ananoymous/IRouterLM
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What was the increase in the General and administrative in 2018?
|
cced1c9e0cece04d1cd72d197d650906.pdf
|
['$8.6 million']
|
span
|
1
|
tatdqa
|
| | Year Ended December 31, | | Change | |
| --- | --- | --- | --- | --- |
| | 2018 | 2017 | | |
| | (dollars in thousands) | | | |
| Sales and marketing | $69,608 | $46,998 | $22,610 | 48.1% |
| % of revenue | 47% | 45% | | |
Sales 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.
### *Research and Development Expense*
| | Year Ended December 31, | | Change | |
| --- | --- | --- | --- | --- |
| | 2018 | 2017 | | % |
| | (dollars in thousands) | | | |
| Research and development | $41,305 | $22,241 | $19,064 | 85.7% |
| % of revenue | 28% | 21% | | |
Research 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.
### *General and Administrative Expense*
| | Year Ended December 31, | | Change | |
| --- | --- | --- | --- | --- |
| | 2018 | 2017 | | % |
| | (dollars in thousands) | | | |
| General and administrative | $31,462 | $22,895 | $8,567 | 37.4% |
| % of revenue | 21% | 22% | | |
General and administrative expense increased by $8.6 million in 2018 compared to 2017. The increase was primarily due to a $3.7 million increase in employee-related costs, which includes stock-based compensation, associated with our increased headcount from 79 employees as of December 31, 2017 to 89 employees as of December 31, 2018. There was an additional increase of $2.8 million in depreciation and amortization, an increase of $1.5 million to support compliance as a public company, an increase of $0.4 million in software subscription cost and a $0.2 million increase in office related expenses to support the administrative team.
|
|||
What was the General and administrative in 2018 and 2017?
|
cced1c9e0cece04d1cd72d197d650906.pdf
|
['31,462', '22,895']
|
multi-span
|
1
|
tatdqa
|
| | Year Ended December 31, | | Change | |
| --- | --- | --- | --- | --- |
| | 2018 | 2017 | | |
| | (dollars in thousands) | | | |
| Sales and marketing | $69,608 | $46,998 | $22,610 | 48.1% |
| % of revenue | 47% | 45% | | |
Sales 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.
### *Research and Development Expense*
| | Year Ended December 31, | | Change | |
| --- | --- | --- | --- | --- |
| | 2018 | 2017 | | % |
| | (dollars in thousands) | | | |
| Research and development | $41,305 | $22,241 | $19,064 | 85.7% |
| % of revenue | 28% | 21% | | |
Research 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.
### *General and Administrative Expense*
| | Year Ended December 31, | | Change | |
| --- | --- | --- | --- | --- |
| | 2018 | 2017 | | % |
| | (dollars in thousands) | | | |
| General and administrative | $31,462 | $22,895 | $8,567 | 37.4% |
| % of revenue | 21% | 22% | | |
General and administrative expense increased by $8.6 million in 2018 compared to 2017. The increase was primarily due to a $3.7 million increase in employee-related costs, which includes stock-based compensation, associated with our increased headcount from 79 employees as of December 31, 2017 to 89 employees as of December 31, 2018. There was an additional increase of $2.8 million in depreciation and amortization, an increase of $1.5 million to support compliance as a public company, an increase of $0.4 million in software subscription cost and a $0.2 million increase in office related expenses to support the administrative team.
|
|||
What was the increase in depreciation and amortization from 2017 to 2018?
|
cced1c9e0cece04d1cd72d197d650906.pdf
|
['$2.8 million']
|
span
|
1
|
tatdqa
|
| | Year Ended December 31, | | Change | |
| --- | --- | --- | --- | --- |
| | 2018 | 2017 | | |
| | (dollars in thousands) | | | |
| Sales and marketing | $69,608 | $46,998 | $22,610 | 48.1% |
| % of revenue | 47% | 45% | | |
Sales 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.
### *Research and Development Expense*
| | Year Ended December 31, | | Change | |
| --- | --- | --- | --- | --- |
| | 2018 | 2017 | | % |
| | (dollars in thousands) | | | |
| Research and development | $41,305 | $22,241 | $19,064 | 85.7% |
| % of revenue | 28% | 21% | | |
Research 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.
### *General and Administrative Expense*
| | Year Ended December 31, | | Change | |
| --- | --- | --- | --- | --- |
| | 2018 | 2017 | | % |
| | (dollars in thousands) | | | |
| General and administrative | $31,462 | $22,895 | $8,567 | 37.4% |
| % of revenue | 21% | 22% | | |
General and administrative expense increased by $8.6 million in 2018 compared to 2017. The increase was primarily due to a $3.7 million increase in employee-related costs, which includes stock-based compensation, associated with our increased headcount from 79 employees as of December 31, 2017 to 89 employees as of December 31, 2018. There was an additional increase of $2.8 million in depreciation and amortization, an increase of $1.5 million to support compliance as a public company, an increase of $0.4 million in software subscription cost and a $0.2 million increase in office related expenses to support the administrative team.
|
|||
What is the average General and administrative expense for 2017 and 2018?
|
cced1c9e0cece04d1cd72d197d650906.pdf
|
27178.5
|
arithmetic
|
1
|
tatdqa
|
| | Year Ended December 31, | | Change | |
| --- | --- | --- | --- | --- |
| | 2018 | 2017 | | |
| | (dollars in thousands) | | | |
| Sales and marketing | $69,608 | $46,998 | $22,610 | 48.1% |
| % of revenue | 47% | 45% | | |
Sales 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.
### *Research and Development Expense*
| | Year Ended December 31, | | Change | |
| --- | --- | --- | --- | --- |
| | 2018 | 2017 | | % |
| | (dollars in thousands) | | | |
| Research and development | $41,305 | $22,241 | $19,064 | 85.7% |
| % of revenue | 28% | 21% | | |
Research 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.
### *General and Administrative Expense*
| | Year Ended December 31, | | Change | |
| --- | --- | --- | --- | --- |
| | 2018 | 2017 | | % |
| | (dollars in thousands) | | | |
| General and administrative | $31,462 | $22,895 | $8,567 | 37.4% |
| % of revenue | 21% | 22% | | |
General and administrative expense increased by $8.6 million in 2018 compared to 2017. The increase was primarily due to a $3.7 million increase in employee-related costs, which includes stock-based compensation, associated with our increased headcount from 79 employees as of December 31, 2017 to 89 employees as of December 31, 2018. There was an additional increase of $2.8 million in depreciation and amortization, an increase of $1.5 million to support compliance as a public company, an increase of $0.4 million in software subscription cost and a $0.2 million increase in office related expenses to support the administrative team.
|
|||
In which year was General and administrative expense less than 40,000 thousands?
|
cced1c9e0cece04d1cd72d197d650906.pdf
|
['2018', '2017']
|
multi-span
|
1
|
tatdqa
|
| | Year Ended December 31, | | Change | |
| --- | --- | --- | --- | --- |
| | 2018 | 2017 | | |
| | (dollars in thousands) | | | |
| Sales and marketing | $69,608 | $46,998 | $22,610 | 48.1% |
| % of revenue | 47% | 45% | | |
Sales 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.
### *Research and Development Expense*
| | Year Ended December 31, | | Change | |
| --- | --- | --- | --- | --- |
| | 2018 | 2017 | | % |
| | (dollars in thousands) | | | |
| Research and development | $41,305 | $22,241 | $19,064 | 85.7% |
| % of revenue | 28% | 21% | | |
Research 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.
### *General and Administrative Expense*
| | Year Ended December 31, | | Change | |
| --- | --- | --- | --- | --- |
| | 2018 | 2017 | | % |
| | (dollars in thousands) | | | |
| General and administrative | $31,462 | $22,895 | $8,567 | 37.4% |
| % of revenue | 21% | 22% | | |
General and administrative expense increased by $8.6 million in 2018 compared to 2017. The increase was primarily due to a $3.7 million increase in employee-related costs, which includes stock-based compensation, associated with our increased headcount from 79 employees as of December 31, 2017 to 89 employees as of December 31, 2018. There was an additional increase of $2.8 million in depreciation and amortization, an increase of $1.5 million to support compliance as a public company, an increase of $0.4 million in software subscription cost and a $0.2 million increase in office related expenses to support the administrative team.
|
|||
What is the change in the gross margin between 2017 and 2018?
|
cced1c9e0cece04d1cd72d197d650906.pdf
|
-1
|
arithmetic
|
1
|
tatdqa
|
| | Year Ended December 31, | | Change | |
| --- | --- | --- | --- | --- |
| | 2018 | 2017 | | |
| | (dollars in thousands) | | | |
| Sales and marketing | $69,608 | $46,998 | $22,610 | 48.1% |
| % of revenue | 47% | 45% | | |
Sales 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.
### *Research and Development Expense*
| | Year Ended December 31, | | Change | |
| --- | --- | --- | --- | --- |
| | 2018 | 2017 | | % |
| | (dollars in thousands) | | | |
| Research and development | $41,305 | $22,241 | $19,064 | 85.7% |
| % of revenue | 28% | 21% | | |
Research 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.
### *General and Administrative Expense*
| | Year Ended December 31, | | Change | |
| --- | --- | --- | --- | --- |
| | 2018 | 2017 | | % |
| | (dollars in thousands) | | | |
| General and administrative | $31,462 | $22,895 | $8,567 | 37.4% |
| % of revenue | 21% | 22% | | |
General and administrative expense increased by $8.6 million in 2018 compared to 2017. The increase was primarily due to a $3.7 million increase in employee-related costs, which includes stock-based compensation, associated with our increased headcount from 79 employees as of December 31, 2017 to 89 employees as of December 31, 2018. There was an additional increase of $2.8 million in depreciation and amortization, an increase of $1.5 million to support compliance as a public company, an increase of $0.4 million in software subscription cost and a $0.2 million increase in office related expenses to support the administrative team.
|
|||
What are the respective federal income tax expense at statutory rates in 2017 and 2018?
|
13948247cf2a7d153cae9270d1b86383.pdf
|
['10,892', '8,690']
|
multi-span
|
1
|
tatdqa
|
# COGENT COMMUNICATIONS HOLDINGS, INC., AND SUBSIDIARIES <br> NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
## 5. Income taxes: (Continued)
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.
The 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.
The following is a reconciliation of the Federal statutory income taxes to the amounts reported in the financial statements (in thousands).
| | Years Ended December 31, | | |
| :--: | :--: | :--: | :--: |
| | 2019 | 2018 | 2017 |
| Federal income tax expense at statutory rates | \$ $(11,061)$ | \$ $(8,690)$ | \$ $(10,892)$ |
| Effect of: | | | |
| State income taxes, net of federal benefit | $(2,973)$ | $(2,665)$ | $(2,244)$ |
| Impact of foreign operations | (11) | (146) | 74 |
| Non-deductible expenses | (592) | $(1,274)$ | $(1,350)$ |
| Federal tax rate change | — | | $(9,046)$ |
| Tax effect of TCJA from foreign earnings | (28) | (130) | $(2,296)$ |
| Other | (581) | (645) | 239 |
| Changes in valuation allowance | 92 | 835 | 273 |
| Income tax expense | \$ $(15,154)$ | \$ $(12,715)$ | \$ $(25,242)$ |
## 6. Commitments and contingencies:
## Current and potential litigation
In accordance with the accounting guidance for contingencies, the Company accrues its estimate of a contingent liability when it is both probable that a liability has been incurred and the amount of the loss can be reasonably estimated. Where it is probable that a liability has been incurred and there is a range of expected loss for which no amount in the range is more likely than any other amount, the Company accrues at the low end of the range. The Company reviews its accruals at least quarterly and adjusts them to reflect the impact of negotiations, settlements, rulings, advice of legal counsel, and other information and events pertaining to a particular matter. The Company has taken certain positions related to its obligations for leased circuits for which it is reasonably possible could result in a loss of up to $\$ 3.1$ million in excess of the amount accrued at December 31, 2019.
The Company is engaged in an arbitration proceeding in Spain in which a former provider of optical fiber to the Company is seeking approximately $\$ 9.0$ million for Company's early termination of the optical fiber leases, which amount the Company accrued in 2015. The Company has counterclaimed for damages and is contesting its obligation to pay the termination liability. The arbitration is being conducted by the Civil and Commercial Arbitration Court (CIMA) in Madrid, Spain.
|
|||
What are the respective federal income tax expense at statutory rates in 2018 and 2019?
|
13948247cf2a7d153cae9270d1b86383.pdf
|
['8,690', '11,061']
|
multi-span
|
1
|
tatdqa
|
# COGENT COMMUNICATIONS HOLDINGS, INC., AND SUBSIDIARIES <br> NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
## 5. Income taxes: (Continued)
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.
The 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.
The following is a reconciliation of the Federal statutory income taxes to the amounts reported in the financial statements (in thousands).
| | Years Ended December 31, | | |
| :--: | :--: | :--: | :--: |
| | 2019 | 2018 | 2017 |
| Federal income tax expense at statutory rates | \$ $(11,061)$ | \$ $(8,690)$ | \$ $(10,892)$ |
| Effect of: | | | |
| State income taxes, net of federal benefit | $(2,973)$ | $(2,665)$ | $(2,244)$ |
| Impact of foreign operations | (11) | (146) | 74 |
| Non-deductible expenses | (592) | $(1,274)$ | $(1,350)$ |
| Federal tax rate change | — | | $(9,046)$ |
| Tax effect of TCJA from foreign earnings | (28) | (130) | $(2,296)$ |
| Other | (581) | (645) | 239 |
| Changes in valuation allowance | 92 | 835 | 273 |
| Income tax expense | \$ $(15,154)$ | \$ $(12,715)$ | \$ $(25,242)$ |
## 6. Commitments and contingencies:
## Current and potential litigation
In accordance with the accounting guidance for contingencies, the Company accrues its estimate of a contingent liability when it is both probable that a liability has been incurred and the amount of the loss can be reasonably estimated. Where it is probable that a liability has been incurred and there is a range of expected loss for which no amount in the range is more likely than any other amount, the Company accrues at the low end of the range. The Company reviews its accruals at least quarterly and adjusts them to reflect the impact of negotiations, settlements, rulings, advice of legal counsel, and other information and events pertaining to a particular matter. The Company has taken certain positions related to its obligations for leased circuits for which it is reasonably possible could result in a loss of up to $\$ 3.1$ million in excess of the amount accrued at December 31, 2019.
The Company is engaged in an arbitration proceeding in Spain in which a former provider of optical fiber to the Company is seeking approximately $\$ 9.0$ million for Company's early termination of the optical fiber leases, which amount the Company accrued in 2015. The Company has counterclaimed for damages and is contesting its obligation to pay the termination liability. The arbitration is being conducted by the Civil and Commercial Arbitration Court (CIMA) in Madrid, Spain.
|
|||
What are the respective state income taxes, net of federal benefit in 2017 and 2018?
|
13948247cf2a7d153cae9270d1b86383.pdf
|
['2,244', '2,665']
|
multi-span
|
1
|
tatdqa
|
# COGENT COMMUNICATIONS HOLDINGS, INC., AND SUBSIDIARIES <br> NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
## 5. Income taxes: (Continued)
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.
