During 2018, we incurred production start-up expense for the transition to Series 6 module manufacturing at our facilities in Kulim, Malaysia and Ho Chi Minh City, Vietnam. We also incurred production start-up expense for the transition to Series 6 module manufacturing at our facility in Perrysburg, Ohio in early 2018.\n\n | | Years Ended | | | Change | | \n---------------------- | ------- | ----------- | ------- | -------------- | ------ | -------------- | ----\n(Dollars in thousands) | 2019 | 2018 | 2017 | 2019 over 2018 | | 2018 over 2017 | \nProduction start-up | $45,915 | $90,735 | $42,643 | $(44,820) | (49)% | $48,092 | 113%\n% of net sales | 1.5% | 4.0% | 1.4% | | | | "} {"_id": "d1b2e4da6", "title": "", "text": "30. EMPLOYEE BENEFIT PLANS (cont.)\nThe above sensitivities are hypothetical and should be used with caution. Changes in amounts based on a one percent variation in assumptions generally cannot be extrapolated because the relationship of the change in assumption to the change in amounts may not be linear. The sensitivities have been calculated independently of changes in other key variables. Changes in one factor may result in changes in another, which could amplify or reduce certain sensitivities.\nThe Company expects to make contributions of $5.1 million to the defined benefit plans and $0.6 million to the defined contribution plan of Telesat Canada during the next fiscal year.\n\n | Pension | | Other | \n------------------------------ | ----------- | ----------- | ----------- | -----------\nAs at December 31, 2018 | 1% increase | 1% decrease | 1% increase | 1% decrease\nDiscount rate | $(39,145) | $49,361 | $(2,471) | $3,224 \nFuture salary growth | $7,572 | $(6,919) | N/A | N/A \nMedical and dental trend rates | N/A | N/A | $1,703 | $(1,280) "} {"_id": "d1b33a9ea", "title": "", "text": "12. Restructuring\nIn fiscal 2019, the Company initiated a restructuring plan to increase efficiency in its sales, marketing and distribution functions as well as reduce costs across all functional areas. During the year ended March 31, 2019, the Company incurred total restructuring charges of $14,765. These restructuring charges relate primarily to severance and related costs associated with headcount reductions and lease abandonment charges associated with two leases. These charges include $2,632 of stock- based compensation related to modifications of existing unvested awards granted to certain employees impacted by the restructuring plan.\nThe activity in the Company\u2019s restructuring accruals for the year ended March 31, 2019 is summarized as follows:\nAs of March 31, 2019, the outstanding restructuring accruals primarily relate to future severance and lease payments.\n(In thousands, except per share data)\n\n | Lease abandonment charges | Severance & payroll related charges | Total \n------------------------- | ------------------------- | ----------------------------------- | --------\nBalance at March 31, 2018 | $\u2014 | $\u2014 | $\u2014 \nRestructuring charges | 1,034 | 14,606 | 15,640 \nPayments | (540) | (12,642) | (13,182)\nAccrual reversals | \u2014 | (875) | (875) \nBalance at March 31, 2019 | $494 | $1,089 | $1,583 "} {"_id": "d1b3c5fe0", "title": "", "text": "Other income (expense)\nnm\u2014not meaningful\nInterest income increased $1.2 million primarily as a result of higher weighted-average balances of cash, cash equivalents and investments and higher yields on investments.\nInterest expense increased $5.3 million primarily as a result of interest expense of $3.3 million associated with our long-term debt and our financing lease obligation of $2.0 million in connection with the construction of our Lexington, MA \u2013 U.S. headquarters.\nForeign exchange expense and other, net decreased by $3.1 million primarily as a result of a decrease in foreign exchange expense of $1.9 million, sublease income of $0.9 million and a gain on a previously held asset related to the Solebit acquisition of $0.3 million.\n\n | Year ended March 31, | | Period-to-period change | \n--------------------------------------- | -------------------- | ---------------------- | ----------------------- | --------\n | 2019 | 2018 | Amount | % Change\n | | (dollars in thousands) | | \nOther income (expense): | | | | \nInterest income | $ 2,515 | $ 1,310 | $ 1,205 | 92 % \nInterest expense | (5,940) | (598) | (5,342) | nm \nForeign exchange expense and other, net | (356) | (3,439) | 3,083 | nm \nTotal other income (expense), net | $ (3,781) | $ (2,727) | $ (1,054) | nm "} {"_id": "d1b34ca32", "title": "", "text": "12 Directors\u2019 Remuneration\nDirectors\u2019 emoluments represent all earnings and aggregate contributions to pension schemes made during the year as a Director of Sophos Group plc and its subsidiaries. Further details can be found in the Group\u2019s Remuneration Report on pages 91 to 101.\n\n | Year-ended 31 March 2019 | Year-ended 31 March 2018\n---------------------------------- | ------------------------ | ------------------------\n | $M | $M \nDirectors\u2019 emoluments | 2.3 | 3.3 \nGains on exercise of share options | 3.6 | 3.5 \nGains on vesting of LTIP awards | 14.5 | 4.2 \nTotal Directors\u2019 remuneration | 20.4 | 11.0 "} {"_id": "d1b362f12", "title": "", "text": "Orders at Mobility grew to a record high on a sharp increase in volume from large orders, which the Strategic Company won across the businesses, most notably in the rolling stock and the customer services businesses. Among the major contract wins were a \u20ac 1.6 billion order for metro trains in the U. K., a \u20ac 1.2 billion contract for high-speed trains including maintenance in Russia, a \u20ac 0.8 billion order for trainsets including service in Canada, a \u20ac 0.7 billion contract for diesel-electric locomotives including a service agreement in the U. S. and two orders in Germany worth \u20ac 0.4 billion and \u20ac 0.3 billion, respectively, for regional multiple-unit trainsets. In fiscal 2018, Mobility also gained a number of significant contracts across the regions.\nRevenue grew slightly as double-digit growth in the customer services business was largely offset by a decline in the rail infrastructure business. Revenue in the rolling stock business remained close to the prior-year level due to unfavorable timing effects related to the execution of large rail projects, which the business began to ramp up late in the fiscal year. Mobility continued to operate with high profitability in fiscal 2019, including a strong contribution to Adjusted EBITA from the services business. Severance charges were \u20ac 20 million, up from \u20ac 14 million in fiscal 2018. Mobility\u2019s order backlog was \u20ac 33 billion at the end of the fiscal year, of which \u20ac 8 billion are expected to be converted into revenue in fiscal 2020.\nOrder growth reflected overall strong markets for Mobility in fiscal 2019, with different dynamics among the regions. Market development in Europe was characterized by continuing awards of mid-size and large orders, particularly in the U. K., Germany and Austria. Within the C. I. S., large projects for high-speed trains and services were awarded in Russia. Demand in the Middle East and Africa was held back by ongoing uncertainties related to budget constraints and political climates. In the Americas region, stable investment activities were driven by demand for mainline\nand urban transport, especially in the U. S. and Canada.\nWithin the Asia, Australia region, Chinese markets saw ongoing investments in high-speed trains, urban transport, freight logistics and rail infrastructure, while India continues to invest in modernizing the country\u2019s transportation infrastructure. For fiscal 2020, we expect markets served by Mobility to grow moderately with increasing demand for digital solutions. Overall, rail transport and intermodal mobility solutions are expected to remain a focus as urbanization continues to progress around the world. In emerging countries, rising incomes are expected to result in greater demand for public transport solutions.\n\n | | Fiscal year | | % Change\n--------------------- | ------ | ----------- | ------ | --------\n(in millions of \u20ac) | 2019 | 2018 | Actual | Comp. \nOrders | 12,894 | 11,025 | 17 % | 16 % \nRevenue | 8,916 | 8,821 | 1 % | 0 % \nAdjusted EBITA | 983 | 958 | 3 % | \nAdjusted EBITA margin | 11.0 % | 10.9 % | | "} {"_id": "d1b3b8660", "title": "", "text": "9. Accrued Expenses and Other Current Liabilities\nAccrued expenses and other current liabilities consisted of the following:\n\n | December31, | \n-------------------------------------------------------------------------- | ----------- | ------\n | 2019 | 2018 \nAccrued payroll and employee benefits | $116.9 | $105.9\nDerivative liabilities | 93.8 | 120.5 \nCurrent portion of operating lease liabilities | 39.5 | \u2014 \nTax-related accruals | 30.8 | 38.4 \nAccrued legal and professional | 28.7 | 10.9 \nAccrued marketing and advertising expenses | 14.7 | 19.4 \nAccrued acquisition-related expenses and acquisition consideration payable | 8.3 | 74.4 \nAccrued other | 33.3 | 44.8 \n | $366.0 | $414.3"} {"_id": "d1b37ac20", "title": "", "text": "12. Derivative Instruments\n(a) Summary of Derivative Instruments\nWe use derivative instruments primarily to manage exposures to foreign currency exchange rate, interest rate, and equity price risks. Our primary objective in holding derivatives is to reduce the volatility of earnings and cash flows associated with changes in foreign currency exchange rates, interest rates, and equity prices. Our derivatives expose us to credit risk to the extent that the counterparties may be unable to meet the terms of the agreement. We do, however, seek to mitigate such risks by limiting our counterparties to major financial institutions. In addition, the potential risk of loss with any one counterparty resulting from this type of credit risk is monitored. Management does not expect material losses as a result of defaults by counterparties.\nThe notional amounts of our outstanding derivatives are summarized as follows (in millions):\n\n | July 27, 2019 | July 28, 2018\n-------------------------------------------------- | ------------- | -------------\nDerivatives designated as hedging instruments: | | \nForeign currency derivatives\u2014cash flow hedges | $663 | $147 \nInterest rate derivatives | 4,500 | 6,750 \nNet investment hedging instruments | 309 | 250 \nDerivatives not designated as hedging instruments: | | \nForeign currency derivatives | 2,708 | 2,298 \nTotal return swaps\u2014deferred compensation | 574 | 566 \nTotal | $8,754 | $10,011 "} {"_id": "d1b32b986", "title": "", "text": "Contractual Obligations and Commercial Commitments\nThe following table summarizes our non-cancelable contractual obligations and commercial commitments as of the end of 2019 and the effect such obligations and commitments are expected to have on our liquidity and cash flows in future fiscal periods (in thousands):\n(1) Certain of our wafer manufacturers require us to forecast wafer starts several months in advance. We are committed to take delivery of and pay for a portion of forecasted wafer volume.\n(2) Other commercial commitments are included as liabilities on our consolidated balance sheets as of the end of 2019.\n(3) Does not include unrecognized tax benefits of $2.1 million as of the end of 2019. See Note 10 of the Consolidated Financial Statements.\n\n | | | | Payments Due by Period | \n------------------------------------------------------------ | ------- | ---------------- | --------- | ---------------------- | -----------------\n | Total | Less than 1 year | 1-3 Years | 4-5 Years | More than 5 Years\nContractual cash obligations: | | | | | \nOperating leases | $2,040 | $611 | $902 | $527 | $\u2014 \nFinance software lease obligations | 514 | 214 | 300 | \u2014 | \u2014 \nWafer purchases (1) | 57 | 57 | \u2014 | \u2014 | \u2014 \nOther purchase commitments | 413 | 386 | 27 | \u2014 | \u2014 \nTotal contractual cash obligations | 3,024 | 1,268 | 1,229 | 527 | \u2014 \nOther commercial commitments (2): | | | | | \nRevolving line of credit | 15,000 | 15,000 | \u2014 | \u2014 | \u2014 \nTotal commercial commitments | 15,000 | 15,000 | \u2014 | \u2014 | \u2014 \nTotal contractual obligations and commercial commitments (3) | $18,024 | $16,268 | $1,229 | $527 | \u2014 "} {"_id": "d1b36ed08", "title": "", "text": "2. Inventories\nInventories as of September 28, 2019 and September 29, 2018 consisted of the following (in thousands):\nIn certain circumstances, per contractual terms, customer deposits are received by the Company to offset obsolete and excess inventory risks. The total amount of customer deposits related to inventory and included within current liabilities on the accompanying Consolidated Balance Sheets as of September 28, 2019 and September 29, 2018 was $136.5 million and $87.7 million, respectively.\nIn fiscal 2019, the Company adopted and applied Topic 606 to all contracts using the modified retrospective method of adoption. The prior year comparative information has not been restated and continues to be reported under the accounting standards in effect for fiscal 2018. Refer to Note 15, \"Revenue from Contracts with Customers,\" for further information.\n\n | 2019 | 2018 \n---------------------- | -------- | --------\nRaw materials | $577,545 | $579,377\nWork-in-process | 49,315 | 102,337 \nFinished goods | 74,078 | 112,632 \nTotal inventories, net | $700,938 | $794,346"} {"_id": "d1b371d0a", "title": "", "text": "Liquidity and Capital Resources\nOur cash, cash equivalents, and short-term investments consist primarily of money market funds and U.S. treasury bills. All of our short-term investments are classified as available-for-sale. The securities are stated at market value, with unrealized gains and losses reported as a component of accumulated other comprehensive income, within stockholders\u2019 equity. As of December 31, 2019, our cash, cash equivalents, and short-term investments totaled $89.5 million, a decrease of $35.4 million from $124.9 million on December 31, 2018.\nA summary of select cash flow information for the years ended December 31, 2019, 2018 and 2017 (in thousands):\n2019 Compared to 2018\nCash provided by (used in) operating activities - Net cash used in operating activities was $34.1 million during 2019 compared to $69.9 million cash provided by operating activities during 2018, primarily due to a $74.4 million decrease in net income, a $25.6 million decrease in deferred revenue, a $4.2 million increase in other assets, a $2.1 million increase in accounts and other receivables and a $0.9 million decrease in accrued compensation partially offset by a $3.8 million increase in other long-term liabilities. The decrease in deferred revenue primarily reflects the effect of the adoption of ASC 606 on January 1, 2018. Cash used in operating activities was also affected by a $0.5 million decrease in non-cash charges primarily related to a $3.2 million decrease in stock-based compensation expense, partially offset by a $0.9 million impairment charge related to the SJ Facility right-of-use lease asset and a $1.3 million increase in depreciation and amortization expense. The increase in depreciation and amortization expense is due primarily to amortization of right-of-use lease assets and the shortened useful life of the SJ Facility leasehold improvements and a $0.3 million increase in deferred income taxes.\nCash provided by investing activities - Net cash provided by investing activities during 2019 was $10.9 million, a decrease of $2.7 million compared to $8.2 million cash provided by investing activities during 2018. Net cash provided by investing activities during 2019 consisted of maturities of short-term investments of $20.0 million. This was partially offset by purchases of short-term investments of $8.9 million and purchases of property, plant and equipment of $0.2 million. Net cash provided by investing activities during 2018 consisted of maturities of short-term investments of $26.0 million. This was partially offset by purchases of short-term investments of $17.7 million and purchases of property, plant, and equipment of $0.1 million.\nCash provided by financing activities \u2014 Net cash provided by financing activities during 2019 was $1.3 million, a decrease of $9.5 million compared to $8.2 million cash provided by financing activities during 2018. Net cash used in financing activities during 2019 consisted of $2.7 million used to purchase of treasury stock partially offset by $1.4 million in cash proceeds from stock option exercises and stock purchases under our employee stock purchase plan. Net cash provided by financing activities during 2018 consisted primarily of $8.2 million in proceeds from stock option exercises and stock purchases under our employee stock purchase plan.\n2018 Compared to 2017\nCash provided by (used in) operating activities - Net cash provided by operating activities was $69.9 million during 2018 compared to $43.8 million cash used in operating activities during 2017. The $113.8 million change was primarily driven by $99.6 million increase in net income (loss), from $45.3 million net loss for 2017 to $54.3 million net income for 2018 and $27.0 million increase in deferred revenue, partially offset by $7.0 million increase in other assets, $4.2 million increase in prepaid expenses and other current assets, and $3.7 million decrease in accounts payable. The increases in deferred revenue and other non-current assets primarily reflected the effect of the adoption of ASC 606 on January 1, 2018. Cash provided by operating activities was also affected by an increase in non-cash charges of $2.6 million primarily related to higher stock-based compensation expense incurred for 2018 compared to 2017.\nCash provided by (used in) investing activities - Net cash provided by investing activities during 2018 was $8.2 million, a decrease of $2.8 million compared to $11.1 million cash provided by investing activities during 2017. Net cash provided by investing activities during 2018 consisted of maturities of short-term investments of $26.0 million partially offset by purchases of short-term investments of $17.7 million and purchases of property, plant and equipment of $0.1 million. Net cash provided by investing activities during 2017 consisted of maturities of short-term investments of $35.0 million partially offset by purchases of short-term investments of $23.8 million and purchases of property, plant, and equipment of $0.1 million.\nCash provided by (used in) financing activities - Net cash provided by financing activities during 2018 was $8.2 million an increase of $7.7 million compared to $0.5 million net cash provided by financing activities during 2017. Net cash provided by financing activities during 2018 consisted primarily of $8.2 million in proceeds from stock option exercises and stock purchases under our employee stock purchase plan. Net cash provided by financing activities during 2017 consisted primarily of $0.8 million proceeds from stock option exercises and stock purchases under our employee stock purchase plan partially offset by repurchases of treasury stock of $0.3 million.\nWe believe that our cash, cash equivalents, and short-term investments will be sufficient to meet our working capital needs for at least the next twelve months. Of our total cash, cash equivalents, and short-term investments of $89.5 million as of December 31, 2019, 5% was held by our foreign subsidiaries and subject to repatriation tax effects. Our intent is to permanently reinvest all of our earnings from foreign operations, and current plans do not anticipate that we will need funds generated from foreign operations to fund our domestic operations. We will continue to invest in, protect, and defend our extensive IP portfolio, which is expected to result in the continued use of cash. At December 31, 2019 there was $30.6 million remaining under our previously-approved share repurchase program. We anticipate that capital expenditures for property and equipment for the year ending December 31, 2020 will be less than $1.0 million. Cash from operations could also be affected by various risks and uncertainties, including, but not limited to the risks detailed in Part I, Item 1A, Risk Factors of this Annual Report on Form 10-K.\n\n | | Years Ended December 31, | \n--------------------------------------------------- | --------- | ------------------------ | ---------\n | 2019 | 2018 | 2017 \nNet cash (used in) provided by operating activities | $(34,099) | $69,924 | $(43,829)\nNet cash provided by investing activities | $10,920 | $8,237 | $11,068 \nNet cash (used in) provided by financing activities | $(1,331) | $8,205 | $518 "} {"_id": "d1b349954", "title": "", "text": "Operating Revenues and Selected Operating Statistics\n(1) As of end of period (2) Excluding acquisitions and adjustments.\nConsumer\u2019s total operating revenues increased $1.3 billion, or 1.4%, during 2019 compared to 2018, primarily as a result of increases in Service and Other revenues, partially offset by a decrease in Wireless equipment revenue.\nService Revenue Service revenue increased $1.2 billion, or 1.8%, during 2019 compared to 2018, primarily due to increases in wireless service and Fios revenues, partially offset by decreases in wireline voice and DSL services.\nWireless service revenue increased $1.3 billion, or 2.5%, during 2019 compared to 2018, due to increases in wireless access revenue, driven by customers shifting to higher access plans including unlimited plans and increases in the number of devices per account, the declining fixed-term subsidized plan base and growth from reseller accounts. Wireless retail postpaid ARPA increased 2.3%.\nFor the year ended December 31, 2019, Fios revenues totaled $10.4 billion and increased $92 million, or 0.9%, compared to 2018. This increase was due to a 2.5% increase in Fios Internet connections, reflecting increased demand in higher broadband speeds, partially offset by a 5.1% decrease in Fios video connections, reflecting the ongoing shift from traditional linear video to over-the-top (OTT) offerings.\nService revenue attributable to wireline voice and DSL broadband services declined during 2019, compared to 2018. The declines are primarily due to a decrease of 9.1% in voice connections resulting primarily from competition and technology substitution with wireless and competing Voice over Internet Protocol (VoIP) and cable telephony services.\nWireless Equipment Revenue Wireless equipment revenue decreased $827 million, or 4.4%, during 2019 compared to 2018, as a result of declines in wireless device sales primarily due to an elongation of the handset upgrade cycle and increased promotions. These decreases were partially offset by a shift to higher priced units in the mix of wireless devices sold.\nOther Revenue Other revenue includes non-service revenues such as regulatory fees, cost recovery surcharges, revenues associated with our device protection package, leasing and interest on equipment financed under a device payment plan agreement when sold to the customer by an authorized agent.\u00a0Other revenue increased $1.0 billion, or 14.4%, during 2019 compared to 2018, primarily due to pricing increases related to our wireless device protection plans, as well as regulatory fees.\n\n | | | (dollars in millions, except ARPA) | \n----------------------------------------------------- | -------- | -------- | ---------------------------------- | ------\n | | | Increase/ (Decrease) | \nYears Ended December 31, | 2019 | 2018 | 2019 vs. 2018 | \nService | $65,383 | $ 64,223 | $ 1,160 | 1.8% \nWireless equipment | 18,048 | 18,875 | (827) | (4.4) \nOther | 7,625 | 6,664 | 961 | 14.4 \nTotal Operating Revenues | $ 91,056 | $ 89,762 | $ 1,294 | 1.4 \nConnections (\u2018000):(1) | | | | \nWireless retail connections | 94,544 | 94,507 | 37 | \u2014 \nWireless retail postpaid connections | 90,481 | 89,861 | 620 | 0.7 \nFios Internet connections | 5,902 | 5,760 | 142 | 2.5 \nFios video connections | 4,152 | 4,377 | (225) | (5.1) \nBroadband connections | 6,467 | 6,460 | 7 | 0.1 \nVoice connections | 5,754 | 6,332 | (578) | (9.1) \nNet Additions in Period (\u2018000):(2) | | | | \nWireless retail | 379 | 372 | 7 | 1.9 \nWireless retail postpaid | 970 | 1,129 | (159) | (14.1)\nWireless retail postpaid phones | 737 | 498 | 239 | 48.0 \nChurn Rate: | | | | \nWireless retail | 1.28% | 1.25% | | \nWireless retail postpaid | 1.05% | 1.00% | | \nWireless retail postpaid phones | 0.79% | 0.76% | | \nAccount Statistics: | | | | \nWireless retail postpaid ARPA | $ 118.13 | $115.48 | $ 2.65 | 2.3 \nWireless retail postpaid accounts (\u2018000)(1) | 33,875 | 34,086 | (211) | (0.6) \nWireless retail postpaid connections per account(1) | 2.67 | 2.64 | 0.03 | 1.1 "} {"_id": "d1b2ea8fa", "title": "", "text": "Americas 2019 Exit Plan\nDuring the first quarter of 2019, the Company initiated a restructuring plan to simplify and refine its operating model in the U.S. (the \u201cAmericas 2019 Exit Plan\u201d), in part to improve agent attrition and absenteeism. The Americas 2019 Exit Plan included closing customer engagement centers, consolidating leased space in various locations in the U.S. and management reorganization. The Company finalized the actions as of September 30, 2019.\nAmericas 2018 Exit Plan\nDuring the second quarter of 2018, the Company initiated a restructuring plan to manage and optimize capacity utilization, which included closing customer engagement centers and consolidating leased space in various locations in the U.S. and Canada (the \u201cAmericas 2018 Exit Plan\u201d). The Company finalized the site closures under the Americas 2018 Exit Plan as of December 31, 2018, resulting in a reduction of 5,000 seats.\nThe Company\u2019s actions under both the Americas 2018 and 2019 Exit Plans resulted in general and administrative cost savings and lower depreciation expense.\nThe cumulative costs incurred to date related to cash and non-cash expenditures resulting from the Americas 2018 and 2019 Exit Plans are outlined below as of December 31, 2019 (in thousands):\n(1) Included in \u201cGeneral and administrative\u201d costs in the accompanying Consolidated Statements of Operations.\n(2) Included in \u201cDirect salaries and related costs\u201d in the accompanying Consolidated Statements of Operations.\nThe Company has paid a total of $12.3 million in cash through December 31, 2019, of which $10.4 million related to the Americas 2018 Exit Plan and $1.9 million related to the Americas 2019 Exit Plan.\n\n | Americas 2018 Exit Plan | Americas 2019 Exit Plan\n--------------------------------------------- | ----------------------- | -----------------------\nLease obligations and facility exit costs (1) | $7,073 | $\u2014 \nSeverance and related costs (2) | 3,426 | 191 \nSeverance and related costs (1) | 1,037 | 2,155 \nNon-cash impairment charges | 5,875 | 1,582 \nOther non-cash charges | \u2014 | 244 \n | $17,411 | $4,172 "} {"_id": "d1b2f48d2", "title": "", "text": "iv. Details of the Remuneration for the year ended March 31, 2019:\na. Non-Executive Directors:\n@ As a policy, N Chandrasekaran, Chairman, has abstained from receiving commission from the\nCompany.\n@@ In line with the internal guidelines of the Company, no payment is made towards commission to\nthe Non-Executive Directors of the Company, who are in full time employment with any other Tata\ncompany.\n* Relinquished the position of Independent Director w.e.f. July 10, 2018.\n** Relinquished the position of Independent Director w.e.f. September 28, 2018.\n*** Appointed as an Additional and Independent Director w.e.f. December 18, 2018.\n**** Appointed as an Additional and Independent Director w.e.f. January 10, 2019.\n\n | | (` lakh) \n---------------------------- | ---------- | ------------\nName | Commission | Sitting Fees\nN Chandrasekaran, Chairman@ | - | 3.60 \nAman Mehta | 315.00 | 4.80 \nV Thyagarajan* | 100.00 | 3.00 \nProf Clayton M Christensen** | 75.00 | 0.30 \nDr Ron Sommer | 220.00 | 5.10 \nO P Bhatt | 215.00 | 7.50 \nAarthi Subramanian@@ | - | 5.70 \nDr Pradeep Kumar Khosla | 150.00 | 2.10 \nHanne Sorensen*** | 50.00 | 0.60 \nKeki Mistry*** | 50.00 | 0.60 \nDon Callahan**** | 35.00 | 0.30 \nTotal | 1,210.00 | 33.60 "} {"_id": "d1b30a4fc", "title": "", "text": "Adjusted cash flow\nA reconciliation showing the items that bridge between net cash from operating activities as reported under IFRS to an adjusted basis is given below. Adjusted cash from operations is used by the Board to monitor the performance of the Group, with a focus on elements of cashflow, such as Net capital expenditure, which are subject to day to day control by the business.\nAdjusted cash conversion in 2019 is 84% (2018: 91%). Cash conversion is calculated as adjusted cash from operations divided by adjusted operating profit.\nThe adjusted cash flow is included in the Financial Review on page 58.\n\n | 2019 | 2018 \n------------------------------------------------------------------------ | ------ | ------\n | \u00a3m | \u00a3m \nNet cash from operating activities as reported under IFRS | 227.4 | 212.6 \nAcquisition and disposal costs | 2.5 | 0.2 \nNet capital expenditure excluding acquired intangibles from acquisitions | (59.0) | (31.5)\nTax paid | 78.4 | 61.6 \nRepayments of principal under lease liabilities | (11.2) | \u2013 \nAdjusted cash from operations | 238.1 | 242.9 "} {"_id": "d1a740c66", "title": "", "text": "Cash Flows\nThe following table sets forth selected consolidated cash flow information (in thousands):\nOperating Activities Net cash provided by operating activities during the fiscal year ended August 31, 2019 was primarily due to increased accounts payable, accrued expenses and other liabilities, decreased inventories and non-cash expenses, partially offset by increased contract assets and accounts receivable. The increase in accounts payable, accrued expenses and other liabilities is primarily due to the timing of collections on accounts receivable sold under the securitization programs and the timing of purchases and cash payments. The decrease in inventories is primarily due to the adoption of ASU 2014-09 and the reclassification to contract assets for revenue recognized for over time customers, partially offset by an increase in inventories to support expected sales levels in the first quarter of fiscal year 2020. The increase in contract assets is due to the adoption of ASU 2014-09 and the timing of revenue recognition for over time customers. The increase in accounts receivable is primarily driven by the amended and new securitization programs and higher sales and timing of collections.\nInvesting Activities Net cash used in investing activities during the fiscal year ended August 31, 2019 consisted primarily of capital expenditures principally to support ongoing business in the DMS and EMS segments and expenditures for assets acquired in connection with the initial and second closings of the acquisition of certain assets of JJMD, partially offset by proceeds and advances from the sale of property, plant and equipment and cash receipts on sold receivables under the asset-backed securitization programs.\nFinancing Activities Net cash used in financing activities during the fiscal year ended August 31, 2019 was primarily due to: (i) payments for debt agreements, (ii) the repurchase of our common stock, (iii) dividend payments and (iv) treasury stock minimum tax withholding related to vesting of restricted stock. Net cash used in financing activities was partially offset by: (i) borrowings under debt agreements and (ii) net proceeds from the exercise of stock options and issuance of common stock under the employee stock purchase plan.\n\n | | Fiscal Year Ended August 31, | \n------------------------------------------------------------ | ---------- | ---------------------------- | ------------\n | 2019 | 2018 | 2017 \nNet cash provided by (used in) operating activities | $1,193,066 | $(1,105,448) | $(1,464,085)\nNet cash (used in) provided by investing activities | (872,454) | 1,240,914 | 2,141,263 \nNet cash used in financing activities | (415,772) | (47,044) | (404,546) \nEffect of exchange rate changes on cash and cash equivalents | 554 | (20,392) | 5,228 \nNet (decrease) increase in cash and cash equivalents | $(94,606) | $68,030 | $277,860 "} {"_id": "d1b32f6da", "title": "", "text": "Autodesk applies fair value accounting for certain financial assets and liabilities, which consist of cash equivalents, marketable securities, and other financial instruments, on a recurring basis. The Company defines fair value as the price that would be received from selling an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Fair value is estimated by applying the following hierarchy, which prioritizes the inputs used to measure fair value into three levels and bases the categorization within the hierarchy upon the lowest level of input that is available and significant to the fair value measurement: (Level 1) observable inputs such as quoted prices in active markets; (Level 2) inputs other than quoted prices in active markets for identical assets and liabilities, quoted prices for identical or similar assets or liabilities in inactive markets, or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities; and (Level 3) unobservable inputs for which there is little or no market data, which require Autodesk to develop its own assumptions. When determining fair value, Autodesk uses observable market data and relies on unobservable inputs only when observable market data is not available. Autodesk reviews for any potential changes on a quarterly basis, in conjunction with our fiscal quarter-end close.\nAutodesk's cash equivalents, marketable securities, and financial instruments are primarily classified within Level 1 or Level 2 of the fair value hierarchy. Autodesk values its securities on pricing from pricing vendors, who may use quoted prices in active markets for identical assets (Level 1) or inputs other than quoted prices that are observable either directly or indirectly in determining fair value (Level 2). Autodesk's Level 2 securities are valued primarily using observable inputs other than quoted prices in active markets for identical assets and liabilities. Autodesk's Level 3 securities consist of investments held in convertible debt securities, and derivative contracts.\nA reconciliation of the change in Autodesk\u2019s Level 3 items for the fiscal year ended January 31, 2019 was as follows:\n(1) Included in \u201cInterest and other expense, net\u201d in the accompanying Consolidated Statements of Operations.\n\n | | Fair Value Fair Value Measurements Using Significant Unobservable Inputs (Level 3) | \n--------------------------------------- | -------------------- | ---------------------------------------------------------------------------------- | -----\n | Derivative Contracts | Convertible Debt Securities | Total\nBalances, January 31, 2018 | $1.0 | $7.8 | $8.8 \nSettlements | \u2014 | (3.5) | (3.5)\n(Losses) Gains included in earnings (1) | (0.2) | 0.5 | 0.3 \nLosses included in OCI | \u2014 | (0.4) | (0.4)\nBalances, January 31, 2019 | $0.8 | $4.4 | $5.2 "} {"_id": "d1b2fbc2c", "title": "", "text": "Provision for Income Taxes: Our effective income tax rates for each of the periods presented were the result of the mix of income earned in various tax jurisdictions that apply a broad range of income tax rates. In fiscal 2018, the Tax Act was signed into law. The more significant provisions of the Tax Act as applicable to us are described above under \u201cImpacts of the U.S. Tax Cuts and Jobs Act of 2017\u201d. refer to Note 14 of Notes to Consolidated Financial Statements included elsewhere in this Annual report for a discussion regarding the differences between the effective income tax rates as presented for the periods below and the U.S. federal statutory income tax rates that were in effect during these periods. Future effective income tax rates could be adversely affected by an unfavorable shift of earnings weighted to jurisdictions with higher tax rates, by unfavorable changes in tax laws and regulations, by adverse rulings in tax related litigation, or by shortfalls in stock-based compensation realized by employees relative to stock-based compensation that was recorded for book purposes, among others.\nProvision for income taxes decreased in fiscal 2019 relative to fiscal 2018 primarily due to the absence of the initial accounting charges related to the Tax Act that were recorded in fiscal 2018. To a lesser extent, provision for income taxes also decreased in fiscal 2019 due to the net favorable impacts of our final accounting for the Tax Act in fiscal 2019; the net favorable impacts of the Tax Act on our tax profile during fiscal 2019; the favorable impact of a tax benefit arising from an increase in a deferred tax asset associated with a partial realignment of our legal structure in fiscal 2019; and lower income before provision for income taxes in fiscal 2019. These decreases to our provision for income taxes in fiscal 2019 relative to fiscal 2018 were partially offset both by lower excess tax benefits related to stock-based compensation expense in fiscal 2019, and by less favorable changes in net unrecognized tax benefits due to settlements with tax authorities and other events in fiscal 2019 relative to fiscal 2018.\n\n | | | Year Ended May 31, | \n-------------------------- | ------ | ------ | ------------------ | ------\n | | | Percent Change | \n(Dollars in millions) | 2019 | Actual | Constant | 2018 \nProvision for income taxes | $1,185 | -87% | -86% | $8,837\nEffective tax rate | 9.7% | | | 71.1% "} {"_id": "d1b3c460e", "title": "", "text": "Original Equipment Manufacturers (\u201cOEM\u201d) are the end-customers to which we provide direct marketing application engineering support, while Distribution customers refers to the distributors and representatives that we engage to distribute our products around the world.\nOur revenues weight in Distribution registered a decrease of 5 percentage point compared to 2018, reaching a 30% share of total revenues in 2019. In 2018 as compared to 2017, our revenues weight in Distribution registered an increase of 1 percentage point.\n\n | Year Ended December 31, | Year Ended December 31, | Year Ended December 31, \n------------ | ------------------------------- | ------------------------------- | -------------------------------\n | 2019 | 2018 | 2017 \n | (As percentage of net revenues) | (As percentage of net revenues) | (As percentage of net revenues)\nOEM | 70% | 65% | 66% \nDistribution | 30 | 35 | 34 \nTotal | 100% | 100% | 100% "} {"_id": "d1b393522", "title": "", "text": "Share-Based Payment Expense\nThe expense recognised for employee services received during the year is as follows:\nThe cash-settled expense comprises cash-based awards together with certain social security taxes. The carrying value of the liability as at 31 March 2019 was $1.6M (2018: $3.1M).\n\n | Year-ended 31 March 2019 | Year-ended 31 March 2018\n--------------------------------- | ------------------------ | ------------------------\n | $M | $M \nCash-settled transactions | 1.9 | 2.7 \nEquity-settled transactions | 35.0 | 39.6 \nTotal share-based payment expense | 36.9 | 42.3 "} {"_id": "d1b389b4e", "title": "", "text": "12 Leases\n(a) Leases\n(i) Amounts recognised in the Consolidated Balance Sheet\nThe Consolidated Balance Sheet includes the following amounts relating to leases:\nAdditions to the right-of-use assets during the 2019 financial year were $0.3 million.\n(ii) Amounts recognised in the Consolidated Statement of Comprehensive Income\nThe Consolidated Statement of Comprehensive Income shows the following amounts relating to leases:\nThe total cash outflow for leases in 2019 was $8.6 million.\n(iii) The group\u2019s leasing activities and how these are accounted for\nThe Group has a number of leases over property, motor vehicles, and connectivity links that have varying terms, escalation clauses and renewal rights.\nLeases are recognised as a right-of-use asset and a corresponding liability at the date at which the leased asset is available for use by the Group. Each lease payment is allocated between the liability and finance cost. The finance cost is charged to profit or loss over the lease term so as to produce a constant periodic rate of interest on the remaining balance of the liability for each year. The right-of-use asset is depreciated over the shorter of the asset's useful life and the lease term on a straight-line basis.\nAssets and liabilities arising from a lease are initially measured on a present value basis. Lease liabilities include the net present value of the following lease payments:\n- fixed payments (including in-substance fixed payments), less any lease incentives receivable\u00a0 fixed payments (including in-substance fixed payments), less any lease incentives receivable\n-\u00a0variable lease payments that are based on an index or a rate\n-\u00a0amounts expected to be payable by the lessee under residual value guarantees\n-\u00a0the exercise price of a purchase option if the lessee is reasonably certain to exercise that option, and\n-\u00a0payments of penalties for terminating the lease, if the lease term reflects the lessee exercising that option.\nThe lease payments are discounted using the interest rate implicit in the lease, if that rate can be determined, or the Group\u2019s incremental borrowing rate.\nRight-of-use assets are measured at cost comprising the following:\n-\u00a0the amount of the initial measurement of lease liability\n-\u00a0any lease payments made at or before the commencement date, less any lease incentives received\n-\u00a0any initial direct costs, and\n-\u00a0restoration costs.\nPayments associated with short-term leases and leases of low-value assets are recognised on a straight-line basis as an expense in profit or loss. Short-term leases are leases with a lease term of 12 months or less. Low-value assets comprise IT-equipment and small items of office furniture.\n(iv) Extension and termination options\nExtension and termination options are included in a number of property and equipment leases across the Group. These terms are used to maximise operational flexibility in terms of managing contracts. The majority of extension and termination options held are exercisable only by the Group and not by the respective lessor.\n\n | 30 June 2019 | 30 June 2018\n-------------------- | ------------ | ------------\n | $'000 | $'000 \nRight-of-use assets* | | \nProperties | 68,569 | 5,070 \nMotor Vehicles | 259 | - \nConnectivity Links | 9,696 | - \n | 78,524 | 5,070 "} {"_id": "d1a735078", "title": "", "text": "Stock-Settled Stock Appreciation Rights\nStock-Settled Appreciation Rights (\u201cSSARs\u201d) are rights granted to an employee to receive value equal to the difference in the price of our common shares on the date of the grant and on the date of exercise. This value is settled only in common shares of Agilysys.\nWe use a Black-Scholes-Merton option pricing model to estimate the fair value of SSARs. The following table summarizes the principal assumptions utilized in valuing SSARs granted in fiscal 2019, 2018 and 2017:\nThe risk-free interest rate is based on the yield of a zero coupon U.S. Treasury bond whose maturity period approximates the expected life of the SSARs. The expected life is estimated using historical data representing the period of time the awards are expected to be outstanding. The estimated fair value of the SSARs granted is recognized over the vesting period of the awards utilizing the graded vesting method. Under this method, the compensation cost related to unvested amounts begins to be recognized as of the grant date.\n\n | 2019 | 2018 | 2017 \n-------------------------------------- | ------ | --------------- | -------------\nRisk-free interest rate | 2.68% | 1.74%-1.94% | 0.94%-2.14% \nExpected life (in years) | 5 | 5 | 5 \nExpected volatility | 32.42% | 32.42% - 32.84% | 35.25%-40.22%\nWeighted average grant date fair value | $4.72 | $3.36 | $3.69 "} {"_id": "d1b30e408", "title": "", "text": "Annual Contract Value (\u201cACV\u201d) (1) (2)\nThe change in ACV measures the growth and predictability of future cash flows from committed Pega Cloud and Client Cloud arrangements as of the end of the particular reporting period.\nTotal ACV, as of a given date, is the sum of the following two components:\n\u2022 Client Cloud: the sum of (1) the annual value of each term license contract in effect on such date, which is equal to its total license value divided by the total number of years and (2) maintenance revenue reported for the quarter ended on such date, multiplied by four. We do not provide hosting services for Client Cloud arrangements.\n\u2022 Pega Cloud: the sum of the annual value of each cloud contract in effect on such date, which is equal to its total value divided by the total number of years.\n(1) Data Table\n(2) As foreign currency exchange rates are an important factor in understanding period to period comparisons, we believe the presentation of ACV growth rates on a constant currency basis enhances the understanding of our results and evaluation of our performance in comparison to prior periods.\n\n | December 31, | | Change | | \n---------------------- | ------------ | -------- | -------- | --- | -----------------\n(Dollars in thousands) | 2019 | 2018 | Reported | | Constant currency\nMaintenance | $292,696 | $269,708 | $22,988 | 9% | 8% \nTerm | 231,267 | 190,349 | 40,918 | 21% | 21% \nClient Cloud | 523,963 | 460,057 | 63,906 | 14% | 14% \nPega Cloud | 169,329 | 109,973 | 59,356 | 54% | 54% \nTotal ACV | $693,292 | $570,030 | $123,262 | 22% | 22% "} {"_id": "d1b35c0d6", "title": "", "text": "Net Income (Loss) per Common Share\nBasic net income per share is based on the weighted average common and Class A shares outstanding. Diluted net income per share includes any dilutive effects of stock options outstanding and unvested restricted shares.\nBasic net income per share was calculated by dividing net income by the weighted-average number of common and Class A shares outstanding during the period. Diluted net income per share was calculated by dividing net income by the weighted-average number of common shares outstanding during the period plus the dilutive effects of stock options and unvested restricted shares. Due to the net loss in the year ended June 3, 2017 restricted shares in the amount of 131,292 were excluded from the calculation of diluted earnings per share because their inclusion would have been\nantidilutive. The computations of basic net income per share and diluted net income per share are as follows (in thousands):\n\n | June 1, 2019 | June 2, 2018 | June 3, 2017\n-------------------------------------------------------- | ------------ | ------------ | ------------\nNet income (loss) attributable to Cal-Maine Foods, Inc. | $54,229 | $125,932 | $(74,278) \nBasic weighted-average common shares (including Class A) | 48,467 | 48,353 | 48,362 \nEffect of dilutive securities: | | | \nCommon stock options and restricted stock | 122 | 115 | \u2014 \nDilutive potential common shares | 48,589 | 48,468 | 48,362 \nNet income (loss) per common share: | | | \nBasic | $1.12 | $2.60 | $(1.54) \nDiluted | $1.12 | $2.60 | $(1.54) "} {"_id": "d1b39a084", "title": "", "text": "7 Employees\u2019 information (continued)\nShare based payments\nDetails of share options outstanding under each of the Group\u2019s schemes is set out below:\n1 Shares ordinarily exercised immediately on vested date.\n2 Relates to non-vested SIP free shares, partnership shares and matching shares granted.\nThe weighted average exercise prices of the outstanding options and outstanding options exercisable at 31 December 2019 for the Share Option Schemes were 304 pence and 309 pence respectively (2018: 302 pence and 309 pence respectively) and for the Save As You Earn Scheme were 77 pence and 278 respectively (2018: 224 pence and nil respectively).\nA Share Option Schemes\nOptions to subscribe for ordinary shares may be awarded under the intu properties plc Company Share Option Plan and the intu properties plc Non-approved Executive Share Option Scheme.\nSuch options may not be exercised within three years of grant or before the satisfaction or waiver of any applicable performance conditions and will be forfeited if the employee leaves the Group before their options become capable of exercise, except in certain circumstances. The options will lapse if not exercised within 10 years of the date of grant.\nB Performance Share Plan (PSP)\nThe Company operates a PSP for eligible employees at the discretion of the Remuneration Committee\nAwards may be made in the form of nil cost options, a conditional share award or prior to April 2019, a joint share ownership award and fixed-value zero-cost option, and eligible employees may be granted any combination of such awards subject to any individual limits.\nThe 2020 PSP awards will vest based on (i) 50 per cent of each award \u2013 relative Total Shareholder Return vs a bespoke real estate sector peer group (this group being expanded from the very small groups used previously) and (ii) 50 per cent of each award \u2013 intu\u2019s Total Property Return vs the MSCI UK Shopping Centre benchmark. This mix of metrics represents a change from the 2019 awards which were based 50 per cent each on relative and absolute TSR targets subject to a Remuneration Committee-operated discretionary assessment of underlying financial performance. It is intended that awards will vest three years following grant (with an additional two year post vesting holding period applying to the net number of shares that vest if the Remuneration Committee considers it appropriate to apply such additional condition).\nC Bonus Share Scheme (Bonus Scheme)\nUnder the Company\u2019s Bonus Scheme, shares may be awarded on a deferred basis as part of a bonus award (Deferred Share Awards).\nDeferred Share Awards comprise Restricted Shares and Additional Shares (prior to July 2019). Restricted Shares will vest two or three years after the date of their award and Additional Shares will vest four or five years after the date of award. Vesting is subject, under normal circumstances, to continued employment during the vesting or \u2018restricted\u2019 period. There are no further performance conditions applicable to either Restricted Shares or Additional Shares.\nWhere awarded, the number of Additional Shares would be equal to 50 per cent of the combined total of shares awarded as Restricted Shares and under the Share Incentive Plan (see section D). No Additional Shares were outstanding at 1 January 2014 and no awards of Additional Shares have been made since this time. intu properties\nD Share Incentive Plan (SIP)\nThe Company operates a SIP for all eligible employees, who may receive up to \u00a33,600 worth of shares (Free Shares) as part of their annual bonus. The SIP is an HMRC tax-advantaged scheme.\nAny Free Shares awarded under the SIP will be held in trust on behalf of each employee for at least three years following grant, after which time they may be withdrawn, provided the individual employee has remained in employment with the Company. If the Free Shares are held in trust for a further two years, they will qualify for HMRC-approved tax advantages.\nAs part of the SIP arrangements, the Company also offers eligible employees the opportunity to participate in a Partnership share scheme, under which employees can invest up to \u00a31,800 of pre-tax salary (or, if less, 10 per cent of salary) in any tax year, which will be used to purchase ordinary shares in the Company (Partnership Shares) at the end of a 12-month period. The Group will give each employee one ordinary share (a Matching Share) for every two Partnership Shares purchased by the employee. Matching Shares will be forfeited if the employee leaves the Group within three years of the date of award and will qualify for HMRC-approved tax advantages if they are held in the SIP for five years.\nE Save As You Earn Scheme (SAYE)\nThe Group operates a SAYE under which all eligible UK employees may save up to a maximum of \u00a3500 per month for a period of three or five years and use the proceeds at the end of their saving period to purchase shares in the Company. At the start of the saving period, each SAYE participant will be granted an option to purchase such shares at a price usually determined as the average mid-market closing share price of an ordinary share in the Company over the three consecutive dealing days preceding the SAYE invitation date, discounted by up to 20 per cent. Options may normally be exercised within six months following the end of the savings period.\nF Joint Share Ownership Plan (JSOP)\nEligible employees were invited to participate in the JSOP which formed part of the intu properties plc Unapproved Share Option Scheme (which was replaced by the Non-approved Executive Share Option Scheme upon its expiry in April 2018) and the PSP. Under the JSOP, shares are held jointly by the employee and the employee share ownership plan trustee with any increases in the share price and dividends paid on those shares being allocated between the joint owners in accordance with the terms of the scheme.\nConditions under which JSOP interests may be exercised (including applicable performance conditions) are the same as those for the Non-approved Executive Share Option Scheme as outlined in section A.\n\n | Note | Outstanding 1 January 2019 | Granted during the year | Exercised during the year | Expired/forfeited during the year | Outstanding 31 December 2019 | Exercisable 31 December 2019\n-------------------------- | ---- | -------------------------- | ----------------------- | ------------------------- | --------------------------------- | ---------------------------- | ----------------------------\nShare Option Schemes | A | 7,938,601 | \u2013 | \u2013 | (801,528) | 7,137,073 | 5,687,073 \nPerformance Share Plan1 | B | 7,008,260 | 3,734,410 | \u2013 | (2,228,278) | 8,514,392 | n/a \nBonus Share Scheme | C | 1,827,366 | 556,840 | (996,503)1 | (16,632) | 1,371,071 | n/a \nShare Incentive Plan2 | D | 243,127 | 88,027 | (41,116)1 | (80,736) | 209,302 | n/a \nSave As You Earn Scheme | E | 219,136 | 448,368 | \u2013 | (121,172) | 546,332 | 60,443 \nJoint Share Ownership Plan | F | 4,345,305 | \u2013 | \u2013 | (1,382,972) | 2,962,333 | 2,962,333 "} {"_id": "d1b2f421a", "title": "", "text": "Our number of employees is as follows:\nOn August 3, 2018, we implemented a plan to restructure our organization, which included a reduction in workforce of approximately 40 employees, representing approximately 30% of the Company\u2019s total pre-restructuring workforce. We recorded a charge of $381,000 in the third quarter of 2018 relating to this reduction in force, consisting primarily of one-time severance payments and termination benefits. The Company\u2019s goal in the restructuring is to better focus our workforce on retaining current clients, gaining incremental business from current clients, and winning new business in the market segments where we can leverage our expertise and long history as an EFT pioneer.\nEmployees\n\n | March 1, | \n----------------------------- | -------- | ----\nDepartment | 2020 | 2019\nSales and Marketing | 41 | 38 \nEngineering | 13 | 9 \nProfessional Services | 6 | 6 \nCustomer Support | 22 | 22 \nManagement and Administration | 18 | 17 \nTotal | 100 | 92 "} {"_id": "d1b3ae62e", "title": "", "text": "NOTE 14\u2014INCOME TAXES\nOur effective tax rate represents the net effect of the mix of income earned in various tax jurisdictions that are subject to a wide range of income tax rates.\nThe following is a geographical breakdown of income before the provision for income taxes:\n\n | | Year Ended June 30, | \n-------------------------- | -------- | ------------------- | --------\n | 2019 | 2018 | 2017 \nDomestic income (loss) | $269,331 | $238,405 | $110,562\nForeign income | 171,243 | 147,721 | 138,989 \nIncome before income taxes | $440,574 | $386,126 | $249,551"} {"_id": "d1b370e0a", "title": "", "text": "ITEM 6. SELECTED FINANCIAL DATA\nThe following selected financial data has been derived from our consolidated financial statements (in thousands, except per share data). This data should be read together with Item 7, \u201cManagement\u2019s Discussion and Analysis of Financial Condition and Results of Operations\u201d, and the consolidated financial statements and related notes included elsewhere in this annual report. The financial information below is not necessarily indicative of the results of future operations. Future results could differ materially from historical results due to many factors, including those discussed in Item 1A, Risk Factors.\n(1) The consolidated balance sheet and statement of operations for the year ended December 31, 2019, includes the acquisition of Speedpay as discussed in Note 3, Acquisition, to our Notes to Consolidated Financial Statements in Part IV, Item 15 of this Form 10-K.\n(2) The consolidated balance sheet and statement of operations for the year ended December 31, 2019, reflects the application of Accounting Standards Update (\u201cASU\u201d) 2016-02, Leases (codified as \u201cASC 842\u201d) as discussed in Note 14, Leases, to our Notes to Consolidated Financial Statements.\n(3) The consolidated balance sheet and statement of operations for the year ended December 31, 2018, reflects the adoption of ASU 2014-09, Revenue from Contracts with Customers (codified as \u201cASC 606\u201d), as discussed in Note 2, Revenue, to our Notes to Consolidated Financial Statements, including a cumulative adjustment of $244.0 million to retained earnings.\n(4) The consolidated statement of operations for the year ended December 31, 2017, reflects the Baldwin Hackett & Meeks, Inc. (\u201cBHMI\u201d) judgment. We recorded $46.7 million in general and administrative expense and $1.4 million in interest expense, as discussed in Note 15, Commitments and Contingencies, to our Notes to Consolidated Financial Statements.\n(5) The consolidated balance sheet and statement of operations for the year ended December 31, 2016, reflects the sale of Community Financial Services assets and liabilities.\n\n | | | Years Ended December 31, | | \n------------------------------------------- | ----------- | ----------- | ------------------------ | ----------- | -----------\n | 2019 (1)(2) | 2018 (3) | 2017 (4) | 2016 (5) | 2015 \nIncome Statement Data: | | | | | \nTotal revenues | $ 1,258,294 | $ 1,009,780 | $ 1,024,191 | $ 1,005,701 | $ 1,045,977\nNet income | 67,062 | 68,921 | 5,135 | 129,535 | 85,436 \nEarnings per share: | | | | | \nBasic | $ 0.58 | $ 0.59 | $ 0.04 | $ 1.10 | $ 0.73 \nDiluted | $ 0.57 | $ 0.59 | $ 0.04 | $ 1.09 | $ 0.72 \nWeighted average common shares outstanding: | | | | | \nBasic | 116,175 | 116,057 | 118,059 | 117,533 | 117,465 \nDiluted | 118,571 | 117,632 | 119,444 | 118,847 | 118,919 "} {"_id": "d1b3c43d4", "title": "", "text": "Note 7\u2014Income Taxes\nThe\nCompany\nis\nincorporated\nin\nSwitzerland\nbut\noperates\nin\nvarious\ncountries\nwith\ndiffering\ntax\nlaws\nand\nrates.\nFurther,\na\nportion\nof\nthe\nCompany's\nincome\n(loss)\nbefore\ntaxes\nand\nthe\nprovision\nfor\n(benefit\nfrom)\nincome\ntaxes\nis\ngenerated\noutside\nof\nSwitzerland.\nIncome\nfrom\ncontinuing\noperations\nbefore\nincome\ntaxes\nfor\nfiscal\nyears\n2019\n,\n2018\nand\n2017\nis\nsummarized\nas\nfollows\n(in\nthousands):\n\n | | Years Ended March 31, | \n------------------- | -------- | --------------------- | --------\n | 2019 | 2018 | 2017 \nSwiss | $212,986 | $177,935 | $161,544\nNon-Swiss | 58,147 | 54,330 | 53,445 \nIncome before taxes | $271,133 | $232,265 | $214,989"} {"_id": "d1b32eb86", "title": "", "text": "Liquidity and Capital Resources\nWorking Capital\nThe following table summarizes our cash and cash equivalents, accounts receivable, net and working capital, for the periods indicated (in thousands):\nWe define working capital as current assets minus current liabilities. Our cash and cash equivalents as of December 31, 2019 are available for working capital purposes. We do not enter into investments for trading purposes, and our investment policy is to invest any excess cash in short term, highly liquid investments that limit the risk of principal loss; therefore, our cash and cash equivalents are held in demand deposit accounts that generate very low returns.\n\n | | As of December 31, | \n------------------------- | -------- | ------------------ | -------\n | 2019 | 2018 | 2017 \nCash and cash equivalents | $119,629 | $146,061 | $96,329\nAccounts receivable, net | 76,373 | 49,510 | 40,634 \nWorking capital | 167,879 | 152,793 | 119,433"} {"_id": "d1b2ff07a", "title": "", "text": "18. Other Income (Expense), Net\nOther income (expense), net consists of the following:\n\n | | Years Ended June 30, | \n----------------------------------------------------------------------------------------------- | ----- | -------------------- | -------\n($ in millions) | 2019 | 2018 | 2017 \nUnrealized gains on company owned life insurance contracts and investments held in rabbi trusts | $0.8 | $1.5 | $1.7 \nInterest income | 0.1 | 0.3 | 0.3 \nForeign exchange | (0.4) | (0.7) | (0.4) \nPension earnings, interest and deferrals | (0.1) | (2.1) | (23.8) \nPension curtailment | \u2014 | \u2014 | (0.5) \nOther | 0.2 | 0.2 | 1.2 \nTotal other income (expense), net | $0.6 | $(0.8) | $(21.5)"} {"_id": "d1b379d34", "title": "", "text": "Below is the summary of the FY17 PRUs vested and earned by each NEO.\n(1) The Compensation Committee did not exercise its discretion to reduce any payouts.\n\nNEO | Total FY17 PRUs Vested at end of FY18 | Total FY17 PRUs Vested at end of FY19 | Total FY17 PRUs Earned and Vested (1)\n----------------------- | ------------------------------------- | ------------------------------------- | -------------------------------------\nGregory S. Clark | 2,404,175 | 175,023 | 2,579,198 \nNicholas R. Noviello | 606,935 | 44,184 | 651,119 \nAmy L. Cappellanti-Wolf | 207,142 | 15,080 | 222,222 \nSamir Kapuria | 148,322 | 10,798 | 159,120 \nScott C. Taylor | 414,287 | 30,160 | 444,447 "} {"_id": "d1a739632", "title": "", "text": "12. ACCRUED LIABILITIES\nThe settlement of the deferred compensation liabilities includes the settlement with our former CFO and Executive Vice President that is payable within March 31, 2020 and payroll taxes related to this settlement and the settlement of the Executive Pension Plan with our Chairman, President & CEO. We refer to note 7 for further information.\n\nAll figures in USD \u2018000 | 2019 | 2018 \n---------------------------------------------- | ------ | -----\nAccrued Interest | 163 | 1,598\nAccrued Expenses | 11,569 | 7,362\nSettlement Deferred Compensation Liabilities | 3,830 | - \nTotal as of December 31, | 15,562 | 8,960"} {"_id": "d1b36cad0", "title": "", "text": "4. Debt, Capital Lease Obligations and Other Financing\nDebt and capital lease obligations as of September 28, 2019 and September 29, 2018, consisted of the following (in thousands):\nOn June 15, 2018, the Company entered into a Note Purchase Agreement (the \u201c2018 NPA\u201d) pursuant to which it issued an aggregate of$ 150.0 million in principal amount of unsecured senior notes, consisting of $100.0 million in principal amount of 4.05% Series A Senior Notes, due on June 15, 2025, and $50.0 million in principal amount of 4.22% Series B Senior Notes, due on June 15, 2028 (collectively, the \u201c2018 Notes\u201d), in a private placement. The 2018 NPA includes customary operational and financial covenants with which the Company is required to comply, including, among others, maintenance of certain financial ratios such as a total leverage ratio and a minimum interest coverage ratio. The 2018 Notes may be prepaid in whole or in part at any time, subject to payment of a makewhole amount; interest on the 2018 Notes is payable semiannually. At September 28, 2019, the Company was in compliance with the covenants under the 2018 NPA.\nIn connection with the issuance of the 2018 Notes, on June 15, 2018, the Company repaid, on maturity $175.0 million in principal amount of its previous 5.20% Senior Notes.\nOn May 15, 2019, the Company refinanced its then-existing senior unsecured revolving credit facility (the \"Prior Credit Facility\") by entering into a new5 -year senior unsecured revolving credit facility (collectively with the Prior Credit Facility, referred to as the \"Credit Facility\"), which expanded the maximum commitment from $300.0 million to $350.0 million and extended the maturity from July 5, 2021 to May 15, 2024. The maximum commitment under the Credit Facility may be further increased to $600.0 million, generally by mutual agreement of the Company and the lenders, subject to certain customary conditions. During fiscal 2019, the highest daily borrowing was $250.0 million; the average daily borrowings were $140.7 million. The Company borrowed $1,084.5 million and repaid $989.5 million of revolving borrowings under the Credit Facility during fiscal 2019. The Company was in compliance with all financial covenants relating to the Credit Agreement, which are generally consistent with those in the 2018 NPA discussed above. The Company is required to pay a commitment fee on the daily unused revolver credit commitment based on the Company's leverage ratio; the fee was 0.125% as of September 28, 2019.\n\n | 2019 | 2018 \n-------------------------------------------------------------------- | --------- | --------\n4.05% Senior Notes, due June 15, 2025 | $100,000 | $100,000\n4.22% Senior Notes, due June 15, 2028 | 50,000 | 50,000 \nBorrowings under the credit facility | 95,000 | \u2014 \nCapital lease and other financing obligations | 44,492 | 39,857 \nUnamortized deferred financing fees | (1,512) | (1,240) \nTotal obligations | 287,980 | 188,617 \nLess: current portion | (100,702) | (5,532) \nLong-term debt and capital lease obligations, net of current portion | 187,278 | 183,085 "} {"_id": "d1b3396e4", "title": "", "text": "During the period 5.0 million (2017/18: 5.0 million) options were granted under the Sharesave Plan, with a weighted average exercise price at the date of exercise of 30 pence per ordinary share (2017/18: 33 pence).\nThe options outstanding at 30 March 2019 had a weighted average exercise price of 32 pence (2017/18: 33 pence), and a weighted average remaining contractual life of 1.6 years (2017/18: 1.6 years).\nIn 2018/19, the Group recognised an expense of \u00a32.1m (2017/18: \u00a32.8m), related to all equity-settled share-based payment transactions.\nPremier Foods plc Sharesave Plan\n\n | 2018/19 | | 2017/18 | \n------------------------------------------ | ----------- | ------------------------------- | ----------- | -------------------------------\n | | Weighted average exercise price | | Weighted average exercise price\n | Options | (p) | Options | (p) \nOutstanding at the beginning of the period | 17,835,628 | 33 | 20,231,334 | 35 \nExercised during the period | (4,306,470) | 32 | (3,536,539) | 34 \nGranted during the period | 5,022,240 | 30 | 4,988,669 | 33 \nForfeited/lapsed during the period | (2,447,511) | 33 | (3,847,836) | 44 \nOutstanding at the end of the period | 16,103,887 | 32 | 17,835,628 | 33 \nExercisable at the end of the period | 2,673,154 | 32 | 792,451 | 35 "} {"_id": "d1b3ba6ae", "title": "", "text": "Market Information. Our common stock is traded on the NASDAQ Global Select Market under the symbol \u201cJACK.\u201d The following table sets forth the high and low sales prices for our common stock during the fiscal quarters indicated, as reported on the NASDAQ Composite:\nDividends. In fiscal 2019 and 2018, the Board of Directors declared four cash dividends of$0.40 per share each. Our dividend is subject to the discretion and approval of our Board of Directors and our compliance with applicable law, and depends upon, among other things, our results of operations, financial condition, level of indebtedness, capital requirements, contractual restrictions, and other factors that our Board of Directors may deem relevant.\n\n | | | | 16 Weeks \n---- | ------------- | -------------- | --------- | -----------\n | | 12 Weeks Ended | | Ended \n | September 29, | July 7, | April 14, | January 20,\n | 2019 | 2019 | 2019 | 2019 \nHigh | $91.30 | $87.84 | $85.32 | $90.49 \nLow | $70.77 | $75.80 | $75.80 | $74.19 \n | | | | 16 Weeks \n | | 12 Weeks Ended | | Ended \n | September 30, | July 8, | April 15, | January 21,\n | 2018 | 2018 | 2018 | 2018 \nHigh | $93.98 | $92.46 | $95.99 | $108.55 \nLow | $81.87 | $79.23 | $79.30 | $90.59 "} {"_id": "d1b32fd60", "title": "", "text": "Short-term borrowings and current portion of long-term obligations consist of the following (in thousands):\n(1) Net of debt issuance costs of $4.6 million and $4.7 million at September 28, 2019 and September 29, 2018, respectively.\n\n | Fiscal year-end | \n---------------------------------------------- | --------------- | ------\n | 2019 | 2018 \nCurrent portion of Euro Term Loan(1) | $2,748 | $3,092\n1.3% Term loan due 2024 | 1,367 | 1,448 \n1.0% State of Connecticut term loan due 2023 | 378 | 374 \nCapital lease obligations | 370 | 158 \nLine of credit borrowings | 10,000 | \u2014 \nTotal current portion of long-term obligations | $14,863 | $5,072"} {"_id": "d1b3789d4", "title": "", "text": "Figure 29. 2016/2018 LTIP Award Grants\n(1) All of the Market-based PRSUs and one-third of the stock options and service-based RSUs granted to Mr. Anstice under the 2016/2018 LTIP that were scheduled to vest in February 2019 were canceled upon his termination of employment with the Company as of December 5, 2018.\n(2) The number of Market-based PRSUs awarded is reflected at target. The final number of shares that may have been earned is 0% to 150% of target.\nIn February 2019, the committee determined the payouts for the calendar year 2016/2018 LTIP Awards of Market-based PRSUs. The number of shares represented by the Marketbased PRSUs earned over the performance period was based on our stock price performance compared to the market price performance of the SOX index.\nBased on the above formula and Market-based PRSU Vesting Summary set forth in Figures 26 and 27, the Company\u2019s stock price performance over the three-year performance period was equal to 89.93% and performance of the SOX index (based on market price) over the same three-year\u00a0performance period was equal to 84.47%. Lam\u2019s stock price outperformed the SOX index by 5.46%, which resulted in a performance payout of 110.93% to target number of Marketbased PRSUs granted to each NEO. Based on such results, the committee made the following payouts to each NEO for the 2016/2018 LTIP Award of Market-based PRSUs.\n\nNamed Executive Officer (1)(2) (1)(2) (1)(2) | Target Award Opportunity ($) | Market-based PRSUs award (#) | Stock Options Award (#) | Service-based RSUs Award (#)\n-------------------------------------------- | ---------------------------- | ---------------------------- | ----------------------- | ----------------------------\nTimothy M.Archer | 4,000,000 | 28,935 | 34,722 | 17,361 \nDouglas R.Bettinger | 2,750,000 | 19,892 | 23,871 | 11,935 \nRichard A.Gottscho | 3,250,000 | 23,509 | 28,209 | 14,105 \nPatrick J. Lord | 1,100,000 | 7,957 | \u2014 | 7,957 \nVahid Vahedi | 1,100,000 | 7,957 | \u2014 | 7,957 \nSeshasayee(Sesha) Varadarajan | 1,100,000 | 7,957 | \u2014 | 7,957 "} {"_id": "d1a727e1e", "title": "", "text": "17. Financial Information About Segments\nOur operations are divided into two reportable segments: Products and Licensing and Technology Development. The Products and Licensing segment develops and sells products or licenses technologies based on commercially viable concepts developed by the Technology Development segment. The Products and Licensing segment derives its revenue from product sales, funded product development and technology licenses.\nOur engineers and scientists collaborate with our network of government, academic and industry experts to identify technologies and ideas with promising market potential. We then compete to win fee-for-service contracts from government agencies and industrial customers who seek innovative solutions to practical problems that require new technology. The Technology Development segment derives its revenue primarily from services. The Technology Development segment provides applied research to customers in our areas of focus.\nOur President and Chief Executive Officer and his direct reports collectively represent our chief operating decision makers, and they evaluate segment performance based primarily on revenue and operating income or loss.\nInformation about the results of operations for each segment is set forth in the table below. There were no significant inter-segment sales during the years ended December 31, 2019 and 2018.\nDuring the years ended December 31, 2019 and 2018, 32% and 24%, respectively, of our total sales took place outside the United States. Customers in China represented 11% of total revenues in the year ended December 31, 2019, while no other single country, outside of the United States, represented more than 10% of total revenues in the year ended December 31, 2018.\n\n | Years ended December 31, | \n---------------------------------------- | ------------------------ | -----------\n | 2019 | 2018 \nProducts and Licensing revenue | $44,491,041 | $21,949,689\nTechnology Development revenue | 26,024,674 | 20,967,556 \nTotal revenue | $70,515,715 | $42,917,245\nProducts and Licensing operating income | $1,807,616 | $499,323 \nTechnology Development operating income | 1,507,405 | 378,212 \nTotal operating income | $3,315,021 | $877,535 \nDepreciation, Technology Development | $397,296 | $379,952 \nDepreciation, Products and Licensing | $552,285 | $273,185 \nAmortization, Technology Development | $91,185 | $130,765 \nAmortization, Products and Licensing | $1,462,525 | $418,349 "} {"_id": "d1b37c32c", "title": "", "text": "Executive Annual Incentive Plan Target Opportunities: The following table presents each NEO\u2019s target incentive opportunity for FY19 under the FY19 Executive Annual Incentive Plan (the \u2018\u2018FY19 EAIP\u2019\u2019):\n(1) In connection with Mr. Kapuria\u2019s promotion, his FY19 Individual Annual Incentive Target under the FY19 EAIP increased from 60% to 100% effective May 8, 2018. Mr. Kapuria\u2019s prorated target annual incentive value for FY19 is $427,451.\n\n | FY19 Individual Annual | FY19 \n----------------------- | ---------------------- | ----------\nNEO | Incentive Target (%) | Target ($)\nGregory S. Clark | 150 | 1,500,000 \nNicholas R. Noviello | 100 | 650,000 \nAmy L. Cappellanti-Wolf | 70 | 308,000 \nSamir Kapuria(1) | 100 | 450,000 \nScott C. Taylor | 100 | 600,000 "} {"_id": "d1b337e84", "title": "", "text": "Note 11: Income Taxes\nThe components of income before income taxes and equity income (loss) from equity method investments are as follows (amounts in thousands):\n(1) Fiscal years ended March 31, 2018 and 2017 adjusted due to the adoption of ASC 606.\n\n | | Fiscal Years Ended March 31, | \n-------------------------- | -------- | ---------------------------- | ------\n | 2019 | 2018 | 2017 \nDomestic (U.S.) (1) | $95,639 | $141,582 | $(67) \nForeign (Outside U.S.) (1) | 74,792 | 45,485 | 9,875 \nTotal (1) | $170,431 | $187,067 | $9,808"} {"_id": "d1b3003a8", "title": "", "text": "Income (Loss) Before Income Taxes\n(1) Included in Corporate and Other are the following: contingent consideration adjustments, investment impairment, pension and postretirement plans actuarial (gains) and losses, interest (income) and expense, net foreign exchange (gains) and losses, intercompany eliminations and acquisition related charges.\nThe increase in income before income taxes in Semiconductor Test from 2018 to 2019 was driven primarily by an increase in semiconductor tester sales for 5G infrastructure and image sensors, partially offset by a decrease in sales in the automotive and analog test segments. The increase in income before income taxes in System Test from 2018 to 2019 was primarily due to higher sales in Storage Test of 3.5\u201d hard disk drive testers, higher sales in Defense/Aerospace test instrumentation and systems, and higher sales in Production Board Test from higher 5G demand. The increase in income before income taxes in Wireless Test from 2018 to 2019 was primarily due to higher demand for millimeter wave and cellular test products driven by new wireless standards and 5G partially offset by lower sales in connectivity test products and services. The decrease in income before income taxes in Industrial Automation from 2018 to 2019 was due primarily to higher sales and marketing, and engineering spending.\n\n | 2019 | 2018 | 2018-2019 Change\n----------------------- | ------ | ------------- | ----------------\n | | (in millions) | \nSemiconductor Test | $417.0 | $397.6 | $19.4 \nSystem Test | 93.5 | 48.9 | 44.6 \nWireless Test | 35.6 | 29.1 | 6.5 \nIndustrial Automation | (5.9) | 7.7 | (13.6) \nCorporate and Other (1) | (14.4) | (15.4) | 1.0 \n | $525.8 | $467.8 | $58.0 "} {"_id": "d1b3a543e", "title": "", "text": "ADVANCED ENERGY INDUSTRIES, INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS \u2013 (continued) (in thousands, except per share amounts)\nNOTE 6. EARNINGS PER SHARE\nBasic earnings per share (\u201cEPS\u201d) is computed by dividing income available to common stockholders by the weighted-average number of common shares outstanding during the period. The computation of diluted EPS is similar to the computation of basic EPS except that the denominator is increased to include the number of additional common shares that would have been outstanding (using the if-converted and treasury stock methods), if our outstanding stock options and restricted stock units had been converted to common shares, and if such assumed conversion is dilutive.\nThe following is a reconciliation of the weighted-average shares outstanding used in the calculation of basic and diluted earnings per share for the years ended December 31, 2019, 2018 and 2017:\n\n | | Years Ended December 31, | \n---------------------------------------------------------------------------------- | ------- | ------------------------ | --------\n | 2019 | 2018 | 2017 \nIncome from continuing operations | $56,495 | $147,149 | $136,101\nIncome from continuing operations attributable to noncontrolling interest | 34 | 86 | \u2014 \nIncome from continuing operations attributable to Advanced Energy Industries, Inc. | $56,461 | $147,063 | $136,101\nBasic weighted-average common shares outstanding | 38,281 | 39,081 | 39,754 \nAssumed exercise of dilutive stock options and restricted stock units | 214 | 271 | 422 \nDiluted weighted-average common shares outstanding | 38,495 | 39,352 | 40,176 \nContinuing operations: | | | \nBasic earnings per share | $ 1.47 | $ 3.76 | $ 3.42 \nDiluted earnings per share | $ 1.47 | $ 3.74 | $ 3.39 "} {"_id": "d1b3578f6", "title": "", "text": "Note 21 Debt due within one year\n(1) Includes commercial paper of $1,502 million in U.S. dollars ($1,951 million in Canadian dollars) and $2,314\u00a0million in U.S. dollars ($3,156\u00a0million in Canadian dollars) as at December\u00a031,\u00a02019 and December\u00a031, 2018, respectively, which were issued under our U.S. commercial paper program and have been hedged for foreign currency fluctuations through forward currency contracts. See Note\u00a026, Financial and capital management, for additional details.\n(2) Included in long-term debt due within one year is the current portion of lease liabilities of $775 million as at December\u00a031,\u00a02019 and the current portion of finance leases of $466\u00a0million as at December\u00a031, 2018.\n\nFOR THE YEAR ENDED DECEMBER 31 | NOTE | WEIGHTED AVERAGE INTEREST RATE AT DECEMBER 31, 2019 | 2019 | 2018 \n-------------------------------------- | ---- | --------------------------------------------------- | ----- | -----\nNotes payable\u2009(1) | 26 | 2.03% | 1,994 | 3,201\nLoans secured by trade receivables | 26 | 2.71% | 1,050 | 919 \nLong-term debt due within one year\u2009(2) | 22 | 4.77% | 837 | 525 \nTotal debt due within one year | | | 3,881 | 4,645"} {"_id": "d1b36ae1a", "title": "", "text": "CREDIT FACILITIES\nBell Canada may issue notes under its Canadian and U.S. commercial paper programs up to the maximum aggregate principal amount of $3\u00a0billion in either Canadian or U.S. currency provided that at no time shall such maximum amount of notes exceed $4\u00a0billion in Canadian currency which equals the aggregate amount available under Bell Canada\u2019s committed supporting revolving and expansion credit facilities as at December\u00a031, 2019. The total amount of the net available committed revolving and expansion credit facilities may be drawn at any time.\nThe table below is a summary of our total bank credit facilities at December\u00a031, 2019.\n(1) Bell Canada\u2019s $2.5\u00a0billion and additional $500\u00a0million committed revolving credit facilities expire in November 2024 and November 2020, respectively, and its $1\u00a0billion committed expansion credit facility expires in November\u00a02022. Bell Canada has the option, subject to certain conditions, to convert advances outstanding under the additional $500\u00a0million revolving credit facility into a term loan with a maximum one-year term.\n(2) As of December\u00a031, 2019, Bell Canada\u2019s outstanding commercial paper included $1,502 million in U.S. dollars ($1,951 million in Canadian dollars). All of Bell Canada\u2019s commercial paper outstanding is included in debt due within one year.\n\n | TOTAL AVAILABLE | DRAWN | LETTERS OF CREDIT | COMMERCIAL PAPER OUTSTANDING | NET AVAILABLE\n----------------------------------------------------------- | --------------- | ----- | ----------------- | ---------------------------- | -------------\nCommitted credit facilities | | | | | \nUnsecured revolving and expansion credit facilities\u2009(1)\u2009(2) | 4,000 | \u2013 | \u2013 | 1,951 | 2,049 \nOther | 106 | \u2013 | 106 | \u2013 | \u2013 \nTotal committed credit facilities | 4,106 | \u2013 | 106 | 1,951 | 2,049 \nTotal non-committed credit facilities | 1,939 | \u2013 | 1,059 | \u2013 | 880 \nTotal committed and non-committed credit facilities | 6,045 | \u2013 | 1,165 | 1,951 | 2,929 "} {"_id": "d1b3bab22", "title": "", "text": "(1) Vessel Calendar Days is the total number of days the vessels were in our fleet.\n(2) Time Charter Equivalent (\u201cTCE\u201d) Rate, results from Net Voyage Revenue divided by total TCE days.\nThe change in Voyage revenue is due to two main factors:\ni) \u00a0The number of TCE days\nii) \u00a0The change in the TCE rate achieved.\nWith regards to i), the decrease in vessel calendar days is mainly due to the disposal of ten vessels in 2018, offset by three 2018 Newbuildings delivered in the latter part of 2018.\nWith regards to ii), the TCE rate increased by $8,560, or 65.4%. The indicative rates presented by Clarksons Shipping increased by 91.7% for the twelve months of 2019 compared to the same twelve months in 2018 to $31,560 from $16,466, respectively. The rates presented by Clarksons Shipping were significantly influenced by the spike in the Suezmax tanker rates in the fourth quarter of both 2019 and 2018. Our average TCE was also positively impacted by the increased tanker rates towards the end of 2019, but not to the same extent as the rates reported by Clarksons Shipping. We expect this spike to materialize to a larger extent in the first quarter of 2020 compared to the rates reported by Clarksons Shipping.\nAs a result of i) and ii) net voyage revenues increased by 41.5% from $124.0 million for the year ended December 31, 2018, to $175.5 million for the year ended December 31, 2019.\n\n | | Years Ended December 31, | \n------------------------------------------------- | --------- | ---------------------------- | ---------\nAll figures in USD \u2018000, except TCE rate per day | 2019 | 2018 | Variance \nVoyage Revenue | 317,220 | 289,016 | 9.8% \nLess Voyage expenses | (141,770) | (165,012) | (14.1%) \nNet Voyage Revenue | 175,450 | 124,004 | 41.5% \nVessel Calendar Days (1) | 8,395 | 9,747 | (13.9%) \nLess off-hire days | 293 | 277 | 5.8% \nTotal TCE days | 8,102 | 9,470 | (14.4%) \nTCE Rate per day (2) | $21,655 | $13,095 | 65.4%) \nTotal Days for vessel operating expenses | 8,395 | 9,747 | (13.9%) "} {"_id": "d1b30c09a", "title": "", "text": "Note 12\u2014Property, Plant and Equipment\nProperty, plant and equipment, net consisted of the following:\nDepreciation expense was $61 million, $56 million and $55 million for fiscal 2019, 2018 and 2017, respectively.\n\n | January 3, 2020 | December 28, 2018\n----------------------------------------------- | --------------- | -----------------\n | (in millions) | \nComputers and other equipment | $259 | $233 \nLeasehold improvements | 203 | 206 \nOffice furniture and fixtures | 37 | 36 \nBuildings and improvements | 23 | 56 \nLand | 4 | 40 \nConstruction in progress | 104 | 15 \n | 630 | 586 \nLess: accumulated depreciation and amortization | (343) | (349) \n | $ 287 | $ 237 "} {"_id": "d1b37c8ea", "title": "", "text": "GasLog Ltd. and its Subsidiaries\nNotes to the consolidated financial statements (Continued)\nFor the years ended December 31, 2017, 2018 and 2019\n(All amounts expressed in thousands of U.S. Dollars, except share and per share data)\n16. Voyage Expenses and Commissions\nAn analysis of voyage expenses and commissions is as follows:\nBunkers\u2019 consumption and other voyage expenses represents mainly bunkers consumed during vessels\u2019 unemployment and off-hire.\n\n | | For the year ended December 31, | \n---------------------------------------------- | ------ | ------------------------------- | ------\n | 2017 | 2018 | 2019 \nBrokers\u2019 commissions on revenue | 6,456 | 7,555 | 7,527 \nBunkers\u2019 consumption and other voyage expenses | 8,948 | 12,819 | 16,245\nTotal | 15,404 | 20,374 | 23,772"} {"_id": "d1b36279c", "title": "", "text": "2. Revenue\nThe Company is a global manufacturer of component and subsystem devices whose components are found in the primary end-markets of the aerospace, appliance, automotive, commercial vehicle, construction, consumer and industrial equipment, communications (including information processing and storage, networking equipment and wireless and terrestrial voice/data systems), medical, rail and other transportation industries. On April 29, 2018, the Company adopted ASC 606 along with the related amendments using a modified retrospective approach to all contracts open as of that date.\nUpon adoption, the Company recognized a $0.1 million increase to opening retained earnings. This adjustment was a result of modifying the METHODE ELECTRONICS, INC. AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS F-14 Company's revenue recognition pattern for highly customized goods with no alternative use to over time recognition instead of point in time and for deferring revenue related to material rights that we provide to our customers. The overall impact to the Company's financial statements was immaterial. The Company has modified its controls to address the risks present under ASC 606.\nAs the Company has adopted ASC 606 using the modified retrospective approach, prior periods have not been restated, and as such they are presented under ASC 605. The impact of the changes in accounting policy on fiscal 2019 is provided below.\n\n | | Fiscal Year Ended April 27, 2019 | \n--------------------- | ----------- | -------------------------------- | ---------------------\n(Dollars in Millions) | As Reported | Adjustments | Balance Under ASC 605\nNet Sales | $1,000.3 | $(24.2) | $1,024.5 \nCost of Products Sold | $734.5 | $(24.2) | $758.7 \nTotal Inventories | $116.7 | $(0.5) | $117.2 \nContract Assets | $0.8 | $0.8 | $\u2014 \nContract Liabilities | $0.3 | $0.3 | $\u2014 \nRetained Earnings | $545.2 | $0.1 | $545.1 "} {"_id": "d1b325662", "title": "", "text": "NOTE 6 - continued\nFor information on assets provided as collateral security, please refer to note 16. Please refer to note 8 for information on impairment testing.\nThe depreciation expense related to \"Other plant and operating equipment\" of USD 1.0m relates to \"Administrative expense\" (2018: USD 1.1m, 2017: USD 0.9m). Depreciation and impairment losses on tangible fixed assets on \"Vessels and capitalized dry-docking\" relate to operating expenses.\n\nUSDm | 2019 | 2018 | 2017\n----------------------------------- | ---- | ---- | ----\nOther plant and operating equipment | | | \nCost: | | | \nBalance as of 1 January | 5.8 | 3.6 | 2.7 \nAdjustment on transition to IFRS 16 | 0.3 | - | - \nAdditions | 2.2 | 2.2 | 1.0 \nDisposals | -0.2 | - | -0.1\nBalance as of 31 December | 8.1 | 5.8 | 3.6 \nDepreciation: | | | \nBalance as of 1 January | 2.8 | 1.7 | 0.9 \nDisposals | - | - | -0.1\nDepreciation for the year | 1.0 | 1.1 | 0.9 \nBalance as of 31 December | 3.8 | 2.8 | 1.7 \nCarrying amount as of 31 December | 4.3 | 3.0 | 1.9 "} {"_id": "d1b35b7bc", "title": "", "text": "Cash Flows\nYear ended December 31, 2018 compared to the year ended December 31, 2019\nThe following table summarizes our net cash flows from operating, investing and financing activities for the years indicated:\nNet Cash Provided By Operating Activities\nNet cash provided by operating activities increased by $33.7 million, from $283.7 million during the year ended December 31, 2018 to $317.4 million during the year ended December 31, 2019. The increase was attributable to an increase of $57.7 million caused by movements in working capital accounts due primarily to (a) increased cash from related parties of $56.3 million (mainly collection of Cool Pool receivables), (b) an increase of $20.3 million from movements in other payables and accruals, and (c) an increase of $4.6 million from movements in trade and other receivables, partially offset by an increase in cash collateral on swaps of $22.2 million, an increase of $28.2 million in total revenues (revenues and net pool allocation), partially offset by a decrease of $29.9 million in cash paid for interest including the interest paid for finance leases and a net decrease of $22.3 million from the remaining movements.\nNet Cash Used In Investing Activities\nNet cash used in investing activities decreased by $250.0 million, from $693.0 million during the year ended December 31, 2018 to $443.0 million during the year ended December 31, 2019. The decrease is attributable to a decrease of $203.7 million in net cash used in payments for the construction costs of newbuildings and other fixed assets, a net increase of $45.5 million in cash from short-term investments in the year ended December 31, 2019, compared to the same period of 2018 and an increase of $0.8 million in cash from interest income.\nNet Cash Provided By Financing Activities\nNet cash provided by financing activities decreased by $318.0 million, from $368.1 million during the year ended December 31, 2018 to $50.1 million during the year ended December 31, 2019. The decrease is mainly attributable to an increase of $316.0 million in bank loan repayments, a decrease of $208.4 million in proceeds from the GasLog Partners\u2019 issuance of preference units, a decrease of $60.4 million in proceeds from the GasLog Partners\u2019 common unit offerings, an increase of $46.7 million in payments for NOK bond repurchase at a premium, an increase of $26.6 million in cash used for purchases of treasury shares or common units of GasLog Partners, an increase of $18.5 million in payments of loan issuance costs, an increase of $15.4 million in dividend payments on common and preference shares, an increase of $3.7 million in payments for cross currency swaps\u2019 termination, an increase of $2.6 million in payments for lease liabilities, an increase of $0.8 million in payments for equity-related costs and a decrease of $0.5 million in proceeds from stock option exercise, partially offset by an increase of $381.6 million in proceeds from borrowings.\n\n | | Year ended December 31, | \n----------------------------------------- | --------- | ----------------------- | ---------\n | 2018 | 2019 | Change \nAmounts in thousands of U.S. dollars | | | \nNet cash provided by operating activities | $283,710 | $317,423 | $33,713 \nNet cash used in investing activities | (692,999) | (442,978) | 250,021 \nNet cash provided by financing activities | 368,120 | 50,066 | (318,054)"} {"_id": "d1b3b041a", "title": "", "text": "To keep pace with client and market demand, we maintain an ongoing program of new product development.\nOur software engineers are responsible for creating and building our software products. They do so by combining their expertise with input from our sales, marketing and product management groups as to market trends and needs. Our software engineers design and write software and manage its testing and quality assurance. We utilize third-party software developers both domestically and overseas working under our supervision to supplement our software engineers. Using these external software developers in a strategic manner allows us to access highly skilled labor pools, maintain a 24-hour development schedule, decrease time to market, and minimize programming costs.\nAll phases of research and development, or R&D, including scope approval, functional and implementation design, object modeling and programming, are subject to extensive internal quality assurance testing. We maintain an ongoing focus on improving our quality assurance testing infrastructure and practices. Technical reporting and client support feedback confirm the continuing positive effect of our ongoing enhancement of research and development and quality assurance processes.\nOur EFT Arcus product is hosted by third-party cloud services providers. We rely upon those third parties, such as Microsoft Azure, for the continued development and enhancement of their cloud services infrastructures on which our products are hosted. We do not perform significant research and development of cloud services infrastructures using our own personnel.\nOur R&D expenditures profile has been as follows ($ in thousands):\nOur total R&D expenditures decreased 23% in 2019 as compared to 2018 primarily due to fewer employed software engineers and technical personnel.\nTotal resources expended for R&D serves to illustrate our total corporate efforts to improve our existing products and to develop new products regardless of whether or not our expenditures for those efforts were expensed or capitalized. Total resources expended for R&D is not a measure of financial performance under GAAP and should not be considered a substitute for R&D expense and capitalized software development costs individually. While we believe the non-GAAP total resources expended for R&D amount provides useful supplemental information regarding our overall corporate product improvement and new product creation activities, there are limitations associated with the use of this non-GAAP measurement. Total resources expended for R&D is a non-GAAP measure not prepared in accordance with GAAP and may not be comparable to similarly titled measures of other companies since there is no standard for preparing this non-GAAP measure. As a result, this non-GAAP measure of total resources expended for R&D has limitations and should not be considered in isolation from, or as a substitute for, R&D expense and capitalized software development costs individually.\nResearch and Development\n\n | Year ending December 31, | \n-------------------------------------- | ------------------------ | ------\n | 2019 | 2018 \nR&D expensed | $1,355 | $1,883\nCapitalized software development costs | $1,074 | $1,276\nTotal resources expensed for R&D | $2,430 | $3,159"} {"_id": "d1b368458", "title": "", "text": "The following table provides a reconciliation of Adjusted Gross Profit to Gross Profit, the most directly comparable financial measure presented in accordance with U.S. GAAP:\n(a) Represents depreciation and amortization expense included in cost of goods sold\n(b) Represents additional operating costs incurred in connection with the start-up of our new manufacturing lines as part of the Freshpet Kitchens expansion project in 2016 that included adding two additional product lines.\n(c) Represents non-cash share-based compensation expense included in cost of goods sold.\n\n | Twelve Months Ended December 31, | | | | \n----------------------------------------- | -------------------------------- | ------- | ------- | ------- | -------\n | 2019 | 2018 | 2017 | 2016 | 2015 \n | (Dollars in thousands) | | | | \nGross Profit | $114,197 | $89,990 | $72,416 | $60,371 | $54,649\nDepreciation expense (a) | 6,370 | 6,089 | 5,791 | 4,028 | 2,566 \nPlant start-up expense (b) | \u2014 | \u2014 | \u2014 | 1,628 | \u2014 \nNon-cash share-based compensation (c) | 922 | 859 | 243 | 221 | 201 \nAdjusted Gross Profit | $121,489 | $96,938 | $78,450 | $66,248 | $57,416\nAdjusted Gross Profit as a % of Net Sales | 49.4% | 50.2% | 51.5% | 51.1% | 50.6% "} {"_id": "d1b330e7c", "title": "", "text": "Disaggregation of Revenue\nThe following table disaggregates revenue generated within the United States (U.S.) from revenue generated from customers outside of the U.S. Revenue\nfor transaction tax compliance in the U.S. is further disaggregated based on the solutions or services purchased by customers. Total revenues consisted of the\nfollowing (in thousands):\n\n | | For the Year Ended December 31, | \n------------------------------------------- | -------- | ------------------------------- | --------\n | 2019 | 2018 | 2017 \nRevenue (U.S.): | | | \nSubscription and returns | | | \nTax determination | $203,584 | $147,847 | $114,575\nTax returns and compliance management | 127,815 | 91,239 | 74,454 \nInterest income on funds held for customers | 3,213 | 1,055 | - \nTotal subscription and returns | 334,612 | 240,141 | 189,029 \nProfessional services | 24,399 | 15,126 | 12,476 \nTotal revenue (U.S.) | 359,011 | 255,267 | 201,505 \nTotal revenue (non U.S.) | 23,410 | 16,831 | 11,654 \nTotal revenue | $382,421 | $272,098 | $213,159"} {"_id": "d1b37bc24", "title": "", "text": "2) Cloud Services and Subscriptions:\nCloud services and subscriptions revenues are from hosting arrangements where in connection with the licensing of software, the end user doesn\u2019t take possession of the software, as well as from end-to-end fully outsourced business-to-business (B2B) integration solutions to our customers (collectively referred to as cloud arrangements). The software application resides on our hardware or that of a third party, and the customer accesses and uses the software on an as-needed basis via an identified line. Our cloud arrangements can be broadly categorized as \"platform as a service\" (PaaS), \"software as a service\" (SaaS), cloud subscriptions and managed services.\nCost of Cloud services and subscriptions revenues is comprised primarily of third party network usage fees, maintenance of in-house data hardware centers, technical support personnel-related costs, and some third party royalty costs.\nCloud services and subscriptions revenues increased by $78.8 million or 9.5% during the year ended June 30, 2019 as compared to the prior fiscal year; up 10.8% after factoring the impact of $10.8 million of foreign exchange rate changes. Geographically, the overall change was attributable to an increase in Americas of $61.6 million, an increase in EMEA of $14.7 million, and an increase in Asia Pacific of $2.6 million.\nThe number of Cloud services deals greater than $1.0 million that closed during Fiscal 2019 was 46 deals, consistent with that in Fiscal 2018.\nCost of Cloud services and subscriptions revenues increased by $19.8 million during the year ended June 30, 2019 as compared to the prior fiscal year, due to an increase in labour-related costs of approximately $19.1 million and an increase in third party network usage fees of $1.3 million. These were partially offset by a decrease in other miscellaneous costs of $0.6 million. The increase in labour-related costs was primarily due to increased headcount from recent acquisitions.\nOverall, the gross margin percentage on Cloud services and subscriptions revenues increased to approximately 58% from approximately 56%.\nFor illustrative purposes only, had we accounted for revenues under proforma Topic 605, Cloud services and subscriptions revenues would have been $901.5 million for the year ended June 30, 2019, which would have been higher by approximately $72.5 million or 8.7% as compared to the prior fiscal year; and would have been up 10.1% after factoring the impact of $11.0 million of foreign exchange rate changes. Geographically, the overall change would have been attributable to an increase in Americas of $56.4 million, and an increase in EMEA of $12.4 million and an increase in Asia Pacific of $3.7 million.\nThe $6.4 million difference between cloud service and subscription revenues recognized under Topic 606 and those proforma Topic 605 cloud services and subscriptions revenues described above is primarily the result of timing differences on professional services related to cloud contracts, where under Topic 605, revenues would have been deferred over the estimated life of the contract, but under Topic 606 these revenues are recognized as services are performed. For more details, see note 3 \"Revenues\" to our Consolidated Financial Statements.\n\n | | | Year Ended June 30, | | \n---------------------------------------------------------- | -------- | -------------------------- | ------------------- | -------------------------- | --------\n(In thousands) | 2019 | Change increase (decrease) | 2018 | Change increase (decrease) | 2017 \nCloud Services and Subscriptions: | | | | | \nAmericas | $616,776 | $61,553 | $555,223 | $70,216 | $485,007\nEMEA | 206,227 | 14,707 | 191,520 | 40,673 | 150,847 \nAsia Pacific | 84,809 | 2,584 | 82,225 | 12,584 | 69,641 \nTotal Cloud Services and Subscriptions Revenues | 907,812 | 78,844 | 828,968 | 123,473 | 705,495 \nCost of Cloud Services and Subscriptions Revenues | 383,993 | 19,833 | 364,160 | 64,310 | 299,850 \nGAAP-based Cloud Services and Subscriptions Gross Profit | $523,819 | $59,011 | $464,808 | $59,163 | $405,645\nGAAP-based Cloud Services and Subscriptions Gross Margin % | 57.7% | | 56.1% | | 57.5% \n% Cloud Services and Subscriptions Revenues by | | | | | \nGeography: | | | | | \nAmericas | 67.9% | | 67.0% | | 68.7% \nEMEA | 22.7% | | 23.1% | | 21.4% \nAsia Pacific | 9.4% | | 9.9% | | 9.9% "} {"_id": "d1b3926d6", "title": "", "text": "Free cashflow\nThe Group achieved another year of strong cashflow performance with operating cashflow for FY19 of $836.3m again exceeding EBITDA. Tax payments in FY19 were significantly lower than the prior year because FY18 included tax paid on the capital gain realised on the sale of investments in FY17.\nCapital expenditure\nBusiness as usual (\u2018BAU\u2019) capital expenditure of $198.7m was $59.3m lower than last year principally due to the substantial completion in the prior year of the build for the VHA fibre contract.\nMobile spectrum capex of $352.4m in FY19 reflects the payment during the year of the second instalment for the Australian 700MHz spectrum acquired at auction in April 2017. The first instalment of $597.3m was paid in FY18 and the third and final instalment of $352.4m is payable in January 2020. A further $86.1m of capex was also incurred in FY19 in relation to the Australian mobile network rollout up until the project ceased. This expenditure on spectrum and mobile assets in Australia was partly impaired as part of the impairment review that was undertaken following the cessation of the project as described above.\nCapex for the mobile network build in Singapore in FY19 was $80.1m taking the aggregate capex incurred on the project up to $147m (excluding spectrum).\n\n | FY19 | FY18 \n----------------------------- | ------- | -------\n | $m | $m \nOperating cashflow | 836.3 | 868.3 \nTax | (128.6) | (194.5)\nIRU / finance lease payments | (5.5) | (34.1) \nCapex - BAU | (198.7) | (258.0)\nCapex - mobile spectrum | (352.4) | (597.3)\nCapex - mobile networks (Aus) | (86.1) | (38.7) \nCapex - mobile networks (Sg) | (80.1) | (62.3) \nFree cashflow | (15.1) | (316.6)"} {"_id": "d1b33d82a", "title": "", "text": "We manufacture products in 107 facilities, with 15 of those facilities serving both of our business segments. The following table shows our manufacturing facilities by geographic region and our business segment reporting structure:\nOther Property Information\nWe own the large majority of our manufacturing facilities. Some of these facilities are subject to secured or other financing arrangements. We lease the balance of our manufacturing facilities, which are generally smaller sites. Our manufacturing facilities are usually located in general purpose buildings that house our specialized machinery for the manufacture of one or more products. Because of the relatively low density of our air cellular, polyethylene foam and protective mailer products, we realize significant freight savings by locating our manufacturing facilities for these products near our customers and distributors.\nWe also occupy facilities containing sales, distribution, technical, warehouse or administrative functions at a number of\nlocations in the U.S. and in many foreign countries/regions. Some of these facilities are located on the manufacturing sites that we own and some of these are leased. Stand-alone facilities of these types are generally leased. Our global headquarters is located in an owned property in Charlotte, North Carolina. For a list of those countries and regions outside of the U.S. where we have operations, see \"Global Operations\" above.\nWe believe that our manufacturing, warehouse, office and other facilities are well maintained, suitable for their purposes and adequate for our needs.\n\nGeographic Region | Number of Manufacturing Facilities | Food Care Manufacturing Facilities | Product Care Manufacturing Facilities\n---------------------------------------- | ---------------------------------- | ---------------------------------- | -------------------------------------\nNorth America | 44 | 10 | 37 \nEurope, Middle East and Africa (\"EMEA\") | 29 | 11 | 24 \nSouth America | 6 | 6 | 1 \nAsia, Australia and New Zealand (\"APAC\") | 28 | 9 | 24 \nTotal | 107 | 36 | 86 "} {"_id": "d1b39bccc", "title": "", "text": "Commitments\nAt March 31, 2019, we had contractual obligations in the form of non-cancellable operating leases and debt, including interest payments (see Note 3, \u201cDebt\u201d and Note 15, \u201cCommitments and Contingencies\u201d to our consolidated financial statements), European social security, pension benefits, other post-retirement benefits, inventory purchase obligations, fixed asset purchase obligations, acquisition related obligations, and construction obligations as follows (amounts in thousands):\n(1) Refer to Note 3, \u201cDebt\u201d for additional information. Repayment of the Customer Capacity Agreements assumes the customers purchase products in a quantity sufficient to require the maximum permitted debt repayment amount per quarter.\n(2) Reflects expected benefit payments through fiscal year 2029.\n(3) In addition to amounts reflected in the table, an additional $2.9 million has been recorded in the line item \"Accrued expenses,\" for which the timing of payment has not been determined.\n\n | | | Payment Due by Period | | \n---------------------------------------------- | -------- | -------- | --------------------- | ----------- | -----------------\nContractual obligations | Total | Year 1 | Years 2 - 3 | Years 4 - 5 | More than 5 years\nDebt obligations (1) | $305,927 | $28,430 | $59,509 | $55,708 | $162,280 \nInterest obligations (1) | 28,200 | 6,326 | 11,039 | 8,928 | 1,907 \nOperating lease obligations | 48,311 | 10,898 | 14,302 | 9,402 | 13,709 \nPension and other post-retirement benefits (2) | 94,178 | 6,758 | 15,184 | 18,024 | 54,212 \nEmployee separation liability | 7,640 | 594 | 674 | 674 | 5,698 \nRestructuring liability | 2,181 | 1,869 | 312 | \u2014 | \u2014 \nPurchase commitments | 31,468 | 31,468 | \u2014 | \u2014 | \u2014 \nCapital lease obligations | 2,049 | 993 | 888 | 168 | \u2014 \nAnti-trust fines and settlements (3) | 34,880 | 21,712 | 10,203 | 2,965 | \u2014 \nTotal | $554,834 | $109,048 | $112,111 | $95,869 | $237,806 "} {"_id": "d1b3c5540", "title": "", "text": "Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities\nMarket Information\nSince August 18, 2004, our common stock has been trading on the NASDAQ Global Select Market under the symbol \u201cTZOO.\u201d The following table sets forth, for the periods indicated, the high and low sales prices per share of our common stock as reported by NASDAQ.\nOn March 3, 2020, the last reported sales price of our common stock on the NASDAQ Global Select Market was $8.64 per share.\nAs of March 3, 2020, there were approximately 197 stockholders of record of our shares.\n\n | High | Low \n-------------- | ------ | ------\n2019: | | \nFourth Quarter | $11.44 | $9.47 \nThird Quarter | $14.96 | $10.26\nSecond Quarter | $20.91 | $12.61\nFirst Quarter | $18.19 | $8.87 \n2018: | | \nFourth Quarter | $12.16 | $7.43 \nThird Quarter | $20.60 | $10.95\nSecond Quarter | $18.30 | $6.70 \nFirst Quarter | $7.35 | $6.00 "} {"_id": "d1b351a3c", "title": "", "text": "Note 4. Accounts Receivable, Net\nThe components of accounts receivable, net are as follows (in thousands):\nFor the years ended December 31, 2019, 2018 and 2017, we recorded a provision for doubtful accounts of $1.2 million, $0.1 million and $0.5 million, respectively.\nFor the year ended December 31, 2019, we recorded a reduction to the reserve for product returns of $0.1 million. For the years ended December 31, 2018 and 2017, we recorded a $0.3 million and $2.1 million reserve for product returns in our hardware and other revenue, respectively. Historically, we have not experienced write-offs for uncollectible accounts or sales returns that have differed significantly from our estimates.\n\nDecember 31, | | \n------------------------------- | ------- | -------\n | 2019 | 2018 \nAccounts receivable | $80,032 | $52,850\nAllowance for doubtful accounts | (2,584) | (1,425)\nAllowance for product returns | (1,075) | (1,915)\nAccounts receivable, net | $76,373 | $49,510"} {"_id": "d1b33f166", "title": "", "text": "Semiconductor and IP Licensing Segment\n(1)\u00a0Excludes\u00a0operating\u00a0expenses\u00a0which\u00a0are\u00a0not\u00a0allocated\u00a0on\u00a0a\u00a0segment\u00a0basis.\nSemiconductor and IP Licensing segment revenue for the year ended December 31, 2019 was $81.9 million as compared to $186.4 million for the year ended December 31, 2018, a decrease of $104.5 million. The decrease in revenue was due principally to revenue recorded in 2018 related to the Samsung settlement and license agreement executed in December 2018, partially offset by a one-time payment from a new license agreement signed in December 2019.\n\n | | Years Ended December 31, | \n--------------------------------------------- | ------- | ------------------------ | --------\n | 2019 | 2018 | 2017 \n | | (in thousands) | \nRevenue: | | | \nRoyalty and license fees | $81,943 | $186,425 | $205,809\nTotal revenue | 81,943 | 186,425 | 205,809 \nOperating expenses: | | | \nResearch, development and other related costs | 28,732 | 27,514 | 30,039 \nLitigation | 3,471 | 26,099 | 36,209 \nAmortization | 11,871 | 19,906 | 21,590 \nTotal operating expenses (1) | 44,074 | 73,519 | 87,838 \nTotal operating income | $37,869 | $112,906 | $117,971"} {"_id": "d1b3ac770", "title": "", "text": "Item 6. Selected Financial Data\nThe following tables set forth our selected financial data for the periods and at the dates indicated. The selected financial data from the consolidated statements of operations and consolidated statements of cash flows for the years ended December 31, 2019, 2018, and 2017 and the selected financial data from the consolidated balance sheets as of December 31, 2019 and 2018 have been derived from the audited consolidated financial statements included in this Annual Report on Form 10-K. The selected financial data from the consolidated statements of operations and consolidated statements of cash flows for the years ended December 31, 2016 and 2015 and the selected financial data from the consolidated balance sheets as of December 31, 2017, 2016, and 2015 have been derived from audited consolidated financial statements not included in this Annual Report on Form 10-K. The information presented below should also be read in conjunction with our consolidated financial statements and the related notes thereto and Item 7. \u201cManagement\u2019s Discussion and Analysis of Financial Condition and Results of Operations.\u201d\n\n | | | Years Ended December 31, | | \n----------------------------------------- | ---------- | ---------- | ---------------------------------------- | ---------- | ----------\n | 2019 | 2018 | 2017 | 2016 | 2015 \n | | | (In thousands, except per share amounts) | | \nNet sales . | $3,063,117 | $2,244,044 | $2,941,324 | $2,904,563 | $4,112,650\nGross profit | 549,212 | 392,177 | 548,947 | 638,418 | 1,132,762 \nOperating (loss) income . | (161,785) | 40,113 | 177,851 | (568,151) | 730,159 \nNet (loss) income | (114,933) | 144,326 | (165,615) | (416,112) | 593,406 \nNet (loss) income per share: | | | | | \nBasic . | $(1.09) | $1.38 | $(1.59) | $(4.05) | $5.88 \nDiluted . | $(1.09) | $1.36 | $(1.59) | $(4.05) | $5.83 \nCash dividends declared per common share. | $\u2014 | $\u2014 | $\u2014 | $\u2014 | $\u2014 \nNet cash provided by (used in) operating | | | | | \nactivities | $174,201 | $(326,809) | $1,340,677 | $206,753 | $(325,209)\nNet cash (used in) provided by investing | | | | | \nactivities | (362,298) | (682,714) | (626,802) | 144,520 | (156,177) \nNet cash provided by (used in) financing | | | | | \nactivities | 74,943 | 255,228 | 192,045 | (136,393) | 101,207 \n | | | December 31, | | \n | 2019 | 2018 | 2017 | 2016 | 2015 \n | | | (In thousands) | | \nCash and cash equivalents . | $1,352,741 | $1,403,562 | $2,268,534 | $1,347,155 | $1,126,826\nMarketable securities . | 811,506 | 1,143,704 | 720,379 | 607,991 | 703,454 \nTotal assets . | 7,515,689 | 7,121,362 | 6,864,501 | 6,824,368 | 7,360,392 \nTotal long-term debt | 471,697 | 466,791 | 393,540 | 188,388 | 289,415 \nTotal liabilities | 2,418,922 | 1,908,959 | 1,765,804 | 1,606,019 | 1,741,996 \nTotal stockholders\u2019 equity . | 5,096,767 | 5,212,403 | 5,098,697 | 5,218,349 | 5,618,396 "} {"_id": "d1b343856", "title": "", "text": "Goodwill\nGoodwill arises from the acquisition method of accounting for business combinations and represents the excess of the purchase price over the fair value of the net assets and other identifiable intangible assets acquired. The fair values of net tangible assets and intangible assets acquired are based upon preliminary valuations and the Company's estimates and assumptions are subject to change within the measurement period (potentially up to one year from the acquisition date).\nThe following table presents the changes in the carrying amount of goodwill for the periods indicated:\nThe Company performs an annual goodwill impairment assessment on October 31st each year, using a two-step quantitative assessment. Step one is the identification of potential impairment. This involves comparing the fair value of each reporting unit, which the Company has determined to be the entity itself, with its carrying amount, including goodwill.\nIf the fair value of a reporting unit exceeds the carrying amount, the goodwill of the reporting unit is considered not impaired and the second step of the impairment test is unnecessary. If the carrying amount of a reporting unit exceeds its fair value, the second step of the impairment test is performed to measure the amount of impairment loss, if any.\nThe Company determined there were no indications of impairment associated with goodwill. As a result,n o goodwill impairment was recognized as of October 31, 2019. In addition to its annual review, the Company performs a test of impairment when indicators of impairment are present. As of December 31, 2019, there were no indications of impairment of the Company\u2019s goodwill balances.\n\n | Years Ended December 31, | \n----------------- | ------------------------ | --------\n | 2019 | 2018 \n | (in thousands) | \nBeginning balance | $238,330 | $237,992\nAdjustments | \u2014 | 338 \nEnding balance | $238,330 | $238,330"} {"_id": "d1b32e5be", "title": "", "text": "Liquidity, Going Concern and Capital Resources\nSee Note 1 of our Notes to Consolidated Financial Statements for a discussion of liquidity.\nCash used in operating activities of continuing operations is presented below (in thousands).\nWe used $13.5 million in operating cash during 2019, compared to $5.2 million of operating cash in 2018. We also funded $4.4 million of capital expenditures in 2019, compared to $3.3 million in the prior year. These capital expenditures relate primarily to our capacity expansion and debottlenecking at Golden Ridge, leasehold improvements at our Riverside facility, and our specialty ingredients\u2019 equipment in our Dillon plant. Offsetting these uses of cash was $19.4 million of proceeds from issuances of common stock and a prefunded warrant, as well as $2.2 million of proceeds from option and warrant exercises.\nAs of December 31, 2019, our cash and cash equivalents balance was $8.4 million (see Note 1), compared to $7.0 million and $0.2 million of restricted cash as of December 31, 2018. As of December 31, 2019, management believes the Company has sufficient capital reserves and borrowing capacity to fund the operations of the business; however, we may seek external sources of funding for investment initiatives and/or general operations if we determine that is the best course of action.\n\n | Year Ended December 31 | \n--------------------------------------------------------------------------- | ---------------------- | ---------\n | 2019 | 2018 \nCash flow from operating activities of continuing operations: | | \nLoss from continuing operations | $ (13,735) | $ (8,101)\nAdjustments to reconcile net loss to net cash used in operating activities: | | \nDepreciation and amortization | 1,930 | 773 \nStock and share-based compensation | 1,360 | 886 \nSettlement with Sellers of Golden Ridge | ( 849) | - \nProvision for bad debts | 472 | - \nOther | 13 | (14) \nChanges in operating assets and liabilities: | | \nAccounts receivable | (1,102) | 331 \nInventories | 332 | (138) \nAccounts payable and accrued expenses | (296) | 935 \nCommodities payable | (1,340) | 176 \nOther | (235) | (89) \nNet cash used in operating activities of continuing operations | $(13,450) | $(5,241) "} {"_id": "d1b3b1ebe", "title": "", "text": "Item 6.Selecte d Financial Data\nThe following table sets forth selected financial data as of and for our last five fiscal years. This selected financial data should be read in conjunction with the consolidated financial statements and related notes included in Item 15 of this Annual report. Over our last five fiscal years, we have acquired a number of companies, including NetSuite Inc. (NetSuite) in fiscal 2017. The results of our acquired companies have been included in our consolidated financial statements since their respective dates of acquisition and have contributed to our revenues, income, earnings per share and total assets.\n(1) Our net income and diluted earnings per share were impacted in fiscal 2019 and 2018 by the effects of the U.S. Tax Cuts and Jobs Act of 2017 (the Tax Act). The more significant provisions of the Tax Act as applicable to us are described below under \u201cImpacts of the U.S. Tax Cuts and Jobs Act of 2017\u201d.\n(2) Working capital and total assets decreased in fiscal 2019 primarily due to $36.1 billion of cash used for repurchases of our common stock during fiscal 2019 and also due to dividend payments, partially offset by the favorable impacts to our net current assets resulting from our fiscal 2019 net income. Working capital and total assets sequentially increased in nearly all of the fiscal 2015 to 2018 periods presented primarily due to the favorable impacts to our net current assets resulting from our net income generated during the periods presented and the issuances of long-term senior notes of $10.0 billion in fiscal 2018, and $14.0 billion in fiscal 2017. These working capital and total assets increases were partially offset by cash used for acquisitions, repurchases of our common stock and dividend payments in the fiscal 2015 to 2018 periods presented. In addition, our total assets were also affected in all periods presented by the repayments of notes payable and other borrowings as discussed further below.\n(3) Our notes payable and other borrowings, which represented the summation of our notes payable and other borrowings, current, and notes payable and other borrowings, non-current, as reported per our consolidated balance sheets as of the dates listed in the table above, decreased during fiscal 2019 primarily due to repayments of certain short-term borrowings and senior notes. Notes payable and other borrowings increased between fiscal 2015 and 2018 primarily due to the fiscal 2018 issuance of long-term senior notes of $10.0 billion and short-term borrowings of $2.5 billion, the fiscal 2017 issuance of long-term senior notes of $14.0 billion and short-term borrowings of $3.8 billion, and the fiscal 2016 short-term borrowings of $3.8 billion. See Note 7 of Notes to Consolidated Financial Statements included elsewhere in this Annual report for additional information regarding our notes payable and other borrowings.\n(4) The summary consolidated financial data for the fiscal years ended and as of May 31, 2018 and 2017 have been retrospectively restated to reflect the adoption of Accounting Standards Update (\"ASU\") No. 2014-09, Revenue from Contracts with Customers: Topic 606 and subsequent\u00a0 amendments to the initial guidance: ASU 2015-14, ASU 2016-08, ASU 2016-10, ASU 2016-12, ASU 2016-20, ASU 2017-10, ASU 2017-13 and ASU 2017-14 (collectively, Topic 606), and ASU 2017-07, Compensation\u2014Retirement Benefits (Topic 715): Improving the presentation of Net Periodic Pension Costs and Net Periodic Postretirement Benefit Costs (ASU 2017-07). See Note 1 of Notes to Consolidated Financial Statements included elsewhere in this Annual report for a summary of adjustments related to Topic 606 and ASU 2017-07. The summary consolidated financial data for the fiscal years ended and as of May 31, 2016 and 2015 have not been updated to reflect the adoption of Topic 606 or ASU 2017-07.\n\n | | | | As of and for the Year Ended May 31, | \n-------------------------------------------------- | ------------------------------------------- | -------- | -------- | ------------------------------------ | --------\n(in millions, except per share amounts) | 2019 | 2018 (4) | 2017 (4) | 2016 (4) | 2015 (4)\n | Consolidated Statements of Operations Data: | | | | \nTotal revenues | $39,506 | $39,383 | $37,792 | $37,047 | $38,226 \nOperating income | $13,535 | $13,264 | $12,913 | $12,604 | $13,871 \nNet income (1) | $11,083 | $3,587 | $9,452 | $8,901 | $9,938 \nEarnings per share\u2014diluted (1) | $2.97 | $0.85 | $2.24 | $2.07 | $2.21 \nDiluted weighted average common shares outstanding | 3,732 | 4,238 | 4,217 | 4,305 | 4,503 \nCash dividends declared per common share | $0.81 | $0.76 | $0.64 | $0.60 | $0.51 \n | Consolidated Balance Sheets Data: | | | | \nWorking capital (2) | $27,756 | $57,035 | $50,995 | $47,105 | $47,314 \nTotal assets (2) | $108,709 | $137,851 | $136,003 | $112,180 | $110,903\nNotes payable and other borrowings (3) | $56,167 | $60,619 | $57,909 | $43,855 | $41,958 "} {"_id": "d1b38ad82", "title": "", "text": "Note 4 \u2013 Fair Value Measurements\nAssets and Liabilities Measured at Fair Value\nThe Company\u2019s contingent earn-out liabilities are measured at fair value. These liabilities were estimated using Level 3 inputs. The fair value of contingent consideration was determined based on a probability-based approach which includes projected results, percentage probability of occurrence and the application of a discount rate to present value the payments. A significant change in projected results, discount rate, or probabilities of occurrence could result in a significantly higher or lower fair value measurement. Changes in the fair value of contingent earn-out liabilities are reflected in operating expenses on the Company\u2019s consolidated statements of operations.\nThe following table presents the changes in Level 3 contingent earn-out liabilities:\nIn May 2019, the Company fully settled its Del Monte earn-out liability for $200. The long-term portion of contingent earn-out liabilities was $7,957 and $2,792 as of December 27, 2019 and December 28, 2018, respectively, and are reflected as other liabilities and deferred credits on the Company\u2019s consolidated balance sheets. The remaining short-term portion of earn-out liabilities are reflected as accrued liabilities on the Company\u2019s consolidated balance sheets. Contingent earn-out liability payments in excess of the acquisition date fair value of the underlying contingent earn-out liability are classified as operating activities on the Company\u2019s consolidated statements of cash flows and all other such payments are classified as financing activities.\n\n | Del Monte | Fells Point | Bassian | Other Acquisitions | Total \n------------------------- | ---------- | ------------ | -------- | ------------------ | -------\nBalance December 29, 2017 | $649 | $4,579 | $\u2014 | $\u2014 | $5,228 \nAcquisition value | \u2014 | \u2014 | \u2014 | 1,414 | 1,414 \nCash payments | \u2014 | (3,000) | \u2014 | \u2014 | (3,000)\nChanges in fair value | (649) | 2,070 | \u2014 | 27 | 1,448 \nBalance December 28, 2018 | \u2014 | 3,649 | \u2014 | 1,441 | 5,090 \nAcquisition value | \u2014 | \u2014 | 7,450 | 479 | 7,929 \nCash payments | (200) | (3,000) | \u2014 | (1,000) | (4,200)\nChanges in fair value | 200 | 3,895 | 507 | 1,277 | 5,879 \nBalance December 27, 2019 | $\u2014 | $4,544 | $7,957 | $2,197 | $14,698"} {"_id": "d1b3ad526", "title": "", "text": "(19) Income Taxes\nIncome tax expense (benefit) consists of the following (in millions):\nOn December 22, 2017, the Tax Reform Act was signed into law. Among other provisions, the Tax Reform Act reduced the federal statutory corporate income tax rate from 35% to 21%. During the fourth quarter of 2017, we recorded a one-time, noncash net tax benefit of $110.9 million related to the revaluation of our deferred income tax assets and liabilities as a result of the Tax Reform Act.\n\n | | Year ended December 31, | \n---------------------------------- | ----- | ----------------------- | -------\n | 2019 | 2018 | 2017 \nCurrent: | | | \nFederal | $39.5 | $35.0 | $10.4 \nState | 9.7 | 9.4 | 5.3 \nForeign | 0.9 | 0.8 | 0.9 \nTotal current | 50.1 | 45.2 | 16.6 \nDeferred: | | | \nFederal | (0.2) | (2.3) | (87.5) \nState | (8.0) | (5.2) | 9.1 \nTotal deferred | (8.2) | (7.5) | (78.4) \nTotal income tax expense (benefit) | $41.9 | $37.7 | $(61.8)"} {"_id": "d1b33e1ee", "title": "", "text": "Quantitative effect of ASC Topics 606 and 340-40 adoption\n(1) While not shown here, gross margin, loss from operations, and loss before income taxes have consequently been affected as a result of the net effect of the adjustments noted above.\n(2) The impact on the Consolidated Statements of Comprehensive Loss is limited to the net effects of the impacts noted above on the Consolidated Statements of Operations, specifically on the line item \"Net loss.\"\n\n | | For the Fiscal Year ended January 31, 2019 | \n-------------------------------------------- | ----------- | ---------------------------------------------- | -----------\n | As reported | Impact from the adoption of ASC 606 and 340-40 | As adjusted\nNet revenue (1) | | | \nSubscription | $1,802.3 | $(16.6) | $1,785.7 \nMaintenance | 635.1 | 5.7 | 640.8 \nOther | 132.4 | (11.3) | 121.1 \nCost of revenue (1) | | | \nCost of subscription and maintenance revenue | 216.0 | (0.1) | 215.9 \nCost of other revenue | 54.4 | 1.1 | 55.5 \nOperating expenses (1): | | | \nMarketing and sales | 1,183.9 | (17.9) | 1,166.0 \nProvision for income taxes | (38.1) | (4.8) | (42.9) \nNet loss (2) | $(80.8) | $(10.1) | $(90.9) \nBasic net loss per share | $(0.37) | $(0.05) | $(0.42) \nDiluted net loss per share | $(0.37) | $(0.05) | $(0.42) "} {"_id": "d1b314bc8", "title": "", "text": "Reconciliations between the amounts computed by applying the U.S. federal statutory tax rate to loss before income taxes, and income tax expense (benefit) follows (in thousands):\nWe determined no material liabilities related to uncertain income tax positions existed as of December 31, 2019 or 2018, based on our analysis of tax positions taken on income tax returns filed. Although we believe the amounts reflected in our tax returns substantially comply with applicable U.S. federal, state, and foreign tax regulations, the respective taxing authorities may take contrary positions based on their interpretation of the law. A tax position successfully challenged by a taxing authority could result in an adjustment to our provision or benefit for income taxes in the period in which a final determination is made.\n\nYear Ended December 31 | | \n------------------------------------------------------------------------- | ------------ | --------------\n | 2019 | 2018 \nIncome tax benefit at federal statutory rate | $(2,928) | $(1,692) \nIncrease (decrease) resulting from: | | \nState tax benefit, net of federal tax effect | (437) | (184) \nEffect of change in state tax rate | (26) | 146 \nChange in valuation allowance | 3,341 | (8,474) \nExpirations of net operating losses and application of IRC 382 limitation | 7 | 9,939 \nAdjustments to deferreds | (29) | 321 \nOther | 72 | (11) \nIncome tax expense | $ - | $ 45"} {"_id": "d1b36639c", "title": "", "text": "The following table summarizes our purchase commitments with contract manufacturers and suppliers as of the respective period ends (in millions):\nPurchase commitments with contract manufacturers and suppliers decreased by approximately 23% compared to the end of fiscal 2018. On a combined basis, inventories and purchase commitments with contract manufacturers and suppliers decreased by 24% compared with the end of fiscal 2018.\nInventory and supply chain management remain areas of focus as we balance the need to maintain supply chain flexibility to help ensure competitive lead times with the risk of inventory obsolescence because of rapidly changing technology and customer requirements. We believe the amount of our inventory and purchase commitments is appropriate for our revenue levels.\n\nCommitments by Period | July 27, 2019 | July 28, 2018\n--------------------- | ------------- | -------------\nLess than 1 year | $4,239 | $5,407 \n1 to 3 years | 728 | 710 \n3 to 5 years | \u2014 | 360 \nTotal | $4,967 | $6,477 "} {"_id": "d1b32a162", "title": "", "text": "Unearned Revenue\nUnearned revenue as of the periods presented consisted of the following (table in millions):\nUnearned subscription and SaaS revenue is generally recognized over time as customers consume the services or ratably over the term of the subscription, commencing upon provisioning of the service. Previously, unearned subscription and SaaS revenue was allocated between unearned license revenue and unearned software maintenance revenue in prior periods and has been reclassified to conform with current period presentation.\nUnearned software maintenance revenue is attributable to our maintenance contracts and is generally recognized over time on a ratable basis over the contract duration. The weighted-average remaining contractual term as of January 31, 2020 was approximately two years. Unearned professional services revenue results primarily from prepaid professional services and is generally recognized as the services are performed.\n\n | January 31, 2020 | February 1,2019\n-------------------------------------- | ---------------- | ---------------\nUnearned license revenue | $19 | $15 \nUnearned subscription and SaaS revenue | 1,534 | 916 \nUnearned software maintenance revenue | 6,700 | 5,741 \nUnearned professional services revenue | 1,015 | 767 \nTotal unearned revenue | $9,268 | $7,439 "} {"_id": "d1b321c9c", "title": "", "text": "Adjusted earnings per share\nBasic adjusted earnings per share is defined as adjusted profit for the period attributable to equity holders divided by the weighted average number of shares. Diluted adjusted earnings per share is defined as adjusted profit for the period attributable to equity holders divided by the diluted weighted average number of shares.\nBasic and diluted EPS calculated on an IFRS profit basis are included in Note 10.\n\n | 2019 | 2018 \n-------------------------------------------------------------------------------- | ------ | ------\nProfit for the period attributable to equity holders as reported under IFRS (\u00a3m) | 166.6 | 223.1 \nItems excluded from adjusted operating profit disclosed above (\u00a3m) | 37.7 | (34.2)\nTax effects on adjusted items (\u00a3m) | (8.5) | (5.0) \nAdjusted profit for the period attributable to equity holders (\u00a3m) | 195.8 | 183.9 \nWeighted average shares (million) | 73.7 | 73.6 \nBasic adjusted earnings per share | 265.7p | 250.0p\nDiluted weighted average shares (million) | 73.9 | 73.8 \nDiluted adjusted earnings per share | 264.9p | 249.1p"} {"_id": "d1b38c498", "title": "", "text": "* Recast to reflect segment changes.\nThe year-to-year improvements in margins and pre-tax income in GBS were the result of the shift to higher-value offerings, realignment of resources to key skill areas, increased productivity and utilization as well as a benefit from currency, due to the company\u2019s global delivery model.\n\n($ in millions) | | | \n------------------------------- | ------ | ------ | ---------------------------------\nFor the year ended December 31: | 2018* | 2017* | Yr.-to-Yr. Percent/ Margin Change\nGlobal Business Services | | | \nExternal gross profit | $4,448 | $4,033 | 10.3% \nExternal gross profit margin | 26.8% | 25.1% | 1.7pts \nPre-tax income | $1,629 | $1,303 | 25.0% \nPre-tax margin | 9.6% | 7.9% | 1.7pts "} {"_id": "d1b324d98", "title": "", "text": "The following table summarizes restricted stock-based award activity, including service-based awards and performance-based awards, granted pursuant to Oracle-based stock plans and stock plans assumed from our acquisitions for our last three fiscal years ended May 31, 2019 :\nThe total grant date fair value of restricted stock-based awards that were vested and issued in fiscal 2019, 2018 and 2017 was $1.3 billion, $1.0 billion and $715 million, respectively. As of May 31, 2019, total unrecognized stock-based compensation expense related to non-vested restricted stock-based awards was $2.8 billion and is expected to be recognized over the remaining weighted-average vesting period of 2.68 years.\nNo PSUs were granted in each of fiscal 2019 and 2018. In fiscal 2017, 1.7 million PSUs were granted which vest upon the attainment of certain performance metrics and service-based vesting. Based upon actual attainment relative to the \u201ctarget\u201d performance metric, certain participants have the ability to be issued up to 150% of the target number of PSUs originally granted, or to be issued no PSUs at all. In fiscal 2019, 2.4 million PSUs vested and 1.3 million PSUs remained outstanding as of May 31, 2019.\n\n | | Restricted Stock-Based Awards Outstanding\n-------------------------------- | ---------------- | -----------------------------------------\n(in millions, except fair value) | Number of Shares | Weighted-Average Grant Date Fair Value \nBalance, May 31, 2016 | 52 | $39.29 \nGranted | 42 | $39.40 \nAssumed | 14 | $37.83 \nVested and Issued | (18) | $40.39 \nCanceled | (7) | $39.73 \nBalance, May 31, 2017 | 83 | $39.18 \nGranted | 44 | $47.42 \nVested and Issued | (27) | $39.10 \nCanceled | (11) | $41.97 \nBalance, May 31, 2018 | 89 | $42.93 \nGranted | 53 | $42.47 \nVested and Issued | (31) | $41.85 \nCanceled | (12) | $42.97 \nBalance, May 31, 2019 | 99 | $43.01 "} {"_id": "d1b3c7a70", "title": "", "text": "Geographic Information\nRevenue based on the geographic location of our customer's headquarters was as follows:\nWe ship our products to locations specified by our customers and, as a result, customers may have headquarters in one location with global supply chain and operations in other locations. Our customers may request we deliver products to countries where they own or operate production facilities or to countries where they utilize third-party subcontractors or warehouses. Based on the ship-to locations specified by our customers, revenue from sales into China (including Hong Kong) accounted for 53%, 57%, and 51% of total revenue in 2019, 2018, and 2017, respectively; revenue from sales into Taiwan accounted for 13%, 9%, and 13% of total revenue in 2019, 2018, and 2017, respectively; and revenue from sales into the United States accounted for 11%, 12%, and 14% of total revenue in 2019, 2018, and 2017, respectively.\n\nFor the year ended | 2019 | 2018 | 2017 \n------------------------------------ | ------- | ------- | -------\nUnited States | $12,451 | $17,116 | $11,359\nMainland China (excluding Hong Kong) | 3,595 | 3,607 | 1,539 \nTaiwan | 2,703 | 3,918 | 2,892 \nHong Kong | 1,614 | 1,761 | 1,429 \nOther Asia Pacific | 1,032 | 1,458 | 1,078 \nJapan | 958 | 1,265 | 1,042 \nOther | 1,053 | 1,266 | 983 \n | $23,406 | $30,391 | $20,322"} {"_id": "d1b2f3144", "title": "", "text": "5. INVESTMENTS\nInvestments in Marketable Securities\nThe Company\u2019s investments in available-for-sale marketable securities are made pursuant to its investment policy, which has established guidelines relative to the diversification of the Company\u2019s investments and their maturities, with the principal objective of capital preservation and maintaining liquidity sufficient to meet cash flow requirements.\nThe following is a summary of investments, including those that meet the definition of a cash equivalent, as of December 31, 2019 (in thousands):\n\n | Amortized Cost | Unrealized Gains | Unrealized Losses | Fair Value\n------------------------------- | -------------- | ---------------- | ----------------- | ----------\nCurrent assets: | | | | \nCash | $67,818 | $\u2014 | $\u2014 | $67,818 \nCash equivalents: | | | | \nMoney market funds | 126,075 | \u2014 | \u2014 | 126,075 \nCorporate bonds | 1,000 | \u2014 | \u2014 | 1,000 \nAgency bonds | 6,485 | 1 | \u2014 | 6,486 \nCommercial paper | 9,609 | \u2014 | (1) | 9,608 \nCertificates of deposit | 171 | \u2014 | \u2014 | 171 \nUS treasury securities | 4,749 | \u2014 | \u2014 | 4,749 \nTotal cash equivalents | 148,089 | 1 | (1) | 148,089 \nTotal cash and cash equivalents | 215,907 | 1 | (1) | 215,907 \nShort-term investments: | | | | \nCorporate bonds | 103,130 | 110 | (7) | 103,233 \nAgency bonds | 3,966 | 2 | \u2014 | 3,968 \nUS treasury securities | 50,703 | 62 | (1) | 50,764 \nCommercial paper | 23,827 | 1 | \u2014 | 23,828 \nCertificates of deposit | 3,936 | 2 | (1) | 3,937 \nAsset-backed securities | 15,837 | 12 | \u2014 | 15,849 \nTotal short-term investments | 201,399 | 189 | (9) | 201,579 \nLong-term investments: | | | | \nCorporate bonds | 19,407 | 12 | (4) | 19,415 \nUS treasury securities | 19,300 | 25 | \u2014 | 19,325 \nAsset-backed securities | 11,693 | 10 | (1) | 11,702 \nStrategic investments | 9,750 | \u2014 | \u2014 | 9,750 \nTotal long-term investments | $60,150 | $47 | $(5) | $60,192 "} {"_id": "d1b342488", "title": "", "text": "Fiscal 2017 Plan\nWe initiated a restructuring plan in the first quarter of fiscal 2017 to reduce complexity by means of long-term structural improvements (the Fiscal 2017 Plan), under which we reduced headcount and closed certain facilities. These actions were completed in fiscal 2019 at a cumulative cost of $289 million.\nOur restructuring, transition and other costs are presented in the table below:\nIncluded in our fiscal 2018 other exit and disposal costs is a $29 million impairment charge related to certain land and buildings previously reported as property and equipment that were reclassified to assets held for sale.\nAs of March 29, 2019, the restructuring liabilities were not significant.\n\n | | Year Ended | \n----------------------------------------------- | -------------- | -------------- | --------------\n(In millions) | March 29, 2019 | March 30, 2018 | March 31, 2017\nSeverance and termination benefit costs | $28 | $61 | $76 \nOther exit and disposal costs | 15 | 52 | 80 \nAsset write-offs | 2 | 25 | 23 \nTransition costs | 196 | 272 | 94 \nTotal restructuring, transition and other costs | $241 | $410 | $273 "} {"_id": "d1b3422b2", "title": "", "text": "The actual return on plan assets amounted to \u20ac125 million in the reporting period (2017/ 18: \u20ac45 million).\nFor financial year 2019/20, the company expects employer payments to external pension providers totalling approximately \u20ac18 million and employee contributions of \u20ac9 million in plan assets, with contributions in the Netherlands, Belgium and Germany accounting for the major share of this total. Expected contributions from payment contribution commitments in Germany are not included in expected payments.\nThe fair value of plan assets developed as follows:\nAt one Dutch company, plan assets exceeded the value of commitments as of the closing date. Since the company cannot draw any economic benefits from this overfunding, the balance sheet amount was reduced to \u20ac0 in line with IAS 19.64 (b).\n\n\u20ac million | 2017/2018 | 2018/2019\n------------------------------------------------------------------------------------------------------------------------- | --------- | ---------\nChange in plan assets | | \nFair value of plan assets as of beginning of period | 905 | 940 \nRecognised under | 21 | 23 \nInterest income | 21 | 23 \nRecognised outside of profit or loss under \u2018remeasurement of defined benefit pension plans\u2019 in other comprehensive income | 24 | 102 \nGains/losses from plan assets excl. interest income (+/\u2212) | 24 | 102 \nOther effects | \u221210 | 0 \nBenefit payments (incl. tax payments) | \u221234 | \u221227 \nSettlement payments | \u22126 | 0 \nEmployer contributions | 35 | 18 \nContributions from plan participants | 11 | 9 \nChange in consolidation group / transfers | 0 | 0 \nReclassification in accordance with IFRS5 | \u221216 | 0 \nCurrency effects | 0 | 1 \nFair value of plan assets as of end of period | 940 | 1,066 "} {"_id": "d1b3925aa", "title": "", "text": "2019 vs 2018\nCost of revenue decreased for the year ended December 31, 2019, compared to the prior year, primarily due to net revenue declining.\nGross margin decreased for the year ended December 31, 2019 compared to the prior year. Gross margin was negatively impacted by the imposition of Section 301 tariffs originally announced in late 2018 and cost inefficiencies experienced in our new manufacturing locations outside of China, an increase in channel promotional activities relative to revenue as well as foreign exchange headwinds due to the strengthening of the U.S. dollar.\n2018 vs 2017\nCost of revenue decreased for the year ended December 31, 2018 primarily due to improved product margin performance, lower proportionate provisions for warranty expense, and lower air freight costs compared to the prior year.\nGross margin increased for the year ended December 31, 2018 compared to the prior year primarily due to improved product margin performance, lower proportionate provisions for sales returns and warranty expense, favorable foreign exchange rate movements and lower air freight costs compared to the prior year.\nFor fiscal 2020, we expect gross margins to improve from fiscal 2019 primarily as our U.S. bound inventory will primarily not be subject to Section 301 tariffs in fiscal 2020. Forecasting gross margin percentages is difficult, and there are a number of risks related to our ability to maintain or improve our current gross margin levels.\u00a0Our cost of revenue as a percentage of net revenue can vary significantly based upon factors such as: uncertainties surrounding revenue levels, including future pricing and/or potential discounts as a result of the economy or in response to the strengthening of the U.S. dollar in our international markets, and related production level variances; import customs duties and imposed tariffs; competition; changes in technology; changes in product mix; variability of stockbased compensation costs; royalties to third parties; fluctuations in freight and repair costs; manufacturing and purchase price variances; changes in prices on commodity components; warranty costs; and the timing of sales, particularly to service provider customers. We expect that revenue derived from paid subscription service plans will increase in the future, which may have a positive impact on our gross margin. From time to time, however, we may experience fluctuations in our gross margin as a result of the factors discussed above.\n\n | | | Year Ended December 31 | | \n----------------------- | -------- | -------- | -------------------------------------- | -------- | --------\n | 2019 | % Change | 2018 | % Change | 2017 \n | | | (In thousands, except percentage data) | | \nCost of revenue | $704,535 | (1.8)% | $717,118 | (2.0)% | $731,453\nGross margin percentage | 29.5% | | 32.3% | | 29.6% "} {"_id": "d1b366568", "title": "", "text": "Other (Income) and Expense\nNM\u2014Not meaningful\nTotal consolidated other (income) and expense was income of $968 million in 2019 compared to expense of $1,152 million in 2018. The year-to-year change was primarily driven by: \u2022 Lower non-operating retirement-related costs ($957 million). Refer to \u201cRetirement-Related Plans\u201d for additional information. \u2022 Higher gains from divestitures ($833 million) reflected in Other; and \u2022 Higher net exchange gains (including derivative instruments) ($272 million). The company\u2019s hedging programs help mitigate currency impacts in the Consolidated Income Statement.\nOperating (non-GAAP) other (income) and expense was $1,431 million of income in 2019 and increased $1,010 million compared to the prior-year period. The year-to-year change was primarily driven by the same factors excluding lower non-operating retirement-related costs.\n\n($ in millions) | | | \n-------------------------------------------------------- | -------- | ------- | -------------------------\nFor the year ended December 31: | 2019 | 2018 | Yr.-to-Yr. Percent Change\nOther (income) and expense | | | \nForeign currency transaction losses/(gains) | $(279) | $(427) | (34.6)% \n(Gains)/losses on derivative instruments | 15 | 434 | (96.6) \nInterest income | (349) | (264) | 32.2 \nNet (gains)/losses from securities and investment assets | (32) | (101) | (67.9) \nRetirement-related costs/(income) | 615 | 1,572 | (60.9) \nOther | (937) | (63) | NM \nTotal consolidated other (income) and expense | $(968) | $1,152 | NM \nNon-operating adjustments | | | \nAmortization of acquired intangible assets | (2) | (2) | 50.0% \nAcquisition-related charges | 154 | 0 | NM \nNon-operating retirement related costs/(income) | (615) | (1,572) | (60.9)% \nOperating (non-GAAP) other (income) and expense | $(1,431) | $(422) | 239.4% "} {"_id": "d1b382330", "title": "", "text": "Fiscal 2017 acquisitions\nOn August 1, 2016, we acquired all of the outstanding common stock of Blue Coat, Inc. (Blue Coat), a provider of advanced web security solutions for global enterprises and governments. The addition of Blue Coat\u2019s suite of network and cloud security products to our innovative Enterprise Security product portfolio has enhanced our threat protection and information protection products while providing us with complementary products, such as advanced web and cloud security solutions, that address the network and cloud security needs of enterprises.\nOn February 9, 2017, we completed the acquisition of LifeLock, Inc. (LifeLock) a provider of proactive identity theft protection services for consumers and consumer risk management services for enterprises. LifeLock\u2019s services are provided on a monthly or annual subscription basis and provide identification and notification of identity-related and other events and assist users in remediating their impact.\nThe total consideration for the acquisitions, net of cash acquired, consisted of the following:\n\n(In millions) | Blue Coat | LifeLock | Total \n----------------------- | --------- | -------- | -------\nGoodwill | $4,084 | $1,397 | $5,481 \nIntangible assets | 1,608 | 1,247 | 2,855 \nNet liabilities assumed | (1,019) | (361) | (1,380)\nTotal purchase price | $4,673 | $2,283 | $6,956 "} {"_id": "d1a717032", "title": "", "text": "We have included Adjusted EBITDA in this report because it is a key measure that our management uses to understand and evaluate our core operating performance and trends, to generate future operating plans, to make strategic decisions regarding the allocation of capital and to make investments in initiatives that are focused on cultivating new markets for our solutions. We also use certain non-GAAP financial measures, including Adjusted EBITDA, as performance measures under our executive bonus plan. Further, we believe the exclusion of certain expenses in calculating Adjusted EBITDA facilitates comparisons of our operating performance on a period-to-period basis and, in the case of exclusion of acquisition-related expense and certain historical legal expenses, excludes items that we do not consider to be indicative of our core operating performance. Accordingly, we believe that Adjusted EBITDA provides useful information to investors and others in understanding and evaluating our operating results in the same manner as our management and board of directors.\nOur use of Adjusted EBITDA has limitations as an analytical tool, and you should not consider it in isolation or as a substitute for analysis of our financial results as reported under GAAP. Some of these limitations are: (a) although depreciation and amortization are non-cash charges, the assets being depreciated and amortized may have to be replaced in the future, and Adjusted EBITDA does not reflect cash capital expenditure requirements for such replacements or for new capital expenditure requirements; (b) Adjusted EBITDA does not reflect changes in, or cash requirements for, our working capital needs; (c) Adjusted EBITDA does\u00a0 may represent a reduction in cash available to us; and (e) other companies, including companies in our industry, may calculate Adjusted EBITDA or similarly titled measures differently, which reduces its usefulness as a comparative measure.\nBecause of these and other limitations, you should consider Adjusted EBITDA alongside our other GAAP-based financial performance measures, our net income and our other GAAP financial results. The following table presents a reconciliation of Adjusted EBITDA to net income, the most directly comparable GAAP measure, for each of the periods indicated (in thousands).\n\n | | | Year Ended December 31, | | \n------------------------------------------------------- | -------- | ------- | ----------------------- | ------- | -------\n | 2019 | 2018 | 2017 | 2016 | 2015 \nAdjusted EBITDA: | | | | | \nNet income | $53,330 | $21,524 | $29,251 | $10,154 | $11,768\nAdjustments: | | | | | \nInterest expense, interest income and other income, net | (8,483) | 503 | 1,133 | (323) | 526 \nProvision for / (benefit from) income taxes | 5,566 | (9,825) | 2,990 | 4,227 | 5,697 \nAmortization and depreciation expense | 22,134 | 21,721 | 17,734 | 6,490 | 5,808 \nStock-based compensation expense | 20,603 | 13,429 | 7,413 | 4,001 | 4,124 \nAcquisition-related expense | 2,403 | \u2014 | 5,895 | 11,098 | 100 \nLitigation expense | 12,754 | 45,729 | 7,212 | 13,387 | 6,347 \nTotal adjustments | 54,977 | 71,557 | 42,377 | 38,880 | 22,602 \nAdjusted EBITDA | $108,307 | $93,081 | $71,628 | $49,034 | $34,370"} {"_id": "d1b3502c2", "title": "", "text": "The components of the provision for income tax expense are as follows:\nIncluded in the Company's current income tax expense are provisions for uncertain tax positions relating to freight taxes. The Company does not presently anticipate that its provisions for these uncertain tax positions will significantly increase in the next 12 months; however, this is dependent on the jurisdictions of the trading activity of its vessels.\nThe Company reviews its freight tax obligations on a regular basis and may update its assessment of its tax positions based on available information at the time. Such information may include legal advice as to the applicability of freight taxes in relevant jurisdictions. Freight tax regulations are subject to change and interpretation; therefore, the amounts recorded by the Company may change accordingly. The tax years 2008 through 2019 remain open to examination by some of the major jurisdictions in which the Company is subject to tax.\n\n | Year Ended | Year Ended | Year Ended \n------------------ | ------------ | ------------ | ------------\n | December 31, | December 31, | December 31,\n | 2019 | 2018 | 2017 \n | $ | $ | $ \nCurrent | (25,563) | (17,458) | (11,997) \nDeferred | 81 | (2,266) | (235) \nIncome tax expense | (25,482) | (19,724) | (12,232) "} {"_id": "d1b36cbc0", "title": "", "text": "Fees Billed by Ernst & Young LLP\nThe table below shows the fees billed by EY for audit and other services provided to the Company in fiscal years 2019 and 2018.\nFigure 48. FY2019/2018 Fees Billed by Ernst & Young LLP\n(1) Audit Fees represent fees for professional services provided in connection with the audits of annual financial statements. Audit Fees also include reviews of quarterly financial statements, audit services related to other statutory or regulatory filings or engagements, and fees related to EY\u2019s audit of the effectiveness of the Company\u2019s internal control over financial reporting pursuant to section 404 of the Sarbanes-Oxley Act.\n(2) Audit-Related Fees represent fees for assurance and related services that are reasonably related to the audit or review of the Company\u2019s financial statements and are not reported above under \u201cAudit Fees\u201d. These fees principally include due diligence and accounting consultation fees in connection with our acquisition of Coventor, Inc. in 2018 and an information systems audit in 2019.\n(3) Tax Fees represent fees for professional services for tax planning, tax compliance and review services related to foreign tax compliance and assistance with tax audits and appeals.\nThe audit committee reviewed summaries of the services provided by EY and the related fees during fiscal year 2019 and has determined that the provision of non-audit services was compatible with maintaining the independence of EY as the Company\u2019s independent registered public accounting firm. The audit committee or its delegate approved 100% of the services and related fee amounts for services provided by EY during fiscal year 2019.\n\n | Fiscal Year 2019 ($) | Fiscal Year 2018 ($)\n-------------------- | -------------------- | --------------------\nAuditFees(1) | 4,703,830 | 4,605,495 \nAudit-RelatedFees(2) | 27,000 | 90,500 \nTaxFees(3) | 194,170 | 34,888 \nAllOtherFees | \u2014 | \u2014 \nTOTAL | 4,925,000 | 4,730,883 "} {"_id": "d1b3c4a14", "title": "", "text": "The table below details the percentage of the number of investment properties subject to internal and external valuations during the current and comparable reporting periods\nThe Group also obtained external valuations on 31 freehold investment properties acquired during the year ended 30 June 2019 (year ended 30 June 2018: 19 freehold investment properties). These external valuations provide the basis of the Directors\u2019 valuations applied to these properties at 30 June 2019 and 30 June 2018. Including these valuations, 51% of freehold investment properties were subject to external valuations during the year (year ended 30 June 2018: 43% of freehold investment properties).\n\n | External valuation % | Internal valuation %\n----------------------- | -------------------- | --------------------\nYear ended 30 June 2019 | | \nLeasehold | 23% | 77% \nFreehold | 38% | 62% \nYear ended 30 June 2018 | | \nLeasehold | 60% | 40% \nFreehold | 27% | 73% "} {"_id": "d1b35ae3e", "title": "", "text": "Earnings per share for the periods indicated were computed as follows (in thousands except per share amounts):\nOur weighted average shares outstanding has decreased due to the repurchase of our outstanding common stock through a modified Dutch auction tender offer (the \u201cTender Offer\u201d) and the stock repurchase program announced on October 29, 2018.\n11.\u00a0 \u00a0 \u00a0Earnings Per Share\n\n | Year ended December 31, | \n------------------------------------------------------ | ----------------------- | ------\n | 2019 | 2018 \nNumerators | | \nNumerator for basic and diluted earnings per share: | | \nNet income | $13,267 | $3,654\nDenominators | | \nDenominators for basic and diluted earnings per share: | | \nWeighted average shares outstanding - basic | 17,424 | 20,721\nDilutive potential common shares | | \nStock options and awards | 1,101 | 296 \nDenominator for diluted earnings per share | 18,525 | 21,017\nNet income per common share - basic | $0.76 | $0.18 \nNet income per common share \u2013 diluted | $0.72 | $0.17 "} {"_id": "d1b325ba8", "title": "", "text": "3.2 Capital risk management\nThe Group\u2019s objectives on managing capital are to safeguard the Group\u2019s ability to continue as a going concern and support the sustainable growth of the Group in order to provide returns for shareholders and benefits for other stakeholders and to maintain an optimal capital structure to enhance shareholders\u2019 value in the long term.\nCapital refers to equity and external debts (including borrowings and notes payable). In order to maintain or adjust the capital structure, the Group may adjust the amount of dividends paid to shareholders, return capital to shareholders, issue new shares, repurchase the Company\u2019s shares or raise/repay debts.\nThe Group monitors capital by regularly reviewing debts to adjusted earnings before interest, tax, depreciation and amortisation (\u201cEBITDA\u201d) (Note) ratio, being the measure of the Group\u2019s ability to pay off all debts that reflects financial health and liquidity position. The total debts/adjusted EBITDA ratio calculated by dividing the total debts by adjusted EBITDA is as follows:\nNote: Adjusted EBITDA represents operating profit less interest income and other gains/(losses), net, and adding back depreciation of property, plant and equipment, investment properties as well as right-of-use assets, amortisation of intangible assets and equitysettled share-based compensation expenses.\n\n | As at 31 December | \n--------------------------------- | ----------------- | -----------\n | 2019 | 2018 \n | RMB\u2019Million | RMB\u2019Million\nBorrowings (Note 35) | 126,952 | 114,271 \nNotes payable (Note 36) | 93,861 | 65,018 \nTotal debts | 220,813 | 179,289 \nAdjusted EBITDA (Note) | 147,395 | 118,273 \nTotal debts/Adjusted EBITDA ratio | 1.50 | 1.52 "} {"_id": "d1b2fa908", "title": "", "text": "NOTE 21. REVENUE\nGeographical information is summarized as follows:\nFor geographical reporting, the revenue is attributed to the geographical location in which the customer\u2019s facilities are located.\n\n | Year ended December 31, | \n-------------- | ----------------------- | ---------\n | 2018 | 2019 \n(EUR thousand) | Revenue | Revenue \nUnited States | 175,855 | 339,463 \nEurope | 165,602 | 126,203 \nAsia | 476,624 | 818,194 \nTotal | 818,081 | 1,283,860"} {"_id": "d1b3b5320", "title": "", "text": "Cost of Revenue:\nThe $29.3 million increase in our cost of license and subscription revenue was primarily attributable to increases of $14.9 million in personnel expenses, $8.6 million in cloud infrastructure costs incurred in order to support the growth of our subscription offerings, $3.3 million in royalties, $1.8 million in professional services, and $0.9 million related to the amortization of internal-use software development and acquired intangible assets.\nCloud infrastructure costs include $9.5 million of hosting related costs that were recorded in cost of services revenue in fiscal year 2018. The treatment of these hosting related costs is consistent with the treatment of the related revenue in each fiscal year.\nWe anticipate higher cost of license and subscription revenue as we continue to invest in our cloud operations to increase operational efficiency and scale while growing our customer base. Cost of maintenance revenue increased by $1.7 million primarily due to the increase in personnel required to support our term and perpetual license customers.\nOur cost of services revenue would have increased if cloud infrastructure costs totaling $9.5 million were not reclassified to cost of license and subscription revenue, consistent with the treatment of the related revenue. Excluding the impact of this reclassification, third-party consultants billable to customers primarily for InsuranceNow implementation engagements increased by $3.2 million and personnel expenses related to new and existing employees increased by $2.8 million.\nWe had 781 professional service employees and 198 technical support and licensing operations employees at July 31, 2019 compared to 838 professional services employees and 121 technical support and licensing operations employees at July 31, 2018.\n\n | Fiscal years ended July 31, | | | | | \n---------------------------------------- | --------------------------- | ------------------ | ---------------------------------- | ------------------ | ------- | ---\n | 2019 | | 2018 | | Change | \n | Amount | % of total revenue | Amount | % of total revenue | ($) | (%)\n | | | (In thousands, except percentages) | | | \nCost of revenue: | | | | | | \nLicense and subscription | $ 64,798 | 9% | $ 35,452 | 5% | 29,346 | 83 \nMaintenance | 16,499 | 2 | 14,783 | 2 | 1,716 | 12 \nServices | 243,053 | 34 | 246,548 | 38 | (3,495) | (1)\nTotal cost of revenue | $ 324,350 | 45% | 296,783 | 45% | 27,567 | 9 \nIncludes stock-based compensation of: | | | | | | \nCost of license and subscription revenue | $ 3,011 | | $ 1,002 | | 2,009 | \nCost of maintenance revenue | 1,820 | | 1,886 | | (66) | \nCost of services revenue | 22,781 | | 21,856 | | 925 | \nTotal | $ 27,612 | | $ 24,744 | | 2,868 | "} {"_id": "d1b352932", "title": "", "text": "Note 12. Current liabilities - trade and other payables\nAccounting policy for trade and other payables\u00a0\n\nThese amounts represent liabilities for goods and services provided to the Group prior to the end of the financial year and which are unpaid. Due to their short-term nature they are measured at amortised cost and are not discounted. The amounts are unsecured and are usually paid within 30 days of recognition.\nDeferred consideration\u00a0\n\nThe payable represents the obligation to pay consideration following the acquisition of a business or assets and is deferred based on passage of time. It is measured at the present value of the estimated liability.\n\nConsolidated | | \n---------------------- | ------- | -------\n | 2019 | 2018 \n | US$\u2019000 | US$\u2019000\nTrade payables | 3,492 | 2,016 \nDeferred consideration | 888 | 643 \nOther payables | 11,898 | 9,488 \n | 16,278 | 12,147 "} {"_id": "d1b39417a", "title": "", "text": "OTHER INCOME (EXPENSE), NET\nThe components of other income (expense), net were as follows:\nWe use derivative instruments to: manage risks related to foreign currencies, equity prices, interest rates, and credit; enhance investment returns; and facilitate portfolio diversification. Gains and losses from changes in fair values of derivatives that are not designated as hedging instruments are primarily recognized in other income (expense), net.\nFiscal Year 2019 Compared with Fiscal Year 2018 Interest and dividends income increased primarily due to higher yields on fixed-income securities. Interest expense decreased primarily driven by a decrease in outstanding long-term debt due to debt maturities, offset in part by higher finance lease expense. Net recognized gains on investments decreased primarily due to lower gains on sales of equity investments. Net gains on derivatives includes gains on foreign exchange and interest rate derivatives in the current period as compared to losses in the prior period.\nFiscal Year 2018 Compared with Fiscal Year 2017 Dividends and interest income increased primarily due to higher average portfolio balances and yields on fixed-income securities. Interest expense increased primarily due to higher average outstanding long-term debt and higher finance lease expense. Net recognized gains on investments decreased primarily due to higher losses on sales of fixed-income securities, offset in part by higher gains on sales of equity securities. Net losses on derivatives decreased primarily due to lower losses on equity, foreign exchange, and commodity derivatives, offset in part by losses on interest rate derivatives in the current period as compared to gains in the prior period.\n\n(In millions) | | | \n--------------------------------------------- | ---------- | ---------- | ---------\nYear Ended June 30, | 2019 | 2018 | 2017 \nInterest and dividends income | $ 2,762 | $ 2,214 | $ 1,387\nInterest expense | (2,686) | (2,733) | (2,222) \nNet recognized gains on investments | 648 | 2,399 | 2,583 \nNet gains (losses) on derivatives | 144 | (187) | (510) \nNet losses on foreign currency remeasurements | (82) | (218) | (111) \nOther, net | (57) | (59) | (251) \nTotal | $ 729 | $ 1,416 | $ 876 "} {"_id": "d1b303a08", "title": "", "text": "Note 21. Quarterly Results (Unaudited)\nThe following table presents the Company's selected unaudited quarterly operating results for the eight quarters ended March 31, 2019. The Company believes that all adjustments of a normal recurring nature have been made to present fairly the related quarterly results (in millions, except per share amounts). Amounts may not add to the total due to rounding:\nRefer to Note 11, Income Taxes, for an explanation of the one-time transition tax recognized in the third quarter of fiscal 2018. Refer to Note 4, Special Charges and Other, Net, for an explanation of the special charges included in operating income in fiscal 2019 and fiscal 2018. Refer to Note 12, Debt and Credit Facility, for an explanation of the loss on settlement of debt included in other (loss) income, net of $4.1 million during the second quarter, $0.2 million during the third quarter, and $8.3 million during the fourth quarter of fiscal 2019 and $13.8 million and $2.1 million for the first quarter and third quarter of fiscal 2018, respectively. Refer to Note 5, Investments, for an explanation of the impairment recognized on available-for-sale securities in the fourth quarter of fiscal 2018.\n\nFiscal 2019 | First Quarter | Second Quarter | Third Quarter | Fourth Quarter | Total \n------------------------------------- | ------------- | -------------- | ------------- | -------------- | --------\nNet sales | $1,212.5 | $1,432.5 | $1,374.7 | $1,329.8 | $5,349.5\nGross profit | $642.0 | $689.3 | $779.6 | $820.5 | $2,931.3\nOperating income | $132.3 | $102.7 | $194.7 | $284.6 | $714.3 \nNet income from continuing operations | $35.7 | $96.3 | $49.2 | $174.7 | $355.9 \nDiluted net income per common share | $0.14 | $0.38 | $0.20 | $0.70 | $1.42 "} {"_id": "d1a7253e4", "title": "", "text": "The following table details our restructuring activities as reflected in the Consolidated Statements of Operations for the years ended December 31, 2019, 2018 and 2017:\n(1) Other associated costs excludes non-cash cost of $1.9 million for the year ended December 31, 2018 related to sharebased compensation expense.\n\n | | Year Ended December 31, | \n------------------------------------------- | ------- | ----------------------- | ------\n(In millions) | 2019 | 2018 | 2017 \nContinuing operations: | | | \nOther associated costs(1) | $ 60.3 | $ 13.9 | $ 14.3\nRestructuring charges | 41.9 | 47.8 | 12.1 \nTotal charges from continuing operations | 102.2 | 61.7 | 26.4 \nCharges included in discontinued operations | 2014 | 2014 | 2.4 \nTotal charges | $ 102.2 | $ 61.7 | $ 28.8\nCapital expenditures | $ 3.4 | $ 1.0 | $ 21.3"} {"_id": "d1b3b9a42", "title": "", "text": "NOTE 21 \u2013 QUARTERLY FINANCIAL INFORMATION (UNAUDITED)\nThe following summarizes certain quarterly statement of operations data for each of the quarters in fiscal years 2019 and 2018 (in thousands, except percentages and per share data). The operating results in any quarter are not necessarily indicative of the results that may be expected for any future period. We derived this data from the unaudited consolidated interim financial statements that, in our opinion, have been prepared on substantially the same basis as the audited financial statements contained elsewhere in this report and include all normal recurring adjustments necessary for a fair presentation of the financial information for the periods presented. These unaudited quarterly results should be read in conjunction with the financial statements and notes thereto included elsewhere in this report.\nThe net income (loss) in the fiscal 2019 first, third and fourth quarter included a gain from legal settlement of $13.3 million, $2.5 million and $2.5 million, respectively. Substantially all of the previously reserved legal provision of $19.1 million as of November 30, 2018 relating to an alleged patent infringement was reversed in the fourth quarter of the current fiscal year. The settlement was described in Note 19 \u2013 Legal Proceedings. The net loss in fiscal 2019 second quarter included a loss of $2.0 million from extinguishment of debt. The loss was described in Note 10 \u2013 Financing Arrangements. As of February 28, 2019, we determined that our investment in Smart Driver Club was subject to other than temporary impairment of $5.0 million, which is reported as part of impairment loss and equity in net loss of affiliate in our consolidated statement of comprehensive income. The impairment was described in Note 9 \u2013 Other Assets.\nThe net loss in the fiscal 2018 first quarter included a litigation provision of $6.1 million. The net income in the fiscal 2018 second quarter and third quarter included a gain from legal settlement of $15.0 million and $13.3 million, respectively. All of these events were described in Note 19 \u2013 Legal Proceedings.\n\n | | | | Fiscal 2019 | \n--------------------------------- | -------- | -------- | -------- | ----------- | --------\n | First | Second | Third | Fourth | \n | Quarter | Quarter | Quarter | Quarter | Total \nRevenues | $ 94,888 | $ 96,037 | $ 88,495 | $84,380 | $363,800\nGross profit | 38,091 | 39,821 | 36,381 | 33,471 | 147,764 \nGross margin | 40.1% | 41.5% | 41.1% | 39.7% | 40.6% \nNet income (loss) | 8,511 | (854) | (522) | 11,263 | 18,398 \nEarnings (loss) per diluted share | $0.23 | $(0.02) | $(0.02) | $0.33 | $0.52 \n | | | | Fiscal 2018 | \n | First | Second | Third | Fourth | \n | Quarter | Quarter | Quarter | Quarter | Total \nRevenues | $88,081 | $89,767 | $93,669 | $94,395 | $365,912\nGross profit | 37,443 | 36,838 | 38,187 | 38,422 | 150,890 \nGross margin | 42.5% | 41.0% | 40.8% | 40.7% | 41.2% \nNet income (loss) | (2,654) | 12,232 | 11,806 | (4,767) | 16,617 \nEarnings (loss) per diluted share | $(0.08) | $0.34 | $0.33 | $(0.13) | $0.46 "} {"_id": "d1b34e080", "title": "", "text": "Consolidated Statements of Operations Data\nThe following table sets forth consolidated statements of operations data for the periods indicated (amounts in millions) and as a percentage of total net revenues, except for cost of revenues, which are presented as a percentage of associated revenues:\n(1) During the three months ended March 31, 2019, we identified an amount which should have been recorded in the three months and year ended December 31, 2018 to reduce income tax expense by $35 million. Our statement of operations for the year ended December 31, 2018, as presented above, has been revised to reflect the correction. See further discussion in Note 2 of the notes to the consolidated financial statements included in Item 8 of this Annual Report on Form 10-K.\n(2) Represents the loss on extinguishment of debt we recognized in connection with our debt financing activities during the year ended December 31, 2018. The loss on extinguishment is comprised of a $25 million premium payment and a $15 million write-off of unamortized discount and deferred financing costs.\n\n | For the Years | | Ended December 31, | \n-------------------------------------------------------------------- | ------------- | --- | ------------------ | ---\n | 2019 | | 2018(1) | \nNet revenues | | | | \nProduct sales | $1,975 | 30% | $2,255 | 30%\nSubscription, licensing, and other revenues | 4,514 | 70 | 5,245 | 70 \nTotal net revenues | 6,489 | 100 | 7,500 | 100\nCosts and expenses | | | | \nCost of revenues\u2014product sales: | | | | \nProduct costs | 656 | 33 | 719 | 32 \nSoftware royalties, amortization, and intellectual property licenses | 240 | 12 | 371 | 16 \nCost of revenues\u2014subscription, licensing, and other | | | | \nGame operations and distribution costs | 965 | 21 | 1,028 | 20 \nSoftware royalties, amortization, and intellectual property licenses | 233 | 5 | 399 | 8 \nProduct development | 998 | 15 | 1,101 | 15 \nSales and marketing | 926 | 14 | 1,062 | 14 \nGeneral and administrative | 732 | 11 | 822 | 11 \nRestructuring and related costs | 132 | 2 | 10 | \u2014 \nTotal costs and expenses | 4,882 | 75 | 5,512 | 73 \nOperating income | 1,607 | 25 | 1,988 | 27 \nInterest and other expense (income), net | (26) | \u2014 | 71 | 1 \nLoss on extinguishment of debt (2) | \u2014 | \u2014 | 40 | 1 \nIncome before income tax expense | 1,633 | 25 | 1,877 | 25 \nIncome tax expense | 130 | 2 | 29 | \u2014 \nNet income | $1,503 | 23% | $1,848 | 25%"} {"_id": "d1b321daa", "title": "", "text": "Accounts Receivable, Net\nAccounts receivable, net, consisted of the following as of January 31:\n(1) Autodesk adopted ASU No. 2014-09, \u201cRevenue from Contracts with Customers\" regarding Accounting Standards Codification (ASC Topic 606) during the first quarter of fiscal 2019. As such, current year balances are shown under ASC Topic 606 and prior year balances are shown under ASC Topic 605. See Note 1, \"Business and Summary of Significant Accounting Policies-Accounting Standards Adopted\", of our consolidated financial statements for additional information.\nAllowances for uncollectible trade receivables are based upon historical loss patterns, the number of days that billings are past due, and an evaluation of the potential risk of loss associated with problem accounts.\nAs part of the indirect channel model, Autodesk has a partner incentive program that uses quarterly attainment of monetary rewards to motivate distributors and resellers to achieve mutually agreed upon business goals in a specified time period. A portion of these incentives reduce maintenance and other revenue in the current period. The remainder, which relates to incentives on our Subscription Program, is recorded as a reduction to deferred revenue in the period the subscription transaction is billed and subsequently recognized as a reduction to subscription revenue over the contract period. These incentive balances do not require significant assumptions or judgments. Depending on how the payments are made, the reserves associated with the partner incentive program are treated on the balance sheet as either contra accounts receivable or accounts payable\n\n(in million) | 2019 | 2018 \n-------------------------------------- | ------ | ------\nTrade accounts receivable | $526.6 | $469.2\nLess: Allowance for doubtful accounts | (2.2) | (2.3) \nProduct returns reserve | (0.3) | (0.2) \nPartner programs and other obligations | (49.8) | (28.5)\nAccounts receivable, net (1) | $474.3 | $438.2"} {"_id": "d1b33347e", "title": "", "text": "Net debt\nNet debt is a measure that provides valuable additional information on the summary presentation of the Group\u2019s net financial liabilities and is a measure in common use elsewhere.\nPrior to this quarter, all financial asset derivatives were current financial assets and so reduced net debt. Following a recent review we now also have financial asset derivatives that are non-current in nature. As all of these derivatives relate to financial liabilities, we continue to exclude them for the purposes of our net debt calculation and have expanded our definition to reflect this.\nNet debt is now defined as the excess of total financial liabilities, excluding trade payables and other current liabilities, over cash, cash equivalents and other current financial assets, excluding trade and other current receivables, and non-current financial asset derivatives that relate to financial liabilities.\n(a) Restated following adoption of IFRS 16. See note 1 and note 24 for further details.\n\n | \u20ac million | \u20ac million \n----------------------------------------------------------------------------- | --------- | -------------\n | 2019 | 2018 \n | | (Restated)(a)\nTotal financial liabilities | (28,257) | (26,738) \nCurrent financial liabilities | (4,691) | (3,613) \nNon-current financial liabilities | (23,566) | (23,125) \nCash and cash equivalents as per balance sheet | 4,185 | 3,230 \nCash and cash equivalents as per cash flow statement | 4,116 | 3,090 \nAdd bank overdrafts deducted therein | 69 | 140 \nOther current financial assets | 907 | 874 \nNon-current financial assets derivatives that relate to financial liabilities | 114 | \u2013 \nNet debt | (23,051) | (22,634) "} {"_id": "d1b31046a", "title": "", "text": "GreenSky, Inc. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS \u2014 (Continued) (United States Dollars in thousands, except per share data, unless otherwise stated)\nNote 18. Quarterly Consolidated Results of Operations Data (Unaudited)\nThe following table sets forth our quarterly consolidated results of operations data for each of the eight quarters in the period ended December 31, 2019. GS Holdings is our predecessor for accounting purposes and, accordingly, amounts prior to the Reorganization Transactions and IPO represent the historical consolidated operations of GS Holdings and its subsidiaries. The amounts during the period from May 24, 2018 through December 31, 2018 represent those of consolidated GreenSky, Inc. and its subsidiaries. Basic and diluted earnings per share of Class A common stock is applicable only for the period from May 24, 2018 through December 31, 2018, which is the period following the Reorganization Transactions and IPO. Prior to the Reorganization Transactions and IPO, GreenSky, Inc. did not engage in any business or other activities except in connection with its formation and initial capitalization. See Note 1 for further information on our organization and see Note 2 for further information on our earnings per share.\n(1) Year-to-date results may not agree to the sum of individual quarterly results due to rounding.\n\n | | | Year Ended December 31, 2019 | | \n------------------------------------------------------------ | ------------- | -------------- | ---------------------------- | -------------- | --------\n | First\nQuarter | Second Quarter | Third Quarter | Fourth Quarter | Total \nTotal revenue | $103,700 | $138,695 | $153,415 | $133,836 | $529,646\nCost of revenue (exclusive of depreciation and\namortization) | 58,037 | 56,228 | 64,957 | 69,358 | 248,580 \nTotal costs and expenses | 92,212 | 92,189 | 101,017 | 123,275 | 408,693 \nOperating profit | 11,488 | 46,506 | 52,398 | 10,561 | 120,953 \nTotal other income (expense), net | (4,682) | (11,779) | (6,790) | (8,854) | (32,105)\nIncome before income tax expense (benefit) | 6,806 | 34,727 | 45,608 | 1,707 | 88,848 \nNet income | 7,401 | 39,193 | 44,075 | 5,304 | 95,973 \nLess: Net income attributable to noncontrolling\ninterests | 4,502 | 26,877 | 29,349 | 3,265 | 63,993 \nNet income attributable to GreenSky, Inc. | 2,899 | 12,316 | 14,726 | 2,039 | 31,980 \nEarnings per share of Class A common stock: | | | | | \nBasic | $0.05 | $0.20 | $0.24 | $0.03 | $0.52 \nDiluted(1) | $0.05 | $0.19 | $0.23 | $0.03 | $0.49 "} {"_id": "d1b316a68", "title": "", "text": "Recently Adopted Accounting Standards\nIn October 2016, the Financial Accounting Standards Board (\"FASB\") issued Accounting Standards Update (\"ASU\") 2016-16 \u2013 Intra-Entity Transfers Other Than Inventory (\"ASU 2016-16\"), which requires an entity to recognize the income tax consequences of an intra-entity transfer of an asset other than inventory when the transfer occurs. We adopted this ASU in the first quarter of 2019 under the modified retrospective method and, in connection therewith, made certain adjustments as noted in the table below.\nIn January 2016, the FASB issued ASU 2016-01 \u2013 Recognition and Measurement of Financial Assets and Financial Liabilities, which provides guidance for the recognition, measurement, presentation, and disclosure of financial assets and liabilities. We adopted this ASU in the first quarter of 2019 under the modified retrospective method, with prospective adoption for amendments related to equity securities without readily determinable fair values. The adoption of this ASU did not have a material impact on our financial statements.\nIn May 2014, the FASB issued ASU 2014-09 \u2013 Revenue from Contracts with Customers (as amended, \"ASC 606\"), which supersedes nearly all existing revenue recognition guidance under generally accepted accounting principles in the United States. The core principal of ASC 606 is that an entity should recognize revenue when it transfers control of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. ASC 606 also requires additional disclosure about the nature, amount, timing, and uncertainty of revenue and cash flows arising from customer contracts, including significant judgments and changes in judgments, and assets recognized from costs incurred to obtain or fulfill a contract. We adopted ASC 606 in the first quarter of 2019 under the modified retrospective method and, in connection therewith, made certain adjustments as noted in the table below. We applied ASC 606 to contracts with customers that had not yet been completed as of the adoption date.\nThe following table summarizes the effects of adopting ASU 2016-16 and ASC 606:\nAs a result of the adoption of ASC 606, the opening balances as of August 31, 2018 for receivables, other current assets, and other current liabilities increased due to the reclassification of allowances for rebates, pricing adjustments, and returns to conform to the new presentation requirements. In addition, the margin from previously deferred sales to distributors was reclassified from other current liabilities to retained earnings. The tax effects of the adoption of ASC 606 were recorded primarily as a reduction of net deferred tax assets, substantially as a result of recognizing income for accounting purposes earlier under ASC 606 than for tax purposes in various jurisdictions.\n\n | Ending Balance as of August 30, 2018 | ASU 2016-16 | ASC 606 | Opening Balance as of August 31, 2018\n---------------------------- | ------------------------------------ | ----------- | ------- | -------------------------------------\nReceivables | $5,478 | $\u2014 | $114 | $5,592 \nInventories | 3,595 | \u2014 | (5) | 3,590 \nOther current assets | 164 | (14) | 30 | 180 \nDeferred tax assets | 1,022 | 56 | (92) | 986 \nOther current liabilities | 521 | \u2014 | (4) | 517 \nOther noncurrent liabilities | 354 | \u2014 | 1 | 355 \nRetained earnings | 24,395 | 42 | 50 | 24,487 "} {"_id": "d1b36375a", "title": "", "text": "Unaudited Pro Forma Information - OpenEye\nThe following unaudited pro forma data is presented as if OpenEye were included in our historical consolidated statements of operations beginning January 1, 2018. These pro forma results do not necessarily represent what would have occurred if all the business combination had taken place on January 1, 2018, nor do they represent the results that may occur in the future.\nThis pro forma financial information includes our historical financial statements and those of our OpenEye business combination with the following adjustments: (i) we adjusted the pro forma amounts for income taxes, (ii) we adjusted for amortization expense assuming the fair value adjustments to intangible assets had been applied beginning January 1, 2018, and (iii) we adjusted for transaction fees incurred and reclassified them to January 1, 2018.\nThe pro forma adjustments were based on available information and upon assumptions that we believe are reasonable to reflect the impact of these acquisitions on our historical financial information on a supplemental pro forma basis, as follows (in thousands, except per share data):\n\n | Pro Forma | \n------------------------------------------------------------------ | ----------------------- | --------\n | Year Ended December 31, | \n | 2019 | 2018 \nRevenue | $527,550 | $451,013\nNet income attributable to common stockholders | 51,075 | 13,264 \nNet income attributable to common stockholders per share - basic | $1.05 | $0.27 \nNet income attributable to common stockholders per share - diluted | $1.02 | $0.26 "} {"_id": "d1b372106", "title": "", "text": "Major components of the Company\u2019s deferred tax assets (liabilities) are as follows (in thousands):\nAt December 31, 2019, the Company had federal, state, and foreign net operating losses of approximately $256.8 million, $275.5 million, and $89.7 million, respectively. The federal net operating loss carryforward will begin expiring in 2022, the state net operating loss carryforward will begin expiring in 2020, and the foreign net operating loss has an unlimited carryforward period. The Internal Revenue Code of 1986, as amended, imposes substantial restrictions on the utilization of net operating losses in the event of an \u201cownership change\u201d of a corporation. Accordingly, a company\u2019s ability to use net operating losses may be limited as prescribed under Internal Revenue Code Section 382 (\u201cIRC Section 382\u201d). Events which may cause limitations in the amount of the net operating losses that the Company may use in any one year include, but are not limited to, a cumulative ownership change of more than 50% over a three-year period. Due to the effects of historical equity issuances, the Company has determined that the future utilization of a portion of its net operating losses is limited annually pursuant to IRC Section 382. The Company has determined that none of its net operating losses will expire because of the annual limitation.\nThe Company has recorded a full valuation allowance against its otherwise recognizable US, UK, New Zealand, Hong Kong, and Brazil deferred income tax assets as of December 31, 2019. Management has determined, after evaluating all positive and negative historical and prospective evidence, that it is more likely than not that these assets will not be realized. The net (decrease) increase to the valuation allowance of $(0.1) million, $(1.5) million, and $6.8 million for the years ended December 31, 2019, 2018, and 2017, respectively, was primarily due to additional net operating losses generated by the Company.\nDeferred income taxes have not been provided on the undistributed earnings of the Company\u2019s foreign subsidiaries because the Company\u2019s practice and intent is to permanently reinvest these earnings. The cumulative amount of such undistributed earnings was $5.3 million and $3.1 million at December 31, 2019 and December 31, 2018, respectively. Any future distribution of these non-US earnings may subject the Company to state income taxes, as adjusted for tax credits, and foreign withholding taxes that the Company estimates would be $0.1 million and $0.1 million at December 31, 2019 and 2018, respectively.\n\n | December 31, | \n---------------------------------------------------------------- | ------------ | ---------\n | 2019 | 2018 \nDeferred tax assets: | | \nAccrued expenses | $2,427 | $2,353 \nLong-lived intangible assets and fixed assets - basis difference | 25,178 | 22,947 \nNet operating loss carryforwards | 81,575 | 82,017 \nStock-based compensation | 15,398 | 15,172 \nOperating lease liabilities | 17,281 | \u2014 \nDeferred revenue | 3,258 | 2,861 \nOther | 5,100 | 4,557 \nTotal deferred tax assets | 150,217 | 129,907 \nValuation allowance | (116,915) | (117,058)\nDeferred tax assets, net of valuation allowance | 33,302 | 12,849 \nDeferred tax liabilities: | | \nPrepaid expenses and deferred commissions | (14,502) | (10,831) \nOperating right-of-use assets | (16,960) | \u2014 \nOther | (795) | (976) \nTotal deferred tax liabilities | (32,257) | (11,807) \nNet deferred tax assets | $1,045 | $1,042 "} {"_id": "d1a71f7d2", "title": "", "text": "Financing and cash flow\nThe Group delivered very strong cash generation in 2019, driven by higher operating profit and effective working capital management. Changes in working capital, reflected within cash flow from operations, benefited from:\n\u2022 our continued focus on improving trade receivables collection; \u2022 a reduction in inventory levels due to a high level of shipments at the end of 2019; and \u2022 growth in payables, resulting from the increase in activity levels and emphasis on extending supplier payment terms.\nFree cash flow for 2019 almost doubled year-on-year coming in at $100.1 million, compared to $50.9 million in 2018, resulting in a free cash flow conversion which represented 123 per cent of adjusted earnings (2018 77 per cent).\nFree cash flow is set out below:\nNote\n1. Spirent adopted IFRS 16 on 1 January 2019; in prior periods operating lease payments were included within cash flow from operations.\nFree cash flow includes a net cash outflow in respect of exceptional items in 2018 and 2019 of $5.5 million (2018 $3.6 million in respect of exceptional items charged in 2017 and 2018).\nTax payments of $5.6 million made in 2019 were consistent with the prior year (2018 $5.7 million). Net capital expenditure of $11.9 million was also broadly consistent with the prior year (2018 $10.6 million), with the incremental spend of $1.3 million primarily related to investment in 5G. We continue to exercise careful management of capital investment to ensure efficient use of capital and maximise return on investment.\nFollowing the adoption of IFRS 16 on 1 January 2019, the payment of lease liabilities, both the principal and interest elements, are shown separately from net cash flow from operating activities. In previous periods they would have been reflected in that number. There is no overall impact in comparing free cash flow year-on-year.\nIn 2019, the final dividend for 2018 and an interim dividend for 2019 totalling $28.6 million were paid. This compared to total dividends of $54.8 million paid in 2018, including a special dividend of $29.9 million. In addition, 4.0 million shares were purchased and placed into the Employee Share Ownership Trust at a cost of $8.6 million (2018 1.5 million shares at a net cost of $2.5 million) and $1.9 million of cash consideration was paid to acquire the business of a navigation systems company based in the United Kingdom.\nFollowing these payments, cash and cash equivalents closed at $183.2 million at 31 December 2019, compared with $121.6 million at 31 December 2018. There continues to be no bank debt.\n\n$ million | 2019 | 2018 \n----------------------------------------------------- | ------ | ------\nCash flow from operations | 124.9 | 65.9 \nTax paid | (5.6) | (5.7) \nNet cash inflow from operating activities | 119.3 | 60.2 \nInterest received | 2.6 | 1.3 \nNet capital expenditure | (11.9) | (10.6)\nPayment of lease liabilities, principal and interest1 | (10.3) | \u2014 \nLease payments received from finance leases | 0.4 | \u2014 \nFree cash flow | 100.1 | 50.9 "} {"_id": "d1b324532", "title": "", "text": "During fiscal year 2019, the following activity occurred under our stock plans:\n(a) Includes 2 million, 3 million, and 2 million of PSUs granted at target and performance adjustments above target levels for fiscal years 2019, 2018, and 2017, respectively.\nAs of June 30, 2019, there was approximately $8.6 billion of total unrecognized compensation costs related to stock awards. These costs are expected to be recognized over a weighted average period of 3 years. The weighted average grant-date fair value of stock awards granted was $107.02, $75.88, and $55.64 for fiscal years 2019, 2018, and 2017, respectively. The fair value of stock awards vested was $8.7 billion, $6.6 billion, and $4.8 billion, for fiscal years 2019, 2018, and 2017, respectively.\n\n | Shares | Weighted Average Grant-Date Fair Value\n------------------------------------ | ------ | --------------------------------------\n(In millions) | | \nStock Awards | | \nNonvested balance, beginning of year | 174 | $ 57.85 \nGranted (a) | 63 | 107.02 \nVested | (77) | 57.08 \nForfeited | (13) | 69.35 \nNonvested balance, end of year | 147 | $ 78.49 "} {"_id": "d1b3872f4", "title": "", "text": "Issuer Purchases of Equity Securities\nIn March 2011, our Board of Directors approved a stock repurchase program, pursuant to which we are authorized to repurchase up to $1.5 billion of our common stock (the \u201c2011 Buyback\u201d). In addition to the 2011 Buyback, in December 2017, our Board of Directors approved an additional stock repurchase program, pursuant to which we are authorized to repurchase up to $2.0 billion of our common stock (the \u201c2017 Buyback\u201d, and together with the 2011 Buyback the \u201cBuyback Programs\u201d).\nDuring the three months ended December 31, 2019, we repurchased a total of 93,654 shares of our common stock for an aggregate of $19.6 million, including commissions and fees, pursuant to the 2011 Buyback. There were no repurchases under the 2017 Buyback. The table below sets forth details of our repurchases under the 2011 Buyback during the three months ended December 31, 2019.\n(1) Repurchases made pursuant to the 2011 Buyback\n(2) Average price paid per share is a weighted average calculation using the aggregate price, excluding commissions and fees.\n(3) Remaining under the 2011 Buyback.\nWe have repurchased a total of 14.1 million shares of our common stock under the 2011 Buyback for an aggregate of $1.4 billion, including commissions and fees. We expect to continue to manage the pacing of the remaining $2.1 billion under the Buyback Programs in response to general market conditions and other relevant factors. We expect to fund any further repurchases of our common stock through a combination of cash on hand, cash generated by operations and borrowings under our credit facilities. Purchases under the Buyback Programs are subject to our having available cash to fund repurchases.\nUnder the Buyback Programs, our management is authorized to purchase shares from time to time through open market purchases or in privately negotiated transactions not to exceed market prices and subject to market conditions and other factors. With respect to open market purchases, we may use plans adopted in accordance with Rule 10b5-1 under the Exchange Act in accordance with securities laws and other legal requirements, which allows us to repurchase shares during periods when we otherwise might be prevented from doing so under insider trading laws or because of self-imposed trading blackout periods. These programs may be discontinued at any time.\n\nPeriod | Total Number of Shares Purchased (1) | Average Price Paid per Share (2) | Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs | Approximate Dollar Value of Shares that May Yet be Purchased Under the Plans or Programs (3)\n------------------------------------ | ------------------------------------ | -------------------------------- | -------------------------------------------------------------------------------- | --------------------------------------------------------------------------------------------\n | | | | (in millions) \nOctober 1, 2019 - October 31, 2019 | \u2014 | $ | \u2014 | $ \nNovember 1, 2019 - November 30, 2019 | 42,800 | $209.74 | 42,800 | $103.1 \nDecember 1, 2019 - December 31, 2019 | 50,854 | $209.59 | 50,854 | $92.4 \nTotal Fourth Quarter | 93,654 | $209.66 | 93,654 | $92.4 "} {"_id": "d1a7419cc", "title": "", "text": "Retail TV\n(1) As of January 1, 2019, we are no longer reporting wholesale subscribers in our TV subscriber base reflecting our focus on the retail market. Consequently, we restated previously reported 2018 subscribers for comparability.\nRetail IPTV net subscriber activations decreased by 17.4% in 2019, compared to last year, resulting from the impact of a maturing Fibe TV market, slower new service footprint growth and greater substitution of traditional TV services with OTT services, partly offset by higher Alt TV activations.\nRetail satellite TV net customer losses improved by 4.3% compared to 2018, attributable to lower deactivations, reflecting a more mature subscriber base geographically better-suited for satellite TV service.\nTotal retail TV net subscriber activations (IPTV and satellite TV combined) decreased by 71.9% in 2019, compared to last year, due to lower IPTV net activations, moderated by fewer satellite TV net losses.\nRetail IPTV subscribers at December 31, 2019 totaled 1,767,182, up 5.5% from 1,675,706 subscribers reported at the end of 2018.\nRetail satellite TV subscribers at December 31, 2019 totaled 1,005,282, down 7.8% from 1,090,705 subscribers at the end of last year.\nTotal retail TV subscribers (IPTV and satellite TV combined) at December 31, 2019 were 2,772,464, representing a 0.2% increase since the end of 2018.\n\n | 2019 | 2018 | CHANGE | % CHANGE\n---------------------------------------------- | --------- | --------- | -------- | --------\nRetail net subscriber activations (losses)\u2009(1) | 6,053 | 21,559 | (15,506) | (71.9%) \nIPTV | 91,476 | 110,790 | (19,314) | (17.4%) \nSatellite | (85,423) | (89,231) | 3,808 | 4.3% \nTotal retail subscribers\u2009(1) | 2,772,464 | 2,766,411 | 6,053 | 0.2% \nIPTV | 1,767,182 | 1,675,706 | 91,476 | 5.5% \nSatellite | 1,005,282 | 1,090,705 | (85,423) | (7.8%) "} {"_id": "d1b2e30c8", "title": "", "text": "Factors affecting the tax expense for the year\nThe table below explains the differences between the expected tax expense, being the aggregate of the Group\u2019s geographical split of profits multiplied by the relevant local tax rates and the Group\u2019s total tax expense for each year.\nNotes: 1 See note below regarding deferred tax asset recognition in Luxembourg and Spain on pages 140 and 141\n2 2018 includes the impact of closing tax audits across the Group during the year, including in Germany and Romania\n3 Includes a \u20ac42 million credit (2018: \u20ac15 million charge, 2017 \u20ac95 million charge) relating to the combination of Vodafone India with Idea Cellular\n\n | 2019 \u20acm | 2018 \u20acm | 2017 \u20acm\n-------------------------------------------------------------------------------------------- | ------- | ------- | -------\nContinuing (loss)/profit before tax as shown in the consolidated income statement | (2,613) | 3,878 | 2,792 \nAggregated expected income tax (credit)/expense | (457) | 985 | 795 \nImpairment losses with no tax effect | 807 | \u2013 | \u2013 \nDisposal of Group investments | \u2013 | 55 | (271) \nEffect of taxation of associates and joint ventures, reported within profit before tax | 262 | 90 | 23 \n(Recognition)/derecognition of deferred tax assets for losses in Luxembourg and Spain1 | 1,186 | (1,583) | 1,603 \nDeferred tax following revaluation of investments in Luxembourg1 | (488) | (330) | (329) \nPreviously unrecognised temporary differences we expect to use in the future | \u2013 | \u2013 | (15) \nPreviously unrecognised temporary differences utilised in the year | \u2013 | (29) | (11) \nCurrent year temporary differences (including losses) that we currently do not expect to use | 78 | 20 | 139 \nAdjustments in respect of prior year tax liabilities2 | (94) | (244) | (107) \nRevaluation of assets for tax purposes | \u2013 | \u2013 | (39) \nImpact of tax credits and irrecoverable taxes | 79 | 93 | 98 \nDeferred tax on overseas earnings3 | (39) | 24 | 26 \nEffect of current year changes in statutory tax rates on deferred tax balances | (2) | (44) | 2,755 \nFinancing costs not deductible for tax purposes | 67 | 23 | 25 \nExpenses not deductible (income not taxable) for tax purposes | 97 | 61 | 72 \nIncome tax expense/(credit) | 1,496 | (879) | 4,764 "} {"_id": "d1b398d9c", "title": "", "text": "31. Financial instruments\nFinancial assets\n\n | | 2019 | 2018\n------------------------- | ---- | ---- | ----\n | Note | \u00a3m | \u00a3m \nNet trade receivables | 18 | 24.9 | 25.4\nAccrued income | 18 | 28.0 | 26.7\nOther receivables | 18 | 0.3 | 0.1 \nCash and cash equivalents | 19 | 5.9 | 4.3 \nTotal | | 59.1 | 56.5"} {"_id": "d1b3c3d44", "title": "", "text": "4.4 Financial instruments and risk management (continued)\nExposure to credit risk\nThe carrying amount of financial assets subject to credit risk at reporting date are as follows:\nManaging our liquidity risks\nLiquidity risk is the risk that we will be unable to meet our financial obligations.\nThe Group aims to maintain the level of its cash and cash equivalents at an amount to meet its financial obligations. The Group also monitors the level of expected cash inflows on trade receivables and contract assets together with expected cash outflows on trade and other payables through rolling forecasts. This excludes the potential impact of extreme circumstances that cannot reasonably be predicted.\nConcentrations arise when a number of counterparties are engaged in similar business activities, or activities in the same geographical region, or have economic features that would cause their ability to meet contractual obligations to be similarly affected by changes in economic, political or other conditions. Concentrations indicate the relative sensitivity of the Group\u2019s performance to developments affecting a particular industry.\nIn order to avoid excessive concentrations of risk, the Group\u2019s internal policies and procedures include specific guidelines to focus on maintaining a diversified portfolio. Identified concentrations of credit risks are controlled and managed accordingly.\nThe Group\u2019s non-derivative financial liabilities consist of trade payables expected to be settled within three months. At 30 June 2019, the carrying amount and contractual cash flows is $25,153,000 (2018: $33,978,000).\n\n | CONSOLIDATED | \n------------------------------------- | ------------ | ----------\n | 2019 $\u2019000 | 2018 $\u2019000\nCash and cash equivalents | 21,956 | 33,045 \nTrade receivables and contract assets | 22,989 | 28,710 \nTrail commission asset | 114,078 | 102,920 "} {"_id": "d1b2e1b42", "title": "", "text": "11 Intangible assets (continued)\n(a) Intangible assets\nRIGHTS AND LICENCES\nCertain licences that NEXTDC possesses have an indefinite useful life and are carried at cost less impairment losses and are subject to impairment review at least annually and whenever there is an indication that it may be impaired.\nOther licences that NEXTDC acquires are carried at cost less accumulated amortisation and accumulated impairment losses. Amortisation is recognised on a straight-line basis over the estimated useful life. The estimated useful life and amortisation method are reviewed at the end of each annual reporting period.\nINTERNALLY GENERATED SOFTWARE\nInternally developed software is capitalised at cost less accumulated amortisation. Amortisation is calculated using the straight-line basis over the asset\u2019s useful economic life which is generally two to three years. Their useful lives and potential impairment are reviewed at the end of each financial year.\nSOFTWARE UNDER DEVELOPMENT\nCosts incurred in developing products or systems and costs incurred in acquiring software and licenses that will contribute to future period financial benefits through revenue generation and/or cost reduction are capitalised to software and systems. Costs capitalised include external direct costs of materials and services and employee costs.\nAssets in the course of construction include only those costs directly attributable to the development phase and are only recognised following completion of technical feasibility and where the Group has an intention and ability to use the asset.\n\n | Rights and licenses | Internally generated software | Software under development | Total \n-------------------------------------- | ------------------- | ----------------------------- | -------------------------- | -------\nMovements | $'000 | $'000 | $'000 | $'000 \nAt 30 June 2019 | | | | \nCost | 13 | 12,961 | 16,284 | 29,259 \nAccumulated amortisation | - | (5,580) | - | (5,580)\nNetbook amount | 13 | 7,381 | 16,284 | 23,678 \n30 June 2018 | | | | \nOpening net book amount at 1 July 2017 | 43 | 442 | 8,053 | 8,538 \nAdditions \u2013 externally acquired | 13 | - | 5,253 | 5,266 \nAdditions \u2013 internally developed | - | - | 1,256 | 1,256 \nAmortisation | (43) | (1,746) | - | (1,789)\nTransfers | - | 7,563 | (7,563) | - \nTransfer between classes | - | 744 | - | 744 \nDisposals | - | (618) | (490) | (1,108)\nClosing net book amount | 13 | 6,385 | 6,509 | 12,907 \nAt 30 June 2018 | | | | \nCost | 104 | 9,555 | 6,509 | 16,168 \nAccumulated amortisation | (91) | (3,170) | - | (3,261)\nNet book amount | 13 | 6,385 | 6,509 | 12,907 "} {"_id": "d1b34238e", "title": "", "text": "16. Earnings Per Share\nThe weighted-average number of shares outstanding used in the computations of basic and diluted earnings per share were as follows:\n\n | | Fiscal | \n-------------------------------------------------------- | ---- | ------------- | ----\n | 2019 | 2018 | 2017\n | | (in millions) | \nBasic | 338 | 350 | 355 \nDilutive impact of share-based compensation arrangements | 2 | 3 | 3 \nDiluted | 340 | 353 | 358 "} {"_id": "d1b3bc26a", "title": "", "text": "Deferred Compensation Plan\nWe have a non-qualified deferred compensation plan that allows a group of employees within the U.S. to contribute base salary and commissions or incentive compensation on a tax deferred basis in excess of the IRS limits imposed on 401(k) plans. The marketable securities related to these investments are held in a Rabbi Trust. The related deferred compensation plan assets and liabilities under the non-qualified deferred compensation plan were as follows (in millions):\n\n | April 26, 2019 | April 27, 2018\n---------------------------------------------- | -------------- | --------------\nDeferred compensation plan assets | $ 35 | $ 31 \nDeferred compensation liabilities reported as: | | \nAccrued expenses | $ 6 | $ 6 \nOther long-term liabilities | $ 29 | $ 25 "} {"_id": "d1b356622", "title": "", "text": "17 Inventories\nThe write-down of inventories recognised as an expense during the year in respect of continuing operations was \u00a30.7m (2018: \u00a33.5m). This comprises a cost of \u00a35.1m (2018: \u00a34.8m) to write-down inventory to net realisable value reduced by \u00a34.4m (2018: \u00a31.3m) for reversal of previous write-down reassessed as a result of customer demand.\nThe value of inventories expected to be recovered after more than 12 months is \u00a313.4m (2018: \u00a311.2m).\nThere is no material difference between the Statement of Financial Position value of inventories and their replacement cost. None of the inventory has been pledged as security.\n\n | 2019 | 2018 \n----------------------------------------- | ----- | -----\n | \u00a3m | \u00a3m \nRaw materials, consumables and components | 72.2 | 53.0 \nWork in progress | 25.5 | 25.7 \nFinished goods and goods for resale | 88.2 | 81.9 \nTotal inventories | 185.9 | 160.6"} {"_id": "d1b3b4182", "title": "", "text": "The performance rights sub-plan has also been used to compensate new hires for foregone equity, and ensure that key employees are retained to protect and deliver on the Group\u2019s strategic direction. It has been offered to:\nExecutives of newly acquired businesses in order to retain intellectual property during transition periods; or\nAttract new executives, generally from overseas; or\nMiddle management or executives deemed to be top talent who had either no or relatively small grants scheduled to vest over the ensuing two years.\nSign-on and retention rights generally do not have performance measures attached to them due to the objective of retaining key talent and vest subject to the executive remaining employed by the Group, generally for two or more years.\nThe performance rights sub-plan has also been used to compensate employees of the Group. Participants are required to meet a service condition and other performance measures to gain access to the performance rights.\nThe following table summarises movements in outstanding rights:\n\n | 2019 | 2018 \n------------------------------ | ------------- | -------------\n | NO. OF RIGHTS | NO. OF RIGHTS\nOutstanding at start of period | 10,692,594 | 6,737,076 \nGranted during the period | 4,465,617 | 5,691,731 \nVested during the period | (182,601) | (586,663) \nLapsed during the period | (1,497,852) | (1,149,550) \nOutstanding at end of period | 13,477,758 | 10,692,594 "} {"_id": "d1b35403e", "title": "", "text": "Revenue\nBoth reported and adjusted revenue fell by 1% as growth in our Consumer business, was more than offset by regulated price reductions in Openreach and declines in our enterprise businesses in particular in fixed voice and also reflecting our strategy to reduce low margin activity such as equipment sales. Excluding the negative impact of \u00a335m from foreign exchange movements, underlying revenue fell 0.9% (2017/18: fell 1%), which exceeds our expectation of down around 2%.\nYou can find details of revenue by customer-facing unit on pages 40 to 41. Note 6 to the consolidated financial statements shows a full breakdown of reported revenue by all our major product and service categories.\nOperating costs\nReported operating costs were down 2% and adjustedb operating costs before depreciation and amortisation were down 1%. This was mainly driven by restructuring related cost savings and lower payments to telecommunications operators driven by Global Services strategy to de-emphasise low margin business, partly offset by higher costs of recruiting and training engineers to support Openreach\u2019s \u2018Fibre First\u2019 programme and help deliver improved customer service.\nOur cost transformation programme remains on track. c4,000 roles were removed in the year, with the largest elements being in Global Services and our Corporate Units. Overall savings from the programme are currently an annualised benefit of \u00a3875m with an associated cost of \u00a3386m. Note 7 to the consolidated financial statements shows a detailed breakdown of our operating costs.\nNote 7 to the consolidated financial statements shows a detailed breakdown of our operating costs.\na Excluding depreciation and amortisation.\n\n | 2019 | 2018 | 2017 \n----------------------------- | -------- | -------- | --------\nYear ended 31 March | \u00a3m | \u00a3m | \u00a3m \nRevenue | 23,428 | 23,723 | 24,062 \nOperating costs a | (16,461) | (16,828) | (17,323)\nDepreciation and amortisation | (3,546) | (3,514) | (3,572) \nOperating profit | 3,421 | 3,381 | 3,167 \nNet finance expense | (756) | (764) | (804) \nAssociates and joint ventures | 1 | (1) | (9) \nProfit before tax | 2,666 | 2,616 | 2,354 \nTax | (507) | (584) | (446) \nProfit for the period | 2,159 | 2,032 | 1,908 "} {"_id": "d1b347618", "title": "", "text": "Presentation of Derivative Gains (Losses) for Economic Hedges of Forecasted Cash Flows in Segment Results\nDerivatives used to manage commodity price risk and foreign currency risk are not designated for hedge accounting treatment. We believe these derivatives provide economic hedges of certain forecasted transactions. As such, these derivatives are recognized at fair market value with realized and unrealized gains and losses recognized in general corporate expenses. The gains and losses are subsequently recognized in the operating results of the reporting segments in the period in which the underlying transaction being economically hedged is included in earnings. In the event that management determines a particular derivative entered into as an economic hedge of a forecasted commodity purchase has ceased to function as an economic hedge, we cease recognizing further gains and losses on such derivatives in corporate expense and begin recognizing such gains and losses within segment operating results, immediately.\nThe following table presents the net derivative gains (losses) from economic hedges of forecasted commodity consumption and the foreign currency risk of certain forecasted transactions, under this methodology:\nAs of May 26, 2019, the cumulative amount of net derivative gains from economic hedges that had been recognized in general corporate expenses and not yet allocated to reporting segments was $1.4 million. This amount reflected net gains of $1.0 million incurred during the fiscal year ended May 26, 2019, as well as net gains of $0.4 million incurred prior to fiscal 2019. Based on our forecasts of the timing of recognition of the underlying hedged items, we expect to reclassify to segment operating results gains of $0.9 million in fiscal 2020 and $0.5 million in fiscal 2021 and thereafter.\nNotes to Consolidated Financial Statements - (Continued) Fiscal Years Ended May 26, 2019, May 27, 2018, and May 28, 2017 (columnar dollars in millions except per share amounts)\n\n | 2019 | 2018 | 2017 \n---------------------------------------------------------------------- | ------ | ------ | ------\nNet derivative gains (losses) incurred | $(3.6) | $(0.9) | $0.6 \nLess: Net derivative gains (losses) allocated to reporting segments | (1.8) | (7.1) | 5.7 \nNet derivative gains (losses) recognized in general corporate expenses | $(1.8) | $6.2 | $(5.1)\nNet derivative gains (losses) allocated to Grocery & Snacks | $(2.1) | $0.2 | $3.4 \nNet derivative gains (losses) allocated to Refrigerated & Frozen | (1.1) | (0.3) | 0.8 \nNet derivative gains (losses) allocated to International | 2.8 | (6.9) | 1.6 \nNet derivative losses allocated to Foodservice | (0.6) | (0.1) | \u2014 \nNet derivative losses allocated to Pinnacle Foods | (0.8) | \u2014 | \u2014 \nNet derivative losses allocated to Commercial | \u2014 | \u2014 | (0.1) \nNet derivative gains (losses) included in segment operating profit | $(1.8) | $(7.1) | $5.7 "} {"_id": "d1b325d42", "title": "", "text": "NOTE L \u2013 INCOME TAXES\nOn December 22, 2017, the U.S. government enacted comprehensive tax legislation commonly referred to as the Tax Cuts and Jobs Act (the \u201cTax Act\u201d). The Tax Act makes broad and complex changes to the U.S. tax code, including, but not limited to, the following that impact the Company: (1) reducing the U.S. federal corporate income tax rate from 35 percent to 21 percent; (2) eliminating the corporate alternative minimum tax; (3) creating a new limitation on deductible interest expense; (4) limiting the deductibility of certain executive compensation; and (5) limiting certain other deductions.\nThe Company follows ASC 740-10 \u201cIncome Taxes\u201d which requires the recognition of deferred tax liabilities and assets for the expected future tax consequences of events that have been included in the financial statement or tax returns. Under this method, deferred tax liabilities and assets are determined based on the difference between financial statements and tax bases of assets and liabilities using enacted tax rates in effect for the year in which the differences are expected to reverse.\nDeferred income taxes include the net tax effects of net operating loss (NOL) carry forwards and the temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. Significant components of the Company's deferred tax assets are as follows:\n\n | 2019 | 2018 \n--------------------------------- | ------------ | ------------\nDeferred Tax Assets: | | \nNet operating loss carry forwards | $20,772,428 | $20,342,559 \nIntangibles | 207,618 | 318,178 \nCredits | 28,022 | 112,086 \nOther | 506,349 | 613,202 \nTotal deferred tax assets | 21,514,417 | 21,386,025 \nDeferred Tax Liabilities: | | \nIntangibles | \u2013 | \u2013 \nTotal deferred tax liabilities | \u2013 | \u2013 \nValuation allowance | (21,486,396) | (21,386,025)\nNet deferred tax asset | $28,021 | $\u2013 "} {"_id": "d1b36474a", "title": "", "text": "Recently Adopted Accounting Pronouncements\nOn April 1, 2018, the Company adopted ASU 2014-09-Revenue from Contracts with Customers (ASC 606) and all related amendments (\u201cNew Revenue Standard\u201d) using the modified retrospective method. The Company has applied the new revenue standard to all contracts that were entered into after adoption and to all contracts that were open as of the initial date of adoption. The Company recognized the cumulative effect of initially applying the new revenue standard as an adjustment to the opening balance of retained earnings. The comparative information has not been restated and continues to be reported under the accounting standards in effect for those periods. The adoption of the new standard impacts the Company's net sales on an ongoing basis depending on the relative amount of revenue sold through its distributors, the change in inventory held by its distributors, and the changes in price concessions granted to its distributors. Previously, the Company deferred revenue and cost of sales on shipments to distributors until the distributor sold the product to their end customer. As required by the new revenue standard, the Company no longer defers revenue and cost of sales, but rather, estimates the effects of returns and allowances provided to distributors and records revenue at the time of sale to the distributor. Sales to non-distributor customers, under both the previous and new revenue standards, are generally recognized upon the Company\u2019s shipment of the product. The cumulative effect of the changes made to the consolidated April 1, 2018 balance sheet for the adoption of the new revenue standard is summarized in the table of opening balance sheet adjustments below. In accordance with the new revenue standard\u00a0requirements, the disclosure of the impact of adoption on the consolidated income statement and balance sheet for the period ended March 31, 2019 was as follows (in millions):\nThe significant changes in the financial statements noted in the table above are primarily due to the transition from sellthrough revenue recognition to sell-in revenue recognition as required by the New Revenue Standard, which eliminated the balance of deferred income on shipments to distributors, significantly reduced accounts receivable, and significantly increased retained earnings. Prior to the acquisition of Microsemi, Microsemi already recognized revenue on a sell-in basis, so the impact of the adoption of the New Revenue Standard was primarily driven by Microchip's historical business excluding Microsemi.\n\n | | As of March 31, 2019 | \n-------------------------------------------- | ----------- | ------------------------------------------------- | ---------------------------------\nBalance Sheet | As reported | Balances without adoption of New Revenue Standard | Effect of Change Higher / (Lower)\nASSETS | | | \nAccounts receivable, net | $880.6 | $556.1 | $324.5 \nInventories | $711.7 | $724.2 | $(12.5) \nOther current assets | $191.6 | $154.7 | $36.9 \nOther assets | $111.8 | $106.3 | $5.5 \nLong-term deferred tax assets | $1,677.2 | $1,700.7 | $(23.5) \nLIABILITIES | | | \nAccrued liabilities | $787.3 | $420.3 | $367.0 \nDeferred income on shipments to distributors | $\u2014 | $288.2 | $(288.2) \nLong-term deferred tax liability | $706.1 | $689.3 | $16.8 \nSTOCKHOLDERS' EQUITY | | | \nRetained Earnings | $3,210.6 | $2,975.3 | $235.3 "} {"_id": "d1b3c1d96", "title": "", "text": "Trade Accounts Receivable Sale Programs\nIn connection with the trade accounts receivable sale programs, the Company recognized the following (in millions):\n(1) Recorded to other expense within the Consolidated Statements of Operations.\n\n | | Fiscal Year Ended August 31, | \n----------------------------------------- | ------ | ---------------------------- | ------\n | 2019 | 2018 | 2017 \nTrade accounts receivable sold | $6,751 | $5,480 | $2,968\nCash proceeds received | $6,723 | $5,463 | $2,962\nPre-tax losses on sale of receivables (1) | $28 | $17 | $6 "} {"_id": "d1b394f12", "title": "", "text": "The following table summarizes activity for the interest rate swap:\nThere were no transfers between Level 1, Level 2 or Level 3 fair value hierarchy categories of financial instruments in the years ended December 31, 2019 and 2018.\nFinancial Instruments Not Recorded at Fair Value on a Recurring Basis\nSome of the Company\u2019s financial instruments are not measured at fair value on a recurring basis but are recorded at amounts that approximate fair value due to their liquid or short-term nature. Such financial assets and financial liabilities include: cash and cash equivalents, restricted cash, net receivables, certain other assets, accounts payable, accrued price protection liability, accrued expenses, accrued compensation costs, and other current liabilities. The Company\u2019s long-term debt is not recorded at fair value on a recurring basis, but is measured at fair value for disclosure purposes (Note8 ).\n\n | Fair Value at December 31, | \n---------------------------------------------------------------------- | -------------------------- | -----\n | 2019 | 2018 \n | (in thousands) | \nInterest rate swap | | \nBeginning balance | $1,623 | $734 \nUnrealized gain (loss) recognized in other comprehensive income (loss) | (1,660) | 889 \nEnding balance | $(37) | 1,623"} {"_id": "d1b35ede0", "title": "", "text": "We recorded non-cash compensation expense related to stock-based awards as follows (in thousands):\nAs of September 30, 2019, there was $39.7 million of unrecognized compensation expense related to unvested RSUs. Based upon the expected forfeitures and the expected vesting of performance-based RSUs, the aggregate fair value of RSUs expected to ultimately vest is $40.0 million, which is expected to be recognized over a weighted-average period of 1.7 years and includes the RSUs that vested on October 1, 2019.\nWe estimate forfeitures at the time of grant and revise those estimates in subsequent periods on a cumulative basis in the period the estimated forfeiture rate changes for all stock-based awards when significant events occur. We consider our historical experience with employee turnover as the basis to arrive at our estimated forfeiture rate. The forfeiture rate was estimated to be 12.5% per year as of September 30, 2019. To the extent the actual forfeiture rate is different from what we have estimated, compensation expense related to these awards will be different from our expectations.\n\n | | Years Ended September 30, | \n----------------------------------- | -------- | ------------------------- | ------\n | 2019 | 2018 | 2017 \nCost of sales | $ 1,766 | $ 1,096 | $ 338\nSelling, general and administrative | 13,722 | 6,419 | 4,674 \n | $15,488 | $7,515 | $5,012"} {"_id": "d1a73e9d4", "title": "", "text": "American Tower Corporation \u2022 2019 Annual Report\nAppendix 1 \u2022 Letter to Stakeholders\nRECONCILIATION OF ADJUSTED EBITDA TO NET INCOME ($ in millions. Totals may not add due to rounding.)\n\n | 2015 | 2016 | 2017 | 20181 | 2019 \n-------------------------------------------------- | ------ | ------ | ------ | ------ | ------\nNet Income | $672 | $970 | $1,225 | $1,265 | $1,917\nIncome tax provision (benefit) | 158 | 156 | 31 | (110) | (0) \nOther expense (income) | 135 | 48 | (31) | (24) | (18) \nLoss (gain) on retirement of long-term obligations | 80 | (1) | 70 | 3 | 22 \nInterest expense | 596 | 717 | 750 | 826 | 814 \nInterest income | (17) | (26) | (35) | (55) | (47) \nOther operating expenses | 67 | 73 | 256 | 513 | 166 \nDepreciation, amortization and accretion | 1,285 | 1,526 | 1,716 | 2,111 | 1,778 \nStock-based compensation expense | 91 | 90 | 109 | 138 | 111 \nADJUSTED EBITDA | $3,067 | $3,553 | $4,090 | $4,667 | $4,745\nDivided by total revenue | $4,772 | $5,786 | $6,664 | $7,440 | $7,580\nADJUSTED EBITDA MARGIN | 64% | 61% | 61% | 63% | 63% "} {"_id": "d1b3a948a", "title": "", "text": "Note 6. Property and Equipment, Net\nFurniture and fixtures, computer software and equipment, leasehold improvements and real property are recorded at cost and presented net of depreciation. We record land at historical cost. During the application development phase, we record capitalized development costs in our construction in progress account and then reclass the asset to internal-use software when the project is ready for its intended use, which is usually when the code goes into production. Furniture, fixtures and office equipment and computer software and hardware are depreciated on a straight-line basis over lives ranging from three to five years. Internal-use software is amortized on a straight-line basis over a three-year period. Leasehold improvements are amortized on a straight-line basis over the shorter of the lease terms or the asset lives. Real property is amortized on a straightline basis over lives ranging from 15 to 39 years.\nThe components of property and equipment, net are as follows (in thousands):\nDepreciation expense related to property and equipment for the years ended December 31, 2019, 2018 and 2017 was $5.9 million, $5.7 million and $5.4 million, respectively. Amortization expense related to internal-use software of $1.9 million, $0.8 million and $0.4 million was included in those expenses for the years ended December 31, 2019, 2018 and 2017, respectively. We had no disposals and write-offs of property and equipment that impacted the consolidated statements of operations during the year ended December 31, 2019. Within the Alarm.com segment, we disposed of and wrote off $1.4 million and $0.8 million of capitalized costs to research and development expenses within the consolidated statements of operations primarily related to the design of internal-use software that no longer met the requirements for capitalization during the years ended December 31, 2018 and 2017, respectively. In December 2019, we purchased land and a commercial building located in Liberty Lake, Washington for $5.1 million. Once renovations are complete, this building will be used by OpenEye for sales and training, research and development, warehousing and administrative purposes.\n\n | December 31, | \n---------------------------------------- | ------------ | --------\n | 2019 | 2018 \nFurniture, fixtures and office equipment | $5,604 | $4,102 \nComputer software and hardware | 17,767 | 16,228 \nInternal-use software | 8,949 | 5,072 \nConstruction in progress | 4,232 | 3,790 \nLeasehold improvements | 23,223 | 18,338 \nReal property | 4,917 | 707 \nLand | 1,398 | 508 \nTotal property and equipment | 66,090 | 48,745 \nAccumulated depreciation | (27,542) | (20,988)"} {"_id": "d1b394a76", "title": "", "text": "ii) Amounts in the financial statements\nThe assets and liabilities on the balance sheet are as follows:\n3. Pensions continued\n\n | 2019 | 2018 \n--------------------------------------------- | --------- | ---------\n | \u00a3 million | \u00a3 million\nSchemes in net asset position | | \nUK defined benefit pension plan \u2013 Staff Plan | 7.8 | 1.1 \nUK defined benefit pension plan \u2013 Cash Plan | 1.0 | 0.9 \n | 8.8 | 2.0 \nSchemes in net liability position | | \nUK unfunded plan | (0.5) | (0.5) \nNet pension plan surplus on the balance sheet | 8.3 | 1.5 "} {"_id": "d1b312a9e", "title": "", "text": "Estimated Future Benefit Payments\nThe following benefit payments, which reflect expected future service, as appropriate, are expected to be paid. Pension benefits are currently paid from plan assets and other benefits are currently paid from corporate assets.\n\n($ in millions) | Pension Benefits | Other Benefits\n--------------- | ---------------- | --------------\n2020 | $83.0 | $14.7 \n2021 | $82.4 | $15.1 \n2022 | $82.6 | $15.1 \n2023 | $82.4 | $15.1 \n2024 | $81.8 | $15.1 \n2025-2029 | $395.5 | $73.1 "} {"_id": "d1b372b6a", "title": "", "text": "ITEM 6. SELECTED FINANCIAL DATA (Dollars in thousands, except per share data and unless otherwise indicated)\nThe Selected Consolidated Statements of Operations Data for the years ended December 31, 2019, 2018 and 2017 and the Selected Consolidated Balance Sheet Data as of December 31, 2019 and 2018 were derived from our Consolidated Financial Statements included in Item 8 of this Form 10-K. The Selected Consolidated Statements of Operations Data for the years ended December 31, 2016 and 2015 and the Selected Consolidated Balance Sheet Data as of December 31, 2017 and 2016 were derived from our audited Consolidated Financial Statements not included in this Form 10-K. Our historical results are not necessarily indicative of the results to be expected in the future. You should read the following financial information together with the information under Item 7 \"Management's Discussion and Analysis of Financial Condition and Results of Operations\" and the Consolidated Financial Statements and related notes included in Item 8.\nGS Holdings and GSLLC are our predecessors for accounting purposes and, accordingly, amounts prior to the Reorganization Transactions and IPO represent the historical consolidated operations of either GS Holdings or GSLLC and its subsidiaries. The amounts as of December 31, 2019 and 2018 and during the period from May 24, 2018 through December 31, 2019 represent those of consolidated GreenSky, Inc. and its subsidiaries. Prior to the Reorganization Transactions and IPO, GreenSky, Inc. did not engage in any business or other activities except in connection with its formation and initial capitalization. See Note 1 to the Notes to Consolidated Financial Statements in Item 8 for further information on our organization.\n\n | | December 31, | | \n------------------------------------------------------------------ | --------- | ------------ | --------- | ---------\nSelected Consolidated Balance Sheet Data: | 2019 | 2018 | 2017 | 2016 \nCash and cash equivalents | $195,760 | $303,390 | $224,614 | $185,243 \nRestricted cash | 250,081 | 155,109 | 129,224 | 42,871 \nLoan receivables held for sale, net | 51,926 | 2,876 | 73,606 | 41,268 \nDeferred tax assets, net | 364,841 | 306,979 | \u2014 | \u2014 \nTotal assets | 951,048 | 802,905 | 462,889 | 302,205 \nFinance charge reversal liability | 206,035 | 138,589 | 94,148 | 68,064 \nTerm loan | 384,497 | 386,822 | 338,263 | \u2014 \nTax receivable agreement liability | 311,670 | 260,901 | \u2014 | \u2014 \nTotal liabilities | 1,005,991 | 837,670 | 488,928 | 89,995 \nTotal temporary equity | \u2014 | \u2014 | 430,348 | 335,720 \nNoncontrolling interest | (80,758) | (60,349) | \u2014 | \u2014 \nTotal permanent equity (deficit) | (54,943) | (34,765) | (456,387) | (123,510)\nTotal liabilities, temporary equity and permanent equity (deficit) | 951,048 | 802,905 | 462,889 | 302,205 "} {"_id": "d1a7237ce", "title": "", "text": "In addition to the results reported in accordance with accounting principles generally accepted in the United States (\u201cUS GAAP\u201d or \u201cGAAP\u201d), we also use certain non-GAAP measures such as EBITDA and adjusted EBITDA to evaluate operating performance and to facilitate the comparison of our historical results and trends.\nThese financial measures are not a measure of financial performance under US GAAP and should not be considered in isolation or as a substitute for net income (loss) as a measure of performance and net cash provided by operating activities as a measure of liquidity.\nEBITDA is defined as net earnings before interest expense, income taxes, and depreciation and amortization. Adjusted EBITDA is comprised of EBITDA, adjusted for certain items as permitted or required under our credit facility as described in the reconciliations below.\nThese measures are a common measure of operating performance in the telecommunications industry and are useful, with other data, as a means to evaluate our ability to fund our estimated uses of cash. The following tables are a reconciliation of net income (loss) to Adjusted EBITDA:\nThe following tables are a reconciliation of net income (loss) to Adjusted EBITDA:\n(a) Other, net includes the equity earnings from our investments, dividend income, income attributable to noncontrolling interests in subsidiaries, acquisition and transaction related costs including severance, non-cash pension and postretirement benefits and certain other miscellaneous items.\n(b) Includes all cash dividends and other cash distributions received from our investments.\n(c) Represents the redemption premium (discount) and write-off of unamortized debt issuance costs in connection with the redemption or retirement of our debt obligations.\n(d) Represents intangible asset impairment charges recognized during the period.\n(e) Represents compensation expenses in connection with the issuance of stock awards, which because of their non-cash nature, these expenses are excluded from adjusted EBITDA.\n\n | | | | Year Ended December 31, | \n----------------------------------------- | -------- | -------- | ------- | ----------------------- | -------\n(In millions, unaudited) | 2019 | 2018 | 2017 | 2016 | 2015 \nNet income (loss) | $ (20.0) | $ (50.5) | $ 65.3 | $ 15.2 | $ (0.7)\nAdd (subtract): | | | | | \nInterest expense, net of interest income | 136.7 | 134.5 | 129.8 | 76.8 | 79.6 \nIncome tax expense (benefit) | (3.7) | (24.1) | (124.9) | 23.0 | 2.8 \nDepreciation and amortization | 381.2 | 432.6 | 291.8 | 174.0 | 179.9 \nEBITDA | 494.2 | 492.5 | 362.0 | 289.0 | 261.6 \nAdjustments to EBITDA: | | | | | \nOther, net (a) | (8.8) | 0.6 | 19.3 | (25.5) | (22.3) \nInvestment distributions (b) | 35.8 | 39.1 | 30.0 | 32.1 | 45.3 \n(Gain) loss on extinguishment of debt (c) | (4.5) | \u2014 | \u2014 | 6.6 | 41.2 \nLoss on impairment (d) | \u2014 | \u2014 | \u2014 | 0.6 | \u2014 \nNon-cash, stock-based compensation (e) | 6.8 | 5.1 | 2.8 | 3.0 | 3.1 \nAdjusted EBITDA | $ 523.5 | $ 537.3 | $ 414.1 | $ 305.8 | $ 328.9"} {"_id": "d1b359372", "title": "", "text": "Revision of Prior Period Financial Statements\nDuring the preparation of the financial statements for the three months ended September 30, 2019, the Company identified a misstatement in previously issued financial statements. The misstatement related to an error in the measurement of the cumulative effect of the accounting change related to the Company\u2019s January 1, 2018 adoption of Accounting Standards Update No. 2014-09, \u201cRevenue from Contracts with Customers (Topic 606)\u201d (\u201cASU 2014-09\u201d or \u201cTopic 606\u201d) and impacted the January 1, 2018 opening accumulated deficit balance and the related opening balances of deferred commissions assets and accrued expenses. The Company determined that the error was not material to any previously issued financial statements. The Company has revised the December 31, 2018 consolidated balance sheet and the statements of changes in stockholders\u2019 equity for all periods after January 1, 2018 to correct the misstatement as follows (in thousands):\n\n | | December 31, 2018 | \n-------------------------------------------- | ---------------------- | ----------------- | ----------\n | As Previously Reported | Adjustment | As Revised\nDeferred commissions, current portion | $24,467 | $1,064 | $25,531 \nTotal current assets | 573,035 | 1,064 | 574,099 \nDeferred commissions, net of current portion | 45,444 | 10,006 | 55,450 \nTotal assets | 807,156 | 11,070 | 818,226 \nAccrued expenses | 68,331 | 1,734 | 70,065 \nTotal current liabilities | 400,423 | 1,734 | 402,157 \nAccumulated deficit | (529,962) | 9,336 | (520,626) \nTotal stockholders\u2019 equity | 55,907 | 9,336 | 65,243 \nTotal liabilities and stockholders\u2019 equity | 807,156 | 11,070 | 818,226 "} {"_id": "d1b375874", "title": "", "text": "P. Income Taxes\nThe domestic and foreign components of income before income tax for the periods presented were as follows (table in millions):\n\n | | For the Year Ended | \n------------------------------ | ---------------- | ------------------ | ----------------\n | January 31, 2020 | February 1, 2019 | February 2, 2018\nDomestic | $895 | $680 | $462 \nForeign | 543 | 1,149 | 1,115 \nTotal income before income tax | $1,438 | $1,829 | $1,577 "} {"_id": "d1b2f208c", "title": "", "text": "7. Earnings Per Share\nThe following is a reconciliation of the amounts utilized in the computation of basic and diluted earnings per share for fiscal2 019, 2018 and 2017 (in thousands, except per share amounts):\nIn each of the fiscal years 2019, 2018 and 2017, share-based awards for approximately 0.1 million shares were not included in the computation of diluted earnings per share as they were antidilutive.\n\n | 2019 | 2018 | 2017 \n-------------------------------------------------------------- | ------- | ------ | -------\nNet income | 108,616 | 13,040 | 112,062\nBasic weighted average common shares outstanding | 30,271 | 33,003 | 33,612 \nDilutive effect of share-based awards and options outstanding | 803 | 916 | 941 \nDiluted weighted average shares outstanding | 31,074 | 33,919 | 34,553 \nEarnings per share: | | | \nBasic | 3.59 | 0.40 | 3.33 \nDiluted | 3.50 | 0.38 | 3.24 "} {"_id": "d1b3739ca", "title": "", "text": "Orders and revenue for Smart Infrastructure rose in all three businesses \u2013 solutions and services, systems and software, and the products business \u2013 and in all three reporting regions. Order growth was strongest in the solutions and services business on a sharply higher volume from large orders in the Americas and Europe, C. I. S., Africa, Middle East. Revenue rose most strongly in the systems and software and the solutions and services businesses, particularly in the Americas. Revenue growth in the product business was due to low voltage products, while revenue in the other products businesses came in close to prior-year levels due partly to less favorable conditions in short-cycle markets.\nAdjusted EBITA declined due mainly to the systems and software business including negative effects related to grid control projects early in the year. Adjusted EBITA also included higher expenses year-over-year related to expansion of smart building offerings and for grid edge activities. Severance charges were \u20ac 48 million in fiscal 2019 compared to \u20ac 34 million a year earlier. Smart Infrastructure\u2019s order backlog was \u20ac 10 billion at the end of the fiscal year, of which \u20ac 7 billion are expected to be converted into revenue in fiscal 2020.\nSmart Infrastructure achieved its results in overall moderately growing markets in fiscal 2019. The grid markets benefited from the need for intelligent and flexible energy networks and for automation, particularly in Asia, Australia and the Americas. Heavy industries and the infrastructure industry also developed favorably during fiscal 2019, driven by investments in oil and gas markets, in data centers and in transportation infrastructure, such as for e-mobility. Discrete industries, which started strong\nin fiscal 2019, experienced a downturn in the second half of the fiscal year.\nConstruction markets continued their stable growth during the fiscal year, particularly in the U. S. and China and in the non-residential construction market overall. Growth in the important building electrification and automation market was driven by demand for building performance and sustainability offerings, including strong demand for energy efficiency and digital services. In fiscal 2020, market growth overall is expected to\nbe lower than in fiscal 2019, due to an expected continuation of the downturn in the short-cycle markets, economic uncertainty in a number of countries due to trade conflicts, and other factors.\nBeginning with fiscal 2020, the distribution transformer business will be transferred to the Operating Company Gas and Power. If this organizational structure had already existed in fiscal 2019, Smart Infrastructure would have posted orders of \u20ac 15.590 billion, revenue of \u20ac 14.597 billion, Adjusted EBITA of \u20ac 1.465 billion and an Adjusted EBITA margin of 10.0 %.\n\n | | Fiscal year | | % Change\n------------------------- | ------ | ----------- | ------ | --------\n(in millions of \u20ac) | 2019 | 2018 | Actual | Comp. \nOrders | 16,244 | 15,198 | 7% | 4% \nRevenue | 15,225 | 14,445 | 5% | 3% \ntherein: product business | 5,530 | 5,302 | 4% | 2% \nAdjusted EBITA | 1,500 | 1,574 | (5)% | \nAdjusted EBITA margin | 9.9 % | 10.9 % | | "} {"_id": "d1b386b1a", "title": "", "text": "Research and Development\nThe increase in research and development expenses in fiscal 2019 compared to fiscal 2018 was primarily driven by an increase in employee compensation costs caused by increases in headcount, annual compensation and benefit adjustments and employee performance-based compensation, partially offset by a decrease in project material costs.\n\nFiscal Year Ended | | | | \n------------------------ | ----------------- | ----------------- | -------- | --------\n | December 28, 2019 | December 29, 2018 | $ Change | % Change\n(Dollars in thousands) | | | | \nResearch and development | $81,499 | $74,976 | $6,523 | 8.7 % \n% of revenues | 13.8 % | 14.2 % | | \nFiscal Year Ended | | | | \n | December 29, 2018 | December 30, 2017 | $ Change | % Change\n(Dollars in thousands) | | | | \nResearch and development | $74,976 | $73,807 | $1,169 | 1.6 % \n% of revenues | 14.2 % | 13.5 % | | "} {"_id": "d1b3ac22a", "title": "", "text": "16. PRODUCT WARRANTIES\nWe establish a product warranty liability at the time of revenue recognition. Product warranties generally have terms of 12 months and cover nonconformance with specifications and defects in material or workmanship. For sales to distributors, our warranty generally begins when the product is resold by the distributor. The liability is based on estimated costs to fulfill customer product warranty obligations and utilizes historical product failure rates. Should actual warranty obligations differ from estimates, revisions to the warranty liability may be required.\nProduct warranty liability activity is as follows (in thousands):\n\n | | Fiscal Years | \n--------------------------- | ------- | -------------- | ------\n | 2019 | 2018 | 2017 \nBalance \u2014 beginning of year | $5,756 | $3,672 | $1,039\n(Divested)/acquired | \u2014 | (49) | 952 \nProvisions/(expense) | (3,053) | 1,865 | 1,737 \nDirect charges/(payments) | 570 | 268 | (56) \nBalance \u2014 end of year | $3,273 | $5,756 | $3,672"} {"_id": "d1b3b7026", "title": "", "text": "The tax credit/(charge) for the period differs from the standard rate of corporation tax in the United Kingdom of 19.0% (2017/18: 19.0%). The reasons for this are explained below:\nThe movements in losses recognised for the period ended 30 March 2019 is \u00a3nil (2017/18: \u00a31.1m). Corporation tax losses are not recognised where future recoverability is uncertain.\nThe adjustments to prior periods of \u00a31.7m (2017/18: \u00a3(8.1m)) relate mainly to the adjustment of prior period losses and capital allowances which have been revised following submission of tax returns.\n\n | 52 weeks ended 30 Mar 2019 \u00a3m | 52 weeks ended 31 Mar 2018 \u00a3m\n-------------------------------------------------------------------------------------- | ----------------------------- | -----------------------------\n(Loss)/profit before taxation | (42.7) | 20.9 \nTax credit/(charge) at the domestic income tax rate of 19.0% (2017/18: 19.0%) | 8.2 | (4.0) \nTax effect of: | | \nNon-deductible items | (0.9) | (0.1) \nOther disallowable items | - | (0.4) \nImpairment of goodwill | - | (0.8) \nAdjustment for share-based payments | (0.4) | (0.6) \nAdjustment due to current period deferred tax being provided at 17.0% (2017/18: 17.0%) | (0.8) | 0.7 \nMovements in losses recognised | - | 1.1 \nAdjustment to restate opening deferred tax at 17.0% (2017/18: 17.0%) | - | (2.3) \nAdjustments to prior periods | 1.7 | (8.1) \nCurrent tax relating to overseas business | 1.1 | 0.8 \nIncome tax credit/(charge) | 8.9 | (13.7) "} {"_id": "d1b31bba8", "title": "", "text": "Relative importance of the spend on pay\nThe following table shows the total expenditure on pay for all of the Company\u2019s employees compared to distributions to shareholders by way of dividend. In order to provide context for these figures, adjusted operating profit is also shown.\nNotes\n1. Remuneration, social security costs, pension and other related costs and expense of share-based payment (see Note 8 to the Consolidated Financial Statements).\n2. Dividends declared and paid in the year include a special dividend paid in 2018 (see Note 12 of the Consolidated Financial Statements). Removing the Special Dividend would give a figure for 2018 of $24.9 million with an increase of 14.86 per cent to the 2019 figure of $28.6 million.\n3. Before exceptional items, acquisition related costs, acquired tangible asset amortisation and share-based payment amounting to $4.3 million in total (2018 $19.6 million) (see Note 3 of the Consolidated Financial Statements).\n\n | 2019 | 2018 | Per cent\n------------------------------ | --------- | --------- | --------\n | $ million | $ million | change \nEmployee remuneration costs1 | 220.5 | 208.9 | 5.6 \nDistributions to shareholders2 | 28.6 | 54.8 | (47.8) \nAdjusted operating profit3 | 92.9 | 77.1 | 20.5 "} {"_id": "d1b38e176", "title": "", "text": "As of December 31, 2019, we had 19,577 employees, which included 11,328 engineers, 7,416 technicians and 833 administrative staff performing administrative functions on a consolidated basis. We have in the past implemented, and may in the future evaluate the need to implement, labor redundancy plans based on the work performance of our employees.\nEmployee salaries are reviewed annually. Salaries are adjusted based on industry standards, inflation and individual performance. As an incentive, additional bonuses in cash may be paid at the discretion of management based on the performance of individuals. In addition, except under certain circumstances, R.O.C. law requires us to reserve from 10% to 15% of any offerings of our new common shares for employees\u2019 subscription.\nOur employees participate in our profit distribution pursuant to our articles of incorporation. Employees are entitled to receive additional bonuses based on a certain percentage of our allocable surplus income. On February 26, 2020, our board of directors proposed an employee bonus in cash in the aggregate amount of NT$1,133 million (US$38 million) in relation to retained earnings in 2019.\nOur employees are not covered by any collective bargaining agreements. We believe we have a good relationship with our employees.\n\n | | As of December 31, | \n-------------------- | ------ | ------------------ | ------\n | 2017 | 2018 | 2019 \nEmployees | | | \nEngineers | 11,846 | 11,651 | 11,328\nTechnicians | 7,432 | 7,494 | 7,416 \nAdministrative Staff | 798 | 784 | 833 \nTotal | 20,076 | 19,929 | 19,577"} {"_id": "d1b33d05a", "title": "", "text": "Earnings Per Share\nBasic earnings per share is computed based on the weighted average number of shares outstanding during the period, excluding unvested restricted stock. Diluted earnings per share is computed based on the weighted average number of shares outstanding during the period increased by the effect of dilutive employee stock awards, including stock options, restricted stock awards and stock purchase plan contracts, using the treasury stock method.\nThe following table presents information necessary to calculate basic and diluted earnings per share (in thousands, except per share data):\nThere were 98,103, 103,547 and 505 potentially dilutive securities excluded from the dilutive share calculation for fiscal 2019, 2018 and 2017, respectively, as their effect was anti-dilutive.\n\n | | Fiscal | \n------------------------------------------------------ | ------- | -------- | --------\n | 2019 | 2018 | 2017 \nWeighted average shares outstanding\u2014basic | 24,118 | 24,572 | 24,487 \nDilutive effect of employee stock awards | 161 | 279 | 290 \nWeighted average shares outstanding\u2014diluted | 24,279 | 24,851 | 24,777 \nNet income from continuing operations | $53,825 | $247,360 | $208,644\nLoss from discontinued operations, net of income taxes | \u2014 | (2) | (1,522) \nNet income | $53,825 | $247,358 | $207,122"} {"_id": "d1b39d4aa", "title": "", "text": "Notes to Consolidated Financial Statements (Continued)\nThe following geographic information includes Property, plant and equipment, net, based on physical location (amounts in thousands):\n(1) No country included in this caption exceeded 1% of consolidated Property, plant and equipment net for fiscal years 2019 and 2018.\n\n | March 31, | \n----------------------- | --------- | --------\n | 2019 | 2018 \nUnited States | $57,095 | $49,530 \nJapan | 89,602 | 79,855 \nThailand | 82,389 | 74,100 \nMexico | 121,147 | 62,503 \nItaly | 35,197 | 39,398 \nChina | 45,815 | 36,396 \nPortugal | 31,872 | 29,073 \nMacedonia | 12,906 | 13,723 \nBulgaria | 5,480 | 5,597 \nSweden | 4,800 | 6,005 \nOther (1) | 8,977 | 9,136 \nTotal Non-United States | 438,185 | 355,786 \n | $495,280 | $405,316"} {"_id": "d1b35ff38", "title": "", "text": "Discontinued Operations\nIn December 2015, we completed the wind down of engineering, manufacturing and sales of our solar inverter product line (the \"inverter business\"). Accordingly, the results of our inverter business have been reflected as \u201cIncome (loss) from discontinued operations, net of income taxes\u201d on our Consolidated Statements of Operations for all periods presented herein.\nThe effect of our sales of extended inverter warranties to our customers continues to be reflected in deferred revenue in our Consolidated Balance Sheets. Deferred revenue for extended inverter warranties and the associated costs of warranty service will be reflected in Sales and Cost of goods sold, respectively, from continuing operations in future periods in our Consolidated Statement of Operations, as the deferred revenue, is earned and the associated services are rendered. Extended warranties related to the inverter product line are no longer offered.\nADVANCED ENERGY INDUSTRIES, INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS \u2013 (continued) (in thousands, except per share amounts)\nAssets and Liabilities of discontinued operations within the Consolidated Balance Sheets are comprised of the following:\n\n | December 31, | \n-------------------------------------------------- | ------------ | -------\n | 2019 | 2018 \nCash and cash equivalents | $ \u2014 | $ 5,251\nAccounts and other receivables, net | \u2014 | 406 \nInventories | 30 | 198 \nCurrent assets of discontinued operations | 30 | 5,855 \nOther assets | \u2014 | 67 \nDeferred income tax assets | 269 | 5,917 \nNon-current assets of discontinued operations | 269 | 5,984 \nAccounts payable and other accrued expenses | \u2014 | 350 \nAccrued warranty | 914 | 4,936 \nCurrent liabilities of discontinued operations | 914 | 5,286 \nAccrued warranty | 698 | 10,429 \nOther liabilities | 189 | 286 \nNon-current liabilities of discontinued operations | $887 | $10,715"} {"_id": "d1b3575f4", "title": "", "text": "Foreign Currency Translation Impact on Consolidated Financial Results\nSince we are a U.S. domiciled company, we translate our foreign currency-denominated financial results into US Dollars. Due to the changes in the value of foreign currencies relative to the US Dollar, translating our financial results from foreign currencies to US Dollars may result in a favorable or unfavorable impact. Historically, the most significant currencies that have impacted the translation of our consolidated financial results are the euro, the Australian dollar, the Mexican peso, the British pound, the Canadian dollar, the Brazilian real and the Chinese Renminbi.\nThe following table presents the approximate favorable or (unfavorable) impact foreign currency translation had on certain of our consolidated financial results\n\n(In millions) | 2019 vs. 2018 | 2018 vs. 2017\n-------------------------------------------- | ------------- | -------------\nNet sales | $ (137.2) | $ (43.4) \nCost of sales | 98.4 | 31.7 \nSelling, general and administrative expenses | 16.3 | 1.0 \nNet earnings | (15.7) | (8.2) \nNon-U.S. GAAP Adjusted EBITDA | (25.3) | (11.1) "} {"_id": "d1b3b00fa", "title": "", "text": "Property and Equipment, Net\nProperty and equipment, net, consisted of the following (in thousands):\nDepreciation expense on property and equipment was $5.0 million, $6.4 million and $7.1 million for the years\nended December 31, 2019, 2018 and 2017, respectively\n\n | Useful life (in years) | December 31, 2019 | December 31, 2018\n------------------------------ | ---------------------- | ----------------- | -----------------\nEquipment | 1-3 | $22,702 | $49,804 \nSoftware | 1-3 | 726 | 4,088 \nFurniture and fixtures | 1-3 | 459 | 967 \nLeasehold improvements | 2-8 | 5,440 | 3,832 \nConstruction in progress | | -- | 160 \nProperty and equipment, gross | | 29,327 | 58,581 \nLess: accumulated depreciation | | (21,671) | (51,589) \nProperty and equipment, net | | $7,656 | $7,262 "} {"_id": "d1b3c5702", "title": "", "text": "Interest Expense\nNM-not meaningful\nInterest expense increased $621 million compared to 2018. Interest expense is presented in cost of financing in the Consolidated Income Statement only if the related external borrowings are to support the Global Financing external business. Overall interest expense (excluding capitalized interest) in 2019 was $1,952 million, an increase of $473 million year to year, driven by a higher average debt balance and higher interest rates as we issued debt to finance the Red Hat acquisition.\nOperating (non-GAAP) interest expense increased $393 million compared to the prior-year period. It excludes the Red Hat pre-closing debt financing costs.\n\n($ in millions) | | | \n------------------------------------- | ------ | ---- | -------------------------\nFor the year ended December 31: | 2019 | 2018 | Yr.-to-Yr. Percent Change\nInterest expense | $1,344 | $723 | 85.9% \nNon-operating adjustment | | | \nAcquisition-related charges | (228) | \u2014 | NM \nOperating (non-GAAP) interest expense | $1,116 | $723 | 54.4 "} {"_id": "d1b3c6cec", "title": "", "text": "NOTE B \u2013 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)\nRevenue disaggregated by source is as follows:\n(1) Includes conversion of an existing royalty bearing license to a fully-paid license.\n(2) Revenue from the sale of the Company\u2019s unsecured claim against Avaya, Inc. to an unaffiliated third party (see Note K[1] hereof).\nThe Company relies on royalty reports received from third party licensees to record its revenue. From time to time, the Company may audit or otherwise dispute royalties reported from licensees. Any adjusted royalty revenue as a result of such audits or dispute is recorded by the Company in the period in which such adjustment is agreed to by the Company and the licensee or otherwise determined.\nRevenue from the Company\u2019s patent licensing business is generated from negotiated license agreements. The timing and amount of revenue recognized from each licensee depends upon a variety of factors, including the terms of each agreement and the nature of the obligations of the parties. These agreements may include, but not be limited to, elements related to past infringement liabilities, non-refundable upfront license fees, and ongoing royalties on licensed products sold by the licensee. Generally, in the event of settlement of litigation related to the Company\u2019s assertion of patent infringement involving its intellectual property, defendants will either pay (i) a non-refundable lump sum payment for a non-exclusive fully-paid license (a \u201cFully-Paid License\u201d), or (ii) a non-refundable lump sum payment (license initiation fee) together with an ongoing obligation to pay quarterly or monthly royalties to the Company for the life of the licensed patent (a \u201cRoyalty Bearing License\u201d).\nThe Company\u2019s license agreements, both Fully-Paid Licenses and Royalty Bearing Licenses, typically include some combination of the following: (i) the grant of a non-exclusive license to manufacture and/or sell products covered by its patented technologies; (ii) the release of the licensee from certain claims, and (iii) the dismissal of any pending litigation. The intellectual property rights granted pursuant to these licenses typically extend until the expiration of the related patents. Pursuant to the terms of these agreements, the Company typically has no further performance obligations with respect to the grant of the non-exclusive licenses. Generally, the license agreements provide for the grant of the licenses, releases, and other obligations following execution of the agreement and the receipt of the up-front lump sum payment for a Fully-Paid License or a license initiation fee for a Royalty Bearing License.\nOngoing Royalty Payments: Certain of the Company\u2019s revenue from Royalty Bearing Licenses results from the calculation of royalties based on a licensee\u2019s actual quarterly sales (one licensee pays monthly royalties) of licensed products, applied to a contractual royalty rate. Licensees that pay royalties on a quarterly basis generally report to the Company actual quarterly sales and related quarterly royalties due within 45 days after the end of the quarter in which such sales activity takes place. Licensees with Royalty Bearing Licenses are obligated to provide the Company with quarterly (or monthly) royalty reports that summarize their sales of licensed products and their related royalty obligations to the Company. The Company receives these royalty reports subsequent to the period in which its licensees underlying sales occurred. The amount of royalties due under Royalty Bearing Licenses, each quarter, cannot be reasonably estimated by management.\nConsequently, the Company recognizes revenue for the period in which the royalty report is received in arrears and other revenue recognition criteria are met.\n\n | Years Ended December 31, | \n------------------------ | ------------------------ | -------------\n | 2019 | 2018 \nFully-Paid Licenses | $130,000 (1) | $12,700,000 \nRoyalty Bearing Licenses | 2,907,000 | 3,086,000 \nOther Revenue | \u2015 | 6,320,000 (2)\nTotal Revenue | $3,037,000 | $22,106,000 "} {"_id": "d1b2fe79c", "title": "", "text": "ADVANCED ENERGY INDUSTRIES, INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS \u2013 (continued) (in thousands, except per share amounts) ADVANCED ENERGY INDUSTRIES, INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS \u2013 (continued) (in thousands, except per share amounts)\nThe following table presents our net sales by extended warranty and service contracts recognized over time and our product and service revenue recognized at a point in time:\n\n | | Years Ended December 31, | \n------------------------------------------------------------ | -------- | ------------------------ | --------\n | 2019 | 2018 | 2017 \nProduct and service revenue recognized at point in time | $786,918 | $715,055 | $667,440\nExtended warranty and service contracts recognized over time | 2,030 | 3,837 | 3,572 \nTotal | $788,948 | $718,892 | $671,012"} {"_id": "d1b38cee8", "title": "", "text": "Sales and Marketing Expenses\nSales and marketing expenses increased $105 million, or 36%, in 2019 compared to 2018. The overall increase was primarily due to increased employee compensation-related costs, including\namortization of capitalized commissions, of $72 million, driven by headcount growth, and an increase in marketing program costs of $8 million. The increase in marketing program costs was driven by increased volume of advertising activities. Further contributing to the overall increase was an increase in allocated shared costs of $14 million.\nSales and marketing expenses increased $80 million, or 38%, in 2018 compared to 2017. The overall increase was primarily due to increased employee compensation-related costs, including amortization of capitalized commissions, of $55 million, driven by headcount growth, and an increase in marketing program costs of $10 million. The increase in marketing program costs was driven by increased volume of advertising activities. Further contributing to the overall increase was an increase in allocated shared costs of $11 million.\n\n | | Year Ended December 31, | | | \n------------------- | --------- | ----------------------- | ---------------------------------- | --------------------- | ---------------------\n | 2019 | 2018 | 2017 | 2018 to 2019 % change | 2017 to 2018 % change\n | | | (In thousands, except percentages) | | \nSales and Marketing | $ 396,514 | $ 291,668 | $ 211,918 | 36% | 38% "} {"_id": "d1b3b5938", "title": "", "text": "Note 18\u2014Composition of Certain Financial Statement Captions\n(1) During the year ended January 3, 2020 and December 28, 2018, the Company recognized $417 million and $146 million, respectively, of amortization related to its transition costs and project assets. (2) Balance represents items that are not individually significant to disclose separately.\n(3) Balances are net of $25 million and $29 million of dividends received during fiscal 2019 and fiscal 2018, respectively, that were recorded in cash flows provided by operating activities of continuing operations on the consolidated statements of cash flows.\n(4) During the year ended January 3, 2020, the Company combined \"Dividends payable and \"Income taxes payable\" with \"Accounts payable and accrued liabilities\" on the consolidated balance sheets. As a result, the prior year activity has been reclassified to conform with the current year presentation.\n\n Balance Sheet | January 3, 2020 | December 28, 2018\n------------------------------------------------------------------- | --------------- | -----------------\n | (in millions) | \nOther current assets: | | \nTransition costs and project assets(1) | $98 | $145 \nPre-contract costs | 6 | 41 \nOther(2) | 306 | 357 \n | $410 | $543 \nOther assets: | | \nTransition costs and project assets(1) | $207 | $22 \nEquity method investments(3) | 19 | 26 \nOther(2) | 200 | 134 \n | $426 | $182 \nAccounts payable and accrued liabilities: | | \nAccrued liabilities | $822 | $650 \nAccounts payable | 592 | 547 \nDeferred revenue | 400 | 276 \nOther(2)(4) | 23 | 18 \n | $1,837 | $1,491 \nAccrued payroll and employee benefits: | | \nAccrued vacation | $232 | $225 \nSalaries, bonuses and amounts withheld from employees\u2019 compensation | 203 | 248 \n | $435 | $473 "} {"_id": "d1b3af5a6", "title": "", "text": "We operate in the following two reportable segments, which are the same as our operating segments:\n\u2022 Enterprise Security. Our Enterprise Security segment focuses on providing our Integrated Cyber Defense solutions to help business and government customers unify cloud and on-premises security to deliver a more effective cyber defense solution, while driving down cost and complexity. \u2022 Consumer Cyber Safety. Our Consumer Cyber Safety segment focuses on providing cyber safety solutions under our Norton LifeLock brand to help consumers protect their devices, online privacy, identities, and home networks.\nOperating segments are based upon the nature of our business and how our business is managed. Our Chief Operating Decision Makers, comprised of our Chief Executive Officer and Chief Financial Officer, use our operating segment financial information to evaluate segment performance and to allocate resources.\nThere were no inter-segment sales for the periods presented. The following table summarizes the operating results of our reportable segments:\nNote 15. Segment and Geographic Information\n\n | | Year Ended | \n---------------------- | -------------- | -------------- | --------------\n(In millions) | March 29, 2019 | March 30, 2018 | March 31, 2017\nTotal segments: | | | \nNet revenues | $4,731 | $4,834 | $4,019 \nOperating income | $1,414 | $1,584 | $1,026 \nEnterprise Security: | | | \nNet revenues | $2,323 | $2,554 | $2,355 \nOperating income | $269 | $473 | $187 \nConsumer Cyber Safety: | | | \nNet revenues | $2,408 | $2,280 | $1,664 \nOperating income | $1,145 | $1,111 | $839 "} {"_id": "d1b32ad4c", "title": "", "text": "5.1.3 Consolidated Shipments and Net Revenue in 2019 and 2018\nUnit: Shipments (thousand 12-inch equivalent wafers) / Net Revenue (NT$ thousands)\nNote 1: Domestic means sales to Taiwan. Note 2: Others mainly include revenue associated with packaging and testing services, mask making, design services, and royalties.\nNote 3: Commencing in 2018, the Company began to break down the net revenue by product based on a new method which associates most estimated sales returns and allowances with individual sales transactions, as opposed to the previous method which allocated sales returns and allowances based on the aforementioned gross revenue. The Company believes the new method provides a more relevant breakdown than the previous one.\n\n | | 2019 | | 2018 | \n--------------- | ----------------- | --------- | -------------------- | --------- | --------------------\n | | Shipments | Net Revenue (Note 3) | Shipments | Net Revenue (Note 3)\nWafer | Domestic (Note 1) | 1,678 | 91,259,259 | 1,575 | 81,718,513 \n | Export | 8,390 | 836,058,092 | 9,177 | 829,577,851 \nOthers (Note 2) | Domestic (Note 1) | N/A | 8,835,783 | N/A | 8,398,094 \n | Export | N/A | 133,832,314 | N/A | 111,779,099 \nTotal | Domestic (Note 1) | 1,678 | 100,095,042 | 1,575 | 90,116,607 \n | Export | 8,390 | 969,890,406 | 9,177 | 941,356,950 "} {"_id": "d1b2efa6c", "title": "", "text": "Systems revenue of $7,604 million decreased 5.3 percent year to year as reported (4 percent adjusted for currency). Systems Hardware revenue of $5,918 million declined 7.0 percent as reported (6 percent adjusted for currency), driven primarily by declines in Power Systems and Storage Systems. Operating Systems Software revenue of $1,686 million grew 0.9 percent as reported (3 percent adjusted for currency) compared to the prior year.\nWithin Systems Hardware, IBM Z revenue decreased 1.1 percent as reported but was essentially flat adjusted for currency, reflecting the mainframe product cycles. Revenue declined through the first three quarters due to the end of the z14 product cycle, but there was strong growth in the fourth quarter driven by z15 shipments. The z15\u2019s strong performance demonstrates client demand for technology that offers improved data privacy and resiliency in the hybrid cloud environment.\nThe z15 mainframe\u2019s capabilities extend the platform\u2019s differentiation with encryption everywhere, cloud-native development and instant recovery. In October, we announced OpenShift for IBM Z, bringing together the industry\u2019s most comprehensive enterprise container and Kubernetes platform with the enterprise server\nplatforms of IBM Z and LinuxONE. IBM Z continues to deliver a high-value, secure and scalable platform for our clients.\nPower Systems revenue decreased 13.5 percent as reported (12 percent adjusted for currency) year to year, due to the strong performance during the second half of 2018 driven by Linux and the introduction of the POWER9-based architecture in our mid-range and high-end products.\nStorage Systems revenue decreased 8.9 percent as reported (8 percent adjusted for currency) year to year, with improvements in year-to-year performance in the fourth quarter of 2019, driven primarily by the launch of the next generation high-end storage\nsystem DS8900 in November.\nWithin Systems, cloud revenue of $2.9 billion declined 4 percent as reported and 3 percent adjusted for currency.\n\n($ in millions) | | | | \n------------------------------- | ------ | ------ | ------------------------- | -----------------------------------------------\nFor the year ended December 31: | 2019 | 2018 | Yr.-to-Yr. Percent Change | Yr.-to-Yr. Percent Change Adjusted for Currency\nSystems external revenue | $7,604 | $8,034 | (5.3)% | (4.1)% \nSystems Hardware | $5,918 | $6,363 | (7.0)% | (5.9)% \nIBM Z | | | (1.1) | (0.3) \nPower Systems | | | (13.5) | (12.1) \nStorage Systems | | | (8.9) | (7.6) \nOperating Systems Software | 1,686 | 1,671 | 0.9 | 2.6 "} {"_id": "d1b323290", "title": "", "text": "Liquidity and Capital Resources\nAs of December 31, 2019, we had cash and cash equivalents of $92.7 million, restricted cash of $0.4 million, and net accounts receivable of $50.4 million. Additionally, as of December 31, 2019, our working capital was $115.2 million.\nOur primary uses of cash are to fund operating expenses, purchases of inventory, property and equipment, intangible assets, and from time to time, the acquisition of businesses. We also use cash to pay down outstanding debt. Our cash and cash equivalents are impacted by the timing of when we pay expenses as reflected in the change in our outstanding accounts payable and accrued expenses.\nCash used to fund operating expenses in our consolidated statements of cash flows excludes the impact of non-cash items such as stock-based compensation, amortization and depreciation of acquired intangible assets, leased right-of-use assets and property and equipment, and impairment of intangible assets and long-lived assets. Cash used to fund acquisitions of businesses and other capital purchases is included in investing activities in our consolidated statements of cash flows.\nOur primary sources of cash are cash receipts on accounts receivable from our shipment of products to distributors and direct customers. Aside from the amounts billed to our customers, net cash collections of accounts receivable are impacted by the efficiency of our cash collections process, which can vary from period to period depending on the payment cycles of our major distributor customers, and relative linearity of shipments period-to-period.\nOur credit agreement, under which we entered into a term loan to partially fund our acquisition of Exar, permits us to request incremental loans in an aggregate principal amount not to exceed the sum of $160.0 million (subject to adjustments for any voluntary prepayments), plus an unlimited amount that is subject to pro forma compliance with certain secured leverage ratio and total leverage ratio tests. We have not requested any incremental loans to date.\nFollowing is a summary of our working capital, cash and cash equivalents, and restricted cash for the periods indicated:\n\n | December 31, | \n---------------------------------------------------------------- | -------------- | -------\n | 2019 | 2018 \n | (in thousands) | \nWorking capital | $115,208 | 110,044\nCash and cash equivalents | $92,708 | $73,142\nShort-term restricted cash | 349 | 645 \nLong-term restricted cash | 60 | 404 \nTotal cash and cash equivalents, restricted cash and investments | $93,117 | 74,191 "} {"_id": "d1b38835c", "title": "", "text": "Other payables and accrued liabilities consisted of the following:\nDerivative instruments are further described in Note 27.\nAs of December 31, 2019, payables to equity-method investments was nil compared to $49 million as of December 31, 2018, as a result of the wind-down of the joint venture with Ericsson.\nOn January 1, 2019, the Company adopted the new guidance on lease accounting and the current portion of the lease obligation is now included in other payables and accrued liabilities. The impact of the adoption of this new guidance is further described in Note 11.\nOther payables and accrued liabilities also include individually insignificant amounts as of December 31, 2019 and December 31, 2018, presented cumulatively in line \u201cOthers\u201d.\n\n | December 31, 2019 | December 31, 2018\n------------------------------------------------ | ----------------- | -----------------\nEmployee related liabilities | 375 | 384 \nEmployee compensated absences | 138 | 125 \nTaxes other than income taxes | 53 | 60 \nAdvances | 63 | 77 \nPayables to equity-method investments | \u2014 | 49 \nDerivative instruments | 7 | 34 \nProvision for restructuring | 10 | 22 \nDefined benefit plans \u2013 current portion | 10 | 12 \nDefined contribution plans \u2013 accrued benefits | 20 | 18 \nOther long-term benefits \u2013 current portion | 7 | 6 \nRoyalties | 21 | 26 \nCurrent lease obligation | 55 | \u2014 \nDeferred consideration for business combinations | 10 | \u2014 \nOthers | 62 | 61 \nTotal | 831 | 874 "} {"_id": "d1b3bccba", "title": "", "text": "Years Ended December 31, 2019 and 2018:\nRevenue\nServices. Services revenue consists primarily of fees for customer support services generated from our partners. We provide these services remotely, generally using personnel who utilize our proprietary technology to deliver the services. Services revenue is also comprised of licensing of our Support.com Cloud applications. Services revenue for the year ended December 31, 2019 decreased by $4.9 million from 2018. The decrease in service revenue was primarily due to the decrease in the billable hours of our major customers. For the year ended December 31, 2019, services revenue generated from our partnerships was $56.6 million compared to $61.0 million for 2018. For the year ended December 31, 2019, direct services revenue was $2.9 million compared to $3.5 million for 2018. As with any market that is undergoing shifts, timing of downward pressures and growth opportunities in our services programs are difficult to predict. We are experiencing downward pressure with some of our services programs as personal computer and certain retail markets are subject to internal re-alignment and other sector specific softness. However, we still see opportunity in the market for growth with our service partners as a result of the evolving support market trends.\nSoftware and other. Software and other revenue is comprised primarily of fees for end-user software products provided through direct customer downloads, and, to a lesser extent, through the sale of these software products via partners. Software and other revenue for the year ended December 31, 2019 decreased compared with the year ended 2018 primarily due to the cancellation of a significant partner contract as well as some softness in new subscriptions and renewals. For the year ended December 31, 2019, direct software and other revenue was $1.9 million compared to $2.8 million for 2018. For the year ended December 31, 2019, software and other revenue generated from our partnerships was $1.9 million compared to $2.7 million for 2018.\n\n($ in thousands) | 2019 | % Change 2018 to 2019 | 2018 \n------------------ | ------- | --------------------- | -------\nServices | $59,545 | (8)% | $64,476\nSoftware and other | 3,788 | (25)% | 5,073 \nTotal revenue | $63,333 | (9)% | $69,549"} {"_id": "d1b3b317e", "title": "", "text": "2 Alternative performance measures continued\nNet debt to earnings before interest, tax, depreciation and amortisation (EBITDA)\nTo assess the size of the net debt balance relative to the size of the earnings for the Group, we analyse net debt as a proportion of EBITDA. EBITDA is calculated by adding back depreciation and amortisation of owned property, plant and equipment, software and development to adjusted operating profit. Net debt excludes IFRS 16 lease liabilities. The net debt to EBITDA ratio is calculated as follows:\nThe components of net debt are disclosed in Note 24.\n\n | 2019 | 2018 \n---------------------------------------------------------------------------------------- | ----- | -----\n | \u00a3m | \u00a3m \nAdjusted operating profit | 282.7 | 264.9\nDepreciation and amortisation of property, plant and equipment, software and development | 34.3 | 32.9 \nEarnings before interest, tax, depreciation and amortisation | 317.0 | 297.8\nNet debt | 295.2 | 235.8\nNet debt to EBITDA | 0.9 | 0.8 "} {"_id": "d1a7367c0", "title": "", "text": "34 Subsidiaries, joint ventures and associates (continued)\nOther entities\nIntu (SGS) Finance plc and Intu Metrocentre Finance plc are consolidated as subsidiaries in these financial statements but are not listed in the table above as the Group does not own the shares in these companies. These companies are vehicles set up on behalf of the Group for the sole purpose of issuing some of the Group\u2019s listed debt. The Group\u2019s obligations in respect of this debt via a back-to-back intercompany loan agreement between these companies and other Group companies, and security over investment property via a deed of charge between the security trustees and other Group companies, mean that the Group is deemed to have control of these companies.\nNon-controlling interests\nBy virtue of their 40 per cent interest in The Metrocentre Partnership, GIC Real Estate is entitled to appoint 40 per cent of the directors of Metrocentre (GP) Limited. GIC Real Estate through an intermediate entity also owns a 40 per cent interest in the capital of Metrocentre Lancaster LLP. \u00a358.2 million of the non-controlling interest losses shown in the balance sheet at 31 December 2019 (2018: \u00a312.7 million earnings) and \u00a370.9 million of the non-controlling interest share of loss shown in the income statement for the year ended 31 December 2019 (2018: share of loss \u00a341.5 million) relates to GIC Real Estate\u2019s interest in these entities. Set out below is the summarised financial information of The Metrocentre Partnership and Metrocentre LLP at 100 per cent, as consolidated:\nThe balance sheet includes a non-controlling interest recoverable amount of \u00a358.2 million (2018: \u00a312.7 million attributable to noncontrolling interest). This amount is considered to be recoverable in view of the \u00a3195.4 million owed to the non-controlling interest (which is included in the Group\u2019s borrowings in note 23).\n\n\u00a3m | 2019 | 2018 \n------------------------------------------ | ------- | -------\nSummarised income statement | | \nRevenue | 64.0 | 68.3 \nLoss for the year | (177.2) | (103.7)\nSummarised balance sheet | | \nInvestment and development property | 676.8 | 841.8 \nBorrowings \u2013 4.125% bonds 2023 | (480.5) | (479.5)\nBorrowings \u2013 compound financial instrument | (488.5) | (473.8)\nOther net liabilities | (27.7) | (31.2) \nNet liabilities | (319.9) | (142.7)"} {"_id": "d1b3aac4a", "title": "", "text": "Veradigm\nOur Veradigm segment derives its revenue from the provision of data-driven clinical insights with actionable tools for clinical workflow, research, analytics and media. Its solutions, targeted at key healthcare stakeholders, help improve the quality, efficiency and value of healthcare delivery \u2013 from biopharma to health plans, healthcare providers and patients, and health technology partners, among others.\nYear Ended December 31, 2019 Compared with the Year Ended December 31, 2018\nVeradigm revenue increased during the year ended December 31, 2019 compared with the prior year comparable period due to an increase in organic sales. Gross profit and income from operations increased for during the year ended December 31, 2019 due to an increase in organic sales and cost reductions partially offset with headcount growth and hosting migration costs. The acquisition of Practice Fusion during the first quarter of 2018 also contributed to the increases.\nGross margin and operating margin decreased during the year ended December 31, 2019, compared with the prior year comparable period, primarily due to (i) an increase in hosting migration costs, (ii) costs associated with recent acquisitions, (iii) headcount growth and (iv) partially offset with other cost reductions.\nYear Ended December 31, 2018 Compared with the Year Ended December 31, 2017\nVeradigm revenue, gross profit, gross margin and income from operations increased during the year ended December 31, 2018 compared with the prior year comparable period primarily due to the acquisition of Practice Fusion during the first quarter of 2018. Operating margin decreased during 2018 primarily due to higher personnel costs related to incremental resources from the Practice Fusion acquisition and to support anticipated new hosting client golives.\n\n | | | Year Ended December 31, | | \n---------------------- | -------- | -------- | ----------------------- | ----------------------- | -----------------------\n(In thousands) | 2019 | 2018 | 2017 | 2019 % Change from 2018 | 2018 % Change from 2017\nRevenue | $161,216 | $140,326 | $69,879 | 14.9% | 100.8% \nGross profit | $104,896 | $100,708 | $43,817 | 4.2% | 129.8% \nGross margin % | 65.1% | 71.8% | 62.7% | | \nIncome from operations | $43,996 | $43,641 | $23,816 | 0.8% | 83.2% \nOperating margin % | 27.3% | 31.1% | 34.1% | | "} {"_id": "d1b32c2c8", "title": "", "text": "PSU plan\nThe Corporation also offers a Performance Share Unit (\"PSU\") Plan for the benefit of its executive officers and designated employees. The objectives of the PSU Plan are to retain executive officers and designated employees, to align their interests with those of the shareholders and to sustain positive corporate performance, as measured by an economic value creation formula, a performance measure used by management.\nThe number of PSUs is based on the dollar value of the award and the average closing stock price of the Corporation for the previous twelve month period ending August 31. The PSUs vest over a three-year less one day period, based on the level of increase in the economic value of the Corporation or the relevant subsidiary for the preceding three-year period ending August 31, meaning that no vesting will occur if there is no increase in the economic value.\nThe participants are entitled to receive dividend equivalents in the form of additional PSUs but only with respect to vested PSUs. PSUs are redeemable in case of death, permanent disability, normal retirement or termination of employment not for cause, in which cases, the holder of PSUs is entitled to payment of the PSUs in proportion to the time of employment from the date of the grant to the date of termination versus the three-year less one day vesting period.\nA trust was created for the purpose of purchasing these shares on the stock market in order to protect against stock price fluctuation and the Corporation instructed the trustee to purchase subordinate voting shares of the Corporation on the stock market. These shares are purchased and are held in trust for the participants until they are fully vested. The trust, considered as a special purpose entity, is consolidated in the Corporation\u2019s financial statements with the value of the acquired subordinate voting shares held in trust under the PSU Plan presented in reduction of share capital.\nUnder the PSU Plan, the following PSUs were granted by the Corporation and are outstanding at August 31: Years ended August 31, 2019\n(1) For the year ended August 31, 2019, the Corporation granted 14,625 (19,025 in 2018) PSUs to Cogeco's executive officers as executive officers of the Corporation.\nA compensation expense of $1,400,000 ($2,198,000 in 2018) was recorded for the year ended August 31, 2019 related to this plan.\n\nYears ended August 31, | 2019 | 2018 \n------------------------------------------ | -------- | --------\nOutstanding, beginning of the year | 133,181 | 115,207 \nGranted (1) | 45,800 | 65,525 \nPerformance-based additional units granted | 200 | 2,639 \nDistributed | (43,319) | (41,441)\nCancelled | (31,889) | (12,184)\nDividend equivalents | 3,578 | 3,435 \nOutstanding, end of the year | 107,551 | 133,181 "} {"_id": "d1b31330e", "title": "", "text": "NOTE 15 \u2013 INCOME TAXES\nAs of December 31, 2019, the Company had net operating loss carry-forwards for federal income tax purposes of approximately $18.3 million, consisting of pre-2018 losses in the amount of approximately $14.3 million that expire from 2020 through 2037, and post-2017 losses in the amount of approximately $4 million that never expire. These net operating losses are available to offset future taxable income. The Company was formed in 2006 as a limited liability company and changed to a corporation in 2007. Activity prior to incorporation is not reflected in the Company\u2019s corporate tax returns. In the future, the cumulative net operating loss carry-forward for income tax purposes may differ from the cumulative financial statement loss due to timing differences between book and tax reporting.\nThe provision for Federal income tax consists of the following for the years ended December 31, 2019 and 2018:\nThe provision for Federal income tax consists of the following for the years ended December 31, 2019 and 2018:\n\n | 2019 | 2018 \n------------------------------------------------------------- | --------- | ---------\nFederal income tax benefit (expense) attributable to: | | \nCurrent operations | $848,000 | $(48,000)\nAcquisition costs | (143,000) | - \nChange in fair value of contingent consideration | (133,000) | - \nOther permanent items | 29,000 | (36,000) \nDeferred Adjustment | (913,000) | - \nValuation allowance | 1,209,960 | 84,000 \nNet provision for federal income tax | $897,960 | $- "} {"_id": "d1b3b69d2", "title": "", "text": "Non-GAAP operating income, net income, and diluted earnings per share (\u201cEPS\u201d) exclude the net tax impact of transfer of intangible properties, the net tax impact of the TCJA, and restructuring expenses. Refer to the Non-GAAP Financial Measures section below for a reconciliation of our financial results reported in accordance with GAAP to non-GAAP financial results.\nFiscal Year 2019 Compared with Fiscal Year 2018\nRevenue increased $15.5 billion or 14%, driven by growth across each of our segments. Intelligent Cloud revenue increased, driven by server products and cloud services. Productivity and Business Processes revenue increased, driven by Office and LinkedIn. More Personal Computing revenue increased, driven by Surface, Gaming, and Windows.\nGross margin increased $10.9 billion or 15%, driven by growth across each of our segments. Gross margin percentage increased slightly, due to gross margin percentage improvement across each of our segments and favorable segment sales mix. Gross margin included a 5 percentage point improvement in commercial cloud, primarily from Azure.\nOperating income increased $7.9 billion or 23%, driven by growth across each of our segments.\nKey changes in expenses were:\n\n\u2022 Cost of revenue increased $4.6 billion or 12%, driven by growth in commercial cloud, Surface, and Gaming.\n\n\u2022 Research and development expenses increased $2.2 billion or 15%, driven by investments in cloud and artificial intelligence (\u201cAI\u201d) engineering, Gaming, LinkedIn, and GitHub.\n\n\u2022 Sales and marketing expenses increased $744 million or 4%, driven by investments in commercial sales capacity, LinkedIn, and GitHub, offset in part by a decrease in marketing. Sales and marketing expenses included a favorable foreign currency impact of 2%.\nCurrent year net income included a $2.6 billion net income tax benefit related to intangible property transfers and a $157 million net charge related to the enactment of the TCJA, which together resulted in an increase to net income and diluted EPS of $2.4 billion and $0.31, respectively. Prior year net income and diluted EPS were negatively impacted by the net charge related to the enactment of the TCJA, which resulted in a decrease to net income and diluted EPS of $13.7 billion and $1.75, respectively.\nFiscal Year 2018 Compared with Fiscal Year 2017\nRevenue increased $13.8 billion or 14%, driven by growth across each of our segments. Productivity and Business Processes revenue increased, driven by LinkedIn and higher revenue from Office. Intelligent Cloud revenue increased, primarily due to higher revenue from server products and cloud services. More Personal Computing revenue increased, driven by higher revenue from Gaming, Windows, Search advertising, and Surface, offset in part by lower revenue from Phone.\nGross margin increased $9.7 billion or 16%, due to growth across each of our segments. Gross margin percentage increased slightly, driven by favorable segment sales mix and gross margin percentage improvement in More Personal Computing. Gross margin included a 7 percentage point improvement in commercial cloud, primarily from Azure.\nOperating income increased $6.0 billion or 21%, driven by growth across each of our segments. LinkedIn operating loss increased $63 million to $987 million, including $1.5 billion of amortization of intangible assets. Operating income included a favorable foreign currency impact of 2%.\nKey changes in expenses were: \u2022 Cost of revenue increased $4.1 billion or 12%, mainly due to growth in our commercial cloud, Gaming, LinkedIn, and Search advertising, offset in part by a reduction in Phone cost of revenue. \u2022 Sales and marketing expenses increased $2.0 billion or 13%, primarily due to LinkedIn expenses and investments in commercial sales capacity, offset in part by a decrease in Windows marketing expenses. \u2022 Research and development expenses increased $1.7 billion or 13%, primarily due to investments in cloud engineering and LinkedIn expenses. \u2022 General and administrative expenses increased $273 million or 6%, primarily due to LinkedIn expenses.\nFiscal year 2018 net income and diluted EPS were negatively impacted by the net charge related to the enactment of the TCJA, which resulted in a decrease to net income and diluted earnings per share of $13.7 billion and $1.75, respectively. Fiscal year 2017 operating income, net income, and diluted EPS were negatively impacted by restructuring expenses, which resulted in a decrease to operating income, net income, and diluted EPS of $306 million, $243 million, and $0.04, respectively.\n\n(In millions, except percentages and per share amounts) | 2019 | 2018 | 2017 | Percentage Change 2019 Versus 2018 | Percentage Change 2018 Versus 2017\n------------------------------------------------------- | ----------- | ---------- | --------- | ---------------------------------- | ----------------------------------\nRevenue | $ 125,843 | $ 110,360 | $ 96,571 | 14% | 14% \nGross margin | 82,933 | 72,007 | 62,310 | 15% | 16% \nOperating income | 42,959 | 35,058 | 29,025 | 23% | 21% \nNet income | 39,240 | 16,571 | 25,489 | 137% | (35)% \nDiluted earnings per share | 5.06 | 2.13 | 3.25 | 138% | (34)% \nNon-GAAP operating income | 42,959 | 35,058 | 29,331 | 23% | 20% \nNon-GAAP net income | 36,830 | 30,267 | 25,732 | 22% | 18% \nNon-GAAP diluted earnings per share | 4.75 | 3.88 | 3.29 | 22% | 18% "} {"_id": "d1b2ee676", "title": "", "text": "Consolidated Net Income, Consolidated EBITDA and Consolidated Adjusted EBITDA\nConsolidated earnings before interest, taxes, depreciation and amortization expenses (Consolidated EBITDA) and Consolidated Adjusted EBITDA, which are presented below, are non-generally accepted accounting principles (GAAP) measures that we believe are useful to management, investors and other users of our financial information in evaluating operating profitability on a more variable cost basis as they exclude the depreciation and amortization expense related primarily to capital expenditures and acquisitions that occurred in prior years,\nas well as in evaluating operating performance in relation to Verizon\u2019s competitors. Consolidated EBITDA is calculated by adding back interest, taxes, and depreciation and amortization expenses to net income.\nConsolidated Adjusted EBITDA is calculated by excluding from Consolidated EBITDA the effect of the following non-operational items: equity in losses of unconsolidated businesses and other income and expense, net, as well as the effect of special items. We believe that this measure is useful to management, investors and other users of our financial information in evaluating the effectiveness of our operations and underlying business trends in a manner that is consistent with management\u2019s evaluation of business performance.\nWe believe that Consolidated Adjusted EBITDA is widely used by investors to compare a company\u2019s operating performance to its competitors by minimizing impacts caused by differences in capital structure, taxes and depreciation policies. Further, the exclusion of non-operational items and special items enables comparability to prior period performance and trend analysis. See \u201cSpecial Items\u201d for additional information.\nIt is management\u2019s intent to provide non-GAAP financial information to enhance the understanding of Verizon\u2019s GAAP financial information, and it should be considered by the reader in addition to, but not instead of, the financial statements prepared in accordance with GAAP. Each non-GAAP financial measure is presented along with the corresponding GAAP measure so as not to imply that more emphasis should be placed on the non-GAAP measure.\nWe believe that non-GAAP measures provide relevant and useful information, which is used by management, investors and other users of our financial information, as well as by our management in assessing both consolidated and segment performance. The non-GAAP financial information presented may be determined or calculated differently by other companies and may not be directly comparable to that of other companies.\n\u2020 Includes Pension and benefits mark-to-market adjustments and early debt redemption costs, where applicable. \u2021 Includes Product realignment charges and impairment charges, where applicable. \u00a7 Excludes depreciation and amortization expense.\nThe changes in Consolidated Net Income, Consolidated EBITDA and Consolidated Adjusted EBITDA in the table above were primarily a result of the factors described in connection with operating revenues and operating expenses.\n\n | | (dollars in millions)\n--------------------------------------------------- | -------- | ---------------------\nYears Ended December 31, | 2019 | 2018 \nConsolidated Net Income | $19,788 | $16,039 \nAdd: | | \nProvision for income taxes | 2,945 | 3,584 \nInterest expense | 4,730 | 4,833 \nDepreciation and amortization expense | 16,682 | 17,403 \nConsolidated EBITDA | 44,145 | 41,859 \nAdd (Less): | | \nOther (income) expense, net\u2020 | 2,900 | (2,364) \nEquity in losses of unconsolidated businesses\u2021 | 15 | 186 \nSeverance charges | 204 | 2,157 \nAcquisition and integration related charges\u00a7 | \u2014 | 531 \nProduct realignment charges\u00a7 | \u2014 | 450 \nImpairment charges | 186 | 4,591 \nNet gain from dispositions of assets and businesses | (261) | \u2014 \nConsolidated Adjusted EBITDA | $ 47,189 | $ 47,410 "} {"_id": "d1b39b150", "title": "", "text": "NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (in thousands, except for share and per share data)\nThe components of the accrued cost of the post-retirement life insurance plan are classified in the following lines in the Consolidated Balance Sheets at December 31:\n\n | Post-Retirement Life Insurance Plan | \n-------------------------------------- | ----------------------------------- | --------\n | 2019 | 2018 \nAccrued expenses and other liabilities | $(393) | $(407) \nLong-term pension obligations | (4,373) | (4,188) \nTotal accrued cost | $(4,766) | $(4,595)"} {"_id": "d1b32d4b6", "title": "", "text": "The following changes occurred in the amount of unrecognized tax benefits (in thousands):\nFor the year ended December 31, 2019, 2018 and 2017, the Company has recorded income tax expense of $128,000, $143,000 and $76,000, respectively, related to uncertain tax positions. The Company\u2019s policy is to recognize potential interest and penalties related to unrecognized tax benefits associated with uncertain tax positions, if any, in the income tax provision. At December 31, 2019, 2018 and 2017, the Company had accrued $22,000, $15,000 and $11,000 in interest and penalties related to uncertain tax positions.\nThe Company is subject to taxation in the United States and various states along with other foreign countries. The Company has not been notified that it is under audit by the IRS or any state or foreign taxing authorities, however, due to the presence of NOL carryforwards, all of the income tax years remain open for examination in each of these jurisdictions. The Company does not believe that it is reasonably possible that the total amount of unrecognized tax benefits will significantly increase or decrease in the next 12 months.\nDeferred income taxes have not been provided for undistributed earnings of the Company\u2019s consolidated foreign subsidiaries because of the Company\u2019s intent to reinvest such earnings indefinitely in active foreign operations. At December 31, 2019, the Company had $0.6 million in unremitted earnings that were permanently reinvested related to its consolidated foreign subsidiaries.\n\n | | Year Ended December 31 | \n------------------------------------------------- | ---- | ---------------------- | ----\n | 2019 | 2018 | 2017\nBeginning balance of unrecognized tax benefits | $469 | $326 | $250\nAdditions for current year tax positions | 106 | 142 | 65 \nReductions for prior year tax positions | \u2014 | (14) | \u2014 \nEnding balance (excluding interest and penalties) | 575 | 454 | 315 \nInterest and penalties | 22 | 15 | 11 \nTotal | $597 | $469 | $326"} {"_id": "d1b3bb81a", "title": "", "text": "Cash flows from operating activities: Our largest source of operating cash flows is cash collections from our customers following the purchase and renewal of their license support agreements. Payments from customers for these support agreements are generally received near the beginning of the contracts\u2019 terms, which are generally one year in length. Over the course of a fiscal year, we also have historically generated cash from the sales of new licenses, cloud services, hardware offerings and services. Our primary uses of cash from operating activities are for employee related expenditures, material and manufacturing costs related to the production of our hardware products, taxes, interest payments and leased facilities.\nNet cash provided by operating activities decreased during fiscal 2019 compared to fiscal 2018 primarily due to certain unfavorable cash changes in working capital balances, primarily unfavorable changes associated with income taxes including the first installment payment made pursuant to the transition tax provisions of the Tax Act during fiscal 2019 (see additional discussion of future installment payments pursuant to the Tax Act\u2019s transition tax under \u201cContractual Obligations\u201d below).\nCash flows from investing activities: The changes in cash flows from investing activities primarily relate to our acquisitions, the timing of our purchases, maturities and sales of our investments in marketable debt securities and investments in capital and other assets, including certain intangible assets, to support our growth.\nNet cash provided by investing activities was $26.6 billion during fiscal 2019 compared to $5.6 billion of net cash used for investing during fiscal 2018. The increase in net cash provided by investing activities during fiscal 2019 was primarily due to an increase in sales and maturities of, and a decrease in purchases of, marketable securities and other investments.\nCash flows from financing activities: The changes in cash flows from financing activities primarily relate to borrowings and repayments related to our debt instruments as well as stock repurchases, dividend payments and net proceeds related to employee stock programs.\nNet cash used for financing activities during fiscal 2019 increased compared to fiscal 2018 primarily due to increased stock repurchases as we used $36.1 billion of cash to repurchase common stock during fiscal 2019 compared to $11.3 billion during fiscal 2018.\n\n | | Year Ended May 31, | \n---------------------------------------------------- | --------- | ------------------ | --------\n(Dollars in millions) | 2019 | Change | 2018 \nNet cash provided by operating activities | $14,551 | -5% | $15,386 \nNet cash provided by (used for) investing activities | $26,557 | 572% | $(5,625)\nNet cash used for financing activities | $(42,056) | 321% | $(9,982)"} {"_id": "d1b36c06c", "title": "", "text": "(8) Computer Software\nComputer software, net consists of the following (in millions):\nIn the fourth quarter of 2019, we entered into agreements to acquire software in exchange for a combination of cash consideration and certain of our products and services. The software was acquired for $32.0 million, of which software valued at $6.5 million was received as of December 31, 2019 and resulted in non-cash investing activity of $4.8 million.\n\n | December 31, | \n----------------------------- | ------------ | -------\n | 2019 | 2018 \nInternally developed software | $808.2 | $746.0 \nPurchased software | 78.9 | 60.7 \nComputer software | 887.1 | 806.7 \nAccumulated amortization | (481.1) | (401.1)\nComputer software, net | $406.0 | $405.6 "} {"_id": "d1a72e41c", "title": "", "text": "Note 3 \u2013 Net Income per Share\nPotentially dilutive securities that have been excluded from the calculation of diluted net income per common share because the effect is anti-dilutive are as follows:\n\nFiscal Year Ended | | | \n-------------------------------- | ----------------- | ----------------- | -----------------\n | December 27, 2019 | December 28, 2018 | December 29, 2017\nRestricted Share Awards (\u201cRSAs\u201d) | 132,861 | 42 | 84,511 \nStock options | \u2014 | \u2014 | 201,799 \nConvertible notes | 76,384 | \u2014 | \u2014 "} {"_id": "d1b3034b8", "title": "", "text": "(9) Property, Plant and Equipment\nNet property, plant and equipment is composed of the following:\n(1) Fiber, conduit and other outside plant consists of fiber and metallic cable, conduit, poles and other supporting structures.\n2) Central office and other network electronics consists of circuit and packet switches, routers, transmission electronics and electronics providing service to customers.\n(3) Support assets consist of buildings, cable landing stations, data centers, computers and other administrative and support equipment.\n(4) Construction in progress includes inventory held for construction and property of the aforementioned categories that has not been placed in service as it is still under construction.\nWe recorded depreciation expense of $3.1 billion, $3.3 billion and $2.7 billion for the years ended December 31, 2019, 2018 and 2017, respectively.\n\n | Depreciable Lives | As of December 31 | \n----------------------------------------------- | ----------------- | --------------------- | --------\n | | 2019 | 2018 \n | | (Dollars in millions) | \nLand | N/A | $867 | 871 \nFiber, conduit and other outside plant(1) | 15-45 years | 24,666 | 23,936 \nCentral office and other network electronics(2) | 3-10 years | 19,608 | 18,736 \nSupport assets(3) | 3-30 years | 7,984 | 8,020 \nConstruction in progress(4) | N/A | 2,300 | 1,704 \nGross property, plant and equipment | | 55,425 | 53,267 \nAccumulated depreciation | | (29,346) | (26,859)\nNet property, plant and equipment | | $26,079 | 26,408 "} {"_id": "d1b37f52c", "title": "", "text": "12 Earnings per share\n(a) Basic and diluted earnings per share\n1 The weighted average number of shares used has been adjusted to remove shares held in the ESOP\n2 Diluted shares include the impact of any dilutive convertible bonds, share options and share awards.\nDuring 2017 the Group incurred a \u00a349.4 million share related charge in relation to its Spanish development partner Eurofund\u2019s future interests in the share capital of the intu Costa del Sol development company. The positive impact of this share related charge on equity attributable to owners of intu properties plc is a credit to retained earnings of \u00a349.4 million. Subsequent to 31 December 2019, the Group has received the final ratifications required for full planning to become effective and therefore we expect the positive impact on retained earnings to reverse, once these arrangements are formally concluded.\n\n | 2019 | | | 2018 | | 2018 \n-------- | -------- | -------------- | -------------------- | --------- | -------------- | --------------------\n | Loss \u00a3m | Shares million | Loss per share pence | Loss \u00a3m | Shares million | Loss per Share pence\nBasic1 | (1950.9) | 1,344.5 | (145.1)p | (1,132.2) | 1,343.7 | (84.3)p \nDiluted2 | (1950.9) | 1,344.5 | (145.1)p | (1,132.2) | 1,343.7 | (84.3)p "} {"_id": "d1b31c198", "title": "", "text": "(l) Cash, Cash Equivalents and Restricted Cash\nCash equivalents consist of highly liquid investments with maturities of three months or less on the date of purchase. Restricted cash includes cash and cash equivalents that is restricted through legal contracts, regulations or our intention to use the cash for a specific purpose. Our restricted cash primarily relates to refundable deposits and funds held in escrow.\nThe following table provides a reconciliation of cash, cash equivalents and restricted cash reported within the consolidated balance sheets to the total amounts shown in the statements of cash flows (in thousands):\n\n | December 31, 2019 | December 31, 2018\n--------------------------------------------------------------------------------------------- | ----------------- | -----------------\nCash and cash equivalents | $19,505 | $18,017 \nRestricted cash | 1,205 | 1,444 \nTotal cash, cash equivalents and restricted cash in the consolidated statements of cash flows | $20,710 | $19,461 "} {"_id": "d1b371742", "title": "", "text": "(1) Exclude adjustments related to the migration to the new customer management system implemented during the third quarter of fiscal 2018.\nDuring the third quarter of fiscal 2018, the Canadian broadband services segment implemented a new customer management system, replacing 22 legacy systems. While the customer management system was still in the stabilization phase, contact center congestion resulted in lower services activations during most of the fourth quarter of fiscal 2018. Contact center and marketing operations had returned to normal at the end of the first quarter of 2019.\nVariations of each services are also explained as follows:\nINTERNET Fiscal 2019 fourth-quarter Internet service customers net additions stood at 2,540 compared to net losses of 2,965 for the same period of the prior year mainly due to: \u2022 the ongoing interest in high speed offerings; \u2022 the sustained interest in bundle offers; and \u2022 the increased demand from Internet resellers; partly offset by \u2022 competitive offers in the industry.\nVIDEO Fiscal 2019 fourth-quarter video service customers net losses stood at 8,164 compared to 15,953 for the same period of the prior year as a result of: \u2022 highly competitive offers in the industry; and \u2022 a changing video consumption environment; partly offset by \u2022 customers' ongoing interest in digital advanced video services; and \u2022 customers' interest in video services bundled with fast Internet offerings.\nTELEPHONY Fiscal 2019 fourth-quarter telephony service customers net additions amounted to 2,778 compared to net losses 16,900 for the same period of the prior year mainly due to: \u2022 more telephony bundles due to additional promotional activity in the second half of fiscal 2019; and \u2022 growth in the business sector; partly offset by \u2022 increasing wireless penetration in North America and various unlimited offers launched by wireless operators causing some customers to cancel their landline telephony services for wireless telephony services only.\n\n | | Net additions (losses) | Net additions (losses) \n--------------------------- | --------------- | ----------------------------- | -----------------------------\n | | Three months ended August 31, | Three months ended August 31,\n | August 31, 2019 | 2019 | 2018(1) \nPrimary service units | 1,810,366 | (2,846) | (35,818) \nInternet service customers | 788,243 | 2,540 | (2,965) \nVideo service customers | 649,583 | (8,164) | (15,953) \nTelephony service customers | 372,540 | 2,778 | (16,900) "} {"_id": "d1b345ac0", "title": "", "text": "28 Parent entity financial information\nThe individual financial statements for the parent entity show the following aggregate amounts:\nNEXTDC Limited acquired Asia Pacific Data Centre (\u201cAPDC\u201d) on 18 October 2018 (refer to note 26). Following acquisition, the entities comprising APDC were subsequently wound up, and the underlying properties were transferred to a new entity established by NEXTDC - NEXTDC Holdings Trust No. 1 (refer to note 27). This resulted in the above loss in the parent entity on derecognition of its investment in APDC, while a corresponding gain was recorded in NEXTDC Holdings Trust No. 1 on transfer of the properties.\n(a) Reserves\nDue to the requirements of accounting standards, the loan provided by NEXTDC Limited (parent entity) to NEXTDC Share Plan Pty Ltd requires the loan in respect of the loan funded share plan to be recorded as an issue of treasury shares and a corresponding debit to equity (treasury share reserve).\n(b) Guarantees entered into by the parent entity in relation to the debts of its subsidiaries\nAs at 30 June 2019, NEXTDC Limited did not have any guarantees in relation to the debts of subsidiaries.\n(c) Contingent liabilities of NEXTDC Limited (parent entity)\nThe parent entity did not have any contingent liabilities as at 30 June 2019 or 30 June 2018. For information about guarantees given by the parent entity, please see above.\n(d) Contractual commitments by NEXTDC for the acquisition of property, plant and equipment\nContractual commitments detailed in Note 17 relate to NEXTDC Limited as parent entity.\n(e) Determining the parent entity financial information\nThe financial information for the parent entity has been prepared on the same basis as the consolidated financial statements, except as set out below.\n(i) Tax consolidation legislation\nNEXTDC Limited and its wholly-owned Australian controlled entities have implemented the tax consolidation legislation.\nThe head entity, NEXTDC Limited, and the controlled entities in the tax consolidated Group account for their own current and deferred tax amounts. These tax amounts are measured as if each entity in the tax consolidated Group continues to be a stand-alone taxpayer in its own right.\nIn addition to its own current and deferred tax amounts, NEXTDC Limited also recognises the current tax liabilities (or assets) and the deferred tax assets arising from unused tax losses and unused tax credits assumed from controlled entities in the tax consolidated Group.\nThe entities have also entered into a tax funding agreement under which the wholly-owned entities fully compensate NEXTDC Limited for any current tax payable assumed and are compensated by NEXTDC Limited for any current tax receivable and deferred tax assets relating to unused tax losses or unused tax credits that are transferred to NEXTDC Limited under the tax consolidation legislation. The funding amounts are determined by reference to the amounts recognised in the wholly-owned entities\u2019 financial statements.\nThe amounts receivable/payable under the tax funding agreement are due upon receipt of the funding advice from the head entity, which is issued as soon as practicable after the end of each financial year. The head entity may also require payment of interim funding amounts to assist with its obligations to pay tax instalments.\nAssets or liabilities arising under tax funding agreements with the tax consolidated entities are recognised as current amounts receivable from or payable to other entities in the Group.\nAny difference between the amounts assumed and amounts receivable or payable under the tax funding agreement are recognised as a contribution to (or distribution from) wholly-owned tax consolidated entities.\n(ii) Investments in subsidiaries, associates and joint venture entities\nInvestments in subsidiaries are accounted for at cost in the financial statements of NEXTDC Limited.\n\n | 30 June 2019 | 30 June 2018\n---------------------------------------------- | ------------ | ------------\n | $'000 | $'000 \nCurrent assets | 447,698 | 464,222 \nNon-current assets | 1,121,500 | 771,702 \nTOTAL ASSETS | 1,569,198 | 1,235,924 \nCurrent liabilities | 63,382 | 36,484 \nNon-current liabilities | 886,979 | 305,463 \nTOTAL LIABILITIES | 950,361 | 341,947 \nNET ASSETS | 618,837 | 893,977 \nShareholders' equity | | \nContributed equity | 905,117 | 904,247 \nReserves | 6,285 | 6,005 \nRetained earnings | (292,565) | (16,275) \nTOTAL EQUITY | 618,837 | 893,977 \nProfit/(loss) for the year after tax | (266,311) | 6,639 \nTotal comprehensive income/(loss) for the year | (261,657) | 6,639 "} {"_id": "d1b3963b2", "title": "", "text": "A summary of options outstanding and vested as of December 31, 2019 is as follows:\nThe total intrinsic value of options exercised during 2019, 2018, and 2017 was $318.5 million, $17.4 million, and $6.6 million, respectively.\nThe weighted average grant date fair value of options granted during the years ended December 31, 2019, 2018, and 2017, was $19.80, $9.07, and $6.44 per share, respectively. During the year ended December 31, 2019, 2,141,078 options vested. There were 2,939,947 options unvested as of December 31, 2019.\nAs of December 31, 2019, $30.3 million of total unrecognized compensation cost related to stock options was expected to be recognized over a weighted average period of approximately 2.5 years.\n\n | Options Outstanding | | Options Vested and Exercisable | \n--------------- | ------------------- | -------------------------------- | ------------------------------ | --------------------------------\nExercise Prices | Number Outstanding | Weighted Average Life (in Years) | Number Vested and Exercisable | Weighted Average Life (in Years)\n$1.50 to $1.90 | 32,913 | 1.4 | 32,913 | 1.4 \n2.86 to 6.40 | 209,126 | 3.3 | 209,126 | 3.3 \n8.04 to 11.72 | 498,869 | 4.2 | 498,869 | 4.2 \n12.20 to 15.06 | 2,227,421 | 6.7 | 1,587,924 | 6.5 \n16.06 to 24.00 | 1,772,062 | 8.1 | 560,632 | 8.1 \n31.99 to 42.21 | 847,010 | 9.0 | 42,839 | 8.7 \n55.10 to 79.25 | 297,341 | 9.5 | 12,492 | 9.3 \n | 5,884,742 | | 2,944,795 | "} {"_id": "d1b2f72a8", "title": "", "text": "19. Inventories\nNote\n1. Finished goods in 2018 includes $1.8 million relating to deferred costs which has been reclassified from trade and other receivables; see note 2 for further details.\nAn expense of $1.6 million (2018 $0.1 million) has been charged to the income statement in the year for inventory write-downs. There were no reversals of prior period inventory write-downs (2018 nil).\nNo inventories are carried at fair value less costs to sell (2018 nil).\n\n | 2019 | 2018 \n---------------- | --------- | ---------\n | $ million | $ million\nRaw materials | 4.8 | 6.6 \nWork in progress | 1.2 | 1.2 \nFinished goods\u00b9 | 14.6 | 19.7 \n | 20.6 | 27.5 "} {"_id": "d1b2ec5ba", "title": "", "text": "Earnings per Share\u2014Basic earnings per share were calculated using net earnings and the weighted-average number of shares of common stock outstanding during the respective year. Diluted earnings per share were calculated using net earnings and the weighted-average number of shares of common stock and potential common stock associated with stock options outstanding during the respective year. The effects of potential common stock were determined using the treasury stock method:\nAs of and for the years ended December 31, 2019, 2018 and 2017, there were 0.627, 0.724 and 0.478 outstanding stock options, respectively, that were not included in the determination of diluted earnings per share because doing so would have been antidilutive.\n\nYears ended December 31, | | | \n------------------------------------------- | ----- | ----- | -----\n | 2019 | 2018 | 2017 \nBasic weighted-average shares outstanding | 103.9 | 103.2 | 102.2\nEffect of potential common stock: | | | \nCommon stock awards | 1.2 | 1.2 | 1.3 \nDiluted weighted-average shares outstanding | 105.1 | 104.4 | 103.5"} {"_id": "d1b35c7a2", "title": "", "text": "Other Income (Loss), Net The components of other income (loss), net, are summarized as follows (in millions):\nThe total change in net gains (losses) on available-for-sale debt investments was primarily attributable to lower realized losses as a result of market conditions, and the timing of sales of these investments.\nThe total change in net gains (losses) on marketable equity investments was attributable to market value fluctuations and the timing of recognition of gains and losses.\nThe change in net gains (losses) on non-marketable equity and other investments was primarily due to lower realized gains, partially offset by higher unrealized gains.\nThe change in other gains (losses), net was primarily driven by higher donation expense in the prior year.\n\n | | Years Ended | | 2019 vs. 2018 \n------------------------------------------- | ------------- | ------------- | ------------- | -------------------\n | July 27, 2019 | July 28, 2018 | July 29, 2017 | Variance in Dollars\nGains (losses) on investments, net: | | | | \nAvailable-for-sale debt investments | $(13) | $(242) | $(42) | $229 \nMarketable equity investments | (3) | 529 | (45) | (532) \nNon-marketable equity and other investments | 6 | 11 | (46) | (5) \nNet gains (losses) on investments | (10) | 298 | (133) | (308) \nOther gains (losses), net | (87) | (133) | (30) | 46 \nOther income (loss), net | $(97) | $165 | $(163) | $(262) "} {"_id": "d1b3becc2", "title": "", "text": "In 2019 we recognized other income, net of expenses, of $103 million, increasing compared to $53 million in 2018, mainly benefitting from the grants associated with the programs part of the European Commission IPCEI in Italy and in France, partially offset by a higher level of start-up costs associated with the production ramp up of the 200 mm fab recently acquired from Micron Technology Inc. in Singapore.\nIn 2018 we recognized other income, net of expenses, of $53 million, slightly decreasing compared to $55 million in 2017, mainly due to lower level of R&D grants.\n\n | Year Ended December 31, | Year Ended December 31, | Year Ended December 31,\n------------------------------------------------- | ----------------------- | ----------------------- | -----------------------\n | 2019 | 2018 | 2017 \n | (In millions) | (In millions) | (In millions) \nResearch and development funding | $132 | $52 | $65 \nPhase-out and start-up costs | (38) | (1) | (8) \nExchange gain (loss), net | \u2014 | 4 | 4 \nPatent costs | (1) | (8) | (9) \nGain on sale of businesses and non-current assets | 7 | 8 | 4 \nOther, net | 3 | (2) | (1) \nOther income and expenses, net | $103 | $53 | $55 \nAs percentage of net revenues | 1.1% | 0.5% | 0.7% "} {"_id": "d1b31dff2", "title": "", "text": "ITEM 6. SELECTED FINANCIAL DATA\nThe data for fiscal 2019, 2018 and 2017 and as of August 31, 2019 and 2018 are derived from the audited Consolidated Financial Statements and related Notes that are included elsewhere in this report. The data for fiscal 2016 and 2015 and as of August 31, 2017, 2016 and 2015 are derived from the audited Consolidated Financial Statements and related Notes that are not included in this report. The selected financial data should be read in conjunction with \u201cManagement\u2019s Discussion and Analysis of Financial Condition and Results of Operations\u201d and our Consolidated Financial Statements and related Notes included elsewhere in this report.\n(1) Effective September 1, 2018, we adopted FASB ASU No. 2014-09, Revenue from Contracts with Customers (Topic 606) and eliminated our net revenues presentation and FASB ASU No. 2017-07, Compensation-Retirement Benefits (Topic 715): Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost. Prior period amounts have been revised to conform with the current period presentation.\n(2) Includes the impact of a $258 million charge associated with tax law changes recorded during fiscal 2018. See \u201cManagement\u2019s Discussion and Analysis of Financial Condition and Results of Operations\u2014Results of Operations for Fiscal 2018 Compared to Fiscal 2017\u2014Provision for Income Taxes.\u201d\n(3) Includes the impact of a $312 million, post-tax, pension settlement charge recorded during fiscal 2017. See \u201cManagement\u2019s Discussion and Analysis of Financial Condition and Results of Operations\u2014Results of Operations for Fiscal 2018 Compared to Fiscal 2017\u2014Pension Settlement Charge.\u201d\n(4) Includes the impact of a $745 million, post-tax, gain on sale of businesses recorded during fiscal 2016.\n(5) Includes the impact of a $39 million, post-tax, pension settlement charge recorded during fiscal 2015.\n\n | | Fiscal | | | \n---------------------------------------- | ------- | ----------------------------- | ------------ | ------------ | ------------\n | 2019 | 2018 (1) (2) | 2017 (1) (3) | 2016 (1) (4) | 2015 (1) (5)\n | | (in millions of U.S. dollars) | | | \nIncome Statement Data | | | | | \nRevenues | $43,215 | $40,993 | $36,177 | $34,254 | $32,406 \nOperating income | 6,305 | 5,899 | 5,191 | 4,846 | 4,526 \nNet income | 4,846 | 4,215 | 3,635 | 4,350 | 3,274 \nNet income attributable to Accenture plc | 4,779 | 4,060 | 3,445 | 4,112 | 3,054 \nEarnings Per Class A Ordinary Share | | | | | \nBasic | $7.49 | $6.46 | $5.56 | $6.58 | $4.87 \nDiluted | 7.36 | 6.34 | 5.44 | 6.45 | 4.76 \nDividends per ordinary share | 2.92 | 2.66 | 2.42 | 2.20 | 2.04 "} {"_id": "d1a740464", "title": "", "text": "Prepayments\nPrepayments consist of the following and are included in prepayments and other current assets on the balance sheet:\n\n | 2019 | 2018 \n---------------------------------------------- | -------------- | --------\n | (in thousands) | \nContract manufacturer and supplier prepayments | $143,392 | $131,642\nPrepaid taxes | 8,046 | 9,646 \nPrepaid maintenance and other services | 8,503 | 8,487 \nOther prepayments | 16,753 | 12,744 \nTotal prepayments | $176,694 | $162,519"} {"_id": "d1b3a4ea8", "title": "", "text": "In 2019 we recorded $5 million of impairment, restructuring charges and other related closure costs, mainly consisting of impairment of equipment and licenses dedicated exclusively to certain development projects that were cancelled, while no alternative future use was identified internally.\nIn 2018 we recorded $21 million of impairment, restructuring charges and other related closure costs, consisting of: (i) $19 million related to the set-top box restructuring plan and (ii) $2 million of impairment of acquired technologies, for which it was determined that they had no future alternative use.\nIn 2017 we recorded $45 million of impairment, restructuring charges and other related closure costs, primarily consisting of: (i) $34 million of net restructuring charges related to the set-top box restructuring plan; (ii) $13 million of restructuring charges related to the restructuring plan in Bouskoura, Morocco;\n(iii) $3 million charge relating to the update of the existing unused lease provision and (iv) $5 million income for the reversal of provisions related to previously announced restructuring plans, mainly the Embedded Processing Solutions business restructuring plan, for which accrued provisions were not fully used at completion of the plan.\n\n | | Year Ended December 31, | \n----------------------------------------------------------------- | ---- | ----------------------- | -----\n | 2019 | 2018 | 2017 \n | | (In millions) | \nImpairment, restructuring charges and other related closure costs | $(5) | $(21) | $(45)"} {"_id": "d1b330d1e", "title": "", "text": "ITEM 6. SELECTED FINANCIAL DATA\nThe following selected consolidated financial data is not necessarily indicative of results of future operations, and should be read in conjunction with Item 7, \u201cManagement's Discussion and Analysis of Financial Condition and Results of Operations,\u201d and the consolidated financial statements and related notes thereto included in Item 8 of this Form 10-K to fully understand factors that may affect the comparability of the information presented below.\nThe financial data for the fiscal years ended January 31, 2019 and 2018 are derived from, and are qualified by reference to, the audited consolidated financial statements that are included in this Form 10-K. The Consolidated Statements of Operations and the Consolidated Statements of Cash Flows data for the fiscal year ended January 31, 2017 are derived from, and are qualified by reference to, the audited consolidated financial statements that are included in this Form 10-K. The Consolidated Balance Sheet data for the fiscal year ended January 31, 2017 and the remaining financial data for the fiscal years ended January 31, 2016 and 2015 are derived from audited, consolidated financial statements which are not included in this Form 10-K.\n(1) Reflects the impact of the adoption of new accounting standards in fiscal year 2019 related to revenue recognition. See Part II, Item 8, Note 1, Business and Summary of Significant Accounting Policies, Accounting Standards Adopted, of our consolidated financial statements for additional information.\n\n | | | Fiscal Year Ended January 31, | | \n----------------------------------- | ------------------------------------ | -------- | ----------------------------- | -------- | --------\n | 2019 (1) | 2018 | 2017 | 2016 | 2015 \n | (In millions, except per share data) | | | | \nFor the fiscal year: | | | | | \nNet revenue | $2,569.8 | $2,056.6 | $2,031.0 | $2,504.1 | $2,512.2\n(Loss) income from operations | (25.0) | (509.1) | (499.6) | 1.3 | 120.7 \nNet (loss) income | (80.8) | (566.9) | (582.1) | (330.5) | 81.8 \nCash flow from operations | $377.1 | $0.9 | $169.7 | $414.0 | $708.6 \nCommon stock data: | | | | | \nBasic net (loss) income per share | $(0.37) | $(2.58) | $(2.61) | $(1.46) | $0.36 \nDiluted net (loss) income per share | $(0.37) | $(2.58) | $(2.61) | $(1.46) | $0.35 \nAt year end: | | | | | \nTotal assets | $4,729.2 | $4,113.6 | $4,798.1 | $5,515.3 | $4,909.7\nLong-term liabilities | 2,638.9 | 2,246.4 | 1,879.1 | 2,304.7 | 1,290.4 \nStockholders\u2019 (deficit) equity | $(210.9) | $(256.0) | $733.6 | $1,619.6 | $2,219.2"} {"_id": "d1b359084", "title": "", "text": "15. Product Warranties\nThe Company generally provides its customers with a one-year warranty regarding the manufactured quality and functionality of its products. For some limited products, the warranty period has been extended. The Company establishes warranty reserves based on its product history, current information on repair costs and annual sales levels. As of April 30, 2019, and 2018, respectively, changes in the carrying amount of accrued product warranty costs, reported in accrued expenses on the consolidated balance sheet, were as follows (in thousands):\n\n | 2019 | 2018\n---------------------------- | ----- | ----\nBalance at beginning of year | $520 | $557\nWarranty costs incurred | (398) | (40)\nProduct warranty accrual | 407 | 3 \nBalance at end of year | $529 | $520"} {"_id": "d1a72250e", "title": "", "text": "Contractual Obligations\nObligations under long-term debt; non-cancelable operating leases; purchase obligations relating to feed grains, other feed ingredients and packaging supplies; construction contracts and claims payable relating to the Company\u2019s workers\u2019 compensation insurance policy at October 31, 2019, were as follows:\n\n | | | Payments Due By Period (in thousands) | | \n---------------------------------------------------- | ------- | ---------------- | -------------------------------------- | ---------- | -------\nContractual Obligations | Total | Less than 1 Year | 1-3 Years | 3-5 Years | 5 Years\nOperating leases | 47,774 | $15,363 | $22,919 | $ 9,382 | $110 \nLong-term debt | 55,000 | \u2014 | \u2014 | 55,000 | \u2014 \nPurchase obligations: | | | | | \nFeed grains, feed ingredients and packaging supplies | 199,097 | 199,097 | \u2014 | | \nConstruction contracts and other | 8,996 | 8,996 | \u2014 | \u2014 | \u2014 \nClaims payable | 20,587 | 9,687 | 10,900 | \u2014 | \u2014 \nTotal | 331,454 | $233,143 | $33,819 | $ 64,382 | $110 "} {"_id": "d1b3a6456", "title": "", "text": "The Group\u2019s associates are considered to be related parties.\nAs at 30 March 2019 the following are also considered to be related parties under the Listing Rules due to their shareholdings exceeding 10% of the Group\u2019s total issued share capital:\n\u2212 Nissin Foods Holdings Co., Ltd. (\u201cNissin\u201d) is considered to be a related party to the Group by virtue of its 19.47% (2017/18: 19.57%) equity shareholding in Premier Foods plc and of its power to appoint a member to the Board of directors.\u2212 Oasis Management Company Ltd (\u201cOasis\u201d) is considered to be a related party to the Group by virtue of its 11.99% (2017/18: 9.01%) equity shareholding in Premier Foods plc and of its power to appoint a member to the Board of directors.\n\u2212 Paulson Investment Company LLC, (\u201cPaulson\u201d) is considered to be a related party to the Group by virtue of its 11.98% (2017/18: 7.39%) equity shareholding in Premier Foods plc and of its power to appoint a member to the Board of directors.\nAs at 30 March 2019 the Group had outstanding balances with Hovis. Total trade receivables was \u00a30.9m (2017/18: \u00a30.5m) and total trade payables was \u00a30.6m (2017/18: \u00a32.5m).\n\n | 52 weeks ended | 52 weeks ended\n------------------ | -------------- | --------------\n | 30 Mar 2019 | 31 Mar 2018 \n | \u00a3m | \u00a3m \nSale of goods: | | \n\u2013 Hovis | 0.3 | 0.3 \nSale of services: | | \n\u2013 Hovis | 0.7 | 0.7 \n\u2013 Nissin | 0.2 | 0.1 \nTotal sales | 1.2 | 1.1 \nPurchase of goods: | | \n\u2013 Hovis | 6.3 | 11.9 \n\u2013 Nissin | 10.3 | 7.1 \nTotal purchases | 16.6 | 19.0 "} {"_id": "d1a713f36", "title": "", "text": "Loss per share\nBasic loss per share are computed based on the weighted average number of common shares outstanding during the period. Diluted earnings/loss per share reflect the dilutive impact of outstanding stock options and restricted stock awards. Included in the weighted average shares outstanding is the share consideration in connection with the Restaurant Magic Acquisition (See Note 2 - Acquisitions) in the amount of 908,192 for the period after the close of the transaction. The shares were issued in January 2020, however, no contingencies existed as of the date of the acquisition.\nThe following is a reconciliation of the weighted average shares outstanding for the basic and diluted loss per share computations (in thousands, except share and per share data):\nAt December 31, 2019 and 2018 there were 383,000 and 750,000 incremental shares, respectively, from the assumed exercise of stock options that were excluded from the computation of diluted earnings per share because of the anti-dilutive effect on earnings per share. There were 308,000 restricted stock awards excluded from the computation of diluted earnings per share for the fiscal year ended 2019 and 113,000 for the fiscal year ended 2018.\n\n | 2019 | 2018 \n------------------------------------------------------------ | --------- | ---------\nNet Loss | $(15,571) | $(24,122)\nBasic: | | \nWeighted average shares outstanding at beginning of year | 16,041 | 15,949 \nWeighted average shares issued during the year, net | 182 | 92 \nWeighted average common shares, basic | 16,223 | 16,041 \nLoss from per common share, basic | $(0.96) | $(1.50) \nDiluted: | | \nWeighted average common shares, basic | 16,223 | 16,041 \nDilutive impact of stock options and restricted stock awards | \u2014 | \u2014 \nWeighted average common shares, diluted | 16,223 | 16,041 \nLoss per common share, diluted | $ (0.96) | $ (1.50) "} {"_id": "d1b381584", "title": "", "text": "6-INTANGIBLE ASSETS\nThe following table provides the details of the carrying value of intangible assets recorded from the acquisition of SensiML during the year ended December 29, 2019 (in thousands):\n\nDecember 29, 2019 | | | \n--------------------------------------------- | --------------------- | ------------------------ | -------------------\n | Gross Carrying Amount | Accumulated Amortization | Net Carrying Amount\nDeveloped technology | $959 | $(96) | $863 \nCustomer relationships | 81 | (40) | 41 \nTrade names and trade marks | 116 | (12) | 104 \nTotal acquired identifiable intangible assets | $1,156 | $(148) | $1,008 "} {"_id": "d1b3a3c88", "title": "", "text": "Note 4. Special Charges and Other, Net\nThe following table summarizes activity included in the \"special charges and other, net\" caption on the Company's consolidated statements of income (in millions):\nThe Company continuously evaluates its existing operations in an attempt to identify and realize cost savings opportunities and operational efficiencies. This same approach is applied to businesses that are acquired by the Company and often the operating models of acquired companies are not as efficient as the Company's operating model which enables the Company to realize significant savings and efficiencies. As a result, following an acquisition, the Company will from time to time incur restructuring expenses; however, the Company is often not able to estimate the timing or amount of such costs in advance of the period in which they occur. The primary reason for this is that the Company regularly reviews and evaluates each position, contract and expense against the Company's strategic objectives, long-term operating targets and other operational priorities. Decisions related to restructuring activities are made on a \"rolling basis\" during the course of the integration of an acquisition whereby department managers, executives and other leaders work together to evaluate each of these expenses and make recommendations. As a result of this approach, at the time of an acquisition, the Company is not able to estimate the future amount of expected employee separation or exit costs that it will incur in connection with its restructuring activities.\nThe Company's restructuring expenses during the fiscal year ended March 31, 2019 were related to the Company's most recent business acquisitions, and resulted from workforce, property and other operating expense rationalizations as well as combining product roadmaps and manufacturing operations. These expenses were for employee separation costs and intangible asset impairment charges. The impairment charges in the fiscal year ended March 31, 2019 were primarily recognized as a result of writing off intangible assets purchased from Microsemi prior to the close of the acquisition and other intangible assets that were impaired as a result of changes in the combined product roadmaps after the acquisition that affected the use and life of the assets. Additional costs will be incurred in the future as additional synergies or operational efficiencies are identified in connection with the Microsemi transaction and other previous acquisitions. The Company is not able to estimate the amount of such future expenses at this time.\nDuring fiscal 2018, the Company incurred expenses including non-restructuring contract exit costs of $19.5 million for fees associated with transitioning from the public utility provider in Oregon to a lower cost direct access provider. The fee is paid monthly and will depend on the amount of actual energy consumed by the Company's wafer fabrication facility in Oregon over the next five years. In connection with the transition to a direct access provider, the Company signed a ten-year supply agreement to purchase monthly amounts of energy that are less than the current average usage and priced on a per mega watt hour published index rate in effect at those future dates. Also during fiscal 2018, the Company incurred $1.2 million of employee separation costs in connection with the acquisition of Atmel.\nThe Company's restructuring expenses during fiscal 2017 were related to the Company's acquisitions of Atmel and Micrel, and resulted from workforce, property and other operating expense rationalizations as well as combining product roadmaps and manufacturing operations. These expenses were for employee separation costs, contract exit costs, other operating expenses and intangible asset impairment losses. The impairment charges in fiscal 2017 were recognized as a result of changes in the combined product roadmaps after the acquisition of Atmel that affected the use and life of these assets. At March 31, 2017, these activities were substantially complete.\nAll of the Company's restructuring activities occurred in its semiconductor products segment. The Company incurred $115.2 million in costs since the start of fiscal 2016 in connection with employee separation activities, of which $65.3 million, $1.2 million and $39.1 million was incurred during the fiscal years ended March 31, 2019, 2018 and 2017, respectively. The Company could incur future expenses as additional synergies or operational efficiencies are identified. The Company is not able to estimate future expenses, if any, to be incurred in employee separation costs. The Company has incurred $40.8 million in costs in connection with contract exit activities since the start of fiscal 2016 which includes $4.7 million of income incurred for the year ended March 31, 2019 and $0.7 million and $44.1 million of costs incurred for the years ended March 31, 2018 and 2017, respectively. The amounts recognized during the fiscal year ended March 31, 2019 were primarily related to vacated lease liabilities. While the Company expects to incur further acquisition-related contract exit expenses, it is not able to estimate the amount at this time.\nIn the three months ended June 30, 2017, the Company completed the sale of an asset it acquired as part of its acquisition of Micrel for proceeds of $10.0 million and the gain of $4.4 million is included in the gain on sale of assets in the above table.\n\n | | For The Years Ended March 31, | \n----------------------------------------------- | ------ | ----------------------------- | -----\n | 2019 | 2018 | 2017 \nRestructuring | | | \nEmployee separation costs | $65.3 | $1.2 | $39.1\nGain on sale of assets | \u2014 | (4.4) | \u2014 \nImpairment charges | 3.6 | \u2014 | 12.6 \nContract exit costs | (4.7) | 0.7 | 44.1 \nOther | (0.3) | \u2014 | 2.8 \nLegal contingencies | (30.2) | \u2014 | \u2014 \nNon-restructuring contract exit costs and other | \u2014 | 20.0 | \u2014 \nTotal | $33.7 | $17.5 | $98.6"} {"_id": "d1b32b788", "title": "", "text": "VMware Stock Repurchases\nVMware purchases stock from time to time in open market transactions, subject to market conditions. The timing of any repurchases and the actual number of shares repurchased will depend on a variety of factors, including VMware\u2019s stock price, cash requirements for operations and business combinations, corporate, legal and regulatory requirements and other market and economic conditions. VMware is not obligated to purchase any shares under its stock repurchase programs. Purchases can be discontinued at any time VMware believes additional purchases are not warranted. From time to time, VMware also purchases stock in private transactions, such as those with Dell. All shares repurchased under VMware\u2019s stock repurchase programs are retired.\nThe following table summarizes stock repurchase activity, including shares purchased from Dell, during the periods presented (aggregate purchase price in millions, shares in thousands):\n(1) The aggregate purchase price of repurchased shares is classified as a reduction to additional paid-in capital until the balance is reduced to zero and the excess is recorded as a reduction to retained earnings.\n\n | | For the Year Ended | \n-------------------------------- | ---------------- | ------------------ | ----------------\n | January 31, 2020 | February 1, 2019 | February 2, 2018\nAggregate purchase price (1) | $1,334 | $42 | $1,449 \nClass A common stock repurchased | 7,664 | 286 | 13,977 \nWeighted-average price per share | $174.02 | $148.07 | $103.66 "} {"_id": "d1b35e70a", "title": "", "text": "Operating Expenses\nResearch and Development Expenses\nResearch and development expenses increased $47 million, or 30%, in 2019 compared to 2018. The overall increase was primarily due to increased employee compensation-related costs of $34 million, driven by headcount growth, and increased allocated shared costs of $8 million.\nResearch and development expenses increased $45 million, or 39%, in 2018 compared to 2017. The overall increase was primarily due to increased employee compensation-related costs of $36 million, driven by headcount growth, and increased allocated shared costs of $6 million.\n\n | | Year Ended December 31, | | | \n------------------------ | --------- | ----------------------- | ---------------------------------- | --------------------- | ---------------------\n | 2019 | 2018 | 2017 | 2018 to 2019 % change | 2017 to 2018 % change\n | | | (In thousands, except percentages) | | \nResearch and Development | $ 207,548 | $ 160,260 | $ 115,291 | 30% | 39% "} {"_id": "d1a7296ba", "title": "", "text": "NOTE 5. INVESTMENTS AND LOANS TO SUBSIDIARIES\nInterest relates mainly to a subsidiary and is based on the Bank of America\u2019s prime rate with a rise of two percent points. The repayment schedule of the loan is as follows: 24 annual installments of US$2 million, starting December 31, 2018, followed by a final installment of US$5.3 million on December 31, 2043.\n\n | December 31, | \n------------------------------------------------- | ------------ | ------\n | 2018 | 2019 \nLoans due from subsidiaries - non-current portion | 46,698 | 45,377\nLoans due from subsidiaries - current portion | 2,064 | 2,123 \nTotal | 48,762 | 47,500"} {"_id": "d1b3a009c", "title": "", "text": "ADJUSTED EBITDA\n(1) For the three-month period ended August 31, 2019, the average foreign exchange rate used for translation was 1.3222 USD/CDN.\n(2) Fiscal 2018 was restated to comply with IFRS 15 and to reflect a change in accounting policy as well as to reclassify results from Cogeco Peer 1 as discontinued operations. For further details, please consult the \"Accounting policies\" and \"Discontinued operations\" sections.\n(3) Fiscal 2019 actuals are translated at the average foreign exchange rate of the comparable period of fiscal 2018 which was 1.3100 USD/CDN.\nFiscal 2019 fourth-quarter adjusted EBITDA increased by 4.6% (4.3% in constant currency) as a result of: \u2022 an increase in the American broadband services segment mainly as a result of strong organic growth combined with the impact of the FiberLight acquisition; and \u2022 an increase in the Canadian broadband services segment resulting mainly from a decline in operating expenses.\n\nThree months ended August 31, | 2019 (1) | 2018 (2) | Change | Change in constant currency (3) | Foreign exchange impact (3)\n--------------------------------------------- | -------- | -------- | ------ | ------------------------------- | ---------------------------\n(in thousands of dollars, except percentages) | $ | $ | % | % | $ \nCanadian broadband services | 172,120 | 166,181 | 3.6 | 3.6 | (73) \nAmerican broadband services | 115,523 | 109,937 | 5.1 | 4.1 | 1,057 \nInter-segment eliminations and other | (12,033) | (12,707) | (5.3) | (5.3) | 2 \n | 275,610 | 263,411 | 4.6 | 4.3 | 986 "} {"_id": "d1b3c0586", "title": "", "text": "3. Debtors\nAccounting policies\nAmounts owed to subsidiaries are classified and recorded at amortised cost (2018: classified as loans and receivables) and reduced by allowances for expected credit losses. Estimate future credit losses are first recorded on initial recognition of a receivable and are based on estimated probability of default. Individual balances are written off when management deems them not to be collectible. Derivative financial instruments are measured at fair value through profit and loss.\nNote: 1 Amounts owed by subsidiaries are unsecured, have no fixed date of repayment and are repayable on demand with sufficient liquidity in the group to flow funds if required. Therefore expected credit losses are considered to be immateria\n\n | 2019 | 2018 \n--------------------------------------------- | ------- | -------\n | \u20acm | \u20acm \nAmounts falling due within one year: | | \nAmounts owed by subsidiaries1 | 242,976 | 220,871\nTaxation recoverable | 233 | \u2013 \nOther debtors | 32 | 199 \nDerivative financial instruments | 183 | 163 \n | 243,424 | 221,233\nAmounts falling due after more than one year: | | \nDerivative financial instruments | 3,439 | 2,449 \nDeferred tax | \u2013 | 31 \n | 3,439 | 2,480 "} {"_id": "d1b308828", "title": "", "text": "The movement of contract liabilities is mainly caused by the timing difference of the satisfaction of a performance of obligation and the consideration received from customers.\nThe Company recognized NT$3,815 million and NT$616 million, respectively, in revenues from the contract liabilities balance at the beginning of the period as performance obligations were satisfied for the years ended December 31, 2018 and 2019.\n\n | As of January 1,2018 | As of December 31,2018 | As of December 31,2019\n--------------------------- | -------------------- | ---------------------- | ----------------------\n | NT$(In Thousands) | NT$(In Thousands) | NT$(In Thousands) \nSales of goods and services | $3,951,414 | $932,371 | $1,470,195 \nCurrent | $3,951,414 | $932,371 | $988,115 \nNoncurrent | \u2014 | \u2014 | 482,080 \nTotal | $3,951,414 | $932,371 | $1,470,195 "} {"_id": "d1b34e18e", "title": "", "text": "Basic earnings per share is computed on the basis of the weighted-average number of shares of common stock outstanding during the period. Diluted earnings per share is computed on the basis of the weighted-average number of shares of common stock outstanding plus the effect of dilutive potential common shares outstanding during the period using the treasury stock method. Dilutive potential common shares include outstanding stock options and stock awards.\n* Includes a charge of $2.0 billion or $2.23 of basic and diluted earnings per share in 2018 associated with U.S. tax reform.\nActual shares outstanding at December 31, 2019 and 2018 were 887.1 million and 892.5 million, respectively. The year-to- year decrease was primarily the result of the common stock repurchase program. The average number of common shares\noutstanding assuming dilution was 23.5 million shares lower in 2019 versus 2018\n\nFor the year ended December 31: | 2019 | 2018 | Yr.-to-Yr. Percent Change\n------------------------------------------------------------- | ------ | ------ | -------------------------\nEarnings per share of common stock from continuing operations | | | \nAssuming dilution | $10.57 | $9.51* | 11.1% \nBasic | $10.63 | $9.56* | 11.2% \nDiluted operating (non-GAAP) | $12.81 | $13.81 | (7.2)% \nWeighted-average shares outstanding (in millions) | | | \nAssuming dilution | 892.8 | 916.3 | (2.6)% \nBasic | 887.2 | 912.0 | (2.7)% "} {"_id": "d1b36ba22", "title": "", "text": "Item 5. Market for Registrant\u2019s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities\nOur common stock trades on The Nasdaq Stock Market under the symbol ZIXI. The table below shows the high and low sales prices by quarter for fiscal 2019 and 2018.\nAt March 4, 2020, there were 55,641,885 shares of common stock outstanding held by 399 shareholders of record. On that date, the last reported sales price of the common stock was $8.27.\nWe have not paid any cash dividends on our common stock and do not anticipate doing so in the foreseeable future.\nFor information regarding options and stock-based compensation awards outstanding and available for future grants, see \u201cItem 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters.\u201d\n\n | 2019 | | 2018 | \n------------- | ------- | ------ | ------ | ------\nQuarter Ended | High | Low | High | Low \nMarch 31 | $ 9.07 | $ 5.34 | $ 4.75 | $ 3.82\nJune 30 | $ 11.15 | $ 6.66 | $ 5.62 | $ 4.25\nSeptember 30 | $ 10.51 | $ 6.91 | $ 5.93 | $ 4.91\nDecember 31 | $ 7.75 | $ 6.25 | $ 7.09 | $ 4.66"} {"_id": "d1b38878a", "title": "", "text": "Debt Activity\nThe table below presents the effects of issuances, prepayments, and conversions of debt in 2019. When we receive a notice of conversion for any of our convertible notes and elect to settle in cash any amount of the conversion obligation in excess of the principal amount, the cash settlement obligations become derivative debt liabilities subject to mark-to-market accounting treatment based on the volume-weighted-average price of our common stock over a period of 20 consecutive trading days. Accordingly, at the date of our election to settle a conversion in cash, we reclassify the fair value of the equity component of the converted notes from additional capital to derivative debt liability within current debt in our consolidated balance sheet.\nIn 2018, we repurchased or redeemed $6.96 billion of principal amount of notes (carrying value of $6.93 billion) for an aggregate of $9.42 billion in cash and 4 million shares of our treasury stock. As of August 30, 2018, an aggregate of $35 million principal amount of our 2033F Notes (with a carrying value of $165 million) had converted but not settled. These notes settled in 2019 for $153 million in cash and the effect of the settlement is included in the table above. In connection with these transactions, we recognized aggregate non-operating losses of $385 million in 2018.\nIn 2017, we repurchased or redeemed $1.55 billion of principal amount of notes (carrying value of $1.54 billion) for an aggregate of $1.63 billion in cash. In connection with these transactions, we recognized aggregate non-operating losses of $94 million in 2017.\n(1) \u00a0Issued February 6, 2019.\n(2) \u00a0Issued July 12, 2019.\n(3) \u00a0As of August 29, 2019, an aggregate of $44 million principal amount of our 2033F Notes (with a carrying value of $179 million) had converted but not settled. These notes settled in the first quarter of 2020 for $192 million in cash.\n\n | Increase (Decrease) in Principal | Increase (Decrease) in Carrying Value | Increase (Decrease) in Cash | Decrease in Equity | Gain (Loss)\n----------------------- | -------------------------------- | ------------------------------------- | --------------------------- | ------------------ | -----------\nIssuances | | | | | \n2024 Notes(1) | $600 | $597 | $597 | $\u2014 | $\u2014 \n2026 Notes(1) | 500 | 497 | 497 | \u2014 | \u2014 \n2027 Notes(2) | 900 | 895 | 895 | \u2014 | \u2014 \n2029 Notes(1) | 700 | 695 | 695 | \u2014 | \u2014 \n2030 Notes(2) | 850 | 845 | 845 | \u2014 | \u2014 \nPrepayments | | | | | \n2022 Term Loan B | (728) | (721) | (728) | \u2014 | (7) \nSettled conversions | | | | | \n2032D Notes | (10) | (9) | (35) | (28) | 2 \n2033F Notes | (45) | (175) | (192) | (28) | 11 \n2043G Notes | (1,019) | (691) | (1,426) | (326) | (400) \nConversions not settled | | | | | \n2033F Notes(3) | \u2014 | 135 | \u2014 | (133) | (2) \n | $1,748 | $2,068 | $1,148 | $(515) | $(396) "} {"_id": "d1b34c2e4", "title": "", "text": "NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (in thousands, except for share and per share data)\nContract Assets and Liabilities\nContract assets and liabilities included in our Consolidated Balance Sheets are as follows:\nDuring the twelve months ended December 31, 2019, we recognized revenues of $256 that was included in contract liabilities at the beginning of the period.\n\n | As of December 31, | \n------------------------------------------------------------------------------------------- | ------------------ | --------\n | 2019 | 2018 \nContract Assets | | \nPrepaid rebates included in Other current assets | $64 | $65 \nPrepaid rebates included in Other assets | 1,853 | 999 \nTotal Contract Assets | $1,917 | $1,064 \nContract Liabilities | | \nCustomer discounts and price concessions included in Accrued expenses and other liabilities | $(2,070) | $(1,656)\nCustomer rights of return included in Accrued expenses and other liabilities | (807) | (325) \nTotal Contract Liabilities | $(2,877) | $(1,981)"} {"_id": "d1b37aa18", "title": "", "text": "Items Not Resulting in a Deferred Tax Asset\nOf the unused tax losses, \u20ac187 million (2018: \u20ac213 million; 2017: \u20ac263 million) relate to U.S. state tax loss carryforwards.\nWe have not recognized a deferred tax liability on approximately \u20ac17.41 billion (2018: \u20ac14.04 billion) for undistributed profits of our subsidiaries, because we are in a position to control the timing of the reversal of the temporary difference and it is probable that such differences will not reverse in the foreseeable future.\n\n\u20ac millions | 2019 | 2018 | 2017\n------------------------------------------------------- | ----- | ----- | ----\nUnused tax losses | | | \nNot expiring | 688 | 575 | 375 \nExpiring in the following year | 63 | 7 | 9 \nExpiring after the following year | 373 | 476 | 535 \nTotal unused tax losses | 1,124 | 1,058 | 919 \nDeductible temporary differences | 538 | 509 | 524 \nUnused research and development and foreign tax credits | | | \nNot expiring | 28 | 54 | 38 \nExpiring in the following year | 0 | 0 | 2 \nExpiring after the following year | 17 | 18 | 34 \nTotal unused tax credits | 45 | 72 | 74 "} {"_id": "d1b36d8ae", "title": "", "text": "The Company currently has one equity compensation plan, the 2007 Stock Compensation Plan, from which it grants equity awards that are used as an incentive for directors, officers, and other employees. The 2007 Stock Compensation Plan has 851,134 shares available for issue as of September 30, 2019. As of September 30, 2019, $2,371,309 of total unrecognized compensation expense related to non-vested awards is expected to be recognized over a period of approximately 4.9 years. The Company recorded related compensation expense for the years ended September 30, 2019, 2018, and 2017 of $1,729,025, $2,003,207, and $2,319,975, respectively. For the year ended September 30, 2019, $1,638,829 of this expense was included in selling, general and administrative expense and $90,196 was included in cost of sales. For the year ended September 30, 2018, $1,835,086 of this expense was included in selling, general and administrative expense and $168,121 was included in cost of sales. For the year ended September 30, 2017, $2,103,621 of this expense was included in selling, general and administrative expense and $216,354 was included in cost of sales.\nStock Options: The Company uses the Black-Scholes option pricing model to determine the weighted average fair value of options granted. During the fiscal year ended September 30, 2019, the Company granted employees non-qualified stock options to purchase an aggregate of 172,000 shares of common stock with a weighted average contractual term of 4 years, a three year vesting term, and a weighted average exercise price of $12.17. During the fiscal year ended September 30, 2018, the Company granted employees non-qualified stock options to purchase an aggregate of 108,000 shares of common stock with a weighted average contractual term of 4.7 years, a three year vesting term, and a weighted average exercise price of $13.37. There were no stock options granted during the year ended September 30, 2017. The fair value was estimated at the grant date using the assumptions listed below:\nThe expected stock price volatility is based on the historical volatility of the Company\u2019s stock for a period approximating the expected life. The expected life represents the period of time that options are expected to be outstanding after their grant date. The risk-free interest rate reflects the interest rate at grant date on zero-coupon U.S. governmental bonds having a remaining life similar to the expected option term.\nOptions are generally granted at fair market values determined on the date of grant and vesting normally occurs over a three to five-year period. However, options granted to directors have a one year vesting period and a six year contractual term. The maximum contractual term is normally six years. Shares issued upon exercise of a stock option are issued from the Company\u2019s authorized but unissued shares. There were 36,000 options vested during the year ended September 30, 2019 and no options vested during the year ended September 30 2018. For the year ended September 30, 2019, there were 6,750 stock options that were exercised using a cashless method of exercise. For the year ended September 30, 2018, there were 2,250 stock options that were exercised using a cashless method of exercise. The intrinsic value of options exercised during the years ended September 30, 2019 and September 30, 2018 was $81,728 and $75,767, respectively.\n\n | Year ended September 30, 2019 | Year ended September 30, 2018\n----------------------------------------- | ----------------------------- | -----------------------------\nDividend yield | 0% | 0% \nWeighted average expected volatility | 37.77% | 43.68% \nWeighted average risk-free interest rate | 2.92% | 2.70% \nWeighted average expected life (in years) | 3.0 | 3.7 \nVesting period (in years) | 3.0 | 3.0 "} {"_id": "d1b330ab2", "title": "", "text": "Stock Option Award Amendment\nThe Board of Directors has in 2019 amended and restated the 2011 Equity Incentive Plan to reserve an additional 1,000,000 stock options for issuance. The stock options have been allocated amongst management and employees of the Company.\nAs of December 31, 2019, the Company has granted 755,000 and 234,000 options with vesting over a period of two and three years, respectively, and an exercise price of $4.70 per share.\nThe Company has used the Black-Scholes option pricing model to measure the grant date fair value of the options with the following assumptions applied to the model;\nThe expected volatility was based on historical volatility observed from historical company-specific data during the two years prior to the grant date.\nThe compensation expense related to the stock option awards was $0.1 million for the year ended December 31, 2019 and the remaining unrecognized cost related to non-vested stock options was $0.5 million with a remaining average remaining vesting period of 2.1 years.\n\n | Options with two year vesting | Options with three year vesting\n-------------------------------------- | ----------------------------- | -------------------------------\nVolatility | 57.5% | 52.5% \nDividend yield | 10.0 % | 10.0% \nRisk-free interest rate | 1.64% | 1.65% \nWeighted-average grant date fair value | $0.59 | $0.58 "} {"_id": "d1b3a31ca", "title": "", "text": "Contractual Obligations and Commercial Commitments\nWe lease office space and equipment under operating leases that run through October 2028. Additionally, we have entered into a Credit Agreement that matures in April 2024 and have issued Senior Notes that mature in August 2026.\nContractual obligations as of December 31, 2019, are as follows (in thousands):\n(1) Based on the Term Loans debt outstanding and interest rate in effect at December 31, 2019, of 4.05%.\n(2) Based on Revolving Credit Facility debt outstanding and interest rate in effect at December 31, 2019, of 3.99%.\n(3) Based on 2026 Notes issued of $400.0 million with an annual interest rate of 5.750%.\n(4) During the year ended December 31, 2019, we financed certain multi-year license agreements for internal-use software for $10.4 million with annual payments through April 1, 2022. As of December 31, 2019, $13.8 million is outstanding under these and other agreements previously entered into, of which $6.0 million and $7.8 million is included in other current liabilities and other noncurrent liabilities, respectively, in our Consolidated Balance Sheet in Part IV, Item 15 of this Form 10-K as of December 31, 2019.\nWe are unable to reasonably estimate the ultimate amount or timing of settlement of our reserves for income taxes under ASC 740, Income Taxes. The liability for unrecognized tax benefits at December 31, 2019, is $29.0 million.\n\n | | | Payments Due by Period | | \n-------------------------------------- | ---------- | ---------------- | ---------------------- | --------- | -----------------\n | Total | Less than 1 year | 1-3 years | 3-5 years | More than 5 years\nOperating lease obligations | $ 70,284 | $ 17,180 | $ 23,116 | $ 12,738 | $ 17,250 \nTerm loans | 756,060 | 38,950 | 89,381 | 627,729 | \u2014 \nTerm loans interest (1) | 117,168 | 30,025 | 55,232 | 31,911 | \u2014 \nRevolving credit facility | 239,000 | \u2014 | \u2014 | 239,000 | \u2014 \nRevolving credit facility interest (2) | 40,528 | 9,536 | 19,072 | 11,920 | \u2014 \nSenior notes | 400,000 | \u2014 | \u2014 | \u2014 | 400,000 \nSenior notes interest (3) | 149,500 | 23,000 | 46,000 | 46,000 | 34,500 \nFinanced internal-use software (4) | 13,822 | 5,974 | 7,848 | \u2014 | \u2014 \nTotal | $1,786,362 | $124,665 | $240,649 | $969,298 | $451,750 "} {"_id": "d1b36087a", "title": "", "text": "NAVIOS MARITIME HOLDINGS INC. NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Expressed in thousands of U.S. dollars \u2014 except share data)\nNOTE 18: INTEREST EXPENSE AND FINANCE COST\nInterest expense and finance cost consisted of the following:\n\n | For the Year Ended December 31, 2019 | For the Year Ended December 31, 2018 | For the Year Ended December 31, 2017\n------------------------------------------------------ | ------------------------------------ | ------------------------------------ | ------------------------------------\nInterest expense | $125,496 | $129,941 | $115,099 \nAmortization and write-off of deferred financing costs | 7,746 | 7,866 | 6,391 \nOther | 237 | 109 | 121 \nInterest expense and finance cost | $133,479 | $137,916 | $121,611 "} {"_id": "d1b30c32e", "title": "", "text": "ADVANCED ENERGY INDUSTRIES, INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS \u2013 (continued) (in thousands, except per share amounts)\nThe Company\u2019s effective tax rate differs from the U.S. federal statutory rate of 35% for the year ended December 31, 2017, primarily due to the benefit related to the wind down of our solar inverter business and earnings in foreign jurisdictions, which are subject to lower tax rates, offset by the impact of U.S. tax reform. The principal causes of the difference between the federal statutory rate and the effective income tax rate for each the years below are as follows:\n\n | | Years Ended December 31, | \n------------------------------------------------------- | -------- | ------------------------ | --------\n | 2019 | 2018 | 2017 \nIncome taxes per federal statutory rate | $14,111 | $36,199 | $69,348 \nState income taxes, net of federal deduction | 10 | 2,372 | 1,794 \nTransition tax - U.S. Tax Reform | \u2014 | 1,174 | 61,690 \nCorporate tax rate changes - U.S. Tax Reform | \u2014 | (652) | 11,177 \nTax benefit associated with inverter business wind down | \u2014 | \u2014 | (33,837)\nStock based compensation | (97) | (974) | (5,263) \nGILTI Tax | 8,796 | 13,064 | \u2014 \nTax effect of foreign operations | (13,086) | (19,162) | (47,482)\nUncertain tax position | (4,487) | (3,088) | 4,948 \nUnremitted earnings | 1,624 | 2,564 | \u2014 \nTax credits | (6,280) | (9,844) | (658) \nChange in valuation allowance | 7,222 | (1,306) | 841 \nWithholding taxes | 6,500 | 1,371 | \u2014 \nOther permanent items, net | (3,614) | 3,509 | (468) \nTotal provision for income taxes | $10,699 | $25,227 | $62,090 "} {"_id": "d1a71f2f0", "title": "", "text": "A discussion of operating income by reportable segment is presented below (in millions):\nAMER. Operating income increased $19.2 million in fiscal 2019 as compared to fiscal 2018, primarily as a result of the increase in net sales and a positive shift in customer mix, partially offset by increased fixed costs to support new program ramps.\nAPAC. Operating income decreased $5.7 million in fiscal 2019 as compared to fiscal 2018, primarily as a result of a negative shift in customer mix and increased fixed costs to support new program ramps, partially offset by the increase in net sales.\nEMEA. Operating income increased $3.0 million in fiscal 2019 as compared to fiscal 2018 primarily as a result of the increase in net sales and a positive shift in customer mix, partially offset by increased fixed costs to support new program ramps.\nOther expense. Other expense for fiscal 2019 increased $5.4 million as compared to fiscal 2018. The increase in other expense for fiscal 2019 was primarily due to a $2.7 million decrease in interest income as a result of lower cash balances and a $1.5 million increase in factoring fees related to the Company's accounts receivable sale programs.\n\n | 2019 | 2018 \n-------------------------- | ------- | -------\nOperating income (loss): | | \nAMER | $57.8 | $38.6 \nAPAC | 208.2 | 213.9 \nEMEA | 4.5 | 1.5 \nCorporate and other costs | (128.4) | (135.7)\nTotal operating income | $142.1 | $118.3 "} {"_id": "d1b34adcc", "title": "", "text": "General and Administrative Expenses: General and administrative expenses primarily consist of personnel related expenditures for IT, finance, legal and human resources support functions; and professional services fees.\n(1) Excluding stock-based compensation\nExcluding the effects of currency rate fluctuations, total general and administrative expenses increased in fiscal 2019 compared to fiscal 2018 primarily due to increased professional services fees\n\nYear Ended May 31, | | | | \n------------------------------ | ------ | ------ | -------------- | ------\n | | | Percent Change | \n(Dollars in millions) | 2019 | Actual | Constant | 2018 \nGeneral and administrative (1) | $1,093 | -1% | 2% | $1,102\nStock-based compensation | 172 | -5% | -5% | 180 \nTotal expenses | $1,265 | -1% | 1% | $1,282\n% of Total Revenues | 3% | | | 3% "} {"_id": "d1b38c1b4", "title": "", "text": "The following table summarizes the activity related to the Company's gross unrecognized tax benefits from April 1, 2016 to March 31, 2019 (amounts in millions):\nAs of March 31, 2019 and March 31, 2018, the Company had accrued interest and penalties related to tax contingencies of $88.1 million and $80.8 million, respectively. Interest and penalties charged to operations for the years ended March 31, 2018 and 2017 related to the Company's uncertain tax positions were $5.4 million and $5.8 million, respectively. Previously accrued interest and penalties that were released during the year ended March 31, 2019 were $37.5 million.\nThe total amount of gross unrecognized tax benefits was $763.4 million and $436.0 million as of March 31, 2019 and March 31, 2018, respectively, of which $664.4 million and $436.0 million is estimated to impact the Company's effective tax rate, if recognized. The Company estimates that it is reasonably possible unrecognized tax benefits as of March 31, 2019 could decrease by approximately $50.0 million in the next 12 months. Positions that may be resolved include various U.S. and non-U.S. matters.\n\n | | Year Ended March 31, | \n--------------------------------------------------------- | ------ | -------------------- | ------\n | 2019 | 2018 | 2017 \nBeginning balance | $436.0 | $398.5 | $220.7\nIncreases related to acquisitions | 329.7 | \u2014 | 193.3 \nDecreases related to settlements with tax authorities | (8.3) | (0.1) | (11.7)\nDecreases related to statute of limitation expirations | (16.2) | (10.9) | (7.6) \nIncreases related to current year tax positions | 27.8 | 30.3 | 26.3 \nIncreases (decreases) related to prior year tax positions | (5.6) | 18.2 | (22.5)\nEnding balance | $763.4 | $436.0 | $398.5"} {"_id": "d1b3ae390", "title": "", "text": "Restatement \u2013 changes to the presentation of financial income and expenses\nDue to the significant variations in SEK exchange rates during the year, the Company has considered the change in reporting of foreign exchange effect to reflect how foreign exchange transaction risk is managed on a net basis in the Company. Previously foreign exchange effects were reported within both financial income and financial expenses depending on whether they relate to assets or liabilities.\nIn note F2, \u201cFinancial income and expenses,\u201d the foreign exchange effect is now presented as a net amount, reported separately from other financial income and expenses items. The comparative years 2018 and 2017 have been\nrestated to reflect the new presentation of Financial income and expenses, net. The restatement does not impact the total net financial income and expenses reported in prior years.\nThe following table shows the impact of the restatement:\nIn line with this change the Company also elected to present all financial income and expenses, including the foreign exchange effect, on the income statement as a single line item Financial income and expenses, net. Previously,\nfinancial income and financial expenses were presented as separate line items on the income statement. The income statement for all comparative years 2018 and 2017 have been restated to reflect the new presentation of Financial\nincome and expenses, net.\n\nFinancial income and expenses | | \n------------------------------------- | ------- | -------\nSEK million | 2018 | 2017 \nReported in prior years | | \nReported in prior years | \u2013316 | \u2013372 \nFinancial expenses | \u20132,389 | \u2013843 \nTotal | \u20132,705 | \u20131,215 \nSEK million | 2018 | 2017 \nRestated | | \nFinancial income | 151 | \u201350 \nFinancial expenses | \u20132,032 | \u20131,570 \nNet foreign exchange gains and losses | \u2013824 | 405 \nTotal | -2,705 | \u20131,215 "} {"_id": "d1b2fb948", "title": "", "text": "Note: The Company adopted IFRS 16 on January 1, 2019. The Company elected not to restate prior periods in accordance with the transition provision in IFRS 16.\nFinancial risk management objectives and policies\nThe Company\u2019s risk management objectives are to manage the market risk, credit risk and liquidity risk related to its operating activities. The Company identifies, measures and manages the aforementioned risks based on policy and risk preference.\nThe Company has established appropriate policies, procedures and internal controls for financial risk management. Before entering into significant financial activities, approval process by the Board of Directors and Audit Committee must be carried out based on related protocols and internal control procedures. The Company complies with its financial risk management policies at all times.\n\nFinancial Assets | As of December 31, | \n----------------------------------------------------------------- | ------------------ | --------------\n | 2018 | 2019 \n | NT$ | NT$ \n | (In Thousands) | (In Thousands)\nFinancial assets at fair value through profit or loss | $12,084,297 | $14,021,473 \nFinancial assets at fair value through other comprehensive income | 11,585,477 | 14,723,232 \nFinancial assets measured at amortized cost | | \nCash and cash equivalents (excludes cash on hand) | 83,655,648 | 95,486,403 \nReceivables | 24,583,451 | 26,459,392 \nRefundable deposits | 2,757,399 | 2,600,733 \nOther financial assets | 2,320,037 | 2,353,066 \nTotal | $136,986,309 | $155,644,299 \nFinancial Liabilities | As of December 31, | \n | 2018 | 2019 \n | NT$ | NT$ \n | (In Thousands) | (In Thousands)\nFinancial liabilities measured at amortized cost | | \nShort-term loans | $13,103,808 | $12,015,206 \nPayables | 23,559,548 | 27,433,065 \nGuarantee deposits (current portion included) | 665,793 | 296,694 \nBonds payable (current portion included) | 41,378,182 | 38,781,416 \nLong-term loans (current portion included) | 30,826,215 | 33,902,074 \nLease liabilities (Note) | \u2014 | 6,031,025 \nOther financial liabilities | 20,523,099 | 20,093,441 \nTotal | $130,056,645 | $138,552,921 "} {"_id": "d1b3c52c0", "title": "", "text": "Components of the net deferred income tax assets are as follows:\nIn fiscal years 2019 and 2018, the Company continued to maintain a full valuation allowance on deferred tax assets. The valuation allowance increased by $1.7 million in fiscal year 2019. The Company recorded an income tax expense from continuing operations of $39,000 in fiscal year 2019. In fiscal year 2018, the Company recorded an income tax benefit from continuing operations of $597,000. The fiscal year 2018 income tax benefit was due primarily from the release of the tax valuation allowance associated with previously generated alternative minimum tax (AMT) credits due to the December 22, 2017 Tax Cuts and Jobs Act Tax Reform (the \u201cTax Act\u201d).\nThe Company has, on a tax-effected basis, approximately $0.8 million in tax credit carryforwards and $26.9 million of federal net operating loss carryforwards that are available to offset taxable income in the future. The tax credit carryforwards will begin to expire in fiscal year 2021. The federal net operating loss carryforwards begin to expire in fiscal year 2022. State tax credit carryforwards and net operating loss carryforwards, on a tax effected basis and net of federal tax benefits, are $0.1 million and $8.1 million, respectively. The remaining state tax credit carryforwards and state net operating loss carry forwards begin to expire in fiscal year 2020. In fiscal year 2019, $1.2 million of state net operating loss carryforwards expired.\n\n | March 31, | \n----------------------------------- | --------- | --------\n(in thousands) | 2019 | 2018 \nDeferred income tax assets: | | \nAllowance for doubtful accounts | $26 | $24 \nForeign tax credit carryforward | 810 | 812 \nDepreciation | 173 | 227 \nDeferred revenue | 425 | 675 \nAccrued compensation | 412 | 358 \nInventory reserves | 757 | 948 \nAccrued warranty | 33 | 77 \nNet operating loss carryforward | 35,024 | 34,924 \nAccrued restructuring | \u2014 | 16 \nIntangibles and goodwill | 272 | \u2014 \nOther | 839 | 660 \nGross deferred tax assets | 38,771 | 38,721 \nValuation allowance | (38,771) | (37,103)\nNet deferred income tax assets | \u2014 | 1,618 \nDeferred income tax liabilities: | | \nIntangibles and goodwill | \u2014 | (1,618) \nNet deferred income tax liabilities | $\u2014 | $\u2014 "} {"_id": "d1a73b46e", "title": "", "text": "5.2 Employee share plans (continued)\nShares issued under the FY2019, FY2018 and FY2017 Performance Rights plans\nFor the purposes of Sections 200B and 200E of the Corporations Act, iSelect shareholders have approved the giving of any potential benefits under the Performance Rights Plan provided in connection with any future retirement of a participant who holds a \u2018managerial or Executive office\u2019 such that for the purposes of the provisions, those benefits will not be included in the statutory limit.\nChange in control\nUpon a \u2018change of control\u2019, the Board has discretion to determine that some or all of the participants\u2019 Performance Rights vest immediately.\nFY2018 Performance Rights Plan\nThe following table illustrates the number of, and movements in, shares issued during the year:\n\n | 2019 NUMBER | 2018 NUMBER\n------------------------------------------ | ----------- | -----------\nOutstanding at the beginning of the period | 547,949 | - \nGranted during the period | - | 772,303 \nForfeited during the period | (140,687) | (224,354) \nExercised during the period | - | - \nOutstanding at the end of the period | 407,262 | 547,949 "} {"_id": "d1b310cd0", "title": "", "text": "NOTE 4 - PREPAID EXPENSES AND OTHER CURRENT ASSETS & PATENTS AND INTANGIBLE ASSETS\nPrepaid Expenses and Other Current Assets\nThe components of prepaid expenses and other current assets are as presented below:\nDuring 2019, tax refunds from the Internal Revenue Service of $5.0 million were received for the prepayment made during 2018.\n\n | As of December 31, | \n----------------------------------------------- | ------------------ | ------\n | 2019 | 2018 \n | (in thousands) | \nPrepaid income taxes | $\u2014 | $5,429\nOther prepaid expenses and other current assets | 288 | 1,151 \n | $288 | $6,580"} {"_id": "d1b2f364e", "title": "", "text": "The director compensation policies summarized above resulted in the following total compensation for our non-management directors in fiscal year 2019:\nDirector Compensation Table\n(1) Oleg Khaykin, President and Chief Executive Officer, is not included in this table as he was an employee of the Company and as such received no compensation for his services as a director. His compensation is disclosed in the Summary Compensation Table.\n(2) The amounts shown in this column represent the grant date fair values of RSUs issued pursuant to the Company\u2019s 2003 Equity Incentive Plan, computed in accordance with Financial Accounting Standards Board Accounting Standards Codification Topic 718 (\u201cFASB ASC Topic 718\u201d), excluding the effect of estimated forfeitures. There can be no assurance that these grant date fair values will ever be realized by the non-employee directors. For information regarding the number of unvested RSUs held by each non-employee director as of the end of fiscal year 2019, see the column \u201cUnvested Restricted Stock Units Outstanding\u201d in the table below\n\nDIRECTOR COMPENSATION | | | \n--------------------- | ------------------------------- | -------------------- | ---------\nName (1) | Fees Earned or Paid in Cash ($) | Stock Awards ($) (2) | Total ($)\nKeith Barnes | 102,500 | 178,317 | 280,817 \nRichard E. Belluzzo | 160,000 | 178,317 | 338,317 \nLaura Black | 67,500 | 178,317 | 245,817 \nTor Braham | 67,500 | 178,317 | 245,817 \nTimothy Campos | 77,500 | 178,317 | 255,817 \nDonald Colvin | 97,500 | 178,317 | 275,817 \nMasood A. Jabbar | 90,000 | 178,317 | 268,317 "} {"_id": "d1b3a5e20", "title": "", "text": "NOTE 15 \u2014 LEASES\nWe have operating and finance leases for datacenters, corporate offices, research and development facilities, retail stores, and certain equipment. Our leases have remaining lease terms of 1 year to 20 years, some of which include options to extend the leases for up to 5 years, and some of which include options to terminate the leases within 1 year.\nThe components of lease expense were as follows:\n\n(In millions) | | | \n----------------------------------- | -------- | -------- | --------\nYear Ended June 30, | 2019 | 2018 | 2017 \nOperating lease cost | $ 1,707 | $ 1,585 | $ 1,412\nFinance lease cost: | | | \nAmortization of right-of-use assets | $ 370 | $ 243 | $ 104 \nInterest on lease liabilities | 247 | 175 | 68 \nTotal finance lease cost | $617 | $418 | $172 "} {"_id": "d1b2fdc34", "title": "", "text": "NOTE 9\u2014PROPERTY, PLANT AND EQUIPMENT\nSignificant components of property, plant and equipment are as follows (in thousands):\nIn fiscal 2019, we entered into agreements related to the construction and leasing of two buildings on our existing corporate campus in San Diego, California. Under these agreements, a financial institution will own the buildings, and we will lease the property for a term of five years upon their completion.\nIn the third quarter of fiscal 2019 we sold the land and buildings comprising our separate CTS campus in San Diego. We have entered into a lease with the buyer of this campus and CTS employees will continue to occupy this separate campus until the new buildings on our corporate campus are ready for occupancy in fiscal 2021. In the third quarter of fiscal 2019 we also sold land and buildings in Orlando, Florida and we are entering a lease for new space in Orlando to accommodate our employees and operations in Orlando. In connection with the sale of these real estate campuses we received total net proceeds of $44.9 million and recognized net gains on the sales totaling $32.5 million.\nAs a part of our efforts to upgrade our current information systems, early in fiscal 2015 we purchased new enterprise resource planning (ERP) software and began the process of designing and configuring this software and other software applications to manage our operations.\nCosts incurred in the development of internal-use software and software applications, including external direct costs of materials and services and applicable compensation costs of employees devoted to specific software development, are capitalized as computer software costs. Costs incurred outside of the application development stage, or that are types of costs that do not meet the capitalization requirements, are expensed as incurred. Amounts capitalized are included in property, plant and equipment and are amortized on a straight-line basis over the estimated useful life of the software, which ranges from three to seven years. No amortization expense is recorded until the software is ready for its intended use.\nThrough September 30, 2019 we have incurred costs of $138.9 million related to the purchase and development of our ERP system, including $3.1 million, $22.5 million, and $40.6 million of costs incurred during fiscal years 2019, 2018 and 2017, respectively. We have capitalized $1.6 million, $7.5 million, and $16.7 million of qualifying software development costs as internal-use software development in progress during fiscal years 2019, 2018, and 2017, respectively. We have recognized expense for $1.5 million, $15.0 million, and $23.9 million of these costs in fiscal years 2019, 2018, and 2017, respectively, for costs that did not qualify for capitalization. Amounts that were expensed in connection with the development of these systems are classified within selling, general and administrative expenses in the Consolidated Statements of Operations.\nVarious components of our ERP system became ready for their intended use and were placed into service at various times from fiscal 2016 through fiscal 2019. As each component became ready for its intended use, the component\u2019s costs were transferred into completed software and we began amortizing these costs over their seven-year estimated useful life using the straight-line method. We continue to capitalize costs associated with the development of other ERP components that are not yet ready for their intended use.\nOur provisions for depreciation of plant and equipment and amortization of leasehold improvements and software amounted to $22.6 million, $19.5 million and $17.8 million in 2019, 2018 and 2017, respectively. Generally, we use straight-line methods for depreciable real property over estimated useful lives ranging from 15 to 39 years or for leasehold improvements, the term of the underlying lease if shorter than the estimated useful lives. We typically use accelerated methods (declining balance) for machinery and equipment and software other than our ERP system over estimated useful lives ranging from 5 to 10 years.\n\n | | September 30,\n-------------------------------------------------------------- | ---------- | -------------\n | 2019 | 2018 \nLand and land improvements | $ 7,348 | $ 13,132 \nBuildings and improvements | 48,191 | 57,959 \nMachinery and other equipment | 107,297 | 81,727 \nSoftware | 108,526 | 84,631 \nLeasehold improvements | 17,064 | 11,991 \nConstruction and internal-use software development in progress | 16,814 | 12,888 \nAccumulated depreciation and amortization | (160,271) | (144,782) \n | $ 144,969 | $ 117,546 "} {"_id": "d1b324ed8", "title": "", "text": "Lease liabilities regarding right-of-use assets are included on the balance sheet under \u201cBorrowings\u201d.\nExtension and termination options are included in several leases in order to optimize operational flexibility in terms of managing contracts. The lease term determined by TORM is the noncancellable period of a lease, together with any extension/termination options if these are/are not reasonably certain to be exercised.\n\nUSDm | 2019 | 2018\n--------------------------------------------------------------- | ---- | ----\nMaturity analysis - contractual undiscounted cash flow | | \nLess than one year | 7.5 | 5.2 \nOne to five years | 27.6 | 25.6\nMore than five years | 0.1 | - \nTotal undiscounted lease liabilities as of 31 December | 35.2 | 30.8\nLease liabilities included under \"Borrowings\" as of 31 December | 30.6 | 25.3\nNon-current | 10.2 | 3.2 \nCurrent | 20.4 | 22.1"} {"_id": "d1b3598ae", "title": "", "text": "Standard & Poor's Rating Services', a Standard & Poor's Financial Services LLC business (\"S&P\"), corporate credit rating is \"BBB.\" Moody\u2019s Investor Service, Inc.'s (\"Moody's\") applicable rating is \"Baa2.\" Fitch Ratings', a wholly owned subsidiary of Fimlac, S.A. (\"Fitch\"), applicable rating is \"BBB.\" The below table outlines the fees paid on the unused portion of the facility (\"Facility Fee Rate\") and letter of credit fees and borrowings (\"Undrawn Letter of Credit Fee and Borrowing Spread\") that corresponds to the applicable rating levels from S&P, Moody's and Fitch.\nIn the event the rating levels are split, the applicable fees and spread will be based upon the rating level in effect for two of the rating agencies, or, if all three rating agencies have different rating levels, the applicable fees and spread will be based upon the rating level that is between the rating levels of the other two rating agencies.\n\nRatings Level (S&P/Moody's/Fitch) | Facility Fee Rate | All-in Borrowing Spread\n--------------------------------- | ----------------- | -----------------------\nA-/A3/A- or above | 0.090% | 1.000% \nBBB+/Baa1/BBB+ | 0.100% | 1.125% \nBBB/Baa2/BBB (current level) | 0.125% | 1.250% \nBBB-/Baa3/BBB- | 0.175% | 1.375% \nBB+/Ba1/BB+ or lower | 0.225% | 1.625% "} {"_id": "d1b3183d6", "title": "", "text": "NOTE 14 \u2013 MAJOR CUSTOMERS AND VENDORS (CONTINUED)\nOur accounts receivable includes 3 customers that individually make up more than 10% of our accounts receivable at December 31, 2019 in the percentages of 17.8%, 15.4% and 13.3%.\nThe Company had four key partners through which 10% or greater of its revenue was generated in either 2019 or 2018 as set forth below. The amounts in the table below reflect the amount of revenue generated through those customers.\n\n | 2019 | | 2018 | \n----------- | --------- | ---- | --------- | ----\n | $ | % | $ | % \nPartner A | 1,315,706 | 5.3 | 6,841,386 | 32.3\nPartner B | 9,210,347 | 37.4 | 5,350,393 | 25.2\nPartner C | 4,051,217 | 16.5 | 2,584,103 | 12.2\nPartner D | 1,007,573 | 4.1 | 2,159,356 | 10.2"} {"_id": "d1b3c6e54", "title": "", "text": "3.1 Financial risk factors (continued)\n(a) Market risk (continued)\n(i) Foreign exchange risk (continued)\nAs at 31 December 2019, the Group\u2019s major monetary assets and liabilities exposed to foreign exchange risk are listed below:\nDuring the year ended 31 December 2019, the Group reported exchange gains of approximately RMB77 million (2018: RMB229 million) within \u201cFinance costs, net\u201d in the consolidated income statement.\nAs at 31 December 2019, management considers that any reasonable changes in foreign exchange rates of the above currencies against the two major functional currencies would not result in a significant change in the Group\u2019s results, as the net carrying amounts of financial assets and liabilities denominated in a currency other than the respective subsidiaries\u2019 functional currency are considered to be not significant, given the exchange rate peg between HKD and USD. Accordingly, no sensitivity analysis is presented for foreign exchange risk.\n\n | USD denominated RMB\u2019Million | Non-USD denominated RMB\u2019Million\n--------------------------------- | --------------------------- | -------------------------------\nAs at 31 December 2019 | | \nMonetary assets, current | 27,728 | 2,899 \nMonetary assets, non-current | 373 | \u2013 \nMonetary liabilities, current | (4,273) | (14,732) \nMonetary liabilities, non-current | (91) | (5,739) \n | 23,737 | (17,572) \nAs at 31 December 2018 | | \nMonetary assets, current | 18,041 | 1,994 \nMonetary assets, non-current | 2,642 | \u2013 \nMonetary liabilities, current | (3,434) | (4,587) \nMonetary liabilities, non-current | (3,733) | (9,430) \n | 13,516 | (12,023) "} {"_id": "d1b362116", "title": "", "text": "NOTE 3. PROPERTY AND EQUIPMENT\nThe classification of property and equipment, together with their estimated useful lives is as follows:\n(1) Excludes assets held for sale\n(2) Lesser of lease term or estimated useful life\nThe change in property and equipment in accrued liabilities was $14,315 and $15,674 for the fiscal years ended June 30, 2019 and 2018, respectively. These amounts were excluded from capital expenditures on the statements of cash flows.\nNo impairments of property and equipment were recorded in fiscal 2019 or 2018.\nDuring the third quarter of fiscal 2019, the Company received an unsolicited offer to purchase its Houston, TX, facility. At June 30, 2019, the facility included assets with a carrying value of approximately $5,055. Although management has not committed to the sale, a sale of the facility during fiscal 2020 is likely and the Company expects to record a gain on the sale upon closing, since the offer represents full appraisal value for the facility. Therefore, the assets are considered held for sale at June 30, 2019. Also held for sale at June 30, 2019, was the Company\u2019s Elizabethtown, KY facility. During the third quarter of fiscal 2018, the Company reached a definitive agreement to sell the property for $1,300 pending an expected closing date during the second quarter of fiscal 2020. An impairment loss was recorded on this facility during fiscal 2017 as disclosed in Note 2 to the Company\u2019s consolidated financial statements. Total assets held for sale by the Company at June 30, 2019 and 2018 were $6,355 and $1,300, respectively, and were included in assets held for sale on the Company\u2019s consolidated balance sheet for each year. Those balances are not included on the above table.\n\n | June 30, | | \n----------------------------- | -------- | -------- | ---------------------\n | 2019 | 2018 | Estimated Useful Life\nLand (1) | $23,243 | $24,845 | \nLand improvements (1) | 25,209 | 25,383 | 5 - 20 years \nBuildings (1) | 147,220 | 143,918 | 20 - 30 years \nLeasehold improvements | 48,478 | 48,060 | 5 - 30 years(2) \nEquipment and furniture | 365,101 | 328,864 | 3 - 10 years \nAircraft and equipment | 39,293 | 38,761 | 4 - 10 years \nConstruction in progress | 12,411 | 39,872 | \n | 660,955 | 649,703 | \nLess accumulated depreciation | 388,481 | 364,153 | \nProperty and equipment, net | $272,474 | $285,550 | "} {"_id": "d1a73ad20", "title": "", "text": "ADVANCED ENERGY INDUSTRIES, INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS \u2013 (continued) (in thousands, except per share amounts)\nNOTE 10. INVENTORIES\nOur inventories are valued at the lower of cost or net realizable value and computed on a first-in, first-out (FIFO) basis. Components of inventories are as follows:\n\n | December 31, | \n----------------------- | ------------ | -------\n | 2019 | 2018 \nParts and raw materials | $134,816 | $76,647\nWork in process | 10,269 | 6,644 \nFinished goods | 84,934 | 14,696 \nTotal | $230,019 | $97,987"} {"_id": "d1b3173d2", "title": "", "text": "Summarized 100% statement of financial position information for ASMPT equity method investment excluding basis adjustments (foreign currency exchange rate per December 31, 2019 was 1 HK$: \u20ac0.11432 for December 31, 2018: 1 HK$: \u20ac0.11151).\nEquity of ASMPT per December 31, 2019 translated into euros at a rate of 0.11432 was \u20ac1,329 million (our 25.19% share: \u20ac335 million).\nThe ASMPT Board is responsible for ongoing monitoring of the performance of the Back-end activities. The actual results of the Back-end operating unit are discussed with the ASMPT Audit Committee, which includes the representative of ASMI. The ASMI representative reports to the ASMI Management Board and the Audit Committee of ASMI on a quarterly basis.\nOur share of income taxes incurred directly by the associates is reported in result from investments in associates and as such is not included in income taxes in our consolidated financial statements.\n\n | December 31, | \n----------------------- | ------------ | ------\n(HK$ million) | 2018 | 2019 \nCurrent assets | 15,168 | 13,381\nNon-current assets | 5,907 | 7,464 \nCurrent liabilities | 7,792 | 4,432 \nNon-current liabilities | 1,122 | 4,781 \nEquity | 12,161 | 11,632"} {"_id": "d1b39b4fc", "title": "", "text": "The following is a roll forward of accrued restructuring charges for fiscal 2019 and fiscal 2018 (in millions):\nThe liability for restructuring and other exit costs of $47.8 million is included in accrued liabilities and other long-term liabilities, on the Company's consolidated balance sheets as of March 31, 2019.\n\n | Restructuring | | Non-Restructuring | \n-------------------------------------- | ------------------------- | ---------- | ----------------- | ------\n | Employee Separation Costs | Exit Costs | Exit Costs | Total \nBalance at March 31, 2017 | $5.4 | $34.8 | $\u2014 | $40.2 \nCharges | 1.2 | 0.7 | 20.0 | 21.9 \nPayments | (5.9) | (9.2) | (0.9) | (16.0)\nNon-cash - Other | (0.2) | 1.0 | \u2014 | 0.8 \nChanges in foreign exchange rates | 0.3 | \u2014 | \u2014 | 0.3 \nBalance at March 31, 2018 | 0.8 | 27.3 | 19.1 | 47.2 \nAdditions due to Microsemi acquisition | 10.4 | 9.0 | \u2014 | 19.4 \nCharges | 48.9 | (4.7) | \u2014 | 44.2 \nPayments | (47.1) | (13.1) | (4.1) | (64.3)\nNon-cash - Other | \u2014 | 0.7 | 0.7 | 1.4 \nChanges in foreign exchange rates | (0.1) | \u2014 | \u2014 | (0.1) \nBalance at March 31, 2019 | $12.9 | $19.2 | $15.7 | $47.8 \nCurrent | | | | $26.9 \nNon-current | | | | 20.9 \nTotal | | | | $47.8 "} {"_id": "d1b34acb4", "title": "", "text": "The following table summarizes the change in fair value of the Level 3 liabilities with significant unobservable inputs (in thousands):\nThe money market accounts are included in our cash and cash equivalents in our consolidated balance sheets. Our money market assets are valued using quoted prices in active markets.\nThe liability for the subsidiary unit awards relates to agreements established with employees of our subsidiaries for cash awards contingent upon the subsidiary companies meeting certain financial milestones such as revenue, working capital, EBITDA and EBITDA margin. We account for these subsidiary awards using fair value and establish liabilities for the future payment for the repurchase of subsidiary units under the terms of the agreements based on estimating revenue, working capital, EBITDA and EBITDA margin of the subsidiary units over the periods of the awards through the anticipated repurchase dates. We estimated the fair value of each liability by using a Monte Carlo simulation model for determining each of the projected measures by using an expected distribution of potential outcomes. The fair value of each liability is calculated with thousands of projected outcomes, the results of which are averaged and then discounted to estimate the present value. At each reporting date until the respective payment dates, we will remeasure these liabilities, using the same valuation approach based on the applicable subsidiary's revenue and future collection of financed customer receivables, the unobservable inputs, and we will record any changes in the employee's compensation expense. Some of the awards are subject to the employees' continued employment and therefore, recorded on a straight-line basis over the remaining service period. During the year ended December 31, 2019, we settled $0.2 million of the liability related to the subsidiary unit awards. The remaining liability balances are included in either accounts payable, accrued expenses and other current liabilities or other liabilities in our consolidated balance sheets (see Note 13).\nThe contingent consideration liability consists of the potential earn-out payment related to our acquisition of 85% of the issued and outstanding capital stock of OpenEye on October 21, 2019. The earn-out payment is contingent on the satisfaction of certain calendar 2020 revenue targets and has a maximum potential payment of up to $11.0 million. We account for the contingent consideration using fair value and establish a liability for the future earn-out payment based on an estimation of revenue attributable to perpetual licenses and subscription licenses over the 2020 calendar year. We estimated the fair value of the liability by using a Monte Carlo simulation model for determining each of the projected measures by using an expected distribution of potential outcomes. The contingent consideration liability was valued with Level 3 unobservable inputs, including the revenue volatility and the discount rate. At October 21, 2019, the fair value of the liability was $2.8 million. At each reporting date until the payment date in 2021, we will remeasure the liability, using the same valuation approach. Changes in the fair value resulting from information that existed subsequent to the acquisition date are recorded in the consolidated statements of operations. During the year ended December 31, 2019, the contingent consideration liability decreased $0.2 million to $2.6 million as compared to the initial liability recorded at the acquisition date, primarily due to a change to OpenEye's 2020 projected revenue. The unobservable inputs used in the valuation as of December 31, 2019 included a revenue volatility of 45% and a discount rate of 3%. Selecting another revenue volatility or discount rate within an acceptable range would not result in a significant change to the fair value of the contingent consideration liability.\nThe contingent consideration liability is included in other liabilities in our consolidated balance sheet as of December 31, 2019 (see Note 13).\nWe monitor the availability of observable market data to assess the appropriate classification of financial instruments within the fair value hierarchy. Changes in economic conditions or model-based valuation techniques may require the transfer of financial instruments from one fair value level to another. In such instances, the transfer is reported at the beginning of the reporting period. There were no transfers between Levels 1, 2 or 3 during the years ended December 31, 2019, 2018 and 2017. We also monitor the value of the investments for other-than-temporary impairment on a quarterly basis. No other-than-temporary impairments occurred during the years ended December 31, 2019, 2018 and 2017.\n\n | Fair Value Measurements Using Significant Unobservable Inputs | | \n------------------------------------------ | ------------------------------------------------------------- | ---------------------------------------------------- | ----------------------------\n | Year Ended December 31, 2019 | | Year Ended December 31, 2018\n | Subsidiary Unit Awards | Contingent Consideration Liability from Acquisitions | Subsidiary Unit Awards \nBeginning of period balance | 385 | $ \u2014 | $3,160 \nAcquired liabilities | \u2014 | 2,793 | \u2014 \nChanges in fair value included in earnings | (14) | (198) | 27 \nSettlements | (200) | \u2014 | (2,802) \nEnd of period balance | $171 | $2,595 | $385 "} {"_id": "d1b32f36a", "title": "", "text": "Market Information\nOur common stock is traded under the symbol \u201cOPRX\u201d on the Nasdaq Capital Market. Only a limited market exists for our securities. There is no assurance that a regular trading market will develop, or if developed, that it will be sustained. Therefore, a shareholder may be unable to resell his securities in our company.\nThe following tables set forth the range of high and low bid information for our common stock for the each of the periods indicated. These quotations reflect inter-dealer prices, without retail mark-up, mark-down or commission and may not necessarily represent actual transactions.\nOn March 24, 2020, the last sales price per share of our common stock was $7.93\n\n | Fiscal Year Ending December 31, 2018 | \n-------------------- | ------------------------------------ | -----\nQuarter Ended | High $ | Low $\nMarch 31, 2018 | 4.98 | 3.36 \nJune 30, 2018 | 11.00 | 4.29 \nSeptember 30, 2018 | 18.39 | 9.32 \nDecember 31, 2018 | 18.00 | 8.92 "} {"_id": "d1b38f4d6", "title": "", "text": "11 Employee Costs\nIncluded in wages and salaries above are $4.2M (2018: $4.0M) relating to retention payments arising on business combinations.\n\n | Year-ended 31 March 2019 | Year-ended 31 March 2018 Restated See note 2\n---------------------------------- | ------------------------ | --------------------------------------------\n | $M | $M \nWages and salaries | 286.0 | 271.8 \nSocial security costs | 25.6 | 27.3 \nPension costs | 8.9 | 8.4 \nOther costs | 12.7 | 12.1 \n | 333.2 | 319.6 \nShare-based payments (see note 29) | 36.9 | 42.3 \nTotal employee costs | 370.1 | 361.9 "} {"_id": "d1b2edb04", "title": "", "text": "Charters-in\nAs of December 31, 2019, the Company had commitments to charter-in 11 vessels, which are all bareboat charters. During the second quarter of 2019, the Company commenced a bareboat charter for the Overseas Key West for a lease term of 10 years. Based on the length of the lease term and the remaining economic life of the vessel, it is accounted for as a finance lease. The remaining 10 chartered-in vessels are accounted for as operating leases.\nThe right-of-use asset accounted for as a finance lease arrangement is reported in vessels and other property, less accumulated depreciation on our consolidated balance sheets. The Company holds options for 10 of the vessels chartered-in that can be exercised for one, three or five years with the one-year option only usable once, while the three- and five-year options are available indefinitely.\nThe lease payments for the charters-in are fixed throughout the option periods and the options are on a vessel-by-vessel basis that can be exercised individually. The Company exercised its option on one of its vessels to extend the term until June 2025. On December 10, 2018, the Company exercised its options to extend the terms of the other nine vessels.\nTerms for five of the vessels were extended for an additional three years, with terms ending in December 2022, and terms for four of the vessels were extended for an additional year, with terms ending December 2020. On December 11, 2019, the terms for the four vessels ending December 2020 were extended for an additional three years, with terms ending in December 2023.\nFive of the Company's chartered in vessels contain a deferred payment obligation (\u201cDPO\u201d) which relates to charter hire expense incurred by the Company in prior years and payable to the vessel owner in future periods. This DPO is due in quarterly installments with the final quarterly payment due upon lease termination.\nThe future minimum commitments under these leases are as follows:\nThe bareboat charters-in provide for variable lease payments in the form of profit share to the owners of the vessels calculated in accordance with the respective charter agreements or based on time charter sublease revenue. Because such amounts and the periods impacted are not reasonably estimable, they are not currently reflected in the table above. Due to reserve funding requirements and current rate forecasts, no profits are currently expected to be paid to the owners in respect of the charter term within the next year.\nFor the year ended December 31, 2019, lease expense for the 10 chartered-in vessels accounted for as operating leases was $90,359, which is included in charter hire expense on the consolidated statements of operations and operating cash flows on the consolidated statements of cash flows. The Company recognized sublease income of $188,163 for the year ended December 31, 2019.\nFor the year ended December 31, 2019, the Company had non-cash operating activities of $93,407 for obtaining operating right-of-use assets and liabilities that resulted from exercising lease renewals not assumed in the initial lease term.\nFor the year ended December 31, 2019, lease expense related to the Company's finance lease was $2,052 related to amortization of the right-of-use asset and $1,462 related to interest on the lease liability. These are included in operating cash flows on the consolidated statements of cash flows. For the year ended December 31, 2019, the Company had non-cash financing activities of $28,993 for obtaining finance right-of-use assets.\nFor the year ended December 31, 2018, lease expense relating to charters-in was $91,350, which is included in charter hire expense on the consolidated statements of operations.\n\nAt December 31, 2019 | Operating Leases | Finance Lease\n---------------------------- | ---------------- | -------------\n2020 | $92,404 | $4,172 \n2021 | 91,164 | 4,161 \n2022 | 107,654 | 4,161 \n2023 | 43,015 | 4,161 \n2024 | 9,168 | 4,172 \nThereafter | 4,534 | 17,180 \nNet minimum lease payments | 347,939 | 38,007 \nLess: present value discount | 40,891 | 10,448 \nTotal lease liabilities | $307,048 | $27,559 "} {"_id": "d1b3c1f6c", "title": "", "text": "NOTE 10\u2014GOODWILL AND PURCHASED INTANGIBLE ASSETS\nChanges in goodwill for the two years ended September 30, 2019 are as follows (in thousands):\nAs described in Note 18, we concluded that CMS became a separate operating segment beginning on October 1, 2017. In conjunction with the changes to reporting units, we reassigned goodwill between CGD and CMS based on their relative fair values on October 1, 2017.\nIn July 2017, we acquired Deltenna, a wireless infrastructure company specializing in the design and delivery of radio and antenna communication solutions. Deltenna\u2019s operations were included in our CGD reporting unit upon its acquisition. On April 1, 2019, we reorganized our reporting structure to include Deltenna in our CMS reporting unit and reassigned $3.4 million of goodwill from CGD to CMS based upon its relative fair value. Since its acquisition, Deltenna\u2019s sales, operating results, and cash flows have not been significant to our consolidated results. As such, reportable segment information has not been restated for this change in the composition of our reportable segments.\nWe complete our annual goodwill impairment test each year as of July 1 separately for our CTS, CGD and CMS reporting units.\nThe test for goodwill impairment is a two-step process. The first step of the test is performed by comparing the fair value of each reporting unit to its carrying amount, including recorded goodwill. If the carrying amount of a reporting unit exceeds its fair value, the second step is performed to measure the amount of the impairment, if any, by comparing the implied fair value of goodwill to its carrying amount. Any resulting impairment determined would be recorded in the current period.\nFor our 2019 impairment test, the estimated fair value of all three of our reporting units exceeded their respective carrying amounts. As such, there was no impairment of goodwill in 2019.\nSignificant management judgment is required in the forecast of future operating results that are used in our impairment analysis. The estimates we used are consistent with the plans and estimates that we use to manage our business. Although we believe our underlying assumptions supporting these assessments are reasonable, if our forecasted sales and margin growth rates, timing of growth, or the discount rate vary from our forecasts, we may be required to perform interim analyses in fiscal 2020 that could expose us to material impairment charges in the future.\n\n | Cubic Transportation Systems | Cubic Mission Solutions | Cubic Global Defense | Total \n-------------------------------------- | ---------------------------- | ----------------------- | -------------------- | ----------\nNet balances at September 30, 2017 | $ 50,870 | $ \u2014 | $ 270,692 | $ 321,562\nReassignment on October 1, 2017 | \u2014 | 125,321 | (125,321) | \u2014 \nAcquisitions (see Note 2) | \u2014 | 13,085 | 665 | 13,750 \nForeign currency exchange rate changes | (1,084) | (279) | (323) | (1,686) \nNet balances at September 30, 2018 | 49,786 | 138,127 | 145,713 | 333,626 \nReassignment on April 1, 2019 | \u2014 | 3,428 | (3,428) | \u2014 \nAcquisitions | 206,988 | 40,392 | \u2014 | 247,380 \nForeign currency exchange rate changes | (2,182) | (523) | (204) | (2,909) \nNet balances at September 30, 2019 | $ 254,592 | $ 181,424 | $ 142,081 | $ 578,097"} {"_id": "d1b3654f6", "title": "", "text": "Note 20. Net Income Per Common Share From Continuing Operations\nThe following table sets forth the computation of basic and diluted net income per common share from continuing operations (in millions, except per share amounts):\nThe Company computed basic net income per common share from continuing operations based on the weighted average number of common shares outstanding during the period. The Company computed diluted net income per common share from continuing operations based on the weighted average number of common shares outstanding plus potentially dilutive common shares outstanding during the period.