The 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.
The following is a reconciliation of the Federal statutory income taxes to the amounts reported in the financial statements (in thousands).
| | Years Ended December 31, | | |
| :--: | :--: | :--: | :--: |
| | 2019 | 2018 | 2017 |
| Federal income tax expense at statutory rates | \$ $(11,061)$ | \$ $(8,690)$ | \$ $(10,892)$ |
| Effect of: | | | |
| State income taxes, net of federal benefit | $(2,973)$ | $(2,665)$ | $(2,244)$ |
| Impact of foreign operations | (11) | (146) | 74 |
| Non-deductible expenses | (592) | $(1,274)$ | $(1,350)$ |
| Federal tax rate change | — | | $(9,046)$ |
| Tax effect of TCJA from foreign earnings | (28) | (130) | $(2,296)$ |
| Other | (581) | (645) | 239 |
| Changes in valuation allowance | 92 | 835 | 273 |
| Income tax expense | \$ $(15,154)$ | \$ $(12,715)$ | \$ $(25,242)$ |
## 6. Commitments and contingencies:
## Current and potential litigation
In accordance with the accounting guidance for contingencies, the Company accrues its estimate of a contingent liability when it is both probable that a liability has been incurred and the amount of the loss can be reasonably estimated. Where it is probable that a liability has been incurred and there is a range of expected loss for which no amount in the range is more likely than any other amount, the Company accrues at the low end of the range. The Company reviews its accruals at least quarterly and adjusts them to reflect the impact of negotiations, settlements, rulings, advice of legal counsel, and other information and events pertaining to a particular matter. The Company has taken certain positions related to its obligations for leased circuits for which it is reasonably possible could result in a loss of up to $\$ 3.1$ million in excess of the amount accrued at December 31, 2019.
The Company is engaged in an arbitration proceeding in Spain in which a former provider of optical fiber to the Company is seeking approximately $\$ 9.0$ million for Company's early termination of the optical fiber leases, which amount the Company accrued in 2015. The Company has counterclaimed for damages and is contesting its obligation to pay the termination liability. The arbitration is being conducted by the Civil and Commercial Arbitration Court (CIMA) in Madrid, Spain.
|
|||
What is the average federal income tax expense at statutory rates in 2017 and 2018?
|
13948247cf2a7d153cae9270d1b86383.pdf
|
9791
|
arithmetic
|
1
|
tatdqa
|
# COGENT COMMUNICATIONS HOLDINGS, INC., AND SUBSIDIARIES <br> NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
## 5. Income taxes: (Continued)
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.
The 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.
The following is a reconciliation of the Federal statutory income taxes to the amounts reported in the financial statements (in thousands).
| | Years Ended December 31, | | |
| :--: | :--: | :--: | :--: |
| | 2019 | 2018 | 2017 |
| Federal income tax expense at statutory rates | \$ $(11,061)$ | \$ $(8,690)$ | \$ $(10,892)$ |
| Effect of: | | | |
| State income taxes, net of federal benefit | $(2,973)$ | $(2,665)$ | $(2,244)$ |
| Impact of foreign operations | (11) | (146) | 74 |
| Non-deductible expenses | (592) | $(1,274)$ | $(1,350)$ |
| Federal tax rate change | — | | $(9,046)$ |
| Tax effect of TCJA from foreign earnings | (28) | (130) | $(2,296)$ |
| Other | (581) | (645) | 239 |
| Changes in valuation allowance | 92 | 835 | 273 |
| Income tax expense | \$ $(15,154)$ | \$ $(12,715)$ | \$ $(25,242)$ |
## 6. Commitments and contingencies:
## Current and potential litigation
In accordance with the accounting guidance for contingencies, the Company accrues its estimate of a contingent liability when it is both probable that a liability has been incurred and the amount of the loss can be reasonably estimated. Where it is probable that a liability has been incurred and there is a range of expected loss for which no amount in the range is more likely than any other amount, the Company accrues at the low end of the range. The Company reviews its accruals at least quarterly and adjusts them to reflect the impact of negotiations, settlements, rulings, advice of legal counsel, and other information and events pertaining to a particular matter. The Company has taken certain positions related to its obligations for leased circuits for which it is reasonably possible could result in a loss of up to $\$ 3.1$ million in excess of the amount accrued at December 31, 2019.
The Company is engaged in an arbitration proceeding in Spain in which a former provider of optical fiber to the Company is seeking approximately $\$ 9.0$ million for Company's early termination of the optical fiber leases, which amount the Company accrued in 2015. The Company has counterclaimed for damages and is contesting its obligation to pay the termination liability. The arbitration is being conducted by the Civil and Commercial Arbitration Court (CIMA) in Madrid, Spain.
|
|||
What is the average federal income tax expense at statutory rates in 2018 and 2019?
|
13948247cf2a7d153cae9270d1b86383.pdf
|
9875.5
|
arithmetic
|
1
|
tatdqa
|
# COGENT COMMUNICATIONS HOLDINGS, INC., AND SUBSIDIARIES <br> NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
## 5. Income taxes: (Continued)
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.
The 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.
The following is a reconciliation of the Federal statutory income taxes to the amounts reported in the financial statements (in thousands).
| | Years Ended December 31, | | |
| :--: | :--: | :--: | :--: |
| | 2019 | 2018 | 2017 |
| Federal income tax expense at statutory rates | \$ $(11,061)$ | \$ $(8,690)$ | \$ $(10,892)$ |
| Effect of: | | | |
| State income taxes, net of federal benefit | $(2,973)$ | $(2,665)$ | $(2,244)$ |
| Impact of foreign operations | (11) | (146) | 74 |
| Non-deductible expenses | (592) | $(1,274)$ | $(1,350)$ |
| Federal tax rate change | — | | $(9,046)$ |
| Tax effect of TCJA from foreign earnings | (28) | (130) | $(2,296)$ |
| Other | (581) | (645) | 239 |
| Changes in valuation allowance | 92 | 835 | 273 |
| Income tax expense | \$ $(15,154)$ | \$ $(12,715)$ | \$ $(25,242)$ |
## 6. Commitments and contingencies:
## Current and potential litigation
In accordance with the accounting guidance for contingencies, the Company accrues its estimate of a contingent liability when it is both probable that a liability has been incurred and the amount of the loss can be reasonably estimated. Where it is probable that a liability has been incurred and there is a range of expected loss for which no amount in the range is more likely than any other amount, the Company accrues at the low end of the range. The Company reviews its accruals at least quarterly and adjusts them to reflect the impact of negotiations, settlements, rulings, advice of legal counsel, and other information and events pertaining to a particular matter. The Company has taken certain positions related to its obligations for leased circuits for which it is reasonably possible could result in a loss of up to $\$ 3.1$ million in excess of the amount accrued at December 31, 2019.
The Company is engaged in an arbitration proceeding in Spain in which a former provider of optical fiber to the Company is seeking approximately $\$ 9.0$ million for Company's early termination of the optical fiber leases, which amount the Company accrued in 2015. The Company has counterclaimed for damages and is contesting its obligation to pay the termination liability. The arbitration is being conducted by the Civil and Commercial Arbitration Court (CIMA) in Madrid, Spain.
|
|||
What is the average state income taxes, net of federal benefit in 2017 and 2018?
|
13948247cf2a7d153cae9270d1b86383.pdf
|
2454.5
|
arithmetic
|
1
|
tatdqa
|
# COGENT COMMUNICATIONS HOLDINGS, INC., AND SUBSIDIARIES <br> NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
## 5. Income taxes: (Continued)
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.
The 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.
The following is a reconciliation of the Federal statutory income taxes to the amounts reported in the financial statements (in thousands).
| | Years Ended December 31, | | |
| :--: | :--: | :--: | :--: |
| | 2019 | 2018 | 2017 |
| Federal income tax expense at statutory rates | \$ $(11,061)$ | \$ $(8,690)$ | \$ $(10,892)$ |
| Effect of: | | | |
| State income taxes, net of federal benefit | $(2,973)$ | $(2,665)$ | $(2,244)$ |
| Impact of foreign operations | (11) | (146) | 74 |
| Non-deductible expenses | (592) | $(1,274)$ | $(1,350)$ |
| Federal tax rate change | — | | $(9,046)$ |
| Tax effect of TCJA from foreign earnings | (28) | (130) | $(2,296)$ |
| Other | (581) | (645) | 239 |
| Changes in valuation allowance | 92 | 835 | 273 |
| Income tax expense | \$ $(15,154)$ | \$ $(12,715)$ | \$ $(25,242)$ |
## 6. Commitments and contingencies:
## Current and potential litigation
In accordance with the accounting guidance for contingencies, the Company accrues its estimate of a contingent liability when it is both probable that a liability has been incurred and the amount of the loss can be reasonably estimated. Where it is probable that a liability has been incurred and there is a range of expected loss for which no amount in the range is more likely than any other amount, the Company accrues at the low end of the range. The Company reviews its accruals at least quarterly and adjusts them to reflect the impact of negotiations, settlements, rulings, advice of legal counsel, and other information and events pertaining to a particular matter. The Company has taken certain positions related to its obligations for leased circuits for which it is reasonably possible could result in a loss of up to $\$ 3.1$ million in excess of the amount accrued at December 31, 2019.
The Company is engaged in an arbitration proceeding in Spain in which a former provider of optical fiber to the Company is seeking approximately $\$ 9.0$ million for Company's early termination of the optical fiber leases, which amount the Company accrued in 2015. The Company has counterclaimed for damages and is contesting its obligation to pay the termination liability. The arbitration is being conducted by the Civil and Commercial Arbitration Court (CIMA) in Madrid, Spain.
|
|||
What does the cost of operations represent?
|
2cdc6aedd6c32554a98de62af9a6ffcd.pdf
|
['Represents Operating expenses, exclusive of Depreciation, amortization and accretion, Selling, general, administrative and development expense, and Other operating expenses.']
|
span
|
1
|
tatdqa
|
| | | | | | AMERICAN TOWER CORPORATION AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Tabular amounts in millions, unless otherwise disclosed) |
| --- | --- | --- | --- | --- | --- |
| | | | | | 23. SELECTED QUARTERLY FINANCIAL DATA (UNAUDITED) |
| Selected quarterly financial data for the years ended December 31, 2019 and 2018 is as follows (in millions, except per share data): | | | | | | |
| | Three Months Ended | | | | Year Ended December 31, |
| | March 31, | June 30, | September 30, | December 31, | |
| 2019: | | | | | |
| Operating revenues | $1,813.4 | $1,889.6 | $1,953.6 | $1,923.7 | $7,580.3 |
| Costs of operations (1) | 543.4 | 563.3 | 559.9 | 550.2 | 2,216.8 |
| Operating income | 614.9 | 683.9 | 728.3 | 661.3 | 2,688.4 |
| Net income | 407.6 | 434.3 | 505.3 | 569.4 | 1,916.6 |
| Net income attributable to American Tower Corporation stockholders | 397.4 | 429.1 | 498.6 | 562.7 | 1,887.8 |
| Net income attributable to American Tower Corporation common stockholders | 397.4 | 429.1 | 498.6 | 562.7 | 1,887.8 |
| Basic net income per share attributable to American Tower Corporation common stockholders | 0.90 | 0.97 | 1.13 | 1.27 | 4.27 |
| Diluted net income per share attributable to American Tower Corporation common stockholders | 0.89 | 0.96 | 1.12 | 1.26 | 4.24 |
| | Three Months Ended | | | | Year Ended December 31, |
| | March 31, | June 30, | September 30, | December 31, | |
| 2018: | | | | | |
| Operating revenues | $1,741.8 | $1,780.9 | $1,785.5 | $2,131.9 | $7,440.1 |
| Costs of operations (1) | 519.9 | 560.3 | 556.7 | 540.9 | 2,177.8 |
| Operating income | 402.9 | 546.0 | 567.2 | 388.9 | 1,905.0 |
| Net income | 280.3 | 314.4 | 377.3 | 292.7 | 1,264.7 |
| Net income attributable to American Tower Corporation stockholders | 285.2 | 306.7 | 366.9 | 277.6 | 1,236.4 |
| Dividends on preferred stock | (9.4) | — | — | — | (9.4) |
| Net income attributable to American Tower Corporation common stockholders | 275.8 | 306.7 | 366.9 | 277.6 | 1,227.0 |
| Basic net income per share attributable to American Tower Corporation common stockholders | 0.63 | 0.69 | 0.83 | 0.63 | 2.79 |
| Diluted net income per share attributable to American Tower Corporation common stockholders | 0.63 | 0.69 | 0.83 | 0.62 | 2.77 |
| (1) Represents Operating expenses, exclusive of Depreciation, amortization and accretion, Selling, general, administrative and development expense, and Other operating expenses. | | | | | | |
| 24. SUBSEQUENT EVENTS | | | | | | |
| 2.400% Senior Notes and 2.900% Senior Notes Offering—On January 10, 2020, the Company completed a registered public offering of $750.0 million aggregate principal amount of 2.400% senior unsecured notes due 2025 and $750.0 million aggregate principal amount of 2.900% senior unsecured notes due 2030. The net proceeds from this offering were approximately $1,483.4 million, after deducting commissions and estimated expenses. The Company used the net proceeds to repay existing indebtedness under the 2019 Credit Facility. | | | | | | |
| Repayment of 5.900% Senior Notes—On January 15, 2020, the Company redeemed all of the $500.0 million aggregate principal amount of 5.900% senior unsecured notes due 2021 (the “5.900% Notes”) at a price equal to 106.7090% of the | | | | | | |
|
|||
What was the net income at the end of March 31?
|
2cdc6aedd6c32554a98de62af9a6ffcd.pdf
|
['280.3']
|
span
|
1
|
tatdqa
|
| | | | | | AMERICAN TOWER CORPORATION AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Tabular amounts in millions, unless otherwise disclosed) |
| --- | --- | --- | --- | --- | --- |
| | | | | | 23. SELECTED QUARTERLY FINANCIAL DATA (UNAUDITED) |
| Selected quarterly financial data for the years ended December 31, 2019 and 2018 is as follows (in millions, except per share data): | | | | | | |
| | Three Months Ended | | | | Year Ended December 31, |
| | March 31, | June 30, | September 30, | December 31, | |
| 2019: | | | | | |
| Operating revenues | $1,813.4 | $1,889.6 | $1,953.6 | $1,923.7 | $7,580.3 |
| Costs of operations (1) | 543.4 | 563.3 | 559.9 | 550.2 | 2,216.8 |
| Operating income | 614.9 | 683.9 | 728.3 | 661.3 | 2,688.4 |
| Net income | 407.6 | 434.3 | 505.3 | 569.4 | 1,916.6 |
| Net income attributable to American Tower Corporation stockholders | 397.4 | 429.1 | 498.6 | 562.7 | 1,887.8 |
| Net income attributable to American Tower Corporation common stockholders | 397.4 | 429.1 | 498.6 | 562.7 | 1,887.8 |
| Basic net income per share attributable to American Tower Corporation common stockholders | 0.90 | 0.97 | 1.13 | 1.27 | 4.27 |
| Diluted net income per share attributable to American Tower Corporation common stockholders | 0.89 | 0.96 | 1.12 | 1.26 | 4.24 |
| | Three Months Ended | | | | Year Ended December 31, |
| | March 31, | June 30, | September 30, | December 31, | |
| 2018: | | | | | |
| Operating revenues | $1,741.8 | $1,780.9 | $1,785.5 | $2,131.9 | $7,440.1 |
| Costs of operations (1) | 519.9 | 560.3 | 556.7 | 540.9 | 2,177.8 |
| Operating income | 402.9 | 546.0 | 567.2 | 388.9 | 1,905.0 |
| Net income | 280.3 | 314.4 | 377.3 | 292.7 | 1,264.7 |
| Net income attributable to American Tower Corporation stockholders | 285.2 | 306.7 | 366.9 | 277.6 | 1,236.4 |
| Dividends on preferred stock | (9.4) | — | — | — | (9.4) |
| Net income attributable to American Tower Corporation common stockholders | 275.8 | 306.7 | 366.9 | 277.6 | 1,227.0 |
| Basic net income per share attributable to American Tower Corporation common stockholders | 0.63 | 0.69 | 0.83 | 0.63 | 2.79 |
| Diluted net income per share attributable to American Tower Corporation common stockholders | 0.63 | 0.69 | 0.83 | 0.62 | 2.77 |
| (1) Represents Operating expenses, exclusive of Depreciation, amortization and accretion, Selling, general, administrative and development expense, and Other operating expenses. | | | | | | |
| 24. SUBSEQUENT EVENTS | | | | | | |
| 2.400% Senior Notes and 2.900% Senior Notes Offering—On January 10, 2020, the Company completed a registered public offering of $750.0 million aggregate principal amount of 2.400% senior unsecured notes due 2025 and $750.0 million aggregate principal amount of 2.900% senior unsecured notes due 2030. The net proceeds from this offering were approximately $1,483.4 million, after deducting commissions and estimated expenses. The Company used the net proceeds to repay existing indebtedness under the 2019 Credit Facility. | | | | | | |
| Repayment of 5.900% Senior Notes—On January 15, 2020, the Company redeemed all of the $500.0 million aggregate principal amount of 5.900% senior unsecured notes due 2021 (the “5.900% Notes”) at a price equal to 106.7090% of the | | | | | | |
|
|||
What was the operating income at the end of June 30?
|
2cdc6aedd6c32554a98de62af9a6ffcd.pdf
|
['546.0']
|
span
|
1
|
tatdqa
|
| | | | | | AMERICAN TOWER CORPORATION AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Tabular amounts in millions, unless otherwise disclosed) |
| --- | --- | --- | --- | --- | --- |
| | | | | | 23. SELECTED QUARTERLY FINANCIAL DATA (UNAUDITED) |
| Selected quarterly financial data for the years ended December 31, 2019 and 2018 is as follows (in millions, except per share data): | | | | | | |
| | Three Months Ended | | | | Year Ended December 31, |
| | March 31, | June 30, | September 30, | December 31, | |
| 2019: | | | | | |
| Operating revenues | $1,813.4 | $1,889.6 | $1,953.6 | $1,923.7 | $7,580.3 |
| Costs of operations (1) | 543.4 | 563.3 | 559.9 | 550.2 | 2,216.8 |
| Operating income | 614.9 | 683.9 | 728.3 | 661.3 | 2,688.4 |
| Net income | 407.6 | 434.3 | 505.3 | 569.4 | 1,916.6 |
| Net income attributable to American Tower Corporation stockholders | 397.4 | 429.1 | 498.6 | 562.7 | 1,887.8 |
| Net income attributable to American Tower Corporation common stockholders | 397.4 | 429.1 | 498.6 | 562.7 | 1,887.8 |
| Basic net income per share attributable to American Tower Corporation common stockholders | 0.90 | 0.97 | 1.13 | 1.27 | 4.27 |
| Diluted net income per share attributable to American Tower Corporation common stockholders | 0.89 | 0.96 | 1.12 | 1.26 | 4.24 |
| | Three Months Ended | | | | Year Ended December 31, |
| | March 31, | June 30, | September 30, | December 31, | |
| 2018: | | | | | |
| Operating revenues | $1,741.8 | $1,780.9 | $1,785.5 | $2,131.9 | $7,440.1 |
| Costs of operations (1) | 519.9 | 560.3 | 556.7 | 540.9 | 2,177.8 |
| Operating income | 402.9 | 546.0 | 567.2 | 388.9 | 1,905.0 |
| Net income | 280.3 | 314.4 | 377.3 | 292.7 | 1,264.7 |
| Net income attributable to American Tower Corporation stockholders | 285.2 | 306.7 | 366.9 | 277.6 | 1,236.4 |
| Dividends on preferred stock | (9.4) | — | — | — | (9.4) |
| Net income attributable to American Tower Corporation common stockholders | 275.8 | 306.7 | 366.9 | 277.6 | 1,227.0 |
| Basic net income per share attributable to American Tower Corporation common stockholders | 0.63 | 0.69 | 0.83 | 0.63 | 2.79 |
| Diluted net income per share attributable to American Tower Corporation common stockholders | 0.63 | 0.69 | 0.83 | 0.62 | 2.77 |
| (1) Represents Operating expenses, exclusive of Depreciation, amortization and accretion, Selling, general, administrative and development expense, and Other operating expenses. | | | | | | |
| 24. SUBSEQUENT EVENTS | | | | | | |
| 2.400% Senior Notes and 2.900% Senior Notes Offering—On January 10, 2020, the Company completed a registered public offering of $750.0 million aggregate principal amount of 2.400% senior unsecured notes due 2025 and $750.0 million aggregate principal amount of 2.900% senior unsecured notes due 2030. The net proceeds from this offering were approximately $1,483.4 million, after deducting commissions and estimated expenses. The Company used the net proceeds to repay existing indebtedness under the 2019 Credit Facility. | | | | | | |
| Repayment of 5.900% Senior Notes—On January 15, 2020, the Company redeemed all of the $500.0 million aggregate principal amount of 5.900% senior unsecured notes due 2021 (the “5.900% Notes”) at a price equal to 106.7090% of the | | | | | | |
|
|||
How many quarters had operating revenues that was below $2,000 million?
|
2cdc6aedd6c32554a98de62af9a6ffcd.pdf
|
3
|
count
|
1
|
tatdqa
|
| | | | | | AMERICAN TOWER CORPORATION AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Tabular amounts in millions, unless otherwise disclosed) |
| --- | --- | --- | --- | --- | --- |
| | | | | | 23. SELECTED QUARTERLY FINANCIAL DATA (UNAUDITED) |
| Selected quarterly financial data for the years ended December 31, 2019 and 2018 is as follows (in millions, except per share data): | | | | | | |
| | Three Months Ended | | | | Year Ended December 31, |
| | March 31, | June 30, | September 30, | December 31, | |
| 2019: | | | | | |
| Operating revenues | $1,813.4 | $1,889.6 | $1,953.6 | $1,923.7 | $7,580.3 |
| Costs of operations (1) | 543.4 | 563.3 | 559.9 | 550.2 | 2,216.8 |
| Operating income | 614.9 | 683.9 | 728.3 | 661.3 | 2,688.4 |
| Net income | 407.6 | 434.3 | 505.3 | 569.4 | 1,916.6 |
| Net income attributable to American Tower Corporation stockholders | 397.4 | 429.1 | 498.6 | 562.7 | 1,887.8 |
| Net income attributable to American Tower Corporation common stockholders | 397.4 | 429.1 | 498.6 | 562.7 | 1,887.8 |
| Basic net income per share attributable to American Tower Corporation common stockholders | 0.90 | 0.97 | 1.13 | 1.27 | 4.27 |
| Diluted net income per share attributable to American Tower Corporation common stockholders | 0.89 | 0.96 | 1.12 | 1.26 | 4.24 |
| | Three Months Ended | | | | Year Ended December 31, |
| | March 31, | June 30, | September 30, | December 31, | |
| 2018: | | | | | |
| Operating revenues | $1,741.8 | $1,780.9 | $1,785.5 | $2,131.9 | $7,440.1 |
| Costs of operations (1) | 519.9 | 560.3 | 556.7 | 540.9 | 2,177.8 |
| Operating income | 402.9 | 546.0 | 567.2 | 388.9 | 1,905.0 |
| Net income | 280.3 | 314.4 | 377.3 | 292.7 | 1,264.7 |
| Net income attributable to American Tower Corporation stockholders | 285.2 | 306.7 | 366.9 | 277.6 | 1,236.4 |
| Dividends on preferred stock | (9.4) | — | — | — | (9.4) |
| Net income attributable to American Tower Corporation common stockholders | 275.8 | 306.7 | 366.9 | 277.6 | 1,227.0 |
| Basic net income per share attributable to American Tower Corporation common stockholders | 0.63 | 0.69 | 0.83 | 0.63 | 2.79 |
| Diluted net income per share attributable to American Tower Corporation common stockholders | 0.63 | 0.69 | 0.83 | 0.62 | 2.77 |
| (1) Represents Operating expenses, exclusive of Depreciation, amortization and accretion, Selling, general, administrative and development expense, and Other operating expenses. | | | | | | |
| 24. SUBSEQUENT EVENTS | | | | | | |
| 2.400% Senior Notes and 2.900% Senior Notes Offering—On January 10, 2020, the Company completed a registered public offering of $750.0 million aggregate principal amount of 2.400% senior unsecured notes due 2025 and $750.0 million aggregate principal amount of 2.900% senior unsecured notes due 2030. The net proceeds from this offering were approximately $1,483.4 million, after deducting commissions and estimated expenses. The Company used the net proceeds to repay existing indebtedness under the 2019 Credit Facility. | | | | | | |
| Repayment of 5.900% Senior Notes—On January 15, 2020, the Company redeemed all of the $500.0 million aggregate principal amount of 5.900% senior unsecured notes due 2021 (the “5.900% Notes”) at a price equal to 106.7090% of the | | | | | | |
|
|||
What was the change in Operating revenues between Three Months Ended March and June?
|
2cdc6aedd6c32554a98de62af9a6ffcd.pdf
|
39.1
|
arithmetic
|
1
|
tatdqa
|
| | | | | | AMERICAN TOWER CORPORATION AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Tabular amounts in millions, unless otherwise disclosed) |
| --- | --- | --- | --- | --- | --- |
| | | | | | 23. SELECTED QUARTERLY FINANCIAL DATA (UNAUDITED) |
| Selected quarterly financial data for the years ended December 31, 2019 and 2018 is as follows (in millions, except per share data): | | | | | | |
| | Three Months Ended | | | | Year Ended December 31, |
| | March 31, | June 30, | September 30, | December 31, | |
| 2019: | | | | | |
| Operating revenues | $1,813.4 | $1,889.6 | $1,953.6 | $1,923.7 | $7,580.3 |
| Costs of operations (1) | 543.4 | 563.3 | 559.9 | 550.2 | 2,216.8 |
| Operating income | 614.9 | 683.9 | 728.3 | 661.3 | 2,688.4 |
| Net income | 407.6 | 434.3 | 505.3 | 569.4 | 1,916.6 |
| Net income attributable to American Tower Corporation stockholders | 397.4 | 429.1 | 498.6 | 562.7 | 1,887.8 |
| Net income attributable to American Tower Corporation common stockholders | 397.4 | 429.1 | 498.6 | 562.7 | 1,887.8 |
| Basic net income per share attributable to American Tower Corporation common stockholders | 0.90 | 0.97 | 1.13 | 1.27 | 4.27 |
| Diluted net income per share attributable to American Tower Corporation common stockholders | 0.89 | 0.96 | 1.12 | 1.26 | 4.24 |
| | Three Months Ended | | | | Year Ended December 31, |
| | March 31, | June 30, | September 30, | December 31, | |
| 2018: | | | | | |
| Operating revenues | $1,741.8 | $1,780.9 | $1,785.5 | $2,131.9 | $7,440.1 |
| Costs of operations (1) | 519.9 | 560.3 | 556.7 | 540.9 | 2,177.8 |
| Operating income | 402.9 | 546.0 | 567.2 | 388.9 | 1,905.0 |
| Net income | 280.3 | 314.4 | 377.3 | 292.7 | 1,264.7 |
| Net income attributable to American Tower Corporation stockholders | 285.2 | 306.7 | 366.9 | 277.6 | 1,236.4 |
| Dividends on preferred stock | (9.4) | — | — | — | (9.4) |
| Net income attributable to American Tower Corporation common stockholders | 275.8 | 306.7 | 366.9 | 277.6 | 1,227.0 |
| Basic net income per share attributable to American Tower Corporation common stockholders | 0.63 | 0.69 | 0.83 | 0.63 | 2.79 |
| Diluted net income per share attributable to American Tower Corporation common stockholders | 0.63 | 0.69 | 0.83 | 0.62 | 2.77 |
| (1) Represents Operating expenses, exclusive of Depreciation, amortization and accretion, Selling, general, administrative and development expense, and Other operating expenses. | | | | | | |
| 24. SUBSEQUENT EVENTS | | | | | | |
| 2.400% Senior Notes and 2.900% Senior Notes Offering—On January 10, 2020, the Company completed a registered public offering of $750.0 million aggregate principal amount of 2.400% senior unsecured notes due 2025 and $750.0 million aggregate principal amount of 2.900% senior unsecured notes due 2030. The net proceeds from this offering were approximately $1,483.4 million, after deducting commissions and estimated expenses. The Company used the net proceeds to repay existing indebtedness under the 2019 Credit Facility. | | | | | | |
| Repayment of 5.900% Senior Notes—On January 15, 2020, the Company redeemed all of the $500.0 million aggregate principal amount of 5.900% senior unsecured notes due 2021 (the “5.900% Notes”) at a price equal to 106.7090% of the | | | | | | |
|
|||
What was the percentage change in operating revenues between Three Months Ended September and December?