\nPotentially dilutive common shares from employee equity incentive plans are determined by applying the treasury stock method to the assumed exercise of outstanding stock options and the assumed vesting of outstanding RSUs. Weighted average common shares exclude the effect of option shares which are not dilutive. There were no anti-dilutive option shares for the years ended March 31, 2019, 2018, and 2017.\n\n | | Year Ended March 31, | \n-------------------------------------------------------------- | ------ | -------------------- | ------\n | 2019 | 2018 | 2017 \nNet income from continuing operations | $355.9 | $255.4 | $170.6\nBasic weighted average common shares outstanding | 236.2 | 232.9 | 217.2 \nDilutive effect of stock options and RSUs | 3.8 | 4.4 | 4.4 \nDilutive effect of 2007 Junior Convertible Debt | \u2014 | 1.3 | 12.7 \nDilutive effect of 2015 Senior Convertible Debt | 9.9 | 10.3 | 0.5 \nDilutive effect of 2017 Senior Convertible Debt | \u2014 | \u2014 | \u2014 \nDilutive effect of 2017 Junior Convertible Debt | \u2014 | \u2014 | \u2014 \nDiluted weighted average common shares outstanding | 249.9 | 248.9 | 234.8 \nBasic net income per common share from continuing operations | $1.51 | $1.10 | $0.79 \nDiluted net income per common share from continuing operations | $1.42 | $1.03 | $0.73 "} {"_id": "d1b37066c", "title": "", "text": "Stock-Based Compensation\nThe Company recognized total stock-based compensation cost related to equity incentive awards as follows (in thousands):\nA small portion of stock-based compensation cost above is capitalized in accordance with the accounting guidance for internal-use software. The Company uses the straight-line attribution method for recognizing stock-based compensation expense.\n\n | | For the Year Ended December 31, | \n----------------------------------- | ------- | ------------------------------- | -------\n | 2019 | 2018 | 2017 \nStock-based compensation cost: | | | \nCommon stock warrants | $\u2014 | $512 | $484 \nStock options | 16,489 | 13,279 | 11,295 \nRestricted stock units | 14,585 | 90 | \u2014 \nEmployee stock purchase plan | 3,326 | 2,069 | \u2014 \nTotal stock-based compensation cost | $34,400 | $15,950 | $11,779"} {"_id": "d1b3a83a0", "title": "", "text": "Financial and Operating Highlights\nCONTINUING OPERATIONS\n(1) See reconciliation of GAAP to non-GAAP financial measures tables in Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations in the Form 10-K.\n\n(Amounts in thousands, except per share data and percentages) | 2019 | 2018 | 2017 \n------------------------------------------------------------------------ | ---------- | ---------- | ----------\nBookings | $1,002,320 | $2,779,782 | $1,234,013\nBacklog | $3,400,952 | $4,064,451 | $2,536,499\nSales | $1,496,475 | $1,202,898 | $1,107,709\nSales growth % | 24% | 9% | \nResearch & development | $50,132 | $52,398 | $52,652 \nOperating income | $86,237 | $24,382 | $2,628 \nNet income (loss) per share, continuing operations attributable to Cubic | $1.67 | $0.29 | $(0.95) \nAdjusted EBITDA (1) | $146,594 | $104,561 | $87,470 \nAdjusted EBITDA growth % | 40% | 20% | \nAdjusted earnings per share (1) | $3.13 | $2.19 | $1.62 \nAdjusted earnings per share growth % | 43% | 35% | \nCash dividend per share | $0.27 | $0.27 | $0.27 \nLong-term debt, inclusive of current portion | $199,824 | $199,793 | $199,761 "} {"_id": "d1b369c7c", "title": "", "text": "Overview of 2019\nTotal revenues for 2019 were $36.0 million, a decrease of $75.0 million, or 68%, versus 2018. The decrease was primarily driven by the $70.9 million decrease in fixed fee license revenue and the $4.0 million decrease in per-unit royalty revenue.\nFor 2019, we had a net loss of $20.0 million as compared to $54.3 million of net income for 2018. The $74.4 million decrease in net income was mainly related to the $75.0 million decrease in total revenue partially offset by a $0.5 million decrease in cost and operating expenses for 2019 compared to 2018.\nWe adopted ASC 606, effective January 1, 2018. Consistent with the modified retrospective transaction method, our results of operations for periods prior to the adoption of ASC 606 remain unchanged. As a result, the change in total revenues from 2018 to 2019 included a component of accounting policy change arising from the adoption of ASC 606.\nThe\u00a0following table sets forth our consolidated statements of income data as a percentage of total revenues:\n\n | Years Ended December 31, | | \n----------------------------------------------- | ------------------------ | ------- | --------\n | 2019 | 2018 | 2017 \nRevenues: | | | \nFixed fee license revenue | 35.1 % | 75.3 % | 36.0 % \nPer-unit royalty revenue | 64.0 | 24.3 | 61.4 \nTotal royalty and license revenue | 99.1 | 99.6 | 97.4 \nDevelopment, services, and other | 0.9 | 0.4 | 2.6 \nTotal revenues | 100.0 | 100.0 | 100.0 \nCosts and expenses: | | | \nCost of revenues | 0.5 | 0.2 | 0.6 \nSales and marketing | 17.9 | 5.5 | 38.6 \nResearch and development | 21.8 | 8.8 | 33.6 \nGeneral and administrative | 119.4 | 37.7 | 152.4 \nRestructuring costs | \u2014 | \u2014 | 4.6 \nTotal costs and expenses | 159.6 | 52.2 | 229.8 \nOperating income (loss) | (59.6) | 47.8 | (129.8) \nInterest and other income | 5.0 | 1.7 | 1.0 \nOther expense | 0.2 | (0.2) | 0.9 \nIncome (loss) before provision for income taxes | (54.4) | 49.3 | (127.9) \nProvision for income taxes | (1.3) | (0.4) | (1.4) \nNet income (loss) | (55.7)% | 48.9 % | (129.3)%"} {"_id": "d1b342d3e", "title": "", "text": "At the balance sheet date, the combined principal accounting assumptions were as follows:\nFor the smaller overseas schemes the discount rate used was 1.50% (2017/18: 1.80%) and future pension increases were 1.30% (2017/18: 1.45%).\nAt 30 March 2019 and 31 March 2018, the discount rate was derived based on a bond yield curve expanded to also include bonds rated AA by one credit agency (and which might for example be rated A or AAA by other agencies).\n\n | At 30 Mar 2019 | | At 31 Mar 2018 | \n------------------------- | --------------- | ----------- | --------------- | -----------\n | Premier schemes | RHM schemes | Premier schemes | RHM schemes\nDiscount rate | 2.45% | 2.45% | 2.70% | 2.70% \nInflation \u2013 RPI | 3.25% | 3.25% | 3.15% | 3.15% \nInflation \u2013 CPI | 2.15% | 2.15% | 2.05% | 2.05% \nExpected salary increases | n/a | n/a | n/a | n/a \nFuture pension increases | 2.10% | 2.10% | 2.10% | 2.10% "} {"_id": "d1b2f1b46", "title": "", "text": "8. Marketable Securities\nThe cost, gross unrealized gains, gross unrealized losses and fair market value of available-for-sale securities at April 30, 2019 and 2018, respectively, were as follows (in thousands):\n\n | | | April 30, 2019 | \n----------------------- | ------ | ---------------------- | ----------------------- | -----------------\n | Cost | Gross Unrealized Gains | Gross Unrealized Losses | Fair Market Value\nFixed income securities | $8,152 | $71 | $(24) | $8,199 \n | | | April 30, 2018 | \n | Cost | Gross Unrealized Gains | Gross Unrealized Losses | Fair Market Value\nFixed income securities | $6,274 | $10 | $(135) | $6,149 "} {"_id": "d1b3b3764", "title": "", "text": "Revenue\nThe Company adopted ASC 606 effective January 1, 2018 using the modified retrospective method. The Company recognized the cumulative effect of initially applying ASC 606, which was immaterial, as an adjustment to the opening balance of retained earnings. The comparative prior period information is accounted for in accordance with the previous revenue guidance, ASC 605, and has not been restated. In accordance with ASC 606, the Company recognizes revenue under the core principle to depict the transfer of control to the Company\u2019s customers in an amount reflecting the consideration the Company expects to be entitled. In order to achieve that core principle, the Company applies the following five step approach: (1) identify the contract with a customer, (2) identify the performance obligations in the contract, (3) determine the transaction price, (4) allocate the transaction price to the performance obligations in the contract and (5) recognize revenue when a performance obligation is satisfied.\nRevenue for product sales is recognized at the point in time when control transfers to the Company\u2019s customers, which is generally when products are shipped from the Company\u2019s manufacturing facilities or when delivered to the customer\u2019s named location. When the Company performs shipping and handling activities after the transfer of control to the customer (e.g., when control transfers prior to delivery), they are considered to be fulfillment activities, and accordingly, the costs are accrued for when the related revenue is recognized. Taxes collected on behalf of customers relating to product sales and remitted to governmental authorities, principally sales taxes, are excluded from revenue.\nThe opening and closing balances of the Company\u2019s accounts receivable and deferred revenue are as follows (in thousands):\nThe amount of revenue recognized in the period that was included in the opening deferred revenue balances was approximately$5.1 million for the year ended December 31, 2019. Generally, increases in current and non-current deferred revenue are related to billings to, or advance payments from, customers for which the Company has not yet fulfilled its performance obligations, and decreases are related to revenue recognized. Deferred revenue not expected to be recognized within the Company\u2019s operating cycle of one year is presented as a component of \u201cOther long-term liabilities\u201d on the consolidated balance sheet.\nAt times, the Company receives orders for products that may be delivered over multiple dates that may extend across reporting periods. The Company invoices for each delivery upon shipment and recognizes revenues for each distinct product delivered, assuming transfer of control has occurred. Generally, scheduled delivery dates are within one year, and the Company has elected to use the optional exemption whereby revenues allocated to partially completed contracts with an expected duration of one year or less are not disclosed. As of December 31, 2019, the Company had no contracts with unsatisfied performance obligations with a duration of more than one year.\n\n | Balance at Beginning of | | \n------------------------------ | ----------------------- | --------------------- | ------------------------\n | Period (1/1/19) | Increase / (Decrease) | Balance at End of Period\nYear Ended December 31, 2019 | | | \nAccounts receivable | $90,831 | $7,117 | $97,948 \nDeferred revenue (current) | $5,101 | $(618) | $4,483 \nDeferred revenue (non-current) | $3,707 | $(263) | $3,444 "} {"_id": "d1b3bbe96", "title": "", "text": "Stock-based Compensation Expense\nThe following table sets forth the total stock-based compensation expense resulting from stock options, RSUs, and ESPP included in the Company\u2019s consolidated statements of operations (in thousands):\nDuring the years ended December 31, 2019, 2018, and 2017 the Company capitalized stock-based compensation cost of $0.5 million, $0.1 million, and $0.3 million, respectively, in projects in process as part of property and equipment, net on the accompanying consolidated balance sheets.\nAs of December 31, 2019, there was $60.3 million unrecognized stock-based compensation expense of which $13.9 million is related to stock options and ESPP and $46.4 million is related to RSUs. The total unrecognized stock-based compensation expense related to stock options and ESPP as of December 31, 2019 will be amortized over a weighted-average period of 2.87 years. The total unrecognized stock-based compensation expense related to RSUs as of December 31, 2019 will be amortized over a weighted-average period of 2.69 years.\n\n | | Year Ended December 31, | \n-------------------------------------- | ------ | ----------------------- | ------\n | 2019 | 2018 | 2017 \nCost of revenues | 2,193 | 2,315 | 2,000 \nSales and marketing | 6,812 | 6,596 | 6,621 \nResearch and development | 4,804 | 6,137 | 7,949 \nGeneral and administrative | 18,328 | 16,338 | 15,682\nTotal stock-based compensation expense | 32,137 | 31,386 | 32,252"} {"_id": "d1b390908", "title": "", "text": "Interest Cost\nThe following table presents the amount of interest cost recognized relating to both the contractual interest coupon and amortization of the debt discount, issuance costs, and effective portion of interest rate contracts with respect to the Senior Notes, convertible notes, the term loan agreement, commercial paper, and the revolving credit facility during the fiscal years ended June 30, 2019, June 24, 2018, and June 25, 2017.\nThe increase in interest expense during the 12 months ended June 30, 2019, is primarily the result of the issuance of $2.5 billion of Senior Notes in March 2019.\n\n | | YearEnded | \n-------------------------------------- | ------------- | -------------- | -------------\n | June 30, 2019 | June 24, 2018 | June 25, 2017\n | | (in thousands) | \nContractual interest coupon | $100,712 | $77,091 | $95,195 \nAmortization of interest discount | 3,937 | 12,225 | 22,873 \nAmortization of issuance costs | 1,426 | 2,034 | 2,414 \nEffect of interest rate contracts, net | 4,086 | 3 | (4,756) \nTotal interest cost recognized | $110,161 | $91,353 | $115,726 "} {"_id": "d1b31b40a", "title": "", "text": "Employee Share Purchase Plan (ESPP)\nThe Company estimates the fair value of its ESPP share options on the date of grant using the Black-Scholes option-pricing model, which requires the use of highly subjective estimates and assumptions. The Company estimates the expected term of ESPP share options based on the length of each offering period, which is six months.\nThe risk-free interest rate is based on a treasury instrument whose term is consistent with the expected life of the ESPP share option. Expected volatility is based on the Company\u2019s historical volatility. The Company uses an expected dividend rate of zero as it currently has no history or expectation of paying dividends on its ordinary shares.\nThe grant date fair value per ordinary share is based on the closing market value of its ordinary shares on the first day of each ESPP offering period. The first authorized offering period under the ESPP commenced on July 1, 2017.\nThe fair value of each ESPP option grant was estimated using the Black-Scholes option-pricing model that used the following weighted-average assumptions:\nThe weighted-average per share fair value of ESPP share options granted to employees during the years ended March 31, 2019 and 2018, was $9.58 and $6.41, respectively.\n\n | Year ended March 31, | \n---------------------------------------- | -------------------- | ------\n | 2019 | 2018 \nExpected term (in years) | 0.5 | 0.5 \nRisk-free interest rate | 2.3% | 1.4% \nExpected volatility | 39.1% | 29.9% \nExpected dividend yield | \u2014% | \u2014% \nGrant date fair value per ordinary share | $36.69 | $27.15"} {"_id": "d1b3860b6", "title": "", "text": "Note 11. Income Taxes\nThe income tax provision consists of the following (amounts in millions):\nOn December 22, 2017, the Tax Cuts and Jobs Act (the \"Act\") was enacted into law. The Act provides for numerous significant tax law changes and modifications including the reduction of the U.S. federal corporate income tax rate from 35.0% to 21.0%, the requirement for companies to pay a one-time transition tax on earnings of certain foreign subsidiaries that were previously tax deferred and the creation of new taxes on certain foreign-sourced earnings.\nAccounting Standards Codification (\"ASC\") 740, Income Taxes, requires companies to recognize the effect of the tax law changes in the period of enactment. However, the SEC staff issued Staff Accounting Bulletin (\"SAB\") 118, which allowed companies to record provisional amounts during a measurement period that is similar to the measurement period used when accounting for business combinations. The Company recorded a reasonable estimate when measurable and with the understanding that the provisional amount was subject to further adjustments under SAB 118. In addition, for significant items for which the Company could not make a reasonable estimate, no provisional amounts were recorded. As of December 31, 2018, the Company completed its review of the previously recorded provisional amounts related to the Act, recorded necessary adjustments, and the amounts are now final under SAB 118.\nAs of March 31, 2018, the Company remeasured certain deferred tax assets and liabilities based on the rates at which they were expected to reverse in the future (which was generally 21%), by recording a provisional income tax benefit of $136.7 million. Upon further analysis of certain aspects of the Act and refinement of its calculations during the period ended December 31, 2018, the Company did not make adjustments to the provisional amount\nThe one-time transition tax is based on the Company's total post-1986 earnings and profits (E&P), the tax on which the Company previously deferred from U.S. income taxes under U.S. law. The Company recorded a provisional amount for its one-time transition tax expense for each of its foreign subsidiaries, resulting in a transition tax expense of $644.7 million at March 31, 2018. Upon further analyses of the Act and notices and regulations issued and proposed by the U.S. Department of the Treasury and the Internal Revenue Service, the Company finalized its calculations of the transition tax expense during the period ended December 31, 2018. The Company increased its March 31, 2018 provisional amount by $13.1 million to $657.8 million, which is included as a component of income tax expense from continuing operations. The measurement period adjustment of $13.1 million decreased basic and diluted net income per common share by $0.06 and $0.05, respectively, for the year ended March 31, 2019.\nThe Company intends to invest substantially all of its foreign subsidiary earnings, as well as its capital in its foreign subsidiaries, indefinitely outside of the U.S. in those jurisdictions in which the Company would incur significant, additional costs upon repatriation of such amounts. It is not practical to estimate the additional tax that would be incurred, if any, if the permanently reinvested earnings were repatriated.\n\n | | Year Ended March 31, | \n------------------------------------ | -------- | -------------------- | --------\n | 2019 | 2018 | 2017 \nPretax (loss) income: | | | \nU.S. | $(593.4) | $(127.3) | $(279.3)\nForeign | 797.9 | 864.6 | 369.1 \n | $204.5 | $737.3 | $89.8 \nCurrent (benefit) expense: | | | \nU.S. Federal | $(98.0) | $369.4 | $21.3 \nState | (5.3) | 0.5 | 1.0 \nForeign | 14.1 | 60.8 | 23.8 \nTotal current (benefit) expense | $(89.2) | $430.7 | $46.1 \nDeferred expense (benefit): | | | \nU.S. Federal | $11.9 | $82.5 | $(114.7)\nState | 0.6 | 0.1 | (5.4) \nForeign | (74.7) | (31.4) | (6.8) \nTotal deferred (benefit) expense | (62.2) | 51.2 | (126.9) \nTotal Income tax (benefit) provision | $(151.4) | $481.9 | $(80.8) "} {"_id": "d1b343144", "title": "", "text": "NOTE 11\u2014FINANCING ARRANGEMENTS\nLong-term debt consists of the following (in thousands):\nMaturities of long-term debt for each of the five years in the period ending September 30, 2024, are as follows: 2020 \u2014 $10.7 million; 2021 \u2014 $35.7 million; 2022 \u2014 $35.7 million; 2023 \u2014 $35.7 million; 2024 \u2014 $35.7 million.\nIn March 2013, we entered into a note purchase and private shelf agreement pursuant to which we issued $100.0 million of senior unsecured notes, bearing interest at a rate of 3.35% and maturing on March 12, 2025. Pursuant to the agreement, on July 17, 2015, we issued an additional $25.0 million of senior unsecured notes, bearing interest at a rate of 3.70% and maturing on March 12, 2025. Interest payments on the notes issued in 2013 and 2015 are due semi-annually and principal payments are due from 2021 through 2025. On February 2, 2016 we revised the note purchase agreement and we issued an additional $75.0 million of senior unsecured notes bearing interest at 3.93% and maturing on March 12, 2026. Interest payments on these notes are due semi-annually and principal payments are due from 2020 through 2026.\nThe agreement pertaining to the aforementioned notes also contained a provision that the coupon rate would increase by a further 0.50% should the company\u2019s leverage ratio exceed a certain level.\n\nSeptember 30, | 2019 | 2018 \n-------------------------------------------------------------------------------------------------- | --------- | ---------\nSeries A senior unsecured notes payable to a group of insurance companies, interest fixed at 3.35% | $ 50,000 | $ 50,000\nSeries B senior unsecured notes payable to a group of insurance companies, interest fixed at 3.35% | 50,000 | 50,000 \nSeries C senior unsecured notes payable to a group of insurance companies, interest fixed at 3.70% | 25,000 | 25,000 \nSeries D senior unsecured notes payable to a group of insurance companies, interest fixed at 3.93% | 75,000 | 75,000 \n | 200,000 | 200,000 \nLess unamortized debt issuance costs | (175) | (207) \nLess current portion | (10,714) | \u2014 \n | $189,111 | $199,793 "} {"_id": "d1b31f564", "title": "", "text": "(d) Share-Based Awards Available for Grant\nA summary of share-based awards available for grant is as follows (in millions):\nFor each share awarded as restricted stock or a restricted stock unit award under the 2005 Plan, 1.5 shares was deducted from the available share-based award balance. For restricted stock units that were awarded with vesting contingent upon the achievement of future financial performance or market-based metrics, the maximum awards that can be achieved upon full vesting of such awards were reflected in the preceding table.\n\nYears Ended | July 27, 2019 | July 28, 2018 | July 29, 2017\n------------------------------------------------------------------- | ------------- | ------------- | -------------\nBalance at beginning of fiscal year | 245 | 272 | 242 \nRestricted stock, stock units, and other share-based awards granted | (67) | (70) | (76) \nShare-based awards canceled/forfeited/expired | 18 | 18 | 78 \nShares withheld for taxes and not issued | 23 | 25 | 28 \nOther | 1 | \u2014 | \u2014 \nBalance at end of fiscal year | 220 | 245 | 272 "} {"_id": "d1b385576", "title": "", "text": "2 Alternative performance measures continued\nReturn on capital employed (ROCE)\nROCE measures effective management of fixed assets and working capital relative to the profitability of the business. It is calculated as adjusted operating profit divided by average capital employed. More information on ROCE can be found in the Capital Employed and ROCE sections of the Financial Review on page 57.\nAn analysis of the components is as follows:\n\n | 2019 | 2018 \n------------------------------------------------------- | ------- | -------\n | \u00a3m | \u00a3m \nProperty, plant and equipment | 251.2 | 230.8 \nRight-of-use assets (IFRS 16) | 40.8 | \u2013 \nPrepayments | 0.9 | 6.2 \nInventories | 185.9 | 160.6 \nTrade receivables | 240.7 | 245.1 \nOther current assets | 35.3 | 32.9 \nTax recoverable | 8.4 | 4.6 \nTrade, other payables and current provisions | (178.3) | (172.0)\nCurrent tax payable | (26.7) | (23.7) \nCapital employed | 558.2 | 484.5 \nAverage capital employed | 521.4 | 482.2 \nAverage capital employed (excluding IFRS 16) | 501.0 | 482.2 \nOperating profit | 245.0 | 299.1 \nAdjustments (see adjusted operating profit on page 160) | 37.7 | (34.2) \nAdjusted operating profit | 282.7 | 264.9 \nAdjusted operating profit (excluding IFRS 16) | 281.4 | 264.9 \nReturn on capital employed | 54.2% | 54.9% \nReturn on capital employed (excluding IFRS 16) | 56.2% | 54.9% "} {"_id": "d1b38d69a", "title": "", "text": "(1) Represents accelerated vesting of 48,849 stock options. Pursuant to Mr. Dooley\u2019s stock option agreements (dated January 17, 2019),\nif Mr. Dooley\u2019s employment is terminated without cause or for good reason within six months following a \u201cchange in control\u201d, he will\nbecome immediately vested in all outstanding unvested stock options, and all of Mr. Dooley\u2019s outstanding options shall remain\nexercisable in accordance with their terms, but in no event for less than 90 days after such termination.\n(2) Represents accelerated vesting of 15,000 unvested restricted stock units. Pursuant to Mr. Dooley\u2019s restricted stock unit agreement\n(dated March 1, 2012), upon a \u201cchange in control\u201d all non-vested units shall accelerate and be vested as of the date of the \u201cchange in\ncontrol\u201d and if Mr. Dooley\u2019s employment is terminated without cause or for good reason, all non-vested units shall accelerate and be\nvested as of the date of termination\n(3) Represents accelerated vesting of 7,500 unvested restricted stock units. Pursuant to Mr. Dooley\u2019s restricted stock unit agreement\n(dated March 1, 2012), on the event of Mr. Dooley\u2019s death or total disability, 7,500 restricted stock units (50% of the unvested restricted\nstock units granted under such agreement at December 31, 2018) would vest.\n(4) Represents accelerated vesting of 10,630 unvested performance restricted stock units. Pursuant to Mr. Dooley's performance restricted\nstock unit agreement (dated January 17, 2019), if Mr. Dooley\u2019s employment is terminated without cause or for good reason within six\nmonths following a \u201cchange in control\u201d or if Mr. Dooley's employment is terminated due to death or total disability, all non-vested units\nshall accelerate and be vested as of the date of termination.\n\nType of Payment | Termination by Systemax without \u201cCause\u201d or Resignation by Employee for \u201cgood reason\u201d ($) | Termination Due to Death or Total Disability ($) | Change In Control Only ($) | Termination by Systemax without \u201cCause\u201d or Resignation by Employee for \u201cgood reason\u201d within a certain period of time following a Change in Control ($)\n------------------------------------------------------------------------ | ---------------------------------------------------------------------------------------- | ------------------------------------------------ | -------------------------- | ------------------------------------------------------------------------------------------------------------------------------------------------------\nCash Compensation (Salary & Non-Equity Incentive Compensation) | - | - | - | - \nValue of Accelerated Vesting of Stock Option Awards | - | - | - | 505,100 (1) \nValue of Accelerated Vesting of Restricted Stock Unit Awards | 377,400 (2) | 188,700 (3) | 377,400 (2) | - \nValue of Accelerated Vesting of Performance Restricted Stock Unit Awards | - | 267,500 (4) | - | 267,500 (4) \nMedical and Other Benefits | - | - | - | - \nTotal | 377,400 | 456,200 | 377,400 | 772,600 "} {"_id": "d1b37b1d4", "title": "", "text": "NOTE 14 \u2013 OTHER LIABILITIES\nThe carrying amount is a reasonable approximation of fair value due to the short-term nature of the receivables. Please refer to note 21 for further information on fair value hierarchies.\n\nUSDm | 2019 | 2018\n----------------------------------- | ---- | ----\nPartners and commercial managements | 0.5 | 1.2 \nAccrued operating expenses | 14.1 | 9.1 \nAccrued interest | 4.0 | 4.6 \nWages and social expenses | 14.3 | 16.1\nDerivative financial instruments | 12.3 | 3.4 \nPayables to joint ventures | 0.1 | 0.1 \nOther | 2.0 | 2.0 \nBalance as of 31 December | 47.3 | 36.5"} {"_id": "d1b3715f8", "title": "", "text": "Historical Cash Flows\nThe following table sets forth our cash flows for the periods indicated (in thousands):\n\n | | Year Ended December 31, | \n------------------------------------------------ | -------- | ----------------------- | ---------\n | 2019 | 2018 | 2017 \nCash flows from operating activities | $47,112 | $60,710 | $57,187 \nCash flows used in investing activities | (73,414) | (13,377) | (168,795)\nCash flows (used in) / from financing activities | (130) | 2,399 | 67,303 "} {"_id": "d1b2e6264", "title": "", "text": "A reconciliation of income tax expense provided at the federal statutory rate (21% in fiscal year 2019, 28.27% in fiscal year 2018, and 35% in fiscal year 2017) to actual income tax expense is as follows:\nIn July 2015, the U.S. Tax Court issued an opinion favorable to Altera with respect to Altera\u2019s litigation with the IRS. The litigation related to the treatment of stock-based compensation expense in an intercompany cost-sharing arrangement with Altera\u2019s foreign subsidiary. In its opinion, the U.S. Tax Court accepted Altera\u2019s position of excluding stock-based compensation from its intercompany cost-sharing arrangement. In June 2019, the Ninth Circuit, through a three-judge panel, reversed the 2015 decision of the U.S. Tax Court. Altera has petitioned the Ninth Circuit for an en banc rehearing of a larger panel of eleven Ninth Circuit judges. The Company will continue to monitor and evaluate the potential impact of this litigation on its fiscal year 2020 Consolidated Financial Statements. The estimated potential impact is in the range of $75 million, which may result in a decrease in deferred tax assets and an increase in tax expense.\nEffective from fiscal year 2014 through 2017, the Company had a tax ruling in Switzerland for one of its foreign subsidiaries. The impact of the tax ruling decreased taxes by approximately $6.3 million for fiscal year 2017. The benefit of the tax ruling on diluted earnings per share was approximately $0.03 in fiscal year 2017. Effective fiscal year 2018, the Company has withdrawn its reduced tax rate ruling in Switzerland for this subsidiary due to the ruling being no longer necessary as the subsidiary meets the requirements to achieve the reduced tax rate under Swiss tax law.\nEarnings of the Company\u2019s foreign subsidiaries included in consolidated retained earnings that are indefinitely reinvested in foreign operations aggregated to approximately $458.4 million at June 30, 2019. If these earnings were remitted to the United States, they would be subject to foreign withholding taxes of approximately $73.1 million at current statutory rates.\n\n | | Year Ended | \n----------------------------------------------------- | ------------- | -------------- | -------------\n | June 30, 2019 | June 24, 2018 | June 25, 2017\n | | (in thousands) | \nIncome tax expense computed at federal statutory rate | $513,780 | $891,011 | $634,086 \nState income taxes, net of federal tax benefit | (17,565) | (50,585) | (11,973) \nForeign income taxed at different rates | (260,344) | (939,808) | (352,860) \nSettlements and reductions in uncertain tax positions | (31,291) | (33,367) | (144,519) \nTax credits | (71,779) | (69,301) | (37,713) \nState valuation allowance, net of federal tax benefit | 26,742 | 57,302 | 12,070 \nEquity-based compensation | (7,566) | (35,875) | 13,187 \nOther permanent differences and miscellaneous items | 39,251 | 43,214 | 1,632 \nU.S. tax reform impacts | 63,913 | 908,517 | \u2014 \n | $255,141 | $771,108 | $113,910 "} {"_id": "d1b2f9daa", "title": "", "text": "3 Segmental reporting continued\nCapital additions, depreciation, amortisation and impairment\nCapital additions include property, plant and equipment of \u00a359.0m (2018: \u00a333.5m), of which \u00a38.1m (2018: \u00a30.2m) was from acquisitions in the period, and other intangible assets of \u00a372.0m (2018: \u00a319.0m) of which \u00a360.2m (2018: \u00a39.1m) relates to acquired intangibles from acquisitions in the period. Right-of-use asset additions of \u00a348.9m occurred during the 12 month period to 31st December 2019, of which \u00a336.1m relates to additions on 1st January 2019 as a result of transition to IFRS 16, \u00a311.7m relates to new leases entered into in 2019 and \u00a31.1m from acquisitions. Capital additions split between the UK and rest of the world are UK \u00a336.8m (2018: \u00a320.1m) and rest of the world \u00a3143.1m (2018: \u00a332.4m).\n\n | 2019 | 2019 | 2018 | 2018 \n-------------------------- | ----------------- | ----------------------------------------- | ----------------- | -----------------------------\n | Capital additions | Depreciation, amortisation and impairment | Capital additions | Depreciation and amortisation\n | \u00a3m | \u00a3m | \u00a3m | \u00a3m \nSteam Specialties | 57.7 | 35.8 | 27.9 | 30.1 \nElectric Thermal Solutions | 81.6 | 18.4 | 6.0 | 13.6 \nWatson-Marlow | 40.6 | 22.4 | 18.6 | 14.4 \nGroup total | 179.9 | 76.6 | 52.5 | 58.1 "} {"_id": "d1a738d04", "title": "", "text": "16. Income Taxes\nThe provisions (benefits) for income taxes differed from the amount computed by applying the federal statutory income tax rate to income (loss) before income taxes due to the following items for the years ended December 31, 2019 and 2018 (in millions):\nThe income tax benefit as of December 31, 2019 is $20.6 million. The benefit was primarily driven by a net valuation allowance release of $37.4 million related to the Insurance segment partially offset by an impairment of goodwill which is not deductible for tax purposes. The Insurance segment is profitable in 2019 and in a three-year overall cumulative income position as of December 31, 2019.\nThe profitability is driven by current year income associated with favorable claims and reserve development relative to expected. Further, unrealized gains from the investment portfolio continued to grow in 2019.\nThe amount recorded as of December 31, 2018 primarily relates to separate state filings that do not have net operating losses available to offset income. In the third quarter of 2018, the Insurance segment acquired Humana\u2019s long-term care business, Kanawha Insurance Company. The combined insurance entity generated a net operating loss for the year due to additional tax deductions related to increases in policy holder reserves. In addition, the bargain purchase gain is not taxable. This net operating loss was carried forward but had a valuation allowance. Additionally, the income tax expense generated from the sale of BeneVir in the second quarter of 2018 is offset by tax attributes for which a valuation allowance had been recorded. Therefore, there is no net income tax expense recorded in the income statement for the sale.\n\n | Years Ended December 31, | \n---------------------------------------------------- | ------------------------ | ------\n | 2019 | 2018 \nTax provision (benefit) at federal statutory rate | $ (11.9) | $ 38.3\nPermanent differences | 0.3 | 1.5 \nState tax, net of federal benefit | (7.3) | 6.2 \nForeign rate differential | 1.4 | (0.9) \nMinority interest | 0.2 | (4.6) \nExecutive and stock compensation | 2.5 | 3.5 \nIncrease (decrease) in valuation allowance | (7.6) | (43.8)\nTransaction costs | 0.1 | 1.5 \nTax credits generated/utilized | (2.2) | \u2014 \nReturn to provision | (6.0) | 15.6 \nASU 2017-11 adoption | (1.3) | \u2014 \nGoodwill impairment | 10.9 | \u2014 \nGain/loss on sale or deconsolidation of a subsidiary | \u2014 | 5.7 \nBargain purchase gain | \u2014 | (24.2)\nOther | (1.8) | 3.6 \nWarrant liability | 2.1 | \u2014 \nIncome tax (benefit) expense | $ (20.6) | $ 2.4 "} {"_id": "d1b3168b0", "title": "", "text": "4. VESSELS\nVessels consists of the carrying value of 23 vessels for the year ended December 31, 2019 and December 31, 2018, respectively. Vessels includes capitalized drydocking costs.\nDepreciation is calculated based on cost less estimated residual value of $8.0 million per vessel over the estimated useful life of the vessel using the straight-line method. The estimated useful life of a vessel is 25 years from the date the vessel is delivered from the shipyard.\n*Depreciation charges of $497.0 million related to vessels disposed of in 2018 is excluded\n** Impairment charges of $2.2 million and $110.5 million related to vessels disposed of in 2018 is excluded\nThe Company has taken three vessels through periodical maintenance surveys in 2019 and further two vessels were in drydock for periodical maintenance as at December 31, 2019.\nImpairment Loss on Vessels\nThe Company has not recorded any impairment loss on vessels for the year ended December 31, 2019. The Company recorded an impairment loss of $2.2 million and $110.5 million for the years ended December 31, 2018 and December 31, 2017, respectively.\nThe Company reviewed its assets for impairment on an asset by asset basis. In determining whether the assets are recoverable, the Company compared the estimate of the undiscounted cash flows expected to be generated by the assets to its carrying value. As of December 31, 2019, it was determined that the sum of the undiscounted cash flows for each vessel exceeded its carrying value and no impairment was recorded.\nIn developing estimates of future undiscounted cash flows, we made assumptions and estimates based on historical trends as well as future expectations. The most important assumption in determining undiscounted cash flows are the estimated freight rates. Freight rates are volatile and the analysis is based on market rates obtained from third parties, in combination with historical achieved rates by the Company.\n\n | 2019 | 2018 \n------------------------------------------- | --------- | ----------\nAll figures in USD \u2018000 | | \nVessels as of January 1 | 1,307,087 | 1,769,967 \nAdditions Vessels | 2,531 | 169,446 \nDisposals Vessels | - | (632,326) \nDrydocking as of January 1 | 52,331 | 119,303 \nAdditions Drydocking | 7,618 | 8,210 \nDisposals Drydocking | - | (75,182) \nTotal Vessels and Drydocking | 1,369,567 | 1,359,418 \nLess Accumulated Depreciation | (469,570) | (405,660)*\nLess Accumulated Impairment Loss on Vessels | - | -** \nVessels | 899,997 | 953,758 "} {"_id": "d1b322b60", "title": "", "text": "15. Revenue from Contracts with Customers\nImpact of Adopting Topic 606\nThe effects of the adoption on the Company's Consolidated Financial Statements for the fiscal year ended September 28, 2019 was as follows (in thousands):\n\n | | Fiscal Year Ended | \n--------------------------------- | ------------------------------ | ---------------------------- | --------------------------------------------------------------\n | September 28, 2019\nAs Reported | Adjustments due to Topic 606 | September 28, 2019\nAs Adjusted - Without\nAdoption of Topic 606\nNet sales | $3,164,434 | $14,880 | $3,149,554 \nCost of sales | 2,872,596 | 12,934 | 2,859,662 \n Gross profit | 291,838 | 1,946 | 289,892 \n Operating income | 142,055 | 1,946 | 140,109 \n Income before income taxes | 125,955 | 1,946 | 124,009 \nIncome tax expense | 17,339 | 440 | 16,899 \n Net income | $108,616 | $1,506 | $107,110 "} {"_id": "d1b364006", "title": "", "text": "Base Salary\nBase salary for our named executive officers is the fixed component of our executive compensation program. We use base salary to compensate our named executive officers for services rendered during the year and to recognize the experience, skills, knowledge and responsibilities required of each named executive officer. We apply no specific formula to determine adjustments to base salary. Adjustments to base salary have been made to reflect our economic condition and future expected performance. We continue to provide base salaries that are conservative relative to competitive market pay levels.\nIn April 2018, our compensation committee reviewed the base salaries of Mses. Friar, Henry, Reses and Whiteley, taking into consideration a competitive market analysis performed by Compensia, the recommendations of our CEO and our then-current People Lead, the desire to retain our highly qualified executive team and the other factors described above. Following this review, our compensation committee approved an increase in the annual base salary levels for Mses. Friar, Henry, Reses and Whiteley to $400,000, in each case effective as of April 1, 2018, in order to improve competitive alignment with our peers. In addition, our compensation committee determined that it was appropriate to leave our CEO\u2019s 2018 base salary level at $2.75 per year, at the request of our CEO and with compensation committee approval.\nThe annualized base salaries of our named executive officers as of December 31, 2018 compared to December 31, 2017 were:\n(1) Ms. Friar resigned from her position as Chief Financial Officer, effective as of November 16, 2018, at which time her annual base salary was $400,000.\n(2) Ms. Whiteley was appointed to General Counsel and Corporate Secretary effective March 18, 2018, and her salary was adjusted to reflect her promotion to this role.\n(3) The base salaries of Messrs. Daswani and Murphy were not adjusted in conjunction with their service as interim co-CFOs. Salary adjustments for Messrs. Daswani and Murphy made in April 2018, prior to their becoming named executive officers, were made as part of the company-wide compensation review program. Their salary adjustments were recommended by their direct manager and approved by the then-current People Lead. Messrs. Daswani and Murphy\u2019s annualized base salaries at the time of their appointment as interim co-CFOs were $300,000 and $295,000, respectively.\n\nNamed Executive Officer | Annual Base Salary as of December 31, 2017 | Annual Base Salary as of December 31, 2018 | Percentage Increase\n----------------------- | ------------------------------------------ | ------------------------------------------ | -------------------\nMr. Dorsey | $2.75 | $2.75 | 0% \nMs. Friar (1) | $350,000 | $N/A | N/A \nMs. Henry | $350,000 | $400,000 | 14% \nMs. Reses | $350,000 | $400,000 | 14% \nMs. Whiteley (2) | $325,000 | $400,000 | 23% \nMr. Daswani (3) | $280,000 | $300,000 | 7% \nMr. Murphy (3) | $270,000 | $295,000 | 9% "} {"_id": "d1b385396", "title": "", "text": "BOOKINGS\nThe following table shows new orders levels for 2019 and the backlog for 2018:\nThe backlog includes orders for which purchase orders or letters of intent have been accepted, typically for up to one year. Historically, orders have been subject to cancellation or rescheduling by customers. In addition, orders have been subject to price negotiations and changes in specifications as a result of changes in customers\u2019 requirements. Due to possible customer changes in delivery schedules and requirements, and to cancellations of orders, our backlog at any particular date is not necessarily indicative of actual sales for any subsequent period.\nFor the year in total, our new bookings increased by 24% in 2019 to \u20ac1,170 million, excluding the proceeds from the settlements. The book-to-bill, as measured by orders divided by revenue, was 1.0 in 2019. Equipment bookings were led by the foundry segment, followed by logic and memory. Bookings strengthened in the course of the year, excluding the settlement gains, from \u20ac235 million in the first quarter to \u20ac270 million in the second quarter, \u20ac292 million in the third quarter and finished at a new record high of \u20ac373 million in the fourth quarter. We also finished the year with a record high order backlog of \u20ac351 million, an increase of 16% compared to the end of 2018.\n\n | | Year ended December 31, | \n---------------------------------------------------- | ------- | ----------------------- | --------\n(EUR million) | 2018 | 2019 | % Change\nBacklog at the beginning of the year | 176.3 | 301.5 | 71% \nNew orders | 942.1 | 1,328.9 | 41% \nRevenue | (818.1) | (1,283.9) | 57% \nFX-effect | 6.3 | 4.7 | \nAdjustment IFRS 15 | (5.1) | \u2013 | \nBacklog as per reporting date | 301.5 | 351.2 | 16% \nBook-to-bill ratio (new orders divided by net sales) | 1.2 | 1.0 | "} {"_id": "d1b3b0334", "title": "", "text": "Relative importance of the spend on pay\nThe following table shows the Group\u2019s actual spend on pay for all employees compared to distributions to shareholders. The average number of employees has also been included for context. Revenue and Operating profit have also been disclosed as these are two key measures of Group performance.\n1 2018 comparatives have been restated to reflect the adoption of IFRS 9, IFRS 15 and IFRS 16, and to include share buybacks.\n\n | 2019 | Restated 2018 | \n------------------------------------------------------------------------------------------------------------- | ----- | ------------- | --------\n | \u00a3m | \u00a3m | % change\nEmployee costs (see note 7 to the consolidated financial statements) | 56.0 | 54.5 | 3% \nAverage number of employees (see note 6 to the consolidated financial statements) | 802 | 822 | 3% \nRevenue (see Consolidated income statement) | 355.1 | 330.1 | 8% \nOperating profit | 243.7 | 221.3 | 10% \nDividends paid and proposed and share buybacks (see notes 26 and 27 to the consolidated financial statements) | 156.4 | 152.8\u00b9 | 2% "} {"_id": "d1b39fa5c", "title": "", "text": "Revenue and costs are generally directly attributed to our segments. However, due to the integrated structure of our business, certain revenue recognized and costs incurred by one segment may benefit other segments. Revenue from certain contracts is allocated among the segments based on the relative value of the underlying products and services, which can include allocation based on actual prices charged, prices when sold separately, or estimated costs plus a profit margin. Cost of revenue is allocated in certain cases based on a relative revenue methodology. Operating expenses that are allocated primarily include those relating to marketing of products and services from which multiple segments benefit and are generally allocated based on relative gross margin.\nIn addition, certain costs incurred at a corporate level that are identifiable and that benefit our segments are allocated to them. These allocated costs include costs of: legal, including settlements and fines; information technology; human resources; finance; excise taxes; field selling; shared facilities services; and customer service and support. Each allocation is measured differently based on the specific facts and circumstances of the costs being allocated. Certain corporate-level activity is not allocated to our segments, including restructuring expenses.\nSegment revenue and operating income were as follows during the periods presented:\nCorporate and Other operating loss comprised restructuring expenses.\n\n(In millions) | | | \n----------------------------------- | ---------- | ----------- | ----------\nYear Ended June 30, | 2019 | 2018 | 2017 \nRevenue | | | \nProductivity and Business Processes | $ 41,160 | $ 35,865 | $ 29,870 \nIntelligent Cloud | 38,985 | 32,219 | 27,407 \nMore Personal Computing | 45,698 | 42,276 | 39,294 \nTotal | $ 125,843 | $ 110,360 | $ 96,571\nOperating Income (Loss) | | | \nProductivity and Business Processes | $ 16,219 | $ 12,924 | $ 11,389 \nIntelligent Cloud | 13,920 | 11,524 | 9,127 \nMore Personal Computing | 12,820 | 10,610 | 8,815 \nCorporate and Other | 0 | 0 | (306) \nTotal | $ 42,959 | $ 35,058 | $ 29,025 "} {"_id": "d1b397758", "title": "", "text": "Liquidity and Capital Resources\nWe fund our operations primarily through cash generated from operations. As of December 31, 2019, we had cash and cash equivalents totalling $36.6 million, marketable securities of $434.8 million and accounts receivable of $97.9 million.\nWe believe our existing cash balances and anticipated cash flow from future operations will be sufficient to meet our working capital and capital expenditure needs for at least the next 12 months and the foreseeable future. Our future capital requirements may vary materially from those currently planned and will depend on many factors, including our rate of revenue growth, the timing and extent of spending on research and development efforts and other business initiatives, purchases of capital equipment to support our growth, the expansion of sales and marketing activities, any expansion of our business through acquisitions of or investments in complementary products, technologies or businesses, the use of working capital to purchase additional inventory, the timing of new product introductions, market acceptance of our products and overall economic conditions. To the extent that current and anticipated future sources of liquidity are insufficient to fund our future business activities and requirements, we may be required to seek additional equity or debt financing. In the event additional financing is required from outside sources, we may not be able to raise it on terms acceptable to us or at all. We believe our existing cash balances and anticipated cash flow from future operations will be sufficient to meet our working capital and capital expenditure needs for at least the next 12 months and the foreseeable future. Our future capital requirements may vary materially from those currently planned and will depend on many factors, including our rate of revenue growth, the timing and extent of spending on research and development efforts and other business initiatives, purchases of capital equipment to support our growth, the expansion of sales and marketing activities, any expansion of our business through acquisitions of or investments in complementary products, technologies or businesses, the use of working capital to purchase additional inventory, the timing of new product introductions, market acceptance of our products and overall economic conditions. To the extent that current and anticipated future sources of liquidity are insufficient to fund our future business activities and requirements, we may be required to seek additional equity or debt financing. In the event additional financing is required from outside sources, we may not be able to raise it on terms acceptable to us or at all. We believe our existing cash balances and anticipated cash flow from future operations will be sufficient to meet our working capital and capital expenditure needs for at least the next 12 months and the foreseeable future. Our future capital requirements may vary materially from those currently planned and will depend on many factors, including our rate of revenue growth, the timing and extent of spending on research and development efforts and other business initiatives, purchases of capital equipment to support our growth, the expansion of sales and marketing activities, any expansion of our business through acquisitions of or investments in complementary products, technologies or businesses, the use of working capital to purchase additional inventory, the timing of new product introductions, market acceptance of our products and overall economic conditions. To the extent that current and anticipated future sources of liquidity are insufficient to fund our future business activities and requirements, we may be required to seek additional equity or debt financing. In the event additional financing is required from outside sources, we may not be able to raise it on terms acceptable to us or at all.\nOn April 30, 2018, our Board of Directors authorized a stock repurchase program for the repurchase of up to $60.0 million of our common stock, of which $39.7 million was used to repurchase shares in 2018 prior to the program\u2019s expiration on December 31, 2018.\n\n | | Year Ended December 31, | \n--------------------------------------------------- | --------- | ----------------------- | ---------\n | 2019 | 2018 | 2017 \n | | (in thousands) | \nCash and cash equivalents | $36,617 | $60,444 | $67,495 \nMarketable securities | 434,761 | 339,424 | 297,115 \nWorking capital | 368,912 | 370,445 | 361,621 \nNet cash provided by operating activities | 72,819 | 83,085 | 61,893 \nNet cash used in investing activities | (103,579) | (56,237) | (207,907)\nNet cash provided by (used in) financing activities | 6,933 | (33,899) | 5,477 "} {"_id": "d1a72c19e", "title": "", "text": "Cash Flow\nOur cash flows from operating, investing and financing activities, as reflected in the Consolidated Statement of Cash Flows on page 71 are summarized in the table below. These amounts include the cash flows associated with the Global Financing business.\nNet cash provided by operating activities decreased $477 million in 2019 driven by the following key factors: \u2022 An increase in cash income tax payments of $346 million; \u2022 An increase in interest payments on debt of approximately $300 million, driven by incremental debt used to fund the acquisition of Red Hat; and \u2022 Performance-related declines within net income, including lower operating cash flows due to businesses divested in 2019; partially offset by \u2022 An increase of $836 million in cash provided by financing receivables.\nNet cash used in investing activities increased $22,023 million driven by: \u2022 An increase in net cash used for acquisitions of $32,491 million, primarily driven by the acquisition of Red Hat; offset by \u2022 An increase of $7,223 million in cash provided by net non-operating finance receivables primarily driven by the wind down of OEM IT commercial financing operations; \u2022 A decrease in cash used for net capital expenditures of $1,346 million; and \u2022 An increase in cash provided by divestitures of $1,076 million.\nFinancing activities were a net source of cash of $9,042 million in 2019 compared to a net use of cash of $10,469 million in 2018. The year-to-year increase in cash flow of $19,512 million was driven by: \u2022 An increase in net cash sourced from debt transactions of $16,584 million primarily driven by net issuances to fund the Red Hat acquisition; and \u2022 A decrease in cash used for gross common share repurchases of $3,082 million.\n\n($ in millions) | | \n----------------------------------------------------------------------------- | -------- | --------\nFor the year ended December 31: | 2019 | 2018 \nNet cash provided by/(used in) continuing operations | | \nOperating activities | $14,770 | $15,247 \nInvesting activities | (26,936) | (4,913) \nFinancing activities | 9,042 | (10,469)\nEffect of exchange rate changes on cash, cash equivalents and restricted cash | (167) | (495) \nNet change in cash, cash equivalents and restricted cash | $(3,290) | $(630) "} {"_id": "d1b30240a", "title": "", "text": "The defined benefit pension plan utilizes various investment securities. Generally, investment securities are exposed to various risks, such as interest rate risks, credit risk, and overall market volatility. Due to the level of risk associated with certain investment securities, it is reasonably possible that changes in the values of investment securities will occur and that such changes could materially affect the amounts reported.\nThe following table presents the Company\u2019s target for the allocation of invested defined benefit pension plan assets at June 30, 2019 and June 30, 2018:\n\n | As of June 30 | \n------------ | ------------- | ----\n | 2019 | 2018\nFixed income | 40% | 40% \nEquities | 55% | 55% \nOther | 5% | 5% \nTotal | 100% | 100%"} {"_id": "d1a738034", "title": "", "text": "NOTE 15. ACCRUED EXPENSES AND OTHER PAYABLES\nAccrued expenses and other payables consist of the following:\nPersonnel-related items comprise accrued management bonuses, accrued vacation days, accrued wage tax, social securities and pension premiums. Deferred revenue consists of the revenue relating to the undelivered elements of the arrangements, see Note 21 for more information. This part of revenue is deferred at their relative selling prices until delivery of these elements. Other includes accruals for VAT, other taxes and invoices to be received for goods and services.\n\n | December 31, | \n----------------------------------------- | ------------ | -------\n | 2018 | 2019 \nPersonnel-related items | 32,636 | 45,318 \nDeferred revenue | 28,255 | 32,146 \nFinancing related items | \u2013 | 3,912 \nCurrent portion of lease liabilities | \u2013 | 7,002 \nAdvanced payments from customers | 25,382 | 47,601 \nSupplier related items | 1,828 | 2,175 \nMarketing related items | 1,049 | 1,365 \nR&D projects | 1,209 | 1,109 \nOther | 8,634 | 9,215 \nTotal accrued expenses and other payables | 98,993 | 149,843"} {"_id": "d1b35d1ac", "title": "", "text": "Note 3: Debt\nA summary of debt is as follows (amounts in thousands):\n(1) Amount shown is net of discount, bank issuance costs and other indirect issuance costs of $13.3 million as of March 31, 2018.\n(2) Amount shown is net of discount, bank issuance costs and other indirect issuance costs of $8.7 million as of March 31, 2019.\n(3) Amount shown is net of discount of $2.1 million as of March 31, 2019.\n(4) Amounts shown are net of discounts of $0.6 million and $0.5 million as of March 31, 2019 and 2018, respectively.\n\n | March 31, | \n------------------------------ | --------- | --------\n | 2019 | 2018 \nTerm Loan Credit Agreement (1) | $\u2014 | $318,782\nTOKIN Term Loan Facility (2) | 276,808 | \u2014 \nCustomer Advances (3) | 11,270 | \u2014 \nOther, net (4) | 6,393 | 5,841 \nTotal debt | 294,471 | 324,623 \nCurrent maturities | (28,430) | (20,540)\nTotal long-term debt | $266,041 | $304,083"} {"_id": "d1b336b56", "title": "", "text": "Financial Highlights\nInternational Business Machines Corporation and Subsidiary Companies\n* Includes charges of $0.1 billion in 2019 and $2.0 billion in 2018 associated with U.S. tax reform.\n** See page 46 for a reconciliation of net income to operating earnings.\n\n($ in millions except per share amounts) | | \n----------------------------------------------------------------- | -------- | --------\nFor the year ended December 31: | 2019 | 2018 \nRevenue | $ 77,147 | $ 79,591\nNet Income | 9,431* | 8,728* \nIncome from continuing operations | 9,435* | 8,723* \nOperating (non-GAAP) earnings** | $ 11,436 | $ 12,657\nEarnings per share of common stock\u2014continuing operations | | \nAssuming dilution | 10.57* | 9.51* \nBasic | 10.63 | 9.56* \nDiluted operating (non-GAAP)** | $ 12.81 | $ 13.81\nNet cash provided by operating activities | $ 14,770 | $ 15,247\nCapital expenditures, net | $ 2,370 | $ 3,716\nShare repurchases | $ 1,361 | $ 4,443\nCash dividends paid on common stock | $ 5,707 | $ 5,666\nPer share of common stock | $ 6.43 | $ 6.21\nAt December 31: | 2019 | 2018 \nCash, cash equivalents, restricted cash and marketable securities | $ 9,009 | $ 12,222\nTotal assets | $152,186 | $123,382\nWorking capital | $ 718 | $ 10,918\nTotal debt | $ 62,899 | $ 45,812\nTotal equity | $ 20,985 | $ 16,929\nCommon shares outstanding (in millions) | 887 | 892 \nStock price per common share | $ 134.04 | $ 113.67"} {"_id": "d1b388ac8", "title": "", "text": "Note 3: Debt\nThe line item \u201cInterest expense\u201d on the Consolidated Statements of Operations for the fiscal years 2019, 2018 and 2017, respectively, is as follows (amounts in thousands):\n\n | | Fiscal Years Ended March 31, | \n--------------------------------------------------- | ------- | ---------------------------- | -------\n | 2019 | 2018 | 2017 \nContractual interest expense | $19,471 | $30,323 | $38,825\nCapitalized interest | (232) | (141) | (154) \nAmortization of debt issuance costs | 334 | 511 | 1,390 \nAmortization of debt (premium) discount | 1,481 | 1,843 | (788) \nImputed interest on acquisition related obligations | 57 | 113 | 159 \nInterest expense on capital leases | 128 | 233 | 323 \nTotal interest expense | $21,239 | $32,882 | $39,755"} {"_id": "d1b36b914", "title": "", "text": "Property and Equipment\nProperty and equipment are carried at cost. The following is a summary of property and equipment as of September 30, 2019 and 2018(amounts shown in thousands):\nDepreciation and amortization of property and equipment are provided using the straight-line method over estimated useful lives ranging from three to ten\nyears. Leasehold improvements are amortized over the shorter of the lease term or estimated useful life of the assets. Depreciation and amortization of property and equipment totaled $1.4 million, $0.6 million, and $0.3 million for the fiscal years ended September 30, 2019, 2018, and 2017, respectively. Expenditures for repairs and maintenance are charged to operations. Total repairs and maintenance expenses were $0.1 million, $0.1 million and $0.2 million for the fiscal years ended September 30, 2019, 2018, and 2017, respectively.\n\n | 2019 | 2018 \n--------------------------------------------------- | ------- | -------\nProperty and equipment\u2014at cost: | | \nLeasehold improvements | $3,575 | $3,825 \nEquipment | 3,041 | 2,604 \nCapitalized internal-use software development costs | 1,088 | 916 \nFurniture and fixtures | 526 | 425 \n | 8,230 | 7,770 \nLess: accumulated depreciation and amortization | (3,999) | (3,105)\nTotal property and equipment, net | $4,231 | $4,665 "} {"_id": "d1b3b92ea", "title": "", "text": "NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (in thousands, except for share and per share data)\nNOTE 16 \u2014 Stock-Based Compensation\nAt December 31, 2019, we had five stock-based compensation plans: the Non-Employee Directors' Stock Retirement Plan\n(\"Directors' Plan\"), the 2004 Omnibus Long-Term Incentive Plan (\"2004 Plan\"), the 2009 Omnibus Equity and Performance\nIncentive Plan (\"2009 Plan\"), the 2014 Performance & Incentive Plan (\"2014 Plan\"), and the 2018 Equity and Incentive\nCompensation Plan (\"2018 Plan\"). Future grants can only be made under the 2018 Plan.\nThese plans allow for grants of stock options, stock appreciation rights, restricted stock, restricted stock units (\"RSUs\"), performance\nshares, performance units, and other stock awards subject to the terms of the specific plans under which the awards are granted.\nThe following table summarizes the compensation expense included in selling, general and administrative expenses in the Consolidated Statements of Earnings related to stock-based compensation plans:\nThe fair value of all equity awards that vested during the periods ended December 31, 2019, 2018, and 2017 were $6,589, $5,805, and $5,471, respectively. We recorded a tax deduction related to equity awards that vested during the year ended December 31, 2019, in the amount of $1,489.\n\n | | Years Ended December 31, | \n---------------------- | ------ | ------------------------ | ------\n | 2019 | 2018 | 2017 \nService-Based RSUs | $2,207 | $2,036 | $1,762\nPerformance-Based RSUs | 2,553 | 3,089 | 2,350 \nCash-settled awards | 255 | 131 | 72 \nTotal | $5,015 | $5,256 | $4,184\nIncome tax benefit | 1,133 | 1,188 | 1,573 \nNet | $3,882 | $4,068 | $2,611"} {"_id": "d1b31b2e8", "title": "", "text": "Notes to Consolidated Financial Statements\nOperating Leases\nThe Company leases certain of its corporate, manufacturing and other facilities from multiple third- party real estate developers. The operating leases expire at various dates through 2034, and some of these leases have renewal options, with the longest ranging up to two, ten-year periods. Several of these leases also include market rate rent escalations, rent holidays, and leasehold improvement incentives, all of which are recognized to expense on a straight-line basis. Leasehold improvements made either at the inception of the lease or during the lease term are amortized over the lesser of the remaining life of the lease term (including renewals that are reasonably assured) or the useful life of the asset. The Company also leases various machinery and equipment and office equipment under non-cancelable operating leases. The remaining terms of these operating leases range from less than one year to approximately 15 years.\nRent expense under operating leases, covering facilities and equipment, was approximately $19.3 million, $16.3 million, and $14.8 million for fiscal years 2019, 2018 and 2017, respectively.\nCapital Leases\nIn fiscal 2018, the Company entered into a capital lease for a facility in Beijing, China that will allow the Company to consolidate several leased facilities as well as provide additional manufacturing space. The lease term is expected to commence in fiscal 2021 and therefore is not recorded on the Consolidated Balance Sheet as of March 30, 2019. The lease has an initial term of five years and includes multiple renewal options, with the maximum lease term not to exceed 30 years. The minimum future payments for this lease are included in the table below.\nPurchase commitments\nThe Company\u2019s other purchase commitments include payments due for materials and manufacturing services. The Company also has commitments for the purchase of property and equipment, a substantial majority of which will be due within the next 12 months.\nThe Company\u2019s minimum payments under non-cancelable leases and purchase commitments as of March 30, 2019, are as follows (in thousands):\n\nFiscal Year | Operating Leases | Capital Leases | Purchase Commitments\n---------------------- | ---------------- | -------------- | --------------------\n2020 | $22,207 | $241 | $328,435 \n2021 | 13,382 | 1,220 | 24,005 \n2022 | 10,331 | 1,220 | 5,654 \n2023 | 8,224 | 1,220 | 3,596 \n2024 | 7,139 | 1,220 | \u2014 \nThereafter | 31,598 | 47,258 | \u2014 \nTotal minimum payments | $92,881 | $52,379 | $361,690 "} {"_id": "d1b3a37a6", "title": "", "text": "Option Exercises and Stock Vested in Fiscal 2019\nThe following table sets forth certain details with respect to each of the Named Executive Officers concerning the exercise of stock options and vesting of stock in Fiscal 2019:\n(1) \u201cValue realized on exercise\u201d is the excess of the market price, at date of exercise, of the shares underlying the options over the exercise price of the options.\n(2) \u201cValue realized on vesting\u201d is the market price of the underlying Common Shares on the vesting date.\n(3) Relates to the vesting of PSUs and RSUs under our Fiscal 2018 LTIP.\n\n | Option Awards | | Stock Awards (3) | \n------------------- | ----------------------------------------- | --------------------------------- | ---------------------------------------- | --------------------------------\nName | Number of Shares Acquired on Exercise (#) | Value Realized on Exercise(1) ($) | Number of Shares Acquired on Vesting (#) | Value Realized on Vesting(2) ($)\nMark J. Barrenechea | 135,208 | $2,801,023 | 65,820 | $7,625,905 \nMadhu Ranganathan | \u2014 | $\u2014 | \u2014 | $\u2014 \nMuhi Majzoub | 100,000 | $2,592,411 | 10,900 | $1,263,646 \nGordon A. Davies | \u2014 | $\u2014 | 12,840 | $1,486,870 \nSimon Harrison | 26,504 | $714,495 | 8,980 | $346,808 "} {"_id": "d1b3aa42a", "title": "", "text": "Sales-Type Leases\nWe are the lessor in sales-type lease arrangements for network equipment, which have initial terms of up to five years. Our sales-type lease arrangements contain either a provision whereby the network equipment reverts back to us upon the expiration of the lease or a provision that allows the lessee to purchase the network equipment at a bargain purchase amount at the end of the lease. In addition, our sales-type lease arrangements do not contain any residual value guarantees or material restrictive covenants. The allocation of the consideration between lease and nonlease components is determined by stand-alone selling price by component. The net investment in sales-type leases consists of lease receivables less unearned income. Collectability of sales-type leases is evaluated periodically at an individual customer level. The Company has elected to exclude taxes related to sales-type leases from revenue and the associated expense of such taxes. As of December 31, 2019 and 2018, we did not have an allowance for credit losses for our net investment in sales-type leases. As of December 31, 2019 and 2018, the components of the net investment in sales-type leases were as follows:\n(1) Included in other receivables on the Consolidated Balance Sheet.\n(2) Included in other assets on the Consolidated Balance Sheet.\n\n(In thousands) | December 31, 2019 | December 31, 2018\n------------------------------------------------ | ----------------- | -----------------\nCurrent minimum lease payments receivable(1) | $1,201 | $11,339 \nNon-current minimum lease payments receivable(2) | 889 | 1,670 \nTotal minimum lease payments receivable | 2,090 | 13,009 \nLess: Current unearned revenue(1) | 365 | 631 \nLess: Non-current unearned revenue(2) | 163 | 473 \nNet investment in sales-type leases | $1,562 | $11,905 "} {"_id": "d1a727b8a", "title": "", "text": "The following table presents a reconciliation of revenue to constant currency revenue (in thousands, except for revenue growth):\nTotal revenue growth declined to 7% in 2019 from 12% in 2018. Our growth rate can depend on a variety of factors, such as new customers, the size, volume, and complexity of our agreements with our customers, foreign currency movements, our ability to work with our customers to implement and deliver our products, our ability to upsell and renew our existing customers, the success of our alliance and partnership arrangements, and the expansion of our business through emerging markets. The decline in the growth rate of total revenue was driven by our strategic plan to transition away from one-time professional services and recommit our efforts to grow recurring revenue and free cash flows.\n\n | | Year Ended December 31, | \n------------------------------------------------------------------------ | -------- | ----------------------- | --------\n | 2019 | 2018 | 2017 \nRevenue | $576,523 | $537,891 | $481,985\nForeign exchange effect on current period revenue using prior year rates | 7,077 | (5,291) | 5,865 \nConstant currency revenue | $583,600 | $532,600 | $487,850\nRevenue growth | 7.2% | 11.6% | 13.9% \nConstant currency revenue growth | 8.5% | 10.5% | 15.3% "} {"_id": "d1b3afc7c", "title": "", "text": "28. FINANCIAL INSTRUMENTS (cont.)\n(1) Other current and long-term financial assets classified as fair value through profit or loss were calculated using level 2 of the fair value hierarchy. All other balances were calculated using level 1 of the fair value hierarchy. (1) Other current and long-term financial assets classified as fair value through profit or loss were calculated using level 2 of the fair value hierarchy. All other balances were calculated using level 1 of the fair value hierarchy.\n(2) Indebtedness excludes deferred financing costs and prepayment options (December 31, 2018 \u2013 deferred financing costs, interest rate floor, prepayment option and net gain on repricing/repayment). (2) Indebtedness excludes deferred financing costs and prepayment options (December 31, 2018 \u2013 deferred financing costs, interest rate floor, prepayment option and net gain on repricing/repayment).\n(3) Trade and other receivables and trade and other payables approximate fair value due to the short-term maturity of these instruments.\n\nAs at December 31, 2018 | FVTPL | Amortised cost | Total | Fair Value | Fair Value hierarchy\n------------------------------------- | ------- | -------------- | ------------ | ------------ | --------------------\nCash and cash equivalents | $ - | $768,433 | $768,433 | $768,433 | Level 1 \nTrade and other receivables | - | 45,631 | 45,631 | 45,631 | (3) \nOther current financial assets (1) | 18,632 | 147 | 18,779 | 18,779 | Level 1, Level 2 \nOther long-term financial assets (1) | 33,796 | 21,959 | 55,755 | 55,755 | Level 1, Level 2 \nTrade and other payables | - | (30,659) | (30,659) | (30,659) | (3) \nOther current financial liabilities | (6) | (26,380) | (26,386) | (29,131) | Level 2 \nOther long-term financial liabilities | (5,627) | (48,894) | (54,521) | (54,733) | Level 2 \nIndebtedness (2) | - | (3,853,883) | (3,853,883) | (3,709,695) | Level 2 \n | $46,795 | $(3,123,646) | $(3,076,851) | $(2,935,620) | "} {"_id": "d1b39f048", "title": "", "text": "The components of the net deferred income tax assets as of September 28, 2019 and September 29, 2018, were as follows (in thousands):\nDuring fiscal 2019, the Company\u2019s valuation allowance increased by $0.8 million. This increase is the result of increases to the valuation allowances against the net deferred tax assets in the AMER region of $1.7 million, partially offset by a decrease in net deferred tax assets in the EMEA region of $0.9 million.\nAs of September 28, 2019, the Company had approximately $189.2 million of pre-tax state net operating loss carryforwards that expire between fiscal 2020 and 2040. Certain state net operating losses have a full valuation allowance against them. The Company also had approximately $79.6 million of pre-tax foreign net operating loss carryforwards that expire between fiscal 2019 and 2025 or are indefinitely carried forward. These foreign net operating losses have a full valuation allowance against them.\nDuring fiscal 2019, proposed and final regulations were issued and tax legislation was adopted in various jurisdictions. The impacts of these regulations and legislation on the Company\u2019s consolidated financial condition, results of operations and cash flows are included above.\nThe Company has been granted a tax holiday for a foreign subsidiary in the APAC segment. This tax holiday will expire onD ecember 31, 2024, and is subject to certain conditions with which the Company expects to continue to comply. During fiscal 2019, 2018 and 2017, the tax holiday resulted in tax reductions of approximately $23.9 million net of the impact of the GILTI provisions of Tax Reform ($0.79 per basic share, $0.77 per diluted share), $39.1 million ($1.19 per basic share, $1.15 per diluted share) and $37.5 million ($1.11 per basic share, $1.08 per diluted share), respectively.\nThe Company does not provide for taxes that would be payable if certain undistributed earnings of foreign subsidiaries were remitted because the Company considers these earnings to be permanently reinvested. The deferred tax liability that has not been recorded for these earnings was approximately $10.5 million as of September 28, 2019.\nThe Company has approximately $2.3 million of uncertain tax benefits as of September 28, 2019. The Company has classified these amounts in the Consolidated Balance Sheets as \"Other liabilities\" (noncurrent) in the amount of $1.5 million and an offset to \"Deferred income taxes\" (noncurrent asset) in the amount of $0.8 million. The Company has classified these amounts as \"Other liabilities\" (noncurrent) and \"Deferred income taxes\" (noncurrent asset) to the extent that payment is not anticipated within one year.\n\n | 2019 | 2018 \n--------------------------------------------- | -------- | --------\nDeferred income tax assets: | | \nLoss/credit carryforwards | $28,391 | $27,915 \nInventories | 16,809 | 6,459 \nAccrued benefits | 15,834 | 14,459 \nOther | 3,353 | 3,450 \nTotal gross deferred income tax assets | 64,387 | 52,283 \nLess valuation allowances | (29,170) | (28,369)\nDeferred income tax assets | 35,217 | 23,914 \nDeferred income tax liabilities: | | \nProperty, plant and equipment | 15,621 | 12,530 \nTax on unremitted earnings | 5,192 | 14,935 \nAcceleration of revenue under Topic 606 | 6,055 | \u2014 \nDeferred income tax liabilities | 26,868 | 27,465 \n Net deferred income tax assets/(liabilities) | 8,349 | (3,551) "} {"_id": "d1b38ce02", "title": "", "text": "Systems revenue of $8,034 million decreased 2.0 percent year to year as reported (2 percent adjusted for currency) driven by strong IBM Z performance in 2017 and continued price pressures impacting Storage Systems in a competitive environment.\nBoth hardware platforms were down year to year for the full year, as reported and adjusted for currency. This performance was partially offset by strong growth in Power Systems (which grew as reported and adjusted for currency in 2018) with strong performance in POWER9-based systems and Linux throughout the year. Within Systems, cloud revenue of $3.1 billion decreased 10 percent as reported and adjusted for currency compared to the prior year reflecting IBM Z product cycle dynamics.\n\n($ in millions) | | | | \n------------------------------- | ------ | ------ | ------------------------- | -----------------------------------------------\nFor the year ended December 31: | 2018 | | Yr.-to-Yr. Percent Change | Yr.-to-Yr. Percent Change Adjusted for Currency\nSystems external revenue | $8,034 | $8,194 | (2.0)% | (2.3)% \nSystems Hardware | $6,363 | $6,494 | (2.0)% | (2.3)% \nIBM Z | | | (5.4) | (5.6) \nPower Systems | | | 8.8 | 8.7 \nStorage Systems | | | (5.5) | (5.9) \nOperating Systems Software | 1,671 | 1,701 | (1.7) | (2.4) "} {"_id": "d1b324168", "title": "", "text": "(4) Property and Equipment\nProperty and equipment consist of the following (in thousands):\nDepreciation and amortization expense related to property and equipment was $22,538,000, $21,721,000 and $25,787,000 in 2019, 2018 and 2017, respectively.\nOn November 1, 2019, we completed the purchase of real estate in Chandler, Arizona for approximately $48,000,000 that we intend to use as our global corporate headquarters. The property contains a building and some infrastructure in place that we will complete readying for our use over the next year. We intend to sell our current properties in Tempe, Arizona.\nIncluded within the software, buildings and land values presented above are assets in the process of being readied for use in the amounts of approximately $12,138,000, $27,658,000 and $11,700,000, respectively. Depreciation on these assets will commence, as appropriate, when they are ready for use and placed in service.\n\n | December 31, | \n----------------------------------------- | ------------ | ---------\n | 2019 | 2018 \nSoftware | $114,674 | $170,327 \nBuildings | 92,092 | 64,263 \nEquipment | 60,661 | 100,421 \nFurniture and fixtures | 34,768 | 38,200 \nLease hold improvements | 33,668 | 26,319 \nLand | 31,374 | 5,124 \n | 367,237 | 404,654 \nAccumulated depreciation and amortization | (236,330) | (331,700)\nProperty and equipment, net | $130,907 | $72,954 "} {"_id": "d1b3148d0", "title": "", "text": "22. JOINT VENTURES (Cont\u2019d)\n\u2018\u2018NA\u2019\u2019 denotes Not Applicable.\nNotes:\n(1) Based on the Group\u2019s direct equity interest in AIS.\n(2) Others include adjustments to align the respective local accounting standards to SFRS(I).\n\n | Airtel | Telkomsel | Globe | AIS \n------------------------------------------------------------------------------------------------------------------- | ---------- | --------- | --------- | ---------\nGroup - 2017 | S$ Mil | S$ Mil | S$ Mil | S$ Mil \nStatement of financial position | | | | \nCurrent assets | 4,378.4 | 3,546.3 | 1,481.6 | 1,368.4 \nNon-current assets | 45,611.2 | 6,169.6 | 5,548.1 | 10,027.2 \nCurrent liabilities | (13,568.3) | (2,547.9) | (2,344.3) | (2,994.1)\nNon-current liabilities | (20,676.7) | (886.5) | (2,909.5) | (6,816.6)\nNet assets | 15,744.6 | 6,281.5 | 1,775.9 | 1,584.9 \nLess: Non-controlling interests | (1,399.0) | - | 0.4 | (5.7) \nNet assets attributable to equity holders | 14,345.6 | 6,281.5 | 1,776.3 | 1,579.2 \nProportion of the Group\u2019s ownership | 36.5% | 35.0% | 47.1% | 23.3% (1)\nGroup\u2019s share of net assets | 5,230.4 | 2,198.5 | 837.4 | 368.2 \nGoodwill capitalised | 1,229.0 | 1,403.6 | 381.7 | 293.3 \nOthers (2) | 387.6 | - | (139.9) | (2.4) \nCarrying amount of the investment | 6,847.0 | 3,602.1 | 1,079.2 | 659.1 \nOther items | | | | \nCash and cash equivalents | 348.7 | 2,371.9 | 229.1 | 522.0 \nNon-current financial liabilities excluding trade Current financial liabilities excluding trade and other payables | (19,774.0) | (570.2) | (2,658.7) | (3,690.1)\nCurrent financial liabilities excluding trade and other payables | (3,884.7) | (76.6) | (353.6) | (187.4) \nGroup's share of market value | 10,995.3 | NA | 3,544.1 | 5,013.9 "} {"_id": "d1b391a42", "title": "", "text": "General and Administrative Expense\nGeneral and administrative expense increased by $15.4 million in 2019 compared to 2018. The increase was primarily due to a $9.8 million increase in employee-related costs, which includes stock-based compensation, associated with our increased headcount from 89 employees as of December 31, 2018 to 113 employees as of December 31, 2019. There was an additional increase of $3.7 million in depreciation and amortization, $0.8 million to support compliance as a public company, a $0.6 million increase in office related expenses to support the administrative team, and an increase of $0.2 million in software subscription costs.\n\n | Year Ended December 31, | | Change | \n-------------------------- | ----------------------- | ---------------------- | -------- | -----\n | 2019 | 2018 | $ | % \n | | (dollars in thousands) | | \nGeneral and administrative | $ 46,820 | $ 31,462 | $ 15,358 | 48.8%\n% of revenue | 23% | 21% | | "} {"_id": "d1b389928", "title": "", "text": "The following table presents the contractual maturities of our debt investments as of April 26, 2019 (in millions):\nActual maturities may differ from the contractual maturities because borrowers may have the right to call or prepay certain obligations.\n\n | Amortized Cost | Fair Value\n-------------------------------------- | -------------- | ----------\nDue in one year or less | $ 591 | $ 589 \nDue after one year through five years | 644 | 642 \nDue after five years through ten years | 455 | 452 \n | $ 1,690 | $ 1,683 "} {"_id": "d1b39a368", "title": "", "text": "28 SHARE BASED COMPENSATION PLANS\nThe compensation cost recognised with respect to all outstanding plans and by grant of shares, which are all equity settled instruments, is as follows:\n(*) includes of 1,305,399 options granted towards Share Plan 2015 during twelve months ended March 31, 2019 at an average exercise price of $14.86 per share and average grant date fair value $2.6 per share.\n(**) includes Restricted Share Unit (RSU) and Other share option plans. In respect of 211,567 units/options granted towards RSU during twelve months ended March 31, 2019, grant date fair value approximates intrinsic value $10.48 per share. (**) includes Restricted Share Unit (RSU) and Other share option plans. In respect of 211,567 units/options granted towards RSU during twelve months ended March 31, 2019, grant date fair value approximates intrinsic value $10.48 per share.\n(***) includes 1,400,000 shares granted twelve months ended March 31, 2019 to management personnel at grant date fair value $10.08 per share.\nJoint Stock Ownership Plan (JSOP)\nIn April 2012, the Company established a controlled trust called the Eros International Plc Employee Benefit Trust (\u201cJSOP Trust\u201d). The JSOP Trust purchased 2,000,164 shares of the Company out of funds borrowed from the Company and repayable on demand. The Company\u2019s Board, Nomination and Remuneration Committee recommends to the JSOP Trust certain employees, officers and key management personnel, to whom the JSOP Trust will be required to grant shares from its holdings at nominal price. Such shares are then held by the JSOP Trust and the scheme is referred to as the \u201cJSOP Plan.\u201d The shares held by the JSOP Trust are reported as a reduction in stockholders\u2019 equity and termed as \u2018JSOP reserves\u2019.\n\n | | Year ended March 31 | \n------------------------------------------- | ------- | ------------------- | -------\n | 2019 | 2018 | 2017 \n | | (in thousands) | \nIPO India Plan | $1,198 | $1,572 | $2,140 \nJSOP Plan | \u2014 | 615 | 3,622 \nOption award scheme 2012 | \u2014 | 197 | 699 \n2014 Share Plan | 47 | (22) | 1,427 \n2015 Share Plan(*) | 3,059 | 100 | 328 \nOther share option awards(**) | 5,346 | 7,283 | 4,405 \nManagement scheme (staff share grant) (***) | 11,911 | 8,173 | 10,850 \n | $21,561 | $17,918 | $23,471"} {"_id": "d1b37ad42", "title": "", "text": "(B.2) Employee Benefits Expenses\nComponents of Employee Benefits Expenses\n\n\u20ac millions | 2019 | 2018 | 2017 \n--------------------------------------------------- | ------ | ------ | ------\nSalaries | 10,031 | 9,025 | 8,693 \nSocial security expenses | 1,477 | 1,339 | 1,281 \nShare-based payment expenses | 1,835 | 830 | 1,120 \nPension expenses | 369 | 330 | 312 \nEmployee-related restructuring expenses | 1,111 | 19 | 180 \nTermination benefits outside of restructuring plans | 47 | 52 | 57 \nEmployee benefits expenses | 14,870 | 11,595 | 11,643"} {"_id": "d1b3aaad8", "title": "", "text": "18. Other taxes\nThe other taxes (for example property tax, motor vehicle tax, excise tax and transaction tax) have the following effects on the income statement:\n\n\u20ac million | 2017/2018 | 2018/2019\n-------------------------------------------- | --------- | ---------\nOther taxes | 79 | 79 \nthereof from cost of sales | (1) | (1) \nthereof from selling expenses | (65) | (62) \nthereof from general administrative expenses | (13) | (16) "} {"_id": "d1b31aff0", "title": "", "text": "4. SEPARATELY DISCLOSED ITEMS\nThe Group has disclosed underlying EBITDA1 and underlying profit after tax, referring to the Group\u2019s trading results adjusted for certain transactions during the year that are not representative of the Group\u2019s regular business activities. The Group considers that these transactions are of such significance to understanding the ongoing results of the Group that the Group has elected to separately identify these transactions to determine an ongoing result to enable a 'like-for-like' comparison. These items are described as 'separately disclosed items' throughout this Financial Report.\nTransaction costs related to the acquisition of Sigma Systems (2018: acquisition of Enoro)\nTransaction costs of $2,063,000 were incurred in relation to the acquisition of the Sigma Systems group of entities (Sigma). These include costs associated with vendor due diligence, legal and other administrative matters, as well as related travel costs incurred to meet representatives of Sigma\u2019s management. These costs are included with 'Travel Expenses' and 'Other Expenses' in the Group\u2019s consolidated statement of comprehensive income.\nFurther details of the acquisition of Sigma are described in Note 24.\nIn the prior year, transaction costs of $677,000 were incurred in relation to the acquisition of Enoro Holdings AS (subsequently renamed to Hansen Technologies Holdings AS during FY19) and its controlled subsidiaries. These costs were included with 'Other Expenses' in the Group\u2019s consolidated statement of comprehensive income in the prior year.\nOnerous lease provision\nThe Group recognised a provision on future lease payments for one of our offices in the Americas, as the non-cancellable future payments in the lease contract are expected to exceed the benefits from keeping the office over the remainder of the lease term. The Group has separately identified these costs because it is not in the normal course of business activities. These costs are included with 'Property and Operating Rental Expenses' in the Group\u2019s consolidated statement of comprehensive income.\nRestructuring costs incurred in Sigma Systems\nIncluded in Sigma\u2019s results for June are $72,000 of restructuring costs related to certain redundancy payments post-acquisition. These costs are included with 'Employee Benefit Expenses' in the Group\u2019s consolidated statement of comprehensive income.\n\n | | 2019 | 2018 \n------------------------------------------------------------------------------------------ | ---- | ------- | -----\n | Note | $\u2019000 | $\u2019000\nDecrease to profit before tax | | | \nTransaction costs related to the acquisition of Sigma Systems (2018: acquisition of Enoro) | 24 | (2,063) | (677)\nOnerous lease provision | 14 | (659) | - \nRestructuring costs incurred in Sigma Systems | | (72) | - \nTotal separately disclosed items | | (2,794) | (677)"} {"_id": "d1b304e80", "title": "", "text": "The components of our deferred tax assets and liabilities were as follows:\nWe provide for taxes on the undistributed earnings of foreign subsidiaries. We do not provide for taxes on other outside basis temporary differences of foreign subsidiaries as they are considered indefinitely reinvested outside the U.S. At May 31, 2019, the amount of temporary differences related to other outside basis temporary differences of investments in foreign subsidiaries upon which U.S. income taxes have not been provided was approximately $7.9 billion. If the other outside basis differences were recognized in a taxable transaction, they would generate foreign tax credits that would reduce the federal tax liability associated with the foreign dividend or the otherwise taxable transaction. At May 31, 2019, assuming a full utilization of the foreign tax credits, the potential net deferred tax liability associated with these other outside basis temporary differences would be approximately $1.5 billion.\nOur net deferred tax assets were $2.4 billion and $1.3 billion as of May 31, 2019 and 2018, respectively. We believe that it is more likely than not that the net deferred tax assets will be realized in the foreseeable future. realization of our net deferred tax assets is dependent upon our generation of sufficient taxable income in future years in appropriate tax jurisdictions to obtain benefit from the reversal of temporary differences, net operating loss carryforwards and tax credit carryforwards. The amount of net deferred tax assets considered realizable is subject to adjustment in future periods if estimates of future taxable income change.\nThe valuation allowance was $1.3 billion at each of May 31, 2019 and 2018. Substantially all of the valuation allowances as of May 31, 2019 and 2018 related to tax assets established in purchase accounting and other tax credits. Any subsequent reduction of that portion of the valuation allowance and the recognition of the associated tax benefits associated with our acquisitions will be recorded to our provision for income taxes subsequent to our final determination of the valuation allowance or the conclusion of the measurement period (as defined above), whichever comes first.\n\n | | May 31,\n----------------------------------------------------------------------- | ------- | -------\n(in millions) | 2019 | 2018 \nDeferred tax assets: | | \nAccruals and allowances | $541 | $567 \nEmployee compensation and benefits | 646 | 664 \nDifferences in timing of revenue recognition | 322 | 338 \nBasis of property, plant and equipment and intangible assets | 1,238 | \u2014 \nTax credit and net operating loss carryforwards | 3,717 | 2,614 \nTotal deferred tax assets | 6,464 | 4,183 \nValuation allowance | (1,266) | (1,308)\nTotal deferred tax assets, net | 5,198 | 2,875 \nDeferred tax liabilities: | | \nUnrealized gain on stock | (78) | (78) \nAcquired intangible assets | (973) | (1,254)\nGILTI deferred | (1,515) | \u2014 \nBasis of property, plant and equipment and intangible assets | \u2014 | (158) \nOther | (200) | (48) \nTotal deferred tax liabilities | (2,766) | (1,538)\nNet deferred tax assets | $2,432 | $1,337 \nrecorded as: | | \nNon-current deferred tax assets | $2,696 | $1,395 \nNon-current deferred tax liabilities (in other non-current liabilities) | (264) | (58) \nNet deferred tax assets | $2,432 | $1,337 "} {"_id": "d1b3b67ac", "title": "", "text": "The following tables summarize the unrealized gains and losses related to our restricted investments, by major security type, as of December 31, 2019 and 2018 (in thousands):\nAs of December 31, 2019, we had no restricted investments in a loss position for a period of time greater than 12 months. As of December 31, 2018, we identified six restricted investments totaling $87.4 million that had been in a loss position for a period of time greater than 12 months with unrealized losses of $6.4 million. The unrealized losses were primarily due to increases in interest rates relative to rates at the time of purchase. Based on the underlying credit quality of the investments, we generally hold such securities until we recover our cost basis. Therefore, we did not consider these securities to be other-than-temporarily impaired.\n\n | | As of December 31, 2019 | | \n------------------------------ | --------- | ----------------------- | ---------- | --------\n | Amortized | Unrealized | Unrealized | Fair \n | Cost | Gains | Losses | Value \nForeign government obligations | $129,499 | $\u2014 | $3,433 | $126,066\nU.S. government obligations | 99,700 | \u2014 | 1,981 | 97,719 \nTotal . | $229,199 | $\u2014 | $5,414 | $223,785\n | | As of December 31, 2018 | | \n | Amortized | Unrealized | Unrealized | Fair \n | Cost | Gains | Losses | Value \nForeign government obligations | $73,798 | $14,234 | $235 | $87,797 \nU.S. government obligations | 97,223 | 416 | 6,436 | 91,203 \nTotal | $171,021 | $14,650 | $6,671 | $179,000"} {"_id": "d1b332740", "title": "", "text": "AMERICAN TOWER CORPORATION AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Tabular amounts in millions, unless otherwise disclosed)\nAt December 31, 2019 and 2018, the Company has provided a valuation allowance of $194.2 million and $151.9 million, respectively, which primarily relates to foreign items. The increase in the valuation allowance for the year ending December 31, 2019 is due to uncertainty as to the timing of, and the Company\u2019s ability to recover, net deferred tax assets in certain foreign operations in the foreseeable future, offset by fluctuations in foreign currency exchange rates. The amount of deferred tax assets considered realizable, however, could be adjusted if objective evidence in the form of cumulative losses is no longer present and additional weight may be given to subjective evidence such as the Company\u2019s projections for growth.\nA summary of the activity in the valuation allowance is as follows:\n(1) Includes net charges to expense and allowances established due to acquisition.\nThe recoverability of the Company\u2019s deferred tax assets has been assessed utilizing projections based on its current operations. Accordingly, the recoverability of the deferred tax assets is not dependent on material asset sales or other non-routine transactions. Based on its current outlook of future taxable income during the carryforward period, the Company believes that deferred tax assets, other than those for which a valuation allowance has been recorded, will be realized.\n\n | 2019 | 2018 | 2017 \n---------------------------- | ------ | ------ | ------\nBalance as of January 1, | $151.9 | $142.0 | $144.4\nAdditions (1) | 42.5 | 15.7 | 11.6 \nReversals | \u2014 | \u2014 | (9.1) \nForeign currency translation | (0.2) | (5.8) | (4.9) \nBalance as of December 31, | $194.2 | $151.9 | $142.0"} {"_id": "d1b320ca2", "title": "", "text": "9. Derivative Financial Instruments\nAs a global company, we are exposed in the normal course of business to interest rate and foreign currency risks that could affect our financial position, results of operations, and cash flows. We use derivative instruments to hedge against these risks and only hold such instruments for hedging purposes, not for speculative or trading purposes.\nDepending on the terms of the specific derivative instruments and market conditions, some of our derivative instruments may be assets and others liabilities at any particular balance sheet date. We report all of our derivative instruments at fair value and account for changes in the fair value of derivative instruments within \u201cAccumulated other comprehensive loss\u201d if the derivative instruments qualify for hedge accounting. For those derivative instruments that do not qualify for hedge accounting (i.e., \u201ceconomic hedges\u201d), we record the changes in fair value directly to earnings. See Note 11. \u201cFair Value Measurements\u201d to our consolidated financial statements for information about the techniques we use to measure the fair value of our derivative instruments.\nThe following tables present the fair values of derivative instruments included in our consolidated balance sheets as of December 31, 2019 and 2018 (in thousands):\n\n | | December 31, 2019 | | \n--------------------------------------------------------- | ----------------------------------------- | ----------------- | ------------------------- | -----------------\n | Prepaid Expenses and Other Current Assets | Other Assets | Other Current Liabilities | Other Liabilities\nDerivatives designated as hedging instruments: | | | | \nForeign exchange forward contracts | $226 | $139 | $369 | $230 \nTotal derivatives designated as hedging instruments | $226 | $139 | $369 | $230 \nDerivatives not designated as hedging instruments: | | | | \nForeign exchange forward contracts | $973 | $\u2014 | $1,807 | $\u2014 \nInterest rate swap contracts . | \u2014 | \u2014 | 406 | 7,209 \nTotal derivatives not designated as hedging instruments . | $973 | $\u2014 | $2,213 | $7,209 \nTotal derivative instruments . | $1,199 | $139 | $2,582 | $7,439 "} {"_id": "d1b38489c", "title": "", "text": "Derivative Instruments\nDerivative Instruments with Hedge Accounting Designation\nWe utilize currency forward contracts that generally mature within 12 months to hedge our exposure to changes in currency exchange rates. Currency forward contracts are measured at fair value based on market-based observable inputs including currency exchange spot and forward rates, interest rates, and credit-risk spreads (Level 2). We do not use derivative instruments for speculative purposes.\nCash Flow Hedges: We utilize cash flow hedges for our exposure from changes in currency exchange rates for certain capital expenditures. We recognized losses of $3 million and $17 million and gains of $15 million for 2019, 2018, and 2017, respectively, in accumulated other comprehensive income from the effective portion of cash flow hedges. Neither the amount excluded from hedge effectiveness nor the reclassifications from accumulated other comprehensive income to earnings were material in 2019, 2018, or 2017. The amounts from cash flow hedges included in accumulated other comprehensive income that are expected to be reclassified into earnings in the next 12 months were also not material.\n(1) Included in receivables \u2013 other.\n(2) Included in accounts payable and accrued expenses \u2013 other for forward contracts and in current debt for convertible notes settlement obligations.\n(3) Notional amounts of convertible notes settlement obligations as of August 29, 2019 and August 30, 2018 were 4 million and 3 million shares of our common stock, respectively.\n\n | | Fair Value of | \n----------------------------------------------------------- | --------------------- | ----------------- | ----------------------\n | Gross National Amount | Current Assets(1) | Current Liabilities(2)\nAs of August 29, 2019 | | | \nDerivative instruments with hedge accounting designation | | | \nCash flow currency hedges | $146 | $1 | $\u2014 \nDerivative instruments without hedge accounting designation | | | \nNon-designated currency hedges | 1,871 | 1 | (9) \nConvertible notes settlement obligation(3) | | \u2014 | (179) \n | | 1 | (188) \n | | $2 | $(188) \nAs of August 30, 2018 | | | \nDerivative instruments with hedge accounting designation | | | \nCash flow currency hedges | $538 | $\u2014 | $(13) \nDerivative instruments without hedge accounting designation | | | \nNon-designated currency hedges | 1,919 | 14 | (10) \nConvertible notes settlement obligation(3) | | \u2014 | (167) \n | | 14 | (177) \n | | $14 | $(190) "} {"_id": "d1b365640", "title": "", "text": "Performance Share Plan\nThe relevant disclosures in respect of the Performance Share Plan grants are set out below.\n\n | 2015 Grant | 2016 Grant | 2017 Grant | 2018 Grant | 2019 Grant\n------------------------------------ | ---------- | ---------- | ---------- | ---------- | ----------\nGrant date | 11th June | 5th April | 26th May | 4th April | 15th May \nMid market share price at grant date | 3,460.0p | 3,550.0p | 5,256.0p | 5,560.0p | 8,161.0p \nNumber of employees | 15 | 13 | 12 | 12 | 12 \nShares under scheme | 70,290 | 69,890 | 62,356 | 60,899 | 60,626 \nVesting period | 3 years | 3 years | 3 years | 3 years | 3 years \nProbability of vesting | 71.5% | 70.8% | 73.1% | 73.5% | 74.1% \nFair value | 2,473.9p | 2,513.4p | 3,842.1p | 4,084.4p | 6,048.9p "} {"_id": "d1b3580bc", "title": "", "text": "18. Geographic Information\nProperty and equipment, net by geography was as follows:\nNo individual international country represented more than 10% of property and equipment, net in any period presented.\n\n | Year Ended December31, | \n------------- | ---------------------- | ------\n | 2019 | 2018 \nU.S. | 200.4 | 231.0 \nInternational | 58.2 | 68.0 \n | $258.6 | $299.0"} {"_id": "d1b3505c4", "title": "", "text": "Restricted Share Units\nDuring the year ended December 31, 2019, pursuant to the 2016 Incentive Plan, the Company granted restricted share unit awards (\u201cRSUs\u201d). RSUs generally have requisite service periods of three years and vest in increments of 33% on the anniversary of the grant dates. RSUs granted to our board vest one year from grant or as of the next annual shareholders meeting, whichever is earlier. Under each arrangement, RSUs are issued without direct cost to the employee on the vesting date. The Company estimates the fair value of the RSUs based upon the market price of the Company\u2019s stock at the date of grant. The Company recognizes compensation expense for RSUs on a straight-line basis over the requisite service period.\nA summary of nonvested RSUs is as follows:\nDuring the year ended December 31, 2019, a total of 259,634 RSUs vested. The Company withheld 57,802 of those shares to pay the employees\u2019 portion of the minimum payroll withholding taxes.\nAs of December 31, 2019, there was unrecognized compensation expense of $20.5 million related to RSUs, $15.0 million related to TSRs, $0.5 million related to LTIP performance shares, $0.3 million related to nonvested RSAs, and $0.2 million related to nonvested stock options, which the Company expects to recognize over weighted average periods of 1.9 years, 1.9 years, 0.1 years, 0.2 years, and 0.3 years, respectively.\nThe Company recorded stock-based compensation expense recognized under ASC 718 during the years ended December 31, 2019, 2018, and 2017, of $36.8 million, $20.4 million, and $13.7 million, respectively, with corresponding tax benefits of $5.9 million, $3.9 million, and $1.7 million, respectively. The Company recognizes compensation expense for stock option awards that vest with only service conditions on a straight-line basis over the requisite service period. The Company recognizes compensation expense for stock option awards that vest with service and market-based conditions on a straight-line basis over the longer of the requisite service period or the estimated period to meet the defined market-based condition.\n\n | Number of Shares | Weighted Average Grant Date Fair Value\n--------------------------------- | ---------------- | --------------------------------------\nNonvested as of December 31, 2018 | 651,045 | $23.82 \nGranted | 742,579 | 33.28 \nVested | -259,634 | 24.16 \nForfeited | -124,586 | 29.79 \nNonvested as of December 31, 2019 | 1,009,404 | $ 29.96 "} {"_id": "d1b2fb2f4", "title": "", "text": "The following table presents the components of the deferred tax assets and liabilities (in millions):\nAs of July 27, 2019, our federal, state, and foreign net operating loss carryforwards for income tax purposes were $676 million, $1 billion, and $756 million, respectively. A significant amount of the net operating loss carryforwards relates to acquisitions and, as a result, is limited in the amount that can be recognized in any one year. If not utilized, the federal, state and foreign net operating loss carryforwards will begin to expire in fiscal 2020. We have provided a valuation allowance of $111 million for deferred tax assets related to foreign net operating losses that are not expected to be realized.\nAs of July 27, 2019, our federal, state, and foreign tax credit carryforwards for income tax purposes were approximately $25 million, $1.1 billion, and $5 million, respectively. The federal tax credit carryforwards will begin to expire in fiscal 2020. The majority of state and foreign tax credits can be carried forward indefinitely. We have provided a valuation allowance of $346 million for deferred tax assets related to state and foreign tax credits that are not expected to be realized.\n\n | July 27, 2019 | July 28, 2018\n------------------------------------------------ | ------------- | -------------\nASSETS | | \nAllowance for doubtful accounts and returns . | $ 127 | $ 285 \nSales-type and direct-financing leases | 176 | 171 \nInventory write-downs and capitalization | 409 | 289 \nInvestment provisions . | \u2014 | 54 \nIPR&D, goodwill, and purchased intangible assets | 1,427 | 63 \nDeferred revenue . | 1,150 | 1,584 \nCredits and net operating loss carryforwards . | 1,241 | 1,087 \nShare-based compensation expense | 164 | 190 \nAccrued compensation | 342 | 370 \nOther | 419 | 408 \nGross deferred tax assets | 5,455 | 4,501 \nValuation allowance | (457) | (374) \nTotal deferred tax assets . | 4,998 | 4,127 \nLIABILITIES | | \nPurchased intangible assets . | (705) | (753) \nDepreciation . | (141) | (118) \nUnrealized gains on investments . | (70) | (33) \nOther | (112) | (145) \nTotal deferred tax liabilities | (1,028) | (1,049) \nTotal net deferred tax assets | $3,970 | $3,078 "} {"_id": "d1b3388ac", "title": "", "text": "xvii. Transfer of unclaimed/unpaid amounts to the Investor Education and Protection Fund:\nPursuant to Sections 124 and 125 of the Act read with the Investor Education and Protection Fund Authority (Accounting, Audit, Transfer and Refund) Rules, 2016 (\u201cIEPF Rules\u201d), dividend, if not claimed for a consecutive period of 7 years from the date of transfer to Unpaid Dividend Account of the Company, are liable to be transferred to the Investor Education and Protection Fund (\u201cIEPF\u201d).\nFurther, all the shares in respect of which dividend has remained unclaimed for seven consecutive years or\nmore from the date of transfer to unpaid dividend account shall also be transferred to IEPF Authority. The said\nrequirement does not apply to shares in respect of which there is a specific order of Court, Tribunal or Statutory\nAuthority, restraining any transfer of the shares.\nIn the interest of the shareholders, the Company sends periodical reminders to the shareholders to claim\ntheir dividends in order to avoid transfer of dividends/shares to IEPF Authority. Notices in this regard are also\npublished in the newspapers and the details of unclaimed dividends and shareholders whose shares are liable\nto be transferred to the IEPF Authority, are uploaded on the Company\u2019s website (https://www.tcs.com/detailsunclaimed-\ndividend-transfer-IEPF-account-2017).\nIn light of the aforesaid provisions, the Company has during the year under review, transferred to IEPF the\nunclaimed dividends, outstanding for 7 consecutive years, of the Company, erstwhile TCS e-Serve Limited and\nCMC Limited (since amalgamated with the Company). Further, shares of the Company, in respect of which\ndividend has not been claimed for 7 consecutive years or more from the date of transfer to unpaid dividend\naccount, have also been transferred to the demat account of IEPF Authority.\nThe details of unclaimed dividends and shares transferred to IEPF during FY 2019 are as follows:\n* Includes final dividend of erstwhile TCS e-Serve Limited and erstwhile CMC Limited\nThe members who have a claim on above dividends and shares may claim the same from IEPF Authority by\nsubmitting an online application in the prescribed Form No. IEPF-5 available on the website www.iepf.gov.\nin and sending a physical copy of the same, duly signed to the Company, along with requisite documents\nenumerated in the Form No. IEPF-5. No claims shall lie against the Company in respect of the dividend/shares\nso transferred. The Members/Claimants can file only one consolidated claim in a financial year as per the IEPF\nRules.\n\nFinancial year | Amount of unclaimed dividend transferred (` lakh) | Number of shares transferred\n-------------- | ------------------------------------------------- | ----------------------------\n2011 | 102.6* | 3,028 \n2012 | 86.5 | 29,672 \nTOTAL | 189.1 | 32,000 "} {"_id": "d1a72d756", "title": "", "text": "Comparison of the years ended December 31, 2019 and 2018\nRevenue\nTotal revenue increased $6.5 million, or 7.3%, from $89.5 million for the year ended December 31, 2018 to $96.0 million for the year ended December 31, 2019. Our total revenue growth was driven primarily by growth in our SaaS, software and hardware, and maintenance categories partially offset by decreases in our home health care services and sequencing and molecular analysis revenue categories.\nSaaS revenue was $72.8 million for the year ended December 31, 2019, an increase of $7.2 million, or 10.9%, from $65.6 million for the year ended December 31, 2018. This growth was due to a $4.0 million increase from Eviti platform solutions related to the combination of new customers and increased covered lives on existing customers and a $3.2 million increase in NaviNet SaaS revenue, largely from the higher value of professional services projects being completed in 2019.\nSoftware and hardware revenue increased $3.5 million, or 76.8% from $4.5 million in the year ended December 31, 2018 to $8.0 million in the year ended December 31, 2019. The main contributing factor for this increase was the timing of a large DCX customer contract completed and recognized in the current year. Our software and hardware related revenue results experience fluctuations due to the timing of implementation completions for our DCX customers and our revenue recognition for those arrangements.\nMaintenance revenue increased $0.7 million, or 7.0%, from $9.8 million in the year ended December 31, 2018 to $10.5 million for the year ended December 31, 2019. This increase was due to the timing of DCX customer contracts and post contract support maintenance services completed and recognized in the current year period.\nSequencing and molecular analysis revenue decreased $1.4 million, or 44.6% from $3.1 million for the year ended December 31, 2018 to $1.7 million for the year ended December 31, 2019. This decrease reflected lower volume of GPS samples sequenced and recognized as revenue in the current year resulting from deliveries for patients covered by contract and non-contracted payers. Currently, we recognize revenue from clients with executed contracts, and from clients without a contractual agreement where we recognize revenue on a cash basis given the uncertainty over reimbursement. As we gain additional insurance coverage, including coverage under government insurance programs, we expect to be able to reduce the portion of sequencing and molecular analysis revenue which is recognized on a cash basis.\nWe continue to focus efforts to enhance reimbursement from plans when profiles are ordered and there is no payer contract in place. We are actively engaging plans with detail which supports a physician\u2019s reason for ordering. Our utilization of pre-authorizations and supporting documentation assists in the overall billing and appeal process, optimizing payment with payers, who do not have a formal agreement with us.\nIn parallel with the private payer activities described above, we are also making extensive efforts to explore approval pathways for our test capabilities (including the FDA in-vitro medical device clearance we received in November 2019), which we believe will facilitate coverage from governmental programs such as Medicare. Those activities are ongoing but have uncertainty on the timelines as to formal approval. Lastly, we have implemented an increase in the patient financial responsibility which is collected prior to testing to ensure that at least a partial payment is received for every test performed, we expect unpaid and partial paid orders to decline, which will likely result in a decline in total GPS orders and revenue in the short-term.\nHome health care services revenue decreased $3.5 million, or 54.7%, from $6.3 million in 2018 to $2.9 million for the year ended December 31, 2019. This decrease was due to the sale of our home health care services business in June 2019.\nWe believe that significant opportunities exist for expanded cross-selling across our products and across our existing customer base, including Eviti and NaviNet customer bases. We also believe that our customer base and our product solutions provide unique opportunities to expand the volume of GPS Cancer analysis reporting to our customer base. Maintaining our current customer base will be important to our future SaaS recurring revenue streams.\n\n(Dollars in thousands) | Year Ended December 31, | | Period-To-Period Change | \n--------------------------------- | ----------------------- | -------- | ----------------------- | ----------\n | 2019 | 2018 | 2019 vs. 2018 | \n | Amount | Amount | Amount | Percentage\nSoftware-as-a-service related | $ 72,831 | $ 65,646 | 7,185 | 10.9 % \nSoftware and hardware related | 8,015 | 4,534 | 3,481 | 76.8 % \nMaintenance | 10,519 | 9,834 | 685 | 7.0 % \nTotal software-related revenues | 91,365 | 80,014 | 11,351 | 14.2 % \nSequencing and molecular analysis | 1,733 | 3,129 | (1,396) | (44.6)% \nHome health care services | 2,863 | 6,321 | (3,458) | (54.7)% \nTotal net revenue | $ 95,961 | $ 89,464 | $ 6,497 | 7.3 % "} {"_id": "d1b3a0ace", "title": "", "text": "Note 18 Other non-current assets\n(1) These amounts have been pledged as security related to obligations for certain employee benefits and are not available for general use.\n\nFOR THE YEAR ENDED DECEMBER 31 | NOTE | 2019 | 2018\n---------------------------------------------- | ---- | ----- | ----\nNet assets of post-employment benefit plans | 24 | 558 | 331 \nLong-term notes and other receivables | | 142 | 89 \nDerivative assets | 26 | 200 | 68 \nPublicly-traded and privately-held investments | 26 | 129 | 110 \nInvestments\u2009(1) | | 128 | 114 \nOther | | 117 | 135 \nTotal other non-current assets | | 1,274 | 847 "} {"_id": "d1b329cc6", "title": "", "text": "ITEM 7. MAJOR SHAREHOLDERS AND RELATED PARTY TRANSACTIONS\nA. Major Shareholders\nThe following table sets forth information regarding beneficial ownership of our common shares for (i) owners of more than five percent of our common shares and (ii) our directors and officers, of which we are aware of the date of this annual report.\n(1) Based on 147,230,634 common shares outstanding as of the date of this annual report.\n(2) The holdings of High Seas AS, which are for the economic interest of members of the Hansson family, as well as the personal holdings of our Chief Executive Officer and Chairman, Mr. Herbjorn Hansson, and our director, Alexander Hansson, are included in the amount reported herein.\n* Less than 1% of our common outstanding shares.\nAs of April 14, 2020, we had 575 holders of record in the United States, including Cede & Co., which is the Depositary Trust Company\u2019s nominee for holding shares on behalf of brokerage firms, as a single holder of record. We had a total of 147,230,634 Common Shares outstanding as of the date of this annual report.\n\nTitle | Identity of Person | No. of Shares | Percent of Class(1)\n------ | ------------------ | ------------- | -------------------\nCommon | Hansson family(2) | 4,380,659 | 2.98% \n | Jim Kelly | | * \n | Richard Vietor | | * \n | David Workman | | * \n | Bj\u00f8rn Gi\u00e6ver | | * "} {"_id": "d1b33d28a", "title": "", "text": "FREE CASH FLOW AND DIVIDEND PAYOUT RATIO\nThe terms free cash flow and dividend payout ratio do not have any standardized meaning under IFRS. Therefore, they are unlikely to be comparable to similar measures presented by other issuers.\nWe define free cash flow as cash flows from operating activities, excluding acquisition and other costs paid (which include significant litigation costs) and voluntary pension funding, less capital expenditures, preferred share dividends and dividends paid by subsidiaries to NCI. We exclude acquisition and other costs paid and voluntary pension funding because they affect the comparability of our financial results and could potentially distort the analysis of trends in business performance. Excluding these items does not imply they are non-recurring.\nWe consider free cash flow to be an important indicator of the financial strength and performance of our businesses because it shows how much cash is available to pay dividends on common shares, repay debt and reinvest in our company. We believe that certain investors and analysts use free cash flow to value a business and its underlying assets and to evaluate the financial strength and performance of our businesses. The most comparable IFRS financial measure is cash flows from operating activities.\nWe define dividend payout ratio as dividends paid on common shares divided by free cash flow. We consider dividend payout ratio to be an important indicator of the financial strength and performance of our businesses because it shows the sustainability of the company\u2019s dividend payments.\nThe following table is a reconciliation of cash flows from operating activities to free cash flow on a consolidated basis.\n\n | 2019 | 2018 \n------------------------------------------ | ------- | -------\nCash flows from operating activities | 7,958 | 7,384 \nCapital expenditures | (3,988) | (3,971)\nCash dividends paid on preferred shares | (147) | (149) \nCash dividends paid by subsidiaries to NCI | (65) | (16) \nAcquisition and other costs paid | 60 | 79 \nVoluntary DB pension plan contribution | \u2013 | 240 \nFree cash flow | 3,818 | 3,567 "} {"_id": "d1b32dec0", "title": "", "text": "Our property business includes the operation of communications sites and managed networks, the leasing of property interests, and, in select markets, the operation of fiber and the provision of backup power through shared generators. Our presence in a number of markets at different relative stages of wireless development provides us with significant diversification and long-term growth potential. Our property segments accounted for the following percentage of consolidated total revenue for the years ended December 31,:\nCommunications Sites. Approximately 95%, 96% and 97% of revenue in our property segments was attributable to our communications sites, excluding DAS networks, for the years ended December 31, 2019, 2018 and 2017, respectively.\nWe lease space on our communications sites to tenants providing a diverse range of communications services, including cellular voice and data, broadcasting, mobile video and a number of other applications. In addition, in many of our international markets, we receive pass-through revenue from our tenants to cover certain costs, including power and fuel costs and ground rent. Our top tenants by revenue for each region are as follows for the year ended December 31, 2019: \u2022 U.S.: AT&T Inc. (\u201cAT&T\u201d); Verizon Wireless; T-Mobile US, Inc. (\u201cT-Mobile\u201d); and Sprint Corporation (\u201cSprint\u201d) accounted for an aggregate of 89% of U.S. property segment revenue. T-Mobile and Sprint have announced plans to merge in 2020. \u2022 Asia: Vodafone Idea Limited; Bharti Airtel Limited (\u201cAirtel\u201d); and Reliance Jio accounted for an aggregate of 83% of Asia property segment revenue. \u2022 Africa: MTN Group Limited (\u201cMTN\u201d); and Airtel accounted for an aggregate of 74% of Africa property segment revenue. \u2022 Europe: Telef\u00f3nica S.A (\u201cTelef\u00f3nica\u201d); Bouygues; and Free accounted for an aggregate of 70% of Europe property segment revenue. \u2022 Latin America: Telef\u00f3nica; AT&T; and Am\u00e9rica M\u00f3vil accounted for an aggregate of 58% of Latin America property segment revenue.\n\n | 2019 | 2018 | 2017\n------------- | ---- | ---- | ----\nU.S. | 55% | 51% | 55% \nAsia | 16% | 21% | 17% \nAfrica | 8% | 7% | 7% \nEurope | 2% | 2% | 2% \nLatin America | 18% | 17% | 18% "} {"_id": "d1b3a3fbc", "title": "", "text": "Periodic Benefit Costs The aggregate net pension cost recognized in the consolidated statements of operations were costs of $6.5 million and $4.6 million for the years ended December 31, 2019 and 2018, respectively.\nThe following table presents the components of net periodic benefit cost are as follows (in millions):\nOf the amounts presented above, income of $1.4 million has been included in cost of revenue and loss of $7.9 million included in other comprehensive income for the year ended December 31, 2019, and income of $2.1 million has been included in cost of revenue and loss of $6.7 million included in other comprehensive income for the year ended December 31, 2018.\n\n | Years Ended December 31, | \n----------------------------------------------- | ------------------------ | -----\n | 2019 | 2018 \nService cost\u2014benefits earning during the period | $- | $- \nInterest cost on projected benefit obligation | 5.3 | 5.3 \nExpected return on assets | (6.7) | (7.5)\nActuarial (gain) loss | 7.9 | 6.7 \nForeign currency gain (loss) | - | 0.1 \nNet pension (benefit) cost | $ 6.5 | $ 4.6"} {"_id": "d1b3b82e6", "title": "", "text": "(6) INTANGIBLE ASSETS\nIdentifiable intangible assets as of June 30, 2019 and 2018 were as follows:\nThe weighted average remaining amortization period for the Company\u2019s customer relationships asset is 14.3 years. The Company has determined that certain underlying rights (including easements) and the certifications have indefinite lives. The amortization period for underlying rights (including easements) is 13.0 years. The amortization of intangible assets for the years ended June 30, 2019, 2018 and 2017 was $95.1 million, $97.2 million, and $80.0 million, respectively.\n\n | Gross Carrying Amount | Accumulated Amortization | Net \n---------------------------------- | --------------------- | ------------------------ | --------\n | | (in millions) | \nJune 30, 2019 | | | \nFinite-Lived Intangible Assets | | | \nCustomer relationships | $1,597.6 | $(498.7) | $1,098.9\nUnderlying rights and other | 3.4 | (1.5) | 1.9 \nTotal | 1,601.0 | (500.2) | 1,100.8 \nIndefinite-Lived Intangible Assets | | | \nCertifications | 3.5 | \u2014 | 3.5 \nUnderlying rights and other | 14.5 | \u2014 | 14.5 \nTotal | 1,619.0 | (500.2) | 1,118.8 \nJune 30, 2018 | | | \nFinite-Lived Intangible Assets | | | \nCustomer relationships | $1,597.0 | $(405.6) | $1,191.4\nUnderlying rights and other | 2.7 | (0.6) | 2.1 \nTotal | 1,599.7 | (406.2) | 1,193.5 \nIndefinite-Lived Intangible Assets | | | \nCertifications | 3.5 | \u2014 | 3.5 \nUnderlying rights and other | 15.1 | \u2014 | 15.1 \nTotal | $1,618.3 | $(406.2) | $1,212.1"} {"_id": "d1b36abc2", "title": "", "text": "Note 5: Equity-based Compensation Plans\nThe Company has stock plans that provide for grants of equity-based awards to eligible participants, including stock options and restricted stock units, of the Company\u2019s Common Stock. An option is a right to purchase Common Stock at a set price. An RSU award is an agreement to issue a set number of shares of Common Stock at the time of vesting. The Company\u2019s options and RSU awards typically vest over a period of three years or less. The Company also has an employee stock purchase plan that allows employees to purchase its Common Stock at a discount through payroll deductions.\nThe Lam Research Corporation 2007 Stock Incentive Plan, as amended and restated, 2011 Stock Incentive Plan, as amended and restated, and the 2015 Stock Incentive Plan (collectively the \u201cStock Plans\u201d), provide for the grant of non-qualified equity-based awards to eligible employees, consultants and advisors, and non-employee directors of the Company and its subsidiaries. The 2015 Stock Incentive Plan was approved by shareholders authorizing up to 18,000,000 shares available for issuance under the plan. Additionally, 1,232,068 shares that remained available for grants under the Company\u2019s 2007 Stock Incentive Plan were added to the shares available for issuance under the 2015 Stock Incentive Plan. As of June 30, 2019, there were a total of 9,379,904 shares available for future issuance under the Stock Plans. New shares are issued from the Company\u2019s balance of authorized Common Stock from the 2015 Stock Incentive Plan to satisfy stock option exercises and vesting of awards.\nThe Company recognized the following equity-based compensation expense and benefits in the Consolidated Statements of Operations:\nThe estimated fair value of the Company\u2019s equity-based awards, less expected forfeitures, is amortized over the awards\u2019 vesting terms on a straight-line basis.\n\n | | YearEnded | \n----------------------------------------------------------------------------- | ------------- | -------------- | -------------\n | June 30, 2019 | June 24, 2018 | June 25, 2017\n | | (in thousands) | \nEquity-based compensation expense | $187,234 | $172,216 | $149,975 \nIncome tax benefit recognized related to equity-based compensation | $47,396 | $87,505 | $38,381 \nIncome tax benefit realized from the exercise and vesting of options and RSUs | $49,242 | $90,297 | $92,749 "} {"_id": "d1b374c30", "title": "", "text": "Asset Retirement Obligations\nAt December 31, 2019, our asset retirement obligations balance was primarily related to estimated future costs of removing equipment from leased properties and estimated future costs of properly disposing of asbestos and other hazardous materials upon remodeling or demolishing buildings. Asset retirement obligations are included in other long-term liabilities on our consolidated balance sheets.\nAs of the Level 3 acquisition date, we recorded liabilities to reflect our fair values of Level 3\u2019s asset retirement obligations. Our fair value estimates were determined using the discounted cash flow method.\nThe following table provides asset retirement obligation activity:\n(1) The liabilities assumed during 2018 relate to purchase price adjustments during the year.\nThe 2019, 2018 and 2017 change in estimates are offset against gross property, plant and equipment.\n\n | Years Ended December 31, | | \n------------------------------------------------ | ------------------------ | ---- | ----\n | 2019 | 2018 | 2017\n | (Dollars in millions) | | \nBalance at beginning of year | $190 | 115 | 95 \nAccretion expense | 11 | 10 | 6 \nLiabilities assumed in acquisition of Level 3(1) | \u2014 | 58 | 45 \nLiabilities settled | (14) | (14) | (3) \nLiabilities transferred to Cyxtera | \u2014 | \u2014 | (20)\nChange in estimate | 10 | 21 | (8) \nBalance at end of year | $197 | 190 | 115 "} {"_id": "d1b3394aa", "title": "", "text": "Note 18 \u2013 Restructuring\nDuring the second half of 2019, the Company implemented a restructuring plan to realign its expense structure with the reduction in revenue experienced in recent years and overall Company objectives. Management assessed the efficiency of our operations and consolidated locations and personnel, among other things, where possible. As part of this restructuring plan, the Company announced plans to reduce its overall operating expenses, both in the U.S and internationally.\nIn February 2019, the Company announced the restructuring of certain of our workforce predominantly in Germany, which included the closure of our office location in Munich, Germany accompanied by relocation or severance benefits for the affected employees. We also offered voluntary early retirement to certain other employees, which was announced in March 2019.\nIn January 2018, the Company announced an early retirement incentive program for employees that met certain defined requirements. The cumulative amount incurred during the year ended December 31, 2018 related to this restructuring program was $7.3 million. We did not incur any additional expenses related to this restructuring program during the year ended December 31, 2019.\nA reconciliation of the beginning and ending restructuring liability, which is included in accrued wages and benefits in the Consolidated Balance Sheets as of December 31, 2019 and 2018, is as follows:\n\n(In thousands) | 2019 | 2018 \n----------------------------------------- | ------- | -------\nBalance at beginning of period | $185 | $205 \nPlus: Amounts charged to cost and expense | 6,014 | 7,261 \nLess: Amounts paid | (4,631) | (7,281)\nBalance at end of period | $1,568 | $185 "} {"_id": "d1b3272d2", "title": "", "text": "BUSINESS COMBINATION IN FISCAL 2019\nPurchase of a fibre network and corresponding assets\nOn October 3, 2018, the Corporation's subsidiary, Atlantic Broadband, completed the acquisition of the south Florida fibre network previously owned by FiberLight, LLC. The transaction, combined with the dark fibers acquired from FiberLight in the second quarter of fiscal 2018, added 350 route miles to Atlantic Broadband\u2019s existing south Florida footprint.\nThe acquisition was accounted for using the purchase method and was subject to post closing adjustments. The final allocation of the purchase price of this acquisition is as follows:\n\n | Final | Preliminary \n-------------------------------------------------- | --------------- | -----------------\n | August 31, 2019 | November 30, 2018\n(In thousands of Canadian dollars) | $ | $ \nPurchase price | | \nConsideration paid at closing | 38,876 | 38,876 \nBalance due on business combinations | 5,005 | 5,005 \n | 43,881 | 43,881 \nNet assets acquired | | \nTrade and other receivables | 1,308 | 1,743 \nPrepaid expenses and other | 335 | 335 \nProperty, plant and equipment | 28,785 | 45,769 \nIntangible assets | 3,978 | \u2014 \nGoodwill | 11,093 | \u2014 \nTrade and other payables assumed | (644) | (644) \nContract liabilities and other liabilities assumed | (974) | (3,322) \n | 43,881 | 43,881 "} {"_id": "d1b3b80ac", "title": "", "text": "Item 14. PRINCIPAL ACCOUNTING FEES AND SERVICES.\nIndependent Registered Public Accounting Firm\nPrincipal Accountant Fees and Services\nThe following table presents fees for professional audit services rendered by Brightman Almagor Zohar & Co., a Firm in the Deloitte Global Network (\u201cDeloitte\u201d) for the audit of our financial statements for the fiscal years ended December 31, 2019 and 2018 and fees billed for other services rendered by Deloitte during those periods.\n(1) Audit fees are comprised of fees for professional services performed by Deloitte for the audit of our annual financial statements and the review of our quarterly financial statements, as well as other services provided by Deloitte in connection with statutory and regulatory filings or engagements.\n(2) Tax fees are comprised of fees for preparation of tax returns to the Company and the services performed by Deloitte in connection with Inter-Company matters.\nWe did not use Deloitte for financial information system design and implementation. These services, which include designing or implementing a system that aggregates source data underlying the financial statements and generates information that is significant to our financial statements, are provided internally or by other service providers. We did not engage Deloitte to provide compliance outsourcing services.\n\n | | December 31,\n------------------ | ------- | ------------\n | 2018 | 2019 \nAudit Fees (1) | $58,000 | $55,000 \nAudit-Related Fees | $- | $- \nTax Fees (2) | $28,000 | $11,000 \nAll Other Fees | $- | $- \nTotal Fees | $86,000 | $66,000 "} {"_id": "d1b3b20f8", "title": "", "text": "AMERICAN TOWER CORPORATION AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Tabular amounts in millions, unless otherwise disclosed)\n17. OTHER OPERATING EXPENSE\nOther operating expense consists primarily of impairment charges, net losses on sales or disposals of assets and other operating expense items. The Company records impairment charges to write down certain assets to their net realizable value after an indicator of impairment is identified and subsequent analysis determines that the asset is either partially recoverable or not recoverable. These assets consisted primarily of towers and related assets, which are typically assessed on an individual basis, network location intangibles, which relate directly to towers, and tenant-related intangibles, which are assessed on a tenant basis. Net losses on sales or disposals of assets primarily relate to certain non-core towers, other assets and miscellaneous items. Other operating expenses includes acquisition-related costs and integration costs.\nOther operating expenses included the following for the years ended December 31,:\n\n | 2019 (1) | 2018 | 2017 (2)\n------------------------------------------ | -------- | ------ | --------\nImpairment charges | $94.2 | $394.0 | $211.4 \nNet losses on sales or disposals of assets | 45.1 | 85.6 | 32.8 \nOther operating expenses | 27.0 | 33.7 | 11.8 \nTotal Other operating expenses | $166.3 | $513.3 | $256.0 "} {"_id": "d1b38a6de", "title": "", "text": "6. Income Taxes\nIncome tax expense (benefit) for fiscal 2019, 2018 and 2017 were as follows (in thousands):\n\n | 2019 | 2018 | 2017 \n--------- | ------- | ------- | ------\nCurrent: | | | \nFederal | $15,160 | $63,814 | $78 \nState | \u2014 | 234 | 33 \nForeign | 11,943 | 10,134 | 10,016\n | 27,103 | 74,182 | 10,127\nDeferred: | | | \nFederal | (3,498) | (2,958) | 77 \nState | 827 | (447) | 38 \nForeign | (7,093) | 23,793 | (481) \n | (9,764) | 20,388 | (366) \n | $17,339 | $94,570 | $9,761"} {"_id": "d1a7179c4", "title": "", "text": "Consolidated Statements of Earnings and Comprehensive Earnings\nA detail of related party items included in Revenues is as follows (in millions):\n(1) Transactions with FNF are summarized through November 30, 2019, the date after which FNF is no longer considered a related party.\n\n | | Year ended December 31, | \n---------------------------- | -------- | ----------------------- | -----\n | 2019 (1) | 2018 | 2017 \nSoftware services | $40.2 | $35.9 | $32.8\nData and analytics services | 19.3 | 21.7 | 24.0 \nTotal related party revenues | $59.5 | $57.6 | $56.8"} {"_id": "d1b3c8998", "title": "", "text": "Personnel expenses for employees were as follows:\nPersonnel expenses are included in cost of sales and in operating expenses in the consolidated statement of profit or loss.\n\n | December 31, | \n---------------------------- | ------------ | -------\n | 2018 | 2019 \nWages and salaries | 158,371 | 191,459\nSocial security | 14,802 | 17,214 \nPension expenses | 6,937 | 8,408 \nShare-based payment expenses | 8,215 | 10,538 \nRestructuring expenses | 178 | 108 \nTotal | 188,503 | 227,727"} {"_id": "d1b38008a", "title": "", "text": "Global Business Services\n* Recast to reflect segment changes.\nGlobal Business Services revenue increased compared to 2017 driven by strong growth in Consulting, led by key offerings in digital Global Business Services revenue increased compared to 2017 driven by strong growth in Consulting, led by key offerings in digital and cloud application, where the business has brought together technology and industry expertise to help clients on their digital journey. GPS grew year to year, while Application Management revenue was flat as reported and declined adjusted for currency compared to 2017.\nWhile we continued to help clients move to the cloud with offerings such as Cloud Migration Factory and cloud application development, there were continued declines in the more traditional application management engagements. Within GBS, cloud revenue of $4.7 billion grew 20 percent as reported and 19 percent adjusted for currency compared to the prior year.\n\n($ in millions) | | | | \n----------------------------------------- | -------- | -------- | ------------------------- | -----------------------------------------------\nFor the year ended December 31: | 2018 | 2017 | Yr.-to-Yr. Percent Change | Yr.-to-Yr. Percent Change Adjusted for Currency\nGlobal Business Services external revenue | $16,595* | $16,073* | 3.2% | 2.3% \nConsulting | $7,705 | $7,262 | 6.1% | 5.1% \nApplication Management | 7,852 | 7,821 | 0.4 | (0.5) \nGlobal Process Services | 1,037* | 990* | 4.8 | 4.7 "} {"_id": "d1b394ca6", "title": "", "text": "* Recast to reflect segment changes.\nThe 2018 GTS gross profit margin was essentially flat year to year and reflected benefits from productivity initiatives, including automation of delivery processes infused with AI and global workforce optimization.\nPre-tax income performance reflected continued investment to expand go-to-market capabilities and develop new offerings for the hybrid market.\n\n($ in millions) | | | \n---------------------------------- | ------- | ------- | ---------------------------------\nFor the year ended December 31: | 2018* | 2017* | Yr.-to-Yr. Percent/ Margin Change\nGlobal Technology Services | | | \nExternal total gross profit | $10,035 | $10,022 | 0.1% \nExternal total gross profit margin | 34.4% | 34.3% | 0.1 pts \nPre-tax income | $ 1,781 | $ 2,618 | (32.0)% \nPre-tax margin | 5.9% | 8.8% | (2.8) pts "} {"_id": "d1b32a91e", "title": "", "text": "Other intangible assets were comprised of:\nAmortization expense of other intangible assets was $364.7, $316.5, and $294.3 during the years ended December 31, 2019, 2018 and 2017, respectively. Amortization expense is expected to be $400 in 2020, $383 in 2021, $379 in 2022, $347 in 2023 and $321 in 2024.\n\n | Cost | Accum. amort. | Net book value\n----------------------------------- | ---------- | ------------- | --------------\nAssets subject to amortization: | | | \nCustomer related intangibles | $3,926.8 | $(1,083.6) | $ 2,843.2 \nUnpatented technology | 504.0 | (199.5) | 304.5 \nSoftware | 172.0 | (93.2) | 78.8 \nPatents and other protective rights | 9.7 | (7.5) | 2.2 \nTrade names | 7.3 | (2.8) | 4.5 \nAssets not subject to amortization: | | | \nTrade names | 608.9 | \u2014 | 608.9 \nBalances at December 31, 2018 | $ 5,228.7 | $(1,386.6) | $ 3,842.1 \nAssets subject to amortization: | | | \nCustomer related intangibles | $ 4,955.4 | $(1,349.4) | $ 3,606.0 \nUnpatented technology | 613.0 | (279.6) | 333.4 \nSoftware | 172.2 | (111.5) | 60.7 \nPatents and other protective rights | 12.0 | (8.0) | 4.0 \nTrade names | 7.9 | (4.1) | 3.8 \nAssets not subject to amortization: | | | \nTrade names | 659.8 | \u2014 | 659.8 \nBalances at December 31, 2019 | $ 6,420.3 | $(1,752.6) | $ 4,667.7 "} {"_id": "d1b3c865a", "title": "", "text": "Consolidated Net Revenues\nThe key drivers of changes in our consolidated net revenues, operating segment results, consolidated results, and sources of liquidity are presented in the order of significance.\nThe following table summarizes our consolidated net revenues, increase (decrease) in associated deferred net revenues recognized, and in-game net revenues (amounts in millions):\n(1) In-game net revenues primarily includes the net amount of revenue recognized for downloadable content and microtransactions during the period.\nConsolidated net revenues\nThe decrease in consolidated net revenues for 2019, as compared to 2018, was primarily driven by a decrease in revenues of $1.1 billion due to: \u2022 lower revenues recognized from the Destiny franchise (reflecting our sale of the publishing rights for Destiny to Bungie in December 2018); \u2022 lower revenues recognized from Hearthstone; \u2022 lower revenues recognized from Call of Duty franchise catalog titles; and \u2022 lower revenues recognized from Overwatch.\nThe decrease was partially offset by an increase in revenues of $236 million due to: \u2022 revenues from Sekiro: Shadows Die Twice, which was released in March 2019; and \u2022 revenues recognized from Crash Team Racing Nitro-Fueled, which was released in June 2019.\nThe remaining net decrease of $131 million was driven by various other franchises and titles.\n\n | | For the Years Ended December 31, | | \n--------------------------------------------------------------- | ------ | -------------------------------- | ------------------- | --------\n | 2019 | 2018 | Increase/(decrease) | % Change\nConsolidated net revenues | $6,489 | $7,500 | $(1,011) | (13)% \nNet effect from recognition (deferral) of deferred net revenues | 101 | 238 | (137) | \nIn-game net revenues (1) | 3,376 | 4,249 | (873) | (21)% "} {"_id": "d1a741bd4", "title": "", "text": "6. Inventories\nInventories consisted of the following components at June 30, 2019 and 2018:\nIf the FIFO method of inventory had been used instead of the LIFO method, inventories would have been $178.4 million and $210.3 million higher as of June 30, 2019 and 2018, respectively. Current cost of LIFO-valued inventories was $793.0 million at June 30, 2019 and $760.8 million at June 30, 2018. The reductions in LIFO-valued inventories decreased cost of sales by $0.0 million during fiscal year 2019 and $0.6 million during fiscal year 2018 and $0.0 million during fiscal year 2017.\n\n | June 30, | \n------------------------------- | -------- | ------\n($ in millions) | 2019 | 2018 \nRaw materials and supplies | $169.8 | $157.5\nWork in process | 425.7 | 372.5 \nFinished and purchased products | 192.2 | 159.2 \nTotal inventory | $787.7 | $689.2"} {"_id": "d1b371530", "title": "", "text": "8. Other income, net\nOther income, net consists of the following (in millions):\n\n | | Year Ended | \n----------------- | -------------- | -------------- | --------------\n | April 26, 2019 | April 27, 2018 | April 28, 2017\nInterest income | $ 88 | $ 79 | $ 44 \nInterest expense | (58) | (62) | (52) \nOther income, net | 17 | 24 | 8 \nOther income, net | $ 47 | $ 41 | $ \u2014 "} {"_id": "d1b344968", "title": "", "text": "Common Stock\nThe following is a summary of changes during the years ended December 31, in shares of our common stock and common stock in treasury:\n(1) Restricted stock shares issued for new awards under the Omnibus Incentive Plan and restricted stock shares, forfeited as shown above for the year ended December 31, 2019 includes 1,478 restricted stock shares issued and (5,024) restricted stock shares forfeited related to 2018 that were not yet reflected by our Recordkeeper as of December 31, 2018. The table above and our Consolidated Balance Sheets reflect the number of shares issued per our Recordkeeper.\n(2) In connection with the acquisition of B+ Equipment in the third quarter of 2015, the Company issued 20,000 shares of restricted common stock on September 26, 2018 to certain former equity holders of B+ Equipment. These shares were issued in offshore transactions with no direct selling efforts in the United States and without registration under the Securities Act of 1933, as amended, in reliance upon the issuer safe harbor provided by Regulation S.\n(3) Effective January 1, 2019, new share issuances for vested awards are netted by the number of shares required to cover the recipients' portion of income tax. The portion withheld for taxes are canceled. Prior to January 1, 2019, the shares required to cover the recipients' portion of income tax were issued and recorded to treasury stock. Shares netted for taxes in 2019 primarily relates to vesting activity for restricted stock shares issued in prior years.\n(4) Other activity in 2018 primarily relates to prior period adjustment related to years not contained within the table.\n(5) Repurchase of common stock for the year ended December 31, 2019 as shown above includes 71,530 shares of common stock that had been repurchased by the Company in 2018 but not yet reflected by the Recordkeeper as of December 31, 2018. The table above and our Consolidated Balance Sheets reflect the number of shares held in treasury per our Recordkeeper.\n\n | 2019 | 2018 | 2017 \n------------------------------------------------------------------------------------------------ | ----------- | ----------- | -----------\nChanges in common stock: | | | \nNumber of shares, beginning of year | 231,619,037 | 230,080,944 | 227,638,738\nRestricted stock shares issued for new awards(1) | 1,478 | 569,960 | 480,283 \nRestricted stock shares, forfeited(1) | (110,984) | (86,518 ) | (184,235) \nShares issued for vested restricted stock units | 164,347 | 151,280 | 607,231 \nShares issued as part of acquisition(2) | \u2014 | 20,000 | \u2014 \nShares issued for 2014 Special Performance Stock Units (PSU) Awards | \u2014 | 658,783 | 749,653 \nShares issued for 2015 Three-Year PSU Awards | \u2014 | 129,139 | \u2014 \nShares issued for 2014 Three-Year PSU Awards | \u2014 | \u2014 | 636,723 \nShares issued for Stock Leverage Opportunity Awards (SLO) | 6,321 | 109,841 | 136,783 \nShares granted and issued under the Omnibus Incentive Plan and Directors Stock Plan to Directors | 123,824 | 10,841 | 15,768 \nCanceled shares for tax netting(3) | (181,488) | \u2014 | \u2014 \nOther activity(4) | \u2014 | (25,233 ) | \u2014 \nNumber of shares issued, end of year(1) | 231,622,535 | 231,619,037 | 230,080,944\nChanges in common stock in treasury: | | | \nNumber of shares held, beginning of year | 75,964,667 | 61,485,423 | 34,156,355 \nRepurchase of common stock(5) | 1,632,163 | 14,826,924 | 27,320,816 \nProfit sharing contribution paid in stock | (487,108) | (538,524 ) | (502,519) \nShares withheld for taxes(3) | \u2014 | 190,844 | 510,771 \nNumber of shares held, end of year(5) | 77,109,722 | 75,964,667 | 61,485,423 \nNumber of common stock outstanding, end of year | 154,512,813 | 155,654,370 | 168,595,521"} {"_id": "d1a72df58", "title": "", "text": "Contractual Obligations\nOur contractual obligations as of August 31, 2019 are summarized below. As disclosed below, while we have certain non-cancelable purchase order obligations for property, plant and equipment, we generally do not enter into non-cancelable purchase orders for materials until we receive a corresponding purchase commitment from our customer. Non-cancelable purchase orders do not typically extend beyond the normal lead time of several weeks, at most. Purchase orders beyond this time frame are typically cancelable.\n(1) Consists of interest on notes payable and long-term debt outstanding as of August 31, 2019. Certain of our notes payable and long-term debt pay interest at variable rates. We have applied estimated interest rates to determine the value of these expected future interest payments.\n(2) Consists of purchase commitments entered into as of August 31, 2019 primarily for property, plant and equipment and software pursuant to legally enforceable and binding agreements.\n(3) Includes the estimated company contributions to funded pension plans during fiscal year 2020 and the expected benefit payments for unfunded pension and postretirement plans from fiscal years 2020 through 2029. These future payments are not recorded on the Consolidated Balance Sheets but will be recorded as incurred.\n(4) Includes (i) a $28.5 million capital commitment, (ii) a $16.2 million obligation related to a new human resource system and (iii) $33.0 million related to the one-time transition tax as a result of the Tax Act that will be paid in annual installments through fiscal year 2026.\n(5) As of August 31, 2019, we have $1.5 million and $103.7 million recorded as a current and a long-term liability, respectively, for uncertain tax positions. We are not able to reasonably estimate the timing of payments, or the amount by which our liability for these uncertain tax positions will increase or decrease over time, and accordingly, this liability has been excluded from the above table.\n\n | | | Payments due by period (in thousands) | | \n--------------------------------------------------------- | ---------- | ---------------- | ------------------------------------- | ---------- | -------------\n | Total | Less than 1 year | 1-3 years | 3-5 years | After 5 years\nNotes payable and long-term debt | $2,496,465 | $375,181 | $491,655 | $1,134,733 | $494,896 \nFuture interest on notes payable and long-term debt(1) | 373,762 | 109,506 | 142,082 | 55,463 | 66,711 \nOperating lease obligations | 603,185 | 118,312 | 187,644 | 114,297 | 182,932 \nCapital lease obligations | 77,829 | 6,038 | 11,726 | 10,928 | 49,137 \nNon-cancelable purchase order obligations(2) | 351,230 | 289,516 | 61,537 | 177 | \u2014 \nPension and post retirement contributions and payments(3) | 14,618 | 1,135 | 1,904 | 2,396 | 9,183 \nOther(4) | 77,669 | 17,922 | 27,863 | 14,214 | 17,670 \nTotal contractual obligations(5) | $3,994,758 | $917,610 | $924,411 | $1,332,208 | $820,529 "} {"_id": "d1b2e5468", "title": "", "text": "Results of Operations\nYear Ended December 31, 2018 Compared to Year Ended December 31, 2019\nDuring the year ended December 31, 2019, we had an average of 27.2 ships operating in our owned and bareboat fleet (including ships owned by the Partnership), having 9,518 revenue operating days and an average of 27.2 ships operating under our technical management (including 27.0 of our owned and bareboat ships). During the year ended December 31, 2018, we had an average of 26.0 ships operating in our owned and bareboat fleet (including ships owned by the Partnership), having 9,030 revenue operating days and an average of 25.5 ships operating under our technical management (including 25.0 of our owned and bareboat ships).\nRevenues: Revenues increased by 8.1%, or $50.3 million, from $618.3 million during the year ended December 31, 2018 to $668.6 million during the year ended December 31, 2019. The increase in revenues is mainly attributable to an increase of $63.4 million deriving from the full operation of the GasLog Houston, the GasLog Hong Kong and the GasLog Gladstone which were delivered on January 8, 2018, March 20, 2018 and March 29, 2018, respectively and the deliveries of the GasLog Gladstone on March 15, 2019 and the GasLog Warsaw on July 31, 2019. These deliveries resulted in an increase in revenue operating days. In addition, there was an increase of $11.0 million from our vessels trading in the spot and short-term market including the impact of the unscheduled dry-dockings of the GasLog Savannah, the GasLog Singapore and the GasLog Chelsea and an increase of $2.7 million from the remaining fleet. The above increases were partially offset by a decrease of $26.1 million from the expiration of the initial time charters of the GasLog Shanghai, the GasLog Santiago, the GasLog Sydney, the GasLog Skagen, the GasLog Saratoga and the Methane Jane Elizabeth and a decrease of $0.7 million due to increased off-hire days from the remaining vessels. The average daily hire rate increased from $68,392 for the year ended December 31, 2018 to $70,167 for the year ended December 31, 2019.\n\n | | Year ended December 31, | \n------------------------------------------------- | --------- | ----------------------- | ----------\n | 2018 | 2019 | Change \nAmounts are in thousands of U.S. Dollars | | | \nRevenues | $618,344 | $668,637 | $50,293 \nNet pool allocation | 17,818 | (4,264) | (22,082) \nVoyage expenses and commissions | (20,374) | (23,772) | (3,398) \nVessel operating and supervision costs | (128,084) | (139,662) | (11,578) \nDepreciation | (153,193) | (168,041) | (14,848) \nGeneral and administrative expenses | (41,993) | (47,385) | (5,392) \nImpairment loss on vessels | \u2014 | (162,149) | (162,149) \nProfit from operations | 292,518 | 123,364 | (169,154) \nFinancial costs | (166,627) | (190,481) | (23,854) \nFinancial income | 4,784 | 5,318 | 534 \nLoss on derivatives | (6,077) | (55,441) | (49,364) \nShare of profit of associates | 1,800 | 1,627 | (173) \nTotal other expenses, net | (166,120) | (238,977) | (72,857) \nProfit/(loss) for the year | 126,398 | (115,613) | (242,011) \nNon-controlling interests | 78,715 | (14,952) | (93,667) \nProfit/(loss) attributable to owners of the Group | $47,683 | $(100,661) | $(148,344)"} {"_id": "d1b309df4", "title": "", "text": "Share-based payments\nDisclosures of the share-based payments offered to employees are set out below. More detail on each scheme is given in the Annual Report on Remuneration 2019 on pages 102 to 132. The charge to the Income Statement in respect of share-based payments is made up as follows:\n\n | 2019 | 2018\n-------------------------------------------- | ---- | ----\n | \u00a3m | \u00a3m \nPerformance Share Plan | 5.1 | 4.7 \nEmployee Share Ownership Plan | 1.1 | 1.0 \nTotal expense recognised in Income Statement | 6.2 | 5.7 "} {"_id": "d1b338bcc", "title": "", "text": "Investing Activities. Cash flows (used in) provided by investing activities changed from a source of$65.7 million in 2018 to a use of $13.8 million in 2019. This change of$79.5 million primarily resulted from a decrease of$62.9 million in cash proceeds from the sale of company-operated restaurants, including repayments of notes issued in connection with 2018 refranchising transactions, and an increase of $9.8 million in capital expenditures.\nCapital Expenditures \u2014 The composition of capital expenditures in each fiscal year is summarized in the table below (in thousands):\nOur capital expenditure program includes, among other things, restaurant remodeling, information technology enhancements, and investments in new locations and equipment. In 2019, capital expenditures increased by $9.8 million primarily due to an increase of $16.2 million in purchases of assets intended for sale or sale and leaseback, partially offset by a $8.7 million decrease in restaurant capital maintenance and facility improvement spending mainly from a decrease in the average number of company-operated restaurants compared to the prior year. The increase in purchases of assets intended for sale or sale and leaseback was primarily due to the Company\u2019s purchase of a commercial property in Los Angeles, California, on which an existing company restaurant and another retail tenant are located. The purchase price was $17.3 million, and we currently intend to sell the entire property and lease back the parcel on which our company operated restaurant is located within the next 12 months.\n\n | 2019 | 2018 \n----------------------------------------------------------- | ------- | -------\nRestaurants: | | \nRestaurant facility expenditures | $9,202 | $17,949\nPurchases of assets intended for sale or sale and leaseback | 21,660 | 5,497 \nNew restaurants | 1,381 | 2,088 \nOther, including information technology | 3,597 | 7,572 \n | 35,840 | 33,106 \nCorporate Services: | | \nInformation technology | 9,405 | 4,584 \nOther, including facility improvements | 2,404 | 152 \n | 11,809 | 4,736 \nTotal capital expenditures | $47,649 | $37,842"} {"_id": "d1b337542", "title": "", "text": "The table below shows the annual pension entitlement earned during the Executive Board membership of each member of the Executive Board on reaching the scheduled retirement age of 62, based on entitlements from SAP under performance-based and salary-linked plans.\nAnnual Pension Entitlement\n1) The rights shown here for Bill McDermott refer solely to rights under the pension plan for SAP America.\nThese are vested entitlements. To the extent that members continue to serve on the Executive Board and that therefore more contributions are made for them in the future, pensions actually payable at the scheduled retirement age will be higher than the amounts shown in the table.\n\n\u20ac thousands | Vested on 12/31/2019 | Vested on 12/31/2018\n-------------------------------------------------------------------------------- | -------------------- | --------------------\nChristian Klein (Co-CEO from 10/11/2019) | 8.2 | 4.1 \nAdaire Fox-Martin | 11.8 | 7.3 \nMichael Kleinemeier | 20.0 | 14.8 \nBernd Leukert (until 3/31/2019) | 34.7 | 24.6 \nBill McDermott (CEO until 10/10/2019, Executive Board Member until 11/15/2019)1) | 90.8 | 105.1 \nLuka Mucic | 27.6 | 23.2 \nJ\u00fcrgen M\u00fcller (from 1/1/2019) | 4.8 | - \nStefan Ries | 16.8 | 12.6 \nThomas Saueressig (from 11/1/2019) | 0.2 | - "} {"_id": "d1b33a8e6", "title": "", "text": "Other Non-current Liabilities\nOther non-current liabilities consisted of the following (in thousands):\n\n | 2019 | 2018\n----------------------------------- | ------- | ----\nLease liabilities | $28,046 | $\u2014 \nOther | 708 | 534 \nTotal other non-current liabilities | $28,754 | $534"} {"_id": "d1b3aafce", "title": "", "text": "STOCK OPTIONS\nUnder BCE\u2019s long-term incentive plans, BCE may grant options to executives to buy BCE common shares. The subscription price of a grant is based on the higher of: \u2022 the volume-weighted average of the trading price on the trading day immediately prior to the effective date of the grant \u2022 the volume-weighted average of the trading price for the last five consecutive trading days ending on the trading day immediately prior to the effective date of the grant\nAt December\u00a031, 2019, 7,524,891\u00a0common shares were authorized for issuance under these plans. Options vest fully after three years of continuous employment from the date of grant. All options become exercisable when they vest and can be exercised for a period of seven years from the date of grant for options granted prior to\u00a02019 and ten years from the date of grant for options granted in 2019.\nThe following table summarizes BCE\u2019s outstanding stock options at December\u00a031,\u00a02019 and 2018.\n(1) The weighted average market share price for options exercised was $62\u00a0in\u00a02019 and $55\u00a0in 2018.\n\n | | 2019 | | 2018 | \n------------------------ | ---- | ----------------- | ----------------------------------- | ----------------- | -----------------------------------\n | NOTE | NUMBER OF OPTIONS | WEIGHTED AVERAGE EXERCISE PRICE ($) | NUMBER OF OPTIONS | WEIGHTED AVERAGE EXERCISE PRICE ($)\nOutstanding, January 1 | | 14,072,332 | 56 | 10,490,249 | 55 \nGranted | | 3,357,303 | 58 | 3,888,693 | 56 \nExercised\u2009(1) | 27 | (4,459,559) | 54 | (266,941) | 42 \nForfeited | | (144,535) | 58 | (39,669) | 58 \nOutstanding, December 31 | | 12,825,541 | 57 | 14,072,332 | 56 \nExercisable, December 31 | | 2,786,043 | 56 | 4,399,588 | 52 "} {"_id": "d1b3a7720", "title": "", "text": "Senior Notes\nOn March 4, 2019, the company completed a public offering of $750 million aggregate principal amount of the Company\u2019s Senior Notes due March 15, 2026 (the \u201c2026 Notes\u201d), $1.0 billion aggregate principal amount of the Company\u2019s Senior Notes due March 15, 2029 (the \u201c2029 Notes\u201d), and $750 million aggregate principal amount of the Company\u2019s Senior Notes due March 15, 2049 (the \u201c2049 Notes\u201d). The Company will pay interest at an annual rate of 3.75%, 4.00%, and 4.875%, on the 2026, 2029, and\u00a02049 Notes, respectively, on a semi-annual basis on March 15 and September 15 of each year beginning September 15, 2019.\nOn March 12, 2015, the Company completed a public offering of $500 million aggregate principal amount of the Company\u2019s Senior Notes due March 15, 2020 (the \u201c2020 Notes\u201d) and $500 million aggregate principal amount of the Company\u2019s Senior Notes due March 15, 2025 (the \u201c2025 Notes\u201d). The Company pays interest at an annual rate of 2.75% and 3.80% on the 2020 Notes and 2025 Notes, respectively, on a semi-annual basis on March 15 and September 15 of each year. During the year ended June 26, 2016, the Company entered into a series of interest rate contracts hedging the fair value of a portion of the 2025 Notes par value, whereby the Company receives a fixed rate and pays a variable rate based on a certain benchmark interest rate. Refer to Note 9\u2014 Financial Instruments for additional information regarding these interest rate contracts.\nOn June 7, 2016, the Company completed a public offering of $800 million aggregate principal amount of Senior Notes due June 2021 (the \u201c2021 Notes\u201d). The Company pays interest at an annual rate of 2.80% on the 2021 Notes on a semi-annual basis on June 15 and December 15 of each year.\nThe Company may redeem the 2020, 2021, 2025, 2026, 2029 and 2049 Notes (collectively the \u201cSenior Notes\u201d) at a redemption price equal to 100% of the principal amount of such series (\u201cpar\u201d), plus a \u201cmake whole\u201d premium as described in the indenture in respect to the Senior Notes and accrued and unpaid interest before February 15, 2020, for the 2020 Notes, before May 15, 2021 for the 2021 Notes, before December 15, 2024 for the 2025 Notes, before January 15, 2026 for the 2026 Notes, before December 15, 2028 for the 2029 Notes, and before September 15, 2048 for the 2049 Notes. The Company may redeem the Senior Notes at par, plus accrued and unpaid interest at any time on or after February 15, 2020, for the 2020 Notes, on or after May 15, 2021 for the 2021 Notes, on or after December 24, 2024, for the 2025 Notes, on or after January 15, 2026 for the 2026 Notes, on or after December 15, 2028 for the 2029 Notes, and on or after September 15, 2048 for the 2049 Notes. In addition, upon the occurrence of certain events, as described in the indenture, the Company will be required to make an offer to repurchase the Senior Notes at a price equal to 101% of the principal amount of the respective note, plus accrued and unpaid interest.\nSelected additional information regarding the Senior Notes outstanding as of June 30, 2019, is as follows:\n\n | Remaining Amortization period | Fair Value of Notes (Level2)\n---------- | ----------------------------- | ----------------------------\n | (years) | (in thousands) \n2020 Notes | 0.7 | $500,855 \n2021 Notes | 2.0 | $806,232 \n2025 Notes | 5.7 | $528,895 \n2026 Notes | 6.7 | $786,915 \n2029 Notes | 9.7 | $1,063,670 \n2049 Notes | 29.7 | $828,188 "} {"_id": "d1a7169c0", "title": "", "text": "19. INCOME TAXES\nDeferred income taxes reflect the net effect of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and amounts used for income tax purposes. The components of our deferred tax assets and liabilities are as follows (in thousands):\nAs of September 27, 2019, we had $923.4 million of gross federal net operating loss (\"NOL\") carryforwards consisting of $479.2 million relating to the AppliedMicro Acquisition, $158.9 million relating to our acquisition of Mindspeed Technologies, Inc. in 2013, $26.2 million relating to our acquisition of BinOptics Corporation in 2014 and $259.1 million relating to losses generated by MACOM.\nThe federal NOL carryforwards will expire at various dates through 2037 for losses generated prior to the tax period ended September 28, 2018. For losses generated during the tax period ended September 28, 2018 and future years, the NOL carryforward period is infinite. The reported net operating loss carryforward includes any limitation under Sections 382 and 383 of the Internal Revenue Code of 1986, as amended, which applies to an ownership change as defined under Section 382.\n\n | September 27, 2019 | September 28, 2018\n---------------------------------------------------- | ------------------ | ------------------\nDeferred tax assets (liabilities): | | \nFederal and foreign net operating losses and credits | $263,199 | $321,982 \n Intangible assets | 9,887 | (94,929) \n Property and equipment | (1,473) | (6,293) \nOther non-current deferred tax assets | 16,933 | 13,850 \nDeferred compensation | \u2014 | 3,810 \nDeferred gain | \u2014 | 6,575 \nInterest | 7,170 | \u2014 \n Valuation allowance | (252,536) | (243,112) \nTotal deferred tax asset | $43,180 | $1,883 "} {"_id": "d1b38b872", "title": "", "text": "Taxes\nAt \u20ac298 million (2017/18: \u20ac216 million), recognised income tax expenses are \u20ac81 million higher than the previous year\u2019s figures.\nDuring the reporting period, the group tax rate for the continuing segment is 42.0% (2017/18: 37.6%). The group tax rate represents the relationship between recognised income tax expenses and earnings before taxes. The increase in the ratio in the current financial year is mainly attributable to impairments on deferred taxes on loss carry-forwards in Germany. The comparatively low ratio in the previous year includes positive one-off tax effects such as tax rate changes abroad and the reduction for risk provisions.\nFor more information about income taxes, see the notes to the consolidated financial statements in no. 12 \u2013 income taxes page 206 .\n1 Adjustment of previous year according to explanation in notes.\n\n\u20ac million | 2017/2018 | 2018/2019\n-------------------------------------------------- | --------- | ---------\nActual taxes | 173 | 215 \nthereof Germany | (14) | (9) \nthereof international | (159) | (206) \nthereof tax expenses/income for the current period | (194) | (221) \nthereof tax expenses/income of previous periods | (\u221221) | (\u22126) \nDeferred taxes | 43 | 83 \nthereof Germany | (39) | (104) \nthereof international | (4) | (\u221221) \n | 216 | 298 "} {"_id": "d1b395cd2", "title": "", "text": "Cash Conversion Cycle\nThe following table presents the components of our cash conversion cycle for the fourth quarter of each of the past three fiscal years:\n(1) Days sales outstanding, referred to as DSO, calculates the average collection period of our receivables. DSO is based on ending accounts receivable and net revenue for each period. DSO is calculated by dividing accounts receivable by average net revenue per day for the current quarter (91 days for each of the fourth quarters presented above). The year over year increases in DSO in the fourth quarter of fiscal 2019 and fiscal 2018 were primarily due to less favorable shipping linearity and, in the case of fiscal 2019, one of our major distributors choosing not to take advantage of an early payment discount.\n(2) Days inventory outstanding, referred to as DIO, measures the average number of days from procurement to sale of our products. DIO is based on ending inventory and cost of revenues for each period. DIO is calculated by dividing ending inventory by average cost of revenues per day for the current quarter. The increase in DIO in the fourth quarter of fiscal 2019 compared to the corresponding period of fiscal 2018 was primarily due to higher levels of finished goods on hand at the end of fiscal 2019. Compared to the corresponding period in fiscal 2017, the decrease in DIO in the fourth quarter of fiscal 2018 was due primarily to strong product sales towards the end of the fourth quarter of fiscal 2018.\n(3) Days payables outstanding, referred to as DPO, calculates the average number of days our payables remain outstanding before payment. DPO is based on ending accounts payable and cost of revenues for each period. DPO is calculated by dividing accounts payable by average cost of revenues per day for the current quarter. DPO for the fourth quarter of fiscal 2019 was relatively unchanged compared to the fourth quarter of fiscal 2018, while it increased compared to the corresponding period in fiscal 2017 was primarily the result of improved vendor payables management and extensions of payment terms with our suppliers.\n(4) The cash conversion cycle is the sum of DSO and DIO less DPO. Items which may cause the cash conversion cycle in a particular period to differ include, but are not limited to, changes in business mix, changes in payment terms (including extended payment terms from suppliers), the extent of shipment linearity, seasonal trends and the timing of revenue recognition and inventory purchases within the period.\n\n | Three Months Ended | | \n-------------------------------- | ------------------ | -------------- | --------------\n(in days) | | | \nThree Months Ended | April 26, 2019 | April 27, 2018 | April 28, 2017\nDays sales outstanding (1) | 70 | 58 | 45 \nDays inventory outstanding (2) | 21 | 18 | 26 \nDays payables outstanding (3) | (87) | (90) | (56) \nCash conversion cycle (4) | 3 | (14 ) | 15 \nDays may not add due to rounding | | | "} {"_id": "d1b3a3652", "title": "", "text": "Common Stock Reserved for Issuance\nAs of July 31, 2019 and 2018, the Company was authorized to issue 500,000,000 shares of common stock with a par value of $0.0001 per share and, of these, 82,140,883 and 80,611,698 shares of common stock were issued and outstanding, respectively. Per the terms of the Company\u2019s 2011 Stock Plan, on January first of each year, an additional number of shares equal to up to 5% of the number of shares of common stock issued and outstanding on the preceding December 31st is added to the Company\u2019s 2011 Stock Plan reserve.\nAs of July 31, 2019 and 2018, the Company had reserved shares of common stock for future issuance as follows:\nIn March 2018, the Company completed a public offering of 2,628,571 shares of its common stock. The public offering price of the shares sold in the offering was $87.50 per share. No shares were sold by the Company\u2019s stockholders in this public offering.\n\n | July 31, 2019 | July 31, 2018\n-------------------------------------------------- | -------------- | -------------\nExercise of stock options to purchase common stock | 216,727 | 537,064 \nVesting of restricted stock awards | 2,384,673 | 2,932,155 \nShares available for grant under stock plans | 24,776,361 | 21,592,494 \nTotal common stock reserved for issuance | 27,377,761 | 25,061,713 "} {"_id": "d1b354e62", "title": "", "text": "NOTE 5 \u2013 PROPERTY, PLANT AND EQUIPMENT\nProperty, plant and equipment is summarized as follows (in thousands):\nWe do not have leasehold improvements nor do we have capitalized leases. Costs of betterments are capitalized while maintenance costs and repair costs are charged to operations as incurred. When a depreciable asset is retired from service, the cost and accumulated depreciation will be removed from the respective accounts.\nDepreciation expense was $66 thousand and $73 thousand for each of the years ended December 31, 2019 and 2018, respectively.\n\n | December 31, | \n---------------------------------------- | ------------ | -------\n | 2019 | 2018 \nBuilding and improvements | $1,273 | $1,273 \nScientific equipment | 597 | 598 \nComputer hardware and software | 106 | 107 \nMachinery and equipment | 274 | 275 \nLand and improvements | 162 | 162 \nOther personal property | 70 | 70 \nOffice equipment | 27 | 27 \n | 2,509 | 2,512 \nLess: accumulated depreciation | (1,969) | (1,906)\nTotal property, plant and equipment, net | $ 540 | $ 606 "} {"_id": "d1b3538fa", "title": "", "text": "16. INCOME TAXES\nThe components of (loss) income before (benefit from) income taxes are:\n\n(in thousands) | 2019 | 2018 | 2017 \n------------------------------------------------ | ---------- | --------- | -------\nDomestic | $(51,396) | (27,494) | 57,493 \nForeign | (83,450) | 15,951 | 28,742 \n(Loss) income before (benefit from) income taxes | $(134,846) | $(11,543) | $86,235"} {"_id": "d1b331b10", "title": "", "text": "AMERICAN TOWER CORPORATION AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Tabular amounts in millions, unless otherwise disclosed)\nOther Redeemable Noncontrolling Interests\u2014During the year ended December 31, 2019, the Company entered into an agreement with MTN to acquire MTN\u2019s noncontrolling interests in each of the Company\u2019s joint ventures in Ghana and Uganda for total consideration of approximately $523.0 million. The transaction is expected to close in the first quarter of 2020, subject to regulatory approval and other closing conditions. In addition, the Company, through a subsidiary of ATC Europe, entered into an agreement with its local partners in France to form Eure-et-Loir R\u00e9seaux Mobiles SAS (\u201cEure-et-Loir\u201d), a telecommunications infrastructure company that owns and operates wireless communications towers in France. The Company\u2019s controlling interest in Eure-et-Loir is 51% with local partners holding a 49% noncontrolling interest. The agreement provides the local partners with put options, which allow them to sell outstanding shares of Eure-et-Loir to the Company, and the Company with call options, which allow it to buy the noncontrolling shares of Eure-et-Loir. The put options, which are not under the Company\u2019s control, cannot be separated from the noncontrolling interests. As a result, the combination of the noncontrolling interests and the redemption feature requires classification as redeemable noncontrolling interests in the consolidated balance sheet, separate from equity. The value of the Eure-et-Loir interests as of December 31, 2019 was $2.7 million.\nThe changes in Redeemable noncontrolling interests for the years ended December 31, 2019, 2018 and 2017 were as follows:\n\n | | Year Ended December 31, | \n-------------------------------------------------------------------------------- | -------- | ----------------------- | --------\n | 2019 | 2018 | 2017 \nBalance as of January 1, | $1,004.8 | $1,126.2 | $1,091.3\nAdditions to redeemable noncontrolling interests | 525.7 | \u2014 | \u2014 \nNet income (loss) attributable to noncontrolling interests | 35.8 | (87.9) | (33.4) \nAdjustment to noncontrolling interest redemption value | (35.8) | 86.7 | \u2014 \nAdjustment to noncontrolling interest due to merger | \u2014 | (28.1) | \u2014 \nPurchase of redeemable noncontrolling interest | (425.7) | \u2014 | \u2014 \nForeign currency translation adjustment attributable to noncontrolling interests | (8.3) | (92.1) | 68.3 \nBalance as of December 31, | $1,096.5 | $1,004.8 | $1,126.2"} {"_id": "d1b37cc46", "title": "", "text": "xii. Shareholding as on March 31, 2019:\na. Distribution of equity shareholding as on March 31, 2019:\n\nNumber of shares | Holding | Percentage to capital | Number of accounts | Percentage to total accounts\n---------------- | ------------- | --------------------- | ------------------ | ----------------------------\n1 - 100 | 18,402,438 | 0.5 | 528,148 | 70.3 \n101 - 500 | 37,550,103 | 1.0 | 185,200 | 24.6 \n501 - 1000 | 14,900,327 | 0.4 | 20,749 | 2.8 \n1001 - 5000 | 27,199,737 | 0.7 | 13,897 | 1.9 \n5001 - 10000 | 9,150,929 | 0.2 | 1,292 | 0.2 \n10001 - 20000 | 8,811,580 | 0.2 | 622 | 0.1 \n20001 - 30000 | 5,636,878 | 0.2 | 230 | - \n30001 - 40000 | 5,424,479 | 0.1 | 154 | - \n40001- 50000 | 4,808,196 | 0.1 | 106 | - \n50001 -100000 | 21,790,964 | 0.6 | 304 | - \n100001 - above | 3,598,709,075 | 96.0 | 903 | 0.1 \nGRAND TOTAL | 3,752,384,706 | 100.0 | 751,605 | 100.0 "} {"_id": "d1b3429f6", "title": "", "text": "19. Cash and cash equivalents\nCash at bank and in hand is denominated in the following currencies:\nCash balances with an original maturity of less than three months were held in current accounts during the year and attracted interest at a weighted average rate of 0.3% (2018: 0.3%).\n\n | 2019 | 2018\n------------------------ | ---- | ----\n | \u00a3m | \u00a3m \nSterling | 5.8 | 4.1 \nEuro | 0.1 | 0.2 \nCash at bank and in hand | 5.9 | 4.3 "} {"_id": "d1b33aff8", "title": "", "text": "AMERICAN TOWER CORPORATION AND SUBSIDIARIES SCHEDULE III\u2014SCHEDULE OF REAL ESTATE AND ACCUMULATED DEPRECIATION (dollars in millions)\n(7) Primarily includes foreign currency exchange rate fluctuations and other deductions.\n\n | 2019 | 2018 | 2017 \n-------------------------------------------------------------- | ---------- | ---------- | ----------\nGross amount of accumulated depreciation at beginning | $(5,724.7) | $(5,181.2) | $(4,548.1)\nAdditions during period: | | | \nDepreciation | (768.4) | (751.4) | (718.7) \nOther | \u2014 | \u2014 | \u2014 \nTotal additions | (768.4) | (751.4) | (718.7) \nDeductions during period: | | | \nAmount of accumulated depreciation for assets sold or disposed | 121.4 | 129.3 | 100.7 \nOther (7) | (10.5) | 78.6 | (15.1) \nTotal deductions | 110.9 | 207.9 | 85.6 \nBalance at end | $(6,382.2) | $(5,724.7) | $(5,181.2)"} {"_id": "d1b366e96", "title": "", "text": "Note 11: Income Taxes\nThe provision for income tax expense (benefit) is as follows (amounts in thousands):\n(1) Fiscal years ended March 31, 2018 and 2017 adjusted due to the adoption of ASC 606.\nThe Company realized a deferred tax expense (benefit) for fiscal years ended 2019, 2018 and 2017 of ($50.1) million, $0.6 million and $1.2 million, respectively, in U.S. and certain foreign jurisdictions based on changes in judgment about the realizability of deferred tax assets in future years.\n\n | | Fiscal Years Ended March 31, | \n------------------------------------------------------------- | --------- | ---------------------------- | ------\n | 2019 | 2018 | 2017 \nCurrent: | | | \nFederal | $170 | $223 | $\u2014 \nState and local | 161 | 50 | 62 \nForeign | 9,966 | 8,295 | 4,247 \nTotal current income tax expense from continuing operations | 10,297 | 8,568 | 4,309 \nDeferred: | | | \nFederal | (43,804) | (807) | (6) \nState and local | (773) | (96) | (97) \nForeign (1) | (5,180) | 1,467 | 88 \nDeferred tax expense (benefit) from continuing operations (1) | (49,757) | 564 | (15) \nProvision for income tax expense (benefit) (1) | $(39,460) | $9,132 | $4,294"} {"_id": "d1b32ec76", "title": "", "text": "Amounts recognized in Accumulated other comprehensive income (loss) at March 31, 2019 and 2018 consist of the following (amounts in thousands):\nAlthough not reflected in the table above, the tax effect on the pension balances was $2.4 million and $2.3 million as of March 31, 2019 and 2018, respectively.\n\n | Pension | | Other Benefits | \n--------------------------------------------- | ------- | ------- | -------------- | ------\n | 2019 | 2018 | 2019 | 2018 \nNet actuarial loss (gain) | $16,864 | $15,691 | $(793) | $(879)\nPrior service cost | 1,325 | 1,413 | \u2014 | \u2014 \nAccumulated other comprehensive (income) loss | $18,189 | $17,104 | $(793) | $(879)"} {"_id": "d1a718108", "title": "", "text": "Year Ended December 31, 2018 Compared to the Year Ended December 31, 2017\nOur management reviews and analyzes several key financial measures in order to manage our business and assess the quality of and variability of our service revenue, operating results and cash flows. The following summary tables present a comparison of our results of operations with respect to certain key financial measures. The comparisons illustrated in the tables are discussed in greater detail below.\n\n | Year Ended December 31, | | \n---------------------------------- | ----------------------- | ------- | -------\n | 2018 | 2017 | Change \nOther Operating Data | | | \nAverage Revenue Per Unit (ARPU) | | | \nARPU\u2014on-net | $ 480 | $ 506 | (5.1)% \nARPU\u2014off-net | $ 1,155 | $ 1,239 | (6.8)% \nAverage price per megabit | $ 0.82 | $ 1.11 | (25.9)%\nCustomer Connections\u2014end of period | | | \nOn-net | 68,770 | 61,334 | 12.1% \nOff-net | 10,974 | 9,953 | 10.3% "} {"_id": "d1b2e4c34", "title": "", "text": "Consolidated\nThe table below presents a summary of our results of operations for fiscal years 2019 and 2018. See Part II, Item 7 of our Annual Report on Form 10-K for the fiscal year ended March 31, 2018, filed with the SEC on May 21, 2018, for Management\u2019s Discussions and Analysis of Financial Condition and Results of Operations for the fiscal year ended April 1, 2017.\nREVENUE\nOur overall revenue increased $116.8 million in fiscal 2019, compared to fiscal 2018, primarily due to higher demand for our mobile products in support of customers based in China as well as higher demand for our base station products, partially offset by a decrease in revenue due to weakness in marquee smartphone demand experienced by our largest end customer.\nWe provided our products to our largest end customer (Apple) through sales to multiple contract manufacturers, which in the aggregate accounted for 32% and 36% of total revenue in fiscal years 2019 and 2018, respectively. Huawei accounted for approximately 13% and 8% of our total revenue in fiscal years 2019 and 2018, respectively. These customers primarily purchase RF and Wi-Fi solutions for cellular base stations and a variety of mobile devices, including smartphones, wearables, laptops, tablets and cellular-based applications for the IoT. In May 2019, the U.S. government imposed restrictions on the sales of products to Huawei (see Note 2 of the Notes to the Consolidated Financial Statements set forth in Part II, Item 8 of this report).\nInternational shipments amounted to $2,610.0 million in fiscal 2019 (approximately 84% of revenue) compared to $2,449.1 million in fiscal 2018 (approximately 82% of revenue). Shipments to Asia totaled $2,446.3 million in fiscal 2019 (approximately 79% of revenue) compared to $2,329.3 million in fiscal 2018 (approximately 78% of revenue).\nGROSS MARGIN\nGross margin was relatively flat for fiscal 2019 as compared to fiscal 2018, with average selling price erosion offset by favorable changes in product mix.\nOPERATING EXPENSES\nResearch and Development\nIn fiscal 2019, R&D spending increased $5.4 million, compared to fiscal 2018, primarily due to higher personnel related costs, partially offset by lower product development spend driven by R&D efficiency initiatives.\nSelling, General and Administrative\nIn fiscal 2019, selling, general and administrative expense decreased $51.7 million, or 9.8%, compared to fiscal 2018, primarily due to lower intangible amortization, partially offset by higher personnel related costs.\nOther Operating Expense\nIn fiscal 2019, other operating expense was $52.2 million. In fiscal 2019, we recognized $15.9 million of asset impairment charges (to adjust the carrying value of certain property and equipment to reflect fair value) and $11.6 million of employee termination benefits as a result of restructuring actions (see Note 11 of the Notes to the Consolidated Financial Statements set forth in Part II, Item 8 of this report for information on restructuring actions). In fiscal 2019, we also recorded $18.0 million of start-up costs related to new processes and operations in existing facilities.\nIn fiscal 2018, other operating expense was $103.8 million. In fiscal 2018, we initiated restructuring actions to improve operating efficiencies, and, as a result of these actions, we recorded approximately $18.3 million of employee termination benefits and adjusted the carrying value of certain held for sale assets located in China and the U.S. to fair market value (resulting in impairment charges totaling approximately $46.3 million). In fiscal 2018, we also recorded integration costs and restructuring costs of $6.2 million and $2.6 million, respectively, associated with the Business Combination, as well as $24.3 million of start-up costs related to new processes and operations in both existing and new facilities.\nOPERATING INCOME\nOur overall operating income was $216.5 million for fiscal 2019, compared to $70.3 million for fiscal 2018. This increase was primarily due to lower intangible amortization, higher revenue, and lower impairment charges on property and equipment.\n\n | 2019 | | 2018 | \n------------------------------------ | ---------- | ------------ | ---------- | ------------\n(In thousands, except percentages) | Dollars | % of Revenue | Dollars | % of Revenue\nRevenue | $3,090,325 | 100.0% | $2,973,536 | 100.0% \nCost of goods sold | 1,895,142 | 61.3 | 1,826,570 | 61.4 \nGross profit | 1,195,183 | 38.7 | 1,146,966 | 38.6 \nResearch and development | 450,482 | 14.6 | 445,103 | 15.0 \nSelling, general, and administrative | 476,074 | 15.4 | 527,751 | 17.7 \nOther operating expense | 52,161 | 1.7 | 103,830 | 3.5 \nOperatingincome | $216,466 | 7.0% | $70,282 | 2.4% "} {"_id": "d1a72f8c6", "title": "", "text": "Total Revenues and Operating Expenses\nExcluding the effects of currency rate fluctuations, our total revenues increased in fiscal 2019 relative to fiscal 2018 due to growth in our cloud and license revenues, partially offset by decreases in our hardware revenues and services revenues. The constant currency increase in our cloud and license revenues during fiscal 2019 relative to fiscal 2018 was attributable to growth in our cloud services and license support revenues as customers purchased our applications and infrastructure technologies via cloud deployment models and license deployment models and renewed their related cloud and license support contracts to continue to gain access to our latest technology and support services, and was also attributable to growth in our cloud license and on-premise license revenues. The constant currency decreases in our hardware revenues during fiscal 2019 relative to fiscal 2018 were due to a reduction in our hardware products revenues and hardware support revenues primarily due to the emphasis we placed on the marketing and sale of our cloud-based infrastructure technologies, which resulted in reduced sales volumes of certain of our hardware product lines and also impacted the volume of customers that purchased hardware support contracts. The constant currency decrease in our services revenues during fiscal 2019 relative to fiscal 2018 was attributable to declines in our consulting and education services revenues. In constant currency, the Americas, EMEA and Asia Pacific regions contributed 40%, 33% and 27%, respectively, to the growth in our fiscal 2019 total revenues.\nExcluding the effects of currency rate fluctuations, our total operating expenses increased during fiscal 2019 relative to fiscal 2018 primarily due to higher expenses related to our cloud and license business, which resulted primarily from increased headcount and infrastructure expenses to support the increase in our cloud and license business\u2019 revenues. This constant currency expense increase was partially offset by certain expense decreases in fiscal 2019 relative to fiscal 2018, primarily lower expenses related to our hardware business and lower restructuring expenses.\nIn constant currency, our total operating margin increased during fiscal 2019 relative to fiscal 2018 primarily due to the increase in revenues and total operating margin as a percentage of total revenues remained flat.\n(1) Comprised of Europe, the Middle East and Africa\n\nYear Ended May 31, | | | | \n----------------------------------------------- | ------- | ------ | -------------- | -------\n | | | Percent Change | \n(Dollars in millions) | 2019 | Actual | Constant | 2018 \nTotal Revenues by Geography: | | | | \nAmericas | $21,856 | 1% | 2% | $21,648\nEMEA (1) | 11,270 | -1% | 3% | 11,409 \nAsia Pacific | 6,380 | 1% | 5% | 6,326 \nTotal revenues | 39,506 | 0% | 3% | 39,383 \nTotal Operating Expenses | 25,971 | -1% | 2% | 26,119 \nTotal Operating Margin | $13,535 | 2% | 5% | $13,264\nTotal Operating Margin % | 34% | | | 34% \n% Revenues by Geography: | | | | \nAmericas | 55% | | | 55% \nEMEA | 29% | | | 29% \nAsia Pacific | 16% | | | 16% \nTotal Revenues by Business: | | | | \nCloud and license | $32,562 | 2% | 4% | $31,994\nHardware | 3,704 | -7% | -5% | 3,994 \nServices | 3,240 | -5% | -2% | 3,395 \nTotal revenues | $39,506 | 0% | 3% | $39,383\n% Revenues by Business: | | | | \nCloud and license | 83% | | | 81% \nHardware | 9% | | | 10% \nServices | 8% | | | 9% \n(1) | | | | \nComprised of Europe, the Middle East and Africa | | | | "} {"_id": "d1b2f9698", "title": "", "text": "16. FINANCIAL INSTRUMENTS AND OTHER FAIR VALUE DISCLOSURES\nThe majority of NAT and its subsidiaries\u2019 transactions, assets and liabilities are denominated in United States dollars, the functional currency of the Company. There is no significant risk that currency fluctuations will have a negative effect on the value of the Company\u2019s cash flows.\nThe Company categorizes its fair value estimates using a fair value hierarchy based on the inputs used to measure fair value for those assets that are recorded on the Balance Sheet at fair value. The fair value hierarchy has three levels based on the reliability of the inputs used to determine fair value as follows:\nLevel 1. Quoted prices (unadjusted) in active markets for identical assets or liabilities that the reporting entity can access at the measurement date.\nLevel 2. Inputs, other than the quoted prices in active markets, that are observable either directly or indirectly; and\nLevel 3. Unobservable inputs in which there is little or no market data, which require the reporting entity to develop its own assumptions.\nThe following methods and assumptions were used to estimate the fair value of each class of financial instruments and other financial assets.\n- \u00a0The carrying value of cash and cash equivalents and marketable securities, is a reasonable estimate of fair value.\n- \u00a0The estimated fair value for the long-term debt is considered to be equal to the carrying values since it bears spreads and variable interest rates which approximate market rates.\nThe carrying value and estimated fair value of the Company`s financial instruments at December 31, 2019 and 2018, are as follows:\n* The 2019 Senior Secured Credit Facility and Vessel financing 2018 Newbuildings carry a floating LIBOR interest rate, plus a margin and the fair value is assumed to equal the carrying value.\n\nAll figures in USD \u2018000 | Fair Value\nHierarchy\nLevel | 2019\nFair\nValue | 2019\nCarrying\nValue | 2018\nFair\nValue | 2018\nCarrying\nValue\n-------------------------------------- | -------------------------- | --------------- | ------------------- | --------------- | -------------------\nRecurring: | | | | | \nCash and Cash Equivalents | 1 | 48,847 | 48,847 | 49,327 | 49,327 \nRestricted Cash | 1 | 12,791 | 12,791 | - | - \nCredit Facility | 2 | - | - | (313,400) | (313,400) \n2019 Senior Secured Credit Facility* | 2 | (291,798) | (291,798) | - | - \nInvestment Securities | 1 | 825 | 825 | 4,197 | 4,197 \nVessel financing 2018 Newbuildings* | 2 | (119,867) | (119,867) | (127,140) | (127,140) "} {"_id": "d1a73d6ec", "title": "", "text": "Movements in ordinary share capital\nOrdinary Shares\nOrdinary shares entitle the holder to participate in dividends and the proceeds on the winding up of the company in proportion to the number of and amounts paid on the shares held. The fully paid ordinary shares have no par value and the company does not have a limited amount of authorised capital.\nOn a show of hands every member present at a meeting in person or by proxy shall have one vote and upon a poll each share shall have one vote.\n\n | | | Issue price | \n------------- | ---------------- | ----------- | ----------- | -------\nDetails | Date | Shares | AU$US | $\u2019000 \nBalance | 1 July 2017 | 130,215,813 | | 125,177\nShares issued | 23 February 2018 | 69,129 | $8.52 | 458 \nBalance | 30 June 2018 | 130,284,942 | | 125,635\nShares issued | 24 August 2018 | 69,129 | $8.46 | 423 \nShare issued | 24 August 2018 | 28,407 | $0.00 | - \nShare issued | 21 December 2018 | 129,044 | $0.00 | - \nBalance | 30 June 2019 | 130,511,522 | | 126,058"} {"_id": "d1b3856e8", "title": "", "text": "Uncertain Tax Positions\nAs of June 30, 2019, 2018, and 2017, we had accrued interest expense related to uncertain tax positions of $3.4 billion, $3.0 billion, and $2.3 billion, respectively, net of income tax benefits. The provision for (benefit from) income taxes for fiscal years 2019, 2018, and 2017 included interest expense related to uncertain tax positions of $515 million, $688 million, and $399 million, respectively, net of income tax benefits.\nThe aggregate changes in the gross unrecognized tax benefits related to uncertain tax positions were as follows:\nWe settled a portion of the Internal Revenue Service (\u201cIRS\u201d) audit for tax years 2004 to 2006 in fiscal year 2011. In February 2012, the IRS withdrew its 2011 Revenue Agents Report related to unresolved issues for tax years 2004 to 2006 and reopened the audit phase of the examination. We also settled a portion of the IRS audit for tax years 2007 to 2009 in fiscal year 2016, and a portion of the IRS audit for tax years 2010 to 2013 in fiscal year 2018. We remain under audit for tax years 2004 to 2013. We expect the IRS to begin an examination of tax years 2014 to 2017 within the next 12 months.\nAs of June 30, 2019, the primary unresolved issues for the IRS audits relate to transfer pricing, which could have a material impact on our consolidated financial statements when the matters are resolved. We believe our allowances for income tax contingencies are adequate. We have not received a proposed assessment for the unresolved issues and do not expect a final resolution of these issues in the next 12 months. Based on the information currently available, we do not anticipate a significant increase or decrease to our tax contingencies for these issues within the next 12 months.\nWe are subject to income tax in many jurisdictions outside the U.S. Our operations in certain jurisdictions remain subject to examination for tax years 1996 to 2018, some of which are currently under audit by local tax authorities. The resolution of each of these audits is not expected to be material to our consolidated financial statements.\n\n(In millions) | | | \n------------------------------------------------------- | --------- | --------- | ---------\nYear Ended June 30, | 2019 | 2018 | 2017 \nBeginning unrecognized tax benefits | $ 11,961 | $ 11,737 | $ 10,164 \nDecreases related to settlements | (316) | (193) | (4) \nIncreases for tax positions related to the current year | 2,106 | 1,445 | 1,277 \nIncreases for tax positions related to prior years | 508 | 151 | 397 \nDecreases for tax positions related to prior years | (1,113) | (1,176) | (49) \nDecreases due to lapsed statutes of limitations | 0 | (3) | (48) \nEnding unrecognized tax benefits | $ 13,146 | $ 11,961 | $ 11,737"} {"_id": "d1b33cd08", "title": "", "text": "Other non-operating results\nThe following details our other consolidated results for the years ended December 31, 2019 and 2018:\nInterest expense: Interest expense increased by $1.2 million to $103.1 million for the year ended December 31, 2019 compared to $101.9 million for the same period in 2018. The increase in interest expense was primarily due to:\n\u2022 $28.9 million lower capitalized interest on borrowing costs in relation to our investment in the Hilli FLNG conversion following acceptance of the vessel by the charterer in May 2018; and\n\u2022 $1.5 million interest on the term loan facility, drawn in September 2019.\nThis was partially offset by reduced interest costs due to lower LIBOR rates, resulting in:\n\u2022 $12.4 million decrease in interest expense arising on the loan facilities of our consolidated lessor VIEs;\n\u2022 $8.7 million capitalized interest on borrowing costs in relation to our investments;\n\u2022 $6.5 million decrease in interest expense incurred on the deposits received from Golar Partners following application of the deposit to the Hilli acquisition price and the conversion of the Hilli shareholder loans to equity following the Hilli Disposal in July 2018; and\n\u2022 $1.0 million decrease in interest expense on the Hilli letter of credit, due to a contractual step down in the Hilli letter of credit from $300 million to $250 million in May 2019, and a further step down to $125 million in November 2019.\nLosses on derivative instruments: Losses on derivative instruments increased by $7.5 million to a loss of $38.0 million for the year ended December 31, 2019 compared to a loss of $30.5 million for the same period in 2018. The movement was primarily due to:\nNet unrealized and realized (losses)/gains on interest rate swap agreements: As of December 31, 2019, we have an interest rate swap portfolio with a notional amount of $737.5 million, none of which are designated as hedges for accounting purposes. Net unrealized losses on the interest rate swaps increased to a loss of $16.5 million for the year ended December 31, 2019 compared to a gain of $0.6 million for the same period in 2018, due to a decline in the long-term swap rates, partially offset by the decreased notional value of our swap portfolio over the period. Realized gains on our interest rate swaps decreased to a gain of $6.4 million for the year ended December 31, 2019, compared to a gain of $8.1 million for the same period in 2018. The decrease was primarily due to lower LIBOR rates for the year ended December 31, 2019.\nUnrealized losses on Total Return Swap: In December 2014, we established a three month facility for a Stock Indexed Total Return Swap Programme or Equity Swap Line with DNB Bank ASA in connection with a share buyback scheme. In November 2019, we repurchased 1.5 million shares underlying the equity swap. The remaining facility has been extended to March 2020. The equity swap derivatives mark-to-market adjustment resulted in a net loss of $30.5 million recognized in the year ended December 31, 2019 compared to a loss of $30.7 million for the same period in 2018. The losses in 2019 and 2018 are due to the decline in our share price.\nUnrealized mark-to-market losses on Earn-Out Units: This relates to the mark-to-market movement on the Earn-Out Units issuable in connection with the IDR reset transaction in October 2016, which we recognize as a derivative asset in our consolidated financial statements. The decrease in Golar Partners' quarterly distribution to $0.4042 per common unit on October 24, 2018 resulted in the contingent Earn-Out Units arising out of the IDR reset transaction in October 2016 not crystallizing and, accordingly, we recognized a mark-to-market loss of $7.4 million for the year ended December 31, 2018, effectively reducing the derivative asset to $nil at December 31, 2018. There was no comparative movement for the year ended December 31, 2019.\nOther financial items, net: Other financial items, net decreased by $4.0 million to a loss of $5.5 million for the year ended December 31, 2019 compared to $1.5 million for the same period in 2018 primarily as a result of consolidating our lessor VIEs.\nNet income attributable to non-controlling interests: Net income attributable to non-controlling interests increased by $26.4 million to $89.6 million for the year ended December 31, 2019 compared to $63.2 million for the same period in 2018 mainly due to the completion of the Hilli Disposal in July 2018. The non-controlling interest in relation to the Hilli Disposal for the year ended December 31, 2019 amounted to $61.7 million, compared to $31.3 million for the same period in 2018.\nThe net income attributable to non-controlling interests comprises of: \u2022 $36.5 million and $19.7 million in relation to the non-controlling shareholders who hold interests in Hilli LLC for the year ended December 31, 2019 and 2018, respectively; \u2022 $0.5 million in relation to the non-controlling shareholders who hold interests in Gimi MS Corporation for the year ended December 31, 2019, following the subscription of 30% equity interest by First FLNG Holdings in April 2019; and \u2022 $28.3 million and $31.9 million in relation to the equity interests in our remaining lessor VIEs for the year ended December 31, 2019 and 2018, respectively.\n\n | | December 31, | | \n---------------------------------------------------- | --------- | ------------ | -------- | --------\n(in thousands of $) | 2019 | 2018 | Change | % Change\nInterest income | 10,479 | 10,133 | 346 | 3% \nInterest expense | (103,124) | (101,908) | (1,216) | 1% \nLosses on derivative instruments | (38,044) | (30,541) | (7,503) | 25% \nOther financial items, net | (5,522) | (1,481) | (4,041) | 100% \nIncome taxes | (1,024) | (1,267) | 243 | (19)% \nNet income attributable to non-controlling interests | (89,581) | (63,214) | (26,367) | 42% "} {"_id": "d1b3a2ac2", "title": "", "text": "TOTAL BCE CUSTOMER CONNECTIONS\n(1) At the beginning of Q1 2019, we adjusted our wireless subscriber base to remove 167,929 subscribers (72,231 postpaid and 95,698 prepaid) as follows: (A) 65,798 subscribers (19,195 postpaid and 46,603 prepaid), due to the completion of the shutdown of the CDMA network on April 30, 2019, (B) 49,095 prepaid subscribers as a result of a change to our deactivation policy, mainly from 120 days for Bell/Virgin Mobile and 150 days for Lucky Mobile to 90 days, (C) 43,670 postpaid subscribers relating to IoT due to the further refinement of our subscriber definition as a result of technology evolution, and (D) 9,366 postpaid fixed wireless Internet subscribers which were transferred to our retail high-speed Internet subscriber base.\n(2) At the beginning of Q4\u00a02018, we adjusted our postpaid wireless subscriber base to remove 20,000\u00a0subscribers that we divested to Xplornet as a result of BCE\u2019s acquisition of MTS in 2017.\n(3) As of January\u00a01, 2019, we are no longer reporting wholesale subscribers in our Internet, TV and residential NAS subscriber bases reflecting our focus on the retail market. Consequently, we restated previously reported\u00a02018 subscribers for comparability.\nBCE added 657,323 net new retail customer connections to its retail growth services in 2019, representing a 6.4% increase over 2018. This consisted of: \u2022 401,955 postpaid wireless customers, and 113,454 prepaid wireless customers \u2022 135,861 retail high-speed Internet customers \u2022 6,053 retail TV customers comprised of 91,476 retail IPTV net customer additions and 85,423 retail satellite TV net customer losses\nRetail residential NAS net losses were 263,325 in 2019, increasing by 1.7% over 2018.\nTotal BCE retail customer connections across all retail services grew by 1.3% in 2019, compared to last year, driven by an increase in our retail growth services customer base, offset in part by continued erosion in traditional retail residential NAS lines.\nAt the end of 2019, BCE retail customer connections totaled 18,983,510, and were comprised of the following: \u2022 9,957,962 wireless subscribers, up 3.6% compared to 2018, comprised of 9,159,940 postpaid subscribers, an increase of 3.7% over last year, and 798,022 prepaid subscribers, up 2.3% year over year \u2022 3,555,601 retail high-speed Internet subscribers, 4.3% higher than last year \u2022 2,772,464 total retail TV subscribers, up 0.2% compared to 2018, comprised of 1,767,182 retail IPTV customers, up 5.5% year over year, and 1,005,282 retail satellite TV subscribers, down 7.8% year over year \u2022 2,697,483 retail residential NAS lines, a decline of 8.9% compared to 2018\n\n | 2019 | 2018 | % CHANGE\n--------------------------------------------- | ---------- | ---------- | --------\nWireless subscribers [1][2] | 9,957,962 | 9,610,482 | 3.6% \nPostpaid [1][2] | 9,159,940 | 8,830,216 | 3.7% \nPrepaid [1] | 798,022 | 780,266 | 2.3% \nRetail high-speed Internet subscribers [1][3] | 3,555,601 | 3,410,374 | 4.3% \nRetail TV subscribers [3] | 2,772,464 | 2,766,411 | 0.2% \nIPTV | 1,767,182 | 1,675,706 | 5.5% \nSatellite | 1,005,282 | 1,090,705 | (7.8%) \nTotal growth services subscribers | 16,286,027 | 15,787,267 | 3.2% \nWireline retail residential NAS lines [3] | 2,697,483 | 2,960,808 | (8.9%) \nTotal services subscribers | 18,983,510 | 18,748,075 | 1.3% "} {"_id": "d1b34ffca", "title": "", "text": "Operating Segments\nThe Company operates as one operating segment. Operating segments are defined as components of an enterprise for which separate financial information is regularly evaluated by the chief operating decision maker (\u201cCODM\u201d), which is the Company\u2019s chief executive officer, in deciding how to allocate resources and assess performance. The Company\u2019s CODM evaluates the Company\u2019s financial information for the purpose of allocating resources and assessing the performance of these resources on a consolidated basis. The Company operates as one operating segment. Operating segments are defined as components of an enterprise for which separate financial information is regularly evaluated by the chief operating decision maker (\u201cCODM\u201d), which is the Company\u2019s chief executive officer, in deciding how to allocate resources and assess performance. The Company\u2019s CODM evaluates the Company\u2019s financial information for the purpose of allocating resources and assessing the performance of these resources on a consolidated basis.\nRevenue by geographic country, based on ship-to destinations, which in certain instances may be the location of a contract manufacturer rather than the Company\u2019s end customer, was as follows (in thousands):\n\n | | Year Ended December 31, | \n------------- | -------- | ----------------------- | -------\n | 2019 | 2018 | 2017 \nUnited States | $70,702 | $56,839 | $60,723\nChina | 159,637 | 98,906 | 148,431\nGermany | 57,657 | 58,711 | 57,051 \nThailand | 82,413 | 68,217 | 48,016 \nOther | 94,254 | 57,218 | 70,945 \nTotal revenue | $464,663 | 339,891 | 385,166"} {"_id": "d1b34d5f4", "title": "", "text": "NOTE 15 \u2013 INCOME TAXES (CONTINUED)\nThe cumulative tax effect of significant items comprising our net deferred tax amount at the expected rate of 21% is as follows as of December 31, 2019 and 2018:\nThe ultimate realization of deferred tax assets is dependent upon the Company\u2019s ability to generate sufficient taxable income during the periods in which the net operating losses expire and the temporary differences become deductible. The Company has determined that there is significant uncertainty that the results of future operations and the reversals of existing taxable temporary differences will generate sufficient taxable income to realize the deferred tax assets; therefore, a valuation allowance has been recorded. In making this determination, the Company considered historical levels of income as well as projections for future periods.\nThe tax years 2016 to 2019 remain open for potential audit by the Internal Revenue Service. There are no uncertain tax positions as of December 31, 2018 or December 31, 2019, and none are expected in the next 12 months. The Company\u2019s foreign subsidiaries are cost centers that are reimbursed for expenses, so generate no income or loss. Pretax book income (loss) is all from domestic operations. Up to four years of returns remain open for potential audit in foreign jurisdictions, however any audits for periods prior to ownership by the Company are the responsibility of the previous owners.\nUnder certain circumstances issuance of common shares can result in an ownership change under Internal Revenue Code Section 382, which limits the Company\u2019s ability to utilize carry-forwards from prior to the ownership change. Any such ownership change resulting from stock issuances and redemptions could limit the Company\u2019s ability to utilize any net operating loss carry-forwards or credits generated before this change in ownership. These limitations can limit both the timing of usage of these laws, as well as the loss of the ability to use these net operating losses. It is likely that fundraising activities have resulted in such an ownership change.\n\n | 2019 | 2018 \n------------------------------------------------- | ------------ | ------------\nDeferred tax asset attributable to: | | \nNet operating loss carryover | $3,839,000 | $2,290,000 \nStock compensation | 320,000 | 535,000 \nIntangible Assets | - | 124,000 \nOther | 36,000 | 3,000 \nDeferred tax asset | 4,195,000 | $2,952,000 \nDeferred tax liabilities attributable to: | | \nFixed assets | $(13,000) | $(5,000) \nIntangibles | (2,438,000) | - \nOther | (16,000) | (9,000) \nValuation allowance | (1,728,000) | (2,938,000) \nDeferred tax liability | $(4,195,000) | $(2,952,000)\nNet deferred tax asset | $- | $- "} {"_id": "d1b34bd44", "title": "", "text": "Cash, Cash Equivalents and Restricted cash \u2014 Cash and cash equivalents consist of cash and highly liquid shortterm investments, primarily held in non-interest-bearing investments which have original maturities of less than 90 days. Cash and cash equivalents in the amount of $127.2 million and $128.7 million at December 31, 2019 and 2018, respectively, were primarily held in non-interest-bearing accounts. Cash and cash equivalents of $125.3 million and $115.7 million at December 31, 2019 and 2018, respectively, were held in international operations. Most of these funds will not be subject to additional taxes if repatriated to the United States. There are circumstances where the Company may be unable to repatriate some of the cash and cash equivalents held by its international operations due to country restrictions.\nRestricted cash includes cash whereby the Company\u2019s ability to use the funds at any time is contractually limited or is generally designated for specific purposes arising out of certain contractual or other obligations.\nThe following table provides a reconciliation of cash and cash equivalents and restricted cash reported in the Consolidated Balance Sheets that sum to the amounts reported in the Consolidated Statements of Cash Flows (in thousands):\n\n | | December 31, | | \n--------------------------------------------------------------- | -------- | ------------ | -------- | --------\n | 2019 | 2018 | 2017 | 2016 \nCash and cash equivalents | $127,246 | $128,697 | $343,734 | $266,675\nRestricted cash included in \"Other current assets\" | 568 | 149 | 154 | 160 \nRestricted cash included in \"Deferred charges and other assets\" | 1,371 | 1,385 | 917 | 759 \n | $129,185 | $130,231 | $344,805 | $267,594"} {"_id": "d1b3294d8", "title": "", "text": "Operating Revenue\nNotes: (1) Includes revenues from subscription (prepaid/postpaid), interconnect, outbound and inbound roaming, wholesale revenue from MVNOs (Mobile Virtual Network Operators) and mobile content services such as music and video.\n(2) Includes equipment sales related to ICT services.\n(3) Mainly from provisions of digital marketing and advertising services and regional premium OTT video.\n(4) Includes energy reselling fees.\nAs at 31 March 2019, the transaction price attributable to unsatisfied performance obligations for ICT services rendered by NCS Pte. Ltd. is approximately S$3 billion which will be recognised as operating revenue mostly over the next 5 years.\nAs at 31 March 2019, the transaction price attributable to unsatisfied performance obligations for ICT services rendered by NCS Pte. Ltd. is approximately S$3 billion which will be recognised as operating revenue mostly over the next 5 years.\nService contracts with consumers typically range from a month to 2 years, and contracts with enterprises typically range from 1 to 3 years.\n\n | Group | \n-------------------------------------------- | -------- | --------\n | 2019 | 2018 \n | S$ Mil | S$ Mil \nMobile service (1) | 5,395.7 | 5,737.3 \nSale of equipment | 2,876.7 | 2,414.5 \nHandset operating lease income | 140.5 | 25.2 \nMobile | 8,412.9 | 8,177.0 \nData and Internet | 3,340.9 | 3,435.7 \nBusiness solutions | 604.1 | 560.7 \nCyber security | 548.7 | 527.1 \nOther managed services | 1,880.8 | 1,920.0 \nInfocomm Technology (\u201cICT\u201d) (2) | 3,033.6 | 3,007.8 \nDigital businesses (3) | 1,245.3 | 1,113.1 \nFixed voice | 899.0 | 1,084.3 \nPay television | 372.7 | 369.4 \nOthers (4) | 67.3 | 80.7 \nOperating revenue | 17,371.7 | 17,268.0\nOperating revenue | 17,371.7 | 17,268.0\nOther income | 224.7 | 258.8 \nInterest and investment income (see Note 10) | 38.1 | 45.5 \nTotal | 17,634.5 | 17,572.3"} {"_id": "d1b2f2c94", "title": "", "text": "Cost of revenues. Cost of revenues increased by 23% year-on-year to RMB209.8 billion. The increase primarily reflected greater content costs, costs of FinTech services and channel costs. As a percentage of revenues, cost of revenues increased to 56% for the year ended 31 December 2019 from 55% for the year ended 31 December 2018. The following table sets forth our cost of revenues by line of business for the years ended 31 December 2019 and 2018:\nCost of revenues for VAS increased by 27% year-on-year to RMB94,086 million. The increase was mainly due to greater content costs for services and products such as live broadcast services, online games and video streaming subscriptions, as well as channel costs for smart phone games.\nCost of revenues for FinTech and Business Services increased by 35% year-on-year to RMB73,831 million. The increase primarily reflected greater costs of payment-related and cloud services due to the enhanced scale of our payment and cloud activities.\nCost of revenues for Online Advertising decreased by 6% year-on-year to RMB34,860 million. The decrease was mainly driven by lower content costs for our advertising-funded long form video service resulting from fewer content releases and improved cost efficiency, partly offset by other cost items.\n\n | Year ended 31 December | | | \n----------------------------- | ----------------------------------- | -------- | ---------- | ----------\n | 2019 | | 2018 | \n | | % of | | % of \n | | segment | | segment \n | Amount | revenues | Amount | revenues \n | | | (Restated) | (Restated)\n | (RMB in millions, unless specified) | | | \nVAS | 94,086 | 47% | 73,961 | 42% \nFinTech and Business Services | 73,831 | 73% | 54,598 | 75% \nOnline Advertising | 34,860 | 51% | 37,273 | 64% \nOthers | 6,979 | 92% | 4,742 | 98% \nTotal cost of revenues | 209,756 | | 170,574 | "} {"_id": "d1b361482", "title": "", "text": "Item 14. Principal Accounting Fees and Services\nThe following table sets forth the fees for services provided and reasonably expected to be billed by Malone Bailey LLP. The following is a summary of the fees billed to the Company for professional services rendered for the fiscal years ended December 31, 2019 and 2018.\nAudit Fees: For the fiscal years ended December 31, 2019 and 2018, the aggregate audit fees billed by our independent auditors were for professional services rendered for\naudits and quarterly reviews of our consolidated financial statements, and assistance with reviews of registration statements and documents filed with the SEC.\nAudit-Related Fees: Audit-related fees are for assurance and other activities not explicitly related to the audit of our financial statements.\nTax Fees: For the fiscal years ended December 31, 2019 and 2018, there were no tax fees, respectively.\nAll Other Fees: For the fiscal years ended December 31, 2019 and 2018, there were $0 and $0, respectively.\nAudit Committee Pre-Approval Policies and Procedures. The Audit Committee oversees and monitors our financial reporting process and internal control system, reviews and\nevaluates the audit performed by our registered independent public accountants and reports to the Board any substantive issues found during the audit. The Audit Committee\nis directly responsible for the appointment, compensation and oversight of the work of our registered independent public accountants. The Audit Committee convenes on a\nquarterly basis to approve each quarterly filing, and an annual basis to review the engagement of the Company\u2019s external auditor.\nThe Audit Committee has considered whether the provision of Audit-Related Fees, Tax Fees, and all other fees as described above is compatible with maintaining\nMarcum LLP\u2019s and Malone Bailey LLP\u2019s independence and has determined that such services for fiscal years 2019 and 2018, respectively, were compatible. All such services\nwere approved by the Audit Committee pursuant to Rule 2-01 of Regulation S-X under the Exchange Act to the extent that rule was applicable.\n\n | Fiscal Year | Fiscal Year\n------------------ | ----------- | -----------\n | 2019 | 2018 \nAudit fees | $55,000 | $54,550 \nAudit-related fees | $- | $- \nTax Fees | $- | $- \nAll other fees | - | $- \nTotal | 55,000 | $54,550 "} {"_id": "d1b385eae", "title": "", "text": "The tax effects of temporary differences that give rise to significant portions of deferred tax assets and deferred tax liabilities at each fiscal year-end are presented below (in thousands):\nThe Tax Act was enacted into law on December 22, 2017. The Tax Act included a reduction in the U.S. federal statutory corporate income tax rate (the \u201cTax Rate\u201d) from 35% to 21% and introduced new limitations on certain business deductions. As a result, for the fiscal year ended September 30, 2018, we recognized a year-to-date, non-cash $32.5 million tax provision expense impact primarily related to the re-measurement of our deferred tax assets and liabilities due to the reduced Tax Rate.\nDeferred tax assets as of September 29, 2019 include state net operating loss carry-forwards of approximately$27.4 million expiring at various times between 2020 and 2038. At September 29, 2019, we recorded a valuation allowance of$2.5 million related to losses and state tax credits, which decreased from the$3.6 million at September 30, 2018 primarily due to the release of the valuation allowance on prior year net operating losses. We believe that it is more likely than not that these net operating loss and credit carry-forwards will not be realized and that all other deferred tax assets will be realized through future taxable income or alternative tax strategies.\nThe major jurisdictions in which the Company files income tax returns include the United States and states in which we operate that impose an income tax. The federal statutes of limitations have not expired for fiscal years 2016 and forward. The statutes of limitations for California and Texas, which constitute the Company\u2019s major state tax jurisdictions, have not expired for fiscal years 2015 and forward.\n\n | 2019 | 2018 \n---------------------------------------------------------------------- | -------- | --------\nDeferred tax assets: | | \nAccrued defined benefit pension and postretirement benefits | $46,918 | $34,776 \nDeferred income | 13,803 | 1,535 \nImpairment | 9,981 | 11,388 \nAccrued insurance | 7,133 | 8,994 \nShare-based compensation | 5,415 | 4,936 \nTax loss and tax credit carryforwards | 5,327 | 7,458 \nLease commitments related to closed or refranchised locations | 3,786 | 4,696 \nDeferred interest deduction | 3,188 | \u2014 \nOther reserves and allowances | 2,965 | 851 \nAccrued incentive compensation | 2,617 | 2,055 \nAccrued compensation expense | 1,092 | 2,034 \nInterest rate swaps | \u2014 | 181 \nOther, net | 868 | 2,206 \nTotal gross deferred tax assets | 103,093 | 81,110 \nValuation allowance | (2,485) | (3,554) \nTotal net deferred tax assets | 100,608 | 77,556 \nDeferred tax liabilities: | | \nIntangible assets | (10,520) | (10,492)\nLeasing transactions | (3,822) | (2,790) \nProperty and equipment, principally due to differences in depreciation | (128) | (1,855) \nOther | (574) | (279) \nTotal gross deferred tax liabilities | (15,044) | (15,416)\nNet deferred tax assets | $85,564 | $62,140 "} {"_id": "d1b349f26", "title": "", "text": "B. Liquidity and Capital Resources\nNavios Holdings has historically financed its capital requirements with cash flows from operations, issuances of debt securities and borrowings under bank credit facilities. Main uses of funds have been refinancings of outstanding debt, capital expenditures for the acquisition of new vessels, new construction and upgrades at the port terminals and expenditures incurred in connection with ensuring that the owned vessels comply with international and regulatory standards. Navios Holdings may from time to time, subject to restrictions under its debt and equity instruments, including limitations on dividends and repurchases under its preferred stock, depending upon market conditions and financing needs, use available funds to refinance or repurchase its debt in privately negotiated or open market transactions, by tender offer or otherwise, in compliance with applicable laws, rules and regulations, at prices and on terms Navios Holdings deems appropriate (which may be below par) and subject to Navios Holdings cash requirements for other purposes, compliance with the covenants under Navios Holdings\u2019 debt agreements, and other factors management deems relevant. Generally, our sources of funds may be from cash flows from operations, long-term borrowings and other debt or equity financings, proceeds from asset sales and proceeds from sale of our stake in our investments. We cannot assure you that we will be able to secure adequate financing or obtain additional funds on favorable terms, to meet our liquidity needs.\nSee \u201cItem 4.B Business Overview \u2014 Exercise of Vessel Purchase Options\u201d, \u201cWorking Capital Position\u201d and \u201cLong-Term Debt Obligations and Credit Arrangements\u201d for further discussion of Navios Holdings\u2019 working capital position.\nThe following table presents cash flow information for each of the years ended December 31, 2019, 2018, and 2017 and were adjusted to reflect the adoption of ASU 2016-18, Statement of Cash Flows (Topic 230): Restricted Cash.\nCash provided by operating activities for the year ended December 31, 2019 as compared to the year ended December 31, 2018:\nNet cash provided by operating activities increased by $40.5 million to $96.1 million for the year ended December 31, 2019, as compared to $55.6 million for the year ended December 31, 2018. In determining net cash provided by operating activities, net loss is adjusted for the effects of certain non-cash items, which may be analyzed in detail as follows:\n\n(in thousands of U.S. dollars) | Year Ended December 31, 2019 | Year Ended December 31, 2018 | Year Ended December 31, 2017\n-------------------------------------------------------------------- | ---------------------------- | ---------------------------- | ----------------------------\nNet cash provided by operating activities | $96,112 | $55,637 | $48,117 \nNet cash (used in)/ provided by investing activities | (56,467) | 27,863 | (42,365) \nNet cash used in financing activities | (111,692) | (66,916) | (12,940) \n(Decrease)/Increase in cash and cash equivalents and restricted cash | (72,047) | 16,584 | (7,188) \nCash and cash equivalents and restricted cash, beginning of year | 150,774 | 134,190 | 141,378 \nCash and cash equivalents and restricted cash, end of year | $78,727 | 150,774 | $134,190 "} {"_id": "d1b3bf6e0", "title": "", "text": "The tax effects of temporary differences that gave rise to significant portions of the deferred tax assets and deferred tax liabilities were as follows:\nOf the $2.8 billion and $2.4 billion net deferred tax liability at December 31, 2019 and 2018, respectively, $2.9 billion and $2.5 billion is reflected as a long-term liability and $118 million and $131 million is reflected as a net noncurrent deferred tax asset at December 31, 2019 and 2018, respectively.\n\n | As of December 31, | \n------------------------------------------------------------------------ | --------------------- | -------\n | 2019 | 2018 \n | (Dollars in millions) | \nDeferred tax assets | | \nPost-retirement and pension benefit costs | $1,169 | 1,111 \nNet operating loss carryforwards | 3,167 | 3,445 \nOther employee benefits | 134 | 162 \nOther | 577 | 553 \nGross deferred tax assets | 5,047 | 5,271 \nLess valuation allowance | (1,319) | (1,331)\nNet deferred tax assets | 3,728 | 3,940 \nDeferred tax liabilities | | \nProperty, plant and equipment, primarily due to depreciation differences | (3,489) | (3,011)\nGoodwill and other intangible assets | (3,019) | (3,303)\nOther | \u2014 | (23) \nGross deferred tax liabilities | (6,508) | (6,337)\nNet deferred tax liability | $(2,780) | (2,397)"} {"_id": "d1b355a38", "title": "", "text": "Option Exercises and Stock Vested in 2018\nThe following table sets forth the number of shares of common stock acquired during 2018 by our named executive officers upon the exercise of stock options or upon the vesting of RSUs or RSAs, as well as the value realized upon such equity award transactions.\n(1) Calculated by multiplying (i) the fair market value of Class A common stock on the vesting date, which was determined using the closing price on the New York Stock Exchange of a share of Class A common stock on the date of vest, or if such day is a holiday, on the immediately preceding trading day less the option exercise price paid for such shares of common stock, by (ii) the number of shares of common stock acquired upon exercise.\n(2) Reflects the aggregate number of shares of Class A common stock underlying RSUs and RSAs that vested in 2018. Of the amount shown for Messrs. Daswani and Murphy and Mses. Friar, Henry, Reses and Whiteley, 20,132, 6,741, 44,857, 59,014, 91,306 and 17,217 shares, respectively, of Class A common stock were withheld to cover tax withholding obligations upon vesting.\n(3) Calculated by multiplying (i) the fair market value of Class A common stock on the vesting date, which was determined using the closing price on the New York Stock Exchange of a share of common stock on the date of vest, or if such day is a holiday, on the immediately preceding trading day, by (ii) the number of shares of common stock acquired upon vesting. Of the amount shown for Messrs. Daswani and Murphy and Mses. Friar, Henry, Reses and Whiteley, $1,389,704, $414,596, $2,782,628, $3,619,149, $5,502,076 and $1,114,287, respectively, represents the value of shares withheld to cover tax withholding obligations upon vesting.\n\n | Option Awards | | Stock Awards | \n------------ | ----------------------------------------- | ------------------------------------------- | --------------------------------------------------- | --------------------------------------------------\nName | Number of Shares Acquired on Exercise (#) | Number of Value Realized on Exercise ($)(1) | Shares Acquired on Vesting of RSUs and RSAs (#) (2) | Value Realized on Vesting of RSUs and RSAs ($) (3)\nMr. Dorsey | \u2014 | \u2014 | \u2014 | \u2014 \nMs. Friar | 1,082,343 | 54,631,297 | 95,889 | 5,788,657 \nMs. Henry | 200,000 | 13,187,645 | 124,498 | 7,475,787 \nMs. Reses | \u2014 | \u2014 | 189,577 | 11,284,454 \nMs. Whiteley | 20,625 | 989,821 | 38,156 | 2,375,984 \nMr. Daswani | \u2014 | \u2014 | 45,310 | 3,106,268 \nMr. Murphy | \u2014 | \u2014 | 18,024 | 1,120,072 "} {"_id": "d1b364a7e", "title": "", "text": "A tax credit of \u00a38.9m in the year compared to a \u00a313.7m charge in the prior year. This included a deferred tax credit in the current year of \u00a36.1m, largely reflecting the loss before tax reported of \u00a342.7m and a credit of \u00a31.7m relating to the adjustment of prior period losses and capital allowances. A current year tax credit of \u00a31.1m was in respect of overseas tax.\nA deferred tax liability at 30 March 2019 of \u00a313.5m compared to a liability of \u00a312.1m at 31 March 2018. This movement is primarily due to a slightly higher pensions surplus reported at 30 March 2019 compared to 31 March 2018 reflecting the allowability for tax on pensions contribution payments. Recognised and unrecognised deferred tax assets relating to brought forward losses were approximately \u00a344m at 30 March 2019 and equate to around \u00a3250m of future taxable profits.\nThe corporation tax rate and deferred tax rate applied in calculations are 19.0% and 17.0% respectively.\n\n\u00a3m | 2018/19 | 2017/18 | Change\n----------------------------------------------------- | ------- | ------- | ------\nOverseas current tax | | | \nCurrent year | 1.1 | 0.8 | 0.3 \nDeferred tax | | | \nCurrent period | 6.1 | (4.1) | 10.2 \nPrior periods | 1.7 | (8.1) | 9.8 \n\u2013 Adjustment to restate opening deferred tax at 17.0% | \u2013 | (2.3) | 2.3 \nIncome tax credit/ (charge) | 8.9 | (13.7) | 22.6 "} {"_id": "d1b3b7a9e", "title": "", "text": "A reconciliation of the provision for income taxes to the amount computed by applying the statutory federal income tax rate to income before income taxes for the periods presented was as follows:\nThe Company's effective tax rate for fiscal 2019 was favorably impacted primarily by excess tax benefits related to employee stock-based payment transactions and federal research tax credits, partially offset by an increase in valuation allowances arising from foreign withholding tax and an increase in taxes related to the sale of the commercial cybersecurity business.\nThe Company's effective tax rate for fiscal 2018 was favorably impacted primarily by a decrease in valuation allowances arising from the taxable conversion of a subsidiary and the utilization of capital losses, an increase in deferred tax assets related to stock basis of a subsidiary held for sale, excess tax benefits related to employee stock-based payment transactions and federal research tax credits.\nThe Company's effective tax rate for fiscal 2017 was favorably impacted primarily by the Tax Act's reduction of the federal corporate tax rate from 35% to 21% applied to the Company's fiscal 2017 year-end deferred tax balances and excess tax benefits related to employee stock-based payment transactions.\n\n | | Year Ended | \n-------------------------------------------------------- | --------------- | ----------------- | -----------------\n | January 3, 2020 | December 28, 2018 | December 29, 2017\n | | (in millions) | \nAmount computed at the statutory federal income tax rate | $182 | $128 | $138 \nState income taxes, net of federal tax benefit | 22 | 10 | 31 \nExcess tax benefits from stock-based compensation | (11) | (9) | (12) \nResearch and development credits | (11) | (9) | (7) \nChange in valuation allowance for deferred tax assets | 6 | (49) | 7 \nStock basis in subsidiary held for sale | 5 | (16) | \u2014 \nChange in accruals for uncertain tax positions | 4 | 1 | \u2014 \nDividends paid to employee stock ownership plan | (2) | (2) | (4) \nImpact of foreign operations | 2 | \u2014 | (4) \nTaxable conversion of a subsidiary | \u2014 | (17) | \u2014 \nChange in statutory federal tax rate | \u2014 | (10) | (125) \nCapitalized transaction costs | \u2014 | \u2014 | 9 \nOther | (1) | 1 | (4) \nTotal | $196 | $28 | $29 \nEffective income tax rate | 22.6% | 4.6% | 7.4% "} {"_id": "d1b2f54f8", "title": "", "text": "Our revenues for 2019 include $1.9 million related to the acquired MGI business. Our net loss for 2019 includes $0.3 million of net loss from the acquired MGI business. The following table provides unaudited pro forma information for the periods presented as if the MGI acquisition had occurred January 1, 2018.\nNo adjustments have been made in the pro forma information for synergies that are resulting or planned from the MGI acquisition. The unaudited proforma information is not indicative of the results that may have been achieved had the companies been combined as of January 1, 2018, or of our future operating results.\n\n | Year Ended December 31 | \n------------------------------------------------------------------------ | ---------------------- | ------------------\n | 2019 | 2018 \nRevenues (in thousands) | $ 224,913 | $ 17,542 \nLoss from continuing operations (in thousands) | $ (13,432) | $ ( 7,792) \nLoss per share - continuing operations | $ (0.42) | $ ( 0.35)\nWeighted average number of common shares outstanding - basic and diluted | 32,359,316 | 22,099,149 "} {"_id": "d1b34e72e", "title": "", "text": "NOTE 8. PROPERTY AND EQUIPMENT\nThe following table details the components of property and equipment (amounts in thousands).\nAmounts payable for property and equipment included in accounts payable totaled $0.1 million at December 31, 2019, and $0.2 million at December 31, 2018. During 2019, we financed the purchase of $0.3 million of property with finance leases and equipment notes. Assets which had not yet been placed in service, included in property and equipment, totaled $1.5 million at December 31, 2019, and $2.2 million at December 31, 2018.\n\n | December 31 | | \n----------------------------- | ------------- | ------------ | ----------------------------\n | 2019 | 2018 | Estimated Useful Lives \nLand | $730 | $585 | \nFurniture and fixtures | 476 | 430 | 5-10 years \nPlant | 9,667 | 8,613 | 20-40 years, or life of lea \nComputer and software | 1,317 | 1,295 | 3-5 years \nLeasehold improvements | 2,019 | 681 | 4-15 years, or life of lease\nMachinery and equipment | 16,864 | 13,528 | 5-15 years \nProperty and equipment, cost | 31,073 | 25,132 | \nLess accumulated depreciation | 11,996 | 10,122 | \nProperty and equipment, net | $ 19,077 | $ 15,010 | "} {"_id": "d1b2e9086", "title": "", "text": "The pension expenses of the direct and indirect company pension plan commitments can be broken down as follows:\n1 Netted against employees\u2019 contributions.\n2 Included therein: Interest effect from the adjustment of the asset ceiling.\nThe entire loss to be recognised outside of profit or loss in the other comprehensive income amounts to \u20ac90 million in financial year 2018/19. This figure is comprised of the effect from the change in actuarial parameters in the amount of \u20ac+247 million and the experience-based adjustments of \u20ac+4 million. It was offset by income from plan assets of \u20ac103 million and a gain of \u20ac58 million resulting from the change in the effect of the asset ceiling in the Netherlands.\nIn addition to expenses from defined benefit commitments, expenses for payments to external pension providers relating to defined contribution pension commitments of \u20ac82 million in financial year 2018/19 (2017/18: \u20ac82 million) were recorded. These figures also include payments to statutory pension insurance.\nThe provisions for obligations similar to pensions essentially comprise commitments from employment anniversary allowances, death benefits and partial retirement plans. Provisions amounting to \u20ac34 million (30/9/2018: \u20ac41 million) were allocated for these commitments. The commitments are valued on the basis of actuarial expert opinions. The valuation parameters used for this purpose are generally determined in the same way as for the company pension plan.\n\n\u20ac million | 2017/2018 | 2018/2019\n-------------------------------------------------- | --------- | ---------\nCurrent service cost1 | 24 | 21 \nNet interest expenses2 | 11 | 9 \nPast service cost (incl. curtailments and changes) | 0 | 0 \nSettlements | 0 | 0 \nOther pension expenses | 1 | 1 \nPension expenses | 36 | 31 "} {"_id": "d1b384f36", "title": "", "text": "Item 14. Principal Accountant Fees and Services\nFees For Professional Audit Services\nThe following is a summary of fees billed by the Company\u2019s independent registered public accountants, PricewaterhouseCoopers LLP, for the years ended December 31, 2019 and 2018:\n(1) Represents the aggregate fees billed for the audit of the Company\u2019s financial statements, review of the financial statements included in the Company\u2019s quarterly reports and services in connection with the statutory and regulatory filings or engagements for those years.\n(2) \u00a0Represents the aggregate fees billed for assurance and related services that are reasonably related to the performance of the audit or review of the Company\u2019s financial statements and are not reported under \u201caudit fees.\u201d\n(3) \u00a0Represents the aggregate fees billed for tax compliance, advice and planning.\n(4) \u00a0Represents the aggregate fees billed for all products and services provided that are not included under \u201caudit fees,\u201d \u201caudit-related fees\u201d or \u201ctax fees.\u201d\n\n | Fiscal Year | Fiscal Year\n--------------------- | ----------- | -----------\n | 2019 | 2018 \nAudit Fees(1) | $1,925,000 | $1,956,000 \nAudit-Related Fees(2) | \u2014 | 14,000 \nTax Fees(3) | \u2014 | \u2014 \nAll Other Fees(4) | 222,000 | 157,000 \nTotal Fees | $2,147,000 | $2,127,000 "} {"_id": "d1b2e50e4", "title": "", "text": "(a) Description of segments and principal activities (continued)\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 The chief operating decision-makers assess the performance of the operating segments mainly based on segment revenue and gross profit of each operating segment. The selling and marketing expenses and general and administrative expenses are common costs incurred for these operating segments as a whole and therefore, they are not included in the measure of the segments\u2019 performance which is used by the chief operating decisionmakers as a basis for the purpose of resource allocation and assessment of segment performance. Interest income, other gains/(losses), net, finance income/(costs), net, share of profit/(loss) of associates and joint ventures and income tax expense are also not allocated to individual operating segment.\nThere were no material inter-segment sales during the years ended 31 December 2019 and 2018. The revenues from external customers reported to the chief operating decision-makers are measured in a manner consistent with that applied in the consolidated income statement.\nOther information, together with the segment information, provided to the chief operating decision-makers, is measured in a manner consistent with that applied in these consolidated financial statements. There were no segment assets and segment liabilities information provided to the chief operating decision-makers.\nThe segment information provided to the chief operating decision-makers for the reportable segments for the years ended 31 December 2019 and 2018 is as follows:\n\n | VAS | FinTech and Business Services | Online Advertising | Others | Total \n---------------- | ----------- | ----------------------------- | ------------------ | ----------- | -----------\n | RMB\u2019Million | RMB\u2019Million | RMB\u2019Million | RMB\u2019Million | RMB\u2019Million\nSegment revenues | 199,991 | 101,355 | 68,377 | 7,566 | 377,289 \nGross profit | 105,905 | 27,524 | 33,517 | 587 | 167,533 \nDepreciation | 3,461 | 6,669 | 2,065 | 108 | 12,303 \nAmortisation | 14,710 | \u2013 | 9,977 | 3,115 | 27,802 "} {"_id": "d1b3698ee", "title": "", "text": "NOTE 17. FINANCIAL INSTRUMENTS AND FINANCIAL RISK MANAGEMENT\nFINANCIAL INSTRUMENTS\nFinancial instruments include:\nThe carrying amounts of cash and cash equivalents, accounts receivable and accounts payable equal their fair values because of the short-term nature of these instruments.\n\n | December 31, | \n------------------------- | ------------ | -------\n | 2018 | 2019 \nFinancial assets: | | \nCash and cash equivalents | 285,907 | 497,874\nAccounts receivable | 173,450 | 199,535\nFinancial liabilities: | | \nAccounts payable | 80,640 | 119,712"} {"_id": "d1a738764", "title": "", "text": "NOTE 7 \u2013 PROPERTY AND EQUIPMENT\nProperty and equipment consist of the following (in thousands):\nDepreciation expense was $8.6 million, $8.0 million, and $8.4 million in fiscal years ended February 28, 2019, 2018 and 2017, respectively.\nFixed assets not yet in service consist primarily of capitalized internal-use software and certain tooling and other equipment that have not been placed into service.\n\n | February 28, | \n---------------------------------------------- | ------------ | --------\n | 2019 | 2018 \nLeasehold improvements | $3,522 | $3,157 \nLoJack system components and law enforcement | | \ntracking units | 20,326 | 20,558 \nPlant equipment and tooling | 13,078 | 16,842 \nOffice equipment, computers and furniture | 11,553 | 14,206 \nSoftware | 31,349 | 31,427 \n | 79,828 | 86,190 \nLess accumulated depreciation and amortization | (58,641) | (69,585)\n | 21,187 | 16,605 \nFixed assets not yet in service | 5,836 | 4,657 \n | $27,023 | $21,262 "} {"_id": "d1b32f284", "title": "", "text": "Opening Equity Balance Sheet Adjustments from Accounting Standards Adopted in 2018\nOn January 1, 2018, we adopted Topic 606, ASU 2018-02, Income Statement-Reporting Comprehensive Income and other ASUs. We adopted Topic 606 using the modified retrospective method. We early adopted ASU 2018-02, which allows a reclassification from accumulated other comprehensive income to retained earnings for stranded tax effects resulting from Tax Cuts and Jobs Act (TCJA).\nThe cumulative after-tax effect of the changes made to our consolidated balance sheet for the adoption of Topic 606, ASU 2018-02 and other ASUs was as follows:\n\n | | Adjustments due to | Adjustments due to | Adjustments due to | \n-------------------------------------- | -------------------- | ------------------ | ------------------ | ------------------ | ------------------\n(dollars in millions) | At December 31, 2017 | Topic 606 | ASU 2018-02 | Other ASUs | At January 1, 2018\nRetained earnings | 35,635 | 2,890 | (652) | (6) | 37,867 \nAccumulated other comprehensive income | 2,659 | \u2014 | 652 | (22) | 3,289 \nNoncontrolling interests | 1,591 | 44 | \u2014 | \u2014 | 1,635 "} {"_id": "d1b35c64e", "title": "", "text": "Share-Based Compensation Expense\nThe following table sets forth the total share-based compensation expense included in our consolidated statements of operations (amounts in millions):\n\n | | For the Years Ended December 31, | \n---------------------------------------------------------------------------------------------------------------------------------- | ---- | -------------------------------- | ----\n | 2019 | 2018 | 2017\nCost of revenues\u2014product sales: Software royalties, amortization, and intellectual property licenses | $19 | $13 | $10 \nCost of revenues\u2014subscription, licensing, and other revenues: Game Operations and Distribution Costs | 1 | 2 | 1 \nCost of revenues\u2014subscription, licensing, and other revenues: Software royalties, amortization, and intellectual property licenses | 1 | 3 | 3 \nProduct development | 53 | 61 | 57 \nSales and marketing | 10 | 15 | 15 \nGeneral and administrative | 82 | 115 | 92 \nShare-based compensation expense before income taxes | 166 | 209 | 178 \nIncome tax benefit | (29) | (46) | (34)\nTotal share-based compensation expense, net of income tax benefit | $137 | $163 | $144"} {"_id": "d1b34665a", "title": "", "text": "ITEM 6 | SELECTED FINANCIAL DATA\nYou should read the table below in conjunction with \u201cManagement\u2019s Discussion and Analysis of Financial Condition and Results of Operations\u201d and our Consolidated Financial Statements and related notes included in this Annual Report (amounts in millions, except per share data).\n(1) \u00a0Includes results from the acquisitions of Foundry from April 18, 2019, ComputerEase from August 19, 2019, iPipeline from August 22, 2019, and Bellefield from December 18, 2019; and the results from the Imaging businesses through disposal on February 5, 2019 and Gatan through disposal on October 29, 2019.\n(2) \u00a0Includes results from the acquisitions of Quote Software from January 2, 2018, PlanSwift Software from March 28, 2018, Smartbid from May 8, 2018, PowerPlan, Inc. from June 4, 2018, ConceptShare from June 7, 2018, BillBlast from July 10, 2018 and Avitru from December 31, 2018.\n(3) \u00a0Includes results from the acquisitions of Phase Technology from June 21, 2017, Handshake Software, Inc. from August 4, 2017, Workbook Software A/S from September 15, 2017 and Onvia, Inc. from November 17, 2017.\n(4) \u00a0Includes results from the acquisitions of CliniSys Group Ltd. from January 7, 2016, PCI Medical Inc. from March 17, 2016, GeneInsight Inc. from April 1, 2016, iSqFt Holdings Inc. (d/b/a ConstructConnect) from October 31, 2016, UNIConnect LC from November 10, 2016 and Deltek, Inc. from December 28, 2016.\n(5) \u00a0Includes results from the acquisitions of Strata Decision Technologies LLC from January 21, 2015, SoftWriters Inc. from February 9, 2015, Data Innovations LLC from March 4, 2015, On Center Software LLC from July 20, 2015, RF IDeas Inc. from September 1, 2015, Atlantic Health Partners LLC from September 4, 2015, Aderant Holdings Inc. from October 21, 2015, Atlas Database Software Corp. from October 26, 2015; and the results from the Black Diamond Advanced Technologies through disposal on March 20, 2015 and Abel Pumps through disposal on October 2, 2015.\n(6) \u00a0The Company recognized an after tax gain of $687.3 in connection with the dispositions of the Imaging businesses and Gatan during 2019. The Tax Cuts and Jobs Act of 2017 (\u201cthe Tax Act\u201d) was signed into U.S. law on December 22, 2017, which was prior to the end of the Company\u2019s 2017 reporting period and resulted in a one-time net income tax benefit of $215.4.\n(7) \u00a0Net working capital equals current assets, excluding cash, less total current liabilities, excluding debt.\n(8) \u00a0In 2019 working capital includes the impact of the increase in income taxes payable of approximately $200.0 due to the taxes incurred on the gain on sale of Gatan, and the adoption of Accounting Standards Codification (\u201cASC\u201d) Topic 842, Leases (\u201cASC 842\u201d) which resulted in an increase to current liabilities of $56.8 as of December 31, 2019. The other balance sheet accounts impacted due to the adoption of ASC 842 are set forth in Note 16 of the Notes to Consolidated Financial Statements included in this Annual Report.\n\n | | | As of and for the Years ended December 31, | | \n-------------------------------------- | ------------ | ------------- | ------------------------------------------ | ------------ | ------------\n | 2019(1)(8) | 2018(2) | 2017(3) | 2016(4) | 2015(5) \nOperations data: | | | | | \nNet revenues | $ 5,366.8 | $ 5,191.2 | $ 4,607.5 | $ 3,789.9 | $ 3,582.4 \nGross profit | 3,427.1 | 3,279.5 | 2,864.8 | 2,332.4 | 2,164.6 \nIncome from operations | 1,498.4 | 1,396.4 | 1,210.2 | 1,054.6 | 1,027.9 \nNet earnings(6) | 1,767.9 | 944.4 | 971.8 | 658.6 | 696.1 \nPer share data: | | | | | \nBasic earnings per share | $ 17.02 | $ 9.15 | $ 9.51 | $ 6.50 | $ 6.92\nDiluted earnings per share | $ 16.82 | $ 9.05 | $ 9.39 | $ 6.43 | $ 6.85\nDividends declared per share | $ 1.9000 | $ 1.7000 | $ 1.4625 | $ 1.2500 | $ 1.0500 \nBalance sheet data: | | | | | \nCash and cash equivalents | $ 709.7 | $ 364.4 | $ 671.3 | $ 757.2 | $ 778.5 \nWorking capital(7) | (505.4) | (200.4) | (140.4) | (25.0) | 126.2 \nTotal assets | 18,108.9 | 15,249.5 | 14,316.4 | 14,324.9 | 10,168.4 \nCurrent portion of long-term debt | 602.2 | 1.5 | 800.9 | 401.0 | 6.8 \nLong-term debt, net of current portion | 4,673.1 | 4,940.2 | 4,354.6 | 5,808.6 | 3,264.4 \nStockholders\u2019 equity | 9,491.9 | 7,738.5 | 6,863.6 | 5,788.9 | 5,298.9 "} {"_id": "d1b355d9e", "title": "", "text": "Class A\nAs of December 31, 2019 and 2018, there were no weighted average shares of unvested Class A restricted common stock shares considered to be participating securities.\nThe computation of diluted earnings per share assumes the issuance of common stock for all potentially dilutive stock options and restricted stock units not classified as participating securities.\nAs of December 31, 2019, there were 1,718,865 shares of Class A restricted stock units and 1,478,756 Class A stock options outstanding and considered to be potentially dilutive securities. As of December 31, 2018, there were 912,315 shares of Class A restricted stock units and 866,011 Class A stock options outstanding and considered to be potentially dilutive securities.\nThe components of the calculation of basic earnings per share and diluted earnings per share are as follows:\nFor annual earnings per share calculations, there were 407,120 and 651,154 dilutive equity awards outstanding for the years ended December 31, 2019 and 2018. Awards of 920,845 and 469,112 shares of common stock for 2019 and 2018, respectively, were not included in the computation of diluted earnings per share because inclusion of these awards would be anti-dilutive.\n\n | Years Ended December 31, | \n------------------------------------------- | ------------------------ | ----------\n | 2019 | 2018 \nNet income | $8,675 | $13,489 \nWeighted average common shares outstanding: | | \nClass A common stock - basic | 89,251,818 | 88,394,580\nClass A common stock - diluted | 89,658,938 | 89,045,734"} {"_id": "d1b35f81c", "title": "", "text": "Free cash flow\nThe Free cash flow for the Industrial Businesses amounted to \u20ac8,000 millions, resulting in a cash conversation rate of 0.89.\nBeginning with fiscal 2020, Siemens adopts IFRS 16, Leases, applying\nthe modified retrospective approach as described in more detail in NOTE 2 in B.6 NOTES TO CONSOLIDATED FINANCIAL STATEMENTS. As a result, the shift of lease payments from cash flows from operating activities to cash flows from financing activities will have a positive effect on Free cash flow.\nWith our ability to generate positive operating cash flows, our total liquidity (defined as cash and cash equivalents plus current interest-bearing debt securities) of \u20ac13.7 billion, our unused lines of credit, and our credit ratings at year-end, we believe that we have sufficient flexibility to fund our capital requirements. Also in our opinion, our operating net working capital is sufficient for our present requirements.\n\n | | | Fiscal Year 2019 \n---------------------------------------------------------------- | --------------------- | ----------------------- | --------------------------------------\n(in millions of \u20ac) | Continuing operations | Discontinued operations | Continuing and discontinued operations\nCash flows from operating activities | 8,482 | (27) | 8,456 \nAdditions to intangible assets and property, plant and equipment | (2,610) | \u2212 | (2,610) \nFree cash flow | 5,872 | (27) | 5,845 "} {"_id": "d1b3b712a", "title": "", "text": "6 Segment Information continued\nThe Group\u2019s revenue is diversified across its entire end customer base and no single end user accounted for greater than 10 per cent of the Group\u2019s revenue in either 2018 or 2019. In 2019 two distributors accounted for 15 per cent each, and one distributor for 11 per cent of Group billings which were attributable to all segments of the Group (2018: three distributors accounted for 15 per cent, 14 per cent and 12 per cent each).\n\n | Year-ended 31 March 2019 | Year-ended 31 March 2018 Restated See note 2\n------------------------------------------------ | ------------------------ | --------------------------------------------\nRevenue from external customers by country | $M | $M \nUK | 83.2 | 73.5 \nUSA | 222.2 | 199.0 \nGermany | 143.5 | 128.4 \nOther countries | 261.7 | 238.1 \nTotal revenue from external customers by country | 710.6 | 639.0 "} {"_id": "d1b3301a2", "title": "", "text": "The 2022 Notes consist of the following (in thousands):\n(1) Recorded in the consolidated balance sheet within additional paid-in capital, net of $0.8 million transaction costs in equity. December 31, 2019 also includes $36.7 million market premium representing the excess of the total consideration delivered over the fair value of the liability recognized related to the $23.0 million principal balance repurchase of the 2022 Notes.\n\n | As of December 31, | \n---------------------------------------- | ------------------ | --------\n | 2019 | 2018 \nLiability component: | | \nPrincipal | $92,000 | $115,000\nLess: debt discount, net of amortization | (12,776) | (20,903)\nNet carrying amount | $79,224 | $94,097 \nEquity component (1) | (14,555) | 22,094 "} {"_id": "d1b3c4d8e", "title": "", "text": "General and administrative expenses consist primarily of payroll and payroll related benefits expenses, related overhead, audit fees, other professional fees, contract labour and consulting expenses and public company costs.\nGeneral and administrative expenses increased by $2.7 million during the year ended June 30, 2019 as compared to the prior fiscal year. This was primarily due to an increase in payroll and payroll-related benefits of $4.1 million and an increase in other miscellaneous expenses of $2.2 million, which includes professional fees such as legal, audit and tax related expenses. These were partially offset by a reduction in the use of facility and related expenses of $4.5 million. The remainder of the change was attributable to other activities associated with normal growth in our business operations. Overall, general and administrative expenses, as a percentage of total revenue, remained at approximately 7%.\nOur general and administrative labour resources increased by 119 employees, from 1,501 employees at June 30, 2018 to 1,620 employees at June 30, 2019.\n\n | Change between Fiscal increase (decrease) | \n--------------------------------------------------- | ----------------------------------------- | -------------\n(In thousands) | 2019 and 2018 | 2018 and 2017\nPayroll and payroll-related benefits | $4,089 | $22,908 \nContract labour and consulting | (618) | (1,054) \nShare-based compensation | 768 | (1,709) \nTravel and communication | 794 | 80 \nFacilities | (4,537) | 5,777 \nOther miscellaneous | 2,186 | 8,872 \nTotal change in general and administrative expenses | $2,682 | $34,874 "} {"_id": "d1b340732", "title": "", "text": "Return on invested capital (ROIC)\nROIC measures the after tax return on the total capital invested in the business. It is calculated as adjusted operating profit after tax divided by average invested capital.\nAn analysis of the components is as follows:\n\n | 2019 | 2018 \n------------------------------------------------------- | ------- | -------\n | \u00a3m | \u00a3m \nTotal equity | 826.3 | 766.9 \nNet debt | 334.1 | 235.8 \nTotal invested capital | 1,160.4 | 1,002.7\nAverage invested capital | 1,081.6 | 992.9 \nAverage invested capital (excluding IFRS 16) | 1,061.2 | 992.9 \nOperating profit as reported under IFRS | 245.0 | 299.1 \nAdjustments (see adjusted operating profit) | 37.7 | (34.2) \nAdjusted operating profit | 282.7 | 264.9 \nTaxation | (80.6) | (73.1) \nAdjusted operating profit after tax | 202.1 | 191.8 \nAdjusted operating profit after tax (excluding IFRS 16) | 201.2 | 191.8 \nReturn in invested capital | 18.7% | 19.3% \nReturn in invested capital (excluding IFRS 16) | 19.0% | 19.3% "} {"_id": "d1b3bf28a", "title": "", "text": "Other income (expense)\nnm\u2014not meaningful\nOther income (expense), net changed $9.9 million in the year ended March 31, 2018 compared to the year ended March 31, 2017, which was primarily attributable to a change of $10.4 million in foreign exchange expense which was primarily attributable to the re-measurement of short-term intercompany balances denominated in currencies other than the functional currency of our operating units. The increase in interest income is primarily due to interest on investments.\n\n | Year ended March 31, | | Period-to-period change | \n-------------------------------------------------- | -------------------- | ---------------------- | ----------------------- | --------\n% Change | 2018 | 2017 | Amount | % Change\n | | (dollars in thousands) | | \nOther income (expense): | | | | \nInterest income | $1,310 | $510 | $800 | 157% \nInterest expense | (598) | (268) | (330) | 123% \nForeign exchange (expense) income and other, net | (3,439) | 6,892 | (10,331) | nm \nTotal other income (expense), net | $(2,727) | $7,134 | $(9,861) | nm "} {"_id": "d1b3b3c00", "title": "", "text": "In 2019, 2018 and 2017, we adopted the revised mortality tables and projection scales released by the Society of Actuaries, which decreased the projected benefit obligation of our benefit plans by $4 million, $38 million and $113 million, respectively. The change in the projected benefit obligation of our benefit plans was recognized as part of the net actuarial (gain) loss and is included in accumulated other comprehensive loss, a portion of which is subject to amortization over the remaining estimated life of plan participants, which was approximately 16 years as of December 31, 2019.\nThe following tables summarize the change in the benefit obligations for the Combined Pension Plan and post-retirement benefit plans:\n\n | | Combined Pension Plan | \n--------------------------------------- | ------- | ------------------------ | -------\n | | Years Ended December 31, | \n | 2019 | 2018 | 2017 \n | | (Dollars in millions) | \nChange in benefit obligation | | | \nBenefit obligation at beginning of year | $11,594 | 13,064 | 13,244 \nService cost | 56 | 66 | 63 \nInterest cost | 436 | 392 | 409 \nPlan amendments | (9) | \u2014 | \u2014 \nSpecial termination benefits charge | 6 | 15 | \u2014 \nActuarial (gain) loss | 1,249 | (765) | 586 \nBenefits paid from plan assets | (1,115) | (1,178) | (1,238)\nBenefit obligation at end of year | $12,217 | 11,594 | 13,064 "} {"_id": "d1b350f2e", "title": "", "text": "Additional sources of cash available to us were international currency lines of credit and bank credit facilities totaling $26.0 million as of September 28, 2019, of which $20.8 million was unused and available. These unsecured international credit facilities were used in Europe and Japan during fiscal 2018. As of September 28, 2019, we had utilized $5.2 million of the international credit facilities as guarantees in Europe.\nOur ratio of current assets to current liabilities increased to 4.6:1 at September 28, 2019 compared to 3.3:1 at September 29, 2018. The increase in our ratio was primarily due to lower income taxes payable, partially offset by decreases in our ratio due to lower accounts receivable and inventories. Our cash and cash equivalents, short-term investments and working capital are as follows (in thousands):\n\n | Fiscal | \n------------------------- | -------- | --------\n | 2019 | 2018 \nCash and cash equivalents | $305,833 | $310,495\nShort-term investments | 120 | 120 \nWorking capital | 854,507 | 865,664 "} {"_id": "d1b336fb6", "title": "", "text": "Restricted Share Awards\nDuring the years ended December 31, 2017, pursuant to the Company\u2019s 2016 Incentive Plan and 2005 Incentive Plan, the Company granted RSAs. The awards have requisite service periods of three years and vest in increments of 33% on the anniversary of the grant dates. Under each arrangement, shares are issued without direct cost to the employee. RSAs granted to our board vest one year from grant or as of the next annual shareholders meeting, whichever is earlier. The Company estimates the fair value of the RSAs based upon the market price of the Company\u2019s stock at the date of grant. The RSA grants provide for the payment of dividends on the Company\u2019s common stock, if any, to the participant during the requisite service period, and the participant has voting rights for each share of common stock. The Company recognizes compensation expense for RSAs on a straight-line basis over the requisite service period.\nA summary of nonvested RSAs is as follows:\nDuring the year ended December 31, 2019, a total of 106,610 RSAs vested. The Company withheld 32,371 of those shares to pay the employees\u2019 portion of the minimum payroll withholding taxes.\n\n | Number of Shares | Weighted Average Grant Date Fair Value\n------------------------------ | ---------------- | --------------------------------------\nNonvested at December 31, 2018 | 213,337 | $20.21 \nVested | -106,610 | 20.17 \nForfeited | -13,885 | 20.64 \nNonvested at December 31, 2019 | 92,842 | $20.13 "} {"_id": "d1b329dc0", "title": "", "text": "Europe\nEurope net revenues increased $749,000 in 2019 compared to 2018 (see \u201cRevenues\u201d above). Europe expenses increased $1.3 million from 2018 to 2019 primarily due to increased marketing costs.\nForeign currency movements relative to the U.S. dollar negatively impacted our local currency income from our operations in Europe by approximately $207,000 and $181,000 for 2019 and 2018, respectively.\n\nYear Ended December 31, | | \n----------------------------------------- | ------- | -------\n | 2019 | 2018 \n(In thousands) | | \nRevenues | $36,898 | $36,149\nIncome from operations | $4,461 | $4,973 \nIncome from operations as a % of revenues | 12% | 14% "} {"_id": "d1b2e67a0", "title": "", "text": "NOTE 21 \u2014 QUARTERLY INFORMATION (UNAUDITED)\n(a) Reflects the $157 million net charge related to the enactment of the TCJA for the second quarter and the $2.6 billion net income tax benefit related to the intangible property transfers for the fourth quarter, which together increased net income by $2.4 billion for fiscal year 2019. See Note 12 \u2013 Income Taxes for further information.\n(b) Reflects the net charge related to the enactment of the TCJA and the net income tax benefit related to the intangible property transfers, which decreased (increased) diluted EPS $0.02 for the second quarter, $(0.34) for the fourth quarter, and $(0.31) for fiscal year 2019.\n(c) Reflects the net charge (benefit) related to the enactment of the TCJA of $13.8 billion for the second quarter, $(104) million for the fourth quarter, and $13.7 billion for fiscal year 2018.\n(d) Reflects the net charge (benefit) related to the enactment of the TCJA, which decreased (increased) diluted EPS $1.78 for the second quarter, $(0.01) for the fourth quarter, and $1.75 for fiscal year 2018.\n\n(In millions, except per share amounts) | | | | | \n--------------------------------------- | ------------ | ----------- | --------- | --------- | ----------\nQuarter Ended | September 30 | December 31 | March 31 | June 30 | Total \nFiscal Year 2019 | | | | | \nRevenue | $ 29,084 | $ 32,471 | $ 30,571 | $ 33,717 | $ 125,843\nGross margin | 19,179 | 20,048 | 20,401 | 23,305 | 82,933 \nOperating income | 9,955 | 10,258 | 10,341 | 12,405 | 42,959 \nNet income (a) | 8,824 | 8,420 | 8,809 | 13,187 | 39,240 \nBasic earnings per share | 1.15 | 1.09 | 1.15 | 1.72 | 5.11 \nDiluted earnings per share (b) | 1.14 | 1.08 | 1.14 | 1.71 | 5.06 \nFiscal Year 2018 | | | | | \nRevenue | $ 24,538 | $ 28,918 | $ 26,819 | $ 30,085 | $ 110,360 \nGross margin | 16,260 | 17,854 | 17,550 | 20,343 | 72,007 \nOperating income | 7,708 | 8,679 | 8,292 | 10,379 | 35,058 \nNet income (loss) (c) | 6,576 | (6,302) | 7,424 | 8,873 | 16,571 \nBasic earnings (loss) per share | 0.85 | (0.82) | 0.96 | 1.15 | 2.15 \nDiluted earnings (loss) per share (d) | 0.84 | (0.82) | 0.95 | 1.14 | 2.13 "} {"_id": "d1b3280ce", "title": "", "text": "2. Disaggregation of Revenue\nThe following table disaggregates our net sales by product category (in millions):\n\nProduct Category | Fiscal Year 2019 | Fiscal Year 2018 | Fiscal Year 2017\n---------------------------- | ---------------- | ----------------- | ----------------\nFresh, vacuum-sealed chicken | $1,310.2 | $1,139.3 | $1,339.1 \nFresh, chill-packed chicken | 1,137.7 | 1,158.3 | 1,044.7 \nFresh, ice-packed chicken | 511.5 | 503.6 | 547.1 \nPrepared chicken | 240.8 | 207.6 | 170.8 \nFrozen chicken | 213.0 | 211.5 | 223.9 \nOther | 27.1 | 15.7 | 16.6 \nTotal net sales | $3,440.3 | $3,236.0 | $3,342.2 "} {"_id": "d1b35c2de", "title": "", "text": "Investments\nAs of June 30, 2019, the Group\u2019s investments consisted of the following:\nAs of June 30, 2019, the Group had $445.0 million of investments which were classified as short-term investments on the Group\u2019s consolidated statements of financial position. Additionally, the Group had marketable equity securities totaling $58.9 million, non-marketable equity securities totaling $3.0 million, and certificates of deposit and time deposits totaling $3.7 million which were classified as long-term and were included in other non-current assets on the Group\u2019s consolidated statements of financial position.\n\n | Amortized Cost | Unrealized Gains | Unrealized Losses | Fair Value\n----------------------------------------- | -------------- | --------------------- | ----------------- | ----------\n | | (U.S. $ in thousands) | | \nDebt Investments | | | | \nMarketable debt securities | | | | \nU.S. treasury securities | $101,563 | $203 | $(7) | 101,759 \nAgency securities | 26,936 | 33 | (3) | 26,966 \nCertificates of deposit and time deposits | 24,126 | \u2014 | \u2014 | 24,126 \nCommercial paper | 94,035 | \u2014 | \u2014 | 94,035 \nCorporate debt securities | 201,552 | 292 | (24) | 201,820 \nTotal debt investments | 448,212 | 528 | (34) | 448,706 \nEquity Investments | | | | \nMarketable equity securities | 20,270 | 38,662 | \u2014 | 58,932 \nNon-marketable equity securities | 3,000 | \u2014 | \u2014 | 3,000 \nTotal equity investments | 23,270 | 38,662 | \u2014 | 61,932 \nTotal investments | $471,482 | $39,190 | $(34) | $510,638 "} {"_id": "d1b375ee6", "title": "", "text": "12. INCOME TAXES\nOn December 22, 2017, the Tax Cuts and Jobs Act (\u201cTax Act\u201d) was signed into law in the U.S. The Tax Act significantly revised the future ongoing U.S. corporate income tax by, among other things, lowering the U.S. corporate income tax rate to 21% from 35%, providing full expensing for investments in new and used qualified property made after September 27, 2017, and implementing a territorial tax system. In connection with the transition to the new territorial tax system, a one-time transition tax on certain unrepatriated earnings of foreign subsidiaries was imposed for fiscal 2018 (the \u201cTransitional Repatriation Tax\u201d), for which an election can be made to pay over eight years. In addition, the Tax Act included two new U.S. tax base erosion provisions, the Global Intangible Low-Taxed Income (\u201cGILTI\u201d) provisions and the Base- Erosion and Anti-Abuse Tax (\u201cBEAT\u201d) provisions, which became effective for the Company during fiscal 2019. The GILTI provisions generally result in inclusion of income earned by foreign subsidiaries in the U.S. taxable income.\nIn response to the Tax Act, the SEC issued Staff Accounting Bulletin No. 118 which allowed companies to recognize provisional estimates in the preparation of a Company\u2019s financial statements and permitted up to a one year measurement period after the enactment date of the Tax Act to finalize the recording of the related tax impacts.\nDuring fiscal 2018, the Company recorded a net provisional tax expense of $77.3 million for the estimated effects of the Tax Act. This was comprised\u00a0of a provisional Transitional Repatriation Tax expense of $116.4 million, offset by a provisional deferred tax benefit of $39.1 million from the remeasurement of U.S. deferred tax assets and liabilities. The Company completed its analysis of the impact of the Tax Act during the third quarter of fiscal 2019, and during the first three quarters of fiscal 2019 recorded a net discrete income tax benefit adjustment of $17.0 million to the prior year provisional estimates, comprised of a $1.9 million reduction to the provisional Transitional Repatriation Tax and a $15.1 million increase in U.S. deferred tax assets.\nThe GILTI provisions became effective for the Company in fiscal 2019 and resulted in a net $30.4 million tax expense, consisting of a $70.8 million expense related to the inclusion of unremitted foreign earnings offset by a $40.4 million tax benefit from additional foreign tax credits. The Company has made an accounting policy decision under U.S. GAAP to treat taxes due on future GILTI inclusions in U.S. taxable income as a current-period expense (the \u201cperiod cost method\u201d).\nIncome (loss) before income taxes consists of the following components (in thousands):\n\n | | Fiscal Year | \n------------- | ---------- | ----------- | -------\n | 2019 | 2018 | 2017 \nUnited States | $(297,975) | $(151,083) | $2,439 \nForeign | 389,767 | 168,228 | 24,866 \nTotal | $91,792 | $17,145 | $27,305"} {"_id": "d1b39c5b4", "title": "", "text": "Indebtedness\nThe following table presents selected financial information on our indebtedness (in thousands):\nAs of December 27, 2019, we have various floating- and fixed-rate debt instruments with varying maturities for an aggregate principal amount of $392.1 million. See Note 9 \u201cDebt Obligations\u201d to our consolidated financial statements for a full description of our debt instruments.\nOn November 22, 2019, we issued $150.0 million aggregate principal amount of 1.875% Convertible Senior Notes (the \u201cSenior Notes\u201d). Approximately $43.2 million of the net proceeds were used to repay all outstanding borrowings then outstanding under our ABL and we intend to use the remainder for working capital and general corporate purposes, which may include future acquisitions.\nOn July 25, 2018, the holders of the $36.8 million principal amount of convertible subordinated notes that were issued in connection with our acquisition of Del Monte converted these notes and related accrued interest of $0.3 million into 1,246,272 shares of the Company\u2019s common stock.\nOn June 29, 2018, we entered into an asset-based loan facility (\u201cABL\u201d) that increased our borrowing capacity from $75.0 million to $150.0 million. Additionally, we reduced the fixed-rate portion of interest charged on our senior secured term loan (\u201cTerm Loan\u201d) from 475 basis points to 350 basis points over Adjusted LIBOR as a result of repricings executed on December 14, 2017 and November 16, 2018.\nA portion of the interest rate charged on our Term Loan is currently based on LIBOR and, at our option, a component of the interest charged on the borrowings outstanding on our ABL, if any, may bear interest rates based on LIBOR. LIBOR has been the subject of reform and is expected to phase out by the end of fiscal 2021. The consequences of the discontinuation of LIBOR cannot be entirely predicted but could impact the interest expense we incur on these debt instruments. We will negotiate alternatives to LIBOR with our lenders before LIBOR ceases to be a widely available reference rate.\n\n | | Fiscal Year Ended | \n--------------------------------------------------- | ----------------- | ----------------- | -----------------\n | December 27, 2019 | December 28, 2018 | December 29, 2017\nSenior secured term loan | $238,129 | $239,745 | $238,435 \nTotal Convertible debt | $154,000 | $\u2014 | $36,750 \nBorrowings outstanding on asset-based loan facility | $\u2014 | $44,185 | $\u2014 \nFinance leases and other financing obligations | $3,905 | $193 | $664 "} {"_id": "d1b2feed6", "title": "", "text": "ITEM 6. SELECTED FINANCIAL DATA\nThe selected financial data should be read in conjunction with our \u201cManagement\u2019s Discussion and Analysis of Financial Condition and Results of Operations,\u201d and our audited consolidated financial statements and the related notes to those consolidated financial statements included in this Annual Report.\nYear-over-year comparisons are significantly affected by our acquisitions, dispositions and construction of towers. Our transaction with Verizon Communications Inc. (\u201cVerizon\u201d and the transaction, the \u201cVerizon Transaction\u201d) and the acquisition of a controlling ownership interest in Viom Networks Limited (\u201cViom\u201d and the acquisition, the \u201cViom Acquisition\u201d), which closed in March 2015 and April 2016, respectively, significantly impact the comparability of reported results between periods. Our principal 2019 acquisitions are described in note 7 to our consolidated financial statements included in this Annual Report.\n(2) As of December 31, 2019, 2018, 2017, 2016 and 2015, amounts include $76.8 million, $96.2 million, $152.8 million, $149.3 million, and $142.2 million, respectively, of restricted funds pledged as collateral to secure obligations and cash, the use of which is otherwise limited by contractual provisions.\n(3) Total assets as of December 31, 2019 includes the Right-of-use asset recognized in connection with our adoption of the new lease accounting standard described in note 1 to our consolidated financial statements included in this Annual Report\n\n | | | As of December 31, | | \n--------------------------------------------------------- | -------- | -------- | ------------------ | -------- | --------\n | 2019 | 2018 | 2017 | 2016 | 2015 \n(In millions) | | | | | \nBalance Sheet Data: | | | | | \nCash and cash equivalents (including restricted cash) (2) | $1,578.0 | $1,304.9 | $954.9 | $936.5 | $462.9 \nProperty and equipment, net | 12,084.4 | 11,247.1 | 11,101.0 | 10,517.3 | 9,866.4 \nTotal assets (3) | 42,801.6 | 33,010.4 | 33,214.3 | 30,879.2 | 26,904.3\nLong-term obligations, including current portion | 24,055.4 | 21,159.9 | 20,205.1 | 18,533.5 | 17,119.0\nRedeemable noncontrolling interests | 1,096.5 | 1,004.8 | 1,126.2 | 1,091.3 | \u2014 \nTotal American Tower Corporation equity | 5,055.4 | 5,336.1 | 6,241.5 | 6,763.9 | 6,651.7 "} {"_id": "d1b3ad242", "title": "", "text": "We recorded a liability for unrecognized tax positions. The aggregate changes in the balance of our gross unrecognized tax benefits were as follows for the years ended March 31:\nAs of March 31, 2019, we had a liability of $0.6 million related to uncertain tax positions, the recognition of which would affect our effective income tax rate.\nAlthough the timing and outcome of tax settlements are uncertain, it is reasonably possible that during the next 12 months an immaterial reduction in unrecognized tax benefits may occur as a result of the expiration of various statutes of limitations. We are routinely audited and the outcome of tax examinations could also result in a reduction in unrecognized tax benefits. Other changes could occur in the amount of gross unrecognized tax benefits during the next 12 months which cannot be estimated at this time.\nWe recognize interest accrued on any unrecognized tax benefits as a component of income tax expense. Penalties are recognized as a component of general and administrative expenses. We recognized interest and penalty expense of less than $0.1 million for the years ended March 31, 2019, 2018 and 2017. As of March 31, 2019 and 2018, we had approximately $0.5 million and $0.8 million of interest and penalties accrued.\nIn the U.S. we file consolidated federal and state income tax returns where statutes of limitations generally range from three to five years. Although we have resolved examinations with the IRS through tax year ended March 31, 2010, U.S. federal tax years are open from 2006 forward due to attribute carryforwards.\nThe statute of limitations is open from fiscal year 2012 forward in certain state jurisdictions. We also file income tax returns in international jurisdictions where statutes of limitations generally range from three to seven years. Years beginning after 2008 are open for examination by certain foreign taxing authorities.\n\n(In thousands) | 2019 | 2018 | 2017 \n--------------------------------------------- | ----- | ----- | ------\nBalance at April 1 | $687 | $988 | $1,617\nReductions: | | | \nRelating to positions taken during prior year | \u2014 | (300) | (604) \nRelating to lapse in statute | (107) | (1) | (25) \nBalance at March 31 | $580 | $687 | $988 "} {"_id": "d1a72d3f0", "title": "", "text": "29. Share-based payments continued\nThe number of options outstanding and exercisable as at 31 March was as follows:\nThe weighted average market value per ordinary share for DABP options exercised in 2019 was 438.1p (2018: n/a). The DABP awards outstanding at 31 March 2018 have a weighted average remaining vesting period of 0.8 years (2018: 1.2 years) and a weighted average contractual life of 8.8 years (2018: 9.2 years). The charge for the year includes an estimate of the awards to be granted after the balance sheet date in respect of achievement of 2019 targets.\n\n | 2019 | 2018 \n----------------------------- | --------- | --------\n | Number | Number \nOutstanding at 1 April | 303,880 | 248,263 \nOptions granted in the year | 71,552 | 127,691 \nDividend shares awarded | 3,343 | 1,306 \nOptions forfeited in the year | \u2013 | (73,380)\nOptions exercised in the year | (229,378) | \u2013 \nOutstanding at 31 March | 149,397 | 303,880 \nExercisable at 31 March | \u2013 | 74,686 "} {"_id": "d1b398748", "title": "", "text": "ITEM 6. SELECTED FINANCIAL DATA\nFinancial Highlights (dollars in thousands, except per share amounts)\n(1) During fiscal 2019, the Company recorded $7.0 million of special tax expense in accordance with regulations under U.S. Tax Reform, and reasserted that certain historical undistributed earnings of two foreign subsidiaries will be permanently reinvested, resulting in a $10.5 million benefit.\n(2) During fiscal 2019, the Company recorded $1.7 million, $1.5 million net of taxes, in restructuring costs, which are included in operating income.\n(3) During fiscal 2018, the Company recorded $85.9 million of non-recurring income tax expense due to the enactment of U.S. Tax Reform and paid a $13.5 million one-time non-executive employee bonus.\n(4) During fiscal 2016, the Company recorded $7.0 million in restructuring costs and $5.2 million in selling and administrative expenses, which are included in operating income. The $7.0 million was largely related to the Company's closure of its manufacturing facility in Fremont, California, and the partial closure of its Livingston, Scotland facility. The $5.2 million was related to accelerated share-based compensation expense recorded pursuant to the retirement agreement with the Company's former Chief Executive Officer. During fiscal 2015 the Company recorded $1.7 million of restructuring costs, largely related to the Company's consolidation of its manufacturing facilities in Wisconsin, as well as its relocation of manufacturing operations from Juarez, Mexico to Guadalajara, Mexico.\n(5) The Company defines return on invested capital (\"ROIC\"), a non-GAAP financial measure, as tax-effected operating income divided by average invested capital over a rolling five-quarter period. Invested capital is defined as equity plus debt, less cash and cash equivalents, as discussed in Part II, Item 7, \"Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations - Return on Invested Capital (\"ROIC\") and Economic Return.\" For a reconciliation of ROIC and Economic Return to our financial statements that were prepared in accordance with GAAP, see Exhibit 99.1 to this annual report on Form 10-K.\n(6) Fiscal 2015 included 53 weeks. All other periods presented included 52 weeks.\n\n | | | Fiscal Years Ended | | \n-------------------------------------------- | ------------------ | ------------------ | ------------------ | --------------- | ------------------\nIncome Statement Data | September 28,\n2019 | September 29,\n2018 | September 30,\n2017 | October 1,\n2016 | October 3,\n2015(6)\nNet sales | $3,164,434 | $2,873,508 | $2,528,052 | $2,556,004 | $2,654,290 \nGross profit | 291,838 | 257,600 | 255,855 | 227,359 | 239,550 \nGross margin percentage | 9.2% | 9.0% | 10.1% | 8.9% | 9.0% \nOperating income (2) (3) (4) | 142,055 | 118,283 | 129,908 | 99,439 | 115,436 \nOperating margin percentage (2) (3) (4) | 4.5% | 4.1% | 5.1% | 3.9% | 4.3% \nNet income (1) (2) (3) (4) | 108,616 | 13,040 | 112,062 | 76,427 | 94,332 \nEarnings per share (diluted) (1) (2) (3) (4) | $3.50 | $0.38 | $3.24 | $2.24 | $2.74 \nCash Flow Statement Data | | | | | \nCash flows provided by operations | $115,300 | $66,831 | $171,734 | $127,738 | $76,572 \nCapital equipment additions | 90,600 | 62,780 | 38,538 | 31,123 | 35,076 \nBalance Sheet Data | | | | | \nTotal assets | $2,000,883 | $1,932,642 | $1,976,182 | $1,765,819 | $1,691,760 \nTotal debt obligations | 287,980 | 188,617 | 313,107 | 262,509 | 261,806 \nShareholders\u2019 equity | 865,576 | 921,143 | 1,025,939 | 916,797 | 842,272 \nReturn on invested capital (5) | 13.1% | 16.1% | 16.2% | 13.8% | 14.0% \nInventory turnover ratio | 3.8x | 3.6x | 3.7x | 4.2x | 4.3x "} {"_id": "d1b380a62", "title": "", "text": "CONTRACTUAL OBLIGATIONS\nSignificant contractual obligations as of December 28, 2019 were as follows:\n1 Operating lease obligations represent the undiscounted lease payments under non-cancelable leases, but exclude non-lease components.\n2 Capital purchase obligations represent commitments for the construction or purchase of property, plant and equipment. They were not recorded as liabilities on our Consolidated Balance Sheets as of December 28, 2019, as we had not yet received the related goods nor taken title to the property.\n3 Other purchase obligations and commitments include payments due under various types of licenses and agreements to purchase goods or services.\n4 Tax obligations represent the future cash payments related to Tax Reform enacted in 2017 for the one-time transition tax on our previously untaxed foreign earnings.\n5 Amounts represent principal payments for all debt obligations and interest payments for fixed-rate debt obligations. Interest payments on floating-rate debt obligations, as well as the impact of fixed-rate to floating-rate debt swaps, are excluded. Debt obligations are classified based on their stated maturity date, regardless of their classification on the Consolidated Balance Sheets.\n6 Amounts represent future cash payments to satisfy other long-term liabilities recorded on our Consolidated Balance Sheets, including the short-term portion of these long-term liabilities. Derivative instruments are excluded from the preceding table, because they do not represent the amounts that may ultimately be paid.\n7 Total excludes contractual obligations already recorded on our Consolidated Balance Sheets as current liabilities, except for the short-term portions of long-term debt obligations and other long-term liabilities.\nThe expected timing of payments of the obligations in the preceding table is estimated based on current information. Timing of payments and actual amounts paid may be different, depending on the time of receipt of goods or services, or changes to agreed-upon amounts for some obligations.\nContractual obligations for purchases of goods or services included in \u201cOther purchase obligations and commitments\u201d in the preceding table include agreements that are enforceable and legally binding and that specify all significant terms, including fixed or minimum quantities to be purchased; fixed, minimum, or variable price provisions; and the approximate timing of the transaction. For obligations with cancellation provisions, the amounts included in the preceding table were limited to the non-cancelable portion of the agreement terms or the minimum cancellation fee.\nFor the purchase of raw materials, we have entered into certain agreements that specify minimum prices and quantities based on a percentage of the total available market or based on a percentage of our future purchasing requirements. Due to the uncertainty of the future market and our future purchasing requirements, as well as the non-binding nature of these agreements, obligations under these agreements have been excluded from the preceding table. Our purchase orders for other products are based on our current manufacturing needs and are fulfilled by our vendors within short time horizons. In addition, some of our purchase orders represent authorizations to purchase rather than binding agreements.\nContractual obligations that are contingent upon the achievement of certain milestones have been excluded from the preceding table. Approximately half of our milestone-based contracts are tooling related for the purchase of capital equipment. These arrangements are not considered contractual obligations until the milestone is met by the counterparty. As of December 28, 2019, assuming that all future milestones are met, the additional required payments would be approximately $498 million.\nFor the majority of RSUs granted, the number of shares of common stock issued on the date the RSUs vest is net of the minimum statutory withholding requirements that we pay in cash to the appropriate taxing authorities on behalf of our employees. The obligation to pay the relevant taxing authority is excluded from the preceding table, as the amount is contingent upon continued employment. In addition, the amount of the obligation is unknown, as it is based in part on the market price of our common stock when the awards vest.\n\n | | | Payments Due by Period | | \n-------------------------------------------- | ------- | ---------------- | ---------------------- | --------- | -----------------\n(In Millions) | Total | Less Than 1 Year | 1\u20133 Years | 3\u20135 Years | More Than 5 Years\nOperating lease obligations 1 | $595 | $178 | $232 | $128 | $57 \nCapital purchase obligations 2 | 10,918 | 9,300 | 1,595 | 14 | 9 \nOther purchase obligations and commitments 3 | 2,757 | 1,636 | 947 | 147 | 27 \nTax obligations 4 | 4,442 | 10 | 746 | 1,853 | 1,833 \nLong-term debt obligations 5 | 41,328 | 4,706 | 8,510 | 3,508 | 24,604 \nOther long-term liabilities 6 | 1,692 | 898 | 640 | 40 | 114 \nTotal 7 | $61,732 | $16,728 | $12,670 | $5,690 | $26,644 "} {"_id": "d1b313944", "title": "", "text": "Liquidity and Capital Resources\nAs of December 31, 2019, we had approximately $36.1 million of cash and cash equivalents and short term investments, a decrease of approximately $7.2 million from $43.3 million in 2018.\nDuring 2018, our board of directors authorized the repurchase of issued and outstanding shares of our common stock having an aggregate value of up to $10.0 million pursuant to a share repurchase program. No shares were repurchased under this program in 2019, As of December 31, 2019, we have a remaining authorization of $8.0 million for future share repurchases.\nIn 2013, we made a $5 million commitment to invest in an innovation fund through JVP to invest in early-stage cyber technology companies. We sold our interest in JVP in December 2019. There is no further commitment remaining.\n\n | December 31, | \n----------------------- | ------------ | --------------\n | 2019 | 2018 \n | | (in thousands)\nCash & cash equivalents | $18,304 | $32,011 \nShort term investments | 17,779 | 11,303 \n | $36,083 | $43,314 "} {"_id": "d1b2ebe26", "title": "", "text": "The carrying amounts and fair values of Teradyne\u2019s financial instruments at December 31, 2019 and 2018 were as follows:\n(1) The carrying value represents the bifurcated debt component only, while the fair value is based on quoted market prices for the convertible note which includes the equity conversion features.\nThe fair values of accounts receivable, net and accounts payable approximate the carrying amount due to the short term nature of these instruments.\n\n | December 31, 2019 | | December 31, 2018 | \n------------------------- | ----------------- | -------------- | ----------------- | ----------\n | Carrying Value | Fair Value | Carrying Value | Fair Value\n | | (in thousands) | | \nAssets | | | | \nCash and cash equivalents | $773,924 | $773,924 | $926,752 | $926,752 \nMarketable securities | 241,793 | 241,793 | 277,827 | 277,827 \nDerivative assets | 528 | 528 | 79 | 79 \nLiabilities | | | | \nContingent consideration | 39,705 | 39,705 | 70,543 | 70,543 \nDerivative liabilities | 203 | 203 | 514 | 514 \nConvertible debt (1) | 394,687 | 1,010,275 | 379,981 | 547,113 "} {"_id": "d1b3c794e", "title": "", "text": "3.1 Financial risk factors (continued)\n(a) Market risk (continued)\n(iii) Interest rate risk (continued)\nDuring the year ended 31 December 2019, the Group entered into certain interest rate swap contracts to hedge its exposure arising from borrowings carried at floating rates. Under these interest rate swap contracts, the Group agreed with the counterparties to exchange, at specified interval, the difference between fixed contract rates and floating-rate interest amounts calculated by reference to the agreed notional amounts. These interest rate swap contracts had the economic effect of converting borrowings from floating rates to fixed rates and were qualified for hedge accounting. Details of the Group\u2019s outstanding interest rate swap contracts as at 31 December 2019 have been disclosed in Note 38.\nThe effects of the interest rate swaps on the Group\u2019s financial position and performance are as follows:\nSwaps currently in place cover majority of the floating-rate borrowing and notes payable principal outstanding.\nAs at 31 December 2019 and 2018, management considered that any reasonable changes in the interest rates would not result in a significant change in the Group\u2019s results as the Group\u2019s exposure to cash flow interest-rate risk arising from its borrowings and notes payable carried at floating rates after considering the effect of hedging is considered to be insignificant. Accordingly, no sensitivity analysis is presented for interest rate risk.\n\n | 2019 | 2018 \n----------------------------------------------------------------------- | ----------- | -----------\n | RMB\u2019Million | RMB\u2019Million\nInterest rate swaps | | \nCarrying amount (non-current (liabilities)/assets) | (494) | 1,663 \nNotional amount | 29,423 | 77,630 \nMaturity date | 30/7/2021~ | 28/6/2019~ \n | 11/4/2024 | 8/12/2023 \nHedge ratio | 1:1 | 1:1 \nChange in fair value of outstanding hedging instruments since 1 January | (2,139) | 181 \nChange in value of hedged item used to determine hedgeeffectiveness | (2,139) | 181 \nWeighted average hedged rate for the year | 2.10% | 1.60% "} {"_id": "d1b3a863e", "title": "", "text": "Restricted Stock and Restricted Stock Units\nHistorically, we have granted shares of restricted stock to certain employees that have vested in three equal annual installments on the anniversary dates of their grant. However, beginning in 2019, we altered our approach for these grants to replace the grant of restricted stock subject to time-based vesting with the grant of a combination of restricted stock units (\"RSUs\") subject to time- based vesting and performance-based vesting. Each RSU represents the contingent right to receive a single share of our common stock upon the vesting of the award. For the year ended December 31, 2019, we granted an aggregate of 280,000 RSUs to certain employees. Of the RSUs granted during 2019, 217,000 of such RSUs are subject to time-based vesting and are scheduled to vest in three equal annual installments on the anniversary dates of the grant. The remaining 63,000 RSUs are performance-based awards that will vest based on our achievement of long-term performance goals, in particular, based on our levels of 2021 revenue and operating income. The 63,000 shares issuable upon vesting of the performance-based RSUs represent the maximum payout under our performance-based awards, based upon 150% of our target performance for 2021 revenue and operating income (the payout of such awards based on target performance for 2021 revenue and operating income would be 42,000 shares). In the case of the time-based and performance-based RSUs, vesting is also subject to the employee's continuous service with us through vesting. In 2018, we granted 280,000 shares of restricted stock to certain employees. Shares issued to employees vest in three equal annual installments on the anniversary dates of their grant. In 2019 and 2018, 194,333 and 182,500 shares of restricted stock vested, respectively.\nIn addition, in conjunction with our 2018 and 2019 Annual Meetings of Stockholders, we granted RSUs to certain members of our Board of Directors in respect of the annual equity compensation under our non-employee director compensation policy (other members of our Board of Directors elected to receive their annual equity compensation for Board service in the form of stock units under our Deferred Compensation Plan as described below). In 2019 and 2018, we granted 11,600 and 16,286, respectively, RSUs to members of our Board of Directors in respect of the annual equity compensation under our non-employee director compensation policy. RSUs issued to our Board of Directors vest at the earlier of the one-year anniversary of their grant or the next annual stockholders' meeting. In 2019 and 2018, 16,286 and 129,865 RSUs, respectively, vested.\nThe following table summarizes our aggregate restricted stock awards and RSU activity in 2019 and 2018:\nWe recognized $1.5 million and $0.6 million in stock-based compensation expense, which is recorded in selling, general and administrative expense on the consolidated statement of operations for the years ended December 31, 2019 and 2018, respectively, and we will recognize $4.0 million over the remaining requisite service period for unamortized restricted stock, RSUs and stock options.\nUnamortized restricted stock and RSUs expense at December 31, 2019 that will be amortized over the weighted-average remaining service period of 2 years totaled $1.2 million.\n\n | Number of Unvested Shares | Weighted Average Grant Date Fair Value | Aggregate Grant Date Fair Value of Unvested Shares\n---------------------------- | -------------------------- | -------------------------------------- | --------------------------------------------------\nBalance at January 1, 2017 | 489,698 | $1.51 | 738,345 \nGranted | 296,287 | $3.07 | $909,600 \nVested | (312,365) | $1.45 | $(454,339) \nForfeitures | (15,000) | $1.41 | $(21,150) \nBalance at December 31, 2018 | 458,620 | $2.56 | $1,172,456 \nGranted | 291,600 | $3.75 | $1,094,430 \nVested | (210,619) | $2.33 | $(490,769) \nForfeitures | (37,499) | $2.96 | $(111,115) \nBalance at December 31, 2019 | 502,102 | $3.32 | $1,665,002 "} {"_id": "d1b37f8a6", "title": "", "text": "NOTE 23. EXPENSES BY NATURE\nResearch and development consists of the following:\nThe impairment expenses in 2018 and 2019 are related to customer specific projects.\nThe Company\u2019s operations in the Netherlands, Belgium and the United States receive research and development grants and credits from various sources.\n\n | Year ended December 31, | \n----------------------------------------------------- | ----------------------- | --------\n | 2018 | 2019 \nResearch and development expenses | 125,280 | 150,745 \nCapitalization of development expenses | (49,688) | (60,202)\nAmortization of capitalized development expenses | 12,039 | 15,597 \nResearch and development grants and credits | (321) | (49) \nTotal research and development expenses | 87,310 | 106,091 \nImpairment of research and development related assets | 1,278 | 4,755 \nTotal | 88,588 | 110,846 "} {"_id": "d1b38c628", "title": "", "text": "20. Net Loss Per Share\nThe Company intends to settle the principal of the Convertible Notes in cash on conversion and calculates diluted earnings per share using the treasury-stock method. Stock-based awards and the conversion feature on the Convertible Notes that have an anti-dilutive effect on the calculation of diluted loss per common share, are excluded from this calculation.\nFor the years ended December 31, 2019, 2018 and 2017, the number of Common Stock from stock-based awards and the conversion feature on the Convertible Notes that had an anti-dilutive effect on the calculation of diluted earnings per common share were 3.5 million, 4.0 million and 3.6 million respectively.\nIn periods where a loss attributable to shareholders has been incurred all stock-based awards and the conversion feature on the Convertible Notes are anti-dilutive.\n\n | | Year Ended December 31, | \n----------------------------------------------------------------------------------------------------------------------------------------------------------- | ----------- | ----------------------- | ----------\n | 2019 | 2018 | 2017 \n | $ | $ | $ \nNet loss attributable to shareholders of Teekay Corporation for basic loss per share | (310,577) | (79,237) | (163,276) \nReduction in net earnings due to dilutive impact of stock-based compensation in Teekay LNG, Altera and Teekay Tankers and stock purchase warrants in Altera | \u2014 | \u2014 | (90) \nNet loss attributable to shareholders of Teekay Corporation for diluted loss per share | (310,577) | (79,237) | (163,366) \nWeighted average number of common shares | 100,719,224 | 99,670,176 | 86,335,473\nDilutive effect of stock-based compensation | \u2014 | \u2014 | \u2014 \nCommon stock and common stock equivalents | 100,719,224 | 99,670,176 | 86,335,473\nLoss per common share - basic and diluted | (3.08) | (0.79) | (1.89) "} {"_id": "d1b2fa340", "title": "", "text": "A.5 Net assets position\nOur total assets at the end of fiscal 2019 were influenced by positive currency translation effects of \u20ac 4.0 billion (mainly goodwill), primarily involving the U. S. dollar.\nThe increase in other current financial assets was driven by higher loans receivable at SFS, which were mainly due to new business and reclassification of non-current loans receivable from other financial assets. While higher loans receivable and receivables from finance leases from new business at SFS contributed also to growth in other financial assets, a large extent of the overall increase resulted from increased fair values of derivative financial instruments.\nInventories increased in several industrial businesses, with the build-up most evident at SGRE, Mobility and Siemens Healthineers.\nAssets classified as held for disposal increased mainly due to reclassification of two investments from investments accounted for using the equity method.\nThe increase in goodwill included the acquisition of Mendix.\nDeferred tax assets increased mainly due to income tax effects related to remeasurement of defined benefits plans.\nThe increase in other assets was driven mainly by higher net defined benefit assets from actuarial gains.\n\n | | Sep 30, | \n------------------------------------------------- | ------- | ------- | --------\n(in millions of \u20ac) | 2019 | 2018 | % Change\nCash and cash equivalents | 12,391 | 11,066 | 12 % \nTrade and other receivables | 18,894 | 18,455 | 2 % \nOther current financial assets | 10,669 | 9,427 | 13 % \nContract assets | 10,309 | 8,912 | 16 % \nInventories | 14,806 | 13,885 | 7 % \nCurrent income tax assets | 1,103 | 1,010 | 9 % \nOther current assets | 1,960 | 1,707 | 15 % \nAssets classified as held for disposal | 238 | 94 | 154 % \nTotal current assets | 70,370 | 64,556 | 9 % \nGoodwill | 30,160 | 28,344 | 6 % \nOther intangible assets | 9,800 | 10,131 | (3) % \nProperty, plant and equipment | 12,183 | 11,381 | 7 % \nInvestments accounted for using the equity method | 2,244 | 2,579 | (13) % \nOther financial assets | 19,843 | 17,774 | 12 % \nDeferred tax assets | 3,174 | 2,341 | 36 % \nOther assets | 2,475 | 1,810 | 37 % \nTotal non-current assets | 79,878 | 74,359 | 7 % \nTotal assets | 150,248 | 138,915 | 8 % "} {"_id": "d1b347e60", "title": "", "text": "Beginning fiscal 2011, we replaced the ownership share grants with time-vested RSUs for certain Vice Presidents and Officers that vest ratably overfour to five years and have a 50% or 100% holding requirement on settled shares, which must be held until termination. There were146,268 of such RSUs outstanding as of September 29, 2019. RSUs issued to non-management directors and certain other employees vest12 months from the date of grant, or upon termination of board service if the director or employee elects to defer receipt, and totaled 69,411 units outstanding as of September 29, 2019. RSUs issued to certain other employees either cliff vest or vest ratably over three years and totaled 35,864 units outstanding as of September 29, 2019. These awards are amortized to compensation expense over the estimated vesting period based upon the fair value of our common stock on the award date discounted by the present value of the expected dividend stream over the vesting period.\nThe following is a summary of RSU activity for fiscal 2019:\nAs of September 29, 2019, there was approximately $7.4 million of total unrecognized compensation cost related to RSUs, which is expected to be recognized over a weighted-average period of 2.2 years. The weighted-average grant date fair value of awards granted was$86.08, $94.93, and $102.42 in fiscal years 2019, 2018, and 2017, respectively. In fiscal years 2019, 2018, and 2017, the total fair value of RSUs that vested and were released was$4.7 million, $4.4 million, and $4.4 million, respectively.\n\n | | Weighted- \n-------------------------------------- | -------- | -------------\n | | Average Grant\n | | Date Fair \n | Shares | Value \nRSUs outstanding at September 30, 2018 | 288,098 | $64.57 \nGranted | 93,686 | $86.08 \nReleased | (55,642) | $84.23 \nForfeited | (14,297) | $94.00 \nRSUs outstanding at September 29, 2019 | 311,845 | $66.18 "} {"_id": "d1b391812", "title": "", "text": "IBM Working Capital\nWorking capital decreased $10,200 million from the year-end\n2018 position. The key changes are described below:\nCurrent assets decreased $10,726 million ($10,477 million adjusted for currency) due to: \u2022 A decline in receivables of $6,769 million ($6,695 million adjusted for currency) driven by a decline in financing receivables of $8,197 million primarily due to the wind down of OEM IT commercial financing operations; partially offset by an increase in other receivables of $989 million primarily related to divestitures; and \u2022 A decrease of $3,213 million ($3,052 million adjusted for currency) in cash and cash equivalents, restricted cash, and marketable securities primarily due to retirement of debt.\nCurrent liabilities decreased $526 million ($449 million adjusted\nfor currency) as a result of:\n\u2022 A decrease in accounts payable of $1,662 million primarily due to the wind down of OEM IT commercial financing operations; and \u2022 A decrease in short-term debt of $1,410 million due to maturities of $12,649 million and a decrease in commercial paper of $2,691 million; partially offset by reclassifications of $7,592 million from long-term debt to reflect upcoming maturities and issuances of $6,334 million; offset by \u2022 An increase in operating lease liabilities of $1,380 million as a result of the adoption of the new leasing standard on January 1, 2019; and \u2022 An increase in deferred income of $861 million ($890 million adjusted for currency).\n\n($ in millions) | | \n------------------- | ------- | -------\nAt December 31: | 2019 | 2018 \nCurrent assets | $38,420 | $49,146\nCurrent liabilities | 37,701 | 38,227 \nWorking capital | $ 718 | $10,918\nCurrent ratio | 1.02:1 | 1.29:1 "} {"_id": "d1a73652c", "title": "", "text": "3. MARKETABLE SECURITIES\nAs of December 31, 2019, the Company did not hold any marketable securities.\n\n | | December 31, 2018 | | \n--------------- | -------------- | ----------------- | ----------------- | ----------\n(in thousands) | Amortized Cost | Unrealized Gains | Unrealized Losses | Fair Value\nMunicipal bonds | $44,802 | $13 | $(110) | $44,705 \nCorporate bonds | 48,499 | 23 | (226) | 48,296 \n | $93,301 | $36 | $(336) | $93,001 "} {"_id": "d1b3507e0", "title": "", "text": "21 Share-based payments\n(a) Performance rights\nThe performance rights plan was established by the Board of Directors to provide long-term incentives to the Group\u2019s Senior Executives based on total shareholder returns (TSR) taking into account the Group\u2019s financial and operational performance. Under the Plan, eligible participants may be granted performance rights on terms and conditions determined by the Board from time to time. Performance rights were granted during the course of FY17, FY18 and FY19. The vesting conditions for grants relate to TSR exceeding the ASX 200 Accumulation Index over the measurement period. Vesting of the rights will be tested on or around the day following the release of each of the annual results for the years ended 30 June 2019, 2020 and 2021 respectively.\nPerformance rights are granted by the Company for nil consideration. The Board has discretion to determine if the value will be provided in shares, cash or a combination of shares and cash. Rights granted under the plan carry no dividend or voting rights.\nThe fair value of the rights at the date of valuation was determined using the Black-Scholes Option Pricing Model to be equal to the volume weighted-average price (VWAP) ending on the day before the grant date, less the dividends expected over the period from the expected grant date to the completion of the measurement period, adjusted for the expected probability of achieving the vesting conditions.\n\n | 30 June 2019 | 30 June 2019 | 30 June 2018 | 30 June 2018 \n------------------------- | ---------------- | ------------------ | ---------------- | ------------------\n | Number of Rights | Average Fair Value | Number of Rights | Average Fair Value\nOpening balance | 2,948,960 | $1.87 | 3,460,195 | $1.26 \nGranted during the year | 828,285 | $3.07 | 762,577 | $3.32 \nVested during the year | (1,307,885) | $1.19 | (1,273,812) | $1.09 \nForfeited during the year | - | $0.00 | - | $0.00 \nClosing balance | 2,469,360 | $2.64 | 2,948,960 | $1.87 "} {"_id": "d1b30388c", "title": "", "text": "Other financial assets and liabilities consists of derivatives, the Group\u2019s holdings in listed and unlisted investments, and loans provided to related parties.\nThe Group\u2019s investments in listed equity securities are designated as financial assets at fair value through other comprehensive income. Investments are initially measured at fair value net of transaction costs and, in subsequent periods, are measured at fair value with any change recognised in other comprehensive income. Upon disposal, the cumulative gain or loss recognised in other comprehensive income is transferred to retained earnings.\nAssociates are those entities in which the Group has significant influence but not control or joint control over the financial and operating policies. Investments in associates are initially recognised at cost including transaction costs and are accounted for using the equity method by including the Group\u2019s share of profit or loss and other comprehensive income of associates in the carrying amount of the investment until the date on which significant influence ceases. Dividends received reduce the carrying amount of the investment in associates.\n\n | 2019 | 2018\n--------------------------------------------- | ---- | ----\n | $M | $M \nCurrent | | \nDerivatives | 45 | 53 \nTotal current other financial assets | 45 | 53 \nNon\u2011current | | \nDerivatives | 501 | 366 \nListed equity securities | 91 | 96 \nInvestments in associates | 59 | 57 \nLoans provided to related parties | 41 | 3 \nTotal non\u2011current other financial assets | 692 | 522 \nTotal other financial assets | 737 | 575 \nCurrent | | \nDerivatives | 58 | 50 \nTotal current other financial liabilities | 58 | 50 \nNon\u2011current | | \nDerivatives | 24 | 61 \nTotal non\u2011current other financial liabilities | 24 | 61 \nTotal other financial liabilities | 82 | 111 "} {"_id": "d1a72b474", "title": "", "text": "24. Government grants\nThe following government grants are included within trade and other payables:\nGovernment grants have been received to accelerate and support research and development in the vulnerability of global navigation satellite systems and other high technology projects.\n\n | 2019 | 2018 \n-------------------------------- | --------- | ---------\n | $ million | $ million\nAt 1 January | 2.3 | 2.6 \nReceived during the year | 0.3 | 0.1 \nReleased to the income statement | (0.6) | (0.4) \nAt 31 December | 2.0 | 2.3 "} {"_id": "d1b3b6c7a", "title": "", "text": "Order intake increased in all businesses year-over-year due to a higher volume from large orders. Sharp order growth in Asia, Australia included two large orders for offshore wind-farms including service in Taiwan totaling \u20ac 2.3 billion. SGRE also recorded sharply higher orders in the Americas region, driven by several large orders in the onshore business mainly in the U. S. In contrast, orders came in substantially lower in the region Europe, C. I. S., Africa, Middle East which in the prior year had included an order for an offshore wind-farm, including service, in the U. K.\nworth \u20ac 1.3 billion.\nRevenue was up significantly year-over-year, with substantial growth in the offshore and service businesses and clear growth in the onshore business. On a geographic basis, revenue rose substantially in Europe, C. I. S., Africa, Middle East, while it declined clearly in the other two reporting regions.\nAdjusted EBITA was on the prior-year level as positive effects from productivity improvements and higher revenue were offset by price declines, a less favorable project mix and higher expenses for integration costs and capacity adjustments including severance. Severance charges were \u20ac 32 million in fiscal 2019 and\n\u20ac 77 million in fiscal 2018. SGRE\u2019s order backlog was \u20ac 26 billion at end of the fiscal year, of which \u20ac 9 billion are expected to be converted into revenue in fiscal 2020.\nThese results were achieved in markets that grew substantially in fiscal 2019 in terms of installed capacity due to higher demand in both the onshore and offshore markets, with the latter growing faster. Market volume in euros was subject to adverse price development. On a regional basis, growth in the onshore business was again driven primarily by China where the largest national wind market in the world for onshore generation remains largely closed to foreign manufacturers, and secondarily by the\nU. S. In contrast, the onshore market in Germany declined significantly.\nIn the offshore market, growth was driven by the U. K. and China. SGRE expects global onshore wind installations to grow clearly in fiscal 2020, driven by growth in the U. S. and India. Global offshore wind power markets are expected to grow in fiscal 2020. The driver of this growth is China which offsets a slight decline in European markets. Market volume in euros is expected to be subject to adverse price development in the offshore business, reflecting the trends discussed above, and currency translation effects.\n\n | | Fiscal year | | % Change\n--------------------- | ------ | ----------- | ------ | --------\n(in millions of \u20ac) | 2019 | 2018 | Actual | Comp. \nOrders | 12,749 | 11,875 | 7 % | 7 % \nRevenue | 10,227 | 9,122 | 12 % | 12 % \nAdjusted EBITA | 482 | 483 | 0 % | \nAdjusted EBITA margin | 4.7 % | 5.3 % | | "} {"_id": "d1b3bf8a2", "title": "", "text": "Cash provided by operating activities for the year ended December 31, 2018 as compared to the year ended December 31, 2017:\nNet cash provided by operating activities increased by $7.5 million to $55.6 million for the year ended December 31, 2018, as compared to $48.1 million for the year ended December 31, 2017. In determining net cash provided by operating activities, net loss is adjusted for the effects of certain non-cash items, which may be analyzed in detail as follows:\n\n(in thousands of U.S. dollars) | Year Ended December 31, 2018 | Year Ended December 31, 2017\n------------------------------------------------------------------------------- | ---------------------------- | ----------------------------\nNet loss | $(265,511) | $(164,787) \nAdjustments to reconcile net loss to net cash provided by operating activities: | | \nDepreciation and amortization | 102,839 | 104,112 \nAmortization and write-off of deferred financing costs | 7,880 | 6,391 \nAmortization of deferred drydock and special survey costs | 13,828 | 14,727 \nProvision for losses on accounts receivable | 575 | 269 \nShare based compensation | 4,556 | 4,296 \nGain on bond and debt extinguishment | (6,464) | (185) \nBargain gain upon obtaining control | (58,313) | \u2014 \nIncome tax benefit | (1,108) | (3,192) \nImpairment losses | 200,657 | 50,565 \nGain on sale of assets | (894) | (1,064) \nLoss/(equity) in affiliates, net of dividends received | 84,317 | 4,610 \nNet income adjusted for non-cash items | $82,362 | $15,742 "} {"_id": "d1b375a7c", "title": "", "text": "(11) Other Non-Current Assets\nOther non-current assets consist of the following (in millions):\n\n | December 31, | \n----------------------------------------- | ------------ | ------\n | 2019 | 2018 \nProperty records database | $60.1 | $59.9 \nContract assets | 37.8 | 17.0 \nRight-of-use assets | 26.4 | \u2014 \nDeferred compensation plan related assets | 15.2 | 11.1 \nUnbilled receivables | 3.5 | 5.0 \nPrepaid expenses | 8.1 | 18.3 \nUnrealized gains on interest rate swaps | \u2014 | 6.2 \nOther | 7.7 | 4.3 \nOther non-current assets | $158.8 | $121.8"} {"_id": "d1b322912", "title": "", "text": "The following tabl e reconciles total operating segment revenues to total revenues as well as total operating segment margin to income before provision for income taxes:\n(1) Cloud and license revenues presented for management reporting included revenues related to cloud and license obligations that would have otherwise been recorded by the acquired businesses as independent entities but were not recognized in our consolidated statements of operations for the periods presented due to business combination accounting requirements. See Note 9 for an explanation of these adjustments and this table for a reconciliation of our total operating segment revenues to our total revenues as reported in our consolidated statements of operations.\n\nYear Ended May 31, | | | \n----------------------------------------------- | ------- | ------- | -------\n(in millions) | 2019 | 2018 | 2017 \nTotal revenues for operating segments | $39,526 | $39,430 | $37,963\nCloud and license revenues (1) | (20) | (47) | (171) \nTotal revenues | $39,506 | $39,383 | $37,792\nTotal margin for operating segments | $23,981 | $23,857 | $23,208\nCloud and license revenues (1) | (20) | (47) | (171) \nresearch and development | (6,026) | (6,084) | (6,153)\nGeneral and administrative | (1,265) | (1,282) | (1,172)\nAmortization of intangible assets | (1,689) | (1,620) | (1,451)\nAcquisition related and other | (44) | (52) | (103) \nrestructuring | (443) | (588) | (463) \nStock-based compensation for operating segments | (518) | (505) | (415) \nExpense allocations and other, net | (441) | (415) | (367) \nInterest expense | (2,082) | (2,025) | (1,798)\nNon-operating income, net | 815 | 1,185 | 565 \nIncome before provision for income taxes | $12,268 | $12,424 | $11,680"} {"_id": "d1b39eb34", "title": "", "text": "16. SHARE-BASED PAYMENTS\na. Employee Share Plan\nThe Employee Share Plan (ESP) is available to all eligible employees each year to acquire ordinary shares in the Company from future remuneration (before tax). Shares to be issued or transferred under the ESP will be valued at the volume-weighted average price of the Company\u2019s shares traded on the Australian Securities Exchange during the five business days immediately preceding the day the shares are issued or transferred. Shares issued under the ESP are not allowed to be sold, transferred or otherwise disposed until the earlier of the end of an initial three-year period, or the participant ceasing continuing employment with the Company.\nDetails of the movement in employee shares under the ESP are as follows:\nThe consideration for the shares issued on 22 May 2019 was $3.72 (7 May 2018: $4.24).\n\n | 2019 | 2018 \n---------------------------------------------------------------------- | ------------- | -------------\n | No. of Shares | No. of Shares\nNumber of shares at beginning of year | 114,758 | 137,227 \nNumber of shares distributed to employees | 45,560 | 42,480 \nNumber of shares transferred to main share registry and/or disposed of | (44,526) | (64,949) \nNumber of shares at year end | 115,792 | 114,758 "} {"_id": "d1b31567c", "title": "", "text": "The principal components of deferred tax assets and liabilities are as follows:\nThe valuation allowance provided against our deferred tax assets as of March 29, 2019, increased primarily due to a corresponding increase in unrealized capital losses from equity investments, certain acquired tax loss and tax credits carryforwards, and California research and development credits. Based on our current operations, these attributes are not expected to be realized, and a valuation allowance has been recorded to offset them.\nAs of March 29, 2019, we have U.S. federal net operating losses attributable to various acquired companies of approximately $147 million, which, if not used, will expire between fiscal 2020 and 2037. We have U.S. federal research and development credits of approximately $11 million. The research and development credits, if not used, will expire between fiscal 2020 and 2036. $89 million of the net operating loss carryforwards and $11 million of the U.S. federal research and development tax credits are subject to limitations which currently prevent their use, and therefore these attributes are not expected to be realized. The remaining net operating loss carryforwards and U.S. federal research and development tax credits are subject to an annual limitation under U.S. federal tax regulations but are expected to be fully realized. We have $3 million of foreign tax credits which, if not used, will expire beginning in fiscal 2028. Furthermore, we have U.S. state net operating loss and credit carryforwards attributable to various acquired companies of approximately $68 million and $51 million, respectively. If not used, our U.S. state net operating losses will expire between fiscal 2020 and 2037, and the majority of our U.S. state credit carryforwards can be carried forward indefinitely. In addition, we have foreign net operating loss carryforwards attributable to various foreign companies of approximately $118 million, $24 million of which relate to Japan, and will expire beginning in fiscal 2028, and the rest of which, under current applicable foreign tax law, can be carried forward indefinitely.\n\n | As of | \n-------------------------------------------------------- | -------------- | --------------\n(In millions) | March 29, 2019 | March 30, 2018\nDeferred tax assets: | | \nTax credit carryforwards | $54 | $30 \nNet operating loss carryforwards of acquired companies | 51 | 32 \nOther accruals and reserves not currently tax deductible | 64 | 66 \nDeferred revenue | 54 | 94 \nIntangible assets | 384 | \u2014 \nLoss on investments not currently tax deductible | 35 | 9 \nStock-based compensation | 87 | 141 \nOther | 25 | 18 \nGross deferred tax assets | 754 | 390 \nValuation allowance | (105) | (19) \nDeferred tax assets, net of valuation allowance | $649 | $371 \nDeferred tax liabilities: | | \nProperty and equipment | $(17) | $(5) \nGoodwill | (13) | (20) \nIntangible assets | \u2014 | (459) \nUnremitted earnings of foreign subsidiaries | (316) | (396) \nPrepaids and deferred expenses | (43) | (23) \nDiscount on convertible debt | (7) | (14) \nDeferred tax liabilities | (396) | (917) \nNet deferred tax assets (liabilities) | $253 | $(546) "} {"_id": "d1b306d8e", "title": "", "text": "Non-GAAP Financial Measures\nTo complement our Consolidated Statements of Operations and Cash Flows, we use non-GAAP financial measures of Adjusted gross margin, Adjusted operating income, Adjusted net income, and Adjusted EBITDA. We believe that Adjusted gross margin, Adjusted operating income, Adjusted net income, and Adjusted EBITDA are complements to U.S. GAAP amounts and such measures are useful to investors. The presentation of these non-GAAP measures is not meant to be considered in isolation or as an alternative to net income as an indicator of our performance, or as an alternative to cash flows from operating activities as a measure of liquidity.\nThe following table provides a reconciliation from U.S. GAAP Gross margin to non-GAAP Adjusted gross margin (amounts in thousands):\n(1) Fiscal years ending March 31, 2018 and 2017 adjusted due to the adoption of ASC 606.\n(2) $0.9 million in costs incurred during fiscal year 2018 related to the relocation of the Company's tantalum powder facility equipment from Carson City, Nevada to its existing Matamoros, Mexico plant were reclassified from \u201cPlant start-up costs\u201d to \u201cRestructuring charges\u201d during fiscal year 2019.\n\n | | Fiscal Years Ended March 31, | \n----------------------------------------- | ---------- | ---------------------------- | --------\n | 2019 | 2018 | 2017 \nNet sales (1) | $1,382,818 | $1,200,181 | $757,338\nCost of sales (1) | 924,276 | 860,744 | 571,944 \nGross Margin (GAAP) (1) | 458,542 | 339,437 | 185,394 \nGross margin as a % of net sales | 33.2% | 28.3% | 24.5% \nNon-GAAP adjustments: | | | \nPlant start-up costs (2) | (927) | 929 | 427 \nStock-based compensation expense | 2,756 | 1,519 | 1,384 \nAdjusted gross margin (non-GAAP) (1) | $460,371 | $341,885 | $187,205\nAdjusted gross margin as a % of net sales | 33.3% | 28.5% | 24.7% "} {"_id": "d1b307068", "title": "", "text": "The following tables summarize information for operating income (loss), depreciation and amortization, restructuring charges, gain (loss) on write down and disposal of long-lived assets, and capital expenditures by reportable segment for the fiscal years ended 2019, 2018 and 2017 and total assets by reportable segment for the fiscal years ended 2019 and 2018 (amounts in thousands): The following tables summarize information for operating income (loss), depreciation and amortization, restructuring charges, gain (loss) on write down and disposal of long-lived assets, and capital expenditures by reportable segment for the fiscal years ended 2019, 2018 and 2017 and total assets by reportable segment for the fiscal years ended 2019 and 2018 (amounts in thousands):\n(1) March 31, 2018 adjusted due to the adoption of ASC 606.\n\n | March 31, | \n------------------------- | ---------- | ----------\n | 2019 | 2018 \nTotal assets: | | \nSolid Capacitors | $794,402 | $704,851 \nFilm and Electrolytic (1) | 219,711 | 240,968 \nMSA | 234,419 | 254,193 \nCorporate | 69,563 | 22,911 \n | $1,318,095 | $1,222,923"} {"_id": "d1b3115b8", "title": "", "text": "Key Performance Indicators\nIn addition to traditional financial metrics, such as revenue and revenue growth trends, we monitor several other key performance indicators to help us evaluate growth trends, establish budgets, measure the effectiveness of our sales and marketing efforts and assess operational efficiencies. The key performance indicators that we monitor are as follows:\n(1) Adjusted EBITDA and revenue constant currency growth rate are non-GAAP financial measures. For a reconciliation of Adjusted EBITDA and revenue constant currency growth rate to the nearest comparable GAAP measures, see Item 6. \u201cSelected Financial Data.\u201d (2) Reflects the customer count on the last day of the period rounded to the nearest hundred customers.\nRevenue constant currency growth rate. We believe revenue constant currency growth rate is a key indicator of our operating results. We calculate revenue constant currency growth rate by translating revenue from entities reporting in foreign currencies into U.S. dollars using the comparable foreign currency exchange rates from the prior fiscal periods.\nFor further explanation of the uses and limitations of this non-GAAP measure and a reconciliation of our revenue constant currency growth rate to revenue, as reported, the most directly comparable U.S. GAAP measure, see Item 6. \u201cSelected Financial Data.\u201d As our total revenue grew over the past three years, our revenue constant currency growth rate has decreased over the same period, as the incremental growth from period to period represented a smaller percentage of total revenue as compared to the prior period.\nAs our total revenue grows, we expect our constant currency growth rate will decline as the incremental growth from period to period is expected to represent a smaller percentage of total revenue as compared to the prior period.\nRevenue retention rate. We believe that our ability to retain customers is an indicator of the stability of our revenue base and the long-term value of our customer relationships. Our revenue retention rate is driven by our customer renewals and upsells. We calculate our revenue retention rate by annualizing constant currency revenue recorded on the last day of the measurement period for only those customers in place throughout the entire measurement period.\nWe include add-on, or upsell, revenue from additional employees and services purchased by existing customers. We divide the result by revenue on a constant currency basis on the first day of the measurement period for all customers in place at the beginning of the measurement period. The measurement period is the trailing twelve months.\nThe revenue on a constant currency basis is based on the average exchange rates in effect during the respective period. Our revenue retention rate in fiscal 2019 was relatively consistent with fiscal 2018. We expect our revenue retention rate to remain relatively consistent for fiscal 2020.\nTotal customers. We believe the total number of customers is a key indicator of our financial success and future revenue potential. We define a customer as an entity with an active subscription contract as of the measurement date. A customer is typically a parent company or, in a few cases, a significant subsidiary that works with us directly. We expect to continue to grow our customer base through the addition of new customers in each of our markets.\nGross profit percentage. Gross profit percentage is calculated as gross profit divided by revenue. Our gross profit percentage has been relatively consistent over the past three years; however, it has fluctuated and will continue to fluctuate on a quarterly basis due to timing of the addition of hardware and employees to serve our growing customer base. More recently, gross profit has also included amortization of intangible assets related to acquired businesses.\nWe provide our services in each of the regions in which we operate. Costs related to supporting and hosting our product offerings and delivering our services are incurred in the region in which the related revenue is recognized. As a result, our gross profit percentage in actual terms is consistent with gross profit on a constant currency basis.\nAdjusted EBITDA. We believe that Adjusted EBITDA is a key indicator of our operating results. We define Adjusted EBITDA as net (loss) income, adjusted to exclude: depreciation, amortization, disposals and impairment of long-lived assets, acquisition-related gains and expenses, litigation-related expenses, share-based compensation expense, restructuring expense, interest income and interest expense, the provision for income taxes and foreign exchange income (expense).\nAdjusted EBITDA also includes rent paid in the period related to locations that are accounted for as build-to-suit facilities. For further explanation of the uses and limitations of this non-GAAP measure and a reconciliation of our Adjusted EBITDA to the most directly comparable U.S. GAAP measure, net (loss) income, see Item 6. \u201cSelected Financial Data.\u201d\nWe expect that our Adjusted EBITDA will continue to increase; however, we expect that our operating expenses will also increase in absolute dollars as we focus on expanding our sales and marketing teams and growing our research and development capabilities.\n\n | | Year Ended March 31, | \n----------------------------------------- | ------- | ----------------------- | -------\n | 2019 | 2018 | 2017 \n | | (dollars in thousands) | \nRevenue constant currency growth rate (1) | 32% | 38% | 39% \nRevenue retention rate | 111% | 110% | 111% \nTotal customers (2) | 34,400 | 30,400 | 26,400 \nGross profit percentage | 73% | 73% | 73% \nAdjusted EBITDA (1) | $54,008 | $25,752 | $12,457"} {"_id": "d1b33709c", "title": "", "text": "A10 NETWORKS, INC.\nCONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS\n(in thousands)\n\n | Years Ended December 31, | | \n----------------------------------------------- | ------------------------ | --------- | ---------\n | 2019 | 2018 | 2017 \nNet loss | $(17,819) | $(27,617) | $(10,751)\nOther comprehensive loss, net of tax: | | | \nUnrealized gain (loss) on marketable securities | 395 | (21) | (78) \nComprehensive loss | $(17,424) | $(27,638) | $(10,829)"} {"_id": "d1b39b09c", "title": "", "text": "Liquidity and Capital Resources\nOur principal sources of liquidity are cash and cash equivalents, investments and accounts receivable. The following table shows net cash provided by operating activities, net cash used in investing activities, and net cash provided by (used in) financing activities for the years ended March 31, 2019, 2018 and 2017:\nIn November 2015, we raised net proceeds of $68.3 million in our initial public offering after deducting underwriting discounts and commissions and offering expenses paid by us. In the years ended March 31, 2019, 2018 and 2017, we incurred operating losses of $1.2 million, $7.0 million and $10.4 million, respectively. While we expect to generate an operating loss in the year ending March 31, 2020, we expect to continue to generate positive cash flows from operating activities.\nIn the year ending March 31, 2020, we plan to continue to invest in the development and expansion of our Mime | OS\u2122 platform to improve on our existing solutions in order to provide more capabilities to our customers. Investments in capital expenditures in the year ended March 31, 2019 were $28.8 million of which $25.8 million related to the expansion of our grid architecture.\nWe expect fiscal year 2020 capital expenditures to increase significantly as we expect to incur one-time costs related to the build out and expansion of facilities in the U.K. and other locations and additional data center expansion primarily in the U.S.\nAs of March 31, 2019 and 2018, we had cash, cash equivalents and investments of $173.5 million and $137.2 million, respectively. Based on our current operating plan, we believe that our current cash and cash equivalents, investments and operating cash flows will be sufficient to fund our operations for at least the next twelve months. Our future capital requirements may vary materially from those planned and will depend on certain factors, such as our growth and our operating results.\nIf we require additional capital resources to grow our business or to acquire complementary technologies and businesses in the future, we may seek to sell additional equity or raise funds through debt financing or other sources. We may also seek to invest in or acquire complement ary businesses, applications or technologies, any of which could also require us to seek additional equity or debt financing.\nWe cannot provide assurance that additional financing will be available at all or on terms favorable to us. We had no material commitments for capital expenditures as of March 31, 2019 or 2018.\n\n | | Year ended March 31, | \n--------------------------------------------------- | --------- | --------------------- | --------\n | 2019 | 2018 | 2017 \n | | (in thousands) | \nNet cash provided by operating activities | $66,235 | $46,412 | $32,514 \nNet cash used in investing activities | (121,324) | (35,019) | (84,615)\nNet cash provided by (used in) financing activities | 116,985 | 13,156 | (332) "} {"_id": "d1a714a58", "title": "", "text": "(7) Property and Equipment\nProperty and equipment consist of the following (in millions):\nOn December 31, 2019, we entered into finance lease agreements for certain computer equipment. The leased equipment was valued at $13.7 million, net of prepaid maintenance and $0.3 million of imputed interest, and is included in Property and equipment, net on the Consolidated Balance Sheets. Refer to Note 12 \u2014 Long-Term Debt for additional information related to our finance leases.\n\n | December 31, | \n----------------------------------------- | ------------ | -------\n | 2019 | 2018 \nLand | $11.9 | $11.9 \nBuildings and improvements | 81.2 | 71.1 \nLeasehold improvements | 7.1 | 6.7 \nComputer equipment | 234.1 | 208.9 \nFurniture, fixtures and other equipment | 11.2 | 11.0 \nProperty and equipment | 345.5 | 309.6 \nAccumulated depreciation and amortization | (168.6) | (132.5)\nProperty and equipment, net | $176.9 | $177.1 "} {"_id": "d1b3bb298", "title": "", "text": "Tax Carryforwards\nThe amount and expiration dates of income tax net operating loss carryforwards and tax credit carryforwards, which are available to reduce future taxes, if any, as of August 31, 2019 are as follows:\n(1) Net of unrecognized tax benefits.\n(2) Calculated based on the deferral method and includes foreign investment tax credits\n\n(dollars in thousands) | Last Fiscal Year of Expiration | Amount \n----------------------------------------------- | ------------------------------ | --------\nIncome tax net operating loss carryforwards:(1) | | \nDomestic\u2013state | 2039 | $57,299 \nForeign | 2039 or indefinite | $565,609\nTax credit carryforwards:(1) | | \nDomestic\u2013federal | 2029 | $39,784 \nDomestic\u2013state | 2027 | $3,313 \nForeign(2) | 2027 or indefinite | $15,345 "} {"_id": "d1b30513c", "title": "", "text": "Unrecognized Tax Benefits\nActivity related to unrecognized tax benefits is as follows (in thousands):\nDuring the year ended July 31, 2019, the Company\u2019s unrecognized tax benefits increased by $1.3 million, primarily associated with the Company\u2019s U.S. Federal and California R&D credits. As of July 31, 2019, the Company had unrecognized tax benefits of $6.2 million that, if recognized, would affect the Company\u2019s effective tax rate. An estimate of the range of possible change within the next 12 months cannot be made at this time.\nThe Company, or one of its subsidiaries, files income taxes in the U.S. Federal jurisdiction and various state and foreign jurisdictions. If the Company utilizes net operating losses or tax credits in future years, the U.S. Federal, state and local, and non-U.S. tax authorities may examine the tax returns covering the period in which the net operating losses and tax credits arose. As a result, the Company\u2019s tax returns in the U.S. and California remain open to examination from fiscal years 2002 through 2019. As of July 31, 2019, the Company has no income tax audits in progress in the U.S. or foreign jurisdictions.\n\n | | Fiscal years ended July 31, | \n---------------------------------------------- | ------- | --------------------------- | ------\n | 2019 | 2018 | 2017 \nUnrecognized tax benefit - beginning of period | $10,321 | $9,346 | $7,687\nGross increases - prior period tax positions | 98 | 729 | 712 \nGross decreases - prior period tax positions | (88) | (878) | (691) \nGross increases - current period tax positions | 1,302 | 1,124 | 1,638 \nUnrecognized tax benefit - end of period | $11,633 | $10,321 | $9,346"} {"_id": "d1b32d57e", "title": "", "text": "Issuer Purchases of Equity Securities\nThe following table contains information about shares of our previously-issued common stock that we withheld from employees upon vesting of their stock-based awards during the fourth quarter of 2019 to satisfy the related tax withholding obligations:\n\n | Total Number of Shares Withheld for Taxes | Average Price Paid Per Share\n------------- | ----------------------------------------- | ----------------------------\nPeriod | | \nOctober 2019 | 16,585 | $11.57 \nNovember 2019 | 185,887 | 13.15 \nDecember 2019 | 12,368 | 13.70 \nTotal | 214,840 | "} {"_id": "d1b3bf97e", "title": "", "text": "DSU plan\nThe Corporation also offers a Deferred Share Unit (\"DSU\") Plan for members of the Board to assist in the attraction and retention of qualified individuals to serve on the Board of the Corporation. Each existing or new member of the Board may elect to be paid a percentage of the annual retainer in the form of DSUs with the balance, if any, being paid in cash.\u00a0The number of DSUs that a member is entitled to receive is based on the average closing price of the subordinate shares on the TSX for the twenty consecutive trading days immediately preceding by one day the date of issue. Dividend equivalents are awarded with respect to DSUs in a member's account on the same basis as if the member was a shareholder of record of subordinate shares on the relevant record date, and the dividend equivalents are credited to the individual's account as additional DSUs. DSUs are redeemable and payable in cash or in shares, upon an individual ceasing to be a member of the Board or in the event of the death of the member.\nUnder the DSU Plan, the following DSUs were issued by the Corporation and are outstanding at August 31:\nA compensation expense of $1,792,000 (compensation expense reduction of $181,000 in 2018) was recorded for the year ended August 31, 2019 related to this plan.\n\nYears ended August 31, | 2019 | 2018 \n---------------------------------- | -------- | -------\nOutstanding, beginning of the year | 42,607 | 40,446 \nIssued | 11,328 | 6,662 \nRedeemed | (12,351) | (5,549)\nDividend equivalents | 1,095 | 1,048 \nOutstanding, end of the year | 42,679 | 42,607 "} {"_id": "d1b39f78c", "title": "", "text": "Central Overheads declined by $76 million in F19 to $60 million due to a one\u2010off payment from Caltex of $50 million and a reversal of impairment on a property subsequently classified as held for sale of $37 million. Central Overheads are still expected to be approximately $150 million on an annual basis before taking into account any impact from the Endeavour Group transaction.\nA small increase in inventory to $4,280 million was primarily due to higher closing inventory in New Zealand and BIG W to improve availability. Closing inventory days declined 0.9 days to 37.2 days and average inventory days from continuing operations declined by 0.2 days to 38.8 days.\nNet investment in inventory of $939 million remained broadly consistent with prior year. Adjusting for the impact of an extra New Zealand Food payment run in the 53rd week of $153 million, net investment in inventory declined by 19%.\nOther creditors and provisions of $4,308 million decreased $40 million compared to the prior year. Excluding significant items relating to the BIG W network review and cash utilisation of F16 significant items provisions, the decrease in other creditors and provisions was primarily driven by a reduction in accruals associated with store team costs.\nFixed assets, investments and loans to related parties of $9,710 million increased by $528 million. Additions of fixed assets of $2,040 million during the year mainly related to store refurbishments, supply chain and IT infrastructure and included $203 million related to property development activity. This was partially offset by depreciation and amortisation, disposals and an impairment of $166 million associated with the BIG W network review.\nNet assets held for sale of $225 million decreased by $575 million mainly as a result of the sale of the Petrol business to EG Group on 1 April 2019.\nIntangible assets of $6,526 million increased by $61 million driven by an increase in goodwill and brand names in New Zealand due to the strengthening of the New Zealand dollar, a minor increase in goodwill associated with the acquisition of businesses partially offset by an impairment to the carrying value of Summergate of $21 million.\nNet tax balances of $227 million increased $66 million due to an increase in deferred tax assets associated with the provisions raised as a result of the BIG W network review.\nNet debt of $1,599 million increased by $377 million largely due to the timing of New Zealand creditor payments, higher net capital expenditure (excluding the proceeds from the sale of the Petrol business) and an increase in dividends paid during the year.\nNormalised Return on Funds Employed (ROFE) from continuing operations was 24.2%, 11 bps up on the prior year. Normalised AASB 16 estimated ROFE was 14.1%.\nCash flow from operating activities before interest and tax was $3,858 million, an increase of 0.5% on the prior year. Excluding the impact of significant items, higher EBITDA was offset by the impact of the New Zealand payment run in week 53 and a movement in provisions and accruals. The cash flow benefit from an extra week of trading is offset by nine months of EBITDA from the Petrol business compared to a full year in F18.\nThe cash realisation ratio was 74.1%. Excluding the timing of the New Zealand payment run, and charges associated with the BIG W network review and gain on sale of the Petrol business, the cash realisation ratio was 98.4%, impacted by the cash utilisation of provisions and accruals offset by trade working capital improvements.\nNet interest paid of $166 million declined by 9.8% compared to the prior year due to the early repayment of US Private Placement Notes in the prior year reducing average borrowing costs.\n\nGroup Profit or Loss | F19 | F18 | | CHANGE \n------------------------------------------------------------------------- | -------- | -------- | -------- | ----------\nfor the 53 weeks ended 30 June 2019 | 53 WEEKS | 52 WEEKS | CHANGE | NORMALISED\nMARGINS \u2013 continuing operations | | | | \nGross profit (%) | 29.1 | 29.3 | (24) bps | (23) bps \nCost of doing business (%) | 24.6 | 24.9 | (31) bps | (30) bps \nEBIT (%) | 4.5 | 4.5 | 7 bps | 7 bps \nEARNINGS PER SHARE AND DIVIDENDS | | | | \nWeighted average ordinary shares on issue (million) | 1,305.7 | 1,300.5 | 0.4% | \nTotal Group basic EPS (cents) before significant items | 142.8 | 132.6 | 7.7% | 5.8% \nTotal Group basic EPS (cents) after significant items | 206.2 | 132.6 | 55.5% | 53.7% \nBasic EPS (cents) \u2013 from continuing operations before significant items | 134.2 | 123.4 | 8.8% | 6.8% \nBasic EPS (cents) \u2013 from continuing operations after significant items | 114.3 | 123.4 | (7.4)% | (9.3)% \nDiluted EPS (cents) \u2013 from continuing operations before significant items | 133.4 | 123.1 | 8.4% | 6.4% \nDiluted EPS (cents) \u2013 from continuing operations after significant items | 113.6 | 123.1 | (7.7)% | (9.7)% \nInterim dividend per share (cents) | 45 | 43 | 4.7% | \nFinal dividend per share (cents) 1 | 57 | 50 | 14.0% | \nSpecial dividend per share (cents) 1 | \u2013 | 10 | n.m. | \nTotal dividend per share (cents) | 102 | 103 | (1.0)% | "} {"_id": "d1b39c6ea", "title": "", "text": "NOTE 19\u2014RESTRUCTURING\nIn 2019, we initiated projects to restructure and modify our supply chain strategy, functional responsibilities, methods, capabilities, processes and rationalize suppliers with the goal of reducing ongoing costs and increasing the efficiencies of our worldwide procurement organization. The majority of the costs associated with these restructuring activities are related to consultants that we have engaged in connection with these efforts, and such costs have been recognized by our corporate entity. The total costs of this restructuring project are expected to exceed amounts incurred to date by $0.9 million and these efforts are expected to be completed early in fiscal 2020. Also, in fiscal 2019 our CTS and CGD segments incurred restructuring charges, consisting primarily of employee severance costs related to headcount reductions initiated to optimize our cost positions. The total costs of each of these restructuring plans initiated thus far are not expected to be significantly greater than the charges incurred to date.\nOur fiscal 2018 restructuring activities related primarily to expenses incurred by our corporate entity to establish a North American shared services center. Our fiscal 2017 restructuring activities included corporate efforts to increase the centralization and efficiency of our manufacturing processes, as well as restructuring charges incurred by our CGD businesses related to the elimination of a level of management in the CGD simulator business.\nRestructuring charges incurred by our business segments were as follows (in millions):\n\n | | Years Ended September 30, | \n------------------------------ | ------- | ------------------------- | ------\n | 2019 | 2018 | 2017 \nRestructuring costs: | | | \nCubic Transportation Systems | $ 3.2 | $ 0.4 | $ 0.4\nCubic Mission Solutions | \u2014 | 0.2 | \u2014 \nCubic Global Defense | 3.3 | 1.3 | 0.9 \nUnallocated corporate expenses | 8.9 | 3.1 | 1.0 \nTotal restructuring costs | $ 15.4 | $ 5.0 | $ 2.3"} {"_id": "d1b3295f0", "title": "", "text": "The total annual compensation of the Supervisory Board members is as follows:\nSupervisory Board Compensation\nThe Supervisory Board members do not receive any share-based payment for their services. As far as members who are employee representatives on the Supervisory Board receive share-based payment, such compensation is for their services as employees only and is unrelated to their status as members of the Supervisory Board.\n\n\u20ac thousands | 2019 | 2018 | 2017 \n------------------------------ | ----- | ----- | -----\nTotal compensation | 3,770 | 3,702 | 3,663\nThereof fixed compensation | 3,218 | 3,162 | 3,135\nThereof committee remuneration | 553 | 540 | 528 "} {"_id": "d1b2e3c26", "title": "", "text": "Cloud & Cognitive Software\n* Recast to reflect segment changes.\n** 2019 results were impacted by Red Hat purchase accounting.\nCloud & Cognitive Software revenue of $23,200 million increased 4.5 percent as reported (6 percent adjusted for currency) in 2019 compared to the prior year. There was strong growth in Cloud & Data Platforms, as reported and at constant currency, driven primarily by the acquisition of Red Hat in the third quarter of 2019. Red Hat had continued strong performance since the acquisition, in Red Hat Enterprise Linux (RHEL), application development and emerging technologies, led by OpenShift and Ansible. Red Hat and IBM are driving synergies with strong adoption of Cloud Paks since their introduction, expansion of our combined client base and more than 2,000 clients using our hybrid cloud platform. Cognitive Applications also grew as reported and at constant currency. Transaction Processing Platforms declined year to year as reported, but grew 1 percent adjusted for currency driven by strong fourth-quarter performance.\nCognitive Applications revenue of $5,765 million grew 2.3 percent as reported (4 percent adjusted for currency) compared to the prior year, driven by double-digit growth as reported and adjusted for currency in Security, and growth in industry verticals such as IoT. The Security performance included continued strong results in threat management software and services offerings. Within IoT, we had good revenue performance across the portfolio as we continued to invest in new offerings and industry-specific solutions.\nCloud & Data Platforms revenue of $9,499 million increased 10.4 percent as reported (12 percent adjusted for currency) compared to the prior year. Performance was driven by the addition of RHEL and OpenShift and the continued execution of the combined Red Hat and IBM hybrid strategy.\nTransaction Processing Platforms revenue of $7,936 million decreased 0.5 percent as reported, but grew 1 percent adjusted for currency in 2019, compared to the prior year. Revenue performance reflects the ongoing investment in IBM platforms, and the timing of larger transactions that are tied to client business volumes and buying cycles.\nWithin Cloud & Cognitive Software, cloud revenue of $4.2 billion grew 40 percent as reported and 42 percent adjusted for currency year to year, reflecting the acquisition of Red Hat and client adoption of our hybrid cloud offerings.\n\n($ in millions) | | | | \n------------------------------------------- | ------- | ------- | ---------------------------- | --------------------------------------------------\nFor the year ended December 31: | 2019 | 2018 | Yr.-to-Yr. Percent Change ** | Yr.-to-Yr. Percent Change Adjusted for Currency **\nCloud & Cognitive Software external revenue | $23,200 | $22,209 | 4.5% | 6.2% \nCognitive Applications | $ 5,765 | $ 5,633 | 2.3% | 3.9% \nCloud & Data Platforms | 9,499 | 8,603 | 10.4 | 12.3 \nTransaction Processing Platforms | 7,936 | 7,974 | (0.5) | 1.4 "} {"_id": "d1b39800e", "title": "", "text": "NOTE 11 - STOCK CAPITAL (Cont.)\nShare-based compensation to employees and to directors: (Cont.)\nRestricted Stock:\nThe Company awards stock and restricted stock to certain employees, officers, directors, and/or service providers. The restricted stock vests in accordance with such conditions and restrictions determined by the GNC Committee. These conditions and restrictions may include the achievement of certain performance goals and/or continued employment with the Company through a specified restricted period. The purchase price (if any) of shares of restricted stock is determined by the GNC Committee. If the performance goals and other restrictions are not attained, the grantee will automatically forfeit their unvested awards of restricted stock to the Company. Compensation expense for restricted stock is based on fair market value at the grant date.\nThe total compensation expense recorded by the Company in respect of its stock and restricted stock awards to certain employees, officers, directors, and service providers for the year ended December 31, 2019 and 2018 amounted to $392 and $506, respectively.\n\n | Number of Restricted Stock | Weighted Average Grant Date Fair Value | Weighted Average Remaining Contractual Term (Years)\n--------------------------------- | -------------------------- | -------------------------------------- | ---------------------------------------------------\nNonvested as of December 31, 2017 | 126,808 | 4.25 | 1.31 \nGranted | 144,447 | 3.59 | \nVested | 118,347 | 3.81 | \nForfeitures | - | - | \nNonvested as of December 31, 2018 | 152,908 | 3.96 | 1.56 \nGranted | 113,012 | 3.98 | \nVested | 64,535 | 3.88 | \nForfeitures | - | - | \nNonvested as of December 31, 2019 | 201,385 | 4.00 | 1.95 "} {"_id": "d1b376936", "title": "", "text": "(c) Allowance for Credit Loss Rollforward\nThe allowances for credit loss and the related financing receivables are summarized as follows (in millions):\n\n | | | CREDIT LOSS ALLOWANCES | \n--------------------------------------------- | ----------------- | ---------------- | -------------------------- | -----\n | Lease Receivables | Loan Receivables | Financed Service Contracts | Total\nAllowance for credit loss as of July 28, 2018 | $135 | $60 | $10 | $205 \nProvisions (benefits) | (54) | 11 | 27 | (16) \nRecoveries (write-offs), net | (14) | \u2014 | (28) | (42) \nForeign exchange and other | (21) | \u2014 | \u2014 | (21) \nAllowance for credit loss as of July 27, 2019 | $46 | $71 | $9 | $126 "} {"_id": "d1b39cd20", "title": "", "text": "Significant components of our deferred tax assets and liabilities consist of the following:\nThe United States Tax Cuts and Jobs Act (the \u201cTax Act\u201d) was enacted on December 22, 2017 and introduced significant changes to the income tax law in the United States. Effective in 2018, the Tax Act reduced the United States statutory tax rate from 35% to 21% and created new taxes on certain foreign-sourced earnings and certain related-party payments, which are referred to as the global intangible low-taxed income tax and the base erosion tax, respectively.\nIn addition, in 2017 we were subject to a one-time transition tax on accumulated foreign subsidiary earnings not previously subject to income tax in the United States.\nDue to the timing of the enactment and the complexity involved in applying the provisions of the Tax Act, we made reasonable estimates of the effects and recorded provisional expense of $15.3 million in our financial statements for the year ended December 31, 2017 in accordance with guidance in Staff Accounting Bulletin No. 118 (\u201cSAB 118\u201d), which allows a measurement period of up to one year after the enactment date to finalize the recording of the related tax impacts.\nThis provisional expense included $10.1 million expense for the remeasurement of deferred tax balances to reflect the lower federal rate and expense of $5.2 million for the one-time transition tax on accumulated foreign subsidiary earnings not previously subject to income tax in the United States.\nAdjustments to these provisional amounts that we recorded in 2018 did not have a significant impact on our consolidated financial statements. Our accounting for the effects of the enactment of U.S. Tax Reform is now complete. Due to our divestiture of our investment in Netsmart, the amounts noted above do not include the provisional amounts recorded by Netsmart in 2017.\nWe had federal net operating loss (\u201cNOL\u201d) carryforwards of $174 million and $164 million as of December 31, 2019, and 2018, respectively. The federal NOL carryforward includes US NOL carryovers of $8 million and Israeli NOL carryovers of $56 million that do not expire. As of December 31, 2019 and 2018, we had state NOL carryforwards of $1 million and $2 million, respectively.\nThe NOL carryforwards expire in various amounts starting in 2020 for both federal and state tax purposes. The utilization of the federal NOL carryforwards is subject to limitation under the rules regarding changes in stock ownership as determined by the Internal Revenue Code.\n\n | December 31, | \n----------------------------------------- | ------------ | ---------\n(In thousands) | 2019 | 2018 \nDeferred tax assets | | \nAccruals and reserves, net | $29,627 | $31,565 \nAllowance for doubtful accounts | 11,507 | 11,378 \nStock-based compensation, net | 10,382 | 10,595 \nDeferred revenue | 21,786 | 8,160 \nOperating and finance lease liabilities | 22,085 | 0 \nNet operating loss carryforwards | 37,717 | 36,649 \nResearch and development tax credit | 899 | 899 \nOther | 7,488 | 10,784 \nLess: Valuation Allowance | (19,219) | (18,734) \nTotal deferred tax assets | 122,272 | 91,296 \nDeferred tax liabilities | | \nPrepaid expense | (5,372) | (6,733) \nProperty and equipment, net | (3,695) | (7,442) \nAcquired intangibles, net | (111,284) | (129,879)\nOperating and finance right-to-use assets | (17,255) | 0 \nOther | 0 | (676) \nTotal deferred tax liabilities | (137,606) | (144,730)\nNet deferred tax liabilities | $(15,334) | $(53,434)"} {"_id": "d1b3239fc", "title": "", "text": "Assets and Liabilities Measured at Fair Value\nThe following table presents our assets and liabilities measured at fair value on a recurring or non-recurring basis at December 31,\n2019:\nThe carrying amount of money market funds approximates fair value as of each reporting date because of the short maturity of those\ninstruments.\nThe Company did not have any non-financial assets or non-financial liabilities that were recognized or disclosed at fair value as of\nDecember 31, 2019.\n\n | Level 1 | Level 2 | Level 3\n------------------------------------------- | -------------- | ------- | -------\n | (In thousands) | | \nAssets | | | \nCash equivalents: Money market funds | $256,915 | $ - | $ - \nOther current assets: | | | \nIndemnification - Sale of SSL | $ - | $ - | $ 598 \nLiabilities | | | \nLong term liabilities: | | | \nIndemnification - Globalstar do Brasil S.A. | $ - | $ - | $145 "} {"_id": "d1b3a4d04", "title": "", "text": "FNF\nWe are party to certain agreements with FNF, including agreements that were entered into when we were related parties. As a result of the Distribution, FNF no longer has an ownership interest in us, but was still considered a related party until December 1, 2019 due to the combination of certain shared board members, members of senior management and various agreements. As of December 1, 2019, the Chairman of our Board of Directors no longer serves as one of our executive officers, and FNF is no longer considered a related party.\nWe have various agreements with FNF to provide software, data and analytics services, as well as corporate shared services and information technology. We are also a party to certain other agreements under which we incur other expenses or receive revenues from FNF.\nA detail of the revenues and expenses, net from FNF is as follows (in millions):\n(1) Transactions with FNF are summarized through November 30, 2019, the date after which FNF is no longer considered a related party.\nWe paid to FNF a guarantee fee of 1.0% of the outstanding principal of the Senior Notes (as defined in Note 12 \u2014 Long Term Debt) in exchange for the guarantee by FNF of the Senior Notes. For the year ended December 31, 2017, the guarantee fee was included in Interest expense, net on the Consolidated Statements of Earnings and Comprehensive Earnings. On April 26, 2017, the Senior Notes were redeemed, and we are no longer required to pay a guarantee fee.\n\n | | Year ended December 31, | \n------------------ | -------- | ----------------------- | -----\n | 2019 (1) | 2018 | 2017 \nRevenues | $59.5 | $57.6 | $56.8\nOperating expenses | 12.5 | 12.1 | 12.3 \nGuarantee fee | \u2014 | \u2014 | 1.2 "} {"_id": "d1b3420e6", "title": "", "text": "Subsequent to the year end, we have received the final ratifications required for full planning to become effective and therefore we expect the positive impact on retained earnings to reverse once these arrangements are formally concluded. In this event EPRA NAV per share would have been 143 pence.\nDebt measures\nA Debt to asset ratio\nOur debt to assets ratio increased to 67.8 per cent in 2019 due to the property revaluation deficit in the year. This reduces to 65.3 per cent when adjusted for expected disposal proceeds from intu Puerto Venecia and intu Asturias.\nB Interest cover\nInterest cover of 1.67x remains above our target minimum level of 1.60x although it has reduced in 2019 as a result of the reduction in net rental income.\nC Immediately available cash and facilities\nImmediately available cash and facilities has reduced in the year by \u00a35.3 million to \u00a3241.5 million at 31 December 2019. This excludes the rents collected at the end of December 2019 which relate to the first quarter of 2020 and remain in the debt structures until interest payments are made. At 10 March 2020, immediately available cash and facilities is \u00a3200.3 million, which will be augmented by the intu Puerto Venecia sales proceeds expected to be received in early April.\n\n | Notes | 2019 | 2018 | Change \n------------------------------------------------------ | ----- | --------- | --------- | ----------\nDebt to assets ratio | A | 67.8% | 53.1% | 14.7% \nInterest cover | B | 1.67x | 1.91x | \u20130.24x \nWeighted average debt maturity | | 5.0 years | 5.8 years | \u20130.8 years\nWeighted average cost of gross debt (excluding RCF) | | 4.3% | 4.2% | \u20130.1% \nProportion of gross debt with interest rate protection | | 88% | 84% | 4% \nImmediately available cash and facilities | C | \u00a3241.5m | \u00a3246.8m | \u00a3(5.3)m "} {"_id": "d1b396d94", "title": "", "text": "Summary of Results\nThe following table sets forth, for the periods indicated, certain key operating results and other financial information (in thousands, except per share data):\n\n | | Fiscal Year Ended August 31, | \n------------------------------------ | ----------- | ---------------------------- | -----------\n | 2019 | 2018 | 2017 \nNet revenue | $25,282,320 | $22,095,416 | $19,063,121\nGross profit | $1,913,401 | $1,706,792 | $1,545,643 \nOperating income | $701,356 | $542,153 | $410,230 \nNet income attributable to Jabil Inc | $287,111 | $86,330 | $129,090 \nEarnings per share \u2013 basic | $1.85 | $0.50 | $0.71 \nEarnings per share \u2013 diluted | $1.81 | $0.49 | $0.69 "} {"_id": "d1a734614", "title": "", "text": "NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (in thousands, except for share and per share data)\nThe projected benefit obligation, accumulated benefit obligation and fair value of plan assets for those Pension Plans with accumulated benefit obligation in excess of fair value of plan assets is shown below:\n\n | As of December 31, | \n------------------------------ | ------------------ | ------\n | 2019 | 2018 \nProjected benefit obligation | $3,778 | $3,848\nAccumulated benefit obligation | $2,999 | $3,028\nFair value of plan assets | $1,418 | $1,426"} {"_id": "d1b368e9e", "title": "", "text": "Unrecognized Tax Benefits\nThe Company operates in multiple jurisdictions throughout the world and the income tax returns of its subsidiaries in various jurisdictions are subject to periodic examination by the tax authorities. The Company regularly assesses the status of these\u00a0 examinations and the various outcomes to determine the adequacy of its provision for income taxes. The amount of gross unrecognized tax benefits totaled $3.1 million and $1.4 million at April 27, 2019 and April 28, 2018, respectively. These amounts represent the amount of unrecognized benefits that, if recognized, would favorably impact the effective tax rate if resolved in the Company\u2019s favor.\nThe following table presents a reconciliation of the beginning and ending amounts of unrecognized tax benefits:\nAt April 27, 2019, it is not possible to reasonably estimate the expected change to the total amount of unrecognized tax benefits in the next twelve months.\nThe U.S. federal statute of limitations remains open for fiscal years ended on or after 2016 and for state tax purposes on or after fiscal year 2013. Tax authorities may have the ability to review and adjust net operating losses or tax credits that were generated prior to these fiscal years. In the major foreign jurisdictions, fiscal 2012 and subsequent periods remain open and subject to examination by taxing authorities.\nThe continuing practice of the Company is to recognize interest and penalties related to income tax matters in the provision for income taxes. The Company had $0.1 million accrued for interest and no accrual for penalties at April 27, 2019.\n\n(Dollars in Millions) | April 27, 2019 | April 28, 2018\n--------------------------------------------------- | -------------- | --------------\nBalance at Beginning of Fiscal Year | $1.4 | $1.3 \nIncreases for Positions Related to the Prior Years | 1.8 | \u2014 \nIncreases for Positions Related to the Current Year | 0.9 | 0.1 \nDecreases for Positions Related to the Prior Years | \u2014 | \u2014 \nLapsing of Statutes of Limitations | (1.0) | \u2014 \nBalance at End of Fiscal Year | $3.1 | $1.4 "} {"_id": "d1b2e8f00", "title": "", "text": "Deferred Revenues\nDeferred revenues consist primarily of prepayments for license fees, and other products or services for which we have been paid in advance, and earn the revenue when we transfer control of the product or service. Deferred revenues may also include upfront payments for consulting services to be performed in the future, such as non-recurring engineering services.\nWe\u00a0defer\u00a0license\u00a0fees\u00a0until\u00a0we\u00a0have\u00a0met\u00a0all\u00a0accounting\u00a0requirements\u00a0for\u00a0revenue\u00a0recognition,\u00a0which\u00a0is\u00a0when\u00a0a\u00a0license\u00a0is\u00a0made\u00a0available\u00a0to\u00a0a\u00a0customer\u00a0and that\u00a0customer\u00a0has\u00a0a\u00a0right\u00a0to\u00a0use\u00a0the\u00a0license.\u00a0Engineering\u00a0development\u00a0fee\u00a0revenues\u00a0are\u00a0deferred\u00a0until\u00a0engineering\u00a0services\u00a0have\u00a0been\u00a0completed\u00a0and\u00a0accepted\u00a0by our\u00a0customers.\u00a0We\u00a0defer\u00a0AirBar\u00a0and\u00a0sensor\u00a0modules\u00a0revenues\u00a0until\u00a0distributors\u00a0sell\u00a0the\u00a0products\u00a0to\u00a0their\u00a0end\u00a0customers\nUnder U.S. GAAP, companies may make reasonable aggregations and approximations of returns data to accurately estimate returns. Our AirBar and sensor module returns and warranty experience to date has enabled us to make reasonable returns estimates, which are supported by the fact that our product sales involve homogenous transactions. The reserve for future sales returns is recorded as a reduction of our accounts receivable and revenue and was insignificant as of December 31, 2019 and 2018.\nThe\u00a0following\u00a0table\u00a0presents\u00a0our\u00a0deferred\u00a0revenues\u00a0by\u00a0source\u00a0(in\u00a0thousands);\n\n | Years ended December 31, | \n-------------------------------- | ------------------------ | ----\n | 2019 | 2018\nDeferred license fees revenues | $28 | $- \nDeferred NRE revenues | 20 | - \nDeferred AirBar revenues | 6 | 59 \nDeferred sensor modules revenues | 13 | 16 \n | $67 | $75 "} {"_id": "d1b3a2414", "title": "", "text": "Quarterly Financial Data (Unaudited)\nQuarterly sales and earnings results are normally influenced by seasonal factors. Historically, the first two fiscal quarters (three months ending September 30 and December 31) are typically the lowest principally because of annual plant vacation and maintenance shutdowns by the Company and by many of its customers. However, the timing of major changes in the general economy or the markets for certain products can alter this pattern.\nDuring the quarter ended December 31, 2017, the Company recorded an income tax benefit. See Note 17, Income Taxes to Notes to Consolidated Financial Statements included in Item 8. \u201cFinancial Statements and Supplementary Data\u201d.\n\n($ in millions) | First Quarter | Second Quarter | Third Quarter | Fourth Quarter\n--------------------- | ------------- | -------------- | ------------- | --------------\nResults of Operations | | | | \nFiscal Year 2019 | | | | \nNet sales | $572.4 | $556.5 | $609.9 | $641.4 \nGross profit | $91.7 | $107.0 | $123.2 | $122.9 \nOperating income | $45.0 | $55.4 | $73.2 | $67.9 \nNet income | $31.5 | $35.5 | $51.1 | $48.9 \nFiscal Year 2018 | | | | \nNet sales | $479.8 | $487.8 | $572.2 | $618.0 \nGross profit | $85.6 | $85.7 | $96.1 | $114.9 \nOperating income | $42.2 | $41.4 | $45.7 | $60.0 \nNet income | $23.4 | $92.1 | $30.2 | $42.8 "} {"_id": "d1b385a12", "title": "", "text": "NOTE 10. EARNINGS PER SHARE\nThe following table reflects the reconciliation between basic and diluted earnings per share.\nPer share information is based on the weighted average number of common shares outstanding for each of the fiscal years. Stock options and restricted stock have been included in the calculation of earnings per share to the extent they are dilutive. The two-class method for computing EPS has not been applied because no outstanding awards contain non-forfeitable rights to participate in dividends. There were no anti-dilutive stock options and restricted stock excluded for fiscal 2019, 41 shares excluded for fiscal 2018, and 32 shares excluded for fiscal 2017.\n\n | Year Ended June 30, | | \n------------------------------------------------------------------ | ------------------- | -------- | --------\n | 2019 | 2018 | 2017 \nNet Income | $271,885 | $365,034 | $229,561\nCommon share information: | | | \nWeighted average shares outstanding for basic earnings per share | 77,160 | 77,252 | 77,856 \nDilutive effect of stock options and restricted stock | 187 | 333 | 399 \nWeighted average shares outstanding for diluted earnings per share | 77,347 | 77,585 | 78,255 \nBasic earnings per share | $3.52 | $4.73 | $2.95 \nDiluted earnings per share | $3.52 | $4.70 | $2.93 "} {"_id": "d1b395656", "title": "", "text": "11. Reportable Segments, Geographic Information and Major Customers\nReportable segments are defined as components of an enterprise about which separate financial information is available that is evaluated regularly by the chief\noperating decision maker, or group, in assessing performance and allocating resources. The Company uses an internal management reporting system, which\nprovides important financial data to evaluate performance and allocate the Company\u2019s resources on a regional basis. Net sales for the segments are attributed to the\nregion in which the product is manufactured or the service is performed. The services provided, manufacturing processes used, class of customers serviced and\norder fulfillment processes used are similar and generally interchangeable across the segments. A segment\u2019s performance is evaluated based upon its operating\nincome (loss). A segment\u2019s operating income (loss) includes its net sales less cost of sales and selling and administrative expenses, but excludes corporate and\nother expenses. Corporate and other expenses primarily represent corporate selling and administrative expenses, and restructuring costs and other charges, if any, such as the $1.7 million of restructuring costs in\nfiscal 2019 and the $13.5 million one-time employee bonus paid to full-time, non-executive employees during fiscal 2018 due to the Company's ability to access\noverseas cash as a result of Tax Reform (the \"one-time employee bonus\"). These costs are not allocated to the segments, as management excludes such costs when\nassessing the performance of the segments. Inter-segment transactions are generally recorded at amounts that approximate arm\u2019s length transactions. The\naccounting policies for the segments are the same as for the Company taken as a whole.\nThe following information is provided in accordance with the required segment disclosures for fiscal 2019, 2018 and 2017. Net sales were based on the Company\u2019s location providing the product or service (in thousands):\nAs the Company operates flexible manufacturing facilities and processes designed to accommodate customers with multiple product lines and configurations, it is impracticable to report net sales for individual products or services or groups of similar products and services.\nLong-lived assets as of September 28, 2019 and September 29, 2018 exclude other long-term assets, deferred income tax assets and intangible assets, which totaled $78.4 million and $74.2 million, respectively.\n\n | September 28,\n2019 | September 29,\n2018\n------------------ | ------------------ | ------------------\nLong-lived assets: | | \nUnited States | $106,757 | $108,694 \nMalaysia | 101,636 | 89,938 \nMexico | 73,864 | 43,078 \nRomania | 31,033 | 34,316 \nChina | 22,378 | 21,878 \nUnited Kingdom | 7,344 | 6,171 \nOther Foreign | 6,751 | 5,646 \nCorporate | 34,461 | 31,585 \n | 384,224 | 341,306 "} {"_id": "d1b39034a", "title": "", "text": "NOTE 8. INVENTORIES\nThe changes in the allowance for obsolescence are as follows:\nOn December 31, 2019, our allowance for inventory obsolescence amounted to \u20ac12,527, which is 6.7% of total inventory. The major part of the allowance is related to components and raw materials. The additions for the years 2018 and 2019 mainly relate to inventory items which ceased to be used due to technological developments and design changes which resulted in obsolescence of certain parts.\nThe cost of inventories recognized as costs and included in cost of sales amounted to \u20ac510.2 million (2018: \u20ac365.8 million).\n\n | December 31, | \n----------------------------------- | ------------ | --------\n | 2018 | 2019 \nBalance at beginning of year | (12,749) | (13,364)\nCharged to cost of sales | (2,958) | (4,748) \nReversals | 723 | 915 \nUtilization of the provision | 1,978 | 4,994 \nForeign currency translation effect | (358) | (324) \nBalance at end of year | (13,364) | (12,527)"} {"_id": "d1b3c3e8e", "title": "", "text": "Disaggregation of Revenue\nThe Company operates in two business segments, Specialty Alloys Operations (\u201cSAO\u201d) and Performance Engineered Products (\u201cPEP\u201d). Revenue is disaggregated within these two business segments by diversified end-use markets and by geographical location. Comparative information of the Company\u2019s overall revenues by end-use markets and geography for years ended June 30, 2019, 2018 and 2017 were as follows:\n\nEnd-Use Market Data | Year Ended June 30, | Year Ended June 30, | Year Ended June 30,\n----------------------- | ------------------- | ------------------- | -------------------\n($ in millions) | 2019 | 2018 | 2017 \nAerospace and Defense | $1,327.9 | $1,182.3 | $973.3 \nMedical | 205.0 | 175.3 | 125.5 \nEnergy | 181.7 | 146.5 | 138.0 \nTransportation | 157.7 | 157.0 | 143.9 \nIndustrial and Consumer | 371.5 | 364.9 | 298.2 \nDistribution | 136.4 | 131.7 | 118.7 \nTotal net sales | $2,380.2 | $2,157.7 | $1,797.6 "} {"_id": "d1a73a08c", "title": "", "text": "NAVIOS MARITIME HOLDINGS INC. NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Expressed in thousands of U.S. dollars \u2014 except share data)\nRevenue by Geographic Region\nVessels operate on a worldwide basis and are not restricted to specific locations. Accordingly, it is not possible to allocate the assets of these operations to specific countries. The total net book value of long-lived assets for dry bulk vessels amounted to $741,347 and $933,784 at December 31, 2019 and 2018, respectively. For the Logistics Business, all long-lived assets are located in South America. The total net book value of long-lived assets for the Logistics Business amounted to $536,342 (including constructions in progress of $4,046, referred to in Note 7) and $556,713 at December 31, 2019 and 2018, respectively. The total net book value of long-lived assets for the Containers Business amounted to at December 31, 2018 $399,979.\n\n | Year ended December 31, 2019 | Year ended December 31, 2018 | Year ended December 31, 2017\n------------- | ---------------------------- | ---------------------------- | ----------------------------\nNorth America | $2,259 | $4,248 | $5,513 \nEurope | 179,009 | 142,688 | 124,857 \nAsia | 67,468 | 135,614 | 91,552 \nSouth America | 232,394 | 208,751 | 212,616 \nOther | 1,319 | 26,438 | 28,511 \nTotal | $482,449 | $517,739 | $463,049 "} {"_id": "d1b3a7f9a", "title": "", "text": "(g) Prepaid Expenses and Other Current Assets:\nA summary of prepaid expenses and other current assets is as follows (in millions):\nPrepaid inventory represents inventory in-transit that has been paid for but not received.\n\n | September 2019 | September 2018\n----------------- | -------------- | --------------\nPrepaid expenses | $1.8 | $1.6 \nPrepaid inventory | 5.3 | 3.3 \n | $7.1 | $4.9 "} {"_id": "d1a71d5a4", "title": "", "text": "Accumulated Other Comprehensive Income\nThe following tables present the changes in the components of accumulated other comprehensive income (AOCI) for the years ended March 31, 2019 and 2018:\n\n | Unrealized Holding Gains (Losses) Available-for-sale Securities | Minimum Pension Liability | Foreign Currency | Total \n----------------------------------------------------------------------- | --------------------------------------------------------------- | ------------------------- | ---------------- | -------\nBalance at March 31, 2017 | $0.3 | $(5.3) | $(9.4) | $(14.4)\nOther comprehensive loss before reclassifications | (13.6) | (5.6) | \u2014 | (19.2) \nAmounts reclassified from accumulated other comprehensive income (loss) | 15.2 | 0.8 | \u2014 | 16.0 \nNet other comprehensive loss | 1.6 | (4.8) | \u2014 | (3.2) \nBalance at March 31, 2018 | $1.9 | $(10.1) | $(9.4) | $(17.6)"} {"_id": "d1b2fda22", "title": "", "text": "Segment Operating Profit (Earnings before general corporate expenses, pension and postretirement non-service income, interest expense, net, income taxes, and equity method investment earnings)\nGrocery & Snacks operating profit for fiscal 2018 was $724.8 million, an increase of $69.4 million, or 11%, compared to fiscal 2017. Gross profits were $21.9 million lower in fiscal 2018 than in fiscal 2017. The lower gross profit was driven by investments with retailers (i.e., trade spending reflected as a reduction of net sales), as well as higher input costs and transportation expenses, partially offset by supply chain realized productivity. The Frontera acquisition, Thanasi acquisition, and the acquisition of Angie's Artisan Treats, LLC, which occurred in September 2016, April 2017, and October 2017, respectively, contributed $47.4 million to Grocery & Snacks gross profit during fiscal 2018 through the one-year anniversaries of the acquisitions (if reached). Advertising and promotion expenses for fiscal 2018 decreased by $19.5 million compared to fiscal 2017. Operating profit of the Grocery & Snacks segment was impacted by charges totaling $4.0 million in fiscal 2018 for the impairment of our HK Anderson\u00ae , Red Fork\u00ae , and Salpica\u00ae brand assets and $68.3 million in fiscal 2017 primarily for the impairment of our Chef Boyardee\u00ae brand asset. Grocery & Snacks also incurred $11.4 million of expenses in fiscal 2018 related to acquisitions and divestitures, charges of $31.4 million in fiscal 2017 related to the pending divestiture of the Wesson\u00ae oil business, and charges of $14.1 million and $23.6 million in connection with our restructuring plans in fiscal 2018 and 2017, respectively.\nRefrigerated & Frozen operating profit for fiscal 2018 was $479.4 million, an increase of $33.6 million, or 8%, compared to fiscal 2017. Gross profits were $3.6 million lower in fiscal 2018 than in fiscal 2017, driven by continuing increases in input costs and transportation inflation as well as investments to drive distribution, enhanced shelf presence, and trial, partially offset by increased sales volumes and supply chain realized productivity. The acquisition of the Sandwich Bros. of Wisconsin\u00ae business contributed $4.6 million to gross profit in the segment during fiscal 2018. Advertising and promotion expenses for fiscal 2018 decreased by $23.4 million compared to fiscal 2017. Operating profit of the Refrigerated & Frozen segment was impacted by charges totaling approximately $7.7 million in fiscal 2017 related to a product recall, as well as charges of $0.1 million and $6.2 million in connection with our restructuring plans in fiscal 2018 and 2017, respectively.\nInternational operating profit for fiscal 2018 was $86.5 million, compared to an operating loss of $168.9 million for fiscal 2017. The operating loss in fiscal 2017 includes charges totaling $235.9 million for the impairment of goodwill and an intangible brand asset in our Canadian and Mexican operations. Gross profits were $18.6 million higher in fiscal 2018 than in fiscal 2017, as a result of improved price/mix, the favorable impact of foreign exchange, and the planned discontinuations of certain 33 lower-performing products. Operating profit of the International segment was impacted by charges of $1.5 million and $0.9 million in connection with our restructuring plans, in fiscal 2018 and 2017, respectively\nFoodservice operating profit for fiscal 2018 was $121.8 million, an increase of $16.7 million, or 16%, compared to fiscal 2017. Gross profits were $13.9 million higher in fiscal 2018 than in fiscal 2017, primarily reflecting the impact of inflation-driven increases in pricing and supply chain realized productivity, partially offset by lower sales volumes and increased input costs. Operating profit of the Foodservice segment was impacted by charges of $1.8 million in fiscal 2017 in connection with our restructuring plans.\nCommercial operating profit was $202.6 million in fiscal 2017. The Company sold the Spicetec and JM Swank businesses in the first quarter of fiscal 2017, recognizing pre-tax gains totaling $197.4 million. The Spicetec and JM Swank businesses comprise the entire Commercial segment following the presentation of Lamb Weston as discontinued operations. There are no further operations in the Commercial segment.\n\n($ in millions) | | | \n--------------------- | ---------------------------- | ---------------------------- | -----------\nReporting Segment | Fiscal 2018 Operating Profit | Fiscal 2017 Operating Profit | % Inc (Dec)\nGrocery & Snacks | $724.8 | $655.4 | 11% \nRefrigerated & Frozen | 479.4 | 445.8 | 8% \nInternational | 86.5 | (168.9) | N/A \nFoodservice | 121.8 | 105.1 | 16% \nCommercial | - | 202.6 | (100)% "} {"_id": "d1b3503e4", "title": "", "text": "1 Segment performance (continued)\n(c) Other segment information\n(i) Profit/(loss) before tax\nManagement assesses the performance of the operating segments based on a measure of EBITDA. Interest income and expenditure are not allocated to segments, as this type of activity is driven by the central treasury function, which manages the cash position of the Group. On adoption of AASB 16 from 1 July 2018, associated lease interest is allocated to the respective segments as a finance charge.\n\n | 30 June 2019 | 30 June 2018\n---------------------------------------------- | ------------ | ------------\n | $'000 | $'000 \nTotal segment profit before tax | 62,583 | 61,449 \nEmployee benefits expense (non-facility staff) | (23,036) | (20,752) \nInterest revenue | 8,220 | 5,778 \nDistributions from investments | 1,344 | 3,191 \nOther income | 3,034 | 284 \nFinance costs | (45,612) | (25,452) \nHead office depreciation | (2,079) | (1,909) \nOverheads and other expenses | (20,527) | (11,698) \nProfit/(loss) before tax | (16,073) | 10,891 "} {"_id": "d1b362436", "title": "", "text": "NON-GAAP FINANCIAL MEASURES\nNon-GAAP operating income, net income, and diluted EPS are non-GAAP financial measures which exclude the net tax impact of transfer of intangible properties, the net tax impact of the TCJA, and restructuring expenses. We believe these non-GAAP measures aid investors by providing additional insight into our operational performance and help clarify trends affecting our business. For comparability of reporting, management considers non-GAAP measures in conjunction with GAAP financial results in evaluating business performance. These non-GAAP financial measures presented should not be considered a substitute for, or superior to, the measures of financial performance prepared in accordance with GAAP.\nThe following table reconciles our financial results reported in accordance with GAAP to non-GAAP financial results:\n* Not meaningful.\n\n(In millions, except percentages and per share amounts) | 2019 | 2018 | 2017 | Percentage Change 2019 Versus 2018 | Percentage Change 2018 Versus 2017\n------------------------------------------------------- | ------- | ------- | --------- | ---------------------------------- | ----------------------------------\nOperating income | $42,959 | $35,058 | $ 29,025 | 23% | 21% \nNet tax impact of transfer of intangible properties | 0 | 0 | 0 | * | * \nNet impact of the TCJA | 0 | 0 | 0 | * | * \nRestructuring expenses | 0 | 0 | 306 | * | * \nNon-GAAP operating income | $42,959 | $35,058 | $ 29,331 | 23% | 20% \nNet income | $39,240 | $16,571 | $ 25,489 | 137% | (35)% \nNet tax impact of transfer of intangible properties | (2,567) | 0 | 0 | * | * \nNet tax impact of the TCJA | 157 | 13,696 | 0 | | \nRestructuring expenses | 0 | 0 | 243 | * | * \nNon-GAAP net income | $36,830 | $30,267 | $ 25,732 | 22% | 18% \nDiluted earnings per share | $5.06 | $2.13 | $ 3.25 | 138% | (34)% \nNet tax impact of transfer of intangible properties | (0.33) | 0 | 0 | * | * \nNet tax impact of the TCJA | 0.02 | 1.75 | 0 | * | * \nRestructuring expenses | 0 | 0 | 0.04 | * | * \nNon-GAAP diluted earnings per share | $4.75 | $3.88 | $ 3.29 | 22% | 18% \n* not meaningful | | | | | "} {"_id": "d1b38f58a", "title": "", "text": "(2) Includes property and equipment acquired under capital leases:\nDepreciation and amortization expense was $25.2 million, $17.5 million, and $11.8 million for the years ended March 31, 2019, 2018 and 2017, respectively. Depreciation and amortization expense in the years ended March 31, 2019, 2018 and 2017 included $1.2 million, $0.9 million and $0.1 million related to property and equipment acquired under capital leases.\n\n | As of March 31, | \n------------------------------ | --------------- | ------\n | 2019 | 2018 \nComputer equipment | $4,754 | $4,713\nLess: Accumulated amortization | (2,228) | (990) \n | $2,526 | $3,723"} {"_id": "d1b32a2ac", "title": "", "text": "REMUNERATION COMMITTEE REPORT\nThe table above shows the actual expenditure of the Group for employee pay and distributions to shareholders compared to the retained earnings of the Group.\n\nRELATIVE IMPORTANCE OF SPEND ON PAY | | | \n--------------------------------------------------- | ----- | ----- | -----\nExpenditure USDm | 2019 | 2018 | 2017 \nDividends paid | - | - | 1.2 \nPurchase of outstanding treasury shares in TORM A/S | - | - | - \nPurchase/disposals of treasury shares | - | - | - \nTotal | - | - | 1.2 \nStaff costs | 45.8 | 46.2 | 43.8 \nRetained earnings | 920.0 | 752.0 | 786.0"} {"_id": "d1b3bba2c", "title": "", "text": "Results of Continuing Operations\nThe analysis presented below is organized to provide the information we believe will facilitate an understanding of our historical performance and relevant trends going forward, and should be read in conjunction with our Consolidated Financial Statements, including the notes thereto, in Item 8 \"Financial Statements and Supplementary Data\" of this Annual Report on Form 10 - K.\nThe following table sets forth, for the periods indicated, the percentage of sales represented by certain items reflected in our Consolidated Statements of Operations:\n\n | Year Ended December 31, | \n------------------------------------------------------ | ----------------------- | -------\n | 2019 | 2018 \nSales | 100.0 % | 100.0 %\nGross profit | 40.0 | 50.9 \nOperating expenses | 33.1 | 27.0 \nOperating income from continuing operations | 6.9 | 23.9 \nOther income (expense), net | 1.6 | 0.1 \nIncome from continuing operations before income taxes | 8.5 | 24.0 \nProvision for income taxes | 1.4 | 3.5 \nIncome from continuing operations, net of income taxes | 7.2 % | 20.5 % "} {"_id": "d1b34706e", "title": "", "text": "6 Other assets (continued)\n(a) Security deposits\nIncluded in the security deposits was $8.8 million (2018: $4.2 million) relating to deposits held as security for bank guarantees.\n(b) Customer incentives\nWhere customers are offered incentives in the form of free or discounted periods, the dollar value of the incentive is capitalised and amortised on a straight-line basis over the expected life of the contract.\n(c) Contract Costs\nFrom 1 July 2018, eligible costs that are expected to be recovered will be capitalised as a contract cost and amortised over the expected customer life.\n\nNON-CURRENT | Note | 30 June 2019 $'000 | 30 June 2018 $'000\n-------------------------------- | ---- | ------------------ | ------------------\nCustomer incentives | 6(b) | 1,091 | 1,145 \nCapitalised transaction costs | | 3,359 | 5,490 \nContract costs | 6(c) | 448 | - \nTotal other assets - non-current | | 4,898 | 6,635 "} {"_id": "d1b2f381a", "title": "", "text": "12. Income taxes\nIncome taxes include the taxes on income paid or owed in the individual countries as well as deferred taxes.\n1 Adjustment of previous year according to explanation in notes.\nThe income tax rate of the German companies of METRO consists of a corporate income tax of 15.00% plus a 5.50% solidarity surcharge on corporate income tax as well as the trade tax of 14.70% given an average assessment rate of 420.00%. All in all, this results in an aggregate tax rate of 30.53%. The tax rates are unchanged from the previous year. The income tax rates applied to foreign companies are based on the respective laws and regulations of the individual countries and vary within a range of 0.00% (2017/18: 0.00%) and 34.94% (2017/18: 44.41%).\nAt \u20ac298 million (2017/18: \u20ac216 million), recognised income tax expenses are \u20ac81 million higher than in the previous year. In addition to an increase in pre-tax earnings, the change is due to higher expenses for impairments on deferred taxes, among other things.\n\n\u20ac million | 2017/2018 | 2018/2019\n----------------------------------------------- | --------- | ---------\nActual taxes | 173 | 215 \nthereof Germany | (14) | (9) \nthereof international | (159) | (206) \nthereof tax expenses/income of current period | (194) | (221) \nthereof tax expenses/income of previous periods | (\u221221) | (\u22126) \nDeferred taxes | 43 | 83 \nthereof Germany | (39) | (104) \nthereof international | (4) | (\u221221) \n | 216 | 298 "} {"_id": "d1b30362a", "title": "", "text": "Pensions\nAs of June 30, 2019, our total unfunded pension plan obligations were $77.5 million, of which $2.3 million is payable within the next twelve months. We expect to be able to make the long-term and short-term payments related to these obligations in the normal course of operations.\nOur anticipated payments under our most significant plans for the fiscal years indicated below are as follows:\nFor a detailed discussion on pensions, see note 11 \"Pension Plans and Other Post Retirement Benefits\" to our Consolidated Financial Statements.\n\n | | Fiscal years ending June 30, | \n------------ | ------- | ---------------------------- | -------\n | CDT | GXS GER | GXS PHP\n2020 | $675 | $1,012 | $161 \n2021 | 758 | 1,011 | 153 \n2022 | 832 | 1,044 | 352 \n2023 | 933 | 1,043 | 208 \n2024 | 1,041 | 1,050 | 272 \n2025 to 2028 | 6,009 | 5,308 | 2,389 \nTotal | $10,248 | $10,468 | $3,535 "} {"_id": "d1b323b32", "title": "", "text": "NOTE 13\u2014INCOME TAXES\nOn December 22, 2017, the U.S. government enacted the Tax Act, which includes provisions for Global Intangible Low-Tax Income (GILTI) under which taxes on foreign income are imposed on the excess of a deemed return on tangible assets of foreign subsidiaries. Consistent with accounting guidance, we have elected to account for the tax on GILTI as a period cost and thus have not adjusted any net deferred tax assets of our foreign subsidiaries in connection with the Tax Act.\nDue to the complexity of the Tax Act, the Securities and Exchange Commission issued guidance in SAB 118 which clarified the accounting for income taxes under ASC 740 if certain information was not yet available, prepared or analyzed in reasonable detail to complete the accounting for income tax effects of the Tax Act. SAB 118 provided for a measurement period of up to one year after the enactment of the Tax Act, during which time the required analyses and accounting must be completed. During fiscal year 2018, we recorded provisional amounts for the income tax effects of the changes in tax law and tax rates, as reasonable estimates were determined by management during this period. These amounts did not change in fiscal year 2019.\nThe SAB 118 measurement period ended on December 22, 2018. Although we no longer consider these amounts to be provisional, the determination of the Tax Act\u2019s income tax effects may change following future legislation or further interpretation of the Tax Act based on the publication of recently proposed U.S. Treasury regulations and guidance from the Internal Revenue Service and state tax authorities.\nIncome (loss) from continuing operations before income taxes includes the following components (in thousands):\n\n | | Years Ended September 30, | \n------------- | -------- | ------------------------- | ----------\n | 2019 | 2018 | 2017 \n | | (in thousands) | \nUnited States | $ (535) | $ (51,049) | $ (70,566)\nForeign | 52,881 | 65,935 | 59,484 \nTotal | $ 52,346 | $ 14,886 | $ (11,082)"} {"_id": "d1b364362", "title": "", "text": "Stock Repurchase Program\nOur Board of Directors has approved a program for us to repurchase shares of our common stock. On September 17, 2018 and February 15, 2019, we announced that our Board of Directors approved expansions of our stock repurchase program totaling $24.0 billion. As of May 31, 2019, approximately $5.8 billion remained available for stock repurchases pursuant to our stock repurchase program.\nOur stock repurchase authorization does not have an expiration date and the pace of our repurchase activity will depend on factors such as our working capital needs, our cash requirements for acquisitions and dividend payments, our debt repayment obligations or repurchases of our debt, our stock price, and economic and market conditions. Our stock repurchases may be effected from time to time through open market purchases or pursuant to a rule 10b5-1 plan. Our stock repurchase program may be accelerated, suspended, delayed or discontinued at any time.\nThe following table summarizes the stock repurchase activity for the three months ended May 31, 2019 and the approximate dollar value of shares that may yet be purchased pursuant to our stock repurchase program:\n\n | | | Total Number of | Approximate Dollar \n--------------------------------------- | --------------- | ------------- | ------------------- | --------------------\n | | | Shares Purchased as | Value of Shares that\n | Total Number of | Average Price | Part of Publicly | May Yet Be \n | Shares | Paid per | Announced | Purchased \n(in millions, except per share amounts) | Purchased | Share | Program | Under the Program \nMarch 1, 2019\u2014March 31, 2019 | 58.0 | $52.93 | 58.0 | $8,780.5 \nApril 1, 2019\u2014April 30, 2019 | 29.1 | $54.41 | 29.1 | $7,198.4 \nMay 1, 2019\u2014May 31, 2019 | 24.9 | $54.11 | 24.9 | $5,848.4 \nTotal | 112.0 | $53.57 | 112.0 | "} {"_id": "d1b34288e", "title": "", "text": "Charges made to the consolidated income statement and consolidated statement of comprehensive income (\u2018SOCI\u2019) on the basis of the assumptions stated above are:\nNote: 1 Following a High Court judgement on 21 October 2018 which concluded that defined benefit schemes should equalise pension benefits for men and women in relation to guaranteed minimum pension (\u2018GMP\u2019) benefits the Group has recorded a pre-tax past service cost of \u20ac16 million (\u00a314 million) in the year ended 31 March 2019.\n\n | 2019 \u20acm | 2018 \u20acm | 2017 \u20acm\n--------------------------------------- | ------- | ------- | -------\nCurrent service cost | 31 | 34 | 43 \nPast service costs1 | 16 | 2 | (27) \nNet interest charge | 10 | 8 | 4 \nTotal included within staff costs | 57 | 44 | 20 \nActuarial losses recognised in the SOCI | 33 | 94 | 274 "} {"_id": "d1b35446c", "title": "", "text": "4.3 Operating revenues\nBCE\nBCE operating revenues grew by 2.1% in 2019, compared to last year, driven by growth across all three of our segments. Total operating revenues consisted of service revenues of $20,737\u00a0million and product revenues of $3,227\u00a0million in 2019, up 1.4% and 6.6%, respectively, year over year. Wireless operating revenues grew by 3.7% in 2019, driven by product revenue growth of 6.6% and service revenue growth of 2.5%. Wireline operating revenues grew by 0.7% in\u00a02019 attributable to service revenue growth of 0.4% from higher data revenue, moderated by lower voice revenue, and also reflected higher product revenue of 7.2%. Bell Media revenues increased by 3.1% in\u00a02019 reflecting both higher subscriber and advertising revenues\n\n | 2019 | 2018 | $ CHANGE | % CHANGE\n---------------------------- | ------ | ------ | -------- | --------\nBell Wireless | 9,142 | 8,818 | 324 | 3.7% \nBell Wireline | 12,356 | 12,267 | 89 | 0.7% \nBell Media | 3,217 | 3,121 | 96 | 3.1% \nInter-segment eliminations | (751) | (738) | (13) | (1.8%) \nTotal BCE operating revenues | 23,964 | 23,468 | 496 | 2.1% "} {"_id": "d1b2e4978", "title": "", "text": "The following table summarizes our consolidated cash and cash equivalents provided by (used for) operating, financing and investing activities for the periods presented:\nOperating Cash Flows\nOur consolidated net cash flow from operating activities fluctuates primarily as a result of changes in vessel utilization and TCE rates, changes in interest rates, fluctuations in working capital balances, the timing and amount of dry-docking expenditures, repairs and maintenance activities, vessel additions and dispositions, and foreign currency rates. Our exposure to the spot tanker market has contributed significantly to fluctuations in operating cash flows historically as a result of highly cyclical spot tanker rates.\nIn addition, the production performance of certain of our FPSO units that operate under contracts with a production-based compensation component has contributed to fluctuations in operating cash flows. As the charter contracts of some of our FPSO units include incentives based on average annual oil prices, the changes in global oil prices during recent years have also impacted our operating cash flows.\nConsolidated net cash flow from operating activities increased to $383.3 million for the year ended December 31, 2019, from $182.1 million for the year ended December 31, 2018. This increase was primarily due to a $127.2 million increase in income from operations mainly from operations (before depreciation, amortization, asset impairments, loss on sale of vessels and the amortization of in-process revenue contracts) of our businesses.\nFor further discussion of changes in income from vessel operations from our businesses, please read \u201cItem 5 \u2013 Operating and Financial Review and Prospects: Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations \u2013 Recent Developments and Results of Operations.\u201d\nIn addition, there was a $9.9 million increase in cash flows from changes to non-cash working capital, a $23.6 million increase in dividends received from joint ventures, and a $17.1 million increase in direct financing lease payments received, which are presented as an operating cash inflow instead of an investing cash inflow after the adoption of ASU 2016-02 in 2019.\nFurthermore, interest expense, including realized losses on interest rate swaps and cross currency swaps, decreased a net amount of $38.1 million for the year ended December 31, 2019 compared to 2018, primarily due to a decrease in realized losses on cross currency swaps. These increases were partially offset by an increase in cash outflows of $15.9 million in dry-dock expenditures for the year ended December 31, 2019, compared to 2018.\nFinancing Cash Flows\nThe Daughter Entities hold all of our liquefied gas carriers (Teekay LNG) and all of our conventional tanker assets (Teekay Tankers). Teekay LNG received $317.8 million of net proceeds from the sale-leaseback financing transactions for the Yamal Spirit and Torben Spirit for the year ended December 31, 2019, compared to $370.1 million from the sale-leaseback financing transactions completed for the Magdala, Myrina and Megara for the same period in 2018.\nTeekay Tankers received $63.7 million from the sale-leaseback financing transactions completed on two of its Suezmax tankers for the year ended December 31, 2019, compared to $241.3 million in the same period last year from the sale-leaseback financing transactions completed on eight Aframax tankers, one Suezmax tanker and one LR2 Product tanker.\nWe use our credit facilities to partially finance capital expenditures. Occasionally, we will use revolving credit facilities to finance these expenditures until longer-term financing is obtained, at which time we typically use all or a portion of the proceeds from the longer-term financings to prepay outstanding amounts under the revolving credit facilities. We actively manage the maturity profile of our outstanding financing arrangements.\nDuring 2019, we had a net cash outflow of $227.3 million relating primarily to prepayments of short-term and long-term debt, issuance costs and payments on maturity of cross currency swaps, net of proceeds from the issuances of short-term and long-term debt, compared to net cash inflow of $553.7 million in 2018. Scheduled repayments decreased by $438.1 million in 2019 compared to 2018.\nHistorically, the Daughter Entities have distributed operating cash flows to their owners in the form of distributions or dividends. There were no equity financing transactions from the Daughter Entities for the years ended December 31, 2019 and 2018. Teekay LNG repurchased $25.7 million of common units in the year ended December 31, 2019.\nTeekay Parent did not raise capital through equity financing transactions in December 31, 2019, compared to $103.7 million raised in 2018 from issuances of new equity to the public, thirdparty investors and two entities established by our founder (including Resolute, our largest shareholder). Cash dividends paid decreased by $16.6 million in 2019, as a result of the elimination of Teekay Parent's quarterly dividend on Teekay\u2019s common stock commencing with the quarter ended March 31, 2019.\nInvesting Cash Flows\nDuring 2019, we received $100 million from Brookfield for the sale of our remaining interests in Altera (please read \"Item 18 \u2013 Financial Statements: Note 4 \u2013 Deconsolidation and Sale of Altera\"). We incurred capital expenditures for vessels and equipment of $109.5 million primarily for capitalized vessel modifications and shipyard construction installment payments in Teekay LNG.\nTeekay LNG received proceeds of $11.5 million from the sale of the Alexander Spirit and contributed $72.4 million to its equity-accounted joint ventures and loans to joint ventures for the year ended December 31, 2019, primarily to fund project expenditures in the Yamal LNG Joint Venture and the Bahrain LNG Joint Venture. During 2019, Teekay Tankers received proceeds of $19.6 million related to the sale of one Suezmax tanker.\nDuring 2018, we incurred capital expenditures for vessels and equipment of $0.7 billion, primarily for capitalized vessel modifications and shipyard construction installment payments. Teekay Parent advanced $25.0 million to Altera in the form of a senior unsecured revolving credit facility.\nTeekay LNG received proceeds of $54.4 million from the sale of Teekay LNG's 50% ownership interest in the Excelsior Joint Venture and $28.5 million from the sales of the European Spirit and African Spirit. Teekay LNG contributed $40.5 million to its equityaccounted joint ventures and loans to joint ventures for the year ended December 31, 2018, primarily to fund project expenditures in the Yamal LNG Joint Venture, the Bahrain LNG project, and the Pan Union Joint Venture, and for working capital requirements for the MALT Joint Venture.\nTeekay incurred a net $25.3 million cash outflow as a result of the 2017 Brookfield Transaction (please read \"Item 18 \u2013 Financial Statements: Note 4 \u2013 Deconsolidation and Sale of Altera\").\n\n(in thousands of U.S. Dollars) | Year Ended December 31, | \n------------------------------ | ----------------------- | ---------\n | 2019 | 2018 \nNet operating cash flows | 383,306 | 182,135 \nNet financing cash flows | (382,229) | 434,786 \nNet investing cash flows | (50,391) | (663,456)"} {"_id": "d1b37afa4", "title": "", "text": "Stock Repurchases. On August 22, 2011, we established a share repurchase program (\"Share Repurchase Program\"). On June 11, 2019, our Board of Directors authorized an extension and increase of the Share Repurchase Program to repurchase up to $5,000,000 of shares of our common stock over the subsequent 24 month period (for a total authorization of approximately $22,000,000 since inception of the program in August 2011). The common stock may be repurchased from time to time in open market transactions or privately negotiated transactions in our discretion. The timing and amount of the shares repurchased is determined by management based on its evaluation of market conditions and other factors. The Share Repurchase Program may be increased, suspended or discontinued at any time.\nDuring the months of October, November and December 2019, we repurchased common stock pursuant to our Share Repurchase Program as indicated below:\nDuring the year ended December 31, 2019, we repurchased an aggregate of 335,372 shares of our common stock pursuant to our Share Repurchase Program at a cost of approximately $764,606 (exclusive of commissions) or an average price per share of $2.28.\nDuring the year ended December 31, 2019, we repurchased an aggregate of 335,372 shares of our common stock pursuant to our Share Repurchase Program at a cost of approximately $764,606 (exclusive of commissions) or an average price per share of $2.28.\nSince inception of our Share Repurchase Program (August 2011) to December 31, 2019, we repurchased an aggregate of 8,489,770 shares of our common stock at a cost of approximately $15,906,846 (exclusive of commissions) or an average per share price of $1.87.\n\nPeriod | Total Number of Shares Purchased | Average Price Paid Per Share | Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs | Maximum Number (or Approximate Dollar Value) of Shares) that May Yet Be Purchased Under the Plans or Programs\n------------------------------------- | -------------------------------- | ---------------------------- | -------------------------------------------------------------------------------- | -------------------------------------------------------------------------------------------------------------\nOctober 1, 2019 to October 31, 2019 | \u2014 | \u2014 | \u2014 | $4,803,723 \nNovember 1, 2019 to November 30, 2019 | 11,386 | $2.12 | 11,386 | $4,779,620 \nDecember 1, 2019 to December 31, 2019 | 153,431 | $2.18 | 153,431 | $4,445,258 \nTotal | 164,817 | $2.17 | 164,817 | "} {"_id": "d1b3380d2", "title": "", "text": "The long-term portion of the Company\u2019s unrecognized tax benefits at March 31, 2019 and 2018 was $622,000 and $619,000, respectively, of which the timing of the resolution is uncertain. As of March 31, 2019 and 2018, $2.5 million and $2.1 million, respectively, of unrecognized tax benefits had been recorded as a reduction to net deferred tax assets.\nAs of March 31, 2019, the Company\u2019s net deferred tax assets of $6.7 million are subject to a valuation allowance of $6.7 million. It is possible, however, that some months or years may elapse before an uncertain position for which the Company has established a reserve is resolved. A reconciliation of unrecognized tax benefits is as follows:\nThe unrecognized tax benefit balance as of March 31, 2019 of $599,000 would affect the Company\u2019s effective tax rate if recognized.\n\n | | Year Ended March 31, | \n---------------------------------------------------------------------- | ------ | --------------------- | ------\n | 2019 | 2018 | 2017 \n | | (In thousands) | \nUnrecognized tax benefits, beginning of period | $2,735 | $2,714 | $2,055\nAdditions based on tax positions related to current year | 371 | 520 | 730 \nAdditions based on tax positions related to prior years | 13 | \u2014 | \u2014 \n2017 Tax Act and tax rate re-measurement | \u2014 | (499) | \u2014 \nReductions based on tax positions related to prior years | (17) | \u2014 | \u2014 \nLapses during the current year applicable to statutes of limitations | \u2014 | \u2014 | (71) \nUnrecognized tax benefits, end of period | $3,102 | $2,735 | $2,714"} {"_id": "d1b384e32", "title": "", "text": "Notes to Consolidated Financial Statements - (Continued) Fiscal Years Ended May 26, 2019, May 27, 2018, and May 28, 2017 (columnar dollars in millions except per share amounts) Lamb Weston Spinoff\nOn November 9, 2016, we completed the Spinoff of our Lamb Weston business. As of such date, we did not beneficially own any equity interest in Lamb Weston and no longer consolidated Lamb Weston into our financial results. The business results were previously reported in the Commercial segment. We reflected the results of this business as discontinued operations for all periods presented.\nThe summary comparative financial results of the Lamb Weston business through the date of the Spinoff, included within discontinued operations, were as follows:\nDuring fiscal 2017, we incurred $74.8 million of expenses in connection with the Spinoff primarily related to professional fees and contract services associated with preparation of regulatory filings and separation activities. These expenses are reflected in income from discontinued operations. During fiscal 2019 and 2018, we recognized income tax expense of $2.8 million and an income tax benefit of $14.5 million, respectively, due to adjustments of the estimated deductibility of these costs.\nIn connection with the Spinoff, total assets of $2.28 billion and total liabilities of $2.98 billion (including debt of $2.46 billion) were transferred to Lamb Weston. As part of the consideration for the Spinoff, the Company received a cash payment from Lamb Weston in the amount of $823.5 million. See Note 4 for discussion of the debt-for-debt exchange related to the Spinoff.\nWe entered into a transition services agreement in connection with the Lamb Weston Spinoff and recognized $2.2 million and $4.2 million of income for the performance of services during fiscal 2018 and 2017, respectively, classified within SG&A expenses.\n\n | 2019 | 2018 | 2017 \n---------------------------------------------------------------------------------------------------- | ------ | ------ | --------\nNet sales | $\u2014 | $\u2014 | $1,407.9\nIncome (loss) from discontinued operations before income taxes and equity method investment earnings | $\u2014 | $(0.3) | $172.3 \nIncome (loss) before income taxes and equity method investment earnings | \u2014 | (0.3) | 172.3 \nIncome tax expense (benefit) | 2.8 | (14.6) | 87.5 \nEquity method investment earnings | \u2014 | \u2014 | 15.9 \nIncome (loss) from discontinued operations, net of tax . | (2.8) | 14.3 | 100.7 \nLess: Net income attributable to noncontrolling interests . | \u2014 | \u2014 | 6.8 \nNet income (loss) from discontinued operations attributable to Conagra Brands, Inc | $(2.8) | $14.3 | $93.9 "} {"_id": "d1a71dd10", "title": "", "text": "Geographic Revenue\nIn addition to the revenue presentation by reportable segment, we also measure revenue performance on a geographic basis.\nTotal revenue of $77,147 million in 2019 decreased 3.1 percent year to year as reported (1 percent adjusted for currency), but increased 0.2 percent excluding divested businesses and adjusted for currency.\nAmericas revenue decreased 1.9 percent as reported (1 percent adjusted for currency), but grew 1 percent excluding divested businesses and adjusted for currency. Within North America, the U.S. decreased 2.4 percent and Canada increased 4.0 percent as reported (6 percent adjusted for currency). Latin America declined as reported but grew adjusted for currency. Within Latin America, Brazil declined 4.8 percent as reported, but was flat adjusted for currency.\nEMEA revenue decreased 4.1 percent as reported, but was essentially flat adjusted for currency and increased 1 percent excluding divested businesses and adjusted for currency. As reported, the U.K., France and Italy decreased 2.9 percent, 4.1 percent and 1.3 percent, respectively, but grew 1 percent, 1 percent and 4 percent, respectively, adjusted for currency. Germany decreased 7.9 percent as reported and 3 percent adjusted for currency. The Middle East and Africa region decreased 3.5 percent as reported and 2 percent adjusted for currency.\nAsia Pacific revenue decreased 4.0 percent as reported (3 percent adjusted for currency) and 2 percent excluding divested businesses and adjusted for currency. Japan increased 2.3 percent as reported and 1 percent adjusted for currency.\nAustralia decreased 17.3 percent as reported and 11 percent adjusted for currency. China decreased 13.4 percent as reported and 11 percent adjusted for currency and India decreased 8.1 percent as reported and 5 percent adjusted for currency.\n\n($ in millions) | | | | | \n------------------------------- | ------- | ------- | ------------------------- | ----------------------------------------------- | ---------------------------------------------------------------------------------\nFor the year ended December 31: | 2019 | 2018 | Yr.-to-Yr. Percent Change | Yr.-to-Yr. Percent Change Adjusted for Currency | Yr.-to-Yr. Percent Change Excluding Divested Businesses And Adjusted for Currency\nTotal revenue | $77,147 | $79,591 | (3.1)% | (1.0)% | 0.2% \nAmericas | $36,274 | $36,994 | (1.9)% | (1.1)% | 0.8% \nEurope/Middle East/Africa | 24,443 | 25,491 | (4.1) | 0.4 | 1.3 \nAsia Pacific | 16,430 | 17,106 | (4.0) | (3.0) | (2.5) "} {"_id": "d1b3046d8", "title": "", "text": "6.1 Net debt\n(1) 50% of outstanding preferred shares of $4,004\u00a0million in\u00a02019 and\u00a02018 are classified as debt consistent with the treatment by some credit rating agencies.\nThe increase of $1,891\u00a0million in total debt, comprised of debt due within one year and long-term debt, was due to: \u2022 an increase in our lease liabilities of $2,304\u00a0million as a result of the adoption of IFRS\u00a016 on January\u00a01, 2019 \u2022 the issuance by Bell Canada of Series M-49\u00a0and Series M-50\u00a0MTN debentures with total principal amounts of $600\u00a0 million and $550\u00a0million in Canadian dollars, respectively, and Series US-2\u00a0Notes with a total principal amount of $600\u00a0million in U.S. dollars ($808\u00a0million in Canadian dollars) \u2022 an increase in our securitized trade receivables of $131\u00a0million\nPartly offset by: \u2022 the early redemption of Series M-27\u00a0MTN debentures and Series M-37\u00a0debentures with total principal amounts of $1\u00a0billion and $400\u00a0million, respectively \u2022 a decrease in our notes payable (net of issuances) of $1,073\u00a0million \u2022 a net decrease of $29\u00a0million in our lease liabilities and other debt\nThe decrease in cash and cash equivalents of $280 million was due mainly to: \u2022 $2,819\u00a0million of dividends paid on BCE common shares \u2022 $1,216\u00a0million of debt repayments (net of issuances) \u2022 $142\u00a0million paid for the purchase on the open market of BCE common shares for the settlement of share-based payments \u2022 $60\u00a0million acquisition and other costs paid\nPartly offset by: \u2022 $3,818\u00a0million of free cash flow \u2022 $240\u00a0million issuance of common shares from the exercise of stock options\n\n | 2019 | 2018 | $ CHANGE | % CHANGE\n------------------------- | ------ | ------ | -------- | --------\nDebt due within one year | 3,881 | 4,645 | (764) | (16.4%) \nLong-term debt | 22,415 | 19,760 | 2,655 | 13.4% \nPreferred shares\u2009(1) | 2,002 | 2,002 | \u2013 | \u2013 \nCash and cash equivalents | (145) | (425) | 280 | 65.9% \nNet debt | 28,153 | 25,982 | 2,171 | 8.4% "} {"_id": "d1b36e60a", "title": "", "text": "22. Income Taxes\nTeekay and a majority of its subsidiaries are not subject to income tax in the jurisdictions in which they are incorporated because they do not conduct business or operate in those jurisdictions. However, among others, the Company\u2019s U.K. and Norwegian subsidiaries are subject to income taxes.\nThe significant components of the Company\u2019s deferred tax assets and liabilities are as follows:\n(1) Substantially all of the Company's estimated net operating loss carryforwards of $878.3 million relates primarily to its U.K., Spanish, Norwegian and Luxembourg subsidiaries and, to a lesser extent, to its Australian subsidiaries.\nThe Company had estimated disallowed finance costs in Spain and Norway of approximately $15.1 million and $15.0 million, respectively, at December 31, 2019, which are available for 18 years and 10 years, respectively, from the year the costs are incurred for offset against future taxable income in Spain and Norway, respectively. The Company's estimated tax losses in Luxembourg are available for offset against taxable future income in Luxembourg, either indefinitely for losses arising prior to 2017, or for 17 years for losses arising subsequent to 2016.\n\n | December 31, | December 31,\n----------------------------------------------------------- | ------------ | ------------\n | 2019 | 2018 \n | $ | $ \nDeferred tax assets: | | \nVessels and equipment | 1,646 | 5,868 \nTax losses carried forward and disallowed finance costs (1) | 164,009 | 155,910 \nOther | 19,674 | 10,545 \nTotal deferred tax assets | 185,329 | 172,323 \nDeferred tax liabilities: | | \nVessels and equipment | 22,913 | 18,037 \nProvisions | 6,512 | 5,588 \nOther | \u2014 | 2,060 \nTotal deferred tax liabilities | 29,425 | 25,685 \nNet deferred tax assets | 155,904 | 146,638 \nValuation allowance | (153,302) | (144,560) \nNet deferred tax assets | 2,602 | 2,078 "} {"_id": "d1a73920e", "title": "", "text": "The accumulated benefit obligation for the United States defined benefit pension plans was $198.2 million and $172.8 million at December 31, 2019 and 2018, respectively. The accumulated benefit obligation for foreign defined benefit pension plans was $39.9 million and $35.6 million at December 31, 2019 and 2018, respectively.\nInformation for pension plans with an accumulated benefit obligation in excess of plan assets as of December 31:\n\n | 2019 | | 2018 | \n------------------------------ | ------------- | ------------- | ------------- | -------\n | United States | Foreign | United States | Foreign\n | | (in millions) | | \nProjected benefit obligation | $55.3 | $44.0 | $50.8 | $39.1 \nAccumulated benefit obligation | 53.2 | 39.9 | 48.6 | 35.6 \nFair value of plan assets | \u2014 | 1.6 | \u2014 | 1.4 "} {"_id": "d1b360bf4", "title": "", "text": "5.3.4 HOOQ's share options - equity-settled arrangement\nIn December 2015, HOOQ Digital Pte. Ltd. (\u201cHOOQ\u201d), a 65%-owned subsidiary of the Company, implemented the HOOQ Digital Employee Share Option Scheme (the \u201cScheme\u201d). Selected employees (including executive directors) of HOOQ and/or its subsidiaries are granted options to purchase ordinary shares of HOOQ.\nOptions are exercisable at a price no less than 100% of the fair value of the ordinary shares of HOOQ on the date of grant, and are scheduled to be fully vested 4 years from the vesting commencement date.\nOptions are exercisable at a price no less than 100% of the fair value of the ordinary shares of HOOQ on the date of grant, and are scheduled to be fully vested 4 years from the vesting commencement date.\nThe grant dates, exercise prices and fair values of the share options were as follows \u2013\nThe term of each option granted is 10 years from the date of grant.\nThe fair values for the share options granted were estimated using the Black-Scholes pricing model.\nFrom 1 April 2018 to 31 March 2019, options in respect of an aggregate of 9.6 million of ordinary shares in HOOQ have been granted. As at 31 March 2019, options in respect of an aggregate of 43.3 million of ordinary shares in HOOQ are outstanding.\n\nEquity-settled | Exercise price | Fair Value at grant date\n---------------- | -------------- | ------------------------\nDate of grant | US$ | US$ \n16 May 2016 | 0.07 | 0.0445 to 0.0463 \n24 April 2017 | 0.07 | 0.0301 to 0.0315 \n2 May 2017 | 0.07 | 0.0292 to 0.0313 \n31 July 2017 | 0.07 | 0.0313 to 0.0315 \n8 September 2017 | 0.07 | 0.0296 to 0.0298 \n23 October 2017 | 0.07 | 0.0309 to 0.0320 \n10 January 2018 | 0.07 | 0.0316 to 0.0318 \n1 April 2018 | 0.07 | 0.0360 to 0.0366 \n1 July 2018 | 0.07 | 0.0368 to 0.0373 \n19 October 2018 | 0.07 | 0.0371 to 0.0374 \n31 January 2019 | 0.07 | 0.0367 to 0.0369 "} {"_id": "d1b3890d6", "title": "", "text": "Stock Options\nStock options granted pursuant to the 2016 Incentive Plan are granted at an exercise price not less than the market value per share of the Company\u2019s common stock on the date of grant. Under the 2016 Incentive Plan, the term of the outstanding options may not exceed ten years nor be less than one year. Vesting of options is determined by the compensation committee of the board and the administrator of the 2016 Incentive Plan and can vary based upon the individual award agreements. In addition, outstanding options do not have dividend equivalent rights associated with them under the 2016 Incentive Plan.\nA summary of stock option activity is as follows:\nThe weighted average grant date fair value of stock options granted during the years ended December 31, 2018 and 2017, was $7.03 and $6.24, respectively. The Company did not grant stock options during the year ended December 31, 2019. The total intrinsic value of stock options exercised during the years ended December 31, 2019, 2018, and 2017, was $16.0 million, $15.8 million, and $13.4 million, respectively.\n\n | Number of Shares | Weighted Average Exercise Price ($) | Weighted Average Remaining Contractual Term (Years) | Aggregate Intrinsic Value of In-the- Money Options ($)\n------------------------------ | ---------------- | ----------------------------------- | --------------------------------------------------- | ------------------------------------------------------\nOutstanding, December 31, 2018 | 4,864,836 | $17.76 | | \nExercised | -854,524 | 15.78 | | \nForfeited | -3,496 | 17.89 | | \nOutstanding, December 31, 2019 | 4,006,816 | $18.18 | 3.71 | $78,949,941 \nExercisable, December 31, 2019 | 3,462,664 | $17.86 | 3.70 | $69,349,255 "} {"_id": "d1a71e47c", "title": "", "text": "Item 5. Market for Registrant\u2019s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities\nThe Company\u2019s common stock is traded on the NASDAQ Stock Market LLC (\u201cNASDAQ\u201d) under the symbol NTAP.\nPrice Range of Common Stock\nThe price range per share of common stock presented below represents the highest and lowest intraday sales prices for the Company\u2019s common stock on the NASDAQ during each quarter of our two most recent fiscal years.\nHolders\nAs of June 7, 2019 there were 413 holders of record of our common stock.\n\n | | Fiscal 2019 | | Fiscal 2018\n-------------- | ------- | ----------- | ------- | -----------\n | High | Low | High | Low \nFirst Quarter | $ 83.14 | $ 63.81 | $ 45.24 | $ 37.43 \nSecond Quarter | $ 88.08 | $ 70.26 | $ 45.14 | $ 37.55 \nThird Quarter | $ 83.95 | $ 54.50 | $ 64.06 | $ 43.24 \nFourth Quarter | $ 78.35 | $ 61.00 | $ 69.75 | $ 52.00 "} {"_id": "d1a7384c6", "title": "", "text": "A. Selected Financial Data\nThe following selecte The following selected historical financial information should be read in conjunction with our audited financial statements and related notes, which are included herein, together with Item 5. Operating and Financial Review and Prospects. The Statements of Operations data for each of the three years ended December 31, 2019, 2018 and 2017 and selected Balance Sheet data as of December 31, 2019 and 2018 have been derived from our audited financial statements included elsewhere in this document. The Statements of Operations financial information for each of the years ended December 31, 2016 and 2015 and selected balance sheet information as of December 31, 2017, 2016 and 2015 have been derived from our audited financial statements not included in this Annual Report on Form 20-F.\n\nSELECTED CONSOLIDATED FINANCIAL DATA Year ended December 31, | | | | | \n------------------------------------------------------------- | ----------- | ----------- | ----------- | ---------- | ----------\nAll figures in thousands of USD except share data | 2019 | 2018 | 2017 | 2016 | 2015 \nVoyage Revenues | 317,220 | 289,016 | 297,141 | 357,451 | 445,738 \nVoyage Expenses | (141,770) | (165,012) | (142,465) | (125,987) | (158,656) \nVessel Operating Expense | (66,033) | (80,411) | (87,663) | (80,266) | (66,589) \nGeneral and Administrative Expenses | (13,481) | (12,727) | (12,575) | (12,296) | (9,790) \nDepreciation Expenses | (63,965) | (60,695) | (100,669) | (90,889) | (82,610) \nImpairment Loss on Vessel | - | (2,168) | (110,480) | - | - \nImpairment Loss on Goodwill | - | - | (18,979) | - | - \nLoss on Disposal of Vessels | - | (6,619) | - | - | - \nSettlement Received | - | - | - | 5,328 | - \nNet Operating (Loss) Income | 31,971 | (38,616) | (175,690) | 53,341 | 128,093 \nInterest Income | 298 | 334 | 347 | 215 | 114 \nInterest Expense | (38,390) | (34,549) | (20,464) | (11,170) | (10,855) \nOther Financial (Expense) | (4,160) | (14,729) | (644) | (98) | (167) \nTotal Other Expenses | (42,252) | (48,944) | (20,761) | (11,053) | (10,908) \nIncome Tax Expense | (71) | (79) | (83) | (102) | (96) \n(Loss) Gain on Equity Method Investment | - | (7,667) | (8,435) | (46,642) | (2,462) \nNet (Loss) Income | (10,352) | (95,306) | (204,969) | (4,456) | 114,627 \nBasic Earnings (Loss) per Share | (0.07) | (0.67) | (1.97) | (0.05) | 1.29 \nDiluted Earnings (Loss) per Share | (0.07) | (0.67) | (1.97) | (0.05) | 1.29 \nCash Dividends Declared per Share | 0.10 | 0.07 | 0.53 | 1.37 | 1.38 \nBasic Weighted Average Shares Outstanding | 142,571,361 | 141,969,666 | 103,832,680 | 92,531,001 | 89,182,001\nDiluted Weighted Average Shares Outstanding | 142,571,361 | 141,969,666 | 103,832,680 | 92,531,001 | 89,182,001\nMarket Price per Common Share as of December 31, | 4.92 | 2.00 | 2.46 | 8.40 | 15.54 "} {"_id": "d1b2edc44", "title": "", "text": "NAVIOS MARITIME HOLDINGS INC. NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Expressed in thousands of U.S. dollars \u2014 except share data)\nNOTE 4: CASH AND CASH EQUIVALENTS AND RESTRICTED CASH\nCash and cash equivalents and restricted cash consisted of the following:\nShort-term deposits and highly liquid funds relate to amounts held in banks for general financing purposes and represent deposits with an original maturity of less than three months\nCash deposits and cash equivalents in excess of amounts covered by government-provided insurance are exposed to loss in the event of non-performance by financial institutions. Navios Holdings does maintain cash deposits and equivalents in excess of government provided insurance limits. Navios Holdings reduces exposure to credit risk by dealing with a diversified group of major financial institutions. See also Note 2(e).\n\n | December 31, 2019 | December 31,2018\n--------------------------------------------- | ----------------- | ----------------\nCash on hand and at banks | $77,041 | $131,432 \nShort-term deposits and highly liquid funds | 950 | 6,450 \nRestricted cash | 736 | 12,892 \nCash and cash equivalents and restricted cash | $78,727 | $150,774 "} {"_id": "d1b395502", "title": "", "text": "11. INTEREST EXPENSES\nInterest expenses consist of interest expense on the long-term debt, the commitment fee and amortization of deferred financing costs related to the Credit Facility described in Note 9.\nFor the years ended December 31, 2019, 2018 and 2017, $0.0 million, $2.6 million and $2.5 million of interest expenses were capitalized, respectively.\n\nAll amounts in USD \u2018000 | 2019 | 2018 | 2017 \n------------------------------------------------ | ------ | ------ | ------\nInterest Expenses, net of capitalized interest | 34,018 | 29,753 | 18,286\nCommitment Fee | - | 3,325 | 760 \nAmortization of Deferred Financing Costs | 4,372 | 1,470 | 1,393 \nOther financial costs | - | 1 | 25 \nTotal Interest Expenses | 38,390 | 34,549 | 20,464"} {"_id": "d1b30ce78", "title": "", "text": "10 Taxation (continued)\nThe tax expense for 2019 is higher and the tax credit for 2018 is lower than the standard rate of corporation tax in the UK. The differences are explained below:\n1 The unprovided deferred tax predominantly relates to revenue losses, property fair values and derivative fair values.\nFactors that may affect future current and total tax charges\nManagement uses judgement in assessing compliance with REIT legislation\nThe Group believes it continued to operate as a UK REIT throughout the year, under which any profits and gains from the UK property investment business are exempt from corporation tax, provided certain conditions continue to be met. The Group believes that these UK REIT conditions have been fulfilled throughout the year.\nIn view of the announced short-term reduction of dividends there will be an underpayment of the minimum PID, and therefore under REIT legislation, the Group will incur UK corporation tax payable at 19 per cent while remaining a REIT.\nThe ongoing current tax expense in the year of \u00a316.0 million includes \u00a315.7 million relating to corporation tax on the estimated current period underpayment of the minimum PID. This amount has been included within the Group\u2019s measure of underlying earnings as it relates to a tax expense on current year UK rental income.\nThe UK exceptional current tax expense in the year of \u00a36.4 million represents in full the corporation tax arising in the current year in respect of the prior year underpayment of the minimum PID. This one-off tax expense in respect of prior year profits has been classified as exceptional (see accounting policy in note 2) based on its incidence, and so is excluded from the Group\u2019s measure of underlying earnings.\n\n\u00a3m | 2019 | 2018 \n----------------------------------------------------------------------------------- | --------- | ---------\nLoss before tax, joint ventures and associates | (1,856.8) | (1,139.6)\nLoss before tax multiplied by the standard rate of tax in the UK of 19% (2018: 19%) | (352.8) | (216.6) \nExempt property rental profits and revaluations | 307.0 | 214.9 \n | (45.8) | (1.7) \nTax on shortfall of minimum PID | 22.1 | \u2013 \nAdditions and disposals of property and investments | 7.1 | 0.3 \nNon-deductible and other items | 3.4 | 3.4 \nOverseas taxation | (3.4) | (0.4) \nUnprovided deferred tax1 | 22.4 | (7.3) \nTotal tax expense/(credit) | 5.8 | (5.7) "} {"_id": "d1b326724", "title": "", "text": "Cash Flows from Financing Activities\nOur significant financing activities were as follows (in millions):\n(1) 2017 contributions primarily relate to the funding of the FPS Acquisition.\n(2) In the fourth quarter of 2018, two of our minority holders in India delivered notice of exercise of their put options with respect to certain shares in our Indian subsidiary, ATC TIPL. During the year ended December 31, 2019, we completed the redemption of the put shares for total consideration of INR 29.4 billion ($425.7 million at the date of redemption).\nSenior Notes\nRepayments of Senior Notes\nRepayment of 3.40% Senior Notes\u2014On the February 15, 2019 maturity date, we repaid $1.0 billion aggregate principal amount of the 3.40% Notes. The 3.40% Notes were repaid with borrowings from the 2019 Multicurrency Credit Facility and the 2019 Credit Facility. Upon completion of the repayment, none of the 3.40% Notes remained outstanding.\nRepayment of 5.050% Senior Notes\u2014On April 22, 2019, we redeemed all of the $700.0 million aggregate principal amount of the 5.050% Notes at a price equal to 103.0050% of the principal amount, plus accrued and unpaid interest up to, but excluding April 22, 2019, for an aggregate redemption price of $726.0 million, including $5.0 million in accrued and unpaid interest. We recorded a loss on retirement of long-term obligations of $22.1 million, which includes prepayment consideration of $21.0 million and the associated unamortized discount and deferred financing costs. The redemption was funded with borrowings from the 2019 Credit Facility and cash on hand. Upon completion of the repayment, none of the 5.050% Notes remained outstanding.\nRepayment of 5.900% Senior Notes\u2014On January 15, 2020, we redeemed all of the $500.0 million aggregate principal amount of 5.900% senior unsecured notes due 2021 (the \u201c5.900% Notes\u201d) at a price equal to 106.7090% of the principal amount, plus accrued and unpaid interest up to, but excluding January 15, 2020, for an aggregate redemption price of $539.6 million, including $6.1 million in accrued and unpaid interest. We recorded a loss on retirement of long-term obligations of $34.6 million, which includes prepayment consideration of $33.5 million and the associated unamortized discount and deferred financing costs. The redemption was funded with borrowings from the 2019 Credit Facility and cash on hand. Upon completion of the repayment, none of the 5.900% Notes remained outstanding.\n\n | | Year Ended December 31, | \n------------------------------------------------------------------------------ | --------- | ----------------------- | ---------\n | 2019 | 2018 | 2017 \nProceeds from issuance of senior notes, net | $4,876.7 | $584.9 | $2,674.0 \nProceeds from (repayments of) credit facilities, net | 425.0 | (695.9) | 628.6 \nDistributions paid on common and preferred stock | (1,603.0) | (1,342.4) | (1,164.4)\nPurchases of common stock | (19.6) | (232.8) | (766.3) \nRepayments of securitized debt | \u2014 | (500.0) | (302.5) \n(Distributions to) contributions from noncontrolling interest holders, net (1) | (11.8) | (14.4) | 264.3 \nRepayments of senior notes | (1,700.0) | \u2014 | (1,300.0)\n(Repayments of) proceeds from term loan, net | (500.0) | 1,500.0 | \u2014 \nPurchase of redeemable noncontrolling interest (2) | (425.7) | \u2014 | \u2014 \nProceeds from issuance of securities in securitization transaction | \u2014 | 500.0 | "} {"_id": "d1b3514c4", "title": "", "text": "6. Supplemental Financial Information\nInventories (in millions):\n\n | April 26, 2019 | April 26,2018\n-------------------- | -------------- | -------------\nPurchased components | $ 8 | $ 12 \nFinished goods | 123 | 110 \nInventories | $ 131 | $ 122 "} {"_id": "d1b380724", "title": "", "text": "At March 31, 2019, the Company had $7.7 million of unrecognized tax benefits. A reconciliation of gross unrecognized tax benefits (excluding interest and penalties) is as follows (amounts in thousands):\nAt March 31, 2019, $1.9 million of the $7.7 million of unrecognized income tax benefits would affect the Company\u2019s effective income tax rate, if recognized. It is reasonably possible that the total unrecognized tax benefit could decrease by $1.0 million in fiscal year 2020 if the advanced pricing arrangement for one of the Company\u2019s foreign subsidiaries is agreed to by the foreign tax authority and an ongoing audit in one of the Company\u2019s foreign jurisdictions is settled.\nThe Company files income tax returns in the U.S. and multiple foreign jurisdictions, including various state and local jurisdictions. The U.S. Internal Revenue Service concluded its examinations of the Company\u2019s U.S. federal tax returns for all tax years through 2003. Because of net operating losses, the Company\u2019s U.S. federal returns for 2003 and later years will remain subject to examination until the losses are utilized. The Company is subject to income tax examinations in various foreign and U.S. state jurisdictions for the years 2014 and forward. The Company records potential interest and penalty expenses related to unrecognized income tax benefits within its global operations in income tax expense. The Company had $0.5 million and $0.9 million of accrued interest and penalties respectively at March 31, 2019 and 2018, which are included as a component of income tax expense. To the extent interest and penalties are not assessed with respect to uncertain tax positions, amounts accrued will be reduced and reflected as a reduction of the overall income tax provision.\n\n | | Fiscal Years Ended March 31, | \n----------------------------------------------- | ------- | ---------------------------- | ------\n | 2019 | 2018 | 2017 \nBeginning of fiscal year | $8,680 | $7,390 | $7,103\nAdditions from business combinations | \u2014 | 1,270 | \u2014 \nAdditions for tax positions of the current year | 2,027 | 1,078 | 762 \nAdditions for tax positions of prior years | 519 | \u2014 | \u2014 \nReductions for tax positions of prior years | (633) | (1,058) | (64) \nLapse in statute of limitations | (9) | \u2014 | (411) \nSettlements | (2,923) | \u2014 | \u2014 \nEnd of fiscal year | $7,661 | $8,680 | $7,390"} {"_id": "d1b3c12b0", "title": "", "text": "Fiscal 2019 Actions\nDuring fiscal 2019, we initiated a restructuring program associated with footprint consolidation and structural improvements impacting all segments. In connection with this program, during fiscal 2019, we recorded net restructuring charges of $254 million. We expect to complete all restructuring actions commenced during fiscal 2019 by the end of fiscal 2021 and to incur additional charges of approximately $35 million related primarily to employee severance and facility exit costs in the Transportation Solutions and Industrial Solutions segments.\nThe following table summarizes expected, incurred, and remaining charges for the fiscal 2019 program by segment:\n\n | Total Expected Charges | Cumulative Charges Incurred | Remaining Expected Charges\n------------------------ | ---------------------- | --------------------------- | --------------------------\n | | (in millions) | \nTransportation Solutions | $ 160 | $ 144 | $ 16 \nIndustrial Solutions | 80 | 66 | 14 \nCommunications Solutions | 49 | 44 | 5 \nTotal | $ 289 | $ 254 | $ 35 "} {"_id": "d1b3c5e96", "title": "", "text": "Orders were up clearly year-over-year, due mainly to higher orders in the new-unit business. Volume from large orders increased significantly year-over-year; among the contract wins was a \u20ac 0.4 billion order for a combined-cycle power plant, including service in France; a HVDC order worth \u20ac 0.4 billion in Germany; a \u20ac 0.3 billion order for a large offshore grid connection project in the U. K.; and a \u20ac 0.3 billion order in the solutions business in Brazil. Order intake increased in all three reporting\nregions, with the Americas posting double-digit growth.\nGas and\nPower \u2019s revenue decreased moderately year-over-year in a continuing\ndifficult market environment as the new-unit businesses recorded lower revenue compared to fiscal 2018 following weak order entry in prior years. On a geographic basis, revenue decreased in the regions Europe, C. I. S., Africa, Middle East and Asia, Australia, partly offset by growth in the Americas. Despite a continuing strong contribution from the service business and positive effects from project execution and completion, Adjusted EBITA was down year-over-year on lower revenue, price declines and reduced capacity utilization. In addition, Adjusted EBITA in fiscal 2018 benefited from gains totaling \u20ac 166 million from two divestments. Severance charges were \u20ac 242 million in fiscal 2019 compared to \u20ac 374 million in fiscal 2018. Gas and Power \u2019s order backlog was \u20ac 51 billion at the end of the fiscal year, of which \u20ac 13 billion are expected to be converted into revenue in fiscal 2020.\nThese results reflected a highly competitive market environment. We expect the power generation market overall to remain challenging with market volume stabilizing at the current level. After years of continuous decline, the volume of the gas turbine market in fiscal 2019 remained on the prior-year level, again being impacted by customer delays of large projects in Asia, Australia, particularly in China, and strong price pressure resulting from intense competition. Customers also showed restraint due to ongoing weak growth in demand for power, combined with uncertainty regarding regulatory developments.\nThe gas turbine market is experiencing overcapacity among OEMs and EPC contractors, which is fostering market consolidation. In the market for large steam turbines for power generation, volume shrank further year-over-year from an already low basis of comparison due to an ongoing shift from coal-fired to gas-fired and renewable power generation, as well as to carbon emission regulation. We expect these developments to continue in fiscal 2020. In contrast, markets for industrial steam turbines were stable in fiscal 2019, and the market segment is expected to be flat in fiscal 2020.\nOil and gas markets developed positively in fiscal 2019, driven by a recovery in liquefied natural gas. They are expected to grow again in fiscal 2020, driven by the liquefied natural gas and upstream markets. Both markets for offshore and onshore exploration are anticipated to recover further based on a growing number of expected project approvals. Pipelines, downstream, and oil and gas-related markets are expected to remain stable in fiscal 2020.\n\n | | Fiscal year | | % Change\n------------------------- | ------ | ----------- | ------ | --------\n(in millions of \u20ac) | 2019 | 2018 | Actual | Comp. \nOrders | 19,975 | 18,451 | 8 % | 7 % \nRevenue | 17,663 | 18,125 | (3) % | (4) % \ntherein: service business | 8,025 | 7,756 | 3% | 2% \nAdjusted EBITA | 679 | 722 | (6)% | \nAdjusted EBITA margin | 3.8% | 4.0% | | "} {"_id": "d1b344a30", "title": "", "text": "Changes in parameters on the basis of actuarial calculations led to a total increase in the present value of defined benefit obligations by \u20ac247 million (2017/18: \u20ac\u221224 million). Most of the effects result from the reduction of the applied invoice rates.\nThe weighted average term of defined benefit commitments for the countries with material pension obligations amounts to:\n\nYears | 30/9/2018 | 30/9/2019\n--------------- | --------- | ---------\nGermany | 16 | 16 \nNetherlands | 22 | 24 \nUnited Kingdom | 18 | 18 \nBelgium | 4 | 6 \nOther countries | 11 | 11 "} {"_id": "d1b383a32", "title": "", "text": "Revenue Disaggregation\nAutodesk recognizes revenue from the sale of (1) product subscriptions, cloud service offerings, and flexible enterprise business agreements (\"EBAs\"), (2) renewal fees for existing maintenance plan agreements that were initially purchased with a perpetual software license, and (3) consulting, training and other goods and services. The three categories are presented as line items on Autodesk's Consolidated Statements of Operations.\nInformation regarding the components of Autodesk's net revenue from contracts with customers by geographic location, product family, and sales channel is as follows:\n(1) Due to changes in the go-to-market offerings of our AutoCAD product subscription, prior period balances have been adjusted to conform to current period presentation.\nPayments for product subscriptions, industry collections, cloud subscriptions, and maintenance subscriptions are typically due up front with payment terms of 30 to 45 days. Payments on EBAs are typically due in annual installments over the contract term, with payment terms of 30 to 60 days. Autodesk does not have any material variable consideration, such as obligations for returns, refunds, or warranties or amounts payable to customers for which significant estimation or judgment is required as of the reporting date.\nAs of January 31, 2019, Autodesk had total billed and unbilled deferred revenue of $2.7 billion, which represents the total contract price allocated to undelivered performance obligations, which are generally recognized over the next three years. We expect to recognize $1.9 billion or 72% of this revenue during the next 12 months. We expect to recognize the remaining $0.8 billion or 28% of this revenue thereafter.\nWe expect that the amount of billed and unbilled deferred revenue will change from quarter to quarter for several reasons, including the specific timing, duration and size of customer subscription and support agreements, varying billing cycles of such agreements, the specific timing of customer renewals, and foreign currency fluctuations\n\n | | Fiscal Year ended January 31, | \n------------------------------------------ | -------- | ----------------------------- | --------\n | 2019 | 2018 | 2017 \nNet revenue by product family (1): | | | \nArchitecture, Engineering and Construction | $1,021.6 | $787.5 | $810.4 \nManufacturing | 616.2 | 528.8 | 575.2 \nAutoCAD and AutoCAD LT | 731.8 | 561.4 | 472.7 \nMedia and Entertainment | 182 | 152.1 | 138.8 \nOther | 18.2 | 26.8 | 33.9 \nTotal net revenue | $2,569.8 | $2,056.6 | $2,031.0\nNet revenue by geographic area: | | | \nAmericas | | | \nU.S. | $874.6 | $740.4 | $742.1 \nOther Americas | 175.3 | 130.7 | 129.8 \nTotal Americas | 1,049.9 | 871.1 | 871.9 \nEurope, Middle East and Africa | 1,034.3 | 815.4 | 800.4 \nAsia Pacific | 485.6 | 370.1 | 358.7 \nTotal net revenue | $2,569.8 | $2,056.6 | $2,031.0\nNet revenue by sales channel: | | | \nIndirect | $1,830.8 | $1,443.8 | $1,468.9\nDirect | 739.0 | 612.8 | 562.1 \nTotal net revenue | $2,569.8 | $2,056.6 | $2,031.0"} {"_id": "d1a721654", "title": "", "text": "Note 3. Revenue\nAccounting policy for revenue recognition\nAASB 15 Revenue from Contracts with Customers establishes a comprehensive framework for determining the quantum and timing of revenue recognition. The AASB equivalent of IFRS 15 Revenue from Contract with Customers replaced IAS 18 Revenue, IAS 11 Construction Contracts and related interpretations.\nThe new standard is based on the principle that revenue is recognised when control of a good or service transfers to a customer \u2013 either over time or at a point in time \u2013 depending on when performance obligations are satisfied.\nThe Group has applied the new standard on 1 July 2018 using the modified retrospective approach with changes reflected in opening retained profits. The application of the standard did not result in a significant change to the recognition of revenue compared to the previous accounting policy for revenue.\nAltium has one performance obligation for each of the revenue streams listed below and has applied the following revenue recognition methods:\n1. Software licenses: Revenue is recognised at a point in time when license activation is available to the user. 2. Subscription and maintenance: Revenue is deferred and is subsequently recognised over the period in which the subscription service is provided. As the billing structure for customers is often bundled with licenses and billed on activation, there is an allocation methodology applied based on stand-alone selling prices to calculate the portion of revenue to be deferred. 3. Search advertising: Revenue is recognised at a point in time on a price-per-click basis, this is when a user engages with the search result on the website by clicking on it. 4. Services revenue: Revenue from providing services is recognised over the period in which the services are rendered. Services include training and implementation services. 5. Other revenue - Royalties: Royalties related to IP are recognised at a point in time when the subsequent sales occurs. 6. Interest income: Revenue is recognised on a time proportion basis, by reference to the principal outstanding and the effective interest rate applicable, which is the rate that discounts estimated future cash receipts through the expected life of the financial asset to the assets net carrying amount.\nImpact on opening retained profits\nFor incremental costs incurred in obtaining a contract, such as sales commissions, Altium has chosen to apply the practical expedient available under the standard which permits immediate expensing when the underlying asset is amortised in one year or less, given subscription periods are typically for a 12 month period.\nWhere revenue is deferred for more than 12 months and an upfront commission has been paid, the commission is capitalised and amortised over the period the revenue is recognised. Altium had US$6 million in long-term deferred revenue as at 30 June 2018 which resulted in an adjustment of US$0.3 million to opening retained profits on adoption of the standard.\nAltium had US$6.9 million in long-term deferred revenue as at June 2019 which resulted in an adjustment of US$ 0.2 million to capitalise commissions.\nCritical accounting judgements, estimates and assumptions\nRevenue for multiple element contracts is allocated based on stand-alone selling prices and then recognised revenue according to the accounting policy for each revenue stream.\n\n | Consolidated | \n------------------------------------ | ------------ | -------\n | 2019 | 2018 \n | US$000 | US$000 \nSoftware license revenue | 82,575 | 64,420 \nSubscription and maintenance revenue | 64,955 | 56,996 \nSearch advertising revenue | 17,940 | 11,968 \nService revenue | 3,655 | 5,532 \nOther revenue | 2,694 | 1,260 \n | 171,819 | 140,176\nInterest income | 933 | 192 \nRevenue | 172,752 | 140,368"} {"_id": "d1b37aaf4", "title": "", "text": "Deferred revenue primarily consists of amounts that have been invoiced but not yet been recognized as revenue and consists of performance obligations pertaining to support and subscription services. During the years ended December 31, 2019 and 2018, we recognized revenue of $63.2 million and $60.2 million, related to deferred revenue at the beginning of the period.\nDeferred revenue consisted of the following (in thousands):\n\n | December 31, 2019 | December 31, 2018\n---------------------- | ----------------- | -----------------\nDeferred revenue: | | \nProducts | $6,593 | $5,216 \nServices | 94,571 | 92,750 \nTotal deferred revenue | 101,164 | 97,966 \nLess: current portion | (62,233) | (63,874) \nNon-current portion | $38,931 | $34,092 "} {"_id": "d1b357d56", "title": "", "text": "The Group made an operating profit of $60.9 million in the year and adjusted operating profit increased by $50.7 million to $109.0 million, primarily as a result of strong revenue growth. This year's result benefited from a foreign exchange gain of $1.5 million, compared to a foreign exchange loss of $6.9 million in the prior-year.\nThe Group\u2019s profit before taxation increased by $94.6 million to $53.6 million, from a loss of $41.0 million in the prior-year, primarily as a consequence of the $80.6 million improvement in operating profit supported by a $13.4 million reduction in finance expenses. Finance expenses benefited from foreign exchange gains in the current year resulting from the strengthening of both sterling and the euro against the US dollar, compared to foreign exchange losses in the prior-year.\nThe Group\u2019s profit for the year increased by $87.8 million to $26.9 million in the year-ended 31 March 2019, which given only a small increase in the year-on-year income tax charge was primarily attributable to the improvement in the profit before taxation.\nCash flow from operating activities remained strong at $142.9 million, reduced by $4.8 million from $147.7 million in the prior-year. The small overall decrease was due to an increase in overheads, partially offset by a reduction in the cashflow outflow on exceptional items and an improved use of working capital. Unlevered free cashflow decreased by $15.8 million to $123.8 million representing the reduction in net cash flow from operating activities adjusted for the cashflow impact of exceptional items.\nThe table below presents the Group\u2019s financial highlights on a reported basis:\n1 Restated for the adoption of IFRS 15 and change in accounting policy in respect of research and development expenditure tax credit scheme and provision for interest on uncertain tax positions, as explained in note 2 of the Financial Statements\n2 Definitions and reconciliations of non-GAAP measures are included in note 5 of the Financial Statements\n\n | FY19 | FY18 | Change\n--------------------------------------- | ----- | ------ | ------\n | $M | $M | % \nStatutory measures | | | \nRevenue | 710.6 | 639.0 | 11.2 \nProfit / (Loss) before taxation | 53.6 | (41.0) | nm \nNet cash flow from operating activities | 142.9 | 147.7 | (3.2) \nAlternative performance measures2 | | | \nBillings | 760.3 | 768.6 | (1.1) \nCash EBITDA | 167.9 | 199.2 | (15.7)\nAdjusted operating profit | 109.0 | 58.3 | 87.0 \nUnlevered free cash flow | 123.8 | 139.6 | (11.3)"} {"_id": "d1b3994cc", "title": "", "text": "Liquidity and Capital Resources\nWe believe our ability to generate cash flows from operating activities is one of our fundamental financial strengths. In the near term, we expect our business and financial condition to remain strong and to continue to generate significant operating cash flows, which, we believe, in combination with our existing balance of cash and cash equivalents and short-term investments of $5.9 billion, our access to capital, and the availability of our $1.5 billion revolving credit facility, will be sufficient to finance our operational and financing requirements for the next 12 months. Our primary sources of liquidity, which are available to us to fund cash outflows such as potential dividend payments or share repurchases, and scheduled debt maturities, include our cash and cash equivalents, short-term investments, and cash flows provided by operating activities.\nAs of December 31, 2019, the amount of cash and cash equivalents held outside of the U.S. by our foreign subsidiaries was $2.8 billion, as compared to $1.4 billion as of December 31, 2018. These cash balances are generally available for use in the U.S., subject in some cases to certain restrictions.\nOur cash provided from operating activities is somewhat impacted by seasonality. Working capital needs are impacted by weekly sales, which are generally highest in the fourth quarter due to seasonal and holiday-related sales patterns. We consider, on a continuing basis, various transactions to increase shareholder value and enhance our business results, including acquisitions, divestitures, joint ventures, share repurchases, and other structural changes. These transactions may result in future cash proceeds or payments.\nSources of Liquidity (amounts in millions)\n\n | For the Years Ended December 31, | | \n-------------------------- | -------------------------------- | ------ | -------------------\n | 2019 | 2018 | Increase (Decrease)\nCash and cash equivalents | $5,794 | $4,225 | $1,569 \nShort-term investments | 69 | 155 | (86) \n | $5,863 | $4,380 | $1,483 \nPercentage of total assets | 30% | 24% | "} {"_id": "d1b35d7ce", "title": "", "text": "9. Debt\nSilicon Valley Bank Facility\nWe maintained a Loan and Security Agreement with SVB (the \"Credit Facility\") under which we had a term loan with an original borrowing amount of $6.0 million (the \u201cOriginal Term Loan\u201d). The Original Term Loan carried a floating annual interest rate equal to SVB\u2019s prime rate then in effect plus 2%. The Original Term Loan matured and was repaid in May 2019.\nOn October 10, 2019, we entered into an Amended and Restated Loan and Security Agreement (the \u201cLoan Agreement\u201d) with SVB, which amended and restated in its entirety our previous Credit Facility. Under the Loan Agreement, SVB agreed to make advances available up to $10.0 million (the \u201cRevolving Line\u201d). If we borrow from the Revolving Line, such borrowing would carry a floating annual interest rate equal to the greater of (i) the Prime Rate (as defined in the Loan Agreement) then in effect plus 1% or (ii) 6%. Amounts borrowed under the Revolving Line may be repaid and, prior to the Revolving Line Maturity Date (defined below), reborrowed. The Revolving Line terminates on October 10, 2020 (the \u201cRevolving Line Maturity Date\u201d), unless earlier terminated by us. No amounts have been borrowed under this Loan Agreement.\nAmounts due under the Loan Agreement are secured by our assets, including all personal property, inventory and bank accounts; however, intellectual property is not secured under the Loan Agreement. The inventory used to secure the amount due does not include demo or loaner equipment with an aggregate book value up to $1.0 million. The Loan Agreement requires us to observe a number of financial and operational covenants, including maintenance of a specified Liquidity Coverage Ratio (as defined in the Loan Agreement), protection and registration of intellectual property rights and customary negative covenants. If any event of default occurs SVB may declare due immediately all borrowings under the Credit Facility and foreclose on the collateral. Furthermore, an event of default under the Credit Facility would result in an increase in the interest rate on any amounts outstanding. As of December 31, 2019, there were no events of default on the Credit Facility.\nInterest expense, net for the years ended December 31, 2019 and 2018 consisted of the following:\n\n | Years ended December 31, | \n----------------------------------- | ------------------------ | --------\n | 2019 | 2018 \nInterest expense on Term Loans | $8,073 | $101,087\nAmortization of debt issuance costs | 5,685 | 16,308 \nOther interest expense | 2,120 | 6,949 \nTotal interest expense, net | $15,878 | $124,344"} {"_id": "d1b38af94", "title": "", "text": "Net Income (Loss) Per Share\nThe Company calculates net income (loss) per share in accordance with FASB ASC Topic 260,Earnings per Share. Basic net income (loss) per share is based on the weighted-average number of common shares outstanding during the period. Diluted net income (loss) per share also gives effect to all potentially dilutive securities outstanding during the period, such as restricted stock units (\u201cRSUs\u201d), stock options, and Employee Stock Purchase Plan (\"ESPP\") shares, if dilutive. In a period with a net loss position, potentially dilutive securities are not included in the computation of diluted net loss because to do so would be antidilutive, and the number of shares used to calculate basic and diluted net loss is the same.\nFor the fiscal years ended September 30, 2019, 2018 and 2017, the following potentially dilutive common shares were excluded from the net income (loss)\nper share calculation, as they would have been antidilutive (amounts in thousands):\n\n | 2019 | 2018 | 2017\n---------------------------------------------------- | ----- | ----- | ----\nStock options | 1,687 | 2,806 | 569 \nRSUs | 2,352 | 2,580 | 83 \nESPP common stock equivalents | 74 | 71 | \u2014 \nID Checker earnout shares | \u2014 | \u2014 | 24 \nTotal potentially dilutive common shares outstanding | 4,113 | 5,457 | 676 "} {"_id": "d1b39e22e", "title": "", "text": "1. NATURE OF BUSINESS\nNordic American Tankers Limited (\u201cNAT\u201d) was formed on June 12, 1995 under the laws of the Islands of Bermuda. The Company\u2019s shares trade under the symbol \u201cNAT\u201d on the New York Stock Exchange. The Company was formed for the purpose of acquiring and chartering out double-hull tankers.\nThe Company is an international tanker company that currently has a fleet of 23 Suezmax tankers. The Company has not disposed of or acquired new vessels in 2019. The 23 vessels the Company operated per December 31, 2019, average approximately 156,000 dwt each. In 2019, 2018 and 2017, the Company chartered out its operating vessels primarily in the spot market.\nThe Company\u2019s Fleet\nThe Company\u2019s current fleet consists of 23 Suezmax crude oil tankers of which the vast majority have been built in Korea.\n\nVessel | Built in | Deadweight Tons | Delivered to NAT in\n--------------- | -------- | --------------- | -------------------\nNordic Freedom | 2005 | 159,331 | 2005 \nNordic Moon | 2002 | 160,305 | 2006 \nNordic Apollo | 2003 | 159,998 | 2006 \nNordic Cosmos | 2003 | 159,999 | 2006 \nNordic Grace | 2002 | 149,921 | 2009 \nNordic Mistral | 2002 | 164,236 | 2009 \nNordic Passat | 2002 | 164,274 | 2010 \nNordic Vega | 2010 | 163,940 | 2010 \nNordic Breeze | 2011 | 158,597 | 2011 \nNordic Zenith | 2011 | 158,645 | 2011 \nNordic Sprinter | 2005 | 159,089 | 2014 \nNordic Skier | 2005 | 159,089 | 2014 \nNordic Light | 2010 | 158,475 | 2015 \nNordic Cross | 2010 | 158,475 | 2015 \nNordic Luna | 2004 | 150,037 | 2016 \nNordic Castor | 2004 | 150,249 | 2016 \nNordic Sirius | 2000 | 150,183 | 2016 \nNordic Pollux | 2003 | 150,103 | 2016 \nNordic Star | 2016 | 159,000 | 2016 \nNordic Space | 2017 | 159,000 | 2017 \nNordic Tellus | 2018 | 157,000 | 2018 \nNordic Aquarius | 2018 | 157,000 | 2018 \nNordic Cygnus | 2018 | 157,000 | 2018 "} {"_id": "d1b334d4c", "title": "", "text": "Outlook and Overview\u00a0Our operating requirements have historically been funded from cash flows generated from our business and borrowings under our credit facilities.\nWe expect that our future operating requirements will continue to be funded from cash flows from operating activities, existing cash and cash equivalents, and, if needed, from borrowings under our revolving credit facility and our ability to obtain future external financing.\nWe anticipate that we will continue to use a substantial portion of our cash flow to fund capital expenditures, meet scheduled payments of long-term debt, and to invest in future business opportunities.\nThe following table summarizes our cash flows:\n\n | | Years Ended December 31, | \n------------------------------------------------ | --------- | ------------------------ | -----------\n(In thousands) | 2019 | 2018 | 2017 \nCash flows provided by (used in): | | | \nOperating activities | $ 339,096 | $ 357,321 | $ 210,027 \nInvesting activities | (217,819) | (221,459) | (1,042,711)\nFinancing activities | (118,481) | (141,920) | 821,264 \nIncrease (decrease) in cash and cash equivalents | $ 2,796 | $ (6,058) | $ (11,420) "} {"_id": "d1b3b87e6", "title": "", "text": "GasLog Ltd. and its Subsidiaries\nNotes to the consolidated financial statements (Continued)\nFor the years ended December 31, 2017, 2018 and 2019\n(All amounts expressed in thousands of U.S. Dollars, except share and per share data)\nCurrent Liabilities\nShip management creditors\u2019 liability is comprised of cash collected from Egypt LNG Shipping Ltd. to cover the obligations of its vessel under the Group\u2019s management\nAmounts due to related parties of $200 (December 31, 2018: $169) are expenses paid by a related party on behalf of the Group and payables to other related parties for the office lease and other operating expenses.\n\n | As of December 31, | \n------------------------------ | ------------------ | ----\n | 2018 | 2019\nShip management creditors | 268 | 328 \nAmounts due to related parties | 169 | 200 "} {"_id": "d1b378b82", "title": "", "text": "In October 2013, the Company ceased to allow new employees to join certain defined benefit plans, except under certain circumstances, and commenced a defined contribution pension plan for new employees.\nThe Company made contributions of $1.2 million for various defined contribution arrangements during 2019 (December 31, 2018 \u2014 $0.9 million).\nThe Company\u2019s funding policy is to make contributions to its defined benefit pension funds based on actuarial cost methods as permitted and required by pension regulatory bodies. Contributions reflect actuarial assumptions concerning future investment returns, salary projections and future service benefits. Plan assets are represented primarily by Canadian and foreign equity securities, fixed income instruments and short-term investments.\nThe Company provides certain health care and life insurance benefits for some of its retired employees and their dependents. Participants are eligible for these benefits generally when they retire from active service and meet the eligibility requirements for the pension plan. These benefits are funded primarily on a pay-as-you-go basis, with the retiree generally paying a portion of the cost through contributions, deductibles and coinsurance provisions.\nThe balance sheet obligations, distributed between pension and other post-employment benefits, included in other long-term liabilities (Note 23) were as follows:\n\nAs at December 31, | 2019 | 2018 \n------------------------------ | ------- | -------\nPension benefits | $8,566 | $10,905\nOther post-employment benefits | 23,508 | 21,330 \nAccrued benefit liabilities | $32,074 | $32,235"} {"_id": "d1b3b62fc", "title": "", "text": "3. Investments in subsidiaries\nThe additions in the year and prior year relate to equity-settled share-based payments granted to the employees of subsidiary companies.\nSubsidiary undertakings are disclosed within note 35 to the consolidated financial statements.\n\n | 2019 | 2018 \n-------------------------- | ------- | -------\n | \u00a3m | \u00a3m \nAt beginning of the period | 1,212.9 | 1,210.5\nAdditions | 3.1 | 2.4 \nAt end of the period | 1,216.0 | 1,212.9"} {"_id": "d1a720dee", "title": "", "text": "The tax effects of temporary differences that give rise to significant portions of deferred tax assets (liabilities) are as follows (in thousands):\nRecognition of deferred tax assets is appropriate when realization of these assets is more likely than not. Based\nupon the weight of available evidence, which includes our historical operating performance and the recorded\ncumulative net losses in prior fiscal periods, we recorded a full valuation allowance of $85.7 million and $78.7 million against the U.S. net deferred tax assets as of December 31, 2019 and 2018, respectively. For the years ended December 31, 2019 and 2018, the valuation allowance increased by $7.1 million and $6.2 million, respectively.\nAs of December 31, 2019 and 2018, we had U.S. federal net operating loss carryforwards of $193.8 million and\n$185.0 million, respectively, and state net operating loss carryforwards of $84.6 million and $75.3 million,\nrespectively. The federal net operating loss carryforwards will expire at various dates beginning in the year ending December 31, 2025, if not utilized. The state net operating losses expire in various years ending between 2023 and\n2039, if not utilized.\nAdditionally, as of December 31, 2019 and 2018, we had U.S. federal research and development credit\ncarryforwards of $15.3 million and $13.3 million, and state research and development credit carryforwards of\n$16.4 million and $14.2 million, respectively. The federal credit carryforwards will begin to expire at various dates\nbeginning in 2025 while the state credit carryforwards can be carried over indefinitely.\nUtilization of the net operating losses and credit carryforwards may be subject to an annual limitation provided\nfor in the Internal Revenue Code Section 382 and similar state codes. Any annual limitation could result in the\nexpiration of net operating loss and credit carryforwards before utilization\nWith respect to our undistributed foreign subsidiaries\u2019 earnings we consider those earnings to be indefinitely reinvested and, accordingly, no related provision for U.S. federal and state income taxes has been provided. Our intention has not changed subsequent to the one-time transition tax under the Tax Act. Upon distribution of those earnings in the form of dividends or otherwise, we may be subject to both U.S. income taxes subject to an adjustment for foreign tax credits and withholding taxes in the various countries. As of December 31, 2019 and 2018, the undistributed earnings approximated $13.6 million and $10.8 million, respectively. Our undistributed earnings through December 31, 2017 have been taxed under the one-time transition tax under the Tax Act.\n\n | December31, | December31,\n---------------------------------------------------------------- | ----------- | -----------\n | 2019 | 2018 \nDeferred tax assets: | | \nNet operating loss carry forwards | $46,273 | $43,869 \nResearch and development credits, net of uncertain tax positions | 25,386 | 22,051 \nAccruals, reserves, and other | 12,021 | 11,264 \nStock-based compensation | 3,306 | 2,628 \nDepreciation and amortization | 2,219 | 1,952 \nOperating lease liability | 7,061 | \u2014 \nGross deferred tax assets | 96,266 | 81,764 \nValuation allowance | (85,743) | (78,681) \nTotal deferred tax assets | 10,523 | 3,083 \nDeferred tax liabilities: | | \nDeferred contract acquisition costs | (2,245) | (2,256) \nOperating lease right of use asset | (7,088) | \u2014 \nOther | (19) | (13) \nTotal deferred tax liabilities | (9,352) | (2,269) \nNet deferred tax assets | $1,171 | $814 "} {"_id": "d1b354750", "title": "", "text": "Home Loans CGU\nThe recoverable amount of the Home loans CGU as at 31 December 2018 was determined at $5.6m based on a value-in-use calculation using cash flow projections from financial budgets approved by Senior Management covering a five-year period. The projected cash flows were updated to reflect a change in Senior Management and their initial views as part of a strategic review undertaken. The pre-tax discount rate applied to cash flow projections was 13% (30 June 2018: 25%) and cash flows beyond the five-year period were extrapolated using a 3% growth rate (30 June 2018: 3%). As a result of this analysis, management recognised an impairment charge of $4,450,000 against goodwill and capitalised software development costs. No other impairment was identified for the CGUs to which goodwill or brand names are allocated.\n3.2 Goodwill and other intangible assets (continued)\nKey estimates \u2013 value-in-use calculation\nCash flow projections\nOur cash flow projections are based on five-year management-approved forecasts unless a longer period is justified. The forecasts use management estimates to determine income, expenses, capital expenditure and cash flows for each asset and CGU.\nDiscount rate\nDiscount rates represent the current market assessment of the risks specific to each CGU, taking into consideration the time value of money and individual risks of the underlying assets that have not been incorporated in the cash flow estimates. The discount rate calculation is based on the specific circumstances of the Group and its operating segments and is derived from its weighted average cost of capital (WACC). The WACC takes into account both debt and equity. The cost of equity is derived from the expected return on investment by the Group\u2019s investors. The cost of debt is based on the interest bearing borrowings the Group is obliged to service. CGU-specific risk is incorporated into the WACC rate where it is considered appropriate. The pre-tax discount rates are as follows:\n1 Discount rate based on impairment assessment completed on 31 December 2018 which resulted in full impairment of goodwill allocated to Home Loans CGU\n2 Money CGU which consisted of the Infochoice business was sold to an independent third party on 18 February 2019. Refer to note 6.3 for details.\nGrowth rate estimates\nFor each CGU (excluding International), 5 years of cash flows have been included in the cash flow models. These are based on the long-term plan and growth rates of 3%.\nMarket share assumptions\nThese assumptions are important because management assesses how the unit\u2019s position, relative to its competitors, might change over the budget period. Management expects the Group\u2019s share of its respective markets to grow over the forecast period.\nSensitivity to changes in assumptions\nWith regard to the assessment of \u2018value-in-use\u2019 of the CGUs, management believes that no reasonable change in any of the above key assumptions would cause the carrying value of the units to materially exceed its recoverable amount.\n\nCGU | FY19 | FY18 \n------------- | ------ | -----\nHealth | 11.1% | 11.6%\nCar | 12.7% | 11.6%\nHome Loans | 13.0%1 | 25.4%\nMoney | n/a2 | 11.0%\nLife | 11.3% | 12.7%\nHousehold | 10.5% | 12.2%\nInternational | 11.0% | n.a. "} {"_id": "d1b2e15ac", "title": "", "text": "Actuarial assumptions\nThe Group\u2019s scheme liabilities are measured using the projected unit credit method using the principal actuarial assumptions set out below:\nNotes: 1 Figures shown represent a weighted average assumption of the individual schemes.\n2 The rate of increases in pensions in payment and deferred revaluation are dependent on the rate of inflation.\n\n | 2019 % | 2018 % | 2017 %\n--------------------------------------------------------- | ------ | ------ | ------\nWeighted average actuarial assumptions used at 31 March1: | | | \nRate of inflation2 | 2.9 | 2.9 | 3.0 \nRate of increase in salaries | 2.7 | 2.7 | 2.6 \nDiscount rate | 2.3 | 2.5 | 2.6 "} {"_id": "d1b3006dc", "title": "", "text": "Valuation and Qualifying Accounts\nFollowing is our schedule of valuation and qualifying accounts for the last three years (in thousands):\n(1) Amounts under \u201cOther\u201d represent the reserves and valuation allowance assumed in acquisition of LoJack.\nThe warranty reserve is included in the Other Current Liabilities in the consolidated balance sheets.\n(2) Amount under \u201cOther\u201d represents the valuation allowance previously netted against deferred tax assets of foreign net deferred tax assets not recorded on the balance sheet, which were disclosed narratively in the fiscal 2018 Form 10-K (see Note 12). Deferred tax assets and valuation allowances were grossed up by $15.1 million.\n\n | | Charged | | | \n---------------------------------------- | ---------- | ---------- | ---------- | ------ | ----------\n | | (credited) | | | \n | Balance at | to costs | | | Balance at\n | beginning | and | | | end of \n | of year | expenses | Deductions | Other | year \nAllowance for doubtful accounts: | | | | | \nFiscal 2017 | 622 | 541 | (201) | - | 962 \nFiscal 2018 | 962 | 685 | (461) | - | 1,186 \nFiscal 2019 | 1,186 | 1,230 | (660) | | 1,756 \nWarranty reserve: | | | | | \nFiscal 2017 (1) | 1,892 | 1,305 | (2,562) | 5,883 | 6,518 \nFiscal 2018 | 6,518 | 1,331 | (2,115) | - | 5,734 \nFiscal 2019 | 5,734 | 1,126 | (5,462) | | 1,398 \nDeferred tax assets valuation allowance: | | | | | \nFiscal 2017 (1) | 1,618 | 1,391 | - | 3,578 | 6,587 \nFiscal 2018 (2) | 6,587 | - | (4,835) | 15,092 | 16,844 \nFiscal 2019 | 16,844 | 799 | (6,714) | - | 10,929 "} {"_id": "d1b38e78e", "title": "", "text": "A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows:\nInterest and penalty charges, if any, related to uncertain tax positions are classified as income tax expense in the accompanying consolidated statements of operations. As of March 31, 2019 and 2018, the Company had immaterial accrued interest or penalties related to uncertain tax positions.\nThe Company is subject to taxation in the United Kingdom and several foreign jurisdictions. As of March 31, 2019, the Company is no longer subject to examination by taxing authorities in the United Kingdom for years prior to March 31, 2017. The significant foreign jurisdictions in which the Company operates are no longer subject to examination by taxing authorities for years prior to March 31, 2016. In addition, net operating loss carryforwards in certain jurisdictions may be subject to adjustments by taxing authorities in future years when they are utilized.\nThe Company had approximately $24.9 million of unremitted foreign earnings as of March 31, 2019. Income taxes have been provided on approximately $10.0 million of the unremitted foreign earnings. Income taxes have not been provided on approximately $14.9 million of unremitted foreign earnings because they are considered to be indefinitely reinvested. The tax payable on the earnings that are indefinitely reinvested would be immaterial.\n\n | Year ended March 31, | \n-------------------------------------------------------- | -------------------- | ------\n | 2019 | 2018 \nBeginning balance | $6,164 | $4,931\nAdditions based on tax positions related to current year | 164 | 142 \nAdditions for tax positions of prior years | 231 | 1,444 \nReductions due to change in foreign exchange rate | (301) | (353) \nExpiration of statutes of limitation | (165) | \u2014 \nReductions due to settlements with tax authorities | (77) | \u2014 \nEnding balance | $6,016 | $6,164"} {"_id": "d1b31f212", "title": "", "text": "14. STOCK-BASED COMPENSATION\nThe following table presents the stock-based compensation expense included in the Company\u2019s consolidated statements of operations:\nThe Company periodically grants stock options and restricted stock units (\u201cRSUs\u201d) for a fixed number of shares upon vesting to employees and non-employee Directors. Beginning in 2019, the Company granted Directors awards in the form of common stock and stock options\nMost of the Company\u2019s stock-based compensation arrangements vest over five years with 20% vesting after one year and the remaining 80% vesting in equal quarterly installments over the remaining four years. The Company\u2019s stock options have a term of ten years. The Company recognizes stock-based compensation using the accelerated attribution method, treating each vesting tranche as if it were an individual grant. The amount of stock-based compensation recognized during a period is based on the value of the awards that are ultimately expected to vest. Forfeitures are estimated at the time of grant and revised, if necessary, in subsequent periods if actual forfeitures differ from those estimates. Ultimately, the Company recognizes the actual expense over the vesting period only for the shares that vest\nEmployees may elect to receive 50% of their target incentive compensation under the Company\u2019s Corporate Incentive Compensation Plan (the \u201cCICP\u201d) in the form of RSUs instead of cash. If elected by an employee, the equity amount is equal in value on the date of grant to 50% of his or her target incentive opportunity, based on the employee\u2019s base salary. The number of RSUs granted is determined by dividing 50% of the employee\u2019s target incentive opportunity by 85% of the closing price of its common stock on the grant date, less the present value of expected dividends during the vesting period. If elected, the award vests 100% on the CICP payout date of the following year for all participants. Vesting is conditioned upon the performance conditions of the CICP and on continued employment; if threshold funding does not occur, the RSUs will not vest. The Company considers vesting to be probable on the grant date and recognizes the associated stockbased compensation expense over the requisite service period beginning on the grant date and ending on the vesting date.\nThe Company grants awards that allow for the settlement of vested stock options and RSUs on a net share basis (\u201cnet settled awards\u201d). With net settled awards, the employee does not surrender any cash or shares upon exercise. Rather, the Company withholds the number of shares to cover the exercise price (in the case of stock options) and the minimum statutory tax withholding obligations (in the case of stock options and RSUs) from the shares that would otherwise be issued upon exercise or settlement. The exercise of stock options and settlement of RSUs on a net share basis results in fewer shares issued by the Company.\n\n(in thousands) | 2019 | 2018 | 2017 \n-------------------------- | --------- | --------- | ---------\nCost of revenues | $18,822 | $16,862 | $14,573 \nSelling and marketing | 32,665 | 23,237 | 15,720 \nResearch and development | 18,938 | 15,274 | 13,618 \nGeneral and administrative | 10,484 | 8,489 | 9,402 \n | $80,909 | $63,862 | $53,313 \nIncome tax benefit | $(16,392) | $(13,383) | $(12,113)"} {"_id": "d1b2fe102", "title": "", "text": "We believe our success in attracting these end customers is a direct result of our commitment to high quality service and our intense focus on customer needs and performance. As an independent semiconductor foundry, most of our operating revenue is generated by our sales of wafers. The following table presented the percentages of our wafer sales by types of customers for the years ended December 31, 2017, 2018 and 2019.\nWe focus on providing a high level of customer service in order to attract customers and maintain their ongoing loyalty. Our culture emphasizes responsiveness to customer needs with a focus on flexibility, speed and accuracy throughout our manufacturing and delivery processes. Our customer oriented approach is especially evident in two types of services: customer design development services and manufacturing services.\nFor example, in 2013, we expand our regional business by opening our UMC Korea office, in order to provide local support to our customers in Korea, and shorten time-to-market for our Korea-based customers designing and manufacturing on UMC process technologies. We believe that our large production capacity and advanced process technology enable us to provide better customer service than many other foundries through shorter turn-around time, greater manufacturing flexibility and higher manufacturing yields.\n\n | | Years Ended December 31, | \n------------------------------- | ----- | ------------------------ | -----\nCustomer Type | 2017 | 2018 | 2019 \n | % | % | % \nFabless design companies | 91.0 | 92.4 | 91.3 \nIntegrated device manufacturers | 9.0 | 7.6 | 8.7 \nTotal | 100.0 | 100.0 | 100.0"} {"_id": "d1b3c8362", "title": "", "text": "OBLIGATIONS AND COMMITMENTS\nAs part of our ongoing operations, we enter into arrangements that obligate us to make future payments under contracts such as lease agreements, debt agreements, and unconditional purchase obligations (i.e., obligations to transfer funds in the future for fixed or minimum quantities of goods or services at fixed or minimum prices, such as \"take-or-pay\" contracts). The unconditional purchase obligation arrangements are entered into in our normal course of business in order to ensure adequate levels of sourced product are available. Of these items, debt, notes payable, and capital lease obligations, which totaled $10.72 billion as of May 26, 2019, were recognized as liabilities in our Consolidated Balance Sheets. Operating lease obligations and unconditional purchase obligations, which totaled $1.75 billion as of May 26, 2019, were not recognized as liabilities in our Consolidated Balance Sheets, in accordance with U.S. GAAP.\nA summary of our contractual obligations as of May 26, 2019, was as follows:\nAmount includes open purchase orders and agreements, some of which are not legally binding and/or may be cancellable. Such agreements are generally settleable in the ordinary course of business in less than one year.\nWe are also contractually obligated to pay interest on our long-term debt and capital lease obligations. The weightedaverage coupon interest rate of the long-term debt obligations outstanding as of May 26, 2019, was approximately 4.7%.\nAs of May 26, 2019, we had aggregate unfunded pension and postretirement benefit obligations totaling $131.7 million and $87.8 million, respectively. These amounts are not included in the table above as the unfunded obligations are remeasured each fiscal year, thereby resulting in our inability to accurately predict the ultimate amount and timing of any future required contributions to such plans. Based on current statutory requirements, we are not obligated to fund any amount to our qualified pension plans during the next twelve months. We estimate that we will make payments of approximately $14.2 million and $10.8 million over the next twelve months to fund our pension and postretirement plans, respectively. See Note 19 \"Pension and Postretirement Benefits\" to the consolidated financial statements and \"Critical Accounting Estimates - Employment Related Benefits\" contained in this report for further discussion of our pension obligations and factors that could affect estimates of this liability.\nAs part of our ongoing operations, we also enter into arrangements that obligate us to make future cash payments only upon the occurrence of a future event (e.g., guarantees of debt or lease payments of a third party should the third party be unable to perform). In accordance with U.S. GAAP, such commercial commitments are not recognized as liabilities in our Consolidated Balance Sheets. As of May 26, 2019, we had other commercial commitments totaling $5.3 million, of which $3.7 million expire in less than one year and $1.6 million expire in one to three years.\nIn addition to the other commercial commitments, as of May 26, 2019, we had $56.4 million of standby letters of credit issued on our behalf. These standby letters of credit are primarily related to our self-insured workers compensation programs and are not reflected in our Consolidated Balance Sheets.\nIn certain limited situations, we will guarantee an obligation of an unconsolidated entity. We guarantee certain leases resulting from the divestiture of the JM Swank business completed in the first quarter of fiscal 2017. As of May 26, 2019, the remaining terms of these arrangements did not exceed four years and the maximum amount of future payments we have guaranteed was $1.2 million. In addition, we guarantee a lease resulting from an exited facility. As of May 26, 2019, the remaining term of this arrangement did not exceed eight years and the maximum amount of future payments we have guaranteed was $19.1 million.\nWe also guarantee an obligation of the Lamb Weston business pursuant to a guarantee arrangement that existed prior to the Spinoff and remained in place following completion of the Spinoff until such guarantee obligation is substituted for guarantees issued by Lamb Weston. Pursuant to the separation and distribution agreement, dated as of November 8, 2016 (the \"Separation Agreement\"), between us and Lamb Weston, this guarantee arrangement is deemed a liability of Lamb Weston that was transferred to Lamb Weston as part of the Spinoff. Accordingly, in the event that we are required to make any payments as a result of this guarantee arrangement, Lamb Weston is obligated to indemnify us for any such liability, reduced by any insurance proceeds received by us, in accordance with the terms of the indemnification provisions under the Separation Agreement.\nLamb Weston is a party to an agricultural sublease agreement with a third party for certain farmland through 2020 (subject, at Lamb Weston's option, to extension for two additional five-year periods). Under the terms of the sublease agreement, Lamb 39 Weston is required to make certain rental payments to the sublessor. We have guaranteed Lamb Weston's performance and the payment of all amounts (including indemnification obligations) owed by Lamb Weston under the sublease agreement, up to a maximum of $75.0 million. We believe the farmland associated with this sublease agreement is readily marketable for lease to other area farming operators. As such, we believe that any financial exposure to the company, in the event that we were required to perform under the guaranty, would be largely mitigated.\nThe obligations and commitments tables above do not include any reserves for uncertainties in income taxes, as we are unable to reasonably estimate the ultimate amount or timing of settlement of our reserves for income taxes. The liability for gross unrecognized tax benefits at May 26, 2019 was $44.1 million. The net amount of unrecognized tax benefits at May 26, 2019, that, if recognized, would favorably impact our effective tax rate was $37.3 million. Recognition of these tax benefits would have a favorable impact on our effective tax rate.\n\n | | | Payments Due by Period (in millions) | | \n---------------------------------------- | --------- | ---------------- | ------------------------------------ | --------- | -------------\nContractual Obligations | Total | Less than 1 Year | 1-3 Years | 3-5 Years | After 5 Years\nLong-term debt . | $10,556.6 | $\u2014 | $2,747.6 | $2,287.0 | $5,522.0 \nCapital lease obligations | 165.4 | 20.6 | 41.0 | 29.4 | 74.4 \nOperating lease obligations | 312.6 | 52.1 | 86.4 | 59.7 | 114.4 \nPurchase obligations and other contracts | 1,483.5 | 1,195.3 | 223.4 | 53.2 | 11.6 \nNotes payable | 1.0 | 1.0 | \u2014 | \u2014 | \u2014 \nTotal | $12,519.1 | $1,269.0 | $3,098.4 | $2,429.3 | $5,722.4 "} {"_id": "d1b317dd2", "title": "", "text": "Year Ended December 31, 2017 Compared to Year Ended December 31, 2018\nDuring the year ended December 31, 2018, we had an average of 26.0 ships operating in our owned and bareboat fleet (including ships owned by the Partnership), having 9,030 operating days and an average of 25.5 ships operating under our technical management (including 25.0 of our owned and bareboat ships). During the year ended December 31, 2017, we had an average of 23.0 ships operating in our owned and bareboat fleet having 8,317 operating days and an average of 23.4 ships operating under our technical management (including 22.0 of our owned ships).\nRevenues: Revenues increased by 17.7%, or $93.1 million, from $525.2 million during the year ended December 31, 2017 to $618.3 million during the year ended December 31, 2018. The increase in revenues is mainly attributable to an increase of $64.2 million in revenues from our vessels operating in the spot market due to the significant increase in LNG shipping spot rates during the year. There was also an increase in revenues of $63.7 million due to the deliveries of the GasLog Houston, the GasLog Hong Kong and the GasLog Genoa (which were delivered on January 8, 2018, March 20, 2018 and March 29, 2018, respectively). These deliveries resulted in an increase in operating days. These increases were partially offset by a decrease of $25.4 million due to the expiration of the initial time charters of the GasLog Shanghai, the GasLog Santiago and the GasLog Sydney. Following the expiration of their initial charters, the GasLog Shanghai has been trading in the spot market through the Cool Pool, the GasLog Santiago began a new, multi-year charter with Trafigura and the GasLog Sydney began a new 18-month charter with Cheniere. There was also a decrease of $8.4 million due to increased off-hire days for four scheduled dry-dockings in the year ended December 31, 2018 compared to only one scheduled dry-docking in the same period of 2017 and a decrease of $0.7 million due to increased off-hire days from the remaining vessels. The average daily hire rate increased from $63,006 for the year ended December 31, 2017 to $68,392 for the year ended December 31, 2018. Furthermore, there was a decrease of $0.3 million in revenues from technical management services mainly due to the decrease in the average number of the managed vessels owned by third parties.\n\n | | Year ended December 31, | \n------------------------------------------ | --------- | ----------------------- | --------\n | 2017 | 2018 | Change \nAmounts are in thousands of U.S. Dollars | | | \nRevenues | $525,229 | $618,344 | $93,115 \nNet pool allocation | 7,254 | 17,818 | 10,564 \nVoyage expenses and commissions | (15,404) | (20,374) | (4,970) \nVessel operating and supervision costs | (122,486) | (128,084) | (5,598) \nDepreciation | (137,187) | (153,193) | (16,006)\nGeneral and administrative expenses | (39,850) | (41,993) | (2,143) \nProfit from operations | 217,556 | 292,518 | 74,962 \nFinancial costs | (139,181) | (166,627) | (27,446)\nFinancial income | 2,650 | 4,784 | 2,134 \nGain/(loss) on derivatives | 2,025 | (6,077) | (8,102) \nShare of profit of associates | 1,159 | 1,800 | 641 \nTotal other expenses, net | (133,347) | (166,120) | (32,773)\nProfit for the year | 84,209 | 126,398 | 42,189 \nNon-controlling interests | 68,703 | 78,715 | 10,012 \nProfit attributable to owners of the Group | $15,506 | $47,683 | $32,177 "} {"_id": "d1b3aeb92", "title": "", "text": "The change in projected benefit obligation and the accumulated benefit obligation, were as follows (in millions):\nThe Company's pension liability represents the present value of estimated future benefits to be paid. The discount rate is based on the quarterly average yield for Euros treasuries with a duration of 30 years, plus a supplement for corporate bonds\u00a0 consolidated balance sheets, will be recognized as a component of net periodic cost over the average remaining service period.\nAs the defined benefit plans are unfunded, the liability recognized on the Company's consolidated balance sheet as of March 31, 2019 was $72.7 million of which $1.3 million is included in accrued liabilities and $71.4 million is included in other long-term liabilities. The liability recognized on the Company's consolidated balance sheet as of March 31, 2018 was $61.0 million of which $0.9 million is included in accrued liabilities and $60.1 million is included in other long-term liabilities.\n\n | Year Ended March 31, | \n--------------------------------------------------------- | -------------------- | -----\n | 2019 | 2018 \nProjected benefit obligation at the beginning of the year | $61.0 | $50.4\nAdditions due to acquisition of Microsemi | 9.8 | \u2014 \nService cost | 1.5 | 2.2 \nInterest cost | 1.1 | 1.0 \nActuarial losses | 6.0 | 0.7 \nBenefits paid | (0.9) | (0.8)\nForeign currency exchange rate changes | (5.8) | 7.5 \nProjected benefit obligation at the end of the year | $72.7 | $61.0\nAccumulated benefit obligation at the end of the year | $66.7 | $55.5\nWeighted average assumptions | | \nDiscount rate | 1.41% | 1.73%\nRate of compensation increase | 2.79% | 2.91%"} {"_id": "d1b2ebbba", "title": "", "text": "Adjusted Operating Income - Insurance\nAdjusted Operating Income (\"Insurance AOI\") and Pre-tax Adjusted Operating Income (\u201cPre-tax Insurance AOI\u201d) for the Insurance segment are non-U.S. GAAP financial measures frequently used throughout the insurance industry and are economic measures the Insurance segment uses to evaluate its financial performance. Management believes that Insurance AOI and Pretax Insurance AOI measures provide investors with meaningful information for gaining an understanding of certain results and provide insight into an organization\u2019s operating trends and facilitates comparisons between peer companies. However, Insurance AOI and Pre-tax Insurance AOI have certain limitations, and we may not calculate it the same as other companies in our industry. It should, therefore, be read together with the Company's results calculated in accordance with U.S. GAAP.\nSimilarly to Adjusted EBITDA, using Insurance AOI and Pre-tax Insurance AOI as performance measures have inherent limitations as an analytical tool as compared to income (loss) from operations or other U.S. GAAP financial measures, as these non-U.S. GAAP measures exclude certain items, including items that are recurring in nature, which may be meaningful to investors. As a result of the exclusions, Insurance AOI and Pre-tax Insurance AOI should not be considered in isolation and do not purport to be an alternative to income (loss) from operations or other U.S. GAAP financial measures as measures of our operating performance.\nManagement defines Pre-tax Insurance AOI as Insurance AOI adjusted to exclude the impact of income tax (benefit) expense recognized during the current period. Management believes that Insurance AOI and Pre-tax Insurance AOI provide meaningful financial metrics that help investors understand certain results and profitability. While these adjustments are an integral part of the overall performance of the Insurance segment, market conditions impacting these items can overshadow the underlying performance of the business. Accordingly, we believe using a measure which excludes their impact is effective in analyzing the trends of our operations.\nThe table below shows the adjustments made to the reported Net income (loss) of the Insurance segment to calculate Insurance AOI and Pre-tax Insurance AOI (in millions). Refer to the analysis of the fluctuations within the results of operations section:\n(1) The Insurance segment revenues are inclusive of realized and unrealized gains and net investment income for the year ended December 31, 2019 and 2018. Such adjustments are related to transactions between entities under common control which are eliminated or are reclassified in consolidation.\nNet income for the year ended December 31, 2019 decreased $105.8 million to $59.4 million from $165.2 million for the year ended December 31, 2018. Pre-tax Insurance AOI for the year ended December 31, 2019 increased $85.1 million to $85.7 million from $0.6 million for year ended December 31, 2018. The increase was primarily driven by the incremental net investment income and policy premiums from the KIC block acquisition and higher net investment income from the legacy CGI block driven by both the growth and mix of the investment portfolio, including premium reinvestment and rotation into higher yield assets. In addition, there was a decrease in policy benefits, changes in reserves, and commissions related to current period reserve adjustments driven by higher mortality and policy terminations, an increase in contingent non-forfeiture option activity as a result of in-force rate actions approved and implemented, and favorable developments in claims activity. This was partially offset by an increase in selling, general and administrative expenses, primarily attributable to headcount additions related to the KIC acquisition.\n\n | | Year ended December 31, | \n-------------------------------- | ------ | ----------------------- | ----------\n | | | Increase /\n | 2019 | 2018 | (Decrease)\nNet income - Insurance segment | $59.4 | $165.2 | $(105.8) \nEffect of investment (gains) (1) | (1.9) | (5.6) | 3.7 \nAsset impairment expense | 47.3 | \u2014 | 47.3 \nGain on bargain purchase | (1.1) | (115.4) | 114.3 \nGain on reinsurance recaptures | \u2014 | (47.0) | 47.0 \nAcquisition costs | 2.1 | 2.8 | (0.7) \nInsurance AOI | 105.8 | \u2014 | 105.8 \nIncome tax expense (benefit) | (20.1) | 0.6 | (20.7) \nPre-tax Insurance AOI | $85.7 | $0.6 | $85.1 "} {"_id": "d1a726af0", "title": "", "text": "Year Ended December 31, 2018 Compared to Year Ended December 31, 2017\nRevenue\nTotal revenue for the year ended December 31, 2018 increased by $58.9 million, or 28%, compared to the year ended December 31, 2017. Subscription\nand returns revenue for the year ended December 31, 2018 increased by $54.1 million, or 27%, compared to the year ended December 31, 2017. Professional\nservices revenue for the year ended December 31, 2018 increased by $4.8 million, or 37%, compared to the year ended December 31, 2017. Growth in total\nrevenue was due primarily to increased demand for our products and services from both new and existing customers. Of the increase in total revenue for the year\nended December 31, 2018 compared to 2017, approximately $29.6 million was attributable to existing customers, approximately $28.3 million was attributable to\nnew customers, and approximately $1.1 million was due to interest income on funds held for customers. Total subscription and returns revenue for 2018 included\n$1.2 million related to our cross-border transactions technology acquired in May 2018.\n\n | For the Year Ended December 31, | | Change | \n------------------------ | ------------------------------- | ---------------------- | ------- | ----------\n | 2018 | 2017 | Amount | Percentage\n | | (dollars in thousands) | | \nRevenue: | | | | \nSubscription and returns | $254,056 | $199,942 | $54,114 | 27% \nProfessional services | 18,042 | 13,217 | 4,825 | 37% \nTotal revenue | $272,098 | $213,159 | $58,939 | 28% "} {"_id": "d1b319c68", "title": "", "text": "B. Business Overview\nOur Fleet\nOur fleet currently consists of 23 Suezmax crude oil tankers, of which the vast majority have been built in Korea. The majority of our vessels are employed in the spot market, together with one vessel currently on a longer term time charter agreement expiring in 2021 or later. The vessels are considered homogenous and interchangeable as they have approximately the same freight capacity and ability to transport the same type of cargo.\n\nVessel | Built in | Deadweight Tons | Delivered to NAT in\n--------------- | --------- | ----------------- | -------------------\nNordic Freedom | 2005 | 159,331 | 2005 \nNordic Moon | 2002 | 160,305 | 2006 \nNordic Apollo | 2003 | 159,998 | 2006 \nNordic Cosmos | 2003 | 159,999 | 2006 \nNordic Grace | 2002 | 149,921 | 2009 \nNordic Mistral | 2002 | 164,236 | 2009 \nNordic Passat | 2002 | 164,274 | 2010 \nNordic Vega | 2010 | 163,940 | 2010 \nNordic Breeze | 2011 | 158,597 | 2011 \nNordic Zenith | 2011 | 158,645 | 2011 \nNordic Sprinter | 2005 | 159,089 | 2014 \nNordic Skier | 2005 | 159,089 | 2014 \nNordic Light | 2010 | 158,475 | 2015 \nNordic Cross | 2010 | 158,475 | 2015 \nNordic Luna | 2004 | 150,037 | 2016 \nNordic Castor | 2004 | 150,249 | 2016 \nNordic Sirius | 2000 | 150,183 | 2016 \nNordic Pollux | 2003 | 150,103 | 2016 \nNordic Star | 2016 | 159,000 | 2016 \nNordic Space | 2017 | 159,000 | 2017 \nNordic Aquarius | 2018 | 157,000 | 2018 \nNordic Cygnus | 2018 | 157,000 | 2018 \nNordic Tellus | 2018 | 157,000 | 2018 "} {"_id": "d1b36d52a", "title": "", "text": "The Company evaluates these assumptions on a periodic basis taking into consideration current market conditions and historical market data. The discount rate is used to calculate expected future cash flows at a present value on the measurement date, which is December 31. This rate represents the market rate for high-quality fixed income investments. A lower discount rate would increase the present value of benefit obligations. Other assumptions include demographic factors such as retirement, mortality and turnover.\nThe following table provides information about the net periodic benefit cost and other accumulated comprehensive income for the Pension Plans (in thousands):\nIn March 2017, the FASB issued ASU 2017-07, Compensation \u2013 Retirement Benefits (Topic 715) \u2013 Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost (\u201cASU 2017-07\u201d). These amendments require that an employer report the service cost component in the same line item or items as other compensation costs arising from services rendered by the pertinent employees during the period. The other components of net periodic benefit cost are required to be presented in the income statement separately from the service cost component outside of a subtotal of income from operations. If a separate line item is not used, the line items used in the income statement to present other components of net benefit cost must be disclosed. These amendments are effective for annual periods beginning after December 15, 2017, including interim periods within those annual periods. These amendments were applied retrospectively for the presentation of the service cost component and the other components of net periodic pension cost and net periodic postretirement benefit cost in the income statement and prospectively, on and after the effective date, for the capitalization of the service cost component of net periodic pension cost and net periodic postretirement benefit in assets. The amendments allow a practical expedient that permits an employer to use the amounts disclosed in its pension and other postretirement benefit plan note for the prior comparative periods as the estimation basis for applying the retrospective presentation requirements.\n\n | | Years Ended December 31, | \n------------------------------------------------------------------------------------------------------ | -------- | ------------------------ | -------\n | 2019 | 2018 | 2017 \nService cost | $405 | $448 | $443 \nInterest cost | 254 | 196 | 194 \nRecognized actuarial (gains) | (86) | (58) | (43) \nNet periodic benefit cost | 573 | 586 | 594 \nUnrealized net actuarial (gains), net of tax | (2,324) | (2,256) | (1,574)\nTotal amount recognized in net periodic benefit cost and accumulated other comprehensive income (loss) | $(1,751) | $(1,670) | $(980) "} {"_id": "d1b374672", "title": "", "text": "Irish SIP\nThe weighted average market value per ordinary share for Irish SIP options exercised in 2019 was 350.0p (2018: 387.5p). The SIP shares outstanding at 31 March 2018 have fully vested (2018: had a weighted average remaining vesting period of 0.1 years). Options exercised prior to the vesting date relate to those attributable to good leavers as defined by the scheme rules.\n\n | 2019 | 2018 \n---------------------------------- | -------- | -------\n | Number | Number \nOutstanding at 1 April | 35,922 | 44,431 \nDividend shares awarded | \u2013 | 788 \nForfeited | \u2013 | (7,950)\nExercised | (30,506) | (1,347)\nOutstanding at 31 March | 5,416 | 35,922 \nVested and outstanding at 31 March | 5,416 | \u2013 "} {"_id": "d1b36b5ae", "title": "", "text": "Research and development\nResearch and development expense consists primarily of salaries and other personnel-related costs; the cost of products, materials, and outside services used in our R&D activities; and depreciation and amortization expense associated with R&D specific facilities and equipment. We maintain a number of programs and activities to improve our technology and processes in order to enhance the performance and reduce the costs of our solar modules.\nThe following table shows research and development expense for the years ended December 31, 2019, 2018, and 2017:\nResearch and development expense in 2019 increased compared to 2018 primarily due to increased material and module testing costs and higher employee compensation expense.\n\n | | Year Ended | | | Change | | \n------------------------ | ------- | ---------- | ------- | -------------- | ------ | -------------- | ----\n(Dollars in thousands) | 2019 | 2018 | 2017 | 2019 over 2018 | | 2018 over 2017 | \nResearch and development | $96,611 | $84,472 | $88,573 | $12,139 | 14% | $(4,101) | (5)%\n% of net sales . | 3.2% | 3.8% | 3.0% | | | | "} {"_id": "d1b336d72", "title": "", "text": "Restructuring and Related Charges\nFollowing is a summary of our restructuring and related charges:\n(1) Includes $21.5 million, $16.3 million and $51.3 million recorded in the EMS segment, $2.6 million, $16.6 million and $82.4 million recorded in the DMS segment and $1.8 million, $4.0 million and $26.7 million of non-allocated charges for the fiscal years ended August 31, 2019, 2018 and 2017, respectively. Except for asset write-off costs, all restructuring and related charges are cash settled.\n(2) Fiscal year ended August 31, 2017, includes expenses related to the 2017 and 2013 Restructuring Plans.\n\n | | Fiscal Year Ended August 31, | \n------------------------------------------- | ----- | ---------------------------- | -------\n(dollars in millions) | 2019 | 2018 | 2017(2)\nEmployee severance and benefit costs | $16.0 | $16.3 | $56.8 \nLease costs | \u2014 | 1.6 | 4.0 \nAsset write-off costs | (3.6) | 16.2 | 94.3 \nOther costs | 13.5 | 2.8 | 5.3 \nTotal restructuring and related charges (1) | $25.9 | $36.9 | $160.4 "} {"_id": "d1b33d4b0", "title": "", "text": "(15) CONTRACT BALANCES\nContract balances at December 31 are set forth in the following table:\nThe change in our net contract assets/(liabilities) from December 31, 2018 to December 31, 2019 was due primarily to the timing of payments and invoicing relating to SaaS and PCS renewals, partially offset by revenues recognized in the year ended December 31, 2019 of $674.2, related to our contract liability balances at December 31, 2018. In addition, the impact of the 2019 business acquisitions increased net contract liabilities by $96.2.\nIn order to determine revenues recognized in the period from contract liabilities, we allocate revenue to the individual deferred revenue or BIE balance outstanding at the beginning of the year until the revenue exceeds that balance.\nImpairment losses recognized on our accounts receivable and unbilled receivables were immaterial in the year ended December 31, 2019.\n(1) Consists of \u201cDeferred revenue,\u201d and billings in-excess of revenues (\u201cBIE\u201d). BIE are reported in \u201cOther accrued liabilities\u201d in our Consolidated Balance Sheets.\n\nBalance Sheet Account | 2019 | 2018 | Change \n--------------------------------- | --------- | --------- | ---------\nUnbilled receivables | $ 183.5 | $ 169.4 | $ 14.1\nContract liabilities - current(1) | (840.8) | (714.1) | (126.7) \nDeferred revenue - non-current | (33.2) | (29.8) | (3.4) \nNet contract assets/(liabilities) | $ (690.5) | $ (574.5) | $ (116.0)"} {"_id": "d1b387560", "title": "", "text": "Grants of Plan-Based Awards in 2018\nThe following table sets forth information regarding grants of awards made to our named executive officers during 2018. We did not grant any plan-based cash awards during 2018.\n(1) The amounts included in this column represent the aggregate grant date fair value of RSUs, RSAs and option awards calculated in accordance with ASC 718. The valuation assumptions used in determining the grant date fair value of the RSUs, RSAs and options reported in this column are described in the Notes to the Consolidated Financial Statements included in our Annual Report on Form 10-K for the fiscal year ended December 31, 2018.\n\nName | Grant Date | Number of Securities Underlying Restricted Stock Awards and Restricted Stock Units (#) | Number of Securities Underlying Options (#) | Exercise or Base Price of Option Awards ($/Sh) | Grant Date Fair Value of Stock and Option Awards ($) (1)\n------------ | ---------- | -------------------------------------------------------------------------------------- | ------------------------------------------- | ---------------------------------------------- | --------------------------------------------------------\nMr. Dorsey | \u2014 | \u2014 | \u2014 | \u2014 | \u2014 \nMs. Friar | 4/25/2018 | 38,159 | 109,026 | 44.75 | 3,479,299 \nMs.Henry | 4/25/2018 | 38,159 | 109,026 | 44.75 | 3,479,299 \nMs. Reses | 4/25/2018 | 38,159 | 109,026 | 44.75 | 3,479,299 \nMs. Whiteley | 4/25/2018 | 16,695 | 47,699 | 44.75 | 1,522,215 \nMr. Daswani | 4/25/2018 | 4,198 | \u2014 | \u2014 | 187,861 \nMr. Murphy | 4/25/2018 | 4,962 | \u2014 | \u2014 | 222,050 "} {"_id": "d1b3bc90e", "title": "", "text": "The weighted-average grant date fair value of VMware stock options can fluctuate from period to period primarily due to higher valued options assumed through business combinations with exercise prices lower than the fair market value of VMware\u2019s stock on the date of grant.\nFor equity awards granted under the VMware equity plan, volatility was based on an analysis of historical stock prices and implied volatilities of VMware\u2019s Class A common stock. The expected term was based on historical exercise patterns and post-vesting termination behavior, the term of the option period for grants made under the ESPP, or the weighted-average remaining term for options assumed in acquisitions. VMware\u2019s expected dividend yield input was zero as the Company has not historically paid, nor expects in the future to pay, regular dividends on its common stock. The risk-free interest rate was based on a U.S. Treasury instrument whose term is consistent with the expected term of the stock options.\nFor equity awards granted under the Pivotal equity plan, volatility was based on the volatility of a group of comparable public companies based on size, stage of life cycle, profitability, growth and other factors. The expected term was estimated using the simplified method and was determined based on the vesting terms, exercise terms and contractual lives of the options. Pivotal\u2019s expected dividend yield input was zero as the Company has not historically paid regular dividends on its common stock. The risk-free interest rate was based on a U.S. Treasury instrument whose term was consistent with the expected term of the stock options.\n\n | | For the Year Ended | \n----------------------------------------- | ---------------- | ------------------ | ----------------\nVMware Employee Stock Purchase Plan | January 31, 2020 | February 1, 2019 | February 2, 2018\nDividend yield | None | None | None \nExpected volatility | 27.4% | 33.5% | 22.6% \nRisk-free interest rate | 1.7% | 2.0% | 1.2% \nExpected term (in years) | 0.6 | 0.8 | 0.9 \nWeighted-average fair value at grant date | $35.66 | $34.72 | $21.93 "} {"_id": "d1a71c082", "title": "", "text": "The following table lists customers from which the Company derived revenues in excess of 10% of total revenues for the years ended years ended September 30, 2019 and 2018\nIn addition, accounts receivable from Customer A totaled approximately $0.3 million, or 1%, and approximately $1.1 million, or 9%, of total consolidated accounts receivable as of September 30, 2019 and September 30, 2018, respectively. Accounts receivable and long term receivable from Customer B totaled approximately $7.4 million, or 36%, and approximately $0.2 million, or 2%, of total consolidated accounts receivable as of September 30, 2019 and September 30, 2018, respectively. We believe that the Company is not exposed to any significant credit risk with respect to the accounts receivable with these customers as of September 30, 2019. No other customers accounted for 10% or more of total consolidated accounts receivable as\nof September 30, 2019.\n\n | | For the years ended | | \n---------- | ------------------ | --------------------- | ------------------ | ------------\n | September 30, 2019 | | September 30, 2018 | \n | Amount | % of Revenue | Amount | % of Revenue\n | | (Amounts in millions) | | \nCustomer A | $3.8 | 5% | $7.5 | 10% \nCustomer B | $10.2 | 13% | 1.1 | 3% "} {"_id": "d1a73d19c", "title": "", "text": "Available Liquidity\nThe following table sets forth our available liquidity for the periods indicated (in thousands):\nThe decrease in total liquidity is primarily attributable to $239.0 million of outstanding revolving credit facility borrowings and $48.0 million of payments to purchase property and equipment and software and distribution rights, partially offset by positive operating cash flows.\nThe Company and Official Payments Corporation, a wholly owned subsidiary, maintain a $140.0 million uncommitted overdraft facility with Bank of America, N.A. The overdraft facility acts as a secured loan under the terms of the Credit Agreement to provide an additional funding mechanism for timing differences that can occur in the bill payment settlement process. As of December 31, 2019, $138.5 million was available.\nCash and cash equivalents consist of highly liquid investments with original maturities of three months or less. As of December 31, 2019, we had $121.4 million in cash and cash equivalents, of which $49.2 million was held by our foreign subsidiaries. If these funds were needed for our operations in the U.S., we may potentially be required to pay foreign and U.S. state income taxes to repatriate these funds. As of December 31, 2019, only the earnings in our Indian foreign subsidiaries are indefinitely reinvested. The earnings of all other foreign entities are no longer indefinitely reinvested. We are also permanently reinvested for outside book/tax basis differences related to foreign subsidiaries. These outside basis differences could reverse through sales of the foreign subsidiaries, as well as various other events, none of which are considered probable as of December 31, 2019.\n\n | December 31, | \n-------------------------------------------- | ------------ | --------\n | 2019 | 2018 \nCash and cash equivalents | $121,398 | $148,502\nAvailability under revolving credit facility | 261,000 | 500,000 \nTotal liquidity | $382,398 | $648,502"} {"_id": "d1b2ff73c", "title": "", "text": "Cash flows for the year ended December 31, 2019, 2018 and 2017\nOperating Activities: Net cash used in operating activities was $9.9 million for the year ended December 31, 2019 and is comprised of $16.5 million in net loss, $4.5 million change in deferred income taxes and $0.7 million loss from the sale of the investment in JVP offset by $1.0 million in stock based compensation, $2.0 million in depreciation and amortization and $7.1 million, primarily changes in net operating assets and liabilities.\nNet cash provided by operating activities was $25.6 million for the year ended December 31, 2018 and is comprised of $20.7 million in net income, $1.6 million in stock-based compensation, $1.8 million in depreciation and amortization, $3.4 million change in warrant liability and a change in deferred income taxes of $2.5 million, offset by a $4.4 million change in net operating assets and liabilities.\nNet cash provided by operating activities was $16.6 million for the year ended December 31, 2017 and is comprised of $22.8 million in net income, $0.8 million in stock-based compensation, $0.8 million in depreciation and amortization, $0.6 million change in net operating assets and liabilities, offset by $2.2 million change in the warrant liability and a change in deferred income taxes of $6.2 million.\nInvesting Activities: During the year ended December 31, 2019, cash used in investing activities of $3.8 million was related to purchases of marketable securities of $24.5 million, purchases of property and equipment of $0.4 million and purchase of additional investment in JVP of $0.7 million offset by redemptions of marketable securities of $18.3 million and $3.5 million from the sale of our interest in JVP.\nDuring the year ended December 31, 2018, cash used in investing activities of $13.2 million was related to purchase of investments of $11.3 million, the purchase of assets under the May 2018 Patent Assignment Agreement of $1.0 million and a $0.9 million investment in the JVP fund.\nDuring the year ended December 31, 2017, cash used in investing activities of $2.0 million was related to the purchase of assets under the first Patent Assignment Agreement, offset by $0.1 million in cash distribution received from our investment in the JVP fund.\nFinancing Activities: During the year ended December 31, 2019, we did not have any activity related to financing.\nDuring the year ended December 31, 2018, net cash used in financing activities of $21.6 million was primarily from the redemption of Series A-1 Preferred Stock totaling $19.9 million, $2.0 million related to the share repurchase program, offset by $0.3 million of proceeds received from the exercise of stock options.\nDuring the year ended December 31, 2017, net cash provided by financing activities of $12.8 million was primarily from the issuance of Series A-1 Preferred Stock totaling $14.4 million and a Common Share offering for $12.0 million, offset by redeeming and retiring Series A Preferred Stock Financing of $13.8 million.\n\n | | For the Years Ended December 31, | \n--------------------------------------------------- | -------- | -------------------------------- | -------\n | 2019 | 2018 | 2017 \n | | (in thousands) | \nNet cash provided by (used in) operating activities | $(9,885) | $25,601 | $16,586\nNet cash used in investing activities | $(3,822) | (13,203) | (1,873)\nNet cash provided by (used in) financing activities | $\u2014 | (21,556) | 12,778 "} {"_id": "d1b31f082", "title": "", "text": "Asset position\nIn financial year 2018/19, total assets of continuing and discontinued operations decreased by \u20ac709 million to \u20ac14.5 billion (30/9/2018: \u20ac15.2 billion).\nIn financial year 2018/19, non-current assets from continuing operations decreased by \u20ac141 million to \u20ac6.7 billion (30/9/2018: \u20ac6.9 billion), primarily relating to property, plant and equipment. In addition to cost-efficient investment activities, this was mainly due to individual property sales, while currency effects increased the carrying amount.\n1 Adjustment of previous year according to explanation in notes.\n2 Adjusted for effects of the discontinued business segment.\nFor more information about the development of non-current assets, see the notes to the consolidated financial statements in the numbers listed in the table.\n\n\u20ac million | Note no. | 30/9/2018 1 | 30/9/2018 adjusted2 | 30/9/2019\n------------------------------------------------- | -------- | ----------- | ------------------- | ---------\nNon-current assets | | 7,503 | 6,877 | 6,736 \nGoodwill | 19 | 797 | 778 | 785 \nOther intangible assets | 20 | 499 | 496 | 562 \nProperty, plant and equipment | 21 | 5,314 | 4,892 | 4,760 \nInvestment properties | 22 | 97 | 97 | 82 \nFinancial assets | 23 | 88 | 88 | 97 \nInvestments accounted for using the equity method | 23 | 178 | 178 | 179 \nOther financial and other non-financial assets | 24 | 202 | 86 | 80 \nDeferred tax assets | 25 | 329 | 262 | 191 "} {"_id": "d1b2ffca0", "title": "", "text": "Income taxes. Income tax expense and effective annual income tax rates for fiscal 2019 and 2018, as well as information as to the effects of the U.S. Tax Reform in fiscal 2018, were as follows (dollars in millions):\n(1) We believe the non-GAAP presentation of income tax expense and the effective annual tax rate excluding special tax items, the one-time employee bonus and restructuring charges provides additional insight over the change from the comparative reporting periods by isolating the impact of these significant, special items. In addition, the Company believes that its income tax expense, as adjusted, and effective tax rate, as adjusted, enhance the ability of investors to analyze the Company\u2019s operating performance and supplement, but do not replace, its income tax expense and effective tax rate calculated in accordance with U.S. GAAP.\nIncome tax expense for fiscal 2019 was $17.3 million compared to $94.6 million for fiscal 2018. The decrease is primarily due to the $85.9 million impact of Tax\nReform that was recorded in fiscal 2018, which was partially offset by an increase in tax expense due to the global intangible low-taxed income provisions\n(\"GILTI\") of Tax Reform in fiscal 2019. Income tax expense also decreased by $10.5 million in fiscal 2019 as the Company reasserted that certain historical\nundistributed earnings of two foreign subsidiaries will be permanently reinvested based on the expected working capital requirements of these two foreign\nsubsidiaries.\nThe $94.6 million of income tax expense recorded during fiscal 2018 included $85.9 million related to the enactment of Tax Reform. Included in the fiscal 2018 income tax expense was a $3.6 million benefit for the valuation allowance released against the net deferred tax assets in the U.S. as the Company is subject to GILTI.\n\n | 2019 | 2018 \n---------------------------------------------- | ----- | ------\nIncome tax expense, as reported (GAAP) | $17.3 | $94.6 \nAccumulated foreign earnings assertion | 10.5 | \u2014 \nU.S. Tax Reform | (7.0) | (85.9)\nImpact of other special tax items | 0.2 | (1.1) \nImpact of valuation allowance release | \u2014 | 3.6 \nImpact of one-time employee bonus | \u2014 | 0.3 \nIncome tax expense, as adjusted (non-GAAP) (1) | $21.0 | $11.5 "} {"_id": "d1b324bcc", "title": "", "text": "The following table disaggregates our revenue by major source for the year ended December 31, 2018:\n(1) Subscriber Solutions & Experience was formerly reported as Customer Devices. With the increasing focus on enhancing the customer experience for both our business and consumer broadband customers and the addition of SmartRG during the fourth quarter of 2018, Subscriber Solutions & Experience more accurately represents this revenue category.\n\n(In thousands) | Network Solutions | Services & Support | Total \n------------------------------------- | ----------------- | ------------------ | --------\nAccess & Aggregation | $301,801 | $57,069 | $358,870\nSubscriber Solutions & Experience (1) | 129,067 | 5,393 | 134,460 \nTraditional & Other Products | 27,364 | 8,583 | 35,947 \nTotal | $458,232 | $71,045 | $529,277"} {"_id": "d1b305b28", "title": "", "text": "Invested capital:\nTORM defines invested capital as the sum of intangible assets, tangible fixed assets, investments in joint ventures, bunkers, accounts receivables, assets held-for-sale (when applicable), deferred tax liability, trade payables, current tax liabilities and deferred income. Invested capital measures the net investment used to achieve the Company\u2019s operating profit. The Company believes that invested capital is a relevant measure that Management uses to measure the overall development of the assets and liabilities generating the net profit. Such measure may not be comparable to similarly titled measures of other companies. Invested capital is calculated as follows:\n\u00b9\u207e Accounts receivables includes Freight receivables, Other receivables and Prepayments.\n\u00b2\u207e Trade payables includes Trade payables and Other liabilities.\n\nUSDm | 2019 | 2018 | 2017 \n------------------------------------ | ------- | ------- | -------\nTangible and intangible fixed assets | 1,782.2 | 1,445.0 | 1,384.8\nInvestments in joint ventures | 1.2 | 0.1 | 0.3 \nBunkers | 34.8 | 39.4 | 33.2 \nAccounts receivables \u00b9\u207e | 99.5 | 96.3 | 87.5 \nAssets held-for-sale | 9.1 | 6.2 | 6.6 \nDeferred tax liability | -44.9 | -44.9 | -44.9 \nTrade payables \u00b2\u207e | -94.4 | -71.6 | -60.0 \nCurrent tax liabilities | -1.5 | -1.0 | -1.4 \nDeferred income | - | -0.1 | -0.1 \nInvested capital | 1,786.0 | 1,469.4 | 1,406.0"} {"_id": "d1a73f79e", "title": "", "text": "Property, Plant and Equipment\nProperty, plant and equipment consists of the following (in millions):\nDepreciation expense attributed to property, plant and equipment was $180.6 million, $123.7 million and $122.9 million for the fiscal years ending March 31, 2019, 2018 and 2017, respectively.\n\n | March 31, | \n---------------------------------------------- | --------- | -------\n | 2019 | 2018 \nLand | $83.4 | $73.4 \nBuilding and building improvements | 647.6 | 508.5 \nMachinery and equipment | 2,095.5 | 1,943.9\nProjects in process | 119.2 | 118.3 \nTotal property, plant and equipment, gross | 2,945.7 | 2,644.1\nLess accumulated depreciation and amortization | 1,949.0 | 1,876.2\nTotal property, plant and equipment, net | $996.7 | $767.9 "} {"_id": "d1b3c2d68", "title": "", "text": "MICROCHIP TECHNOLOGY INCORPORATED AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF CASH FLOWS (in millions)\nSchedule of restricted cash:\n(2) During the fiscal year ended March 31, 2019, the Company adopted ASU 2016-18 - Statement of Cash Flows: Restricted Cash. The following table presents the balance of restricted cash which consists of cash denominated in a foreign currency and restricted in use due to a foreign taxing authority requirement (in millions):\n\n | | Year ended March 31, | \n------------------------------------------------------------------------- | ------- | -------------------- | ---------\n | 2019 | 2018 | 2017 \nEffect of foreign exchange rate changes on cash and cash equivalents | \u2014 | \u2014 | (1.0) \nNet decrease in cash and cash equivalents | (472.7) | (7.4) | (1,184.0)\nCash and cash equivalents, and restricted cash at beginning of period (2) | 901.3 | 908.7 | 2,092.7 \nCash and cash equivalents, and restricted cash at end of period (2) | $428.6 | $901.3 | $908.7 "} {"_id": "d1b311716", "title": "", "text": "ADVANCED ENERGY INDUSTRIES, INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS \u2013 (continued) (in thousands, except per share amounts)\nThe information provided below includes one pension plan which is part of discontinued operations. As such, all related liabilities and expenses are reported in discontinued operations in the Company\u2019s Consolidated Balance Sheets and Consolidated Statements of Operations for all periods presented.\nThe components of net periodic pension benefit cost recognized in our Consolidated Statements of Operations for the periods presented are as follows:\n\n | | Years Ended December 31, | \n------------------------------------------ | ------ | ------------------------ | -----\n | 2019 | 2018 | 2017 \nService cost | $272 | $841 | $ \u2014 \nInterest cost | 1,211 | 802 | 809 \nExpected return on plan assets | (615) | (665) | (597)\nAmortization of actuarial gains and losses | 411 | 478 | 503 \nNet periodic pension cost | $1,279 | $1,456 | $715 "} {"_id": "d1b361e0a", "title": "", "text": "NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (in thousands, except for share and per share data)\nWe have also recorded the following amounts to accumulated other comprehensive loss for the U.S. and non-U.S. pension plans, net of tax:\n\n | U.S.Pension Plans | Non-U.S.Pension Plans\n----------------------------------------------- | ----------------- | ---------------------\n | Unrecognized Loss | Unrecognized Loss \nBalance at January 1, 2018 | $75,740 | $1,898 \nAmortization of retirement benefits, net of tax | (4,538) | (126) \nSettlements | \u2014 | \u2014 \nNet actuarial gain | 6,732 | 196 \nForeign exchange impact | \u2014 | (52) \nTax impact due to implementation of ASU 2018-02 | 17,560 | \u2014 \nBalance at January 1, 2019 | $95,494 | $1,916 \nAmortization of retirement benefits, net of tax | (4,060) | (138) \nNet actuarial (loss) gain | (2,604) | 78 \nForeign exchange impact | \u2014 | 44 \nBalance at December 31, 2019 | $88,830 | $1,900 "} {"_id": "d1b320608", "title": "", "text": "NOTE 3\u2014ACQUISITIONS AND DIVESTITURES\nSale of CGD Services\nOn April 18, 2018, we entered into a stock purchase agreement with Nova Global Supply & Services, LLC (Purchaser), an entity affiliated with GC Valiant, LP, under which we agreed to sell our CGD Services business to the Purchaser. We concluded that the sale of the CGD Services business met all of the required conditions for discontinued operations presentation in the second quarter of fiscal 2018. Consequently, in the second quarter of fiscal 2018, we recognized a $6.9 million loss within discontinued operations, which was calculated as the excess of the carrying value of the net assets of CGD Services less the estimated sales price in the stock purchase agreement less estimated selling costs.\nThe sale closed on May 31, 2018. In accordance with the terms of the stock purchase agreement, the Purchaser agreed to pay us $135.0 million in cash upon the closing of the transaction, adjusted for the estimated working capital of CGD Services at the date of the sale compared to a working capital target. In the third quarter of fiscal 2018, we received $133.8 million in connection with the sale and we recorded a receivable from the Purchaser for the estimated amount due related to the working capital settlement. The balance of this receivable was $3.7 million at September 30, 2018. During fiscal 2019, we worked with the Purchaser and revised certain estimates related to the working capital settlement. In connection with the revision of these estimates, we reduced the receivable from the Purchaser by $1.4 million and recognized a corresponding loss on the sale of CGD Services in fiscal 2019. Certain remaining working capital settlement estimates, primarily related to the fair value of accounts receivable, have not yet been settled with the Purchaser.\nIn addition to the amounts described above, we are eligible to receive an additional cash payment of $3.0 million based on the achievement of pre-determined earn-out conditions related to the award of certain government contracts. No amount has been recorded as a receivable related to the potential achievement of earn-out conditions based upon our assessment of the probability of achievement of the required conditions.\nThe operations and cash flows of CGD Services are reflected in our Consolidated Statements of Operations and Consolidated Statements of Cash Flows as discontinued operations through May 31, 2018, the date of the sale. The following table presents the composition of net income from discontinued operations, net of taxes (in thousands):\n\n | | Years Ended September 30, | \n--------------------------------------------------------- | ---------- | ------------------------- | ----------\n | 2019 | 2018 | 2017 \nNet sales | $ \u2014 | $ 262,228 | $ 378,152\nCosts and expenses: | | | \nCost of sales | \u2014 | 235,279 | 342,819 \nSelling, general and administrative expenses | \u2014 | 11,365 | 17,487 \nAmortization of purchased intangibles | \u2014 | 1,373 | 2,752 \nRestructuring costs | \u2014 | 7 | 208 \nOther income | \u2014 | (15) | (46) \nEarnings from discontinued operations before income taxes | \u2014 | 14,219 | 14,932 \nNet loss on sale | 1,423 | 6,131 | \u2014 \nIncome tax provision | \u2014 | 3,845 | 401 \nNet income (loss) from discontinued operations | $ (1,423) | $ 4,243 | $ 14,531 "} {"_id": "d1b349198", "title": "", "text": "Restructuring Expense\nIn October 2019, we began implementing a restructuring plan in our ongoing efforts to reduce operating costs and focus on advanced technologies. The restructuring plan, when complete, is expected to result in a workforce reduction of approximately 5% of our workforce and the closure and consolidation of certain U.S. and international office facilities. We expect to complete the restructuring by the end of the second fiscal quarter of 2020. We recorded restructuring expenses of $2.5 million in the fourth quarter of 2019, which included the following (in thousands)\nAs of December 31, 2019, we had accrued but unpaid restructuring costs of $1.5 million included in accrued liabilities on the Consolidated Balance Sheets\n\n | Cost of revenue | Sales and marketing | Research and development | General and administrative | Total restructuring expense\n-------------------------------------------- | --------------- | ------------------- | ------------------------ | -------------------------- | ---------------------------\nEmployee severance and related payroll taxes | $28 | $1,355 | $340 | $194 | $1,917 \nFacilities closure expenses | . | 435 | 89 | | 524 \nLegal fees | . | . | . | 89 | 89 \n | $28 | $1,790 | $429 | $283 | $2,530 "} {"_id": "d1b35f272", "title": "", "text": "FINANCIAL EXPENSE\n(1) Fiscal 2018 was restated to reclassify results from Cogeco Peer 1 as discontinued operations. For further details, please consult the \"Discontinued operations\" section.\nFiscal 2019 fourth-quarter financial expense decreased by 15.2% mainly due to: \u2022 the reimbursements of $65 million and US$35 million under the Canadian Revolving Facility during the second quarter of fiscal 2019 and of US$328 million during the third quarter of fiscal 2019 following the sale of Cogeco Peer 1; and \u2022 lower debt outstanding and interest rates on the First Lien Credit Facilities; party offset by \u2022 the appreciation of the US dollar against the Canadian dollar compared to same period of the prior year.\n\nThree months ended August 31, | 2019 | 2018 (1) | Change\n--------------------------------------------- | ------ | -------- | ------\n(in thousands of dollars, except percentages) | $ | $ | % \nInterest on long-term debt | 41,307 | 46,127 | (10.4)\nNet foreign exchange losses (gains) | (403) | 482 | \u2014 \nAmortization of deferred transaction costs | 464 | 441 | 5.2 \nCapitalized borrowing costs | (168) | (162) | 3.7 \nOther | (763) | 821 | \u2014 \n | 40,437 | 47,709 | (15.2)"} {"_id": "d1b385c38", "title": "", "text": "NOTE 11 - STOCK CAPITAL (Cont.)\nShares and warrants issued to service providers:\nOn August 17, 2017 the Company issued to Anthony Fiorino, the former CEO of the Company, for consulting services rendered, a grant of 4,327 shares of restricted stock under the 2014 U.S. Plan, which vests in eight equal quarterly installments (starting November 17, 2017) until fully vested on the second anniversary of the date of grant.\nCompensation expense recorded by the Company in respect of its stock-based service provider compensation awards for the year ended December 31, 2019 and 2018 amounted to $25 and $102, respectively.\nOn March 26, 2019, the Company issued to its legal advisor 5,908 shares of Common Stock under the 2014 U.S. Plan for certain 2018 legal services. The related compensation expense was recorded as general and administrative expense in 2018.\nOn May 23, 2019, the Company granted to a former director, in consideration for services rendered to the Company, an option under the 2014 Global Plan to purchase up to 4,167 shares of Common Stock with an exercise price per share of $0.75. The option was fully vested and exercisable as of the date of grant.\nTotal Stock-Based Compensation Expense:\nThe total stock-based compensation expense, related to shares, options and warrants granted to employees, directors and service providers was comprised, at each period, as follows:\n\n | December 31 | \n-------------------------------------- | ----------- | -------\n | 2019 | 2 0 1 8\nU.S. $ in thousands | | \nResearch and development | 123 | 175 \nGeneral and administrative | 666 | 844 \nTotal stock-based compensation expense | 789 | 1,019 "} {"_id": "d1b33b534", "title": "", "text": "24. Cash and cash equivalents\nSignificant accounting policies that apply to cash and cash equivalents Cash and cash equivalents comprise cash in hand and current balances with banks and similar institutions, which are readily convertible to cash and are subject to insignificant risk of changes in value and have an original maturity of three months or less. All are held at amortised cost on the balance sheet, equating to fair value. For the purpose of the consolidated cash flow statement, cash and cash equivalents are as defined above net of outstanding bank overdrafts. Bank overdrafts are included within the current element of loans and other borrowings (note 25).\nIFRS 9 was applied for the first time on 1 April 2018 and introduces new classifications for financial instruments. Cash and cash equivalents were classified as loans and receivables under IAS 39, and are now classified as financial assets held at amortised cost under IFRS 9. This has not had an impact on the accounting for these instruments, or on their carrying amounts.\nCash and cash equivalents include restricted cash of \u00a344m (2017/18: \u00a332m, 2016/17: \u00a343m), of which \u00a340m (2017/18: \u00a329m, 2016/17: \u00a341m) was held in countries where local capital or exchange controls currently prevent us from accessing cash balances. The remaining balance of \u00a34m (2017/18: \u00a33m, 2016/17: \u00a32m) was held in escrow accounts, or in commercial arrangements akin to escrow.\n\n | 2019 | 2018 | 2017\n----------------------------------------------------- | ----- | ---- | ----\nAt 31 March | \u00a3m | \u00a3m | \u00a3m \nCash at bank and in hand | 495 | 446 | 469 \nCash equivalents | | | \nUS deposits | 3 | 26 | 32 \nUK deposits | 1,132 | 31 | 1 \nOther deposits | 36 | 25 | 26 \nTotal cash equivalents | 1,171 | 82 | 59 \nTotal cash and cash equivalents | 1,666 | 528 | 528 \nBank overdrafts (note25) | (72) | (29) | (17)\nCash and cash equivalents per the cash flow statement | 1,594 | 499 | 511 "} {"_id": "d1b3929ec", "title": "", "text": "The fair value of plan assets, summarized by level within the fair value hierarchy described in Note 20, as of May 27, 2018, was as follows:\nLevel 1 assets are valued based on quoted prices in active markets for identical securities. The majority of the Level 1 assets listed above include the common stock of both U.S. and international companies, mutual funds, master limited partnership units, and real estate investment trusts, all of which are actively traded and priced in the market.\nLevel 2 assets are valued based on other significant observable inputs including quoted prices for similar securities, yield curves, indices, etc. Level 2 assets consist primarily of individual fixed income securities where values are based on quoted prices of similar securities and observable market data.\nLevel 3 assets consist of investments where active market pricing is not readily available and, as such, fair value is estimated using significant unobservable inputs.\nCertain assets that are measured at fair value using the NAV (net asset value) per share (or its equivalent) practical expedient have not been classified in the fair value hierarchy. Such investments are generally considered long-term in nature with varying redemption availability. For certain of these investments, with a fair value of approximately $51.0 million as of May 26, 2019, the asset managers have the ability to impose customary redemption gates which may further restrict or limit the redemption of invested funds therein. As of May 26, 2019, funds with a fair value of $4.2 million have imposed such gates.\nAs of May 26, 2019, we have unfunded commitments for additional investments of $48.3 million in private equity funds and $17.0 million in natural resources funds. We expect unfunded commitments to be funded from plan assets rather than the general assets of the Company.\nNotes to Consolidated Financial Statements - (Continued) Fiscal Years Ended May 26, 2019, May 27, 2018, and May 28, 2017 (columnar dollars in millions except per share amounts)\n\n | Level 1 | Level 2 | Level 3 | Total \n------------------------------------------------------------------------- | ------- | -------- | ------- | --------\nCash and cash equivalents | $1.0 | $65.0 | $\u2014 | $66.0 \nEquity securities: | | | | \nU.S. equity securities | 319.8 | 124.0 | \u2014 | 443.8 \nInternational equity securities | 256.5 | 1.0 | \u2014 | 257.5 \nFixed income securities: | | | | \nGovernment bonds | \u2014 | 1,854.8 | \u2014 | 1,854.8 \nCorporate bonds | \u2014 | 4.7 | \u2014 | 4.7 \nMortgage-backed bonds | \u2014 | 9.3 | \u2014 | 9.3 \nReal estate funds | 7.7 | \u2014 | \u2014 | 7.7 \nMaster limited partnerships | 0.4 | \u2014 | \u2014 | 0.4 \nNet receivables for unsettled transactions | 10.9 | \u2014 | \u2014 | 10.9 \nFair value measurement of pension plan assets in the fair value hierarchy | $596.3 | $2,058.8 | $\u2014 | $2,655.1\nInvestments measured at net asset value | | | | 700.0 \nTotal pension plan assets | | | | $3,355.1"} {"_id": "d1b372c46", "title": "", "text": "5 Alternative Performance Measures (\u201cAPM\u2019s\u201d) continued\nUnlevered Free Cash Flow\nUnlevered free cash flow represents net cash flow from operating activities adjusted for exceptional items and net capital expenditure. Unlevered free cash flow provides an understanding of the Group\u2019s cash generation and is a supplemental measure of liquidity in respect of the Group\u2019s operations without the distortions of exceptional and other non-operating items.\n\n | Year-ended 31 March 2019 | Year-ended 31 March 2018\n--------------------------------------- | ------------------------ | ------------------------\n | $M | $M \nNet cash flow from operating activities | 142.9 | 147.7 \nExceptional items | 3.1 | 13.0 \nNet capital expenditure | (22.2) | (21.1) \nUnlevered free cash flow | 123.8 | 139.6 "} {"_id": "d1b2f0a70", "title": "", "text": "Security Ownership of Certain Beneficial Owners and Management\nThe following table summarizes the beneficial owners of more than 5% of the Company\u2019s voting securities and the securities of the Company beneficially owned by the Company\u2019s directors and officers as of April 27, 2020.\n\nName and address of Beneficial Owner | Amount of Beneficial Ownership | Percent of Beneficial Ownership\n------------------------------------------------------------------------------ | ------------------------------ | -------------------------------\nGaro H. Armen (1) | 4,741,323 (2) | 36% \nRobert B. Stein (1) | 502,500 (3) | 4% \nKhalil Barrage (1) | 380,000 (4) | 3% \nAlexander K. Arrow (1) | 671,799 (5) | 6% \nLarry N. Feinberg 808 North St., Greenwich, CT 06831 | 800,000 (6) | 7% \nBrian J. Corvese (1) | 145,000 (7) | 1% \nDavid A. Lovejoy | 668,037 (8) | 6% \nJosh Silverman (1) | 140,000 (9) | 1% \nStrategic Bio Partners LLC (10) 777 Third Avenue 30th Floor New York, NY 10017 | 1,895,945 (11) | 17% \nAll directors and executive officers as a group (6 persons) | 6,580,622 (12) | 44% "} {"_id": "d1b3b5c94", "title": "", "text": "Note 8. Property, Plant and Equipment, net\nProperty, plant and equipment, net as of December 31, 2019 and 2018 consisted of the following:\n(1) Useful lives for leasehold and building improvements represent the term of the lease or the estimated life of the related improvements, whichever is shorter.\nDepreciation expense from continuing operations was $12,548 and $12,643 for the years ended December 31, 2019 and 2018, respectively, of which $9,028 and $9,189, respectively, related to internal use software costs.\nAmounts capitalized to internal use software related to continuing operations for the years ended December 31, 2019 and 2018 were $3,800 and $6,690, respectively.\n\n | | December 31 | \n---------------------------------------------------------------------- | ---------------------- | ----------- | --------\n | Useful life (in years) | 2019 | 2018 \nComputer equipment and software | 3-5 | 14,689 | 14,058 \nFurniture and equipment | 5-7 | 2,766 | 3,732 \nLeasehold and building improvements (1) | | 7,201 | 7,450 \nConstruction in progress - PPE | | 949 | \u2014 \nProperty, plant, and equipment, excluding internal use software | | 25,605 | 25,240 \nLess: Accumulated depreciation and amortization | | (19,981) | (17,884)\nProperty, plant and equipment, excluding internal use software, net | | 5,624 | 7,356 \nInternal use software | 3 | 33,351 | 31,565 \nConstruction in progress - Internal use software | | 2,973 | 903 \nLess: Accumulated depreciation and amortization, internal use software | | (25,853) | (16,846)\nInternal use software, net | | 10,471 | 15,622 \nProperty, plant and equipment, net | | $16,095 | $22,978 "} {"_id": "d1b343e64", "title": "", "text": "Our net sales by offering category for APAC for 2019 and 2018, were as follows (dollars in thousands):\nNet sales in APAC decreased 4% (increased 2% excluding the effects of fluctuating foreign currency rates), or $6.7 million, in 2019 compared to 2018. In APAC, increases in hardware and services net sales year over year were offset by a decrease in software net sales during 2019 compared to 2018. The changes were the result of the following:\n\u2022 Continued expansion of hardware offerings in the APAC market resulted in higher net sales in this category.\n\u2022 Continued trend toward higher sales of cloud solution offerings that are recorded on a net sales recognition basis in the services net sales category resulted in declines in the software net sales category.\n\u2022 Higher volume of net sales of cloud solution offerings and software referral fees that are recorded on a net sales recognition basis positively impacted services net sales. Additionally, there were contributions from Insight delivered services from increased net sales of our digital innovation solutions offering.\n\n | APAC | | \n--------- | -------- | -------- | -------\nSales Mix | 2019 | 2018 | %Change\nHardware | $34,965 | $29,496 | 19% \nSoftware | 92,988 | 107,363 | (13%) \nServices | 52,288 | 50,055 | 4% \n | $180,241 | $186,914 | (4%) "} {"_id": "d1b368d7c", "title": "", "text": "Employee Stock Purchase Plan\nThe maximum aggregate number of shares that are available for issuance under the 2011 Employee Stock Purchase Plan (the \u201cESPP\u201d) is 12,000,000.\nEmployees are eligible to participate in the ESPP after 90 days of employment with the Company. The ESPP permits eligible employees to purchase common stock through payroll deductions, which may not exceed 10% of an employee\u2019s compensation, as defined in the ESPP, at a price equal to 85% of the fair value of the common stock at the beginning or end of the offering period, whichever is lower. The ESPP is intended to qualify under Section 423 of the Internal Revenue Code. As of August 31, 2019, 3,397,019 shares remained available for issue under the 2011 ESPP.\nThe fair value of shares issued under the ESPP was estimated on the commencement date of each offering period using the Black-Scholes option pricing model. The following weighted-average assumptions were used in the model for each respective period:\n(1) The expected volatility was estimated using the historical volatility derived from the Company\u2019s common stock.\n\n | Fiscal Year Ended August 31, | | \n----------------------- | ---------------------------- | --------- | ---------\n | 2019 | 2018 | 2017 \nExpected dividend yield | 0.6% | 0.6% | 0.8% \nRisk-free interest rate | 2.3% | 1.4% | 0.5% \nExpected volatility(1) | 28.6% | 23.0% | 33.0% \nExpected life | 0.5 years | 0.5 years | 0.5 years"} {"_id": "d1b30c9a0", "title": "", "text": "Total Expense and Other (Income)\n* 2019 results were impacted by Red Hat purchase accounting and acquisition-related activity.\nThe following Red Hat-related expenses were included in 2019 total consolidated expense and other (income), with no corresponding expense in the prior-year: Red Hat operational spending, interest expense from debt issuances to fund the acquisition and other acquisition-related activity, including: amortization of acquired intangible assets, retention and legal and advisory fees associated with the transaction.\nTotal expense and other (income) increased 2.8 percent in 2019 versus the prior year primarily driven by higher spending including Red Hat operational spending and investments in software and systems innovation, higher interest expense, non-operating acquisition-related activity associated with the Red Hat transaction and lower IP income, partially offset by lower non-operating retirement-related costs, divesture-related activity (gains on divestitures and lower spending) and the effects of currency. Total operating (non-GAAP) expense and other (income) increased 4.1 percent year to year, driven primarily by the factors above excluding the higher non-operating acquisition related activity and lower non-operating retirement-related costs described above.\n\n($ in millions) | | | \n----------------------------------------------- | ------- | ------- | ----------------------------------\nFor the year ended December 31: | 2019 | 2018 | Yr.-to-Yr. Percent/ Margin Change*\nTotal consolidated expense and other (income) | $26,322 | $25,594 | 2.8% \nNon-operating adjustments | | | \nAmortization of acquired intangible assets | (764) | (437) | 74.8 \nAcquisition-related charges | (409) | (16) | NM \nNon-operating retirement related (costs)/income | (615) | (1,572) | (60.9) \nOperating (non-GAAP) expense and other (income) | $24,533 | $23,569 | 4.1% \nTotal consolidated expense-to-revenue ratio | 34.1% | 32.2% | 2.0 pts. \nOperating (non-GAAP) expense-to-revenue ratio | 31.8% | 29.6% | 2.2 pts. "} {"_id": "d1b33f95e", "title": "", "text": "Management Discussion and Analysis\nNotes:\u00a0(1) Assuming constant exchange rates for the Australian Dollar, United States Dollar and/or regional currencies (Indian Rupee, Indonesian Rupiah, Philippine\u00a0Peso and Thai Baht) from the previous year ended 31 March 2018 (FY2018). (2) Underlying net profit refers to net profit before exceptional items.\nThe Group has executed well on its strategy amid challenging industry, business and economic conditions. The fundamentals of the core businesses remained strong and the Group gained market share in mobile across both Singapore and Australia led by product innovations, content and services. Amobee and Trustwave continued to scale and deepen their capabilities, while the regional associates further monetised the growth in data as smartphone adoption increased. Leveraging on the Group\u2019s strengths and customer base, Singtel continued to build digital ecosystems in payments, gaming and esports.\u00a0\n\nThe Group has executed well on its strategy amid challenging industry, business and economic conditions. The fundamentals of the core businesses remained strong and the Group gained market share in mobile across both Singapore and Australia led by product innovations, content and services. Amobee and Trustwave continued to scale and deepen their capabilities, while the regional associates further monetised the growth in data as smartphone adoption increased. Leveraging on the Group\u2019s strengths and customer base, Singtel continued to build digital ecosystems in payments, gaming and esports.\nIn constant currency terms, operating revenue grew 3.7% driven by increases in ICT, digital services and equipment sales. However, EBITDA was down 3.9% mainly due to lower legacy carriage services especially voice, and price erosion. With 6% depreciation in the Australian Dollar, operating revenue was stable while EBITDA declined 7.1%.\nDepreciation and amortisation charges fell 1.2% but rose 2.7% in constant currency terms, on increased investments in mobile infrastructure network, spectrum and project related capital spending.\u00a0 Depreciation and amortisation charges fell 1.2% but rose 2.7% in constant currency terms, on increased investments in mobile infrastructure network, spectrum and project related capital spending.\nConsequently, the Group\u2019s EBIT (before the associates\u2019 contributions) declined 12% and would have been down 9.2% in constant currency terms.\u00a0\n\nConsequently, the Group\u2019s EBIT (before the associates\u2019 contributions) declined 12% and would have been down 9.2% in constant currency terms.\u00a0 Consequently, the Group\u2019s EBIT (before the associates\u2019 contributions) declined 12% and would have been down 9.2% in constant currency terms.\nIn the emerging markets, the regional associates continued to invest in network, spectrum and content to drive data usage. Pre-tax contributions from the associates declined a steep 38% mainly due to Airtel and Telkomsel, the Group\u2019s two largest regional associates. Airtel recorded operating losses on sustained pricing pressures in the Indian mobile market. Telkomsel\u2019s earnings fell on lower revenue due to fierce competition in Indonesia in the earlier part of the financial year when the mandatory SIM card registration exercise took effect. Including associates\u2019 contributions, the Group\u2019s EBIT was S$4.01 billion, down 24% from last year.\nNet finance expense was up 2.9% on lower dividend income from the Southern Cross consortium and higher interest expense from increased borrowings.\nWith lower contributions from the associates, underlying net profit declined by 21%. Exceptional gain was lower as FY 2018 was boosted by a S$2.03 billion of gain on the divestment of units in NetLink Trust. Consequently, the Group recorded a net profit of S$3.10 billion, down 44% from last year.\u00a0\n\nWith lower contributions from the associates, underlying net profit declined by 21%. Exceptional gain was lower as FY 2018 was boosted by a S$2.03 billion of gain on the divestment of units in NetLink Trust. Consequently, the Group recorded a net profit of S$3.10 billion, down 44% from last year.\nThe Group has successfully diversified its earnings base through its expansion and investments in overseas markets. On a proportionate basis if the associates are consolidated line-byline, operations outside Singapore accounted for three-quarters of both the Group\u2019s proportionate revenue and EBITDA.\nThe Group\u2019s financial position and cash flow generation remained strong as at 31 March 2019. Free cash flow for the year was up 1.2% to S$3.65 billion.\n\n | Financial Year ended 31 March | | | \n--------------------------------------------- | ----------------------------- | ------------ | ------ | -------------------------------\n | 2019 | 2018 | Change | Change in constant currency (1)\n | (S$ million) | (S$ million) | (%) | (%) \nOperating revenue | 17,372 | 17,268 | 0.6 | 3.7 \nEBITDA | 4,692 | 5,051 | -7.1 | -3.9 \nEBITDA margin | 27.0% | 29.2% | | \nShare of associates\u2019 pre-tax pro\ufb01ts | 1,536 | 2,461 | -37.6 | -36.2 \nEBIT | 4,006 | 5,261 | -23.9 | -21.8 \n(exclude share of associates\u2019 pre-tax pro\ufb01ts) | 2,470 | 2,801 | -11.8 | -9.2 \nNet \ufb01nance expense | (355) | (345) | 2.9 | 6.2 \nTaxation | (850) | (1,344) | -36.8 | -35.8 \nUnderlying net pro\ufb01t (2) | 2,825 | 3,593 | -21.4 | -19.1 \nUnderlying earnings per share (S cents) (2) | 17.3 | 22.0 | -21.4 | -19.1 \nExceptional items (post-tax) | 270 | 1,880 | -85.7 | -85.2 \nNet pro\ufb01t | 3,095 | 5,473 | -43.5 | -41.8 \nBasic earnings per share (S cents) | 19.0 | 33.5 | -43.5 | -41.8 \nShare of associates\u2019 post-tax pro\ufb01ts | 1,383 | 1,823 | -24.1 | -21.8 "} {"_id": "d1b370540", "title": "", "text": "ITEM 6. SELECTED FINANCIAL DATA\nThe selected consolidated statements of operations data for the years ended December 31, 2019, 2018 and 2017 and the selected consolidated balance sheet data as of December 31, 2019 and 2018 are derived from our audited consolidated financial statements included elsewhere in this Annual Report. The selected consolidated statements of operations data for the years ended December 31, 2016 and 2015 and the selected consolidated balance sheet data as of December 31, 2017, 2016 and 2015 are derived from our audited consolidated financial statements not included in this Annual Report. Our historical results are not necessarily indicative of the results to be expected in the future. The selected financial data should be read together with Item 7. \"Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations\" and in conjunction with our consolidated financial statements, related notes, and other financial information included elsewhere in this Annual Report. The following tables set forth our selected consolidated financial and other data for the years ended and as of December 31, 2019, 2018, 2017, 2016 and 2015 (in thousands, except share and per share data).\nInformation about prior period acquisitions that may affect the comparability of the selected financial information presented below is included in Item 1. Business. Information about the $28.0 million expense recorded in general and administrative expense in 2018, which relates to the agreement reached to settle the legal matter alleging violations of the Telephone Consumer Protection Act, or TCPA, and may affect the comparability of the selected financial information presented below, is disclosed in Item 3. \u201cLegal Proceedings.\u201d Information about the $1.7 million of interest recorded within interest income and the $6.9 million of gain recorded within other income, net, in 2019, which relates to promissory note proceeds received from one of our hardware suppliers and proceeds from an acquired promissory note, and may affect the comparability of the selected financial information presented below, is disclosed in Item 7. \"Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations.\"\nCertain previously reported amounts in the consolidated statements of operations for the years ended December 31, 2018, 2017, 2016 and 2015 have been reclassified to conform to our current presentation to reflect interest income as a separate line item, which was previously included in other income, net.\n(3) We measure our SaaS and license revenue renewal rate on a trailing 12-month basis by dividing (a) the total SaaS and license revenue recognized during the trailing 12-month period from subscribers on our Alarm.com platform who were subscribers on the first day of the period, by (b) total SaaS and license revenue we would have recognized during the period from those same subscribers assuming no terminations, or service level upgrades or downgrades. The SaaS and license revenue renewal rate represents both residential and commercial properties. Our SaaS and license revenue renewal rate is expressed as an annualized percentage. Our service provider partners, who resell our services to our subscribers, have indicated that they typically have three to five-year service contracts with our subscribers. Our SaaS and license revenue renewal rate is calculated across our entire subscriber base on the Alarm.com platform, including subscribers whose contract with their service provider reached the end of its contractual term during the measurement period, as well as subscribers whose contract with their service provider has not reached the end of its contractual term during the measurement period, and is not intended to estimate the rate at which our subscribers renew their contracts with our service provider partners. We believe that our SaaS and license revenue renewal rate allows us to measure our ability to retain and grow our SaaS and license revenue and serves as an indicator of the lifetime value of our subscriber base.\n(4) We define Adjusted EBITDA as our net income before interest expense, interest income, other income, net, provision for / (benefit from) income taxes, amortization and depreciation expense, stock-based compensation expense, acquisition-related expense and legal costs and settlement fees incurred in connection with non-ordinary course litigation and other disputes, particularly costs involved in ongoing intellectual property litigation. We do not consider these items to be indicative of our core operating performance. The non-cash items include amortization and depreciation expense and stock-based compensation expense. Included in 2015 stock-based compensation expense is $0.8 million related to the repurchase of an employee's stock awards. We do not adjust for ordinary course legal expenses resulting from maintaining and enforcing our intellectual property portfolio and license agreements. Adjusted EBITDA is not a measure calculated in accordance with accounting principles generally accepted in the United States, or GAAP. See the table below for a reconciliation of Adjusted EBITDA to net income, the most directly comparable financial measure calculated and presented in accordance with GAAP.\n\n | | | Year Ended December 31, | | \n---------------------------------------- | -------- | ------- | ----------------------- | ------- | -------\n | 2019 | 2018 | 2017 | 2016 | 2015 \nOther Financial and Operating Data: | | | | | \nSaaS and license revenue renewal rate(3) | 94% | 93% | 93% | 94% | 93% \nAdjusted EBITDA(4) | $108,307 | $93,081 | $71,628 | $49,034 | $34,370"} {"_id": "d1b32cc6e", "title": "", "text": "SHARE-BASED PAYMENTS (continued)\n(a) Share option schemes (continued)\u00a0(iii) Fair value of option\nThe directors of the Company have used the Binomial Model to determine the fair value of the options as at the respective grant dates, which is to be expensed over the relevant vesting period. The weighted average fair value of options granted during the year ended 31 December 2019 was HKD123.82 per share (equivalent to approximately RMB106.09 per share) (2018: HKD127.43 per share (equivalent to approximately RMB103.46 per share)).\nOther than the exercise price mentioned above, significant judgment on parameters, such as risk free rate, dividend yield and expected volatility, are required to be made by the directors in applying the Binomial Model, which are summarised as below.\nNote: The expected volatility, measured as the standard deviation of expected share price returns, is determined based on the average daily trading price volatility of the shares of the Company.\n\n | 2019 | 2018 \n---------------------------------------------- | ----------- | -----------\nWeighted average share price at the grant date | HKD373.33 | HKD405.00 \nRisk free rate | 1.08%~2.07% | 1.77%~2.27%\nDividend yield | 0.23% | 0.24%~0.25%\nExpected volatility (Note) | 30.00% | 30.00% "} {"_id": "d1a72f100", "title": "", "text": "Note 17 \u2013 Earnings (Loss) per Share\nA summary of the calculation of basic and diluted earnings (loss) per share for the years ended December 31, 2019, 2018 and 2017 is as follows:\nFor each of the years ended December 31, 2019 and 2018, 5.7 million and 2.5 million, respectively, shares of unvested stock options, PSUs, RSUs and restricted stock were excluded from the calculation of diluted EPS due to their anti-dilutive effect.\nFor the year ended December 31, 2017, 3.2 million stock options were outstanding but were not included in the computation of diluted earnings (loss) per share because the options\u2019 exercise prices were greater than the average market price of the common shares, therefore making them anti-dilutive under the treasury stock method.\n\n(In thousands, except for per share amounts) | 2019 | 2018 | 2017 \n-------------------------------------------- | --------- | --------- | -------\nNumerator | | | \nNet Income (Loss) | $(52,982) | $(19,342) | $23,840\nDenominator | | | \nWeighted average number of shares\u2014basic | 47,836 | 47,880 | 48,153 \nEffect of dilutive securities: | | | \nStock options | \u2014 | \u2014 | 406 \nRestricted stock and restricted stock units | \u2014 | \u2014 | 140 \nWeighted average number of shares\u2014diluted | 47,836 | 47,880 | 48,699 \nEarnings (loss) per share\u2014basic | $(1.11) | $(0.40) | $0.50 \nEarnings (loss) per share\u2014diluted | $(1.11) | $(0.40) | $0.49 "} {"_id": "d1b2e4072", "title": "", "text": "Summarized financial information concerning our segments is shown in the tables below (in millions):\n(1) Revenues for Corporate and Other represent deferred revenue purchase accounting adjustments recorded in accordance with GAAP.\n(2) Operating expenses for Corporate and Other includes equity-based compensation, including certain related payroll taxes, of $51.7 million, $51.4 million and $19.2 million for the years ended December 31, 2019, 2018 and 2017, respectively.\n(4) Depreciation and amortization for Corporate and Other primarily represents net incremental depreciation and amortization adjustments associated with the application of purchase accounting recorded in accordance with GAAP.\n(5) Transition and integration costs primarily consists of costs associated with executive transition, transition-related costs as we transferred certain corporate functions from FNF and acquisitions.\n(6) Receivables from related parties are included in Corporate and Other.\n\n | | | Year ended December 31, 2018 | | \n-------------------------------- | ------------------ | ------------------ | ---------------------------- | --- | --------\n | Software Solutions | Data and Analytics | Corporate and Other | | Total \nRevenues | $962.0 | $154.5 | $(2.5) | (1) | $1,114.0\nExpenses: | | | | | \nOperating expenses | 394.8 | 115.0 | 115.6 | (2) | 625.4 \nTransition and integration costs | \u2014 | \u2014 | 6.6 | (5) | 6.6 \nEBITDA | 567.2 | 39.5 | (124.7) | | 482.0 \nDepreciation and amortization | 112.9 | 14.1 | 90.0 | (4) | 217.0 \nOperating income (loss) | 454.3 | 25.4 | (214.7) | | 265.0 \nInterest expense, net | | | | | (51.7) \nOther expense, net | | | | | (7.1) \nEarnings before income taxes | | | | | 206.2 \nIncome tax expense | | | | | 37.7 \nNet earnings | | | | | $168.5 \nBalance sheet data: | | | | | \nTotal assets | $3,227.8 | $310.2 | $115.4 | (6) | $3,653.4\nGoodwill | $2,157.6 | $172.1 | $\u2014 | | $2,329.7"} {"_id": "d1b39c942", "title": "", "text": "12. Accumulated Other Comprehensive Loss\nAccumulated other comprehensive loss, net of taxes, consisted of the following:\nReclassifications related to gains and losses on available-for-sale debt securities are included in \"Interest and other expense, net\". Refer to Note 3, \"Financial Instruments\" for the amount and location of reclassifications related to derivative instruments. Reclassifications of the defined benefit pension components of net periodic benefit cost are included in \"Interest and other expense, net\". Refer to Note 15, \"Retirement Benefit Plans.\"\n\n | Net Unrealized Gains (Losses) on Derivative Instruments | Net Unrealized Gains (Losses) on Available for Sale Securities | Defined Benefit Pension Components | Foreign Currency Translation Adjustments | Total \n------------------------------------------------------------------------------- | ------------------------------------------------------- | -------------------------------------------------------------- | ---------------------------------- | ---------------------------------------- | --------\nBalances, January 31, 2017 | $14.6 | $1.5 | $(33.8) | $(160.8) | $(178.5)\nOther comprehensive (loss) income before reclassifications | (24.5) | (0.6) | 4.3 | 86.3 | 65.5 \nPre-tax losses (gains) reclassified from accumulated other comprehensive income | (9.9) | 0.3 | 0.9 | 0.1 | (8.6) \nTax effects | 3.2 | 0.1 | (0.7) | (4.8) | (2.2) \nNet current period other comprehensive (loss) income | (31.2) | (0.2) | 4.5 | 81.6 | 54.7 \nBalances, January 31, 2018 | (16.6) | 1.3 | (29.3) | (79.2) | (123.8) \nOther comprehensive income (loss) before reclassifications | 20.6 | 0.7 | 14.7 | (58.3) | (22.3) \nPre-tax gains reclassified from accumulated other comprehensive income | 12.1 | 1.3 | 0.3 | \u2014 | 13.7 \nTax effects | (1.1) | \u2014 | (2.0) | 0.5 | (2.6) \nNet current period other comprehensive income (loss) | 31.6 | 2.0 | 13.0 | (57.8) | (11.2) \nBalances, January 31, 2019 | $15.0 | $3.3 | $(16.3) | $(137.0) | $(135.0)"} {"_id": "d1b36f74e", "title": "", "text": "Effect of ASC 606 as of December 31, 2018 and for the Year Ended December 31, 2018\nThe following table summarizes the effect of adopting ASC 606 on our Consolidated Balance Sheet (in millions):\n\n | As reported December 31, 2018 | Effect of ASC 606 adoption | Amounts without adoption of ASC 606 December 31, 2018\n----------------------------------------- | ----------------------------- | -------------------------- | -----------------------------------------------------\nTrade receivables, net | $172.3 | $6.9 | $179.2 \nPrepaid expenses and other current assets | 67.3 | (14.4) | 52.9 \nReceivables from related parties | 6.2 | 4.8 | 11.0 \nComputer software, net | 405.6 | (3.7) | 401.9 \nDeferred contract costs, net | 161.3 | (17.2) | 144.1 \nOther non-current assets | 125.6 | (7.0) | 118.6 \nTotal assets | 3,653.4 | (30.6) | 3,622.8 \nDeferred revenues (current) | 52.9 | 4.1 | 57.0 \nDeferred revenues (non-current) | 106.8 | (4.3) | 102.5 \nDeferred income taxes | 220.9 | (8.1) | 212.8 \nTotal liabilities | 1,866.9 | (8.3) | 1,858.6 \nRetained earnings | 381.1 | (22.3) | 358.8 \nTotal equity | 1,786.5 | (22.3) | 1,764.2 \nTotal liabilities and equity | 3,653.4 | (30.6) | 3,622.8 "} {"_id": "d1b308a76", "title": "", "text": "Original Equipment Manufacturers (\u201cOEM\u201d) are the end-customers to which we provide direct marketing application engineering support, while Distribution customers refers to the distributors and representatives that we engage to distribute our products around the world.\nBy market channel, our fourth quarter revenues in Distribution amounted to 28% of our total revenues, flat compared to the previous quarter and decreasing on a year-over-year basis.\n\n | | Three Months Ended | \n------------ | ----------------- | ------------------ | -----------------\n | December 31, 2019 | September 29, 2019 | December 31, 2018\n | | (Unaudited, in %) | \nOEM | 72% | 72% | 69% \nDistribution | 28 | 28 | 31 \nTotal | 100% | 100% | 100% "} {"_id": "d1b3c2228", "title": "", "text": "Earnings per share (\"EPS\") is calculated using the two-class method, which allocates earnings among common stock and participating securities to calculate EPS when an entity's capital structure includes either two or more classes of common stock or common stock and participating securities. Unvested share-based payment awards that contain non-forfeitable rights to dividends or dividend equivalents (whether paid or unpaid) are participating securities.\nAs such, shares of any unvested restricted stock of the Company are considered participating securities. The dilutive effect of options and their equivalents (including non-vested stock issued under stock-based compensation plans), is computed using the \"treasury\" method as this measurement was determined to be more dilutive between the two available methods in each period.\nThe Company had no dilutive common share equivalents during the year ended December 31, 2019, due to the results of operations being a loss from continuing operations, net of tax. The following potential weighted common shares were excluded from diluted EPS for the year ended December 31, 2018 as the shares were antidilutive: 2,168,454 for outstanding warrants to purchase the Company's stock, 353,960 for unvested restricted stock awards, and 4,919,760 for convertible preferred stock.\nThe following table presents a reconciliation of net income (loss) used in basic and diluted EPS calculations (in millions, except per share amounts):\n\n | Years Ended December 31, | Years Ended December 31,\n------------------------------------------------------------------------------------------------------------------------------------------------ | ------------------------ | ------------------------\n | 2019 | 2018 \nNet (loss) income attributable to common stock and participating preferred stockholders | $(31.5) | $155.6 \nEarnings allocable to common shares: | | \nNumerator for basic and diluted earnings per share | | \nParticipating shares at end of period: | | \nWeighted-average common stock outstanding | 44.8 | 44.3 \nUnvested restricted stock | 0.6 | 0.4 \nPreferred stock (as-converted basis) | 2.1 | 4.9 \nTotal | 47.5 | 49.6 \nPercentage of loss allocated to: | | \nCommon stock | 94.3 % | 89.3 % \nUnvested restricted stock | 1.3 % | 0.8 % \nPreferred stock | 4.4 % | 9.9 % \nNet (loss) income attributable to common stock, basic | $(29.7) | $139.0 \nDistributed and Undistributed earnings to Common Shareholders: | | \nEffect of assumed shares under treasury stock method for stock options and restricted shares and if-converted method for convertible instruments | \u2014 | (3.3) \nIncome from the dilutive impact of subsidiary securities | \u2014 | \u2014 \nNet (loss) income attributable to common stock, diluted | $ (29.7) | $ 135.7 \nDenominator for basic and dilutive earnings per share | | \nWeighted average common shares outstanding - basic | 44.8 | 44.3 \nEffect of assumed shares under treasury stock method for stock options and restricted shares and if-converted method for convertible instruments | \u2014 | 2.5 \nWeighted average common shares outstanding - diluted | 44.8 | 46.8 \nNet (loss) income attributable to participating security holders - Basic | $ (0.66) | $ 3.14 \nNet (loss) income attributable to participating security holders - Diluted | $ (0.66) | $ 2.90 "} {"_id": "d1b328bdc", "title": "", "text": "In fiscal 2019, 2018, and 2017, the Company recorded charges of $5.1 million, $3.4 million, and $1.2 million, respectively, reflecting the year-end write-off of actuarial losses in excess of 10% of our pension liability.\nThe Company recorded an expense of $0.3 million (primarily within restructuring activities), $0.6 million (primarily within restructuring activities), and $4.0 million ($2.1 million was recorded in discontinued operations and $1.9 million was recorded in restructuring activities) during fiscal 2019, 2018, and 2017, respectively, related to our expected incurrence of certain multi-employer plan withdrawal costs.\nOther changes in plan assets and benefit obligations recognized in other comprehensive income (loss) were:\nNotes to Consolidated Financial Statements - (Continued) Fiscal Years Ended May 26, 2019, May 27, 2018, and May 28, 2017 (columnar dollars in millions except per share amounts)\n\n | Pension Benefits | | Other Benefits | \n---------------------------------------------- | ---------------- | ------ | -------------- | -----\n | 2019 | 2018 | 2019 | 2018 \nNet actuarial gain (loss) | $(72.1) | $120.0 | $25.1 | $16.8\nAmendments | (1.4) | (0.6) | 0.8 | 17.2 \nAmortization of prior service cost (benefit) . | 3.1 | 2.9 | (2.2) | (3.4)\nSettlement and curtailment loss (gain) . | \u2014 | 2.0 | (1.6) | \u2014 \nRecognized net actuarial loss (gain) | 5.1 | 3.4 | (1.4) | \u2014 \nNet amount recognized . | $(65.3) | $127.7 | $20.7 | $30.6"} {"_id": "d1b310bc2", "title": "", "text": "GasLog Ltd. and its Subsidiaries\nNotes to the consolidated financial statements (Continued)\nFor the years ended December 31, 2017, 2018 and 2019\n(All amounts expressed in thousands of U.S. Dollars, except share and per share data)\n8. Cash and Cash Equivalents\nCash and cash equivalents consist of the following:\nShip management client accounts represent amounts provided by the clients of GasLog LNG Services Ltd. in order to enable the Group to cover obligations of vessels under management. A compensating balance is held as a current liability.\n\n | As of December 31, | \n----------------------------------------------------------------- | ------------------ | -------\n | 2018 | 2019 \nCurrent accounts | 220,089 | 113,655\nTime deposits (with original maturities of three months or less). | 121,925 | 149,491\nShip management client accounts | 580 | 601 \nTotal | 342,594 | 263,747"} {"_id": "d1b3aeeda", "title": "", "text": "Return on invested capital\nReturn on invested capital (ROIC) is a measure of the return generated on capital invested by the Group. The measure provides a guide rail for longterm value creation and encourages compounding reinvestment within the business and discipline around acquisitions with low returns and long payback. ROIC is calculated as underlying operating profit after tax divided by the annual average of: goodwill, intangible assets, property, plant and equipment, net assets held for sale, inventories, trade and other current receivables, and trade payables and other current liabilities.\n(a) Restated following adoption of IFRS 16. See note 1 and note 24 for further details.\n(b) See reconciliation of operating profit to underlying operating profit on page 30.\n(c) Tax on underlying operating profit is calculated as underlying operating profit before tax multiplied by underlying effective tax rate of 25.5% (2018: 25.7%) which is shown on page 30.\n\n | \u20ac million 2019 | \u20ac million 2018\n-------------------------------------------- | -------------- | --------------\n | | (Restated)(a) \nUnderlying operating profit before tax(b) | 9,947 | 9,463 \nTax on underlying operating profit(c) | (2,536) | (2,432) \nOperating profit after tax | 7,411 | 7,031 \nGoodwill | 18,067 | 17,341 \nIntangible assets | 12,962 | 12,152 \nProperty, plant and equipment | 12,062 | 12,088 \nNet assets held for sale | 81 | 108 \nInventories | 4,164 | 4,301 \nTrade and other current receivables | 6,695 | 6,482 \nTrade payables and other current liabilities | (14,768) | (14,457) \nPeriod-end invested capital | 39,263 | 38,015 \nAverage invested capital for the period | 38,639 | 38,749 \nReturn on average invested capital | 19.2% | 18.1% "} {"_id": "d1b315816", "title": "", "text": "(c) Summary of Share-Based Compensation Expense\nShare-based compensation expense consists primarily of expenses for stock options, stock purchase rights, restricted stock, and RSUs granted to employees. The following table summarizes share-based compensation expense (in millions):\nAs of July 27, 2019, the total compensation cost related to unvested share-based awards not yet recognized was $3.3 billion, which is expected to be recognized over approximately 2.8 years on a weighted-average basis.\n\nYears Ended | July 27, 2019 | July 28, 2018 | July 29, 2017\n------------------------------------------------------ | ------------- | ------------- | -------------\nCost of sales\u2014product | $90 | $94 | $85 \nCost of sales\u2014service | 130 | 133 | 134 \nShare-based compensation expense in cost of sales . | 220 | 227 | 219 \nResearch and development . | 540 | 538 | 529 \nSales and marketing | 519 | 555 | 542 \nGeneral and administrative | 250 | 246 | 236 \nRestructuring and other charges | 62 | 33 | 3 \nShare-based compensation expense in operating expenses | 1,371 | 1,372 | 1,310 \nTotal share-based compensation expense | $1,591 | $1,599 | $1,529 \nIncome tax benefit for share-based compensation . | $542 | $558 | $451 "} {"_id": "d1b33ddac", "title": "", "text": "Segment Results of Operations In the Company's Consolidated Financial Statements, other operating (income) expense includes (i) (gain) loss on sale or disposal of assets, (ii) lease termination costs, (iii) asset impairment expense, (iv) accretion of asset retirement obligations, and (v) FCC reimbursements. Each table summarizes the results of operations of our operating segments and compares the amount of the change between the periods presented (in millions).\nNet revenue: Net revenue from our Construction segment for the year ended December 31, 2019 decreased $3.1 million to $713.3 million from $716.4 million for the year ended December 31, 2018. The decrease was primarily driven by lower revenues from our structural steel fabrication and erection business, which had increased activity in the comparable period on certain large commercial construction projects that are now at or near completion in the current period. This was largely offset by DBMG\u2019s acquisition of GrayWolf, which was acquired late in the fourth quarter of 2018, and from higher revenues from our construction modeling and detailing business as a result of an increase in project work.\nCost of revenue: Cost of revenue from our Construction segment for the year ended December 31, 2019 decreased $28.1 million to $572.3 million from $600.4 million for the year ended December 31, 2018. The decrease was primarily driven by the timing of project activity on certain large commercial construction projects that are now at or near completion in the current period. This was partially offset by costs associated with the construction modeling and detailing business as a result of an increase in project work and increases as a result of the acquisition of GrayWolf, which was acquired late in the fourth quarter of 2018.\nSelling, general and administrative: Selling, general and administrative expenses from our Construction segment for the year ended December 31, 2019 increased $12.9 million to $79.8 million from $66.9 million for the year ended December 31, 2018. The increase was primarily due to headcount-driven increases in salary and benefits and an increase in operating expenses as a result of the acquisition of GrayWolf, which was acquired late in the fourth quarter of 2018.\nDepreciation and amortization: Depreciation and amortization from our Construction segment for the year ended December 31, 2019 increased $8.1 million to $15.5 million from $7.4 million for the year ended December 31, 2018. The increase was due to amortization of intangibles obtained through the acquisition of GrayWolf and assets placed into service in 2019.\nOther operating (income) expense: Other operating (income) expense from our Construction segment for the year ended December 31, 2019 decreased by $0.8 million to a loss of $0.6 million from income of $0.2 million for the year ended December 31, 2018. The change was primarily due to the gains and losses on the sale of land and assets in the comparable periods.\n\n | | Years Ended December 31, | \n----------------------------------- | ------ | ------------------------ | ---------------------\n | 2019 | 2018 | Increase / (Decrease)\nNet revenue | $713.3 | $716.4 | $(3.1) \nCost of revenue | 572.3 | 600.4 | (28.1) \nSelling, general and administrative | 79.8 | 66.9 | 12.9 \nDepreciation and amortization | 15.5 | 7.4 | 8.1 \nOther operating (income) expense | 0.6 | (0.2) | 0.8 \nIncome from operations | 45.1 | $41.9 | $3.2 "} {"_id": "d1b359b92", "title": "", "text": "Comprehensive Income \u2014 Comprehensive income includes net income, currency translation adjustments, certain derivative-related activity, changes in the value of available-for-sale investments (prior to the adoption of Accounting Standards Update (\"ASU\") 2016-01), and changes in prior service cost and net actuarial gains (losses) from pension (for amounts not in excess of the 10% \"corridor\") and postretirement health care plans. On foreign investments we deem to be essentially permanent in nature, we do not provide for taxes on currency translation adjustments arising from converting an investment denominated in a foreign currency to U.S. dollars. When we determine that a foreign investment, as well as undistributed earnings, are no longer permanent in nature, estimated taxes will be provided for the related deferred tax liability (asset), if any, resulting from currency translation adjustments.\nThe following table details the accumulated balances for each component of other comprehensive income, net of tax:\n1 Net of unrealized gains on available-for-sale securities reclassified to retained earnings as a result of the adoption of ASU 2016-01 in fiscal 2019 and net of stranded tax effects from change in tax rate as a result of the early adoption of ASU 2018-02 in fiscal 2018 in the amount of $0.6 million and $17.4 million, respectively.\nNotes to Consolidated Financial Statements - (Continued) Fiscal Years Ended May 26, 2019, May 27, 2018, and May 28, 2017 (columnar dollars in millions except per share amounts)\n\n | 2019 | 2018 | 2017 \n------------------------------------------------------------------------------------ | -------- | -------- | --------\nCurrency translation losses, net of reclassification adjustments | $(90.9) | $(94.7) | $(98.6) \nDerivative adjustments, net of reclassification adjustments | 34.0 | 1.0 | (1.1) \nUnrealized gains (losses) on available-for-sale securities | \u2014 | 0.6 | (0.3) \nPension and post-employment benefit obligations, net of reclassification adjustments | (53.4) | (17.4) | (112.9) \nAccumulated other comprehensive loss 1 | $(110.3) | $(110.5) | $(212.9)"} {"_id": "d1b3a47d2", "title": "", "text": "Non-marketable investments\nNon-marketable equity securities are measured at fair value using market data, such as publicly available financing round valuations. Financial information of private companies may not be available and consequently we will estimate the fair value based on the best available information at the measurement date.\nThe following table presents the reconciliations of Level 3 financial instrument fair values:\nThere were transfers out from Level 3 due to initial public offerings of the respective investees during fiscal year 2019. There were no transfers between levels during fiscal year 2018.\n\n | Capped Call | Embedded exchange feature of Notes | Non-marketable investments\n----------------------------------------------------------------------------------------------- | ----------- | ---------------------------------- | --------------------------\n | | (U.S. $ in thousands) | \nBalance as of June 30, 2017 | $\u2014 | $\u2014 | $\u2014 \nPurchases | 87,700 | (177,907) | \u2014 \nGains (losses) | | | \nRecognized in other non-operating (expense) income, net | 12,232 | (24,646) | \nBalance as of June 30, 2018 | 99,932 | (202,553) | \u2014 \nChange in unrealized gains (losses) relating to assets and liabilities held as of June 30, 2018 | | | \nRecognized in other non-operating income (expense), net | 12,232 | (24,646) | \u2014 \nBalance as of June 30, 2018 | $99,932 | $(202,553) | $\u2014 \nPurchases | \u2014 | \u2014 | 23,000 \nTransfer out | \u2014 | \u2014 | (20,942) \nGains (losses) | | | \nRecognized in finance income | \u2014 | \u2014 | 270 \nRecognized in other non-operating (expense) income, net | 114,665 | (648,573) | \u2014 \nRecognized in other comprehensive income | \u2014 | \u2014 | 672 \nBalance as of June 30, 2019 | $214,597 | $(851,126) | $3,000 \nChange in unrealized gains (losses) relating to assets and liabilities held as of June 30, 2019 | | | \nRecognized in other non-operating income (expense), net | 114,665 | (648,573) | \u2014 "} {"_id": "d1b342e92", "title": "", "text": "Consolidated statement of comprehensive income\nFor the year ended 31 March 2019\n1 The Group has adopted IFRS 9 \u2018Financial Instruments\u2019, IFRS 15 \u2018Revenue from Contracts with Customers\u2019, and IFRS 16 \u2018Leases\u2019 from 1 April 2018. The year ended 31 March 2018 has been restated for IFRS 16 which was implemented using the fully retrospective method. For further information on the impact of the change in accounting policies, see note 2 of these consolidated financial statements.\n\n | | 2019 | 2018 (Restated)1\n------------------------------------------------------------------------------------ | ---- | ----- | ----------------\n | Note | \u00a3m | \u00a3m \nProfit for the year | | 197.7 | 171.1 \nOther comprehensive income | | | \nItems that may be subsequently reclassified to profit or loss | | | \nExchange differences on translation of foreign operations | | (0.1) | 0.2 \nItems that will not be reclassified to profit or loss | | | \nRemeasurements of post-employment benefit obligations | 24 | 0.2 | \u2013 \nOther comprehensive income for the year, net of tax | | 0.1 | 0.2 \nTotal comprehensive income for the year attributable to equity holders of the parent | | 197.8 | 171.3 "} {"_id": "d1a712532", "title": "", "text": "A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows (in thousands):\nThe provision for uncertain tax positions relates to business in territories outside of the US.\nThe Company\u2019s policy is to classify interest and penalties on uncertain tax positions as a component of tax expense. The Company does not expect the change in uncertain tax positions to have a material impact on its financial position, results of operations, or liquidity.\nThe Company is subject to US federal income tax as well as to income tax in multiple state and foreign jurisdictions, including the UK. Federal income tax returns of the Company are subject to IRS examination for the 2016 through 2019 tax years. State income tax returns are subject to examination for the 2015 through 2019 tax years.\nCurrently, an audit is occurring in the United Kingdom for the year ended December 31, 2017. There are no ongoing audits in any other significant foreign tax jurisdictions.\n\n | | Year Ended December 31, | \n------------------------------------------------------- | ------- | ----------------------- | ------\n | 2019 | 2018 | 2017 \nBalance at January 1 | $1,402 | $1,271 | $276 \nIncreases for tax positions related to the current year | \u2014 | 131 | 995 \nDecreases for tax positions related to the current year | (1,402) | \u2014 | \u2014 \nBalance at December 31 | $\u2014 | $1,402 | $1,271"} {"_id": "d1b3a60dc", "title": "", "text": "Cash flow and treasury\nAdjusted cash from operations is a measure of the cash flow generated from our companies over which the local management have control. A reconciliation between this and statutory operating cash flow can be found in Note 2 to the Financial Statements.\nAdjusted cash from operations fell by \u00a34.8 million to \u00a3238.1 million (2018: \u00a3242.9 million) representing 84% cash conversion. If we exclude the capital spend on the new Aflex facility this would rise to 90%.\nMovements in working capital are discussed above.\nCapital additions increased by \u00a319.0 million. The most significant addition in the year was the \u00a315.7 million spend on the construction of a new purpose-built factory in the UK for Aflex Hose, which will consolidate the existing four locations into a single facility, giving capacity for future growth while increasing efficiencies and providing a dedicated production line for Pharmaceutical products.\nIt is estimated that a further \u00a36 million will be spent in 2020 in completing the project.\nLooking forward, we would expect capital expenditure in 2020 to be at a similar level of approximately \u00a365 million as we finish the Aflex facility but increase spending on project OPAL, the implementation of a global IT system for the Steam Specialties business. We generate significant cash and our first priority is to reinvest in the business, taking opportunities to generate good returns from increased efficiency, reduced costs and flexibility.\nTax paid in the year increased by \u00a316.8 million to \u00a378.4 million as tax rates rose and the Group grew. Free cash flow, defined in the table below, fell to \u00a3154.3 million (2018: \u00a3174.6 million) as a result of the increase in capital expenditure and tax.\nDividend payments were \u00a376.3 million, including payments to minorities (2018: \u00a367.3 million) and represent the final dividend for 2018 and the interim dividend for 2019.\nThere was a cash outflow, including fees, of \u00a3137.6 million on the acquisition of Thermocoax, as well as an additional \u00a30.9 million outflow relating to the acquisition of various distribution rights. The net of share purchases and new shares issued for the Group\u2019s various employee share schemes gave a cash outflow of \u00a312.5 million (2018: \u00a35.0 million) reflecting the move to acquire shares on the open market rather than issue new equity.\nDue to the acquisition of Thermocoax, net debt increased from \u00a3235.8 million to \u00a3295.2 million at 31st December 2019, an expansion of \u00a359.4 million. This equates to a net debt to EBITDA ratio of 0.9 times (2018: 0.8 times) excluding IFRS 16. EBITDA is defined in Note 2 and the components of net debt are disclosed in Note 24.\nThe Group\u2019s Income Statement and Statement of Financial Position are exposed to movements in a wide range of different currencies.\nThis stems from our direct sales business model, with a large number of local operating units. These currency exposures and risks are managed through a rigorously applied Treasury Policy, typically using centrally managed and approved simple forward contracts to mitigate exposures to known cash flows and avoiding the use of complex derivative transactions. The largest exposures are to the euro, US dollar, Chinese renminbi and Korean won. Whilst currency effects can be significant, the structure of the Group provides some mitigation through our regional manufacturing presence, diverse spread of geographic locations and through the natural hedge of having a high proportion of our overhead costs in the local currencies of our direct sales operating units.\nCapital structure\nThe Board keeps the capital requirements of the Group under regular review, maintaining a strong financial position to protect the business and provide flexibility of funding for growth. The Group earns a high return on capital, which is reflected in strong cash generation over time. Our capital allocation policy remains unchanged. Our first priority is to maximise investment in the business to generate further good returns in the future, aligned with our strategy for growth and targeting improvement in our key performance indicators. Next, we prioritise finding suitable acquisitions that can expand our addressable market through increasing our geographic reach, deepening our market penetration or broadening our product range. Acquisition targets need to exhibit a good strategic fit and meet strict commercial, economic and return on investment criteria. When cash resources significantly exceed expected future requirements, we would look to return capital to shareholders, as evidenced by special dividends declared in respect of 2010, 2012 and 2014. However, in the near term, we will look to reduce our financial leverage prior to considering new returns of capital to shareholders.\n\n | 2019 | 2018 \n---------------------------------------------------------------------------------- | ------- | -------\nCash flow | \u00a3m | \u00a3m \nAdjusted operating profit | 282.7 | 264.9 \nDepreciation and amortisation (excluding IFRS 16) | 34.3 | 32.9 \nDepreciation of leased assets | 11.3 | \u2013 \nCash payments to pension schemes more than the charge to adjusted operating profit | (5.2) | (4.6) \nEquity settled share plans | 6.2 | 5.7 \nWorking capital changes | (21.4) | (22.5) \nRepayments of principal under lease liabilities | (11.2) | \u2013 \nCapital additions (including software and development) | (62.4) | (43.4) \nCapital disposals | 3.8 | 9.9 \nAdjusted cash from operations | 238.1 | 242.9 \nNet interest | (5.4) | (6.7) \nIncome taxes paid | (78.4) | (61.6) \nFree cash flow | 154.3 | 174.6 \nNet dividends paid | (76.3) | (67.3) \nPurchase of employee benefit trust shares/Proceeds from issue of shares | (12.5) | (5.0) \n(Acquisitions)/Disposals of subsidiaries (including costs) | (138.5) | 48.8 \nCash flow for the year | (73.0) | 151.1 \nExchange movements | 13.6 | (13.3) \nOpening net debt | (235.8) | (373.6)\nNet debt at 31st December (excluding IFRS 16) | (295.2) | (235.8)\nIFRS 16 lease liability | (38.9) | \u2013 \nNet debt and lease liability at 31st December | (334.1) | (235.8)"} {"_id": "d1b3c540a", "title": "", "text": "28 Derivatives and other financial instruments continued\nInterest rate risk profile of financial assets\nThe interest rate profile of the financial assets of the Group as at 31st December was as follows:\nFinancial assets on which no interest is earned comprise trade and other receivables and cash at bank.\nFloating and fixed rate financial assets comprise cash at bank or cash placed on deposit.\n\n | Total | Fixed rate financial assets | Floating rate financial assets | Financial assets on which no interest is earned\n----------- | ----- | --------------------------- | ------------------------------ | -----------------------------------------------\n2019 | \u00a3m | \u00a3m | \u00a3m | \u00a3m \nSterling | 29.1 | \u2013 | 0.2 | 28.9 \nEuro | 115.9 | 1.4 | 16.6 | 97.9 \nUS dollar | 98.4 | 0.1 | 16.7 | 81.6 \nRenminbi | 42.0 | \u2013 | 11.9 | 30.1 \nOther | 146.5 | 5.3 | 10.5 | 130.7 \nGroup total | 431.9 | 6.8 | 55.9 | 369.2 "} {"_id": "d1b39444a", "title": "", "text": "Cash Flow\nCash flow from operating activities was up by \u20ac1.0 billion mainly driven by working capital improvement in 2019 compared to the prior year which was impacted by the disposal of spreads. Gross margin improvement had a favourable contribution a result of strong delivery from 5-S savings programmes. Overheads and brand and marketing efficiencies also had a favourable contribution as a result of our zero-based-budgeting programme.\n(a) Restated following adoption of IFRS 16. See note 1 and note 24 for further details.\n* Certain measures used in our reporting are not defined under IFRS. For further\ninformation about these measures, please refer to the commentary on non-GAAP\nmeasures on pages 27 to 32.\nNet cash outflow as a result of investing activities was \u20ac2.2 billion compared to an inflow of \u20ac4.6 billion in the prior year which included \u20ac7.1 billion from the disposal of spreads business.\nNet outflow from financing activities was \u20ac4.7 billion compared to \u20ac12.1\nbillion in the prior year. 2018 included \u20ac6.0 billion relating to repurchase of\nshares. In 2019 borrowings net of repayments was \u20ac1.4 billion higher than\nthe prior year.\n\n | \u20ac million | \u20ac million \n------------------------------------------------- | --------- | -------------\n | 2019 | 2018 \n | | (Restated)(a)\nOperating profit | 8,708 | 12,639 \nDepreciation, amortisation and impairment | 1,982 | 2,216 \nChanges in working capital | (9) | (793) \nPensions and similar obligations less Payments | (260) | (128) \nProvision less payments | 7 | 55 \nElimination of (profits)/losses on disposals | 60 | (4,313) \nNon-cash charge for share-based compensation | 151 | 196 \nOther adjustments | 2 | (260) \nCash flow from operating activities | 10,641 | 9,612 \nIncome tax paid | (2,532) | (2,294) \nNet capital expenditure | (1,429) | (1,424) \nNet interest and preference dividends paid | (548) | (461) \nFree cash flow* | 6,132 | 5,433 \nNet cash flow (used in)/from investing activities | (2,237) | 4,644 \nNet cash flow (used in)/from financing activities | (4,667) | (12,113) "} {"_id": "d1b35bb18", "title": "", "text": "NAVIOS MARITIME HOLDINGS INC. NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Expressed in thousands of U.S. dollars \u2014 except share data)\nAmounts recorded in respect of discontinued operations in the years ended December 31, 2019 and 2018, respectively are as follows:\nNavios Containers accounted for the control obtained in November 2018 as a business combination which resulted in the application of the \u201cacquisition method\u201d, as defined under ASC 805 Business Combinations, as well as the recalculation of Navios Holdings\u2019 equity interest in Navios Containers to its fair value at the date of obtaining control and the recognition of a gain in the consolidated statements of comprehensive (loss)/income. The excess of the fair value of Navios Containers\u2019 identifiable net assets of $229,865 over the total fair value of Navios Containers\u2019 total shares outstanding as of November 30, 2018 of $171,743, resulted in a bargain gain upon obtaining control in the amount of $58,122. The fair value of the 34,603,100 total Navios Container\u2019s shares outstanding as of November 30, 2018 was determined by using the closing share price of $4.96, as of that date.\nAs of November 30, 2018, Navios Holdings\u2019 interest in Navios Containers with a carrying value of $6,078 was remeasured to fair value of $6,269, resulting in a gain on obtaining control in the amount of $191 and is presented within \u201cBargain gain upon obtaining control\u201d in the consolidated statements of comprehensive (loss)/income.\nThe results of operations of Navios Containers are included in Navios Holdings\u2019 consolidated statements of comprehensive (loss)/income following the completion of the conversion of Navios Maritime Containers Inc. into a limited partnership on November 30, 2018.\n\n | Period from January 1 to August 30, 2019 | Period from November 30 to December 31, 2018\n--------------------------------------------------------------------- | ---------------------------------------- | --------------------------------------------\nRevenue | $89,925 | $12,053 \nTime charter, voyage and port terminal expenses | (3,976) | (546) \nDirect vessel expenses | (44,088) | (5,282) \nGeneral and administrative expenses | (6,706) | (873) \nDepreciation and amortization | (22,858) | (3,060) \nInterest expense and finance cost | (10,519) | (1,204) \nOther expense, net | (5,896) | (336) \nNet (loss)/income from discontinued operations | $(4,118) | $752 \nLess: Net loss/(income) attributable to the noncontrolling interest | $3,968 | $(725) \nNet (loss)/income attributable to Navios Holdings common stockholders | $(150) | $27 "} {"_id": "d1b343220", "title": "", "text": "Assets are not allocated to segments for internal reporting presentations. A portion of amortization and depreciation is included with various other costs in an overhead allocation to each segment; it is impracticable for us to separately identify the amount of amortization and depreciation by segment that is included in the measure of segment profit or loss.\nLong-lived assets, excluding financial instruments and tax assets, classified by the location of the controlling statutory company and with countries over 10% of the total shown separately, were as follows:\n\n(In millions) | | | \n--------------- | --------- | --------- | ---------\nJune 30, | 2019 | 2018 | 2017 \nUnited States | $ 55,252 | $ 44,501 | $ 42,730 \nIreland | 12,958 | 12,843 | 12,889 \nOther countries | 25,422 | 22,538 | 19,898 \nTotal | $ 93,632 | $ 79,882 | $ 75,517"} {"_id": "d1b2e7e84", "title": "", "text": "DEVELOPMENT OF EMPLOYEE NUMBERS BY SEGMENTS\nFull-time equivalents1 as of the closing date of 30/9\n1 Excluding METRO China.\n\n | 2018 | 2019 \n----------------------------------- | ------ | ------\nMETRO | 86,239 | 82,979\nMETRO Germany | 11,816 | 11,760\nMETRO Western Europe (excl.Germany) | 24,073 | 24,044\nMETRO Russia | 13,884 | 12,288\nMETRO Eastern Europe (excl.Russia) | 28,264 | 27,589\nMETRO Asia | 8,202 | 7,298 \nOthers | 6,916 | 7,067 \nMETROAG | 863 | 837 \nTotal | 94,018 | 90,883"} {"_id": "d1b2eec20", "title": "", "text": "NOTE 6 \u2013 OTHER LIABILITIES\nAs described in Note 4, the Company and Finjan Blue entered into a Patent Assignment Agreement with IBM.The components of other liabilities are as presented below:\n\nAs of December 31, | | \n------------------------------ | -------------- | ------\n | 2019 | 2018 \n | (In thousands) | \nOther liabilities, current | $2,000 | $1,500\nOther liabilities, non-current | 1,799 | 3,463 \n | $3,799 | $4,963"} {"_id": "d1b324ffa", "title": "", "text": "Depreciation and Amortization\nThe following table sets forth depreciation and amortization by segment for the periods presented (in millions):\n(1) Depreciation and amortization for Corporate and Other primarily represents net incremental depreciation and amortization adjustments associated with the application of purchase accounting recorded in accordance with GAAP.\nThe increase in Depreciation and Amortization is primarily driven by implementation of new clients, accelerated amortization of deferred contract costs and hardware and software placed in service.\n\n | Year ended December 31, | | Variance | \n---------------------- | ----------------------- | ------ | -------- | ---\n | 2019 | 2018 | $ | % \nSoftware Solutions | $123.9 | $112.9 | $11.0 | 10%\nData and Analytics | 15.9 | 14.1 | 1.8 | 13%\nCorporate and Other(1) | 96.4 | 90.0 | 6.4 | 7% \nTotal | $236.2 | $217.0 | 19.2 | 9% "} {"_id": "d1b38d0fa", "title": "", "text": "A summary of the changes in common shares available for awards under the Omnibus Incentive Plan and Predecessor Plans\nfollows:\n(1) As of December 31, 2018, there were 1,478 restricted stock shares issued for new awards under the Omnibus Incentive Plan and (5,024) restricted stock shares forfeited that were not yet reflected by our Recordkeeper. The table above (shares available under the Omnibus Incentive Plan) reflects this activity as occurred, creating a reconciling difference between shares issued and number of shares available under the Omnibus Plan.\n(2) Director units granted and deferred include the impact of share-settled dividends earned and deferred on deferred shares.\n(3) The Omnibus Incentive Plan and 2005 Contingent Stock Plan permit withholding of taxes and other charges that may be required by law to be paid attributable to awards by withholding a portion of the shares attributable to such awards.\n(4) The above table excludes approximately1.2 million contingently issuable shares under the PSU awards and SLO awards, which represents the maximum number of shares that could be issued under those plans as of December 31, 2019.\nWe record share-based incentive compensation expense in selling, general and administrative expenses and cost of sales on our Consolidated Statements of Operations for both equity-classified awards and liability-classified awards. We record a corresponding credit to additional paid-in capital within stockholders\u2019 deficit for equity-classified awards, and to either a current or non-current liability for liability-classified awards based on the fair value of the share-based incentive compensation awards at the date of grant. Total expense for the liability-classified awards continues to be remeasured to fair value at the end of each reporting period. We recognize an expense or credit reflecting the straight-line recognition, net of estimated forfeitures, of the expected cost of the program. The number of PSUs earned may equal, exceed or be less than the targeted number of shares depending on whether the performance criteria are met, surpassed or not met.\n\n | 2019 | 2018 | 2017 \n---------------------------------------------------- | --------- | ---------- | ---------\nNumber of shares available, beginning of year | 4,489,347 | 3,668,954 | 5,385,870\nNewly Registered Shares under Omnibus Incentive Plan | \u2014 | 2,199,114 | \u2014 \nRestricted stock shares issued for new awards(1) | \u2014 | (571,438 ) | (480,283)\nRestricted stock shares forfeited(1) | 105,960 | 91,542 | 184,235 \nRestricted stock units awarded | (819,808) | (219,923 ) | (351,946)\nRestricted stock units forfeited | 96,534 | 64,122 | 288,801 \nShares issued for 2014 Special PSU Awards | \u2014 | (658,783 ) | (749,653)\nShares issued for 2015 Three-Year PSU Awards | \u2014 | (129,139 ) | \u2014 \nShares issued for 2014 Three-Year PSU Awards | \u2014 | \u2014 | (636,723)\nRestricted stock units awarded for SLO Awards | (46,195) | (23,478 ) | (44,254) \nSLO units forfeited | 1,580 | 817 | 3,639 \nDirector shares granted and issued | (22,015) | (10,560 ) | (15,491) \nDirector units granted and deferred(2) | (6,262) | (16,505 ) | (17,008) \nShares withheld for taxes(3) | 249,368 | 94,624 | 101,767 \nNumber of shares available, end of year(4) | 4,048,509 | 4,489,347 | 3,668,954"} {"_id": "d1b365320", "title": "", "text": "Quarterly Results (Unaudited)\nThe following table sets forth certain unaudited quarterly financial information for the 2019 and 2018 fiscal years. In the opinion of management, this information has been presented on the same basis as the audited consolidated financial statements appearing elsewhere, and all necessary adjustments (consisting primarily of normal recurring accruals) have been included in the amounts stated below to present fairly the unaudited quarterly results when read in conjunction with the audited consolidated financial statements and related notes thereto. The operating results for any quarter are not necessarily indicative of results for any future period.\n(1) Includes acquisition and integration charges related to our strategic collaboration with JJMD of $17.6 million, $13.4 million, $12.8 million, $8.9 million and $8.1 million for the three months ended August 31, 2019, May 31, 2019, February 28, 2019, November 30, 2018 and August 31, 2018, respectively.\n(2) Includes ($13.3 million), $111.4 million and $30.9 million of income tax (benefit) expense for the three months ended November 30, 2018, August 31, 2018 and February 28, 2018, respectively, related to the Tax Act.\n(4) Includes a distressed customer charge of $6.2 million, $18.0 million and $14.7 million during the three months ended August 31, 2019, August 31, 2018 and February 28, 2018, respectively.\n(5) Includes $32.4 million of stock-based compensation expense for the modification of certain performancebased restricted stock units and a one-time cash settled award during the three months ended November 30, 2017.\n\n | | | Fiscal Year 2018 | \n------------------------------------------------------------------------ | --------------- | ------------ | ------------------ | -----------------\n | | | Three Months Ended | \n(in thousands, except for per share data) | August 31, 2018 | May 31, 2018 | February 28, 2018 | November 30, 2017\nNet revenue | $5,771,831 | $5,436,952 | $5,301,101 | $5,585,532 \nGross profit(4) | 442,147 | 398,227 | 397,133 | 469,285 \nOperating income(1)(4)(5) | 153,896 | 112,971 | 129,532 | 145,754 \nNet (loss) income(2)(4)(5) | (56,608) | 42,702 | 37,528 | 63,919 \nNet (loss) income attributable to Jabil Inc.(2)(4)(5) | $(57,314) | $42,541 | $37,308 | $63,795 \n(Loss) earnings per share attributable to the stockholders of Jabil Inc. | | | | \nBasic | $(0.34) | $0.25 | $0.21 | $0.36 \nDiluted | $(0.34) | $0.25 | $0.21 | $0.35 "} {"_id": "d1b371440", "title": "", "text": "Disaggregation of Revenue\nThe following table presents the Company's revenue disaggregated by major product category (amounts in thousands):\nSoftware and hardware revenue is generated from on premise software license sales, as well as sales of hardware scanner boxes and on premise appliance products. Service and other revenue is generated from the sale of transactional SaaS products and services, maintenance associated with the sale of software and hardware, and consulting and professional services.\n\n | | Twelve Months Ended September 30, | \n------------------------------------------- | ------- | --------------------------------- | -------\n | 2019 | 2018 | 2017 \nMajor product category | | | \nDeposits software and hardware | $41,860 | $33,071 | $25,407\nDeposits service and other | 15,170 | 8,437 | 6,963 \nDeposits revenue | 57,030 | 41,508 | 32,370 \nIdentity verification software and hardware | 4,985 | 7,627 | 4,240 \nIdentity verification service and other | 22,575 | 14,424 | 8,780 \nIdentity verification revenue | 27,560 | 22,051 | 13,020 \nTotal revenue | $84,590 | $63,559 | $45,390"} {"_id": "d1b33d15e", "title": "", "text": "NOTE 22. INCOME TAXES\nAmounts recognized in profit or loss\nThe income tax expense consists of:\n\n | Year ended December 31, | \n------------------ | ----------------------- | --------\n | 2018 | 2019 \nCurrent: | | \nThe Netherlands | (4,128) | (28,409)\nOther countries | (6,374) | (9,011) \n | (10,502) | (37,420)\nDeferred: | | \nThe Netherlands | 1,944 | (6,860) \nOther countries | (6,878) | (9,370) \nIncome tax expense | (15,436) | (53,650)"} {"_id": "d1b37c4d0", "title": "", "text": "The reconciliation of the Company\u2019s effective tax rate to the statutory federal rate is as follows:\n(1) For the years ended December 31, 2019 and December 31, 2018, this is inclusive of (3.4%) and (3.8%) impact, respectively, that is primarily related to the change in uncertain tax positions.\nFor 2019, the Company recorded an expense for income taxes of $11.6 million, resulting in an effective tax rate of (3.8)%. The effective tax rate is different than the U.S. statutory federal tax rate primarily due to stock-based compensation expense following the decision in Altera Corp v. Commissioner by the U.S. Court of Appeals for the Ninth Circuit discussed below, the full valuation allowance on the Company's U.S. deferred tax assets, the mix of income/losses among the Company\u2019s foreign jurisdictions, and pretax losses in jurisdictions for which no tax benefit will be recognized.\n\n | | Year Ended December 31, | \n------------------------------------------- | ------ | ----------------------- | -------\n | 2019 | 2018 | 2017 \nTax at federal statutory rate | 21.0 % | 21.0 % | 35.0 % \nState taxes, net of federal effect | (0.3) | (0.1) | (5.4) \nForeign rate differential | (6.0) | (3.9) | (9.3) \nTax credits | 1.6 | 6.3 | 4.1 \nDomestic production activities deduction | \u2014 | \u2014 | (3.5) \nStock-based compensation | (1.0) | (4.9) | (5.3) \nChange in prior year reserves | (1.5) | (0.1) | (2.0) \nChange in valuation allowance | (13.4) | (15.2) | (35.2) \nEffect of change in tax rate due to Tax Act | \u2014 | \u2014 | (23.4) \nOther (1) | (4.2) | (4.0) | 2.6 \nEffective tax rate | (3.8)% | (0.9)% | (42.4)%"} {"_id": "d1b369f60", "title": "", "text": "ITEM 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS\nRESULTS OF OPERATIONS\nConsolidated Performance Summary. The following table presents selected consolidated financial data for the indicated fiscal years (dollars in millions, except per share data):\n*Non-GAAP metric; refer to \"Return on Invested Capital (\"ROIC\") and Economic Return\" below for more information and Exhibit 99.1 for a reconciliation.\nNet sales. Fiscal 2019 net sales increased $290.9 million, or 10.1%, as compared to fiscal 2018.\nNet sales are analyzed by management by geographic segment, which reflects the Company's reportable segments, and by market sector. Management measures operational performance and allocates resources on a geographic segment basis. The Company\u2019s global business development strategy is based on our targeted market sectors.\n\n | 2019 | 2018 \n---------------------------- | -------- | --------\nNet sales | $3,164.4 | $2,873.5\nCost of sales | 2,872.6 | 2,615.9 \nGross profit | 291.8 | 257.6 \nGross margin | 9.2% | 9.0% \nOperating income | 142.1 | 118.3 \nOperating margin | 4.5% | 4.1% \nOther expense | 16.1 | 10.7 \nIncome tax expense | 17.3 | 94.6 \nNet income | 108.6 | 13.0 \nDiluted earnings per share | $3.50 | $0.38 \nReturn on invested capital* | 13.1% | 16.1% \nEconomic return* | 4.1% | 6.6% "} {"_id": "d1b389496", "title": "", "text": "Geographic and Other Information\nRevenue by geographic region, based on ship-to destinations, was as follows (in thousands):\nThe United States represented 56%, 58% and 58% of revenue for 2019, 2018 and 2017, respectively. Revenue in the United Kingdom was $159.9 million in 2019 and $196.0 million in 2017, representing 11% of revenue in 2019 and 12% of revenue for 2017. Revenue in the United Kingdom was less than 10% of revenue in 2018. No other single country represented more than 10% of revenue during these periods. As of December 31, 2019 and 2018, long-lived assets, which represent property and equipment, located outside the United States were $27.9 million and $36.9 million, respectively.\n\n | | December 31, | \n-------------------------------- | ---------- | ------------ | ----------\n | 2019 | 2018 | 2017 \nUnited States | $799,016 | $880,534 | $944,052 \nAmericas excluding United States | 94,961 | 101,282 | 116,330 \nEurope, Middle East, and Africa | 410,485 | 384,196 | 440,135 \nAsia Pacific | 130,326 | 145,971 | 115,002 \nTotal | $1,434,788 | $1,511,983 | $1,615,519"} {"_id": "d1b33a3fa", "title": "", "text": "Operating income in 2019 was $1,203 million, decreasing by $197 million compared to 2018, reflecting normal price pressure, increased unsaturation charges and higher R&D spending, partially offset by higher level of grants and favorable currency effects, net of hedging.\nOperating income in 2018 was $1,400 million, improved by $395 million compared to 2017, reflecting higher volumes, improved manufacturing efficiencies and product mix and lower restructuring charges, partially offset by unfavorable currency effects, net of hedging, normal price pressure and higher operating expenses.\n\n | | Year Ended December 31, | \n----------------------------- | ------ | ----------------------- | ------\n | 2019 | 2018 | 2017 \n | | (In millions) | \nOperating income | $1,203 | $1,400 | $1,005\nAs percentage of net revenues | 12.6% | 14.5% | 12.0% "} {"_id": "d1a71ca46", "title": "", "text": "The following table presents franchise revenues and costs in each fiscal year and other information we believe is useful in analyzing the change in franchise operating results (dollars in thousands):\nFranchise rental revenues increased $13.8 million, or 5.3%, in 2019 versus a year ago due primarily to an increase in the number of franchised restaurants and, to a lesser extent, an increase in franchise same-store sales. The increase in the number of restaurants leased or subleased from the Company due to our refranchising strategy, contributed additional rental revenues of $12.4 million in 2019.\n\n | 2019 | 2018 \n---------------------------------------------------------------------- | ---------- | ----------\nFranchise rental revenues | $272,815 | $259,047 \nRoyalties | 163,047 | 155,939 \nFranchise fees and other | 6,764 | 6,646 \nFranchise royalties and other | 169,811 | 162,585 \nFranchise contributions for advertising and other services | 170,674 | \u2014 \nTotal franchise revenues | $613,300 | $421,632 \n | | \nFranchise occupancy expenses (excluding depreciation and amortization) | $166,584 | $158,319 \nFranchise support and other costs | 12,110 | 11,593 \nFranchise advertising and other services expenses | 178,093 | \u2014 \nTotal franchise costs | $356,787 | $169,912 \nFranchise costs as a % of total franchise revenues | 58.2% | 40.3% \n | | \nAverage number of franchise restaurants | 2,081 | 2,028 \n% increase | 2.6% | \nFranchised restaurant sales | $3,167,920 | $3,018,067\nFranchise restaurant AUV | $1,523 | $1,488 \nIncrease in franchise-operated same-store sales | 1.3% | 0.1% \nRoyalties as a percentage of total franchise restaurant sales | 5.1% | 5.2% "} {"_id": "d1b2f7e88", "title": "", "text": "Hardware\nHardware sales, net decreased $1.5 million, or -10% in 2019 compared to 2018. We adopted the new ASC 606 standard as of January 1, 2018 and elected to use the modified retrospective method. Historical hardware sales prior to the adoption of ASC 606 were recorded on a gross basis, as we were the principal in the transaction in accordance with the previous standard, ASC 605-45. Under the new standard, we are an agent in the transaction as we do not physically control the hardware which we sell. Accordingly, starting January 1, 2018, we recognize our hardware revenue net of related cost which reduces both hardware revenue and cost of sales as compared to our accounting prior to 2018. For comparison purposes only, had we implemented ASC 606 using the full retrospective method, we would have also presented hardware revenue net of cost for prior periods as shown below.\nThe majority of hardware sales are derived from our Americas segment. Sales of hardware are largely dependent upon customer- specific desires, which fluctuate.\n\n | | | | Year Ended December 31, | \n--------------------------------------------- | ------- | ------- | -------- | ----------------------- | ----\n | | | | % Change vs.Prior Year | \n2019 | 2019 | 2018 | 2017 | 2019 | 2018\nHardware Revenue (Pre ASC 606 Adoption) | $44,972 | $49,914 | $43,190 | -10% | 16% \nCost of hardware | -32,455 | -35,947 | - 32,205 | -10% | 12% \nHardware Revenue, net (Post ASC 606 Adoption) | $12,517 | $13,967 | $ 10,985 | -10% | 27% "} {"_id": "d1a71ac1e", "title": "", "text": "32. Provisions for post-employment benefits plans and similar obligations\nProvisions for post-employment benefits plans are recognised in accordance with IAS 19 (Employee Benefits).\nProvisions for post-employment benefits plans consist of commitments primarily related to benefits defined by the provisions of company pension plans. These take the form of defined benefit plans directly from the employer (employer\u2019s commitments) and defined benefit plans from external pension providers (benevolent funds in Germany and international pension funds). The external providers\u2019 assets serve exclusively to finance the pension entitlements and qualify as plan assets. The benefits under the different plans are based on performance and length of service.\nThe most important performance-based pension plans are described in the following.\n\n\u20ac million | 30/9/2018 | 30/9/2019\n---------------------------------------------------------------------- | --------- | ---------\nProvisions for post-employment benefits plans (employer\u2019s commitments) | 344 | 414 \nProvisions for indirect commitments | 12 | 17 \nProvisions for voluntary pension benefits | 0 | 0 \nProvisions for post-employment benefit plans | 71 | 78 \n | 427 | 509 \nProvisions for obligations similar to pensions | 41 | 34 \n | 468 | 543 "} {"_id": "d1b3306a2", "title": "", "text": "Earnings Per Share\nCalculations of net income per common share attributable to ON Semiconductor Corporation are as follows (in millions, except per share data):\nBasic income per common share is computed by dividing net income attributable to ON Semiconductor Corporation by the weighted average number of common shares outstanding during the period.\nTo calculate the diluted weighted-average common shares outstanding, the number of incremental shares from the assumed exercise of stock options and assumed issuance of shares relating to RSUs is calculated by applying the treasury stock method. Share-based awards whose impact is considered to be anti-dilutive under the treasury stock method were excluded from the diluted net income per share calculation.\nThe excluded number of anti-dilutive share-based awards was approximately 0.8 million, 0.6 million and 0.2 million for the years ended December 31, 2019, 2018 and 2017, respectively.\nThe dilutive impact related to the Company\u2019s 1.00% Notes and 1.625% Notes is determined in accordance with the net share settlement requirements, under which the Company\u2019s convertible notes are assumed to be convertible into cash up to the par value, with the excess of par value being convertible into common stock.\nAdditionally, if the average price of the Company\u2019s common stock exceeds $ 25.96 per share, with respect to the 1.00% Notes, or $30.70 per share, with respect to the 1.625% Notes, during the relevant reporting period, the effect of the additional potential shares that may be issued related to the warrants that were issued concurrently with the issuance of the convertible notes will also be included in the calculation of diluted weighted-average common shares outstanding.\nPrior to conversion, the convertible note hedges are not considered for purposes of the earnings per share calculations, as their effect would be anti-dilutive. Upon conversion, the convertible note hedges are expected to offset the dilutive effect of the 1.00% Notes and 1.625% Notes, respectively, when the stock price is above $18.50 per share, with respect to the 1.00% Notes, and $20.72 per share, with respect to the 1.625% Notes.\n\n | | Year ended December 31, | \n------------------------------------------------------------------------- | ------ | ----------------------- | ------\n | 2019 | 2018 | 2017 \nNet income attributable to ON Semiconductor Corporation | $211.7 | $627.4 | $810.7\nBasic weighted average common shares outstanding | 410.9 | 423.8 | 421.9 \nAdd: Incremental shares for: | | | \nDilutive effect of share-based awards | 1.9 | 4.3 | 5.5 \nDilutive effect of convertible notes | 3.2 | 7.8 | 0.9 \nDiluted weighted average common shares outstanding | 416.0 | 435.9 | 428.3 \nNet income per common share attributable to ON Semiconductor Corporation: | | | \nBasic | $0.52 | $1.48 | $1.92 \nDiluted | $0.51 | $1.44 | $1.89 "} {"_id": "d1b313854", "title": "", "text": "6.4 Deed of cross guarantee\nPursuant to the iSelect Deed of Cross Guarantee (\u201cthe Deed\u201d) and in accordance with ASIC Class Order 98/1418, the subsidiaries identified with a \u20182\u2019 in note 6.2 are relieved from the requirements of the Corporations Act 2001 relating to the preparation, audit and lodgment of their financial reports.\niSelect Limited and the subsidiaries identified with a \u20182\u2019 in note 6.2 together are referred to as the \u201cClosed Group\u201d. The Closed Group, with the exception of General Brokerage Services Pty Ltd, Energy Watch Trading Pty Ltd, Procure Power Pty Ltd, Energy Watch Services Pty Ltd and iSelect International Pty Ltd entered into the Deed on 26 June 2013.\nGeneral Brokerage Services Pty Ltd, Energy Watch Trading Pty Ltd, Procure Power Pty Ltd and Energy Watch Services Pty Ltd entered into the Deed on 1 July 2014, the date they were acquired as part of the Energy Watch Group acquisition. iSelect International entered the Deed on 8 September 2014. The effect of the Deed is that iSelect Limited guarantees to each creditor payment in full of any debt in the event of winding up any of the entities in the Closed Group.\nThe consolidated income statement of the entities that are members of the Closed Group is as follows:\n\n | CONSOLIDATED | \n------------------------------------------------- | ------------ | ----------\n | 2019 $\u2019000 | 2018 $\u2019000\nConsolidated income statement | | \nLoss from continuing operations before income tax | (20,111) | (21,033) \nIncome tax benefit | 5,949 | 6,734 \nNet loss for the year | (14,162) | (14,299) \nRetained earnings at the beginning of the period | 4,101 | 30,790 \nTransferred in from divested subsidiary | (8,676) | - \nNet loss for the year | (14,162) | (14,299) \nDividends paid | - | (12,390) \nRetained earnings at the end of the year | (18,737) | 4,101 "} {"_id": "d1b339068", "title": "", "text": "CONTRACTUAL OBLIGATIONS, COMMITMENTS AND OFF-BALANCE SHEET OBLIGATIONS\nOur disclosures regarding contractual obligations and commercial commitments are located in various parts of our regulatory filings. Information in the following table provides a summary of our contractual obligations and commercial commitments as of September 28, 2019 (dollars in millions):\n1) Includes $150.0 million in principal amount of 2018 Notes as well as interest; see Note 4, \"Debt, Capital Lease Obligations and Other Financing,\" in Notes to Consolidated Financial Statements for further information.\n2) As of September 28, 2019, capital lease obligations consists of capital lease payments and interest as well as the non-cash financing obligation related to the failed sale-leasebacks in Guadalajara, Mexico; see Note 4, \"Debt, Capital Lease Obligations and Other Financing,\" in Notes to Consolidated Financial Statements for further information.\n3) As of September 28, 2019, purchase obligations consist primarily of purchases of inventory and equipment in the ordinary course of business.\n4) Consists of U.S. federal income taxes on the deemed repatriation of undistributed foreign earnings due to Tax Reform. Refer to \"Liquidity and Capital Resources\" above for further detail.\n5) As of September 28, 2019, other obligations on the balance sheet included deferred compensation obligations to certain of our former and current executive officers, as well as other key employees, and an asset retirement obligation. We have excluded from the above table the impact of approximately $2.3 million, as of September 28, 2019, related to unrecognized income tax benefits. The Company cannot make reliable estimates of the future cash flows by period related to these obligations.\n6) As of September 28, 2019, other obligations not on the balance sheet consist of guarantees and a commitment for salary continuation and certain benefits in the event employment of one executive officer of the Company is terminated without cause. Excluded from the amounts disclosed are certain bonus and incentive compensation amounts, which would be paid on a prorated basis in the year of termination.\n7) Includes future minimum lease payments for two facilities in Guadalajara, Mexico, leased under 10-year and 15-year base lease agreements, both of which include two 5-year renewal options; see Note 4, \"Debt, Capital Lease Obligations and Other Financing,\" in Notes to Consolidated Financial Statements for further information.\n\n | | Payments Due by Fiscal Year | | | \n------------------------------------------------------ | -------- | --------------------------- | ---------- | ---------- | -------------------\nContractual Obligations | Total | 2020 | 2021-2022 | 2023-2024 | 2025 and\nthereafter\nDebt Obligations (1) | $288.3 | $101.2 | $12.4 | $12.2 | $162.5 \nCapital Lease Obligations (2) | 49.8 | 6.7 | 6.4 | 2.5 | 34.2 \nOperating Lease Obligations | 40.8 | 10.4 | 12.2 | 8.8 | 9.4 \nPurchase Obligations (3) | 620.0 | 598.8 | 20.7 | 0.4 | 0.1 \nRepatriation Tax on Undistributed Foreign Earnings (4) | 65.1 | 5.5 | 11.4 | 16.3 | 31.9 \nOther Liabilities on the Balance Sheet (5) | 15.0 | 3.3 | 4.0 | 0.6 | 7.1 \nOther Liabilities not on the Balance Sheet (6) | 8.6 | 1.8 | \u2014 | 1.3 | 5.5 \nOther Financing Obligations (7) | 119.0 | 4.3 | 9.0 | 9.4 | 96.3 \nTotal Contractual Cash Obligations | $1,206.6 | $732.0 | $76.1 | $51.5 | $347.0 "} {"_id": "d1b3ac9a0", "title": "", "text": "No deferred tax assets were capitalised for the following tax loss carry-forwards and interest carry-forwards or temporary differences because realisation of the assets in the short-to-medium term is not expected:\nThe loss carry-forwards as of the closing date predominantly concern the German consolidation group. They can be carried forward without limitation.\n\n\u20ac million | 30/9/2018 | 30/9/2019\n----------------------- | --------- | ---------\nCorporate tax losses | 4,320 | 4,883 \nTrade tax losses | 3,296 | 3,679 \nInterest carry-forwards | 57 | 83 \nTemporary differences | 104 | 120 "} {"_id": "d1b3a3364", "title": "", "text": "Section D: People\nThis section provides information about our employee benefit obligations, including annual leave, long service leave and post-employment benefits. It also includes details about our share plans and the compensation paid to Key Management Personnel.\n15. EMPLOYEE BENEFITS.\n1. Included within current provisions in the statement of financial position.\n2. Included within non-current provisions in the statement of financial position.\nEmployee benefits liability\nEmployee benefits liability represents amounts provided for annual leave and long service leave. The current portion for this provision includes the total amount accrued for annual leave entitlements and the amounts accrued for long service leave entitlements that have vested due to employees having completed the required period of service.\nBased on past experience, the Group does not expect the full amount of annual leave or long service leave balances classified as current liabilities to be settled within the next 12 months. These amounts are presented as current liabilities since the Group does not have an unconditional right to defer the settlement of these amounts in the event employees wish to use their leave entitlement.\n\n | 2019 | 2018 \n--------------------------------- | ------ | ------\n | $\u2019000 | $\u2019000 \nCurrent employee benefits1 | 13,859 | 12,710\nNon-current employee benefits2 | 189 | 675 \nTotal employee benefits liability | 14,048 | 13,385"} {"_id": "d1a718a36", "title": "", "text": "9.4. Trade and other payables\nTrade payables are unsecured and are usually paid within 30 days of recognition. Other payables and accruals are paid when amounts fall due. The carrying amounts of trade and other payables are assumed to be the same as their fair values, due to their short-term nature.\n\n | 2019 | 2018 \n-------------------------------- | ------ | ------\n | $'000 | $'000 \nCurrent | | \nTrade payables | 3,486 | 4,184 \nAccrued expenses | 6,706 | 2,717 \nGST and employment taxes payable | 2,644 | 1,256 \nOther payables | 6,157 | 4,161 \nTotal | 18,993 | 12,318"} {"_id": "d1b2fcb7c", "title": "", "text": "Restricted Share Awards\nRestricted share awards, which are generally in the form of restricted share units, are granted subject to certain restrictions. Conditions of vesting are determined at the time of grant. All restrictions on an award will lapse upon death or disability of the employee. If the employee satisfies retirement requirements, a portion of the award may vest, depending on the terms and conditions of the particular grant. Recipients of restricted share units have no voting rights, but do receive dividend equivalents. For grants that vest through passage of time, the fair value of the award at the time of the grant is amortized to expense over the period of vesting. The fair value of restricted share awards is determined based on the closing value of our shares on the grant date. Restricted share awards generally vest in increments over a period of four years as determined by the management development and compensation committee.\nRestricted share award activity was as follows:\nThe weighted-average grant-date fair value of restricted share awards granted during fiscal 2019, 2018, and 2017 was $77.77, $93.45, and $67.72, respectively.\nThe total fair value of restricted share awards that vested during fiscal 2019, 2018, and 2017 was $48 million, $50 million, and $50 million, respectively.\nAs of fiscal year end 2019, there was $64 million of unrecognized compensation expense related to nonvested restricted share awards, which is expected to be recognized over a weighted-average period of 1.7 years.\n\n | Shares | Weighted-Average Grant-Date Fair Value\n--------------------------------- | --------- | --------------------------------------\nNonvested at fiscal year end 2018 | 1,631,470 | $ 75.39 \nGranted | 692,899 | 77.77 \nVested | (689,040) | 70.31 \nForfeited | (232,910) | 78.80 \nNonvested at fiscal year end 2019 | 1,402,419 | $ 78.36 "} {"_id": "d1b351faa", "title": "", "text": "Note 8: Balance Sheet Information\nCertain significant amounts included in the Company's Consolidated Balance Sheets consist of the following (in millions):\nAssets classified as held-for-sale, consisting primarily of properties, are required to be recorded at the lower of carrying value or fair value less any costs to sell. The carrying value of these assets as of December 31, 2019 was $1.4 million, and is reported as other current assets on the Company\u2019s Consolidated Balance Sheet.\nDepreciation expense for property, plant and equipment, including amortization of finance leases, totaled $409.7 million, $359.3 million and $325.2 million for 2019, 2018 and 2017, respectively.\nIncluded within sales related reserves are ship and credit reserves for distributors amounting to $178.7 million and $230.8 million as of December 31, 2019 and 2018, respectively.\n\n | As of | \n------------------------------------ | ----------------- | -----------------\n | December 31, 2019 | December 31, 2018\nInventories: | | \nRaw materials | $138.4 | $137.3 \nWork in process | 772.9 | 760.7 \nFinished goods | 321.1 | 327.2 \n | $1,232.4 | $1,225.2 \nProperty, plant and equipment, net: | | \nLand | $125.2 | $125.5 \nBuildings | 860.6 | 820.4 \nMachinery and equipment | 4,275.2 | 3,980.2 \nProperty, plant and equipment, gross | 5,261.0 | 4,926.1 \nLess: Accumulated depreciation | (2,669.4) | (2,376.5) \n | $2,591.6 | $2,549.6 \nAccrued expenses: | | \nAccrued payroll and related benefits | $153.4 | $240.8 \nSales related reserves | 247.3 | 294.8 \nIncome taxes payable | 22.5 | 38.2 \nOther | 115.6 | 85.3 \n | $538.8 | $659.1 "} {"_id": "d1b337a92", "title": "", "text": "The following direct customers accounted for 10% or more of our net revenues in one or more of the following periods:\nNokia was our largest customer in fiscal 2019, 2018 and 2017. Nokia purchases products directly from us and through contract manufacturers and distributors. Based on information provided to us by its contract manufacturers and our distributors, purchases by Nokia represented approximately 45%, 36% and 41% of our net revenues in fiscal 2019, 2018 and 2017, respectively. To our knowledge, none of our other OEM customers accounted for more than 10% of our net revenues in any of these periods.\n\n | | Fiscal Year Ended | \n--------------------------------------------------------- | ----- | ----------------- | -----\n | | March 31, | \n | 2019 | 2018 | 2017 \nContract manufacturers and consignment warehouses: | | | \nFlextronics Technology | 21.8% | 14.0% | 10.4%\nSanmina | 17.7 | 16.0 | 20.4 \nDistributors: | | | \nAvnet Logistics | 31.3 | 35.3 | 25.5 \nNexcomm | 14.8 | 16.1 | 19.7 "} {"_id": "d1b356406", "title": "", "text": "(1) No dividend is proposed by the Board of Directors related to the financial year 2019.\n(2) Includes net sales to other segments.\nThe figures are derived from our consolidated financial\nstatements prepared in accordance with IFRS. Year-on-year\nchange is in parenthesis.\nAll Nokia Technologies IPR and Licensing net sales are allocated to Finland.\n\nFinancial highlights | | | \n------------------------------------------ | ------ | ------ | -------\nFor the year ended December 31, | 2019 | 2018 | 2017 \nContinuing operations | EURm | EURm | EURm \nNet sales | 23,315 | 22,563 | 23,147 \nGross profit | 8,326 | 8,446 | 9,139 \nGross margin | 35.7% | 37.4% | 39.5% \nOperating profit/(loss) | 485 | (59) | 16 \nOperating margin | 2.1% | (0.3)% | 0.1% \nProfit/(loss) for the year | 18 | (549) | (1,437)\n | EUR | EUR | EUR \nEarnings per share, diluted | 0.00 | (0.10) | (0.26) \nDividend per share(1) | 0.00 | 0.10 | 0.19 \n | 2019 | 2018 | 2017 \nAs of December 31 | EURm | EURm | EURm \nNet cash and current financial investments | 1,730 | 3,053 | 4,517 "} {"_id": "d1b39b600", "title": "", "text": "Issuer purchases of equity securities\nCommon stock repurchased in the three months ended December 31, 2019:\n(1) Shares withheld to cover the option exercise price and tax withholding obligations under the net settlement provisions of our stock compensation awards have been included in these amounts.\n(2) See \"Stock repurchase program\" in Item 7 of this Annual Report for additional information.\n\n(in thousands, except per share amounts) | Total Number of Shares Purchased (1) (2) | Average Price Paid per Share (1) (2) | Total Number of Shares Purchased as Part of Publicly Announced Share Repurchase Program (2) | Approximate Dollar Value of Shares That May Yet Be Purchased at Period End Under Publicly Announced Share Repurchased Programs (2)\n---------------------------------------- | ---------------------------------------- | ------------------------------------ | ------------------------------------------------------------------------------------------- | ----------------------------------------------------------------------------------------------------------------------------------\nOctober 1, 2019 - October 31, 2019 | 24 | $71.89 | 12 | $45,484 \nNovember 1, 2019 - November 30, 2019 | 108 | $75.63 | - | $45,484 \nDecember 1, 2019 - December 31, 2019 | 144 | $76.64 | - | $45,484 \nTotal | 276 | $75.83 | | "} {"_id": "d1b3b0816", "title": "", "text": "NOTE 19 \u2013 DERIVATIVE FINANCIAL INSTRUMENTS\nPlease refer to note 21 \u201cFinancial Instruments\u201d for further information on fair value hierarchies.\n\nUSDm | 2019 | 2018\n------------------------------------------------------------------------------- | ----- | ----\nFair value of derivatives: | | \nDerivative financial instruments regarding freight and bunkers: | | \nForward freight agreements | -0.3 | 0.5 \nBunker swaps | - | -1.2\nDerivative financial instruments regarding interest and currency exchange rate: | | \nForward exchange contracts | -0.4 | -1.8\nInterest rate swaps | -11.1 | 2.8 \nFair value of derivatives as of 31 December | -11.8 | 0.3 "} {"_id": "d1b2f83b0", "title": "", "text": "(1) Using the euro per US dollar exchange rate on December 31, 2019 of \u20ac1 = $1.1213.\n(2) Since May 23, 2019 Mr. Manzi has not been a member of the Supervisory Board.\n(3) Global indirect employees are all employees other than those directly manufacturing our products.\nWe do not have any service agreements with members of our Supervisory Board. We did not extend any loans or overdrafts to any of our Supervisory Board members. Furthermore, we have not guaranteed any debts or concluded any leases with any of our Supervisory Board members or their families.\n\n | 2019 | 2018 | 2017 \n--------------------------------------------------------------------- | ----------- | --------- | ---------\nDirectors' remuneration | | | \nAverage remuneration of Supervisory Board Members(1) | $105,066(2) | $ 115,618 | $ 123,281\nCompany's performance | | | \nNet revenues (amounts in millions) | $ 9,556 | $ 9,664 | $ 8,347 \nOperating income (amounts in millions) | $ 1,203 | $ 1,400 | $ 1,005 \nAverage remuneration of all global indirect employees (FTE basis) (3) | | | \nEmployees | $ 97,300 | $ 100,600 | $ 93,500 "} {"_id": "d1b36bd92", "title": "", "text": "The following table provides information for fiscal year 2019 compensation for all of our current and former non-employee directors:\n1) Non-employee directors receive an annual retainer fee of $50,000 plus an additional annual fee of $15,000 (Compensation Committee and Nominating and Governance Committee) or $20,000 (Audit Committee) for membership on each committee. The chair of each committee receives an additional annual fee of $15,000 (Nominating and Governance Committee) or $25,000 (Audit Committee and Compensation Committee). The Lead Independent Director/Independent Chairman receives an annual fee of $100,000 (reduced to $75,000 for 2020).\n(2) Includes payments for fractional share(s) from stock awards granted to each non-employee director.\n(3) Amounts shown in this column reflect the aggregate full grant date fair value calculated in accordance with Financial Accounting Standards Board (\u2018\u2018FASB\u2019\u2019) Accounting Standards Codification (\u2018\u2018ASC\u2019\u2019) Topic 718 for awards granted during FY19.\n(4) Each non-employee director, other than Ms. Barsamian and Messrs. Feld, Fuller, Hill and Miller, was granted 12,320 RSUs on May 17, 2018, with a per-share fair value of $22.32 and an aggregate grant date fair value of $274,982.40. Each such director\u2019s fees were paid in cash as reported in the \u2018\u2018Fees Earned or Paid in Cash\u2019\u2019 column in the table above. No non-employee director had any outstanding stock awards as of March 29, 2019.\n(5) Ms. Barsamian and Mr. Hill were appointed to our Board on January 7, 2019 and received a pro-rated portion of non-employee director fees from the date of such director\u2019s appointment on January 7, 2019 through the end of FY19. Ms. Barsamian and Mr. Hill were each granted 2,717 RSUs on February 5, 2019, with a per-share fair value of $22.80 and an aggregate grant date fair value of $61,947.60. The balance of each such director\u2019s fees was paid in cash as reported in the \u2018\u2018Fees Earned or Paid in Cash\u2019\u2019 column in the table above.\n(6) In lieu of cash, Ms. Barsamian elected to receive 100% of the pro-rated portion of her annual retainer fee of $50,000 in the form of our common stock. Accordingly, pursuant to the terms of the 2000 Director Equity Incentive Plan, Ms. Barsamian was granted 494 shares at a per share fair value of $22.80 and an aggregate grant date fair value of $11,263. The balance of Ms. Barsamian\u2019s fee was paid in cash as reported in the \u2018\u2018Fees Earned or Paid in Cash\u2019\u2019 column in the table above.\n(7) Messrs. Feld and Fuller were appointed to our Board on September 16, 2018 and each received pro-rated portions of such director\u2019s non-employee director fees from the date of his appointment on September 16, 2018 through the end of FY19. Messrs. Feld and Fuller were granted 6,764 RSUs on December 7, 2018, with a per-share fair value of $21.78 and an aggregate grant date fair value of $147,320. The balance of each such director\u2019s fees was paid in cash as reported in the \u2018\u2018Fees Earned or Paid in Cash\u2019\u2019 column in the table above.\n(8) In lieu of cash, Mr. Feld elected to receive 100% of the pro-rated portion of his annual retainer fee of $50,000 in the form of our common stock. Accordingly, pursuant to the terms of the 2000 Director Equity Incentive Plan, Mr. Feld was granted 1,229 shares at a per share fair value of $21.78 and an aggregate grant date fair value of $26,767. The balance of Mr. Feld\u2019s fee was paid in cash as reported in the \u2018\u2018Fees Earned or Paid in Cash\u2019\u2019 column in the table above.\n(9) In lieu of cash, Messrs. Hao and Humphrey each received 100% of his respective annual retainer fee of $50,000 in the form of our common stock. Accordingly, pursuant to the terms of the 2000 Director Equity Incentive Plan, each was granted 2,240 shares at a per share fair value of $22.32 and an aggregate grant date fair value of $49,997. The balance of each such director\u2019s fee was paid in cash as reported in the \u2018\u2018Fees Earned or Paid in Cash\u2019\u2019 column in the table above.\n(10) Ms. Laybourne and Mr. Miller served on the Board through December 3, 2018, the date of the Company\u2019s 2019 Annual Meeting of Stockholders.\n(11) Mr. Miller\u2019s non-employee director fees were prorated through December 3, 2018, the date of the Company\u2019s 2019 Annual Meeting of Stockholders. Mr. Miller was granted 5,584 RSUs on May 17, 2018, with a per-share fair value of $22.32 and an aggregate grant date fair value of $124,635. The balance in director\u2019s fees was paid in cash as reported in the \u2018\u2018Fees Earned or Paid in Cash\u2019\u2019 column in the table above.\n\n | Fiscal 2019 Director Compensation | | \n-------------------------- | -------------------------------------- | ---------------------- | ---------\nName | Fees earned or paid in cash ($) (1)(2) | Stock Awards ($)(3)(4) | Total ($)\nSusan P. Barsamian(5) | 3,383 | 73,210(6) | 76,593 \nFrank E. Dangeard | 85,018 | 274,982 | 360,000 \nPeter A. Feld(7) | 16,071 | 174,108(8) | 190,179 \nDale L. Fuller(7) | 34,821 | 147,321 | 182,142 \nKenneth Y. Hao | 21 | 324,979(9) | 325,000 \nRichard S. Hill(5) | 15,772 | 61,948 | 77,720 \nDavid W. Humphrey | 21 | 324,979(9) | 325,000 \nGeraldine B. Laybourne(10) | 80,018 | 274,982 | 355,000 \nDavid L. Mahoney | 105,024 | 274,976 | 380,000 \nRobert S. Miller(10)(11) | 120,639 | 124,635 | 245,274 \nAnita M. Sands | 70,018 | 274,982 | 345,000 \nDaniel H. Schulman | 195,018 | 274,982 | 470,000 \nV. Paul Unruh | 95,018 | 274,982 | 370,000 \nSuzanne M. Vautrinot | 70,018 | 274,982 | 345,000 "} {"_id": "d1b36c53a", "title": "", "text": "Item 5. Market for Registrant\u2019s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities.\nMarket information\nOur common stock is currently available for trading in the over-the-counter market and is quoted on the OTCQB under the symbol \u201cPTIX.\u201d There has been very limited market for our common stock and trading volume has been negligible. There is no guarantee that an active trading market will develop in our common stock\nTrades in our common stock may be subject to Rule 15g-9 of the Exchange Act, which imposes requirements on broker/dealers who sell securities subject to the rule\nto persons other than established customers and accredited investors. For transactions covered by the rule, broker/dealers must make a special suitability determination for\npurchasers of the securities and receive the purchaser\u2019s written agreement to the transaction before the sale.\nThe SEC also has rules that regulate broker/dealer practices in connection with transactions in \u201cpenny stocks.\u201d Penny stocks generally are equity securities with a\nprice of less than $5.00 (other than securities listed on certain national exchanges, provided that the current price and volume information with respect to transactions in that\nsecurity is provided by the applicable exchange or system). The penny stock rules require a broker/dealer, before effecting a transaction in a penny stock not otherwise exempt\nfrom the rules, to deliver a standardized risk disclosure document prepared by the SEC that provides information about penny stocks and the nature and level of risks in the\npenny stock market. The broker/dealer also must provide the customer with current bid and offer quotations for the penny stock, the compensation of the broker/dealer and its\nsalesperson in the transaction, and monthly account statements showing the market value of each penny stock held in the customer\u2019s account. The bid and offer quotations,\nand the broker/dealer and salesperson compensation information, must be given to the customer orally or in writing before effecting the transaction, and must be given to the customer in writing before or with the customer\u2019s confirmation. These disclosure requirements may have the effect of reducing the level of trading activity in the secondary market for shares of our common stock. As a result of these rules, investors may find it difficult to sell their shares.\nOur common stock was quoted on the OTC Pink under the symbol \u201cATRN\u201d prior to July 27, 2016 and then under the symbol \u201cPTIX\u201d between July 27, 2016 and\nOctober 16, 2016. Commencing on October 17, 2016, our common stock is quoted in the OTCQB under the symbol \u201cPTIX\u201d. The following table sets forth, for the periods\nindicated and as reported on the OTC Markets, the high and low bid prices for our common stock. Such quotations reflect inter-dealer prices, without retail mark-up, markdown\nor commission and may not necessarily represent actual transactions.\n(1) The high and low bid prices for this quarter were reported by the OTCQB marketplace. There was negligible trading volume during this period.\n\n | High | Low \n------------------ | ----- | -----\n2018(1) | | \nFirst Quarter (1) | $2.20 | $1.76\nSecond Quarter (1) | $1.76 | $1.76\nThird Quarter (1) | $2.50 | $1.25\nFourth Quarter (1) | $2.00 | $1.99\n2019(1) | | \nFirst Quarter (1) | $2.30 | $2.00\nSecond Quarter (1) | $2.00 | $1.50\nThird Quarter (1) | $1.50 | $1.40\nFourth Quarter (1) | $3.80 | $1.40"} {"_id": "d1b3308fa", "title": "", "text": "Disaggregation of Total Net Sales: We disaggregate our sales from contracts with customers by end customer, contract type, deliverable type and revenue recognition method for each of our segments, as we believe these factors affect the nature, amount, timing, and uncertainty of our revenue and cash flows.\nSales by Geographic Region (in millions):\n\n | | Years Ended September 30, | \n-------------------- | -------- | ------------------------- | --------\n | 2019 | 2018 | 2017 \nUnited States | $ 956.6 | $ 627.8 | $ 522.8\nUnited Kingdom | 218.2 | 240.7 | 219.4 \nAustralia | 163.5 | 166.7 | 175.6 \nFar East/Middle East | 74.0 | 86.4 | 112.7 \nOther | 84.2 | 81.3 | 77.2 \nTotal sales | $1,496.5 | $1,202.9 | $1,107.7"} {"_id": "d1b326f12", "title": "", "text": "(1) For the three-month period ended August 31, 2019, the average foreign exchange rate used for translation was 1.3222 USD/CDN. (2) Fiscal 2018 was restated to comply with IFRS 15 and to reflect a change in accounting policy. For further details, please consult the \"Accounting policies\" section. (3) Fiscal 2019 actuals are translated at the average foreign exchange rate of the comparable period of fiscal 2018 which was 1.3100 USD/CDN.\nREVENUE Fiscal 2019 fourth-quarter revenue increased by 7.0% (6.0% in constant currency). In local currency, revenue amounted to US$199.5 million compared to US$188.1 million for the same period of fiscal 2018. The increase resulted mainly from: \u2022 rate increases; \u2022 activation of bulk properties in Florida during the fourth quarter of fiscal 2019; \u2022 continued growth in Internet service customers; and \u2022 the FiberLight acquisition completed in the first quarter of fiscal 2019; partly offset by \u2022 a decrease in video service customers.\nOPERATING EXPENSES Fiscal 2019 fourth-quarter operating expenses increased by 8.6% (7.6% in constant currency) mainly as a result of: \u2022 programming rate increases; \u2022 the FiberLight acquisition completed in the first quarter of fiscal 2019; \u2022 higher compensation expenses due to higher headcount to support growth; and \u2022 higher marketing initiatives to drive primary service units growth.\nADJUSTED EBITDA Fiscal 2019 fourth-quarter adjusted EBITDA increased by 5.1% (4.1% in constant currency). In local currency, adjusted EBITDA amounted to US$87.4 million compared to US$83.9 million for the same period of fiscal 2018. The increase was mainly due to organic growth combined with the impact of the FiberLight acquisition.\nACQUISITIONS OF PROPERTY, PLANT AND EQUIPMENT Fiscal 2019 fourth-quarter acquisitions of property, plant and equipment decreased by 9.5% (10.5% in constant currency) mainly due to: \u2022 lower purchases of customer premise equipment due to the timing of certain initiatives; and \u2022 lower capital expenditures due to the timing of certain initiatives; partly offset by \u2022 additional capital expenditures related to the expansion in Florida.\n\nThree months ended August 31, | 2019(1) | 2018(2) | Change | Change in constant currency(3) | Foreign exchange impact(3)\n--------------------------------------------- | ------- | ------- | ------ | ------------------------------ | --------------------------\n(in thousands of dollars, except percentages) | $ | $ | % | % | $ \nRevenue | 263,738 | 246,443 | 7.0 | 6.0 | 2,427 \nOperating expenses | 148,215 | 136,506 | 8.6 | 7.6 | 1,370 \nAdjusted EBITDA | 115,523 | 109,937 | 5.1 | 4.1 | 1,057 \nAdjusted EBITDA margin | 43.8% | 44.6% | | | \nAcquisitions of property, plant and equipment | 65,967 | 72,914 | (9.5) | (10.5) | 704 \nCapital intensity | 25.0% | 29.6% | | | "} {"_id": "d1b36f5aa", "title": "", "text": "Allowance for Doubtful Accounts\nThe Company bases its allowance for doubtful accounts on its historical collection experience and a review in each period of the status of the then outstanding accounts receivable.\nA reconciliation of the beginning and ending amount of allowance for doubtful accounts is as follows (in thousands):\nThe Company recognized bad debt expense of $0.5 million, $0.8 million, and $1.4 million for the years ended December 31, 2019, 2018, and 2017, respectively.\n\n | 2019 | 2018 | 2017 \n---------------------------- | ------- | ------- | -------\nBeginning balance, January 1 | $2,429 | $7,478 | $3,532 \nAdditions and adjustments | 1,074 | 1,691 | 7,680 \nWrite-offs | (2,128) | (6,740) | (3,734)\nEnding balance, December 31 | $1,375 | $2,429 | $7,478 "} {"_id": "d1b3078b0", "title": "", "text": "The reconciliation of the United Kingdom statutory tax rate to the Company\u2019s effective tax rate included in the accompanying consolidated statements of operations is as follows:\nAlthough the Company\u2019s parent entity is organized under Jersey law, our affairs are, and are intended to be, managed and controlled ongoing in the United Kingdom. Therefore, the Company is resident in the United Kingdom for tax purposes. The Company\u2019s parent entity is domiciled in the United Kingdom and its earnings are subject to 19%, 19% and 20% statutory tax rate for the years ended March 31, 2019, 2018 and 2017, respectively.\nThe Company\u2019s effective tax rate differs from the statutory rate each year primarily due to windfall tax benefits on equity award exercises, the valuation allowance maintained against the Company\u2019s net deferred tax assets, the jurisdictional earnings mix, tax credits, withholding taxes, and other permanent differences primarily related to non-deductible expenses.\n\n | | Year ended March 31, | \n--------------------------------- | ------- | --------------------- | -------\n | 2019 | 2018 | 2017 \nTax at statutory rate | 19.0% | 19.0% | 20.0% \nU.S. state taxes, net of federal | 31.1 | 14.1 | (1.0) \nForeign rate differential | 26.3 | 36.8 | (39.3) \nMeals and entertainment | (11.4) | (3.1) | (7.4) \nBranch income / loss | (0.6) | 0.4 | 0.9 \nShare-based compensation | 172.3 | 105.3 | (4.0) \nForeign exchange | \u2014 | \u2014 | (24.8) \nNon-deductible interest expense | \u2014 | \u2014 | (3.3) \nTax credits | 7.7 | 8.1 | 15.6 \nUnremitted earnings | (3.8) | (1.2) | \u2014 \nChange in valuation allowance | (249.9) | (110.7) | 124.7 \nDeferred tax true-ups | (3.5) | 8.4 | (12.4) \nTax reserves | (4.9) | (21.5) | (117.7)\nProvision to return | (0.1) | 0.4 | (0.7) \nWithholding taxes | (2.6) | (3.5) | \u2014 \nOther foreign taxes | \u2014 | \u2014 | (6.7) \nNon-deductible expenses | (5.2) | (2.4) | (10.6) \nDeferred tax rate change | (6.3) | (77.8) | (1.3) \nAcquisition related costs | (7.6) | \u2014 | \u2014 \nOther | (0.5) | (0.2) | \u2014 \nEffective Tax Rate | (40.0)% | (27.9)% | (68.0)%"} {"_id": "d1b3a160e", "title": "", "text": "Note 9 - Software Development Costs\nCapitalized software development costs as of December 31, 2019 and 2018 consisted of the following (in thousands):\nThe weighted average remaining amortization period for the Company\u2019s software development costs is 1.61 years.\nAmortization expense for capitalized software development costs was $1.025 million and $1.2 million for each of the years ended December 31, 2019 and 2018.\n\n | As of December 31, | \n-------------------------------------- | ------------------ | -------\n | 2019 | 2018 \nCapitalized software development costs | $6,029 | $5,102 \nAccumulated amortization | (4,485) | (3,412)\nSoftware development costs, net | 1,544 | $1,690 "} {"_id": "d1b2f6fd8", "title": "", "text": "The GBS profit margin increased 0.9 points to 27.7 percent and pre-tax income of $1,666 million increased 2.2 percent year to year. The pre-tax margin of 9.9 percent increased slightly year to year. The year-to-year improvements in margins and pre-tax income were driven by the continued mix shift to higher-value offerings, the yield from delivery productivity improvements and a currency benefit from leveraging the global delivery resource model. We continued to invest in our services offerings and skills necessary to assist our clients on their cloud journey.\n* Recast to reflect segment changes.\n\n($ in millions) | | | \n------------------------------- | ------ | ------ | ---------------------------------\nFor the year ended December 31: | 2019 | 2018* | Yr.-to-Yr. Percent/ Margin Change\nGlobal Business Services | | | \nExternal gross profit | $4,606 | $4,448 | 3.5% \nExternal gross profit margin | 27.7% | 26.8% | 0.9 pts. \nPre-tax income | $1,666 | $1,629 | 2.2% \nPre-tax margin | 9.9% | 9.6% | 0.2 pts. "} {"_id": "d1b36a42e", "title": "", "text": "Performance Share Units\nThe following table illustrates the number and WASP on date of award, and movements in, performance share units (\u201cPSUs\u201d) granted under the 2015 LTIP:\nPSUs vest on one vesting date following a three year vesting period which will comprise three financial years. The awards are divided into three equal parts which will each be subject to a separate annual performance condition linked to the financial performance of the Group.\n\n | Year-ended 31 March 2019 | | Year-ended 31 March 2018 | \n------------------------------------ | ------------------------ | ------- | ------------------------ | -------\n | Number | WASP | Number | WASP \nPerformance share units | 000\u2019s | \u00a3 pence | 000\u2019s | \u00a3 pence\nOutstanding at the start of the year | 7,546 | 269.65 | 6,024 | 219.41 \nAwarded | 1,721 | 506.74 | 1,719 | 440.50 \nForfeited | (2,234) | 414.51 | (197) | 223.96 \nReleased | (2,949) | 262.64 | \u2013 | \u2013 \nOutstanding at the end of the year | 4,084 | 295.41 | 7,546 | 269.65 "} {"_id": "d1b3858e6", "title": "", "text": "Consolidated Revenues\nConsolidated revenues increased $1.0 billion, or 0.8%, during 2019 compared to 2018, primarily due to an increase in revenues at our Consumer segment, partially offset by decreases in revenues at our Business segment and Corporate and other.\nRevenues for our segments are discussed separately below under the heading \u201cSegment Results of Operations.\u201d\nCorporate and other revenues decreased $124 million, or 1.2%, during 2019 compared to 2018, primarily due to a decrease of $232 million in revenues within Verizon Media.\n\n | | | (dollars in millions) Increase/(Decrease) | \n------------------------ | -------- | -------- | ----------------------------------------- | -----\nYears Ended December 31, | 2019 | 2018 | 2019 vs. 2018 | \nConsumer | $ 91,056 | $ 89,762 | $ 1,294 | 1.4% \nBusiness | 31,443 | 31,534 | (91) | (0.3)\nCorporate and other | 9,812 | 9,936 | (124) | (1.2)\nEliminations | (443) | (369) | (74) | 20.1 \nConsolidated Revenues | $131,868 | $130,863 | $ 1,005 | 0.8 "} {"_id": "d1b31c77e", "title": "", "text": "Discussion of Cash Flows\nDuring 2019, the $4.8 million of net cash provided by operating activities consisted of our net income of $5.3 million, and included non-cash charges for depreciation and amortization of $2.5 million, and stock-based compensation of $1.5 million, offset by a tax benefit from a partial release of the valuation allowances of $3.3 million and a net cash outflow of $1.8 million from changes in working capital. The changes in working capital were principally driven by an increase in accounts receivable of $2.2 million, an increase in inventory of $0.7 million, an increase in contract assets of $0.4 million, and an increase in other assets of $0.2 million, all partially offset by decreases in accounts payable and accrued expenses of $0.6 million and contract liabilities of $1.2 million,\nIn 2018, the $3.3 million of net cash used in operating activities consisted of our net income of $11.0 million and included a gain recognized on the sale of our optoelectronic segment that was sold in July 2018 of $8.6 million in addition to non-cash charges for depreciation and amortization of $1.2 million and stock-based compensation of $0.6 million, offset by a net cash outflow of $7.6 million from changes in working capital. The changes in working capital were principally driven by an increase in inventory of $1.0 million, and increase in accounts receivable of $6.2 million, and increase in contract assets of $0.8 million, and an increase in accounts payable and accrued liabilities of $0.5 million, all partially offset by a $1.8 million decrease in other assets.\nCash used in investing activities in 2019 consisted primarily of the $19.0 million payment for our acquisition of GP, $0.5 million of fixed asset additions and $0.3 million of capitalized intellectual property costs.\nCash provided by investing activities in 2018 consisted primarily of the proceeds from the sale of our optoelectronic segment of $15.8 million, partially offset by the $5.0 million payment for our acquisition of MOI, $0.4 million of fixed asset additions and $0.4 million of capitalized intellectual property rights.\nCash used in financing activities for the year ended December 31, 2019 was $2.4 million, compared to $1.2 million in 2018. During 2019, we repaid $0.6 million on our term loans with SVB and used $2.2 million to repurchase our common stock under our stock repurchase program. These payments were partially offset by $0.4 million received from exercises of stock options and warrants. During 2018, we repaid $1.8 million on our outstanding term loan with SVB and used $0.5 million to repurchase our common stock under our stock repurchase program. These payments were partially offset by $1.1 million received from exercises of stock options and warrants.\n\n | Years ended December 31, | \n---------------------------------------------------- | ------------------------ | ------------\n | 2019 | 2018 \nNet cash provided by/(used in) operating activities | $4,798,201 | $(3,308,826)\nNet cash (used in)/provided by investing activities | (19,814,991) | 10,037,123 \nNet cash used in financing activities | (2,437,560) | (1,249,564) \nNet (decrease)/increase in cash and cash equivalents | $(17,454,350) | $5,478,733 "} {"_id": "d1b37b38c", "title": "", "text": "NOTE 5 \u2014 VESSELS, OTHER PROPERTY AND DEFERRED DRYDOCK\nVessels and other property consist of the following:\nOn September 30, 2019, the Company took delivery of two 50,000 DWT class product and chemical tankers at Hyundai Mipo Dockyard Co., Ltd. The tankers, named the Overseas Gulf Coast and Overseas Sun Coast, are operating in the international market under the Marshall Islands flag, with both vessels having entered into one-year time charters.\nIn September 2019, the Company sold one of its ATBs for $1,234, net of broker commissions. As a result of the sale, the Company recognized an immaterial gain, which is included in loss/(gain) on disposal of vessels and other property, including impairments, net on the consolidated statements of operations.\nIn May and June 2019, the Company sold two of its ATBs for $1,101 and $1,069, respectively, net of broker commissions. As a result of the sales, the Company recognized an immaterial loss, which is included in loss/(gain) on disposal of vessels and other property, including impairments, net on the consolidated statements of operations.\nIn July 2018 and January 2019, the Company signed binding contracts with Greenbrier Marine (formerly Gunderson Marine LLC) for the construction of two approximately 204,000 BBL, oil and chemical tank barges. The anticipated delivery of the barges to the Company is during the first and second half of 2020, respectively. The Company's remaining commitments under the contracts are $45,849 in 2020.\nOn December 6, 2018, the Company sold one ATB and one barge for $2,367, net of broker commissions. As a result of the sale, the Company recognized a gain of $877, which is included in loss/(gain) on disposal of vessels and other property, including impairments, net on the consolidated statements of operations.\nIn June 2018, one of the Company's ATBs was berthed to the dock when a third-party ship transiting the channel hit the Company's ATB causing structural damage to the Company's ATB and damage to the dock. The cost of repairs has been covered by existing insurance policies. The Company has filed a lawsuit against the third-party ship seeking recovery of its costs of repairs as well as its lost earnings from the ATB being off-hire for 46 repair days.\nAt December 31, 2019, the Company\u2019s owned vessel fleet with a weighted average age of 8.2 years, consisted of six Handysize Product Carriers, two lightering ATBs and two clean ATBs. These vessels are pledged as collateral under the term loan agreements and have an aggregate carrying value of $634,379.\n\n | Years Ended December 31, | \n--------------------------------------------------- | ------------------------ | ---------\n | 2019 | 2018 \nVessels, at cost | $919,212 | $845,868 \nAccumulated depreciation | (274,900) | (248,939)\nVessels, net | 644,312 | 596,929 \nConstruction in progress | 65,697 | \u2014 \nFinance lease right-of-use asset, at cost (Note 15) | 28,993 | \u2014 \nAccumulated amortization (Note 15) | (2,053) | \u2014 \nFinance lease right-of use asset, net (Note 15) | 26,940 | \u2014 \nOther property, at cost | 5,552 | 5,895 \nAccumulated depreciation and amortization | (5,289) | (5,165) \nOther property, net | 263 | 730 \nTotal vessels and other property | $ 737,212 | $ 597,659"} {"_id": "d1a72bf32", "title": "", "text": "Operating Expense\nSales and Marketing\nSales and marketing expenses increased $122.8 million, or 35.1%, for the year ended December 31, 2019 compared to the same period in 2018, due to an increase of $70.4 million in expenditures on marketing programs to support the growth of our business, such as advertisements on search engines and social media, brand campaigns, event sponsorships and payments to partners. Employee-related costs increased $48.7 million ($14.1 million of which related to stock-based compensation and related payroll taxes) to support the growth of the business including in Shopify Plus and International operations. Computer hardware and software costs increased by $3.7 million, largely due to the growth in sales and marketing headcount\nSales and marketing expenses increased $124.4 million, or 55.1%, for the year ended December 31, 2018 compared to the same period in 2017, primarily due to an increase of $80.7 million in employee-related costs. In addition to employee-related costs, marketing costs increased by $39.7 million and computer hardware and software costs increased by $4.0 million.\n\n | Years ended December 31, | | | 2019 vs 2018 | 2018 vs 2017\n---------------------------- | ---------------------------------- | --------- | --------- | ------------ | ------------\n | 2019 | 2018 | 2017 | % Change | % Change \n | (in thousands, except percentages) | | | | \nSales and marketing | $ 472,841 | $ 350,069 | $ 225,694 | 35.1 % | 55.1 % \nPercentage of total revenues | 30.0 % | 32.6 % | 33.5 % | | "} {"_id": "d1b38cac4", "title": "", "text": "Note 24. Stock-Based Compensation\nThe Company\u2019s stock-based compensation plans include the 2019 Equity Incentive Plan for employees and certain non-employees, including non-employee directors, and the Deferred Compensation Plan for certain eligible employees. The Company issues common stock and uses treasury stock to satisfy stock option exercises or vesting of stock awards.\nThe following table summarizes the stock-based compensation expense (primarily in the Americas) and income tax benefits related to the stock-based compensation, both plan and non-plan related (in thousands):\n(1) Included in \"General and administrative\" costs in the accompanying Consolidated Statements of Operations.\n(2) Included in \"Income taxes\" in the accompanying Consolidated Statements of Operations.\nThere were no capitalized stock-based compensation costs as of December 31, 2019, 2018 and 2017.\n\n | | Years Ended December 31, | \n-------------------------------------- | -------- | ------------------------ | --------\n | 2019 | 2018 | 2017 \nStock-based compensation (expense) (1) | $(7,396) | $(7,543) | $(7,621)\nIncome tax benefit (2) | 1,775 | 1,810 | 2,858 "} {"_id": "d1b3630ca", "title": "", "text": "The Company recognizes the employees and directors\u2019 compensation in the profit or loss during the periods when earned for the years ended December 31, 2017, 2018 and 2019. The Board of Directors estimates the amount by taking into consideration the Articles of Incorporation, government regulations and industry averages.\nIf the Board of Directors resolves to distribute employee compensation\nthrough stock, the number of stock distributed is calculated based on total employee compensation divided by the closing price of the day before the Board of Directors meeting. If the Board of Directors subsequently modifies the estimates significantly, the Company will recognize the change as an adjustment in the profit or loss in the subsequent period.\nThe distributions of employees and directors\u2019 compensation for 2017 and 2018 were reported to the stockholders\u2019 meeting on June 12, 2018 and June 12, 2019, respectively, while the distributions of employees and directors\u2019 compensation for 2019 were approved through the Board of Directors meeting on February 26, 2020. The details of distribution are as follows:\nThe aforementioned employees and directors\u2019 compensation for 2017 and 2018 reported during the stockholders\u2019 meeting were consistent with the resolutions of the Board of Directors meeting held on March 7, 2018 and March 6, 2019, respectively.\nInformation relevant to the aforementioned employees and directors\u2019 compensation can be obtained from the \u201cMarket Observation Post System\u201d on the website of the TWSE.\n\n | 2017 | 2018 | 2019 \n------------------------------ | ----------------- | ----------------- | -----------------\n | NT$(In Thousands) | NT$(In Thousands) | NT$(In Thousands)\nEmployees\u2019 compensation \u2013 Cash | $1,032,324 | $1,400,835 | $1,132,952 \nDirectors\u2019 compensation | 11,452 | 7,624 | 10,259 "} {"_id": "d1b2fff16", "title": "", "text": "GreenSky, Inc. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS \u2014 (Continued) (United States Dollars in thousands, except per share data, unless otherwise stated)\nCash and Cash Equivalents\nCash includes non-interest and interest-bearing demand deposit accounts with various financial institutions. Cash equivalents include money market mutual fund accounts, which are invested in government securities. We consider all highly liquid investments that mature three months or less from the date of purchase to be cash equivalents. The carrying amounts of our cash equivalents approximate their fair values due to their short maturities and highly liquid nature. Refer to Note 3 for additional information.\nAt times, our cash balances may exceed federally insured amounts and potentially subject the Company to a concentration of credit risk. The Company believes that no significant concentration of credit risk exists with respect to these balances based on its assessment of the creditworthiness and financial viability of these financial institutions. Further, our cash equivalents may expose us to credit risk; however, we believe this risk is limited, as the investments are backed by the full faith and credit of the United States government.\nRestricted Cash\nRestricted cash primarily consists of interest-bearing escrow accounts that are required under the terms of the contracts with our Bank Partners. Restricted cash is typically comprised of three components: (i) amounts we have escrowed with Bank Partners as limited protection to the Bank Partners in the event of excess Bank Partner portfolio credit losses; (ii) additional amounts we maintain for certain Bank Partners based on a contractual percentage of the total interest billed on outstanding deferred interest loans that are within the promotional period less previous finance charge reversal (\"FCR\") settlements on such outstanding loans; and (iii) certain custodial intransit loan funding and consumer borrower payments that we are restricted from using for our operations. These custodial balances are not considered in our evaluation of restricted cash usage. As it relates to our restricted cash escrowed with Bank Partners, we record a liability for the amount of restricted cash we expect to be payable to our Bank Partners, which is accounted for as a financial guarantee. Refer to Note 14 for additional information.\nThe following table provides a reconciliation of cash and cash equivalents and restricted cash reported within the Consolidated Balance Sheets to the total included within the Consolidated Statements of Cash Flows as of the dates indicated.\n\n | | December 31, | \n-------------------------------------------------------------------------------------- | -------- | ------------ | --------\n | 2019 | 2018 | 2017 \nCash and cash equivalents | $195,760 | $303,390 | $224,614\nRestricted cash | 250,081 | 155,109 | 129,224 \nCash and cash equivalents and restricted cash in Consolidated Statements of Cash Flows | $445,841 | $458,499 | $353,838"} {"_id": "d1b31bdce", "title": "", "text": "16. Net Loss Per Share\nBasic earnings per share is calculated by dividing net income by the weighted average number of common shares outstanding during the period, less shares subject to repurchase, and excludes any dilutive effects of options, warrants and unvested restricted stock. Dilutive earnings per share is calculated by dividing net income by the weighted average number of common shares used in the basic earnings per share calculation plus the dilutive effect of shares subject to options, warrants and unvested restricted stock.\nThe following table presents the calculation of basic and diluted net loss per share (in thousands, except per share data):\nPotentially dilutive common shares from employee incentive plans are determined by applying the treasury stock method to the assumed exercise of outstanding stock options, the assumed vesting of outstanding restricted stock units, and the assumed issuance of common stock under the ESPP. Weighted stock options outstanding with an exercise price higher than the Company's average stock price for the periods presented are excluded from the calculation of diluted net loss per share since the effect of including them would have been anti-dilutive due to the net loss position of the Company during the periods presented.\n\n | | Year Ended | \n------------------------------------------------------------------------- | ------------- | ------------- | -------------\n | June 30,\n2019 | June 30,\n2018 | June 30,\n2017\nNet loss | $(25,853) | $(46,792) | $(1,744) \nWeighted-average shares used in per share calculation - basic and diluted | 117,954 | 114,221 | 108,273 \nNet loss per share - basic and diluted | $(0.22) | $(0.40) | $(0.02) "} {"_id": "d1b3946fc", "title": "", "text": "A summary of the option activity as of May 26, 2019 and changes during the fiscal year then ended is presented below:\nWe recognize compensation expense using the straight-line method over the requisite service period, accounting for forfeitures as they occur. During fiscal 2017, we granted 1.1 million stock options with a weighted average grant date fair value of $6.12 per share. The total intrinsic value of stock options exercised was $7.9 million, $15.8 million, and $29.8 million for fiscal 2019, 2018, and 2017, respectively. The closing market price of our common stock on the last trading day of fiscal 2019 was $28.83 per share.\nCompensation expense for stock option awards totaled $2.2 million, $4.2 million, and $6.2 million for fiscal 2019, 2018, and 2017, respectively, including discontinued operations of $0.2 million for fiscal 2017. Included in the compensation expense for stock option awards for fiscal 2019, 2018, and 2017 was $0.2 million, $0.4 million, and $0.9 million, respectively, related to stock options granted by a subsidiary in the subsidiary's shares to the subsidiary's employees. The tax benefit related to the stock option expense for fiscal 2019, 2018, and 2017 was $0.5 million, $1.4 million, and $2.4 million, respectively.\nAt May 26, 2019, we had $0.2 million of total unrecognized compensation expense related to stock options that will be recognized over a weighted average period of 0.1 years.\nCash received from stock option exercises for fiscal 2019, 2018, and 2017 was $12.4 million, $25.1 million, and $84.4 million, respectively. The actual tax benefit realized for the tax deductions from option exercises totaled $2.3 million, $5.3 million, and $19.5 million for fiscal 2019, 2018, and 2017, respectively.\n\nOptions | Number of Options (in Millions) | Weighted Average Exercise Price | Average Remaining Contractual Term (Years) | Aggregate Intrinsic Value (in Millions)\n--------------------------- | ------------------------------- | ------------------------------- | ------------------------------------------ | ---------------------------------------\nOutstanding at May 27, 2018 | 5.1 | $28.11 | | \nExercised | (0.6) | $20.75 | | $7.9 \nExpired | (0.1) | $29.84 | | \nOutstanding at May 26, 2019 | 4.4 | $29.00 | 5.47 | $9.9 \nExercisable at May 26, 2019 | 4.1 | $28.38 | 5.32 | $9.9 "} {"_id": "d1b383708", "title": "", "text": "Unallocated Amounts\nIn determining revenue, gross profit and income from operations for our segments, we do not include in revenue the amortization of acquisition related deferred revenue adjustments, which reflect the fair value adjustments to deferred revenues acquired in a business acquisition. We also exclude the amortization of intangible assets, stock-based compensation expense, expenses not reflective of our core business and transaction-related costs and non-cash asset impairment charges from the operating segment data provided to our Chief Operating Decision Maker.\nExpenses not reflective of our core business relate to certain severance, product consolidation, legal, consulting and other charges. Accordingly, these amounts are not included in our reportable segment results and are included in the \u201cUnallocated Amounts\u201d category.\nThe \u201cUnallocated Amounts\u201d category also includes (i) corporate general and administrative expenses (including marketing expenses) and certain research and development expenses related to common solutions and resources that benefit all of our business units, all of which are centrally managed, and (ii) revenue and the associated cost from the resale of certain ancillary products, primarily hardware.\nYear Ended December 31, 2019 Compared with the Year Ended December 31, 2018\nRevenue from the resale of ancillary products, primarily consisting of hardware, is customer- and project-driven and, as a result, can fluctuate from period to period. The increase in revenue for the year ended December 31, 2019 compared to the prior year was primarily due to only $2 million in amortization of acquisition-related deferred revenue adjustments being recorded during 2019, compared to $24.3 million during 2018.\nGross unallocated expenses, which represent the unallocated loss from operations excluding the impact of revenue, totaled $478 million for the year ended December 31, 2019 compared to $533 million for the year ended December 31, 2018. The decrease was primarily the result of (i) lower asset impairment and goodwill charges of $35 million, (ii) lower net transaction-related severance and legal expenses of $16 million and (iii) lower acquisition related amortization of $1 million. These were partially offset with $3 million in additional stock-based compensation expense.\nYear Ended December 31, 2018 Compared with the Year Ended December 31, 2017\nRevenue from the resale of ancillary products, primarily consisting of hardware, is customer and project driven and, as a result, can fluctuate from period to period. Revenue for the year ended December 31, 2018 compared with the prior year improved primarily due to lower recognition of amortization of acquisition-related deferred revenue adjustments, which reflect the fair value adjustments to deferred revenues acquired in the EIS Business, Practice Fusion, Health Grid and NantHealth provider/patient engagement acquisitions.\nSuch adjustments totaled $24 million for the year ended December 31, 2018 compared with $29 million for the year ended December 31, 2017.\nGross unallocated expenses, which represent the unallocated loss from operations excluding the impact of revenue, totaled $533 million for the year ended December 31, 2018 compared with $424 million for the prior year. The increase in the year ended December 31, 2018 compared with prior year was primarily driven by higher transaction-related, severance and legal expenses, primarily related to the acquisitions of the EIS Business, Practice Fusion and Health Grid,\nwhich included higher (i) asset impairment charges of $58 million, (ii) goodwill impairment charges of $14 million, (iii) transaction-related, severance and legal expenses of $30 million, and (iv) amortization of intangible and acquisition-related asset of $9 million. The increase in amortization expense was primarily due to additional amortization expense associated with intangible assets acquired as part of business acquisitions completed since the third quarter of 2017.\n\n | | | Year Ended December 31, | | \n-------------------- | ---------- | ---------- | ----------------------- | ----------------------- | -----------------------\n(In thousands) | 2019 | 2018 | 2017 | 2019 % Change from 2018 | 2018 % Change from 2017\nRevenue | $13,346 | $(6,386) | $(13,383) | NM | (52.3%) \nGross profit | $(63,522) | $(86,228) | $(85,130) | (26.3%) | 1.3% \nGross margin % | NM | NM | NM | | \nLoss from operations | $(465,176) | $(539,237) | $(437,431) | (13.7%) | 23.3% \nOperating margin % | NM | NM | NM | | "} {"_id": "d1a719972", "title": "", "text": "AMERICAN TOWER CORPORATION AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Tabular amounts in millions, unless otherwise disclosed)\nCash and Cash Equivalents\u2014Cash and cash equivalents include cash on hand, demand deposits and short-term investments with original maturities of three months or less. The Company maintains its deposits at high-quality financial institutions and monitors the credit ratings of those institutions.\nRestricted Cash\u2014Restricted cash includes cash pledged as collateral to secure obligations and all cash whose use is otherwise limited by contractual provisions.\nThe reconciliation of cash and cash equivalents and restricted cash reported within the applicable balance sheet that sum to the total of the same such amounts shown in the statements of cash flows is as follows:\n\n | | Year Ended December 31, | \n------------------------------------------------ | -------- | ----------------------- | ------\n | 2019 | 2018 | 2017 \nCash and cash equivalents | $1,501.2 | $1,208.7 | $802.1\nRestricted cash | 76.8 | 96.2 | 152.8 \nTotal cash, cash equivalents and restricted cash | $1,578.0 | $1,304.9 | $954.9"} {"_id": "d1b35b8b6", "title": "", "text": "Notes to Consolidated Financial Statements - (Continued) Fiscal Years Ended May 26, 2019, May 27, 2018, and May 28, 2017 (columnar dollars in millions except per share amounts) Private Brands Operations\nOn February 1, 2016, pursuant to the Stock Purchase Agreement, dated as of November 1, 2015, we completed the disposition of our Private Brands operations to TreeHouse Foods, Inc. (\"TreeHouse\").\nThe summary comparative financial results of the Private Brands business, included within discontinued operations, were as follows:\nWe entered into a transition services agreement with TreeHouse and recognized $2.2 million and $16.9 million of income for the performance of services during fiscal 2018 and 2017, respectively, classified within SG&A expenses.\n\n | 2019 | 2018 | 2017 \n--------------------------------------------------------------------------------------------- | ---- | ------ | ------\nLoss on sale of business | $\u2014 | $\u2014 | $(1.6)\nIncome from discontinued operations before income taxes and equity method investment earnings | 0.9 | 0.4 | 3.9 \nIncome before income taxes and equity method investment earnings . | 0.9 | 0.4 | 2.3 \nIncome tax expense (benefit) . | \u2014 | 0.5 | (0.3) \nIncome (loss) from discontinued operations, net of tax | $0.9 | $(0.1) | $2.6 "} {"_id": "d1b3b97e0", "title": "", "text": "NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (in thousands, except for share and per share data)\nNOTE 4 \u2014 Inventories\nInventories consist of the following:\n\n | As of December 31, | \n------------------------ | ------------------ | -------\n | 2019 | 2018 \nFinished goods | $9,447 | $10,995\nWork-in-process | 14,954 | 12,129 \nRaw materials | 23,363 | 25,746 \nLess: Inventory reserves | (5,527) | (5,384)\nInventories, net | $42,237 | $43,486"} {"_id": "d1b3aa6fa", "title": "", "text": "AMERICAN TOWER CORPORATION AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Tabular amounts in millions, unless otherwise disclosed)\nThe domestic and foreign components of income from continuing operations before income taxes are as follows:\n\n | | Year Ended December 31, | \n------------- | -------- | ----------------------- | --------\n | 2019 | 2018 | 2017 \nUnited States | $1,527.0 | $1,212.7 | $971.2 \nForeign | 389.4 | (58.1) | 284.9 \nTotal | $1,916.4 | $1,154.6 | $1,256.1"} {"_id": "d1b33db86", "title": "", "text": "OFF-BALANCE SHEET ARRANGEMENTS AND CONTRACTUAL OBLIGATIONS\nAt June 30, 2019, the Company\u2019s total off-balance sheet contractual obligations were $665,107. This balance consists of $71,633 of long-term operating leases for various facilities and equipment which expire from 2020 to 2030 and $593,474 of purchase commitments. In fiscal 2017, JHA entered a strategic services agreement with First Data\u00ae and PSCU\u00ae to provide full-service debit and credit card processing on a single platform to all existing core bank and credit union customers, as well as expand its card processing platform to financial institutions outside our core customer base. This agreement includes a purchase commitment of $555,754 over the remaining term of the contract. The remainder of the purchase commitments relate mainly to open purchase orders. The contractual obligations table below excludes $12,009 of liabilities for uncertain tax positions as we are unable to reasonably estimate the ultimate amount or timing of settlement.\nThe operating lease obligations included on this table will be recorded on the balance sheet beginning in fiscal 2020 due to the Company\u2019s adoption of ASU No. 2016-02, issued by the FASB in February 2016 and effective for the Company on July 1, 2019.\n\nContractual obligations by period as of June 30, 2019 | Less than 1 year | 1-3 years | 3-5 years | More than 5 years | TOTAL \n----------------------------------------------------- | ---------------- | --------- | --------- | ----------------- | --------\nOperating lease obligations | $15,559 | $25,399 | $19,004 | $11,671 | $71,633 \nPurchase obligations | 62,637 | 86,875 | 107,188 | 336,774 | 593,474 \nTotal | $78,196 | $112,274 | $126,192 | $348,445 | $665,107"} {"_id": "d1b33da8c", "title": "", "text": "The maximum exposure to credit risk for trade receivables at the reporting date by type of customer was:\nThe Group\u2019s most significant customer accounts for \u00a30.5m (2018: \u00a30.6m) of net trade receivables as at 31 March 2019.\n\n | 2019 | 2018\n----------------------- | ---- | ----\n | \u00a3m | \u00a3m \nRetailers | 20.4 | 21.7\nManufacturer and Agency | 3.2 | 3.0 \nOther | 1.3 | 0.7 \nTotal | 24.9 | 25.4"} {"_id": "d1b2e5a76", "title": "", "text": "3.4 Trail commission asset\nRecognition, measurement and classification\nThe Group has elected to account for trail commission revenue at the time of selling a product to which trail commission attaches, rather than on the basis of actual payments received from the relevant fund or providers involved. On initial recognition, trail commission revenue and assets are recognised at expected value. Subsequent to initial recognition and measurement, the carrying amount of the trail commission asset is adjusted to reflect actual and revised estimated cash flows. The resulting adjustment is recognised as revenue or against revenue in profit or loss.\nCash receipts that are expected to be received within 12 months of the reporting date are classified as current. All other expected cash receipts are classified as non-current.\nKey estimates \u2013 trail commission revenue and asset\nThis method of revenue recognition and valuation of trail commission asset requires the Directors and management to make certain estimates and assumptions based on industry data and the historical experience of the Group.\nAttrition rates in Health are particularly relevant to the overall trail commission asset considering the relative size of the Health trail commission asset. Attrition rates vary substantially by provider and also by the duration of time the policy has been in force, with rates generally higher in policies under two years old. The attrition rates used in the valuation of the Health portfolio at 30 June 2019 ranged from 7.5% and 26.5% (2018: 7.5% and 26.5%). The simple average duration band attrition increase was up to 0.2% during the period, with higher increases experienced for policies that have been in force for shorter periods of time.\nIn undertaking this responsibility, the Group engages Deloitte Actuaries and Consultants Limited, a firm of consulting actuaries, to assist in reviewing the accuracy of assumptions for health, mortgages and life trail revenue. These estimates and assumptions include, but are not limited to: termination or lapse rates, mortality rates, inflation, forecast fund premium increases and the estimated impact of known Australian Federal and State Government policies.\nThese variable considerations are constrained to the extent that it is highly probable that a significant reversal in the amount of cumulative revenue recognised will not occur when the uncertainty associated with the variable consideration is subsequently resolved. In determining the extent of constraint necessary to ensure to a high probability that a significant reversal of revenue will not occur, the Group performs a detailed assessment of the accuracy of previously forecast assumptions against historical results.\n\n | CONSOLIDATED | \n---------------------------------------------------------------------- | ------------ | ----------\n | 2019 $\u2019000 | 2018 $\u2019000\nCurrent | 25,626 | 22,103 \nNon-current | 88,452 | 80,817 \nTotal trail commission asset | 114,078 | 102,920 \nReconciliation of movement in trail commission asset: | | \nOpening balance | 102,920 | 93,564 \nTrail commission revenue \u2013 current period trail commission sales sales | 34,732 | 33,007 \nCash receipts | (23,574) | (23,651) \nClosing balance | 114,078 | 102,920 "} {"_id": "d1b3bbfae", "title": "", "text": "17 Impairment of Goodwill and Intangibles\nBefore recognition of impairment losses, the carrying amount of goodwill had been allocated as follows:\nImpairment of goodwill and intangible assets is tested annually, or more frequently where there is indication of impairment.\nWhere the asset does not generate cash flows that are independent from other assets, the Group estimates the recoverable amount of the cash-generating unit to which the asset belongs. If the recoverable amount of an asset or cash-generating unit is estimated to be less than its carrying amount, the carrying amount of the asset or cash-generating unit is reduced to its recoverable amount. An impairment loss is recognised as an expense immediately in the Consolidated Statement of Profit or Loss.\nGoodwill is considered impaired if the carrying value of the cash-generating unit to which it relates is greater than the higher of fair value less costs of disposal and the value in use.\nFor the year-ended 31 March 2019, the Directors have reviewed the value of goodwill based on internal value in use calculations. The key assumptions for these calculations are discount rates, growth rates and expected changes to billings and direct costs during the period.\nThe Group prepares cash flow forecasts derived from the Directors\u2019 most recent financial forecasts for the following five years. The growth rates for the five-year period are based on Directors\u2019 expectations of the medium-term operating performance of the cash-generating unit, planned growth in market share, industry forecasts, growth in the market and specific regional considerations and are in line with past experience. Discount rates have been estimated based on rates that reflect current market assessments of the Group\u2019s weighted average cost of capital.\n\n | 31 March 2019 | 31 March 2018\n-------- | ------------- | -------------\n | $M | $M \nAmericas | 273.6 | 288.2 \nEMEA | 413.0 | 434.2 \nAPJ | 98.7 | 103.6 \n | 785.3 | 826.0 "} {"_id": "d1b34b416", "title": "", "text": "6. Financial Instruments\nThe composition of financial instruments is as follows:\nThe fair values of the Company\u2019s financial instrument is the amount that would be received in an asset sale or paid to transfer a liability in an orderly transaction between unaffiliated market participants and is recorded using a hierarchical disclosure framework based upon the level of subjectivity of the inputs used in measuring assets and liabilities. The levels are described below:\nLevel 1: Quoted prices (unadjusted) in active markets that are accessible at the measurement date for assets or liabilities. Level 2: Observable prices that are based on inputs not quoted on active markets, but corroborated by market data. Level 3: Unobservable inputs are used when little or no market data is available.\nThe Company classifies its financial instrument within Level 2 of the fair value hierarchy on the basis of models utilizing market observable inputs. The interest rate swap has been valued on the basis of valuations provided by third-party pricing services, as derived from standard valuation or pricing models. Market-based observable inputs for the interest rate swap include one month LIBOR-based yield curves over the term of the swap. The Company reviews third-party pricing provider models, key inputs and assumptions and understands the pricing processes at its third-party providers in determining the overall reasonableness of the fair value of its Level 2 financial instruments. The Company also considers the risk of nonperformance by assessing the swap counterparty's credit risk in the estimate of fair value of the interest rate swap. As of December 31, 2019 and 2018, the Company has not made any adjustments to the valuations obtained from its third party pricing providers.\n\n | December 31, 2019 | December 31, 2018\n------------------ | ----------------- | -----------------\n(in thousands) | | \nAssets | | \nInterest rate swap | $\u2014 | $1,623 \nLiabilities | | \nInterest rate swap | $37 | $\u2014 "} {"_id": "d1b3b3336", "title": "", "text": "The Company\u2019s top ten clients accounted for 42.2%, 44.2% and 46.9% of its consolidated revenues during the years ended December 31, 2019, 2018 and 2017, respectively.\nThe following table represents a disaggregation of revenue from contracts with customers by delivery location (in thousands):\n\n | | Years Ended December 31, | \n--------------- | ---------- | ------------------------ | ----------\n | 2019 | 2018 | 2017 \nAmericas: | | | \nUnited States | $614,493 | $668,580 | $644,870 \nThe Philippines | 250,888 | 231,966 | 241,211 \nCosta Rica | 127,078 | 127,963 | 132,542 \nCanada | 99,037 | 102,353 | 112,367 \nEl Salvador | 81,195 | 81,156 | 75,800 \nOther | 123,969 | 118,620 | 118,853 \nTotal Americas | 1,296,660 | 1,330,638 | 1,325,643 \nEMEA: | | | \nGermany | 94,166 | 91,703 | 81,634 \nOther | 223,847 | 203,251 | 178,649 \nTotal EMEA | 318,013 | 294,954 | 260,283 \nTotal Other | 89 | 95 | 82 \n | $1,614,762 | $1,625,687 | $1,586,008"} {"_id": "d1b37e802", "title": "", "text": "OPERATING EXPENSES\n(1) For the three-month period ended August 31, 2019, the average foreign exchange rate used for translation was 1.3222 USD/CDN.\n(2) Fiscal 2018 was restated to comply with IFRS 15 and to reflect a change in accounting policy as well as to reclassify results from Cogeco Peer 1 as discontinued operations. For further details, please consult the \"Accounting policies\" and \"Discontinued operations\" sections.\n(3) Fiscal 2019 actuals are translated at the average foreign exchange rate of the comparable period of fiscal 2018 which was 1.3100 USD/CDN.\nFiscal 2019 fourth-quarter operating expenses increased by 1.6% (1.1% in constant currency) mainly from: \u2022 additional costs in the American broadband services segment mainly due to higher programming costs, additional headcount to support growth, higher marketing initiatives to drive primary service units growth and the FiberLight acquisition;\n\nThree months ended August 31, | 2019 (1) | 2018 (2) | Change | Change in constant currency (3) | Foreign exchange impact (3)\n--------------------------------------------- | -------- | -------- | ------ | ------------------------------- | ---------------------------\n(in thousands of dollars, except percentages) | $ | $ | % | % | $ \nCanadian broadband services | 147,815 | 153,560 | (3.7) | (3.8) | 73 \nAmerican broadband services | 148,215 | 136,506 | 8.6 | 7.6 | 1,370 \nInter-segment eliminations and other | 6,803 | 7,911 | (14.0) | (14.0) | (2) \n | 302,833 | 297,977 | 1.6 | 1.1 | 1,441 "} {"_id": "d1b3c2c78", "title": "", "text": "There was no material bad debt expense in 2019, 2018 and 2017. In 2019, 2018 and 2017, the Company\u2019s largest customer, Apple represented 17.6%, 13.1% and 10.5% of consolidated net revenues, respectively, reported in the ADG, AMS and MDG segments.\nIn 2019, $75 million of trade accounts receivable were sold without recourse (nil in 2018).\n\n | December 31, 2019 | December 31, 2018\n------------------------------- | ----------------- | -----------------\nTrade accounts receivable | 1,396 | 1,292 \nAllowance for doubtful accounts | (16) | (15) \nTotal | 1,380 | 1,277 "} {"_id": "d1b313cd2", "title": "", "text": "Stock-based compensation expense is recognized in the Company\u2019s consolidated statements of operations and includes compensation expense for the stock-based compensation awards granted or modified subsequent to January 1, 2006, based on the grant date fair value estimated in accordance with the provisions of the amended authoritative guidance. The impact on the Company\u2019s results of operations of recording stock-based compensation expense for fiscal years 2019, 2018, and 2017 was as follows (in thousands):\nNo stock-based compensation was capitalized or included in inventories at the end of 2019, 2018 and 2017.\n\n | | Fiscal Years | \n----------------------------------- | ------ | ------------ | ------\n | 2019 | 2018 | 2017 \nCost of revenue | $78 | $129 | $121 \nResearch and development | 2,242 | 760 | 614 \nSelling, general and administrative | 824 | 1,012 | 706 \nTotal costs and expenses | $3,144 | $1,901 | $1,441"} {"_id": "d1b3a812a", "title": "", "text": "ITEM 7. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS (United States Dollars in thousands, except per share data and unless otherwise indicated)\nBusiness Metrics\nWe review a number of operating and financial metrics to evaluate our business, measure our performance, identify trends, formulate plans and make strategic decisions, including the following.\nTransaction Volume. We define transaction volume as the dollar value of loans facilitated on our platform\nduring a given period. Transaction volume is an indicator of revenue and overall platform profitability and has\ngrown substantially in the past several years.\nLoan Servicing Portfolio. We define our loan servicing portfolio as the aggregate outstanding consumer loan balance (principal plus accrued interest and fees) serviced by our platform at the date of measurement. Our loan servicing portfolio is an indicator of our servicing activities. The average loan servicing portfolio for the years ended December 31, 2019, 2018 and 2017 was $8,213 million, $6,303 million and $4,501 million, respectively.\nActive Merchants. We define active merchants as home improvement merchants and healthcare providers that have submitted at least one consumer application during the twelve months ended at the date of measurement. Because our transaction volume is a function of the size, engagement and growth of our merchant network, active merchants, in aggregate, are an indicator of future revenue and profitability, although they are not directly correlated. The comparative measures can also be impacted by disciplined corrective action taken by the Company to remove merchants from our program who do not meet our customer satisfaction standards.\nCumulative Consumer Accounts. We define cumulative consumer accounts as the aggregate number of consumer accounts approved on our platform since our inception, including accounts with both outstanding and zero balances. Although not directly correlated to revenue, cumulative consumer accounts is a measure of our brand awareness among consumers, as well as the value of the data we have been collecting from such consumers since our inception. We may use this data to support future growth by cross-marketing products and delivering potential additional customers to merchants that may not have been able to source those customers themselves.\n\n | | Year Ended December 31, | \n--------------------------------------- | ------ | ----------------------- | ------\n | 2019 | 2018 | 2017 \nTransaction Volume | | | \nDollars (in millions) | $5,954 | $5,030 | $3,767\nPercentage increase | 18% | 34% | \nLoan Servicing Portfolio | | | \nDollars (in millions, at end of period) | $9,150 | $7,341 | $5,390\nPercentage increase | 25% | 36% | \nActive Merchants | | | \nNumber (at end of period) | 17,216 | 14,907 | 10,891\nPercentage increase | 15% | 37% | \nCumulative Consumer Accounts | | | \nNumber (in millions, at end of period) | 3.03 | 2.24 | 1.57 \nPercentage increase | 35% | 43% | "} {"_id": "d1b39de46", "title": "", "text": "1. THE BUSINESS\nMaple Leaf Foods Inc. (\u201cMaple Leaf Foods\u201d or the \"Company\") is a producer of food products under leading brands including Maple\nLeaf\u00ae, Maple Leaf Prime\u00ae, Schneiders\u00ae, Mina\u00ae, Greenfield Natural Meat Co.\u00ae, Swift\u00ae, Lightlife\u00ae, and Field Roast Grain Meat Co.\u2122\nThe Company's portfolio includes prepared meats, ready-to-cook and ready-to-serve meals, valued-added fresh pork and poultry and\nplant protein products. The address of the Company's registered office is 6985 Financial Dr. Mississauga, Ontario, L5N 0A1, Canada.\nThe Company employs approximately 13,000 people and does business primarily in Canada, the U.S. and Asia. The Company's shares trade on the Toronto Stock Exchange (MFI).\n1. THE BUSINESS Maple Leaf Foods Inc. (\u201cMaple Leaf Foods\u201d or the \"Company\") is a producer of food products under leading brands including Maple Leaf\u00ae, Maple Leaf Prime\u00ae, Schneiders\u00ae, Mina\u00ae, Greenfield Natural Meat Co.\u00ae, Swift\u00ae, Lightlife\u00ae, and Field Roast Grain Meat Co.\u2122 The Company's portfolio includes prepared meats, ready-to-cook and ready-to-serve meals, valued-added fresh pork and poultry and plant protein products. The address of the Company's registered office is 6985 Financial Dr. Mississauga, Ontario, L5N 0A1, Canada. The Company employs approximately 13,000 people and does business primarily in Canada, the U.S. and Asia. The Company's shares trade on the Toronto Stock Exchange (MFI).\nSales for 2019 were $3,941.5 million compared to $3,495.5 million last year, an increase of 12.8%. Excluding acquisitions, sales increased 5.2%, driven by favourable pricing, mix and volume in meat protein and accelerated growth in plant protein of 23.6%.\nNet earnings for 2019 were $74.6 million ($0.60 per basic share) compared to $101.3 million ($0.81 per basic share) last year. Strong commercial performance and favourable resolution of income tax audits were more than offset by strategic investments in plant protein to drive top line growth and heightened volatility in hog prices. Net earnings were negatively impacted by $12.1 million due to non-cash fair value changes in biological assets and derivative contracts, which are excluded in the calculation of Adjusted Operating Earnings below.\nAdjusted Operating Earnings for 2019 were $145.4 million compared to $215.6 million last year, and Adjusted Earnings per Share for\n2019 were $0.68 compared to $1.22 last year due to similar factors as noted above.\nFor further discussion on key metrics and a discussion of results by operating segment, refer to the section titled Operating Review\nstarting on page 3 of this document.\n\n | Twelve months ended December 31, | | \n-------------------------------------- | -------------------------------- | -------- | --------\n($ millions except earnings per share) | 2019 | 2018 | % Change\nSales | $3,941.5 | $3,495.5 | 12.8 % \nNet Earnings | $74.6 | $101.3 | (26.4)% \nBasic Earnings per Share | $0.60 | $0.81 | (25.9)% \nAdjusted Operating Earnings(i) | $145.4 | $215.6 | (32.6)% \nAdjusted Earnings per Share(i) | $0.68 | $1.22 | (44.3)% "} {"_id": "d1b388c26", "title": "", "text": "Executive Officers of the Registrant\nOur executive officers are appointed annually by our Board of Directors or, in some cases, appointed in accordance with our bylaws. Each officer holds office until\nthe next annual appointment of officers or until a successor has been duly appointed and qualified, or until the officer\u2019s death or resignation, or until the officer has\notherwise been removed in accordance with our bylaws. The following table provides certain information regarding the current executive officers of the Company.\nJohn Sarvis\nChief Executive Officer and President since April 2015. Chairman of the Board since 2016. Vice President of Ceramic Products from 2005 to 2015. Divisional Vice President\n\u2013 Ceramics Division from 1998 to 2005. Prior to 1998, held various Marketing and Operational positions. Employed by the Company since 1973\nJeffrey Schmersal\nChief Operating Officer since April 2018. Senior Vice President since 2017. Divisional Vice President of Specialty Products from 2014 to 2017. Global Business Manager of\nvarious product groups from 2006 to 2014. Prior to 2006, held various Quality and Supply Chain positions. Employed by the Company since 1994.\nMichael Hufnagel\nChief Financial Officer since July 2018. Vice President of Corporate Finance since 2016. Director of Corporate Finance from 2015 to 2016. Director of Accounting and\nReporting from 2002 to 2015. Employed by the Company since 2002.\nJohn Lawing\nSenior Vice President and Chief Technology Officer since 2015. Vice President and Chief Technology Officer from April 2014 to 2015. President and Chief Operating\nOfficer from 2013 to March 2014. Vice President of Advanced Products from 2005 to April 2013. Divisional Vice President of Advanced Products from 2002 to 2005 and\nDivisional Vice President of Leaded Products from 1997 to 2002. Prior to 1997, held positions in Engineering, Technical, Operational, and Plant management. Employed by\nthe Company since 1981.\nS. Willing King\nSenior Vice President of Tantalum Products since 2015. Vice President of Tantalum Products from 2013 to 2015. Deputy General Manager of Tantalum Products from 2012\nto 2013. Vice President of Product Marketing from 2004 to 2012. Director of Product Marketing from 2000 to 2004. Prior to 2000, held positions in Technical Service, Sales,\nand Marketing. Employed by the Company since 1984.\n\nName | Age | Position \n------------------ | --- | ---------------------------------------------------------------\nJohn Sarvis | 69 | Chief Executive Officer and President \nJeffrey Schmersal | 50 | Chief Operating Officer \nMichael Hufnagel | 65 | Senior Vice President and Chief Financial Officer \nJohn Lawing | 68 | Senior Vice President and Chief Technology Officer \nS. Willing King | 56 | Senior Vice President of Tantalum Products \nEric Pratt | 59 | Senior Vice President of Marketing \nEvan Slavitt | 61 | Senior Vice President, General Counsel, and Corporate Secretary\nSteven Sturgeon | 50 | Senior Vice President of Connector Products \nAlexander Schenkel | 44 | Senior Vice President of Sales "} {"_id": "d1b375680", "title": "", "text": "Note 10\u2014Goodwill\nThe following table presents changes in the carrying amount of goodwill by reportable segment:\nEffective the beginning of fiscal 2019, the Company changed the composition of its Defense Solutions reportable segment, which resulted in the identification of new operating segments and reporting units within Defense Solutions. In addition, certain contracts were reassigned between the Civil and Defense Solutions reportable segments (see \"Note 24\u2014Business Segments\"). Consequently, the carrying amount of goodwill was re-allocated among the reporting units for the purpose of testing goodwill for impairment.\nIn conjunction with the changes mentioned above, the Company evaluated goodwill for impairment using a quantitative step one analysis, both before and after the changes were made, and determined that goodwill was not impaired.\nIn fiscal 2019, the Company performed a qualitative analysis for all reporting units and determined that it was more likely than not that the fair values of the reporting units were in excess of the individual reporting units carrying values, and as a result, a quantitative step one analysis was not necessary.\nIn fiscal 2018, the Company performed a qualitative and quantitative analysis on its reporting units. Based on the qualitative analysis performed during the Company's annual impairment evaluation for fiscal 2018 for certain of its reporting units, it was determined that it was more likely than not that the fair values of the reporting units were in excess of the individual reporting unit carrying values, and as a result, a quantitative step one analysis was not necessary.\nAdditionally, based on the results of the quantitative step one analysis for certain other of its reporting units, it was determined that the fair value was in excess of the individual reporting units carrying values. In fiscal 2017, the Company performed a quantitative analysis for all reporting units. It was determined that the fair values of all reporting units exceeded their carrying values.\nAs a result, no goodwill impairments were identified as part of the annual goodwill impairment evaluation for the periods mentioned above. During the year ended January 3, 2020 and December 28, 2018, the Company recorded an immaterial correction of $3 million and $6 million, respectively, with respect to fair value of assets and liabilities acquired from the IS&GS Transactions.\n(1) Carrying amount includes accumulated impairment losses of $369 million and $117 million within the Health and Civil segments, respectively.\n\n | Defense Solutions | Civil | Health | Total \n------------------------------------------------- | ----------------- | ------------- | ------ | ------\n | | (in millions) | | \nGoodwill at December 29, 2017(1) | $2,055 | $1,998 | $921 | $4,974\nForeign currency translation adjustments | (40) | (11) | \u2014 | (51) \nTransfers to assets held for sale | \u2014 | (57) | \u2014 | (57) \nAdjustment to goodwill | \u2014 | (6) | \u2014 | (6) \nGoodwill at December 28, 2018(1) | 2,015 | 1,924 | 921 | 4,860 \nGoodwill re-allocation | 25 | (25) | \u2014 | \u2014 \nAcquisition of IMX | \u2014 | \u2014 | 50 | 50 \nDivestiture of health staff augmentation business | \u2014 | \u2014 | (5) | (5) \nForeign currency translation adjustments | (4) | 8 | \u2014 | 4 \nAdjustment to goodwill | 3 | \u2014 | \u2014 | 3 \nGoodwill at January 3, 2020(1) | $2,039 | $1,907 | $966 | $4,912"} {"_id": "d1b3817fa", "title": "", "text": "Adjusted Return on Invested Capital (Adjusted RoIC): TORM defines Adjusted RoIC as earnings before interest and tax (EBIT) less tax and impairment losses and reversals, divided by the average invested capital less average impairment for the period. Invested capital is defined below.\nThe Adjusted RoIC expresses the returns generated on capital invested in the Group adjusted for impacts related to the impairment of the fleet. The progression of RoIC is used by TORM to measure progress against our longer-term value creation goals outlined to investors. Adjusted RoIC is calculated as follows:\n\u00b9\u207e Average invested capital is calculated as the average of the opening and closing balance of invested capital.\n\u00b2\u207e Average impairment is calculated as the average of the opening and closing balances of impairment charges on vessels and goodwill in the balance sheet.\n\nUSDm | 2019 | 2018 | 2017 \n------------------------------------------------ | ------- | ------- | -------\nEBIT less Tax | 205.1 | 1.2 | 38.8 \nImpairment reversal | -120.0 | - | - \nEBIT less tax and impairment | 85.1 | 1.2 | 38.8 \nAverage invested capital\u00b9\u207e | 1,627.7 | 1,437.7 | 1,396.9\nAverage impairment \u00b2\u207e | 98.2 | 185.0 | 185.0 \nAverage invested capital less average impairment | 1,725.9 | 1,622.7 | 1,581.9\nAdjusted RoIC | 4.9% | 0.1% | 2.4% "} {"_id": "d1b372840", "title": "", "text": "ADOPTION OF IFRS 16\nUpon adoption of IFRS\u00a016 on January\u00a01, 2019, we recognized right-of-use assets of $2,257 million within property, plant and equipment, and lease liabilities of $2,304\u00a0million within debt, with an increase to our deficit of $19\u00a0million. These amounts were recognized in addition to assets under finance leases of $1,947\u00a0million and the corresponding finance lease liabilities of $2,097\u00a0million at December\u00a031,\u00a02018 under IAS\u00a017. As a result, on January\u00a01, 2019, our total right-of-use assets and lease liabilities amounted to $4,204\u00a0million and $4,401\u00a0million, respectively. The table below shows the impacts of adopting IFRS\u00a016 on our January\u00a01,\u00a02019 consolidated statement of financial position.\nBCE\u2019s operating lease commitments at December\u00a031,\u00a02018 were $1,612\u00a0million. The difference between operating lease commitments at December\u00a031,\u00a02018 and lease liabilities of $2,304\u00a0million upon adoption of IFRS\u00a016 at January\u00a01, 2019, is due mainly to an increase of $1,122\u00a0million related to renewal options reasonably certain to be exercised, an increase of $112\u00a0million mainly related to non-monetary transactions and a decrease of ($542) million as a result of discounting applied to future lease payments, which was determined using a weighted average incremental borrowing rate of 3.49% at January\u00a01, 2019.\n\n | DECEMBER 31, 2018 AS REPORTED | IFRS 16 IMPACTS | JANUARY 1, 2019 UPON ADOPTION OF IFRS 16\n------------------------------------ | ----------------------------- | --------------- | ----------------------------------------\nPrepaid expenses | 244 | (55) | 189 \nOther current assets | 329 | 9 | 338 \nProperty, plant and equipment | 24,844 | 2,257 | 27,101 \nOther non-current assets | 847 | 17 | 864 \nTrade payables and other liabilities | 3,941 | (10) | 3,931 \nDebt due within one year | 4,645 | 293 | 4,938 \nLong-term debt | 19,760 | 2,011 | 21,771 \nDeferred tax liabilities | 3,163 | (7) | 3,156 \nOther non-current liabilities | 997 | (39) | 958 \nDeficit | (4,937) | (19) | (4,956) \nNon-controlling interest | 326 | (1) | 325 "} {"_id": "d1b3469e8", "title": "", "text": "The below tables represents the key components of Teradyne\u2019s convertible senior notes:\nAs of December 31, 2019, the unamortized discount was $65.3 million, which will be amortized over four years using the effective interest rate method. The carrying amount of the equity component was $100.8 million. As of December 31, 2019, the conversion price was approximately $31.62 per share and if converted the value of the notes was $992.0 million.\n\n | December 31, 2019 | December 31, 2018\n--------------------------------------- | ----------------- | -----------------\n | (in thousands) | \nDebt principal | $460,000 | $460,000 \nUnamortized discount | 65,313 | 80,019 \nNet carrying amount of convertible debt | $394,687 | $379,981 "} {"_id": "d1b3b19d2", "title": "", "text": "Company balance sheet\nAt 31 March 2019\nThe financial statements were approved by the Board of Directors on 6 June 2019 and authorised for issue.\n\n | | 2019 | 2018 \n---------------------------------------------- | ---- | ------- | -------\n | Note | \u00a3m | \u00a3m \nFixed assets | | | \nInvestments | 3 | 1,216.0 | 1,212.9\n | | 1,216.0 | 1,212.9\nCurrent assets | | | \nDebtors | 4 | 415.9 | 440.7 \nCash and cash equivalents | 5 | \u2013 | 0.2 \n | | 415.9 | 440.9 \nCreditors: amounts falling due within one year | 6 | (411.4) | (288.4)\nNet current assets | | 4.5 | 152.5 \nNet assets | | 1,220.5 | 1,365.4\nCapital and reserves | | | \nCalled-up share capital | 9 | 9.3 | 9.5 \nOwn shares held | 10 | (16.5) | (16.9) \nCapital redemption reserve | | 0.7 | 0.5 \nRetained earnings | | 1,227.0 | 1,372.3\nTotal equity | | 1,220.5 | 1,365.4"} {"_id": "d1b3570cc", "title": "", "text": "The company utilizes certain of its financing receivables as collateral for nonrecourse borrowings. Financing receivables pledged as collateral for borrowings were $1,062 million and $710 million at December 31, 2019 and 2018, respectively. These borrowings are included in note P, \u201cBorrowings.\u201d\nThe company did not have any financing receivables held for sale as of December 31, 2019 and 2018.\n\n($ in millions) | | | | \n-------------------------------- | ---------------------------------------------------- | -------------------------------- | -------------------------------------------------------- | -------\nAt December 31, 2018: | Investment in Sales-Type and Direct Financing Leases | Commercial Financing Receivables | Client Loan and Installment Payment Receivables/ (Loans) | Total \nFinancing receivables, gross | $6,846 | $11,889 | $13,614 | $32,348\nUnearned income | (526) | (37) | (632) | (1,195)\nRecorded investment | $6,320 | $11,852 | $12,981 | $31,153\nAllowance for credit losses | (99) | (13) | (179) | (292) \nUnguaranteed residual value | 589 | \u2014 | \u2014 | 589 \nGuaranteed residual value | 85 | \u2014 | \u2014 | 85 \nTotal financing receivables, net | $6,895 | $11,838 | $12,802 | $31,536\nCurrent portion | $2,834 | $11,838 | $ 7,716 | $22,388\nNoncurrent portion | $4,061 | $ \u2014 | $ 5,086 | $ 9,148"} {"_id": "d1b379f64", "title": "", "text": "Contractual Obligations\nThe impact of contractual obligations on our liquidity and capital resources in future periods should be analyzed in conjunction with the factors that impact our cash flows from operations discussed previously. In addition, we plan for and measure our liquidity and capital resources through an annual budgeting process. The following table summarizes our contractual obligations at July 27, 2019 (in millions):\nOperating Leases For more information on our operating leases, see Note 13 to the Consolidated Financial Statements\nPurchase Commitments with Contract Manufacturers and Suppliers We purchase components from a variety of suppliers and use several contract manufacturers to provide manufacturing services for our products. Our purchase commitments are for shortterm product manufacturing requirements as well as for commitments to suppliers to secure manufacturing capacity. Certain of our purchase commitments with contract manufacturers and suppliers relate to arrangements to secure long-term pricing for certain product components for multi-year periods. A significant portion of our reported estimated purchase commitments arising from these agreements are firm, noncancelable, and unconditional commitments. We record a liability for firm, noncancelable, and unconditional purchase commitments for quantities in excess of our future demand forecasts consistent with the valuation of our excess and obsolete inventory. See further discussion in \u201cInventory Supply Chain.\u201d As of July 27, 2019, the liability for these purchase commitments was $129 million and is recorded in other current liabilities and is not included in the preceding table.\nOther Purchase Obligations Other purchase obligations represent an estimate of all contractual obligations in the ordinary course of business, other than operating leases and commitments with contract manufacturers and suppliers, for which we have not received the goods or services. Purchase orders are not included in the preceding table as they typically represent our authorization to purchase rather than binding contractual purchase obligations.\nLong-Term Debt The amount of long-term debt in the preceding table represents the principal amount of the respective debt instruments. See Note 11 to the Consolidated Financial Statements.\nTransition Tax Payable Transition tax payable represents future cash tax payments associated with the one-time U.S. transition tax on accumulated earnings of foreign subsidiaries as a result of the Tax Act. See Note 17 to the Consolidated Financial Statements.\nOther Long-Term Liabilities Other long-term liabilities primarily include noncurrent income taxes payable, accrued liabilities for deferred compensation, deferred tax liabilities, and certain other long-term liabilities. Due to the uncertainty in the timing of future payments, our noncurrent income taxes payable of approximately $1.3 billion and deferred tax liabilities of $95 million were presented as one aggregated amount in the total column on a separate line in the preceding table. Noncurrent income taxes payable include uncertain tax positions. See Note 17 to the Consolidated Financial Statements.\n\n | | | PAYMENTS DUE BY PERIOD | | \n-------------------------------------------------------------------------- | ------- | ---------------- | ---------------------- | ------------ | -----------------\nJuly 27, 2019 | Total | Less than 1 Year | 1 to 3 Years | 3 to 5 Years | More than 5 Years\nOperating leases | $1,179 | $441 | $494 | $190 | $54 \nPurchase commitments with contract manufacturers and suppliers | 4,967 | 4,239 | 728 | \u2014 | \u2014 \nOther purchase obligations | 1,490 | 676 | 622 | 98 | 94 \nSenior notes | 20,500 | 6,000 | 5,500 | 2,250 | 6,750 \nTransition tax payable | 8,343 | 749 | 1,498 | 2,113 | 3,983 \nOther long-term liabilities . | 1,214 | \u2014 | 220 | 136 | 858 \nTotal by period | $37,693 | $12,105 | $9,062 | $4,787 | $11,739 \nOther long-term liabilities (uncertainty in the timing of future payments) | 1,428 | | | | \nTotal | $39,121 | | | | "} {"_id": "d1b3a4ff2", "title": "", "text": "The Systems gross profit margin decrease year to year was driven by the mix away from IBM Z and margin declines in Power Systems and Storage Systems.\nThe pre-tax income decline was driven by the strong performance in IBM Z in the prior year and the continued investment in innovation across the Systems portfolio.\n\n($ in millions) | | | \n------------------------------------------------------- | ------ | ------ | ---------------------------------\nFor the year ended December 31: | 2018 | 2017 | Yr.-to-Yr. Percent/ Margin Change\nSystems | | | \nExternal Systems Hardware gross profit | $2,590 | $2,893 | (10.5)% \nExternal Systems Hardware gross profit margin | 40.7% | 44.6% | (3.8)pts \nExternal Operating Systems Software gross profit | $1,412 | $1,469 | (3.9)% \nExternal Operating Systems Software gross profit margin | 84.5% | 86.4% | (1.9)pts. \nExternal total gross profit | $4,002 | $4,362 | (8.2)% \nExternal total gross profit margin | 49.8% | 53.2% | (3.4)pts. \nPre-tax income | $ 904 | $1,128 | (19.9)% \nPre-tax margin | 10.2% | 12.6% | (2.4)pts. "} {"_id": "d1b38ccb8", "title": "", "text": "Selling, general and administrative (\"SG&A\") costs during fiscal 2019 were $211.1 million, a decrease of $10.8 million compared to the $222.0 million of SG&A during fiscal 2018. The following table shows the components of SG&A costs for the twelve months ended October 31, 2019 and 2018.\nRegarding the table above, the decrease in advertising expense is the result of the Company's decision to scale back its television and radio advertising during fiscal 2019. The change in start-up expense in any particular period relates to the stage of the start-up process in which a facility under construction is in during the period. Non-construction related expenses, such as labor, training and office-related expenses for a facility under construction are recorded as start-up expense until the facility begins operations. As a facility moves closer to actual start-up, the expenses incurred for labor, training, etc. increase. As a result, amounts classified as start-up expenses will increase period over period until the facility begins production. Once production begins, the expenses from that point forward are recorded as costs of goods sold. The decrease in stock compensation expense is the result of the number of shares earned for the performance shares granted on November 1, 2017, being lower as compared to the number of shares earned for the performance shares granted on November 1, 2016. Stock compensation is further described in \"Part II, Item 8, Notes to Consolidated Financial Statements, Note 9 - Stock Compensation Plans.\" The increase in legal expenses is primarily attributable to our ongoing defense of the litigation described in \"Part I, Item 3. Legal Proceedings\" of this Form 10-K. The increase in third-party sales commissions is attributable to the Company's adoption of ASU 2014-09, Revenue from Contracts with Customers. While adoption of the standard had no effect on the Company's net income during fiscal 2019, SG&A expenses were negatively impacted during the period, and the negative impact to SG&A expenses was offset by a corresponding increase to revenue. For more information regarding the Company's adoption of ASU 2014-09 and the relation to SG&A expenses, refer to \"Part II, Item 8, Notes to Consolidated Financial Statements, Note 1 - Significant Accounting Policies.\"\n\nSelling, General and Administrative Costs (in thousands) | | | \n-------------------------------------------------------- | ------------------------------------ | ------------------------------------ | --------------------\nDescription | Twelve months ended October 31, 2019 | Twelve months ended October 31, 2018 | Increase/(Decrease) \nAdvertising expense | $11,071 | $32,624 | $ (21,553) \nTrainee expense | 16,254 | 21,553 | (5,299) \nStart-up expense (Tyler, Texas complex) | 9,361 | 13,394 | (4,033) \nStock compensation expense | 11,786 | 15,702 | (3,916) \nAll other SG&A expenses | 62,653 | 64,705 | (2,052) \nEmployee Stock Ownership Plan (\"ESOP\") expense | 3,000 | 2,000 | 1,000 \nDepreciation expense - machinery and equipment | 7,067 | 5,801 | 1,266 \nSanderson Farms Championship expense | 8,817 | 6,325 | 2,492 \nAdministrative salaries | 45,108 | 42,288 | 2,820 \nLegal expense | 25,102 | 17,573 | 7,529 \nThird-party sales commissions | 10,922 | \u2014 | 10,922 \nTotal SG&A | $211,141 | $221,965 | $ (10,824) "} {"_id": "d1b33126e", "title": "", "text": "Consolidated Operating Expenses\nOperating expenses for our segments are discussed separately below under the heading \u201cSegment Results of Operations.\u201d\nCost of Services Cost of services includes the following costs directly attributable to a service: salaries and wages, benefits, materials and supplies, content costs, contracted services, network access and transport costs, customer provisioning costs, computer systems support, and costs to support our outsourcing contracts and technical facilities. Aggregate customer care costs, which include billing and service provisioning, are allocated between Cost of services and Selling, general and administrative expense.\nCost of services decreased $413 million, or 1.3%, during 2019 compared to 2018, primarily due to decreases in network access costs, a product realignment charge in 2018 (see \u201cSpecial Items\u201d), decreases in employee-related costs resulting from the Voluntary Separation Program and decreases in digital content costs.\nThese decreases were partially offset by increases in rent expense as a result of adding capacity to the networks to support demand and the adoption of the new lease accounting standard in 2019, regulatory fees, and costs related to the device protection package offered to our wireless retail postpaid customers.\nCost of Wireless Equipment Cost of wireless equipment decreased $369 million, or 1.6%, during 2019 compared to 2018, primarily as a result of declines in the number of wireless devices sold as a result of an elongation of the handset upgrade cycle, partially offset by a shift to higher priced devices in the mix of wireless devices sold.\nSelling, General and Administrative Expense Selling, general and administrative expense includes salaries and wages and benefits not directly attributable to a service or product, bad debt charges, taxes other than income taxes, advertising and sales commission costs, call center and information technology costs, regulatory fees, professional service fees, and rent and utilities for administrative space. Also included is a portion of the aggregate customer care costs as discussed above in \u201cCost of Services.\u201d\nSelling, general and administrative expense decreased $1.2 billion, or 3.8%, during 2019 compared to 2018, primarily due to decreases in employee-related costs primarily due to the Voluntary Separation Program, a decrease in severance, pension and benefits charges (see \u201cSpecial Items\u201d),\nthe acquisition and integration related charges in 2018 primarily related to the acquisition of\u00a0Yahoo\u2019s operating business (see \u201cSpecial Items\u201d) and a net gain from dispositions of assets and businesses in 2019 (see \u201cSpecial Items\u201d), partially offset by increases in advertising expenses, sales commission and bad debt expense.\u00a0The increase in sales commission expense during 2019 compared to 2018, was primarily due to a lower net deferral of commission costs as a result of the adoption of Topic 606 on January 1, 2018, using a modified retrospective approach.\nDepreciation and Amortization Expense Depreciation and amortization expense decreased $721 million, or 4.1%, during 2019 compared to 2018, primarily due to the change in the mix of net depreciable assets. Media Goodwill Impairment The goodwill impairment charges recorded in 2019 and 2018 for Verizon Media were a result of the Company\u2019s annual impairment test performed in the fourth quarter (see \u201cCritical Accounting Estimates\u201d).\nMedia Goodwill Impairment The goodwill impairment charges recorded in 2019 and 2018 for Verizon Media were a result of the Company\u2019s annual impairment test performed in the fourth quarter (see \u201cCritical Accounting Estimates\u201d).\n\n | | | (dollars in millions)\u00a0 Increase/ (Decrease) | \n------------------------------------------- | -------- | --------- | ------------------------------------------- | ------\nYears Ended December 31, | 2019 | 2018 | 2019 vs. 2018 | \nCost of services | $ 31,772 | $ 32,185 | $ (413) | (1.3)%\nCost of wireless equipment | 22,954 | 23,323 | (369) | (1.6) \nSelling, general and administrative expense | 29,896 | 31,083 | (1,187) | (3.8) \nDepreciation and amortization expense | 16,682 | 17,403 | (721) | (4.1) \nMedia goodwill impairment | 186 | 4,591 | (4,405) | (95.9)\nConsolidated Operating Expenses | $101,490 | $ 108,585 | $ (7,095) | (6.5) "} {"_id": "d1b3b0226", "title": "", "text": "We recorded $14.2 million, $15.2 million and $12.3 million of amortization related to our intangible assets for the years ended December 31, 2019, 2018 and 2017, respectively. There were no impairments of long-lived assets during the years ended December 31, 2019, 2018 and 2017.\nThe following tables reflect the weighted-average remaining life and carrying value of finite-lived intangible assets (in thousands, except weighted-average remaining life):\n\n | | December 31, 2019 | | \n----------------------- | --------------------- | ------------------------ | ------------------ | --------------------------------\n | Gross Carrying Amount | Accumulated Amortization | Net Carrying Value | Weighted- Average Remaining Life\nCustomer relationships | $123,731 | $(39,335) | $84,396 | 9.8 \nDeveloped technology | 30,542 | (13,722) | 16,820 | 8.7 \nTrade name | 3,304 | (1,082) | 2,222 | 4.8 \nOther | 234 | (234) | \u2014 | \u2014 \nTotal intangible assets | $157,811 | $(54,373) | $103,438 | "} {"_id": "d1b3a61cc", "title": "", "text": "Deferred Compensation Plans\nUnder our deferred compensation plans (\u2018\u2018plans\u2019\u2019), eligible employees are permitted to make compensation deferrals up to established limits set under the plans and accrue income on these deferrals based on reference to changes in available investment options. While not required by the plan, we choose to invest in insurance contracts and mutual funds in order to approximate the changes in the liability to the employees. These investments and the liability to the employees were as follows (in thousands):\nLife insurance premiums loads, policy fees and cost of insurance that are paid from the asset investments and gains and losses from the asset investments for these plans are recorded as components of other income or expense; such amounts were net gains of $1.1 million in fiscal 2019, $4.8 million in fiscal 2018 and $5.0 million (including a $1.3 million death benefit) in fiscal 2017. Changes in the obligation to plan participants are recorded as a component of operating expenses and cost of sales; such amounts were net losses of $1.5 million in fiscal 2019, $5.2 million in fiscal 2018 and $3.9 million in fiscal 2017. Liabilities associated with participant balances under our deferred compensation plans are affected by individual contributions and distributions made, as well as gains and losses on the participant\u2019s investment allocation election.\n\n | Fiscal year-end | \n--------------------------------------------------- | --------------- | -------\n | 2019 | 2018 \nTotal deferred compensation liability, included in: | | \nOther current liabilities | $3,233 | $844 \nOther long-term liabilities | 39,715 | 40,895 \nTotal deferred compensation liability | $42,948 | $41,739"} {"_id": "d1b3971fe", "title": "", "text": "The ESPP provides for annual increases in the number of shares available for issuance under the ESPP on the first day of each fiscal year beginning in fiscal 2014, equal to the least of: (i) 1% of the outstanding shares of all classes of common stock on the last day of the immediately preceding year; (ii) 1,250,000 shares; or (iii) such other amount as may be determined by the board of directors. During the year ended December 31, 2019, a total of 810,459 shares of Class A common stock were added to the ESPP Plan in connection with the annual increase provision. At December 31, 2019, a total of 3,918,712 shares were available for issuance under the ESPP.\nThe weighted-average assumptions used to value ESPP rights under the Black-Scholes-Merton option-pricing model and the resulting offering grant date fair value of ESPP rights granted in the periods presented were as follows:\nAs of December 31, 2019 and 2018, there was approximately $2.3 million and $1.5 million of unrecognized share-based compensation expense, net of estimated forfeitures, related to ESPP, which will be recognized on a straight-line basis over the remaining weighted-average vesting periods of approximately 0.4 years, respectively\n\n | | Year ended December 31, | \n--------------------------------------------- | ------ | ----------------------- | -----\n | 2019 | 2018 | 2017 \nExpected term (in years) | 0.5 | 0.5 | 0.5 \nExpected volatility | 47% | 42% | 34% \nRisk-free interest rate | 2.01% | 2.31% | 1.20%\nExpected dividend yield | 0% | 0% | 0% \nOffering grant date fair value of ESPP rights | $33.66 | $18.07 | $9.52"} {"_id": "d1b335418", "title": "", "text": "Property and equipment consist of the following (in thousands):\n(1) Lesser of the lease term or the estimated useful lives of the improvements, which generally may be up to 5 years.\nDepreciation and amortization expense for the years ended December 31, 2019, 2018 and 2017 was $2.2 million, $1.8 million and $1.9 million, respectively.\n\n | | As of December 31, | \n---------------------------------------------- | -------------------- | ------------------ | -------\n | Useful life in years | 2019 | 2018 \nFurniture and equipment | 5 | $1,785 | $1,189 \nLeasehold improvements (1) | 5 | 4,074 | 2,776 \nSystem hardware | 5 | 1,596 | 1,404 \nOffice computers | 3 | 5,309 | 3,745 \nComputer and system software | 3 | 1,451 | 1,385 \n | | 14,215 | 10,499 \nLess accumulated depreciation and amortization | | (7,931) | (5,849)\nProperty and equipment, net | | $6,284 | $4,650 "} {"_id": "d1b30e908", "title": "", "text": "Description of Business\nKey Clients. We work with the leading communication service providers located around the world. A partial list of our key clients as of December 31, 2019 is included below:\nClients that represented 10% or more of our revenues for 2019 and 2018 were as follows (in millions, except percentages):\nSee the Significant Client Relationships section of our Management\u2019s Discussion and Analysis (\u201cMD&A\u201d) for additional information regarding our business relationships with these key clients.\nResearch and Development. Our clients around the world are facing competition from new entrants and at the same time, are deploying new services at a rapid pace and dramatically increasing the complexity of their business operations. Therefore, we continue to make meaningful investments in R&D to ensure that we stay ahead of our clients\u2019 needs and advance our clients\u2019 businesses as well as our own. We believe our value proposition is to provide solutions that help our clients ensure that each customer interaction is an opportunity to create value and deepen the business relationship.\nOur total R&D expenses for 2019 and 2018 were $128.0 million and $124.0 million, respectively, or approximately 13% and 14%, respectively, of our total revenues. We anticipate the level of R&D investment in the near-term to be relatively consistent with that of 2019.\nThere are certain inherent risks associated with significant technological innovations. Some of these risks are described in this report in our Risk Factors section below.\n\n | | 2019 | | 2018 \n------- | ------ | ------------- | ------ | -------------\n | Amount | % of Revenues | Amount | % of Revenues\nComcast | $ 229 | 23% | $221 | 25% \nCharter | 195 | 20% | 179 | 20% "} {"_id": "d1b397898", "title": "", "text": "Capitalized software development costs consisted of the following (in thousands):\nThe Company capitalized software development costs of $8.8 million, $8.8 million and $6.2 million during the years ended December 31, 2019, 2018 and 2017, respectively.\nAmortized expense for capitalized software development costs was $7.0 million, $5.9 million and $5.0 million during the years ended December 31, 2019, 2018 and 2017, respectively. Amortization of capitalized software development costs is classified within cost of revenue in the consolidated statements of operations and comprehensive loss. During the year ended December 31, 2019, the Company retired $4.6 million of fully amortized capitalized software development costs.\n\n | | | As of December 31, 2019 | \n-------------------------------------------- | --------------------- | ------------------- | ------------------------ | -------------------\n | Gross carrying amount | Amortization period | Accumulated amortization | Net carrying amount\nCapitalized software development costs | $ 49,909 | 3 years | $ (35,622) | $ 14,287 \nTotal capitalized software development costs | $ 49,909 | | $ (35,622) | $ 14,287 \n | | | As of December 31, 2018 | \n | Gross carrying amount | Amortization period | Accumulated amortization | Net carrying amount\nCapitalized software development costs | $ 45,677 | 3 years | $ (32,784) | $ 12,893 \nTotal capitalized software development costs | $ 45,677 | | $ (32,784) | $ 12,893 "} {"_id": "d1a71bb78", "title": "", "text": "Restructuring Expenses: restructuring expenses resulted from the execution of management approved restructuring plans that were generally developed to improve our cost structure and/or operations, often in conjunction with our acquisition integration strategies. restructuring expenses consist of employee severance costs and may also include charges for duplicate facilities and other contract termination costs to improve our cost structure prospectively. For additional information regarding our restructuring plans, see Note 8 of Notes to Consolidated Financial Statements included elsewhere in this Annual report.\nRestructuring expenses in fiscal 2019 primarily related to our 2019 restructuring Plan. restructuring expenses in fiscal 2018 primarily related to our 2017 restructuring Plan, which is substantially complete. Our management approved, committed to and initiated these plans in order to restructure and further improve efficiencies in our operations. In the fourth quarter of fiscal 2019, our management supplemented the 2019 restructuring Plan to reflect additional actions that we expect to take. The total estimated restructuring costs associated with the 2019 restructuring Plan are up to $584 million, of which approximately $108 million remained as of May 31, 2019, and will be recorded to the restructuring expense line item within our consolidated statements of operations as the costs are incurred through an expected end date during fiscal 2020. Our estimated costs are subject to change in future periods. We may incur additional restructuring expenses in future periods due to the initiation of new restructuring plans or from changes in estimated costs associated with existing restructuring plans .\n\n | | | Year Ended May 31, | \n---------------------- | ---- | ------ | ------------------ | ----\n | | | Percent Change | \n(Dollars in millions) | 2019 | Actual | Constant | 2018\nrestructuring expenses | $443 | -25% | -22% | $588"} {"_id": "d1b37e38e", "title": "", "text": "A.6.1 Capital structure\nThe increase in short-term debt and current maturities of long-term debt was due mainly to reclassifications of long-term euro and U. S. dollar instruments totaling \u20ac 3.9 billion from longterm debt. This was partly offset by \u20ac 3.3 billion resulting from the repayment of U. S. dollar instruments.\nThe decrease in current income tax liabilities was driven mainly by the reversal of income tax provisions outside Germany and tax payments in the context of the carve-out activities related to Siemens Healthineers.\nLong-term debt increased due primarily to the issuance of euro instruments totaling \u20ac 6.5 billion and currency translation effects for bonds issued in the U. S. dollar. This was partly offset by the above-mentioned reclassifications of euro and U. S. dollar instruments.\nThe increase in provisions for pensions and similar obligations was due mainly to a lower discount rate. This effect was partly offset by a positive return on plan assets, among other factors.\nThe main factors for the increase in total equity attributable to shareholders of Siemens AG were \u20ac 5.2 billion in net income attributable to shareholders of Siemens AG; the re-issuance of treasury shares of \u20ac 1.6 billion; and positive other comprehensive income, net of income taxes of \u20ac 0.4 billion, resulting mainly from positive currency translation effects of \u20ac 1.8 billion, partly offset by negative effects from remeasurements of defined benefit plans of \u20ac 1.1 billion. This increase was partly offset by dividend payments of \u20ac 3.1 billion (for fiscal 2018) and the repurchase of 13,532,557 treasury shares at an average cost per share of \u20ac 99.78, totaling \u20ac 1.4 billion (including incidental transaction charges).\n\n | | Sep 30, | \n------------------------------------------------------------------ | ------- | ------- | --------\n(in millions of \u20ac) | 2019 | 2018 | % Change\nShort-term debt and current maturities of long-term debt | 6,034 | 5,057 | 19 % \nTrade payables | 11,409 | 10,716 | 6 % \nOther current financial liabilities | 1,743 | 1,485 | 17 % \nContract liabilities | 16,452 | 14,464 | 14 % \nCurrent provisions | 3,682 | 3,931 | (6) % \nCurrent income tax liabilities | 2,378 | 3,102 | (23) % \nOther current liabilities | 9,023 | 9,118 | (1) % \nLiabilities associated with assets classified as held for disposal | 2 | 1 | 54 % \nTotal current liabilities | 50,723 | 47,874 | 6 % \nLong-term debt | 30,414 | 27,120 | 12 % \nProvisions for pensions and similar obligations | 9,896 | 7,684 | 29 % \nDeferred tax liabilities | 1,305 | 1,092 | 19 % \nProvisions | 3,714 | 4,216 | (12) % \nOther financial liabilities | 986 | 685 | 44 % \nOther liabilities | 2,226 | 2,198 | 1 % \nTotal non-current liabilities | 48,541 | 42,995 | 13 % \nTotal liabilities | 99,265 | 90,869 | 9 % \nDebt ratio | 66 % | 65 % | \nTotal equity attributable to shareholders of Siemens AG | 48,125 | 45,474 | 6 % \nEquity ratio | 34 % | 35 % | \nNon-controlling interests | 2,858 | 2,573 | 11 % \nTotal liabilities and equity | 150,248 | 138,915 | 8 % \n | | | "} {"_id": "d1b3b4f4c", "title": "", "text": "NOTE 4-BALANCE SHEET COMPONENTS\nThe Company recorded depreciation and amortization expense of $1.2 million, $1.3 million and $1.4 million for the fiscal years 2019, 2018 and 2017, respectively. No interest was capitalized for any period presented. Fiscal year 2019 depreciation and amortization of $1.2 million includes $32,000 of amortization of capitalized internal-use software.\n\n | December 29, 2019 | December 30, 2018\n----------------------------------------- | ----------------- | -----------------\n | | (in thousands) \nInventories: | | \nRaw material | $222 | $191 \nWork-in-process | 2,370 | 2,929 \nFinished goods | 668 | 716 \n | $3,260 | $3,836 \nOther current assets: | | \nPrepaid expenses | $1,296 | $1,483 \nOther | 269 | 292 \n | $1,565 | $1,775 \nProperty and equipment: | | \nEquipment | $10,694 | $10,607 \nSoftware | 1,789 | 2,788 \nFurniture and fixtures | 36 | 42 \nLeasehold improvements | 474 | 712 \n | 12,993 | 14,149 \nAccumulated depreciation and amortization | (12,163) | (12,700) \n | $830 | $1,449 \nCapitalized internal-use software: | | \nCapitalized during the year | $365 | \u2014 \nAccumulated amortization | (32) | \u2014 \n | $333 | \u2014 \nAccrued liabilities: | | \nEmployee compensation related accruals | 713 | 1,154 \nOther | 420 | 749 \n | $1,133 | $1,903 "} {"_id": "d1a72ed36", "title": "", "text": "NAVIOS MARITIME HOLDINGS INC. NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Expressed in thousands of U.S. dollars \u2014 except share data)\nNOTE 10: ACCRUED EXPENSES AND OTHER LIABILITIES\nAccrued expenses and other liabilities as of December 31, 2019 and 2018 consisted of the following:\n\n | December 31, 2019 | December 31, 2018\n------------------------------------------------------------ | ----------------- | -----------------\nPayroll | $6,701 | $15,264 \nAccrued interest | 35,926 | 40,903 \nAccrued voyage expenses | \u2014 | 3,643 \nAccrued running costs | \u2014 | 42,212 \nProvision for estimated losses on vessels under time charter | \u2014 | 1,604 \nAudit fees and related services | 234 | 292 \nAccrued taxes | 8,002 | 6,268 \nProfessional fees | 317 | 1,251 \nOther accrued expenses | \u2014 | 12,215 \nTotal accrued expenses | $51,180 | $123,652 "} {"_id": "d1b30894a", "title": "", "text": "2. Employees\nPlease refer to the Report on Directors\u2019 remuneration on pages 77 to 101 and note 38 of Notes to the consolidated financial statements on page 161 for disclosures relating to the emoluments, share incentives and long-term incentive interests and pensions of the Directors.\nThe average number of people employed by the Company during the year was:\n\n | 2019 | 2018 \n--------------------- | ------ | ------\n | Number | Number\nManufacturing | 40 | 37 \nProduct development | 54 | 50 \nSelling and marketing | 52 | 45 \nAdministration | 32 | 30 \n | 178 | 162 "} {"_id": "d1b38dd7a", "title": "", "text": "The carrying amounts of other financial instruments not listed in the table below approximate fair value due to the short-term nature of these items. The carrying amounts and estimated fair values of the Company\u2019s financial instruments not recorded at fair value in the financial statements were as follows:\nThe fair values of long-term debt as of June 30, 2019 and June 30, 2018 were determined by using current interest rates for debt with terms and maturities similar to the Company\u2019s existing debt arrangements and accordingly would be classified as Level 2 inputs in the fair value hierarchy.\nThe carrying amount of company-owned life insurance reflects cash surrender values based upon the market values of underlying securities, using Level 2 inputs, net of any outstanding policy loans. The carrying value associated with the cash surrender value of these policies is recorded in other assets in the accompanying consolidated balance sheets.\nFor purposes of performing Step 1 of goodwill impairment testing, the Company uses certain nonrecurring fair value measurements using significant unobservable inputs (Level 3). Fair value of each reporting unit for purposes of the goodwill impairment test is based on a weighting of an income approach and a market approach. Under the income approach, fair value is determined based on a discounted cash flow analysis that uses estimates of cash flows discounted to present value using rates commensurate with the risks associated with those cash flows. Under the market approach, a market-based value is derived by relating multiples for earnings and cash flow measures for a group of comparable public companies to the same measure for each reporting unit to estimate fair value. The assumptions used by the Company to determine fair value of the reporting units are similar to those that would be used by market participants performing valuations.\n\n | June 30, 2019 | | June 30, 2018 | \n---------------------------- | -------------- | ---------- | -------------- | ----------\n($ in millions) | Carrying Value | Fair Value | Carrying Value | Fair Value\nLong-term debt | $550.6 | $560.6 | $545.7 | $558.3 \nCompany-owned life insurance | $17.9 | $17.9 | $16.4 | $16.4 "} {"_id": "d1b309750", "title": "", "text": "4. Cash and Cash Equivalents\nThe following table summarizes the components of our cash and cash equivalents (amounts in millions):\n\n | At December 31, | \n--------------------------------- | --------------- | ------\n | 2019 | 2018 \nCash | $437 | $268 \nForeign government treasury bills | 37 | 32 \nMoney market funds | 5,320 | 3,925 \nCash and cash equivalents | $5,794 | $4,225"} {"_id": "d1b3ac356", "title": "", "text": "Current other investments comprise the following:\nThe Group invests surplus cash positions across a portfolio of short-term investments to manage liquidity and credit risk whilst achieving suitable returns. These assets do not meet the definition of cash and cash equivalents, but are included in the Group\u2019s net debt based on their liquidity.\nBonds and debt securities includes \u20ac955 million (2018: \u20ac862 million) of highly liquid German and \u20ac941 million (2018: \u20acnil) Japanese government securities; \u20ac1,115 million (2018: \u20ac1,112 million) of UK government bonds and \u20ac1,184 million (2018: 830 million) of other assets both paid as collateral on derivative financial instruments6. Managed investment funds include \u20ac5,513 million (2018: \u20ac3,087 million) in managed investment funds with liquidity of up to 90 days and \u20ac892 million (2018: \u20ac804 million) invested in a fund whose underlying securities are supply chain receivables from a diverse range of corporate organisations of which Vodafone is a minority constituent.\nOther investments are excluded from net debt based on their liquidity and primarily consist of restricted debt securities including amounts held in qualifying assets by Group insurance companies to meet regulatory requirements.\n3 \u20ac1,184 million (2018: \u20ac830 million) is measured at amortised cost and remaining items are measured at fair value. For \u20ac3,011 million (2018: \u20ac1,974 million) the valuation basis is level 1 classification, which comprises financial instruments where fair value is determined by unadjusted quoted prices in active markets for identical assets or liabilities. The remaining balance is level 2 classification.\n4 Items measured at fair value and the valuation basis is level 2 classification\n5 \u20ac1,097 million (2018: \u20ac487 million) is measured at fair value and the valuation basis is level 1. The remaining items are measured at amortised cost and the carrying amount approximates fair value\n\n | 2019 | 2018 \n------------------------------- | ------ | -----\n | \u20acm | \u20acm \nIncluded within current assets: | | \nShort-term investments: | | \nBonds and debt securities3 | 4,690 | 4,690\nManaged investment funds4 | 6,405 | 3,891\n | 11,095 | 6,870\nOther investments5 | 1,917 | 1,925\n | 13,012 | 8,795"} {"_id": "d1b340df4", "title": "", "text": "Accumulated Other Comprehensive Income\nThe following table sets forth the amounts reclassified from AOCI into the Consolidated Statements of Operations, and the associated financial statement line item, net of tax, for the periods indicated (in thousands):\n(1) Amounts are included in the computation of net periodic benefit pension cost. Refer to Note 9 \u2013 \u201cPostretirement and Other Employee Benefits\u201d for additional information.\n(2) The portions of AOCI reclassified into earnings during the fiscal years ended August 31, 2019 and 2017 for available for sale securities were due to a restructuring of securities loss and an other than temporary impairments on securities, respectively, and were recorded to restructuring of securities loss and other expense, respectively.\n(3) The Company expects to reclassify $17.0 million into earnings during the next twelve months, which will primarily be classified as a component of cost of revenue.\n(4) Amounts are net of tax, which are immaterial for the fiscal years ended August 31, 2019 and 2017. The amount for the fiscal year ended August 31, 2018 includes a reduction to income tax expense related to derivative instruments of $14.8 million.\n\n | | | Fiscal Year Ended August 31, | \n----------------------------------------------------- | ----------------------------- | ------- | ---------------------------- | -------\nComprehensive Income Components | Financial Statement Line Item | 2019 | 2018 | 2017 \nForeign currency translation adjustment | Operating income | $\u2014 | $\u2014 | $5,947 \nRealized losses (gains) on derivative instruments:(3) | | | | \nForeign exchange contracts | Cost of revenue | 21,982 | (9,379) | 4,799 \nInterest rate contracts | Interest expense | (1,723) | (13,697) | 3,950 \nActuarial loss | (1) | 741 | 1,127 | 1,929 \nPrior service credit | (1) | (44) | (88) | (138) \nAvailable for sale securities | (2) | 33,333 | \u2014 | 10,139 \nTotal amounts reclassified from AOCI(4) | | $54,289 | $(22,037) | $26,626"} {"_id": "d1b2ed4ba", "title": "", "text": "(8) Adjusted EBITDA is a non-GAAP financial measure that we define as net (loss) income, adjusted to exclude: depreciation, amortization, disposals and impairment of long-lived assets, acquisition-related gains and expenses, litigation-related expenses, share-based compensation expense, restructuring expense, interest income and interest expense, the provision for income taxes and foreign exchange income (expense). Adjusted EBITDA also includes rent paid in the period related to locations that are accounted for as build-to-suit facilities.\nWe believe that Adjusted EBITDA provides investors and other users of our financial information consistency and comparability with our past financial performance, facilitates period-to-period comparisons of operations and facilitates comparisons with our peer companies, many of which use a similar non-GAAP financial measure to supplement their GAAP results.\nWe use Adjusted EBITDA in conjunction with traditional GAAP operating performance measures as part of our overall assessment of our performance, for planning purposes, including the preparation of our annual operating budget, to evaluate the effectiveness of our business strategies, to communicate with our board of directors concerning our financial performance, and for establishing incentive compensation metrics for executives and other senior employees.\nWe do not place undue reliance on Adjusted EBITDA as a measure of operating performance. This non-GAAP measure should not be considered as a substitute for other measures of financial performance reported in accordance with GAAP. There are limitations to using a non-GAAP financial measure, including that other companies may calculate this measure differently than we do, that it does not reflect our capital expenditures or future requirements for capital expenditures and that it does not reflect changes in, or cash requirements for, our working capital.\nThe following table presents a reconciliation of net (loss) income to Adjusted EBITDA:\n(1) Acquisition-related expenses relate to costs incurred for acquisition activity in the years ended March 31, 2019 and March 31, 2017. See Note 5 of the notes to our consolidated financial statements, included elsewhere in this Annual Report on Form 10-K for further information. (2) Gain on previously held asset relates to the Solebit acquisition. See Note 5 of the notes to our consolidated financial statements, included elsewhere in this Annual Report on Form 10-K for further information.\n(3) Amounts in fiscal 2017 adjusted to conform to current year presentation. (4) Litigation-related expenses relate to amounts accrued for loss contingencies. See Note 12 of the notes to our consolidated financial statements, included elsewhere in this Annual Report on Form 10-K for further details.\n\n | | | Year Ended March 31, | | \n------------------------------------------------------------- | -------- | --------- | -------------------- | -------- | -------\n | 2019 | 2018 | 2017 | 2016 | 2015 \n | | | (in thousands) | | \nReconciliation of Adjusted EBITDA: | | | | | \nNet (loss) income | $(7,001) | $(12,386) | $(5,441) | $(3,244) | $285 \nDepreciation, amortization and disposals of\u00a0long-lived assets | 29,960 | 19,141 | 11,881 | 10,527 | 11,028 \nRent expense related to build-to-suit facilities | (4,482) | (785) | \u2014 | \u2014 | \u2014 \nInterest expense (income), net | 3,425 | (712) | (242) | 616 | 641 \nProvision for income taxes | 2,001 | 2,705 | 2,202 | 865 | 152 \nShare-based compensation expense | 25,954 | 11,734 | 10,294 | 7,886 | 5,426 \nImpairments of long-lived assets | \u2014 | 1,712 | \u2014 | \u2014 | \u2014 \nRestructuring | (170) | 832 | \u2014 | \u2014 | 1,203 \nForeign exchange expense (income) | 1,647 | 3,511 | (6,892) | (811) | (4,508)\nAcquisition-related expenses (1) (3) | 2,012 | \u2014 | 655 | \u2014 | \u2014 \nGain on previously held asset (2) | (338) | \u2014 | \u2014 | \u2014 | \u2014 \nLitigation-related expenses (4) | 1,000 | \u2014 | \u2014 | \u2014 | \u2014 \nAdjusted EBITDA | $54,008 | $25,752 | $12,457 | $15,839 | $14,227"} {"_id": "d1b3af9ca", "title": "", "text": "Concentration of Credit Risk and Significant Customers\nFinancial instruments that potentially subject us to concentrations of credit risk consist of cash, cash equivalents, marketable securities and accounts receivable. Our cash, cash equivalents and marketable securities are held and invested in high-credit quality financial instruments by recognized financial institutions and are subject to minimum credit risk.\nOur accounts receivable are unsecured and represent amounts due to us based on contractual obligations of our customers. We mitigate credit risk in respect to accounts receivable by performing periodic credit evaluations based on a number of factors, including past transaction experience, evaluation of credit history and review of the invoicing terms of the contract. We generally do not require our customers to provide collateral to support accounts receivable.\nSignificant customers, including distribution channel partners and direct customers, are those which represent 10% or more of our total revenue for each period presented or our gross accounts receivable balance as of each respective balance sheet date. Revenues from our significant customers as a percentage of our total revenue are as follows\n*represents less than 10% of total revenue\nAs of December 31, 2019, two customers accounted for 17% and 12% of our total gross accounts receivable.\nAs of December 31, 2018, two customers accounted for 16% and 12% of our total gross accounts receivable\n\n | | Years Ended December 31, | \n------------------------------------------- | ---- | ------------------------ | ----\n | 2019 | 2018 | 2017\nCustomer A (a distribution channel partner) | * | 14% | * \nCustomer B (a distribution channel partner) | 12% | 10% | * \nCustomer C (a distribution channel partner) | 14% | * | * "} {"_id": "d1a71df22", "title": "", "text": "Inventories\nInventories are stated at the lower of cost (first-in, first-out or weighted average cost) or net realizable value. Inventories are as follows (in thousands):\n\n | Fiscal year-end | \n------------------------------ | --------------- | --------\n | 2019 | 2018 \nPurchased parts and assemblies | $134,298 | $137,566\nWork-in-process | 174,550 | 186,240 \nFinished goods | 133,682 | 162,935 \nTotal inventories | $442,530 | $486,741"} {"_id": "d1b343a22", "title": "", "text": "The Group reports an operating profit of \u00a34.5m for 2018/19, compared to \u00a369.3m in the prior year. The growth in Trading profit of \u00a35.5m in the year, as outlined above, was offset by an impairment of goodwill and intangible assets of \u00a330.6m and costs of \u00a341.5m relating to the recognition of Guaranteed Minimum Pension ('GMP') charges.\nAmortisation of intangibles was \u00a31.9m lower than 2017/18 due to certain SAP software modules becoming fully amortised in the year. Fair valuation of foreign exchange and derivatives was a charge of \u00a31.3m in the year.\nThe Group recognised \u00a341.5m of estimated costs in the year associated with the equalisation of GMP for pension benefits accrued between 1990 and 1997. This follows a judgement case of Lloyds Banking Group on 26 October 2018 which referred to the equal treatment of men and women who contracted out of the State Earnings Related Pension Scheme between these dates.\nIt should be noted that the final cost will differ to the estimated cost when the actual method of equalisation is agreed between the scheme Trustees in due course. Any future and final adjustment to the cost recognised in 2018/19 will be reflected in the Consolidated statement of comprehensive income. All UK companies who operated defined benefit pension schemes during these dates will be affected by this ruling.\nOf this \u00a341.5m non-cash charge, approximately two-thirds relates to the\nRHM pension scheme and the balance relates to the Premier Foods pension schemes. Restructuring costs were \u00a316.8m in the year; an \u00a38.3m increase on the prior year and included circa \u00a314m associated with the consolidation of the Group\u2019s logistics operations to one central location in the year due to higher than anticipated implementation costs.\nThis programme has now completed and the Group does not expect to incur any further restructuring costs associated with this programme. Advisory fees associated with strategic reviews and corporate activity were also included in restructuring costs in the year. Other non-trading items of \u00a31.9m refer to a past service pension credit of \u00a33.9m due to inflation increases no longer required in a smaller Irish pension scheme, partly offset by costs related to the departure of previous CEO Gavin Darby.\nNet interest on pensions and administrative expenses was a charge of \u00a31.3m. Expenses for operating the Group\u2019s pension schemes were \u00a310.3m in the year, offset by a net interest credit of \u00a39.0m due to an opening surplus of the Group\u2019s combined pension schemes.\n\n\u00a3m | 2018/19 | 2017/18 | Change\n-------------------------------------------------------- | ------- | ------- | ------\nAdjusted EBITDA3 | 145.5 | 139.6 | 5.9 \nDepreciation | (17.0) | (16.6) | (0.4) \nTrading profit | 128.5 | 123.0 | 5.5 \nAmortisation of intangible assets | (34.4) | (36.3) | 1.9 \nFair value movements on foreign exchange and derivatives | (1.3) | 0.1 | (1.4) \nNet interest on pensions and administrative expenses | (1.3) | (2.5) | 1.2 \nNon-trading items | | | \nGMP equalisation | (41.5) | \u2013 | (41.5)\nRestructuring costs | (16.8) | (8.5) | (8.3) \nImpairment of goodwill and intangible assets | (30.6) | (6.5) | (24.1)\nOther | 1.9 | \u2013 | 1.9 \nOperating profit | 4.5 | 69.3 | (64.8)"} {"_id": "d1b3441a2", "title": "", "text": "* Recast to conform to 2019 presentation.\n** Reclassified to conform to 2019 presentation. Refer to \u201cBasis of\nPresentation\u201d in note A, \u201cSignificant Accounting Policies,\u201d for\nadditional information.\nThe following table presents external revenue for similar classes of products or services within the company\u2019s reportable segments. Client solutions often include IBM software and systems and other suppliers\u2019 products if the client solution requires it.\nFor each of the segments that include services, Software-as-a-Service, consulting, education, training and other product-related services are included as services. For each of these segments, software includes product license charges and ongoing subscriptions.\n\n($ in millions) | | | \n------------------------------- | ------- | --------- | ---------\nFor the year ended December 31: | 2019 | 2018 | 2017 \nCloud & Cognitive Software* | | | \nSoftware | $18,712 | $17,970** | $17,681**\nServices | 4,321 | 4,082** | 3,920** \nSystems | 166 | 156 | 150 \nGlobal Business Services* | | | \nServices | $16,363 | $16,238** | $15,728**\nSoftware | 156 | 151** | 179** \nSystems | 115 | 206 | 165 \nGlobal Technology Services* | | | \nServices | $20,768 | $22,222** | $21,913**\nMaintenance | 5,183 | 5,484 | 5,783 \nSystems | 1,072 | 1,069 | 1,207 \nSoftware | 338 | 371** | 310** \nSystems | | | \nServers | $ 3,746 | $ 3,996 | $ 3,993 \nStorage | 1,920 | 2,114 | 2,243 \nSoftware | 1,528 | 1,499** | 1,520** \nServices | 410 | 425** | 438** \nGlobal Financing | | | \nFinancing | $ 1,120 | $ 1,223 | $ 1,167 \nUsed equipment sales | 281 | 366 | 530 "} {"_id": "d1b336eda", "title": "", "text": "Note 13 \u2013 Income Taxes\nA summary of the components of the expense (benefit) for income taxes for the years ended December 31, 2019, 2018 and 2017 is as follows:\n\n(In thousands) | 2019 | 2018 | 2017 \n---------------------------------- | ------- | --------- | -------\nCurrent | | | \nFederal | $(518) | $(8,001) | $466 \nState | (1,065) | (476) | (150) \nInternational | (282) | 11,705 | 6,458 \nTotal Current | (1,865) | 3,228 | 6,774 \nDeferred | | | \nFederal | 24,801 | (14,448) | 8,024 \nState | 5,815 | (3,390) | 1,882 \nInternational | (546) | 581 | 4,167 \nTotal Deferred | 30,070 | (17,257) | 14,073 \nTotal Income Tax Expense (Benefit) | $28,205 | $(14,029) | $20,847"} {"_id": "d1b3b9038", "title": "", "text": "Results of Operations\nYear Ended March 31, 2019 compared to Year Ended March 31, 2018\nNet sales for the fiscal year ended March 31, 2019 were $1,791.8 million compared to $1,562.5 million for the fiscal year ended March 31, 2018.\nThe table below represents product group revenues for the fiscal years ended March 31, 2018 and 2019.\nElectronic Component sales were $1,290.0 million for the fiscal year ended March 31, 2019 compared to $1,235.2 million during the fiscal year ended March 31, 2018.\nThe sales increase in Electronic Components product sales was driven by increased volume and a favorable pricing environment in our Ceramic and Tantalum\nComponents across most markets resulting from favorable global market conditions and increased demand for our electronic component products resulting from\ntechnological advances across a broad range of industries driven by IoT and an increasingly connected world led by the automotive, industrial, telecommunications,\nnetworking, and computer markets. Fiscal year 2019 Advanced Components group sales include $113.3 million of Ethertronics product as compared to $12.7 million for\nfiscal year 2018. These increases were partially offset by the loss of Kyocera resale product sales which were $19.0 million for fiscal year 2019 as compared to $296.3\nmillion for fiscal year 2018.\nTotal Interconnect, Sensing and Control Devices product sales were $501.8 million in the fiscal year 2019 as compared to $327.3 million during the fiscal year 2018.\nThis increase is attributable to sales growth in the automotive industry in addition to sales resulting from our S&C acquisition which accounted for $354.7 million for\nfiscal year 2019 as compared to $193.3 million for fiscal year 2018.\nOur sales to independent electronic distributors represented 42.3% of total net sales for the fiscal year ended March 31, 2019, compared to 42.7% for fiscal year\nended March 31, 2018. Overall, distributor sales activity increased in dollars when compared to the same period last year due to a more favorable pricing environment\nand increased order activity throughout the year in response to extended product delivery lead times. This increase in distributor activity is reflective of the increased\ncustomer demand and steadily improving market conditions. Our sales to distributor customers involve specific ship and debit and stock rotation programs for which\nsales allowances are recorded as reductions in sales. As a result of the favorable pricing environment and high demand, such allowance charges decreased to $28.9\nmillion, or 3.9% of gross sales to distributor customers, for the fiscal year ended March 31, 2019 compared to $30.5 million, or 4.6% of gross sales to distributor\ncustomers, for the fiscal year ended March 31, 2018. Applications under such programs for fiscal years ended March 31, 2019 and 2018 were approximately $24.4 million\nand $29.4 million, respectively.\nThe regional sales percentages of our total sales in the fiscal year ended March 31, 2019 decreased in the Asian region while increasing in the European and\nAmerican regions compared to the fiscal year ended March 31, 2018 reflective of the increased European sales activity resulting from our acquisitions. Sales in the\nAsian, American, and European regions represented 31.4%, 27.1% and 41.5% of total sales, respectively, for the fiscal year ended March 31, 2019. This compares to\n37.2%, 25.6% and 37.2% of total sales for the Asian, American, and European regions in the prior year, respectively. As a result of the movement of the U.S. dollar\nagainst certain foreign currencies, reported sales for the fiscal year ended March 31, 2019 were unfavorably impacted by approximately $33.3 million when compared to\nthe prior year.\nGross profit in the fiscal year ended March 31, 2019 was $482.9 million, compared to gross profit of $318.9 million in the fiscal year ended March 31, 2018. Gross\nprofit as a percentage of sales for the fiscal year ended March 31, 2019 was 27.0% compared to 20.4% for the fiscal year ended March 31, 2018. The increase in gross\nprofit as a percentage of sales reflects a better margin product mix, improved operating efficiencies, cost control, and a more favorable pricing environment in the market.\nWe incurred costs of $9.2 million for the fiscal year ended March 31, 2019, as compared to $4.2 million for the fiscal year ended March 31, 2018, due to incremental\ndepreciation and amortization as a result of purchase accounting adjustments to inventory and fixed assets related to the S&C, Ethertronics and Kumatec acquisitions.\nFor the fiscal year ended March 31, 2019, gross profit due to currency movement were unfavorably impacted by approximately $7.2 million when compared to the\nprevious fiscal year\n\nNet sales (in thousands) | 2018 | 2019 \n----------------------------------------- | ---------- | ----------\nCeramic Components | $226,204 | $421,849 \nTantalum Components | 366,194 | 382,905 \nAdvanced Components | 642,775 | 485,208 \nTotal Electronic Components | 1,235,173 | 1,289,962 \nInterconnect, Sensing and Control Devices | 327,301 | 501,828 \nTotal Net Sales | $1,562,474 | $1,791,790"} {"_id": "d1b34ef26", "title": "", "text": "(1) Includes construction costs capitalized related to build-to-suit facilities:\nAs of March 31, 2019 and 2018, the U.S. build-to-suit facility includes company-funded building improvements of $5.2 million and $4.5 million, respectively. In March 2019, the Company derecognized the U.K. build-to-suit facility upon substantial completion of construction. See Note 12 for further details.\n\n | As of March 31, | \n------------------------------ | --------------- | -------\n | 2019 | 2018 \nU.S. build-to-suit facility | $47,001 | $43,925\nU.K. build-to-suit facility | \u2014 | 31,240 \nLess: Accumulated depreciation | (5,164) | (753) \n | $41,837 | $74,412"} {"_id": "d1b39ed82", "title": "", "text": "Operating Activities\nNet cash provided by operating activities in fiscal 2019 was primarily attributable to net income of $39.3 million, which included $89.9 million of net non-cash items, offset by changes in operating assets and liabilities using $8.2 million of cash as discussed in more detail below. Accounts receivable increased $2.6 million to $97.9 million at December 28, 2019 compared to $95.3 million at December 29, 2018 as a result of strong collections despite increased revenues and changes in payment terms related to customer mix.\nInventories, net, increased $5.6 million to $83.3 million at December 28, 2019 compared to $77.7 million at December 29, 2018 as a result of higher sales volumes, partially offset by a $10.4 million increase to our provision for excess and obsolete inventories. Accrued liabilities increased $8.7 million to $36.4 million at December 28, 2019 compared to $27.7 million at December 29, 2018, as a result of an increase in employee performance-based compensation and benefits and an increase in accrued income taxes due to timing of payments.\nAccounts payable increased $0.9 million to $40.9 million at December 28, 2019 compared to $40.0 million at December 29, 2018, as a result of higher volumes mostly offset by the impact of timing of vendor payments.\nInvesting Activities\nNet cash used in investing activities in fiscal 2019 primarily related to $20.8 million of cash used in the acquisition of property, plant and equipment, $20.5 million paid (net of cash acquired) as part of the consideration for the acquisition of FRT, and $25.1 million used for the purchase of marketable securities, net of maturities.\nFinancing Activities\nNet cash used in financing activities in fiscal 2019 primarily related to $30.0 million of principal payments made towards the repayment of our term loan and $8.0 million related to tax withholdings associated with the net share settlements of our equity awards, largely offset by $23.4 million of proceeds from a term loan to fund the acquisition of FRT and $8.1 million of proceeds received from issuances of common stock under our stock incentive plans.\n\n | | Fiscal Year Ended | \n----------------------------------------- | ----------------- | ---------------------- | -----------------\n | December 28, 2019 | December 29, 2018 | December 30, 2017\n | | (Dollars in thousands) | \nNet cash provided by operating activities | $121,048 | $68,700 | $86,323 \nNet cash used in investing activities | (66,352) | (21,295) | (59,425) \nNet cash used in financing activities | $(6,578) | $(39,329) | $(39,470) "} {"_id": "d1b39fc28", "title": "", "text": "Note: Net loss equals to comprehensive loss for all years presented.\n(1) Net loss per share and weighted average shares, basic and diluted are adjusted to reflect 1-for-14 reverse stock split effected on December 23, 2019.\nThe accompanying notes form an integral part of these Consolidated Financial Statements.\nCONSOLIDATED STATEMENTS OF OPERATIONS (in thousands, except per share amounts)\n\n | 2019 | 2018 | 2017 \n----------------------------------------- | --------- | --------- | ---------\nStatements of Operations: | | | \nRevenue | $10,310 | $12,629 | $12,149 \nCost of revenue | 4,405 | 6,295 | 6,627 \nGross profit | 5,905 | 6,334 | 5,522 \nOperating expenses: | | | \nResearch and development | 12,350 | 9,948 | 9,572 \nSelling, general and administrative | 8,918 | 9,982 | 9,900 \nLoss from operations | (15,363) | (13,596) | (13,950) \nInterest expense | (350) | (108) | (115) \nInterest income and other expense, net | 189 | 77 | 21 \nLoss before income taxes | (15,524) | (13,627) | (14,044) \n(Benefit from) Provision for income taxes | (80) | 152 | 87 \nNet loss | $(15,444) | $(13,779) | $(14,131)\nNet loss per share: (1) | | | \nBasic and diluted | $(2.02) | $(2.16) | $(2.56) \nWeighted average shares: | | | \nBasic and diluted | 7,663 | 6,365 | 5,521 "} {"_id": "d1b35fc90", "title": "", "text": "Stock-Based Compensation Expense\nStock-based compensation expense is included in the consolidated statements of operations as follows (in millions):\nAs of April 26, 2019, total unrecognized compensation expense related to our equity awards was $285 million, which is expected to be recognized on a straight-line basis over a weighted-average remaining service period of 2.1 years.\n\n | | Year Ended | \n-------------------------------------------------------- | -------------- | -------------- | --------------\n | April 26, 2019 | April 27, 2018 | April 28, 2017\nCost of product revenues | $ 4 | $ 3 | $ 4 \nCost of hardware maintenance and other services revenues | 10 | 10 | 13 \nSales and marketing | 67 | 68 | 84 \nResearch and development | 48 | 49 | 59 \nGeneral and administrative | 29 | 31 | 35 \nTotal stock-based compensation expense | $ 158 | $ 161 | $ 195 \nIncome tax benefit for stock-based compensation | $ 15 | $ 29 | $ 41 "} {"_id": "d1b3805b2", "title": "", "text": "5. Income taxes:\nOn December 22, 2017, the President of the United States signed into law the Tax Cuts and Jobs Act (the \"TCJA\"). The TCJA amended the Internal Revenue Code and reduced the corporate tax rate from a maximum of 35% to a flat 21% rate. The rate reduction was effective on January 1, 2018. The Company's net deferred tax assets represent a decrease in corporate taxes expected to be paid in the future. Under generally accepted accounting principles deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax basis. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The Company's net deferred tax asset was determined based on the current enacted federal tax rate of 35% prior to the passage of the Act. As a result of the reduction in the corporate income tax rate from 35% to 21% and other provisions under the TCJA, the Company made reasonable estimates of the effects of the TCJA and revalued its net deferred tax asset at December 31, 2017 resulting in a reduction in the value of its net deferred tax asset of approximately $9.0 million and recorded a transition tax of $2.3 million related to its foreign operations for a total of $11.3 million, which was recorded as additional noncash income tax expense in the year ended December 31, 2017. As of December 31, 2018, the Company had collected all of the necessary data to complete its analysis of the effect of the TCJA on its underlying deferred income taxes and recorded a $0.1 million reduction in the value to its net deferred tax asset. The TCJA subjects a U.S. shareholder to current tax on global intangible low-taxed income earned by certain foreign subsidiaries. FASB Staff Q&A, Topic 740, No. 5, \"Accounting for Global Intangible Low-Taxed Income\", states that the Company is permitted to make an accounting policy election to either recognize deferred income taxes for temporary basis differences expected to reverse as global intangible low-taxed income in future years or provide for the income tax expense related to such income in the year the income tax is incurred. The Company has made an accounting policy to record these income taxes as a period cost in the year the income tax in incurred.\nThe components of income (loss) before income taxes consist of the following (in thousands):\n\n | | Years Ended December 31, | \n-------------------------------- | -------- | ------------------------ | --------\n | 2019 | 2018 | 2017 \nDomestic | $72,773 | $63,878 | $52,250 \nForeign | (20,099) | (22,496) | (21,132)\nTotal income before income taxes | $52,674 | $41,382 | $31,118 "} {"_id": "d1b3221ce", "title": "", "text": "Stock Options\nAdditional information related to our stock options is summarized below (in millions):\n\n | | Year Ended | \n-------------------------------- | -------------- | -------------- | --------------\n | April 26, 2019 | April 27, 2018 | April 28, 2017\nIntrinsic value of exercises | $ 31 | $ 37 | $ 26 \nProceeds received from exercises | $ 25 | $ 88 | $ 60 \nFair value of options vested | $ 2 | $ 8 | $ 15 "} {"_id": "d1b3c014e", "title": "", "text": "The components of deferred tax assets and liabilities are as follows (amounts in thousands):\n(1) March 31, 2018 adjusted due to the adoption of ASC 606.\n\n | March 31, | \n---------------------------------------------------- | --------- | ---------\n | 2019 | 2018 \nDeferred tax assets: | | \nNet operating loss carry forwards | $78,986 | $115,064 \nSales allowances and inventory reserves | 10,967 | 9,675 \nMedical and employee benefits | 35,298 | 38,572 \nDepreciation and differences in basis | 5,318 | 6,241 \nAccrued restructuring | 469 | 2,551 \nAnti-trust fines and settlements | 910 | 16,575 \nTax credits | 3,394 | 4,208 \nStock-based compensation | 5,589 | 1,765 \nOther(1) | 1,342 | 2,812 \nTotal deferred tax assets before valuation allowance | 142,273 | 197,463 \nLess valuation allowance | (58,658) | (171,401)\nTotal deferred tax assets | 83,615 | 26,062 \nDeferred tax liabilities: | | \nUnremitted earnings of subsidiaries | (21,850) | (11,678) \nAmortization of intangibles and debt discounts | (11,996) | (14,054) \nNon-amortized intangibles | (1,551) | (1,551) \nTotal deferred tax liabilities | (35,397) | (27,283) \nNet deferred tax assets (liabilities) | $48,218 | $(1,221) "} {"_id": "d1b3703ba", "title": "", "text": "Underlying operating profit and underlying operating margin\nUnderlying operating profit and underlying operating margin mean operating profit and operating margin before the impact of non-underlying items within operating profit. Underlying operating profit represents our measure of segment profit or loss as it is the primary measure used for making decisions about allocating resources and assessing performance of the segments.\nThe Group reconciliation of operating profit to underlying operating profit is as follows:\nFurther details of non-underlying items can be found in note 3 on page 96 of the consolidated financial statements.\nRefer to Note 2 on page 94 for the reconciliation of operating profit to underlying operating profit by Division. For each Division operating margin is computed as operating profit divided by turnover and underlying operating margin is computed as underlying operating profit divided by turnover.\n\n | \u20ac million | \u20ac million | \u20ac million \n----------------------------- | --------- | ------------- | -------------\n | 2019 | 2018 | 2017 \n | | (Restated)(a) | (Restated)(a)\nOperating profit | 8,708 | 12,639 | 8,957 \nNon-underlying items within | | | \noperating profit (see note 3) | 1,239 | (3,176) | 543 \nUnderlying operating profit | 9,947 | 9,463 | 9,500 \nTurnover | 51,980 | 50,982 | 53,715 \nOperating margin | 16.8% | 24.8% | 16.7% \nUnderlying operating margin | 19.1% | 18.6% | 17.7% "} {"_id": "d1b3b0712", "title": "", "text": "Product Revenue by Groups of Similar Products\nIn addition to the primary view on a geographic basis, we also prepare financial information related to groups of similar products and customer markets for various purposes. We report our product revenue in the following categories: Infrastructure Platforms, Applications, Security, and Other Products. This aligns our product categories with our evolving business model. Prior period amounts have been reclassified to conform to the current period\u2019s presentation.\nThe following table presents revenue for groups of similar products (in millions, except percentages):\nAmounts may not sum and percentages may not recalculate due to rounding.\nInfrastructure Platforms The Infrastructure Platforms product category represents our core networking offerings related to switching, routing, wireless, and the data center. Infrastructure Platforms revenue increased by 7%, or $1,869 million, with growth across the portfolio. Switching had solid growth, with strong revenue growth in campus switching driven by an increase in sales of our intent-based networking Catalyst 9000 Series, and with growth in data center switching driven by increased revenue from our ACI portfolio. Routing experienced modest revenue growth driven by an increase in sales of SD-WAN products, partially offset by weakness in the service provider market. We experienced double digit revenue growth from wireless products driven by increases across the portfolio. Revenue from data center increased driven by higher sales of HyperFlex and our server products.\nApplications The Applications product category includes our collaboration offerings (unified communications, Cisco TelePresence and conferencing) as well as IoT and AppDynamics analytics software offerings. Revenue in our Applications product category increased by 15%, or $767 million, with double digit growth in unified communications, TelePresence, AppDynamics, and IoT software.\nSecurity Revenue in our Security product category increased 16%, or $378 million, driven by higher sales of identity and access, advanced threat security, unified threat management and web security products. The Duo acquisition in the first quarter of fiscal 2019 also contributed to the revenue increase in this product category.\nOther Products The decrease in revenue from our Other Products category was primarily driven by a decrease in revenue from SPVSS business which we divested on October 28, 2018.\n\n | | Years Ended | | 2019 vs. 2018 | \n------------------------ | ------------- | ------------- | ------------- | ------------------- | -------------------\n | July 27, 2019 | July 28, 2018 | July 29, 2017 | Variance in Dollars | Variance in Percent\nProduct revenue: | | | | | \nInfrastructure Platforms | $30,191 | $28,322 | $27,817 | $1,869 | 7% \nApplications | 5,803 | 5,036 | 4,568 | 767 | 15% \nSecurity . | 2,730 | 2,352 | 2,152 | 378 | 16% \nOther Products | 281 | 999 | 1,168 | (718) | (72)% \nTotal . | $39,005 | $36,709 | $35,705 | $2,296 | 6% "} {"_id": "d1b334c52", "title": "", "text": "NOTE 6\u2014INTANGIBLE ASSETS, NET, AND GOODWILL\nIntangible assets include patents, domain name and other intangibles purchased from GVR, including customer relationships, technology and a trademark. Certain patents were acquired from STI as a result of an asset contribution and were recorded at their carryover basis. The fair value of the patents remained substantially the same as their carrying value at the exchange date. In addition, we acquired other patents and the domain name www.resonant.com through the normal course of business. Intangibles acquired as part of the purchase of GVR were initially recorded at their fair value. Issued patents are amortized over their approximate useful life of 17 years, or 20 years in the case of new patents, once they are approved by their respective regulatory agency. For the patents acquired from STI, we are amortizing them over the remaining useful life of 1 to 11 years as of December 31, 2019. The domain name is amortized over the approximate useful life of 10 years. The other intangibles acquired from GVR are amortized over their useful life of three to five years.\nIntangible assets, net, consists of the following as of December 31, 2019 and 2018:\n(1) Includes the impact of foreign currency translation. The total impact at December 31, 2018 was $1,000 and there was no impact at December 31,\n2019.\nDuring the year ended December 31, 2019 and 2018, we wrote-off $145,000 and $96,000, respectively, of patents we are no longer pursuing. The write-offs are included in research and development expense. There were no impairments to any other intangibles.\n\n | 2019 | 2018 \n------------------------------ | ----------- | -----------\nCost: | | \nPatents | $1,801,000 | $1,507,000 \nDomain name | 22,000 | 22,000 \nClient Base (1) | 144,000 | 142,000 \nTrademark (1) | 18,000 | 17,000 \nBacklog (1) | 13,000 | 13,000 \nTechnology | 77,000 | 77,000 \n | 2,075,000 | 1,778,000 \nLess: Accumulated amortization | (499,000) | (404,000) \nIntangible assets, net | $ 1,576,000 | $ 1,374,000"} {"_id": "d1b32635a", "title": "", "text": "* Recast to reflect segment changes.\nGlobal Technology Services revenue decreased 0.2 percent as reported (1 percent adjusted for currency) in 2018 compared to the prior year, with Infrastructure & Cloud Services up 0.8 percent as reported (flat adjusted for currency) offset by a decline in Technology Support Services.\nIn Infrastructure & Cloud Services, the business focused on prioritizing the portfolio to deliver high-value solutions to bring productivity to clients and allow for expanding workloads, while it exited some lower-value offerings. Technology Support Services was impacted by the hardware product cycle dynamics in 2018 but grew its multivendor services offerings. Within GTS, cloud revenue of $8.0 billion grew 22 percent as reported and 21 percent adjusted for currency compared to the prior year.\n\n($ in millions) | | | | \n------------------------------------------- | --------- | --------- | ------------------------- | -----------------------------------------------\nFor the year ended December 31: | 2018 | 2017 | Yr.-to-Yr. Percent Change | Yr.-to-Yr. Percent Change Adjusted for Currency\nGlobal Technology Services external revenue | $29,146 * | $29,213 * | (0.2)% | (0.8)% \nInfrastructure & Cloud Services | $22,185* | $22,016* | 0.8% | 0.0% \nTechnology Support Services | 6,961 | 7,196 | (3.3) | (3.5) "} {"_id": "d1b36508c", "title": "", "text": "Thomas Clark\n(1) Represents accelerated vesting of 33,711 stock options. Pursuant to Mr. Clark\u2019s stock option agreements (dated January 17, 2019), if Mr. Clark\u2019s employment is terminated without cause or for good reason within six months following a \u201cchange in control\u201d, he will become immediately vested in all outstanding unvested stock options, and all of Mr. Clark\u2019s outstanding options shall remain exercisable in accordance with their terms, but in no event for less than 90 days after such termination. (1) Represents accelerated vesting of 33,711 stock options. Pursuant to Mr. Clark\u2019s stock option agreements (dated January 17, 2019), if Mr. Clark\u2019s employment is terminated without cause or for good reason within six months following a \u201cchange in control\u201d, he will become immediately vested in all outstanding unvested stock options, and all of Mr. Clark\u2019s outstanding options shall remain exercisable in accordance with their terms, but in no event for less than 90 days after such termination. (1) Represents accelerated vesting of 33,711 stock options. Pursuant to Mr. Clark\u2019s stock option agreements (dated January 17, 2019), if Mr. Clark\u2019s employment is terminated without cause or for good reason within six months following a \u201cchange in control\u201d, he will become immediately vested in all outstanding unvested stock options, and all of Mr. Clark\u2019s outstanding options shall remain exercisable in accordance with their terms, but in no event for less than 90 days after such termination.\n(2) Represents accelerated vesting of 8,340 unvested performance restricted stock units. Pursuant to Mr. Clark\u2019s performance restricted stock unit agreement (dated January 17, 2019), if Mr. Clark\u2019s employment is terminated without cause or for good reason within six months following a \u201cchange in control\u201d or if Mr. Clark's employment is terminated due to death or total disability, all non-vested units shall accelerate and be vested as of the date of termination.\n\nType of Payment | Termination by Systemax without \u201cCause\u201d or Resignation by Employee for \u201cgood reason\u201d ($) | Termination Due to Death or Total Disability ($) | Change In Control Only ($) | Termination by Systemax without \u201cCause\u201d or Resignation by Employee for \u201cgood reason\u201d within a certain period of time following a Change in Control ($)\n------------------------------------------------------------------------ | ---------------------------------------------------------------------------------------- | ------------------------------------------------ | -------------------------- | ------------------------------------------------------------------------------------------------------------------------------------------------------\nCash Compensation (Salary & Non-Equity Incentive Compensation) | - | - | - | - \nValue of Accelerated Vesting of Stock Option Awards | - | - | - | 314,100 (1) \nValue of Accelerated Vesting of Restricted Stock Unit Awards | - | - | - | - \nValue of Accelerated Vesting of Performance Restricted Stock Unit Awards | - | 209,800 (2) | - | 209,800 (2) \nMedical and Other Benefits | - | - | - | - \nTotal | - | 209,800 | - | 523,900 "} {"_id": "d1b3be628", "title": "", "text": "Statements of Cash Flows\nThe following table summarizes our cash flow related activities (in thousands):\n\n | | Years Ended December 31, | \n---------------------------------------------------- | ------ | ------------------------ | -------\n | 2019 | 2018 | 2017 \nCash (used in) provided by: | | | \nOperating activities | $(426) | $(2,694) | $14,314\nInvesting activities | (251) | (6,876) | (5,142)\nFinancing activities | 5,798 | 3,624 | 8,420 \nNet increase (decrease) in cash and cash equivalents | $5,121 | $(5,946) | $17,592"} {"_id": "d1b38e284", "title": "", "text": "Management Discussion and Analysis\nCapital Management and Dividend Policy\nNotes: (1)\u00a0Net debt is defined as gross debt less cash and bank balances adjusted for related hedging balances.\n(2) Net debt gearing ratio is defined as the ratio of net debt to net capitalisation. Net capitalisation is the aggregate of net debt, shareholders\u2019 funds and non-controlling interests.\n(3) Interest cover refers to the ratio of EBITDA and share of associates\u2019 pre-tax profits to net interest expense.\nAs at 31 March 2019, the Group\u2019s net debt was S$9.9 billion, stable from a year ago.\u00a0\n\nAs at 31 March 2019, the Group\u2019s net debt was S$9.9 billion, stable from a year ago.\nThe Group has one of the strongest credit ratings among telecommunication companies in the Asia Pacific region. Singtel is currently rated A1 by Moody\u2019s and A+ by S&P Global Ratings. The Group continues to maintain a healthy capital structure.\u00a0\n\nThe Group has one of the strongest credit ratings among telecommunication companies in the Asia Pacific region. Singtel is currently rated A1 by Moody\u2019s and A+ by S&P Global Ratings. The Group continues to maintain a healthy capital structure.\nFor the financial year ended 31 March 2019, the total ordinary dividend payout, including the proposed final dividend, was 17.5 cents per share or 101% of the Group\u2019s underlying net profit and 88% of the Group\u2019s free cash flow (after interest and tax payments).\u00a0\n\nFor the financial year ended 31 March 2019, the total ordinary dividend payout, including the proposed final dividend, was 17.5 cents per share or 101% of the Group\u2019s underlying net profit and 88% of the Group\u2019s free cash flow (after interest and tax payments).\nSingtel is committed to delivering dividends that increase over time with growth in underlying earnings, while maintaining an optimal capital structure and investment grade credit ratings. Barring unforeseen circumstances, it expects to maintain its ordinary dividends at 17.5 cents per share for the next financial year ending 31 March 2020.\n\n | Financial Year ended 31 March | \n---------------------------------------------------------------------------- | ----------------------------- | ------\nGroup | 2019 | 2018 \nGross debt (S$ million) | 10,396 | 10,402\nNet debt (1) (S$ million) | 9,883 | 9,877 \nNet debt gearing ratio (2) (%) | 24.9 | 24.9 \nNet debt to EBITDA and share of associates\u2019 pre-tax pro\ufb01ts (number of times) | 1.6 | 1.3 \nInterest cover (3) (number of times) | 16.2 | 20.1 "} {"_id": "d1b35fd94", "title": "", "text": "6. Operating profit\nThe Group has identified a number of items which are material due to the significance of their nature and/or amount. These are listed separately here to provide a better understanding of the financial performance of the Group:\nFollowing the application of IFRS 16, depreciation of property, plant and equipment has been restated for the year ended 31 March 2018 (note 2).\n\n | | 2019 | (Restated) 2018\n----------------------------------------------- | ---- | ------ | ---------------\n | Note | \u00a3m | \u00a3m \nStaff costs | 7 | (56.0) | (54.5) \nContractor costs | | (0.4) | (0.4) \nDepreciation of property, plant and equipment | 14 | (4.9) | (4.9) \nAmortisation of intangible assets | 13 | (4.0) | (4.1) \nProfit on sale of property, plant and equipment | | 0.1 | \u2013 "} {"_id": "d1b30812a", "title": "", "text": "Effective Income Tax Rate\nA reconciliation of the United States federal statutory income tax rate to our effective income tax rate is as follows:\nIn 2019 and 2018 we had pre-tax losses of $19,573 and $25,403, respectively, which are available for carry forward to offset future taxable income. We made determinations to provide full valuation allowances for our net deferred tax assets at the end of 2019 and 2018, including NOL carryforwards generated during the years, based on our evaluation of positive and negative evidence, including our history of operating losses and the uncertainty of generating future taxable income that would enable us to realize our deferred tax.\n\n | Year Ended | Year Ended \n-------------------------------------- | ----------------- | -----------------\n | December 31, 2018 | December 31, 2019\nUnited States federal statutory rate | 21.00% | 21.00% \nState taxes, net of federal benefit | 1.99% | (0.01)% \nValuation allowance | (21.96)% | (24.33)% \nCumulative effect of accounting change | \u2014 | 2.07% \nR&D Credit | 1.34% | 1.53% \nOther | (0.38)% | (0.27)% \nEffective income tax rate | 1.99% | (0.01)% "} {"_id": "d1b34a16a", "title": "", "text": "GasLog Ltd. and its Subsidiaries\nNotes to the consolidated financial statements (Continued)\nFor the years ended December 31, 2017, 2018 and 2019\n(All amounts expressed in thousands of U.S. Dollars, except share and per share data)\n18. Revenues from Contracts with Customers\nThe Group has recognized the following amounts relating to revenues:\nRevenues from The Cool Pool Limited relate only to the pool revenues received from GasLog\u2019s vessels operating in the Cool Pool and do not include the Net pool allocation to GasLog of ($4,264) for the year ended December 31, 2019 ($17,818 for the year ended December 31, 2018 and $7,254 for the year ended December 31, 2017), which is recorded as a separate line item in the Profit or Loss Statement.\nFollowing the exit from the Cool Pool, management allocates revenues from time charters to two categories: (a) variable rate charters and (b) fixed rate charters. The variable rate charter category contains vessels operating in the LNG carrier spot and short-term market or those which have a variable rate of hire across the charter period.\n\n | | For the year ended December 31, | \n---------------------------------------------------- | ------- | ------------------------------- | -------\n | 2017 | 2018 | 2019 \nRevenues from fixed rate time charters | 485,961 | 515,324 | 558,266\nRevenues from variable rate time charters | \u2014 | \u2014 | 64,334 \nRevenues from The Cool Pool Limited (GasLog vessels) | 38,046 | 102,253 | 45,253 \nRevenues from vessel management services | 1,222 | 767 | 784 \nTotal | 525,229 | 618,344 | 668,637"} {"_id": "d1a71b952", "title": "", "text": "Our primary source of cash is receipts from revenue and, to a lesser extent, proceeds from participation in the employee stock purchase plan. The primary uses of cash are our stock repurchase program as described below, payroll-related expenses, general operating expenses including marketing, travel and office rent, and cost of revenue. Other uses of cash include business acquisitions, purchases of property and equipment and payments for taxes related to net share settlement of equity awards.\nCash Flows from Operating Activities\nFor fiscal 2019, net cash provided by operating activities of $4.42 billion was primarily comprised of net income adjusted for the net effect of non-cash items. The primary working capital sources of cash were net income coupled with an increase in deferred revenue, which was offset in large part by cash outflows due to an increase in prepaid expenses and other assets. The increase in deferred revenue was primarily driven by increases related to Digital Media offerings with cloud-enabled services and Digital Experience hosted services. The primary working capital use of cash was due to increases in prepaid expenses with certain vendors, sales commissions paid and capitalized, advanced payments related to income taxes and increase in long-term contract assets.\nCash Flows from Investing Activities\nFor fiscal 2019, net cash used for investing activities of $455.6 million was primarily due to purchases of property and equipment and our acquisition of the remaining equity interest in Allegorithmic. These cash outflows were offset primarily by proceeds from sales and maturities of short-term investments, net of purchases. See Note 3 of our Notes to Consolidated Financial Statements for more detailed information regarding our acquisitions.\nCash Flows from Financing Activities\nFor fiscal 2019, net cash used for financing activities was $2.95 billion primarily due to payments for our treasury stock repurchases and taxes related to net share settlement of equity awards, which were offset by proceeds from re-issuance of treasury stock for our employee stock purchase plan. See the section titled \u201cStock Repurchase Program\u201d discussed below.\nWe expect to continue our investing activities, including short-term and long-term investments, facilities expansion and purchases of computer systems for research and development, sales and marketing, product support and administrative staff. Furthermore, cash reserves may be used to repurchase stock under our stock repurchase program and to strategically acquire companies, products or technologies that are complementary to our business.\n\n(in millions) | 2019 | 2018 | 2017 \n---------------------------------------------------------------------- | --------- | --------- | ---------\nNet cash provided by operating activities | $4,421.8 | $4,029.3 | $2,912.9 \nNet cash used for investing activities | (455.6) | (4,685.3) | (442.9) \nNet cash used for financing activities | (2,946.1) | (5.6) | (1,183.7)\nEffect of foreign currency exchange rates on cash and cash equivalents | (12.7) | (1.7) | 8.5 \nNet increase (decrease) in cash and cash equivalents | $1,007.4 | $(663.3) | $1,294.8 "} {"_id": "d1a724bd8", "title": "", "text": "25. Deferred income\nThe Group\u2019s deferred income balances relate solely to revenue from contracts with customers.\n\n | 2019 | 2018 \n----------- | --------- | ---------\n | $ million | $ million\nCurrent | 53.2 | 55.2 \nNon-current | 13.6 | 14.4 \n | 66.8 | 69.6 "} {"_id": "d1b2ef044", "title": "", "text": "10. Operating Leases\nThe Company charters-in vessels from other vessel owners on time-charter-in and bareboat charter contracts, whereby the vessel owner provides use of the vessel to the Company, and, in the case of time-charter-in contracts, also operates the vessel for the Company. A timecharter- in contract is typically for a fixed period of time, although in certain cases the Company may have the option to extend the charter.\nThe Company typically pays the owner a daily hire rate that is fixed over the duration of the charter. The Company is generally not required to pay the daily hire rate for time-charters during periods the vessel is not able to operate.\nWith respect to time-charter- With respect to time-charter-in and bareboat charter contracts with an original term of more than one year, for the year ended December 31, 2019, the Company incurred $99.0 million of time-charter and bareboat hire expense related to these time-charter and bareboat charter contracts, of which $68.2 million was allocable to the lease component, and $30.8 million was allocable to the non-lease component.\nThe amounts allocable to the lease component approximate the cash paid for the amounts included in lease liabilities and are reflected as a reduction in operating cash flows for the year ended December 31, 2019. Three of Teekay Tankers' time-charter-in contracts each have an option to extend the charter for an additional one-year term.\nSince it is not reasonably certain that Teekay Tankers will exercise the options, the lease components of the options are not recognized as part of the right-of-use assets and lease liabilities. As at December 31, 2019, the weighted-average remaining lease term and weighted-average discount rate for these time-charter-in and bareboat charter contracts were 2.6 years and 6.1%, respectively.\nDuring the year ended December 31, 2019, Teekay Tankers chartered in two LR2 vessels and one Aframax vessel for periods of 24 months each, Teekay LNG extended the charter-in contract for one LNG carrier for a period of 21 months, and Teekay Parent extended the charterin contract for one FSO unit for a period of 12 months, which resulted in the Company recognizing right-of-use assets and lease liabilities totaling $47.7 million and $47.7 million, respectively.\nA maturity analysis of the Company\u2019s operating lease liabilities from time-charter-in and bareboat charter contracts (excluding short-term leases) at December 31, 2019 is as follows:\nAs at December 31, 2019, minimum commitments to be incurred by the Company under short-term time-charter-in contracts were approximately $4.3 million (2020). As at December 31, 2018, minimum commitments to be incurred by the Company under vessel operating leases by which the Company charters-in vessels were approximately $116.3 million (2019), $90.4 million (2020), $53.4 million (2021), $9.1 million (2022), $9.1 million (2023) and $5.6 million thereafter.\n\n | Lease Commitment | Non-Lease Commitment | Total Commitment\n------------------------------------------------------- | ---------------- | -------------------- | ----------------\n | $ | $ | $ \nPayments | | | \n2020 | 69,617 | 37,089 | 106,706 \n2021 | 54,195 | 26,948 | 81,143 \n2022 | 22,978 | 8,189 | 31,167 \n2023 | 9,227 | - | 9,227 \n2024 | 5,713 | - | 5,713 \nThereafter | - | - | - \nTotal payments | 161,730 | 72,226 | 233,956 \nLess: imputed interest | (13,128) | | \nCarrying value of operating lease liabilities | 148,602 | | \nLess current portion | (61,431) | | \nCarrying value of long-term operating lease liabilities | 87,171 | | "} {"_id": "d1b369a38", "title": "", "text": "Net Revenues by Geographic Region\nThe following table details our consolidated net revenues by geographic region (amounts in millions):\n(1) \u201cEMEA\u201d consists of the Europe, Middle East, and Africa geographic regions\nAmericas\nThe decrease in net revenues in the Americas region for 2019, as compared to 2018, was primarily due to lower revenues recognized from the Destiny franchise (reflecting our sale of the publishing rights for Destiny to Bungie in December 2018).\nEMEA\nThe decrease in net revenues in the EMEA region for 2019, as compared to 2018, was primarily due to:\nlower revenues recognized from the Destiny franchise; and lower revenues recognized from Call of Duty: Black Ops 4, which was released in October 2018, as compared to Call of Duty: WWII, which was released in November 2017.\nAsia Pacific\nThe decrease in net revenues in the Asia Pacific region for 2019, as compared to 2018, was primarily due to:\nlower revenues recognized from Hearthstone, primarily due to the prior year including additional digital content delivered in connection with the renewal of our contract with NetEase, Inc. in December 2018, with no equivalent transaction for the franchise in 2019; and lower revenues recognized from the Destiny franchise.\nThe decrease was partially offset by:\u2022 revenues recognized from Crash Team Racing Nitro-Fueled, which was released in June 2019; \u2022 revenues from Sekiro: Shadows Die Twice, which was released in March 2019; and \u2022 higher revenues recognized from Call of Duty: Modern Warfare, which was released in October 2019, as compared to Call of Duty: Black Ops 4.\n\n | | | | \n---------------------------------- | ------ | ------ | -------------------- | --------\n | 2019 | 2018 | Increase/ (decrease) | % Change\nNet revenues by geographic region: | | | | \nAmericas | $3,341 | $3,880 | $(539) | (14)% \nEMEA (1) | 2,239 | 2,618 | (379) | (14) \nAsia Pacific | 909 | 1,002 | (93) | (9) \nConsolidated net revenues | $6,489 | $7,500 | $(1,011) | (13) "} {"_id": "d1b33207e", "title": "", "text": "Deferred income taxes reflect the net tax effect of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes, as well as the tax effect of carryforwards. Significant components of the Company\u2019s net deferred tax assets and liabilities were as follows:\nThe increase in the gross deferred tax assets and valuation allowance between fiscal year 2019 and 2018 is primarily due to increases in tax carryforwards.\nRealization of the Company\u2019s net deferred tax assets is based upon the weighting of available evidence, including such factors as the recent earnings history and expected future taxable income. The Company believes it is more likely than not that such deferred tax assets will be realized with the exception of $227.0 million primarily related to California deferred tax assets. At June 30, 2019, the Company continued to record a valuation allowance to offset the entire California deferred tax asset balance due to the single sales factor apportionment resulting in lower taxable income in California.\nAt June 30, 2019, the Company had federal net operating loss carryforwards of $109.8 million. The majority of these losses will begin to expire in fiscal year 2020, and are subject to limitation on their utilization.\nAt June 30, 2019, the Company had state net operating loss carryforwards of $58.5 million. If not utilized, these losses will begin to expire in fiscal year 2020 and are subject to limitation on their utilization.\nAt June 30, 2019, the Company had state tax credit carryforwards of $322.4 million. Substantially all of these credits can be carried forward indefinitely.\n\n | June 30, 2019 | June 24, 2018\n------------------------------------------------- | -------------- | -------------\n | (in thousands) | \nDeferred tax assets: | | \nTax carry forwards | $231,390 | $206,073 \nAllowances and reserves | 97,671 | 118,559 \nEquity-based compensation | 14,661 | 16,189 \nInventory valuation differences | 18,516 | 14,021 \nPrepaid cost sharing | 74,139 | 65,644 \nOutside basis differences of foreign subsidiaries | 16,260 | \u2014 \nOther | 17,972 | 16,514 \nGross deferred tax assets | 470,609 | 437,000 \nValuation allowance | (226,928) | (199,839) \nNet deferred tax assets | 243,681 | 237,161 \nDeferred tax liabilities: | | \nIntangible assets | (9,883) | (21,558) \nConvertible debt | (46,993) | (60,252) \nCapita assets | (83,298) | (61,429) \nAmortization of goodwill | (11,299) | (10,738) \nOutside basis differences of foreign subsidiaries | \u2014 | (6,656) \nOther | (8,752) | (7,955) \nGross deferred tax liabilities | (160,225) | (168,588) \nNet deferred tax assets | $83,456 | $68,573 "} {"_id": "d1a73f046", "title": "", "text": "The Monte Carlo simulation assumptions used for the periods presented were as follows:\nAs of January 3, 2020, there was $12 million of unrecognized compensation cost, net of estimated forfeitures, which is expected to be recognized over a weighted average period of 1.7 years. The fair value of performance-based stock awards that vested in fiscal 2019, 2018 and 2017 was $9 million, $13 million, and $4 million, respectively.\n\n | | Year Ended | \n--------------------------------------- | --------------- | ----------------- | -----------------\n | January 3, 2020 | December 28, 2018 | December 29, 2017\nExpected volatility | 22.02% | 25.37% | 27.19% \nRisk free rate of return | 2.39% | 2.35% | 1.53% \nWeighted average grant date stock price | $62.66 | $65.00 | $53.73 "} {"_id": "d1a7233f0", "title": "", "text": "ACCOUNTING POLICY\nWe measure inventories, including wireless devices and merchandise for resale, at the lower of cost (determined on a weighted average cost basis for Wireless devices and accessories and a first-in, first-out basis for other finished goods and merchandise) and net realizable value. We reverse a previous writedown to net realizable value, not to exceed the original recognized cost, if the inventories later increase in value.\nEXPLANATORY INFORMATION\nCost of equipment sales and merchandise for resale includes $2,496 million of inventory costs for 2019 (2018 \u2013 $2,515 million).\n\n | As at December 31 | As at December 31\n------------------------------------ | ----------------- | -----------------\n(In millions of dollars) | 2019 | 2018 \nWireless devices and accessories | 380 | 399 \nOther finished goods and merchandise | 80 | 67 \nTotal inventories | 460 | 466 "} {"_id": "d1b3ab8fc", "title": "", "text": "Issuer Purchases of Equity Securities\nThe following shares of the Company were repurchased during the quarter ended June 30, 2019:\n(1) 250,000 shares were purchased through a publicly announced repurchase plan. There were no shares surrendered to the Company to satisfy tax withholding obligations in connection with employee restricted stock awards.\n(2) Total stock repurchase authorizations approved by the Company\u2019s Board of Directors as of February 17, 2015 were for 30.0 million shares. These authorizations have no specific dollar or share price targets and no expiration dates.\n\n | Total Number of Shares Purchased (1) | Average Price of Share | Total Number of Shares Purchased as Part of Publicly Announced Plans (1) | Maximum Number of Shares that May Yet Be Purchased Under the Plans (2)\n------------------------ | ------------------------------------ | ---------------------- | ------------------------------------------------------------------------ | ----------------------------------------------------------------------\nApril 1 - April 30, 2019 | \u2014 | $\u2014 | \u2014 | 3,732,713 \nMay 1 - May 31, 2019 | 250,000 | $134.35 | 250,000 | 3,482,713 \nJune 1 - June 30, 2019 | \u2014 | $\u2014 | \u2014 | 3,482,713 \nTotal | 250,000 | $134.35 | 250,000 | 3,482,713 "} {"_id": "d1b30ab0a", "title": "", "text": "Note 12. Convertible Notes\nIn December 2016, the Company entered into the Purchase Agreement with J.P. Morgan Securities LLC and Jefferies LLC, as representatives of the several initial purchasers named therein (collectively, the \u201cInitial Purchasers\u201d), to issue and sell $90,000 in aggregate principal amount of its 5.50% senior convertible notes due 2021 (\"Convertible Notes\") in a private placement to qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933, as amended (the \u201cSecurities Act\u201d), and to non-U.S. persons pursuant to Regulation S under the Securities Act. In December 2016, the Company entered into a purchase agreement (the \u201cCambridge Purchase Agreement\u201d) with Cambridge Equities, L.P. (\u201cCambridge\u201d), an entity affiliated with Dr. Patrick Soon-Shiong, the Company\u2019s Chairman and Chief Executive Officer, to issue and sell $10,000 in aggregate principal amount of the Convertible Notes in a private placement pursuant to an exemption from the registration requirements of the Securities Act afforded by Section 4(a)(2) of the Securities Act. In December 2016, pursuant to the exercise of the overallotment by the Initial Purchasers, the Company issued an additional $7,000 principal amount of the Convertible Notes. The total net proceeds from this offering were approximately $102,714 ($9,917 from Cambridge and $92,797 from the Initial Purchasers) after deducting the Initial Purchasers\u2019 discount and debt issuance costs of $4,286 in connection with the Convertible Notes offering.\nOn December 21, 2016, the Company entered into an indenture, relating to the issuance of the Convertible Notes (the \u201cIndenture\u201d), by and between the Company and U.S. Bank National Association, as trustee (the \u201cTrustee\u201d). The interest rates are fixed at 5.50% per year, payable semi- annually on June 15 and December 15 of each year, beginning on June 15, 2017. The Convertible Notes will mature on December 15, 2021, unless earlier repurchased by the Company or converted pursuant to their terms.\nIn connection with the offering of the Convertible Notes, on December 15, 2016, the Company entered into a Second Amended and Restated Promissory Note which amended and restated the Amended and Restated Promissory Note, dated May 9, 2016, between the Company and NantCapital, to, among other things, extend the maturity date of the Promissory Note to June 15, 2022 and to subordinate such Promissory Note in right of payment to the Convertible Notes (see Note 20).\nThe initial conversion rate of the Convertible Notes is 82.3893 shares of common stock per $1 principal amount of Convertible Notes (which is equivalent to an initial conversion price of approximately $12.14 per share). Prior to the close of business on the business day immediately preceding September 15, 2021, the Convertible Notes will be convertible only under the following circumstances: (1) during any calendar quarter commencing after March 31, 2017 (and only during such calendar quarter), if, for at least 20 trading days (whether or not consecutive) during the 30 consecutive trading day period ending on the last trading day of the immediately preceding calendar quarter, the last reported sale price of the Company\u2019s common stock on such trading day is greater than or equal to 120% of the conversion price on such trading day; (2) during the five business day period after any five consecutive trading day period in which, for each day of that period, the trading price per $1 principal amount of the Convertible Notes for such trading day was less than 98% of the product of the last reported sale price of the Company\u2019s common stock and the conversion rate on such trading day; or (3) upon the occurrence of specified corporate transactions as described in the Indenture agreement.\nUpon conversion, the Convertible Notes will be settled in cash, shares of the Company\u2019s common stock or any combination thereof at the Company\u2019s option.\nUpon the occurrence of a fundamental change (as defined in the Indenture), holders may require the Company to purchase all or a portion of the Convertible Notes in principal amounts of $1 or an integral multiple thereof, for cash at a price equal to 100% of the principal amount of the Convertible Notes to be purchased plus any accrued and unpaid interest to, but excluding, the fundamental change purchase date. The conversion rate will be subject to adjustment upon the occurrence of certain specified events.