|
2cdc6aedd6c32554a98de62af9a6ffcd.pdf
|
19.4
|
arithmetic
|
1
|
tatdqa
|
| | | | | | AMERICAN TOWER CORPORATION AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Tabular amounts in millions, unless otherwise disclosed) |
| --- | --- | --- | --- | --- | --- |
| | | | | | 23. SELECTED QUARTERLY FINANCIAL DATA (UNAUDITED) |
| Selected quarterly financial data for the years ended December 31, 2019 and 2018 is as follows (in millions, except per share data): | | | | | | |
| | Three Months Ended | | | | Year Ended December 31, |
| | March 31, | June 30, | September 30, | December 31, | |
| 2019: | | | | | |
| Operating revenues | $1,813.4 | $1,889.6 | $1,953.6 | $1,923.7 | $7,580.3 |
| Costs of operations (1) | 543.4 | 563.3 | 559.9 | 550.2 | 2,216.8 |
| Operating income | 614.9 | 683.9 | 728.3 | 661.3 | 2,688.4 |
| Net income | 407.6 | 434.3 | 505.3 | 569.4 | 1,916.6 |
| Net income attributable to American Tower Corporation stockholders | 397.4 | 429.1 | 498.6 | 562.7 | 1,887.8 |
| Net income attributable to American Tower Corporation common stockholders | 397.4 | 429.1 | 498.6 | 562.7 | 1,887.8 |
| Basic net income per share attributable to American Tower Corporation common stockholders | 0.90 | 0.97 | 1.13 | 1.27 | 4.27 |
| Diluted net income per share attributable to American Tower Corporation common stockholders | 0.89 | 0.96 | 1.12 | 1.26 | 4.24 |
| | Three Months Ended | | | | Year Ended December 31, |
| | March 31, | June 30, | September 30, | December 31, | |
| 2018: | | | | | |
| Operating revenues | $1,741.8 | $1,780.9 | $1,785.5 | $2,131.9 | $7,440.1 |
| Costs of operations (1) | 519.9 | 560.3 | 556.7 | 540.9 | 2,177.8 |
| Operating income | 402.9 | 546.0 | 567.2 | 388.9 | 1,905.0 |
| Net income | 280.3 | 314.4 | 377.3 | 292.7 | 1,264.7 |
| Net income attributable to American Tower Corporation stockholders | 285.2 | 306.7 | 366.9 | 277.6 | 1,236.4 |
| Dividends on preferred stock | (9.4) | — | — | — | (9.4) |
| Net income attributable to American Tower Corporation common stockholders | 275.8 | 306.7 | 366.9 | 277.6 | 1,227.0 |
| Basic net income per share attributable to American Tower Corporation common stockholders | 0.63 | 0.69 | 0.83 | 0.63 | 2.79 |
| Diluted net income per share attributable to American Tower Corporation common stockholders | 0.63 | 0.69 | 0.83 | 0.62 | 2.77 |
| (1) Represents Operating expenses, exclusive of Depreciation, amortization and accretion, Selling, general, administrative and development expense, and Other operating expenses. | | | | | | |
| 24. SUBSEQUENT EVENTS | | | | | | |
| 2.400% Senior Notes and 2.900% Senior Notes Offering—On January 10, 2020, the Company completed a registered public offering of $750.0 million aggregate principal amount of 2.400% senior unsecured notes due 2025 and $750.0 million aggregate principal amount of 2.900% senior unsecured notes due 2030. The net proceeds from this offering were approximately $1,483.4 million, after deducting commissions and estimated expenses. The Company used the net proceeds to repay existing indebtedness under the 2019 Credit Facility. | | | | | | |
| Repayment of 5.900% Senior Notes—On January 15, 2020, the Company redeemed all of the $500.0 million aggregate principal amount of 5.900% senior unsecured notes due 2021 (the “5.900% Notes”) at a price equal to 106.7090% of the | | | | | | |
|
|||
Which years does the table provide information for the reconciliation of equity method investments to the Company's Consolidated Balance Sheets?
|
1a6355211f4927c88d1a7c1325562cdc.pdf
|
['2019', '2018']
|
multi-span
|
1
|
tatdqa
|
# KEMET CORPORATION AND SUBSIDIARIES
## Notes to Consolidated Financial Statements (Continued)
## Note 5: Goodwill and Intangible Assets
The following table highlights the Company's intangible assets (amounts in thousands):
| | March 31, 2019 | | | March 31, 2018 | | |
| :--: | :--: | :--: | :--: | :--: | :--: | :--: |
| | Carrying Amount | Accumulated Amortization | Net Amount | Carrying Amount | Accumulated Amortization | Net Amount |
| Indefinite Lived Intangible Assets: | | | | | | |
| Trademarks | \$ 15,151 | \$ — | \$ 15,151 | \$ 15,474 | \$ — | \$ 15,474 |
| Amortizing Intangibles: | | | | | | |
| Patents (10 - 18 years) | 26,662 | $(12,046)$ | 14,616 | 26,662 | $(10,625)$ | 16,037 |
| Customer relationships (10 - 21 years | 37,850 | $(13,868)$ | 23,982 | 40,131 | $(11,735)$ | 28,396 |
| Other | 214 | (214) | — | 238 | (238) | — |
| Total amortizing intangibles | 64,726 | $(26,128)$ | 38,598 | 67,031 | $(22,598)$ | 44,433 |
| Total intangible assets | \$ 79,877 | $\$(26,128)$ | \$ 53,749 | \$ 82,505 | $\$(22,598)$ | \$ 59,907 |
For fiscal years ended March 31, 2019, 2018, and 2017, amortization related to intangibles was $\$ 4.5$ million, $\$ 4.3$ million and $\$ 2.1$ million, respectively, consisting of amortization related to patents of $\$ 1.4$ million, $\$ 1.4$ million, and $\$ 1.5$ million, respectively, and amortization related to customer relationships of $\$ 3.1$ million, $\$ 2.9$ million, and $\$ 0.6$ million, respectively.
The weighted-average useful life as of March 31, 2019 and 2018 for patents was 15.8 years and for customer relationships was 12.3 years. The weighted-average period prior to the next renewal for patents was 2.5 years and 3.5 years as of March 31, 2019 and 2018, respectively. Estimated amortization of intangible assets for each of the next five fiscal years is $\$ 4.5$ million, and thereafter, amortization will total $\$ 16.1$ million. Estimated amortization of patents for each of the next five fiscal years is $\$ 1.4$ million, and thereafter, amortization will total $\$ 7.5$ million. Estimated amortization of customer relationships for each of the next five fiscal years is $\$ 3.1$ million, and thereafter, amortization will total $\$ 8.6$ million.
For fiscal year 2019, the Company completed its impairment test on goodwill and intangible assets with indefinite useful lives as of January 1, 2019 and concluded that goodwill and indefinite-lived assets were not impaired. The were no changes to the carrying amount of goodwill for the years ended March 31, 2019 and 2018. As of March 31, 2019, and 2018, the carrying amount of goodwill was $\$ 40.3$ million.
## Note 6: Equity Method Investments
The following table provides a reconciliation of equity method investments to the Company's Consolidated Balance Sheets (amounts in thousands):
March 31,
| | 2019 | 2018 |
| :--: | :--: | :--: |
| Nippon Yttrium Co., Ltd ("NYC") | \$ 8,215 | \$ 8,148 |
| NT Sales Co., Ltd ("NTS") | 1,218 | 998 |
| Novasentis | 977 | 2,870 |
| KEMET Jianghai Electronics Components Co., Ltd ("KEMET Jianghai") | 2,515 | — |
| | \$ 12,925 | \$ 12,016 |
TOKIN's Joint Ventures - NYC and NTS
As noted in Note 2, "Acquisitions," 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.
|
|||
What was the amount of investments into Novasentis in 2019?
|
1a6355211f4927c88d1a7c1325562cdc.pdf
|
['977']
|
span
|
1
|
tatdqa
|
# KEMET CORPORATION AND SUBSIDIARIES
## Notes to Consolidated Financial Statements (Continued)
## Note 5: Goodwill and Intangible Assets
The following table highlights the Company's intangible assets (amounts in thousands):
| | March 31, 2019 | | | March 31, 2018 | | |
| :--: | :--: | :--: | :--: | :--: | :--: | :--: |
| | Carrying Amount | Accumulated Amortization | Net Amount | Carrying Amount | Accumulated Amortization | Net Amount |
| Indefinite Lived Intangible Assets: | | | | | | |
| Trademarks | \$ 15,151 | \$ — | \$ 15,151 | \$ 15,474 | \$ — | \$ 15,474 |
| Amortizing Intangibles: | | | | | | |
| Patents (10 - 18 years) | 26,662 | $(12,046)$ | 14,616 | 26,662 | $(10,625)$ | 16,037 |
| Customer relationships (10 - 21 years | 37,850 | $(13,868)$ | 23,982 | 40,131 | $(11,735)$ | 28,396 |
| Other | 214 | (214) | — | 238 | (238) | — |
| Total amortizing intangibles | 64,726 | $(26,128)$ | 38,598 | 67,031 | $(22,598)$ | 44,433 |
| Total intangible assets | \$ 79,877 | $\$(26,128)$ | \$ 53,749 | \$ 82,505 | $\$(22,598)$ | \$ 59,907 |
For fiscal years ended March 31, 2019, 2018, and 2017, amortization related to intangibles was $\$ 4.5$ million, $\$ 4.3$ million and $\$ 2.1$ million, respectively, consisting of amortization related to patents of $\$ 1.4$ million, $\$ 1.4$ million, and $\$ 1.5$ million, respectively, and amortization related to customer relationships of $\$ 3.1$ million, $\$ 2.9$ million, and $\$ 0.6$ million, respectively.
The weighted-average useful life as of March 31, 2019 and 2018 for patents was 15.8 years and for customer relationships was 12.3 years. The weighted-average period prior to the next renewal for patents was 2.5 years and 3.5 years as of March 31, 2019 and 2018, respectively. Estimated amortization of intangible assets for each of the next five fiscal years is $\$ 4.5$ million, and thereafter, amortization will total $\$ 16.1$ million. Estimated amortization of patents for each of the next five fiscal years is $\$ 1.4$ million, and thereafter, amortization will total $\$ 7.5$ million. Estimated amortization of customer relationships for each of the next five fiscal years is $\$ 3.1$ million, and thereafter, amortization will total $\$ 8.6$ million.
For fiscal year 2019, the Company completed its impairment test on goodwill and intangible assets with indefinite useful lives as of January 1, 2019 and concluded that goodwill and indefinite-lived assets were not impaired. The were no changes to the carrying amount of goodwill for the years ended March 31, 2019 and 2018. As of March 31, 2019, and 2018, the carrying amount of goodwill was $\$ 40.3$ million.
## Note 6: Equity Method Investments
The following table provides a reconciliation of equity method investments to the Company's Consolidated Balance Sheets (amounts in thousands):
March 31,
| | 2019 | 2018 |
| :--: | :--: | :--: |
| Nippon Yttrium Co., Ltd ("NYC") | \$ 8,215 | \$ 8,148 |
| NT Sales Co., Ltd ("NTS") | 1,218 | 998 |
| Novasentis | 977 | 2,870 |
| KEMET Jianghai Electronics Components Co., Ltd ("KEMET Jianghai") | 2,515 | — |
| | \$ 12,925 | \$ 12,016 |
TOKIN's Joint Ventures - NYC and NTS
As noted in Note 2, "Acquisitions," 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.
|
|||
What was the total investments in 2018?
|
1a6355211f4927c88d1a7c1325562cdc.pdf
|
['12,016']
|
span
|
1
|
tatdqa
|
# KEMET CORPORATION AND SUBSIDIARIES
## Notes to Consolidated Financial Statements (Continued)
## Note 5: Goodwill and Intangible Assets
The following table highlights the Company's intangible assets (amounts in thousands):
| | March 31, 2019 | | | March 31, 2018 | | |
| :--: | :--: | :--: | :--: | :--: | :--: | :--: |
| | Carrying Amount | Accumulated Amortization | Net Amount | Carrying Amount | Accumulated Amortization | Net Amount |
| Indefinite Lived Intangible Assets: | | | | | | |
| Trademarks | \$ 15,151 | \$ — | \$ 15,151 | \$ 15,474 | \$ — | \$ 15,474 |
| Amortizing Intangibles: | | | | | | |
| Patents (10 - 18 years) | 26,662 | $(12,046)$ | 14,616 | 26,662 | $(10,625)$ | 16,037 |
| Customer relationships (10 - 21 years | 37,850 | $(13,868)$ | 23,982 | 40,131 | $(11,735)$ | 28,396 |
| Other | 214 | (214) | — | 238 | (238) | — |
| Total amortizing intangibles | 64,726 | $(26,128)$ | 38,598 | 67,031 | $(22,598)$ | 44,433 |
| Total intangible assets | \$ 79,877 | $\$(26,128)$ | \$ 53,749 | \$ 82,505 | $\$(22,598)$ | \$ 59,907 |
For fiscal years ended March 31, 2019, 2018, and 2017, amortization related to intangibles was $\$ 4.5$ million, $\$ 4.3$ million and $\$ 2.1$ million, respectively, consisting of amortization related to patents of $\$ 1.4$ million, $\$ 1.4$ million, and $\$ 1.5$ million, respectively, and amortization related to customer relationships of $\$ 3.1$ million, $\$ 2.9$ million, and $\$ 0.6$ million, respectively.
The weighted-average useful life as of March 31, 2019 and 2018 for patents was 15.8 years and for customer relationships was 12.3 years. The weighted-average period prior to the next renewal for patents was 2.5 years and 3.5 years as of March 31, 2019 and 2018, respectively. Estimated amortization of intangible assets for each of the next five fiscal years is $\$ 4.5$ million, and thereafter, amortization will total $\$ 16.1$ million. Estimated amortization of patents for each of the next five fiscal years is $\$ 1.4$ million, and thereafter, amortization will total $\$ 7.5$ million. Estimated amortization of customer relationships for each of the next five fiscal years is $\$ 3.1$ million, and thereafter, amortization will total $\$ 8.6$ million.
For fiscal year 2019, the Company completed its impairment test on goodwill and intangible assets with indefinite useful lives as of January 1, 2019 and concluded that goodwill and indefinite-lived assets were not impaired. The were no changes to the carrying amount of goodwill for the years ended March 31, 2019 and 2018. As of March 31, 2019, and 2018, the carrying amount of goodwill was $\$ 40.3$ million.
## Note 6: Equity Method Investments
The following table provides a reconciliation of equity method investments to the Company's Consolidated Balance Sheets (amounts in thousands):
March 31,
| | 2019 | 2018 |
| :--: | :--: | :--: |
| Nippon Yttrium Co., Ltd ("NYC") | \$ 8,215 | \$ 8,148 |
| NT Sales Co., Ltd ("NTS") | 1,218 | 998 |
| Novasentis | 977 | 2,870 |
| KEMET Jianghai Electronics Components Co., Ltd ("KEMET Jianghai") | 2,515 | — |
| | \$ 12,925 | \$ 12,016 |
TOKIN's Joint Ventures - NYC and NTS
As noted in Note 2, "Acquisitions," 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.
|
|||
What was the change in the investments into Nippon Yttrium Co., Ltd ("NYC") between 2018 and 2019?
|
1a6355211f4927c88d1a7c1325562cdc.pdf
|
67
|
arithmetic
|
1
|
tatdqa
|
# KEMET CORPORATION AND SUBSIDIARIES
## Notes to Consolidated Financial Statements (Continued)
## Note 5: Goodwill and Intangible Assets
The following table highlights the Company's intangible assets (amounts in thousands):
| | March 31, 2019 | | | March 31, 2018 | | |
| :--: | :--: | :--: | :--: | :--: | :--: | :--: |
| | Carrying Amount | Accumulated Amortization | Net Amount | Carrying Amount | Accumulated Amortization | Net Amount |
| Indefinite Lived Intangible Assets: | | | | | | |
| Trademarks | \$ 15,151 | \$ — | \$ 15,151 | \$ 15,474 | \$ — | \$ 15,474 |
| Amortizing Intangibles: | | | | | | |
| Patents (10 - 18 years) | 26,662 | $(12,046)$ | 14,616 | 26,662 | $(10,625)$ | 16,037 |
| Customer relationships (10 - 21 years | 37,850 | $(13,868)$ | 23,982 | 40,131 | $(11,735)$ | 28,396 |
| Other | 214 | (214) | — | 238 | (238) | — |
| Total amortizing intangibles | 64,726 | $(26,128)$ | 38,598 | 67,031 | $(22,598)$ | 44,433 |
| Total intangible assets | \$ 79,877 | $\$(26,128)$ | \$ 53,749 | \$ 82,505 | $\$(22,598)$ | \$ 59,907 |
For fiscal years ended March 31, 2019, 2018, and 2017, amortization related to intangibles was $\$ 4.5$ million, $\$ 4.3$ million and $\$ 2.1$ million, respectively, consisting of amortization related to patents of $\$ 1.4$ million, $\$ 1.4$ million, and $\$ 1.5$ million, respectively, and amortization related to customer relationships of $\$ 3.1$ million, $\$ 2.9$ million, and $\$ 0.6$ million, respectively.