\nOn or after the date that is one year after the last date of original issuance of the Convertible Notes, if the last reported sale price of the Company\u2019s common stock for at least 20 trading days (whether or not consecutive) during the period of 30 consecutive trading days ending within the five trading days immediately preceding a conversion date is greater than or equal to 120% of the conversion price on each applicable trading day, the Company will make an interest make-whole payment to a converting holder (other than a conversion in connection with a make-whole fundamental change in which the conversion rate is adjusted) equal to the sum of the present values of the scheduled payments of interest that would have been made on the Convertible Notes to be converted had such Convertible Notes remained outstanding from the conversion date through the earlier of (i) the date that is three years after the conversion date and (ii) the maturity date if the Convertible Notes had not been so converted. The present values of the remaining interest payments will be computed using a discount rate equal to 2.0%. The Company may pay any interest make-whole payment either in cash or in shares of its common stock, at the Company\u2019s election as described in the Indenture. On or after the date that is one year after the last date of original issuance of the Convertible Notes, if the last reported sale price of the Company\u2019s common stock for at least 20 trading days (whether or not consecutive) during the period of 30 consecutive trading days ending within the five trading days immediately preceding a conversion date is greater than or equal to 120% of the conversion price on each applicable trading day, the Company will make an interest make-whole payment to a converting holder (other than a conversion in connection with a make-whole fundamental change in which the conversion rate is adjusted) equal to the sum of the present values of the scheduled payments of interest that would have been made on the Convertible Notes to be converted had such Convertible Notes remained outstanding from the conversion date through the earlier of (i) the date that is three years after the conversion date and (ii) the maturity date if the Convertible Notes had not been so converted. The present values of the remaining interest payments will be computed using a discount rate equal to 2.0%. The Company may pay any interest make-whole payment either in cash or in shares of its common stock, at the Company\u2019s election as described in the Indenture.\nThe Company accounts for convertible debt instruments that may be settled in cash upon conversion (including partial cash settlement) by recording the liability and equity components of the convertible debt separately. The liability component is computed based on the fair value of a similar liability that does not include the conversion option. The liability component includes both the value of the embedded interest make-whole derivative and the carrying value of the Convertible Notes. The equity component is computed based on the total debt proceeds less the fair value of the liability component. The equity component is also recorded as debt discount and amortized as interest expense over the expected term of the Convertible Notes.\nThe liability component of the Convertible Notes on the date of issuance was computed as $83,079, consisting of the value of the embedded interest make-whole derivative of $1,499 and the carrying value of the Convertible Notes of $81,580. Accordingly, the equity component on the date of issuance was $23,921. If the debt is considered current at the balance sheet date, the liability component of the convertible notes will be classified as current liabilities and presented in current portion of convertible notes debt and the equity component of the convertible debt will be considered a redeemable security and presented as redeemable equity on the Company's Consolidated Balance Sheet.\nOffering costs of $4,286 related to the issuance of the Convertible Notes were allocated to the liability and equity components in proportion to the allocation of the proceeds and accounted for as deferred financing offering costs and equity issuance costs, respectively. Approximately $972 of this amount was allocated to equity and the remaining $3,314 was capitalized as deferred financing offering costs.\nThe debt discounts and deferred financing offering costs on the Convertible Notes are being amortized to interest expense over the contractual terms of the Convertible Notes, using the effective interest method at an effective interest rate of 12.82%.\nAs of December 31, 2019, the remaining life of the Convertible Notes is approximately 24 months.\nThe following table summarizes how the issuance of the Convertible Notes is reflected in the Company's Consolidated Balance Sheets as of December 31, 2019 and 2018:\n(Dollars in thousands, except per share amounts)\n\n | Related party | Others | Total \n---------------------------------------------------------------- | ------------- | -------- | --------\nBalance as of December 31, 2019 | | | \nGross proceeds | $10,000 | $97,000 | $107,000\nUnamortized debt discounts and deferred financing offering costs | (1,136) | (12,352) | (13,488)\nNet carrying amount | $8,864 | $84,648 | $93,512 \nBalance as of December 31, 2018 | | | \nGross proceeds | $10,000 | $97,000 | $107,000\nUnamortized debt discounts and deferred financing offering costs | (1,622) | (17,567) | (19,189)\nNet carrying amount | $8,378 | $79,433 | $87,811 "} {"_id": "d1b3a2bc6", "title": "", "text": "3. Property, Plant and Equipment\nProperty, plant and equipment as of September 28, 2019 and September 29, 2018 consisted of the following (in thousands):\n\n | 2019 | 2018 \n------------------------------------------- | --------- | ---------\nLand, buildings and improvements | $289,051 | $267,809 \nMachinery and equipment | 381,656 | 364,034 \nComputer hardware and software | 136,227 | 130,645 \nCapital assets in progress | 49,599 | 38,469 \nTotal property, plant and equipment, gross | 856,533 | 800,957 \nLess: accumulated depreciation | (472,309) | (459,651)\nTotal property, plant and equipment, net | 384,224 | 341,306 "} {"_id": "d1b341a38", "title": "", "text": "Stock Options\nOur stock options are generally exercisable in increments of either one-fourth or one-third per year beginning one year from the date of grant. Stock options issued after February 2014 expire eight years from the date of grant. Options issued prior to February 2014 expire six years from the date of grant. Option activity for 2019 is summarized as follows:\nThe total intrinsic value was $108 million, $446 million, and $198 million for options exercised in 2019, 2018, and 2017, respectively.\n\n | Number of Shares | Weighted-Average Exercise Price Per Share | Weighted-Average Remaining Contractual Life (In Years) | Aggregate Intrinsic Value\n--------------------------------- | ---------------- | ----------------------------------------- | ------------------------------------------------------ | -------------------------\nOutstanding as of August 30, 2018 | 18 | $23.38 | | \nGranted | \u2014 | 44.30 | | \nExercised | (5) | 17.50 | | \nCanceled or expired | (1) | 22.60 | | \nOutstanding as of August 29, 2019 | 12 | 25.94 | 4.3 | $220 \nExercisable as of August 29, 2019 | 7 | $25.37 | 3.7 | $143 \nUnvested as of August 29, 2019 | 5 | 26.94 | 5.5 | 77 "} {"_id": "d1b39bfe2", "title": "", "text": "Acquisition of Fagerdala\nOn October 2, 2017, the Company acquired Fagerdala Singapore Pte Ltd., a manufacturer and fabricator of polyethylene foam based in Singapore, to join its Product Care division. We acquired 100% of Fagerdala shares for estimated consideration of S$144.7 million, or $106.2 million, net of cash acquired of $13.3 million, inclusive of purchase price adjustments which were finalized in the third quarter of 2018. We acquired Fagerdala to leverage its manufacturing footprint in Asia, experience in foam manufacturing and fabrication and commercial organization to expand our presence across multiple industries utilizing fulfillment to distribute goods.\nThe following table summarizes the consideration transferred to acquire Fagerdala and the final allocation of the purchase price among the assets acquired and liabilities assumed. price among the assets acquired and liabilities assumed.\n\n | Preliminary Allocation | Measurement Period | Final Allocation \n----------------------------------------- | ---------------------- | ------------------ | -----------------------\n(In millions) | As of October 2, 2017 | Adjustments | As of December 31, 2018\nTotal consideration transferred | $ 106.6 | $ (0.4) | $ 106.2 \nAssets: | | | \nCash and cash equivalents | 13.3 | \u2014 | 13.3 \nTrade receivables, net | 22.4 | \u2014 | 22.4 \nInventories, net | 10.0 | 0.1 | 10.1 \nPrepaid expenses and other current assets | 8.4 | \u2014 | 8.4 \nProperty and equipment, net | 23.3 | \u2014 | 23.3 \nIdentifiable intangible assets, net | 41.4 | 0.7 | 42.1 \nGoodwill | 39.3 | (1.5) | 37.8 \nTotal assets | $ 158.1 | $ (0.7) | $ 157.4 \nLiabilities: | | | \nShort-term borrowings | 14.0 | \u2014 | 14.0 \nAccounts payable | 6.9 | \u2014 | 6.9 \nOther current liabilities | 15.1 | (0.1) | 15.0 \nLong-term debt, less current portion | 3.8 | \u2014 | 3.8 \nNon-current deferred taxes | 11.7 | (0.2) | 11.5 \nTotal liabilities | $ 51.5 | $ (0.3) | $ 51.2 "} {"_id": "d1b34f9ee", "title": "", "text": "The increase in Global Financing total revenue was driven by an increase in internal revenue, partially offset by a decrease in external revenue. Internal revenue grew 9.5 percent driven by increases in internal financing (up 17.6 percent) and internal used equipment sales (up 6.8 percent).\nExternal revenue declined 6.3 percent due to a decrease in external used equipment sales (down 30.8 percent), partially offset by an increase in external financing (up 4.9 percent).\nThe increase in Global Financing pre-tax income was primarily driven by an increase in gross profit and a decrease in total expense.\n\n($ in millions) | | | \n------------------------------- | ------ | ------ | -------------------------\nFor the year ended December 31: | 2018 | 2017 | Yr.-to-Yr. Percent Change\nResults of Operations | | | \nExternal revenue | $1,590 | $1,696 | (6.3)% \nInternal revenue | 1,610 | 1,471 | 9.5 \nTotal revenue | $3,200 | $3,168 | 1.0% \nPre-tax income | $1,361 | $1,278 | 6.5% "} {"_id": "d1b3b91b4", "title": "", "text": "Statement of financial position\nGuarantees entered into by the parent entity in relation to the debts of its subsidiaries\nAltium Limited has provided financial guarantees in respect of credit card facilities and office leases amounting to US$261,518 (2018: US$283,752).\nContingent liabilities\nThe parent entity had no contingent liabilities as at 30 June 2019 and 30 June 2018.\nCapital commitments - Property, plant and equipment\nThe parent entity had no capital commitments for property, plant and equipment at as 30 June 2019 and 30 June 2018.\nThe accounting policies of the parent entity are consistent with those of the Group, as disclosed in the relevant notes to the financial statements.\n\nParent | | \n--------------------------- | ------- | -------\n | 2019 | 2018 \n | US$\u2019000 | US$\u2019000\nTotal current assets | 121,041 | 73,202 \nTotal assets | 383,665 | 336,032\nTotal current liabilities | 154,619 | 90,392 \nTotal liabilities | 155,521 | 92,364 \nEquity | | \nContributed equity | 126,058 | 125,635\nForeign currency reserve | 2,607 | 2,783 \nEquity compensation reserve | 19,561 | 12,570 \nRetained profits | 79,918 | 102,680\nTotal equity | 228,144 | 243,668"} {"_id": "d1b3336c2", "title": "", "text": "This section provides a summary of the capital management activity of the Group during the period, including the Group\u2019s borrowings. The Group manages its liquidity requirements with a range of short-term money market loans, bank loans, and flexible debt instruments with varying maturities.\nThe Group manages its capital structure with the objective of enhancing long-term shareholder value through funding its business at an optimised weighted average cost of capital.\nThe Group returns capital to shareholders when consistent with its long-term capital structure objectives and where it will enhance shareholder value. In May 2019, the Group returned $1.7 billion of capital to shareholders through an off-market share buy-back. This resulted in the purchase of 58.7 million shares which were subsequently cancelled. The share buy-back complements dividends of $1.4 billion paid to shareholders this reporting period through the 2018 final and special dividends, and the 2019 interim dividend, with a total of $3.1 billion returned to shareholders, excluding franking credits.\nThe Group remains committed to solid investment grade credit ratings and a number of actions can be undertaken to support the credit profile including the sale of non-core assets, further working capital initiatives, and adjusting growth capital expenditure and the property leasing profile. The Group\u2019s credit ratings (1) are BBB (stable outlook) according to S&P and Baa2 (stable outlook) according to Moody\u2019s.\nIn March 2019, the $500 million domestic Medium Term Notes matured. It was refinanced in April 2019 with $400 million of Medium Term Notes issued to meet the Group\u2019s new Green Bond Framework (Green Bonds). The Green Bonds have been issued for a five-year tenor, maturing in April 2024.\nIn November 2019, $320 million of undrawn syndicated bank loan facilities are due to mature. The Group intends to refinance this facility at maturity.\n(1) These credit ratings have been issued by a credit rating agency which holds an Australian Financial Services Licence with an authorisation to issue credit ratings to wholesale clients only and are for the benefit of the Group\u2019s debt providers.\n\n | OPENING | NON\u2011CASH | NET CASH | CLOSING\n----------------------------- | ------- | --------- | --------- | -------\n | BALANCE | MOVEMENTS | MOVEMENTS | BALANCE\n2019 | $M | $M | $M | $M \nCurrent, unsecured | | | | \nShort-term money market loans | 16 | 2 | 21 | 39 \nBank loans | 88 | 5 | 142 | 235 \nSecurities | 500 | \u2013 | (500) | \u2013 \nTotal current borrowings | 604 | 7 | (337) | 274 \nNon\u2011current, unsecured | | | | \nBank loans | 540 | 36 | 102 | 678 \nSecurities | 1,668 | 110 | 400 | 2,178 \nUnamortised borrowing costs | (9) | 5 | \u2013 | (4) \nFinance leases | \u2013 | 6 | (3) | 3 \nTotal non\u2011current borrowings | 2,199 | 157 | 499 | 2,855 \nTotal | 2,803 | 164 | 162 | 3,129 "} {"_id": "d1b3457fa", "title": "", "text": "Note 14 \u2013 Employee Benefit Plans\nPension Benefit Plan\nWe maintain a defined benefit pension plan covering employees in certain foreign countries.\nThe pension benefit plan obligations and funded status as of December 31, 2019 and 2018, were as follows:\nThe accumulated benefit obligation was $43.9 million and $37.2 million as of December 31, 2019 and 2018, respectively. The increase in the accumulated benefit obligation and the actuarial loss was primarily attributable to a decrease in the discount rate during 2019.\n\n(In thousands) | 2019 | 2018 \n--------------------------------------------------- | --------- | ---------\nChange in projected benefit obligation: | | \nProjected benefit obligation at beginning of period | $37,245 | $34,893 \nService cost | 1,471 | 1,193 \nInterest cost | 634 | 727 \nActuarial loss - experience | 453 | 38 \nActuarial loss - assumptions | 5,091 | 2,139 \nBenefit payments | (166) | (138) \nEffects of foreign currency exchange rate changes | (826) | (1,607) \nProjected benefit obligation at end of period | 43,902 | 37,245 \nChange in plan assets: | | \nFair value of plan assets at beginning of period | 24,159 | 26,624 \nActual gain (loss) on plan assets | 4,392 | (2,024) \nContributions | \u2014 | 688 \nEffects of foreign currency exchange rate changes | (535) | (1,129) \nFair value of plan assets at end of period | 28,016 | 24,159 \nUnfunded status at end of period | $(15,886) | $(13,086)"} {"_id": "d1a73f2c6", "title": "", "text": "Selling and Administrative Expenses. Selling and administrative expenses increased $124.2 million in 2019 compared to 2018. Our selling and administrative expenses by major expense type for 2019 and 2018 were as follows (dollars in thousands):\nSelling and administrative expenses increased approximately 70 basis points as a percentage of net sales in 2019 compared to 2018. The increase in expenses reflects the addition of PCM to our North America and EMEA segments, effective August 30, 2019.\nThe addition of PCM and increased variable compensation resulting from increased sales and gross profit in 2019 compared to 2018 were the primary drivers for the $90.9 million increase in personnel costs. PCM was also the primary driver for year over year increases in facilities, travel and entertainment, and marketing expenses.\nDepreciation and amortization expense increased approximately $8.8 million year over year, primarily due to additional amortization expense on newly acquired intangible assets.\n\n | 2019 | 2018 | Change \n-------------------------------------------- | -------- | -------- | --------\nPersonnel costs, including teammate benefits | $684,837 | $593,955 | $90,882 \nDepreciation and amortization | 46,209 | 37,458 | 8,751 \nFacility expenses | 30,945 | 26,396 | 4,549 \nTravel and entertainment | 28,402 | 25,656 | 2,746 \nLegal and professional fees | 16,839 | 16,103 | 736 \nMarketing | 11,597 | 10,345 | 1,252 \nOther | 61,908 | 46,616 | 15,292 \nTotal | $880,737 | $756,529 | $124,208"} {"_id": "d1b351dca", "title": "", "text": "Information about Contract Balances\nAmounts collected in advance of services being provided are accounted for as deferred revenue. Nearly all of the Company's deferred revenue balance is related to services revenue, primarily customer support contracts.\nIn some arrangements the Company allows customers to pay for term based software licenses and products over the term of the software license. Amounts recognized as revenue in excess of amounts billed are recorded as unbilled receivables. Unbilled receivables which are anticipated to be invoiced in the next twelve months are included in Accounts receivable on the consolidated balance sheet. Long term unbilled receivables are included in Other assets. The opening and closing balances of the Company\u2019s accounts receivable, unbilled receivables, and deferred revenues are as follows:\nThe increase in accounts receivable is primarily a result of an increase in subscription software transactions that are recognized as revenue at the time of sale but paid for over time. The net increase in deferred revenue is primarily the result of an increase in deferred customer support revenue related to software and products revenue transactions and customer support renewals during fiscal 2019.\nThe amount of revenue recognized in the period that was included in the opening deferred revenue balance was $238,603 for the year ended March 31, 2019. The vast majority of this revenue consists of customer support arrangements. The amount of revenue recognized from performance obligations satisfied in prior periods was not material.\nNotes to Consolidated Financial Statements \u2014 (Continued) (In thousands, except per share data)\n\n | Accounts Receivable | Unbilled Receivable (current) | Unbilled Receivable (long-term) | Deferred Revenue (current) | Deferred Revenue (long-term)\n------------------------------------ | ------------------- | ----------------------------- | ------------------------------- | -------------------------- | ----------------------------\nOpening Balance as of March 31, 2018 | $152,219 | $9,900 | $4,380 | $241,113 | $84,661 \nIncrease/(decrease), net | 9,351 | 5,366 | 2,836 | (2,674) | 14,596 \nEnding Balance as of March 31, 2019 | $161,570 | $15,266 | $7,216 | $238,439 | $99,257 "} {"_id": "d1b305600", "title": "", "text": "The movements below in foreign currency translation reserve and cashflow hedge reserve relating to the NSPT Group are presented within non-controlling interest in the Group\u2019s consolidated statement of changes in equity.\nTaxation impact on revaluation applies only to cash flow hedges held in NSNZPT, a sub-trust of NSPT, which is subject to New Zealand tax legislation. Deferred tax does not apply to any other cash flow hedges held in the NSPT Group under current Australian tax legislation.\nThe hedging reserve is used to record gains or losses on derivatives that are designated as cash flow hedges and recognised in other comprehensive income, as described in note 2(m). Amounts are reclassified to profit or loss in the period when the associated hedged transaction takes place.\nOn 24 June 2019, the Group reset the interest rates associated with AUD denominated interest rate swaps designated as cash flow hedges. This resulted in a cash outflow of $22.9m which reduced the Group\u2019s financial liability as presented in note 9.8. In accordance with AASB 9 Financial instruments, as the nature of the underlying hedged instrument is unchanged the fair value of this outflow remains in the cash flow hedge reserve and will be amortised to the statement of profit or loss in future periods.\nThe cash flow hedge is included in non-controlling interest in the Consolidated Group and is not classified within other reserves.\n\nNSPT Group | | \n---------------------------------------- | -------- | -------\n | 2019 | 2018 \n | $'000 | $'000 \nForeign currency translation reserve | | \nOpening balance at 1 July | (115) | 232 \nNet investment hedge | (1,591) | 1,007 \nForeign exchange translation differences | 2,464 | (1,354)\nClosing balance at 30 June | 758 | (115) \nCash flow hedge reserve | | \nOpening balance at 1 July | (2,073) | (45) \nRevaluation of derivatives | (22,098) | (2,112)\nTaxation impact on revaluation | 290 | 84 \nClosing balance at 30 June | (23,881) | (2,073)\nOther reserves | (23,123) | (2,188)"} {"_id": "d1b32e9b0", "title": "", "text": "In\u00a0the\u00a0first\u00a0quarter\u00a0of\u00a02019,\u00a0the\u00a0Company\u00a0determined\u00a0that\u00a0certain\u00a0revenue\u00a0in\u00a0the\u00a0IT\u00a0Services\u00a0and\u00a0Hardware\u00a0segment\u00a0associated\u00a0with\u00a0nonrecurring\u00a0projects\u00a0is\u00a0better aligned\u00a0with\u00a0Infrastructure\u00a0Solutions,\u00a0rather\u00a0than\u00a0Consulting,\u00a0where\u00a0it\u00a0was\u00a0previously\u00a0reported.\u00a0\u00a0As\u00a0a\u00a0result,\u00a0the\u00a0Company\u00a0reclassed\u00a0revenue\u00a0of\u00a0$26.6\u00a0million\u00a0and $12.3\u00a0million\u00a0from\u00a0Consulting\u00a0to\u00a0Infrastructure\u00a0Solutions\u00a0for\u00a0the\u00a0twelve\u00a0months\u00a0ended\u00a0December\u00a031,\u00a02018\u00a0and\u00a02017,\u00a0respectively.\u00a0\u00a0This\u00a0reclassification\u00a0of\u00a0revenue had\u00a0no\u00a0impact\u00a0on\u00a0the\u00a0Consolidated\u00a0Statements\u00a0of\u00a0Operations\nThe\u00a0following\u00a0table\u00a0presents\u00a0revenues\u00a0disaggregated\u00a0by\u00a0contract\u00a0type\n\nYear ended December 31, | | | \n---------------------------------------------------------- | -------- | -------- | --------\n(dollars in millions) | 2019 | 2018 | 2017 \nEntertainment and Communications | | | \nProducts and services transferred at a point in time | $31.7 | $25.3 | $20.6 \nProducts and services transferred over time | 942.4 | 805.8 | 664.3 \nIntersegment revenue | 21.6 | 22.3 | 21.2 \nTotal Entertainment and Communications | 995.7 | 853.4 | 706.1 \nIT Services and Hardware | | | \nProducts and services transferred at a point in time | 138.7 | 142.9 | 80.8 \nProducts and services transferred over time | 423.9 | 404.2 | 300.0 \nIntersegment revenue | 4.8 | 3.8 | 4.3 \nTotal IT Services and Hardware | 567.4 | 550.9 | 385.1 \nTotal Revenue | | | \nTotal products and services transferred at a point in time | 170.4 | 168.2 | 101.4 \nTotal products and services transferred over time | 1,366.3 | 1210.0 | 964.3 \nTotal revenue | $1,536.7 | $1,378.2 | $1,065.7"} {"_id": "d1a7231d4", "title": "", "text": "Market and Market Prices of Common Stock\nDuring 2016 fiscal year and through February 22, 2017, our common stock was traded on the Nasdaq Capital Market under the symbol \u201cACUR\u201d. On February 23, 2017, our common stock was delisted from the Nasdaq Capital Market due to our failure to comply with Nasdaq\u2019s Listing Rule 5550(b)(1), which requires that we maintain $2.5 million in stockholders\u2019 equity for continued listing (or meet the alternatives of market value of listed securities of $35 million or net income from continuing operations). NASDAQ had granted us a grace period through February 10, 2017, to regain compliance with Listing Rule 5550(b)(1), but we were unable to regain compliance within such period.\nCommencing on February 23, 2017, our common stock was quoted on the OTCQB under the symbol \u201cACUR\u201d, however commencing June 4, 2018 and lasting until July 2, 2018 it was quoted on the OTC Markets OTC Pink tier. The downgrade was a result of the late filing of our 2017 Annual Report on Form 10-K beyond any applicable grace periods. The Company regained compliance with the OTCQB and effective July 3, 2018 it was quoted on the OTCQB. However, commencing May 20, 2019 as a result of late filing of our 2018 Annual Report on Form 10-K our common stock was again relegated to the OTC Markets OTC Pink tier. The Company regained compliance with the OTCQB in March, 2020 and effective March 23, 2020 it was quoted on the OTCQB.\nSet forth below for the period indicated are the high and low sales prices for our common stock in the OTC Market of OTCQB and Pink tier.\nOn March 27, 2020 the closing sales price of our common stock was $0.22.\n\nPeriod | | Sales Prices\n--------------------------------- | ----- | ------------\n | High | Low \n2019 Fiscal Year | | \nFirst Quarter | $0.29 | $0.11 \nSecond Quarter | 0.28 | 0.13 \nThird Quarter | 0.45 | 0.14 \nFourth Quarter | 0.63 | 0.20 \n2020 Fiscal Year | | \nFirst Quarter thru March 27, 2020 | 0.47 | $0.12 "} {"_id": "d1b36fd20", "title": "", "text": "Income Tax Expense (Benefit)\nSignificant components of the income tax expense (benefit) were as follows:\n\n | | Fiscal | \n-------------------------------------- | ------ | ------------- | -----\n | 2019 | 2018 | 2017 \n | | (in millions) | \nCurrent income tax expense (benefit): | | | \nU.S.: | | | \nFederal | $ (28) | $ 20 | $ (9)\nState | 2 | 21 | 9 \nNon-U.S. | 229 | 406 | 322 \n | 203 | 447 | 322 \nDeferred income tax expense (benefit): | | | \nU.S.: | | | \nFederal | (25) | 499 | (119)\nState | (8) | (30) | (15) \nNon-U.S. | (185) | (1,260) | (8) \n | (218) | (791) | (142)\nIncome tax expense (benefit) | $ (15) | $ (344) | $ 180"} {"_id": "d1b391b6e", "title": "", "text": "13. Loss per Share\nThe following data shows the amounts used in computing loss per share and the effect on earnings and the weighted average number of shares of dilutive potential common shares.\nBasic earnings (loss) per share is computed as net income available to common shareholders divided by the weighted average basic shares outstanding. The outstanding shares used to calculate the weighted average basic shares excludes 300,437, 334,817 and 490,355 of restricted shares and performance shares at March 31, 2019, 2018 and 2017, respectively, as these shares were issued but were not vested and, therefore, not considered outstanding for purposes of computing basic earnings per share at the balance sheet dates.\nDiluted earnings (loss) per share includes the effect of all potentially dilutive securities on earnings per share. We have stock options, stock-settled appreciation rights (\"SSARs\"), unvested restricted shares and unvested performance shares that are potentially dilutive securities. When a loss is reported, the denominator of diluted earnings per share cannot be adjusted for the dilutive impact of sharebased compensation awards because doing so would be anti-dilutive.\nIn addition, when a net loss is reported, adjusting the denominator of diluted earnings per share would also be anti-dilutive to the loss per share, even if the entity has net income after adjusting for a discontinued operation. Therefore, for all periods presented, basic weighted-average shares outstanding were used in calculating the diluted net loss per share.\n\n | | Year ended March 31, | \n---------------------------------------------------------------------------- | --------- | -------------------- | ---------\n(In thousands, except per share data) | 2019 | 2018 | 2017 \nNumerator: | | | \nNet loss | $(13,164) | $(8,350) | $(11,721)\nDenominator: | | | \nWeighted average shares outstanding - basic and diluted | 23,037 | 22,801 | 22,615 \nLoss per share - basic and diluted: | | | \nNet loss per share-basic and diluted | $(0.57) | $(0.37) | $(0.52) \nAnti-dilutive stock options, SSARs, restricted shares and performance shares | 1,433 | 756 | 1,004 "} {"_id": "d1a714cd8", "title": "", "text": "The following is a breakdown of revenue by shipment destination (in thousands):\n(1) Asia Pacific includes revenue from China $1.1 million or 11% and Japan of $1.8 million or 17% of total revenue in 2019 and $1.8 million or 15% and $1.6 million or 12% of total revenue in 2018, respectively. In 2017, revenue from China and Japan were $1.3 million or 11% and $1.5 million or 12%, respectively.\n(2) North America includes revenue from the United States of $4.7 million or 46% of total revenue in 2019, $6.4 million or 50% of total revenue in 2018 and $4.2 million or 34% of total revenue in 2017.\n\n | | | Fiscal Years\n--------------------- | ------- | ------- | ------------\n | 2019 | 2018 | 2017 \nRevenue by geography: | | | \nAsia Pacific (1) | $3,049 | $4,905 | $5,810 \nEurope | 2,459 | 1,280 | 2,015 \nNorth America (2) | 4,802 | 6,444 | 4,324 \nTotal revenue | $10,310 | $12,629 | $12,149 "} {"_id": "d1b3bd98a", "title": "", "text": "AMERICAN TOWER CORPORATION AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Tabular amounts in millions, unless otherwise disclosed)\n18. EARNINGS PER COMMON SHARE\nThe following table sets forth basic and diluted net income per common share computational data for the years ended December 31, (shares in thousands, except per share data):\n\n | 2019 | 2018 | 2017 \n-------------------------------------------------------------------------------------------------- | -------- | -------- | --------\nNet income attributable to American Tower Corporation stockholders | $1,887.8 | $1,236.4 | $1,238.9\nDividends on preferred stock | \u2014 | (9.4) | (87.4) \nNet income attributable to American Tower Corporation common stockholders | $1,887.8 | $1,227.0 | $1,151.5\nBasic weighted average common shares outstanding | 442,319 | 439,606 | 428,181 \nDilutive securities | 3,201 | 3,354 | 3,507 \nDiluted weighted average common shares outstanding | 445,520 | 442,960 | 431,688 \nBasic net income attributable to American Tower Corporation common stockholders per common share | $4.27 | $2.79 | $2.69 \nDiluted net income attributable to American Tower Corporation common stockholders per common share | $4.24 | $2.77 | $2.67 "} {"_id": "d1b34f200", "title": "", "text": "ITEM 6. SELECTED FINANCIAL DATA\nThe following selected consolidated financial data should be read together with our consolidated financial statements and accompanying notes and \u201cManagement\u2019s Discussion and Analysis of Financial Condition and Results of Operations\u201d appearing elsewhere in this report. The selected consolidated financial data in this section is not intended to replace our consolidated financial statements and the accompanying notes. Our historical results are not necessarily indicative of our future results.\nWe derived the consolidated statements of operations data for the fiscal years ended December 31, 2019, 2018 and 2017 and the consolidated balance sheets data as of December 31, 2019 and 2018 from our audited consolidated financial statements appearing elsewhere in this report. The consolidated statement of operations data for the years ended December 31, 2016 and 2015 and the consolidated balance sheet data as of December 31, 2017, 2016 and 2015 have been derived from our audited consolidated financial statements, which are not included in this report.\n\n | Year Ended December 31, | | | | \n--------------------------------------------------- | ----------------------- | ---------- | ------------------------------------------------------ | ---------- | ----------\n | 2019 | 2018 | 2017 | 2016 | 2015 \nConsolidated Statement of Operations Data | | | (Dollars in thousands except share and per share data) | | \nNet sales | $ 245,862 | $193,237 | $152,359 | $129,707 | $113,505 \nCost of goods sold | 131,665 | 103,247 | 79,943 | 69,336 | 58,856 \nGross profit | 114,197 | 89,990 | 72,416 | 60,371 | 54,649 \nSelling, general and administrative expenses | 114,450 | 94,876 | 75,167 | 62,586 | 58,297 \nLoss from operations | (253) | (4,886) | (2,751) | (2,215) | (3,648) \nOther income (expenses), net | 5 | (102) | (525) | (182) | 449 \nInterest expense | (991) | (296) | (910) | (698) | (455) \nLoss before income taxes | (1,239) | (5,284) | (4,187) | (3,095) | (3,653) \nIncome tax expense | 144 | 77 | 75 | 66 | 58 \nNet loss attributable to common stockholders | $(1,383) | $(5,361) | $(4,262) | $(3,161) | $(3,711) \nNet loss per share | | | | | \nBasic | $(0.04) | $(0.15) | $(0.12) | $(0.09) | $(0.11) \nDiluted | $(0.04) | $(0.15) | $(0.12) | $(0.09) | $(0.11) \nWeighted Average shares of common stock outstanding | | | | | \nBasic | 35,950,117 | 35,329,170 | 34,487,239 | 33,674,416 | 33,497,940\nDiluted | 35,950,117 | 35,329,170 | 34,487,239 | 33,674,416 | 33,497,940"} {"_id": "d1b39fd36", "title": "", "text": "ADVANCED ENERGY INDUSTRIES, INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS \u2013 (continued) (in thousands, except per share amounts)\nDisaggregation of Revenue\nThe following table presents our sales by product line, which includes certain reclassifications to prior comparative periods to conform to our current year presentation:\n\n | | Years Ended December 31, | \n----------------------- | -------- | ------------------------ | --------\n | 2019 | 2018 | 2017 \nSemiconductor Equipment | $403,018 | $533,770 | $554,063\nIndustrial & Medical | 245,992 | 185,122 | 116,949 \nData Center Computing | 91,438 | \u2014 | \u2014 \nTelecom & Networking | 48,500 | \u2014 | \u2014 \nTotal | $788,948 | $718,892 | $671,012"} {"_id": "d1b3acef0", "title": "", "text": "Remuneration of key management personnel\nThe remuneration of the Directors, who are the key management personnel of the Group, is set out below in aggregate for each of the categories specified in IAS 24 \u2018Related Party Disclosures\u2019:\nNo Director received compensation for loss of office (2018 nil).\nThere were gains of $2,010,731 (2018 $852,742) on the exercise of options by key management personnel in 2019.\nFor further details refer to the Report on Directors\u2019 remuneration on pages 77 to 101.\n\n | 2019 | 2018 \n---------------------------- | ------- | -------\n | $000 | $000 \nShort-term employee benefits | 3,540.9 | 3,842.1\nShare-based payment | 1,982.7 | 664.6 \n | 5,523.6 | 4,506.7"} {"_id": "d1b32d7cc", "title": "", "text": "BELL WIRELESS OPERATING METRICS\n(1) Our Q1 2018 blended ABPU was adjusted to exclude the unfavourable retroactive impact of the CRTC decision on wireless domestic wholesale roaming rates of $14 million.\n(2) At the beginning of Q1\u00a02019, we adjusted our wireless subscriber base to remove 167,929\u00a0subscribers (72,231 postpaid and 95,698\u00a0prepaid) as follows: (A) 65,798\u00a0subscribers (19,195\u00a0postpaid and 46,603\u00a0prepaid), due to the completion of the shutdown of the CDMA network on April\u00a030, 2019, (B) 49,095\u00a0prepaid subscribers as a result of a change to our deactivation policy, mainly from 120\u00a0days for Bell/Virgin Mobile and 150\u00a0days for Lucky Mobile to 90\u00a0days, (C) 43,670\u00a0postpaid subscribers relating to IoT due to the further refinement of our subscriber definition as a result of technology evolution, and (D) 9,366\u00a0postpaid fixed wireless Internet subscribers which were transferred to our retail high-speed Internet subscriber base.\n(3) At the beginning of Q4\u00a02018, we adjusted our postpaid wireless subscriber base to remove 20,000\u00a0subscribers that we divested to Xplornet as a result of BCE\u2019s acquisition of MTS in 2017.\nBlended ABPU of $68.32 increased by 0.8% in 2019, compared to 2018, driven by: \u2022 A greater mix of customers subscribing to higher-value monthly plans including unlimited data plans \u2022 The flow-through of rate increases \u2022 The favourable impact from the subscriber base adjustments performed in Q1 2019\nThese factors were partly offset by: \u2022 Lower data and voice overages driven by increased customer adoption of monthly plans with higher data allotments and richer voice plans \u2022 Lower ABPU generated from our long-term mobile services contract with Shared Services Canada (SSC) \u2022 The dilutive impact from the continued growth in prepaid customers driven by Lucky Mobile, our low-cost prepaid mobile service\nTotal gross wireless activations increased by 8.3% in 2019, compared to last year, due to higher prepaid gross activations, offset in part by lower postpaid gross activations. \u2022 Postpaid gross activations decreased by 2.9% in 2019, compared to 2018, mainly due to fewer year-over-year customer additions from our contract with SSC as the migration process is essentially complete. Excluding the impact of the SSC contract, postpaid gross activations were higher year over year, driven by our mobile network quality, strong sales execution and focus on subscriber base management. \u2022 Prepaid gross activations increased by 61.9% in 2019, compared to last year, driven by the continued growth from Lucky Mobile along with the benefit from the national retail distribution of Lucky Mobile and Virgin Mobile prepaid services at Dollarama stores\nBlended wireless churn of 1.39% increased by 0.07 pts in 2019, compared to 2018. \u2022 Postpaid churn of 1.13% improved by 0.03 pts in 2019, compared to last year, driven by the favourable impact from our ongoing investments in customer retention and network speeds \u2022 Prepaid churn of 4.44% increased by 1.27 pts in 2019, compared to the prior year, due to greater competitive intensity in the discount mobile market and the impact from the harmonization of our prepaid deactivation policy across all Bell Wireless brands from 120 days for Bell and Virgin Mobile and 150 days for Lucky Mobile to 90 days\nNet activations grew by 7.4% in 2019, compared to 2018, due to higher prepaid net activations, moderated by lower postpaid net activations. \u2022 Postpaid net activations decreased by 10.2% in 2019, compared to 2018, driven by lower gross activations \u2022 Prepaid net activations increased by 81,325 in 2019, compared to last year, due to higher gross activations, offset in part by greater customer deactivations\nWireless subscribers at December 31, 2019 totaled 9,957,962, an increase of 3.6% from 9,610,482 subscribers reported at the end of 2018. This was comprised of 9,159,940 postpaid subscribers and 798,022 prepaid subscribers, an increase of 3.7% and 2.3%, respectively, year over year. At the end of 2019, the proportion of Bell Wireless customers subscribing to our postpaid service was stable at 92%, compared to last year. At the beginning of Q1 2019, we adjusted our wireless subscriber base to remove 167,929 subscribers (72,231 postpaid and 95,698 prepaid) as follows: \u2022 65,798 subscribers (19,195 postpaid and 46,603 prepaid), due to the completion of the shutdown of the CDMA network on April 30, 2019 \u2022 49,095 prepaid subscribers as a result of a change to our deactivation policy, mainly from 120 days for Bell/Virgin Mobile and 150 days for Lucky Mobile to 90 days \u2022 43,670 postpaid subscribers relating to IoT due to the further refinement of our subscriber definition as a result of the technology evolution \u2022 9,366 postpaid fixed wireless Internet subscribers which were transferred to our retail high-speed Internet subscriber base\n\n | 2019 | 2018 | CHANGE | % CHANGE \n----------------------------------- | --------- | --------- | -------- | ----------\nBlended ABPU ($/month)\u2009(1) | 68.32 | 67.76 | 0.56 | 0.8% \nGross activations | 2,117,517 | 1,954,792 | 162,725 | 8.3% \nPostpaid | 1,568,729 | 1,615,764 | (47,035) | (2.9%) \nPrepaid | 548,788 | 339,028 | 209,760 | 61.9% \nNet activations (losses) | 515,409 | 479,811 | 35,598 | 7.4% \nPostpaid | 401,955 | 447,682 | (45,727) | (10.2%) \nPrepaid | 113,454 | 32,129 | 81,325 | 253.1% \nBlended churn % (average per month) | 1.39% | 1.32% | | (0.07) pts\nPostpaid | 1.13% | 1.16% | | 0.03 pts \nPrepaid | 4.44% | 3.17% | | (1.27) pts\nSubscribers\u2009(2)\u2009(3) | 9,957,962 | 9,610,482 | 347,480 | 3.6% \nPostpaid\u2009(2)\u2009(3) | 9,159,940 | 8,830,216 | 329,724 | 3.7% \nPrepaid\u2009(2) | 798,022 | 780,266 | 17,756 | 2.3% "} {"_id": "d1b326508", "title": "", "text": "Cost of Software License Cost of software license consists of the costs associated with software reproduction; media, packaging and delivery; documentation, and other related costs; and royalties on third-party software sold with or as part of our products. In 2019, cost of license decreased by $2.7 million, compared to 2018 principally due to a $1.7 million decrease in third-party software license fees and a $1.0 million decrease in royalty costs. In 2018, cost of software license decreased $0.2 million compared to 2017 principally due to the decrease in license revenue which resulted in lower royalty costs. Royalty costs decreased $2.1 million and were partially offset by a $1.7 million increase in third-party software license fees.\nCost of Cloud Subscriptions, Maintenance and Services Year 2019 compared with year 2018 Cost of cloud subscriptions, maintenance and services consists primarily of salaries and other personnel-related expenses of employees dedicated to cloud subscriptions; maintenance services; and professional and technical services as well as hosting fees. The $46.8 million increase in 2019 compared to 2018 was principally due to a $25.8 million increase in compensation and other personnelrelated expense resulting from increased headcount in cloud operations and professional services, a $9.4 million increase in performance-based compensation expense, and a $8.5 million increase in computer infrastructure costs related to cloud business transition. Year 2019 compared with year 2018 Cost of cloud subscriptions, maintenance and services consists primarily of salaries and other personnel-related expenses of employees dedicated to cloud subscriptions; maintenance services; and professional and technical services as well as hosting fees. The $46.8 million increase in 2019 compared to 2018 was principally due to a $25.8 million increase in compensation and other personnelrelated expense resulting from increased headcount in cloud operations and professional services, a $9.4 million increase in performance-based compensation expense, and a $8.5 million increase in computer infrastructure costs related to cloud business transition.\nYear 2019 compared with year 2018\nCost of cloud subscriptions, maintenance and services consists primarily of salaries and other personnel-related expenses of\nemployees dedicated to cloud subscriptions; maintenance services; and professional and technical services as well as hosting fees. The\n$46.8 million increase in 2019 compared to 2018 was principally due to a $25.8 million increase in compensation and other personnel related\nexpense resulting from increased headcount in cloud operations and professional services, a $9.4 million increase in\nperformance-based compensation expense, and a $8.5 million increase in computer infrastructure costs related to cloud business\ntransition.\nYear 2018 compared with year 2017\nThe $27.5 million increase in 2018 compared to 2017 was principally due to an $11.6 million increase in performance-based\ncompensation expense, an $8.8 million increase in computer infrastructure cost related to cloud business transition, and a $7.0 million\nincrease in other compensation and other personnel-related expenses resulting from increased headcount in professional services.\nCost of Hardware\nAs discussed above, we adopted the new revenue recognition standard as of January 1, 2018. As a result, we now recognize our\nhardware revenue net of related costs which reduces both hardware revenue and cost of sales as compared to our accounting prior to\n2018. Had we presented the results for 2017 under ASC 606, cost of hardware would have been presented as zero as we would have\nrecognized our hardware revenue net of related costs. In 2019, cost of hardware decreased $3.5 million compared to 2018 on\ndecreased hardware sales, while in 2018, cost of hardware increased $3.7 million compared with 2017 on increased hardware sales\n\nYear Ended December 31, | | | | | \n----------------------------------------------------- | --------- | --------- | --------- | ----------------------- | -----\n | | | | % Change vs. Prior Year | \n | 2019 | 2018 | 2017 | 2019 | 2018 \n(in thousands) | | | | | \nCost of software license | $ 2,626 | $ 5,297 | $ 5,483 | -50% | -3% \nCost of cloud subscriptions, maintenance and services | $282,341 | $235,584 | $208,045 | 20% | 13% \nCost of hardware | - | - | $32,205 | N/A | -100%\nTotal cost of revenue | $ 284,967 | $ 240,881 | $ 245,733 | 18% | -2% "} {"_id": "d1b2e8924", "title": "", "text": "4. Property and Equipment\nProperty\u00a0and\u00a0equipment\u00a0consist\u00a0of\u00a0the\u00a0following\u00a0(in\u00a0thousands):\nDepreciation and amortization expense was $0.9 million and $1.0 million for the years ended December 31, 2019 and 2018, respectively.\n\nAs of December 31, | | \n---------------------------------------------- | ------- | -------\n | 2019 | 2018 \nComputers, software, furniture and fixtures | $1,406 | $1,407 \nEquipment under capital lease 3,348 | 3,348 | 3,525 \nLess accumulated depreciation and amortization | (3,171) | (2,448)\nProperty and equipment, net | $1,583 | $2,484 "} {"_id": "d1a722a18", "title": "", "text": "Research and development expenses consist primarily of payroll and payroll-related benefits expenses, contracted research and development expenses, and facility costs. Research and development assists with organic growth and improves product stability and functionality, and accordingly, we dedicate extensive efforts to update and upgrade our product offerings. The primary driver is typically budgeted software upgrades and software development.\nResearch and development expenses decreased by $1.1 million during the year ended June 30, 2019 as compared to the prior fiscal year. This was primarily due to a reduction in contract labour and consulting of $6.8 million and a reduction in the use of facility and related expenses of $4.8 million, partially offset by an increase in payroll and payroll-related benefits of $12.6 million. The increase in payroll and payroll-related benefits was driven primarily by increased headcount from recent acquisitions. Overall, our research and development expenses, as a percentage of total revenues, remained stable at approximately 11% compared to prior fiscal year.\nOur research and development labour resources increased by 336 employees, from 3,331 employees at June 30, 2018 to 3,667 employees at June 30, 2019.\n\n | Change between Fiscal increase (decrease) | \n------------------------------------------------- | ----------------------------------------- | -------------\n(In thousands) | 2019 and 2018 | 2018 and 2017\nPayroll and payroll-related benefits | $12,629 | $39,119 \nContract labour and consulting | (6,791) | (3,899) \nShare-based compensation | (385) | (1,490) \nTravel and communication | (588) | (343) \nFacilities | (4,775) | 7,834 \nOther miscellaneous | (1,163) | 473 \nTotal change in research and development expenses | $(1,073) | $41,694 "} {"_id": "d1a7166dc", "title": "", "text": "Past due but not impaired\nCustomers with balances past due but without provision for impairment of receivables amount to US$9,319,000 as at 30 June 2019 (2018:\nUS$6,890,000).\nThe ageing of the past due but not impaired receivables are as follows:\nAccounting policy for trade and other receivables Trade receivables are initially recognised at fair value and subsequently measured at amortised cost using the effective interest method, less any provision for impairment. Trade receivables generally have 30 to 90 day terms.\nAASB 9 Financial Instruments This standard addresses the classification, measurement and derecognition of financial assets and financial liabilities, introduces new rules for hedge accounting and a new impairment model based on expected credit losses for the impairment of financial assets. The Group has applied the new standard on 1 July 2018 using a simplified approach for measuring expected credit losses relating to trade receivables using a lifetime expected loss allowance. To measure the expected credit losses, trade receivables are grouped based on region and ageing. Customers with heightened credit risk are provided for specifically based on historical default rates and forward looking information. Where there is no reasonable expectation of recovery, balances are written-off. The application of the standard did not result in any significant impact on the measurement of the allowance for doubtful debtors.\nCollectability of trade receivables is reviewed on an ongoing basis. Debts which are known to be uncollectable are written off by reducing the carrying amount directly. A provision for impairment of trade receivables is raised when there is objective evidence that the Group will not be able to collect all amounts due according to the original terms of the receivables. Significant financial difficulties of the debtor, probability that the debtor will enter bankruptcy or financial reorganisation and default or delinquency in payments (more than 60 days overdue) are considered indicators that the trade receivable may be impaired. The amount of the impairment allowance is the difference between the asset\u2019s carrying amount and the present value of estimated future cash flows, discounted at the original effective interest rate. Cash flows relating to shortterm receivables are not discounted if the effect of discounting is immaterial.\nOther receivables are recognised at amortised cost, less any provision for impairment.\n\n | Consolidated | \n--------------------- | ------------ | ------\n | 2019 | 2018 \n | US$000 | US$000\n0 to 1 month overdue | 5,139 | 2,935 \n1 to 2 months overdue | 1,424 | 1,275 \nOver 2 months overdue | 2,756 | 2,680 \n | 9,319 | 6,890 "} {"_id": "d1b38d302", "title": "", "text": "Note 12 \u2013 Income Taxes\nIncome tax expense for the fiscal years ended December 27, 2019, December 28, 2018 and December 29, 2017 differed from amounts computed using the statutory federal income tax rate due to the following reasons:\n\n | December 27, 2019 | December 28, 2018 | December 29, 2017\n---------------------------------------------- | ------------------ | ------------------ | -----------------\nStatutory U.S. Federal tax | $6,805 | $5,847 | $6,443 \nDifferences due to: | | | \nState and local taxes, net of federal benefit | 2,078 | 1,906 | 1,112 \nChange in valuation allowance | 95 | 523 | 289 \nImpact of the Tax Act | \u2014 | \u2014 | (3,573) \nStock compensation | (676) | (197) | 162 \nOther | (92) | (637) | (391) \nIncome tax expense | $8,210 | $7,442 | $4,042 "} {"_id": "d1b3969e8", "title": "", "text": "Seasonality and Backlog\nWe experience a slight seasonal pattern to our business. Overall, the third and fourth fiscal quarters are typically the strongest quarters of our fiscal year, whereas the first fiscal quarter is negatively affected by holidays and the second fiscal quarter may be affected by adverse winter weather conditions in some of our markets.\nCertain of our end markets experience some seasonality. Our sales in the automotive market are dependent upon global automotive production, and seasonal declines in European production may negatively impact net sales in the fourth fiscal quarter. Also, our sales in the energy market typically increase in the third and fourth fiscal quarters as customer activity increases.\nCustomer orders typically fluctuate from quarter to quarter based upon business and market conditions. Backlog is not necessarily indicative of future net sales as unfilled orders may be cancelled prior to shipment of goods. Backlog by reportable segment was as follows:\nWe expect that the majority of our backlog at fiscal year end 2019 will be filled during fiscal 2020.\n\n | | Fiscal Year End\n------------------------ | ------- | ---------------\n | 2019 | 2018 \n | | (in millions) \nTransportation Solutions | $ 1,639 | $ 1,779 \nIndustrial Solutions | 1,315 | 1,245 \nCommunications Solutions | 361 | 441 \nTotal | $ 3,315 | $ 3,465 "} {"_id": "d1a723c42", "title": "", "text": "15. Income Taxes\nIncome before income taxes is as follows (in thousands):\n\n | Year Ended | | \n--------- | ------------- | ------------- | -------------\n | June 30, 2019 | June 30, 2018 | June 30, 2017\nDomestic | $22,330 | $(55,197) | $(7,228) \nForeign | (48,204) | 8,550 | 9,824 \nTotal | $(25,874) | $(46,647) | $2,596 "} {"_id": "d1b3135ca", "title": "", "text": "Note 5. Inventory, Net\nThe components of inventory, net are as follows (in thousands):\n\n | December 31, | \n-------------------- | ------------ | -------\n | 2019 | 2018 \nRaw materials | $8,921 | $6,396 \nFinished goods | 25,247 | 16,594 \nTotal inventory, net | $34,168 | $22,990"} {"_id": "d1b34622c", "title": "", "text": "Note 13. Basic and Diluted Net Loss Per Share\nBasic net loss per share is computed by dividing the net loss by the weighted-average number of shares of common stock outstanding during the period, less the weighted-average unvested common stock subject to repurchase or forfeiture as they are not deemed to be issued for accounting purposes. Diluted net loss per share is computed by giving effect to all potential shares of common stock, stock options, restricted stock units, ESPP, and convertible senior notes, to the extent dilutive. For the periods presented, all such common stock equivalents have been excluded from diluted net loss per share as the effect to net loss per share would be anti-dilutive.\nThe following table sets forth the computation of the Company\u2019s basic and diluted net loss per share during the years ended December 31, 2019, 2018 and 2017 (in thousands, except per share data)\n\n | | Year Ended December 31, | \n----------------------------------------------------------------------- | --------- | ----------------------- | --------\n | 2019 | 2018 | 2017 \nNumerator | | | \nNet loss | $(53,607) | $(26,203) | $(4,204)\nDenominator | | | \nWeighted-average common shares for basic and diluted net loss per share | 83,130 | 79,500 | 76,281 \nBasic and diluted net loss per share | $(0.64) | $(0.33) | $(0.06) "} {"_id": "d1b320acc", "title": "", "text": "Note 10. EQUITY INVESTMENTS\nOur equity investments consist of equity investments with readily determinable fair value, investments without readily determinable fair value, equity investments accounted for using the fair value option, and equity method investments.\nOur share of earnings (losses) from equity investments accounted for under the equity method is reflected as \u2018\u2018Equity in earnings (losses) of unconsolidated investees\u2019\u2019 in our consolidated statements of operations. Mark-to-market gains and losses on equity investments with readily determinable fair value are reflected as \u2018\u2018other, net\u2019\u2019 under other income (expense), net in our consolidated statements of operations. The carrying value of our equity investments, classified as \u2018\u2018other long-term assets\u2019\u2019 on our consolidated balance sheets, are as follows:\n\n | As of | \n---------------------------------------------------------------- | ----------------- | -----------------\n(In thousands) | December 29, 2019 | December 30, 2018\nEquity investments with readily determinable fair value: | | \nEnphase Energy, Inc | $173,908 | $36,225 \nTotal equity investments with readily determinable fair value | 173,908 | 36,225 \nEquity investments without readily determinable fair value: | | \nProject entities | 2,677 | 2,951 \nOther equity investments without readily determinable fair value | 5,859 | 5,859 \nTotal equity investments without readily determinable fair value | 8,536 | 8,810 \nEquity investments with fair value option: | | \nSunStrong Capital Holdings, LLC | 8,000 | 8,831 \nSunStrong Partners, LLC | 9,500 | \u2014 \n8point3 Solar Investco 3 Holdings, LLC | \u2014 | \u2014 \nTotal equity investment with fair value option | 17,500 | 8,831 \nEquity method investments | | \nHuansheng Corporation | 26,533 | 32,784 \nProject entities | 125 | 2,044 \nTotal equity method investments | 26,658 | 34,828 \nTotal equity investments | $226,602 | $88,694 "} {"_id": "d1b3345c2", "title": "", "text": "Other non-operating results\nThe following details our other consolidated results for the years ended December 31, 2018 and 2017:\nInterest income: Interest income increased by $4.2 million to $10.1 million for the year ended December 31, 2018, compared to $5.9 million for the same period in 2017 due to returns on our fixed deposits that had been made in 2018, and income derived from the lending capital of our lessor VIEs, that we are required to consolidate under U.S. GAAP.\nInterest expense: Interest expense increased by $42.6 million to $101.9 million for the year ended December 31, 2018 compared to $59.3 million for the same period in 2017. In addition to higher LIBOR rates, this was primarily due to:\n\u2022 $22.7 million increase in interest expense arising on the loan facilities of our consolidated lessor VIEs (refer to note 5 \"Variable Interest Entities (\"VIE\")\" of our consolidated financial statements included herein), in particular on the Hilli post-delivery sale and leaseback arrangement entered into during June 2018;\n\u2022 $21.7 million lower capitalized interest on borrowing costs in relation to our investment in the Hilli FLNG conversion prior to acceptance of the vessel;\n\u2022 $7.0 million increase in amortization of deferred financing costs in relation to the Hilli facility; and\n\u2022 $1.4 million increase in interest expense in relation to the $402.5 million convertible bond issued in February 2017, resulting in a full year of interest incurred in 2018.\nThis was partially offset by a decrease of:\n\u2022 $5.9 million in interest expense relating to the Hilli disposal; and\n\u2022 $5.0 million higher capitalized interest on borrowing costs in relation to our investment in Golar Power.\n(Losses)/gains on derivative instruments: Losses on derivative instruments increased by $51.2 million to a loss of $30.5 million for the year ended December 31, 2018 compared to a gain of $20.7 million for the same period in 2017. The movement was primarily due to:\nNet unrealized and realized gains on interest rate swap agreements: As of December 31, 2018, we have an interest rate swap portfolio with a notional amount of $950 million, none of which are designated as hedges for accounting purposes. Net unrealized gains on the interest rate swaps decreased to a gain of $0.6 million for the year ended December 31, 2018 compared to a gain of $6.6 million for the same period in 2017, due to an improvement in the long-term swap rates, offset by the decreased notional value of the swap portfolio over the period. Realized gains on our interest rate swaps increased to a gain of $8.1 million for the year ended December 31, 2018, compared to a loss of $3.8 million for the same period in 2017. The increase was primarily due to higher LIBOR rates for the year ended December 31, 2018.\nUnrealized (losses) gains on Total Return Swap (or equity swap): In December 2014, we established a three month facility for a Stock Indexed Total Return Swap Programme or Equity Swap Line with DNB Bank ASA in connection with a share buyback scheme. The facility has been extended to June 2019. The equity swap derivatives mark-to-market adjustment resulted in a net loss of $30.7 million recognized in the year ended December 31, 2018 compared to a gain of $16.6 million for the same period in 2017. The loss in 2018 is due to the fall in our share price during 2018.\nUnrealized mark-to-market losses on Earn-Out Units: This relates to the mark-to-market movement on the Earn-Out Units issuable in connection with the IDR reset transaction in October 2016, which we recognize as a derivative asset in our consolidated financial statements. The decrease in Golar Partners' quarterly distribution to $0.4042 per common unit on October 24, 2018 resulted in the contingent Earn-Out Units arising out of the IDR reset transaction in October 2016 not crystallizing and, accordingly, we recognized a mark-to-market loss of $7.4 million for the year ended December 31, 2018, effectively reducing the derivative asset to $nil at December 31, 2018, compared to a gain of $0.4 million for the same period in 2017.\nNet income attributable to non-controlling interests: The net income attributable to non-controlling interests comprises of (i) $19.7 million and $1.5 million in relation to the non-controlling shareholders who hold interests in Hilli LLC and Hilli Corp (prior to the incorporation of Hilli LLC) for the year ended December 31, 2018 and 2017, respectively, and (ii) $43.5 million and $32.9 million in relation to the equity interests in our lessor VIEs for the year ended December 31, 2018 and 2017, respectively.\n\n | | December 31, | | \n---------------------------------------------------- | --------- | ------------ | -------- | --------\n(in thousands of $) | 2018 | 2017 | Change | % Change\nTotal other non-operating expense | \u2014 | (81) | 81 | (100)% \nInterest income | 10,133 | 5,890 | 4,243 | 72% \nInterest expense | (101,908) | (59,305) | (42,603) | 72% \n(Losses)/gains on derivative instruments | (30,541) | 20,696 | (51,237) | (248)% \nOther financial items, net | (1,481) | (69) | (1,412) | 2,046% \nIncome taxes | (1,267) | (1,505) | 238 | (16)% \nNet income attributable to non-controlling interests | (63,214) | (34,424) | (28,790) | 84% "} {"_id": "d1b347f1e", "title": "", "text": "Stock-Based Compensation\nThe Company accounts for options granted to employees by measuring the cost of services received in exchange for the award of equity instruments based upon the fair value of the award on the date of grant. The fair value of that award is then ratably recognized as an expense over the period during which the recipient is required to provide services in exchange for that award.\nOptions and warrants granted to consultants and other non-employees are recorded at fair value as of the grant date and subsequently adjusted to fair value at the end of each reporting period until such options and warrants vest, and the fair value of such instruments, as adjusted, is expensed over the related vesting period.\nThe Company measures the cost of services received in exchange for an award of equity instruments based on the fair value of the award. The fair value of the award is measured on the grant date and recognized over the period services are required to be provided in exchange for the award, usually the vesting period. Forfeitures of unvested stock options are recorded when they occur.\nThe Company incurred stock-based compensation charges of $3.5 million and $1.5 million for each of the years ended December 31, 2019 and 2018, respectively, which are included in general and administrative expenses. The following table summarizes the nature of such charges for the periods then ended (in thousands):\n\n | For the Years Ended December 31, | \n--------------------------------- | -------------------------------- | ------\n | 2019 | 2018 \nCompensation and related benefits | $3,247 | $949 \nProfessional and legal fees | 242 | 545 \nTotals | 3,489 | $1,494"} {"_id": "d1b2f5a7a", "title": "", "text": "Selected Financial Data\n\u2022 Significant events affecting our historical earnings trends in 2018 through 2019 are described in \u201cSpecial Items\u201d in the \u201cManagement\u2019s Discussion and Analysis of Financial Condition and Results of Operations\u201d section.\n\u2022 2017 data includes severance, pension and benefit charges, gain on spectrum license transactions, acquisition and integration related charges, product realignment charges, net gain on sale of divested businesses and early debt redemption costs. 2016 data includes severance, pension and benefit charges, gain on spectrum license transactions, net gain on sale of divested businesses and early debt redemption costs. 2015 data includes severance, pension and benefit credits and gain on spectrum license transactions.\n\u2022 On January 1, 2019, we adopted several Accounting Standards Updates (ASUs) that were issued by the Financial Accounting Standards Board (FASB) using the modified retrospective basis. On January 1, 2018, we adopted several ASUs that were issued by the FASB. These standards were adopted on different bases, including: (1) prospective; (2) full retrospective; and (3) modified retrospective.\nBased on the method of adoption, certain figures are not comparable, with full retrospective reflected in all periods. See Note 1 to the consolidated financial statements for additional information.\n\n | | | | (dollars in millions, except per share amounts) | \n--------------------------------------------------- | --------- | --------- | --------- | ----------------------------------------------- | ---------\n | 2019 | 2018 | 2017 | 2016 | 2015 \nResults of Operations | | | | | \nOperating revenues | $131,868 | $130,863 | $ 126,034 | $ 125,980 | $ 131,620\nOperating income | 30,378 | 22,278 | 27,425 | 29,249 | 30,615 \nNet income attributable to Verizon | 19,265 | 15,528 | 30,101 | 13,127 | 17,879 \nPer common share \u2013 basic | 4.66 | 3.76 | 7.37 | 3.22 | 4.38 \nPer common share \u2013 diluted | 4.65 | 3.76 | 7.36 | 3.21 | 4.37 \nCash dividends declared per common share | 2.435 | 2.385 | 2.335 | 2.285 | 2.230 \nNet income attributable to noncontrolling interests | 523 | 511 | 449 | 481 | 496 \nFinancial Position | | | | | \nTotal assets | $ 291,727 | $ 264,829 | $ 257,143 | $ 244,180 | $ 244,175\nDebt maturing within one year | 10,777 | 7,190 | 3,453 | 2,645 | 6,489 \nLong-term debt | 100,712 | 105,873 | 113,642 | 105,433 | 103,240 \nEmployee benefit obligations | 17,952 | 18,599 | 22,112 | 26,166 | 29,957 \nNoncontrolling interests | 1,440 | 1,565 | 1,591 | 1,508 | 1,414 \nEquity attributable to Verizon | 61,395 | 53,145 | 43,096 | 22,524 | 16,428 "} {"_id": "d1b321094", "title": "", "text": "Revenues\nThe following table sets forth the breakdown of revenues (in thousands) by category and segment. Travel revenue includes travel publications (Top 20, Website, Newsflash, Travelzoo Network), Getaways vouchers, and hotel platform and vacation packages. Local revenue includes Local Deals vouchers and entertainment offers (vouchers and direct bookings).\nAsia Pacific\nAsia Pacific revenues decreased $1.4 million or 17% in 2019 compared to 2018. This decrease was primarily due to the decrease in Travel revenues, the decrease in Local revenues and a $206,000 negative impact from foreign currency movements relative to the U.S. dollar. The decrease in Travel revenues of $887,000 was primarily due to a decrease of number of emails sent. The decrease in Local revenues of $276,000 was primarily due to the decreased number of Local Deals vouchers sold.\nEurope\nEurope revenues increased $749,000 or 2% in 2019 compared to 2018. This increase was primarily due to the increase in Travel revenues, the decrease in Local revenues and a $1.8 million negative impact from foreign currency movements relative to the U.S. dollar. The increase in Travel revenue of $2.9 million was primarily due to the increased number of emails sent. The decrease in Local revenues of $292,000 was primarily due to the decreased number of Local Deals vouchers sold.\nNorth America\nNorth America revenues increased $710,000 or 1% in 2019 compared to 2018. This increase was primarily due to the increase in Travel revenues offset by the decrease in Local revenue. The increase in Travel revenue of $1.7 million was primarily due to the increased number of emails sent. The decrease in Local revenues of $1.0 was primarily due to the decreased number of Local Deals vouchers sold.\nFor 2019 and 2018 , none of our customers accounted for 10% or more of our revenue.\n\n | Year Ended December 31, | \n---------------------------- | ----------------------- | --------\n | 2019 | 2018 \nAsia Pacific | | \nTravel | $6,274 | $7,351 \nLocal | 216 | 508 \nTotal Asia Pacific revenues | 6,490 | 7,859 \nEurope | | \nTravel | 32,081 | 30,856 \nLocal | 4,817 | 5,293 \nTotal Europe revenues | 36,898 | 36,149 \nNorth America | | \nTravel | 57,863 | 56,145 \nLocal | 10,161 | 11,169 \nTotal North America revenues | 68,024 | 67,314 \nConsolidated | | \nTravel | 96,218 | 94,352 \nLocal | 15,194 | 16,970 \nTotal revenues | $111,412 | $111,322"} {"_id": "d1b35a862", "title": "", "text": "ITEM 7. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS (United States Dollars in thousands, except per share data and unless otherwise indicated)\nAdjusted EBITDA has limitations as an analytical tool and should not be considered in isolation from, or as a substitute for, the analysis of other GAAP financial measures, such as net income. Some of the limitations of Adjusted EBITDA include:\n\u2022 It does not reflect our current contractual commitments that will have an impact on future cash flows; \u2022 It does not reflect the impact of working capital requirements or capital expenditures; and \u2022 It is not a universally consistent calculation, which limits its usefulness as a comparative measure.\nManagement compensates for the inherent limitations associated with using the measure of Adjusted EBITDA through disclosure of such limitations, presentation of our financial statements in accordance with GAAP and reconciliation of Adjusted EBITDA to the most directly comparable GAAP measure, net income, as presented below.\n(1) Includes equity-based compensation to employees and directors, as well as equity-based payments to non-employees.\n(2) Includes losses recorded in the fourth quarter of 2019 associated with the financial guarantee arrangement for a Bank Partner that did not renew its loan origination agreement when it expired in November 2019. See Note 14 to the Notes to Consolidated Financial Statements included in Item 8 for additional discussion of our financial guarantee arrangements.\n(3) For the year ended December 31, 2019, includes loss on remeasurement of our tax receivable agreement liability of $9.8 million and professional fees associated with our strategic alternatives review process of $1.5 million. For the year ended December 31, 2018, includes certain costs associated with our IPO, which were not deferrable against the proceeds of the IPO. Further, includes certain costs, such as legal and debt arrangement costs, related to our March 2018 term loan upsizing. For the year ended December 31, 2017, includes one-time fees paid to an affiliate of one of the members of the board of managers in conjunction with the August 2017 term loan transaction.\n(4) For the year ended December 31, 2019, includes (i) legal fees associated with IPO related litigation of $2.0 million, (ii) one-time tax compliance fees related to filing the final tax return for the Former Corporate Investors associated with the Reorganization Transactions of $0.2 million, and (iii) lien filing expenses related to certain Bank Partner solar loans of $0.6 million.\n\n | | Year Ended December 31, | \n------------------------------------------ | -------- | ----------------------- | --------\n | 2019 | 2018 | 2017 \nNet income | $95,973 | $127,980 | $138,668\nInterest expense | 23,860 | 23,584 | 7,536 \nTax expense (benefit) | (7,125) | 5,534 | \u2014 \nDepreciation and amortization | 7,304 | 4,478 | 3,983 \nEquity-based compensation expense(1) | 13,769 | 6,054 | 4,253 \nChange in financial guarantee liability(2) | 16,215 | \u2014 | \u2014 \nTransaction expenses(3) | 11,345 | 2,393 | 2,612 \nNon-recurring expenses(4) | 2,804 | \u2014 | \u2014 \nAdjusted EBITDA | $164,145 | $170,023 | $157,052"} {"_id": "d1b2ef3dc", "title": "", "text": "Comparison of Years Ended December 31, 2019 to December 31, 2018\nThe following tables in this section set forth our selected consolidated statements of operations (in thousands), data for the percentage change and data as a percentage of revenue for the years ended December 31, 2019 and 2018. Certain previously reported amounts in the consolidated statements of operations for the year ended December 31, 2018 have been reclassified to conform to our current presentation to reflect interest income as a separate line item, which was previously included in other income, net.\nCost of Revenue\n(1) Excludes amortization and depreciation shown in operating expenses.\nThe $37.9 million increase in cost of revenue in 2019 as compared to 2018 was the result of a $32.8 million, or 32%, increase in cost of hardware and other revenue and a $5.1 million, or 11%, increase in cost of SaaS and license revenue. Our cost of software license revenue included within cost of SaaS and license revenue decreased $0.4 million to $1.3 million during 2019 as compared to $1.7 million during 2018. The increase in cost of Alarm.com segment hardware and other revenue related primarily to an increase in the number of hardware units shipped in 2019 as compared to 2018. The increase in cost of\u00a0 corresponding increase in amounts paid to wireless network providers.\nCost of hardware and other revenue as a percentage of hardware and other revenue was 81% and 78% for the years ended December 31, 2019 and 2018, respectively. Cost of SaaS and license revenue as a percentage of SaaS and license revenue was 15% for each of the years ended December 31, 2019 and 2018. Cost of software license revenue as a percentage of software license revenue was 3% and 4% for the years ended December 31, 2019 and 2018, respectively. The increase in cost of hardware and other revenue as a percentage of hardware and other revenue in 2019 as compared to 2018 is a reflection of the mix of product sales during the periods.\n\n | | Year Ended December 31, | % Change \n---------------------------------- | -------- | ----------------------- | -------------\n2019 vs. 2018 | 2019 | 2018 | 2019 vs. 2018\nCost of revenue(1): | | | \nCost of SaaS and license revenue | $50,066 | $44,933 | 11% \nCost of hardware and other revenue | 133,533 | 100,782 | 32% \nTotal cost of revenue | $183,599 | $145,715 | 26% \n% of total revenue | 37% | 35% | "} {"_id": "d1b304a2a", "title": "", "text": "2. Fixed assets\nAccounting policies\nShares in Group undertakings are stated at cost less any provision for impairment and capital related to share-based payments. Contributions in respect of share-based payments are recognised in line with the policy set out in note 7 \u201cShare-based payments\u201d.\nThe Company assesses investments for impairment whenever events or changes in circumstances indicate that the carrying value of an investment may not be recoverable. If any such indication of impairment exists, the Company makes an estimate of the recoverable amount. If the recoverable amount of the cash-generating unit is less than the value of the investment, the investment is considered to be impaired and is written down to its recoverable amount. An impairment loss is recognised immediately in the income statement.\nShares in Group undertakings\n\n | 2019 | 2018 \n---------------------------------------------------------- | ------ | ------\n | \u20acm | \u20acm \nCost: | | \n1 April | 91,905 | 91,902\nCapital contributions arising from share-based payments | 137 | 130 \nContributions received in relation to share-based payments | (92) | (127) \n31 March | 91,950 | 91,905\nAmounts provided for: | | \n1 April | 8,177 | 7,911 \nImpairment losses | \u2013 | 266 \n31 March | 8,177 | 8,177 \nNet book value: | | \n31 March | 83,773 | 83,728"} {"_id": "d1b35da30", "title": "", "text": "Item 10. Directors, Executive Officers and Corporate Governance\nInformation About Our Board of Directors\nSet forth below are the name, age and position of each\u00a0member\u00a0of our board\u00a0of\u00a0directors.\nThe following are biographical summaries of our\u00a0board\u00a0members.\nDarcy Antonellis has served on the Board since December 2018. Since January 2014, Ms. Antonellis has been the Chief Executive Officer of Vubiquity, Inc., a wholly owned subsidiary of Amdocs Limited since February 22, 2018, the largest global provider of premium content services and technical solutions serving clients in 120 countries and in 80 languages. From June 1998 until December 2013, Ms. Antonellis held numerous positions at Warner Bros. Entertainment Inc., a Time Warner company, including President, Technical Operations and Chief Technology Officer. Ms. Antonellis has also served as a member of the Board of Directors of Cinemark Holdings, Inc. since July 7, 2015. Ms, Antonellis received a B.S. in electrical engineering from Temple University and an M.B.A. from Fordham University. The Board believes Ms. Antonellis brings her extensive expertise in executive management, operations and engineering and her in-depth understanding of content services, media and entertainment industry to her role as a member of the Board.\nDavid C. Habiger has served on the Board since December 2016. Mr. Habiger currently serves as the Chief Executive Officer of JD Power, a privately held company. Mr. Habiger served as a director of DTS from March 2014 until its acquisition by the Company in December 2016. Mr. Habiger serves as a director of the Chicago Federal Reserve Board. He is on the SABOR (Systems Activities, Bank Operations and Risk) Committee and the Governance & HR Committee for the\nFederal Reserve. Mr. Habiger served as the CEO at Textura Corporation, a soft\nDavid C. Habiger has served on the Board since December 2016. Mr. Habiger currently serves as the Chief Executive Officer of JD Power, a privately held company. Mr. Habiger served as a director of DTS from March 2014 until its acquisition by the Company in December 2016. Mr. Habiger serves as a director of the Chicago Federal Reserve Board. He is on the SABOR (Systems Activities, Bank Operations and Risk) Committee and the Governance & HR Committee for the Federal Reserve. Mr. Habiger served as the CEO at Textura Corporation, a soft David C. Habiger has served on the Board since December 2016. Mr. Habiger currently serves as the Chief Executive Officer of JD Power, a privately held company. Mr. Habiger served as a director of DTS from March 2014 until its acquisition by the Company in December 2016. Mr. Habiger serves as a director of the Chicago Federal Reserve Board. He is on the SABOR (Systems Activities, Bank Operations and Risk) Committee and the Governance & HR Committee for the Federal Reserve. Mr. Habiger served as the CEO at Textura Corporation, a software company focused on construction management, from May 2015 until its sale to Oracle in June 2016. From May 2011 to August 2012, he served as the Chief Executive Officer of NDS Group Ltd., a provider of video software and content security solutions. Mr. Habiger worked with the founding members of Sonic Solutions (\u201cSonic\u201d), a computer software company, from 1992 to 2011 and served as President and Chief Executive Officer of Sonic from 2005 to 2011. He serves as a director for Echo Global Logistics, Inc., GrubHub Inc., and Stamps.com Inc., and previously served as a director for Control4 Corporation, Enova International, Inc., Immersion Corporation, RealD Inc., Textura Corporation, DTS, and Sonic Solutions. He is a member of the National Association of Corporate Directors and is on the Advisory Board of the University of Chicago Center for Entrepreneurship. Mr. Habiger received a bachelor\u2019s degree in business administration from St. Norbert College and an M.B.A. from the University of Chicago. The Board believes that Mr. Habiger brings extensive experience in the digital media and entertainment industries and his in-depth knowledge and understanding of the consumer electronics industry to his role as a member of the Board.\nRichard S. Hill has served as a member of the Board since August 2012 and as Chairman of the Board since March 2013. Mr. Hill also served as the Company\u2019s Interim Chief Executive Officer from April 15, 2013 until May 29, 2013. Mr. Hill previously served as the Chief Executive Officer and member of the board of directors of Novellus Systems Inc., until its acquisition by Lam Research Corporation in June 2012. During his nearly 20 years leading Novellus Systems, a designer, manufacturer, and marketer of semiconductor equipment used in fabricating integrated circuits, Mr. Hill grew annual revenues from approximately $100 million to over $1 billion. Presently, Mr. Hill is Chairman of Marvell Technology Group Ltd. (\u201cMarvell\u201d), a producer of storage, communications and consumer semiconductor products, and a member of its board of directors. Mr. Hill served as Interim Chief Executive Officer of Marvell from May 2016 until July 2016. Mr. Hill is a member of the boards of directors of Arrow Electronics, Inc., a global provider of products and services to industrial and commercial users of electronic components and enterprise computing, and Cabot Microelectronics Corporation, the leading global supplier of chemical mechanical planarization (CMP) slurries and a growing CMP pad supplier to the semiconductor industry. Mr. Hill previously served on the board of directors of Symantec Corporation, LSI Corporation, Planar Systems, Autodesk, Inc. and Yahoo Inc. Mr. Hill received a B.S. in Bioengineering from the University of Illinois in Chicago and an M.B.A. from Syracuse University. The Board believes that Mr. Hill brings extensive expertise in executive management and engineering for technology and defenserelated companies to his role as Chairman of the Board.\nJon E. Kirchner has\u00a0served\u00a0on\u00a0the\u00a0Board\u00a0and\u00a0as\u00a0Chief\u00a0Executive\u00a0Officer\u00a0since\u00a0June\u00a02017.\u00a0Previously\u00a0he\u00a0was\u00a0president\u00a0of\u00a0Xperi\u00a0following\u00a0the\u00a0completion\u00a0of\u00a0the acquisition\u00a0of\u00a0DTS\u00a0in\u00a0December\u00a02016.\u00a0He\u00a0served\u00a0as\u00a0DTS\u2019s\u00a0Chairman\u00a0of\u00a0the\u00a0board\u00a0of\u00a0directors\u00a0and\u00a0Chief\u00a0Executive\u00a0Officer\u00a0from\u00a02010\u00a0to\u00a0December\u00a02016\u00a0and\u00a0had been\u00a0a\u00a0member\u00a0of\u00a0DTS\u2019s\u00a0board\u00a0of\u00a0directors\u00a0from\u00a02002\u00a0to\u00a0December\u00a02016.\u00a0From\u00a02001\u00a0to\u00a02010,\u00a0he\u00a0served\u00a0as\u00a0DTS\u2019s\u00a0Chief\u00a0Executive\u00a0Officer.\u00a0Prior\u00a0to\u00a0his\u00a0tenure\u00a0as Chief\u00a0Executive\u00a0Officer,\u00a0Mr.\u00a0Kirchner\u00a0served\u00a0at\u00a0DTS\u00a0from\u00a01993\u00a0to\u00a02001\u00a0in\u00a0a\u00a0number\u00a0of\u00a0senior\u00a0leadership\u00a0roles\u00a0including\u00a0President,\u00a0Chief\u00a0Operating\u00a0Officer\u00a0and Chief\u00a0Financial\u00a0Officer.\u00a0Prior\u00a0to\u00a0joining\u00a0DTS,\u00a0Mr.\u00a0Kirchner\u00a0worked\u00a0for\u00a0the\u00a0consulting\u00a0and\u00a0audit\u00a0groups\u00a0at\u00a0Price\u00a0Waterhouse\u00a0LLP\u00a0(now\u00a0PricewaterhouseCoopers LLP),\u00a0an\u00a0international\u00a0accounting\u00a0firm.\u00a0In\u00a02012,\u00a0Mr.\u00a0Kirchner\u00a0received\u00a0the\u00a0Ernst\u00a0&\u00a0Young\u00a0Technology\u00a0Entrepreneur\u00a0of\u00a0the\u00a0Year\u00a0Award\u00a0for\u00a0Greater\u00a0Los\u00a0Angeles. In\u00a02011,\u00a0Mr.\u00a0Kirchner\u00a0was\u00a0honored\u00a0by\u00a0the\u00a0Producers\u00a0Guild\u00a0of\u00a0America,\u00a0receiving\u00a0the\u00a0\u201cDigital\u00a025:\u00a0Leaders\u00a0in\u00a0Emerging\u00a0Entertainment\u201d\u00a0award\u00a0for\u00a0being\u00a0among\u00a0the visionaries\u00a0that\u00a0have\u00a0made\u00a0significant\u00a0contributions\u00a0to\u00a0the\u00a0advancement\u00a0of\u00a0digital\u00a0entertainment\u00a0and\u00a0storytelling.\u00a0Mr.\u00a0Kirchner\u00a0currently\u00a0serves\u00a0on\u00a0the\u00a0board\u00a0of directors\u00a0of\u00a0Free\u00a0Stream\u00a0Media\u00a0Corporation\u00a0(Samba\u00a0TV),\u00a0a\u00a0leader\u00a0in\u00a0developing\u00a0cross\u00a0platform\u00a0TV\u00a0experiences\u00a0for\u00a0consumers\u00a0and\u00a0advertisers.\u00a0Mr.\u00a0Kirchner\u00a0is\u00a0a Certified\u00a0Public\u00a0Accountant\u00a0and\u00a0received\u00a0a\u00a0B.A.\u00a0in\u00a0Economics,\u00a0cum\u00a0laude,\u00a0from\u00a0Claremont\u00a0McKenna\u00a0College.\u00a0The\u00a0Board\u00a0believes\u00a0that\u00a0Mr.\u00a0Kirchner\u00a0brings\u00a0his experience\u00a0in\u00a0the\u00a0senior\u00a0management\u00a0of\u00a0public\u00a0companies,\u00a0including\u00a0service\u00a0as\u00a0chairman,\u00a0president,\u00a0Chief\u00a0Executive\u00a0Officer,\u00a0Chief\u00a0Operating\u00a0Officer\u00a0and\u00a0Chief Financial\u00a0Officer,\u00a0his\u00a0extensive\u00a0experience\u00a0in\u00a0the\u00a0digital\u00a0media\u00a0and\u00a0entertainment\u00a0industries,\u00a0as\u00a0well as\u00a0his knowledge of\u00a0the\u00a0Company as\u00a0its\u00a0Chief\u00a0Executive Officer, to\u00a0his role\u00a0as\u00a0a\u00a0member of\u00a0the\u00a0Board.\nV. Sue Molina has served on the Board since February 2018. Most recently she served on the Board of Directors of DTS from January 2008 until December 2016, and served as Chair of the Audit Committee and Nominating and Corporate Governance Committee. From November 1997 until her retirement in May 2004, Ms. Molina was a tax partner at Deloitte & Touche LLP, an international accounting firm, serving from 2000 until May 2004 as the national partner in charge of Deloitte\u2019s Initiative for the Retention and Advancement of Women. Prior to that, she spent twenty years with Ernst & Young LLP, an international accounting firm, the last ten years as a partner. Ms. Molina has prior board experience serving on the Board of Directors, chair of the Compensation Committee and member of the Audit Committee of Sucampo Pharmaceuticals, Inc., and on the Board of Directors, chair of the Audit Committee and a member of the Compensation Committee of Royal Neighbors of America. She received a B.S.B.A. and a Masters of Accounting degree from the University of Arizona. The Board believes that Ms. Molina brings her extensive accounting and financial expertise, her experience in advising boards and her past service on boards of public companies, to her role as a member of the Board.\nGeorge A. Riedel has served\u00a0on\u00a0the\u00a0Board\u00a0since\u00a0May\u00a02013.\u00a0He\u00a0also\u00a0has\u00a0served\u00a0on\u00a0the\u00a0board\u00a0of\u00a0Cerner\u00a0Corporation,\u00a0a\u00a0leading\u00a0supplier\u00a0of\u00a0health\u00a0care\u00a0information technology\u00a0solutions\u00a0and\u00a0tech-enabled\u00a0services,\u00a0since\u00a0May\u00a02019.\u00a0Since\u00a0January\u00a02018,\u00a0Mr.\u00a0Riedel\u00a0has\u00a0been\u00a0a\u00a0Senior\u00a0Lecturer\u00a0at\u00a0Harvard\u00a0Business\u00a0School.\u00a0Prior\u00a0to that,\u00a0he\u00a0was\u00a0the\u00a0Chairman\u00a0of\u00a0the\u00a0Board\u00a0of\u00a0Montreal-based\u00a0Accedian\u00a0Networks,\u00a0where\u00a0he\u00a0had\u00a0served\u00a0as\u00a0a\u00a0director\u00a0since\u00a02010.\u00a0Until\u00a0January\u00a02017,\u00a0Mr.\u00a0Riedel\u00a0also served\u00a0as\u00a0Chairman\u00a0and\u00a0CEO\u00a0of\u00a0Cloudmark,\u00a0Inc.,\u00a0a\u00a0private\u00a0network\u00a0security\u00a0company.\u00a0Mr.\u00a0Riedel\u00a0joined\u00a0the\u00a0board\u00a0at\u00a0Cloudmark\u00a0in\u00a0June\u00a02013,\u00a0became\u00a0Chairman in\u00a0January\u00a02014\u00a0and\u00a0CEO\u00a0in\u00a0December\u00a02014.\u00a0Mr.\u00a0Riedel\u00a0also\u00a0served\u00a0on\u00a0the\u00a0board\u00a0of\u00a0directors\u00a0of\u00a0PeerApp\u00a0from\u00a02011\u00a0until\u00a02014\u00a0and\u00a0on\u00a0the\u00a0board\u00a0of\u00a0directors\u00a0of Blade\u00a0Network\u00a0Technologies\u00a0from\u00a02009\u00a0until\u00a0its\u00a0sale\u00a0to\u00a0IBM\u00a0in\u00a02010.\u00a0In\u00a0March\u00a02006,\u00a0Mr.\u00a0Riedel\u00a0joined\u00a0Nortel\u00a0Networks\u00a0Corporation,\u00a0a\u00a0publicly-traded, multinational,\u00a0telecommunications\u00a0equipment\u00a0manufacturer\u00a0(\u201cNortel\u201d),\u00a0as\u00a0part\u00a0of\u00a0the\u00a0turnaround\u00a0team\u00a0as\u00a0the\u00a0Chief\u00a0Strategy\u00a0Officer.\u00a0His\u00a0role\u00a0changed\u00a0after\u00a0Nortel initiated\u00a0creditor\u00a0protection\u00a0under\u00a0the\u00a0respective\u00a0restructuring\u00a0regimes\u00a0of\u00a0Canada\u00a0under\u00a0the\u00a0Companies\u2019\u00a0Creditors\u00a0Arrangement\u00a0Act,\u00a0in\u00a0the\u00a0U.S.\u00a0under\u00a0the Bankruptcy\u00a0Code,\u00a0the\u00a0United\u00a0Kingdom\u00a0under\u00a0the\u00a0Insolvency\u00a0Act\u00a01986,\u00a0on\u00a0January\u00a014,\u00a02009,\u00a0and\u00a0subsequently,\u00a0Israel,\u00a0to\u00a0lead\u00a0the\u00a0sale/restructuring\u00a0of\u00a0various carrier\u00a0and\u00a0enterprise\u00a0business\u00a0units\u00a0through\u00a0a\u00a0series\u00a0of\u00a0transactions\u00a0to\u00a0leading\u00a0industry\u00a0players\u00a0such\u00a0as\u00a0Ericsson,\u00a0Avaya\u00a0and\u00a0Ciena.\u00a0Mr.\u00a0Riedel\u00a0led\u00a0the\u00a0efforts\u00a0to create\u00a0stand-alone\u00a0business\u00a0units,\u00a0carve\u00a0out\u00a0the\u00a0relevant\u00a0P&L\u00a0and\u00a0balance\u00a0sheet\u00a0elements\u00a0and\u00a0assign\u00a0patents\u00a0to\u00a0enable\u00a0sales\u00a0of\u00a0the\u00a0assets.\u00a0In\u00a02010,\u00a0Mr.\u00a0Riedel\u2019s\u00a0role changed\u00a0to\u00a0President\u00a0of\u00a0Business\u00a0Units\u00a0and\u00a0CSO\u00a0as\u00a0he\u00a0took\u00a0leadership\u00a0of\u00a0the\u00a0effort\u00a0to\u00a0monetize\u00a0the\u00a0remaining\u00a06,500\u00a0patents\u00a0and\u00a0applications\u00a0patents\u00a0as\u00a0well\u00a0as manage\u00a0the\u00a0P&L\u00a0for\u00a0several\u00a0business\u00a0units\u00a0that\u00a0were\u00a0held\u00a0for\u00a0sale.\u00a0The\u00a02011\u00a0patent\u00a0sale\u00a0led\u00a0to\u00a0an\u00a0unprecedented\u00a0transaction\u00a0of\u00a0$4.5\u00a0billion\u00a0to\u00a0a\u00a0consortium\u00a0of Apple,\u00a0Ericsson,\u00a0RIM,\u00a0Microsoft\u00a0and\u00a0EMC.\u00a0Prior\u00a0to\u00a0Nortel,\u00a0Mr.\u00a0Riedel\u00a0was\u00a0the\u00a0Vice\u00a0President\u00a0of\u00a0Strategy\u00a0and\u00a0Corporate\u00a0Development\u00a0of\u00a0Juniper\u00a0Networks,\u00a0Inc.,\u00a0a publicly-traded\u00a0designer,\u00a0developer\u00a0and\u00a0manufacturer\u00a0of\u00a0networking\u00a0products,\u00a0from\u00a02003\u00a0until\u00a02006.\u00a0Previously,\u00a0Mr.\u00a0Riedel\u00a0was\u00a0also\u00a0a\u00a0Director\u00a0at\u00a0McKinsey\u00a0& Company,\u00a0a\u00a0global\u00a0management\u00a0consulting\u00a0firm,\u00a0where\u00a0he\u00a0spent\u00a015\u00a0years\u00a0serving\u00a0clients\u00a0in\u00a0the\u00a0telecom\u00a0and\u00a0technology\u00a0sectors\u00a0in\u00a0Asia\u00a0and\u00a0North\u00a0America\u00a0on\u00a0a range\u00a0of\u00a0strategy\u00a0and\u00a0growth\u00a0issues.\u00a0Mr.\u00a0Riedel\u00a0received\u00a0a\u00a0B.S.\u00a0with\u00a0Distinction\u00a0in\u00a0Mechanical\u00a0Engineering\u00a0from\u00a0the\u00a0University\u00a0of\u00a0Virginia\u00a0and\u00a0his\u00a0M.B.A.\u00a0from Harvard\u00a0Business\u00a0School.\u00a0Mr.\u00a0Riedel\u00a0holds\u00a0a\u00a0Stanford\u00a0Directors\u2019\u00a0College\u00a0certification\u00a0based\u00a0on\u00a0completion\u00a0of\u00a0its\u00a0corporate\u00a0directors\u00a0training.\u00a0The\u00a0Board\u00a0believes that\u00a0Mr.\u00a0Riedel\u00a0brings\u00a0his\u00a0experience\u00a0from\u00a0his\u00a0direct\u00a0involvement\u00a0in\u00a0the restructuring of Nortel, including the sale of Nortel\u2019s patent portfolio for $4.5 billion, as well\u00a0as his knowledge of\u00a0the technology industry and leadership experience, to his role as a member of the Board.\nChristopher A. Seams has served on the Board since March 2013. Mr. Seams served as the Chief Executive Officer and a director of Deca Technologies Inc., a subsidiary of Cypress Semiconductor Corporation, a global semiconductor company, from May 2013 until August 2016. Mr. Seams previously was an Executive Vice President of Sales & Marketing at Cypress Semiconductor Corporation, from July 2005 until June 2013. He previously served as an Executive Vice President of Worldwide Manufacturing & Research and Development of Cypress Semiconductor Corporation. Mr. Seams joined Cypress in 1990 and held a variety of positions in process and assembly technology research and development and manufacturing operations. Prior to joining Cypress in 1990, he worked as a process development Engineer or Manager for Advanced Micro Devices and Philips Research Laboratories. Mr. Seams currently serves as the Chairman of the Board of Directors of Onto Innovation Inc. (formerly Nanometrics Inc.). Mr. Seams is a senior member of IEEE, a member of NACD and ACCD, served on the Engineering Advisory Council for Texas A&M University and was a board member of Joint Venture Silicon Valley. Mr. Seams received a B.S. in Electrical Engineering from Texas A&M University and a M.S. in Electrical and Computer Engineering from the University of Texas at Austin. Mr. Seams has a Professional Certificate in Advanced Computer Security from Stanford University. Mr. Seams also holds a National Association of Corporate Directors certification which was awarded to him based on NACD training and examination standards. The Board believes that Mr. Seams brings extensive management, sales and marketing, and engineering experience in the semiconductor industry to his role as a member of the Board.\n\nName | Age | Position(s) \n-------------------- | --- | ------------------------------------\nDarcy Antonellis | 57 | Director \nDavid C. Habiger | 51 | Director \nRichard S. Hill | 68 | Chairman of the Board of Directors \nJon E. Kirchner | 52 | Chief Executive Officer and Director\nV. Sue Molina | 71 | Director \nGeorge A. Riedel | 62 | Director \nChristopher A. Seams | 57 | Director "} {"_id": "d1a72cac2", "title": "", "text": "Cash flow\nNet cash flow from operating activities decreased by $4.8 million to $142.9 million from $147.7 million in the prior period. The small overall decrease was due to a $9.9 million reduction in the cashflow outflow on exceptional items, a $7.0 million improved use of working capital within the business, both being offset by an increase in overheads, primarily in relation to Sales and Marketing expenses.\nUnlevered free cashflow decreased by $15.8 million to $123.8 million from $139.6 million in the prior-period representing the reduction in net cash flow from operating activities adjusted for the cashflow impact of exceptional items.\n1 Restated for the adoption of IFRS 15 and change in accounting policy in respect of research and development expenditure tax credit scheme (\u201cRDEC\u201d) and provision for interest on uncertain tax positions, as explained in note 2 of the Financial Statements\n2 Unlevered free cash flow is also represented by the sum of the marked rows and has been presented to enhance understanding of the Group\u2019s cash generation capability\n3 Excludes non-cash movements on exceptional items\n\n | FY19 | FY181 \n--------------------------------------- | ------ | -------\n | $M | $M \nCash EBITDA2 | 167.9 | 199.2 \nNet deferral of revenue | (49.7) | (129.6)\nNet deferral of expenses | 0.9 | 8.4 \nForeign exchange | 1.5 | (8.1) \nDepreciation | (11.6) | (11.6) \nAdjusted operating profit | 109.0 | 58.3 \nNet deferral of revenue | 49.7 | 129.6 \nNet deferral of expenses | (0.9) | (8.4) \nExceptional items 3 | (3.1) | (13.0) \nDepreciation | 11.6 | 11.6 \nForeign exchange | (1.5) | 8.1 \nChange in working capital 2 | (5.2) | (12.2) \nCorporation tax paid 2 | (16.7) | (26.3) \nNet cash flow from operating activities | 142.9 | 147.7 \nExceptional items 3 | 3.1 | 13.0 \nNet capital expenditure 2 | (22.2) | (21.1) \nUnlevered free cash flow | 123.8 | 139.6 "} {"_id": "d1b39aaca", "title": "", "text": "For the full year 2019, our ADG revenues increased 1.4% compared to the previous period. The increase was primarily due to improved average selling prices of approximately 9%, which was entirely due to a better product mix, and partially offset by a decrease in volumes by approximately 8%.\nAMS revenues grew 4.6%, mainly due to the double-digits growth in Imaging. The increase was due to higher average selling prices of approximately 12%, as a result of a better product mix, and was partially offset by lower volumes of approximately 7%.\nMDG revenues were down by 10.3%, mainly due to Microcontrollers. The decrease was due to lower volumes of approximately 10% while average selling prices remained substantially flat.\nIn 2018, all product groups registered double-digit revenue increase. Our ADG revenues increased 16.2% for the full year 2018 compared to the full year 2017 on growth in both Power Discrete and Automotive. The increase was primarily due to improved average selling prices of approximately 21% and volumes decreased by approximately 5%. The increase in average selling prices was entirely due to improved product mix, while selling prices remained substantially flat.\nAMS revenues grew 19.9%, mainly on the strong increase in Imaging. The increase was due to higher volumes of approximately 12% and higher average selling prices of approximately 8%, which was entirely due to improved product mix of approximately 13%, while selling prices decreased by approximately 5%.\nMDG revenues were up by 11.1%, with Digital and Microcontrollers & Memories equally contributing. The increase was primarily due to higher average selling prices of approximately 11%, while volumes remained substantially flat. The increase in average selling prices was due to a better product mix of approximately 13%, while the selling prices effect was negative of approximately 2%.\n\n | Year Ended | Year Ended | Year Ended | % Variation | % Variation \n-------------------------------------------- | ------------- | ------------- | ------------- | ------------ | ------------\n2019 vs 2018 2018 vs 2017 | 2019 | 2018 | 2017 | 2019 vs 2018 | 2018 vs 2017\n | (In millions) | (In millions) | (In millions) | | \nAutomotive and Discrete Group (ADG) | $3,606 | $3,556 | $3,059 | 1.4% | 16.2% \nAnalog MEMS and Sensors Group (AMS) | 3,299 | 3,154 | 2,630 | 4.6 | 19.9 \nMicrocontrollers and Digital ICs Group (MDG) | 2,638 | 2,940 | 2,646 | (10.3) | 11.1 \nOthers | 13 | 14 | 12 | \u2014 | \u2014 \nTotal consolidated net revenues | $9,556 | $9,664 | $8,347 | (1.1)% | 15.8% "} {"_id": "d1b345d9a", "title": "", "text": "Research and Development Our principal research and development (R&D) activities during 2019, 2018 and 2017 focused on the expansion and integration of new products and releases, while expanding the product footprint of our software solution suites in Supply Chain, Inventory Optimization and Omnichannel including cloud-based solutions, point-of-sale and tablet retailing. For 2019, 2018 and 2017, we did not capitalize any R&D costs because the costs incurred following the attainment of technological feasibility for the related software product through the date of general release were insignificant. Our principal research and development (R&D) activities during 2019, 2018 and 2017 focused on the expansion and integration of new products and releases, while expanding the product footprint of our software solution suites in Supply Chain, Inventory Optimization and Omnichannel including cloud-based solutions, point-of-sale and tablet retailing. For 2019, 2018 and 2017, we did not capitalize any R&D costs because the costs incurred following the attainment of technological feasibility for the related software product through the date of general release were insignificant. Our principal research and development (R&D) activities during 2019, 2018 and 2017 focused on the expansion and integration of new products and releases, while expanding the product footprint of our software solution suites in Supply Chain, Inventory Optimization and Omnichannel including cloud-based solutions, point-of-sale and tablet retailing. For 2019, 2018 and 2017, we did not capitalize any R&D costs because the costs incurred following the attainment of technological feasibility for the related software product through the date of general release were insignificant.\nOur principal research and development (R&D) activities during 2019, 2018 and 2017 focused on the expansion and integration of new products and releases, while expanding the product footprint of our software solution suites in Supply Chain, Inventory Optimization and Omnichannel including cloud-based solutions, point-of-sale and tablet retailing.\nFor 2019, 2018 and 2017, we did not capitalize any R&D costs because the costs incurred following the attainment of technological\nfeasibility for the related software product through the date of general release were insignificant.\nYear 2019 compared with year 2018 R&D expenses primarily consist of salaries and other personnel-related costs for personnel involved in our research and development activities. Research and development expenses in 2019 increased by $15.7 million, or 22%, compared to 2018. This increase is primarily due to a $10.6 million increase in compensation and other personnel-related expenses, $3.0 million increase in performance-based compensation expense, and $1.7 million increase in computer infrastructure costs, resulting from increased headcount to support R&D activities.\nYear 2018 compared with year 2017\nResearch and development expenses in 2018 increased by $14.2 million compared to 2017. The increase is primarily attributable to\nan $8.9 million increase in compensation and other personnel-related expenses, resulting from increased headcount to support R&D\nactivities, a $4.0 million increase in performance-based compensation and a $0.7 million increase in computer infrastructure costs.\nSales and Marketing Year 2019 compared with year 2018 Sales and marketing expenses include salaries, commissions, travel and other personnel-related costs and the costs of our marketing and alliance programs and related activities. Sales and marketing expenses increased by $5.6 million, or 11%, in 2019 compared to 2018, primarily due to a $4.9 million increase in performance-based compensation expense and a $2.5 million increase in compensation and other personnel-related expenses, offset by a $1.9 million decrease in marketing related expenses. Year 2019 compared with year 2018 Sales and marketing expenses include salaries, commissions, travel and other personnel-related costs and the costs of our marketing and alliance programs and related activities. Sales and marketing expenses increased by $5.6 million, or 11%, in 2019 compared to 2018, primarily due to a $4.9 million increase in performance-based compensation expense and a $2.5 million increase in compensation and other personnel-related expenses, offset by a $1.9 million decrease in marketing related expenses.\nYear 2018 compared with year 2017 Sales and marketing expenses increased $3.8 million in 2018 compared to 2017, due primarily to an increase of $2.9 million in marketing and campaign programs, a $1.1 million increase in performance-based compensation and a $0.7 million increase in compensation and other personnel-related expenses, partially offset by a $2.0 million decrease in commissions expense as we must defer a portion of our sales commission expense and amortize it over time as the corresponding services are transferred to the customer under ASC 606. Sales and marketing expenses increased $3.8 million in 2018 compared to 2017, due primarily to an increase of $2.9 million in marketing and campaign programs, a $1.1 million increase in performance-based compensation and a $0.7 million increase in compensation and other personnel-related expenses, partially offset by a $2.0 million decrease in commissions expense as we must defer a portion of our sales commission expense and amortize it over time as the corresponding services are transferred to the customer under ASC 606. Sales and marketing expenses increased $3.8 million in 2018 compared to 2017, due primarily to an increase of $2.9 million in marketing and campaign programs, a $1.1 million increase in performance-based compensation and a $0.7 million increase in compensation and other personnel-related expenses, partially offset by a $2.0 million decrease in commissions expense as we must defer a portion of our sales commission expense and amortize it over time as the corresponding services are transferred to the customer under ASC 606.\nSales and marketing expenses increased $3.8 million in 2018 compared to 2017, due primarily to an increase of $2.9 million in marketing and campaign programs, a $1.1 million increase in performance-based compensation and a $0.7 million increase in compensation and other personnel-related expenses, partially offset by a $2.0 million decrease in commissions expense as we must defer a portion of our sales commission expense and amortize it over time as the corresponding services are transferred to the customer under ASC 606.\nGeneral and Administrative Year 2019 compared with year 2018 General and administrative expenses consist primarily of salaries and other personnel-related costs of executive, financial, human resources, information technology, and administrative personnel, as well as facilities, legal, insurance, accounting, and other\nYear 2019 compared with year 2018\nGeneral and administrative expenses consist primarily of salaries and other personnel-related costs of executive, financial, human resources, information technology, and administrative personnel, as well as facilities, legal, insurance, accounting, and other administrative expenses. General and administrative expenses increased $12.0 million, or 23%, in 2019 primarily attributable to a $8.9\nmillion increase in compensation and other personnel-related expenses resulting from increased headcount, a $1.9 million increase in performance-based compensation expense, and a $1.1 million increase in computer infrastructure costs.\nYear 2018 compared with year 2017 General and administrative expenses increased $6.6 million in 2018 due primarily to a $3.6 million increase in compensation and other personnel-related expenses and a $2.4 million increase in performance-based compensation.\nDepreciation and Amortization Depreciation and amortization of intangibles and software expense amounted to $8.0 million, $8.6 million, and $9.1 million in 2019, 2018 and 2017, respectively. Amortization of intangibles was immaterial in 2019, 2018 and 2017. We have recorded goodwill and other acquisition-related intangible assets as part of the purchase accounting associated with various acquisitions.\nDepreciation and amortization of intangibles and software expense amounted to $8.0 million, $8.6 million, and $9.1 million in 2019, 2018 and 2017, respectively. Amortization of intangibles was immaterial in 2019, 2018 and 2017. We have recorded goodwill and other acquisition-related intangible assets as part of the purchase accounting associated with various acquisitions.\nRestructuring Charge In May 2017, we eliminated about 100 positions due primarily to U.S. retail sector headwinds, aligning services capacity with demand. We recorded a restructuring charge of approximately $2.9 million pretax ($1.8 million after-tax or $0.03 per fully diluted share). The charge primarily consisted of employee severance, employee transition costs and outplacement services. The charge is classified in \u201cRestructuring charge\u201d in our Consolidated Statements of Income.\nIn May 2017, we eliminated about 100 positions due primarily to U.S. retail sector headwinds, aligning services capacity with demand. We recorded a restructuring charge of approximately $2.9 million pretax ($1.8 million after-tax or $0.03 per fully diluted share). The charge primarily consisted of employee severance, employee transition costs and outplacement services. The charge is classified in \u201cRestructuring charge\u201d in our Consolidated Statements of Income.\nOperating Income\nOperating income in 2019 decreased $18.0 million to $115.9 million, compared to $133.9 million for 2018. Operating margins\nwere 18.8% for 2019 versus 23.9% for 2018. Operating income and margin decreased primarily due to our commitment to\nstrategically invest in a business transition to a cloud first company focused on delivering long-term sustainable growth and earnings\nleverage. As a result, we are investing significantly in R&D to deliver new innovation, cloud operations headcount, infrastructure and\ntechnology to support our ability to scale our cloud business to achieve our growth objectives. In addition, our innovation releases have fueled strong demand for our global consulting services and we are actively hiring to fulfill customer demand, which pressures operating income and margins until new resources ramp to full utilization. Finally, our performance-based compensation expense has increased over the prior year based on strong execution against target objectives. In 2019, operating income in the Americas segment decreased by $18.9 million and remained relatively flat in the EMEA and APAC segments.\nOperating income in 2018 decreased $51.7 million to $133.9 million, compared to $185.6 million for 2017. Operating margins were 23.9% for 2018 versus 31.2% for 2017. Operating income and margin decreased primarily as a result of our investment in cloud transition combined with lower license revenue. The operating income decrease in the Americas, EMEA and APAC segments was\n$39.1 million, $9.4 million and $3.2 million, respectively.\n\nYear Ended December 31, | | | | | \n----------------------------- | --------- | --------- | --------- | ------------------ | -----\n | | | | % Change vs. Prior | \nYear | 2019 | 2018 | 2017 | 2019 | 2018 \n(in thousands) | | | | | \nResearch and development | $ 87,608 | $ 71,896 | $ 57,704 | 22% | 25% \nSales and marketing | 56,860 | 51,262 | 47,482 | 11% | 8% \nGeneral and administrative | 64,603 | 52,618 | 46,054 | 23% | 14% \nDepreciation and amortization | 7,987 | 8,613 | 9,060 | -7% | -5% \nRestructuring charge | - | - | 2,921 | NA | -100%\nOperating expenses | $ 217,058 | $ 184,389 | $ 163,221 | 18% | 13% "} {"_id": "d1b3403d6", "title": "", "text": "Product Warranties\nThe following table summarizes accrued warranty activities for fiscal 2019, 2018 and 2017:\nIn some cases, we may offer customers the option to purchase extended warranties to ensure protection beyond the standard warranty period. In those circumstances, the warranty is considered a distinct service and we account for the extended warranty as a performance obligation and allocate a portion of the transaction price to that performance obligation. More frequently, customers do not purchase a warranty separately. In those situations, we account for the warranty as an assurance-type warranty, which provides customers with assurance that the product complies with agreed-upon specifications, and this does not represent a separate performance obligation. Such warranties are recorded separately as liabilities and presented within \u2018\u2018accrued liabilities\u2019\u2019 and \u2018\u2018other long-term liabilities\u2019\u2019 on our consolidated balance sheets (see Note 5. Balance Sheet Components).\n\n | | Fiscal Year Ended | \n------------------------------------------------ | ----------------- | ----------------- | -----------------\n(In thousands) | December 29, 2019 | December 30, 2018 | December 31, 2017\nBalance at the beginning of the period | $172,266 | $181,303 | $161,209 \nAccruals for warranties issued during the period | 27,717 | 31,628 | 29,689 \nSettlements and adjustments during the period | (61,538) | (40,665) | (9,595) \nBalance at the end of the period | $138,445 | $172,266 | $181,303 "} {"_id": "d1b33b75a", "title": "", "text": "PREPAYMENTS, DEPOSITS AND OTHER ASSETS\nNote: (a) As at 31 December 2019, the balances of loans to investees and investees\u2019 shareholders are mainly repayable within a period of one to five years (included in non-current assets), or within one year (included in current assets), and are interest-bearing at rates of not higher than 12.0% per annum (31 December 2018: not higher than 12.0% per annum).\n(b) Running royalty fees for online games comprised prepaid royalty fees, unamortised running royalty fees and deferred Online Service Fees.\nAs at 31 December 2019, the carrying amounts of deposits and other assets (excludes prepayments and refundable value-added tax) approximated their fair values. Deposits and other assets were neither past due nor impaired.\n\n | As at 31 December | \n--------------------------------------------------------- | ----------------- | -----------\n | 2019 | 2018 \n | RMB\u2019Million | RMB\u2019Million\nIncluded in non-current assets: | | \nPrepayments for media contents | 15,731 | 13,652 \nLoans to investees and investees\u2019 shareholders (Note (a)) | 937 | 3,864 \nPrepayments for capital investments in investees | 587 | 619 \nRunning royalty fees for online games (Note (b)) | 564 | 99 \nOthers | 5,623 | 3,297 \n | 23,442 | 21,531 \nIncluded in current assets: | | \nRunning royalty fees for online games (Note (b)) | 10,888 | 5,230 \nPrepayments and prepaid expenses | 8,353 | 7,532 \nInterest receivables | 2,774 | 1,697 \nLease deposits and other deposits | 1,107 | 693 \nDividend and other investment-related receivables | 1,034 | 338 \nRefundable value-added tax | 629 | 915 \nLoans to investees and investees\u2019 shareholders (Note (a)) | 447 | 225 \nOthers | 2,608 | 1,863 \n | 27,840 | 18,493 \n | 51,282 | 40,024 "} {"_id": "d1b351bc2", "title": "", "text": "Equity Incentive Plan\nOn May 17, 2019, the Company\u2019s stockholders approved the 2019 Omnibus Equity Incentive Plan (the \u201c2019 Plan\u201d). Concurrently, the 2011 Omnibus Equity Incentive Plan (the \u201c2011 Plan\u201d) was terminated and any shares remaining available for new grants under the 2011 Plan share reserve were extinguished. The purpose of the 2019 Plan is to promote the interests of the Company and its stockholders by (i) attracting and retaining key officers, employees and directors of, and consultants to, the Company and its Subsidiaries and Affiliates; (ii) motivating such individuals by means of performance-related incentives to achieve long-range performance goals; (iii) enabling such individuals to participate in the long-term growth and financial success of the Company; (iv) encouraging ownership of stock in the Company by such individuals; and (v) linking their compensation to the long-term interests of the Company and its stockholders.\nThe 2019 Plan is administered by the Compensation and Human Capital Committee (the \u201cCommittee\u201d) of the Board of Directors and allows for the issuance of stock options, stock appreciation rights (\u201cSARs\u201d), RSAs, restricted share units, performance awards, or other stock-based awards. Stock option exercise prices are fixed by the Committee but shall not be less than the fair market value of a common share on the date of the grant of the option, except in the case of substitute awards. Similarly, the grant price of an SAR may not be less than the fair market value of a common share on the date of the grant. The Committee will determine the expiration date of each stock option and SAR, but in no case shall the stock option or SAR be exercisable after the expiration of 10 years from the date of the grant. The 2019 Plan provides for 2,600,000 shares available for grant. As of December 27, 2019, there were 2,222,088 shares available for grant.\nStock compensation expense was $4,399, $4,094 and $3,018 for the fiscal years ended December 27, 2019, December 28, 2018 and December 29, 2017, respectively. The related tax benefit for stock-based compensation was $883, $864 and $1,283 for the fiscal years ended December 27, 2019, December 28, 2018 and December 29, 2017, respectively.\nThe following table reflects the activity of RSAs during the fiscal years ended December 27, 2019 and December 28, 2018:\nThe fair value of RSAs vested during the fiscal years ended December 27, 2019, December 28, 2018 and December 29, 2017, was $3,742, $2,936 and $1,703, respectively.\nThese awards are a mix of time-, market- and performance-based grants awarded to key employees and non-employee directors which vest over a range of periods of up to five-years. The market- and performance-based RSAs cliff vest, if at all, after the conclusion of a three-year performance period and vesting is subject to the award recipient\u2019s continued service to the Company as of the vesting date. The number of performance-based RSAs that ultimately vest is based on the Company\u2019s attainment of certain profitability and return on invested capital targets.\nDuring fiscal 2019, the Company awarded market-based RSAs that vest based on the Company\u2019s attainment of an average closing trade price of the Company\u2019s common stock of $39.86 per share, based on an average of 20 consecutive trading days. The grant date fair value of these market-based performance awards was determined using a Monte Carlo simulation in order to simulate a range of possible future stock prices. Key assumptions used included a risk-free interest rate of 2.2% and expected volatility of 44.6%.\n\n | Shares | Weighted Average Grant Date Fair Value\n------------------------------ | --------- | --------------------------------------\nUnvested at December 29, 2017 | 329,761 | $16.69 \nGranted | 311,957 | 23.62 \nVested | (113,482) | 17.60 \nForfeited | (1,506) | 17.13 \nUnvested at December 28, 2018 | 526,730 | $20.60 \nGranted | 384,531 | 34.44 \nVested | (115,459) | 21.32 \nForfeited | (55,193) | 20.46 \nUnvested at December 27, 2019 | 740,609 | $27.68 "} {"_id": "d1b30ad1c", "title": "", "text": "Information About Our Executive Officers and Directors\nOur executive officers are appointed by, and serve at the discretion of, our Board of Directors. There are no family relationships among our directors and officers.\nThe following table sets forth certain information concerning our current executive officers and directors as of March 13, 2020:\nBrian C. Faith joined QuickLogic in June 1996. Mr. Faith has served as our President and Chief Executive Officer since June 2016 after having served as Vice President of Worldwide Marketing and Vice President of Worldwide Sales & Marketing between 2008 and 2016. Mr. Faith during the last 21 years has held a variety of managerial and executive leadership positions in engineering, product line management, marketing and sales. Mr. Faith has also served as the board member of the Global Semiconductor Alliance (GSA), the Chairman of the Marketing Committee for the CE-ATA Organization. He holds a B.S. degree in Computer Engineering from Santa Clara University and was an Adjunct Lecturer at Santa Clara University for Programmable Logic courses.\nSuping (Sue) Cheung (Ph.D.) joined QuickLogic in May 2007. Dr. Cheung has served as our Chief Financial Officer, Vice President of Finance, Chief Accounting Officer, and Principal Accounting Officer since May 2015, Corporate Controller from 2007 to 2018. Prior to joining QuickLogic, Dr. Cheung was a Senior Manager of SEC Reporting, Technical Accounting and International Consolidation at Dell SonicWALL from 2006 to 2007 and was the Senior Accounting Manager at VeriFone System, Inc. from 2005 to 2006. Prior to 2005, Dr. Cheung held various senior accounting and financial management roles in both publicly traded and privately held companies. Dr. Cheung began her career with PricewaterhouseCoopers (PWC) where she served as an auditor and as a tax consultant. Dr. Cheung holds a Ph.D. in Business Administration and a Masters in Accounting from the Florida International University in Miami. She is a Certified Public Accountant.\nRajiv Jain joined QuickLogic in August 1992. Mr. Jain has served as our Vice President of Worldwide Operations since April 2014. Prior to this role, Mr. Jain served as QuickLogic\u2019s Senior Director of Operations and Development Engineering from 2011 to 2014, Senior Director of System Solutions and Process Technology from 2009 to 2011, Director of Process Technology from 1997 to 2009, and Senior Process Technologist from 1992 to 1997. Prior to joining QuickLogic, Mr. Jain was a Senior Yield Engineer at National Semiconductor from 1991 to 1992, where he focused on BiCMOS product yield improvements, and at Monolithic Memories from 1985 to 1988, where he focused on BiPolar product yield and engineering wafer sort improvements. Mr. Jain holds a Master\u2019s degree in Chemical Engineering from the University of California, Berkeley and a B.S. degree in Chemical Engineering from the University of Illinois, Champaign/Urbana.\nTimothy Saxe (Ph.D.) joined QuickLogic in May 2001. Dr. Saxe has served as our Senior Vice President of Engineering and Chief Technology Officer since August 2016 and Senior Vice President and Chief Technology Officer since November 2008. Previously, Dr. Saxe has held a variety of executive leadership positions in QuickLogic including Vice President of Engineering and Vice President of Software Engineering. Dr. Saxe was Vice President of FLASH Engineering at Actel Corporation, a semiconductor manufacturing company, from November 2000 to February 2001. Dr. Saxe joined GateField Corporation, a design verification tools and services company formerly known as Zycad, in June 1983 and was a founder of their semiconductor manufacturing division in 1993. Dr. Saxe became GateField\u2019s Chief Executive Officer in February 1999 and served in that capacity until Actel Corporation acquired GateField in November 2000. Dr. Saxe holds a B.S.E.E. degree from North Carolina State University, and an M.S.E.E. degree and a Ph.D. in Electrical Engineering from Stanford University.\nInformation regarding the backgrounds of our directors is set forth under the caption \u201cProposal One, Election of Directors\u201d in our Proxy Statement, which information is incorporated herein by reference.\n\nName | Age | Position \n--------------------- | --- | ---------------------------------------------------------------\nBrian C. Faith | 45 | President and Chief Executive Officer; Director \nSuping (Sue) Cheung | 56 | Chief Financial Officer and Vice President, Finance \nRajiv Jain | 59 | Vice President, Worldwide Operations \nTimothy Saxe | 64 | Senior Vice President Engineering and Chief Technology Officer\nMichael R. Farese | 73 | Chairman of the Board \nAndrew J. Pease | 69 | Director \nArturo Krueger | 80 | Director \nDaniel A. Rabinovitsj | 55 | Director \nChristine Russell | 69 | Director \nGary H. Tauss | 65 | Director "} {"_id": "d1b35141a", "title": "", "text": "3. Property, Plant and Equipment\nAssets held under capital leases and included in property, plant and equipment as of September 28, 2019 and September 29, 2018 consisted of the following (in thousands):\nAmortization of assets held under capital leases totaled $3.8 million, $3.4 million and $3.0 million for fiscal 2019, 2018 and 2017, respectively. Capital lease additions totaled $6.7 million, $11.8 million, and $20.5 million for fiscal 2019, 2018 and 2017, respectively.\nAs of September 28, 2019, September 29, 2018 and September 30, 2017, accounts payable included approximately $10.0 million, $11.2 million and $10.8 million, respectively, related to the purchase of property, plant and equipment, which have been treated as non-cash transactions for purposes of the Consolidated Statements of Cash Flows.\n\n | 2019 | 2018 \n-------------------------------------------------------------------- | ------- | -------\nBuildings and improvements | $23,717 | $23,717\nMachinery and equipment | 12,293 | 10,995 \nCapital assets in progress | 11,831 | 7,747 \nTotal property, plant and equipment held under capital leases, gross | 47,841 | 42,459 \nLess: accumulated amortization | (8,762) | (6,123)\nTotal property, plant and equipment held under capital leases, net | 39,079 | 36,336 "} {"_id": "d1b2f345a", "title": "", "text": "Cash Flows\nThe following table sets forth summary cash flow data for the periods indicated (in thousands).\nCash Flow from Operating Activities\nNet cash flows provided by operating activities for the year ended December 31, 2019, were $137.6 million as compared to $183.9 million during the same period in 2018. Net cash provided by operating activities primarily consists of net income adjusted to add back depreciation, amortization, and stock-based compensation. Cash flows provided by operating activities were $46.3 million lower for the year ended December 31, 2019, compared to the same period in 2018, due to the timing of working capital. Our current policy is to use our operating cash flow primarily for funding capital expenditures, lease payments, stock repurchases, and acquisitions.\nCash Flow from Investing Activities\nDuring the year ended December 31, 2019, we paid $753.9 million, net of $0.1 million in cash acquired, to acquire Speedpay. We also used cash of $18.5 million to invest in a payment technology and services company in India and $7.0 million to acquire the technology assets of RevChip, LLC and TranSend Integrated Technologies Inc. In addition, we used cash of $48.0 million to purchase software, property and equipment, as compared to $43.9 million during the same period in 2018.\nCash Flow from Financing Activities\nNet cash flows provided by financing activities for the year ended December 31, 2019, were $667.2 million, as compared to net cash flows used by financing activities of $57.7 million during the same period in 2018. During 2019, we received proceeds of $500.0 million from our Delayed Draw Term Loan and $280.0 million from our Revolving Credit Facility to fund our purchase of Speedpay and stock repurchases, and we repaid $28.9 million on the Initial Term Loan and $41.0 million on the Revolving Credit Facility. In addition, we received proceeds of $16.6 million from the exercise of stock options and the issuance of common stock under our 2017 Employee Stock Purchase Plan, as amended, and used $4.0 million for the repurchase of stock-based compensation awards for tax withholdings. During 2019, we also used $35.6 million to repurchase common stock. During 2018, we received proceeds of $400.0 million from the issuance of the 2026 Notes. We used $300.0 million of the proceeds to redeem, in full, our outstanding 6.375% Senior Notes due 2020 and repaid $109.3 million on the Initial Term Loan. In addition, during 2018, we received proceeds of $22.8 million from the exercise of stock options and the issuance of common stock under our 2017 Employee Stock Purchase Plan, as amended, and used $2.6 million for the repurchase of restricted share awards (\"RSAs\") for tax withholdings. During 2018, we also used $54.5 million to repurchase common stock.\n\n | Years Ended December 31, | \n------------------------------- | ------------------------ | --------\n | 2019 | 2018 \nNet cash provided by (used in): | | \nOperating activities | $137,649 | $183,932\nInvesting activities | -830,481 | -45,360 \nFinancing activities | 667,223 | -57,704 "} {"_id": "d1a714f9e", "title": "", "text": "A non-employee director who is initially appointed after any annual meeting of stockholders will receive a restricted stock unit award or option grant on the date of his or her initial appointment to the Board of Directors equal to the pro-rated amount of the annual grant\nAnnual option grants and restricted stock unit awards (or any pro-rated grants for directors initially appointed between annual meetings) vest on the earlier to occur of the first anniversary of the date of grant or the next annual meeting of stockholders. No portion of an option automatically granted to a director is exercisable after the tenth anniversary after the date of option grant. Additionally, an option automatically granted to a director may be exercisable after the termination of the director\u2019s services as described in the option agreement, generally ending three months after such termination.\nThe following table shows compensation information for our non-employee directors for fiscal year 2019.\n2019 Director Compensation Table\n(1) The amounts reflected in this column represent the aggregate grant date fair value for stock awards granted to our non-employee directors in 2019, measured in accordance with ASC 718, excluding the effect of estimated forfeitures, and do not reflect whether the recipient has actually realized a financial benefit from these awards. For the methodology of how the aggregate grant date fair value amount is calculated, please see Note 13 of the Notes to Consolidated Financial Statements included in this Form 10-K. The aggregate number of shares subject to unvested restricted stock unit awards outstanding for each non-employee director at December 31, 2019 was: Mr. Hill: 5,889; Ms. Antonellis: 5,889; Mr. Habiger: 5,889; Ms. Molina: 5,889; Mr. Riedel: 5,889 and Mr. Seams: 5,889. None of the non-employee directors held any stock options as of December 31, 2019.\n\nName | Fees Earned or Paid in Cash ($) | Stock Awards ($) | Option Awards ($) | Total($)\n-------------------- | ------------------------------- | ---------------- | ----------------- | --------\nRichard S. Hill | $106,000 | $149,987 | \u2014 | $255,987\nDarcy Antonellis | $55,333 | $149,987 | \u2014 | $205,320\nDavid C. Habiger | $70,000 | $149,987 | \u2014 | $219,987\nV. Sue Molina | $81,000 | $149,987 | \u2014 | $230,987\nGeorge A. Riedel | $68,333 | $149,987 | \u2014 | $218,320\nChristopher A. Seams | $82,000 | $149,987 | \u2014 | $231,987"} {"_id": "d1b3a590c", "title": "", "text": "Net Pension Expense\nNet pension expense, as we define it below, includes the net periodic benefit costs related to both our pension and other postretirement plans. The net periodic benefit costs are determined annually based on beginning of year balances and are recorded ratably throughout the fiscal year, unless a significant re-measurement event occurs. The following is a summary of the net periodic benefit costs for the years ended June 30, 2019, 2018 and 2017:\nIn September 2016, we announced changes to retirement plans we offer to certain employees. Benefits accrued to eligible participants of our largest qualified defined benefit pension plan and certain non-qualified pension plans were frozen effective December 31, 2016. Approximately 1,900 affected employees were transitioned to the Company\u2019s 401(k) plan that has been in effect for eligible employees since 2012, when the pension plan was closed to new entrants. We recognized the plan freeze during fiscal year 2017 as a curtailment, since it eliminated the accrual for a significant number of participants for all of their future services. We also made a voluntary pension contribution of $100.0 million to the affected plan in October 2016.\nThe service cost component of net pension expense represents the estimated cost of future pension liabilities earned associated with active employees. The pension earnings, interest and deferrals (\u201cpension EID\u201d) is comprised of the expected return on plan assets, interest costs on the projected benefit obligations of the plans and amortization of actuarial gains and losses and prior service costs.\n\n | | Years Ended June 30, | \n-------------------------- | ----- | -------------------- | -----\n($ in millions) | 2019 | 2018 | 2017 \nPension plans | $9.8 | $11.3 | $45.8\nOther postretirement plans | 1.8 | 2.9 | 2.6 \nNet periodic benefit costs | $11.6 | $14.2 | $48.4"} {"_id": "d1b30eaca", "title": "", "text": "Liquidity\nThe following table presents selected financial information on liquidity (in thousands):\n(1) We define working capital as current assets less current liabilities. Fiscal year 2019 includes the impact of recognizing operating lease right-of-use assets and liabilities as a result of our adoption of Accounting Standards Codification Topic 842, \u201cLeases,\u201d as of December 29, 2018.\nWe believe our existing balances of cash and cash equivalents, working capital and the availability under our asset-based loan facility, are sufficient to satisfy our working capital needs, capital expenditures, debt service and other liquidity requirements associated with our current operations over the next 12 months.\nOur capital expenditures, excluding cash paid for acquisitions, were approximately $16.1 million for fiscal 2019. We believe our capital expenditures, excluding cash paid for acquisitions, for fiscal 2020 will be approximately $38.0 million to $42.0 million. The increase in projected capital expenditures in fiscal 2020 as compared to fiscal 2019 is the result of planned expansions of several of our distribution facilities. Our planned capital projects will provide both new and expanded facilities and improvements to our technology that we believe will produce increased efficiency and the capacity to continue to support the growth of our customer base.\n\n | | Fiscal Year Ended | \n------------------------------------------------------- | ------------------ | ------------------ | -----------------\n | December 27, 2019 | December 28, 2018 | December 29, 2017\nCash and cash equivalents | $140,233 | $42,410 | $41,504 \nWorking capital,(1) excluding cash and cash equivalents | $162,772 | $160,783 | $147,063 \nAvailability under asset-based loan facility | $133,359 | $90,015 | $64,805 "} {"_id": "d1b3310c0", "title": "", "text": "Operating lease commitments\nThe Group has entered into commercial leases on certain properties, network infrastructure, motor vehicles and items of equipment. The leases\u00a0have various terms, escalation clauses, purchase options and renewal rights, none of which are individually significant to the Group\nFuture minimum lease payments under non-cancellable operating leases comprise:\nThe total of future minimum sublease payments expected to be received under non-cancellable subleases is \u20ac1,027 million (2018: \u20ac859 million).\n\n | 2019 | 2018 \n------------------------------------------------- | ------ | -----\n | \u20acm | \u20acm \nWithin one year | 2,834 | 2,686\nIn more than one year but less than two years | 1,654 | 1,633\nIn more than two years but less than three years | 1,227 | 1,155\nIn more than three years but less than four years | 950 | 903 \nIn more than four years but less than five years | 739 | 717 \nIn more than five years | 3,412 | 2,600\n | 10,816 | 9,694"} {"_id": "d1b33b818", "title": "", "text": "The following unaudited pro forma financial information is presented as if the acquisitions had taken place at the beginning of the periods presented and should not be taken as representative of the Company\u2019s future consolidated results of operations. The following unaudited pro forma information includes adjustments for the amortization expense related to the identified intangible assets.\nThe following table summarizes the Company\u2019s unaudited pro forma financial information is presented as if the acquisitions occurred on October 1, 2017 (amounts shown in thousands):\nFor the year ended September 30, 2018, revenue of $9.1 million and a net loss of $5.3 million related to the A2iA and ICAR businesses since the respective acquisition dates are included in the Company's consolidated statements of operations.\n\n | For the years ended September 30, | \n--------------------------- | --------------------------------- | ---------\n | 2019 | 2018 \nPro forma revenue | $86,206 | $78,130 \nPro forma net income (loss) | $889 | $(12,268)"} {"_id": "d1a730c3a", "title": "", "text": "4. PROPERTY AND EQUIPMENT, NET:\nProperty and equipment at September 2019 and September 2018 consisted of the following:\n\n | 2019 | 2018 \n----------------------------------------------- | ------------ | ------------\nLand | $773,068 | $773,068 \nBuildings and improvements | 12,574,893 | 12,206,908 \nWarehouse equipment | 15,011,605 | 13,424,236 \nFurniture, fixtures and leasehold improvements | 13,155,606 | 12,018,984 \nVehicles | 3,687,901 | 3,229,551 \nConstruction in progress | 617,881 | 743,278 \n | 45,820,954 | 42,396,025 \nLess accumulated depreciation and amortization: | (28,165,539) | (26,627,541)\nOwned property and equipment | $ 17,655,415 | $ 15,768,484"} {"_id": "d1b34a034", "title": "", "text": "(d) Product Warranties\nThe following table summarizes the activity related to the product warranty liability (in millions):\nWe accrue for warranty costs as part of our cost of sales based on associated material product costs, labor costs for technical support staff, and associated overhead. Our products are generally covered by a warranty for periods ranging from 90 days to five years, and for some products we provide a limited lifetime warranty.\n\n | July 27, 2019 | July 28, 2018 | July 29, 2017\n--------------------------------------- | ------------- | ------------- | -------------\nBalance at beginning of fiscal year | $359 | $407 | $414 \nProvisions for warranties issued | 600 | 582 | 691 \nAdjustments for pre-existing warranties | (12) | (38) | (21) \nSettlements | (603) | (592) | (677) \nAcquisitions and divestitures | (2) | \u2014 | \u2014 \nBalance at end of fiscal year | $342 | $359 | $407 "} {"_id": "d1b3c2ac0", "title": "", "text": "The following table provides reconciliation from U.S. GAAP Operating income to non-GAAP Adjusted operating income (amounts in thousands):\n(1) Fiscal years ending March 31, 2018 and 2017 adjusted due to the adoption of ASC 606.\n(2) $0.9 million in costs incurred during fiscal year 2018 related to the relocation of the Company's tantalum powder facility equipment from Carson City, Nevada to its existing Matamoros, Mexico plant were reclassified from \u201cPlant start-up costs\u201d to \u201cRestructuring charges\u201d during fiscal year 2019.\n\n | | Fiscal Years Ended March 31, | \n----------------------------------------------------------- | -------- | ---------------------------- | -------\n | 2019 | 2018 | 2017 \nOperating income (GAAP) (1) | $200,849 | $112,852 | $34,968\nNon-GAAP adjustments: | | | \n(Gain) loss on write down and disposal of long-lived assets | 1,660 | (992) | 10,671 \nERP integration costs/IT transition costs | 8,813 | 80 | 7,045 \nStock-based compensation | 12,866 | 7,657 | 4,720 \nRestructuring charges (2) | 8,779 | 14,843 | 5,404 \nLegal expenses related to antitrust class actions | 5,195 | 6,736 | 2,640 \nTOKIN investment-related expenses | \u2014 | \u2014 | 1,101 \nPlant start-up costs (2) | (927) | 929 | 427 \nAdjusted operating income (non-GAAP) (1) | $237,235 | $142,105 | $66,976"} {"_id": "d1b3c47da", "title": "", "text": "Refranchisings and franchisee development \u2014 The following table summarizes the number of restaurants sold to franchisees, the number of restaurants developed by franchisees, and gains recognized in each fiscal year (dollars in thousands):\n(1) Amounts in 2019, 2018, and 2017 include additional proceeds of $1.3 million, $1.4 million, and $0.2 million related to the extension of the underlying franchise and lease agreements from the sale of restaurants in prior years.\n(2) \u00a0Charges are for operating restaurant leases with lease commitments in excess of our sublease rental income.\n(3) Amounts in 2018 primarily represent $9.2 million of costs related to franchise remodel incentives, $8.7 million reduction of gains related to the modification of certain 2017 refranchising transactions, $2.3 million of maintenance and repair expenses and $3.7 million of other miscellaneous non-capital charges. Amounts in 2017 represent impairment of $4.6 million and equipment write-offs of $1.4 million related to restaurants closed in connection with the sale of the related markets, maintenance and repair charges, and other miscellaneous non-capital charges.\nFranchise acquisitions \u2014 In 2019 and 2018 we did not acquire any franchise restaurants. In 2017 we acquired 50 franchise restaurants. Of the 50 restaurants acquired, we took over 31 restaurants as a result of an agreement with an underperforming franchisee who was in violation of franchise and lease agreements with the Company. Under this agreement, the franchisee voluntarily agreed to turn over the restaurants. The acquisition of the additional 19 restaurants in 2017 was the result of a legal action filed in September 2013 against a franchisee, from which legal action we obtained a judgment in January 2017 granting us possession of the restaurants. Of the 50 restaurants acquired in 2017, we closed eight and sold 42 to franchisees.\n\n | 2019 | 2018 | 2017 \n------------------------------------------------------------ | ------ | --------- | ---------\nRestaurants sold to franchisees | \u2014 | 135 | 178 \nNew restaurants opened by franchisees | 19 | 11 | 18 \nProceeds from the sale of company-operated restaurants: | | | \nCash (1) | $1,280 | $26,486 | $99,591 \nNotes receivable | \u2014 | 70,461 | \u2014 \n | $1,280 | $96,947 | $99,591 \n | | | \nNet assets sold (primarily property and equipment) | $\u2014 | $(21,329) | $(30,597)\nLease commitment charges (2) | \u2014 | \u2014 | (11,737) \nGoodwill related to the sale of company-operated restaurants | (2) | (4,663) | (10,062) \nOther (3) | 88 | (24,791) | (9,161) \nGains on the sale of company-operated restaurants | $1,366 | $46,164 | $38,034 "} {"_id": "d1b3866b0", "title": "", "text": "15. Trade and other payables\nTrade and other payables mainly consist of amounts owed to suppliers that have been invoiced or are accrued and contract liabilities relating to consideration received from customers in advance. They also include taxes and social security amounts due in relation to the Group\u2019s role as an employer. Derivative financial instruments with a negative market value are reported within this note.\nAccounting policies\nTrade payables are not interest-bearing and are stated at their nominal value.\nNotes: 1 Previously described as deferred income in the year ended 31 March 2018\n2 Items are measured at fair value and the valuation basis is level 2 classification, which comprises items where fair value is determined from inputs other than quoted prices that are observable for the asset or liability, either directly or indirectly\n3 Includes \u20ac823 million (2018: \u20acnil) payable in relation to the irrevocable and non-discretionary share buyback programme announced in January 2019.\nThe carrying amounts of trade and other payables approximate their fair value.\nMaterially all of the \u20ac1,716 million recorded as current contract liabilities at 1 April 2018 was recognised as revenue during the year.\nOther payables included within non-current liabilities include \u20ac288 million (2018: \u20ac271 million) in respect of the re-insurance of a third party annuity policy related to the Vodafone and CWW Sections of the Vodafone UK Group Pension Scheme.\nThe fair values of the derivative financial instruments are calculated by discounting the future cash flows to net present values using appropriate market interest rates and foreign currency rates prevailing at 31 March.\n\n | 2019 | 2018 \n--------------------------------------------- | ------ | ------\n | \u20acm | \u20acm \nIncluded within non-current liabilities: | | \nOther payables | 327 | 314 \nAccruals | 113 | 159 \nContract liabilities1 | 574 | 237 \nDerivative financial instruments2 | 1,924 | 2,133 \n | 2,938 | 2,843 \nIncluded within current liabilities: | | \nTrade payables | 6,541 | 6,185 \nAmounts owed to associates and joint ventures | 26 | 27 \nOther taxes and social security payable | 1,218 | 1,177 \nOther payables3 | 1,410 | 1,346 \nAccruals | 6,120 | 5,579 \nContract liabilities1 | 1,818 | 1,678 \nDerivative financial instruments2 | 520 | 250 \n | 17,653 | 16,242"} {"_id": "d1b310168", "title": "", "text": "5. Creditors\nAccounting policies\nCapital market and bank borrowings\nInterest-bearing loans and overdrafts are initially measured at fair value (which is equal to cost at inception) and are subsequently measured at amortised cost using the effective interest rate method, except where they are identified as a hedged item in a designated hedge relationship. Any difference between the proceeds net of transaction costs and the amount due on settlement or redemption of borrowings is recognised over the term of the\u00a0borrowing\nNotes: 1 Amounts owed to subsidiaries are unsecured, have no fixed date of repayment and are repayable on demand.\nIncluded in amounts falling due after more than one year are other loans of \u20ac31,157 million which are due in more than five years from 1 April 2019 and are payable otherwise than by instalments. Interest payable on these loans ranges from 0.375% to 7.875%.\nDetails of bond and other debt issuances are set out in note 20 \u201cBorrowing and capital resources\u201d in the consolidated financial statements\n\n | 2019 | 2018 \n--------------------------------------------- | ------- | -------\n | \u20acm | \u20acm \nAmounts falling due within one year: | | \nBank loans and other loans | 4,835 | 8,367 \nAmounts owed to subsidiaries1 | 232,896 | 220,625\nDerivative financial instruments | 463 | 229 \nTaxation payable | \u2013 | 9 \nOther creditors | 945 | 120 \nAccruals and deferred income | 66 | 46 \n | 239,205 | 229,396\nAmounts falling due after more than one year: | | \nDeferred tax | 17 | \u2013 \nOther loans | 46,208 | 32,199 \nDerivative financial instruments | 1,924 | 2,133 \n | 48,149 | 34,332 "} {"_id": "d1b371dd2", "title": "", "text": "3. VOYAGE REVENUES\nOur voyage revenues consist of time charter revenues and spot charter revenues with the following split:\n*Spot charter revenues for 2019 and 2018 are presented in accordance we ASC 606 Revenue from Contracts with Customers. The comparative information for 2017 has not been restated.\n\nAll amounts in USD \u2018000 | 2019 | 2018 | 2017 \n------------------------ | ------- | ------- | -------\nSpot charter revenues* | 283,007 | 259,978 | 257,495\nTime charter revenues | 34,213 | 29,038 | 39,646 \nTotal Voyage Revenues | 317,220 | 289,016 | 297,141"} {"_id": "d1b307fae", "title": "", "text": "Hardware Business\nOur hardware business\u2019 revenues are generated from the sales of our Oracle Engineered Systems, server, storage, and industry-specific hardware products. Each hardware product and its related software, such as an operating system or firmware, are highly interdependent and interrelated and are accounted for as a combined performance obligation. The revenues for this combined performance obligation are generally recognized at the point in time that the hardware product and its related software are delivered to the customer and ownership is transferred to the customer. Our hardware business also earns revenues from the sale of hardware support contracts purchased and renewed by our customers at their option and are generally recognized as revenues ratably as the hardware support services are delivered over the contractual term, which is generally one year. The majority of our hardware products are sold through indirect channels such as independent distributors and value-added resellers, and we also market and sell our hardware products through our direct sales force. Operating expenses associated with our hardware business include the cost of hardware products, which consists of expenses for materials and labor used to produce these products by our internal manufacturing operations or by third-party manufacturers, warranty expenses and the impact of periodic changes in inventory valuation, including the impact of inventory determined to be excess and obsolete; the cost of materials used to repair customer products; the cost of labor and infrastructure to provide support services; and sales and marketing expenses, which are largely personnel related and include variable compensation earned by our sales force for the sales of our hardware offerings.\n1 ) Excludes stock-based compensation and certain expense allocations. Also excludes amortization of intangible assets and certain other GAAP-based expenses, which were not allocated to our operating segment results for purposes of reporting to and review by our CODMs, as further described under \u201cPresentation of Operating Segments and Other Financial Information\u201d above.\nExcluding the effects of currency rate fluctuations, total hardware revenues decreased in fiscal 2019 relative to fiscal 2018 due to lower hardware products revenues and, to a lesser extent, lower hardware support revenues. The decrease in hardware products revenues in fiscal 2019 relative to fiscal 2018 was primarily attributable to our continued emphasis on the marketing and sale of our cloud-based infrastructure technologies, which resulted in reduced sales volumes of certain of our hardware product lines and also impacted the volume of hardware support contracts sold in recent periods. This constant currency hardware revenue decrease was partially offset by certain hardware revenue increases related to our Oracle Engineered Systems offerings, primarily Oracle Exadata.\nExcluding the effects of currency rate fluctuations, total hardware expenses decreased in fiscal 2019 compared to fiscal 2018 primarily due to lower hardware products and support costs and lower sales and marketing employee related expenses, all of which aligned to lower hardware revenues.\nIn constant currency, total margin and total margin as a percentage of revenues for our hardware segment increased in fiscal 2019 due to lower expenses.\n\n | | | Year Ended May 31, | \n--------------------------------- | ------ | ------ | ------------------ | ------\n | | | Percent Change | \n(Dollars in millions) | 2019 | Actual | Constant | 2018 \nHardware Revenues: | | | | \nAmericas | $1,889 | -6% | -4% | $2,003\nEMEA | 1,082 | -10% | -5% | 1,201 \nAsia Pacific | 733 | -7% | -4% | 790 \nTotal revenues | 3,704 | -7% | -5% | 3,994 \nExpenses: | | | | \nHardware products and support (1) | 1,327 | -14% | -11% | 1,547 \nSales and marketing (1) | 520 | -19% | -16% | 643 \nTotal expenses (1) | 1,847 | -16% | -13% | 2,190 \nTotal Margin | $1,857 | 3% | 6% | $1,804\nTotal Margin % | 50% | | | 45% \n% Revenues by Geography: | | | | \nAmericas | 51% | | | 50% \nEMEA | 29% | | | 30% \nAsia Pacific | 20% | | | 20% "} {"_id": "d1b313eda", "title": "", "text": "Liquidity\nCash and Liquidity. As of December 31, 2019, our principal sources of liquidity included cash, cash equivalents, and short-term investments of $182.7 million, compared to $162.9 million as of December 31, 2018. We generally invest our excess cash balances in low-risk, short-term investments to limit our exposure to market and credit risks.\nDuring the first quarter of 2018, we refinanced our 2015 Credit Agreement which extended the term of the loan to March 2023 as well as obtained a reduction in the interest rate and other fees. The 2018 Credit Agreement increased our liquidity and capital resources position by approximately $30 million.\nAs part of our 2018 Credit Agreement, we have a $200 million senior secured revolving loan facility with a syndicate of financial institutions that expires in March 2023. As of December 31, 2019, there were no borrowings outstanding on the 2018 Revolver. The 2018 Credit Agreement contains customary affirmative covenants and financial covenants. As of December 31, 2019, and the date of this filing, we believe that we are in compliance with the provisions of the 2018 Credit Agreement.\nOur cash, cash equivalents, and short-term investment balances as of the end of the indicated periods were located in the following geographical regions (in thousands):\nWe generally have ready access to substantially all of our cash, cash equivalents, and short-term investment balances, but may face limitations on moving cash out of certain foreign jurisdictions due to currency controls and potential negative economic consequences. As of December 31, 2019, we had $2.7 million of cash restricted as to use to collateralize outstanding letters of credit.\nCash Flows From Operating Activities. We calculate our cash flows from operating activities beginning with net income, adding back the impact of non-cash items or nonoperating activity (e.g., depreciation, amortization, amortization of OID, impairments, gain/loss from debt extinguishments, deferred income taxes, stock-based compensation, etc.), and then factoring in the impact of changes in operating assets and liabilities.\nOur primary source of cash is from our operating activities. Our current business model consists of a significant amount of recurring revenue sources related to our long-term cloud-based and managed services arrangements (mostly billed monthly), payment process transaction services (mostly billed monthly), and software maintenance agreements (billed monthly, quarterly, or annually). This recurring revenue base provides us with a reliable and predictable source of cash. In addition, software license fees and professional services revenues are sources of cash, but the payment streams for these items are less predictable.\nThe primary use of our cash is to fund our operating activities. Over half of our total operating costs relate to labor costs (both employees and contracted labor) for the following: (i) compensation; (ii) related fringe benefits; and (iii) reimbursements for travel and entertainment expenses. The other primary cash requirements for our operating expenses consist of: (i) computing capacity and related services and communication lines for our outsourced cloud-based business; (ii) paper, envelopes, and related supplies for our statement processing solutions; (iii) transaction fees paid in conjunction with the delivery of services under our payment services contracts; (iv) hardware and software; and (v) rent and related facility costs. These items are purchased under a variety of both short-term and long-term contractual commitments. A summary of our material contractual obligations is provided below.\n\n | December 31, | December 31,\n------------------------------------------------------- | ------------ | ------------\n | 2019 | 2018 \nAmericas (principally the U.S.) | $125,309 | $110,385 \nEurope, Middle East and Africa | 50,477 | 45,884 \nAsia Pacific | 6,871 | 6,611 \nTotal cash, cash equivalents and short-term investments | $182,657 | $162,880 "} {"_id": "d1b367e4a", "title": "", "text": "The following table reconciles our historical consolidated EBITDA and Adjusted EBITDA to net (loss) income.\n(a) Foreign currency exchange loss (gain) includes the unrealized loss of $13.2 million in 2019 (2018 \u2013 gain of $21.2 million, 2017 \u2013 gain of $82.7 million, 2016 \u2013 gain of $75.0 million, and 2015 \u2013 loss of $89.2 million) on cross currency swaps.\n(b) In June 2016, as part of its financing initiatives, Altera canceled the construction contracts for its two UMS newbuildings. As a result, Altera accrued for potential damages resulting from the cancellations and reversed contingent liabilities previously recorded that were relating to the delivery of the UMS newbuildings.\nThis net loss provision of $23.4 million for the year ended December 31, 2016 was reported in other loss in our consolidated statement of income. The newbuilding contracts were held in Altera's separate subsidiaries and obligations of these subsidiaries were non-recourse to Altera.\n(c) During the year ended December 31, 2016, the Company recorded a write-down of a cost-accounted investment of $19.0 million. This investment was subsequently sold in 2017, resulting in a gain on sale of $1.3 million. During 2017, the Company recognized an additional tax indemnification guarantee liability of $50 million related to the Teekay Nakilat finance leases. For additional information, please read \"Item 18 \u2013 Financial Statements: Note 15 \u2013 Other loss\".\n(d) Adjustments related to equity (loss) income is a non-GAAP financial measure and should not be considered as an alternative to equity income or any other measure of financial performance or liquidity presented in accordance with GAAP. Adjustments related to equity (loss) income exclude some, but not all, items that affect equity (loss) income, and these measures may vary among other companies. Therefore, adjustments related to equity (loss) income as presented in this Annual Report may not be comparable to similarly titled measures of other companies.\nAdjustments related to equity (loss) income includes depreciation and amortization, net interest expense, income tax expense (recovery), amortization of in-process revenue contracts, direct finance and salestype lease payments received in excess of revenue recognized, write-down and loss (gain) on sales of vessels, realized and unrealized loss (gain) on derivative instruments and other items, realized loss (gain) on foreign currency forward contracts,\nand write-down and gain on sale of equity-accounted investments, in each case related to our equity-accounted entities, on the basis of our ownership percentages of such entities.\n\n | | | Year Ended December 31, | | \n------------------------------------------------------------------------------------ | ---------- | --------- | ------------------------------ | --------- | ---------\n | 2019 | 2018 | 2017 | 2016 | 2015 \nIncome Statement Data: | | | (in thousands of U.S. Dollars) | | \nReconciliation of EBITDA and Adjusted EBITDA to Net (loss) income | | | | | \nNet (loss) income | $(148,986) | $(57,747) | $(529,072) | $86,664 | $405,460 \nIncome tax expense (recovery) | 25,482 | 19,724 | 12,232 | 24,468 | (16,767) \nDepreciation and amortization | 290,672 | 276,307 | 485,829 | 571,825 | 509,500 \nInterest expense, net of interest income | 271,255 | 245,601 | 262,110 | 278,145 | 236,481 \nEBITDA | 438,423 | 483,885 | 231,099 | 961,102 | 1,134,674\nForeign exchange loss (gain) (a) | 13,574 | (6,140) | 26,463 | 6,548 | 2,195 \nOther loss (income) (b) (c) | 14,475 | 2,013 | 53,981 | 39,013 | (1,566) \nWrite-down and loss on sale of vessels | 170,310 | 53,693 | 270,743 | 112,246 | 70,175 \nDirect finance lease payments received in excess of revenue recognized | 21,636 | 11,082 | 18,737 | 28,348 | 24,429 \nAmortization of in-process revenue contracts and other | (4,131) | (10,217) | (13,460) | (24,195) | (33,226) \nRealized and unrealized losses on non-designated derivative instruments | 13,719 | 14,852 | 38,854 | 35,091 | 102,200 \nRealized gains (losses) from the settlements of nondesignated derivative instruments | 1,532 | \u2014 | 2,047 | (8,646) | (20,008) \nLoss on deconsolidation of Altera | \u2014 | 7,070 | 104,788 | \u2014 | \u2014 \nAdjustments related to equity (loss) income (d) | 282,375 | 219,395 | 217,866 | 137,496 | 136,921 \nAdjusted EBITDA | 951,913 | 775,633 | 951,118 | 1,287,003 | 1,415,794"} {"_id": "d1b3b0bd6", "title": "", "text": "The following table provides the weighted average actuarial assumptions used to determine net periodic benefit costfor years ended:\nFor domestic plans, the discount rate was determined by comparison against the FTSE pension liability index for AA rated corporate instruments. The Company monitors other indices to assure that the pension obligations are fairly reported on a consistent basis. The international discount rates were determined by comparison against country specific AA corporate indices, adjusted for duration of the obligation.\nThe periodic benefit cost and the actuarial present value of projected benefit obligations are based on actuarial assumptions that are reviewed on an annual basis. The Company revises these assumptions based on an annual evaluation of longterm trends, as well as market conditions that may have an impact on the cost of providing retirement benefits.\n\n | Domestic | | International | \n------------------------------ | ------------- | ----- | ------------- | -----\n | September 30, | | September 30, | \n | 2019 | 2018 | 2019 | 2018 \nDiscount rate | 4.00% | 3.75% | 1.90% | 2.80%\nExpected return on plan assets | | | 3.40% | 3.70%\nRate of compensation increase | | | - - % | - - %"} {"_id": "d1a72a5d8", "title": "", "text": "Non-Recurring Fair Value\nCertain assets, under certain conditions, are measured at fair value on a nonrecurring basis utilizing Level 3 inputs, as described in Note 1, Overview and Summary of Significant Accounting Policies, like those associated with acquired businesses, including goodwill, other intangible assets, other long-lived assets and equity method investments. For these assets, measurement at fair value in periods subsequent to their initial recognition would be applicable if these assets were determined to be impaired.\nThe adjusted carrying values for assets measured at fair value on a nonrecurring basis (no liabilities) subject to the requirements of ASC 820 were not material at December 31, 2019 and 2018. The following table summarizes the total impairment losses in the accompanying Consolidated Statements of Operations related to nonrecurring fair value measurements of certain assets (no liabilities):\nIn connection with the closure of certain under-utilized customer engagement centers and the consolidation of leased space in the U.S. and Canada, the Company recorded impairment charges of $1.7 million, $9.4 million and $5.2 million during the years ended December 2019, 2018 and 2017, respectively, related to the exit of leased facilities as well as leasehold improvements, equipment, furniture and fixtures which were not recoverable. See Note 5, Costs Associated with Exit or Disposal Activities, for further information.\nAlso, the Company recorded an impairment charge of $0.2 million related to the write-down of a vacant and unused parcel of land in the U.S. to its estimated fair value during the year ended December 31, 2017.\n\n | | Years Ended December31, | \n----------------------------------- | -------- | ----------------------- | --------\n | 2019 | 2018 | 2017 \nAmericas: | | | \nProperty and equipment, net | $(343) | $(9,401) | $(5,410)\nOperating lease right-of-use assets | (1,368) | \u2014 | \u2014 \n | $(1,711) | $(9,401) | $(5,410)"} {"_id": "d1a740f04", "title": "", "text": "The following table summarizes the components of net periodic pension cost recognized in the consolidated statements of operations for the plans for the years ended December 31, 2019, 2018 and 2017:\nThe components of net periodic pension cost other than the service cost component are included in other, net within other income (expense) in the consolidated statements of operations.\nIn 2019, we purchased a group annuity contract to transfer the pension benefit obligations and annuity administration for a select group of retirees or their beneficiaries to an annuity provider. Upon issuance of the group annuity contract, the pension benefit obligation of $24.4 million for approximately 500 participants was irrevocably transferred to the annuity provider. The purchase of the group annuity was funded directly by the assets of the Pension Plans. During the year ended December 31, 2019, we recognized a pension settlement charge of $6.7 million as a result of the transfer of the pension liability to the annuity provider and other lump sum payments made during the year.\nIn 2018 and 2017, the Retirement Plan was amended to freeze benefit accruals under the cash balance benefit plan for certain participants under collective bargaining agreements. As a result of these amendments, we recognized a pre-tax curtailment gain of $1.2 million and $1.3 million as a component of net periodic pension cost during the years ended December 31, 2018 and 2017, respectively.\n\n(In thousands) | 2019 | 2018 | 2017 \n------------------------------ | -------- | -------- | --------\nService cost | $ 50 | $ 5,809 | $ 3,055 \nInterest cost | 30,327 | 28,870 | 21,882 \nExpected return on plan assets | (34,627) | (38,640) | (28,459)\nAmortization of: | | | \nNet actuarial loss | 2,890 | 6,110 | 6,244 \nPrior service cost (credit) | 123 | (204) | (316) \nPlan curtailment | \u2014 | (1,156) | (1,337) \nPlan settlement | 6,726 | 94 | 17 \nNet periodic pension cost | $ 5,489 | $ 883 | $ 1,086 "} {"_id": "d1b3bf532", "title": "", "text": "Fiscal 2019 compared to Fiscal 2018\nNet Sales\nOverall, our net sales were $9.54 billion in fiscal 2019, an increase of 20% compared to fiscal 2018.\nGrocery & Snacks net sales for fiscal 2019 were $3.28 billion, a decrease of $7.8 million compared to fiscal 2018. Volume, excluding the impact of acquisitions and divestitures, was flat in fiscal 2019 compared to the prior-year period. This result reflected merchandising changes and price elasticity-related declines in certain brands, as well as isolated production challenges, partially offset by the continued benefit from momentum and innovation successes in the snacks businesses. Price/ mix was flat compared to the prior year as unfavorable mix, coupled with increases in brand building investments with retailers were offset by the impact of higher pricing. The acquisition of Angie's Artisan Treats, LLC, which was completed in October 2017, contributed $41.3 million to Grocery & Snacks net sales during fiscal 2019, through the one-year anniversary of the acquisition. Fiscal 2019 results included $115.9 million of net sales related to our Wesson \u00ae oil business, which was sold in the fourth quarter of fiscal 2019. Fiscal 2018 results included $156.4 million of net sales related to this divested business.\nRefrigerated & Frozen net sales for fiscal 2019 were $2.80 billion, an increase of $51.0 million, or 2%, compared to fiscal 2018. Results for fiscal 2019 reflected a 1% increase in volume compared to fiscal 2018, excluding the impact of acquisitions. The increase in sales volumes was a result of innovation across multiple brands, which was partially offset by the effects of reduced merchandising spend and the impact of a recall during the fourth quarter. Price/mix was flat compared to fiscal 2018, as continued delivery of top-line accretive innovation in several brands was partially offset by brand building investments with retailers. The acquisition of the Sandwich Bros. of Wisconsin\u00ae business, which was completed in February 2018, contributed $25.7 million to Refrigerated & Frozen's net sales during fiscal 2019, through the one-year anniversary of the acquisition.\nInternational net sales for fiscal 2019 were $793.4 million, a decrease of $50.1 million, or 6%, compared to fiscal 2018. Results for fiscal 2019 reflected a 2% increase in volume, excluding the impact of acquisitions and divestitures, a 4% decrease due to foreign exchange rates, and a 2% increase in price/mix, in each case compared to fiscal 2018. The volume and price/ mix increases for fiscal 2019 were driven by growth in the Canadian snacks and frozen businesses. The acquisition of Angie's Artisan Treats, LLC contributed $3.7 million to International net sales for fiscal 2019, through the one-year anniversary of the acquisition. Fiscal 2019 included $4.1 million of net sales related to our Del Monte\u00ae processed fruit and vegetable business in Canada, which was sold in the first quarter of fiscal 2019. Fiscal 2018 results included $48.9 million of net sales related to this divested business. In addition, fiscal 2019 and 2018 results included $17.1 million and $24.5 million, respectively, related to our divested Wesson \u00ae oil business.\u00a0 International net sales for fiscal 2019 were $793.4 million, a decrease of $50.1 million, or 6%, compared to fiscal 2018. Results for fiscal 2019 reflected a 2% increase in volume, excluding the impact of acquisitions and divestitures, a 4% decrease due to foreign exchange rates, and a 2% increase in price/mix, in each case compared to fiscal 2018. The volume and price/ mix increases for fiscal 2019 were driven by growth in the Canadian snacks and frozen businesses. The acquisition of Angie's Artisan Treats, LLC contributed $3.7 million to International net sales for fiscal 2019, through the one-year anniversary of the acquisition. Fiscal 2019 included $4.1 million of net sales related to our Del Monte\u00ae processed fruit and vegetable business in Canada, which was sold in the first quarter of fiscal 2019. Fiscal 2018 results included $48.9 million of net sales related to this divested business. In addition, fiscal 2019 and 2018 results included $17.1 million and $24.5 million, respectively, related to our divested Wesson \u00ae oil business.\nFoodservice net sales for fiscal 2019 were $934.2 million, a decrease of $120.6 million, or 11%, compared to fiscal 2018. Results for fiscal 2019 reflected a 14% decrease in volume, excluding divestitures. The decline in volume reflected the continued execution of the segment's value-over-volume strategy and the sale of our Trenton, Missouri production facility in the first quarter of fiscal 2019. Price/mix increased 5% in fiscal 2019 compared to fiscal 2018. The increase in price/mix for fiscal 2019 reflected favorable product and customer mix, the impact of inflation-driven increases in pricing, and the execution of the segment's value-over-volume strategy. Fiscal 2019 included $34.2 million of net sales related to our Wesson \u00ae oil business, which was sold in the fourth quarter of fiscal 2019. Fiscal 2018 results included $53.4 million of net sales related to this divested business. Net sales declined by approximately 7% in fiscal 2019 due to the sale of our Trenton, Missouri production facility.\nPinnacle Foods net sales for fiscal 2019 (reflecting 213 days of Conagra Brands ownership) were $1.73 billion. Results reflected expected consumption declines as the Company executes its value-over-volume strategy within the Pinnacle portfolio.\n\n($ in millions) | | | \n--------------------- | --------------------- | --------------------- | -----------\nReporting Segment | Fiscal 2019 Net Sales | Fiscal 2018 Net Sales | % Inc (Dec)\nGrocery & Snacks . | $3,279.2 | $3,287.0 | \u2014% \nRefrigerated & Frozen | 2,804.0 | 2,753.0 | 2% \nInternational | 793.4 | 843.5 | (6)% \nFoodservice | 934.2 | 1,054.8 | (11)% \nPinnacle Foods | 1,727.6 | \u2014 | 100% \nTotal | $9,538.4 | $7,938.3 | 20% "} {"_id": "d1b362ab2", "title": "", "text": "18. Reconciliation of net cash flow from operating activities\nThe table below shows how our (loss)/profit for the year from continuing operations translates into cash flows generated from our operating activities.\n\n | | 2019 | 2018 | 2017 \n----------------------------------------------------------------------- | ------ | ------- | ------- | -------\n | Notes | \u20acm | \u20acm | \u20acm \n(Loss)/profit for the financial year | | (7,644) | 2,788 | (6,079)\nLoss from discontinued operations | 7 | 3,535 | 1,969 | 4,107 \n(Loss)/profit for the financial year from continuing operations | | (4,109) | 4,757 | (1,972)\nNon-operating expense | | 7 | 32 | 1 \nInvestment income | | (433) | (685) | (474) \nFinancing costs | | 2,088 | 1,074 | 1,406 \nIncome tax expense/(credit) | 6 | 1,496 | (879) | 4,764 \nOperating (loss)/profit | | (951) | 4,299 | 3,725 \nAdjustments for: | | | | \nShare-based payments and other non-cash charges | | 147 | 128 | 95 \nDepreciation and amortisation | 10, 11 | 9,795 | 10,409 | 11,086 \nLoss on disposal of property, plant and equipment and intangible assets | 3 | 33 | 36 | 22 \nShare of result of equity accounted associates and joint ventures | | 908 | 59 | (47) \nImpairment losses | 4 | 3,525 | \u2013 | \u2013 \nOther expense/(income) | | 148 | (213) | (1,052)\n(Increase)/decrease in inventory | | (131) | (26) | 117 \n(Increase)/decrease in trade and other receivables | 14 | (31) | (1,118) | 308 \nIncrease/(decrease) in trade and other payables | 15 | 739 | 286 | (473) \nCash generated by operations | | 14,182 | 13,860 | 13,781 \nNet tax paid | | (1,131) | (1,118) | (761) \nCash flows from discontinued operations | | (71) | 858 | 1,203 \nNet cash flow from operating activities | | 12,980 | 13,600 | 14,223 "} {"_id": "d1b3bb5b8", "title": "", "text": "Assets by Reportable Segments\nThe following table shows assets allocated by reportable segment. Assets allocated by reportable segment include: trade receivables, net; inventory, net; property and equipment, net; goodwill; intangible assets, net and leased systems, net.\n(1) The assets allocated to segments as of December 31, 2018 have been revised to correct an error in the previous allocation of property and equipment. Assets allocated to Food Care were understated by $372.9 million with an offset to Product Care of $369.6 million and $3.3 million to assets not allocated. There is no impact to consolidated assets at December 31, 2018. This error did not impact the Company's annual assessment of goodwill impairment or any other impairment considerations of long-lived assets.\n\n | December 31, | \n-------------------------------- | ------------ | ---------\n(In millions) | 2019 | 2018 \nAssets allocated to segments:(1) | | \nFood Care | $ 1,997.8 | $ 1,914.4\nProduct Care | 2,762.9 | 2,273.8 \nTotal segments | $ 4,760.7 | $ 4,188.2\nAssets not allocated: | | \nCash and cash equivalents | 262.4 | 271.7 \nAssets held for sale | 2.8 | 0.6 \nIncome tax receivables | 32.8 | 58.4 \nOther receivables | 80.3 | 81.3 \nDeferred taxes | 238.6 | 170.5 \nOther | 387.6 | 279.5 \nTotal | $ 5,765.2 | $ 5,050.2"} {"_id": "d1b33f274", "title": "", "text": "Cash balances held at our foreign subsidiaries were approximately $548,000 and $656,000 at December 29, 2019 and December 30, 2018, respectively. Earnings from our foreign subsidiaries are currently deemed to be indefinitely reinvested. We do not expect such reinvestment to affect our liquidity and capital resources, and we continually evaluate our liquidity needs and ability to meet global cash requirements as a part of our overall capital deployment strategy. Factors which affect our liquidity, capital resources and global capital deployment strategy include anticipated cash flows, the ability to repatriate cash in a tax efficient manner, funding requirements for operations and investment activities, acquisitions and divestitures and capital market conditions.\nIn summary, our cash flows were as follows (in thousands):\nNet Cash from Operating Activities\nIn 2019, net cash used in operating activities was $11.6 million, which was primarily due to a net loss of $15.4 million, adjusted for non-cash charges of $4.3 million. Non-cash charges consisted primarily stock-based compensation expense of $3.1 million and depreciation and amortization of long-lived assets and certain definite- lived intangible assets of $1.2 million. In addition, changes in working capital accounts used cash of $392,000 as a result of a decrease in accounts payable and accrued liabilities of $1.5 million, partially offset by cash inflow from a decrease in inventory of $483,000, a decrease in accounts receivable of $218,000, a decrease in other assets of $229,000 and an increase in deferred revenue of $158,000.\nIn 2018, net cash used in operating activities was $12.6 million, and resulted primarily from a net loss of $13.8 million, adjusted for non-cash charges of $3.6 million. These non-cash charges included write-downs of inventories in the amount of $386,000 to reflect excess quantities, depreciation and amortization of our long-lived assets of $1.3 million and stock-based compensation of $1.9 million. In addition, changes in working capital accounts used cash of $2.4 million as a result of an increase in accounts receivable of $1.3 million, an increase in gross inventory of $662,000, and an increase in other assets of $879,000, partially offset by an increase in accrued liabilities of $235,000 and an increase in trade payables of $223,000.\nIn 2017, net cash used in operating activities was $12.9 million, and resulted primarily from a net loss of $14.1 million, adjusted for non-cash charges of $3.1 million. These non-cash charges included write-downs of inventories in the amount of $232,000 to reflect excess quantities, depreciation and amortization of our long-lived assets of $1.4 million and stock-based compensation of $1.4 million. In addition, changes in working capital accounts used cash of $1.9 million as a result of an increase in accounts receivable of $86,000, an increase in gross inventory of $1.8 million, and a decrease of accounts payable of $145,000, partially offset by an increase in accrued liabilities of $72,000.\nNet Cash from Investing Activities\nNet cash used for investing activities in 2019 was $921,000, which was primarily attributable to the leasehold improvements and computer equipment at the new office premises of $576,000 and capitalization of internal use software of $365,000.\nNet cash used for investing activities in 2018 was $288,000, primarily for capital expenditures to acquire manufacturing equipment and software, which was partially offset by proceeds from the sale of old equipment.\nNet cash used for investing activities in 2017 was $642,000, primarily for capital expenditures to acquire manufacturing equipment and software.\nNet Cash from Financing Activities\nIn 2019, net cash provided by financing activities was $7.6 million, primarily attributable to the net proceeds from the issuance of 1.3 million shares of common stock in June 2019. These inflows were partially offset by scheduled repayments of finance lease obligations and tax payments related to net settlement of stock awards.\nIn 2018, net cash provided by financing activities was $22.9 million, resulting from the additional borrowing of $9.0 million under the line of credit, net cash proceeds of $13.9 million from our common stock offering in May 2018 and proceeds of $676,000 from the issuance of common shares to employees under our equity plans. These proceeds were partially offset by scheduled payments of finance lease obligations and tax payments related to net settlement of stock awards.\nIn 2017, net cash provided by financing activities was $15.2 million, resulting from the proceeds of $15.2 million from our stock offering in March 2017 and proceeds of $352,000 from the issuance of common shares to employees under our equity plans, net of taxes paid related to net settlement of equity awards of $198,000. These proceeds were partially offset by payments of $344,000 under the terms of our capital software lease obligations.\nWe require substantial cash to fund our business. However, we believe that our existing cash and cash equivalents, together with available financial resources from the Revolving Facility will be sufficient to satisfy our operations and capital expenditures over the next twelve months. OurRevolving Facility will expire in September 2021, and we expect to renew this line of credit or find an alternative lender prior to the expiration date. Further, any violations of debt covenants may restrict our access to any additional cash draws from the revolving line of credit, and may require our immediate repayment of the outstanding debt amounts. After the next twelve months, our cash requirements will depend on many factors, including our level of revenue and gross profit, the market acceptance of our existing and new products, the levels at which we maintain inventories and accounts receivable, costs of securing access to adequate manufacturing capacity, new product development efforts, capital expenditures and the level of our operating expenses. In order to satisfy our longer term liquidity requirements, we may be required to raise additional equity or debt financing. There can be no assurance that financing will be available at commercially acceptable terms or at all.\n\n | | | Fiscal Year\n----------------------------------------- | --------- | --------- | -----------\n | 2019 | 2018 | 2017 \nNet cash (used in) operating activities | $(11,594) | $(12,638) | $(12,938) \nNet cash (used in) investing activities | (921) | (288) | (642) \nNet cash provided by financing activities | 7,600 | 22,862 | 15,237 "} {"_id": "d1b35610e", "title": "", "text": "GasLog Ltd. and its Subsidiaries Notes to the consolidated financial statements (Continued) For the years ended December 31, 2017, 2018 and 2019 (All amounts expressed in thousands of U.S. Dollars, except share and per share data)\u00a0\u00a0\u00a0 4. Equity Transactions (Continued)\nOn February 26, 2019, the Partnership entered into a Third Amended and Restated Equity Distribution Agreement to further increase the size of the ATM Programme from $144,040 to $250,000. As of December 31, 2019, the unutilized portion of the ATM Programme is $126,556.\nOn April 1, 2019, GasLog Partners issued 49,850 common units in connection with the vesting of 24,925 RCUs and 24,925 PCUs under the GasLog Partners\u2019 Plan at a price of $22.99 per unit.\nOn June 24, 2019, the Partnership Agreement was amended, effective June 30, 2019, to eliminate the IDRs in exchange for the issuance by the Partnership to GasLog of 2,532,911 common units and 2,490,000 Class B units (of which 415,000 are Class B-1 units, 415,000 are Class B-2 units, 415,000 are Class B-3 units, 415,000 are Class B-4 units, 415,000 are Class B-5 units and 415,000 are Class B-6 units), issued on June 30, 2019. The Class B units have all of the rights and obligations attached to the common units, except for voting rights and participation in distributions until such time as GasLog exercises its right to convert the Class B units to common units. The Class B units will become eligible for conversion on a one-for-one basis into common units at GasLog\u2019s option on July 1, 2020, July 1, 2021, July 1, 2022, July 1, 2023, July 1, 2024 and July 1, 2025 for the Class B-1 units, Class B-2 units, Class B-3 units, Class B-4 units, Class B-5 units and the Class B-6 units, respectively. Following the IDR elimination, the allocation of GasLog Partners\u2019 profit to the non-controlling interests is based on the revised distribution policy for available cash stated in the Partnership Agreement as amended, effective June 30, 2019, and under which 98% of the available cash is distributed to the common unitholders and 2% is distributed to the general partner. The updated earnings allocation applies to the total GasLog Partners\u2019 profit for the three months ended June 30, 2019 and onwards.\n* Excludes profits of GAS-fourteen Ltd., GAS-twenty seven Ltd. and GAS-twelve Ltd. for the period prior to their transfers to the Partnership on April 26, 2018, November 14, 2018 and April 1, 2019, respectively.\nDividends declared attributable to non-controlling interests included in the consolidated statement of changes in equity represent cash distributions to holders of common and preference units.\nIn the year ended December 31, 2019, the board of directors of the Partnership approved and declared cash distributions of $73,090 and of $31,036 for the common units and preference units, respectively, held by non-controlling interests.\n\nAllocation of GasLog Partners\u2019 profit/(loss)(*) | 2018 | 2019 \n------------------------------------------------------------------ | ------- | --------\nPartnership\u2019s profit/(loss) attributable to: | | \nCommon unitholders | 75,879 | (66,268)\nGeneral partner | 1,602 | (1,479) \nIDRs | 2,618 | \u2014 \nPaid and accrued preference equity distributions | 22,498 | 30,328 \nTotal | 102,597 | (37,419)\nPartnership\u2019s profit/(loss) allocated to GasLog | 23,882 | (22,467)\nPartnership\u2019s profit/(loss) allocated to non-controlling interests | 78,715 | (14,952)\nTotal | 102,597 | (37,419)"} {"_id": "d1b3c589c", "title": "", "text": "11. Reportable Segments, Geographic Information and Major Customers\nReportable segments are defined as components of an enterprise about which separate financial information is available that is evaluated regularly by the chief operating decision maker, or group, in assessing performance and allocating resources. The Company uses an internal management reporting system, which provides important financial data to evaluate performance and allocate the Company\u2019s resources on a regional basis. Net sales for the segments are attributed to the region in which the product is manufactured or the service is performed. The services provided, manufacturing processes used, class of customers serviced and order fulfillment processes used are similar and generally interchangeable across the segments. A segment\u2019s performance is evaluated based upon its operating income (loss). A segment\u2019s operating income (loss) includes its net sales less cost of sales and selling and administrative expenses, but excludes corporate and other expenses. Corporate and other expenses\u00a0 fiscal 2019 and the $13.5 million one-time employee bonus paid to full-time, non-executive employees during fiscal 2018 due to the Company's ability to access overseas cash as a result of Tax Reform (the \"one-time employee bonus\"). These costs are not allocated to the segments, as management excludes such costs when assessing the performance of the segments. Inter-segment transactions are generally recorded at amounts that approximate arm\u2019s length transactions. The accounting policies for the segments are the same as for the Company taken as a whole.\nThe following information is provided in accordance with the required segment disclosures for fiscal 2019, 2018 and 2017. Net sales were based on the Company\u2019s location providing the product or service (in thousands):\n\n | 2019 | 2018 | 2017 \n----------------------------------- | ---------- | ---------- | ---------\nNet sales: | | | \nUnited States | $1,197,665 | $1,000,680 | $984,773 \nMalaysia | 1,138,380 | 1,118,032 | 940,045 \nChina | 418,825 | 379,977 | 339,216 \nMexico | 231,643 | 218,264 | 181,573 \nRomania | 195,837 | 177,111 | 114,363 \nUnited Kingdom | 99,825 | 91,426 | 70,163 \nGermany | 14,271 | 12,953 | 8,303 \nElimination of inter-country sales | (132,012) | (124,935) | (110,384)\n | 3,164,434 | 2,873,508 | 2,528,052"} {"_id": "d1b302856", "title": "", "text": "Operating Income\nOur operating income in fiscal year 2018 increased to $189.3 million, or 8.8 percent of net sales as compared with $121.5 million, or 6.8 percent in net sales in fiscal year 2017. Excluding surcharge revenue and special items, adjusted operating margin was 10.6 percent for the fiscal year 2018 and 8.0 percent for fiscal year 2017. The increase in the operating margin reflects the stronger demand and improved product mix coupled with operating cost improvements partially offset by higher variable compensation expense compared to fiscal year 2017.\nOperating income has been impacted by special items. The following presents our operating income and operating margin, in each case excluding the impact of surcharge on net sales and the loss on divestiture of business. We present and discuss these financial measures because management believes removing the impact of these items provides a more consistent and meaningful basis for comparing results of operations from period to period. See the section \u201cNon-GAAP Financial Measures\u201d below for further discussion of these financial measures.\n\n | Fiscal Year | \n----------------------------------------------------------------------- | ----------- | --------\n($ in millions) | 2018 | 2017 \nNet sales | $2,157.7 | $1,797.6\nLess: surcharge revenue | 365.4 | 239.2 \nNet sales excluding surcharge revenue | $1,792.3 | $1,558.4\nOperating income | $189.3 | $121.5 \nSpecial items: | | \nLoss on divestiture of business | \u2014 | 3.2 \nAdjusted operating income excluding special items | $189.3 | $124.7 \nOperating margin | 8.8% | 6.8% \nAdjusted operating margin excluding surcharge revenue and special items | 10.6% | 8.0% "} {"_id": "d1b3a7cfc", "title": "", "text": "xvi. Equity shares in the suspense account:\nIn accordance with the requirement of Regulation 34(3) and Part F of Schedule V to the SEBI Listing Regulations, details of equity shares in the suspense account are as follows:\n*Pursuant to allotment of 1:1 bonus equity shares.\nThe voting rights on the shares outstanding in the suspense account as on March 31, 2019 shall remain frozen till the rightful owner of such shares claims the shares.\n\nParticulars | Number of shareholders | Number of equity shares\n------------------------------------------------------------------------------------------------------------------ | ---------------------- | -----------------------\nAggregate number of shareholders and the outstanding shares in the suspense account lying as on April 1, 2018 | 26 | 820 \nShareholders who approached the Company for transfer of shares from suspense account during the year | - | - \nShareholders to whom shares were transferred from the suspense account during the year | - | - \nShareholders whose shares are transferred to the demat account of the IEPF Authority as per Section 124 of the Act | - | - \nAggregate number of shareholders and the outstanding shares in the suspense account lying as on March 31, 2019 | 26 | 1,640* "} {"_id": "d1b2e96b2", "title": "", "text": "COST OF SALES\nCost of sales consists of costs directly related to producing, processing and packing shell eggs, purchases of shell eggs\nfrom outside producers, processing and packing of liquid and frozen egg products and other non-egg costs. Farm\nproduction costs are those costs incurred at the egg production facility, including feed, facility, hen amortization, and\nother related farm production costs. The following table presents the key variables affecting our cost of sales:\nCost of sales for the fiscal year ended June 1, 2019 was $1,138.3 million, a decrease of $3.6 million, or 0.3%, compared to $1,141.9 million for fiscal 2018. Comparing fiscal 2019 to fiscal 2018, average cost per dozen purchased from outside shell egg producers decreased while cost of feed ingredients and dozens produced increased. For the 2019 fiscal year we produced 84.4% of the eggs sold by us, as compared to 84.2% for the previous year. Feed cost for fiscal 2019 was $0.415 per dozen, compared to $0.394 per dozen for the prior fiscal year, an increase of 5.3%. The increase in feed costs was primarily related to less favorable crop conditions in the south central U. S., which resulted in higher ingredient prices at some of our larger feed mill operations. The increase in feed cost per dozen resulted in an increase in cost of sales of $18.4 million for fiscal 2019 compared with fiscal 2018.\nFor the thirteen weeks ended June 1, 2019, compared to the thirteen weeks ended June 2, 2018, cost of sales decreased $34.1 million, or 11.3%, from $301.9 million in the fourth quarter of fiscal 2018, to $267.8 million in the fourth quarter of fiscal 2019. Average cost per dozen purchased from outside shell egg producers decreased 42.3% due to significantly lower egg selling prices in the quarter. Feed cost per dozen for the fourth quarter of fiscal 2019 was $0.411, compared to $0.416 for the same quarter of fiscal 2018, a decrease of 1.2%.\nGross profit, as a percentage of net sales, was 16.4% for fiscal 2019, compared to 24.0% for fiscal 2018. The decrease resulted primarily from lower selling prices for non-specialty eggs.\n\n | Fiscal Year Ended | | | Quarter Ended | | \n---------------------------------------------- | ----------------- | ------------ | -------------- | ------------- | ------------ | --------------\n(Amounts in thousands) | June 1, 2019 | June 2, 2018 | Percent Change | June 1, 2019 | June 2, 2018 | Percent Change\nCost of sales: | | | | | | \nFarm production | $ 635,797 | $ 603,887 | 5.3 % | $ 162,142 | $ 155,471 | 4.3% \nProcessing and packaging | 222,765 | 214,078 | 4.1% | 55,584 | 53,734 | 3.4% \nOutside egg purchases and other | 249,605 | 287,472 | (13.2)% | 44,509 | 81,623 | (45.5)% \nTotal shell eggs | 1,108,167 | 1,105,437 | 0.2 % | 262,235 | 290,828 | (9.8)% \nEgg products | 29,020 | 35,551 | (18.4)% | 5,139 | 10,743 | (52.2)% \nOther | 1,142 | 898 | 27.2% | 444 | 308 | 44.2% \nTotal | $1,138,329 | $1,141,886 | (0.3)% | $267,818 | $301,879 | (11.3)% \nFarm production cost (per dozen produced) | | | | | | \nFeed | $0.415 | $0.394 | 5.3% | $0.411 | $0.416 | (1.2)% \nOther | 0.319 | 0.303 | 5.3% | 0.328 | 0.311 | 5.5% \nTotal | $0.734 | $0.697 | 5.3% | $0.739 | $0.727 | 1.7% \nOutside egg purchases (average cost per dozen) | $1.26 | $1.45 | (13.1)% | $1.05 | $1.82 | (42.3)% \nDozen produced | 876,705 | 873,307 | 0.4% | 222,625 | 215,729 | 3.2% \nDozen sold | 1,038,900 | 1,037,713 | 0.1% | 254,772 | 251,955 | 1.1% "} {"_id": "d1b382a88", "title": "", "text": "In accordance with ASC 740-10, Income Taxes, the Company has adopted the accounting policy that interest and penalties recognized are classified as part of its income taxes\nThe following shows the changes in the gross amount of unrecognized tax benefits as of December 31, 2019 (in thousands):\nThe Company does not anticipate that its total unrecognized tax benefits will significantly change due to settlement of examination or the expiration of statute of limitations during the next 12 months.\nThe Company files U.S. and foreign income tax returns with varying statutes of limitations. Due to the Company\u2019s net carry-over of unused operating losses and tax credits, all years from 2003 forward remain subject to future examination by tax authorities\n\n | 2019 | 2018 | 2017 \n------------------------------------------------ | ------ | ------ | ------\nUnrecognized tax benefits, beginning of the year | $6,029 | $3,004 | $2,460\nIncreases related to prior year tax position | \u2014 | 1,050 | \u2014 \nDecreases related to prior year tax positions | (48) | \u2014 | (3) \nIncreases related to current year tax positions | 2,984 | 1,975 | 547 \nUnrecognized tax benefits, end of year | $8,965 | 6,029 | 3,004 "} {"_id": "d1b38439c", "title": "", "text": "Strategic Innovation-focused Investment of Capital\nWe target markets that have the potential for above-average growth and profit margins where domain expertise, innovation, technical competency and contracting dynamics can help to create meaningful barriers to entry. We will strategically reinvest our cash in key program captures, internal research and development (R&D), and acquisitions to target priority markets and help ensure market leading positions to drive long-term shareholder return.\nWe are committed to using innovation and technology to address our customers\u2019 most pressing problems and demanding requirements. We have made meaningful and recognized contributions to technological advancements within our industries.\nThe cost of company-sponsored R&D activities included in our Consolidated Statements of Operations are as follows (in thousands):\n\n | | Years Ended September 30, | \n-------------------------------------------------------- | --------- | ------------------------- | ---------\n | 2019 | 2018 | 2017 \nCompany-Sponsored Research and Development Expense: | | | \nCubic Transportation Systems | $ 10,948 | $ 13,394 | $ 26,308\nCubic Mission Solutions | 27,111 | 22,745 | 11,949 \nCubic Global Defense | 10,573 | 16,259 | 14,395 \nUnallocated corporate expenses | 1,500 | \u2014 | \u2014 \nTotal company-sponsored research and development expense | $ 50,132 | $ 52,398 | $ 52,652"} {"_id": "d1b388000", "title": "", "text": "Liquidity and Capital Resources\nWe believe our ability to generate cash flows from operating activities is one of our fundamental financial strengths. In the near term, we expect our business and financial condition to remain strong and to continue to generate significant operating cash flows, which, we believe, in combination with our existing balance of cash and cash equivalents and short-term investments of $5.9 billion, our access to capital, and the availability of our $1.5 billion revolving credit facility, will be sufficient to finance our operational and financing requirements for the next 12 months. Our primary sources of liquidity, which are available to us to fund cash outflows such as potential dividend payments or share repurchases, and scheduled debt maturities, include our cash and cash equivalents, short-term investments, and cash flows provided by operating activities.\nAs of December 31, 2019, the amount of cash and cash equivalents held outside of the U.S. by our foreign subsidiaries was $2.8 billion, as compared to $1.4 billion as of December 31, 2018. These cash balances are generally available for use in the U.S., subject in some cases to certain restrictions.\nOur cash provided from operating activities is somewhat impacted by seasonality. Working capital needs are impacted by weekly sales, which are generally highest in the fourth quarter due to seasonal and holiday-related sales patterns. We consider, on a continuing basis, various transactions to increase shareholder value and enhance our business results, including acquisitions, divestitures, joint ventures, share repurchases, and other structural changes. These transactions may result in future cash proceeds or payments.\nSources of Liquidity (amounts in millions)\n\n | For the Years Ended | December 31, | \n------------------------------------------------------------------------ | ------------------- | ------------ | -------------------\n | 2019 | 2018 | Increase (Decrease)\nNet cash provided by operating activities | $1,831 | $1,790 | $41 \nNet cash used in investing activities | (22) | (230) | 208 \nNet cash used in financing activities | (237) | (2,020) | 1,783 \nEffect of foreign exchange rate changes | (3) | (31) | 28 \nNet increase (decrease) in cash and cash equivalents and restricted cash | $1,569 | $(491) | $2,060 "} {"_id": "d1b35133e", "title": "", "text": "Total Deferred Revenue\nThe adoption of ASC Topic 606 required a change to the definition of unbilled deferred revenue and new qualitative and quantitative disclosures around our performance obligations. Unbilled deferred revenue represents contractually stated or committed orders under early renewal and multi-year billing plans primarily for subscription, services and maintenance for which the associated deferred revenue has not been recognized. Under ASC Topic 606, unbilled deferred revenue is not included as a receivable or deferred revenue on our Consolidated Balance Sheet. See Part II, Item 8, Note 2, \u201cRevenue Recognition\u201d for more details on Autodesk's performance obligations.\nWe expect that the amount of billed and unbilled deferred revenue will change from quarter to quarter for several reasons, including the specific timing, duration and size of customer subscription and support agreements, varying billing cycles of such agreements, the specific timing of customer renewals, and foreign currency fluctuations\n\n | January 31, 2019 | | January 31, 2018\n------------------------- | ---------------- | -------- | ----------------\n(in millions) | ASC 606 | ASC 605 | ASC 605 \nDeferred revenue | $2,091.4 | $2,269.2 | $1,955.1 \nUnbilled deferred revenue | 591.0 | 491.6 | 326.4 \nTotal deferred revenue | $2,682.4 | $2,760.8 | $2,281.5 "} {"_id": "d1b363ea8", "title": "", "text": "Interest and Other Income (Loss), Net\nInterest Income (Expense), Net The following table summarizes interest income and interest expense (in millions):\nInterest income decreased, driven by a decrease in the average balance of cash and available-for-sale debt investments. The decrease in interest expense was driven by a lower average debt balance, partially offset by the impact of higher effective interest rates.\n\n | | Years Ended | | 2019 vs. 2018 \n------------------------------ | ------------- | ------------- | ------------- | -------------------\n | July 27, 2019 | July 28, 2018 | July 29, 2017 | Variance in Dollars\nInterest income | $1,308 | $1,508 | $1,338 | $(200) \nInterest expense | (859) | (943) | (861) | 84 \nInterest income (expense), net | $449 | $565 | $477 | $(116) "} {"_id": "d1b376b5c", "title": "", "text": "15. Income Taxes\nNielsen provides for income taxes utilizing the asset and liability method of accounting for income taxes. Under this method, deferred income taxes are recorded to reflect the tax consequences in future years of differences between the tax basis of assets and liabilities and their financial reporting amounts at each balance sheet date, based on enacted tax laws and statutory tax rates applicable to the periods in which the differences are expected to affect taxable income. If it is determined that it is more likely than not that future tax benefits associated with a deferred tax asset will not be realized, a valuation allowance is provided. The effect on deferred tax assets and liabilities of a change in the tax rates is recognized in the consolidated statements of operations as an adjustment to income tax expense in the period that includes the enactment date.\nThe Company records a liability for unrecognized tax benefits resulting from uncertain tax positions taken or expected to be taken in a tax return. Such tax positions are, based solely on their technical merits, more likely than not to be sustained upon examination by taxing authorities and reflect the largest amount of benefit, determined on a cumulative probability basis that is more likely than not to be realized upon settlement with the applicable taxing authority with full knowledge of all relevant information. The Company recognizes interest and penalties, if any, related to unrecognized tax benefits in income tax expense.\nOn December 22, 2017, the TCJA was signed into law and significantly changed the way the U.S. taxes corporations. The TCJA reduced the U.S. federal corporate income tax rate from 35 percent to 21 percent and created a territorial-style taxing system. The TCJA required companies to pay a one-time transition tax on earnings of certain foreign subsidiaries that were previously deferred and also created new taxes on certain types of foreign earnings. As of December 31, 2017, we made a reasonable estimate of the (a) effects on our existing deferred tax balances, and (b) the one-time transition tax. Consequently, our fourth quarter of 2017 and full year 2017 results of operations reflected a non-cash provisional net expense of $104 million. We finalized our accounting for the TCJA in December of 2018 and our results for the fourth quarter of 2018 and full year 2018 results of operations reflect, in accordance with SAB 118, a reduction in tax expense of $252 million as an adjustment to the 2017 provisional expense. This was primarily comprised of a net tax benefit of $57 million relating to finalizing the calculation of the transition tax (including withholding taxes) together with a net tax benefit of $195 million associated with the re-measurement of our deferred taxes.\nThe TCJA imposed a U.S. tax on global intangible low taxed income (\u201cGILTI\u201d) that is earned by certain foreign affiliates owned by a U.S. shareholder and was intended to tax earnings of a foreign corporation that are deemed to be in excess of certain threshold return. As of December 31, 2018, Nielsen made a policy decision and elected to treat taxes on GILTI as a current period expense and have reflected as such within the financial statements as of December 31, 2019 as well.\nAs part of an intercompany restructuring during the year ended December 31, 2018, we transferred certain intellectual property assets between wholly- owned legal entities in non-U.S. tax jurisdictions. As the impact of the transfer was the result of an intra-entity transaction, the resulting gain on the transfer was eliminated for purposes of the consolidated financial statements. The transferring entity recognized a gain on the transfer of assets that was not subject to income tax in its local jurisdiction. In accordance with ASU 2016-16, which the Company adopted in the first quarter of 2018, and as further described in Note 1. \u201cSignificant Accounting Policies\u201d, Nielsen recorded an income tax benefit of approximately $193 million.\nThroughout 2019, ongoing federal and international audits were effectively settled in certain tax jurisdictions and the impact was recorded accordingly the financial statements.\nThe components of income/(loss) before income taxes and equity in net income of affiliates, were:\nThe above amounts for UK and non-UK activities were determined based on the location of the taxing authorities.\n\n | Year Ended December 31, | | \n------------------------------------------------------------------------------- | ----------------------- | ------ | ----\n(IN MILLIONS) | 2019 | 2018 | 2017\nUK | $(30) | $3 | $27 \nNon-UK | (633) | (885) | 801 \nIncome/(loss) before income taxes and equity in net income/(loss) of affiliates | $(663) | $(882) | $828"} {"_id": "d1b324668", "title": "", "text": "The Group reported a loss before tax of \u00a3(42.7)m in the year, compared to a profit before tax of \u00a320.9m in 2017/18. A loss after tax was \u00a3(33.8)m, compared to a \u00a37.2m profit in the prior year.\nAdjusted profit before tax was \u00a388.0m in the year, an increase of \u00a39.4m compared to the prior year due to growth both in Trading profit and lower interest costs as described above. Adjusted profit after tax increased \u00a37.6m to \u00a371.3m in the year after deducting a notional 19.0% tax charge of \u00a316.7m. Based on average shares in issue of 841.5 million shares, adjusted earnings per share in the year was 8.5 pence, growth in the year of +11.5%.\n\nAdjusted earnings per share (\u00a3m) | 2018/19 | 2017/18 | Change \n----------------------------------- | ------- | ------- | -------\nTrading profit | 128.5 | 123.0 | +4.5% \nLess: Net regular interest | (40.5) | (44.4) | +8.9% \nAdjusted profit before tax | 88.0 | 78.6 | +12.1% \nLess: Notional tax (19%) | (16.7) | (14.9) | (12.1%)\nAdjusted profit after tax6 | 71.3 | 63.7 | +12.1% \nAverage shares in issue (millions) | 841.5 | 836.8 | +0.6% \nAdjusted earnings per share (pence) | 8.5 | 7.6 | +11.5% "} {"_id": "d1b31812e", "title": "", "text": "As stock-based compensation expense recognized in the consolidated statements of operations is based on awards ultimately expected to vest, expense for grants beginning upon adoption on October 1, 2005 has been reduced for estimated forfeitures. Forfeitures are estimated at the time of grant and revised, if necessary, in subsequent periods if actual forfeitures differ from those estimates. The forfeiture rates for the years ended September 30, 2019 and 2018 were based on actual forfeitures.\nNo cash was used to settle equity instruments granted under share-base payment arrangements in any of the years in the two-year period ended September 30, 2019.\nThe following tables provide summary data of stock option award activity:\n\n | Number of shares | Weighted average exercise price | Weighted average remaining contractual term | Aggregate Intrinsic Value (in thousands)\n------------------------------------------------- | ---------------- | ------------------------------- | ------------------------------------------- | ----------------------------------------\nOutstanding at September 30, 2017 | 9,376 | 4.49 | - | - \nGranted | - | - | - | - \nExpired | (1,250) | 6.82 | - | - \nForfeited | - | - | - | - \nExercised | (4,626) | 4.67 | - | - \nOutstanding at September 30, 2018 | 3,500 | $3.42 | - | - \nGranted | - | - | - | - \nExpired | (500) | $2.99 | - | - \nForfeited | - | - | - | - \nExercised | (1,000) | 2.99 | - | - \nOutstanding at September 30, 2019 | 2,000 | $3.75 | .98 years | $19 \nExercisable at September 30, 2019 | 2,000 | $3.75 | .98 years | $19 \nVested and expected to vest at September 30, 2019 | 2,000 | $3.75 | .98 years | $19 "} {"_id": "d1b37a89c", "title": "", "text": "As lessee \u2014 We lease restaurants and other facilities, which generally have renewal clauses of 1 to 20 years exercisable at our option. In some instances, these leases have provisions for contingent rentals based upon a percentage of defined revenues. Many of our restaurant and other facility leases also have rent escalation clauses and require the payment of property taxes, insurance, and maintenance costs. We also lease certain restaurant and office equipment. Minimum rental obligations are accounted for on a straight-line basis over the term of the initial lease, plus lease option terms for certain locations.\nThe components of rent expense were as follows in each fiscal year (in thousands):\n\n | 2019 | 2018 | 2017 \n------------------------------------------- | --------- | --------- | ---------\nMinimum rentals | $184,587 | $184,106 | $185,696 \nContingent rentals | 2,255 | 2,221 | 2,419 \nTotal rent expense | 186,842 | 186,327 | 188,115 \nLess rental expense on subleased properties | (170,651) | (162,640) | (145,728)\nNet rent expense | $16,191 | $23,687 | $42,387 "} {"_id": "d1b39fe30", "title": "", "text": "DSUs\nEligible bonuses and RSUs/PSUs may be paid in the form of DSUs when executives or other eligible employees elect to or are required to participate in the plan. The value of a DSU at the issuance date is equal to the value of one BCE common share. For non-management directors, compensation is paid in DSUs until the minimum share ownership requirement is met; thereafter, at least 50% of their compensation is paid in DSUs. There are no vesting requirements relating to DSUs. Dividends in the form of additional DSUs are credited to the participant\u2019s account on each dividend payment date and are equivalent in value to the dividends paid on BCE common shares. DSUs are settled when the holder leaves the company.\nThe following table summarizes the status of outstanding DSUs at December\u00a031,\u00a02019 and 2018.\n(1) The weighted average fair value of the DSUs issued was $59\u00a0in\u00a02019 and $55\u00a0in 2018.\n\nNUMBER OF DSUs | 2019 | 2018 \n------------------------ | --------- | ---------\nOutstanding, January 1 | 4,391,997 | 4,309,528\nIssued\u2009(1) | 84,588 | 94,580 \nSettlement of RSUs/PSUs | 146,960 | 112,675 \nDividends credited | 236,079 | 240,879 \nSettled | (236,525) | (365,665)\nOutstanding, December 31 | 4,623,099 | 4,391,997"} {"_id": "d1b364470", "title": "", "text": "Customer Contract - Related Balance Sheet Amounts\nThe Company generally invoices customers in annual installments payable in advance. The difference between the timing of revenue recognition and the timing of billings results in the recognition of unbilled accounts receivable or deferred revenue in the consolidated balance sheets. Amounts related to customer contract-related arrangements are included on the consolidated balance sheets as of August 1, 2018 and July 31, 2019 as follows (in thousands):\n(1) The short- and long-term portions of this balance are reported in \u2018Prepaid expenses and other current assets\u2019 and \u2018Other assets,\u2019 respectively, on the consolidated balance sheets.\nUnbilled accounts receivable\nUnbilled accounts receivable includes those amounts that are unbilled due to agreed-upon contractual terms in which billing occurs subsequent to revenue recognition. This situation typically occurs when the Company transfers control of time-based software licenses to customers up-front, but invoices customers annually over the term of the license, which is typically two years.\nDuring the fiscal year ended July 31, 2019, the Company transferred control of a ten year timebased license that resulted in $9.7 million of unbilled accounts receivable as of July 31, 2019, representing future billings in years two through ten of the license term.\nUnbilled accounts receivable is classified as either current or non-current based on the duration of remaining time between the date of the consolidated balance sheets and the anticipated due date of the underlying receivables.\nContract costs\nContract costs consist of customer acquisition costs and costs to fulfill a contract, which includes commissions and their related payroll taxes, royalties, and referral fees. Contract costs are classified as either current or non-current based on the duration of time remaining between the date of the consolidated balance sheets and the anticipated amortization date of the associated costs.\nThe current portion of contract costs as of July 31, 2019 in the amount of $7.0 million is included in prepaid and other current assets on the Company\u2019s consolidated balance sheets. The non-current portion of contract costs as of July 31, 2019 in the amount of $23.4 million is included in other assets on the Company\u2019s consolidated balance sheets. The Company amortized $5.5 million of contract costs during the fiscal year ended July 31, 2019.\nDeferred revenue\nDeferred revenue consists of amounts that have been invoiced and for which the Company has the right to bill, but that have not been recognized as revenue because the related goods or services have not been transferred. Deferred revenue that will be realized during the 12-month period following the date of the consolidated balance sheets is recorded as current, and the remaining deferred revenue is recorded as non-current.\nDuring the fiscal year ended July 31, 2019, the Company recognized revenue of $112.2 million related to the Company\u2019s deferred revenue balance as of August 1, 2018.\n\n | Beginning balance as of\nAugust 1, 2018 as adjusted | Ending balance as of July 31, 2019 as reported\n--------------------------------- | -------------------------------------------------- | ----------------------------------------------\nUnbilled accounts receivable, net | $ 28,762 | 46,103 \nContract costs, net(1) | 12,932 | 30,390 \nDeferred revenue, net | (141,685) | (131,831) "} {"_id": "d1a729e44", "title": "", "text": "Adjusted Revenue has limitations as a financial measure, should be considered as supplemental in nature, and is not meant as a substitute for the related financial information prepared in accordance with GAAP. These limitations include the following:\n\u2022 Adjusted Revenue is net of transaction-based costs, which is our largest cost of revenue item; \u2022 Adjusted Revenue is net of bitcoin costs, which could be a significant cost; \u2022 The deferred revenue adjustment that is added back to Adjusted Revenue will never be recognized as revenue by the Company; and \u2022 other companies, including companies in our industry, may calculate Adjusted Revenue differently or not at all, which reduces its usefulness as a comparative measure.\nBecause of these limitations, you should consider Adjusted Revenue alongside other financial performance measures, including total net revenue and our financial results presented in accordance with GAAP.\nThe following table presents a reconciliation of total net revenue to Adjusted Revenue for each of the periods indicated:\n\n | | | Year Ended December 31, | | \n--------------------------------------------------------------- | ---------- | ---------- | ----------------------- | ---------- | --------\n | 2018 | 2017 | 2016 | 2015 | 2014 \n | | | (in thousands) | | \nTotal net revenue | $3,298,177 | $2,214,253 | $1,708,721 | $1,267,118 | $850,192\nLess: Starbucks transaction-based revenue | \u2014 | \u2014 | 78,903 | 142,283 | 123,024 \nLess: transaction-based costs | 1,558,562 | 1,230,290 | 943,200 | 672,667 | 450,858 \nLess: bitcoin costs | 164,827 | \u2014 | \u2014 | \u2014 | \u2014 \nAdd: deferred revenue adjustment related to purchase accounting | $12,853 | $\u2014 | $\u2014 | $\u2014 | $\u2014 \nAdjusted Revenue | $1,587,641 | $983,963 | $686,618 | $452,168 | $276,310"} {"_id": "d1a732ce2", "title": "", "text": "Noncurrent Assets and Liabilities\nThe increase in noncurrent assets of $39,531 million ($39,470 million adjusted for currency) was driven by: \u2022 A net increase in goodwill and net intangible assets of $34,104 million ($34,058 million adjusted for currency) due to the acquisition of Red Hat; and \u2022 An increase in operating right-of-use assets of $4,996 million ($5,010 million adjusted for currency) as a result of the adoption of the new leasing standard on January 1, 2019; and\u2022 An increase in prepaid pension assets of $2,199 million ($2,152 million adjusted for currency) driven by higher returns on plan assets and plan remeasurements; partially offset by \u2022 A decrease in net property, plant and equipment of $782 million ($785 million adjusted for currency).\nLong-term debt increased $18,497 million ($18,550 million adjusted for currency) primarily driven by: \u2022 Issuances of $26,081 million; partially offset by \u2022 Reclassifications to short-term debt of $7,592 million to reflect upcoming maturities.\nNoncurrent liabilities (excluding debt) increased $6,778 million ($6,911 million adjusted for currency) primarily driven by: \u2022 An increase in long-term operating lease liabilities of $3,879 million ($3,893 million adjusted for currency) as a result of the adoption of the new leasing standard on January 1, 2019; and \u2022 An increase in other liabilities of $2,352 million ($2,320 million adjusted for currency), primarily driven by increases in deferred tax liabilities of $1,534 million and income tax reserves of $923 million.\n\n($ in millions) | | \n--------------------------------------- | -------- | -------\nAt December 31: | 2019 | 2018 \nNoncurrent assets | $113,767 | $74,236\nLong-term debt | $ 54,102 | $35,605\nNoncurrent liabilities (excluding debt) | $ 39,398 | $32,621"} {"_id": "d1b35881e", "title": "", "text": "FINANCIAL CONDITION, LIQUIDITY AND CAPITAL RESOURCES\nAll currency amounts are in millions unless specified\nSelected cash flows for the years ended December 31, 2019, 2018 and 2017 are as follows:\nOperating activities\u2014The growth in cash provided by operating activities in 2019 and in 2018 was primarily due to increased earnings net of non-cash expenses, partially offset by higher cash taxes paid in 2019, most notably cash taxes paid on the gain on sale of the Imaging businesses.\nInvesting activities\u2014Cash used in investing activities during 2019 was primarily for business acquisitions, most notably iPipeline and Foundry, partially offset by proceeds from the disposal of the Gatan business and the Imaging businesses. Cash used in investing activities during 2018 was primarily for business acquisitions, most notably PowerPlan.\nFinancing activities\u2014Cash provided by/(used in) financing activities in all periods presented was primarily debt repayments/ borrowings as well as dividends paid to stockholders. Cash provided by financing activities during 2019 was primarily from the issuance of $1.2 billion of senior notes partially offset by $865.0 of revolving debt repayments and to a lesser extent dividend payments. Cash used in financing activities during 2018 was primarily from the pay-down of revolving debt borrowings of $405.0, partially offset by the net issuance of senior notes of $200.0 and dividends paid to shareholders.\nNet working capital (current assets, excluding cash, less total current liabilities, excluding debt) was negative $505.4 at December 31, 2019 compared to negative $200.4 at December 31, 2018, due primarily to increased income taxes payable, deferred revenue, and the adoption of ASC 842, partially offset by increased accounts receivable. The increase in income taxes payable is due primarily to the approximately $200.0 of taxes incurred on the gain associated with the divestiture of Gatan. We expect to pay these taxes in the second quarter of 2020. The deferred revenue increase is due to a higher percentage of revenue from software and subscription-based services.\nTotal debt excluding unamortized debt issuance costs was $5.3 billion at December 31, 2019 (35.9% of total capital) compared to $5.0 billion at December 31, 2018 (39.1% of total capital). Our increased total debt at December 31, 2019 compared to December 31, 2018 was due primarily to the issuance of $500.0 of 2.35% senior unsecured notes and $700.0 of 2.95% senior unsecured notes, partially offset by the pay-down of revolving debt borrowings of $865.0.\nOn September 23, 2016, we entered into a five-year unsecured credit facility, as amended as of December 2, 2016 (the \u201c2016 Facility\u201d) with JPMorgan Chase Bank, N.A., as administrative agent, and a syndicate of lenders, which replaced our previous unse- cured credit facility, dated as of July 27, 2012, as amended as of October 28, 2015 (the \u201c2012 Facility\u201d). The 2016 Facility comprises a five year $2.5 billion revolving credit facility, which includes availability of up to $150.0 for letters of credit. We may also, subject to compliance with specified conditions, request term loans or additional revolving credit commitments in an aggregate amount not to exceed $500.0.\nThe 2016 Facility contains various affirmative and negative covenants which, among other things, limit our ability to incur new debt, enter into certain mergers and acquisitions, sell assets and grant liens, make restricted payments (including the payment of dividends on our common stock) and capital expenditures, or change our line of business. We also are subject to financial cove- nants which require us to limit our consolidated total leverage ratio and to maintain a consolidated interest coverage ratio. The most restrictive covenant is the consolidated total leverage ratio which is limited to 3.5 to 1.\nThe 2016 Facility provides that the consolidated total leverage ratio may be increased, no more than twice during the term of the 2016 Facility, to 4.00 to 1 for a consecutive four quarter fiscal period per increase (or, for any portion of such four quarter fiscal period in which the maximum would be 4.25 to 1). In conjunction with the Deltek acquisition in December of 2016, we increased the maximum consolidated total leverage ratio covenant to 4.25 to 1 through June 30, 2017 and 4.00 to 1 through December 31, 2017.\nAt December 31, 2019, we had $5.3 billion of senior unsecured notes and $0.0 of outstanding revolver borrowings. In addition, we had $7.7 of other debt in the form of finance leases and several smaller facilities that allow for borrowings or the issuance of letters of credit in foreign locations to support our non-U.S. businesses. We had $74.0 of outstanding letters of credit at December 31, 2019, of which $35.8 was covered by our lending group, thereby reducing our revolving credit capacity commensurately.\nWe may redeem some or all of our senior secured notes at any time or from time to time, at 100% of their principal amount, plus a make-whole premium based on a spread to U.S. Treasury securities.\nWe were in compliance with all debt covenants related to our credit facility throughout the years ended December 31, 2019 and 2018.\nSee Note 8 of the Notes to Consolidated Financial Statements included in this Annual Report for additional information regarding our credit facility and senior notes.\nCash and cash equivalents at our foreign subsidiaries at December 31, 2019 totaled $291.8 as compared to $339.0 at December 31, 2018, a decrease of 13.9%. The decrease was due primarily to the repatriation of $290.6 during the year and cash used in the acquisition of Foundry, partially offset by cash generated from foreign operations. We intend to repatriate substantially all historical and future earnings subject to the deemed repatriation tax.\nCapital expenditures of $52.7, $49.1 and $48.8 were incurred during 2019, 2018 and 2017, respectively. Capitalized software expenditures of $10.2, $9.5 and $10.8 were incurred during 2019, 2018 and 2017, respectively. Capital expenditures and capitalized software expenditures were relatively consistent in 2019 as compared to 2018 and 2017. In the future, we expect the aggregate of capital expenditures and capitalized software expenditures as a percentage of annual net revenues to be between 1.0% and 1.5%.\n\n | 2019 | 2018 | 2017 \n--------------------------- | --------- | --------- | ---------\nCash provided by/(used in): | | | \nOperating activities | $ 1,461.8 | $ 1,430.1 | $ 1,234.5\nInvesting activities | (1,296.0) | (1,335.1) | (209.6) \nFinancing activities | 177.0 | (388.1) | (1,170.0)"} {"_id": "d1b3c31be", "title": "", "text": "CUSTOMER STATISTICS\n(1) Excludes 251,379 primary services units (130,404 Internet services, 87,873 video services and 33,102 telephony services) from the MetroCast acquisition completed in the second quarter of fiscal 2018.\n(2) As a percentage of homes passed.\n(3) In the first quarter of fiscal 2019, the number of homes passed in the American broadband services segment have been adjusted upwards in order to reflect the number of non-served multi-dwelling unit passings within the footprint and consequently, the penetration as a percentage of homes passed for fiscal 2018 have also been adjusted.\nINTERNET Fiscal 2019 Internet service customers net additions stood at 21,189 compared to 21,417 for the prior year as a result of: \u2022 additional connects related to the Florida expansion initiatives and in the MetroCast footprint; \u2022 our customers' ongoing interest in high speed offerings; and \u2022 growth in both the residential and business sectors.\nVIDEO Fiscal 2019 video service customers net losses stood at 4,697 compared to 6,760 for the prior year mainly from: \u2022 competitive offers in the industry; and \u2022 a changing video consumption environment; partly offset by \u2022 our customers' ongoing interest in TiVo's digital advanced video services; and \u2022 the activation of bulk properties in Florida during the fourth quarter of fiscal 2019.\nTELEPHONY Fiscal 2019 telephony service customers net additions stood at 489 compared to 5,594 for the prior year mainly as a result of the growth in the business sector, partly offset by a decline in the residential sector.\nDISTRIBUTION OF CUSTOMERS At August 31, 2019, 52% of the American broadband services segment's customers enjoyed \"double play\" or \"triple play\" bundled services.\n\n | | Net additions (losses) | | % of penetration(2)(3) | \n--------------------------- | --------------- | ---------------------- | ------------------- | ---------------------- | -------------------\n | August 31, 2019 | August 31, 2019 | August 31, 2018 (1) | August 31, 2019 | August 31, 2018 (3)\nPrimary service units | 901,446 | 16,981 | 20,251 | | \nInternet service customers | 446,137 | 21,189 | 21,417 | 50.8 | 49.7 \nVideo service customers | 312,555 | (4,697) | (6,760) | 35.6 | 37.1 \nTelephony service customers | 142,754 | 489 | 5,594 | 16.2 | 16.6 "} {"_id": "d1b3b29c2", "title": "", "text": "6. Taxation\nThis note explains how our Group tax charge arises. The deferred tax section of the note also provides information on our expected future tax charges and sets out the tax assets held across the Group together with our view on whether or not we expect to be able to make use of these in the future.\nAccounting policies\nIncome tax expense represents the sum of the current and deferred taxes.\nCurrent tax payable or recoverable is based on taxable profit for the year. Taxable profit differs from profit as reported in the income statement because some items of income or expense are taxable or deductible in different years or may never be taxable or deductible. The Group\u2019s liability for\u00a0current tax is calculated using tax rates and laws that have been enacted or substantively enacted by the reporting period date.\nThe Group recognises provisions for uncertain tax positions when the Group has a present obligation as a result of a past event and management judge that it is probable that there will be a future outflow of economic benefits from the Group to settle the obligation. Uncertain tax positions are assessed and measured on an issue by issue basis within the jurisdictions that we operate using management\u2019s estimate of the most likely outcome. The Group recognises interest on late paid taxes as part of financing costs, and any penalties, if applicable, as part of the income tax expense.\nDeferred tax is the tax expected to be payable or recoverable in the future arising from temporary differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. It is accounted for using the statement of financial position liability method. Deferred tax liabilities are generally recognised for all taxable temporary differences and deferred tax assets are recognised to the extent that it is probable that temporary differences or taxable profits will be available against which deductible temporary differences can be utilised.\nSuch assets and liabilities are not recognised if the temporary difference arises from the initial recognition (other than in a business combination) of assets and liabilities in a transaction that affects neither the taxable profit nor the accounting profit. Deferred tax liabilities are not recognised to the\u00a0extent they arise from the initial recognition of non-tax deductible goodwill.\nDeferred tax liabilities are recognised for taxable temporary differences arising on investments in subsidiaries and associates, and interests in joint arrangements, except where the Group is able to control the reversal of the temporary difference and it is probable that the temporary difference will not reverse in the foreseeable future\nThe carrying amount of deferred tax assets is reviewed at each reporting period date and adjusted to reflect changes in the Group\u2019s assessment that sufficient taxable profits will be available to allow all or part of the asset to be recovered.\nDeferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset realised, based on tax rates that have been enacted or substantively enacted by the reporting period date.\nTax assets and liabilities are offset when there is a legally enforceable right to set off current tax assets against current tax liabilities and when they either relate to income taxes levied by the same taxation authority on either the same taxable entity or on different taxable entities which intend to settle the current tax assets and liabilities on a net basis\nTax is charged or credited to the income statement, except when it relates to items charged or credited to other comprehensive income or directly to equity, in which case the tax is recognised in other comprehensive income or in equity\nNote: 1 The income statement tax charge includes tax relief on capitalised interest\nUK operating profits are more than offset by statutory allowances for capital investment in the UK network and systems plus ongoing interest costs including those arising from the \u20ac10.3 billion of spectrum payments to the UK government in 2000 and 2013.\n\nIncome tax expense | | | \n------------------------------------------------------------------ | ----- | ------- | -----\n | 2019 | 2018 | 2017 \n | \u20acm | \u20acm | \u20acm \nUnited Kingdom corporation tax expense/(credit): | | | \nCurrent year1 | 21 | 70 | 27 \nAdjustments in respect of prior years | (9) | (5) | (3) \n | 12 | 65 | 24 \nOverseas current tax expense/(credit): | | | \nCurrent year | 1,098 | 1,055 | 961 \nAdjustments in respect of prior years | (48) | (102) | (35) \n | 1,050 | 953 | 926 \nTotal current tax expense | 1,062 | 1,018 | 950 \nDeferred tax on origination and reversal of temporary differences: | | | \nUnited Kingdom deferred tax | (232) | 39 | (16) \nOverseas deferred tax | 666 | (1,936) | 3,830\nTotal deferred tax expense/(credit) | 434 | (1,897) | 3,814\nTotal income tax expense/(credit) | 1,496 | (879) | 4,764"} {"_id": "d1b33856e", "title": "", "text": "Share Based Compensation Expense\nShare-based compensation expense recognized in the financial statements by line item caption is as follows (in thousands):\nThe amount of share-based compensation expense capitalized in inventory has been immaterial for each of the periods presented.\n\n | | Year Ended | \n--------------------------------------- | ------------- | ------------- | -------------\n | June 30,\n2019 | June 30,\n2018 | June 30,\n2017\nCost of product revenue | $844 | $564 | $333 \nCost of service revenue | 1,639 | 1,131 | 589 \nResearch and development | 10,443 | 7,642 | 3,312 \nSales and marketing | 11,747 | 9,843 | 4,253 \nGeneral and administrative | 8,224 | 8,453 | 4,146 \nTotal share-based compensation expense | $32,897 | $27,633 | $12,633 "} {"_id": "d1b2ed03c", "title": "", "text": "Restricted Stock Unit Award Plans\nWe have two Restricted Stock Unit Award Plans for our employees and non-employee directors, a 2017 Restricted Stock Unit Award Plan (the \u201c2017 RSU Plan\u201d) and a 2014 Restricted Stock Unit Award Plan (the \u201c2014 RSU Plan\u201d). Vesting of an RSU entitles the holder to receive a share of our common stock on a distribution date. Our non-employee director awards allow for non-employee directors to receive payment in cash, instead of stock, for up to 40% of each RSU award. The portion of the RSU awards subject to cash settlement are recorded as a liability in the Company\u2019s consolidated balance sheet as they vest and being marked-to-market each reporting period until they are distributed. The liability was $29 thousand and $11 thousand at December 31, 2019 and 2018, respectively.\nThe compensation cost to be incurred on a granted RSU without a cash settlement option is the RSU\u2019s fair value, which is the market price of our common stock on the date of grant, less its exercise cost. The compensation cost is amortized to expense and recorded to additional paid-in capital over the vesting period of the RSU award.\nA summary of the grants under the RSU Plans as of December 31, 2019 and 2018, and for the year then ended consisted of the following (in thousands):\n\n | | Year Ended | December 31, | \n-------------------- | --------- | ----------- | ------------ | -----------\n | 2019 | | 2018 | \n | Number of | Number of | Number of | Number of \n | RSUs | Vested RSUs | RSUs | Vested RSUs\nOutstanding, Jan. 1 | 951 | 459 | 462 | 262 \nGranted | 333 | - | 759 | - \nDistributed | (267) | (267) | (262) | (262) \nVested | - | 825 | - | 459 \nForfeited | - | - | (8) | - \nOutstanding, Dec. 31 | 1,017 | 1,017 | 951 | 459 "} {"_id": "d1b3b229c", "title": "", "text": "The following table shows the principal reasons for the difference between the effective income tax rate and the statutory federal income tax rate:\nThe effective income tax rate for 2019 was 13.0% compared to 18.3% for 2018. The decrease in the effective income tax rate and the provision for income taxes was primarily due to the recognition of approximately $2.2 billion of a non-recurring tax benefit in connection with the disposition of preferred stock, representing a minority interest in a foreign affiliate in 2019 compared to the non-recurring deferred tax benefit of approximately $2.1 billion,\nas a result of an internal reorganization of legal entities within the historical Wireless business, which was offset by a goodwill charge that is not deductible for tax purposes in 2018.\nThe effective income tax rate for 2018 was 18.3% compared to (48.3)% for 2017. The increase in the effective income tax rate and the provision for income taxes was primarily due to the non-recurring, non-cash income tax benefit of $16.8 billion recorded in 2017 for the re-measurement of U.S. deferred tax liabilities at the lower 21% U.S. federal corporate income tax rate, as a result of the enactment of the TCJA on December 22, 2017.\nIn addition, the provision for income taxes for 2018 includes the tax impact of the Media goodwill impairment charge not deductible for tax purposes, offset by the reduction in the statutory U.S federal corporate income tax rate from 35% to 21%, effective January 1, 2018 under the TCJA and a non-recurring deferred tax benefit of approximately $2.1 billion as a result of an internal reorganization of legal entities within the historical Wireless business.\nIn December 2017, the Securities and Exchange Commission staff issued Staff Accounting Bulletin (SAB) 118 to provide guidance for companies that had not completed their accounting for the income tax effects of the TCJA. Due to the complexities involved in accounting for the enactment of the TCJA, SAB 118 allowed for a provisional estimate of the impacts of the TCJA in our earnings for the year ended December 31, 2017, as well as up to a one year measurement period that ended on December 22, 2018, for any subsequent adjustments to such provisional estimate. In 2018, Verizon completed its analysis of the impacts of the TCJA, including analyzing the effects of any IRS and U.S. Treasury guidance issued, and state tax law changes enacted, within the one year measurement period resulting in no significant adjustments to the $16.8 billion provisional amount recorded in December 2017.\n\nYears Ended December 31, | 2019 | 2018 | 2017 \n------------------------------------------------------------ | ----- | ----- | -------\nStatutory federal income tax rate | 21.0% | 21.0% | 35.0% \nState and local income tax rate, net of federal tax benefits | 3.7 | 3.7 | 1.6 \nPreferred stock disposition | (9.9) | \u2014 | \u2014 \nAffordable housing credit | (0.4) | (0.6) | (0.6) \nEmployee benefits including ESOP dividend | (0.3) | (0.3) | (0.5) \nImpact of tax reform re-measurement | \u2014 | \u2014 | (81.6) \nInternal restructure | \u2014 | (9.1) | (0.6) \nNoncontrolling interests | (0.5) | (0.5) | (0.6) \nNon-deductible goodwill | 0.1 | 4.7 | 1.0 \nOther, net | (0.7) | (0.6) | (2.0) \nEffective income tax rate | 13.0% | 18.3% | (48.3)%"} {"_id": "d1b32c61a", "title": "", "text": "6 Other assets (continued)\n(a) Security deposits\nIncluded in the security deposits was $8.8 million (2018: $4.2 million) relating to deposits held as security for bank guarantees.\n(b) Customer incentives\nWhere customers are offered incentives in the form of free or discounted periods, the dollar value of the incentive is capitalised and amortised on a straight-line basis over the expected life of the contract.\n(c) Contract Costs\nFrom 1 July 2018, eligible costs that are expected to be recovered will be capitalised as a contract cost and amortised over the expected customer life.\n\n | | 30 June 2019 | 30 June 2018\n----------------------------- | ---- | ------------ | ------------\n | Note | $'000 | $'000 \nCURRENT | | | \nPrepayments | | 2,631 | 3,827 \nCapitalised transaction costs | | 1,496 | - \nSecurity deposits | 6(a) | 8,822 | 4,151 \nCustomer incentives | 6(b) | 625 | 764 \nOther current assets | | 412 | 412 \nContract costs 6(c) | 6(c) | 446 | - \nTotal other assets - current | | 14,432 | 9,154 "} {"_id": "d1b375cb6", "title": "", "text": "ITEM 6. SELECTED FINANCIAL DATA\nThe selected financial data presented below has been derived from our audited consolidated financial statements. This data should be read in conjunction with \u201cItem 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations\u201d and \u201cItem 8. Financial Statements and Supplementary Data\u201d of this Annual Report.\n(2) We retrospectively adopted ASU 2014-09, \u201cRevenue from Contracts with Customers (Topic 606)\u201d in 2018. As a result, we have adjusted balances for 2017 and 2016. We have not adjusted 2015 for ASU 2014-09.\n(3) On January 1, 2019, we adopted Accounting Standards Codification 842 \u201cLeases\u201d (\u201cASC 842\u201d) using the modified retrospective method, reflecting any cumulative effect as an adjustment to equity. Results for reporting periods beginning on or after January 1, 2019 are presented under ASC 842, while prior period amounts were not adjusted and continue to be reported in accordance with the Company\u2019s historical accounting under ASC 840 \u201cLeases.\u201d\n\n | | December 31. | | | \n------------------------------------------------------- | -------- | ------------ | ---------- | -------- | --------\n(in thousands) | 2019 | 2018 | 2017 | 2016 | 2015 \nConsolidated Balance Sheet Data (2) (3): | | | | | \nTotal cash, cash equivalents, and marketable securities | $68,363 | $207,423 | $223,748 | $133,761 | $219,078\nGoodwill | $79,039 | $72,858 | $72,952 | $73,164 | $46,776 \nTotal assets | $984,812 | $982,553 | $1,012,753 | $867,135 | $627,758\nTotal stockholders\u2019 equity | $539,010 | $621,531 | $655,870 | $548,940 | $322,859"} {"_id": "d1a72949e", "title": "", "text": "Products\nThe Registrant has the ability to produce a wide range of processed chicken products and prepared chicken items.\nProcessed chicken is first salable as an ice-packed, whole chicken. The Registrant adds value to its ice-packed, whole chickens by removing the giblets, weighing, packaging and labeling the product to specific customer requirements and cutting and deboning the product based on customer specifications. The additional processing steps of giblet removal, close tolerance weighing and cutting increase the value of the product to the customer over whole, ice-packed chickens by reducing customer handling and cutting labor and capital costs, reducing the shrinkage associated with cutting, and ensuring consistently sized portions.\nThe Registrant adds additional value to the processed chicken by deep chilling and packaging whole chickens in bags or combinations of fresh chicken parts, including boneless product, in various sized, individual trays under the Registrant\u2019s brand name, which then may be weighed and pre-priced, based on each customer\u2019s needs. This chill-pack process increases the value of the product by extending shelf life, reducing customer weighing and packaging labor, and providing the customer with a wide variety of products with uniform, well designed packaging, all of which enhance the customer\u2019s ability to merchandise chicken products.\nTo satisfy some customers\u2019 merchandising needs, the Registrant freezes the chicken product, which adds value by meeting the customers\u2019 handling, storage, distribution and marketing needs and by permitting shipment of product overseas where transportation time may be as long as 60 days.\nThe following table sets forth, for the periods indicated, the contribution, as a percentage of net sales dollars, of each of the Registrant\u2019s major product lines.\n\n | | | Fiscal Year Ended October 31, | | \n-------------------------------- | ------- | ------- | ------------------------------ | ------- | ------\n | 2019 | 2018 | 2017 | 2016 | 2015 \nRegistrant processed chicken: | | | | | \nValue added: | | | | | \nFresh vacuum-sealed | 38.3 % | 35.2 % | 39.8 % | 37.6 % | 35.2% \nFresh chill-packed | 32.9 | 35.6 | 31.0 | 34.7 | 36.9 \nFresh bulk-packed | 14.4 | 15.1 | 16.4 | 15.1 | 13.9 \nFrozen | 6.2 | 6.5 | 6.7 | 5.1 | 6.3 \nSubtotal | 91.8 | 92.4 | 93.9 | 92.5 | 92.3 \nNon-value added: | | | | | \nFresh ice-packed | 1.2 | 1.2 | 1.0 | 0.9 | 1.0 \nSubtotal | 1.2 | 1.2 | 1.0 | 0.9 | 1.0 \nTotal Company processed chicken | 93.0 | 93.6 | 94.9 | 93.4 | 93.3 \nMinimally prepared chicken | 7.0 | 6.4 | 5.1 | 6.6 | 6.7 \nTotal | 100.0 % | 100.0 % | 100.0 % | 100.0 % | 100.0%"} {"_id": "d1b3c6a8a", "title": "", "text": "ITEM 7 MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS\nThe following discussion of the financial condition and results of operations for the years ended December 31, 2019 and December 31, 2018 should be read in conjunction with the audited consolidated financial statements and the notes to those statements that are included elsewhere in this report on Form 10-K. In addition to historical information, the following discussion contains certain forward-looking statements within the \u201csafe harbor\u201d provisions of the Private Securities Litigation Reform Act of 1995. These statements relate to our future plans, objectives, expectations and intentions. These statements may be identified by the use of words such as \"may,\" \"could,\" \"believe,\" \"future,\" \"depend,\" \"expect,\" \"will,\" \"result,\" \"can,\" \"remain,\" \"assurance,\" \"subject to,\" \"require,\" \"limit,\" \"impose,\" \"guarantee,\" \"restrict,\" \"continue,\" \"become,\" \"predict,\" \"likely,\" \"opportunities,\" \"effect,\" \"change,\" \"future,\" \"predict,\" and \"estimate,\" and similar terms or terminology, or the negative of such terms or other comparable terminology. Although we believe the expectations expressed in these forward-looking statements are based on reasonable assumptions within the bounds of our knowledge of our business, our actual results could differ materially from those discussed in these statements. Factors that could contribute to such differences include, but are not limited to, those discussed in the \u201cRisk Factors\u201d section in Part I, Item 1A. We undertake no obligation to update publicly any forward-looking statements for any reason even if new information becomes available or other events occur in the future.\nResults of Operations\nComparison of Year Ended December 31, 2019 to Year Ended December 31, 2018 (in 000\u2019s)\nNet Sales Net sales were $93,662 for the year ended December 31, 2019, a decrease of $9,688 or 9.4% versus prior year. The net sales softness continued to reflect the overall lower consumption in the dairy and cultured dairy product categories. Versus prior year, the decline was primarily driven by lower volumes of our branded drinkable kefir and cupped kefir and Skyr sales, partially offset by the incremental volume of new item introductions.\nGross Profit Gross profit as a percentage of net sales decreased to 23.6% during the year ended December 31, 2019 from 25.0% during the same period in 2018. The lower gross profit percentage primarily reflects category sales softness, the unfavorable impact of operating leverage that arises from lower net sales relative to fixed costs, and increased freight costs and depreciation, partially offset by a reduction in variable costs.\nSelling Expenses Selling expenses decreased by $2,415 or 17.9% to $11,062 during the year ended December 31, 2019 from $13,477 during the same period in 2018. The decreased selling expenses primarily reflect the reduction in advertising and marketing programs with lower efficiency and compensation savings from organizational changes made in 2018. Selling expenses as a percentage of net sales were 11.8% during the year ended December 31, 2019 compared to 13.0% for the same period in 2018.\nGeneral and Administrative Expenses General and administrative expenses decreased $788 or 5.8% to $12,828 during the year ended December 31, 2019 from $13,616 during the same period in 2018. The decrease is primarily a result of lower compensation expense due to organizational changes made in 2018, and lower professional fees, partially offset by increased legal expenses.\nGoodwill and Intangible Asset Impairment During the fourth quarter of fiscal 2018, we recorded a goodwill impairment charge of $1,244. See Note 5, Goodwill and Intangible Assets, in the Notes to the Consolidated Financial Statements included in Item 8 of this Form 10-K.\n\n | | December 31, | | Change \n---------------------------------------- | --------- | ------------ | --------- | -------\n | 2019 | 2018 | $ | % \nNet sales | $ 93,662 | $ 103,350 | $ (9,688) | (9.4%) \nCost of goods sold | $ 68,367 | $ 74,646 | $ 6,279 | \u2013 \nDepreciation expense | 3,146 | 2,846 | (300) | \nTotal cost of goods sold | $ 71,513 | $ 77,492 | $ 5,979 | 7.7% \nGross profit | $ 22,149 | $ 25,858 | (3,709 ) | (14.3%)\nGross Profit % to net sales | 23.6% | 25.0% | | \nSelling expenses | $ 11,062 | $ 13,477 | $ 2,415 | 17.9% \nSelling expenses % to net sales | 11.8% | 13.0% | | \nGeneral & administrative expenses | $ 12,828 | $ 13,616 | $ 788 | 5.8% \nGeneral & administrative % to net sales | 13.7% | 13.2% | | \nGoodwill and intangible asset impairment | \u2013 | 1,244 | 1,244 | 100.0% \nAmortization expense | $ 192 | $ 631 | $ 439 | 69.6% \nTotal operating expenses | $ 24,082 | $ 28,968 | $ 4,886 | 16.9% \nTotal operating expense % to net sales | 25.7% | 28.0% | | \nLoss from operations | $ (1,933) | (3,110 ) | $ 1,177 | (37.8%)\nLoss from operations % to net sales | (2.1% ) | (3.0%) | | "} {"_id": "d1b397cf8", "title": "", "text": "During the year ended December 31, 2019, we sold marketable securities for proceeds of $52.0 million and realized no gain or loss on such sales. During the years ended December 31, 2018 and 2017, we sold marketable securities for proceeds of $10.8 million and $118.3 million, respectively, and realized gains of less than $0.1 million on such sales in each respective period. See Note 11. \u201cFair Value Measurements\u201d to our consolidated financial statements for information about the fair value of our marketable securities.\nThe following tables summarize the unrealized gains and losses related to our available-for-sale marketable securities, by major security type, as of December 31, 2019 and 2018 (in thousands):\nAs of December 31, 2019, we had no investments in a loss position for a period of time greater than 12 months. As of December 31, 2018, we identified 15 investments totaling $207.2 million that had been in a loss position for a period of time greater than 12 months with unrealized losses of $1.8 million. The unrealized losses were primarily due to increases in interest rates relative to rates at the time of purchase. Based on the underlying credit quality of the investments, we generally hold such securities until we recover our cost basis. Therefore, we did not consider these securities to be other-than-temporarily impaired.\n\n | | As of December 31, 2019 | | \n------------------------------ | --------- | ----------------------- | ---------- | --------\n | Amortized | Unrealized | Unrealized | Fair \n | Cost | Gains | Losses | Value \nForeign debt . | $387,775 | $551 | $506 | $387,820\nForeign government obligations | 21,991 | 20 | \u2014 | 22,011 \nU.S. debt | 65,970 | 176 | 12 | 66,134 \nTime deposits | 335,541 | \u2014 | \u2014 | 335,541 \nTotal . | $811,277 | $747 | $518 | $811,506"} {"_id": "d1b30d0f8", "title": "", "text": "Note 3: Revenue and Segment Information\nRevenue recognized for sales agreements amounted to $5,492.0 million and $5,849.0 million for the years ended December 31, 2019 and 2018, respectively. Revenue recognized for product development agreements amounted to $25.9 million and $29.3 million for the years ended December 31, 2019 and 2018, respectively.\nThe Company is organized into three operating and reportable segments consisting of PSG, ASG and ISG. The Company's wafer manufacturing facilities fabricate ICs for all business units, as necessary, and their operating costs are reflected in the segments' cost of revenue on the basis of product costs. Because operating segments are generally defined by the products they design and sell, they do not make sales to each other.\nThe Company does not allocate income taxes or interest expense to its operating segments as the operating segments are principally evaluated on gross profit. Additionally, restructuring, asset impairments and other charges, net and certain other manufacturing and operating expenses, which include corporate research and development costs, unallocated inventory reserves and miscellaneous nonrecurring expenses, are not allocated to any segment.\nIn addition to the operating and reportable segments, the Company also operates global operations, sales and marketing, information systems and finance and administration groups. A portion of the expenses of these groups are allocated to the segments based on specific and general criteria and are included in the segment results.\nRevenue and gross profit for the Company\u2019s operating and reportable segments are as follows (in millions):\n\n | PSG | ASG | ISG | Total \n----------------------------------- | -------- | -------- | ------ | --------\nFor year ended December 31, 2019: | | | | \nRevenue from external customers | $2,788.3 | $1,972.3 | $757.3 | $5,517.9\nSegment gross profit | 976.0 | 794.8 | 275.4 | 2,046.2 \nFor year ended December 31, 2018: | | | | \nRevenue from external customers | $3,038.2 | $2,071.2 | $768.9 | $5,878.3\nSegment gross profit | 1,110.1 | 878.3 | 317.1 | 2,305.5 \nFor year ended December 31, 2017: | | | | \nRevenue from external customers | $2,819.3 | $1,950.9 | $772.9 | $5,543.1\nSegment gross profit | 959.8 | 817.8 | 302.6 | 2,080.2 "} {"_id": "d1b36fe9c", "title": "", "text": "NOTE 11 \u2013 INCOME TAXES\nThe components of loss before income taxes are as follows:\n\n | 2019 | 2018 \n------------------------ | ----------- | -----------\nDomestic | (1,698,689) | (2,468,805)\nForeign | (52,222) | (88,726) \nLoss before income taxes | (1,750,911) | (2,557,531)"} {"_id": "d1b2e42de", "title": "", "text": "The following table sets forth the breakdown of revenues by category and segment. Travel revenue includes travel publications (Top 20, Website, Newsflash, Travelzoo Network), Getaway vouchers and hotel platform. Local revenue includes Local Deals vouchers and entertainment offers (vouchers and direct bookings) (in thousands).\nRevenue by geography is based on the billing address of the advertiser. Long-lived assets attributed to the U.S. and international geographies are based upon the country in which the asset is located or owned.\n\nYear Ended December 31, | | \n---------------------------- | -------- | -------\n | 2019 | 2018 \nAsia Pacific | | \nTravel | $6,274 | $7,351 \nLocal | 216 | 508 \nTotal Asia Pacific revenues | 6,490 | 7,859 \nEurope | | \nTravel | 32,081 | 30,856 \nLocal | 4,817 | 5,293 \nTotal Europe revenues | 36,898 | 36,149 \nNorth America | | \nTravel | 57,863 | 56,145 \nLocal | 10,161 | 11,169 \nTotal North America revenues | 68,024 | 67,314 \nConsolidated | | \nTravel | 96,218 | 94,352 \nLocal | 15,194 | 16,970 \nTotal revenues | $111,412 | 111,322"} {"_id": "d1b3c11c0", "title": "", "text": "Results of Operations: Years Ended December 31, 2018, versus Year Ended December 31, 2017 (Amounts in thousands, except percentages and per share amounts): Results of Operations: Years Ended December 31, 2018, versus Year Ended December 31, 2017 (Amounts in thousands, except percentages and per share amounts):\nOther income and expense items are summarized in the following table:\nInterest expense decreased in the year ended December 31, 2018, versus the same period in 2017 primarily due to lower debt balances, a reduction in interest related to interest rate swaps, and a one-time charge related to a liability that was settled in 2017. Interest income increased due to higher interest rates. Other expense in the year ended December 31, 2018, was driven by foreign currency translation losses mainly due to the appreciation of the U.S. Dollar compared to the Chinese Renminbi and the Euro. Other income in the year ended December 31, 2017 was driven mainly by foreign currency translation gains due to the depreciation of the U.S. Dollar compared to the Chinese Renminbi and the Euro.\n\n | Years Ended December 31, | \n--------------------------------- | ------------------------ | --------\n | 2018 | 2017 \nInterest expense | $(2,085) | $(3,343)\nInterest income | 1,826 | 1,284 \nOther (expense) income | (2,676) | 3,817 \nTotal other (expense) income, net | $(2,935) | $1,758 "} {"_id": "d1b35b1fe", "title": "", "text": "Net Profit After Tax\nNet profit after tax increased by 41.1% to US$52.9 million from US$37.5 million in the previous year.\nThe effective tax rate for the year was 8% (2018: 6%). This reflects the tax utilisation of the deferred tax asset recognised as a result of both temporary differences arising on relocation of Altium\u2019s core business assets to the USA. Altium will continue to utilize the tax benefits and re-evaluate the valuation of the deferred tax asset on an annual basis.\nFor more details on revenue, refer to Note 3 of the annual report.\n\n | | Consolidated | \n--------------------------------- | ------- | ------------ | ------\n | 2019 | 2018 | Change\nProduct Revenue | US$\u2019000 | US$\u2019000 | % \nAltium Designer software licenses | 62,377 | 51,309 | 22% \nAltium Designer subscriptions | 58,468 | 51,522 | 13% \nOctopart search advertising | 17,940 | 11,968 | 50% \nTASKING software licenses | 12,293 | 8,526 | 44% \nTASKING maintenance | 5,741 | 4,709 | 22% \nAltium Nexus | 6,635 | 4,848 | 37% \nService revenue | 3,655 | 4,833 | (25%) \nOther | 4,710 | 2,461 | 91% \nTotal Product Revenue | 171,819 | 140,176 | 23% "} {"_id": "d1b3abb86", "title": "", "text": "Item 6. Selected Financial Data\nThe following selected financial data has been derived from our consolidated financial statements.\nThe information below should be read in conjunction with \u201cManagement\u2019s Discussion and Analysis of Financial Condition and Results of Operations,\u201d and the accompanying Consolidated Financial Statements and related notes thereto.\n(1) Effective January 1, 2019, the Company adopted new guidance on leases using the modified retrospective method; as such, 2015 \u2013 2018 have not been restated. See Note 3, Leases, of the accompanying \u201cNotes to Consolidated Financial Statements\u201d for further information.\n(2) Effective January 1, 2018, the Company adopted new guidance on revenue recognition using the modified retrospective method; as such, 2015 \u2013 2017 have not been restated. See Note 2, Revenues, of the accompanying \u201cNotes to Consolidated Financial Statements\u201d for further information.\n(3) The amounts reflect the results of Symphony, WhistleOut, the Telecommunications Asset acquisition, Clearlink and Qelp since the associated acquisition dates of November 1, 2018, July 9, 2018, May 31, 2017, April 1, 2016 and July 2, 2015, respectively, as well as the related merger and integration costs incurred as part of each acquisition. See Note 4, Acquisitions, of the accompanying \u201cNotes to Consolidated Financial Statements\u201d for further information regarding the Symphony, WhistleOut and Telecommunications Asset acquisitions.\n(4) The amounts for 2019, 2018 and 2017 include exit costs and impairments of long-lived assets. See Note 5, Costs Associated with Exit or Disposal Activities, and Note 6, Fair Value, of the accompanying \u201cNotes to Consolidated Financial Statements\u201d for further information.\n(5) The amounts for 2018 include the $1.2 million Slaughter settlement agreement. See Note 22, Commitments and Loss Contingencies, of the accompanying \u201cNotes to Consolidated Financial Statements\u201d for further information.\n(6) The amount for 2017 includes $32.7 million related to the impact of the 2017 Tax Reform Act. See Note 20, Income Taxes, of the accompanying \u201cNotes to Consolidated Financial Statements\u201d for further information.\n(7) The Company has not declared cash dividends per common share for any of the five years presented.\n\n | | | Years Ended December 31, | | \n----------------------------------------- | ---------- | ---------- | ------------------------ | ---------- | ----------\n(in thousands, except per share data) | 2019 (1) | 2018 (2) | 2017 | 2016 | 2015 \nIncome Statement Data (3): | | | | | \nRevenues | $1,614,762 | $1,625,687 | $1,586,008 | $1,460,037 | $1,286,340\nIncome from operations (4)(5) | 89,800 | 63,202 | 87,042 | 92,373 | 94,358 \nNet income (4)(5)(6) | 64,081 | 48,926 | 32,216 | 62,390 | 68,597 \nNet Income Per Common Share: (3)(4)(5)(6) | | | | | \nBasic | $1.54 | $1.16 | $0.77 | $1.49 | $1.64 \nDiluted | $1.53 | $1.16 | $0.76 | $1.48 | $1.62 \nWeighted Average Common Shares: | | | | | \nBasic | 41,649 | 42,090 | 41,822 | 41,847 | 41,899 \nDiluted | 41,802 | 42,246 | 42,141 | 42,239 | 42,447 \nBalance Sheet Data: (3)(4)(6)(7) | | | | | \nTotal assets | $1,415,500 | $1,171,967 | $1,327,092 | $1,236,403 | $947,772 \nLong-term debt | 73,000 | 102,000 | 275,000 | 267,000 | 70,000 \nShareholders' equity | 874,475 | 826,609 | 796,479 | 724,522 | 678,680 "} {"_id": "d1b38920c", "title": "", "text": "In 2018, we granted new equity awards to our named executive officers described in the table below. In determining the size and terms of these equity awards for Mses. Friar, Henry, Reses and Whiteley, our compensation committee, with input from our CEO, our then-current People Lead and Compensia, considered the past and expected future key contributions of each of these named executive officers, the extent to which their existing equity awards were vested and the competitive market data for similarly situated executives. Our compensation committee believed it was appropriate to grant each of them new equity awards to help achieve our retention goals and further align their compensation with the competitive market.\n(1) Ms. Friar resigned from her position as Chief Financial Officer, effective as of November 16, 2018.\n(2) One-twelfth of 10% of the shares subject to the option vest in equal monthly installments over one year from April 1, 2018, and one-thirty-sixth of 90% of the shares subject to the option vest in equal monthly installments over three years from April 1, 2019, subject to continued service with us.\n(3) 2.5% of RSAs vest in four equal quarterly installments over one year from April 1, 2018, and 7.5% RSUs vest in 12 quarterly installments over three years from April 1, 2019, subject to continued service with us.\n(4) With respect to 16,695 of the total RSAs, 2.5% of RSAs vest in four equal quarterly installments over one year from April 1, 2018, and 7.5% RSUs vest in 12 quarterly installments over three years from April 1, 2019, subject to continued service with us. And, with respect to 11,784 of the total RSAs, one-sixteenth of RSAs vest in 16 equal quarterly installments over four years from October 1, 2018, subject to continued service with us.\n(5) Messrs. Daswani and Murphy did not receive any additional equity awards in conjunction with their service as interim co-CFOs. Equity awards to Messrs. Daswani and Murphy were granted equity awards in April 2018, prior to their becoming named executive officers, as part of the company-wide compensation review program. Their grants were recommended by their direct manager, reviewed by the then-current People Lead and approved by our compensation committee.\n(6) With respect to 1,336 of the total RSAs, one-sixteenth of RSAs vest in 16 equal quarterly installments over four years from April 1, 2018, subject to continued service with us. And, with respect to 2,862 of the total RSAs, 2.5% of RSAs vest in four equal quarterly installments over one year from April 1, 2018, and 7.5% RSUs vest in 12 quarterly installments over three years from April 1, 2019, subject to continued service with us.\n(7) With respect to 1,527 of the total RSAs, one-sixteenth of RSAs vest in 16 equal quarterly installments over four years from April 1, 2018, subject to continued service with us. And, with respect to 3,435 of the total RSAs, 2.5% of RSAs vest in four equal quarterly installments over one year from April 1, 2018, and 7.5% RSUs vest in 12 quarterly installments over three years from April 1, 2019, subject to continued service with us.\nMr. Dorsey did not receive any equity awards in 2018 at his request, and because our compensation committee believed that his existing equity ownership position sufficiently aligned his interests with those of our stockholders.\n\nNamed Executive Officer | Number of Securities Underlying Options(#) | RSUs or RSAs (#) | Fair Value ($)\n----------------------- | ------------------------------------------ | ---------------- | --------------\nMs. Friar (1) | 109,026 (2) | 38,159 (3) | 3,479,299 \nMs. Henry | 109,026 (2) | 38,159 (3) | 3,479,299 \nMs. Reses | 109,026 (2) | 38,159 (3) | 3,479,299 \nMs. Whiteley | 47,699 (2) | 28,479 (4) | 2,339,553 \nMr. Daswani (5) | - | 4,198 (6) | 187,861 \nMr. Murphy (5) | - | 4,962 (7) | 222,050 "} {"_id": "d1b3b308e", "title": "", "text": "8. Stock option and award plan: (Continued)\nThe accounting for equity-based compensation expense requires the Company to make estimates and judgments that affect its financial statements. These estimates for stock options include the following.\nExpected Dividend Yield\u2014The Company uses an expected dividend yield based upon expected annual dividends and the Company\u2019s stock price.\nExpected Volatility\u2014The Company uses its historical volatility for a period commensurate with the expected term of the option.\nRisk-Free Interest Rate\u2014The Company uses the zero coupon US Treasury rate during the quarter having a term that most closely resembles the expected term of the option.\nExpected Term of the Option\u2014The Company estimates the expected life of the option term by analyzing historical stock option exercises.\nForfeiture Rates\u2014The Company estimates its forfeiture rate based on historical data with further consideration given to the class of employees to whom the options or shares were granted.\nThe weighted-average per share grant date fair value of options was $8.92 in 2019, $8.45 in 2018 and $7.06 in 2017. The following assumptions were used for determining the fair value of options granted in the three years ended December 31, 2019:\n\nYears Ended December 31 | | | \n------------------------------------------- | ----- | ----- | -----\nBlack-Scholes Assumptions | 2019 | 2018 | 2017 \nDividend yield | 4.5% | 4.6% | 4.1% \nExpected volatility | 28.3% | 28.7% | 27.1%\nRisk-free interest rate | 2.5% | 2.5% | 2.0% \nExpected life of the option term (in years) | 4.3 | 4.4 | 4.5 "} {"_id": "d1b33fdd2", "title": "", "text": "Stock-based Compensation\nThe following table summarizes stock-based compensation expense related to RSUs, stock options, and ESPP shares for the fiscal years ended September 30, 2019, 2018, and 2017, which were allocated as follows (amounts shown in thousands):\n\n | 2019 | 2018 | 2017 \n----------------------------------------------------- | ------ | ------ | ------\nCost of revenue | $207 | $78 | $52 \nSelling and marketing | 2,967 | 2,656 | 1,577 \nResearch and development | 2,013 | 1,801 | 1,028 \nGeneral and administrative | 4,450 | 4,415 | 2,821 \nStock-based compensation expense included in expenses | $9,637 | $8,950 | $5,478"} {"_id": "d1b37b6c0", "title": "", "text": "Notes:\n(1) Mobile penetration rate, market share and market position pertained to India market only.\n(2) Based on number of mobile customers.\n(3) Compared against 31 March 2018 and based on aggregate mobile customers.\n\n | Telkomsel | AIS | Airtel (1) | Globe \n---------------------------------- | --------- | ------ | ---------- | ------\nCountry mobile penetration rate | 123% | 139% | 90% | 138% \nMarket share, 31 March 2019 (2) | 51.1% | 45.2% | 28.0% | 56.6% \nMarket share, 31 March 2018 (2) | 48.5% | 44.8% | 25.7% | 52.1% \nMarket position (2) | #1 | #1 | #2 | #1 \nMobile customers (\u2018000) | | | | \n- Aggregate | 168,642 | 41,491 | 384,078 | 83,490\n- Proportionate | 59,025 | 9,676 | 144,770 | 39,307\nGrowth in mobile customers (3) (%) | -13% | 3.6% | -2.9% | 32% "} {"_id": "d1b350100", "title": "", "text": "Net revenues by location of shipment are classified by location of customer invoiced or reclassified by shipment destination in line with customer demand. For example, products ordered by U.S.-based companies to be invoiced to Asia Pacific affiliates are classified as Asia Pacific revenues.\nBy location of shipment, in 2019, revenues grew 6.8% in Americas, driven by Power Discrete, remained substantially flat in Asia and decreased 8.6% in EMEA, mainly due to lower sales of Microcontrollers and Power Discrete. In 2018 revenues grew across all regions, led by Asia Pacific and EMEA, mainly due to growth in Imaging and Automotive.\n\n | Year Ended December 31, | Year Ended December 31, | Year Ended December 31, | % Variation | % Variation \n------------ | ----------------------- | ----------------------- | ----------------------- | ------------ | ------------\n | 2019 | 2018 | 2017 | 2019 vs 2018 | 2018 vs 2017\n | (In millions) | (In millions) | (In millions) | | \nEMEA | $2,265 | $2,478 | $2,142 | (8.6)% | 15.7% \nAmericas | 1,351 | 1,264 | 1,085 | 6.8 | 16.5 \nAsia Pacific | 5,940 | 5,922 | 5,120 | 0.3 | 15.7 \nTotal | $9,556 | $9,664 | $8,347 | (1.1)% | 15.8% "} {"_id": "d1b3b50be", "title": "", "text": "Note 19: Segment, Geographic Information, and Major Customers\nThe Company operates in one reportable business segment: manufacturing and servicing of wafer processing semiconductor manufacturing equipment. The Company\u2019s material operating segments qualify for aggregation due to their customer base and similarities in economic characteristics, nature of products and services, and processes for procurement, manufacturing, and distribution.\nThe Company operates in seven geographic regions: United States, China, Europe, Japan, Korea, Southeast Asia, and Taiwan. For geographical reporting, revenue is attributed to the geographic location in which the customers\u2019 facilities are located, while long-lived assets are attributed to the geographic locations in which the assets are located.\nRevenues and long-lived assets by geographic region were as follows:\nIn fiscal year 2019, four customers accounted for approximately 15%, 14%, 14%, and 14% of total revenues, respectively. In fiscal year 2018, five customers accounted for approximately 25%, 14%, 14%, 13%, and 12% of total revenues, respectively. In fiscal year 2017, five customers accounted for approximately 23%, 16%, 12%, 11%, and 10% of total revenues, respectively. No other customers accounted for more than 10% of total revenues.\n\n | 2019 | 2018 | 2017 \n------------------ | ---------- | ------------- | --------\n | | (inthousands) | \nLong-lived assets: | | | \nUnited States | $933,054 | $784,469 | $575,264\nEurope | 72,928 | 73,336 | 77,211 \nKorea | 28,200 | 24,312 | 19,982 \nChina | 6,844 | 5,466 | 1,906 \nTaiwan | 6,759 | 7,922 | 7,970 \nJapan | 5,750 | 3,327 | 1,083 \nSoutheast Asia | 5,542 | 3,715 | 2,179 \n | $1,059,077 | $902,547 | $685,595"} {"_id": "d1b3c4c80", "title": "", "text": "The provision for income taxes consisted of the following\n(in thousands)\n\n | | Years Ended December 31, | 31, \n----------------------------------- | ------ | ------------------------ | ------\n | 2019 | 2018 | 2017 \nCurrent provision for income taxes: | | | \nState | $49 | $44 | $48 \nForeign | 1,716 | 953 | 1,023 \nTotal current | 1,765 | 997 | 1,071 \nDeferred tax expense (benefit): | | | \nFederal | 3 | (13) | 26 \nForeign | (361) | 98 | 109 \nTotal deferred | (358) | 85 | 135 \nProvision for income taxes | $1,407 | $1,082 | $1,206"} {"_id": "d1b3af34e", "title": "", "text": "10. Income Taxes:\nFor financial reporting purposes, income before income taxes included the following components:\n\n | | Fiscal Year Ended March 31 | \n-------- | -------- | -------------------------- | --------\n | 2017 | 2018 | 2019 \nDomestic | $75,659 | $85,263 | $215,573\nForeign | 99,290 | 107,050 | 117,670 \nTotal | $174,949 | $192,313 | $333,243"} {"_id": "d1b36c2c4", "title": "", "text": "3 Investments\nThe investment in Sophos Holdings Limited, a holding company for the Sophos Group, comprises 100% of the ordinary share capital.\nThe investment in Sophos Limited comprises share-based payment expenses for equity awards granted to participants employed by Sophos Limited and its subsidiaries.\n\n | 31 March 2019 | 31 March 2018\n------------------------------------- | ------------- | -------------\n | $M | $M \nInvestment in Sophos Holdings Limited | 1,035.8 | 1,035.8 \nInvestment in Sophos Limited | 94.8 | 63.3 \nAt 31 March | 1,130.6 | 1,099.1 "} {"_id": "d1b3506a0", "title": "", "text": "The following table sets forth the components of identifiable intangible assets acquired and their estimated useful lives as of the date of acquisition.\nThe amount recorded for developed technology represents the estimated fair value of AgileCraft\u2019s enterprise agile planning technology. The amount recorded for customer relationships represents the fair value of the underlying relationships with AgileCraft\u2019s customers. The amount recorded for backlog represents the fair value of AgileCraft\u2019s backlog as of acquisition date.\n\n | Fair Value | Useful Life\n----------------------------------------------- | --------------------- | -----------\n | (U.S. $ in thousands) | (years) \nDeveloped technology | $34,600 | 5 \nCustomer relationships | 16,900 | 7 \nBacklog | 1,400 | 3 \nTotal intangible assets subject to amortization | $52,900 | "} {"_id": "d1b35f72c", "title": "", "text": "Results of Operations\nThe following table is a summary of our consolidated statements of operations for the specified periods and results of operations as a percentage of revenues for those periods. The period-to-period comparisons of results are not necessarily indicative of results for future periods. Percentage of revenues figures are rounded and therefore may not subtotal exactly.\nA discussion regarding our consolidated statements of operations and results of operations as a percentage of revenue for 2019 compared to 2018 is presented below. A discussion regarding our financial condition and results of operations for 2018 compared to 2017 can be found under Item 7 in our Annual Report on Form 10-K for the fiscal year ended December 31, 2018, filed with the SEC on March 14, 2019, which is available free of charge on the SEC\u2019s website at www.sec.go.\n(1) \u00a0Stock-based compensation expense included in the consolidated statements of operations data above was as follows:\n(2) \u00a0Amortization of intangible assets included in the consolidated statements of operations data above was as follows:\n(3) Restructuring-related expenses included in the consolidated statements of operations data above was as follows:\n\n | | Year Ended December 31, | | \n----------------------------------------------------- | --------- | ----------------------- | --------- | ------------\n | 2019 | | 2018 | \n | Amount | % of Revenue | Amount | % of Revenue\n | | (dollars in thousands) | | \nRevenues, net | $49,036 | 100% | $58,631 | 100% \nCost of revenues (1) (2) (3) | 22,843 | 47 | 27,154 | 46 \nGross profit | 26,193 | 53 | 31,477 | 54 \nOperating expenses: | | | | \nSales and marketing (1) (2) (3) | 15,836 | 32 | 23,425 | 40 \nResearch and development (1) (2) (3) | 17,845 | 36 | 22,450 | 38 \nGeneral and administrative (1) (2) (3) | 10,466 | 21 | 13,113 | 22 \nImpairment of goodwill | 1,910 | 4 | 14,740 | 26 \nTotal operating expenses | 46,037 | 94 | 73,728 | 126 \nLoss from operations | (19,844) | (40) | (42,251) | (72) \nGain on divestiture | 5,064 | 10 | - | - \nOther income, net | 2,252 | 5 | 1,593 | 3 \nLoss before (benefit from) provision for income taxes | (12,528) | (26) | (40,658) | (69) \n(Benefit from) provision for income taxes | (120) | - | 586 | 1 \nNet loss | $(12,408) | (25)% | $(41,244) | (70)% "} {"_id": "d1a715854", "title": "", "text": "Accrued Liabilities\nAccrued liabilities consists of the following (in millions):\nSales related reserves represent price concessions and stock rotation rights that the Company offers to many of its distributors. For the fiscal year ending March 31, 2018, these sales related reserves were recorded within accounts receivable, and therefore did not exist within accrued liabilities. The Company made this change in classification as part of its adoption of ASC 606. For additional information regarding the Company's adoption of ASC 606, refer to Note 1 of the consolidated financial statements.\n\n | March 31, | \n-------------------------------------- | --------- | ------\n | 2019 | 2018 \nAccrued compensation and benefits | $133.2 | $87.6 \nIncome taxes payable | 46.9 | 27.5 \nSales related reserves | 366.9 | \u2014 \nAccrued expenses and other liabilities | 240.3 | 114.5 \nTotal accrued liabilities | $787.3 | $229.6"} {"_id": "d1b2e2d26", "title": "", "text": "CUSTOMER STATISTICS\n(1) Excludes adjustments related to the migration to the new customer management system implemented during the third quarter of fiscal 2018.\n(2) As a percentage of homes passed.\nDuring the third quarter of fiscal 2018, the Canadian broadband services segment implemented a new customer management system, replacing 22 legacy systems. While the customer management system was still in the stabilization phase, contact center congestion resulted in lower services activations during most of the fourth quarter of fiscal 2018 and the first quarter of 2019. Contact center and marketing operations had returned to normal at the end of the first quarter of 2019.\nVariations of each services are also explained as follows:\nINTERNET Fiscal 2019 Internet service customers net additions stood at 5,966 compared to 14,173 for the prior year mainly due to: \u2022 the ongoing interest in high speed offerings; \u2022 the sustained interest in bundle offers; and \u2022 the increased demand from Internet resellers; partly offset by \u2022 competitive offers in the industry; and \u2022 contact center congestion during the stabilization period of the new customer management system.\nVIDEO Fiscal 2019 video service customers net losses stood at 39,185 compared to 37,035 for the prior year as a result of: \u2022 highly competitive offers in the industry; \u2022 a changing video consumption environment; and \u2022 contact center congestion during the stabilization period of the new customer management system; partly offset by \u2022 customers' ongoing interest in digital advanced video services; and \u2022 customers' interest in video services bundled with fast Internet offerings.\nTELEPHONY Fiscal 2019 telephony service customers net losses amounted to 23,333 compared to 32,987 for the prior year mainly due to: \u2022 technical issues with telephony activations following the implementation of the new customer management system which were resolved at the end of the first quarter; \u2022 increasing wireless penetration in North America and various unlimited offers launched by wireless operators causing some customers to cancel their landline telephony services for wireless telephony services only; partly offset by \u2022 growth in the business sector; and \u2022 more telephony bundles due to additional promotional activity in the second half of fiscal 2019.\nDISTRIBUTION OF CUSTOMERS At August 31, 2019, 69% of the Canadian broadband services segment's customers enjoyed \"double play\" or \"triple play\" bundled services.\n\n | | Net additions (losses) | | % of penetration(2) | \n--------------------------- | ----------- | ---------------------- | ---------- | ------------------- | ----------\n | Years ended | | | | \n | August 31, | August 31, | August 31, | August 31, | August 31,\n | 2019 | 2019 | 2018(1) | 2019 | 2018 \nPrimary service units | 1,810,366 | (56,552) | (55,849) | | \nInternet service customers | 788,243 | 5,966 | 14,173 | 44.7 | 44.7 \nVideo service customers | 649,583 | (39,185) | (37,035) | 36.8 | 39.3 \nTelephony service customers | 372,540 | (23,333) | (32,987) | 21.1 | 22.6 "} {"_id": "d1b306aa0", "title": "", "text": "4.6 Adjusted EBITDA\nBCE\nBCE\u2019s adjusted EBITDA grew by 6.0% in 2019, compared to 2018, attributable to growth from all three of our segments. Higher revenues coupled with reduced operating expenses drove the year-over-year growth in adjusted EBITDA. This corresponded to an adjusted EBITDA margin of 42.2% in 2019, up 1.6\u00a0pts over last year, mainly driven by the favourable impact from the adoption of IFRS\u00a016 in 2019, and greater service revenue flow-through, moderated by greater low-margin product sales in our total revenue base.\n\n | 2019 | 2018 | $ CHANGE | % CHANGE\n------------------------- | ------ | ----- | -------- | --------\nBell Wireless | 3,842 | 3,521 | 321 | 9.1% \nBell Wireline | 5,414 | 5,321 | 93 | 1.7% \nBell Media | 850 | 693 | 157 | 22.7% \nTotal BCE adjusted EBITDA | 10,106 | 9,535 | 571 | 6.0% "} {"_id": "d1b2e9950", "title": "", "text": "Deferred tax assets (liabilities) consist of the following:\nA valuation allowance has been provided based on the uncertainty of utilizing the tax benefits, mainly related to the following deferred tax assets: \u2022 $183.4 million of foreign items, primarily net operating losses; and \u2022 $7.7 million of state tax credits.\nFor the year ended December 31, 2019, the valuation allowance decreased by $20.8 million. This is primarily driven by our Reinvent SEE initiatives and decreases in foreign tax rates.\nAs of December 31, 2019, we have foreign net operating loss carryforwards of $899.4 million expiring in years beginning in 2020 with the majority of losses having an unlimited carryover. The state net operating loss carryforwards totaling $569.3 million expire in various amounts over 1 to 19 years.\n\n | December 31, | \n-------------------------------------------- | ------------ | --------\n(In millions) | 2019 | 2018 \nAccruals not yet deductible for tax purposes | $ 17.4 | $ 17.5 \nNet operating loss carryforwards | 245.9 | 265.5 \nForeign, federal and state credits | 8.4 | 10.4 \nEmployee benefit items | 79.5 | 77.0 \nCapitalized expenses | 32.2 | 8.9 \nIntangibles | 21.8 | \u2014 \nDerivatives and other | 47.7 | 38.0 \nSub-total deferred tax assets | 452.9 | 417.3 \nValuation allowance | (197.6) | (218.4) \nTotal deferred tax assets | $ 255.3 | $ 198.9 \nDepreciation and amortization | $ (37.0) | $ (26.8)\nUnremitted foreign earnings | (10.0) | \u2014 \nIntangible assets | \u2014 | (21.7) \nOther | (0.4) | (0.4) \nTotal deferred tax liabilities | (47.4) | (48.9) \nNet deferred tax assets | $ 207.9 | $ 150.0 "} {"_id": "d1b38e950", "title": "", "text": "Item 2. PROPERTIES\nWe operate 31 distributions centers located in the United States and Canada totaling approximately 1.7 million square feet. We own a 59,500 square foot distribution center in Cincinnati, Ohio and a 10,000 square foot protein processing facility and distribution center in Chicago, Illinois. All of our other properties are leased. The following table sets forth our distribution, protein processing, corporate and other support facilities by state or province and their approximate aggregate square footage as of February 21, 2020 (1).\n(1) \u00a0Excludes the impact of our recent acquisitions of Sid Wainer & Son and Cambridge Packing Co, Inc. more fully described in 'Management's Discussion and Financial Condition and Results of Operations \u2014 Overview and Recent Developments.\"\n(2) \u00a0Represents our corporate headquarters in Ridgefield, Connecticut.\nWe consider our properties to be in good condition generally and believe our facilities are adequate for our operations and provide sufficient capacity to meet our anticipated requirements.\n\nState / Province | Number of Facilities | Aggregate Size\n---------------- | -------------------- | --------------\nCalifornia | 10 | 618,900 \nNew York | 1 | 231,100 \nTexas | 3 | 214,300 \nIllinois | 3 | 144,200 \nOhio | 2 | 120,400 \nMaryland | 3 | 115,300 \nNevada | 1 | 74,000 \nOregon | 1 | 55,500 \nOntario | 1 | 51,300 \nFlorida | 2 | 48,300 \nNew Jersey | 1 | 38,400 \nConnecticut(2) | 1 | 29,200 \nBritish Columbia | 1 | 24,900 \nAlberta | 2 | 16,500 \nArizona | 1 | 14,500 \nWashington | 1 | 10,500 \nTotal | 34 | 1,807,300 "} {"_id": "d1a73744a", "title": "", "text": "SUMMARY STATEMENTS OF FINANCIAL POSITION\nNote: (1) \u2018Currency translation reserve\u2019 relates mainly to the translation of the net assets of foreign subsidiaries, associates and joint ventures of the Group denominated mainly in Australian Dollar, Indian Rupee, Indonesian Rupiah, Philippine Peso, Thai Baht and United States Dollar.\nThe Group\u2019s financial position remains healthy.\u00a0\n\nThe Group\u2019s financial position remains healthy.\nTotal assets were stable with additions from the acquisitions of Videology assets and equity interest in Airtel Africa offset by the translation impact from a weaker Australian Dollar. Total liabilities increased on higher trade payables related to handset leasing and network investments.\u00a0\n\nTotal assets were stable with additions from the acquisitions of Videology assets and equity interest in Airtel Africa offset by the translation impact from a weaker Australian Dollar. Total liabilities increased on higher trade payables related to handset leasing and network investments.\nCurrency translation losses increased mainly due to the weaker Australian Dollar and Indian Rupee against the Singapore Dollar from a year ago when translating the Group\u2019s investments in Optus and Airtel.\n\n | As at 31 March | \n------------------------------------------- | -------------- | ------------\n | 2019 | 2018 \n | (S$ million) | (S$ million)\nCurrent assets | 7,078 | 6,759 \nNon-current assets | 41,837 | 41,737 \nTotal assets | 48,915 | 48,496 \nCurrent liabilities | 8,794 | 8,429 \nNon-current liabilities | 10,311 | 10,355 \nTotal liabilities | 19,105 | 18,784 \nNet assets | 29,810 | 29,712 \nShare capital | 4,127 | 4,127 \nRetained earnings | 27,513 | 27,269 \nCurrency translation reserve (1) | (1,768) | (1,284) \nOther reserves | (35) | (376) \nEquity attributable to shareholders | 29,838 | 29,737 \nNon-controlling interests and other reserve | (28) | (26) \nTotal equity | 29,810 | 29,712 "} {"_id": "d1b301744", "title": "", "text": "b. Categories of equity shareholding as on March 31, 2019:\nc. Top ten equity shareholders of the Company as on March 31, 2019:\n* Shareholding is consolidated based on Permanent Account Number (PAN) of the shareholder.\n\nCategory | Number of equity shares held | Percentage of holding\n----------------------------------------------------------------------------------------------------- | ---------------------------- | ---------------------\nPromoters | 2,702,450,947 | 72.0 \nOther Entities of the Promoter Group | 1,091,053 | - \nMutual Funds & UTI | 93,357,668 | 2.5 \nBanks, Financial Institutions, States and Central Government | 2,750,113 | 0.1 \nInsurance Companies | 196,172,807 | 5.2 \nForeign Institutional Investors and Foreign Portfolio Investors - Corporate | 592,842,601 | 15.8 \nNRI's / OCB's / Foreign Nationals | 4,854,682 | 0.1 \nCorporate Bodies / Trust | 26,208,151 | 0.7 \nIndian Public & Others | 130,744,399 | 3.6 \nAlternate Investment Fund | 1,663,495 | - \nIEPF account | 248,790 | - \nGRAND TOTAL | 3,752,384,706 | 100.0 \n | | \nName of the shareholder* | Number of equity shares held | Percentage of holding\n1. Tata Sons Private Limited | 2,702,450,947 | 72.0 \n2. Life Insurance Corporation of India | 152,493,927 | 4.1 \n3. SBI Mutual Fund | 21,680,561 | 0.6 \n4. First State Investments Icvc- Stewart Investors Asia Pacific Leaders Fund | 19,248,438 | 0.5 \n5. Government of Singapore | 18,028,475 | 0.5 \n6. Oppenheimer Developing Markets Fund | 16,731,906 | 0.5 \n7. ICICI Prudential Life Insurance Company Ltd | 16,139,316 | 0.4 \n8. Axis Mutual Fund Trustee Limited | 15,244,614 | 0.4 \n9. Abu Dhabi Investment Authority | 15,036,984 | 0.4 \n10. Vanguard Emerging Markets Stock Index Fund, A Series of Vanguard International Equity Index Funds | 14,112,213 | 0.4 "} {"_id": "d1b3c38ee", "title": "", "text": "Contributed equity represents the number of ordinary shares on issue less shares held by the Group. A reconciliation is presented to show the total number of ordinary shares held by the Group which reduces the amount of total shares traded on-market.\nOn 27 May 2019, the Group completed an off-market share buy-back of 58,733,844 ordinary shares. The ordinary shares were bought back at $28.94, representing a 14% discount to the Group\u2019s market price of $33.64 (being the volume weighted average price of the Group\u2019s ordinary shares over the five trading days up to and including the closing date of 24 May 2019), and comprised a fully franked dividend component of $24.15 per share ($1,419 million) and a capital component of $4.79 per share ($282 million), including $1 million of associated transaction costs (net of tax). The shares bought back were subsequently cancelled.\nHolders of ordinary shares are entitled to receive dividends as declared and are entitled to one vote per share at shareholders\u2019 meetings. In the event of winding up of the Company, ordinary shareholders rank after creditors and are fully entitled to any proceeds of liquidation.\nRefer to Note 6.2 for further details of outstanding options and performance rights. Performance rights carry no rights to dividends and no voting rights.\n\n | 2019 | | 2018 | \n-------------------------------------------------------------- | ------- | ----- | ------- | -----\n | NUMBER | | NUMBER | \nSHARE CAPITAL | M | $M | M | $M \n1,258,690,067 fully paid ordinary shares (2018: 1,313,323,941) | | | | \nMovement: | | | | \nBalance at start of period | 1,313.3 | 6,201 | 1,294.4 | 5,719\nShare buy-back | (58.7) | (282) | \u2013 | \u2013 \nIssue of shares to satisfy the dividend reinvestment plan | 4.1 | 114 | 18.9 | 482 \nBalance at end of period | 1,258.7 | 6,033 | 1,313.3 | 6,201\nSHARES HELD IN TRUST | | | | \nMovement: | | | | \nBalance at start of period | (4.9) | (146) | (3.4) | (104)\nIssue of shares to satisfy employee long-term incentive plans | 0.2 | 6 | 0.6 | 21 \nIssue of shares to satisfy the dividend reinvestment plan | (0.2) | (5) | (0.1) | (3) \nPurchase of shares by the Woolworths Employee Share Trust | (2.0) | (60) | (2.0) | (60) \nBalance at end of period | (6.9) | (205) | (4.9) | (146)\nContributed equity at end of period | 1,251.8 | 5,828 | 1,308.4 | 6,055"} {"_id": "d1b375108", "title": "", "text": "Inventories.\nInventories are stated at the lower-of-cost or net realizable value. Cost is determined using the first-in, first-out method. Finished products and work-in-process inventories include direct material costs and direct and indirect manufacturing costs. The Company records reserves for inventory that may be obsolete or in excess of current and future market demand. A summary of inventories is shown below:\n\n(Dollars in Millions) | April 27, 2019 | April 28, 2018\n--------------------- | -------------- | --------------\nFinished Products | $40.2 | $15.4 \nWork in Process | 9.4 | 14.6 \nMaterials | 67.1 | 54.1 \nTotal Inventories | $116.7 | $84.1 "} {"_id": "d1b333ef6", "title": "", "text": "CREDIT RISK\nWe are exposed to credit risk from operating activities and certain financing activities, the maximum exposure of which is represented by the carrying amounts reported in the statements of financial position.\nWe are exposed to credit risk if counterparties to our trade receivables and derivative instruments are unable to meet their obligations. The concentration of credit risk from our customers is minimized because we have a large and diverse customer base. There was minimal credit risk relating to derivative instruments at December\u00a031,\u00a02019 and 2018. We deal with institutions that have investment-grade credit ratings, and as such we expect that they will be able to meet their obligations. We regularly monitor our credit risk and credit exposure.\nThe following table provides the change in allowance for doubtful accounts for trade receivables.\n\n | NOTE | 2019 | 2018\n-------------------- | ---- | ----- | ----\nBalance, January 1 | | (51) | (54)\nAdoption of IFRS 9 | | \u2013 | (4) \nAdditions | | (114) | (84)\nUsage | | 103 | 91 \nBalance, December 31 | 10 | (62) | (51)"} {"_id": "d1a734894", "title": "", "text": "General and Administrative\nGeneral and administrative expenses increased $71.5 million, or 66.5%, for the year ended December 31, 2019 compared to the same period in 2018, due to an increase of $28.7 million in employee-related costs ($12.2 million of which related to stock-based compensation and related payroll taxes), a $14.9 million increase in finance costs, which include an estimated net liability for non-recurring HST payable to the Government of Canada in the amount of $8.1 million related to 2019 and prior years, sales and use and other value added taxes, insurance, and bank fees, a $9.0 million increase in Shopify Payments losses driven by increased GMV processed through Shopify Payments, a $8.6 million increase in losses and insurance related to Shopify Capital driven by an expansion of our Capital offerings and programs, a $6.9 million increase in professional services fees for legal and tax services, including those related to our international expansion and the growth of our business, a $1.8 million increase in computer and software costs, and a $1.6 million increase in general bad debt expense. General and administrative expenses increased $71.5 million, or 66.5%, for the year ended December 31, 2019 compared to the same period in 2018, due to an increase of $28.7 million in employee-related costs ($12.2 million of which related to stock-based compensation and related payroll taxes), a $14.9 million increase in finance costs, which include an estimated net liability for non-recurring HST payable to the Government of Canada in the amount of $8.1 million related to 2019 and prior years, sales and use and other value added taxes, insurance, and bank fees, a $9.0 million increase in Shopify Payments losses driven by increased GMV processed through Shopify Payments, a $8.6 million increase in losses and insurance related to Shopify Capital driven by an expansion of our Capital offerings and programs, a $6.9 million increase in professional services fees for legal and tax services, including those related to our international expansion and the growth of our business, a $1.8 million increase in computer and software costs, and a $1.6 million increase in general bad debt expense.\nGeneral and administrative expenses increased $39.7 million, or 58.7%, for the year ended December 31, 2018 compared to the same period in 2017, due to an increase of $30.3 million in employee-related costs, a $4.5 million increase in professional services fees for legal and tax services, a $4.0 million increase in finance costs, which includes insurance, sales and use and other value added taxes, and a $1.7 million increase in computer and software costs.\n\n | Years ended December 31, | | | 2019 vs 2018 | 2018 vs 2017\n---------------------------- | ---------------------------------- | --------- | -------- | ------------ | ------------\n | 2019 | 2018 | 2017 | % Change | % Change \n | (in thousands, except percentages) | | | | \nGeneral and administrative | $ 178,934 | $ 107,444 | $ 67,719 | 66.5 % | 58.7 % \nPercentage of total revenues | 11.3 % | 10.0 % | 10.1 % | | "} {"_id": "d1b3086e8", "title": "", "text": "Performance-Based Restricted Stock Units\nPRSU activity is summarized as follows (shares in thousands):\n1 Assumes maximum achievement of the specified financial targets.\nThe weighted-average grant date fair value of PRSUs granted during the years ended December 31, 2019, 2018, and 2017 was $56.74, $40.53, and $41.73, respectively.\nUnrecognized compensation expense related to unvested PRSUs was $16.9 million at December 31, 2019, which is expected to be recognized over a weighted-average period of 1.7 years.\n\n | Number of Shares | Weighted- Average Grant Date Fair Value\n-------------------------------------- | ---------------- | ---------------------------------------\nUnvested shares at December 31, 2018 | 1,924 | $40.81 \nGranted | 390 | 56.74 \nForfeited | (562) | 41.29 \nVested | \u2014 | \u2014 \nUnvested shares at December 31, 2019 1 | 1,752 | $44.21 "} {"_id": "d1b3504c0", "title": "", "text": "Other Assets\nOther assets consist of the following (in thousands):\nThe Company\u2019s other assets includes a strategic equity investment in a privately-held company. The strategic investment is a non-marketable equity security, in which the Company does not have a controlling interest or the ability to exert significant influence. This investment does not have a readily determinable market value. The Company records this strategic investment at cost less impairment and adjusts cost for subsequent observable price changes. During the years ended July 31, 2019 and 2018, there were no changes in the investment\u2019s carrying value of $10.7 million.\n\n | July 31, 2019 | July 31, 2018\n--------------------- | -------------- | -------------\nPrepaid expenses | $2,640 | $2,476 \nContract costs | 23,375 | \u2014 \nDeferred costs | 8,867 | 9,377 \nStrategic investments | 10,672 | 10,672 \nOther assets | $45,554 | 22,525 "} {"_id": "d1b3679a4", "title": "", "text": "This section presents the total remuneration of the Group\u2019s external auditors for audit, assurance, and other services.\nThe auditors\u2019 remuneration for the Group is as follows:\n(1) Assurance related services include various agreed upon procedures and review of the sustainability report.\n(2) \u00a0Other non-audit services include financial due diligence and other sundry services.\n(3) \u00a0Other auditors are international associates of Deloitte Touche Tohmatsu Australia.\n\n | 2019 | 2018 \n------------------------------------------------------------------ | ----- | -----\n | $\u2019000 | $\u2019000\nAuditors of the parent entity \u2013 Deloitte Touche Tohmatsu Australia | | \nAudit or review of the financial reports | 3,055 | 2,778\nAssurance related services (1) | 341 | 289 \nTax compliance services | \u2013 | 11 \nOther non-audit services (2) | 222 | 193 \n | 3,618 | 3,271\nOther auditors (3) | | \nAudit or review of the financial reports | 432 | 419 \nAssurance related services (1) | 50 | 50 \nTax compliance services | 62 | 29 \n | 544 | 498 \nTotal auditors\u2019 remuneration | 4,162 | 3,769"} {"_id": "d1b335698", "title": "", "text": "5.5 Other Operating Expense Items\nNote: (1) The non-audit fees for the current financial year ended 31 March 2019 included S$0.4 million and S$0.2million paid to KPMG LLP, Singapore and KPMG, Australia in respect of tax services, certification and review for regulatory purposes. In the previous financial year, the non-audit fees included S$0.2 million and S$0.3 million paid to Deloitte & Touche LLP, Singapore, and Deloitte Touche Tohmatsu, Australia, respectively in respect of tax services, certification and review for regulatory purposes.\nThe Audit Committee had undertaken a review of the non-audit services provided by the auditors, KPMG LLP, and in the opinion of the Audit Committee, these services did not affect the independence of the auditors. The Audit Committee had undertaken a review of the non-audit services provided by the auditors, KPMG LLP, and in the opinion of the Audit Committee, these services did not affect the independence of the auditors.\n\n | Group | \n------------------------------------------ | ------ | ------\n | 2019 | 2018 \n | S$ Mil | S$ Mil\nOperating expenses included the following: | | \nAuditors' remuneration | | \n- KPMG LLP, Singapore | 2.4 | - \n- KPMG, Australia | 1.2 | - \n- Other KPMG offices | 1.3 | - \n- Deloitte & Touche LLP, Singapore | - | 1.5 \n- Deloitte Touche Tohmatsu, Australia | - | 1.2 \n- Other Deloitte & Touche offices | - | 2.1 \nNon-audit fees (1) paid to | | \n- KPMG LLP, Singapore | 0.4 | - \n- KPMG, Australia | 0.4 | - \n- Other KPMG offices | 0.1 | - \n- Deloitte & Touche LLP, Singapore | - - | 0.3 \n- Deloitte Touche Tohmatsu, Australia | - | 0.3 \n- Other Deloitte & Touche offices | - | 0.2 \nImpairment of trade receivables | 121.8 | 128.0 \nAllowance for inventory obsolescence | 1.1 | 7.1 \nOperating lease payments | 437.2 | 470.7 "} {"_id": "d1b35b460", "title": "", "text": "AMERICAN TOWER CORPORATION AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Tabular amounts in millions, unless otherwise disclosed)\n3. PROPERTY AND EQUIPMENT\nProperty and equipment (including assets held under finance leases) consisted of the following:\n(1) Assets on leased land are depreciated over the shorter of the estimated useful life of the asset or the term of the corresponding ground lease taking into consideration lease renewal options and residual value.\n(2) Includes fiber and DAS assets.\n(3) Estimated useful lives apply to improvements only.\n\n | Estimated Useful Lives (years) (1) | December 31, 2019 | December 31, 2018\n----------------------------- | ---------------------------------- | ----------------- | -----------------\nTowers | Up to 20 | $13,930.7 | $12,777.9 \nEquipment (2) | 2 - 20 | 1,897.3 | 1,667.3 \nBuildings and improvements | 3 - 32 | 638.9 | 628.5 \nLand and improvements (3) | Up to 20 | 2,486.1 | 2,285.4 \nConstruction-in-progress | | 372.6 | 358.1 \nTotal | | 19,325.6 | 17,717.2 \nLess accumulated depreciation | | (7,241.2) | (6,470.1) \nProperty and equipment, net | | $12,084.4 | $11,247.1 "} {"_id": "d1a733cf0", "title": "", "text": "The following table represents the restricted stock units and SARS stock-based compensation information for the periods indicated (in thousands):\n(1) Classified as income tax expense within the Consolidated Statements of Operations.\n\n | | Fiscal Year Ended August 31, | \n---------------------------------------------------------------------- | -------- | ---------------------------- | -------\n | 2019 | 2018 | 2017 \nIntrinsic value of SARS exercised | $335 | $909 | $5,053 \nFair value of restricted stock units vested | $49,725 | $62,592 | $44,010\nTax benefit for stock compensation expense(1) | $611 | $1,122 | $560 \nUnrecognized stock-based compensation expense \u2014 restricted stock units | $41,778 | | \nRemaining weighted-average period for restricted stock units expense | 1.3years | | "} {"_id": "d1b2eb570", "title": "", "text": "1.\u00a02019 Performance Periods and Performance Goals. For the calendar year 2019, there are four quarterly Performance Periods, ending on March 31, June 30, September 30 and December 31, 2019 (each, a \u201c2019 Performance Period\u201d). For each of the four 2019 Performance Periods, there are two equally weighted (50% each) performance goals (each, a \u201c2019 Performance Goal\u201d): Revenue and Operating Margin (each as defined below). The chart below set forth the Revenue and Operating Margin Performance Goals for the four 2019 Performance Periods.\n\u201cRevenue\u201d means as to each of the 2019 Performance Periods, the Company\u2019s net revenues generated from third parties, including both services revenues and product revenues as defined in the Company\u2019s Form 10-K filed for the calendar year ended December 31, 2018. Net revenue is defined as gross sales less any pertinent discounts, refunds or other contra-revenue amounts, as presented on the Company\u2019s press releases reporting its quarterly financial results.\n\u201cOperating Margin\u201d means as to each of the 2019 Performance Periods, the Company\u2019s non-GAAP operating income divided by its Revenue. Non-GAAP operating income means the Company\u2019s Revenues less cost of revenues and operating expenses, excluding the impact of stock-based compensation expense, amortization of acquisition related intangibles, legal settlement related charges and as adjusted for certain acquisitions, as presented on the Company\u2019s press releases reporting its quarterly financial results\n\n2019 Performance Period | Revenue Performance Goal(in millions) | Operating Margin Performance Goal\n----------------------- | ------------------------------------- | ---------------------------------\nQ1 | $199.5 | 8.1% \nQ2 | $211.7 | 8.3% \nQ3 | $227.3 | 9.6% \nQ4 | $243.2 | 10.8% "} {"_id": "d1b3879b6", "title": "", "text": "Gross Profit. Gross profit increased 15%, or $144.4 million, in 2019 compared to 2018, with gross margin increasing approximately 70 basis points to 14.7% of net sales. Our gross profit and gross profit as a percent of net sales by operating segment for 2019 and 2018 were as follows (dollars in thousands):\nNorth America\u2019s gross profit in 2019 increased 19% compared to 2018, and as a percentage of net sales, gross margin increased by approximately 80 basis points year over year. The year over year net increase in gross margin was primarily attributable to the following:\n\u2022 A net increase in product margin, which includes partner funding and freight, of 30 basis points year over year. This increase was due primarily to improvements in hardware and software product margin partially as a result of improvements in core business margins on product net sales and also as a result of PCM.\n\u2022 Services margin improvement year over year of 50 basis points was generated from increased vendor funding, cloud solution offerings and referral fees. In addition, there was a 21 basis point improvement in margins from Insight delivered services.\nEMEA\u2019s gross profit in 2019 increased 3% (increased 8% excluding the effects of fluctuating foreign currency exchange rates), compared to 2018. As a percentage of net sales, gross margin increased by approximately 40 basis points year over year.\nAPAC\u2019s gross profit in 2019 increased 1% (increased 6% excluding the effects of fluctuating foreign currency exchange rates), compared to 2018, with gross margin increasing to 22.1% in 2019 from 21.2% in 2018. The improvement in gross margin for both EMEA and APAC in 2019 compared to 2018 was due primarily to changes in sales mix to higher margin products and services.\n\n | 2019 | % of Net\nSales | 2018 | % of Net Sales\n------------ | ---------- | -------------- | -------- | --------------\nNorthAmerica | $ 871,114 | 14.5% | $732,695 | 13.7% \nEMEA | $227,083 | 14.9% | $221,467 | 14.5% \nAPAC | $39,901 | 22.1% | $39,556 | 21.2% \nConsolidated | $1,138,098 | 14.7% | $993,718 | 14.0% "} {"_id": "d1b383802", "title": "", "text": "Note 26. Other Income (Expense)\nOther income (expense), net consisted of the following (in thousands):\n\n | | Years Ended December 31, | \n----------------------------------------------------------------- | -------- | ------------------------ | ------\n | 2019 | 2018 | 2017 \nForeign currency transaction gains(losses) | $(1,262) | $2,029 | $(548)\nGains (losses) on derivative instruments not designated as hedges | (674) | (1,751) | 143 \nNet investment gains (losses) on investments held in rabbi trust | 2,379 | (867) | 1,619 \nOther miscellaneous income (expense) | (857) | (1,659) | 44 \n | $(414) | $(2,248) | $1,258"} {"_id": "d1b325108", "title": "", "text": "Section 5: Our people\nWe are working to attract and retain employees with the skills and passion to best serve our markets. This section provides information about our employee benefits obligations. It also includes details of our employee share plans and compensation paid to key management personnel.\n5.1 Key management personnel compensation\nKey management personnel (KMP) refers to those who have authority and responsibility for planning, directing and controlling the activities of the Group. For a list of key management personnel and additional disclosures, refer to the remuneration report on pages 38 to 53.\nKMP aggregate compensation\nDuring the financial years 2019 and 2018, the aggregate compensation provided to KMP was as follows:\nOther transactions with our KMP and their related parties\nDuring the financial years 2019 and 2018, apart from transactions disclosed in note 7.2 of the financial report, there were no other transactions with our KMP and their related parties.\n\n | CONSOLIDATED | \n---------------------------- | ------------ | ---------\n | 2019 $ | 2018 $ \nShort-term employee benefits | 3,728,367 | 2,780,820\nPost-employment benefits | 151,851 | 184,614 \nShare-based payments | 651,748 | 320,560 \nTermination benefits | 367,015 | 841,940 \n | 4,898,981 | 4,127,934"} {"_id": "d1b39e3fa", "title": "", "text": "MANAGEMENT DISCUSSION SNAPSHOT\n* (1.0) percent adjusted for currency; 0.2 percent excluding divested businesses and adjusted for currency.\n** 2019 results were impacted by Red Hat purchase accounting and acquisition-related activity.\n+ Includes charges of $2.0 billion or $2.23 of diluted earnings per share in 2018 associated with U.S. tax reform.\n++At December 31\n\n($ and shares in millions except per share amounts) | | | \n--------------------------------------------------------------- | -------- | -------- | ----------------------------------\nFor the year ended December 31: | 2019 | 2018 | Yr.-to-Yr. Percent/Margin Change**\nRevenue | $ 77,147 | $ 79,591 | (3.1)%* \nGross profit margin | 47.3% | 46.4% | 0.9 pts. \nTotal expense and other (income) | $ 26,322 | $ 25,594 | 2.8% \nIncome from continuing operations before income taxes | $ 10,166 | $ 11,342 | (10.4)% \nProvision for income taxes from continuing operations | $ 731 | 2,619+ | (72.1)% \nIncome from continuing operations | $ 9,435 | 8,723+ | 8.2% \nIncome from continuing operations margin | 12.2% | 11.0% | 1.3 pts. \nNet income | $ 9,431 | 8,728+ | 8.1% \nEarnings per share from continuing operations\u2014assuming dilution | $ 10.57 | 9.51+ | 11.1% \nWeighted-average shares outstanding\u2014assuming dilution | 892.8 | 916.3 | (2.6)% \nAssets++ | $152,186 | $123,382 | 23.3% \nLiabilities++ | $131,202 | $106,452 | 23.2% \nEquity++ | $ 20,985 | $ 16,929 | 24.0% "} {"_id": "d1b3c1508", "title": "", "text": "Trade and Other Receivables\nUnbilled revenues represent amounts not yet billed to merchants related to subscription fees for Plus merchants, transaction fees and shipping charges, as at the Consolidated Balance Sheet date.\nExpressed in US $000's except share and per share amounts\n\n | December 31, 2019 | December 31, 2018 | January 1, 2018\n------------------------- | ----------------- | ----------------- | ---------------\n | $ | $ | $ \nIndirect taxes receivable | 36,821 | 3,774 | 832 \nUnbilled revenues | 31,629 | 12,653 | 7,616 \nTrade receivables | 9,660 | 11,191 | 7,073 \nAccrued interest | 5,754 | 5,109 | 2,015 \nOther receivables | 6,665 | 8,620 | 4,403 \n | 90,529 | 41,347 | 21,939 "} {"_id": "d1b315a5a", "title": "", "text": "Investing Cash Flow Activities\nYear Ended December 31, 2019 Compared with the Year Ended December 31, 2018\nNet cash used in investing activities \u2013 continuing operations during the year ended December 31, 2019 resulted from the absence of the sale of businesses compared to prior year. The sale of Netsmart and OneContent produced significant investing cash inflows during 2018, which was partially offset with cash paid for the acquisitions of Practice Fusion and Health Grid. Capital expenditures also decreased in 2019 compared with prior year.\nYear Ended December 31, 2018 Compared with the Year Ended December 31, 2017\nWe had cash inflows from investing activities \u2013 continuing operations during the year ended December 31, 2018 compared with cash outflows from investing activities \u2013 continuing operations during the year ended December 31, 2017, which was primarily driven by cash proceeds of $567 million from the sale of our investment in Netsmart and $241 million of net cash proceeds from the divestiture of the OneContent business during 2018.\nCash used in investing activities also included the purchase of Practice Fusion and Health Grid, which were mostly offset by lower overall capital expenditures during 2018.\nNet cash used in investing activities \u2013 discontinued operations increased during the year ended December 31, 2018 compared with the prior year, primarily due to larger business acquisitions completed by Netsmart during 2018.\n\n | | Year Ended December 31, | | | \n------------------------------------------------------------------------------------ | ---------- | ----------------------- | ---------- | ----------------------- | -----------------------\n(In thousands) | 2019 | 2018 | 2017 | 2019 $ Change from 2018 | 2018 $ Change from 2017\nCapital expenditures | $(16,600) | $(31,309) | $(38,759) | $14,709 | $7,450 \nCapitalized software | (113,836) | (113,308) | (118,241) | (528) | 4,933 \nCash paid for business acquisitions, net of cash acquired | (23,443) | (177,233) | (169,823) | 153,790 | (7,410) \nCash received from sale of businesses, net | 0 | 807,764 | 0 | (807,764) | 807,764 \nPurchases of equity securities, other investments and related intangible assets, net | (7,191) | (16,934) | (5,606) | 9,743 | (11,328) \nOther proceeds from investing activities | 14 | 54 | 215 | (40) | (161) \nNet cash (used in) provided by investing activities - continuing operations | (161,056) | 469,034 | (332,214) | (630,090) | 801,248 \nNet cash used in investing activities - discontinued operations | 0 | (221,021) | (80,758) | 221,021 | (140,263) \nNet cash (used in) provided by investing activities | $(161,056) | $248,013 | $(412,972) | $(409,069) | $660,985 "} {"_id": "d1b2fbac4", "title": "", "text": "The Company had gross unrecognized tax benefits of $15.7 million and $3.0 million, as of June 30, 2019 and June 30, 2018, respectively. The Company recognizes interest and penalties related to uncertain tax positions in income tax expense.\nThe Company files income tax returns in various federal, state, and local jurisdictions including the United States, Canada, United Kingdom and France. In the normal course of business, the Company is subject to examination by taxing authorities throughout the world. With few exceptions, the Company is no longer subject to income tax examinations by tax authorities in major tax jurisdictions for years before 2014.\n\n | June 30, | \n----------------------------------------------------------------- | ------------ | -----\n | 2019 | 2018 \n | in millions) | \nBalance at beginning of year | $3.0 | $0.2 \nAdditions for current year tax positions | 1.5 | 1.2 \nAdditions for prior year tax positions | 11.5 | 1.7 \nReductions as a result of settlement with tax authority | (0.3) | (0.1)\nBalance at end of year | $15.7 | $3.0 \nInterest and penalties included in balance | $2.2 | $0.1 \nAmount, if recognized, would impact the effective income tax rate | 10.0 | 1.8 \nAmount that could be settled within the next year | 10.0 | 1.9 "} {"_id": "d1a728170", "title": "", "text": "The following is a summary of our contractual obligations and commercial commitments as ofSeptember 29, 2019 (in thousands):\n(1) Includes mandatory principal and interest payments on our Class A-2 Notes. Amounts are reflected through the anticipated repayment dates as described further above in \u201cLiquidity and capital resources.\u201d\n(2) \u00a0Includes purchase commitments for food, beverage, and packaging items to support system-wide restaurant operations.\n(3) \u00a0Includes expected payments associated with our non-qualified defined benefit plan, postretirement healthcare plans and our non-qualified deferred compensation plan through fiscal 2029.\n(4) \u00a0Consists primarily of letters of credit for interest reserves required under the Indenture and insurance.\nWe maintain a noncontributory defined benefit pension plan (\u201cQualified Plan\u201d) covering substantially all full-time employees hired before January 1, 2011.\u00a0 Our policy is to fund our Qualified Plan at amounts necessary to satisfy the minimum amount required by law, plus additional amounts as determined by management to improve the plan\u2019s funded status. Contributions beyond fiscal 2019 will depend on pension asset performance, future interest rates, future tax law changes, and future changes in regulatory funding requirements. Based on the funding status of our Qualified Plan as of our last measurement date, there was no minimum contribution required in 2019. For additional information related to our pension plans, refer to Note 12,Retirement Plans, of the notes to the consolidated financial statements.\n\n | | | Payments Due by Fiscal Year | | \n------------------------------ | ---------- | ---------- | --------------------------- | ---------- | -------------\n | | Less than | | | \n | Total | 1 year | 1-3 years | 3-5 years | After 5 years\nContractual Obligations: | | | | | \nLong-term debt obligations (1) | 1,708,916 | 65,087 | 115,141 | 667,245 | 861,443 \nCapital lease obligations | 3,937 | 879 | 1,758 | 1,260 | 40 \nOperating lease obligations | 1,094,011 | 193,313 | 332,020 | 205,173 | 363,505 \nPurchase commitments (2) | 1,906,900 | 854,100 | 722,900 | 308,400 | 21,500 \nBenefit obligations (3) | 74,714 | 15,068 | 13,499 | 13,533 | 32,614 \nTotal contractual obligations | $4,788,478 | $1,128,447 | $1,185,318 | $1,195,611 | $1,279,102 \nOther Commercial Commitments: | | | | | \nStand-by letters of credit (4) | $45,600 | $45,600 | $\u2014 | $\u2014 | $\u2014 "} {"_id": "d1b3a0f92", "title": "", "text": "General and Administrative Expense\nGeneral and administrative expense increased by $8.6 million in 2018 compared to 2017. The increase was primarily due to a $3.7 million increase in employee-related costs, which includes stock-based compensation, associated with our increased headcount from 79 employees as of December 31, 2017 to 89 employees as of December 31, 2018. There was an additional increase of $2.8 million in depreciation and amortization, an increase of $1.5 million to support compliance as a public company, an increase of $0.4 million in software subscription cost and a $0.2 million increase in office related expenses to support the administrative team.\n\n | Year Ended December 31, | | Change | \n-------------------------- | ----------------------- | ---------------------- | ------- | -----\n | 2018 | 2017 | $ | % \n | | (dollars in thousands) | | \nGeneral and administrative | $ 31,462 | $ 22,895 | $ 8,567 | 37.4%\n% of revenue | 21% | 22% | | "} {"_id": "d1b345656", "title": "", "text": "10. Accrued and Other Current Liabilities\nAccrued and other current liabilities consisted of the following:\n\n | | Fiscal Year End\n------------------------------------- | ------- | ---------------\n | 2019 | 2018 \n | | (in millions) \nAccrued payroll and employee benefits | $ 455 | $ 565 \nDividends payable to shareholders | 308 | 303 \nRestructuring reserves | 245 | 141 \nIncome taxes payable | 94 | 109 \nDeferred revenue | 36 | 27 \nInterest payable | 31 | 34 \nShare repurchase program payable | 18 | 94 \nOther | 426 | 438 \nAccrued and other current liabilities | $ 1,613 | $ 1,711 "} {"_id": "d1b3a1550", "title": "", "text": "Item 6. Selected Financial Data.\nThe following selected consolidated financial and operating data was derived from our audited consolidated financial statements. The selected financial data should be read in conjunction with the Consolidated Financial Statements and Notes thereto, and Item 7 contained in Part II of this Annual Report.\n(1) When a loss is reported, the denominator of diluted earnings per share cannot be adjusted for the dilutive impact of share-based compensation awards because doing so would be anti-dilutive. In addition, when a loss from continuing operations is reported, adjusting the denominator of diluted earnings per share would also be anti-dilutive to the loss per share, even if the entity has net income after adjusting for a discontinued operation.\nTherefore, for all periods presented, basic weighted-average shares outstanding were used in calculating the diluted net loss per share.\n\n | | | Year ended March 31, | | \n------------------------------------------------------- | --------- | -------- | -------------------- | -------- | ---------\n(In thousands, except per share data) | 2019 | 2018 | 2017 | 2016 | 2015 \nOperating results | | | | | \nNet revenue | $140,842 | $127,360 | $127,678 | $120,366 | $103,514 \nGross profit | 73,880 | 64,417 | 63,785 | 68,106 | 60,081 \nOperating loss | (13,081) | (12,080) | (11,408) | (4,313) | (12,467) \nOperating loss, net of taxes | (13,164) | (8,350) | (11,721) | (3,765) | (11,497) \nNet loss | $(13,164) | $(8,350) | $(11,721) | $(3,765) | $(11,497)\nPer share data (1) | | | | | \nBasic and diluted | | | | | \nNet loss | $(0.57) | $(0.37) | $(0.52) | $(0.17) | $(0.51) \nWeighted-average shares outstanding - basic and diluted | 23,037 | 22,801 | 22,615 | 22,483 | 22,338 \nBalance sheet data at year end | | | | | \nCash and cash equivalents | $40,771 | $39,943 | $49,255 | $60,608 | $75,067 \nWorking capital | 20,707 | 19,343 | 27,183 | 41,401 | 54,407 \nTotal assets | 163,591 | 157,207 | 167,305 | 185,157 | 181,525 \nTotal debt | 57 | 177 | 237 | 333 | 189 \nTotal shareholders\u2019 equity | 100,622 | 108,431 | 113,669 | 123,473 | 124,188 "} {"_id": "d1a72ccde", "title": "", "text": "Share-based Compensation Expense The following table summarizes total compensation costs recognized for share-based payments during the years ended December 31, 2019, 2018 and 2017:\nIncome tax benefits related to share-based compensation of approximately $1.8 million, $1.3 million and $1.1 million were recorded for the years ended December 31, 2019, 2018 and 2017, respectively. Share-based compensation expense is included in \u201cselling, general and administrative expenses\u201d in the accompanying consolidated statements of operations.\nAs of December 31, 2019, total unrecognized compensation cost related to non-vested RSAs and PSAs was $10.6 million and will be recognized over a weighted-average period of approximately 1.7 years.\n\n | | Year Ended December 31, | \n------------------ | ------- | ----------------------- | -------\n(In thousands) | 2019 | 2018 | 2017 \nRestricted stock | $ 4,013 | $ 3,249 | $ 1,986\nPerformance shares | 2,823 | 1,870 | 780 \nTotal | $ 6,836 | $ 5,119 | $ 2,766"} {"_id": "d1b34a9f8", "title": "", "text": "The following table shows for the fiscal year ended March 29, 2019, certain information regarding option exercises and stock vested during the last fiscal year with respect to our named executive officers:\nOption Exercises and Stock Vested in Fiscal 2019\n(1) The value realized upon option exercises is based on the difference between the closing price of our common stock at exercise and the option exercise price.\n(2) The number of shares and value realized for stock awards set forth above reflect (i) RSUs that vested and settled in FY19, (ii) RSUs granted under the FY19 EAIP on 5/20/2019, which vested and settled on 6/1/2019, and (iii) PRUs that vested in FY19 and were settled in FY20.\n(3) The value realized upon vesting is based on the closing price of our common stock upon vesting in the case of RSUs and the closing price of our common stock on March 29, 2019 in the case of PRUs.\n\nOption Awards | | | Stock Awards | \n----------------------- | ----------------------------------------- | ----------------------------------- | ------------------------------------------- | ----------------------------------\nName | Number of Shares Acquired on Exercise (#) | Value Realized on Exercise (1)($)$) | Number of Shares Acquired on Vesting(2) (#) | Value Realized on Vesting (3)($)$)\nGregory S. Clark | \u2014 | \u2014 | 342,338 | 7,467,791 \nNicholas R. Noviello | 332,155 | 4,699,993 | 111,855 | 2,419,818 \nAmy L. Cappellanti-Wolf | \u2014 | \u2014 | 92,644 | 1,997,239 \nSamir Kapuria | \u2014 | \u2014 | 112,125 | 2,497,640 \nScott C. Taylor | \u2014 | \u2014 | 103,798 | 2,216,595 "} {"_id": "d1a726d7a", "title": "", "text": "Other identifiable intangible assets were as follows:\nNon-amortizing intangible assets are comprised of brands and trademarks.\nAmortizing intangible assets, carrying a remaining weighted-average life of approximately 20 years, are principally composed of customer relationships, and acquired intellectual property. For fiscal 2019, 2018, and 2017, we recognized amortization expense of $49.1 million, $34.9 million, and $33.6 million, respectively. Based on amortizing assets recognized in our Consolidated Balance Sheet as of May 26, 2019, amortization expense is estimated to average $58.3 million for each of the next five years, with a high expense of $59.9 million in fiscal 2020 and decreasing to a low expense of $54.2 million in fiscal 2024.\nDuring fiscal 2019, in conjunction with the divestiture of our Italian-based frozen pasta business, Gelit, we reclassified $15.1 million and $1.7 million of goodwill and other identifiable intangible assets, respectively, to noncurrent assets held for sale for periods prior to the divestiture.\nDuring fiscal 2019, as a result of our annual impairment test for indefinite lived intangibles, we recognized impairment charges of $76.5 million for our Chef Boyardee\u00ae and Red Fork\u00ae brands in our Grocery & Snacks segment. We also recognized impairment charges of $13.1 million for our Aylmer\u00ae and Sundrop \u00ae brands in our International segment.\nDuring fiscal 2018, as a result of our annual impairment test for indefinite lived intangibles, we recognized impairment charges of $4.0 million for our HK Anderson\u00ae , Red Fork\u00ae , and Salpica\u00ae brands in our Grocery & Snacks segment. We also recognized an impairment charge of $0.8 million for our Aylmer\u00ae brand in our International segment.\nDuring fiscal 2017, we recorded goodwill impairment charges in our International reporting segment totaling $198.9 million, of which $139.2 million related to our Canadian reporting unit and $59.7 million related to our Mexican reporting unit. These impairment charges resulted from a change in reporting segments, which occurred in the first quarter of fiscal 2017 when we were required to determine new reporting units at a lower level, and from further deterioration in forecasted sales and profits during fiscal 2017, which were caused primarily by changes in foreign exchange rates.\nIn fiscal 2017, due to declining sales of certain brands, we elected to perform a quantitative impairment test for indefinite lived intangibles of those brands. During fiscal 2017, we recognized impairment charges of $31.5 million for our Del Monte\u00ae brand and $5.5 million for our Aylmer\u00ae brand in our International segment. We also recognized impairment charges of $67.1 million for our Chef Boyardee\u00ae brand and $1.1 million for our Fiddle Faddle\u00ae brand in our Grocery & Snacks segment.\nNotes to Consolidated Financial Statements - (Continued) Fiscal Years Ended May 26, 2019, May 27, 2018, and May 28, 2017 (columnar dollars in millions except per share amounts)\n\n | | 2019 | | 2018 \n-------------------------------- | --------------------- | ------------------------ | --------------------- | ------------------------\n | Gross Carrying Amount | Accumulated Amortization | Gross Carrying Amount | Accumulated Amortization\nNon-amortizing intangible assets | $3,678.0 | $\u2014 | $918.3 | $\u2014 \nAmortizing intangible assets . | 1,244.2 | 260.8 | 576.6 | 212.1 \n | $4,922.2 | $260.8 | $1,494.9 | $212.1 "} {"_id": "d1b3b7382", "title": "", "text": "9. Accrued Liabilities\nAccrued liabilities consisted of the following as of June 30, 2019 and 2018:\n\n | June 30, | \n--------------------------------- | -------- | ------\n($ in millions) | 2019 | 2018 \nAccrued compensation and benefits | $71.2 | $83.3 \nDerivative financial instruments | 16.7 | \u2014 \nAccrued postretirement benefits | 14.7 | 15.4 \nDeferred revenue | 10.5 | 10.4 \nAccrued interest expense | 10.4 | 10.4 \nAccrued income taxes | 4.2 | 1.4 \nAccrued pension liabilities | 3.4 | 3.3 \nOther | 26.5 | 24.4 \nTotal accrued liabilities | $157.6 | $148.6"} {"_id": "d1b361932", "title": "", "text": "The assets and liabilities of OpCo that are included in our Consolidated Balance Sheets at September 30, 2019 and 2018 are as follows:\nThe assets of OpCo are restricted for OpCo\u2019s use and are not available for the general operations of Cubic. OpCo\u2019s debt is non-recourse to Cubic. Cubic\u2019s maximum exposure to loss as a result of its equity interest in the P3 Venture is limited to the $2.7 million outstanding letter of credit, which will be converted to a cash contribution upon completion of the design and build phase of the MBTA Contract.\n\n | | September 30, \n-------------------------------------------------- | ---------- | --------------\n | 2019 | 2018 \n | | (in thousands)\nCash | $ 347 | $ 374 \nRestricted cash | 9,967 | 10,000 \nOther current assets | 33 | \u2014 \nLong-term capitalized contract costs | \u2014 | 33,818 \nLong-term contracts financing receivable | 115,508 | \u2014 \nOther noncurrent assets | 1,419 | 810 \nTotal assets | $ 127,274 | $ 45,002 \nTrade accounts payable | $ 25 | $ 165 \nAccrued compensation and other current liabilities | 191 | \u2014 \nDue to Cubic | 25,143 | 11,724 \nOther long-term liabilities | 21,605 | 13 \nLong-term debt | 61,994 | 9,056 \nTotal liabilities | $ 108,958 | $ 20,958 \nTotal Cubic equity | (603) | (304) \nNoncontrolling interests | 18,919 | 24,348 \nTotal liabilities and owners' equity | $ 127,274 | $ 45,002 "} {"_id": "d1b31d0c0", "title": "", "text": "6. Revenue continued\nContract assets and liabilities recognised at 31 March 2019 are as follows:\n\u00a31,216m of the contract liability recognised at 1 April 2018 was recognised as revenue during the year. Impairment losses of \u00a336m were recognised on contract assets during the year. Other than business-as-usual movements there were no significant changes in contract asset and liability balances during the year.\n\n | 31 March 2019 | 1 April 2018\n-------------------- | ------------- | ------------\n | \u00a3m | \u00a3m \nContract assets | | \nCurrent | 1,353 | 1,417 \nNon-current | 249 | 198 \n | 1,602 | 1,615 \nContract liabilities | | \nCurrent | 1,225 | 1,406 \nNon-current | 200 | 87 \n | 1,425 | 1,493 "} {"_id": "d1a72b046", "title": "", "text": "GreenSky, Inc. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS \u2014 (Continued) (United States Dollars in thousands, except per share data, unless otherwise stated)\nNote 9. Other Liabilities\nThe following table details the components of other liabilities in the Consolidated Balance Sheets as of the dates indicated.\n(1) We elected the fair value method to account for our servicing liabilities. Refer to Note 3 for additional information.\n(2) Related party distributions payable are not included in this balance, but rather are included within related party liabilities.\n(3) Refer to Note 3 and Note 8 for additional information on our interest rate swap, which was in a liability position as of December 31, 2019.\n(4) Tax related liabilities primarily include certain taxes payable related to the Reorganization Transactions.\n(5) Deferred lease liabilities were calculated in accordance with legacy lease guidance in ASC 840, Leases, for the amount presented as of December 31, 2018. Under the new lease guidance codified in ASC 842, Leases, which we adopted on January 1, 2019, we presented operating lease liabilities separately on the Consolidated Balance Sheets as of December 31, 2019. See Note 1 and Note 14 for additional information on our lease accounting.\n(6) Accruals and other liabilities as of December 31, 2018 was adjusted to exclude the financial guarantee liability to conform to the current period presentation in the Consolidated Balance Sheets. Refer to Note 1 for additional discussion of our basis of presentation.\n\n | December 31, | \n---------------------------------- | ------------ | -------\n | 2019 | 2018 \nTransaction processing liabilities | $24,465 | $4,958 \nServicing liabilities(1) | 3,796 | 3,016 \nDistributions payable(2) | 5,978 | 10,066 \nInterest rate swap(3) | 2,763 | \u2014 \nTax related liabilities(4) | 873 | 4,412 \nDeferred lease liabilities(5) | \u2014 | 2,489 \nAccruals and other liabilities(6) | 9,442 | 10,110 \nOther liabilities | $47,317 | $35,051"} {"_id": "d1b33a314", "title": "", "text": "Item 16C. PRINCIPAL ACCOUNTANT FEES AND SERVICES\nAggregate audit fees, audit-related fees, tax fees and the aggregate of all other fees billed to us by Ernst & Young LLP for the fiscal years ended June 30, 2019 and 2018 were as follows:\n(1) Audit Fees consist of fees incurred for professional services rendered for the integrated audit of our annual consolidated financial statements, review of the quarterly consolidated financial statements and foreign statutory audits and services that are normally provided by Ernst & Young LLP in connection with statutory and regulatory filings or engagements. Audit fees also include accounting consultations, research related to the integrated audit and comfort letter services in relation to our exchangeable senior notes.\n(2) Audit-Related Fees consist of fees billed for assurance and related services that are reasonably related to the performance of the audit or review of the Company\u2019s consolidated financial statements and are not reported under \u201cAudit Fees.\u201d This primarily consists of fees for service organization control audits and due diligence on acquisitions.\n(3) Tax fees relate to assistance with tax compliance, tax planning and various tax advisory services.\n(4) Other fees are any additional amounts for products and services provided by the principal accountants.\nOur audit committee has adopted a pre-approval policy for the engagement of our independent accountant to perform certain audit and non-audit services. Pursuant to this policy, which is designed to assure that such engagements do not impair the independence of our auditors, the audit committee pre-approves annually all audit services, audit related services, tax services and other services as described above, that may be performed by our independent accountants. All of the audit and non-audit services provided by our principal accountants have been pre-approved by our Audit Committee.\n\n | 2019 | 2018 \n---------------------- | --------------------- | ------\n | (U.S. $ in thousands) | \nAudit fees (1) | $2,980 | $3,469\nAudit-related fees (2) | 648 | 447 \nTax fees (3) | 220 | 238 \nOther fees (4) | 8 | 3 \nTotal | $3,856 | $4,157"} {"_id": "d1b34147a", "title": "", "text": "The operating expense line items in our income statement include the following share-based payment expenses:\nShare-Based Payment Expenses by Functional Area\nIn 2019, we paid \u20ac79 million in share-based payments that became fully vested because of terminations due to operational reasons in connection with our restructuring plan. These payments as well as the expense portion initially allocated to future services were classified as share-based payments and not as restructuring expenses.\n\n\u20ac millions | 2019 | 2018 | 2017 \n------------------------------------------- | ----- | ---- | -----\nCost of cloud and software | 138 | 78 | 115 \nCost of services | 246 | 142 | 158 \nResearch and development | 429 | 210 | 269 \nSales and marketing | 562 | 312 | 442 \nGeneral and administration | 461 | 88 | 135 \nShare-based payment expenses | 1,835 | 830 | 1,120\nThereof cash-settled share-based payments | 1,664 | 674 | 963 \nThereof equity-settled share-based payments | 171 | 156 | 157 "} {"_id": "d1b3bc6e8", "title": "", "text": "(1) Includes cloud services and license support revenue adjustments related to certain cloud services and license support contracts that would have otherwise been recorded as revenues by the acquired businesses as independent entities but were not recognized in our GAAP-based consolidated statements of operations for the periods presented due to business combination accounting requirements. Such revenue adjustments were included in our operating segment results for purposes of reporting to and review by our CODMs. See \u201cPresentation of Operating Segment results and Other Financial Information\u201d above for additional information.\n(2) Excludes stock-based compensation and certain expense allocations. Also excludes amortization of intangible assets and certain other GAAP-based expenses, which were not allocated to our operating segment results for purposes of reporting to and review by our CODMs, as further described under \u201cPresentation of Operating Segment results and Other Financial Information\u201d above.\nExcluding the effects of currency rate fluctuations, our cloud and license business\u2019 total revenues increased in fiscal 2019 relative to fiscal 2018 due to growth in our cloud services and license support revenues, which was primarily due to increased customer purchases and renewals of cloud-based services and license support services in recent periods, contributions from our recent acquisitions and increased cloud license and on-premise license revenues. In constant currency, our total applications revenues and our total infrastructure revenues each grew during fiscal 2019 relative to fiscal 2018 as customers continued to deploy our applications technologies and infrastructure technologies through different deployment models that we offer that enable customer choice. The Americas region contributed 43%, the EMEA region contributed 31% and the Asia Pacific region contributed 26% of the constant currency revenues growth for this business in fiscal 2019.\nIn constant currency, total cloud and license expenses increased in fiscal 2019 compared to fiscal 2018 due to higher sales and marketing expenses and higher cloud services and license support expenses, each of which increased primarily due to higher employee related expenses from higher headcount and due to higher technology infrastructure expenses.\nExcluding the effects of currency rate fluctuations, our cloud and license segment\u2019s total margin increased in fiscal 2019 compared to fiscal 2018 primarily due to increased revenues, while total margin as a percentage of revenues decreased slightly due to expenses growth.\n\nYear Ended May 31, | | | | \n-------------------------------------- | --------------------------- | ------ | -------------- | -------\n | | | Percent Change | \n(Dollars in millions) | 2019 | Actual | Constant | 2018 \n | Cloud and License Revenues: | | | \nAmericas (1) | $18,410 | 2% | 3% | $18,030\nEMEA (1) | 9,168 | 0% | 4% | 9,163 \nAsia Pacific (1) | 5,004 | 3% | 7% | 4,848 \nTotal revenues (1) | 32,582 | 2% | 4% | 32,041 \n | Expenses: | | | \nCloud services and license support (2) | 3,597 | 5% | 6% | 3,441 \nSales and marketing (2) | 7,398 | 3% | 5% | 7,213 \nTotal expenses (2) | 10,995 | 3% | 6% | 10,654 \nTotal Margin | $21,587 | 1% | 3% | $21,387\nTotal Margin % | 66% | | | 67% \n | % Revenues by Geography: | | | \nAmericas | 57% | | | 56% \nEMEA | 28% | | | 29% \nAsia Pacific | 15% | | | 15% \n | Revenues by Offerings: | | | \nCloud services and license support (1) | $26,727 | 2% | 4% | $26,269\nCloud license and on-premise license | 5,855 | 1% | 4% | 5,772 \nTotal revenues (1) | $32,582 | 2% | 4% | $32,041\n | Revenues by Ecosystem: | | | \nApplications revenues (1) | $11,510 | 4% | 6% | $11,065\nInfrastructure revenues (1) | 21,072 | 0% | 3% | 20,976 \nTotal revenues (1) | $32,582 | 2% | 4% | $32,041"} {"_id": "d1b2f539a", "title": "", "text": "Results of Operations\nYear Ended December 31, 2019 Compared to the Year Ended December 31, 2018\nOur management reviews and analyzes several key financial measures in order to manage our business and assess the quality of and variability of our service revenue, operating results and cash flows. The following summary tables present a comparison of our results of operations with respect to certain key financial measures. The comparisons illustrated in the tables are discussed in greater detail below.\n(1) Includes non-cash equity-based compensation expense of $994 and $895 for 2019 and 2018, respectively.\n(2) Includes non-cash equity-based compensation expense of $17,466 and $16,813 for 2019 and 2018, respectively.\nService Revenue. Our service revenue increased 5.0% from 2018 to 2019. Exchange rates negatively impacted our increase in service revenue by approximately $5.3 million. All foreign currency comparisons herein reflect results for 2019 translated at the average foreign currency exchange rates for 2018. We increased our total service revenue by increasing the number of sales representatives selling our services, by expanding our network, by adding additional buildings to our network, by increasing our penetration into the buildings connected to our network and by gaining market share by offering our services at lower prices than our competitors.\nRevenue recognition standards include guidance relating to any tax assessed by a governmental authority that is directly imposed on a revenue-producing transaction between a seller and a customer and may include, but is not limited to, gross receipts taxes, Universal Service Fund fees and certain state regulatory fees. We record these taxes billed to our customers on a gross basis (as service revenue and network operations expense) in our consolidated statements of operations. The impact of these taxes including the Universal Service Fund resulted in an increase to our revenues from 2018 to 2019 of approximately $2.4 million.\nOur net-centric customers tend to purchase their service on a price per megabit basis. Our corporate customers tend to utilize a small portion of their allocated bandwidth on their connections and tend to purchase their service on a per connection basis. Revenues from our corporate and net-centric customers represented 68.4% and 31.6% of total service revenue, respectively, for 2019 and represented 64.9% and 35.1% of total service revenue, respectively, for 2018. Revenues from corporate customers increased 10.6% to $373.7 million for 2019 from $337.8 million for 2018 primarily due to an increase in our number of our corporate customers. Revenues from our net-centric customers decreased by 5.4% to $172.5 million for 2019 from $182.3 million for 2018 primarily due to an increase in our number of net-centric customers being offset by a decline in our average price per megabit. Our revenue from our net-centric customers has declined as a percentage of our total revenue and grew at a slower rate than our corporate customer revenue because net-centric customers purchase our services based upon a price per megabit basis and our average price per megabit declined by 23.9% from 2018 to 2019. Additionally, the net-centric market experiences a greater level of pricing pressure than the corporate market and net-centric customers who renew their service with us expect their renewed service to be at a lower price than their current price. We expect that our average price per megabit will continue to decline at similar rates which would result in our corporate revenues continuing to represent a greater portion of our total revenues and our net-centric revenues continuing to grow at a lower rate than our corporate revenues. Additionally, the impact of foreign exchange rates has a more significant impact on our net-centric revenues.\nOur on-net revenues increased 5.9% from 2018 to 2019. We increased the number of our on-net customer connections by 8.4% at December 31, 2019 from December 31, 2018. On-net customer connections increased at a greater rate than on-net revenues primarily due to the 3.8% decline in our on-net ARPU, primarily from a decline in ARPU for our net-centric customers. ARPU is determined by dividing revenue for the period by the average customer connections for that period. Our average price per megabit for our installed base of customers is determined by dividing the aggregate monthly recurring fixed charges for those customers by the aggregate committed data rate for the same customers. The decline in on-net ARPU is partly attributed to volume and term based pricing discounts. Additionally, on-net customers who cancel their service from our installed base of customers, in general, have an ARPU that is greater than the ARPU for our new customers due to declining prices primarily for our on-net services sold to our net-centric customers. These trends resulted in the reduction to our on-net ARPU and a 23.9% decline in our average price per megabit for our installed base of customers.\nOur off-net revenues increased 2.7% from 2018 to 2019. Our off-net revenues increased as we increased the number of our off-net customer connections by 6.3% at December 31, 2019 from December 31, 2018. Our off-net customer connections increased at a greater rate than our off-net revenue primarily due to the 5.0% decrease in our off-net ARPU.\nNetwork Operations Expenses. Network operations expenses include the costs of personnel associated with service delivery, network management, and customer support, network facilities costs, fiber and equipment maintenance fees, leased circuit costs, access and facilities fees paid to building owners and excise taxes billed to our customers and recorded on a gross basis. Non-cash equity-based compensation expense is included in network operations expenses consistent with the classification of the employee's salary and other compensation. Our network operations expenses, including non-cash equity-based compensation expense, increased 0.1% from 2018 to 2019 as we were connected to 8.0% more customer connections and we were connected to 125 more on-net buildings as of December 31, 2019 compared to December 31, 2018. The increase in network operations expense is primarily attributable to an increase in costs related to our network and facilities expansion activities, the increase in our off-net revenues and the increase in taxes recorded on a gross basis partly offset by price reductions obtained in certain of our circuit costs and fewer fiber operating leases. When we provide off-net services we also assume the cost of the associated tail circuits.\nSelling, General, and Administrative Expenses (\u201cSG&A\u201d). Our SG&A expenses, including non-cash equity- based compensation expense, increased 9.8% from 2018 to 2019. Non-cash equity-based compensation expense is included in SG&A expenses consistent with the classification of the employee's salary and other compensation and was $17.5 million for 2019 and $16.8 million for 2018. SG&A expenses increased primarily from an increase in salaries and related costs required to support our expansion and increases in our sales efforts and an increase in our headcount. Our sales force headcount increased by 10.8% from 619 at December 31, 2018 to 686 at December 31, 2019 and our total headcount increased by 8.3% from 974 at December 31, 2018 to 1,055 at December 31, 2019.\nDepreciation and Amortization Expenses. Our depreciation and amortization expenses decreased 1.2% from 2018 to 2019. The decrease is primarily due to the depreciation expense associated with the increase related to newly deployed fixed assets being offset by the decline in depreciation expense from fully depreciated fixed assets.\nGains on Equipment Transactions. We exchanged certain used network equipment and cash consideration for new network equipment resulting in gains of $1.1 million for 2019 and $1.0 million for 2018. The gains are based upon the excess of the estimated fair value of the new network equipment over the carrying amount of the returned used network equipment and the cash paid. The increase in gains from 2018 to 2019 was due to purchasing more equipment under the exchange program in 2019 than we purchased in 2018.\nInterest Expense. Interest expense results from interest incurred on our $445.0 million of senior secured notes, interest incurred on our $189.2 million of senior unsecured notes, interest on our installment payment agreement, interest on our finance lease obligations and interest incurred on our \u20ac135.0 million of 2024 Notes that we issued on June 25, 2019. Our interest expense increased by 12.5% for 2019 from 2018 primarily due to the issuance of $70.0 million of senior secured notes we issued in August 2018, the issuance of \u20ac135.0 million of senior unsecured notes we issued in June 2019 and an increase in our finance lease obligations. The 2024 Notes were issued at par for \u20ac135.0 million ($153.7 million) on June 25, 2019. The 2024 Notes were issued in Euros and are reported in our reporting currency \u2014 US Dollars. As of December 31, 2019 the 2024 Notes were valued at $151.4 million resulting in an unrealized gain on foreign exchange of $2.3 million in 2019.\nIncome Tax Expense. Our income tax expense was $15.1 million for 2019 and $12.7 million for 2018. The increase in our income tax expense was primarily related to an increase in our income before income taxes.\nBuildings On-net. As of December 31, 2019 and 2018 we had a total of 2,801 and 2,676 on-net buildings connected to our network, respectively.\n\n | Year Ended December 31 | Percent Change | \n------------------------------------------------ | ---------------------- | -------------- | ------\n | 2019 | 2018 | Change\n | (in thousands) | | \nService revenue | $546,159 | $520,193 | 5.0% \nOn-net revenues | 396,753 | 374,555 | 5.9% \nOff-net revenues | 148,931 | 145,004 | 2.7% \nNetwork operations expenses(1) | 219,801 | 219,526 | 0.1% \nSelling, general, and administrative expenses(2) | 146,913 | 133,858 | 9.8% \nDepreciation and amortization expenses | 80,247 | 81,233 | (1.2)%\nGains on equipment transactions | 1,059 | 982 | 7.8% \nInterest expense | 57,453 | 51,056 | 12.5% \nIncome tax expense | 15,154 | 12,715 | 19.2% "} {"_id": "d1b30ec14", "title": "", "text": "(12) Basic and Diluted Net Loss per Share\nBasic net loss per common share is computed by dividing net loss by the weighted-average number of shares of common stock outstanding during the period. Diluted net loss per share is computed by giving effect to all potential dilutive shares of common stock. Basic and diluted net loss per share of common stock were the same for all periods presented as the impact of all potentially dilutive securities outstanding was anti-dilutive. The Company uses the if converted method for calculating any potential dilutive effect on diluted loss per share.\nThe following common equivalent shares were excluded from the diluted net loss per share calculation because their inclusion would have been anti-dilutive:\nIn connection with the issuance of the 2024 Notes in December 2019, the Company paid $44.9 million to enter into capped call option agreements to reduce the potential dilution to holders of the Company\u2019s common stock upon conversion of the 2024 Notes. In connection with the issuance of the 2022 Notes in November 2017, the Company paid $12.9 million to enter into capped call option agreements to reduce the potential dilution to holders of the Company\u2019s common stock upon conversion of the 2022 Notes.\nIn December 2019, the Company partially terminated capped call options related to the 2022 Notes and received $5.8 million. The capped call option agreements are excluded from the calculation of diluted net loss per share attributable to common stockholders as their effect is antidilutive.\n\n | | Year Ended December 31, | \n------------------------------- | --------- | ----------------------- | ---------\n | 2019 | 2018 | 2017 \nConvertible senior notes | 6,733,914 | 3,411,199 | 3,411,199\nStock-based compensation grants | 2,038,174 | 2,562,274 | 3,268,610\nTotal | 8,772,088 | 5,973,473 | 6,679,809"} {"_id": "d1b35a9fc", "title": "", "text": "Defined Benefit Pension Plan Assets\nThe investments of the plans are managed by insurance companies or third-party investment managers selected by Autodesk's Trustees, consistent with regulations or market practice of the country where the assets are invested. Investments managed by qualified insurance companies or third-party investment managers under standard contracts follow local regulations, and Autodesk is not actively involved in their investment strategies.\nDefined benefit pension plan assets measured at fair value on a recurring basis consisted of the following investment categories at the end of each period as follows:\nThe insurance contracts in the preceding table represent the immediate cash surrender value of assets managed by qualified insurance companies. Autodesk does not have control over the target allocation or visibility of the investment strategies of those investments. Insurance contracts and investments held by insurance companies made up 35% and 44% of total plan assets as of January 31, 2019 and January 31, 2018, respectively.\nThe assets held in the investment fund in the preceding table are invested in a diversified growth fund actively managed by Russell Investments in association with Aon Hewitt. The objective of the fund is to generate capital appreciation on a longterm basis through a diversified portfolio of investments. The fund aims to deliver equity-like returns in the medium to long term with around two-thirds the volatility of equity markets. The fair value of the assets held in the investment fund are priced monthly at net asset value without restrictions on redemption.\n\n | Fiscal Year Ended January 31, | | | | \n-------------------------------------------- | ----------------------------- | ------- | ------- | ----- | ------\n | 2019 | | | | 2018 \n | Level 1 | Level 2 | Level 3 | Total | Total \nInsurance contracts | $\u2014 | $28.0 | $\u2014 | $28.0 | $53.0 \nOther investments | \u2014 | 14.5 | \u2014 | 14.5 | 17.0 \nTotal assets measured at fair value | $\u2014 | $42.5 | $\u2014 | $42.5 | 70.0 \nCash | | | | 4.3 | 0.2 \nInvestment Fund valued using net asset value | | | | 34.0 | 50.9 \nTotal pension plan assets at fair value | | | | $80.8 | $121.1"} {"_id": "d1b32982a", "title": "", "text": "AMERICAN TOWER CORPORATION AND SUBSIDIARIES SCHEDULE III\u2014SCHEDULE OF REAL ESTATE AND ACCUMULATED DEPRECIATION (dollars in millions)\n(1) Includes amounts incurred primarily for the construction of new sites.\n(2) Includes amounts incurred to purchase or otherwise secure the land under communications sites.\n(3) Includes amounts incurred to increase the capacity of existing sites, which results in new incremental tenant revenue.\n(4) Includes amounts incurred to enhance existing sites by adding additional functionality, capacity or general asset improvements.\n(5) Includes amounts incurred in connection with acquisitions or new market launches. Start-up capital expenditures includes non-recurring expenditures contemplated in acquisitions, new market launch business cases or initial deployment of new technologies or innovation solutions that lead to an increase in sitelevel cash flow generation.\n(6) Primarily includes regional improvements and other additions.\n(7) Primarily includes foreign currency exchange rate fluctuations and other deductions.\n\n | 2019 | 2018 | 2017 \n---------------------------------------- | --------- | --------- | ---------\nGross amount at beginning | $15,960.1 | $15,349.0 | $14,277.0\nAdditions during period: | | | \nAcquisitions | 887.0 | 721.4 | 499.7 \nDiscretionary capital projects (1) | 258.1 | 173.5 | 120.7 \nDiscretionary ground lease purchases (2) | 189.8 | 180.4 | 150.4 \nRedevelopment capital expenditures (3) | 213.6 | 177.3 | 138.8 \nCapital improvements (4) | 161.2 | 94.0 | 65.6 \nStart-up capital expenditures (5) | 71.3 | 113.1 | 158.1 \nOther (6) | 45.2 | (3.0) | 106.4 \nTotal additions | 1,826.2 | 1,456.7 | 1,239.7 \nDeductions during period: | | | \nCost of real estate sold or disposed | (304.6) | (395.7) | (246.5) \nOther (7) | (52.4) | (449.9) | 78.8 \nTotal deductions: | (357.0) | (845.6) | (167.7) \nBalance at end | $17,429.3 | $15,960.1 | $15,349.0"} {"_id": "d1b3a291e", "title": "", "text": "(11) STOCK-BASED COMPENSATION\nThe following tables summarize the Company\u2019s stock-based compensation expense for liability and equity classified awards included in the consolidated statements of operations:\nCII Common and Preferred Units\nPrior to the Company\u2019s IPO, the Company was given authorization by Communications Infrastructure Investments, LLC (\u201cCII\u201d) to award 625,000,000 of CII\u2019s common units as profits interests to employees, directors, and affiliates of the Company. The common units were historically considered to be stock-based compensation with terms that required the awards to be classified as liabilities due to cash settlement features. The vested portion of the awards was reported as a liability and the fair value was re-measured at each reporting date until the date of settlement, with a corresponding charge (or credit) to stock-based compensation expense. On December 31, 2016, the CII common units became fully vested and as such there is no remaining unrecognized compensation cost associated with CII common units for any period subsequent to December 31, 2016.\nThe value of the CII common units was derived from the value of CII\u2019s investments in the Company and Onvoy, LLC and its subsidiaries (\u201cOVS\u201d), a company that provided voice and managed services which the Company spun off during the year ended June 30, 2014. As the value derived from each of these investments was separately determinable and there was a plan in place to distribute the value associated with the investment in Company shares separate from the value derived from OVS, the two components were accounted for separately. The OVS component of the CII awards was adjusted to fair value each reporting period. On December 31, 2015, CII entered into an agreement to sell OVS to a third party. The sale was completed in May 2016. Based on the sale price, the estimated fair value of OVS awards was increased, resulting in an increase to stock based compensation expense and corresponding increase to additional paid-in capital of $12.9 million for the year ended June 30, 2016. Proceeds from the sale to be distributed to the Company\u2019s employees was paid by CII.\n\n | Year Ended June 30, | | \n-------------------------------------------- | ------------------- | ----- | ------\n | 2019 | 2018 | 2017 \n | (in millions) | | \nIncluded in: | | | \nOperating costs | $11.3 | $9.9 | $11.3 \nSelling, general and administrative expenses | 98.0 | 86.8 | 102.8 \nTotal stock-based compensation expense | $109.3 | $96.7 | $114.1\nCII common and preferred units $ \u2014 $ \u2014 $10.1 | $ \u2014 | $ \u2014 | $10.1 \nPart A restricted stock units | 93.8 | 82.3 | 76.5 \nPart B restricted stock units | 13.0 | 12.4 | 26.0 \nPart C restricted stock units | 2.5 | 2.0 | 1.5 \nTotal stock-based compensation expense | $109.3 | $96.7 | $114.1"} {"_id": "d1b2f4094", "title": "", "text": "2.6 Taxes (continued)\n1 Net deferred tax liabilities include net deferred tax assets of $2,195,000 (2018: $1,937,000) from the iMoney Group.\nRecognition and measurement\nOur income tax expense is the sum of current and deferred income tax expenses. Current income tax expense is calculated on accounting profit after adjusting for non-taxable and non-deductible items based on rules set by the tax authorities. Deferred income tax expense is calculated at the tax rates that are expected to apply to the period in which the deferred tax asset is realised or the deferred tax liability is settled. Both our current and deferred income tax expenses are calculated using tax rates that have been enacted or substantively enacted at reporting date.\nOur current and deferred taxes are recognised as an expense in profit or loss, except when they relate to items that are directly recognised in other comprehensive income or equity. In this case, our current and deferred tax expenses are also recognised directly in other comprehensive income or equity.\nWe generally recognise deferred tax liabilities for all taxable temporary differences, except to the extent that the deferred tax liability arises from:\n\u2022 the initial recognition of goodwill; and\n\u2022 the initial recognition of an asset or liability in a transaction that is not a business combination and affects neither our accounting profit nor our taxable income at the time of the transaction.\nFor our investments in controlled entities and associated entities, recognition of deferred tax liabilities is required unless we are able to control the timing of our temporary difference reversal and it is probable that the temporary difference will not reverse.\nDeferred tax assets are recognised to the extent that it is probable that taxable profit will be available against which the deductible temporary differences, and the carried forward unused tax losses and tax credits, can be utilised\nDeferred tax assets and deferred tax liabilities are offset in the statement of financial position where they relate to income taxes levied by the same taxation authority and to the extent that we intend to settle our current tax assets and liabilities on a net basis.\n\n | CONSOLIDATED | \n--------------------------------------------- | ------------ | ----------\n | 2019 $\u2019000 | 2018 $\u2019000\nDeferred taxes | | \nDeferred tax assets relate to the following: | | \nTrade and other payables | 2,312 | 1,558 \nProvisions | 4,759 | 2,230 \nProperty, Plant and Equipment | - | 1,680 \nITAA 97 Section 40-880 business related costs | 92 | 105 \nUnrealised foreign exchange differences | 58 | 56 \nUnused tax losses | 4,837 | 4,665 \nOther | 13 | 114 \nTotal deferred tax assets | 12,071 | 10,408 \n | | \nDeferred tax liabilities relate to following: | | \nTrail commission asset | (34,168) | (31,253) \nProperty, Plant and Equipment | (581) | - \nDevelopment costs | (2,109) | (2,359) \nTotal deferred tax liabilities | (36,858) | (33,612) \nNet deferred tax liabilities1 | (24,787) | (23,204) "} {"_id": "d1b3b0fd2", "title": "", "text": "IMFT: Since 2006, we have owned 51% of IMFT, a joint venture between us and Intel. IMFT is governed by a Board of Managers, for which the number of managers appointed by each member varies based on the members' respective ownership interests. IMFT manufactures semiconductor products exclusively for its members under a long-term supply agreement at prices approximating cost. In 2018, IMFT discontinued production of NAND and subsequent to that time manufactured 3D XPoint memory. In 2018, we announced that we and Intel will no longer jointly develop 3D XPoint technology beyond the second generation and we substantially completed this cost-sharing arrangement in the first quarter of 2020. IMFT sales to Intel were $731 million, $507 million, and $493 million for 2019, 2018, and 2017, respectively.\nIMFT's capital requirements are generally determined based on an annual plan approved by the members, and capital contributions to IMFT are requested as needed. Capital requests are made to the members in proportion to their then-current ownership interest. Members may elect to not contribute their proportional share, and in such event, the contributing member may elect to contribute any amount of the capital request, either in the form of an equity contribution or member debt financing. Under the supply agreement, the members have rights and obligations to the capacity of IMFT in proportion to their investment, including member debt financing. Any capital contribution or member debt financing results in a proportionate adjustment to the sharing of output on an eight-month lag. Pursuant to the terms of the IMFT joint venture agreement, Intel provided debt financing of $1.01 billion to IMFT in 2018 and IMFT repaid $316 million to Intel in 2019. As of August 29, 2019, current debt included $693 million of IMFT Member Debt. Members pay their proportionate share of fixed costs associated with IMFT's capacity.\u00a0 IMFT's capital requirements are generally determined based on an annual plan approved by the members, and capital contributions to IMFT are requested as needed. Capital requests are made to the members in proportion to their then-current ownership interest. Members may elect to not contribute their proportional share, and in such event, the contributing member may elect to contribute any amount of the capital request, either in the form of an equity contribution or member debt financing. Under the supply agreement, the members have rights and obligations to the capacity of IMFT in proportion to their investment, including member debt financing. Any capital contribution or member debt financing results in a proportionate adjustment to the sharing of output on an eight-month lag. Pursuant to the terms of the IMFT joint venture agreement, Intel provided debt financing of $1.01 billion to IMFT in 2018 and IMFT repaid $316 million to Intel in 2019. As of August 29, 2019, current debt included $693 million of IMFT Member Debt. Members pay their proportionate share of fixed costs associated with IMFT's capacity.\nIn January 2019, we exercised our option to acquire Intel's interest in IMFT. Subsequently, Intel set the closing date to occur on October 31, 2019, at which time IMFT will become a wholly-owned subsidiary. In the first quarter of 2020, we expect to pay Intel approximately $1.4 billion in cash for Intel's noncontrolling interest in IMFT and IMFT member debt. Pursuant to the terms of the IMFT wafer supply agreement, Intel notified us of its election to receive supply from IMFT from the closing date through April 2020 at a volume equal to approximately 50% of their volume from IMFT in the six-month period prior to closing.\nCreditors of IMFT have recourse only to IMFT's assets and do not have recourse to any other of our assets. The following table presents the assets and liabilities of IMFT included in our consolidated balance sheets:\nAmounts exclude intercompany balances that were eliminated in our consolidated balance sheets.\n\nAs of | 2019 | 2018 \n------------------------------------- | ------ | ------\nAssets | | \nCash and equivalents | $130 | $91 \nReceivables | 128 | 126 \nInventories | 124 | 114 \nOther current assets | 9 | 8 \nTotal current assets | 391 | 339 \nProperty, plant, and equipment | 2,235 | 2,641 \nOther noncurrent assets | 38 | 45 \nTotal assets | $2,664 | $3,025\nLiabilities | | \nAccounts payable and accrued expenses | $118 | $138 \nCurrent debt | 696 | 20 \nOther current liabilities | 37 | 9 \nTotal current liabilities | 851 | 167 \nLong-term debt | 53 | 1,064 \nOther noncurrent liabilities | 5 | 74 \nTotal liabilities | $909 | $1,305"} {"_id": "d1b2f7cd0", "title": "", "text": "NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (in thousands, except for share and per share data)\nDisaggregated Revenue\nThe following table presents revenues disaggregated by the major markets we serve:\n\n | Twelve Months Ended December 31, | \n------------------- | -------------------------------- | --------\n | 2019 | 2018 \nTransportation | $299,005 | $300,124\nIndustrial | 78,369 | 86,968 \nMedical | 41,901 | 40,663 \nAerospace & Defense | 32,569 | 23,323 \nTelecom & IT | 17,155 | 19,405 \nTotal | $468,999 | $470,483"} {"_id": "d1b3aa24a", "title": "", "text": "Accumulated Benefit Obligation\nThe following table provides information for the plans with an accumulated benefit obligation for fiscal years 2019 and 2018 (in thousands):\n\n | August 31, | \n------------------------------ | ---------- | --------\n | 2019 | 2018 \nProjected benefit obligation | $174,690 | $161,104\nAccumulated benefit obligation | $161,729 | $152,380\nFair value of plan assets | $158,101 | $151,715"} {"_id": "d1b36901a", "title": "", "text": "The table below presents estimated payments and benefits that would have been provided to Messrs. Lien, Walcott and Bertz, assuming their respective qualifying terminations as of December 31, 2019. As a condition of receiving any severance benefits in connection with the change in control agreements, each named executive officer must execute a full waiver and release of all claims in our favor. In addition to the benefits described in the tables below, upon termination of employment each executive officer may be eligible for other benefits that are generally available to all salaried employees, such as life insurance, long-term disability, and 401(k) benefits.\n(1) Mr. Lien would receive 18 months of base salary and 150% of his annual target bonus. Mr. Walcott would receive 12 months of base salary and 100% of his annual target bonus. Mr. Bertz would receive six months of base salary, 50% of his annual target bonus and the pro rata portion of his unpaid annual target bonus for the period of completed service.\n(2) Mr. Lien would receive 18 months of COBRA benefits reimbursement and Mr. Bertz would receive six months of COBRA benefits reimbursement. Mr. Walcott elected not to receive benefits from the Company that would be eligible for continuation under COBRA. As a result, Mr. Walcott would not be eligible for post-termination COBRA benefits reimbursement.\n(3) As of December 31, 2019, Mr. Walcott held a stock option with 13,006 unvested shares subject to such option with an exercise price of $17.15 per share. The exercise price of each of these stock options is greater than $1.38, the closing price of our common stock on The Nasdaq Global Market as of December 31, 2019. As of December 31, 2019, Mr. Walcott had 78,750 unvested RSUs and Mr. Bertz had 40,000 unvested RSUs.\n(4) Mr. Lien would receive nine months of base salary and 75% of his annual target bonus; Mr. Walcott would receive six months of base salary and 50% of his target bonus; Mr. Bertz would receive three months of base salary and 25% of his target bonus.\n(5) Mr. Lien would receive nine months of COBRA benefits reimbursement and Mr. Bertz would receive three months of COBRA benefits reimbursement. Mr. Walcott elected not to receive benefits from the Company that would be eligible for continuation under COBRA. As a result, Mr. Walcott would not be eligible for post-termination COBRA benefits reimbursement.\n\n | Chris Lien | Wister Walcott | Robert Bertz\n----------------------------------------------------- | ---------- | -------------- | ------------\nTermination after Change of Control: | | | \nCash Severance(1) | $1,200,000 | $450,000 | $254,063 \nPost-termination COBRA Reimbursement(2) | 48,160 | \u2014 | 11,098 \nAcceleration of Stock Options and RSUs(3) | \u2014 | 108,675 | 55,200 \nTotal | $1,248,160 | $558,675 | $320,361 \nTermination not in connection with Change of Control: | | | \nCash Severance(4) | $600,000 | $225,000 | $103,125 \nPost-termination COBRA Reimbursement(5) | 24,080 | \u2014 | 5,549 \nTotal | $624,080 | $225,000 | $108,674 "} {"_id": "d1b34bfec", "title": "", "text": "Year Ended December 31, 2019 Compared to Year Ended December 31, 2018\nRevenues\nOur Products and Licensing segment included revenues from sales of test and measurement systems, primarily representing sales of our Optical Backscatter Reflectometer, ODiSI, and Optical Vector Analyzer platforms, optical components and sub-assemblies and sales of our Hyperion and Terahertz sensing platforms. Our Products and Licensing segment revenues increased $22.5 million to $44.5 million for the year ended December 31, 2019 compared to $21.9 million for the year ended December 31, 2018.\nThe increase resulted primarily from $10.8 million of revenues realized from the legacy business of MOI and $10.5 million of revenues realized from the legacy business of GP during the year ended December 31, 2019. Continued growth in sales of our fiber-optic sensing products, including our ODiSI products directed toward the expanding use of composite materials and the need for improved means of testing their structural integrity, and our communications test instruments also contributed to this increase.\nOur Technology Development segment revenues increased $5.1 million to $26.0 million for the year ended December 31, 2019 compared to $21.0 million for the year ended December 31, 2018. Revenues within this segment increased due to additional contract awards, including higher value Phase 2 SBIR contracts. The increase continues a growth trend experienced over the past two years largely driven by successes in Phase 2 SBIR awards. The increase was realized primarily in our intelligent systems, advanced materials, optical systems and terahertz research groups. As Phase 2 SBIR contracts generally have a performance period of a year or more, we currently expect Technology Development segment revenues to remain at a similar level for the near term.\n\n | Years ended December 31, | | | \n------------------------------- | ------------------------ | ----------- | ------------- | ------------\n | 2019 | 2018 | $ Difference | % Difference\nProducts and licensing revenues | $44,491,041 | $21,949,689 | $22,541,352 | 102.7% \nTechnology development revenues | 26,024,674 | 20,967,556 | 5,057,118 | 24.1% \nTotal revenues | $70,515,715 | $42,917,245 | $27,598,470 | 64.3% "} {"_id": "d1b3ae124", "title": "", "text": "Deferred tax assets and liabilities at December 27, 2019 and December 28, 2018 consist of the following:\nThe deferred tax provision results from the effects of net changes during the year in deferred tax assets and liabilities arising from temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. The Company files income tax returns in the U.S. Federal and various state and local jurisdictions as well as the Canadian Federal and provincial districts. For Federal income tax purposes, the 2016 through 2019 tax years remain open for examination by the tax authorities under the normal three-year statute of limitations and the fact that we have not yet filed our tax return for 2019. For state tax purposes, the 2015 through 2019 tax years remain open for examination by the tax authorities under a four-year statute of limitations. The Company records interest and penalties, if any, in income tax expense.\nAt December 27, 2019, the Company had a valuation allowance of $907 which consisted of a full valuation allowance on the Company\u2019s Canada net operating loss carryforward of $732, offset by a $267 reduction in deferred tax liabilities related to indefinite-lived intangible assets acquired in 2013, and a valuation allowance of $442 against the Company\u2019s state net operating loss carryforwards. The valuation allowances on net operating loss carryforwards are necessary as they are not expected be be fully realizable in the future. The Company\u2019s Canada net operating loss carryforward expires at various dates between fiscal 2036 and 2038 and the Company\u2019s state net operating loss carryforwards expire at various dates between fiscal 2019 and 2038.\nFor financial reporting purposes, the Company\u2019s foreign subsidiaries had operating income before income taxes of $18 for the fiscal year ended December 27, 2019 and net operating losses before income taxes of $3,223 and $1,520 for the fiscal years ended December 28, 2018 and December 29, 2017, respectively. The Company is permanently reinvested in the earnings of it\u2019s foreign operations which are disregarded for US tax purposes. In addition, the US tax consequences and foreign withholding taxes on any future remittances are immaterial.\nAs of December 27, 2019 and December 28, 2018, the Company did not have any material uncertain tax positions.\n\n | December 27, 2019 | December 28, 2018\n------------------------------------ | ------------------ | -----------------\nDeferred tax assets: | | \nReceivables and inventory | $4,468 | $3,978 \nAccrued expenses | 170 | 1,835 \nSelf-insurance reserves | 1,957 | 2,050 \nNet operating loss carryforwards | 1,393 | 1,749 \nStock compensation | 1,894 | 1,670 \nOperating lease liabilities | 37,740 | \u2014 \nOther | 612 | 803 \nTotal deferred tax assets | 48,234 | 12,085 \nDeferred tax liabilities: | | \nProperty & equipment | (5,218) | (3,446) \nIntangible assets | (15,192) | (13,197) \nContingent earn-out liabilities | (1,526) | (3,179) \nPrepaid expenses and other | (1,379) | (1,052) \nOperating lease right-of-use assets | (34,895) | \u2014 \nTotal deferred tax liabilities | (58,210) | (20,874) \nValuation allowance | (907) | (812) \nTotal net deferred tax liability | $(10,883) | $(9,601) "} {"_id": "d1b3881ae", "title": "", "text": "Note 35 Adoption of IFRS 16\nUpon adoption of IFRS\u00a016 on January\u00a01, 2019, we recognized right-of-use assets of $2,257 million within property, plant and equipment, and lease liabilities of $2,304\u00a0million within debt, with an increase to our deficit of $19\u00a0million. These amounts were recognized in addition to assets under finance leases of $1,947\u00a0million and the corresponding finance lease liabilities of $2,097\u00a0million at December\u00a031,\u00a02018 under IAS\u00a017. As a result, on January\u00a01, 2019, our total right-of-use assets and lease liabilities amounted to $4,204\u00a0million and $4,401\u00a0million, respectively. The table below shows the impacts of adopting IFRS\u00a0 16 on our January\u00a01,\u00a02019 consolidated statement of financial position.\nBCE\u2019s operating lease commitments at December\u00a031,\u00a02018 were $1,612\u00a0million. The difference between operating lease commitments at December\u00a031,\u00a02018 and lease liabilities of $2,304\u00a0million upon adoption of IFRS\u00a016 at January\u00a01, 2019, is due mainly to an increase of $1,122\u00a0million related to renewal options reasonably certain to be exercised, an\u00a0increase of $112\u00a0million mainly related to non-monetary transactions and a decrease of ($542) million as a result of discounting applied to future lease payments, which was determined using a weighted average incremental borrowing rate of 3.49% at January\u00a01, 2019.\n\n | DECEMBER 31, 2018 AS REPORTED | IFRS 16 IMPACTS | JANUARY 1, 2019 UPON ADOPTION OF IFRS 16\n------------------------------------ | ----------------------------- | --------------- | ----------------------------------------\nPrepaid expenses | 244 | (55) | 189 \nOther current assets | 329 | 9 | 338 \nProperty, plant and equipment | 24,844 | 2,257 | 27,101 \nOther non-current assets | 847 | 17 | 864 \nTrade payables and other liabilities | 3,941 | (10) | 3,931 \nDebt due within one year | 4,645 | 293 | 4,938 \nLong-term debt | 19,760 | 2,011 | 21,771 \nDeferred tax liabilities | 3,163 | (7) | 3,156 \nOther non-current liabilities | 997 | (39) | 958 \nDeficit | (4,937) | (19) | (4,956) \nNon-controlling interest | 326 | (1) | 325 "} {"_id": "d1b2e7858", "title": "", "text": "The amount of our operating expenses increased by $43 million on a sequential basis, mainly driven by seasonality and salary dynamic.\nOn a year-over-year basis, our operating expenses increased by $42 million, mainly due to salary dynamic and increased spending on certain R&D programs, partially offset by favorable currency effects, net of hedging.\nFourth quarter 2019 R&D expenses were net of research tax credits in France and Italy, which amounted to $37 million, compared to $29 million in the third quarter of 2019 and $39 million in the fourth quarter of 2018.\n\n | | Three Months Ended | | % Variation | \n-------------------------------------------- | ----------------- | ------------------ | ------------------------ | ----------- | --------------\n | December 31, 2019 | September 29, 2019 | December 31, 2018 | Sequential | Year-Over-Year\n | | | (Unaudited, in millions) | | \nSelling, general and administrative expenses | $(285) | $(267) | $(285) | (6.3)% | 0.4% \nResearch and development expenses | (387) | (362) | (345) | (7.0) | (12.3) \nTotal operating expenses | $(672) | $(629) | $(630) | (6.7)% | (6.6)% \nAs percentage of net revenues | (24.4)% | (24.7)% | (23.8)% | +30 bps | -60 bps "} {"_id": "d1b36d782", "title": "", "text": "INCOME TAX EXPENSE\nBelow is a summary of the difference between income tax expense computed by applying the statutory income tax rate to income before income tax expense and the actual income tax expense for the year.\nOur effective income tax rate this year was 25.8% compared to 26.9% for 2018. The effective income tax rate for 2019 was lower than the statutory tax rate primarily as a result of a reduction to the Alberta corporate income tax rate over a four-year period.\n\n(In millions of dollars, except tax rates) | Years ended December 31 | | \n---------------------------------------------------- | ----------------------- | ----- | -----\n | 2019 | 2018 | %Chg \nAdjusted EBITDA 1 | 6,212 | 5,983 | 4 \nDeduct (add): | | | \nDepreciation and amortization | 2,488 | 2,211 | 13 \nGain on disposition of property, plant and equipment | - | (16) | (100)\nRestructuring, acquisition and other | 139 | 210 | (34) \nFinance costs | 840 | 793 | 6 \nOther income | (10) | (32) | (69) \nIncome tax expense | 712 | 758 | (6) \nNet income | 2,043 | 2,059 | (1) "} {"_id": "d1b3a2568", "title": "", "text": "15. AVERAGE SHARES OUTSTANDING\nOur basic earnings per share calculation is computed based on the weighted-average number of common shares outstanding. Our diluted earnings per share calculation is computed based on the weighted-average number of common shares outstanding adjusted by the number of additional shares that would have been outstanding had the potentially dilutive common shares been issued. Potentially dilutive common shares include nonvested stock awards and units, stock options, and non-management director stock equivalents. Performance share awards are included in the average diluted shares outstanding each period if the performance criteria have been met at the end of the respective periods.\nThe following table reconciles basic weighted-average shares outstanding to diluted weighted-average shares outstanding in each fiscal year (in thousands):\n\n | 2019 | 2018 | 2017 \n------------------------------------------------------------- | ------ | ------ | ------\nWeighted-average shares outstanding \u2014 basic | 25,823 | 28,499 | 30,630\nEffect of potentially dilutive securities: | | | \nNonvested stock awards and units | 211 | 240 | 182 \nStock options | 10 | 40 | 59 \nPerformance share awards | 24 | 28 | 43 \nWeighted-average shares outstanding \u2014 diluted | 26,068 | 28,807 | 30,914\nExcluded from diluted weighted-average shares outstanding: | | | \nAntidilutive | 186 | 150 | 76 \nPerformance conditions not satisfied at the end of the period | 65 | 44 | 53 "} {"_id": "d1b378ab0", "title": "", "text": "The Company recorded amortization expense of $4.8 million, $1.5 million and $0.1 million for the years ended March 31, 2019, 2018 and 2017, respectively. Amortization relating to developed technology and capitalized software was recorded within cost of revenue and amortization of customer relationships and trade names was recorded within sales and marketing expenses.\nFuture estimated amortization expense of intangible assets as of March 31, 2019 is as follows:\n\n | Purchased Intangible Assets | Capitalized Software\n---------- | --------------------------- | --------------------\n2020 | $ 2,582 | $ 3,522 \n2021 | 2,560 | 2,790 \n2022 | 2,560 | 1,420 \n2023 | 2,560 | 528 \nThereafter | 12,012 | 89 \nTotal | $ 22,274 | $ 8,349 "} {"_id": "d1b3974ce", "title": "", "text": "STOCK OPTIONS\nThe following is a summary of stock option activity during the years ended December 31, 2019 and 2018:\n\n | Number of Options Outstanding | Weighted Average Exercise Price | Average Remaining Contractual Life (in years) | Aggregate Intrinsic Value (thousands)\n------------------------------- | ----------------------------- | ------------------------------- | --------------------------------------------- | -------------------------------------\nOutstanding \u2013 December 31, 2017 | 2,341,340 | $1.77 | 5.78 | $1,087 \nOptions granted | 376,667 | 2.41 | | \nOptions exercised | 224,400 | 1.59 | | \nOptions forfeited | 6,961 | 1.42 | | \nOutstanding \u2013 December 31, 2018 | 2,486,646 | $1.89 | 7.01 | $1,550 \nOptions granted | 50,832 | 3.02 | | \nOptions exercised | - | | | \nOptions forfeited | 181,281 | 2.23 | | \nOutstanding \u2013 December 31, 2019 | 2,356,197 | $1.89 | 5.93 | $628 \nExercisable \u2013 December 31, 2019 | 1,843,468 | $1.75 | 5.34 | $624 "} {"_id": "d1b36bb58", "title": "", "text": "Interest rate swaps\nThe Group has the following interest rate swaps in place as at the end of the reporting period:\nFuture interest rate swaps in place at the end of the reporting period have maturity dates ranging from 23 September 2019 to 23 September 2026 (2018: 24 September 2018 to 23 September 2026).\nOn 24 June 2019, the Group reset the interest rates associated with AUD denominated interest rate swaps. This resulted in a cash outflow of $22.9m which reduced the Group\u2019s financial liability presented in note 9.8. The cumulative change in fair value of these hedging instruments is carried in a separate reserve in equity (cash flow hedge reserve of NSPT presented within non-controlling interest in the Group\u2019s consolidated statement of changes in equity).\nThis balance will be recycled from the hedge reserve to finance costs in the statement of profit and loss in future reporting periods corresponding to when the underlying hedged item impacts profit or loss. For the year ended 30 June 2019, $0.1m has been recognised in finance costs relating to this item.\n\n | 2019 | 2018 \n----------------------------------------- | ------- | -------\n | $'000 | $'000 \nInterest rate swaps (AUD) at face value | | \nCurrent interest rate swaps | 400,000 | 270,000\nFuture interest rate swaps | 275,000 | 400,000\nInterest rate swaps (NZD) at face value | | \nCurrent interest rate swaps | 73,500 | 53,500 \nFuture interest rate swaps | 50,000 | 100,000\nAUD equivalent of NZD interest rate swaps | | \nCurrent interest rate swaps | 70,361 | 48,944 \nFuture interest rate swaps | 47,864 | 91,485 "} {"_id": "d1b32cd72", "title": "", "text": "b) Liquefaction services revenue:\nThe Hilli is moored in close proximity to the Customer\u2019s gasfields, providing liquefaction service capacity over the term of the LTA. Liquefaction services revenue recognized comprises the following amounts:\n(1) The LTA bills at a base rate in periods when the oil price is $60 or less per barrel (included in \"Liquefaction services revenue\" in the consolidated statements of income), and at an increased rate when the oil price is greater than $60 per barrel (recognized as a derivative and included in \"Realized and unrealized gain on oil derivative instrument\" in the consolidated statements of income, excluded from revenue and from the transaction price).\n(2) Customer billing during the commissioning period, prior to vessel acceptance and commencement of the contract term, of $33.8 million is considered an upfront payment for services. These amounts billed were deferred (included in \"Other current liabilities\" and \"Other non-current liabilities\" in the consolidated balance sheets) and recognized as part of \"Liquefaction services revenue\" in the consolidated statements of income evenly over the contract term.\n(3) The Day 1 gain was established when the oil derivative instrument was initially recognized in December 2017 for $79.6 million (recognized in \"Other current liabilities\" and \"Other non-current liabilities\" in the consolidated balance sheets). This amount is amortized and recognized as part of \"Liquefaction services revenue\" in the consolidated statements of income evenly over the contract term.\nWe expect to recognize liquefaction services revenue related to the partially unsatisfied performance obligation at the reporting date evenly over the remaining contract term of less than eight years, including the components of transaction price described above.\n\n | Year Ended December 31, | \n--------------------------------------------------------- | ----------------------- | -------\n(in thousands of $) | 2019 | 2018 \nBase tolling fee (1) | 204,501 | 119,677\nAmortization of deferred commissioning period revenue (2) | 4,220 | 2,467 \nAmortization of Day 1 gain (3) | 9,950 | 5,817 \nOther | (575) | (336) \nTotal | 218,096 | 127,625"} {"_id": "d1b386822", "title": "", "text": "Other income and expenses, net consisted of the following:\nThe Company receives significant public funding from governmental agencies in several jurisdictions. Public funding for research and development is recognized ratably as the related costs are incurred once the agreement with the respective governmental agency has been signed and all applicable conditions have been met.\nR&D funding received in the year ended December 31, 2017 from the Nano2017 program with the French government is subject to a financial return in the year 2024 and depends on the future cumulative sales of a certain product group from 2019 to 2024. As such, an accrual amounting to $47 million was recorded as of December 31, 2019 compared to $42 million as of December 31, 2018.\nPhase-out costs are costs incurred during the closing stage of a Company\u2019s manufacturing facility. They are treated in the same manner as start-up costs. Start-up costs represent costs incurred in the start-up and testing of the Company\u2019s new manufacturing facilities, before reaching the earlier of a minimum level of production or six months after the fabrication line\u2019s quality certification.\nExchange gains and losses, net represent the portion of exchange rate changes on transactions denominated in currencies other than an entity\u2019s functional currency and the changes in fair value of trading derivative instruments which are not designated as hedge and which have a cash flow effect related to operating transactions, as described in Note 27.\nPatent costs include legal and attorney fees and payment for claims, patent pre-litigation consultancy and legal fees. They are reported net of settlements, if any, which primarily include reimbursements of prior patent litigation costs.\nIn 2019, gain on sale of businesses and non-current assets was related to the sale of one of our non-strategic assets. In 2018, it was related to the sale of one of the Company\u2019s non-strategic investments while in 2017, it\nwas related to the sale of assets.\n\n | Year ended December 31, 2019 | Year ended December 31, 2018 | Year ended December 31, 2017\n------------------------------------------------- | ---------------------------- | ---------------------------- | ----------------------------\nResearch and development funding | 132 | 52 | 65 \nPhase-out and start-up costs | (38) | (1) | (8) \nExchange gain (loss), net | \u2014 | 4 | 4 \nPatent costs | (1) | (8) | (9) \nGain on sale of businesses and non-current assets | 7 | 8 | 4 \nOther, net | 3 | (2) | (1) \nTotal | 103 | 53 | 55 "} {"_id": "d1b360e42", "title": "", "text": "CASH FLOW ANALYSIS\n(1) Fiscal 2018 was restated to comply with IFRS 15 and to reflect a change in accounting policy as well as to reclassify results from Cogeco Peer 1 as discontinued operations. For further details, please consult the \"Accounting policies\" and \"Discontinued operations\" sections. (2) For further details on the Corporation's cash flow attributable to discontinued operations, please consult the \"Discontinued operations\" section.\nOPERATING ACTIVITIES Fiscal 2019 fourth-quarter cash flow from operating activities increased by 19.3% compared to the same period of the prior year mainly from: \u2022 higher adjusted EBITDA; \u2022 the decreases in income taxes paid and financial expense paid; and \u2022 the increase in changes in non-cash operating activities primarily due to changes in working capital.\nINVESTING ACTIVITIES Fiscal 2019 fourth-quarter investing activities decreased by 25.8% compared to the same period of the prior year mainly due to the acquisition of spectrum licenses in the Canadian broadband services segment in the comparable period of the prior year combined with a decrease in acquisitions of property, plant and equipment.\n\nThree months ended August 31, | 2019 | 2018 (1) | Change \n---------------------------------------------------------------------------------------------- | --------- | --------- | -------\n(in thousands of dollars, except percentages) | $ | $ | % \nCash flow from operating activities | 304,702 | 255,438 | 19.3 \nCash flow from investing activities | (144,332) | (194,474) | (25.8) \nCash flow from financing activities | (50,198) | (52,127) | (3.7) \nEffect of exchange rate changes on cash and cash equivalents denominated in a foreign currency | (1,405) | (63) | \u2014 \nNet change in cash and cash equivalents from continuing operations | 108,767 | 8,774 | \u2014 \nNet change in cash and cash equivalent from discontinued operations(2) | \u2014 | 13,133 | (100.0)\nCash and cash equivalents, beginning of the period | 447,737 | 62,818 | \u2014 \nCash and cash equivalents, end of the period | 556,504 | 84,725 | \u2014 "} {"_id": "d1b359f5c", "title": "", "text": "ITEM 5. MARKET FOR REGISTRANT\u2019S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES ITEM 5. MARKET FOR REGISTRANT\u2019S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES\nMARKET FOR COMMON STOCK\nThe Company\u2019s common stock trades on NYSE American under the trading symbol \u201cDIT\u201d. As of October 31, 2019 the closing price of our common stock on NYSE American was $73.00 and there were 565,942 common shares outstanding. As of that date, the Company had approximately 521 persons holding common shares beneficially of which approximately 121 are shareholders of record (including direct participants in the Depository Trust Company). The following table reflects the range of the high and low closing prices per share of the Company\u2019s common stock reported by NYSE American for fiscal 2019 and 2018.\n\n | Fiscal 2018 | | Fiscal 2019 | \n----------- | ----------- | ------ | ----------- | -------\n | High | Low | High | Low \n4th Quarter | $100.00 | $73.41 | $89.00 | $ 81.10\n3rd Quarter | 100.00 | 88.27 | 98.35 | 81.30 \n2nd Quarter | 101.51 | 88.01 | 99.87 | 84.10 \n1st Quarter | 99.75 | 77.92 | 97.85 | 86.61 "} {"_id": "d1b316c52", "title": "", "text": "ITEM 6. SELECTED FINANCIAL DATA\nThe following selected financial data has been derived from our consolidated financial statements (in thousands, except per share data). This data should be read together with Item 7, \u201cManagement\u2019s Discussion and Analysis of Financial Condition and Results of Operations\u201d, and the consolidated financial statements and related notes included elsewhere in this annual report. The financial information below is not necessarily indicative of the results of future operations. Future results could differ materially from historical results due to many factors, including those discussed in Item 1A, Risk Factors.\n(1) The consolidated balance sheet and statement of operations for the year ended December 31, 2019, includes the acquisition of Speedpay as discussed in Note 3, Acquisition, to our Notes to Consolidated Financial Statements in Part IV, Item 15 of this Form 10-K.\n(2) The consolidated balance sheet and statement of operations for the year ended December 31, 2019, reflects the application of Accounting Standards Update (\u201cASU\u201d) 2016-02, Leases (codified as \u201cASC 842\u201d) as discussed in Note 14, Leases, to our Notes to Consolidated Financial Statements.\n(3) The consolidated balance sheet and statement of operations for the year ended December 31, 2018, reflects the adoption of ASU 2014-09, Revenue from Contracts with Customers (codified as \u201cASC 606\u201d), as discussed in Note 2, Revenue, to our Notes to Consolidated Financial Statements, including a cumulative adjustment of $244.0 million to retained earnings.\n(4) The consolidated statement of operations for the year ended December 31, 2017, reflects the Baldwin Hackett & Meeks, Inc. (\u201cBHMI\u201d) judgment. We recorded $46.7 million in general and administrative expense and $1.4 million in interest expense, as discussed in Note 15, Commitments and Contingencies, to our Notes to Consolidated Financial Statements.\n(5) The consolidated balance sheet and statement of operations for the year ended December 31, 2016, reflects the sale of Community Financial Services assets and liabilities.\n(6) During the year ended December 31, 2019, we borrowed $500.0 million in the form of a new senior secured term loan and drew $250.0 million on the available Revolving Credit Facility to fund the acquisition of Speedpay. During the year ended December 31, 2018, we issued $400.0 million in senior notes due August 15, 2026. We used the net proceeds of these senior notes to redeem our outstanding $300.0 million senior notes due 2020, which we originally entered in to during the year ended December 31, 2013. See Note 5, Debt, to our Notes to Consolidated Financial Statements for additional information.\n\n | | | December 31, | | \n---------------------------- | ----------- | --------- | ------------ | --------- | ---------\n | 2019 (1)(2) | 2018 (3) | 2017 | 2016 (5) | 2015 \nBalance Sheet Data: | | | | | \nWorking capital | $308,426 | $269,857 | $100,039 | $31,625 | $(2,360) \nTotal assets | 3,257,534 | 2,122,455 | 1,861,639 | 1,902,295 | 1,975,788\nCurrent portion of debt (6) | 34,148 | 20,767 | 17,786 | 90,323 | 89,710 \nDebt (long-term portion) (6) | 1,350,592 | 658,602 | 668,356 | 656,063 | 845,639 \nStockholders\u2019 equity | 1,129,968 | 1,048,231 | 764,597 | 754,917 | 654,400 "} {"_id": "d1b31fd3e", "title": "", "text": "ADJUSTED NET DEBT AND DEBT LEVERAGE RATIO\nWe use adjusted net debt and debt leverage ratio to conduct valuation-related analysis and make capital structure-related decisions. Adjusted net debt includes long-term debt, net debt derivative assets or liabilities, short-term borrowings, and cash and cash equivalents.\n1 Includes current and long-term portion of long-term debt before deferred transaction costs and discounts. See \u201cReconciliation of adjusted net debt\u201d in \u201cNon-GAAP Measures and Related Performance Measures\u201d for the calculation of this amount. 2 For purposes of calculating adjusted net debt and debt leverage ratio, we believe including debt derivatives valued without adjustment for credit risk is commonly used to evaluate debt leverage and for market valuation and transactional purposes.\n3 See \u201cAccounting Policies\u201d for more information. 4 Adjusted net debt and adjusted EBITDA are non-GAAP measures and should not be considered substitutes or alternatives for GAAP measures. These are not defined terms under IFRS and do not have standard meanings, so may not be a reliable way to compare us to other companies. See \u201cNon-GAAP Measures and Related Performance Measures\u201d for information about these measures, including how we calculate themand the debt leverage ratio inwhich they are used.\nAs a result of our adoption of IFRS 16 effective January 1, 2019, we\nhave modified our definition of adjusted net debt such that it now includes the total of \u201ccurrent portion of lease liabilities\u201d and \u201clease liabilities\u201d. We believe adding total lease liabilities to adjusted net debt is appropriate as they reflect payments to which we are contractually committed and the related payments have been removed from our calculation of adjusted EBITDA due to the accounting change.\nIn addition, as at December 31, 2019, we held $1,831 million of\nmarketable securities in publicly traded companies (2018 \u2013 $1,051 million). Our adjusted net debt increased by $3,379 million from December 31, 2018 as a result of: \u2022 the inclusion of lease liabilities in the calculation, which had a balance of $1,725 million at year-end, as discussed above; and \u2022 a net increase in our outstanding long-term debt, in part due to the 600 MHz spectrum licences we acquired for $1,731 million this year; partially offset by \u2022 an increase in our net cash position.\nSee \u201cOverview of Financial Position\u201d for more information.\n\n | As at December 31 | As at January 1 | As at December 31\n-------------------------------------------------------------------------- | ----------------- | --------------- | -----------------\n(In millions of dollars, except ratios) | 2019 | 2019 | 2018 \nLong-term debt 1 | 16,130 | 14,404 | 14,404 \nNet debt derivative assets valued without any adjustment for credit risk 2 | (1,414) | (1,448) | (1,448) \nShort-term borrowings | 2,238 | 2,255 | 2,255 \nLease liabilities 3 | 1,725 | 1,545 | \u2013 \nCash and cash equivalents | (494) | (405) | (405) \nAdjusted net debt 4 | 18,185 | 16,351 | 14,806 \nDivided by: trailing 12-month adjusted EBITDA 4 | 6,212 | 6,157 | 5,983 \nDebt leverage ratio 4 | 2.9 | 2.7 | 2.5 "} {"_id": "d1a73a62c", "title": "", "text": "4. Earnings per Share\nReconciliations of the weighted average shares outstanding for basic and diluted Earnings per Share for the years ended April 30, 2019 and 2018, respectively, were as follows (in thousands):\n** For the years ended April 30, 2019 and 2018, dilutive securities are excluded since the inclusion of such shares would be antidilutive due to the net loss for the period. The exercisable shares excluded for 2019 and 2018 are 1,216,000 and 1,259,500, respectively. The effect of dilutive securities for 2019 and 2018 would have been 242,874 and 127,536, respectively.\n\nFor the years ended April 30, | | \n----------------------------------------------- | --------- | ---------\n | 2019 | 2018 \nBasic EPS Shares outstanding (weighted average) | 8,916,250 | 8,841,166\nEffect of Dilutive Securities | ** | ** \nDiluted EPS Shares outstanding | 9,159,124 | 8,841,166"} {"_id": "d1b300d1c", "title": "", "text": "Receivables (payables): The balances with Golar Partners and subsidiaries as of December 31, 2019 and 2018 consisted of the following:\n(iii) Interest income on short-term loan, balances due(to)/from Golar Partners and its subsidiaries - Receivables and payables with Golar Partners and its subsidiaries comprise primarily of unpaid management fees and expenses for management, advisory and administrative services, dividends in respect of the Hilli Common Units and other related party arrangements including the Hilli Disposal. In addition, certain receivables and payables arise when we pay an invoice on behalf of a related party and vice versa. Receivables and payables are generally settled quarterly in arrears. Balances owing to or due from Golar Partners and its subsidiaries are unsecured, interest-free and intended to be settled in the ordinary course of business. In November 2019, we loaned $15.0 million to Golar Partners, with interest of LIBOR plus 5.0%. The loan was fully repaid, including interest of $0.1 million, in December 2019.\n(vii) Methane Princess lease security deposit movements - This represents net advances from Golar Partners since its IPO, which correspond with the net release of funds from the security deposits held relating to a lease for the Methane Princess. This is in connection with the Methane Princess tax lease indemnity provided to Golar Partners under the Omnibus Agreement. Accordingly, these amounts will be settled as part of the eventual termination of the Methane Princess lease.\n\n(in thousands of $) | 2019 | 2018 \n---------------------------------------------------------------- | ------- | -------\nBalances due (to)/from Golar Partners and its subsidiaries (iii) | (2,708) | 4,091 \nMethane Princess lease security deposit movements (vii) | (2,253) | (2,835)\nTotal | (4,961) | 1,256 "} {"_id": "d1a72a0ce", "title": "", "text": "With the highest-performance networks and unmatched new services and content, Bell is building a better communications experience at home, in the workplace and on the go.\nAnd customers are responding: In 2019, Bell welcomed the industry\u2019s highest number of new subscribers across the growth services of retail Internet, IPTV and wireless and diligently managed the decline in traditional home phone and other legacy\u00a0services.\nThe speed and quality of Canada\u2019s Best National Mobile Network drove unparalleled gains in both postpaid and prepaid wireless, Internet growth accelerated with the fastest consumer home Internet service available, while Fibe TV and Alt TV are winning customers over with leading product and programing innovations.\n(1) Excludes wholesale subscribers.\n(2) Excludes business telephone services.\n\nBCE retail subscribers | | | \n---------------------------------------------------------------------- | ----- | ----- | ------\n(millions) | 2019 | 2018 | Change\nWireless | 9.96 | 9.61 | +3.6% \nHigh-speed Internet(1) | 3.56 | 3.41 | +4.3% \nTelevision(1) | 2.77 | 2.77 | +0.2% \nTotal growth services, subscribers: retail Internet, IPTV and wireless | 16.29 | 15.79 | +3.2% \nLocal residential telephone services(1)(2) | 2.70 | 2.96 | (8.9%)\nTotal(2) | 18.98 | 18.75 | +1.3% "} {"_id": "d1b356b04", "title": "", "text": "WebLife Balance, Inc.\nOn November 30, 2017 (the \u201cWebLife Acquisition Date\u201d), pursuant to the terms of a merger agreement, the Company acquired all shares of WebLife Balance, Inc. (\u201cWebLife\u201d), a browser isolation offerings vendor, to extend its advanced threat protection capabilities into personal email, while preserving the privacy of its users.\nThe Company has estimated fair values of acquired tangible assets, intangible assets and liabilities at the WebLife Acquisition Date. The results of operations and the fair values of the acquired assets and liabilities assumed have been included in the accompanying consolidated financial statements since the WebLife Acquisition Date.\nAt the WebLife Acquisition Date, the consideration transferred was $48,765, net of cash acquired of $278.\nPer the terms of the merger agreement, unvested stock options held by WebLife employees were canceled and exchanged for the Company\u2019s unvested awards. The fair value of $333 of these unvested options was attributed to pre-combination service and included in consideration transferred. The fair value of $1,468 was allocated to post-combination services. The unvested awards are subject to the recipient\u2019s continued service with the Company, and $1,468 is recognized ratably as stock-based compensation expense over the required remaining service period. Also, as part of the merger agreement, 107 shares of the Company\u2019s common stock were deferred for certain key employees with the total fair value of $9,652 (see Note 11 \u201cEquity Award Plans\u201d), which was not included in the purchase price. The deferred shares are subject to forfeiture if employment terminates prior to the lapse of the restrictions, and their fair value is expensed as stock-based compensation expense over the remaining period.\nProofpoint, Inc. Notes to Consolidated Financial Statements (Continued) (dollars and share amounts in thousands, except per share amounts)\nThe following table summarizes the fair values of tangible assets acquired, liabilities assumed, intangible assets and goodwill:\n\n | | Estimated \n--------------------------- | ---------- | -----------\n | | Useful Life\n | Fair value | (in years) \nCurrent assets | $534 | N/A \nFixed assets | 23 | N/A \nLiabilities | (88) | N/A \nDeferred revenue | (700) | N/A \nCustomer relationships | 600 | 5 \nCore/developed technology | 16,600 | 5 \nDeferred tax liability, net | (4,440) | N/A \nGoodwill | 36,514 | Indefinite \n | $49,043 | "} {"_id": "d1b2fe67a", "title": "", "text": "Purchases of Equity Securities by the Issuer and Affiliated Purchasers\nThe following table contains information with respect to purchases made by or on behalf of CalAmp or any \u201caffiliated purchaser\u201d (as defined in Rule 10b-18(a)(3) under the Exchange Act), of our common stock during the following months of our fourth quarter ended February 28, 2019:\n(1) Average price paid per share for shares purchased as part of our share repurchase program (includes brokerage commissions).\n(2) On December 10, 2018, we announced that our Board of Directors authorized a new share repurchase program under which we may repurchase up to $20.0 million of our outstanding common stock over the next 12 months. As of February 28, 2019, $10.0 million of the $20.0 million had been utilized. Our share repurchase program does not obligate us to acquire any specific number of shares. Under the program, shares may be repurchased in privately negotiated and/or open market transactions, including under plans complying with Rule 10b5-1 under the Exchange Act.\n\n | Total Number of Shares Purchased | Average Price Paid per Share (1) | Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs | Approximate Dollar Value of Shares that may be Purchased Under the Plans or Programs (2)\n------------------------------ | -------------------------------- | -------------------------------- | -------------------------------------------------------------------------------- | ----------------------------------------------------------------------------------------\nDecember 1 - December 31, 2018 | 75,000 | $12.96 | 75,000 | $19,028,173 \nJanuary 1 - January 31, 2019 | 524,577 | $14.00 | 524,577 | $11,685,543 \nFebruary 1 - February 28, 2019 | 116,042 | $14.53 | 116,042 | $10,000,013 \nTotal | 715,619 | $13.97 | 715,619 | $10,000,013 "} {"_id": "d1b34f78c", "title": "", "text": "Disaggregation of revenue\nThe following table provides information about disaggregated revenue by primary geographical markets:\nThe Company derived over 90%, and approximately 88% and 84% of subscription revenues from RingCentral Office product for the years ended December 31, 2019, 2018 and 2017, respectively\n\n | | Year ended December 31, | \n---------------------------- | ---- | ----------------------- | ----\n | 2019 | 2018 | 2017\nPrimary geographical markets | | | \nNorth America | 93% | 95% | 96% \nOthers | 7% | 5% | 4% \nTotal revenues | 100% | 100% | 100%"} {"_id": "d1b39a1ec", "title": "", "text": "Recently Adopted Accounting Pronouncements\nOn April 1, 2018, the Company adopted ASU 2014-09-Revenue from Contracts with Customers (ASC 606) and all related amendments (\u201cNew Revenue Standard\u201d) using the modified retrospective method. The Company has applied the new revenue standard to all contracts that were entered into after adoption and to all contracts that were open as of the initial date of adoption. The Company recognized the cumulative effect of initially applying the new revenue standard as an adjustment to the opening balance of retained earnings. The comparative information has not been restated and continues to be reported under the accounting standards in effect for those periods. The adoption of the new standard impacts the Company's net sales on an ongoing basis depending on the relative amount of revenue sold through its distributors, the change in inventory held by its distributors, and the changes in price concessions granted to its distributors. Previously, the Company deferred revenue and cost of sales on shipments to distributors until the distributor sold the product to their end customer. As required by the new revenue standard, the Company no longer defers revenue and cost of sales, but rather, estimates the effects of returns and allowances provided to distributors and records revenue at the time of sale to the distributor. Sales to non-distributor customers, under both the previous and new revenue standards, are generally recognized upon the Company\u2019s shipment of the product. The cumulative effect of the changes made to the consolidated April 1, 2018 balance sheet for the adoption of the new revenue standard is summarized in the table of opening balance sheet adjustments below. In accordance with the new revenue standard\u00a0requirements, the disclosure of the impact of adoption on the consolidated income statement and balance sheet for the period ended March 31, 2019 was as follows (in millions):\nThe significant changes in the financial statements noted in the table above are primarily due to the transition from sellthrough revenue recognition to sell-in revenue recognition as required by the New Revenue Standard, which eliminated the balance of deferred income on shipments to distributors, significantly reduced accounts receivable, and significantly increased retained earnings. Prior to the acquisition of Microsemi, Microsemi already recognized revenue on a sell-in basis, so the impact of the adoption of the New Revenue Standard was primarily driven by Microchip's historical business excluding Microsemi.\n\n | | For the year ended March 31, 2019 | \n------------------------------------- | ----------- | ------------------------------------------------- | ---------------------------------\nIncome Statement | As reported | Balances without adoption of New Revenue Standard | Effect of Change Higher / (Lower)\nNet sales | $5,349.5 | $5,380.1 | $(30.6) \nCost of sales | $2,418.2 | $2,434.0 | $(15.8) \nGross profit | $2,931.3 | $2,946.1 | $(14.8) \nIncome before income taxes | $204.5 | $219.3 | $(14.8) \nIncome tax (benefit) provision | $(151.4) | $(149.0) | $(2.4) \nNet income from continuing operations | $355.9 | $368.3 | $(12.4) "} {"_id": "d1b358d14", "title": "", "text": "A.4.2 Income\nAs a result of the development described for the segments, Income from continuing operations before income taxes declined 7 %. Severance charges for continuing operations were \u20ac 619 million, of which \u20ac 492 million were in Industrial Businesses. Accordingly, Adjusted EBITA margin Industrial Businesses excluding severance charges was 11.5 % in fiscal 2019. In fiscal 2018, severance charges for continuing operations were \u20ac 923 million, of which \u20ac 669 million were in Industrial Businesses.\nThe tax rate of 25% for fiscal 2019 was below the tax rate of 26% for the prior year, benefiting mainly from the reversal of income tax provisions outside Germany. As a result, Income from continuing operations declined 6%.\nIncome from discontinued operations, net of income taxes in the prior year included positive effects from the release of a provision related to former Communications activities.\nThe decline in basic earnings per share reflects the decrease of Net income attributable to Shareholders of Siemens AG, which was \u20ac 5,174 million in fiscal 2019 compared to \u20ac 5,807 million in fiscal 2018, partially offset by a lower number of weighted average shares outstanding. Basic earnings per share excluding severance charges was \u20ac 6.93.\nAs expected, ROCE at 11.1 % was below the target range set in our Siemens Financial Framework, reflecting in particular the effects from portfolio transactions in recent years, including the acquisitions of Mentor and Mendix at Digital Industries and the merger of Siemens\u2019 wind power business with Gamesa Corporaci\u00f3n Tecnol\u00f3gica, S. A. that created SGRE. The decline year-over-year was due both to lower income before interest after tax and to higher average capital employed.\n\n | | Fiscal year | \n-------------------------------------------------------- | ------- | ----------- | --------\n(in millions of \u20ac, earnings per share in \u20ac) | 2019 | 2018 | % Change\nDigital Industries | 2,880 | 2,898 | (1) % \nSmart Infrastructure | 1,500 | 1,574 | (5) % \nGas and Power | 679 | 722 | (6) % \nMobility | 983 | 958 | 3 % \nSiemens Healthineers | 2,461 | 2,221 | 11 % \nSiemens Gamesa Renewable Energy | 482 | 483 | 0 % \nIndustrial Businesses | 8,986 | 8,857 | 1 % \nAdjusted EBITA margin Industrial Businesses | 10.9 % | 11.1 % | \nFinancial Services | 632 | 633 | 0 % \nPortfolio Companies | (71) | (305) | 77 % \nReconciliation to Consolidated Financial Statements | (2,028) | (1,135) | (79) % \nIncome from continuing operations before income taxes | 7,518 | 8,050 | (7) % \nIncome tax expenses | (1,872) | (2,054) | 9 % \nIncome from continuing operations | 5,646 | 5,996 | (6) % \nIncome from discontinued operations, net of income taxes | 3 | 124 | (98) % \nNet income | 5,648 | 6,120 | (8) % \nBasic earnings per share | 6.41 | 7.12 | (10) % \nROCE | 11.1 % | 12.6 % | "} {"_id": "d1b389a04", "title": "", "text": "Provision for Income Taxes\nThe effective income tax rate is calculated by dividing the provision for income taxes by income before income taxes. The effective income tax rate for 2019 was 13.0% compared to 18.3% for 2018.\nThe decrease in the effective income tax rate and the provision for\u00a0income taxes was primarily due to the recognition of approximately $2.2 billion of a non-recurring tax benefit in connection with the disposition of preferred stock, representing a minority interest in a foreign affiliate in 2019 compared to the non-recurring deferred tax benefit of approximately $2.1 billion as a result of an internal reorganization of legal entities within the historical Wireless business, which was offset by a goodwill charge that is not deductible for tax purposes in 2018.\nA reconciliation of the statutory federal income tax rate to the effective income tax rate for each period is included in Note 12 to the consolidated financial statements.\n\n | | | (dollars in millions) Increase/ (Decrease) | \n-------------------------- | ------ | ------- | ------------------------------------------ | -------\nYears Ended December 31, | 2019 | 2018 | 2019 vs. 2018 | \nProvision for income taxes | $2,945 | $ 3,584 | $ (639) | (17.8)%\nEffective income tax rate | 13.0% | 18.3% | | "} {"_id": "d1b3b2c2e", "title": "", "text": "16. Restructuring and other exit costs, net\nDuring the fourth quarter of fiscal year 2018, the Board of Directors approved a world-wide restructuring plan (\u201cFiscal 2018 Plan\u201d) to support the Company's strategic priorities of completing the subscription transition, digitizing the Company, and re-imagining manufacturing, construction, and production. Through the restructuring, Autodesk seeks to reduce its investments in areas not aligned with its strategic priorities, including in areas related to research and development and go-to-market activities. At the same time, Autodesk plans to further invest in strategic priority areas related to digital infrastructure, customer success, and construction. By re-balancing resources to better align with the Company\u2019s strategic priorities, Autodesk is positioning itself to meet its long-term goals. This world-wide restructuring plan included a reduction in force of approximately 11% of the Company\u2019s workforce, or 1,027 employees, and the consolidation of certain leased facilities. By January 31, 2019, the personnel and facilities related actions included in this restructuring plan were substantially complete.\nDuring Fiscal 2019, restructuring charges under the Fiscal 2018 Plan included $39.2 million in employee termination benefits and $3.2 million in lease termination and other exit costs.\nThe following tables set forth the restructuring charges and other facility exit costs, net during the fiscal years ended January 31, 2019 and 2018:\n(1) Adjustments primarily relate to the impact of foreign exchange rate changes, settlement of lease contracts, and certain write offs related to fixed assets.\n(2) The current portions of the reserve are recorded in the Consolidated Balance Sheets under \u201cOther accrued liabilities.\u201d There was no non-current portion as of January 31, 2019.\n\n | Balances, January 31, 2018 | Additions | Payments | Adjustments (1) | Balances, January 31, 2019\n------------------------------------------ | -------------------------- | --------- | -------- | --------------- | --------------------------\nFiscal 2018 Plan | | | | | \nEmployee terminations costs | $53.0 | $39.2 | $(89.7) | $(0.5) | $2.0 \nFacility terminations and other exit costs | 2.5 | 3.2 | (5.7) | 0.1 | 0.1 \nTotal | $55.5 | $42.4 | $(95.4) | $(0.4) | $2.1 \nCurrent portion (2) | $55.5 | | | | $2.1 \nTotal | $55.5 | | | | $2.1 "} {"_id": "d1b304854", "title": "", "text": "Expected Cash Flows\nThe Combined Pension Plan payments, post-retirement health care benefit payments and premiums, and life insurance premium payments are either distributed from plan assets or paid by us. The estimated benefit payments provided below are based on actuarial assumptions using the demographics of the employee and retiree populations and have been reduced by estimated participant contributions.\n\n | Combined Pension Plan | Post-Retirement Benefit Plans | Medicare Part D Subsidy Receipts\n---------------------------------- | --------------------- | ----------------------------- | --------------------------------\n | | (Dollars in millions) | \nEstimated future benefit payments: | | | \n2020 | $971 | 242 | (6) \n2021 | 921 | 238 | (6) \n2022 | 893 | 232 | (6) \n2023 | 868 | 226 | (5) \n2024 | 842 | 219 | (5) \n2025-2029 | 3,813 | 986 | (20) "} {"_id": "d1b36be46", "title": "", "text": "Unbilled receivables are client committed amounts for which revenue recognition precedes billing, and billing is solely subject to the passage of time.\nUnbilled receivables are expected to be billed in the future as follows\n\n(Dollars in thousands) | December 31, 2019 | \n---------------------- | ----------------- | ----\n1 year or less | $180,219 | 60% \n1-2 years | 91,132 | 30% \n2-5 years | 30,604 | 10% \n | $301,955 | 100%"} {"_id": "d1b350d80", "title": "", "text": "LONG-TERM DEBT\nIn addition to the Facility, the Company also had the following long-term obligations at fiscal 2019 and fiscal 2018.\n\n | 2019 | 2018 \n---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | ----------- | ------------\nNote payable to a bank (\u201cReal Estate Loan\u201d), interest payable at a fixed rate of 2.99% with monthly installments of principal and interest of $38,344 through August 2021 with remaining principal due September 2021, collateralized by three distribution facilities | $ 2,263,040 | $ 2,648,179\nNote payable, interest payable at a fixed rate of 4.50% with quarterly installments of principal and interest of $49,114 through June 2023 with remaining principal due September 2023 | 1,395,351 | 1,476,772 \nNote payable, interest-free with varying installments during fiscal 2019 | \u2014 | 629,746 \n | 3,658,391 | 4,754,697 \nLess current maturities | (532,747) | (1,096,306) \n | $3,125,644 | $3,658,391 "} {"_id": "d1a7331d8", "title": "", "text": "The fair value of the derivative feature of the 127,346 and 295,945 warrants issued to the placement agent of the Company\u2019s 2016 private offering and to a holder of its debt for debt cancellation in connection with the Merger, respectively on the issuance dates and at the balance sheet date were calculated using a Black-Scholes option model valued with the following assumptions:\nRisk-free interest rate: The Company uses the risk-free interest rate of a U.S. Treasury Note with a similar expected term on the date of measurement.\nDividend yield: The Company uses a 0% expected dividend yield as the Company has not paid dividends to date and does not anticipate declaring dividends in the near future.\nVolatility: The Company calculates the expected volatility of the stock price based on the corresponding volatility of the Company\u2019s peer group stock price for a period consistent with the warrants\u2019 expected term.\nExpected term: The Company\u2019s expected term is based on the remaining contractual maturity of the warrants.\nDuring the year ended December 31, 2019 and 2018, the Company marked the derivative feature of the warrants to fair value and recorded a loss of $343,857 and a gain\nof $250,241 relating to the change in fair value, respectively.\n\n | December 31, 2018 | December 31, 2019\n----------------------- | ----------------- | -----------------\nExercise price | 1.25 | 1.25 \nRisk-free interest rate | 2.46% | 1.59% \nDividend yield | 0.00% | 0.00% \nExpected volatility | 152% | 133% \nContractual term | 2.15 years | 1.15 years "} {"_id": "d1b38c074", "title": "", "text": "Cash Flows\nThe following table summarizes our cash flows for the years ended December 31, 2019, 2018 and 2017 (in thousands):\nAt December 31, 2019, $6.7 million of the $539.7 million of cash, cash equivalents and restricted cash was held by foreign subsidiaries. Our intention is to indefinitely reinvest foreign earnings in our foreign subsidiaries. If these earnings were used to fund domestic operations, they would be subject to additional income taxes upon repatriation.\n\n | | Year Ended December 31, | \n----------------------------------------------------------------------- | -------- | ----------------------- | --------\n | 2019 | 2018 | 2017 \nCash, cash equivalents and restricted cash at beginning of period | $60,068 | $103,051 | $60,765 \nCash provided by operating activities | 10,317 | 3,295 | 4,863 \nCash used in investing activities | (24,574) | (48,413) | (70,972)\nCash provided by financing activities | 494,101 | 3,099 | 108,475 \nEffects of exchange rates on cash, cash equivalents and restricted cash | (250) | (964) | (80) \nCash, cash equivalents and restricted cash at end of period | $539,662 | $60,068 | $103,051"} {"_id": "d1b364948", "title": "", "text": "NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (in thousands, except for share and per share data)\nWe expect to make $493 of contributions to the U.S. plans and $261 of contributions to the non-U.S. plans during 2020.\nThe following benefit payments, which reflect expected future service, as appropriate, are expected to be paid:\n\n | U.S. Pension Plans | Non-U.S. Pension Plans | Post-Retirement Life Insurance Plan\n--------- | ------------------ | ---------------------- | -----------------------------------\n2020 | $15,514 | $46 | $393 \n2021 | 15,399 | 54 | 377 \n2022 | 15,218 | 82 | 362 \n2023 | 14,983 | 69 | 347 \n2024 | 14,706 | 84 | 332 \n2025-2029 | 68,594 | 715 | 1,468 \nTotal | $144,414 | $1,050 | $3,279 "} {"_id": "d1b34dca2", "title": "", "text": "The following table provides a reconciliation of cash, cash equivalents, and restricted cash reported within our consolidated balance sheets as of December 31, 2019 and 2018 to the total of such amounts as presented in the consolidated statements of cash flows (in thousands):\n(1) See Note 7. \u201cRestricted Cash and Investments\u201d to our consolidated financial statements for discussion of our \u201cRestricted cash\u201d arrangements.\nDuring the year ended December 31, 2019, we sold marketable securities for proceeds of $52.0 million and realized no gain or loss on such sales. During the years ended December 31, 2018 and 2017, we sold marketable securities for proceeds of $10.8 million and $118.3 million, respectively, and realized gains of less than $0.1 million on such sales in each respective period. See Note 11. \u201cFair Value Measurements\u201d to our consolidated financial statements for information about the fair value of our marketable securities.\n\n | Balance Sheet Line Item | 2019 | 2018 \n------------------------------------------------- | ----------------------------------------- | ----------- | -----------\nCash and cash equivalents | Cash and cash equivalents | $ 1,352,741 | $ 1,403,562\nRestricted cash \u2013 current (1) | Prepaid expenses and other current assets | 13,697 | 19,671 \nRestricted cash \u2013 noncurrent (1) . | Restricted cash and investments | 80,072 | 139,390 \nTotal cash, cash equivalents, and restricted cash | | $ 1,446,510 | $ 1,562,623"} {"_id": "d1b3b9e5c", "title": "", "text": "The following table summarizes the components of the intangible assets acquired and their estimated useful lives by VMware in conjunction with the acquisition (amounts in table in millions):\nThe excess of the purchase consideration over the fair value of net tangible and identifiable intangible assets acquired was recorded as goodwill. The estimated fair value assigned to the tangible assets, identifiable intangible assets, and assumed liabilities were based on management's estimates and assumptions. The initial allocation of the purchase price was based on preliminary valuations and assumptions and is subject to change within the measurement period, including current and non-current income taxes payable and deferred taxes as additional information is received and tax returns are finalized. VMware expects to finalize the allocation of the purchase price within the measurement period. Management expects that goodwill and identifiable intangible assets will not be deductible for tax purposes.\n\n | Weighted-Average Useful Lives (in years) | Fair Value Amount\n----------------------------------------- | ---------------------------------------- | -----------------\nPurchased technology | 4.2 | $232 \nCustomer relationships and customer lists | 7.0 | 215 \nTrademarks and tradenames | 5.0 | 25 \nOther | 2.0 | 20 \nTotal definite-lived intangible assets | | $492 "} {"_id": "d1b379460", "title": "", "text": "GasLog Ltd. and its Subsidiaries\nNotes to the consolidated financial statements (Continued)\nFor the years ended December 31, 2017, 2018 and 2019\n(All amounts expressed in thousands of U.S. Dollars, except share and per share data)\n21. Related Party Transactions\nThe Group had the following balances with related parties which have been included in the consolidated statements of financial position:\nCurrent Assets\nDividends receivable and other amounts due from related parties\nOn June 28, 2019, GasLog transferred to Golar its 100 shares of the common capital stock of the Cool Pool Limited (Note 1). As of December 31, 2019, the receivable balance from the Cool Pool is nil.\n\n | As of December 31, | \n-------------------------------------------- | ------------------ | ----\n | 2018 | 2019\nDividends receivable from associate (Note 5) | 885 | 450 \nDue from The Cool Pool Limited | 32,397 | \u2014 \nOther receivables | 113 | 123 \nTotal | 33,395 | 573 "} {"_id": "d1b30d418", "title": "", "text": "5. Goodwill and Purchased Intangible Assets\n(b) Purchased Intangible Assets\nThe following tables present details of our purchased intangible assets (in millions):\nPurchased intangible assets include intangible assets acquired through acquisitions as well as through direct purchases or licenses.\nImpairment charges related to purchased intangible assets were approximately $47 million for fiscal 2017. Impairment charges were as a result of declines in estimated fair value resulting from the reduction or elimination of expected future cash flows associated with certain of our technology and IPR&D intangible assets.\n\nJuly 27, 2019 | Gross | Accumulated Amortization | Net \n------------------------------------------------------------ | ------ | ------------------------ | ------\nPurchased intangible assets with finite lives: | | | \nTechnology . | $3,270 | $(1,933) | $1,337\nCustomer relationships . | 840 | (331) | 509 \nOther | 41 | (22) | 19 \nTotal purchased intangible assets with finite lives | 4,151 | (2,286) | 1,865 \nIn-process research and development, with indefinite lives . | 336 | \u2014 | 336 \nTotal . | $4,487 | $(2,286) | $2,201"} {"_id": "d1b353846", "title": "", "text": "Restricted Stock and Restricted Stock Units (\"Restricted Stock Awards\")\nAs of August 29, 2019, there were 16 million shares of Restricted Stock Awards outstanding, 14 million of which contained only service conditions. For service-based Restricted Stock Awards, restrictions generally lapse in one-fourth or one-third increments during each year of employment after the grant date. Restrictions lapse on Restricted Stock granted in 2019 with performance or market conditions over a three-year period if conditions are met. At the end of the performance period, the number of actual shares to be awarded will vary between 0% and 200% of target amounts, depending upon the achievement level. Restricted Stock Awards activity for 2019 is summarized as follows:\n\n | Number of Shares | Weighted-Average Grant Date Fair Value Per Share\n--------------------------------- | ---------------- | ------------------------------------------------\nOutstanding as of August 30, 2018 | 15 | $25.18 \nGranted | 9 | 41.11 \nRestrictions lapsed | (6) | 24.22 \nCanceled | (2) | 24.79 \nOutstanding as of August 29, 2019 | 16 | 34.72 "} {"_id": "d1b374d48", "title": "", "text": "Property and Equipment\nProperty and equipment is recorded at cost and consists of furniture, computers, other office equipment, and leasehold improvements. We depreciate the cost of furniture, computers, and other office equipment on a straight-line basis over their estimated useful lives (five years for office equipment, seven years for furniture and fixtures). Leasehold improvements are depreciated over the lesser of their useful lives or the term of the lease. Depreciation and amortization expense for 2019, 2018, and 2017 was approximately $8.0 million, $8.6 million, and $9.1 million, respectively, and was included in \u201cDepreciation and amortization\u201d in the Consolidated Statements of Income. Amortization expense on intangible assets in 2019, 2018 and 2017 was immaterial.\nProperty and equipment, at cost, consist of the following (in thousands):\n\n | December 31 | \n----------------------------- | ----------- | ---------\n | 2019 | 2018 \nOffice equipment | $ 38,373 | $ 39,633 \nFurniture and fixtures | 5,017 | 4,610 \nLeasehold improvement | 23,534 | 19,430 \nProperty and equipment, gross | 66,924 | 63,673 \nLess accumulated depreciation | (44,199 ) | (49,355 )\nProperty and equipment, net | $ 22,725 | $ 14,318 "} {"_id": "d1b31c580", "title": "", "text": "Identifiable intangible assets\nThe Company's identifiable intangible assets represent intangible assets acquired in the Brink Acquisition, the Drive-Thru Acquisition, the Restaurant Magic Acquisition and software development costs. The Company capitalizes certain software development costs for software used in its Restaurant/Retail reporting segment. Software development costs incurred prior to establishing technological feasibility are charged to operations and included in research and development costs.\nThe technological feasibility of a software product is established when the Company has completed all planning, designing, coding, and testing activities that are necessary to establish that the software product meets its design specifications, including functionality, features, and technical performance requirements.\nSoftware development costs incurred after establishing technological feasibility for software sold as a perpetual license, (as defined within ASC 985-20, Software \u2013 \"Costs of Software to be sold, Leased, or Marketed\" - for software cost related to sold as a perpetual license) are capitalized and amortized on a product-by-product basis when the software product is available for general release to customers.\nIncluded in \"Acquired and internally developed software costs\" in the table below are approximately $2.5 million and $3.0 million of costs related to software products that have not satisfied the general release threshold as of December 31, 2019 and December 31, 2018, respectively. These software products are expected to satisfy the general release threshold within the next 12 months.\nSoftware development is also capitalized in accordance with ASC 350-40, \u201cIntangibles - Goodwill and Other - Internal - Use Software,\u201d and is amortized over the expected benefit period, which generally ranges from three to seven years. Long-lived assets are tested for impairment when events or conditions indicate that the carrying value of an asset may not be fully recoverable from future cash flows. Software costs capitalized during the years ended 2019 and 2018 were $4.1 million and $3.9 million, respectively.\nAnnual amortization charged to cost of sales when a product is available for general release to customers is computed using the greater of (a) the straight-line method over the remaining estimated economic life of the product, generally three to seven years or (b) the ratio that current gross revenues for a product bear to the total of current and anticipated future gross revenues for that product. Amortization of capitalized software costs amounted to $3.3 million and $3.5 million, in 2019 and 2018, respectively.\nThe components of identifiable intangible assets, excluding discontinued operations, are:\n\n | December 31, | | \n------------------------------------------------------------------------- | -------------- | -------- | ---------------------\n | (in thousands) | | \n | 2019 | 2018 | Estimated Useful Life\nAcquired and internally developed software costs | $36,137 | $18,972 | 3 - 7 years \nCustomer relationships | 4,860 | 160 | 7 years \nNon-compete agreements | 30 | 30 | 1 year \n | 41,027 | 19,162 | \nLess accumulated amortization | (12,389) | (11,708) | \n | $28,638 | $7,454 | \nInternally developed software costs not meeting general release threshold | 2,500 | 3,005 | \nTrademarks, trade names (non-amortizable) | 1,810 | 400 | Indefinite \n | $32,948 | $10,859 | "} {"_id": "d1b390fa2", "title": "", "text": "Summary of Consolidated Cash Flows\nThe below table summarizes the cash provided or used in our activities and the amount of the respective changes between the periods (in millions):\nOperating Activities Cash provided by operating activities was $110.5 million for the year ended December 31, 2019 as compared to cash provided by operating activities of $341.4 million for the year ended December 31, 2018. The $230.9 million decrease was the result of the recapture of reinsurance treaties by our Insurance segment in 2018 and was offset in part by improved performance of the Insurance segment subsequent to the KIC acquisition, significant reduction of losses at the Broadcasting segment driven by the cost cutting measures, and an increase in the working capital at our Telecommunications segments.\nInvesting Activities Cash used in investing activities was $263.7 million for the year ended December 31, 2019 as compared to cash used in investing activities of $224.6 million for the year ended December 31, 2018. The $39.1 million increase in cash used was a result of (i) an increase in net cash spent at our Insurance segment driven by purchases of investments from the residual cash received from the KIC acquisition and reinsurance recaptures in 2018, (ii) a decrease in cash proceeds received at our Life Sciences segment, from the 2018 upfront payment and 2019 escrow release related to the sale of BeneVir in the prior period, and (iii) an increase in cash used at our Energy segment to acquire ampCNG stations in 2019. These decreases were largely offset by a reduction in cash used by our Construction segment, driven by the acquisition of GrayWolf in 2018, and a reduction in cash used by our Broadcasting segment as less cash was used on its acquisitions in the current year compared to 2018.\nThis was largely offset by a reduction in net cash used by the Insurance segment's purchases of investments, as in the prior period the Insurance segment purchased investments from the cash received from the acquisition of KIC.\nFinancing Activities Cash provided by financing activities was $62.4 million for the year ended December 31, 2019 as compared to $115.2 million for the year ended December 31, 2018. The $52.8 million decrease was a result of a decrease in net borrowings by the Construction and Broadcasting segments, and offset in part by the increase in net borrowings by the Energy segment and Corporate segment, and a decline in cash paid to noncontrolling interest holders driven by the proceeds from our Life Sciences segment's sale of BeneVir in 2018.\n\nYears Ended December 31, | | | \n------------------------------------------------------------ | ------- | ------- | ---------------------\n | 2019 | 2018 | Increase / (Decrease)\nOperating activities | $110.5 | $341.4 | $(230.9) \nInvesting activities | (263.7) | (224.6) | (39.1) \nFinancing activities | 62.4 | 115.2 | (52.8) \nEffect of exchange rate changes on cash and cash equivalents | 1.0 | (0.5) | 1.5 \nNet decrease in cash,cash equivalents and restricted cash | $(89.8) | $231.5 | $(321.3) "} {"_id": "d1a719490", "title": "", "text": "Share-based Compensation Our Board of Directors may grant share-based awards from our shareholder approved Amended and Restated Consolidated Communications Holdings, Inc. 2005 Long-Term Incentive Plan (the \u201cPlan\u201d). The Plan permits the issuance of awards in the form of stock options, stock appreciation rights, stock grants, stock unit grants and other equity-based awards to eligible directors and employees at the discretion of the Compensation Committee of the Board of Directors.\nOn April 30, 2018, the shareholders approved an amendment to the Plan to increase by 2,000,000 the number of shares of our common stock authorized for issuance under the Plan and extend the term of the Plan through April 30, 2028.\nWith the amendment, approximately 4,650,000 shares of our common stock are authorized for issuance under the Plan, provided that no more than 300,000 shares may be granted in the form of stock options or stock appreciation rights to any eligible employee or director in any calendar year. Unless terminated sooner, the Plan will continue in effect until April 30, 2028.\nWe measure the fair value of RSAs based on the market price of the underlying common stock on the date of grant. We recognize the expense associated with RSAs on a straight-line basis over the requisite service period, which generally ranges from immediate vesting to a four year vesting period.\nWe implemented an ongoing performance-based incentive program under the Plan. The performance-based incentive program provides for annual grants of PSAs. PSAs are restricted stock that are issued, to the extent earned, at the end of each performance cycle.\nUnder the performance-based incentive program, each participant is given a target award expressed as a number of shares, with a payout opportunity ranging from 0% to 120% of the target, depending on performance relative to predetermined goals. An estimate of the number of PSAs that are expected to vest is made, and the fair value of the PSAs is expensed utilizing the fair value on the date of grant over the requisite service period.\nThe following table summarizes grants of RSAs and PSAs under the Plan during the years ended December 31, 2019, 2018 and 2017:\n\n | | | Year Ended December 31, | | | \n------------ | ------- | --------------------- | ----------------------- | --------------------- | ------- | ---------------------\n | 2019 | Grant Date Fair Value | 2018 | Grant Date Fair Value | 2017 | Grant Date Fair Value\nRSAs Granted | 551,214 | $ 9.87 | 478,210 | $ 12.45 | 124,100 | $ 23.12 \nPSAs Granted | 371,672 | $ 12.45 | - | $ - | 36,982 | $ 23.27 \nTotal | 922,886 | | 478,210 | | 161,082 | "} {"_id": "d1b398126", "title": "", "text": "MARKET PRICES OF COMMON STOCK\nThe common stock of the Company is listed on the NASDAQ Global Market under the symbol \u201cFEIM.\u201d\n\nFiscal Quarter | High Sale | Low Sale\n-------------- | --------- | --------\n2019 | | \nFirst Quarter | $8.95 | $7.30 \nSecond Quarter | 11.38 | 7.80 \nThird Quarter | 13.38 | 9.60 \nFourth Quarter | 13.52 | 10.80 \n2018 | | \nFirst Quarter | $10.76 | $ 7.91 \nSecond Quarter | 10.00 | 7.53 \nThird Quarter | 9.94 | 8.66 \nFourth Quarter | 10.59 | 8.55 "} {"_id": "d1b3947f6", "title": "", "text": "12. Earnings per share How are earnings per share calculated?\nBasic earnings per share is calculated by dividing the profit after tax attributable to equity shareholders by the weighted average number of shares in issue after deducting the own shares held by employee share ownership trusts and treasury shares.\nIn calculating the diluted earnings per share, share options outstanding and other potential shares have been taken into account where the impact of these is dilutive. Options over 36m shares (2017/18: 23m shares, 2016/17: 27m shares) were excluded from the calculation of the total diluted number of shares as the impact of these is antidilutive.\nThe earnings per share calculations are based on profit after tax attributable to equity shareholders of the parent company which excludes non-controlling interests. Profit after tax was \u00a32,159m (2017/18: \u00a32,032m, 2016/17: \u00a31,908m) and profit after tax attributable to non-controlling interests was \u00a33m (2017/18: \u00a34m, 2016/17: \u00a31m). Profit attributable to non-controlling interests is not presented separately in the financial statements as it is not material.\n\nYear ended 31 March | 2019 | 2018 | 2017 \n------------------------------------------------------ | ----- | ----- | -----\nBasic weighted average number of shares (millions) | 9,912 | 9,911 | 9,938\nDilutive shares from share options (millions) | 6 | 2 | 27 \nDilutive shares from executive share awards (millions) | 57 | 48 | 29 \nDiluted weighted average number of shares (millions) | 9,975 | 9,961 | 9,994\nBasic earnings per share | 21.8p | 20.5p | 19.2p\nDiluted earnings per share | 21.6p | 20.4p | 19.1p"} {"_id": "d1b3710bc", "title": "", "text": "Geographic Information\nThe amounts for revenue by region in the following tables are based on the location of customers. The regions in the following table are EMEA (Europe, Middle East, and Africa), Americas (North America and Latin America), and APJ (Asia Pacific Japan).\nTotal Revenue by Region\n\n\u20ac millions | 2019 | 2018 | 2017 \n---------------- | ------ | ------ | ------\nGermany | 3,948 | 3,658 | 3,352 \nRest of EMEA | 8,158 | 7,446 | 7,063 \nEMEA | 12,105 | 11,104 | 10,415\nUnited States | 9,085 | 7,880 | 7,436 \nRest of Americas | 2,109 | 1,832 | 1,911 \nAmericas | 11,194 | 9,713 | 9,347 \nJapan | 1,180 | 963 | 885 \nRest of APJ | 3,074 | 2,928 | 2,814 \nAPJ | 4,254 | 3,891 | 3,699 \nSAP Group | 27,553 | 24,708 | 23,461"} {"_id": "d1b39d9dc", "title": "", "text": "Cost of Revenues\nCost of Subscription Solutions\nCost of subscription solutions increased $10.7 million, or 39.9%, for the three months ended December 31, 2019 compared to the same period in 2018. The increase was due to an increase in the costs necessary to support a greater number of merchants using our platform, resulting in an increase in: infrastructure and hosting costs, employee-related costs, credit card fees for processing merchant billings, amortization of technology related to enhancing our platform, payments to third-party partners for the registration of domain names, and payments to third-party theme developers. As a percentage of revenues, cost of subscription solutions decreased from 7.8% in the three months ended December 31, 2018 to 7.4% in the three months ended December 31, 2019 due to subscription solutions representing a smaller percentage of our total revenues.\nCost of Merchant Solutions\nCost of merchant solutions increased $72.5 million, or 55.2%, for the three months ended December 31, 2019 compared to the same period in 2018. The increase was primarily due to higher payment processing and interchange fees resulting from an increase in GMV facilitated through Shopify Payments. The increase was also due to an increase in amortization related to acquired intangibles from the acquisition of 6RS, employee-related costs associated with 6RS, product costs associated with expanding our product offerings, credit card fees for processing merchant billings, infrastructure and hosting costs, materials and third-party manufacturing costs associated with 6RS and cost of POS hardware units. Cost of merchant solutions as a percentage of revenues increased from 38.2% in the three months ended December 31, 2018 to 40.4% in the three months ended December 31, 2019, mainly as a result of Shopify Payments representing a larger percentage of total revenue.\n\n | Three months ended December 31, | | 2019 vs. 2018\n------------------------------ | ---------------------------------- | --------- | -------------\n | 2019 | 2018 | % Change \n | (in thousands, except percentages) | | \nCost of revenues: | | | \nCost of subscription solutions | $ 37,369 | $ 26,706 | 39.9 % \nCost of merchant solutions | 203,900 | 131,413 | 55.2 % \nTotal cost of revenues | $ 241,269 | $ 158,119 | 52.6 % \nPercentage of revenues: | | | \nCost of subscription solutions | 7.4 % | 7.8 % | \nCost of merchant solutions | 40.4 % | 38.2 % | \n | 47.8 % | 46.0 % | "} {"_id": "d1a7183ce", "title": "", "text": "CAPITAL EXPENDITURES\nBCE capital expenditures totaled $3,988\u00a0 million for the year, up\u00a0$17\u00a0million over 2018. This corresponded to a capital intensity ratio of 16.6%, down 0.3\u00a0pts compared to last year. Capital spending in the year reflected the following:\n\u2022 Greater capital investments in our wireless segment of $33 million in 2019, compared to 2018, as we advanced the build-out of our LTE-A network, continued to deploy wireless small-cells to expand capacity to support subscriber growth and increase network speeds, coverage and signal quality, as well as to expand data fibre backhaul in preparation for 5G technology\n\u2022 A modest reduction in capital spending in our wireline segment of $10 million in 2019, compared to last year, as we continued to focus our investments on the ongoing deployment of FTTP to more homes and businesses, the roll-out of fixed WTTP to rural locations in Ontario and Qu\u00e9bec, the connection of fibre Internet and TV services to more homes and businesses and the execution of business customer contracts\n\u2022 Lower capital expenditures at Bell Media of $6\u00a0million in 2019, compared to 2018, mainly due to production equipment and IT upgrades in 2018\n\n | 2019 | 2018 | $ CHANGE | % CHANGE \n----------------------- | ----- | ----- | -------- | ---------\nBell Wireless | 697 | 664 | (33) | (5.0%) \nCapital intensity ratio | 7.6% | 7.5% | | (0.1) pts\nBell Wireline | 3,183 | 3,193 | 10 | 0.3% \nCapital intensity ratio | 25.8% | 26.0% | | 0.2 pts \nBell Media | 108 | 114 | 6 | 5.3% \nCapital intensity ratio | 3.4% | 3.7% | | 0.3 pts \nBCE | 3,988 | 3,971 | (17) | (0.4%) \nCapital intensity ratio | 16.6% | 16.9% | | 0.3 pts "} {"_id": "d1b355fa6", "title": "", "text": "45. Contingent liabilities\nContingent liabilities from guarantee and warranty contracts are primarily rent guarantees with terms of up to 10 years if utilisation is not considered entirely unlikely.\n\n\u20ac million | 30/9/2018 | 30/9/2019\n----------------------------------------------------------------------------------- | --------- | ---------\nContingent liabilities from guarantee and warranty contracts | 18 | 17 \nContingent liabilities from the provision of collateral for third-party liabilities | 9 | 12 \nOther contingent liabilities | 0 | 1 \n | 27 | 30 "} {"_id": "d1a73bd10", "title": "", "text": "17. OTHER NON-CURRENT ASSETS\n(1) Following the adoption of ASC 842, the balance sheet presents right-of-use-assets which mainly comprise of our office leases. This standard has been adopted under a modified retrospective transition approach as of January 1, 2019.\n(2) Investment in OLT-O refers to our investment in an Italian incorporated unlisted company which is involved in the construction, development, operation and maintenance of a FSRU terminal to be situated off the Livorno coast of Italy, representing a 2.7% interest in OLT-O\u2019s issued share capital. In May 2019, a major shareholder sold its shareholding which triggered a re-assessment of the carrying value of our investment in OLT-O. This resulted in an impairment charge of $7.3 million for the write down of the carrying value in our investment in OLT-O in the year ended December 31, 2019.\n(3) \"Other non-current assets\" as of December 31, 2019 includes payments made for long lead items ordered in preparation for the conversion of the Viking into an FSRU. As of December 31, 2019 the aggregate carrying value of Viking long lead items was $16.2 million.\n\"Other non-current assets\" as of December 31, 2018 was mainly comprised of payments made relating to long lead items ordered in preparation for the conversion of the Gimi into a FLNG vessel. Subsequent to the receipt of a Limited Notice to Proceed from BP in relation to the Greater Tortue Ahmeyim project in December 31, 2018, initial works of the FLNG conversion commenced in January 2019. Consequently, as of December 31, 2019, the aggregate carrying value of $31.0 million has been reclassified to \"Asset under development\" (see note 15).\n\n(in thousands of $) | 2019 | 2018 \n---------------------------------------------------------- | ------ | -------\nOil derivative instrument (see note 24) | 45,640 | 84,730 \nOperating lease right-of-use-assets (1) | 9,847 | \u2014 \nForeign exchange swap (see note 24) | 214 | \u2014 \nMark-to-market interest rate swaps valuation (see note 24) | 8 | 6,298 \nInvestment in OLT-O (2) | \u2014 | 7,347 \nOther non-current assets (3) | 24,700 | 40,729 \n | 80,409 | 139,104"} {"_id": "d1b385b5c", "title": "", "text": "The total remuneration of the Group\u2019s auditors, PricewaterhouseCoopers LLP and other member firms of PricewaterhouseCoopers International Limited, for services provided to the Group during the year ended 31 March 2019 is analysed below\nNotes: 1 Fees during the implementation phase of new accounting standards, notably preparations for IFRS 15 \u201cRevenue from Contracts with Customers\u201d in the year ended 31 March 2018 and preparations for IFRS 16 \u201cLeases\u201d in the year ended 31 March 2019.\n2 Relates to fees for statutory and regulatory filings during the year. In addition, the amount for the year ended 31 March 2018 includes non-recurring fees that were incurred during the preparations for a potential IPO of Vodafone New Zealand and the merger of Vodafone India and Idea Cellular. The amount for the year ended 31 March 2017 primarily arose from work on regulatory filings prepared in anticipation of a potential IPO of Vodafone India that was under consideration prior to the agreement for the merger of Vodafone India and Idea Cellular.\nA description of the work performed by the Audit and Risk Committee in order to safeguard auditor independence when non-audit services are provided is set out in the Audit and Risk Committee report on pages 71 to 76.\n\n | 2019 | 2018 | 2017\n---------------------------------------- | ---- | ---- | ----\n | \u20acm | \u20acm | \u20acm \nParent company | 2 | 2 | 2 \nSubsidiaries | 14 | 14 | 13 \nSubsidiaries \u2013 new accounting standards1 | 1 | 5 | 1 \nAudit fees: | 17 | 21 | 16 \nAudit-related fees2 | 2 | 5 | 4 \nNon-audit fees: | 2 | 5 | 4 \nTotal fees | 19 | 26 | 20 "} {"_id": "d1b3641f0", "title": "", "text": "Supported by a recovery in commodity-related markets, orders and revenue showed broad-based growth year-over-year with strongest increases in the mechanical drives business. Overall, Portfolio Companies businesses made good progress in achieving their targets. Adjusted EBITA improved in all fully consolidated units and turned positive in total, mainly driven by the large drives applications business.\nThe result from equity investments in total also improved slightly, though it was negative in both periods under review. Severance charges decreased to \u20ac 14 million, from \u20ac 86 million in fiscal 2018. Portfolio Companies\u2019 order backlog was \u20ac 5 billion at the end of the fiscal year, of which \u20ac 3 billion are expected to be converted into revenue in fiscal 2020. Regarding Portfolio Companies\u2019 at-equity investments, volatile results are expected in coming quarters.\nMarkets for Portfolio Companies are generally impacted by rising uncertainties regarding geopolitical and economic developments, which weaken investment sentiment. Although the broad range of businesses are operating in diverse markets, overall, moderate growth is expected in the coming years for the main markets served by the Portfolio Companies.\nBeginning with fiscal 2020, the equity investments Ethos Energy Group Limited and Voith Hydro Holding GmbH & Co. KG, the subsea business, and the majority of the process solutions business will be transferred to the Operating Company Gas and Power. If this organizational structure had already existed in fiscal 2019, Portfolio Companies would have posted orders of \u20ac 4.746 billion, revenue of \u20ac 4.558 billion and Adjusted EBITA of \u20ac(115) million.\nMitsubishi-Hitachi Metals Machinery (MHMM) and Siemens AG reached an agreement in September 2019, that MHMM will acquire Siemens\u2019 stake in Primetals Technologies. Closing of the transaction is subject to customary conditions and is expected by the beginning of calendar 2020.\n\n | | Fiscal year | | % Change\n--------------------- | ------- | ----------- | ------ | --------\n(in millions of \u20ac) | 2019 | 2018 | Actual | Comp. \nOrders | 5,806 | 5,569 | 4 % | 3 % \nRevenue | 5,526 | 4,930 | 12 % | 11 % \nAdjusted EBITA | (71) | (305) | 77 % | \nAdjusted EBITA margin | (1.3) % | (6.2) % | | "} {"_id": "d1b36398a", "title": "", "text": "Restricted Stock Units\nDuring the fiscal years 2019, 2018, and 2017, the Company issued both service-based RSUs and market-based performance RSUs (\u201cPRSUs\u201d). Market-based PRSUs generally vest three years from the grant date if certain performance criteria are achieved and require continued employment. Based upon the terms of such awards, the number of shares that can be earned over the performance periods is based on the Company\u2019s Common Stock price performance compared to the market price performance of the Philadelphia Semiconductor Sector Index (\u201cSOX\u201d), ranging from 0% to 150% of target. The stock price performance or market price performance is measured using the closing price for the 50-trading days prior to the dates the performance period begins and ends. The target number of shares represented by the market-based PRSUs is increased by 2% of target for each 1% that Common Stock price performance exceeds the market price performance of the SOX index. The result of the vesting formula is rounded down to the nearest whole number. Total stockholder return is a measure of stock price appreciation in this performance period.\nThe following table summarizes restricted stock activity:\nThe fair value of the Company\u2019s service-based RSUs was calculated based on fair market value of the Company\u2019s stock at the date of grant, discounted for dividends.\n\n | Service-based RSUs Outstanding | | Market-based RSUs Outstanding | \n--------------------- | ------------------------------ | -------------------------------------- | ----------------------------- | --------------------------------------\n | Number of Shares | Weighted-Average Grant Date Fair Value | Number of Shares | Weighted-Average Grant Date Fair Value\nJune 26, 2016 | 3,256,513 | $71.34 | 1,078,591 | $63.12 \nGranted | 1,224,877 | $114.13 | 435,694 | $111.75 \nVested | (1,677,318) | $69.10 | (592,321) | $46.67 \nForfeited or canceled | (116,466) | $76.76 | (59,509) | $66.81 \nJune 25, 2017 | 2,687,606 | $92.01 | 862,455 | $83.83 \nGranted | 964,391 | $183.97 | 285,866 | $170.15 \nVested | (1,362,369) | $87.80 | (407,024) | $76.88 \nForfeited or canceled | (96,540) | $108.67 | (47,571) | $91.36 \nJune 24, 2018 | 2,193,088 | $134.34 | 693,726 | $104.59 \nGranted | 893,622 | $161.64 | 163,529 | $165.78 \nVested | (1,135,284) | $115.23 | (301,622) | $70.58 \nForfeited or canceled | (154,541) | $141.38 | (120,859) | $104.73 \nJune 30, 2019 | 1,796,885 | $159.36 | 434,774 | $144.57 "} {"_id": "d1a7283d2", "title": "", "text": "Amortization of Purchased Intangible Assets\nThe following table presents the amortization of purchased intangible assets (in millions):\nThe decrease in amortization of purchased intangible assets was due largely to the purchased intangible assets related to the divestiture of SPVSS business on October 28, 2018, partially offset by amortization from our recent acquisitions.\n\nYears Ended | July 27, 2019 | July 28, 2018 | July 29, 2017\n-------------------------------------------- | ------------- | ------------- | -------------\nAmortization of purchased intangible assets: | | | \nCost of sales | $624 | $640 | $556 \nOperating expenses | | | \nAmortization of purchased intangible assets | 150 | 221 | 259 \nRestructuring and other charges | \u2014 | \u2014 | 38 \nTotal | $774 | $861 | $853 "} {"_id": "d1a7413dc", "title": "", "text": "NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (in thousands, except for share and per share data)\nNOTE 5 \u2014 Property, Plant and Equipment\nProperty, plant and equipment is comprised of the following:\n\n | As of December 31, | \n---------------------------------- | ------------------ | ---------\n | 2019 | 2018 \nLand and land improvements | $1,095 | $1,136 \nBuildings and improvements | 68,350 | 70,522 \nMachinery and equipment | 224,312 | 231,619 \nLess: Accumulated depreciation | (188,719) | (203,876)\nProperty, plant and equipment, net | $105,038 | $99,401 "} {"_id": "d1b3a734c", "title": "", "text": "Interest expense, net includes the stated interest rate on our outstanding debt, as well as the net impact of capitalized interest, interest income, the effects of terminated interest rate swaps and the amortization of capitalized senior debt issuance costs and credit facility fees, bond discounts, and terminated treasury locks.\nInterest expense, net for the years ended December 31, was as follows:\n(1) We repaid the notes upon maturity in July 2017.\n(2) On August 1, 2019, Sealed Air Corporation, on behalf of itself and certain of its subsidiaries, and Sealed Air Corporation (US) entered into an amendment to its existing senior secured credit facility with Bank of America, N.A., as agent, and the other financial institutions party thereto. The amendment provided for a new incremental term facility in an aggregate principal amount of up to $475 million, to be used, in part, to finance the acquisition of Automated. See Note 14, \"Debt and Credit Facilities,\" of the Notes to Consolidated Financial Statements for further details.\n(3) On July 12, 2018, the Company and certain of its subsidiaries entered into a third amended and restated credit agreement with respect to its existing senior secured credit facility. See Note 14, \u201cDebt and Credit Facilities,\u201d of the Notes to Consolidated Financial Statements for further details.\n(4) In November 2019, the Company issued $425 million of 4.00% Senior Notes due 2027 and used the proceeds to retire the existing $425 million of 6.50% Senior Notes due 2020. See Note 14, \"Debt and Credit Facilities,\" of the Notes to Consolidated Financial Statements for further details.\n\n | | Year Ended December 31, | | 2019 vs. 2018 | 2018 vs. 2017\n------------------------------------------------- | ------- | ----------------------- | ------- | ------------- | -------------\n(In millions) | 2019 | 2018 | 2017 | Change | Change \nInterest expense on our various debt instruments: | | | | | \nTerm Loan A due July 2017(1) | $ \u2014 | $ \u2014 | $ 3.6 | $ \u2014 | $ (3.6) \nTerm Loan A due July 2022(2) | 6.8 | \u2014 | \u2014 | 6.8 | \u2014 \nTerm Loan A due July 2023(3) | 8.5 | 8.9 | 18.6 | (0.4) | (9.7) \nRevolving credit facility due July 2023(3) | 1.4 | 1.9 | 2.4 | (0.5) | (0.5) \n6.50% Senior Notes due December 2020(4) | 25.4 | 28.1 | 28.1 | (2.7) | \u2014 \n4.875% Senior Notes due December 2022 | 21.5 | 21.5 | 21.5 | \u2014 | \u2014 \n5.25% Senior Notes due April 2023 | 23.1 | 23.1 | 23.0 | \u2014 | 0.1 \n4.50% Senior Notes due September 2023 | 20.7 | 21.8 | 21.0 | (1.1) | 0.8 \n5.125% Senior Notes due December 2024 | 22.4 | 22.4 | 22.3 | \u2014 | 0.1 \n5.50% Senior Notes due September 2025 | 22.4 | 22.4 | 22.3 | \u2014 | 0.1 \n4.00% Senior Notes due December 2027(4) | 1.7 | \u2014 | \u2014 | 1.7 | \u2014 \n6.875% Senior Notes due July 2033 | 31.1 | 31.0 | 31.0 | 0.1 | \u2014 \nOther interest expense | 19.4 | 18.2 | 18.3 | 1.2 | (0.1) \nLess: capitalized interest | (8.4) | (6.3) | (10.3) | (2.1) | 4.0 \nLess: interest income | (11.9) | (15.1) | (17.6) | 3.2 | 2.5 \nTotal | $ 184.1 | $ 177.9 | $ 184.2 | $ 6.2 | $ (6.3) "} {"_id": "d1b395412", "title": "", "text": "Stock-Based Compensation Award Activity\nThe following table summarizes the shares available for grant under the 2019 Plan and 2009 Plan (in thousands):\n\n | Shares Available for Grant | \n---------------------------- | -------------------------- | ---------\n | 2019 Plan | 2009 Plan\nBalance at December 30, 2018 | \u2014 | 483 \nAuthorized | 357 | \u2014 \nOptions granted | \u2014 | \u2014 \nOptions forfeited or expired | 26 | 2 \nRSUs granted | (113) | (240) \nRSUs forfeited | 2 | 54 \nPlan Shares expired | \u2014 | (299) \nBalance at December 29, 2019 | 272 | \u2014 "} {"_id": "d1b38242a", "title": "", "text": "The following is a reconciliation of the beginning and ending amounts of unrecognized income tax benefits (in thousands):\nThe amount of unrecognized tax benefits that, if recognized, would impact the effective tax rate is $ 1.5 million and $4.6 million for the fiscal years ended September 28, 2019 and September 29, 2018, respectively.\nThe Company recognizes accrued interest and penalties related to unrecognized tax benefits in income tax expense. The total accrued penalties and net accrued interest with respect to income taxes was approximately $0.2 million for each of the fiscal years ended September 28, 2019, September 29, 2018 and September 30, 2017. The Company recognized less than $0.1 million of expense for accrued penalties and net accrued interest in the Consolidated Statements of Comprehensive Income for each of the fiscal years ended September 28, 2019, September 29, 2018 and September 30, 2017.\n\n | 2019 | 2018 | 2017 \n----------------------------------------------------- | ------- | ------ | ------\nBalance at beginning of fiscal year | $5,841 | $3,115 | $2,799\nGross increases for tax positions of prior years | 62 | 21 | 184 \nGross increases for tax positions of the current year | 39 | 2,893 | 163 \nGross decreases for tax positions of prior years | (3,672) | (188) | (31) \nBalance at end of fiscal year | 2,270 | 5,841 | 3,115 "} {"_id": "d1b3008f8", "title": "", "text": "Restricted Cash\nThe following table provides a reconciliation of cash, cash equivalents and restricted cash reported on the Consolidated Balance Sheets to the amounts reported on the Consolidated Statements of Cash Flows (in thousands):\nAs of December 31, 2019 and 2018, restricted cash included a security deposit that is set aside in a bank account and cannot be withdrawn by the Company under the terms of a lease agreement. The restriction will end upon the expiration of the lease.\n\n | December 31, | \n------------------------------------------------------------------------------------------------------ | ------------ | --------\n | 2019 | 2018 \nCash and cash equivalents | $172,960 | $172,704\nRestricted cash included in other long-term assets | 116 | 114 \nTotal cash, cash equivalents and restricted cash reported on the Consolidated Statements of Cash Flows | $173,076 | $172,818"} {"_id": "d1b33e4c8", "title": "", "text": "NOTE F \u2013 STOCKHOLDERS\u2019 EQUITY (CONTINUED)\nA summary of restricted stock units granted during the year ended December 31, 2019 is as follows (each restricted stock unit represents the contingent right to receive one share of the Company\u2019s common stock):\nRestricted stock unit compensation expense was $567,000 for the year ended December 31, 2019 and $687,000 for the year ended December 31, 2018.\nThe Company has an aggregate of $232,000 of unrecognized restricted stock unit compensation expense as of December 31, 2019 to be expensed over a weighted average period of 1.2 years.\n\n | Number of Shares | Weighted-Average Grant Date Fair Value\n------------------------------------------------------------------ | ---------------- | --------------------------------------\nBalance of restricted stock units outstanding at December 31, 2018 | 505,000 | $2.17 \nGrants of restricted stock units | 70,000 | 2.45 \nVested restricted stock units | (235,000) | (2.29) \nBalance of unvested restricted stock units at December 31, 2019 | 340,000 | 2.15 "} {"_id": "d1b36a2ee", "title": "", "text": "Share Options\nThe fair value of equity-settled share options granted is measured as at the date of grant using a Black-Scholes model, taking into account the terms and conditions upon which the options were granted.\nThe following table illustrates the weighted average inputs into the Black-Scholes model in the year:\nThe weighted average fair value of options granted during the year was $ cents 220.53 (2018: $ cents 185.33).\nThe expected volatility reflects the assumption that the historical share price volatility is indicative of future trends, which may not necessarily be the actual outcome. An increase in the expected volatility will increase the estimated fair value.\nThe expected life of the options is based on historical data and is not necessarily indicative of exercise patterns that may occur. The expected life used in the model has been adjusted, based on the Director\u2019s best estimate, taking into account the effects of exercise restrictions, non-transferability and behavioural considerations. An increase in the expected life will increase the estimated fair value.\n\n | Year-ended | Year-ended \n----------------------------------------- | ------------- | -------------\n | 31 March 2019 | 31 March 2018\nWeighted average share price ($ cents) | 676.10 | 628.23 \nWeighted average exercise price ($ cents) | 558.54 | 516.70 \nExpected volatility | 54.91% | 38.20% \nExpected life of options (years) | 1.69 | 2.08 \nRisk free rate | 1.56% | 1.49% \nDividend yield | 0.81% | 0.70% "} {"_id": "d1b342b5e", "title": "", "text": "B. Liquidity and Capital Resources\nAs of June 30, 2019, we had cash and cash equivalents totaling $1.3 billion, short-term investments totaling $445.0 million and trade receivables totaling $82.5 million. Since our inception, we have primarily financed our operations through cash flows generated by operations.\nOur cash flows from operating activities, investing activities, and financing activities for the fiscal years ended 2019, 2018 and 2017 were as follows:\nWe believe that our existing cash and cash equivalents, together with cash generated from operations, will be sufficient to meet our anticipated cash needs for at least the next 12 months. Our future capital requirements will depend on many factors including our growth rate, the timing and extent of spend on research and development efforts, employee headcount, marketing and sales activities, acquisitions of additional businesses and technologies, the timing and extent of exchange of the Notes for payments of cash, the introduction of new software and services offerings, enhancements to our existing software and services offerings and the continued market acceptance of our products.\nCash provided by operating activities has historically been affected by the amount of net income (loss) adjusted for non-cash expense items such as non-coupon impact related to the Notes and capped calls, depreciation and amortization and expense associated with share-based awards, the timing of employee-related costs such as bonus payments, collections from our customers, which is our largest source of operating cash flows, and changes in other working capital accounts.\nAccounts impacting working capital consist of trade receivables, prepaid expenses and other current assets, current derivative assets, trade and other payables, provisions, current derivative liabilities, current portion of our Notes and other current liabilities. Our working capital may be impacted by various factors in future periods, such as billings to customers for subscriptions, licenses and maintenance services and the subsequent collection of those billings or the amount and timing of certain expenditures.\nNet cash provided by operating activities was $466.3 million for the fiscal year ended June 30, 2019, as a result of $605.6 million in loss before income tax expense adjusted by non-cash charges including the loss of marking to fair value of the embedded exchange feature of the Notes and related capped call transactions of $533.9 million, depreciation and amortization of $70.2 million, share-based payment expense of $257.8 million and debt discount and issuance cost amortization of $33.9 million. The net increase of $169.0 million from our operating assets and liabilities was primarily attributable to a $122.5 million increase in our deferred revenue as a result of increased sales of subscriptions and renewals of maintenance contracts and a $75.6 million increase in trade and other payables, provisions and other non-current liabilities, offset by a $30.2 million increase in trade receivables. Net cash provided by operating activities was also impacted by tax refunds received, net of income tax paid of $7.0 million.\nNet cash provided by operating activities was $311.5 million for the fiscal year ended June 30, 2018, as a result of $58.1 million in loss before income tax expense adjusted by non-cash charges including the loss of marking to fair value of the embedded exchange feature of the Notes and related capped call transactions of $12.4 million, depreciation and amortization of $79.4 million, share-based payment expense of $162.9 million and debt discount and issuance cost amortization of $7.5 million. The net increase of $113.1 million from our operating assets and liabilities was primarily attributable to a $97.7 million increase in our deferred revenue as a result of increased sales of subscriptions and renewals of maintenance contracts, a $43.5 million increase in trade and other payables, provisions and other noncurrent liabilities, offset by a $19.6 million increase in trade receivables and a $8.4 million increase in prepaid expenses and other current and non-current assets. Net cash provided by operating activities was also impacted by income taxes paid, net of refunds, of $4.2 million.\nNet cash used in investing activities during the fiscal year ended June 30, 2019 was $604.2 million. This was primarily related to cash paid for business combinations, net of cash acquired, totaling $418.6 million, purchases of investments totaling $648.0 million and purchases of property and equipment totaling $44.2 million to support the growth of our business, including hardware, equipment and leasehold improvements, offset by cash received from the maturing of investments which totaled $485.0 million and proceeds from sales of investments of $20.5 million.\nNet cash used in investing activities during the fiscal year ended June 30, 2018 was $51.7 million. This was primarily related to purchases of investments totaling $347.8 million and purchases of property and equipment totaling $30.2 million to support the growth of our business, including hardware, equipment and leasehold improvements, offset by cash received from the maturing of investments which totaled $206.1 million and proceeds from sales of investments of $123.9 million.\nNet cash used in financing activities for the fiscal year ended June 30, 2019 was $3.2 million and was primarily related to coupon interest payments on the Notes of $6.3 million, offset by proceeds from exercises of employee share options of $3.5 million.\nNet cash provided by financing activities for the fiscal year ended June 30, 2018 was $906.8 million and was primarily related to proceeds from the issuance of our Notes of $990.5 million offset by the purchase of the capped calls for $87.7 million.\n\n | | Fiscal Year Ended June 30, | \n------------------------------------------------------------ | ---------- | -------------------------- | ---------\n | 2019 | 2018 | 2017 \n | | (U.S. $ in thousands) | \nNet cash provided by operating activities | $466,342 | $311,456 | 199,381 \nNet cash used in by investing activities | (604,198) | (51,696) | (224,573)\nNet cash (used in) provided by financing activities | (3,187) | 906,789 | 9,438 \nEffect of exchange rate changes on cash and cash equivalents | (855) | (630) | 465 \nNet (decrease) increase in cash and cash equivalents | $(141,898) | $1,165,919 | $(15,289)"} {"_id": "d1b3beeca", "title": "", "text": "The company has consistently generated strong cash flow from operations, providing a source of funds ranging between $14.8 billion and $16.7 billion per year over the past three years.\nThe company provides for additional liquidity through several sources: maintaining an adequate cash balance, access to global funding sources, committed global credit facilities and other committed and uncommitted lines of credit worldwide.\nThe following table provides a summary of the major sources of liquidity for the years ended December 31, 2017 through 2019.\n\n($ in billions) | | | \n---------------------------------------------------------- | ----- | ----- | -----\n | 2019 | 2018 | 2017 \nNet cash operating activities | $14.8 | $15.2 | $16.7\nCash, restricted cash and short-term marketable securities | $ 9.0 | $12.2 | $12.8\ncredit facilities | $15.3 | $15.3 | $15.3"} {"_id": "d1b2ea2ec", "title": "", "text": "RSU Activity We grant RSUs, which represent the right to receive shares of our common stock. Vesting for RSUs is contingent upon the holders\u2019 continued employment with us and may be subject to other conditions (which may include the satisfaction of a performance measure). Also, certain of our performance-based RSUs include a range of shares that may be released at vesting which are above or below the targeted number of RSUs based on actual performance relative to the grant date performance measure. If the vesting conditions are not met, unvested RSUs will be forfeited. Upon vesting of the RSUs, we may withhold shares otherwise deliverable to satisfy tax withholding requirements.\nThe following table summarizes our RSU activity with performance-based RSUs presented at the maximum potential shares that could be earned and issued at vesting (amounts in thousands except per share amounts):\nCertain of our performance-based RSUs did not have an accounting grant date as of December 31, 2019, as there is not a mutual understanding between the Company and the employee of the performance terms. Generally, these performance terms relate to operating income performance for future years where the performance goals have not yet been set. As of December 31, 2019, there were 3.2 million performance-based RSUs outstanding for which the accounting grant date has not been set, of which 1.9 million were 2019 grants. Accordingly, no grant date fair value was established and the weighted average grant date fair value calculated above for 2019 grants excludes these RSUs.\nAt December 31, 2019, approximately $96 million of total unrecognized compensation cost was related to RSUs and is expected to be recognized over a weighted-average period of 1.64 years. Of the total unrecognized compensation cost, $50 million was related to performance-based RSUs, which is expected to be recognized over a weighted-average period of 1.63 years. The total grant date fair value of vested RSUs was $147 million, $120 million and $64 million for the years ended December 31, 2019, 2018, and 2017, respectively.\nThe income tax benefit from stock option exercises and RSU vestings was $47 million, $94 million, and $160 million for the years ended December 31, 2019, 2018, and 2017, respectively.\n\n | Number of shares | Weighted-Average Grant Date Fair Value\n---------------------------------- | ---------------- | --------------------------------------\nUnvested RSUs at December 31, 2018 | 10,623 | $40.39 \nGranted | 4,426 | 45.55 \nVested | (2,758) | 47.86 \nForfeited | (2,963) | 54.61 \nUnvested RSUs at December 31, 2019 | 9,328 | $32.60 "} {"_id": "d1b33599a", "title": "", "text": "The UK and Ireland business-to-business market remains challenging. The main headwind we face is the decline in traditional calls and lines where we have a relatively high market share. The IP Voice market is significantly more fragmented, with a large number of providers, and we are focused on expanding our share in this growing market.\nThe mobile market remains competitive and we continue to see pressure on pricing. While overall growth in the broadband market is limited, we are seeing good demand for our premium products such as fibre and 4G Assure. Newer areas such as the Internet of Things, Cloud, SDWAN and security remain good opportunities for us over the longer term.\nAdjusted a revenue decreased 5% for the year mainly due to the ongoing decline of fixed voice revenue. We continue to see a steeper than expected reduction in calls per fixed line as usage moves to mobile and IP. We continue to sell less low margin equipment and also experienced ongoing declines in some of our other legacy products such as private circuits. This was partially offset by growth in IP, Mobile and Networking. We\u2019re also continuing to see encouraging growth in messaging volumes in Ventures.\nAdjusted a operating costs reduced 6%, helped by labour cost efficiencies from our cost transformation programmes. Adjusteda EBITDA decreased 4%, with our lower cost base more than offset by the reduction in revenue.\nCapital expenditure increased 2% and normalised free cash flowb decreased 7%, reflecting the reduction in EBITDA and the higher capital expenditure.\nThe Retail order intake decreased 15% to \u00a32.9bn for the year due to the signing of a large contract in Republic of Ireland in the prior year. The Wholesale order intake declined 22% to \u00a31.0bn after 2017/18 benefitted from a number of large deals, including the timing of some contract renewals.\na Adjusted measures exclude specific items, as explained in the Additional Information on page 185. b Free cash flow after net interest paid, before pension deficit payments (including the cash tax benefit of pension deficit payments) and specific items. d Enterprise comparatives have been re-presented to reflect the bringing together of our Business and Public Sector and Wholesale and Ventures units into a single Enterprise unit, as well as the transfer of Northern Ireland Networks from Enterprise to Openreach.\n\nEnterprise d | | | | \n--------------------------- | -------------- | ------------- | ---------------------------------- | ---\nAdjusteda revenue \u00a36,292m | | | Adjusteda operating profit \u00a31,356m | \n | 2019 (IFRS 15) | 2018 (IAS 18) | Change | \nYear to 31 March | \u00a3m | \u00a3m | \u00a3m | % \nAdjusted a revenue | 6,292 | 6,647 | (355) | (5)\nAdjusted a operating costs | 4,302 | 4,570 | (268) | (6)\nAdjusted a EBITDA | 1,990 | 2,077 | (87) | (4)\nDepreciation & amortisation | 634 | 635 | (1) | - \nAdjusted a operating profit | 1,356 | 1,442 | (86) | (6)\nCapital expenditure | 501 | 492 | 9 | 2 \nNormalised free cash flow b | 1,483 | 1,587 | (104) | (7)"} {"_id": "d1b2f8e6e", "title": "", "text": "Legislation and regulations regarding our products and ingredients, including the nutritional content of our products, could impact customer preferences and negatively impact our financial results.\nChanges in government regulation and consumer eating habits may impact the ingredients and nutritional content of our menu offerings, or require us to disclose the nutritional content of our menu offerings. For example, a number of states, counties, and cities have enacted menu labeling laws requiring multi-unit restaurant operators to disclose certain nutritional information to customers, or have enacted legislation restricting the use of certain types of ingredients in restaurants. Furthermore, the Affordable Care Act requires chain restaurants to publish calorie information on their menus and menu boards. These and other requirements may increase our expenses, slow customers\u2019 ordering process, or negatively influence the demand for our offerings; all of which can impact sales and profitability.\nCompliance with current and future laws and regulations in a number of areas, including with respect to ingredients, nutritional content of our products, and packaging and serviceware may be costly and time-consuming. Additionally, if consumer health regulations change significantly, we may be required to modify our menu offerings or packaging, and as a result, may experience higher costs or reduced demand associated with such changes. Some government authorities are increasing regulations regarding trans-fats and sodium. While we have removed all artificial or \u201cadded during manufacturing\u201d trans fats from our ingredients, some ingredients have naturally occurring trans-fats. Future requirements limiting trans-fats or sodium content may require us to change our menu offerings or switch to higher cost ingredients. These actions may hinder our ability to operate in some markets or to offer our full menu in these markets, which could have a material adverse effect on our business. If we fail to comply with such laws and regulations, our business could also experience a material adverse effect.\nFailure to obtain and maintain required licenses and permits or to comply with food control regulations could lead to the loss of our food service licenses and, thereby, harm our business.\nWe are required, as a restaurant business, under state and local government regulations to obtain and maintain licenses, permits, and approvals to operate our businesses. Such regulations are subject to change from time to time. Any failure by us or our franchisees to obtain and maintain these licenses, permits, and approvals could adversely affect our financial results.\nThe following table sets forth information regarding our operating restaurant properties as of September 29, 2019:\n\n | Company- | | \n---------------------------------------------------------------- | -------- | --------- | -----\n | Operated | Franchise | Total\nCompany-owned restaurant buildings: | | | \nOn company-owned land | 9 | 200 | 209 \nOn leased land | 54 | 581 | 635 \nSubtotal | 63 | 781 | 844 \nCompany-leased restaurant buildings on leased land | 74 | 1,054 | 1,128\nFranchise directly-owned or directly-leased restaurant buildings | \u2014 | 271 | 271 \nTotal restaurant buildings | 137 | 2,106 | 2,243"} {"_id": "d1b3c7304", "title": "", "text": "GreenSky, Inc. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS \u2014 (Continued) (United States Dollars in thousands, except per share data, unless otherwise stated)\nNote 13. Income Taxes\nGreenSky, Inc. is taxed as a corporation and pays corporate federal, state and local taxes on income allocated to it from GS Holdings based upon GreenSky, Inc.\u2019s economic interest held in GS Holdings. GS Holdings is treated as a pass-through partnership for income tax reporting purposes and not subject to federal income tax. Accordingly, the Company is not liable for income taxes on the portion of GS Holdings' earnings not allocated to it. The results for the year ended December 31, 2017 do not reflect income tax expense because, prior to the Reorganization Transactions, the consolidated GSLLC (and subsequently GS Holdings) pass-through entity was not subject to corporate tax.\nThe Company's income before income tax expense of $88,848, $133,514 and $138,668 during the years ended December 31, 2019, 2018 and 2017, respectively, consisted entirely of income earned in the United States.\nComponents of income tax expense consisted of the following for the years indicated: Year\n\n | Year Ended December 31, | \n-------------------------------------- | ----------------------- | ------\n | 2019 | 2018 \nCurrent income tax expense (benefit): | | \nFederal | $5 | $4 \nState | 10 | 5 \nDeferred income tax expense (benefit): | | \nFederal | 4,206 | 4,860 \nState | (11,346) | 665 \nIncome tax expense (benefit) | $(7,125) | $5,534"} {"_id": "d1b335206", "title": "", "text": "Indefinite-lived Intangible Assets\nIndefinite-lived intangible assets consist entirely of acquired in-process research and development technology, or IPR&D. The following table sets forth the Company\u2019s activities related to the indefinite-lived intangible assets:\nThe Company performs its annual assessment of indefinite-lived intangible assets on October 31 each year or more frequently if events or changes in circumstances indicate that the asset might be impaired utilizing a qualitative test as a precursor to the quantitative test comparing the fair value of the assets with their carrying amount. Based on the qualitative test, if it is more likely than not that indicators of impairment exists, the Company proceeds to perform a quantitative analysis. Based on the Company\u2019s assessment as of October 31, 2019, no indicators of impairment were identified.\nIn the years ended\u00a0December 31, 2019 and 2018, no IPR&D impairment losses were recorded. In the year ended December 31, 2017, the Company recognized impairment losses of $2.0 million related to the Company's abandonment of a single IPR&D project.\n\nYears Ended December 31, | | \n-------------------------------------------- | ------- | ------\n | 2019 | 2018 \n(in thousands) | | \nBeginning balance | $4,400 | $4,400\nTransfers to developed technology from IPR&D | (4,400) | \u2014 \nEnding balance | $\u2014 | $4,400"} {"_id": "d1b32be18", "title": "", "text": "Capital Expenditures\nOur 2020 capital program includes capital to fund advanced networks and services, including expanding our core networks, adding capacity and density to our 4G LTE network in order to stay ahead of our customers\u2019 increasing data demands and deploying our 5G network, transforming our structure to deploy the Intelligent Edge Network while reducing the cost to deliver services to our customers, and pursuing other opportunities to drive operating efficiencies. We expect that the new network architecture will simplify operations by eliminating legacy network elements, improve our 4G LTE coverage, speed the deployment of 5G technology, and create new enterprise opportunities in the business market. The level and the timing of the Company\u2019s capital expenditures within these broad categories can vary significantly as a result of a variety of factors outside of our control, such as material weather events, equipment availability from vendors and permits from local governments. Capital expenditures for 2020 are expected to be in the range of $17.0 billion to $18.0 billion, including the continued investment in our 5G network. Capital expenditures were $17.9 billion in 2019 and $16.7 billion in 2018. We believe that we have significant discretion over the amount and timing of our capital expenditures on a Company-wide basis as we are not subject to any agreement that would require significant capital expenditures on a designated schedule or upon the occurrence of designated events.\nConsolidated Financial Condition\nWe use the net cash generated from our operations to fund expansion and modernization of our networks, service and repay external financing, pay dividends, invest in new businesses and spectrum and, when appropriate, buy back shares of our outstanding common stock. Our sources of funds, primarily from operations and, to the extent necessary, from external financing arrangements, are sufficient to meet ongoing operating and investing requirements.\nWe expect that our capital spending requirements will continue to be financed primarily through internally generated funds. Debt or equity financing may be needed to fund additional investments or development activities or to maintain an appropriate capital structure to ensure our financial flexibility. Our cash and cash equivalents are held both domestically and internationally, and are invested to maintain principal and provide liquidity. See \u201cMarket Risk\u201d for additional information regarding our foreign currency risk management strategies.\nOur available external financing arrangements include an active commercial paper program, credit available under credit facilities and other bank lines of credit, vendor financing arrangements, issuances of registered debt or equity securities, U.S. retail medium-term notes and other capital market securities that are privately-placed or offered overseas. In addition, we monetize our device payment plan agreement receivables through asset-backed debt transactions.\n\n | | (dollars in millions)\n------------------------------------------------------ | -------- | ---------------------\nYears Ended December 31, | 2019 | 2018 \nCash flows provided by (used in) | | \nOperating activities | $ 35,746 | $ 34,339 \nInvesting activities | (17,581) | (17,934) \nFinancing activities | (18,164) | (15,377) \nIncrease in cash, cash equivalents and restricted cash | $1 | $ 1,028 "} {"_id": "d1b3387a8", "title": "", "text": "Stock Repurchase Program\nAs of April 26, 2019, our Board of Directors has authorized the repurchase of up to $13.6 billion of our common stock under our stock repurchase program . Under this program, which we may suspend or discontinue at any time, we may purchase shares of our outstanding common stock through solicited or unsolicited transactions in the open market, in privately negotiated transactions, through accelerated share repurchase programs, pursuant to a Rule 10b5-1 plan or in such other manner as deemed appropriate by our management.\nThe following table summarizes activity related to this program (in millions, except per share amounts):\nThe aggregate purchase price of our stock repurchases for fiscal 2019 consisted of $2.1 billion of open market purchases of which $1.0 billion and $1.1 billion were allocated to additional paid-in capital and retained earnings (accumulated deficit), respectively.\nSince the May 13, 2003 inception of our stock repurchase program through April 26, 2019, we repurchased a total of 313 million shares of our common stock at an average price of $37.46 per share, for an aggregate purchase price of $11.7 billion.\n\n | | Year Ended | \n---------------------------------------- | -------------- | -------------- | --------------\n | April 26, 2019 | April 27, 2018 | April 28, 2017\nNumber of shares repurchased | 29 | 15 | 22 \nAverage price per share | $ 72.87 | $ 51.57 | $ 32.72 \nAggregate purchase price | $ 2,111 | $ 794 | $ 705 \nRemaining authorization at end of period | $ 1,889 | $ 4,000 | $ 794 "} {"_id": "d1b38abac", "title": "", "text": "Operating income in the Industrial Solutions segment increased $78 million in fiscal 2019 from fiscal 2018. The Industrial Solutions segment\u2019s operating income included the following:\nExcluding these items, operating income increased in fiscal 2019 primarily as a result of higher volume and improved manufacturing productivity.\n\n | | Fiscal \n-------------------------------------------------------------------------------------- | ----- | -------------\n | 2019 | 2018 \n | | (in millions)\nAcquisition-related charges: | | \nAcquisition and integration costs | $ 10 | $ 6 \nCharges associated with the amortization of acquisition-related fair value adjustments | 3 | 4 \n | 13 | 10 \nRestructuring and other charges, net | 63 | 80 \nOther items | 2 | \u2014 \nTotal | $ 78 | $ 90 "} {"_id": "d1b332380", "title": "", "text": "Changes in the amounts of unrecognized tax benefits were as follows:\nWe had gross unrecognized tax benefits of $20.6 million and $19.8 million as of December 31, 2019 and 2018, respectively. If the current gross unrecognized tax benefits were recognized, the result would be an increase in our income tax benefit of $20.7 million and $19.6 million, respectively. These amounts are net of accrued interest and penalties relating to unrecognized tax benefits of $0.4 million and $0.2 million, respectively.\nWe believe that it is reasonably possible that $0.2 million of our currently remaining unrecognized tax benefits may be recognized by the end of 2020, as a result of a lapse of the applicable statute of limitations.\n\n | | Year Ended December 31, | \n--------------------------------------------------------- | -------- | ----------------------- | --------\n(In thousands) | 2019 | 2018 | 2017 \nBeginning balance as of January 1 | $ 19,821 | $ 10,939 | $ 10,616\nIncreases for tax positions related to the current year | 1,240 | 8,977 | 640 \nDecreases for tax positions related to prior years | 0 | 0 | (146) \nIncreases for tax positions related to prior years | 95 | 367 | 153 \nDecreases relating to settlements with taxing authorities | 0 | 0 | 0 \nIncreases acquired in business acquisitions | 0 | 540 | 0 \nForeign currency translation | 3 | (5) | 10 \nReductions due to lapsed statute of limitations | (555) | (997) | (334) \nEnding balance as of December 31 | $ 20,604 | $ 19,821 | $ 10,939"} {"_id": "d1b3952fa", "title": "", "text": "(13) (Loss) Earnings Per Common Share\nBasic and diluted (loss) earnings per common share for the years ended December 31, 2019, 2018 and 2017 were calculated as follows:\n(1) For the year ended December 31, 2019 and December 31, 2018, we excluded from the calculation of diluted loss per share 3.0 million shares and 4.6 million shares, respectively, potentially issuable under incentive compensation plans or convertible securities, as their effect, if included, would have been anti-dilutive.\nOur calculation of diluted (loss) earnings per common share excludes shares of common stock that are issuable upon exercise of stock options when the exercise price is greater than the average market price of our common stock. We also exclude unvested restricted stock awards that are antidilutive as a result of unrecognized compensation cost. Such shares were 6.8 million, 2.7 million and 4.7 million for 2019, 2018 and 2017, respectively.\n\n | | Years Ended December, 31 | \n----------------------------------------------------------------------------------------------- | --------- | -------------------------------------------------------------------- | -------\n | 2019 | 2018 | 2017 \n | | (Dollars in millions, except per share amounts, shares in thousands) | \nLoss income (Numerator): | | | \nNet (loss) income | $(5,269) | (1,733) | 1,389 \nNet (loss) income applicable to common stock for computing basic earnings per common share | (5,269) | (1,733) | 1,389 \nNet (loss) income as adjusted for purposes of computing diluted earnings per common share | $(5,269) | (1,733) | 1,389 \nShares (Denominator): | | | \nWeighted average number of shares: | | | \nOutstanding during period | 1,088,730 | 1,078,409 | 635,576\nNon-vested restricted stock | (17,289) | (12,543) | (7,768)\nWeighted average shares outstanding for computing basic earnings per common share | 1,071,441 | 1,065,866 | 627,808\nIncremental common shares attributable to dilutive securities: | | | \nShares issuable under convertible securities | \u2014 | \u2014 | 10 \nShares issuable under incentive compensation plans | \u2014 | \u2014 | 875 \nNumber of shares as adjusted for purposes of computing diluted (loss) earnings per common share | 1,071,441 | 1,065,866 | 628,693\nBasic (loss) earnings per common share | $(4.92) | (1.63) | 2.21 \nDiluted (loss) earnings per common share(1) | $(4.92) | (1.63) | 2.21 "} {"_id": "d1b342942", "title": "", "text": "3. EARNINGS PER SHARE:\nBasic earnings per share available to common shareholders is calculated by dividing net income less preferred stock dividend requirements by the weighted average common shares outstanding for each period. Diluted earnings per share available to common shareholders is calculated by dividing income from operations less preferred stock dividend requirements (when anti-dilutive) by the sum of the weighted average common shares outstanding and the weighted average dilutive equity awards.\n\n | For Fiscal Years | \n------------------------------------------------------- | ---------------- | ----------\n | 2019 Basic | 2018 Basic\nWeighted average common shares outstanding | 597,961 | 660,925 \nNet income available to common shareholders | $3,202,943 | $3,614,610\nNet earnings per share available to common shareholders | $5.36 | $5.47 "} {"_id": "d1a7255f6", "title": "", "text": "Note 6 Interest expense\nIncluded in interest expense on long-term debt is interest on lease liabilities of $220 million for\u00a02019 and interest on finance leases of $142\u00a0million for 2018.\nCapitalized interest was calculated using an average rate of 3.96% and 3.88% for\u00a02019 and 2018, respectively, which represents the weighted average interest rate on our outstanding long-term debt.\n\nFOR THE YEAR ENDED DECEMBER 31 | 2019 | 2018 \n---------------------------------- | ------- | -------\nInterest expense on long-term debt | (1,024) | (918) \nInterest expense on other debt | (153) | (133) \nCapitalized interest | 45 | 51 \nTotal interest expense | (1,132) | (1,000)"} {"_id": "d1b3471ea", "title": "", "text": "Pre-tax income from international operations was $214 million, $890 million, and $353 million for fiscal 2019, 2018, and 2017, respectively.\nThe components of income tax expense (benefit) recorded in continuing operations are as follows:\nAs of December 28, 2018, we have completed our accounting for the effects of the enactment of the Tax Cuts and Jobs Act (H.R.1) (the 2017 Tax Act) in accordance with U.S. Securities and Exchange Commission (SEC) Staff Accounting Bulletin No. 118, and the amounts are no longer considered provisional. We will continue to evaluate any new guidance from the U.S. Department of Treasury and the Internal Revenue Service (IRS) as issued.\n\n | | Year Ended | \n---------------------------- | -------------- | -------------- | --------------\n(In millions) | March 29, 2019 | March 30, 2018 | March 31, 2017\nCurrent: | | | \nFederal | $73 | $1,011 | $108 \nState | 15 | 40 | 6 \nInternational | 74 | 107 | 68 \nTotal | 162 | 1,158 | 182 \nDeferred: | | | \nFederal | (52) | (1,664) | (177) \nState | (2) | (151) | (17) \nInternational | (16) | (33) | (14) \nTotal | (70) | (1,848) | (208) \nIncome tax expense (benefit) | $92 | $(690) | $(26) "} {"_id": "d1a73f564", "title": "", "text": "Unrecognized Tax Benefits\nWe are providing the following disclosures related to our unrecognized tax benefits and the effect on our effective income tax rate if recognized:\nIn 2019, our unrecognized tax benefit increased by $33.9 million, primarily related to increases in North America. In 2018, we increased our unrecognized tax benefit by $142.1 million, also primarily related to North America.\nIf the unrecognized tax benefits at December 31, 2019 were recognized, our income tax provision would decrease by $343.5 million, resulting in a substantially lower effective tax rate. Based on the potential outcome of the Company\u2019s global tax examinations and the expiration of the statute of limitations for specific jurisdictions, it is possible that the unrecognized tax benefits could change significantly within the next 12 months. Absent resolution of significant tax controversy, the associated impact on the reserve balance is estimated to be a decrease in the range of $4.6 to $6.6 million during 2020.\nWe recognize interest and penalties associated with unrecognized tax benefits in our income tax provision in the Consolidated Statements of Operations. Interest and penalties recorded were $13.1 million, negligible and $4.0 million, respectively in 2019, 2018 and 2017. We had gross liabilities, for interest and penalties, of $56.2 million at December 31, 2019, $18.2 million at December 31, 2018 and $14.8 million at December 31, 2017. The increase in the gross liability related to interest and penalties from 2018 to 2019 was primarily due to a reclass within other non-current liabilities from unrecognized tax benefits to interest and penalties which had no impact on the overall Consolidated Balance Sheets or Consolidated Statement of Operations.\nThe majority of the unrecognized tax benefit amount of $390.3 million relates to North America.\n\n | | Year Ended December 31, | \n--------------------------------------------------------------- | ------- | ----------------------- | -------\n(in millions) | 2019 | 2018 | 2017 \nBeginning balance of unrecognized tax benefits | $ 356.4 | $ 214.3 | $ 162.6\nAdditions for tax positions of current year | 3.4 | 106.0 | 7.3 \nAdditions for tax positions of prior years | 47.9 | 59.5 | 49.3 \nReductions for tax positions of prior years | (16.0) | (7.0) | (4.3) \nReductions for lapses of statutes of limitation and settlements | (1.4) | (16.4) | (0.6) \nEnding balance of unrecognized tax benefits | $ 390.3 | $ 356.4 | $ 214.3"} {"_id": "d1b351cbc", "title": "", "text": "Note 16. Accrued Employee Compensation and Benefits\nAccrued employee compensation and benefits consisted of the following (in thousands):\n\n | December 31, | \n-------------------------------------------- | ------------ | -------\n | 2019 | 2018 \nAccrued compensation | $38,186 | $34,095\nAccrued bonus and commissions | 27,039 | 19,835 \nAccrued vacation | 20,647 | 19,019 \nAccrued employment taxes | 16,468 | 15,598 \nAccrued severance and related costs (Note 5) | 485 | 793 \nOther | 6,766 | 6,473 \n | $109,591 | $95,813"} {"_id": "d1b3a6884", "title": "", "text": "Note 15 Leases\nRIGHT-OF-USE ASSETS\nBCE\u2019s significant right-of-use assets under leases are satellites, office premises, land, cellular tower sites, retail outlets and OOH advertising spaces. Right-of-use assets are presented in Property, plant and equipment in the statement of financial position.\n\nFOR THE YEAR ENDED DECEMBER 31, 2019 | NETWORK INFRASTRUCTURE AND EQUIPMENT | LAND AND BUILDINGS | TOTAL\n---------------------------------------- | ------------------------------------ | ------------------ | -----\nCOST | | | \nJanuary 1, 2019 | 3,329 | 2,453 | 5,782\nAdditions | 527 | 513 | 1,040\nTransfers | (233) | \u2013 | (233)\nAcquired through business combinations | \u2013 | 8 | 8 \nLease terminations | (12) | (38) | (50) \nImpairment losses recognized in earnings | (2) | (3) | (5) \nDecember 31, 2019 | 3,609 | 2,933 | 6,542\nACCUMULATED DEPRECIATION | | | \nJanuary 1, 2019 | 1,042 | 536 | 1,578\nDepreciation | 373 | 303 | 676 \nTransfers | (111) | \u2013 | (111)\nLease terminations | (3) | (22) | (25) \nDecember 31, 2019 | 1,301 | 817 | 2,118\nNET CARRYING AMOUNT | | | \nJanuary 1, 2019 | 2,287 | 1,917 | 4,204\nDecember 31, 2019 | 2,308 | 2,116 | 4,424"} {"_id": "d1b39c12c", "title": "", "text": "Non\u2010executive Director fees are paid from an aggregate annual fee pool of $4,000,000, as approved by shareholders at the AGM on 18 November 2010. Total board and committee fees paid during F19 were $2,859,903 (refer to section 5.1).\nNon\u2010executive Directors do not receive variable pay and no Directors\u2019 fees are paid to Executive Directors.\nIn recognition of the equal importance and workload of all of the Board\u2019s Committees, the Board reviewed Non\u2010executive Director fees and determined to increase Chair and Member fees for the People Performance Committee and Sustainability Committee as detailed in the table below, effective 1 July 2019. The table below provides a summary of F19 and F20 Board and Committee fees:\n\n | CHAIR | | MEMBER | \n----------------------------------------------- | ----------- | ----------- | ----------- | -----------\n | F19 FEE | F20 FEE | F19 FEE | F20 FEE \nBOARD AND COMMITTEE FEES ($) | INCL. SUPER | INCL. SUPER | INCL. SUPER | INCL. SUPER\nBoard | $790,531 | $790,531 | $254,990 | $254,990 \nAudit, Risk Management and Compliance Committee | $65,000 | $65,000 | $32,500 | $32,500 \nPeople Performance Committee | $54,525 | $65,000 | $27,265 | $32,500 \nSustainability Committee | $45,000 | $65,000 | $22,500 | $32,500 \nNomination Committee | Nil | Nil | Nil | Nil "} {"_id": "d1b3c874a", "title": "", "text": "8. Stock option and award plan: (Continued)\nA summary of the Company\u2019s non-vested restricted stock awards as of December 31, 2019 and the changes during the year ended December 31, 2019 are as follows:\nThe weighted average per share grant date fair value of restricted stock granted was $53.53 in 2019 (0.5 million shares) $44.02 in 2018 (0.5 million shares) and $40.52 in 2017 (0.5 million shares). The fair value was determined using the quoted market price of the Company\u2019s common stock on the date of grant. Valuations were obtained to determine the fair value for the shares granted to the Company\u2019s CEO that are subject to the total shareholder return of the Company\u2019s common stock compared to the total shareholder return of the Nasdaq Telecommunications Index. The fair value of shares of restricted stock vested in 2019, 2018 and 2017 was $20.8 million, $19.1 million and $12.6 million, respectively.\nEquity-based compensation expense related to stock options and restricted stock was $18.5 million, $17.7 million, and $13.3 million for 2019, 2018, and 2017, respectively. The income tax benefit related to stock options and restricted stock was $3.0 million, $1.8 million, and $2.5 million for 2019, 2018, and 2017, respectively. The Company capitalized compensation expense related to stock options and restricted stock for 2019, 2018, and 2017 of $1.8 million, $1.7 million and $1.2 million, respectively. As of December 31, 2019, there was $31.7 million of total unrecognized compensation cost related to non-vested equity-based compensation awards. That cost is expected to be recognized over a weighted average period of 1.9 years.\n\nNon-vested awards | Shares | Weighted-Average Grant Date Fair Value\n------------------------------- | --------- | --------------------------------------\nNon-vested at December 31, 2018 | 1,187,586 | $41.12 \nGranted | 473,550 | $53.53 \nVested | (365,223) | $41.83 \nForfeited | (12,632) | $50.49 \nNon-vested at December 31, 2019 | 1,283,281 | $45.40 "} {"_id": "d1b2e92ac", "title": "", "text": "20. DIVIDENDS\nA regular dividend of 3 cents per share has been declared. This final dividend of 3 cents per share, partially franked to 2.6 cents per share, was announced to the market on 23 August 2019. The amount declared has not been recognised as a liability in the accounts of Hansen Technologies Ltd as at 30 June 2019.\n1. The final dividend paid of 4 cents per share, franked to 4 cents, comprised of an ordinary dividend of 3 cents per share, together with a special dividend of 1 cent per share.\nThe above available amounts are based on the balance of the dividend franking account at year end adjusted for: \u2022 franking credits that will arise from the payment of any current tax liability; \u2022 franking debits that will arise from the payment of any dividends recognised as a liability at year end; \u2022 franking credits that will arise from the receipt of any dividends recognised as receivables at year end; and \u2022 franking credits that the entity may be prevented from distributing in subsequent years.\n\n | 2019 | 2018 \n---------------------------------------------------------------------------------------------------------------------------------- | ------ | ------\n | $\u2019000 | $\u2019000 \nDividends paid during the year (net of dividend re-investment) | | \n4 cent per share final dividend paid 27 September 2018 \u2013 fully franked1 | 7,319 | \n3 cent per share final dividend paid 30 September 2017 \u2013 fully franked | | 5,175 \n3 cent per share interim dividend paid 29 March 2019 \u2013 fully franked | 5,318 | \n3 cent per share interim dividend paid 29 March 2018 \u2013 fully franked | | 5,217 \n | 12,637 | 10,392\nProposed dividend not recognised at the end of the year | 5,922 | 7,865 \nDividends franking account | | \n30% franking credits, on a tax paid basis, are available to shareholders of Hansen Technologies Ltd for subsequent financial years | 1,586 | 3,125 "} {"_id": "d1b3032f6", "title": "", "text": "Financial risk management\nThe Group\u2019s treasury function centrally manages the Group\u2019s funding requirement, net foreign exchange exposure, interest rate management exposures and counterparty risk arising from investments and derivatives.\nTreasury operations are conducted within a framework of policies and guidelines authorised and reviewed by the Board, most recently in July 2018\nA treasury risk committee comprising of the Group\u2019s Chief Financial Officer, Group General Counsel and Company Secretary, Group Financial Controller, Group Treasury Director and Group Director of Financial Controlling and Operations meets three times a year to review treasury activities and its members receive management information relating to treasury activities on a quarterly basis. The Group\u2019s accounting function, which does not report to the Group Treasury Director, provides regular update reports of treasury activity to the Board. The Group\u2019s internal auditor reviews the internal control environment regularly.\nThe Group uses a number of derivative instruments for currency and interest rate risk management purposes only that are transacted by specialist treasury personnel. The Group mitigates banking sector credit risk by the use of collateral support agreements.\nCredit risk\nCredit risk is the risk that a counterparty will not meet its obligations under a financial asset leading to a financial loss for the Group. The Group is exposed to credit risk from its operating activities and from its financing activities, the Group considers its maximum exposure to credit risk at 31 March to be:\nExpected credit loss\nThe Group has financial assets classified and measured at amortised cost and fair value through other comprehensive income that are subject to the expected credit loss model requirements of IFRS 9. Cash at bank and in hand and certain other investments are both classified and measured at amortised cost and subject to these impairment requirements. However, the identified expected credit loss is considered to be immaterial.\nInformation about expected credit losses for trade receivables and contract assets can be found under \u201coperating activities\u201d on page 164.\n\n | 2019 \u20acm | 2018 \u20acm\n--------------------------------------- | ------- | -------\nCash at bank and in hand | 2,434 | 2,197 \nRepurchase agreements and bank deposits | 2,196 | \u2013 \nMoney market funds | 9,007 | 2,477 \nManaged investment funds | 6,405 | 3,891 \nGovernment securities | 3,011 | 1,974 \nOther investments | 4,418 | 6,087 \nDerivative financial instruments | 3,634 | 2,629 \nTrade receivables | 5,077 | 5,402 \nContract assets and other receivables | 5,155 | 3,410 \n | 41,337 | 28,067 "} {"_id": "d1a72031c", "title": "", "text": "The reconciliation from non-current segment assets to non-current group assets is shown in the following table: non-current assets according to segment reporting only include the values of continuing operations in the previous year. Therefore, the non-current assets of METRO China must be taken into account in the previous year and are therefore part of the reconciliation:\n1 Adjustment of previous year according to explanation in notes.\n\n\u20ac million | 30/9/2018 | 30/9/2019\n------------------------------------------------- | --------- | ---------\nNon-current segment assets | 6,348 | 6,268 \nplus non-current segment assets METRO China | 560 | 0 \nFinancial assets | 88 | 97 \nInvestments accounted for using the equity method | 178 | 179 \nDeferred tax assets | 329 | 191 \nOther | 1 | 1 \nNon-current group assets | 7,503 | 6,736 "} {"_id": "d1b38f0b2", "title": "", "text": "3.5 INCOME TAXES\n(1) Fiscal 2018 was restated to comply with IFRS 15 and to reflect a change in accounting policy as well as to reclassify results from Cogeco Peer 1 as discontinued operations. For further details, please consult the \"Accounting policies\" and \"Discontinued operations\" sections.\nFiscal 2019 income taxes expense amounted to $83.7 million compared to a recovery of $17.2 million for the prior year mainly attributable to: \u2022 the effect of the federal rate reduction in the second quarter of fiscal 2018 in the United States; \u2022 the increase in profit before income taxes which is mostly related to the impact of the MetroCast acquisition completed in the second quarter of fiscal 2018, and \u2022 the appreciation of the US dollar against the Canadian dollar compared to the prior year.\nOn March 19, 2019, the Department of Finance Canada confirmed the acceleration of tax depreciation on most capital investments for property, plant and equipment acquired after November 20, 2018, which phases out during the period from 2023 to 2028. The federal accelerated tax depreciation had a favorable impact on the current income tax expense of the Corporation in fiscal 2019. On March 21, 2019, the Qu\u00e9bec Department of Finance confirmed that it would harmonize with the Federal legislation.\nOn December 22, 2017, the U.S. federal government enacted the Tax Cuts and Jobs Act (the \"Act\"). The tax reform reduced the general federal corporate tax rate from 35% to 21% starting after 2017 which reduced net deferred tax liabilities by approximately $94 million (US$74 million) in the second quarter of fiscal 2018. In addition, the Act calls for other changes such as interest deductibility limitations, full deduction of acquisitions of tangible assets, net operating losses limitations as well as base erosion anti-avoidance, which together with tax rate reductions, had an overall favorable impact on the income tax expense.\n\nYears ended August 31, | 2019 | 2018 (1) | Change\n---------------------------------------------------------------------------------- | -------- | -------- | ------\n(in thousands of dollars, except percentages) | $ | $ | % \nProfit before income taxes | 440,563 | 367,380 | 19.9 \nCombined Canadian income tax rate | 26.50% | 26.50% | \u2014 \nIncome taxes at combined Canadian income tax rate | 116,749 | 97,356 | 19.9 \nDifference in operations' statutory income tax rates | 1,466 | (3) | \u2014 \nImpact on deferred taxes as a result of changes in substantively enacted tax rates | 15 | (94,175) | \u2014 \nImpact on income taxes arising from non-deductible expenses and non-taxable profit | (565) | 1,670 | \u2014 \nTax impacts related to foreign operations | (28,633) | (22,099) | 29.6 \nOther | (5,377) | 53 | \u2014 \n | 83,655 | (17,198) | \u2014 "} {"_id": "d1b348cde", "title": "", "text": "Contractual Obligations As of December 31, 2019, our contractual obligations were as follows:\n(1) Interest on long-term debt includes amounts due on fixed and variable rate debt. As the rates on our variable debt are subject to change, the rates in effect at December 31, 2019 were used in determining our future interest obligations. Expected settlements of interest rate swap agreements were estimated using yield curves in effect at December 31, 2019.\n(2) Unrecorded purchase obligations include binding commitments for future capital expenditures and service and maintenance agreements to support various computer hardware and software applications and certain equipment. If we terminate any of the contracts prior to their expiration date, we would be liable for minimum commitment payments as defined by the contractual terms of the contracts.\n(3) Recorded obligations include amounts in accounts payable and accrued expenses for external goods and services received as of December 31, 2019 and expected to be settled in cash.\n(4) Expected contributions to our pension and post-retirement benefit plans for the next 5 years. Actual contributions could differ from these estimates and extend beyond 5 years.\nDefined Benefit Pension Plans As required, we contribute to qualified defined pension plans and non-qualified supplemental retirement plans (collectively the \u201cPension Plans\u201d) and other post-retirement benefit plans, which provide retirement benefits to certain eligible employees. Contributions are intended to provide for benefits attributed to service to date. Our funding policy is to contribute annually an actuarially determined amount consistent with applicable federal income tax regulations.\nThe cost to maintain our Pension Plans and future funding requirements are affected by several factors including the expected return on investment of the assets held by the Pension Plans, changes in the discount rate used to calculate pension expense and the amortization of unrecognized gains and losses. Returns generated on the Pension Plans assets have historically funded a significant portion of the benefits paid under the Pension Plans. We used a weighted-average expected long-term rate of return of 6.97% and 7.03% in 2019 and 2018, respectively. As of January 1, 2020, we estimate the longterm rate of return of Plan assets will be 6.25%. The Pension Plans invest in marketable equity securities which are exposed to changes in the financial markets. If the financial markets experience a downturn and returns fall below our estimate, we could be required to make material contributions to the Pension Plans, which could adversely affect our cash flows from operations.\nNet pension and post-retirement costs were $11.5 million, $5.6 million and $3.8 million for the years ended December 31, 2019, 2018 and 2017, respectively. We contributed $27.5 million, $26.2 million and $12.5 million in 2019, 2018 and 2017, respectively to our Pension Plans. For our other post-retirement plans, we contributed $8.5 million, $9.7 million and $6.5 million in 2019, 2018 and 2017, respectively. In 2020, we expect to make contributions totaling approximately $25.0 million to our Pension Plans and $8.9 million to our other post-retirement benefit plans. Our contribution amounts meet the minimum funding requirements as set forth in employee benefit and tax laws. See Note 11 to the consolidated financial statements for a more detailed discussion regarding our pension and other post-retirement plans.\n\n(In thousands) | Less than 1 Year | 1 -3 Years | 3 -5 Years | Thereafter | Total \n------------------------------------------ | ---------------- | ---------- | ----------- | ---------- | -----------\nLong-term debt | $ 18,350 | $ 521,700 | $ 1,729,663 | $ \u2014 | $ 2,269,713\nInterest on long-term debt obligations (1) | 128,731 | 246,834 | 65,552 | \u2014 | 441,117 \nFinance leases | 10,280 | 8,285 | 3,404 | 6,604 | 28,573 \nOperating leases | 7,860 | 10,751 | 5,660 | 10,691 | 34,962 \nUnconditional purchase obligations: | | | | | \nUnrecorded (2) | 36,488 | 37,830 | 19,954 | 1,371 | 95,643 \nRecorded (3) | 98,035 | \u2014 | \u2014 | \u2014 | 98,035 \nPension funding (4) | 33,861 | 64,311 | 65,959 | \u2014 | 164,131 "} {"_id": "d1b353490", "title": "", "text": "9. Available-for-Sale Debt Investments and Equity Investments\nThe following table summarizes our available-for-sale debt investments and equity investments (in millions):\n(1) We held equity interests in certain private equity funds of $0.6 billion as of July 27, 2019 which are accounted for under the NAV practical expedient following the adoption of ASU 2016-01, Financial Instruments, starting in the first quarter of fiscal 2019.\n\n | July 27, 2019 | July 28, 2018\n------------------------------------------------------------- | ------------- | -------------\nAvailable-for-sale debt investments | $21,660 | $37,009 \nMarketable equity securities | 3 | 605 \nTotal investments | 21,663 | 37,614 \nNon-marketable equity securities included in other assets (1) | 1,113 | 978 \nEquity method investments included in other assets | 87 | 118 \nTotal | $22,863 | $38,710 "} {"_id": "d1b38aa08", "title": "", "text": "Restricted Stock Units\nAt September 2019, the Compensation Committee of the Board of Directors had authorized and approved the following restricted stock unit awards to members of the Company\u2019s management team pursuant to the provisions of the Company\u2019s Omnibus Plans: At September 2019, the Compensation Committee of the Board of Directors had authorized and approved the following restricted stock unit awards to members of the Company\u2019s management team pursuant to the provisions of the Company\u2019s Omnibus Plans:\n(1) 13,150 of the restricted stock units were vested as of September 2019. The remaining 100 restricted stock units\nwill vest in equal amounts in October 2019 and October 2020.\n(2) 8,666 of the restricted stock units were vested as of September 2019. The remaining 4,334 restricted stock units\nwill vest in October 2019.\n(3) 4,333 of the restricted stock units were vested as of September 2019. 4,333 restricted stock units will vest in\nOctober 2019 and 4,334 will vest in October 2020.\n(4)\u00a0The 15,050 restricted stock units will vest in equal amounts in October 2019, October 2020, and October 2021.\nThere is no direct cost to the recipients of the restricted stock units, except for any applicable taxes. The recipients of the restricted stock units are entitled to the customary adjustments in the event of stock splits, stock dividends, and certain other distributions on the Company\u2019s common stock. All cash dividends and/or distributions payable to restricted stock recipients will be held in escrow until all the conditions of vesting have been met.\nThe restricted stock units provide that the recipients can elect, at their option, to receive either common stock in the\nCompany, or a cash settlement based upon the closing price of the Company\u2019s shares, at the time of vesting. Based on\nthese award provisions, the compensation expense recorded in the Company\u2019s Statement of Operations reflects the\nstraight-line amortized fair value based on the liability method under \u201cASC 718 \u2013 Compensation \u2013 Stock Compensation\u201d.\nNet income before income taxes included compensation expense related to the amortization of the Company\u2019s restricted stock unit awards of approximately $1.2 million during both fiscal 2019 and fiscal 2018. These amounts were recorded as accrued expenses in the Company\u2019s Consolidated Balance Sheet at both September 2019 and September 2018. The tax benefit related to this compensation expense was approximately $0.3 million in both fiscal 2019 and fiscal 2018. The total intrinsic value of restricted stock units vested during fiscal 2019 and fiscal 2018 was approximately $1.1 million and $1.2 million, respectively.\n\n | Restricted Stock Units(1) | Restricted Stock Units(2) | Restricted Stock Units(3) | Restricted Stock Units(4)\n-------------------------------------------- | ------------------------- | ------------------------- | ------------------------- | -------------------------\nDate of award: | October 2015 | October 2016 | October 2017 | October 2018 \nOriginal number of awards issued: | 13,250 | 13,000 | 13,000 | 15,050 \nService period: | 36 - 60 months | 36 months | 36 months | 36 months \nEstimated fair value of award at grant date: | $1,112,000 | $1,191,000 | $1,177,000 | $ 1,264,000 \nNon-vested awards outstanding at | | | | \nSeptember 30, 2019: | 100 | 4,334 | 8,667 | 15,050 \nFair value of non-vested awards at | | | | \nSeptember 30, 2019 of approximately: | $8,000 | $330,000 | $661,000 | $ 1,148,000 "} {"_id": "d1b37bee0", "title": "", "text": "Contributions and Direct Benefit Payments\nIt is the company\u2019s general practice to fund amounts for pensions sufficient to meet the minimum requirements set forth in applicable employee benefits laws and local tax laws. From time to time, the company contributes additional amounts as it deems appropriate.\nThe following table presents the contributions made to the non-U.S. DB plans, non pension postretirement benefit plans, multi-employer plans, DC plans and direct payments for 2019 and 2018. The cash contributions to the multi-employer plans represent the annual cost included in the net periodic (income)/ cost recognized in the Consolidated Income Statement. The company\u2019s participation in multi-employer plans has no material impact on the company\u2019s financial statements.\nIn 2019 and 2018, $635 million and $598 million, respectively, was contributed in U.S. Treasury securities, which is considered a non-cash transaction (includes the Active Medical Trust).\n\n($ in millions) | | \n---------------------------------------- | ------ | ------\nFor the year ended December 31: | 2019 | 2018 \nNon-U.S. DB plans | $ 243 | $ 325\nNon pension postretirement benefit plans | 304 | 335 \nMulti-employer plans | 32 | 38 \nDC plans | 1,040 | 1,024 \nDirect benefit payments | 559 | 567 \nTotal | $2,177 | $2,288"} {"_id": "d1b390430", "title": "", "text": "The following table summarizes our long-lived assets (consisting of property, plant and equipment) by geography at the end of fiscal 2019, fiscal 2018 and fiscal 2017 (in millions).\nWe have many suppliers of raw materials and subcontractors which provide our various materials and service needs. We generally seek to have multiple sources of supply for our raw materials and services, but, in some cases, we may rely on a single or limited number of suppliers.\n\n | | March 31, | \n----------------------- | ------ | --------- | ------\n | 2019 | 2018 | 2017 \nUnited States | $521.1 | $393.3 | $388.5\nThailand | 209.3 | 215.5 | 178.0 \nVarious other countries | 266.3 | 159.1 | 116.8 \nTotal long-lived assets | $996.7 | $767.9 | $683.3"} {"_id": "d1b3153de", "title": "", "text": "Realization of net operating loss carryforwards and other deferred tax temporary differences are contingent upon future taxable earnings. The Company\u2019s deferred tax assets were reviewed for expected utilization by assessing the available positive and negative factors surrounding their recoverability.\nAs of September 30, 2018, the Company\u2019s remaining valuation allowance of approximately $105,000 related to state net operating loss carry forwards. During the fourth quarter of 2019, the Company reversed approximately $58,000 of its valuation allowance. This consisted of decreasing the valuation allowance for the expiration and utilization of state net operating losses in 2019 of approximately $68,000 and increasing the valuation allowance by approximately $10,000 for future expected NOL utilization based on updated profitability estimates and changes to the loss utilization rules. The remaining valuation allowance balance as of September 30, 2019 of approximately $47,000 relates entirely to state net operating loss carry forwards we do not expect to utilize. The Company will continue to assess the assumptions used to determine the amount of our valuation allowance and may adjust the valuation allowance in future periods based on changes in assumptions of estimated future income and other factors. If the valuation allowance is reduced, we would record an income tax benefit in the period the valuation allowance is reduced. If the valuation allowance is increased, we would record additional income tax expense.\nSignificant components of deferred income tax assets and liabilities are as follows at:\n\n | September 30, 2019 | September 30, 2018\n--------------------------------------------- | ------------------ | ------------------\nDeferred income tax assets (liabilities): | | \nIntangibles | $(75,190) | $(70,467) \nProperty and equipment depreciation | (521,586) | (552,119) \nNet operating loss carry forwards and credits | 377,505 | 464,274 \nStock-based compensation | 114,118 | 151,558 \nInventories | 350,197 | 400,111 \nPrepaid expenses | (63,252) | (60,806) \nAccrued expenses and reserves | 371,414 | 250,787 \nGoodwill | (607,882) | (583,415) \nGross deferred tax liability | (54,676) | (77) \nValuation allowance | (47,014) | (104,858) \nNet deferred tax liability | $(101,690) | $(104,935) "} {"_id": "d1a740a0e", "title": "", "text": "8. Credit Facilities and Long-Term Debt\nLong-term debt consisted of the following (in thousands except interest rate and installment data):\nCertain property, plant, and equipment is pledged as collateral on our note payable. Unless otherwise approved by our lender, we are required by provisions of our loan agreement to (1) maintain minimum levels of working capital (ratio of not less than 1.25 to 1) and net worth (minimum of $90.0 million tangible net worth, plus 45% of cumulative net income); (2) limit dividends paid in any given quarter to not exceed an amount equal to one third of the previous quarter\u2019s consolidated net income (allowed if no events of default), (3) maintain minimum total funded debt to total capitalization (debt to total tangible capitalization not to exceed 55%); and (4) maintain various current and cash-flow coverage ratios (1.25 to 1), among other restrictions. Our debt agreement requires Fred R. Adams, Jr., the Company\u2019s Founder and Chairman Emeritus, or his family, to maintain ownership of Company shares, directly or indirectly, representing not less than 50% of the outstanding voting power of the Company. Certain property, plant, and equipment is pledged as collateral on our note payable. Unless otherwise approved by our lender, we are required by provisions of our loan agreement to (1) maintain minimum levels of working capital (ratio of not less than 1.25 to 1) and net worth (minimum of $90.0 million tangible net worth, plus 45% of cumulative net income); (2) limit dividends paid in any given quarter to not exceed an amount equal to one third of the previous quarter\u2019s consolidated net income (allowed if no events of default), (3) maintain minimum total funded debt to total capitalization (debt to total tangible capitalization not to exceed 55%); and (4) maintain various current and cash-flow coverage ratios (1.25 to 1), among other restrictions. Our debt agreement requires Fred R. Adams, Jr., the Company\u2019s Founder and Chairman Emeritus, or his family, to maintain ownership of Company shares, directly or indirectly, representing not less than 50% of the outstanding voting power of the Company.\nInterest, net of amount capitalized, of $644,000, $265,000, and $318,000 was recorded during fiscal 2019, 2018 and 2017, respectively. Interest of zero, $217,000 and $1.1 million was capitalized for construction of certain facilities during fiscal 2019, 2018 and 2017, respectively\nOn July 10, 2018, we entered into a $100.0 million Senior Secured Revolving Credit Facility (the \u201cRevolving Credit Facility\u201d) with a five-year term. The credit agreement for the Revolving Credit Facility includes an accordion feature permitting the Company, with the consent of the administrative agent, to increase the revolving commitments in the aggregate up to $125.0 million. No amounts were borrowed under the facility as of June 1, 2019 or during fiscal 2019. The Company had $3.7 million of outstanding standby letters of credit issued under the Revolving Credit Facility at June 1, 2019.\nThe interest rate is based, at the Company\u2019s election, on either the Eurodollar Rate plus the Applicable Margin or the\nBase Rate plus the Applicable Margin. The \u201cEurodollar Rate\u201d means the reserve adjusted rate at which Eurodollar\ndeposits in the London interbank market for an interest period of one, two, three, six or twelve months (as selected by\nthe Company) are quoted. The \u201cBase Rate\u201d means a fluctuating rate per annum equal to the highest of (a) the federal funds rate plus 0.50% per annum, (b) the prime rate of interest established by the administrative agent, and (c) the Table of Contents 54 Eurodollar Rate for an interest period of one month plus 1% per annum, subject to certain interest rate floors. The \u201cApplicable Margin\u201d means 0.00% to 0.75% per annum for Base Rate Loans and 1.00% to 1.75% per annum for Eurodollar Rate Loans, in each case depending upon the average outstanding balance at the quarterly pricing date. The Company will pay a commitment fee of 0.20% on the unused portion of the facility.\nThe Revolving Credit Facility is guaranteed by all the current and future wholly-owned direct and indirect domestic subsidiaries of the Company, and is secured by a first-priority perfected security interest in substantially all of the Company\u2019s and the guarantors\u2019 accounts, payment intangibles, instruments (including promissory notes), chattel paper, inventory (including farm products) and deposit accounts maintained with the administrative agent.\nThe credit agreement for the Revolving Credit Facility contains customary covenants, including restrictions on the incurrence of liens, incurrence of additional debt, sales of assets and other fundamental corporate changes and investments. The credit agreement requires maintenance of two financial covenants (i) a minimum working capital ratio of 2.00 to 1.00 and (ii) an annual limit on capital expenditures of $100.0 million. Additionally, the credit agreement requires that Fred R. Adams Jr., his spouse, natural children, sons-in-law or grandchildren, or any trust, guardianship, conservatorship or custodianship for the primary benefit of any of the foregoing, or any family limited partnership, similar limited liability company or other entity that 100% of the voting control of such entity is held by any of the foregoing, shall maintain at least 50% of the Company\u2019s voting stock. Failure to satisfy any of these covenants will constitute a default under the terms of the credit agreement. Further, dividends are restricted to the Company\u2019s current dividend policy of one-third of the Company\u2019s net income computed in accordance with generally accepted accounting principles. The Company is allowed to repurchase up to $75.0 million of its capital stock in any year provided there is no default under the credit agreement and the Company has availability of at least $20.0 million under the facility.\nThe credit agreement for the Revolving Credit Facility also includes customary events of default and customary remedies upon the occurrence of an event of default, including acceleration of the amounts due and foreclosure of the collateral.\nAt June 1, 2019, we were in compliance with the covenant requirements of all loan agreements.\n\n | June 1, 2019 | June 2, 2018\n---------------------------------------------------------------------------------------------------------------- | ------------ | ------------\nNote payable at 6.20%, due in monthly principal installments of $250,000, plus interest, maturing in fiscal 2020 | $1,500 | $4,500 \nNote payable at 5.40%, due in monthly principal installments of $125,000, plus interest, matured in fiscal 2019 | \u2014 | 250 \nCapital lease obligations | 1,054 | 1,340 \n | 2,554 | 6,090 \nLess: capitalized loan costs | 217 | \u2014 \nTotal debt | 2,337 | 6,090 \nLess: current maturities | 1,696 | 3,536 \nLong-term debt, less current maturities | $641 | $2,554 "} {"_id": "d1b34c1cc", "title": "", "text": "Grants of Plan-Based Awards\nThe following table sets forth the estimated possible payouts under the cash incentive awards granted to our Named\nExecutive Officers in respect of 2019 performance under the 2019 NEO Plan.\n(1) Amounts presented assume payment of threshold, target and maximum awards at the applicable level.\n\nName | Grant Date | | Estimated Future Payouts Under Non-Equity Incentive Plan Awards (1) | | All Other Stock Awards: Number of Shares of Stock or Units (#) | All Other Option Awards: Number of Securities Underlying Options (#) | Exercise or Base Price of Option Awards ($/Sh) | Grant Date Fair Value of Stock and Option Awards\n----------------- | ---------- | ------------- | ------------------------------------------------------------------- | ----------- | --------------------------------------------------------------- | -------------------------------------------------------------------- | ---------------------------------------------- | ------------------------------------------------\n | | Threshold ($) | Target ($) | Maximum ($) | | | | \nBarry Litwin | - | 100,238 | 1,113,750 | 1,237,500 | | | | \nThomas Clark | - | 5,062 | 225,000 | 337,500 | | | | \nRobert Dooley | - | 13,837 | 615,000 | 922,500 | | | | \nEric Lerner | - | 6,773 | 300,900 | 451,350 | | | | \nManoj Shetty | - | 5,435 | 241,535 | 362,303 | | | | \nLawrence Reinhold | N/A | N/A | N/A | N/A | | | | "} {"_id": "d1b33fbac", "title": "", "text": "GreenSky, Inc. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS \u2014 (Continued) (United States Dollars in thousands, except per share data, unless otherwise stated)\nThe following table reflects the cash flow impact of GS Holdings on the Consolidated Statements of Cash Flows for the years indicated.\n\n | Year Ended December 31, | \n------------------------------------------------------------------------ | ----------------------- | ---------\n | 2019 | 2018 \nNet cash provided by operating activities | $153,327 | $256,426 \nNet cash used in investing activities | (15,381) | (6,581) \nNet cash used in financing activities | (159,608) | (154,210)\nNet increase (decrease) in cash and cash equivalents and restricted cash | (21,662) | 95,635 \nCash and cash equivalents and restricted cash at beginning of period | 449,473 | 353,838 \nCash and cash equivalents and restricted cash at end of period | $427,811 | $449,473 "} {"_id": "d1b39ea4e", "title": "", "text": "5. Trade Accounts Receivable and Contract Liabilities:\nCharges related to allowances for doubtful accounts are charged to selling, general, and administrative expenses. Charges related to stock rotation, ship from stock and debit, sales returns, and sales discounts are reported as deductions from revenue. Please refer to Note 6, \u201cRevenue Recognition,\u201d for additional information\n\n | Fiscal Year Ended March 31, | \n-------------------------------------------- | --------------------------- | --------\n | 2018 | 2019 \nGross Accounts Receivable - Trade | $300,016 | $273,053\nLess | | \nAllowances for doubtful accounts | 1,893 | 1,276 \nStock rotation and ship from stock and debit | 15,989 | 14,140 \nSales returns and discounts | 6,875 | 646 \nTotal allowances | 24,757 | 16,062 \nAccounts Receivable - Trade, net | $275,259 | $256,991"} {"_id": "d1b370f68", "title": "", "text": "D) SHARE-BASED PAYMENT PLANS\nThe Corporation offers an Employee Stock Purchase Plan for the benefit of its employees and those of its subsidiaries and a Stock Option Plan to its executive officers and designated employees. No more than 10% of the outstanding subordinate voting shares are available for issuance under these plans. Furthermore, the Corporation offers an Incentive Share Unit Plan (\"ISU Plan\") and a Performance Share Unit Plan (\"PSU Plan\") for executive officers and designated employees, and a Deferred Share Unit Plan (\"DSU Plan\") for members of the Board of Directors (\"Board\").\nStock purchase plan The Corporation offers, for the benefit of its employees and those of its subsidiaries, an Employee Stock Purchase Plan, which is accessible to all employees up to a maximum of 7% of their base annual salary and the Corporation contributes 25% of the employee contributions. The subscriptions are made monthly and employee subordinate voting shares are purchased on the stock market.\nStock option plan A total of 3,432,500 subordinate voting shares are reserved for the purpose of the Stock Option Plan. The minimum exercise price at which options are granted is equal to the market value of such shares at the time the option is granted. Options vest equally over a period of five years beginning one year after the day such options are granted and are exercisable over ten years.\nUnder the Stock Option Plan, the following options were granted by the Corporation and are outstanding at August 31:\n(1) For the year ended August 31, 2019, the Corporation granted 97,725 (126,425 in 2018) stock options to Cogeco's executive officers as executive officers of the Corporation. (2) The weighted average share price for options exercised during the year was $92.43 ($83.46 in 2018).\n\nYears ended August 31, | | 2019 | | 2018 \n---------------------------------- | --------- | ------------------------------- | -------- | -------------------------------\n | Options | Weighted average exercise price | Options | Weighted average exercise price\n | | $ | | $ \nOutstanding, beginning of the year | 819,393 | 65.27 | 652,385 | 56.61 \nGranted (1) | 201,525 | 65.62 | 281,350 | 85.08 \nExercised (2) | (170,754) | 57.28 | (60,337) | 57.77 \nCancelled | (134,550) | 72.43 | (54,005) | 72.28 \nOutstanding, end of the year | 715,614 | 65.93 | 819,393 | 65.27 \nExercisable, end of the year | 264,374 | 55.99 | 277,108 | 49.76 "} {"_id": "d1b394292", "title": "", "text": "Statements of cash flows additional information (in millions):\nNon-cash investing and financing activities and supplemental cash flow information are as follows:\n\n | | Year Ended | \n--------------------------------------------------------------- | -------------- | -------------- | --------------\n | April 26, 2019 | April 27, 2018 | April 28, 2017\nNon-cash Investing and Financing Activities: | | | \nCapital expenditures incurred but not paid | $ 9 | $ 24 | $ 19 \nNon-cash extinguishment of sale-leaseback financing obligations | $ \u2014 | $ 130 | $ 19 \nSupplemental Cash Flow Information: | | | \nIncome taxes paid, net of refunds | $ 205 | $ 87 | $ 102 \nInterest paid | $ 53 | $ 58 | $ 44 "} {"_id": "d1b3a3eb8", "title": "", "text": "Deferred tax assets and liabilities as of March 31, are as follows:\nAt March 31, 2019, we had $199.1 million of a federal net operating loss carryforwards that expire, if unused, in fiscal years 2031 to 2038, and $11.5 million of federal net operating loss carryforwards that can be carried forward indefinitely. Our Hong Kong, Malaysia, and Singapore subsidiaries have $0.4 million, $0.1 million, and $0.2 million of net operating loss carryforwards respectively. The losses for Hong Kong, Malaysia and Singapore can be carried forward indefinitely.\nAt March 31, 2019 our India subsidiary had $0.4 million of minimum alternative tax credits reported as other noncurrent assets on our Consolidated Balance Sheet. Our India subsidiary operates in a \u201cSpecial Economic Zone (\u201cSEZ\u201d)\u201d. One of the benefits associated with the SEZ is that the India subsidiary is not subject to regular India income taxes during its first 5 years of operations. The aggregate value of the benefit of the SEZ during the current fiscal year is $0.5 million.\nAt March 31, 2019 we also had $127.5 million of state net operating loss carryforwards that expire, if unused, in fiscal years 2020 through 2039.\nWe recorded valuation allowances related to certain deferred income tax assets due to the uncertainty of the ultimate realization of the future benefits from those assets. At March 31, 2019, the total valuation allowance against deferred tax assets of $57.9 million was comprised of $57.0 million for federal and state deferred tax assets, and $0.9 million associated with deferred tax assets in Hong Kong, Malaysia, Singapore and the Philippines.\nIn assessing the realizability of deferred tax assets, management considers whether it is more-likely-than-not that some or all of the deferred tax assets will not be realized. We have recorded a valuation allowance offsetting substantially all of our deferred tax assets. The ultimate realization of deferred tax assets depends on the generation of future taxable income during the periods in which those temporary differences are deductible.\nManagement considers the scheduled reversal of deferred tax liabilities (including the impact of available carryback and carryforward periods), projected taxable income, and tax planning strategies in making this assessment. In order to fully realize the deferred tax assets, we will need to generate future taxable income before the expiration of the deferred tax assets governed by the tax code.\nBecause of our losses in current and prior periods, management believes that it is more-likely-than-not that we will not realize the benefits of these deductible differences. The amount of the valuation allowance, however, could be reduced in the near term. The exact timing will be based on the level of profitability that we are able to achieve and our visibility into future results. Our recorded tax rate may increase in subsequent periods following a valuation release. Any valuation allowance release will not affect the amount of cash paid for income taxes.\nThe undistributed earnings of our foreign subsidiaries are not subject to U.S. federal and state income taxes unless such earnings are distributed in the form of dividends or otherwise to the extent of current and accumulated earnings and profits. The undistributed earnings of foreign subsidiaries are permanently reinvested and totaled $3.1 million and $1.7 million as of March 31, 2019 and 2018, respectively.\nWe made the determination of permanent reinvestment on the basis of sufficient evidence that demonstrates we will invest the undistributed earnings overseas indefinitely for use in working capital, as well as foreign acquisitions and expansion. The determination of the amount of the unrecognized deferred U.S. income tax liability related to the undistributed earnings is not practicable.\nPrior to the adoption of ASU 2016-09 in the first quarter of fiscal 2018, we used the with-and-without approach for ordering tax benefits derived from the share-based payment awards. Using the with-and-without approach, actual income taxes payable for the period were compared to the amount of tax payable that would have been incurred absent the deduction for employee share-based payments in excess of the amount of compensation cost recognized for financial reporting.\nAs a result of this approach, tax net operating loss carryforwards not generated from share-based payments in excess of cost recognized for financial reporting were considered utilized before the current period's share-based deduction.\n\n(In thousands) | 2019 | 2018 \n---------------------------------------------- | -------- | --------\nDeferred tax assets: | | \nAccrued liabilities | $3,944 | $2,720 \nAllowance for doubtful accounts | 120 | 143 \nInventory valuation reserve | 41 | 20 \nFederal losses and credit carryforwards | 45,227 | 42,713 \nForeign net operating losses | 730 | 623 \nState losses and credit carryforwards | 9,886 | 9,592 \nDeferred revenue | 488 | 652 \nGoodwill and other intangible assets | \u2014 | 286 \nOther | 65 | 96 \n | 60,501 | 56,845 \nLess: valuation allowance | (57,852) | (54,260)\nTotal | 2,649 | 2,585 \nDeferred tax liabilities: | | \nProperty and equipment & software amortization | (361) | (412) \nGoodwill and other intangible assets | (2,706) | (2,277) \nTotal | (3,067) | (2,689) \nTotal deferred tax liabilities | $(418) | $(104) "} {"_id": "d1a715322", "title": "", "text": "2. Net Income (Loss) Per Share\nBasic earnings per share, or EPS, is calculated by dividing net income (loss) by the weighted-average number of common shares outstanding for the period, without consideration for common stock equivalents. Diluted EPS is computed by dividing net income by the weighted-average number of common shares outstanding for the period and the weighted-average number of dilutive common stock equivalents outstanding for the period determined using the treasury-stock method.\nFor purposes of this calculation, common stock options, restricted stock units and restricted stock awards are considered to be common stock equivalents and are only included in the calculation of diluted EPS when their effect is dilutive. In periods in which the Company has a net loss, dilutive common stock equivalents are excluded from the calculation of diluted EPS.\nThe table below presents the computation of basic and diluted earnings per share:\nFor the years ended December 31, 2019, 2018 and 2017, the Company incurred net losses and accordingly excluded common stock equivalents for outstanding stockbased awards, which represented all potentially dilutive securities, of 2.5 million, 3.7 million, and 4.5 million, respectively, from the calculation of diluted net loss per share due to their anti-dilutive nature.\n\n | | Years Ended December 31, | \n-------------------------------------------------- | --------- | ---------------------------------------- | --------\n | 2019 | 2018 | 2017 \n | | (in thousands, except per share amounts) | \nNumerator: | | | \nNet loss | $(19,898) | $(26,199) | $(9,187)\nDenominator: | | | \nWeighted average common shares outstanding\u2014basic | 71,005 | 68,490 | 66,252 \nDilutive common stock equivalents | \u2014 | \u2014 | \u2014 \nWeighted average common shares outstanding\u2014diluted | 71,005 | 68,490 | 66,252 \nNet loss per share: | | | \nBasic | $(0.28) | $(0.38) | $(0.14) \nDiluted | $(0.28) | $(0.38) | $(0.14) "} {"_id": "d1b337650", "title": "", "text": "11 Dividends\nThe proposed dividend is subject to approval in 2020. It is therefore not included as a liability in these Financial Statements. No scrip alternative to the cash dividend is being offered in respect of the proposed final dividend for the year ended 31st December 2019.\n\n | 2019 | 2018\n---------------------------------------------------------------------------------------------- | ---- | ----\n | \u00a3m | \u00a3m \nAmounts paid in the year: | | \nFinal dividend for the year ended 31st December 2018 of 71.0p (2017: 62.0p) per share | 52.3 | 45.7\nInterim dividend for the year ended 31st December 2019 of 32.0p (2018: 29.0p) per share | 23.6 | 21.3\nTotal dividends paid | 75.9 | 67.0\nAmounts arising in respect of the year: | | \nInterim dividend for the year ended 31st December 2019 of 32.0p (2018: 29.0p) per share | 23.6 | 21.3\nProposed final dividend for the year ended 31st December 2019 of 78.0p (2018: 71.0p) per share | 57.5 | 52.3\nTotal dividends arising | 81.1 | 73.6"} {"_id": "d1b33ff62", "title": "", "text": "Other loss\nIn May 2019, the Company completed a cash tender offer and purchased $460.9 million in aggregate principal amount of the 2020 Notes and issued $250.0 million in aggregate principal amount of 9.25% senior secured notes at par due November 2022. The Company recognized a loss of $10.6 million on the purchase of the 2020 Notes for the year ended December 31, 2019 (see Note 9).\nDuring September 2019, Teekay LNG refinanced the Torben Spirit by acquiring the Torben Spirit from its original Lessor and then selling the vessel to another Lessor and leasing it back for a period of 7.5 years. As a result of this refinancing transaction, the Partnership recognized a loss of $1.4 million for the year ended December 31, 2019 on the extinguishment of the original finance lease (see Note 11).\nFollowing the termination of the finance lease arrangements for the RasGas II LNG Carriers in 2014, the lessor made a determination that additional rentals were due under the leases following a challenge by the UK taxing authority. As a result, in 2017 the Teekay Nakilat Joint Venture recognized an additional liability, which was included as part of other loss in the Company's consolidated statements of loss.\nRelated to settlements and accruals made prior to September 2017 as a result of claims and potential claims made against Logitel Offshore Holding AS (or Logitel), a company acquired by Altera in 2014. Altera was deconsolidated in September 2017 (see Note 4).\n\n | Year Ended | Year Ended | Year Ended \n-------------------------------------------------------- | ------------ | ------------ | ------------\n | December 31, | December 31, | December 31,\n | 2019 | 2018 | 2017 \n | $ | $ | $ \nLoss on bond repurchases (1) | (10,601) | (1,772) | \u2014 \nLoss on lease extinguishment (2) | (1,417) | \u2014 | \u2014 \nTax indemnification guarantee liability (3) | \u2014 | (600) | (50,000) \nContingent liability (4) | \u2014 | \u2014 | (4,500) \nGain on sale / (write-down) of cost-accounted investment | \u2014 | \u2014 | 1,250 \nMiscellaneous (loss) income | (2,457) | 359 | (731) \nOther loss | (14,475) | (2,013) | (53,981) "} {"_id": "d1a716c9a", "title": "", "text": "Provision for Income Taxes\nWe are subject to taxes in the United States as well as other tax jurisdictions and countries in which we conduct business. Earnings from our non-U.S. activities are subject to local country income tax and may be subject to current U.S. income tax.\nWe recognized an income tax benefit of $8.3 million for fiscal year 2019 compared to an income tax provision of $18.5 million for fiscal year 2018. The fiscal year 2018 income tax provision was primarily due to a one-time provisional net charge from re-measuring deferred tax assets and liabilities in the quarter ended January 31, 2018 as a result of the Tax Cuts and Jobs Act (the \u201cTax Act\u201d).\nThe effective tax rate of (66)% for fiscal year 2019, differs from the statutory U.S. Federal income tax rate of 21% mainly due to permanent differences for stock-based compensation, including excess tax benefits, research and development credits, the tax rate differences between the United States and foreign countries, foreign withholding taxes, and certain non-deductible expenses including executive compensation.\nAs of July 31, 2019, we had unrecognized tax benefits of $6.2 million that, if recognized, would affect our effective tax rate.\nOn December 22, 2017, the Tax Act was enacted into law which substantially changed U.S. tax law, including a reduction in the U.S. corporate income tax rate to 21% effective January 1, 2018 and several provisions that may impact us in current and future periods.\nThe Tax Act includes a provision to tax global intangible low-taxed income (\u201cGILTI\u201d) of foreign subsidiaries, a special deduction for foreign-derived intangible income, and a base erosion anti-abuse tax (\u201cBEAT\u201d) measure that taxes certain payments between a U.S. corporation and its foreign subsidiaries. These provisions of the Tax Act became effective for us beginning on August 1, 2018 and had no impact on the tax benefit for fiscal year 2019.\nUnder GAAP, we can make an accounting policy election to either treat taxes due on the GILTI inclusion as a current period expense or factor such amounts into our measurement of deferred taxes. We have elected the current period expense method. In December 2018, the Internal Revenue Service (the \u201cIRS\u201d) issued proposed regulations related to the BEAT tax, which we are in the process of evaluating. If the proposed BEAT regulations are finalized in their current form, the impact may be material to the tax provision in the quarter of enactment.\nThe U.S. Treasury Department, the IRS, and other standard-setting bodies will continue to interpret or issue guidance on how provisions of the Tax Act will be applied or otherwise administered. We continue to obtain, analyze, and interpret guidance\u00a0as it is issued and will revise our estimates as additional information becomes available.\nAny legislative changes, including any other new or proposed U.S. Department of the Treasury regulations that have yet to be issued, may result in income tax adjustments which could be material to our provision for income taxes and effective tax rate in the period any such changes are enacted. We have finalized our assessment of the transitional impacts of the Tax Act.\n\n | Fiscal years ended July 31, | | | \n----------------------------------------- | --------------------------- | ---------------------------------- | -------- | -----\n | 2019 | 2018 | Change | \n | Amount | Amount | ($) | (%) \n | | (In thousands, except percentages) | | \nProvision for (benefit from) income taxes | $(8,280) | $18,467 | (26,747) | (145)\nEffective tax rate | (66)% | (223)% | | "} {"_id": "d1b38bd54", "title": "", "text": "Note 21. Earnings Per Share\nBasic earnings per share are based on the weighted average number of common shares outstanding during the periods. Diluted earnings per share includes the weighted average number of common shares outstanding during the respective periods and the further dilutive effect, if any, from stock appreciation rights, restricted stock, restricted stock units and shares held in rabbi trust using the treasury stock method.\nThe number of shares used in the earnings per share computation were as follows (in thousands):\n\n | | Years Ended December 31, | \n--------------------------------------------------------------------------------------------------------------------- | ------ | ------------------------ | ------\n | 2019 | 2018 | 2017 \nBasic: | | | \nWeighted average common shares outstanding | 41,649 | 42,090 | 41,822\nDiluted: | | | \nDilutive effect of stock appreciation rights, restricted stock, restricted stock units and shares held in rabbi trust | 153 | 156 | 319 \nTotal weighted average diluted shares outstanding | 41,802 | 42,246 | 42,141\nAnti-dilutive shares excluded from the diluted earnings per share calculation | 69 | 44 | 46 "} {"_id": "d1b3418d0", "title": "", "text": "Contractual Obligations\nThe following table summarizes the payments due by fiscal year for our outstanding contractual obligations as of June 30, 2019:\n(a) Refer to Note 11 \u2013 Debt of the Notes to Financial Statements.\n(b) Refer to Note 7 \u2013 Property and Equipment of the Notes to Financial Statements.\n(c) Refer to Note 15 \u2013 Leases of the Notes to Financial Statements.\n(d)\u00a0Refer to Note 12 \u2013 Income Taxes of the Notes to Financial Statements.\n(e) Amounts represent purchase commitments, including open purchase orders and take-or-pay contracts that are not presented as construction commitments above.\n(f) We have excluded long-term tax contingencies, other tax liabilities, and deferred income taxes of $14.2 billion from the amounts presented as the timing of these obligations is uncertain. We have also excluded unearned revenue and non-cash items.\n\n(In millions) | 2020 | 2021-2022 | 2023-2024 | Thereafter | Total \n------------------------------------------------ | --------- | --------- | --------- | ---------- | ----------\nLong-term debt: (a) | | | | | \nPrincipal payments | $ 5,518 | $ 11,744 | $ 8,000 | $ 47,519 | $ 72,781 \nInterest payments | 2,299 | 4,309 | 3,818 | 29,383 | 39,809 \nConstruction commitments (b) | 3,443 | 515 | 0 | 0 | 3,958 \nOperating leases, including imputed interest (c) | 1,790 | 3,144 | 2,413 | 3,645 | 10,992 \nFinance leases, including imputed interest (c) | 797 | 2,008 | 2,165 | 9,872 | 14,842 \nTransition tax (d) | 1,180 | 2,900 | 4,168 | 8,155 | 16,403 \nPurchase commitments (e) | 17,478 | 1,185 | 159 | 339 | 19,161 \nOther long-term liabilities (f) | 0 | 72 | 29 | 324 | 425 \nTotal | $ 32,505 | $ 25,877 | $ 20,752 | $ 99,237 | $ 178,371"} {"_id": "d1b3c0fb8", "title": "", "text": "Aging analysis of gross values by risk category at December 31, 2019\nThe distribution of trade receivables and contract assets closely follows the distribution of the Company\u2019s sales, see note B1, \u201cSegment information.\u201d The ten largest customers represented 49% (53%) of the total trade receivables and contract assets in 2019.\n\nDays past due | 1\u201390 | 91\u2013180 | 181\u2013360 | >360 | Total\n-------------------- | ----- | ------ | ------- | ----- | -----\nCountry risk: Low | 1,347 | 125 | 127 | 313 | 1,912\nCountry risk: Medium | 891 | 725 | 600 | 819 | 3,035\nCountry risk: High | 583 | 365 | 217 | 1,315 | 2,480\nTotal past due | 2,821 | 1,215 | 944 | 2,447 | 7,427"} {"_id": "d1b3bf370", "title": "", "text": "Note 21. Equity - dividends\nDividends paid during the financial year were as follows:\nThe Directors have declared a final dividend of AU 18 cents per share for the year ended 30 June 2019. The dividend will be paid on 25 September 2019 based on a record date of 4 September 2019. This amounts to a total dividend of US$15.9 million based on the number of shares outstanding.\nAccounting policy for dividends\nDividends are recognised when declared during the financial year and no longer at the discretion of the company.\n\nConsolidated | | \n-------------------------------------------------------------------------------------------- | ------- | -------\n | 2019 | 2018 \n | US$\u2019000 | US$\u2019000\nFinal dividend for the year ended 30 June 2018 of AU 14 cents (2017: AU 12 cents) | 13,327 | 12,534 \nInterim dividend for the half year ended 31 December 2018 of AU 16 cents (2017: AU 13 cents) | 14,801 | 13,099 \n | 28,128 | 25,633 "} {"_id": "d1b321f3a", "title": "", "text": "The following table provides the company\u2019s operating (non-GAAP) earnings for 2019 and 2018. See page 46 for additional information.\n* 2019 results were impacted by Red Hat purchase accounting and acquisition-related activity.\n** Includes charges of $2.0 billion in 2018 associated with U.S. tax reform.\n\n($ in millions except per share amounts) | | | \n------------------------------------------------------ | ------- | ------- | -------------------------\nFor the year ended December 31:* | 2019 | 2018 | Yr.-to-Yr. Percent Change\nNet income as reported | $ 9,431 | 8,728* | 8.1% \nIncome/(loss) from discontinued operations, net of tax | (4) | 5 | NM \nIncome from continuing operations | $ 9,435 | 8,723* | 8.2% \nNon-operating adjustments (net of tax) | | | \nAcquisition-related charges | 1,343 | 649 | 107.0 \nNon-operating retirement-related costs/(income) | 512 | 1,248 | (58.9) \nU.S. tax reform charge | 146 | 2,037 | (92.8) \nOperating (non-GAAP) earnings | $11,436 | $12,657 | (9.6)% \nDiluted operating (non-GAAP) earnings per share | $ 12.81 | $ 13.81 | (7.2)% "} {"_id": "d1b30c7f2", "title": "", "text": "G. PROPERTY, PLANT AND EQUIPMENT\nProperty, plant and equipment, net consisted of the following at December 31, 2019 and 2018:\nDepreciation of property, plant and equipment for the years ended December 31, 2019, 2018, and 2017 was $70.8 million, $67.4 million, and $66.1 million, respectively. As of December 31, 2019 and 2018, the gross book value included in machinery and equipment for internally manufactured test systems being leased by customers was $5.4 million and $5.5 million, respectively. As of December 31, 2019 and 2018, the accumulated depreciation on these test systems was $5.1 million and $5.2 million, respectively.\n\n | 2019 | 2018 \n--------------------------------- | -------------- | --------\n | (in thousands) | \nLand | $16,561 | $16,561 \nBuildings | 107,282 | 105,935 \nMachinery, equipment and software | 834,970 | 752,722 \nFurniture and fixtures | 29,157 | 27,432 \nLeasehold improvements | 59,378 | 52,536 \nConstruction in progress | 2,537 | 6,276 \n | 1,049,885 | 961,462 \nLess: accumulated depreciation | 729,669 | 681,641 \n | $320,216 | $279,821"} {"_id": "d1b336278", "title": "", "text": "Single figure table for total remuneration (audited)\nSingle figure for the total remuneration received by each executive director for the 52 weeks ended 30 March 2019 (2018/19) and 31 March 2018 (2017/18).\nGavin Darby\nMr Darby received a basic salary of \u00a3700,000 per annum and a salary supplement in lieu of pension of 20% of base salary on a pro rata basis for the period up to 31 January 2019. Mr Darby received a pro rata bonus of \u00a3525,500 for the financial period to 31 January 2019. Benefits were provided for the period up to 31 January 2019 relating to the provision of an executive driver service, private health insurance and annual medical assessment.\nAlastair Murray\nMr Murray received a basic salary for the period of \u00a3416,201 per annum and an annualised supplement in lieu of pension of 7.5% of the Earnings Cap (\u00a3160,800 for the 2018/19 tax year) which equates to \u00a312,060 for the period together with an additional RPI adjusted pensions supplement of \u00a324,348. He was appointed Acting CEO on 1 February 2019, in addition to his current role of Chief Financial Officer, on a temporary basis whilst the Board conducts a search process for a new CEO.\nIn recognition of this significant additional responsibility, it was agreed that Mr Murray would receive a monthly salary supplement of \u00a320,000 (which does not count towards pension, annual bonus or long-term incentives) whilst he carries out this role.\nMr Murray received a bonus of \u00a3231,615 for the financial period. Benefits related to the provision of a company car, use of an executive driver service (following his appointment as Acting CEO) and private health insurance. In line with the current Remuneration Policy, one-third of his annual bonus award will be in the form of shares deferred for three years.\nFull details of the annual bonus performance assessments for Mr Darby and Mr Murray are set out on pages 53 to 55.\n\n | Gavin Darby | | Alastair Murray | \n------------------ | ----------- | ------- | --------------- | -------\n | 2018/19 | 2017/18 | 2018/19 | 2017/18\n | \u00a3\u2019000 | \u00a3\u2019000 | \u00a3\u2019000 | \u00a3\u2019000 \nSalary | 583 | 700 | 416 | 408 \nSalary supplement | \u2013 | \u2013 | 40 | \u2013 \nTaxable benefits | 17 | 22 | 27 | 24 \nPension | 117 | 140 | 36 | 35 \nAnnual Bonus | 525 | 368 | 232 | 153 \nShare based awards | \u2013 | \u2013 | \u2013 | \u2013 \nTotal | 1,242 | 1,230 | 751 | 620 "} {"_id": "d1b36803e", "title": "", "text": "Allowances for Receivables and Sales Returns\nThe allowances for receivables were as follows (in millions, except percentages):\n(1) Calculated as allowance for credit loss on lease receivables as a percentage of gross lease receivables and residual value before unearned income.\nThe allowance for doubtful accounts is based on our assessment of the collectibility of customer accounts. We regularly review the adequacy of these allowances by considering internal factors such as historical experience, credit quality and age of the receivable balances as well as external factors such as economic conditions that may affect a customer\u2019s ability to pay as well as historical and expected default frequency rates, which are published by major third-party credit-rating agencies and are updated on a quarterly basis. We also consider the concentration of receivables outstanding with a particular customer in assessing the adequacy of our allowances for doubtful accounts. If a major customer\u2019s creditworthiness deteriorates, if actual defaults are higher than our historical experience, or if other circumstances arise, our estimates of the recoverability of amounts due to us could be overstated, and additional allowances could be required, which could have an adverse impact on our operating results.\nThe allowance for credit loss on financing receivables is also based on the assessment of collectibility of customer accounts. We regularly review the adequacy of the credit allowances determined either on an individual or a collective basis. When evaluating the financing receivables on an individual basis, we consider historical experience, credit quality and age of receivable balances, and economic conditions that may affect a customer\u2019s ability to pay. When evaluating financing receivables on a collective basis, we use expected default frequency rates published by a major third-party credit-rating agency as well as our own historical loss rate in the event of default, while also systematically giving effect to economic conditions, concentration of risk and correlation. Determining expected default frequency rates and loss factors associated with internal credit risk ratings, as well as assessing factors such as economic conditions, concentration of risk, and correlation, are complex and subjective. Our ongoing consideration of all these factors could result in an increase in our allowance for credit loss in the future, which could adversely affect our operating results. Both accounts receivable and financing receivables are charged off at the point when they are considered uncollectible.\nA reserve for future sales returns is established based on historical trends in product return rates. The reserve for future sales returns as of July 27, 2019 and July 28, 2018 was $84 million and $123 million, respectively, and was recorded as a reduction of our accounts receivable and revenue. If the actual future returns were to deviate from the historical data on which the reserve had been established, our revenue could be adversely affected.\n\n | July 27, 2019 | July 28, 2018\n--------------------------------------------- | ------------- | -------------\nAllowance for doubtful accounts | $136 | $129 \nPercentage of gross accounts receivable | 2.4% | 2.3% \nAllowance for credit loss\u2014lease receivables . | $46 | $135 \nPercentage of gross lease receivables (1) | 1.8% | 4.7% \nAllowance for credit loss\u2014loan receivables | $71 | $60 \nPercentage of gross loan receivables | 1.3% | 1.2% "} {"_id": "d1b33c8d0", "title": "", "text": "15 Financial risk management (continued)\n(c) Liquidity risk\nPrudent liquidity risk management implies maintaining sufficient cash and marketable securities and the availability of funding through an adequate amount of committed credit facilities to meet obligations when due.\nManagement also actively monitors rolling forecasts of the Group\u2019s cash and cash equivalents.\n(i) Maturities of financial liabilities\nThe table below analyses the Group\u2019s financial liabilities into relevant maturity groupings based on their contractual maturities for all non-derivative financial liabilities.\nThe amounts disclosed in the table are the contractual undiscounted cash flows.\nThe cash flows for unsecured notes assume that the early redemption options would not be exercised by the Group.\n\nContractual Maturities of Financial Liabilities | Within 12 months | Between 1 and 5 years | Over 5 years | Total contractual cash flows | Carrying amount\n----------------------------------------------- | ---------------- | --------------------- | ------------ | ---------------------------- | ---------------\n2019 | $'000 | $'000 | $'000 | $'000 | $'000 \nTrade payables | 44,840 | - | - | 44,840 | 44,840 \nUnsecured notes | 46,634 | 900,046 | - | 946,680 | 793,849 \nLease liabilities | 5,008 | 26,709 | 167,214 | 198,931 | 73,328 \nTotal non-derivatives | 96,482 | 926,755 | 167,214 | 1,190,451 | 912,017 \n2018 | | | | | \nTrade payables | 27,640 | - | - | 27,640 | 27,640 \nUnsecured notes | 18,750 | 342,000 | - | 360,750 | 296,912 \nLease liabilities | 641 | 2,565 | 5,451 | 8,657 | 6,042 \nTotal non-derivatives | 47,031 | 344,565 | 5,451 | 397,047 | 330,594 "} {"_id": "d1b35493a", "title": "", "text": "Results of Operations for the Years Ended December 31, 2019 and December 31, 2018\nWe reported revenues of $187.2 million for the year ended December 31, 2019, down 7.0% from $201.2 million for the year ended December 31, 2018. Our net loss was $15.6 million or $0.96 loss per diluted share for the year ended December 31, 2019 versus a net loss of $24.1 million or $1.50 loss per diluted share for the year ended December 31, 2018. Our year-over-year unfavorable performance was primarily driven by lower Restaurant/Retail hardware revenue and corresponding hardware support service revenue from our traditional tier 1 customers as one of these customers completed significant projects in 2018 which were not repeated in 2019. The Company partially offset these reductions with continued growth in Brink POS revenue, including related SaaS, hardware and support services. The 2018 net loss include a valuation allowance of $14.9 million to reduce the carrying value of our deferred tax assets.\nOperating segment revenue is set forth below:\n* Brink includes $0.3 million of Restaurant Magic for 2019\nProduct revenues were $66.3 million for the year ended December 31, 2019, a decrease of 15.8% from $78.8 million recorded in 2018. This decrease was primarily driven by lower revenues from our tier 1 customers and by a decrease in our international business. Our hardware sales in the Restaurant/Retail reporting segment were down versus prior year as we completed hardware project installations with a large domestic customer during the first half of 2018 which was not recurring in 2019. Additionally, international sales were down in 2019 and SureCheck was divested. SureCheck product revenue was $0.7 million in 2019 versus $2.0 million in 2018.\nService revenues were $57.0 million for the year ended December 31, 2019, an increase of 3.1% from $55.3 million reported for the year ended December 31, 2018, primarily due to an increase in Brink, including a $3.9 million increase in Brink POS SaaS revenue more than offsetting a reduction in Services to our traditional Tier 1 customers and SureCheck Services. Surecheck Service revenue was $2.7 million in 2019 versus $4.0 million in 2018.\nContract revenues were $63.9 million for the year ended December 31, 2019, compared to $67.2 million reported for the year ended December 31, 2018, a decrease of 4.8%. This decrease was driven by a 4% decrease in our Mission Systems revenue due to reduction of revenue on cost-based contracts and a 4% reduction in ISR revenues due to ceiling limitations in a large customer's funding.\nProduct margins for the year ended December 31, 2019, were 22.9%, in line with the 23.0% for the year ended December 31, 2018.\nService margins were 30.9% for the year ended December 31, 2019, an increase from 23.8% recorded for the year ended December 31,2018. ServicemarginsincreasedprimarilyduetoBrinkPOSSaaSandtheincreaseinprofitabilityinourfieldservicebusiness. During 2018 and 2019, impairment charges were recorded for SureCheck capitalized software of $1.6 million and $0.7 million, respectively.\nContract margins were 8.9% for the year ended December 31, 2019, compared to 10.7% for the year ended December 31, 2018. The decrease in margin was primarily driven by decrease activity in Mission Systems' better performing cost-based contracts.\nSelling, general, and administrative expenses were $37.0 million for the year ending December 31, 2019, compared to $35.0 million for the year ended December 31, 2018. The increase is due to additional investments in Brink POS sales and marketing and increased equity and incentive compensation, partially offset by savings in other departments. SG&A expenses associated with the internal investigation for 2019 were $0.6 million as compared to $1.1M in 2018.\nResearch and development expenses were $13.4 million for the year ended December 31, 2019, compared to $12.4 million recorded for the year ended December 31, 2018. This increase was primarily related to a $2.1 million increase in software development investments for Brink offset by decreases in other product lines.\nDuring the year ended December 31, 2019, we recorded $1.2 million of amortization expense associated with acquired identifiable intangible assets in connection with our acquisition of Brink Software, Inc. in September 2014 (the \"Brink Acquisition\") compared to $1.0 million for the year ended December 31, 2018. Additionally, in 2019 we recorded $0.2 million of amortization expense associated with acquired identifiable intangible assets in the Drive-Thru Acquisition, and $0.1 million of amortization expense associated with acquired identifiable intangible assets in the Restaurant Magic Acquisition.\nOther (expense) income, net, was ($1.5 million) for the year ended December 31, 2019, as compared to other income, net of $0.3 million for the year ended December 31, 2018. Other income/expense primarily includes fair value adjustments on contingent considerations, rental income, net of applicable expenses, foreign currency transactions gains and losses, fair value fluctuations of our deferred compensation plan and other non-operating income/expense. In 2018, a $0.5 million gain was recorded for the sale of real estate. In 2019, there was a $0.2 million expense for the termination of the Brink Acquisition earn-out agreement compared to a $0.5 million benefit as a result of a reduction of contingent consideration related to the Brink Acquisition in 2018.\nInterest expense, net was $4.6 million for the year ended December 31, 2019, as compared to interest expense, net of $0.4 million for the year ended December 31, 2018. The increase reflects $2.6 million of interest expense related to the sale of the 4.50% Convertible Senior Notes due 2024 issued on April 15, 2019 (the \"2024 notes\") as well as $2.0 million of accretion of 2024 notes debt discount for 2019.\nFor the year ended December 31, 2019, our effective income tax rate was 18.9%, which was mainly due to deferred tax adjustments related to foreign tax credit carryforwards and state taxes, offset by changes in the valuation allowance and excess tax benefits resulting from the exercise of non-qualified stock options. For the year ended December 31, 2018, our effective income tax rate was (141.7)% due to recording a full valuation allowance on the entire deferred tax assets.\n\n | Year ended December 31, | | $ | % \n------------------------------------------------- | ----------------------- | -------- | --------- | --------\n(in thousands) | 2019 | 2018 | variance | variance\n Restaurant/Retail | | | | \n Core | $78,238 | $102,877 | $(24,639) | (24)% \nBrink * | 41,689 | 25,189 | 16,500 | 66% \nSureCheck | 3,380 | 6,003 | (2,623) | (44)% \n Total Restaurant Retail | $123,307 | $134,069 | $(10,762) | (8)% \n Government | | | | \n Intelligence, surveillance, and reconnaissance | $29,541 | $30,888 | $(1,347) | (4)% \nMission Systems | 33,513 | 35,082 | (1,569) | (4)% \nProduct Sales | 871 | 1,207 | (336) | (28)% \n Total Government | $63,925 | $67,177 | $(3,252) | (5)% "} {"_id": "d1b39624a", "title": "", "text": "Note 3 \u2212 Property and Equipment\nOur major classes of property and equipment were as follows:\nDepreciation expense for the years ended December 31, 2019 and 2018 was $7, and $18, respectively.\n\n | December 31 | December 31\n--------------------------------- | ----------- | -----------\n | 2019 | 2018 \nOffice furniture | $79 | $79 \nComputer equipment | 81 | 67 \nTotal | 160 | 146 \nLess accumulated depreciation | (144) | (137) \nTotal property and equipment, net | $16 | $9 "} {"_id": "d1b2ef24c", "title": "", "text": "Fair Value of Financial Instruments\nThe carrying amounts of cash and cash equivalents, trade accounts receivable, prepaid expenses and other current assets, accounts payable and accrued expenses approximate fair value because of the short-term nature of these financial instruments. The carrying amounts of borrowings under credit facilities and under loans approximates fair value as interest rates on these instruments approximates current market rates.\nNotes payable and long-term debt is carried at amortized cost; however, the Company estimates the fair value of notes payable and long-term debt for disclosure purposes. The following table presents the carrying amounts and fair values of the Company\u2019s notes payable and long-term debt, by hierarchy level as of the periods indicated:\n(1) The fair value estimates are based upon observable market data.\n(2) This fair value estimate is based on the Company\u2019s indicative borrowing cost derived from discounted cash flows.\nRefer to Note 9 \u2013 \u201cPostretirement and Other Employee Benefits\u201d for disclosure surrounding the fair value of the Company\u2019s pension plan assets.\n\n | | August 31, 2019 | | August 31, 2018 | \n------------------------------------------ | -------------------- | --------------- | ---------- | --------------- | ----------\n(in thousands) | Fair Value Hierarchy | Carrying Amount | Fair Value | Carrying Amount | Fair Value\nNotes payable and long-term debt: (Note 8) | | | | | \n5.625% Senior Notes | Level 2(1) | $398,886 | $416,000 | $397,995 | $415,704 \n4.700% Senior Notes | Level 2(1) | 498,004 | 525,890 | 497,350 | 503,545 \n4.900% Senior Notes | Level 3(2) | 299,057 | 318,704 | 298,814 | 306,535 \n3.950% Senior Notes | Level 2(1) | 494,825 | 509,845 | 494,208 | 476,010 "} {"_id": "d1b33e716", "title": "", "text": "Reconciliation of net voyage revenues to voyage revenues:\n(1) Vessel Calendar Days is the total number of days the vessels were in our fleet.\n(2) Time Charter Equivalent (\"TCE\") Rate, results from Net Voyage Revenue divided by total TCE days.\n\n | | Years Ended December 31, | \n------------------------------------------------- | --------- | ---------------------------- | ---------\nAll figures in USD '000, except TCE rate per day | 2018 | 2017 | Variance \nVoyage Revenue | 289,016 | 297,141 | (2.7%) \nLess Voyage expenses | (165,012) | (142,465) | 15.8% \nNet Voyage Revenue | 124,004 | 154,676 | (19.8%) \nVessel Calendar Days (1) | 9,747 | 10,892 | (10.5%) \nLess off-hire days | 277 | 867 | (68.1%) \nTotal TCE days | 9,470 | 10,025 | (5.5%) \nTCE Rate per day (2) | $13,095 | $15,428 | (15.1%) \nTotal Days for vessel operating expenses | 9,747 | 10,892 | (10.5%) "} {"_id": "d1b329e9c", "title": "", "text": "Liquidity and Capital Resources\nThe following summarizes information regarding our cash, investments, and working capital (in thousands):\nCash was $169.6 million at June 30, 2019, representing an increase of $48.5 million from $121.1 million at June 30, 2018. Cash increased primarily due to cash provided by operations of $104.9 million partially offset by cash used in investing activities of $21.8 million mainly for capital expenditures, and cash used in financing activities of $34.4 million mainly as a result of repayments of debt and repurchases of stock.\nCash was $121.1 million at June 30, 2018, representing a decrease of $9.3 million from $130.5 million at June 30, 2017. Cash and cash equivalents decreased primarily due to cash used in investing activities of $132.5 million mainly for the acquisitions of the Campus Fabric and Data Center Businesses and capital expenditures, partially offset by cash provided by financing activities of $104.7 million as a result of additional borrowings for the acquisitions and cash provided by operations of $19.0 million.\n\n | June 30,\n2019 | June 30,\n2018\n------------------------------------ | ------------- | -------------\nCash | $169,607 | $121,139 \nMarketable securities | \u2014 | 1,459 \nTotal cash and marketable securities | $169,607 | $122,598 "} {"_id": "d1b35e57a", "title": "", "text": "Property and Equipment, net\nProperty and equipment consist of the following (in thousands):\nAs of July 31, 2019 and 2018, no property and equipment was pledged as collateral. Depreciation expense, excluding the amortization of software development costs, was $9.7 million, $7.7 million, and $6.6 million for the fiscal years ended July 31, 2019, 2018, and 2017, respectively.\nThe Company capitalizes software development costs for technology applications that the Company will offer solely as cloud-based subscriptions, which is primarily comprised of compensation for employees who are directly associated with the software development projects. The Company begins amortizing the capitalized software development costs once the technology applications are available for general release over the estimated lives of the applications, ranging from three to five years.\nThe Company recognized approximately $1.0 million and $0.4 million in amortization expense in cost of revenue - license and subscription on the accompanying consolidated statements of operations during the fiscal years ended July 31, 2019 and 2018, respectively. There was no such amortization during the fiscal year ended July 31, 2017.\n\n | July 31, 2019 | July 31, 2018\n-------------------------------------- | -------------- | -------------\nComputer hardware | $17,799 | $20,614 \nSoftware | 6,741 | 4,664 \nCapitalized software development costs | 7,374 | 3,978 \nEquipment and machinery | 10,455 | 4,265 \nFurniture and fixtures | 8,137 | 4,217 \nLeasehold improvements | 48,191 | 10,751 \n Total property and equipment | 98,697 | 48,489 \nLess accumulated depreciation | (32,888) | (29,894) \n Property and equipment, net | $65,809 | $18,595 "} {"_id": "d1b3007fe", "title": "", "text": "The plan assets of METRO are distributed between the following countries:\nThe above commitments are valued on the basis of actuarial calculations in accordance with relevant provisions of IAS 19. The basis for the measurement is the legal and economic circumstances prevailing in each country.\n\n\u20ac million | 30/9/2018 | 30/9/2019\n--------------- | --------- | ---------\nGermany | 71 | 81 \nNetherlands | 584 | 671 \nUnited Kingdom | 209 | 237 \nBelgium | 50 | 52 \nOther countries | 26 | 25 \n | 940 | 1,066 "} {"_id": "d1b361f86", "title": "", "text": "2.2 Revenue from contracts with customers\nKey estimate: upfront fee revenue\nUpfront fee revenue is recognised on a net basis of the historical percentage of \u2018referred\u2019 sales expected to become \u2018financial\u2019 and that do not trigger a \u2018clawback\u2019. These estimates are adjusted to actual percentages experienced at each reporting date. As such, the Group determines its revenue by estimating variable consideration and applying the constraint by utilising industry data and historical experience (refer to note 3.6 for further information).\nKey estimate: trail commission revenue\nThe method of revenue recognition for trail commission revenue requires Directors and management to make certain estimates and assumptions based on industry data and historical experience of the Group. Refer to note 3.4 for details on trail commission revenue.\nRecognition and measurement\nRevenue represents the variable consideration estimated at the point in time when the Group has essentially completed its contracted services and constrained until it is highly probable that a significant revenue reversal in the amount of cumulative revenue recognised will not occur when the associated uncertainty with the variable consideration is subsequently resolved.\nUpfront fees\nWhen the Group refers a consumer to the product provider (and thereby satisfies its performance obligation), the Group is entitled to an upfront fee that is contingent upon the following events: (a) the referred sale becoming \u2018financial\u2019, which occurs upon new members joining a health fund, initiating a life insurance policy, obtaining general insurance products, mortgages, broadband or energy products via iSelect; and (b) whether a \u2018clawback\u2019 of the upfront fee is triggered. Upfront fees may trigger a \u2018clawback\u2019 of revenue in the event of early termination by customers as specified in individual product provider agreements. These contingencies are incorporated into the estimate of variable consideration (refer to key estimates).\nClick-through fees\nClick-through fees are recognised based on the contractual arrangement with the relevant product provider. This can occur at one of three points; either when an internet user clicks on a paying advertiser\u2019s link, submits an application or a submitted application is approved.\nAdvertising and subscription fees\nRevenue for contracted services, including advertising and subscription fees, are recognised based on the transaction price allocated to each key performance obligation. As a result, non-refundable revenue may be recognised across multiple periods until the performance obligation has been satisfied.\nTrail commission revenue\nTrail commissions are ongoing fees for customers referred to individual product providers or who have applied for mortgages via iSelect. Trail commission revenue represents commission earned calculated as a percentage of the value of the underlying policy relationship to the expected life and, in the case of mortgages, a proportion of the underlying value of the loan. The Group is entitled to receive trail commission without having to perform further services. On initial recognition, trail revenue and assets are recognised at expected value and subject to constraints.\n\n | CONSOLIDATED | \n---------------------------------------------------------------------- | ------------ | ----------\n | 2019 $'000 | 2018 $'000\nUpfront revenue | | \nUpfront fees | 113,609 | 140,971 \nClick-through fees | 3,657 | 1,349 \nAdvertising and subscription fees | 2,161 | 1,604 \n | 119,427 | 143,924 \nTrail commission revenue | 34,732 | 33,007 \nTotal revenue from contracts with customers | 154,159 | 176,931 \nRevenue related to performance obligations satisfied in previous years | 502 | 4,760 "} {"_id": "d1b3340ea", "title": "", "text": "Simultaneous with the Merger and the Private Offering, New Warrants to purchase 3,403,367 shares of Series B Preferred Stock at an average exercise price of\napproximately $1.05 per share were issued to holders of Prior Protagenic warrants; additionally, the holder of $665,000 of our debt and $35,000 of accrued interest exchanged such debt for five-year warrants to purchase 295,945 shares of Series B Preferred Stock at $1.25 per share. Placement Agent Warrants to purchase 127,346 shares of Series B Preferred Stock at an exercise price of $1.25 per share were issued in connection with the Private offering. These warrants to purchase 423,291 shares of Series B Preferred Stock have been recorded as derivative liabilities. All of these warrants automatically converted into warrants to purchase our common stock upon the effectiveness of our reverse stock split in July 2016. See Note 5.\nA summary of warrant issuances are as follows:\nAs of December 31, 2019, the Company had 3,826,658 shares issuable under warrants outstanding at a weighted average exercise price of $1.05 and an intrinsic value\nof $1,375,990.\nAs of December 31, 2018 the Company had 3,826,658 shares issuable under warrants outstanding at a weighted average exercise price of $1.05 and an intrinsic value of\n$3,633,335.\n\nWarrants | Number | Weighted Average Exercise Price | Weighted Average Remaining Life\n----------------------------- | --------- | ------------------------------- | -------------------------------\nOutstanding December 31, 2017 | 3,826,658 | $1.05 | 4.69 \nGranted | - | - | - \nOutstanding December 31, 2018 | 3,826,658 | $1.05 | 3.69 \nGranted | - | - | - \nOutstanding December 31, 2019 | 3,826,658 | $1.05 | 2.69 "} {"_id": "d1b37534c", "title": "", "text": "Free cash flow\nOur non-GAAP financial measures also include free cash flow, which we define as cash provided by (used in) operating activities less the amount of property and equipment purchased. Management believes that information regarding free cash flow provides investors with an important perspective on the cash available to invest in our business and fund ongoing operations.\n\nHowever, our calculation of free cash flow may not be comparable to similar measures used by other companies.\nWe believe these non-GAAP financial measures are helpful in understanding our past financial performance and our future results. Our non-GAAP financial measures are not meant to be considered in isolation or as a substitute for comparable GAAP measures and should be read only in conjunction with our consolidated financial statements prepared in accordance with GAAP.\n\nOur management regularly uses our supplemental non-GAAP financial measures internally to understand, manage and evaluate our business, and make operating decisions. These non-GAAP measures are among the primary factors management uses in planning for and forecasting future periods. Compensation of our executives is based in part on the performance of our business based on certain of these non-GAAP measures.\nWe monitor the following non-GAAP financial measures:\n\n | For the year ended December 31, | | \n----------------------------------------------------- | ------------------------------- | -------- | ---------\n(in thousands, except percentages and per share data) | 2019 | 2018 | 2017 \nNon-GAAP gross profit | $168,242 | $163,376 | $153,849 \nNon-GAAP gross margin | 82.0% | 84.6% | 85.6% \nNon-GAAP operating loss | $(8,689) | $(4,325) | $(16,440)\nNon-GAAP operating margin | (4.2)% | (2.2)% | (9.1)% \nNon-GAAP net loss | $(9,460) | $(4,548) | $(16,594)\nNon-GAAP net loss per share | $(0.09) | $(0.04) | $(0.18) \nFree cash flow | $(3,924) | $12,201 | $(3,418) "} {"_id": "d1b363dc2", "title": "", "text": "Note 12. Liabilities\nThe components of accounts payable, accrued expenses and other current liabilities are as follows (in thousands):\n\n | December 31, 2019 | December 31, 2018\n---------------------------------------------------------------- | ----------------- | -----------------\nAccounts payable | $32,878 | $20,214 \nAccrued expenses | 10,092 | 34,557 \nSubsidiary unit awards | 141 | 200 \nOther current liabilities | 5,616 | 3,459 \nAccounts payable, accrued expenses and other current liabilities | $48,727 | $58,430 "} {"_id": "d1b346c22", "title": "", "text": "Net Income to Adjusted EBITDA Reconciliation\nWe define Adjusted EBITDA as net income or loss from our consolidated statements of operations before interest income and expense, income taxes, depreciation and amortization, restructuring charges, impairment of goodwill and other long-lived assets, share-based compensation expense and other nonoperating items from our consolidated statements of operations as well as certain other items considered outside the normal course of our operations specifically described below.\nRestructuring charges: We exclude restructuring expenses, which primarily include employee severance, office consolidation and contract termination charges, from our Adjusted EBITDA to allow more accurate comparisons of the financial results to historical operations and forward-looking guidance. By excluding these expenses from our non-GAAP measures, we are better able to evaluate our ability to utilize our existing assets and estimate the long-term value these assets will generate for us. Furthermore, we believe that the adjustments of these items more closely correlate with the sustainability of our operating performance.\nImpairment of goodwill and other long-lived assets: We exclude the impact of charges related to the impairment of goodwill and other long-lived assets. Given the significance of the impairment of goodwill and other long-lived assets, we reported it separately in the consolidated statements of operations. We believe that the exclusion of these impairments, which are non-cash, allows for meaningful comparisons of operating results to peer companies. We believe that this increases period-to-period comparability and is useful to evaluate the performance of the total company.\nShare-based compensation expense: We exclude the impact of costs relating to share-based compensation. Due to the subjective assumptions and a variety of award types, we believe that the exclusion of share-based compensation expense, which is typically non-cash, allows for more meaningful comparisons of our operating results to peer companies. Share-based compensation expense can vary significantly based on the timing, size and nature of awards granted.\nOther non-operating income/(expense), net: We exclude foreign currency exchange transaction gains and losses, primarily related to intercompany financing arrangements, as well as other non-operating income and expense items, such as gains and losses recorded on business combinations or dispositions, sales of investments, pension settlements, net income/(loss) attributable to noncontrolling interests and early redemption payments made in connection with debt refinancing. We believe that the adjustments of these items more closely correlate with the sustainability of our operating performance.\nOther items: To measure operating performance, we exclude certain expenses and gains that arise outside the ordinary course of our operations. Such costs primarily include legal settlements, acquisition related expenses, business optimization costs and other transactional costs. We believe the exclusion of such amounts allows management and the users of the financial statements to better understand our financial results.\nAdjusted EBITDA is not a presentation made in accordance with GAAP, and our use of the term Adjusted EBITDA may vary from the use of similarly titled measures by others in our industry due to the potential inconsistencies in the method of calculation and differences due to items subject to interpretation. Adjusted EBITDA margin is Adjusted EBITDA for a particular period expressed as a percentage of revenues for that period.\nWe use Adjusted EBITDA to measure our performance from period to period both at the consolidated level as well as within our operating segments, to evaluate and fund incentive compensation programs and to compare our results to those of our competitors. In addition to Adjusted EBITDA being a significant measure of performance for management purposes, we also believe that this presentation provides useful information to investors regarding financial and business trends related to our results of operations and that when non-GAAP financial information is viewed with GAAP financial information, investors are provided with a more meaningful understanding of our ongoing operating performance.\nAdjusted EBITDA should not be considered as an alternative to net income or loss, operating income/(loss), cash flows from operating activities or any other performance measures derived in accordance with GAAP as measures of operating performance or cash flows as measures of liquidity. Adjusted EBITDA has important limitations as an analytical tool and should not be considered in isolation or as a substitute for analysis of our results as reported under GAAP. In addition, our definition of Adjusted EBITDA may not be comparable to similarly titled measures of other companies and may, therefore, have limitations as a comparative analytical tool.\nThe below table presents a reconciliation from net income/(loss) to Adjusted EBITDA for the years ended December 31, 2019, 2018 and 2017:\n(a) \u00a0For the years ended December 31, 2019 and 2018 other items primarily consists of business optimization costs, including strategic review costs and transaction related costs. For the year ended December 31, 2017, other items primarily consists of transaction related costs and business optimization costs.\n(b) \u00a0For the year ended December 31, 2019, other non-operating (income)/expense, net, included non-cash expenses of $170 million for pension settlements which included plan transfers to third parties in the Netherlands and UK, where we terminated our responsibility for future defined benefit obligations and transferred that responsibility to the third parties. See Note 11 \u201cPensions and Other Post-Retirement Benefits\u201d for more information.\n\n | Year Ended December 31, | | \n------------------------------------------------------ | ----------------------- | ------ | ------\n(IN MILLIONS) | 2019 | 2018 | 2017 \nNet income/(loss) attributable to Nielsen shareholders | $(415) | $(712) | $429 \nInterest expense, net | 391 | 386 | 370 \n(Benefit)/provision for income taxes | (260) | (182) | 388 \nDepreciation and amortization | 756 | 675 | 640 \nEBITDA | 472 | 167 | 1,827 \nOther non-operating (income)/expense, net(b) | 191 | 33 | 27 \nRestructuring charges | 80 | 139 | 80 \nImpairment of goodwill and other long-lived assets | 1,004 | 1,413 | - \nShare-based compensation expense | 50 | 35 | 45 \nOther items(a) | 56 | 63 | 45 \nAdjusted EBITDA | $1,853 | $1,850 | $2,024"} {"_id": "d1b3c4b36", "title": "", "text": "RESTRICTED STOCK UNITS\nThe following is a summary of RSUs award activity for the years ended December 31, 2019 and 2018:\nThe Company estimates the fair value of the granted shares using the market price of the Company\u2019s stock price at the grant date. For the years ended December 31, 2019, 2018 and 2017, the Company recognized $0.3 million, $0.9 million and $0.6 million, respectively of stock-based compensation expense related to the RSUs.\nAs of December 31, 2019, total compensation cost not yet recognized related to unvested RSUs was approximately $0.8 million, which is expected to be recognized over a weighted-average period of 2.3 years.\n\n | 2019 | | 2018 | \n------------------------------- | ---------------- | -------------------------------------- | ---------------- | --------------------------------------\n | Number of Shares | Weighted Average Grant Date Fair Value | Number of Shares | Weighted Average Grant Date Fair Value\nNon-vested at beginning of year | 315,292 | $2.26 | 438,712 | $2.28 \nShares granted | 253,113 | 2.17 | 200,000 | 3.16 \nShares vested | 82,270 | 2.28 | 323,420 | 2.84 \nNon-vested at end of year | 486,135 | $2.53 | 315,292 | $2.26 "} {"_id": "d1b34fc64", "title": "", "text": "Results of Operations\nRevenue\nRevenue decreased in fiscal year 2019 compared to fiscal year 2018, but increased compared to fiscal year 2017, primarily as a result of the volatility of semiconductor capital investments by our customers. The overall Asia region continued to account for a majority of our revenues as a substantial amount of the worldwide capacity investments for semiconductor manufacturing continued to occur in this region.\nOur deferred revenue balance was $449 million as of June 30, 2019, compared to $994 million as of June 24, 2018. The deferred revenue at the end of June 2019 is recognized under Accounting Standard Codification (\u201cASC\u201d) 606, while the same values as of June 2018 are recognized under ASC 605, which contributes to the change in value period over period. Our deferred revenue balance does not include shipments to customers in Japan, to whom title does not transfer until customer acceptance. Shipments to customers in Japan are classified as inventory at cost until the time of customer acceptance. The anticipated future revenue value from shipments to customers in Japan was approximately $78 million as of June 30, 2019, compared to $607 million as of June 24, 2018.\n\n | | YearEnded | \n--------------------- | ------------- | ------------- | -------------\n | June 30, 2019 | June 24, 2018 | June 25, 2017\nRevenue (in millions) | $9,654 | $11,077 | $8,014 \nKorea | 23% | 35% | 31% \nChina | 22% | 16% | 13% \nJapan | 20% | 17% | 13% \nTaiwan | 17% | 13% | 26% \nUnitedStates | 8% | 7% | 8% \nSoutheastAsia | 6% | 7% | 5% \nEurope | 4% | 5% | 4% "} {"_id": "d1b3a1bcc", "title": "", "text": "NAVIOS MARITIME HOLDINGS INC. NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Expressed in thousands of U.S. dollars \u2014 except share data)\nNOTE 19: SEGMENT INFORMATION\nThe Company through August 30, 2019 had three reportable segments from which it derived its revenues: Dry Bulk Vessel Operations, Logistics Business and Containers Business. The Containers Business became a reportable segment as a result of the consolidation of Navios Containers since November 30, 2018 (date of obtaining control) (see also Note 3). Following the reclassification of the results of Navios Containers as discontinued operations (see also Note 3), the Company currently has two reportable segments from which it derives its revenues: Dry Bulk Vessel Operations and Logistics. The reportable segments reflect the internal organization of the Company and are strategic businesses that offer different products and services. The Dry Bulk Vessel Operations consists of the transportation and handling of bulk cargoes through the ownership, operation, and trading of vessels. The Logistics Business consists of operating ports and transfer station terminals, handling of vessels, barges and pushboats as well as upriver transport facilities in the Hidrovia region.\nThe Company measures segment performance based on net income/ (loss) attributable to Navios Holdings common stockholders. Inter-segment sales and transfers are not significant and have been eliminated and are not included in the following tables. Summarized financial information concerning each of the Company\u2019s reportable segments is as follows:\n\n | Dry Bulk Vessel Operations for the Year Ended December 31, 2019 | Logistics Business for the Year Ended December 31, 2019 | Total for the Year Ended December 31, 2019\n-------------------------------------------------------------- | --------------------------------------------------------------- | ------------------------------------------------------- | ------------------------------------------\nRevenue | $254,178 | $228,271 | $482,449 \nAdministrative fee revenue from affiliates | 16,991 | \u2014 | 16,991 \nInterest income | 9,610 | 1,052 | 10,662 \nInterest expense and finance cost | (92,948) | (40,531) | (133,479) \nDepreciation and amortization | (52,288) | (29,435) | (81,723) \nEquity in net (losses)/earnings of affiliated companies | (9,185) | \u2014 | (9,185) \nNet (loss)/ income attributable to Navios Holdings common | | | \nstockholders | (212,623) | 20,513 | (192,110) \nTotal assets | 1,511,517 | 631,338 | 2,142,855 \nGoodwill | 56,240 | 104,096 | 160,336 \nCapital expenditures | (36,628) | (7,943) | (44,571) \nInvestment in affiliates | 64,352 | \u2014 | 64,352 \nCash and cash equivalents | 32,386 | 45,605 | 77,991 \nRestricted cash | 736 | \u2014 | 736 \nLong-term debt, net (including current and noncurrent portion) | $1,048,318 | $514,929 | 1,563,247 "} {"_id": "d1b33d3ca", "title": "", "text": "Item 6. Selected Consolidated Financial Data\nThe following table presents selected consolidated financial data as of and for the five-year period ended December 31, 2019. Our past results of operations are not necessarily indicative of our future results of operations. The following selected consolidated financial data is qualified in its entirety by, and should be read in conjunction with, \u201cManagement's Discussion and Analysis of Financial Condition and Results of Operations\u201d and the consolidated financial statements and the notes thereto included elsewhere herein.\nConsolidated Balance Sheet Data:\n\n | | | As of December 31, | | \n------------------------- | ------- | ------- | ------------------ | ------- | -------\n | 2019 | 2018 | 2017 | 2016 | 2015 \n | | | (In thousands) | | \nCash and cash equivalents | $19,505 | $18,017 | $22,553 | $26,838 | $35,128\nWorking capital | $1,116 | $6,356 | $7,646 | $14,643 | $16,046\nTotal assets | $54,538 | $43,424 | $45,672 | $53,530 | $68,579\nStockholders' equity | $10,863 | $14,059 | $13,078 | $18,064 | $21,387"} {"_id": "d1b305ef2", "title": "", "text": "Actual STI Bonus Amounts Authorized. The actual amounts of the NEOs\u2019 2019 bonuses were calculated as\nfollows:\n(1) Determined based on earned salary and applicable STI target bonus percentage during 2019 and includes pro-rations for any changes to salary and/or STI target bonus percentage described below.\na) Target Bonus Opportunity for Mr. Storey reflects his salary earned during 2019 of $1,800,011 and a STI target bonus percentage of 200%.\nb) Target Bonus Opportunity for Mr. Dev reflects his salary earned during 2019 of $650,000 and a STI target bonus percentage of 120%.\nc) Target Bonus Opportunity for Mr. Goff reflects his salary earned during 2019 of $600,018 and a STI target bonus percentage of 120%.\nd) Target Bonus Opportunity for Mr. Trezise reflects his salary earned during 2019 with a salary increase, from $475,010 to $500,011, effective on February 23, 2019, and an increase of STI target bonus percentage from 80% to 90%, also effective on February 23, 2019.\ne) Target Bonus Opportunity for Mr. Andrews reflects his salary earned during 2019 with a salary increase, from $425,006 to $525,000, effective on August 21, 2019, and a STI target bonus percentage of 100%.\n(2) Calculated or determined as discussed above under \u201c\u20142019 Performance Results.\u201d\n(3) Determined based on achievement of individual performance objectives as described further above in this Subsection.\nCommittee Discretion to Pay in Cash or Shares. The Committee may authorize the payment of annual bonuses in cash or shares of common stock. Since 2000, the Committee has paid these bonuses entirely in cash, principally to diversify our compensation mix and to conserve shares in our equity plans.\nRecent Actions (February 2020). In connection with establishing targets for the 2020 STI program, the Committee increased Mr. Dev\u2019s STI Target Bonus Percentage to 125%, in light of his position to market and performance as CFO, and made no changes to the target bonus percentage for any of our other NEOs.\n\n | 2019 STI Bonus Amounts | | | | | | \n------------------- | ---------------------------- | - | ------------------------- | - | ------------------------------------------------------ | - | ----------------\nNamed Officer | Target Bonus Opportunity (1) | X | Company Performance % (2) | X | Discretionary Adjustment for Individual Performance(3) | = | STI Bonus Amount\nCurrent Executives: | | | | | | | \nJeffrey K. Storey | $3,600,022 | | 97% | | 100% | | $3,492,021 \nIndraneel Dev | 780,000 | | 97% | | 110% | | 832,260 \nStacey W. Goff | 720,021 | | 97% | | 100% | | 698,420 \nScott A. Trezise | 439,654 | | 97% | | 110% | | 469,111 \nShaun C. Andrews | 461,442 | | 97% | | 110% | | 492,359 "} {"_id": "d1b3576b2", "title": "", "text": "Interest income (expense), net consisted of the following:\nInterest income is related to the cash and cash equivalents held by the Company. Interest expense recorded in 2019, 2018 and 2017 included respectively a charge of $39 million, $38 million and $37 million on the senior unsecured convertible bonds issued in July 2017 and July 2014, of which respectively $37 million, $36 million and $33 million was a non-cash interest expense resulting from the accretion of the discount on the liability component. Net interest includes also charges related to the banking fees and the sale of trade and other receivables.\nNo borrowing cost was capitalized in 2019, 2018 and 2017. Interest income on government bonds and floating rate notes classified as available-for-sale marketable securities amounted to $6 million for the year ended December 31, 2019, $6 million for the year ended December 31, 2018 and $6 million for the year ended December 31, 2017.\n\n | Year ended December 31, 2019 | Year ended December 31, 2018 | Year ended December 31, 2017\n------- | ---------------------------- | ---------------------------- | ----------------------------\nIncome | 55 | 47 | 30 \nExpense | (54) | (54) | (52) \nTotal | 1 | (7) | (22) "} {"_id": "d1b373e48", "title": "", "text": "Summarized financial information concerning our segments is shown in the tables below (in millions):\n(1) Revenues for Corporate and Other represent deferred revenue purchase accounting adjustments recorded in accordance with GAAP\n(2) Operating expenses for Corporate and Other includes equity-based compensation, including certain related payroll taxes, of $51.7 million, $51.4 million and $19.2 million for the years ended December 31, 2019, 2018 and 2017, respectively.\n(4) Depreciation and amortization for Corporate and Other primarily represents net incremental depreciation and amortization adjustments associated with the application of purchase accounting recorded in accordance with GAAP.\n(6) Receivables from related parties are included in Corporate and Other.\n(7) Transition and integration costs primarily consists of legal and professional fees related to the Distribution and transition-related costs following the Distribution.\n\n | | | Year ended December 31, 2017 | | \n-------------------------------- | ------------------ | ------------------ | ---------------------------- | --- | --------\n | Software Solutions | Data and Analytics | Corporate and Other | | Total \nRevenues | $904.5 | $151.6 | $(4.5) | (1) | $1,051.6\nExpenses: | | | | | \nOperating expenses | 388.0 | 113.2 | 68.3 | (2) | 569.5 \nTransition and integration costs | \u2014 | \u2014 | 13.1 | (7) | 13.1 \nEBITDA | 516.5 | 38.4 | (85.9) | | 469.0 \nDepreciation and amortization | 101.2 | 12.8 | 92.5 | (4) | 206.5 \nOperating income (loss) | 415.3 | 25.6 | (178.4) | | 262.5 \nInterest expense, net | | | | | (57.5) \nOther expense, net | | | | | (12.6) \nEarnings before income taxes | | | | | 192.4 \nIncome tax benefit | | | | | (61.8) \nNet earnings | | | | | $254.2 \nBalance sheet data: | | | | | \nTotal assets | $3,223.5 | $304.7 | $127.7 | (6) | $3,655.9\nGoodwill | $2,134.7 | $172.1 | $\u2014 | | $2,306.8"} {"_id": "d1b335f80", "title": "", "text": "Accounts Receivable Allowances\nAccounts receivable allowances reflect our best estimate of probable losses inherent in our accounts receivable balances, including both losses for uncollectible accounts receivable and sales returns. We regularly review allowances by considering factors such as historical experience, credit quality, the age of the accounts receivable balances and current economic conditions that may affect a customer\u2019s ability to pay.\nActivity in accounts receivable allowance is as follows (in thousands):\n\n | | Fiscal | \n-------------------------------- | ------- | ------- | -------\n | 2019 | 2018 | 2017 \nBeginning balance | $4,568 | $6,890 | $2,420 \nAdditions charged to expenses | 5,210 | 1,980 | 4,190 \nAccruals related to acquisitions | \u2014 | 37 | 4,390 \nDeductions from reserves | (1,088) | (4,339) | (4,110)\nEnding balance | $8,690 | $4,568 | $6,890 "} {"_id": "d1b3a0556", "title": "", "text": "Basic earnings per share is computed by dividing net income for the period by the weighted-average number of common shares outstanding during the period. Diluted earnings per share is computed by dividing net income for the period by the weighted-average number of common shares outstanding during the period, plus the dilutive effect of outstanding restricted stock-based awards, stock options, and shares issuable under the employee stock purchase plan using the treasury stock method. The following table sets forth the computation of basic and diluted earnings per share:\n(1) These weighted shares relate to anti-dilutive restricted stock-based awards and stock options as calculated using the treasury stock method and contingently issuable shares under PSO and PSU agreements. Such shares could be dilutive in the future. See Note 13 for information regarding the exercise prices of our outstanding, unexercised stock options.\n\nYear Ended May 31, | | | \n------------------------------------------------------------------------------------------------------------- | ------- | ------ | ------\n(in millions, except per share data) | 2019 | 2018 | 2017 \nNet income | $11,083 | $3,587 | $9,452\nWeighted average common shares outstanding | 3,634 | 4,121 | 4,115 \nDilutive effect of employee stock plans | 98 | 117 | 102 \nDilutive weighted average common shares outstanding | 3,732 | 4,238 | 4,217 \nBasic earnings per share | $3.05 | $0.87 | $2.30 \nDiluted earnings per share | $2.97 | $0.85 | $2.24 \nShares subject to anti-dilutive restricted stock-based awards and stock options excluded from calculation (1) | 71 | 64 | 74 "} {"_id": "d1b32fe8c", "title": "", "text": "PSUs, RSUs and restricted stock\nUnder the 2015 Plan, awards other than stock options, including PSUs, RSUs and restricted stock, may be granted to certain employees and officers.\nUnder our market-based PSU program, the number of shares of common stock earned by a recipient is subject to a market condition based on ADTRAN\u2019s relative total shareholder return against all companies in the NASDAQ Telecommunications Index at the end of a three-year performance period. Depending on the relative total shareholder return over the performance period, the recipient may earn from 0% to 150% of the shares underlying the PSUs, with the shares earned distributed upon the vesting. The fair value of the award is based on the market price of our common stock on the date of grant, adjusted for the expected outcome of the impact of market conditions using a Monte Carlo Simulation valuation method. A portion of the granted PSUs vests and the underlying shares become deliverable upon the death or disability of the recipient or upon a change of control of ADTRAN, as defined by the 2015 Plan. The recipients of the PSUs receive dividend credits based on the shares of common stock underlying the PSUs. The dividend credits vest and are earned in the same manner as the PSUs and are paid in cash upon the issuance of common stock for the PSUs.\nDuring the first quarter of 2017, the Compensation Committee of the Board of Directors approved a one-time PSU grant of 0.5 million shares that contained performance conditions and would have vested at the end of a three-year period if such performance conditions were met. The fair value of these performance-based PSU awards was equal to the closing price of our stock on the date of grant. These awards were forfeited during the first quarter of 2020 as the performance conditions were not achieved.\nThe fair value of RSUs and restricted stock is equal to the closing price of our stock on the business day immediately preceding the grant date. RSUs and restricted stock vest ratably over four-year and one-year periods, respectively.\nWe will continue to assess the assumptions and methodologies used to calculate the estimated fair value of stock-based compensation. If circumstances change, and additional data becomes available over time, we may change our assumptions and methodologies, which may materially impact our fair value determination.\nThe following table is a summary of our PSUs, RSUs and restricted stock outstanding as of December 31, 2018 and 2019 and the changes that occurred during 2019:\n\n(In thousands, except per share amounts) | Number of Shares | Weighted Average Grant Date Fair Value\n----------------------------------------------------------------------- | ---------------- | --------------------------------------\nUnvested PSUs, RSUs and restricted stock outstanding, December 31, 2018 | 1,570 | $18.52 \nPSUs, RSUs and restricted stock granted | 897 | $9.63 \nPSUs, RSUs and restricted stock vested | (368) | $17.23 \nPSUs, RSUs and restricted stock forfeited | (208) | $18.24 \nUnvested RSUs and restricted stock outstanding, December 31, 2019 | 1,891 | $14.58 "} {"_id": "d1b37e8de", "title": "", "text": "Restricted Cash\nThe following table provides a reconciliation of the Company\u2019s cash and cash equivalents, and current and non-current portion of restricted cash reported on the consolidated balance sheets that sum to the total cash, cash equivalents and restricted cash as of January 31, 2020 and February 1, 2019 (table in millions):\nAmounts included in restricted cash primarily relate to certain employee-related benefits, as well as amounts related to installment payments to certain employees as part of acquisitions, subject to the achievement of specified future employment conditions.\n\n | January 31, 2020 | February 1, 2019\n------------------------------------------------ | ---------------- | ----------------\nCash and cash equivalents | $2,915 | $3,532 \nRestricted cash within other current assets | 83 | 35 \nRestricted cash within other assets | 33 | 29 \nTotal cash, cash equivalents and restricted cash | $3,031 | $3,596 "} {"_id": "d1b36065e", "title": "", "text": "Net Earnings Per Share (\u201cEPS\u201d)\nBasic EPS is computed by dividing net earnings available to common stockholders by the weighted average number of common shares outstanding during each year. Diluted EPS is computed on the basis of the weighted average number of shares of common stock plus the effect of dilutive potential common shares outstanding during the period using the treasury stock method. Dilutive potential common shares include outstanding RSUs.\nA reconciliation of the denominators of the basic and diluted EPS calculations follows (in thousands, except per share data):\nIn 2019, 2018 and 2017, approximately 42,000, 17,000 and 40,000, respectively, of our RSUs were not included in the diluted EPS calculations because their inclusion would have been anti-dilutive. These share-based awards could be dilutive in the future. In the year ended December 31, 2019, certain potential outstanding shares from convertible senior notes and warrants were not included in the diluted EPS calculations because their inclusion would have been anti-dilutive.\n\n | | Years Ended December 31, | \n--------------------------------------------------- | -------- | ------------------------ | -------\n | 2019 | 2018 | 2017 \nNumerator: | | | \nNetearnings | $159,407 | $163,677 | $90,683\nDenominator: | | | \nWeighted-average shares used to compute basic EPS | 35,538 | 35,586 | 35,741 \nDilutive potential common shares due to dilutive: | | | \nRSUs, net of tax effect | 421 | 423 | 466 \nWeighted-average shares used to compute diluted EPS | 35,959 | 36,009 | 36,207 \nNet earnings per share: | | | \nBasic | $4.49 | $4.60 | $2.54 \nDiluted | $4.43 | $4.55 | $2.50 "} {"_id": "d1b35b668", "title": "", "text": "Group Value Added Statements\nNote:\n(1) FY 2018 included the gain on disposal of economic interest in NetLink Trust of S$2.03 billion.\n\n | FY 2019 | FY 2018 \n-------------------------------------------- | ---------- | ----------\n | S$ million | S$ million\nValue added from: | | \nOperating revenue | 17,372 | 17,268 \nLess: Purchases of goods and services | (10,307) | (9,716) \n | 7,065 | 7,552 \nOther income | 225 | 259 \nInterest and investment income (net) | 38 | 45 \nShare of results of associates (post-tax) | 1,563 | 1,804 \nExceptional items (1) | 68 | 1,895 \n | 1,894 | 4,003 \nTotal value added | 8,959 | 11,555 \nDistribution of total value added | | \nTo employees in wages, salaries and benefits | 2,597 | 2,760 \nTo government in income and other taxes | 675 | 703 \nTo providers of capital on: | | \n- Interest on borrowings | 393 | 390 \n- Dividends to shareholders | 2,857 | 3,346 \nTotal distribution | 6,522 | 7,199 \nRetained in business | | \nDepreciation and amortisation | 2,222 | 2,250 \nRetained profits | 238 | 2,127 \nNon-controlling interests | (23) | (21) \n | 2,437 | 4,356 \nTotal value added | 8,959 | 11,555 \nAverage Number of employees | 24,071 | 25,614 "} {"_id": "d1a7227c0", "title": "", "text": "NOTE 17\u2014SPECIAL CHARGES (RECOVERIES)\nSpecial charges (recoveries) include costs and recoveries that relate to certain restructuring initiatives that we have undertaken from time to time under our various restructuring plans, as well as acquisition-related costs and other charges.\n\n | | Year Ended June 30, | \n----------------------------------------------------------- | ------- | ------------------- | -------\n | 2019 | 2018 | 2017 \nFiscal 2019 Restructuring Plan | $28,318 | $\u2014 | $\u2014 \nFiscal 2018 Restructuring Plan | 515 | 10,154 | \u2014 \nFiscal 2017 Restructuring Plan | 898 | 7,207 | 33,827 \nRestructuring Plans prior to Fiscal 2017 Restructuring Plan | (620) | 279 | (340) \nAcquisition-related costs | 5,625 | 4,805 | 15,938 \nOther charges (recoveries) | 983 | 6,766 | 14,193 \nTotal | $35,719 | $29,211 | $63,618"} {"_id": "d1b33e824", "title": "", "text": "In the following table, we provide information regarding our common stock repurchases under our publicly-announced share repurchase program for the quarter ended December 31, 2019. All repurchases related to the share repurchase program were made on\nthe open market.\nDuring the year ended December 31, 2019, we repurchased a total of 1,640,055 shares at an average price per share of $70.65 under our publicly-announced share repurchase program. In January 2020, our Board of Directors authorized the Company to repurchase up to an aggregate of $50 million of the Company\u2019s common stock.\n\nPeriod | Total number of Shares Purchased | Average Price Paid per Share | Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs | Maximum Number (or Approximate Dollar Value) of Shares that May Yet Be Purchased Under the Plans or Programs\n------------------------------ | -------------------------------- | ---------------------------- | -------------------------------------------------------------------------------- | ------------------------------------------------------------------------------------------------------------\nOctober 1 - October 31, 2019 | 13,425 | $78.21 | 13,425 | $48,950,059 \nNovember 1 - November 30, 2019 | 245,454 | 76.95 | 245,454 | 30,062,919 \nDecember 1 - December 31, 2019 | 185,973 | 80.95 | 185,973 | 15,008,242 \nTotal | 444,852 | | 444,852 | "} {"_id": "d1b358990", "title": "", "text": "Note 20 Trade payables and other liabilities\n(1) Represents BCE\u2019s obligation to repurchase the BCE Master Trust Fund\u2019s (Master Trust Fund) 9% interest in MLSE at a price not less than an agreed minimum price should the Master Trust Fund exercise its put option. The obligation to repurchase is marked to market each reporting period and the gain or loss is recorded in Other expense in the income statements.\n\nFOR THE YEAR ENDED DECEMBER 31 | NOTE | 2019 | 2018 \n----------------------------------------------------------------------- | ---- | ----- | -----\nTrade payables and accruals | | 2,604 | 2,535\nCompensation payable | | 589 | 589 \nMaple Leaf Sports and Entertainment Ltd. (MLSE) financial liability\u2009(1) | 26 | 135 | 135 \nTaxes payable | | 101 | 129 \nDerivative liabilities | 26 | 49 | 27 \nSeverance and other costs payable | | 35 | 63 \nProvisions | 23 | 33 | 66 \nCRTC tangible benefits obligation | 26 | 28 | 38 \nCRTC deferral account obligation | 26 | 13 | 16 \nOther current liabilities | | 367 | 343 \nTotal trade payables and other liabilities | | 3,954 | 3,941"} {"_id": "d1b380b8e", "title": "", "text": "AMERICAN TOWER CORPORATION AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Tabular amounts in millions, unless otherwise disclosed)\n14. STOCK-BASED COMPENSATION\nSummary of Stock-Based Compensation Plans\u2014The Company maintains equity incentive plans that provide for the grant of stock-based awards to its directors, officers and employees. The 2007 Equity Incentive Plan, as amended (the \u201c2007 Plan\u201d), provides for the grant of non-qualified and incentive stock options, as well as restricted stock units, restricted stock and other stock-based awards. Exercise prices for non-qualified and incentive stock options are not less than the fair value of the underlying common stock on the date of grant. Equity awards typically vest ratably, generally over four years for RSUs and stock options and three years for PSUs. Stock options generally expire 10 years from the date of grant. As of December 31, 2019, the Company had the ability to grant stock-based awards with respect to an aggregate of 7.0 million shares of common stock under the 2007 Plan. In addition, the Company maintains an employee stock purchase plan (the \u201cESPP\u201d) pursuant to which eligible employees may purchase shares of the Company\u2019s common stock on the last day of each bi-annual offering period at a 15% discount from the lower of the closing market value on the first or last day of such offering period. The offering periods run from June 1 through November 30 and from December 1 through May 31 of each year.\nDuring the years ended December 31, 2019, 2018 and 2017, the Company recorded and capitalized the following stock-based compensation expenses:\n\n | 2019 | 2018 | 2017 \n---------------------------------------------------------------------- | ------ | ------ | ------\nStock-based compensation expense - Property | $1.8 | $2.4 | $2.1 \nStock-based compensation expense - Services | 1.0 | 0.9 | 0.8 \nStock-based compensation expense - SG&A | 108.6 | 134.2 | 105.6 \nTotal stock-based compensation expense | $111.4 | $137.5 | $108.5\nStock-based compensation expense capitalized as property and equipment | $1.6 | $2.0 | $1.6 "} {"_id": "d1b2fd234", "title": "", "text": "Note 6 Segments\nThe Company\u2019s segment reporting structure consists of two reportable segments and a Corporate category as follows: \u2022 Food Care; and \u2022 Product Care.\nThe Company\u2019s Food Care and Product Care segments are considered reportable segments under FASB ASC Topic 280. Our reportable segments are aligned with similar groups of products. Corporate includes certain costs that are not allocated to or monitored by the reportable segments' management. The Company evaluates performance of the reportable segments based on the results of each segment. The performance metric used by the Company's chief operating decision maker to evaluate performance of our reportable segments is Adjusted EBITDA. The Company allocates expense to each segment based on various factors including direct usage of resources, allocation of headcount, allocation of software licenses or, in cases where costs are not clearly delineated, costs may be allocated on portion of either net trade sales or an expense factor such as cost of goods sold.\nWe allocate and disclose depreciation and amortization expense to our segments, although depreciation and amortization are not included in the segment performance metric Adjusted EBITDA. We also allocate and disclose restructuring charges and impairment of goodwill and other intangible assets by segment. However, restructuring charges and goodwill are not included in the segment performance metric Adjusted EBITDA since they are categorized as certain specified items (\u201cSpecial Items\u201d), in addition to certain transaction and other charges and gains related to acquisitions and divestitures and certain other specific items excluded from the calculation of Adjusted EBITDA. The accounting policies of the reportable segments and Corporate are the same as those applied to the Consolidated Financial Statements.\nThe following tables show Net Sales and Adjusted EBITDA by reportable segment:\n\n | | Year Ended December 31, | \n-------------------------------------------------------- | --------- | ----------------------- | ---------\n(In millions) | 2019 | 2018 | 2017 \nNet Sales | | | \nFood Care | $ 2,880.5 | $ 2,908.1 | $ 2,815.2\nAs a % of Total Company net sales | 60.1% | 61.4% | 63.1% \nProduct Care | 1,910.6 | 1,824.6 | 1,646.4 \nAs a % of Total Company net sales | 39.9% | 38.6% | 36.9% \nTotal Company Net Sales | $ 4,791.1 | $ 4,732.7 | $ 4,461.6\n | | | \n | | Year Ended December 31, | \n(In millions) | 2019 | 2018 | 2017 \nAdjusted EBITDA from continuing operations | | | \nFood Care | $ 629.3 | $ 577.8 | $ 538.1 \nAdjusted EBITDA Margin | 21.8% | 19.9% | 19.1% \nProduct Care | 349.9 | 318.6 | 292.2 \nAdjusted EBITDA Margin | 18.3% | 17.5% | 17.7% \nCorporate | (14.4) | (6.9) | 3.0 \nTotal Company Adjusted EBITDA from continuing operations | $ 964.8 | $ 889.5 | $ 833.3 \nAdjusted EBITDA Margin | 20.1% | 18.8% | 18.7% "} {"_id": "d1b3bcdc8", "title": "", "text": "Our restaurant leases generally provide for fixed rental payments (with cost-of-living index adjustments) plus real estate taxes, insurance, and other expenses. In addition, approximately 14% of our leases provide for contingent rental payments between 1% and 15% of the restaurant\u2019s gross sales once certain thresholds are met. We have generally been able to renew our restaurant leases as they expire at then-current market rates. The remaining terms of ground leases range from less than one year to 49 years, including optional renewal periods. The remaining lease terms of our other leases range from less thanone year to 56 years, including optional renewal periods.\nAs of September 29, 2019, our restaurant leases had initial terms expiring as follows:\nOur principal executive offices are located in San Diego, California in an owned facility of approximately 150,000 square feet. We also own our 70,000 square foot Innovation Center and approximately four acres of undeveloped land directly adjacent to it. We plan to sell our principal executive offices and consolidate our headquarters in the Innovation Center, which we believe will be suitable and adequate for our purposes.\n\n | | Number of Restaurants\n----------- | ------ | ---------------------\n | | Land and \n | Ground | Building \nFiscal Year | Leases | Leases \n2020 \u2013 2024 | 381 | 697 \n2025 \u2013 2029 | 198 | 270 \n2030 \u2013 2034 | 40 | 135 "} {"_id": "d1b31e6b4", "title": "", "text": "A condensed summary of the Company\u2019s financial information for equity-accounted investments (20% to 52%-owned) shown on a 100% basis (excluding the impact from purchase price adjustments arising from the acquisition of Joint Ventures) are as follows:\nThe results included for TIL are until its consolidation on November 27, 2017. The results included for Altera are from the date of deconsolidation on September 25, 2017 to the sale of Teekay's remaining interests on May 8, 2019.\nFor the year ended December 31, 2019, the Company recorded equity loss of $14.5 million (2018 \u2013 income of $61.1 million, and 2017 \u2013 loss of $37.3 million).\nThe equity loss in 2019 was primarily comprised of the write-down and loss on sale of Teekay's investment in Altera and the Company\u2019s share of net loss from the Bahrain LNG Joint Venture; offset by equity income in the Yamal LNG Joint Venture, the RasGas III Joint Venture, the MALT Joint Venture, the Pan Union Joint Venture and the Angola Joint Venture.\nFor the year ended December 31, 2019, equity loss included $12.9 million related to the Company\u2019s share of unrealized losses on interest rate swaps in the equity-accounted investments (2018 \u2013 gains of $17.6 million and 2017 \u2013 gains of $7.7 million).\n\n | As at December 31, | \n-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | ------------------ | ---------\n | 2019 | 2018 \n | $ | $ \nCash and restricted cash | 379,085 | 568,843 \nOther assets \u2013 current | 148,663 | 412,388 \nVessels and equipment, including vessels related to finance leases and advances on Vessels and equipment, including vessels related to finance leases and advances on newbuilding contracts | 3,123,377 | 6,615,077\nNet investment in direct financing leases | 4,469,861 | 3,000,927\nOther assets \u2013 non-current | 169,925 | 1,957,271\nCurrent portion of long-term debt and obligations related to finance leases | 563,776 | 1,106,812\nOther liabilities \u2013 current | 189,165 | 563,862 \nLong-term debt and obligations related to finance leases | 5,156,307 | 6,882,426\nOther liabilities \u2013 non-current | 243,301 | 478,311 "} {"_id": "d1a725f60", "title": "", "text": "3. Accrued and other liabilities:\nAccrued and other current liabilities consist of the following (in thousands):\n\n | December 31, | \n-------------------------------- | ------------ | -------\n | 2019 | 2018 \nOperating accruals | $23,695 | $24,020\nDeferred revenue\u2014current portion | 4,316 | 4,504 \nPayroll and benefits | 6,613 | 7,695 \nTaxes\u2014non-income based | 6,053 | 4,212 \nInterest | 10,624 | 11,000 \nTotal | $51,301 | $51,431"} {"_id": "d1a72740a", "title": "", "text": "NOTE 2. FAIR VALUE OF FINANCIAL INSTRUMENTS\nFor cash equivalents, amounts receivable or payable and short-term borrowings, fair values approximate carrying value, based on the short-term nature of the assets and liabilities.\nThe Company\u2019s estimates of the fair value for financial assets and financial liabilities are based on the framework established in the fair value accounting guidance. The framework is based on the inputs used in valuation, gives the highest priority to quoted prices in active markets, and requires that observable inputs be used in the valuations when available. The three levels of the hierarchy are as follows: Level 1: inputs to the valuation are quoted prices in an active market for identical assets Level 2: inputs to the valuation include quoted prices for similar assets in active markets that are observable either directly or indirectly Level 3: valuation is based on significant inputs that are unobservable in the market and the Company\u2019s own estimates of assumptions that it believes market participants would use in pricing the asset\nFair value of financial assets, included in cash and cash equivalents, and financial liabilities is as follows:\n(a) In accordance with ASC Subtopic 360-10, long-lived assets held for sale with a carrying value of $4,575 were written down to their fair value of $1,300, resulting in an impairment totaling $3,275, which was included in earnings for the fiscal year ended June 30, 2017. The Company has entered into an agreement to sell these assets. That sale is expected to be completed during the second quarter of fiscal 2020.\n\n | | Estimated Fair Value Measurements | | \n------------------------------------- | ------- | --------------------------------- | ------- | ----------------\nRecurring Fair Value Measurements | Level 1 | Level 2 | Level 3 | Total Fair Value\nJune 30, 2019 | | | | \nFinancial Assets: | | | | \nMoney market funds | $81,945 | $\u2014 | $\u2014 | $81,945 \nJune 30, 2018 | | | | \nFinancial Assets: | | | | \nMoney market funds | $14,918 | $\u2014 | $\u2014 | $14,918 \nNon-Recurring Fair Value Measurements | | | | \nJune 30, 2019 | | | | \nLong-lived assets held for sale | $\u2014 | $1,300 | $\u2014 | $1,300 \nJune 30, 2018 | | | | \nLong-lived assets held for sale (a) | $\u2014 | $1,300 | $\u2014 | $1,300 "} {"_id": "d1b3662d4", "title": "", "text": "P. Income Taxes\nVMware\u2019s income tax provision (benefit) for the periods presented consisted of the following (table in millions):\n\n | | For the Year Ended | \n------------------------------------ | ---------------- | ------------------ | ----------------\n | January 31, 2020 | February 1, 2019 | February 2, 2018\nFederal: | | | \nCurrent | $78 | $181 | $688 \nDeferred | (219) | (92) | 275 \n | (141) | 89 | 963 \nState: | | | \nCurrent | 45 | 31 | 8 \nDeferred | (44) | (10) | 21 \n | 1 | 21 | 29 \nForeign: | | | \nCurrent | 240 | 137 | 156 \nDeferred | (5,018) | (8) | 4 \n | (4,778) | 129 | 160 \nTotal income tax provision (benefit) | $(4,918) | $239 | $1,152 "} {"_id": "d1b352b12", "title": "", "text": "NAVIOS MARITIME HOLDINGS INC. NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Expressed in thousands of U.S. dollars \u2014 except share data)\nChartered-out vessels, barges and pushboats:\nThe future minimum revenue, net of commissions, (i) for dry bulk vessels, expected to be earned on non-cancelable time charters; and (ii) for the Company\u2019s logistics business, expected to be earned on non-cancelable time charters, COA\u2019s with minimum guaranteed volumes and contracts with minimum guaranteed throughput in Navios Logistics\u2019 ports expected to be earned on non-cancelable time charters, are as follows:\nRevenues from time charters are not generally received when a vessel is off-hire, which includes time required for scheduled maintenance of the vessel.\n\n | Dry bulk vessels | Logistics business\n----------------------------------------- | ---------------- | ------------------\n2020 | 22,266 | 129,437 \n2021 | 4,607 | 97,544 \n2022 | 3,445 | 75,425 \n2023 | \u2014 | 69,250 \n2024 | \u2014 | 60,200 \n2025 and thereafter | \u2014 | 642,479 \nTotal minimum revenue, net of commissions | $30,318 | $1,074,335 "} {"_id": "d1b35de90", "title": "", "text": "Contract Balances\nThe following table provides information about contract assets and contract liabilities from contracts with customers.\nContract assets primarily result from revenue being recognized when or as control of a solution or service is transferred to the customer, but where invoicing is delayed until the completion of other performance obligations or payment terms differ from the provisioning of services. The current portion of contract assets is reported within prepaid expenses and other in the consolidated balance sheet, and the non-current portion is included in other non-current assets. Contract liabilities (deferred revenue) primarily relate to consideration received from customers in advance of delivery of the related goods and services to the customer. Contract balances are reported in a net contract asset or liability position on a contract-by-contract basis at the end of each reporting period.\nThe Company analyzes contract language to identify if a significant financing component does exist, and would adjust the transaction price for any material effects of the time value of money if the timing of payments provides either party to the contract with a significant benefit of financing the transaction.\nDuring the fiscal years ended June 30, 2019, 2018, and 2017, the Company recognized revenue of $265,946, $269,593, and $264,517, respectively, that was included in the corresponding deferred revenue balance at the beginning of the periods.\nRevenue recognized that related to performance obligations satisfied (or partially satisfied) in prior periods were immaterial for each period presented. These adjustments are primarily the result of transaction price adjustments and re-allocations due to changes in estimates of variable consideration.\n\n | June 30, 2019 | June 30, 2018\n---------------------------------------------------- | ------------- | -------------\nReceivables, net | $310,080 | $297,271 \nContract Assets- Current | 21,446 | 14,063 \nContract Assets- Non-current | 50,640 | 35,630 \nContract Liabilities (Deferred Revenue)- Current | 339,752 | 328,931 \nContract Liabilities (Deferred Revenue)- Non-current | 54,554 | 40,984 "} {"_id": "d1b2ecdee", "title": "", "text": "REVENUE\nThe sales cycle from quotation to shipment for our Front-end equipment generally takes several months, depending on capacity utilization and the urgency of the order. Usually, acceptance is within four months after shipment. The sales cycle is longer for equipment that is installed at the customer\u2019s site for evaluation prior to sale. The typical trial period ranges from six months to two years after installation.\nOur revenues are concentrated in Asia, the United States and Europe. The following table shows the geographic distribution of our revenue for 2018 and 2019:\n\n | | Year ended December 31 | | \n------------- | ----- | ---------------------- | ------- | ------\n(EUR million) | 2018 | | 2019 | \nUnited States | 175.9 | 21.5% | 339.5 | 26.4% \nEurope | 165.6 | 20.2% | 126.2 | 9.8% \nAsia | 476.6 | 58.3% | 818.2 | 63.7% \n | 818.1 | 100.0% | 1,283.9 | 100.0%"} {"_id": "d1b3a9a7a", "title": "", "text": "Net cash from operating activities. Net cash from operating activities is the sum of (i) net income (loss) adjusted for non-cash items and (ii) changes in net working capital. The net cash from operating activities in 2019 was $1,869 million, increasing compared to $1,845 million in the prior year, mainly due to more favorable changes in net working capital, compensating lower net income.\nNet cash used in investing activities. Investing activities used $1,172 million of cash in 2019, decreasing from $1,212 million in the prior year. Payments for purchase of tangible assets, net of proceeds, totaled $1,174 million, compared to $1,262 million registered in the prior-year period. The 2019 numbers also included the proceeds from matured marketable securities of $200 million and the net cash outflow of $127 million for the acquisition of Norstel.\nNet cash used in financing activities. Net cash used in financing activities was $343 million for 2019, compared to the $122 million used in 2018. The 2019 amount included $281 million proceeds from long-term debt, $144 million of long-term debt repayment, $250 million of repurchase of common stock and $214 million of dividends paid to stockholders.\n\n | | Year Ended December 31, | \n------------------------------------- | ------- | ----------------------- | -------\n | 2019 | 2018 | 2017 \n | | (In millions) | \nNet cash from operating activities | $1,869 | $1,845 | $1,677 \nNet cash used in investing activities | (1,172) | (1,212) | (1,468)\nNet cash used in financing activities | (343) | (122) | (106) \nEffect of changes in exchange rates | (13) | (4) | 27 \nNet cash increase | $341 | $507 | $130 "} {"_id": "d1b358008", "title": "", "text": "Figure 31. 2019/2021 LTIP Award Grants\n(1) The number of Market-based PRSUs awarded is reflected at target. The final number of shares that may be earned will be 0% to 150% of target.\n(2) Mr. Anstice did not participate in the 2019/2021 LTIP because he terminated his employment with the Company as of December 5, 2018.\nThe independent members of the Board consulted with the committee and the committee\u2019s compensation consultant to determine the appropriate amount and vesting schedule for Mr. Archer\u2019s award. The independent members of the Board, on December 6, 2018, granted to Mr. Archer a $5,000,000 equity award consisting of 50% service-based RSUs and 50% stock options with a four-year vesting schedule, as shown below. No adjustment was made at that time to his annual base salary or his target award opportunities under the AIP or LTIP. These were adjusted to be competitive with CEOs in our peer group as part of the normal annual compensation review in February 2019.\nIn light of Mr. Bettinger\u2019s critical role, his expanded responsibilities, and the intense competition in the technology industry for proven CFO talent, he received a special equity award on November 30, 2018. The committee consulted with its compensation consultant and with the Board to determine the amount and vesting schedule for the award. The committee granted to Mr. Bettinger a one-time service-based restricted stock unit (RSU) award with a nominal value of $8,000,000 and a four-year vesting schedule, as shown below.\n\nNamed Executive Officer (1)(2) | Target Award Opportunity ($) | Market-based PRSUs Award (#) | Stock Options Award (#) | Service-based RSUs Award (#)\n------------------------------ | ---------------------------- | ---------------------------- | ----------------------- | ----------------------------\nTimothy M. Archer | 7,200,000 | 21,243 | 33,988 | 12,746 \nDouglas R. Bettinger | 2,700,000 | 7,966 | 12,744 | 4,779 \nRichard A. Gottscho | 2,250,000 | 6,638 | 10,620 | 3,983 \nPatrick J. Lord | 1,800,000 | 5,310 | 8,496 | 3,186 \nVahid Vahedi | 1,575,000 | 4,647 | 7,432 | 2,788 \nSeshasayee (Sesha) Varadarajan | 1,575,000 | 4,647 | 7,432 | 2,788 "} {"_id": "d1b34a48a", "title": "", "text": "Security Ownership of Management\n(a) Amounts listed in this column may include shares held in partnerships or trusts that are counted in more than one individual\u2019s total.\n* less than 1%\n(1) In computing the percentage of shares owned by each person and by the group, these restricted stock units and stock options, as applicable,\nwere added to the total number of outstanding shares of common stock for the percentage calculation.\n(2) Includes 577,462 shares owned by Mr. Richard Leeds directly, 1,000,000 shares owned by the Richard Leeds 2020 GRAT, 1,000,000\nshares owned by the Richard Leeds 2019 GRAT, and 1,263,265 shares owned by the Richard Leeds 2018 GRAT. Also, includes 1,838,583\nshares owned by a limited partnership of which Mr. Richard Leeds is a general partner, 100 shares owned by the general partner of the\naforementioned limited partnership, 235,850 shares owned by a limited partnership of which a limited liability company controlled by Mr.\nRichard Leeds is the general partner, 7,981,756 shares owned by trusts for the benefit of his brothers\u2019 children for which Mr. Richard Leeds\nacts as co-trustee, 519,800 shares owned by a limited partnership in which Mr. Richard Leeds has an indirect pecuniary interest, and\n10,000 shares owned by trusts for the benefits of other family members for which Mr. Richard Leeds acts as co-trustee.\n(3) Includes 1,007,661 shares owned by Mr. Bruce Leeds directly, 1,000,000 shares owned by the Bruce Leeds 2020 GRAT, 1,000,000 shares\nowned by the Bruce Leeds 2019 GRAT, and 581,633 shares owned by the Bruce Leeds 2018 GRAT. Also, includes 1,838,583 shares\nowned by a limited partnership of which Mr. Bruce Leeds is a general partner, 100 shares owned by the general partner of the aforementioned\nlimited partnership, 7,728,313 shares owned by trusts for the benefit of his brothers\u2019 children for which Mr. Bruce Leeds acts as co-trustee,\n519,800 shares owned by a limited partnership in which Mr. Bruce Leeds has an indirect pecuniary interest, and 10,000 shares owned by\ntrusts for the benefits of other family members for which Mr. Richard Leeds acts as co-trustee.\n(4) Includes 16,429 shares owned by Mr. Robert Leeds directly, 1,000,000 shares owned by the Robert Leeds 2020 GRAT, 1,500,000 shares\nowned by the Robert Leeds 2019 GRAT, and 741,817 shares owned by the Robert Leeds 2018 GRAT. Also, includes 1,838,583 shares\nowned by a limited partnership of which Mr. Robert Leeds is a general partner, 100 shares owned by the general partner of the aforementioned\nlimited partnership, 7,397,263 shares owned by trusts for the benefit of his brothers\u2019 children for which Mr. Robert Leeds acts as co-trustee\nand 519,800 shares owned by a limited partnership in which Mr. Robert Leeds has an indirect pecuniary interest.\n(5) Includes 1,000 shares held by Mr. Reinhold's spouse, of which Mr. Reinhold disclaims beneficial ownership.\n\nName of Beneficial Owner | Shares of Common Stock (a) | Restricted Stock Units Vesting within 60 days | Stock Options currently exercisable or becoming exercisable within 60 days (1) | Percent of Common Stock\n---------------------------------------------------------------- | -------------------------- | --------------------------------------------- | ------------------------------------------------------------------------------ | -----------------------\nRichard Leeds (2) | 14,526,816 | - | - | 38% \nBruce Leeds (3) | 13,686,090 | - | - | 36% \nRobert Leeds (4) | 13,013,992 | - | - | 34% \nBarry Litwin | 5,098 | 1,259 | - | * \nRobert D. Rosenthal | 69,401 | 1,259 | 10,000 | * \nChad M. Lindbloom | 680 | 1,259 | - | * \nPaul S. Pearlman | - | 849 | - | * \nLawrence Reinhold | 159,344 (5) | 849 | - | * \nThomas Clark | 18,233 | - | 53,737 | * \nRobert Dooley | 70,264 | - | 45,348 | * \nEric Lerner | 4,147 | - | 18,750 | * \nManoj Shetty | 2,922 | - | 51,063 | * \nAll of our current directors and executive officers (16 persons) | 25,181,435 | 5,475 | 196,496 | 67% "} {"_id": "d1b305c90", "title": "", "text": "AMERICAN TOWER CORPORATION AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Tabular amounts in millions, unless otherwise disclosed)\nInformation about receivables, contract assets and contract liabilities from contracts with tenants is as follows:\n(1) Prior-period amounts adjusted with the adoption of the new lease accounting guidance, as applicable.\n(2) Excludes $56.7 million and $55.0 million of capital contributions related to DAS networks as of December 31, 2019 and 2018, respectively.\n(3) Excludes $300.2 million and $313.6 million of capital contributions related to DAS networks as of December 31, 2019 and 2018, respectively.\nThe Company records unearned revenue when payments are received from tenants in advance of the completion of the Company\u2019s performance obligations. Long-term unearned revenue is included in Other non-current liabilities. During the year ended December 31, 2019, the Company recognized $62.2 million of revenue that was included in the Unearned revenue balance as of December 31, 2018.\u00a0During the year ended December 31, 2018, the Company recognized $44.4 million of revenue that was included in the Unearned revenue balance as of January 1, 2018. The Company also recognized revenues of $59.2 million and $55.4 million during the years ended December 31, 2019 and December 31, 2018, respectively, for capital contributions related to DAS networks. There was $0.4 million of revenue recognized from Other non-current liabilities during each of the years ended December 31, 2019 and 2018. $59.2 million and $55.4 million during the years ended December 31, 2019 and December 31, 2018, respectively, for capital contributions related to DAS networks. There was $0.4 million of revenue recognized from Other non-current liabilities during each of the years ended December 31, 2019 and 2018.\n$59.2 million and $55.4 million during the years ended December 31, 2019 and December 31, 2018, respectively, for capital\ncontributions related to DAS networks. There was $0.4 million of revenue recognized from Other non-current liabilities during\neach of the years ended December 31, 2019 and 2018.\n\n | December 31, 2019 | December 31, 2018 (1)\n--------------------------------------------- | ----------------- | ---------------------\nAccounts receivable | $80.5 | $92.6 \nPrepaids and other current assets | 8.3 | 7.7 \nNotes receivable and other non-current assets | 21.3 | 22.2 \nUnearned revenue (2) | 35.0 | 35.0 \nOther non-current liabilities (3) | 79.0 | 54.1 "} {"_id": "d1b34baf6", "title": "", "text": "2016 Collective Bargaining Negotiations\nDuring 2016, we adopted changes to our defined benefit pension plans and other postretirement benefit plans to reflect the agreed upon terms and conditions of the collective bargaining agreements ratified in June 2016. The impact includes a net increase to Accumulated other comprehensive income of $2.9 billion (net of taxes of $1.8 billion).\nThe amount recorded in Accumulated other comprehensive income will be reclassified to net periodic benefit cost on a straight-line basis over the average remaining service period of the respective plans\u2019 participants, which, on a weighted-average basis, is 12.2 years for defined benefit pension plans and 7.8 years for other postretirement benefit plans.\nThe above-noted reclassification resulted in a decrease to net periodic benefit cost and increase to pre-tax income of approximately $658 million during 2019, 2018 and 2017, respectively. Information for pension plans with an accumulated benefit obligation in excess of plan assets follows:\nInformation for pension plans with an accumulated benefit obligation in excess of plan assets follows:\n\n | | (dollars in millions)\n------------------------------ | -------- | ---------------------\nAt December 31, | 2019 | 2018 \nProjected benefit obligation | $ 21,190 | $ 19,510 \nAccumulated benefit obligation | 21,134 | 19,461 \nFair value of plan assets | 19,388 | 17,757 "} {"_id": "d1b3a487c", "title": "", "text": "Due To/From Related Parties, Net\nAmounts due to and from related parties, net as of the periods presented consisted of the following (table in millions):\n(1) Includes an immaterial amount related to our current operating lease liabilities due to related parties as of January 31, 2020.\nWe also recognized an immaterial amount related to non-current operating lease liabilities due to related parties. This amount has been included in operating lease liabilities on the consolidated balance sheet as of January 31, 2020.\nAmounts included in due from related parties, net, excluding DFS and tax obligations, includes the current portion of amounts due to and due from related parties. Amounts included in due from related parties, net are generally settled in cash within 60 days of each quarter-end.\n\n | January 31, 2020 | February 1, 2019\n-------------------------------------- | ---------------- | ----------------\nDue from related parties, current | $1,618 | $1,248 \nDue to related parties, current(1) | 161 | 158 \nDue from related parties, net, current | $1,457 | $1,090 "} {"_id": "d1b3719ae", "title": "", "text": "ADVANCED ENERGY INDUSTRIES, INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS \u2013 (continued) (in thousands, except per share amounts)\nWe have established an allowance for doubtful accounts based upon factors surrounding the credit risk of specific customers, historical trends, and other information.\nAccounts Receivable and Allowance for Doubtful Accounts \u2014 Accounts receivable are recorded at net realizable value. We maintain a credit approval process and we make significant judgments in connection with assessing our customers\u2019 ability to pay. Despite this assessment, from time to time, our customers are unable to meet their payment obligations. We continuously monitor our customers\u2019 credit worthiness and use our judgment in establishing a provision for estimated credit losses based upon our historical experience and any specific customer collection issues that we have identified. While such credit losses have historically been within our expectations and the provisions established, there is no assurance that we will continue to experience the same credit loss rates that we have in the past. For example, in the fourth quarter, we increased our allowance for doubtful accounts by $4.2 million relating to a customer exposure in China resulting from economic softness and funding delays causing uncertainty in large program timing which uncertainty is now exacerbated by the spreading Coronavirus. A significant change in the liquidity or financial position of our customers could have a material adverse impact on the collectability of accounts receivable and our future operating results.\nChanges in allowance for doubtful accounts are summarized as follows:\n\n | Years Ended December 31, | \n------------------------------------------ | ------------------------ | ------\n | 2019 | 2018 \nBalances at beginning of period | $1,856 | $1,748\nAdditions from acquisition | 1,884 | 416 \nAdditions - charged to expense | 4,207 | 109 \nDeductions - write-offs, net of recoveries | (202) | (417) \nBalances at end of period | $7,745 | $1,856"} {"_id": "d1b364ee8", "title": "", "text": "Year ended December 31, 2019 compared with the year ended December 31, 2018:\nRevenue in 2019 is derived from license agreements that we entered into with third-parties following negotiations pursuant to our patent licensing and enforcement program. The revenue decrease is primarily due to timing of revenues, as further described in \"Item 1. Business\" - \"Licensing and Enforcement - Current Activities, Post 2013\".\nCost of revenues includes contingent legal fees directly associated with our licensing and enforcement programs. Cost of revenues primarily decreased in proportion to the decrease in revenues.\nOperating expenses consists of sales and marketing, general and administrative, and research and development. Selling, general and administrative expenses (\"SG&A\") consisted primarily of legal fees incurred in operations and employee headcount related expenses. These comprise approximately 60% of total SG&A expense. Litigation expenses increased $3.0 million to $19.4 million in 2019 compared to 2018 and are primarily due to the timing of various outstanding litigation actions. See \"Item 3. Legal Proceedings\". Employee headcount related expenses decreased $2.0 million to $3.6 million in 2019 compared to 2018, primarily due to lower incentive bonuses.\nResearch and development expense remained flat between years.\nOther expense decreased in 2019 as we no longer have exposure from the warrant liability, and included $0.7 million related to the sale of our investment in JVP, offset by $0.3 million of net interest income.\nIncome tax provision (benefit) is primarily a function of income (loss) before income, state income tax expense (benefit) and federal benefit of foreign derived intangible tax benefit related to 2018.\n\nFor the Years Ended December 31, | | | | \n----------------------------------- | ------- | ----- | ------- | --------\n | 2019 | 2018 | Change | % Change\n(In millions, except percentages) | | | | \nRevenues | $13.2 | $82.3 | $(69.1) | (84)% \nCost of revenues | 1.9 | 15.3 | (13.4) | (88)% \nGross profit | 11.3 | 67.0 | (55.7) | (83)% \nGross margin | 86 % | 81 % | | \nOperating expenses: | | | | \nSelling, general and administrative | 31.7 | 32.2 | (0.5) | (2)% \nResearch and development | 2.0 | 2.1 | (0.1) | (5)% \nTotal operating expenses | 33.7 | 34.3 | (0.6) | (2)% \nOther expense | (0.3) | (4.0) | 3.7 | (93)% \nIncome (loss) before income taxes | (22.7) | 28.7 | (51.4) | (179)% \nIncome tax provision (benefit) | (6.2) | 8.0 | (14.2) | (178)% \nNet income (loss) | $(16.5) | $20.7 | $(37.2) | (180)% "} {"_id": "d1b3c230e", "title": "", "text": "Impairment of Goodwill\nWe recorded a goodwill impairment charge of $1.9 million in the fourth quarter of 2019, reducing the goodwill balance to zero at that time. We also recorded a goodwill impairment charge of $14.7 million in the third quarter of 2018. Refer to Note 2 and Note 6 of the accompanying consolidated financial statements for additional information on these goodwill impairment charges.\n\n | Years Ended December 31, | | Change | \n------------------------ | ------------------------ | ---------------------- | --------- | -----\n | 2019 | 2018 | $ | % \n | | (dollars in thousands) | | \nImpairment of goodwill | $1,910 | $14,740 | $(12,830) | (87%)\nPercent of revenues, net | 4% | 26% | | "} {"_id": "d1b347398", "title": "", "text": "6. Other Balance Sheet Account Details\nAllowance for Doubtful Accounts\nThe following table presents the changes in the allowance for doubtful accounts (in thousands):\n\n | December 31, 2019 | December 31, 2018\n-------------------------------------------------- | ----------------- | -----------------\nAllowance for doubtful accounts, beginning balance | $319 | $983 \nIncrease (decrease) of provision | (72) | (26) \nWrite-offs | (195) | (638) \nAllowance for doubtful accounts, ending balance | $52 | $319 "} {"_id": "d1b33c5ce", "title": "", "text": "Constant underlying earnings per share\nConstant underlying earnings per share (constant underlying EPS) is calculated as underlying profit attributable to shareholders\u2019 equity at constant exchange rates and excluding the impact of both translational hedges and price growth in excess of 26% per year in hyperinflationary economies divided by the diluted average number of ordinary share units. This measure reflects the underlying earnings for each ordinary share unit of the Group in constant exchange rates.\nThe reconciliation of underlying profit attributable to shareholders\u2019 equity to constant underlying earnings attributable to shareholders\u2019 equity and the calculation of constant underlying EPS is as follows:\n(a) Restated following adoption of IFRS 16. See note 1 and note 24 for further details.\n(b) See note 7.\n(c) See pages 28 and 29 for further details.\n\n | \u20ac million | \u20ac million \n-------------------------------------------------------------------------------------- | --------- | -------------\n | 2019 | 2018 \n | | (Restated)(a)\nUnderlying profit attributable to shareholders\u2019 equity(b) | 6,688 | 6,345 \nImpact of translation from current to constant exchange rates and translational hedges | 13 | 46 \nImpact of price growth in excess of 26% per year in hyperinflationary economies(c) | (108) | (10) \nConstant underlying earnings attributable to shareholders\u2019 equity | 6,593 | 6,381 \nDiluted combined average number of share units (millions of units) | 2,626.7 | 2,694.8 \nConstant underlying EPS (\u20ac) | 2.51 | 2.37 "} {"_id": "d1b3a06aa", "title": "", "text": "Share buybacks\nOn 28 January 2019, Vodafone announced the commencement of a new irrevocable and non-discretionary share buy-back programme. The sole purpose of the programme was to reduce the issued share capital of Vodafone and thereby avoid any change in Vodafone\u2019s issued share capital as a result of the maturing of the second tranche of the mandatory convertible bond (\u2018MCB\u2019) in February 2019.\nIn order to satisfy the second tranche of the MCB, 799.1 of million shares were reissued from treasury shares on 25 February 2019 at a conversion price of \u00a31.8021. This reflected the conversion price at issue (\u00a32.1730) adjusted for the pound sterling equivalent of aggregate dividends paid from August 2016 to February 2019.\nThe share buyback programme started in February 2019 and is expected to complete by 20 May 2019. Details of the shares purchased under the programme, including those purchased under irrevocable instructions, are shown below.\n\n | Number of shares purchased | Average price paid per share inclusive of transaction costs | Total number of shares purchased under publicly announced share buyback programme | Maximum number of shares that may yet be purchased under the programme\n---------------------- | -------------------------- | ----------------------------------------------------------- | --------------------------------------------------------------------------------- | ----------------------------------------------------------------------\nDate of share purchase | 000s | Pence | 000s | 000s \nFebruary 2019 | 14,529 | 135.17 | 14,529 | 784,539 \nMarch 2019 | 305,099 | 140.56 | 319,628 | 479,440 \nApril 2019 | 290,570 | 142.20 | 610,198 | 188,870 \nMay 2019 (to date) | 116,228 | 140.11 | 726,426 | 72,642 \nTotal | 726,426 | 141.04 | 726,426 | 72,642 "} {"_id": "d1b328920", "title": "", "text": "The long-term rate of return assumption represents the expected average rate of earnings on the funds invested or to be invested to provide for the benefits included in the benefit obligations. That assumption is determined based on a number of factors, including historical market index returns, the anticipated long-term asset allocation of the plans, historical plan return data, plan expenses, and the potential to outperform market index returns.\nWe have the responsibility to formulate the investment policies and strategies for the plans\u2019 assets. Our overall policies and strategies include: maintain the highest possible return commensurate with the level of assumed risk, and preserve benefit security for the plans\u2019 participants.\nWe do not direct the day-to-day operations and selection process of individual securities and investments and, accordingly, we have retained the professional services of investment management organizations to fulfill those tasks. The investment management organizations have investment discretion over the assets placed under their management. We provide each investment manager with specific investment guidelines by asset class.\n\n | | Years Ended September 30, | \n---------------------------------------------------------------------------------------------------------- | ---- | ------------------------- | ----\n | 2019 | 2018 | 2017\nWeighted-average assumptions used to determine benefit obligation at September 30: | | | \nDiscount rate | 2.5% | 3.6% | 3.3%\nRate of compensation increase | 3.1% | 3.3% | 3.2%\nWeighted-average assumptions used to determine net periodic benefit cost for the years ended September 30: | | | \nDiscount rate | 3.6% | 3.3% | 3.0%\nExpected return on plan assets | 5.7% | 6.8% | 6.8%\nRate of compensation increase | 3.3% | 3.2% | 3.1%"} {"_id": "d1b399b34", "title": "", "text": "A segment-level summary of the goodwill allocation is presented below.\nThe recoverable amount of the group\u2019s intangible assets has been assessed based on value-in-use calculations. The value in use is calculated using a discounted cash flow methodology covering a four year period plus terminal value.\nCash flow forecasts\u00a0\n\nCash flow forecasts are post-tax and based on the most recent financial projections covering a maximum of five years. Financial projections are based on assumptions that represent management\u2019s best estimates.\nRevenue growth rates\u00a0\n\nRevenue growth rates used are based on management\u2019s latest four-year plan. Four-year growth rates averaged between 8.8% to 12.1% for these CGUs (Board & Systems - Americas 8.8%, Board & Systems - EMEA 12.1% and Parts Analytics and Search 11.8%). Sensitivity testing was performed on these CGUs and a reasonably possible decline in these rates would not cause the carrying value of any of these CGUs to exceed its recoverable amount.\nTerminal value\u00a0\n\nThe terminal value calculated after year four is determined using the perpetual growth model, having regard to the weighted average cost of capital (WACC) and terminal growth factor appropriate to each CGU. Terminal growth rates used in the financial projections was 2.0%.\nDiscount rates\u00a0\n\nDiscount rates used are WACC and include a premium for market risks appropriate to each country in which the CGU operates. WACCs averaged 8.9% (Board & Systems - Americas 9.1%, Board & Systems - EMEA 8.6% and Parts Analytics and Search 9.1%).\nSensitivity\u00a0 Any reasonable change to the above key assumptions would not cause the carrying value of any of the remaining CGU\u2019s to materially exceed its recoverable amount.\nAccounting policy for intangible assets\nGoodwill\u00a0\n\nGoodwill arises on the acquisition of a business. Goodwill is not amortised. Instead, goodwill is tested annually for impairment, or more frequently if events or changes in circumstances indicate that it might be impaired, and is carried at cost less accumulated impairment losses. Impairment losses on goodwill are taken to profit or loss and are not subsequently reversed.\nIntellectual property\u00a0\n\nSignificant costs associated with intellectual property are deferred and amortised on a straight-line basis over the period of their expected benefit, being their finite life of 5 to 10 years.\nCustomer relationships\u00a0\n\nCustomer relationships acquired in a business combination are amortised on a straight-line basis over the period of their expected benefit, being their finite life of 10 to 15 years.\nSoftware intangibles\u00a0\n\nSoftware intangibles arise from costs associated with the direct development and implementation on an internal project on new and existing software utilised by the group which demonstrates the technical feasibility of providing future economic benefits and amortised on a straight-line basis over the period of their expected benefit, being their finite life of 2 to 5 years.\nAccounting policy for intangible assets\n\n | Consolidated | \n-------------------------- | ------------ | ------\n | 2019 | 2018 \n | US$000 | US$000\nGoodwill | | \nBoard & Systems - Americas | 10,672 | 8,324 \nBoard & Systems - EMEA | 5,383 | 5,383 \nParts Analytics and Search | 13,444 | 13,444\nTotal | 29,499 | 27,151"} {"_id": "d1b31e7a4", "title": "", "text": "Disaggregated Revenue\nThe Company has disaggregated revenue from contracts with customers into categories which depict how the nature, amount, timing and uncertainty of revenue and cash flows are affected by economic factors. Consequently, the disaggregation below is based on contract type.\nSince the terms within these contract types are generally standard in nature, the Company does not believe that further disaggregation would result in increased insight into the economic factors impacting revenue and cash flows.\nThe following table shows the Company's shipping revenues disaggregated by nature of the charter arrangement for the years ended December 31, 2019 and 2018:\n(1) Voyage charter revenues include approximately $10,152 and $7,600 of revenue related to short-term time charter contracts for the years ended December 31, 2019 and 2018, respectively.\n\n | Years Ended December 31, | \n----------------------------------- | ------------------------ | --------\n | 2019 | 2018 \nTime and bareboat charter revenues | $263,683 | $213,923\nVoyage charter revenues(1) | 33,275 | 83,542 \nContracts of affreightment revenues | 58,589 | 68,698 \nTotal shipping revenues | $355,547 | $366,163"} {"_id": "d1b35e44e", "title": "", "text": "Opening Balance Sheet Adjustment on January 1, 2018\nAs a result of applying the modified retrospective method to adopt ASC 606, the following amounts on our Consolidated Balance Sheet were adjusted as of January 1, 2018 to reflect the cumulative effect adjustment to the opening balance of Retained earnings (in millions):\n\n | As reported December 31, 2017 | Adjustments for ASC 606 adoption | Adjusted January 1, 2018\n----------------------------------------- | ----------------------------- | -------------------------------- | ------------------------\nTrade receivables, net | $201.8 | $(6.2) | $195.6 \nPrepaid expenses and other current assets | 44.6 | 11.8 | 56.4 \nReceivables from related parties | 18.1 | (3.7) | 14.4 \nComputer software, net | 416.8 | 1.8 | 418.6 \nDeferred contract costs, net | 136.1 | 13.3 | 149.4 \nOther non-current assets | 104.0 | 3.3 | 107.3 \nTotal assets | 3,655.9 | 20.3 | 3,676.2 \nDeferred revenues (current) | 59.6 | (1.9) | 57.7 \nDeferred revenues (non-current) | 100.7 | 6.8 | 107.5 \nDeferred income taxes | 224.6 | 4.2 | 228.8 \nTotal liabilities | 1,947.1 | 9.1 | 1,956.2 \nRetained earnings | 201.4 | 11.2 | 212.6 \nTotal equity | 1,708.8 | 11.2 | 1,720.0 \nTotal liabilities and equity | 3,655.9 | 20.3 | 3,676.2 "} {"_id": "d1b31111c", "title": "", "text": "VI. REMUNERATION OF DIRECTORS AND KEY MANAGERIAL PERSONNEL\nA. Remuneration to Managing Director, Whole-time Directors and / or Manager:\n\n | | | (` lakh) \n------------------------------------------------------------------------------------------------- | --------------------------------------------------------------- | ---------------------------------------------------------------------- | ------------\nParticulars of Remuneration | Name of MD/WTD/Manager | | \n | Rajesh Gopinathan Chief Executive Officer and Managing Director | N Ganapathy Subramaniam Chief Operating Officer and Executive Director | Total Amount\nGross salary | | | \n(a) Salary as per provisions contained in Section 17(1) of the Income-tax Act, 1961 | 115.74 | 109.02 | 224.76 \n(b) Value of perquisites u/s 17(2) of the Income-tax Act, 1961 | 126.76 | 13.30 | 140.06 \n(c) Profits in lieu of salary under Section 17(3) of the Income-tax Act, 1961 | - | - | - \n2. Stock Option | - | - | - \n3.Sweat Equity | - | - | - \n4.Commission | 1,300.00 | 900.00 | 2,200.00 \nas % of profit | 0.03 | 0.02 | 0.05 \n5.Others, Allowances | 60.35 | 138.76 | 199.11 \nTotal (A) | 1,602.85 | 1,161.08 | 2,763.93 \nCeiling as per the Act (@ 10% of profits calculated under Section 198 of the Companies Act, 2013) | | | 404,348.06 "} {"_id": "d1b365708", "title": "", "text": "Ernst & Young LLP\nErnst & Young LLP fees incurred by us for fiscal 2018 and 2019 were as follows:\nAudit Fees: Audit fees for fiscal 2018 and 2019 were for professional services rendered in connection with audits of our consolidated financial statements, statutory audits of our subsidiary companies, quarterly reviews, and assistance with documents that we filed with the SEC (including our Forms 10-Q and 8-K) for periods covering fiscal 2018 and 2019.\nAudit-Related Fees: Audit-related fees for 2018 and 2019 were for professional services rendered in connection with consultations with management on various accounting matters, including audit of financial\nstatements of a carve-out entity and sell-side due diligence with respect to our previously announced Spin-Off.\nTax Fees: Tax fees for 2018 and 2019 were for tax compliance and consulting services.\nAll Other Fees: Other fees in 2018 and 2019 were for access to technical accounting services.\n\nServices | 2018 ($) | 2019 ($) \n------------------ | --------- | ----------\nAudit Fees | 5,859,755 | 5,024,093 \nAudit-Related Fees | 137,420 | 3,178,737 \nTax Fees | 1,440,168 | 2,346,879 \nAll Other Fees | 11,200 | 10,955 \nTotal | 7,448,544 | 10,560,664"} {"_id": "d1b300c2c", "title": "", "text": "INCOME TAX EXPENSE\nBelow is a summary of the difference between income tax expense computed by applying the statutory income tax rate to income before income tax expense and the actual income tax expense for the year.\nOur effective income tax rate this year was 25.8% compared to 26.9% for 2018. The effective income tax rate for 2019 was lower than the statutory tax rate primarily as a result of a reduction to the Alberta corporate income tax rate over a four-year period.\nCash income taxes paid increased this year primarily as a result of the timing of installment payments.\n\n | Years ended December31 | \n--------------------------------------------------------- | ---------------------- | -----\n(In millions of dollars, except tax rates) | 2019 | 2018 \nStatutory income tax rate | 26.7% | 26.7%\nIncome before income tax expense | 2,755 | 2,817\nComputed income tax expense | 736 | 752 \nIncrease (decrease) in income tax expense resulting from: | | \nNon-deductible stock-based compensation | \u2013 | 5 \nNon-deductible portion of equity losses | 7 | 1 \nIncome tax adjustment, legislative tax change | (23) | - \nNon-taxable portion of capital gains | (2) | (9) \nOther items | (6) | 9 \nTotal income tax expense | 712 | 758 \nEffective income tax rate | 25.8% | 26.9%\nCash income taxes paid | 400 | 370 "} {"_id": "d1b3b553c", "title": "", "text": "Restructuring costs \u2014 Restructuring charges include costs resulting from the exploration of strategic alternatives (the \u201cStrategic Alternatives Evaluation\u201d) in 2019, and a plan that management initiated to reduce our general and administrative costs. Restructuring charges in 2018 also include costs related to the evaluation of potential alternatives with respect to the Qdoba brand (the \u201cQdoba Evaluation\u201d), which resulted in the Qdoba Sale. Refer to Note 10, Discontinued Operations, for information regarding the Qdoba Sale.\nThe following is a summary of the costs incurred in connection with these activities during each fiscal year ( in thousands):\n(1) \u00a0Strategic Alternative Evaluation costs are primarily related to third party advisory services.\n(2) \u00a0Qdoba Evaluation consulting costs are primarily related to third party advisory services and retention compensation.\n\n | 2019 | 2018 | 2017 \n------------------------------------- | ------ | ------- | ------\nEmployee severance and related costs | $7,169 | $7,845 | $724 \nStrategic Alternatives Evaluation (1) | 1,286 | \u2014 | \u2014 \nQdoba Evaluation (2) | \u2014 | 2,211 | 2,592 \nOther | \u2014 | 591 | 315 \n | $8,455 | $10,647 | $3,631"} {"_id": "d1a72dc10", "title": "", "text": "Computer Equipment, Software, Furniture, and Leasehold Improvements, Net\nComputer equipment, software, and furniture are depreciated using the straight-line method over the estimated useful lives of the assets, which range from three to five years. Leasehold improvements are amortized on a straight-line basis over the shorter of their estimated useful lives or the lease term. Depreciation expense was $59.2 million in fiscal 2019, $67.6 million in fiscal 2018, and $73.1 million in fiscal 2017\nComputer equipment, software, furniture, leasehold improvements and the related accumulated depreciation at January 31 were as follows:\nCosts incurred for computer software developed or obtained for internal use are capitalized for application development activities, if material, and immediately expensed for preliminary project activities and post-implementation activities. These capitalized costs are amortized over the software\u2019s expected useful life, which is generally three years.\n\n | 2019 | 2018 \n-------------------------------------------------------------------------------------- | ------- | -------\nComputer hardware, at cost | $190.2 | $217.1 \nComputer software, at cost | 66.7 | 72.6 \nLeasehold improvements, land and buildings, at cost | 247.8 | 228.9 \nFurniture and equipment, at cost | 67.2 | 63.4 \nComputer software, hardware, leasehold improvements, furniture, and equipment, at cost | 571.9 | 582.0 \nLess: Accumulated depreciation | (422.2) | (437.0)\nComputer software, hardware, leasehold improvements, furniture, and equipment, net | $149.7 | $145.0 "} {"_id": "d1b33472a", "title": "", "text": "11. Share-Based Compensation\nAs of March 31, 2019, the Company has four share-based compensation plans and an employee share purchase plan. Prior to the Company\u2019s initial public offering (IPO) in November 2015, the Company granted share-based awards under three share option plans, which were the Mimecast Limited 2007 Key Employee Share Option Plan (the 2007 Plan), the Mimecast Limited 2010 EMI Share Option Scheme (the 2010 Plan), and the Mimecast Limited Approved Share Option Plan (the Approved Plan) (the 2007 Plan, the 2010 Plan and the Approved Plan, collectively, the Historical Plans).\nUpon the closing of the IPO, the Mimecast Limited 2015 Share Option and Incentive Plan (the 2015 Plan) and the 2015 Employee Share Purchase Plan (the ESPP) became effective. Subsequent to the IPO, grants of share-based awards have been made under the 2015 Plan and no further grants under the Historical Plans are permitted.\nThe 2015 Plan allows the compensation committee to make equity-based incentive awards to our officers, employees, non-employee directors and consultants. Initially a total of 5.5 million ordinary shares were reserved for the issuance of awards under the 2015 Plan. This number is subject to adjustment in the event of a share split, share dividend or other change in our capitalization.\nThe 2015 Plan provides that the number of shares reserved and available for issuance under the plan will automatically increase each January 1st by 5% of the outstanding number of ordinary shares on the immediately preceding December 31 or such lesser number of shares as determined by the board of directors.\nUnder the 2015 Plan, the share option price may not be less than the fair market value of the ordinary shares on the date of grant and the term of each share option may not exceed 10 years from the date of grant. Share options typically vest over 4 years, but vesting provisions can vary based on the discretion of the board of directors.\nThe Company settles share option exercises under the 2015 Plan through newly issued shares. The Company\u2019s ordinary shares underlying any awards that are forfeited, canceled, withheld upon exercise of an option, or settlement of an award to cover the exercise price or tax withholding, or otherwise terminated other than by exercise will be added back to the shares available for issuance under the 2015 Plan.\nInitially, a total of 1.1 million shares of the Company's ordinary shares were reserved for future issuance under the ESPP. This number is subject to change in the event of a share split, share dividend or other change in capitalization. The ESPP may be terminated or amended by the board of directors at any time.\nThe ESPP permits eligible employees to purchase shares by authorizing payroll deductions from 1% to 10% of his or her eligible compensation during an offering period, a duration of six months. Unless an employee has previously withdrawn from the offering, his or her accumulated payroll deductions will be used to purchase shares on the last day of the offering period at a price equal to 85% of the fair market value of the shares on the first business day or last business day of the offering period, whichever is lower.\nShare-based compensation expense recognized under the 2015 Plan, Historical Plans and ESPP in the accompanying consolidated statements of operations was as follows:\nIn certain situations, the board of directors has approved modifications to employee share option agreements, including acceleration of vesting or the removal of exercise restrictions for share options for which the service-based vesting has been satisfied, which resulted in additional share-based compensation expense. The total modification expense in the years ended March 31, 2019, 2018 and 2017 was $3.2 million, $0.5 million and $3.0 million, respectively.\n\n | | Year ended March 31, | \n-------------------------------------- | ------- | -------------------- | -------\n | 2019 | 2018 | 2017 \nCost of revenue | $1,684 | $1,053 | $1,353 \nResearch and development | 6,199 | 2,555 | 1,873 \nSales and marketing | 7,856 | 4,477 | 4,719 \nGeneral and administrative | 10,215 | 3,649 | 2,349 \nTotal share-based compensation expense | $25,954 | $11,734 | $10,294"} {"_id": "d1b34e29c", "title": "", "text": "Note 11: Property and Equipment\nProperty and equipment, net, consist of the following:\nDepreciation expense, including amortization of capital leases, during fiscal years 2019, 2018, and 2017, was $182.1 million, $165.2 million, and $152.3 million, respectively.\n\n | June 30, 2019 | June 24, 2018\n----------------------------------------------- | -------------- | -------------\n | (in thousands) | \nManufacturing and engineering equipment | $1,039,454 | $911,140 \nBuilding sand improvements | 664,061 | 530,032 \nComputer and computer-related equipment | 190,974 | 182,451 \nOffice equipment, furniture and fixtures | 82,115 | 66,378 \nLand | 46,155 | 46,155 \n | 2,022,759 | 1,736,156 \nLess: accumulated depreciation and amortization | (963,682) | (833,609) \n | $1,059,077 | $902,547 "} {"_id": "d1b32b440", "title": "", "text": "Note 10. Intangible Assets and Goodwill\nIntangible assets consist of the following (in millions):\n\n | | March 31, 2019 | \n----------------------------------- | ------------ | ------------------------ | ----------\n | Gross Amount | Accumulated Amortization | Net Amount\nCore and developed technology | $7,413.0 | $(1,112.9) | $6,300.1 \nCustomer-related | 917.1 | (544.0) | 373.1 \nIn-process research and development | 7.7 | \u2014 | 7.7 \nDistribution rights | 0.3 | (0.2) | 0.1 \nOther | 7.3 | (2.7) | 4.6 \nTotal | $8,345.4 | $(1,659.8) | $6,685.6 "} {"_id": "d1b3029aa", "title": "", "text": "FY19 EAIP Payout Results:\n(1) Calculated in FY19 plan exchange rates and excludes stock-based compensation expense, charges related to the amortization of intangible assets, restructuring, separation, transition and other related expenses, contract liabilities fair value adjustment, acquisition-related costs and certain litigation settlement gains.\n(2) Calculated in FY19 plan exchange rates and excludes contract liabilities fair value adjustment.\n\nWeighted Average Company Performance Funding | | | | | \n-------------------------------------------- | --------------------- | ----------------------- | --------------------- | --------------------- | -----------\nCompany Performance Metric | Target ($) (millions) | Threshold ($)(millions) | Actual ($) (millions) | Threshold Funding (%) | Funding (%)\nNon-GAAP Operating Income | 1,630 | 1,428 | 1,427(1) | 40 | 0.0 \nNon-GAAP Revenue | 4,943 | 4,760 | 4,804(2) | 40 | 71.2 \nFY19 Funding | . | . | . | . | 35.6 "} {"_id": "d1b3bb36a", "title": "", "text": "35 Related party transactions (continued)\nBalances outstanding between the Group and members of Peel at 31 December 2019 and 31 December 2018 are shown below:\nUnder the terms of the Group\u2019s acquisition of intu Trafford Centre from Peel in 2011, Peel has provided a guarantee in respect of Section 106 planning obligation liabilities at Barton Square which at 31 December 2019 totalled \u00a313.0 million (2018: \u00a312.4 million).\nThe net investment in finance leases above relate to three advertising services agreements related to digital screens with Peel Advertising Limited (a member of Peel) under which Peel will procure advertising on behalf of the Group. The minimum fixed payments in these agreements have been classified as a finance lease.\nDuring the year intu shareholders approved, at a General Meeting held on 31 May 2019, the sale to the Peel Group of a 30.96 acre site near intu Braehead known as King George V docks (West) and additional plots of adjacent ancillary land for cash consideration of \u00a36.1 million.\nOther transactions\nDuring the year, the Group sold a wholly owned subsidiary, which holds a plot of sundry land near intu Xanad\u00fa, to the intu Xanad\u00fa joint venture for consideration of \u00a38.6 million. Consideration includes cash consideration of \u00a34.3 million and a retained interest in the entity through the intu Xanad\u00fa joint venture. The cash flow statement records a net inflow of \u00a34.0 million comprising the cash consideration less cash in the business of \u00a30.3 million.\n\n\u00a3m | 2019 | 2018 \n------------------------------- | ----- | -----\nNet investment in finance lease | 0.8 | 1.2 \nAmounts owed by members of Peel | 0.3 | 0.3 \nAmounts owed to members of Peel | (0.1) | (0.1)"} {"_id": "d1b31e8d0", "title": "", "text": "DEVELOPMENT OF GROSS DOMESTIC PRODUCT IN IMPORTANT WORLD REGIONS AND GERMANY\nYear-on-year change in %\nReal GDP growth corrected for purchasing power. Source: Oxford Economics\n1 The previous year\u2019s figures may slightly deviate from the Annual Report 2017/18, since retrospective corrections are being made by the data provider.\n2 Outlook.\n\n | 20181 | 20192\n----------------------------- | ----- | -----\nWorld | 3.6 | 2.9 \nGermany | 1.5 | 0.6 \nWestern Europe (excl.Germany) | 1.9 | 1.3 \nRussia | 2.3 | 1.1 \nEastern Europe (excl.Russia) | 4.1 | 3.6 \nAsia | 5.6 | 4.9 "} {"_id": "d1b3ad8aa", "title": "", "text": "Stock option and stock appreciation right (SAR) activity under the Company's stock incentive plans in the three years ended March 31, 2019 is set forth below:\nThe total intrinsic value of options and SARs exercised during the years ended March 31, 2019, 2018 and 2017 was $8.3 million, $7.4 million and $9.6 million, respectively. This intrinsic value represents the difference between the fair market value of the Company's common stock on the date of exercise and the exercise price of each equity award.\nThe aggregate intrinsic value of options and SARs outstanding at March 31, 2019 was $14.9 million. The aggregate intrinsic value of options and SARS exercisable at March 31, 2019 was $14.8 million. The aggregate intrinsic values were calculated based on the closing price of the Company's common stock of $82.96 per share on March 29, 2019.\nAs of March 31, 2019 and March 31, 2018, the number of option and SAR shares exercisable was 278,591 and 224,022, respectively, and the weighted average exercise price per share was $30.03 and $29.96, respectively.\nThere were no stock options granted in the years ended March 31, 2019, 2018 and 2017\n\n | Number of Shares | Weighted Average Exercise Price per Share\n----------------------------- | ---------------- | -----------------------------------------\nOutstanding at March 31, 2016 | 913,508 | $33.00 \nExercised | (437,906) | 34.34 \nForfeited or expired | (42,485) | 34.26 \nOutstanding at March 31, 2017 | 433,117 | 31.51 \nExercised | (131,666) | 31.75 \nForfeited or expired | (17,111) | 34.73 \nOutstanding at March 31, 2018 | 284,340 | 31.21 \nAssumed upon acquisition | 141,751 | 25.86 \nExercised | (140,118) | 27.67 \nForfeited or expired | (4,091) | 39.62 \nOutstanding at March 31, 2019 | 281,882 | $30.16 "} {"_id": "d1b3813b8", "title": "", "text": "Restricted Stock Grants\u2014During 2019 and 2018, the Company granted 0.321 and 0.410 shares, respectively, of restricted stock to certain employee and director participants under its share-based compensation plans. Restricted stock grants generally vest over a period of 1 to 4 years. The Company recorded $72.5, $109.7 and $63.0 of compensation expense related to outstanding shares of restricted stock held by employees and directors during 2019, 2018 and 2017, respectively. In 2018, this expense included $29.4 associated with accelerated vesting due to the passing of our former executive chairman. A summary of the Company\u2019s nonvested shares activity for 2019 and 2018 is as follows:\nAt December 31, 2019, there was $77.9 of total unrecognized compensation expense related to nonvested awards granted to both employees and directors under the Company\u2019s share-based compensation plans. That cost is expected to be recognized over a weighted-average period of 1.8 years. Unrecognized compensation expense related to nonvested shares of restricted stock grants is recorded as a reduction to additional paid-in capital in stockholder\u2019s equity at December 31, 2019.\nEmployee Stock Purchase Plan\u2014During 2019, 2018 and 2017, participants of the ESPP purchased 0.021, 0.020 and 0.020 shares, respectively, of Roper\u2019s common stock for total consideration of $6.8, $5.4, and $4.2, respectively. All of these shares were purchased from Roper\u2019s treasury shares.\n\n | Number of shares | Weighted-average grant date fair value\n------------------------------ | ---------------- | --------------------------------------\nNonvested at December 31, 2017 | 0.859 | $ 187.01 \nGranted | 0.410 | 278.29 \nVested | (0.492) | 204.24 \nForfeited | (0.038) | 191.51 \nNonvested at December 31, 2018 | 0.739 | $ 225.93 \nGranted | 0.321 | 318.75 \nVested | (0.290) | 209.05 \nForfeited | (0.061) | 225.23 \nNonvested at December 31, 2019 | 0.709 | $ 275.00 "} {"_id": "d1b330f9e", "title": "", "text": "Other non-current assets\nOther non-current assets consisted of the following:\n* As adjusted to reflect the impact of the full retrospective adoption of IFRS 15. See Note 2 for further details.\nAs of June 30, 2019 and 2018, the Group had certificates of deposit and time deposits totaling $3.7 million and $3.7 million which were classified as long-term and were included in security deposits. Included in the Group\u2019s other non-current assets balance as of June 30, 2019 and 2018 were $7.1 million and $6.6 million respectively, of restricted cash used for commitments of standby letters of credit related to facility leases and were not available for the Group\u2019s use in its operations.\n\n | As of June 30, | \n-------------------------------- | --------------------- | ------------\n | 2019 | 2018 \n | (U.S. $ in thousands) | \n | | *As Adjusted\nMarketable equity securities | $58,932 | $\u2014 \nNon-marketable equity securities | 3,000 | \u2014 \nSecurity deposits | 5,010 | 5,248 \nOther | 9,703 | 8,218 \n | $76,645 | $13,466 "} {"_id": "d1a71e1e8", "title": "", "text": "Cash Flows\nOperating Activities: For 2019, cash provided by operating activities was due primarily to cash generated by our operations and the effect of working capital adjustments, which included a $2.43 billion decrease in receivables due to a lower level of net sales and a $1.53 billion increase in inventory due to higher levels of work in process and raw materials inventories.\nFor 2018, cash provided by operating activities was due primarily to cash generated by our operations and the effect of working capital adjustments, which included a $1.73 billion increase in receivables due to a higher level of net sales.\nFor 2017, cash provided by operating activities was due primarily to cash generated by our operations and the effect of working capital adjustments, which included a $1.65 billion increase in receivables due to a higher level of net sales, $361 million of payments attributed to intercompany balances in connection with the Inotera Acquisition, and a $456 million increase in accounts payable and accrued expenses.\nInvesting Activities: For 2019, net cash used for investing activities consisted primarily of $9.03 billion of expenditures for property, plant, and equipment (net of partner contributions) and $1.17 billion of net outflows from sales, maturities, and purchases of available-for-sale securities.\nFor 2018, net cash used for investing activities consisted primarily of $7.99 billion of expenditures for property, plant, and equipment (net of partner contributions), partially offset by $164 million of net inflows from sales, maturities, and purchases of available-for-sale securities.\nFor 2017, net cash used for investing activities consisted primarily of $4.73 billion of expenditures for property, plant, and equipment (net of partner contributions), $2.63 billion of net cash paid for the Inotera Acquisition (net of $361 million of payments attributed to intercompany balances with Inotera included in operating activities), and $269 million of net outflows from sales, maturities, and purchases of available-for-sale securities.\nFinancing Activities: For 2019, net cash used for financing activities consisted primarily of $2.66 billion for the acquisition of 67 million shares of treasury stock under our $10 billion share repurchase authorization and cash payments to reduce our debt, including $1.65 billion to settle conversions of notes, $728 million to prepay the 2022 Term Loan B, $316 million for IMFT member debt repayments, and $643 million for scheduled repayment of other notes and capital leases. Cash used for financing activities was partially offset by net proceeds of $3.53 billion from the aggregate issuance of the 2024 Notes, 2026 Notes, 2027 Notes, 2029 Notes, and 2030 Notes.\nFor 2018, net cash used for financing activities consisted primarily of cash payments to reduce our debt, including $9.42 billion to prepay or repurchase debt and settle conversions of notes and $774 million for scheduled repayment of other notes and capital leases. Cash used for financing activities was partially offset by net proceeds of $1.36 billion from the issuance of 34 million shares of our common stock for $41.00 per share in a public offering and $1.01 billion of proceeds from IMFT member debt.\nFor 2017, net cash provided by financing activities consisted primarily of $2.48 billion of net proceeds from the 2021 MSTW Term Loan, and $795 million of net proceeds from the 2021 MSAC Term Loan, partially offset by $1.63 billion to repurchase notes, repayments of $381 million of capital lease obligations, repayments of $550 million of other debt and convertible notes, and payments of $519 million on equipment purchase contracts.\nSee \"Item 8. Financial Statements and Supplementary Data \u2013 Notes to Consolidated Financial Statements \u2013 Debt.\"\n\nFor the year ended | 2019 | 2018 | 2017 \n------------------------------------------------------------------------------------------- | -------- | ------- | -------\nNet cash provided by operating activities | $13,189 | $17,400 | $8,153 \nNet cash provided by (used for) investing activities | (10,085) | (8,216) | (7,537)\nNet cash provided by (used for) financing activities | (2,438) | (7,776) | 349 \nEffect of changes in currency exchange rates on cash, cash equivalents, and restricted cash | 26 | (37) | (12) \nNet increase in cash, cash equivalents, and restricted cash | $692 | $1,371 | $953 "} {"_id": "d1a72b258", "title": "", "text": "Impairment test for goodwill\nGoodwill is allocated to the appropriate cash-generating unit (\u2018CGU\u2019) based on the smallest identifiable group of assets that generates cash inflows independently in relation to the specific goodwill. The recoverable amount of the CGU is determined from value-in-use calculations that use cash flow projections from the latest three-year plan. The carrying value of CGUs is the sum of goodwill, property, plant and equipment and intangibles and is as follows:\n\n | 2019 | (Restated) 2018\n------- | ----- | ---------------\n | \u00a3m | \u00a3m \nDigital | 327.6 | 342.6 \nWebzone | 6.6 | 6.9 \nTotal | 334.2 | 349.5 "} {"_id": "d1a717c44", "title": "", "text": "7. LOANS PAYABLE\nPlan B, a subsidiary of the Company, entered into a business loan agreement, prior to being acquired by the Company, with Tri Counties Bank dated March 14, 2014, in the original amount of $131 bearing interest at 4.95%. The loan agreement called for monthly payments of $2 and was scheduled to mature on March 14, 2019. Proceeds from the loan were used to purchase a pile driver and related equipment and is secured by the equipment. The loan was fully paid off during the year ended December 31, 2019.\nPlan B entered into a business loan agreement prior to being acquired by the Company, with Tri Counties Bank dated April 9, 2014, in the original amount of $250 bearing interest at 4.95%. The loan agreement calls for monthly payments of $5 and was scheduled to mature on April 9, 2019. Proceeds from the loan were used to purchase racking inventory and related equipment. The loan was secured by the inventory and equipment. The loan was fully paid off during the year ended December 31, 2019.\nOn January 5, 2016, the Company entered into a loan agreement for the acquisition of a pile driver in the principal amount of $182 bearing interest at 5.5%. The loan agreement calls for monthly payments of $4 and is scheduled to mature on January 15, 2020. The loan is secured by the equipment. The outstanding balance at December 31, 2019, is $4.\nOn September 8, 2016, the Company entered into a loan agreement for the acquisition of a pile driver in the principal amount of $174 bearing interest at 5.5%. The loan agreement calls for monthly payments of $4 and is scheduled to mature on September 15, 2020. The loan is secured by the equipment. The outstanding balance at December 31, 2019, is $36.\nOn November 14, 2016, the Company entered into a 0% interest loan agreement for the acquisition of an excavator in the principal amount of $59. The loan agreement calls for monthly payments of $1 and is scheduled to mature on November 13, 2020. The loan is secured by the equipment. The outstanding balance at December 31, 2019, is $13.\nOn December 23, 2016, the Company entered into a loan agreement for the acquisition of modular office systems and related furniture in the principal amount of $172 bearing interest at 4.99%. The loan agreement calls for 16 quarterly payments of $12 and is scheduled to mature in September 2020. The loan is secured by the equipment. The outstanding balance at December 31, 2019, is $35.\nAs of December 31, 2019 and 2018, loans payable are summarized as follows:\n\n | 2019 | 2018 \n-------------------------------------------- | ---- | -----\nBusiness loan agreement dated March 14, 2014 | - | 7 \nBusiness loan agreement dated April 9, 2014 | - | 19 \nEquipment notes payable | 88 | 241 \nSubtotal | 88 | 267 \nLess: Current position | (88) | (179)\nLong-term position | - | $88 "} {"_id": "d1b38301e", "title": "", "text": "DEBT DERIVATIVES\nWe use cross-currency interest rate agreements (debt derivatives) to manage risks from fluctuations in foreign exchange rates associated with our US dollar-denominated senior notes and debentures, lease liabilities, credit facility borrowings, and US CP borrowings. We designate the debt derivatives related to our senior notes and debentures and lease liabilities as hedges for accounting purposes against the foreign exchange risk associated with specific debt instruments. Debt derivatives related to our credit facility and US CP borrowings have not been designated as hedges for accounting purposes.\n1 Converting from a fixed US$ coupon rate to a weighted average Cdn$ fixed rate.\nSettlement of debt derivatives related to senior notes We did not settle any debt derivatives related to senior notes during 2019.\nIn April 2018, we settled the debt derivatives related to the repayment of the entire outstanding principal amount of our US$1.4 billion ($1.8 billion) 6.8% senior notes otherwise due in August 2018. See \u201cSources and Uses of Cash\u201d for more information.\n\n | | US$ | | Hedging effect | \n-------------------------------------------------------------- | -------------------------------- | ------------- | ----------- | ----------------------------------- | -----------------\n(In millions of dollars, except interest rates) Effective date | Principal/ Notional amount (US$) | Maturity date | Coupon rate | Fixed hedged (Cdn$) interest rate 1 | Equivalent (Cdn$)\n2019 issuances | | | | | \nApril 30, 2019 | 1,250 | 2049 | 4.350% | 4.173% | 1,676 \nNovember 12, 2019 | 1,000 | 2049 | 3.700% | 3.996% | 1,308 \n2018 issuances | | | | | \nFebruary 8, 2018 | 750 | 2048 | 4.300% | 4.193% | 938 "} {"_id": "d1b3b65b8", "title": "", "text": "The following table sets forth, for the periods indicated, our working capital:\nWorking Capital consists of current assets net of current liabilities. Working capital decreased $0.4 million to $12.3 million at December 31, 2019 compared with $12.7 million at December 31, 2018. The decrease was primarily a result of an increase of cash, accounts receivable, and inventory offset by an increase in accounts payable, accrued expenses and current operating lease liabilities.\nWe normally carry three to four weeks of finished goods inventory. The average duration of our accounts receivable is approximately 25 days.\nFor the year ended December 31, 2019 our capital resources consisted of primarily $9.5 million cash on hand and $33.0 million available under our credit facilities, net of $2.0 million reserved for two letters of credit. For the year ended December 31, 2018, our capital resources consisted primarily of $7.5 million cash on hand and $30.0 million available under our credit facilities. The Credit Facilities will mature in May 2024.\nWe borrowed $72.3 million under our credit facilities during 2019, of which $18.5 million was repaid prior to the end of the year. As of December 31, 2019, we had $54.5 million of debt outstanding (including $0.7 million of debt issuance costs) under our credit facilities. There was no debt outstanding under the credit facilities as of December 31, 2018.\n\n | For the Twelve Months Ended December 31, | \n----------------------------------------------------------- | ---------------------------------------- | -------\n | 2019 | 2018 \n | (Dollars in thousands) | \nCash and cash equivalents | 9,472 | 7,554 \nAccounts receivable, net of allowance for doubtful accounts | 18,581 | 12,327 \nInventories, net | 12,542 | 9,317 \nPrepaid expenses | 3,276 | 1,078 \nOther current assets | 10,453 | 682 \nAccounts payable | (18,668) | (9,166)\nAccrued expenses | (22,133) | (9,051)\nCurrent operating lease liabilities | (1,185) | \u2014 \nTotal Working Capital | $12,338 | $12,741"} {"_id": "d1b384bc6", "title": "", "text": "The following highlights net sales by geographic location (amounts in thousands):\n(1) Revenues are attributed to countries or regions based on the location of the customer. Net Sales to one customer, TTI, Inc., exceeded 10% of total net sales as follows: $184.3 million, $133.5 million and $104.4 million in fiscal years 2019, 2018 and 2017, respectively.\n(2) No country included in this caption exceeded 3% of consolidated net sales for fiscal years 2019, 2018 and 2017.\n(3) Fiscal years ended March 31, 2018 and 2017 adjusted due to the adoption of ASC 606.\n\n | | Fiscal Years Ended March 31,(1) | \n--------------------------- | ---------- | ------------------------------- | --------\n | 2019 | 2018 | 2017 \nUnited States | $292,980 | $233,133 | $198,250\nHong Kong | 188,102 | 169,073 | 121,813 \nGermany | 124,805 | 105,548 | 104,755 \nEurope (2) (3) | 76,149 | 64,248 | 63,863 \nChina | 173,148 | 163,016 | 71,223 \nTaiwan | 88,853 | 78,728 | 9,147 \nAsia Pacific (2) | 47,233 | 36,647 | 26,878 \nJapan | 178,502 | 170,282 | 3,565 \nUnited Kingdom | 42,472 | 37,038 | 33,837 \nNetherlands | 44,065 | 39,684 | 32,478 \nMalaysia | 33,748 | 28,165 | 15,177 \nSingapore | 19,417 | 17,267 | 15,565 \nItaly | 15,551 | 17,905 | 15,376 \nHungary | 12,245 | 13,254 | 18,856 \nMexico | 44,267 | 23,915 | 22,424 \nOther Countries (2) | 1,281 | 2,278 | 4,131 \nTotal Non-United States (3) | 1,089,838 | 967,048 | 559,088 \n | $1,382,818 | $1,200,181 | $757,338"} {"_id": "d1b374aaa", "title": "", "text": "NOTE 7 - continued\nLease payments not recognized as a liability The Group has elected not to recognize a lease liability for short-term leases (leases of an expected term of 12 months or less) or for leases of low value assets. Payments made under such leases are expensed on a straight-line basis. The expenses relating to payments not recognized as a lease liability are insignificant.\nAdministrative expenses The total outflow for leases, USD 2.9m, is presented as \u201cDepreciation\u201d of USD 2.5m and \u201cFinancial expenses\u201d (interest) of USD 0.4m, in contrast to the recording of an operating lease charge of a materially equivalent figure within the line item \u201cAdministrative expenses\u201d under IAS 17.\nFinancial expenses\nFinancial expenses for the reporting periods:\n\nUSDm | 2019 | 2018 | 2017\n------------------------------------------------------------------------------- | ---- | ---- | ----\nInterest expenses: | - | - | - \nFinancial expenses arising from lease liabilities regarding right-of-use assets | 2.4 | 2.3 | 1.8 \nOther financial expenses | 39.5 | 37.0 | 38.8\nTotal | 41.9 | 39.3 | 40.6"} {"_id": "d1b32d114", "title": "", "text": "5. Earnings per Common Share\nThe calculations of basic and diluted earnings per common share for the years ended June 30, 2019, 2018 and 2017 were as follows:\n\n | | Years Ended June 30, | \n-------------------------------------------------------------------------------------------- | ------ | -------------------- | -----\n(in millions, except per share data) | 2019 | 2018 | 2017 \nNet income | $167.0 | $188.5 | $47.0\nLess: earnings and dividends allocated to participating securities | (1.9) | (1.7) | (0.3)\nEarnings available for common shareholders used in calculation of basic earnings per share | $165.1 | $186.8 | $46.7\nWeighted average number of common shares outstanding, basic | 47.7 | 47.2 | 47.0 \nBasic earnings per common share | $3.46 | $3.96 | $0.99\nNet income | $167.0 | $188.5 | $47.0\nLess: earnings and dividends allocated to participating securities | (1.9) | (1.7) | (0.3)\nEarnings available for common shareholders used in calculation of diluted earnings per share | $165.1 | $186.8 | $46.7\nWeighted average number of common shares outstanding, basic | 47.7 | 47.2 | 47.0 \nEffect of shares issuable under share-based compensation plans | 0.4 | 0.4 | 0.1 \nWeighted average number of common shares outstanding, diluted | 48.1 | 47.6 | 47.1 \nDiluted earnings per common share | $3.43 | $3.92 | $0.99"} {"_id": "d1b346826", "title": "", "text": "COMPENSATION DISCUSSION AND ANALYSIS\nIV. Our 2019 Compensation Program and Components of Pay The table below shows (i) the length of the \u201cprotected period\u201d afforded to officers following a change of control and (ii) the multiple of salary and bonus payment and years of welfare benefits to which officers will be entitled if change of control benefits become payable under our agreements and related policies:\nFor more information on change of control arrangements applicable to our executives, including our rationale for\nproviding these benefits, see \u201cExecutive Compensation\u2014Potential Termination Payments\u2014Payments Made\nUpon a Change of Control.\u201d For information on change of control severance benefits payable to our junior\nofficers and managers, see \u201c\u2014Severance Benefits\u201d in the next subsection below.\n\n | Protected Period | Multiple of Annual Cash Compensation | Years of Welfare Benefits\n---------------- | ---------------- | ------------------------------------ | -------------------------\nCEO | 2 years | 3 times | 3 years \nOther Executives | 1.5 years | 2 times | 2 years \nOther Officers | 1 year | 1 time | 1 year "} {"_id": "d1b31c274", "title": "", "text": "Cash and Cash Equivalents and Restricted Cash: Cash equivalents include short-term highly liquid investments and are classified as Level 1 in the fair value hierarchy described below. Restricted cash represents cash received from customers to settle invoices sold under accounts receivable purchase agreements that is contractually required to be set aside. The restrictions will lapse when the cash is remitted to the purchaser of the receivables. Restricted cash is also classified as Level 1 in the fair value hierarchy described below.\nAs of September 28, 2019 and September 29, 2018, cash and cash equivalents and restricted cash consisted of the following (in thousands):\n\n | 2019 | 2018 \n--------------------------------------------------- | ------- | -------\nCash | $85,688 | $99,197\nMoney market funds and other | 138,073 | 198,072\nRestricted cash | 2,493 | 417 \nTotal cash and cash equivalents and restricted cash | 226,254 | 297,686"} {"_id": "d1b2f221c", "title": "", "text": "The valuation allowance activity for the years ended September 30, 2019, 2018, and 2017 is as follows:\nThe Company completed an Internal Revenue Code Section 382 analysis of the loss carry forwards in 2009 and determined then that all of the Company\u2019s loss carry forwards are utilizable and not restricted under Section 382. The Company has not updated its Section 382 analysis subsequent to 2009 and does not believe there have been any events subsequent to 2009 that would impact the analysis.\nThe Company is required to recognize the financial statement benefit of a tax position only after determining that the relevant tax authority would more likely than not sustain the position following an audit. For tax positions meeting the more likely than not threshold, the amount recognized in the financial statements is the largest benefit that has a greater than 50 percent likelihood of being realized upon ultimate settlement with the relevant tax authority. The Company applies the interpretation to all tax positions for which the statute of limitations remained open. The Company had no liability for unrecognized tax benefits and did not recognize any interest or penalties during the years ended September 30, 2019, 2018, or 2017.\nThe Company is subject to income taxes in the U.S. federal jurisdiction, and various state jurisdictions. Tax regulations within each jurisdiction are subject to the interpretation of the related tax laws and regulations and require significant judgment to apply. With few exceptions, the Company is no longer subject to U.S. federal, state and local, income tax examinations by tax authorities for fiscal years ending prior to 2004. We are generally subject to U.S. federal and state tax examinations for all tax years since 2003 due to our net operating loss carryforwards and the utilization of the carryforwards in years still open under statute. During the year ended September 30, 2018, the Company was examined by the U.S. Internal Revenue Service for fiscal year 2016. This examination resulted in no adjustments. The Company changed its fiscal year end in 2007 from March 31 to September 30.\n\nYear Ended | Balance at Beginning of Year | Income Tax Expense (Benefit) | Reversal for State NOL Expiration and Utilization | Balance at End of Year\n------------------ | ---------------------------- | ---------------------------- | ------------------------------------------------- | ----------------------\nSeptember 30, 2019 | $104,858 | $10,448 | $(68,292) | $47,014 \nSeptember 30, 2018 | 159,154 | 79,377 | (133,673) | 104,858 \nSeptember 30, 2017 | 322,404 | (32,154) | (131,096) | 159,154 "} {"_id": "d1b3492f6", "title": "", "text": "C. Remuneration to Key Managerial Personnel other than MD / Manager / WTD\nNote: For more information, please refer to the Corporate Governance Report.\n\nParticulars of Remuneration | Key Managerial Personnel | | \n----------------------------------------------------------------------------------- | -------------------------------------- | ----------------------------------- | ------\n | Ramakrishnan V Chief Financial Officer | Rajendra Moholkar Company Secretary | Total \n1. Gross salary | | | \n(a) Salary as per provisions contained in Section 17(1) of the Income-tax Act, 1961 | 72.06 | 21.66 | 93.72 \n(b) Value of perquisites u/s 17(2) of the Income-tax Act, 1961 | 43.54 | 1.20 | 44.74 \n(c) Profits in lieu of salary under Section 17(3) of the Income-tax Act, 1961 | - | - | - \n2. Stock Option | - | - | - \n3. Sweat Equity | - | - | - \n4. Commission | - | - | - \nas % of profit | - | - | - \n5. Others, Allowances | 297.47 | 117.29 | 414.76\nTotal | 413.07 | 140.15 | 553.22"} {"_id": "d1b3ad3be", "title": "", "text": "Movement of options during the year ended 30 June 2018:\nThe weighted average fair value of options granted during the year was nil (2018: nil) as there were none issued during the year.\nThe weighted average share price for share options exercised during the period was $3.57 (2018: $3.90).\nThe weighted average remaining contractual life for share options outstanding at the end of the period was 1.68 years (2018: 2.47 years).\nThe weighted average remaining contractual life for share options outstanding at the end of the period was 1.68 years (2018: 2.47 years).\n\nGrant Date | Exercise Date | Expiry Date | Exercise Price $ | No. of Options at Beg. of Year | Options Exercised or Lapsed | No. of Options at End of Year\n------------------------------- | ------------- | -------------- | ---------------- | ------------------------------ | --------------------------- | -----------------------------\n2 Jul 2012 | 2 Jul 2015 | 2 Jul 2017 | 0.92 | 40,000 | (40,000) | - \n2 Jul 2013 | 2 Jul 2016 | 30 Sept 2018 1 | 0.92 | 295,000 | (220,000) | 75,000 \n2 Jul 2014 | 2 Jul 2017 | 2 Jul 2019 | 1.30 | 875,000 | (405,000) | 470,000 \n2 Jul 2015 | 2 Jul 2018 | 2 Jul 2020 | 2.67 | 1,000,000 | - | 1,000,000 \n22 Dec 2016 | 31 Aug 2019 | 22 Dec 2021 | 3.59 | 1,323,730 | - | 1,323,730 \nTotal | | | | 3,533,730 | (665,000) | 2,868,730 \nWeighted average exercise price | | | | | $1.15 | $2.82 "} {"_id": "d1b35626c", "title": "", "text": "Common Stock Outstanding\nThe following represents the common stock outstanding for the fiscal year ended:\n(1) During fiscal years 2018, 2017 and 2016, the Company\u2019s Board of Directors authorized the repurchase of $350.0 million, $450.0 million and $400.0 million, respectively, of the Company\u2019s common stock under share repurchase programs, which were repurchased during fiscal years 2019, 2018 and 2017, respectively.\n\n | | Fiscal Year Ended August 31, | \n------------------------------------------------------ | ------------ | ---------------------------- | ------------\n | 2019 | 2018 | 2017 \nCommon stock outstanding: | | | \nBeginning balances | 164,588,172 | 177,727,653 | 186,998,472 \nShares issued upon exercise of stock options | 11,348 | 30,832 | 172,620 \nShares issued under employee stock purchase plan | 1,282,042 | 1,105,400 | 1,228,316 \nVesting of restricted stock | 1,983,261 | 2,727,229 | 2,102,049 \nPurchases of treasury stock under employee stock plans | (489,836) | (793,052) | (550,096) \nTreasury shares purchased(1) | (13,854,607) | (16,209,890) | (12,223,708)\nEnding balances | 153,520,380 | 164,588,172 | 177,727,653 "} {"_id": "d1b30e78c", "title": "", "text": "Liquidity and Capital Resources\nAs of December 31, 2019 and 2018, we had cash and cash equivalents of $343.6 million and $566.3 million, respectively. We finance our operations primarily through sales to our customers and a majority of our customers are billed monthly. For customers with annual or multi-year contracts and those who opt for annual invoicing, we generally invoice only one annual period in advance and all invoicing occurs at the start of the respective subscription period. Revenue is deferred for such advanced billings. We also finance our operations from proceeds from issuance of stock under our stock plans, and proceeds from issuance of debt. We believe that our operations and existing liquidity sources will satisfy our cash requirements for at least the next 12 months\nOur future capital requirements will depend on many factors, including revenue growth and costs incurred to support customer growth, acquisitions and expansions, sales and marketing, research and development, increased general and administrative expenses to support the anticipated growth in our operations, and capital equipment required to support our growing headcount and in support of our co-location data center facilities. Our capital expenditures in future periods are expected to grow in line with our business. We continually evaluate our capital needs and may decide to raise additional capital to fund the growth of our business, to further strengthen our balance sheet, or for general corporate purposes through public or private equity offerings or through additional debt financing. We also may in the future make investments in or acquire businesses or technologies that could require us to seek additional equity or debt financing. Access to additional capital may not be available, or on favorable terms\nThe table below provides selected cash flow information for the periods indicated (in thousands)\n\n | | Year ended December 31, | \n---------------------------------------------------------------------- | ---------- | ----------------------- | --------\n | 2019 | 2018 | 2017 \nNet cash provided by operating activities | $64,846 | $72,130 | $41,165 \nNet cash used in investing activities | (296,780) | (83,448) | (26,387)\nNet cash provided by financing activities | 9,042 | 397,255 | 6,783 \nEffect of exchange rate changes | 169 | (800) | (724) \nNet (decrease) increase in cash, cash equivalents, and restricted cash | $(222,723) | 385,137 | 20,837 "} {"_id": "d1b3b353e", "title": "", "text": "FOURTH QUARTER HIGHLIGHTS\nBCE operating revenues grew by 1.6% in Q4\u00a02019, compared to Q4\u00a02018, driven by growth in Bell Wireless and Bell Media, while Bell Wireline remained stable year over year. The year-over-year increase reflected both higher service and product revenues of 0.9% and 5.7%, respectively.\nBCE net earnings increased by 12.6% in Q4\u00a02019, compared to Q4\u00a02018, mainly due to higher adjusted EBITDA, lower other expense and lower severance, acquisition and other costs. This was partly offset by higher depreciation and amortization expense and finance costs. The adoption of IFRS\u00a016 did not have a significant impact on net earnings.\nBCE adjusted EBITDA increased by 4.8% in Q4\u00a02019, compared to Q4\u00a02018, driven by growth across all three of our segments. This resulted in an adjusted EBITDA margin of 39.7% in the quarter, up 1.2\u00a0pts over Q4\u00a02018, primarily due to the favourable impact from the adoption of IFRS\u00a016 in 2019.\nBell Wireless operating revenues increased by 3.6% in Q4\u00a02019, compared to Q4 2018, driven by higher service and product revenues. Service revenues grew by 1.6% year over year due to continued growth in both our postpaid and prepaid subscriber base along with rate increases and a greater mix of customers subscribing to higher-value monthly plans including unlimited data plans. This was moderated by greater sales of premium handsets along with the impact of higher value monthly plans, and lower data overage driven by increased customer adoption of unlimited data plans. Product revenues grew by 7.4% year over year, driven by increased sales of premium handsets and the impact of higher-value monthly plans in our sales mix.\nBell Wireless adjusted EBITDA increased by 7.4% in Q4 2019, compared to the same period last year, mainly driven by the flow-through of higher revenues, partially offset by higher operating expenses of 1.4% year over year. The increase in operating expenses was primarily due to higher product cost of goods sold from greater mix of premium handsets and increased handset costs, higher network operating costs to support the growth in our subscriber base and data consumption and higher bad debt expense driven by the growth in revenues. This was offset in part by the favourable impact from the adoption of IFRS 16 in 2019. Adjusted EBITDA margin, based on wireless operating revenues, of 37.9% increased by 1.4 pts over Q4 2018, mainly due to the impact from the adoption of IFRS 16, greater service revenue flow-through and promotional spending discipline during the holiday season, moderated by higher low-margin product sales in our total revenue base.\nBell Wireline operating revenues remained unchanged in Q4\u00a02019, compared to Q4 2018, resulting from stable year-over-year service revenue which increased 0.1%, as the continued expansion of our retail Internet and IPTV subscriber bases, residential rate increases, contribution from the federal election and higher business solution services revenue were offset by ongoing subscriber erosion in voice and satellite TV, greater acquisition, retention and bundle discounts on residential services to match competitor promotions, lower TV pay-per-view revenues and a decline in IP connectivity revenues due in part to migration to Internet based services. Product revenues were relatively stable year over year, declining 0.6% or $1\u00a0million.\nBell Wireline adjusted EBITDA grew by 1.5% in Q4\u00a02019, compared to Q4\u00a02018, mainly due to lower operating costs of 1.1%, driven by the favourable impact from the adoption of IFRS\u00a016 in\u00a02019 and continued effective cost containment. Adjusted EBITDA margin increased 0.6\u00a0pts to 43.3% in Q4\u00a02019, compared to Q4 2018, mainly due to the favourable impact from the adoption of IFRS\u00a016 in 2019.\nBell Media operating revenues increased by 3.4% in Q4\u00a02019, compared to the same period last year, driven by increased subscriber revenues from the continued growth in Crave due to higher subscribers along with rate increases following the launch of our enhanced Crave service in November\u00a02018 and also reflected the favourability from BDU contract renewals. Advertising revenues declined modestly in Q4\u00a02019, compared to Q4 2018, from lower conventional TV advertising revenues and ongoing market softness in radio, partially offset by continued growth in specialty TV and OOH advertising revenues.\nBell Media adjusted EBITDA increased by 16.5% in Q4\u00a02019, compared to the same period last year, driven by higher operating revenues coupled with stable operating expenses as the favourable impact from the adoption of IFRS\u00a016 in\u00a02019 was offset by the growth in programming and content costs related to higher sports broadcast rights costs and ongoing Crave content expansion.\nBCE capital expenditures of $1,153\u00a0million in Q4\u00a02019\u00a0increased by $179\u00a0million over Q4\u00a02018\u00a0and corresponded to a capital intensity ratio of 18.3% compared to 15.7% last year. The growth in capital investments was driven by increases across all three of our segments. Wireline capital spending was $96\u00a0million higher year over year, mainly due to the timing of our spending, driven by the roll-out of fixed WTTP to rural locations in Ontario and Qu\u00e9bec. Capital spending at Bell Wireless was 7 MD&A Selected annual and quarterly information BCE Inc. 2019 Annual Report 87 up $78\u00a0million in Q4 2019 over Q4 2018, due to the timing of our spending compared to Q4 2018 as we continue to invest in wireless small cells to expand capacity to support subscriber growth, and increase speeds, coverage and signal quality, as well as to expand data fibre backhaul in preparation for 5G technology. Bell Media capital investments increased $5\u00a0million compared to Q4\u00a02018\u00a0mainly related to continued investment in digital platforms.\nBCE severance, acquisition and other costs of $28\u00a0 million in Q4\u00a02019\u00a0decreased by $30\u00a0million, compared to Q4\u00a02018, mainly due to lower acquisition and other costs.\nBCE depreciation of $865\u00a0million in Q4\u00a02019\u00a0increased by $66\u00a0million, year over year, mainly due to the adoption of IFRS\u00a016.\nBCE amortization was $228\u00a0million in Q4\u00a02019, up from $216\u00a0million in Q4\u00a02018, mainly due to a higher asset base.\nBCE interest expense was $286\u00a0million in Q4\u00a02019, up from $259\u00a0million in Q4\u00a02018, mainly as a result of the adoption of IFRS\u00a016 and higher average debt levels.\nBCE other expense of $119\u00a0million in Q4\u00a02019\u00a0decreased by $39\u00a0million, year over year, mainly due to lower impairment charges at our Bell Media segment and higher gains on investments which included BCE\u2019s obligation to repurchase at fair value the minority interest in one of BCE\u2019s subsidiaries, partly offset by higher net mark-to-market losses on derivatives used to economically hedge equity settled share-based compensation plans.\nBCE income taxes of $243\u00a0million in Q4\u00a02019\u00a0decreased by $1\u00a0million, compared to Q4\u00a02018, mainly as a result of a higher value of uncertain tax positions favourably resolved in Q4\u00a02019, partly offset by higher taxable income.\nBCE net earnings attributable to common shareholders of $672\u00a0million in Q4\u00a02019, or $0.74\u00a0per share, were higher than the $606\u00a0million, or $0.68\u00a0per share, reported in Q4\u00a02018. The year-over-year increase was mainly due to higher adjusted EBITDA, lower other expense and lower severance, acquisition and other costs. This was partly offset by higher depreciation and amortization expense and finance costs. The adoption of IFRS\u00a016 did not have a significant impact on net earnings. Adjusted net earnings remained stable at $794\u00a0million in Q4\u00a02019, compared to Q4\u00a02018, and adjusted EPS decreased to $0.88, from $0.89\u00a0in Q4\u00a02018.\nBCE cash flows from operating activities was $2,091\u00a0million in Q4\u00a02019\u00a0compared to $1,788\u00a0million in Q4\u00a02018. The increase is mainly attributable to higher adjusted EBITDA, which reflects the favourable impact from the adoption of IFRS\u00a016, a voluntary DB pension plan contribution of nil in\u00a02019 compared to $240\u00a0million paid in 2018, an increase in operating assets and liabilities, and lower interest paid, partly offset by higher income taxes paid.\nBCE free cash flow generated in Q4\u00a02019\u00a0was $894\u00a0million, compared to $1,022\u00a0million in Q4\u00a02018. The decrease was mainly attributable to higher capital expenditures, partly offset by higher cash flows from operating activities, excluding voluntary DB pension plan contributions and acquisition and other costs paid.\n\nOPERATING REVENUES | Q4 2019 | Q4 2018 | $ CHANGE | % CHANGE\n---------------------------- | ------- | ------- | -------- | --------\nBell Wireless | 2,493 | 2,407 | 86 | 3.6% \nBell Wireline | 3,138 | 3,137 | 1 | \u2013 \nBell Media | 879 | 850 | 29 | 3.4% \nInter-segment eliminations | (194) | (179) | (15) | (8.4%) \nTotal BCE operating revenues | 6,316 | 6,215 | 101 | 1.6% "} {"_id": "d1b33330c", "title": "", "text": "As at 31 December 2019, the Group had net debt of RMB15,552 million, compared to net debt of RMB7,173 million as at 30 September 2019. The sequential increase in indebtedness mainly reflected payments for M&A initiatives and media contents, as well as the consolidation of indebtedness at Halti, partly offset by strong free cash flow generation.\nAs at 31 December 2019, the Group had net debt of RMB15,552 million, compared to net debt of RMB7,173 million as at 30 September 2019. The sequential increase in indebtedness mainly reflected payments for M&A initiatives and media contents, as well as the consolidation of indebtedness at Halti, partly offset by strong free cash flow generation.\nFor the fourth quarter of 2019, the Group had free cash flow of RMB37,896 million. This was a result of net cash flow generated from operating activities of RMB50,604 million, offset by payments for capital expenditure of RMB12,708 million.\n\n | Audited | Unaudited \n------------------------------------------------------------------------------ | ----------------- | ------------\n | 31 December | 30 September\n | 2019 | 2019 \n | (RMB in millions) | \nCash and cash equivalents | 132,991 | 145,607 \nTerm deposits and others | 72,270 | 54,499 \n | 205,261 | 200,106 \nBorrowings | (126,952) | (112,148) \nNotes payable | (93,861) | (95,131) \nNet debt | (15,552) | (7,173) \nFair value of our stakes in listed investee companies (excluding subsidiaries) | 419,818 | 352,656 "} {"_id": "d1b39b79a", "title": "", "text": "Notes to Consolidated Financial Statements - (Continued) Fiscal Years Ended May 26, 2019, May 27, 2018, and May 28, 2017 (columnar dollars in millions except per share amounts)\u00a0 10. EARNINGS PER SHARE\nBasic earnings per share is calculated on the basis of weighted average outstanding shares of common stock. Diluted earnings per share is computed on the basis of basic weighted average outstanding shares of common stock adjusted for the dilutive effect of stock options, restricted stock unit awards, and other dilutive securities. During the second quarter of fiscal 2019, we issued 77.5 million shares of our common stock out of treasury to the former shareholders of Pinnacle pursuant to the terms of the Merger Agreement. In addition, we issued 16.3 million shares of our common stock, par value $5.00 per share, in an underwritten public offering in connection with the financing of the Pinnacle acquisition, with net proceeds of $555.7 million (see Note 2).\nThe following table reconciles the income and average share amounts used to compute both basic and diluted earnings per share:\nFor fiscal 2019, 2018, and 2017, there were 2.0 million, 1.3 million, and 0.8 million stock options outstanding, respectively, that were excluded from the computation of diluted weighted average shares because the effect was antidilutive.\n\n | 2019 | 2018 | 2017 \n---------------------------------------------------------------------------------------------------------------- | ------ | ------ | ------\nNet income available to Conagra Brands, Inc. common stockholders: | | | \nIncome from continuing operations attributable to Conagra Brands, Inc. common stockholders | $680.2 | $794.1 | $544.1\nIncome (loss) from discontinued operations, net of tax, attributable to Conagra Brands, Inc. common stockholders | (1.9) | 14.3 | 95.2 \nNet income attributable to Conagra Brands, Inc. common stockholders | $678.3 | $808.4 | $639.3\nLess: Increase in redemption value of noncontrolling interests in excess of earnings allocated | \u2014 | \u2014 | 0.8 \nNet income available to Conagra Brands, Inc. common stockholders | $678.3 | $808.4 | $638.5\nWeighted average shares outstanding: | | | \nBasic weighted average shares outstanding | 444.0 | 403.9 | 431.9 \nAdd: Dilutive effect of stock options, restricted stock unit awards, and other dilutive securities | 1.6 | 3.5 | 4.1 \nDiluted weighted average shares outstanding | 445.6 | 407.4 | 436.0 "} {"_id": "d1b3201e4", "title": "", "text": "Utilization of the net operating loss and tax credit carry forwards are subject to an annual limitation due to the ownership percentage change limitations provided by the Internal Revenue Code of 1986 and similar state provisions. The annual limitation may result in the expiration of the net operating loss before utilization. The Company does not expect the limitation to result in a reduction in the total amount utilizable.\nThe Company is subject to income taxes in the U.S. (federal and state) and numerous foreign jurisdictions. Significant judgment is required in evaluating the Company\u2019s tax positions and determining its provision for income taxes. During the ordinary course of business, there are many transactions and calculations for which the ultimate tax determination is uncertain. The Company establishes reserves for tax-related uncertainties based on estimates of whether, and the extent to which, additional taxes will be due. These reserves are established when the Company believes that certain positions might be challenged despite its belief that its tax return positions are fully supportable. The Company adjusts these reserves in light of changing facts and circumstances, such as the outcome of tax audits. The provision for income taxes includes the impact of reserve provisions and changes to reserves that are considered appropriate. As of December 31, 2019 and 2018, the Company had $67.0 million and $41.2 million of unrecognized tax benefits, respectively. A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows (in thousands):\nAt December 31, 2019, the total amount of gross unrecognized tax benefits was $67.0 million, of which $31.9 million would affect the Company\u2019s effective tax rate if recognized. The Company does not have any tax positions as of December 31, 2019 for which it is reasonably possible the total amount of gross unrecognized tax benefits will increase or decrease within the following 12 months. The Company\u2019s policy is to record interest and penalties related to unrecognized tax benefits as income tax expense. As of December 31, 2019 and 2018, respectively, the Company has accrued $5.2 million and $3.1 million related to interest and penalties, respectively.\nThe material jurisdictions in which the Company is subject to potential examination include the United States and Ireland. The Company believes that adequate amounts have been reserved for these jurisdictions. For the United States, the Company is currently under examination by the Internal Revenue Service (\"IRS\") for fiscal 2015 to 2017. For state and non-U.S. tax returns, the Company is generally no longer subject to tax examinations for years prior to 2014.\n\n | | December 31, | \n-------------------------------------------------------- | ------- | ------------ | -------\n | 2019 | 2018 | 2017 \nBalance at beginning of year | $41,198 | $29,938 | $35,584\nReductions based on tax positions related to prior year | (207) | (820) | (6,335)\nAdditions based on tax positions related to prior year | 9,562 | 263 | 108 \nAdditions based on tax positions related to current year | 16,517 | 11,860 | 9,289 \nReductions due to tax authorities\u2019 settlements | \u2014 | (43) | (8,603)\nReductions due to expiration of statutes of limitation | (45) | \u2014 | (105) \nBalance at end of year | $67,025 | $41,198 | $29,938"} {"_id": "d1b35b096", "title": "", "text": "Cost of Services Cost of services decreased $204 million, or 1.9%, during 2019 compared to 2018, primarily due to lower access costs resulting from a decline in voice connections, as well as lower employee-related costs associated with the lower headcount resulting from the Voluntary Separation Program, offset by an increase in regulatory fees.\nCost of Wireless Equipment Cost of wireless equipment increased $173 million, or 3.8%, during 2019 compared to 2018, primarily driven by a shift to higher priced units in the mix of wireless devices sold and an increase in the number of wireless devices sold.\nSelling, General and Administrative Expense Selling, general and administrative expense increased $499 million, or 6.5%, during 2019 compared to 2018, due to increases in advertising expenses and sales commission expense, which were partially offset by decreases in employee-related costs resulting from the Voluntary Separation Program. The increase in sales commission expense was primarily due to a lower net deferral of commission costs in 2019 as compared to 2018 as a result of the adoption of Topic 606 on January 1, 2018 using a modified retrospective approach.\nDepreciation and Amortization Expense Depreciation and amortization expense decreased $153 million, or 3.6%, during 2019 compared to 2018, driven by the change in the mix of total Verizon depreciable assets and Business\u2019s usage of those assets.\n\n | | | (dollars in millions) Increase/ (Decrease) | \n-------------------------------------------- | -------- | -------- | ------------------------------------------ | ------\nYears Ended December 31, | 2019 | 2018 | 2019 vs. 2018 | \nCost of services | $10,655 | $10,859 | $(204) | (1.9)%\nCost of wireless equipment | 4,733 | 4,560 | 173 | 3.8 \nSelling, general and administrative expense | 8,188 | 7,689 | 499 | 6.5 \nDepreciation and amortization expense | 4,105 | 4,258 | (153) | (3.6) \nTotal Operating Expenses | $ 27,681 | $ 27,366 | $ 315 | 1.2 "} {"_id": "d1b37a7a2", "title": "", "text": "30. EMPLOYEE BENEFIT PLANS (cont.)\nThe fair value of the plan assets were allocated as follows between the various types of investments:\nPlan assets are valued at the measurement date of December 31 each year.\nThe investments are made in accordance with the Statement of Investment Policies and Procedures. The Statement of Investment Policies and Procedures is reviewed on an annual basis by the Management Level Pension Fund Investment Committee with approval of the policy being provided by the Audit Committee.\n\nAs at December 31, | 2019 | 2018 \n---------------------------------------- | ----- | -----\nEquity securities | | \nCanada | 22.3% | 20.8%\nUnited States | 19.8% | 12.7%\nInternational (other than United States) | 14.1% | 18.1%\nFixed income instruments | | \nCanada | 41.2% | 45.7%\nCash and cash equivalents | | \nCanada | 2.6% | 2.7% "} {"_id": "d1b2ec812", "title": "", "text": "Key Operating Metrics and Non-GAAP Financial Measures\nWe collect and analyze operating and financial data to evaluate the health of our business, allocate our\n\nresources, and assess our performance. In addition to revenue, net loss, and other results under\u00a0 generally accepted accounting principles (GAAP), the following table sets forth key operating metrics and non-GAAP financial measures we use to evaluate our business. We believe these metrics and measures are useful to facilitate period-to-period comparisons of our business, and to facilitate comparisons of our performance to that of other payment processors. Each of these metrics and measures excludes the effect of our processing agreement with Starbucks which transitioned to another payments solutions provider in the fourth quarter of 2016. As we do not expect transactions with Starbucks to recur, we believe it is useful to exclude Starbucks activity to clearly show the impact Starbucks has had on our financial results historically. Our agreements with other sellers generally provide both those sellers and us the unilateral right to terminate such agreements at any time, without fine or\n\npenalty.\nGross Payment Volume (GPV)\nWe define GPV as the total dollar amount of all card payments processed by sellers using Square, net of refunds. Additionally, GPV includes Cash App activity related to peer-to-peer payments sent from a credit card and Cash for Business. As described above, GPV excludes card payments processed for Starbucks\nAdjusted Revenue\nAdjusted Revenue is a non-GAAP financial measure that we define as our total net revenue less transaction-based costs and bitcoin costs, and we add back the impact of the acquired deferred revenue adjustment, which was written down to fair value in purchase. This measure is also adjusted to eliminate the effect of activity with Starbucks, which ceased using our payments solutions altogether in the fourth quarter of 2016, and we believe that providing Adjusted Revenue metrics that exclude the impact of our agreement with Starbucks is useful to investors.\n\n | | | Year Ended December 31, | | \n--------------------------------------- | ---------- | -------- | ------------------------------------------------- | --------- | ---------\n | 2018 | 2017 | 2016 | 2015 | 2014 \n | | | (in thousands, except for GPV and per share data) | | \nGross Payment Volume (GPV)(in millions) | $84,654 | $65,343 | $49,683 | $35,643 | $23,780 \nAdjusted Revenue | $1,587,641 | $983,963 | $686,618 | $452,168 | $276,310 \nAdjusted EBITDA | $256,523 | $139,009 | $44,887 | $(41,115) | $(67,741)\nAdjusted Net Income (Loss) Per Share: | | | | | \nBasic | $0.55 | $0.30 | $0.04 | $(0.39) | $(0.62) \nDiluted | $0.47 | $0.27 | $0.04 | $(0.39) | $(0.62) "} {"_id": "d1b3bcea4", "title": "", "text": "Assumptions\nWeighted average actuarial assumptions used to determine costs for the plans for each period were as follows:\nThe weighted-average expected long-term rate of return for the plan assets is 3.3%. The weighted-average expected longterm rate of return on plan assets is based on the interest rates guaranteed under the insurance contracts, and the expected rate of\u00a0return appropriate for each category of assets weighted for the distribution within the diversified investment fund. The assumptions used for the plans are based upon customary rates and practices for the location of the plans. Factors such as asset class allocations, long-term rates of return (actual and expected), and results of periodic asset liability modeling studies are considered when constructing the long-term rate of return assumption for our defined benefit pension plans.\n\n | | Fiscal Year Ended January 31, | \n------------------------------------------------ | ---- | ----------------------------- | ----\n | 2019 | 2018 | 2017\nDiscount rate | 2.5% | 2.4% | 3.2%\nExpected long-term rate of return on plan assets | 3.3% | 3.3% | 4.3%\nRate of compensation increase | 2.3% | 2.3% | 2.2%"} {"_id": "d1a7187f2", "title": "", "text": "Golden Ridge\nIn November 2018, we acquired substantially all of the assets comprising the business of Golden Ridge Rice Mills, LLC, now conducting business as Golden Ridge Rice Mills, Inc. (Golden Ridge). The primary activity of the business is the operation of a rice mill in Wynne, Arkansas. We acquired the business as part of our strategy to vertically integrate in order to leverage our proprietary technologies for producing SRB and derivative products. The acquisition has been accounted for as a business combination. The results of Golden Ridge\u2019s operations are included in our consolidated financial statements beginning November 28, 2018. In 2018, we incurred $0.1 million of Golden Ridge acquisition-related costs which are included in selling, general and administrative expenses.\nThe purchase price for Golden Ridge was subject to adjustment if the estimated working capital with respect to the assets purchased and the liabilities assumed at the time of closing was different than the actual closing working capital, as defined in the purchase agreement. We revised our preliminary estimate of the working capital adjustment as indicated in the table below. The following table summarizes the purchase price allocation as of closing and as revised (in thousands, except share and per share amounts).\nThe 1,666,667 shares issued at closing of our purchase of Golden Ridge included 380,952 shares that were deposited in an escrow account to be used to satisfy any indemnification obligations of the seller that may arise. As of December 31, 2018, the 380,952 shares remained in escrow. In July 2019, we reached an agreement to settle the $0.6 million working capital adjustment receivable and other claims with the sellers of Golden Ridge. As a result, (i) 340,000 shares of common stock held in the escrow account ($1.0 million fair value as of both the settlement date and the November 28, 2018, acquisition date) were returned to us and retired, (ii) the remaining $0.4 million note payable we owed to a seller was cancelled and (iii) certain open grain purchase contracts with entities related to a seller were terminated. We recorded a gain on the noncash settlement of $0.8 million in the third quarter of 2019, which is included in other income. In connection with the foregoing, a settlement agreement was entered into among the parties. All shares of common stock were distributed and the escrow agreement was terminated.\n\n | Estimated at Acquisition and as of December 31, 2018 | Adjustments | Final as of December 31, 2019\n------------------------------------------------------------------------------ | ---------------------------------------------------- | -------------------------- | -----------------------------\n1,666,667 shares of common stock, at fair value of $3.00 per share at closing | $ 5,000 | $ - | $ 5,000 \nGolden Ridge financial liabilities paid for the seller | 2,661 | - | 2,661 \nCash | 250 | - | 250 \nNote payable to seller | 609 | - | 609 \nWorking capital adjustment to purchase price | (1,147) | 584 | (563) \nTotal fair value of consideration transferred | 7,373 | 584 | 7,957 \nCash | 409 | (63) | 346 \nAccounts receivable | 1,587 | 87 | 1,674 \nInventories | 103 | - | 103 \nProperty and equipment | 5,092 | - | 5,092 \nAccounts payable | (222) | 110 | (112) \nCommodities payable | (2,559) | 432 | (2,127) \nAccrued liabilities | (12) | 12 | - \nLease liabilities | (104) | - | (104) \nEquipment notes payable | (99) | 6 | (93) \nNet recognized amounts of identifiable assets acquired and liabilities assumed | 4,195 | 584 | 4,779 \nGoodwill | $ 3,178 | $ - | $ 3,178 "} {"_id": "d1a720a88", "title": "", "text": "Restricted Stock Units\nA summary of the RSU transactions for the year ended December 31, 2019 are as follows (number of shares in millions):\nDuring 2019, the Company awarded 2.6 million RSUs to certain officers and employees of the Company that vest upon the achievement of certain performance criteria and market conditions. The number of units expected to vest is evaluated each reporting period and compensation expense is recognized for those units for which achievement of the performance criteria is considered probable. Compensation expense for RSUs with market conditions are recognized based on the grant date fair value\u00a0irrespective of the achievement of the condition.\nAs of December 31, 2019, unrecognized compensation expense, net of estimated forfeitures related to non-vested RSUs granted under the Amended and Restated SIP with service, performance and market conditions, was $60.9 million, $10.1 million and $3.9 million, respectively.\nFor RSUs with time-based service conditions, expense is being recognized over the vesting period; for RSUs with performance criteria, expense is recognized over the period during which the performance criteria is expected to be achieved; for RSUs with market conditions expense is recognized over the period in which the condition is assessed irrespective of whether it would be achieved or not.\nUnrecognized compensation cost related to awards with certain performance criteria that are not expected to be achieved is not included here. Total compensation expense related to performance-based, service-based, and market-based RSUs was $69.8 million for the year ended December 31, 2019, which included $48.4 million for RSUs with time-based service conditions that were granted in 2019 and prior that are expected to vest.\n\n | Number of Shares | Weighted-Average Grant\nDate Fair Value\n--------------------------------------------- | ---------------- | --------------------------------------\nNonvested shares of RSUs at December 31, 2018 | 8.6 | $16.59 \nGranted | 5.4 | 21.64 \nAchieved | 0.2 | 24.46 \nReleased | (4.8) | 14.41 \nCanceled | (0.5) | 19.74 \nNonvested shares of RSUs at December 31, 2019 | 8.9 | 20.84 "} {"_id": "d1b390b6a", "title": "", "text": "Selected Quarterly Financial Data (Unaudited)\nSelected quarterly financial data is as follows (in millions, except per share amounts):\n(1) In the quarter ended January 26, 2018, our provision for income taxes included significant charges attributable to United States tax reform.\n(2) The quarters of fiscal 2018 have been adjusted for our retrospective adoption of the new accounting standard Revenue from Contracts with Customers (ASC 606).\n\n | | | Quarter Ended (2) | \n------------------------------------ | ------------- | ---------------- | ----------------- | --------------\n | July 28, 2017 | October 27, 2017 | January 26, 2018 | April 27, 2018\nNet revenues | $ 1,321 | $ 1,415 | $ 1,539 | $ 1,644 \nGross profit | $ 824 | $ 900 | $ 956 | $ 1,029 \nProvision for income taxes (1) | $ 14 | $ 48 | $ 983 | $ 38 \nNet income (loss) | $ 131 | $ 174 | $(479 ) | $ 290 \nNet income (loss) per share, basic | $ 0.49 | $ 0.65 | $(1.79 ) | $ 1.09 \nNet income (loss) per share, diluted | $ 0.47 | $ 0.63 | $(1.79 ) | $ 1.06 "} {"_id": "d1b34f3a4", "title": "", "text": "The following table details the Company\u2019s sales by operating segment for fiscal years ended September 30, 2019 and 2018. The Company\u2019s sales by geographic area based on the location of where the products were shipped or services rendered are as follows:\nSubstantially all Americas amounts are United States.\n\n2019 | Americas | Europe | Asia | Total | % of total\n---------- | -------- | ---------------------- | ------ | ------- | ----------\n | | (Amounts in thousands) | | | \nTS | $67,728 | $3,285 | $646 | $71,159 | 90% \nHPP | 5,294 | 771 | 1,837 | 7,902 | 10% \nTotal | $72,522 | $4,056 | $2,483 | $79,061 | 100% \n% of total | 92% | 5% | 3% | 100% | \n2018 | | | | | \nTS | $52,034 | $9,059 | $1,344 | $62,437 | 86% \nHPP | 8,424 | 1,266 | 789 | 10,479 | 14% \nTotal | $60,458 | $10,325 | $2,133 | $72,916 | 100% \n% of total | 83% | 14% | 3% | 100% | "} {"_id": "d1b35e8ea", "title": "", "text": "The Company has adopted five share option schemes, namely, the Pre-IPO Option Scheme, the Post-IPO Option Scheme I, the Post-IPO Option Scheme II, the Post-IPO Option Scheme III and the Post-IPO Option Scheme IV. The Pre-IPO Option Scheme, the Post-IPO Option Scheme I, the Post-IPO Option Scheme II and the Post-IPO Option Scheme III expired on 31 December 2011, 23 March 2014, 16 May 2017 and 13 May 2019 respectively.\nAs at 31 December 2019, there were a total of 20,722,380 outstanding share options granted to a director of the Company, details of which are as follows:\n1. For options granted with exercisable date determined based on the grant date of options, the first 20% of the total options can be exercised 1 year after the grant date, and each 20% of the total options will become exercisable in each subsequent year.\n2. For options granted with exercisable date determined based on the grant date of options, the first 25% of the total options can be exercised 1 year after the grant date, and each 25% of the total options will become exercisable in each subsequent year.\n3. The closing price immediately before the date on which the options were granted on 4 April 2019 was HKD378.\n4. No options were cancelled or lapsed during the year.\n\n | | | Number of share options | | | | \n------------------- | ------------- | -------------------- | ----------------------- | ------------------------- | ---------------------- | -------------- | ---------------------------------------\nName of director | Date of grant | As at 1 January 2019 | Granted during the year | Exercised during the year | As at 31 December 2019 | Exercise price | Exercise period \n | | | | | | HKD | \nLau Chi Ping Martin | 25 March 2014 | 5,000,000 | - | - | 5,000,000 | 114.52 | 25 March 2015 to 24 March 2021 (Note 2)\n | 21 March 2016 | 3,750,000 | - | - | 3,750,000 | 158.10 | 21 March 2017 to 20 March 2023 (Note 2)\n | 24 March 2017 | 5,250,000 | - | - | 5,250,000 | 225.44 | 24 March 2018 to 23 March 2024 (Note 2)\n | 9 April 2018 | 3,215,800 | - | - | 3,215,800 | 410.00 | 9 April 2019 to 8 April 2025 (Note 2) \n | 4 April 2019 | - | 3,506,580 (Note 3) | - | 3,506,580 | 376.00 | 4 April 2020 to 3 April 2026 (Note 2) \n | Total: | 17,215,800 | 3,506,580 | - | 20,722,380 | | "} {"_id": "d1b30e246", "title": "", "text": "The aggregate cash payments required to be paid on or about the closing date were funded with the proceeds of $7.945 billion of term loans and $400 million of funds borrowed under our revolving credit facility together with other available funds, which included $1.825 billion borrowed from Level 3 Parent, LLC. For additional information regarding CenturyLink\u2019s financing of the Level 3 acquisition see Note 7\u2014Long-Term Debt and Credit Facilities.\nWe recognized the assets and liabilities of Level 3 based on the fair value of the acquired tangible and intangible assets and assumed liabilities of Level 3 as of November 1, 2017, the consummation date of the acquisition, with the excess aggregate consideration recorded as goodwill. The estimation of such fair values and the estimation of lives of depreciable tangible assets and amortizable intangible assets required significant judgment. We completed our final fair value determination during the fourth quarter of 2018, which differed from those reflected in our consolidated financial statements at December 31, 2017.\nIn connection with receiving approval from the U.S. Department of Justice to complete the Level 3 acquisition we agreed to divest certain Level 3 network assets. All of those assets were sold by December 31, 2018. The proceeds from these sales were included in the proceeds from sale of property, plant and equipment in our consolidated statements of cash flows. No gain or loss was recognized with these transactions.\nAs of October 31, 2018, the aggregate consideration exceeded the aggregate estimated fair value of the acquired assets and assumed liabilities by $11.2 billion, which we have recognized as goodwill. The goodwill is attributable to strategic benefits, including enhanced financial and operational scale, market diversification and leveraged combined networks that we expect to realize. None of the goodwill associated with this acquisition is deductible for income tax purposes.\nThe following is our assignment of the aggregate consideration:\n(1) Includes accounts receivable, which had a gross contractual value of $884 million on November 1, 2017 and October 31, 2018.\n(2) The weighted-average amortization period for the acquired intangible assets is approximately 12.0 years.\nOn the acquisition date, we assumed Level 3\u2019s contingencies. For more information on our contingencies, see Note 19\u2014Commitments, Contingencies and Other Items.\n\n | Adjusted November 1, 2017 Balance as of December 31, 2017 | Purchase Price Adjustments | Adjusted November 1, 2017 Balance as of October 31, 2018\n------------------------------------------------------------------- | --------------------------------------------------------- | -------------------------- | --------------------------------------------------------\n | | (Dollars in millions) | \nCash,accounts receivable and other current assets(1) | $3,317 | (26) | 3,291 \nProperty, plant and equipment | 9,311 | 157 | 9,468 \nIdentifiable intangible assets(2) | | | \nCustomer relationships | 8,964 | (533) | 8,431 \nOther | 391 | (13) | 378 \nOther non current assets | 782 | 216 | 998 \nCurrent liabilities, excluding current maturities of long-term debt | (1,461) | (32) | (1,493) \nCurrent maturities of long-term debt | (7) | \u2014 | (7) \nLong-term debt | (10,888) | \u2014 | (10,888) \nDeferred revenue and other liabilities | (1,629) | (114) | (1,743) \nGoodwill | 10,837 | 340 | 11,177 \nTotal estimated aggregate consideration | $19,617 | (5) | 19,612 "} {"_id": "d1b319556", "title": "", "text": "Fiscal 2018 Acquisitions\nAllocation of the purchase consideration for acquisitions completed in fiscal 2018 is summarized as follows (in millions):\nOn July 31, 2017, we completed our acquisition of privately held Viptela Inc. (\u201cViptela\u201d), a provider of software-defined wide area networking products. Revenue from the Viptela acquisition has been included in our Infrastructure Platforms product category.\nOn September 22, 2017, we completed our acquisition of privately held Springpath, Inc. (\u201cSpringpath\u201d), a hyperconvergence software company. Revenue from the Springpath acquisition has been included in our Infrastructure Platforms product category.\nOn February 1, 2018, we completed our acquisition of publicly held BroadSoft, Inc. (\u201cBroadSoft\u201d), a cloud calling and contact center solutions company. Revenue from the BroadSoft acquisition has been included in our Applications product category.\nOn May 10, 2018, we completed our acquisition of privately held Accompany, a provider of an AI-driven relationship intelligence platform. Results from the Accompany acquisition has been included in our Applications product category.\nThe total purchase consideration related to our acquisitions completed during fiscal 2018 consisted of cash consideration and vested share-based awards assumed. The total cash and cash equivalents acquired from these acquisitions was approximately $187 million.\n\nFiscal 2018 | Purchase Consideration | Net Tangible Assets Acquired (Liabilities Assumed) | Purchased Intangible Assets | Goodwill\n---------------------- | ---------------------- | -------------------------------------------------- | --------------------------- | --------\nViptela | $497 | $(18) | $180 | $335 \nSpringpath | 248 | (11) | 160 | 99 \nBroadSoft | 2,179 | 353 | 430 | 1,396 \nAccompany | 222 | 6 | 55 | 161 \nOthers (four in total) | 72 | 4 | 42 | 26 \nTotal | $3,218 | $334 | $867 | $2,017 "} {"_id": "d1b2fdfd6", "title": "", "text": "The following table reconciles the theoretical corporation tax expense to the reported tax expense using the UK corporation tax rate. The reconciling items represent the impact of rate differentials in tax jurisdictions and the impact of non-taxable benefits and non-deductible expenses arising from differences between the local tax base and the reported Financial Statements.\nThe Group\u2019s taxation strategy is published at www.sophos.com/en-us/medialibrary/PDFs/legal/sophos-group-tax-poli\nThe Group\u2019s taxation strategy is published at www.sophos.com/en-us/medialibrary/PDFs/legal/sophos-group-tax-policyfy19. pdf and is aligned to its business strategy and operational needs. Oversight of taxation is within the remit of the Audit and Risk Committee. The Chief Financial Officer is responsible for tax strategy supported by a global team of tax professionals. Sophos strives for an open and transparent relationship with all revenue authorities and is vigilant in ensuring that the Group complies with current tax legislation. The Group proactively seeks to agree arm\u2019s length pricing with tax authorities to mitigate tax risks of significant cross-border operations. The Group actively engages with policy makers, tax administrators, industry bodies and international institutions to provide informed input on proposed tax measures, so that it and they can understand how those proposals would affect the Group. However, a tax authority may seek adjustment to the filing position adopted by a Group company and it is accepted that interpretation of complex regulations may lead to additional tax being assessed. Uncertain tax positions are monitored regularly and a provision made in the accounts where appropriate.\n\n | Year-ended 31 March 2019 | Year-ended 31 March 2018 Restated See note 2\n----------------------------------------------------------------------------------------------------------------- | ------------------------ | --------------------------------------------\n | $M | $M \nProfit / (loss) for the year before taxation | 53.6 | (41.0) \nLoss for the year before taxation multiplied by the standard rate of corporation tax in the UK of 19% (2018: 19%) | 10.2 | (7.7) \nEffects of: | | \nAdjustments in respect of previous years | 0.8 | 7.1 \nChange in tax rate during the year | 1.4 | 3.6 \nExpenses not deductible for tax purposes | 11.8 | 9.4 \nLosses not recognised | (0.9) | \u2013 \nHigher tax rates on overseas earnings | 7.7 | 3.8 \nResearch and development and other tax credits | (1.9) | (0.6) \nImpact of US tax reform on deferred tax | \u2013 | 5.4 \nOther movements | (2.4) | (1.1) \nCharge for taxation on profit / (loss) for the year | 26.7 | 19.9 "} {"_id": "d1b3a12a8", "title": "", "text": "This section highlights the Group\u2019s transactions with its related parties, such as its subsidiaries and Key Management Personnel.\nDuring the reporting period and previous reporting periods, Woolworths Group Limited advanced loans to, received and repaid loans from, and provided treasury, accounting, legal, taxation, and administrative services to other entities within the Group.\nEntities within the Group also exchanged goods and services in sale and purchase transactions. All transactions occurred on the basis of normal commercial terms and conditions. Balances and transactions between the Company and its subsidiaries, which are related parties of the Company, have been eliminated on consolidation and are not disclosed in this note.\nAll transactions with directors and Key Management Personnel (including their related parties) were conducted on an arm\u2019s length basis in the ordinary course of business and under normal terms and conditions for customers and employees. Related parties of Key Management Personnel who are employees received normal employee benefits on standard terms and conditions.\nThe total remuneration for Key Management Personnel of the Group is as follows:\nDetails of equity instruments provided as compensation to Key Management Personnel and shares issued on exercise of these instruments, together with the terms and conditions of the instruments, are disclosed in the Remuneration Report.\n\n | 2019 | 2018 \n---------------------------- | ---------- | ----------\n | $ | $ \nShort-term employee benefits | 12,175,184 | 14,217,931\nPost employment benefits | 322,733 | 297,319 \nOther long-term benefits | 161,569 | 139,776 \nShare-based payments | 9,177,425 | 6,594,300 \n | 21,836,911 | 21,249,326"} {"_id": "d1b35f9d4", "title": "", "text": "6. Inventories\nInventories at April 30, 2019 and 2018, respectively, consisted of the following (in thousands):\nFor the year ended April 30, 2018, the Company recorded a non-cash write-down of approximately $5.6 million of inventory. Inventory write-down resulted from two principal factors: (1) adoption by satellite manufacturers of policies precluding the use of parts and components over ten years old. This policy was unanticipated and resulted in reduced likelihood of FEI being able to use inventory that exceeds that threshold, and (2) changing technology associated with the advanced analog-to-digital converters which enables direct synthesis of certain frequencies for which FEI previously provided frequency conversion technology, reducing the likelihood that some parts and components associated with frequency conversion will be usable. Additionally, the Company\u2019s new inventory reserve policy resulted in a charge of $1.1 million in the fiscal year ended April 30, 2019. Inventory reserves included in inventory were $6.6 million and $5.5 million for the fiscal years ended April 30, 2019 and 2018, respectively.\n\n | 2019 | 2018 \n--------------------------------- | ------- | --------\nRaw Materials and Component Parts | $11,600 | $ 16,206\nWork in Progress | 8,896 | 8,216 \nFinished Goods | 2,860 | 1,764 \n | $23,356 | $ 26,186"} {"_id": "d1b35ddaa", "title": "", "text": "GasLog Ltd. and its Subsidiaries\nNotes to the consolidated financial statements (Continued)\nFor the years ended December 31, 2017, 2018 and 2019\n(All amounts expressed in thousands of U.S. Dollars, except share and per share data)\n22. Share-Based Compensation (Continued)\nMovement in RCUs and PCUs\nThe summary of RCUs and PCUs is presented below:\nThe total expense recognized in respect of share-based compensation for the year ended December 31, 2019 was $5,107 (December 31, 2018: $5,216 and December 31, 2017: $4,565). The total accrued cash distribution as of December 31, 2019 is $1,176 (December 31, 2018: $1,265).\n\n | Number of awards | Weighted average contractual life | Aggregate fair value\n----------------------------------- | ---------------- | --------------------------------- | --------------------\nRCUs | | | \nOutstanding as of January 1, 2018 | 67,475 | 1.38 | 1,429 \nGranted during the year | 24,608 | \u2014 | 576 \nVested during the year | (16,999) | \u2014 | (410) \nOutstanding as of December 31, 2018 | 75,084 | 1.25 | 1,595 \nGranted during the year | 26,308 | \u2014 | 605 \nVested during the year | (24,925) | \u2014 | (410) \nOutstanding as of December 31, 2019 | 76,467 | 1.26 | 1,790 \nPCUs | | | \nOutstanding as of January 1, 2018 | 67,475 | 1.38 | 1,429 \nGranted during the year | 24,608 | \u2014 | 576 \nVested during the year | (16,999) | \u2014 | (410) \nOutstanding as of December 31, 2018 | 75,084 | 1.25 | 1,595 \nGranted during the year | 26,308 | \u2014 | 605 \nVested during the year | (24,925) | \u2014 | (410) \nOutstanding as of December 31, 2019 | 76,467 | 1.26 | 1,790 "} {"_id": "d1b30fe34", "title": "", "text": "Diluted earnings per share. Diluted earnings per share for fiscal 2019 and 2018, as well as information as to the effects of special events that occurred in the indicated periods, as previously discussed and detailed below, were as follows (dollars in millions):\n(1) We believe the non-GAAP presentation of diluted earnings per share excluding special tax items, consisting of those related to Tax Reform and a change in our permanent reinvestment assertions related to undistributed earnings of two foreign subsidiaries, as well as restructuring costs and the one-time employee bonus, provide additional insight over the change from the comparative reporting periods by eliminating the effects of special or unusual items. In addition, the Company believes that its diluted earnings per share, as adjusted, enhances the ability of investors to analyze the Company\u2019s operating performance and supplements, but does not replace, its diluted earnings per share calculated in accordance with U.S. GAAP.\nDiluted earnings per share increased to $3.50 in fiscal 2019 from $0.38 in fiscal 2018 primarily as a result of increased net income due to the factors discussed above and a reduction in diluted shares outstanding due to repurchase activity under the Company's stock repurchase plans.\n\n | 2019 | 2018 \n------------------------------------------------------ | ------ | -----\nDiluted earnings per share, as reported (GAAP) | $3.50 | $0.38\nRestructuring costs, net of tax | 0.05 | \u2014 \nU.S. Tax Reform | 0.23 | 2.46 \nAccumulated foreign earnings assertion | (0.35) | \nOne-time employee bonus, net of tax | \u2014 | 0.39 \nDiluted earnings per share, as adjusted (non-GAAP) (1) | $3.43 | $3.23"} {"_id": "d1b33dec4", "title": "", "text": "NOTE 5\u2014PROPERTY AND EQUIPMENT, NET\nProperty and equipment, net, consists of the following as of December 31, 2019 and 2018:\nDepreciation for the years ended December 31, 2019 and December 31, 2018 was $870,000 and $704,000, respectively. Cost basis of assets disposed for the years ended December 31, 2019 and December 31, 2018 was $31,000 and $773,000, respectively. The disposals in 2018 were primarily a result of relocating our corporate offices and writing off the fully amortized leasehold improvements related to our former office.\n\n | 2019 | 2018 \n----------------------------------------------- | ------------ | ------------\nCost: | | \nComputers, peripheral and scientific equipment | $1,654,000 | $1,350,000 \nSoftware | 2,131,000 | 1,749,000 \nLeasehold improvements | 310,000 | 294,000 \nOffice furniture and equipment | 424,000 | 391,000 \n | 4,519,000 | 3,784,000 \nLess: Accumulated depreciation and amortization | (2,634,000 ) | (1,797,000 )\nProperty and equipment, net | $ 1,885,000 | $1,987,000 "} {"_id": "d1b315d84", "title": "", "text": "Other Acquisitions, Divestitures and Investments\nOn June 15, 2018, we acquired all the outstanding minority interests in a third party for $6.9 million. We initially acquired a controlling interest in the third party in April 2015. Therefore, this transaction was treated as an equity transaction, and the cash payment is reported as part of cash flow from financing activities in the consolidated statement of cash flows for the year ended December 31, 2018.\nOn April 2, 2018, we sold substantially all of the assets of the Allscripts\u2019 business providing hospitals and health systems document and other content management software and services generally known as \u201cOneContent\u201d to Hyland Software, Inc., an Ohio corporation (\u201cHyland\u201d). Allscripts acquired the OneContent business during the fourth quarter of 2017 through the acquisition of the EIS Business (as defined below). Certain assets of Allscripts relating to the OneContent business were excluded from the transaction and retained by Allscripts.\nIn addition, Hyland assumed certain liabilities related to the OneContent business. The total consideration for the OneContent business was $260 million, which was subject to certain adjustments for liabilities assumed by Hyland and net working capital. We realized a pre-tax gain upon sale of $177.9 million which is included in the \u201cGain on sales of businesses, net\u201d line in our consolidated statements of operations for the year ended December 31, 2018.\nOn March 15, 2018, we contributed certain assets and liabilities of our Strategic Sourcing business unit, acquired as part of the acquisition of the EIS Business in 2017, into a new entity together with $2.7 million of cash as additional consideration. In exchange for our contributions, we obtained a 35.7% interest in the new entity, which was valued at $4.0 million, and is included in Other assets in our consolidated balance sheet as of December 31, 2018.\nThis investment is accounted for under the equity method of accounting. As a result of this transaction, we recognized an initial pre-tax loss of $0.9 million and $4.7 million in additional losses due to measurement period adjustments upon the finalization of carve-out balances, mainly related to accounts receivable. These losses are included on the \u201cGain on sale of businesses, net\u201d line in our consolidated statements of operations for the year ended December 31, 2018.\nOn February 6, 2018, we acquired all of the common stock of a cloud-based analytics software platform provider for a purchase price of $8.0 million in cash. The allocation of the consideration is as follows: $1.1 million of intangible assets related to technology; $0.6 million to customer relationships; $6.6 million of goodwill; $0.8 million to accounts receivable; deferred revenue of $0.6 million and $0.5 million of long-term deferred income tax liabilities.\nThe allocation was finalized in the fourth quarter of 2018. The acquired intangible asset related to technology will be amortized over 8 years using a method that approximates the pattern of economic benefits to be gained from the intangible asset. The customer relationship was amortized over one year. The goodwill is not deductible for tax purposes. The results of operations of this acquisition were not material to our consolidated financial statements.\nThe following table summarizes our other equity investments which are included in other assets in the accompanying consolidated balance sheets:\u00a0(1) Allscripts share of the earnings of our equity method investees is reported based on a one quarter lag.\nDuring 2018, we acquired certain non-marketable equity securities of two third parties and entered into a commercial agreement with one of the third parties for total consideration of $11.7 million. During 2018, we also acquired a $1.8 million non-marketable convertible note of a third party. These investments are recorded in the Other asset caption within the consolidated balance sheets.\nIt is not practicable to estimate the fair value of our equity investments primarily because of their illiquidity and restricted marketability as of December 31, 2019. The factors we considered in trying to determine fair value include, but are not limited to, available financial information, the issuer\u2019s ability to meet its current obligations and the issuer\u2019s subsequent or planned raises of capital.\n\n | | | Carrying Value at | \n---------------------------------------------- | ---------------------------------------- | ------------- | ----------------- | -----------------\n(In thousands, except for number of investees) | Number of Investees at December 31, 2019 | Original Cost | December 31, 2019 | December 31, 2018\nEquity method investments (1) | 5 | $ 7,407 | $ 11,332 | $ 10,667 \nCost less impairment | 9 | 43,874 | 32,462 | 25,923 \nTotal long-term equity investments | 14 | $ 51,281 | $ 43,794 | $ 36,590 "} {"_id": "d1a735294", "title": "", "text": "Employee Stock Purchase Plan\nEligible employees are offered shares through a 24-month offering period, which consists of four consecutive 6-month purchase periods. Employees may purchase a limited number of shares of the Company\u2019s stock at a discount of up to 15% of the lesser of the market value at the beginning of the offering period or the end of each 6-month purchase period. On September 13, 2018, the ESPP was amended to increase the shares reserved for issuance by 2 million shares of common stock. As of April 26, 2019, 7 million shares were available for issuance. The following table summarizes activity related to the purchase rights issued under the ESPP (in millions):\n\n | | Year Ended | \n-------------------------------- | -------------- | -------------- | --------------\n | April 26, 2019 | April 27, 2018 | April 28, 2017\nShares issued under the ESPP | 3 | 4 | 4 \nProceeds from issuance of shares | $ 96 | $ 85 | $ 80 "} {"_id": "d1b3b641e", "title": "", "text": "NOTE 7\u2014ACCOUNTS RECEIVABLE\nThe components of accounts receivable are as follows (in thousands):\nAmounts billed include $60.3 million and $80.5 million due on U.S. federal government contracts at September 30, 2019 and 2018, respectively. As further described in Note 2, effective October 1, 2018, the component of accounts receivable that consisted of unbilled contract receivables as reported under ASC 605 has been reclassified as contract assets under ASC 606.\nIn our normal course of business, we may sell trade receivables to financial institutions as a cash management technique. We do not retain financial or legal obligations for these receivables that would result in material losses. Our ongoing involvement is limited to the remittance of customer payments to the financial institutions with respect to the sold trade receivables; therefore, our sold trade receivables are not included in our Consolidated Balance Sheet in any period presented. As of September 30, 2019, we sold $31.1 million of outstanding trade receivables to financial institutions.\n\n | September 30, | \n---------------------------------------- | ------------- | ----------\n | 2019 | 2018 \nAccounts receivable | | \nBilled | $ 127,406 | $ 156,948\nUnbilled | \u2014 | 242,877 \nAllowance for doubtful accounts | (1,392) | (1,324) \nTotal accounts receivable | 126,014 | 398,501 \nLess estimated amounts not currently due | \u2014 | (6,134) \nCurrent accounts receivable | $ 126,014 | $ 392,367 "} {"_id": "d1b3c160c", "title": "", "text": "10. Accrued Liabilities\nAccrued liabilities at April 30, 2019 and 2018, respectively, consisted of the following (in thousands):\n\n | 2019 | 2018 \n------------------------------- | ------ | ------\nVacation and other compensation | $1,659 | $1,433\nIncentive compensation | 346 | 411 \nPayroll taxes | 155 | 113 \nDeferred revenue | - | 68 \nWarranty reserve | 529 | 520 \nCommissions | 378 | 307 \nOther | 504 | 564 \n | $3,571 | $3,416"} {"_id": "d1b326936", "title": "", "text": "Note 6: Equity Method Investments\nThe following table provides a reconciliation of equity method investments to the Company's Consolidated Balance Sheets (amounts in thousands):\nTOKIN's Joint Ventures - NYC and NTS\nAs noted in Note 2, \u201cAcquisitions,\u201d on April 19, 2017, the Company completed its acquisition of the remaining 66% economic interest in TOKIN and TOKIN became a 100% owned subsidiary of KEMET. TOKIN had two investments at the time of acquisition: NYC and NTS. The Company accounts for both investments using the equity method due to the related nature of operations and the Company's ability to influence management decisions.\nNYC was established in 1966 by TOKIN and Mitsui Mining and Smelting Co., Ltd (\u201cMitsui\u201d). NYC was established to commercialize yttrium oxides and the Company owns 30% of NYC's stock. The carrying amount of the Company's equity investment in NYC was $8.2 million and $8.1 million as of March 31, 2019 and 2018, respectively.\nNTS was established in 2004 by TOKIN, however subsequent to its formation, TOKIN sold 67% of its stock. NTS provides world-class electronic devices by utilizing global procurement networks and the Company owns 33% of NTS' stock. During the year ended March 31, 2019, a significant portion of NTS' sales were TOKIN\u2019s products. The carrying amount of the Company's equity investment in NTS was $1.2 million and $1.0 million as of March 31, 2019 and 2018, respectively.\n\n | March 31, | \n----------------------------------------------------------------- | --------- | -------\n | 2019 | 2018 \nNippon Yttrium Co., Ltd (\"NYC\") | $8,215 | $8,148 \nNT Sales Co., Ltd (\"NTS\") | 1,218 | 998 \nNovasentis | 977 | 2,870 \nKEMET Jianghai Electronics Components Co., Ltd (\u201cKEMET Jianghai\u201d) | 2,515 | \u2014 \n | $12,925 | $12,016"} {"_id": "d1b34b02e", "title": "", "text": "The difference between the tax provision at the statutory federal income tax rate and the tax provision as a percentage of income before income taxes (effective tax rate) for each period was as follows:\nThe majority of the increase in our effective tax rate in 2019 compared to 2018 was driven by one-time benefits that occurred in 2018.\nThe majority of the decrease in our effective tax rate in 2018 compared to 2017 resulted from initial tax expense from Tax Reform and the tax impacts from the ISecG divestiture that we had in 2017, but not in 2018. The reduction of the U.S. statutory rate, combined with the net impact of the enactment or repeal of specific tax law provisions through Tax Reform, drove the remaining decrease in our effective tax rate in 2018.\nWe derive the effective tax rate benefit attributed to non-U.S. income taxed at different rates primarily from our operations in China, Hong Kong, Ireland, and Israel. The statutory tax rates in these jurisdictions range from 12.5% to 25.0%. In addition, we are subject to reduced tax rates in China and Israel as long as we conduct certain eligible activities and make certain capital investments. These conditional reduced tax rates expire at various dates through 2026 and we expect to apply for renewals upon expiration.\n\nYears Ended | Dec 28, 2019 | Dec 29, 2018 | Dec 30, 2017\n-------------------------------------------- | ------------ | ------------ | ------------\nStatutory federal income tax rate | 21.0% | 21.0% | 35.0% \nIncrease (reduction) in rate resulting from: | | | \nNon-U.S. income taxed at different rates | (3.7) | (3.6) | (7.6) \nResearch and development tax credits | (2.3) | (2.7) | (2.3) \nDomestic manufacturing deduction benefit | \u2014 | \u2014 | (1.3) \nForeign derived intangible income benefit | (3.2) | (3.7) | \u2014 \nTax Reform | \u2014 | (1.3) | 26.8 \nISecG divestiture | \u2014 | \u2014 | 3.3 \nOther | 0.7 | (0.1) | (1.1) \nEffective tax rate | 12.5% | 9.7% | 52.8% "} {"_id": "d1b32f14e", "title": "", "text": "3. Restructuring and Other Charges, Net\nNet restructuring and other charges consisted of the following:\n\n | | | Fiscal\n------------------------------------ | ----- | ------------- | ------\n | 2019 | 2018 | 2017 \n | | (in millions) | \nRestructuring charges, net | $ 255 | $ 140 | $ 146 \nGain on divestiture | \u2014 | (2) | \u2014 \nOther charges (credits), net | \u2014 | (12) | 1 \nRestructuring and other charges, net | $ 255 | $ 126 | $ 147 "} {"_id": "d1b35f4b6", "title": "", "text": "Note 13. INCOME TAXES\nIn the year ended December 29, 2019, our income tax provision of $26.6 million on a profit before income taxes and equity in earnings (losses) of unconsolidated investees of $26.0 million was primarily due to tax expense in foreign jurisdictions that were profitable. In the year ended December 30, 2018, our income tax provision of $1.0 million on a loss before income taxes and equity in earnings of unconsolidated investees of $898.7 million was primarily due to tax expense in foreign jurisdictions that were profitable, offset by tax benefit related to release of valuation allowance in a foreign jurisdiction, and by a release of tax reserves due to lapse of statutes of limitation.\nThe geographic distribution of income (loss) from continuing operations before income taxes and equity earnings (losses) of unconsolidated investees and the components of provision for income taxes are summarized below:\n\n | | Fiscal Year | \n------------------------------------------------------------------------------------------------------------------------------------------- | ----------------- | ----------------- | -----------------\n(In thousands) | December 29, 2019 | December 30, 2018 | December 31, 2017\nGeographic distribution of income (loss) from continuing operations before income taxes and equity in earnings of unconsolidated investees: | | | \nU.S. loss | $(84,071) | $(778,316) | $(1,242,000) \nNon-U.S. income (loss) | 110,040 | (120,355) | 41,250 \nIncome (loss) before income taxes and equity in earnings (loss) of unconsolidated investees | $25,969 | $(898,671) | $(1,200,750) \nProvision for income taxes: | | | \nCurrent tax (expense) benefit | | | \nFederal | $(328) | $(1,155) | $6,816 \nState | (370) | (553) | 6,575 \nForeign | (24,588) | (4,100) | (12,074) \nTotal current tax (expense) benefit | (25,286) | (5,808) | 1,317 \nDeferred tax (expense) benefit | | | \nFederal | (100) | \u2014 | \u2014 \nState | \u2014 | \u2014 | 1,450 \nForeign | (1,245) | 4,798 | 1,177 \nTotal deferred tax (expense) benefit | (1,345) | 4,798 | 2,627 \n(Provision for) benefit from income taxes | (26,631) | $(1,010) | $3,944 "} {"_id": "d1b34f6b0", "title": "", "text": "Foreign Currency Risk\nThe Group is exposed to translation and transaction foreign exchange risk. Several other currencies in addition to the reporting currency of US dollar are used, including sterling and the euro. The Group experiences currency exchange differences arising upon retranslation of monetary items (primarily short-term inter-Company balances and long-term borrowings), which are recognised as an expense in the period the difference occurs. The Group endeavours to match cash inflows and outflows in the various currencies; the Group typically invoices its customers in their local currency and pays its local expenses in local currency, as a means to mitigate this risk.\nThe Group is also exposed to exchange differences arising from the translation of its subsidiaries\u2019 Financial Statements into the Group\u2019s reporting currency of US dollar, with the corresponding exchange differences taken directly to equity.\nThe following table illustrates the movement that ten per cent in the value of sterling or the euro against the US dollar would have had on the Group\u2019s profit or loss for the period and on the Group\u2019s equity as at the end of the period.\nAny foreign exchange variance would be recognised as unrealised foreign exchange in the Consolidated Statement of Profit or Loss and have no impact on cash flows.\n\n | Year-ended 31 March 2019 | Year-ended 31 March 2018\n------------------------------------------- | ------------------------ | ------------------------\n | $M | $M \n10% movement in sterling to US dollar value | | \nProfit or loss | 1.7 | 5.1 \nEquity | 33.8 | 37.4 \n10% movement in euro to US dollar value | | \nProfit or loss | 1.5 | 7.5 \nEquity | (9.8) | (10.8) "} {"_id": "d1b33486a", "title": "", "text": "15. QUARTERLY FINANCIAL INFORMATION (UNAUDITED)\nDuring the quarter ended December 31, 2019, we purchased a group annuity contract to transfer the pension benefit obligations and annuity administration for a select group of retirees or their beneficiaries to an annuity provider. As a result of the transfer of the pension liability to the annuity provider and other lump sum payments to participants of the Pension Plans, we recognized a non-cash pension settlement charge of $6.7 million during the quarter ended December 31, 2019.\nIn 2019, we recognized a gain on extinguishment of debt from the partial repurchase of our Senior Notes of $0.3 million, $1.1 million and $3.1 million during the quarters ended June 30, 2019, September 30, 2019, and December 31, 2019, respectively.\nAs part of our integration efforts of FairPoint and continued cost saving initiatives, we incurred severance costs of $8.7 million during the quarter ended December 31, 2019.\n\n | | Quarter Ended | | \n----------------------------------------------------- | --------- | ---------------------------------------- | ------------- | ------------\n2019 | March 31, | June 30, | September 30, | December 31,\n | | (In thousands, except per share amounts) | | \nNet revenues | $338,649 | $333,532 | $333,326 | $331,035 \nOperating income | $16,720 | $14,300 | $23,542 | $26,719 \nNet income (loss) attributable to common stockholders | $(7,265) | $(7,387) | $257 | $(5,988) \nBasic and diluted earnings (loss) per share | $(0.11) | $(0.10) | $\u2014 | $(0.08) "} {"_id": "d1b340804", "title": "", "text": "4. SEGMENT INFORMATION\nDuring the 2019 and 2018 financial years, the Group operated wholly within one business segment being the operation and management of storage centres in Australia and New Zealand.\nThe Managing Director is the Group\u2019s chief operating decision maker and monitors the operating results on a portfolio wide basis. Monthly management reports are evaluated based upon the overall performance of NSR consistent with the presentation within the consolidated financial statements. The Group\u2019s financing (including finance costs and finance income) are managed on a Group basis and not allocated to operating segments.\nThe operating results presented in the statement of profit or loss represent the same segment information as reported in internal management information.\nThe revenue information above excludes interest income and is based on the location of storage centres.\n\n | 2019 | 2018 \n------------------------------- | ------- | -------\n | $'000 | $'000 \nRevenue from external customers | | \nAustralia | 144,621 | 129,431\nNew Zealand | 13,036 | 8,912 \nTotal | 157,657 | 138,343"} {"_id": "d1b38522e", "title": "", "text": "Discussion of the Results of Operations for the years ended December 31, 2019, 2018, and 2017\nRevenues\nSubscription Solutions\nSubscription solutions revenues increased $177.2 million, or 38.1%, for the year ended December 31, 2019 compared to the same period in 2018. Subscription solutions revenues increased $155.0 million, or 50.0%, for the year ended December 31, 2018 compared to the same period in 2017. The increase in both periods was primarily a result of growth in MRR driven by the higher number of merchants using our platform.\nMerchant Solutions\nMerchant solutions revenues increased $327.7 million, or 53.9%, for the year ended December 31, 2019 compared to the same period in 2018. The increase in merchant solutions revenues was primarily a result of Shopify Payments revenue growing by $239.6 million, or 53.3%, in 2019 compared to the same period in 2018. This increase was a result of an increase in the number of merchants using our platform, continued expansion into new geographical regions, and an increase in adoption of Shopify Payments by our merchants, which drove $9.1 billion of additional GMV facilitated using Shopify Payments in 2019 compared to the same period in 2018. For the year ended December 31, 2019, the Shopify Payments penetration rate was 42.1%, resulting in GMV of $25.7 billion that was facilitated using Shopify Payments. This compares to a penetration rate of 40.4%, resulting in GMV of $16.6 billion that was facilitated using Shopify Payments in the same period in 2018. As at December 31, 2019 Shopify Payments adoption among our merchants was as follows: United States, 91%; Canada, 90%; Australia, 89%; United Kingdom, 88%; Ireland, 84%; New Zealand, 76%; and other countries where Shopify Payments is available, 70%. Merchant solutions revenues increased $327.7 million, or 53.9%, for the year ended December 31, 2019 compared to the same period in 2018. The increase in merchant solutions revenues was primarily a result of Shopify Payments revenue growing by $239.6 million, or 53.3%, in 2019 compared to the same period in 2018. This increase was a result of an increase in the number of merchants using our platform, continued expansion into new geographical regions, and an increase in adoption of Shopify Payments by our merchants, which drove $9.1 billion of additional GMV facilitated using Shopify Payments in 2019 compared to the same period in 2018. For the year ended December 31, 2019, the Shopify Payments penetration rate was 42.1%, resulting in GMV of $25.7 billion that was facilitated using Shopify Payments. This compares to a penetration rate of 40.4%, resulting in GMV of $16.6 billion that was facilitated using Shopify Payments in the same period in 2018. As at December 31, 2019 Shopify Payments adoption among our merchants was as follows: United States, 91%; Canada, 90%; Australia, 89%; United Kingdom, 88%; Ireland, 84%; New Zealand, 76%; and other countries where Shopify Payments is available, 70%.\nIn addition to the increase in revenue from Shopify Payments, revenue from transaction fees, referral fees from partners, Shopify Capital, and Shopify Shipping increased during the year ended December 31, 2019 compared to the same period in 2018, as a result of the increase in GMV facilitated through our platform.\nMerchant solutions revenues increased $245.0 million, or 67.4%, for the year ended December 31, 2018 compared to the same period in 2017. The increase in merchant solutions revenues was primarily a result of Shopify Payments revenue growing by $176.0 million, or 64.4%. Additionally, revenue from transaction fees, referral fees from partners, Shopify Capital, and Shopify Shipping increased for the year ended December 31, 2018 compared to the same period in 2017.\n\n | Years ended December 31, | | | 2019 vs 2018 | 2018 vs 2017\n----------------------- | ---------------------------------- | ---------- | -------- | ------------ | ------------\n | 2019 | 2018 | 2017 | % Change | % Change \n | (in thousands, except percentages) | | | | \nRevenues: | | | | | \nSubscription solutions | $642,241 | $464,996 | $310,031 | 38.1% | 50.0% \nMerchant solutions | 935,932 | 608,233 | 363,273 | 53.9% | 67.4% \n | $1,578,173 | $1,073,229 | $673,304 | 47.0% | 59.4% \nPercentage of revenues: | | | | | \nSubscription solutions | 40.7% | 43.3% | 46.0% | | \nMerchant solutions | 59.3 % | 56.7 % | 54.0 % | | \nTotal revenues | 100.0 % | 100.0 % | 100.0 % | | "} {"_id": "d1b35752c", "title": "", "text": "GAINS (LOSSES) ON EQUITY INVESTMENTS AND INTEREST AND OTHER, NET\nGAINS (LOSSES) ON EQUITY INVESTMENTS, NET\nOngoing mark-to-market net gains and losses reported in 2019 and 2018 were primarily driven by ASML Holding N.V. (ASML) and Cloudera Inc. (Cloudera). During 2019 we sold our equity investment in ASML.\nIn 2019, we recognized $293 million in observable price adjustments primarily from one investment.\nDuring 2018, we recognized an impairment charge of $290 million in our equity method investment in IMFT. During 2017, we recognized impairment charges in our investments of Cloudera for $278 million and Unisoc for $308 million.\nMajor drivers of sales of equity investments and other in 2019 were dividends of $632 million from McAfee and a gain of $107 million from our sale of our non-controlling interest in IMFT. In 2017, we recognized $3.4 billion in realized gains on sales of a portion of our interest in ASML.\nINTEREST AND OTHER, NET\nWe recognized a higher net gain in interest and other in 2019 compared to 2018, primarily due to lower loss on debt conversions and larger divestiture gains in 2019 compared to 2018.\nWe recognized a net gain in interest and other in 2018 compared to a net loss in 2017, primarily due to lower losses on debt conversions, higher assets under construction resulting in more capitalized interest, and larger divestiture gains in 2018 compared to 2017.\n\nYears Ended | Dec 28, | Dec 29, | Dec 30,\n------------------------------------------------------------------ | ------- | ------- | -------\n(In Millions) | 2019 | 2018 | 2017 \nOngoing mark-to market adjustments on marketable equity securities | $277 | $(129) | $ \u2014 \nObservable price adjustments on non-marketable equity securities | 293 | 202 | \u2014 \nImpairment charges | (122) | (424) | (833) \nSale of equity investments and other | 1,091 | 226 | 3,484 \nGains (losses) one equity investments, net | $1,539 | $(125) | $2,651 \nInterest and other, net | $484 | $126 | $(349) "} {"_id": "d1b359ce6", "title": "", "text": "Cash and cash equivalents decreased by $78.9 million during the year ended March 31, 2019, as compared to an increase of $177.1 million during the year ended March 31, 2018 and an increase of $44.8 million during the year ended March 31, 2017 as follows (amounts in thousands):\n(1) Fiscal years ended March 31, 2018 and 2017 adjusted due to the adoption of ASC 606.\n(2) Fiscal year ended March 31, 2018 adjusted due to the adoption of ASC 606.\nOperating Cash Flow Activities\nDuring fiscal years 2019, 2018, and 2017, cash provided by operating activities totaled $131.7 million, $120.8 million, and $71.7 million, respectively. During fiscal year 2019, cash provided by operating activities was positively impacted by our net income of $206.6 million, a $7.7 million increase in accounts payable, and a $1.0 million decrease in accrued income taxes. Operating cash flows were negatively impacted by a $70.6 million decrease in other operating liabilities, a $42.8 million increase in inventories, an $8.9 million increase in accounts receivable, and a $4.4 million increase in prepaid expenses and other assets. The decrease in other operating liabilities was driven by a $46.3 million decrease in accruals for TOKIN anti-trust fines and a $7.8 million decrease in restructuring liabilities. The increase in inventory is due to increased customer demand.\nDuring fiscal year 2018, cash provided by operating activities was positively impacted by our net income of $254.1 million. Excluding the acquired balances from TOKIN, operating cash flows were also positively impacted by a $30.2 million decrease in accounts receivable, a $4.3 million decrease in prepaid expenses and other assets, and a $1.3 million increase in accrued income taxes. Excluding the acquired balances from TOKIN, operating cash flows were negatively impacted by a $16.1 million decrease in accounts payable and a $13.8 million increase in inventories.\nDuring fiscal year 2017, cash provided by operating activities was positively impacted by our net income of $47.2 million, a $16.8 million decrease in inventories, a $6.2 million increase in accounts payable, and a $1.7 million increase in other operating liabilities. Operating cash flows were negatively impacted by a $2.6 million increase in accounts receivable and a $1.8 million increase in prepaid expenses and other assets.\nInvesting Cash Flow Activities\nDuring fiscal years 2019, 2018, and 2017, cash provided by (used in) investing activities totaled $(147.0) million, $102.4 million, and $(25.6) million, respectively. During fiscal year 2019, cash used in investing activities included capital expenditures of $146.1 million, primarily related to expanding capacity at our manufacturing facilities in Mexico, Portugal, China, Thailand and Japan, as well as information technology projects in the United States and Mexico. $16.3 million of the $146.1 million in capital expenditures were related to the Customer Capacity Agreements. Additionally, the Company invested $4.0 million in the form of capital contributions to KEMET Jianghai and Novasentis. Offsetting these uses of cash, we had asset sales of $2.3 million and received dividends of $0.8 million.\nDuring fiscal year 2018, cash provided by investing activities was primarily due to $164.0 million in net cash received attributable to the bargain purchase of TOKIN. Additionally, we had proceeds from asset sales of $3.6 million and received dividends of $2.7 million. This was partially offset by capital expenditures of $65.0 million, primarily related to expanding capacity at our manufacturing facilities in Mexico, Portugal, China, Thailand and Japan, as well as for information technology projects in the United States and Mexico. In addition, the Company invested $3.0 million in the form of capital contributions to Novasentis.\nDuring fiscal year 2017, cash used in investing activities was primarily due to capital expenditures of $25.6 million, primarily related to expanding capacity at our manufacturing facilities in Mexico, Italy, Portugal, and China.\nFinancing Cash Flow Activities\nDuring fiscal years 2019, 2018, and 2017, cash used in financing activities totaled $56.7 million, $55.8 million, and $0.1 million, respectively. During fiscal year 2019, the Company received $281.8 million in proceeds from the TOKIN Term Loan Facility, net of discount, bank issuance costs, and other indirect issuance costs, $13.4 million in proceeds from advances from customers, as described in the earlier section titled \"Customer Advances\", received proceeds on an interest free loan from the Portuguese Government of $1.1 million, and received $0.5 million in cash proceeds from the exercise of stock options. The Company made $344.5 million in payments on long term debt, including two quarterly principal payments on the Term Loan Credit Agreement of $4.3 million, for a total of $8.6 million, $323.4 million to repay the remaining balance on the Term Loan Credit Agreement, and one principal payment on the TOKIN Term Loan Facility of $12.4 million. An early payment premium on the Term Loan Credit Agreement used $3.2 million in cash. Lastly, the Company paid two quarterly cash dividends for a total of $5.8 million.\nDuring fiscal year 2018, cash used in financing activities was impacted by the following payments: (i) $353.0 million to pay off the remaining outstanding balance of the 10.5% Senior Notes, (ii) $33.9 million to repay the remaining outstanding balance of the revolving line of credit, and (iii) three quarterly principal payments on the Term Loan Credit Agreement for $4.3 million each, for a total of $12.9 million. The Company received $329.7 million in proceeds from the Term Loan Credit Agreement, net of discount, bank issuance costs, and other indirect issuance costs, received proceeds from the exercise of stock warrants and stock options for $8.8 million and $5.2 million, respectively, and received $0.3 million in proceeds on an interest free loan from the Portuguese Government.\nDuring fiscal year 2017, the Company made $0.1 million in net payments on long-term debt, had cash outflows of $1.1 million for the purchase of treasury stock, and received $1.1 million from the exercise of stock options.\n\n | | Fiscal Years Ended March 31, | \n---------------------------------------------------------------------- | --------- | ---------------------------- | --------\n | 2019 | 2018 | 2017 \nNet cash provided by (used in) operating activities (1) | $131,731 | $120,761 | $71,667 \nNet cash provided by (used in) investing activities | (147,012) | 102,364 | (25,598)\nNet cash provided by (used in) financing activities | (56,657) | (55,798) | (125) \nEffect of foreign currency fluctuations on cash (2) | (6,990) | 9,745 | (1,174) \nNet increase (decrease) in cash, cash equivalents, and restricted cash | $(78,928) | $177,072 | $44,770 "} {"_id": "d1b31dd7c", "title": "", "text": "11. Reportable Segments, Geographic Information and Major Customers\nReportable segments are defined as components of an enterprise about which separate financial information is available that is evaluated regularly by the chief operating decision maker, or group, in assessing performance and allocating resources. The Company uses an internal management reporting system, which provides important financial data to evaluate performance and allocate the Company\u2019s resources on a regional basis. Net sales for the segments are attributed to the region in which the product is manufactured or the service is performed. The services provided, manufacturing processes used, class of customers serviced and order fulfillment processes used are similar and generally interchangeable across the segments. A segment\u2019s performance is evaluated based upon its operating income (loss). A segment\u2019s operating income (loss) includes its net sales less cost of sales and selling and administrative expenses, but excludes corporate and other expenses. Corporate and other expenses\u00a0 fiscal 2019 and the $13.5 million one-time employee bonus paid to full-time, non-executive employees during fiscal 2018 due to the Company's ability to access overseas cash as a result of Tax Reform (the \"one-time employee bonus\"). These costs are not allocated to the segments, as management excludes such costs when assessing the performance of the segments. Inter-segment transactions are generally recorded at amounts that approximate arm\u2019s length transactions. The accounting policies for the segments are the same as for the Company taken as a whole.\nInformation about the Company\u2019s three reportable segments for fiscal 2019, 2018 and 2017 is as follows (in thousands):\n\n | 2019 | 2018 | 2017 \n----------------------------------- | ---------- | ---------- | ----------\nNet sales: | | | \nAMER | $1,429,308 | $1,218,944 | $1,166,346\nAPAC | 1,557,205 | 1,498,010 | 1,279,261 \nEMEA | 309,933 | 281,489 | 192,829 \nElimination of inter-segment sales | (132,012) | (124,935) | (110,384) \n | 3,164,434 | 2,873,508 | 2,528,052 \nOperating income (loss): | | | \nAMER | $57,780 | $38,637 | $41,924 \nAPAC | 208,178 | 213,935 | 200,103 \nEMEA | 4,475 | 1,447 | (6,197) \nCorporate and other costs | (128,378) | (135,736) | (105,922) \n | $142,055 | $118,283 | $129,908 \nOther income (expense): | | | \nInterest expense | $(12,853) | $(12,226) | $(13,578) \nInterest income | 1,949 | 4,696 | 5,042 \nMiscellaneous, net | (5,196) | (3,143) | 451 \nIncome before income taxes | $125,955 | $107,610 | $121,823 "} {"_id": "d1b3ae476", "title": "", "text": "During\u00a0the\u00a0year,\u00a0we\u00a0passed\u00a0an\u00a0additional\u00a012,400\u00a0addresses\u00a0in\u00a0the\u00a0Greater\u00a0Cincinnati\u00a0area\u00a0with\u00a0Fioptics,\u00a0which\u00a0included\u00a0a\u00a0focus\u00a0on\u00a0Fiber\u00a0to\u00a0the\u00a0Premise\u00a0(\"FTTP\") addresses\u00a0as\u00a0FTTP\u00a0has\u00a0become\u00a0a\u00a0more\u00a0relevant\u00a0solution\u00a0for\u00a0our\u00a0customers. As\u00a0of\u00a0December\u00a031,\u00a02019,\u00a0the\u00a0Fioptics\u00a0products\u00a0are\u00a0now\u00a0available\u00a0to\u00a0approximately 623,400\u00a0customer\u00a0locations\u00a0or\u00a075%\u00a0of\u00a0the\u00a0Greater\u00a0Cincinnati\u00a0operating\u00a0territory.\u00a0During\u00a02019,\u00a0we\u00a0passed\u00a0an\u00a0additional\u00a05,900\u00a0addresses\u00a0in\u00a0Hawaii.\u00a0\u00a0The Consumer/SMB\u00a0Fiber\u00a0products\u00a0are\u00a0now\u00a0available\u00a0to\u00a0approximately\u00a0246,400\u00a0addresses,\u00a0or\u00a050%\u00a0of\u00a0the\u00a0operating\u00a0territory\u00a0in\u00a0Hawaii,\u00a0including\u00a0Oahu\u00a0and\u00a0the neighbor\u00a0islands\nIn\u00a02019,\u00a0the\u00a0Company\u00a0also\u00a0invested\u00a0$24.0\u00a0million\u00a0in\u00a0Enterprise\u00a0Fiber\u00a0products,\u00a0which\u00a0includes\u00a0fiber\u00a0and\u00a0IP-ased\u00a0core\u00a0network\u00a0technology.\u00a0\u00a0These\u00a0investments position\u00a0the\u00a0Company\u00a0to\u00a0meet\u00a0increased\u00a0business\u00a0and\u00a0carrier\u00a0demand\u00a0within\u00a0Greater\u00a0Cincinnati\u00a0and\u00a0in\u00a0contiguous\u00a0markets\u00a0in\u00a0the\u00a0Midwest\u00a0region.\u00a0\u00a0In\u00a0Hawaii, expenditures\u00a0are\u00a0for\u00a0high-bandwidth\u00a0data\u00a0transport\u00a0products,\u00a0such\u00a0as\u00a0metro-ethernet,\u00a0including\u00a0the\u00a0Southeast\u00a0Asia\u00a0to\u00a0United\u00a0States\u00a0(\"SEA-US\")\u00a0cable.\u00a0\u00a0We\u00a0continue to\u00a0evolve\u00a0and\u00a0optimize\u00a0network\u00a0assets\u00a0to\u00a0support\u00a0the\u00a0migration\u00a0of\u00a0legacy\u00a0products\u00a0to\u00a0new\u00a0technology,\u00a0and\u00a0as\u00a0of\u00a0December\u00a031,\u00a02019,\u00a0the\u00a0Company\u00a0has:\nincreased\u00a0the\u00a0total\u00a0number\u00a0of\u00a0commercial\u00a0addresses\u00a0with\u00a0fiber-based\u00a0services\u00a0(referred\u00a0to\u00a0as\u00a0a\u00a0lit\u00a0address)\u00a0to\u00a028,800\u00a0in\u00a0Greater\u00a0Cincinnati\u00a0and\u00a020,300\u00a0in Hawaii\u00a0by\u00a0connecting\u00a0approximately\u00a02,200\u00a0additional\u00a0lit\u00a0addresses\u00a0in\u00a0Greater\u00a0Cincinnati\u00a0and\u00a01,200\u00a0additional\u00a0lit\u00a0addresses\u00a0in\u00a0Hawaii\u00a0during\u00a0the\u00a0twelve months\u00a0ended\u00a0December\u00a031,\u00a02019;\nexpanded\u00a0the\u00a0fiber\u00a0network\u00a0to\u00a0span\u00a0more\u00a0than\u00a012,500\u00a0route\u00a0miles\u00a0in\u00a0Greater\u00a0Cincinnati\u00a0and\u00a04,700\u00a0route\u00a0miles\u00a0in\u00a0Hawaii;\u00a0and\nprovided\u00a0cell\u00a0site\u00a0back-haul\u00a0services\u00a0to\u00a0approximately\u00a090%\u00a0of\u00a0the\u00a01,000\u00a0cell\u00a0sites\u00a0in\u00a0the\u00a0Greater\u00a0Cincinnati\u00a0market,\u00a0of\u00a0which\u00a0approximately\u00a097%\u00a0of\u00a0these\u00a0sites are\u00a0lit\u00a0with\u00a0fiber,\u00a0and\u00a080%\u00a0of\u00a0the\u00a01,100\u00a0cell\u00a0sites\u00a0in\u00a0Hawaii,\u00a0all\u00a0of\u00a0which\u00a0are\u00a0lit\u00a0with\u00a0fiber.\nAs\u00a0a\u00a0result\u00a0of\u00a0our\u00a0investments,\u00a0we\u00a0have\u00a0generated\u00a0year-over-year\u00a0Entertainment\u00a0and\u00a0Communications\u00a0revenue\u00a0growth\u00a0each\u00a0year\u00a0since\u00a02013.\u00a0\u00a0The\u00a0Company's expanding\u00a0fiber\u00a0assets\u00a0allow\u00a0us\u00a0to\u00a0support\u00a0the\u00a0ever-increasing\u00a0demand\u00a0for\u00a0data,\u00a0video\u00a0and\u00a0internet\u00a0devices\u00a0with\u00a0speed,\u00a0agility\u00a0and\u00a0security.\u00a0\u00a0We\u00a0believe\u00a0our\u00a0fiber investments\u00a0are\u00a0a\u00a0long-term\u00a0solution\u00a0for\u00a0our\u00a0customers'\u00a0bandwidth\u00a0needs\n\nHawaii Operating Territory | 2018 | 2019 \n------------------------------------------- | ----- | -----\nConsumer / SMB Fiber Revenue (in millions): | $87.2 | $42.3\nSubscribers (in thousands): | | \nHigh-speed internet | 68.2 | 65.9 \nVideo | 42.7 | 48.8 \nVoice | 30.0 | 30.3 "} {"_id": "d1b3391b2", "title": "", "text": "ADVANCED ENERGY INDUSTRIES, INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS \u2013 (continued) (in thousands, except per share amounts)\nNOTE 13. INTANGIBLE ASSETS\nIntangible assets consisted of the following as of December 31, 2019 and 2018:\nAt December 31, 2019, the weighted average remaining useful life of intangibles subject to amortization was approximately 11.2 years.\n\nDecember 31, 2019 | Gross Carrying Amount | Accumulated Amortization | Net Carrying Amount\n---------------------- | --------------------- | ------------------------ | -------------------\nTechnology | $83,368 | $(14,250) | $69,118 \nCustomer relationships | 108,995 | (18,197) | 90,798 \nTrademarks and other | 26,888 | (2,793) | 24,095 \nTotal | $219,251 | $(35,240) | $184,011 \nDecember 31, 2018 | Gross Carrying Amount | Accumulated Amortization | Net Carrying Amount\nTechnology | $39,879 | $(7,927) | $31,952 \nCustomer relationships | 35,509 | (13,484) | 22,025 \nTrademarks and other | 2,501 | (1,568) | 933 \nTotal | $77,889 | $(22,979) | $ 54,910 "} {"_id": "d1b3bcbf2", "title": "", "text": "NOTE 11 - STOCK CAPITAL (Cont.)\nPrivate placements and public offerings: (Cont.)\nThe New Warrants have not been registered under the Securities Act of 1933, as amended (the Securities Act), or state securities laws. The shares issuable upon exercise of the New Warrants have been registered for resale on the Company\u2019s registration statement on Form S-3 (File No. 333- 233349). The Exercised Shares have been registered for resale on the Company\u2019s registration statement on Form S-3 (File No. 333225995). The issuance of the Exercised Shares and New Warrants is exempt from the registration requirements of the Securities Act pursuant to the exemption for transactions by an issuer not involving any public offering under Section 4(a)(2) of the Securities Act and Rule 506 of Regulation D promulgated under the Securities Act.\nSince its inception the Company has raised approximately $64,000, net in cash in consideration for issuances of Common Stock and warrants in private placements and public offerings as well as proceeds from warrants exercises.\nWarrants:\nThe following table sets forth the number, exercise price and expiration date of Company warrants outstanding as of December 31, 2019:\n\n | Outstanding as of December 31, | Exercise | Exercisable\n------------------ | ------------------------------ | -------- | -----------\nIssuance Date | 2019 | price | Through \nAug 2007- Jan 2011 | 2,016,666 | 3 - 4.35 | Nov-2022 \nJun-2018 | 458,202 | 9 | Dec-2020 \nJun-2018 | 1,158,000 | 7 | Dec-2021 \nAug - 2019 | 842,000 | 7 | Dec-2021 \nTotal | 4,474,868 | | "} {"_id": "d1b387dee", "title": "", "text": "Item 16C. Principal Accountant Fees and Services\nOur principal accountant for 2019 and 2018 was KPMG LLP, Chartered Professional Accountants. The following table shows the fees Teekay and our subsidiaries paid or accrued for audit and other services provided by KPMG LLP for 2019 and 2018.\n(1) Audit fees represent fees for professional services provided in connection with the audits of our consolidated financial statements and effectiveness of internal control over financial reporting, reviews of our quarterly consolidated financial statements and audit services provided in connection with other statutory or regulatory filings for Teekay or our subsidiaries including professional services in connection with the review of our regulatory filings for public offerings of our subsidiaries.\nAudit fees for 2019 and 2018 include approximately $928,300 and $859,000, respectively, of fees paid to KPMG LLP by Teekay LNG that were approved by the Audit Committee of the Board of Directors of the general partner of Teekay LNG. Audit fees for 2019 and 2018 include approximately $588,200 and $517,000, respectively, of fees paid to KPMG LLP by our subsidiary Teekay Tankers that were approved by the Audit Committee of the Board of Directors of Teekay Tankers.\n(2) Audit-related fees consisted primarily of accounting consultations, employee benefit plan audits, services related to business acquisitions, divestitures and other attestation services. (3) For 2019 and 2018, tax fees principally included corporate tax compliance fees.\nThe Audit Committee has the authority to pre-approve audit-related and non-audit services not prohibited by law to be performed by our independent auditors and associated fees. Engagements for proposed services either may be separately pre-approved by the Audit Committee or entered into pursuant to detailed pre-approval policies and procedures established by the Audit Committee, as long as the Audit Committee is informed on a timely basis of any engagement entered into on that basis.\nThe Audit Committee separately pre-approved all engagements and fees paid to our principal accountants in 2019 and 2018.\n\nFees (in thousands of U.S. dollars) | 2019 | 2018 \n----------------------------------- | ----- | -----\nAudit Fees (1) | 2,723 | 2,529\nAudit-Related Fees (2) | 33 | 59 \nTax Fees (3) | 23 | 32 \nTotal | 2,779 | 2,620\n | | "} {"_id": "d1b3c769c", "title": "", "text": "3.3 Fair value estimation (continued) \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 If one or more of the significant inputs are not based on observable market data, the instrument is included in level 3.\nSpecific valuation techniques used to value financial instruments mainly include:\nDealer quotes for similar instruments;\nThe fair value of interest rate swaps is calculated as the present value of the estimated future cash flows based on observable yield curves; and\nOther techniques, such as discounted cash flow analysis, are used to determine fair value for financial instruments.\nDuring the year ended 31 December 2019, there was 1 transfer between level 1 and 2 for recurring fair value measurements. For transfers in and out of level 3 measurements see the following table, which presents the changes of financial instruments in level 3 for the years ended 31 December 2019 and 2018:\n\n | Financial assets | | Financial liabilities | \n------------------------------------------------------------------------------------------------------------------------------------- | ---------------- | ----------- | --------------------- | -----------\n | 2019 | 2018 | 2019 | 2018 \n | RMB\u2019Million | RMB\u2019Million | RMB\u2019Million | RMB\u2019Million\nOpening balance \u2013 IAS 39 | | 77,131 | | 2,154 \nAdjustment on adoption of IFRS 9 | | 22,976 | | \u2013 \nOpening balance \u2013 IFRS 9 | 83,934 | 100,107 | 4,466 | 2,154 \nAdditions | 39,116 | 51,185 | 75 | 3,301 \nBusiness combination | \u2013 | \u2013 | (977) | \u2013 \nDisposals/Settlements | (6,714) | (9,899) | (1,193) | \u2013 \nTransfers | (4,552) | (93,151) | \u2013 | \u2013 \nChanges in fair value recognised in other comprehensive income | 328 | 261 | \u2013 | \u2013 \nChanges in fair value recognised in profit or loss* | 9,241 | 30,485 | (463) | (1,063) \nCurrency translation differences | 1,740 | 4,946 | (35) | 74 \nClosing balance | 123,093 | 83,934 | 1,873 | 4,466 \n* Includes unrealised gains or (losses) recognised in profit or loss attributable to balances held at the end of the reporting period | 3,265 | 6,861 | (463) | (1,063) "} {"_id": "d1b37a694", "title": "", "text": "Item 6. Selected Financial Data\nFive Years Ended July 27, 2019 (in millions, except per-share amounts)\n(1) In the second quarter of fiscal 2019, we completed the sale of the Service Provider Video Software Solutions (SPVSS) business. As a result, revenue from the SPVSS business will not recur in future periods. We recognized an immaterial gain from this transaction. Revenue for the years ended July 27, 2019 and July 28, 2018 include SPVSS revenue of $168 million and $903 million, respectively.\n(2) In connection with the Tax Cuts and Jobs Act (\u201cthe Tax Act\u201d), we recorded an $872 million charge which was the reversal of the previously recorded benefit associated with the U.S. taxation of deemed foreign dividends recorded in fiscal 2018 as a result of a retroactive final U.S. Treasury regulation issued during the fourth quarter of fiscal 2019. See Note 17 to the Consolidated Financial Statements.\n(3) In fiscal 2018, Cisco recorded a provisional tax expense of $10.4 billion related to the enactment of the Tax Act comprised of $8.1 billion of U.S. transition tax, $1.2 billion of foreign withholding tax, and $1.1 billion re-measurement of net deferred tax assets and liabilities (DTA).\n(4) In the second quarter of fiscal 2016, Cisco completed the sale of the SP Video CPE Business. As a result, revenue from this portion of the Service Provider Video product category did not recur in future periods. The sale resulted in a pre-tax gain of $253 million net of certain transaction costs. The years ended July 30, 2016 and July 25, 2015 include SP Video CPE Business revenue of $504 million and $1,846 million, respectively.\n(5) In fiscal 2016 Cisco recognized total tax benefits of $593 million for the following: i) the Internal Revenue Service (IRS) and Cisco settled all outstanding items related to Cisco\u2019s federal income tax returns for fiscal 2008 through fiscal 2010, as a result of which Cisco recorded a net tax benefit of $367 million; and ii) the Protecting Americans from Tax Hikes Act of 2015 reinstated the U.S. federal research and development (R&D) tax credit permanently, as a result of which Cisco recognized tax benefits of $226 million, of which $81 million related to fiscal 2015 R&D expenses.