The weighted-average useful life as of March 31, 2019 and 2018 for patents was 15.8 years and for customer relationships was 12.3 years. The weighted-average period prior to the next renewal for patents was 2.5 years and 3.5 years as of March 31, 2019 and 2018, respectively. Estimated amortization of intangible assets for each of the next five fiscal years is $\$ 4.5$ million, and thereafter, amortization will total $\$ 16.1$ million. Estimated amortization of patents for each of the next five fiscal years is $\$ 1.4$ million, and thereafter, amortization will total $\$ 7.5$ million. Estimated amortization of customer relationships for each of the next five fiscal years is $\$ 3.1$ million, and thereafter, amortization will total $\$ 8.6$ million.
For fiscal year 2019, the Company completed its impairment test on goodwill and intangible assets with indefinite useful lives as of January 1, 2019 and concluded that goodwill and indefinite-lived assets were not impaired. The were no changes to the carrying amount of goodwill for the years ended March 31, 2019 and 2018. As of March 31, 2019, and 2018, the carrying amount of goodwill was $\$ 40.3$ million.
## Note 6: Equity Method Investments
The following table provides a reconciliation of equity method investments to the Company's Consolidated Balance Sheets (amounts in thousands):
March 31,
| | 2019 | 2018 |
| :--: | :--: | :--: |
| Nippon Yttrium Co., Ltd ("NYC") | \$ 8,215 | \$ 8,148 |
| NT Sales Co., Ltd ("NTS") | 1,218 | 998 |
| Novasentis | 977 | 2,870 |
| KEMET Jianghai Electronics Components Co., Ltd ("KEMET Jianghai") | 2,515 | — |
| | \$ 12,925 | \$ 12,016 |
TOKIN's Joint Ventures - NYC and NTS
As noted in Note 2, "Acquisitions," 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.
|
|||
What was the change in the investments into Novasentis between 2018 and 2019?
|
1a6355211f4927c88d1a7c1325562cdc.pdf
|
-1893
|
arithmetic
|
1
|
tatdqa
|
# KEMET CORPORATION AND SUBSIDIARIES
## Notes to Consolidated Financial Statements (Continued)
## Note 5: Goodwill and Intangible Assets
The following table highlights the Company's intangible assets (amounts in thousands):
| | March 31, 2019 | | | March 31, 2018 | | |
| :--: | :--: | :--: | :--: | :--: | :--: | :--: |
| | Carrying Amount | Accumulated Amortization | Net Amount | Carrying Amount | Accumulated Amortization | Net Amount |
| Indefinite Lived Intangible Assets: | | | | | | |
| Trademarks | \$ 15,151 | \$ — | \$ 15,151 | \$ 15,474 | \$ — | \$ 15,474 |
| Amortizing Intangibles: | | | | | | |
| Patents (10 - 18 years) | 26,662 | $(12,046)$ | 14,616 | 26,662 | $(10,625)$ | 16,037 |
| Customer relationships (10 - 21 years | 37,850 | $(13,868)$ | 23,982 | 40,131 | $(11,735)$ | 28,396 |
| Other | 214 | (214) | — | 238 | (238) | — |
| Total amortizing intangibles | 64,726 | $(26,128)$ | 38,598 | 67,031 | $(22,598)$ | 44,433 |
| Total intangible assets | \$ 79,877 | $\$(26,128)$ | \$ 53,749 | \$ 82,505 | $\$(22,598)$ | \$ 59,907 |
For fiscal years ended March 31, 2019, 2018, and 2017, amortization related to intangibles was $\$ 4.5$ million, $\$ 4.3$ million and $\$ 2.1$ million, respectively, consisting of amortization related to patents of $\$ 1.4$ million, $\$ 1.4$ million, and $\$ 1.5$ million, respectively, and amortization related to customer relationships of $\$ 3.1$ million, $\$ 2.9$ million, and $\$ 0.6$ million, respectively.
The weighted-average useful life as of March 31, 2019 and 2018 for patents was 15.8 years and for customer relationships was 12.3 years. The weighted-average period prior to the next renewal for patents was 2.5 years and 3.5 years as of March 31, 2019 and 2018, respectively. Estimated amortization of intangible assets for each of the next five fiscal years is $\$ 4.5$ million, and thereafter, amortization will total $\$ 16.1$ million. Estimated amortization of patents for each of the next five fiscal years is $\$ 1.4$ million, and thereafter, amortization will total $\$ 7.5$ million. Estimated amortization of customer relationships for each of the next five fiscal years is $\$ 3.1$ million, and thereafter, amortization will total $\$ 8.6$ million.
For fiscal year 2019, the Company completed its impairment test on goodwill and intangible assets with indefinite useful lives as of January 1, 2019 and concluded that goodwill and indefinite-lived assets were not impaired. The were no changes to the carrying amount of goodwill for the years ended March 31, 2019 and 2018. As of March 31, 2019, and 2018, the carrying amount of goodwill was $\$ 40.3$ million.
## Note 6: Equity Method Investments
The following table provides a reconciliation of equity method investments to the Company's Consolidated Balance Sheets (amounts in thousands):
March 31,
| | 2019 | 2018 |
| :--: | :--: | :--: |
| Nippon Yttrium Co., Ltd ("NYC") | \$ 8,215 | \$ 8,148 |
| NT Sales Co., Ltd ("NTS") | 1,218 | 998 |
| Novasentis | 977 | 2,870 |
| KEMET Jianghai Electronics Components Co., Ltd ("KEMET Jianghai") | 2,515 | — |
| | \$ 12,925 | \$ 12,016 |
TOKIN's Joint Ventures - NYC and NTS
As noted in Note 2, "Acquisitions," 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.
|
|||
What was the percentage change in total investments between 2018 and 2019?
|
1a6355211f4927c88d1a7c1325562cdc.pdf
|
7.56
|
arithmetic
|
1
|
tatdqa
|
# KEMET CORPORATION AND SUBSIDIARIES
## Notes to Consolidated Financial Statements (Continued)
## Note 5: Goodwill and Intangible Assets
The following table highlights the Company's intangible assets (amounts in thousands):
| | March 31, 2019 | | | March 31, 2018 | | |
| :--: | :--: | :--: | :--: | :--: | :--: | :--: |
| | Carrying Amount | Accumulated Amortization | Net Amount | Carrying Amount | Accumulated Amortization | Net Amount |
| Indefinite Lived Intangible Assets: | | | | | | |
| Trademarks | \$ 15,151 | \$ — | \$ 15,151 | \$ 15,474 | \$ — | \$ 15,474 |
| Amortizing Intangibles: | | | | | | |
| Patents (10 - 18 years) | 26,662 | $(12,046)$ | 14,616 | 26,662 | $(10,625)$ | 16,037 |
| Customer relationships (10 - 21 years | 37,850 | $(13,868)$ | 23,982 | 40,131 | $(11,735)$ | 28,396 |
| Other | 214 | (214) | — | 238 | (238) | — |
| Total amortizing intangibles | 64,726 | $(26,128)$ | 38,598 | 67,031 | $(22,598)$ | 44,433 |
| Total intangible assets | \$ 79,877 | $\$(26,128)$ | \$ 53,749 | \$ 82,505 | $\$(22,598)$ | \$ 59,907 |
For fiscal years ended March 31, 2019, 2018, and 2017, amortization related to intangibles was $\$ 4.5$ million, $\$ 4.3$ million and $\$ 2.1$ million, respectively, consisting of amortization related to patents of $\$ 1.4$ million, $\$ 1.4$ million, and $\$ 1.5$ million, respectively, and amortization related to customer relationships of $\$ 3.1$ million, $\$ 2.9$ million, and $\$ 0.6$ million, respectively.
The weighted-average useful life as of March 31, 2019 and 2018 for patents was 15.8 years and for customer relationships was 12.3 years. The weighted-average period prior to the next renewal for patents was 2.5 years and 3.5 years as of March 31, 2019 and 2018, respectively. Estimated amortization of intangible assets for each of the next five fiscal years is $\$ 4.5$ million, and thereafter, amortization will total $\$ 16.1$ million. Estimated amortization of patents for each of the next five fiscal years is $\$ 1.4$ million, and thereafter, amortization will total $\$ 7.5$ million. Estimated amortization of customer relationships for each of the next five fiscal years is $\$ 3.1$ million, and thereafter, amortization will total $\$ 8.6$ million.
For fiscal year 2019, the Company completed its impairment test on goodwill and intangible assets with indefinite useful lives as of January 1, 2019 and concluded that goodwill and indefinite-lived assets were not impaired. The were no changes to the carrying amount of goodwill for the years ended March 31, 2019 and 2018. As of March 31, 2019, and 2018, the carrying amount of goodwill was $\$ 40.3$ million.
## Note 6: Equity Method Investments
The following table provides a reconciliation of equity method investments to the Company's Consolidated Balance Sheets (amounts in thousands):
March 31,
| | 2019 | 2018 |
| :--: | :--: | :--: |
| Nippon Yttrium Co., Ltd ("NYC") | \$ 8,215 | \$ 8,148 |
| NT Sales Co., Ltd ("NTS") | 1,218 | 998 |
| Novasentis | 977 | 2,870 |
| KEMET Jianghai Electronics Components Co., Ltd ("KEMET Jianghai") | 2,515 | — |
| | \$ 12,925 | \$ 12,016 |
TOKIN's Joint Ventures - NYC and NTS
As noted in Note 2, "Acquisitions," 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.
|
|||
Which years does the table provide information for other non-current assets of the company?
|
5234f98bb83149f43344086a551cb9b2.pdf
|
['2019', '2018']
|
multi-span
|
1
|
tatdqa
|
# BLACK KNIGHT, INC. <br> NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - (Continued)
## (10) Goodwill
Goodwill consists of the following (in millions):
| | Software <br> Solutions | Data and <br> Analytics | Corporate <br> and Other | Total |
| :-- | --: | --: | --: | --: |
| Balance, December 31, 2017 | $\$ 2,134.7$ | $\$ 172.1$ | $\$ —$ | $\$ 2,306.8$ |
| HeavyWater and Ernst acquisitions (Note 3) | 22.9 | - | - | 22.9 |
| Balance, December 31, 2018 | $2,157.6$ | 172.1 | - | $2,329.7$ |
| Compass Analytics acquisition (Note 3) | 31.7 | - | - | 31.7 |
| Balance, December 31, 2019 | $\$ 2,189.3$ | $\$ 172.1$ | $\$ —$ | $\$ 2,361.4$ |
The 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.
## (11) Other Non-Current Assets
Other non-current assets consist of the following (in millions):
| | December 31, | |
| :--: | :--: | :--: |
| | 2019 | 2018 |
| Property records database | \$ 60.1 | \$ 59.9 |
| Contract assets | 37.8 | 17.0 |
| Right-of-use assets | 26.4 | - |
| Deferred compensation plan related assets | 15.2 | 11.1 |
| Unbilled receivables | 3.5 | 5.0 |
| Prepaid expenses | 8.1 | 18.3 |
| Unrealized gains on interest rate swaps | - | 6.2 |
| Other | 7.7 | 4.3 |
| Other non-current assets | \$ 158.8 | \$ 121.8 |
## (12) Long-Term Debt
Long-term debt consists of the following (in millions):
| | December 31, 2019 | | | | December 31, 2018 | | | |
| :--: | :--: | :--: | :--: | :--: | :--: | :--: | :--: | :--: |
| | Principal | Debt issuance costs | Discount | Total | Principal | Debt issuance costs | Discount | Total |
| Term A Loan | \$1,203.1 | \$ (5.2) | \$ — | \$1,197.9 | \$1,234.4 | \$ (6.9) | \$ — | \$1,227.5 |
| Revolving Credit Facility | 310.0 | (4.1) | — | 305.9 | 82.5 | (5.4) | — | 77.1 |
| Other | 41.7 | — | (1.3) | 40.4 | 32.9 | — | (0.8) | 32.1 |
| Total long-term debt | 1,554.8 | (9.3) | (1.3) | 1,544.2 | 1,349.8 | (12.3) | (0.8) | 1,336.7 |
| Less: Current portion of debt | 80.0 | (0.2) | (0.7) | 79.1 | 53.2 | (0.2) | (0.5) | 52.5 |
| Long-term debt, net of current portion | \$1,474.8 | \$ (9.1) | \$ (0.6) | \$1,465.1 | \$1,296.6 | \$ (12.1) | \$ (0.3) | \$1,284.2 |
|
|||
What were the amount of contract assets in 2019?
|
5234f98bb83149f43344086a551cb9b2.pdf
|
['37.8']
|
span
|
1
|
tatdqa
|
# BLACK KNIGHT, INC. <br> NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - (Continued)
## (10) Goodwill
Goodwill consists of the following (in millions):
| | Software <br> Solutions | Data and <br> Analytics | Corporate <br> and Other | Total |
| :-- | --: | --: | --: | --: |
| Balance, December 31, 2017 | $\$ 2,134.7$ | $\$ 172.1$ | $\$ —$ | $\$ 2,306.8$ |
| HeavyWater and Ernst acquisitions (Note 3) | 22.9 | - | - | 22.9 |
| Balance, December 31, 2018 | $2,157.6$ | 172.1 | - | $2,329.7$ |
| Compass Analytics acquisition (Note 3) | 31.7 | - | - | 31.7 |
| Balance, December 31, 2019 | $\$ 2,189.3$ | $\$ 172.1$ | $\$ —$ | $\$ 2,361.4$ |
The 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.