\nAt the beginning of fiscal 2019, we adopted Accounting Standards Codification (ASC) 606, a new accounting standard related to revenue recognition, using the modified retrospective method to those contracts that were not completed as of July 28, 2018. See Note 2 to the Consolidated Financial Statements for the impact of this adoption.\nNo other factors materially affected the comparability of the information presented above.\n\nYears Ended | July 27, 2019 (1)(2) | July 28, 2018 (1)(3) | July 29, 2017 | July 30, 2016 (4)(5) | July 25, 2015 (4)\n-------------------------------------------- | -------------------- | -------------------- | ------------- | -------------------- | -----------------\nRevenue | $51,904 | $49,330 | $48,005 | $49,247 | $49,161 \nNet income | $11,621 | $110 | $9,609 | $10,739 | $8,981 \nNet income per share\u2014basic | $2.63 | $0.02 | $1.92 | $2.13 | $1.76 \nNet income per share\u2014diluted | $2.61 | $0.02 | $1.90 | $2.11 | $1.75 \nShares used in per-share calculation\u2014basic | 4,419 | 4,837 | 5,010 | 5,053 | 5,104 \nShares used in per-share calculation\u2014diluted | 4,453 | 4,881 | 5,049 | 5,088 | 5,146 \nCash dividends declared per common share | $1.36 | $1.24 | $1.10 | $0.94 | $0.80 \nNet cash provided by operating activities | $15,831 | $13,666 | $13,876 | $13,570 | $12,552 "} {"_id": "d1b363b10", "title": "", "text": "Note 13 Contract costs\nThe table below provides a reconciliation of the contract costs balance.\nContract costs are amortized over a period ranging from 12 to 84 months.\n\nFOR THE YEAR ENDED DECEMBER 31 | 2019 | 2018 \n------------------------------------------------------------------------ | ----- | -----\nOpening balance, January 1 | 707 | 636 \nIncremental costs of obtaining a contract and contract fulfillment costs | 602 | 567 \nAmortization included in operating costs | (523) | (477)\nImpairment charges included in operating costs | (3) | (19) \nEnding balance, December 31 | 783 | 707 "} {"_id": "d1a7155e8", "title": "", "text": "5. PROPERTY AND EQUIPMENT, NET\nProperty and equipment, at cost, consisted of the following at December 31, 2019 and 2018 (in thousands):\nDepreciation expense related to property and equipment was approximately $0.04 million and $0.13 million in 2019 and 2018, respectively. Depreciation expense includes depreciation related to finance leases of approximately $0.001 million and $0.002 million for the periods ended December 31, 2019 and 2018, respectively. Our finance leases have original terms of one to three years. The principal payments\u00a0for these finance leases are reflected as cash outflows from financing activities in the accompanying consolidated statements of cash flows. Future minimum lease payments under our capital leases that have initial terms in excess of one year are included in \u201cLeases\u201d in Note 8. \u00a0 \u00a0 Depreciation expense related to property and equipment was approximately $0.04 million and $0.13 million in 2019 and 2018, respectively. Depreciation expense includes depreciation related to finance leases of approximately $0.001 million and $0.002 million for the periods ended December 31, 2019 and 2018, respectively. Our finance leases have original terms of one to three years. The principal payments\nIn connection with the relocation of our corporate headquarters in July 2019, we disposed of a number of assets that were no longer in use. For each of the years ended December 31, 2019 and 2018, we recorded a loss on disposal of fixed assets of approximately $0.01 million.\u00a0 In connection with the relocation of our corporate headquarters in July 2019, we disposed of a number of assets that were no longer in use. For each of the years ended December 31, 2019 and 2018, we recorded a loss on disposal of fixed assets of approximately $0.01 million.\nIn connection with the closure of our Lake Mary facility in 2018, we reclassified equipment with a net book value of approximately $0.07 million to assets held for sale. We contracted with a third party for the consignment sale of these assets and completed sales for several assets in 2018 and 2019. For the year ended December 31, 2019, we recognized a net loss of approximately $0.04 million on the sale and/or impairment of assets held for sale. For the year ended December 31, 2018, we recognized a gain of approximately $0.01 million on assets held for sale. The gains and losses on the sale or impairment of held for sale assets is included in selling, general and administrative expenses in the accompanying statements of comprehensive loss.\n\n | 2019 | 2018 \n------------------------------------------------------------------------------------------------------------------------------------------------------------------------ | ----- | -------\nEquipment and software, including equipment purchased under capital leases of $6 and\u00a0$17 at December 31, 2019 and 2018, respectively | $260 | $1,555 \nLeasehold improvements | 33 | 786 \nFurniture and fixtures | 43 | 182 \n | 336 | 2,523 \nLess accumulated depreciation, including accumulated depreciation for equipment purchased under capital leases of $3 and $13 at December 31, 2019 and 2018, respectively | (266) | (2,394)\n | $70 | $129 "} {"_id": "d1b352a18", "title": "", "text": "NOTE 14-INFORMATION CONCERNING PRODUCT LINES, GEOGRAPHIC INFORMATION, ACCOUNTS RECEIVABLE AND REVENUE CONCENTRATION\nThe Company identifies its business segments based on business activities, management responsibility and geographic location. For all periods presented, the Company operated in a single reportable business segment.\nThe following is a breakdown of revenue by product family (in thousands):\n(1) New products include all products manufactured on 180 nanometer or smaller semiconductor processes, eFPGA IP license, QuickAI and SensiML AI software as a service (SaaS) revenues. Mature products include all products produced on semiconductor processes larger than 180 nanometer.\n\n | | Fiscal Years | \n----------------------------- | ------- | ------------ | -------\n | 2019 | 2018 | 2017 \nRevenue by product line (1) : | | | \nNew products | $3,123 | $5,735 | $5,853 \nMature products | 7,187 | 6,894 | 6,296 \nTotal revenue | $10,310 | $12,629 | $12,149"} {"_id": "d1b38353c", "title": "", "text": "Other Operating (Income) Expense, Net\nRestructure and asset impairments primarily relate to our continued emphasis to centralize certain key functions. In addition, in 2019, we finalized the sale of our 200mm fabrication facility in Singapore and recognized restructure gains of $128 million. In 2017, we recognized net restructure gains of $15 million related to the sale of our Lexar assets; our assets associated with our 200mm fabrication facility in Singapore; and our 40% ownership interest in Tera Probe, Inc and assembly and test facility located in Akita, Japan.\n\nFor the year ended | 2019 | 2018 | 2017 \n------------------------------------------------------------ | ---- | ----- | -----\n(Gain) loss on disposition of property, plant, and equipment | $43 | $(96) | $(22)\nRestructure and asset impairments | (29) | 28 | 18 \nOther | 35 | 11 | 5 \n | $49 | $(57) | $1 "} {"_id": "d1b3b8da4", "title": "", "text": "FINANCIAL ASSETS AT FAIR VALUE THROUGH PROFIT OR LOSS (continued)\nMovement of FVPL is analysed as follows:\nNote: During the year ended 31 December 2019, the Group\u2019s additions to FVPL mainly comprised the following:\nan investment in a retail company of approximately USD500 million (equivalent to approximately RMB3,550 million) to subscribe for approximately 21% of its equity interests in form of preferred shares, on an outstanding basis;\nan additional investment in a real estate O2O platform in the PRC of approximately USD320 million (equivalent to approximately RMB2,258 million). As at 31 December 2019, the Group\u2019s equity interests in this investee company are approximately 9% on an outstanding basis; and\nnew investments and additional investments with an aggregate amount of approximately RMB38,810 million in listed and unlisted entities mainly operating in the United States, the PRC and other Asian countries. These companies are principally engaged in social networks, Internet platform, technology and other Internet-related business. None of the above investment was individually significant that triggers any disclosure requirements pursuant to Chapter 14 of the Listing Rules at the time of inception.\nDuring the year ended 31 December 2019, except as described in Note 21(b), transfers also mainly comprised an equity investment designated as FVOCI due to the conversion of the redeemable instruments into ordinary shares amounting to RMB1,395 million upon its IPO.\nDuring the year ended 31 December 2019, the Group disposed of certain investments with an aggregate amount of RMB16,664 million, which are mainly engaged in the provision of Internet-related services.\nManagement has assessed the level of influence that the Group exercises on certain FVPL with shareholding exceeding 20%. Since these investments are either held in form of redeemable instruments or interests in limited life partnership without significant influence, these investments have been classified as FVPL.\n\n | 2019 | 2018 \n--------------------------------- | ----------- | -----------\n | RMB\u2019Million | RMB\u2019Million\nAt beginning of the year | 97,877 | \u2013 \nAdjustment on adoption of IFRS 9 | \u2013 | 95,497 \nAdditions (Note (a)) | 44,618 | 60,807 \nTransfers (Note (b)) | (1,421) | (78,816) \nChanges in fair value (Note 7(b)) | 9,511 | 28,738 \nDisposals (Note (c)) | (16,664) | (14,805) \nCurrency translation differences | 2,015 | 6,456 \nAt end of the year | 135,936 | 97,877 "} {"_id": "d1b38f2ba", "title": "", "text": "18. Revenue\nEffective September 1, 2018, the Company adopted ASU 2014-09, Revenue Recognition (Topic 606). The new standard is a comprehensive new revenue recognition model that requires the Company to recognize revenue in a manner which depicts the transfer of goods or services to its customers at an amount that reflects the consideration the Company expects to receive in exchange for those goods or services.\nPrior to the adoption of the new standard, the Company recognized substantially all of its revenue from contracts with customers at a point in time, which was generally when the goods were shipped to or received by the customer, title and risk of ownership had passed, the price to the buyer was fixed or determinable and collectability was reasonably assured (net of estimated returns). Under the new standard, the Company recognizes revenue over time for the majority of its contracts with customers which results in revenue for those customers being recognized earlier than under the previous guidance. Revenue for all other contracts with customers continues to be recognized at a point in time, similar to recognition prior to the adoption of the standard.\nAdditionally, the new standard impacts the Company\u2019s accounting for certain fulfillment costs, which include upfront costs to prepare for manufacturing activities that are expected to be recovered. Under the new standard, such upfront costs are recognized as an asset and amortized on a systematic basis consistent with the pattern of the transfer of control of the products or services to which to the asset relates.\nThe Company adopted ASU 2014-09 using the modified retrospective method by applying the guidance to all open contracts upon adoption and recorded a cumulative effect adjustment as of September 1, 2018, net of tax,\u00a0 effect adjustment (in thousands):\n(1) Differences primarily relate to the timing of revenue recognition for over time customers and certain balance sheet reclassifications.\n(2) Differences primarily relate to the timing of recognition and recovery of fulfillment costs and certain balance sheet reclassifications.\n(3) Included within accrued expenses on the Consolidated Balance Sheets.\n(4) Differences included in contract liabilities as of September 1, 2018.\n\n | Balance as of August 31, 2018 | Adjustments due to adoption of ASU 2014-09 | Balance as of September 1, 2018\n----------------------------------------------- | ----------------------------- | ------------------------------------------ | -------------------------------\nAssets | | | \nContract assets(1) | $\u2014 | $591,616 | $591,616 \nInventories, net(1) | $3,457,706 | $(461,271) | $2,996,435 \nPrepaid expenses and other current assets(1)(2) | $1,141,000 | $(37,271) | $1,103,729 \nDeferred income taxes(1)(2) | $218,252 | $(8,325) | $209,927 \nLiabilities | | | \nContract liabilities(2)(3) | $\u2014 | $690,142 | $690,142 \nDeferred income(2)(3)(4) | $691,365 | $(691,365) | $\u2014 \nOther accrued expenses(3)(4) | $1,000,979 | $40,392 | $1,041,371 \nDeferred income taxes(1) | $114,385 | $2,977 | $117,362 \nEquity | | | \nRetained earnings(1)(2) | $1,760,097 | $42,602 | $1,802,699 "} {"_id": "d1b2eb8cc", "title": "", "text": "Stock Compensation Expense\nThe following table shows total stock-based compensation expense and related tax benefits included in the Consolidated Statements of Operations for fiscal 2019, 2018 and 2017 (in thousands):\nAs a result of our acquisition of Rofin on November 7, 2016, we made a payment of $15.3 million due to the cancellation of options held by employees of Rofin. The payment was allocated between total estimated merger consideration of $11.1 million and post-merger stock-based compensation expense of $4.2 million, recorded in the first quarter of fiscal 2017, based on the portion of the total service period of the underlying options that have not been completed by the merger date.\nDuring fiscal 2019, $4.8 million of stock-based compensation cost was capitalized as part of inventory for all stock plans, $4.8 million was amortized into cost of sales and $1.5 million remained in inventory at September 28, 2019. During fiscal 2018, $4.7 million of stock-based compensation cost was capitalized as part of inventory for all stock plans, $4.4 million was amortized into cost of sales and $1.5 million remained in inventory at September 29, 2018.\nAt fiscal 2019 year-end, the total compensation cost related to unvested stock-based awards granted to employees under our stock plans but not yet recognized was approximately $33.1 million. We do not estimate forfeitures. This cost will be amortized on a straight-line basis over a weighted-average period of approximately 1.5 years.\n\n | | Fiscal | \n----------------------------------- | ------- | ------- | -------\n | 2019 | 2018 | 2017 \nCost of sales | $4,880 | $4,403 | $3,541 \nResearch and development | 2,990 | 3,247 | 2,973 \nSelling, general and administrative | 28,596 | 25,088 | 23,911 \nIncome tax benefit | (4,946) | (5,073) | (7,073)\n | $31,520 | $27,665 | $23,352"} {"_id": "d1b38b20a", "title": "", "text": "Trading profit\nThe Group reported Trading profit of \u00a3128.5m in the year, growth of \u00a35.5m, up +4.5% compared to 2017/18. Divisional contribution increased by \u00a36.1m to \u00a3161.9m. The Grocery business recorded Divisional contribution growth of \u00a38.3m to \u00a3138.3m while Sweet Treats Divisional contribution was \u00a32.2m lower than the prior year at \u00a323.6m. Group & corporate costs were \u00a30.6m higher than the prior year.\nIn the first half of the year, Grocery Divisional contribution benefitted from previous changes in the promotional strategy of Ambrosia. The business reduced the depth of promotional deals it offered which resulted in lower volumes and revenue in the period but growth in Divisional contribution.\nAdditionally, Divisional contribution margins in the Grocery business grew 2.1 percentage points in the first half compared to the prior year. This is in line with margins two years ago, whereby margins in the prior year were impacted by a longer than expected process to recover input cost inflation seen across the Group\u2019s categories.\n\n\u00a3m | 2018/19 | 2017/18 | Change\n------------------------ | ------- | ------- | ------\nDivisional contribution2 | | | \nGrocery | 138.3 | 130.0 | +6.3% \nSweet Treats | 23.6 | 25.8 | (8.4%)\nTotal | 161.9 | 155.8 | +3.9% \nGroup & corporate costs | (33.4) | (32.8) | (1.8%)\nTrading profit | 128.5 | 123.0 | +4.5% "} {"_id": "d1b384572", "title": "", "text": "Under Article 35 of our Articles of Association, our financial year extends from January 1 to December 31, which is the period end of each fiscal year. In 2019, the first quarter ended on March 30, the second quarter ended on June 29, the third quarter ended on September 28 and the fourth quarter ended on December 31.\nIn 2020, the first quarter will end on March 28, the second quarter will end on June 27, the third quarter will end on September 26 and the fourth quarter will end on December 31.\nBased on our fiscal calendar, the distribution of our revenues and expenses by quarter may be unbalanced due to a different number of days in the various quarters of the fiscal year and can also differ from equivalent prior years\u2019 periods, as illustrated in the below table for the years 2018, 2019 and 2020.\n\n | Q1 | Q2 | Q3 | Q4 \n---- | ---- | ---- | ---- | ----\n | Days | Days | Days | Days\n2018 | 90 | 91 | 91 | 93 \n2019 | 89 | 91 | 91 | 94 \n2020 | 88 | 91 | 91 | 96 "} {"_id": "d1b363c1e", "title": "", "text": "Note 8. Goodwill and Intangible Assets, Net\nThe changes in goodwill by reportable segment are outlined below (in thousands):\nOn October 21, 2019, we acquired 85% of the issued and outstanding capital stock of OpenEye and recorded $41.4 million of goodwill in the Alarm.com segment. There were no impairments of goodwill recorded during the years ended December 31, 2019, 2018 or 2017. As of December 31, 2019, the accumulated balance of goodwill impairments was $4.8 million, which is related to our acquisition of EnergyHub in 2013.\n\n | Alarm.com | Other | Total \n------------------------------- | --------- | ----- | --------\nBalance as of January 1, 2018 | $63,591 | $\u2014 | $63,591 \nGoodwill acquired | \u2014 | \u2014 | \u2014 \nBalance as of December 31, 2018 | 63,591 | \u2014 | 63,591 \nGoodwill acquired | 41,372 | \u2014 | 41,372 \nBalance as of December 31, 2019 | $104,963 | $\u2014 | $104,963"} {"_id": "d1b39136c", "title": "", "text": "Item 5. Market for Registrant\u2019s Common Equity, Related Stockholder Matters, and Issuer Purchases of Equity Securities\n(a) Cisco common stock is traded on the Nasdaq Global Select Market under the symbol CSCO. Information regarding quarterly cash dividends declared on Cisco\u2019s common stock during fiscal 2019 and 2018 may be found in Supplementary Financial Data on page 106 of this report. There were 39,216 registered shareholders as of August 30, 2019.\n(b) Not applicable.\n(c) Issuer purchases of equity securities (in millions, except per-share amounts):\nOn September 13, 2001, we announced that our Board of Directors had authorized a stock repurchase program. On February 13, 2019, our Board of Directors authorized a $15 billion increase to the stock repurchase program. As of July 27, 2019, the remaining authorized amount for stock repurchases under this program, including the additional authorization, is approximately $13.5 billion with no termination date.\nFor the majority of restricted stock units granted, the number of shares issued on the date the restricted stock units vest is net of shares withheld to meet applicable tax withholding requirements. Although these withheld shares are not issued or considered common stock repurchases under our stock repurchase program and therefore are not included in the preceding table, they are treated as common stock repurchases in our financial statements as they reduce the number of shares that would have been issued upon vesting (see Note 14 to the Consolidated Financial Statements).\n\nPeriod | Total Number of Shares Purchased | Average Price Paid per Share | Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs | Approximate Dollar Value of Shares That May Yet Be Purchased Under the Plans or Programs\n------------------------------ | -------------------------------- | ---------------------------- | -------------------------------------------------------------------------------- | ----------------------------------------------------------------------------------------\nApril 28, 2019 to May 25, 2019 | 42 | $54.33 | 42 | $15,700 \nMay 26, 2019 to June 22, 2019 | 22 | $55.07 | 22 | $14,465 \nJune 23, 2019 to July 27, 2019 | 18 | $56.46 | 18 | $13,460 \nTotal | 82 | $54.99 | 82 | "} {"_id": "d1b34e3dc", "title": "", "text": "The Company maintains liabilities for uncertain tax positions. These liabilities involve considerable judgment and estimation and are continuously monitored by management based on the best information available, including changes in tax regulations, the outcome of relevant court cases, and other information. A reconciliation of the beginning and ending amount of gross unrecognized tax benefits is as follows (in thousands):\nThe unrecognized tax benefits relate primarily to federal and state research and development credits and intercompany profit on the transfer of certain IP rights to one of the Company\u2019s foreign subsidiaries as part of the Company\u2019s tax reorganization completed in 2015. The Company\u2019s policy is to account for interest and penalties related to uncertain tax positions as a component of income tax expense. As of December 31, 2019, the Company accrued interest or penalties related to uncertain tax positions in the amount of $25,000. As of December 31, 2019, the total amount of unrecognized tax benefits that would affect the Company\u2019s effective tax rate, if recognized, is $97,000.\nBecause the Company has net operating loss and credit carryforwards, there are open statutes of limitations in which federal, state and foreign taxing authorities may examine the Company\u2019s tax returns for all years from 2000 through the current period.\n\n | | Years Ended December 31, | \n---------------------------------------------------------------------------- | ------ | ------------------------ | -------\n | 2019 | 2018 | 2017 \nBalance at beginning of year | $4,611 | $4,672 | $6,232 \nGross increases for tax positions of prior years | 394 | \u2014 | \u2014 \nGross decreases for federal tax rate change for tax positions of prior years | \u2014 | \u2014 | (1,670)\nGross increases for tax positions of current year | 34 | 45 | 110 \nLapse of statute of limitations | (213) | (106) | \u2014 \nBalance at end of year | $4,826 | 4,611 | 4,672 "} {"_id": "d1b38e658", "title": "", "text": "15. Revenue from Contracts with Customers\nImpact of Adopting Topic 606\nThe Company adopted Topic 606 at the beginning of fiscal 2019 using the modified retrospective method. The new standard resulted in a change to the timing of revenue recognition for a significant portion of the Company's revenue, whereby revenue is recognized over time, as products are produced, as opposed to at a point in time based upon shipping terms. As a result of the adoption of Topic 606, the following adjustments were made to the opening balances of the Company's Consolidated Balance Sheets (in thousands):\nThe cumulative effect of applying the new guidance in Topic 606 resulted in the Company increasing its fiscal 2019 opening Retained earnings balance by$ 7.8 million due to certain customer contracts requiring revenue recognition over time. Contract assets in the amount of$ 76.4 million were recognized due to the recognition of revenue on an over time basis for some customers rather than at a specific point in time. Inventory declined $69.0 million primarily due to earlier recognition of costs related to the contracts for which revenue was recognized on an over time basis. The decline in other accrued liabilities is primarily due to the reclassification of deferred revenue to contract assets for prepayments associated with revenue recognized over time, partially offset by an increase in taxes payable associated with the increase in revenue recognized over time.\n\n | Balance at September 29, 2018 | Impacts due to adoption of Topic\n606 | Balance at September 30, 2018\n------------------------------------ | ------------------------------ | ------------------------------------ | -----------------------------\nASSETS | | | \n Contract assets | $\u2014 | $76,417 | $76,417 \n Inventories | 794,346 | (68,959) | 725,387 \nLIABILITIES AND SHAREHOLDERS' EQUITY | | | \n Other accrued liabilities | $68,163 | $(357) | $67,806 \n Retained earnings | 1,062,246 | 7,815 | 1,070,061 "} {"_id": "d1a725d26", "title": "", "text": "Cost of revenues. Cost of revenues increased by 20% to RMB59,659 million for the fourth quarter of 2019 on a year-on-year basis. The increase was mainly due to greater costs of FinTech services, channel costs and content costs. As a percentage of revenues, cost of revenues decreased to 56% for the fourth quarter of 2019 from 59% for the fourth quarter of 2018. The following table sets forth our cost of revenues by line of business for the fourth quarter of 2019 and the fourth quarter of 2018:\nCost of revenues for VAS increased by 28% to RMB26,120 million for the fourth quarter of 2019 on a year-on-year basis. The increase mainly reflected greater channel costs for smart phone games due to increased revenues, including the channel costs attributable to Supercell, as well as higher content costs for services and products such as live broadcast services, online games and music streaming.\nCost of revenues for FinTech and Business Services increased by 32% to RMB21,520 million for the fourth quarter of 2019 on a year-on-year basis. The increase was primarily driven by scale expansion of our payment-related services and cloud business.\nCost of revenues for Online Advertising decreased by 14% to RMB9,241 million for the fourth quarter of 2019 on a year-on-year basis. The decrease was mainly due to lower content costs for video advertising as a result of fewer major content releases, and to cost management.\n\n | Unaudited | | | \n----------------------------- | ----------------------------------- | -------- | ---------------- | ----------\n | Three months ended | | | \n | 31 December 2019 | | 31 December 2018 | \n | | % of | | % of \n | | segment | | segment \n | Amount | revenues | Amount | revenues \n | | | (Restated) | (Restated)\n | (RMB in millions, unless specified) | | | \nVAS | 26,120 | 50% | 20,330 | 47% \nFinTech and Business Services | 21,520 | 72% | 16,310 | 76% \nOnline Advertising | 9,241 | 46% | 10,800 | 63% \nOthers | 2,778 | 84% | 2,304 | 88% \nTotal cost of revenues | 59,659 | | 49,744 | "} {"_id": "d1b3c71e2", "title": "", "text": "15. Net Income per Share\nThe following is a calculation of basic and diluted net income per share (in millions, except per share amounts):\nPotential shares from outstanding employee equity awards totaling 1 million, 1 million and 6 million for fiscal 2019, 2018 and 2017, respectively, were excluded from the diluted net income per share calculations as their inclusion would have been anti-dilutive.\n\n | | Year Ended | \n---------------------------------------------- | -------------- | -------------- | --------------\n | April 26, 2019 | April 27, 2018 | April 28, 2017\nNumerator: | | | \nNet income | $ 1,169 | $ 116 | $ 481 \nDenominator: | | | \nShares used in basic computation | 254 | 268 | 275 \nDilutive impact of employee equity award plans | 5 | 8 | 6 \nShares used in diluted computation | 259 | 276 | 281 \nNet Income per Share: | | | \nBasic | $ 4.60 | $ 0.43 | $ 1.75 \nDiluted | $ 4.51 | $ 0.42 | $ 1.71 "} {"_id": "d1b337dbc", "title": "", "text": "Note 24 Post-employment benefit plans\nPOST-EMPLOYMENT BENEFIT PLANS COST\nWe provide pension and other benefits for most of our employees. These include DB pension plans, DC pension plans and OPEBs.\nWe operate our DB and DC pension plans under applicable Canadian and provincial pension legislation, which prescribes minimum and maximum DB funding requirements. Plan assets are held in trust, and the oversight of governance of the plans, including investment decisions, contributions to DB plans and the selection of the DC plans investment options offered to plan participants, lies with the Pension Fund Committee, a committee of our board of directors.\nThe interest rate risk is managed using a liability matching approach, which reduces the exposure of the DB plans to a mismatch between investment growth and obligation growth.\nThe longevity risk is managed using a longevity swap, which reduces the exposure of the DB plans to an increase in life expectancy.\nCOMPONENTS OF POST-EMPLOYMENT BENEFIT PLANS SERVICE COST\n\nFOR THE YEAR ENDED DECEMBER 31 | 2019 | 2018 \n---------------------------------------------------------------------------- | ----- | -----\nDB pension | (193) | (213)\nDC pension | (110) | (106)\nOPEBs | (3) | (3) \nLess: | | \nCapitalized benefit plans cost | 59 | 56 \nTotal post-employment benefit plans service cost included in operating costs | (247) | (266)\nOther costs recognized in severance, acquisition and other costs | \u2013 | (4) \nTotal post-employment benefit plans service cost | (247) | (270)"} {"_id": "d1b320888", "title": "", "text": "Note 16. Share-Based Compensation\nShare-Based Compensation Expense\nThe following table presents the details of the Company's share-based compensation expense (in millions):\n(1) During the year ended March 31, 2019, $17.2 million of share-based compensation expense was capitalized to inventory, and $14.9 million of previously capitalized share-based compensation expense in inventory was sold. During the year ended March 31, 2018, $11.9 million of share-based compensation expense was capitalized to inventory and $13.8 million of previously capitalized share-based compensation expense in inventory that was sold. During the year ended March 31, 2017, $11.3 million of share-based compensation expense was capitalized to inventory. The amount of sharebased compensation included in cost of sales during fiscal 2017 included $14.5 million of previously capitalized sharebased compensation expense in inventory was sold and $4.2 million of share-based compensation expense related to the Company's acquisition of Atmel that was not previously capitalized into inventory.\nThe amount of unearned share-based compensation currently estimated to be expensed in the remainder of fiscal 2020 through fiscal 2024 related to unvested share-based payment awards at March 31, 2019 is $253.4 million. The weighted average period over which the unearned share-based compensation is expected to be recognized is approximately 1.88 years.\n\n | | Year Ended March 31, | \n--------------------------------------------- | ------ | -------------------- | -----\n | 2019 | 2018 | 2017 \nCost of sales (1) | $14.9 | $13.8 | $18.7\nResearch and development | 72.0 | 42.5 | 46.8 \nSelling, general and administrative | 62.3 | 36.9 | 62.6 \nSpecial (income) charges and other, net | 17.2 | \u2014 | \u2014 \nPre-tax effect of share-based compensation | 166.4 | 93.2 | 128.1\nIncome tax benefit | 35.5 | 28.3 | 44.2 \nNet income effect of share-based compensation | $130.9 | $64.9 | $83.9"} {"_id": "d1b31137e", "title": "", "text": "Cash Flows\nThe following table summarizes our cash flows from operating, investing and financing activities for the periods indicated.\nNet cash provided by/(used in) operating activities\nCash provided by operating activities decreased by $10.2 million to $106.5 million in 2019 compared to $116.7 million in 2018. The decrease was primarily due to:\n\u2022 lower contribution recognized from our participation in the Cool Pool due to lower utilization and a higher number of drydocking days for our vessels for the year ended December 31, 2019;\n\u2022 $24.9 million of drydocking costs as the majority of our fleet was scheduled for dry-dock during 2019;\n\u2022 $9.3 million in cash receipts in connection with arbitration proceedings with a former charterer of the Golar Tundra, compared to $50.7 million recovered in 2018; and\n\u2022 the reduction in the general timing of working capital in 2019 compared to the same period in 2018.\nThis was partially offset by receipts of $4.0 million in relation to a loss of hire insurance claim on the Golar Viking. There were no comparable receipts in 2018.\nCash provided by operating activities increased by $151.8 million to $116.7 million in 2018 compared to cash utilized of $35.1 million in 2017. The increase in cash utilized in 2018 was primarily due to: \u2022 higher contributions recognized from our participation in the Cool Pool as a result of improved utilization and daily hire rates from the Cool Pool vessels; \u2022 lower charterhire payments as a result of the expiry of the charter-back arrangement of the Golar Grand from Golar Partners in November 2017; \u2022 $50.7 million in cash receipts in connection with arbitration proceedings with a former charterer of the Golar Tundra; and \u2022 the improvement on the general timing of working capital in 2018 compared to the same period in 2017.\nNet cash used in investing activities\nNet cash used in investing activities of $264.4 million in 2019 comprised mainly of:\n\u2022 $376.3 million of payments made in respect of the conversion of the Gimi into a FLNG;\n\u2022 $21.0 million additional investments in Golar Power and Avenir; and\n\u2022 $24.4 million of payments predominately for the installation of the ballast water treatment systems on eight of our vessels.\nThis was partially offset by receipts of:\n\u2022 $115.2 million of proceeds from Keppel's initial subscription and subsequent cash calls in relation to its 30% equity interest in Gimi MS;\n\u2022 $29.2 million of dividends received from Golar Partners; and\n\u2022 $9.7 million of cash consideration received from Golar Partners in respect of the remaining net purchase price less working capital adjustments in connection with the Hilli acquisition.\nNet cash used in investing activities of $202.5 million in 2018 comprised mainly of:\n\u2022 the addition of $116.7 million to asset under development relating to payments made in respect of the conversion of the Hilli into a FLNG; and\n\u2022 additions of $95.5 million to investments in affiliates, which relates principally to capital contributions made to Golar Power of $55.0 million and our investment in Avenir of $24.8 million; and\n\u2022 additions to vessels and equipment of $33.1 million.\nThis was partially offset by: \u2022 receipt of $9.7 million from Golar Partners in relation to the Hilli Disposal; and \u2022 $33.2 million of dividends received from Golar Partners.\nNet cash (used in)/provided by financing activities\nNet cash used in financing activities is principally generated from funds from new debt, debt refinancings, debt repayments and cash dividends. Net cash used in financing activities of $136.0 million in 2019 arose primarily due to: \u2022 scheduled debt repayments of $443.1 million; \u2022 $100.0 million repayment of the Margin Loan following refinancing; \u2022 $9.1 million repayment upon the extension of the Golar Arctic facility; \u2022 payment of dividends of $65.0 million; \u2022 financing costs of $24.5 million predominately in relation to the Gimi debt facility; and \u2022 payment of $18.6 million in relation to the 1.5 million treasury shares repurchased on our equity swap in November 2019.\nThis was partially offset by debt proceeds drawn down of:\n\u2022 $100.0 million on the new Margin Loan facility;\n\u2022 $150.0 million on the term loan facility;\n\u2022 $130.0 million on the Gimi facility; and\n\u2022 $144.3 million in relation to our lessor VIE's.\nNet cash provided by financing activities of $177.4 million in 2018 arose primarily due to proceeds of $1.2 billion from our debt facilities, including:\n\u2022 $115.0 million further drawdown on the pre-delivery financing in relation to the conversion of the Hilli into a FLNG;\n\u2022 $960.0 million drawdown on the post-acceptance Hilli sale and leaseback financing in relation to the Hilli Facility; and\n\u2022 $101.0 million of debt proceeds drawn down by the lessor VIE, which owns the Golar Crystal, upon refinancing of its debt into a long-term loan facility. See note 5 \"Variable Interest Entities\" of our consolidated financial statements included herein.\nThis was partially offset by:\n\u2022 loan repayments of $994.9 million, which includes (i) the repayment of $640.0 million on the pre-delivery financing in relation to the conversion of the Hilli into a FLNG, (ii) payment of $105.0 million in connection with the refinancing of the Golar Crystal facility mentioned above, (iii) payments of $76.9 million in connection with the Golar Tundra financing arrangement and (iv) scheduled repayments on our remaining debt facilities; and\n\u2022 payment of dividends of $42.9 million.\n\n | 2019 | 2018 | 2017 \n--------------------------------------------------------------------- | ------- | ------- | -------\n(in millions of $) | | | \nNet cash provided by/(used in) operating activities | 106.5 | 116.7 | (35.1) \nNet cash used in investing activities | (264.4) | (202.5) | (419.9)\nNet cash (used in)/provided by financing activities | (136.0) | 177.4 | 427.4 \nNet (decrease) increase in cash, cash equivalents and restricted cash | (293.9) | 91.6 | (27.5) \nCash, cash equivalents and restricted cash at beginning of year | 704.3 | 612.7 | 640.2 \nCash, cash equivalents and restricted cash at end of year | 410.4 | 704.3 | 612.7 "} {"_id": "d1b33e5e0", "title": "", "text": "Note 3: Recent Accounting Pronouncements\nRecently Adopted\nIn May 2014, the FASB released ASU 2014-09, \u201cRevenue from Contracts with Customers,\u201d to supersede nearly all existing revenue recognition guidance under GAAP. The FASB issued subsequent amendments to the initial guidance in August 2015, March 2016, April 2016, May 2016 and December 2016 within ASU 2015\u201314, ASU 2016\u201308, ASU 2016\u201310, ASU 2016\u201312 and ASU 2016\u201320, respectively; all of which in combination with ASU 2014-09 were codified as Accounting Standard Codification Topic 606 (\u201cASC 606\u201d). The core principle of the standard is to recognize revenues when promised goods or services are transferred to customers in an amount that reflects the consideration that is expected to be received for those goods or services. The Company adopted ASC 606 on the first day of the current fiscal year, June 25, 2018, under the modified retrospective approach, applying the amendments to prospective reporting periods. Results for reporting periods beginning on or after June 25, 2018 are presented under ASC 606, while prior period amounts are not adjusted and continue to be reported in accordance with the historic accounting under ASC 605. In connection with the adoption of ASC 606, the Company\u2019s revenue recognition policy has been amended, refer to Note 2\u2014Summary of Significant Accounting Policies for a description of the policy.\nThe cumulative effect of the changes made to the Company\u2019s Consolidated Balance Sheet as of June 25, 2018 for the adoption of ASC 606 to all contracts with customers that were not completed as of June 24, 2018 was recorded as an adjustment to retained earnings as of the adoption date as follows:\n\n | June 24, 2018 As Reported | Adjustments | Jun e25, 2018 As Adjusted\n-------------------- | ------------------------- | -------------- | -------------------------\n | | (in thousands) | \nTotal assets | $12,479,478 | $12,955 | $12,492,433 \nDeferred profit | $720,086 | $(160,695) | $559,391 \nTotal liabilities | $5,899,435 | $(126,400) | $5,773,035 \nStockholder\u2019s equity | $6,501,851 | $139,355 | $6,641,206 "} {"_id": "d1b32cbb0", "title": "", "text": "4. Income Taxes\nProvision for Income Taxes\nIncome (loss) before income tax expense is summarized below (in thousands):\n(1) Includes the elimination of intercompany foreign dividends paid to the U.S.\n\n | | Fiscal Year Ended August 31, | \n------------ | ---------- | ---------------------------- | ----------\n | 2019 | 2018 | 2017 \nDomestic (1) | $(415,707) | $(426,897) | $(373,690)\nForeign (1) | 866,411 | 800,298 | 629,923 \n | $450,704 | $373,401 | $256,233 "} {"_id": "d1a72aac4", "title": "", "text": "Discontinued Operations\nYear Ended December 31, 2019 Compared with the Years Ended December 31, 2018 and 2017\nOn December 31, 2018, we sold all of the Class A Common Units of Netsmart owned by the Company. Prior to the sale, Netsmart comprised a separate reportable segment, which due to its significance to our historical consolidated financial statements and results of operations, is now reported as a discontinued operation as a result of the sale for all periods presented. The loss from discontinued operations represents the net of losses incurred by Netsmart for the years ended December 31, 2018 and 2017 partly offset by earnings attributable to two solutions acquired during the fourth quarter of 2017 as part of the EIS Business that we no longer support effective as of March 31, 2018. Refer to Note 17, \u201cDiscontinued Operations\u201d to our consolidated financial statements included in Part II, Item 8, \u201cFinancial Statements and Supplementary Data\u201d of this Form 10-K for additional information regarding discontinued operations.\n\n | Year Ended December 31, | | | 2019 % | 2018 % \n------------------------------------------------------ | ----------------------- | --------- | --------- | ---------------- | ----------------\n(In thousands) | 2019 | 2018 | 2017 | Change from 2018 | Change from 2017\nLoss from discontinued operations | $ 0 | $(72,836) | $(11,915) | (100.0%) | NM \nGain on sale of Netsmart | $ 0 | 500,471 | 0 | (100.0%) | NM \nIncome tax effect on discontinued operations | $ 0 | (32,497) | 42,263 | (100.0%) | (176.9%) \nIncome (loss) from discontinued operations, net of tax | $ 0 | $395,138 | $30,348 | (100.0%) | NM "} {"_id": "d1b31f690", "title": "", "text": "Selected Current Liabilities\nCurrent liabilities reflected in our consolidated balance sheets include accounts payable and other current liabilities as follows:\nIncluded in accounts payable at December 31, 2019 and 2018, were (i) $106 million and $86 million, respectively, representing book overdrafts and (ii) $469 million and $434 million, respectively, associated with capital expenditures.\n\n | As of December 31, | \n------------------------------- | --------------------- | -----\n | 2019 | 2018 \n | (Dollars in millions) | \nAccounts payable | $1,724 | 1,933\nOther current liabilities: | | \nAccrued rent | $75 | 45 \nLegal contingencies | 88 | 30 \nOther | 223 | 282 \nTotal other current liabilities | $386 | 357 "} {"_id": "d1b3adf26", "title": "", "text": "20. Borrowings and capital resources\nThe Group\u2019s sources of borrowing for funding and liquidity purposes come from a range of committed bank facilities and through short-term and long-term issuances in the capital markets including bond and commercial paper issues and bank loans. We manage the basis on which we incur interest on debt between fixed interest rates and floating interest rates depending on market conditions using interest rate derivatives. The Group enters into foreign exchange contracts to mitigate the impact of exchange rate movements on certain monetary items.\nThis section includes an analysis of net debt, which is used to manage capital\nAccounting policies\nInterest-bearing loans and overdrafts are initially measured at fair value (which is equal to cost at inception), and are subsequently measured at amortised cost, using the effective interest rate method. Where they are identified as a hedged item in a designated fair value hedge relationship, fair value adjustments are recognised in accordance with policy (see note 21 \u201cCapital and financial risk management\u201d). Any difference between the proceeds net of transaction costs and the amount due on settlement or redemption of borrowings is recognised over the term of the borrowing. Where bonds issued with certain conversion rights are identified as compound instruments they are initially measured at fair value with the nominal amounts recognised as a component in equity and the fair value of future coupons included in borrowings. These are subsequently measured at amortised cost using the effective interest rate method.\nNet debt\nAt 31 March 2019 net debt represented 58% of our market capitalisation (2018: 46%). Average net debt at month end accounting dates over the 12-month period ended 31 March 2019 was \u20ac30.9 billion and ranged between net debt of \u20ac27.0 billion and \u20ac34.1 billion. Our consolidated net debt position at 31 March was as follows:\nNotes: 1 Liabilities for payments due to holders of the equity shares in Kabel Deutschland AG under the terms of a domination and profit and loss transfer agreement are now separately disclosed in the consolidated statement of financial position and are no longer presented within short-term borrowings; gross short-term borrowings at 31 March 2018 have therefore been revised to exclude \u20ac1,838 million in respect of such liabilities.\n2 At 31 March 2019 the amount includes \u20ac2,011 million (2018: \u20ac1,070 million) in relation to cash received under collateral support agreements\n3 Includes \u20ac1,919 million (2018: \u20acnil) of spectrum licence payables following the completion of recent auctions in Italy and Spain.\nThe fair value of the Group\u2019s financial assets and financial liabilities held at amortised cost approximate to fair value with the exception of long-term bonds with a carrying value of \u20ac44,439 million (2018: \u20ac30,473 million) and a fair value of \u20ac43,616 million (2018: \u20ac29,724 million). Fair value is based on level 1 of the fair value hierarchy using quoted market prices.\n\n | 2019 \u20acm | Restated1 2018 \u20acm\n---------------------------------------------------------------------------------- | -------- | -----------------\nShort-term borrowings | | \nBonds | (53) | (3,477) \nCommercial paper | (873) | (2,712) \nBank loans | (1,220) | (1,159) \nOther short-term borrowings2 | (2,124) | (1,165) \n | (4,270) | (8,513) \nLong-term borrowings | | \nBonds | (44,439) | (30,473) \nBank loans | (1,780) | (2,157) \nOther long-term borrowings3 | (2,466) | (278) \n | (48,685) | (32,908) \nCash and cash equivalents | 13,637 | 4,674 \nOther financial instruments | | \nDerivative financial instruments included in trade and other receivables (note 14) | 3,634 | 2,629 \nDerivative financial instruments included in trade and other payables (note 15) | (2,444) | (2,383) \nShort-term investments (note 13) | 11,095 | 6,870 \n | 12,285 | 7,116 \nNet debt | (27,033) | (29,631) "} {"_id": "d1b399c2e", "title": "", "text": "20. Geographic Information\nThe Group\u2019s non-current operating assets by geographic regions are as follows:\nNon-current operating assets for this purpose consist of property and equipment, goodwill, intangible assets and other non-current assets.\n\n | Fiscal Year Ended June 30, | \n---------------------------- | -------------------------- | --------\n | 2019 | 2018 \n | (U.S. $ in thousands) | \nNon-current operating assets | | \nUnited States | $819,227 | $412,112\nAustralia | 18,842 | 16,730 \nIndia | 9,286 | \u2014 \n | $847,355 | $428,842"} {"_id": "d1b3a59ca", "title": "", "text": "Note 7 \u2013 Inventory\nAs of December 31, 2019 and 2018, inventory was comprised of the following:\nInventory reserves are established for estimated excess and obsolete inventory equal to the difference between the cost of the inventory and the estimated net realizable value of the inventory based on estimated reserve percentages, which consider historical usage, known trends, inventory age and market conditions. As of December 31, 2019 and 2018, our inventory reserve was $34.1 million and $30.0 million, respectively.\n\n(In thousands) | 2019 | 2018 \n-------------------- | ------- | -------\nRaw materials | $36,987 | $45,333\nWork in process | 1,085 | 1,638 \nFinished goods | 60,233 | 52,877 \nTotal Inventory, net | $98,305 | $99,848"} {"_id": "d1b332c22", "title": "", "text": "2019 vs 2018\nNet revenue in Connected Home segment decreased for the year ended December 31, 2019 compared to the prior year. Net revenue from service provider customers fell $27.8 million compared with the prior year. In addition, the North American home WiFi market contracted in fiscal 2019 affecting net revenue from non-service provider customers. The lower revenue was primarily due to declined net revenue of our home wireless, mobile and broadband modem and gateway products. Within home wireless, we experienced declines in net revenue from AC router products, WiFi mesh systems and extenders, partially offset by net revenue generated from the introduction of WiFi 6 routers. On a geographic basis, we experience net revenue declines across all three regions.\nContribution income decreased for the year ended December 31, 2019 compared to the prior year, primarily due to lower net revenue and lower gross margin attainment. Contribution margin decreased for the year ended December 31, 2019 compare to the prior year primarily due to higher product acquisition costs resulting from the burden of Section 301 tariffs and inefficiencies associated with commencing manufacturing in new locations, increased channel promotion activities and foreign exchange headwinds due to the strengthening of the U.S. dollar.\n2018 vs 2017\n2018 vs 2017 Connected Home segment net revenue increased for the year ended December 31, 2018 compared to the prior year. The increase in Connected Home net revenue was primarily due to home wireless and broadband modem and modem gateway products, partially offset by decreased net revenue from mobile products. The growth in home wireless was experienced across both service provider and non-service provider channels, while the increase in broadband and gateway related solely to non-service provider customers. In total, net revenue from service provider customers fell $33.5 million compared to the prior year period. Geographically, net revenue increased in Americas and EMEA, but decreased in APAC.\nContribution income increased for the year ended December 31, 2018 compared to the prior year, primarily due to higher net revenue and gross margin attainment, mainly due to favorable product mix and lower warranty expense, partially offset by higher operating expenses as a proportion of net revenue.\n\n | | | Year Ended December 31, | | \n------------------------- | -------- | -------- | -------------------------------------- | -------- | --------\n | 2019 | % Change | 2018 | % Change | 2017 \n | | | (in thousands, except percentage data) | | \nNet revenue | $711,391 | (7.7)% | $771,060 | 0.4% | $768,261\nPercentage of net revenue | 71.2% | | 72.8% | | 73.9% \nContribution income | $67,775 | (29.7)% | $96,340 | 14.9% | $83,870 \nContribution margin | 9.5% | | 12.5% | | 10.9% "} {"_id": "d1b323164", "title": "", "text": "5. Software Development and Intellectual Property Licenses\nThe following table summarizes the components of our capitalized software development costs (amounts in millions):\nAs of both December 31, 2019 and December 31, 2018, capitalized intellectual property licenses were not material.\n\n | At December 31, | \n------------------------------------------------ | --------------- | ----\n | 2019 | 2018\nInternally-developed software costs | $345 | $291\nPayments made to third-party software developers | 31 | 38 \nTotal software development costs | $376 | $329"} {"_id": "d1b35d6b6", "title": "", "text": "N. NET INCOME PER COMMON SHARE\nThe following table sets forth the computation of basic and diluted net income per common share:\n(1) Incremental shares from the assumed conversion of the convertible notes was calculated using the difference between the average Teradyne stock price for the period and the conversion price of $31.62, multiplied by 14.5 million shares. The result of this calculation, representing the total intrinsic value of the convertible debt, was divided by the average Teradyne stock price for the period.\n(2) Convertible notes hedge warrant shares were calculated using the difference between the average Teradyne stock price for the period and the warrant price of $39.68, multiplied by 14.5 million shares. The result of this calculation, representing the total intrinsic value of the warrant, was divided by the average Teradyne stock price for the period.\nThe computation of diluted net income per common share for 2018 excludes the effect of the potential exercise of stock options to purchase approximately 0.1 million shares and restricted stock units to purchase approximately 0.5 million shares because the effect would have been anti-dilutive.\nThe computation of diluted net income per common share for 2017 excludes the effect of the potential exercise of stock options to purchase approximately 0.1 million shares because the effect would have been antidilutive.\n\n | 2019 | 2018 | 2017 \n------------------------------------------------------------------- | -------- | ---------------------------------------- | --------\n | | (in thousands, except per share amounts) | \nNet income for basic and diluted net income per share | $467,468 | $451,779 | $257,692\nWeighted average common shares-basic | 170,425 | 187,672 | 198,069 \nEffect of dilutive potential common shares: | | | \nIncremental shares from assumed conversion of convertible notes (1) | 4,909 | 2,749 | 1,298 \nConvertible note hedge warrant shares (2) | 2,698 | 485 | 112 \nRestricted stock units | 1,236 | 1,385 | 1,800 \nStock options | 178 | 278 | 335 \nEmployee stock purchase rights | 13 | 36 | 27 \nDilutive potential common shares | 9,034 | 4,933 | 3,572 \nWeighted average common shares-diluted | 179,459 | 192,605 | 201,641 \nNet income per common share-basic | $2.74 | $2.41 | $1.30 \nNet income per common share-diluted | $2.60 | $2.35 | $1.28 "} {"_id": "d1b346902", "title": "", "text": "Cash and Cash Equivalents\nCash and cash equivalents consist of cash, checking accounts, money market accounts and temporary investments with maturities of three months or less when purchased. As of December 31, 2019 and 2018, the Company had no cash equivalents.\nRestricted Cash\nIn connection with certain transactions, the Company may be required to deposit assets, including cash or investment shares, in escrow accounts. The assets held in escrow are subject to various contingencies that may exist with respect to such transactions. Upon resolution of those contingencies or the expiration of the escrow period, some or all the escrow amounts may be used and the balance released to the Company. As of December 31, 2019 and 2018, the Company had $72,000 and $140,000, respectively, deposited in escrow as restricted cash for the Shoom acquisition, of which any amounts not subject to claims shall be released to the pre-acquisition stockholders of Shoom pro-rata on the next anniversary dates of the closing date of the Shoom acquisition. As of December 31, 2019 and 2018, $72,000 and $70,000, respectively, was current and included in Prepaid Assets and Other Current Assets on the consolidated balance sheets. As of December 31, 2019 and 2018, $0 and $70,000 was non-current and included in Other Assets on the consolidated balance sheet.\nThe following table provides a reconciliation of cash, cash equivalents and restricted cash reported in the balance sheets that sum to the total of the same amounts show in the statement of cash flows.\n\n | For the Years Ended December 31, | \n----------------------------------------------------------------------- | -------------------------------- | ------\n(in thousands) | 2019 | 2018 \nCash and cash equivalents | $4,777 | $1,008\nRestricted cash | 72 | 70 \nRestricted cash included in other assets, noncurrent | -- | 70 \nTotal cash, cash equivalents, and restricted cash in the balance sheet | 4,849 | $1,148"} {"_id": "d1a731ff4", "title": "", "text": "3) Customer Support:\nCustomer support revenues consist of revenues from our customer support and maintenance agreements. These agreements allow our customers to receive technical support, enhancements and upgrades to new versions of our software products when and if available. Customer support revenues are generated from support and maintenance relating to current year sales of software products and from the renewal of existing maintenance agreements for software licenses sold in prior periods. Therefore, changes in Customer support revenues do not always correlate directly to the changes in license revenues from period to period. The terms of support and maintenance agreements are typically twelve months, and are renewable, generally on an annual basis, at the option of the customer. Our management reviews our Customer support renewal rates on a quarterly basis and we use these rates as a method of monitoring our customer service performance. For the quarter ended June 30, 2019, our Customer support renewal rate was approximately 91%, stable compared with the Customer support renewal rate during the quarter ended June 30, 2018.\nCost of Customer support revenues is comprised primarily of technical support personnel and related costs, as well as third party royalty costs.\nCustomer support revenues increased by $15.4 million or 1.3% during the year ended June 30, 2019 as compared to the prior fiscal year; up 3.1% after factoring the impact of $23.2 million of foreign exchange rate changes. Geographically, the overall change was attributable to an increase in Americas of $12.9 million, an increase in EMEA of $3.9 million, partially offset by a decrease in Asia Pacific of $1.5 million.\nCost of Customer support revenues decreased by $9.5 million during the year ended June 30, 2019 as compared to the prior fiscal year, due to a decrease in labour-related costs of approximately $9.9 million, partially offset by an increase in other miscellaneous costs of $0.4 million. Overall, the gross margin percentage on Customer support revenues increased to approximately 90% from approximately 89%.\nFor illustrative purposes only, had we accounted for revenues under proforma Topic 605, customer support revenues would have been $1,246.3 million for the year ended June 30, 2019, which would have been higher by approximately $13.8 million or 1.1% as compared to the prior fiscal year; and would have been up 3.0% after factoring the impact of $23.3 million of foreign exchange rate changes. Geographically, the overall change would have been attributable to an increase in Americas of $13.0 million and an increase in EMEA of $2.7 million, partially offset by a decrease in Asia Pacific of $1.9 million.\n\n | | | Year Ended June 30, | | \n------------------------------------------ | ---------- | -------------------------- | ------------------- | -------------------------- | --------\n(In thousands) | 2019 | Change increase (decrease) | 2018 | Change increase (decrease) | 2017 \nCustomer Support Revenues: | | | | | \nAmericas | $718,209 | $12,924 | $705,285 | $122,870 | $582,415\nEMEA | 427,712 | 3,939 | 423,773 | 103,145 | 320,628 \nAsia Pacific | 101,994 | (1,452) | 103,446 | 25,387 | 78,059 \nTotal Customer Support Revenues | 1,247,915 | 15,411 | 1,232,504 | 251,402 | 981,102 \nCost of Customer Support Revenues | 124,343 | (9,546) | 133,889 | 11,324 | 122,565 \nGAAP-based Customer Support Gross Profit | $1,123,572 | $24,957 | $1,098,615 | $240,078 | $858,537\nGAAP-based Customer Support Gross Margin % | 90.0% | | 89.1% | | 87.5% \n% Customer Support Revenues by Geography: | | | | | \nAmericas | 57.6% | | 57.2% | | 59.4% \nEMEA | 34.3% | | 34.4% | | 32.7% \nAsia Pacific | 8.1% | | 8.4% | | 7.9% "} {"_id": "d1b3869bc", "title": "", "text": "(C.5) Income Taxes\nJudgments and Estimates\nWe are subject to changing tax laws in multiple jurisdictions within the countries in which we operate. Our ordinary business activities also include transactions where the ultimate tax outcome is uncertain due to different interpretations of tax laws, such as those involving revenue sharing and cost reimbursement arrangements between SAP Group entities. In addition, the amount of income taxes we pay is generally subject to ongoing audits by domestic and foreign tax authorities. In determining our worldwide income tax provisions, judgment is involved in assessing whether to consider each uncertain tax treatment separately or together with one or more other uncertain tax treatments and whether to reflect the respective effect of uncertainty based on the most likely amount or the expected value. In applying these judgments, we consider the nature and the individual facts and circumstances of each uncertain tax treatment as well as the specifics of the respective jurisdiction, including applicable tax laws and our interpretation thereof.\nThe assessment whether a deferred tax asset is impaired requires judgment, as we need to estimate future taxable profits to determine whether the utilization of the deferred tax asset is probable. In evaluating our ability to utilize our deferred tax assets, we consider all available positive and negative evidence, including the level of historical taxable income and projections for future taxable income over the periods in which the deferred tax assets are recoverable. Our judgment regarding future taxable income is based on assumptions about future market conditions and future profits of SAP.\nJudgment is also required in evaluating whether interest or penalties related to income taxes meet the definition of income taxes, and, if not, whether it is of financial nature. In this judgment, we particularly consider applicable local tax laws and interpretations on IFRS by national standard setters in the area of group financial reporting.\nTax Expense by Geographic Location\n\n\u20ac millions | 2019 | 2018 | 2017 \n--------------------------- | ----- | ----- | -----\nCurrent tax expense | | | \nGermany | 625 | 733 | 935 \nForeign | 1,153 | 1,019 | 716 \nTotal current tax expense | 1,778 | 1,752 | 1,651\nDeferred tax expense/income | | | \nGermany | \u20133 | 57 | \u2013584 \nForeign | \u2013549 | \u2013298 | \u201384 \nTotal deferred tax income | \u2013552 | \u2013241 | \u2013668 \nTotal income tax expense | 1,226 | 1,511 | 983 "} {"_id": "d1b35e62e", "title": "", "text": "14. DEFINED BENEFIT PLANS (Continued)\nThe information for plans with an accumulated benefit obligation in excess of plan assets is as follows (in thousands):\n\n | Fiscal year-end | \n------------------------------ | --------------- | -------\n | 2019 | 2018 \nProjected benefit obligation | $60,437 | $51,499\nAccumulated benefit obligation | 55,941 | 47,713 \nFair value of plan assets | 12,997 | 12,486 "} {"_id": "d1b38eba8", "title": "", "text": "NantHealth, Inc\nConsolidated Statements of Comprehensive Loss\n(Dollars in thousands)\nThe accompanying notes are an integral part of these Consolidated Financial Statements.\n\nYear Ended December 31, | | \n------------------------------------------------------------------- | --------- | ----------\n | 2019 | 2018 \nNet loss | $(62,762) | (192,152) \nOther comprehensive income (loss) from foreign currency translation | 129 | (203) \nTotal other comprehensive income (loss) | 129 | (203) \nComprehensive loss | $(62,633) | $(192,355)"} {"_id": "d1b315f0a", "title": "", "text": "ITEM 7. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS (United States Dollars in thousands, except per share data and unless otherwise indicated)\nContractual Obligations\nOur principal commitments consisted of obligations under our outstanding term loan and operating leases for office facilities. The following table summarizes our commitments to settle contractual obligations in cash as of December 31, 2019.\n(1) The principal balance of the term loan is repaid on a quarterly basis at an amortization rate of 0.25% per quarter, with the balance due at maturity\n(2) Variable interest payments on our term loan are calculated based on the interest rate as of December 31, 2019 and the scheduled maturity of the underlying term loan.\n(3) Amounts presented reflect a quarterly commitment fee rate of 0.375% per annum, and assume that the entire $100 million revolving loan facility is unused (the conditions that existed as of period end) for the duration of the agreement, which matures on March 29, 2023.\n(4) Our operating leases are for office space. Certain of these leases contain provisions for rent escalations and/or lease concessions. Rental payments, as well as any step rent provisions specified in the lease agreements, are aggregated and charged evenly to expense over the lease term. However, amounts included herein do not reflect this accounting treatment, as they represent the future contractual lease cash obligations.\nThe payments that we may be required to make under the TRA to the TRA Parties may be significant and are not reflected in the contractual obligations table set forth above. Refer to Part I, Item 1A \"Risk Factors\u2013Risks Related to Our Organizational Structure\" and to Note 13 to the Notes to Consolidated Financial Statements in Item 8 for additional detail.\nThe payments that we may be required to make under the TRA to the TRA Parties may be significant and are not reflected in the contractual obligations table set forth above. Refer to Part I, Item 1A \"Risk Factors\u2013Risks Related to Our Organizational Structure\" and to Note 13 to the Notes to Consolidated Financial Statements in Item 8 for additional detail.\n\n | Total | Less than 1 year | 1-3 years | 3-5 years | More than 5 years\n--------------------------------- | -------- | ---------------- | --------- | --------- | -----------------\nTerm loan(1) | $393,000 | $4,000 | $8,000 | $8,000 | $373,000 \nInterest payments on term loan(2) | 100,382 | 19,575 | 38,550 | 37,750 | 4,507 \nRevolving loan facility fees(3) | 1,310 | 375 | 750 | 185 | \u2014 \nOperating leases(4) | 15,398 | 4,491 | 8,596 | 2,311 | \u2014 \nTotal contractual obligations | $510,090 | $28,441 | $55,896 | $48,246 | $377,507 "} {"_id": "d1b35eeda", "title": "", "text": "NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (in thousands, except for share and per share data)\nNOTE 8 \u2014 Costs Associated with Exit and Restructuring Activities\n2016 Plan\nIn June 2016, we announced plans to restructure operations by phasing out production at our Elkhart, IN facility and transitioning it into a research and development center supporting our global operations (\"June 2016 Plan\"). Additional organizational changes were also implemented in various other locations. In 2017, we revised this plan to include an additional $1,100 in planned costs related to the relocation of our corporate headquarters in Lisle, IL and our plant in Bolingbrook, IL, both of which have now been consolidated into a single facility. Restructuring charges under this plan, which is substantially complete, were $4,284, $4,559, and $4,139 during the years ended December 31, 2019, 2018, and 2017, respectively. The total restructuring liability related to the June 2016 Plan was $233 and $668 at December 31, 2019 and 2018, respectively. Any additional costs related to line movements, equipment charges, and other costs will be expensed as incurred.\nThe following table displays the restructuring charges associated with the June 2016 Plan as well as a summary of the actual costs incurred through December 31, 2019:\n(1) Other charges include the effects of currency translation, travel, legal and other charges.\n\nJune 2016 Plan | Planned Costs | Actual costs incurred through December 31, 2019\n--------------------------------- | ------------- | -----------------------------------------------\nWorkforce reduction | $3,075 | $3,340 \nBuilding and equipment relocation | 9,025 | 10,534 \nAsset impairment charge | \u2014 | 1,168 \nOther charges (1) | 1,300 | 988 \nRestructuring charges | $13,400 | $16,030 "} {"_id": "d1b3a9868", "title": "", "text": "General and Administrative Expenses\nGeneral and administrative expenses increased $38 million, or 36%, in 2019 compared to 2018. The overall increase was primarily due to increased employee compensation-related costs of $15 million, driven by headcount growth, and a one-time termination-related charge of $3 million during 2019. The overall increase was also driven by costs associated with our acquisition of Smooch in 2019 including transaction costs of $3 million and a one-time share-based compensation charge of $3 million related to accelerated stock options of Smooch. Further contributing to the overall increase was an increase in allocated shared costs of $3 million\nGeneral and administrative expenses increased $22 million, or 27%, in 2018 compared to 2017. The overall increase was primarily due to increased employee compensation-related costs of $15 million, driven by headcount growth, and increased allocated shared costs of $3 million.\n\n | | Year Ended December 31 | | | \n-------------------------- | --------- | ---------------------- | ---------------------------------- | --------------------- | ---------------------\n | 2019 | 2018 | | 2018 to 2019 % change | 2017 to 2018 % change\n | | | (In thousands, except percentages) | | \nGeneral and Administrative | $ 141,076 | $ 103,491 | $ 81,680 | 36% | 27% "} {"_id": "d1b2f0c14", "title": "", "text": "Outstanding Indebtedness\nAt December 31, 2019 and 2018, our total debt outstanding consisted of the amounts set forth in the following table.\n(1) Amounts are net of unamortized discounts and debt issuance costs of $25 million and $24 million as of December 31, 2019 and 2018, respectively. See Note 14, \u201cDebt and Credit Facilities,\u201d of the Notes to Consolidated Financial Statements for further details.\n\n | December 31, | \n--------------------------------------------- | ------------ | ---------\n(In millions) | 2019 | 2018 \nShort-term borrowings | $ 98.9 | $ 232.8 \nCurrent portion of long-term debt | 16.7 | 4.9 \nTotal current debt | 115.6 | 237.7 \nTotal long-term debt, less current portion(1) | 3,698.6 | 3,236.5 \nTotal debt | 3,814.2 | 3,474.2 \nLess: Cash and cash equivalents | (262.4) | (271.7) \nNet debt | $ 3,551.8 | $ 3,202.5"} {"_id": "d1b2f3d88", "title": "", "text": "Property and Equipment\nProperty and equipment are as follows (in thousands):\n(1) In the fourth quarter 2019, the Company announced its decision to exit the San Jose California facility (\u201cSJ Facility\u201d) by March 31, 2020. The Company accelerated the amortization of its SJ Facility leasehold improvements over the remaining estimated life which is estimated to be through March 31, 2020. As of December 31, 2019, the net book value of the SJ Facility leasehold improvements was $0.9 million and will be fully amortized by March 31, 2020.\n\nDecember 31, | | \n-------------------------------------------------- | ------- | -------\n | 2019 | 2018 \nComputer equipment and purchased software | $3,011 | $3,167 \nMachinery and equipment | 699 | 821 \nFurniture and fixtures | 1,115 | 1,113 \nLeasehold improvements (1) | 3,897 | 3,897 \nTotal | 8,722 | 8,998 \nLess accumulated depreciation and amortization (1) | (7,496) | (6,655)\nProperty and equipment, net | $1,226 | $2,343 "} {"_id": "d1b3983ba", "title": "", "text": "Item 6. Selected Financial and Other Data\nThe following table sets forth selected historical consolidated financial data as of the dates and for the periods indicated. The selected consolidated statement of operations data for the years ended December 31, 2019, 2018 and 2017, and selected consolidated balance sheet data as of December 31, 2019 and 2018 have been derived from our audited consolidated financial statements and related notes appearing elsewhere in this Form 10-K. The selected consolidated statement of operations data for the years ended December 31, 2016 and 2015 and selected consolidated balance sheet data as of December 31, 2017, 2016 and 2015 have been derived from our audited consolidated financial statements, which are not included in this annual report on Form 10-K.\nThe results of operations for any period are not necessarily indicative of the results to be expected for any future period. The audited consolidated financial statements, from which the historical financial information for the periods set forth below have been derived, were prepared in accordance with U.S. generally accepted accounting principles (\u201cGAAP\u201d). The selected historical consolidated financial data set forth below should be read in conjunction with, and are qualified by reference to \u201cManagement\u2019s Discussion and Analysis of Financial Condition and Results of Operations\u201d and our audited consolidated financial statements and related notes thereto appearing elsewhere in this annual report on Form 10-K.\n(1) Loss for the year ended December 31, 2019 included $1,004 million in impairment charges associated with our Connect reporting unit, a non-cash expense of $170 for the settlement of certain pension plans and $80 million in restructuring charges. See Item 7. \u201cManagement\u2019s Discussion and Analysis of Financial Condition and Results of Operations\u2014Goodwill and Indefinite-Lived Intangible Asset\u201d. See Note 11 \u201cPensions and Other Post-Retirement Benefits\u201d for further discussion on the pension settlement charge.\n(2) Loss for the year ended December 31, 2018 included $1,411 million in impairment charges associated with our Connect reporting unit and $139 million in restructuring charges. See Item 7. \u201cManagement\u2019s Discussion and Analysis of Financial Condition and Results of Operations\u2014Goodwill and Indefinite- Lived Intangible Assets\u201d.\n(3) Income for the year ended December 31, 2017 included $80 million in restructuring charges.\n(4) Income for the year ended December 31, 2016 included $105 million in restructuring charges.\n(5) Income for the year ended December 31, 2015 included $51 million in restructuring charges, a gain of $158 million recorded from the step acquisition of Nielsen Catalina Solutions and an $8 million charge associated with the change to the Venezuelan currency exchange rate mechanism.\n(6) Depreciation and amortization expense included charges for the depreciation and amortization of tangible and intangible assets acquired in business combinations of $205 million, $220 million, $219 million, $210 million and $205 million for the years ended December 31, 2019, 2018, 2017, 2016 and 2015, respectively.\n\n(IN MILLIONS, EXCEPT PER SHARE AMOUNTS) | Year Ended December 31, | | | | \n------------------------------------------------------------------- | ----------------------- | ------- | ------- | ------- | -------\n | 2019(1) | 2018(2) | 2017(3) | 2016(4) | 2015(5)\nStatement of Operations Data: | | | | | \nRevenues | $6,498 | $6,515 | $6,572 | $6,309 | $6,172 \nDepreciation and amortization(6) | 756 | 675 | 640 | 603 | 574 \nOperating income/(loss) | (93) | (475) | 1,214 | 1,130 | 1,098 \nInterest expense | 397 | 394 | 374 | 333 | 311 \nIncome/(loss) from continuing operations | (403) | (700) | 440 | 507 | 575 \nIncome/(loss) from continuing operations per common share (basic) | (1.17) | (2.00) | 1.20 | 1.40 | 1.55 \nIncome/(loss) from continuing operations per common share (diluted) | (1.17) | (2.00) | 1.20 | 1.39 | 1.54 \nCash dividends declared per common share | 1.11 | 1.39 | 1.33 | 1.21 | 1.09 \n | December 31, | | | | \n(IN MILLIONS) | 2019 | 2018 | 2017 | 2016 | 2015 \nBalance Sheet Data: | | | | | \nTotal assets | $14,319 | $15,179 | $16,866 | $15,730 | $15,303\nLong-term debt including finance leases | 8,309 | 8,387 | 8,441 | 7,926 | 7,338 "} {"_id": "d1b3579be", "title": "", "text": "Deferred contract costs are classified as current or non-current within prepaid expenses and other, and other assets \u2013 net, respectively. The balances of deferred contract costs as of December 31, 2019 and 2018, included in the balance sheet were as follows:\nFor the years ended December 31, 2019 and 2018, the Partnership recognized expense of $3,757 and $2,740, respectively associated with the amortization of deferred contract costs, primarily within selling, general and administrative expenses in the statements of income.\nDeferred contract costs are assessed for impairment on an annual basis. An impairment charge is recognized to the extent the carrying amount of a deferred cost exceeds the remaining amount of consideration expected to be received in exchange for the goods and services related to the cost, less the expected costs related directly to providing those goods and services that have not yet been recognized as expenses. There have been no impairment charges recognized for the year ended December 31, 2019 and 2018.\n\n | 2019 | 2018 \n-------------------------- | ------- | -------\nAssets | | \nPrepaid expenses and other | $ 3,481 | $ 2,921\nOther assets - net | 2,016 | 2,193 \nTotal | $ 5,497 | $ 5,114"} {"_id": "d1b395822", "title": "", "text": "7. ACCRUED LIABILITIES\nOther accrued expenses consisted of the following at December 31, 2019 and 2018 (in thousands):\nAdvances are amounts received from litigation counsel as advanced reimbursement of out-of-pocket expenses expected to be incurred by us. Board compensation of $0.4 million at December 31, 2019 and 2018 represents accrued and unpaid board and committee fees from prior periods. In the first quarter of 2020, current and prior board members agreed to waive unpaid cash fees in exchange for share-based compensation awards with an aggregate grant-date fair value of approximately $0.1 million (see Note 18).\n\n | 2019 | 2018\n---------------------- | ------ | ----\nAdvances | 500 | - \nBoard compensation | 413 | 413 \nOther accrued expenses | 168 | 150 \n | $1,081 | $563"} {"_id": "d1b2e225e", "title": "", "text": "Year Ended December 31, 2019 Compared to Year Ended December 31, 2018\nOperating revenues. Operating revenues decreased by 2.0% from NT$151,253 million in 2018 to NT$148,202 million (US$4,955 million) in\n2019, primarily due to decreased other operating revenues, decreased foundry wafer sale, and 2.5% depreciation of the NTD in 2019 from 2018. The decreased foundry wafer sale came from a decline of 2.9% in average selling price from 2018 to 2019, partially offset by a 1.1% increase in foundry wafer shipment from 7,108 thousand 8-inch equivalent wafers in 2018 to 7,189 thousand 8-inch equivalent wafers in 2019.\nOperating costs. Operating costs decreased by 1.2% from NT$128,413 million in 2018 to NT$126,887 million (US$4,242 million) in 2019, primarily due to the decreased depreciation expense and other operating costs, which was partially offset by the increased direct material costs.\nGross profit and gross margin. Gross profit decreased from NT$22,840 million in 2018 to NT$21,315 million (US$713 million) in 2019. Our gross margin decreased from 15.1% in 2018 to 14.4% in 2019, primarily due to an annual decline of 2.9% in average selling price.\n\n | | Years Ended December 31, | \n--------------------------------------------------- | ------ | ------------------------ | ------\n | 2017 | 2018 | 2019 \n | % | % | % \nOperating revenues | 100.0 | 100.0 | 100.0 \nOperating costs | (81.9) | (84.9) | (85.6)\nGross profit | 18.1 | 15.1 | 14.4 \nOperating expenses | | | \nSales and marketing | (2.8) | (2.6) | (2.6) \nGeneral and administrative | (2.8) | (3.2) | (3.6) \nResearch and development | (9.2) | (8.6) | (8.0) \nExpected credit losses | \u2014 | (0.3) | (0.4) \nSubtotal | (14.8) | (14.7) | (14.6)\nNet other operating income and expenses | 1.1 | 3.4 | 3.5 \nOperating income | 4.4 | 3.8 | 3.3 \nNon-operating income and expenses | 0.7 | (2.4) | (0.1) \nIncome from continuing operations before income tax | 5.1 | 1.4 | 3.2 \nIncome tax benefit (expense) | (0.6) | 0.7 | (0.1) \nNet income | 4.5 | 2.1 | 3.1 \nTotal other comprehensive income (loss), net of tax | (3.2) | 0.6 | 1.9 \nTotal comprehensive income | 1.3 | 2.7 | 5.0 \nNet income attributable to: | | | \nStockholders of the parent | 6.5 | 5.1 | 5.5 \nNon-controlling interests | (2.0) | (3.0) | (2.4) \nTotal comprehensive income attributable to: | | | \nStockholders of the parent | 3.3 | 5.7 | 7.4 \nNon-controlling interests | (2.0) | (3.0) | (2.4) "} {"_id": "d1b36a6ae", "title": "", "text": "(a) Revenue and Gross Margin by Segment\nWe conduct business globally and are managed on a geographic basis consisting of three segments: the Americas, EMEA, and APJC. Our management makes financial decisions and allocates resources based on the information it receives from our internal management system. Sales are attributed to a segment based on the ordering location of the customer. We do not allocate research and development, sales and marketing, or general and administrative expenses to our segments in this internal management system because management does not include the information in our measurement of the performance of the operating segments. In addition, we do not allocate amortization and impairment of acquisition-related intangible assets, sharebased compensation expense, significant litigation settlements and other contingencies, charges related to asset impairments and restructurings, and certain other charges to the gross margin for each segment because management does not include this information in our measurement of the performance of the operating segments.\nSummarized financial information by segment for fiscal 2019, 2018, and 2017, based on our internal management system and as utilized by our Chief Operating Decision Maker (CODM), is as follows (in millions):\nAmounts may not sum and percentages may not recalculate due to rounding.\nRevenue in the United States was $27.4 billion, $25.5 billion, and $25.0 billion for fiscal 2019, 2018, and 2017, respectively.\n\nYears Ended | July 27, 2019 | July 28, 2018 | July 29, 2017\n----------------------------- | ------------- | ------------- | -------------\nRevenue: | | | \nAmericas . | $30,927 | $29,070 | $28,351 \nEMEA . | 13,100 | 12,425 | 12,004 \nAPJC . | 7,877 | 7,834 | 7,650 \nTotal | $51,904 | $49,330 | $48,005 \nGross margin: | | | \nAmericas . | $20,338 | $18,792 | $18,284 \nEMEA . | 8,457 | 7,945 | 7,855 \nAPJC . | 4,683 | 4,726 | 4,741 \nSegment total . | 33,479 | 31,463 | 30,880 \nUnallocated corporate items . | (813) | (857) | (656) \nTotal | $32,666 | $30,606 | $30,224 "} {"_id": "d1b30edb8", "title": "", "text": "By region of shipment, in the 2019 fourth quarter, Asia Pacific revenues grew sequentially by 10.6%, principally in Imaging, Analog and Microcontrollers, Americas was up by 10.5%, mainly driven by Digital and Power Discrete, and EMEA decreased by 2.0%.\nOn a year-over-year basis, revenues grew 9.9% in Asia Pacific, mainly due to Analog, Microcontrollers and Imaging. In Americas, revenues grew 5.4%, mainly driven by Digital and Power Discrete, while it decreased by 12.8% in EMEA, mainly due to lower sales in Automotive, Power Discrete and\u00a0 analog.\n\n | | Three Months Ended | | % Variation | \n------------ | ----------------- | ------------------ | ------------------------ | ----------- | --------------\n | December 31, 2019 | September 29, 2019 | December 31, 2018 | Sequential | Year-Over-Year\n | | | (Unaudited, in millions) | | \nEMEA | $538 | $549 | $617 | (2.0)% | (12.8)% \nAmericas | 360 | 326 | 342 | 10.5 | 5.4 \nAsia Pacific | 1,856 | 1,678 | 1,689 | 10.6 | 9.9 \nTotal | $2,754 | $2,553 | $2,648 | 7.9% | 4.0% "} {"_id": "d1b35f150", "title": "", "text": "Note 18 Other Post-Employment Benefits and Other Employee Benefit Plans\nIn addition to providing pension benefits, we maintain two Other Post-Employment Benefit Plans which provide a portion of healthcare, dental, vision and life insurance benefits for certain retired legacy employees. These plans are in the U.S. and Canada. Covered employees who retired on or after attaining age 55 and who had rendered at least 10 years of service were entitled to post-retirement healthcare, dental and life insurance benefits. These benefits are subject to deductibles, co-payment provisions and other limitations. The information below relates to these two plans.\nContributions made by us, net of Medicare Part D subsidies received in the U.S., are reported below as benefits paid. We may change the benefits at any time. The status of these plans, including a reconciliation of benefit obligations, a reconciliation of plan assets and the funded status of the plans, follows:\n\n | December 31, | \n---------------------------------------------------------------------- | ------------ | --------\n(In millions) | 2019 | 2018 \nChange in benefit obligations: | | \nBenefit obligation at beginning of period | $ 46.4 | $ 51.3 \nService cost | \u2014 | 0.1 \nInterest cost | 1.6 | 1.4 \nActuarial (gain) loss | (1.2) | (1.7) \nBenefits paid, net | (3.3) | (4.5) \nPlan amendments | \u2014 | (0.2) \nBenefit obligation at end of period | $ 43.5 | $ 46.4 \nChange in plan assets: | | \nFair value of plan assets at beginning of period | $ \u2014 | $ \u2014 \nEmployer contribution | 3.3 | 4.5 \nBenefits paid, net | (3.3) | (4.5) \nFair value of plan assets at end of period | $ \u2014 | $ \u2014 \nNet amount recognized: | | \nUnderfunded status | $ (43.5) | $ (46.4)\nAccumulated benefit obligation at end of year | $ 43.5 | $ 46.4 \nNet amount recognized in consolidated balance sheets consists of: | | \nCurrent liability | $ (5.3) | $ (5.3) \nNon-current liability | (38.2) | (41.1) \nNet amount recognized | $ (43.5) | $ (46.4)\nAmounts recognized in accumulated other comprehensive loss consist of: | | \nNet actuarial (gain) loss | $ (0.6) | $ 0.4 \nPrior service credit | (2.6) | (3.0) \nTotal | $ (3.2) | $ (2.6) "} {"_id": "d1b354f66", "title": "", "text": "DEVELOPMENT OF EMPLOYEE NUMBERS BY SEGMENTS\nBy headcount1 as of closing date of 30/9\n1 Excluding METRO China.\n\n | 2018 | 2019 \n----------------------------------- | ------- | ------\nMETRO | 92,603 | 89,574\nMETRO Germany | 13,711 | 13,606\nMETRO Western Europe (excl.Germany) | 27,207 | 27,227\nMETRO Russia | 13,960 | 12,357\nMETRO Eastern Europe (excl.Russia) | 29,060 | 28,375\nMETRO Asia | 8,665 | 8,009 \nOthers | 7,008 | 7,152 \nMETROAG | 909 | 880 \nTotal | 100,520 | 97,606"} {"_id": "d1b35728e", "title": "", "text": "29. Related party transactions\nThe Group has a number of related parties including joint arrangements and associates, pension schemes and Directors and Executive Committee members (see note 12 \u201cInvestments in associates and joint arrangements\u201d, note 24 \u201cPost employment benefits\u201d and note 22 \u201cDirectors and key management compensation\u201d).\nTransactions with joint arrangements and associates\nRelated party transactions with the Group\u2019s joint arrangements and associates primarily comprise fees for the use of products and services including network airtime and access charges, fees for the provision of network infrastructure and cash pooling arrangements.\nNo related party transactions have been entered into during the year which might reasonably affect any decisions made by the users of these consolidated financial statements except as disclosed below.\nNote: 1 Amounts arise primarily through VodafoneZiggo, Vodafone Idea, Vodafone Hutchison Australia and Cornerstone Telecommunications Infrastructure Limited. Interest is paid in line with market rates.\nDividends received from associates and joint ventures are disclosed in the consolidated statement of cash flows.\n\n | 2019 | 2018 | 2017 \n------------------------------------------------------- | ---- | ----- | -----\n | \u20acm | \u20acm | \u20acm \nSales of goods and services to associates | 27 | 19 | 37 \nPurchase of goods and services from associates | 3 | 1 | 90 \nSales of goods and services to joint arrangements | 242 | 194 | 19 \nPurchase of goods and services from joint arrangements | 192 | 199 | 183 \nNet interest income receivable from joint arrangements1 | 96 | 120 | 87 \nTrade balances owed: | | | \nby associates | 1 | 4 | \u2013 \nto associates | 3 | 2 | 1 \nby joint arrangements | 193 | 107 | 158 \nto joint arrangements | 25 | 28 | 15 \nOther balances owed by joint arrangements1 | 997 | 1,328 | 1,209\nOther balances owed to joint arrangements1 | 169 | 150 | 127 "} {"_id": "d1b387d08", "title": "", "text": "Comparison of Years Ended December 31, 2019 to December 31, 2018\nThe following tables in this section set forth our selected consolidated statements of operations (in thousands), data for the percentage change and data as a percentage of revenue for the years ended December 31, 2019 and 2018. Certain previously reported amounts in the consolidated statements of operations for the year ended December 31, 2018 have been reclassified to conform to our current presentation to reflect interest income as a separate line item, which was previously included in other income, net.\nRevenue\nThe $81.9 million increase in total revenue in 2019 as compared to 2018 was the result of a $46.3 million, or 16%, increase in our SaaS and license revenue and a $35.6 million, or 27%, increase in our hardware and other revenue. Our software license revenue included within SaaS and license revenue increased $2.1 million to $43.4 million in 2019 as compared to $41.3 million during 2018. The increase in our Alarm.com segment SaaS and license revenue in 2019 was primarily due to growth in our subscriber base, including the revenue impact from subscribers we added in 2018. To a lesser extent, SaaS and license revenue increased in the period due to an increase in license fees. The increase in hardware and other revenue in 2019 compared to 2018 was due to an increase in the volume of video cameras sold. Our Other segment contributed 15% of the increase in SaaS and license revenue in 2019 as compared to 2018. The increase in SaaS and license revenue for our Other segment in 2019 as compared to 2018 was due to an increase in sales of our energy management and demand response solutions and our property management and HVAC solutions. Hardware and other revenue in our Other segment decreased 13% in 2019 as compared to 2018, primarily due to the timing of sales related to our remote access management solution.\n\n | | Year Ended December 31, | \n-------------------------- | -------- | ----------------------- | -------------\nRevenue: | | | % Change \n | 2019 | 2018 | 2019 vs. 2018\nSaaS and license revenue | $337,375 | $291,072 | 16% \nHardware and other revenue | 164,988 | 129,422 | 27% \nTotal revenue | $502,363 | $420,494 | 19% "} {"_id": "d1b3682d2", "title": "", "text": "Item 6. Selected Financial Data\nWe have derived the consolidated statement of operations data for the years ended December 31, 2019, 2018 and 2017 and the selected consolidated balance sheet data as of December 31, 2019 and 2018 from our audited consolidated financial statements that are included in this Form 10-K. The following selected consolidated statement of operations data for the years ended December 31, 2016 and 2015 and the selected consolidated balance sheet data as of December 31, 2017, 2016 and 2015 are derived from our audited consolidated financial statements that are not included in this report\nOur historical operating results are not necessarily indicative of future operating results, these selected consolidated financial data should be read in conjunction with the consolidated financial statements and accompanying notes in Part II, Item 8, and Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations in Part II, Item 7 included in this report\nThe amounts as of and for the years ended December 31, 2019 and 2018 have been prepared based on our adoption of Accounting Standards Codification (\u2018\u2018ASC\u2019\u2019) No. 606, Contracts with Customers. We elected to adopt this accounting standard on a modified retrospective basis which resulted in the impact of adoption being recorded as of January 1, 2018. The amounts in all other years, other than 2019 and 2018, in the tables below have been prepared on the previously outstanding guidance on revenue recognition. We have disclosed the ASC 606 adoption impact on our revenue recognition in Note 2 of the audited consolidated financial statements included in Part II, Item 8 of this report\nThe amounts as of and for the years ended December 31, 2019 and 2018 have been prepared based on our adoption of Accounting Standards Codification (\u2018\u2018ASC\u2019\u2019) No. 606, Contracts with Customers. We elected to adopt this accounting standard on a modified retrospective basis which resulted in the impact of adoption being recorded as of January 1, 2018. The amounts in all other years, other than 2019 and 2018, in the tables below have been prepared on the previously outstanding guidance on revenue recognition. We have disclosed the ASC 606 adoption impact on our revenue recognition in Note 2 of the audited consolidated financial statements included in Part II, Item 8 of this report\n\n | | Years Ended December 31, | | | \n----------------------------------------------- | --------- | ------------------------ | --------- | --------- | ---------\n(in thousands, except per share amounts) | 2019 | 2018 | 2017 | 2016 | 2015 \nConsolidated Statement of Operations Data | | | | | \nRevenue | $212,628 | $232,223 | $235,429 | $227,297 | $196,285 \nCost of revenue | $48,881 | $51,896 | $53,318 | $54,413 | $48,402 \nGross profit | $163,747 | $180,327 | $182,111 | $172,884 | $147,883 \nLoss from operations | $(17,094) | $(27,679) | $(10,372) | $(20,570) | $(40,309)\nNet loss | $(17,819) | $(27,617) | $(10,751) | $(22,391) | $(41,897)\nNet loss per share: basic and diluted | $(0.23) | $(0.38) | $(0.15) | $(0.34) | $(0.67) \nWeighted-average shares used in computing net | | | | | \nloss per share: basic and diluted | 76,080 | 72,882 | 70,053 | 65,701 | 62,428 \nConsolidated Balance Sheet Data: | | | | | \nCash,cash equivalents and marketable securities | $129,922 | $128,375 | $131,134 | $114,347 | $98,117 \nWorking capital | $123,358 | $117,572 | $111,076 | $95,285 | $89,550 \nTotal assets | $274,053 | $235,876 | $224,858 | $216,733 | $189,892 \nDeferred revenue(current and non-current) | $101,164 | $97,966 | $94,637 | $91,617 | $72,008 \nTotal stockholders\u2019 equity | $108,787 | $103,883 | $98,386 | $82,752 | $78,205 "} {"_id": "d1b30755e", "title": "", "text": "ITEM 6. SELECTED FINANCIAL DATA\nThe selected consolidated statements of operations data for the years ended December 31, 2019, 2018 and 2017 and the selected consolidated balance sheet data as of December 31, 2019 and 2018 are derived from our audited consolidated financial statements included elsewhere in this Annual Report. The selected consolidated statements of operations data for the years ended December 31, 2016 and 2015 and the selected consolidated balance sheet data as of December 31, 2017, 2016 and 2015 are derived from our audited consolidated financial statements not included in this Annual Report. Our historical results are not necessarily indicative of the results to be expected in the future. The selected financial data should be read together with Item 7. \"Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations\" and in conjunction with our consolidated financial statements, related notes, and other financial information included elsewhere in this Annual Report. The following tables set forth our selected consolidated financial and other data for the years ended and as of December 31, 2019, 2018, 2017, 2016 and 2015 (in thousands, except share and per share data).\nInformation about prior period acquisitions that may affect the comparability of the selected financial information presented below is included in Item 1. Business. Information about the $28.0 million expense recorded in general and administrative expense in 2018, which relates to the agreement reached to settle the legal matter alleging violations of the Telephone Consumer Protection Act, or TCPA, and may affect the comparability of the selected financial information presented below, is disclosed in Item 3. \u201cLegal Proceedings.\u201d Information about the $1.7 million of interest recorded within interest income and the $6.9 million of gain recorded within other income, net, in 2019, which relates to promissory note proceeds received from one of our hardware suppliers and proceeds from an acquired promissory note, and may affect the comparability of the selected financial information presented below, is disclosed in Item 7. \"Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations.\"\nCertain previously reported amounts in the consolidated statements of operations for the years ended December 31, 2018, 2017, 2016 and 2015 have been reclassified to conform to our current presentation to reflect interest income as a separate line item, which was previously included in other income, net.\n\n | | | As of December 31, | | \n----------------------------- | -------- | -------- | ------------------ | -------- | --------\n | 2019 | 2018 | 2017 | 2016 | 2015 \nBalance sheet and other data: | | | | | \nCash and cash equivalents | $119,629 | $146,061 | $96,329 | $140,634 | $128,358\nWorking capital | 167,879 | 152,793 | 119,433 | 150,485 | 131,971 \nTotal assets | 557,799 | 440,985 | 371,641 | 261,245 | 226,095 \nTotal long-term obligations | 115,143 | 88,126 | 94,311 | 30,297 | 26,885 \nTotal stockholders' equity | 355,651 | 277,589 | 232,827 | 191,249 | 170,131 "} {"_id": "d1b3170d0", "title": "", "text": "We continue to experience challenging trends in both the high-end smartphone market and in the broadband market. However, with leading mobile and fixed networks, improving customer experience, three strong brands and further enhancements to BT Plus, with 5G coming imminently, we are well placed for the future.\nAdjusteda revenue growth of 3% for the year was driven by the continued increase in handset costs for customers, growth in the SIMonly base across all brands and the impact of price increases, partially offset by solus voice price reductions.\nAdjusteda EBITDA grew 7% for the year as the revenue growth was partially offset by increased trading costs.\nCapital expenditure growth of 8% was driven by increased network spend as preparations were made for the EE 5G launch in 2019. Normalised free cash flowb was \u00a31,323m, down 5% on last year as the increase in EBITDA was offset by the settlement at the start of the year of the Phones4U dispute relating to the retail trading agreement, and increased capital expenditure.\nMobile churnc was stable at 1.2% for the year, whilst fixed churnc was up from 1.3% to 1.4% reflecting the impact of price increases in the year.\na Adjusted measures exclude specific items, as explained in the Additional Information on page 185. b Free cash flow after net interest paid, before pension deficit payments (including the cash tax benefit of pension deficit payments) and specific items.\n\nConsumer | | | | \n--------------------------- | -------------- | ---------------------------------- | ------ | --\nAdjusteda revenue \u00a310,695m | | Adjusteda operating profit \u00a31,510m | | \n | 2019 (IFRS 15) | 2018 (IAS 18) | Change | \nYear to 31 March | \u00a3m | \u00a3m | \u00a3m | % \nAdjusteda revenue | 10,695 | 10,360 | 335 | 3 \nAdjusteda operating costs | 8,161 | 7,984 | 177 | 2 \nAdjusteda EBITDA | 2,534 | 2,376 | 158 | 7 \nDepreciation & amortisation | 1,024 | 992 | 32 | 3 \nAdjusted a operating profit | 1,510 | 1,384 | 126 | 9 \nCapital expenditure | 994 | 919 | 75 | 8 \nNormalised free cash flowb | 1,323 | 1,389 | (66) | (5"} {"_id": "d1b301a6e", "title": "", "text": "NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (in thousands, except for share and per share data)\nNOTE 10 \u2014 Contingencies\nCertain processes in the manufacture of our current and past products create by-products classified as hazardous waste. We have been notified by the U.S. Environmental Protection Agency, state environmental agencies, and in some cases, groups of potentially responsible parties, that we may be potentially liable for environmental contamination at several sites currently and formerly owned or operated by us. Two of those sites, Asheville, North Carolina and Mountain View, California, are designated National Priorities List sites under the U.S. Environmental Protection Agency\u2019s Superfund program. We accrue a liability for probable remediation activities, claims and proceedings against us with respect to environmental matters if the amount can be reasonably estimated, and provide disclosures including the nature of a loss whenever it is probable or reasonably possible that a potentially material loss may have occurred but cannot be estimated. We record contingent loss accruals on an undiscounted basis.\nA roll-forward of remediation reserves included in accrued expenses and other liabilities in the Consolidated Balance Sheets is comprised of the following:\n(1) Other activity includes currency translation adjustments not recorded through remediation expense\nUnrelated to the environmental claims described above, certain other legal claims are pending against us with respect to matters arising out of the ordinary conduct of our business.\nWe provide product warranties when we sell our products and accrue for estimated liabilities at the time of sale. Warranty estimates are forecasts based on the best available information and historical claims experience. We accrue for specific warranty claims if we believe that the facts of a specific claim make it probable that a liability in excess of our historical experience has been incurred, and provide disclosures for specific claims whenever it is reasonably possible that a material loss may be incurred which cannot be estimated. We have an outstanding warranty claim for which we have not yet determined the root cause of a product performance issue. Testing is ongoing. We are not able to quantify the potential impact on our operations, if any, because we have not yet determined the root cause.\nWe cannot provide assurance that the ultimate disposition of environmental, legal, and product warranty claims will not materially exceed the amount of our accrued losses and adversely impact our consolidated financial position, results of operations, or cash flows. Our accrued liabilities and disclosures will be adjusted accordingly if additional information becomes available in the future.\n\n | | Years Ended December 31, | \n------------------------------ | ------- | ------------------------ | -------\n | 2019 | 2018 | 2017 \nBalance at beginning of period | $11,274 | $17,067 | $18,176\nRemediation expense | 2,602 | 1,182 | 307 \nRemediation payments | (2,455) | (6,967) | (1,416)\nOther activity (1) | 23 | (8) | \u2014 \nBalance at end of the period | $11,444 | $11,274 | $17,067"} {"_id": "d1b2e63f4", "title": "", "text": "Interest and Other\nInterest income decreased by $1.9 million from 2018 to 2019 due primarily to lower cash and marketable securities balances in 2019. Interest expense decreased by $8.2 million from 2018 to 2019 due primarily to unrealized losses on equity marketable securities recognized in 2018. Other (income) expense, net increased by $28.1 million from 2018 to 2019 due primarily to a $15.0 million charge for the impairment of the investment in RealWear and an $11.5 million change in pension actuarial (gains) losses from a $3.3 million gain in 2018 to an $8.2 million loss in 2019.\n\n | 2019 | 2018 | 2018-2019 Change\n--------------------------- | ------- | ------------- | ----------------\n | | (in millions) | \nInterest income | $(24.8) | $(26.7) | $1.9 \nInterest expense | 23.1 | 31.3 | (8.2) \nOther (income) expense, net | 29.5 | 1.4 | 28.1 "} {"_id": "d1b3472e4", "title": "", "text": "Non-current provisions\nNon-current provisions consisted of the following:\nThe non-current provision for employee benefits includes long service leave as described above.\nThe dilapidation provision relates to certain lease arrangements for office space entered into by the Group. These lease arrangements require the Group to restore each premises to its original condition upon lease termination. Accordingly, the Group records a provision for the present value of the estimated future costs to retire long-lived assets at the expiration of these leases.\n\n | As of June 30, | \n---------------------- | --------------------- | ------\n | 2019 | 2018 \n | (U.S. $ in thousands) | \nEmployee benefits | $3,323 | $2,094\nDilapidation provision | 2,759 | 2,269 \n | $6,082 | $4,363"} {"_id": "d1b2f81f8", "title": "", "text": "Contractual Obligations\nThe following table summarizes contractual obligations and commitments, as of April 27, 2019:\n(1) Assumes the outstanding borrowings under the revolving credit facility will be repaid upon maturity of the credit agreement in September 2023.\n(2) Amounts represent estimated contractual interest payments on outstanding debt. Interest rates in effect as of April 27, 2019 are used for floating-rate debt.\nWe enter into agreements with suppliers to assist us in meeting our customers' production needs. These agreements vary as to duration and quantity commitments. Historically, most have been short-term agreements, which do not provide for minimum purchases, or are requirements-based contracts.\n\n | | | Payments Due By Period | | \n------------------------------ | ------ | ---------------- | ---------------------- | --------- | -----------------\n(Dollars in Millions) | Total | Less than 1 year | 1-3 years | 3-5 years | More than 5 years\nCapital Leases | $1.7 | $0.6 | $0.9 | $0.2 | $\u2014 \nOperating Leases | 34.2 | 7.8 | 10.5 | 7.5 | 8.4 \nDebt (1) | 295.5 | 15.7 | 28.8 | 247.7 | 3.3 \nEstimated Interest on Debt (2) | 46.8 | 11.7 | 20.7 | 14.2 | 0.2 \nDeferred Compensation | 8.5 | 1.2 | 3.2 | 1.6 | 2.5 \nTotal | $386.7 | $37.0 | $64.1 | $271.2 | $14.4 "} {"_id": "d1b314a74", "title": "", "text": "13. Net Loss Per Share\nBasic net loss per share is computed using the weighted average number of shares of common stock outstanding for the period, excluding stock options and restricted stock units. Diluted net loss per share is based upon the weighted average number of shares of common stock outstanding for the period and potentially dilutive common shares, including the effect of stock options and restricted stock units under the treasury stock method. The following table sets forth the computation of the numerators and denominators used in the basic and diluted net loss per share amounts:\n(1) The effect of dilutive securities of 3.1 million, 4.5 million, and 4.6 million shares for the fiscal years ended January 31, 2019, 2018, and 2017, respectively, have been excluded from the calculation of diluted net loss per share as those shares would have been anti-dilutive due to the net loss incurred during those fiscal years.\nThe computation of diluted net loss per share does not include shares that are anti-dilutive under the treasury stock method because their exercise prices are higher than the average market value of Autodesk\u2019s stock during the fiscal year. The effect of 0.5 million, 0.5 million, and 0.1 million potentially anti-dilutive shares were excluded from the computation of net loss per share for the fiscal years ended January 31, 2019, 2018, and 2017, respectively.\n\n | | Fiscal Year Ended January 31, | \n---------------------------------------------------------------- | ------- | ----------------------------- | --------\n | 2019 | 2018 | 2017 \nNumerator: | | | \nNet loss | $(80.8) | $(566.9) | $(582.1)\nDenominator: | | | \nDenominator for basic net loss per share\u2014weighted average shares | 218.9 | 219.5 | 222.7 \nEffect of dilutive securities (1) | \u2014 | \u2014 | \u2014 \nDenominator for dilutive net loss per share | 218.9 | 219.5 | 222.7 \nBasic net loss per share | $(0.37) | $(2.58) | $(2.61) \nDiluted net loss per share | $(0.37) | $(2.58) | $(2.61) "} {"_id": "d1b370946", "title": "", "text": "Discontinued Operations\nOn October 27, 2017, we entered into a purchase agreement to sell the Compute business. In consideration for the transfer and sale of the Compute business, we received an equity interest in the buyer valued at approximately $36.5 million, representing the carrying value of the assets divested and representing less than 20.0% of the buyer's total outstanding equity. The operations of the Compute business were accounted for as discontinued operations through the date of divestiture.\nWe also entered into a transition services agreement (the \"Compute TSA\"), pursuant to which we agreed to perform certain primarily general and administrative functions on the buyer's behalf during a migration period and for which we are reimbursed for costs incurred.\nDuring the fiscal year 2019, we received $0.1 million of reimbursements under the Compute TSA, which was recorded as a reduction of our general and administrative expenses. During the fiscal year 2018, we received $3.6 million of reimbursements under the Compute TSA, which was recorded as a reduction of our general and administrative expenses.\nIn August of fiscal year 2015, we sold our Automotive business, as the Automotive business was not consistent with our long-term strategic vision from both a growth and profitability perspective.\nAdditionally, we entered into a Consulting Agreement with the buyer pursuant to which we were to provide the buyer with certain non-design advisory services for a period of two years following the closing of the transaction for up to $15.0 million, from which we have recorded $7.5 million as other income during both fiscal years 2017 and 2016. No income was recognized during fiscal years 2019 or 2018. During fiscal year 2017, we received $18.0 million, the full amount of the indemnification escrow.\nThe accompanying Consolidated Statements of Operations includes the following operating results related to these discontinued operations (in thousands):\n(1) Amounts are associated with the Compute business. (2) Amounts are associated with the Automotive business.\n\n | Fiscal Years | \n------------------------------------------ | ------------ | --------\n | 2018 | 2017 \nRevenue (1) | $\u2014 | $660 \nCost of revenue (1) | (596) | 2,252 \nGross profit (loss) | 596 | (1,592) \nOperating expenses: | | \nResearch and development (1) | 5,251 | 29,167 \nSelling, general and administrative (1) | 1,560 | 13,840 \nTotal operating expenses | 6,811 | 43,007 \nLoss from discontinued operations (1) | (6,215) | (44,599)\nOther income (2) | \u2014 | 7,500 \nGain on sale (2) | \u2014 | 18,022 \nLoss income before income taxes | (6,215) | (19,077)\nIncome tax provision (benefit) | \u2014 | \u2014 \nLoss income from discontinued operations | (6,215) | (19,077)\nCash flow used in Operating Activities (1) | (10,734) | (42,776)\nCash flow from Investing Activities (2) | \u2014 | 25,522 "} {"_id": "d1b36367e", "title": "", "text": "The following table summarizes the activity related to stock options during the year ended December 31, 2019\nAs of December 31, 2019, the Company had $1,641 of unrecognized stock-based compensation expense related to the stock options. This cost is expected to be recognized over a weighted-average period of 2.5 years.\n(Dollars in thousands, except per share amounts)\n\n | Number of Shares | Weighted-Average Exercise Price | Weighted Average Remaining Contractual Life (in years) | Aggregated Intrinsic Value (in thousands)\n--------------------------------------------- | ---------------- | ------------------------------- | ------------------------------------------------------ | -----------------------------------------\nStock options outstanding - December 31, 2018 | - | - - | | \nGranted | 5,835,724 | $0.56 | | \nForfeited or expired | (20,000) | $0.55 | | \nStock options outstanding - December 31, 2019 | 5,815,724 | $0.56 | 9.6 years | $2,725 \nStock options exercisable - December 31, 2019 | 137,500 | $0.55 | 9.6 years | $66 "} {"_id": "d1b34300e", "title": "", "text": "Income Tax Provision Reconciliation\nThe difference between the income tax benefit (provision) and income taxes computed using the U.S. federal income tax rate was as follows for the years ended September 30, 2019, 2018, and 2017 (amounts shown in thousands):\n\n | 2019 | 2018 | 2017 \n------------------------------------------------------------- | ------ | -------- | --------\nAmount computed using statutory rate | $841 | $2,122 | $(1,078)\nNet change in valuation allowance for net deferred tax assets | (459) | (367) | 10,058 \nAMT and other | \u2014 | (191) | 20 \nForeign rate differential | 664 | 22 | (169) \nNon-deductible items | (151) | (276) | (370) \nState income tax | (370) | 50 | (34) \nImpact of tax reform on deferred taxes | \u2014 | (4,901) | \u2014 \nResearch and development credits | 1,694 | 475 | 2,494 \nForeign income tax | (494) | \u2014 | \u2014 \nStock compensation, net | 1,539 | \u2014 | \u2014 \nIncome tax benefit (provision) | $3,264 | $(3,066) | $10,921 "} {"_id": "d1a721b22", "title": "", "text": "Note 3 \u2013 Revenue\nThe following table disaggregates our revenue by major source for the year ended December 31, 2019:\n(1) Subscriber Solutions & Experience was formerly reported as Customer Devices. With the increasing focus on enhancing the customer experience for both our business and consumer broadband customers and the addition of SmartRG during the fourth quarter of 2018, Subscriber Solutions & Experience more accurately represents this revenue category.\n\n(In thousands) | Network Solutions | Services & Support | Total \n------------------------------------- | ----------------- | ------------------ | --------\nAccess & Aggregation | $289,980 | $58,894 | $348,874\nSubscriber Solutions & Experience (1) | 144,651 | 8,269 | 152,920 \nTraditional & Other Products | 20,595 | 7,672 | 28,267 \nTotal | $455,226 | $74,835 | $530,061"} {"_id": "d1b2f7fd2", "title": "", "text": "Capital management\nThe Group considers capital to be net debt plus total equity. Net debt is calculated as total bank debt and lease financing, less unamortised debt fees and cash and cash equivalents as shown in note 32. Total equity is as shown in the Consolidated balance sheet.\nThe calculation of total capital is shown in the table below:\nFollowing the application of IFRS 16, total capital for the year ended 31 March 2018 has been restated (note 2).\nThe objectives for managing capital are to safeguard the Group\u2019s ability to continue as a going concern, in order to provide returns for shareholders and benefits for other stakeholders and to maintain an efficient capital structure to optimise the cost of capital. In order to maintain or adjust the capital structure, the Group may adjust the amount of dividends paid to shareholders, return capital to shareholders, issue new shares or take other steps to increase share capital and reduce or increase debt facilities.\nAs at 31 March 2019, the Group had borrowings of \u00a3313.0m (2018: \u00a3343.0m) through its Syndicated revolving credit facility (2018: Syndicated Term Loan). Interest is payable on this facility at a rate of LIBOR plus a margin of between 1.2% and 2.1% depending on the consolidated leverage ratio of Auto Trader Group plc and its subsidiaries, which is calculated and reviewed on a biannual basis. The Group remains in compliance with its banking covenants.\n\n | 2019 | (Restated) 2018\n-------------- | ----- | ---------------\n | \u00a3m | \u00a3m \nTotal net debt | 321.0 | 355.2 \nTotal equity | 59.0 | 5.6 \nTotal capital | 380.0 | 360.8 "} {"_id": "d1b396074", "title": "", "text": "The Group\u2019s measure of segment profit, adjusted EBITDA, excludes depreciation, amortisation, impairment loss, restructuring costs, loss on disposal of fixed assets, the Group\u2019s share of results in associates and joint ventures and other income and expense. A reconciliation of adjusted EBITDA to operating profit is shown below. For a reconciliation of operating profit to profit for the financial year, see the Consolidated income statement on page\u00a0111.\nNote: 1 Share of adjusted results in equity accounted associates and joint ventures excludes amortisation of acquired customer bases and brand intangible assets, restructuring costs and other costs of \u20ac0.6 billion (2018: \u20ac0.4 billion, 2017: \u20ac0.1 billion) which are included in amortisation of acquired customer base and brand intangible assets, restructuring costs and other income and expense respectively\n2 See note 31 \u201cIAS 18 basis primary statements\u201d for further details.\n\n | 2019 \u20acm | 2018 \u20acm | 2017 \u20acm \n---------------------------------------------------------------------------- | ------- | ------- | --------\nAdjusted EBITDA | 14,139 | 14,737 | 14,149 \nDepreciation, amortisation and loss on disposal of fixed assets | (9,665) | (9,910) | (10,179)\nShare of adjusted results in equity accounted associates and joint ventures1 | (291) | 389 | 164 \nAdjusted operating profit | 4,183 | 5,216 | 4,134 \nImpairment losses | (3,119) | \u2013 | \u2013 \nRestructuring costs | (486) | (156) | (415) \nAmortisation of acquired customer based and brand intangible assets | (583) | (974) | (1,046) \nOther (expense)/income | (262) | 213 | 1,052 \nOperating (loss)/profit (IAS 18 basis) | (267) | 4,299 | 3,725 \nImpact of adoption of IFRS 152 | (684) | | \nOperating loss (IFRS 15 basis) | (951) | | "} {"_id": "d1b350a7e", "title": "", "text": "Revenue\nIn 2019, we saw another strong year of revenue growth at 8%, climbing to \u00a3355.1m (2018: \u00a3330.1m), predominantly through Trade revenue, and more specifically Retailer revenue, as our core business continued to grow.\nTrade revenue \u2013 comprising Retailers, Home Traders and other revenue \u2013 increased by 8% to \u00a3304.6m (2018: \u00a3281.2m). Retailer revenue grew 9% to \u00a3293.0m (2018: \u00a3268.7m), driven by the launch of new products, our annual pricing event and further penetration of higher yielding advertising packages. Average Revenue Per Retailer (\u2018ARPR\u2019) improved by \u00a3149 to \u00a31,844 per month (2018: \u00a31,695). Average retailer forecourts were stable, with a marginal increase in the year to 13,240 (2018: 13,213). Trade revenue \u2013 comprising Retailers, Home Traders and other revenue \u2013 increased by 8% to \u00a3304.6m (2018: \u00a3281.2m). Retailer revenue grew 9% to \u00a3293.0m (2018: \u00a3268.7m), driven by the launch of new products, our annual pricing event and further penetration of higher yielding advertising packages. Average Revenue Per Retailer (\u2018ARPR\u2019) improved by \u00a3149 to \u00a31,844 per month (2018: \u00a31,695). Average retailer forecourts were stable, with a marginal increase in the year to 13,240 (2018: 13,213).\nARPR growth of \u00a3149 per month was broken down as follows into our three levers: price, stock and product.\n\u2014\u2014Price: Our price lever contributed \u00a350 (2018: \u00a343) and 34% (2018: 29%) of total ARPR growth. We executed our annual event for the vast majority of customers on 1 April 2018 which included a like-for-like price increase.\n\u2014\u2014Stock: A small contraction in stock had a negative effect on ARPR growth of \u00a322 (2018: positive effect of \u00a320) and was -15% (2018: +13%) of total ARPR growth. A reduction in the number of new cars registered, lower volumes of preregistration and some consumer uncertainty led to a lack of used car supply in the market during the first half of the year. Retailer stock has seen some level of recovery through the second half of the year although the market is still challenging.\n\u2014\u2014Product: Our product lever contributed \u00a3121 (2018: \u00a386) and 81% (2018: 58%) of total ARPR growth. Our annual event allowed us to introduce two new products, stock exports and profile pages, into all package levels and we also monetised our Dealer Finance product following a trial period. Since 1 April 2018, over 5,000 retailers have opted to pay for the opportunity to advertise their finance offers against their cars, representing 70% of all eligible retailers. In addition, the penetration of our higher yielding Advanced and Premium advertising packages has continued to grow as retailers recognise the value of receiving greater prominence within our search listings. At the end of March, 19% of retailer cars advertised were on one of these levels (March 2018: 12%). There was also a small contribution from our Managing products, which despite re-platforming and continued development in the year, still saw growth to 3,200 customers (2018: 3,000).\nRevenue \u00a3355.1m +8% (2018: \u00a3330.1m)\nOperating profit \u00a3243.7m +10% (2018 restated: \u00a3221.3m)\nCash generated from operations \u00a3258.5m +13% (2018 restated: \u00a3228.4m)\nCash returned to shareholders \u00a3151.1m (2018: \u00a3148.4m)\n\n | 2019 | 2018 | \n----------------------- | ----- | ----- | ------\nRevenue | \u00a3m | \u00a3m | Change\nRetailer | 293.0 | 268.7 | 9% \nHome trader | 10.2 | 11.4 | (11%) \nOther | 1.4 | 1.1 | 27% \nTrade | 304.6 | 281.2 | 8% \nConsumer Services | 28.0 | 29.8 | (6%) \nManufacturer and Agency | 22.5 | 19.1 | 18% \nTotal | 355.1 | 330.1 | 8% "} {"_id": "d1b3992ba", "title": "", "text": "GasLog Ltd. and its Subsidiaries\nNotes to the consolidated financial statements (Continued)\nFor the years ended December 31, 2017, 2018 and 2019\n(All amounts expressed in thousands of U.S. Dollars, except share and per share data)\nVessels under construction represent scheduled advance payments to the shipyards as well as certain capitalized expenditures. As of December 31, 2019, the Group has paid to the shipyard $197,637 for the vessels that are under construction and expects to pay the remaining installments as they come due upon each vessel\u2019s keel laying, launching and delivery (Note 23(a)).\nThe vessels under construction costs as of December 31, 2018 and 2019 are comprised of:\n\n | As of December 31, | \n------------------------------------------------------------------ | ------------------- | -------\n | 2018 | 2019 \nProgress shipyard installments | 152,075 | 197,637\nOnsite supervision costs | 5,766 | 3,879 \nCritical spare parts, equipment and other vessel delivery expenses | 1,434 | 1,807 \nTotal | 159,275 | 203,323"} {"_id": "d1b2f89dc", "title": "", "text": "The Corporation is also exposed to credit risk in relation to its trade accounts receivable. To mitigate such risk, the Corporation continuously monitors the financial condition of its customers and reviews the credit history or worthiness of each new large customer. The Corporation establishes an allowance for lifetime expected credit losses related to doubtful accounts. The doubtful accounts allowance is calculated on a specific-identification basis for larger customer accounts receivable and on a statistically derived basis for the remainder.\nFactors such as the current economic conditions, forward-looking macroeconomic data and historical information (number of overdue days of the customer\u2019s balance outstanding as well as the customer\u2019s collection history) are examined. The Corporation believes that its allowance for doubtful\u00a0accounts is sufficient to cover the related credit risk.\nThe Corporation has credit policies in place and has established various credit controls, including credit checks, deposits on accounts and advance billing, and has also established procedures to suspend the availability of services when customers have fully utilized approved credit limits or have violated existing payment terms. Since the Corporation has a large and diversified clientele dispersed throughout its market areas in Canada and the United States, there is no significant concentration of credit risk.\nThe following table provides further details on trade and other receivables, net of allowance for doubtful accounts:\n\nAt August 31, | 2019 | 2018 \n---------------------------------- | ------- | -------\n(In thousands of Canadian dollars) | $ | $ \nTrade accounts receivable | 74,021 | 95,541 \nAllowance for doubtful accounts | (6,759) | (6,497)\n | 67,262 | 89,044 \nOther accounts receivable | 8,390 | 8,250 \n | 75,652 | 97,294 "} {"_id": "d1b3c278c", "title": "", "text": "The following table shows the fair value of the DB pension plan assets for each category.\nEquity securities included approximately $15\u00a0million of BCE common shares, or 0.06% of total plan assets, at December\u00a031,\u00a02019 and approximately $8\u00a0million of BCE common shares, or 0.03% of total plan assets, at December\u00a031, 2018.\nDebt securities included approximately $53\u00a0million of Bell Canada debentures, or 0.21% of total plan assets, at December\u00a031,\u00a02019 and approximately $68\u00a0million of Bell Canada debentures, or 0.30% of total plan assets, at December\u00a031, 2018.\nAlternative investments included an investment in MLSE of $135\u00a0million, or 0.53% of total plan assets, at December\u00a031,\u00a02019 and $135\u00a0million, or 0.59% of total plan assets, at December\u00a031, 2018.\nThe Bell Canada pension plan has an investment arrangement which hedges part of its exposure to potential increases in longevity, which covers approximately $4\u00a0billion of post-employment benefit obligations.\nThe fair value of the arrangement is included within other alternative investments. As a hedging arrangement of the pension plan, the transaction requires no cash contributions from BCE.\n\nFOR THE YEAR ENDED DECEMBER 31 | 2019 | 2018 \n------------------------------ | ------ | ------\nObservable markets data | | \nEquity securities | | \nCanadian | 1,017 | 844 \nForeign | 4,534 | 3,770 \nDebt securities | | \nCanadian | 13,216 | 12,457\nForeign | 2,385 | 2,004 \nMoney market | 219 | 327 \nNon-observable markets inputs | | \nAlternative investments | | \nPrivate equities | 2,119 | 1,804 \nHedge funds | 1,001 | 1,014 \nReal estate | 948 | 758 \nOther | 91 | 93 \nTotal | 25,530 | 23,071"} {"_id": "d1a732f9e", "title": "", "text": "ITEM 12. SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED SHAREHOLDER MATTERS\nSecurities Authorized for Issuance under Equity Compensation Plans\nThe following table sets forth, as of August 31, 2019, certain information related to our compensation plans under which Accenture plc Class A ordinary shares may be issued\n(1)\u00a0Consists of 68,253 restricted share units\n(2) Consists of 19,464,437 restricted share units, with performance-based awards assuming maximum performance, and 3,751 stock options\n(3)\u00a0Does not reflect restricted stock units because these awards have no exercise price.\nThe remaining information called for by Item 12 will be included in the section captioned \u201cBeneficial Ownership\u201d included in the definitive proxy statement relating to the 2020 Annual General Meeting of Shareholders of Accenture plc to be held on January 30, 2020 and is incorporated herein by reference. Accenture plc will file such definitive proxy statement with the SEC pursuant to Regulation 14A not later than 120 days after the end of our 2019 fiscal year covered by this Form 10-K.\n\nPlan Category | Number of Shares to be Issued Upon Exercise of Outstanding Options, Warrants and Rights | Weighted-Average Exercise Price of Outstanding Options, Warrants and Rights (3) | Number of shares Remaining Available for Future Issuance Under Equity Compensation Plans (Excluding Securities Reflected in 1st Column)\n------------------------------------------------------ | --------------------------------------------------------------------------------------- | ------------------------------------------------------------------------------- | ---------------------------------------------------------------------------------------------------------------------------------------\nEquity compensation plans approved by shareholders | | | \n2001 Share Incentive Plan | 68,253 | --- | --- \nAmended and Restated 2010 Share Incentive Plan | 19,468,186 | 48.105 | 16,684,906 \nAmended and Restated 2010 Employee Share Purchase Plan | --- | N/A | 30,454,275 \nEquity compensation plans not approved by shareholders | --- | N/A | --- \nTotal | 19,536,441 | | 47,139,181 "} {"_id": "d1b31ae60", "title": "", "text": "10. Debt\nOn March 31, 2017, the Company entered into a\nOn March 31, 2017, the Company entered into a $400.0 million syndicated credit facility (\u201cCredit Agreement\u201d) that extends to March 2022. Interest on the borrowings under the Credit Agreement accrue at variable rates, based upon LIBOR or a defined \u201cBase Rate,\u201d both determined based upon the rating of the Company\u2019s senior unsecured long-term debt (the \u201cDebt Rating\u201d). The applicable margin to be added to LIBOR ranges from 1.00% to 1.75% (1.25% as of June 30, 2019), and for Base Rate-determined loans, from 0.00% to 0.75% (0.25% as of June 30, 2019). The Company also pays a quarterly commitment fee ranging from 0.125% to 0.400% (0.20% as of June 30, 2019), determined based upon the Debt Rating, of the unused portion of the $400.0 million commitment under the Credit Agreement. In addition, the Company must pay certain letter of credit fees, ranging from 1.00% to 1.75% (1.25% as of June 30, 2019), with respect to letters of credit issued under the Credit Agreement. The Company has the right to voluntarily prepay and re-borrow loans and to terminate or reduce the commitments under the facility. As of June 30, 2019, the Company had $6.0 million of issued letters of credit under the Credit Agreement and $19.7 million of short-term borrowings, with the balance of $374.3 million available to the Company. As of June 30, 2019, the borrowing rate for the Credit Agreement was 3.90%.\nThe Company is subject to certain financial and restrictive covenants under the Credit Agreement, which, among other things, require the maintenance of a minimum interest coverage ratio of 3.50 to 1.00. The interest coverage ratio is defined in the Credit Agreement as, for any period, the ratio of consolidated earnings before interest, taxes, depreciation and amortization and non-cash net pension expense (\u201cEBITDA\u201d) to consolidated interest expense for such period. The Credit Agreement also requires the Company to maintain a debt to capital ratio of less than 55 percent. The debt to capital ratio is defined in the Credit Agreement as the ratio of consolidated indebtedness, as defined therein, to consolidated capitalization, as defined therein. As of June 30, 2019, the Company was in compliance with all of the covenants of the Credit Agreement.\nLong-term debt outstanding as of June 30, 2019 and 2018 consisted of the following:\nAggregate maturities of long-term debt for the five years subsequent to June 30, 2019, are $0.0 million in fiscal years 2020, 2021, $250.0 million in 2022, $300.0 million in 2023 and $0.0 million in 2024.\nFor the years ended June 30, 2019, 2018 and 2017, interest costs totaled $31.1 million, $31.1 million and $31.1 million, respectively, of which $5.1 million, $2.8 million and $1.3 million, respectively, were capitalized as part of the cost of property, plant, equipment and software.\n\n | June 30, | \n----------------------------------------------------------------------------------------------------- | -------- | ------\n($ in millions) | 2019 | 2018 \nSenior unsecured notes, 5.20% due July 2021 (face value of $250.0 million at June 30, 2019 and 2018) | $251.2 | $246.6\nSenior unsecured notes, 4.45% due March 2023 (face value of $300.0 million at June 30, 2019 and 2018) | 299.4 | 299.1 \nTotal | 550.6 | 545.7 \nLess: amounts due within one year | \u2014 | \u2014 \nLong-term debt, net of current portion | $550.6 | $545.7"} {"_id": "d1a7324d6", "title": "", "text": "RESULTS FROM VESSEL OPERATIONS\nDuring the year ended December 31, 2019, shipping revenues decreased by $10,616 or 2.9% compared to 2018. The decrease primarily resulted from three fewer vessels in operation during most of 2019 compared to 2018 and one less Government of Israel voyage in 2019 compared to 2018. This decrease was partially offset by the addition of two new vessels to our fleet at the beginning of the fourth quarter of 2019.\nReconciliations of TCE revenues, a non-GAAP measure, to shipping revenues as reported in the consolidated statements of operations follows:\nConsistent with general practice in the shipping industry, we use TCE revenues, which represents shipping revenues less voyage expenses, as a measure to compare revenue generated from a voyage charter to revenue generated from a time charter.\nTCE revenues, a non-GAAP measure, provides additional meaningful information in conjunction with shipping revenues, the most directly comparable GAAP measure, because it assists management in decisions regarding the deployment and use of our vessels and in evaluating their financial performance.\n\n | Years Ended December 31, | \n-------------------------------- | ------------------------ | --------\n | 2019 | 2018 \nTime charter equivalent revenues | $335,133 | $326,707\nAdd: Voyage expenses | 20,414 | 39,456 \nShipping revenues | $355,547 | $366,163"} {"_id": "d1a721fa0", "title": "", "text": "5. Receivables, net\nThe allowance for doubtful accounts includes all specific accounts receivable which we believe are likely not collectable based on known information. The reduction for the unpaid portion of deferred revenue represents future customer service or maintenance obligations which have been billed to customers, but remain unpaid as of the respective balance sheet dates. Deferred revenue on our consolidated balance sheets represents future customer service or maintenance obligations which have been billed and collected as of the respective balance sheet dates.\nThe note receivable represents the remaining outstanding balance of an original note related to the sale of a product line in 2005 in the amount of $540 thousand. This was fully reserved at the time of the sale as the note\u2019s collectability was not assured. The note receivable is fully reserved at December 31, 2019 and 2018.\n\n(In thousands) | December 31, | \n------------------------------------------- | ------------ | ---------\n | 2019 | 2018 \nGross accounts receivables | $ 21,193 | $ 14,135 \nAllowance for returns and doubtful accounts | (265 ) | (277 ) \nUnpaid portion of deferred revenue | (10,847 ) | (10,670 )\nNote receivable | 458 | 458 \nAllowance for note receivable | (458 ) | (458 ) \nReceivables, net | $ 10,081 | $ 3,188 "} {"_id": "d1b3adc10", "title": "", "text": "5. Net Income (Loss) per Share\nThe Company calculates basic earnings per share by dividing the net income (loss) by the weighted average number of shares of common stock outstanding for the period. The diluted earnings per share is computed by giving effect to all potential dilutive common stock equivalents outstanding for the period using the treasury stock method. For purposes of this calculation, options to purchase common stock, stock awards, and the Convertible Senior Notes are considered to be common stock equivalents.\nSince the Company has the intent and ability to settle the principal amount of the Convertible Senior Notes in cash and any excess in shares of the Company\u2019s common stock, the Company uses the treasury stock method for calculating any potential dilutive effect of the conversion spread on diluted net income per share, if applicable.\nThe conversion spread will have a dilutive impact on net income (loss) per share of common stock when the average market price of the Company\u2019s common stock for a given period exceeds the conversion price of $113.75 per share for the Convertible Senior Notes. During the fiscal years ended July 31, 2019 and 2018, the Company\u2019s weighted average common stock price was below the conversion price of the Convertible Senior Notes.\nThe following table sets forth the computation of the Company\u2019s basic and diluted net income per share for the years endedJ uly 31, 2019, 2018 and 2017 (in thousands, except share and per share amounts):\n\n | 2019 | 2018 | 2017 \n---------------------------------------------------------------------- | ---------- | ---------- | ----------\nNumerator: | | | \nNet income (loss) | $20,732 | $(26,743) | $18,072 \nNet income (loss) per share: | | | \nBasic | $0.25 | $(0.34) | $0.24 \nDiluted | $0.25 | $(0.34) | $0.24 \nDenominator: | | | \nWeighted average shares used in computing net income (loss) per share: | | | \nBasic | 81,447,998 | 77,709,592 | 73,994,577\nWeighted average effect of diluted stock options | 229,035 | \u2014 | 544,520 \nWeighted average effect of diluted stock awards | 1,004,181 | \u2014 | 789,246 \nDiluted | 82,681,214 | 77,709,592 | 75,328,343"} {"_id": "d1b3bf01e", "title": "", "text": "Segment assets and a reconciliation of segment assets to total assets were as follows:\n(1) Segment assets are composed of accounts receivable, inventories, and net property, plant, and equipment.\n\n | | Segment Assets | \n------------------------ | -------- | --------------- | --------\n | | Fiscal Year End | \n | 2019 | 2018 | 2017 \n | | (in millions) | \nTransportation Solutions | $ 4,781 | $ 4,707 | $ 4,084 \nIndustrial Solutions | 2,100 | 2,049 | 1,909 \nCommunications Solutions | 849 | 959 | 951 \nTotal segment assets(1) | 7,730 | 7,715 | 6,944 \nOther current assets | 1,398 | 1,981 | 2,141 \nOther non-current assets | 10,566 | 10,690 | 10,318 \nTotal assets | $ 19,694 | $ 20,386 | $ 19,403"} {"_id": "d1b39dfc2", "title": "", "text": "Share Repurchase\nOn December 18, 2019, the Board of Directors authorized to remove the expiration date to the Company\u2019s common stock share repurchase program and increase the authorized amount by $25.1 million increasing the authorization to repurchase shares up to a total of $50.0 million. As of December 31, 2019, a total of $50.0 million remained available for future share repurchases. We repurchased 1.7 million shares for $95.1 million and 0.4 million shares for $30.0 million in fiscal 2018 and 2017, respectively. There were no shares repurchased in fiscal 2019. CASH FLOWS\nA summary of our cash provided by and used in operating, investing, and financing activities is as follows (in thousands):\n\n | Years Ended December 31, | \n-------------------------------------------------------------------------------- | ------------------------ | ---------\n | 2019 | 2018 \nNet cash provided by (used in) operating activities from continuing operations | $47,899 | $151,427 \nNet cash provided by (used in) operating activities from discontinued operations | 493 | (156) \nNet cash provided by (used in) operating activities | 48,392 | 151,271 \nNet cash provided by (used in) investing activities from continuing operations | (393,847) | (113,592)\nNet cash provided by (used in) financing activities from continuing operations | 338,840 | (97,134) \nEFFECT OF CURRENCY TRANSLATION ON CASH | (1,496) | (1,030) \nINCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | (8,111) | (60,485) \nCASH AND CASH EQUIVALENTS, beginning of period | 354,552 | 415,037 \nCASH AND CASH EQUIVALENTS, end of period | 346,441 | 354,552 \nLess cash and cash equivalents from discontinued operations | \u2014 | 5,251 \nCASH AND CASH EQUIVALENTS FROM CONTINUING OPERATIONS, end of period | $346,441 | $349,301 "} {"_id": "d1b30268a", "title": "", "text": "Principal Accountant Fees and Services\nWe regularly review the services and fees from our independent registered public accounting firm, KPMG. These services and fees are also reviewed with the Audit Committee annually. In accordance with standard policy, KPMG periodically rotates the individuals who are responsible for our audit. Our Audit Committee has determined that the providing of certain non-audit services, as described below, is compatible with maintaining the independence of KPMG.\nIn addition to performing the audit of our consolidated financial statements, KPMG provided various other services during fiscal years 2019 and 2018. Our Audit Committee has determined that KPMG\u2019s provisioning of these services, which are described below, does not impair KPMG\u2019s independence from NortonLifeLock. The aggregate fees billed for fiscal years 2019 and 2018 for each of the following categories of services are as follows:\nThe categories in the above table have the definitions assigned under Item 9 of Schedule 14A promulgated under the Exchange Act, and these categories include in particular the following components:\n(1) \u2018\u2018Audit fees\u2019\u2019 include fees for audit services principally related to the year-end examination and the quarterly reviews of our consolidated financial statements, consultation on matters that arise during a review or audit, review of SEC filings, audit services performed in connection with our acquisitions and divestitures and statutory audit fees.\n(2) \u2018\u2018Audit related fees\u2019\u2019 include fees which are for assurance and related services other than those included in Audit fees.\n(3) \u2018\u2018Tax fees\u2019\u2019 include fees for tax compliance and advice.\n(4) \u2018\u2018All other fees\u2019\u2019 include fees for all other non-audit services, principally for services in relation to certain information technology audits.\nAn accounting firm other than KPMG performs supplemental internal audit services for NortonLifeLock. Another accounting firm provides the majority of NortonLifeLock\u2019s outside tax services..\n\nFees Billed to NortonLifeLock | FY19 | FY18 \n----------------------------- | ----------- | -----------\nAudit fees(1) | $12,464,329 | $11,370,525\nAudit related fees(2) | 1,142,383 | 753,689 \nTax fees(3) | 161,685 | 469,449 \nAll other fees(4) | 0 | 311,000 \nTotal fees | $13,768,398 | $12,904,663"} {"_id": "d1b318cf0", "title": "", "text": "Capital structure\nThe Group seeks to enhance shareholder value both by investing in the business so as to improve the return on investment and by managing the capital structure. The capital of the Group consists of equity, debt and a compound financial instrument. The Group aims to access both debt and equity capital markets with maximum efficiency and flexibility.\nThe key metrics used to monitor the capital structure of the Group are net external debt, debt to assets ratio and interest cover. The Group\u2019s stated medium to long-term preference is for the debt to assets ratio to be within the 40\u201350 per cent range and interest cover to be greater than 1.60x. The debt to assets ratio has increased to 67.8 per cent in the year due to the deficit on property revaluation. As part of the revised strategy, the Group is looking to reduce net external debt as well as reduce the debt to assets ratio to below 50 per cent. Additional information on the Group\u2019s revised strategy is provided in the chief executive\u2019s review on pages 6 to 8. The interest cover ratio continues to be above the preferred level.\nAs the Group\u2019s debt is sometimes secured on its interests in joint ventures, these metrics are monitored for the Group including share of joint ventures. Additional information including reconciliations from the relevant IFRS amounts to those including the Group\u2019s share of joint ventures as presented below is provided in presentation of information on pages 157 to 161.\n\u2013 net external debt\n\n\u00a3m \u2013 including Group\u2019s share of joint ventures | Group 2019 | Group 2018\n---------------------------------------------- | ---------- | ----------\nTotal borrowings | 4,916.8 | 5,331.0 \nCash and cash equivalents | (223.0) | (274.3) \nNet debt | 4,693.8 | 5,056.7 \nLess Metrocentre compound financial instrument | (195.4) | (189.5) \nNet external debt | 4,498.4 | 4,867.2 \nAnalysed as: | | \nDebt including Group\u2019s share of joint ventures | 4,721.4 | 5,141.5 \nCash including Group\u2019s share of joint ventures | (223.0) | (274.3) \nNet external debt | 4,498.4 | 4,867.2 "} {"_id": "d1b373f4c", "title": "", "text": "Stock-based\u00a0compensation\u00a0expense\u00a0categorized\u00a0by\u00a0various\u00a0equity\u00a0components\u00a0for\u00a0the\u00a0years\u00a0ended\u00a0December\u00a031,\u00a02019,\u00a02018\u00a0and\u00a02017\u00a0is\u00a0summarized\u00a0in\u00a0the\u00a0table below\u00a0(in\u00a0thousands):\nDuring\u00a0the\u00a0years\u00a0ended\u00a0December\u00a031,\u00a02019,\u00a02018\u00a0and\u00a02017,\u00a0the\u00a0Company\u00a0granted\u00a0stock\u00a0options\u00a0covering\u00a0zero,\u00a0zero\u00a0and\u00a070,000\u00a0shares,\u00a0respectively.\u00a0The\u00a02017 estimated\u00a0per\u00a0share\u00a0fair\u00a0value\u00a0of\u00a0the\u00a0grant\u00a0was\u00a0$4.62\u00a0before\u00a0estimated\u00a0forfeitures.\nThe total fair value of restricted stock awards and units vested during the years ended December 31, 2019, 2018 and 2017 was $30.1 million, $30.4 million and $22.7 million, respectively.\nThe total intrinsic value of options exercised during the years ended December 31, 2019, 2018 and 2017 was $0.2 million, $1.0 million and $5.5 million, respectively. The intrinsic value is calculated as the difference between the market value on the date of exercise and the exercise price of the shares.\nAs\u00a0of\u00a0December\u00a031,\u00a02019,\u00a0the\u00a0unrecognized\u00a0stock-based\u00a0compensation\u00a0balance\u00a0after\u00a0estimated\u00a0forfeitures\u00a0consisted\u00a0of\u00a0$0.1\u00a0million\u00a0related\u00a0to\u00a0unvested\u00a0stock options,\u00a0to\u00a0be\u00a0recognized\u00a0over\u00a0an\u00a0estimated\u00a0weighted\u00a0average\u00a0amortization\u00a0period\u00a0of\u00a01.5\u00a0years,\u00a0and\u00a0$40.3\u00a0million\u00a0related\u00a0to\u00a0restricted\u00a0stock\u00a0awards\u00a0and\u00a0units, including\u00a0performance-based\u00a0awards\u00a0and\u00a0units,\u00a0to\u00a0be\u00a0recognized\u00a0over\u00a0an\u00a0estimated\u00a0weighted\u00a0average\u00a0amortization\u00a0period\u00a0of\u00a02.3\u00a0years.\nAs of December 31, 2018, the unrecognized stock-based compensation balance after estimated forfeitures related to unvested stock options was $0.3 million to be recognized over an estimated weighted average amortization period of 2.0 years and $40.6 million related to restricted stock awards and units, including performance-based awards and units, to be recognized over an estimated weighted average amortization period of 2.2 years.\n\n | | Years Ended December 31, | \n-------------------------------------- | ------- | ------------------------ | -------\n | 2019 | 2018 | 2017 \nEmployee stock options | $219 | $438 | $1,980 \nRestricted stock awards and units | 29,031 | 27,974 | 28,909 \nEmployee stock purchase plan | 2,304 | 2,599 | 2,573 \nTotal stock-based compensation expense | $31,554 | $31,011 | $33,462"} {"_id": "d1a739b32", "title": "", "text": "(b) Credit Quality of Financing Receivables\nGross receivables, excluding residual value, less unearned income categorized by our internal credit risk rating as of July 27, 2019 and July 28, 2018 are summarized as follows (in millions):\nWe determine the adequacy of our allowance for credit loss by assessing the risks and losses inherent in our financing receivables by portfolio segment. The portfolio segment is based on the types of financing offered by us to our customers, which consist of the following: lease receivables, loan receivables, and financed service contracts.\nOur internal credit risk ratings of 1 through 4 correspond to investment-grade ratings, while credit risk ratings of 5 and 6 correspond to non-investment grade ratings. Credit risk ratings of 7 and higher correspond to substandard ratings.\n\n | | | INTERNAL CREDIT RISK RATING | \n-------------------------- | ------ | ------ | --------------------------- | -------\nJuly 27, 2019 | 1 to 4 | 5 to 6 | 7 and Higher | Total \nLease receivables | $1,204 | $991 | $35 | $2,230 \nLoan receivables | 3,367 | 1,920 | 151 | 5,438 \nFinanced service contracts | 1,413 | 939 | 17 | 2,369 \nTotal | $5,984 | $3,850 | $203 | $10,037"} {"_id": "d1b3b55fa", "title": "", "text": "Net Loss Per Ordinary Share\nThe Company calculates basic and diluted net loss per ordinary share by dividing net loss by the weighted-average number of ordinary shares outstanding during the period. The Company has excluded other potentially dilutive shares, which include outstanding options to purchase ordinary shares and unvested restricted share units (RSUs), from the weighted-average number of ordinary shares outstanding as their inclusion in the computation for all periods would be anti-dilutive due to net losses incurred.\nThe following potentially dilutive ordinary share equivalents have been excluded from the calculation of diluted weighted-average shares outstanding for the years ended March 31, 2019, 2018 and 2017 as their effect would have been anti-dilutive for the periods presented (in thousands):\n\n | | Year Ended March 31, | \n------------------------- | ----- | -------------------- | -----\n | 2019 | 2018 | 2017 \nShare options outstanding | 6,209 | 6,230 | 8,681\nUnvested RSUs | 550 | 33 | 28 "} {"_id": "d1b3a6fa0", "title": "", "text": "Note 6: Other Expense, Net\nThe significant components of other expense, net, were as follows:\nInterest income in the year ended June 30, 2019, increased compared to the years ended June 24, 2018, and June 25, 2017, primarily as a result of higher yield. Interest expense in the year ended June 30, 2019, increased compared to the year ended June 24, 2018, primarily due to issuance of the $2.5 billion of senior notes. Interest expense in the year ended June 24, 2018, decreased compared to the year ended June 25, 2017, primarily due to the conversions of 2018 and 2041 Convertible Notes as well as the retirement of the 2018 Convertible Notes in May 2018.\nThe gain on deferred compensation plan related assets in fiscal years 2019, 2018 and 2017 was driven by an improvement in the fair market value of the underlying funds.\nThe loss on impairment of investments in the year ended June 24, 2018 was the result of a decision to sell selected investments held in foreign jurisdictions in connection with the Company\u2019s cash repatriation strategy following the December 2017 U.S. tax reform.\nNet loss on extinguishment of debt realized in the year ended June 25, 2017, was primarily a result of the special mandatory redemption of the Senior Notes due 2023 and 2026, as well as the termination of the Term Loan Agreement.\n\n | June 30, 2019 | June 24, 2018 | June 25, 2017\n------------------------------------------------------- | ------------- | -------------- | -------------\n | | (in thousands) | \nInterest income | $98,771 | $85,813 | $57,858 \nInterest expense | (117,263) | (97,387) | (117,734) \nGains on deferred compensation plan related assets, net | 10,464 | 14,692 | 17,880 \nLoss on impairment of investments | \u2014 | (42,456) | \u2014 \nGains (losses) on extinguishment of debt, net | 118 | 542 | (36,252) \nForeign exchange gains (losses), net | 826 | (3,382) | (569) \nOther, net | (11,077) | (19,332) | (11,642) \n | $(18,161) | $(61,510) | $(90,459) "} {"_id": "d1b3125e4", "title": "", "text": "The Company recognizes in the Consolidated Financial Statements only those tax positions determined to be \u201cmore likely than not\u201d of being sustained upon examination based on the technical merits of the positions. A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows:\nThe total amount of unrecognized tax benefits that, if recognized, would impact the effective tax rate is $68.2. Interest and penalties related to unrecognized tax benefits were $1.8 in 2019 and are classified as a component of income tax expense. Accrued interest and penalties were $8.7 at December 31, 2019 and $6.9 at December 31, 2018. During the next twelve months, it is reasonably possible that the unrecognized tax benefits may decrease by a net $6.3, mainly due to anticipated statute of limitations lapses in various jurisdictions.\nThe Company and its subsidiaries are subject to examinations for U.S. federal income tax as well as income tax in various state, city and foreign jurisdictions. The Company\u2019s federal income tax returns for 2016 through the current period remain open to examination and the relevant state, city and foreign statutes vary. The Company does not expect the assessment of any significant additional tax in excess of amounts reserved.\nThe Tax Act was signed into U.S. law on December 22, 2017. The Tax Act contains provisions which impact the Company\u2019s income taxes including a reduction in the U.S. federal corporate income tax rate from 35% to 21%, a one-time deemed mandatory repatria- tion tax imposed on all undistributed foreign earnings, and the introduction of a modified territorial taxation system.\nThe SEC released Staff Accounting Bulletin No. 118 (\u201cSAB 118\u201d) on December 22, 2017 to provide guidance where the accounting under ASC 740, Income Taxes, is incomplete for certain income tax effects of the Tax Act upon issuance of financial statements for the reporting period in which the Tax Act was enacted. SAB 118 provides that if a company could determine a reasonable estimate, that estimate should be reported as a provisional amount and adjusted during a measurement period. If a company is unable to determine a reasonable estimate, no related provisional amounts would be recorded until a reasonable estimate can be determined, within the measurement period. The measurement period extends until all necessary information has been obtained, prepared, and analyzed, but no longer than 12-months from the date of enactment of the Tax Act.\nThe Company intends to distribute all historical unremitted foreign earnings up to the amount of excess foreign cash, as well as all future foreign earnings that can be repatriated without incremental U.S. federal tax cost. Any remaining outside basis differences relating to the Company\u2019s investments in foreign subsidiaries are no longer expected to be material and will be indefinitely reinvested.\n\n | 2019 | 2018 | 2017 \n---------------------------------------------------------------------- | ------ | ------ | ------\nBeginning balance | $ 63.6 | $ 52.2 | $ 38.7\nAdditions for tax positions of prior periods | 2.9 | 2.4 | 24.8 \nAdditions for tax positions of the current period | 4.2 | 6.9 | 4.2 \nAdditions due to acquisitions | 1.9 | 4.4 | \u2014 \nReductions for tax positions of prior periods | (0.3) | (0.4) | (11.2)\nReductions attributable to settlements with taxing authorities | \u2014 | \u2014 | (1.5) \nReductions attributable to lapses of applicable statute of limitations | (2.5) | (1.9) | (2.8) \nEnding balance | $ 69.8 | $ 63.6 | $ 52.2"} {"_id": "d1b381688", "title": "", "text": "Note 19 Goodwill\nThe following table provides details about the changes in the carrying amounts of goodwill for the years ended December\u00a031,\u00a02019 and 2018. BCE\u2019s groups of CGUs correspond to our reporting segments.\n\n | BELL WIRELESS | BELL WIRELINE | BELL MEDIA | BCE \n---------------------------- | ------------- | -------------- | ----------- | ------\nBalance at January 1, 2018 | 3,032 | 4,497 | 2,899 | 10,428\nAcquisitions and other | 16 | 182 | 32 | 230 \nBalance at December 31, 2018 | 3,048 | 4,679 | 2,931 | 10,658\nAcquisitions and other | \u2013 | (6) | 15 | 9 \nBalance at December 31, 2019 | 3,048 | 4,673 | 2,946 | 10,667"} {"_id": "d1b399788", "title": "", "text": "Restricted Stock Units\nA summary of the Company\u2019s restricted stock unit activity is as follows:\nPerformance-Based Restricted Stock Units\nPerformance-based restricted stock units are eligible to vest at the end of each fiscal year in a three-year performance period based on the Company\u2019s annual growth rate in net sales and non-GAAP diluted earnings per share (subject to certain adjustments) over a multiple of four times the related results for the fourth quarter of 2018 relative to the growth rates for a peer group of companies for the same metrics and periods.\nFor the performance-based restricted stock units granted in 2019, 60% of each performance-based award is subject to the net sales metric for the performance period and 40% is subject to the non-GAAP diluted earnings per share metric for the performance period. The maximum percentage for a particular metric is2 50% of the target number of units subject to the award related to that metric, however, vesting of the performance stock units is capped at 30% and 100%, respectively, of the target number of units subject to the award in years one and two, respectively, of the three-year performance period.\nAs of December 31, 2019, the Company believes that it is probable that the Company will achieve performance metrics specified in the award agreement based on its expected revenue and non-GAAP diluted EPS results over the performance period and calculated growth rates relative to its peers\u2019 expected results based on data available, as defined in the award agreement.\n\n | Number of Shares | Weighted-Average Grant-Date\n-------------------------------- | ---------------- | ---------------------------\n | (in thousands) | Fair Value per Share \nOutstanding at December 31, 2018 | 3,263 | $20.23 \nGranted | 1,580 | 23.23 \nVested | (1,541) | 20.16 \nCanceled | (378) | 21.52 \nOutstanding at December 31, 2019 | 2,924 | 21.72 "} {"_id": "d1b3babf4", "title": "", "text": "11. INCOME TAX\nThe following table summarizes our U.S. and foreign components of income (loss) from continuing operations before income taxes (in millions):\n\n | | Year Ended December 31 | \n------------- | ----- | ---------------------- | -----\n | 2019 | 2018 | 2017 \nUnited States | $65.8 | $62.8 | $45.6\nForeign | 0.3 | 0.1 | (0.1)\nTotal | $66.1 | $62.9 | $45.5"} {"_id": "d1b362d1e", "title": "", "text": "Review of operations\nThe Group\u2019s operating performance for the fiscal year compared to last year is as follows:\n1. The Directors believe the information additional to IFRS measures included in the report is relevant and useful in measuring the financial performance of the Group. These include: EBITDA, NPATA and EPSa. These measures have been defined in the Chairperson and Chief Executive Officer\u2019s Joint Report on page 2.\nIn 2019 the business continued to deliver strong results after the record 2018 year. Revenues and EBITDA were in line with guidance. Further details on the Group\u2019s results are outlined in the Chairperson and Chief Executive Officer\u2019s Joint Report on page 2.\nOn 1 June 2019, Hansen acquired the Sigma Systems business (Sigma) and one month of these results are included in the FY19 result. Also included in the results are the transaction and other restructuring costs related to the acquisition, which we have identified as separately disclosed items in our results.\nThis acquisition has also resulted in the re-balancing of the Group\u2019s market portfolio which, post the acquisition of Enoro in FY18, was initially weighted towards the Utilities sector. With Sigma\u2019s revenues concentrated in the Communications sector, the Group\u2019s revenue portfolio is now re-balanced to ensure greater diversification across multiple industries, regions and clients.\nThe Group has generated operating cash flows of $39.7 million, which has been used to retire external debt and fund dividends of $12.6 million during the financial year. With the introduction of a higher level of debt in June 2019 to fund the Sigma acquisition, the Group has, for the first time, used the strength of the Group\u2019s balance sheet to fund 100% of an acquisition. With the Group\u2019s strong cash generation, Hansen is well placed to service and retire the debt over the coming years.\n\n | 2019 | 2018 | \n-------------------------------------- | ---------- | ---------- | ----------\n | A$ Million | A$ Million | Variance %\nOperating revenue | 231.3 | 230.8 | 0.2% \nEBITDA1 | 53.0 | 59.3 | (10.6%) \nNPAT | 21.5 | 28.9 | (25.6%) \nNPATA1 | 31.2 | 38.0 | (17.9%) \nBasic earnings per share (EPS) (cents) | 10.9 | 14.8 | (26.4%) \nBasic EPSa1 (cents) | 15.8 | 19.4 | (18.6%) "} {"_id": "d1b307c48", "title": "", "text": "Note 10. Prepaid Expenses\nPrepaid expenses consisted of the following (in thousands):\n\n | December 31, | \n------------------- | ------------ | -------\n | 2019 | 2018 \nPrepaid maintenance | $6,218 | $5,888 \nPrepaid insurance | 5,321 | 4,500 \nPrepaid software | 4,236 | 3,499 \nPrepaid rent | 421 | 3,471 \nPrepaid other | 4,672 | 6,396 \n | $20,868 | $23,754"} {"_id": "d1b3c4514", "title": "", "text": "Fiscal 2017 Restructuring Plan\nDuring Fiscal 2017 and in the context of acquisitions made in Fiscal 2017, we began to implement restructuring activities to streamline our operations (collectively referred to as the Fiscal 2017 Restructuring Plan). The Fiscal 2017 Restructuring Plan charges relate to workforce reductions and facility consolidations. These charges require management to make certain judgments and estimates regarding the amount and timing of restructuring charges or recoveries. Our estimated liability could change subsequent to its recognition, requiring adjustments to the expense and the liability recorded. On a quarterly basis, we conduct an evaluation of the related liabilities and expenses and revise our assumptions and estimates as appropriate.\nSince the inception of the plan, $41.9 million has been recorded within \"Special charges (recoveries)\". We do not expect to incur any further significant charges relating to this plan.\nA reconciliation of the beginning and ending liability for the year ended June 30, 2019 and 2018 is shown below.\n\nFiscal 2017 Restructuring Plan | Workforce reduction | Facility costs | Total \n----------------------------------------------- | ------------------- | -------------- | --------\nBalance payable as at June 30, 2017 | $10,045 | $1,369 | $11,414 \nAccruals and adjustments | 3,432 | 3,775 | 7,207 \nCash payments | (12,342) | (1,627) | (13,969)\nForeign exchange and other non-cash adjustments | 455 | (86) | 369 \nBalance payable as at June 30, 2018 | $1,590 | $3,431 | $5,021 \nAccruals and adjustments | (254) | 1,152 | 898 \nCash payments | (213) | (1,290) | (1,503) \nForeign exchange and other non-cash adjustments | (77) | (344) | (421) \nBalance payable as at June 30, 2019 | $1,046 | $2,949 | $3,995 "} {"_id": "d1b2ef5c6", "title": "", "text": "22 Trade and Other Payables\nTrade payables are non interest-bearing and are normally settled on 30-day terms or as otherwise agreed with suppliers.\n\n | 31 March 2019 | 31 March 2018\n------------------------------------------ | ------------- | -------------\n | $M | $M \nCurrent | | \nTrade payables | 35.8 | 39.6 \nAccruals | 46.6 | 68.4 \nSocial security and other taxes | 12.7 | 14.9 \nOther payables | 7.1 | 11.2 \nTotal current trade and other payables | 102.2 | 134.1 \nNon-Current | | \nOther payables | 10.1 | 8.2 \nTotal non-current trade and other payables | 10.1 | 8.2 "} {"_id": "d1b396fce", "title": "", "text": "Orders and revenue showed strong and similar development in fiscal 2019: clear growth; increases in all businesses led by the imaging business, and growth in all three reporting regions, notably including in China and in the U. S. which benefited from positive currency translation effects.\nAdjusted EBITA was clearly up compared to fiscal 2018, with increases in the imaging and advance therapies businesses. The diagnostics business recorded lower Adjusted EBITA year-over-year due mainly to Combined Management Report 13 increases in costs related to its Atellica Solution platform. Severance charges were \u20ac 57 million in fiscal 2019 and \u20ac 96 million in fiscal 2018. The order backlog for Siemens Healthineers was \u20ac 18 billion at the end of the fiscal year, of which \u20ac 6 billion are\nexpected to be converted into revenue in fiscal 2020.\nWhile demand in the markets served by Siemens Healthineers continued to grow in fiscal 2019, these markets also showed price pressure on new purchases and increased utilization rates for installed systems. All major served markets were in a healthy state, which contributed to a slightly higher market growth in Europe, C. I. S., Africa, Middle East and the Americas, most notably in the imaging and advanced therapies markets. The markets in Asia, Australia grew moderately. Markets in the U. S. showed slight growth in the imaging and clear growth in the advanced therapies\nbusiness, with continued moderate market growth in diagnostics.\nStill, the U. S. market environment remained challenging\nas pressure on reimbursement systems and the focus on more\nextended utilization of equipment at customers\u2019 sites persist.\nGovernment initiatives and programs, together with a growing private market segment contributed to the re-stabilization and growth of markets in China. For the healthcare industry as a whole, the trend towards consolidation continued in fiscal 2019,\nleading to higher utilization rates at customers\u2019 sites, which are counterbalancing procedure volume growth in developed markets. Competition among the leading healthcare companies remained at a high level. For fiscal 2020, Siemens Healthineers expects the imaging and advanced therapies equipment markets to stay on a moderate growth path, while the diagnostics market is expected to grow clearly. Siemens Healthineers\u2019 markets will continue to benefit from the long-term trends mentioned above, but are restricted by public spending constraints and by consolidation among healthcare providers.\nOn a geographic basis,\nSiemens Healthineers expects markets in the region Asia, Australia to be the major growth driver. For China, Siemens Healthineers expects continuing strong growth due to rising government spending on healthcare, promotion of the private segment and wider access to healthcare services nationwide, pronounced effects of an aging population, and a growing incidence of chronic diseases. Growth in the U. S. is expected to be held back by continued pressure to increase utilization of existing equipment, reduced reimbursement rates and uncertainty about policies. For Europe, Siemens Healthineers expects slight growth, with a likely increased emphasis on equipment replacement and business with large customers such as hospital chains.\n\n | | Fiscal year | | % Change\n--------------------- | ------ | ----------- | ------ | --------\n(in millions of \u20ac) | 2019 | 2018 | Actual | Comp. \nOrders | 15,853 | 14,506 | 9 % | 7 % \nRevenue | 14,517 | 13,425 | 8 % | 6 % \nAdjusted EBITA | 2,461 | 2,221 | 11 % | \nAdjusted EBITA margin | 17.0 % | 16.5 % | | "} {"_id": "d1a73dc6e", "title": "", "text": "Consolidated income statement\nFor the year ended 31 March 2019\n1 The Group has adopted IFRS 9 \u2018Financial Instruments\u2019, IFRS 15 \u2018Revenue from Contracts with Customers\u2019, and IFRS 16 \u2018Leases\u2019 from 1 April 2018. The year ended 31 March 2018 has been restated for IFRS 16 which was implemented using the fully retrospective method. For further information on the impact of the change in accounting policies, see note 2 of these consolidated financial statements.\n\n | Note | 2019 | (Restated)1 2018\n---------------------------------------------------------------- | ---- | ------- | ----------------\n | | \u00a3m | \u00a3m \nRevenue | 5 | 355.1 | 330.1 \nAdministrative expenses | | (112.3) | (108.8) \nShare of profit from joint ventures | 16 | 0.9 | \u2013 \nOperating profit | 6 | 243.7 | 221.3 \nFinance costs | 9 | (10.2) | (10.6) \nProfit on the sale of subsidiary | 10 | 8.7 | \u2013 \nProfit before taxation | | 242.2 | 210.7 \nTaxation | 11 | (44.5) | (39.6) \nProfit for the year attributable to equity holders of the parent | | 197.7 | 171.1 \nBasic earnings per share | 12 | | \nFrom profit for the year (pence per share) | | 21.00 | 17.74 \nDiluted earnings per share | 12 | | \nFrom profit for the year (pence per share) | | 20.94 | 17.68 "} {"_id": "d1b2f6402", "title": "", "text": "Liquidity risk\nLiquidity risk is managed to enable the Group to meet future payment obligations when financial liabilities fall due. Liquidity analysis is conducted to determine that sufficient headroom is available to meet the Group\u2019s operational requirements and committed investments. The Group treasury policy aims to meet this objective by maintaining adequate cash, marketable securities and committed facilities. Undrawn borrowing facilities are detailed in note 23. The Group\u2019s policy is to seek to optimise its exposure to liquidity risk by balancing its exposure to interest rate risk and to refinancing risk. In effect the Group seeks to borrow for as long as possible at the lowest acceptable cost.\nGroup policy is to maintain a weighted average debt maturity of over five years. At 31 December 2019, the maturity profile of Group debt showed an average maturity of five years (2018: six years). The Group regularly reviews the maturity profile of its borrowings and seeks to avoid concentration of maturities through the regular replacement of facilities and by arranging a selection of maturity dates. Refinancing risk may be reduced by doing so prior to the contracted maturity date. The change in valuation of an asset used as security for a debt facility may impact the Group\u2019s ability to refinance that debt facility at the same quantum as currently outstanding.\nThe Group does not use supplier financing arrangements to manage liquidity risk.\nThe tables below set out the maturity analysis of the Group\u2019s financial liabilities based on the undiscounted contractual obligations to make payments of interest and to repay principal. Where interest payment obligations are based on a floating rate, the rates used are those implied by the par yield curve for the relevant currency. Where payment obligations are in foreign currencies, the spot exchange rate at the balance sheet date is used.\n\n | | | | | 2019 \n------------------------------- | ------------- | --------- | --------- | ------------ | ---------\n\u00a3m | Within 1 year | 1\u20132 years | 2\u20135 years | Over 5 years | Total \nBorrowings (including interest) | (249.5) | (1,091.3) | (2,600.9) | (1,716.1) | (5,657.8)\nFinance lease obligations | (5.3) | (5.3) | (14.3) | (104.8) | (129.7) \nOther financial liabilities | (15.4) | \u2013 | \u2013 | (1.2) | (16.6) \nNet derivative payments | (34.3) | (28.8) | (78.4) | (222.9) | (364.4) \n | (304.5) | (1,125.4) | (2,693.6) | (2,045.0) | (6,168.5)\n | | | | | \n | | | | | 2018 \n\u00a3m | Within 1 year | 1\u20132 years | 2\u20135 years | Over 5 years | Total \nBorrowings (including interest) | (237.8) | (245.2) | (3,259.1) | (2,408.0) | (6,150.1)\nFinance lease obligations | (4.4) | (4.4) | (13.4) | (104.8) | (127.0) \nOther financial liabilities | (6.1) | (1.2) | \u2013 | \u2013 | (7.3) \nNet derivative payments | (37.2) | (33.5) | (74.0) | (248.2) | (392.9) \n | (285.5) | (284.3) | (3,346.5) | (2,761.0) | (6,677.3)\n | | | | | "} {"_id": "d1b3bdcf0", "title": "", "text": "21. Segment and Geographical Information\nThe Company has determined that it operates in a single operating and reportable segment.\nThe following table presents total external revenues by geographic location, based on the location of the Company\u2019s merchants:\nExpressed in US $000's except share and per share amounts\n\n | Years ended | | | \n-------------- | ----------------- | ------ | ----------------- | ------\n | December 31, 2019 | | December 31, 2018 | \n | $ | % | $ | % \nCanada | 96,168 | 6.1% | 70,774 | 6.6% \nUnited States | 1,079,520 | 68.4% | 755,454 | 70.4% \nUnited Kingdom | 103,498 | 6.6% | 69,596 | 6.5% \nAustralia | 68,571 | 4.3% | 47,937 | 4.5% \nRest of World | 230,416 | 14.6% | 129,468 | 12.0% \n | 1,578,173 | 100.0% | 1,073,229 | 100.0%"} {"_id": "d1b3922ee", "title": "", "text": "RSUs/PSUs\nRSUs/PSUs are granted to executives and other eligible employees. The value of an RSU/PSU at the grant date is equal to the value of one BCE common share. Dividends in the form of additional RSUs/PSUs are credited to the participant\u2019s account on each dividend payment date and are equivalent in value to the dividend paid on BCE common shares. Executives and other eligible employees are granted a specific number of RSUs/PSUs for a given performance period based on their position and level of contribution. RSUs/PSUs vest fully after three years of continuous employment from the date of grant and, in certain cases, if performance objectives are met, as determined by the board of directors.\nThe following table summarizes outstanding RSUs/PSUs at December\u00a031,\u00a02019 and 2018.\n(1) The weighted average fair value of the RSUs/PSUs granted was $58\u00a0in\u00a02019 and $57\u00a0in 2018\n(2) The RSUs/PSUs vested on December\u00a031,\u00a02019 were fully settled in February\u00a02020 with BCE common shares and/or DSUs.\n\nNUMBER OF RSUs/PSUs | 2019 | 2018 \n------------------------ | --------- | -----------\nOutstanding, January 1 | 2,812,697 | 2,740,392 \nGranted\u2009(1) | 975,348 | 1,006,586 \nDividends credited | 149,648 | 149,258 \nSettled | (932,133) | (1,027,321)\nForfeited | (90,442) | (56,218) \nOutstanding, December 31 | 2,915,118 | 2,812,697 \nVested, December 31\u2009(2) | 904,266 | 880,903 "} {"_id": "d1b3408c2", "title": "", "text": "Pro forma consolidated results of operations\nThe following unaudited pro forma financial information presents combined results of operations for each of the periods presented as if the acquisitions of MOI and GP had been completed on January 1, 2018. The pro forma information includes adjustments to depreciation expense for property and equipment acquired and amortization expense for the intangible assets acquired and the elimination of transaction expenses recognized in each period. Transaction-related expenses associated with the acquisition and excluded from pro forma income from continuing operations were $1.0 million for the year ended December 31, 2019. There were no transaction-related expenses associated with the acquisition for the year ended December 31, 2018. The pro forma data are for informational purposes only and are not necessarily indicative of the consolidated results of operations or the combined business had the acquisitions of MOI and GP occurred on January 1, 2018, or the results of future operations of the combined business. For instance, planned or expected operational synergies following the acquisition are not reflected in the pro forma information. Consequently, actual results will differ from the unaudited pro forma information presented below.\n\n | Years Ended December 31, | \n--------------------------------- | ------------------------ | -----------\n | 2019 | 2018 \n | (unaudited) | (unaudited)\nRevenue | $72,576,902 | $60,249,896\nIncome from continuing operations | $6,912,802 | $1,559,008 "} {"_id": "d1b3b10cc", "title": "", "text": "Note 15. Deferred Charges and Other Assets\nDeferred charges and other assets consisted of the following (in thousands):\n\n | December 31, | \n--------------------------------------------------- | ------------ | -------\n | 2019 | 2018 \nTrade accounts receivable, net, noncurrent (Note 2) | $26,496 | $15,948\nEquity method investments (Note 1) | 9,254 | 9,702 \nNet deferred tax assets, noncurrent (Note 20) | 6,774 | 5,797 \nRent and other deposits | 6,106 | 5,687 \nValue added tax receivables, net, noncurrent | 592 | 519 \nOther | 6,723 | 5,711 \n | $55,945 | $43,364"} {"_id": "d1b327b92", "title": "", "text": "2019 Compared to 2018\nNet Sales. Net sales increased 9%, or $651 million, in 2019 compared to 2018. Net sales of products (hardware and software) increased 8% and net sales of services increased 20% in 2019 compared to 2018. Our net sales by operating segment for 2019 and 2018 were as follows (dollars in thousands):\n\n | 2019 | 2018 | %Change\n------------ | ---------- | ---------- | -------\nNorthAmerica | $6,024,305 | $5,362,981 | 12% \nEMEA | 1,526,644 | 1,530,241 | \u2014 \nAPAC | 180,241 | 186,914 | (4%) \nConsolidated | $7,731,190 | $7,080,136 | 9% "} {"_id": "d1b33dc58", "title": "", "text": "The amortized cost and fair value of cash equivalents, investments, and restricted investments with contractual maturities as of June 30, 2019, are as follows:\nThe Company has the ability, if necessary, to liquidate its investments in order to meet the Company\u2019s liquidity needs in the next 12 months. Accordingly, those investments with contractual maturities greater than 12 months from the date of purchase nonetheless are classified as short-term on the accompanying Consolidated Balance Sheets.\n\n | Cost | Fair Value \n------------------------------------- | ---------- | --------------\n | | (in thousands)\nDue in one year or less | $4,842,996 | $4,844,145 \nDue after one year through five years | 331,707 | 333,019 \nDue in more than five years | 41,612 | 41,756 \n | $5,216,315 | $5,218,920 "} {"_id": "d1b38b426", "title": "", "text": "Depreciation and Amortization\nDepreciation and amortization includes the following (in millions):\nComputer software amortization for the year ended December 31, 2018 includes accelerated amortization of $1.7 million related to certain internally developed software. Deferred contract costs amortization for the years ended December 31, 2019, 2018 and 2017 includes accelerated amortization of $6.2 million, $3.4 million and $3.3 million, respectively.\n\n | | Year ended December 31, | \n----------------------- | ------ | ----------------------- | ------\n | 2019 | 2018 | 2017 \nComputer software | $97.3 | $94.5 | $84.0 \nOther intangible assets | 59.3 | 57.2 | 67.8 \nDeferred contract costs | 42.9 | 32.9 | 25.7 \nProperty and equipment | 36.7 | 32.4 | 29.0 \nTotal | $236.2 | $217.0 | $206.5"} {"_id": "d1b3b0e1a", "title": "", "text": "NOTE 13 - TAXES ON INCOME\nB. Deferred income taxes:\nDeferred income taxes reflect the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. Significant components of the Company's deferred tax assets are as follows:\nAs of December 31, 2019, the Company has provided a full valuation allowances of $19,911 in respect of deferred tax assets resulting from tax loss carryforward and other temporary differences. Management currently believes that because the Company has a history of losses, it is more likely than not that the deferred tax regarding the loss carryforward and other temporary differences will not be realized in the foreseeable future.\n\n | December 31 | \n------------------------------------------------- | ------------------- | --------\n | 2019 | 2 0 1 8 \n | U.S. $ in thousands | \nOperating loss carryforward | 73,260 | 57,768 \nNet deferred tax asset before valuation allowance | 19,911 | 15,916 \nValuation allowance | (19,911) | (15,916)\nNet deferred tax asset | 795 | 772 "} {"_id": "d1b32a6d0", "title": "", "text": "In 2019, Global Financing delivered external revenue of $1,400 million and total revenue of $2,632 million, with a decrease in gross margin of 2.7 points to 58.8 percent. Total pre-tax income of $1,055 million decreased 22.5 percent compared to 2018 and return on equity decreased 5.0 points to 25.8 percent.\nGlobal Financing total revenue decreased 17.8 percent compared to the prior year. This was due to a decrease in internal revenue of 23.5 percent, driven by decreases in internal used equipment sales (down 27.4 percent to $862 million) and internal financing (down 12.6 percent to $370 million). External revenue declined 11.9 percent due to decreases in external financing (down 8.5 percent to $1,120 million) and external used equipment sales (down 23.4 percent to $281 million).\nThe decrease in internal financing revenue was due to lower average asset balances, partially offset by higher asset yields. The decrease in external financing revenue reflects the wind down of the OEM IT commercial financing operations.\nSales of used equipment represented 43.4 percent and 48.5 percent of Global Financing\u2019s revenue for the years ended December 31, 2019 and 2018, respectively. The decrease in 2019 was due to a lower volume of internal used equipment sales. The gross profit margin on used sales was 52.2 percent and 54.2 percent for the years ended December 31, 2019 and 2018, respectively. The decrease in the gross profit margin was driven by lower margins on internal used equipment sales.\nGlobal Financing pre-tax income decreased 22.5 percent year to year primarily driven by a decrease in gross profit ($422 million), partially offset by a decrease in total expense ($115 million), which was mainly driven by a decline in IBM shared expenses in line with the segment\u2019s performance, a lower provision for credit losses and a gain from the sale of certain commercial financing capabilities in the first quarter of 2019.\nThe decrease in return on equity from 2018 to 2019 was primarily due to lower net income. Refer to page 45 for the details of the after-tax income and return on equity calculations.\n\n($ in millions) | | | \n------------------------------- | ------ | ------ | -------------------------\nFor the year ended December 31: | 2019 | 2018 | Yr.-to-Yr. Percent Change\nExternal revenue | $1,400 | $1,590 | (11.9) % \nInternal revenue | 1,232 | 1,610 | (23.5) \nTotal revenue | $2,632 | $3,200 | (17.8) % \nPre-tax income | $1,055 | $1,361 | (22.5) % "} {"_id": "d1b32ff9a", "title": "", "text": "H. Net Income Per Share\nBasic net income per share is computed by dividing net income by the weighted-average number of common stock outstanding during the period. Diluted net income per share is computed by dividing net income by the weighted-average number of common stock outstanding and potentially dilutive securities outstanding during the period, as calculated using the treasury stock method. Potentially dilutive securities primarily include unvested restricted stock units (\u201cRSUs\u201d), including PSU awards, and stock options, including purchase options under VMware\u2019s employee stock purchase plan, which included Pivotal\u2019s employee stock purchase plan through the date of acquisition. Securities are excluded from the computation of diluted net income per share if their effect would be anti-dilutive. VMware uses the two-class method to calculate net income per share as both classes share the same rights in dividends; therefore, basic and diluted earnings per share are the same for both classes.\nThe following table sets forth the weighted-average common share equivalents of Class A common stock that were excluded from the diluted net income per share calculations during the periods presented because their effect would have been anti-dilutive (shares in thousands):\n\n | For the Year Ended | | \n------------------------- | ------------------ | ---------------- | ----------------\n | January 31, 2020 | February 1, 2019 | February 2, 2018\nAnti-dilutive securities: | | | \nEmployee stock options | 34 | 50 | 51 \nRestricted stock units | 315 | 255 | 140 \nTotal | 349 | 305 | 191 "} {"_id": "d1b32424e", "title": "", "text": "Geographic Information\nThe following table is a summary of our long-lived assets which include property and equipment, net and right of use assets based on the physical location of the assets (in thousands):\n\n | December 31, | December 31,\n------------- | ------------ | ------------\n | 2019 | 2018 \nUnited States | $35,964 | $5,525 \nJapan | 2,689 | 1,108 \nOther | 2,017 | 629 \nTotal | $40,670 | $7,262 "} {"_id": "d1b391948", "title": "", "text": "The Credit Agreement and 2026 Notes contain certain customary affirmative covenants and negative covenants that limit or restrict, subject to certain exceptions, the incurrence of liens, indebtedness of subsidiaries, mergers, advances, investments, acquisitions, transactions with affiliates, change in nature of business, and the sale of the assets. In addition, the Credit Agreement and 2026 Notes contain certain customary mandatory prepayment provisions. The Company is also required to maintain a consolidated leverage ratio at or below a specified amount and an interest coverage ratio at or above a specified amount. As specified in the Credit Agreement and 2026 Notes agreement, if certain events occur and continue, the Company may be required to repay all amounts outstanding under the Credit Facility and 2026 Notes. As of December 31, 2019, and at all times during the period, the Company was in compliance with its financial debt covenants.\nTotal debt is comprised of the following (in thousands):\n\n | December 31, | \n-------------------------------------------- | ------------ | ---------\n | 2019 | 2018 \nTerm loans | $756,060 | $284,959 \nRevolving credit facility | 239,000 | \u2014 \n5.750% Senior Notes, due August 2026 | 400,000 | 400,000 \nDebt issuance costs | (21,905 ) | (13,203 )\nTotal debt | 1,373,155 | 671,756 \nLess current portion of term credit facility | 38,950 | 23,747 \nLess current portion of debt issuance costs | (4,802 ) | (2,980 ) \nTotal long-term debt | $1,339,007 | $650,989 "} {"_id": "d1b31523a", "title": "", "text": "Exposures The maximum credit risk exposure of the group\u2019s financial assets at the balance sheet date is as follows:\nThe carrying amount excludes \u00a3445m (2017/18: \u00a3317m, 2016/17: \u00a3360m) of non-current trade and other receivables which relate to non-financial assets, and \u00a31,456m (2017/18: \u00a31,496m, 2016/17: \u00a31,106m) of prepayments, deferred contract costs and other receivables.\n\n | Notes | 2019 | 2018 | 2017 \n----------------------------- | ----- | ----- | ----- | -----\nAt 31 March Notes | | \u00a3m | \u00a3m | \u00a3m \nDerivative financial assets | | 1,592 | 1,509 | 2,246\nInvestments | 23 | 3,268 | 3,075 | 1,564\nTrade and other receivables a | 17 | 1,766 | 2,518 | 2,729\nContract assets | 6 | 1,602 | \u2013 | \u2013 \nCash and cash equivalents | 24 | 1,666 | 528 | 528 \n | | 9,894 | 7,630 | 7,067"} {"_id": "d1b2edd52", "title": "", "text": "4. Debtors\nAmounts owed by Group undertakings are non-interest-bearing, unsecured and have no fixed date of repayment.\n\n | 2019 | 2018 \n---------------------------------- | ----- | -----\n | \u00a3m | \u00a3m \nAmounts owed by Group undertakings | 414.7 | 439.9\nDeferred tax asset | 1.2 | 0.8 \nTotal | 415.9 | 440.7"} {"_id": "d1b33a76a", "title": "", "text": "NOTE 13\u2014GUARANTEES AND CONTINGENCIES\nWe have entered into the following contractual obligations with minimum payments for the indicated fiscal periods as follows:\n(1) Includes interest up to maturity and principal payments. Please see note 10 \"Long-Term Debt\" for more details\n(2) Net of $30.7 million of sublease income to be received from properties which we have subleased to third parties.\n\n | | | Payments due between | | \n------------------------------- | ---------- | --------------------------- | --------------------------- | --------------------------- | -----------------------\n | Total | July 1, 2019\u2014 June 30, 2020 | July 1, 2020\u2014 June 30, 2022 | July 1, 2022\u2014 June 30, 2024 | July 1, 2024 and beyond\nLong-term debt obligations (1) | $3,408,565 | $147,059 | $292,156 | $1,045,567 | $1,923,783 \nOperating lease obligations (2) | 318,851 | 72,853 | 106,394 | 59,441 | 80,163 \nPurchase obligations | 11,280 | 8,364 | 2,747 | 169 | \u2014 \n | $3,738,696 | $228,276 | $401,297 | $1,105,177 | $2,003,946 "} {"_id": "d1b370770", "title": "", "text": "The following table shows the activity of our U.S. and international plan assets, which are measured at fair value using Level 3 inputs.\n(1) Balances as of December 31, 2018 have been revised from our 2018 Form 10-K filing to reflect changes in leveling classification of specific funds. These reclassifications did not impact the fair value of any of our pension plan assets.\n(2) Purchases of Level 3 assets in 2018 primarily represent the purchase of bulk annuity contracts (buy-ins) in some of our international plans.\n\n | December 31, | \n-------------------------------------------------- | ------------ | -------\n(In millions) | 2019 | 2018 \nBalance at beginning of period(1) | $ 150.1 | $ 71.5 \nGains (losses) on assets still held at end of year | 16.8 | (16.0) \nPurchases, sales, issuance, and settlements(2) | 8.3 | 103.7 \nTransfers in and/or out of Level 3 | \u2014 | 1.0 \nForeign exchange gain (loss) | 5.0 | (10.1) \nBalance at end of period(1) | $ 180.2 | $ 150.1"} {"_id": "d1b32f496", "title": "", "text": "REVENUE\n(1) For the three-month period ended August 31, 2019, the average foreign exchange rate used for translation was 1.3222 USD/CDN.\n(2) Fiscal 2018 was restated to comply with IFRS 15 and to reflect a change in accounting policy as well as to reclassify results from Cogeco Peer 1 as discontinued operations. For further details, please consult the \"Accounting policies\" and \"Discontinued operations\" sections.\n(3) Fiscal 2019 actuals are translated at the average foreign exchange rate of the comparable period of fiscal 2018 which was 1.3100 USD/CDN.\nFiscal 2019 fourth-quarter revenue increased by 3.1% (2.7% in constant currency) resulting from: \u2022 growth in the American broadband services segment mainly due to strong organic growth and the FiberLight acquisition. \u2022 stable revenue in the Canadian broadband services segment mainly as a result of: \u25e6 rate increases; partly offset by \u25e6 decreases in video and telephony services customers compared to the same period of the prior year primarily due to issues resulting from the implementation of a new customer management system in the second half of fiscal 2018.\n\nThree months ended August 31, | 2019 (1) | 2018 (2) | Change | Change in constant currency (3) | Foreign exchange impact (3)\n--------------------------------------------- | -------- | -------- | ------ | ------------------------------- | ---------------------------\n(in thousands of dollars, except percentages) | $ | $ | % | % | $ $ \nCanadian broadband services | 319,935 | 319,741 | 0.1 | 0.1 | - \nAmerican broadband services | 263,738 | 246,443 | 7.0 | 6.0 | 2,427 \n | 583,673 | 566,184 | 3.1 | 2.7 | 2,427 "} {"_id": "d1b33c038", "title": "", "text": "Volatility in average selling prices for our semiconductor memory and storage products may adversely affect our business.\nWe have experienced significant volatility in our average selling prices, including dramatic declines as noted in the table below, and may continue to experience such volatility in the future. In some prior periods, average selling prices for our products have been below our manufacturing costs and we may experience such circumstances in the future. Average selling prices for our products that decline faster than our costs could have a material adverse effect on our business, results of operations, or financial condition.\n\n | DRAM | NAND \n-------------- | --------------------------------------------- | -----\n | (percentage change in average selling prices) | \n2019 from 2018 | (30)% | (44)%\n2018 from 2017 | 37% | (8)% \n2017 from 2016 | 19% | (7)% \n2016 from 2015 | (35)% | (19)%\n2015 from 2014 | (11)% | (15)%"} {"_id": "d1b32d916", "title": "", "text": "As described in Note 7, the acquisition of Norstel resulted in the recognition of $43 million in goodwill which has been included in the ADG segment to align the goodwill of the acquired Company with the segment under which the related activities will be reported.\nAs of the end of the third quarters of 2019 and 2018, the Company performed its annual impairment test. The Company did not elect to perform a qualitative assessment. The impairment test was conducted following a two-step process. In the first step, the Company compared the fair value of the reporting units tested to their carrying value. Based upon the first step of the goodwill impairment test, no impairment was recorded since the fair value of the reporting units exceeded their carrying value.\nGoodwill as at December 31, 2019 and 2018 is net of accumulated impairment losses of $102 million, of which $96 million relates to the MDG segment and $6 million to Others. In 2019, 2018 and 2017, no impairment loss was recorded by the Company.\n\n | Automotive and Discrete Group (ADG) | Microcontrollers and Digital ICs Group (MDG) | Analog, MEMS & Sensors Group AMS) | Total\n---------------------------- | ----------------------------------- | -------------------------------------------- | --------------------------------- | -----\nDecember 31, 2017 | \u2014 | 121 | 2 | 123 \nForeign currency translation | \u2014 | (2) | \u2014 | (2) \nDecember 31, 2018 | \u2014 | 119 | 2 | 121 \nBusiness combination | 43 | \u2014 | \u2014 | 43 \nForeign currency translation | \u2014 | (2) | \u2014 | (2) \nDecember 31, 2019 | 43 | 117 | 2 | 162 "} {"_id": "d1b319038", "title": "", "text": "Total Shareholder Return Awards\nDuring the years ended December 31, 2019, 2018, and 2017, pursuant to the 2016 Incentive Plan, the Company granted total shareholder return awards (\u201cTSRs\u201d). TSRs are performance shares that are earned, if at all, based upon the Company\u2019s total shareholder return as compared to a group of peer companies over a three-year performance period. The award payout can range from 0% to 200%. To determine the grant date fair value of the TSRs, a Monte Carlo simulation model is used. The Company recognizes compensation expense for the TSRs over a three-year performance period based on the grant date fair value.\nThe grant date fair value of the TSRs was estimated using the following weighted-average assumptions:\n\n | | Years Ended December 31, | \n----------------------- | ----- | ------------------------ | -----\n | 2019 | 2018 | 2017 \nExpected life (years) | 2.8 | 2.9 | 2.9 \nInterest rate | 2.5% | 2.4% | 1.5% \nVolatility | 29.3% | 28.0% | 26.5%\nExpected dividend yield | \u2014 | \u2014 | \u2014 "} {"_id": "d1b3a41c4", "title": "", "text": "21. Subsidiaries\nThe advances given to subsidiaries were interest-free and unsecured with settlement neither planned nor likely to occur in the foreseeable future.\nThe deemed investment in a subsidiary, Singtel Group Treasury Pte. Ltd. (\u201cSGT\u201d), arose from financial guarantees provided by the Company for loans drawn down by SGT prior to 1 April 2010.\nThe significant subsidiaries of the Group are set out in Note 44.1 to Note 44.3.\n\n | | Company | \n------------------------------------- | ------------- | ------------- | ------------\n | 31 March 2019 | 31 March 2018 | 1 April 2017\n | S$ Mil | S$ Mil | S$ Mil \nUnquoted equity shares, at cost | 14,259.7 | 13,676.4 | 11,001.2 \nShareholders' advances | 5,733.0 | 5,733.0 | 6,423.3 \nDeemed investment in a subsidiary | 32.5 | 32.5 | 32.5 \n | 20,025.2 | 19,441.9 | 17,457.0 \nLess: Allowance for impairment losses | (16.0) | (16.0) | (16.0) \n | 20,009.2 | 19,425.9 | 17,441.0 "} {"_id": "d1b2f0e94", "title": "", "text": "INTEREST EXPENSE\nThe components of interest expense are as follows:\nInterest expense, including administrative and other fees, was $25,633 for 2019 compared with $30,890 in 2018. The decrease in interest expense was primarily associated with the impact of the refinancing of our term loan at the end of 2018 and interest capitalized during 2019 due to vessels under construction.\n\n | Years Ended December 31, | \n-------------------------------------------- | ------------------------ | -------\n | 2019 | 2018 \nInterest before impact of interest rate caps | $25,633 | $30,709\nImpact of interest rate caps | \u2014 | 181 \nInterest expense | $25,633 | $30,890"} {"_id": "d1b33f3be", "title": "", "text": "Comparison of Fiscal Year Ended September 27, 2019 to Fiscal Year Ended September 28, 2018\nRevenue. In fiscal year 2019, our revenue decreased by $70.7 million, or 12.4%, to $499.7 million from $570.4 million for fiscal year 2018. Revenue from our primary markets, the percentage of change between the years and revenue by primary markets expressed as a percentage of total revenue were (in thousands, except percentages):\nIn fiscal year 2019, our Telecom market revenue decreased by $42.0 million, or 18.8%, compared to fiscal year 2018. The decrease was primarily due to the full year effect of our May 2018 sale of the Japan-based long-range optical subassembly business (the \"LR4 Business\"), lower sales of carrier-based optical semiconductor products to our Asia customer base, as well as lower sales of products targeting fiber to the home applications.\nIn fiscal year 2019, our Data Center market revenue decreased by $48.0 million, or 29.6%, compared to fiscal year 2018. The decrease was primarily due to lower revenue related to sales of legacy optical products and lasers, partially offset by the recognition of $7.0 million of licensing revenue during the fiscal year ended September 27, 2019.\nIn fiscal year 2019, our I&D market revenues increased by $19.3 million, or 10.4%, compared to fiscal year 2018. The increase was related to higher revenue from sales across the product portfolio.\n\n | Fiscal Years | | \n-------------------- | ------------ | --------- | --------\n | 2019 | 2018 | % Change\nTelecom | $180,938 | $ 222,940 | (18.8)% \nData Center | 114,132 | 162,098 | (29.6)% \nIndustrial & Defense | 204,638 | 185,360 | 10.4 % \nTotal | $499,708 | $ 570,398 | (12.4)% \nTelecom | 36.2% | 39.1% | \nData Center | 22.8% | 28.4% | \nIndustrial & Defense | 41.0% | 32.5% | \n Total | 100.0% | 100.0% | "} {"_id": "d1a71ec9c", "title": "", "text": "10.2. Assets held for sale\nOn 21 December 2018, the Group entered into an agreement for the divestment of a component of freehold investment property in Melbourne, Victoria for $1m. This has been included within fair value adjustments in the statement of profit or loss. This transaction settled on 15 January 2019.\nOn 28 June 2019, the Group entered into an agreement for the sale of commercial investment property in Dunedin, New Zealand for NZD $1.3m less cost of sale of NZD $0.1m (AUD $1.2m less cost of sale of $0.1m). This has resulted in an unrealised gain of NZD $1.2m (AUD $1.1m) on the asset\u2019s carrying value. This has been included within fair value adjustments in the statement of profit or loss.\nAs at 1 July 2018, the Group held a contractual agreement for the sale of the land and buildings of the Croydon self-storage centre for $5.8m, less cost of sale of $0.1m. This resulted in this asset being classified as held for sale. Due to unforeseen circumstances outside of the Group\u2019s control this transaction did not proceed. At 30 June 2019 the asset has been classified as freehold investment property and is no longer held for sale.\n\n | | 2019 | 2018 \n--------------------------------------------------- | ----- | ------- | -------\n | Notes | $'000 | $'000 \nCurrent assets | | | \nOpening balance at 1 July | | 5,713 | 5,713 \nItem reclassified from freehold investment property | 10.4 | 2,068 | 4,400 \nItem reclassified to freehold investment property | 10.4 | (5,713) | \nDisposals during the year | | (961) | (4,400)\nTotal assets held for sale | | 1,107 | 5,713 "} {"_id": "d1b2e707e", "title": "", "text": "ITEM 7. MANAGEMENT\u2019S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS\nSee Note 3 of our Notes to Consolidated Financial Statements for a discussion of 2019 and 2018 acquisitions.\nResults of Operations\nRevenues increased $9.0 million, or 61%, in 2019 compared to the prior year, with overall growth supported by the acquisition of Golden Ridge in November 2018, and MGI Grain in April 2019. Food product revenues increased 97% year over year, primarily due to the addition of new products for human consumption from Golden Ridge and MGI Grain. Animal feed product revenues increased 10%. Animal feed product growth was primarily due to increased buying from our existing SRB customer base.\nGross profit percentage decreased 23.8 percentage points to negative 3.6% in 2019 from 20.2% in the prior year. The decrease in gross profit was primarily attributable to operating losses at Golden Ridge due to an unfavorable contract to sell medium grain rice entered into by the seller of the mill and low levels of plant utilization in the latter half of the year while the mill was going through a planned upgrade cycle. With this project completed in early January 2020, we expect to see improved productivity and a positive contribution margin from Golden Ridge in 2020.\nSelling, general and administrative (SG&A) expenses were $13.7 million in 2019, compared to $11.2 million in 2018, an increase of $2.5 million, or 22.4%. Outside services increased $1.1 million in 2019, compared to the prior year, primarily as a result of higher outside accounting, legal and professional fees associated with the acquisition of Golden Ridge and MGI Grain. Salary, wages and benefit related expenses increased $1.1 million in 2019, compared to the prior year, driven substantially by equity grants and outside labor costs. Bad debt expense increased $0.2 million and rent expense increased $0.1 million in 2019, compared to the prior year.\nOther, net was $0.9 million for 2019 compared to $0.2 million in 2018. This increase was primarily related to the settlement of a net working capital dispute and other issues with the seller of Golden Ridge.\n\n | Years Ended December 31 | | Change \n-------------------------------------------- | ----------------------- | -------- | -------\n | 2019 | 2018 | % \n | (in thousands) | | \nRevenues | $23,713 | $14,762 | 60.6 \nCost of goods sold | 24,574 | 11,780 | (108.6)\nGross profit (loss) | (861) | 2,982 | \nGross profit % | -3.6% | 20.2% | \nSelling, general and administrative expenses | 13,696 | 11,194 | (22.4) \nLoss from operations | (14,557) | (8,212) | (77.3) \nOther income (expense): | (96) | (12) | \nInterest expense | 50 | - | \nOther, net | 868 | 168 | \nTotal other (expense) income | 822 | 156 | \nLoss before income taxes | $(13,735) | $(8,056) | "} {"_id": "d1b2eab2a", "title": "", "text": "Item 10. Directors, Executive Officers and Corporate Governance.\nExecutive Officers and Directors\nThe following sets forth certain information with respect to our executive officers and directors..\nGaro H. Armen, PhD, Executive Chairman, is one of our founders and joined us in September 2004. Garo H. Armen is Chairman and Chief Executive Officer of Agenus\nInc., a biotechnology company he co-founded in 1994. From mid-2002 through 2004, he also served as Chairman of the Board of the biopharmaceutical company Elan\nCorporation, plc, which he successfully restructured. Prior to Agenus Inc., Dr. Armen established Armen Partners, a money management firm specializing in biotechnology and\npharmaceutical companies and was the architect of the widely publicized creation of the Immunex Lederle oncology business in 1993. Earlier, he was a senior vice president of\nresearch at Dean Witter Reynolds, having begun his career on Wall Street as an analyst and investment banker at EF Hutton. In 2002, Dr. Armen founded the Children of\nArmenia Fund, a nonprofit organization dedicated to significantly rebuilding and revitalizing impoverished rural Armenian towns to provide immediate and sustainable benefits\nto children and youth. He received the Ellis Island Medal of Honor in 2004 for his humanitarian efforts, and received the Sabin Humanitarian Award from the Sabin Vaccine\nInstitute in 2006 for his achievements in biotechnology and progressing medical research. Dr. Armen was also the Ernst & Young 2002 New York City Biotechnology\nEntrepreneur of the Year, and received a Wings of Hope Award in 2005 from The Melanoma Research Foundation for his ongoing commitment to the melanoma community. Dr.\nArmen received a PhD in physical chemistry from the Graduate Center, City University of New York, after which he worked as a research fellow at Brookhaven National\nLaboratories in Long Island, NY. Dr. Armen brings to our Board a deep historical and practical knowledge of the business of the Company and its technologies, as well as\nyears of expertise in the financial and biopharmaceutical arenas.\n\nName | Age | Position (s) \n------------------ | --- | --------------------------------------------\nGaro H. Armen | 67 | Executive Chairman of the Board of Directors\nAlexander K. Arrow | 49 | Chief Financial Officer \nRobert B. Stein | 69 | Director \nKhalil Barrage | 55 | Director \nBrian J. Corvese | 62 | Director \nJosh Silverman | 49 | Director "} {"_id": "d1b390c64", "title": "", "text": "13. Other investments\nThe Group holds a number of other listed and unlisted investments, mainly comprising managed funds, loan notes, deposits and government bonds.\nAccounting policies\nOther investments comprising debt and equity instruments are recognised and derecognised on a trade date where a purchase or sale of an investment is under a contract whose terms require delivery of the investment within the timeframe established by the market concerned, and are initially measured at fair value, including transaction costs.\nDebt securities that are held for collection of contractual cash flows where those cash flows represent solely payments of principal and interest are measured at amortised cost using the effective interest method, less any impairment. Debt securities that do not meet the criteria for amortised cost are measured at fair value through profit and loss.\nEquity securities are classified and measured at fair value through other comprehensive income, there is no subsequent reclassification of fair value gains and losses to profit or loss following derecognition of the investment. See note 1 \u201cBasis of preparation\u201d for previous measurement categories applicable to the comparative balances at 31 March 2018\nDebt securities include loan notes of US$nil (2018: US$2.5 billion (\u20ac2.0 billion) issued by Verizon Communications Inc. as part of the Group\u2019s disposal of its interest in Verizon Wireless all of which is recorded within non-current assets and \u20ac0.8 billion (2018: \u20ac0.9 billion) issued by VodafoneZiggo Holding B.V.\n1 \u00a0Items are measured at fair value and the valuation basis is level 2 classification, which comprises items where fair value is determined from inputs other than quoted prices that are observable for the asset or liability, either directly or indirectly.\n2 \u00a0Items are measured at amortised cost and the carrying amount approximates fair value.\n\n | 2019 | 2018 \n----------------------------------- | ---- | -----\n | \u20acm | \u20acm \nIncluded within non-current assets: | | \nEquity securities1 | 48 | 47 \nDebt securities2 | 822 | 3,157\n | 870 | 3,204"} {"_id": "d1b335116", "title": "", "text": "Equity Compensation Plan Information\nThe following table summarizes share and exercise price information for our equity compensation plans as of December 31, 2019.\n(1) Includes 105,000 shares of our common stock issuable upon exercise of outstanding stock options and 340,000 shares issuable upon vesting of outstanding restricted stock units.\n(2) Represents an individual option grant to our Chairman and Chief Executive Officer outside of, and prior to the establishment of, the 2013 Stock Incentive Plan in October 2013 referred to in the above table. The option agreement pertaining to such option grant contain customary anti-dilution provisions.\n(3) Does not take into account outstanding restricted stock units as these awards have no exercise price.\nOur 2013 Stock Incentive Plan (\u201c2013 Plan\u201d) provides for the grant of any or all of the following types of awards: (a) stock options, (b) restricted stock, (c) deferred stock, (d) stock appreciation rights, and (e) other stock-based awards including restricted stock units. Awards under the 2013 Plan may be granted singly, in combination, or in tandem. Subject to standard anti-dilution adjustments as provided in the 2013 Plan, the 2013 Plan provides for an aggregate of 2,600,000 shares of our common stock to be available for distribution pursuant to the 2013 Plan. The Compensation Committee (or the Board of Directors) will generally have the authority to administer the 2013 Plan, determine participants who will be granted awards under the 2013 Plan, the size and types of awards, the terms and conditions of awards and the form and content of the award agreements representing awards. Awards under the 2013 Plan may be granted to our employees, directors and consultants. As of December 31, 2019, there were options to purchase an aggregate of 605,000 shares of common stock outstanding and 340,000 shares issuable upon vesting of outstanding restricted stock units granted under the 2013 Plan, and a balance of 1,780,505 shares of common stock are reserved for issuance under the 2013 Plan.\n\n | Number of securities to be issued upon exercise of outstanding options and rights | Weighted-average exercise price of outstanding options and rights | Number of securities remaining available for future issuance under equity compensation plans (excluding securities reflected in column(a))\n---------------------------------------------------------- | --------------------------------------------------------------------------------- | ----------------------------------------------------------------- | ------------------------------------------------------------------------------------------------------------------------------------------\n | (a) | (b) | (c) \nEquity compensation plans approved by security holders | 445,000(1) | $2.34(3) | 1,780,505 \nEquity compensation plans not approved by security holders | 500,000(2) | $1.19 | \u2014 \nTotal | 945,000 | $1.39(3) | 1,780,505 "} {"_id": "d1b33959a", "title": "", "text": "Cash used in investing activities\nDetail of the cash used in investing activities is included below for each year (dollars in millions).\n2019 vs. 2018. The $8.8 million higher spend on investing activities during 2019 compared to 2018 was primarily related to an increase in capitalized costs associated with various internally-developed software projects, such as mobile application development and transaction processing, an increase in hardware costs primarily associated with our growing infrastructure needs and an increase in leasehold improvements associated with security build outs of expanded office space.\n2018 vs. 2017. We had net cash used in investing activities of $6.6 million during 2018 compared to $4.1 million during 2017. The higher spend in 2018 was primarily related to an increase in software expenditures, most of which were capitalized costs related to internally-developed software, which consisted primarily of merchant experience enhancements and mobile application development. This activity was partially offset by lower infrastructure expenditures in 2018 compared to 2017, as we did not have any material changes to our leased premises during 2018.\n\n | | Year Ended December 31, | \n--------------------------------------------- | ----- | ----------------------- | ----\n | 2019 | 2018 | 2017\nSoftware | $12.7 | $5.4 | $2.3\nComputer hardware | 1.2 | 0.8 | 0.8 \nLeasehold improvements | 0.9 | 0.2 | 0.5 \nFurniture | 0.6 | 0.2 | 0.5 \nPurchases of property, equipment and software | $15.4 | $6.6 | $4.1"} {"_id": "d1b3935fe", "title": "", "text": "NET DEBT\nThe term net debt does not have any standardized meaning under IFRS. Therefore, it is unlikely to be comparable to similar measures presented by other issuers.\nWe define net debt as debt due within one year plus long-term debt and 50% of preferred shares, less cash and cash equivalents, as shown in BCE\u2019s consolidated statements of financial position. We include 50% of outstanding preferred shares in our net debt as it is consistent with the treatment by certain credit rating agencies.\nWe consider net debt to be an important indicator of the company\u2019s financial leverage because it represents the amount of debt that is not covered by available cash and cash equivalents. We believe that certain investors and analysts use net debt to determine a company\u2019s financial leverage.\nNet debt has no directly comparable IFRS financial measure, but rather is calculated using several asset and liability categories from the statements of financial position, as shown in the following table.\n\n | 2019 | 2018 \n----------------------------------- | ------ | ------\nDebt due within one year | 3,881 | 4,645 \nLong-term debt | 22,415 | 19,760\n50% of outstanding preferred shares | 2,002 | 2,002 \nCash and cash equivalents | (145) | (425) \nNet debt | 28,153 | 25,982"} {"_id": "d1b38404a", "title": "", "text": "6. Called up share capital\nAccounting policies\nEquity instruments issued by the Company are recorded at the amount of the proceeds received, net of direct issuance costs.\nNotes: 1 At 31 March 2019 there were 50,000 (2018: 50,000) 7% cumulative fixed rate shares of \u00a31 each in issue\n2 At 31 March 2019 the Group held 1,584,882,610 (2018: 2,139,038,029) treasury shares with a nominal value of \u20ac264 million (2018: \u20ac356 million). The market value of shares held was \u20ac2,566 million (2018: \u20ac4,738 million). During the year, 45,657,750 (2018: 53,026,317) treasury shares were reissued under Group share schemes. On 25 August 2017, 729,077,001 treasury shares were issued in settlement of tranche 1 of a maturing subordinated mandatory convertible bond issued on 19 February 2016. On 25 February 2019, 799,067,749 treasury shares were issued in settlement of tranche 2 of the maturing subordinated mandatory convertible bond. On 5 March 2019 the Group announced the placing of subordinated mandatory convertible bonds totalling \u00a31.72 billion with a 2 year maturity date in 2021 and \u00a31.72 billion with a 3 year maturity date due in 2022. The bonds are convertible into a total of 2,547,204,739 ordinary shares with a conversion price of \u00a31.3505 per share. For further details see note 20 \u201cBorrowings and capital resources\u201d in the consolidated financial statements.\n3 Represents US share awards and option scheme awards.\n\n | | 2019 | | 2018 \n----------------------------------------------------------------------------- | -------------- | ----- | -------------- | -----\n | Number | \u20acm | Number | \u20acm \nOrdinary shares of 2020\u204421 US cents each allotted, issued and fully paid:1, 2 | | | | \n1 April | 28,814,803,308 | 4,796 | 28,814,142,848 | 4,796\nAllotted during the year3 | 454,870 | \u2013 | 660,460 | \u2013 \n31 March | 28,815,258,178 | 4,796 | 28,814,803,308 | 4,796"} {"_id": "d1b32fb4e", "title": "", "text": "The $252.5 million of valuation allowance as of September 27, 2019 relates primarily to federal and state NOLs, tax credit carryforwards and a partial valuation allowance on tax credits in Canada of $19.0 million whose recovery is not considered more likely than not. The$243.1 million of valuation allowance as of September 28, 2018 related primarily to federal and state NOLs, tax credit carryforwards and a partial valuation allowance on tax credits in Canada of$13.6 million whose recovery is not considered more likely than not. The change during the fiscal year endedSeptember 27, 2019 of $9.4 million primarily relates to the reduction of our NOLs due to section 382 limitations, the changes in our temporary differences, and the lower U.S federal tax rate.\nOur effective tax rates differ from the federal and statutory rate as follows:\nFor fiscal years 2019, 2018 and 2017, the effective tax rates on $423.2 million, $155.2 million and $49.5 million, respectively, of pre-tax loss from continuing operations were 9.3%, 13.8% and (203.8)%, respectively.\nFor fiscal year 2019, the effective tax rate was primarily impacted by a change in our NOL carryforward due to an adjustment in our Section 382 limitation from a prior period acquisition and the immediate recognition of the current and deferred income tax effects totaling $39.8 million from an intra-entity transfer of a license for intellectual property to a higher taxed jurisdiction that received a tax basis step-up.\nFor fiscal year 2018, the effective tax rate was primarily impacted by the Tax Cuts and Jobs Act (the \"Tax Act\"). The effective income tax rates for fiscal years 2019, 2018 and 2017 were also impacted by a lower income tax rate in many foreign jurisdictions in which our foreign subsidiaries operate, changes in valuation allowance, research and development tax credits, and a fair market value adjustment of warrant liabilities.\nAll earnings of foreign subsidiaries, other than our M/A-COM Technology Solutions International Limited Cayman Islands subsidiary (\"Cayman Islands subsidiary\"), are considered indefinitely reinvested for the periods presented. During fiscal year 2019 we changed our position for our Cayman Islands subsidiary to no longer have its earnings permanently reinvested.\nAlthough a foreign subsidiary would typically have to accrue for foreign withholding tax liabilities associated with undistributed earnings, Cayman Islands has no withholding tax under domestic law, therefore, we did not accrue for foreign withholding tax.\nDuring fiscal year 2019 we finalized our calculation of the one-time deemed repatriation of gross foreign earnings and profits, totaling $156.8 million, which resulted in approximately $86.7 million in U.S. taxable income for the year ended September 28, 2018 with Grand Cayman and Ireland accounting for$ 59.7 million and $25.6 million, respectively. Due to the fact that we are in a full U.S. valuation allowance, this one-time deemed repatriation had no impact on our tax expense for fiscal year 2018.\nOur fiscal year 2019 tax provision incorporated changes required by the Tax Act. Some of these changes include a new limitation on the deductible interest expense, inclusion of Global Intangible Low Taxed Income earned by controlled foreign corporations, computation of the new base erosion anti-abuse minimum tax, repealing the performance-based compensation exception to section 162(m) and revising the definition of a covered employee.\n\n | | Fiscal Years | \n---------------------------------- | ------ | ------------ | --------\n | 2019 | 2018 | 2017 \nFederal statutory rate | 21.0% | 24.5% | 35.0% \nForeign rate differential | 1.6 | 5.1 | 31.9 \nState taxes net of federal benefit | 0.9 | 0.8 | 0.2 \nWarrant liabilities | \u2014 | 4.4 | (1.8) \nChange in valuation allowance | (2.4) | 34.0 | (270.0) \nResearch and development credits | 1.4 | 9.0 | 12.8 \nProvision to return adjustments | 0.3 | 8.3 | (4.0) \nSection 382 adjustment | (19.3) | \u2014 | \u2014 \nNondeductible compensation expense | (0.6) | 1.4 | (4.1) \nGlobal Intangible Low Taxed Income | (2.9) | \u2014 | \u2014 \nNondeductible legal fees | \u2014 | 0.9 | (3.9) \n2017 tax reform | \u2014 | (73.7) | \u2014 \nIntra-entity license transfer | 9.4 | \u2014 | \u2014 \nOther permanent differences | (0.1) | (0.9) | 0.1 \nEffective income tax rate | 9.3% | 13.8% | (203.8)%"} {"_id": "d1b3a7932", "title": "", "text": "Cash Flows\nThe following table summarizes our cash flows for the periods indicated:\nOperating Activities\nOur primary source of cash from operating activities has been cash collections from our customers. We expect cash inflows from operating activities to be primarily affected by increases in total bookings. Our primary uses of cash from operating activities have been for domain registration costs paid to registries, software licensing fees related to third-party email and productivity solutions, personnel costs, discretionary marketing and advertising costs, technology and development costs and interest payments. We expect cash outflows from operating activities to be affected by the timing of payments we make to registries and increases in personnel and other operating costs as we continue to grow our business and increase our international presence.\nNet cash provided by operating activities increased $163.6 million from $559.8 million in 2018 to $723.4 million in 2019, primarily driven by our bookings growth as well as increased interest income.\nInvesting Activities\nOur investing activities primarily consist of strategic acquisitions and purchases of property and equipment to support the overall growth of our business and our increased international presence. We expect our investing cash flows to be affected by the timing of payments we make for capital expenditures and the strategic acquisition or other growth opportunities we decide to pursue.\nNet cash used in investing activities decreased $119.5 million from $254.8 million in 2018 to $135.3 million in 2019, primarily due to a $106.9 million decrease in business acquisitions.\nFinancing Activities\nOur financing activities primarily consist of long-term debt borrowings, the repayment of principal on long-term debt, stock option exercises and share repurchases.\nNet cash from financing activities decreased $503.9 million from $47.0 million provided in 2018 to $456.9 million used in 2019, primarily resulting from $458.6 million of share repurchases in 2019, a $44.4 million increase in acquisition contingent consideration payments and $13.2 million of financing-related costs paid in 2019.\n\n | Year Ended December 31, | | \n------------------------------------------------------------ | ----------------------- | ------- | ---------\n | 2019 | 2018 | 2017 \nNet cash provided by operating activities | $723.4 | $559.8 | $475.6 \nNet cash used in investing activities | (135.3) | (254.8) | (1,570.1)\nNet cash provided by (used in) financing activities | (456.9) | 47.0 | 1,107.5 \nEffect of exchange rate changes on cash and cash equivalents | (0.8) | (2.3) | 3.6 \nNet increase in cash and cash equivalents | $130.4 | $349.7 | $16.6 "} {"_id": "d1b3907e6", "title": "", "text": "The following table provides a reconciliation from U.S. GAAP Net income to non-GAAP Adjusted net income (amounts in thousands):\n(1) Fiscal years ending March 31, 2018 and 2017 adjusted due to the adoption of ASC 606.\n(2) $0.9 million in costs incurred during fiscal year 2018 related to the relocation of the Company's tantalum powder facility equipment from Carson City, Nevada to its existing Matamoros, Mexico plant were reclassified from \u201cPlant start-up costs\u201d to \u201cRestructuring charges\u201d during fiscal year 2019.\n\n | | Fiscal Years Ended March 31, | \n----------------------------------------------------------- | -------- | ---------------------------- | --------\n | 2019 | 2018 | 2017 \nNet income (GAAP) (1) | $206,587 | $254,127 | $47,157 \nNon-GAAP adjustments: | | | \nEquity (income) loss from equity method investments | 3,304 | (76,192) | (41,643)\nAcquisition (gain) loss | \u2014 | (130,880) | \u2014 \nChange in value of TOKIN options | \u2014 | \u2014 | (10,700)\n(Gain) loss on write down and disposal of long-lived assets | 1,660 | (992) | 10,671 \nRestructuring charges (2) | 8,779 | 14,843 | 5,404 \nR&D grant reimbursements and grant income | (4,559) | \u2014 | \u2014 \nERP integration costs/IT transition costs | 8,813 | 80 | 7,045 \nStock-based compensation | 12,866 | 7,657 | 4,720 \nLegal expenses/fines related to antitrust class actions | 11,896 | 16,636 | 2,640 \nNet foreign exchange (gain) loss | (7,230) | 13,145 | (3,758) \nTOKIN investment-related expenses | \u2014 | \u2014 | 1,101 \nPlant start-up costs (2) | (927) | 929 | 427 \nAmortization included in interest expense | 1,872 | 2,467 | 761 \nIncome tax effect of non-GAAP adjustments | (50,012) | (30) | (741) \nLoss on early extinguishment of debt | 15,946 | 486 | \u2014 \nAdjusted net income (non-GAAP) (1) | $208,995 | $102,276 | $23,084 "} {"_id": "d1a7290b6", "title": "", "text": "Note 8 Property and Equipment, net\nThe following table details our property and equipment, net.\n(1) Upon adoption of ASU 2016-02, $28.3 million of assets that were included in property and equipment, net as of December 31, 2018 are now included in other non-current assets on our Consolidated Balance Sheets as of December 31, 2019. These assets were related to capital leases, primarily for warehouse, office and small manufacturing facilities, IT equipment and automobiles, which are now ROU assets. Refer to Note 4, \u201cLeases,\u201d of the Notes to Consolidated Financial Statements for additional information on our ROU assets.\n\nDecember 31, | | \n----------------------------------------- | --------- | ---------\n(In millions) | 2019 | 2018(1) \nLand and improvements | $ 50.7 | $ 41.2 \nBuildings | 747.0 | 728.6 \nMachinery and equipment | 2,453.2 | 2,325.7 \nOther property and equipment | 141.3 | 135.6 \nConstruction-in-progress | 127.9 | 155.1 \nProperty and equipment, gross | 3,520.1 | 3,386.2 \nAccumulated depreciation and amortization | (2,378.2) | (2,350.0)\nProperty and equipment, net | $ 1,141.9 | $ 1,036.2"} {"_id": "d1b3a2270", "title": "", "text": "Note A: Beginning from June 2015, the Company accounts for its investment in FARADAY as an associate given the fact that the Company obtained the ability to exercise significant influence over FARADAY through representation on its Board of Directors.\nNote B: WINAICO SOLAR PROJEKT 1 GMBH and WINAICO IMMOBILIEN GMBH are joint ventures to the Company.\nNote C: The Company follows international accounting practices in equity accounting for limited partnerships and uses the equity method to account for these investees.\nThe carrying amount of investments accounted for using the equity method for which there are published price quotations amounted to NT$1,733 million and NT$1,750 million, as of December 31, 2018 and 2019, respectively. The fair value of these investments were NT$1,621 million and NT$2,244 million, as of December 31, 2018 and 2019, respectively.\n\nAs of December 31, | | | | \n------------------------------------------- | ------------------ | ---------------------------------------- | ------------------ | ----------------------------------------\n | 2018 | | 2019 | \nInvestee companies | Amount | Percentage of ownership or voting rights | Amount | Percentage of ownership or voting rights\n | NT$ (In Thousands) | | NT$ (In Thousands) | \nListed companies | | | | \nCLIENTRON CORP. | $249,663 | 22.39 | $276,515 | 21.90 \nFARADAY TECHNOLOGY CORP. (FARADAY) (Note A) | 1,483,111 | 13.78 | 1,473,028 | 13.78 \nUnlisted companies | | | | \nMTIC HOLDINGS PTE. LTD. | 3,026 | 45.44 | 18,157 | 45.44 \nWINAICO IMMOBILIEN GMBH (Note B) | \u2014 | 44.78 | \u2014 | 44.78 \nPURIUMFIL INC. | \u2014 | \u2014 | 7,164 | 44.45 \nUNITECH CAPITAL INC. | 568,005 | 42.00 | 642,660 | 42.00 \nTRIKNIGHT CAPITAL CORPORATION | 1,520,575 | 40.00 | 2,281,631 | 40.00 \nHSUN CHIEH INVESTMENT CO., LTD. | 1,608,551 | 36.49 | 1,686,502 | 36.49 \nYANN YUAN INVESTMENT CO., LTD. | 2,032,013 | 30.87 | 2,761,821 | 30.87 \nHSUN CHIEH CAPITAL CORP. | 161,319 | 30.00 | 122,060 | 30.00 \nVSENSE CO., LTD. | 31,544 | 26.89 | 592 | 25.90 \nUNITED LED CORPORATION HONG KONG LIMITED | 167,953 | 25.14 | 121,973 | 25.14 \nTRANSLINK CAPITAL PARTNERS I, L.P. (Note C) | 120,440 | 10.38 | 172,414 | 10.38 \nWINAICO SOLAR PROJEKT 1 GMBH (Note B) | \u2014 | 50.00 | \u2014 | \u2014 \nYUNG LI INVESTMENTS, INC. | 2,213 | 45.16 | \u2014 | \u2014 \nTotal | $7,948,413 | | $9,564,517 | "} {"_id": "d1b348478", "title": "", "text": "Item 6. SELECTED FINANCIAL DATA\nYou should read the following selected consolidated financial data for the five-year period ended March 31, 2019 in conjunction with our consolidated financial statements and notes thereto and \"Management's Discussion and Analysis of Financial Condition and Results of Operations\" included in Items 7 and 8 of this Form 10-K. Our consolidated statements of income data for each of the years in the three-year period ended March 31, 2019, and the balance sheet data as of March 31, 2019 and 2018, are derived from our audited consolidated financial statements, included in Item 8 of this Form 10-K. The statement of income data for the years ended March 31, 2016 and 2015 and balance sheet data as of March 31, 2017, 2016 and 2015 have been derived from our audited consolidated financial statements not included herein (in the tables below all amounts are in millions, except per share data).\n(1) Refer to Note 2 to our consolidated financial statements for an explanation of our material business combinations during fiscal 2019 and fiscal 2017.\n(2) Refer to Note 4 to our consolidated financial statements for a discussion of the special charges and other, net.\n(3) Refer to Note 12 Debt and Credit Facility for further discussion.\n\n | | | Year ended March 31, | | \n----------------------------------------------------------------------------- | --------- | --------- | -------------------- | --------- | ---------\n | 2019 (1) | 2018 | 2017 (1) | 2016 | 2015 \nConsolidated Statements of Income data: | | | | | \nNet sales | $5,349.5 | $3,980.8 | $3,407.8 | $2,173.3 | $2,147.0 \nSpecial charges and other, net (2) | $33.7 | $17.5 | $98.6 | $4.0 | $2.8 \nLoss on settlement of debt (3) | $(12.6) | $(16.0) | $(43.9) | $\u2014 | $(50.6) \nNet income from continuing operations | $355.9 | $255.4 | $170.6 | $323.9 | $365.3 \nBasic net income per common share from continuing operations | $1.51 | $1.10 | $0.79 | $1.59 | $1.84 \nDiluted net income per common share from continuing operations | $1.42 | $1.03 | $0.73 | $1.49 | $1.65 \nDividends declared per common share | $1.457 | $1.449 | $1.441 | $1.433 | $1.425 \nConsolidated Balance Sheets data: | | | | | \nTotal assets | $18,350.0 | $8,257.2 | $7,686.9 | $5,537.9 | $4,780.7 \nNet long-term debt and capital lease obligations, less current maturities (3) | $8,956.0 | $1,769.1 | $2,912.1 | $2,465.8 | $1,840.0 \nMicrochip Technology stockholders' equity | $ 5,287.5 | $ 3,279.8 | $3,270.7 | $ 2,150.9 | $ 2,044.7"} {"_id": "d1b3931c6", "title": "", "text": "Results of Continuing Operations\nThe following table sets forth certain operational data as a percentage of net sales for the fiscal years indicated:\n\n | | Year Ended March 31, | \n------------------------------------------ | ------ | -------------------- | ------\n | 2019 | 2018 | 2017 \nNet sales | 100.0% | 100.0% | 100.0%\nCost of sales | 45.2 | 39.2 | 48.4 \nGross profit | 54.8 | 60.8 | 51.6 \nResearch and development | 15.4 | 13.3 | 16.0 \nSelling, general and administrative | 12.8 | 11.4 | 14.7 \nAmortization of acquired intangible assets | 12.6 | 12.2 | 9.9 \nSpecial charges and other, net | 0.6 | 0.4 | 2.9 \nOperating income | 13.4% | 23.5% | 8.1% "} {"_id": "d1b318516", "title": "", "text": "Net Sales\nThe following table presents our net sales and the percentage of total net sales by segment:\n\n | | Fiscal | | \n------------------------ | -------- | --------------- | -------- | -----\n | 2019 | | 2018 | \n | | ($ in millions) | | \nTransportation Solutions | $ 7,821 | 58 % | $ 8,290 | 59 % \nIndustrial Solutions | 3,954 | 30 | 3,856 | 28 \nCommunications Solutions | 1,673 | 12 | 1,842 | 13 \nTotal | $ 13,448 | 100 % | $ 13,988 | 100 %"} {"_id": "d1a73ee34", "title": "", "text": "AMERICAN TOWER CORPORATION AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Tabular amounts in millions, unless otherwise disclosed)\n2018 Transactions\nDuring the year ended December 31, 2019, the allocation of the final purchase price for the acquisition of Idea Cellular Infrastructure Services Limited was finalized with no material post-closing adjustments. During the year ended December 31, 2019, there were no material post-closing adjustments that impacted other 2018 acquisitions.\nPro Forma Consolidated Results (Unaudited)\nThe following table presents the unaudited pro forma financial results as if the 2019 acquisitions had occurred on January 1, 2018 and the 2018 acquisitions had occurred on January 1, 2017. The pro forma results do not include any anticipated cost synergies, costs or other integration impacts. Accordingly, such pro forma amounts are not necessarily indicative of the results that actually would have occurred had the transactions been completed on the dates indicated, nor are they indicative of the future operating results of the Company.\n\n | Year Ended December 31, | \n----------------------------------------------------------------------------------- | ----------------------- | --------\n | 2019 | 2018 \nPro forma revenues | $7,904.2 | $7,936.0\nPro forma net income attributable to American Tower Corporation common stockholders | $1,844.9 | $1,122.6\nPro forma net income per common share amounts: | | \nBasic net income attributable to American Tower Corporation common stockholders | $4.17 | $2.55 \nDiluted net income attributable to American Tower Corporation common stockholders | $4.14 | $2.53 "} {"_id": "d1b32f57c", "title": "", "text": "GreenSky, Inc. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS \u2014 (Continued) (United States Dollars in thousands, except per share data, unless otherwise stated)\nThe following table reflects the impact of consolidation of GS Holdings into the Consolidated Statements of Operations for the years indicated.\n\n | Year Ended December 31, | \n--------------------------------- | ----------------------- | --------\n | 2019 | 2018 \nTotal revenue | $529,646 | $414,673\nTotal costs and expenses | 408,693 | 261,883 \nOperating profit | 120,953 | 152,790 \nTotal other income (expense), net | (22,297) | (19,276)\nNet income | $98,656 | $133,514"} {"_id": "d1b31cc4c", "title": "", "text": "ADVANCED ENERGY INDUSTRIES, INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS \u2013 (continued) (in thousands, except per share amounts)\nThe following table summarizes the estimated preliminary fair values of the assets acquired and liabilities assumed from the acquisition in 2019:\n\n | Preliminary: September 10, 2019 | Measurement Period Adjustments | Preliminary: December 31, 2019\n--------------------------------------- | ------------------------------- | ------------------------------ | ------------------------------\nAccounts and other receivable, net | $ 128,221 | $ - | $ 128,221 \nInventories | 140,678 | (900) | 139,778 \nProperty and equipment | 65,016 | (1,984) | 63,032 \nOperating lease right-of-use assets | 60,217 | (144) | 60,073 \nGoodwill | 143,262 | (30,222) | 113,040 \nIntangible assets | 125,000 | (1,000) | 124,000 \nDeferred income tax assets | 14,767 | (14,767) | \u2014 \nOther assets | 61,511 | 2,507 | 64,018 \nTotal assets acquired | 738,672 | (46,510) | 692,162 \nAccounts payable | 144,652 | 50 | 144,702 \nOperating lease liability | 59,634 | 477 | 60,111 \nPension liability | 48,494 | 192 | 48,686 \nDeferred income tax liabilities | 37,218 | (31,372) | 5,846 \nOther liabilities | 80,876 | (9,312) | 71,564 \nTotal liabilities assumed | 370,874 | (39,965) | 330,909 \nTotal fair value of net assets acquired | $367,798 | $ (6,545) | $361,253 "} {"_id": "d1b3254a0", "title": "", "text": "Non-Operating Income, net: Non-operating income, net consists primarily of interest income, net foreign currency exchange losses, the noncontrolling interests in the net profits of our majority-owned subsidiaries (primarily Oracle Financial Services Software Limited and Oracle Corporation Japan) and net other income, including net recognized gains and losses related to all of our investments, net unrealized gains and losses related to the small portion of our investment portfolio related to our deferred compensation plan, net unrealized gains and losses related to certain equity securities and non-service net periodic pension income (losses).\nOn a constant currency basis, our non-operating income, net decreased in fiscal 2019 compared to fiscal 2018 primarily due to decreases in other income, net in fiscal 2019 , which was primarily attributable to realized gains on the sale of certa in marketable securities during fiscal 2018 , and lower interest income in fiscal 2019 primarily due to lower average cash, cash equivalent and marketable securities balances during fiscal 2019 .\n\n | | | Year Ended May 31, | \n---------------------------------- | ------ | ------ | ------------------ | ------\n | | | Percent Change | \n(Dollars in millions) | 2019 | Actual | Constant | 2018 \nInterest income | $1,092 | -9% | -9% | $1,203\nForeign currency losses, net | (111) | 50% | 62% | (74) \nNoncontrolling interests in income | (152) | 12% | 12% | (135) \nOther income, net | (14) | -107% | -42% | 191 \nTotal non-operating income, net | $815 | -31% | -31% | $1,185"} {"_id": "d1b30928c", "title": "", "text": "Unrecognized Tax Benefits\nCurrent accounting guidance contains a two-step approach to recognizing and measuring uncertain tax positions. The first step is to evaluate the tax position for recognition by determining if the weight of available evidence indicates that it is more likely than not that the position will be sustained on audit, including resolution of related appeals or litigation processes, if any. The second step is to measure the tax benefit as the largest amount that is more than 50% likely of being realized upon ultimate settlement.\nA reconciliation of the beginning and ending amounts of unrecognized tax benefits during fiscal 2019, 2018, and 2017 is as follows:\nIncluded in the unrecognized tax benefits at fiscal 2019 and 2018 is $38.2 million and $36.7 million, respectively, that if recognized, would result in a reduction of our effective tax rate. The amounts differ from the long-term liability recorded of $20.1 million and $16.8 million as of fiscal 2019 and 2018, respectively, due to accrued interest and penalties, as well as unrecognized tax benefits of French and Italian entities that are recorded against deferred tax asset balances without valuation allowance.\nWe believe that events that could occur in the next 12 months and cause a change in unrecognized tax benefits include, but are not limited to, the following: \u2022 commencement, continuation or completion of examinations of our tax returns by the U.S. or foreign taxing authorities; and \u2022 expiration of statutes of limitation on our tax returns.\nThe calculation of unrecognized tax benefits involves dealing with uncertainties in the application of complex global tax regulations. Uncertainties include, but are not limited to, the impact of legislative, regulatory and judicial developments, transfer pricing and the application of withholding taxes. We regularly assess our tax positions in light of legislative, bilateral tax treaty, regulatory and judicial developments in the countries in which we do business. We determined that an estimate of the range of reasonably possible change in the amounts of unrecognized tax benefits within the next 12 months cannot be made.\n\n | | Fiscal Year | \n-------------------------------------------------------------------------------- | ----------------- | ----------------- | -----------------\n(In thousands) | December 29, 2019 | December 30, 2018 | December 31, 2017\nBalance, beginning of year | $103,884 | $105,959 | $82,253 \nAdditions for tax positions related to the current year | 2,517 | 2,404 | 2,478 \nAdditions for tax positions from prior years | 1,624 | 451 | 22,151 \nReductions for tax positions from prior years/statute of limitations expirations | (416) | (2,468) | (1,460) \nForeign exchange (gain) loss | (668) | (2,462) | 537 \nBalance at the end of the period | $106,941 | $103,884 | $105,959 "} {"_id": "d1b365e2e", "title": "", "text": "Comparison of 2019 and 2018\nRevenue\nWe generate substantially all of our revenue from sales of subscriptions, including domain registrations and renewals, hosting and presence products and business applications. Our subscription terms average one year, but can range from monthly terms to multi-annual terms of up to ten years depending on the product. We generally collect the full amount of subscription fees at the time of sale, while revenue is recognized over the period in which the performance obligations are satisfied, which is generally over the contract term. Revenue is presented net of refunds, and we maintain a reserve to provide for refunds granted to customers\nDomains revenue primarily consists of revenue from the sale of domain registration subscriptions, domain add-ons and aftermarket domain sales. Domain registrations provide a customer with the exclusive use of a domain during the applicable contract term. After the contract term expires, unless renewed, the customer can no longer access the domain.\nHosting and presence revenue primarily consists of revenue from the sale of subscriptions for our website hosting products, website building products, website security products and online visibility products.\nBusiness applications revenue primarily consists of revenue from the sale of subscriptions for third-party productivity applications, email accounts, email marketing tools and telephony solutions.\nThe following table presents our revenue for the periods indicated:\nThe 12.3% increase in total revenue was driven by growth in total customers and ARPU as well as having a full year of revenue from MSH in 2019, partially offset by the impact of movements in foreign currency exchange rates. The increase in customers impacted each of our revenue lines, as the additional customers purchased subscriptions across our product portfolio.\nDomains. The 10.8% increase in domains revenue was primarily driven by the increase in domains under management from 77.6 million as of December 31, 2018 to 79.6 million as of December 31, 2019, increased aftermarket domain sales and international growth\nHosting and presence. The 10.7% increase in hosting and presence revenue was primarily driven by increased revenue from our website building and website security products as well as our acquisition of MSH.\nBusiness applications. The 20.8% increase in business applications was primarily driven by increased customer adoption of our email, productivity and telephony solutions.\n\n | Year Ended December 31, | | | 2019 to 2018 | | 2018 to 2017 | \n--------------------- | ----------------------- | --------- | --------- | ------------ | -------- | ------------ | --------\n | 2019 | 2018 | 2017 | $ change | % change | $ change | % change\nDomains | $ 1,351.6 | $ 1,220.3 | $ 1,057.2 | $ 131.3 | 11 % | $ 163.1 | 15 % \nHosting and presence | 1,126.5 | 1,017.6 | 847.9 | 108.9 | 11 % | 169.7 | 20 % \nBusiness applications | 510.0 | 422.2 | 326.8 | 87.8 | 21 % | 95.4 | 29 % \nTotal revenue | $ 2,988.1 | $ 2,660.1 | $ 2,231.9 | $ 328.0 | 12 % | $ 428.2 | 19 % "} {"_id": "d1b345520", "title": "", "text": "GreenSky, Inc. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS \u2014 (Continued) (United States Dollars in thousands, except per share data, unless otherwise stated)\nDetails of the Company\u2019s deferred tax assets and liabilities are as follows:\nAs of December 31, 2019, the Company had net operating loss carryforwards (\u201cNOLs\u201d) of $4.7 million, of which approximately $3.9 million have an indefinite life. NOLs of $0.8 million will begin to expire in 2030. As of December 31, 2019, the Company had federal and state tax credit carryforwards of $0.2 million and $0.5 million, respectively, which will begin to expire in 2028 and 2038. The Company believes as of December 31, 2019, it is more likely than not that the results of future operations will generate sufficient taxable income to realize the NOLs and tax credits and, as such, no valuation allowance was recorded.\n\n | Year Ended December 31, | \n------------------------------------------------ | ----------------------- | --------\n | 2019 | 2018 \nDeferred tax assets: | | \nInvestment in partnership | $358,024 | $299,466\nNet operating loss carryforwards and tax credits | 5,160 | 5,634 \nOther | 1,657 | 1,879 \nTotal | 364,841 | 306,979 \nValuation allowance | \u2014 | \u2014 \nTotal deferred tax assets | 364,841 | 306,979 \nTotal deferred tax liabilities | \u2014 | \u2014 \nDeferred tax assets, net | $364,841 | $306,979"} {"_id": "d1b3b9d80", "title": "", "text": "Contractual Obligations\nThe following table summarizes, as of December 31, 2019, our contractual obligations over the next five years for the property lease entered into during the year ended 2018, the VPN arrangement with Avira and the asset purchase from IBM:\n\n | | Payments due by Period (In thousands) | \n------------------------------- | ---------------- | ------------------------------------- | ------\nContractual Obligations | Less Than 1 Year | 2-5 Years | Total \nOperating Lease Obligations: | $773 | $2,055 | $2,828\nOther Long-Term Liabilities: | | | \nFinjan Mobile future commitment | 650 | \u2014 | 650 \nFinjan Blue future commitment | 2,000 | 2,000 | 4,000 \nTotal | $3,423 | $4,055 | $7,478"} {"_id": "d1b3ae7be", "title": "", "text": "Employee Share Ownership Plan\nUK employees are eligible to participate in the Employee Share Ownership Plan (ESOP). The aim of the ESOP is to encourage increased shareholding in the Company by all UK employees and so there are no performance conditions. Employees are invited to join the ESOP when an offer is made each year. Individuals save for 12 months during the accumulation period and subscribe for shares at the lower of the price at the beginning and the end of the accumulation period under HMRC rules. The Company provides a matching share for each share purchased by the individual.\nShares issued under the ESOP have been measured using the Present Economic Value (PEV) valuation methodology. The relevant disclosures in respect of the Employee Share Ownership Plans are set out below.\nThe accumulation period for the 2019 ESOP ends in September 2020, therefore some figures are projections.\n\n | 2015 Grant | 2016 Grant | 2017 Grant | 2018 Grant | 2019 Grant \n----------------------- | ----------- | ----------- | ----------- | ----------- | -----------\nGrant date | 1st October | 1st October | 1st October | 1st October | 1st October\nExercise price | 2,797.0p | 4,477.3p | 5,496.7p | 7,240.0p | 7,835.0p \nNumber of employees | 1,038 | 1,040 | 1,229 | 1,294 | 1,318 \nShares under scheme | 34,449 | 22,173 | 22,411 | 16,687 | 16,820 \nVesting period | 3 years | 3 years | 3 years | 3 years | 3 years \nExpected volatility | 21% | 21% | 21% | 19% | 21% \nRisk free interest rate | 0.4% | 0.1% | 0.4% | 0.8% | 0.5% \nExpected dividend yield | 2.5% | 2.5% | 2.3% | 2.0% | 1.8% \nFair value | 2,931.3p | 4,696.7p | 5,799.0p | 7,623.7p | 8,305.1p "} {"_id": "d1b2f9bf2", "title": "", "text": "NOTE 3 - SHORT TERM INVESTMENTS\nThe Company's short term investments are classified as below with maturities of twelve months or less, unrealized gains and losses were immaterial for the periods presented:\n\n | December 31 | \n------------ | -------------- | -------\n | 2019 | 2018 \n | (in thousands) | \nGovernment | $1,012 | $\u2014 \nAsset Backed | 4,854 | 1,786 \nIndustrial | 5,034 | 2,381 \nFinancial | 6,879 | 7,136 \n | $17,779 | $11,303"} {"_id": "d1b3172c4", "title": "", "text": "Selling, General and Administrative Expense\nNM\u2014Not meaningful\nTotal selling, general and administrative (SG&A) expense increased 6.4 percent in 2019 versus 2018, driven primarily by the following factors: \u2022 Higher spending (5 points) driven by Red Hat spending (5 points); and \u2022 Higher acquisition-related charges and amortization of acquired intangible assets associated with the Red Hat acquisition (3 points); partially offset by \u2022 The effects of currency (2 points).\nOperating (non-GAAP) expense increased 3.4 percent year to year primarily driven by the same factors excluding the acquisition-related charges and amortization of acquired intangible assets associated with the Red Hat transaction.\n\n($ in millions) | | | \n---------------------------------------------------------------- | ------- | ------- | -------------------------\nFor the year ended December 31: | 2019 | 2018 | Yr.-to-Yr. Percent Change\nSelling, general and administrative expense | | | \nSelling, general and administrative\u2014other | $17,099 | $16,438 | 4.0% \nAdvertising and promotional expense | 1,647 | 1,466 | 12.3 \nWorkforce rebalancing charges | 555 | 598 | (7.2) \nAmortization of acquired intangible assets | 762 | 435 | 74.9 \nStock-based compensation | 453 | 361 | 25.2 \nBad debt expense | 89 | 67 | 32.5 \nTotal consolidated selling, general and administrative expense | $20,604 | $19,366 | 6.4% \nNon-operating adjustments | | | \nAmortization of acquired intangible assets | (762) | (435) | 74.9 \nAcquisition-related charges | (282) | (15) | NM \nOperating (non-GAAP) selling, general and administrative expense | $19,560 | $18,915 | 3.4% "} {"_id": "d1b2eb728", "title": "", "text": "Foreign Sales\nRevenues in each of the Company\u2019s segments include sales to foreign governments or to companies located in foreign countries. For the years ended April 30, 2019 and 2018, revenues, based on the location of the procurement entity and excluding intersegment sales, were derived from the following countries (in thousands):\n\n | 2019 | 2018 \n----------- | ------ | -------\nBelgium | $49 | $64 \nFrance | 40 | 154 \nChina | 359 | 512 \nRussia | 2 | 302 \nGermany | 36 | 143 \nItaly | 159 | 110 \nSouth Korea | - | 314 \nSingapore | 215 | 376 \nOther | 525 | 469 \n | $1,361 | $ 2,444"} {"_id": "d1b32e01e", "title": "", "text": "Results of Operations\nThe following table sets forth, as a percentage of total revenues, the results from our operations for the periods indicated.\n\n | 2019 | 2018 \n-------------------------- | ------ | ------\nRevenues | 100.0% | 100.0%\nCost of revenues | 10.6 | 11.0 \nGross profit | 89.4 | 89.0 \nOperating expenses: | | \nSales and marketing | 54.2 | 52.6 \nProduct development | 6.2 | 8.1 \nGeneral and administrative | 20.5 | 20.9 \nTotal operating expenses | 80.9 | 81.6 \nIncome from operations | 8.5 | 7.4 \nOther income (loss), net | (0.5) | \u2014 \nIncome before income taxes | 8.0 | 7.4 \nIncome tax expense | 4.3 | 3.2 \nNet income | 3.7% | 4.2% "} {"_id": "d1b3bb180", "title": "", "text": "Cost of Revenue, Gross Profit and Gross Margin\nCost of revenue\nCost of products revenue is primarily comprised of cost of third-party manufacturing services and cost of inventory for the hardware component of our products. Cost of products revenue also includes warehouse personnel costs, shipping costs, inventory write-downs, certain allocated facilities and information technology infrastructure costs, and expenses associated with logistics and quality control.\nCost of services revenue is primarily comprised of personnel costs for our technical support, training and professional service teams. Cost of services revenue also includes the costs of inventory used to provide hardware replacements to end- customers under PCS contracts and certain allocated facilities and information technology infrastructure costs.\nA summary of our cost of revenue is as follows (dollars in thousands):\n\n | Years Ended December 31, | | Increase (Decrease) | \n--------------------- | ------------------------ | ------- | ------------------- | -------\n | 2019 | 2018 | Amount | Percent\nCost of revenue: | | | | \nProducts | $29,816 | $34,066 | $(4,250) | (12)% \nServices | 19,065 | 17,830 | 1,235 | 7% \nTotal cost of revenue | $48,881 | $51,896 | $(3,015) | (6)% "} {"_id": "d1b3bfe6a", "title": "", "text": "The number of options outstanding and exercisable as at 31 March was as follows:\nThe weighted average market value per ordinary share for PSP options exercised in 2019 was 445.0p (2018: n/a). The PSP awards outstanding at 31 March 2019 have a weighted average remaining vesting period of 0.8 years (2018: 1.2 years) and a weighted average contractual life of 7.6 years (2018: 8.2 years).\n\n | 2019 | 2018 \n----------------------------- | --------- | ---------\n | Number | Number \nOutstanding at 1 April | 3,104,563 | 2,682,738\nOptions granted in the year | 452,695 | 1,188,149\nDividend shares awarded | 9,749 | \u2013 \nOptions forfeited in the year | (105,213) | (766,324)\nOptions exercised in the year | (483,316) | \u2013 \nOutstanding at 31 March | 2.978,478 | 3,104,563\nExercisable at 31 March | 721,269 | \u2013 "} {"_id": "d1b33ba66", "title": "", "text": "Note 9 \u2013 Debt Obligations\nDebt obligations as of December 27, 2019 and December 28, 2018 consisted of the following:\nSenior Secured Term Loan Credit Facility\nOn June 22, 2016, the Company refinanced its debt structure by entering into a credit agreement (the \u201cTerm Loan Credit Agreement\u201d) with a group of lenders for which Jefferies Finance LLC acts as administrative agent and collateral agent. The Term Loan Credit Agreement provides for a senior secured term loan B facility (the \u201cTerm Loan Facility\u201d) in an aggregate amount of $305,000 (the loans outstanding under the Term Loan Facility, the \u201cTerm Loans\u201d) maturing on June 22, 2022. Additionally, the Term Loan Facility includes an accordion which permits the Company to request that the lenders extend additional Term Loans in an aggregate principal amount of up to $50,000 (less the aggregate amount of certain indebtedness incurred to finance acquisitions) plus an unlimited amount subject to the Company\u2019s Total Leverage Ratio not exceeding 4.90:1.00 on a pro forma basis. Borrowings were used to repay the Company\u2019s senior secured notes, as well as the prior term loan and revolving credit facility. Remaining funds were used for capital expenditures, permitted acquisitions, working capital and general corporate purposes of the Company.\nOn December 13, 2017, the Company completed a repricing of the Term Loan Facility to reduce Applicable Rate (as defined in the Term Loan Credit Agreement) from 475 basis points to 400 basis points over the London Inter-bank Offered Rate (\u201cLIBOR\u201d). In connection with the repricing, the Company paid debt financing costs of $761 which were capitalized as deferred financing charges.\nOn July 6, 2018, the Company made a $47,100 prepayment and is no longer required to make quarterly amortization payments on the Term Loans. On November 16, 2018, the Company completed a repricing of the Term Loan Facility to reduce the Applicable Rate from 400 basis points to 350 basis points over LIBOR. In connection with the repricing, the Company paid debt financing costs of $626 which were capitalized as deferred financing charges. The Company wrote off unamortized deferred financing fees of $1,081 as a result of this repricing.\nThe interest charged on the Term Loans, will be equal to a spread plus, at the Company\u2019s option, either the Base Rate (as defined in the Term Loan Credit Agreement) or LIBOR for one, two, three, six or (if consented to by the lenders) twelve-month interest periods chosen by the Company. The interest rate on the Term Loans at December 27, 2019 was 5.2%.\nThe Term Loan Facility contains customary affirmative covenants, negative covenants (including restrictions, subject to customary exceptions, on incurring debt or liens, paying dividends, repaying payment subordinated and junior lien debt, disposing assets, and making investments and acquisitions), and events of default for a term loan B facility of this type, as more particularly described in the Term Loan Credit Agreement. As of December 27, 2019, the Company was in compliance with all debt covenants under the Term Loan Credit Agreement.\nAsset-Based Loan Facility\nOn June 29, 2018, the Company entered into a credit agreement (the \u201cABL Credit Agreement\u201d) with a group of lenders for which BMO Harris Bank, N.A. acts as administrative agent. The ABL Credit Agreement provides for an asset-based loan facility (the \u201cABL\u201d) in the aggregate amount of up to $150,000. Borrowings under the ABL will be used, and are expected to be used, for capital expenditures, permitted acquisitions, working capital and general corporate purposes of the Company. Availability under the ABL will be limited to a borrowing base equal to the lesser of: (i) the aggregate amount of commitments or (ii) the sum of specified percentages of eligible receivables and eligible inventory, minus certain availability reserves. The co-borrowers under the ABL are entitled on one or more occasions, subject to the satisfaction of certain conditions, to request an increase in the commitments under the ABL in an aggregate principal amount of up to $25,000. The ABL matures on the earlier of June 29, 2023 and 90 days prior to the maturity date of the Company\u2019s Term Loan Facility.\nThe interest rate charged on borrowing under the ABL is equal to a spread plus, at the Company\u2019s option, either the Base Rate (as defined in the ABL Credit Agreement) or LIBOR (except for swingline loans) for one, two, three, six or (if consented to by the lenders) twelve-month, interest periods chosen by the Company. The Company will pay certain recurring fees with respect to the ABL, including fees on unused lender commitments.\nThe ABL Credit Agreement contains customary affirmative covenants, negative covenants and events of default as more particularly described in the ABL Credit Agreement. The Company is required to comply with a minimum consolidated fixed charge coverage ratio of 1:1 if the amount of availability under the ABL falls below $10,000 or 10% of the borrowing base.\nThe Company incurred transaction costs of $877 which were capitalized as deferred financing fees to be amortized over the term of the ABL. On July 6, 2018, the Company borrowed $47,100 under the ABL and made an equivalent prepayment on its Term Loans. On November 22, 2019, the Company fully paid all borrowings outstanding under the ABL and there was no balance outstanding as of December 27, 2019. The weighted average interest rate on our ABL borrowings was approximately 3.7% during fiscal 2019.\nAs of December 27, 2019, the Company was in compliance with all debt covenants and the Company had reserved $16,641 of the ABL for the issuance of letters of credit. As of December 27, 2019, funds totaling $133,359 were available for borrowing under the ABL.\nConvertible Senior Notes\nOn November 22, 2019, the Company issued $150,000 aggregate principal amount of 1.875% Convertible Senior Notes (the \u201cSenior Notes\u201d). The Senior Notes were issued pursuant to an indenture, dated as of November 22, 2019 (the \u201cIndenture\u201d), between the Company and The Bank of New York Mellon Trust Company, N.A., as trustee. Approximately $43,225 of the net proceeds were used to repay all outstanding borrowings under the ABL and the Company intends to use the remainder for working capital and general corporate purposes, which may include future acquisitions.\nThe Senior Notes bear interest of 1.875% per annum payable semiannually in arrears on June 1 and December 1 of each year, beginning on June 1, 2020. At any time before the close of business on the scheduled trading day immediately before the maturity date, the Senior Notes will be convertible at the option of holders into shares of the Company\u2019s common stock, together with cash in lieu of any fractional share, at an initial conversion price of approximately $44.20 per share. The conversion price is subject to adjustments upon the occurrence of certain events. The Senior Notes will mature on December 1, 2024, unless earlier converted or repurchased in accordance with their terms.\nThe Company may not redeem the Senior Notes at its option prior to maturity. In addition, if the Company undergoes a fundamental change, as described in the Indenture, holders may require the Company to repurchase for cash all or part of their Senior Notes at a repurchase price equal to 100% of the principal amount of the Senior Notes to be repurchased, plus accrued and unpaid interest up to, but excluding, the required repurchase date.\nThe Company incurred transaction costs of approximately $5,082 which were capitalized as deferred financing fees to be amortized over the term of the Senior Notes.\nConvertible Unsecured Note\nOn February 25, 2019, the Company issued a $4,000 convertible unsecured note (the \u201cUnsecured Note\u201d), maturing on June 29, 2023, to Bassian Farms, Inc. (the \u201cHolder\u201d) as partial consideration in the Bassian acquisition. The interest rate charged on the Unsecured Note is 4.5% per annum and increases to 5.0% after the two-year anniversary of the closing date. The Company may, in certain instances beginning eighteen months after issuance of the Unsecured Note, redeem the Unsecured Note in whole or in part for cash or convert the Unsecured Note into shares of the Company\u2019s common stock at the conversion price of $43.93 per share. After the two-year anniversary of the closing date, the Holder may convert the Unsecured Note into shares of the Company\u2019s common stock at the conversion price. Upon a change of control event, the Holder may convert the Unsecured Note into shares of the Company\u2019s common stock at the conversion price or redeem the Unsecured Note for cash.\n\n | December 27, 2019 | December 28, 2018\n----------------------------------------------------- | ------------------ | -----------------\nSenior secured term loan | $238,129 | $239,745 \nConvertible senior notes | 150,000 | \u2014 \nConvertible unsecured note | 4,000 | \u2014 \nFinance lease and other financing obligations | 3,905 | 193 \nAsset-based loan facility | \u2014 | 44,185 \nDeferred finance fees and original issue discount | (9,207) | (5,893) \nTotal debt obligations | 386,827 | 278,230 \nLess: current installments | (721) | (61) \nTotal debt obligations excluding current installments | $386,106 | $278,169 "} {"_id": "d1b2f91d4", "title": "", "text": "Acquisition of AFP\nOn August 1, 2018, the Company acquired AFP, Inc., a privately held fabricator of foam, corrugated, molded pulp and wood packaging solutions, to join its Product Care division. This acquisition expands our protective packaging offerings in the electronic, transportation and industrial markets with custom engineered applications. We acquired 100% of AFP shares for an estimated consideration of $74.1 million, excluding $3.3 million of cash acquired.\nThe following table summarizes the consideration transferred to acquire AFP and the final allocation of the purchase price among the assets acquired and liabilities assumed.\n\n | Preliminary | Measurement | \n----------------------------------------- | -------------------- | ----------- | ------------------------\n | Allocation | Period | Final Allocation \n(In millions) | As of August 1, 2018 | Adjustments | As of September 30, 2019\nTotal consideration transferred | $ 70.8 | $ 3.3 | $ 74.1 \nAssets: | | | \nCash and cash equivalents | 2.9 | 0.4 | 3.3 \nTrade receivables, net | 30.8 | \u2014 | 30.8 \nInventories, net | 7.1 | \u2014 | 7.1 \nPrepaid expenses and other current assets | 0.7 | \u2014 | 0.7 \nProperty and equipment, net | 3.5 | (0.4) | 3.1 \nIdentifiable intangible assets, net | 18.6 | 0.7 | 19.3 \nGoodwill | 21.6 | 1.0 | 22.6 \nOther non-current assets | 0.7 | (0.4) | 0.3 \nTotal assets | $ 85.9 | $ 1.3 | $ 87.2 \nLiabilities: | | | \nCurrent portion of long-term debt | \u2014 | 0.1 | 0.1 \nAccounts payable | 13.8 | (2.2) | 11.6 \nOther current liabilities | 1.3 | (0.1) | 1.2 \nLong-term debt, less current portion | \u2014 | 0.2 | 0.2 \nTotal liabilities | $ 15.1 | $ (2.0) | $ 13.1 "} {"_id": "d1b303f6c", "title": "", "text": "Free Cash Flow. We define free cash flow (\"FCF\"), a non-GAAP financial measure, as cash flow provided by operations less capital expenditures. FCF was$ 24.7 million for fiscal 2019 compared to $4.0 million for fiscal 2018, an increase of $20.7 million.\nNon-GAAP financial measures, including FCF, are used for internal management assessments because such measures provide additional insight to investors into ongoing financial performance. In particular, we provide FCF because we believe it offers insight into the metrics that are driving management decisions. We view FCF as an important financial metric as it demonstrates our ability to generate cash and can allow us to pursue opportunities that enhance shareholder value. FCF is a non-GAAP financial measure that should be considered in addition to, not as a substitute for, measures of our financial performance prepared in accordance with GAAP.\nA reconciliation of FCF to our financial statements that were prepared using GAAP follows (in millions):\n\n | 2019 | 2018 \n------------------------------------------- | ------ | ------\nCash flows provided by operating activities | $115.3 | $66.8 \nPayments for property, plant and equipment | (90.6) | (62.8)\nFree cash flow | 24.7 | 4.0 "} {"_id": "d1b360a78", "title": "", "text": "Note 9. Receivables, Net\nReceivables, net consisted of the following (in thousands):\n\n | December 31, | \n---------------------------------------------------------------------------------- | ------------ | --------\n | 2019 | 2018 \nTrade accounts receivable, current | $378,616 | $338,473\nIncome taxes receivable | 1,571 | 916 \nOther | 13,440 | 11,132 \nReceivables, gross | 393,627 | 350,521 \nLess: Allowance for doubtful accounts | 3,480 | 3,096 \nReceivables,net | $390,147 | $347,425\nAllowance for doubtful accounts as a percent of trade accounts receivable, current | 0.9% | 0.9% "} {"_id": "d1b36fa96", "title": "", "text": "Cash Flows\nThe following table summarizes key cash flow activity for the years ended December 31, 2019, 2018, and 2017 (in thousands):\nOperating Activities\nThe increase in net cash provided by operating activities during 2019 was primarily driven by higher cash proceeds from sales of systems projects, including the Sunshine Valley, Sun Streams, and California Flats projects, and advance payments received for sales of solar modules prior to the step down in the U.S. investment tax credit as discussed above. These increases were partially offset by operating expenditures associated with initial ramp of certain Series 6 manufacturing lines and expenditures for the construction of certain projects.\nInvesting Activities\nThe decrease in net cash used in investing activities during 2019 was primarily due to higher net sales of marketable securities and restricted investments, partially offset by proceeds associated with the sale of our interests in 8point3 and its subsidiaries in 2018.\nFinancing Activities\nThe decrease in net cash provided by financing activities during 2019 was primarily the result of lower net proceeds from borrowings under project specific debt financings associated with the construction of certain projects in Australia, Japan, and India.\n\n | 2019 | 2018 | 2017 \n------------------------------------------------------------------------------ | ---------- | ---------- | ----------\nNet cash provided by (used in) operating activities | $174,201 | $(326,809) | $1,340,677\nNet cash used in investing activities | (362,298) | (682,714) | (626,802) \nNet cash provided by financing activities | 74,943 | 255,228 | 192,045 \nEffect of exchange rate changes on cash, cash equivalents and restricted cash. | (2,959) | (13,558) | 8,866 \nNet (decrease) increase in cash, cash equivalents and restricted cash | $(116,113) | $(767,853) | $914,786 "} {"_id": "d1b2fa7be", "title": "", "text": "Fiscal 2019 compared to fiscal 2018\nThe following table sets forth our Consolidated Statements of Operations data as a percentage of net revenues for the periods indicated:\nNote: The percentages may not add due to rounding.\n\n | Fiscal Year | \n-------------------------------------------------------- | ----------- | ----\n | 2019 | 2018\nNet revenues | 100% | 100%\nCost of revenues | 22 | 21 \nGross profit | 78 | 79 \nOperating expenses: | | \nSales and marketing | 32 | 33 \nResearch and development | 19 | 20 \nGeneral and administrative | 9 | 12 \nAmortization of intangible assets | 4 | 5 \nRestructuring, transition and other costs | 5 | 8 \nTotal operating expenses | 70 | 78 \nOperating income | 8 | 1 \nInterest expense | (4) | (5) \nGain on divestiture | \u2014 | 14 \nOther expense, net | (1) | \u2014 \nIncome from continuing operations before income taxes | 2 | 9 \nIncome tax expense (benefit) | 2 | (14)\nIncome from continuing operations | \u2014 | 23 \nIncome from discontinued operations, net of income taxes | \u2014 | \u2014 \nNet income | 1% | 24% "} {"_id": "d1b3bacc6", "title": "", "text": "Interest Expense:\nInterest expense increased in fiscal 2019 compared to fiscal 2018 primarily due to higher average borrowings resulting from our issuance of $10.0 billion of senior notes in November 2017, which was partially offset by a reduction in interest expense resulting primarily from the maturities and repayments of $2.0 billion of senior notes during fiscal 2019 and $6.0 billion of senior notes during fiscal 2018.\n\nYear Ended May 31, | | | | \n--------------------- | ------ | ------ | -------------- | ------\n | | | Percent Change | \n(Dollars in millions) | 2019 | Actual | Constant | 2018 \nInterest expense | $2,082 | 3% | 3% | $2,025"} {"_id": "d1b2f5e76", "title": "", "text": "Notes to Consolidated Financial Statements (continued)\nReconciliations of total segment net revenues and total segment operating income to consolidated net revenues and consolidated income before income tax expense are presented in the table below (amounts in millions):\n(1) Includes other income and expenses from operating segments managed outside the reportable segments, including our Distribution business. Also includes unallocated corporate income and expenses.\n(2) Reflects the net effect from recognition (deferral) of deferred net revenues, along with related cost of revenues, on certain of our online-enabled products.\n(3) Intersegment revenues reflect licensing and service fees charged between segments.\n(4) Reflects fees and other expenses, such as legal, banking, and professional services fees, related to the acquisition of King and associated integration activities, including related debt financings.\n(5) Reflects restructuring initiatives, which include severance and other restructuring-related costs.\n(6) Reflects a non-cash accounting charge to reclassify certain cumulative translation gains (losses) into earnings due to the substantial liquidation of certain of our foreign entities.\n(7) Reflects the impact of other unusual or unique tax-related items and activities.\n\n | | Years Ended December 31, | \n------------------------------------------------------------------------------------------------ | ------ | ------------------------ | ------\n | 2019 | 2018 | 2017 \nReconciliation to consolidated net revenues: | | | \nSegment net revenues | $5,969 | $6,835 | $6,765\nRevenues from non-reportable segments (1) | 462 | 480 | 410 \nNet effect from recognition (deferral) of deferred net revenues (2) | 101 | 238 | (139) \nElimination of intersegment revenues (3) | (43) | (53) | (19) \nConsolidated net revenues | $6,489 | $7,500 | $7,017\nReconciliation to consolidated income before income tax expense: | | | \nSegment operating income | $2,054 | $2,446 | $2,417\nOperating income (loss) from non-reportable segments (1) | 24 | 31 | (19) \nNet effect from recognition (deferral) of deferred net revenues and related cost of revenues (2) | 52 | 100 | (71) \nShare-based compensation expense | (166) | (209) | (178) \nAmortization of intangible assets | (203) | (370) | (757) \nFees and other expenses related to the acquisition of King (4) | \u2014 | \u2014 | (15) \nRestructuring costs (5) | (137) | (10) | (15) \nOther non-cash charges (6) | \u2014 | \u2014 | (14) \nDiscrete tax-related items (7) | (17) | \u2014 | (39) \nConsolidated operating income | 1,607 | 1,988 | 1,309 \nInterest and other expense (income), net | (26) | 71 | 146 \nLoss on extinguishment of debt | \u2014 | 40 | 12 \nConsolidated income before income tax expense | $1,633 | $1,877 | $1,151"} {"_id": "d1b305948", "title": "", "text": "Allocation of Goodwill to Reporting Segment\nThe following table shows our goodwill balances by reportable segment:\nAs noted above, it was determined under a quantitative assessment that there was no impairment of goodwill. However, if we become aware of indicators of impairment in future periods, we may be required to perform an interim assessment for some or all of our reporting units before the next annual assessment. Examples of such indicators may include a decrease in expected net earnings, adverse equity market conditions, a decline in current market multiples, a decline in our common stock price, a significant adverse change in legal factors or business climates, an adverse action or assessment by a regulator, unanticipated competition, strategic decisions made in response to economic or competitive conditions, or a more likely than not expectation that a reporting unit or a significant portion of a reporting unit will be sold or disposed of. In the event of significant adverse changes of the nature described above, we may have to recognize a non-cash impairment of goodwill, which could have a material adverse effect on our consolidated financial condition and results of operations.\n\n(In millions) | Food Care | Product Care | Total \n------------------------------------------------- | --------- | ------------ | ---------\nGross Carrying Value at December 31, 2017 | $ 576.5 | $ 1,554.1 | $ 2,130.6\nAccumulated impairment | (49.6 ) | (141.2) | (190.8) \nCarrying Value at December 31, 2017 | $ 526.9 | $ 1,412.9 | $ 1,939.8\nAcquisition, purchase price and other adjustments | (0.6 ) | 18.2 | 17.6 \nCurrency translation | (6.6 ) | (3.2) | (9.8) \nGross Carrying Value at December 31, 2018 | $ 568.9 | $ 1,568.9 | $ 2,137.8\nAccumulated impairment | (49.2 ) | (141.0) | (190.2) \nCarrying Value at December 31, 2018 | $ 519.7 | $ 1,427.9 | $ 1,947.6\nAcquisition, purchase price and other adjustments | 6.3 | 257.0 | 263.3 \nCurrency translation | 2.0 | 4.1 | 6.1 \nGross Carrying Value at December 31, 2019 | $ 577.2 | $ 1,830.0 | $ 2,407.2\nAccumulated impairment | (49.3 ) | (141.0) | (190.3) \nCarrying Value at December 31, 2019 | $ 527.9 | $ 1,689.0 | $ 2,216.9"} {"_id": "d1b3c0a5e", "title": "", "text": "Item 6. Selected Financial Data\nThe following selected financial data should be read in conjunction with Item 7, \u201cManagement\u2019s Discussion and Analysis of Financial Condition and Results of Operations\u201d and our consolidated financial statements and related notes included elsewhere in this report.\nThe Consolidated Statements of Income data for fiscal 2019, fiscal 2018 and fiscal 2017, and the Consolidated Balance Sheets data as of April 27, 2019 and April 28, 2018, are derived from, and are qualified by reference to, our audited consolidated financial statements included elsewhere in this report. The Consolidated Statements of Income data for fiscal 2016 and fiscal 2015, and the Consolidated Balance Sheets data as of April 29, 2017, April 30, 2016 and May 2, 2015 are derived from audited consolidated financial statements not included in this report.\n(1) Fiscal 2019 includes $3.5 million of pre-tax legal expense relating to the Hetronic litigation. See Note 9, \"Commitments and Contingencies,\" in our consolidated financial statements for more information. During Fiscal 2019, we engaged in initiatives to reduce overall costs and improve operational profitability, which increased costs during the period by $6.9 million.\nFiscal 2019 also includes pre-tax acquisition expenses of $15.4 million related to the acquisition of Grakon, income of $5.8 million for an international government grant for maintaining certain employment levels during the period and $7.4 million of stock-based compensation expense related to the re-estimation of RSA compensation expense based upon target levels of performance.\nThe results for fiscal 2019 also include a discrete tax benefit from the re-measurement of the deemed repatriated foreign earnings associated with the Tax Cuts and Jobs Act (\"U.S. Tax Reform\") of $4.8 million and a tax benefit of $2.0 million for foreign investment tax credits. In addition, fiscal 2019 includes net tariff expense on imported Chinese goods of $2.3 million.\n(2) Fiscal 2018 includes $8.1 million of pre-tax legal expense relating to the Hetronic litigation. Fiscal 2018 also includes pre-tax acquisition expenses of $6.8 million related to the acquisitions of Procoplast and Pacific Insight, income of $7.3 million for an international government grant for maintaining certain employment levels during the period and a $6.0 million stock-based compensation expense reversal related to the re-estimation of RSA compensation expense based upon threshold levels of performance.\nThe results for fiscal 2018 also includes a provisional estimated tax charge of $53.7 million as a result of U.S. Tax Reform and a tax benefit of $9.8 million for foreign investment tax credits.\n(3) Fiscal 2017 includes $11.0 million of pre-tax legal expense relating to the Hetronic litigation. Fiscal 2017 also includes pre-tax exit costs for two reporting units of $2.3 million, pre-tax acquisition expenses of $1.5 million, primarily related to a potential acquisition we elected not to undertake, and income of $4.5 million for an international government grant for maintaining certain employment levels during the period.\nThe results for fiscal 2017 include a tax benefit of $4.0 million for foreign investment tax credits, partially offset by a tax expense of $1.7 million on a dividend between foreign entities. (4) Fiscal 2016 includes $9.9 million of pre-tax legal expense relating to the Hetronic litigation.\n(5) Fiscal 2015 includes a goodwill pre-tax impairment charge of $11.1 million, a pre-tax gain on the sale of a business of $7.7 million and $3.1 million of pre-tax legal expense relating to the Hetronic litigation. Fiscal 2015 also includes a $5.0 million tax benefit related to the release of a valuation allowance against deferred tax assets in Malta.\n\n | | | Fiscal Year Ended | | \n------------------------------------------------------- | ------------------ | ------------------ | ------------------ | ------------------ | ---------------\n(In Millions, Except Percentages and Per Share Amounts) | April 27, 2019 (1) | April 28, 2018 (2) | April 29, 2017 (3) | April 30, 2016 (4) | May 2, 2015 (5)\nIncome Statement Data: | | | | | \nNet Sales | $1,000.3 | $908.3 | $816.5 | $809.1 | $881.1 \nIncome before Income Taxes | 103.6 | 123.8 | 115.9 | 110.9 | 120.8 \nIncome Tax Expense | 12.0 | 66.6 | 23.0 | 26.3 | 19.8 \nNet Income | 91.6 | 57.2 | 92.9 | 84.6 | 101.1 \nPer Common Share Data: | | | | | \nBasic Net Income | 2.45 | 1.54 | 2.49 | 2.21 | 2.61 \nDiluted Net Income | 2.43 | 1.52 | 2.48 | 2.20 | 2.58 \nDividends | 0.44 | 0.40 | 0.36 | 0.36 | 0.36 \nBook Value | 18.43 | 16.82 | 14.53 | 12.61 | 11.82 \nBalance Sheet Data: | | | | | \nTotal Debt | 292.6 | 57.8 | 27.0 | 57.0 | 5.0 \nRetained Earnings | 545.2 | 472.0 | 427.0 | 358.6 | 356.5 \nFixed Assets, Net | 191.9 | 162.2 | 90.6 | 93.0 | 93.3 \nTotal Equity | 689.7 | 630.0 | 541.1 | 470.1 | 459.0 \nTotal Assets | 1,231.7 | 915.9 | 704.0 | 655.9 | 605.8 \nOther Financial Data: | | | | | \nReturn on Average Equity | 13.9% | 9.8% | 18.6% | 18.2% | 23.5% \nPre-tax Income as a Percentage of Sales | 10.4% | 13.6% | 14.2% | 13.7% | 13.7% \nNet Income as a Percentage of Sales | 9.2% | 6.3% | 11.4% | 10.5% | 11.5% "} {"_id": "d1b323c72", "title": "", "text": "Note 22. Supplemental Financial Information\nCash paid for income taxes amounted to $77.6 million, $25.9 million and $48.4 million during fiscal 2019, 2018 and 2017, respectively. Cash paid for interest on borrowings amounted to $347.9 million, $85.3 million and $82.5 million during fiscal 2019, 2018 and 2017, respectively.\nA summary of additions and deductions related to the valuation allowance for deferred tax asset accounts for the years ended March 31, 2019, 2018 and 2017 follows (amounts in millions):\n\n | Balance at Beginning of Year | Additions Charged to Costs and Expenses | Additions Charged to Other Accounts | Deductions | Balance at End of Year\n-------------------------------------------- | ---------------------------- | --------------------------------------- | ----------------------------------- | ---------- | ----------------------\nValuation allowance for deferred tax assets: | | | | | \nFiscal 2019 | $204.5 | $16.2 | $175.8 | $(64.4) | $332.1 \nFiscal 2018 | $210.1 | $36.2 | $\u2014 | $(41.8) | $204.5 \nFiscal 2017 | $161.8 | $15.2 | $37.6 | $(4.5) | $210.1 "} {"_id": "d1b3bc1a2", "title": "", "text": "The Group has assumed that mortality will be in line with nationally published mortality table S2NA with CMI 2018 projections related to members\u2019 years of birth with long-term rate of improvement of 1.5% per annum. These tables translate into an average life expectancy for a pensioner retiring at age 65 as follows:\nIt is assumed that 50% of non-retired members of the Scheme will commute the maximum amount of cash at retirement (2018: 50% of\nnon-retired members of the Scheme will commute the maximum amount of cash at retirement).\n\n | 2019 | | 2018 | \n------------------------------------------ | ----- | ----- | ----- | -----\n | Men | Women | Men | Women\n | Years | Years | Years | Years\nMember aged 65 (current life expectancy) | 86.8 | 88.9 | 87.3 | 89.3 \nMember aged 45 (life expectancy at age 65) | 88.5 | 90.7 | 89.0 | 91.1 "} {"_id": "d1b325a7c", "title": "", "text": "Key Performance Indicators\nKey performance indicators, which we do not consider to be non-GAAP measures, that we use to evaluate our business, measure our performance, identify trends affecting our business, formulate financial projections and make strategic decisions include Monthly Recurring Revenue (\"MRR\") and Gross Merchandise Volume (\"GMV\"). Our key performance indicators may be calculated in a manner different than similar key performance indicators used by other companies.\nThe following table shows MRR and GMV for the years ended December 31, 2019 and 2018.\n\n | Years ended December 31, | \n------------------------- | ------------------------ | -----------\n | 2019 | 2018 \n | (in thousands) | \nMonthly Recurring Revenue | $53,898 | $40,932 \nGross Merchandise Volume | $61,138,457 | $41,103,238"} {"_id": "d1b35313e", "title": "", "text": "FLNG segment\nTotal operating revenues: On May 31, 2018, the Hilli was accepted by the customer and, accordingly, commenced operations. The Hilli generated $218.1 million of total operating revenues, as a result of a full year of operations during 2019, in relation to her liquefaction services, compared to $127.6 million in 2018.\nVessel operating expenses: The Hilli incurred $53.7 million of vessel operating expenses for the year ended December 31, 2019, as a result of a full year of operations in 2019, compared to $26.3 million in 2018 following commencement of operations on May 31, 2018.\nVoyage, charterhire and commission expenses: The decrease in voyage, charterhire and commission expenses of $0.9 million to $0.5 million for the year ended December 31, 2019 compared to $1.4 million in 2018, is due to lower bunker consumption as a result of the Hilli undergoing commissioning in preparation for her commercial readiness in 2018.\nAdministrative expenses: Administrative expenses increased by $1.5 million to $1.4 million for the year ended December 31, 2019 compared to a credit $0.2 million in 2018, principally due to an increase in corporate expenses, salaries and employee benefits following the full year of operation of the Hilli, compared to seven months in 2018.\nProject development expenses: This relates to non-capitalized project-related expenses comprising of legal, professional and consultancy costs. The decrease was due to the commencement of capitalization of engineering consultation fees in relation to the Gimi GTA Project following the Gimi entering Keppel's shipyard for her conversion into a FLNG in December 2018.\nDepreciation and amortization: Following the Hilli's commencement of operations on May 31, 2018, depreciation and amortization of the vessel was recognized. A full year of depreciation was recognized for the year ended December 31, 2019 compared to the seven months of depreciation in 2018.\nOther operating (losses)/gains: Included in other operating (losses)/gains are: \u2022 realized gain on the oil derivative instrument, based on monthly billings above the base tolling fee under the LTA of $13.1 million for the year ended December 31, 2019 compared to $26.7 million in 2018; \u2022 unrealized loss on the oil derivative instrument, due to changes in oil prices above a contractual floor price over term of the LTA of $39.1 million for the year ended December 31, 2019 compared to unrealized loss of $10.0 million in 2018; and \u2022 write-off of $3.0 million and $12.7 million of unrecoverable receivables relating to OneLNG for the year ended December 31, 2019 and 2018, respectively.\nEquity in net losses of affiliates: In April 2018, we and Schlumberger decided to wind down OneLNG and work on FLNG projects on a case-by-case basis.\n\n | | December 31, | | \n----------------------------------------------------- | -------- | ------------ | -------- | --------\n(in thousands of $) | 2019 | 2018 | Change | % Change\nTotal operating revenues | 218,096 | 127,625 | 90,471 | 71% \nVessel operating expenses | (53,689) | (26,317) | (27,372) | 104% \nVoyage expenses, charter-hire and commission expenses | (460) | (1,363) | 903 | (66)% \nAdministrative expenses | (1,371) | 175 | (1,546) | (883)% \nProject development expenses | (2,939) | (16,526) | 13,587 | (82)% \nDepreciation and amortization | (48,088) | (28,193) | (19,895) | 71% \nOther operating (losses)/gains | (28,963) | 2,749 | (31,712) | (1,154)%\nOperating income | 82,586 | 58,150 | 24,436 | 42% \nEquity in net losses of affiliates | \u2014 | (2,047) | 2,047 | (100)% "} {"_id": "d1b36cd96", "title": "", "text": "The reconciliation of income tax computed at the U.S. federal statutory tax rate to income tax expense is as follows:\n(1) In 2018, we recorded $3.5 million of tax expense related to foreign earnings which were not permanently reinvested prior to the enactment of the U.S. Tax Act. After enactment, certain foreign earnings are taxed at higher statutory rates than the U.S. which results in $2.1 million of incremental tax expense in 2019. In 2017, we provided for deferred taxes on all cumulative unremitted foreign earnings, as the earnings were no longer considered permanently reinvested resulting in a charge of $9.5 million.\n\n | | Years Ended September 30, | \n------------------------------------------------ | --------- | ------------------------- | ----------\n | 2019 | 2018 | 2017 \n | | (in thousands) | \nTax expense at U.S. statutory rate | $ 10,992 | $ 3,124 | $ (3,877)\nState income taxes, net of federal tax effect | 1,416 | (237) | (923) \nNondeductible expenses | 1,720 | 1,186 | (185) \nChange in reserve for tax contingencies | (1,468) | (1,047) | (4,435) \nChange in deferred tax asset valuation allowance | (10,007) | 8,784 | 17,374 \nForeign rate differential (1) | 2,149 | 5,684 | 9,912 \nTax credits | (4,767) | (2,656) | (3,459) \nImpact of U.S. Tax Reform | \u2014 | (7,053) | \u2014 \nGlobal Intangible Low-Tax Income | 8,182 | \u2014 | \u2014 \nStock Based Compensation | (448) | 59 | 16 \nNon-controlling interest in equity arrangements | 1,802 | 99 | \u2014 \nOther | 1,469 | (850) | 235 \nProvision for income taxes | $ 11,040 | $ 7,093 | $ 14,658 "} {"_id": "d1b392d3e", "title": "", "text": "(1) For a description and reconciliation of non-GAAP financial measures presented in this document, please see the Non-GAAP Financial Measures page, or visit the Black Knight Investor Relations website at https://investor.blackknightinc.com.\n(2) In 2019, the effect of our indirect investment in The Dun and Bradstreet Corporation was a reduction of Net earnings of $73.9 million primarily due to the effect of its purchase accounting adjustments, restructuring charges and other non-operating charges. In 2017, Net earnings includes a one-time, non-cash net tax benefit of $110.9 million related to the revaluation of our deferred income tax assets and liabilities as a result of the Tax Cuts and Jobs Act of 2017 (the \u201cTax Reform Act\u201d).\n\n(in millions, except per share data) | 2019 | 2018 | 2017 \n------------------------------------------------------------- | -------- | -------- | --------\nRevenues | $1,177.2 | $1,114.0 | $1,051.6\nAdjusted Revenues(1) | $1,177.7 | $1,116.5 | $1,056.1\nEarnings before equity in losses of unconsolidated affiliates | $182.8 | $168.5 | $254.2 \nNet earnings(2) | $108.8 | $168.5 | $254.2 \nNet earnings margin | 9.2% | 15.1% | 24.2% \nNet earnings attributable to Black Knight | $108.8 | $168.5 | $182.3 \nNet earnings attributable to Black Knight, per diluted share | $0.73 | $1.14 | $1.47 \nAdjusted Net Earnings(1) | $295.4 | $277.9 | $209.6 \nAdjusted EPS(1) | $1.99 | $1.87 | $1.38 \nAdjusted EBITDA(1) | $583.4 | $542.5 | $505.8 \nAdjusted EBITDA Margin(1) | 49.5% | 48.6% | 47.9% "} {"_id": "d1a72991c", "title": "", "text": "Goodwill Impairment and Restructuring Charges\nA goodwill impairment charge of $9.2 million was recorded in 2018 and a $8.4 million goodwill impairment charge was recorded in 2017, both of which related to our Brazilian operations (see Note 7 of the notes to our consolidated financial statements). There were no restructuring charges incurred in the year ended December 31, 2018, compared to $0.8 million incurred in the year ended December 31, 2017. We incurred restructuring charges in the third quarter of 2017 associated with the closure of our Overland Park office, including termination benefits and other reorganization costs, primarily associated with integrating operations.\n\n | For the Year Ended December 31, | | Change Amount\n--------------------------------------------------- | ------------------------------- | ------ | -------------\n | 2018 | 2017 | \n | (dollars in thousands) | | \nGoodwill impairment and restructuring charges: | | | \nRestructuring charges | $ - | $752 | $(752) \nGoodwill impairment | 9,174 | 8,418 | 756 \nTotal goodwill impairment and restructuring charges | $9,174 | $9,170 | $4 "} {"_id": "d1b3a197e", "title": "", "text": "Cost of Revenues and Gross Margins\nCost of revenues consists primarily of manufacturing materials, payroll, shipping and handling costs, manufacturing-related overhead and amortization of certain intangible assets. Our manufacturing operations rely on a limited number of suppliers to provide key components and materials for our products, some of which are a sole source. We\u00a0order materials and supplies based\u00a0on backlog and forecasted customer orders.\nTooling and setup costs related to changing manufacturing lots at our suppliers are also included in the cost of revenues. We expense all warranty costs, inventory provisions and amortization of certain intangible assets as cost of revenues. Gross profit and gross margin by segment were as follows (dollars in thousands):\nProbe Cards Gross profit in the Probe Cards segment increased in fiscal 2019 compared to fiscal 2018 primarily due to increased sales, offset by higher variable costs and by less favorable product mix.\nSystems Gross profit and gross margin in the Systems segment increased in fiscal 2019 compared to fiscal 2018 due to increased sales.\nCorporate and Other Corporate and Other includes unallocated expenses relating to amortization of intangible assets, share-based compensation, restructuring charges, net, and acquisition-related costs, including charges related to inventory stepped up to fair value and other costs, which are not used in evaluating the results of, or in allocating resources to, our reportable segments.\nOverall Gross profit and gross margin fluctuate with revenue levels, product mix, selling prices, factory loading and material costs. For fiscal 2019 compared to fiscal 2018, gross profit increased due to increased sales while gross margins remained relatively consistent with fluctuations in product mix.\nStock-based compensation expense included in gross profit for fiscal 2019 and 2018 was $4.1 million and $3.5 million, respectively.\n\n | | Fiscal 2019 | | \n------------ | ----------- | ----------- | ------------------- | --------\n | Probe Cards | Systems | Corporate and Other | Total \nGross profit | $211,382 | $50,927 | $(24,813) | $237,496\nGross margin | 43.0 % | 51.9 % | \u2014 % | 40.3 % \nFiscal 2018 | | | | \n | Probe Cards | Systems | Corporate and Other | Total \nGross profit | $187,320 | $47,074 | $(24,055) | $210,339\nGross margin | 43.1 % | 49.3 % | \u2014 % | 39.7 % \nFiscal 2017 | | | | \n | Probe Cards | Systems | Corporate and Other | Total \nGross profit | $195,903 | $46,647 | $(26,953) | $215,597\nGross margin | 43.1 % | 49.8 % | \u2014 % | 39.3 % "} {"_id": "d1b3166f8", "title": "", "text": "Manoj Shetty\n(1) Represents accelerated vesting of 20,687 stock options. Pursuant to Mr. Shetty's stock option agreement (January 17, 2019), if Mr.\nShetty\u2019s employment is terminated without cause or for good reason within six months following a \u201cchange in control\u201d, he will become\nimmediately vested in all outstanding unvested stock options, and all of Mr. Shetty\u2019s outstanding options shall remain exercisable in\naccordance with their terms, but in no event for less than 90 days after such termination\n(2) Represents accelerated vesting of 8,107 unvested performance restricted stock units. Pursuant to Mr. Shetty's performance restricted\nstock unit agreement (dated January 17, 2019), if Mr. Shetty\u2019s employment is terminated without cause or for good reason within six\nmonths following a \u201cchange in control\u201d or if Mr. Shetty's employment is terminated due to death or total disability, all non-vested units\nshall accelerate and be vested as of the date of termination.\n\nType of Payment | Termination by Systemax without \u201cCause\u201d or Resignation by Employee for \u201cgood reason\u201d ($) | Termination Due to Death or Total Disability ($) Termination Due to Death or Total Disability ($) Termination Due to Death or Total Disability ($) | Change In Control Only ($) | Termination by Systemax without \u201cCause\u201d or Resignation by Employee for \u201cgood reason\u201d within a certain period of time following a Change in Control ($)\n-------------------------------------------------------------------------------------------------------------- | ---------------------------------------------------------------------------------------- | -------------------------------------------------------------------------------------------------------------------------------------------------- | -------------------------- | ------------------------------------------------------------------------------------------------------------------------------------------------------\nCash Compensation (Salary & Non-Equity Incentive Compensation Cash Compensation (Salary & Non-Equity Incentive | - | - | - | - \nValue of Accelerated Vesting of Stock Option Awards | - | - | - | 74,100 (1) \nValue of Accelerated Vesting of Restricted Stock Unit Awards | - | - | - | - \nValue of Accelerated Vesting of Performance Restricted Stock Unit Awards | - - | 204,000 (2) | - | 204,000 (2) \nMedical and Other Benefits | - | - | - | - \nTotal | - | 204,000 | - | 278,100 "} {"_id": "d1b2fdda6", "title": "", "text": "9 Profit / (loss) on Ordinary Activities\nThe profit (2018: loss) on ordinary activities before taxation is stated after charging:\n\n | Year-ended 31 March 2019 | Year-ended 31 March 2018 Restated See note 2\n--------------------------------------------- | ------------------------ | --------------------------------------------\n | $M | $M \nDepreciation of property, plant and equipment | 11.8 | 11.6 \nAmortisation of intangible assets | 16.9 | 25.2 \nResearch and development expenditure | (143.9) | (140.3) \nOperating lease rentals: | | \nProperty | 14.0 | 12.5 \nOther | 1.6 | 1.6 \nPension scheme contributions | 8.9 | 8.4 \nImpairment of trade receivables | 0.6 | 0.6 \nNet foreign currency differences | (1.5) | 6.9 "} {"_id": "d1b3c5d24", "title": "", "text": "Gross profit\nThe recent shift in our revenue mix toward cloud arrangements has resulted in slower total gross profit growth as our cloud business continues to grow and scale. Revenue from cloud arrangements is generally recognized over the service period, while revenue from term and perpetual license arrangements is generally recognized upfront when the license rights become effective.\nGross profit\nThe increase in total gross profit in 2019 was primarily due to increases in cloud and maintenance revenue.\nGross profit percent\nThe decrease in cloud gross profit percent in 2019 was driven by an increase in costs as we accelerated our investments in cloud infrastructure and service delivery to support future growth. The decrease in consulting gross profit percent in 2019 was driven by a decrease in billable hours as consulting resources were transitioning to new projects after completing a large project and an increase in consulting resource availability as we continue growing and leveraging our partner network.\n\n(Dollars in thousands) | 2019 | | 2018 | | Change | \n---------------------- | -------- | --- | -------- | --- | -------- | -----\nSoftware license | $275,792 | 99% | $282,950 | 98% | $(7,158) | (3)% \nMaintenance | 254,924 | 91% | 239,310 | 91% | 15,614 | 7% \nCloud | 67,918 | 51% | 45,218 | 55% | 22,700 | 50% \nConsulting | 2,727 | 1% | 22,338 | 9% | (19,611) | (88)%\n | $601,361 | 66% | $589,816 | 66% | $11,545 | 2% "} {"_id": "d1b3a8990", "title": "", "text": "The breakout of product and service gross profit was as follows:\nWe assess the carrying value of our inventory on a quarterly basis by estimating future demand and comparing that demand against on-hand and on-order inventory positions. Forecasted revenues information is obtained from the sales and marketing groups and incorporates factors such as backlog and future consolidated revenues. This quarterly process identifies obsolete and excess inventory. Obsolete inventory, which represents items for which there is no demand, is fully reserved. Excess inventory, which represents inventory items that are not expected to be consumed during the next twelve quarters for our Semiconductor Test, Industrial Automation and System Test segments and next four quarters for our Wireless Test segment, is written-down to estimated net realizable value.\nDuring the year ended December 31, 2019, we recorded an inventory provision of $15.2 million included in cost of revenues, primarily due to downward revisions to previously forecasted demand levels for certain products. Of the $15.2 million of total excess and obsolete provisions, $8.7 million was related to Semiconductor Test, $4.0 million was related to Wireless Test, $2.0 million was related to System Test, and $0.5 million was related to Industrial Automation.\nDuring the year ended December 31, 2018, we recorded an inventory provision of $11.2 million included in cost of revenues, primarily due to downward revisions to previously forecasted demand levels for certain products. Of the $11.2 million of total excess and obsolete provisions, $6.8 million was related to Semiconductor Test, $2.5 million was related to Wireless Test, $1.2 million was related to System Test, and $0.7 million was related to Industrial Automation.\nDuring the years ended December 31, 2019 and 2018, we scrapped $9.2 million and $7.0 million of inventory, respectively, and sold $3.2 million and $6.7 million of previously written-down or written-off inventory, respectively. As of December 31, 2019, we had inventory related reserves for amounts which had been written-down or written-off totaling $103.6 million. We have no pre-determined timeline to scrap the remaining inventory.\n\n | 2019 | 2018 | 2018-2019 Dollar/Point Change\n--------------------------- | -------- | --------------------- | -----------------------------\n | | (dollars in millions) | \nProduct gross profit | $1,105.6 | $1,002.5 | $103.1 \nPercent of product revenues | 58.6% | 58.0% | 0.6 \nService gross profit | $234.2 | $217.9 | $16.3 \nPercent of service revenues | 57.5% | 58.7% | (1.2) "} {"_id": "d1a7270c2", "title": "", "text": "Contractual Obligations\nThe following table sets forth our future payments due under contractual obligations as of December 31, 2019 (in thousands):\n(1) Our debt obligations consist of principal and interest repayments due on our Credit Facility based on current interest rates.\n(2) Amounts represent the minimum contractual cash commitments, including the effects of fixed rental escalation clauses and deferred rent, exclusive of certain contingent rents that are not determinable for future periods.\n(3) Our purchase obligations consist of purchase commitments with various manufacturing suppliers to ensure the availability of components.\n(4) Income tax obligations are a result of the Tax Act and include a transition tax on unremitted foreign earnings and profits, of which we have elected to pay the estimated amount over an eight-year period.\n(5) Our pension funding commitments represent the amounts that we are required to pay to fund our pension plans.\n\n | Total | 1 year | Less than 1-3 years | 3-5 years | More than 5 years\n----------------------------------------------------- | -------- | --------- | ------------------- | --------- | -----------------\nDebt obligations(1) | $341,250 | $17,500 | 35,000 | 288,750 | \u2014 \nInterest payments associated with debt obligations(1) | 36,555 | 8,532 | 15,726 | 12,297 | \u2014 \nOperating lease obligations(2) | 152,778 | 22,727 | 33,275 | 20,387 | 76,389 \nPurchase obligations(3) | 192,981 | 192,803 | 178 | \u2014 | \u2014 \nIncome tax obligations(4) | 11,724 | 1,117 | 2,234 | 4,884 | 3,489 \nPension funding commitment(5) | 173,830 | 6,113 | 12,712 | 20,203 | 134,802 \nTotal | $909,118 | $ 248,792 | $ 99,125 | $ 346,521 | $ 214,680 "} {"_id": "d1a738fb6", "title": "", "text": "14. Income Taxes\nThe provision for income taxes consists of the following (in millions):\n\n | | Year Ended | \n-------------------------- | -------------- | -------------- | --------------\n | April 26, 2019 | April 27, 2018 | April 28, 2017\nCurrent: | | | \nFederal | $ 26 | $ 764 | $ 22 \nState | 27 | 10 | 3 \nForeign | 49 | 39 | 41 \nTotal current | 102 | 813 | 66 \nDeferred: | | | \nFederal | 35 | 239 | 61 \nState | (6 ) | 27 | 17 \nForeign | (32 ) | 4 | (4 ) \nTotal deferred | (3 ) | 270 | 74 \nProvision for income taxes | $ 99 | $ 1,083 | $ 140 "} {"_id": "d1a71479c", "title": "", "text": "ADVANCED ENERGY INDUSTRIES, INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS \u2013 (continued) (in thousands, except per share amounts)\nNOTE 5. INCOME TAXES\nThe geographic distribution of pretax income from continuing operations is as follows:\n\n | | Years Ended December 31, | \n-------- | --------- | ------------------------ | --------\n | 2019 | 2018 | 2017 \nDomestic | $(20,597) | $22,325 | $29,088 \nForeign | 87,791 | 150,051 | 169,103 \nTotal | $67,194 | $172,376 | $198,191"} {"_id": "d1b3862b4", "title": "", "text": "Revenue\nRevenue was $5,517.9 million and $5,878.3 million for 2019 and 2018, respectively. The decrease of $360.4 million, or 6.1% was primarily attributable to an 8.2%, 4.8% and 1.5% decrease in revenue in PSG, ASG and ISG, respectively, which is further explained below. Revenue by reportable segment for each were as follows (dollars in millions):\n(1) Certain of the amounts may not total due to rounding of individual amounts.\nRevenue from PSG\nRevenue from PSG decreased by $249.9 million, or approximately 8%, which was due to a combination of a decrease in volume of products sold and a competitive pricing environment. The revenue in our Protection and Signal Division, Integrated Circuits Division, and High Power Division, decreased by $106.5 million, $96.6 million and $91.5 million, respectively. This was partially offset by an increase in revenue of $30.1 million and $15.0 million from our Foundry Services and Power Mosfet Division, respectively.\nRevenue from ASG\nRevenue from ASG decreased by $98.9 million, or approximately 5%, which was also due to a combination of a decrease in volume of products sold and a competitive pricing environment. The revenue in our Industrial and Offline Power Division and our Signal Processing, Wireless and Medical Division, decreased by $100.5 million and $56.4 million, respectively. This was partially offset by $84.8 million of revenue from Quantenna, which was acquired during 2019.\nRevenue from ISG\nRevenue from ISG decreased by $11.6 million, or 1.5%, which was due to a decrease in our Industrial Sensing Division revenue of $20.8 million, primarily due to decreased demand, which was partially offset by an increase in revenue in other divisions.\n\n | 2019 | As a % of Revenue (1) | 2018 | As a % of Revenue (1)\n------------- | --------- | --------------------- | --------- | ---------------------\nPSG | $ 2,788.3 | 50.5 % | $ 3,038.2 | 51.7 % \nASG | 1,972.3 | 35.7 % | 2,071.2 | 35.2 % \nISG | 757.3 | 13.7 % | 768.9 | 13.1 % \nTotal revenue | $ 5,517.9 | | $ 5,878.3 | "} {"_id": "d1b348586", "title": "", "text": "Item 2. Properties\nThe Company operates out of several facilities located around the world. Each facility is used for manufacturing its products and for administrative activities. The following table presents the location, size and terms of ownership/occupation:\nThe Company\u2019s facility located in Mitchel Field, Long Island, New York, is part of the building that the Company constructed in 1981 and expanded in 1988 on land leased from Nassau County. In January 1998, the Company sold this building and the related land lease to Reckson Associates Realty Corp. (\u201cReckson\u201d), leasing back the space that it presently occupies.\nThe Company leased its manufacturing and office space from Reckson under an initial 11-year lease followed by two five-year renewal periods which ended in January 2019. On July 25, 2018, the Company signed an amendment to the lease with RA 55 CLB LLC (as successor-in-interest to Reckson) which extended the current lease terms ten years and eight months through September 30, 2029. Pursuant to the amendment to the lease agreement, the Company shall pay a gradually increasing annual rent of $1,046,810 in 2019 to $1,276,056 in 2029. The Company believes the leased space is adequate to meet the Company\u2019s domestic operational needs which encompass the principal operations of the FEI-NY segment and also serves as the Company\u2019s world-wide corporate headquarters.\nThe Garden Grove, California facility is leased by the Company\u2019s subsidiary, FEI-Zyfer. The facility consists of a combination office and manufacturing space. The Company has signed a second amendment to the lease, which extends the lease an additional 88 months, beginning October 1, 2017 and expiring January 31, 2025. The average annual rent over the period of the amendment is approximately $312,000. The Company believes the leased space is adequate to meet FEI-Zyfer\u2019s operational needs.\nThe Tianjin, China facility is the location of the Company\u2019s wholly-owned subsidiary, FEI-Asia. The subsidiary\u2019s office and manufacturing facility is located in the Tianjin Free-Trade Zone. The lease was renewable annually with monthly rent of $8,500 through August 2019. As mentioned in Footnote 3, below, FEI-Asia was sold on May 21, 2019 and as a result the lease commitment transferred with the sale.\nFEI-Elcom entered into a new lease agreement on February 1, 2018 regarding its Northvale, New Jersey facility. The facility consists of a combination office and manufacturing space. The lease, which expires in January 31, 2021, requires monthly payments of $9,673. The Company believes the leased space is adequate to meet FEI-Elcom\u2019s operational needs.\n\nLocation | Size (sq. ft.) | Own or Lease\n---------------- | -------------- | ------------\nLong Island, NY | 93,000 | Lease \nGarden Grove, CA | 27,850 | Lease \nTianjin, China | 28,000 | Lease \nNorthvale, NJ | 9,000 | Lease "} {"_id": "d1b3ac11c", "title": "", "text": "Contract Costs\nThe following table provides changes in our contract acquisition costs and fulfillment costs:\nAcquisition costs include commission fees paid to employees as a result of obtaining contracts. Fulfillment costs include third party and internal costs associated with the provision, installation and activation of telecommunications services to customers, including labor and materials consumed for these activities.\nDeferred acquisition and fulfillment costs are amortized based on the transfer of services on a straight-line basis over the average customer life of 30 months for consumer customers and 12 to 60 months for business customers and amortized fulfillment costs are included in cost of services and products and amortized acquisition costs are included in selling, general and administrative expenses in our consolidated statements of operations. The amount of these deferred costs that are anticipated to be amortized in the next twelve months are included in other current assets on our consolidated balance sheets. The amount of deferred costs expected to be amortized beyond the next twelve months is included in other non-current assets on our consolidated balance sheets. Deferred acquisition and fulfillment costs are assessed for impairment on an annual basis.\n\n | Year Ended December 31, 2019 | \n--------------------------- | ---------------------------- | -----------------\n | Acquisition Costs | Fulfillment Costs\n | (Dollars in millions) | \nBeginning of period balance | $322 | 187 \nCosts incurred | 208 | 158 \nAmortization | (204) | (124) \nEnd of period balance | $326 | 221 "} {"_id": "d1b374154", "title": "", "text": "Realized and unrealized (losses) gains on non-designated derivative instruments. Realized and unrealized (losses) gains related to derivative instruments that are not designated as hedges for accounting purposes are included as a separate line item in the consolidated statements of loss. Net realized and unrealized losses on non-designated derivatives were $13.7 million for 2019, compared to $14.9 million for 2018, as detailed in the table below:\nThe realized losses relate to amounts we actually realized for settlements related to these derivative instruments in normal course and amounts paid to terminate interest rate swap agreement terminations.\nDuring 2019 and 2018, we had interest rate swap agreements with aggregate average net outstanding notional amounts of approximately $1.1 billion and $1.3 billion, respectively, with average fixed rates of approximately 3.0% and 2.9%, respectively. Short-term variable benchmark interest rates during these periods were generally less than 3.0% and, as such, we incurred realized losses of $8.3 million and $13.9 million during 2019 and 2018, respectively, under the interest rate swap agreements.\nWe did not incur any realized losses related to the termination of interest rate swaps in 2019, compared to realized losses of $13.7 million during 2018. Primarily as a result of significant changes in long-term benchmark interest rates during 2019 and 2018, we recognized unrealized losses of $7.9 million in 2019 compared to unrealized gains of $33.7 million in 2018 under the interest rate swap agreements.\nDuring the year ended December 31, 2019, we recognized a reversal of previously unrealized losses of $26.9 million on all the warrants held by Teekay to purchase common units of Altera (or the Warrants) as a result of the sale of the Warrants to Brookfield, and we concurrently recognized a realized loss of $25.6 million during the same period. During the year ended December 31, 2018, we recognized unrealized losses of $21.1 million on the Warrants. Please read \u201cItem 18 \u2013 Financial Statements: Note 12 \u2013 Fair Value Measurements and Financial Instruments.\u201d\n\n | Year Ended | Year Ended \n-------------------------------------------------------------- | ----------------- | -----------------\n | December 31, 2019 | December 31, 2018\n | $ | $ \nRealized (losses) gains relating to: | | \nInterest rate swap agreements | (8,296) | (13,898) \nInterest rate swap agreement terminations | \u2014 | (13,681) \nForeign currency forward contracts | (147) | \u2014 \nStock purchase warrants | (25,559) | \u2014 \nForward freight agreements | 1,490 | 137 \n | (32,512) | (27,442) \nUnrealized (losses) gains relating to: | | \nInterest rate swap agreements | (7,878) | 33,700 \nForeign currency forward contracts | (200) | \u2014 \nStock purchase warrants | 26,900 | (21,053) \nForward freight agreements | (29) | (57) \n | 18,793 | 12,590 \nTotal realized and unrealized losses on derivative instruments | (13,719) | (14,852) "} {"_id": "d1b371ef4", "title": "", "text": "3. CASH, CASH EQUIVALENTS AND MARKETABLE SECURITIES\nCash and cash equivalents primarily consist of deposits held at major banks, Tier-1 commercial paper debt securities and other securities with original maturities of 90 days or less. Marketable securities consist of Tier-1 commercial paper debt securities, corporate debt securities and certain other securities.\nThe amortized principal amounts of our cash, cash equivalents and marketable securities approximated their fair values at May 31, 2019 and 2018. We use the specific identification method to determine any realized gains or losses from the sale of our marketable securities classified as available-for-sale. Such realized gains and losses were insignificant for fiscal 2019, 2018 and 2017. The following table summarizes the components of our cash equivalents and marketable securities held, substantially all of which were classified as available-for-sale:\nAs of May 31, 2019 and 2018, approximately 33% and 26%, respectively, of our marketable securities investments mature within one year and 67% and 74%, respectively, mature within one to four years. Our investment portfolio is subject to market risk due to changes in interest rates. As described above, we limit purchases of marketable debt securities to investment-grade securities, which have high credit ratings and also limit the amount of credit exposure to any one issuer. As stated in our investment policy, we are averse to principal loss and seek to preserve our invested funds by limiting default risk and market risk.\nRestricted cash that was included within cash and cash equivalents as presented within our consolidated balance sheets as of May 31, 2019 and 2018 and our consolidated statements of cash flows for the years ended May 31, 2019, 2018 and 2017 was nominal.\n\n | May 31, | \n----------------------------------------------- | ------- | -------\n(in millions) | 2019 | 2018 \nCorporate debt securities and other | $22,242 | $44,302\nCommercial paper debt securities | \u2014 | 1,647 \nMoney market funds | 5,700 | 6,500 \nTotal investments | $27,942 | $52,449\nInvestments classified as cash equivalents | $10,629 | $6,808 \nInvestments classified as marketable securities | $17,313 | $45,641"} {"_id": "d1b3520ea", "title": "", "text": "During 2019, 2018 and 2017, no income tax benefit or expense was recorded for stock options exercised as an adjustment to equity.\nThe change in the unrecognized income tax benefits for the years ended December 31, 2019, 2018 and 2017 is reconciled below:\nAs of December 31, 2019, 2018 and 2017, our total liability for unrecognized tax benefits was $1.5 million, $1.9 million and $2.4 million, respectively, of which $1.4 million, $1.7 million and $2.2 million, respectively, would reduce our effective tax rate if we were successful in upholding all of the uncertain positions and recognized the amounts recorded. We classify interest and penalties recognized on the liability for unrecognized tax benefits as income tax expense. As of December 31, 2019, 2018 and 2017, the balances of accrued interest and penalties were $0.5 million, $0.7 million and $0.8 million, respectively.\nWe do not anticipate a single tax position generating a significant increase or decrease in our liability for unrecognized tax benefits within 12 months of this reporting date. We file income tax returns in the U.S. for federal and various state jurisdictions and several foreign jurisdictions. We are not currently under audit by the Internal Revenue Service. Generally, we are not subject to changes in income taxes by any taxing jurisdiction for the years prior to 2016.\n\n(In thousands) | 2019 | 2018 | 2017 \n----------------------------------------------- | ------ | ------ | ------\nBalance at beginning of period | $1,868 | $2,366 | $2,226\nIncreases for tax position related to: | | | \nPrior years | \u2014 | 3 | 465 \nCurrent year | 161 | 254 | 285 \nDecreases for tax positions related to: | | | \nPrior years | (71) | \u2014 | (14) \nExpiration of applicable statute of limitations | (471) | (755) | (596) \nBalance at end of period | $1,487 | $1,868 | $2,366"} {"_id": "d1b36014a", "title": "", "text": "Issuer Purchases of Equity Securities\n(i) Includes 3,416 shares that have been withheld by the Company to satisfy its tax withholding and remittance obligations in connection with the vesting of restricted stock awards. In addition, the Company exercised a pro-rata portion of the 2022 convertible note hedges (described in Note 12, Indebtedness, of the Notes to the Consolidated Financial Statements) to offset the shares of the Company\u2019s Class A common stock issued to settle the conversion of certain 2022 Notes. The note hedges were net share settled and the Company received 3,643,165 shares of the Company\u2019s Class A common stock from the counterparties in October of 2018.\n(ii) Excludes the shares received through the exercise of the note hedges.\n(iii) The Company exercised a pro-rata portion of the 2022 convertible note hedges to offset the shares of the Company\u2019s Class A common stock issued to settle the conversion of certain 2022 Notes. The note hedges were net share settled and the Company received 1,096,773 shares of the Company\u2019s Class A common stock from the counterparties in November of 2018.\n\nPeriod | Total number of Shares purchased | Average price paid per share | Total number of shares purchased as part of publicly announced plans or programs | Maximum number (or approximate dollar value) of shares that may yet be purchased under the plans or programs\n------------------------- | -------------------------------- | ---------------------------- | -------------------------------------------------------------------------------- | ------------------------------------------------------------------------------------------------------------\nOctober 1 to October 31 | 3,646,581 (i) | 97.28 (ii) | \u2014 | \u2014 \nNovember 1 to November 30 | 1,096,773 (iii) | \u2014 (ii) | \u2014 | \u2014 \nDecember 1 to December 31 | \u2014 | \u2014 | \u2014 | \u2014 \nTotal | 4,743,354 | 97.28 (ii) | \u2014 | \u2014 "} {"_id": "d1b34e97c", "title": "", "text": "18. Business Segments\nWe primarily derive our revenues from sales of our proprietary software (either as a direct license sale or under a subscription delivery model), which also serves as the basis for our recurring service contracts for software support and maintenance and certain transaction-related services. In addition, we provide various other client services, including installation, and managed services such as outsourcing, private cloud hosting and revenue cycle management.\nDuring the first quarter of 2019, we realigned our reporting structure as a result of the divestiture of our investment in Netsmart on December 31, 2018, the evolution of the healthcare IT industry and our increased focus on the payer and life sciences market. As a result, we changed the presentation of our reportable segments to Provider and Veradigm. The new Provider segment is comprised of our core integrated clinical software applications, financial management and patient engagement solutions targeted at clients across the entire continuum of care. The new Veradigm segment primarily focuses on the payer and life sciences market. These changes to our reportable segments had no impact on operating segments. The segment disclosures below for the years ended December 31, 2018 and 2017 have been revised to our current presentation.\nWe sold all of our investment in Netsmart on December 31, 2018. Prior to the sale, Netsmart comprised a separate reportable segment, which due to its significance to our historical consolidated financial statements and results of operations, is reported as a discontinued operation as a result of the sale. In addition, the results of operations related to two of the product offerings acquired with the EIS Business (Horizon Clinicals and Series2000) are also presented throughout these financial statements as discontinued operations and are included within the Provider reportable segment, except for acquisition-related deferred revenue adjustments, which are included in \u201cUnallocated Amounts\u201d. Refer to Note 17, \u201cDiscontinued Operations.\u201d\nAs a result of the above changes, as of December 31, 2019, we had eight operating segments, which are aggregated into two reportable segments. The Provider reportable segment includes the Hospitals and Health Systems, Ambulatory, CarePort, FollowMyHealth\u00ae, EPSiTM, EIS-Classics and 2bPrecise strategic business units, each of which represents a separate operating segment. This reportable segment derives its revenue from the sale of integrated clinical software applications, financial management and patient engagement solutions, which primarily include EHR-related software, connectivity and coordinated care solutions, financial and practice management software, related installation, support and maintenance, outsourcing, private cloud hosting, revenue cycle management, training and electronic claims administration services. The Veradigm reportable segment is comprised of the Veradigm business unit, which represents a separate operating segment. This reportable segment provides data-driven clinical insights with actionable tools for clinical workflow, research, analytics and media. Its solutions, targeted at key healthcare stakeholders, help improve the quality, efficiency and value of healthcare delivery.\nOur Chief Operating Decision Maker (\u201cCODM\u201d) uses segment revenues, gross profit and income from operations as measures of performance and to make decisions about the allocation of resources. In determining these performance measures, we do not include in revenue the amortization of acquisition- related deferred revenue adjustments, which reflect the fair value adjustments to deferred revenue acquired in a business combination. We also exclude the amortization of intangible assets, stock-based compensation expense, non-recurring expenses and transaction-related costs, and non-cash asset impairment charges from the operating segment data provided to our CODM. Non-recurring expenses relate to certain severance, product consolidation, legal, consulting and other charges incurred in connection with activities that are considered one-time. Accordingly, these amounts are not included in our reportable segment results and are included in an \u201cUnallocated Amounts\u201d category within our segment disclosure. The \u201cUnallocated Amounts\u201d category also includes (i) corporate general and administrative expenses (including marketing expenses) and certain research and development expenses related to common solutions and resources that benefit all of our business units (refer to discussion above), all of which are centrally managed and (ii) revenue and the associated cost from the resale of certain ancillary products, primarily hardware. We do not track our assets by segment.\n\n | | Year Ended December 31, | \n----------------------------------- | ---------- | ----------------------- | ----------\n(In thousands) | 2019 | 2018 | 2017 \nRevenue: | | | \nProvider | $1,597,115 | $1,616,022 | $1,441,212\nVeradigm | 161,216 | 140,326 | 69,879 \nUnallocated Amounts | 13,346 | (6,386) | (13,383) \nTotal revenue | $1,771,677 | $1,749,962 | $1,497,708\nGross profit: | | | \nProvider | $672,206 | $710,063 | $674,112 \nVeradigm | 104,896 | 100,708 | 43,817 \nUnallocated Amounts | (63,522) | (86,228) | (85,130) \nTotal gross profit | $713,580 | $724,543 | $632,799 \nIncome (loss) from operations: | | | \nProvider | $ 396,724 | $402,544 | $426,099 \nVeradigm | 43,996 | 43,641 | 23,816 \nUnallocated Amounts | (465,176) | (539,237) | (437,431) \nTotal income (loss) from operations | $(24,456) | $(93,052) | $12,484 "} {"_id": "d1b3abcb2", "title": "", "text": "Cash Flows\nThe following table provides a summary of cash flows from operating, investing and financing activities (in millions):\nOperating Activities\nThe $57.2 million decrease in cash provided by operating activities in 2019 compared to 2018 is primarily related to the timing and amount of cash receipts for Trade receivables, net, higher payments primarily related to income taxes and incentive bonus, and the timing of payments for Trade accounts payable and other accrued liabilities. The $84.4 million increase in cash provided by operating activities in 2018 compared to 2017 was primarily related to increased earnings excluding the prior year effect of the Tax Reform Act and the timing and amount of cash receipts for Trade receivables, net.\nInvesting Activities\nThe $406.9 million increase in cash used in investing activities in 2019 compared to 2018 is primarily related to our D&B Investment and our acquisition of Compass Analytics. The $59.4 million increase in cash used in investing activities in 2018 compared to 2017 was primarily related to the HeavyWater and Ernst acquisitions and higher capital expenditures in 2018.\nFinancing Activities\nThe $455.1 million increase in cash provided by financing activities in 2019 compared to 2018 is primarily related to an incremental borrowing to fund our D&B Investment as well as fewer share repurchases. The $96.8 million decrease in cash used in financing activities in 2018 compared to 2017 was primarily related to tax distributions to BKFS LLC members and the senior notes redemption fee in 2017.\n\n | Year ended December 31, | | | Variance | \n----------------------------------------------------- | ----------------------- | ------- | -------- | ------------ | ------------\n | 2019 | 2018 | 2017 | 2019 v. 2018 | 2018 v. 2017\nCash flows provided by operating activities | $378.3 | $435.5 | $351.1 | $(57.2) | $84.4 \nCash flows used in investing activities | (551.0) | (144.1) | (84.7) | (406.9) | (59.4) \nCash flows provided by (used in) financing activities | 167.8 | (287.3) | (384.1) | 455.1 | 96.8 \nNet (decrease) increase in cash and cash equivalents | $(4.9) | $4.1 | $(117.7) | $(9.0) | $121.8 "} {"_id": "d1b304246", "title": "", "text": "Billings\nGroup reported billings decreased by $8.3 million or 1.1 per cent to $760.3 million in the year-ended 31 March 2019. This represented a 0.1 per cent decrease on a constant currency (\u201cCC\u201d) basis.\nBillings by region\nAmericas Billings attributable to the Americas decreased by $2.2 million to $267.8 million in the period, representing a 0.8 per cent reduction on a reported basis and 0.7 per cent on a constant currency basis; this decrease largely driven by a decline in Enduser products due to the stronger performance in the prior-year compare as a consequence of the impact of the WannaCry ransomware outbreak and the launch of Intercept X, the Group\u2019s next-gen endpoint product, partially offset by an improved performance in UTM sales.\nEMEA Billings attributable to EMEA increased by $0.2 million to $395.3 million in the period, representing 0.1 per cent growth on a reported basis and 0.9 per cent growth on a constant currency basis. An increase in sales of Server products being partially offset by a reduction in endpoint and email products.\nAPJ Billings attributable to APJ decreased by $6.3 million to $97.2 million in the period, representing 6.1 per cent on a reported basis and 2.8 per cent on a constant currency basis. As in the Americas, growth was negatively impacted by the stronger performance in the prior-year compare compounded by a legacy Network product transition in the first-half of the year partially offset by an improvement in sales of Server products.\n\n | FY19 | FY18 | Growth % | Growth %\n-------------------- | ------------- | ------------- | ---------- | --------\n | $m (Reported) | $m (Reported) | (Reported) | (CC) \nBillings by Region: | | | | \n- Americas | 267.8 | 270.0 | (0.8) | (0.7) \n- EMEA | 395.3 | 395.1 | 0.1 | 0.9 \n- APJ | 97.2 | 103.5 | (6.1) | (2.8) \n | 760.3 | 768.6 | (1.1) | (0.1) \nBillings by Product: | | | | \n\u2013 Network | 345.9 | 353.4 | (2.1) | (1.1) \n\u2013 Enduser | 377.1 | 383.2 | (1.6) | (0.7) \n\u2013 Other | 37.3 | 32.0 | 16.6 | 17.1 \n | 760.3 | 768.6 | (1.1) | (0.1) \nBillings by Type: | | | | \n\u2013 Subscription | 644.6 | 644.2 | 0.1 | 1.0 \n\u2013 Hardware | 105.7 | 113.7 | (7.0) | (6.1) \n\u2013 Other | 10.0 | 10.7 | (6.5) | (4.6) \n | 760.3 | 768.6 | (1.1) | (0.1) "} {"_id": "d1b2eaec2", "title": "", "text": "Reconciliations of total segment net revenues and total segment operating income to consolidated net revenues and consolidated income before income tax expense are presented in the table below (amounts in millions):\n(1) Includes other income and expenses from operating segments managed outside the reportable segments, including our Distribution business. Also includes unallocated corporate income and expenses.\n(2) Since certain of our games are hosted online or include significant online functionality that represents a separate performance obligation, we defer the transaction price allocable to the online functionality from the sale of these games and then recognize the attributable revenues over the relevant estimated service periods, which are generally less than a year. The related cost of revenues is deferred and recognized as an expense as the related revenues are recognized. This table reflects the net effect from the deferrals of revenues and recognition of deferred revenues, along with the related cost of revenues, on certain of our online enabled products.\n(3) Intersegment revenues reflect licensing and service fees charged between segments.\n(4) Reflects restructuring initiatives, which include severance and other restructuring-related costs.\n(5) Reflects the impact of other unusual or unique tax\u2011related items and activities.\n\n | For the Years Ended December 31, | \n------------------------------------------------------------------------------------------------ | -------------------------------- | ------\n | 2019 | 2018 \nReconciliation to consolidated net revenues: | | \nSegment net revenues | $5,969 | $6,835\nRevenues from non-reportable segments (1) | 462 | 480 \nNet effect from recognition (deferral) of deferred net revenues (2) | 101 | 238 \nElimination of intersegment revenues (3) | (43) | (53) \nConsolidated net revenues | $6,489 | $7,500\nReconciliation to consolidated income before income tax expense: | | \nSegment operating income | $2,054 | $2,446\nOperating income (loss) from non-reportable segments (1) | 24 | 31 \nNet effect from recognition (deferral) of deferred net revenues and related cost of revenues (2) | 52 | 100 \nShare-based compensation expense | (166) | (209) \nAmortization of intangible assets | (203) | (370) \nRestructuring and related costs (4) | (137) | (10) \nDiscrete tax-related items (5) | (17) | \u2014 \nConsolidated operating income | 1,607 | 1,988 \nInterest and other expense (income), net | (26) | 71 \nLoss on extinguishment of debt | \u2014 | 40 \nConsolidated income before income tax expense | $1,633 | $1,877"} {"_id": "d1b309a8e", "title": "", "text": "34. Share-based payment continued\n3.8 million share incentives were granted during 2019 (2018 2.7 million). The fair value of share incentives has been estimated as at the date of grant using the Black-Scholes binomial model. The following table gives the assumptions made in arriving at the share-based payment charge and the fair value:\nThe expected volatility was determined by calculating the historical volatility of the Company\u2019s share price over the previous two years which management considers to be the period which is likely to be most representative of future volatility. The risk free rate is calculated by reference to UK government bonds.\n\n | 2019 | 2018 \n--------------------------------------- | --------- | -----\nWeighted average share price (pence) | 163.1 | 112.9\nWeighted average exercise price (pence) | 0.0 | 0.0 \nWeighted average fair value (pence) | 141.1 | 95.1 \nExpected volatility (%) | 31.6\u201332.8 | 30.6 \nOption life (years): | | \n\u2013 Performance Shares | 3.0 | 3.0 \n\u2013 Options and SARs | 10.0 | 10.0 \nRisk free rate (%) | 0.48-0.72 | 0.88 \nDividend yield (%) | 2.5\u20133.0 | 3.0 "} {"_id": "d1b2fae26", "title": "", "text": "GWL Corporate Free Cash Flow(1)\nFollowing the reorganization of Choice Properties to GWL, management evaluates the cash generating capabilities of GWL Corporate(2) based on the various cash flow streams it receives from its operating subsidiaries. As a result, the GWL Corporate free cash flow(1) is based on the dividends received from Loblaw, distributions received from Choice Properties and net cash flow contributions received from Weston Foods less corporate expenses, interest and income taxes paid. Lease payments are excluded from the calculation of GWL Corporate free cash flow(1) to normalize for the impact of the implementation of IFRS 16.\n(i) Included in Other and Intersegment, GWL Corporate includes all other company level activities that are not allocated to the reportable operating segments, such as net interest expense, corporate activities and administrative costs. Also included are preferred share dividends paid.\n\nFor the quarters and years ended December 31 | Quarters ended | | Yeas ended | \n----------------------------------------------------- | -------------- | ---- | ---------- | -----\n($ millions) | 2019 | 2018 | 2019 | 2018 \nWeston Foods adjusted EBITDA(1) | 56 | 59 | 223 | 233 \nWeston Foods capital expenditures | (70) | (91) | (194) | (212)\nDistributions from Choice Properties | 82 | 43 | 325 | 43 \nDividends from Loblaw | \u2013 | \u2013 | 233 | 212 \nWeston Foods income taxes paid | \u2013 | (2) | (7) | (32) \nOther | 64 | 21 | (41) | (23) \nGWL Corporate cash flow from operating businesses (1) | 132 | 30 | 539 | 221 \nGWL Corporate and financing costs (i) | (24) | (33) | (109) | (108)\nIncome taxes paid | (4) | (2) | (19) | (14) \nGWL Corporate free cash flow (1) | 104 | (5) | 411 | 99 "} {"_id": "d1a7122a8", "title": "", "text": "NOTE 26 \u2013 EARNINGS PER SHARE AND DIVIDEND PER SHARE\nWhen calculating diluted earnings per share for 2018 and 2017, RSUs have been omitted as they are out-of-the-money and thus anti-dilutive, but the RSUs may potentially dilute earnings per share in the future. Please refer to note 3 for information on the RSU share options.\n\n | 2019 | 2018 | 2017\n------------------------------------------------------------------------------------ | ----- | ----- | ----\nEARNINGS PER SHARE | | | \nNet profit/(loss) for the year (USDm) | 166.0 | -34.8 | 2.4 \nMillion shares | | | \nWeighted average number of shares | 74.3 | 73.4 | 62.3\nWeighted average number of treasury shares | -0.3 | -0.3 | -0.3\nWeighted average number of shares outstanding | 74.0 | 73.1 | 62.0\nDilutive effect of outstanding share options | 0.0 | - | - \nWeighted average number of shares outstanding incl. dilutive effect of share options | 74.0 | 73.1 | 62.0\nBasic earnings/(loss) per share (USD) | 2.24 | -0.48 | 0.04\nDiluted earnings/(loss) per share (USD) | 2.24 | -0.48 | 0.04"} {"_id": "d1b309d04", "title": "", "text": "Operating Expenses\nThe following table highlights our operating expenses and operating loss as a percentage of net revenues:\n\n | | Year Ended | \n----------------------------------------------------------------- | ------------- | ------------ | -------------\n | June 30,\n2019 | June 30,2018 | June 30,\n2017\nResearch and development | 21.1% | 18.7% | 15.4% \nSales and marketing | 28.7% | 27.2% | 26.8% \nGeneral and administrative | 5.6% | 5.2% | 6.2% \nAcquisition and integration costs, net of bargain purchase gain | 0.3% | 5.5% | 2.2% \nRestructuring charges, net of reversals | 0.5% | 0.8% | 1.5% \nAmortization of intangibles | 0.6% | 0.9% | 1.4% \nTotal operating expenses | 56.8% | 58.3% | 53.5% \nOperating (loss) income | (1.5)% | (3.9)% | 1.0% "} {"_id": "d1b3187c8", "title": "", "text": "7 Employee benefits\nPension plans\nThe Company is accounting for pension costs in accordance with International Accounting Standard 19.\nThe disclosures shown here are in respect of the Company\u2019s defined benefit obligations. Other plans operated by the Company were defined contribution plans.\nThe total expense relating to the Company\u2019s defined contribution pension plans in the current year was \u00a30.7m (2018: \u00a30.6m).\nAt 31st December 2019 the post-retirement mortality assumptions in respect of the Company Defined Benefit Scheme follows 85%/96% (male/female) of SAPS S2, CMI 2017 projections with a long term trend of 1.25% p.a. At 31st December 2018 the postretirement mortality assumptions in respect of the Company Defined Benefit Scheme follows 85% of SAPS S2 Light base table for males and 96% of SAPS S2 base table for females with CMI Core Projection Model 2016 improvements commencing in 2007, subject to a 1.25% p.a. long-term trend. These assumptions are regularly reviewed in light of scheme-specific experience and more widely available statistics.\nThe financial assumptions used at 31st December were:\nThe assumptions used by the actuary are the best estimates chosen from a range of possible actuarial assumptions, which due to the timescale covered, may not necessarily be borne out in practice.\n\n | Weighted-average assumptions used to define the benefit obligations | \n---------------------------- | ------------------------------------------------------------------- | ----\n | 2019 | 2018\n | % | % \nRate of increase in salaries | 2.4 | 2.7 \nRate of increase in pensions | 2.8 | 2.9 \nRate of price inflation | 2.9 | 3.2 \nDiscount rate | 2.1 | 2.7 "} {"_id": "d1b32401e", "title": "", "text": "Contract balances\nThe following table provides information about receivables, contract assets and contract liabilities from contracts with customers.\nAccrued income relates to the Group\u2019s rights to consideration for services provided but not invoiced at the reporting date. Accrued income is transferred to receivables when invoiced.\nDeferred income relates to advanced consideration received for which revenue is recognised as or when services are provided. Included within deferred income is \u00a311.2m (2018: \u00a3nil) relating to consideration received from Auto Trader Auto Stock Limited (which forms part of the Group\u2019s joint venture) for the provision of data services (note 16). Revenue relating to this service is recognised on a straight-line basis over a period of 20 years.\n\n | 2019 | 2018 \n-------------------------------------------------------------- | ------ | -----\n | \u00a3m | \u00a3m \nReceivables, which are included in trade and other receivables | 27.0 | 28.8 \nAccrued income | 28.0 | 26.7 \nDeferred income | (13.2) | (1.8)"} {"_id": "d1b3799ec", "title": "", "text": "Options outstanding that are exercisable and that have vested and are expected to vest as of January 31, 2020 were as follows (outstanding options in thousands, aggregate intrinsic value in in millions):\n(1) The aggregate intrinsic values represent the total pre-tax intrinsic values based on VMware's closing stock price of $148.06 as of January 31, 2020, which would have been received by the option holders had all in-the-money options been exercised as of that date.\nThe total fair value of VMware stock options that vested during the years ended January 31, 2020, February 1, 2019 and February 2, 2018 was $64 million, $35 million and $32 million, respectively. Total fair value of Pivotal stock options that vested during the years ended January 31, 2020, February 1, 2019 and February 2, 2018 was $27 million, $41 million and $23 million, respectively.\nThe VMware stock options exercised during the years ended January 31, 2020, February 1, 2019 and February 2, 2018 had a pre-tax intrinsic value of $103 million, $56 million, and $62 million, respectively. The Pivotal options exercised during the years ended January 31, 2020 and February 1, 2019 had a pre-tax intrinsic value of $278 million and $97 million, respectively, and was not material during the year ended February 2, 2018. The pre-tax intrinsic value of Pivotal options exercised during the year ended January 31, 2020 includes vested options that were settled in cash as part of the Pivotal acquisition.\n\n | | VMware Stock Options | | \n--------------------------- | ------------------- | -------------------- | ------------------------------------------------------- | ----------------------------\n | Outstanding Options | Exercise Price | Weighted- Average Remaining Contractual Term (in years) | Aggregate Intrinsic Value(1)\nExercisable | 945 | $47.24 | 3.81 | $95 \nVested and expected to vest | 2,589 | 56.13 | 6.41 | 238 "} {"_id": "d1b31607c", "title": "", "text": "EBITDA: TORM defines EBITDA as earnings before financial income and expenses, depreciation, impairment, amortization and taxes. The computation of EBITDA refers to financial income and expenses which the Company deems to be equivalent to \u201cinterest\u201d for purposes of presenting EBITDA. Financial expenses consist of interest on borrowings, losses on foreign exchange transactions and bank charges. Financial income consists of interest income and gains on foreign exchange transactions.\nEBITDA is used as a supplemental financial measure by Management and external users of financial statements, such as lenders, to assess TORM's operating performance as well as compliance with the financial covenants and restrictions contained in the Company's financing agreements. TORM believes that EBITDA assists Management and investors by increasing comparability of the Company's performance from period to period. This increased comparability is achieved by excluding the potentially disparate effects of interest, depreciation, impairment, amortization and taxes. These are items that could be affected by various changing financing methods and capital structure and which may significantly affect profit/(loss) between periods. Including EBITDA as a measure benefits investors in selecting between investment alternatives.\nEBITDA excludes some, but not all, items that affect profit/(loss), and these measures may vary among other companies and not be directly comparable. The following table reconciles EBITDA to net profit/ (loss), the most directly comparable IFRS financial measure, for the periods presented:\n\nUSDm | 2019 | 2018 | 2017 \n----------------------------------------------- | ------ | ----- | -----\nReconciliation to net profit/(loss) | | | \nNet profit/(loss) for the year | 166.0 | -34.8 | 2.4 \nTax | 0.8 | 1.6 | 0.8 \nFinancial expenses | 41.9 | 39.3 | 40.6 \nFinancial income | -2.8 | -3.3 | -4.3 \nDepreciation | 110.1 | 114.5 | 114.5\nImpairment (reversal)/losses on tangible assets | -114.0 | 3.2 | 3.6 \nEBITDA | 202.0 | 120.5 | 157.6"} {"_id": "d1b356550", "title": "", "text": "GasLog Ltd. and its Subsidiaries\nNotes to the consolidated financial statements (Continued)\nFor the years ended December 31, 2017, 2018 and 2019\n(All amounts expressed in thousands of U.S. Dollars, except share and per share data)\nCredit risk\nCredit risk is the risk that a counterparty will fail to discharge its obligations and cause a financial loss and arises from cash and cash equivalents, short-term investments, favorable derivative financial instruments and deposits with banks and financial institutions, as well as credit exposures to customers, including trade and other receivables, dividends receivable and other amounts due from related parties. The Group is exposed to credit risk in the event of non-performance by any of its counterparties. To limit this risk, the Group currently deals primarily with financial institutions and customers with high credit ratings.\nFor the year ended December 31, 2019, 70.0% of the Group\u2019s revenue was earned from Shell (December 31, 2018 and December 31, 2017, 74.2% and 92.6%, respectively) and accounts receivable were not collateralized; however, management believes that the credit risk is partially offset by the creditworthiness of the Group\u2019s counterparties. BG Group was acquired by Shell on February 15, 2016. This acquisition does not impact the contractual obligations under the existing charter party agreements. The Group did not experience significant credit losses on its accounts receivable portfolio during the three years ended December 31, 2019. The carrying amount of financial assets recorded in the consolidated financial statements represents the Group\u2019s maximum exposure to credit risk. Management monitors exposure to credit risk, and they believe that there is no substantial credit risk arising from the Group\u2019s counterparties.\nThe credit risk on liquid funds and derivative financial instruments is limited because the counterparties are banks with high credit ratings assigned by international credit-rating agencies.\n\n | As of December 31, | \n--------------------------------------------------------------- | ------------------ | -------\n | 2018 | 2019 \nCash and cash equivalents | 342,594 | 263,747\nShort-term investments | 25,000 | 4,500 \nTrade and other receivables | 20,244 | 24,900 \nDividends receivable and other amounts due from related parties | 33,395 | 573 \nDerivative financial instruments | 15,188 | 4,001 "} {"_id": "d1b3a02e0", "title": "", "text": "A reconciliation of the combined Canadian federal and provincial income tax rate with our effective income tax rate is as follows:\nIn Fiscal 2019, 2018 and 2017, respectively, substantially all the tax rate differential for international jurisdictions was driven by earnings in the United States.\nThe effective tax rate decreased to a provision of 35.2% for the year ended June 30, 2019, compared to 37.2% for the year ended June 30, 2018. The increase in tax expense of $11.1 million was primarily due to the increase in net income taxed at foreign rates of $10.7 million, an increase of $26.4 million in reserves for unrecognized tax benefits, an increase of $16.1 million arising on the introduction of BEAT in Fiscal 2019, and an increase of $16.3 million relating to the tax impact of internal reorganizations of subsidiaries, partially offset by a the reversal of accruals for undistributed United States earnings of $14.8 million, the Fiscal 2018 impact of United States tax reform of $19.0 million which did not recur in Fiscal 2019, an increase in tax credits for research and development of $9.7 million, an increase of $6.8 million in the release of valuation allowance, a decrease of $5.8 million in the impact of withholding taxes in Fiscal 2019. The remainder of the difference was due to normal course movements and non-material items.\nIn July 2016, we implemented a reorganization of our subsidiaries worldwide with the view to continuing to enhance operational and administrative efficiencies through further consolidated ownership, management, and development of our intellectual property (IP) in Canada, continuing to reduce the number of entities in our group and working towards our objective of having a single operating legal entity in each jurisdiction. A significant tax benefit of $876.1 million, associated primarily with the recognition of a net deferred tax asset arising from the entry of the IP into Canada, was recognized in the first quarter of Fiscal 2017. For more information relating to this, please refer to our Annual Report on Form 10-K for the year ended June 30, 2017.\nAs of June 30, 2019, we have approximately $242.3 million of domestic non-capital loss carryforwards. In addition, we have $387.6 million of foreign non-capital loss carryforwards of which $53.8 million have no expiry date. The remainder of the domestic and foreign losses expires between 2020 and 2039. In addition, investment tax credits of $58.6 million will expire between 2020 and 2039.\n\n | | Year Ended June 30, | \n-------------------------------------------------- | -------- | ------------------- | ----------\n | 2019 | 2018 | 2017 \nExpected statutory rate | 26.5% | 26.5% | 26.5% \nExpected provision for income taxes | $116,752 | $102,323 | $66,131 \nEffect of foreign tax rate differences | (1,344) | 2,352 | 8,647 \nChange in valuation allowance | (5,045) | 1,779 | 520 \nAmortization of deferred charges | \u2014 | 4,242 | 6,298 \nEffect of permanent differences | (577) | 4,332 | 3,673 \nEffect of changes in unrecognized tax benefits | 31,992 | 5,543 | 14,427 \nEffect of withholding taxes | 2,097 | 7,927 | 3,845 \nDifference in tax filings from provision | (250) | 1,321 | (7,836) \nEffect of U.S. tax reform | \u2014 | 19,037 | \u2014 \nEffect of tax credits for research and development | (13,550) | (3,875) | (2,643) \nEffect of accrual for undistributed earnings | (13,112) | (1,154) | 5,613 \nEffect of Base Erosion and Anti-Abuse Tax (BEAT) | 16,030 | \u2014 | \u2014 \nOther Items | 5,473 | (1) | 1,075 \nImpact of internal reorganization of subsidiaries | 16,471 | \u2014 | (876,114) \n | 154,937 | $143,826 | $(776,364)"} {"_id": "d1b38049a", "title": "", "text": "IFRS balance sheet items\nOur total investment in joint ventures was \u00a3524.1 million at 31 December 2019 (which includes investments in joint ventures of \u00a3326.6 million and loans to joint ventures \u00a3197.5 million), a decrease of \u00a3299.8 million from 31 December 2018. The key driver in the year related to the share of loss of joint ventures of \u00a3158.9 million, which primarily included underlying earnings of \u00a327.9 million and a property revaluation deficit of \u00a3182.9 million, a \u00a3200.7 million transfer of intu Puerto Venecia and intu Asturias to held for sale, partially offset by the residual interest in intu Derby of \u00a393.9 million being classified as a joint venture.\nWe are exposed to foreign exchange movements on our overseas investments. At 31 December 2019 the exposure was 24 per cent of net assets attributable to shareholders, the increase from the 31 December 2018 exposure of 15 per cent being due to the property revaluation deficit in the UK. Adjusted for the disposals in intu Puerto Venecia and intu Asturias, this exposure would be reduced to 15 per cent.\n1 A reconciliation from the IFRS consolidated balance sheet to the amounts presented above is provided in the presentation of information on page 159. A further reconciliation of EPRA NAV to IFRS net assets attributable to owners of intu properties plc is provided within EPRA measures on page 169.\n2 Other assets and liabilities includes property, plant and equipment, other non-current assets, trade and other receivables, trade and other payables, current tax liabilities, deferred tax liabilities and other payables.\n3 Relates primarily to our partner\u2019s 40 per cent stake in intu Metrocentre. The amount is considered to be recoverable in view of the \u00a3195.4 million owed to the non-controlling interest (which is included in the Group\u2019s borrowings in note 23).\n4 Other adjustments relate to fair value of derivative financial instruments, fair value of convertible bonds, deferred tax on investment and development property, share of joint ventures\u2019 adjusted items and non-controlling interest recoverable balance not recognised in EPRA NAV.\nThe key drivers in the decrease in IFRS net assets attributable to owners of intu properties plc of \u00a31,907.5 million as well as the decrease in EPRA NAV of \u00a31,969.8 million and EPRA NAV per share of 146 pence in the year are discussed below.\nA Investment and development property\nInvestment and development property has decreased by \u00a32,534.1 million:\n\u2014deficit on revaluation of \u00a31,979.7 million (see E above within the income statement section)\n\u2014disposals in the year, including the part disposal of intu Derby in July 2019, transfer of intu Puerto Venecia and intu Asturias to assets held for sale (see B below) and sundry asset disposals\n\u2014capital expenditure of \u00a3129.2 million on projects enhancing the value and appeal of our centres, including \u00a344.5 million on the Primark anchored intu Trafford Centre\u2019s Barton Square extension, \u00a314.5 million on the redevelopment of intu Broadmarsh and \u00a311.2 million on the now completed leisure extension at intu Lakeside\nB Joint ventures and other assets classified as held for sale\nintu Puerto Venecia and intu Asturias were classified as joint ventures held for sale at 31 December 2019 and recognised at their expected net proceeds.\nintu Puerto Venecia\nIn December 2019 the Group announced the disposal of its joint venture interest in intu Puerto Venecia to Generali Shopping Centre Fund S.C.S. SICAV-SIF and Union Investment Real Estate GMBH for \u20ac475.3 million (intu share \u20ac237.7 million), an 11 per cent discount to the June 2019 valuation. This is expected to complete in early April and deliver net proceeds to intu of around \u00a395.4 million after repaying asset-level debt, working capital adjustments, fees and taxation.\n\n\u00a3m | Notes | 2019 | 2018 | Change \n------------------------------------------------------------- | ----- | --------- | --------- | ---------\nInvestment and development property | A | 6,721.6 | 9,255.7 | (2,534.1)\nJoint ventures and other assets classified as held for sale | B | 163.7 | \u2013 | 163.7 \nInvestment in associates | C | 53.7 | 65.6 | (11.9) \nNet external debt | D | (4,498.4) | (4,867.2) | 368.8 \nDerivative financial instruments | E | (286.9) | (284.0) | (2.9) \nOther assets and liabilities2 | | (307.7) | (342.0) | 34.3 \nNet assets | | 1,846.0 | 3,828.1 | (1,982.1)\nNon-controlling interest3 | | 58.2 | (16.4) | 74.6 \nIFRS net assets attributable to owners of intu properties plc | | 1,904.2 | 3,811.7 | (1,907.5)\nOther adjustments4 | | 73.1 | 135.4 | (62.3) \nEPRA NAV | | 1,977.3 | 3,947.1 | (1,969.8)\nEPRA NAV per share (pence) | F | 147p | 293p | (146)p "} {"_id": "d1b363192", "title": "", "text": "Restricted Stock Units (RSUs): RSUs represent the right to receive one share of NortonLifeLock common stock for each vested RSU upon the settlement date, subject to continued employment through each vesting date.\n(1) Mr. Clark did not receive an RSU award for FY19.\n(2) In FY19, Messrs. Taylor and Noviello, as FY18 NEOs, were granted a mix of PRUs and RSUs at 70% and 30%, respectively. All other executives, other than Mr. Clark, received a mix of PRUs and RSUs at 50% and 50%, respectively.\n\nNEO | FY19 RSU Award Amount (#)(2) | Grant Date Value ($)\n----------------------- | ---------------------------- | --------------------\nGregory S. Clark(1) | 0 | 0 \nNicholas R. Noviello | 95,416 | 2,106,785 \nAmy L. Cappellanti-Wolf | 78,620 | 1,683,254 \nSamir Kapuria | 238,243 | 5,100,783 \nScott C. Taylor | 61,339 | 1,354,365 "} {"_id": "d1b373268", "title": "", "text": "Adoption of ASC 606\nOn January 1, 2018, the Company adopted ASC 606, Revenue from Contracts with Customers, applying the modified retrospective method to all contracts not completed as of January 1, 2018. Results for reporting periods beginning after January 1, 2018 are presented under ASC 606, while prior period amounts are not adjusted and continue to be reported under the accounting standards in effect for the prior period.\nThe impact of adopting the standard primarily related to a change in the timing of revenue recognition for voyage charter contracts. In the past, the Company recognized revenue from voyage charters ratably over the estimated length of each voyage, calculated on a discharge-to-discharge basis.\nUnder the new standard, the Company recognizes revenue from voyage charters ratably over the estimated length of each voyage, calculated on a load-to-discharge basis. In addition, the adoption of ASC 606 resulted in a corresponding change in the timing of recognition of voyage expenses for voyage charter contracts.\nThe cumulative effect of the changes made to the Company's consolidated January 1, 2018 balance sheet for the adoption of ASC 606 was as follows:\nFor the year ended December 31, 2018, revenues increased by $1,418, net income increased by $1,101 and basic and diluted net income per share increased by $0.01 as a result of applying ASC 606.\n\n | Balance at December 31, 2017 | Adjustments Due to ASC 606 | Balance at January 1, 2018\n--------------------- | ---------------------------- | -------------------------- | --------------------------\nAssets | | | \nVoyage receivables | $24,209 | $1,336 | $25,545 \nLiabilities | | | \nDeferred income taxes | 83,671 | (108) | 83,563 \nEquity | | | \nAccumulated deficit | (265,758) | (1,228) | (266,986) "} {"_id": "d1b376800", "title": "", "text": "The determination of which country a particular sale is allocated to is based on the destination of the product shipment. No other individual country accounted for more than 10% of net revenue during these periods. Although a large percentage of the Company\u2019s products is shipped to Asia, and in particular, China, the Company believes that a significant number of the systems designed by customers and incorporating the Company\u2019s semiconductor products are subsequently sold outside Asia to Europe, Middle East, and Africa, or EMEA markets and North American markets.\nLong-lived assets, which consists of property and equipment, net, leased right-of-use assets, intangible assets, net, and goodwill, by geographic area are as follows (in thousands):\n(1) Amounts do not include leased right-of-use assets in the prior period due to the adoption of ASC 842 under the modified retrospective method with a cumulative effect adjustment to accumulated deficit as of January 1, 2019.\n\n | As of December 31, | | | \n------------- | ------------------ | ---------- | -------- | ----------\n | 2019 | | 2018(1) | \n | Amount | % of total | Amount | % of total\nUnited States | $385,302 | 85% | $426,321 | 85% \nSingapore | 63,556 | 14% | 71,945 | 14% \nRest of world | 5,034 | 1% | 3,368 | 1% \nTotal | $453,892 | 100% | $501,634 | 100% "} {"_id": "d1b3a26b2", "title": "", "text": "NOTE 10 \u2013 FREIGHT RECEIVABLES\nAs of 31 December 2019, freight receivables included receivables at a value of USD 0.0m (2018: USD 0.0m 2017: USD 0.0m) that are individually determined to be impaired to a value of USD 0.0m (2018: USD 0.0m, 2017: USD 0.0m).\nManagement makes allowance for expected credit loss based on the simplified approach to provide for expected credit losses, which permits the use of the lifetime expected loss provision for all trade receivables. Expected credit loss for receivables overdue more than 180 days is 25%-100%, depending on category. Expected credit loss for receivables overdue more than one year is 100%.\n\nUSDm | 2019 | 2018 | 2017\n-------------------------------------------------- | ---- | ---- | ----\nAnalysis as of 31 December of freight receivables: | | | \nGross freight receivables: | | | \nNot yet due | 39.8 | 44.0 | 25.5\nDue < 30 days | 22.5 | 18.8 | 26.0\nDue between 30 and 180 days | 25.3 | 20.5 | 18.4\nDue > 180 days | 6.0 | 4.4 | 2.7 \nTotal gross | 93.6 | 87.7 | 72.6\nAllowance for expected credit loss | 3.7 | 1.7 | 1.3 \nTotal net | 89.9 | 86.0 | 71.3"} {"_id": "d1b3afaba", "title": "", "text": "Note 9 Earnings per share\nThe following table shows the components used in the calculation of basic and diluted earnings per common share for earnings attributable to common shareholders.\n(1) The calculation of the assumed exercise of stock options includes the effect of the average unrecognized future compensation cost of dilutive options. It excludes options for which the exercise price is higher than the average market value of a BCE common share. The number of excluded options was 61,170 in\u00a02019 and 12,252,594\u00a0in 2018.\n\nFOR THE YEAR ENDED DECEMBER 31 | 2019 | 2018 \n---------------------------------------------------------------------------- | ----- | -----\nNet earnings attributable to common shareholders \u2013 basic | 3,040 | 2,785\nDividends declared per common share (in dollars) | 3.17 | 3.02 \nWeighted average number of common shares outstanding (in millions) | | \nWeighted average number of common shares outstanding \u2013 basic | 900.8 | 898.6\nAssumed exercise of stock options\u2009(1) | 0.6 | 0.3 \nWeighted average number of common shares outstanding \u2013 diluted (in millions) | 901.4 | 898.9"} {"_id": "d1b34118c", "title": "", "text": "Note 5: Income Taxes\nOn December 22, 2017, the U.S. government enacted the Tax Cuts and Jobs Act (the \u201cTax Act\u201d). The Tax Act includes significant changes to the U.S. corporate income tax system including: a federal corporate rate reduction from 35% to 21%; limitations on the deductibility of interest expense and executive compensation; creation of the base erosion anti-abuse tax (\u201cBEAT\u201d), a new minimum tax; and the transition of U.S. international taxation from a worldwide tax system to a modified territorial tax system. The change to a modified territorial tax system resulted in a one-time U.S. tax liability on those earnings which have not previously been repatriated to the U.S. (the \u201cTransition Tax\u201d), with future distributions not subject to U.S. federal income tax when repatriated. A majority of the provisions in the Tax Act are effective January 1, 2018.\nIn response to the Tax Act, the SEC staff issued guidance on accounting for the tax effects of the Tax Act. The guidance provides a one-year measurement period for companies to complete the accounting. The Company reflected the income tax effects of those aspects of the Tax Act for which the accounting is complete. To the extent a company's accounting for certain income tax effects of the Tax Act is incomplete but it is able to determine a reasonable estimate, a company should record a provisional estimate in the financial statements. If a company cannot determine a provisional estimate to be included in the financial statements, it should continue to apply the provisions of the tax laws that were in effect immediately before the enactment of the Tax Act.\nIn connection with the Company's initial analysis of the impact of the Tax Act, the Company has recorded a provisional estimate of discrete net tax expense of $508,000 for the period ended December 31, 2017. This discrete expense consists of provisional estimates of zero expense for the Transition Tax, $173,000 net benefit for the decrease in the Company's deferred tax liability on unremitted foreign earnings, and $681,000 net expense for remeasurement of the Company's deferred tax assets and liabilities for the corporate rate reduction.\nDuring the year ended December 31, 2018, we completed our accounting for the income tax effects of the Tax Act. We did not recognize any additional discrete net tax expense in addition to the provisional amounts recorded at December 31, 2017 for the enactment-date effects of the Tax Act, for a total of $508,000 of discrete net tax expense.\nAs of December 31, 2019, the Company is permanently reinvested in certain Non-U.S. subsidiaries and does not have a deferred tax liability related to its undistributed foreign earnings. The estimated amount of the unrecognized deferred tax liability attributed to future withholding taxes on dividend distributions of undistributed earnings for certain non-U.S. subsidiaries, which the Company intends to reinvest the related earnings indefinitely in its operations outside the U.S., is approximately $484,000 at December 31, 2019\nThe components of income before income tax expense are as follows (in thousands):\n\nYear Ended December 31, | | \n----------------------- | ------- | ------\n | 2019 | 2018 \nU.S. | $11,553 | $8,677\nForeign | (2,604) | (391) \n | $8,949 | $8,286"} {"_id": "d1b38ded8", "title": "", "text": "During the year ended 31 December 2019, the Company repurchased 3,486,700 shares on the Stock Exchange for an aggregate consideration of approximately HKD1.16 billion before expenses. The repurchased shares were subsequently cancelled. The repurchase was effected by the Board for the enhancement of shareholder value in the long term. Details of the shares repurchased are as follows:\nSave as disclosed above and in Note 32 to the consolidated financial statements, neither the Company nor any of its subsidiaries has purchased, sold or redeemed any of the Company\u2019s shares during the year ended 31 December 2019.\n\n | Purchase consideration per share | | | \n------------------------- | -------------------------------- | ---------- | ---------- | -------------\n | | | | Aggregate \n | No. of shares | Highest | Lowest | consideration\nMonth of purchase in 2019 | purchased | price paid | price paid | paid \n | | HKD | HKD | HKD \nAugust | 362,200 | 327.00 | 312.40 | 116,330,916 \nSeptember | 2,294,500 | 351.00 | 323.60 | 776,104,729 \nOctober | 830,000 | 327.80 | 317.40 | 268,272,462 \nTotal: | 3,486,700 | | | 1,160,708,107"} {"_id": "d1b2f109c", "title": "", "text": "ADVANCED ENERGY INDUSTRIES, INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS \u2013 (continued) (in thousands, except per share amounts)\nThe following table presents our unaudited pro forma results for the acquisitions of Artesyn and LumaSense:\nThe unaudited pro forma results for all periods presented include adjustments made to account for certain costs and transactions that would have been incurred had the acquisitions been completed at the beginning of the year prior to the year of acquisition. These include adjustments to amortization charges for acquired intangible assets, interest and financing expenses, transaction costs, amortization of purchased gross profit and the alignment of various accounting policies. These adjustments are net of any applicable tax impact and were included to arrive at the pro forma results above.\nArtesyn\u2019s operating results have been included in the Advanced Energy\u2019s operating results for the periods subsequent to the completion of the acquisition on September 10, 2019. During the year ended December 31, 2019, Artesyn contributed total sales of $220.3 million and net income of $7.1 million, including interest and other expense associated with the financing of the transaction.\n\n | | | Year Ended December 31, | \n----------------------------------------------------------- | ----------- | ---------- | ----------------------- | ----------\n | 2019 | | 2018 | \n | As Reported | Pro Forma | As Reported | Pro Forma \nTotal sales | $788,948 | $1,202,790 | $718,892 | $1,350,037\nNet income attributable to Advanced Energy Industries, Inc. | $64,941 | $83,104 | $147,025 | $158,422 \nEarnings per share: | | | | \nBasic earnings per share | $1.70 | $2.17 | $3.76 | $4.05 \nDiluted earnings per share | $ 1.69 | $ 2.16 | $ 3.74 | $ 4.03 "} {"_id": "d1b39b222", "title": "", "text": "Research and Development\nResearch and development expenses increased $24.2 million, or 31%, in 2019 as compared to 2018. The increase was principally due to the 2018 Reallocation of headcount from sales and marketing to research and development, as well as investments to maintain and improve the functionality of our products. As a result, we incurred increased employee-related costs of $16.3 million and increased overhead costs of $3.4 million.\nResearch and development expenses increased $15.0 million, or 24%, in 2018 as compared to 2017. The increase was principally due to the 2018 Reallocation of headcount from sales and marketing to research and development, as well as investments to maintain and improve the functionality of our products. As a result, we incurred increased employee-related costs of $12.1 million.\n\n | | Year Ended December 31, | \n------------------------ | -------- | ----------------------- | -------\n | 2019 | 2018 | 2017 \n | | (dollars in thousands) | \nResearch and development | $101,151 | $76,981 | $61,975\nPercent of revenue | 17.5% | 14.3% | 12.9% "} {"_id": "d1b3bd598", "title": "", "text": "Property, Plant and Equipment.\nProperty, plant and equipment is stated at cost. Maintenance and repair costs are expensed as incurred. Depreciation is calculated using the straight-line method using estimated useful lives of 5 to 40 years for buildings and building improvements and 3 to 15 years for machinery and equipment. A summary of property, plant and equipment is shown below:\nDepreciation expense was $27.2 million, $22.5 million and $22.0 million in fiscal 2019, fiscal 2018 and fiscal 2017, respectively. As of April 27, 2019 and April 28, 2018, capital expenditures recorded in accounts payable totaled $6.4 million and $9.0 million, respectively.\n\n(Dollars in Millions) | April 27, 2019 | April 28, 2018\n------------------------------------------ | -------------- | --------------\nLand | $3.7 | $0.8 \nBuildings and Building Improvements | 81.2 | 69.2 \nMachinery and Equipment | 390.7 | 364.7 \nTotal Property, Plant and Equipment, Gross | 475.6 | 434.7 \nLess: Accumulated Depreciation | 283.7 | 272.5 \nProperty, Plant and Equipment, Net | $191.9 | $162.2 "} {"_id": "d1b33ec7a", "title": "", "text": "ITEM 6. SELECTED FINANCIAL DATA\nThe selected consolidated statements of operations data for the years ended December 31, 2019, 2018 and 2017 and the selected consolidated balance sheet data as of December 31, 2019 and 2018 are derived from our audited consolidated financial statements included elsewhere in this Annual Report. The selected consolidated statements of operations data for the years ended December 31, 2016 and 2015 and the selected consolidated balance sheet data as of December 31, 2017, 2016 and 2015 are derived from our audited consolidated financial statements not included in this Annual Report. Our historical results are not necessarily indicative of the results to be expected in the future. The selected financial data should be read together with Item 7. \"Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations\" and in conjunction with our consolidated financial statements, related notes, and other financial information included elsewhere in this Annual Report. The following tables set forth our selected consolidated financial and other data for the years ended and as of December 31, 2019, 2018, 2017, 2016 and 2015 (in thousands, except share and per share data).\nInformation about prior period acquisitions that may affect the comparability of the selected financial information presented below is included in Item 1. Business. Information about the $28.0 million expense recorded in general and administrative expense in 2018, which relates to the agreement reached to settle the legal matter alleging violations of the Telephone Consumer Protection Act, or TCPA, and may affect the comparability of the selected financial information presented below, is disclosed in Item 3. \u201cLegal Proceedings.\u201d Information about the $1.7 million of interest recorded within interest income and the $6.9 million of gain recorded within other income, net, in 2019, which relates to promissory note proceeds received from one of our hardware suppliers and proceeds from an acquired promissory note, and may affect the comparability of the selected financial information presented below, is disclosed in Item 7. \"Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations.\"\nCertain previously reported amounts in the consolidated statements of operations for the years ended December 31, 2018, 2017, 2016 and 2015 have been reclassified to conform to our current presentation to reflect interest income as a separate line item, which was previously included in other income, net.\n\n | | | Year Ended December 31, | | \n-------------------------------------- | ------- | ------- | ----------------------- | ------ | ------\n | 2019 | 2018 | 2017 | 2016 | 2015 \nStock-based compensation expense data: | | | | | \nSales and marketing | $2,075 | $1,196 | $561 | $536 | $372 \nGeneral and administrative | 6,474 | 4,901 | 2,638 | 1,430 | 2,486 \nResearch and development | 12,054 | 7,332 | 4,214 | 2,035 | 1,266 \nTotal stock-based compensation expense | $20,603 | $13,429 | $7,413 | $4,001 | $4,124"} {"_id": "d1b30716c", "title": "", "text": "Share Repurchase Program\nIn both fiscal 2019 and 2018, our board of directors authorized increases of $1.5 billion in our share repurchase program. Common shares repurchased under the share repurchase program were as follows:\nAt fiscal year end 2019, we had $1.5 billion of availability remaining under our share repurchase authorization.\n\n | | Fiscal | \n----------------------------------- | ------- | ------------- | -----\n | 2019 | 2018 | 2017 \n | | (in millions) | \nNumber of common shares repurchased | 12 | 10 | 8 \nRepurchase value | $ 1,014 | $ 966 | $ 621"} {"_id": "d1b33e8e2", "title": "", "text": "13. Intangible assets continued\nGoodwill has been allocated to three CGUs, which align with the reportable operating segments, as follows:\n\n | 2019 | 2018 \n--------------------------- | --------- | ---------\n | $ million | $ million\nNetworks & Security | 73.4 | 72.0 \nLifecycle Service Assurance | 37.6 | 37.6 \nConnected Devices | 46.1 | 46.1 \n | 157.1 | 155.7 "} {"_id": "d1b34bc0e", "title": "", "text": "18. Trade and other receivables\nFollowing the application of IFRS 16, trade and other receivables have been restated (note 2).\nTrade receivables are amounts due from customers for services performed in the ordinary course of business. They are generally due for settlement within 30 days and therefore are all classified as current. Trade receivables are recognised initially at the amount of consideration that is unconditional and has been invoiced at the reporting date. The Group holds the trade receivables with the objective to collect the contractual cash flows and therefore measures them subsequently at amortised cost using the effective interest method.\nAccrued income relates to the Group\u2019s rights to consideration for services provided but not invoiced at the reporting date. Accrued income is transferred to receivables when invoiced. Other receivables include \u00a30.1m due from Auto Trader Auto Stock Limited, a related party (note 34).\nExposure credit risk and expected credit losses relating to trade and other receivables are disclosed in note 31.\n\n | 2019 | (Restated) 2018\n--------------------------------------------------- | ----- | ---------------\n | \u00a3m | \u00a3m \nTrade receivables | 27.0 | 28.8 \nLess: provision for impairment of trade receivables | (2.1) | (3.4) \nNet trade receivables | 24.9 | 25.4 \nAccrued income | 28.0 | 26.7 \nPrepayments | 2.9 | 2.7 \nOther receivables | 0.3 | 0.1 \nTotal | 56.1 | 54.9 "} {"_id": "d1b3b17e8", "title": "", "text": "The following table presents total stock-based compensation cost included in income from continuing operations.\nTotal unrecognized compensation cost related to non-vested awards at December 31, 2019 was $1.2 billion and is expected to be recognized over a weighted-average period of approximately 2.5 years.\nCapitalized stock-based compensation cost was not material at December 31, 2019, 2018 and 2017.\n\n($ in millions) | | | \n------------------------------------- | ----- | ----- | -----\nFor the year ended December 31: | 2019 | 2018 | 2017 \nCost | $100 | $82 | $91 \nSelling, general and administrative | 453 | 361 | 384 \nResearch, development and engineering | 126 | 67 | 59 \nPre-tax stock-based compensation cost | 679 | 510 | 534 \nIncome tax benefits | (155) | (116) | (131)\nNet stock-based compensation cost | $524 | $393 | $403 "} {"_id": "d1b3b1c3e", "title": "", "text": "Goodwill activity for each period was as follows:\nDuring the third quarter of 2018, we made an organizational change to combine our AI investments in edge computing with IOTG; accordingly, approximately $480 million of goodwill was reallocated from \u201call other\u201d to the IOTG operating segment.\nDuring the fourth quarters of 2019 and 2018, we completed our annual impairment assessments and we concluded that goodwill was not impaired in either of these years. The accumulated impairment loss as of December 28, 2019 was $719 million: $365 million associated with CCG, $275 million associated with DCG, and $79 million associated with IOTG.\n\n(In Millions) | Dec 29, 2018 | Acquisitions | Transfers | Other | Dec 28, 2019\n---------------------------- | ------------ | ------------ | --------- | ----- | ------------\nData Center Group | $5,424 | $1,758 | $\u2014 | $\u2014 | $7,155 \nInternet of Things Group | 1,579 | \u2014 | \u2014 | \u2014 | 1,579 \nMobileye | 10,290 | \u2014 | \u2014 | \u2014 | 10,290 \nProgrammable Solutions Group | 2,579 | 67 | \u2014 | 8 | 2,681 \nClient Computing Group | 4,403 | \u2014 | \u2014 | (70) | 4,333 \nAll other | 238 | \u2014 | \u2014 | \u2014 | 238 \nTotal | $24,513 | $1,825 | $\u2014 | $(62) | $26,276 \n(In Millions) | Dec 30, 2017 | Acquisitions | Transfers | Other | Dec 29, 2018\nData Center Group | $5,421 | $3 | $\u2014 | $\u2014 | $5,424 \nInternet of Things Group | 1,126 | 16 | 480 | (43) | 1,579 \nMobileye | 10,278 | 7 | \u2014 | 5 | 10,290 \nProgrammable Solutions Group | 2,490 | 89 | \u2014 | \u2014 | 2,579 \nClient Computing Group | 4,356 | 47 | \u2014 | \u2014 | 4,403 \nAll other | 718 | \u2014 | (480) | \u2014 | 238 \nTotal | $24,389 | $162 | $\u2014 | $(38) | $24,513 "} {"_id": "d1b3352d8", "title": "", "text": "18. Geographic Information\nRevenue by geography is based on the customer's billing address, and was as follows:\nNo individual international country represented more than 10% of total revenue in any period presented.\n\n | Year Ended December 31, | | \n------------- | ----------------------- | -------- | --------\n | 2019 | 2018 | 2017 \nU.S. | $1,979.6 | $1,723.9 | 1,504.5 \nInternational | 1,008.5 | 936.2 | 727.4 \n | $2,988.1 | $2,660.1 | $2,231.9"} {"_id": "d1b3a557e", "title": "", "text": "Goodwill and Other Intangibles\nIn accordance with ASC 350, Intangibles \u2013 Goodwill and Other, the Company assesses goodwill for impairment annually during the fourth quarter of its fiscal year using October 1 balances or when there is evidence that events or changes in circumstances indicate that the carrying amount of the asset may not be recovered. The Company evaluates goodwill at the reporting unit level using the discounted cash flow valuation model and allocates goodwill to these reporting units using a relative fair value approach. During this assessment, management relies on a number of factors, including operating results, business plans, and anticipated future cash flows. The Company has identified its reportable segments, ACI On Premise and ACI On Demand, as the reporting units.\nThe key assumptions used in the discounted cash flow valuation model include discount rates, growth rates, cash flow projections and terminal value rates. Discount rates, growth rates, and cash flow projections are the most sensitive and susceptible to change, as they require significant management judgment. Discount rates are determined by using a weighted average cost of capital (\u201cWACC\u201d). The WACC considers market and industry data as well as company-specific risk factors. Operational management, considering industry and company-specific historical and projected data, develops growth rates and cash flow projections for each\u00a0 flow estimates beyond the last projected period, assuming a constant WACC and low, long-term growth rates. If the recoverability test indicates potential impairment, the Company calculates an implied fair value of goodwill for the reporting unit. The implied fair value of goodwill is determined in a manner similar to how goodwill is calculated in a business combination. If the implied fair value of goodwill exceeds the carrying value of goodwill assigned to the reporting unit, there is no impairment. If the carrying value of goodwill assigned to the reporting unit exceeds the implied fair value of the goodwill, an impairment charge is recorded to write down the carrying value. The calculated fair value substantially exceeded the current carrying value for all reporting units for all periods.\nChanges in the carrying amount of goodwill attributable to each reporting unit during the year ended December 31, 2019, were as follows (in thousands):\n(1) Goodwill from acquisitions relates to the goodwill recorded for the acquisition of E Commerce Group Products, Inc. (\"ECG\"), along with ECG's subsidiary, Speedpay, Inc. (collectively referred to as \"Speedpay\") and Walletron, Inc. (\"Walletron\"), as discussed in Note 3, Acquisition. The purchase price allocations for Speedpay and Walletron are preliminary as of December 31, 2019, and are subject to future changes during the maximum one-year measurement period.\nOther intangible assets, which include customer relationships and trademarks and trade names, are amortized using the straight-line method over periods ranging from three years to 20 years. The Company reviews its other intangible assets for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable.\n\n | ACI On Demand | ACI On Premise | Total \n------------------------------------------- | ------------- | -------------- | ----------\nGross Balance, prior to December 31, 2018 | $ 183,783 | $ 773,340 | $ 957,123 \nTotal impairment prior to December 31, 2018 | \u2014 | (47,432) | (47,432 ) \nBalance, December 31, 2018 | 183,783 | 725,908 | 909,691 \nGoodwill from acquisitions (1) | 370,834 | \u2014 | 370,834 \nBalance, December 31, 2019 | $554,617 | $725,908 | $1,280,525"} {"_id": "d1b32a40a", "title": "", "text": "Dell purchases our products and services directly from us, as well as through our channel partners. Information about our revenue and receipts, and unearned revenue from such arrangements, for the periods presented consisted of the following (table in millions):\nSales through Dell as a distributor, which is included in reseller revenue, continues to grow rapidly.\nCustomer deposits resulting from transactions with Dell were $194 million and $85 million as of January 31, 2020 and February 1, 2019, respectively.\n\n | | Revenue and Receipts | | Unearned Revenue | \n----------------------------------------- | ---------------- | ------------------------ | ---------------- | ---------------- | ----------------\n | | For the Year Ended As of | | As of | \n | January 31, 2020 | February 1, 2019 | February 2, 2018 | January 31, 2020 | February 1, 2019\nReseller revenue | $3,288 | $2,355 | $1,464 | $3,787 | $2,554 \nInternal-use revenue | 82 | 41 | 46 | 57 | 29 \nCollaborative technology project receipts | 10 | 4 | \u2014 | n/a | n/a "} {"_id": "d1b30964c", "title": "", "text": "Note 15. Stock-Based Compensation\nStock-based compensation expense is included in the following line items in the consolidated statements of operations (in thousands):\n\n | | Year Ended December 31, | \n-------------------------------------- | ------- | ----------------------- | ------\nStock-based compensation expense data: | 2019 | 2018 | 2017 \nSales and marketing | $2,075 | $1,196 | $561 \nGeneral and administrative | 6,474 | 4,901 | 2,638 \nResearch and development | 12,054 | 7,332 | 4,214 \nTotal stock-based compensation expense | $20,603 | $13,429 | $7,413"} {"_id": "d1b392e92", "title": "", "text": "Balance sheet\nUnder IAS 12 Income Taxes, provision is made for the deferred tax assets and liabilities associated with the revaluation of assets and liabilities at the corporate tax rate expected to apply to the Group at the time the temporary differences are expected to reverse. For those UK assets and liabilities benefiting from REIT exemption the relevant tax rate will be 0 per cent (2018: 0 per cent), and for other UK assets and liabilities the relevant rate will be 19 per cent if the temporary difference is expected to be realised before 1 April 2020 and 17 per cent if it is expected to be realised on or after 1 April 2020 (2018: 19 per cent before 1 April 2020, 17 per cent thereafter). For Spanish assets and liabilities the relevant tax rate will be 25 per cent (2018: 25 per cent).\nMovements in the provision for deferred tax:\nThe net deferred tax provision of \u00a30.9 million predominantly arises in respect of the revaluation of development property at intu Costa del Sol, partially offset by associated tax losses.\n\n\u00a3m | Investment and development property | Other temporary differences | Total \n---------------------------------------- | ----------------------------------- | --------------------------- | ------\nProvided deferred tax provision/(asset): | | | \nAt 1 January 2018 | 24.6 | (0.9) | 23.7 \nRecognised in the income statement | (5.5) | (0.3) | (5.8) \nForeign exchange movements | 0.1 | \u2013 | 0.1 \nAt 31 December 2018 | 19.2 | (1.2) | 18.0 \nRecognised in the income statement | (16.4) | (0.2) | (16.6)\nForeign exchange movements | (0.5) | \u2013 | (0.5) \nAt 31 December 2019 | 2.3 | (1.4) | 0.9 "} {"_id": "d1b307b12", "title": "", "text": "Note 14 Debt and Credit Facilities\nOur total debt outstanding consisted of the amounts set forth on the following table:\n(1) Short-term borrowings of $98.9 million at December 31, 2019 were comprised of $89.0 million under our revolving credit facility and $9.9 million of short-term borrowings from various lines of credit. Short-term borrowings of $232.8 million at December 31, 2018 were comprised of $140.0 million under our revolving credit facility, $83.9 million under our European securitization program and $8.9 million of short-term borrowings from various lines of credit.\n(2) The Current portion of long-term debt includes finance lease liabilities of $10.4 million as of December 31, 2019. The Other debt balance includes $28.7 million for long-term liabilities associated with our finance leases as of December 31, 2019. See Note 4, \"Leases,\" of the Notes to Condensed Consolidated Financial Statements for additional information on finance and operating lease liabilities.\n(3) Amounts are net of unamortized discounts and issuance costs of $24.6 million and $24.3 million as of December 31, 2019 and 2018, respectively.\n(4) As of December 31, 2019, our weighted average interest rate on our short-term borrowings outstanding was 5.0% and on our long-term debt outstanding was 4.8%. As of December 31, 2018, our weighted average interest rate on our short-term borrowings outstanding was 2.8% and on our long-term debt outstanding was 5.4%.\n\n | December 31, | \n--------------------------------------------- | ------------ | ---------\n(In millions) | 2019 | 2018 \nShort-term borrowings (1) | $ 98.9 | $ 232.8 \nCurrent portion of long-term debt(2) | 16.7 | 4.9 \nTotal current debt | 115.6 | 237.7 \nTerm Loan A due July 2022 | 474.6 | \u2014 \nTerm Loan A due July 2023 | 218.2 | 222.2 \n6.50% Senior Notes due December 2020 | \u2014 | 424.0 \n4.875% Senior Notes due December 2022 | 421.9 | 421.1 \n5.25% Senior Notes due April 2023 | 422.0 | 421.2 \n4.50% Senior Notes due September 2023 | 445.6 | 454.9 \n5.125% Senior Notes due December 2024 | 421.9 | 421.3 \n5.50% Senior Notes due September 2025 | 397.4 | 397.1 \n4.00% Senior Notes due December 2027 | 420.4 | \u2014 \n6.875% Senior Notes due July 2033 | 445.7 | 445.5 \nOther(2) | 30.9 | 29.2 \nTotal long-term debt, less current portion(3) | 3,698.6 | 3,236.5 \nTotal debt(4) | $ 3,814.2 | $ 3,474.2"} {"_id": "d1b333b86", "title": "", "text": "A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows (in millions):\nAs of April 26, 2019, we had $296 million of gross unrecognized tax benefits, of which $252 million has been recorded in other long-term liabilities. Unrecognized tax benefits of $246 million, including penalties, interest and indirect benefits, would affect our provision for income taxes if recognized. As a result of U.S. tax reform, we recorded provisional gross unrecognized tax benefits of $114 million during fiscal 2018.\nWe recognized a benefit for adjustments to accrued interest and penalties related to unrecognized tax benefits in the income tax provision of approximately $4 million in fiscal 2019 and expense of $5 million in each of fiscal 2018 and 2017. Accrued interest and penalties of $18 million and $22 million were recorded in the consolidated balance sheets as of April 26, 2019 and April 27, 2018, respectively.\n\n | | Year Ended | \n------------------------------------------------------------ | -------------- | -------------- | --------------\n | April 26, 2019 | April 27, 2018 | April 28, 2017\nBalance at beginning of period | $ 348 | $ 218 | $ 216 \nAdditions based on tax positions related to the current year | 11 | 131 | 7 \nAdditions for tax positions of prior years | 26 | \u2014 | 7 \nDecreases for tax positions of prior years | (35 ) | (1 ) | \u2014 \nSettlements | (54 ) | \u2014 | (12 ) \nBalance at end of period | $ 296 | $ 348 | $ 218 "} {"_id": "d1b3b2ad0", "title": "", "text": "Stock Awards\nWe have granted RSUs to our employees, consultants and members of our Board of Directors, and PSUs to certain executives\nIn February 2016, we granted 547,000 PSUs with certain financial and operational targets. Actual performance,\nas measured at the time and prior to the restatement of the 2016 financial statements, resulted in participants\nachieving 80% of target. Given the PSUs did not contain explicit or implicit claw back rights, there was no change\nto stock-based compensation expense for the impact of the previously disclosed restatement of the 2016 consolidated\nfinancial statements. As of December 31, 2019, 253,203 shares had vested, 200,297 shares had been forfeited, and\nthe remaining 93,500 shares will vest (as to 80%) in annual tranches through February 2020 subject to continued\nservice vesting requirements\nIn October 2018, we granted 464,888 PSUs with certain financial targets. These PSUs will become eligible to\nvest at 75% upon the achievement of the performance targets by December 31, 2020, and are subject to service\ncondition vesting requirements. The remaining 25% of these PSUs will become eligible to vest on the first\nanniversary of the initial vesting date. None of these PSUs were vested as of December 31, 2019.\nIn April 2019, we granted 346,453 PSUs with certain financial targets. These PSUs will become eligible to vest at 75% on the second month following achievement of certain performance targets by December 31, 2021, with the remaining 25% of the PSUs to vest on the first anniversary of the initial vesting date, subject to continued service vesting requirements. None of these PSUs were vested as of December 31, 2019 In April 2019, we granted 346,453 PSUs with certain financial targets. These PSUs will become eligible to vest at 75% on the second month following achievement of certain performance targets by December 31, 2021, with the remaining 25% of the PSUs to vest on the first anniversary of the initial vesting date, subject to continued service vesting requirements. None of these PSUs were vested as of December 31, 2019\nIn December 2019, we granted 375,000 PSUs with certain market performance-based targets to be achieved\nbetween December 2019 and December 2023. One-third of each tranche of these PSUs will become eligible to vest\non each of the three anniversaries of the date the performance-based target is achieved, subject to continued service\nvesting requirements. The grant date fair values of each tranche of these PSUs were estimated to be $4.59, $4.06 and\n$3.59 and determined using the Monte Carlo simulation model with the following assumptions: expected term of\n4.0 years, expected volatility of 38.45%, risk-free interest rate of 1.7% and expected dividend yield of 0.0%. None\nof these PSUs were vested as of December 31, 2019\nThe following table summarizes our stock award activities and related information:\n\n | Number of Shares (thousands) | | Weighted-Average Remaining Vesting Term (years)\n--------------------------------- | ---------------------------- | ----- | -----------------------------------------------\nNonvested as of December 31, 2018 | 5,974 | $6.51 | \nGranted | 3,288 | $6.74 | \nReleased | (1,774) | $6.60 | \nCanceled | (1,340) | $6.57 | \nNonvested as of December 31, 2019 | 6,148 | $6.59 | 1.81 "} {"_id": "d1b332ace", "title": "", "text": "GasLog Ltd. and its Subsidiaries Notes to the consolidated financial statements (Continued) For the years ended December 31, 2017, 2018 and 2019 (All amounts expressed in thousands of U.S. Dollars, except share and per share data) \u00a0\u00a0 6. Tangible Fixed Assets and Vessels Under Construction\nThe movements in tangible fixed assets and vessels under construction are reported in the following table:\nVessels with an aggregate carrying amount of $4,407,156 as of December 31, 2019 (December 31, 2018: $4,304,252) have been pledged as collateral under the terms of the Group\u2019s loan agreements (Note 13).\nAs of December 31, 2019, a number of increasingly strong negative indicators such as the difference between ship broker estimates of the fair market values and the carrying values of the Group\u2019s Steam vessels, the lack of liquidity in the market for term employment for Steam vessels and reduced expectations for the estimated rates at which such term employment could be secured, together with the continued addition of modern, larger and more fuel efficient LNG carriers to the global fleet, prompted the Group to perform an impairment assessment of its vessels in accordance with the\n\n | Vessels | Office property and other tangible assets | Total tangible fixed assets | Vessels under construction\n------------------------------------------- | --------- | ----------------------------------------- | --------------------------- | --------------------------\nCost | | | | \nAs of January 1, 2018 | 4,217,866 | 19,224 | 4,237,090 | 166,655 \nAdditions | 49,036 | 4,678 | 53,714 | 637,046 \nTransfer from vessels under construction | 642,776 | \u2014 | 642,776 | (642,776) \nTransfer under \u2018\u2018Other non-current assets\u2019\u2019 | \u2014 | \u2014 | \u2014 | (1,650) \nFully amortized fixed assets | (10,000) | (192) | (10,192) | \u2014 \nAs of December 31, 2018 | 4,899,678 | 23,710 | 4,923,388 | 159,275 \nAdditions | 26,233 | 1,454 | 27,687 | 450,918 \nReturn of capital expenditures | (11,224) | \u2014 | (11,224) | \u2014 \nTransfer from vessels under construction | 406,870 | \u2014 | 406,870 | (406,870) \nFully amortized fixed assets | (7,209) | \u2014 | (7,209) | \u2014 \nAs of December 31, 2019 | 5,314,348 | 25,164 | 5,339,512 | 203,323 \nAccumulated depreciation | | | | \nAs of January 1, 2018 | 460,815 | 3,709 | 464,524 | \u2014 \nDepreciation | 144,611 | 863 | 145,474 | \u2014 \nFully amortized fixed assets | (10,000) | (192) | (10,192) | \u2014 \nAs of December 31, 2018 | 595,426 | 4,380 | 599,806 | \u2014 \nDepreciation | 156,826 | 875 | 157,701 | \u2014 \nImpairment loss on vessels | 162,149 | \u2014 | 162,149 | \u2014 \nFully amortized fixed assets | (7,209) | \u2014 | (7,209) | \u2014 \nAs of December 31, 2019 | 907,192 | 5,255 | 912,447 | \u2014 \nNet book value | | | | \nAs of December 31, 2018 | 4,304,252 | 19,330 | 4,323,582 | 159,275 \nAs of December 31, 2019 | 4,407,156 | 19,909 | 4,427,065 | 203,323 "} {"_id": "d1a711c7c", "title": "", "text": "The primary components of the deferred tax assets and liabilities are as follows, for the periods indicated below:\nWe believe that sufficient uncertainty exists regarding the realization of certain deferred tax assets that a valuation allowance is required. We continue to evaluate our taxable position quarterly and consider factors by taxing jurisdiction, including but not limited to factors such as estimated taxable income, any historical experience of losses for tax purposes and the future growth of OpenText.\n\n | June 30, | \n------------------------------------------------------- | ---------- | ----------\n | 2019 | 2018 \nDeferred tax assets | | \nNon-capital loss carryforwards | $161,119 | $129,436 \nCapital loss carryforwards | 155 | 417 \nUndeducted scientific research and development expenses | 137,253 | 123,114 \nDepreciation and amortization | 683,777 | 829,369 \nRestructuring costs and other reserves | 17,845 | 17,202 \nDeferred revenue | 53,254 | 62,726 \nOther | 59,584 | 57,461 \nTotal deferred tax asset | $1,112,987 | $1,219,725\nValuation Allowance | $(77,328) | $(80,924) \nDeferred tax liabilities | | \nScientific research and development tax credits | $(14,482) | $(13,342) \nOther | (72,599) | (82,668) \nDeferred tax liabilities | $(87,081) | $(96,010) \nNet deferred tax asset | $948,578 | $1,042,791\nComprised of: | | \nLong-term assets | 1,004,450 | 1,122,729 \nLong-term liabilities | (55,872) | (79,938) \n | $948,578 | $1,042,791"} {"_id": "d1a73b824", "title": "", "text": "NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (in thousands, except for share and per share data)\nNOTE 12 \u2014 Debt\nLong-term debt was comprised of the following:\nOn February 12, 2019, we entered into an amended and restated five-year Credit Agreement with a group of banks (the \"Credit Agreement\") to extend the term of the facility. The Credit Agreement provides for a revolving credit facility of $300,000, which may be increased by $150,000 at the request of the Company, subject to the administrative agent's approval. This new unsecured credit facility replaces the prior $300,000 unsecured credit facility, which would have expired August 10, 2020. Borrowings of $50,000 under the prior credit agreement were refinanced into the Credit Agreement. The prior agreement was terminated as of February 12, 2019.\nThe Revolving Credit Facility includes a swing line sublimit of $15,000 and a letter of credit sublimit of $10,000. Borrowings under the Revolving Credit Facility bear interest at the base rate defined in the Credit Agreement. We also pay a quarterly commitment fee on the unused portion of the Revolving Credit Facility. The commitment fee ranges from 0.20% to 0.30% based on our total leverage ratio.\nThe Revolving Credit Facility requires, among other things, that we comply with a maximum total leverage ratio and a minimum fixed charge coverage ratio. Failure to comply with these covenants could reduce the borrowing availability under the Revolving Credit Facility. We were in compliance with all debt covenants at December 31, 2019. The Revolving Credit Facility requires that we deliver quarterly financial statements, annual financial statements, auditor certifications, and compliance certificates within a specified number of days after the end of a quarter and year. Additionally, the Revolving Credit Facility contains restrictions limiting our ability to: dispose of assets; incur certain additional debt; repay other debt or amend subordinated debt instruments; create liens on assets; make investments, loans or advances; make acquisitions or engage in mergers or consolidations; engage in certain transactions with our subsidiaries and affiliates; and make stock repurchases and dividend payments. Interest rates on the Revolving Credit Facility fluctuate based upon the LIBOR and the Company\u2019s quarterly total leverage ratio.\nWe have debt issuance costs related to our long-term debt that are being amortized using the straight-line method over the life of the debt. Amortization expense for the twelve months ended December 31, 2019 was approximately $163 and $185 in 2018 and 2017. These costs are included in interest expense in our Consolidated Statement of Earnings.\nWe use interest rate swaps to convert the revolving credit facility's variable rate of interest into a fixed rate on a portion of the debt as described more fully in Note 13 \"Derivatives.\" These swaps are treated as cash flow hedges and consequently, the changes in fair value were recorded in other comprehensive earnings.\n\n | As of December 31 | \n----------------------------------- | ----------------- | --------\n | 2019 | 2018 \nTotal credit facility | $300,000 | $300,000\nBalance outstanding | $99,700 | $50,000 \nStandby letters of credit | $1,800 | $1,940 \nAmount available | $198,500 | $248,060\nWeighted-average interest rate | 3.25% | 3.10% \nCommitment fee percentage per annum | 0.23% | 0.20% "} {"_id": "d1b31297c", "title": "", "text": "Performance Share Awards\nIn accordance with stockholder-approved equity incentive plans, we grant performance shares to selected executives and other key employees with vesting contingent upon meeting various Company-wide performance goals. The performance goal for one-third of the target number of performance shares for the three-year performance period ending in fiscal 2019 (the \"2019 performance period\") is based on our fiscal 2017 EBITDA return on capital, subject to certain adjustments. The fiscal 2017 EBITDA return on capital target, when set, excluded the results of Lamb Weston. The performance goal for the final two-thirds of the target number of performance shares granted for the 2019 performance period is based on our diluted EPS compound annual growth rate (\"CAGR\"), subject to certain adjustments, measured over the two-year period ending in fiscal 2019. In addition, for certain participants, all performance shares for the 2019 performance period are subject to an overarching EPS goal that must be met in each fiscal year of the 2019 performance period before any payout on the performance shares can be made to such participants. The awards actually earned for the 2019 performance period will range from zero to two hundred percent of the targeted number of performance shares for that period.\nThe performance goal for each of the three-year performance period ending in fiscal 2020 (the \"2020 performance period\") and the three-year performance period ending in 2021 (\"2021 performance period\") is based on our diluted EPS CAGR, subject to certain adjustments, measured over the defined performance period. In addition, for certain participants, all performance shares for the 2020 performance period are subject to an overarching EPS goal that must be met in each fiscal year of the 2020 performance period before any payout on the performance shares can be made to such participants. For each of the 2020 performance period and the 2021 performance period, the awards actually earned will range from zero to two hundred percent of the targeted number of performance shares for such performance period.\nAwards, if earned, will be paid in shares of our common stock. Subject to limited exceptions set forth in our performance share plan, any shares earned will be distributed after the end of the performance period, and only if the participant continues to be employed with the Company through the date of distribution. For awards where performance against the performance target has not been certified, the value of the performance shares is adjusted based upon the market price of our common stock and current forecasted performance against the performance targets at the end of each reporting period and amortized as compensation expense over the vesting period. Forfeitures are accounted for as they occur.\nA summary of the activity for performance share awards as of May 26, 2019 and changes during the fiscal year then ended is presented below:\nThe compensation expense for our performance share awards totaled $8.2 million, $11.8 million, and $13.3 million for fiscal 2019, 2018, and 2017, respectively. The tax benefit related to the compensation expense for fiscal 2019, 2018, and 2017 was $2.1 million, $3.9 million, and $5.1 million, respectively.\nThe total intrinsic value of performance shares vested (including shares paid in lieu of dividends) during fiscal 2019, 2018, and 2017 was $15.7 million, $11.2 million, and $2.8 million, respectively.\nBased on estimates at May 26, 2019, we had $13.2 million of total unrecognized compensation expense related to performance shares that will be recognized over a weighted average period of 1.7 years.\n\nPerformance Shares | Share Units (in Millions) | Weighted Average Grant-Date Fair Value\n--------------------------------------------------------------------- | ------------------------- | --------------------------------------\nNonvested performance shares at May 27, 2018 | 1.00 | $33.40 \nGranted | 0.45 | $35.96 \nAdjustments for performance results attained and dividend equivalents | 0.18 | $31.03 \nVested/Issued . | (0.43) | $31.03 \nForfeited . | (0.05) | $34.54 \nNonvested performance shares at May 26, 2019 | 1.15 | $34.89 "} {"_id": "d1b3052cc", "title": "", "text": "7. ACCOUNTS RECEIVABLES ALLOWANCES\nSummarized below is the activity in our accounts receivable allowances including compensation credits and doubtful accounts as follows (in thousands):\nThe balances at the end of fiscal years 2019, 2018 and 2017 are comprised primarily of compensation credits of $4.5 million, $6.3 million and $8.9 million, respectively.\n\n | | Fiscal Year | \n--------------------------- | -------- | ----------- | --------\n | 2019 | 2018 | 2017 \nBalance - beginning of year | $6,795 | $9,410 | $3,279 \nProvision, net | 11,989 | 15,465 | 29,512 \nCharge-offs | (13,737) | (18,080) | (23,381)\nBalance - end of year | $5,047 | 6,795 | 9,410 "} {"_id": "d1b3668c4", "title": "", "text": "(10) Goodwill\nGoodwill consists of the following (in millions):\nThe increase in Goodwill related to our Compass Analytics acquisition is deductible for tax purposes. For the 2018 increase in Goodwill, $19.7 million is deductible for tax purposes and $3.2 million is not deductible for tax purposes.\n\n | Software Solutions | Data and Analytics | Corporate and Other | Total \n------------------------------------------ | ------------------ | ------------------ | ------------------- | --------\nBalance, December 31, 2017 | $2,134.7 | $172.1 | $\u2014 | $2,306.8\nHeavyWater and Ernst acquisitions (Note 3) | 22.9 | \u2014 | \u2014 | 22.9 \nBalance, December 31, 2018 | 2,157.6 | 172.1 | \u2014 | 2,329.7 \nCompass Analytics acquisition (Note 3) | 31.7 | \u2014 | \u2014 | 31.7 \nBalance, December 31, 2019 | $2,189.3 | $172.1 | $\u2014 | $2,361.4"} {"_id": "d1b333a28", "title": "", "text": "The types of temporary differences that give rise to significant portions of the Company\u2019s deferred tax assets and liabilities are as follows (in thousands):\nOn December 22, 2017, the Tax Cuts and Jobs Act of 2017 (the \u201cAct\u201d) was signed into law making significant changes to the Internal Revenue Code. Changes include, but are not limited to, a corporate tax rate decrease from 35% to 21% effective for tax years beginning after December 31, 2017, the transition of U.S. international taxation from a worldwide tax system to a territorial system, and a one-time transition tax on the mandatory deemed repatriation of cumulative foreign earnings as of December 31, 2017.\nIn connection with the acquisition of Connect First on January 14, 2019, a net deferred tax liability of $3.2 million was established, the most significant component of which is related to the book/tax basis differences associated with the acquired technology and customer relationships. The net deferred tax liability from this acquisition created an additional source of income to realize deferred tax assets. As the Company continues to maintain a full valuation allowance against its deferred tax assets, this additional source of income resulted in the release of the Company\u2019s previously recorded valuation allowance against deferred assets. Consistent with the applicable guidance the release of the valuation allowance of $3.2 million caused by the acquisition was recorded in the consolidated financial statements outside of acquisition accounting as a tax benefit to the Consolidated Statements of Operations.\nAs of December 31, 2019, the Company has federal net operating loss carryforwards of approximately $782.7 million, of which approximately $272.9 million expire between 2023 and 2037 and the remainder do not expire. As of December 31, 2019, the Company had state net operating loss carryforwards of approximately $675.6 million which will begin to expire in 2021. The Company also has research credit carryforwards for federal and California tax purposes of approximately $20.2 million and $15.7 million, respectively, available to reduce future income subject to income taxes. The federal research credit carryforwards will begin to expire in 2028 and the California research credits carry forward indefinitely\nThe Internal Revenue Code of 1986, as amended, imposes restrictions on the utilization of net operating losses in the event of an \u201cownership change\u201d of a corporation. Accordingly, a company\u2019s ability to use net operating losses may be limited as prescribed under Internal Revenue Code Section 382 (\u201cIRC Section 382\u201d). Events which may cause limitations in the amount of the net operating losses that the Company may use in any one year include, but are not limited to, a cumulative ownership change of more than 50% over a three-year period. Utilization of the federal and state net operating losses may be subject to substantial annual limitation due to the ownership change limitations provided by the IRC Section 382 and similar state provisions\nThe Company\u2019s management believes that, based on a number of factors, it is more likely than not, that all or some portion of the deferred tax assets will not be realized; and accordingly, for the year ended December 31, 2019, the Company has provided a valuation allowance against the Company\u2019s U.S. net deferred tax assets. The net change in the valuation allowance for the years ended December 31, 2019 and 2018 was an increase of $86.0 million, $18.2 million, respectively\n\n | | Year ended December 31,\n-------------------------------------------- | --------- | -----------------------\n | 2019 | 2018 \nDeferred tax assets | | \nNet operating loss and credit carry-forwards | $196,930 | $109,812 \nResearch and development credits | 24,452 | 16,380 \nSales tax liability | 157 | 258 \nShare-based compensation | 5,937 | 5,435 \nAccrued liabilities | 6,612 | 5,135 \nGross deferred tax assets | 234,088 | 137,020 \nValuation allowance | (180,090) | (94,118) \nTotal deferred tax assets | 53,998 | 42,902 \nDeferred tax liabilities | | \nConvertible debt discount | (16,701) | (21,035) \nDeferred sales commissions | (28,601) | (18,253) \nAcquired intangibles | (3,857) | (2,670) \nProperty and equipment | (6,731) | (3,573) \nNet deferred tax (liabilities) assets | $(1,892) | (2,629) "} {"_id": "d1b358382", "title": "", "text": "NOTE 9 \u2013 OTHER ASSETS\nOther assets consist of the following (in thousands):\nWe have a non-qualified deferred compensation plan in which certain members of management and all nonemployee\ndirectors are eligible to participate. Participants may defer a portion of their compensation until retirement\nor another date specified by them in accordance with the plan. We are funding the plan obligations through cash\ndeposits to a Rabbi Trust that are invested in various equity, bond and money market mutual funds in generally the\nsame proportion as investment elections made by the participants. The deferred compensation plan liability is included\nin Other Non-Current Liabilities in the accompanying consolidated balance sheets.\nOur investment in international licensees at February 28, 2019 consists principally of a 12.5% equity interest in\na Mexican licensee of $1.7 million, which became a wholly-owned subsidiary as of March 19, 2019 (see Note 2), as\nwell as other smaller interests in Benelux and French licensees. Generally, the investments in international licensees\nare accounted for using the cost method of accounting and carried at cost as we do not exercise significant influence\nover these investees. We have received dividends from our investment in the Mexican licensee in the amount of $0.3\nmillion, $0.3 million and $0.2 million for fiscal years ended February 28, 2019, 2018 and 2017, respectively.\nIn September 2015, we invested \u00a31,400,000 or approximately $2.2 million for a 49% minority ownership\ninterest in Smart Driver Club Limited (\u201cSmart Driver Club\u201d), a technology and insurance startup company located in\nthe United Kingdom. This investment has been accounted for under the equity method since we have significant\ninfluence over the investee. As of February 28, 2019, we had made loans aggregating \u00a35,700,000 or approximately\n$7.6 million to Smart Driver Club bearing interest at an annual interest rate of 8%, with all principal and all unpaid\ninterest due in 2021. Our equity in the net loss of Smart Driver Club amounted to $1.8 million, $1.4 million and $1.3\nmillion in fiscal years ended February 28, 2019, 2018 and 2017, respectively. As of February 28, 2019, we determined\nthat this equity method investment was subject to other than temporary impairment. This decision was dictated by the\ncontinuing operating losses and deteriorating liquidity position of Smart Driver Club. Accordingly, we recorded an\nimpairment charge of $5.0 million in the impairment loss and equity in net loss within our consolidated statement of\ncomprehensive income (loss). Smart Driver Club drew an additional \u00a3400,000 of debt on March 26, 2019 under a\nfourth amendment to the original agreement dated March 14, 2019\nEffective August 24, 2017, we acquired an ownership interest valued at $1.4 million in ThinxNet GmbH, a\ncompany headquartered in Munich, Germany (\u201cThinxNet\u201d). ThinxNet is an early stage company focused on\ncommercializing cloud-based mobile device and applications in the automotive sector throughout Europe. This\nrepresents a cost basis investment as we cannot exercise significant influence over the investee. Contemporaneously,\nwe executed an unsecured convertible note receivable for $1.27 million with an interest rate of 6%, which has a fixed\nterm of 12 months, after which the loan can be converted into equity in ThinxNet or a loan due on demand at our\noption. The equity investment and note receivable were consideration we received in exchange for our outstanding\naccounts receivable from ThinxNet. No gain or loss was recorded on this exchange. The assets received in this\nexchange are included in Other Assets in the consolidated balance sheet as of February 28, 2019 and 2018.\nIn August 2018, ThinxNet commenced a subsequent financing transaction to raise additional funds for working capital purposes. In connection with this transaction, we converted approximately $300,000 of outstanding accounts receivable due from ThinxNet into additional ownership interest in an in-kind exchange of assets. Based on the fair value of ThinxNet at the time of conversion, we revalued the initial ownership interest and recorded an impairment charge of $326,000, which is netted within Investment Income in our consolidated statement of comprehensive income (loss). Effective March 2019, we notified ThinxNet that we expect the outstanding loan to be repaid in June 2019.\n\n | | February 28,\n-------------------------------------------------- | ------- | ------------\n | 2019 | 2018 \nDeferred compensation plan assets | $6,413 | $5,641 \nInvestment in international licensees | 2,263 | 2,349 \nEquity investment in and loan to ThinxNet GmbH | 2,650 | 2,674 \nEquity investment in and loan to Smart Driver Club | - | 3,814 \nDeferred product cost | 10,094 | 3,523 \nOther | 1,090 | 828 \n | $22,510 | $18,829 "} {"_id": "d1b3a581c", "title": "", "text": "VMware and Pivotal Stock Options\nThe following table summarizes stock option activity for VMware and Pivotal since February 3, 2017 (shares in thousands):\n(1) The weighted-average exercise price of options outstanding as of February 1, 2019 reflects the adjustments to the options as a result of the Special Dividend.\n(2) Stock option granted under the VMware equity plan includes 0.6 million options issued for unvested options assumed as part of the Pivotal acquisition.\n(3) Stock options forfeited under the Pivotal equity plan includes 6.2 million options converted to VMware options as part of the Pivotal acquisition, using a conversion ratio of 0.1.\n(4) Stock options exercised under the Pivotal equity plan includes 22.4 million of vested options that were settled in cash as part of the Pivotal acquisition.\nThe above table includes stock options granted in conjunction with unvested stock options assumed in business combinations. As a result, the weighted-average exercise price per share may vary from the VMware stock price at time of grant\nThe stock options outstanding as of January 31, 2020 had an aggregate intrinsic value of $239 million based on VMware\u2019s closing stock price as of January 31, 2020.\n\n | | VMware Stock Options | | Pivotal Stock Options \n-------------------------------- | ---------------- | ------------------------------------------- | ---------------- | -------------------------------------------\n | Number of Shares | Weighted-Average Exercise Price (per share) | Number of Shares | Weighted-Average Exercise Price (per share)\nOutstanding, February 3, 2017 | 1,991 | $69.38 | 39,361 | $6.72 \nGranted | 745 | 13.79 | 20,323 | 9.73 \nForfeited | (36) | 55.44 | (2,380) | 8.13 \nExpired | (3) | 93.87 | (1,290) | 6.24 \nExercised | (1,050) | 53.50 | (1,626) | 5.99 \nOutstanding, February 2, 2018 | 1,647 | 54.63 | 54,388 | 7.82 \nGranted | 574 | 16.07 | 2,832 | 14.03 \nSpecial Dividend adjustment | 348 | n/a | n/a | n/a \nForfeited | (31) | 24.44 | (2,028) | 9.35 \nExpired | \u2014 | \u2014 | (273) | 7.02 \nExercised | (569) | 46.73 | (9,018) | 6.89 \nOutstanding, February 1, 2019(1) | 1,969 | 36.50 | 45,901 | 8.31 \nGranted(2) | 1,571 | 73.19 | \u2014 | \u2014 \nForfeited(3) | (149) | 52.83 | (10,822) | 10.65 \nExpired | \u2014 | \u2014 | (128) | 10.10 \nExercised(4) | (776) | 39.94 | (34,951) | 7.59 \nOutstanding, January 31, 2020 | 2,615 | 56.58 | \u2014 | \u2014 "} {"_id": "d1b39690c", "title": "", "text": "ADJUSTED EBITDA\n(1) Fiscal 2019 average foreign exchange rate used for translation was 1.3255 USD/CDN.\n(2) Fiscal 2018 was restated to comply with IFRS 15 and to reflect a change in accounting policy as well as to reclassify results from Cogeco Peer 1 as discontinued operations. For further details, please consult the \"Accounting policies\" and \"Discontinued operations\" sections.\n(3) Fiscal 2019 actuals are translated at the average foreign exchange rate of fiscal 2018 which was 1.2773 USD/CDN.\nFiscal 2019 adjusted EBITDA increased by 10.0% (8.5% in constant currency) as a result of: \u2022 an increase in the American broadband services segment mainly as a result of strong organic growth combined with the impact of the MetroCast and FiberLight acquisitions; and \u2022 an increase in the Canadian broadband services segment resulting mainly from a decline in operating expenses.\nFor further details on the Corporation\u2019s adjusted EBITDA, please refer to the \"Segmented operating and financial results\" section.\n\nYears ended August 31, | 2019 (1) | 2018 (2) | Change | Change in constant currency (3) | Foreign exchange impact (3)\n--------------------------------------------- | --------- | --------- | ------ | ------------------------------- | ---------------------------\n(in thousands of dollars, except percentages) | $ | $ | % | % | $ \nCanadian broadband services | 688,681 | 681,020 | 1.1 | 1.3 | (1,102) \nAmerican broadband services | 465,645 | 369,200 | 26.1 | 21.5 | 16,911 \nInter-segment eliminations and other | (46,386) | (43,402) | 6.9 | 6.8 | (12) \n | 1,107,940 | 1,006,818 | 10.0 | 8.5 | 15,797 "} {"_id": "d1b35aae2", "title": "", "text": "NOTE 13 \u2013 INCOME TAX\nThe domestic and foreign components of loss before income taxes from operations for the years ended December 31, 2019, 2018 and 2017 are as follows:\n\n | | For the Years Ended December 31, | \n-------- | --------- | -------------------------------- | -------\n | 2019 | 2018 | 2017 \n | | (in thousands) | \nDomestic | $(22,708) | $29,110 | $17,120\nForeign | \u2014 | (320) | (469) \n | $(22,708) | $28,790 | $16,651"} {"_id": "d1b2f0156", "title": "", "text": "Recently Adopted Accounting Guidance\nOn May 28, 2014, the Financial Accounting Standards Board (\u201cFASB\u201d) issued Accounting Standards Update (\u201cASU\u201d) No. 2014-09, Revenue from Contracts with Customers, Topic 606, requiring an entity to recognize the amount of revenue to which it expects to be entitled for the transfer of promised goods or services to customers. Topic 606 also includes Subtopic 340-40, Other Assets and Deferred Costs - Contracts with Customers, which requires the capitalization of incremental costs to obtain a contract with a customer. The new revenue standard replaces most existing revenue recognition guidance in GAAP and permits the use of either the full retrospective or modified retrospective transition method.\nOn December 1, 2018, the beginning of our fiscal year 2019, we adopted the requirements of the new revenue standard utilizing the modified retrospective method of transition. Prior period information has not been restated and continues to be reported under the accounting standard in effect for those periods. We applied the new revenue standard to contracts that were not completed as of the adoption date, consistent with the transition guidance. Further, adoption of the new revenue standard resulted in changes to our accounting policies for revenue recognition and sales commissions as detailed below.\nWe recognized the following cumulative effects of initially applying the new revenue standard as of December 1, 2018\nBelow is a summary of the adoption impacts of the new revenue standard:\nWe capitalized $413.2 million of contract acquisition costs comprised of sales and partner commission costs at adoption date (included in prepaid expenses and other current assets for the current portion and other assets for the long-term portion), with a corresponding adjustment to retained earnings. We are amortizing these costs over their respective expected period of benefit.\nRevenue for certain contracts that were previously deferred would have been recognized in periods prior to adoption under the new standard. Upon adoption, we recorded the following adjustments to our beginning balances to reflect the amount of revenue that will no longer be recognized in future periods for such contracts: an increase in unbilled receivables (included in trade receivables, net) of $24.8 million, an increase in contract assets (included in prepaid expenses and other current assets for the current portion and other assets for the long-term portion) of $46.4 million and a decrease in deferred revenue of $52.8 million, with corresponding adjustments to retained earnings.\nWe recorded an increase to our opening deferred income tax liability of $82.8 million, with a corresponding adjustment to retained earnings, to record the tax effect of the above adjustments.\nFurther, we had other impacts to various accounts which resulted to an immaterial net reduction to our retained earnings.\n\n(in thousands) | As of November 30, 2018 | Topic 606 Adoption Adjustments | As of December 1, 2018\n---------------------------------------------------------- | ----------------------- | ------------------------------ | ----------------------\nAssets | | | \nTrade receivables, net of allowances for doubtful accounts | $1,315,578 | $43,028 | $1,358,606 \nPrepaid expenses and other current assets | 312,499 | 186,220 | 498,719 \nOther assets | 186,522 | 273,421 | 459,943 \nLiabilities and Stockholders\u2019 Equity | | | \nAccrued expenses | 1,163,185 | 30,358 | 1,193,543 \nDeferred revenue, current | 2,915,974 | (52,842) | 2,863,132 \nDeferred income taxes | 46,702 | 82,834 | 129,536 \nRetained earnings | $11,815,597 | $442,319 | $12,257,916 "} {"_id": "d1b33e04a", "title": "", "text": "4. Profit before tax\nThe following items have been charged in arriving at profit before tax:\n\n | | 2019 | 2018 \n--------------------------------------------------------------------- | ----- | --------- | ---------\n | Notes | $ million | $ million\nEmployee benefit costs | 8 | 220.5 | 208.9 \nCosts of inventories recognised as an expense | | 81.6 | 79.8 \nWrite-down of inventories to net realisable value | 19 | 1.6 | 0.1 \nAmortisation of intangible assets | 13 | 2.1 | 4.3 \nDepreciation of property, plant and equipment | 14 | 14.7 | 16.5 \nDepreciation of right-of-use assets | 15 | 7.5 | \u2013 \nAmortisation of assets recognised from costs to obtain a contract | 21 | 0.5 | 0.6 \nOperating leases \u2013 minimum lease payments | | \u2013 | 8.5 \nExpenses relating to short-term leases and leases of low-value assets | 26 | 0.3 | \u2013 \nProduct development costs | | 96.5 | 96.9 \nNet foreign exchange loss | | 0.6 | 0.6 "} {"_id": "d1b353ec2", "title": "", "text": "The pre-tax discount rate used within the recoverable amount calculations was 8.5% (2018: 8.0%) and is based upon the weighted average cost of capital reflecting specific principal risks and uncertainties. The discount rate takes into account the risk-free rate of return, the market risk premium and beta factor reflecting the average beta for the Group and comparator companies which are used in deriving the cost of equity.\nThe same discount rate has been applied to both CGUs as the principal risks and uncertainties associated with the Group, as highlighted on pages 30 to 33, would also impact each CGU in a similar manner. The Board acknowledges that there are additional factors that could impact the risk profile of each CGU, which have been considered by way of sensitivity analysis performed as part of the annual impairment tests.\nKey drivers to future growth rates are dependent on the Group\u2019s ability to maintain and grow income streams whilst effectively managing operating costs. The level of headroom may change if different growth rate assumptions or a different pre-tax discount rate were used in the cash flow projections. Where the value-in-use calculations suggest an impairment, the Board would consider alternative use values prior to realising any impairment, being the fair value less costs to dispose.\nThe key assumptions used for value-in-use calculations are as follows:\nHaving completed the 2019 impairment review, no impairment has been recognised in relation to the CGUs (2018: no impairment). Sensitivity\nanalysis has been performed in assessing the recoverable amounts of goodwill. There are no changes to the key assumptions of growth rate or\ndiscount rate that are considered by the Directors to be reasonably possible, which give rise to an impairment of goodwill relating to the CGUs.\n\n | 2019 | 2018\n-------------------------------------- | ---- | ----\nAnnual growth rate (after plan period) | 3.0% | 3.0%\nRisk free rate of return | 3.0% | 3.0%\nMarket risk premium | 5.0% | 4.9%\nBeta factor | 0.83 | 0.79\nCost of debt | 3.3% | 3.3%"} {"_id": "d1b308256", "title": "", "text": "NOTE 5 \u2013 PROPERTY AND EQUIPMENT\nThe Company owned equipment recorded at cost, which consisted of the following as of December 31, 2019 and 2018:\nDepreciation expense was $80,206 and $58,423 for the years ended December 31, 2019 and 2018, respectively\n\n | 2019 | 2018 \n----------------------------- | -------- | --------\nComputer equipment | $137,763 | $94,384 \nFurniture and fixtures | 187,167 | 159,648 \nSubtotal | 324,930 | 254,032 \nLess accumulated depreciation | 148,916 | 104,702 \nProperty and equipment, net | $176,014 | $149,330"} {"_id": "d1b3b0582", "title": "", "text": "Restricted Stock Units\nThe following table summarizes RSU activity in the fiscal years ended September 30, 2019, 2018, and 2017:\nThe cost of RSUs is determined using the fair value of the Company\u2019s Common Stock on the award date, and the compensation expense is recognized ratably over the vesting period. The Company recognized $6.8 million, $5.9 million, and $4.0 million in stock-based compensation expense related to outstanding RSUs in the fiscal years ended September 30, 2019, 2018, and 2017, respectively. As of September 30, 2019, the Company had approximately $12.2 million of unrecognized compensation expense related to outstanding RSUs expected to be recognized over a weighted-average period of approximately 2.3 years.\n\n | Number of Shares | Fair Value Per Share\n--------------------------------- | ---------------- | --------------------\nOutstanding at September 30, 2016 | 2,046,169 | $4.90 \nGranted | 1,249,224 | $6.61 \nSettled | (707,174) | $4.81 \nCanceled | (231,198) | $4.93 \nOutstanding at September 30, 2017 | 2,357,021 | $5.65 \nGranted | 1,184,906 | $8.54 \nSettled | (745,197) | $5.26 \nCanceled | (216,554) | $7.39 \nOutstanding at September 30, 2018 | 2,580,176 | $6.92 \nGranted | 1,147,976 | $9.67 \nSettled | (881,420) | $6.53 \nCanceled | (494,245) | $7.70 \nOutstanding at September 30, 2019 | 2,352,487 | 8.26 "} {"_id": "d1b3a75ea", "title": "", "text": "2 Alternative performance measures continued\nCash generation\nCash generation is one of the Group\u2019s key performance indicators used by the Board to monitor the performance of the Group and measure the successful implementation of our strategy. It is one of three financial measures on which Executive Directors\u2019 variable remuneration is based.\nCash generation is adjusted operating profit after adding back depreciation and amortisation (excluding IFRS 16 depreciation), less cash payments to pension schemes in excess of the charge to operating profit, equity settled share plans and working capital changes.\n\n | 2019 | 2018 \n------------------------------------------------------------- | ------ | ------\n | \u00a3m | \u00a3m \nAdjusted operating profit | 282.7 | 264.9 \nDepreciation and amortisation (excluding IFRS16 depreciation) | 34.3 | 32.9 \nCash payments to pension schemes in excess of charge to P&L | (5.2) | (4.6) \nEquity settled share plans | 6.2 | 5.7 \nWorking capital changes | (21.4) | (22.5)\nCash generation | 296.6 | 276.4 "} {"_id": "d1b383190", "title": "", "text": "The Company\u2019s contractual obligations as of December 31, 2019, consist of our obligations as borrower under our 2019 Senior Secured Credit Facility, our obligations related to financing of our three 2018 Newbuildings.\nThe following table sets out financial, commercial and other obligations outstanding as of December 31, 2019.\nNotes:\n(1) Refers to obligation to repay indebtedness outstanding as of December 31, 2019.\n(2) Refers to estimated interest payments over the term of the indebtedness outstanding as of December 31, 2019. Estimate based on applicable interest rate and drawn amount as of December 31, 2019.\n(3) Refers to obligation to repay indebtedness outstanding as of December 31, 2019 for three 2018 Newbuildings.\n(4) Refers to estimated interest payments over the term of the indebtedness outstanding as of December 31, 2019. Estimate based on applicable interest as of December 31, 2019 for the financing of the three 2018 Newbuildings.\n(5) Refers to the future obligation as of December 31, 2019 to pay for operating lease liabilities at nominal values.\n*The new five-year senior secured credit facility for $306.1 million is amortizing with a twenty-year maturity profile, carries a floating LIBOR interest rate plus a margin and matures in February 2024. Further, the agreement contains a discretionary excess cash amortization mechanism for the lender that equals 50% of the net earnings from the collateral vessels, less capex provision and fixed amortization.\n\nContractual Obligations in $\u2019000s | Total | Less than 1 year | 1-3 years | 3-5 years | More than 5 years\n--------------------------------------- | ------- | ------------------ | ----------- | ----------- | -----------------\nSenior Secured Credit Facility (1)* | 291,798 | 18,749 | 30,610 | 242,439 | - \nInterest Payments (2) | 82,255 | 21,690 | 39,624 | 20,941 | - \nFinancing of 2018 Newbuildings (3) | 119,867 | 7,630 | 16,287 | 17,849 | 78,101 \nInterest Payments 2018 Newbuildings (4) | 47,517 | 7,674 | 13,739 | 11,526 | 14,578 \nOperating Lease Liabilities (5) | 1,937 | 500 | 638 | 587 | 212 \nTotal | 543,374 | 56,243 | 100,898 | 293,342 | 92,891 "} {"_id": "d1a712ba4", "title": "", "text": "3.3 Fair value estimation The table below analyses the Group\u2019s financial instruments carried at fair value as at 31 December 2019 by level of the inputs to valuation techniques used to measure fair value. Such inputs are categorised into three levels within a fair value hierarchy as follows:\nQuoted prices (unadjusted) in active markets for identical assets or liabilities (level 1);\nInputs other than quoted prices included within level 1 that are observable for the asset or liability, either directly (that is, as prices) or indirectly (that is, derived from prices) (level 2); and\nInputs for the asset or liability that are not based on observable market data (that is, unobservable inputs) (level 3).\nThe fair value of financial instruments traded in active markets is determined with reference to quoted market prices at the end of the reporting period. A market is regarded as active if quoted prices are readily and regularly available from an exchange, dealer, broker, industry group, pricing service, or regulatory agency, and those prices represent actual and regularly occurring market transactions on an arm\u2019s length basis. These instruments are included in level 1.\nThe fair value of financial instruments that are not traded in an active market is determined by using valuation techniques. These valuation techniques maximise the use of observable market data where it is available and rely as little as possible on entity specific estimates. If all significant inputs required for evaluating the fair value of a financial instrument are observable, the instrument is included in level 2.\nIf one or more of the significant inputs are not based on observable market data, the instrument is included in level 3.\nSpecific valuation techniques used to value financial instruments mainly include: \u2022 Dealer quotes for similar instruments; \u2022 The fair value of interest rate swaps is calculated as the present value of the estimated future cash flows based on observable yield curves; and \u2022 Other techniques, such as discounted cash flow analysis, are used to determine fair value for financial instruments.\n\n | Level 1 | Level 2 | Level 3 | Total \n--------------------------- | ----------- | ----------- | ----------- | -----------\n | RMB\u2019Million | RMB\u2019Million | RMB\u2019Million | RMB\u2019Million\nAs at 31 December 2019 | | | | \nFVPL | 14,766 | 5,091 | 116,079 | 135,936 \nFVOCI | 74,707 | \u2013 | 7,014 | 81,721 \nOFA | \u2013 | 375 | \u2013 | 375 \nOther financial liabilities | \u2013 | 523 | 1,873 | 2,396 \nAs at 31 December 2018 | | | | \nFVPL | 10,875 | 5,009 | 81,993 | 97,877 \nFVOCI | 41,578 | \u2013 | 1,941 | 43,519 \nOFA | \u2013 | 2,032 | \u2013 | 2,032 \nOther financial liabilities | \u2013 | 40 | 4,466 | 4,506 "} {"_id": "d1b349094", "title": "", "text": "Property and equipment consisted of the following:\nDepreciation and amortization expense related to property and equipment was $86.5 million, $97.4 million and $88.8 million during 2019, 2018 and 2017, respectively.\nProperty and Equipment\nProperty and equipment is stated at cost. Depreciation is recorded over the shorter of the estimated useful life or the lease term of the applicable assets using the straight-line method beginning on the date an asset is placed in service. We regularly evaluate the estimated remaining useful lives of our property and equipment to determine whether events or changes in circumstances warrant a revision to the remaining period of depreciation. Maintenance and repairs are charged to expense as incurred.\n\n | Estimated Useful Lives | December 31, | \n----------------------------------------------- | --------------------------------------------- | ------------ | -------\n | | 2019 | 2018 \nComputer equipment | 3 years | $ 434.8 | $ 417.6\nSoftware | 3 years | 55.9 | 40.5 \nLand | Indefinite | 9.0 | 9.0 \nBuildings, including improvements | 5-40 years | 145.5 | 175.0 \nLeasehold improvements | Lesser of useful life or remaining lease term | 99.4 | 70.8 \nOther | 1-20 years | 25.7 | 27.0 \nTotal property and equipment | | 770.3 | 739.9 \nLess: accumulated depreciation and amortization | | (511.7) | (440.9)\nProperty and equipment, net | | $ 258.6 | $ 299.0"} {"_id": "d1a71a4e4", "title": "", "text": "Film and Electrolytic\nThe table below sets forth net sales, operating income (loss) and operating income (loss) as a percentage of net sales for our Film and Electrolytic reportable segment for the fiscal years 2018 and 2017 (amounts in thousands, except percentages):\n(1) Fiscal years ending March 31, 2018 and 2017 adjusted due to the adoption of ASC 606\nNet Sales\nFilm and Electrolytic net sales of $202.0 million in fiscal year 2018 increased $19.7 million or 10.8% from $182.2 million in fiscal year 2017. The increase in net sales was primarily driven by an increase in net sales in the distributor channel across all the APAC and EMEA regions of $13.7 million, a $3.3 million increase in net sales in the OEM channel of the EMEA region and a $4.2 million increase in the EMS channel across the Americas, EMEA, and APAC regions. These increases were partially offset by a decrease in net sales of $1.2 million in the OEM channel across the Americas, APAC, and JPKO regions. In addition, there was a favorable impact of $7.6 million from foreign currency exchange primarily due to the change in the value of the Euro compared to the U.S. dollar.\nReportable Segment Operating Income (Loss)\nSegment operating income of $3.6 million in fiscal year 2018 improved $12.7 million from $9.0 million of operating loss in fiscal year 2017. The improvement was primarily attributable to a $4.3 million increase in gross margin driven by higher net sales, as well as the benefit of completed restructuring activities. The increase was also attributed to an $11.7 million improvement in (gain) loss on the write down and disposal of long-lived assets. These improvements were partially offset by a $2.1 million increase in restructuring charges, a $0.7 million increase in SG&A expenses, and a $0.6 million increase in R&D expenses.\n\n | For the Fiscal Years Ended | | | \n----------------------------------- | -------------------------- | -------------- | -------------- | --------------\n | March 31, 2018 | | March 31, 2017 | \n | Amount | % to Net Sales | Amount | % to Net Sales\nNet sales (1) | $201,977 | | $182,228 | \nSegment operating income (loss) (1) | 3,622 | 1.8% | (9,028) | (5.0)% "} {"_id": "d1b33bb60", "title": "", "text": "Financials\n1. EBITDA is a non-IFRS term, defined as earnings before interest, tax, depreciation and amortisation, and excluding net foreign exchange gains (losses).\n2. NPATA is a non-IFRS term, defined as net profit after tax, excluding tax-effected amortisation of acquired intangibles. This is used to determine EPSa as disclosed here and in the audited Remuneration Report.\n3. Underlying EBITDA, underlying NPAT and underlying NPATA exclude separately disclosed items, which represent the transaction and other restructuring costs associated with the Sigma acquisition (2018: Enoro acquisition) and the exiting of a premises lease in the Americas. Further details of the separately disclosed items are outlined in Note 4 to the Financial Report.\nOperating revenue for FY19 was $231.3 million, $0.5 million up on FY18. With Sigma contributing $5.0 million of revenue in June (the first month since acquisition), revenues for the remainder of Hansen excluding Sigma were $4.5 million lower. This decline was a result of lower non-recurring revenues, due primarily to both lower one-off licence fees and reduced project work following the large body of work completed in the first half of FY18 associated with implementing Power of Choice in Australia. Conversely, recurring revenues grew to represent 63% of total operating revenue.\nUnderlying EBITDA for the year was $55.8 million, 7.0% down on the $60.0 million in FY18. This resulted in an underlying EBITDA margin decline to 24.1% from 26.0% in FY18. Sigma only contributed a modest $0.1 million of EBITDA in June, which we do not see as representative of the business going forward. Excluding Sigma, the underlying EBITDA margin was 24.6%. This reduced margin was the direct result of the lower non-recurring revenue, as we were able to maintain operating expenses at the same level as FY18, even after the investment in the Vietnam Development Centre.\n\nA$ Million | FY19 | FY18 | Variance %\n--------------------------------------------- | ----- | ----- | ----------\nOperating revenue | 231.3 | 230.8 | 0.2% \nUnderlying EBITDA 1, 3 | 55.8 | 60.0 | (7.0%) \nUnderlying NPAT 3 | 24.0 | 29.5 | (18.7%) \nUnderlying NPATA 2, 3 | 33.7 | 38.7 | (12.9%) \nBasic EPS based on underlying NPATA (cents) 2 | 17.1 | 19.8 | (13.6%) "} {"_id": "d1b395b9c", "title": "", "text": "Proofpoint, Inc. Notes to Consolidated Financial Statements (Continued) (dollars and share amounts in thousands, except per share amounts)\nof the transaction price to each performance obligation based on a relative standalone selling price, or SSP, basis.\n\u2022 Recognition of revenue when, or as, the Company satisfies a performance obligation - The Company recognizes revenue when control of the services or products are transferred to the customers, in an amount that reflects the consideration the Company expects to be entitled to in exchange for those services or products. The Company records its revenue net of any value added or sales tax.\nThe Company generates sales directly through its sales team and, to a growing extent, through its channel partners. Sales to channel partners are made at a discount and revenues are recorded at this discounted\n\nThe Company generates sales directly through its sales team and, to a growing extent, through its channel partners. Sales to channel partners are made at a discount and revenues are recorded at this discounted price once all revenue recognition criteria are met. Channel partners generally receive an order from an end-customer prior to placing an order with the Company, and these partners do not carry any inventory of the Company\u2019s products or solutions. Payment from channel partners is not contingent on the partner\u2019s success in sales to end-customers. In the event that the Company offers rebates, joint marketing funds, or other incentive programs to a partner, recorded revenues are reduced by these amounts accordingly.\nPayment terms on invoiced amounts are typically 30 to 45 days.\nDisaggregation of Revenue Disaggregation of Revenue\nThe Company derives its revenue primarily from: (1) subscription service revenue; (2) subscription software revenue, and (3) hardware and services, which include professional service and training revenue provided to customers related to their use of the platform.\nThe following table presents the Company\u2019s revenue disaggregation:\nSubscription service revenue\nSubscription service revenue is derived from a subscription-based enterprise licensing model with contract terms typically ranging from one to three years, and consists of (1) subscription fees from the licensing of the Company\u2019s security-as-a-service platform and it\u2019s various components, (2) subscription fees for software with support and related future updates where the software updates are critical to the customers\u2019 ability to derive benefit from the software due to the fast changing nature of the technology. These function together as one performance obligation, and (3) subscription fees for the right to access the Company\u2019s customer support services for software with significant standalone functionality and support services for hardware. The hosted on-demand service arrangements do not provide customers with the right to take possession of the software supporting the hosted services. Support revenue is derived from ongoing security updates, upgrades, bug fixes, and maintenance. A time-elapsed method is used to measure progress because the Company transfers control evenly over the contractual period. Accordingly, the fixed consideration related to subscription service revenue is generally recognized on a straight-line basis over the contract term beginning on the date access is provided, as long as other revenue recognition criteria have been met. Most of the Company\u2019s contracts are non-inate their contract for cause if the\u00a0\n\nSubscription service revenue is derived from a subscription-based enterprise licensing model with contract terms typically ranging from one to three years, and consists of (1) subscription fees from the licensing of the Company\u2019s security-as-a-service platform and it\u2019s various components, (2) subscription fees for software with support and related future updates where the software updates are critical to the customers\u2019 ability to derive benefit from the software due to the fast changing nature of the technology. These function together as one performance obligation, and (3) subscription fees for the right to access the Company\u2019s customer support services for software with significant standalone functionality and support services for hardware. The hosted on-demand service arrangements do not provide customers with the right to take possession of the software supporting the hosted services. Support revenue is derived from ongoing security updates, upgrades, bug fixes, and maintenance. A time-elapsed method is used to measure progress because the Company transfers control evenly over the contractual period. Accordingly, the fixed consideration related to subscription service revenue is generally recognized on a straight-line basis over the contract term beginning on the date access is provided, as long as other revenue recognition criteria have been met. Most of the Company\u2019s contracts are non-cancelable over the contract term. Customers typically have the right to terminate their contract for cause if the Company fails to perform in accordance with the contractual terms. Some of the Company\u2019s customers have the option to purchase additional subscription services at a stated price. These options are evaluated on a case-by-case basis but generally do not provide a material right as they are priced at or above the Company\u2019s SSP and, as such, would not result in a separate performance obligation.\n\n | Year Ended December 31, | | \n----------------------------- | ----------------------- | -------- | --------\n | 2019 | 2018 | 2017 \nSubscription service revenue | $849,267 | $681,138 | $489,274\nSubscription software revenue | 25,739 | 23,262 | 17,081 \nHardware and services | 13,184 | 12,594 | 13,326 \nTotal revenue | $888,190 | $716,994 | $519,681"} {"_id": "d1b3b9c72", "title": "", "text": "Stock Options with Market-based Vesting Criteria\nWe grant NQs that are subject to vesting only upon the market price of our underlying public stock closing above a certain price target withins even years of the date of grant. Share-based compensation expense is recognized regardless of the number of awards that are earned based on the market condition and is recognized on a straight-line basis over the estimated service period of approximately three years.\nIf the required service period is not met for these options, then the share-based compensation expense would be reversed. In the event that our common stock achieves the target price per share based on a 30-day trailing average prior to the end of the estimated service period, any remaining unamortized compensation cost will be recognized.\nStock options with market-based vesting criteria granted for fiscal years 2019, 2018 and 2017 were 585,000, 325,000 and 320,000, respectively, at weighted average grant date fair values of $7.47, $15.52 and $13.18 per share, or total grant date fair value $2.4 million, $5.0 million and $4.3 million, respectively.\nThese NQs with market-based vesting criteria were valued using a Monte Carlo simulation model. The weighted average Monte Carlo input assumptions used for calculating the fair value of these market-based stock options are as follows:\nDuring our fiscal first quarter of 2019, we canceled 1,122,500 performance-based stock options with a concurrent grant of 748,328 PRSUs for 13 employees, which was accounted for as a modification. The incremental compensation cost resulting from the modification was $8.2 million, and was being recognized as share-based compensation expense over the requisite service period of three years for the new PRSU awards.\nAs a result of subsequent actions that resulted in forfeitures, the remaining compensation expense associated with this modification as of September 27, 2019 is $2.8 million.\n\n | | Fiscal Years | \n----------------------- | ------ | ------------ | ------\n | 2019 | 2018 | 2017 \nRisk-free interest rate | 2.8% | 2.3% | 1.9% \nExpected term (years) | 3.9 | 3.4 | 7.0 \nExpected volatility | 51.9% | 45.8% | 32.3% \nTarget price | $53.87 | $98.99 | $67.39"} {"_id": "d1b33b16a", "title": "", "text": "ITEM 15. EXHIBITS AND FINANCIAL STATEMENT SCHEDULES\n(a) 1. Financial Statements\nReference is made to Item 8 for a list of all financial statements and schedules filed as a part of this Report.\n2. Financial Statement Schedules\nQuickLogic Corporation\nValuation and Qualifying Accounts\n(in thousands)\nAll other schedules not listed above have been omitted because the information required to be set forth therein is not applicable or is shown in the financial statements or notes hereto.\n\n | Balance at Beginning of Period | Charged to Costs and Expenses | Write-offs | Balance at End of Period\n---------------------------------- | ------------------------------ | ----------------------------- | ---------- | ------------------------\nAllowance for Doubtful Accounts: | | | | \nFiscal Year 2019 | $\u2014 | $\u2014 | $5 | $\u2014 \nFiscal Year 2018 | $\u2014 | $\u2014 | $\u2014 | $\u2014 \nFiscal Year 2017 | $\u2014 | $\u2014 | $\u2014 | $\u2014 \nAllowance for Deferred Tax Assets: | | | | \nFiscal Year 2019 | $54,913 | $3,227 | $\u2014 | $58,140 \nFiscal Year 2018 | $55,931 | $\u2014 | $(1,018) | $54,913 \nFiscal Year 2017 | $79,150 | $\u2014 | $(23,219) | $55,931 "} {"_id": "d1b305740", "title": "", "text": "M. Property and Equipment, Net\nProperty and equipment, net, as of the periods presented consisted of the following (table in millions):\nAs of January 31, 2020, construction in progress primarily represented various buildings and site improvements that had not yet been placed into service.\nDepreciation expense was $234 million, $211 million and $206 million during the years ended January 31, 2020, February 1, 2019 and February 2, 2018, respectively.\n\n | January 31, 2020 | February 1, 2019\n--------------------------------- | ---------------- | ----------------\nEquipment and software | $1,404 | $1,448 \nBuildings and improvements | 1,088 | 991 \nFurniture and fixtures | 120 | 116 \nConstruction in progress | 106 | 56 \nTotal property and equipment | 2,718 | 2,611 \nAccumulated depreciation | (1,438) | (1,449) \nTotal property and equipment, net | $1,280 | $1,162 "} {"_id": "d1b3abe92", "title": "", "text": "Income Taxes\nnm - not meaningful\nFor fiscal 2018, the effective tax rate was different than the statutory rate due primarily to the impact of the Tax Act reform. The Company recorded a benefit of approximately $3.3 million resulting from the effect of a reduction in the deferred rate and the ability to offset indefinite lived deferred tax liabilities with certain deferred tax assets, recognition of net operating losses as deferred tax assets, which were offset by increases in the valuation allowance, certain foreign and state tax effects including a benefit of $0.4 million related to a settlement with the California Franchise Tax Board and other U.S. permanent book to tax differences. At March 31, 2018, we had $198.7 million of a federal net operating loss carryforward that expires, if unused, in fiscal years 2031 to 2038.\nFor fiscal 2017, the effective tax rate was different than the statutory rate due primarily to the recognition of net operating losses as deferred tax assets, which were offset by increases in the valuation allowance, state taxes and other U.S. permanent book to tax differences.\nAlthough the timing and outcome of tax settlements are uncertain, it is reasonably possible that during the next 12 months a reduction in unrecognized tax benefits may occur in the range of zero to $0.1 million of tax and zero to $0.2 million of interest based on the outcome of tax examinations and as a result of the expiration of various statutes of limitations. We are routinely audited; due to the ongoing nature of current examinations in multiple jurisdictions, other changes could occur in the amount of gross unrecognized tax benefits during the next 12 months which cannot be estimated at this time.\nBecause of our losses in prior periods, we have recorded a valuation allowance offsetting substantially all of our deferred tax assets. The ultimate realization of deferred tax assets generated prior to Tax Act reform depends on the generation of future taxable income during the periods in which those temporary differences are deductible. Because of our losses in prior periods, management believes that it is more-likely-than-not that we will not realize the benefits of these deductible differences.\n\n | Year ended March 31, | | (Unfavorable) favorable | \n---------------------------- | -------------------- | ------ | ----------------------- | --\n(Dollars in thousands) | 2018 | 2017 | $ | % \nIncome tax (benefit) expense | $ (3,251) | $ 236 | $ 3,487 | nm\nEffective tax rate | (28.0)% | (2.1)% | | "} {"_id": "d1b325e28", "title": "", "text": "7 Revenue\nRevenue recognised in the Consolidated Statement of Profit or Loss is analysed as follows:\n\n | Year-ended 31 March 2019 | Year-ended 31 March 2018 Restated See note 2\n------------------- | ------------------------ | --------------------------------------------\nRevenue by Product: | $M | $M \nNetwork | 328.5 | 316.5 \nEnduser | 348.4 | 291.8 \nOther | 33.7 | 30.7 \nTotal | 710.6 | 639.0 "} {"_id": "d1b3ae8fe", "title": "", "text": "COHERENT, INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (In thousands)\n(1) Reclassification adjustments were not significant during fiscal 2019, 2018 and 2017.\n(2) Tax benefits of $(5,161), $0 and $(326) were provided on translation adjustments during fiscal 2019, 2018 and 2017, respectively.\n(3) Tax benefits of $0, $(2) and $(1,876) were provided on changes in unrealized losses on available-for-sale securities during fiscal 2019, 2018 and 2017, respectively.\n(4) Tax expenses (benefits) of $(2,371), $202 and $1,747 were provided on changes in defined benefit pension plans during fiscal 2019, 2018 and 2017, respectively.\n\n | | Year Ended | \n------------------------------------------------------------------------------ | ----------------- | ----------------- | -----------------\n | September 28,2019 | September 29,2018 | September 30,2017\nNet income | $53,825 | $247,358 | $207,122 \nOther comprehensive income (loss):(1) | | | \nTranslation adjustment, net of taxes(2) | (32,609) | (18,065) | 24,923 \nChanges in unrealized losses on available-for-sale securities, net of taxes(3) | \u2014 | (4) | (3,330) \nDefined benefit pension plans, net of taxes(4) | (6,560) | 996 | 3,613 \nOther comprehensive income (loss), net of tax | (39,169) | (17,073) | 25,206 \nComprehensive income | $14,656 | $230,285 | $232,328 "} {"_id": "d1b31aa78", "title": "", "text": "The following table sets forth information known to us with respect to the beneficial ownership of our common shares as of (i) April 12, 2020, our most recent record date, and (ii) as of certain record dates in each of the preceding three years, for (1) the stockholders known by us to beneficially own more than 2% of our common shares and (2) all directors and executive officers as a group. Beneficial ownership is determined in accordance with SEC rules.\n(1) 36.49% owned by United Microelectronics Corporation as of March 31, 2020.\nNone of our major stockholders have different voting rights from those of our other stockholders. To the best of our knowledge, we are not directly or indirectly controlled by another corporation, by any foreign government or by any other natural or legal person severally or jointly.\nFor information regarding our common shares held or beneficially owned by persons in the United States, see \u201cItem 9. The Offer and Listing\u2014A. Offer and Listing Details\u2014Market Price Information for Our American Depositary Shares\u201d in this annual report.\n\n | As of April 14, 2018 | As of April 14, 2019 | As of April 12, 2020 | As of April 12, 2020 \n------------------------------------------- | ------------------------------------------ | ------------------------------------------ | ------------------------------------------ | ------------------------------------------\n | Number of common shares beneficially owned | Number of common shares beneficially owned | Number of common shares beneficially owned | Number of common shares beneficially owned\nName of Beneficial Owner | | | | \nHsun Chieh Investment Co., Ltd. (1) | 3.50% | 3.64% | 441,371,000 | 3.75% \nSilicon Integrated Systems Corp. | 2.50% | 2.35% | 285,380,424 | 2.42% \nDirectors and executive officers as a group | 6.32% | 6.67% | 832,664,416 | 7.07% "} {"_id": "d1b30fa1a", "title": "", "text": "28. Contingent liabilities and legal proceedings\nContingent liabilities are potential future cash outflows, where the likelihood of payment is considered more than remote, but is not considered probable or cannot be measured reliably.\nNotes: 1 Performance bonds require the Group to make payments to third parties in the event that the Group does not perform what is expected of it under the terms of any related\u00a0contracts or commercial arrangements\n2 Other guarantees principally comprise Vodafone Group Plc\u2019s guarantee of the Group\u2019s 50% share of an AUD1.7 billion loan facility and a US$3.5 billion loan facility of its joint venture, Vodafone Hutchison Australia Pty Limited. The Group\u2019s share of these loan balances is included in the net investment in joint venture (see note 12 \u201cInvestments in associates and joint\u00a0arrangements\u201d).\n\n | 2019 | 2018 \n-------------------------------------------- | ----- | -----\n | \u20acm | \u20acm \nPerformance bonds1 | 337 | 993 \nOther guarantees and contingent liabilities2 | 2,943 | 4,036"} {"_id": "d1b30d274", "title": "", "text": "In the Communications Solutions segment, operating income decreased $79 million in fiscal 2019 as compared to fiscal 2018. The Communications Solutions segment\u2019s operating income included the following:\nExcluding these items, operating income decreased in fiscal 2019 due primarily to lower volume.\n\n | | Fiscal \n------------------------------------ | ----- | -------------\n | 2019 | 2018 \n | | (in millions)\nRestructuring and other charges, net | $ 48 | $ 13 \nOther items | 1 | \u2014 \nTotal | $ 49 | $ 13 "} {"_id": "d1b37b0da", "title": "", "text": "Pro Forma Results\nThe following table summarizes, on a pro forma basis, the combined results of operations of the Company and TOKIN as though the acquisition and the Sale of EMD had occurred as of April 1, 2016. The pro forma amounts presented are not necessarily indicative of either the actual consolidated results had the acquisition occurred as of April 1, 2016, or of future consolidated operating results (amounts in thousands, except per share data):\n(1) The net income for the fiscal year ended March 31, 2018 excludes the following: 34% of the gain on sale of the EMD business of $75.2 million, the gain related to the fair value of KEMET\u2019s previous 34% interest in TOKIN of $68.7 million, and the bargain gain on the acquisition of TOKIN of $62.2 million.\n(2) The net income for the fiscal year ended March 31, 2017 includes the following: 34% of the gain on sale of the EMD business of $123.4 million (which includes the release of a valuation allowance that was recorded in the fourth quarter of fiscal year 2017 and the use of the deferred tax asset which was recorded in the first quarter of fiscal year 2018), the gain related to the fair value of KEMET\u2019s previous 34% interest in TOKIN of $66.7 million, and the bargain gain on the acquisition of TOKIN of $60.3 million.\n(3) Fiscal years ended March 31, 2018 and 2017 adjusted due to the adoption of ASC 606.\n\n | Fiscal Years Ended March 31, | \n------------------------------------------------------------------------------------ | ---------------------------- | ----------\n | 2018 (1) | 2017 (2) \nPro forma revenues (3) | $1,217,655 | $1,060,777\nPro forma net income from continuing operations available to common stockholders (3) | 51,975 | 226,086 \nPro forma earnings per common share - basic (3) | 0.98 | 4.86 \nPro forma earnings per common share - diluted (3) | 0.89 | 4.08 \nPro forma common shares - basic | 52,798 | 46,552 \nPro forma common shares - diluted | 58,640 | 55,389 "} {"_id": "d1b3640ce", "title": "", "text": "3. Inventories\nInventories consist of the following (in thousands):\n\n | August 31,2019 | August 31,2018\n----------------------------------------- | -------------- | --------------\nRaw materials | $2,310,081 | $2,070,569 \nWork in process | 468,217 | 788,742 \nFinished goods | 314,258 | 659,335 \nReserve for excess and obsolete inventory | (69,553) | (60,940) \nInventories, net | $3,023,003 | $3,457,706 "} {"_id": "d1b3c492e", "title": "", "text": "Supplementary Financial Data (Unaudited)\n(in millions, except per-share amounts)\n(1) In the fourth quarter of fiscal 2019, we recorded an $872 million charge which was the reversal of the previously recorded benefit associated with the U.S. taxation of deemed foreign dividends recorded in fiscal 2018 as a result of a retroactive final U.S. Treasury regulation issued during the quarter.\n\nQuarters Ended | July 27, 2019 (1) | April 27, 2019 | January 26, 2019 | October 27, 2018\n------------------------------------------- | ----------------- | -------------- | ---------------- | ----------------\nRevenue . | $13,428 | $12,958 | $12,446 | $13,072 \nGross margin | $8,574 | $8,173 | $7,773 | $8,146 \nOperating income | $3,690 | $3,513 | $3,211 | $3,805 \nNet income | $2,206 | $3,044 | $2,822 | $3,549 \nNet income per share - basic | $0.52 | $0.70 | $0.63 | $0.78 \nNet income per share - diluted | $0.51 | $0.69 | $0.63 | $0.77 \nCash dividends declared per common share . | $0.35 | $0.35 | $0.33 | $0.33 \nCash and cash equivalents and investments . | $33,413 | $34,643 | $40,383 | $42,593 "} {"_id": "d1b3a38e6", "title": "", "text": "29. Contract balances\nThe following table provides information about receivables and contract liabilities from contracts with customers. The Group does not have any contract assets.\nThere was no revenue recognised in 2019, 2018 or 2017 from performance obligations satisfied in previous periods.\nThe timing of revenue recognition, invoicing and cash collections results in trade receivables, deferred income and advance customer payments received on account on the balance sheet.\nThe Group receives payments from customers based on a billing schedule, as established in the contract. Trade receivables are recognised when the right to consideration becomes unconditional. Contract liabilities are recognised as revenue as (or when) the Group performs under the contract.\nThe Group also recognises incremental costs incurred to obtain a contract as an asset if it expects to recover those costs. Such costs are presented in the balance sheet as assets recognised from costs to obtain a contract and disclosed in note 21.\n\n | | 2019 | 2018 | 2017 \n------------------------------------------------------------------------------------------------------------- | ----- | --------- | --------- | ---------\n | Notes | $ million | $ million | $ million\nTrade receivables | 20 | 128.7 | 123.4 | 113.8 \nContract liabilities | | | | \nPayments received on account | 23 | 2.3 | 1.0 | 3.8 \nDeferred income | 25 | 66.8 | 69.6 | 72.7 \n | | 69.1 | 70.6 | 76.5 \nRevenue recognised in the period from amounts included in contract liabilities at the beginning of the period | | 56.2 | 65.5 | 62.1 "} {"_id": "d1b3a6d3e", "title": "", "text": "NOTE 2 \u2014 EARNINGS PER SHARE\nBasic earnings per share (\u201cEPS\u201d) is computed based on the weighted average number of shares of common stock outstanding during the period. Diluted EPS is computed based on the weighted average number of shares of common stock plus the effect of dilutive potential common shares outstanding during the period using the treasury stock method. Dilutive potential common shares include outstanding stock options and stock awards.\nThe components of basic and diluted EPS were as follows:\nAnti-dilutive stock-based awards excluded from the calculations of diluted EPS were immaterial during the periods presented.\n\n(In millions, except earnings per share) | | | \n------------------------------------------------------- | --------- | --------- | ---------\nYear Ended June 30, | 2019 | 2018 | 2017 \nNet income available for common shareholders (A) | $ 39,240 | $ 16,571 | $ 25,489\nWeighted average outstanding shares of common stock (B) | 7,673 | 7,700 | 7,746 \nDilutive effect of stock-based awards | 80 | 94 | 86 \nCommon stock and common stock equivalents (C) | 7,753 | 7,794 | 7,832 \nEarnings Per Share | | | \nBasic (A/B) | $ 5.11 | $ 2.15 | $ 3.29 \nDiluted (A/C) | $ 5.06 | $ 2.13 | $ 3.25 "} {"_id": "d1b3c7ed0", "title": "", "text": "(5) GOODWILL AND OTHER INTANGIBLE ASSETS\nThe carrying value of goodwill by segment was as follows:\nReclassifications and other during the year ended December 31, 2019 were due primarily to tax adjustments for acquisitions in 2019 and 2018. See Note 2 for information regarding acquisitions.\n\n | Application Software | Network Software & Systems | Measurement & Analytical Solutions | Process Technologies | Total \n---------------------------------------- | -------------------- | -------------------------- | ---------------------------------- | -------------------- | ------------\nBalances at December 31, 2017 | $ 4,565.4 | $ 2,591.3 | $ 1,345.4 | $ 318.2 | $ 8,820.3\nGoodwill acquired | 684.4 | 33.1 | \u2014 | \u2014 | 717.5 \nGoodwill related to assets held for sale | \u2014 | \u2014 | (156.2) | \u2014 | (156.2) \nCurrency translation adjustments | (17.0) | (2.3) | (14.5) | (5.9) | (39.7) \nReclassifications and other | 3.3 | 1.6 | \u2014 | \u2014 | 4.9 \nBalances at December 31, 2018 | $ 5,236.1 | $ 2,623.7 | $ 1,174.7 | $312.3 | $ 9,346.8 \nGoodwill acquired | 143.4 | 1,303.6 | \u2014 | \u2014 | 1,447.0 \nCurrency translation adjustments | 8.3 | 8.8 | 3.3 | 2.2 | 22.6 \nReclassifications and other | 1.6 | (2.6) | \u2014 | \u2014 | (1.0) \nBalances at December 31, 2019 | $ 5,389.4 | $ 3,933.5 | $ 1,178.0 | $ 314.5 | $ 10,815.4 "} {"_id": "d1b3bc7f6", "title": "", "text": "Cash Flow Hedges\nFor derivative instruments that are designated and qualify as cash flow hedges, the effective portion of the gain or loss on the derivative is reported as a component of AOCI and reclassified into earnings in the same period or periods during which the hedged transactions affect earnings or it becomes probable the forecasted transactions will not occur. The following is a summary of the gains (losses) related to cash flow hedges recognized during the years ended June 30, 2019, 2018 and 2017:\n\n | | Amount of Gain (Loss) Recognized in AOCI on Derivatives | \n---------------------------------------------- | ----- | ------------------------------------------------------- | -----\n | | Years Ended June 30, | \n($ in millions) | 2019 | 2018 | 2017 \nDerivatives in Cash Flow Hedging Relationship: | | | \nCommodity contracts | $45.4 | $41.4 | $9.4 \nForeign exchange contracts | (0.9) | (0.4) | (0.1)\nTotal | $44.5 | $41.0 | $9.3 "} {"_id": "d1b372476", "title": "", "text": "Adjusted EBITDA is defined as Earnings before Interest Expense, Taxes, Depreciation and Amortization, adjusted to exclude the impact of Special Items. Management uses Adjusted EBITDA as one of many measures to assess the performance of the business. Additionally, Adjusted EBITDA is the performance metric used by the Company's chief operating decision maker to evaluate performance of our reportable segments. Adjusted EBITDA is also a metric used to determine performance in the Company's Annual Incentive Plan. We do not believe there are estimates underlying the calculation of Adjusted EBITDA, other than those inherent in our U.S. GAAP results of operations, which would render the use and presentation of Adjusted EBITDA misleading. While the nature and amount of individual Special Items vary from period to period, we believe our calculation of Adjusted EBITDA is applied consistently to all periods and, in conjunction with other U.S. GAAP and non- U.S. GAAP measures, provides a useful and consistent comparison of our Company's performance to other periods. In our evaluation of Adjusted EBITDA, management assumes that gain/losses related to Special Items may not be reflective of our core operating results.\n(1) Includes depreciation and amortization adjustments of $(0.8) million and $(2.4) million for the years ended December 31, 2019 and 2018, respectively.\n(2) Other Special Items for the years ended December 31, 2019 and 2018, primarily included fees related to professional services, mainly legal fees, directly associated with Special Items or events that are considered one-time or infrequent in nature.\nThe Company may also assess performance using Adjusted EBITDA Margin. Adjusted EBITDA Margin is calculated as Adjusted EBITDA divided by net trade sales. We believe that Adjusted EBITDA Margin is one useful measure to assess the profitability of sales made to third parties and the efficiency of our core operations.\nThe following table shows a reconciliation of U.S. GAAP Net Earnings from continuing operations to non-U.S. GAAP Total Company Adjusted EBITDA from continuing operations:\n\n | | Year Ended December 31, | \n---------------------------------------------------------------------- | ------- | ----------------------- | -------\n(In millions) | 2019 | 2018 | 2017 \nNet earnings from continuing operations | $ 293.7 | $ 150.3 | $ 62.8 \nInterest expense, net | 184.1 | 177.9 | 184.2 \nIncome tax provision | 76.6 | 307.5 | 330.5 \nDepreciation and amortization, net of adjustments(1) | 184.5 | 159.0 | 158.3 \nSpecial Items: | | | \nRestructuring charges | 41.9 | 47.8 | 12.1 \nOther restructuring associated costs | 60.3 | 15.8 | 14.3 \nForeign currency exchange loss due to highly inflationary economies | 4.6 | 2.5 | \u2014 \nLoss on debt redemption and refinancing activities | 16.1 | 1.9 | \u2014 \nCharges related to acquisition and divestiture activity | 14.9 | 34.2 | 84.1 \nCharges related to the Novipax settlement agreement | 59.0 | \u2014 | \u2014 \nGain from class-action litigation settlement | \u2014 | (14.9) | \u2014 \nCurtailment related to retained Diversey retirement plans | \u2014 | \u2014 | (13.5) \nOther Special Items(2) | 29.1 | 7.5 | 0.5 \nPre-tax impact of Special Items | 225.9 | 94.8 | 97.5 \nNon-U.S. GAAP Total Company Adjusted EBITDA from continuing operations | $ 964.8 | $ 889.5 | $ 833.3"} {"_id": "d1b361590", "title": "", "text": "Management makes allowance for expected credit loss based on the simplified approach to provide for expected credit losses, which permits the use of the lifetime expected loss provision for all trade receivables. Expected credit loss for receivables overdue more than 180 days is 25%-100%, depending on category. Expected credit loss for receivables overdue more than one year is 100%.\nMovements in provisions for impairment of freight receivables during the year are as follows:\nAllowance for expected credit loss of freight receivables have been recognized in the income statement under \"Port expenses, bunkers and commissions\".\nAllowance for expected credit loss of freight receivables is calculated using an ageing factor as well as a specific customer knowledge and is based on a provision matrix on days past due.\n\nUSDm | 2019 | 2018 | 2017\n----------------------------------- | ---- | ---- | ----\nAllowance for expected credit loss | | | \nBalance as of 1 January | 1.7 | 1.3 | 2.6 \nAdjustment to prior years | 1.5 | - | - \nProvisions for the year | 2.4 | 1.7 | 0.6 \nProvisions reversed during the year | -1.9 | -1.0 | -1.9\nProvisions utilized during the year | - | -0.3 | - \nBalance as of 31 December | 3.7 | 1.7 | 1.3 "} {"_id": "d1b34a6a6", "title": "", "text": "Deferred taxes are provided on a liability method whereby deferred tax assets are recognized for deductible differences and operating loss and tax credit carry-forwards and deferred tax liabilities are recognized for taxable temporary differences. Temporary differences are the difference between the reported amounts of assets and liabilities and their tax bases. Deferred tax assets are reduced by a valuation allowance when, in the opinion of management, it is more likely than not that some portion or all of the deferred tax assets will not be realized. Deferred tax assets and liabilities are adjusted for the effects of changes in tax laws and rates on the date of enactment.\nAt December 31, 2019, the Company had net operating loss carry-forwards of approximately $21.6 million that may be offset against future taxable income indefinitely. No tax benefit has been reported in the 2019 financial statements, since the potential tax benefit is offset by a valuation allowance of the same amount.\nNet deferred tax assets consist of the following components as of December 31, 2019 and 2018:\nDue to the change in ownership provisions of the Tax Reform Act of 1986, net operating loss carry-forwards for federal income tax reporting purposes are subject to annual limitations. Should a change in ownership occur, net operating loss carry-forwards may be limited as to use in future years.\n\n | 2019 | 2018 \n---------------------------------- | ------- | -------\nDeferred tax assets (liabilities): | | \nNOL carryover | $5,910 | $3,370 \nR&D carryover | 173 | 173 \nOther | 236 | 239 \nDepreciation | 42 | 61 \n | 6,361 | 3,843 \nLess valuation allowance | (6,361) | (3,843)\nNet deferred tax asset | $- | $- "} {"_id": "d1b2e5f26", "title": "", "text": "Other Current Assets\nThe following table presents details of other current assets in our consolidated balance sheets:\n\n | As of December 31, | \n--------------------------------- | --------------------- | ----\n | 2019 | 2018\n | (Dollars in millions) | \nPrepaid expenses | $274 | 307 \nIncome tax receivable | 35 | 82 \nMaterials, supplies and inventory | 105 | 120 \nContract assets | 42 | 52 \nContract acquisition costs | 178 | 167 \nContract fulfillment costs | 115 | 82 \nOther | 59 | 108 \nTotal other current assets | $808 | 918 "} {"_id": "d1a71aebc", "title": "", "text": "13. CONTRIBUTED EQUITY\nCapital raise On 4 September 2018, the Group undertook a fully underwritten $175.4m equity raising. This resulted in the issue of 105,677,937 new stapled securities (2018: $59.5m equity raising resulting in the issue of 39,712,882 stapled securities).\nOn 25 June 2019, the Group announced a fully underwritten $170m equity raising. On 28 June 2019, the Group received proceeds for this raising. This has been recognised as a contract for future issue of equity under AASB 132 and has been recognised as contributed equity within the statement of financial position. This resulted in the issue of 99,415,205 new stapled securities on 1 July 2019. These securities are not reflected in the securities on issue above as they were issued subsequent to the year end.\nOn 25 June 2019, the Group also announced a non-underwritten security purchase plan. This completed on 30 July 2019, raising $13.5m and resulted in the issue of 7,917,735 new stapled securities.\nDistribution reinvestment plan During the year, 9,143,772 (2018: 6,480,246) stapled securities were issued to securityholders participating in the Group\u2019s Distribution Reinvestment Plan for consideration of $16.2m (2018: $9.6m). The stapled securities were issued at the volume weighted average market price of the Group's stapled securities over a period of ten trading days, less a 2% discount.\n\n | 2019 | 2018 \n------------------------------------- | ----------- | -----------\n | $'000 | $'000 \nIssued and paid up capital | 83,692 | 66,128 \nContract for future issue of equity | 16,451 | - \nTotal contributed equity | 100,143 | 66,128 \nNumber of stapled securities on Issue | 2019 | 2018 \nOpening balance at 1 July | 559,107,042 | 512,913,914\nInstitutional and retail placement | 105,677,937 | 39,712,882 \nDistribution reinvestment plan | 9,143,772 | 6,480,246 \nClosing balance at 30 June | 673,928,751 | 559,107,042"} {"_id": "d1b3238b2", "title": "", "text": "ACQUISITIONS OF PROPERTY, PLANT AND EQUIPMENT\nThe acquisitions of property, plant and equipment as well as the capital intensity per operating segment are as follows:\n(1) Fiscal 2018 was restated to comply with IFRS 15 and to reflect a change in accounting policy. For further details, please consult the \"Accounting policies\" section. (2) Fiscal 2019 actuals are translated at the average foreign exchange rate of the comparable period of fiscal 2018 which was 1.3100 USD/CDN.\nFiscal 2019 fourth-quarter acquisitions of property, plant and equipment decreased by 10.6% (11.2% in constant currency) mainly due to lower capital expenditures in the Canadian and American broadband services segments. Fiscal 2019 fourth-quarter capital intensity reached 24.9% compared to 28.7% for the same period of the prior year mainly as a result of lower capital capital expenditures combined with higher revenue.\n\nThree months ended August 31, | 2019 | 2018 | Change | Change in constant currency(2)\n--------------------------------------------- | ------- | ------- | ------ | ------------------------------\n(in thousands of dollars, except percentages) | $ | $ | % | % \nCanadian broadband services | 79,132 | 89,405 | (11.5) | (11.7) \nCapital intensity | 24.7% | 28.0% | | \nAmerican broadband services | 65,967 | 72,914 | (9.5) | (10.5) \nCapital intensity | 25.0% | 29.6% | | \nConsolidated | 145,099 | 162,319 | (10.6) | (11.2) \nCapital intensity | 24.9% | 28.7% | | "} {"_id": "d1b2ffdae", "title": "", "text": "The following table sets forth the components of identifiable intangible assets acquired and their estimated useful lives as of the date of acquisition.\nThe amount recorded for developed technology represents the estimated fair value of Trello\u2019s project management and organization technology. The amount recorded for customer relationships represents the fair values of the underlying relationship with Trello customers.\n\n | Fair Value | Useful Life\n----------------------------------------------- | --------------------- | -----------\n | (U.S. $ in thousands) | (years) \nDeveloped technology | $50,600 | 3 \nCustomer relationships | 56,900 | 2 \nTrade names | 19,900 | 3 \nTotal intangible assets subject to amortization | $127,400 | "} {"_id": "d1b39d180", "title": "", "text": "During the three months ended June 30, 2018, the Company adopted ASU 2016-18-Statement of Cash Flows: Restricted Cash. This standard requires that the statement of cash flows explain the change during the period in total cash, cash equivalents, and amounts generally described as restricted cash or restricted cash equivalents. Therefore, amounts generally described as restricted cash and restricted cash equivalents should be included with cash and cash equivalents when reconciling the beginning-of-period and end-of-period total amounts shown on the statement of cash flows. The standard has been applied using a retrospective transition method to each period presented. The adoption of this standard did not have a material impact on the Company's financial statements.\nThe following table summarizes the opening balance sheet adjustments related to the adoption of the New Revenue Standard, ASU 2016-01-Financial Instruments - Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities, and ASU 2016-16-Intra-Entity Transfers of Assets Other Than Inventory (in millions):\n\n | Balance as of | | Adjustments from | | Balance as of\n-------------------------------------------- | -------------- | -------- | ---------------- | ----------- | -------------\n | March 31, 2018 | ASC 606 | ASU 2016-01 | ASU 2016-16 | April 1, 2018\nASSETS | | | | | \nAccounts receivable, net | $563.7 | $340.1 | $\u2014 | $\u2014 | $903.8 \nInventories | $476.2 | $(5.1) | $\u2014 | $\u2014 | $471.1 \nOther current assets | $119.8 | $17.2 | $\u2014 | $\u2014 | $137.0 \nLong-term deferred tax assets | $100.2 | $(23.1) | $\u2014 | $1,579.4 | $1,656.5 \nOther assets | $71.8 | $\u2014 | $\u2014 | $(24.1) | $47.7 \nLIABILITIES | | | | | \nAccrued liabilities | $229.6 | $404.2 | $\u2014 | $\u2014 | $633.8 \nDeferred income on shipments to distributors | $333.8 | $(333.8) | $\u2014 | $\u2014 | $\u2014 \nLong-term deferred tax liability | $205.8 | $16.8 | $\u2014 | $(1.1) | $221.5 \nOther long-term liabilities | $240.9 | $\u2014 | $\u2014 | $(1.7) | $239.2 \nSTOCKHOLDERS' EQUITY | | | | | \nAccumulated other comprehensive loss | $(17.6) | $\u2014 | $(1.7) | $\u2014 | $(19.3) \nRetained earnings | $1,397.3 | $241.9 | $1.7 | $1,558.1 | $3,199.0 "} {"_id": "d1b3c6f44", "title": "", "text": "GreenSky, Inc. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS \u2014 (Continued) (United States Dollars in thousands, except per share data, unless otherwise stated)\nThe following table presents activities associated with our loan receivable sales and servicing activities during the periods indicated.\n\n | | Year Ended December 31, | \n-------------------------------------------------- | ------- | ----------------------- | -------\n | 2019 | 2018 | 2017 \nGain (loss) on sold loan receivables held for sale | $\u2014 | $\u2014 | $(500) \nCash Flows | | | \nSales of loans | $91,946 | $139,026 | $72,071\nServicing fees | 3,901 | 2,321 | 2,821 "} {"_id": "d1b3b12e8", "title": "", "text": "Cash flow measures and capital additions\nIn presenting and discussing our reported results, free cash flow (pre-spectrum), free cash flow, capital additions and operating free cash flow are calculated and presented even though these measures are not recognised within IFRS. We believe that it is both useful and necessary to communicate free cash flow to investors and other interested parties, for the following reasons:\nFree cash flow (pre-spectrum) and free cash flow allows us and external parties to evaluate our liquidity and the cash generated by our operations. Free cash flow (pre-spectrum) and capital additions do not include payments for licences and spectrum included within intangible assets, items determined independently of the ongoing business, such as the level of dividends, and items which are deemed discretionary, such as cash flows relating to acquisitions and disposals or financing activities. In addition, it does not necessarily reflect the amounts which we have an obligation to incur. However, it does reflect the cash available for such discretionary activities, to strengthen the consolidated statement of financial position or to provide returns to shareholders in the form of dividends or share purchases;\n\u2013 Free cash flow facilitates comparability of results with other companies, although our measure of free cash flow may not be directly comparable to similarly titled measures used by other companies;\n\u2013 These measures are used by management for planning, reporting and incentive purposes; and\nThese measures are useful in connection with discussion with the investment analyst community and debt rating agencies.\nA reconciliation of cash generated by operations, the closest equivalent GAAP measure, to operating free cash flow and free cash flow, is provided below.\n\n | 2019 | 2018 | 2017 \n-------------------------------------------------------------- | ------- | ------- | -------\n | \u20acm | \u20acm | \u20acm \nCash generated by operations (refer to note 18) | 14,182 | 13,860 | 13,781 \nCapital additions | (7,227) | (7,321) | (7,675)\nWorking capital movement in respect of capital additions | (89) | 171 | (822) \nDisposal of property, plant and equipment | 45 | 41 | 43 \nRestructuring payments | 195 | 250 | 266 \nOther | (35) | \u2013 | 34 \nOperating free cash flow | 7,071 | 7,001 | 5,627 \nTaxation | (1,040) | (1,010) | (761) \nDividends received from associates and investments | 498 | 489 | 433 \nDividends paid to non-controlling shareholders in subsidiaries | (584) | (310) | (413) \nInterest received and paid | (502) | (753) | (830) \nFree cash flow (pre-spectrum) | 5,443 | 5,417 | 4,056 \nLicence and spectrum payments | (837) | (1,123) | (474) \nRestructuring payments | (195) | (250) | (266) \nFree cash flow | 4,411 | 4,044 | 3,316 "} {"_id": "d1b38346a", "title": "", "text": "Net finance cost was \u00a347.2m for the year; a decrease of \u00a31.2m on 2017/18. Net regular interest in the year was \u00a340.5m, a decrease of \u00a33.9m compared to the prior year. Consistent with recent years, the largest component of finance costs in the year was interest due to holders of the Group\u2019s senior secured notes, which was \u00a331.7m.\nThe interest on the senior secured notes was \u00a30.5m lower compared to the prior year following the re-financing of the June 2021 \u00a3325m fixed rate notes at a coupon of 6.5% to the October 2023 \u00a3300m fixed rate notes to the slightly lower coupon of 6.25%. Bank debt interest of \u00a35.1m was \u00a32.1m lower in the year due to lower levels of average debt and a lower margin on the revolving credit facility following the refinancing completed in May 2018. Amortisation of debt issuance costs was \u00a33.7m, \u00a31.3m lower than the prior year due to lower transaction costs associated with the issue of the \u00a3300m 6.25% Fixed rate notes compared with the retired \u00a3325m 6.5% Fixed rate notes.\nWrite-off of financing costs and early redemption fees of \u00a311.3m include a \u00a35.7m fee related to the write-off of transaction costs associated with the senior secured fixed rate notes due March 2021, which were repaid during the year, and a \u00a35.6m redemption fee associated with the early call of the March 2021 bond.\nIn the prior year, a \u00a30.4m discount unwind credit relating to long-term property provisions held by the Group due to an increase in gilt yields was reflected in reported Net finance cost. In 2018/19, a discount unwind charge of \u00a33.0m was included in the Net finance cost of \u00a347.2m. Other interest income of \u00a37.6m in the year relates to monies received from the Group\u2019s associate Hovis Holdings Limited ('Hovis') and reflects the reversal of a previous impairment.\n\n\u00a3m | 2018/19 | 2017/18 | Change\n----------------------------------------------------------- | ------- | ------- | ------\nSenior secured notes interest | 31.7 | 32.2 | 0.5 \nBank debt interest | 5.1 | 7.2 | 2.1 \n | 36.8 | 39.4 | 2.6 \nAmortisation of debt issuance costs | 3.7 | 5.0 | 1.3 \nNet regular interest5 | 40.5 | 44.4 | 3.9 \nFair value movements on interest rate financial instruments | \u2013 | (0.4) | (0.4) \nWrite-off of financing costs and early redemption fees | 11.3 | 4.0 | (7.3) \nDiscount unwind | 3.0 | (0.4) | (3.4) \nOther finance income | (7.6) | \u2013 | 7.6 \nOther interest cost | \u2013 | 0.8 | 0.8 \nNet finance cost | 47.2 | 48.4 | 1.2 "} {"_id": "d1b359e3a", "title": "", "text": "10. Debt\nA summary of debt is shown below:\nRevolving Credit Facility/Term Loan\nOn September 12, 2018, the Company entered into five-year Amended and Restated Credit Agreement (\u201cCredit Agreement\u201d) with Bank of America, N.A., as Administrative Agent, and Wells Fargo Bank, N.A. The Credit Agreement amends and restates the credit agreement, dated November 18, 2016, among the Company, Bank of America, N.A. and Wells Fargo Bank, N.A. The Credit Agreement consists of a senior unsecured revolving credit facility (\u201cRevolving Credit Facility\u201d) of $200.0 million and a senior unsecured term loan (\u201cTerm Loan\u201d) of $250.0 million. In addition, the Company has an option to increase the size of the Revolving Credit Facility and Term Loan by up to an additional $200.0 million. The Credit Agreement is guaranteed by the Company\u2019s wholly-owned U.S. subsidiaries. For the Term Loan, the Company is required to make quarterly principal payments of 1.25% of the original Term Loan ($3.1 million) through maturity, with the remaining balance due on September 12, 2023.\nOutstanding borrowings under the Credit Agreement bear interest at variable rates based on the type of borrowing and the Company\u2019s debt to EBITDA financial ratio, as defined. The interest rate on outstanding borrowings under the Credit Agreement was 3.98% at April 27, 2019. The Credit Agreement contains customary representations and warranties, financial covenants, restrictive covenants and events of default. As of April 27, 2019, the Company was in compliance with all the covenants in the Credit Agreement. The fair value of borrowings under the Credit Agreement approximates book value because the interest rate is variable.\nSubsidiary Credit Facility\nThe Company\u2019s subsidiary, Pacific Insight, is a party to a credit agreement with the Bank of Montreal which provides a credit facility in the maximum principal amount of C$10.0 million, with an option to increase the principal amount by up to an additional C$5.0 million. Availability under the facility is based on a percentage of eligible accounts receivable and finished goods inventory balances. Interest is calculated at a base rate plus margin, as defined. In addition, Pacific Insight was a party to a credit agreement with Roynat which was terminated during the second quarter of fiscal 2019. Total repayments under the credit agreement with Roynat were $3.8 million in fiscal 2019, including a prepayment fee of $0.1 million.\nOther Debt\nThe Company\u2019s subsidiary, Procoplast, has debt that consists of eighteen notes with maturities ranging from 2019 to 2031. The weighted-average interest rate was approximately 1.5% at April 27, 2019 and $3.2 million of the debt was classified as short-term. The fair value of other debt was $16.3 million at April 27, 2019 and was based on Level 2 inputs on a nonrecurring basis.\nUnamortized Debt Issuance Costs\nThe Company paid debt issuance costs of $3.1 million on September 12, 2018 in connection with the Credit Agreement. The debt issuance costs are being amortized over the five-year term of the Credit Agreement.\n\n(Dollars in Millions) | April 27, 2019 | April 28, 2018\n------------------------------- | -------------- | --------------\nRevolving Credit Facility | $35.0 | $30.0 \nTerm Loan | 243.7 | \u2014 \nSubsidiary Credit Facility | \u2014 | 3.6 \nOther Debt | 16.8 | 24.2 \nUnamortized Debt Issuance Costs | (2.9) | \u2014 \nTotal Debt | 292.6 | 57.8 \nLess: Current Maturities | (15.7) | (4.4) \nTotal Long-term Debt | $276.9 | $53.4 "} {"_id": "d1b2ed74e", "title": "", "text": "During the fourth and third quarters of 2019 and the fourth quarter of 2018, we recorded an income tax expense of $62 million, $28 million and $28 million, respectively, reflecting (i) in the third quarter of 2019 the estimated annual effective tax rate in each of our jurisdictions, applied to the consolidated results before taxes in the third quarter of 2019\u00a0and (ii) in both fourth quarters the actual tax charges and benefits in each jurisdiction as well as the true-up of tax provisions based upon the most updated visibility on open tax matters in several jurisdictions. and (ii) in both fourth quarters the actual tax charges and benefits in each jurisdiction as well as the true-up of tax provisions based upon the most updated visibility on open tax matters in several jurisdictions. and (ii) in both fourth quarters the actual tax charges and benefits in each jurisdiction as well as the true-up of tax provisions based upon the most updated visibility on open tax matters in several jurisdictions.\nIncome tax expense\n\n | | Three Months Ended | \n------------------ | ----------------- | ------------------------ | -----------------\n | December 31, 2019 | September 29, 2019 | December 31, 2018\n | | (Unaudited, in millions) | \nIncome tax expense | $(62) | $(28) | $(28) "} {"_id": "d1b3425f0", "title": "", "text": "AMERICAN TOWER CORPORATION AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Tabular amounts in millions, unless otherwise disclosed)\nThe Company expects the unrecognized tax benefits to change over the next 12 months if certain tax matters ultimately settle with the applicable taxing jurisdiction during this timeframe, or if the applicable statute of limitations lapses. The impact of the amount of such changes to previously recorded uncertain tax positions could range from zero to $53.0 million.\nA reconciliation of the beginning and ending amount of unrecognized tax benefits are as follows:\nDuring the years ended December 31, 2019, 2018 and 2017, the statute of limitations on certain unrecognized tax benefits lapsed and certain positions were effectively settled, which resulted in a decrease of $2.5 million, $9.3 million and $0.4 million, respectively, in the liability for uncertain tax benefits.\nThe Company recorded penalties and tax-related interest expense to the tax provision of $10.3 million, $8.0 million and $5.0 million for the years ended December 31, 2019, 2018 and 2017, respectively. In addition, due to the expiration of the statute of limitations in certain jurisdictions and certain positions that were effectively settled, the Company reduced its liability for penalties and income tax-related interest expense related to uncertain tax positions during the years ended December 31, 2019, 2018 and 2017 by $2.7 million, $16.2 million and $0.6 million, respectively.\nAs of December 31, 2019 and 2018, the total amount of accrued income tax-related interest and penalties included in the consolidated balance sheets were $26.6 million and $19.1 million, respectively.\nThe Company has filed for prior taxable years, and for its taxable year ended December 31, 2019 will file, numerous consolidated and separate income tax returns, including U.S. federal and state tax returns and foreign tax returns. The Company is subject to examination in the U.S. and various state and foreign jurisdictions for certain tax years. As a result of the Company\u2019s ability to carryforward federal, state and foreign NOLs, the applicable tax years generally remain open to examination several years after the applicable loss carryforwards have been used or have expired. The Company regularly assesses the likelihood of additional assessments in each of the tax jurisdictions resulting from these examinations. The Company believes that adequate provisions have been made for income taxes for all periods through December 31, 2019.\n\n | | Year Ended December 31, | \n------------------------------------------------------------ | ------ | ----------------------- | ------\n | 2019 | 2018 | 2017 \nBalance at January 1 | $107.7 | $116.7 | $107.6\nAdditions based on tax positions related to the current year | 33.3 | 8.1 | 7.6 \nAdditions and reductions for tax positions of prior years | 37.5 | 0.3 | \u2014 \nForeign currency | (1.6) | (8.1) | 1.9 \nReduction as a result of the lapse of statute of limitations | (1.3) | (2.6) | (0.4) \nReduction as a result of effective settlements | \u2014 | (6.7) | \u2014 \nBalance at December 31 | $175.6 | $107.7 | $116.7"} {"_id": "d1b2e9ab8", "title": "", "text": "NOTE 14. PROVISION FOR WARRANTY\nThe changes in the amount of provision for warranty are as follows:\nCosts of warranty include the cost of labor and materials to repair a product during the warranty period. The main term of the warranty period is one year. The Company accrues for the estimated cost of the warranty on its products shipped in the provision for warranty, upon recognition of the sale of the product. The costs are estimated based on actual historical expenses incurred and on estimated future expenses related to current sales, and are updated periodically. Actual warranty costs are charged against the provision for warranty.\n\n | December 31, | \n----------------------------------- | ------------ | --------\n | 2018 | 2019 \nBalance January 1 | 6,562 | 7,955 \nCharged to cost of sales | 18,408 | 26,301 \nDeductions | (8,985) | (12,232)\nReleases of expired warranty | (8,214) | (5,684) \nForeign currency translation effect | 184 | 84 \nBalance December 31 | 7,955 | 16,424 "} {"_id": "d1a723f4e", "title": "", "text": "5. CASH FLOW ANALYSIS\n(1) Fiscal 2018 was restated to comply with IFRS 15 and to reflect a change in accounting policy as well as to reclassify results from Cogeco Peer 1 as discontinued operations. For further details, please consult the \"Accounting policies\" and \"Discontinued operations\" sections.\n(2) For further details on the Corporation's cash flow attributable to discontinued operations, please consult the \"Discontinued operations\" section.\nFiscal 2019 cash flow from operating activities increased by 39.9% compared to the prior year mainly from: \u2022 higher adjusted EBITDA; \u2022 the decreases in income taxes paid and in financial expense paid; and \u2022 the decrease in integration, restructuring and acquisitions costs.\nFiscal 2019 investing activities decreased by 78.5% compared to the prior year mainly due to the MetroCast acquisition of $1.76 billion in the second quarter of fiscal 2018.\n\nYears ended August 31, | 2019 | 2018 (1) | Change\n---------------------------------------------------------------------------------------------- | --------- | ----------- | ------\n(in thousands of dollars, except percentages) | $ | $ | % \nCash flow from operating activities | 868,711 | 620,748 | 39.9 \nCash flow from investing activities | (471,078) | (2,191,666) | (78.5)\nCash flow from financing activities | (659,222) | 1,426,136 | \u2014 \nEffect of exchange rate changes on cash and cash equivalents denominated in a foreign currency | (439) | 1,989 | \u2014 \nNet change in cash and cash equivalents from continuing operations | (262,028) | (142,793) | 83.5 \nNet change in cash and cash equivalent from discontinued operations(2) | 733,807 | 16,333 | \u2014 \nCash and cash equivalents, beginning of the year | 84,725 | 211,185 | (59.9)\nCash and cash equivalents, end of the year | 556,504 | 84,725 | \u2014 "} {"_id": "d1b32baee", "title": "", "text": "Net revenue: Net revenue from our Energy segment for the year ended December 31, 2019 increased $18.3 million to $39.0 million from $20.7 million for the year ended December 31, 2018. The increase was primarily driven by the AFTC related to the 2018 and 2019 CNG sales that was recognized in the fourth quarter of 2019, inclusive of prior period AFTC at the acquired ampCNG stations which was also recognized in 2019. The increase was also driven by higher volume-related revenues from the recent acquisition of the ampCNG stations and growth in CNG sales volumes.\nCost of revenue: Cost of revenue from our Energy segment for the year ended December 31, 2019 increased $5.9 million to $17.1 million from $11.2 million for the year ended December 31, 2018. The increase was due to overall growth in volumes of gasoline gallons delivered and higher commodity and utility costs driven by the acquisition of ampCNG stations.\nSelling, general and administrative: Selling, general and administrative expenses from our Energy segment for the year ended December 31, 2019 increased $0.9 million to $4.9 million from $4.0 million for the year ended December 31, 2018. The increase was driven by an increase in salaries and benefits largely due to the of the acquisition of ampCNG stations, which were acquired late in the second quarter of 2019, partially offset by a one-time expense in the prior year related to the abandonment of a station development project.\nDepreciation and amortization from our Energy segment for the year ended December 31, 2019 increased $1.4 million to $6.9 million from $5.5 million for the year ended December 31, 2018. The increase was due to additional depreciation and amortization from the recent acquisition of ampCNG stations.\nOther operating expense from our Energy segment was a loss of $0.5 million for the year ended December 31, 2018, driven by impairment of certain stations during the fourth quarter of 2018.\n\n | | Years Ended December 31, | \n----------------------------------- | ----- | ------------------------ | ---------------------\n | 2019 | 2018 | Increase / (Decrease)\nNet revenue | $39.0 | $20.7 | $18.3 \nCost of revenue | 17.1 | 11.2 | 5.9 \nSelling, general and administrative | 4.9 | 4.0 | 0.9 \nDepreciation and amortization | 6.9 | 5.5 | 1.4 \nOther operating expense | \u2014 | 0.5 | (0.5) \nIncome (loss) from operations | 10.1 | $(0.5) | $10.6 "} {"_id": "d1b35b99c", "title": "", "text": "The Company\u2019s estimated future benefit payments as of December 31, 2019 are as follows:\nThe Company has certain defined contribution plans, which accrue benefits for employees on a pro-rata basis during their employment period based on their individual salaries. The Company\u2019s accrued benefits related to defined contribution pension plans of $20 million as of December 31, 2019 and $18 million as of December 31, 2018. The annual cost of these plans amounted to approximately $86 million in 2019, $84 million in 2018 and $77 million in 2017.\n\nYears | Pension Benefits | Other Long Term Benefits\n----------------- | ---------------- | ------------------------\n2020 | 32 | 7 \n2021 | 29 | 7 \n2022 | 32 | 5 \n2023 | 41 | 6 \n2024 | 51 | 9 \nFrom 2025 to 2029 | 272 | 35 "} {"_id": "d1b37721e", "title": "", "text": "Interest and Other Income (Expense)\nInterest and other income (expense), net changed by $3.3 million from a net expense of $13.8 million in the year ended December 31, 2018 to a net expense of $10.4 million for the year ended December 31, 2019. The change in interest and other income (expense), net was primarily due to a decrease in interest expense pertaining to a lower average balance of debt outstanding under our term loan facility during the year.\n\n | Year Ended December 31, | | % Change\n---------------------------------------- | ----------------------- | ---------------------- | --------\n | 2019 | 2018 | 2019 \n | | (dollars in thousands) | \nInterest and other income (expense), net | $(10,427) | $(13,755) | (24)% \n% of net revenue | (3)% | (4)% | "} {"_id": "d1b32bcd8", "title": "", "text": "Teradyne determined the stock options\u2019 expected life based upon historical exercise data for executive officers, the age of the executive officers and the terms of the stock option grant. Volatility was determined using historical volatility for a period equal to the expected life. The risk-free interest rate was determined using the U.S. Treasury yield curve in effect at the time of grant. Dividend yield was based upon an estimated annual dividend amount of $0.36 per share divided by Teradyne\u2019s stock price on the grant date of $37.95 for the 2019 grants, $47.70 for the 2018 grants and $28.56 for the 2017 grants.\nStock compensation plan activity for the years 2019, 2018, and 2017, is as follows:\n\n | 2019 | 2018 | 2017 \n------------------------------------------ | ------- | -------------- | -------\n | | (in thousands) | \nRestricted Stock Units: | | | \nNon-vested at January 1 | 2,454 | 3,174 | 3,778 \nAwarded | 1,139 | 790 | 939 \nVested | (1,237) | (1,382) | (1,434)\nForfeited | (87) | (128) | (109) \nNon-vested at December31 | 2,269 | 2,454 | 3,174 \nStock Options: | | | \nOutstanding at January 1 | 506 | 531 | 926 \nGranted | 102 | 69 | 111 \nExercised | (280) | (94) | (501) \nForfeited | (7) | \u2014 | \u2014 \nExpired | (2) | \u2014 | (5) \nOutstanding at December 31 | 319 | 506 | 531 \nVested and expected to vest at December 31 | 319 | 506 | 531 \nExercisable at December 31 | 85 | 256 | 233 "} {"_id": "d1b306604", "title": "", "text": "Stock options\nThe following tables summarize our stock option activities and related information:\n(1) The aggregate intrinsic value represents the excess of the closing price of our common stock of $6.87 as of December 31, 2019 over theexercise price of the outstanding in-the-money options.\n\n | Number of Shares (thousands) | Weighted-Average Exercise Price | Weighted-Average Remaining Contractual Term (years) | Aggregate Intrinsic Value(1) (thousands)\n---------------------------------------------- | ---------------------------- | ------------------------------- | --------------------------------------------------- | ----------------------------------------\nOutstanding as of December 31, 2018 | 4,674 | $5.19 | | \nGranted | \u2014 | $ \u2014 | | \nExercised | (842) | $2.84 | | \nCanceled | (130) | $9.41 | | \nOutstanding as of December 31, 2019 | 3,702 | $5.57 | 3.52 | $6,395 \nVested and exercisable as of December 31, 2019 | 3,427 | $5.49 | 3.56 | $6,210 "} {"_id": "d1b364d08", "title": "", "text": "The fair value of options granted in the respective fiscal years are estimated on the date of grant using the Black-Scholes optionpricing model, acceptable under ASC 718, with the following weighted average assumptions:\nExpected volatilities are based on the Company\u2019s historical common stock volatility, derived from historical stock price data for periods commensurate with the options\u2019 expected life. The expected life of options granted represents the period of time options are expected to be outstanding, based primarily on historical employee option exercise behavior. The risk-free interest rate is based on the implied yield currently available on U.S. Treasury zero coupon bonds issued with a term equal to the expected life at the date of grant of the options. The expected dividend yield is zero, as the Company has historically paid no dividends and does not anticipate dividends to be paid in the future.\n\n | Years Ended December 31, | \n----------------------- | ------------------------ | -----\n | 2018 | 2017 \nExpected life (years) | 5.6 | 5.6 \nRisk-free interest rate | 2.7% | 1.9% \nExpected volatility | 26.4% | 29.4%\nExpected dividend yield | \u2014 | \u2014 "} {"_id": "d1a735c44", "title": "", "text": "Issuer Purchases of Equity Securities\n(a) During the fourth quarter of 2015, Lifeway publicly announced a share repurchase program. On November 1, 2017, the our Board of Directors amended the 2015 stock repurchase program (the \u201c2017 amendment\u201d), by adding to (i.e., exclusive of the shares previously authorized under the 2015 stock program repurchase) the authorization the lesser of $5,185 or 625 shares. The program has no expiration date.\n\nPeriod | Total number of shares purchased | Average price paid per share | Total number of shares purchased as part of a publicly announced program (a) | Approximate Dollar Value of Shares that may yet be Purchased under the Plans or Programs ($ in thousands)\n--------------------- | -------------------------------- | ---------------------------- | ---------------------------------------------------------------------------- | ---------------------------------------------------------------------------------------------------------\n1/1/2018 to 1/31/2018 | 106,441 | $ 8.22 | 106,441 | $ 5,007 \n2/1/2018 to 2/28/2018 | 24,486 | $ 7.21 | 24,486 | $ 4,830 \n4/1/2018 to 4/30/2018 | 15,433 | $ 6.09 | 15,433 | $ 4,736 \n6/1/2018 to 6/30/2018 | 4,143 | $ 5.46 | 4,143 | $ 4,714 \n8/1/2018 to 8/31/2018 | 1,332 | $ 3.96 | 1,332 | $ 4,709 \n9/1/2018 to 9/30/18 | 40,364 | $ 3.35 | 40,364 | $ 4,573 \n11/1/2018 to 11/30/18 | 17,228 | $ 2.99 | 17,228 | $ 4,522 \n12/1/2018 to 12/31/18 | 8,305 | $ 2.25 | 8,305 | $ 4,503 \nFiscal Year 2018 | 217,732 | $ 6.33 | 217,732 | $ 4,503 \n1/1/2019 to 1/31/2019 | 46,743 | $ 2.54 | 46,743 | $ 4,384 \n2/1/2019 to 2/28/2019 | 9,100 | $ 2.75 | 9,100 | $ 4,358 \n3/1/2019 to 3/31/2019 | 26,932 | $ 2.24 | 26,932 | $ 4,298 \n4/1/2019 to 4/30/2019 | 4,300 | $ 2.24 | 4,300 | $ 4,288 \n5/1/2019 to 5/31/2019 | 57,817 | $ 2.49 | 57,817 | $ 4,145 \n6/1/2019 to 6/30/2019 | 11,146 | $ 2.32 | 11,146 | $ 4,119 \n8/1/2019 to 8/31/2019 | 37,567 | $ 2.69 | 37,567 | $ 4,018 \n9/1/2019 to 9/30/2019 | 17,531 | $ 2.98 | 17,531 | $ 3,965 \nFiscal Year 2019 | 211,136 | $ 2.55 | 211,136 | $ 3,965 "} {"_id": "d1b36e088", "title": "", "text": "Other Expense, Net\nOther expense, net decreased by $4.3 million in 2018 compared to 2017 as a result of an increase in interest expense of $5.7 million related to interest expense due under our convertible senior notes. This increase was offset by an increase of $1.4 million of interest income earned on our short-term investments.\n\n | Year Ended December 31, | | Change | \n------------------ | ----------------------- | ---------------------- | ------- | -------\n | 2018 | 2017 | $ | % \n | | (dollars in thousands) | | \nOther expense, net | $ 4,628 | $ 302 | $ 4,326 | 1432.5%\n% of revenue | 3% | 0% | | "} {"_id": "d1b37ca84", "title": "", "text": "Backlog\nAs reflected in the table above, total backlog decreased $663.5 million from September 30, 2018 to September 30, 2019. The decrease in backlog is primarily due to progression of work in 2019 on four large contracts awarded to CTS in fiscal 2018. In addition, we recorded a net decrease to backlog of $104.5 million on October 1, 2018 for the impact of the adoption of ASC 606. Changes in exchange rates between the prevailing currency in our foreign operations and the U.S. dollar as of September 30, 2019 decreased backlog by $79.7 million compared to September 30, 2018.\n\n | September 30, | September 30, \n---------------------------- | ---------------- | -----------------\n | 2019 | 2018 \n | | (in millions) \nTotal backlog | | \nCubic Transportation Systems | $ 2,953.3 | $ 3,544.9 \nCubic Mission Solutions | 103.7 | 77.0 \nCubic Global Defense | 344.0 | 442.6 \nTotal | $ 3,401.0 | $ 4,064.5 "} {"_id": "d1a724e76", "title": "", "text": "Cash Flow\nCash flow provided by operating activities. Cash flows provided by operating activities were $7.2 million in fiscal 2019. The provision of cash was due primarily to our operating loss of $13.2 million adjusted for $22.4 million in non-cash expense including depreciation, amortization, and share based compensation and an increase of approximately $2 million in net operating assets and liabilities.\nCash flows provided by operating activities were $6.9 million in fiscal 2018. The provision of cash was due primarily to our operating loss of $12.1 million adjusted for $19.2 million in non-cash expense including depreciation, amortization, and share based compensation.\nCash flows provided by operating activities were $3.4 million in fiscal 2017. The provision of cash included $6.4 million in increased collections on accounts receivable.\nCash flow used in investing activities. Cash flows used in investing activities in fiscal 2019 were $5.5 million. This is primarily attributed to $2.2 million in development of proprietary software and $3.3 million for purchase of property and equipment, including internal use software.\nCash flows used in investing activities in fiscal 2018 were $15.1 million. This is primarily attributed to $8.9 million in development of proprietary software and $6.1 million for purchase of property and equipment, including internal use software.\nCash flows used in investing activities in fiscal 2017 were $13.9 million. This is primarily attributed to $11.9 million in development of proprietary software and $4.2 million for purchase of property and equipment, including internal use software offset by $2.2 million in proceeds from corporate owned life insurance policies.\nCash flow used in financing activities. Respectively, in fiscal 2019, 2018, and 2017, the $0.8 million, $1.3 million, and $0.8 million cash flows used in financing activities were primarily comprised of the repurchase of shares to satisfy employee tax withholding and to cover the exercise price of the options, and payments on capital lease obligations.\n\n | | Year ended March 31, | \n------------------------------------------- | ------- | -------------------- | ---------\n(In thousands) | 2019 | 2018 | 2017 \nNet cash provided by (used in): | | | \nOperating activities | $7,241 | $6,874 | $3,433 \nInvesting activities | (5,534) | (15,085) | (13,865) \nFinancing activities | (767) | (1,295) | (847) \nEffect of exchange rate changes on cash | (112) | 194 | (74) \nCash flows provided by (used in) operations | $828 | $(9,312) | $(11,353)"} {"_id": "d1b34890a", "title": "", "text": "Applying the German group tax rate to the reported pre-tax result would result in an income tax expense of \u20ac216 million (2017/18: \u20ac176 million). The deviation of \u20ac81 million (2017/18: \u20ac40 million) from the reported tax expense of \u20ac298 million (2017/18: \u20ac216 million) can be reconciled as follows:\n1 Adjustment of previous year according to explanation in notes.\nThe item \u2018effects of differing national tax rates\u2019 includes a deferred tax revenue of \u20ac6 million (2017/18: \u20ac23 million) from tax rate changes.\nTax expenses and income relating to other periods of the previous year include a repayment of approximately \u20ac20 million because of a retrospective change in foreign law in 2018.\nTax holidays for the current year include effects from real estate transactions in the amount of \u20ac30 million (2017/18: \u20ac2 million).\n\n\u20ac million | 2017/2018 | 2018/2019\n----------------------------------------------------- | --------- | ---------\nEBT (earnings before taxes) | 576 | 709 \nExpected income tax expenses (30.53%) | 176 | 216 \nEffects of differing national tax rates | \u221258 | \u221262 \nTax expenses and income relating to other periods | \u221221 | \u22126 \nNon-deductible business expenses for tax purposes | 41 | 51 \nEffects of not recognised or impaired deferred taxes | 79 | 114 \nAdditions and reductions for local taxes | 11 | 13 \nTax holidays | \u221214 | \u221239 \nOther deviations | 3 | 5 \nIncome tax expenses according to the income statement | 216 | 298 \nGroup tax rate | 37.6% | 42.0% "} {"_id": "d1b36c60c", "title": "", "text": "Our net sales by market sector for the indicated fiscal years were as follows (in millions):\nHealthcare/Life Sciences. Net sales for fiscal 2019 in the Healthcare/Life Sciences sector increased $180.1 million, or 17.3%, as compared to fiscal 2018. The increase was driven by overall net increased customer end-market demand, a $32.7 million increase in production ramps of new products for existing customers and a $26.9 million increase in production ramps for new customers.\nIndustrial/Commercial. Net sales for fiscal 2019 in the Industrial/Commercial sector increased $63.5 million, or 6.9%, as compared to fiscal 2018. The increase was driven by a $64.8 million increase in production ramps of new products for existing customers and a $33.2 million increase in production ramps for new customers. The increase was partially offset by a $7.3 million decrease due to end-of-life products, a $4.2 million decrease due to a disengagement with a customer and overall net decreased customer end-market demand.\nAerospace/Defense. Net sales for fiscal 2019 in the Aerospace/Defense sector increased $143.5 million, or 32.2%, as compared to fiscal 2018. The increase was driven by a $120.2 million increase in production ramps of new products for existing customers, a $9.9 million increase in production ramps for new customers and overall net increased customer end-market demand.\nCommunications. Net sales for fiscal 2019 in the Communications sector decreased $96.2 million, or 20.4%, as compared to fiscal 2018. The decrease was driven by a $37.3 million reduction due to disengagements with customers, a $15.3 million decrease due to end-of-life products and overall net decreased customer endmarket demand. The decrease was partially offset by an $18.1 million increase in production ramps of new products for existing customers and a $4.5 million increase in production ramps for new customers.\n\nMarket Sector | 2019 | 2018 \n------------------------- | -------- | --------\nHealthcare/Life Sciences | $1,220.0 | $1,039.9\nIndustrial/Commercial | 981.2 | 917.7 \nAerospace/Defense | 588.6 | 445.1 \nCommunications | 374.6 | 470.8 \nTotal net sales | 3,164.4 | 2,873.5 "} {"_id": "d1b35a29a", "title": "", "text": "Supplemental balance sheet information related to operating and finance leases as of the period presented was as follows (table in millions):\n(1) ROU assets for operating leases are included in other assets and ROU assets for finance leases are included in property and equipment, net on the consolidated balance sheets\n(2) Current lease liabilities are included primarily in accrued expenses and other on the consolidated balance sheets. An immaterial amount is presented in due from related parties, net on the consolidated balance sheets.\n(3) Operating lease liabilities are presented as operating lease liabilities on the consolidated balance sheets. Finance lease liabilities are included in other liabilities on the consolidated balance sheets.\n\n | January 31, 2020 | \n---------------------------------- | ---------------- | --------------\n | Operating Leases | Finance Leases\nROU assets, non-current (1) | $886 | $58 \nLease liabilities, current (2) | $109 | $4 \nLease liabilities, non-current (3) | 746 | 55 \nTotal lease liabilities | $855 | $59 "} {"_id": "d1b352d74", "title": "", "text": "A.3.8 Financial Services\nFinancial Services supports its customers\u2019 investments with leasing solutions and equipment, project and structured financing in the form of debt and equity investments. Based on its comprehensive financing know-how and specialist technology expertise in\nthe areas of Siemens businesses, Financial Services provides financial\nsolutions for Siemens customers as well as other companies.\nFinancial Services again delivered strong earnings before taxes. While the equity business recorded higher results, the result from the debt business declined, amongst others due to higher credit hits. Total assets increased along with a growth in debt business and in part due to positive currency translation effects.\nFinancial Services is geared to Siemens\u2019 industrial businesses and its markets. As such Financial Services is influenced by the business development of the markets served by our industrial businesses, among other factors. Financial Services will continue to focus its business scope on areas of intense domain know-how.\n\n | | Fiscal year\n--------------------------- | ------ | -----------\n(in millions of \u20ac) | 2019 | 2018 \nEarnings before taxes (EBT) | 632 | 633 \nROE (after taxes) | 19.1 % | 19.7 % \n | | Sep 30, \n(in millions of \u20ac) | 2019 | 2018 \nTotal assets | 29,901 | 27,628 "} {"_id": "d1b306974", "title": "", "text": "Capital stock 2019\nCapital stock at December 31, 2019, consisted of the following:\nThe capital stock of the Parent Company is divided into two classes: Class A shares (quota value SEK 5.00) and Class B shares (quota value SEK 5.00). Both classes have the same rights of participation in the net assets and earnings.Class A shares, however, are entitled to one vote per share while Class B shares are entitled to one tenth of one vote per share.\nAt December 31, 2019, the total number of treasury shares was 19,853,247 (37,057,039 in 2018 and 50,265,499 in 2017) Class B shares.\n\nCapital stock | | \n-------------- | ---------------- | ---------------------------\nParent Company | Number of shares | Capital stock (SEK million)\nClass A shares | 261,755,983 | 1,309 \nClass B shares | 3,072,395,752 | 15,363 \nTotal | 3,334,151,735 | 16,672 "} {"_id": "d1b3aefe8", "title": "", "text": "Restricted Stock Awards\nWe present below a summary of changes in unvested units of restricted stock during 2019:\nThe Company recorded equity-based compensation expense related to restricted stock and RSUs (collectively \u201crestricted stock awards\u201d) of $31.8 million, $19.9 million, and $16.2 million in 2019, 2018 and 2017, respectively. The total fair value of restricted stock awards vested in 2019, 2018 and 2017, based on market value at the vesting dates was $18.2 million, $18.1 million, and $18.8 million, respectively. The weighted average grant-date fair value of RSUs granted during fiscal year 2019, 2018 and 2017 was $49.48, $51.72 and $49.01, respectively. As of December 31, 2019, unrecognized compensation cost related to unvested RSU totaled $47.5 million and is expected to be recognized over a weighted average period of approximately 2.5 years. In January 2017, we elected to recognize forfeitures of equity-based payments as they occur.\nawards\u201d) of $31.8 million, $19.9 million, and $16.2 million in 2019, 2018 and 2017, respectively. The total fair value of restricted\nstock awards vested in 2019, 2018 and 2017, based on market value at the vesting dates was $18.2 million, $18.1 million, and $18.8\nmillion, respectively. The weighted average grant-date fair value of RSUs granted during fiscal year 2019, 2018 and 2017 was $49.48,\n$51.72 and $49.01, respectively. As of December 31, 2019, unrecognized compensation cost related to unvested RSU totaled $47.5\nmillion and is expected to be recognized over a weighted average period of approximately 2.5 years. In January 2017, we elected to\nrecognize forfeitures of equity-based payments as they occur.\nIncluded in RSU grants for the year ended December 31, 2019 are 282,327 units that have performance-based vesting criteria. The\nperformance criteria are tied to our financial performance. As of December 31, 2019, the associated equity-based compensation\nexpense has been recognized for the portion of the award attributable to the 2019 performance criteria.\n\n | Number of Units | Grant Date Fair Value\n----------------------------------- | --------------- | ---------------------\nOutstanding at January 1, 2019 | 997,173 | $52.22 \nGranted | 945,159 | 49.48 \nVested | (386,060) | 51.79 \nForfeited | (59,579) | 50.56 \nOutstanding at December 31, 2019 | 1,496,693 | $50.67 "} {"_id": "d1b3bc35a", "title": "", "text": "4. Other Current Assets\nOther current assets consist of (in thousands):\n\n | December 31, | \n----------------------------------------------------------------------- | ------------ | ------\n | 2019 | 2018 \nIndemnification receivable from SSL for pre-closing taxes (see Note 13) | $598 | $2,410\nDue from affiliates | 186 | 161 \nPrepaid expenses | 164 | 151 \nOther | 374 | 510 \n | $1,322 | $3,232"} {"_id": "d1b2e24e8", "title": "", "text": "On a sequential basis, ADG revenues were up 3.3%, driven by an increase in volumes of approximately 8%, partially offset by a decrease in average selling prices of approximately 5%, mostly attributable to product mix.\nAMS revenues increased 12.1% driven by Analog and Imaging products. AMS increase was due to an increase of approximately 5% in average selling prices, entirely due to product mix, and to higher volumes of approximately of 7%.\nMDG revenues increased by 7.9%, mainly driven by Microcontrollers, due to both higher average selling prices of approximately 6%, entirely due to product mix, and higher volumes of approximately 2%.\nOn a year-over-year basis, fourth quarter net revenues increased by 4.0%. ADG revenues decreased 4.5% compared to the year-ago quarter on lower revenues in both Automotive and Power Discrete. The decrease was entirely due to lower average selling prices of approximately 4%, while volumes remained substantially flat. The decrease in average selling prices was a combination of less favorable product mix and lower selling prices.\nAMS fourth quarter revenues grew 9.9% year-over-year, mainly driven by Analog and Imaging. The increase was entirely due to higher average selling prices of approximately 18%, entirely attributable to product mix,\npartially offset by lower volumes of approximately 8%. MDG fourth quarter revenues increased by 7.6%, mainly driven by Microcontrollers. The increase was due to higher average selling prices of approximately 9%,\nentirely due to improved product mix.\n\n | | Three Months Ended | | % Variation | \n-------------------------------------------- | ----------------- | ------------------ | ------------------------ | ----------- | --------------\n | December 31, 2019 | September 29, 2019 | December 31, 2018 | Sequential | Year-Over-Year\n | | | (Unaudited, in millions) | | \nAutomotive and Discrete Group (ADG) | $924 | $894 | $967 | 3.3% | (4.5)% \nAnalog, MEMS and Sensors Group (AMS) | 1,085 | 968 | 988 | 12.1 | 9.9 \nMicrocontrollers and Digital ICs Group (MDG) | 742 | 688 | 689 | 7.9 | 7.6 \nOthers | 3 | 3 | 4 | \u2014 | \u2014 \nTotal consolidated net revenues | $2,754 | $2,553 | $2,648 | 7.9% | 4.0% "} {"_id": "d1b31f906", "title": "", "text": "Construction: Net income from our Construction segment for the year ended December 31, 2019 decreased $3.0 million to $24.7 million from $27.7 million for the year ended December 31, 2018. Adjusted EBITDA from our Construction segment for the year ended December 31, 2019 increased $14.8 million to $75.7 million from $60.9 million for the year ended December 31, 2018. The increase in Adjusted EBITDA was driven by the acquisition of GrayWolf.\nMarine Services: Net income (loss) from our Marine Services segment for the year ended December 31, 2019 decreased $2.9 million to a loss of $2.6 million from income of $0.3 million for the year ended December 31, 2018. Adjusted EBITDA from our Marine Services segment for the year ended December 31, 2019 decreased $2.0 million to $30.7 million from $32.7 million for the year ended December 31, 2018.\nThe decrease in Adjusted EBITDA was driven by a decline in income from equity method investees, due to HMN driven by lower revenues on large turnkey projects underway than in the comparable period, and losses at SBSS from a loss contingency related to ongoing legal disputes and lower vessel utilization.\nLargely offsetting these losses was higher gross profit as a result of improved profitability from telecom maintenance zones and project work in the offshore power and offshore renewables end markets, as well as the benefit of improved vessel utilization. Additionally, the comparable period was impacted by higher than expected costs on a certain offshore power construction project that were not repeated in the current period.\nEnergy: Net income (loss) from our Energy segment for the year ended December 31, 2019 increased by $5.1 million to income of $4.2 million from a loss of $0.9 million for the year ended December 31, 2018. Adjusted EBITDA from our Energy segment for the year ended December 31, 2019 increased $11.5 million to $17.0 million from $5.5 million for the year ended December 31, 2018.\nThe increase in Adjusted EBITDA was primarily driven by the AFTC recognized in the fourth quarter of 2019 attributable to 2018 and 2019 and higher volume-related revenues from the recent acquisition of the ampCNG stations and growth in CNG sales volumes. The increase was also driven by Partially offsetting these increases were higher selling, general and administrative expenses as a result of the acquisition of the ampCNG stations.\nTelecommunications: Net income (loss) from our Telecommunications segment for the year ended December 31, 2019 decreased by $6.0 million to a loss of $1.4 million from income of $4.6 million for the year ended December 31, 2018. Adjusted EBITDA from our Telecommunications segment for the year ended December 31, 2019 decreased $1.9 million to $3.4 million from $5.3 million for the year ended December 31, 2018.\nThe decrease in Adjusted EBITDA was primarily due to both a decline in revenue and the contracting of call termination margin as a result of the continued decline in the international long distance market, partially offset by a decrease in compensation expense due to headcount decreases and reductions in bad debt expense.\nLife Sciences: Net income (loss) from our Life Sciences segment for the year ended December 31, 2019 decreased $65.4 million to a loss of $0.2 million from income of $65.2 million for the year ended December 31, 2018. Adjusted EBITDA loss from our Life Sciences segment for the year ended December 31, 2019 decreased $3.1 million to $11.8 million from $14.9 million for the year ended December 31, 2018.\nThe decrease in Adjusted EBITDA loss was primarily driven by comparably fewer expenses at the Pansend holding company, which incurred additional compensation expense in the prior period related to the performance of the segment. The decrease was also due to a reduction in costs associated BeneVir, which was sold in the second quarter of 2018.\nBroadcasting: Net loss from our Broadcasting segment for the year ended December 31, 2019 decreased $16.0 million to $18.5 million from $34.5 million for the year ended December 31, 2018. Adjusted EBITDA loss from our Broadcasting segment for the year ended December 31, 2019 decreased $10.6 million to $6.3 million from $16.9 million for the year ended December 31, 2018.\nThe decrease in Adjusted EBITDA loss was primarily driven by the reduction in costs as the segment exited certain local markets which were unprofitable at Network, partially offset by higher overhead expenses associated with the growth of the Broadcast stations subsequent to the prior year.\nNon-operating Corporate: Net loss from our Non-operating Corporate segment for the year ended December 31, 2019 increased $5.7 million to $87.6 million from $81.9 million for the year ended December 31, 2018. Adjusted EBITDA loss from our Non-operating Corporate segment for the year ended December 31, 2019 decreased $8.0 million to $17.9 million from $25.9 million for the year ended December 31, 2018.\nThe decrease in Adjusted EBITDA loss was primarily attributable to reductions in bonus expense and other general and administrative expenses as previously described.\n\n(in millions): | | Year ended December 31, | \n--------------------------------- | ------ | ----------------------- | ---------------------\n | 2019 | 2018 | Increase / (Decrease)\nConstruction | $ 75.7 | $ 60.9 | $ 14.8 \nMarine Services | 30.7 | 32.7 | (2.0) \nEnergy | 17.0 | 5.5 | 11.5 \nTelecommunications | 3.4 | 5.3 | (1.9) \nTotal Core Operating Subsidiaries | 126.8 | 104.4 | 22.4 \nLife Sciences | (11.8) | (14.9) | 3.1 \nBroadcasting | (6.3) | (16.9) | 10.6 \nOther and Eliminations | \u2014 | (2.2) | 2.2 \nTotal Early Stage and Other | (18.1) | (34.0) | 15.9 \nNon-Operating Corporate | (17.9) | (25.9) | 8.0 \nAdjusted EBITDA | $ 90.8 | $ 44.5 | $ 46.3 "} {"_id": "d1b34aebc", "title": "", "text": "B. Liquidity and Capital Resources\nOur operations and strategic objectives require continuing capital investment, and our resources include cash on hand and cash provided by operations, as well as access to capital from bank borrowings and access to capital markets. Management believes that cash generated by or available to us should be sufficient to fund our capital and liquidity needs for at least the next 12 months.\nOur future financial and operating performance, ability to service or refinance debt and ability to comply with covenants and restrictions contained in our debt agreements will be subject to future economic conditions, the financial health of our customers and suppliers and to financial, business and other factors, many of which are beyond our control. Furthermore, management believes that working capital is sufficient for our present requirements.\n(*) including trade receivables classified as current asset based on operating cycle of two years.\nThe decrease in working capital as at March 31, 2019 as compared to March 31, 2018 was primarily the result of an increase in short-term borrowings amounting to $208.9 million as at March 31, 2019 from $152 million as at March 31, 2018 due to overdraft against restricted deposits and loan installments due within 12 months.\nFor additional information, please see Note 2(a) and Note 32 to our audited Consolidated Financial Statements appearing elsewhere in this annual report.\n\n | | Year ended March 31, | \n------------------- | -------- | -------------------- | --------\n | 2019 | 2018 | 2017 \n | | (in thousands) | \nCurrent assets(*) | $351,597 | $339,562 | $362,477\nCurrent liabilities | 318,672 | 239,327 | 316,101 \nWorking capital | $32,925 | $100,235 | $46,376 "} {"_id": "d1b38fc38", "title": "", "text": "Foreign Currencies\nAs a multinational business, the Company's transactions are denominated in a variety of currencies. When appropriate, the Company uses forward foreign currency contracts to reduce its overall exposure to the effects of currency fluctuations on its results of operations and cash flows. The Company's policy prohibits trading in currencies for which there are no underlying exposures and entering into trades for any currency to intentionally increase the underlying exposure.\nThe Company primarily hedges existing assets and liabilities associated with transactions currently on its balance sheet, which are undesignated hedges for accounting purposes.\nAs of December 31, 2019 and 2018, the Company had net outstanding foreign exchange contracts with net notional amounts of $183.3 million and $157.3 million, respectively. Such contracts were obtained through financial institutions and were scheduled to mature within one to three months from the time of purchase.\nManagement believes that these financial instruments should not subject the Company to increased risks from foreign exchange movements because gains and losses on these contracts should offset losses and gains on the underlying assets, liabilities and transactions to which they are related.\nThe following schedule summarizes the Company's net foreign exchange positions in U.S. dollars (in millions):\nAmounts receivable or payable under the contracts are included in other current assets or accrued expenses in the accompanying Consolidated Balance Sheets. For the years ended December 31, 2019, 2018 and 2017, realized and unrealized foreign currency transactions totaled a loss of $5.0 million, $8.0 million and $6.3 million, respectively. The realized and unrealized foreign currency transactions are included in other income and expenses in the Company's Consolidated Statements of Operations and Comprehensive Income.\n\n | | As of December 31, | | \n----------------------- | ---------- | ------------------ | ---------- | ----------------\n | 2019 | | 2018 | \n | Buy (Sell) | Notional Amount | Buy (Sell) | Notional Amount\nJapanese Yen | $49.8 | $49.8 | $29.9 | $29.9 \nPhilippine Peso | 36.4 | 36.4 | 30.1 | 30.1 \nMalaysian Ringgit | 20.4 | 20.4 | \u2014 | \u2014 \nChinese Yuan | 20.2 | 20.2 | 20.4 | 20.4 \nKorean Won | 18.1 | 18.1 | 20.8 | 20.8 \nCzech Koruna | 11.9 | 11.9 | 9.2 | 9.2 \nEuro | \u2014 | \u2014 | 13.1 | 13.1 \nOther currencies - Buy | 21.9 | 21.9 | 26.3 | 26.3 \nOther currencies - Sell | (4.6) | 4.6 | (7.5) | 7.5 \n | $174.1 | $183.3 | $142.3 | $157.3 "} {"_id": "d1b35d51c", "title": "", "text": "GreenSky, Inc. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS \u2014 (Continued) (United States Dollars in thousands, except per share data, unless otherwise stated)\nNote 18. Quarterly Consolidated Results of Operations Data (Unaudited)\nThe following table sets forth our quarterly consolidated results of operations data for each of the eight quarters in the period ended December 31, 2019. GS Holdings is our predecessor for accounting purposes and, accordingly, amounts prior to the Reorganization Transactions and IPO represent the historical consolidated operations of GS Holdings and its subsidiaries. The amounts during the period from May 24, 2018 through December 31, 2018 represent those of consolidated GreenSky, Inc. and its subsidiaries. Basic and diluted earnings per share of Class A common stock is applicable only for the period from May 24, 2018 through December 31, 2018, which is the period following the Reorganization Transactions and IPO. Prior to the Reorganization Transactions and IPO, GreenSky, Inc. did not engage in any business or other activities except in connection with its formation and initial capitalization. See Note 1 for further information on our organization and see Note 2 for further information on our earnings per share.\n(1) Year-to-date results may not agree to the sum of individual quarterly results due to rounding.\n\n | | | Year Ended December 31, 2018 | | \n------------------------------------------------------------ | ------------- | -------------- | ---------------------------- | -------------- | --------\n | First\nQuarter | Second\nQuarter | Third Quarter | Fourth\nQuarter | Total \nTotal revenue | $85,326 | $105,704 | $113,912 | $109,731 | $414,673\nCost of revenue (exclusive of depreciation\nand amortization) | 36,130 | 33,765 | 35,374 | 55,170 | 160,439 \nTotal costs and expenses | 61,749 | 58,896 | 59,655 | 81,583 | 261,883 \nOperating profit | 23,577 | 46,808 | 54,257 | 28,148 | 152,790 \nTotal other income (expense), net | (4,973) | (4,398) | (5,170) | (4,735) | (19,276)\nIncome before income tax expense (benefit) | 18,604 | 42,410 | 49,087 | 23,413 | 133,514 \nNet income | 18,604 | 40,816 | 45,712 | 22,848 | 127,980 \nLess: Net income attributable to\nnoncontrolling interests | 18,604 | 35,266 | 33,711 | 16,143 | 103,724 \nNet income attributable to GreenSky, Inc. | N/A | 5,550 | 12,001 | 6,705 | 24,256 \nEarnings per share of Class A common stock: | | | | | \nBasic | N/A | $0.10 | $0.21 | $0.12 | $0.43 \nDiluted(1) | N/A | $0.09 | $0.20 | $0.11 | $0.41 "} {"_id": "d1a72ad94", "title": "", "text": "17. SEGMENT AND GEOGRAPHIC INFORMATION (Continued)\nSales to unaffiliated customers are as follows (in thousands):\n\n | | Fiscal | \n----------------------------- | ---------- | ---------- | ----------\nSALES | 2019 | 2018 | 2017 \nUnited States | $339,585 | $309,495 | $297,699 \nForeign countries: | | | \nSouth Korea | 313,461 | 652,313 | 628,369 \nChina | 194,653 | 235,568 | 162,316 \nJapan | 138,028 | 180,223 | 154,985 \nAsia-Pacific, other | 93,389 | 124,733 | 107,713 \nGermany | 145,285 | 166,926 | 145,835 \nEurope, other | 148,680 | 171,936 | 162,162 \nRest of World | 57,559 | 61,379 | 64,232 \nTotal foreign countries sales | 1,091,055 | 1,593,078 | 1,425,612 \nTotal sales | $1,430,640 | $1,902,573 | $1,723,311"} {"_id": "d1b30c658", "title": "", "text": "17. Earnings Per Share\nBasic earnings per share is computed by dividing the net income attributable to ordinary shareholders by the weighted-average number of ordinary shares outstanding during the period. Diluted earnings per share is computed by giving effect to all potential weighted-average dilutive shares. The dilutive effect of outstanding awards is reflected in diluted earnings per share by application of the treasury stock method.\nA reconciliation of the calculation of basic and diluted loss per share is as follows:\n* As adjusted to reflect the impact of the full retrospective adoption of IFRS 15. See Note 2 for further details.\nFor fiscal years ended June 30, 2019, 2018 and 2017 , 9.6 million, 12.8 million and 13.8 million, respectively of potentially anti-dilutive shares were excluded from the computation of net loss per share.\n\n | Fiscal Year Ended June 30, | | \n--------------------------------------------------------- | -------------------------- | -------------------------------------------- | ------------\n | 2019 | 2018 | 2017 \n | | (U.S. $ in thousands, except per share data) | \n | | *As Adjusted | *As Adjusted\nNumerator: | | | \nNet loss attributable to ordinary shareholders | $(637,621) | $(113,432) | $(37,449) \nDenominator: | | | \nWeighted-average ordinary shares outstanding\u2014basic | 238,611 | 231,184 | 222,224 \nWeighted-average ordinary shares outstanding\u2014diluted | 238,611 | 231,184 | 222,224 \nNet loss per share attributable to ordinary shareholders: | | | \nBasic net loss per share | $(2.67) | $(0.49) | $(0.17) \nDiluted net loss per share | $(2.67) | $(0.49) | $(0.17) "} {"_id": "d1b379906", "title": "", "text": "Gross Profit and Gross Margin (exclusive of amortization of acquisition-related intangible assets described below)\nOur gross profit by reportable segment was as follows (dollars in millions):\n(1) Certain of the amounts may not total due to rounding of individual amounts. (2) Unallocated manufacturing costs are presented as a percentage of total revenue (includes expensing of the fair market value step-up of inventory of $19.6 million during 2019 and $1.0 million during 2018).\nThe decrease in gross profit of $265.1 million, or approximately 12%, was primarily due to the impact of the decrease in sales volume, higher fixed costs due to the expansion in our manufacturing capacity as well as the expensing of $19.6 million excess over book value of inventory, commonly referred to as the fair market value step-up, from the Quantenna acquisition.\nGross margin decreased to 35.8% during 2019 compared to 38.1% during 2018. The decrease was due to a competitive pricing environment resulting in a decline in average selling prices, higher demand for lower margin products, increased manufacturing costs due to a higher mix of external manufacturing and decreased demand for our products, as explained in the revenue section.\n\n | 2019 | As a % of Segment Revenue (1) | 2018 | As a % of Segment Revenue (1)\n----------------------------------- | --------- | ----------------------------- | --------- | -----------------------------\nPSG | $976.0 | 35.0 % | $ 1,110.1 | 36.5 % \nASG | 794.8 | 40.3 % | 878.3 | 42.4 % \nISG | 275.4 | 36.4 % | 317.1 | 41.2 % \nGross profit for all segments | $ 2,046.2 | | $ 2,305.5 | \nUnallocated manufacturing costs (2) | (72.6) | (1.3) % | (66.8) | (1.1) % \nTotal gross profit | $ 1,973.6 | 35.8 % | $ 2,238.7 | 38.1 % "} {"_id": "d1b3188ea", "title": "", "text": "14. Share-based Compensation\nWe may grant non-qualified stock options, incentive stock options, SSARs, restricted shares, and restricted share units under our shareholder-approved 2016 Stock Incentive Plan (the 2016 Plan) for up to 2.0 million common shares, plus 957,575 common shares, the number of shares that were remaining for grant under the 2011 Stock Incentive Plan (the 2011 Plan) as of the effective date of the 2016 Plan, plus the number of shares remaining for grant under the 2011 Plan that are forfeited, settled in cash, canceled or expired.\nThe maximum aggregate number of restricted shares or restricted share units that may be granted under the 2016 Plan is 1.25 million. We may distribute authorized but unissued shares or treasury shares to satisfy share option and appreciation right exercises or restricted share and performance share awards.\nFor stock options and SSARs, the exercise price must be set at least equal to the closing market price of our common shares on the date of grant. For stock options and SSARs, the exercise price must be stock options and SSARs. The maximum term of stock option and SSAR awards is seven years from the date of grant. Stock option and SSARs awards vest over a period established by the Compensation Committee of the Board of Directors.\nSSARs may be granted in conjunction with, or independently from, stock option grants. SSARs granted in connection with a stock option are exercisable only to the extent that the stock option to which it relates is exercisable and the SSARs terminate upon the termination or exercise of the related stock option grants.\nRestricted shares and restricted share units, whether time-vested or performance-based, may be issued at no cost or at a purchase price that may be below their fair market value, but are subject to forfeiture and restrictions on their sale or other transfer. Performance-based awards may be conditioned upon the attainment of specified performance objectives and other conditions, restrictions, and contingencies.\nRestricted shares and restricted share units have the right to receive dividends, or dividend equivalents in the case of restricted share units, if any, upon vesting, subject to the same forfeiture provisions that apply to the underlying awards. Subject to certain exceptions set forth in the 2016 Plan, for awards to employees, no performance-based restricted shares or restricted share units shall be based on a restriction period of less than one year, and any time-based restricted shares or restricted share units shall have a minimum restriction period of three years.\nWe record compensation expense related to stock options, stock-settled stock appreciation rights, restricted shares, and performance shares granted to certain employees and non-employee directors based on the fair value of the awards on the grant date. The fair value of restricted share and performance share awards is based on the closing price of our common shares on the grant date.\nThe fair value of stock option and stock-settled appreciation right awards is estimated on the grant date using the Black-Scholes-Merton option pricing model, which includes assumptions regarding the risk-free interest rate, dividend yield, life of the award, and the volatility of our common shares.\nThe following table summarizes the share-based compensation expense for options, SSARs, restricted and performance awards included in the Consolidated Statements of Operations for fiscal 2019, 2018 and 2017:\n\n | | Year ended March 31, | \n-------------------------------------- | ------ | -------------------- | ------\n(In thousands) | 2019 | 2018 | 2017 \nProduct development | $1,478 | $1,306 | $1,545\nSales and marketing | 469 | 371 | 360 \nGeneral and administrative | 2,429 | 3,011 | 522 \nTotal share-based compensation expense | $4,376 | $4,688 | $2,427"} {"_id": "d1b375dd8", "title": "", "text": "Note 4 \u2013 Property, Plant and Equipment, net\nProperty, plant and equipment consisted of the following:\n\n | | December 31,\n---------------------------------------- | --------- | ------------\n | 2019 | 2018 \nLand | $ 1,565 | $ 1,747 \nBuildings and improvements | 17,332 | 17,520 \nMachinery and equipment | 30,670 | 29,692 \nVehicles | 778 | 937 \nOffice equipment | 851 | 838 \nConstruction in process | 362 | 546 \n | 51,558 | 51,280 \nLess accumulated depreciation | (29,284 ) | (26,707 ) \nTotal property, plant and equipment, net | $ 22,274 | $ 24,573 "} {"_id": "d1b36f398", "title": "", "text": "Retirement-Related Plans\nThe following table provides the total pre-tax cost for all retirement-related plans. Total operating costs/(income) are included in the Consolidated Income Statement within the caption (e.g., Cost, SG&A, RD&E) relating to the job function of the plan participants.\nTotal pre-tax retirement-related plan cost decreased by $994 million compared to 2018, primarily driven by a decrease in recognized actuarial losses ($1,123 million), primarily due to the change in the amortization period in the U.S. Qualified Personal Pension Plan and higher expected return on plan assets ($143 million), partially offset by higher interest costs ($203 million).\nAs discussed in the \u201cOperating (non-GAAP) Earnings\u201d section, we characterize certain retirement-related costs as operating and others as non-operating. Utilizing this characterization, operating retirement-related costs in 2019 were $1,457 million, a decrease of $37 million compared to 2018. Non-operating costs of $615 million in 2019 decreased $957 million year to year, driven primarily by the same factors as above.\n\n($ in millions) | | | \n--------------------------------------------- | ------- | ------- | -------------------------\nFor the year ended December 31: | 2019 | 2018 | Yr.-to-Yr. Percent Change\nRetirement-related plans\u2014cost | | | \nService cost | $385 | $431 | (10.7)% \nMulti-employer plans | 32 | 38 | (16.9) \nCost of defined contribution plans | 1,040 | 1,024 | 1.5 \nTotal operating costs/ (income) | $1,457 | $1,494 | (2.5)% \nInterest cost | $2,929 | $2,726 | 7.4% \nExpected return on plan assets | (4,192) | (4,049) | 3.5 \nRecognized actuarial losses | 1,819 | 2,941 | (38.2) \nAmortization of prior service costs/(credits) | (9) | (73) | (87.6) \nCurtailments/settlements | 41 | 11 | 262.2 \nOther costs | 28 | 16 | 76.2 \nTotal non-operating costs/(income) | $615 | $1,572 | (60.9)% \nTotal retirement-related plans\u2014cost | $2,072 | $3,066 | (32.4)% "} {"_id": "d1b39f8d6", "title": "", "text": "Uncertain Tax Positions\nAs of fiscal year end 2019, we had total unrecognized income tax benefits of $542 million. If recognized in future years, $397 million of these currently unrecognized income tax benefits would impact income tax expense (benefit) and the effective tax rate. As of fiscal year end 2018, we had total unrecognized income tax benefits of $566 million. If recognized in future years, $467 million of these currently unrecognized income tax benefits would impact income tax expense (benefit) and the effective tax rate. The following table summarizes the activity related to unrecognized income tax benefits:\nWe record accrued interest and penalties related to uncertain tax positions as part of income tax expense (benefit). As of fiscal year end 2019 and 2018, we had $42 million and $60 million, respectively, of accrued interest and penalties related to uncertain tax positions on the Consolidated Balance Sheets, recorded primarily in income taxes. During fiscal 2019, 2018, and 2017, we recognized income tax benefits of $14 million, expense of $5 million, and benefits of $5 million, respectively, related to interest and penalties on the Consolidated Statements of Operations.\nWe file income tax returns on a unitary, consolidated, or stand-alone basis in multiple state and local jurisdictions, which generally have statutes of limitations ranging from 3 to 4 years. Various state and local income tax returns are currently in the process of examination or administrative appeal.\nOur non-U.S. subsidiaries file income tax returns in the countries in which they have operations. Generally, these countries have statutes of limitations ranging from 3 to 10 years. Various non-U.S. subsidiary income tax returns are currently in the process of examination by taxing authorities.\n\n | | Fiscal | \n------------------------------------------------------------ | ----- | ------------- | -----\n | 2019 | 2018 | 2017 \n | | (in millions) | \nBalance at beginning of fiscal year | $ 566 | $ 501 | $ 490\nAdditions related to prior years tax positions | 13 | 14 | 40 \nReductions related to prior years tax positions | (101) | (11) | (9) \nAdditions related to current year tax positions | 98 | 105 | 70 \nSettlements | (2) | (7) | (4) \nReductions due to lapse of applicable statute of limitations | (32) | (36) | (86) \nBalance at end of fiscal year | $ 542 | $ 566 | $ 501"} {"_id": "d1b348f40", "title": "", "text": "Financial Statement Impact of Adoption on Previously Reported Results\nWe adopted Topic 606 using the modified retrospective method. The cumulative impact of applying the new guidance to all contracts with customers that were not completed as of April 1, 2018 was recorded as an adjustment to retained earnings as of the adoption date. As a result of applying the modified retrospective method to adopt the new standard, the following adjustments were made to noted accounts on the Consolidated Balance Sheet as of April 1, 2018:\nThe acceleration of revenue that was deferred under prior guidance as of the adoption date was primarily attributable to the requirement of Topic 606 to allocate the transaction price to the performance obligations in the contract on a relative basis using SSP rather than allocating under the residual method, which allocates the entire arrangement discount to the delivered performance obligations.\nDue to the Company's full valuation allowance as of the adoption date, there is no tax impact associated with the adoption of Topic 606.\nWe made certain presentation changes to our Consolidated Balance Sheet on April 1, 2018 to comply with Topic 606. Prior to adoption of the new standard, we offset accounts receivable and contract liabilities (previously presented as deferred revenue on our Consolidated Balance Sheet) for unpaid deferred performance obligations included in contract liabilities.\nUnder the new standard, we record accounts receivable and related contract liabilities for non-cancelable contracts with customers when the right to consideration is unconditional. Upon adoption, the right to consideration in exchange for goods or services that have been transferred to a customer when that right is conditional on something other than the passage of time were reclassified from accounts receivable to contract assets.\n\n(In thousands) | March 31, 2018 | Adjustment from Topic 606 | April 1, 2018\n----------------------------------------- | -------------- | ------------------------- | -------------\nAssets: | | | \nAccounts receivable, net | 16,389 | 3,124 | 19,513 \nContract assets | \u2014 | 4,583 | 4,583 \nPrepaid expenses and other current assets | 5,593 | (496) | 5,097 \nOther non-current assets | 2,484 | 2,409 | 4,893 \nLiabilities: | | | \nContract liabilities | 26,820 | 7,006 | 33,826 \nShareholders' equity: | | | \nRetained earnings | 103,601 | 2,614 | 106,215 "} {"_id": "d1b36cf58", "title": "", "text": "OPERATING COSTS AND ADJUSTED EBITDA\nBell Wireline operating costs were essentially stable year over year, decreasing by 0.1% in\u00a02019, compared to 2018, resulting from: \u2022 The favourable impact from the adoption of IFRS\u00a016 in 2019 \u2022 Continued effective cost containment \u2022 Lower pension expenses reflecting reduced DB costs\nThese factors were partly offset by: \u2022 Higher cost of goods sold related to the growth in product sales \u2022 Increased costs from the acquisition of Axia \u2022 Greater payments to other carriers from increased sales of\u00a0international wholesale long distance minutes\nBell Wireline adjusted EBITDA grew by 1.7% in 2019, compared to last year, reflecting the growth in revenues as operating expenses were relatively stable year over year. Adjusted EBITDA margin increased to 43.8% in 2019, compared to the 43.4% achieved last year, resulting from the favourable impact of the adoption of IFRS\u00a016 in\u00a02019 and the flow-through of the service revenue growth, offset in part by higher low-margin product sales in our total revenue base.\n\n | 2019 | 2018 | $ CHANGE | % CHANGE\n---------------------- | ------- | ------- | -------- | --------\nOperating costs | (6,942) | (6,946) | 4 | 0.1% \nAdjusted EBITDA | 5,414 | 5,321 | 93 | 1.7% \nAdjusted EBITDA margin | 43.8% | 43.4% | | 0.4 pts "} {"_id": "d1b3487ac", "title": "", "text": "The total available market is defined as the \u201cTAM\u201d, while the serviceable available market, the \u201cSAM\u201d, is defined as the market for products sold by us (which consists of the TAM and excludes major devices such as Microprocessors (\u201cMPUs\u201d), Dynamic random-access memories (\u201cDRAMs\u201d), optoelectronics devices, Flash Memories and the Wireless Application Specific market products such as Baseband and Application Processor).\nBased on industry data published by WSTS, semiconductor industry revenues in 2019 decreased on a year-over-year basis by approximately 12% for the TAM, while it remains substantially flat for the SAM, to reach approximately $412 billion and $194 billion, respectively. In the fourth quarter of 2019, on a year-overyear basis, the TAM decreased by approximately 6%, while the SAM increased by approximately 2%. Sequentially, the TAM increased by approximately 1%, while the SAM decreased by approximately 3%.\nOur 2019 financial performance, with net revenues of $9.56 billion, gross margin of 38.7% and operating margin of 12.6% is aligned with the full year expectations we provided in April 2019.\nWe closed 2019 with a solid fourth quarter sales and financial performance. In the fourth quarter, net revenues were up 4.0% year-over-year, gross margin reached 39.3%, and operating margin was 16.7%. On a sequential basis, fourth quarter revenues grew by 7.9%, with all product group contributing to the growth, and 290 basis points above the mid-point of our guidance. Our quarterly performance was above the SAM both sequentially and on a year-over-year basis.\nOur effective average exchange rate was $1.14 for \u20ac1.00 for the full year 2019, as compared to $1.18 for \u20ac1.00 for the full year 2018. Our effective average exchange rate for the fourth quarter of 2019 was $1.12 for \u20ac1.00, compared to $1.14 for \u20ac1.00 for the third quarter of 2019 and $1.17 for \u20ac1.00 in the fourth quarter of 2018. For a more detailed discussion of our hedging arrangements and the impact of fluctuations in exchange rates, see \u201cImpact of Changes in Exchange Rates\u201d.\nOur 2019 gross margin decreased 130 basis points to 38.7% from 40.0% in 2018 mainly due to normal price pressure and increased unsaturation charges, partially offset by improved manufacturing efficiencies, better product mix, and favorable currency effects, net of hedging.\nOur fourth quarter 2019 gross margin was 39.3%, 110 basis points above the mid-point of our guidance, improving sequentially by 140 basis points, mainly driven by improved product mix and better manufacturing efficiencies. Our gross margin decreased 70 basis points year-over-year, mainly impacted by price pressure and unsaturation charges, partially offset by improved manufacturing efficiencies, better product mix and favorable currency effects, net of hedging.\nOur operating expenses, comprised of SG&A and R&D expenses, amounted to $2,591 million in 2019, increasing by about 3.9% from $2,493 million in the prior year, mainly due to salary dynamic, increased spending in certain R&D programs and higher share-based compensation cost, partially offset by favorable currency effects, net of hedging. Combined R&D and SG&A expenses were $672 million for the fourth quarter of 2019, compared to $629 million and $630 million in the prior and year-ago quarters, respectively. The sequential increase was mainly due to seasonality and salary dynamic. The year-over-year increase of operating expenses was mainly due to salary dynamic and increased activity on certain R&D programs, and was partially offset by favorable currency effects, net of hedging.\nOther income and expenses, net, was $103 million in 2019 compared to $53 million in 2018, mainly due to a higher level of R&D grants, mainly benefitting from the grants associated with the programs part of the European Commission IPCEI in Italy and in France. Fourth quarter other income and expenses, net, was $54 million compared to negative $2 million in the prior quarter and $16 million in the year-ago quarter, reflecting higher R&D grants in Italy associated with the IPCEI program.\nIn 2019, impairment and restructuring charges were $5 million compared to $21 million in 2018. Impairment and restructuring charges in the fourth quarter were $3 million compared to nil in the prior quarter and $2 million in the year-ago quarters.\nOperating income in 2019 was $1,203 million, decreasing by $197 million compared to 2018, mainly driven by normal price pressure, increased unsaturation charges and higher R&D spending, partially offset by higher level of grants and favorable currency effects, net of hedging. Operating income in the fourth quarter grew on a sequential and year-over-year basis to $460 million compared to $336 million and $443 million in the prior quarter and year-ago quarters, respectively, mainly driven by higher revenues, improved product mix and a higher level of grants.\n\n | Year ended December 31, | | Three Months Ended | | \n------------------------------------------- | --------------------------------------- | ------ | ------------------ | -------------------------------------------------- | -----------------\n | 2019 | 2018 | December 31, 2019 | September 29, 2019 | December 31, 2018\n | (In millions, except per share amounts) | | | (Unaudited, in millions, except per share amounts) | \nNet revenues | $9,556 | $9,664 | $2,754 | $2,553 | $2,648 \nGross profit | 3,696 | 3,861 | 1,081 | 967 | 1,059 \nGross margin as percentage of net revenues. | 38.7% | 40.0% | 39.3% | 37.9% | 40.0% \nOperating income | 1,203 | 1,400 | 460 | 336 | 443 \nNet income attributable to parent company | 1,032 | 1,287 | 392 | 302 | 418 \nDiluted earnings per share | $1.14 | $1.41 | $0.43 | $0.34 | $0.46 "} {"_id": "d1a7369d2", "title": "", "text": "Other non-current assets (in millions):\nDuring fiscal 2019, we formed a joint venture with Lenovo (Beijing) Information Technology Ltd. (\u201cLenovo\u201d) in China and, in February 2019, contributed assets to the newly formed entity, Lenovo NetApp Technology Limited (\u201cLNTL\u201d), in exchange for a non-controlling 49% equity interest. The group of assets we contributed and derecognized met the definition of a business and included cash, fixed assets, customer relationships and an allocation of goodwill, with an aggregate book value of $7 million. The fair value of our equity interest in LNTL was determined using discounted cash flow techniques to be $80 million, resulting in a non-cash gain of $73 million. We accounted for our ownership interest as an equity method investment and have presented it in Other non-current assets on our consolidated balance sheet as of April 26, 2019. LNTL will be integral to our sales channels strategy in China, acting as a distributor of our offerings to customers headquartered there, and involved in certain OEM sales to Lenovo. It will also endeavor to localize our products and services, and to develop new joint offerings for the China market by leveraging NetApp and Lenovo technologies.\n\n | April 26, 2019 | April 26, 2018\n------------------------ | -------------- | --------------\nDeferred tax assets | $201 | $229 \nOther assets | 389 | 221 \nOther non-current assets | $ 590 | $ 450 "} {"_id": "d1b3a7ef0", "title": "", "text": "Services Business\nWe offer services to customers and partners to help to maximize the performance of their investments in Oracle applications and infrastructure technologies. Services revenues are generally recognized as the services are performed. The cost of providing our services consists primarily of personnel related expenses, technology infrastructure expenditures, facilities expenses and external contractor expenses.\n(1) Excludes stock-based compensation and certain expense allocations. Also excludes amortization of intangible assets and certain other GAAP-based expenses, which were not allocated to our operating segment results for purposes of reporting to and review by our CODMs, as further described under \u201cPresentation of Operating Segments and Other Financial Information\u201d above.\nExcluding the effects of currency rate fluctuations, our total services revenues decreased in fiscal 2019 relative to fiscal 2018 primarily due to revenue declines in our education services and, to a lesser extent, our consulting services. During fiscal 2019, constant currency increases in our EMEA-based services revenues were offset by constant currency services revenue decreases in the Americas and the Asia Pacific regions.\nIn constant currency, total services expenses increased in fiscal 2019 compared to fiscal 2018 primarily due to an increase in employee related expenses and external contractor expenses associated with investments in our consulting services that support our cloud offerings. In constant currency, total margin and total margin as a percentage of total services revenues decreased during fiscal 2019 relative to fiscal 2018 due to decreased revenues and increased expenses for this business.\n\n | | | Percent Change | \n------------------------ | ------ | ------ | -------------- | ------\n(Dollars in millions) | 2019 | Actual | Constant | 2018 \nServices Revenues: | | | | \nAmericas | $1,576 | -5% | -3% | $1,654\nEMEA | 1,021 | -2% | 2% | 1,046 \nAsia Pacific | 643 | -7% | -4% | 695 \nTotal revenues | 3,240 | -5% | -2% | 3,395 \nTotal Expenses (1) | 2,703 | -1% | 2% | 2,729 \nTotal Margin | $537 | -19% | -18% | $666 \nTotal Margin % | 17% | | | 20% \n% Revenues by Geography: | | | | \nAmericas | 49% | | | 49% \nEMEA | 31% | | | 31% \nAsia Pacific | 20% | | | 20% "} {"_id": "d1b33be94", "title": "", "text": "OUTSTANDING COMMON SHARES\n1 Holders of our Class B Non-Voting Shares are entitled to receive notice of and to attend shareholder meetings; however, they are not entitled to vote at these meetings except as required by law or stipulated by stock exchanges. If an offer is made to purchase outstanding Class A Shares, there is no requirement under applicable law or our constating documents that an offer be made for the outstanding Class B Non-Voting Shares, and there is no other protection available to shareholders under our constating documents. If an offer is made to purchase both classes of shares, the offer for the Class A Shares may be made on different terms than the offer to the holders of Class B Non-Voting Shares.\nAs at February 29, 2020, 111,154,811 Class A Shares, 393,770,507\nClass B Non-Voting Shares, and 3,145,274 options to purchase\nClass B Non-Voting Shares were outstanding.\n\n | As at December 31 | \n------------------------------- | ----------------- | -----------\n | 2019 | 2018 \nCommon shares outstanding 1 | | \nClass A Voting | 111,154,811 | 111,155,637\nClass B Non-Voting | 393,770,507 | 403,657,038\nTotal common shares | 504,925,318 | 514,812,675\nOptions to purchase Class B | | \nNon-Voting Shares | | \nOutstanding options | 3,154,795 | 2,719,612 \nOutstanding options exercisable | 993,645 | 1,059,590 "} {"_id": "d1b35c4dc", "title": "", "text": "GAAP Results of Operations\nKey Performance Indicators* (in millions):\n* excludes discontinued operations (See Note 5 of Notes to Consolidated Financial Statements).\n** excludes special charges, net (See Note 5 of Notes to Consolidated Financial Statements).\n1 Includes $20.0 million of income tax benefits primarily related to the reversal of valuation allowances against the Company's deferred tax assets and the\nimpacts of U.S. tax reform enacted in Q4 of 2017.\n\n | | Years Ended December 31, | | Change | \n-------------------------------------------------------- | ------ | ------------------------ | -------- | ------------ | ------------\n | 2019 | 2018 | 2017 | 2019 vs 2018 | 2018 vs 2017\nNet sales of continuing operations | | | | | \nConsolidated net sales | $946.9 | $896.9 | $791.8 | 5.6% | 13.3% \nConsolidated gross profits | $325.7 | $307.7 | $273.2 | 5.8% | 12.6% \nConsolidated gross margin | 34.4% | 34.3% | 34.5% | 0.1% | (0.2)% \nConsolidated SD&A costs ** | $260.4 | $245.2 | $227.2 | 6.2% | 7.9% \nConsolidated SD&A costs ** as % of sales | 27.5% | 27.3% | 28.7% | 0.2% | (1.4)% \nConsolidated operating income | $66.1 | $61.7 | $45.7 | 7.1% | 35.0% \nConsolidated operating margin from continuing operations | 7.0% | 6.9% | 5.8% | 0.1% | 1.1% \nEffective income tax rate | 24.4% | 21.3% | (44.0)% | 3.1% | 65.3% \nNet income from continuing operations | $50.0 | $49.5 | 65.5 (1) | 1.0% | (24.4)% \nNet margin from continuing operations | 5.3% | 5.5% | 8.3% | (0.2)% | (2.8)% \nIncome (loss) from discontinued operations, net of tax $ | $(1.5) | $175.2 | $(25.1) | (100.9)% | 798.0% "} {"_id": "d1b31a0d2", "title": "", "text": "Industry Overview\nAccording to WSTS (an industry research firm), worldwide semiconductor industry sales were $412.1 billion in 2019, a decrease of approximately 12.1% from $468.8 billion in 2018. We participate in unit and revenue surveys and use data summarized by WSTS to evaluate overall semiconductor market trends and to track our progress against the market in the areas we provide semiconductor components. The following table sets forth total worldwide semiconductor industry revenue since 2015:\n(1) Based on shipment information published by WSTS. We believe the data provided by WSTS is reliable, but we have not independently verified it. WSTS periodically revises its information. We assume no obligation to update such information.\nAs indicated above, worldwide semiconductor sales increased from $335.2 billion in 2015 to $412.1 billion in 2019. The decrease of 12.1% from 2018 to 2019 was the result of decreased demand for semiconductor products. Our revenue decreased by $360.4 million, or 6.1%, from 2018 to 2019.\n\nYear Ended December 31, | Worldwide Semiconductor Industry Sales (1) | Percentage Change\n----------------------- | ------------------------------------------ | -----------------\n | (in billions) | \n2019 | $412.1 | (12.1)% \n2018 | $468.8 | 13.7% \n2017 | $412.2 | 21.6% \n2016 | $338.9 | 1.1% \n2015 | $335.2 | (0.2)% "} {"_id": "d1b303102", "title": "", "text": "Note 9 \u2013 Leases\nWe have operating leases for office space, automobiles and various other equipment in the U.S. and in certain international locations. We also reviewed other contracts, such as manufacturing agreements and service agreements, for potential embedded leases. We specifically reviewed these other contracts to determine whether we have the right to substantially all of the economic benefit from the use of any specified assets or the right to direct the use of any specified assets, either of which would indicate the existence of a lease.\nAs of December 31, 2019, our operating leases had remaining lease terms of one month to six years, some of which included options to extend the leases for up to nine years, and some of which included options to terminate the leases within three months. For those leases that are reasonably assured to be renewed, we have included the option to extend as part of our right of use asset and lease liability. Leases with an initial term of 12 months or less were not recorded on the balance sheet and lease expense for these leases is recognized on a straight-line basis over the lease term. Lease expense related to these short-term leases was $0.4 million for the twelve months ended December 31, 2019, and is included in cost of sales, selling, general and administrative expenses and research and development expenses in the Consolidated Statements of Income. Lease expense related to variable lease payments that do not depend on an index or rate, such as real estate taxes and insurance reimbursements, was $0.9 million for the twelve months ended December 31, 2019. For lease agreements entered into or reassessed after the adoption of Topic 842, we elected to not separate lease and nonlease components. Our lease agreements do not contain any material residual value guarantees or material restrictive covenants.\nSupplemental balance sheet information related to operating leases is as follows:\n(1) Reflects the adoption of the new lease accounting standard on January 1, 2019.\n\n(In thousands) | Classification | December 31, 2019 | January 1, 2019 (1)\n--------------------------- | ----------------------------- | ----------------- | -------------------\nAssets | | | \nRight of use lease assets | Other Assets | $8,452 | $10,322 \nTotal lease asset | | $8,452 | $10,322 \nLiabilities | | | \nCurrent lease liability | Accrued expenses | $2,676 | $2,948 \nNon-current lease liability | Other non-current liabilities | 5,818 | 7,374 \nTotal lease liability | | $8,494 | $10,322 "} {"_id": "d1a74070c", "title": "", "text": "Significant Suppliers\nWe purchase a significant amount of our inventory from certain manufacturers or suppliers including components, assemblies and electronic manufacturing parts. The inventory is purchased under standard supply agreements that outline the terms of the product delivery. The title and risk of loss of the product generally pass to us upon shipment from the manufacturers\u2019 plant or warehouse. Some of these manufacturers accounted for more than 10% of our purchases and accounts payable as follows:\nWe are currently reliant upon these suppliers for products. Although we believe that we can obtain products from other sources, the loss of a significant supplier could have a material impact on our financial condition and results of operations as the products that are being purchased may not be available on the same terms from another supplier.\n\n | | Year Ended February 28, | \n-------------------- | ---- | ----------------------- | ----\n | 2019 | 2018 | 2017\nInventory purchases: | | | \nSupplier A | 31% | 33% | 34% \nSupplier B | 20% | 16% | 14% \nSupplier C | 6% | 9% | 11% \n | | As of February 28, | \n2017 | 2019 | 2018 | \nAccounts Payable: | | | \nSupplier A | 30% | 40% | 33% \nSupplier B | 18% | 16% | 18% "} {"_id": "d1b3b14a0", "title": "", "text": "Net profit/(loss) after tax was $(9.8) million (2018: $6.6 million). Non-statutory underlying earnings before interest, tax, depreciation and amortisation (EBITDA) improved from $62.6 million in FY18 to $85.1 million in FY19.\nReconciliation of statutory profit to EBITDA and underlying EBITDA is as follows:\n\n | 30 June 2019 | 30 June 2018 | Change\n------------------------------------------------------ | ------------ | ------------ | ------\n | $\u2019000 | $\u2019000 | % \nNet profit/(loss) after tax | (9,819) | 6,639 | (248%)\nAdd: finance costs | 54,897 | 25,803 | 113% \nLess: interest income | (8,220) | (5,778) | 42% \nAdd/(less): income tax expense/(benefit) | (6,254) | 4,252 | (247%)\nAdd: depreciation and amortisation | 48,442 | 33,038 | 47% \nEBITDA | 79,046 | 63,954 | 24% \nLess: gain on extinguishment of B1 lease | (1,068) | - | \nLess: gain on extinguishment of APDC leases | (1,291) | - | \nLess: distribution income | (1,344) | (3,191) | (58%) \nAdd: APDC transaction costs | 5,459 | 1,812 | 201% \nAdd: landholder duty on acquisition of APDC properties | 3,498 | - | \nAdd: Singapore and Japan costs | 823 | - | \nUnderlying EBITDA | 85,123 | 62,575 | 36% "} {"_id": "d1b31a1cc", "title": "", "text": "Key Balance Sheet Information\nTotal assets increased $1,234.7 million as at December 31, 2019 compared to December 31, 2018, principally due to a $485.5 million increase in cash, cash equivalents and marketable securities mainly as a result of the public offering in September 2019, which resulted in net proceeds of $688.0 million. Business acquisitions during the year, largely due to the acquisition of 6RS, further impacted total assets through an increase in goodwill of $273.8 million, a $141.2 million increase in intangible assets and a resulting decrease in cash due to the consideration paid. The remainder of the increase is due to: the adoption of the new lease accounting standard, further discussed in the \"Critical Accounting Policies and Estimates\" section below, which resulted in the addition of right-of-use assets totaling $134.8 million as at December 31, 2019; a $58.3 million increase in merchant cash advances and loans receivable; a $49.8 million increase in property and equipment, largely related to leaseholds for our offices; a $49.2 million increase in trade and other receivables largely due to an increase in indirect taxes receivable, unbilled revenue related to subscription fees for Plus merchants, transaction fees and shipping charges; and a $19.4 million increase in deferred tax assets. Total liabilities increased by $309.7 million, principally as a result of the adoption of the new leasing standard, which resulted in $126.8 million of additional lease liabilities related to obtaining right-of-use assets. Accounts payable and accrued liabilities increased by $84.2 million, which was due to an increase in indirect taxes payable, payroll liabilities, and payment processing and interchange fees, partly offset by a decrease in foreign exchange forward contract liabilities. The increase was also due to income taxes payable of $69.4 million driven largely by the one-time capital gain recognized in the period. Deferred tax liabilities increased by $7.6 million, due to the acquisition of 6RS. The growth in sales of our subscription solutions offering, along with the acquisition of 6RS, resulted in an increase of deferred revenue of $21.6 million.\n\n | December 31, 2019 | December 31, 2018\n------------------------------------------------ | ----------------- | -----------------\n | (in thousands) | \nCash, cash equivalents and marketable securities | $2,455,194 | $1,969,670 \nTotal assets | 3,489,479 | 2,254,785 \nTotal liabilities | 473,745 | 164,017 \nTotal non-current liabilities | 157,363 | 25,329 "} {"_id": "d1a713c66", "title": "", "text": "Non-GAAP Results\nManagement uses non-GAAP operating income and non-GAAP EPS to evaluate business performance without the impacts of certain non-cash charges and other charges which are not part of our usual operations. We use these non- GAAP measures to assess performance against business objectives, make business decisions, including developing budgets and forecasting future periods. In addition, management\u2019s incentive plans include these non-GAAP measures as criteria for achievements. These non-GAAP measures are not in accordance with U.S. GAAP and may differ from non- GAAP methods of accounting and reporting used by other companies. However, we believe these non-GAAP measures provide additional information that enables readers to evaluate our business from the perspective of management. The presentation of this additional information should not be considered a substitute for results prepared in accordance with U.S. GAAP.\nThe non-GAAP results presented below exclude the impact of non-cash related charges, such as stock-based compensation and amortization of intangible assets. In addition, they exclude discontinued operations and other nonrecurring items such as acquisition-related costs and restructuring expenses, as they are not indicative of future performance. The tax effect of our non-GAAP adjustments represents the anticipated annual tax rate applied to each non-GAAP adjustment after consideration of their respective book and tax treatments and effect of adoption of the Tax Act.\n\nReconciliation of Non-GAAP measure - operating expenses and operating income from continuing operations, excluding certain items (in thousands) | Years Ended December 31, | \n----------------------------------------------------------------------------------------------------------------------------------------------- | ------------------------ | ----------\n | 2019 | 2018 \nGross profit from continuing operations, as reported | $ 315,652 | $365,607 \nAdjustments to gross profit: | | \nStock-based compensation | 525 | 742 \nFacility expansion and relocation costs | 3,891 | 1,328 \nAcquisition-related costs | 8,290 | 569 \nNon-GAAP gross profit | 328,358 | 368,246 \nNon-GAAP gross margin | 41.6% | 51.2% \nOperating expenses from continuing operations, as reported | 261,264 | 194,054 \nAdjustments: | | \nAmortization of intangible assets | (12,168) | (5,774) \nStock-based compensation | (6,803) | (8,961) \nAcquisition-related costs | (12,002) | (1,726) \nFacility expansion and relocation costs | (948) | (518) \nRestructuring charges | (5,038) | (4,239) \nNon-GAAP operating expenses | 224,305 | 172,836 \nNon-GAAP operating income | $ 104,053 | $ 195,410"} {"_id": "d1b345eb2", "title": "", "text": "15. Revenue from Contracts with Customers\nImpact of Adopting Topic 606\nThe effects of the adoption on the Company's Consolidated Financial Statements for the fiscal year ended September 28, 2019 was as follows (in thousands):\n\n | September 28, 2019\nAs Reported | Adjustments due to Topic 606 | September 28, 2019\nAs Adjusted - Without\nAdoption of Topic 606\n------------------------------------ | ------------------------------ | ---------------------------- | --------------------------------------------------------------\nASSETS | | | \n Contract assets | $90,841 | $90,841 | $\u2014 \nInventories | 700,938 | (81,895) | 782,833 \nLIABILITIES AND SHAREHOLDERS' EQUITY | | | \nOther accrued liabilities | $106,461 | $(375) | $106,836 \nRetained earnings | 1,178,677 | 9,321 | 1,169,356 "} {"_id": "d1a7131e4", "title": "", "text": "Quarterly Results (Unaudited)\nThe following table sets forth certain unaudited quarterly financial information for the 2019 and 2018 fiscal years. In the opinion of management, this information has been presented on the same basis as the audited consolidated financial statements appearing elsewhere, and all necessary adjustments (consisting primarily of normal recurring accruals) have been included in the amounts stated below to present fairly the unaudited quarterly results when read in conjunction with the audited consolidated financial statements and related notes thereto. The operating results for any quarter are not necessarily indicative of results for any future period.\n(1) Includes acquisition and integration charges related to our strategic collaboration with JJMD of $17.6 million, $13.4 million, $12.8 million, $8.9 million and $8.1 million for the three months ended August 31, 2019, May 31, 2019, February 28, 2019, November 30, 2018 and August 31, 2018, respectively.\n(2) Includes ($13.3 million), $111.4 million and $30.9 million of income tax (benefit) expense for the three months ended November 30, 2018, August 31, 2018 and February 28, 2018, respectively, related to the Tax Act.\n(3) Includes a restructuring of securities loss of $29.6 million for the three months ended August 31, 2019.\n(4) Includes a distressed customer charge of $6.2 million, $18.0 million and $14.7 million during the three months ended August 31, 2019, August 31, 2018 and February 28, 2018, respectively.\n\nFiscal Year 2019 | | | | \n----------------------------------------------------------------- | -------------- | ----------- | ------------------ | ----------------\n | | | Three Months Ended | \n(in thousands, except for per share data) | August 31,2019 | May 31,2019 | February 28,2019 | November 30,2018\nNet revenue | $6,573,453 | $6,135,602 | $6,066,990 | $6,506,275 \nGross profit(4) | 495,078 | 443,799 | 454,874 | 519,650 \nOperating income(1)(4) | 189,745 | 140,918 | 153,983 | 216,710 \nNet income(2)(3)(4) | 53,761 | 44,032 | 67,607 | 124,074 \nNet income attributable to Jabil Inc.(2)(3)(4) | $52,675 | $43,482 | $67,354 | $123,600 \nEarnings per share attributable to the stockholders of Jabil Inc. | | | | \nBasic | $0.34 | $0.28 | $0.44 | $0.77 \nDiluted | $0.34 | $0.28 | $0.43 | $0.76 "} {"_id": "d1a73bfc2", "title": "", "text": "In 2019 and 2018, we had pre-tax losses of $19,573 and $25,403 respectively, which are available for carry forward to offset future taxable income. We made determinations to provide full valuation allowances for our net deferred tax assets at the end of 2019 and 2018, including NOL carryforwards generated during the years, based on our evaluation of positive and negative evidence, including our history of operating losses and the uncertainty of generating future taxable income that would enable us to realize our deferred tax assets.\nDeferred tax assets (liabilities) consist of the following:\nIn assessing the realization of deferred tax assets, management considers whether it is more likely than not that a portion of the net deferred assets will not be realized. The ultimate realization of the net deferred tax assets is dependent upon the generation of future taxable income during the periods in which those temporary differences become deductible. Based on the available objective evidence, management believes it is more likely than not that the net deferred tax assets at December 31, 2019 will not be realizable. Accordingly, management has maintained a full valuation allowance against its net deferred tax assets at December 31, 2019. The net change in the total valuation allowance for the 12 months ended December 31, 2019 was an increase of $1,816.\n\n | As of | As of \n-------------------------------------------------- | ----------------- | -----------------\n | December 31, 2019 | December 31, 2018\nDeferred tax assets: | | \nReserves and accruals | $62 | $45 \nResearch and development credits and other credits | 1,730 | 1,635 \nNet operating loss carry forward | 27,907 | 25,733 \nStock based compensation | 8,402 | 8,857 \nOther | 11 | 26 \nTotal deferred tax assets | 38,112 | 36,296 \nValuation allowance | (38,112) | (36,296) \nDeferred tax assets after valuation allowance | \u2014 | \u2014 \nTotal deferred tax liability | \u2014 | \u2014 \nNet deferred tax assets (liabilities) | $\u2014 | $\u2014 "} {"_id": "d1b2ecc5e", "title": "", "text": "Segment Results of Operations\nIn the Company's Consolidated Financial Statements, other operating (income) expense includes (i) (gain) loss on sale or disposal of assets, (ii) lease termination costs, (iii)\nasset impairment expense, (iv) accretion of asset retirement obligations, and (v) FCC reimbursements. Each table summarizes the results of operations of our operating\nsegments and compares the amount of the change between the periods presented (in millions).\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 Marine Services Segment\nNet revenue: Net revenue from our Marine Services segment for the year ended December 31, 2019 decreased $21.8 million to $172.5 million from $194.3 million for the year ended December 31, 2018. The decrease was primarily driven by a decline in the volume of projects under execution across multiple reporting lines, including power cable repair in offshore renewables, telecom installation work, and a reduction in CWind Group revenue due to focusing on a mix of more profitable projects.\nCost of revenue: Cost of revenue from our Marine Services segment for the year ended December 31, 2019 decreased $35.9 million to $127.1 million from $163.0 million for the year ended December 31, 2018. The decrease was driven by the reduction in revenue, improved vessel utilization, and higher than expected costs on a certain power construction project in the comparable period that were not repeated.\nSelling, general and administrative: Selling, general and administrative expenses from our Marine Services segment for the year ended December 31, 2019 increased $5.6 million to $25.8 million from $20.2 million for the year ended December 31, 2018. The increase was primarily due to higher disposition costs in the fourth quarter of 2019 related to the sale of the Marine Services segment. This was partially offset by a reversal of an accrual of bad debt expense in the current period due to a favorable receivable settlement during the quarter. See Note 24. Subsequent Events for the summary of the subsequent events.\nDepreciation and amortization: Depreciation and amortization from our Marine Services segment for the year ended December 31, 2019 decreased $1.5 million to $25.7 million from $27.2 million for the year ended December 31, 2018. The decrease was largely attributable to the disposal of assets during the year.\nOther operating income: Other operating income decreased $0.7 million from $0.7 million of income for the year ended December 31, 2018, as a result of an impairment expense recorded in 2019 due to the under-utilization of assets on one of the segment's barges.\n\n | | Years Ended December 31, | \n----------------------------------- | ------ | ------------------------ | ---------------------\n | 2019 | 2018 | Increase / (Decrease)\nNet revenue | $172.5 | $194.3 | $(21.8) \nCost of revenue | 127.1 | 163.0 | (35.9) \nSelling, general and administrative | 25.8 | 20.2 | 5.6 \nDepreciation and amortization | 25.7 | 27.2 | (1.5) \nOther operating income | \u2014 | (0.7) | 0.7 \nIncome (loss) from operations | $(6.1) | $(15.4) | $9.3 "} {"_id": "d1b3402dc", "title": "", "text": "The provision for income taxes differs from the amount computed by applying the statutory federal tax rate to income before income taxes. The sources and tax effects of the differences in the total income tax provision are as follows (amounts in millions):\n(1) The release of prior year tax positions during fiscal 2019 increased the basic and diluted net income per common share by $0.32 and $0.30, respectively. The release of prior year tax positions during fiscal 2018 increased the basic and diluted net income per common share by $0.05. The release of prior year tax positions during fiscal 2017 increased the basic and diluted net income per common share by $0.17 and $0.15, respectively.\nThe foreign tax rate differential benefit primarily relates to the Company's operations in Thailand, Malta and Ireland. The Company's Thailand manufacturing operations are currently subject to numerous tax holidays granted to the Company based on its investment in property, plant and equipment in Thailand. The Company's tax holiday periods in Thailand expire between fiscal 2022 and 2026, however, the Company actively seeks to obtain new tax holidays. The Company does not expect the future expiration of any of its tax holiday periods in Thailand to have a material impact on its effective tax rate. The Company\u2019s Microsemi operations in Malaysia are subject to a tax holiday that effectively reduces the income tax rate in that jurisdiction. Microsemi\u2019s tax holiday in Malaysia was granted in 2009 and is effective through December 2019, subject to continued compliance with the tax holiday\u2019s requirements. The aggregate dollar expense derived from these tax holidays approximated $0.1 million in fiscal 2019. The aggregate dollar benefit derived from these tax holidays approximated $6.2 million and $13.2 million in fiscal 2018 and 2017, respectively. The impact of the tax holidays during fiscal 2019 did not impact basic and diluted net income per common share. The impact of the tax holidays during fiscal 2018 increased the basic and diluted net income per common share by $0.03 and $0.02, respectively. The impact of the tax holidays during fiscal 2017 increased the basic and diluted net income per common share by $0.06.\n\n | | Year Ended March 31, | \n----------------------------------------------------------------------- | -------- | -------------------- | -------\n | 2019 | 2018 | 2017 \nComputed expected income tax provision | $43.0 | $232.6 | $31.4 \nState income taxes, net of federal benefit | (8.7) | (1.3) | (4.6) \nForeign income taxed at lower than the federal rate | (94.0) | (208.8) | (105.0)\nImpact of the Act - one-time transition tax, net of foreign tax credits | 13.1 | 653.7 | \u2014 \nImpact of the Act - deferred tax effects, net of valuation allowance | \u2014 | (136.7) | \u2014 \nGlobal intangible low-taxed income | 95.4 | \u2014 | \u2014 \nBusiness realignment | (90.6) | \u2014 | \u2014 \nIncreases related to current year tax positions | 9.0 | 32.0 | 53.7 \nDecreases related to prior year tax positions (1) | (75.1) | (11.3) | (36.3) \nShare-based compensation | (13.3) | (27.2) | (25.0) \nResearch and development tax credits | (27.5) | (17.0) | (12.8) \nIntercompany prepaid tax asset amortization | 5.2 | 7.4 | 7.9 \nForeign exchange | 4.6 | (20.5) | (1.7) \nOther | (2.6) | (0.5) | 9.8 \nChange in valuation allowance | (9.9) | (20.5) | 1.8 \nTotal income tax provision (benefit) | $(151.4) | $481.9 | $(80.8)"} {"_id": "d1b3bbd7e", "title": "", "text": "Cash Flows\nFiscal Year 2019 Cash Flows\nNet cash provided by operations was $45.0 million for fiscal 2019 consisting of $24.2 million of net income and $47.6 million of non-cash charges, partially offset by an increase in working capital of $26.8 million. The increase in non-cash charges of $9.4 million is primarily driven by changes in the fair value of earn-out liabilities of $4.4 million and higher depreciation and amortization expense. The increase in working capital of $26.8 million is a result of organic growth and acquisitions and includes $1.8 million of earn-out liability payments classified as operating activities.\nNet cash used in investing activities was $44.2 million in fiscal 2019 driven by $16.1 million in capital expenditures which included implementations of our Enterprise Resource Planning system and the buildouts of our headquarters in Ridgefield, CT and distribution center in Dallas, Texas. The Company used $28.1 million in cash to fund acquisitions, the most significant of which was Bassian.\nNet cash provided by financing activities was $96.9 million for fiscal 2019 driven by $145.0 million of net proceeds received from the issuance of our Senior Notes, partially offset by $44.2 million to settle all borrowings outstanding on our ABL and $2.4 million of earn-out liability payments classified as financing activities.\nFiscal Year 2018 Cash Flows\nNet cash provided by operations was $45.1 million for fiscal 2018 consisting of $20.4 million of net income and $38.2 million of non-cash charges, partially offset by a $13.5 million increase in working capital as a result of organic growth and acquisitions.\nNet cash used in investing activities was $33.7 million for fiscal 2018 driven by $19.8 million in capital expenditures which included implementations of our Enterprise Resource Planning system and the buildout of our distribution centers in Portland, OR, Dallas, TX and Toronto, Canada. The remaining cash used in investing activities of $13.9 million was mainly used to fund small strategic acquisitions.\nNet cash used in financing activities was $10.4 million for fiscal 2018 . During fiscal 2018, we entered into a new ABL which effectively doubled our borrowing capacity. We drew $47.1 million from the ABL to make an equivalent prepayment on our term loan which lowered the effective interest rates charged on our outstanding indebtedness. We also made additional principal payments of $5.2 million on our indebtedness, paid a $3.0 million earn-out related to our Fells Point acquisition, and made a $1.5 million payment for financing fees related to our new ABL.\n\n | | Fiscal Year Ended | \n----------------------------------------------- | ------------------ | ------------------ | -----------------\n | December 27, 2019 | December 28, 2018 | December 29, 2017\nNet income | $24,193 | $20,402 | $14,366 \nNon-cash charges | $47,625 | $38,186 | $28,725 \nChanges in working capital | $(26,811) | $(13,506) | $(11,594) \nCash provided by operating activities | $45,007 | $45,082 | $31,497 \nCash used in investing activities | $(44,154) | $(33,688) | $(42,406) \nCash provided by (used in) financing activities | $96,947 | $(10,442) | $19,429 "} {"_id": "d1b3c743a", "title": "", "text": "6. Property, Plant and Equipment\nProperty, plant and equipment is comprised of the following:\nDepreciation expense on property, plant and equipment, including assets accounted for as finance leases, totaled $290.2 million in 2019, $239.6 million in 2018 and $190.4 million in 2017. The portion of depreciation expense associated with cost of providing services was 87%, 85% and 84% in 2019, 2018 and 2017, respectively. There are numerous assets included within network equipment resulting in a range of depreciable lives between 2 and 50 years, the majority of which fall within the range of 7 to 25 years\nNo asset impairment losses were recognized in 2019, 2018 or 2017 on property, plant and equipment.\n\n | | December 31, | Depreciable \n------------------------------------------------- | --------- | ------------ | ---------------\n(dollars in millions) | 2019 | 2018 | Lives (Years) \nLand and rights-of-way | $117.2 | $117.2 | 20 - Indefinite\nBuildings and leasehold improvements | 315.4 | 305.2 | 5 - 40 \nNetwork equipment | 4,044.6 | 3,913.3 | 2 - 50 \nOffice software, furniture, fixtures and vehicles | 229.3 | 216.3 | 2-14 \nConstruction in process | 38.9 | 47.1 | n/a \nGross value | 4,745.4 | 4,599.1 | \nAccumulated depreciation | (2,964.6) | (2,755.1) | \nProperty, plant and equipment, net | $1,780.8 | $1,844.0 | "} {"_id": "d1b31d8ae", "title": "", "text": "Intangible Assets\nThe following table presents the company\u2019s intangible asset balances by major asset class.\n* Amounts as of December 31, 2019 include a decrease of $42 million in net intangible asset balances due to foreign currency translation. There was no foreign currency impact on net intangible assets for the year ended December 31, 2018.\n** Other intangibles are primarily acquired proprietary and nonproprietary business processes, methodologies and systems.\n\n | | | \n---------------------- | -------- | ------------ | --------\n($ in millions) | | | \n | Gross | | Net \n | Carrying | Accumulated | Carrying\nAt December 31, 2019:* | Amount | Amortization | Amount \nIntangible asset class | | | \nCapitalized software | $ 1,749 | $ (743) | $ 1,006 \nClient relationships | 8,921 | (1,433) | 7,488 \nCompleted technology | 6,261 | (1,400) | 4,861 \nPatents/trademarks | 2,301 | (445) | 1,856 \nOther** | 56 | (31) | 24 \nTotal | $19,287 | $(4,052) | $15,235 \n($ in millions) | | | \n | Gross | | Net \n | Carrying | Accumulated | Carrying\nAt December 31, 2018: | Amount | Amortization | Amount \nIntangible asset class | | | \nCapitalized software | $1,568 | $ (629) | $ 939 \nClient relationships | 2,068 | (1,123) | 945 \nCompleted technology | 2,156 | (1,296) | 860 \nPatents/trademarks | 641 | (330) | 311 \nOther** | 56 | (23) | 32 \nTotal | $6,489 | $(3,402) | $3,087 "} {"_id": "d1b39ee90", "title": "", "text": "NOTE E \u2013 PROPERTY AND EQUIPMENT\nThe Company\u2019s property and equipment as of December 31, 2019 and 2018 consists of the following:\nDepreciation and amortization expense included as a charge to income was $66,082 and $67,107 for the years ended December 31, 2019 and 2018, respectively.\n\n | 2019 | 2018 \n----------------------------------------- | --------- | ---------\nDevelopment test equipment | $16,461 | $19,110 \nComputer software | 76,134 | 76,134 \nOffice equipment | 66,685 | 61,367 \nOffice fixtures and furniture | 330,568 | 330,568 \nLeasehold improvements | 18,016 | 18,016 \nTotal | 507,864 | 505,195 \nAccumulated depreciation and amortization | (321,339) | (257,906)\nTotal property and equipment | 186,525 | $247,289 "} {"_id": "d1b38ffda", "title": "", "text": "Operating Expenses\nCost of Services Cost of services increased $549 million, or 3.6%, during 2019 compared to 2018, primarily due to increases in rent expense as a result of adding capacity to the networks to support demand as well as an increase due to the adoption of the new lease accounting standard in 2019, increases in costs related to the device protection package offered to our wireless retail postpaid customers, as well as regulatory fees.\nThese increases were partially offset by decreases in employee-related costs primarily due to the Voluntary Separation Program, as well as decreases in access costs and roaming.\nCost of Wireless Equipment Cost of wireless equipment decreased $544 million, or 2.9%, during 2019 compared to 2018, primarily as a result of declines in the number of wireless devices sold as a result of an elongation of the handset upgrade cycle. These decrease were partially offset by a shift to higher priced devices in the mix of wireless devices sold.\nSelling, General and Administrative Expense Selling, general and administrative expense increased $938 million, or 6.0%, during 2019 compared to 2018, primarily due to increases in sales commission and bad debt expense, and an increase in advertising costs. The increase in sales commission expense during 2019 compared to 2018 was primarily due to a lower net deferral of commission costs as a result of the adoption of Topic 606 on January 1, 2018 using a modified retrospective approach.\nThese increases were partially offset by decreases in employee-related costs primarily due to the Voluntary Separation Program.\nDepreciation and Amortization Expense Depreciation and amortization expense decreased $599 million, or 5.0%, during 2019 compared to 2018, driven by the change in the mix of total Verizon depreciable assets and Consumer\u2019s usage of those assets.\n\n | | | (dollars in millions) Increase/ (Decrease) | \n-------------------------------------------- | -------- | -------- | ------------------------------------------ | -----\nYears Ended December 31, | 2019 | 2018 | 2019 vs. 2018 | \nCost of services | $15,884 | $15,335 | $ 549 | 3.6% \nCost of wireless equipment | 18,219 | 18,763 | (544) | (2.9)\nSelling, general and administrative expense | 16,639 | 15,701 | 938 | 6.0 \nDepreciation and amortization expense | 11,353 | 11,952 | (599) | (5.0)\nTotal Operating Expenses | $ 62,095 | $ 61,751 | $ 344 | 0.6 "} {"_id": "d1b37866e", "title": "", "text": "Remaining performance obligations\nRemaining performance obligations represent contracted revenue that has not been recognized, which include contract liabilities and amounts that will be billed and recognized as revenue in future periods. As of March 29, 2019, we had $2,608 million of remaining performance obligations, which does not include customer deposit liabilities of approximately $505 million, and the approximate percentages expected to be recognized as revenue in the future are as follows:\nPercentages may not add to 100% due to rounding.\n\n | | Percent Expected to be Recognized as Revenue | | | \n--------------------------------- | --------------------------------------- | -------------------------------------------- | ------------ | ------------ | --------------\n(in millions, except percentages) | Total Remaining Performance Obligations | 0-12 Months | 13-24 Months | 25-36 Months | Over 36 Months\nEnterprise Security | $2,059 | 65% | 24% | 10% | 2% \nConsumer Cyber Safety | 549 | 95% | 4% | 1% | -% \nTotal | $2,608 | 71% | 19% | 8% | 1% "} {"_id": "d1b3920a0", "title": "", "text": "Note 8. Goodwill and Intangible Assets, Net\nThe following table reflects changes in the net carrying amount of the components of intangible assets (in thousands):\n\n | Customer Relationships | Developed Technology | Trade Name | Total \n------------------------------- | ---------------------- | -------------------- | ---------- | --------\nBalance as of January 1, 2018 | $88,526 | $5,532 | $228 | $94,286 \nAmortization | (11,262) | (3,854) | (103) | (15,219)\nBalance as of December 31, 2018 | 77,264 | 1,678 | 125 | 79,067 \nIntangible assets acquired | 19,805 | 16,583 | 2,219 | 38,607 \nAmortization | (12,673) | (1,441) | (122) | (14,236)\nBalance as of December 31, 2019 | $84,396 | $16,820 | $2,222 | $103,438"} {"_id": "d1b380d82", "title": "", "text": "Deferred Tax Assets and Liabilities\nDeferred tax assets and liabilities are recognized for the future tax consequences of differences between the carrying amounts of assets and liabilities and their respective tax basis using enacted tax rates in effect for the year in which the differences are expected to be reversed.\nSignificant deferred tax assets and liabilities consisted of the following (in thousands):\nWe are required to evaluate the realizability of our deferred tax assets in both our U.S. and non-U.S. jurisdictions on an ongoing basis to determine whether there is a need for a valuation allowance with respect to such deferred tax assets. From the fourth quarter of fiscal 2009 to the third quarter of fiscal 2018, we maintained a 100% valuation allowance against most of our U.S. deferred tax assets because there was insufficient positive evidence to overcome the existing negative evidence such that it was not more likely than not that the U.S. deferred tax assets were realizable.\nWhile we reported U.S. pre-tax income in fiscal 2015 and fiscal 2017, because we reported U.S. pre-tax losses during the previous seven fiscal years, we continued to maintain the 100% valuation allowance through the third quarter of fiscal 2018.\nAs of December 29, 2018, we had reported positive operating performance in the U.S. for two consecutive fiscal years and had also reported a cumulative threeyear U.S. pre-tax profit. In addition, during the fourth quarter of fiscal 2018, we completed our financial plan for fiscal 2019 and expected continued positive operating performance in the U.S. We also considered forecasts of future taxable income and evaluated the utilization of net operating losses and tax credit carryforwards prior to their expiration.\nAfter considering these factors, we determined that the positive evidence overcame any negative evidence and concluded that it was more likely than not that the U.S. deferred tax assets were realizable. As a result, we released the valuation allowance against a significant portion of the U.S. federal deferred tax assets and a portion of the U.S. state deferred tax assets during the fourth quarter of fiscal 2018.\nThe valuation allowance decreased by $75.8 million in fiscal 2018, primarily due to the release of the valuation allowance on U.S. deferred tax assets. As of December 28, 2019, we maintained a valuation allowance of $36.6 million, primarily related to California deferred tax assets and foreign tax credit carryovers, due to uncertainty about the future realization of these assets.\n\n | As of | \n------------------------------------- | ----------------- | -----------------\n | December 28, 2019 | December 29, 2018\nTax credits | $44,696 | $39,586 \nInventory reserve | 12,350 | 10,850 \nOther reserves and accruals | 5,852 | 5,398 \nNon-statutory stock options | 2,982 | 2,722 \nDepreciation and amortization | 27,758 | 1,979 \nNet operating loss carryforwards | 21,410 | 61,275 \nGross deferred tax assets | 115,048 | 121,810 \nValuation allowance | (36,604) | (34,037) \nTotal deferred tax assets | 78,444 | 87,773 \nAcquired intangibles and fixed assets | (13,997) | (12,667) \nUnrealized investment gains | (106) | (107) \nTax on undistributed earnings | (75) | (53) \nTotal deferred tax liabilities | (14,178) | (12,827) \nNet deferred tax assets | $64,266 | $74,946 "} {"_id": "d1b3a455c", "title": "", "text": "The following table presents cumulative items not recognized as a component of net periodic benefits expense as of December 31, 2017, items recognized as a component of net periodic benefits expense in 2018, additional items deferred during 2018 and cumulative items not recognized as a component of net periodic benefits expense as of December 31, 2017. The items not recognized as a component of net periodic benefits expense have been recorded on our consolidated balance sheets in accumulated other comprehensive loss:\n(1) Amounts currently recognized in net periodic benefits expense include $375 million of benefit arising from the adoption of ASU 2018-02. See Note 1\u2014 Background and Summary of Significant Accounting Policies for further detail.\n(2) Amounts currently recognized in net periodic benefits expense include $32 million arising from the adoption of ASU 2018-02. See Note 1\u2014 Background and Summary of Significant Accounting Policies for further detail.\n\n | | | As of and for the Years Ended December 31, | | \n------------------------------------------ | -------- | -------------------------------------------- | ------------------------------------------ | ------------------ | -------\n | 2017 | Recognition of Net Periodic Benefits Expense | Deferrals | Net Change in AOCL | 2018 \n | | | (Dollars in millions) | | \nAccumulated other comprehensive loss: | | | | | \nPension plans: | | | | | \nNet actuarial (loss) gain | $(2,892) | 179 | (260) | (81) | (2,973)\nPrior service benefit (cost) | 54 | (8) | \u2014 | (8) | 46 \nDeferred income tax benefit (expense)(1) | 1,107 | (418) | 65 | (353) | 754 \nTotal pension plans | (1,731) | (247) | (195) | (442) | (2,173)\nPost-retirement benefit plans: | | | | | \nNet actuarial (loss) gain | (250) | \u2014 | 257 | 257 | 7 \nPrior service (cost) benefit | (107) | 20 | \u2014 | 20 | (87) \nDeferred income tax benefit (expense)(2) | 122 | (37) | (63) | (100) | 22 \nTotal post-retirement benefit plans | (235) | (17) | 194 | 177 | (58) \nTotal accumulated other comprehensive loss | $(1,966) | (264) | (1) | (265) | (2,231)"} {"_id": "d1b38b71e", "title": "", "text": "9. Debtors\nThe Directors consider that the carrying amount of trade and other debtors approximates their fair value.\nThe Company has no significant concentration of credit risk attributable to its trade debtors as the exposure is spread over a large number of customers.\nAssets recognised from costs to obtain a contract relate to capitalised incremental costs to obtain a contract, being sales commissions arising on contracts with customers of more than one year in length. No assets were impaired or derecognised during the current year or prior year.\n\n | | 2019 | 2018 \n------------------------------------------------- | ----- | --------- | ---------\n | Notes | \u00a3 million | \u00a3 million\nDue within one year | | | \nTrade debtors | | 5.2 | 7.0 \nOwed by subsidiaries | | 13.7 | 9.6 \nOther debtors | | 0.2 | 0.7 \nPrepayments | | 0.4 | 0.6 \nCurrent tax asset | | 1.0 | 0.6 \nDeferred tax | 13 | \u2013 | 1.3 \nAssets recognised from costs to obtain a contract | | 0.1 | 0.1 \n | | 20.6 | 19.9 \nDue after one year | | | \nDefined benefit pension plan surplus | 3 | 8.8 | 2.0 "} {"_id": "d1b3bb072", "title": "", "text": "The Company\u2019s consolidated net revenues disaggregated by product group are presented in Note 19. The following tables present the Company\u2019s consolidated net revenues disaggregated by geographical region of\nshipment and nature.\n(1) Net revenues by geographical region of shipment are classified by location of customer invoiced or reclassified by shipment destination in line with customer demand. For example, products ordered by U.S.-based companies to be invoiced to Asia Pacific affiliates are classified as Asia Pacific revenues.\n(2) Original Equipment Manufacturers (\u201cOEM\u201d) are the end-customers to which the Company provides direct marketing application engineering support, while Distribution customers refers to the distributors and representatives that the Company engages to distribute its products around the world.\nAs of January 1, 2018, the Company adopted the converged guidance on revenue from contract with customers with no material impact on the Company\u2019s recognition practices as substantially similar performance conditions exist under the new guidance and past practice.\nThe Company does not disclose the value of unsatisfied performance obligations for (i) contracts with an original expected length of one year or less and (ii) contracts for which the Company recognizes revenue at the amount to which the Company has the right to invoice for services performed.\n\n | | Year ended | \n-------------------------------------------------- | ----------------- | ----------------- | -----------------\n | December 31, 2019 | December 31, 2018 | December 31, 2017\nNet revenues by geographical region of shipment(1) | | | \nEMEA | 2,265 | 2,478 | 2,142 \nAmericas | 1,351 | 1,264 | 1,085 \nAsia Pacific | 5,940 | 5,922 | 5,120 \nTotal revenues | 9,556 | 9,664 | 8,347 \nNet revenues by nature | | | \nRevenues from sale of products | 9,381 | 9,461 | 8,175 \nRevenues from sale of services | 148 | 151 | 133 \nOther revenues | 27 | 52 | 39 \nTotal revenues | 9,556 | 9,664 | 8,347 \nNet revenues by market channel(2) | | | \nOriginal Equipment Manufacturers (\u201cOEM\u201d) | 6,720 | 6,325 | 5,549 \nDistribution | 2,836 | 3,339 | 2,798 \nTotal revenues | 9,556 | 9,664 | 8,347 "} {"_id": "d1b3495da", "title": "", "text": "Operating Cash Flow Activities\nYear Ended December 31, 2019 Compared with the Year Ended December 31, 2018\nNet cash provided by operating activities \u2013 continuing operations decreased during the year ended December 31, 2019 compared with prior year. The decrease in income from operations and the increase in non-cash adjustments to net income in 2019 partially related to the absence in the gains on sale of divestitures, such as OneContent in 2018.\nThe increase in non-cash adjustments to net loss in 2019 also related to higher depreciation and the amortization of right-to-use assets. The net loss and the cash impact of changes in operating assets and liabilities during 2019 reflects the $145 million settlement with the DOJ in connection with the Practice Fusion investigations.\nNet cash used in operating activities \u2013 discontinued operations during the year ended December 31, 2019 reflects an advance income tax payment related to the gain realized on the sale of our investment in Netsmart on December 31, 2018.\nYear Ended December 31, 2018 Compared with the Year Ended December 31, 2017\nNet cash provided by operating activities \u2013 continuing operations decreased during the year ended December 31, 2018 compared with the prior year primarily due to working capital changes and higher costs during the year ended December 31, 2018 compared with the prior year, which primarily included higher interest expense, transaction-related and legal expenses, and incentive-based compensation payments.\nThe decrease in non-cash adjustments to net loss was primarily driven by lower non-cash impairment charges associated with long-term investments, intangibles and goodwill during the year ended December 31, 2018 compared with the prior year.\nNet cash provided by operating activities \u2013 discontinued operations decreased during the year ended December 31, 2018 compared with the prior year primarily driven by the additional tax provision relating to the gain from the sale of our investment in Netsmart on December 31, 2018. Netsmart generated cash from operations during both 2018 and 2017. During 2018, Netsmart\u2019s cash provided by operations decreased by approximately $16 million primarily driven by higher interest expenses paid attributable to Netsmart\u2019s credit facilities.\n\n | | Year Ended December 31, | | | \n----------------------------------------------------------------------------- | ----------- | ----------------------- | ----------- | ----------------------- | -----------------------\n(In thousands) | 2019 | 2018 | 2017 | 2019 $ Change from 2018 | 2018 $ Change from 2017\nNet (loss) income | $ (182,602) | $ 407,807 | $ (154,175) | $ (590,409) | $ 561,982 \nLess: Loss from discontinued operations | 0 | 395,138 | 30,348 | (395,138) | 364,790 \n(Loss) income from continuing operations | (182,602) | 12,669 | (184,523) | (195,271) | 197,192 \nNon-cash adjustments to net (loss) income | 277,217 | 136,651 | 351,835 | 140,566 | (215,184) \nCash impact of changes in operating assets and liabilities | (18,361) | (60,086) | 57,746 | 41,725 | (117,832) \nNet cash provided by operating activities - continuing operations | 76,254 | 89,234 | 225,058 | (12,980) | (135,824) \nNet cash (used in) provided by operating activities - discontinued operations | (30,000) | (21,343) | 54,357 | (8,657) | (75,700) \nNet cash provided by operating activities | $ 46,254 | $ 67,891 | $ 279,415 | $ (21,637) | $ (211,524) "} {"_id": "d1b3a7c2a", "title": "", "text": "NOTE 19\u2014SEGMENT INFORMATION\nASC Topic 280, \u201cSegment Reporting\u201d (Topic 280), establishes standards for reporting, by public business enterprises, information about operating segments, products and services, geographic areas, and major customers. The method of determining what information, under Topic 280, to report is based on the way that an entity organizes operating segments for making operational decisions and how the entity\u2019s management and chief operating decision maker (CODM) assess an entity\u2019s financial performance. Our operations are analyzed by management and our CODM as being part of a single industry segment: the design, development, marketing and sales of Enterprise Information Management software and solutions.\nThe following table sets forth the distribution of revenues, by significant geographic area, for the periods indicated:\n\n | | Year Ended June 30, | \n------------------- | ---------- | ------------------- | ----------\n | 2019 | 2018 | 2017 \nRevenues: | | | \nCanada | $153,890 | $149,812 | $227,115 \nUnited States | 1,490,863 | 1,425,244 | 1,090,049 \nUnited Kingdom | 182,815 | 201,821 | 159,817 \nGermany | 203,403 | 198,253 | 166,611 \nRest of Europe | 534,204 | 517,693 | 394,132 \nAll other countries | 303,580 | 322,418 | 253,333 \nTotal revenues | $2,868,755 | $2,815,241 | $2,291,057"} {"_id": "d1b359a84", "title": "", "text": "Australian Food\u2019s VOC NPS (including Online) was up 3 pts on the prior year with Store\u2010controllable VOC steady on the prior year. Store\u2010controllable VOC improved on Q3\u201919 where scores were impacted by flood and drought effects on fruit and vegetable prices impacting quality and availability. Fruit & Vegetables and Availability scores improved 1 pt to 78% compared to June 2018, and 5 pts and 2 pts respectively vs. Q3\u201919. Team Attitude remained stable (89%) compared to June 2018.\nIn F20, Store\u2010controllable VOC will be reduced from seven metrics to five, removing Ease of Movement and Correct Price Tickets to simplify the focus for stores on the areas that offer the most opportunity for improvement.\nSales increased by 5.3% to $39.6 billion or 3.3% on a normalised basis. Comparable sales increased by 3.1% for the year with transaction growth of 1.8% and items per basket of 1.7% contributing to comparable item growth of 3.5%.\nDespite some challenges during the year, sales momentum improved in H2 with strong growth across a number of Fresh categories. Sales in the second half also benefitted from successful campaigns including Disney Words and Earn & Learn. In Q4, comparable sales increased by 3.6% with comparable transaction growth of 1.4%. Comparable items per basket increased by 1.2%.\nMetro continued to grow strongly with further refinement to price, promotional optimisation and range curation. An extra\u2010small store format was successfully launched in Kirribilli and new stores opened in Rozelle and Kings Cross. At the end of the financial year, 43 Metro\u2010branded stores and 16 small Woolworths Supermarkets were managed by the Metro team.\nIn WooliesX, Online VOC scores improved 2 pts to 81% at the end of June, with improvements in Delivery & Pick up and Ease of Website Navigation. Online sales grew 31% (normalised) to $1.4 billion driven by expanded offerings such as Same day, Delivery Now, Drive thru and Drive up.\nAustralian Food sales per square metre was $17,163 with normalised growth of 2.0% on the prior year. During the year, 24 new stores were opened (21 supermarkets and three Metros), eight were closed and 68 Renewals completed. At year\u2010end, there were 1,024 Woolworths Supermarkets and Metro stores.\nAverage prices declined 0.4% for the year, with modest inflation of 0.5% in the fourth quarter as a result of increases in a number of Fresh categories impacted by the drought including Fruit & Vegetables, Meat and Bakery.\n\n | F19 | F18 | | CHANGE \n----------------------------- | -------- | -------- | ---------- | ----------\n$ MILLION | 53 WEEKS | 52 WEEKS | CHANGE | NORMALISED\nSales | 39,568 | 37,589 | 5.3% | 3.3% \nEBITDA | 2,613 | 2,430 | 7.5% | 6.1% \nDepreciation and amortisation | (756) | (673) | 12.3% | 12.3% \nEBIT | 1,857 | 1,757 | 5.7% | 3.8% \nGross margin (%) | 28.7 | 29.0 | (24) bps | (24) bps \nCost of doing business (%) | 24.0 | 24.3 | (27) bps | (26) bps \nEBIT to sales (%) | 4.7 | 4.7 | 2 bps | 2 bps \nSales per square metre ($) | 17,163 | 16,528 | 3.8% | 2.0% \nFunds employed | 1,468 | 1,215 | 20.9% | \nROFE (%) | 140.2 | 170.7 | (30.6) pts | (33.2) pts"} {"_id": "d1b363a48", "title": "", "text": "Disaggregation of Revenues\nThe nature, amount, timing and uncertainty of our revenue and how revenue and cash flows are affected by economic factors is most appropriately depicted by type of revenue as presented below (in thousands) and by geographic region as presented in Note 3\n\n | | For the Year Ended December 31,\n--------------------------- | -------- | -------------------------------\n | 2019 | 2018 \nCloud and related solutions | $896,164 | $766,377 \nSoftware and services | 52,364 | 58,101 \nMaintenance | 48,282 | 50,581 \nTotal revenues | $996,810 | $875,059 "} {"_id": "d1b32360a", "title": "", "text": "Cost of Revenue\nCost of revenue increased by $15.3 million in 2018 compared to 2017. The increase was primarily due to a $7.2 million increase in employee-related costs, which includes stock-based compensation, associated with our increased headcount from 128 employees as of December 31, 2017 to 173 employees as of December 31, 2018. The remaining increase was principally the result of a $7.0 million increase in hosting, software and messaging costs, a $0.6 million increase attributed to office related expenses to support revenue generating activities and a $0.4 million increase in depreciation and amortization expense attributable to our acquired intangible assets.\nGross margin percentage decreased due to our continued investment in personnel and infrastructure to support our growth in revenue.\n\n | Year Ended December 31, | | Change | \n--------------- | ----------------------- | ---------------------- | -------- | -----\n | 2018 | 2017 | $ | % \n | | (dollars in thousands) | | \nCost of revenue | $ 46,810 | $ 31,503 | $ 15,307 | 48.6%\nGross margin % | 68% | 70% | | "} {"_id": "d1b3c7098", "title": "", "text": "GasLog Ltd. and its Subsidiaries\nNotes to the consolidated financial statements (Continued)\nFor the years ended December 31, 2017, 2018 and 2019\n(All amounts expressed in thousands of U.S. Dollars, except share and per share data)\n26. Derivative Financial Instruments (Continued)\nThe fair value of the derivative liabilities is as follows:\nInterest rate swap agreements\nThe Group enters into interest rate swap agreements which convert the floating interest rate exposure into a fixed interest rate in order to hedge a portion of the Group\u2019s exposure to fluctuations in prevailing market interest rates. Under the interest rate swaps, the bank counterparty effects quarterly floating-rate payments to the Group for the notional amount based on the U.S. dollar LIBOR, and the Group effects quarterly payments to the bank on the notional amount at the respective fixed rates.\nInterest rate swaps designated as cash flow hedging instruments\nAs of December 31, 2018 and 2019, there are no interest rate swaps designated as cash flow hedging instruments for accounting purposes.\n\n | As of December 31, | \n-------------------------------------------------------------------------------------------- | ------------------ | ------\n | 2018 | 2019 \nDerivative liabilities carried at fair value through profit or loss (FVTPL) | | \nInterest rate swaps | 9,196 | 49,891\nForward foreign exchange contracts | 1,467 | 41 \nDerivative liabilities designated and effective as hedging instruments carried at fair value | | \nCross currency swaps | 1,429 | \u2014 \nTotal | 12,092 | 49,932\nDerivative financial instruments, current liability | 2,091 | 8,095 \nDerivative financial instruments, non-current liability | 10,001 | 41,837\nTotal | 12,092 | 49,932"} {"_id": "d1b387ef2", "title": "", "text": "The following table summarizes the change in the valuation allowance (in thousands):\nAs of December 31, 2019, net operating loss (NOL) carryforwards for U.S. federal tax purposes totaled $31.4 million. Effective with the 2017 Tax Act in December 2017, NOLs generated after December 31, 2017, do not expire. Federal NOLs of $9.9 million expire at various dates from 2020 through 2037 and federal NOLs of $21.5 million do not expire. NOL carryforwards for state tax purposes totaled $40.6 million at December 31, 2019 and expire at various dates from 2020 through 2039.\n\nYear Ended December 31 | | \n-------------------------------------------------- | ------ | -------\n | 2019 | 2018 \nVaulation allowances, beginning of year | $5,398 | $13,872\nNet operating loss | 3,284 | 1,920 \nExpiration of net operating losses and limitations | (7) | (9,939)\nAdjustment to deferred taxes | 29 | (321) \nImpact of state tax rate change | 26 | (146) \nOther adjusments | 9 | 12 \nValuation allowance, end of year | $8,739 | $5,398 "} {"_id": "d1b391236", "title": "", "text": "Results of Operations\nHistorically, revenues and earnings may or may not be representative of future operating results due to various economic and other factors. The following table sets forth the Consolidated Statements of Operations for the periods indicated (amounts in thousands):\n(1) Fiscal years ended March 31, 2018 and 2017 adjusted due to the adoption of ASC 606.\n\n | | Fiscal Years Ended March 31, | \n-------------------------------------------------------------------------------------- | ---------- | ---------------------------- | --------\n | 2019 | 2018 | 2017 \nNet sales (1) | $1,382,818 | $1,200,181 | $757,338\nOperating costs and expenses: | | | \nCost of sales (1) | 924,276 | 860,744 | 571,944 \nSelling, general and administrative expenses | 202,642 | 173,620 | 107,658 \nResearch and development (1) | 44,612 | 39,114 | 26,693 \nRestructuring charges | 8,779 | 14,843 | 5,404 \n(Gain) loss on write down and disposal of long-lived assets | 1,660 | (992) | 10,671 \nTotal operating costs and expenses | 1,181,969 | 1,087,329 | 722,370 \nOperating income (1) | 200,849 | 112,852 | 34,968 \nNon-operating (income) expense: | | | \nInterest income | (2,035) | (809) | (24) \nInterest expense | 21,239 | 32,882 | 39,755 \nAcquisition (gain) loss | \u2014 | (130,880) | \u2014 \nChange in value of TOKIN options | \u2014 | \u2014 | (10,700)\nOther (income) expense, net (1) | 11,214 | 24,592 | (3,871) \nIncome before income taxes and equity income (loss) from equity method investments (1) | 170,431 | 187,067 | 9,808 \nIncome tax expense (benefit) (1) | (39,460) | 9,132 | 4,294 \nIncome before equity income (loss) from equity method investments (1) | 209,891 | 177,935 | 5,514 \nEquity income (loss) from equity method investments | (3,304) | 76,192 | 41,643 \nNet income (1) | $206,587 | $254,127 | $47,157 "} {"_id": "d1a72471e", "title": "", "text": "The Company incurred approximately $106,000 in legal, professional, and other costs related to this acquisition accounted for as selling and administrative expenses when incurred. The remaining weighted-average useful life of intangible assets acquired was 12.5 years as of the acquisition date.\nAs the active cabinet business was not operated as a separate subsidiary, division or entity, Calix did not maintain separate financial statements for the active cabinet business. As a result, we are unable to accurately determine earnings/loss for the active cabinet business on a standalone basis since the date of acquisition.\nThe following table below reflects our unaudited pro forma combined results of operations as if the acquisition had taken place as of October 1, 2016 and shows the net sales and net income as if the active cabinet business were combined with the Clearfield business for the years ended September 30, 2018 and 2017.\nThe pro forma includes estimated expenses relating to the amortization of intangibles purchased, the amortization of the inventory fair value adjustment, and estimated personnel costs:\nThe pro forma unaudited results do not purport to be indicative of the results which would have been obtained had the acquisition been completed as of the beginning of the earliest period presented or of results that may be obtained in the future. In addition, they do not include any benefits that may result from the acquisition due to synergies that may be derived from the elimination of any duplicative costs.\n\n | Pro Forma Year Ended September 30, 2018 (unaudited) | Pro Forma Year Ended September 30, 2017 (unaudited)\n---------------------- | --------------------------------------------------- | ---------------------------------------------------\nNet sales | $80,958,789 | $89,672,074 \nIncome from operations | $5,554,766 | $8,174,841 \nNet income | 4,794,757 | $5,809,018 \nNet income per share: | | \nBasic | 0.36 | $0.43 \nDiluted | 0.36 | $0.43 "} {"_id": "d1b35868e", "title": "", "text": "NAVIOS MARITIME HOLDINGS INC. NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Expressed in thousands of U.S. dollars \u2014 except share data)\nNOTE 6: PREPAID EXPENSES AND OTHER CURRENT ASSETS\nPrepaid expenses and other current assets consisted of the following:\nClaims receivable mainly represents claims against vessels\u2019 insurance underwriters in respect of damages arising from accidents or other insured risks, as well as claims under charter contracts including off-hires. While it is anticipated that claims receivable will be recovered within one year, such claims may not all be recovered within one year due to the attendant process of settlement. Nonetheless, amounts are classified as current as they represent amounts currently due to the Company. All amounts are shown net of applicable deductibles.\nAs of December 31, 2018, claims receivable include $11,571 related to insurance claim at the iron ore port terminal in Nueva Palmira, Uruguay.\n\n | December 31, 2019 | December 31, 2018\n----------------------------------------------- | ----------------- | -----------------\nPrepaid voyage and operating costs | $5,726 | $9,261 \nClaims receivable | 3,826 | 22,224 \nPrepaid other taxes | 1,012 | 2,682 \nAdvances for working capital purposes | \u2014 | 18 \nOther | 1,675 | 6,005 \nTotal prepaid expenses and other current assets | $12,239 | $40,190 "} {"_id": "d1b3a5d1c", "title": "", "text": "NOTE 4 \u2013 REMUNERATION TO AUDITORS APPOINTED AT THE PARENT COMPANY\u2019S ANNUAL GENERAL MEETING\nUnder SEC regulations, the remuneration of the auditor of USD 0.7m (2018: USD 0.8m, 2017: USD 1.0m) is required to be presented as follows: Audit USD 0.6m (2018: USD 0.6m, 2017: USD 0.6m) and other audit-related services USD 0.1m (2018: USD 0.2m, 2017: USD 0.4m).\nOur Audit Committee pre-approves all audit, audit-related and non-audit services not prohibited by law to be performed by our independent auditors and associated fees prior to the engagement of the independent auditor with respect to such services.\n\nUSDm | 2019 | 2018 | 2017\n------------------------------------------------------------------------------------ | ---- | ---- | ----\nAudit fees | | | \nFees payable to the Company's auditor for the audit of the Company's annual accounts | 0.4 | 0.4 | 0.4 \nAudit of the Company's subsidiaries pursuant to legislation | 0.2 | 0.2 | 0.2 \nTotal audit fees | 0.6 | 0.6 | 0.6 \nNon-audit fees | | | \nAudit-related services | 0.1 | 0.2 | 0.4 \nTax services | 0.0 | - | - \nTotal non-audit fees | 0.1 | 0.2 | 0.4 \nTotal | 0.7 | 0.8 | 1.0 "} {"_id": "d1b32c854", "title": "", "text": "Item 6. Selected Financial Data\nThe following table summarizes our selected consolidated financial data for the periods indicated. The selected consolidated financial data should be read in conjunction with our Consolidated Financial Statements and related notes and \u201cManagement's Discussion and Analysis of Financial Condition and Results of Operations\u201d appearing elsewhere in this Annual Report on Form 10-K. The selected consolidated statement of income and balance sheet data for each of the five fiscal years indicated below has been derived from our audited Consolidated Financial Statements. Over the last five fiscal years we have acquired a number of companies including, but not limited to Catalyst, Liaison, Hightail, Guidance, Covisint, ECD Business, CCM Business, Recommind, ANX, CEM Business, Daegis, and Actuate. The results of these companies and all of our previously acquired companies have been included herein and have contributed to the growth in our revenues, net income and net income per share and such acquisitions affect period-to-period comparability.\n(1) Effective July 1, 2018, we adopted Accounting Standards Codification (ASC) Topic 606 \"Revenue from Contracts with Customers\" (Topic 606) using the cumulative effect approach. We applied the standard to contracts that were not completed as of the date of the initial adoption. Results for reporting periods commencing on July 1, 2018 are presented under the new revenue standard, while prior period results continue to be reported under the previous standard.\n(2) Fiscal 2017 included a significant one-time tax benefit of $876.1 million recorded in the first quarter of Fiscal 2017.\n\n | | | Fiscal Year Ended June 30, | | \n------------------------------------------------------------- | ---------- | ---------- | -------------------------- | ---------- | ----------\n | 2019 | 2018 | 2017 | 2016 | 2015 \n(In thousands, except per share data) | | | | | \nStatement of Income Data: | | | | | \nRevenues(1) | $2,868,755 | $2,815,241 | $2,291,057 | $1,824,228 | $1,851,917\nNet income, attributable to OpenText(2) | $285,501 | $242,224 | $1,025,659 | $284,477 | $234,327 \nNet income per share, basic, attributable to OpenText(1) | $1.06 | $0.91 | $4.04 | $1.17 | $0.96 \nNet income per share, diluted, attributable to OpenText(1) | $1.06 | $0.91 | $4.01 | $1.17 | $0.95 \nWeighted average number of Common Shares outstanding, basic | 268,784 | 266,085 | 253,879 | 242,926 | 244,184 \nWeighted average number of Common Shares outstanding, diluted | 269,908 | 267,492 | 255,805 | 244,076 | 245,914 "} {"_id": "d1b388fa0", "title": "", "text": "Net Settlement of Equity Awards\nThe majority of restricted stock units are subject to vesting. The underlying shares of common stock are issued when the restricted stock units vest. The majority of participants choose to participate in a broker-assisted automatic sales program to satisfy their applicable tax withholding requirements. We do not treat the shares sold pursuant to this automatic sales program as common stock repurchases.\nIn the fourth quarter of 2019, we withheld 83,327 shares through net settlements (where the award holder receives the net of the shares vested, after surrendering a portion of the shares back to the Company for tax withholding) for restricted stock units that vested for some of our executive officers.\nThe following table provides a summary of the Company\u2019s repurchase of common stock under the Repurchase Program and shares surrendered back to the Company for tax withholding on restricted stock units that vested under our equity incentive programs in the three months ended December 31, 2019:\n\nPeriod | Total Number of Shares Repurchased | Average Price Paid per Share | Total Number of Shares Purchased as part of a Publicly Announced Program | Maximum Dollar Value of shares that may yet be purchased under the Repurchase Program\n------------------------------------------ | ---------------------------------- | ---------------------------- | ------------------------------------------------------------------------ | -------------------------------------------------------------------------------------\nOctober 1, 2019 through October 31, 2019 | - | - | - - | $12,544,543 \nNovember 1, 2019 through November 30, 2019 | 274,681 | $4.82 | 191,354 | $11,620,641 \nDecember 1, 2019 through December 31, 2019 | 374,490 | $4.70 | 374,490 | $9,859,153 \nTotal shares repurchased | 649,171 | $4.75 | 565,844 | $9,859,153 "} {"_id": "d1b39668c", "title": "", "text": "ADJUSTED EBITDA AND ADJUSTED EBITDA MARGIN\nThe terms adjusted EBITDA and adjusted EBITDA margin do not have any standardized meaning under IFRS. Therefore, they are unlikely to be comparable to similar measures presented by other issuers.\nWe define adjusted EBITDA as operating revenues less operating costs as shown in BCE\u2019s consolidated income statements. Adjusted EBITDA for BCE\u2019s segments is the same as segment profit as reported in Note\u00a03, Segmented information, in BCE\u2019s\u00a02019 consolidated financial statements. We define adjusted EBITDA margin as adjusted EBITDA divided by operating revenues.\nWe use adjusted EBITDA and adjusted EBITDA margin to evaluate the performance of our businesses as they reflect their ongoing profitability. We believe that certain investors and analysts use adjusted EBITDA to measure a company\u2019s ability to service debt and to meet other payment obligations or as a common measurement to value companies in the telecommunications industry. We believe that certain investors and analysts also use adjusted EBITDA and adjusted EBITDA margin to evaluate the performance of our businesses. Adjusted EBITDA is also one component in the determination of short-term incentive compensation for all management employees.\nAdjusted EBITDA and adjusted EBITDA margin have no directly comparable IFRS financial measure. Alternatively, the following table provides a reconciliation of net earnings to adjusted EBITDA.\n\n | 2019 | 2018 \n----------------------------------------------- | ------ | ------\nNet earnings | 3,253 | 2,973 \nSeverance, acquisition and other costs | 114 | 136 \nDepreciation | 3,496 | 3,145 \nAmortization | 902 | 869 \nFinance costs | | \nInterest expense | 1,132 | 1,000 \nInterest on post-employment benefit obligations | 63 | 69 \nOther expense | 13 | 348 \nIncome taxes | 1,133 | 995 \nAdjusted EBITDA | 10,106 | 9,535 \nBCE operating revenues | 23,964 | 23,468\nAdjusted EBITDA margin | 42.2% | 40.6% "} {"_id": "d1b346114", "title": "", "text": "Product Licensing Segment\n(1)\u00a0Excludes\u00a0operating\u00a0expenses\u00a0which\u00a0are\u00a0not\u00a0allocated\u00a0on\u00a0a\u00a0segment\u00a0basis.\nProduct Licensing revenue for the year ended December 31, 2019 was $198.1 million as compared to $219.7 million for the year ended December 31, 2018, a decrease of $21.6 million. The decrease in revenue was primarily due to the timing and duration of minimum guarantee contracts up for renewal and executed, decreased NRE services revenue, as well as a decrease in per-unit royalty revenue in 2019 as compared to 2018.\n\n | | Years Ended December 31, | \n--------------------------------------------- | -------- | ------------------------ | --------\n | 2019 | 2018 | 2017 \n | | (in thousands) | \nRevenue: | | | \nRoyalty and license fees | $198,124 | $219,708 | $167,923\nTotal revenue | 198,124 | 219,708 | 167,923 \nOperating expenses: | | | \nCost of revenues | 8,460 | 13,291 | 6,308 \nResearch, development and other related costs | 83,613 | 78,892 | 75,809 \nLitigation | 1,656 | \u2014 | 288 \nAmortization | 88,075 | 88,544 | 90,340 \nTotal operating expenses (1) | 181,804 | 180,727 | 172,745 \nTotal operating income (loss) | $16,320 | $38,981 | $(4,822)"} {"_id": "d1b2ff598", "title": "", "text": "21 Cash and Cash Equivalents\nCash at bank earns interest at floating rates based on daily bank deposit rates. Short-term deposits are made for varying periods of between one day and three months, depending on the immediate cash requirements of the Group, and earn interest at the respective short-term deposit rates.\n\n | 31 March 2019 | 31 March 2018\n------------------------------ | ------------- | -------------\n | $M | $M \nCash at bank and in hand | 134.3 | 67.2 \nShort-term deposits | 37.8 | 52.8 \nTotal cash and cash equivalent | 172.1 | 120.0 "} {"_id": "d1b3343ce", "title": "", "text": "GreenSky, Inc.\nNOTES TO CONSOLIDATED FINANCIAL STATEMENTS \u2014 (Continued)\n(United States Dollars in thousands, except per share data, unless otherwise stated)\nNote 4. Loan Receivables Held for Sale\nThe following table summarizes the activity in the balance of loan receivables held for sale, net at lower of cost or fair value during the periods indicated.\n(1) Includes accrued interest and fees, recoveries of previously charged-off loan receivables held for sale, as well as proceeds from transferring our rights to Charged-Off Receivables attributable to loan receivables held for sale. We retain servicing arrangements on sold loan receivables with the same terms and conditions as loans that are originated by our Bank Partners. Income from loan receivables held for sale activities is recorded within interest income and other gains (losses), net in the Consolidated Statements of Operations. We sold loan receivables held for sale to certain Bank Partners on the following dates during the years ended December 31:\n(2) We temporarily hold certain loan receivables, which are originated by a Bank Partner, while non-originating Bank Partner eligibility is being determined. Once we determine that a loan receivable meets the investment requirements of an eligible Bank Partner, we transfer the loan receivable to the Bank Partner at cost plus any accrued interest. The reported amount also includes loan receivables that have been placed on non-accrual and non-payment status while we investigate consumer inquiries.\n(3) We received recovery payments of $50, $57 and $238 during the years ended December 31, 2019, 2018 and 2017, respectively. Recoveries of principal and finance charges and fees on previously written off loan receivables held for sale are recognized on a collected basis as other gains and interest income, respectively, in the Consolidated Statements of Operations. Separately, during the years ended December 31, 2019, 2018, and 2017, write offs and other were reduced by $312, $431, and $406, respectively, related to cash proceeds received from transferring our rights to Charged-Off Receivables attributable to loan receivables held for sale. The cash proceeds received were recorded within other gains (losses), net in the Consolidated Statements of Operations.\n\n | | Year Ended December 31, | \n-------------------------------------------- | --------- | ----------------------- | --------\n | 2019 | 2018 | 2017 \nBeginning balance | $2,876 | $73,606 | $41,268 \nAdditions | 157,928 | 93,240 | 134,659 \nProceeds from sales and borrower payments(1) | (104,858) | (161,009) | (93,044)\nLoss on sale | \u2014 | \u2014 | (500) \nIncrease in valuation allowance | (1,289) | (92) | (584) \nTransfers(2) | 251 | 22 | (5,017) \nWrite offs and other(3) | (2,982) | (2,891) | (3,176) \nEnding balance | $51,926 | $2,876 | $73,606 "} {"_id": "d1b3ba7a8", "title": "", "text": "Operating Expense\nSelling, general and administrative expense increased $9.6 million to $24.4 million for the year ended December 31, 2019 compared to $14.8 million for the year ended December 31, 2018. Selling, general and administrative expense increased primarily due to $4.4 million of expenses associated with the legacy business of MOI and $2.0 million of expenses associated with the legacy business of GP , in addition to $1.0 million in transaction costs associated with the acquisition of GP, a $0.9 million increase in share-based compensation as a result of new awards, and a $1.1 million increase in expenses related to sales and marketing as a result of increased revenue.\nResearch, development and engineering expenses increased $3.7 million to $7.5 million for the year ended December 31, 2019 compared to $3.8 million for the year ended December 31, 2018 primarily due to $1.1 million of research, development and engineering expense associated with the legacy business of MOI and $2.7 million of research, development and engineering expense associated with the legacy business of GP during the year ended December 31, 2019.\n\n | Years ended December 31, | | | \n--------------------------------------------- | ------------------------ | ----------- | ------------- | ------------\n | 2019 | 2018 | $ Difference | % Difference\nSelling, general and administrative expense | $24,371,349 | $14,794,205 | $9,577,144 | 64.7% \nResearch, development and engineering expense | 7,496,012 | 3,766,160 | 3,729,852 | 99.0% \nTotal operating expense | $31,867,361 | $18,560,365 | $13,306,996 | 71.7% "} {"_id": "d1b32dc04", "title": "", "text": "European revenue decreased by 1.9%. Foreign exchange movements contributed a 0.8 percentage point negative impact and the deconsolidation of Vodafone Netherlands contributed a 4.1 percentage point negative impact, offset by 3.0% organic growth. Service revenue increased by 0.9%* or 0.6%* excluding a legal settlement in Germany in Q4, driven by strong fixed customer growth and the benefit of the Group\u2019s \u201cmore-for-more\u201d mobile propositions in several markets, which offset increased regulatory headwinds following the implementation of the EU\u2019s \u201cRoam Like At Home\u201d policy in June and the impact of the introduction of handset financing in the UK. Excluding regulation and UK handset financing, as well as a legal settlement in Germany in Q4, service revenue growth was 2.0%* (Q3: 1.9%*, Q4: 1.7%*).\nAdjusted EBITDA increased 7.3%, including a 5.1 percentage point negative impact from the deconsolidation of Vodafone Netherlands and a 0.6 percentage point negative impact from foreign exchange movements. On an organic basis, adjusted EBITDA increased 13.0%*, supported by the benefit of the introduction of handset financing in the UK, regulatory settlements in the UK and a legal settlement in Germany. Excluding these items, as well as the net impact of roaming, adjusted EBITDA grew by 7.9*, reflecting operating leverage and tight cost control through our \u201cFit for Growth\u201d programme.\nAdjusted EBIT increased by 86.3%*, reflecting strong adjusted EBITDA growth and stable depreciation and amortisation expenses.\n\n | Reported change | Other activity (including M&A) | Foreign exchange | Organic* change\n-------------------------------- | --------------- | ------------------------------ | ---------------- | ---------------\n | % | pps | pps | % \nRevenue \u2013 Europe | (1.9) | 4.1 | 0.8 | 3.0 \nService revenue | | | | \nGermany | 2.6 | \u2013 | \u2013 | 2.6 \nItaly | 1.0 | 0.2 | \u2013 | 1.2 \nUK | (8.1) | 0.1 | 4.5 | (3.5) \nSpain | 1.8 | 0.3 | \u2013 | 2.1 \nOther Europe | (19.6) | 22.9 | (0.4) | 2.9 \nEurope | (3.9) | 4.0 | 0.8 | 0.9 \nAdjusted EBITDA | | | | \nGermany | 10.9 | (0.1) | (0.1) | 10.7 \nItaly | 4.5 | 0.1 | \u2013 | 4.6 \nUK | 45.4 | (1.2) | 7. 6 | 51.8 \nSpain | 4.4 | 0.6 | \u2013 | 5.0 \nOther Europe | (18.8) | 26.8 | (0.3) | 7.7 \nEurope | 7.3 | 5.1 | 0.6 | 13.0 \nEurope adjusted operating profit | 53.2 | 34.8 | (1.7) | 86.3 "} {"_id": "d1b343f54", "title": "", "text": "Accumulated Other Comprehensive Income\nThe table below details where reclassifications of realized transactions out of AOCI are recorded on the consolidated statements of income (amounts in millions).\n\n | | Year ended March 31, | | \n------------------------------------------------------- | ------ | -------------------- | ------ | --------------------------------\nDescription of AOCI Component | 2019 | 2018 | 2017 | Related Statement of Income Line\nUnrealized losses on available-for-sale securities | $(5.6) | $(15.2) | $(1.5) | Other income, net \nAmortization of actuarial loss | (1.0) | (0.8) | \u2014 | Other income, net \nReclassification of realized transactions, net of taxes | $(6.6) | $(16.0) | $(1.5) | Net Income "} {"_id": "d1b33b2f0", "title": "", "text": "The following is a roll-forward of the Company\u2019s uncertain tax positions, recorded in other long-term liabilities, from January 1, 2017 to December 31, 2019:\nThe majority of the net increase for positions relates to the potential tax on freight income on changes for positions taken in prior years and an increased number of voyages for the year ended December 31, 2019.\nThe Company recognizes interest and penalties related to uncertain tax positions in income tax expense. The interest and penalties on unrecognized tax benefits are included in the roll-forward schedule above, and are increases of approximately $13.2 million, $9.2 million and $6.4 million in 2019, 2018 and 2017, respectively.\n\n | Year Ended | Year Ended | Year Ended \n------------------------------------------------------ | ------------ | ------------ | ------------\n | December 31, | December 31, | December 31,\n | 2019 | 2018 | 2017 \n | $ | $ | $ \nBalance of unrecognized tax benefits as at January 1 | 40,556 | 31,061 | 19,492 \nIncreases for positions related to the current year | 5,829 | 9,297 | 2,631 \nChanges for positions taken in prior years | 19,119 | 981 | 3,475 \nDecreases related to statute of limitations | (2,546) | (783) | (1,562) \nIncrease due to acquisition of TIL | \u2014 | \u2014 | 8,528 \nDecrease due to deconsolidation of Altera | \u2014 | \u2014 | (1,503) \nBalance of unrecognized tax benefits as at December 31 | 62,958 | 40,556 | 31,061 "} {"_id": "d1b2fca64", "title": "", "text": "Significant components of Autodesk\u2019s deferred tax assets and liabilities are as follows\nAutodesk\u2019s tax expense is primarily driven by tax expense in foreign locations, withholding taxes on payments made to the U.S. from foreign sources, and tax amortization on indefinite-lived intangibles offset by a tax benefit resulting from release of uncertain tax positions upon finalization of IRS examination and release of valuation allowance from acquired deferred tax liabilities.\nAutodesk regularly assesses the need for a valuation allowance against its deferred tax assets. In making that assessment, Autodesk considers both positive and negative evidence, whether it is more likely than not that some or all of the deferred tax assets will not be realized. In evaluating the need for a valuation allowance, Autodesk considered cumulative losses arising from the Company's business model transition as a significant piece of negative evidence. Consequently, Autodesk determined\u00a0that a valuation allowance was required on the accumulated U.S., Canada and Singapore tax attributes. In the current year, the U.S. created incremental deferred tax assets, primarily operating losses, foreign tax and R&D credits, Singapore generated operating losses and Canada generated R&D credits. These U.S. and Singapore deferred tax attributes have been offset by a full valuation allowance. The valuation allowance increased by $163.6 million in fiscal 2019 primarily due to the generation of deferred tax attributes. The valuation allowance decreased by $113.8 million, and increased $352.4 million in fiscal 2018, and 2017, respectively, primarily related to U.S. Tax Act reduction in rate in fiscal 2018 and U.S. and Canadian deferred tax attributes generated in fiscal 2017. As Autodesk continually strives to optimize the overall business model, tax planning strategies may become feasible and prudent allowing the Company to realize many of the deferred tax assets that are offset by a valuation allowance; therefore, Autodesk will continue to evaluate the ability to utilize the net deferred tax assets each quarter, both in the U.S. and in foreign jurisdictions, based on all available evidence, both positive and negative.\nThe Tax Act was signed into law on December 22, 2017 and provided broad and significant changes to the U.S. corporate income tax regime. In light of our fiscal year-end, the Tax Act reduced the statutory federal corporate rate from 35% to 33.81% for fiscal 2018 and to 21% for fiscal 2019 and forward. The Tax Act also, among many other provisions, imposed a one-time mandatory tax on accumulated earnings of foreign subsidiaries (commonly referred to as the \"transition tax\"), subjected the deemed intangible income of our foreign subsidiaries to current U.S. taxation (commonly referred to as \"GILTI\"), provided for a full dividends received deduction upon repatriation of untaxed earnings of our foreign subsidiaries, imposed a minimum taxation (without most tax credits) on modified taxable income, which is generally taxable income without deductions for payments to related foreign companies (commonly referred to as \u201cBEAT\u201d), modified the accelerated depreciation deduction rules, and made updates to the deductibility of certain expenses. We have completed our determination of the accounting implications of the Tax Act on our tax accruals.\nWe recorded a tax benefit of the Tax Act in our financial statements as of January 31, 2018 of approximately $32.3 million mainly driven by the corporate rate remeasurement of the indefinite-lived intangible deferred tax liability.\nAs of January 31, 2018, we estimated taxable income associated with offshore earnings of $831.5 million, and as of January 31, 2019, we adjusted the taxable income to $819.6 million to reflect the impact of Treasury Regulations issued in the fourth quarter of fiscal 2019. Transition tax related to adjustments in the offshore earnings resulted in no impact to the effective tax rate as it is primarily offset by net operating losses that are subject to a full valuation allowance. As a result of the transition tax, we recorded a deferred tax asset of approximately $45.1 million for foreign tax credits, which are also subject to a full valuation allowance.\n\n | January 31, | \n------------------------------------------------- | ----------- | -------\n | 2019 | 2018 \nStock-based compensation | $25.9 | $26.7 \nResearch and development tax credit carryforwards | 238.7 | 170.3 \nForeign tax credit carryforwards | 198.6 | 162.2 \nAccrued compensation and benefits | 6.5 | 25.9 \nOther accruals not currently deductible for tax | 19.0 | 22.9 \nPurchased technology and capitalized software | 32.6 | 43.4 \nFixed assets | 15.0 | 16.5 \nTax loss carryforwards | 237.2 | 85.7 \nDeferred revenue | 49.0 | 120.3 \nOther | 28.4 | 32.4 \nTotal deferred tax assets | 850.9 | 706.3 \nLess: valuation allowance | (797.8) | (634.2)\nNet deferred tax assets | 53.1 | 72.1 \nIndefinite lived intangibles | (67.6) | (57.0) \nTotal deferred tax liabilities | (67.6) | (57.0) \nNet deferred tax assets (liabilities) | $(14.5) | $15.1 "} {"_id": "d1b3bdba6", "title": "", "text": "18 Investment in associates\nInvestment in associates comprises a 32.4 per cent holding in the ordinary shares of Prozone Intu Properties Limited (Prozone), a listed Indian shopping centre developer, and a 26.8 per cent direct holding in the ordinary shares of Empire Mall Private Limited (Empire) \u2013 Empire also forms part of the Prozone group giving the Group an effective ownership of 38.0 per cent. Both companies are incorporated in India.\nThe equity method of accounting is applied to the Group\u2019s investments in Prozone and Empire in line with the requirements of IAS 28 Investments in Associates and Joint Ventures. The results for the year to 30 September have been used as 31 December information is not available in time for these financial statements. Those results are adjusted to be in line with the Group\u2019s accounting policies and include the most recent property valuations, determined at 30 September 2019, by independent professionally qualified external valuers in line with the valuation methodology described in note 13.\nThe market price per share of Prozone at 31 December 2019 was INR19 (31 December 2018: INR29), valuing the Group\u2019s interest at \u00a39.9 million (31 December 2018: \u00a316.4 million) compared with the Prozone carrying value pre-impairment of \u00a341.5 million (31 December 2018: \u00a345.1 million). As the share price of Prozone is lower than its carrying value, a review of the carrying value of Prozone and the Group\u2019s direct interest in Empire (as it also forms part of the Prozone group) has been undertaken. Underpinning the impairment assessment (where the fair value less costs to sell was considered) were the independent third-party valuations received for the investment and development properties, representing the underlying value of the associate\u2019s net assets. Assumptions were also made for tax and other costs that would be reasonably expected if these assets were to be disposed of. Following this review, an impairment of \u00a37.4 million was recognised.\n\n\u00a3m | 2019 | 2018 \n--------------------------------------------- | ----- | -----\nAt 1 January | 65.6 | 64.8 \nShare of post-tax (loss)/profit of associates | (0.3) | 2.3 \nImpairment | (7.4) | \u2013 \nForeign exchange movements | (4.2) | (1.5)\nAt 31 December | 53.7 | 65.6 "} {"_id": "d1b35d2ce", "title": "", "text": "Property, plant and equipment consists of the following (in millions):\nDepreciation expense was $52.3 million and $46.6 million for the years ended December 31, 2019 and 2018, respectively. These amounts included $9.1 million and $7.0 million of depreciation expense recognized within cost of revenue for the years ended December 31, 2019 and 2018, respectively.\nAs of December 31, 2019 and 2018 total net book value of equipment, cable-ships, and submersibles under capital leases consisted of $35.1 million and $40.0 million, respectively.\nFor the year ended December 31, 2018, our Energy segment recorded an impairment expense of $0.7 million, of which $0.4 million was due to station performance and $0.3 million was related to the abandonment of a station development project.\n\n | December 31, | \n----------------------------------------------- | ------------ | -------\n | 2019 | 2018 \nCable-ships and submersibles | $ 246.5 | $ 251.1\nEquipment, furniture and fixtures, and software | 214.1 | 148.0 \nBuilding and leasehold improvements | 48.9 | 47.3 \nLand | 36.8 | 32.8 \nConstruction in progress | 14.3 | 12.9 \nPlant and transportation equipment | 13.5 | 12.0 \n | 574.1 | 504.1 \nLess: Accumulated depreciation | 168.3 | 127.8 \nTotal | $ 405.8 | $ 376.3"} {"_id": "d1b3a1794", "title": "", "text": "Financial Results and Key Performance Metrics Overview\nThe following table provides an overview of some of our key financial metrics for each of the last three fiscal years (in millions, except per share amounts, percentages and cash conversion cycle):\n\u2022 Net revenues: Our net revenues increased 4% in fiscal 2019 compared to fiscal 2018. This was primarily due to an increase of 7% in product revenues, partially offset by a 3% decrease in software and hardware maintenance and other services revenues.\n\u2022 Gross profit margin percentage: Our gross profit margin as a percentage of net revenues increased by one percentage point in fiscal 2019 compared to fiscal 2018, reflecting an increase in gross profit margin on product revenues, and, to a lesser extent, an increase in gross profit margin on hardware maintenance and other services revenues.\n\u2022 Income from operations as a percentage of net revenues: Our income from operations as a percentage of net revenues remained relatively flat in fiscal 2019 compared to fiscal 2018.\n\u2022 Provision for income taxes: Our provision for income taxes decreased significantly in fiscal 2019 compared to fiscal 2018 as significant charges were recorded in fiscal 2018 in connection with U.S. tax reform.\n\u2022 Net income and Diluted income per share: The increase in both net income and diluted net income per share in fiscal 2019 compared to fiscal 2018 reflect the factors discussed above. Diluted net income per share was favorably impacted by a 6% decrease in the annual weighted average number of dilutive shares, primarily due to share repurchases.\n\u2022 Operating cash flows: Operating cash flows decreased by 9% in fiscal 2019 compared to fiscal 2018, reflecting changes in operating assets and liabilities, partially offset by higher net income.\n\n | | | Year Ended \n------------------------------------------------------ | -------------- | -------------- | --------------\n | April 26, 2019 | April 27, 2018 | April 28, 2017\nNet revenues | $ 6,146 | $ 5,919 | $ 5,491 \nGross profit | $ 3,945 | $ 3,709 | $ 3,364 \nGross profit margin percentage | 64 % | 63% | 61 % \nIncome from operations | $ 1,221 | $ 1,158 | $ 621 \nIncome from operations as a percentage of net revenues | 20% | 20% | 11 % \nProvision for income taxes | $ 99 | $ 1,083 | $ 140 \nNet income | $ 1,169 | $ 116 | $ 481 \nDiluted net income per share | $ 4.51 | $ 0.42 | $ 1.71 \nOperating cash flows | $ 1,341 | $ 1,478 | $ 986 "} {"_id": "d1b37c16a", "title": "", "text": "ITEM 6. SELECTED FINANCIAL DATA (Dollars in thousands, except per share data and unless otherwise indicated)\nThe Selected Consolidated Statements of Operations Data for the years ended December 31, 2019, 2018 and 2017 and the Selected Consolidated Balance Sheet Data as of December 31, 2019 and 2018 were derived from our Consolidated Financial Statements included in Item 8 of this Form 10-K. The Selected Consolidated Statements of Operations Data for the years ended December 31, 2016 and 2015 and the Selected Consolidated Balance Sheet Data as of December 31, 2017 and 2016 were derived from our audited Consolidated Financial Statements not included in this Form 10-K. Our historical results are not necessarily indicative of the results to be expected in the future. You should read the following financial information together with the information under Item 7 \"Management's Discussion and Analysis of Financial Condition and Results of Operations\" and the Consolidated Financial Statements and related notes included in Item 8.\nGS Holdings and GSLLC are our predecessors for accounting purposes and, accordingly, amounts prior to the Reorganization Transactions and IPO represent the historical consolidated operations of either GS Holdings or GSLLC and its subsidiaries. The amounts as of December 31, 2019 and 2018 and during the period from May 24, 2018 through December 31, 2019 represent those of consolidated GreenSky, Inc. and its subsidiaries. Prior to the Reorganization Transactions and IPO, GreenSky, Inc. did not engage in any business or other activities except in connection with its formation and initial capitalization. See Note 1 to the Notes to Consolidated Financial Statements in Item 8 for further information on our organization.\n(1) Basic and diluted earnings per share of Class A common stock are applicable only for the period from May 24, 2018 through December 31, 2019, which is the period following the Reorganization Transactions and IPO. See Note 2 to the Notes to Consolidated Financial Statements in Item 8 for further information.\n\n | | | Year Ended December 31, | | \n------------------------------------------------------------ | -------- | -------- | ----------------------- | -------- | --------\nSelected Consolidated Statements of Operations Data: | 2019 | 2018 | 2017 | 2016 | 2015 \nTotal revenue | $529,646 | $414,673 | $325,887 | $263,865 | $173,457\nCost of revenue (exclusive of depreciation and amortization) | 248,580 | 160,439 | 89,708 | 79,145 | 36,506 \nTotal costs and expenses | 408,693 | 261,883 | 180,288 | 144,054 | 80,351 \nOperating profit | 120,953 | 152,790 | 145,599 | 119,811 | 93,106 \nTotal other income (expense), net | (32,105) | (19,276) | (6,931) | 4,653 | 713 \nIncome before income tax expense | 88,848 | 133,514 | 138,668 | 124,464 | 93,819 \nIncome tax expense (benefit) | (7,125) | 5,534 | \u2014 | \u2014 | \u2014 \nNet income | 95,973 | 127,980 | 138,668 | 124,464 | 93,819 \nNet income attributable to noncontrolling interests | 63,993 | 103,724 | N/A | N/A | N/A \nNet income attributable to GreenSky, Inc. | 31,980 | 24,256 | N/A | N/A | N/A \nEarnings per share of Class A common stock(1): | | | | | \nBasic | $0.52 | $0.43 | N/A | N/A | N/A \nDiluted | $0.49 | $0.41 | N/A | N/A | N/A "} {"_id": "d1b3749c4", "title": "", "text": "Operating Income\nOur operating income in fiscal year 2019 increased to $241.4 million, or 10.1 percent of net sales as compared with $189.3 million, or 8.8 percent of net sales in fiscal year 2018. Excluding surcharge revenue and special items, adjusted operating margin was 12.5 percent for the fiscal year 2019 and 10.6 percent for the same period a year ago. The increase in the operating margin reflects steady demand and improved product mix coupled with operating cost improvements offset by higher selling, general and administrative expenses compared to the same period a year ago.\nThe following presents our operating income and operating margin, in each case excluding the impact of surcharge on net sales and special items. We present and discuss these financial measures because management believes removing the impact of these items provides a more consistent and meaningful basis for comparing results of operations from period to period. See the section \u201cNon-GAAP Financial Measures\u201d below for further discussion of these financial measures.\n\n | Fiscal Year | \n----------------------------------------------------------------------- | ----------- | --------\n($ in millions) | 2019 | 2018 \nNet sales | $2,380.2 | $2,157.7\nLess: surcharge revenue | 438.1 | 365.4 \nNet sales excluding surcharge revenue | $1,942.1 | $1,792.3\nOperating income | $241.4 | $189.3 \nSpecial items: | | \nAcquisition-related costs | 1.2 | \u2014 \nAdjusted operating income excluding special items | $242.6 | $189.3 \nOperating margin | 10.1% | 8.8% \nAdjusted operating margin excluding surcharge revenue and special items | 12.5% | 10.6% "} {"_id": "d1b3a6942", "title": "", "text": "Contract Balances\nOur contract assets consist of unbilled amounts for technology development contracts as well as custom product contracts. Also included in contract assets are royalty revenue and carrying amounts of right of returned inventory. Long-term contract assets include the fee withholding on cost reimbursable contracts that will not be billed within a year. Contract liabilities include excess billings, subcontractor accruals, warranty expense, extended warranty revenue, right of return refund, and customer deposits. The net contract (liabilities)/assets changed by $1.0 million, due primarily to increased contract liabilities in addition to a slight increase in contract assets. The increase in contract liabilities is a result of the increased number of government research programs in addition to an increase in the number of our fixed-price contracts that have reached milestones as designated in their respective contracts, but revenue has not yet been recognized. The increase in contract assets is primarily driven by the unbilled fee required by our cost-reimbursable government contracts, which cannot be fully billed until after the specific contract is complete.\nThe following table shows the components of our contract balances as of December 31, 2019 and 2018:\n\n | December 31, | \n---------------------- | ------------ | -----------\n | 2019 | 2018 \nContract assets | $3,208,206 | $2,759,315 \nContract liabilities | (3,887,685) | (2,486,111)\n Net contract assets | $(679,479) | $273,204 "} {"_id": "d1b38716e", "title": "", "text": "a. For the years ended December 31, 2017, 2018 and 2019, the Company recognized NT$118,252 million, NT$123,795 million and NT$122,999 million, respectively, in operating costs, of which NT$2,256 million, NT$1,698 million and NT$820 million in 2017, 2018 and 2019, respectively, were related to write-down of inventories.\nb. None of the aforementioned inventories were pledged.\n\nAs of December 31, | | \n------------------------ | -------------- | --------------\n | 2018 | 2019 \n | NT$ | NT$ \n | (In Thousands) | (In Thousands)\nRaw materials | $3,766,056 | $5,102,571 \nSupplies and spare parts | 3,133,737 | 3,548,376 \nWork in process | 10,034,488 | 11,309,718 \nFinished goods | 1,268,838 | 1,754,137 \nTotal | $18,203,119 | $21,714,802 "} {"_id": "d1b317f26", "title": "", "text": "Stock Options\nStock options are granted with exercise prices equal to the fair market value of Leidos' common stock on the date of grant and for terms not greater than ten years. Stock options have a term of seven years and a vesting period of four years, except for stock options granted to the Company's outside directors, which have a vesting period of the earlier of one year from grant date or the next annual meeting of stockholders following grant date.\nThe fair value of the Company's stock option awards is estimated on the date of grant using the Black-Scholes- Merton option-pricing model. The fair value of the Company's stock option awards to employees are expensed on a straight-line basis over the vesting period of four years, except for stock options granted to the Company's outside directors, which is recognized over the vesting period of one year or less.\nDuring fiscal 2017, the Company ceased the usage of peer group volatility, as an input into its blended approach to measure expected volatility, and increased the reliance on historical volatility. The revised blended approach includes the Company's weighted average historical and implied volatilities. The Company continued the use of this approach during fiscal 2018 and fiscal 2019.\nThe risk-free rate is derived using the yield curve of a zero-coupon U.S. Treasury bond with a maturity equal to the expected term of the stock option on the grant date. During fiscal 2017 and fiscal 2018, Leidos utilized the simplified method for the expected term, which represented an appropriate period of time that the options granted were expected to remain outstanding between the weighted-average vesting period and end of the respective contractual term.\nUpon re-examining the Company's exercise history, the methodology used to calculate the expected term changed in fiscal 2019. Based on actual historical settlement data, the midpoint scenario is utilized with a one-year grant date filter assumption for outstanding options. The Company uses historical data to estimate forfeitures and was derived in the same manner as in the prior years presented.\nThe weighted average grant-date fair value and assumptions used to determine fair value of stock options granted for the periods presented were as follows:\n\n | | Year Ended | \n-------------------------------------- | --------------- | ----------------- | -----------------\n | January 3, 2020 | December 28, 2018 | December 29, 2017\nWeighted average grant-date fair value | $11.89 | $13.85 | $11.53 \nExpected term (in years) | 4.4 | 4.7 | 4.7 \nExpected volatility | 24.3% | 26.6% | 29.7% \nRisk-free interest rate | 2.4% | 2.6% | 1.9% \nDividend yield | 2.2% | 2.0% | 2.5% "} {"_id": "d1b3a7068", "title": "", "text": "Results of Operations: Year Ended December 31, 2019, versus Year Ended December 31, 2018 (Amounts in thousands, except percentages and per share amounts):\nOther income and expense items are summarized in the following table:\nInterest expense increased mainly as a result of an increase in debt related to the QTI acquisition. Other expense in 2019 was principally driven by foreign currency translation losses, mainly due to the appreciation of the U.S. Dollar compared to the Chinese Renminbi and Euro, as well as an increase in pension expense.\n\n | Years Ended December 31, | \n--------------------------------- | ------------------------ | --------\n | 2019 | 2018 \nInterest expense | $(2,648) | $(2,085)\nInterest income | 1,737 | 1,826 \nOther (expense) income | (2,638) | (2,676) \nTotal other (expense) income, net | $(3,549) | $(2,935)"} {"_id": "d1b37f1d0", "title": "", "text": "Foreign Currency Exchange Risk\nOur foreign exchange forward contracts outstanding at fiscal year-end are summarized in U.S. dollar equivalents as follows (in millions):\nAt July 27, 2019 and July 28, 2018, we had no option contracts outstanding.\nWe conduct business globally in numerous currencies. The direct effect of foreign currency fluctuations on revenue has not been material because our revenue is primarily denominated in U.S. dollars. However, if the U.S. dollar strengthens relative to other currencies, such strengthening could have an indirect effect on our revenue to the extent it raises the cost of our products to non-U.S. customers and thereby reduces demand. A weaker U.S. dollar could have the opposite effect. However, the precise indirect effect of currency fluctuations is difficult to measure or predict because our revenue is influenced by many factors in addition to the impact of such currency fluctuations\nApproximately 70% of our operating expenses are U.S.-dollar denominated. In fiscal 2019, foreign currency fluctuations, net of hedging, decreased our combined R&D, sales and marketing, and G&A expenses by approximately $233 million, or 1.3%, as compared with fiscal 2018. In fiscal 2018, foreign currency fluctuations, net of hedging, increased our combined R&D, sales and marketing, and G&A expenses by approximately $93 million, or 0.5%, as compared with fiscal 2017. To reduce variability in operating expenses and service cost of sales caused by non-U.S.-dollar denominated operating expenses and costs, we may hedge certain forecasted foreign currency transactions with currency options and forward contracts. These hedging programs are not designed to provide foreign currency protection over long time horizons. In designing a specific hedging approach, we consider several factors, including offsetting exposures, significance of exposures, costs associated with entering into a particular hedge instrument, and potential effectiveness of the hedge. The gains and losses on foreign exchange contracts mitigate the effect of currency movements on our operating expenses and service cost of sales.\nWe also enter into foreign exchange forward and option contracts to reduce the short-term effects of foreign currency fluctuations on receivables and payables that are denominated in currencies other than the functional currencies of the entities. The market risks associated with these foreign currency receivables, investments, and payables relate primarily to variances from our forecasted foreign currency transactions and balances. We do not enter into foreign exchange forward or option contracts for speculative purposes\n\n | July 27, 2019 | | July 28, 2018 | \n------------------ | --------------- | ---------- | --------------- | ----------\n | Notional Amount | Fair Value | Notional Amount | Fair Value\nForward contracts: | | | | \nPurchased | $2,239 | $14 | $1,850 | $(2) \nSold | $1,441 | $(14) | $845 | $2 "} {"_id": "d1b380814", "title": "", "text": "The following table presents the effect of the adoption of the new revenue guidance on the Consolidated Statement of Operations for the fiscal year ended August 31, 2019 (in thousands):\n(1) Differences primarily relate to the timing of revenue recognition for over-time customers and to the recovery of fulfillment costs.\n(2) Differences primarily relate to the timing of cost recognition for over-time customers and the recognition of fulfillment costs.\n\n | Fiscal Year Ended | \n------------------ | ----------------- | -------------------------------------------\n | August 31, 2019 | \n | As reported | Balance without the adoption of ASU 2014-09\nNet revenue(1) | $25,282,320 | $24,864,754 \nCost of revenue(2) | $23,368,919 | $23,057,603 \nOperating income | $701,356 | $595,105 \nIncome tax expense | $161,230 | $164,054 \nNet income | $289,474 | $180,399 "} {"_id": "d1b358530", "title": "", "text": "2018 Compensation\nThe following table provides information regarding the total compensation that was earned by each of our non-employee directors in 2018.\n(1)\u00a0The amounts included in the \u201cStock Awards\u201d column represent the aggregate grant date fair value of RSU awards calculated in accordance with Financial Accounting Standards Board Accounting Standards Codification Topic 718 (\u201cASC 718\u201d). The amount does not necessarily correspond to the actual value recognized by the non-employee director. The valuation assumptions used in determining such amounts are described in the Notes to the Consolidated Financial Statements included in our Annual Report on Form 10-K for the fiscal year ended December 31, 2018.\n(2) The amounts included in the \u201cStock Awards\u201d column representing the annual awards or initial awards, as applicable, granted to our non-employee directors in 2018 are detailed below. Each of these awards vests and settles on the earlier of the first anniversary of the grant date or the date of our Annual Meeting, subject to the director\u2019s continued service through the vesting date.\n(3) The amounts included in the \u201cStock Awards\u201d column representing the awards of RSUs granted to our non-employee directors in lieu of cash retainers in 2018 are described below. Each of these awards vested and settled in full on the grant date.\n(4) \u00a0As of December 31, 2018, Dr. Simmons also held a fully vested option to purchase 38,000 shares of our Class B common stock.\n(5) \u00a0As of December 31, 2018, Mr. Viniar also held 8,750 RSUs granted in 2015 to be settled in shares of our Class B common stock, which shares vest in full on the earlier of June 21, 2019 or the 2019 annual meeting subject to Mr. Viniar\u2019s continued service with us through such vesting date. As of December 31, 2018, Mr. Viniar also held a fully vested option to purchase 326,950 shares of our Class B common stock.\n\nDirector | Fees Earned or Paid in Cash($) | Stock Awards ($)(1)(2)(3) | Total ($)\n---------------- | ------------------------------ | ------------------------- | ---------\nRoelof Botha | \u2014 | 305,119 | 305,119 \nPaul Deighton | 45,000 | 249,998 | 294,998 \nRandy Garutti | 42,500 | 249,998 | 292,488 \nJames McKelvey | \u2014 | 290,041 | 290,041 \nMary Meeker | \u2014 | 305,119 | 305,119 \nAnna Patterson | 50,000 | 249,988 | 299,988 \nNaveen Rao | 45,000 | 249,988 | 294,988 \nRuth Simmons (4) | \u2014 | 300,132 | 300,132 \nLawrence Summers | 50,903 | 249,988 | 300,891 \nDavid Viniar (5) | \u2014 | 382,610 | 382,610 "} {"_id": "d1a71e79c", "title": "", "text": "3 Revenue and other income (continued)\n(b) Revenue recognition\nAASB 15 establishes principles for reporting the nature, amount, timing, and uncertainty of revenue and cash flows arising from an entity\u2019s contracts with customers and requires application of a five-step process to identify the contract with the customer, identify performance obligations in the contract, determine transaction price, allocate the transaction price to the performance obligations and recognise revenue when performance obligations are satisfied.\nRevenue is recognised for the major business activities as follows:\n(i) Data centre services\nData centre services revenue primarily consists of recurring monthly service fees and upfront project fees.\nRevenue from the provision of recurring monthly service fees is recognised in the accounting period in which the services are rendered. Project fees are primarily comprised of installation services relating to a customer's initial deployment. As this is not considered to be a distinct service, revenue is deferred and recognised over the term of the contract with the customer, taking into account renewal options that are held by the customer. Upfront discounts provided to customers are contract assets that are amortised over the expected contract life - refer to Note 6(b).\nThe Group applies the practical expedient in the revenue standard and does not disclose information about the transaction price allocated to remaining performance obligations on contracts that are unsatisfied, as the Group has the right to consideration from its customers in an amount that corresponds directly with the value to the customer of the Group\u2019s services to date. This is applied to all its data centre services revenue, on the basis that the upfront project fees are not a significant portion of each contract.\n(ii) Interest income\nInterest income is calculated by applying the effective interest rate to the gross carrying amount of a financial asset, except for financial assets that subsequently become credit-impaired. For credit-impaired financial assets, the effective interest rate is applied to the net carrying amount of the financial asset (after deduction of the loss allowance).\n(iii) Distributions from investments\nDistributions from investments are recognised as revenue when the right to receive payment is established.\nThe following disclosures relate to 30 June 2018 balances:\nRevenue is measured at the fair value of the consideration received or receivable.\nThe Group recognises revenue when the amount of revenue can be reliably measured, it is probable that future economic benefits will flow to the entity and specific criteria have been met for each of the activities as described below. The Group bases its estimates on historical results, taking into consideration the type of customer, the type of transaction and the specifics of each arrangement.\nRevenue is recognised for the major business activities as follows:\n(iv) Data centre services\nRevenue is recognised only when the service has been provided, the amount of revenue can be measured reliably and it is probable that the economic benefits associated with the transaction will flow to the Group. Upfront discounts provided to customers are amortised over the contract term.\n(v) Interest income\nInterest income is recognised using the effective interest method. When a receivable is impaired, the Group reduces the carrying amount to its recoverable amount, being the estimated future cash flow discounted at the original effective interest rate of the instrument, and continues unwinding the discount as interest income. Interest income on impaired loans is recognised using the original effective interest rate.\n(vi) Distributions from investments\nDistributions from investments are recognised as revenue when the right to receive payment is established.\n\n | 30 June 2019 | 30 June 2018\n------------------------------------- | ------------ | ------------\n | $'000 | $'000 \nFROM CONTINUING OPERATIONS | | \nData centre services revenue | 169,696 | 152,560 \nInterest income | 8,220 | 5,778 \nDistributions from investments | 1,344 | 3,191 \nSubtotal - other revenue | 9,564 | 8,969 \nTotal revenue | 179,260 | 161,529 \nGain on extinguishment of B1 lease | 1,068 | - \nGain on extinguishment of APDC leases | 1,291 | - \nOther items included in gains | 675 | 284 \nTotal Other income | 3,034 | 284 "} {"_id": "d1b2f1ede", "title": "", "text": "SUPERVISORY BOARD\nThe following table sets forth information concerning all remuneration (base compensation, no bonuses or pensions were paid) from the Company (including its subsidiaries) for services in all capacities to all current and former members of the Supervisory Board of the Company:\n1 Period January 1 to May 28, 2018\n2 Period as of May 28, 2018\nThe remuneration of members of the Supervisory Board has been determined by the 2018 Annual General Meeting of Shareholders.\nNo stock options or performance shares have been granted to members of the Supervisory Board.\n\n | Year ended December 31 | \n------------------ | ----------------------- | -----\n | 2018 | 2019 \nSupervisory Board: | | \nJ.C. Lobbezoo | 78.6 | 83.5 \nH.W. Kreutzer 1) | 21.4 | 0.0 \nM.C.J. van Pernis | 56.0 | 58.5 \nU.H.R. Schumacher | 53.5 | 56.0 \nS. Kahle-Galonske | 55.9 | 60.0 \nM.J.C. de Jong 2) | 34.0 | 57.5 \nTOTAL | 299.4 | 315.5"} {"_id": "d1b3ab294", "title": "", "text": "Revenue by segment\nIBW segment revenue decreased $10.8 million, in fiscal year 2019 when compared to fiscal year 2018, primarily due to lower sales of DAS conditioners, commercial repeaters, and related ancillary products (passive RF system components and antennas).\nLower sales of DAS conditioners, which includes our Universal DAS Interface Tray (UDIT) active conditioner, were the largest contributor to the year-over-year decline. The overall market for these stand-alone conditioners is expected to continue to decline over time, as their key function, the attenuation of the RF signal from its high-power source to low-power required for a DAS, becomes more integrated into the DAS head-ends themselves (or in some applications, a low enough power level may already be provided by the RF source). Further, in the fourth fiscal quarter of 2018, one service provider that had previously been a large UDIT buyer made an unexpectedly abrupt network architecture shift to an alternative, non-DAS solution for their in-building coverage. This resulted in an even sharper decline during fiscal year 2019 compared to fiscal year 2018. We expect the current lower levels of UDIT revenue to be flat-to-down in the future, with its primary market coming from capacity expansions at existing sites where embedded DAS networks included UDIT.\u00a0 Lower sales of DAS conditioners, which includes our Universal DAS Interface Tray (UDIT) active conditioner, were the largest contributor to the year-over-year decline. The overall market for these stand-alone conditioners is expected to continue to decline over time, as their key function, the attenuation of the RF signal from its high-power source to low-power required for a DAS, becomes more integrated into the DAS head-ends themselves (or in some applications, a low enough power level may already be provided by the RF source). Further, in the fourth fiscal quarter of 2018, one service provider that had previously been a large UDIT buyer made an unexpectedly abrupt network architecture shift to an alternative, non-DAS solution for their in-building coverage. This resulted in an even sharper decline during fiscal year 2019 compared to fiscal year 2018. We expect the current lower levels of UDIT revenue to be flat-to-down in the future, with its primary market coming from capacity expansions at existing sites where embedded DAS networks included UDIT.\nLower sales of commercial repeaters, while still a reliable and proven solution for amplifying cellular coverage inside a building, are reflective of the continuing downward-demand trend as our larger customers have had a stronger preference for small cells to provide in-building cellular coverage. We expect this trend to continue.\nThe decrease from ancillary products (passive RF system components and antennas) revenue is largely a function of the decline in sales of DAS conditioners and commercial repeaters. Future ancillary product revenue can follow the same flat-to-down trend as DAS conditioners and commercial repeaters, or potentially increase in tandem with an increase in public safety revenue.\nIn fiscal year 2019, the Company spent considerable resources, with a partner, to bring a new suite of public safety products to market. When compared to our current public safety repeaters, these products would include additional capacities, frequency ranges, features, and channelization that would significantly expand our offering to a larger public safety addressable market. We continue to work with our partner on product testing and delivery time frames and, if successful, we would expect future revenue growth in this market.\nISM segment revenue decreased$2.1 million in fiscal year 2019 when compared to fiscal year 2018. The year-over-year decrease was primarily due to a decline in deployment (i.e., installation) services revenue. Deployment services revenue had been largely dependent on one domestic customer that continues to buy our ISM remotes and support services but that, subsequent to a price increase, no longer places orders with us for deployment services. Secondarily, the ISM revenue decrease was also attributable to lower sales of our Optima network management software. Due to the project-based nature of our ISM business, it is difficult to make a determination on future trends.\nCNS segment revenue decreased$2.1 million in fiscal year 2019 when compared to fiscal year2018, due primarily to the expected lower sales of integrated cabinets, which are heavily project-based and historically high in customer concentration. There was a significant decrease in fiscal year 2019 from two of our historically larger customers for integrated cabinets - one where we customized integrated cabinets for a neutral host operator providing wireless coverage in the New York City subway and the other, a rural broadband service provider.\nThe expected lower sales of T1 NIUs and TMAs, as the products serve declining markets, also contributed to the CNS segment revenue decline.\nPartly offsetting the declines from integrated cabinets, T1 NIUs, and TMAs, was increased revenue from our copper/fiber network connectivity products as well as revenue from products newly introduced during fiscal year 2019 as part of our fiber access growth initiative.\nFor CNS, we expect fiber access revenue to grow; power distribution and network connectivity products to remain flat; T1 NIU and TMA revenue to continue to decrease; and sales of integrated cabinets, which are heavily project-based, to remain uneven.\n\nRevenue by segment | | Fiscal Year Ended March 31, | Increase (Decrease)\n-------------------- | ------- | ---------------------------- | -------------------\n(in thousands) | 2019 | 2018 | 2019 vs. 2018 \nIBW | $12,474 | $23,265 | $(10,791) \nISM | 17,263 | 19,350 | (2,087) \nCNS | 13,833 | 15,962 | (2,129) \nConsolidated revenue | $43,570 | $58,577 | $(15,007) "} {"_id": "d1b33319a", "title": "", "text": "In the fourth quarter of 2019, we recognized other income, net of expenses, of $54 million, increasing from a negative $2 million in the prior quarter and from an income of $16 million in the year-ago quarter, reflecting higher R&D grants in Italy associated with the IPCEI program.\nOther income and expenses, net\n\n | | Three Months Ended | \n---------------------------------- | ----------------- | ------------------------ | -----------------\n | December 31, 2019 | September 29,2019 | December 31, 2018\n | | (Unaudited, in millions) | \nResearch and development funding | $68 | $14 | $19 \nPhase-out and start-up costs | (16) | (15) | (1) \nExchange gain (loss), net | 1 | (1) | \u2014 \nPatent costs | (1) | (1) | (1) \nGain on sale of non-current assets | 1 | \u2014 | 1 \nOther, net | 1 | 1 | (2) \nOther income and expenses, net | $54 | $(2) | $16 \nAs percentage of net revenues | 2.0% | (0.1)% | 0.6% "} {"_id": "d1b3595ac", "title": "", "text": "FY19 Financial Results\nFY19 Challenges\nWhile we saw improvements in some areas of our business, our overall performance and stock price was negatively impacted by several significant factors: \u2022 Revenue and business momentum in our former Enterprise Security segment declined in FY19. \u2022 The Company was subject to an internal investigation, which was commenced and completed by the Audit Committee of the Board (the \u2018\u2018Audit Committee\u2019\u2019) in connection with concerns raised by a former employee. \u2022 We announced a restructuring plan pursuant to which we targeted reductions of our global workforce of up to approximately 8%. \u2022 Our executive leadership team was in transition with announced executive officer departures in November 2018 and January 2019.\n\n | Fiscal 2019 | Fiscal 2018\n------------------------------------------- | ----------- | -----------\n(In millions, except for per share amounts) | (\u2018\u2018FY19\u2019\u2019) | (\u2018\u2018FY18\u2019\u2019) \nNet revenues | $4,731 | $4,834 \nOperating income | 380 | 49 \nNet income | 31 | 1,138 \nNet income per share \u2014 diluted | 0.05 | 1.70 \nNet cash provided by operating activities | 1,495 | 950 "} {"_id": "d1b31f42e", "title": "", "text": "Net Sales\nMarket Application\nThe following table sets forth, for the periods indicated, the amount of net sales and their relative\npercentages of total net sales by market application (dollars in thousands):\nDuring fiscal 2019, net sales decreased by $471.9 million, or 25%, compared to fiscal 2018, with decreases in the microelectronics and materials processing markets, partially offset by increases in the OEM components and instrumentation market. Ondax, which we acquired on October 5, 2018, contributed $6.4 million in incremental net sales to the materials processing market in the ILS segment in fiscal 2019. In fiscal 2019, we continued to experience weaker demand in the microelectronics and materials processing markets. Entering fiscal 2020, we have started seeing indications which could lead to increased future demand in the microelectronics flat panel display market, but this is balanced by possible continuing headwinds in the global materials processing industry.\n\n | Fiscal 2019 | | Fiscal 2018 | \n---------------------------------- | ----------- | ----------------------------- | ----------- | -----------------------------\n | Amount | Percentage of total net sales | Amount | Percentage of total net sales\nMicroelectronics | $632,176 | 44.2% | $1,036,354 | 54.5% \nMaterials processing | 404,878 | 28.3% | 520,904 | 27.4% \nOEM components and instrumentation | 266,788 | 18.6% | 220,823 | 11.6% \nScientific and government programs | 126,798 | 8.9% | 124,492 | 6.5% \nTotal | $1,430,640 | 100.0% | $1,902,573 | 100.0% "} {"_id": "d1b3a3a94", "title": "", "text": "The tax holidays represent a tax exemption period aimed to attract foreign technological investment in certain tax jurisdictions. The effect of the tax benefits, from tax holidays for countries which are profitable, on basic earnings per share was $0.14, $0.15 and $0.13 for the years ended December 31, 2019, 2018, and 2017, respectively. These agreements are present in various countries and include programs that reduce up to and including 100% of taxes in years affected by the agreements.\nThe Company\u2019s tax holidays expire at various dates through the year ending December 31, 2028. In certain countries, tax holidays can be renewed depending on the Company still meeting certain conditions at the date of expiration of the current tax holidays.\nIn May 2019, Switzerland voted a tax reform which cancelled all favourable tax regimes and introduced a single tax rate for all companies, which triggered the revaluation of all deferred tax assets and liabilities. Enactment of this law occurred in third quarter of 2019, which resulted in a tax benefit of $20 million. The remeasurement of deferred taxes was reconciled in the fourth quarter of 2019 to include the current year activity, which did not have a material impact on the net remeasurement.\n\n | Year ended December 31, 2019 | Year ended December 31, 2018 | Year ended December 31, 2017\n--------------------------------------------------------- | ---------------------------- | ---------------------------- | ----------------------------\nIncome tax benefit (expense) computed at statutory rate | (297) | (353) | (238) \nNon-deductible and non-taxable permanent differences, net | 4 | 45 | 17 \nIncome (loss) on equity-method investments | \u2014 | \u2014 | \u2014 \nValuation allowance adjustments | 2 | 141 | 92 \nEffect on deferred taxes of changes in enacted tax rates | 14 | (62) | (70) \nCurrent year credits | 50 | 43 | 40 \nOther tax and credits | (51) | (20) | (36) \nBenefits from tax holidays | 129 | 135 | 114 \nNet impact of changes to uncertain tax positions | (5) | (16) | (43) \nEarnings of subsidiaries taxed at different rates | (2) | (9) | (19) \nIncome tax benefit (expense) | (156) | (96) | (143) "} {"_id": "d1b3a2cf2", "title": "", "text": "The following table includes additional fair value information on financial assets and liabilities as at December 31, 2019 and 2018:\n(1) Cash equivalents primarily correspond to deposits at call with banks.\n(2) The carrying amount of the senior unsecured convertible bonds as reported above corresponds to the liability component only. For the convertible bonds issued on July 3, 2017 and outstanding as at December 31, 2017, the carrying amount of the senior unsecured convertible bonds corresponds to the liability component only, since, at initial recognition, an amount of $242 million was recorded directly in shareholders\u2019 equity as the value of the equity instrument embedded in the convertible instrument.\n\n | 2019 | 2019 | 2019 | 2018 | 2018 \n---------------------------------------- | ----- | --------------- | -------------------- | --------------- | --------------------\n | Level | Carrying Amount | Estimated Fair Value | Carrying Amount | Estimated Fair Value\nCash equivalents (1) | 1 | 1,691 | 1,691 | 2,138 | 2,138 \nLong-term debt | | | | | \n\u2013 Bank loans (including current portion) | 2 | 718 | 718 | 594 | 594 \n\u2013 Senior unsecured convertible bonds (2) | 1 | 1,354 | 2,103 | 1,316 | 1,501 "} {"_id": "d1b2f27da", "title": "", "text": "As of December 31, 2019, exercisable options had an intrinsic value of less than $0.1 million. The intrinsic value of options exercised was $0.4 million in 2019 and $0.1 million in 2018. The following are the assumptions used in valuing the 2019 and 2018 stock option grants:\nIn January 2020, we issued options to employees for the purchase of up to 591,004 shares of common stock, at an exercise price of $1.23 per share which vest and become exercisable in four annual installments ending in January 2024. The options have a grant date fair value per share of $1.26.\n\nYear Ended December 31 | | \n------------------------------------------- | ----------------------- | -----------------------\n | 2019 | 2018 \nAssumed volatility | 64% - 69% | 75% - 81% \n | (67% weighted average) | (78% weighted average) \nAssumed risk free interest rate | 1.8% - 2.7% | 2.2% - 2.8% \n | (2.4% weighted average) | (2.5% weighted average)\nAverage expected life of options (in years) | 6.1 - 6.3 | 6.2 \n | (6.2 weighted average) | (6.2 weighted average) \nExpected dividends | - | - "} {"_id": "d1b2fe508", "title": "", "text": "Fair Value Disclosures\nUnder the fair value standards fair value is based on the exit price and defined as the price that would be received to sell an asset or transfer a liability in an orderly transaction between market participants at the measurement date. The fair value measurement should reflect all the assumptions that market participants would use in pricing an asset or liability. A fair value hierarchy is established in the authoritative guidance outlined in three levels ranking from Level 1 to level 3 with Level 1 being the highest priority.\nLevel 1: observable inputs that reflect quoted prices (unadjusted) for identical assets or liabilities in active markets\nLevel 2: inputs other than quoted prices included in Level 1 that are observable for the asset or liability either directly or indirectly\nLevel 3: unobservable inputs (e.g., a reporting entity\u2019s or other entity\u2019s own data)\nThe Company had no assets or liabilities measured at fair value on a recurring (except our pension plan assets, see Note 15) or\nnon-recurring basis as of September 30, 2019 or September 30, 2018.\nTo estimate fair value of the financial instruments below quoted market prices are used when available and classified within Level 1. If this data is not available, we use observable market based inputs to estimate fair value, which are classified within Level 2. If the preceding information is unavailable, we use internally generated data to estimate fair value which is classified within Level 3.\nCash and cash equivalents\nCarrying amount approximated fair value\nAccounts and long term receivable with original maturity over one year\nFair value was estimated by discounting future cash flows based on the current rate with similar terms.\nNote payable\nFair value was estimated based on quoted market prices.\nFair value of accounts receivable with an original maturity of one year or less and accounts payable was not materially different from their carrying values at September 30, 2019, and 2018.\n\n | As of September 30, 2019 | | As of September 30, 2018 | | | \n-------------------------------- | ------------------------ | ---------------------- | ------------------------ | ---------- | ---------------- | ----------------------------\n | Carrying amount | Fair value | Carrying amount | Fair value | Fair Value Level | References \n | | (Amounts in thousands) | | | | \nAssets: | | | | | | \nCash and cash equivalents | $18,099 | $18,099 | $25,107 | $25,107 | 1 | Consolidated Balance SSheets\nAccounts & long term receivable* | 7,087 | 7,087 | - | - | 3 | Note 3 \nLiabilities: | | | | | | \nNote payable | 1,001 | 1,001 | - | - | 2 | Note 11 \n*Original maturity over one year | | | | | | "} {"_id": "d1b361a04", "title": "", "text": "Equity Incentive Plan\nOur board of directors administers the plan, determines vesting schedules on plan awards and may accelerate the vesting schedules for award recipients. The stock options granted under the plan have terms of up to 10 years. As of December 31, 2019, awards for the purchase of 4,236,719 shares have been granted and remain outstanding (common stock options, common stock and restricted stock units) and 2,063,281 shares are reserved for future grants under the 2014 Plan.\nShare-based compensation expenses related to stock options, stock and restricted stock units issued to employees and directors are included in selling, general and administrative expenses. The following table provides a detail of share-based compensation expense (in thousands).\n\nYear Ended December 31 | | \n-------------------------------------------------------------------------------------- | ---------------- | ----------------\n | 2019 | 2018 \nCommon stock, vested at issuance and nonvested at issuance | $721 | $555 \nStock options | 354 | 132 \nRestricted stock units | 225 | 103 \nCompensation expense related to common stock awards issued under equity incentive plan | $ 1,300 | $ 790"} {"_id": "d1b30a074", "title": "", "text": "NOTE 11 \u2013 STOCK COMPENSATION\nThe Company sponsors a stock-based incentive compensation plan known as the 2013 Equity Compensation Plan (the \u201cPlan\u201d), which was established by the Board of Directors of the Company in June 2013. A total of 500,000 shares were initially reserved for issuance under the Plan. The Plan was amended several times since then to eventually increase the authorized shares to 2,500,000 as of December 31, 2019. A total of 1,624,221 shares of common stock underlying options were outstanding at December 31, 2019. The Company had 236,614 remaining shares available to grant under the Plan at December 31, 2019.\nThe Plan allows the Company to grant incentive stock options, non-qualified stock options, stock appreciation rights, or restricted stock. The incentive stock options are exercisable for up to ten years, at an option price per share not less than the fair market value on the date the option is granted. The incentive stock options are limited to persons who are regular full-time employees of the Company at the date of the grant of the option. Non-qualified options may be granted to any person, including, but not limited to, employees, independent agents, consultants and attorneys, who the Company\u2019s Board or Compensation Committee believes have contributed, or will contribute, to the success of the Company. Non-qualified options may be issued at option prices of less than fair market value on the date of grant and may be exercisable for up to ten years from date of grant. The option vesting schedule for options granted is determined by the Compensation Committee of the Board of Directors at the time of the grant. The Plan provides for accelerated vesting of unvested options if there is a change in control, as defined in the Plan.\nThe compensation cost that has been charged against income related to options for the years ended December 31, 2019 and 2018, was $1,687,745 and $1,317,904, respectively. No income tax benefit was recognized in the income statement and no compensation was capitalized in any of the years presented.\nThe Company had the following option activity during the years ended December 31, 2019 and 2018:\nOf the options outstanding at December 31, 2019, 1,143,637 were exercisable with a weighted average contractual life of 1.9 years.\n\n | Number of Options | Weighted average exercise price | Weighted average remaining contractual life (years) | Aggregate intrinsic value $\n------------------------------ | ----------------- | ------------------------------- | --------------------------------------------------- | ---------------------------\nOutstanding, January 1, 2018 | 1,368,772 | $3.12 | | \nGranted \u2013 2018 | 401,099 | $9.27 | | \nExercised \u2013 2018 | (165,169) | $3.16 | | \nExpired \u2013 2018 | (50,002) | $5.48 | | \nOutstanding, December 31, 2018 | 1,554,700 | $4.63 | 3.0 | \nGranted \u2013 2019 | 410,134 | $12.28 | | \nExercised \u2013 2019 | (251,063) | $3.73 | | \nExpired \u2013 2019 | (89,550) | $12.55 | | \nOutstanding, December 31, 2019 | 1,624,221 | $6.27 | 2.6 | $7,925,643 \nExercisable, December 31, 2019 | 1,143,637 | $4.39 | 1.9 | $7,197,053 "} {"_id": "d1b3c3556", "title": "", "text": "Note: The scope of use of resources data is appended to include 12 new office buildings which were put into operation in 2019.\nTotal energy consumption is calculated based on the data of purchased electricity and fuel with reference to the coefficients in the National Standards of the PRC \u201cGeneral Principles for Calculation of the Comprehensive Energy Consumption (GB/T 2589-2008)\u201d.\nThe Group\u2019s water supply resources are from the municipal water supply.\nRecycled water consumption is the reclaimed domestic water treated by the wastewater treatment system equipped at Tencent Tower A and Tower B in Chengdu.\nData of diesel consumption reported above only covers the data centres whose diesel fees are directly borne by the Group.\nAverage PUE (Power Usage Efficiency) is the annual average data of PUE of the Group\u2019s data centres. PUE, an indicator of the power efficiency of a data centre, is the ratio of total facility energy over IT equipment energy.\nData of running water consumption reported above only covers those data centres wholly used by the Group where operators could provide such data.\nData of packaging materials is not applicable to the Group\n\n2.1 Office Buildings | | \n-------------------------------------------------------------- | ------------------------------ | ----------\nIndicators | For the year ended 31 December | \n | 2019 | 2018 \nTotal energy consumption (MWh) | 205,092.26 | 167,488.48\nDirect energy consumption (MWh) | 19,144.17 | 12,852.04 \nIncluding: Gasoline (MWh) | 805.77 | 780.24 \nDiesel (MWh) | 41.33 | 42.10 \nNatural gas (MWh) | 18,297.07 | 12,029.70 \nIndirect energy consumption (MWh) | 185,948.09 | 154,636.44\nIncluding: Purchased electricity (MWh) | 185,948.09 | 154,636.44\nTotal energy consumption per employee (MWh per employee) | 3.44 | 3.28 \nTotal energy consumption per floor area (MWh per square metre) | 0.12 | 0.14 \nRunning water consumption (tonnes) | 1,283,749.73 | 973,413.06\nRunning water consumption per employee (tonnes per employee) | 21.52 | 19.07 \nRecycled water consumption (tonnes) | 4,076 | 5,461 "} {"_id": "d1b3c2e58", "title": "", "text": "Adjusted Gross Margin. Adjusted gross margin represents gross profit plus amortization of acquired intangibles and stock-based compensation. Adjusted gross margin is a measure used by management to understand and evaluate our core operating performance and trends and to generate future operating plans. The exclusion of stock-based compensation expense and amortization of acquired intangibles facilitates comparisons of our operating performance on a period-to-period basis.\nIn the near term, we expect these expenses to continue to negatively impact our gross profit. Adjusted gross margin is not a measure calculated in accordance with GAAP. We believe that adjusted gross margin provides useful information to investors and others in understanding and evaluating our operating results in the same manner as our management and board of directors.\nNevertheless, our use of adjusted gross margin has limitations as an analytical tool, and you should not consider it in isolation or as a substitute for analysis of our financial results as reported under GAAP. You should consider adjusted gross margin alongside our other GAAP-based financial performance measures, gross profit and our other GAAP financial results. The following table presents a reconciliation of adjusted gross margin to gross profit, the most directly comparable GAAP measure, for each of the periods indicated (in thousands):\n\n | | Year Ended December 31, | \n------------------------------------ | -------- | ----------------------- | -------\n | 2019 | 2018 | 2017 \nGross profit | $137,347 | $100,284 | $72,849\nAmortization of acquired intangibles | 2,114 | 1,268 | 1,614 \nStock-based compensation | 1,966 | 2,306 | 578 \nAdjusted gross margin | $141,427 | $103,858 | $75,041"} {"_id": "d1b302a9a", "title": "", "text": "8. OTHER NON-CURRENT ASSETS\n* relates to certain office lease contracts. Optional periods are not included in the calculation.\n\nAll figures in USD \u2018000 | 2019 | 2018\n-------------------------------- | ----- | ----\nFixture, Furniture and Equipment | 65 | 128 \nRight of Use Asset* | 1,412 | - \nOther | 57 | 83 \nTotal as of December 31, | 1,534 | 211 "} {"_id": "d1b3a2e78", "title": "", "text": "Insurance Segment\n(1) The Insurance segment revenues are inclusive of realized and unrealized gains and net investment income for the year ended December 31, 2019 and 2018. Such adjustments are related to transactions between entities under common control which are eliminated or are reclassified in consolidation.\nLife, accident and health earned premiums, net: Life, accident and health earned premiums, net from our Insurance segment for the year ended December 31, 2019 increased $22.4 million to $116.8 million from $94.4 million for the year ended December 31, 2018. The increase was primarily due to the premiums generated from the acquisition of KIC in 2018.\nNet investment income: Net investment income from our Insurance segment for the year ended December 31, 2019 increased $95.8 million to $212.9 million from $117.1 million for the year ended December 31, 2018. The increase was primarily due to the income generated from the assets acquired in the KIC acquisition, higher average invested assets as a result of the reinvestment of premiums and investment income received, and to a lesser extent, rotation into higher-yielding investments.\nNet realized and unrealized gains on investments: Net realized and unrealized gains on investments from our Insurance segment for the year ended December 31, 2019 decreased $3.7 million to $1.9 million from $5.6 million for the year ended December 31, 2018. The decrease was driven by smaller realized gains on bonds and common stocks, higher impairments, and losses on fair value changes on interest only bonds in 2019. The decrease was offset by overall improvement in fair value changes in equity securities and realized gains on mortgage loans in 2019.\n\n | | Years Ended December 31, | \n----------------------------------------------------- | ------ | ------------------------ | ---------------------\n | 2019 | 2018 | Increase / (Decrease)\nLife, accident and health earned premiums, net | $116.8 | $94.4 | $22.4 \nNet investment income | 212.9 | 117.1 | 95.8 \nNet realized and unrealized gains on investments | 1.9 | 5.6 | (3.7) \nNet revenue | 331.6 | 217.1 | 114.5 \nPolicy benefits, changes in reserves, and commissions | 234.4 | 197.3 | 37.1 \nSelling, general and administrative | 35.7 | 30.4 | 5.3 \nDepreciation and amortization | (23.1) | (12.4) | (10.7) \nOther operating expense | 47.3 | \u2014 | 47.3 \nIncome from operations (1) | $37.3 | $1.8 | $35.5 "} {"_id": "d1b379078", "title": "", "text": "19. ACCRUED EXPENSES\nVessel operating and drydocking expense related accruals are composed of vessel operating expenses such as crew wages, vessel supplies, routine repairs, maintenance, drydocking, lubricating oils and insurances.\nAdministrative expenses related accruals are comprised of general overhead including personnel costs, legal and professional fees, costs associated with project development, property costs and other general expenses.\nThe movement in interest expense is due to repayments of VIE entities' accrued interest expenses during the year.\n\n(in thousands of $) | 2019 | 2018 \n---------------------------------------- | -------- | ---------\nVessel operating and drydocking expenses | (24,457) | (24,041) \nAdministrative expenses | (11,713) | (11,042) \nInterest expense | (44,150) | (97,688) \nCurrent tax payable | (720) | (463) \n | (81,040) | (133,234)"} {"_id": "d1b358efe", "title": "", "text": "The following tables summarize the activity related to deferred revenue and financed unearned services revenue (in millions):\nDuring the years ended April 26, 2019 and April 27, 2018, we recognized $1,722 million and $1,806 million, respectively, that was included in the deferred revenue and financed unearned services revenue balance at the beginning of the respective periods.\nAs of April 26, 2019, the aggregate amount of the transaction price allocated to the remaining performance obligations related to customer contracts that are unsatisfied or partially unsatisfied was $3,668 million, which is equivalent to our deferred revenue and unearned services revenue balance. Because customer orders are typically placed on an as-needed basis, and cancellable without penalty prior to shipment, orders in backlog may not be a meaningful indicator of future revenue and have not been included in this amount. We expect to recognize as revenue approximately 50% of our deferred revenue and financed unearned services revenue balance in the next 12 months, approximately 25% in the next 13 to 24 months, and the remainder thereafter.\n\n | Year Ended | \n------------------------------------ | -------------- | --------------\n | April 26, 2019 | April 27, 2018\nBalance at beginning of period | $ 3,363 | $ 3,213 \nAdditions | 2,763 | 2,566 \nRevenue recognized during the period | (2,458 ) | (2,416 ) \nBalance at end of period | $ 3,668 | $ 3,363 "} {"_id": "d1b343b58", "title": "", "text": "Fair values of financial assets and financial liabilities\nFair values of financial assets and liabilities at 31st December 2019 are not materially different from book values due to their size or the fact that they were at short-term rates of interest. Fair values have been assessed as follows:\n\u2022 Derivatives Forward exchange contracts are marked to market by discounting the future contracted cash flows using readily available market data\n\u2022 Interest-bearing loans and borrowings Fair value is calculated based on discounted expected future principal and interest cash flows.\n\u2022 Lease liabilities The fair value is estimated as the present value of future cash flows, discounted at the incremental borrowing rate for the related geographical location unless the rate implicit in the lease is readily determinable.\n\u2022 Trade and other receivables/payables For receivables/payables with a remaining life of less than one year, the notional amount is deemed to reflect the fair value.\nThe following table compares amounts and fair values of the Group\u2019s financial assets and liabilities:\nThere are no other assets or liabilities measured at fair value on a recurring or non-recurring basis for which fair value is disclosed.\nDerivative financial instruments are measured at fair value. Fair value of derivative financial instruments are calculated based on discounted cash flow analysis using appropriate market information for the duration of the instruments.\n\n | 2019 Fair value | 2019 Carrying value | 2018 Carrying value | 2018 Fair value\n-------------------------------------------- | --------------- | ------------------- | ------------------- | ---------------\n | \u00a3m | \u00a3m | \u00a3m | \u00a3m \nFinancial assets: | | | | \nCash and cash equivalents | 168.5 | 168.5 | 187.1 | 187.1 \nTrade, other receivables and contract assets | 263.4 | 263.4 | 264.9 | 264.9 \nTotal financial assets | 431.9 | 431.9 | 452.0 | 452.0 "} {"_id": "d1b378560", "title": "", "text": "24. EARNINGS PER SHARE\nThe following table set forth the computation for basic and diluted net income (loss) per share of common stock (in thousands, except per share data):\nAs of September 27, 2019, we had warrants outstanding which were reported as a liability on the consolidated balance sheet. During fiscal years 2019 and 2018, we recorded gains of $0.8 million and $27.6 million, respectively, associated with adjusting the fair value of the warrants, in the Consolidated Statements of Operations primarily as a result of declines in our stock price.\nWhen calculating earnings per share we are required to adjust for the dilutive effect of outstanding common stock equivalents, including adjustment to the numerator for the dilutive effect of contracts that must be settled in common stock. During the fiscal year ended September 27, 2019, we excluded the effects of the warrant gain and the 214,303 of potential shares of common stock issuable upon exercise of warrants as the inclusion would be anti-dilutive.\nDuring the fiscal year ended September 28, 2018, we adjusted the numerator to exclude the warrant gain $27.6 million, and we also adjusted the denominator for the dilutive effect of the incremental warrant shares of 569,667 under the treasury stock method. For the fiscal years 2018, the table above excludes the effects of 375,940 shares of potential shares of common stock issuable upon exercise of stock options, restricted stock and restricted stock units as the inclusion would be anti-dilutive.\nThe table excludes the effects of 386,552 and 1,877,401 shares for fiscal years 2019 and 2017, respectively, of potential shares of common stock issuable upon exercise of stock options, restricted stock, restricted stock units and warrants as the inclusion would be anti-dilutive.\n\n | | Fiscal Years | \n-------------------------------------------------- | ---------- | ------------ | ----------\n | 2019 | 2018 | 2017 \nNumerator: | | | \nLoss from continuing operations | $(383,798) | $(133,762) | $(150,416)\nLoss from discontinued operations | \u2014 | (6,215) | (19,077) \nNet loss | (383,798) | (139,977) | (169,493) \nWarrant liability gain | \u2014 | (27,646) | \u2014 \nNet loss attributable to common stockholders | $(383,798) | $(167,623) | $(169,493)\nDenominator: | | | \nWeighted average common shares outstanding-basic | 65,686 | 64,741 | 60,704 \nDilutive effect of warrants | \u2014 | 570 | \u2014 \nWeighted average common shares outstanding-diluted | 65,686 | 65,311 | 60,704 \nCommon stock earnings per share-basic: | | | \nContinuing operations | $(5.84) | $(2.07) | $(2.48) \nDiscontinued operations | \u2014 | (0.10) | (0.31) \nNet common stock earnings per share-basic | $(5.84) | $(2.16) | $(2.79) \nCommon stock earnings per share-diluted: | | | \nContinuing operations | $(5.84) | $(2.47) | $(2.48) \nDiscontinued operations | \u2014 | (0.10) | (0.31) \nNet common stock earnings per share-diluted | $(5.84) | $(2.57) | $(2.79) "} {"_id": "d1b383cbc", "title": "", "text": "NOTE 9 \u2013 FINANCIAL ITEMS\n\u00b9\u207e Interest for financial assets and liabilities not at fair value through profit and loss.\n\nUSDm | 2019 | 2018 | 2017 \n------------------------------------------------------------------------------ | ----- | ----- | -----\nFinancial income | | | \nInterest income from cash and cash equivalents, including restricted cash \u00b9\u207e | 2.5 | 2.7 | 1.6 \nExchange rate adjustments, including gain from forward exchange rate contracts | 0.3 | 0.6 | 2.7 \nTotal | 2.8 | 3.3 | 4.3 \nFinancial expenses | | | \nInterest expenses on mortgage and bank debt \u00b9\u207e | 39.3 | 35.7 | 33.3 \nExchange rate adjustments, including loss from forward exchange rate contracts | 0.2 | 0.1 | 3.2 \nCommitment fee | 1.9 | 2.6 | 2.4 \nOther financial expenses | 0.5 | 0.9 | 1.7 \nTotal | 41.9 | 39.3 | 40.6 \nTotal financial items | -39.1 | -36.0 | -36.3"} {"_id": "d1b2fd374", "title": "", "text": "A summary of additions and deductions related to the allowance for doubtful accounts for the years ended March 31, 2019, 2018 and 2017 follows (amounts in millions):\n(1) Deductions represent uncollectible accounts written off, net of recoveries.\n\n | Balance at Beginning of Year | Additions Charged to Costs and Expenses | Deductions (1) | Balance at End of Year\n-------------------------------- | ---------------------------- | --------------------------------------- | -------------- | ----------------------\nAllowance for doubtful accounts: | | | | \nFiscal 2019 | $2.2 | $\u2014 | $(0.2) | $2.0 \nFiscal 2018 | $2.1 | $0.2 | $(0.1) | $2.2 \nFiscal 2017 | $2.5 | $0.2 | $(0.6) | $2.1 "} {"_id": "d1b39c492", "title": "", "text": "F. Contractual Obligations as at December 31, 2019:\nPayment due by period ($ in millions) (unaudited)\n(1) The amount identified does not include interest costs associated with the outstanding credit facilities, which are based on LIBOR rates, plus the costs of complying with any applicable regulatory requirements and a margin ranging from 2.75% to 3.25% per annum. The amount does not include interest costs for the 2022 Senior Secured Notes, the 2022 Notes, the 2024 Notes, the NSM Loan, the 2022 Logistics Senior Notes, the Term Loan B Facility and the Navios Logistics Notes Payable. The expected interest payments are: $127.8 million (less than 1 year), $166.6 million (1-3 years), $3.8 million (3-5 years) and nil (more than 5 years). Expected interest payments are based on outstanding principal amounts, currently applicable effective interest rates and margins as of December 31, 2019, timing of scheduled payments and the term of the debt obligations.\n(2) Approximately 41% of the time charter payments included above is estimated to relate to operational costs for these vessels.\n(3) Navios Logistics has several lease agreements with respect to its operating port terminals and various offices. Following the sale of the management division effected on August 30, 2019 Navios Holdings has no office lease obligations (see also Note 16 included elsewhere in this Annual Report). See also Item 4.B. \u201cBusiness Overview \u2014 Facilities.\u201d\n(4) Represent total amount of lease payments on an undiscounted basis.\n(5) Represents principal payments of the future remaining obligation for the acquisition of six liquid barges, which bear interest at fixed rate. The amounts in the table exclude expected interest payments of $0.3 million (less than 1 year), $1.8 million (1-3 years), $0.9 million (3-5 years) and 0.1 million (more than 5 years). Expected interest payments are based on the terms of the shipbuilding contract for the construction of these barges.\n\nContractual Obligations | Total | Less than 1 year | 1-3 years | 3-5 years | More than 5 years\n-------------------------------------------------------------------------- | -------- | ---------------- | --------- | --------- | -----------------\nLong-term debt(1) | $1,581.8 | $51.7 | $1,461.0 | $69.1 | $\u2014 \nOperating Lease Obligations (Time Charters) for vessels in operation(2)(4) | 367.4 | 109.6 | 142.7 | 81.6 | 33.5 \nOperating Lease Obligations (Time Charters) for vessels to be delivered(4) | 63.4 | 5.5 | 13.6 | 12.9 | 31.4 \nAcquisition of six liquid barges (5) | 12.4 | 0.5 | 4.4 | 5.3 | 2.2 \nRent Obligations(3) | 1.3 | 0.8 | 0.4 | 0.1 | \u2014 \nLand lease agreements (3) | 25.8 | 0.6 | 1.1 | 1.1 | 23.0 \nTotal | $2,052.1 | $168.7 | $1,623.2 | $170.1 | $90.1 "} {"_id": "d1b366658", "title": "", "text": "Contract Assets and Liabilities\nThe following table provides information about receivables, contract assets and contract liabilities from our revenue contracts with customers:\nContract assets include costs that are incremental to the acquisition of a contract. Incremental costs are those that result directly from obtaining a contract or costs that would not have been incurred if the contract had not been obtained, which primarily relate to sales commissions. These costs are deferred and amortized over the expected customer life.\nWe determined that the expected customer life is the expected period of benefit as the commission on the renewal contract is not commensurate with the commission on the initial contract. During the years ended December 31, 2019 and 2018, the Company recognized expense of $6.3 million and $2.9 million, respectively, related to deferred contract acquisition costs.\nContract liabilities include deferred revenues related to advanced payments for services and nonrefundable, upfront service activation and set-up fees, which under the new standard are generally deferred and amortized over the expected customer life as the option to renew without paying an upfront fee provides the customer with a material right. During the years ended December 31, 2019 and 2018, the Company deferred and recognized revenues of $397.5 million and $354.2 million, respectively.\nA receivable is recognized in the period the Company provides goods or services when the Company\u2019s right to consideration is unconditional. Payment terms on invoiced amounts are generally 30 to 60 days.\n\n | Year Ended December 31, | \n------------------------ | ----------------------- | --------\n(In thousands) | 2019 | 2018 \nAccounts receivable, net | $120,016 | $133,136\nContract assets | 18,804 | 12,128 \nContract liabilities | 50,974 | 52,966 "} {"_id": "d1b3090a2", "title": "", "text": "The following table provides a breakdown of TCE rates achieved for the years ended December 31, 2019 and 2018 between spot and fixed earnings and the related revenue days.\nDuring 2019, TCE revenues increased by $8,426, or 2.6%, to $335,133 from $326,707 in 2018. The increase primarily resulted from an increase in average daily rates earned by our fleet and decreased spot market exposure. The total number of revenue days decreased from 7,678 days in 2018 to 7,215 days in 2019. The decrease primarily resulted from three fewer vessels in operation during most of 2019 compared to 2018.\nVessel expenses remained stable at $134,618 in 2019 from $134,956 in 2018. Depreciation expense increased by $1,987 to $52,499 in 2019 from $50,512 in 2018. The increase was due to an increase in amortization of drydock costs and an increase in depreciation expense due to the Overseas Gulf Coast and Overseas Sun Coast, our two new vessels, which entered service at the beginning of the fourth quarter of 2019.\nTwo reflagged U.S. Flag Product Carriers participate in the U.S. Maritime Security Program, which ensures that privatelyowned, military-useful U.S. Flag vessels are available to the U.S. Department of Defense in the event of war or national emergency.\nEach of the vessel-owning companies receives an annual subsidy, subject in each case to annual congressional appropriations, which is intended to offset the increased cost incurred by such vessels from operating under the U.S. Flag. Such subsidy was $5,000 for each vessel in 2019 and $5,000 on one vessel and $4,600 on one vessel in 2018.\nUnder the terms of the program, we expect to receive up to $5,000 annually for each vessel during 2020, and up to $5,200 for each vessel beginning in 2021. We do not receive a subsidy for any days for which either of the two vessels operate under a time charter to a U.S. government agency.\nIn June 2019, one of our lightering customers, PES, suffered an explosion and fire at its refinery in the Delaware Bay. The PES refinery complex, which consists of two refineries, has been shut down since the fire. Due to the expected reduction in lightering volumes, we redeployed one of our two lightering ATBs to the U.S. Gulf of Mexico for alternative employment.\nIn July 2019, PES filed a Chapter 11 bankruptcy petition. At December 31, 2019, we had outstanding receivables from PES of approximately $4,300. The ultimate recovery of these receivables is currently unknown. We established a loss provision of $4,300. We are working diligently to maximize our recovery.\nIn June 2018, one of our ATBs was berthed to the dock when a third-party ship transiting the channel hit our ATB, causing structural damage to the ATB and damage to the dock. The cost of repairs has been covered by existing insurance policies. We have filed a lawsuit against the third-party ship seeking recovery of our costs of repairs as well as our lost earnings from the ATB being off-hire for 46 repair days.\n\n | 2019 | | 2018 | \n--------------------------------------------- | ------------- | -------------- | ------------- | --------------\n | Spot Earnings | Fixed Earnings | Spot Earnings | Fixed Earnings\nJones Act Handysize Product Carriers: | | | | \nAverage rate | $25,036 | $57,910 | $31,254 | $60,252 \nRevenue days | 523 | 4,052 | 1,142 | 3,141 \nNon-Jones Act Handysize Product Carriers: | | | | \nAverage rate | $30,671 | $13,912 | $25,925 | $12,097 \nRevenue days | 482 | 417 | 707 | 3 \nATBs: | | | | \nAverage rate | $19,117 | $21,861 | $15,333 | $22,207 \nRevenue days | 255 | 773 | 990 | 998 \nLightering: | | | | \nAverage rate | $63,162 | $\u2014 | $66,041 | $\u2014 \nRevenue days | 713 | \u2014 | 697 | \u2014 "} {"_id": "d1b2eb0de", "title": "", "text": "Consolidated Results\nNet Revenues by Distribution Channel\nThe following table details our consolidated net revenues by distribution channel (amounts in millions):\n(1) Net revenues from \u201cDigital online channels\u201d include revenues from digitally-distributed subscriptions, downloadable content, microtransactions, and products, as well as licensing royalties.\n(2) Net revenues from \u201cOther\u201d primarily includes revenues from our Distribution business and the Overwatch League.\nDigital Online Channel Net Revenues The decrease in net revenues from digital online channels for 2019, as compared to 2018, was primarily due to: \u2022 lower revenues recognized from the Destiny franchise (reflecting our sale of the publishing rights for Destiny to Bungie in December 2018); and \u2022 lower revenues recognized from Hearthstone.\nRetail Channel Net Revenues The decrease in net revenues from retail channels for 2019, as compared to 2018, was primarily due to: \u2022 lower revenues recognized from Call of Duty: Black Ops 4, which was released in October 2018, as compared to Call of Duty: WWII, which was released in November 2017; \u2022 lower revenues recognized from the Destiny franchise; and \u2022 lower revenues from Crash Bandicoot\u2122 N. Sane Trilogy, which was released on the Xbox One, PC, and Nintendo Switch in June 2018.\nThe decrease was partially offset by: \u2022 revenues recognized from Crash Team Racing Nitro-Fueled, which was released in June 2019; \u2022 revenues from Sekiro: Shadows Die Twice, which was released in March 2019; and \u2022 higher revenues recognized from Call of Duty: Modern Warfare, which was released in October 2019, as compared to Call of Duty: Black Ops 4.\n\n | | For the Years Ended December 31, | | \n------------------------------------- | ------ | -------------------------------- | -------------------- | --------\n | 2019 | 2018 | Increase/ (decrease) | % Change\nNet revenues by distribution channel: | | | | \nDigital online channels (1) | $4,932 | $5,786 | $(854) | (15)% \nRetail channels | 909 | 1,107 | (198) | (18) \nOther (2) | 648 | 607 | 41 | 7 \nTotal consolidated net revenues | $6,489 | $7,500 | $(1,011) | (13) "} {"_id": "d1a721d34", "title": "", "text": "Liquidity and Capital Resources\nCash flows from operations provided a source of funds of $1,066 million, $1,058 million and $1,310 million during the years ended December 31, 2019, 2018 and 2017, respectively. This increase was driven primarily by lower employee annual incentive payments, lower retailer investments and lower restructuring payments, partially offset by working capital timing and higher interest and tax payments during the year ended December 31, 2019.\nWe provide for additional liquidity through several sources, including maintaining an adequate cash balance, access to global funding sources and a committed revolving credit facility. The following table provides a summary of the major sources of liquidity for the years ended December 31, 2019, 2018 and 2017:\nOf the $454 million in cash and cash equivalents at December 31, 2019, approximately $383 million was held in jurisdictions outside the U.S. We regularly review the amount of cash and cash equivalents held outside of the U.S. to determine the amounts necessary to fund the current operations of our foreign operations and their growth initiatives and amounts needed to service our U.S. indebtedness and related obligations.\n\n(IN MILLIONS) | 2019 | 2018 | 2017 \n----------------------------------------- | ------ | ------ | ------\nNet cash from operating activities | $1,066 | $1,058 | $1,310\nCash and short-term marketable securities | $454 | $524 | $656 \nRevolving credit facility | $850 | $850 | $575 "} {"_id": "d1a736cca", "title": "", "text": "Presentation of Derivative Gains (Losses) from Economic Hedges of Forecasted Cash Flows in Segment Results\nDerivatives used to manage commodity price risk and foreign currency risk are not designated for hedge accounting treatment. We believe these derivatives provide economic hedges of certain forecasted transactions. As such, these derivatives are generally recognized at fair market value with realized and unrealized gains and losses recognized in general corporate expenses. The gains and losses are subsequently recognized in the operating results of the reporting segments in the period in which the underlying transaction being economically hedged is included in earnings. In the event that management determines a particular derivative entered into as an economic hedge of a forecasted commodity purchase has ceased to function as an economic hedge, we cease recognizing further gains and losses on such derivatives in corporate expense and begin recognizing such gains and losses within segment operating results, immediately.\nThe following table presents the net derivative gains (losses) from economic hedges of forecasted commodity consumption and the foreign currency risk of certain forecasted transactions associated with continuing operations, under this methodology:\nAs of May 26, 2019, the cumulative amount of net derivative gains from economic hedges that had been recognized in general corporate expenses and not yet allocated to reporting segments was $1.4 million. This amount reflected net gains of $1.0 million incurred during the fiscal year ended May 26, 2019, as well as net gains of $0.4 million incurred prior to fiscal 2019. Based on our forecasts of the timing of recognition of the underlying hedged items, we expect to reclassify to segment operating results gains of $0.9 million in fiscal 2020 and $0.5 million in fiscal 2021 and thereafter.\n\n | | Fiscal Years Ended | \n---------------------------------------------------------------------- | ------------ | ------------------ | ------------\n($ in millions) | May 26, 2019 | May 27, 2018 | May 28, 2017\nNet derivative gains (losses) incurred | $(3.6) | $(0.9) | $0.6 \nLess: Net derivative gains (losses) allocated to reporting segments | (1.8) | (7.1) | 5.7 \nNet derivative gains (losses) recognized in general corporate expenses | $(1.8) | $6.2 | $(5.1) \nNet derivative gains (losses) allocated to Grocery & Snacks | $(2.1) | $0.2 | $3.4 \nNet derivative gains (losses) allocated to Refrigerated & Frozen | (1.1) | (0.3) | 0.8 \nNet derivative gains (losses) allocated to International Foods . | 2.8 | (6.9) | 1.6 \nNet derivative losses allocated to Foodservice . | (0.6) | (0.1) | \u2014 \nNet derivative losses allocated to Pinnacle Foods | (0.8) | \u2014 | \u2014 \nNet derivative losses allocated to Commercial . | \u2014 | \u2014 | (0.1) \nNet derivative gains (losses) included in segment operating profit . | $(1.8) | $(7.1) | $5.7 "} {"_id": "d1b384482", "title": "", "text": "Sources and Uses of Cash\nOur primary source of liquidity from operations was the collection of revenue in advance from our customers, accounts receivable from our customers, and the management of the timing of payments to our vendors and service providers.\nInvesting activities in 2019 consist of $284.6 million, net of cash acquired, used in the acquisitions of AppRiver and DeliverySlip and $11.7 million for capital expenditures, which include $8.2 million in internal-use software costs, and $3.5 million for computer and networking equipment. These investments in new equipment and cloud hosting infrastructure are to renovate our business processes and product offerings.\nInvesting activities in 2018 consist of $11.8 million, net of cash acquired, used in the acquisition of Erado and $4.2 million for capital expenditures, which include $2.1 million for computer and networking equipment, $1.5 million in internal-use software costs, and $500 thousand for other activities including the acquisition of other internal use software. These investments in new equipment and cloud hosting infrastructure were to modernize our business processes and product offerings.\nFinancing activities in 2019 includes proceeds from long term debt of $179.2 million, net of issuance costs of $6.4 million and repayment of $1.4 million, as well as $96.6 million, net of issuance costs, raised through the private purchase of preferred stock, and $415 thousand received from the exercise of stock options. The proceeds from our debt and preferred stock issuances were used to fund our AppRiver acquisition in February 2019 and our DeliverySlip acquisition in May 2019. We also used $3.8 million for contingent consideration payments associated with our acquisitions of Greenview, Erado and DeliverySlip. In addition to these items, we paid $1.7 million to satisfy finance lease liabilities and $1.9 million to repurchase common stock related to the tax impact of vesting restricted awards in 2019.\nFinancing activities in 2018 relate primarily to $5.4 million used in a $10 million share repurchase program authorized by our Board of Directors on April 24, 2017, and $656 thousand used in the repurchase of common stock related to the tax impact of vesting restricted stock awards, and a $605 thousand earn-out payment associated with our acquisition of Greenview. Financing activities in 2017 include $3.8 million used in the same share repurchase program and $762 thousand used in the repurchase of common stock related to the tax impact of vesting restricted awards offset by the receipt of $4.2 million from the exercise of stock options.\n\nYears Ended December 31, | | | \n--------------------------------------------------- | ------------ | ----------- | -----------\n(In thousands) | 2019 | 2018 | 2017 \nNet cash provided by operations | $ 13,951 | $ 16,671 | $ 18,204 \nNet cash used in investing activities | $ (296,243 ) | $ (15,952 ) | $ (11,285 )\nNet cash provided by (used in) financing activities | $ 268,740 | $ (6,593 ) | $ (367 ) "} {"_id": "d1b31cd64", "title": "", "text": "IMPAIRMENT TESTING\nAs described in Note\u00a02, Significant accounting policies, goodwill is tested annually for impairment by comparing the carrying value of a CGU or group of CGUs to the recoverable amount, where the recoverable amount is the higher of fair value less costs of disposal or value in use.\nVALUE IN USE\nThe value in use for a CGU or group of CGUs is determined by discounting five-year cash flow projections derived from business plans reviewed by senior management. The projections reflect management\u2019s expectations of revenue, segment profit, capital expenditures, working capital and operating cash flows, based on past experience and future expectations of operating performance.\nCash flows beyond the five-year period are extrapolated using perpetuity growth rates. None of the perpetuity growth rates exceed the long-term historical growth rates for the markets in which we operate.\nThe discount rates are applied to the cash flow projections and are derived from the weighted average cost of capital for each CGU or group of CGUs.\nThe following table shows the key assumptions used to estimate the recoverable amounts of the groups of CGUs.\nThe recoverable amounts determined in a prior year for the Bell Wireless and Bell Wireline groups of CGUs exceed their corresponding current carrying values by a substantial margin and have been carried forward and used in the impairment test for the current year. We believe that any reasonable possible change in the key assumptions on which the estimate of recoverable amounts of the Bell Wireless or Bell Wireline groups of CGUs is based would not cause their carrying amounts to exceed their recoverable amounts.\nFor the Bell Media group of CGUs, a decrease of (1.1%) in the perpetuity growth rate or an increase of 0.8% in the discount rate would have resulted in its recoverable amount being equal to its carrying value.\n\n | ASSUMPTIONS USED | \n-------------- | ---------------------- | -------------\nGROUPS OF CGUs | PERPETUITY GROWTH RATE | DISCOUNT RATE\nBell Wireless | 0.8% | 9.1% \nBell Wireline | 1.0% | 6.0% \nBell Media | 1.0% | 8.0% "} {"_id": "d1b3b2f94", "title": "", "text": "The differences between income tax expense (benefit) at the Company\u2019s effective income tax rate and income tax\nexpense at the statutory federal income tax rate were as follows:\nIn December 2017, the President of the United States signed into law the Tax Cuts and Jobs Act of 2017 (the \u201cAct\u201d), which among other matters reduced the United States corporate tax rate from 35% to 21% effective January 1, 2018. In fiscal 2018, the Company recorded a $43 million tax benefit primarily related to the remeasurement of certain deferred tax assets and liabilities.\nFederal and state income taxes of $36.5 million, $2.1 million, and $3.7 million were paid in fiscal years 2019, 2018, and 2017, respectively. Federal and state income taxes of $418,000, $47.2 million, and $17.6 million were refunded in fiscal years 2019, 2018, and 2017, respectively.\nThe Company may recognize the tax benefit from an uncertain tax position only if it is more likely than not that the tax position will be sustained on examination by the taxing authorities, based on the technical merits of the position. The Company measures the tax benefits recognized based on the largest benefit that has a greater than 50% likelihood of being realized upon ultimate resolution. As of June 1, 2019, there were no uncertain tax positions that resulted in any adjustment to the Company\u2019s provision for income taxes.\nWe are under audit by the IRS for the fiscal years 2013 through 2015. We are subject to income tax in many jurisdictions within the U.S., and certain jurisdictions are under audit by state and local tax authorities. The resolutions of these audits are not expected to be material to our consolidated financial statements. Tax periods for all years beginning with fiscal year 2013 remain open to examination by federal and state taxing jurisdictions to which we are subject.\n\n | | Fiscal year end | \n-------------------------------------- | ------------ | --------------- | ------------\n | June 1, 2019 | June 2, 2018 | June 3, 2017\nStatutory federal income tax (benefit) | $14,694 | $34,105 | $(39,950) \nState income tax (benefit) | 2,164 | 3,200 | (3,193) \nDomestic manufacturers deduction | \u2014 | (2,545) | 4,095 \nEnacted rate change | \u2014 | (42,973) | \u2014 \nTax exempt interest income | (197) | (101) | (206) \nOther, net | (918) | (545) | (613) \n | $15,743 | $(8,859) | $(39,867) "} {"_id": "d1b354d0e", "title": "", "text": "Research and Development\nResearch and development expenses increased $124.3 million, or 53.9%, for the year ended December 31, 2019 compared to the same period in 2018, due to an increase of $114.4 million in employee-related costs ($45.1 million of which related to stock-based compensation and related payroll taxes), a $7.4 million increase in computer hardware and software costs, and a $2.5 million increase in professional services fees, all as a result of growth in our research and development employee base and expanded development programs.\nResearch and development expenses increased $94.7 million, or 69.6%, for the year ended December 31, 2018 compared to the same period in 2017, due to an increase of $89.6 million in employee-related costs, an increase of $3.1 million in computer hardware and software costs, and a $2.0 million increase in professional services fees, all as a result of growth in our research and development employee base and expanded development programs.\n\n | Years ended December 31, | | | 2019 vs 2018 | 2018 vs 2017\n---------------------------- | ---------------------------------- | --------- | --------- | ------------ | ------------\n | 2019 | 2018 | 2017 | % Change | % Change \n | (in thousands, except percentages) | | | | \nResearch and development | $ 355,015 | $ 230,674 | $ 135,997 | 53.9 % | 69.6 % \nPercentage of total revenues | 22.5 % | 21.5 % | 20.2 % | | "} {"_id": "d1b350b3c", "title": "", "text": "Customer Receivables and Contract Balances\nThe following table provides balances of customer receivables, contract assets and contract liabilities as of December 31, 2019 and December 31, 2018:\n(1) Gross customer receivables of $2.3 billion and $2.5 billion, net of allowance for doubtful accounts of $94 million and $132 million, at December 31, 2019 and December 31, 2018, respectively.\nContract liabilities are consideration we have received from our customers or billed in advance of providing goods or services promised in the future. We defer recognizing this consideration as revenue until we have satisfied the related performance obligation to the customer. Contract liabilities include recurring services billed one month in advance and installation and maintenance charges that are deferred and recognized over the actual or expected contract term, which typically ranges from one to five years depending on the service. Contract liabilities are included within deferred revenue in our consolidated balance sheet. During the years ended December 31, 2019 and December 31, 2018, we recognized $630 million and $295 million, respectively, of revenue that was included in contract liabilities as of January 1, 2019 and January 1, 2018, respectively.\n\n | December 31, 2019 | December 31, 2018\n----------------------- | --------------------- | -----------------\n | (Dollars in millions) | \nCustomer receivables(1) | $2,194 | 2,346 \nContract liabilities | 1,028 | 860 \nContract assets | 130 | 140 "} {"_id": "d1b318674", "title": "", "text": "Stock Appreciation Rights Awards\nDuring the second quarter of fiscal 2019, in connection with the completion of the Pinnacle acquisition, we granted 2.3 million cash-settled stock appreciation rights with a fair value estimated at closing date using a Black-Scholes option-pricing model and a grant date price of $36.37 per share to Pinnacle employees in replacement of their unvested stock option awards that were outstanding as of the closing date. Approximately $14.8 million of the fair value of the replacement awards granted to Pinnacle employees was attributable to pre-combination service and was included in the purchase price and established as a liability. As of May 26, 2019, the liability of the replacement stock appreciation rights was $0.9 million, which includes post-combination service expense, the mark-to-market of the liability, and the impact of payouts since acquisition.\nThe compensation income for our cash-settled stock appreciation rights totaled $13.7 million for fiscal 2019. Included in this amount is income of $14.0 million related to the mark-to-market of the liability established in connection with the Pinnacle acquisition and expense of $0.2 million for accelerated vesting of awards related to Pinnacle integration restructuring activities, net of the impact of marking-to-market these awards based on a lower market price of Conagra common shares. The related tax expense for fiscal 2019 was $3.4 million.\nA summary of the stock appreciation rights activity as of May 26, 2019 and changes during the fiscal year then ended is presented below:\n\n | Number of Options (in Millions) | Weighted Average Exercise Price | Average Remaining Contractual Term (Years) | Aggregate Intrinsic Value (in Millions)\n--------------------------- | ------------------------------- | ------------------------------- | ------------------------------------------ | ---------------------------------------\nGranted | 2.3 | $27.09 | | \nExercised | (0.1) | $24.79 | | $0.1 \nExpired | (1.8) | $26.92 | | \nOutstanding at May 26, 2019 | 0.4 | $28.13 | 0.16 | $0.6 \nExercisable at May 26, 2019 | 0.4 | $28.13 | 0.16 | $0.6 "} {"_id": "d1b3ba500", "title": "", "text": "Realized and unrealized losses of the cross currency swaps are recognized in earnings and reported in foreign exchange (loss) gain in the consolidated statements of loss. The effect of the gains (losses) on cross currency swaps on the consolidated statements of loss is as follows:\nThe Company is exposed to credit loss to the extent the fair value represents an asset in the event of non-performance by the counterparties to the foreign currency forward contracts, and cross currency and interest rate swap agreements; however, the Company does not anticipate non-performance by any of the counterparties. In order to minimize counterparty risk, the Company only enters into derivative transactions with counterparties that are rated A- or better by Standard & Poor\u2019s or A3 or better by Moody\u2019s at the time of the transaction. In addition, to the extent possible and practical, interest rate swaps are entered into with different counterparties to reduce concentration risk.\n\n | | Year Ended | \n------------------------------------------------------------------------------------- | -------- | ------------ | --------\n | | December 31, | \n | 2019 | 2018 | 2017 \n | $ | $ | $ \nRealized gains (losses) on maturity and/or partial termination of cross currency swap | \u2014 | (42,271) | (25,733)\nRealized losses | (5,062) | (6,533) | (18,494)\nUnrealized (losses) gains | (13,239) | 21,240 | 82,668 \nTotal realized and unrealized (losses) gains on cross currency swaps | (18,301) | (27,564) | 38,441 "} {"_id": "d1b3c62e2", "title": "", "text": "ITEM NO. 2 \u2013 RATIFICATION OF KPMG AS OUR\n2020 INDEPENDENT AUDITOR\nITEM NO. 2 \u2013 RATIFICATION OF KPMG AS OUR 2020 INDEPENDENT AUDITOR\nTHE BOARD UNANIMOUSLY RECOMMENDS A VOTE FOR\nTHIS PROPOSAL\nThe Audit Committee of the Board has appointed KPMG LLP as our independent auditor for the fiscal year\nending December 31, 2020, and we are submitting that appointment to our shareholders for ratification on an\nadvisory basis at the meeting. Although shareholder ratification of KPMG\u2019s appointment is not legally required,\nwe are submitting this matter to the shareholders, as in the past, as a matter of good corporate practice. In\ndetermining whether to reappoint KPMG as our independent auditor, the Audit Committee considered a number\nof factors, including, among others, the firm\u2019s qualifications, industry expertise, prior performance, control\nprocedures, proposed staffing and the reasonableness of its fees on an absolute basis and as compared with\nfees paid by comparable companies.\nThe Audit Committee of the Board has appointed KPMG LLP as our independent auditor for the fiscal year ending December 31, 2020, and we are submitting that appointment to our shareholders for ratification on an advisory basis at the meeting. Although shareholder ratification of KPMG\u2019s appointment is not legally required, we are submitting this matter to the shareholders, as in the past, as a matter of good corporate practice. In determining whether to reappoint KPMG as our independent auditor, the Audit Committee considered a number of factors, including, among others, the firm\u2019s qualifications, industry expertise, prior performance, control procedures, proposed staffing and the reasonableness of its fees on an absolute basis and as compared with fees paid by comparable companies.\nIf the shareholders fail to vote on an advisory basis in favor of the appointment, the Audit Committee will reconsider whether to retain KPMG, and may appoint that firm or another without resubmitting the matter to the shareholders. Even if the shareholders ratify the appointment, the Audit Committee may, in its discretion, select a different independent auditor at any time during the year if it determines that such a change would be in the Company\u2019s best interests.\nIn connection with the audit of the 2019 financial statements, we entered into an engagement letter with KPMG\nwhich sets forth the terms by which KPMG will provide audit services to us. Any future disputes between KPMG\nand us under that letter will be subject to certain specified alternative dispute resolution procedures, none of\nwhich are intended to restrict the remedies that our shareholders might independently pursue against KPMG.\nIn connection with the audit of the 2019 financial statements, we entered into an engagement letter with KPMG which sets forth the terms by which KPMG will provide audit services to us. Any future disputes between KPMG and us under that letter will be subject to certain specified alternative dispute resolution procedures, none of which are intended to restrict the remedies that our shareholders might independently pursue against KPMG.\nThe following table lists the aggregate fees and costs billed to us by KPMG and its affiliates for the 2018 and\n2019 services identified below:\n(1) Includes the cost of services rendered in connection with (i) auditing our annual consolidated financial statements, (ii) auditing our internal control over financial reporting in accordance with Section 404 of the Sarbanes-Oxley Act of 2002, (iii) reviewing our quarterly financial statements, (iv) auditing the financial statements of several of our subsidiaries, (v) reviewing our registration statements and issuing related comfort letters, (vi) statutory audits for certain of our foreign subsidiaries, and (vii) consultations regarding accounting standards. In addition, the amount listed for 2018 includes a final billing of $785,000 that was received after we finalized our 2019 proxy statement and consequently was not reflected in the auditor fee table included in our 2019 proxy statement.\n(2) Includes the cost of preparing agreed upon procedures reports and providing general accounting consulting services.\n(3) Includes costs associated with general tax planning, consultation and compliance (which were approximately $1,300,000 in 2018 and approximately $100,000 in 2019).\nThe Audit Committee maintains written procedures that require it to annually review and pre-approve the scope\nof all services to be performed by our independent auditor. This review includes an evaluation of whether the\nprovision of non-audit services by our independent auditor is compatible with maintaining the auditor\u2019s independence in providing audit and audit-related services. The Committee\u2019s procedures prohibit the independent auditor from providing any non-audit services unless the service is permitted under applicable law and is pre-approved by the Audit Committee or its Chairman. The Chairman is authorized to pre-approve projects if the total anticipated cost of all projects pre-approved by him during any fiscal quarter does not exceed $250,000. The Audit Committee has pre-approved the Company\u2019s independent auditor to provide up to $75,000 per quarter of miscellaneous permitted tax services that do not constitute discrete and separate projects. The Chairman and the Chief Financial Officer are required periodically to advise the full Committee of the scope and cost of services not pre-approved by the full Committee. Although applicable regulations permit us to waive these pre-approval requirements in certain limited circumstances, the Audit Committee did not use these waiver provisions in either 2018 or 2019.\nKPMG has advised us that one or more of its partners will be present at the meeting. We understand that these\nrepresentatives will be available to respond to appropriate questions and will have an opportunity to make a\nstatement if they desire to do so.\nRatification of KPMG\u2019s appointment as our independent auditor for 2020 will require the affirmative vote of a\nmajority of the votes cast on the proposal at the meeting.\n\n | Amount Billed | \n--------------------- | ------------- | -----------\n | 2018 | 2019 \nAudit Fees(1) | $16,014,014 | $17,639,702\nAudit-Related Fees(2) | 106,528 | 153,203 \nTax Fees(3) | 1,318,798 | 119,098 \nOther | \u2014 | \u2014 \nTotal Fees | $17,439,340 | $17,912,003"} {"_id": "d1b30d710", "title": "", "text": "Movements in total self\u2010insured risks, restructuring, onerous contracts, store exit costs, and other provisions\n(1) The increase in restructuring, onerous contracts, and store exit costs in 2019 is primarily attributable to the recognition of provisions associated with the BIG W network review as outlined in Note 1.4.\nA provision is recognised when the Group has a present legal or constructive obligation as a result of a past event, it is probable that an outflow of economic benefits will be required to settle the obligation, and a reliable estimate can be made as to the amount of the obligation. The amount recognised is the best estimate of the consideration required to settle the present obligation at the reporting date, taking into account the risks and uncertainties surrounding the obligation.\nA liability is recognised for benefits accruing to employees in respect of annual leave and long service leave.\nLiabilities expected to be settled within 12 months are measured at their nominal values using the remuneration rate expected to apply at the time of settlement.\nLiabilities which are not expected to be settled within 12 months are measured as the present value of the estimated future cash outflows to be made by the Group in respect of services provided by employees up to the reporting date.\nThe provision for self-insured risks primarily represents the estimated liability for workers\u2019 compensation and public liability claims.\nProvision for restructuring is recognised when the Group has developed a detailed formal plan for the restructuring and has raised a valid expectation in those affected by the restructuring that the restructuring will occur.\nAn onerous contract is a contract in which the unavoidable costs of meeting the obligations under the contract exceed the economic benefits expected to be received under it. The unavoidable costs under a contract reflect the least net cost of exiting from the contract, which is the lower of the cost of fulfilling it and any compensation or penalties arising from failure to fulfil it.\n\n | | | RESTRUCTURING, ONEROUS | \n---------------------------------------- | ------------------ | ----- | ---------------------------- | -----\n | | | CONTRACTS, STORE EXIT COSTS, | \n | SELF\u2011INSURED RISKS | | AND OTHER | \n | 2019 | 2018 | 2019 | 2018 \n | $M | $M | $M | $M \nMovement: | | | | \nBalance at start of period | 596 | 593 | 679 | 800 \nNet provisions recognised/(reversed) (1) | 177 | 161 | 225 | 55 \nCash payments | (157) | (148) | (162) | (178)\nOther | (13) | (10) | (5) | 2 \nBalance at end of period | 603 | 596 | 737 | 679 \nCurrent | 173 | 177 | 280 | 256 \nNon\u2011current | 430 | 419 | 457 | 423 \n | 603 | 596 | 737 | 679 "} {"_id": "d1b3ad062", "title": "", "text": "Purchases of Accenture plc Class\u00a0A Ordinary Shares\nThe following table provides information relating to our purchases of Accenture plc Class A ordinary shares during the fourth quarter of fiscal 2019. For year-to-date information on all of our share purchases, redemptions and exchanges and further discussion of our share purchase activity, see \u201cManagement\u2019s Discussion and Analysis of Financial Condition and Results of Operations\u2014Liquidity and Capital Resources\u2014Share Purchases and Redemptions.\u201d\n(1) Average price paid per share reflects the total cash outlay for the period, divided by the number of shares acquired, including those acquired by purchase or redemption for cash and any acquired by means of employee forfeiture.\n(2) Since August 2001, the Board of Directors of Accenture plc has authorized and periodically confirmed a publicly\nannounced open-market share purchase program for acquiring Accenture plc Class A ordinary shares. During\nthe fourth quarter of fiscal 2019, we purchased 2,048,307 Accenture plc Class A ordinary shares under this\nprogram for an aggregate price of $389 million. The open-market purchase program does not have an expiration\ndate\n(3) As of August 31, 2019, our aggregate available authorization for share purchases and redemptions was $3,674 million, which management has the discretion to use for either our publicly announced open-market share purchase program or our other share purchase programs. Since August 2001 and as of August 31, 2019, the Board of Directors of Accenture plc has authorized an aggregate of $35.1 billion for share purchases and redemptions by Accenture plc and Accenture Canada Holdings Inc\n(4)\u00a0During the fourth quarter of fiscal 2019, Accenture purchased 66,017 Accenture plc Class A ordinary shares in transactions unrelated to publicly announced share plans or programs. These transactions consisted of acquisitions of Accenture plc Class A ordinary shares primarily via share withholding for payroll tax obligations due from employees and former employees in connection with the delivery of Accenture plc Class A ordinary shares under our various employee equity share plans. These purchases of shares in connection with employee share plans do not affect our aggregate available authorization for our publicly announced open-market share purchase and our other share purchase programs.\n\nPeriod | Total Number of Shares Purchased | Average Price Paid per Share (1) | Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs (2) | Approximate Dollar Value of Shares that May Yet Be Purchased Under the Plans or Programs (3)\n-------------------------------- | -------------------------------- | -------------------------------- | ------------------------------------------------------------------------------------ | --------------------------------------------------------------------------------------------\n | | | | (in millions of U.S. dollars) \nJune 1, 2019 \u2014 June 30, 2019 | 801,659 | $183.18 | 785,600 | $3,924 \nJuly 1, 2019 \u2014 July 31, 2019 | 462,629 | $194.65 | 442,846 | $3,832 \nAugust 1, 2019 \u2014 August 31, 2019 | 850,036 | $193.23 | 819,861 | $3,674 \nTotal (4) | 2,114,324 | $189.73 | 2,048,307 | "} {"_id": "d1a723a30", "title": "", "text": "The following table sets forth our sources of revenue for each of the periods indicated (in thousands, except for percentages):\nSubscription revenue increased by $69.9 million, or 15%, in 2019 when compared to 2018. Subscription revenue growth on a constant currency basis increased 16% in 2019 when compared to 2018. The increase was attributable to new business, which includes new customers, upsells, cross-sells, and renewals from existing customers.\nProfessional services revenue decreased by $31.3 million, or 48%, in 2019 when compared to 2018. The decrease of professional services revenue is attributable to the continued migration of implementation services to our global partners.\nSubscription revenue increased by $76.3 million, or 19%, in 2018 when compared to 2017. The increase was attributable to new business, which included new customers, upsells, and renewals from existing customers. Professional services revenue decreased by $20.4 million, or 24%, in 2018 when compared to 2017. The decrease of professional services revenue is attributable to the execution of our strategic initiative to migrate much of our implementation services to our global partners.\n\n | | Year Ended December 31, | \n---------------------------------------------------- | -------- | ----------------------- | --------\n | 2019 | 2018 | 2017 \nSubscription revenue | $542,968 | $473,052 | $396,764\nPercentage of subscription revenue to total revenue | 94.2% | 87.9% | 82.3% \nProfessional services revenue | $33,555 | $64,839 | $85,221 \nPercentage of professional services to total revenue | 5.8% | 12.1% | 17.7% \nTotal revenue | $576,523 | 537,891 | 481,985 "} {"_id": "d1b37a0d6", "title": "", "text": "Liquidity and Capital Resources\nCash Flows\nA summary of the sources and uses of cash, cash equivalents, restricted cash and restricted cash equivalents is as follows:\nOperating Activities\nNet cash used in operating activities for the year ended December 29, 2019 was $270.4 million and was primarily the result of: (i) $158.3 million mark-to-market gain on equity investments with readily determinable fair value; (ii) $143.4 million gain on business divestiture; (iii) $128.4 million increase in inventories to support the construction of our solar energy projects; (iv) $66.2 million increase in accounts receivable, primarily driven by billings in excess of collections; (v) $38.2 million increase in contract assets driven by construction activities; (vi) $25.2 million gain on sale of assets; (vii) $17.3 million gain on sale of equity investments without readily determinable fair value; (viii) $8.9 million decrease in operating lease liabilities; (ix) $8.8 million increase in prepaid expenses and other assets, primarily related to movements in prepaid inventory; (x) net loss of $7.7 million; and (xi) $2.2 million increase in project assets, primarily related to the construction of our commercial solar energy projects. This was offset by: (i) $80.1 million depreciation and amortization; (ii) $79.3 million increase in accounts payable and other accrued liabilities; (iii) $50.2 million increase in advances to suppliers; (iv) $33.8 million loss on sale and impairment of residential lease assets; (v) $27.5 million increase in contract liabilities driven by construction activities; (vi) stock-based compensation of $26.9 million; (vii) $9.5 million non-cash interest expense; (viii) $8.6 million decrease in operating lease right-of-use assets; (ix) $7.1 million loss in equity in earnings of unconsolidated investees; (x) $5.9 million non-cash restructuring charges; and (xi) $5.0 million net change in deferred income taxes; and (xii) impairment of long-lived assets of $0.8 million.\nIn December 2018 and May 2019, we entered into factoring arrangements with two separate third-party factor agencies related to our accounts receivable from customers in Europe. As a result of these factoring arrangements, title of certain accounts receivable balances was transferred to third-party vendors, and both arrangements were accounted for as a sale of financial assets given effective control over these financial assets has been surrendered. As a result, these financial assets have been excluded from our consolidated balance sheets. In connection with the factoring arrangements, we sold accounts receivable invoices amounting to $119.4 million and $26.3 million in fiscal 2019 and 2018, respectively. As of December 29, 2019 and December 30, 2018, total uncollected accounts receivable from end customers under both arrangements were $11.6 million and $21.0 million, respectively.\nNet cash used in operating activities in fiscal 2018 was $543.4 million and was primarily the result of: (i) net loss of $917.5 million; (ii) $182.9 million increase in long-term financing receivables related to our net investment in sales-type leases; (iii) $127.3 million decrease in accounts payable and other accrued liabilities, primarily attributable to payments of accrued expenses; (iv) $59.3 million gain on business divestiture; (v) $54.2 million gain on the sale of equity investments; (vi) $43.5 million increase in contract assets driven by construction activities; (vii) $39.2 million increase in inventories due to the support of various construction projects; (viii) $30.5 million decrease in contract liabilities driven by construction activities; (ix) $6.9 million increase in deferred income taxes; (x) $6.8 million increase due to other various activities; and (xi) $0.2 million increase in accounts receivable, primarily driven by billings. This was partially offset by: (i) impairment of property, plant and equipment of $369.2 million; (ii) impairment of residential lease assets of $189.7 million; (iii) net non-cash charges of $162.1 million related to depreciation, stock-based compensation and other non-cash charges; (iv) loss on sale of residential lease assets of $62.2 million; (v) $44.4 million decrease in advance payments made to suppliers; (vi) $39.5 million decrease in project assets, primarily related to the construction of our Commercial solar energy projects; (vii) $22.8 million decrease in prepaid expenses and other assets, primarily related to the receipt of prepaid inventory; (viii) $17.8 million decrease in equity in earnings of unconsolidated investees; (ix) $6.9 million net change in income taxes; (x) $6.4 million unrealized loss on equity investments with readily determinable fair value; and (xi) $3.9 million dividend from equity method investees.\nNet cash used in operating activities in fiscal 2017 was $267.4 million and was primarily the result of: (i) net loss of $1,170.9 million; (ii) $216.3 million decrease in accounts payable and other accrued liabilities, primarily attributable to payment of accrued expenses; (iii) $123.7 million increase in long-term financing receivables related to our net investment in sales-type leases; (iv) $38.2 million increase in inventories to support the construction of our solar energy projects; (vi) $25.9 million increase in equity in earnings of unconsolidated investees; (vii) $7.0 million net change in income taxes; (viii) $5.3 million gain on sale of equity method investment; and (ix) $1.2 million decrease in accounts receivable, primarily driven by collections; This was partially offset by: (i) $624.3 million impairment of residential lease assets; (ii) other net non-cash charges of $239.6 million related to depreciation, stock-based compensation and other non-cash charges; (iii) $145.2 million increase in contract liabilities driven by construction activities; (iv) $110.5 million decrease in prepaid expenses and other assets, primarily related to the receipt of prepaid inventory; (v) $89.6 million impairment of 8point3 Energy Partners investment balance; (vi) $68.8 million decrease in advance payments made to suppliers; (vii) $30.1 million dividend from 8point3 Energy Partners; (viii) $10.7 million decrease in contract assets driven by milestone billings; (ix) $2.3 million decrease in project assets, primarily related to the construction of our commercial and power plant solar energy projects\nInvesting Activities\nNet cash provided by investing activities in the year ended December 29, 2019 was $21.4 million, which included (i) proceeds of $60.0 million from sale of property, plant, and equipment; (ii) $42.9 million proceeds from sale of investments; (iii) net proceeds of $40.5 million from business divestiture; and (iv) $2.0 million of proceeds resulting from realization of estimated receivables from a business divestiture. This was offset by (i) cash paid for solar power systems of $53.3 million; (ii) $47.4 million of purchases of property, plant and equipment; (iii) cash paid for investments in unconsolidated investees of $12.4 million; and (iv) $10.9 million of cash de-consolidated from the sale of residential lease assets.\nNet cash provided by investing activities in fiscal 2018 was $274.9 million, which included (i) proceeds from the sale of investment in joint ventures and non-public companies of $420.3 million; (ii) proceeds of $23.3 million from business divestiture; and (iii) a $13.0 million dividend from equity method investees. This was partially offset by: (i) $167.0 million in capital expenditures primarily related to the expansion of our solar cell manufacturing capacity and costs associated with solar power systems, leased and to be leased; and (ii) $14.7 million paid for investments in consolidated and unconsolidated investees.\nNet cash used in investing activities in fiscal 2017 was $293.1 million, which included (i) $283.0 million in capital expenditures primarily related to the expansion of our solar cell manufacturing capacity and costs associated with solar power systems, leased and to be leased; (ii) $18.6 million paid for investments in consolidated and unconsolidated investees; and (iii) $1.3 million purchase of marketable securities. This was partially offset by proceeds from the sale of investment in joint ventures of $6.0 million and a $3.8 million dividend from equity method investees.\nFinancing Activities\nNet cash provided by financing activities in the year ended December 29, 2019 was $344.3 million, which included: (i) $171.9 million from the common stock offering; (ii) $110.9 million in net proceeds of bank loans and other debt; (iii) $69.2 million net proceeds from the issuance of non-recourse residential financing, net of issuance costs; (iv) $35.5 million of net contributions from noncontrolling interests and redeemable noncontrolling interests related to residential lease projects; (v) $3.0 million of proceeds from issuance of non-recourse power plant and commercial financing, net of issuance costs. This was partially offset by (i) $39.0 million of payment associated with prior business combination; (ii) $5.6 million in purchases of treasury stock for tax withholding obligations on vested restricted stock; and (iii) $1.6 million settlement of contingent consideration arrangement, net of cash received.\nNet cash provided by financing activities in fiscal 2018 was $85.8 million, which included: (i) $174.9 million in net proceeds from the issuance of non-recourse residential financing, net of issuance costs; (ii) $129.3 million of net contributions from noncontrolling interests and redeemable noncontrolling interests related to residential lease projects; and (iii) $94.7 million in net proceeds from the issuance of non-recourse power plant and commercial financing, net of issuance costs. This was partially offset by: (i) $307.6 million in net repayments of 0.75% debentures due 2018, bank loans and other debt; and (ii) $5.5 million in purchases of treasury stock for tax withholding obligations on vested restricted stock.\nNet cash provided by financing activities in fiscal 2017 was $589.9 million, which included: (i) $351.8 million in net proceeds from the issuance of non-recourse power plant and commercial financing, net of issuance costs; (ii) $179.2 million of net contributions from noncontrolling interests and redeemable noncontrolling interests primarily related to residential lease projects; and (iii) $82.7 million in net proceeds from the issuance of non-recourse residential financing, net of issuance costs. This was partially offset by: (i) 19.1 million in net repayments of bank loans and other debt; and (ii) $4.7 million in purchases of treasury stock for tax withholding obligations on vested restricted stock.\n\n | | Fiscal Year Ended | \n--------------------------------------------------- | ----------------- | ----------------- | -----------------\n(In thousands) | December 29, 2019 | December 30, 2018 | December 31, 2017\nNet cash used in operating activities | $(270,413) | $(543,389) | $(267,412) \nNet cash provided by (used in) investing activities | $21,366 | $274,900 | $(293,084) \nNet cash provided by financing activities | $344,314 | $85,847 | $589,932 "} {"_id": "d1b318b92", "title": "", "text": "6. Supplemental Financial Information\nCash and cash equivalents (in millions):\nThe following table presents cash and cash equivalents as reported in our consolidated balance sheets, as well as the sum of cash, cash equivalents and restricted cash as reported on our consolidated statement of cash flows in accordance with our adoption of the ASU discussed in Note 1 \u2013 Description of Business and Significant Accounting Policies.\n\n | April 26, 2019 | April 26, 2018\n------------------------------------------ | -------------- | --------------\nCash | $ 2,216 | $ 2,727 \nCash equivalents | 109 | 214 \nCash and cash equivalents | $ 2,325 | $ 2,941 \nShort-term restricted cash | 5 | 5 \nLong-term restricted cash | 1 | 1 \nRestricted cash | $ 6 | $ 6 \nCash, cash equivalents and restricted cash | $ 2,331 | $ 2,947 "} {"_id": "d1b374582", "title": "", "text": "Preliminary Purchase Price Allocation\nFor the Assemble Systems, PlanGrid, and BuildingConnected acquisitions that were accounted for as business combinations, Autodesk recorded the tangible and intangible assets acquired and liabilities assumed based on their estimated fair values at the date of acquisition. The fair values assigned to the identifiable intangible assets acquired were based on estimates and assumptions determined by management. Autodesk recorded the excess of consideration transferred over the aggregate fair values as goodwill. The goodwill recorded is primarily attributable to synergies expected to arise after the acquisition. There is no amount of goodwill that is deductible for U.S. income tax purposes.\nThe following table summarizes the fair value of the assets acquired and liabilities assumed by major class for the business combinations that were completed during the fiscal year ended January 31, 2019:\n(1) During Q4 of fiscal 2019, Autodesk recorded a measurement period adjustment related to the valuation of the deferred tax liability associated with the Assemble Systems acquisition. This adjustment increased goodwill and reduced net tangible assets by $0.1 million.\nFor the three business combinations in fiscal 2019, the determination of estimated fair values of certain assets and liabilities is derived from estimated fair value assessments and assumptions by Autodesk. For PlanGrid and BuildingConnected, Autodesk's estimates and assumptions are subject to change within the measurement period (up to one year from the acquisition date). For the three business combinations in fiscal 2019, the tax impact of the acquisition is also subject to change within the measurement period. Different estimates and assumptions could result in different valuations assigned to the individual assets acquired and liabilities assumed, and the resulting amount of goodwill.\n\n | Assemble Systems (1) | PlanGrid | BuildingConnected | Total \n-------------------------------------------------------------- | -------------------- | -------- | ----------------- | --------\nDeveloped technologies | $4.4 | $78.0 | $12.5 | $94.9 \nCustomer relationships and other non-current intangible assets | 12.0 | 98.0 | 26.9 | 136.9 \nTrade name | 2.8 | 20.0 | 6.8 | 29.6 \nGoodwill | 72.0 | 588.7 | 206.3 | 867.0 \nDeferred revenue (current and non-current) | (1.7) | (25.5) | (2.8) | (30.0) \nNet tangible assets | 4.1 | 18.4 | 3.5 | 26.0 \nTotal | $93.6 | $777.6 | $253.2 | $1,124.4"} {"_id": "d1b321468", "title": "", "text": "AMERICAN TOWER CORPORATION AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Tabular amounts in millions, unless otherwise disclosed)\n10. OTHER NON-CURRENT LIABILITIES\nOther non-current liabilities consisted of the following:\nThe reduction in Deferred rent liability is a result of the Company\u2019s adoption of the new lease accounting standard.\n\n | As of | \n------------------------------- | ----------------- | -----------------\n | December 31, 2019 | December 31, 2018\nDeferred rent liability | $\u2014 | $506.7 \nUnearned revenue | 525.9 | 504.6 \nOther miscellaneous liabilities | 411.1 | 253.8 \nOther non-current liabilities | $937.0 | $1,265.1 "} {"_id": "d1b352c70", "title": "", "text": "Contractual Obligations\nThe following table summarizes our contractual obligations as of November 29, 2019:\nAs of November 29, 2019, our Term Loan\u2019s carrying value was $2.25 billion. At our election, the Term Loan will bear interest at either (i) the London Interbank Offered Rate (\u201cLIBOR\u201d) plus a margin, based on our debt ratings, ranging from 0.500% to 1.000% or (ii) a base rate plus a margin, based on our debt ratings, ranging from 0.040% to 0.110%. Interest is payable periodically, in arrears, at the end of each interest period we elect. Based on the LIBOR rate at November 29, 2019, our estimated maximum commitment for interest payments was $23.2 million for the remaining duration of the Term Loan.\nAs of November 29, 2019, the carrying value of our Notes payable was $1.89 billion. Interest on our Notes is payable semi-annually, in arrears on February 1 and August 1. At November 29, 2019, our maximum commitment for interest payments was $200.1 million for the remaining duration of our Notes.\nOur Term Loan and Revolving Credit Agreement contain similar financial covenants requiring us not to exceed a maximum leverage ratio. As of November 29, 2019, we were in compliance with this covenant. We believe this covenant will not impact our credit or cash in the coming fiscal year or restrict our ability to execute our business plan. Our senior notes do not contain any financial covenants.\nUnder the terms of our Term Loan and Revolving Credit Agreement, we are not prohibited from paying cash dividends unless payment would trigger an event of default or if one currently exists. We do not anticipate paying any cash dividends in the foreseeable future.\n\n(in millions) | | | Payment Due by Period | | \n--------------------------------------- | -------- | ---------------- | --------------------- | --------- | -----------------\n | Total | Less than 1 year | 1-3 years | 3-5 years | More than 5 years\nTerm Loan and Notes, including interest | $4,373.3 | $3,227.0 | $65.0 | $65.0 | $1,016.3 \nOperating lease obligations, net | 711.5 | 88.7 | 158.0 | 126.9 | 337.9 \nPurchase obligations | 2,036.5 | 545.0 | 935.8 | 555.7 | \u2014 \nTotal | $7,121.3 | $3,860.7 | $1,158.8 | $747.6 | $1,354.2 "} {"_id": "d1b31d1f6", "title": "", "text": "ITEM 7. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS (United States Dollars in thousands, except per share data and unless otherwise indicated)\nFair value change in FCR liability\nThe following table reconciles the beginning and ending measurements of our FCR liability and highlights the activity that drove the fair value change in FCR liability included in our cost of revenue.\n(1) Includes: (i) incentive payments from Bank Partners, which is the surplus of finance charges billed to borrowers over an agreedupon portfolio yield, a fixed servicing fee and realized net credit losses, (ii) cash received from recoveries on previously charged-off Bank Partner loans, and (iii) the proceeds received from transferring our rights to Charged-Off Receivables (as defined below) attributable to previously charged-off Bank Partner loans. We consider all monthly incentive payments from Bank Partners during the period to be related to billed finance charges on deferred interest products until monthly incentive payments exceed total billed finance charges on deferred products, which did not occur during any of the periods presented.\n(2) Represents the reversal of previously billed finance charges associated with deferred payment loan principal balances that were repaid within the promotional period.\n(3) A fair value adjustment is made based on the expected reversal percentage of billed finance charges (expected settlements), which is estimated at each reporting date. The fair value adjustment is recognized in cost of revenue in the Consolidated Statements of Operations.\n\n | | Year Ended December 31, | \n--------------------------------------------------- | --------- | ----------------------- | ---------\n | 2019 | 2018 | 2017 \nBeginning balance | $138,589 | $94,148 | $68,064 \nReceipts(1) | 159,527 | 129,153 | 109,818 \nSettlements(2) | (262,449) | (181,590) | (127,029)\nFair value changes recognized in cost of revenue(3) | 170,368 | 96,878 | 43,295 \nEnding balance | $206,035 | $138,589 | $94,148 "} {"_id": "d1b3c10ee", "title": "", "text": "Non-operating Corporate\nSelling, general and administrative: Selling, general and administrative expenses from our Non-operating Corporate segment for the year ended December 31, 2019 decreased $8.6 million to $24.9 million from $33.5 million for the year ended December 31, 2018. The decrease was driven by reductions in bonus expense, consulting and professional service fees, and employee wage and benefits expenses.\nThe HC2 Compensation Committee establishes annual salary, cash and equity-based bonus arrangements for certain HC2 executive employees on an annual basis. In determining the amounts payable pursuant to such cash and equity-based bonus arrangements for these employees, the Company has historically measured the growth in the Company\u2019s NAV in accordance with a formula established by HC2\u2019s Compensation Committee (\"Compensation NAV\") in 2014.\nThe Compensation NAV is generally determined by dividing the end of year Compensation NAV per share by the beginning year Compensation NAV per share and subtracting 1 from this amount (the \"NAV Return\"), and then subtracting the required threshold return rate from the NAV Return. The hurdle rate has consistently been set at 7%, and the plan allows for the share of up to 12% of growth over and above the hurdle rate.\nHC2\u2019s accrual for cash and equity-based bonus arrangements of HC2 executive employees as of December 31, 2019 and 2018 resulted in a $4.4 million decrease in expense recognized. These changes reflect the underlying performance in the Compensation NAV in the respective periods. In 2019 the NAV did not meet the hurdle rate, while in 2018 it grew approximately 21%.\nFor 2019, Compensation NAV did not meet the hurdle rate, and declined by 26.1%, resulting primarily from external events that occurred in the fourth quarter at our Insurance segment, with respect to our views on the future of the management fee agreement, along with our expectations of future dividends, after recent and ongoing discussions with our domestic regulator.\nIn accordance with the terms of the plan, this decline in Compensation NAV directly reduces the deferred cash compensation awarded in 2017 and 2018. The total reduction recognized in 2019 was $0.8 million, related to the claw back of a portion of the 2017 and 2018 awards which were unpaid as of December 31, 2019. In addition, the plan requires that future NAV growth continues to be determined using the high water mark based on the beginning Compensation NAV established at the beginning of 2019.\n\n | | Years Ended December 31, | \n----------------------------------- | ------- | ------------------------ | ---------------------\n | 2019 | 2018 | Increase / (Decrease)\nSelling, general and administrative | $24.9 | $33.5 | $(8.6) \nDepreciation and amortization | 0.1 | 0.1 | \u2014 \nLoss from operations | $(25.0) | $(33.6) | $8.6 "} {"_id": "d1b2fc7bc", "title": "", "text": "The table below summarizes our cash flows from continuing operations activities for each of the last two fiscal years (in thousands):\nOperating Activities. Operating cash flows increased $64.4 million in 2019 compared with 2018 primarily due to favorable changes in working capital of\u00a0 $37.0 million, primarily due to lower income tax payments of$41.3 million, and higher net income adjusted for non-cash items of $27.3 million\nPension and Postretirement Contributions \u2014 Our policy is to fund our pension plans at or above the minimum required by law. As of January 1, 2019, the date of our last actuarial funding valuation for our qualified pension plan, there was no minimum contribution funding requirement. In 2019 and 2018, we contributed $6.2 million and $5.5 million, respectively, to our pension and postretirement plans. We do not anticipate making any contributions to our qualified defined benefit pension plan in fiscal 2020. For additional information, refer to Note 12, Retirement Plans, of the notes to the consolidated financial statements.\n\n | 2019 | 2018 \n---------------------------------------------------------- | -------- | ----------\nTotal cash provided by (used in) continuing operations: | | \nOperating activities | $168,405 | $104,055 \nInvesting activities | (13,819) | 65,661 \nFinancing activities | (5,730) | (445,529) \nNet increase (decrease) in cash from continuing operations | $148,856 | $(275,813)"} {"_id": "d1b37dfd8", "title": "", "text": "18. Trade and other payables\u00a0 Significant accounting policies that apply to trade and other payables We initially recognise trade and other payables at fair value, which is usually the original invoiced amount. We subsequently carry them at amortised cost using the effective interest method.\na Deferred income recognised in prior periods has substantially been reclassified to contract liabilities on adoption of IFRS 15, see notes 1 and 2. The remaining balance includes \u00a351m (2017/18: \u00a3132m, 2016/17: \u00a371m) current and \u00a3586m (2017/18: \u00a3404m, 2016/17: \u00a3375m) non-current liabilities relating to the Broadband Delivery UK programme, for which grants received by the group may be subject to re-investment or repayment depending on the level of take-up.\nb Other payables relate to operating lease liabilities and deferred gains on a 2001 sale and finance leaseback transaction.\n\n | 2019 | 2018 | 2017 \n---------------------------------- | ----- | ----- | -----\nAt 31 March | \u00a3m | \u00a3m | \u00a3m \nCurrent | | | \nTrade payables | 4,141 | 3,991 | 4,205\nOther taxation and social security | 564 | 704 | 704 \nOther payables | 387 | 456 | 672 \nAccrued expenses | 630 | 492 | 382 \nDeferred income a | 68 | 1,525 | 1,474\n | 5,790 | 7,168 | 7,437"} {"_id": "d1b3b7e86", "title": "", "text": "ITEM 5 MARKET FOR REGISTRANT\u2019S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES\nOur common stock is listed on the Nasdaq Global Market under the symbol \u201cLWAY.\u201d Trading commenced on March 29, 1988. As of March 16, 2020, there were approximately 147 holders of record of Lifeway\u2019s Common Stock.\nCommon stock price\nThe following table shows the high and low sale prices per share of our common stock as reported on the Nasdaq Global Market for each quarter during the two most recent fiscal years:\n\n | | Common Stock Price Range 2018\n-------------- | ------ | -----------------------------\n | Low | High \nFirst Quarter | $ 5.99 | $ 8.40 \nSecond Quarter | $ 4.79 | $ 6.48 \nThird Quarter | $ 2.66 | $ 4.63 \nFourth Quarter | $ 1.88 | $ 3.39 "} {"_id": "d1b3af6d2", "title": "", "text": "TERM DEPOSITS\nAn analysis of the Group\u2019s term deposits by currencies are as follows:\nThe effective interest rate for the term deposits of the Group with initial terms of over three months to three years during the year ended 31 December 2019 was 3.57% (2018: 4.08%).\nTerm deposits with initial terms of over three months were neither past due nor impaired. As at 31 December 2019, the carrying amounts of the term deposits with initial terms of over three months approximated their fair values.\n\n | As at 31 December | \n------------------------------- | ----------------- | -----------\n | 2019 | 2018 \n | RMB\u2019Million | RMB\u2019Million\nIncluded in non-current assets: | | \nRMB term deposits | 19,000 | \u2013 \nIncluded in current assets: | | \nRMB term deposits | 28,598 | 55,180 \nUSD term deposits | 16,325 | 6,349 \nOther currencies | 1,988 | 1,389 \n | 46,911 | 62,918 \n | 65,911 | 62,918 "} {"_id": "d1b39576e", "title": "", "text": "Note 19\u2014Earnings Per Share (\"EPS\")\nBasic EPS is computed by dividing net income attributable to Leidos common stockholders by the basic weighted average number of shares outstanding. Diluted EPS is calculated to give effect to all potentially dilutive common shares that were outstanding during the reporting period. The dilutive effect of outstanding equity-based compensation awards is reflected in diluted EPS by application of the treasury stock method, only in periods in which such effect would have been dilutive for the period.\nThe Company issues unvested stock awards that have forfeitable rights to dividends or dividend equivalents. These stock awards are dilutive common share equivalents subject to the treasury stock method.\nThe weighted average number of shares used to compute basic and diluted EPS attributable to Leidos stockholders were:\nAnti-dilutive stock-based awards are excluded from the weighted average number of shares outstanding used to compute diluted EPS. For fiscal 2019 and 2017, there were no significant anti-diluted equity awards. For fiscal 2018, there was 1 million of outstanding stock options and vesting stock awards that were anti-dilutive.\n\n | | Year Ended | \n---------------------------------------------------------------------- | --------------- | ----------------- | -----------------\n | January 3, 2020 | December 28, 2018 | December 29, 2017\n | | (in millions) | \nBasic weighted average number of shares outstanding | 143 | 151 | 152 \nDilutive common share equivalents\u2014stock options and other stock awards | 2 | 2 | 2 \nDiluted weighted average number of shares outstanding | 145 | 153 | 154 "} {"_id": "d1b3ab7da", "title": "", "text": "Segment Results\nGeneral\nReconciliation of segment revenue to total operating revenue is below:\n(1) On May 1, 2017 we sold a portion of our data centers and colocation business. See Note 3\u2014Sale of Data Centers and Colocation Business to our consolidated financial statements in Item 8 of Part II of this report, for additional information.\n\n | | Year Ended December 31, | \n--------------------------------- | ------- | ----------------------- | ------\n | 2019 | 2018 | 2017 \n | | (Dollars in millions) | \nOperating revenue | | | \nInternational and Global Accounts | $3,596 | 3,653 | 1,382 \nEnterprise | 6,133 | 6,133 | 4,186 \nSmall and Medium Business | 2,956 | 3,144 | 2,418 \nWholesale | 4,074 | 4,397 | 3,026 \nConsumer | 5,642 | 6,116 | 6,451 \nTotal segment revenue | $22,401 | 23,443 | 17,463\nOperations and Other(1) | \u2014 | \u2014 | 193 \nTotal operating revenue | $22,401 | 23,443 | 17,656"} {"_id": "d1b351974", "title": "", "text": "ITEM 3. KEY INFORMATION\nSelected Financial Data\nThe following table sets forth our selected consolidated financial data as of and for each of the years in the five-year period ended December 31, 2019. The consolidated financial data has been derived from, and should be read in conjunction with, our Consolidated Financial Statements prepared in accordance with International Financial Reporting Standards as issued by the International Accounting Standards Board (IFRS), presented in \u201cItem 18. Financial Statements\u201d of this report.\nOur selected financial data and our Consolidated Financial Statements are presented in euros, unless otherwise stated.\n(1) See Note (C.6) to our Consolidated Financial Statements for more information on earnings per share.\n(2) The balances include primarily bonds, private placements and bank loans. See Note (E.3) to our Consolidated Financial Statements for more information on our financial liabilities.\n\nSELECTED FINANCIAL DATA: IFRS | | | | | \n----------------------------------------------------- | ------ | ------ | ------ | ------ | ------\n\u20ac millions, unless otherwise stated | 2019 | 2018 | 2017 | 2016 | 2015 \nIncome Statement Data: Years ended December 31, | | | | | \nCloud revenue | 6,933 | 4,993 | 3,769 | 2,993 | 2,286 \nSoftware licenses and support revenue | 16,080 | 15,628 | 15,780 | 15,431 | 14,928\nCloud and software revenue | 23,012 | 20,622 | 19,549 | 18,424 | 17,214\nTotal revenue | 27,553 | 24,708 | 23,461 | 22,062 | 20,793\nOperating profit | 4,473 | 5,703 | 4,877 | 5,135 | 4,252 \nProfit after tax | 3,370 | 4,088 | 4,046 | 3,629 | 3,056 \nProfit attributable to owners of parent | 3,321 | 4,083 | 4,008 | 3,642 | 3,064 \nEarnings per share(1) | | | | | \nBasic in \u20ac | 2.78 | 3.42 | 3.35 | 3.04 | 2.56 \nDiluted in \u20ac | 2.78 | 3.42 | 3.35 | 3.04 | 2.56 \nOther Data: | | | | | \nWeighted-average number of shares outstanding | | | | | \nBasic | 1,194 | 1,194 | 1,197 | 1,198 | 1,197 \nDiluted | 1,194 | 1,194 | 1,198 | 1,199 | 1,198 \nStatement of Financial Position Data: At December 31, | | | | | \nCash and cash equivalents | 5,314 | 8,627 | 4,011 | 3,702 | 3,411 \nTotal assets | 60,215 | 51,502 | 42,484 | 44,262 | 41,390\nCurrent financial liabilities(2) | 3,273 | 1,125 | 1,561 | 1,813 | 841 \nNon-current financial liabilities(2) | 12,923 | 10,553 | 5,034 | 6,481 | 8,681 \nIssued capital | 1,229 | 1,229 | 1,229 | 1,229 | 1,229 \nTotal equity | 30,822 | 28,877 | 25,515 | 26,382 | 23,295"} {"_id": "d1b349a4e", "title": "", "text": "a) Vessels Under Construction and Upgrades\nTeekay LNG's share of commitments to fund newbuilding and other construction contract costs as at December 31, 2019 are as follows:\n(i) In June 2019, Teekay LNG entered into an agreement with a contractor to supply equipment on certain of its LNG carriers in 2021 and 2022, for an estimated installed cost of approximately $60.6 million. As at December 31, 2019, the estimated remaining cost of this installation is $49.7 million.\n(ii) Teekay LNG has a 30% ownership interest in the Bahrain LNG Joint Venture which has an LNG receiving and regasification terminal in Bahrain. The Bahrain LNG Joint Venture has secured undrawn debt financing of $34 million, of which $10 million relates to Teekay LNG's proportionate share of the commitments included in the table above.\n\n | Total | 2020 | 2021 | 2022 \n------------------------------ | ------ | ------ | ------ | ------\n | $ | $ | $ | $ \nConsolidated LNG carriers (i) | 49,652 | 11,979 | 22,382 | 15,291\nBahrain LNG Joint Venture (ii) | 11,351 | 11,351 | \u2014 | \u2014 \n | 61,003 | 23,330 | 22,382 | 15,291"} {"_id": "d1b31b73e", "title": "", "text": "Disaggregated revenue\nThe Group\u2019s revenues by geographic region based on end-users who purchased our products or services are as follows:\nRevenues from the United States totaled approximately $529 million, $386 million, and $281 million for the fiscal years ended 2019, 2018, and 2017, respectively. Revenues from our country of domicile, the United Kingdom, totaled approximately $86 million, $63 million, and $46 million for the fiscal years ended 2019, 2018, and 2017, respectively. No one customer has accounted for more than 10% of revenue for the fiscal years ended 2019, 2018, and 2017.\n\n | | Fiscal Year Ended June 30, | \n------------ | ---------- | -------------------------- | ------------\n | 2019 | 2018 | 2017 \n | | (U.S. $ in thousands) | \n | | *As Adjusted | *As Adjusted\nAmericas | $603,959 | $439,363 | $317,432 \nEMEA | 474,712 | 347,509 | 193,790 \nAsia Pacific | 131,456 | 94,106 | 115,462 \n | $1,210,127 | $880,978 | $626,684 "} {"_id": "d1b379c4e", "title": "", "text": "(1) Totals may not sum due to rounding.\n(2) CEO transition costs include stock-based compensation of $16.4 million related to the acceleration of eligible stock awards in conjunction with the Company's former CEOs' transition agreements for the fiscal year ended January 31, 2018.\nOur non-GAAP financial measures may exclude the following:\nStock-based compensation expenses. We exclude stock-based compensation expenses from non-GAAP measures primarily because they are non-cash expenses and management finds it useful to exclude certain non-cash charges to assess the appropriate level of various operating expenses to assist in budgeting, planning and forecasting future periods. Moreover, because of varying available valuation methodologies, subjective assumptions and the variety of award types that companies can use under FASB ASC Topic 718, we believe excluding stock-based compensation expenses allows investors to make meaningful comparisons between our recurring core business operating results and those of other companies.\nAmortization of developed technologies and purchased intangibles. We incur amortization of acquisition-related developed technology and purchased intangibles in connection with acquisitions of certain businesses and technologies. Amortization of developed technologies and purchased intangibles is inconsistent in amount and frequency and is significantly affected by the timing and size of our acquisitions. Management finds it useful to exclude these variable charges from our cost of revenues to assist in budgeting, planning and forecasting future periods. Investors should note that the use of intangible assets contributed to our revenues earned during the periods presented and will contribute to our future period revenues as well. Amortization of developed technologies and purchased intangible assets will recur in future periods.\nCEO transition costs. We exclude amounts paid to the Company's former CEOs upon departure under the terms of their transition agreements, including severance payments, acceleration of restricted stock units, and continued vesting of performance stock units, and legal fees incurred with the transition. Also excluded from our non-GAAP measures are recruiting costs related to the search for a new CEO. These costs represent non-recurring expenses and are not indicative of our ongoing operating expenses. We further believe that excluding the CEO transition costs from our non-GAAP results is useful to investors in that it allows for period-over-period comparability\nGoodwill impairment. This is a non-cash charge to write-down goodwill to fair value when there was an indication that the asset was impaired. As explained above, management finds it useful to exclude certain non-cash charges to assess the appropriate level of various operating expenses to assist in budgeting, planning and forecasting future periods\nRestructuring and other exit costs, net. These expenses are associated with realigning our business strategies based on current economic conditions. In connection with these restructuring actions or other exit actions, we recognize costs related to termination benefits for former employees whose positions were eliminated, the closure of facilities and cancellation of certain contracts. We exclude these charges because these expenses are not reflective of ongoing business and operating results. We believe it is useful for investors to understand the effects of these items on our total operating expenses.\nAcquisition related costs. We exclude certain acquisition related costs, including due diligence costs, professional fees in connection with an acquisition, certain financing costs, and certain integration related expenses. These expenses are unpredictable, and dependent on factors that may be outside of our control and unrelated to the continuing operations of the acquired business, or our Company. In addition, the size and complexity of an acquisition, which often drives the magnitude of acquisition related costs, may not be indicative of such future costs. We believe excluding acquisition related costs facilitates the comparison of our financial results to the Company's historical operating results and to other companies in our industry.\n(Gain) loss on strategic investments and dispositions. We exclude gains and losses related to our strategic investments and dispositions from our non-GAAP measures primarily because management finds it useful to exclude these variable gains and losses on these investments and dispositions in assessing our financial results. Included in these amounts are non-cash unrealized gains and losses on the derivative components, dividends received, realized gains and losses on the sales or losses on the impairment of these investments and dispositions. We believe excluding these items is useful to investors because these excluded items do not correlate to the underlying performance of our business and these losses or gains were incurred in connection with strategic investments and dispositions which do not occur regularly.\nDiscrete tax items. We exclude the GAAP tax provision, including discrete items, from the non-GAAP measure of net (loss) income, and include a non-GAAP tax provision based upon the projected annual non-GAAP effective tax rate. Discrete tax items include income tax expenses or benefits that do not relate to ordinary income from continuing operations in the current fiscal year, unusual or infrequently occurring items, or the tax impact of certain stock-based compensation. Examples of discrete tax items include, but are not limited to, certain changes in judgment and changes in estimates of tax matters related to prior fiscal years, certain costs related to business combinations, certain changes in the realizability of deferred tax assets or changes in tax law. Management believes this approach assists investors in understanding the tax provision and the effective tax rate related to ongoing operations. We believe the exclusion of these discrete tax items provides investors with useful supplemental information about our operational performance.\nEstablishment of a valuation allowance on certain net deferred tax assets. This is a non-cash charge to record a valuation allowance on certain deferred tax assets. As explained above, management finds it useful to exclude certain non-cash charges to assess the appropriate level of various cash expenses to assist in budgeting, planning and forecasting future periods\nIncome tax effects on the difference between GAAP and non-GAAP costs and expenses. The income tax effects that are excluded from the non-GAAP measures relate to the tax impact on the difference between GAAP and non-GAAP expenses, primarily due to stock-based compensation, amortization of purchased intangibles and restructuring charges and other exit costs (benefits) for GAAP and non-GAAP measures.\n\n | | Fiscal Year Ended January 31, | \n----------------------------------------- | ------- | ----------------------------- | -------\n | 2019 | 2018 | 2017 \n | | (Unaudited) | \nDiluted net (loss) income per share | $(0.37) | $(2.58) | $(2.61)\nStock-based compensation expense | 1.12 | 1.11 | 1.00 \nAmortization of developed technologies | 0.08 | 0.08 | 0.18 \nAmortization of purchased intangibles | 0.08 | 0.09 | 0.14 \nCEO transition costs (2) | \u2014 | 0.09 | \u2014 \nAcquisition related costs | 0.07 | \u2014 | \u2014 \nRestructuring and other exit costs, net | 0.14 | 0.43 | 0.35 \n(Gain) loss on strategic investments | (0.05) | 0.08 | \u2014 \nDiscrete tax provision items | (0.14) | (0.09) | (0.01) \nIncome tax effect of non-GAAP adjustments | 0.08 | 0.31 | 0.45 \nNon-GAAP diluted income (loss) per share | $1.01 | $(0.48) | $(0.50)"} {"_id": "d1b32e7f8", "title": "", "text": "NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (in thousands, except for share and per share data)\nNOTE 20 \u2014 Geographic Data\nFinancial information relating to our operations by geographic area were as follows:\nSales are attributed to countries based upon the origin of the sale.\n\n | | Years Ended December 31, | \n---------------------- | -------- | ------------------------ | --------\nNet Sales | 2019 | 2018 | 2017 \nUnited States | $279,904 | $313,489 | $287,092\nSingapore | 32,957 | 6,724 | 5,596 \nTaiwan | 19,810 | 20,802 | 18,586 \nChina | 87,342 | 79,380 | 66,510 \nCzech Republic | 33,214 | 36,528 | 34,476 \nOther non-U.S. | 15,772 | 13,560 | 10,733 \nConsolidated net sales | $468,999 | $470,483 | $422,993"} {"_id": "d1b35bf96", "title": "", "text": "8. Financing Receivables and Operating Leases\n(a) Financing Receivables\nFinancing receivables primarily consist of lease receivables, loan receivables, and financed service contracts. Lease receivables represent sales-type and direct-financing leases resulting from the sale of Cisco\u2019s and complementary third-party products and are typically collateralized by a security interest in the underlying assets. Lease receivables consist of arrangements with terms of four years on average. Loan receivables represent financing arrangements related to the sale of our hardware, software, and services, which may include additional funding for other costs associated with network installation and integration of our products and services. Loan receivables have terms of three years on average. Financed service contracts include financing receivables related to technical support and advanced services. Revenue related to the technical support services is typically deferred and included in deferred service revenue and is recognized ratably over the period during which the related services are to be performed, which typically ranges from one to three years.\nA summary of our financing receivables is presented as follows (in millions):\n\nJuly 27, 2019 | Lease Receivables | Loan Receivables | Financed Service Contracts | Total \n------------------------- | ----------------- | ---------------- | -------------------------- | -------\nGross | $2,367 | $5,438 | $2,369 | $10,174\nResidual value | 142 | \u2014 | \u2014 | 142 \nUnearned income | (137) | \u2014 | \u2014 | (137) \nAllowance for credit loss | (46) | (71) | (9) | (126) \nTotal, net . | $2,326 | $5,367 | $2,360 | $10,053\nReported as: | | | | \nCurrent . | $1,029 | $2,653 | $1,413 | $5,095 \nNoncurrent | 1,297 | 2,714 | 947 | 4,958 \nTotal, net . | $2,326 | $5,367 | $2,360 | $10,053"} {"_id": "d1b3c7c0a", "title": "", "text": "Advertising Costs: Advertising costs amounted to $278,057, $365,859, and $378,217, for the years ended September 30, 2019, 2018, and 2017, respectively, and are charged to expense when incurred.\nNet Income Per Share: Basic and diluted net income per share is computed by dividing net income by the weighted average number of common shares outstanding and the weighted average number of dilutive shares outstanding, respectively.\nThere were 268,000 and 108,000 shares for the years ended September 30, 2019 and 2018, respectively, that were excluded from the above calculation as they were considered antidilutive in nature. No shares were considered antidilutive for the year ended September 30, 2017.\nUse of Estimates: The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, related revenues and expenses and disclosure about contingent assets and liabilities at the date of the financial statements. Significant estimates include the rebates related to revenue recognition, stock based compensation and the valuation of inventory, long-lived assets, finite lived intangible assets and goodwill. Actual results may differ materially from these estimates.\nRecently Issued Accounting Pronouncements: In February 2016, the FASB issued ASU 2016-02, Leases. There have been further amendments, including practical expedients, with the issuance of ASU 2018-01 in January 2018, ASU 2018-11 in July 2018 and ASU 2018-20 in December 2018. The amended guidance requires the recognition of lease assets and lease liabilities by lessees for those leases classified as operating leases under previous guidance. The update is effective for annual reporting periods beginning after December 15, 2018, including interim periods within those reporting periods, with early adoption permitted. The guidance will be applied on a modified retrospective basis with the earliest period presented. Based on the effective date, this guidance will apply beginning October 1, 2019. The adoption of ASU 2016-02 will have no impact to retained earnings or net income. Upon adoption of ASU 2016-02 on October 1, 2019, we anticipate recording a right-of-use asset and an offsetting lease liability of approximately $2.3 to $2.9 million.\nIn January 2017, the FASB issued ASU 2017-04 Intangibles-Goodwill, which offers amended guidance to simplify the accounting for goodwill impairment by removing Step 2 of the goodwill impairment test. A goodwill impairment will now be measured as the amount by which a reporting unit\u2019s carrying value exceeds its fair value, limited to the amount of goodwill allocated to that reporting unit. This guidance is to be applied on a prospective basis effective for the Company\u2019s interim and annual periods beginning after January 1, 2020, with early adoption permitted for any impairment tests performed after January 1, 2017. The Company does not believe the adoption of this ASU will have a material impact on our financial statements.\n\n | Year ended September 30, | | \n--------------------------------------------------- | ------------------------ | ---------- | ----------\n | 2019 | 2018 | 2017 \nNet income | $4,566,156 | $4,274,547 | $3,847,839\nWeighted average common shares | 13,442,871 | 13,429,232 | 13,532,375\nDilutive potential common shares | 8,343 | 23,628 | 128,431 \nWeighted average dilutive common shares outstanding | 13,451,214 | 13,452,860 | 13,660,806\nEarnings per share: | | | \nBasic | $0.34 | $0.32 | $0.28 \nDiluted | $0.34 | $0.32 | $0.28 "} {"_id": "d1b3bdf66", "title": "", "text": "Restricted Stock Units\nThe Company grants restricted stock units, or RSUs, to employees with various vesting terms. RSUs entitle the holder to receive, at no cost, one common share for each restricted stock unit on the vesting date as it vests. The Company withholds shares in settlement of employee tax withholding obligations upon the vesting of restricted stock units. Stock-based compensation related to grants of vested RSUs and PSUs was $3.0 million, $1.6, million and $1.0 million in 2019, 2018 and 2017, respectively.\nThe following table summarizes RSU\u2019s activity under the 2019 Plan and 2009 Plan, and the related weighted average grant date fair value, for 2019, 2018 and 2017:\n\n | | RSUs & PRSUs Outstanding \n------------------------------ | ---------------- | --------------------------------------\n | Number of Shares | Weighted Average Grant Date Fair Value\n | (in thousands) | \nNonvested at January 1, 2017 | 98 | $23.52 \nGranted | 132 | 19.74 \nVested | (43) | 20.44 \nForfeited | (19) | \u2014 \nNonvested at January 1, 2018 | 168 | 21.56 \nGranted | 110 | 11.90 \nVested | (77) | 19.18 \nForfeited | (18) | \u2014 \nNonvested at December 30, 2018 | 183 | 17.22 \nGranted | 353 | 10.77 \nVested | (118) | 14.48 \nForfeited | (41) | \u2014 \nNonvested at December 29, 2019 | 377 | $12.55 "} {"_id": "d1a72c798", "title": "", "text": "16. INCOME TAXES (Continued)\nThe reconciliation of the income tax expense at the U.S. Federal statutory rate (21.0% in fiscal 2019, 24.5% in fiscal 2018 and 35.0% in fiscal 2017) to actual income tax expense is as follows (in thousands):\nOn December 22, 2017, the Tax Act was enacted. The Tax Act contains significant changes to U.S. tax law, including lowering the U.S. corporate income tax rate to 21.0%, implementing a territorial tax system with a one-time transition tax assessment on previously tax-deferred foreign earnings and imposing new taxes on certain foreign-sourced income. We elected to pay the one-time transition tax over a period of up to eight years.\nIn conjunction with the Tax Act, the SEC issued guidance under Staff Accounting Bulletin No. 118 (\u2018\u2018SAB 118\u2019\u2019) directing taxpayers to record the impact of the Tax Act as \u2018\u2018provisional\u2019\u2019 when they do not have all the necessary information to complete the accounting under ASC 740. The guidance allowed for a measurement period of up to one year after the enactment date of the Tax Act to finalize the recording of the related tax impact. In accordance with SAB 118, we recorded provisional estimates to our consolidated financial statements in fiscal 2018 based on the Tax Act. During the first quarter of fiscal 2019, we further analyzed the income tax effects of the Tax Act and determined there were no material changes to the provisional amounts disclosed in our fiscal 2018 financial statements. Although our accounting for the effects of the Tax Act is complete under SAB 118, there may be future adjustments based on interpretations by the U.S. federal and state governments and regulatory organizations, legislative updates or new regulations, or changes in accounting standards for income taxes.\nThe Tax Act also includes provisions for Global Intangible Low-Taxed Income (\u2018\u2018GILTI\u2019\u2019) wherein taxes on foreign income are imposed in excess of a deemed return on tangible assets of foreign corporations. In general, this income will effectively be taxed at a 10.5% tax rate reduced by any available current year foreign tax credits. This provision became effective for taxable years beginning after December 31, 2017, which was our fiscal 2019. We have elected to treat tax generated by the GILTI provisions as a period expense.\nThe effective tax rate on income from continuing operations before income taxes for fiscal 2019 of 10.4% was lower than the U.S. federal tax rate of 21.0% primarily due to the tax benefit from losses of our German subsidiaries, which are subject to higher tax rates than U.S. tax rates, adjustments related to the Tax Act\u2019s transition tax, the net excess tax benefits from restricted stock unit vesting, the benefit of federal research and development tax credits and our Singapore and South Korea tax exemptions. These amounts are partially offset by an accrual for foreign withholding taxes on certain current year foreign earnings not considered permanently reinvested, stock-based compensation not deductible for tax purposes and limitations on the deductibility of compensation under Internal Revenue Code Section 162(m).\n\n | | Fiscal | \n---------------------------------------------------------- | ------- | -------- | --------\n | 2019 | 2018 | 2017 \nFederal statutory tax expense | $12,610 | $88,684 | $105,719\nValuation allowance | 7,925 | 4,263 | 4,454 \nForeign taxes at rates greater (less) than U.S. rates, net | (8,210) | 8,417 | (12,346)\nStock-based compensation | 556 | (8,536) | 3,969 \nState income taxes, net of federal income tax benefit | 1,131 | (373) | 398 \nResearch and development credit | (3,665) | (6,972) | (7,884) \nDeferred compensation | (206) | (560) | (1,022) \nRelease of unrecognized tax benefits | (6,688) | (352) | (538) \nRelease of interest accrued for unrecognized tax benefits | (205) | (156) | (78) \nU.S. tax reform impact | \u2014 | 26,653 | \u2014 \nDeferred taxes on foreign earnings | 1,215 | \u2014 | \u2014 \nWrite-off of withholding tax credits | 1,134 | \u2014 | \u2014 \nOther, net | 626 | 3,127 | 739 \nProvision for income taxes | $6,223 | $114,195 | $93,411 \nEffective tax rate | 10.4% | 31.6% | 30.9% "} {"_id": "d1a72bce4", "title": "", "text": "Cost of Revenues and Gross Margin\nCost of revenues in 2019 decreased by $4.3 million, or 16%, as compared to 2018. The decrease was primarily driven by a reduction in the number of global services and cloud infrastructure personnel, which led to a decrease of $2.2 million in compensation and benefits expense, including stock-based compensation expense, as compared to 2018. This reduction in headcount also contributed to a decrease in allocated facilities and information technology costs of $0.5 million in 2019. We also experienced a decrease of $0.9 million in hosting costs in 2019, due to a decline in the usage of our hosted platform as compared to 2018. Additionally, depreciation decreased $0.5 million in 2019, due to the nature and timing of capital expenditures and internal projects as compared to 2018.\nOur gross margin decreased to 53% during 2019, as compared to 54% during 2018. This was primarily due to our revenues, net declining during the year at a slightly faster rate than the corresponding decrease in costs.\n\n | Years Ended December 31, | | Change | \n---------------- | ------------------------ | ---------------------- | -------- | -----\n | 2019 | 2018 | $ | % \n | | (dollars in thousands) | | \nCost of revenues | $22,843 | $27,154 | $(4,311) | (16)%\nGross profit | 26,193 | 31,477 | (6,284) | (17) \nGross margin | 53% | 54% | | "} {"_id": "d1b383b40", "title": "", "text": "8. Goodwill\nThe changes in the carrying amount of goodwill by operating segment are as follows (amounts in millions):\nAt December 31, 2019, 2018, and 2017, there were no accumulated impairment losses.\n\n | Activision | Blizzard | King | Total \n---------------------------- | ---------- | -------- | ------ | ------\nBalance at December 31, 2017 | $6,898 | $190 | $2,675 | $9,763\nOther | (1) | \u2014 | \u2014 | (1) \nBalance at December 31, 2018 | $6,897 | $190 | $2,675 | $9,762\nOther | 1 | \u2014 | 1 | 2 \nBalance at December 31, 2019 | $6,898 | $190 | $2,676 | $9,764"} {"_id": "d1b3bf118", "title": "", "text": "Cubic Mission Solutions\nSales: CMS sales increased 59% to $328.8 million in fiscal 2019 compared to $207.0 million in 2018. The increase in sales resulted from increased product deliveries in all of our CMS product lines, and particularly expeditionary satellite communications products and secure network products. Businesses acquired during fiscal years 2019 and 2018 whose operations are included in our CMS operating segment had sales of $8.9 million and $0.6 million for fiscal years 2019 and 2018, respectively.\nAmortization of Purchased Intangibles: Amortization of purchased intangibles included in the CMS results amounted to $19.5 million in 2019 and $20.8 million in 2018.\nOperating Income: CMS had operating income of $7.8 million in 2019 compared to an operating loss of $0.1 million in 2018. The improvement in operating results was primarily from higher sales from expeditionary satellite communications products and secure networks products. The improvements in operating profits was partially offset by operating losses incurred by businesses that CMS acquired during fiscal 2019 and 2018. Businesses acquired by CMS in fiscal years 2019 and 2018 incurred operating losses of $12.8 million in fiscal 2019 compared to $3.5 million in fiscal 2018. Included in the operating loss incurred by acquired businesses are acquisition transaction costs of $1.6 million and $1.0 million incurred in fiscal years 2019 and 2018, respectively. In addition, the increase in operating profits was partially offset by an increase of $4.4 million in R&D expenditures from fiscal 2018 to fiscal 2019 related primarily to the development of secure communications and ISR-as-a-service technologies.