## (11) Other Non-Current Assets
Other non-current assets consist of the following (in millions):
| | December 31, | |
| :--: | :--: | :--: |
| | 2019 | 2018 |
| Property records database | \$ 60.1 | \$ 59.9 |
| Contract assets | 37.8 | 17.0 |
| Right-of-use assets | 26.4 | - |
| Deferred compensation plan related assets | 15.2 | 11.1 |
| Unbilled receivables | 3.5 | 5.0 |
| Prepaid expenses | 8.1 | 18.3 |
| Unrealized gains on interest rate swaps | - | 6.2 |
| Other | 7.7 | 4.3 |
| Other non-current assets | \$ 158.8 | \$ 121.8 |
## (12) Long-Term Debt
Long-term debt consists of the following (in millions):
| | December 31, 2019 | | | | December 31, 2018 | | | |
| :--: | :--: | :--: | :--: | :--: | :--: | :--: | :--: | :--: |
| | Principal | Debt issuance costs | Discount | Total | Principal | Debt issuance costs | Discount | Total |
| Term A Loan | \$1,203.1 | \$ (5.2) | \$ — | \$1,197.9 | \$1,234.4 | \$ (6.9) | \$ — | \$1,227.5 |
| Revolving Credit Facility | 310.0 | (4.1) | — | 305.9 | 82.5 | (5.4) | — | 77.1 |
| Other | 41.7 | — | (1.3) | 40.4 | 32.9 | — | (0.8) | 32.1 |
| Total long-term debt | 1,554.8 | (9.3) | (1.3) | 1,544.2 | 1,349.8 | (12.3) | (0.8) | 1,336.7 |
| Less: Current portion of debt | 80.0 | (0.2) | (0.7) | 79.1 | 53.2 | (0.2) | (0.5) | 52.5 |
| Long-term debt, net of current portion | \$1,474.8 | \$ (9.1) | \$ (0.6) | \$1,465.1 | \$1,296.6 | \$ (12.1) | \$ (0.3) | \$1,284.2 |
|
|||
What was the amount of right-of-use assets in 2019?
|
5234f98bb83149f43344086a551cb9b2.pdf
|
['26.4']
|
span
|
1
|
tatdqa
|
# BLACK KNIGHT, INC. <br> NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - (Continued)
## (10) Goodwill
Goodwill consists of the following (in millions):
| | Software <br> Solutions | Data and <br> Analytics | Corporate <br> and Other | Total |
| :-- | --: | --: | --: | --: |
| Balance, December 31, 2017 | $\$ 2,134.7$ | $\$ 172.1$ | $\$ —$ | $\$ 2,306.8$ |
| HeavyWater and Ernst acquisitions (Note 3) | 22.9 | - | - | 22.9 |
| Balance, December 31, 2018 | $2,157.6$ | 172.1 | - | $2,329.7$ |
| Compass Analytics acquisition (Note 3) | 31.7 | - | - | 31.7 |
| Balance, December 31, 2019 | $\$ 2,189.3$ | $\$ 172.1$ | $\$ —$ | $\$ 2,361.4$ |
The 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.
## (11) Other Non-Current Assets
Other non-current assets consist of the following (in millions):
| | December 31, | |
| :--: | :--: | :--: |
| | 2019 | 2018 |
| Property records database | \$ 60.1 | \$ 59.9 |
| Contract assets | 37.8 | 17.0 |
| Right-of-use assets | 26.4 | - |
| Deferred compensation plan related assets | 15.2 | 11.1 |
| Unbilled receivables | 3.5 | 5.0 |
| Prepaid expenses | 8.1 | 18.3 |
| Unrealized gains on interest rate swaps | - | 6.2 |
| Other | 7.7 | 4.3 |
| Other non-current assets | \$ 158.8 | \$ 121.8 |
## (12) Long-Term Debt
Long-term debt consists of the following (in millions):
| | December 31, 2019 | | | | December 31, 2018 | | | |
| :--: | :--: | :--: | :--: | :--: | :--: | :--: | :--: | :--: |
| | Principal | Debt issuance costs | Discount | Total | Principal | Debt issuance costs | Discount | Total |
| Term A Loan | \$1,203.1 | \$ (5.2) | \$ — | \$1,197.9 | \$1,234.4 | \$ (6.9) | \$ — | \$1,227.5 |
| Revolving Credit Facility | 310.0 | (4.1) | — | 305.9 | 82.5 | (5.4) | — | 77.1 |
| Other | 41.7 | — | (1.3) | 40.4 | 32.9 | — | (0.8) | 32.1 |
| Total long-term debt | 1,554.8 | (9.3) | (1.3) | 1,544.2 | 1,349.8 | (12.3) | (0.8) | 1,336.7 |
| Less: Current portion of debt | 80.0 | (0.2) | (0.7) | 79.1 | 53.2 | (0.2) | (0.5) | 52.5 |
| Long-term debt, net of current portion | \$1,474.8 | \$ (9.1) | \$ (0.6) | \$1,465.1 | \$1,296.6 | \$ (12.1) | \$ (0.3) | \$1,284.2 |
|
|||
What was the change in prepaid expenses between 2018 and 2019?
|
5234f98bb83149f43344086a551cb9b2.pdf
|
-10.2
|
arithmetic
|
1
|
tatdqa
|
# BLACK KNIGHT, INC. <br> NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - (Continued)
## (10) Goodwill
Goodwill consists of the following (in millions):
| | Software <br> Solutions | Data and <br> Analytics | Corporate <br> and Other | Total |
| :-- | --: | --: | --: | --: |
| Balance, December 31, 2017 | $\$ 2,134.7$ | $\$ 172.1$ | $\$ —$ | $\$ 2,306.8$ |
| HeavyWater and Ernst acquisitions (Note 3) | 22.9 | - | - | 22.9 |
| Balance, December 31, 2018 | $2,157.6$ | 172.1 | - | $2,329.7$ |
| Compass Analytics acquisition (Note 3) | 31.7 | - | - | 31.7 |
| Balance, December 31, 2019 | $\$ 2,189.3$ | $\$ 172.1$ | $\$ —$ | $\$ 2,361.4$ |
The 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.
## (11) Other Non-Current Assets
Other non-current assets consist of the following (in millions):
| | December 31, | |
| :--: | :--: | :--: |
| | 2019 | 2018 |
| Property records database | \$ 60.1 | \$ 59.9 |
| Contract assets | 37.8 | 17.0 |
| Right-of-use assets | 26.4 | - |
| Deferred compensation plan related assets | 15.2 | 11.1 |
| Unbilled receivables | 3.5 | 5.0 |
| Prepaid expenses | 8.1 | 18.3 |
| Unrealized gains on interest rate swaps | - | 6.2 |
| Other | 7.7 | 4.3 |
| Other non-current assets | \$ 158.8 | \$ 121.8 |
## (12) Long-Term Debt
Long-term debt consists of the following (in millions):
| | December 31, 2019 | | | | December 31, 2018 | | | |
| :--: | :--: | :--: | :--: | :--: | :--: | :--: | :--: | :--: |
| | Principal | Debt issuance costs | Discount | Total | Principal | Debt issuance costs | Discount | Total |
| Term A Loan | \$1,203.1 | \$ (5.2) | \$ — | \$1,197.9 | \$1,234.4 | \$ (6.9) | \$ — | \$1,227.5 |
| Revolving Credit Facility | 310.0 | (4.1) | — | 305.9 | 82.5 | (5.4) | — | 77.1 |
| Other | 41.7 | — | (1.3) | 40.4 | 32.9 | — | (0.8) | 32.1 |
| Total long-term debt | 1,554.8 | (9.3) | (1.3) | 1,544.2 | 1,349.8 | (12.3) | (0.8) | 1,336.7 |
| Less: Current portion of debt | 80.0 | (0.2) | (0.7) | 79.1 | 53.2 | (0.2) | (0.5) | 52.5 |
| Long-term debt, net of current portion | \$1,474.8 | \$ (9.1) | \$ (0.6) | \$1,465.1 | \$1,296.6 | \$ (12.1) | \$ (0.3) | \$1,284.2 |
|
|||
What was the change in unbilled receivables between 2018 and 2019?
|
5234f98bb83149f43344086a551cb9b2.pdf
|
-1.5
|
arithmetic
|
1
|
tatdqa
|
# BLACK KNIGHT, INC. <br> NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - (Continued)
## (10) Goodwill
Goodwill consists of the following (in millions):
| | Software <br> Solutions | Data and <br> Analytics | Corporate <br> and Other | Total |
| :-- | --: | --: | --: | --: |
| Balance, December 31, 2017 | $\$ 2,134.7$ | $\$ 172.1$ | $\$ —$ | $\$ 2,306.8$ |
| HeavyWater and Ernst acquisitions (Note 3) | 22.9 | - | - | 22.9 |
| Balance, December 31, 2018 | $2,157.6$ | 172.1 | - | $2,329.7$ |
| Compass Analytics acquisition (Note 3) | 31.7 | - | - | 31.7 |
| Balance, December 31, 2019 | $\$ 2,189.3$ | $\$ 172.1$ | $\$ —$ | $\$ 2,361.4$ |
The 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.
## (11) Other Non-Current Assets
Other non-current assets consist of the following (in millions):
| | December 31, | |
| :--: | :--: | :--: |
| | 2019 | 2018 |
| Property records database | \$ 60.1 | \$ 59.9 |
| Contract assets | 37.8 | 17.0 |
| Right-of-use assets | 26.4 | - |
| Deferred compensation plan related assets | 15.2 | 11.1 |
| Unbilled receivables | 3.5 | 5.0 |
| Prepaid expenses | 8.1 | 18.3 |
| Unrealized gains on interest rate swaps | - | 6.2 |
| Other | 7.7 | 4.3 |
| Other non-current assets | \$ 158.8 | \$ 121.8 |
## (12) Long-Term Debt
Long-term debt consists of the following (in millions):
| | December 31, 2019 | | | | December 31, 2018 | | | |
| :--: | :--: | :--: | :--: | :--: | :--: | :--: | :--: | :--: |
| | Principal | Debt issuance costs | Discount | Total | Principal | Debt issuance costs | Discount | Total |
| Term A Loan | \$1,203.1 | \$ (5.2) | \$ — | \$1,197.9 | \$1,234.4 | \$ (6.9) | \$ — | \$1,227.5 |
| Revolving Credit Facility | 310.0 | (4.1) | — | 305.9 | 82.5 | (5.4) | — | 77.1 |
| Other | 41.7 | — | (1.3) | 40.4 | 32.9 | — | (0.8) | 32.1 |
| Total long-term debt | 1,554.8 | (9.3) | (1.3) | 1,544.2 | 1,349.8 | (12.3) | (0.8) | 1,336.7 |
| Less: Current portion of debt | 80.0 | (0.2) | (0.7) | 79.1 | 53.2 | (0.2) | (0.5) | 52.5 |
| Long-term debt, net of current portion | \$1,474.8 | \$ (9.1) | \$ (0.6) | \$1,465.1 | \$1,296.6 | \$ (12.1) | \$ (0.3) | \$1,284.2 |
|
|||
What was the percentage change in the total other non-current assets between 2018 and 2019?
|
5234f98bb83149f43344086a551cb9b2.pdf
|
30.38
|
arithmetic
|
1
|
tatdqa
|
# BLACK KNIGHT, INC. <br> NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - (Continued)
## (10) Goodwill
Goodwill consists of the following (in millions):
| | Software <br> Solutions | Data and <br> Analytics | Corporate <br> and Other | Total |
| :-- | --: | --: | --: | --: |
| Balance, December 31, 2017 | $\$ 2,134.7$ | $\$ 172.1$ | $\$ —$ | $\$ 2,306.8$ |
| HeavyWater and Ernst acquisitions (Note 3) | 22.9 | - | - | 22.9 |
| Balance, December 31, 2018 | $2,157.6$ | 172.1 | - | $2,329.7$ |
| Compass Analytics acquisition (Note 3) | 31.7 | - | - | 31.7 |
| Balance, December 31, 2019 | $\$ 2,189.3$ | $\$ 172.1$ | $\$ —$ | $\$ 2,361.4$ |
The 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.
## (11) Other Non-Current Assets
Other non-current assets consist of the following (in millions):
| | December 31, | |
| :--: | :--: | :--: |
| | 2019 | 2018 |
| Property records database | \$ 60.1 | \$ 59.9 |
| Contract assets | 37.8 | 17.0 |
| Right-of-use assets | 26.4 | - |
| Deferred compensation plan related assets | 15.2 | 11.1 |
| Unbilled receivables | 3.5 | 5.0 |
| Prepaid expenses | 8.1 | 18.3 |
| Unrealized gains on interest rate swaps | - | 6.2 |
| Other | 7.7 | 4.3 |
| Other non-current assets | \$ 158.8 | \$ 121.8 |
## (12) Long-Term Debt
Long-term debt consists of the following (in millions):
| | December 31, 2019 | | | | December 31, 2018 | | | |
| :--: | :--: | :--: | :--: | :--: | :--: | :--: | :--: | :--: |
| | Principal | Debt issuance costs | Discount | Total | Principal | Debt issuance costs | Discount | Total |
| Term A Loan | \$1,203.1 | \$ (5.2) | \$ — | \$1,197.9 | \$1,234.4 | \$ (6.9) | \$ — | \$1,227.5 |
| Revolving Credit Facility | 310.0 | (4.1) | — | 305.9 | 82.5 | (5.4) | — | 77.1 |
| Other | 41.7 | — | (1.3) | 40.4 | 32.9 | — | (0.8) | 32.1 |
| Total long-term debt | 1,554.8 | (9.3) | (1.3) | 1,544.2 | 1,349.8 | (12.3) | (0.8) | 1,336.7 |
| Less: Current portion of debt | 80.0 | (0.2) | (0.7) | 79.1 | 53.2 | (0.2) | (0.5) | 52.5 |
| Long-term debt, net of current portion | \$1,474.8 | \$ (9.1) | \$ (0.6) | \$1,465.1 | \$1,296.6 | \$ (12.1) | \$ (0.3) | \$1,284.2 |
|
|||
How was the percentage of gross lease receivables calculated?
|
6147e6cc940f2bad1d9d35608e1c20ce.pdf
|
['as allowance for credit loss on lease receivables as a percentage of gross lease receivables and residual value before unearned income']
|
span
|
1
|
tatdqa
|
# Allowances for Receivables and Sales Returns
The allowances for receivables were as follows (in millions, except percentages):
| | July 27, 2019 | July 28, 2018 |
| :--: | :--: | :--: |
| Allowance for doubtful accounts | \$ 136 | \$ 129 |
| Percentage of gross accounts receivable | 2.4\% | 2.3\% |
| Allowance for credit loss—lease receivables. | \$ 46 | \$ 135 |
| Percentage of gross lease receivables ${ }^{(1)}$ | 1.8\% | 4.7\% |
| Percentage of gross loan receivables | 1.3\% | 1.2\% |
${ }^{(1)}$ Calculated as allowance for credit loss on lease receivables as a percentage of gross lease receivables and residual value before unearned income.
The 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's 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's 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.
The 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's 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.
A 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.
## Inventory Valuation and Liability for Purchase Commitments with Contract Manufacturers and Suppliers
Inventory is written down based on excess and obsolete inventories, determined primarily by future demand forecasts. Inventory write-downs are measured as the difference between the cost of the inventory and market, based upon assumptions about future demand, and are charged to the provision for inventory, which is a component of our cost of sales. At the point of the loss recognition, a new, lower cost basis for that inventory is established, and subsequent changes in facts and circumstances do not result in the restoration or increase in that newly established cost basis.
We record a liability for firm, noncancelable, and unconditional purchase commitments with contract manufacturers and suppliers for quantities in excess of our future demand forecasts consistent with the valuation of our excess and obsolete inventory.