\nAdjusted EBITDA: CMS Adjusted EBITDA increased 31% to $34.4 million in 2019 compared to $26.2 million in 2018. The increase in CMS Adjusted EBITDA was primarily due to the same factors that drove the increase in operating income described above, excluding the changes in amortization expense and acquisition transaction costs as such items are excluded from Adjusted EBITDA. Adjusted EBITDA for CMS increased by $0.5 million in 2019 as a result of the adoption of the new revenue recognition standard. The increase in Adjusted EBITDA was partially offset by the increase in R&D expenditures described above.\n\n | Fiscal 2019 | Fiscal 2018 | % Change\n----------------------- | ----------- | ------------- | --------\n | | (in millions) | \nSales | $ 328.8 | $ 207.0 | 59 % \nOperating income (loss) | 7.8 | (0.1) | n/a \nAdjusted EBITDA | 34.4 | 26.2 | 31 "} {"_id": "d1b2ec434", "title": "", "text": "SEGMENT RESULTS OF OPERATIONS\nReportable Segments\nFiscal Year 2019 Compared with Fiscal Year 2018\nProductivity and Business Processes\nRevenue increased $5.3 billion or 15%. \u2022 Office Commercial revenue increased $3.2 billion or 13%, driven by Office 365 Commercial, offset in part by lower revenue from products licensed on-premises, reflecting a continued shift to cloud offerings. Office 365 Commercial grew 33%, due to growth in seats and higher average revenue per user. \u2022 Office Consumer revenue increased $286 million or 7%, driven by Office 365 Consumer, due to recurring subscription revenue and transactional strength in Japan. \u2022 LinkedIn revenue increased $1.5 billion or 28%, driven by growth across each line of business. \u2022 Dynamics revenue increased 15%, driven by Dynamics 365 growth.\nOperating income increased $3.3 billion or 25%, including an unfavorable foreign currency impact of 2%.\n\n\u2022 Gross margin increased $4.1 billion or 15%, driven by growth in Office Commercial and LinkedIn. Gross margin percentage increased slightly, due to gross margin percentage improvement in LinkedIn and Office 365 Commercial, offset in part by an increased mix of cloud offerings.\n\n\u2022 Operating expenses increased $806 million or 6%, driven by investments in LinkedIn and cloud engineering, offset in part by a decrease in marketing.\nIntelligent Cloud\nRevenue increased $6.8 billion or 21%.\n\n\u2022 Server products and cloud services revenue, including GitHub, increased $6.5 billion or 25%, driven by Azure. Azure revenue growth was 72%, due to higher infrastructure-as-a-service and platform-as-a-service consumption-based and per user-based services. Server products revenue increased 6%, due to continued demand for premium versions and hybrid solutions, GitHub, and demand ahead of end-of-support for SQL Server 2008 and Windows Server 2008.\n\n\u2022 Enterprise Services revenue increased $278 million or 5%, driven by growth in Premier Support Services and Microsoft Consulting Services.\nOperating income increased $2.4 billion or 21%.\n\n\u2022 Gross margin increased $4.8 billion or 22%, driven by growth in server products and cloud services revenue and cloud services scale and efficiencies. Gross margin percentage increased slightly, due to gross margin percentage improvement in Azure, offset in part by an increased mix of cloud offerings.\n\n\u2022 Operating expenses increased $2.4 billion or 22%, driven by investments in cloud and AI engineering, GitHub, and commercial sales capacity.\nMore Personal Computing\nRevenue increased $3.4 billion or 8%.\n\n\u2022 Windows revenue increased $877 million or 4%, driven by growth in Windows Commercial and Windows OEM, offset in part by a decline in patent licensing. Windows Commercial revenue increased 14%, driven by an increased mix of multi-year agreements that carry higher in-quarter revenue recognition. Windows OEM revenue increased 4%. Windows OEM Pro revenue grew 10%, ahead of the commercial PC market, driven by healthy Windows 10 demand. Windows OEM non-Pro revenue declined 7%, below the consumer PC market, driven by continued pressure in the entry level category.\n\n\u2022 Surface revenue increased $1.1 billion or 23%, with strong growth across commercial and consumer.\n\n\u2022 Gaming revenue increased $1.0 billion or 10%, driven by Xbox software and services growth of 19%, primarily due to third-party title strength and subscriptions growth, offset in part by a decline in Xbox hardware of 13% primarily due to a decrease in volume of consoles sold.\n\n\u2022 Search advertising revenue increased $616 million or 9%. Search advertising revenue, excluding traffic acquisition costs, increased 13%, driven by higher revenue per search.\nOperating income increased $2.2 billion or 21%, including an unfavorable foreign currency impact of 2%.\n\n\u2022 Gross margin increased $2.0 billion or 9%, driven by growth in Windows, Gaming, and Search. Gross margin percentage increased slightly, due to a sales mix shift to higher gross margin businesses in Windows and Gaming.\n\n\u2022 Operating expenses decreased $172 million or 1%.\nFiscal Year 2018 Compared with Fiscal Year 2017\nProductivity and Business Processes\nRevenue increased $6.0 billion or 20%.\n\n\u2022 LinkedIn revenue increased $3.0 billion to $5.3 billion. Fiscal year 2018 included a full period of results, whereas fiscal year 2017 only included results from the date of acquisition on December 8, 2016. LinkedIn revenue primarily consisted of revenue from Talent Solutions.\n\n\u2022 Office Commercial revenue increased $2.4 billion or 11%, driven by Office 365 Commercial revenue growth, mainly due to growth in subscribers and average revenue per user, offset in part by lower revenue from products licensed on-premises, reflecting a continued shift to Office 365 Commercial.\n\n\u2022 Office Consumer revenue increased $382 million or 11%, driven by Office 365 Consumer revenue growth, mainly due to growth in subscribers.\n\n\u2022 Dynamics revenue increased 13%, driven by Dynamics 365 revenue growth.\nOperating income increased $1.5 billion or 13%, including a favorable foreign currency impact of 2%.\n\n\u2022 Gross margin increased $4.4 billion or 19%, driven by LinkedIn and growth in Office Commercial. Gross margin percentage decreased slightly, due to an increased mix of cloud offerings, offset in part by gross margin percentage improvement in Office 365 Commercial and LinkedIn. LinkedIn cost of revenue increased $818 million to $1.7 billion, including $888 million of amortization for acquired intangible assets.\n\n\u2022 Operating expenses increased $2.9 billion or 25%, driven by LinkedIn expenses and investments in commercial sales capacity and cloud engineering. LinkedIn operating expenses increased $2.2 billion to $4.5 billion, including $617 million of amortization of acquired intangible assets.\nIntelligent Cloud\nRevenue increased $4.8 billion or 18%.\n\n\u2022 Server products and cloud services revenue increased $4.5 billion or 21%, driven by Azure and server products licensed on-premises revenue growth. Azure revenue grew 91%, due to higher infrastructure-as-a-service and platform-as-a-service consumption-based and per user-based services. Server products licensed on-premises revenue increased 5%, mainly due to a higher mix of premium licenses for Windows Server and Microsoft SQL Server.\n\n\u2022 Enterprise Services revenue increased $304 million or 5%, driven by higher revenue from Premier Support Services and Microsoft Consulting Services, offset in part by a decline in revenue from custom support agreements.\nOperating income increased $2.4 billion or 26%.\n\n\u2022 Gross margin increased $3.1 billion or 16%, driven by growth in server products and cloud services revenue and cloud services scale and efficiencies. Gross margin percentage decreased, due to an increased mix of cloud offerings, offset in part by gross margin percentage improvement in Azure.\n\n\u2022 Operating expenses increased $683 million or 7%, driven by investments in commercial sales capacity and cloud engineering.\nMore Personal Computing\nRevenue increased $3.0 billion or 8%.\n\n\u2022 Windows revenue increased $925 million or 5%, driven by growth in Windows Commercial and Windows OEM, offset by a decline in patent licensing revenue. Windows Commercial revenue increased 12%, driven by multi-year agreement revenue growth. Windows OEM revenue increased 5%. Windows OEM Pro revenue grew 11%, ahead of a strengthening commercial PC market. Windows OEM non-Pro revenue declined 4%, below the consumer PC market, driven by continued pressure in the entry-level price category.\n\n\u2022 Gaming revenue increased $1.3 billion or 14%, driven by Xbox software and services revenue growth of 20%, mainly from third-party title strength.\n\n\u2022 Search advertising revenue increased $793 million or 13%. Search advertising revenue, excluding traffic acquisition costs, increased 16%, driven by growth in Bing, due to higher revenue per search and search volume.\n\n\u2022 Surface revenue increased $625 million or 16%, driven by a higher mix of premium devices and an increase in volumes sold, due to the latest editions of Surface.\n\n\u2022 Phone revenue decreased $525 million.\nOperating income increased $1.8 billion or 20%, including a favorable foreign currency impact of 2%.\n\n\u2022 Gross margin increased $2.2 billion or 11%, driven by growth in Windows, Surface, Search, and Gaming. Gross margin percentage increased, primarily due to gross margin percentage improvement in Surface.\n\n\u2022 Operating expenses increased $391 million or 3%, driven by investments in Search, AI, and Gaming engineering and commercial sales capacity, offset in part by a decrease in Windows marketing expenses.\nCorporate and Other\n\nCorporate and Other includes corporate-level activity not specifically allocated to a segment, including restructuring expenses.\n\nFiscal Year 2019 Compared with Fiscal Year 2018\n\nWe did not incur Corporate and Other activity in fiscal years 2019 or 2018.\n\nFiscal Year 2018 Compared with Fiscal Year 2017\n\nCorporate and Other operating loss decreased $306 million, due to a reduction in restructuring expenses, driven by employee severance expenses primarily related to our sales and marketing restructuring plan in fiscal year 2017.\n\n(In millions, except percentages) | 2019 | 2018 | 2017 | Percentage Change 2019 Versus 2018 | Percentage Change 2018 Versus 2017\n----------------------------------- | ----------------------- | ---------- | --------- | ---------------------------------- | ----------------------------------\nRevenue | | | | | \nProductivity and Business Processes | $ 41,160 | $ 35,865 | $ 29,870 | 15% | 20% \nIntelligent Cloud | 38,985 | 32,219 | 27,407 | 21% | 18% \nMore Personal Computing | 45,698 | 42,276 | 39,294 | 8% | 8% \nTotal | $ 125,843 | $ 110,360 | $ 96,571 | 14% | 14% \n | Operating Income (Loss) | | | | \nProductivity and Business Processes | $ 16,219 | $ 12,924 | $ 11,389 | 25% | 13% \nIntelligent Cloud | 13,920 | 11,524 | 9,127 | 21% | 26% \nMore Personal Computing | 12,820 | 10,610 | 8,815 | 21% | 20% \nCorporate and Other | 0 | 0 | (306) | * | * \nTotal | $42,959 | $35,058 | $29,025 | 23% | 21% \n* not meaningful | | | | | "} {"_id": "d1b2fd892", "title": "", "text": "2. Other operating income\nGains from the disposal of fixed assets and gains from the reversal of impairment losses includes \u20ac354 million of income from the disposal of real estates (2017/18: \u20ac137 million) and \u20ac5 million of income from reversal of impairment losses (2017/18: \u20ac4 million). Project developments and sale-and-leaseback transactions contributed to the real estate transactions.\nThe income from logistics services provided by METRO LOGISTICS to companies intended for disposal and non-group companies is offset by expenses from logistics services, which are reported under other operating expenses.\nThe other operating income includes cost allocations and cost shares as well as a great number of insignificant individual items.\nDisclosures on companies intended for sale can be found under no. 43 \u2013 discontinued business sectors page 266 .\n\n\u20ac million | 2017/2018 | 2018/2019\n---------------------------------------------------------------------------------------- | --------- | ---------\nGains from the disposal of fixed assets and gains from the reversal of impairment losses | 145 | 360 \nIncome from logistics services | 285 | 257 \nServices | 251 | 250 \nRents incl. reimbursements of subsidiary rental costs | 268 | 236 \nServices rendered to suppliers | 111 | 103 \nMiscellaneous | 211 | 198 \n | 1,271 | 1,405 "} {"_id": "d1b3b3ea8", "title": "", "text": "Non-GAAP Measures\nWe define Adjusted EBITDA as our net income before interest expense, interest income, other income, net, provision for / (benefit from) income taxes, amortization and depreciation, stock-based compensation expense, acquisition-related expense and legal costs and settlement fees incurred in connection with non-ordinary course litigation and other disputes, particularly costs involved in ongoing intellectual property litigation. We do not consider these items to be indicative of our core operating performance. The non-cash items include amortization and depreciation expense, stock-based compensation expense related to stock options and other forms of equity compensation, including, but not limited to, the sale of common stock. We do not adjust for ordinary course legal expenses resulting from maintaining and enforcing our intellectual property portfolio and license agreements. Adjusted EBITDA is not a measure calculated in accordance with GAAP. See the table below for a reconciliation of Adjusted EBITDA to net income, the most directly comparable financial measure calculated and presented in accordance with GAAP.\nwe believe that Adjusted EBITDA provides useful information to investors and others in understanding and evaluating our\noperating results in the same manner as our management and board of directors.We have included Adjusted EBITDA in this report because it is a key measure that our management uses to understand and evaluate our core operating performance and trends, to generate future operating plans, to make strategic decisions regarding the allocation of capital and to make investments in initiatives that are focused on cultivating new markets for our solutions. We also use certain non-GAAP financial measures, including Adjusted EBITDA, as performance measures under our executive bonus plan. Further, we believe the exclusion of certain expenses in calculating Adjusted EBITDA facilitates comparisons of our operating performance on a period-to-period basis and, in the case of exclusion of acquisition-related expense and certain historical legal expenses, excludes items that we do not consider to be indicative of our core operating performance. Accordingly,\nOur use of Adjusted EBITDA has limitations as an analytical tool, and you should not consider it in isolation or as a substitute for analysis of our financial results as reported under GAAP. Some of these limitations are: (a) although depreciation and amortization are non-cash charges, the assets being depreciated and amortized may have to be replaced in the future, and Adjusted EBITDA does not reflect cash capital expenditure requirements for such replacements or for new capital expenditure requirements; (b) Adjusted EBITDA does not reflect changes in, or cash requirements for, our working capital needs; (c) Adjusted EBITDA does not reflect the potentially dilutive impact of equity-based compensation; (d) Adjusted EBITDA does not reflect tax payments that may represent a reduction in cash available to us; and (e) other companies, including companies in our industry, may calculate Adjusted EBITDA or similarly titled measures differently, which reduces its usefulness as a comparative measure.\nBecause of these and other limitations, you should consider Adjusted EBITDA alongside our other GAAP-based financial performance measures, net income and our other GAAP financial results. The following table presents a reconciliation of Adjusted EBITDA to net income, the most directly comparable GAAP measure, for each of the periods indicated (in thousands):\n\n | | Year Ended December 31, | \n------------------------------------------------------- | -------- | ----------------------- | -------\n | 2019 | 2018 | 2017 \nAdjusted EBITDA: | | | \nNet income | $53,330 | $21,524 | $29,251\nAdjustments: | | | \nInterest expense, interest income and other income, net | (8,483) | 503 | 1,133 \nProvision for / (benefit from) income taxes | 5,566 | (9,825) | 2,990 \nAmortization and depreciation expense | 22,134 | 21,721 | 17,734 \nStock-based compensation expense | 20,603 | 13,429 | 7,413 \nAcquisition-related expense | 2,403 | \u2014 | 5,895 \nLitigation expense | 12,754 | 45,729 | 7,212 \nTotal adjustments | 54,977 | 71,557 | 42,377 \nAdjusted EBITDA | $108,307 | $93,081 | $71,628"} {"_id": "d1b38fa3a", "title": "", "text": "18. Revenue\nEffective September 1, 2018, the Company adopted ASU 2014-09, Revenue Recognition (Topic 606). The new standard is a comprehensive new revenue recognition model that requires the Company to recognize revenue in a manner which depicts the transfer of goods or services to its customers at an amount that reflects the consideration the Company expects to receive in exchange for those goods or services.\nPrior to the adoption of the new standard, the Company recognized substantially all of its revenue from contracts with customers at a point in time, which was generally when the goods were shipped to or received by the customer, title and risk of ownership had passed, the price to the buyer was fixed or determinable and collectability was reasonably assured (net of estimated returns). Under the new standard, the Company recognizes revenue over time for the majority of its contracts with customers which results in revenue for those customers being recognized earlier than under the previous guidance. Revenue for all other contracts with customers continues to be recognized at a point in time, similar to recognition prior to the adoption of the standard.\nAdditionally, the new standard impacts the Company\u2019s accounting for certain fulfillment costs, which include upfront costs to prepare for manufacturing activities that are expected to be recovered. Under the new standard, such upfront costs are recognized as an asset and amortized on a systematic basis consistent with the pattern of the transfer of control of the products or services to which to the asset relates.\nThe following table presents the effect of the adoption of the new revenue guidance on the Consolidated Balance Sheets as of August 31, 2019 (in thousands):\n(1) Differences primarily relate to the timing of revenue recognition for over time customers and certain balance sheet reclassifications.\n(2) Differences primarily relate to the timing of recognition and recovery of fulfillment costs and certain balance sheet reclassifications.\n(3) Included within accrued expenses on the Consolidated Balance Sheets.\n(4) Differences included in contract liabilities as of September 1, 2018.\n\n | August 31, 2019 | \n----------------------------------------------- | --------------- | -------------------------------------------\n | As reported | Balance without the adoption of ASU 2014-09\nAssets | | \nContract assets (1) | $911,940 | $\u2014 \nInventories, net (1) | $3,023,003 | $3,761,591 \nPrepaid expenses and other current assets(1)(2) | $501,573 | $514,769 \nDeferred income taxes(1) | $198,827 | $202,791 \nLiabilities | | \nContract liabilities(2)(3) | $511,329 | $\u2014 \nDeferred income(2)(3)(4) | $\u2014 | $521,035 \nOther accrued expenses(3)(4) | $1,877,908 | $1,868,201 \nDeferred income taxes(1) | $115,818 | $111,304 \nEquity | | \nRetained earnings(1)(2) | $2,037,037 | $1,885,360 "} {"_id": "d1b3ab668", "title": "", "text": "Medical Segment Results\nBelow is a table summarizing results for the fiscal years ended:\nNet Sales. The Medical segment had $1.1 million of net sales in fiscal 2019, compared to $0.3 million of net sales in fiscal 2018. The increase was due to new business gained in fiscal 2019.\nGross Profit. Medical segment gross profit was a loss of $2.8 million in fiscal 2019, compared to a loss of $3.5 million in fiscal 2018. The improvement primarily relates to an increase in sales volumes during fiscal 2019.\nLoss from Operations. Medical segment loss from operations decreased $2.8 million to $8.6 million in fiscal 2019, compared to $11.4 million in fiscal 2018. The decrease was due to an improvement in gross profit and lower selling and administrative expenses. Selling and administrative expenses were reduced by lower marketing and professional fee expenses, partially offset by initiatives to reduce overall costs and improve operational profitability of $0.9 million.\n\n(Dollars in Millions) | April 27, 2019 | April 28, 2018 | Net Change ($) | Net Change (%)\n--------------------- | -------------- | -------------- | -------------- | --------------\nNet Sales | $1.1 | $0.3 | $0.8 | 266.7 % \nGross Profit | $(2.8) | $(3.5) | $0.7 | 20.0 % \nLoss from Operations | $(8.6) | $(11.4) | $2.8 | 24.6 % "} {"_id": "d1b396e66", "title": "", "text": "NOTE 9 \u2013 CONTINGENT PURCHASE PRICE\nOur purchase of CareSpeak Communications contains a contingent element that will be paid only if the Company achieves certain patient engagement revenues in 2019 and 2020. The total contingent payment may be up to $3.0 million. The target patient engagement revenues were achieved in 2019 and are expected to be achieved in 2020. The calculated fair value of the contingent payment was $2,365,000 at December 31, 2018 and $3,000,000 at December 31, 2019.\nOur purchase of RMDY Health, Inc. also contains a contingent element that will be paid only if the Company achieves certain revenues in 2020 and 2021 related to the RMDY business. The total contingent payment may be up to $30.0 million. The minimum payment is $1.0 million in each of the two years. The calculated fair value of the contingent payment was $3,720,000 at December 31, 2019. We determined the fair value of the Contingent Purchase Price Payable at December 31, 2019 using a Geometric-Brownian motion analysis of the expected revenue and resulting earnout payment using inputs that include the spot price, a risk free rate of return of 1.4%, a term of 2 years, and volatility of 40%. Changes in the inputs could result in a different fair value measurement.\nThe total fair value of contingent purchase price payable at December 31, 2019 is as follows.\n\n | Current | Long-Term | Total \n------------------------------- | ---------- | ----------- | ----------\nCareSpeak Communications, Inc. | $1,500,000 | $1,500,000 | $3,000,000\nRMDY Health, Inc. | - | 3,720,000 | 3,720,000 \nTotal | $1,500,000 | $5,220,000 | $6,720,000"} {"_id": "d1b3c5be4", "title": "", "text": "Recently adopted authoritative guidance\nRevenue Recognition \u2014 Contracts with Customers. In May 2014, the FASB issued new authoritative guidance for revenue from contracts with customers. The standard\u2019s core principle is that a company recognizes revenue when it transfers promised goods or services to customers in an amount that reflects the consideration that the company expects to receive in exchange for those goods or services. In addition, companies are required to capitalize certain contract acquisition costs, including commissions paid, when contracts are signed. The asset recognized from capitalized incremental and recoverable acquisition costs is amortized on a straight-line basis consistent with the timing of transfer of the products or services to which the asset relates.\nAs a result of the adoption of the new revenue recognition guidance, our net revenue for fiscal 2019 increased $47 million, and our operating expenses decreased $12 million. See Note 3 for additional information related to the impact of the new guidance on the timing and amounts of revenues recognized in fiscal 2019.\nThe effects of the adoption of the new revenue recognition guidance on our March 29, 2019 Consolidated Balance Sheets were as follows:\n(1) As reported includes short-term deferred commissions of $92 million. The balance without adoption of new standard includes short-term deferred commissions of $81 million.\n(2) As reported includes long-term deferred commissions of $93 million. The balance without adoption of new standard includes long-term deferred commissions of $44 million.\n\n | | As of March 29, 2019 | \n------------------------------------ | ----------- | ----------------------------------------- | ----------------\n(In millions) | As Reported | Balances Without Adoption of New Standard | Effect of Change\nAccounts receivable, net | $708 | $657 | $51 \nOther current assets (1) | $435 | $421 | $14 \nOther long-term assets (2) | $1,262 | $1,213 | $49 \nTotal assets | $15,938 | $15,824 | $114 \nShort-term contract liabilities | $2,320 | $2,437 | $(117) \nOther current liabilities | $533 | $494 | $39 \nLong-term contract liabilities | $736 | $837 | $(101) \nDeferred income tax liabilities | $577 | $526 | $51 \nTotal liabilities | $10,200 | $10,328 | $(128) \nAccumulated other comprehensive loss | $(7) | $(2) | $(5) \nRetained earnings | $933 | $686 | $247 \nTotal stockholders\u2019 equity | $5,738 | $5,496 | $242 "} {"_id": "d1b36f1c2", "title": "", "text": "2 Investments in subsidiaries\nInvestments are stated at cost less provisions for any impairment in value.\nAdditions in the year relate to investments in Gestra Holdings Limited \u00a31.6m and Spirax Sarco America Investments Limited \u00a3212.4m. Spirax Sarco America Investments Limited was incorporated on 24th October 2018 with the purpose of holding Group US$ investments and loans. Gestra Holdings Limited was incorporated on 9th October 2018 with the purpose of holding other Gestra Companies.\nDetails relating to subsidiary undertakings are given on pages 207 to 211. Except where stated all classes of shares were 100% owned by the Group at 31st December 2019. The country of incorporation of the principal Group companies is the same as the country of operation with the exception of companies operating in the United Kingdom which are incorporated in Great Britain. All operate in steam, electrical thermal energy solutions, fluid path technologies or peristaltic pumping markets except those companies identified as a holding company on pages 207 to 211.\n\n | 2019 | 2018 \n---------------------------------------------------- | ----- | -----\n | \u00a3m | \u00a3m \nCost: | | \nAt 1st January | 445.8 | 269.4\nShare options issued to subsidiary company employees | 2.2 | 2.6 \nAdditions | 214.0 | 173.8\nAt 31st December | 662.0 | 445.8"} {"_id": "d1a715a70", "title": "", "text": "Stock-based compensation expense is included in general and administrative expense for each period as follows:\nAs of December 31, 2019, there was $4,801 of unrecognized stock-based compensation expense related to unvested employee stock options and $1,882 of unrecognized stock-based compensation expense related to unvested RSUs. These costs are expected to be recognized over a weighted-average period of 2.13 and 2.33 years, respectively.\n\n | Year Ended | Year Ended \n----------------------------------------- | ----------------- | -----------------\nStock-Based Compensation by Type of Award | December 31, 2019 | December 31, 2018\nStock options | $2,756 | $2,926 \nRSUs | 955 | 1,129 \nTotal stock-based compensation expense | $3,711 | $4,055 "} {"_id": "d1b39d888", "title": "", "text": "ITEM 6. SELECTED FINANCIAL DATA\nThe following tables of selected consolidated financial data should be read in conjunction with, and are qualified by reference to, our consolidated financial statements and notes thereto in Item 8 of Part II and \u201cManagement\u2019s Discussion and Analysis of Financial Condition and Results of Operations\u201d in Item 7 of Part II of this report.\nThe tables of selected financial data shown below are derived from our audited consolidated financial statements, which include the operating results, cash flows and financial condition of Level 3 beginning November 1, 2017. These historical results are not necessarily indicative of results that you can expect for any future period.\nThe following table summarizes selected financial information from our consolidated statements of operations.\n(1) See \u201cManagement\u2019s Discussion and Analysis of Financial Condition and Results of Operations\u2014Results of Operations\u201d in Item 7 of Part II of this report and in our preceding annual reports on Form 10-K for a discussion of unusual items affecting the results for each of the years presented.\n(2) During 2019 and 2018, we recorded non-cash, non-tax-deductible goodwill impairment charges of $6.5 billion and $2.7 billion, respectively.\n(3) During 2019, 2018, 2017 and 2016, we incurred Level 3 acquisition-related expenses of $234 million, $393 million, $271 million and $52 million, respectively. For additional information, see \u201cManagement\u2019s Discussion and Analysis of Financial Condition and Results of Operations\u2014Acquisition of Level 3\u201d and Note 2\u2014Acquisition of Level 3 to our consolidated financial statements in Item 8 of Part II of this report.\n(4) During 2019, 2018, 2017, 2016 and 2015, we recognized an incremental $157 million, $171 million, $186 million, $201 million and $215 million, respectively, of revenue associated with the Federal Communications Commission (\u201cFCC\u201d) Connect America Fund Phase II support program, as compared to revenue received under the previous interstate USF program.\n(5) The enactment of the Tax Cuts and Jobs Act in December 2017 resulted in a re-measurement of our deferred tax assets and liabilities at the new federal corporate tax rate of 21%. The re-measurement resulted in tax expense of $92 million for 2018 and a tax benefit of approximately $1.1 billion for 2017.\n\n | | | Years Ended December 31,(1) | | \n-------------------------------------------------- | ------------- | ---------------- | ----------------------------------------------------------------------- | ---------- | -------\n | 2019(2)(3)(4) | 2018(2)(3)(4)(5) | 2017(3)(4)(5) | 2016(3)(4) | 2015(4)\n | | | (Dollars in millions, except per share amounts and shares in thousands) | | \nOperating revenue | $22,401 | 23,443 | 17,656 | 17,470 | 17,900 \nOperating expenses | 25,127 | 22,873 | 15,647 | 15,137 | 15,321 \nOperating (loss) income | $(2,726) | 570 | 2,009 | 2,333 | 2,579 \n(Loss) income before income tax expense | $(4,766) | (1,563) | 540 | 1,020 | 1,316 \nNet (loss) income | $(5,269) | (1,733) | 1,389 | 626 | 878 \nBasic loss) earnings per common share | $(4.92) | (1.63) | 2.21 | 1.16 | 1.58 \nDiluted (loss) earnings per common share | $(4.92) | (1.63) | 2.21 | 1.16 | 1.58 \nDividends declared per common share | $1.00 | 2.16 | 2.16 | 2.16 | 2.16 \nWeighted average basic common shares outstanding | 1,071,441 | 1,065,866 | 627,808 | 539,549 | 554,278\nWeighted average diluted common shares outstanding | 1,071,441 | 1,065,866 | 628,693 | 540,679 | 555,093"} {"_id": "d1b3b7238", "title": "", "text": "5. Property and Equipment, Net\nProperty and equipment at March 31, 2019 and 2018 is as follows:\nTotal depreciation expense on property and equipment was $2.5 million, $2.6 million, and $2.4 million during fiscal 2019, 2018 and 2017, respectively.\nThe Company capitalizes internal-use software, including software used exclusively in providing services or that is only made available to customers as a software service, as property and equipment under ASC 350-40, Internal-Use Software. Total amortization expense on capitalized internal-use software was $2.5 million, $1.8 million and $1.4 million during fiscal 2019, 2018, and 2017, respectively.\n\n | Year ended March 31, | \n----------------------------------------- | -------------------- | --------\n(In thousands) | 2019 | 2018 \nFurniture and equipment | $11,604 | $10,671 \nSoftware | 16,427 | 11,885 \nLeasehold improvements | 6,981 | 6,819 \nProject expenditures not yet in use | 1,014 | 4,187 \n | 36,026 | 33,562 \nAccumulated depreciation and amortization | (20,188) | (16,050)\nProperty and equipment, net | $15,838 | $17,512 "} {"_id": "d1b384cac", "title": "", "text": "14. Earnings per share\n1 Adjustment of previous year according to explanation in notes.\nEarnings per share are determined by dividing profit or loss for the period attributable to the shareholders of METRO AG by the weighted number of no-par-value shares. In the calculation of earnings per ordinary share, an additional dividend for preference shares is generally deducted from profit or loss for the period attributable to the shareholders of METRO AG. There was no dilution in the reporting period or the year before from so-called potential shares.\nEarnings per preference share correspond to earnings per share.\n\n | 2017/2018 | 2018/2019 \n------------------------------------------------------------------------------------ | ----------- | -----------\nWeighted number of no-par-value shares | 363,097,253 | 363,097,253\nProfit or loss for the period attributable to the shareholders of METROAG (\u20acmillion) | 333 | \u2212126 \nEarnings per share in \u20ac (basic = diluted) | 0.92 | \u22120.35 \nfrom continuing operations | (0.98) | (1.12) \nfrom discontinued operations | (\u22120.06) | (\u22121.46) "} {"_id": "d1b3307f6", "title": "", "text": "Business Trends\nSelected financial results for the past three fiscal years are summarized below:\n(1) See the section \u201cNon-GAAP Financial Measures\u201d below for further discussion of these financial measures.\n(2) Includes pounds from Specialty Alloys Operations segment, and certain Performance Engineered Products segment businesses including Dynamet, Carpenter Powder Products and LPW Technology Ltd.\n\n | | Years Ended June 30, | \n---------------------------------------------------- | -------- | -------------------- | --------\n($ in millions, except per share data) | 2019 | 2018 | 2017 \nNet sales | $2,380.2 | $2,157.7 | $1,797.6\nNet sales excluding surcharge revenue (1) | $1,942.1 | $1,792.3 | $1,558.4\nOperating income | $241.4 | $189.3 | $121.5 \nNet income | $167.0 | $188.5 | $47.0 \nDiluted earnings per share | $3.43 | $3.92 | $0.99 \nPurchases of property, plant, equipment and software | $180.3 | $135.0 | $98.5 \nFree cash flow (1) | $(53.7) | $34.7 | $(16.8) \nPounds sold (in thousands) (2) | 267,536 | 265,620 | 236,346 "} {"_id": "d1a7322b0", "title": "", "text": "3. EARNINGS PER SHARE\nBasic and diluted earnings (loss) per common share (\u201cEPS\u201d) are computed using the two-class method, which is an earnings allocation method that determines EPS for each class of common stock and participating securities considering dividends declared and participation rights in undistributed earnings. Certain of the Company\u2019s restricted stock awards are considered participating securities because holders are entitled to receive non-forfeitable dividends, if declared, during the vesting term.\nThe potentially dilutive impact of the Company\u2019s restricted stock awards is determined using the treasury stock method. Under the treasury stock method, if the average market price during the period exceeds the exercise price, these instruments are treated as if they had been exercised with the proceeds of exercise used to repurchase common stock at the average market price during the period. Any incremental difference between the assumed number of shares issued and repurchased is included in the diluted share computation.\nDiluted EPS includes securities that could potentially dilute basic EPS during a reporting period. Dilutive securities are not included in the computation of loss per share when a company reports a net loss from continuing operations as the impact would be anti-dilutive.\nThe computation of basic and diluted EPS attributable to common shareholders computed using the two-class method is as follows:\nDiluted EPS attributable to common shareholders for the years ended December 31, 2019, 2018 and 2017 excludes 1.1 million, 0.5 million and 0.3 million potential common shares, respectively, that could be issued under our share-based compensation plan, because the inclusion of the potential common shares would have an antidilutive effect.\n\n(In thousands, except per share amounts) | 2019 | 2018 | 2017 \n----------------------------------------------------------------------------------------------------------- | --------- | --------- | -------\nNet income (loss) | $(19,931) | $(50,571) | $65,299\nLess: net income attributable to noncontrolling interest | 452 | 263 | 354 \nIncome (loss) attributable to common shareholders before allocation of earnings to participating securities | (20,383) | (50,834) | 64,945 \nLess: earnings allocated to participating securities | 462 | 810 | 362 \nNet income (loss) attributable to common shareholders, after earnings allocated to participating securities | $(20,845) | $(51,644) | $64,583\nWeighted-average number of common shares outstanding | 70,837 | 70,613 | 60,373 \nNet income (loss) per common share attributable to common shareholders - basic and diluted | $ (0.29) | $ (0.73) | $ 1.07 "} {"_id": "d1a71a9bc", "title": "", "text": "NOTE 24. EARNINGS PER SHARE\nBasic net earnings per common share is calculated by dividing net income attributable to common shareholders by the weighted average number of common shares outstanding for that period. The dilutive effect is calculated using the treasury stock method. The calculation of diluted net income per share assumes the exercise of options issued under our stock option plans (and the issuance of shares under our share plans) for periods in which exercises (or issuances) would have a dilutive effect.\nThe calculation of basic and diluted net income per share attributable to common shareholders is based on the following data:\n\n | December 31, | \n----------------------------------------------------------------------------------- | ------------ | -------\n | 2018 | 2019 \nNet earnings used for purposes of calculating net income per common share | | \nNet earnings from operations | 157,133 | 329,013\nBasic weighted average number of shares outstanding during the year (thousands) | 52,432 | 49,418 \nEffect of dilutive potential common shares from stock options and restricted shares | 678 | 580 \nDilutive weighted average number of shares outstanding | 53,110 | 49,999 \nBasic net earnings per share: from operations | 3.00 | 6.66 \nDiluted net earnings per share: | 2.96 | 6.58 "} {"_id": "d1b3991d4", "title": "", "text": "Effective Tax Rate\nThe items accounting for the difference between income taxes computed at the U.S. federal statutory rate and our effective rate were as follows:\nThe decrease from the federal statutory rate in fiscal year 2019 is primarily due to a $2.6 billion net income tax benefit related to intangible property transfers, and earnings taxed at lower rates in foreign jurisdictions resulting from producing and distributing our products and services through our foreign regional operations centers in Ireland, Singapore, and Puerto Rico. The increase from the federal statutory rate in fiscal year 2018 is primarily due to the net charge related to the enactment of the TCJA in the second quarter of fiscal year 2018, offset in part by earnings taxed at lower rates in foreign jurisdictions. The decrease from the federal statutory rate in fiscal year 2017 is primarily due to earnings taxed at lower rates in foreign jurisdictions. Our foreign regional operating centers in Ireland, Singapore and Puerto Rico, which are taxed at rates lower than the U.S. rate, generated 82%, 87%, and 76% of our foreign income before tax in fiscal years 2019, 2018, and 2017, respectively. Other reconciling items, net consists primarily of tax credits, GILTI, and U.S. state income taxes. In fiscal years 2019, 2018, and 2017, there were no individually significant other reconciling items.\nThe decrease in our effective tax rate for fiscal year 2019 compared to fiscal year 2018 was primarily due to the net charge related to the enactment of the TCJA in the second quarter of fiscal year 2018, and a $2.6 billion net income tax benefit in the fourth quarter of fiscal year 2019 related to intangible property transfers. The increase in our effective tax rate for fiscal year 2018 compared to fiscal year 2017 was primarily due to the net charge related to the enactment of the TCJA and the realization of tax benefits attributable to previous Phone business losses in fiscal year 2017.\n\nYear Ended June 30, | 2019 | 2018 | 2017 \n-------------------------------------------------------- | ------ | ------ | -------\nFederal statutory rate | 21.0% | 28.1% | 35.0% \nEffect of: | | | \nForeign earnings taxed at lower rates | (4.1)% | (7.8)% | (11.6)%\nImpact of the enactment of the TCJA | 0.4% | 37.7% | 0% \nPhone business losses | 0% | 0% | (5.7)% \nImpact of intangible property transfers | (5.9)% | 0% | 0% \nForeign-derived intangible income deduction | (1.4)% | 0% | 0% \nResearch and development credit | (1.1)% | (1.3)% | (0.9)% \nExcess tax benefits relating to stock-based compensation | (2.2)% | (2.5)% | (2.1)% \nInterest, net | 1.0% | 1.2% | 1.4% \nOther reconciling items, net | 2.5% | (0.8)% | (1.3)% \nEffective rate | 10.2% | 54.6% | 14.8% "} {"_id": "d1b324906", "title": "", "text": "Stock-based compensation expense is included in the following captions of the consolidated statements of comprehensive income (loss) (in thousands): Stock-based compensation expense is included in the following captions of the consolidated statements of comprehensive income (loss) (in thousands):\nAs of February 28, 2019, there was $25.5 million of unrecognized stock-based compensation cost related to non-vested equity awards, which is expected to be recognized over a weighted-average remaining vesting period of 2.8 years.\n\n | | Year Ended February 28, | \n-------------------------- | ------- | ----------------------- | ------\n | 2019 | 2018 | 2017 \nCost of revenues | $723 | $653 | $374 \nResearch and development | 2,061 | 1,471 | 1,033 \nSelling and marketing | 2,863 | 2,314 | 1,655 \nGeneral and administrative | 5,382 | 4,860 | 4,771 \n | $11,029 | $9,298 | $7,833"} {"_id": "d1a711510", "title": "", "text": "We utilized a comprehensive approach to evaluate and document the impact of the guidance on our current accounting policies and practices in order to identify material differences, if any, that would result from applying the new requirements\u00a0to our revenue contracts. We did not identify any material differences resulting from applying the new requirements to our revenue contracts. In addition, we did not identify any significant changes to our business processes, systems, and controls to support recognition and disclosure requirements under the new guidance. We adopted the provisions of Topic 606 in fiscal 2019 utilizing the modified retrospective method. We recorded a $0.5 million cumulative effect adjustment, net of tax, to the opening balance of fiscal 2019 retained earnings, a decrease to receivables of $7.6 million, an increase to inventories of $2.8 million, an increase to prepaid expenses and other current assets of $6.9 million, an increase to other accrued liabilities of $1.4 million, and an increase to other noncurrent liabilities of $0.2 million. The adjustments primarily related to the timing of recognition of certain customer charges, trade promotional expenditures, and volume discounts.\nThe effect of the changes made to our Consolidated Balance Sheet as of May 26, 2019 for the adoption of Topic 606 was as follows:\nNotes to Consolidated Financial Statements - (Continued) Fiscal Years Ended May 26, 2019, May 27, 2018, and May 28, 2017 (columnar dollars in millions except per share amounts)\n\nCurrent assets | As Reported | Adjustments | Balances without Adoption of Topic 606\n------------------------------------------------- | ----------- | ----------- | --------------------------------------\nReceivables, less allowance for doubtful accounts | $831.7 | $8.7 | $840.4 \nInventories . | 1,571.7 | (3.1) | 1,568.6 \nPrepaid expenses and other current assets | 93.8 | (16.6) | 77.2 \nCurrent liabilities | | | \nOther accrued liabilities | 691.6 | (1.1) | 690.5 \nOther noncurrent liabilities . | 1,951.8 | (2.5) | 1,949.3 "} {"_id": "d1b34f5a2", "title": "", "text": "The deferred income tax balance sheet accounts arise from temporary differences between the amount of assets and liabilities recognized for financial reporting and tax purposes.\nComponents of the deferred tax assets and liabilities at December 31 were as follows:\n[1] Upon adoption of ASC 842, deferred taxes associated with previously recognized deferred rent liabilities were reclassified into deferred taxes for ROU asset and lease liability.\nAs of December 31, 2019, the Company had approximately $19.0 of tax-effected U.S. federal net operating loss carryforwards. Some of these net operating loss carryforwards have an indefinite carryforward period, and those that do not will begin to expire in 2021 if not utilized. The majority of the U.S. federal net operating loss carryforwards are subject to limitation under the Internal Revenue Code of 1986, as amended (\u201cIRC\u201d) Section 382; however, the Company expects to utilize such losses in their entirety prior to expiration. The U.S. federal net operating loss carryforwards decreased from 2018 to 2019 primarily due to current year tilization. The Company has approximately $33.7 of tax-effected state net operating loss carryforwards (without regard to federal benefit of state). Some of these net operating loss carryforwards have an indefinite carryforward period, and those that do not will begin to expire in 2020 if not utilized. The state net operating loss carryforwards are primarily related to Florida and New Jersey, but the Company has smaller net operating losses in various other states. The Company has approximately $65.6 of tax-effected foreign net operating loss carryforwards. Some of these net operating loss carryforwards have an indefinite carryforward period, and those that do not will begin to expire in 2020 if not utilized. The foreign net operating loss carryforwards increased from 2018 to 2019 primarily due to the recognition of a discrete tax benefit of $41.0 in connection with a foreign restructuring plan allowing the future realization of net operating losses. Additionally, the Company has $5.0 of U.S. federal and state research and develop- ment tax credit carryforwards (without regard to federal benefit of state). Some of these research and development credit carry- forwards have an indefinite carryforward period, and those that do not will begin to expire in 2020 if not utilized.\nAs of December 31, 2019, the Company determined that a total valuation allowance of $36.3 was necessary to reduce U.S. fed- eral and state deferred tax assets by $15.4 and foreign deferred tax assets by $20.9, where it was more likely than not that all of such deferred tax assets will not be realized. As of December 31, 2019, the Company believes it is more likely than not that the remaining net deferred tax assets will be realized based on the Company\u2019s estimates of future taxable income and any applicable tax-planning strategies within various tax jurisdictions.\n\n | 2019 | 2018 \n----------------------------------------------------- | ----------- | -----------\nDeferred tax assets: | | \nReserves and accrued expenses | $ 175.2 | $ 156.5 \nInventories | 4.3 | 4.5 \nNet operating loss carryforwards | 111.2 | 67.9 \nR&D credits | 4.1 | 6.1 \nValuation allowance | (36.3) | (26.4) \nOutside basis difference on investments held for sale | \u2014 | 2.7 \nLease liability1 | 64.0 | \u2014 \nTotal deferred tax assets | $ 322.5 | $ 211.3 \nDeferred tax liabilities: | | \nReserves and accrued expenses | $ 15.5 | $ 14.3\nAmortizable intangible assets | 1,229.9 | 1,043.0 \nPlant and equipment | 10.8 | 6.6 \nAccrued tax on unremitted foreign earnings | 17.1 | 16.3 \nOutside basis difference on investments held for sale | \u2014 | 10.0 \nROU asset1 | 61.7 | \u2014 \nTotal deferred tax liabilities | $ 1,335.0 | $ 1,090.2 "} {"_id": "d1b399d28", "title": "", "text": "Consolidated Financial Results\nOperating Expenses\nThe following table sets forth operating expenses by segment for the periods presented (in millions):\nThe increase in Operating Expenses was primarily driven by higher net personnel costs, technology-related costs and acquisition-related costs in our Software Solutions segment. The increase in our Data and Analytics segment primarily related to higher net personnel costs and higher data costs related to revenue growth. The decrease in Corporate and Other was primarily driven by lower incentive bonus expense.\n\n | Year ended December 31, | | Variance | \n------------------- | ----------------------- | ------ | -------- | ----\n | 2019 | 2018 | $ | % \nSoftware Solutions | $412.7 | $394.8 | $17.9 | 5% \nData and Analytics | 123.4 | 115.0 | 8.4 | 7% \nCorporate and Other | 109.9 | 115.6 | (5.7) | (5)%\nTotal | $646.0 | $625.4 | $20.6 | 3% "} {"_id": "d1b307338", "title": "", "text": "Equity Method We own 20.51%of GTE Mobilnet of Texas RSA #17 Limited Partnership (\u201cRSA #17\u201d), 16.67% of Pennsylvania RSA 6(I) Limited Partnership (\u201cRSA 6(I)\u201d) and 23.67% of Pennsylvania RSA 6(II) Limited Partnership (\u201cRSA 6(II)\u201d). RSA #17 provides cellular service to a limited rural area in Texas.\nRSA 6(I) and RSA 6(II) provide cellular service in and around our Pennsylvania service territory. Because we have significant influence over the operating and financial policies of these three entities, we account for the investments using the equity method. In connection with the adoption of ASC 606 by our equity method partnerships, the value of our combined partnership interests increased $1.8 million, which is reflected in the cumulative effect adjustment to retained earnings during the year ended December 31, 2018.\nIn 2019, 2018 and 2017, we received cash distributions from these partnerships totaling $19.0 million, $21.8 million and $17.2 million, respectively. The carrying value of the investments exceeds the underlying equity in net assets of the partnerships by $32.8 million as of December 31, 2019 and 2018.\nThe combined results of operations and financial position of our three equity investments in the cellular limited partnerships are summarized below:\n\n(In thousands) | 2019 | 2018 | 2017 \n----------------------- | --------- | --------- | ---------\nTotal revenues | $ 349,640 | $ 346,251 | $ 350,611\nIncome from operations | 100,182 | 100,571 | 104,973 \nNet income before taxes | 99,146 | 99,408 | 103,497 \nNet income | 99,146 | 99,408 | 103,497 \nCurrent assets | $ 80,655 | $ 75,040 | $ 78,782 \nNon-current assets | 156,672 | 103,996 | 95,959 \nCurrent liabilities | 33,292 | 24,719 | 22,472 \nNon-current liabilities | 92,477 | 51,840 | 51,463 \nPartnership equity | 111,558 | 102,478 | 100,806 "} {"_id": "d1b36d020", "title": "", "text": "At December 31, 2019, the Company\u2019s net operating losses and credit carryforwards are:\n(1) Excludes federal and state net operating losses of $60.2 million and $0.8 million, respectively, from prior acquisitions that the Company expects will expire unutilized\n(2) Excludes federal and state tax credits of $0.1 million and $8.3 million, respectively, that the Company expects will expire unutilized\nCarryforward losses and credits expire between 2020 and 2038, except for the 2019 federal net operating loss of $43.9 million and $1 million of state credits, which both have unlimited carryforward periods.\nThe Company\u2019s India subsidiary is primarily located in Special Economic Zones (\u201cSEZs\u201d) and is entitled to a tax holiday in India. The tax holiday reduces or eliminates income tax in India. The tax holiday in the Hyderabad SEZ is scheduled to expire in 2024. The tax holiday in the Bangalore SEZ is scheduled to expire in 2022. For 2019, 2018 and 2017, the income tax holiday reduced the Company\u2019s provision for income taxes by $1.9 million, $1.3 million, and $1 million, respectively.\n\n(in thousands) | Federal | State \n-------------------------------------------- | -------- | ------\nNet operating losses (1) | $120,722 | $3,337\nNet operating losses due to acquisitions (1) | $76,827 | $778 \nCredit carryforwards (2) | $8,202 | $1,958\nCredit carryforwards due to acquisitions | $640 | $227 "} {"_id": "d1b30cb26", "title": "", "text": "Uncertain Tax Positions\nAs of December 31, 2019, 2018 and 2017, we had gross unrecognized tax benefits of $4.4 million, $4.2 million\nand $3.8 million, respectively. Accrued interest expense related to unrecognized tax benefits is recognized as part of\nour income tax provision in our consolidated statements of operations and is immaterial for the years ended\nDecember 31, 2019 and 2018. Our policy for classifying interest and penalties associated with unrecognized income\ntax benefits is to include such items in income tax expense.\nThe activity related to the unrecognized tax benefits is as follows (in thousands):\nThese amounts are related to certain deferred tax assets with a corresponding valuation allowance. As ofDecember 31, 2019, the total amount of unrecognized tax benefits, if recognized, that would affect the effective taxrate is $1.0 million. We do not anticipate a material change to our unrecognized tax benefits over the next twelvemonths. Unrecognized tax benefits may change during the next twelve months for items that arise in the ordinarycourse of business.\nWe are subject to taxation in the United States, various states, and several foreign jurisdictions. Because we havenet operating loss and credit carryforwards, there are open statutes of limitations in which federal, state and foreigntaxing authorities may examine our tax returns for all years from 2005 through the current period. We are notcurrently under examination by any taxing authorities.\n\n | Years Ended December 31, | | \n---------------------------------------------------------------- | ------------------------ | ------ | ------\n | 2019 | 2018 | 2017 \nGross unrecognized tax benefits \u2014beginning balance | $4,191 | $3,782 | $3,360\nIncreases (decrease) related to tax positions from prior years | (280) | (266) | (151) \nIncreases related to tax positions taken during current year | 530 | 675 | 573 \nDecreases related to tax positions taken during the current year | \u2014 | \u2014 | \u2014 \nGross unrecognized tax benefits \u2014ending balance | $4,441 | $4,191 | $3,782"} {"_id": "d1b34159c", "title": "", "text": "On a worldwide basis, the Company's defined benefit pension plans were 88% funded as of January 31, 2019.\nAs of January 31, 2019, the aggregate accumulated benefit obligation was $85.1 million for the defined benefit pension plans compared to $139.5 million as of January 31, 2018. Included in the aggregate data in the following tables are the amounts applicable to the Company's defined benefit pension plans, with accumulated benefit obligations in excess of plan assets, as well as plans with projected benefit obligations in excess of plan assets. Amounts related to such plans at the end of each period were as follows: because their exercise prices are higher than the average market value of Autodesk\u2019s stock during the fiscal year.\n\n | Fiscal Year Ended January 31, | \n-------------------------------------------------------------------- | ----------------------------- | ------\n | 2019 | 2018 \nPlans with accumulated benefit obligations in excess of plan assets: | | \nAccumulated benefit obligations | $75.6 | $130.7\nPlan assets | 70.0 | 112.1 \nPlans with projected benefit obligations in excess of plan assets: | | \nProjected benefit obligations | $91.6 | $158.1\nPlan assets | 80.8 | 121.1 "} {"_id": "d1b396510", "title": "", "text": "16. INCOME TAXES\nThe provision for (benefit from) income taxes on income from continuing operations before income taxes consists of the following (in thousands):\n\n | 2019 | 2018 | 2017 \n-------------------------- | ------- | -------- | --------\nCurrently payable: | | | \nFederal | $1,995 | $1,163 | $5,617 \nState | 557 | 114 | 1,022 \nForeign | 13,448 | 107,487 | 116,022 \n | 16,000 | 108,764 | 122,661 \nDeferred and other: | | | \nFederal | (407) | 26,334 | 1,413 \nState | 516 | (489) | (153) \nForeign | (9,886) | (20,414) | (30,510)\n | (9,777) | 5,431 | (29,250)\nProvision for income taxes | $6,223 | $114,195 | $93,411 "} {"_id": "d1b3118b0", "title": "", "text": "Option Exercises and Stock Vested\nThe table below sets forth information concerning the number of shares acquired on exercise of option awards and vesting of stock awards in 2019 and the value realized upon vesting by such officers.\n(1) Amounts realized from the vesting of stock awards are calculated by multiplying the number of shares that vested by the fair market value of a share of our common stock on the vesting date.\n\n | Option Awards | | Stock Awards | \n--------------- | ----------------------------------------- | ------------------------------ | ---------------------------------------- | -----------------------------\nName | Number of Shares Acquired on Exercise (#) | Value Realized on Exercise ($) | Number of Shares Acquired on Vesting (#) | Value Realized on Vesting ($)\nJon Kirchner | \u2014 | \u2014 | 153,090 | 3,428,285 \nRobert Andersen | \u2014 | \u2014 | 24,500 | 578,806 \nPaul Davis | \u2014 | \u2014 | 20,500 | 482,680 \nMurali Dharan | \u2014 | \u2014 | 15,000 | 330,120 \nGeir Skaaden | \u2014 | \u2014 | 21,100 | 500,804 "} {"_id": "d1b3164f0", "title": "", "text": "A. Operating Results\nYEAR ENDED DECEMBER 31, 2019 COMPARED TO YEAR ENDED DECEMBER 31, 2018\nManagement believes that net voyage revenue, a non-GAAP financial measure, provides additional meaningful information because it enables us to compare the profitability of our vessels which are employed under bareboat charters, spot related time charters and spot charters. Net voyage revenues divided by the number of days on the charter provides the Time Charter Equivalent (TCE) Rate. Net voyage revenues and TCE rates are widely used by investors and analysts in the tanker shipping industry for comparing the financial performance of companies and for preparing industry averages. We believe that our method of calculating net voyage revenue is consistent with industry standards. The table below reconciles our net voyage revenues to voyage revenues.\n\n | | Years Ended December 31, | \n------------------------------------- | --------- | ---------------------------- | ---------\nAll figures in USD \u2018000 | 2019 | 2018 | Variance \nVoyage Revenue | 317,220 | 289,016 | 9.8% \nVoyage Expenses | (141,770) | (165,012) | (14.1%) \nVessel Operating Expenses | (66,033) | (80,411) | (17.9%) \nImpairment Loss on Vessels | - | (2,168) | N/A \nImpairment Loss on Goodwill | - | - | N/A \nLoss from Disposal of Vessels | - | (6,619) | N/A \nGeneral and Administrative Expenses | (13,481) | (12,727) | 5.9% \nDepreciation Expenses | (63,965) | (60,695) | 5.4% \nNet Operating (Loss) Income | 31,971 | (38,616) | (182.8%) \nInterest Income | 298 | 334 | (10.8%) \nInterest Expenses | (38,390) | (34,549) | 11.1% \nOther Financial Expenses | (4,231) | (14,808) | (71.4%) \nEquity Loss from Associate | - | (7,667) | N/A \nNet (Loss) Income | (10,352) | (95,306) | (89.1%) "} {"_id": "d1b3b9b78", "title": "", "text": "A reconciliation of the gross unrecognized tax benefit is as follows (in thousands):\nThe unrecognized tax benefits, if recognized, would not impact the Company's effective tax rate as the recognition of these tax benefits would be offset by changes in the Company's valuation allowance. The Company does not believe there will be any material changes in its unrecognized tax benefits over the next twelve months.\nAs of December 31, 2019 and 2018, the Company had no accrued interest or penalties related to uncertain tax positions. Due to the Company\u2019s historical loss position, all tax years from inception through December 31, 2019 remain open due to unutilized net operating losses.\nThe Company files income tax returns in the United States and various states and foreign jurisdictions and is subject to examination by various taxing authorities including major jurisdiction like the United States. As such, all its net operating loss and research credit carryforwards that may be used in future years are subject to adjustment, if and when utilized.\nUtilization of the net operating loss carryforwards and credits may be subject to a substantial annual limitation due to the ownership change limitations provided by the Internal Revenue Code of 1986, as amended, and similar state provisions. The annual limitation may result in the expiration of net operating losses and credits before their utilization.\n\n | Year Ended December 31, | | \n------------------------------------------------------ | ----------------------- | ------ | ------\n | 2019 | 2018 | 2017 \nUnrecognized tax benefit - beginning balance | $8,217 | $7,527 | $6,447\nIncreases for tax positions taken in prior years \u2014 | \u2014 | \u2014 | 16 \nDecreases for tax positions taken in prior years \u2014 | __ | (242) | \u2014 \nIncreases for tax positions taken in current year 623 | 623 | 932 | 1,064 \nUnrecognized tax benefit - ending balance | $8,840 | $8,217 | $7,527"} {"_id": "d1b399e36", "title": "", "text": "DEPRECIATION AND AMORTIZATION\n1 See \u201cAccounting Policies\u201d for more information.\n1 See \u201cAccounting Policies\u201d for more information. Total depreciation and amortization increased this year primarily as a result of depreciation of right-of-use assets due to our adoption of IFRS 16 on January 1, 2019 and higher capital expenditures over the past several years. See \u201cCapital Expenditures\u201d for more information.\n\n(In millions of dollars) | Years ended December 31 | | \n------------------------------------------------------------------------ | ----------------------- | ----- | ----\n | 2019 | 2018 | %Chg\nDepreciation | 2,297 | 2,174 | 6 \nAmortization | 16 | 37 | (57)\nDepreciation and amortization before depreciation of right-of-use assets | 2,313 | 2,211 | 5 \nDepreciation of right-of-use assets 1 | 175 | - | n/m \nTotal depreciation and amortization | 2,488 | 2,211 | 13 "} {"_id": "d1b391c4a", "title": "", "text": "Selling, General and Administrative\nSelling, general and administrative expense decreased $13.0 million to $88.8 million for the year ended December 31, 2019, as compared to $101.8 million for the year ended December 31, 2018. The decrease was primarily due to a decrease in intangible asset amortization of $8.9 million as certain assets reached the end of their useful lives, as well as decreases in payroll-related expense of $1.7 million due to lower headcount, professional fees of $1.3 million, outside services of $0.5 million, and travel-related expenses of $0.3 million.\nWe expect selling, general and administrative expenses to remain relatively flat in the near-term; however, our expenses may increase in the future as we expand our sales and marketing organization to enable market expansion.\n\n | Year Ended December 31, | | % Change\n----------------------------------- | ----------------------- | ---------------------- | --------\n | 2019 | 2018 | 2019 \n | | (dollars in thousands) | \nSelling, general and administrative | $88,762 | $101,789 | (13)% \n% of net revenue | 28% | 26% | "} {"_id": "d1b303b70", "title": "", "text": "GreenSky, Inc. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS \u2014 (Continued) (United States Dollars in thousands, except per share data, unless otherwise stated)\nNote 6. Property, Equipment and Software\nProperty, equipment and software were as follows as of the dates indicated.\n\n | December 31, | \n----------------------------------------------- | ------------ | -------\n | 2019 | 2018 \nFurniture | $2,907 | $2,813 \nLeasehold improvements | 4,902 | 4,171 \nComputer hardware | 2,494 | 2,923 \nSoftware | 20,126 | 8,344 \nTotal property, equipment and software, at cost | 30,429 | 18,251 \nLess: accumulated depreciation | (5,701) | (5,462)\nLess: accumulated amortization | (6,419) | (2,557)\nTotal property, equipment and software, net | $18,309 | $10,232"} {"_id": "d1b2f4e5e", "title": "", "text": "Activity under our stock option plans is summarized as follows:\n(a) Weighted-average exercise price\n(b) Weighted-average contractual life remaining\nThe total aggregate intrinsic value of options exercised is $2,149, $1,724, and $1,944 for fiscal years ended March 31, 2017, 2018, and 2019, respectively.\n\n | Number of Shares | Average Price (a) | Average Life (years) (b) | Aggregate Intrinsic Value\n----------------------------- | ---------------- | ----------------- | ------------------------ | -------------------------\nOutstanding at March 31, 2018 | 1,894 | $12.90 | - | - \nOptions granted | - | - | - | - \nOptions exercised | (326) | 13.11 | - | $1,944 \nOptions cancelled/forfeited | (122) | 13.22 | - | 295 \nOutstanding at March 31, 2019 | 1,446 | $12.82 | 3.29 | $6,528 \nExercisable at March 31, 2019 | 1,347 | $12.70 | 3.08 | $6,253 "} {"_id": "d1b39f174", "title": "", "text": "2.1 Segment information\nSegment information is based on the information that management uses to make decisions about operating matters and allows users to review operations through the eyes of management. We present our reportable segments and measure our segment results on continuing operations basis, i.e. the same basis as our internal management reporting structure.\nWe have four reportable segments which offer a service that includes comparison, purchase support and lead referrals across:\n\u2022 Health (private health insurance),\n\u2022 Life and General Insurance,\n\u2022 Energy and Telecommunications, and\n\u2022 Other, predominately offering financial service products including home loans in Australia and Asia.\nIn the current year, unallocated corporate costs include costs associated with the business restructure and other one-off transactions.\n1 Non-current assets other than financial instruments and deferred tax assets.\n\n | AUSTRALIA | ASIA | TOTAL \n------------------- | --------- | ------ | -------\n | $\u2019000 | $\u2019000 | $\u2019000 \n30 June 2019 | | | \nRevenue | 149,295 | 4,864 | 154,159\nNon-current assets1 | 44,061 | 15,899 | 59,960 \n30 June 2018 | | | \nRevenue | 174,776 | 2,155 | 176,931\nNon-current assets1 | 49,235 | 15,245 | 64,480 "} {"_id": "d1b3be13c", "title": "", "text": "Certain information regarding our initial distribution rights to films initially released in the three fiscal years 2019, 2018 and 2017 is set forth below:\nWe distribute content in over 50 countries through our own offices located in key strategic locations across the globe. In response to Indian cinemas\u2019 continued growth in popularity across the world, especially in non-English speaking markets, including Germany, Poland, Russia, Southeast Asia and Arabic speaking countries, we offer dubbed and/or subtitled content in over 25 different languages.\nIn addition to our internal distribution resources, our global distribution network includes relationships with distribution partners, sub-distributors, producers, directors and prominent figures within the Indian film industry and distribution arena.\n\n | | Year ended March 31, | \n-------------------------------------- | ---- | -------------------- | ----\n | 2019 | 2018 | 2017\nGlobal (India and International) | | | \nHindi films | 7 | 10 | 8 \nRegional films (excluding Tamil films) | 49 | 3 | 12 \nTamil films | 3 | 1 | 3 \nInternational Only | | | \nHindi films | 7 | 1 | 3 \nRegional films (excluding Tamil films) | \u2014 | \u2014 | \u2014 \nTamil films | \u2014 | \u2014 | 12 \nIndia Only | | | \nHindi films | 1 | 3 | 1 \nRegional films (excluding Tamil films) | 5 | 6 | 5 \nTamil films | \u2014 | 0 | 1 \nTotal | 72 | 24 | 45 "} {"_id": "d1b352572", "title": "", "text": "Sales and marketing expenses consist primarily of personnel expenses and costs associated with advertising, marketing events and trade shows.\nSales and marketing expenses decreased by $11.1 million during the year ended June 30, 2019 as compared to the prior fiscal year. This was primarily due to (i) a decrease in commissions expense of $6.6 million, of which approximately $8.9 million is the net result of the Company capitalizing more commission expense under Topic 606, whereas previously, under Topic 605, such costs would have been expensed as incurred, (ii) a decrease in marketing expenses of $5.7 million and (iii) a decrease in travel and communication expenses of $1.1 million. These were partially offset by (i) an increase in bad debt expense of $3.5 million as certain low dollar receivables were provided for entirely as they became aged greater than one year. Overall, our sales and marketing expenses, as a percentage of total revenues, decreased to approximately 18% from approximately 19% in the prior fiscal year.\nOur sales and marketing labour resources increased by 103 employees, from 1,948 employees at June 30, 2018 to 2,051 employees at June 30, 2019.\n\nincrease (decrease) | Change between Fiscal increase (decrease) | \n-------------------------------------------- | ----------------------------------------- | -------------\n(In thousands) | 2019 and 2018 | 2018 and 2017\nPayroll and payroll-related benefits | $(48) | $48,717 \nCommissions | (6,588) | 16,993 \nContract labour and consulting | (871) | 609 \nShare-based compensation | (752) | (454) \nTravel and communication | (1,113) | 271 \nMarketing expenses | (5,742) | 3,880 \nFacilities | 808 | 8,373 \nBad debt expense | 3,519 | 4,013 \nOther miscellaneous | (319) | 2,285 \nTotal change in sales and marketing expenses | $(11,106) | $84,687 "} {"_id": "d1b2e766e", "title": "", "text": "17. Income Taxes\nIncome before income taxes for the Company\u2019s domestic and foreign operations was as follows:\n\n | | Years Ended June 30, | \n-------------------------- | ------ | -------------------- | -----\n($ in millions) | 2019 | 2018 | 2017 \nDomestic | $204.2 | $140.3 | $56.0\nForeign | 11.8 | 19.9 | 14.2 \nIncome before income taxes | $216.0 | $160.2 | $70.2"} {"_id": "d1b32ce30", "title": "", "text": "7. Employee numbers and costs\nThe average monthly number of employees (including Executive Directors but excluding third-party contractors) employed by the Group was as follows:\n\n | 2019 | 2018 \n---------------------- | ------ | ------\n | Number | Number\nCustomer operations | 370 | 380 \nProduct and technology | 317 | 312 \nCorporate | 115 | 130 \nTotal | 802 | 822 "} {"_id": "d1a713428", "title": "", "text": "5. Balance Sheet Components\nDeferred Revenue\nDeferred revenue relates to performance obligations for which payments have been received by the customer prior to revenue recognition. Deferred revenue primarily consists of deferred software, or amounts allocated to mobile dashboard and on-line apps and unspecified upgrade rights. Deferred revenue also includes deferred subscription-based services. The deferred software and deferred subscription-based service performance obligations are anticipated to be recognized over the useful life or service periods of one to eighteen months.\nChanges in the total short-term and long-term deferred revenue balance were as follows (in thousands):\n\n | | December 31, | \n------------------------------- | -------- | ------------ | --------\n | 2019 | 2018 | 2017 \nBeginning balances | $36,836 | $42,432 | $49,904 \nDeferral of revenue | 45,040 | 40,003 | 46,193 \nRecognition of deferred revenue | (41,034) | (45,599) | (53,665)\nEnding balances | $40,842 | $36,836 | $42,432 "} {"_id": "d1b3a62ee", "title": "", "text": "NAVIOS MARITIME HOLDINGS INC. NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (Expressed in thousands of U.S. dollars \u2014 except share data)\nNOTE 8: INTANGIBLE ASSETS/LIABILITIES OTHER THAN GOODWILL\nNet Book Value of Intangible Assets other than Goodwill as at December 31, 2018\n(**) During the year ended December 31, 2018, acquisition costs of $1,150 of favorable lease terms were capitalized as part of the cost of one vessel due to the exercise of the purchase option (See also Note 2(n)). As of December 31, 2018, intangible assets associated with the favorable lease terms included an amount of $31,342 associated with the favorable lease terms of certain charter out contracts of Navios Containers which were recognized as of November 30, 2018 (see Note 3). During the year ended December 31, 2017, acquisition costs of $10,398 and accumulated amortization of $7,001 of favorable lease terms were considered impaired and were written off resulting in a loss of $3,397 included in the statement of comprehensive (loss)/income within the caption of \u201cImpairment loss/ loss on sale of vessels, net\u201d.\n\n | Acquisition Cost | Accumulated Amortization | Transfer/ Write off | Net Book Value December 31, 2018\n------------------------------ | ---------------- | ------------------------ | ------------------- | --------------------------------\nTrade name | $100,420 | $(47,966) | $\u2014 | $52,454 \nPort terminal operating rights | 53,152 | (11,838) | \u2014 | 41,314 \nCustomer relationships | 35,490 | (19,520) | \u2014 | 15,970 \nFavorable lease terms(**) | 32,492 | (2,143) | (1,150) | 29,199 \nTotal Intangible assets | $221,554 | $(81,467) | $(1,150) | $138,937 "} {"_id": "d1b3611a8", "title": "", "text": "Dividends and Share Repurchases\nFollowing is a summary of the dividends and share repurchases for the fiscal years ended August 31, 2019, 2018, 2017 and 2016 (in thousands):\n(1) The difference between dividends declared and dividends paid is due to dividend equivalents for unvested restricted stock units that are paid at the time the awards vest.\n(2) Excludes commissions.\nWe currently expect to continue to declare and pay regular quarterly dividends of an amount similar to our past declarations. However, the declaration and payment of future dividends are discretionary and will be subject to determination by our Board each quarter following its review of our financial performance.\nIn June 2018, the Board authorized the repurchase of up to $350.0 million of our common stock. As of August 31, 2019, the total amount authorized by the Board of Directors had been repurchased.\nIn September 2019, the Board authorized the repurchase of up to $600.0 million of our common stock as part of a two-year capital allocation framework. From September 24, 2019 through October 14, 2019, we repurchased 874,475 shares, utilizing a total of $30.8 million of the $600.0 million authorized by the Board.\n\n | Dividends Paid(1) | Share Repurchases(2) | Total \n---------------- | ----------------- | -------------------- | ----------\nFiscal year 2016 | $62,436 | $148,185 | $210,621 \nFiscal year 2017 | $59,959 | $306,397 | $366,356 \nFiscal year 2018 | $57,833 | $450,000 | $507,833 \nFiscal year 2019 | $52,004 | $350,000 | $402,004 \nTotal | $232,232 | $1,254,582 | $1,486,814"} {"_id": "d1b39a926", "title": "", "text": "Stock-Based Compensation\nThe Company recognizes stock-based compensation expense in the consolidated statements of operations, based on the department to which the related employee reports, as follows: The Company recognizes stock-based compensation expense in the consolidated statements of operations, based on the department to which the related employee reports, as follows:\nThe total unrecognized compensation cost related to performance-based restricted stock units as of December 31, 2019 was $3.6 million, and the weighted average period over which these equity awards are expected to vest is 1.6 years. The total unrecognized compensation cost related to unvested stock options as of December 31, 2019 was $2.0 million, and the weighted average period over which these equity awards are expected to vest is 2.30 years.\n\n | | Years Ended December 31, | \n----------------------------------- | ------- | ------------------------ | -------\n | 2019 | 2018 | 2017 \n | | (in thousands) | \nCost of net revenue | $577 | $489 | $332 \nResearch and development | 16,545 | 17,953 | 16,190 \nSelling, general and administrative | 14,938 | 13,279 | 11,016 \nRestructuring expense | \u2014 | \u2014 | 5,130 \n | $32,060 | $31,721 | $32,668"} {"_id": "d1b3ab168", "title": "", "text": "A reconciliation of the beginning and ending amounts of unrecognized tax benefits (without related interest expense) is as follows (in thousands):\nOur effective income tax rates were 9.5%, (84.0)% and 9.3% for the years ended December 31, 2019, 2018 and 2017, respectively. Our effective tax rates were below the statutory rate primarily due to the tax windfall benefits from employee stockbased payment transactions, foreign derived intangible income deductions and research and development tax credits claimed, partially offset by the impact of non-deductible meal and entertainment expenses and state taxes.\nWe recognize a valuation allowance if, based on the weight of available evidence, both positive and negative, it is more likely than not that some portion, or all, of net deferred tax assets will not be realized. Due to the uncertainty of realization of\u00a0 and development tax credits totaling $0.3 million, we established a valuation allowance of $0.3 million during the second quarter of 2019, which remained at $0.3 million as of December 31, 2019. As of December 31, 2018, based on our historical and expected future taxable earnings, we believed it was more likely than not that we would realize all of the benefit of the existing deferred tax assets. Accordingly, we did not record a valuation allowance as of December 31, 2018.\nWe apply guidance for uncertainty in income taxes that requires the application of a more likely than not threshold to the recognition and de-recognition of uncertain tax positions. If the recognition threshold is met, this guidance permits us to recognize a tax benefit measured at the largest amount of the tax benefit that, in our judgment, is more likely than not to be realized upon settlement. We recorded unrecognized tax benefits of $0.6 million, $0.8 million and $1.0 million for research and development tax credits claimed during the years ended December 31, 2019, 2018 and 2017, respectively.\nAs of December 31, 2019 and 2018, we accrued $0.2 million and $0.1 million of total interest related to unrecognized tax benefits, respectively. We recognize interest and penalties related to unrecognized tax benefits as a component of income tax expense.\nWe are not aware of any events that make it reasonably possible that there would be a significant change in our unrecognized tax benefits over the next twelve months. Our cumulative liability for uncertain tax positions was $3.1 million and $2.8 million as of December 31, 2019 and 2018, respectively, and if recognized, would reduce our income tax expense and the effective tax rate.\nWe file income tax returns in the United States and Canada. We are no longer subject to U.S. income tax examinations for years prior to 2016, with the exception that operating loss carryforwards generated prior to 2016 may be subject to tax audit adjustment. We are generally no longer subject to state and local income tax examinations by tax authorities for years prior to 2016.\nAs of December 31, 2019, we had federal net operating loss carryforwards of $4.9 million, which are scheduled to begin to expire in 2030. As of December 31, 2019, we had state net operating loss carryforwards of $1.7 million, which are scheduled to begin to expire in 2027. As of December 31, 2019, we had federal research and development tax credit carryforwards of $5.2 million, which are scheduled to begin to expire in 2038. As of December 31, 2019, we had state research and development tax credit carryforwards of $4.3 million, which are scheduled to begin to expire in 2021. The federal net operating loss carryforward arose in connection with the 2013 acquisition of EnergyHub. Utilization of net operating loss carryforwards may be subject to annual limitations due to ownership change limitations as provided by the Internal Revenue Code of 1986, as amended.\n\n | | Year Ended December 31, | \n----------------------------------------------------------- | ------ | ----------------------- | ------\n | 2019 | 2018 | 2017 \nBeginning balance | $2,801 | $1,973 | $681 \nAdditions based on tax positions of the current year | 718 | 857 | 718 \nAdditions based on tax positions of prior year | 18 | 147 | 373 \nDecreases based on tax positions of prior year | (253) | \u2014 | \u2014 \nAdditions resulting from acquisitions | \u2014 | \u2014 | 277 \nDecreases due to lapse of applicable statute of limitations | (219) | (176) | (76) \nEnding balance | $3,065 | $2,801 | $1,973"} {"_id": "d1b37629c", "title": "", "text": "Note 3 \u2013 Net Income per Share\nReconciliation of net income per common share:\n\n | | Fiscal Year Ended | \n----------------------------------------------------------- | ------------------ | ------------------ | -----------------\n | December 27, 2019 | December 28, 2018 | December 29, 2017\nNumerator: | | | \nNet income | $24,193 | $20,402 | $14,366 \nAdd effect of dilutive securities | | | \nInterest on convertible notes, net of tax | 207 | 362 | 536 \nAdjusted net income | $24,400 | $20,764 | $14,902 \nDenominator: | | | \nWeighted average basic common shares outstanding | 29,532,342 | 28,703,265 | 26,118,482 \nDilutive effect of stock options and unvested common shares | 211,050 | 270,520 | 68,670 \nDilutive effect of convertible notes | 329,946 | 705,134 | 1,237,374 \nWeighted average diluted common shares outstanding | 30,073,338 | 29,678,919 | 27,424,526 "} {"_id": "d1b2e373a", "title": "", "text": "NOTE 14 \u2013 EARNINGS (LOSS) PER SHARE\nBasic earnings (loss) per share is computed by dividing net income (loss) by the weighted average number of common shares outstanding during the period. Diluted earnings per share is computed by dividing net income by the weighted average number of common shares outstanding during the period plus the dilutive effect of outstanding stock options and restricted stock-based awards using the treasury stock method. The following table sets forth the computation of basic and diluted earnings (loss) per share (in thousands, except per share amounts):\nAll outstanding stock options and restricted stock-based awards in the amount of 1.0 million and 1.2 million, respectively, were excluded from the computation of diluted earnings per share for the fiscal year ended February 28, 2017 because the effect of inclusion would be antidilutive. Shares subject to anti-dilutive stock options and restricted stock-based awards of 1.9 million and 0.2 million for the fiscal years ended February 28, 2019 and 2018, respectively, were excluded from the calculations of diluted earnings per share for the years then ended.\nWe have the option to pay cash, issue shares of common stock or any combination thereof for the aggregate amount due upon conversion of the Notes. It is our intent to settle the principal amount of the convertible senior notes with cash, and therefore, we use the treasury stock method for calculating any potential dilutive effect of the conversion option on diluted net income (loss) per share. From the time of the issuance of the Notes, the average market price of our common stock has been less than the initial conversion price of the Notes, and consequently no shares have been included in diluted earnings per share for the conversion value of the Notes.\n\n | | Year Ended February 28, | \n-------------------------------------------------------------- | ------- | ----------------------- | --------\n | 2019 | 2018 | 2017 \nNet income (loss) | $18,398 | $16,617 | $(7,904)\nBasic weighted average number of common shares outstanding | 34,589 | 35,250 | 35,917 \nEffect of stock options and restricted stock units computed on | | | \ntreasury stock method | 705 | 889 | - \nDiluted weighted average number of common shares outstanding | 35,294 | 36,139 | 35,917 \nEarnings (loss) per share: | | | \nBasic | $0.53 | $0.47 | $(0.22) \nDiluted | $0.52 | $0.46 | $(0.22) "} {"_id": "d1b337f7e", "title": "", "text": "NOTE 9. GOODWILL AND INTANGIBLES\nA summary of goodwill activity follows (in thousands).\n\nYear Ended December 31 | | \n----------------------------- | ------------- | -------------\n | 2019 | 2018 \nGoodwill, beginning of period | $ 3,178 | $ -\nGolden Ridge acquisition | - | 3,178 \nMGI acquistion | 737 | - \nGoodwill, end of period | $3,915 | $3,178 "} {"_id": "d1b3a0eb6", "title": "", "text": "9. Pensions continued\nDefined benefit plans continued\niii) Amount, timing and uncertainty of future cash flows continued\nThe liability has the following duration and maturity:\n\n | 2019 | 2018 \n------------------------------------------------------------------------ | ----- | -----\nWeighted average duration of the defined benefit obligation (years) | 14 | 15 \nMaturity analysis of benefit payments (non-discounted amounts) $ million | | \nMaturity \u2264 1 year | 10.8 | 10.4 \nMaturity > 1 \u2264 5 years | 45.6 | 43.2 \nMaturity > 5 \u2264 10 years | 61.7 | 119.0\nMaturity > 10 \u2264 20 years | 114.3 | 103.0\nMaturity > 20 \u2264 30 years | 81.7 | 68.0 \nMaturity > 30 years | 63.0 | 42.9 "} {"_id": "d1b3136e2", "title": "", "text": "FRT Term Loan\nOn October 25, 2019, we entered into a $23.4 million three-year credit facility loan agreement (the \"FRT Term Loan\") with HSBC Trinkaus & Burkhardt AG, Germany, to fund the acquisition of FRT GmbH, which we acquired on October 9, 2019. See Note 4 for further details of the acquisition.\nThe FRT Term Loan bears interest at a rate equal to the Euro Interbank Offered Rate (\"EURIBOR\") plus 1.75 % per annum and will be repaid in quarterly installments of approximately $1.9 million plus interest beginning January 25, 2020.\nThe obligations under the FRT Term Loan are fully and unconditionally guaranteed by FormFactor, Inc.\nThe Credit Facility contains negative covenants customary for financing of this type, including covenants that place limitations on the incurrence of additional indebtedness, the creation of liens, the payment of dividends; dispositions; fundamental changes, including mergers and acquisitions; loans and investments; sale leasebacks; negative pledges; transactions with affiliates; changes in fiscal year; sanctions and anti-bribery laws and regulations, and modifications to charter documents in a manner materially adverse to the Lenders.\nThe FRT Term Loan also contains affirmative covenants and representations and warranties customary for financing of this type.\nFuture principal and interest payments on our term loans as of December 28, 2019, based on the interest rate in effect at that date were as follows (in thousands):\n(1) Represents our minimum interest payment commitments at 1.35% per annum for the FRT Term Loan and 3.71% per annum for the CMI Term Loan.\n\n | | Payments Due In Fiscal Year | | \n--------------------------------- | ------- | --------------------------- | ------ | -------\n | 2020 | 2021 | 2022 | Total \nTerm loans - principal payments | $42,838 | $7,838 | $7,838 | $58,514\nTerm loans - interest payments(1) | 777 | 155 | 47 | 979 \nTotal | $43,615 | $7,993 | $7,885 | $59,493"} {"_id": "d1b37f0ae", "title": "", "text": "Revenues, Cost of Revenues and Gross Margin by Product Type\n1) License: Our license revenue can be broadly categorized as perpetual licenses, term licenses and subscription licenses, all of which are deployed on the customer\u2019s premises (on-premise). Our license revenues are impacted by the strength of general economic and industry conditions, the competitive strength of our software products, and our acquisitions. Cost of license revenues consists primarily of royalties payable to third parties.\nLicense revenues decreased by $9.4 million or 2.2% during the year ended June 30, 2019 as compared to the prior fiscal year; up 0.4% after factoring the impact of $11.2 million of foreign exchange rate changes. Geographically, the overall change was attributable to an increase in Americas of $8.2 million, offset by a decrease in Asia Pacific of $10.6 million and a decrease in EMEA of $7.0 million.\nDuring Fiscal 2019, we closed 153 license deals greater than $0.5 million, of which 49 deals were greater than $1.0 million, contributing approximately $144.1 million of license revenues. This was compared to 140 deals greater than $0.5 million during Fiscal 2018, of which 58 deals were greater than $1.0 million, contributing $152.2 million of license revenues.\nCost of license revenues increased by $0.7 million during the year ended June 30, 2019 as compared to the prior fiscal year. The gross margin percentage on license revenues remained at approximately 97%.\nFor illustrative purposes only, had we accounted for revenues under proforma Topic 605, license revenues would have been $390.4 million for the year ended June 30, 2019, which would have been lower by approximately $47.1 million or 10.8% as compared to the prior fiscal year; and would have been lower by 8.4% after factoring the impact of $10.4 million of foreign exchange rate changes. Geographically, the overall change would have been attributable to a decrease in Americas of $17.7 million, a decrease in EMEA of $15.7 million and a decrease in Asia Pacific of $13.7 million.\nThe $37.7 million difference between license revenues recognized under Topic 606 and those proforma Topic 605 license revenues described above is the result of timing differences, where under Topic 605, revenues would have been deferred and recognized over time, but under Topic 606 these revenues are recognized up front. For more details, see note 3 \"Revenues\" to our Consolidated Financial Statements.\n\n | | | Year Ended June 30, | | \n--------------------------------- | -------- | --------------------------- | ------------------- | -------------------------- | --------\n(In thousands) | 2019 | Change increase (decrease)) | 2018 | Change increase (decrease) | 2017 \nLicense Revenues: | | | | | \nAmericas | $215,871 | $8,216 | $207,655 | $29,257 | $178,398\nEMEA | 163,622 | (7,009) | 170,631 | 23,788 | 146,843 \nAsia Pacific | 48,599 | (10,627) | 59,226 | 15,323 | 43,903 \nTotal License Revenues | 428,092 | (9,420) | 437,512 | 68,368 | 369,144 \nCost of License Revenues | 14,347 | 654 | 13,693 | 61 | 13,632 \nGAAP-based License Gross Profit | $413,745 | $(10,074) | $423,819 | $68,307 | $355,512\nGAAP-based License Gross Margin % | 96.6% | | 96.9% | | 96.3% \n% License Revenues by Geography: | | | | | \nAmericas | 50.4% | | 47.5% | | 48.3% \nEMEA | 38.2% | | 39.0% | | 39.8% \nAsia Pacific | 11.4% | | 13.5% | | 11.9% "} {"_id": "d1b32f90a", "title": "", "text": "Other Key Financial Measures\nThe following is a summary of our other key financial measures for fiscal 2019 compared with fiscal 2018 (in millions):\n(1) Deferred revenue decreased primarily due to the adoption of ASC 606 in the beginning of our first quarter of fiscal 2019. See Note 2 to the Consolidated Financial Statements for the impact of this adoption.\n\n | Fiscal 2019 | Fiscal 2018\n---------------------------------------------------- | ----------- | -----------\nCash and cash equivalents and investments | $33,413 | $46,548 \nCash provided by operating activities | $15,831 | $13,666 \nDeferred revenue (1) | $18,467 | $19,685 \nRepurchases of common stock\u2014stock repurchase program | $20,577 | $17,661 \nDividends | $5,979 | $5,968 \nInventories | $1,383 | $1,846 "} {"_id": "d1b35a416", "title": "", "text": "Non-GAAP Financial Measures\nManagement believes that certain non-GAAP financial measures may be useful to investors in certain instances to provide additional meaningful comparisons between current\n\nresults and results in prior operating periods. Adjusted earnings before interest, taxes, depreciation, amortization and stock-based compensation (\u201cAdjusted EBITDA\u201d) is a\n\nmetric used by management and frequently used by the financial community. Adjusted EBITDA from operations provides insight into an organization\u2019s operating trends and\n\nfacilitates comparisons between peer companies, since interest, taxes, depreciation, amortization and stock-based compensation can differ greatly between organizations as a\n\nresult of differing capital structures and tax strategies. Adjusted EBITDA from operations is one of the measures used for determining our debt covenant compliance. Adjusted\n\nEBITDA from operations excludes certain items that are unusual in nature or not comparable from period to period. While management believes that non-GAAP measurements\n\nare useful supplemental information, such adjusted results are not intended to replace our GAAP financial results. Adjusted EBITDA from operations is not, and should not be\n\nconsidered, an alternative to net income (loss), operating income (loss), or any other measure for determining operating performance or liquidity, as determined under\n\naccounting principles generally accepted in the United States (GAAP). In assessing the overall health of its business for the years ended December 31, 2019 and 2018, the\n\nCompany excluded items in the following general categories described below:\nStock-based compensation: The Company believes that because of the variety of equity awards used by companies, varying methodologies for determining stock-based compensation and the assumptions and estimates involved in those determinations, the exclusion of non-cash stock-based compensation enhances the ability of management and investors to understand the impact of non-cash stock-based compensation on our operating results. Further, the Company believes that excluding stockbased compensation expense allows for a more transparent comparison of its financial results to the previous year.\nRECONCILIATION OF NET LOSS TO ADJUSTED EBITDA FOR THE YEARS ENDED DECEMBER 31,\nLiquidity and Capital Resources\nFor the year ended December 31, 2019, the Company reported a net loss of $1,934,133 and had cash used in operating activities of $1,875,846, and ended the year with an\n\naccumulated deficit of $125,105,539 and total current assets in excess of current liabilities of $4,187,449. At December 31, 2019, the Company had $3,300,600 of cash and\n\napproximately $424,000 of availability on its credit facility. The credit facility is a $2,000,000 line of credit, which is subject to a borrowing base calculation based on the\n\nCompany\u2019s eligible accounts receivable and eligible inventory each- multiplied by an applicable advance rate, with an overall limitation tied to the Company\u2019s eligible accounts\n\nreceivable. As of December 31, 2019, we had borrowing capacity of $1,102,917 and an outstanding balance of $624,347, resulting in the approximate availability of $424,000\n\non the credit facility. During the twelve-month period between January 1, 2019 and December 31, 2019, the Company\u2019s cash balance decreased from $4,678,891 to $3,300,600,\n\nor approximately $115,000 per month. In comparison, during the twelve-month period between January 1, 2018 and December 31, 2018, the Company\u2019s cash balance decreased\n\nfrom $8,385,595 to $4,678,891, or approximately $309,000 per month. This improvement is the result of improved revenues and cost management efforts.\n\n | 2019 | 2018 \n------------------------------ | ------------ | ------------\nNet loss | $(1,934,133) | $(3,016,750)\nInterest (income) expense, net | 53,139 | (13,622) \nIncome tax provision (benefit) | (100,363) | 9,623 \nDepreciation and amortization | 66,082 | 67,107 \nEBITDA | (1,915,275) | (2,953,642) \nAdjustments: | | \nStock-based compensation | 7,261 | 6,404 \nAdjusted EBITDA | $(1,908,014) | $(2,947,238)"} {"_id": "d1b3b2576", "title": "", "text": "The following table presents unaudited supplemental pro forma results for fiscal 2019 and 2018 as if both the Grakon acquisition had occurred as of the beginning of fiscal 2018 and the Pacific Insight acquisition had occurred as of the beginning of fiscal 2017. The unaudited pro forma information is presented for information purposes only and is not indicative of the results of operations that would have been achieved if the acquisitions had taken place at such times.\nThe unaudited pro forma results presented below primarily include amortization charges for acquired intangible assets, depreciation adjustments for property, plant and equipment that has been revalued, interest expense adjustments due to an increased debt level, adjustments for certain acquisition-related charges and related tax effects.\n\n | Fiscal Year Ended | \n--------------------- | ----------------- | --------------\n(Dollars in Millions) | April 27, 2019 | April 28, 2018\nRevenues | $1,073.3 | $1,095.0 \nNet Income | $106.4 | $70.5 "} {"_id": "d1b36357a", "title": "", "text": "ITEM 6. SELECTED FINANCIAL DATA\nThe selected financial data presented below has been derived from our audited consolidated financial statements. This data should be read in conjunction with \u201cItem 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations\u201d and \u201cItem 8. Financial Statements and Supplementary Data\u201d of this Annual Report.\n(1) We elected to early adopt Accounting Standards Update (\u201cASU\u201d) 2016-09 \u201cCompensation - Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting\u201d (\u201cASU 2016-09\u201d) in 2016, which requires us, among other things, to prospectively record excess tax benefits as a reduction of the provision for income taxes in the consolidated statement of operations, whereas they were previously recognized in equity.\n(2) We retrospectively adopted ASU 2014-09, \u201cRevenue from Contracts with Customers (Topic 606)\u201d in 2018. As a result, we have adjusted balances for 2017 and 2016. We have not adjusted 2015 for ASU 2014-09.\n\n(in thousands, except per share amounts) | 2019 | 2018 | 2017 | 2016 | 2015 \n--------------------------------------------------- | ---------- | --------- | ------- | ------- | -------\nConsolidated Statements of Operations Data (1) (2): | | | | | \nRevenue: | | | | | \nPerpetual license | $80,015 | 109,863 | 132,883 | 145,053 | 166,305\nTerm license | 199,433 | 178,256 | 206,411 | 152,231 | 109,283\nMaintenance | 280,580 | 263,875 | 242,320 | 218,635 | 202,802\nCloud | 133,746 | 82,627 | 51,097 | 40,647 | 30,626 \nConsulting | 217,609 | 256,960 | 255,756 | 205,663 | 173,679\nTotal revenue | $911,383 | 891,581 | 888,467 | 762,229 | 682,695\n(Loss) income from operations | $(134,878) | $(17,032) | $93,177 | $50,644 | $64,661\nNet (loss) income | $(90,433) | $10,617 | $98,548 | $45,015 | $36,322\n(Loss) earnings per share | | | | | \nBasic | $(1.14) | $0.14 | $1.27 | $0.59 | $0.47 \nDiluted | $(1.14) | $0.13 | $1.19 | $0.56 | $0.46 \nCash dividends declared per common share | $0.12 | $0.12 | $0.12 | $0.12 | $0.12 "} {"_id": "d1b38e400", "title": "", "text": "Net revenue: Net revenue from our Broadcasting segment for the year ended December 31, 2019 decreased $3.6 million to $41.8 million from $45.4 million for the year ended December 31, 2018. During the second half of 2018, the Broadcasting segment undertook targeted cost cutting measures, primarily at HC2 Network Inc. (\"Network\") where Broadcasting exited certain local business operations and made strategic changes to the programming mix.\nThe decrease in net revenue was primarily due to lower local advertising sales as a result of such restructuring. This was partially offset by higher broadcast stations revenue associated with stations acquired during and subsequent to the comparable period.\nCost of revenue: Cost of revenue from our Broadcasting segment for the year ended December 31, 2019 decreased $5.0 million to $23.5 million from $28.5 million for the year ended December 31, 2018. The overall decrease was primarily driven by a reduction in audience measurement costs as a result of the exit of certain local markets which were unprofitable at Network and a decrease in programming costs due to changes in the programming mix referenced above, partially offset by higher cost of revenues associated with the growth of the Broadcast stations subsequent to the prior year.\nSelling, general and administrative: Selling, general and administrative expenses from our Broadcasting segment for the year ended December 31, 2019 decreased $10.9 million to $26.4 million from $37.3 million for the year ended December 31, 2018. The decrease was primarily due to a reduction in compensation costs, mainly driven by the cost cutting measures discussed above and lower legal expenses related to elevated acquisition-related expenses incurred in the prior period.\nDepreciation and amortization: Depreciation and amortization from our Broadcasting segment for the year ended December 31, 2019 increased $3.0 million to $6.3 million from $3.3 million for the year ended December 31, 2018. The increase was driven by additional amortization of fixed assets and definite lived intangible assets which were acquired as part of transactions subsequent to the comparable period.\nOther operating (income) expense: Other operating (income) expense from our Broadcasting segment for the year ended December 31, 2019 increased $3.3 million to income of $3.0 million from expense of $0.3 million for the year ended December 31, 2018. The increase was driven by reimbursements from the Federal Communications Commission (the \u201cFCC\u201d), partially offset by the impairment of FCC licenses during 2019 resulting from strategic discussions to abandon certain licenses.\nThe FCC requires certain television stations to change channels and/or modify their transmission facilities. The U.S. Congress passed legislation which provides the FCC with a fund to reimburse all reasonable costs incurred by stations operating under full power and Class A licenses and a portion of the costs incurred by stations operating under a low power license that are reassigned to new channels.\n\n | | Years Ended December 31, | \n----------------------------------- | -------- | ------------------------ | ---------------------\n | 2019 | 2018 | Increase / (Decrease)\nNet revenue | $ 41.8 | $ 45.4 | $ (3.6) \nCost of revenue | 23.5 | 28.5 | (5.0) \nSelling, general and administrative | 26.4 | 37.3 | (10.9) \nDepreciation and amortization | 6.3 | 3.3 | 3.0 \nOther operating (income) expense | (3.0) | 0.3 | (3.3) \nLoss from operations | $ (11.4) | $ (24.0) | $ 12.6 "} {"_id": "d1a734e2a", "title": "", "text": "Expected Future Rate\nOver the medium-term the tax rate is likely to stabilise as the integration of acquisitions in higher rate jurisdictions are completed. However, the tax rate may fluctuate if business changes are implemented in response to legislation arising from the OECD\u2019s Base Erosion & Profit Shifting Project. Legislative change in key territories is being monitored and acted upon.\nThe Group does not anticipate any significant impact on the future tax charge, liabilities or assets, as a result of the triggering of Article 50(2) of the Treaty on European Union, but cannot rule out the possibility that, for example, a failure to reach satisfactory arrangements for the UK\u2019s future relationship with the European Union, could have an impact on such matters.\nThe European Commission has concluded its investigation into the UK\u2019s controlled foreign company (\u201cCFC\u201d) rules. The CFC rules levy a charge on foreign entities controlled by the UK that are subject to a lower rate of tax, however there is currently an exemption available for 75% of this charge if the activities being undertaken by the CFC relate to financing. The EC concluded that this exemption is in breach of EU State Aid rules. However, whilst we are awaiting further detail from HMRC, the position has not changed from a tax accounting perspective. The risk is possible, but not probable. UK ministers have yet to decide on whether to pursue an appeal. No provision for this potential liability of $3.6M has been provided in these Consolidated Financial Statements as it is not clear what, if any, the ultimate financial result will be.\nDeferred tax assets and liabilities are attributable to the following:\nAs at 31 March 2019 the aggregate amount of temporary differences associated with undistributed earnings of subsidiaries for which deferred tax liabilities have been recognised was $Nil (2018: $Nil). No liability has been recognised because the Group is in a position to control the reversal of temporary differences and it is probable that such differences will not reverse in the foreseeable future.\nDeferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period when the asset is realised or the liability settled, based on tax rates that have been enacted or substantively enacted at the reporting date.\n\n | 31 March 2019 | 31 March 2018 Restated See note 2\n---------------------------------------------------------- | ------------- | ---------------------------------\n | $M | $M \nDeferred income tax assets in relation to: | | \nDeferred revenue | 40.9 | 40.0 \nTax value of carry forward losses of UK subsidiaries | 37.0 | 24.2 \nTax value of carry forward losses of overseas subsidiaries | 6.2 | 6.4 \nAdvanced capital allowances | 7.5 | 7.7 \nShare-based payments | 11.6 | 27.7 \nOther temporary differences | 11.8 | 14.7 \nTotal | 115.0 | 120.7 \nDeferred income tax liabilities in relation to: | | \nIntangible assets | 6.1 | 5.9 \nDeferred selling cost | 8.5 | 8.5 \nOther temporary differences | - | 0.1 \nTotal | 14.6 | 14.5 "} {"_id": "d1b3acd6a", "title": "", "text": "Item 6. Selected Financial Data\nThe following selected data is derived from our Consolidated Financial Statements. This data should be read in conjunction with the Consolidated Financial Statements and notes thereto incorporated into Item 8, \u201cFinancial Statements and Supplementary Data\u201d and with Item 7, \u201cManagement\u2019s Discussion and Analysis of Financial Condition and Results of Operations.\u201d\n(2) Working capital is defined as current assets minus current liabilities.\n\n | | | August 31, | | \n----------------------------------------------------------- | ----------- | ----------- | -------------- | ----------- | ----------\n | 2019 | 2018 | 2017 | 2016 | 2015 \n | | | (in thousands) | | \nConsolidated Balance Sheets Data: | | | | | \nWorking capital(2) | $(187,020) | $319,050 | $(243,910) | $280,325 | $191,168 \nTotal assets | $12,970,475 | $12,045,641 | $11,095,995 | $10,322,677 | $9,591,600\nCurrent installments of notes payable and long-term debt | $375,181 | $25,197 | $444,255 | $44,689 | $321,964 \nNotes payable and long-term debt, less current installments | $2,121,284 | $2,493,502 | $1,606,017 | $2,046,655 | $1,308,663\nTotal Jabil Inc. stockholders\u2019 equity | $1,887,443 | $1,950,257 | $2,353,514 | $2,438,171 | $2,314,856\nCommon stock shares outstanding | 153,520 | 164,588 | 177,728 | 186,998 | 192,068 "} {"_id": "d1b3533b4", "title": "", "text": "Results of Operations\nWe operate a cybersecurity business, focused on licensing and enforcement, providing advisory services, developing mobile security applications, and investing in emerging cybersecurity technologies and intellectual property. The following table summarizes our results of operations for the periods presented and as a percentage of our total revenue for those periods based on our consolidated statement of operations data. The year to year comparison of results of operations is not necessarily indicative of results of operations for future periods.\n\n | | | For the Years Ended December 31, | | | \n--------------------------------------- | ------- | ------------ | --------------------------------- | ------------ | ------ | ------------\n | 2019 | | 2018 | | 2017 | \n | Amount | % of Revenue | Amount | % of Revenue | Amount | % of Revenue\n | | | (In millions, except percentages) | | | \nRevenues | $13.2 | 100% | $82.3 | 100% | $50.5 | 100% \nCost of revenues | 1.9 | 14% | 15.3 | 19% | 6.0 | 12% \nGross profit | 11.3 | 86% | 67.0 | 81% | 44.5 | 88% \nOperating expenses: | | | | | | \nSelling, general and administrative (1) | 31.7 | 240% | 32.2 | 39% | 28.6 | 57% \nResearch and development | 2.0 | 15% | 2.1 | 2% | 1.5 | 3% \nTotal operating expenses | 33.7 | 225% | 34.3 | 41% | 30.1 | 60% \nOther income (expense) | (0.3) | (2)% | (4.0) | (5)% | 2.2 | 4% \nIncome (loss) before income taxes | (22.7) | (172%) | 28.7 | 35% | 16.6 | 33% \nIncome tax provision (benefit) | (6.2) | (47%) | 8.0 | 10% | (6.2) | (12)% \nNet income (loss) | $(16.5) | (125)% | $20.7 | 25% | $22.8 | 45% \n(1) Includes stock based compensation | $1.0 | 8% | $1.6 | 2% | $0.8 | 2% "} {"_id": "d1b3ba096", "title": "", "text": "4. Restructuring Activity\nFrom time to time, the Company approves and implements restructuring plans as a result of internal resource alignment, and cost saving measures. Such restructuring plans include terminating employees, vacating certain leased facilities, and cancellation of contracts.\nThe following table presents the activity related to the plans, which is included in restructuring charges in the consolidated statements of operations:\nIncluded in employee separation expenses for the year ended December 31, 2017 is stock-based compensation from the acceleration of certain stock-based awards the Company assumed from Exar due to existing change in control provisions triggered upon termination or diminution of authority of former Exar executives of $5.1 million.\nLease related and other charges primarily related to exiting certain redundant facilities.\n\n | | Years Ended December 31, | \n---------------------------- | ------ | ------------------------ | ------\n | 2019 | 2018 | 2017 \n | | (in thousands) | \nEmployee separation expenses | $1,150 | $2,094 | $8,353\nLease related expenses | 1,301 | 1,608 | 1,025 \nOther | 185 | 136 | 146 \n | $2,636 | $3,838 | $9,524"} {"_id": "d1a741756", "title": "", "text": "* Represents beneficial ownership of less than 1% of our outstanding shares of common stock.\n(1) Consists of (a) 16,982 shares of our common stock and (b) 36,837 shares of our common stock issuable upon exercise of stock options exercisable within 60 days of February 15, 2020.\n(2) Consists of (a) 37,011 shares of our common stock held directly by the Hutchison Family Trust, of which Mr. Hutchison is a co-trustee, (b) 7,028 shares of our common stock held by Glasgow Investments, LLC and (c) 44,166 shares of our common stock issuable to Mr. Hutchison upon exercise of stock options exercisable within 60 days of February 15, 2020. Mr. Hutchison is a managing member of Glasgow Investments, LLC and possesses the power to direct the voting and disposition of the shares held by Glasgow Investments, LLC and as such may be deemed to beneficially own the shares of our common stock held by Glasgow Investments, LLC.\n(3) Consists of 16,016 shares of our common stock issuable upon exercise of stock options exercisable within 60 days of February 15, 2020.\n(4) Consists of (a) 235,643 shares of our common stock held directly by the Lien Revocable Trust dated 7/8/2003, of which Mr. Lien is a co-trustee, (b) 3,658 shares of our common stock held individually by Mr. Lien, (c) 62,919 shares of our common stock issuable to Mr. Lien upon exercise of stock options exercisable within 60 days of February 15, 2020, (d) 12,182 shares of our common stock held by the Chris Lien 2013 Annuity Trust, and (e) 12,182 shares of our common stock held by the Rebecca Lien 2013 Annuity Trust.\n(5) Consists of 36,888 shares of our common stock issuable upon exercise of stock options exercisable within 60 days of February 15, 2020.\n(6) Consists of (a) 76,346 shares of our common stock, (b) 29,435 shares of our common stock issuable upon exercise of stock options exercisable within 60 days of February 15, 2020, and (c) 11,250 restricted stock units subject to vesting within 60 days of February 15, 2020.\n(7) Mr. Kinnish resigned as our Chief Financial Officer as of December 5, 2019. Consists of (a) 9,079 shares of our common stock, and (b) 53,068 shares of our common stock issuable upon exercise of stock options exercisable within 60 days of February 15, 2020.\n(8) Includes (a) 410,111 shares of common stock, (b) 279,329 shares issuable upon exercise of stock options exercisable within 60 days of February 15, 2020, and (c) 11,250 shares of our common stock subject to vesting of restricted stock unit awards within 60 days of February 15, 2020.\n(9) Based on information contained in a Schedule 13G/A filed with the SEC by Benchmark Capital on February 12, 2020. Consists of (a) 456,916 shares of our common stock held by Benchmark Capital Partners VI, L.P. (\u201cBCP VI\u201d) and (b) 28,576 shares of our common stock held by Benchmark Founders\u2019 Fund VI, L.P. (\u201cBFF VI\u201d), (c) 18,754 shares held by Benchmark Founders\u2019 Fund VI-B L.P. (\u201cBFF VI-B\u201d) and (d) 49,256 shares of our common stock held in nominee form for the benefit of persons associated with Benchmark Capital Management Co. VI, L.L.C. (\u201cBCMC VI\u201d). BCMC VI is the general partner of BCP VI, BFF VI and BFF VI-B and may be deemed to have sole voting and investment power over the shares held by BCP VI, BFF VI and BFF VI-B. Certain individual members of BCMC VI, including Bruce W. Dunlevie, a member of our Board until February 2017, may be deemed to have shared voting and investment power over the shares held by BCP VI, BFF VI and BFF VI-B. The address for each Benchmark reporting entity is 2965 Woodside Road, Woodside, California 94062. 2017, may be deemed to have shared voting and investment power over the shares held by BCP VI, BFF VI and BFF VI-B. The address for each Benchmark reporting entity is 2965 Woodside Road, Woodside, California 94062.\n(10) \u00a0Based on information contained in a Schedule 13G filed with the SEC by DAG Ventures IV-QP, L.P. and its affiliates on February 11, 2014 and adjusted here for the 1-for-7 reverse stock split effectuated on October 5, 2017. Consists of 444,674 shares of our common stock held by DAG Ventures IV-QP, L.P. (\u201cDAVG IV-QP\u201d), (b) 51,356 shares of our common stock held by DAG Ventures IV-A, LLC (\u201cDAG IV-A\u201d) and (c) 46,994 shares of our common stock held by DAG Ventures IV, L.P. (\u201cDAG IV\u201d). DAG Ventures Management IV, LLC (\u201cDAG IV LLC\u201d) serves as the general partner of DAG IV-QP and DAG IV. As such, DAG IV LLC possesses power to direct the voting and disposition of the shares of our common stock owned by DAG IV-QP and DAG IV and may be deemed to have indirect beneficial ownership of the shares of our common stock held by DAG IV-QP and DAG IV. DAG IV LLC does not own any of our securities directly. R. Thomas Goodrich, John J. Caddo, Greg Williams, Young J. Chung and Nick Pianism are managing directors of DAG IV LLC and DAG IV-A and possess power to direct the voting and disposition of the shares owned by DAG IV-QP, DAG IV and DAG IV-A and may be deemed to have indirect beneficial ownership of the shares held by DAG IV-QP, DAG IV and DAG IV-A. The address for DAG IV-QP, DAG IV, DAG IV- A and DAG IV LLC is 251 Lytton Avenue, Suite 200, Palo Alto, CA 94301.\n(11) \u00a0Based on information contained in a Schedule 13G filed with the SEC by ESW Capital, LLC (\u201cESW\u201d) on December 28, 2018. ESW owns 579,000 shares. Joseph A. Liemandt is the sole voting member of ESW and may be deemed to have indirect beneficial ownership of the shares held by ESW. The address for ESW and Mr. Liemandt is 401 Congress Avenue, Suite 2650, Austin, TX 78701.\n\nName of Beneficial Owner | Number of Shares Beneficially Owned | Percent Owned\n---------------------------------------------------- | ----------------------------------- | -------------\nDirectors and Named Executive Officers | | \nL. Gordon Crovitz(1) | 53,819 | * \nDonald P. Hutchison(2) | 88,205 | 1.3 \nBrian Kinion(3) | 16,016 | * \nChristopher Lien(4) | 326,584 | 4.7 \nDaina Middleton(5) | 36,888 | * \nWister Walcott(6) | 117,031 | 1.7 \nRobert Bertz | \u2014 | * \nBradley Kinnish(7) | 62,147 | * \nAll officers and directors as a group (8 persons)(8) | 700,690 | 9.9 \n5% or Greater Stockholders | | \nBenchmark Capital Partners VI, L.P(9) | 553,502 | 8.1 \nEntities affiliated with DAG Ventures(10) | 543,024 | 8.0 \nESW Capital, LLC (11) | 579,000 | 8.5 "} {"_id": "d1b35db98", "title": "", "text": "Adjusted EBITDA. Adjusted EBITDA represents our net loss before interest and investment income, net and interest expense, provision for income taxes, depreciation and amortization expense, loss on extinguishment of convertible notes and stock-based compensation expense. We do not consider these items to be indicative of our core operating performance. The items that are non-cash include depreciation and amortization expense and stock-based compensation expense.\nAdjusted EBITDA is a measure used by management to understand and evaluate our core operating performance and trends and to generate future operating plans, make strategic decisions regarding the allocation of capital and invest in initiatives that are focused on cultivating new markets for our solutions. In particular, the exclusion of certain expenses in calculating adjusted EBITDA facilitates comparisons of our operating performance on a period-to-period basis.\nAdjusted EBITDA is not a measure calculated in accordance with GAAP. We believe that adjusted EBITDA provides useful information to investors and others in understanding and evaluating our operating results in the same manner as our management and board of directors. Nevertheless, use of adjusted EBITDA has limitations as an analytical tool, and you should not consider it in isolation or as a substitute for analysis of our financial results as reported under GAAP.\nSome of these limitations are: (1) although depreciation and amortization are non-cash charges, the capitalized software that is amortized will need to be replaced in the future, and adjusted EBITDA does not reflect cash capital expenditure requirements for such replacements or for new capital expenditure requirements; (2) adjusted EBITDA does not reflect changes in, or cash requirements for, our working capital needs;\n(3) adjusted EBITDA does not reflect the potentially dilutive impact of equity-based compensation; (4) adjusted EBITDA does not reflect tax payments or receipts that may represent a reduction or increase in cash\navailable to us; and (5) other companies, including companies in our industry, may calculate adjusted EBITDA or similarly titled measures\ndifferently, which reduces the usefulness of the metric as a comparative measure.\nBecause of these and other limitations, you should consider adjusted EBITDA alongside our other GAAP-based financial performance measures, net loss and our other GAAP financial results. The following table presents a reconciliation of adjusted EBITDA to net loss, the most directly comparable GAAP measure, for each of the periods indicated (in thousands):\n\n | | Year Ended December 31, | \n--------------------------------------------- | --------- | ----------------------- | ---------\n | 2019 | 2018 | 2017 \nNet loss | $(52,250) | $(47,515) | $(19,634)\nInterest and investment (income) expense, net | 2,979 | 4,504 | 216 \nProvision for income taxes | 425 | 796 | 47 \nDepreciation and amortization | 19,671 | 13,693 | 10,207 \nLoss on extinguishment of convertible notes | 1,406 | \u2014 | \u2014 \nStock-based compensation | 33,489 | 25,825 | 9,299 \nAdjusted EBITDA | $5,720 | $(2,697) | $135 "} {"_id": "d1b344bb6", "title": "", "text": "Comparison of Fiscal Year Ended September 28, 2018 to Fiscal Year Ended September 29, 2017\nWe acquired AppliedMicro on January 26, 2017 and certain assets of Picometrix on August 9, 2017, and we divested the Compute business on October 27, 2017 and our LR4 business on May 10, 2018. For additional information related to acquisitions and divestitures refer to Note 4 - Acquisitions and Note 23 - Divested Business and Discontinued Operations, respectively, in this Annual Report.\nOur annual Statements of Operations includes activity since the dates of acquisition for AppliedMicro and Picometrix and excludes activity for the Compute business and LR4 business after the date of the divestiture, representing less than twelve months of activity for AppliedMicro and Picometrix for the fiscal year ended September 29, 2017.\nRevenue. In fiscal year 2018, our revenue decreased by $128.4 million, or 18.4%, to $570.4 million from $698.8 million for fiscal year 2017. Revenue from our primary markets, the percentage of change between the years and revenue by primary markets expressed as a percentage of total revenue were (in thousands, except percentages):\nIn fiscal year 2018, our Telecom market revenue decreased by $117.1 million, or 34.4%, compared to fiscal year 2017. The decrease was primarily due to lower sales of carrier-based optical semiconductor products to our Asia customer base, lower sales of products targeting fiber to the home applications and the May 2018 sale of our LR4 business.\nIn fiscal year 2018, our Data Center market revenue decreased by $10.4 million, or 6.0%, compared to fiscal year 2017. The decrease was primarily due to decreased revenue from sales of legacy optical products and lasers and cloud data center applications.\nIn fiscal year 2018, our I&D market revenues decreased by $0.9 million, or 0.5%, compared to fiscal year 2017. The decrease was primarily related to lower certain legacy defense products partially offset by higher revenue across other areas within the product portfolio.\n\n | Fiscal Years | | \n-------------------- | --------------- | -------- | --------\n | 2018 | 2017 | % Change\nTelecom | $222,940 | $340,022 | (34.4)% \nData Center | 162,098 | 172,481 | (6.0)% \nIndustrial & Defense | 185,360 | 186,269 | (0.5)% \n | 570,398 | 698,772 | (18.4)% \nTelecom | 39.1% | 48.6% | \nData Center | 28.4% | 24.7% | \nIndustrial & Defense | 32.5% | 26.7% | \nTotal | 100.0% | 100.0% | "} {"_id": "d1b34d0fe", "title": "", "text": "18.1 Fair Values\nThe fair values of the currency and interest rate swap contracts exclude accrued interest of S$16.3 million (31 March 2018: S$16.8 million). The accrued interest is separately disclosed in Note 16 and Note 27.\nThe fair values of the derivative financial instruments were as follows \u2013\n\n | Group | | Company | \n---------------------------------------------------- | ----------- | ----------- | ----------- | -----------\n | Fair values | | Fair values | \n | Assets | Liabilities | Assets | Liabilities\n2019 | S$ Mil | S$ Mil | S$ Mil | S$ Mil \nFair value and cash flow hedges | | | | \nCross currency swaps | 414.6 | 95.5 | 1.0 | 60.2 \nInterest rate swaps | 11.1 | 59.8 | - | 8.9 \nForward foreign exchange contracts | 12.9 | 1.5 | 3.3 | 1.0 \nDerivatives that do not qualify for hedge accounting | | | | \nCross currency swaps | - | - | 104.7 | 104.7 \nInterest rate swaps | - | 1.9 | 17.5 | 17.5 \nForward foreign exchange contracts | 0.1 | - | 0.1 | - \n | 438.7 | 158.7 | 126.6 | 192.3 \nDisclosed as \u2013 | | | | \nCurrent | 155.1 | 9.2 | 0.7 | 0.5 \nNon-current | 283.6 | 149.5 | 125.9 | 191.8 \n | 438.7 | 158.7 | 126.6 | 192.3 "} {"_id": "d1b33eaf4", "title": "", "text": "ADVANCED ENERGY INDUSTRIES, INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS \u2013 (continued) (in thousands, except per share amounts)\nThe following table summarizes long-lived assets by geographic area as of December 31, 2019 and December 31, 2018:\nLong-lived assets include property and equipment, operating lease right-of-use assets, goodwill and other intangible assets.\n\n | December 31, | \n------------- | ------------ | --------\n | 2019 | 2018 \nUnited States | $239,511 | $115,869\nAsia | 301,020 | 12,274 \nEurope | 59,925 | 59,936 \nTotal | $600,456 | $188,079"} {"_id": "d1b3c8b00", "title": "", "text": "Marine Services Segment GMSL generally generates revenue by providing maintenance services for subsea telecommunications cabling, installing subsea cables, providing installation, maintenance and repair of fiber optic communication and power infrastructure to offshore oil and gas platforms, and installing inter-array power cables for use in offshore wind farms.\nTelecommunication - Maintenance & Installation GMSL performs its services within telecommunication market primarily under fixed-price contracts and recognizes revenue over time using the input method to measure progress for its projects. The nature of the projects does not provide measurable value to the customer over time and control does not transfer to the customer at discrete points in time. The customer receives value over the term of the project based on the amount of work that has been completed towards the delivery of the completed project. Depending on the project, the most reliable measure of progress is either the cost incurred or time elapsed towards delivery of the completed project. Therefore, the input method provides the most reliable method to measure progress. Revenue recognition begins when work has commenced. Costs include all direct material and labor costs related to contract performance, indirect labor, and overhead costs, which are charged to contract costs as incurred. Revisions in estimates during the course of contract work are reflected in the accounting period in which the facts requiring the revision become known. Provisions for estimated losses on uncompleted contracts are made in the period a loss on a contract becomes determinable.\nMaintenance revenues within this market are attributable to standby vessels and the provision of cable storage depots for repair of fiber optic telecommunications cables in defined geographic zones, and its maintenance business is provided through contracts with consortia of approximately 60 global telecommunications providers. These contracts are generally five to seven years long. Installation revenues within this market are generated through installation of cable systems including route planning, mapping, route engineering, cable laying, and trenching and burial. GMSL\u2019s installation business is project-based with contracts typically lasting one to five months.\nPower - Operations, Maintenance & Construction Support Majority of revenues within this market are generated through the provision of crew transfer vessels and turbine technicians on the maintenance of offshore wind farms. Services are provided at agreed day rates and are recognized as revenues at the point in time at which the performance obligations are met. Additional revenues are generated through the provision of approved safety training courses to personnel operating on offshore wind turbines. Courses are supplied at agreed rates and recognized at the point in time at which the courses are provided.\nPower - Cable Installation & Repair Installation and repair revenues within this market are attributable to the provision of engineering solutions, which includes the charter of cable laying vessels and related subsea assets. These contracts are either charged at agreed day rates and are recognized as revenues at the point in time at which the performance obligations are met, or are under fixed-price contracts, in which case revenue is recognized over time using the input method to measure progress for its projects.\nDisaggregation of Revenues The following table disaggregates GMSL's revenue by market (in millions):\n\nYears Ended December 31, | | \n------------------------------------------------------ | ------ | ------\n | 2019 | 2018 \nTelecommunication - Maintenance | $86.8 | $87.0 \nTelecommunication - Installation | 33.2 | 41.5 \nPower - Operations, Maintenance & Construction Support | 19.9 | 31.0 \nPower - Cable Installation & Repair | 32.6 | 34.8 \nTotal revenue from contracts with customers | 172.5 | 194.3 \nOther revenue | \u2014 | \u2014 \nTotal Marine Services segment revenue | $172.5 | $194.3"} {"_id": "d1b36d3cc", "title": "", "text": "Note 7 \u2013 Equipment, Leasehold Improvements and Software\nEquipment, leasehold improvements and software as of December 27, 2019 and December 28, 2018 consisted of the following:\nConstruction-in-process at December 27, 2019 related primarily to the implementation of the Company\u2019s Enterprise Resource Planning (\u201cERP\u201d) system and at December 28, 2018 related primarily to the implementation of the Company\u2019s ERP system and the buildout of the Company\u2019s headquarters in Ridgefield, CT. The buildout of the Company\u2019s headquarters was completed during fiscal 2019. The rollout of its ERP system will continue through fiscal 2020. The net book value of equipment financed under finance leases at December 27, 2019 and December 28, 2018 was $3,905 and $388, respectively. No interest expense was capitalized during the fiscal years ended December 27, 2019, December 28, 2018 and December 29, 2017.\n\n | Useful Lives | December 27, 2019 | December 28, 2018\n--------------------------------------------------- | ------------ | ------------------ | -----------------\nLand | Indefinite | $1,170 | $1,170 \nBuildings | 20 years | 1,360 | 1,292 \nMachinery and equipment | 5-10 years | 21,718 | 17,837 \nComputers, data processing and other equipment | 3-7 years | 12,686 | 11,244 \nSoftware | 3-7 years | 29,305 | 22,779 \nLeasehold improvements | 1-40 years | 70,903 | 60,565 \nFurniture and fixtures | 7 years | 3,309 | 3,268 \nVehicles | 5-7 years | 6,410 | 2,769 \nOther | 7 years | 95 | 95 \nConstruction-in-process | | 9,200 | 15,757 \n | | 156,156 | 136,776 \nLess: accumulated depreciation and amortization | | (63,310) | (51,500) \nEquipment, leasehold improvements and software, net | | $92,846 | $85,276 "} {"_id": "d1b3be51a", "title": "", "text": "Item 10. Directors, Executive Officers and Corporate Governance\nThe information required by Item 401, Item 405, Item 406 and Item 407 (c)(3), (d)(4) and (d)(5) of Regulation S-K regarding directors of Cincinnati Bell Inc. can be found in the Proxy Statement for the 2020 Annual Meeting of Shareholders and is incorporated herein by reference.The information required by Item 401, Item 405, Item 406 and Item 407 (c)(3), (d)(4) and (d)(5) of Regulation S-K regarding directors of Cincinnati Bell Inc. can be found in the Proxy Statement for the 2020 Annual Meeting of Shareholders and is incorporated herein by reference.\nThe Company\u2019s Code of Ethics for Senior Financial Officers that applies to its Chief Executive Officer, Chief Financial Officer and Chief Accounting Officer is posted on the Company\u2019s website at http://www.cincinnatibell.com. Within the time period required by the SEC and the New York Stock Exchange (\"NYSE\"), the Company will post on its website any amendment to the Code of Ethics for Senior Financial Officers and any waiver of such code relating to such senior executive officers of the Company\n&lt;div&gt;In addition to the certifications of the Company\u2019s Chief Executive Officer and Chief Financial Officer required under Section 302 of the Sarbanes-Oxley Act of 2002 and filed as exhibits to this Annual Report on Form 10-K, in May 2019, the Company\u2019s Chief Executive Officer submitted to the NYSE the certification regarding compliance with the NYSE\u2019s corporate governance listing standards required by Section 303 A.12 of the NYSE Listed Company Manual. In addition to the certifications of the Company\u2019s Chief Executive Officer and Chief Financial Officer required under Section 302 of the Sarbanes-Oxley Act of 2002 and filed as exhibits to this Annual Report on Form 10-K, in May 2019, the Company\u2019s Chief Executive Officer submitted to the NYSE the certification regarding compliance with the NYSE\u2019s corporate governance listing standards required by Section 303 A.12 of the NYSE Listed Company Manual.\nExecutive Officers of the Registrant:\nThe names, ages and positions of the executive officers of the Company as of February 24, 2020 are as follows:\nOfficers are elected annually but are removable at the discretion of the Board of Directors.\nLEIGH R. FOX, President and Chief Executive Officer since May 31, 2017; President and Chief Operating Officer of the Company from September 2016 to May 2017; Chief Financial Officer of the Company from October 2013 to September 2016; Chief Administrative Officer of the Company from July 2013 to October 2013; Senior Vice President of Finance and Operations from December 2012 to July 2013; Vice President of Finance at Cincinnati Bell Technology Solutions Inc. (CBTS) from October 2008 to December 2012.\nANDREW R. KAISER, Chief Financial Officer of the Company since September 2016; Vice President, Consumer Marketing and Data Analytics of the Company from December 2015 to September 2016; Vice President, Corporate Finance of the Company from January 2014 to December 2015; Partner at Howard Roark Consulting, LLC from 2005 to January 2014.\nCHRISTI H. CORNETTE, Chief Culture Officer of the Company since June 2017; Senior Vice President, Marketing of the Company from August 2013 to June 017; Vice President, Marketing of the Company from October 2008 to August 2013; Director of CBTS Marketing from October 2002 to October 2008.\nTHOMAS E. SIMPSON, Chief Operating Officer since June 2017, Senior Vice President and Chief Technology Officer of the Company from January 2015 to June 2017; Vice President and Chief Technology Officer at Cincinnati Bell Technology Solutions (CBTS) from 2014 to 2015; Vice President, Research and Development at CBTS from 2010 to 2014; Director, Technical Operations at CBTS from 2008 to 2010\nCHRISTOPHER J. WILSON, Vice President and General Counsel of the Company since August 2003.\nJOSHUA T. DUCKWORTH, Vice President of Treasury, Corporate Finance and Inventor Relations since October 2017; Vice President, Investor Relations and Controller of the Company from July 2013 to October 2017; Assistant Treasurer and Director of Investor Relations for Cincinnati Bell Inc. from August 2012 to July 2013; Assistant Controller for Cincinnati Bell Inc. from August 2010 to August 2012; Deloitte &amp; Touche LLP's audit practice from October 2004 to August 2010.\nSUZANNE E MARATTA, Vice President and Corporate Controller of the Company since May 2019; Assistant Corporate Controller of the Company from August 2017 to May 2019; Senior Financial Reporting Manager of the Company from May 2014 to August 2017; Auditor at PricewaterhouseCoopers from January 2007 to May 2014\n\nName | Age | Title \n--------------------- | --- | --------------------------------------------------------------------\nLeigh R Fox | 47 | President and Chief Executive Officer \nAndrew R Kaiser | 51 | Chief Financial Officer \nChristi H. Cornette | 64 | Chief Culture Officer \nThomas E. Simpson | 47 | Chief Operating Officer \nChristopher J. Wilson | 54 | Vice President and General Counsel \nJoshua T. Duckworth | 41 | Vice President of Treasury, Corporate Finance and Investor Relations\nSuzanne E. Maratta | 37 | Vice President and Corporate Controller "} {"_id": "d1b3357ce", "title": "", "text": "11. Stock Award Plan\nTotal recognized stock-based compensation expense is included in our consolidated statements of operations as shown in the table below. Stock-based compensation expense includes both non-cash expense related to grants of stock-based awards as well as cash expense related to the employee discount applied to purchases of our common stock under our employee stock purchase plan.\nThe estimated income tax benefit of stock-based compensation expense included in the provision for income taxes for the year ended December 31, 2019 is approximately $5.3 million. No stock-based compensation costs were capitalized during the years ended December 31, 2019, 2018 and 2017. The calculation of stock-based compensation expenses includes an estimate for forfeitures at the time of grant.\nThis estimate can be revised in subsequent periods if actual forfeitures differ from those estimates, which are based on historical trends. Total unrecognized stock-based compensation expense related to nonvested awards and options was $62.4 million as of December 31, 2019, and this expense is expected to be recognized over a weighted-average period of 2.3 years.\n\n | | Year Ended December 31, | \n-------------------------------------------- | -------- | ----------------------- | --------\n(In thousands) | 2019 | 2018 | 2017 \nCost of revenue: | | | \nSoftware delivery, support and maintenance | $ 2,075 | $ 2,184 | $ 2,879 \nClient services | 4,067 | 3,997 | 4,484 \nTotal cost of revenue | 6,142 | 6,181 | 7,363 \nSelling, general and administrative expenses | 27,348 | 24,213 | 23,497 \nResearch and development | 9,200 | 8,937 | 8,605 \nTotal stock-based compensation expense | $ 42,690 | $ 39,331 | $ 39,465"} {"_id": "d1b371a9e", "title": "", "text": "The Company utilized the Black-Scholes option pricing model to value the stock options. The Company used an expected life as defined under the simplified method, which is using an average of the contractual term and vesting period of the stock options. The risk-free interest rate used for the award is based on the U.S. Treasury yield curve in effect at the time of grant. The Company accounted for forfeitures as they occur. The historical volatility was calculated based upon implied volatility of the Company's historical stock prices.\nThe fair value of 2019 and 2018 stock options was estimated using the Black-Scholes option pricing model with the following weighted-average assumptions:\nAs of December 31, 2019, there was approximately $419,000 of unrecognized stock-based compensation expense related to outstanding 2019 stock options, expected to be recognized over 3.4 and approximately $418,000 of unrecognized stock-based compensation expense related to outstanding 2018 stock options, expected to be recognized over 2.4 years. There was no unrecognized stock-based compensation expense relating stock options granted prior to 2018.\n\n | 2019 | 2018 \n-------------------------------------------------------- | ----- | -----\nWeighted-average fair value of options granted per share | $8.78 | $6.63\nHistorical volatility | 60% | 46% \nRisk-free interest rate | 2.10% | 2.84%\nDividend yield | \u2014 | \u2014 \nExpected life in years | 3.6 | 5.7 "} {"_id": "d1b309912", "title": "", "text": "Other Long-Term Liabilities\nIn-Process Revenue Contracts\nAs part of the Company\u2019s previous acquisition of FPSO units from Petrojarl ASA (subsequently renamed Teekay Petrojarl AS, or Teekay Petrojarl), the Company assumed a certain FPSO contract with terms that were less favorable than the then prevailing market terms. At the time of the acquisition, the Company recognized a liability based on the estimated fair value of this contract and service obligation.\nThe Company is amortizing the remaining liability over the estimated remaining term of its associated contract on a weighted basis, based on the projected revenue to be earned under the contract.\nAmortization of in-process revenue contracts for the year ended December 31, 2019 was $5.9 million (2018 \u2013 $14.5 million, 2017 \u2013 $27.2 million), which is included in revenues on the consolidated statements of loss. Amortization of in-process revenue contracts following 2019 is expected to be $5.9 million (2020), $5.9 million (2021) and $5.9 million (2022).\n\n | December 31, 2019 | December 31, 2018\n------------------------------------------- | ----------------- | -----------------\n | $ | $ \nDeferred revenues and gains (note 2) | 28,612 | 31,324 \nGuarantee liabilities | 10,113 | 9,434 \nAsset retirement obligation | 31,068 | 27,759 \nPension liabilities | 7,238 | 4,847 \nIn-process revenue contracts | 11,866 | 17,800 \nDerivative liabilities (note 16) | 51,914 | 56,352 \nUnrecognized tax benefits (note 22) | 62,958 | 40,556 \nOffice lease liability \u2013 long-term (note 1) | 10,254 | \u2014 \nOther | 2,325 | 1,325 \n | 216,348 | 189,397 "} {"_id": "d1b2f9fbc", "title": "", "text": "5.0 FY 2019 Financial Performance and Analysis\nThe discussions in this section relate to the consolidated, Rupee-denominated financial results pertaining to the year that ended March 31, 2019. The financial statements of Tata Consultancy Services Limited and its subsidiaries (collectively referred to as \u2018TCS\u2019 or \u2018the Company\u2019) are prepared in accordance with the Indian Accounting Standards (referred to as \u2018Ind AS\u2019) prescribed under section 133 of the Companies Act, 2013, read with the Companies (Indian Accounting Standards) Rules, as amended from time to time. Significant accounting policies used in the preparation of the financial statements are disclosed in the notes to the consolidated financial statements.\nThe following table gives an overview of the consolidated financial results of the Company:\n* EPS is adjusted for bonus issue\n\n | | | | | ` crore \n---------------------------------------------------------------------------------- | ------- | ------------ | -------- | ------- | ------------\n | FY 2019 | % of Revenue | % Growth | FY 2018 | % of Revenue\nRevenue | 146,463 | 100.0 | 19.0 | 123,104 | 100.0 \nEarnings before interest, tax, depreciation and amortization (before other income) | 39,506 | 27.0 | 21.5 | 32,516 | 26.4 \nProfit Before Tax (PBT) | 41,563 | 28.4 | 21.9 | 34,092 | 27.7 \nProfit after tax attributable to shareholders of the Company | 31,472 | 21.5 | 21.9 | 25,826 | 21.0 \nEarnings per share (in `) | 83.05 | - | 23.8 | 67.10* | - "} {"_id": "d1b35cb8a", "title": "", "text": "Note 18. Income Taxes\nThe Tax Cuts and Jobs Act, or the Tax Act, was signed into law on December 22, 2017. This legislation made significant changes in U.S. tax law, including a reduction in the corporate tax rate, changes to net operating loss carryforwards and carrybacks and a repeal of the corporate alternative minimum tax. The legislation reduced the U.S. corporate income tax rate from 35% to 21%. As a result of the enacted Tax Act, we were required to revalue deferred tax assets and liabilities at the rate in effect when the deferred tax balances are scheduled to reverse. This revaluation resulted in an additional $8.8 million of income tax expense and a corresponding reduction in the deferred tax asset which was recorded during the year ended December 31, 2017.\nAdditionally, on December 22, 2017, the Securities and Exchange Commission staff issued Staff Accounting Bulletin No. 118, or SAB 118, to address the application of GAAP in situations when a registrant does not have the necessary information available, prepared, or analyzed in reasonable detail to complete the accounting for certain income tax effects of the Tax Act. Specifically, SAB 118 provides a measurement period for companies to evaluate the impacts of the Tax Act on their financial statements. We completed the accounting for the tax effects of the Tax Act during the three months ended September 30, 2018 and decreased our provisional estimate from $8.8 million to $8.7 million.\nThe components of our income tax expense are as follows (in thousands):\n\n | | Year Ended December 31, | \n-------------- | ------ | ----------------------- | -------\n | 2019 | 2018 | 2017 \nCurrent | | | \nFederal | $1,615 | $741 | $584 \nState | 900 | 653 | (88) \nForeign | 452 | 263 | 6 \nTotal Current | 2,967 | 1,657 | 502 \nDeferred | | | \nFederal | 2,622 | (8,821) | 3,837 \nState | (23) | (2,643) | (1,368)\nForeign | \u2014 | (18) | 19 \nTotal Deferred | 2,599 | (11,482) | 2,488 \nTotal | $5,566 | $ (9,825) | $2,990 "} {"_id": "d1b393aa4", "title": "", "text": "Property and Equipment\nProperty and equipment are stated at cost and are depreciated or amortized using the straight-line method. Cost, accumulated depreciation and amortization, and estimated useful lives are as follows (dollars in thousands):\n\n | | Fiscal year-end | \n----------------------------------------- | --------- | --------------- | -----------------------------------\n | 2019 | 2018 | Useful Life \nLand | $19,490 | $17,655 | \nBuildings and improvements | 173,333 | 165,535 | 5 - 40 years \nEquipment, furniture and fixtures | 389,225 | 359,721 | 3 - 10 years \nLeasehold improvements | 94,878 | 89,399 | shorter of asset life or lease term\n | 676,926 | 632,310 | \nAccumulated depreciation and amortization | (353,492) | (320,517) | \nProperty and equipment, net | $323,434 | $311,793 | "} {"_id": "d1b394bb6", "title": "", "text": "A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows for the years ended December 31,\n2019, 2018 and 2017 (in thousands):\nOur unrecognized tax benefits totaled $11.2 million and $7.1 million as of December 31, 2019 and 2018, respectively. Included in these amounts are unrecognized tax benefits totaling $10.2 million and $5.4 million as of December 31, 2019 and 2018, respectively, which, if recognized, would affect the effective tax rate.\nthese amounts are unrecognized tax benefits totaling $10.2 million and $5.4 million as of December 31, 2019 and 2018, respectively,\nwhich, if recognized, would affect the effective tax rate.\nWe recognize potential accrued interest and penalties related to unrecognized tax benefits within our global operations in income tax expense. For the years ended December 31, 2019, 2018 and 2017, the Company recognized the following income tax expense: $0.5 million, $0.5 million, and $0.3 million, respectively, for the potential payment of interest and penalties. Accrued interest and penalties were $1.7 million and $2.1 million for the years ended December 31, 2019 and 2018. We conduct business globally and, as a result, files income tax returns in the United State federal jurisdiction and in many state and foreign jurisdictions. We are generally no longer subject to U.S. federal, state, and local, or non-US income tax examinations for the years before 2012. Due to the expiration of statutes of limitations in multiple jurisdictions globally during 2020, the Company anticipates it is reasonably possible that unrecognized tax benefits may decrease by $3.1 million.\n\n | December 31, | | \n--------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | ------------- | ----------- | ---------\n | 2019 | 2018 | 2017 \nUnrecognized tax benefits at January 1, | (7,113 ) | (7,419 ) | (6,938 ) \nGross amount of increases in unrecognized tax benefits as a\nresult of tax positions taken during a prior period | (2,428 ) | (873 ) | (789 ) \nGross amount of decreases in unrecognized tax benefits as a Gross amount of decreases in unrecognized tax benefits as a result of tax positions taken during a prior period | 445 | 233 | 145 \nGross amount of increases in unrecognized tax benefits as a\nresult of tax positions taken during the current period | (2,489 ) | (78 ) | - \nReductions to unrecognized tax benefits relating to settlements with taxing authorities | - | 349 | - \nReductions to unrecognized tax benefits as a result of a lapse of the applicable statute of limitations | 346 | 675 | 163 \nUnrecognized tax benefits at December 31, | (11,239 ) | (7,113 ) | (7,419 ) "} {"_id": "d1b366126", "title": "", "text": "Fair Value Measurement of Financial Assets and Liabilities\nThe carrying values of the Company\u2019s accounts receivable and accounts payable, approximated their fair values due to the short period of time to maturity or repayment.\nThe following tables set forth the Company\u2019s financial instruments that were measured at fair value on a recurring basis by level within the fair value hierarchy (in thousands):\nThe fair value of the Company\u2019s Level 1 financial instruments is based on quoted market prices in active markets for identical instruments. The fair value of the Company\u2019s Level 2 financial instruments is based on observable inputs other than quoted prices in active markets for identical assets and liabilities, quoted prices for identical or similar assets or liabilities in inactive markets, or other inputs that are observable or can be corroborated by observable market data.\nIn addition, Level 2 assets and liabilities include derivative financial instruments associated with hedging activity, which are further discussed in Note 4. Derivative financial instruments are initially measured at fair value on the contract date and are subsequently remeasured to fair value at each reporting date using inputs such as spot rates, forward rates, and discount rates. There is not an active market for each hedge contract, but the inputs used to calculate the value of the instruments are tied to active markets.\n\nDecember 31, 2019 | | | | \n------------------------- | -------- | -------- | ------- | --------\n | Level 1 | Level 2 | Level 3 | Total \nAssets: | | | | \nMoney market funds | $107,708 | $\u2014 | $\u2014 | $107,708\nU.S. government agencies | \u2014 | 77,364 | \u2014 | 77,364 \nCorporate debt securities | \u2014 | 207,137 | \u2014 | 207,137 \nTotal | $107,708 | $284,501 | $\u2014 | $392,209\nLiabilities: | | | | \nContingent consideration | $\u2014 | $\u2014 | $1,889 | $1,889 \nDerivative liabilities | \u2014 | 748 | \u2014 | 748 \nTotal | $\u2014 | $748 | $1,889 | $2,637 \n | | | | \nDecember 31, 2018 | | | | \n | Level 1 | Level 2 | Level 3 | Total \nAssets: | | | | \nMoney market funds | $273,546 | $\u2014 | $\u2014 | $273,546\nU.S. government agencies | \u2014 | 72,840 | \u2014 | 72,840 \nCorporate debt securities | \u2014 | 228,953 | \u2014 | 228,953 \nDerivative assets | \u2014 | 623 | \u2014 | 623 \nTotal | $273,546 | $302,416 | $\u2014 | $575,962\nLiabilities: | | | | \nDerivative liabilities | $\u2014 | $549 | $\u2014 | $549 \nStock warrant liability | \u2014 | \u2014 | 410 | 410 \nTotal | $\u2014 | $549 | $410 | $959 "} {"_id": "d1b33cefc", "title": "", "text": "ALTERNATIVE PERFORMANCE MEASURES\nNet interest-bearing debt:\nNet interest-bearing debt is defined as borrowings (current and noncurrent) less loans receivables and cash and cash equivalents, including restricted cash. Net interest-bearing debt depicts the net capital resources, which cause net interest expenditure and interest rate risk and which, together with equity, are used to finance the Company\u2019s investments. As such, TORM believes that net interest-bearing debt is a relevant measure which Management uses to measure the overall development of the use of financing, other than equity. Such measure may not be comparable to similarly titled measures of other companies. Net interest-bearing debt is calculated as follows:\n\nUSDm | 2019 | 2018 | 2017 \n---------------------------------------------------- | ----- | ------ | ------\nBorrowings | 863.4 | 754.7 | 753.9 \nLoans receivables | -4.6 | - | - \nCash and cash equivalents, including restricted cash | -72.5 | -127.4 | -134.2\nNet interest-bearing debt | 786.3 | 627.3 | 619.7 "} {"_id": "d1b3b3cbe", "title": "", "text": "Other assets consist of the following (in thousands):\n(1) In the first quarter of fiscal 2019, we invested 3.0 million Euro ($3.4 million) in 3D-Micromac AG, a private company in Germany. The investment is included in other assets and is being carried on a cost basis and will be adjusted for impairment if we determine that indicators of impairment exist at any point in time.\n\n | Fiscal year-end | \n------------------------------------------------------------------ | --------------- | --------\n | 2019 | 2018 \nAssets related to deferred compensation arrangements (see Note 13) | $35,842 | $37,370 \nDeferred tax assets (see Note 16) | 87,011 | 64,858 \nOther assets(1) | 18,111 | 9,521 \nTotal other assets | $140,964 | $111,749"} {"_id": "d1b36a1e0", "title": "", "text": "Restricted Stock Units:\nA summary of restricted stock activity for the fiscal year ended January 31, 2019 is as follows:\n(1) Based on Autodesk's financial results and relative total stockholder return for the fiscal 2018 performance period. The performance stock units were attained at rates ranging from 90.0% to 117.6% of the target award.\nFor the restricted stock granted during fiscal years ended January 31, 2019, 2018, and 2017, the weighted average grant date fair values were $144.37, $106.55, and $65.95, respectively. The fair values of the shares vested during fiscal years ended January 31, 2019, 2018, and 2017 were $425.4 million, $399.7 million, and $232.2 million, respectively.\nDuring the fiscal year ended January 31, 2019, Autodesk granted 2.1 million restricted stock units. Restricted stock units\nvest over periods ranging from immediately upon grant to a pre-determined date that is typically within three years from the\ndate of grant. Restricted stock units are not considered outstanding stock at the time of grant, as the holders of these units are\nnot entitled to any of the rights of a stockholder, including voting rights. The fair value of the restricted stock units is expensed\nratably over the vesting period. Autodesk recorded stock-based compensation expense related to restricted stock units of $189.3\nmillion, $202.1 million, and $173.0 million during fiscal years ended January 31, 2019, 2018, and 2017, respectively. As of\nJanuary 31, 2019, total compensation cost not yet recognized of $364.5 million related to non-vested awards is expected to be\nrecognized over a weighted average period of 1.76 years. At January 31, 2019, the number of restricted stock units granted but\nunvested was 3.9 million.\nDuring the fiscal year ended January 31, 2019, Autodesk granted 0.2 million performance stock units for which the ultimate number of shares earned is determined based on the achievement of performance criteria at the end of the stated service and performance period. The performance criteria for the performance stock units are based on Annualized Recurring Revenue (\"ARR\") and free cash flow per share goals adopted by the Compensation and Human Resources Committee, as well as total stockholder return compared against companies in the S&P Computer Software Select Index or the S&P North American Technology Software Index (\"Relative TSR\"). These performance stock units vest over a three-year period and have the following vesting schedule:\nUp to one third of the performance stock units may vest following year one, depending upon the achievement of the performance criteria for fiscal 2019 as well as 1-year Relative TSR (covering year one).\nUp to one third of the performance stock units may vest following year two, depending upon the achievement of the performance criteria for year two as well as 2-year Relative TSR (covering years one and two).\nUp to one third of the performance stock units may vest following year three, depending upon the achievement of the performance criteria for year three as well as 3-year Relative TSR (covering years one, two and three).\nPerformance stock units are not considered outstanding stock at the time of grant, as the holders of these units are not entitled to any of the rights of a stockholder, including voting rights. Autodesk has determined the grant-date fair value for these awards using the stock price on the date of grant or if the awards are subject to a market condition, a Monte Carlo simulation model. The fair value of the performance stock units is expensed using the accelerated attribution over the vesting period. Autodesk recorded stock-based compensation expense related to performance stock units of $28.6 million, $33.7 million, and $22.9 million during fiscal years ended January 31, 2019, 2018, and 2017 respectively. As of January 31, 2019, total compensation cost not yet recognized of $5.6 million related to unvested performance stock units, is expected to be recognized over a weighted average period of 0.81 years. At January 31, 2019, the number of performance stock units granted but unvested was 0.4 million.\n\n | Unreleased Restricted Stock Units (in thousands) | Weighted average grant date fair value per share\n--------------------------------------------- | ------------------------------------------------ | ------------------------------------------------\nUnvested restricted stock at January 31, 2018 | 5,670.7 | $82.94 \nGranted | 2,250.7 | 144.37 \nVested | (2,982.0) | 76.30 \nCanceled/Forfeited | (681.9) | 94.70 \nPerformance Adjustment (1) | 29.9 | 101.74 \nUnvested restricted stock at January 31, 2019 | 4,287.4 | $120.07 "} {"_id": "d1b32624c", "title": "", "text": "Non-GAAP Measures\nIn addition to the results reported in accordance with US GAAP, we also use certain non-GAAP measures such as EBITDA and adjusted EBITDA to evaluate operating performance and to facilitate the comparison of our historical results and trends. These financial measures are not a measure of financial performance under US GAAP and should not be considered in isolation or as a substitute for net income as a measure of performance and net cash provided by operating activities as a measure of liquidity.\nThey are not, on their own, necessarily indicative of cash available to fund cash needs as determined in accordance with GAAP. The calculation of these non-GAAP measures may not be comparable to similarly titled measures used by other companies. Reconciliations of these non-GAAP measures to the most directly comparable financial measures presented in accordance with GAAP are provided below.\nEBITDA is defined as net earnings before interest expense, income taxes, and depreciation and amortization. Adjusted EBITDA is comprised of EBITDA, adjusted for certain items as permitted or required under our credit facility as described in the reconciliations below. These measures are a common measure of operating performance in the telecommunications industry and are useful, with other data, as a means to evaluate our ability to fund our estimated uses of cash.\nThe following tables are a reconciliation of net income (loss) to adjusted EBITDA for the years ended December 31, 2019, 2018 and 2017:\n(1) Other, net includes the equity earnings from our investments, dividend income, income attributable to noncontrolling interests in subsidiaries, acquisition and transaction related costs including integration and severance, non-cash pension and post-retirement benefits and certain other miscellaneous items. (2) Includes all cash dividends and other cash distributions received from our investments.\n\n | | | Year Ended December 31,\n---------------------------------------- | ---------- | ---------- | -----------------------\n(In thousands, unaudited) | 2019 | 2018 | 2017 \nNet income (loss) | $ (19,931) | $ (50,571) | $ 65,299 \nAdd (subtract): | | | \nInterest expense, net of interest income | 136,660 | 134,578 | 129,786 \nIncome tax benefit | (3,714) | (24,127) | (124,927) \nDepreciation and amortization | 381,237 | 432,668 | 291,873 \nEBITDA | 494,252 | 492,548 | 362,031 \nAdjustments to EBITDA: | | | \nOther, net (1) | (8,847) | 549 | 19,314 \nInvestment distributions (2) | 35,809 | 39,078 | 29,993 \nGain on extinguishment of debt | (4,510) | \u2014 | \u2014 \nNon-cash, stock-based compensation | 6,836 | 5,119 | 2,766 \nAdjusted EBITDA | $ 523,540 | $ 537,294 | $ 414,104 "} {"_id": "d1a726870", "title": "", "text": "Key Metrics\nIn addition to our results determined in accordance with GAAP, we believe the following operating metrics are useful as supplements in evaluating our ongoing operational performance and help provide an enhanced understanding of our business:\nTotal bookings. Total bookings represents cash receipts from the sale of products to customers in a given period adjusted for products where we recognize revenue on a net basis and without giving effect to certain adjustments, primarily net refunds granted in the period. Total bookings provides valuable insight into the sales of our products and the performance of our business since we typically collect payment at the time of sale and recognize revenue ratably over the term of our customer contracts. We report total bookings without giving effect to refunds granted in the period because refunds often occur in periods different from the period of sale for reasons unrelated to the marketing efforts leading to the initial sale. Accordingly, by excluding net refunds, we believe total bookings reflects the effectiveness of our sales efforts in a given period.\nTotal customers. We define a customer as an individual or entity, as of the end of a period, having an account with one or more paid product subscriptions. A single user may be counted asacustomer more than once if the user maintains paid subscriptions in multiple accounts. Total customers is one way we measure the scale of our business and is an important part of our ability to increase our revenue base\nAverage revenue per user (ARPU). We calculate ARPU as total revenue during the preceding 12 month period divided by the average of the number of total customers at the beginning and end of the period. ARPU provides insight into our ability to sell additional products to customers, though the impact to date has been muted due to our continued growth in total customers.\n\n | Year Ended December 31, | | | | \n-------------------------------------------- | ----------------------- | -------- | -------- | -------- | --------\n | 2019 | 2018 | 2017 | 2016 | 2015 \n | (unaudited) | | | | \nTotal bookings (in millions) | $3,401.2 | $3,011.5 | $2,618.2 | $2,155.5 | $1,914.2\nTotal customers at period end (in thousands) | 19,274 | 18,518 | 17,339 | 14,740 | 13,774 \nAverage revenue per user | $158 | $148 | $139 | $130 | $121 "} {"_id": "d1b38ef04", "title": "", "text": "Net Asset Value per share (NAV/share):\nTORM believes that the NAV/share is a relevant measure that Management uses to measure the overall development of the assets and liabilities per share. Such measure may not be comparable to similarly titled measures of other companies. NAV/share is calculated using broker values of vessels and excluding charter commitments. NAV/share is calculated as follows:\n\nUSDm | 2019 | 2018 | 2017 \n---------------------------------------------------------- | ------- | ------- | -------\nNet Asset Value per share | | | \nTotal vessel values including newbuildings (broker values) | 1,801.5 | 1,675.1 | 1,661.1\nCommitted CAPEX on newbuildings | -51.2 | -258.0 | -306.9 \nCash position | 72.5 | 127.4 | 134.2 \nLoans receivables | 4.6 | - | - \nBunkers | 34.8 | 39.4 | 33.2 \nFreight receivables | 89.8 | 86.0 | 71.3 \nOther receivables | 6.2 | 7.5 | 11.8 \nOther plant and operating equipment | 4.3 | 3.0 | 1.9 \nLand and buildings | 8.1 | - | - \nInvestments in joint ventures | 1.2 | 0.1 | 0.3 \nPrepayments | 3.5 | 2.9 | 4.4 \nBorrowings | -863.4 | -754.7 | -753.9 \nTrade payables | -47.1 | -35.1 | -26.2 \nOther liabilities | -47.3 | -36.5 | -33.8 \nCurrent tax liabilities | -1.5 | -1.0 | -1.4 \nTotal Net Asset Value (NAV) | 1,016.0 | 856.1 | 796.0 \nTotal number of shares excluding treasury shares (million) | 74.4 | 73.9 | 62.0 \nTotal Net Asset Value per share (NAV/share) (USD) | 13.6 | 11.6 | 12.8 "} {"_id": "d1b34468e", "title": "", "text": "At the end of each reporting period, the Company evaluates all available information at that time to determine if it is more likely than not that some or all of these credits will be utilized. As of October 31, 2019, 2018, and 2017, the Company determined that a total of $1.8 million, $0.7 million, and $0.6 million, respectively, would be recovered. Accordingly, those amounts were released from the valuation allowance and benefited deferred tax expense in the respective periods.\nThe differences between the consolidated effective income tax rate and the federal statutory rate effective during the applicable year presented are as follows:\n\n | | Years Ended October 31, | \n--------------------------------------- | ------- | ----------------------- | --------\n | 2019 | 2018 | 2017 \n | | (In thousands) | \nIncome taxes at statutory rate | $13,408 | $ 7,132 | $148,585\nDiscrete benefit resulting from TCJA | \u2014 | (37,505) | \u2014 \nState income taxes | 1,189 | 1,014 | 9,038 \nState income tax credits | (2,139) | (804) | (606) \nExpiration of state income tax credits | 4,121 | 4,117 | 642 \nFederal income tax credits | (474) | (460) | (390) \nFederal manufacturers deduction | \u2014 | \u2014 | (11,527)\nExcess tax benefits | (1,388) | (1,638) | (3,345) \nNondeductible expenses | 1,786 | 1,890 | 3,506 \nChange in valuation allowance | (5,380) | (5,297) | (1,106) \nOther | (570) | 677 | (12) \nIncome tax expense (benefit) | $10,553 | $(30,874) | $144,785"} {"_id": "d1b31fa28", "title": "", "text": "Disaggregation of Revenues\nThe Company serves customers in diverse geographies, which are subject to different economic and industry factors. The Company's presentation of revenue by geography most reasonably depicts how the nature, amount, timing and uncertainty of Company revenue and cash flows are affected by economic and industry factors. The following table presents the Company's revenue, from continuing operations, by geography for the year ended December 31, 2019, 2018 and 2017 (in millions):\n\n | | Year Ended December 31, | \n------------- | ------ | ----------------------- | ------\n | 2019 | 2018 | 2017 \nNet sales: | | | \nUnited States | $901.3 | $854.6 | $759.4\nCanada | 45.6 | 42.3 | 32.4 \nConsolidated | $946.9 | $896.9 | $791.8"} {"_id": "d1b340ec6", "title": "", "text": "Services provided by the Company\u2019s auditors\nDuring the year, the Group (including overseas subsidiaries) obtained the following services from the operating company\u2019s auditors:\n\n | 2019 | 2018\n------------------------------------------------------------------------------- | ---- | ----\n | \u00a3m | \u00a3m \nFees payable for the audit of the Company and consolidated financial statements | 0.1 | 0.1 \nFees payable for other services: | | \n\u2013 the audit of the subsidiary undertakings pursuant to legislation | 0.2 | 0.1 \nTotal | 0.3 | 0.2 "} {"_id": "d1b2f4418", "title": "", "text": "SHARE INFORMATION\nOn December 31, 2019, the total number of issued common shares of ASMI amounted to 51,297,394 compared to 56,297,394 at year-end 2018. The decrease was the result of the cancellation of 5 million treasury shares that was approved by the Annual General Meeting of Shareholders (AGM) on May 20, 2019, and became effective on July 23, 2019.\nOn December 31, 2019, we had 48,866,220 outstanding common shares excluding 2,431,174 treasury shares. This compared to 49,318,898 outstanding common shares and 6,978,496 treasury shares at year-end 2018. Besides the cancellation of 5 million treasury shares in July 2019, the change in the number of treasury shares in 2019 was the result of approximately 951,000 repurchased shares and approximately 498,000 treasury shares that were used as part of share based payments.\nOn December 31, 2019, 48,583,340 of the outstanding common shares were registered with our transfer agent in the Netherlands, ABN AMRO Bank NV; and 282,880 were registered with our transfer agent in the United States, Citibank, NA, New York.\nOn February 25, 2020, ASMI announced that it will propose to the AGM 2020 the cancellation of 1.5 million treasury shares, as the number of 2.4 million treasury shares held at that date was more than sufficient to cover our outstanding options and restricted/performance shares.\n\n | 2018 | 2019 \n--------------------------------------------------------- | ---------- | ----------\nAs per January 1: | | \nIssued shares | 62,297,394 | 56,297,394\nTreasury shares | 6,157,241 | 6,978,496 \nOutstanding shares | 56,140,153 | 49,318,898\nChanges during the year: | | \nCancellation of treasury shares | 6,000,000 | 5,000,000 \nShare buybacks | 7,242,734 | 950,902 \nTreasury shares used for share based performance programs | 421,479 | 498,224 \nAs per December 31: | | \nIssued shares | 56,297,394 | 51,297,394\nTreasury shares | 6,978,496 | 2,431,174 \nOutstanding shares | 49,318,898 | 48,866,220"} {"_id": "d1b2fd72a", "title": "", "text": "8. Asset Impairment Charges\nAsset impairment charges incurred during the year ended December 31, 2019 were primarily the result of impairing the remaining NantHealth acquired customer relationship intangible balance of $8.1 million. We also recognized non-cash impairment charges of $2.7 million on the retirement of certain hosting assets due to data center migrations.\nImpairment of long-term investments during the year ended December 31, 2019 consisted of an impairment of $1.7 million associated with one of our long-term equity investments. We also recovered $1.0 million from one of our long-term equity investments investment that we had previously impaired. We also recorded a goodwill impairment charge of $25.7 million related to our HHS reporting unit. Refer to Note 7, \u201cGoodwill and Intangible Assets\u201d for further information regarding this impairment.\nWe incurred several non-cash asset impairment charges during the year ended December 31, 2018. We recorded non-cash asset impairment charges of $33.2 million related to the write-off of capitalized software as a result of our decision to discontinue several software development projects.\nWe also recorded $22.9 million of non-cash asset impairment charges related to our acquisition of the patient/provider engagement solutions business from NantHealth in 2017, which included the write-downs of $2.2 million of acquired technology and $20.7 million, representing the unamortized value assigned to the modification of our existing commercial agreement with NantHealth, as we no longer expect to recover the value assigned to these assets.\nThe remaining $2.1 million of non-cash asset impairment charges recorded during the year ended December 31, 2018 relate to the disposal of fixed assets as a result of relocating and consolidating business functions and locations from recent acquisitions.\nWe recorded a goodwill impairment charge of $13.5 million related to NantHealth during the year ended December 31, 2018. Refer to Note 7, \u201cGoodwill and Intangible Assets\u201d for further information regarding this impairment. We recognized non-cash impairment charges of $15.5 million in 2018 related to two of our cost-method equity investments and a related note receivable. These charges equaled the cost bases of the investments and the related note receivable prior to the impairment.\nWe recorded non-cash charges of $165.3 million during the year ended December 31, 2017, including impairment charges of $144.6 million associated with two of the Company\u2019s long-term investments based on management\u2019s assessment of the likelihood of near-term recovery of the investments\u2019 value.\nThe majority of the impairment charges related to our investment in NantHealth common stock. We realized an additional $20.7 million loss upon the final disposition of the NantHealth common stock in connection with our acquisition of certain assets related to NantHealth\u2019s provider/patient engagement solutions business. Refer to Note 4, \u201cBusiness Combinations and Other Investments\u201d and Note 14, \u201cAccumulated Other Comprehensive Loss,\u201d for further information regarding these impairments.\nThe following table summarizes the non-cash asset impairment charges recorded during the periods indicated and where they appear in the corresponding consolidated statements of operations:\n\n | | Year Ended December 31, | \n----------------------------------- | -------- | ----------------------- | ---------\n(In thousands) | 2019 | 2018 | 2017 \nAsset impairment charges | $ 10,837 | $ 58,166 | $ 0 \nGoodwill impairment charge | $ 25,700 | $ 13,466 | $ 0 \nImpairment of long-term investments | $ 651 | $ 15,487 | $ 165,290"} {"_id": "d1b384266", "title": "", "text": "10. Geographic information:\nOperating segments are defined as components of an enterprise about which separate financial information is available that is evaluated regularly by the chief operating decision maker in deciding how to allocate resources and in assessing the Company\u2019s performance. The Company has one operating segment. Revenues are attributed to regions based on where the services are provided. Below are the Company\u2019s service revenues and long lived assets by geographic region (in thousands):\n\nYear Ended December 31, 2019 Revenues | On-net | Off-net | Non-core | Total \n------------------------------------- | -------- | -------- | -------- | --------\nNorth America | $319,330 | $131,815 | $422 | $451,567\nEurope | 72,320 | 16,323 | 53 | 88,696 \nAsia Pacific | 4,615 | 778 | \u2014 | 5,393 \nLatin America | 488 | 15 | \u2014 | 503 \nTotal | $396,753 | $148,931 | $475 | $546,159\nYear Ended December 31, 2018 Revenues | On-net | Off-net | Non-core | Total \nNorth America | $299,021 | $128,510 | $572 | $428,103\nEurope | 72,958 | 15,918 | 62 | 88,938 \nAsia Pacific | 2,562 | 576 | \u2014 | 3,138 \nLatin America | 14 | \u2014 | \u2014 | 14 \nTotal | $374,555 | $145,004 | $634 | $520,193\nYear Ended December 31, 2017 Revenues | On-net | Off-net | Non-core | Total \nNorth America | $278,714 | $122,683 | $797 | $402,194\nEurope | 66,588 | 14,867 | 41 | 81,496 \nAsia Pacific | 1,143 | 342 | \u2014 | 1,485 \nTotal | $346,445 | $137,892 | $838 | $485,175"} {"_id": "d1b3acbbc", "title": "", "text": "GasLog Ltd. and its Subsidiaries\nNotes to the consolidated financial statements (Continued)\nFor the years ended December 31, 2017, 2018 and 2019\n(All amounts expressed in thousands of U.S. Dollars, except share and per share data)\n15. Vessel Operating and Supervision Costs\nAn analysis of vessel operating and supervision costs is as follows:\n\n | | For the year ended December 31, | \n----------------------------------------------- | ------- | ------------------------------- | -------\n | 2017 | 2018 | 2019 \nCrew wages and vessel management employee costs | 72,652 | 79,624 | 80,713 \nTechnical maintenance expenses | 28,736 | 28,694 | 37,653 \nOther vessel operating expenses | 21,098 | 19,766 | 21,296 \nTotal | 122,486 | 128,084 | 139,662"} {"_id": "d1a7334da", "title": "", "text": "The components of deferred taxes are as follows (in thousands):\nIn assessing the realizability of deferred tax assets, the Company considers whether it is more-likely-than-not that some portion or all of the deferred tax assets will be realized. A valuation allowance, if needed, reduces the deferred tax assets to the amounts expected to be realized. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income in those periods in which temporary differences become deductible and/or net operating loss carry-forwards can be utilized. We assess all positive and negative evidence when determining the amount of the net deferred tax assets that are more likely than not to be realized. This evidence includes, but is not limited to, prior earnings history, scheduled reversal of taxable temporary differences, tax planning strategies and projected future taxable income. Significant weight is given to positive and negative evidence that is objectively verifiable.\nAs required by the authoritative accounting guidance on accounting for income taxes, the Company evaluates the realizability of its deferred tax assets at each reporting date. Accounting for income taxes requires that a valuation allowance be established when it is more-likely-than-not that all or a portion of the deferred tax assets will not be realized. In circumstances where there is sufficient negative evidence indicating that the deferred tax assets are not more-likely-than-not realizable, the Company establishes a valuation allowance. As of April 30, 2019 and 2018, the Company had a full valuation allowance against its U.S. net deferred tax assets. If these estimates and assumptions change in the future, the Company may be required to reduce its existing valuation allowance resulting in less income tax expense. For the years ended April 30, 2019 and 2018, the valuation allowance increased by approximately $1.3 million and $9.4 million, respectively.\nAs of April 30, 2019, the Company has U.S. federal net operating losses of $23 million of which $4 million begins to expire in Fiscal 2023 through 2031 and which are subject to annual limitation under Internal Revenue Code Section 382. The remaining U.S. federal net operating losses of $18.9 million have an indefinite carry-forward period. The U.S. federal capital loss carry-forward of $9.9 million expires in 2023. The Company also has state net operating loss carry-forwards, R&D tax credits, and state tax credits that expire in various years and amounts.\n\n | 2019 | 2018 \n--------------------------------- | --------- | --------\nDeferred tax assets: | | \nEmployee benefits | $5,092 | $5,078 \nInventory | 1,649 | 1,129 \nAccounts receivable | 204 | 213 \nTax credits | 1,300 | 1,213 \nOther assets | 148 | 139 \nCapital Loss carry-forward | 2,455 | 1,385 \nNet operating loss carry-forwards | 5,556 | 6,451 \nTotal deferred tax asset | 16,404 | 15,608 \nDeferred tax liabilities: | | \nProperty, plant and equipment | (1,344 ) | (1,639) \nOther liabilities | (343 ) | (821) \nDeferred state income tax | (767 ) | (727) \nNet deferred tax asset | 13,950 | 12,421 \nValuation allowance | (13,950 ) | (12,688)\nNet deferred tax liability | $- | $ (267) "} {"_id": "d1b3211d4", "title": "", "text": "Prepaid Expenses and Other Current Assets\nPrepaid expenses and other current assets consist of the following (in millions):\nContract Assets\nA contract asset represents our expectation of receiving consideration in exchange for products or services that we have transferred to our client. Contract assets and liabilities, or deferred revenues, are determined and presented on a net basis at the contract level since the rights and obligations in a contract with a client are interdependent. In contrast, a receivable is our right to consideration that is unconditional except for the passage of time required before payment of that consideration is due. The difference in timing of revenue recognition, billings and cash collections results in billed accounts receivable, unbilled receivables, contract assets and deferred revenues from client advances and deposits. We account for receivables in accordance with ASC Topic 310, Receivables (\u201cASC 310\u201d), and assess both contract assets and receivables for impairment in accordance with ASC 310. There were no impairment charges related to contract assets for the years ended December 31, 2019 and 2018.\nOur short-term contract assets are included in Prepaid expenses and other current assets in our Consolidated Balance Sheets. Our long-term contract assets are included in Other non-current assets in our Consolidated Balance Sheets. Refer to Note 11 \u2014 Other Non-Current Assets.\n\n | December 31, | \n----------------------------------------- | ------------ | -----\n | 2019 | 2018 \nPrepaid expenses | $37.1 | $43.9\nContract assets | 19.5 | 14.8 \nOther current assets | 8.2 | 8.6 \nPrepaid expenses and other current assets | $64.8 | $67.3"} {"_id": "d1b3450d4", "title": "", "text": "Trade accounts receivable past due is defined as the amount outstanding beyond normal credit terms and conditions for the respective customers. A large portion of the Corporation\u2019s customers are billed and pay before the services are rendered. The Corporation considers the amount outstanding at the due date as trade accounts receivable past due.\nThe following table provides further details on trade accounts receivable past due net of allowance for doubtful accounts at August 31, 2019 and 2018:\n\nAt August 31, | 2019 | 2018 \n---------------------------------- | ------ | ------\n(In thousands of Canadian dollars) | $ | $ \nLess than 60 days past due | 18,645 | 32,857\n60 to 90 days past due | 899 | 3,022 \nMore than 90 days past due | 3,074 | 4,923 \n | 22,618 | 40,802"} {"_id": "d1b3795dc", "title": "", "text": "Restricted Stock: The Company\u2019s 2007 Stock Compensation Plan permits our Compensation Committee to grant other stock-based awards. The Company has awarded restricted stock grants to employees that vest over one to ten years.\nThe Company repurchased a total of 40,933 shares of our common stock at an average price of $13.51 in connection with payment of taxes upon the vesting of restricted stock previously issued to employees for the year ended September 30, 2019. The Company repurchased a total of 41,989 shares of our common stock at an average price of $11.66 in connection with payment of taxes upon the vesting of restricted stock previously issued to employees for the year ended September 30, 2018.\nEmployee Stock Purchase Plan: The Clearfield, Inc. 2010 Employee Stock Purchase Plan (\u201cESPP\u201d) allows participating employees to purchase shares of the Company\u2019s common stock at a discount through payroll deductions. The ESPP is available to all employees subject to certain eligibility requirements. Terms of the ESPP provide that participating employees may purchase the Company\u2019s common stock on a voluntary after tax basis. Employees may purchase the Company\u2019s common stock at a price that is no less than the lower of 85% of the fair market value of one share of common stock at the beginning or end of each stock purchase period or phase. The ESPP is carried out in six-month phases, with phases beginning on July 1 and January 1 of each calendar year. For the phases that ended on December 31, 2018 and June 30, 2019, employees purchased 17,312 and 19,923 shares, respectively, at a price of $8.43. For the phases that ended on December 31, 2017 and June 30, 2018, employees purchased 14,242 and 15,932 shares, respectively, at a price of $10.41 and $9.39 per share, respectively. As of September 30, 2019, the Company has withheld approximately $80,708 from employees participating in the phase that began on July 1, 2019. After the employee purchase on June 30, 2019, 49,846 shares of common stock were available for future purchase under the ESPP. Employee Stock Purchase Plan: The Clearfield, Inc. 2010 Employee Stock Purchase Plan (\u201cESPP\u201d) allows participating employees to purchase shares of the Company\u2019s common stock at a discount through payroll deductions. The ESPP is available to all employees subject to certain eligibility requirements. Terms of the ESPP provide that participating employees may purchase the Company\u2019s common stock on a voluntary after tax basis. Employees may purchase the Company\u2019s common stock at a price that is no less than the lower of 85% of the fair market value of one share of common stock at the beginning or end of each stock purchase period or phase. The ESPP is carried out in six-month phases, with phases beginning on July 1 and January 1 of each calendar year. For the phases that ended on December 31, 2018 and June 30, 2019, employees purchased 17,312 and 19,923 shares, respectively, at a price of $8.43. For the phases that ended on December 31, 2017 and June 30, 2018, employees purchased 14,242 and 15,932 shares, respectively, at a price of $10.41 and $9.39 per share, respectively. As of September 30, 2019, the Company has withheld approximately $80,708 from employees participating in the phase that began on July 1, 2019. After the employee purchase on June 30, 2019, 49,846 shares of common stock were available for future purchase under the ESPP.\nRestricted stock transactions during the years ended September 30, 2019 and 2018 are summarized as follows:\n\n | Number of shares | Weighted average grant date fair value\n---------------------------------------- | ---------------- | --------------------------------------\nUnvested shares as of September 30, 2017 | 370,530 | $15.24 \nGranted | 7,235 | 14.17 \nVested | (113,930) | 16.45 \nForfeited | (15,222) | 15.41 \nUnvested shares as of September 30, 2018 | 248,613 | 14.65 \nGranted | 4,340 | 14.40 \nVested | (110,683) | 16.31 \nForfeited | (11,830) | 14.47 \nUnvested shares as of September 30, 2019 | 130,440 | 13.25 "} {"_id": "d1b30687a", "title": "", "text": "Interest expense and financing costs\nFees and discounts associated with the issuance of our debt instruments are recorded as debt discount, which reduces their respective carrying values, and are amortized over their respective terms. Amortization expense is recorded within \u201cInterest and other expense (income), net\u201d in our consolidated statement of operations.\nFor the years ended December 31, 2019, 2018, and 2017: interest expense was $86 million, $134 million, and $150 million, respectively; amortization of the debt discount and deferred financing costs was $4 million, $6 million, and $12 million, respectively.\nA summary of our outstanding debt is as follows (amounts in millions):\nWith the exception of the 2026 and the 2047 Notes, using Level 2 inputs (i.e., observable market prices in less-than-active markets) at December 31, 2019, the carrying values of the Notes approximated their fair values, as the interest rates were similar to the current rates at which we could borrow funds over the selected interest periods. At December 31, 2019, based on Level 2 inputs, the fair value of the 2026 and the 2047 Notes were $893 million and $456 million, respectively.\nUsing Level 2 inputs at December 31, 2018, the carrying values of the 2021 Notes and the 2022 Notes approximated their fair values, as the interest rates were similar to the current rates at which we could borrow funds over the selected interest periods. At December 31, 2019, based on Level 2 inputs, the fair values of the 2026 Notes, the 2027 Notes, and the 2047 Notes were $800 million, $376 million, and $360 million, respectively.\n\n | | At December 31, 2019 | \n-------------------- | --------------------- | ------------------------------------------------- | -------------------\n | Gross Carrying Amount | Unamortized Discount and Deferred Financing Costs | Net Carrying Amount\n2021 Notes | $650 | $(2) | $648 \n2022 Notes | 400 | (2) | 398 \n2026 Notes | 850 | (7) | 843 \n2027 Notes | 400 | (5) | 395 \n2047 Notes | 400 | (9) | 391 \nTotal long-term debt | $2,700 | $(25) | $2,675 \n | | At December 31, 2018 | \n | Gross Carrying Amount | Unamortized Discount and Deferred Financing Costs | Net Carrying Amount\n2021 Notes | 650 | (3) | 647 \n2022 Notes | 400 | (3) | 397 \n2026 Notes | 850 | (8) | 842 \n2027 Notes | 400 | (5) | 395 \n2047 Notes | 400 | (10) | 390 \nTotal long-term debt | $2,700 | $(29) | $2,671 "} {"_id": "d1b31f2e4", "title": "", "text": "Income (loss) before expense (benefit) for income taxes for the years ended December 31, 2019, 2018 and 2017 is as follows:\nIncome (loss) before expense (benefit) for income taxes for international entities reflects income (loss) based on statutory transfer pricing agreements. This amount does not correlate to consolidated international revenue, many of which occur from our U.S. entity.\n\n(In thousands) | 2019 | 2018 | 2017 \n---------------------- | --------- | --------- | -------\nU.S. entities | $(29,829) | $(74,131) | $26,552\nInternational entities | 5,052 | 40,760 | 18,135 \nTotal | $(24,777) | $(33,371) | $44,687"} {"_id": "d1b373150", "title": "", "text": "4. Segmental information\nIFRS 8 \u2018Operating segments\u2019 requires the Group to determine its operating segments based on information which is provided internally. Based on the internal reporting information and management structures within the Group, it has been determined that there is only one operating segment, being the Group, as the information reported includes operating results at a consolidated Group level only. This reflects the nature of the business, where the major cost is to support the IT platforms upon which all of the Group\u2019s customers are serviced. These costs are borne centrally and are not attributable to any specific customer type or revenue stream. There is also considered to be only one reporting segment, which is the Group, the results of which are shown in the Consolidated income statement.\nManagement has determined that there is one operating and reporting segment based on the reports reviewed by the Operational Leadership Team (\u2018OLT\u2019) which is the chief operating decision-maker (\u2018CODM\u2019). The OLT is made up of the Executive Directors and Key Management and is responsible for the strategic decision-making of the Group.\nThe OLT primarily uses the statutory measures of Revenue and Operating profit to assess the performance of the one operating segment. To assist in the analysis of the Group\u2019s revenue-generating trends, the OLT reviews revenue at a disaggregated level as detailed within note 5. The revenue from external parties reported to the OLT is measured in a manner consistent with that in the income statement.\nA reconciliation of the one segment\u2019s Operating profit to Profit before tax is shown below.\nFollowing the application of IFRS 16, profit before tax for the year ended 31 March 2018 has been restated (note 2).\n\n | 2019 | (Restated) 2018\n-------------------------------- | ------ | ---------------\n | \u00a3m | \u00a3m \nTotal segment Revenue | 355.1 | 330.1 \nTotal segment Operating profit | 243.7 | 221.3 \nFinance costs \u2013 net | (10.2) | (10.6) \nProfit on the sale of subsidiary | 8.7 | \u2013 \nProfit before tax | 242.2 | 210.7 "} {"_id": "d1b378d4e", "title": "", "text": "25. RELATED PARTY TRANSACTIONS\na) Transactions with Golar Partners and subsidiaries:\nIncome (expenses):\n(i) Management and administrative services revenue - On March 30, 2011, Golar Partners entered into a management and administrative services agreement with Golar Management Limited (\"Golar Management\"), a wholly-owned subsidiary of Golar, pursuant to which Golar Management will provide to Golar Partners certain management and administrative services. The services provided by Golar Management are charged at cost plus a management fee equal to 5% of Golar Management\u2019s costs and expenses incurred in connection with providing these services. Golar Partners may terminate the agreement by providing 120 days written notice.\n(ii) Ship management fees - Golar and certain of its affiliates charge ship management fees to Golar Partners for the provision of technical and commercial management of Golar Partners' vessels. Each of Golar Partners\u2019 vessels is subject to management agreements pursuant to which certain commercial and technical management services are provided by Golar Management. Golar Partners may terminate these agreements by providing 30 days written notice.\n(iv) Charterhire expenses - This consists of the charterhire expenses that we incurred for the charter back from Golar Partners of the Golar Grand. In connection with the sale of the Golar Grand to Golar Partners in November 2012, we issued an option where, in the event that the charterer did not renew or extend its charter for the Golar Grand beyond February 2015, the Partnership had the option to require us to charter the vessel through to October 2017. In February 2015, the option was exercised. Accordingly, we recognized charterhire costs of $17.4 million for the year ended December 31, 2017, in relation to the Golar Grand.\n\n\n(iv) Charterhire expenses - This consists of the charterhire expenses that we incurred for the charter back from Golar Partners of the Golar Grand. In connection with the sale of the Golar Grand to Golar Partners in November 2012, we issued an option where, in the event that the charterer did not renew or extend its charter for the Golar Grand beyond February 2015, the Partnership had the option to require us to charter the vessel through to October 2017. In February 2015, the option was exercised. Accordingly, we recognized charterhire costs of $17.4 million for the year ended December 31, 2017, in relation to the Golar Grand.\n(v) Share options expense - This relates to a recharge of share option expense to Golar Partners in relation to share options in Golar granted to certain of Golar Partners' directors, officers and employees.\n(vi) Interest expense on deposits payable\nExpense under Tundra Letter Agreement - In May 2016, we completed the Golar Tundra Sale and received a total cash consideration of $107.2 million. We agreed to pay Golar Partners a daily fee plus operating expenses for the right to use the Golar Tundra from the date the Golar Tundra Sale was closed, until the date that the vessel would commence operations under the Golar Tundra Time Charter. In return, Golar Partners agreed to remit to us any hire income received with respect to the Golar Tundra during that period. We have accounted for $nil, $nil and $2.2 million as interest expense for the year ended December 31, 2019, 2018 and 2017, respectively.\nDeferred purchase price - In May 2017, the Golar Tundra had not commenced her charter and, accordingly, Golar Partners elected to exercise the Tundra Put Right to require us to repurchase Tundra Corp at a price equal to the original purchase price. In connection with Golar Partners exercising the Tundra Put Right, we and Golar Partners entered into an agreement pursuant to which we agreed to purchase Tundra Corp from Golar Partners on the date of the closing of the Tundra Put Sale in return we will be required to pay an amount equal to $107.2 million (the \"Deferred Purchase Price\") plus an additional amount equal to 5% per annum of the Deferred Purchase Price (the \"Additional Amount\"). The Deferred Purchase Price and the Additional Amount was applied to the net sale price of the Hilli Disposal (defined below) on July 12, 2018. We have accounted for $nil, $2.9 million and $1.1 million as interest expense for the year ended December 31, 2019, 2018 and 2017, respectively.\nDeposit received from Golar Partners - On August 15, 2017, we entered into the Hilli Sale Agreement with Golar Partners for the Hilli, or the Hilli Disposal, from the Sellers of the Hilli Common Units in Hilli LLC. See note 5. Concurrent with the execution of the Hilli Sale Agreement, we received a further $70 million deposit from Golar Partners, upon which we pay interest at a rate of 5% per annum. We applied the deposit received and interest accrued to the purchase price on July 12, 2018, upon completion of the Hilli Disposal. We have accounted for $nil, $1.9 million and $1.3 million, as interest expense for the year ended December 31, 2019, 2018 and 2017, respectively.\n\n(in thousands of $) | 2019 | 2018 | 2017 \n-------------------------------------------------- | ------ | ------- | --------\nManagement and administrative services revenue (i) | 9,645 | 9,809 | 7,762 \nShip management fees revenue (ii) | 4,460 | 5,200 | 5,903 \nInterest income on short-term loan (iii) | (109) | \u2014 | \u2014 \nCharterhire expenses (iv) | \u2014 | \u2014 | (17,423)\nShare options expense recharge (v) | \u2014 | \u2014 | 228 \nInterest expense on deposits payable (vi) | \u2014 | (4,779) | (4,622) \nTotal | 13,996 | 10,230 | (8,152) "} {"_id": "d1b349de6", "title": "", "text": "The following is a summary of stock option activity during fiscal 2019:\nNet income before income taxes included compensation expense related to the amortization of the Company\u2019s stock option awards of $0.1 million during both fiscal 2019 and fiscal 2018. At September 2019, total unamortized compensation expense related to stock options was approximately $0.3 million. This unamortized compensation expense is expected to be amortized over approximately the next 38 months.\nThe aggregate intrinsic value of stock options exercisable was approximately $0.2 million and $0.3 million at September 2019 and September 2018, respectively.\nThe total intrinsic value of stock options exercised was $0.1 million in both fiscal 2019 and fiscal 2018. The total fair value of stock options vested was $0.4 million during both fiscal 2019 and fiscal 2018.\n\n | Number of Shares | Weighted Average Exercise Price\n----------------------------- | ---------------- | -------------------------------\nOutstanding at September 2018 | 33,800 | $ 77.85 \nGranted | 5,450 | 84.00 \nExercised | (2,800) | 79.22 \nForfeited/Expired | \u2014 | \u2014 \nOutstanding at September 2019 | 36,450 | $ 78.67 "} {"_id": "d1b2f5688", "title": "", "text": "GasLog Ltd. and its Subsidiaries\nNotes to the consolidated financial statements (Continued)\nFor the years ended December 31, 2017, 2018 and 2019\n(All amounts expressed in thousands of U.S. Dollars, except share and per share data)\n9. Trade and Other Receivables\nTrade and other receivables consist of the following:\nTrade and other receivables are amounts due from third parties for services performed in the ordinary course of business. They are generally due for settlement immediately and therefore are all classified as current. Trade and other receivables are recognized initially at the amount of consideration that is unconditional unless they contain certain significant financing components, at which point they are recognized at fair value. The Group holds the trade receivables with the objective to collect the contractual cash flows and therefore measures them subsequently at amortized cost using the effective interest rate method.\nAccrued income represents net revenues receivable from charterers, which have not yet been invoiced; all other amounts not yet invoiced are included under Other receivables.\nAs of December 31, 2018 and 2019 no allowance for expected credit losses was recorded.\n\n | As of December 31, | \n----------------- | ------------------ | ------\n | 2018 | 2019 \nTrade receivables | 808 | 9,463 \nVAT receivable | 1,094 | 637 \nAccrued income | 9,473 | 8,274 \nInsurance claims | 1,282 | 1,400 \nOther receivables | 7,587 | 5,126 \nTotal | 20,244 | 24,900"} {"_id": "d1b37743a", "title": "", "text": "Marketable Securities\nMarketable securities consisted of the following (in thousands):\nWe classify our marketable securities as available-for-sale. All marketable securities represent the investment of funds available for current operations, notwithstanding their contractual maturities. Such marketable securities are recorded at fair value and unrealized gains and losses are recorded in Accumulated other comprehensive income (loss) until realized.\nWe typically invest in highly-rated securities with low probabilities of default. Our investment policy requires investments to be rated single A or better, limits the types of acceptable investments, concentration as to security holder and duration of the investment. The gross unrealized gains and losses in fiscal 2019 and 2018 were caused primarily by changes in interest rates.\nThe longer the duration of marketable securities, the more susceptible they are to changes in market interest rates and bond yields. As yields increase, those securities with a lower yield-at-cost show a mark-to-market unrealized loss. We anticipate recovering the full cost of the securities either as market conditions improve, or as the securities mature. Accordingly, we believe that the unrealized losses are not other-than-temporary.\nWhen evaluating the investments for otherthan- temporary impairment, we review factors such as the length of time and extent to which fair value has been below the amortized cost basis, current market liquidity, interest rate risk, the financial condition of the issuer, and credit rating downgrades. As of December 28, 2019 and December 29, 2018, gross unrealized losses related to our marketable securities portfolio were not material.\n\nDecember 28, 2019 | Amortized Cost | Gains | Losses | Fair Value \n---------------------- | ---------------- | ------- | -------- | ------------\nU.S. Treasuries | $10,458 | $11 | $\u2014 | $10,469 \nCommercial paper | 3,914 | 1 | (4) | 3,911 \nCorporate bond | 33,867 | 68 | (7) | 33,928 \nCertificate of deposit | 3,584 | 5 | \u2014 | 3,589 \nAgency securities | 24,408 | 38 | (16) | 24,430 \n | $76,231 | $123 | $(27) | $76,327 \nDecember 29, 2018 | Amortized Cost | Gains | Losses | Fair Value \nU.S. Treasuries | $7,997 | $1 | $(1) | $7,997 \nCommercial paper | 2,296 | \u2014 | (1) | 2,295 \nCorporate bond | 30,833 | 1 | (160) | 30,674 \nCertificate of deposit | 960 | \u2014 | (3) | 957 \nAgency securities | 8,667 | \u2014 | (59) | 8,608 \n | $50,753 | $2 | $(224) | $50,531 "} {"_id": "d1b32eab4", "title": "", "text": "Net Pool Allocation: Net pool allocation increased by $10.5 million, from $7.3 million during the year ended December 31, 2017 to $17.8 million during the year ended December 31, 2018. The increase in net pool allocation was attributable to the movement in the adjustment of the net pool results earned by the GasLog vessels in accordance with the pool distribution formula. GasLog recognized gross revenues and gross voyage expenses and commissions of $102.3 million and $10.2 million, respectively, from the operation of its vessels in the Cool Pool during the year ended December 31, 2018 (December 31, 2017: $38.0 million and $9.1 million, respectively). The increase in GasLog\u2019s total net pool performance was driven by higher spot rates and higher utilization achieved by all vessels trading in the Cool Pool. GasLog\u2019s total net pool performance is presented below:\nVoyage Expenses and Commissions: Voyage expenses and commissions increased by 32.5%, or $5.0 million, from $15.4 million during the year ended December 31, 2017 to $20.4 million during the year ended December 31, 2018. The increase in voyage expenses and commissions is mainly attributable to an increase of $3.6 million in bunkers consumed and voyage expenses during certain unchartered and off-hire periods, an increase of $0.3 million in voyage expenses of the vessels operating in the spot market and an increase of $1.1 million in brokers\u2019 commissions.\n\n | For the year ended | \n---------------------------------------------------------------------------------------- | ------------------ | --------\n | 2017 | 2018 \nAmounts in thousands of U.S. Dollars | | \nPool gross revenues (included in Revenues) | 38,046 | 102,253 \nPool gross voyage expenses and commissions (included in Voyage expenses and commissions) | (9,122) | (10,154)\nGasLog\u2019s adjustment for net pool allocation (included in Net pool allocation) | 7,254 | 17,818 \nGasLog\u2019s total net pool performance | 36,178 | 109,917 "} {"_id": "d1b34e4e0", "title": "", "text": "Debt\nAt both December 31, 2019 and December 31, 2018, our total outstanding debt was $2.7 billion, bearing interest at a weighted average rate of 3.18%.\nA summary of our outstanding debt as of December 31, 2019, is as follows (amounts in millions):\n\n | | December 31, 2019 | \n---------- | --------------------- | ------------------------------------------------- | -------------------\n | Gross Carrying Amount | Unamortized Discount and Deferred Financing Costs | Net Carrying Amount\n2021 Notes | $650 | $(2) | $648 \n2022 Notes | 400 | (2) | 398 \n2026 Notes | 850 | (7) | 843 \n2027 Notes | 400 | (5) | 395 \n2047 Notes | 400 | (9) | 391 \nTotal debt | $2,700 | $(25) | $2,675 "} {"_id": "d1b360988", "title": "", "text": "Deferred revenue and financed unearned services revenue (in millions):\nThe following table summarizes the components of our deferred revenue and financed unearned services balance as reported in our consolidated balance sheets (in millions):\nDeferred product revenue represents unrecognized revenue related to undelivered product commitments and other product deliveries that have not met all revenue recognition criteria. Deferred services revenue represents customer payments made in advance for services, which include software and hardware maintenance contracts and other services. Financed unearned services revenue represents undelivered services for which cash has been received under certain third-party financing arrangements. See Note 18 \u2013 Commitments and Contingencies for additional information related to these arrangements\n\n | April 26, 2019 | April 27, 2018\n---------------------------------- | -------------- | --------------\nDeferred product revenue | $ 84 | $ 107 \nDeferred services revenue | 3,502 | 3,134 \nFinanced unearned services revenue | 82 | 122 \nTotal | $ 3,668 | $ 3,363 \nReported as: | | \nShort-term | $ 1,825 | $ 1,712 \nLong-term | 1,843 | 1,651 \nTotal | $ 3,668 | $ 3,363 "} {"_id": "d1b32bf12", "title": "", "text": "DESCRIPTION OF THE PLANS\nESP\nThe ESP is designed to encourage employees of BCE and its participating subsidiaries to own shares of BCE. Each year, employees can choose to have a certain percentage of their eligible annual earnings withheld through regular payroll deductions for the purchase of BCE common shares. In some cases, the employer also will contribute a percentage of the employee\u2019s eligible annual earnings to the plan, up to a specified maximum. Dividends are credited to the participant\u2019s account on each dividend payment date and are equivalent in value to the dividends paid on BCE common shares.\nThe ESP allows employees to contribute up to 12% of their annual earnings with a maximum employer contribution of 2%.\nEmployer contributions to the ESP and related dividends are subject to employees holding their shares for a two-year vesting period.\nThe trustee of the ESP buys BCE common shares for the participants on the open market, by private purchase or from treasury. BCE determines the method the trustee uses to buy the shares.\nAt December\u00a031, 2019, 4,360,087\u00a0common shares were authorized for issuance from treasury under the ESP.\nThe following table summarizes the status of unvested employer contributions at December\u00a031,\u00a02019 and 2018.\n(1) The weighted average fair value of the shares contributed was $60\u00a0in\u00a02019 and $55\u00a0in 2018.\n\nNUMBER OF ESP SHARES | 2019 | 2018 \n----------------------------------- | --------- | ---------\nUnvested contributions, January 1 | 1,120,426 | 1,039,030\nContributions\u2009(1) | 623,705 | 671,911 \nDividends credited | 57,083 | 56,926 \nVested | (523,359) | (501,089)\nForfeited | (153,657) | (146,352)\nUnvested contributions, December 31 | 1,124,198 | 1,120,426"} {"_id": "d1a731a4a", "title": "", "text": "Operational Highlights\nAltium achieved US$177.2 million in sales (a 23% increase) and US$171.8 million in product revenue (a 23% increase).\nThe Board and Systems business revenue grew to US$126.8 million with all regions reporting positive results. EMEA grew revenue to US$44.6 million, an increase of 15% and continued the transformation of its business model to direct transactional sales in key markets. The America\u2019s achieved revenue of US$50.9 million which was a 14% growth rate. China results were outstanding with revenue at US$19.8 million, a growth rate of 37%. The Altium focus on our business in China led us to open a new sales office in Beijing and to expand our existing sales centres in Shenzhen and Shanghai. The expansion of our footprint in China will enable us to increase our penetration of the market.\n\nConsolidated | | | \n----------------------------- | ------- | ------- | ------\n | 2019 | 2018 | Change\nProduct Sales | US$\u2019000 | US$\u2019000 | % \nAltium Designer licenses | 65,157 | 53,088 | 23% \nAltium Designer subscriptions | 58,959 | 53,701 | 10% \nOctopart search advertising | 17,940 | 11,968 | 50% \nTASKING licenses | 13,536 | 10,432 | 30% \nTASKING maintenance | 8,324 | 4,706 | 67% \nAltium Nexus | 6,277 | 3,769 | 67% \nService sales | 3,337 | 4,624 | (28%) \nOther | 3,656 | 2,254 | 62% \nTotal Product Sales | 177,216 | 144,541 | 23% "} {"_id": "d1b2fe26a", "title": "", "text": "Gross Profit\nYear Ended December 31, 2019 Compared with the Year Ended December 31, 2018\nGross profit and margin decreased during the year ended December 31, 2019 compared to prior year primarily due to an increase in hosting migration costs, higher amortization of software development, recognition of previously deferred costs and the sale of OneContent business on April 2, 2018, which carried a higher gross margin compared with our other businesses. These were partially offset with an increase in organic sales for Veradigm and our acute solutions in 2019.\nYear Ended December 31, 2018 Compared with the Year Ended December 31, 2017\nGross profit increased during the year ended December 31, 2018 compared with the year ended December 31, 2017 primarily due to acquisitions. From a revenue mix perspective, gross profit associated with our recurring revenue streams, which include the delivery of recurring subscription-based software sales, support and maintenance, and recurring client services improved as we continued to expand our customer base for these services, particularly those related to outsourcing and revenue cycle management. Gross profit associated with our non-recurring software delivery, support and maintenance revenue stream decreased primarily due to fewer perpetual software license sales of our acute and population health management solutions. Gross profit associated with our non-recurring client services revenue stream, which includes non-recurring project-based client services, decreased primarily driven by higher internal personnel costs, including those related to incremental resources from recent acquisitions. Gross margin decreased primarily due to lower sales of higher margin perpetual software licenses and higher amortization of software development and acquisition-related assets driven by additional amortization expense associated with intangible assets acquired as part of recent acquisitions.\n\n | Year Ended December 31, | | | | \n--------------------- | ----------------------- | ----------- | --------- | ----------------------- | -----------------------\n(In thousands) | 2019 | 2018 | 2017 | 2019 % Change from 2018 | 2018 % Change from 2017\nTotal cost of revenue | $ 1,058,097 | $ 1,025,419 | $ 864,909 | 3.2% | 18.6% \nGross profit | $ 713,580 | $ 724,543 | $ 632,799 | (1.5%) | 14.5% \nGross margin % | 40.3% | 41.4% | 42.3% | | "} {"_id": "d1a72a812", "title": "", "text": "Trade Receivables, Net\nThe carrying amounts reported in the Consolidated Balance Sheets for Trade receivables, net approximate their fair value because of their short-term nature.\nA summary of Trade receivables, net of allowance for doubtful accounts is as follows (in millions):\nIn addition to the amounts above, we have unbilled receivables that we do not expect to collect within the next year included in Other non-current assets in our Consolidated Balance Sheets. Billings for these receivables are based on contractual terms. Refer to Note 11 \u2014 Other Non-Current Assets.\n\n | December 31, | \n------------------------------- | ------------ | ------\n | 2019 | 2018 \nTrade receivables \u2014 billed | $136.6 | $136.6\nTrade receivables \u2014 unbilled | 39.8 | 37.0 \nTrade receivables | 176.4 | 173.6 \nAllowance for doubtful accounts | (1.3) | (1.3) \nTrade receivables, net | $175.1 | $172.3"} {"_id": "d1b350e7a", "title": "", "text": "This section sets out the assets and liabilities subject to a committed plan to sell.\nAt 30 June 2019, assets held for sale includes Group properties (2018: assets and liabilities relating to the Petrol business, and other Group properties, have been classified as held for sale).\nAssets are classified as held for sale if their carrying amount will be recovered principally through a sale transaction rather than continuing use and a sale is considered highly probable. They are measured at the lower of their carrying amount and fair value less costs to sell, except for assets such as deferred tax assets, assets arising from employee benefits, and financial assets which are specifically exempt from this measurement requirement.\nAn impairment loss is recognised for any initial or subsequent write-down of the asset to fair value less costs to sell. A gain is recognised for any subsequent increases in fair value less costs to sell of an asset, but not in excess of any cumulative impairment loss previously recognised. A gain or loss not previously recognised by the date of the sale of the asset is recognised at the date of derecognition. Assets are not depreciated or amortised while they are classified as held for sale. Interest and other expenses attributable to the liabilities classified as held for sale continue to be recognised.\n\n | 2019 | 2018\n--------------------------------------------------------------- | ---- | ----\n | $M | $M \nProperty, plant and equipment | 209 | 666 \nOther assets | 16 | 155 \nTotal assets classified as held for sale | 225 | 821 \nProvisions | \u2013 | 21 \nTotal liabilities directly associated with assets held for sale | \u2013 | 21 "} {"_id": "d1b335e72", "title": "", "text": "3. REVENUE FROM CONTRACTS WITH CUSTOMERS\nRevenues and related costs on construction contracts are recognized as the performance obligations are satisfied over time in accordance with ASC 606, Revenue from Contracts with Customers. Under ASC 606, revenue and associated profit, will be recognized as the customer obtains control of the goods and services promised in the contract (i.e., performance obligations). The cost of uninstalled materials or equipment will generally be excluded from the Company\u2019s recognition of profit, unless specifically produced or manufactured for a project, because such costs are not considered to be a measure of progress.\nThe following table represents a disaggregation of revenue by customer type from contracts with customers for the years ended December 31, 2019 and 2018:\n\n | Year Ended December 31, | \n---------------------------------------------- | ----------------------- | -------\n | 2019 | 2018 \nAgricultural, Commercial, and Industrial (ACI) | $28,940 | $33,193\nPublic Works | 12,128 | 17,986 \nResidential | 18,762 | 19,786 \nTotal | 59,830 | 70,965 "} {"_id": "d1b3177b0", "title": "", "text": "Net Pool Allocation: Net pool allocation decreased by $22.1 million, from a positive $17.8 million during the year ended December 31, 2018 to a negative $4.3 million during the year ended December 31, 2019. The decrease in net pool allocation was attributable to the movement in the adjustment of the net pool results generated by the GasLog vessels in accordance with the pool distribution formula for the total fleet of the pool, as well as GasLog\u2019s vessels exiting the Cool Pool in June and July 2019. GasLog recognized gross revenues and gross voyage expenses and commissions of $45.3 million and $8.1 million, respectively, from the operation of its vessels in the Cool Pool during the year ended December 31, 2019 (December 31, 2018: $102.3 million and $10.2 million, respectively). GasLog\u2019s total net pool performance is presented below:\nVoyage Expenses and Commissions: Voyage expenses and commissions increased by 16.7%, or $3.4 million, from $20.4 million during the year ended December 31, 2018 to $23.8 million during the year ended December 31, 2019. The increase in voyage expenses and commissions is mainly attributable to an increase of $3.4 million in bunkers and voyage expenses consumed during certain unchartered and off-hire periods for the vessels trading in the spot market.\n\n | For the year ended | \n---------------------------------------------------------------------------------------- | ------------------ | -------\n | 2018 | 2019 \nAmounts in thousands of U.S. Dollars | | \nPool gross revenues (included in Revenues) | 102,253 | 45,253 \nPool gross voyage expenses and commissions (included in Voyage expenses and commissions) | (10,154) | (8,086)\nGasLog\u2019s adjustment for net pool allocation (included in Net pool allocation) | 17,818 | (4,264)\nGasLog\u2019s total net pool performance | 109,917 | 32,903 "} {"_id": "d1a73d426", "title": "", "text": "Customers and Markets\nOur primary customers, in terms of our sales revenues, include premier integrated device manufacturers, such as Texas Instruments and Intel Mobile, plus leading fabless design companies, such as Broadcom, MediaTek, Realtek, Qualcomm and Novatek. Although we are not dependent on any single customer, a significant portion of our operating revenues has been generated from sales to a few customers. Our top ten customers accounted for approximately 51.3% of our operating revenues in 2019. Set forth below is a geographic breakdown of our operating revenues in 2017, 2018 and 2019 by the location of our customers.\n\n | | Years Ended December 31, | \n--------------------------- | ----- | ------------------------ | -----\nRegion | 2017 | 2018 | 2019 \n | % | % | % \nTaiwan | 32.8 | 36.4 | 36.4 \nSingapore | 20.6 | 16.4 | 16.2 \nChina (including Hong Kong) | 12.7 | 12.2 | 12.9 \nJapan | 3.2 | 3.9 | 6.6 \nUSA | 12.2 | 15.6 | 13.5 \nEurope | 9.6 | 8.3 | 4.7 \nOthers | 8.9 | 7.2 | 9.7 \nTotal | 100.0 | 100.0 | 100.0"} {"_id": "d1b34823e", "title": "", "text": "Export sales from the U.S. during the years ended December 31, 2019, 2018 and 2017 were $531.8, $578.0 and $512.5, respectively. In the year ended December 31, 2019, these exports were shipped primarily to Asia (33%), Europe (24%), Canada (18%), Middle East (13%) and other (12%).\nSales to customers outside the U.S. accounted for a significant portion of Roper\u2019s revenues. Sales are attributed to geographic areas based upon the location where the product is ultimately shipped. Roper\u2019s net revenues for the years ended December 31, 2019, 2018 and 2017 are shown below by region, except for Canada, which is presented separately as it is the only country in which Roper has had greater than 4% of total revenues for any of the three years presented:\n\n | Application Software | Network Software & Systems | Measurement & Analytical MeasurementSolutions | Process Technologies | Total \n----------------- | -------------------- | -------------------------- | --------------------------------------------- | -------------------- | ----------\n2019 | | | | | \nCanada | $ 41.0 | $ 71.1 | $ 81.4 | $ 28.9 | $ 222.4 \nEurope | 188.8 | 36.7 | 307.2 | 113.8 | 646.5 \nAsia | 3.5 | 18.8 | 185.0 | 108.0 | 315.3 \nMiddle East | 8.6 | 37.5 | 13.1 | 44.4 | 103.6 \nRest of the world | 25.8 | 9.5 | 45.3 | 55.2 | 135.8 \nTotal | $ 267.7 | $ 173.6 | $ 632.0 | $ 350.3 | $ 1,423.6 \n2018 | | | | | \nCanada | $ 38.5 | $ 58.5 | $ 79.3 | $ 35.0 | $ 211.3\nEurope | 188.6 | 12.2 | 361.7 | 117.5 | 680.0 \nAsia | 3.2 | 11.0 | 220.3 | 115.4 | 349.9 \nMiddle East | 4.7 | 48.6 | 14.4 | 34.4 | 102.1 \nRest of the world | 29.5 | 7.8 | 42.5 | 55.0 | 134.8 \nTotal | $ 264.5 | $ 138.1 | $ 718.2 | $ 357.3 | $ 1,478.1\n2017 | | | | | \nCanada | $ 26.6 | $ 52.9 | $ 72.9 | $ 34.7 | $ 187.1\nEurope | 176.5 | 11.0 | 310.6 | 98.1 | 596.2 \nAsia | 2.4 | 7.3 | 205.9 | 109.8 | 325.4 \nMiddle East | 4.8 | 58.8 | 13.4 | 35.5 | 112.5 \nRest of the world | 23.2 | 6.1 | 42.0 | 48.7 | 120.0 \nTotal | $ 233.5 | $ 136.1 | $ 644.8 | $ 326.8 | $ 1,341.2"} {"_id": "d1a72e1ec", "title": "", "text": "Revenue by geographic area are as follows (in thousands):\nRevenues by geographic area are based upon the country of billing. The geographic location of distributors and OEM customers may be different from the geographic location of the ultimate end users of the products and services provided by us. No single non-U.S. country accounted for more than 10% of our revenue in fiscal years ended February 28, 2019, 2018 and 2017.\n\n | | Year Ended February 28, | \n------------------------------ | ------- | ----------------------- | -------\n | 2019 | 2018 | 2017 \nUnited States | 268,453 | 265,613 | 259,974\nEurope, Middle East and Africa | 49,496 | 45,830 | 49,918 \nSouth America | 15,134 | 20,699 | 17,738 \nCanada | 9,815 | 14,958 | 8,412 \nAsia and Pacific Rim | 13,958 | 12,873 | 8,967 \nAll other | 6,944 | 5,939 | 6,093 \n | 363,800 | 365,912 | 351,102"} {"_id": "d1b36001e", "title": "", "text": "The average duration of the defined benefit obligation at the end of the reporting period is 6.8 years (2018: 6.3 years) which relates wholly to active participants.\nThe plan invests entirely in pooled superannuation trust products where prices are quoted daily. The asset allocation of the plan has been set taking into account the membership profile, the liquidity requirements of the plan, and risk appetite of the Group.\nThe percentage invested in each asset class is as follows:\n\n | 2019 | 2018 \n------------------------- | ----- | -----\n | % | % \nEquity instruments | 53.9 | 58.5 \nDebt instruments | 18.6 | 22.5 \nReal estate | 10.8 | 3.5 \nCash and cash equivalents | 3.7 | 3.0 \nOther | 13.0 | 12.5 \nTotal | 100.0 | 100.0"} {"_id": "d1b35ac18", "title": "", "text": "GasLog Ltd. and its Subsidiaries\nNotes to the consolidated financial statements (Continued)\nFor the years ended December 31, 2017, 2018 and 2019\n(All amounts expressed in thousands of U.S. Dollars, except share and per share data)\n26. Derivative Financial Instruments\nThe fair value of the derivative assets is as follows:\n\n | As of December 31, | \n--------------------------------------------------------------------------------------- | ------------------ | -----\n | 2018 | 2019 \nDerivative assets carried at fair value through profit or loss (FVTPL) | | \nInterest rate swaps | 15,188 | 18 \nForward foreign exchange contracts | \u2014 | 389 \nDerivative assets designated and effective as hedging instruments carried at fair value | | \nCross currency swaps | \u2014 | 3,594\nTotal | 15,188 | 4,001\nDerivative financial instruments, current assets | 6,222 | 429 \nDerivative financial instruments, non-current assets | 8,966 | 3,572\nTotal | 15,188 | 4,001"} {"_id": "d1b33ea2c", "title": "", "text": "17. Called up share capital\nCalled up share capital is the number of shares in issue at their par value. A number of shares were allotted during the year in relation to employee share schemes.\nAccounting policies\nEquity instruments issued by the Group are recorded at the amount of the proceeds received, net of direct issuance costs.\nNotes: 1 At 31 March 2019 the Group held 1,584,882,610 (2018: 2,139,038,029) treasury shares with a nominal value of \u20ac264 million (2018: \u20ac356 million). The market value of shares held was \u20ac2,566 million (2018: \u20ac4,738 million). During\u00a0the year, 45,657,750 (2018: 53,026,317) treasury shares were reissued under Group share schemes. On 25 August 2017, 729,077,001 treasury shares were issued in settlement of tranche 1 of a maturing subordinated mandatory convertible bond issued on 19 February 2016. On 25 February 2019, 799,067,749 treasury shares were issued in settlement of tranche 2 of the maturing subordinated mandatory convertible bond.\n2 On 5 March 2019 the Group announced the placing of subordinated mandatory convertible bonds totalling \u00a31.72 billion with a 2 year maturity date in 2021 and \u00a31.72 billion with a 3 year maturity date due in 2022. The bonds are convertible into a total of 2,547,204,739 ordinary shares with a conversion price of \u00a31.3505 per share.\n3 Represents US share awards and option scheme awards.\n\n | | 2019 | | 2018 \n----------------------------------------------------------------------------- | -------------- | ----- | -------------- | -----\n | Number | \u20acm | Number | \u20acm \nOrdinary shares of 2020\u204421 US cents each allotted, issued and fully paid:1, 2 | | | | \n1 April | 28,814,803,308 | 4,796 | 28,814,142,848 | 4,796\nAllotted during the year3 | 454,870 | \u2013 | 660,460 | \u2013 \n31 March | 28,815,258,178 | 4,796 | 28,814,803,308 | 4,796"} {"_id": "d1b337236", "title": "", "text": "Consolidated Results\nThe table below sets forth for the fiscal years ended April 30, 2019 and 2018, the percentage of consolidated net sales represented by certain items in the Company\u2019s consolidated statements of operations:\n\n | 2019 | 2018 \n------------------------------------------------------ | ------ | -------\nRevenues | | \nFEI-NY | 76.9% | 68.4% \nFEI-Zyfer | 24.7 | 38.8 \nLess intersegment revenues | (1.6) | (7.2) \n | 100.0 | 100.0 \nCost of Revenues | 68.1 | 86.9 \nGross profit | 31.9 | 13.1 \nSelling and Administrative expenses | 24.5 | 26.9 \nResearch and Development expenses | 13.1 | 17.6 \nOperating Profit/(Loss) | (5.7) | (31.4) \nOther Income (Expenses), net | 0.7 | 2.8 \nProvision (Benefit) for Income Taxes | 0.1 | 28.4 \nLoss from continuing operations | (5.1) | (57.0) \n(Loss) Income from discontinued operations, net of tax | - | (2.5) \nLoss on sale of discontinued operations | - | (0.9) \nNet Loss | (5.1)% | (60.4)%"} {"_id": "d1b2fb63c", "title": "", "text": "The amount of unrecognized tax benefits at December 31, 2019 increased by $387 million in 2019 to $7,146 million. A reconciliation of the beginning and ending amount of unrecognized tax benefits was as follows:\nThe additions to unrecognized tax benefits related to the current and prior years were primarily attributable to U.S. federal and state tax matters, as well as non-U.S. tax matters, including transfer pricing, credits and incentives. The settlements and reductions to unrecognized tax benefits for tax positions of prior years were primarily attributable to U.S. federal and state tax matters, non-U.S. audits and impacts due to lapse of statute of limitations.\nThe unrecognized tax benefits at December 31, 2019 of $7,146 million can be reduced by $584 million associated with timing adjustments, U.S. tax credits, potential transfer pricing adjustments and state income taxes. The net amount of $6,562 million, if recognized, would favorably affect the company\u2019s effective tax rate. The net amounts at December 31, 2018 and 2017 were $6,041 million and $6,064 million, respectively.\n\n($ in millions) | | | \n----------------------------------------------------------------------------------------- | ------ | ------- | ------\n | 2019 | 2018 | 2017 \nBalance at January 1 | $6,759 | $ 7,031 | $3,740\nAdditions based on tax positions related to the current year | 816 | 394 | 3,029 \nAdditions for tax positions of prior years | 779 | 1,201 | 803 \nReductions for tax positions of prior years (including impacts due to a lapse of statute) | (922) | (1,686) | (367) \nSettlements | (286) | (181) | (174) \nBalance at December 31 | $7,146 | $ 6,759 | $7,031"} {"_id": "d1a711fd8", "title": "", "text": "CAPITAL EXPENDITURES\nCapital expenditures include costs associated with acquiring property, plant and equipment and placing it into service. The telecommunications business requires extensive and continual investments, including investment in new technologies and the expansion of capacity and geographical reach. Expenditures related to the acquisition of spectrum licences and additions to right-of-use assets are not included in capital expenditures and do not factor into the calculation of free cash flow or capital intensity. See \u201cManaging Our Liquidity and Financial Resources\u201d, \u201cKey Performance Indicators\u201d, and \u201cNon-GAAP Measures and Related Performance Measures\u201d for more information.\nCapital expenditures are significant and have a material impact on our cash flows; therefore, our management teams focus on planning, funding, and managing them. We believe this measure best reflects our cost of property, plant and equipment in a given period and is a simpler measure for comparing between periods.\n1 Includes additions to property, plant and equipment net of proceeds on disposition, but does not include expenditures for spectrum licences or additions to right-of-use assets. 2 As defined. See \u201cKey Performance Indicators\u201d.\nWIRELESS The increase in capital expenditures in Wireless this year was a result of investments made to upgrade our wireless network to continue delivering reliable performance for our customers. We continued augmenting our existing LTE network with 4.5G technology investments that are also 5G-ready to prepare for the commercial launch of 5G in select markets in early 2020. In 2019, we acquired spectrum licences for $1,731 million, which is not included in the table above. See \u201cManaging Our Liquidity and Financial Resources\u201d.\nCABLE The decrease in capital expenditures in Cable this year was a result of lower purchases of customer premise equipment and lower investments related to the initial launch of Ignite TV. We have continued upgrading our network infrastructure with additional fibre deployments, including increasing our fibre-to-the-home and fibre-to-the-curb distribution. These upgrades will lower the number of homes passed per node and incorporate the latest technologies to help deliver more bandwidth and an even more reliable customer experience as we progress in our Connected Home roadmap.\nMEDIA The increase in capital expenditures this year was a result of higher investments in renovations at various Toronto Blue Jays facilities, partially offset by lower investment in our broadcast and IT infrastructure and the sale of our publishing business.\nCORPORATE The increase in Corporate capital expenditures this year was a result of higher investments in IT and our various real estate facilities this year, including the impact of $25 million of proceeds from the sale of certain assets last year.\nCAPITAL INTENSITY Capital intensity this year was in line with 2018.\n\n(In millions of dollars, except capital intensity) | Years ended December 31 | | \n-------------------------------------------------- | ----------------------- | ----- | -------\n | 2019 | 2018 | %Chg \nCapital expenditures 1 | | | \nWireless | 1,320 | 1,086 | 22 \nCable | 1,153 | 1,429 | (19) \nMedia | 102 | 90 | 13 \nCorporate | 232 | 185 | 25 \nCapital expenditures 1 | 2,807 | 2,790 | 1 \nCapital intensity 2 | 18.6% | 18.5% | 0.1 pts"} {"_id": "d1b3a3288", "title": "", "text": "9. BALANCE SHEET DETAILS\nPrepaid expenses and other assets consist of the following (in thousands):\n\n | Fiscal year-end | \n--------------------------------------- | --------------- | -------\n | 2019 | 2018 \nPrepaid and refundable income taxes | $44,096 | $37,884\nOther taxes receivable | 11,208 | 16,930 \nPrepaid expenses and other assets | 22,689 | 30,266 \nTotal prepaid expenses and other assets | $77,993 | $85,080"} {"_id": "d1b3b15c2", "title": "", "text": "Operating income included the following:\n(1) Represents the write-off of certain spare parts.\nSee discussion of operating income below under \u201cSegment Results.\u201d\n\n | | Fiscal \n-------------------------------------------------------------------------------------- | ------ | -------------\n | 2019 | 2018 \n | | (in millions)\nAcquisition-related charges: | | \nAcquisition and integration costs | $ 27 | $ 14 \nCharges associated with the amortization of acquisition related fair value adjustments | 3 | 8 \n | 30 | 22 \nRestructuring and other charges, net | 255 | 126 \nOther items(1) | 17 | \u2014 \nTotal | $ 302 | $ 148 "} {"_id": "d1b3849b4", "title": "", "text": "The credit risk profile of trade receivables\nOther than those disclosed above no other impairment losses on receivables and contract assets arising from contracts with customers have been recognised. Other than trade receivables there are no financial assets that are past their due date at 31st December 2019.\nPayment terms across the Group vary dependent on the geographic location of each operating company. Payment is typically due between 20 and 90 days after the invoice is issued.\nAll contracts with customers do not contain a significant financing component.\nThe movement in the allowance for impairment in respect of trade receivables during the year was as follows:\n\n | 2019 | 2018 \n------------------------------------ | ----- | -----\n | \u00a3m | \u00a3m \nBalance at 1st January | 9.8 | 9.6 \nAdditional impairment | 8.6 | 2.8 \nAmounts written off as uncollectable | (1.2) | (0.7)\nAmounts recovered | (0.6) | (0.5)\nImpairment losses reversed | (1.1) | (1.4)\nExchange differences | (0.7) | \u2013 \nBalance at 31st December | 14.8 | 9.8 "} {"_id": "d1b334aea", "title": "", "text": "NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (in thousands, except for share and per share data)\nNOTE 3 \u2014 Accounts Receivable\nThe components of accounts receivable are as follows:\n\n | As of December 31, | \n------------------------------------- | ------------------ | -------\n | 2019 | 2018 \nAccounts receivable, gross | $78,269 | $79,902\nLess: Allowance for doubtful accounts | (261) | (384) \nAccounts receivable, net | $78,008 | $79,518"} {"_id": "d1a71f534", "title": "", "text": "Medical Segment Results\nBelow is a table summarizing results for the fiscal years ended:\nNet Sales. The Medical segment had minimal net sales in both periods from newly launched products.\nGross Profit. Medical segment gross profit was a loss of $3.5 million in fiscal 2018 compared to a loss of $3.1 million in fiscal 2017. The increased loss primarily relates to the vertical manufacturing integration of some key components and research efforts to expand the product offerings.\nLoss from Operations. Medical segment loss from operations increased $2.9 million to $11.4 million in fiscal 2018 compared to $8.5 million in fiscal 2017. The increased loss relates to higher outside professional fees, research and development and marketing expenses in fiscal 2018. Financial Condition, Liquidity and Capital Resources\n\n(Dollars in Millions) | April 28, 2018 | April 29, 2017 | Net Change ($) | Net Change (%)\n--------------------- | -------------- | -------------- | -------------- | --------------\nNet Sales | $ 0.3 | $ 0.2 | $ 0.1 | 50.0 % \nGross Profit | $ (3.5) | $ (3.1) | $ (0.4) | (12.9)% \nLoss from Operations | $ (11.4) | $ (8.5) | $ (2.9) | (34.1)% "} {"_id": "d1b2ed898", "title": "", "text": "ALTERNATIVE PERFORMANCE MEASURES\nTime Charter Equivalent (TCE) earnings:\nTORM defines TCE earnings, a performance measure, as revenue after port expenses, bunkers and commissions incl. freight and bunker derivatives. The Company reports TCE earnings because we believe it provides additional meaningful information to investors in relation to revenue, the most directly comparable IFRS measure. TCE earnings is a standard shipping industry performance measure used primarily to compare period-to-period changes in a shipping company\u2019s performance irrespective of changes in the mix of charter types (i.e. spot charters, time charters and bareboat charters) under which the vessels may be employed between the periods. Below is presented a reconciliation from Revenue to TCE earnings:\n\nUSDm | 2019 | 2018 | 2017 \n-------------------------------------- | ------ | ------ | ------\nReconciliation to revenue | | | \nRevenue | 692.6 | 635.4 | 657.0 \nPort expenses, bunkers and commissions | -267.7 | -283.0 | -259.9\nTCE earnings | 424.9 | 352.4 | 397.1 "} {"_id": "d1b356974", "title": "", "text": "Capital and financial risk management\n13 Capital risk management\nThe Group's objectives when managing capital are to safeguard its ability to continue as a going concern, so that it can continue to provide returns to its shareholders and benefits to its stakeholders and to maintain an optimal capital structure to reduce the cost of capital.\nIn the future, the Directors may pursue funding options such as debt, sale and leaseback of assets, additional equity and various other funding mechanisms as appropriate in order to undertake its projects and deliver optimum shareholders\u2019 return.\nThe Group intends to maintain a gearing ratio appropriate for a company of its size and growth.\nThe Group manages its capital structure by regularly reviewing its gearing ratio to ensure it maintains an appropriate level of gearing within facility covenants. This ratio is calculated as net debt divided by total capital. Net debt is calculated as total interest bearing financial liabilities, less cash and cash equivalents. Total capital is calculated as equity, as shown in the Consolidated Balance Sheet, plus net debt.\n\n | 30 June 2019 | 30 June 2018\n------------------------------- | ------------ | ------------\n | $'000 | $'000 \nTotal borrowings and lease | 867,177 | 302,954 \nLess: cash and cash equivalents | (398,999) | (417,982) \nNet debt (surplus cash) | 468,178 | (115,028) \nTotal equity | 875,303 | 893,977 \nTotal capital | 1,343,481 | 778,949 \nGearing ratio | 35.0% | -% "} {"_id": "d1b34ba24", "title": "", "text": "14 Taxation\nUK corporation tax for the year-ended 31 March 2019 is calculated at 19% (2018: 19%) of the estimated assessable loss for the period.\n\n | Year-ended 31 March 2019 | Year-ended 31 March 2018 Restated See note 2\n------------------------------------------------- | ------------------------ | --------------------------------------------\n | $M | $M \nCurrent income tax: | | \nUK corporation tax | 1.3 | 1.2 \nAdjustments in respect of previous years UK tax | 0.3 | 0.3 \nOverseas tax before exceptional items | 22.2 | 23.0 \nAdjustment in respect of previous years | 13.1 | 10.2 \nTotal current tax charge | 36.9 | 34.7 \nDeferred tax: | | \nOrigination and reversal of temporary differences | 2.5 | (16.7) \nImpact of changes in US tax rate | - | 5.4 \nAdjustment in respect of previous years | (12.7) | (3.5) \nTotal deferred tax credit | (10.2) | (14.8) \nTotal income tax charge | 26.7 | 19.9 "} {"_id": "d1b2feb48", "title": "", "text": "Free cash flow generation\nBridge from operating income to free cash flow (illustrative)\nFocus on delivering a high conversion of operating income to free cash flow of operating income to free cash flow\nof operating income to free cash flow\nOngoing activities to reduce costs \u201cbelow operating income\u201d, including restructuring, financial net and tax\nStriving to maintain working capital efficiency but fluctuations may impact cash flow\nPlanning assumption for capex is about 2% of net sales, while expected to remain above 2% in 2020 due to the new factory in the US\nAmbition to over time maintain restructuring charges to around 1% of net sales\nM&A will vary depending on strategic decisions but assumed to be around 1\u20132% of net sales\nOperating margin excluding restructuring charges. All numbers are in relation to net sales.\n1) Restructuring charges as reported in the income statement for each year.\n\n | 2018 | 2019 | Ambition \n------------------------------- | ------ | ----- | ---------\nOperating margin | 4.4% | 5.0% | >12% \nfinancial net, tax and other | -3.8% | -2.5% | -4% \n+ depreciation and amortization | +3.9% | +2.9% | +3 to 4% \n+ depreciation of leased assets | \u2013 | +1.1% | +1% \n\u00b1 change in working capital | +3.7% | +1.0% | \u00b10 \n- capex | - 2.4% | -2.8% | -2% \n- leasing payment | - | -1.3% | -1% \n-\u00a0 restructuring costs1) | -3.8% | -0.4% | -1% \nFree cash flow (before M&A) | 2.0% | 3.4% | >8% \n- M&A | -0.6% | -0.7% | ~1 to -2%"} {"_id": "d1a72fbe6", "title": "", "text": "GasLog Ltd. and its Subsidiaries\nNotes to the consolidated financial statements (Continued)\nFor the years ended December 31, 2017, 2018 and 2019\n(All amounts expressed in thousands of U.S. Dollars, except share and per share data)\n19. Financial Income and Costs\nAn analysis of financial income and costs is as follows:\n\n | | For the year ended December 31, | \n------------------------------------------------------------------------------------- | ------- | ------------------------------- | -------\n | 2017 | 2018 | 2019 \nFinancial Income | | | \nInterest income | 2,650 | 4,784 | 5,318 \nTotal financial income | 2,650 | 4,784 | 5,318 \nFinancial Costs | | | \nAmortization and write-off of deferred loan/bond issuance costs/premium | 12,398 | 12,593 | 14,154 \nInterest expense on loans and realized loss on cash flow hedges | 85,813 | 111,600 | 122,819\nInterest expense on bonds and realized loss on CCSs | 27,085 | 30,029 | 34,607 \nLease charge | 10,875 | 10,520 | 10,506 \nLoss arising on bond repurchases at a premium (Note 13)13) | 1,459 | \u2014 | 2,119 \nOther financial costs, including unrealized foreign exchange losses on cash and bonds | 1,551 | 1,885 | 6,276 \nTotal financial costs | 139,181 | 166,627 | 190,481"} {"_id": "d1b2f1d3a", "title": "", "text": "Note 16: Quarterly Results of Operations (Unaudited)\nThe following table sets forth certain quarterly information for fiscal years 2019 and 2018. This information, in the opinion of the Company\u2019s management, reflects all adjustments (consisting only of normal recurring adjustments) necessary to present fairly this information when read in conjunction with the Consolidated Financial Statements and notes thereto included elsewhere herein (amounts in thousands except per share data):\n(1) Operating income (loss) as a percentage of net sales fluctuates from quarter to quarter due to a number of factors, including net sales fluctuations, foreign currency exchange, restructuring charges, product mix, the timing and expense of moving product lines to lower-cost locations, the write-down of long lived assets, the net gain/loss on sales and disposals of assets and the relative mix of sales among distributors, original equipment manufacturers, and electronic manufacturing service providers.\n\nFiscal Year 2019 Quarters Ended | | | | \n------------------------------- | -------- | -------- | -------- | --------\n | Jun-30 | Sep-30 | Dec-31 | Mar-31 \nNet sales | $327,616 | $349,233 | $350,175 | $355,794\nGross margin | 94,821 | 113,565 | 123,750 | 126,406 \nOperating income (1) | 35,176 | 50,000 | 61,616 | 54,057 \nNet income | $35,220 | $37,141 | $40,806 | $93,420 \nNet income per basic share | $0.61 | $0.64 | $0.70 | $1.60 \nNet income per diluted share | $0.60 | $0.63 | $0.69 | $1.58 "} {"_id": "d1b33ad1e", "title": "", "text": "NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (in thousands, except for share and per share data)\nNOTE 13 \u2014 Derivatives\nThe effect of derivative instruments on the Consolidated Statements of Earnings is as follows:\n\n | | Years Ended December 31, | \n----------------------------------------------------------------------------------- | ------ | ------------------------ | ------\n | 2019 | 2018 | 2017 \nForeign Exchange Contracts: | | | \nAmounts reclassified from AOCI to earnings: | | | \nNet sales | $\u2014 | $383 | $(488)\nCost of goods sold | 860 | (6) | 497 \nSelling, general and administrative | 92 | 107 | 45 \nTotal amounts reclassified from AOCI to earnings | 952 | 484 | 54 \nLoss recognized in other expense for hedge ineffectiveness | \u2014 | \u2014 | (1) \nLoss recognized in other expense for derivatives not designated as cash flow hedges | \u2014 | \u2014 | (15) \nTotal derivative gain on foreign exchange contracts recognized in earnings | $952 | $484 | $38 \nInterest Rate Swaps: | | | \nBenefit recorded in interest expense | $491 | $421 | $37 \nTotal gain | $1,443 | $905 | $75 "} {"_id": "d1a712ec4", "title": "", "text": "(1) Mr. Clark did not receive a FY19 EAIP payout.\n(2) Pursuant to the terms of Mr. Noviello\u2019s Transition Services Agreement dated January 31, 2019 (the \u2018\u2018Transition Services Agreement\u2019\u2019), Mr. Noviello received 75% of his target FY19 EAIP amount under the Company\u2019s Executive Severance Plan because it was greater than the amount that he would have earned under the FY19 EAIP irrespective of individual performance.\n(3) Ms. Cappellanti-Wolf and Messrs. Kapuria and Taylor each earned an individual performance factor of 100%. In determining the appropriate individual performance factor for each of these executives, the Compensation Committee, with recommendation of the CEO, considered leadership, contributions to NortonLifeLock\u2019s achievement of its goals, and strategic planning among other factors.\n(4) The Compensation Committee did not exercise its discretion to reduce any payouts.\n\n | FY19 EAIP NEO Payout Amounts | | | | \n-------------------------- | ---------------------------- | --------------------------- | ------------------------------- | --------------------------------- | -------------------------------\nNEO | Base Salary | Annual Incentive Target (%) | Company Performance Funding (%) | Individual Performance Factor (%) | Individual Payout Amount ($)(4)\nGregory S. Clark(1) | 1,000,000 | 150 | n/a | n/a | 0 \nNicholas R. Noviello(2) | 650,000 | 100 | n/a | n/a | 487,500 \nAmy L. Cappellanti-Wolf(3) | 440,000 | 70 | 35.6 | 100 | 109,648 \nSamir Kapuria(3) | 450,000 | 100 | 35.6 | 100 | 152,172 \nScott C. Taylor(3) | 600,000 | 100 | 35.6 | 100 | 213,600 "} {"_id": "d1b369218", "title": "", "text": "@ As a policy, N Chandrasekaran, Chairman, has abstained from receiving commission from the Company and hence not stated.\n@@ In line with the internal guidelines of the Company, no\u00a0payment is made towards commission to the\u00a0Non-Executive Directors of the Company, who are in full time employment with any other\u00a0Tata company\u00a0and hence not stated.\n* Relinquished the position of Independent Director w.e.f. July 10, 2018.\n**\u00a0Relinquished the position of Independent Director w.e.f. September 28, 2018.\n***\u00a0Appointed as an Additional and Independent Director w.e.f. December 18, 2018.\n****\u00a0Appointed as an Additional and Independent Director w.e.f. January 10, 2019.\n^\u00a0Since the remuneration is only for part of the year, the\u00a0ratio of their remuneration to median remuneration and percentage increase in remuneration is not comparable and hence, not stated.\n^^ Remuneration received in FY 2019 is not comparable with remuneration received in FY 2018 and hence, not stated.\nParticulars of employees\nThe information required under Section 197 of the Act read with Rule 5 of the Companies (Appointment and\nRemuneration of Managerial Personnel) Rules, 2014, are given below:\na. The ratio of the remuneration of each director to the median remuneration of the employees of the Company and percentage increase in remuneration of each Director, Chief Executive Officer, Chief Financial Officer and Company Secretary in the financial year:\nb. The percentage increase in the median remuneration of employees in the financial year: 3.70 percent\nc. The number of permanent employees on the rolls of Company: 424,285\nd. Average percentile increase already made in the salaries of employees other than the managerial personnel in the last financial year and its comparison with the percentile increase in the managerial remuneration and justification thereof and point out if there are any exceptional circumstances for increase in the managerial remuneration:\nThe average annual increase was 6 percent in India. However, during the course of the year, the\u00a0total increase is approximately 7.2 percent, after accounting for promotions and other event based compensation revisions. Employees outside India received a wage increase varying from 2 percent to 5 percent. The increase in remuneration is in line with the market trends in the respective countries.\nIncrease in the managerial remuneration for the year was 14.66 percent.\ne. Affirmation that the remuneration is as per the remuneration policy of the Company:\nThe Company affirms that the remuneration is as per the remuneration policy of the Company.\nf. The statement containing names of top ten employees in terms of remuneration drawn and the particulars of employees as required under Section 197(12) of the Act read with Rule 5(2) and 5(3) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014, is provided in a separate annexure forming part of this report. Further, the report and the accounts are being sent to the Members excluding the aforesaid annexure. In terms of Section 136 of the Act, the said annexure is open for inspection at the Registered Office of the Company. Any Member interested in obtaining a copy of the same may write to the Company Secretary.\n\nName | Ratio to median remuneration | % increase in remuneration in the financial year\n---------------------------- | ---------------------------- | ------------------------------------------------\nNon-executive directors | | \nN Chandrasekaran@ | - | - \nAman Mehta | 51.55 | 5.00 \nV Thyagarajan* | ^ | ^ \nProf Clayton M Christensen** | ^ | ^ \nDr Ron Sommer | 36.00 | 4.76 \nO P Bhatt | 35.18 | 7.50 \nAarthi Subramanian@@ | - | - \nDr Pradeep Kumar Khosla | 24.55 | ^^ \nHanne Sorensen*** | ^ | ^ \nKeki Mistry*** | ^ | ^ \nDon Callahan**** | ^ | ^ \nExecutive directors | | \nRajesh Gopinathan | 262.30 | 28.31 \nN Ganapathy Subramaniam | 190.01 | 24.88 \nChief Financial Officer | | \nRamakrishnan V | - | 22.58 \nCompany Secretary | | \nRajendra Moholkar | - | 18.23 "} {"_id": "d1b2f7172", "title": "", "text": "We make contributions to our defined benefit plans as required under various pension funding regulations. We expect to make contributions of approximately\n$1,420 to the international plans in fiscal 2020 based on current actuarial computations\nEstimated future benefit payments are as follows:\nSavings plans:\nWe sponsor retirement savings plans, which allow eligible employees to defer part of their annual compensation. Certain contributions by us are discretionary and\nare determined by our Board of Directors each year. Our contributions to the savings plans in the United States for the fiscal years ended March 31, 2017, 2018 and 2019\nwere approximately $4,367, $4,421, and $4,913, respectively.\nWe also sponsor a nonqualified deferred compensation program, which permits certain employees to annually elect to defer a portion of their compensation until\nretirement. A portion of the deferral is subject to a matching contribution by us. The employees select among various investment alternatives, which are the same as are\navailable under the retirement savings plans, with the investments held in a separate trust. The value of the participants\u2019 balances fluctuate based on the performance of\nthe investments. The market value of the trust at March 31, 2018 and 2019 of $6,649 and $4,693, respectively, is included as an asset and a liability in our accompanying\nbalance sheet because the trust\u2019s assets are both assets of the Company and a liability as they are available to general creditors in certain circumstances\n\nFiscal Year ended March 31, | US Plans | International Plans\n--------------------------- | -------- | -------------------\n2020 | $2,295 | $7,055 \n2021 | 2,333 | 7,197 \n2022 | 2,353 | 7,337 \n2023 | 2,371 | 7,624 \n2024 | 2,388 | 7,624 \n2025-2029 | 11,880 | 40,364 "} {"_id": "d1b349d0a", "title": "", "text": "The following table summarizes information regarding common stock share awards granted and vested (in thousands, except per share award amounts):\nAs of December 31, 2019, there was $0.2 million of total unrecognized compensation costs, net of actual forfeitures, related to nonvested common stock share awards. This cost is expected to be recognized over a weighted average period of 0.8 years.\n\n | | Years Ended December 31, | \n------------------------------------------------------ | ------ | ------------------------ | ------\n | 2019 | 2018 | 2017 \nNumber of share awards granted | 34 | 34 | 24 \nWeighted average grant-date fair value per share award | $25.41 | $27.68 | $32.93\nFair value of share awards vested | $840 | $880 | $850 "} {"_id": "d1b37fd6a", "title": "", "text": "In connection with the asset-backed securitization programs, the Company recognized the following (in millions):\n(1) The amounts primarily represent proceeds from collections reinvested in revolving-period transfers.\n(2) Recorded to other expense within the Consolidated Statements of Operations.\n(3) Excludes $650.3 million of trade accounts receivable sold, $488.1 million of cash and $13.9 million of net cash received prior to the amendment of the foreign asset-backed securitization program and under the previous North American asset-backed securitization program.\nThe asset-backed securitization programs require compliance with several covenants. The North American asset-backed securitization program covenants include compliance with the interest ratio and debt to EBITDA ratio of the five-year unsecured credit facility amended as of November 8, 2017 (\u201cthe 2017 Credit Facility\u201d). The foreign asset-backed securitization program covenants include limitations on certain corporate actions such as mergers and consolidations. As of August 31, 2019 and 2018, the Company was in compliance with all covenants under the asset-backed securitization programs.\n\n | | Fiscal Year Ended August 31, | \n--------------------------------------------------- | ------- | ---------------------------- | ------\n | 2019(3) | 2018 | 2017 \nTrade accounts receivable sold | $4,057 | $8,386 | $8,878\nCash proceeds received(1) | $4,031 | $7,838 | $8,300\nPre-tax losses on sale of receivables(2) | $26 | $15 | $9 \nDeferred purchase price receivables as of August 31 | $\u2014 | $533 | $569 "} {"_id": "d1b32b1f2", "title": "", "text": "6.3 Changes in group structure\nDiscontinued operations\nOn 21 December 2018, the Group executed a share sale agreement to sell Infochoice Pty Ltd, a wholly owned subsidiary.\nAt 30 June 2019, Infochoice Pty Ltd was classified as a discontinued operation. The business of Infochoice Pty Ltd represented the Group\u2019s financial services and products comparison operating segment. With Infochoice Pty Ltd being classified as a discontinued operation, its operating results are no longer presented in the segment note. The sale of Infochoice Pty Ltd was completed on 18 February 2019. The results of Infochoice Pty Ltd for the period are presented below:\n\n | CONSOLIDATED | \n----------------------------------------------------- | -------------- | --------------\n | JUN 2019 $\u2019000 | JUN 2018 $\u2019000\nRevenue | 426 | 1,208 \nExpenses | (1,035) | (989) \nOperating income | (609) | 219 \nInterest revenue | 5 | 9 \nImpairment of other intangible assets | (603) | (16,902) \nProfit/(loss) before tax from discontinued operations | (1,207) | (16,674) \nTax benefit/(expense) related to current pre-tax loss | (1,150) | (55) \nPost-tax profit/(loss) of discontinued operations | (2,357) | (16,729) "} {"_id": "d1b38ed06", "title": "", "text": "Fiscal 2018 Restructuring Plan\nDuring Fiscal 2018 and in the context of our acquisitions of Covisint, Guidance and Hightail (each defined below), we began to implement restructuring activities to streamline our operations (collectively referred to as the Fiscal 2018 Restructuring Plan). The Fiscal 2018 Restructuring Plan charges relate to workforce reductions and facility consolidations. These charges require management to make certain judgments and estimates regarding the amount and timing of restructuring charges or recoveries. Our estimated liability could change subsequent to its recognition, requiring adjustments to the expense and the liability recorded. On a quarterly basis, we conduct an evaluation of the related liabilities and expenses and revise our assumptions and estimates as appropriate.\nSince the inception of the plan, approximately $10.7 million has been recorded within \"Special charges (recoveries)\" to date. We do not expect to incur any further significant charges relating to this plan.\nA reconciliation of the beginning and ending liability for the year ended June 30, 2019 and 2018 is shown below.\n\nFiscal 2018 Restructuring Plan | Workforce reduction | Facility costs | Total \n----------------------------------------------- | ------------------- | -------------- | -------\nBalance payable as at June 30, 2017 | $\u2014 | $\u2014 | $\u2014 \nAccruals and adjustments | 8,511 | 1,643 | 10,154 \nCash payments | (8,845) | (489) | (9,334)\nForeign exchange and other non-cash adjustments | 892 | 11 | 903 \nBalance payable as at June 30, 2018 | $558 | $1,165 | $1,723 \nAccruals and adjustments | (20) | 535 | 515 \nCash payments | (337) | (928) | (1,265)\nForeign exchange and other non-cash adjustments | (51) | (286) | (337) \nBalance payable as at June 30, 2019 | $150 | $486 | $636 "} {"_id": "d1b337970", "title": "", "text": "Operating Revenues and Selected Operating Statistics\n(1) Service and other revenues included in our Business segment amounted to approximately $27.9 billion and $28.1 billion for the years ended December 31, 2019 and 2018, respectively. Wireless equipment revenues included in our Business segment amounted to approximately $3.5 billion and $3.4 billion for the years ended December 31, 2019 and 2018, respectively. (2) As of end of period (3) Includes certain adjustments\nBusiness revenues decreased $91 million, or 0.3%, during 2019 compared to 2018, primarily due to decreases in Global Enterprise and Wholesale revenues, partially offset by increases in Small and Medium Business and Public Sector and Other revenues.\nGlobal Enterprise Global Enterprise offers services to large businesses, which are identified based on their size and volume of business with Verizon, as well as non-U.S. public sector customers. Global Enterprise revenues decreased $383 million, or 3.4%, during 2019 compared to 2018, primarily due to declines in traditional data and voice communication services as a result of competitive price pressures. These revenue decreases were partially offset by increases in wireless service revenue.\nSmall and Medium Business Small and Medium Business offers wireless services and equipment, tailored voice and networking products, Fios services, IP networking, advanced voice solutions, security and managed information technology services to our U.S.-based customers that do not meet the requirements to be categorized as Global Enterprise.\nSmall and Medium Business revenues increased $712 million, or 6.6%, during 2019 compared to 2018, primarily due to an increase in wireless postpaid service revenue of 11.7% as a result of increases in the amount of wireless retail postpaid connections.\nThese increases were further driven by increased wireless equipment revenue resulting from a shift to higher priced units in the mix of wireless devices sold and increases in the number of wireless devices sold, increased revenue related to our wireless device protection package, as well as increased revenue related to Fios services. These revenue increases were partially offset by revenue declines related to the loss of voice and DSL service connections.\nSmall and Medium Business Fios revenues totaled $915 million and increased $110 million, or 13.7%, during 2019 compared to 2018, reflecting the increase in total connections, as well as increased demand for higher broadband speeds.\nPublic Sector and Other Public Sector and Other offers wireless products and services as well as wireline connectivity and managed solutions to U.S. federal, state and local governments and educational institutions. These services include the business services and connectivity similar to\u00a0the products and services offered by Global Enterprise, in each case, with features and pricing designed to address the needs of governments and educational institutions.\nPublic Sector and Other revenues increased $89 million, or 1.5%, during 2019 compared to 2018, driven by increases in networking and wireless postpaid service revenue as a result of an increase in wireless retail postpaid connections.\nWholesale Wholesale offers wireline communications services including data, voice, local dial tone and broadband services primarily to local, long distance, and wireless carriers that use our facilities to provide services to their customers. Wholesale revenues decreased $509 million, or 13.6%, during 2019 compared to 2018, primarily due to declines in core data and traditional voice services resulting from the effect of technology substitution and continuing contraction of market rates due to competition.\n\n | | | (dollars in millions) Increase/ (Decrease) | \n------------------------------------- | -------- | -------- | ------------------------------------------ | ------\nYears Ended December 31, | 2019 | 2018 | 2019 vs. 2018 | \nGlobal Enterprise | $ 10,818 | $ 11,201 | $ (383) | (3.4)%\nSmall and Medium Business | 11,464 | 10,752 | 712 | 6.6 \nPublic Sector and Other | 5,922 | 5,833 | 89 | 1.5 \nWholesale | 3,239 | 3,748 | (509) | (13.6)\nTotal Operating Revenues(1) | $ 31,443 | $ 31,534 | $ (91) | (0.3) \nConnections (\u2018000):(2) | | | | \nWireless retail postpaid connections | 25,217 | 23,492 | 1,725 | 7.3 \nFios Internet connections | 326 | 307 | 19 | 6.2 \nFios video connections | 77 | 74 | 3 | 4.1 \nBroadband connections | 489 | 501 | (12) | (2.4) \nVoice connections | 4,959 | 5,400 | (441) | (8.2) \nNet Additions in Period (\u2018000):(3) | | | | \nWireless retail postpaid | 1,391 | 1,397 | (6) | (0.4) \nWireless retail postpaid phones | 698 | 625 | 73 | 11.7 \nChurn Rate: | | | | \nWireless retail postpaid | 1.24% | 1.19% | | \nWireless retail postpaid phones | 0.99% | 0.98% | | "} {"_id": "d1b31ebd2", "title": "", "text": "Operational performance\nA Leasing activity\nWe agreed 205 long-term leases in 2019, amounting to \u00a326 million annual rent, at an average of 1 per cent above previous passing rent (like-for-like units) and in line with valuers\u2019 assumptions. On a net effective basis (net of rent frees and incentives), rents were also 1 per cent ahead of previous rents. The upside from these new lettings added to like-for-like net rental income but was lower in magnitude than the negative impacts from administrations and CVAs and increased vacancy (see financial review on pages 30 to 37).\nOur customers continue to focus on increasing their space in prime, high footfall retail and leisure destinations. Significant activity in 2019 included:\n\u2014pureplay online brands starting to open stores to increase their physical presence. Morphe, the digital native cosmetics brand, opened three of its six UK stores at intu Victoria Centre, intu Eldon Square and Manchester Arndale, and AliExpress, the consumer platform of Alibaba, opened its first store in Europe at intu Xanad\u00fa\n\u2014Harrods taking its first shopping centre store, launching a new beauty concept, H Beauty, at intu Lakeside\n\u2014a new flagship store for Zara at St David\u2019s, Cardiff, where it is moving into the centre from the high street. This follows the recent upsizing of stores at intu Trafford Centre and intu Lakeside\n\u2014leisure brands increasing their space with Puttshack to open its fourth venue at intu Watford, following its successful opening at intu Lakeside. Namco is expanding its range of attractions at intu Metrocentre with Clip \u2018n Climb and the first Angry Birds Adventure Golf in the UK and Rock Up is taking space at intu Lakeside\n\u2014international fashion brands continuing to expand in the UK with Spanish brand Mango due to open at intu Watford a\nB Investment by customers\nIn the year, 256 units opened or refitted in our centres (2018: 262 stores), representing around 8 per cent of our 3,300 units. Our customers have invested around \u00a3125 million in these stores, which we believe is a significant demonstration of their long-term commitment to our centres.\nC Rent reviews\nWe settled 159 rent reviews in 2019 for new rents totalling \u00a345 million, an average uplift of 6 per cent on the previous rents.\nD Occupancy\nOccupancy was 94.9 per cent, in line with June 2019 (95.1 per cent), but a reduction against 31 December 2018 (96.7 per cent), impacted by units closed in the first half of 2019 from tenants who went into administration or through a CVA process in 2018. This had a 3.7 per cent negative impact on like-for-like net rental income in 2019 from both rents foregone and increased void costs.\nE Weighted average unexpired lease term\nThe weighted average unexpired lease term was 6.3 years (31 December 2018: 7.2 years) illustrating the longevity of our income streams. The reduction against the prior year was primarily due to new lease terms on department stores that have been through a CVA or administration process.\nF Footfall\nFootfall in our centres increased by 0.3 per cent in the year. UK footfall was flat, significantly outperforming the Springboard footfall monitor for shopping centres which was down on average by 2.5 per cent. We believe this highlights the continued attraction of our compelling destinations against the wider market. In Spain, footfall was up by 3.5 per cent.\nG Retailer sales\nEstimated retailer sales in our UK centres, which totalled \u00a35.2 billion in 2019, were down 1.6 per cent, impacted by some larger space users who have had difficulties and been through CVAs and those brands who operate successful multichannel models where in-store sales figures take no account of the benefit of the store to online sales. This compares favourably to the British Retail Consortium (BRC), where non-food retailer sales in-store were down 3.1 per cent on average in 2019.\nThe ratio of rents to estimated sales for standard units remained stable in 2019 at 12.0 per cent. This does not take into account the benefit to the retailer of their multichannel business, such as click and collect.\nH Net promoter score\nOur net promoter score, a measure of visitor satisfaction, ran consistently high throughout 2019 averaging 75, an increase of 2 over 2018. Visitor satisfaction is paramount to a shopper\u2019s likelihood to visit, which in turn drives footfall and extended dwell time.\nI Gross value of community investment\nGross value added, the measure of the economic contribution of intu to the local communities in the UK, remained stable in the year at \u00a34.8 billion.\nJ Carbon emission intensity reduction\nAnnual reduction in carbon emission intensity has reduced in 2019. This is due to our continued focus on energy efficiency to reduce our overall energy demand each year, supported by the ongoing greening of the electricity grid as we become less reliant on coal and increase our renewable generation.\nOur 2020 target was to reduce carbon emission intensity by 50 per cent, against a 2010 baseline. We reached this target three years ahead of plan and at the end of 2019, our reduction total was 69 per cent.\n\n | Notes | 2019 | 201 \n--------------------------------------------------------- | ----- | --------- | --------\nLeasing activity | A | | \n\u2014 number | | 205 | 24 \n\u2014 new rent | | \u00a326m | \u00a339m \n\u2014 new rent relative to previous passing rent | | +1% | +6% \nInvestment by customers | B | \u00a3125m | \u00a3144m \nRental uplift on rent reviews settled | C | +6% | +7% \nOccupancy (EPRA basis) | D | 94.9% | 96.7% \n\u2014 of which, occupied by tenants trading\u00a0in administration | | 2.8% | 2.0% \nUnexpired lease term | E | 6.3 years | 7.2 year\nFootfall | F | +0.3% | \u20131.6% \nRetailer sales | G | \u20131.6% | \u20132.3% \nNet promoter score | H | 75 | 7 \nGross value added of community investment | I | \u00a34.8bn | \u00a34.8b \nCarbon emission intensity reduction | J | 15% | 17% "} {"_id": "d1b3ad774", "title": "", "text": "Asset position of METRO AG\nASSETS\nAs of the closing date, METRO had total assets of \u20ac18,221 million, which are predominantly comprised of financial assets in the amount of \u20ac9,005 million, receivables from affiliated companies at \u20ac8,214 million and the usufructuary rights to the METRO and MAKRO brands which were recognised as an intangible asset (\u20ac883 million). Cash on hand, bank deposits and cheques amounted to \u20ac44 million. The financial assets predominantly consist of shares held in affiliated companies in the amount of \u20ac8,964 million which are essentially comprised of shares in the holding for wholesale companies (\u20ac6,693 million), in real estate companies (\u20ac1,278 million), in service providers (\u20ac470 million) and in other companies (\u20ac523 million). The financial assets account for 49.4% of the total assets. Receivables from affiliated companies amount to \u20ac8,214 million. This corresponds to 45.1% of the total assets. This position contains \u20ac6,117 million in receivables from a group-internal transfer of shares in affiliated companies at their carrying values and predominantly reflects the short-term financing requirements of the group companies as of the closing date.\n\n\u20ac million | 30/9/2018 | 30/9/2019\n--------------------------------------- | --------- | ---------\nNon-current assets | | \nIntangible assets | 1,001 | 939 \nTangible assets | 2 | 3 \nFinancial assets | 9.157 | 9,005 \n | 10.160 | 9,947 \nCurrent assets | | \nReceivables and other assets | 6,882 | 8,218 \nCash on hand, bank deposits and cheques | 335 | 44 \n | 7,217 | 8,262 \nDeferred income | 12 | 12 \n | 17,389 | 18,221 "} {"_id": "d1b3c88b2", "title": "", "text": "The following table presents the basic and diluted weighted-average number of shares of common stock (amounts in thousands, except per share data):\n(1) Fiscal years ending March 31, 2018 and 2017 adjusted due to the adoption of ASC 606.\n\n | | Fiscal Years Ended March 31, | \n------------------------------------------- | -------- | ---------------------------- | -------\n | 2019 | 2018 | 2017 \nNumerator | | | \nNet income (1) | $206,587 | $254,127 | $47,157\nDenominator: | | | \nWeighted-average common shares outstanding: | | | \nBasic | 57,840 | 52,798 | 46,552 \nAssumed conversion of employee stock grants | 1,242 | 2,291 | 2,235 \nAssumed conversion of warrants | \u2014 | 3,551 | 6,602 \nDiluted | $59,082 | $58,640 | $55,389\nNet income per basic share (1) | $3.57 | $4.81 | $1.01 \nNet income per diluted share (1) | $3.50 | $4.33 | $0.85 "} {"_id": "d1b2f6e52", "title": "", "text": "Results of Operations\n(2) Operating expenses include stock-based compensation expense as follows (in thousands):\n\n | | Year Ended December 31, | \n-------------------------------------- | ------- | ----------------------- | ------\n | 2019 | 2018 | 2017 \nStock-based compensation expense data: | | | \nSales and marketing | $2,075 | $1,196 | $561 \nGeneral and administrative | 6,474 | 4,901 | 2,638 \nResearch and development | 12,054 | 7,332 | 4,214 \nTotal stock-based compensation expense | $20,603 | $13,429 | $7,413"} {"_id": "d1b2ffb10", "title": "", "text": "Cogeco Communications is a subsidiary of Cogeco, which holds 31.8% of the Corporation's equity shares, representing 82.3% of the Corporation's voting shares.\nCogeco provides executive, administrative, financial and strategic planning services and additional services to the Corporation under a Management Services Agreement (the \"Agreement\"). On May 1, 2019, the Corporation and Cogeco agreed to amend the Agreement in order to replace the methodology used to establish the management fees payable by the Corporation to Cogeco, which was based on a percentage of the consolidated revenue of the Corporation, with a new methodology based on the costs incurred by Cogeco plus a reasonable mark-up. This cost-plus methodology was adopted to avoid future variations of the management fee percentage due to the frequent changes of the Corporation's consolidated revenue pursuant to business acquisitions and divestitures. Prior to this change, management fees represented 0.75% of the consolidated revenue from continuing and discontinued operations of the Corporation (0.85% for the period prior to the MetroCast acquisition on January 4, 2018). Provision is made for future adjustment upon the request of either Cogeco or the Corporation from time to time during the term of the Agreement. For fiscal 2019 management fees paid to Cogeco amounted to $19.9 million, compared to $19.0 million for fiscal 2018.\nProvision is made for future adjustment upon the request of either Cogeco or the Corporation from time to time during the term of the Agreement. For fiscal 2019 management fees paid to Cogeco amounted to $19.9 million, compared to $19.0 million for fiscal 2018.\nThe following table shows the amounts that the Corporation charged Cogeco with regards to the Corporation's stock options, ISUs and PSUs granted to these executive officers, as well as DSUs issued to Board directors of Cogeco:\n\nYears ended August 31, | 2019 | 2018\n---------------------------------- | ----- | ----\n(In thousands of Canadian dollars) | $ | $ \nStock options | 1,046 | 915 \nISUs | 61 | 1 \nPSUs | 981 | 990 \nDSUs | 631 | \u2014 "} {"_id": "d1b39d63a", "title": "", "text": "Geographic Information\n(1) Amounts by geography have been reclassified from prior year disclosure to reflect adjustments to our regional operating model. As of January 1, 2019, our geographic regions are: North America, EMEA, South America and APAC. Our North American operations include Canada, the United States, Mexico and Central America. Mexico and Central America were previously included in Latin America. Refer to Note 2, \"Summary of Significant Accounting Policies and Recently Issued Accounting Standards,\" of the Notes to Consolidated Financial Statements.\n(2) No non-U.S. country accounted for net sales in excess of 10% of consolidated net sales for the years ended December 31, 2019, 2018 or 2017 or long-lived assets in excess of 10% of consolidated long-lived assets at December 31, 2019 and 2018.\n(3) Net sales to external customers within the U.S. were $2,501.6 million, $2,402.3 million and $2,280.0 million for the years ended December 31, 2019, 2018 and 2017, respectively.\n(4) Total long-lived assets represent total assets excluding total current assets, deferred tax assets, goodwill, intangible assets and non-current assets held for sale.\n\n | | Year Ended December 31, | \n--------------------------------- | --------- | ----------------------- | ---------\n(In millions) | 2019 | 2018 | 2017 \nNet sales(1)(2): | | | \nNorth America(3) | $ 2,828.1 | $ 2,734.9 | $ 2,591.5\nEMEA | 1,010.4 | 1,038.5 | 983.4 \nSouth America | 233.8 | 229.5 | 231.8 \nAPAC | 718.8 | 729.8 | 654.9 \nTotal | $ 4,791.1 | $ 4,732.7 | $ 4,461.6\nTotal long-lived assets(1)(2)(4): | | | \nNorth America | $ 919.3 | $ 740.5 | \nEMEA | 345.8 | 270.5 | \nSouth America | 50.2 | 52.8 | \nAPAC | 248.3 | 211.8 | \nTotal | $ 1,563.6 | $ 1,275.6 | "} {"_id": "d1b3202c0", "title": "", "text": "For 2019, we reported a net income of $1,032 million, compared to a net income of $1,287 million and $802 million for 2018 and 2017, respectively.\nThe 2019 net income represented diluted earnings per share of $1.14 compared to $1.41 and $0.89 for 2018 and 2017, respectively.\n\n | | Year Ended December 31, | \n----------------------------------------- | ------ | ----------------------- | ----\n | 2019 | 2018 | 2017\n | | (In millions) | \nNet income attributable to parent company | $1,032 | $1,287 | $802\nAs percentage of net revenues | 10.8% | 13.3% | 9.6%"} {"_id": "d1b39616e", "title": "", "text": "Unearned Revenue\nUnearned revenue as of the periods presented consisted of the following (table in millions):\nUnearned subscription and SaaS revenue is generally recognized over time as customers consume the services or ratably over the term of the subscription, commencing upon provisioning of the service. Previously, unearned subscription and SaaS revenue was allocated between unearned license revenue and unearned software maintenance revenue in prior periods and has been reclassified to conform with current period presentation.\nUnearned software maintenance revenue is attributable to VMware\u2019s maintenance contracts and is generally recognized over time on a ratable basis over the contract duration. The weighted-average remaining contractual term as of January 31, 2020 was approximately two years. Unearned professional services revenue results primarily from prepaid professional services and is generally recognized as the services are performed.\nTotal billings and revenue recognized during the year ended January 31, 2020, were $8.1 billion and $6.4 billion, respectively, and did not include amounts for performance obligations that were fully satisfied upon delivery, such as on-premise licenses. During the year ended January 31, 2020, VMware assumed $154 million in unearned revenue in the acquisition of Carbon Black, Inc. (\u201cCarbon Black\u201d).\nTotal billings and revenue recognized during the year ended February 1, 2019, were $6.9 billion and $5.5 billion, respectively, and did not include amounts for performance obligations that were fully satisfied upon delivery, such as on-premise licenses.\nRevenue recognized during the year ended February 2, 2018 was $4.8 billion and did not include amounts for performance obligations that were fully satisfied upon delivery, such as on-premise licenses.\n\n | January 31, 2020 | February 1, 2019\n-------------------------------------- | ---------------- | ----------------\nUnearned license revenue | $19 | $15 \nUnearned subscription and SaaS revenue | 1,534 | 916 \nUnearned software maintenance revenue | 6,700 | 5,741 \nUnearned professional services revenue | 1,015 | 767 \nTotal unearned revenue | $9,268 | $7,439 "} {"_id": "d1b38b976", "title": "", "text": "ALTERNATIVE PERFORMANCE MEASURES\nGross profit:\nTORM defines Gross profit, a performance measure, as revenue less port expenses, bunkers and commissions, charter hire and operating expenses. The Company reports Gross profit because we believe it provides additional meaningful information to investors, as Gross profit measures the net earnings from shipping activities. Gross profit is calculated as follows:\n\nUSDm | 2019 | 2018 | 2017 \n-------------------------------------- | ------ | ------ | ------\nReconciliation to revenue | | | \nRevenue | 692.6 | 635.4 | 657.0 \nPort expenses, bunkers and commissions | -267.7 | -283.0 | -259.9\nCharter hire | - | -2.5 | -8.5 \nOperating expenses | -173.0 | -180.4 | -188.4\nGross profit | 251.9 | 169.5 | 200.2 "} {"_id": "d1b382c04", "title": "", "text": "12. RESTRICTED CASH AND SHORT-TERM DEPOSITS\nOur restricted cash and short-term deposits balances are as follows:\n(1) Restricted cash relating to the share repurchase forward swap refers to the collateral required by the bank with whom we entered into a total return equity swap. Collateral of 20% of the total purchase price is required and this is subsequently adjusted with reference to the Company's share price. In November 2019, we purchased 1.5 million shares underlying the total return equity swap that resulted in $54.7 million of restricted cash being released (see note 24).\n(2) In November 2015, in connection with the issuance of a $400 million letter of credit by a financial institution to our project partner involved in the Hilli FLNG project, we posted an initial cash collateral sum of $305.0 million to support the performance guarantee.\nUnder the provisions of the $400 million letter of credit, the terms allow for a stepped reduction in the value of the guarantee over time and thus, conversely, a reduction in the cash collateral requirements. In 2017, the $400 million letter of credit and the cash collateral requirement was reduced to $300 million and $174.6 million, respectively, with no further reduction in 2018. In 2019, the letter of credit was reduced to $250.0 million and a contractual amendment further reduced the letter of credit to $125.0 million and the cash collateral to $76.0 million. There is no further contractual reduction expected until 2021.\nIn November 2016, after certain conditions precedent were satisfied by the Company, the letter of credit required in accordance with the signed LTA was re-issued and, with an initial expiry date of December 31, 2018, the letter of credit automatically extends, on an annual basis, until the tenth anniversary of the acceptance date of the Hilli by the charterer, unless the bank should exercise its option to exit from this arrangement by giving three months' notice prior to the annual renewal date.\n(3) These are amounts held by lessor VIE entities that we are required to consolidate under U.S. GAAP into our financial statements as VIEs (see note 5).\n(4) This refers to cash deposits required under the $1.125 billion debt facility (see note 18). The covenant requires that, on the second anniversary of drawdown under the facility, where we fall below a prescribed EBITDA to debt service ratio, additional cash deposits with the financial institution are required to be made or maintained.\n(5) Collateral held against the Margin Loan facility is required to satisfy one of the mandatory prepayment events within the facility, with this having been triggered when the closing price of the Golar Partners common units pledged by us as security for the obligations under the facility fell below a defined threshold. If certain requirements are met, the facility allows for the release of the collateral (see note 18).\nRestricted cash does not include minimum consolidated cash balances of $50.0 million (see note 18) required to be maintained as part of the financial covenants for our loan facilities, as these amounts are included in \"Cash and cash equivalents\".\n\n(in thousands of $) | 2019 | 2018 \n------------------------------------------------------------------------- | --------- | ---------\nRestricted cash relating to the total return equity swap (1) | 55,573 | 82,863 \nRestricted cash in relation to the Hilli (2) | 75,968 | 174,597 \nRestricted cash and short-term deposits held by lessor VIEs (3) | 34,947 | 176,428 \nRestricted cash relating to the $1.125 billion debt facility (4) | 10,975 | 17,657 \nCollateral on the Margin Loan facility (5) | 10,000 | 33,413 \nRestricted cash relating to office lease | 826 | 777 \nBank guarantee | \u2014 | 691 \nTotal restricted cash and short-term deposits | 188,289 | 486,426 \nLess: Amounts included in current restricted cash and short-term deposits | (111,545) | (332,033)"} {"_id": "d1b31c670", "title": "", "text": "NOTE 4 - ACCOUNTS PAYABLE AND ACCRUED EXPENSES\nAccounts payable and accrued expenses consist of the following at:\nOn October 1 2019, the Company entered into an agreement with a consultant for toxicology studies. The consultant quoted a commitment of approximately $988,000 as an\nestimate for the study. 50% of the total price is to be paid upon the signing of the agreement, 35% of the total price is to be upon completion of the in-life study, and the\nremaining 15% of the total price is to be paid upon the issuance of the report. If the Company cancels the study the Company will be required to pay a cancelation fee. If the\ncancelation happens prior to the arrival of the test animals then the Company will need to pay between 20% and 50% of the animal fees depending on when the cancellation\nhappens. If the cancellation occurs after the animals arrive but before the study begins then the company will be responsible for paying 50% of the protocol price plus a fee of\n$7,000 per room/week for animal husbandry until the animals can be relocated or disposed of. If the Company cancels the study after it has begun then the Company will need to pay any fees for procured items for the study and any nonrecoverable expenses incurred by the vendor. As of December 31, 2019, the Company has paid $0 and there is a balance of $493,905 due.\n\n | December 31, 2019 | December 31, 2018\n------------------------ | ----------------- | -----------------\nAccounting | $36,161 | $52,365 \nResearch and development | 650,584 | 137,114 \nLegal | 15,273 | 32,161 \nOther | 163,029 | 10,048 \nTotal | $865,047 | $231,688 "} {"_id": "d1b320716", "title": "", "text": "27 Financial risk management (continued)\nThe table below summarises the Group\u2019s exposure to foreign exchange risk as well as the foreign exchange rates applied:\nThe approximate impact of a 10 per cent appreciation in foreign exchange rates would be a positive movement of \u00a350.0 million (2018: \u00a363.4 million) to equity attributable to owners of the Group. The approximate impact of a 10 per cent depreciation in foreign exchange rates would be a negative movement of \u00a340.9 million (2018: \u00a351.9 million) to equity attributable to owners of the Group. There is no material income statement impact as these exchange differences are recognised in other comprehensive income.\nAs part of the strategy to mitigate the Group\u2019s exposure to foreign exchange risk, the Group is able to borrow part of its RCF in euros, up to \u20ac100 million. The RCF borrowings denominated in euros have been designated as a hedging instrument (net investment hedge) against the Group\u2019s net investment in Spain with the hedged risk being the changes in the euro/pounds sterling spot rate that will result in changes in the value of the Group\u2019s net investments in Spain. At 31 December 2019, \u20ac100 million (2018: \u20ac100 million) was drawn in euros.\n\n | 2019 | 2018 | 2019 | 2018 \n--------------------- | ------ | ------ | ------- | -------\n | \u20acm | \u20acm | INRm | INRm \nNet exposure | 468.9 | 555.7 | 5,072.4 | 6,274.5\nForeign exchange rate | 1.1825 | 1.1126 | 94.4586 | 88.3432"} {"_id": "d1b2e87c6", "title": "", "text": "NOTE 7. INVENTORIES\nThe following table details the components of inventories (in thousands).\n\n | December 31 | \n-------------- | ----------- | -----\n | 2019 | 2018 \nFinished goods | $698 | $853 \nRaw materials | 90 | 3 \nPackaging | 110 | 102 \nInventories | $ 898 | $ 958"} {"_id": "d1b327d22", "title": "", "text": "At May 31, 201 9 , we had federal net operating loss carryforwards of approximately $ 732 million, which are subject to limitation on their utilization. Approximately $ 690 million of these federal net operating losses expire in various years between fiscal 2020 and fiscal 2018 . Approximately $42 million of these federal net operating losses are not currently subject to expiration dates. We had state net operating loss carryforwards of approximately $ 2.2 billion at May 31, 2019 , which expire between fiscal 2020 and fiscal 2018 and are subject to limitations on their utilization. We had total foreign net operating loss carryforwards of approximately $ 2.0 billion at May 31, 2019 , which are subject to limitations on their utilization. Approximately $ 1.9 billion of these foreign net operating losses are not currently subject to expiration dates. The remainder of the foreign net operating losses, approximately $ 100 million, expire between fiscal 2020 and fiscal 2019. We had tax credit carryforwards of approximately $ 1.1 billion at May 31, 2019 , which are subject to limitations on their utilization. Approximately $ 734 million of these tax credit carryforwards are not current ly subject to expiration dates. The remainder of the tax credit carryforwards, approximately $ 387 million, expire in various years between fiscal 2020 and fiscal 2019\nWe classify our unrecognized tax benefits as either current or non-current income taxes payable in the accompanying consolidated balance sheets. The aggregate changes in the balance of our gross unrecognized tax benefits, including acquisitions, were as follows:\nAs of May 31, 2019, 2018 and 2017, $4.2 billion, $4.2 billion and $3.4 billion, respectively, of unrecognized tax benefits would affect our effective tax rate if recognized. We recognized interest and penalties related to uncertain tax positions in our provision for income taxes line of our consolidated statements of operations of $312 million, $127 million and $125 million during fiscal 2019, 2018 and 2017, respectively. Interest and penalties accrued as of May 31, 2019 and 2018 were $1.3 billion and $992 million, respectively.\nDomestically, U.S. federal and state taxing authorities are currently examining income tax returns of Oracle and various acquired entities for years through fiscal 2017. Many issues are at an advanced stage in the examination process, the most significant of which include the deductibility of certain royalty payments, transfer pricing, extraterritorial income exemptions, domestic production activity, foreign tax credits, and research and development credits taken. With all of these domestic audit issues considered in the aggregate, we believe that it was reasonably possible that, as of May 31, 2019, the gross unrecognized tax benefits related to these audits could decrease (whether by payment, release, or a combination of both) in the next 12 months by as much as $516 million ($357 million net of offsetting tax benefits). Our U.S. federal income tax returns have been examined for all years prior to fiscal 2010 and we are no longer subject to audit for those periods. Our U.S. state income tax returns, with some exceptions, have been examined for all years prior to fiscal 2007 and we are no longer subject to audit for those periods.\nInternationally, tax authorities for numerous non-U.S. jurisdictions are also examining returns affecting our unrecognized tax benefits. We believe that it was reasonably possible that, as of May 31, 2019, the gross unrecognized tax benefits could decrease (whether by payment, release, or a combination of both) by as much as $186 million ($87 million net of offsetting tax benefits) in the next 12 months related primarily to transfer pricing.\n\n | | Year Ended May 31, | \n------------------------------------------------------------------- | ------ | ------------------ | ------\n(in millions) | 2019 | 2018 | 2017 \nGross unrecognized tax benefits as of June 1 | $5,592 | $4,919 | $4,561\nIncreases related to tax positions from prior fiscal years | 772 | 200 | 128 \nDecreases related to tax positions from prior fiscal years | (135) | (65) | (218) \nIncreases related to tax positions taken during current fiscal year | 540 | 840 | 595 \nSettlements with tax authorities | (153) | (42) | (85) \nLapses of statutes of limitation | (202) | (273) | (47) \nCumulative translation adjustments and other, net | (66) | 13 | (15) \nTotal gross unrecognized tax benefits as of May 31 | $6,348 | $5,592 | $4,919"} {"_id": "d1b31ce72", "title": "", "text": "Subscription Revenue by Segment\nOur subscription revenue is comprised primarily of fees we charge for our subscription and hosted service offerings including Creative Cloud and certain of our Digital Experience and Document Cloud services. We recognize subscription revenue ratably over the term of agreements with our customers, beginning with commencement of service.\nWe have the following reportable segments: Digital Media, Digital Experience and Publishing. Subscription revenue by reportable segment for fiscal 2019, 2018 and 2017 is as follows:\n(*) Percentage is less than 1%\nOur product revenue is primarily comprised of revenue from distinct on-premise software licenses recognized at a point in time and certain of our OEM and royalty agreements. Our services and support revenue is comprised of consulting, training and maintenance and support, primarily related to the licensing of our enterprise offerings and the sale of our hosted Digital Experience services. Our support revenue also includes technical support and developer support to partners and developer organizations related to our desktop products. Our maintenance and support offerings, which entitle customers to receive desktop product upgrades and enhancements or technical support, depending on the offering, are generally recognized ratably over the term of the arrangement.\n\n(dollars in millions) | 2019 | 2018 | 2017 | % Change 2019 - 2018\n-------------------------- | -------- | -------- | -------- | --------------------\nDigital Media | $7,208.3 | $5,857.7 | $4,480.8 | 23% \nDigital Experience | 2,670.7 | 1,949.3 | 1,552.5 | 37% \nPublishing | 115.5 | 115.2 | 100.6 | * \nTotal subscription revenue | $9,994.5 | $7,922.2 | $6,133.9 | 26% "} {"_id": "d1b313bc4", "title": "", "text": "Net Income Per Share\nBasic net income per share is computed by dividing net income by the weighted-average number of common shares outstanding for the period. Diluted net income per share is computed giving effect to all potentially dilutive common stock and common stock equivalents, including stock options, RSUs and common stock subject to repurchase.\nThe following table reconciles the shares used in calculating basic net income per share and diluted net income per share (in thousands):\n\n | | Fiscal Year Ended | \n-------------------------------------------------------------------------------- | ----------------- | ----------------- | -----------------\n | December 28, 2019 | December 29, 2018 | December 30, 2017\nWeighted-average shares used in computing basic net income per share | 74,994 | 73,482 | 72,292 \nAdd potentially dilutive securities | 2,292 | 1,700 | 1,947 \nWeighted-average shares used in computing basic and diluted net income per share | 77,286 | 75,182 | 74,239 "} {"_id": "d1b3b08f2", "title": "", "text": "Sales by Contract Type: Substantially all of our contracts are fixed-price type contracts. Sales included in Other contract types represent cost plus and time and material type contracts.\nOn a fixed-price type contract, we agree to perform the contractual statement of work for a predetermined sales price. On a cost-plus type contract, we are paid our allowable incurred costs plus a profit which can be fixed or variable depending on the contract\u2019s fee arrangement up to predetermined funding levels determined by the customer. On a time-and-material type contract, we are paid on the basis of direct labor hours expended at specified fixed-price hourly rates (that include wages, overhead, allowable general and administrative expenses and profit) and materials at cost. The table below presents total net sales disaggregated by contract type (in millions):\n\n | | Years Ended September 30, | \n----------- | ---------- | ------------------------- | ----------\n | 2019 | 2018 | 2017 \nFixed Price | $ 1,452.4 | $ 1,146.2 | $ 1,036.9\nOther | 44.1 | 56.7 | 70.8 \nTotal sales | $1,496.5 | $1,202.9 | $1,107.7 "} {"_id": "d1b38283a", "title": "", "text": "Commitments and Significant Contractual Obligations\nThe following table summarizes our contractual obligations and commercial commitments at December 27, 2019:\n(1) Interest on our various outstanding debt instruments is included in the above table, except for our Term Loan and ABL, which have floating interest rates. At December 27, 2019, we had borrowings of $238.1 million under our Term Loan and zero under our ABL. During the fiscal year ended December 27, 2019, the weighted average interest rate on our Term Loan was approximately 5.8% and we incurred interest expense of approximately $13.9 million. During the fiscal year ended December 27, 2019, the weighted average interest rate on our ABL borrowings was approximately 3.7% and we incurred interest expense of approximately $1.6 million. See Note 9 \u201cDebt Obligations\u201d to our consolidated financial statements for further information on our debt instruments.\n(2) The table above excludes cash to be paid for income taxes, $14.7 million of total contingent earn-out liabilities related to certain acquisitions as of December 27, 2019 and approximately $5.3 million of lease payments related to long-term leases for several vehicles and a distribution and processing facility that do not commence until fiscal 2020.\nWe had outstanding letters of credit of approximately $16.6 million and $15.8 million at December 27, 2019 and December 28, 2018, respectively. Substantially all of our assets are pledged as collateral to secure our borrowings under our credit facilities.\n\n | | | Payments Due by Period (1, 2) | | \n------------------------------ | -------- | ------------------ | ----------------------------- | --------- | ----------\n | Total | Less than One Year | 1-3 Years | 4-5 Years | Thereafter\n | | | (In thousands) | | \nInventory purchase commitments | $53,413 | $53,413 | $\u2014 | $\u2014 | $\u2014 \nIndebtedness | $406,644 | $2,993 | $244,151 | $159,500 | $\u2014 \nFinance lease obligations | $4,597 | $880 | $1,715 | $1,392 | $610 \nPension exit liabilities | $2,169 | $149 | $329 | $375 | $1,316 \nLong-term operating leases | $197,359 | $25,662 | $43,130 | $30,080 | $98,487 \nTotal | $664,182 | $83,097 | $289,325 | $191,347 | $100,413 "} {"_id": "d1a734402", "title": "", "text": "Operating Expenses\nOperating expenses increased to approximately $19.1 million for the year ended December 31, 2019, from approximately $12.0 million for the year ended December 31, 2018, an increase of approximately 60%. The detail by major category is reflected in the table below.\nThe main drivers for the overall increase in operating expenses in 2019 was our focus on staffing and scaling our company to foster, and be able to support, accelerated revenue growth.\nWithin the operating expenses, there were a variety of increases, the largest of which was in salaries, wages and benefits, as a result of additional staff added in 2018 and 2019, including related benefits. During 2019, we hired a chief commercial officer, a chief technology officer, five new salespeople, a human resources manager, as well as other administrative positions. We also added 14 employees as a result of our RMDY acquisition in October 2019. During 2018, we added to our staff in several key areas, including a head of data analytics, an additional VP of sales, and a controller. We also added 10 employees in late 2018 as a result of our CareSpeak acquisition. The full year impact of these 2018 hires also increased payroll expense in 2019. We expect our compensation expense to increase in 2020, but at a much lower rate than in 2019.\nProfessional fees increased primarily because of costs associated with our uplisting to Nasdaq and the completion of the underwritten offering, as well as ongoing compliance with Sarbanes Oxley. We also switched auditors in 2019, which resulted in higher audit fees.\nAcquisition costs are related to our acquisitions of RMDY Health in 2019 and CareSpeak Communications in October 2018. These costs include investment banker fees, legal and accounting due diligence, audit costs associated with CareSpeak, valuation experts for the purchase price allocation, and other miscellaneous costs. Since RMDY Health was a larger company than CareSpeak Communications, the costs associated with the acquisition were higher.\nBoard compensation decreased slightly from 2018 to 2019 as we had five independent directors for a portion of 2018, as opposed to the four that we had in 2019.\nThe cost of consultants increased from 2018 to 2019. The primary reason for the increase was related to consultants used for quality certifications, as well as for marketing activities.\nOur advertising and promotion costs increased significantly from 2018 to 2019 as a result of increased marketing activities. This included increased attendance and sponsorship at conferences, rebranding, and other marketing activities.\nExpenses related to research, development, management, and maintenance of our technology increased in 2019 primarily as a result of research into potential new product areas.\nIntegration incentives, which are fees paid to accelerate access to new partners, increased in 2019, as we launched with a greater number of new EHRs in 2019 than in 2018.\nDepreciation and amortization increased significantly in 2019 from the 2018 levels. The increased amortization resulting from the acquisition of CareSpeak and the resulting intangible assets were amortized for a full year in 2019 as opposed to only the fourth quarter of 2018. We also had three months of amortization related to the intangible assets acquired as part of the acquisition of RMDY in October 2019. We expect depreciation and amortization expense in 2020 to increase over 2019 levels due to the full year of amortization of RMDY intangibles.\nOffice, facility, and other costs increased from 2018 to 2019. The main reason for the change related to a higher level of activity with more employees and increased expenses resulting from the RMDY acquisition.\nStock based compensation decreased by approximately $260,000 from $2.5 million in 2018 to $2.3 million in 2019 primarily because performance-based awards granted in 2018 vested, whereas performance-based awards granted in 2019 did not vest because we did not meet the stretch goals required for vesting.\n\n | Years Ended December 31 | \n---------------------------------------- | ----------------------- | -----------\n | 2019 | 2018 \nSalaries, Wages and Benefits | $8,471,278 | $5,823,057 \nProfessional Fees | 850,086 | 362,678 \nAcquisition Related Costs | 799,623 | 607,670 \nBoard Compensation | 137,000 | 144,125 \nInvestor Relations | 105,639 | 113,059 \nConsultants | 245,386 | 167,694 \nAdvertising and Promotion | 709,006 | 299,955 \nDepreciation and Amortization | 1,282,786 | 316,502 \nResearch, Development, and Maintenance | 2,672,406 | 675,660 \nIntegration Incentives | 208,855 | 132,500 \nOffice, Facility and Other | 695,493 | 472,250 \nTravel | 695,283 | 390,563 \n Subtotal | 16,872,841 | 9,505,713 \nStock-based Compensation | 2,260,298 | 2,520,852 \nTotal Operating Expense | $19,133,139 | $12,026,565"} {"_id": "d1a7337aa", "title": "", "text": "Contractual obligations\nAs of December 31, 2019, our contractual obligations were:\n(1) See \"9. Leases\" in Item 8 of this Annual Report for additional information.\n(2) Represents the fixed or minimum amounts due under purchase obligations for hosting services and sales and marketing programs\n(3) We are unable to reasonably estimate the timing of the cash outflow due to uncertainties in the timing of the effective settlement of tax positions.\n(4) Represents the maximum funding that would be expected under existing investment agreements with privately-held companies. Our investment agreements generally allow us to withhold unpaid committed funds at our discretion.\nA detailed discussion and analysis of the fiscal year 2017 year-over-year changes can be found in Item 7. Management\u2019s Discussion and Analysis of Financial Condition and Results of Operations of our Annual Report on Form 10-K for the year ended December 31, 2018.\n\n | | | Payments due by period | | | \n----------------------------------------- | ------- | ----------- | ---------------------- | ------------------- | ------ | --------\n(in thousands) | 2020 | 2021 - 2022 | 2023 - 2024 | 2025 and thereafter | Other | Total \nOperating lease obligations (1) | 19,373 | 36,373 | 19,683 | 1,666 | - | $77,095 \nPurchase obligations (2) | $24,800 | $8,129 | $438 | $ - | $ - | $33,367 \nLiability for uncertain tax positions (3) | - | - | - | - | 5,386 | $5,386 \nInvestment commitments (4) | 1,754 | 205 | - | - | - | $1,959 \nTotal | $45,927 | $44,707 | $20,121 | $1,666 | $5,386 | $117,807"} {"_id": "d1a716452", "title": "", "text": "NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (in thousands, except for share and per share data)\nOur pension plan asset allocation at December 31, 2019, and 2018, and target allocation for 2020 by asset category are as follows:\nWe employ a liability-driven investment strategy whereby a mix of equity and fixed-income investments are used to pursue a derisking strategy which over time seeks to reduce interest rate mismatch risk and other risks while achieving a return that matches or exceeds the growth in projected pension plan liabilities. Risk tolerance is established through careful consideration of plan liabilities and funded status. The investment portfolio primarily contains a diversified mix of equity and fixed-income investments. Other assets such as private equity are used modestly to enhance long-term returns while improving portfolio diversification. Investment risk is measured and monitored on an ongoing basis through quarterly investment portfolio reviews, annual liability measurements, and asset/liability studies at regular intervals.\n\n | Target Allocations | Percentage of Plan Assets at December 31, | \n----------------- | ------------------ | ----------------------------------------- | ----\nAsset Category | 2020 | 2019 | 2018\nEquity securities | 13% | 13% | 12% \nDebt securities | 83% | 83% | 84% \nOther | 4% | 4% | 4% \nTotal | 100% | 100% | 100%"} {"_id": "d1b2f066a", "title": "", "text": "V. INDEBTEDNESS\nIndebtedness of the Company including interest outstanding/accrued but not due for payment\nNotes:\n1. Secured loans excluding deposits of `39 crore as at March 31, 2019, represents obligations under finance lease including current portion of obligations.\n2. Opening balance as at April 1, 2018, of unsecured loans represent bank overdraft of `181 crore.\n3. Deposits represent amounts received from lessee for the premises given on sub-lease and from vendors for contracts to be executed.\n\n | Secured loans excluding deposits | Unsecured loans | Deposits | Total Indebtedness\n--------------------------------------------------- | -------------------------------- | --------------- | -------- | ------------------\n | Note 1 | Note 2 | Note 3 | \nIndebtedness at the beginning of the financial year | | | | \ni) Principal Amount | 44 | 181 | 3 | 228 \nii) Interest due but not paid | - | - | - | - \niii) Interest accrued but not due | - | - | - | - \nTotal (i+ii+iii) | 44 | 181 | 3 | 228 \nChange in Indebtedness during the financial year | | | | \n\u2022 Addition | - | - | 1 | 1 \n\u2022 Reduction | (5) | (181) | - | (186) \nNet change | (5) | (181) | 1 | (185) \nIndebtedness at the end of the financial year | | | | \ni) Principal amount | 39 | - | 4 | 43 \nii) Interest due but not paid | - | - | - | - \niii) Interest accrued but not due | - | - | - | - \nTotal (i+ii+iii) | 39 | - | 4 | 43 "} {"_id": "d1b322fb6", "title": "", "text": "5. Goodwill and Purchased Intangible Assets\n(a) Goodwill\nThe following tables present the goodwill allocated to our reportable segments as of July 27, 2019 and July 28, 2018, as well as the changes to goodwill during fiscal 2019 and 2018 (in millions):\n\u201cOther\u201d in the tables above primarily consists of foreign currency translation as well as immaterial purchase accounting adjustments.\n\n | Balance at July 28, 2018 | Acquisitions & Divestitures | Other | Balance at July 27, 2019\n-------- | ------------------------ | --------------------------- | ------ | ------------------------\nAmericas | $19,998 | $1,240 | $(118) | $21,120 \nEMEA | 7,529 | 486 | (38) | 7,977 \nAPJC | 4,179 | 274 | (21) | 4,432 \nTotal | $31,706 | $2,000 | $(177) | $33,529 "} {"_id": "d1b34ee54", "title": "", "text": "Assets in the combined schemes increased by \u00a3177.1m to \u00a35,040.7m in the period. RHM scheme assets increased by \u00a3149.1m to \u00a34,333.6m while the Premier Foods\u2019 schemes assets increased by \u00a328.0m to \u00a3707.1m. The most significant movement by asset class is that of government bonds which increased by \u00a3444.0m in the year, predominantly in the RHM scheme.\nLiabilities in the combined schemes increased by \u00a3121.0m in the year to \u00a34,667.6m. The value of liabilities associated with the RHM scheme were \u00a33,495.8m, an increase of \u00a365.3m while liabilities in the Premier Foods schemes were \u00a355.7m higher at \u00a31,171.8m. The increase in the value of liabilities in both schemes is due to a lower discount rate assumption of 2.45% (31 March 2018: 2.70%) and an increase in the RPI inflation rate assumption; from 3.15% to 3.25%.\nThe Group\u2019s Pension Trustees have just commenced the triennial actuarial valuation process of the Group\u2019s pension schemes as at 31 March 2019 (RHM scheme) and 5 April 2019 (Premier Foods main scheme). This exercise typically takes a number of months to conclude; the output of which will be provided in due course.\nThe net present value of future deficit payments, to the end of the respective recovery periods remains at circa \u00a3300\u2013320m.\n\nCombined pensions schemes (\u00a3m) | 30 March 2019 | 31 March 2018\n------------------------------ | ------------- | -------------\nAssets | | \nEquities | 179.5 | 296.5 \nGovernment bonds | 1,490.4 | 1,046.4 \nCorporate bonds | 26.9 | 20.7 \nProperty | 436.5 | 391.0 \nAbsolute return products | 1,141.2 | 1,323.3 \nCash | 38.1 | 32.4 \nInfrastructure funds | 256.1 | 254.6 \nSwaps | 556.4 | 715.3 \nPrivate equity | 446.1 | 344.0 \nOther | 469.5 | 439.4 \nTotal Assets | 5,040.7 | 4,863.6 \nLiabilities | | \nDiscount rate | 2.45% | 2.70% \nInflation rate (RPI/CPI) | 3.25%/2.15% | 3.15%/2.05% "} {"_id": "d1b30ef0c", "title": "", "text": "The following table sets forth the components of identifiable intangible assets acquired and their estimated useful lives as of the date of acquisition.\nThe amount recorded for developed technology represents the estimated fair value of OpsGenie\u2019s incident management and alerting technology. The amount recorded for customer relationships represents the fair value of the underlying relationships with OpsGenie customers. The amount recorded for trade name represents the fair value of OpsGenie trade name.\n\n | Fair Value | Useful Life\n----------------------------------------------- | --------------------- | -----------\n | (U.S. $ in thousands) | (years) \nDeveloped technology | $35,600 | 5 \nCustomer relationships | 48,600 | 10 \nTrade name | 3,700 | 5 \nTotal intangible assets subject to amortization | $87,900 | "} {"_id": "d1b37a4a0", "title": "", "text": "Interest Expense\nInterest expense includes interest on total long-term debt. The following table presents the amount of gross interest expense, net of capitalized interest:\n\n | | Years Ended December 31, | \n---------------------- | ------ | ------------------------ | -----\n | 2019 | 2018 | 2017 \n | | (Dollars in millions) | \nInterest expense: | | | \nGross interest expense | $2,093 | 2,230 | 1,559\nCapitalized interest | (72) | (53) | (78) \nTotal interest expense | $2,021 | 2,177 | 1,481"} {"_id": "d1b39346e", "title": "", "text": "Quarterly Financial Data (Unaudited)\nQuarterly results for the years ended June 30, 2019 and 2018 are as follow (in thousands, except per share amounts).\n\n | June 30,\n2019 | March 31,\n2019 | December 31,\n2018 | September 30,\n2018\n-------------------------------------- | ------------- | -------------- | ----------------- | ------------------\nNet revenues | $252,359 | $250,864 | $252,680 | $239,886 \nGross profit | $138,946 | $138,919 | $141,299 | $132,071 \nNet (loss) income (1) | $(17,055) | $(6,932) | $7,199 | $(9,065) \nNet (loss) income per share \u2013 basic | $(0.14) | $(0.06) | $0.06 | $(0.08) \nNet (loss) income per share \u2013 diluted | $(0.14) | $(0.06) | $0.06 | $(0.08) "} {"_id": "d1b3360d4", "title": "", "text": "NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (in thousands, except for share and per share data)\nNOTE 18 \u2014 Income Taxes\nSignificant components of income tax provision/(benefit) are as follows:\n\n | | Years Ended December 31, | \n-------------------------------- | ------- | ------------------------ | -------\n | 2019 | 2018 | 2017 \nCurrent: | | | \nU.S. | $(391) | $(397) | $1,635 \nNon-U.S. | 10,666 | 12,538 | 7,150 \nTotal Current | 10,275 | 12,141 | 8,785 \nDeferred: | | | \nU.S. | 558 | (330) | 17,597 \nNon-U.S. | 3,287 | (240) | (577) \nTotal Deferred | 3,845 | (570) | 17,020 \nTotal provision for income taxes | $14,120 | $11,571 | $25,805"} {"_id": "d1b31a578", "title": "", "text": "The following table years ended December 31, 2019, 2018 and 2017 related to the Company\u2019s PSU awards, SLO awards and restricted stock awards.\n(1) On May 18, 2017, The Organization and Compensation Committee of our Board of Directors (\u201cO&C Committee\u201d) approved a change in the vesting policy regarding the existing 2017 Three-year PSU Awards and 2016 Three-year PSU Awards for Ilham Kadri. The approved change resulted in a pro-rata share of vesting calculated on the close date of the sale of Diversey. Dr. Kadri\u2019s awards were still subject to the performance metrics stipulated in the plan documents, and will be paid out in accordance with the original planned timing.\n(2) The amount does not include expense related to the 2014 Special PSU awards that were settled in cash of $1.0 million in the year ended December 31, 2017.\n(3) The amount includes the expenses associated with the restricted stock awards consisting of restricted stock shares, restricted stock units and cash-settled restricted stock unit awards.\n(4) On August 4, 2017, the Equity Award Committee approved a change in the vesting condition regarding the existing long-term share-based compensation programs transferring to Diversey as part of the sale of Diversey. The approved change resulted in a pro-rata share of vesting calculated on the close date of the sale of Diversey. In December 2018, the Equity Award Committee approved a change in the vesting condition for certain individuals who would be leaving the Company under a phase of our Reinvent SEE Restructuring program. For both modifications, we recorded the cumulative expense of the higher fair value of the impacted awards at modification approval.\n(5) The amounts do not include the expense related to our U.S. profit sharing contributions made in the form of our common stock as these contributions are not considered share-based incentive compensation.\n\n(In millions) | 2019 | 2018 | 2017 \n-------------------------------------------------------------------------- | ------ | ------ | ------\n2019 Three-year PSU Awards | $ 4.3 | $ \u2014 | $ \u2014 \n2018 Three-year PSU Awards | 0.2 | 2.7 | \u2014 \n2017 Three-year PSU Awards(1) | \u2014 | 3.7 | 9.8 \n2017 COO and Chief Executive Officer-Designate 2017 New Hire Equity Awards | 0.2 | 0.2 | 0.1 \n2016 Three-year PSU Awards(1) | \u2014 | (3.0 ) | 2.0 \n2016 President & CEO Inducement Award | \u2014 | \u2014 | 0.5 \n2015 Three-year PSU Awards | \u2014 | \u2014 | (0.8) \n2014 Special PSU Awards(2) | \u2014 | \u2014 | 3.2 \nSLO Awards | 3.2 | 1.6 | 1.1 \nOther long-term share-based incentive compensation programs(3)(4) | 26.5 | 24.7 | 32.6 \nTotal share-based incentive compensation expense(5) | $ 34.4 | $ 29.9 | $ 48.5\nAssociated tax benefits recognized | $ 5.8 | $ 4.9 | $ 11.8"} {"_id": "d1b366ad6", "title": "", "text": "14. INCOME TAXES\nOur effective tax rates for each of the periods presented are the result of the mix of income earned in various tax jurisdictions that apply a broad range of income tax rates. The more significant provisions of the Tax Act as applicable to us are described in Note 1 above under \u201cImpacts of the U.S. Tax Cuts and Jobs Act of 2017.\u201d During fiscal 2019, we recorded a net benefit of $389 million in accordance with SAB 118 related to adjustments in our estimates of the one-time transition tax on certain foreign subsidiary earnings, and the remeasurement of our net deferred tax assets and liabilities affected by the Tax Act. Our provision for income taxes for fiscal 2019 varied from the 21% U.S. statutory rate imposed by the Tax Act primarily due to earnings in foreign operations, state taxes, the U.S. research and development tax credit, settlements with tax authorities, the tax effects of stock-based compensation, the Foreign Derived Intangible Income deduction, the tax effect of GILTI, and a reduction to our transition tax recorded consistent with the provision of SAB 118. Our provision for income taxes for fiscal 2018 varied from the 21% U.S. statutory rate imposed by the Tax Act primarily due to the impacts of the Tax Act upon adoption, state taxes, the U.S. research and development tax credit, settlements with tax authorities, the tax effects of stock-based compensation and the U.S. domestic production activity deduction. Prior to the January 1, 2018 effective date of the Tax Act, our provision for income taxes historically differed from the tax computed at the previous U.S. federal statutory income tax rate due primarily to certain earnings considered as indefinitely reinvested in foreign operations, state taxes, the U.S. research and development tax cr edit, settlements with tax authorities, the tax effects of stock-based compensation and the U.S. domestic production activity deduction.\nThe following is a geographical breakdown of income before the provision for income taxes:\n\n | Year Ended May 31 | | \n---------------------------------------- | ----------------- | ------- | -------\n(in millions) | 2019 | 2018 | 2017 \nDomestic | $3,774 | $3,366 | $3,674 \nForeign | 8,494 | 9,058 | 8,006 \nIncome before provision for income taxes | $12,268 | $12,424 | $11,680\n | | | "} {"_id": "d1b39dd06", "title": "", "text": "ADVANCED ENERGY INDUSTRIES, INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS \u2013 (continued) (in thousands, except per share amounts)\nDeferred tax assets and liabilities are recognized for the future tax consequences of differences between the carrying amounts of assets and liabilities and their respective tax bases using enacted tax rates in effect for the year in which the differences are expected to be reversed. Significant deferred tax assets and liabilities consist of the following:\nOf the $32.7 million and $40.2 million net deferred tax asset at December 31, 2019 and 2018, respectively, $42.7 million and $47.1 million is reflected as a net non-current deferred tax asset and $10.0 million and $7.0 million is reflected as a long-term liability at December 31, 2019 and 2018, respectively.\nAs of December 31, 2019, the Company has recorded a valuation allowance on $16.0 million of its U.S. domestic deferred tax assets, largely attributable to acquired federal capital loss carryforwards for which the Company does not have sufficient income in the character to realize that attribute, and state carryforward attributes that are expected to expire before sufficient income can be realized in those jurisdictions. The remaining valuation allowance on deferred tax assets approximates $60.2 million and is associated primarily with operations in Austria, Germany, Hong Kong and Switzerland. As of December 31, 2019, there is not sufficient positive evidence to conclude that such deferred tax assets, presently reduced by a valuation allowance, will be recognized. The December 31, 2019 valuation allowance balance reflects an increase of $45.3 million during the year. The change in the valuation allowance is primarily due to increases from acquired Artesyn positions and current year activity, partially offset by decreases due to foreign exchange movements\n\n | Years Ended December 31, | \n----------------------------------------------- | ------------------------ | --------\n | 2019 | 2018 \nDeferred tax assets | | \nStock based compensation | $1,757 | $1,337 \nNet operating loss and tax credit carryforwards | 86,879 | 38,622 \nInterest expense limitation | 7,620 | \u2014 \nPension obligation | 13,473 | 3,302 \nExcess and obsolete inventory | 3,217 | 2,161 \nDeferred revenue | 3,305 | 6,903 \nEmployee bonuses and commissions | 2,537 | 1,874 \nDepreciation and amortization | 29,015 | 29,525 \nOperating lease liabilities | 23,451 | \u2014 \nOther | 9,685 | 9,961 \nDeferred tax assets | 180,939 | 93,685 \nLess: Valuation allowance | (76,206) | (30,924)\nNet deferred tax assets | 104,733 | 62,761 \nDeferred tax liabilities | | \nDepreciation and amortization | 41,549 | 17,723 \nUnremitted earnings | 4,740 | 3,529 \nOperating lease right-of-use assets | 22,774 | \u2014 \nOther | 2,966 | 1,267 \nDeferred tax liabilities | 72,029 | 22,519 \nNet deferred tax assets | $32,704 | $40,242 "} {"_id": "d1b3694d4", "title": "", "text": "The line \u201cConstruction in progress\u201d in the table above includes property, plant and equipment under construction and equipment under qualification before operating.\nOn January 1, 2019, the Company adopted the new guidance on lease accounting and lease right-of-use assets are included in plant, property and equipment. The impact of the adoption of this new guidance is further described in Note 11.\nThe depreciation charge was $785 million, $727 million and $592 million in 2019, 2018 and 2017, respectively.\nAs described in Note 7, the acquisition of Norstel resulted in the recognition of property, plant and equipment of $11 million.\n\nDecember 31, 2019 | Gross Cost | Accumulated Depreciation | Net Cost\n----------------------------------- | ---------- | ------------------------ | --------\nLand | 78 | \u2014 | 78 \nBuildings | 905 | (505) | 400 \nFacilities & leasehold improvements | 3,193 | (2,762) | 431 \nMachinery and equipment | 15,336 | (12,790) | 2,546 \nComputer and R&D equipment | 382 | (335) | 47 \nOperating lease right-of-use assets | 266 | (60) | 206 \nOther tangible assets | 110 | (93) | 17 \nConstruction in progress | 282 | \u2014 | 282 \nTotal | 20,552 | (16,545) | 4,007 \nDecember 31, 2018 | Gross Cost | Accumulated Depreciation | Net Cost\nLand | 79 | \u2014 | 79 \nBuildings | 902 | (487) | 415 \nFacilities & leasehold improvements | 3,170 | (2,748) | 422 \nMachinery and equipment | 14,882 | (12,582) | 2,300 \nComputer and R&D equipment | 381 | (334) | 47 \nOther tangible assets | 123 | (93) | 30 \nConstruction in progress | 202 | \u2014 | 202 \nTotal | 19,739 | (16,244) | 3,495 "} {"_id": "d1b38ae90", "title": "", "text": "NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (in thousands, except for share and per share data)\nThe components of the prepaid (accrued) cost of the domestic and foreign pension plans are classified in the following lines in the Consolidated Balance Sheets at December 31:\n\n | U.S.Pension Plans | | Non-U.S. Pension Plans | \n-------------------------------------- | ----------------- | ------- | ---------------------- | --------\n | 2019 | 2018 | 2019 | 2018 \nPrepaid pension asset | $62,082 | $54,100 | $\u2014 | $\u2014 \nAccrued expenses and other liabilities | (100) | (100) | \u2014 | \u2014 \nLong-term pension obligations | (1,045) | (992) | (1,214) | (1,331) \nNet prepaid (accrued) cost | $60,937 | $53,008 | $(1,214) | $(1,331)"} {"_id": "d1b36df98", "title": "", "text": "REPURCHASE OF COMPANY SHARES\nThe Company repurchased a total of 75,113 and 74,880 shares of its common stock during fiscal 2019 and fiscal 2018, respectively, for cash totaling approximately $7.5 million and $7.7 million, respectively. All repurchased shares were recorded in treasury stock at cost. At September 2019, 34,846 shares of the Company\u2019s common shares remained authorized for repurchase in either the open market or privately negotiated transactions, as previously approved by the Company\u2019s Board of Directors. In October 2019, our Board of Directors renewed the repurchase authorization for up to 75,000 shares of the Company\u2019s common stock.\nDuring the fourth quarter of fiscal 2019, the Company repurchased shares of its common stock for cash totaling approximately $4.3 million. The following table summarizes these repurchases made by or on behalf of our Company or certain affiliated purchasers of shares of our common stock for the quarterly period ended September 30, 2019:\n* In October 2019 and subsequent to the end of fiscal 2019, our Board of Directors authorized purchases of up to\n75,000 shares of our Company\u2019s common stock in open market or negotiated transactions. Management was\ngiven discretion to determine the number and pricing of the shares to be purchased, as well as the timing of any\nsuch purchases.\n\nPeriod | (a) Total Number of Shares (or Units) Purchased | (b) Average Price Paid per Share (or Unit) | (c) Total Number of Shares (or Units) Purchased as Part of Publicly Announced Plans or Programs | (d) Maximum Number (or Approximate Dollar Value) of Shares (or Unites) that May Yet Be Purchased Under the Plans or Programs*\n---------------------- | ----------------------------------------------- | ------------------------------------------ | ----------------------------------------------------------------------------------------------- | -----------------------------------------------------------------------------------------------------------------------------\nJuly 1-31, 2019 | 293 | $ 99.35 | 293 | 74,706 \nAugust 1 - 31, 2019 | 39,769 | 107.71 | 39,769 | 34,937 \nSeptember 1 - 30, 2019 | 91 | 75.51 | 91 | 34,846 \nTotal | 40,153 | $ 107.58 | 40,153 | 34,846 "} {"_id": "d1b35be06", "title": "", "text": "Dividends\nCal-Maine pays a dividend to shareholders of its Common Stock and Class A Common Stock on a quarterly basis for each quarter for which the Company reports net income computed in accordance with generally accepted accounting principles in an amount equal to one-third (1/3) of such quarterly income. Dividends are paid to shareholders of record as of the 60th day following the last day of such quarter, except for the fourth fiscal quarter. For the fourth quarter, the Company will pay dividends to shareholders of record on the 65th day after the quarter end. Dividends are payable on the 15th day following the record date. Following a quarter for which the Company does not report net income, the Company will not pay a dividend for a subsequent profitable quarter until the Company is profitable on a cumulative basis computed from the date of the last quarter for which a dividend was paid. Dividends payable, which would represent accrued unpaid dividends applicable to the Company's fourth quarter, were zero at June 1, 2019 and $17.1 million at June 2, 2018. At June 1, 2019, cumulative losses that must be recovered prior to paying a dividend were $19.8 million.\n*Dividends per common share = 1/3 of Net income (loss) attributable to Cal-Maine Foods, Inc. available for dividend \u00f7 Total common stock outstanding (shares).\n\n | 13 Weeks Ended | | 52 Weeks Ended | \n----------------------------------------------------------------------------------------- | -------------- | ------------ | -------------- | ------------\n | June 1, 2019 | June 2, 2018 | June 1, 2019 | June 2, 2018\nNet income (loss) attributable to Cal-Maine Foods, inc. | $(19,761) | $71,767 | $54,229 | $125,932 \nCumulative losses to be recovered prior to payment of dividend at beginning of the period | \u2014 | (20,488) | \u2014 | (74,653) \nNet income (loss) attributable to Cal-Maine Foods, Inc. available for dividend | $(19,761) | $51,279 | $54,229 | $51,279 \n1/3 of net income attributable to Cal-Maine Foods, Inc. | \u2014 | | | \nCommon stock outstanding (shares) | 43,894 | | | \nClass A common stock outstanding (shares) | 4,800 | | | \nTotal common stock outstanding (shares) | 48,694 | | | \nDividends per common share* | $- | $0.351 | $0.506 | $0.351 "} {"_id": "d1b35115e", "title": "", "text": "3.4 FINANCIAL EXPENSE\n(1) Fiscal 2018 was restated to reclassify results from Cogeco Peer 1 as discontinued operations. For further details, please consult the \"Discontinued operations\" section.\nFiscal 2019 financial expense decreased by 5.4% mainly due to:\n\u2022 the reimbursement at maturity of the Senior Secured Notes Series B on October 1, 2018; \u2022 the reimbursements of $65 million and US$35 million under the Canadian Revolving Facility during the second quarter of fiscal 2019 and of US$328 million during the third quarter of fiscal 2019 following the sale of Cogeco Peer 1; and\n\u2022 early reimbursement of the US$400 million Senior Unsecured Notes during the third quarter of fiscal 2018 which resulted in a $6.2 million redemption premium and the write-off of the unamortized deferred transaction costs of $2.5 million; partly offset by \u2022 higher interest cost on the First Lien Credit Facilities resulting from the full year impact of the financing of the MetroCast acquisition; and \u2022 the appreciation of the US dollar against the Canadian dollar compared to the prior year.\n\nYears ended August 31, | 2019 | 2018 (1) | Change\n--------------------------------------------- | ------- | -------- | ------\n(in thousands of dollars, except percentages) | $ | $ | % \nInterest on long-term debt | 176,798 | 179,680 | (1.6) \nNet foreign exchange gains | (2,744) | (2,134) | 28.6 \nAmortization of deferred transaction costs | 1,836 | 1,884 | (2.5) \nCapitalized borrowing costs | (690) | (2,074) | (66.7)\nOther | 302 | 8,100 | (96.3)\n | 175,502 | 185,456 | (5.4) "} {"_id": "d1b2edfd2", "title": "", "text": "Deferred Income Tax Assets and Liabilities\nSignificant components of the Company\u2019s net deferred tax assets and liabilities as of September 30, 2019 and 2018 are as follows(amounts shown in thousands):\nThe net change in the total valuation allowance for the fiscal years ended September 30, 2019 and 2018 was an increase of $0.5 million and an increase of $0.4 million, respectively. In assessing the realizability of deferred tax assets, the Company considers whether it is more likely than not that some portion or all of the deferred tax assets will not be realized. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income during periods in which those temporary differences become deductible. The Company considers projected future taxable income and planning strategies in making this assessment. Based on the level of historical operating results and the projections for future taxable income, the Company has determined that it is more likely than not that the deferred tax assets may be realized for all deferred tax assets with the exception of the net foreign deferred tax assets at Mitek Systems B.V.\nAs of September 30, 2019, the Company has available net operating loss carryforwards of $29.5 million for federal income tax purposes, of which $2.1 million were generated in the fiscal year ended September 30, 2019 and can be carried forward indefinitely under the Tax Cuts and Jobs Act. The remaining federal net operating loss of $27.4 million, which were generated prior to the fiscal year ended September 30, 2019, will start to expire in2032 if not utilized. The net operating losses for state purposes are $29.4 million and will begin to expire in2028. As of September 30, 2019, the Company has available federal research and development credit carryforwards, net of reserves, of $2.8 million. The federal research and development credits will start to expire in2027. As of September 30, 2019, the Company has available California research and development credit carryforwards, net of reserves, of $2.4 million, which do not expire.\nSections 382 and 383 of the Internal Revenue Code of 1986, as amended (the \u201cIRC\u201d) limit the utilization of tax attribute carryforwards that arise prior to certain cumulative changes in a corporation\u2019s ownership. The Company has completed an IRC Section 382/383 analysis through March 31, 2017 and any identified ownership changes had no impact to the utilization of tax attribute carryforwards. Any future ownership changes may have an impact on the utilization of the tax attribute carryforwards.\n\n | 2019 | 2018 \n----------------------------------------------- | ------- | -------\nDeferred tax assets: | | \nStock-based compensation | $2,646 | $3,067 \nNet operating loss carryforwards | 9,419 | 8,568 \nResearch credit carryforwards | 5,570 | 3,890 \nIntangibles | 58 | \u2014 \nOther, net | 90 | 354 \nTotal deferred assets | 17,783 | 15,879 \nDeferred tax liabilities: | | \nIntangibles | \u2014 | (181) \nForeign deferred liabilities | (5,811) | (8,032)\nNet deferred tax asset | 11,972 | 7,666 \nValuation allowance for net deferred tax assets | (931) | (472) \nNet deferred tax asset | $11,041 | $7,194 "} {"_id": "d1b36136a", "title": "", "text": "Selling, general and administrative\nSelling, general and administrative expense consists primarily of salaries and other personnel-related costs, professional fees, insurance costs, and other business development and selling expenses.\nThe following table shows selling, general and administrative expense for the years ended December 31, 2019, 2018, and 2017:\nSelling, general and administrative expense in 2019 increased compared to 2018 primarily due to higher employee compensation expense, lower accretion expense in 2018 associated with the reduction in our module collection and recycling liability described above, and higher professional fees.\n\n | | Year Ended | | Change | | | \n----------------------------------- | -------- | ---------- | -------- | -------------- | --- | -------------- | -----\n(Dollars in thousands) | 2019 | 2018 | 2017 | 2019 over 2018 | | 2018 over 2017 | \nSelling, general and administrative | $205,471 | $176,857 | $202,699 | $28,614 | 16% | $(25,842) | (13)%\n% of net sales . | 6.7% | 7.9% | 6.9% | | | | "} {"_id": "d1b2e69e4", "title": "", "text": "20. Computation of Basic/Diluted Earnings Per Common Share\nThe following table sets forth the computation of basic and diluted earnings per common share (amounts in millions, except per share data):\nThe vesting of certain of our employee-related restricted stock units and options is contingent upon the satisfaction of predefined performance measures. The shares underlying these equity awards are included in the weighted-average dilutive common shares only if the performance measures are met as of the end of the reporting period. Additionally, potential common shares are not included in the denominator of the diluted earnings per common share calculation when the inclusion of such shares would be anti-dilutive.\n\n | | For the Years Ended December 31, | \n-------------------------------------------------------------------------------------------------------------------------------------------------------- | ------ | -------------------------------- | -----\n | 2019 | 2018 | 2017 \nNumerator: | | | \nConsolidated net income | $1,503 | $1,848 | $273 \nDenominator: | | | \nDenominator for basic earnings per common share\u2014weighted-average common shares outstanding | 767 | 762 | 754 \nEffect of dilutive stock options and awards under the treasury stock method | 4 | 9 | 12 \nDenominator for diluted earnings per common share\u2014weighted-average common shares outstanding plus dilutive common shares under the treasury stock method | 771 | 771 | 766 \nBasic earnings per common share | $1.96 | $2.43 | $0.36\nDiluted earnings per common share | $1.95 | $2.40 | $0.36"} {"_id": "d1b3b852a", "title": "", "text": "Operating Results \u2013 Teekay LNG\nThe following table compares Teekay LNG\u2019s operating results, equity income and number of calendar-ship-days for its vessels for 2019 and 2018:\n1) Includes direct general and administrative expenses and indirect general and administrative expenses allocated to the liquefied gas carriers and conventional tankers based on estimated use of corporate resources. (2) Further information on Teekay LNG\u2019s conventional tanker results can be found in \u201cItem 18 \u2013 Financial Statements: Note 3 \u2013 Segment Reporting.\u201d (3) Calendar-ship-days presented relate to consolidated vessels.\nIncome from vessel operations for Teekay LNG increased to $299.3 million in 2019 compared to $148.6 million in 2018, primarily as a result of:\n\u2022 an increase of $53.1 million as a result of write-downs in 2018 of three conventional tankers and four multi-gas vessels and the sales of the Teide Spirit, European Spirit, African Spirit, Toledo Spirit and Alexander Spirit, partially offset by a write-down of the Alexander Spirit in the third quarter of 2019; \u2022 an increase of $48.6 million due to the deliveries of the Sean Spirit, Bahrain Spirit and Yamal Spirit and commencement of their charter contracts;\n\u2022 an increase of $33.2 million primarily due to higher charter rates earned in 2019 on the Torben Spirit and our seven multi-gas carriers; \u2022 an increase of $12.3 million due to the deliveries of the Magdala, Myrina and Megara following the commencement of their charter contracts in 2018; \u2022 an increase of $8.9 million due to the reclassification of Awilco vessels as sales-type leases in the fourth quarter of 2019, resulting in a gain on the derecognition of vessels in the same period;\n\u2022 an increase of $6.0 million primarily due to a reduction in legal and other professional fees incurred in 2019. During 2018, professional fees included amounts relating to the tax treatment dispute relating to the lease of three LNG carriers (or the RasGas II LNG Carriers) in Teekay LNG's 70%-owned consolidated subsidiary Teekay Nakilat Corporation (or the RasGas II Joint Venture) and claims against a Norway-based marine transportation company, I.M. Skaugen SE, for damages and losses for Teekay LNG's seven multi-gas carriers previously on charter to them; and\n\u2022 an increase of $3.2 million due to the Polar Spirit being off-hire for 35 days in 2018 primarily due to an incident investigation involving a collision with a small vessel and repositioning to other charters;\npartially offset by\n\u2022 a decrease of $9.1 million due to the Madrid Spirit and Galicia Spirit being off-hire for 82 days and 38 days in 2019, respectively, and the impact of the depreciation of the Euro on Teekay LNG's Euro-denominated revenue and Euro-denominated operating expenses, partially offset by the Catalunya Spirit being off-hire for 28 days in 2018 for a scheduled dry docking; and\n\u2022 a decrease of $3.5 million due to decrease in operating expenses passed through to the charterer and due to declining revenue recognition for charter contracts accounted for as direct financing leases for the Tangguh Sago and Tangguh Hiri in 2019.\nEquity income related to Teekay LNG\u2019s liquefied gas carriers increased to $58.8 million in 2019 compared to $53.5 million in 2018. The changes were primarily a result of: \u2022 an increase of $23.3 million due to the deliveries of the Pan Americas, Pan Europe, Pan Africa, Rudolf Samoylovich, Nikolay Yevgenov, Vladimir Voronin, Georgiy Ushakov and Yakov Gakkel following the commencement of their charter contracts in 2018 and 2019;\n\u2022 an increase of $8.8 million due to recognition of dry-dock revenue upon completion of a dry dock for the Meridian Spirit, higher charter rates earned for the Arwa Spirit and Marib Spirit on one-year fixed-rate charter contracts commencing in the third quarter of 2019, higher fleet utilization in 2019, and lower interest expense as a result of the refinancing completed in 2018 in Teekay LNG's 52%- owned investment in the LNG carriers relating to MALT LNG Carriers; and\n\u2022 an increase of $7.9 million due to higher fixed and spot charter rates earned in Teekay LNG's 50%-ownership interest in Exmar LPG BVBA (or the Exmar LPG Joint Venture) compared to 2018;\npartially offset by\n\u2022 a decrease of $17.7 million due to mark-to-market changes for derivative instruments, resulting in the recognition of unrealized losses in 2019 compared to unrealized gains in 2018; \u2022 a decrease of $10.8 million due to the Bahrain Spirit floating storage unit chartered-in by the Bahrain LNG Joint Venture from Teekay LNG commencing in September 2018 not earning any sub-charter income in 2019; and \u2022 a decrease of $5.7 million due to a gain on the sale of Teekay LNG's interest in its 50%-owned joint venture with Exmar NV (or the Excelsior Joint Venture) recorded in 2018.\n\nYear Ended December 31, | | \n--------------------------------------------------------- | --------- | ---------\n(in thousands of U.S. dollars, except calendar-ship-days) | 2019 | 2018 \nRevenues | 601,256 | 510,762 \nVoyage expenses | (21,387) | (28,237) \nVessel operating expenses | (111,585) | (117,658)\nTime-charter hire expense | (19,994) | (7,670) \nDepreciation and amortization | (136,765) | (124,378)\nGeneral and administrative expenses (1) | (22,521) | (28,512) \nWrite-down of and sale of vessels | 13,564 | (53,863) \nRestructuring charges | (3,315) | (1,845) \nIncome from vessel operations | 299,253 | 148,599 \nLiquefied Gas Carriers (1) | 300,520 | 169,918 \nConventional Tankers (1)(2) | (1,267) | (21,319) \n | 299,253 | 148,599 \nEquity income \u2013 Liquefied Gas Carriers | 58,819 | 53,546 \nCalendar-Ship-Days (3) | | \nLiquefied Gas Carriers | 11,650 | 10,125 \nConventional Tankers | 317 | 1,389 "} {"_id": "d1b3c63c8", "title": "", "text": "Note 8. Other Financial Statement Details\nAccounts Receivable\nAccounts receivable consists of the following (in millions):\n\n | March 31, | \n------------------------------------ | --------- | ------\n | 2019 | 2018 \nTrade accounts receivable | $875.8 | $557.8\nOther | 6.8 | 8.1 \nTotal accounts receivable, gross | 882.6 | 565.9 \nLess allowance for doubtful accounts | 2.0 | 2.2 \nTotal accounts receivable, net | $880.6 | $563.7"} {"_id": "d1b2ea634", "title": "", "text": "The fair value of the option component of the ESPP shares was estimated at the grant date using the Black-Scholes option pricing model with the following weighted\naverage assumptions:\nThe Company issued 266 shares, 231 shares and 183 shares under the ESPP in the years ended December 31, 2019, 2018 and 2017, respectively, at a weighted average\nexercise price per share of $86.51, $77.02, and $73.02, respectively. As of December 31, 2019, the Company expects to recognize $3,531 of the total unamortized compensation cost\nrelated to employee purchases under the ESPP over a weighted average period of 0.37 years.\n\n | | Year ended December 31 | \n------------------------ | ------------ | ---------------------- | -------------\n | 2019 | 2018 | 2017 \nExpected life (in years) | 0.5 | 0.5 | 0.5 \nVolatility | 36% - 37% | 33% - 40% | 29% - 37% \nRisk-free interest rate | 1.58 - 2.43% | 1.76% - 2.50% | 0.76% - 1.16%\nDividend yield | - % | - % | - % "} {"_id": "d1b323740", "title": "", "text": "We engaged with Dell in the following ongoing related party transactions, which resulted in costs to us:\n\u2022 We purchase and lease products and purchase services from Dell.\n\u2022 From time to time, we and Dell enter into agreements to collaborate on technology projects, and we pay Dell for services provided to us by Dell related to such projects.\n\u2022 In certain geographic regions where we do not have an established legal entity, we contract with Dell subsidiaries for support services and support from Dell personnel who are managed by us. The costs incurred by Dell on our behalf related to these employees are charged to us with a mark-up intended to approximate costs that would have been incurred had we contracted for such services with an unrelated third party. These costs are included as expenses on our consolidated statements of income and primarily include salaries, benefits, travel and occupancy expenses. Dell also incurs certain administrative costs on our behalf in the U.S. that are recorded as expenses on our consolidated statements of income.\n\u2022 In certain geographic regions, Dell files a consolidated indirect tax return, which includes value added taxes and other indirect taxes collected by us from our customers. We remit the indirect taxes to Dell and Dell remits the tax payment to the foreign governments on our behalf.\n\u2022 From time to time, we invoice end users on behalf of Dell for certain services rendered by Dell. Cash related to these services is collected from the end user by us and remitted to Dell.\n\u2022 From time to time, we also enter into agency arrangements with Dell that enable us to sell our subscriptions and services, leveraging the Dell enterprise relationships and end customer contracts.\nInformation about our payments for such arrangements during the periods presented consisted of the following (table in millions):\n1) Amount includes indirect taxes that were remitted to Dell during the periods presented.\nWe also purchase Dell products through Dell\u2019s channel partners. Purchases of Dell products through Dell\u2019s channel partners were not significant during the periods presented.\n\n | | For the Year Ended | \n------------------------------------------------------------- | ---------------- | ------------------ | ----------------\n | January 31, 2020 | February 1, 2019 | February 2, 2018\nPurchases and leases of products and purchases of services(1) | $242 | $200 | $142 \nDell subsidiary support and administrative costs | 119 | 145 | 212 "} {"_id": "d1b344ce2", "title": "", "text": "Base Salary. The base salary for each NEO is determined on the basis of the following factors: scope of responsibilities, experience, skills, performance, expected future contribution, base salary levels in effect for comparable positions at the companies in the Peer Group (as described on page 42 below under \u201cUse of Peer Group Compensation Data\u201d) and other competitive market factors. Generally, the Committee reviews the base salary levels of our NEOs annually as part of the Company\u2019s performance review process as well as upon a promotion or other change of position or level of responsibility. Merit-based increases to the base salaries of our NEOs (other than our CEO) are recommended by our CEO to the Committee, and all increases are based on the Committee\u2019s (and in the case of our CEO, the Board\u2019s) review and assessment of the factors described above.\nThe Compensation Committee reviews compensation levels at the beginning of each fiscal year and adjusts as needed based upon market data and executive achievement. The Committee reviewed the base salaries of our executive officers, including our NEOs, for fiscal year 2019 and increased the salaries of our CEO and CFO in light of their contributions in fiscal year 2018, including, among other considerations, the successful execution and integration of the AvComm and Wireless acquisition and to reflect the Committee\u2019s review of current peer and market compensation data. Mr. Staley\u2019s salary was also increased to reflect the Committee\u2019s review of current peer and market compensation data as well as his contributions in fiscal year 2019, including the integration of AvComm and Wireless sales into our global sales organization. The Committee did not increase the salaries of any of our other NEOs because the Committee determined that the existing base salaries were appropriate for each of these NEOs.\nActual base salaries paid to our NEOs in fiscal year 2019 are set forth in the \u201cSalary\u201d column of the Fiscal 2019 Summary Compensation Table on page 44.\n\n | Fiscal Year 2018 | Fiscal Year 2019 | \n----------------------- | ---------------- | ---------------- | -------------------\nNamed Executive Officer | Base Salary | Base Salary | Percentage Increase\nOleg Khaykin | $750,000 | $800,000 | 6.7% \nAmar Maletira | $425,000 | $500,000 | 17.7% \nPaul McNab | $435,000 | $435,000 | \u2014 \nLuke Scrivanich | $372,000 | $372,000 | \u2014 \nGary Staley | $360,000 | $375,000 | 4.2% "} {"_id": "d1b2fa4da", "title": "", "text": "Other Income/Expense\nThe following table details our other income/expenses for the years ended September 30, 2019 and 2018:\nThe decrease to other income (expenses) for the fiscal year ended September 30, 2019 as compared to the fiscal year ended September 30, 2018 was primarily driven by a decrease in Other income, net of $0.3 mil.\n\n | For the year ended | | \n--------------------------------- | ---------------------- | ------------------ | -------------------\n | September 30, 2019 | September 30, 2018 | Increase (Decrease)\n | (Amounts in thousands) | | \nInterest expense | $(99) | $(85) | $(14) \nInterest income | 323 | 20 | 303 \nForeign exchange gain (loss) | 157 | 263 | (106) \nOther income, net | 3 | 297 | (294) \nTotal other income (expense), net | $384 | $495 | $(111) "} {"_id": "d1b329a00", "title": "", "text": "SELLING, GENERAL, AND ADMINISTRATIVE EXPENSES\nPayroll and overhead increased $1.2 million, or 3.1%, compared to the same period of last year primarily due to annual salary increases. As a percentage of net sales, payroll and overhead is 2.8% and 2.5% for fiscal 2019 and 2018, respectively. As a percentage of net sales, delivery expense is 3.9% and 3.5% for fiscal 2019 and 2018, respectively. Other expenses decreased $5.2 million, or 16.7%, primarily due to reduced legal expense as a result of the Company's settlement of several antitrust claims in the prior year. The fiscal 2018 amount also included costs associated with preparation for the Company's special shareholders meeting held in July 2018. Insurance expense, which is also a part of other expenses, was flat year over year due to decreases in the Company's liability for incurred but not reported claims being offset by overall increases in premiums for fiscal 2019 compared with fiscal 2018. Selling, general and administrative expenses (\"SG&A\"), which include costs of marketing, distribution, accounting and corporate overhead, were $174.8 million in fiscal 2019, a decrease of $4.5 million, or 2.5%, compared to fiscal 2018. As a percent of net sales, selling, general and administrative expense increased from 11.9% in fiscal 2018 to 12.8% in fiscal 2019, due to the decrease in net sales in fiscal 2019. Selling, general and administrative expenses (\"SG&A\"), which include costs of marketing, distribution, accounting and corporate overhead, were $174.8 million in fiscal 2019, a decrease of $4.5 million, or 2.5%, compared to fiscal 2018. As a percent of net sales, selling, general and administrative expense increased from 11.9% in fiscal 2018 to 12.8% in fiscal 2019, due to the decrease in net sales in fiscal 2019.\nPayroll and overhead increased $1.2 million, or 3.1%, compared to the same period of last year primarily due to annual salary increases. As a percentage of net sales, payroll and overhead is 2.8% and 2.5% for fiscal 2019 and 2018, respectively. As a percentage of net sales, delivery expense is 3.9% and 3.5% for fiscal 2019 and 2018, respectively. Other expenses decreased $5.2 million, or 16.7%, primarily due to reduced legal expense as a result of the Company's settlement of several antitrust claims in the prior year. The fiscal 2018 amount also included costs associated with preparation for the Company's special shareholders meeting held in July 2018. Insurance expense, which is also a part of other expenses, was flat year over year due to decreases in the Company's liability for incurred but not reported claims being offset by overall increases in premiums for fiscal 2019 compared with fiscal 2018. Payroll and overhead increased $1.2 million, or 3.1%, compared to the same period of last year primarily due to annual salary increases. As a percentage of net sales, payroll and overhead is 2.8% and 2.5% for fiscal 2019 and 2018, respectively. As a percentage of net sales, delivery expense is 3.9% and 3.5% for fiscal 2019 and 2018, respectively. Other expenses decreased $5.2 million, or 16.7%, primarily due to reduced legal expense as a result of the Company's settlement of several antitrust claims in the prior year. The fiscal 2018 amount also included costs associated with preparation for the Company's special shareholders meeting held in July 2018. Insurance expense, which is also a part of other expenses, was flat year over year due to decreases in the Company's liability for incurred but not reported claims being offset by overall increases in premiums for fiscal 2019 compared with fiscal 2018. Payroll and overhead increased $1.2 million, or 3.1%, compared to the same period of last year primarily due to annual salary increases. As a percentage of net sales, payroll and overhead is 2.8% and 2.5% for fiscal 2019 and 2018, respectively. As a percentage of net sales, delivery expense is 3.9% and 3.5% for fiscal 2019 and 2018, respectively. Other expenses decreased $5.2 million, or 16.7%, primarily due to reduced legal expense as a result of the Company's settlement of several antitrust claims in the prior year. The fiscal 2018 amount also included costs associated with preparation for the Company's special shareholders meeting held in July 2018. Insurance expense, which is also a part of other expenses, was flat year over year due to decreases in the Company's liability for incurred but not reported claims being offset by overall increases in premiums for fiscal 2019 compared with fiscal 2018.\nSG&A expense was $42.3 million for the thirteen weeks ended June 1, 2019, a decrease of $7.4 million, or 14.8%,\ncompared to $49.7 million for the thirteen weeks ended June 2, 2018. The decrease in specialty egg expense for the\nfiscal 2019 fourth quarter is attributable to the timing of advertising and promotions as well as a decrease in specialty\negg dozens sold resulting in decreased franchise expense. Payroll and overhead decreased $526,000, or 5.2%, compared\nto the same period of last year due to timing of bonus accruals. Stock compensation expense relates to the amortization\nof compensation expense for grants of restricted stock and is dependent on the closing prices of the Company's stock\non the grant dates. The weighted average grant date fair value of our restricted stock awards at June 1, 2019, was\n$43.20, a 2.1% increase over the value of $42.30 at June 2, 2018. Other expenses decreased 27.6% from $8.4 million\nfor the thirteen weeks ended June 2, 2018 to $6.1 million for the same period of fiscal 2019 primarily due to a reduction\nin the liability for incurred but not reported insurance claims at June 1, 2019 as well as a reduction in legal expenses.\n\n | Fiscal Years Ended | | | \n---------------------- | ------------------ | ------------ | -------- | --------------\n(Amounts in thousands) | June 1, 2019 | June 2, 2018 | Change | Percent Change\nSpecialty egg | $53,263 | $54,300 | $(1,037) | (1.9)% \nDelivery expense | 53,595 | 53,177 | 418 | 0.8% \nPayroll and overhead | 38,343 | 37,191 | 1,152 | 3.1% \nStock compensation | 3,619 | 3,467 | 152 | 4.4% \nOther expenses | 25,975 | 31,181 | (5,206) | (16.7)% \nTotal | $174,795 | $179,316 | $(4,521) | (2.5)% "} {"_id": "d1b314eca", "title": "", "text": "The following table provides a reconciliation of EBITDA and Adjusted EBITDA to net loss, the most directly comparable financial measure presented in accordance with U.S. GAAP:\n(a) Represents new store marketing allowance of $1,000 for each store added to our distribution network, as well as the non-capitalized freight costs associated with Freshpet Fridge replacements. The expense enhances the overall marketing spend to support our growing distribution network.\n(b) Represents additional operating costs incurred in connection with the start-up of our new manufacturing lines as part of the Freshpet Kitchens expansion project in 2016 that included adding two additional product lines.\n(c) Represents the change of fair value for the outstanding common stock warrants. All outstanding warrants were converted to common stock in September 2017.\n(d) Represents fees associated with secondary public offerings of our common stock\n(e) Represents charges associated with our former Chief Executive Officer\u2019s separation agreement as well as changes in estimates associated with leadership transition costs.\n(f) Represents fees associated with two securities lawsuits\n\n | Twelve Months Ended December 31, | | | | \n----------------------------------- | -------------------------------- | -------- | -------- | -------- | --------\n | 2019 | 2018 | 2017 | 2016 | 2015 \n | (Dollars in thousands) | | | | \nNet loss | $(1,383) | $(5,361) | $(4,262) | $(3,161) | $(3,711)\nDepreciation and amortization | 15,921 | 14,068 | 12,692 | 9,887 | 7,574 \nInterest expense | 991 | 296 | 910 | 698 | 455 \nIncome tax expense | 144 | 77 | 75 | 66 | 58 \nEBITDA | $15,673 | $9,080 | $9,414 | $7,490 | $4,376 \nLoss on disposal of equipment | 787 | 142 | 104 | 190 | 94 \nNon-cash share-based compensation | 7,834 | 6,808 | 4,438 | 4,193 | 3,924 \nLaunch expense (a) | 4,563 | 3,540 | 3,066 | 2,813 | 2,626 \nPlant start-up expenses (b) | \u2014 | \u2014 | \u2014 | 1,628 | \u2014 \nWarrant fair valuation (c) | \u2014 | \u2014 | 335 | 49 | (503) \nSecondary offering expenses (d) | 302 | 362 | \u2014 | \u2014 | 593 \nLeadership transition expenses (e) | \u2014 | \u2014 | 63 | 1,291 | \u2014 \nLitigation expense (f) | \u2014 | 348 | 145 | \u2014 | \u2014 \nAdjusted EBITDA | $29,159 | $20,280 | $17,565 | $17,654 | $11,110 \nAdjusted EBITDA as a % of Net Sales | 11.9% | 10.5% | 11.5% | 13.6% | 9.8% "} {"_id": "d1b36a0c8", "title": "", "text": "Global Financing Financial Position Key Metrics\n(1) Includes deferred initial direct costs which are eliminated in\nIBM\u2019s consolidated results.\n(2) Includes intercompany mark-up, priced on an arm\u2019s-length basis, on products purchased from the company\u2019s product divisions which is eliminated in IBM\u2019s consolidated results.\n(3) Entire amount eliminated for purposes of IBM\u2019s consolidated results and therefore does not appear in the Consolidated Balance Sheet.\n(4) These assets, along with all other financing assets in this table, are\nleveraged at the value in the table using Global Financing debt.\nAt December 31, 2019, substantially all financing assets were IT-related assets, and approximately 62 percent of the total external portfolio was with investment-grade clients with no direct exposure to consumers, an increase of 7 points year to year. This investment-grade percentage is based on the credit ratings of the companies in the portfolio.\nWe have a long-standing practice of taking mitigation actions, in certain circumstances, to transfer credit risk to third parties, including credit insurance, financial guarantees, nonrecourse borrowings, transfers of receivables recorded as true sales in\naccordance with accounting guidance or sales of equipment under operating lease. Adjusting for the mitigation actions, the investment-grade content would increase to 67 percent, a decrease of 3 points year to year.\n\n($ in millions) | | \n------------------------------------------------------------ | ------- | -------\nAt December 31: | 2019 | 2018 \nCash and cash equivalents | $ 1,697 | $ 1,833\nNet investment in sales-type and direct financing leases (1) | 6,224 | 6,924 \nEquipment under operating leases\u2014 external clients (2) | 238 | 444 \nClient loans | 12,884 | 12,802 \nTotal client financing assets | 19,346 | 20,170 \nCommercial financing receivables | 3,820 | 11,838 \nIntercompany financing receivables (3) (4) | 3,870 | 4,873 \nTotal assets | $29,568 | $41,320\nDebt | 24,727 | 31,227 \nTotal equity | $ 2,749 | $ 3,470"} {"_id": "d1b3c40aa", "title": "", "text": "The following table sets forth a summary of our cash flows for the periods indicated (in thousands):\nOur cash flows from operating activities are significantly influenced by our growth, ability to maintain our contractual billing and collection terms, and our investments in headcount and infrastructure to support anticipated growth. Given the seasonality and continued growth of our business, our cash flows from operations will vary from period to period.\nCash provided by operating activities was $115.5 million in 2019, compared to $90.3 million in 2018. The increase in operating cash flow was primarily due to improved profitability, improved collections, and other working capital changes in 2019 when compared to 2018.\n\n | | Year Ended December 31, | \n--------------------------------------------------- | -------- | ----------------------- | --------\n | 2019 | 2018 | 2017 \nNet cash provided by operating activities | $115,549 | $90,253 | $67,510 \nNet cash used in investing activities | (97,727) | (20,876) | (36,666)\nNet cash provided by (used in) financing activities | 14,775 | (278,016) | 276,852 "} {"_id": "d1b321b70", "title": "", "text": "ISU plan\nThe Corporation offers to its executive officers and designated employees an Incentive Share Unit (\"ISU\") Plan. According to this plan, executive\nofficers and designated employees periodically receive a given number of ISUs which entitle the participants to receive subordinate voting shares of the Corporation after three years less one day from the date of grant.\nThe number of ISUs is based on the dollar value of the award and the average closing stock price of the Corporation for the previous twelve month period ending August 31.\u00a0A trust was created for the purpose of purchasing these shares on the stock market in order to protect against stock price fluctuation and the Corporation instructed the trustee to purchase subordinate voting shares of the Corporation on the stock market. These shares are purchased and are held in trust for the participants until they are fully vested.\nThe trust, considered as a special purpose entity, is consolidated in the Corporation\u2019s financial statements with the value of the acquired subordinate voting shares held in trust under the ISU Plan presented in reduction of share capital.\nUnder the ISU Plan, the following ISUs were granted by the Corporation and are outstanding at August 31:\nA compensation expense of $2,046,000 ($2,461,000 in 2018) was recorded for the year ended August 31, 2019 related to this plan.\n\nYears ended August 31, | 2019 | 2018 \n---------------------------------- | -------- | --------\nOutstanding, beginning of the year | 105,475 | 101,538 \nGranted | 37,600 | 47,900 \nDistributed | (44,470) | (35,892)\nCancelled | (26,780) | (8,071) \nOutstanding, end of the year | 71,825 | 105,475 "} {"_id": "d1b366ce8", "title": "", "text": "Note 15. Employee Benefit Plans\nDefined Benefit Plans\nThe Company has defined benefit pension plans that cover certain French and German employees. Most of these defined pension plans, which were acquired in the Atmel and Microsemi acquisitions, are unfunded. Plan benefits are provided in accordance with local statutory requirements. Benefits are based on years of service and employee compensation levels. Pension liabilities and charges are based upon various assumptions, updated annually, including discount rates, future salary increases, employee turnover, and mortality rates. The Company\u2019s French pension plan provides for termination benefits paid to covered French employees only at retirement, and consists of approximately one to five months of salary. The Company's German pension plan provides for defined benefit payouts for covered German employees following retirement.\nThe aggregate net pension expense relating to these two plans is as follows (in millions):\nInterest costs and amortization of actuarial losses are recorded in the other (loss) income, net line item in the statements of income.\n\n | | Year Ended March 31, | \n------------------------------ | ---- | -------------------- | ----\n | 2019 | 2018 | 2017\nService costs | $1.5 | $2.2 | $1.4\nInterest costs | 1.1 | 1.0 | 1.0 \nAmortization of actuarial loss | 0.4 | 0.8 | \u2014 \nSettlements | \u2014 | \u2014 | 0.5 \nNet pension period cost | $3.0 | $4.0 | $2.9"} {"_id": "d1b382cea", "title": "", "text": "Cubic Transportation Systems\nSales: CTS sales increased 16% to $670.7 million in 2018 compared to $578.6 million in 2017 and were higher in North America and the U.K., but were slightly lower in Australia. Sales in 2018 were higher in the U.S. primarily due to system development on the New York New Fare Payment System contract, which was awarded in October 2017. Increased work on both development and service contracts, including work on new change orders in London also increased CTS sales for the year. Sales were also positively impacted in the U.K. and Australia due to the impact of exchange rates. The average exchange rates between the prevailing currencies in our foreign operations and the U.S. dollar resulted in an increase in CTS sales of $12.4 million for 2018 compared to 2017, primarily due to the strengthening of the British Pound against the U.S. dollar.\nAmortization of Purchased Intangibles: Amortization of purchased intangibles included in the CTS operating results totaled $5.2 million in 2018 and $5.7 million in 2017.\nOperating Income: CTS operating income increased 52% in 2018 to $60.4 million compared to $39.8 million in 2017. For 2018, operating income was higher from increased volumes of system development work and services, including work on new projects and change orders, primarily in North America and the U.K. Operating income was also higher due to operational efficiencies and reductions in R&D spending. R&D expenses for CTS in 2017 included $6.4 million of system development expenses related to our anticipated contract with the New York Metropolitan Transit Authority that was awarded in early fiscal 2018; such expenses incurred in 2018 on this contract are classified as cost of sales. During the first quarter of fiscal year 2018 CTS implemented our new enterprise resource planning (ERP) system, and as a result began depreciating the cost of certain capitalized software into its operating results. This resulted in a decrease in operating income of $4.2 million between fiscal 2017 and fiscal 2018. The average exchange rates between the prevailing currency in our foreign operations and the U.S. dollar resulted in an increase in CTS operating income of $2.2 million for 2018 compared to 2017.\nAdjusted EBITDA: CTS Adjusted EBITDA increased 50% to $73.3 million in 2018 compared to $48.8 million in 2017 primarily due to the same items described in the operating income section above. The increase in Adjusted EBITDA was primarily driven by the same factors that drove the increase in operating income described above excluding the increase in depreciation and decrease in amortization which are excluded from Adjusted EBITDA.\n\n | Fiscal 2018 | Fiscal 2017 | % Change\n---------------- | ----------- | ------------- | --------\n | | (in millions) | \nSales | $ 670.7 | $ 578.6 | 16 % \nOperating income | 60.4 | 39.8 | 52 \nAdjusted EBITDA | 73.3 | 48.8 | 50 "} {"_id": "d1a71cca8", "title": "", "text": "SIGNIFICANT ASSUMPTIONS\nWe used the following key assumptions to measure the post-employment benefit obligations and the net benefit plans cost for the DB pension plans and OPEB plans. These assumptions are long-term, which is consistent with the nature of post-employment benefit plans.\n(1) Cost of living indexation rate is only applicable to DB pension plans\nThe weighted average duration of the post-employment benefit obligation is 14 years.\nWe assumed the following trend rates in healthcare costs: \u2022 an annual increase in the cost of medication of 6.5% for\u00a02019 decreasing to 4.0% over 20\u00a0years \u2022 an annual increase in the cost of covered dental benefits of 4% \u2022 an annual increase in the cost of covered hospital benefits of 3.7% \u2022 an annual increase in the cost of other covered healthcare benefits\u00a0of\u00a04%\nAssumed trend rates in healthcare costs have a significant effect on the amounts reported for the healthcare plans.\n\n | DB PENSION PLANS AND OPEB PLANS | \n----------------------------------- | ------------------------------- | -----\nFOR THE YEAR ENDED DECEMBER 31 | 2019 | 2018 \nPost-employment benefit obligations | | \nDiscount rate | 3.1% | 3.8% \nRate of compensation increase | 2.25% | 2.25%\nCost of living indexation rate\u2009(1) | 1.6% | 1.6% \nLife expectancy at age 65 (years) | 23.2 | 23.1 "} {"_id": "d1b38d3fc", "title": "", "text": "Property and equipment consist of the following (in thousands):\nDepreciation expense was $1.2 million and $1.6 million for the years ended December 31, 2019 and 2018, respectively.\nAmortization of capitalized internal-use software and website development costs was $157,000 and $247,000 for the years ended December 31, 2019 and 2018, respectively.\n\nDecember 31, | | \n--------------------------------------------------------- | -------- | --------\n | 2019 | 2018 \nComputer hardware and software | $3,427 | $3,353 \nOffice equipment and office furniture | 8,148 | 7,814 \nCapitalized internal-use software and website development | 4,390 | 4,383 \nLeasehold improvements | 6,247 | 6,140 \n | 22,212 | 21,690 \nLess accumulated depreciation and amortization | (19,230) | (17,900)\nTotal | $2,982 | $3,790 "} {"_id": "d1b2e6d90", "title": "", "text": "The Company recognizes these compensation costs on a straight-line basis over the requisite service period of the award, which is generally the award vesting term of four years. Forfeitures are accounted for as they occur.\nTotal stock-based compensation cost capitalized in inventory was less than $0.8 million in the years ended December 31, 2019, 2018 and 2017.\nAs of December 31, 2019, $7.8 million of unrecognized compensation cost related to stock options is expected to be recognized over a weighted-average period of 2.1 years and $41.3 million of unrecognized compensation cost related to unvested RSUs is expected to be recognized over a weighted-average period of 2.2 years. If there are any modifications or cancellations of the underlying unvested awards, the Company may be required to accelerate, increase or cancel all or a portion of the remaining unearned stock-based compensation expense.\nThe\u00a0 following\u00a0 table\u00a0 sets\u00a0 forth\u00a0 the\u00a0 stock-based\u00a0 compensation\u00a0 expense\u00a0 resulting\u00a0 from\u00a0 stock\u00a0 options,\u00a0 RSUs,\u00a0 and\u00a0 the\u00a0 ESPP\u00a0 included\u00a0 in\u00a0 the\u00a0 Company\u2019s consolidated statements of operations:\n\n | | Year Ended December 31, | \n-------------------------- | ------- | ----------------------- | -------\n | 2019 | 2018 | 2017 \n | | (In thousands) | \nCost of revenue | $2,843 | $2,435 | $1,406 \nResearch and development | 6,532 | 4,283 | 2,968 \nSales and marketing | 9,069 | 8,267 | 5,481 \nGeneral and administrative | 10,693 | 11,476 | 9,114 \nTotal | $29,137 | $26,461 | $18,969"} {"_id": "d1b36e844", "title": "", "text": "Note 11. Non-current assets - deferred tax assets\nCritical accounting judgements, estimates and assumptions\nDeferred tax assets are recognised for deductible temporary differences only if the Group considers it is probable that future taxable amounts will be available to utilise those temporary differences and losses. Calculation of future taxable amounts involve the use of assumptions and management judgments.\nA deferred tax asset can only be recorded for the portion of a potential benefit where utilisation is considered probable. The assessment of future taxable amounts involves the use of assumptions and management judgments. The Group has fully recognised a deferred tax asset of $79.3m in relation to assets previously transferred to USA. It is considered probable that there will be future taxable income in the USA to fully realise these temporary differences.\n\nConsolidated | | \n------------------------------------------------------------------- | ------ | ------\n | 2019 | 2018 \n | US$000 | US$000\nDeferred tax asset comprises temporary differences attributable to: | | \nAmounts recognised in profit or loss: | | \nTax losses | 2,068 | 688 \nProperty, plant and equipment | (176) | 58 \nEmployee benefits | 608 | 235 \nEmployee entitlements | 714 | - \nIntellectual property | 79,260 | 79,011\nRevenue received in advance | 633 | 1,019 \nProvisions | 1,054 | 328 \nForeign currency translation | 613 | 534 \nTax credits | 17 | - \nDeferred rent | 82 | 163 \n | 84,873 | 82,036\nAmounts recognised in equity: | | \nTransaction costs on share issue | - | 84 \nDeferred tax asset | 84,873 | 82,120\nAmount expected to be recovered within 12 months | 26,588 | 26,995\nAmount expected to be recovered after more than 12 months | 58,285 | 55,125\nMovements: | | \nOpening balance | 82,120 | 82,946\nCredited/(charged) to profit or loss (note 5) | 2,440 | (933) \nAdditions through business combinations (note 28) | 314 | 105 \nTranslation differences | (1) | 2 \nClosing balance | 84,873 | 82,120"} {"_id": "d1b2ebf84", "title": "", "text": "1. Description of the business and summary of significant accounting policies: (Continued)\nShares of restricted stock are included in the computation of basic EPS as they vest and are included in diluted EPS, to the extent they are dilutive, determined using the treasury stock method.\nThe following details the determination of the diluted weighted average shares:\n\n | Year Ended December 31, 2019 | Year Ended December 31, 2018 | Year Ended December 31, 2017\n------------------------------------ | ---------------------------- | ---------------------------- | ----------------------------\nWeighted average common shares\u2014basic | 45,542,315 | 45,280,161 | 44,855,263 \nDilutive effect of stock options | 32,222 | 33,134 | 31,534 \nDilutive effect of restricted stock | 505,858 | 467,659 | 297,406 \n | 46,080,395 | 45,780,954 | 45,184,203 "} {"_id": "d1b341f9c", "title": "", "text": "AMERICAN TOWER CORPORATION AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Tabular amounts in millions, unless otherwise disclosed)\n23. SELECTED QUARTERLY FINANCIAL DATA (UNAUDITED)\nSelected quarterly financial data for the years ended December 31, 2019 and 2018 is as follows (in millions, except per share data):\n(1) Represents Operating expenses, exclusive of Depreciation, amortization and accretion, Selling, general, administrative and development expense, and Other operating expenses.\n\n | | Three Months Ended | | | \n------------------------------------------------------------------------------------------- | --------- | ------------------ | ------------- | ------------ | -----------------------\n | March 31, | June 30, | September 30, | December 31, | Year Ended December 31,\n2018: | | | | | \nOperating revenues | $1,741.8 | $1,780.9 | $1,785.5 | $2,131.9 | $7,440.1 \nCosts of operations (1) | 519.9 | 560.3 | 556.7 | 540.9 | 2,177.8 \nOperating income | 402.9 | 546.0 | 567.2 | 388.9 | 1,905.0 \nNet income | 280.3 | 314.4 | 377.3 | 292.7 | 1,264.7 \nNet income attributable to American Tower Corporation stockholders | 285.2 | 306.7 | 366.9 | 277.6 | 1,236.4 \nDividends on preferred stock | (9.4) | \u2014 | \u2014 | \u2014 | (9.4) \nNet income attributable to American Tower Corporation common stockholders | 275.8 | 306.7 | 366.9 | 277.6 | 1,227.0 \nBasic net income per share attributable to American Tower Corporation common stockholders | 0.63 | 0.69 | 0.83 | 0.63 | 2.79 \nDiluted net income per share attributable to American Tower Corporation common stockholders | 0.63 | 0.69 | 0.83 | 0.62 | 2.77 "} {"_id": "d1b3c4302", "title": "", "text": "16. Transactions With Affiliate:\nOur business includes certain transactions with our majority shareholder, Kyocera, that are governed by agreements between the parties that define the sales terms,\nincluding pricing for the products. The nature and amounts of transactions with Kyocera are included in the table below.\nKyocera notified AVX pursuant to the Products Supply and Distribution Agreement in December 2016 of its intent, effective January 1, 2018, to market its\nmanufactured electronic and interconnect products globally using Kyocera\u2019s sales force rather than continuing to have AVX resell such products in the Americas,\nEurope and Asia. During fiscal 2017, 2018 and 2019 sales of Kyocera resale products by AVX were $318,928, $296,316 and $18,951, respectively, and related operating\nprofit was $17,076, $18,177 and $3,300, respectively\n\n | | Fiscal Yaar Ended March 31, | \n--------------------------------------------------------------------------------- | ------- | --------------------------- | -------\n | 2017 | 2018 | 2019 \nSales: | | | \nProduct and equipment sales to affliates | $30,303 | $26,069 | $10,436\nPurchases | | | \nPurchases of resale inventories, raw materials, supplies, equipment, and services | 303,793 | 256,660 | 9,399 \nOther | | | \nDividends paid | 52,983 | 54,810 | 56,028 "} {"_id": "d1b3ace32", "title": "", "text": "The Company\u2019s unused short-term lines of credit amounted to NT$77,658 million and NT$64,169 million as of December 31, 2018 and 2019, respectively.\n(10) Short-Term Loans\n\n | As of December 31, | \n--------------------- | ------------------ | -----------------\n | 2018 | 2019 \n | NT$(In Thousands) | NT$(In Thousands)\nUnsecured bank loans | $7,780,552 | $8,080,200 \nUnsecured other loans | 5,323,256 | 3,935,006 \nTotal | $13,103,808 | $12,015,206 "} {"_id": "d1a71be0c", "title": "", "text": "Assumptions\nWeighted-average actuarial assumptions used to determine net periodic benefit cost and projected benefit obligation for the plans for the fiscal years 2019, 2018 and 2017 were as follows:\n(1) The expected return on plan assets assumption used in calculating net periodic benefit cost is based on historical return experience and estimates of future long-term performance with consideration to the expected investment mix of the plan.\n(2) The discount rate is used to state expected cash flows relating to future benefits at a present value on the measurement date. This rate represents the market rate for high-quality fixed income investments whose timing would match the cash outflow of retirement benefits. Other assumptions include demographic factors such as retirement, mortality and turnover.\n\n | | Pension | \n------------------------------------------- | ---- | ------- | ----\n | 2019 | 2018 | 2017\nNet periodic benefit cost: | | | \nExpected long-term return on plan assets(1) | 3.6% | 3.8% | 3.3%\nRate of compensation increase | 4.4% | 3.3% | 2.7%\nDiscount rate | 2.2% | 2.1% | 1.9%\nProjected benefit obligation: | | | \nExpected long-term return on plan assets | 2.0% | 3.6% | 4.0%\nRate of compensation increase | 4.3% | 4.4% | 4.4%\nDiscount rate(2) | 1.7% | 2.2% | 2.3%"} {"_id": "d1b33d9ba", "title": "", "text": "LIQUIDITY AND CAPITAL RESOURCES\nOur primary source of cash is from the sale of our software and related services. Our primary use of cash is payment of our operating costs, which consist primarily of employee-related expenses, such as compensation and benefits, as well as general operating expenses for marketing, facilities and overhead costs. In addition to operating expenses, we also use cash to fund our stock repurchase program and invest in our growth initiatives, which include acquisitions of products, technology and businesses. See further discussion of these items below.\nAt January 31, 2019, our principal sources of liquidity were cash, cash equivalents, and marketable securities totaling $953.6 million and net accounts receivable of $474.3 million\nOn December 17, 2018, Autodesk entered into a new Credit Agreement (the \u201cCredit Agreement\u201d) for an unsecured revolving loan facility in the aggregate principal amount of $650.0 million, with an option to request increases in the amount of the credit facility by up to an additional $350.0 million. The Credit Agreement replaced and terminated our $400.0 million Amended and Restated Credit Agreement. The maturity date on the line of credit facility is December 2023. At January 31, 2019, Autodesk had no outstanding borrowings on this line of credit. As of March 25, 2019, we have no amounts outstanding under the credit facility. See Part II, Item 8, Note 8, \"Borrowing Arrangements,\" in the Notes to Consolidated Financial Statements for further discussion on our covenant requirements. If we are unable to remain in compliance with the covenants, we will not be able to draw on our credit facility.\nOn December 17, 2018, we also entered into a Term Loan Agreement (the \u201cTerm Loan Agreement\u201d) which provided for a delayed draw term loan facility in the aggregate principal amount of $500.0 million. On December 19, 2018, we borrowed a $500.0 million term loan under the Term Loan Agreement in connection with the acquisition of PlanGrid. See Part II, Item 8,Note 8, \"Borrowing Arrangements,\" in the Notes to Consolidated Financial Statements for further discussion on the Term Loan Agreement terms and Part II, Item 8, Note 6, \"Acquisitions\" for further discussion on the PlanGrid acquisition.\nIn addition to the term loan, as of January 31, 2019, we have $1.6 billion aggregate principal amount of Notes outstanding. See Part II, Item 8, Note 8, \"Borrowing Arrangements,\" in the Notes to Consolidated Financial Statements for further discussion.\nOur cash and cash equivalents are held by diversified financial institutions globally. Our primary commercial banking relationship is with Citigroup and its global affiliates. In addition, Citibank N.A., an affiliate of Citigroup, is one of the lead lenders and agent in the syndicate of our $650.0 million line of credit.\nLong-term cash requirements for items other than normal operating expenses are anticipated for the following: repayment of debt; common stock repurchases; the acquisition of businesses, software products, or technologies complementary to our business; and capital expenditures, including the purchase and implementation of internal-use software applications\nOur cash, cash equivalents, and marketable securities balances are concentrated in a few locations around the world, with substantial amounts held outside of the United States. As of January 31, 2019, approximately 52% of our total cash or cash equivalents and marketable securities are located in foreign jurisdictions and that percentage will fluctuate subject to business needs. There are several factors that can impact our ability to utilize foreign cash balances, such as foreign exchange restrictions, foreign regulatory restrictions or adverse tax costs. The Tax Act includes a mandatory one-time tax on accumulated earnings of foreign subsidiaries and generally eliminates U.S. taxes on foreign subsidiary distributions in future periods. As a result, earnings in foreign jurisdictions are generally available for distribution to the U.S. with little to no incremental U.S. taxes. We regularly review our capital structure and consider a variety of potential financing alternatives and planning strategies to ensure we have the proper liquidity available in the locations in which it is needed. We expect to meet our liquidity needs through a combination of current cash balances, ongoing cash flows, and external borrowings.\nCash from operations could also be affected by various risks and uncertainties, including, but not limited to the risks detailed in Part I, Item 1A titled \u201cRisk Factors.\u201d However, based on our current business plan and revenue prospects, we believe that our existing balances, our anticipated cash flows from operations and our available credit facility will be sufficient to meet our working capital and operating resource expenditure requirements for at least the next 12 months.\nOur revenue, earnings, cash flows, receivables, and payables are subject to fluctuations due to changes in foreign currency exchange rates, for which we have put in place foreign currency contracts as part of our risk management strategy. See Part II, Item 7A, \u201cQuantitative and Qualitative Disclosures about Market Risk\u201d for further discussion.\nNet cash provided by operating activities of $377.1 million for fiscal 2019 consisted of $371.8 million of non-cash expenses, including stock-based compensation expense, restructuring charges, net, depreciation, amortization and accretion expense, offsetting our net loss of $80.8 million, and included $86.1 million of cash flow provided by changes in operating assets and liabilities.\nThe primary working capital source of cash was an increase in deferred revenue from $1,955.1 million as of January 31, 2018, to $2,091.4 million as of January 31, 2019. The primary working capital uses of cash were decreases in accounts payable and other accrued liabilities.\nNet cash used in investing activities was $710.4 million for fiscal 2019 and was primarily due to acquisitions, net of cash acquired and purchases of marketable securities. These cash outflows were partially offset by sales and maturities of marketable securities.\nAt January 31, 2019, our short-term investment portfolio had an estimated fair value of $67.6 million and a cost basis of $62.8 million. The portfolio fair value consisted of $60.3 million of trading securities that were invested in a defined set of mutual funds as directed by the participants in our Deferred Compensation Plan (see Note 7, \u201cDeferred Compensation,\u201d in the Notes to Consolidated Financial Statements for further discussion) and $7.3 million invested in other available-for-sale shortterm securities.\nNet cash provided by financing activities was $151.9 million in fiscal 2019 and was primarily due to proceeds from debt issuance, net of discount and proceeds from issuance of stock. These cash inflows were partially offset by repurchases of our common stock and taxes paid related to net share settlement of equity awards.\n\n | | Fiscal year ended January 31, | \n--------------------------------------------------- | ------- | ----------------------------- | -------\n(in millions) | 2019 | 2018 | 2017 \nNet cash provided by operating activities | $377.1 | $0.9 | $169.7 \nNet cash (used in) provided by investing activities | (710.4) | 506.4 | 272.0 \nNet cash provided by (used in) financing activities | 151.9 | (656.6) | (578.3)"} {"_id": "d1b38268c", "title": "", "text": "AMERICAN TOWER CORPORATION AND SUBSIDIARIES\nNOTES TO CONSOLIDATED FINANCIAL STATEMENTS\n(Tabular amounts in millions, unless otherwise disclosed)\nAt December 31, 2019, the Company had net federal, state and foreign operating loss carryforwards available to reduce future taxable income. If not utilized, the Company\u2019s NOLs expire as follows:\n\nYears ended December 31, | Federal | State | Foreign\n------------------------ | ------- | ------ | -------\n2020 to 2024 | $\u2014 | $222.3 | $11.9 \n2025 to 2029 | 141.6 | 285.7 | 104.8 \n2030 to 2034 | 7.0 | 41.4 | 19.6 \n2035 to 2039 | 3.6 | 159.5 | \u2014 \nIndefinite carryforward | 22.8 | \u2014 | 853.8 \nTotal | $175.0 | $708.9 | $990.1 "} {"_id": "d1b3a9692", "title": "", "text": "Financial review\n2019 was a challenging year for the retail property sector with the ongoing structural changes and low consumer confidence impacting some weaker retailers and leading to a higher level of CVAs and administrations. This impacted our revenue, net rental income and property valuations, with like-for-like net rental income down 9.1 per cent and the property revaluation deficit was \u00a31,979.7 million.\nFixing the balance sheet is our top strategic priority and although the notes accompanying these financial statements indicate a material uncertainty in relation to intu\u2019s ability to continue as a going concern we have options including alternative capital structures and further disposals to put us on a stronger financial footing.\n1 A reconciliation from the IFRS consolidated income statement to the underlying earnings amounts presented above is provided in presentation of information on page 161.\n2 Other underlying amounts includes net other income, share of underlying profit in associates and any underlying amounts attributable to non-controlling interests.\n3 Other non-underlying amounts includes losses on disposal of subsidiaries, gains on sale of investment and development property, write-down on recognition of joint ventures and other assets classified as held for sale, impairment of goodwill, impairment of investment in associates, impairment of loan to associate, exceptional administration expenses, exceptional tax, and any non-underlying amounts attributable to non-controlling interests.\nThe IFRS loss for the year attributable to owners of intu properties plc increased by \u00a3818.7 million to \u00a31,950.9 million, with the IFRS basic loss per share increasing by 60.8 pence. Underlying earnings decreased by \u00a365.9 million to \u00a3127.2 million, with a corresponding reduction in underlying EPS of 4.9 pence. The key drivers of these variances are discussed below.\n\n\u00a3m | Notes | 2019 | 2018 | Change \n--------------------------------------------------------------------- | ----- | --------- | --------- | -------\nNet rental income | A | 401.6 | 450.5 | (48.9) \nAdministration expenses | B | (40.5) | (44.0) | 3.5 \nNet finance costs | C | (224.6) | (220.4) | (4.2) \nTax on underlying profit | D | (17.6) | (0.7) | (16.9) \nOther underlying amounts2 | | 8.3 | 7.7 | 0.6 \nUnderlying earnings1 | | 127.2 | 193.1 | (65.9) \nRevaluation of investment and\u00a0development property | E | (1,979.7) | (1,405.0) | (574.7)\nChange in fair value of financial\ninstruments | F | (75.3) | 86.3 | (161.6)\nOther finance charges \u2013 exceptional | G | (37.7) | (28.4) | (9.3) \nOther non-underlying amounts3 | | 14.6 | 21.8 | (7.2) \nIFRS loss for the year attributable\nto owners of intu properties plc1 | | (1,950.9) | (1,132.2) | (818.7)\nIFRS basic loss per share (pence) | | (145.1)p | (84.3)p | (60.8)p\nUnderlying EPS (pence) | | 9.5p | 14.4p | (4.9)p "} {"_id": "d1b34ab06", "title": "", "text": "A.3.10 Reconciliation to Consolidated Financial Statements\nThe negative swing in Corporate items was mainly due to large positive effects in fiscal 2018 \u2013 the gain of \u20ac 900 million resulting from the transfer of Siemens\u2019 shares in Atos SE to Siemens Pension- Trust e. V. and the gain of \u20ac 655 million from the sale of OSRAM Licht AG shares. These effects substantially outweighed a positive result in fiscal 2019 from the measurement of a major asset retirement obligation, which was previously reported in Centrally managed portfolio activities. Severance charges within Corporate items were \u20ac 99 million (\u20ac 159 million in fiscal 2018).\n\n | | Fiscal year\n------------------------------------------------------------------- | ------- | -----------\n(in millions of \u20ac) | 2019 | 2018 \nReal Estate Services | 145 | 140 \nCorporate items | (562) | 631 \nCentrally carried pension expense | (264) | (423) \nAmortization of intangible assets acquired in business combinations | (1,133) | (1,164) \nEliminations, Corporate Treasury and other reconciling items | (215) | (318) \nReconciliation to Consolidated financial Statements | (2,028) | (1,135) "} {"_id": "d1b3bddc2", "title": "", "text": "Other non-current assets\nOther non-current assets consisted of the following (in thousands):\n\n | December 31, 2019 | December 31, 2018\n----------------------------------- | ----------------- | -----------------\nRight of use assets | $33,014 | $\u2014 \nDeferred contract acquisition costs | 3,297 | 3,184 \nDeposits | 2,338 | 1,975 \nOther | 3,197 | 3,461 \nTotal other non-current assets | 41,846 | $8,620 "} {"_id": "d1b3945e4", "title": "", "text": "The components of the provision for income taxes attributable to continuing operations are as follows (in thousands):\nOn a consolidated basis, the Company has incurred operating losses and has recorded a full valuation allowance against its US, UK, New Zealand, Hong Kong, and Brazil deferred tax assets for all periods to date and, accordingly, has not recorded a provision (benefit) for income taxes for any of the periods presented other than a provision (benefit) for certain foreign and state income taxes. Certain foreign subsidiaries and branches of the Company provide intercompany services and are compensated on a cost-plus basis, and therefore, have incurred liabilities for foreign income taxes in their respective jurisdictions.\n\n | | Year Ended December 31, | \n---------------------------------- | ------ | ----------------------- | ------\n | 2019 | 2018 | 2017 \nCurrent income tax provision: | | | \nFederal | $\u2014 | $\u2014 | $\u2014 \nState | 225 | 204 | 114 \nForeign | 2,467 | 2,514 | 1,580 \nTotal current income tax provision | 2,692 | 2,718 | 1,694 \nDeferred income tax benefit: | | | \nFederal | $\u2014 | \u2014 | $\u2014 \nState | \u2014 | \u2014 | \u2014 \nForeign | (2) | (123) | 52 \nTotal deferred income tax benefit | (2) | (123) | 52 \nTotal income tax provision | $2,690 | $2,595 | $1,746"} {"_id": "d1b390d90", "title": "", "text": "Income from Equity Investees\nMarine Services: Income from equity investees within our Marine Services segment for the year ended December 31, 2019 decreased $14.1 million to $5.6 million from $19.7 million for the year ended year ended December 31, 2018. The decrease was driven by HMN, due to lower revenues on large turnkey projects underway than in the comparable period.\nThe equity investment in HMN has contributed $5.0 million and $12.7 million in income from equity investees for the years ended December 31, 2019 and 2018, respectively. Further contributing to the reduction in income were losses at SBSS from a loss contingency related to ongoing legal disputes and lower vessel utilization.\nLife Sciences: Loss from equity investees within our Life Sciences segment for the year ended December 31, 2019 decreased $0.6 million to $3.4 million from $4.0 million for the year ended December 31, 2018. The decrease in losses were largely due to lower equity method losses recorded from our investment in MediBeacon due to the timing of clinical trials and revenue from a licensing agreement which did not occur in the comparable periods.\n\n | | Years Ended December 31, | \n---------------------------- | ----- | ------------------------ | ---------------------\n | 2019 | 2018 | Increase / (Decrease)\nConstruction | $\u2014 | $ (0.2) | $ 0.2 \nMarine Services | 5.6 | 19.7 | (14.1) \nLife Sciences | (3.4) | (4.0) | 0.6 \nOther | \u2014 | (0.1) | 0.1 \nIncome from equity investees | $ 2.2 | $ 15.4 | $ (13.2) "} {"_id": "d1b3ad616", "title": "", "text": "The fair value of the Company\u2019s service-based RSUs was calculated based on fair market value of the Company\u2019s stock at the date of grant, discounted for dividends.\nThe fair value of the Company\u2019s market-based PRSUs granted during fiscal years 2019, 2018, and 2017 was calculated using a Monte Carlo simulation model at the date of the grant. This model requires the input of highly subjective assumptions, including expected stock price volatility and the estimated life of each award:\nAs of June 30, 2019, the Company had $271.9 million of total unrecognized compensation expense related to all unvested RSUs granted which is expected to be recognized over a weighted-average remaining period of 2.2 years.\n\n | | YearEnded | \n----------------------- | ------------- | ------------- | -------------\n | June 30, 2019 | June 24, 2018 | June 25, 2017\nExpected volatility | 32.65% | 34.07% | 27.48% \nRisk-free interest rate | 2.52% | 2.35% | 1.55% \nExpected term (years) | 2.92 | 2.92 | 2.92 \nDividend yield | 2.49% | 1.05% | 1.50% "} {"_id": "d1b329b9a", "title": "", "text": "Segment Data\nOperating segments are defined as components of an enterprise that engage in business activities from which they may earn revenues and incur expenses; for which separate financial information is available; and whose operating results are regularly reviewed by the chief operating decision maker to assess the performance of the individual segment and make decisions about resources to be allocated to the segment.\nThe Company derives its revenue from providing comprehensive electronics design, production and product management services. The chief operating decision maker evaluates performance and allocates resources on a segment basis. The Company\u2019s operating segments consist of two segments \u2013 EMS and DMS, which are also the Company\u2019s reportable segments. The segments are organized based on the economic profiles of the services performed, including manufacturing capabilities, market strategy, margins, return on capital and risk profiles.\nThe EMS segment is focused around leveraging IT, supply chain design and engineering, technologies largely centered on core electronics, utilizing the Company\u2019s large scale manufacturing infrastructure and the ability to serve a broad range of end markets. The EMS segment is a high volume business that produces products at a quicker rate (i.e. cycle time) and in larger quantities and includes customers primarily in the automotive and transportation, capital equipment, cloud, computing and storage, defense and aerospace, industrial and energy, networking and telecommunications, print and retail, and smart home and appliances industries.\nThe DMS segment is focused on providing engineering solutions, with an emphasis on material sciences, technologies and healthcare. The DMS segment includes customers primarily in the edge devices and accessories, healthcare, mobility and packaging industries.\nNet revenue for the operating segments is attributed to the segment in which the service is performed. An operating segment\u2019s performance is evaluated based on its pre-tax operating contribution, or segment income. Segment income is defined as net revenue less cost of revenue, segment selling, general and administrative expenses, segment research and development expenses and an allocation of corporate manufacturing expenses and selling, general and administrative expenses. Segment income does not include amortization of intangibles, stock-based compensation expense and related charges, restructuring and related charges, distressed customer charges, acquisition and integration charges, loss on disposal of subsidiaries, settlement of receivables and related charges, impairment of notes receivable and related charges, restructuring of securities loss, goodwill impairment charges, business interruption and impairment charges, net, income (loss) from discontinued operations, gain (loss) on sale of discontinued operations, other expense, interest income, interest expense, income tax expense or adjustment for net income (loss) attributable to noncontrolling interests.\nTotal segment assets are defined as accounts receivable, inventories, net, customer-related property, plant and equipment, intangible assets net of accumulated amortization and goodwill. All other non-segment assets are reviewed on a global basis by management. Transactions between operating segments are generally recorded at amounts that approximate those at which we would transact with third parties. 99\nThe following tables set forth operating segment information (in thousands):\n\n | | Fiscal Year Ended August 31, | \n----------- | ----------- | ---------------------------- | -----------\n | 2019 | 2018 | 2017 \nNet revenue | | | \nEMS | $15,430,529 | $12,268,600 | $11,077,622\nDMS | 9,851,791 | 9,826,816 | 7,985,499 \n | $25,282,320 | $22,095,416 | $19,063,121"} {"_id": "d1b348b12", "title": "", "text": "Discontinued Operations\nIn December 2015, we completed the wind down of engineering, manufacturing and sales of our solar inverter product line (the \"inverter business\"). Accordingly, the results of our inverter business have been reflected as \u201cIncome (loss) from discontinued operations, net of income taxes\u201d on our Consolidated Statements of Operations for all periods presented herein.\nThe effect of our sales of extended inverter warranties to our customers continues to be reflected in deferred revenue in our Consolidated Balance Sheets. Deferred revenue for extended inverter warranties and the associated costs of warranty service will be reflected in Sales and Cost of goods sold, respectively, from continuing operations in future periods in our Consolidated Statement of Operations, as the deferred revenue, is earned and the associated services are rendered. Extended warranties related to the inverter product line are no longer offered.\nADVANCED ENERGY INDUSTRIES, INC. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS \u2013 (continued) (in thousands, except per share amounts)\nThe significant items included in \"Income (loss) from discontinued operations, net of income taxes\" are as follows:\n\n | Years Ended December 31, | \n--------------------------------------------------------------- | ------------------------ | -----\n | 2019 | 2018 \nSales | $ \u2014 | $ \u2014 \nCost of sales | (901) | (88) \nTotal operating expense | 1,022 | 96 \nOperating income (loss) from discontinued operations | (121) | (8) \nOther income (expense) | 10,895 | (24) \nIncome (loss) from discontinued operations before income taxes | 10,774 | (32) \nProvision (benefit) for income taxes | 2,294 | 6 \nIncome (loss) from discontinued operations, net of income taxes | $8,480 | $(38)"} {"_id": "d1b34b812", "title": "", "text": "10. Segment Information\nThe Company reports financial performance based on its segments, ACI On Premise and ACI On Demand, and analyzes Segment Adjusted EBITDA as a measure of segment profitability.\nThe Company\u2019s interim Chief Executive Officer is also the chief operating decision maker (\"CODM\"). The CODM, together with other senior management personnel, focus their review on consolidated financial information and the allocation of resources based on operating results, including revenues and Segment Adjusted EBITDA, for each segment, separate from Corporate operations.\nACI On Premise serves customers who manage their software on site or through a third-party cloud service provider. These onpremise customers use the Company\u2019s software to develop sophisticated solutions, which are often part of a larger system located and managed at the customer specified site. These customers require a level of control and flexibility that ACI On Premise solutions can offer, and they have the resources and expertise to take a lead role in managing these solutions.\nACI On Demand serves the needs of banks, merchants, and billers who use payments to facilitate their core business. These ondemand solutions are maintained and delivered through the cloud via our global data centers and are available in either a singletenant environment for SaaS offerings, or in a multi-tenant environment for PaaS offerings.\nRevenue is attributed to the reportable segments based upon the product sold and mechanism for delivery to the customer. Expenses are attributed to the reportable segments in one of three methods, (1) direct costs of the segment, (2) labor costs that can be attributed based upon time tracking for individual products, or (3) costs that are allocated. Allocated costs are generally marketing and sales related activities as well as information technology and facilities related expense for which multiple segments benefit. The Company also allocates certain depreciation costs to the segments.\nSegment Adjusted EBITDA is the measure reported to the CODM for purposes of making decisions on allocating resources and assessing the performance of the Company\u2019s segments and, therefore, Segment Adjusted EBITDA is presented in conformity with ASC 280, Segment Reporting. Segment Adjusted EBITDA is defined as earnings (loss) from operations before interest, income tax expense (benefit), depreciation and amortization (\u201cEBITDA\u201d) adjusted to exclude stock-based compensation, and net other income (expense).\nCorporate and unallocated expenses consist of the corporate overhead costs that are not allocated to reportable segments. These overhead costs relate to human resources, finance, legal, accounting, merger and acquisition activity, and other costs that are not considered when management evaluates segment performance. For the year ended December 31, 2017, corporate and unallocated expenses included $46.7 million of general and administrative expense for the legal judgment discussed in Note 15, Commitments and Contingencies.\nThe following is selected financial data for the Company\u2019s reportable segments for the periods indicated (in thousands):\nAssets are not allocated to segments, and the Company\u2019s CODM does not evaluate operating segments using discrete asset information.\n\n | | Years Ended December 31, | \n-------------------------------------- | ---------- | ------------------------ | ----------\n | 2019 | 2018 | 2017 \nRevenues | | | \nACI On Premise | $579,334 | $576,755 | $598,590 \nACI On Demand | 678,960 | 433,025 | 425,601 \nTotal revenue | $1,258,294 | $1,009,780 | $1,024,191\nSegment Adjusted EBITDA | | | \nACI On Premise | $ 321,305 | $ 323,902 | $ 347,094 \nACI On Demand | 66,501 | 12,015 | (1,832 ) \nDepreciation and amortization | (122,569 ) | (97,350 ) | (102,224 )\nStock-based compensation expense | (36,763 ) | (20,360 ) | (13,683 ) \nCorporate and unallocated expenses | (104,718 ) | (92,296 ) | (144,715 )\nInterest, net | (52,066 ) | (30,388 ) | (38,449 ) \nOther, net | 520 | (3,724 ) | (2,619 ) \nIncome before income taxes | $ 72,210 | $ 91,799 | $ 43,572 \nDepreciation and amortization | | | \nACI On Premise | $ 11,992 | $ 11,634 | $ 13,094 \nACI On Demand | 34,395 | 31,541 | 34,171 \nCorporate | 76,182 | 54,175 | 54,959 \nTotal depreciation and amortization | $ 122,569 | $ 97,350 | $ 102,224 \nStock-based compensation expense | | | \nACI On Premise | $ 7,651 | $ 4,348 | $ 2,234 \nACI On Demand | 7,995 | 4,338 | 2,230 \nCorporate | 21,117 | 11,674 | 9,219 \nTotal stock-based compensation expense | $36,763 | $20,360 | $13,683 "} {"_id": "d1b3af8f8", "title": "", "text": "Cubic Mission Solutions\nSales: CMS sales increased 23% to $207.0 million in fiscal 2018 compared to $168.9 million in 2017. The increase in sales was primarily due to increased orders and shipments of expeditionary satellite communications products, tactical networking products, and Command and Control, Intelligence, Surveillance and Reconnaissance (C2ISR) products and services. Businesses acquired during fiscal years 2018 and 2017 whose operations are included in our CMS operating segment had sales of $5.6 million and $1.5 million for fiscal years 2018 and 2017, respectively.\nAmortization of Purchased Intangibles: Amortization of purchased intangibles included in the CMS results amounted to $20.8 million in 2018 and $23.6 million in 2017. The $2.8 million decrease in amortization expense is related to purchased intangible assets that are amortized based upon accelerated methods.\nOperating Income: CMS had an operating loss of $0.1 million in 2018 compared to $9.3 million in 2017. CMS realized increased profits from expeditionary satellite communications products, tactical networking products, and C2ISR products and services. As mentioned above, amortization of purchased intangibles decreased to $20.8 million in 2018 compared to $23.6 million in 2017. CMS increased R&D expenditures between 2017 and 2018 by $10.8 million, primarily driven by development of new antenna technologies. Businesses acquired by CMS in fiscal years 2018 and 2017 incurred operating losses of $4.7 million in fiscal 2018 compared to $2.9 million in fiscal 2017. Included in the operating loss incurred by acquired businesses are acquisition transaction costs of $1.6 million and $1.8 million incurred in fiscal years 2018 and 2017, respectively.\nAdjusted EBITDA: CMS Adjusted EBITDA increased 82% to $26.2 million in 2018 compared to $14.4 million in 2017.\nThe increase in CMS Adjusted EBITDA was primarily due to the same items described in the operating income section\nabove, excluding the changes in amortization expense and acquisition transaction costs discussed above as such items are\nexcluded from Adjusted EBITDA.\n\n | Fiscal 2018 | Fiscal 2017 | % Change\n--------------- | ----------- | ------------- | --------\n | | (in millions) | \nSales | $ 207.0 | $ 168.9 | 23 % \nOperating loss | (0.1) | (9.3) | (99) \nAdjusted EBITDA | 26.2 | 14.4 | 82 "} {"_id": "d1b2f6ccc", "title": "", "text": "A reconciliation of the beginning and ending balances of the total amounts of gross unrecognized tax benefits is as follows (in thousands):\nThe total liability for gross unrecognized tax benefits as of December 31, 2019, 2018 and 2017 includes $9.6 million, $0.4 million and $0.2 million, respectively, of unrecognized net tax benefits which, if ultimately recognized, would reduce our annual effective tax rate in a future period. These liabilities, along with liabilities for interest and penalties, are included in accounts payable and accrued expenses and Other long-term liabilities in our consolidated balance sheet. Interest, which is included in Interest expense in our consolidated statement of income, was not material for all years presented.\nDuring the year ended December 31, 2019, we recognized an increase in unrecognized tax benefits of approximately $7.7 million related to an increase in research and development tax credits available to us for tax years 2016-2018 and $1.8 million for the 2019 tax year.\nWe are subject to income taxes in the U.S., various state and foreign jurisdictions. Tax statutes and regulations within each jurisdiction are subject to interpretation and require significant judgment to apply. We are no longer subject to U.S. federal or non-U.S. income tax examinations by tax authorities for the years before 2015. We are no longer subject to U.S. state tax examinations by tax authorities for the years before 2014. We believe it is reasonably possible that within the next year our unrecognized tax benefits may decrease by $1.9 million due to the acceptance of a portion of our amended research and development credits.\n\n | | December 31, | \n---------------------------------------------------- | ------ | ------------ | -----\n | 2019 | 2018 | 2017 \nGross unrecognized tax benefits at beginning of year | $490 | $220 | $293 \nIncreases in tax positions for prior years | 7,718 | 36 | \u2014 \nIncreases in tax positions for current year | 1,839 | 320 | 32 \nDecreases in tax positions for prior years | (412) | \u2014 | \u2014 \nLapse in statute of limitations | \u2014 | (86) | (105)\nGross unrecognized tax benefits at end of year | $9,635 | $490 | $220 "} {"_id": "d1b34cec4", "title": "", "text": "NOTE 11 \u2013 OTHER RECEIVABLES\nNo significant other receivables are past due or credit impaired.\nThe carrying amount is a reasonable approximation of fair value due to the short-term nature of the receivables. Please refer to note 21 for further information on fair value hierarchies.\n\nUSDm | 2019 | 2018\n----------------------------------- | ---- | ----\nPartners and commercial managements | 1.9 | - \nDerivative financial instruments | 0.5 | 3.7 \nTax receivables | 1.5 | 1.2 \nOther | 2.3 | 2.6 \nBalance as of 31 December | 6.2 | 7.5 "} {"_id": "d1b389ca2", "title": "", "text": "Substantial shareholdings\nThe voting rights in the table below have been determined in accordance with the requirements of the UK Listing Authority\u2019s Disclosure and Transparency Rules DTR 5, and represent 3% or more of the voting rights attached to issued shares in the Company as at 28th February 2020 and 31st December 2019. There are no Controlling Founder Shareholders.\n\n | As at 31.12.19 | | As at 28.02.20 | \n--------------------------------- | ------------------------- | ------------------------- | ------------------------- | -------------------------\nSubstantial shareholdings | Number of Ordinary shares | % of issued share capital | Number of Ordinary shares | % of issued share capital\nThe Capital Group Companies, Inc. | 6,584,006 | 8.9% | 6,598,428 | 8.9% \nSun Life Financial, Inc. | 5,566,823 | 7.5% | 5,481,561 | 7.4% \nBlackRock, Inc. | 4,624,204 | 6.3% | 4,913,790 | 6.7% \nFiera Capital Corporation | 4,764,251 | 6.5% | 4,768,688 | 6.5% \nAPG Groep N.V. | 4,068,000 | 5.5% | 4,068,000 | 5.5% \nThe Vanguard Group, Inc. | 2,569,081 | 3.5% | 2,637,287 | 3.6% "}