Our provision for inventory was $\$ 77$ million, $\$ 63$ million, and $\$ 74$ million in fiscal 2019, 2018, and 2017, respectively. The provision for the liability related to purchase commitments with contract manufacturers and suppliers was $\$ 95$ million, $\$ 105$ million, and $\$ 124$ million in fiscal 2019, 2018, and 2017, respectively. If there were to be a sudden and significant decrease in demand for our products, or if there were a higher incidence of inventory obsolescence because of rapidly changing technology and customer requirements, we could be required to increase our inventory write-downs, and our liability for purchase commitments with contract manufacturers and suppliers, and accordingly our profitability, could be adversely affected. We regularly evaluate our exposure for inventory write-downs and the adequacy of our liability for purchase commitments.
|
|||
What is the allowance for doubtful accounts based on?
|
6147e6cc940f2bad1d9d35608e1c20ce.pdf
|
['our assessment of the collectibility of customer accounts']
|
span
|
1
|
tatdqa
|
# Allowances for Receivables and Sales Returns
The allowances for receivables were as follows (in millions, except percentages):
| | July 27, 2019 | July 28, 2018 |
| :--: | :--: | :--: |
| Allowance for doubtful accounts | \$ 136 | \$ 129 |
| Percentage of gross accounts receivable | 2.4\% | 2.3\% |
| Allowance for credit loss—lease receivables. | \$ 46 | \$ 135 |
| Percentage of gross lease receivables ${ }^{(1)}$ | 1.8\% | 4.7\% |
| Percentage of gross loan receivables | 1.3\% | 1.2\% |
${ }^{(1)}$ Calculated as allowance for credit loss on lease receivables as a percentage of gross lease receivables and residual value before unearned income.
The 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's 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's 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.
The 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's 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.
A 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.
## Inventory Valuation and Liability for Purchase Commitments with Contract Manufacturers and Suppliers
Inventory is written down based on excess and obsolete inventories, determined primarily by future demand forecasts. Inventory write-downs are measured as the difference between the cost of the inventory and market, based upon assumptions about future demand, and are charged to the provision for inventory, which is a component of our cost of sales. At the point of the loss recognition, a new, lower cost basis for that inventory is established, and subsequent changes in facts and circumstances do not result in the restoration or increase in that newly established cost basis.
We record a liability for firm, noncancelable, and unconditional purchase commitments with contract manufacturers and suppliers for quantities in excess of our future demand forecasts consistent with the valuation of our excess and obsolete inventory.
Our provision for inventory was $\$ 77$ million, $\$ 63$ million, and $\$ 74$ million in fiscal 2019, 2018, and 2017, respectively. The provision for the liability related to purchase commitments with contract manufacturers and suppliers was $\$ 95$ million, $\$ 105$ million, and $\$ 124$ million in fiscal 2019, 2018, and 2017, respectively. If there were to be a sudden and significant decrease in demand for our products, or if there were a higher incidence of inventory obsolescence because of rapidly changing technology and customer requirements, we could be required to increase our inventory write-downs, and our liability for purchase commitments with contract manufacturers and suppliers, and accordingly our profitability, could be adversely affected. We regularly evaluate our exposure for inventory write-downs and the adequacy of our liability for purchase commitments.
|
|||
What was the Percentage of gross loan receivables in 2019?
|
6147e6cc940f2bad1d9d35608e1c20ce.pdf
|
['1.3']
|
span
|
1
|
tatdqa
|
# Allowances for Receivables and Sales Returns
The allowances for receivables were as follows (in millions, except percentages):
| | July 27, 2019 | July 28, 2018 |
| :--: | :--: | :--: |
| Allowance for doubtful accounts | \$ 136 | \$ 129 |
| Percentage of gross accounts receivable | 2.4\% | 2.3\% |
| Allowance for credit loss—lease receivables. | \$ 46 | \$ 135 |
| Percentage of gross lease receivables ${ }^{(1)}$ | 1.8\% | 4.7\% |
| Percentage of gross loan receivables | 1.3\% | 1.2\% |
${ }^{(1)}$ Calculated as allowance for credit loss on lease receivables as a percentage of gross lease receivables and residual value before unearned income.
The 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's 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's 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.
The 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's 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.
A 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.
## Inventory Valuation and Liability for Purchase Commitments with Contract Manufacturers and Suppliers
Inventory is written down based on excess and obsolete inventories, determined primarily by future demand forecasts. Inventory write-downs are measured as the difference between the cost of the inventory and market, based upon assumptions about future demand, and are charged to the provision for inventory, which is a component of our cost of sales. At the point of the loss recognition, a new, lower cost basis for that inventory is established, and subsequent changes in facts and circumstances do not result in the restoration or increase in that newly established cost basis.
We record a liability for firm, noncancelable, and unconditional purchase commitments with contract manufacturers and suppliers for quantities in excess of our future demand forecasts consistent with the valuation of our excess and obsolete inventory.
Our provision for inventory was $\$ 77$ million, $\$ 63$ million, and $\$ 74$ million in fiscal 2019, 2018, and 2017, respectively. The provision for the liability related to purchase commitments with contract manufacturers and suppliers was $\$ 95$ million, $\$ 105$ million, and $\$ 124$ million in fiscal 2019, 2018, and 2017, respectively. If there were to be a sudden and significant decrease in demand for our products, or if there were a higher incidence of inventory obsolescence because of rapidly changing technology and customer requirements, we could be required to increase our inventory write-downs, and our liability for purchase commitments with contract manufacturers and suppliers, and accordingly our profitability, could be adversely affected. We regularly evaluate our exposure for inventory write-downs and the adequacy of our liability for purchase commitments.
|
|||
What would be the change in Allowance for credit loss—loan receivables between 2018 and 2019?
|
6147e6cc940f2bad1d9d35608e1c20ce.pdf
|
11
|
arithmetic
|
1
|
tatdqa
|
# Allowances for Receivables and Sales Returns
The allowances for receivables were as follows (in millions, except percentages):
| | July 27, 2019 | July 28, 2018 |
| :--: | :--: | :--: |
| Allowance for doubtful accounts | \$ 136 | \$ 129 |
| Percentage of gross accounts receivable | 2.4\% | 2.3\% |
| Allowance for credit loss—lease receivables. | \$ 46 | \$ 135 |
| Percentage of gross lease receivables ${ }^{(1)}$ | 1.8\% | 4.7\% |
| Percentage of gross loan receivables | 1.3\% | 1.2\% |
${ }^{(1)}$ Calculated as allowance for credit loss on lease receivables as a percentage of gross lease receivables and residual value before unearned income.
The 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's 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's 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.
The 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's 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.
A 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.
## Inventory Valuation and Liability for Purchase Commitments with Contract Manufacturers and Suppliers
Inventory is written down based on excess and obsolete inventories, determined primarily by future demand forecasts. Inventory write-downs are measured as the difference between the cost of the inventory and market, based upon assumptions about future demand, and are charged to the provision for inventory, which is a component of our cost of sales. At the point of the loss recognition, a new, lower cost basis for that inventory is established, and subsequent changes in facts and circumstances do not result in the restoration or increase in that newly established cost basis.
We record a liability for firm, noncancelable, and unconditional purchase commitments with contract manufacturers and suppliers for quantities in excess of our future demand forecasts consistent with the valuation of our excess and obsolete inventory.
Our provision for inventory was $\$ 77$ million, $\$ 63$ million, and $\$ 74$ million in fiscal 2019, 2018, and 2017, respectively. The provision for the liability related to purchase commitments with contract manufacturers and suppliers was $\$ 95$ million, $\$ 105$ million, and $\$ 124$ million in fiscal 2019, 2018, and 2017, respectively. If there were to be a sudden and significant decrease in demand for our products, or if there were a higher incidence of inventory obsolescence because of rapidly changing technology and customer requirements, we could be required to increase our inventory write-downs, and our liability for purchase commitments with contract manufacturers and suppliers, and accordingly our profitability, could be adversely affected. We regularly evaluate our exposure for inventory write-downs and the adequacy of our liability for purchase commitments.
|
|||
How many years did Percentage of gross lease receivables exceed 2.0%?
|
6147e6cc940f2bad1d9d35608e1c20ce.pdf
|
1
|
count
|
1
|
tatdqa
|
# Allowances for Receivables and Sales Returns
The allowances for receivables were as follows (in millions, except percentages):
| | July 27, 2019 | July 28, 2018 |
| :--: | :--: | :--: |
| Allowance for doubtful accounts | \$ 136 | \$ 129 |
| Percentage of gross accounts receivable | 2.4\% | 2.3\% |
| Allowance for credit loss—lease receivables. | \$ 46 | \$ 135 |
| Percentage of gross lease receivables ${ }^{(1)}$ | 1.8\% | 4.7\% |
| Percentage of gross loan receivables | 1.3\% | 1.2\% |
${ }^{(1)}$ Calculated as allowance for credit loss on lease receivables as a percentage of gross lease receivables and residual value before unearned income.
The 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's 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's 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.
The 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's 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.
A 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.
## Inventory Valuation and Liability for Purchase Commitments with Contract Manufacturers and Suppliers
Inventory is written down based on excess and obsolete inventories, determined primarily by future demand forecasts. Inventory write-downs are measured as the difference between the cost of the inventory and market, based upon assumptions about future demand, and are charged to the provision for inventory, which is a component of our cost of sales. At the point of the loss recognition, a new, lower cost basis for that inventory is established, and subsequent changes in facts and circumstances do not result in the restoration or increase in that newly established cost basis.
We record a liability for firm, noncancelable, and unconditional purchase commitments with contract manufacturers and suppliers for quantities in excess of our future demand forecasts consistent with the valuation of our excess and obsolete inventory.
Our provision for inventory was $\$ 77$ million, $\$ 63$ million, and $\$ 74$ million in fiscal 2019, 2018, and 2017, respectively. The provision for the liability related to purchase commitments with contract manufacturers and suppliers was $\$ 95$ million, $\$ 105$ million, and $\$ 124$ million in fiscal 2019, 2018, and 2017, respectively. If there were to be a sudden and significant decrease in demand for our products, or if there were a higher incidence of inventory obsolescence because of rapidly changing technology and customer requirements, we could be required to increase our inventory write-downs, and our liability for purchase commitments with contract manufacturers and suppliers, and accordingly our profitability, could be adversely affected. We regularly evaluate our exposure for inventory write-downs and the adequacy of our liability for purchase commitments.
|
|||
What was the percentage change in Allowance for doubtful accounts between 2018 and 2019?
|
6147e6cc940f2bad1d9d35608e1c20ce.pdf
|
5.43
|
arithmetic
|
1
|
tatdqa
|
# Allowances for Receivables and Sales Returns
The allowances for receivables were as follows (in millions, except percentages):
| | July 27, 2019 | July 28, 2018 |
| :--: | :--: | :--: |
| Allowance for doubtful accounts | \$ 136 | \$ 129 |
| Percentage of gross accounts receivable | 2.4\% | 2.3\% |
| Allowance for credit loss—lease receivables. | \$ 46 | \$ 135 |
| Percentage of gross lease receivables ${ }^{(1)}$ | 1.8\% | 4.7\% |
| Percentage of gross loan receivables | 1.3\% | 1.2\% |
${ }^{(1)}$ Calculated as allowance for credit loss on lease receivables as a percentage of gross lease receivables and residual value before unearned income.
The 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's 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's 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.
The 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's 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.
A 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.
## Inventory Valuation and Liability for Purchase Commitments with Contract Manufacturers and Suppliers
Inventory is written down based on excess and obsolete inventories, determined primarily by future demand forecasts. Inventory write-downs are measured as the difference between the cost of the inventory and market, based upon assumptions about future demand, and are charged to the provision for inventory, which is a component of our cost of sales. At the point of the loss recognition, a new, lower cost basis for that inventory is established, and subsequent changes in facts and circumstances do not result in the restoration or increase in that newly established cost basis.
We record a liability for firm, noncancelable, and unconditional purchase commitments with contract manufacturers and suppliers for quantities in excess of our future demand forecasts consistent with the valuation of our excess and obsolete inventory.
Our provision for inventory was $\$ 77$ million, $\$ 63$ million, and $\$ 74$ million in fiscal 2019, 2018, and 2017, respectively. The provision for the liability related to purchase commitments with contract manufacturers and suppliers was $\$ 95$ million, $\$ 105$ million, and $\$ 124$ million in fiscal 2019, 2018, and 2017, respectively. If there were to be a sudden and significant decrease in demand for our products, or if there were a higher incidence of inventory obsolescence because of rapidly changing technology and customer requirements, we could be required to increase our inventory write-downs, and our liability for purchase commitments with contract manufacturers and suppliers, and accordingly our profitability, could be adversely affected. We regularly evaluate our exposure for inventory write-downs and the adequacy of our liability for purchase commitments.
|
|||
What is the effect of the Deed?
|
2bb0467c27e53fa1c394cd2399b3bcb6.pdf
|
['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']
|
span
|
1
|
tatdqa
|
### 6.4 Deed of cross guarantee
Pursuant to the iSelect Deed of Cross Guarantee ("the Deed") and in accordance with ASIC Class Order 98/1418, the subsidiaries identified with a ' 2 ' 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.
iSelect Limited and the subsidiaries identified with a ' 2 ' in note 6.2 together are referred to as the "Closed Group". 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.
General 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.
The consolidated income statement of the entities that are members of the Closed Group is as follows:
| | CONSOLIDATED | |
| :--: | :--: | :--: |
| | $\begin{aligned} & 2019 \\ & \$ 000 \end{aligned}$ | $\begin{aligned} & 2018 \\ & \$ 000 \end{aligned}$ |
| Consolidated income statement | | |
| Loss from continuing operations before income tax | $(20,111)$ | $(21,033)$ |
| Income tax benefit | 5,949 | 6,734 |
| Net loss for the year | $(14,162)$ | $(14,299)$ |
| Retained earnings at the beginning of the period | 4,101 | 30,790 |
| Transferred in from divested subsidiary | $(8,676)$ | - |
| Net loss for the year | $(14,162)$ | $(14,299)$ |
| Dividends paid | - | $(12,390)$ |
| Retained earnings at the end of the year | $(18,737)$ | 4,101 |
The consolidated balance sheet of the entities that are members of the Closed Group is as follows:
| | CONSOLIDATED | |
| :--: | :--: | :--: |
| | $\begin{aligned} & 2019 \\ & \$ 000 \end{aligned}$ | $\begin{aligned} & 2018 \\ & \$ 000 \end{aligned}$ |
| Assets | | |
| Current assets | | |
| Cash and cash equivalents | 9,023 | 17,715 |
| Trade receivables and contract assets | 25,533 | 25,499 |
| Trail commission asset | 19,781 | 16,565 |
| Income tax receivable | 679 | 3,006 |
| Other assets | 6,619 | 7,353 |
| Total current assets | 61,635 | 70,138 |
| Non-current assets | | |
| Investments | 36,799 | 66,918 |
| Trail commission asset | 52,183 | 45,808 |
| Property, plant and equipment | 9,060 | 7,969 |
| Goodwill and other intangible assets | 34,976 | 27,497 |
| Total non-current assets | 133,018 | 148,192 |
| Total assets | 194,653 | 218,330 |
| Liabilities | | |
| Current liabilities | | |
| Trade and other payables | 68,529 | 73,025 |
| Lease liabilities | 2,471 | 2,489 |
| Provisions | 5,164 | 5,065 |
| Total current liabilities | 76,164 | 80,579 |
| Non-current liabilities | | |
| Provisions | 418 | 343 |
| Lease liabilities | 6,773 | 5,929 |
| Net deferred tax liabilities | 14,785 | 13,114 |
| Total non-current liabilities | 21,976 | 19,386 |
| Total liabilities | 98,140 | 99,965 |
| Net Assets | 96,513 | 118,365 |
| Equity | | |
| Contributed equity | 111,290 | 111,066 |
| Reserves | 3,960 | 3,198 |
| Retained earnings | $(18,737)$ | 4,101 |
| Total Equity | 96,513 | 118,365 |
|
|||
What is the income tax benefit in 2019?
|
2bb0467c27e53fa1c394cd2399b3bcb6.pdf
|
['5,949']
|
span
|
1
|
tatdqa
|
### 6.4 Deed of cross guarantee
Pursuant to the iSelect Deed of Cross Guarantee ("the Deed") and in accordance with ASIC Class Order 98/1418, the subsidiaries identified with a ' 2 ' 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.
iSelect Limited and the subsidiaries identified with a ' 2 ' in note 6.2 together are referred to as the "Closed Group". 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.
General 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.
The consolidated income statement of the entities that are members of the Closed Group is as follows:
| | CONSOLIDATED | |
| :--: | :--: | :--: |
| | $\begin{aligned} & 2019 \\ & \$ 000 \end{aligned}$ | $\begin{aligned} & 2018 \\ & \$ 000 \end{aligned}$ |
| Consolidated income statement | | |
| Loss from continuing operations before income tax | $(20,111)$ | $(21,033)$ |
| Income tax benefit | 5,949 | 6,734 |
| Net loss for the year | $(14,162)$ | $(14,299)$ |
| Retained earnings at the beginning of the period | 4,101 | 30,790 |
| Transferred in from divested subsidiary | $(8,676)$ | - |
| Net loss for the year | $(14,162)$ | $(14,299)$ |
| Dividends paid | - | $(12,390)$ |
| Retained earnings at the end of the year | $(18,737)$ | 4,101 |
The consolidated balance sheet of the entities that are members of the Closed Group is as follows:
| | CONSOLIDATED | |
| :--: | :--: | :--: |
| | $\begin{aligned} & 2019 \\ & \$ 000 \end{aligned}$ | $\begin{aligned} & 2018 \\ & \$ 000 \end{aligned}$ |
| Assets | | |
| Current assets | | |
| Cash and cash equivalents | 9,023 | 17,715 |
| Trade receivables and contract assets | 25,533 | 25,499 |
| Trail commission asset | 19,781 | 16,565 |
| Income tax receivable | 679 | 3,006 |
| Other assets | 6,619 | 7,353 |
| Total current assets | 61,635 | 70,138 |
| Non-current assets | | |
| Investments | 36,799 | 66,918 |
| Trail commission asset | 52,183 | 45,808 |
| Property, plant and equipment | 9,060 | 7,969 |
| Goodwill and other intangible assets | 34,976 | 27,497 |
| Total non-current assets | 133,018 | 148,192 |
| Total assets | 194,653 | 218,330 |
| Liabilities | | |
| Current liabilities | | |
| Trade and other payables | 68,529 | 73,025 |
| Lease liabilities | 2,471 | 2,489 |
| Provisions | 5,164 | 5,065 |
| Total current liabilities | 76,164 | 80,579 |
| Non-current liabilities | | |
| Provisions | 418 | 343 |
| Lease liabilities | 6,773 | 5,929 |
| Net deferred tax liabilities | 14,785 | 13,114 |
| Total non-current liabilities | 21,976 | 19,386 |
| Total liabilities | 98,140 | 99,965 |
| Net Assets | 96,513 | 118,365 |
| Equity | | |
| Contributed equity | 111,290 | 111,066 |
| Reserves | 3,960 | 3,198 |
| Retained earnings | $(18,737)$ | 4,101 |
| Total Equity | 96,513 | 118,365 |
|
|||
What is the loss from continuing operations before income tax in 2019?
|
2bb0467c27e53fa1c394cd2399b3bcb6.pdf
|
['20,111']
|
span
|
1
|
tatdqa
|
### 6.4 Deed of cross guarantee
Pursuant to the iSelect Deed of Cross Guarantee ("the Deed") and in accordance with ASIC Class Order 98/1418, the subsidiaries identified with a ' 2 ' 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.
iSelect Limited and the subsidiaries identified with a ' 2 ' in note 6.2 together are referred to as the "Closed Group". 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.
General 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.
The consolidated income statement of the entities that are members of the Closed Group is as follows:
| | CONSOLIDATED | |
| :--: | :--: | :--: |
| | $\begin{aligned} & 2019 \\ & \$ 000 \end{aligned}$ | $\begin{aligned} & 2018 \\ & \$ 000 \end{aligned}$ |
| Consolidated income statement | | |
| Loss from continuing operations before income tax | $(20,111)$ | $(21,033)$ |
| Income tax benefit | 5,949 | 6,734 |
| Net loss for the year | $(14,162)$ | $(14,299)$ |
| Retained earnings at the beginning of the period | 4,101 | 30,790 |
| Transferred in from divested subsidiary | $(8,676)$ | - |
| Net loss for the year | $(14,162)$ | $(14,299)$ |
| Dividends paid | - | $(12,390)$ |
| Retained earnings at the end of the year | $(18,737)$ | 4,101 |
The consolidated balance sheet of the entities that are members of the Closed Group is as follows:
| | CONSOLIDATED | |
| :--: | :--: | :--: |
| | $\begin{aligned} & 2019 \\ & \$ 000 \end{aligned}$ | $\begin{aligned} & 2018 \\ & \$ 000 \end{aligned}$ |
| Assets | | |
| Current assets | | |
| Cash and cash equivalents | 9,023 | 17,715 |
| Trade receivables and contract assets | 25,533 | 25,499 |
| Trail commission asset | 19,781 | 16,565 |
| Income tax receivable | 679 | 3,006 |
| Other assets | 6,619 | 7,353 |
| Total current assets | 61,635 | 70,138 |
| Non-current assets | | |
| Investments | 36,799 | 66,918 |
| Trail commission asset | 52,183 | 45,808 |
| Property, plant and equipment | 9,060 | 7,969 |
| Goodwill and other intangible assets | 34,976 | 27,497 |
| Total non-current assets | 133,018 | 148,192 |
| Total assets | 194,653 | 218,330 |
| Liabilities | | |
| Current liabilities | | |
| Trade and other payables | 68,529 | 73,025 |
| Lease liabilities | 2,471 | 2,489 |
| Provisions | 5,164 | 5,065 |
| Total current liabilities | 76,164 | 80,579 |
| Non-current liabilities | | |
| Provisions | 418 | 343 |
| Lease liabilities | 6,773 | 5,929 |
| Net deferred tax liabilities | 14,785 | 13,114 |
| Total non-current liabilities | 21,976 | 19,386 |
| Total liabilities | 98,140 | 99,965 |
| Net Assets | 96,513 | 118,365 |
| Equity | | |
| Contributed equity | 111,290 | 111,066 |
| Reserves | 3,960 | 3,198 |
| Retained earnings | $(18,737)$ | 4,101 |
| Total Equity | 96,513 | 118,365 |
|
|||
What is the percentage change in the Loss from continuing operations before income tax from 2018 to 2019?
|
2bb0467c27e53fa1c394cd2399b3bcb6.pdf
|
-4.38
|
arithmetic
|
1
|
tatdqa
|
### 6.4 Deed of cross guarantee
Pursuant to the iSelect Deed of Cross Guarantee ("the Deed") and in accordance with ASIC Class Order 98/1418, the subsidiaries identified with a ' 2 ' 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.
iSelect Limited and the subsidiaries identified with a ' 2 ' in note 6.2 together are referred to as the "Closed Group". 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.
General 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.
The consolidated income statement of the entities that are members of the Closed Group is as follows:
| | CONSOLIDATED | |
| :--: | :--: | :--: |
| | $\begin{aligned} & 2019 \\ & \$ 000 \end{aligned}$ | $\begin{aligned} & 2018 \\ & \$ 000 \end{aligned}$ |
| Consolidated income statement | | |
| Loss from continuing operations before income tax | $(20,111)$ | $(21,033)$ |
| Income tax benefit | 5,949 | 6,734 |
| Net loss for the year | $(14,162)$ | $(14,299)$ |
| Retained earnings at the beginning of the period | 4,101 | 30,790 |
| Transferred in from divested subsidiary | $(8,676)$ | - |
| Net loss for the year | $(14,162)$ | $(14,299)$ |
| Dividends paid | - | $(12,390)$ |
| Retained earnings at the end of the year | $(18,737)$ | 4,101 |
The consolidated balance sheet of the entities that are members of the Closed Group is as follows:
| | CONSOLIDATED | |
| :--: | :--: | :--: |
| | $\begin{aligned} & 2019 \\ & \$ 000 \end{aligned}$ | $\begin{aligned} & 2018 \\ & \$ 000 \end{aligned}$ |
| Assets | | |
| Current assets | | |
| Cash and cash equivalents | 9,023 | 17,715 |
| Trade receivables and contract assets | 25,533 | 25,499 |
| Trail commission asset | 19,781 | 16,565 |
| Income tax receivable | 679 | 3,006 |
| Other assets | 6,619 | 7,353 |
| Total current assets | 61,635 | 70,138 |
| Non-current assets | | |
| Investments | 36,799 | 66,918 |
| Trail commission asset | 52,183 | 45,808 |
| Property, plant and equipment | 9,060 | 7,969 |
| Goodwill and other intangible assets | 34,976 | 27,497 |
| Total non-current assets | 133,018 | 148,192 |
| Total assets | 194,653 | 218,330 |
| Liabilities | | |
| Current liabilities | | |
| Trade and other payables | 68,529 | 73,025 |
| Lease liabilities | 2,471 | 2,489 |
| Provisions | 5,164 | 5,065 |
| Total current liabilities | 76,164 | 80,579 |
| Non-current liabilities | | |
| Provisions | 418 | 343 |
| Lease liabilities | 6,773 | 5,929 |
| Net deferred tax liabilities | 14,785 | 13,114 |
| Total non-current liabilities | 21,976 | 19,386 |
| Total liabilities | 98,140 | 99,965 |
| Net Assets | 96,513 | 118,365 |
| Equity | | |
| Contributed equity | 111,290 | 111,066 |
| Reserves | 3,960 | 3,198 |
| Retained earnings | $(18,737)$ | 4,101 |
| Total Equity | 96,513 | 118,365 |
|
|||
What is the percentage change in the income tax benefit from 2018 to 2019?
|
2bb0467c27e53fa1c394cd2399b3bcb6.pdf
|
-11.66
|
arithmetic
|
1
|
tatdqa
|
### 6.4 Deed of cross guarantee
Pursuant to the iSelect Deed of Cross Guarantee ("the Deed") and in accordance with ASIC Class Order 98/1418, the subsidiaries identified with a ' 2 ' 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.
iSelect Limited and the subsidiaries identified with a ' 2 ' in note 6.2 together are referred to as the "Closed Group". 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.
General 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.
The consolidated income statement of the entities that are members of the Closed Group is as follows:
| | CONSOLIDATED | |
| :--: | :--: | :--: |
| | $\begin{aligned} & 2019 \\ & \$ 000 \end{aligned}$ | $\begin{aligned} & 2018 \\ & \$ 000 \end{aligned}$ |
| Consolidated income statement | | |
| Loss from continuing operations before income tax | $(20,111)$ | $(21,033)$ |
| Income tax benefit | 5,949 | 6,734 |
| Net loss for the year | $(14,162)$ | $(14,299)$ |
| Retained earnings at the beginning of the period | 4,101 | 30,790 |
| Transferred in from divested subsidiary | $(8,676)$ | - |
| Net loss for the year | $(14,162)$ | $(14,299)$ |
| Dividends paid | - | $(12,390)$ |
| Retained earnings at the end of the year | $(18,737)$ | 4,101 |
The consolidated balance sheet of the entities that are members of the Closed Group is as follows:
| | CONSOLIDATED | |
| :--: | :--: | :--: |
| | $\begin{aligned} & 2019 \\ & \$ 000 \end{aligned}$ | $\begin{aligned} & 2018 \\ & \$ 000 \end{aligned}$ |
| Assets | | |
| Current assets | | |
| Cash and cash equivalents | 9,023 | 17,715 |
| Trade receivables and contract assets | 25,533 | 25,499 |
| Trail commission asset | 19,781 | 16,565 |
| Income tax receivable | 679 | 3,006 |
| Other assets | 6,619 | 7,353 |
| Total current assets | 61,635 | 70,138 |
| Non-current assets | | |
| Investments | 36,799 | 66,918 |
| Trail commission asset | 52,183 | 45,808 |
| Property, plant and equipment | 9,060 | 7,969 |
| Goodwill and other intangible assets | 34,976 | 27,497 |
| Total non-current assets | 133,018 | 148,192 |
| Total assets | 194,653 | 218,330 |
| Liabilities | | |
| Current liabilities | | |
| Trade and other payables | 68,529 | 73,025 |
| Lease liabilities | 2,471 | 2,489 |
| Provisions | 5,164 | 5,065 |
| Total current liabilities | 76,164 | 80,579 |
| Non-current liabilities | | |
| Provisions | 418 | 343 |
| Lease liabilities | 6,773 | 5,929 |
| Net deferred tax liabilities | 14,785 | 13,114 |
| Total non-current liabilities | 21,976 | 19,386 |
| Total liabilities | 98,140 | 99,965 |
| Net Assets | 96,513 | 118,365 |
| Equity | | |
| Contributed equity | 111,290 | 111,066 |
| Reserves | 3,960 | 3,198 |
| Retained earnings | $(18,737)$ | 4,101 |
| Total Equity | 96,513 | 118,365 |
|
|||
In which year is there a greater net loss for the year?
|
2bb0467c27e53fa1c394cd2399b3bcb6.pdf
|
['2018']
|
span
|
1
|
tatdqa
|
### 6.4 Deed of cross guarantee
Pursuant to the iSelect Deed of Cross Guarantee ("the Deed") and in accordance with ASIC Class Order 98/1418, the subsidiaries identified with a ' 2 ' 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.
iSelect Limited and the subsidiaries identified with a ' 2 ' in note 6.2 together are referred to as the "Closed Group". 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.
General 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.
The consolidated income statement of the entities that are members of the Closed Group is as follows:
| | CONSOLIDATED | |
| :--: | :--: | :--: |
| | $\begin{aligned} & 2019 \\ & \$ 000 \end{aligned}$ | $\begin{aligned} & 2018 \\ & \$ 000 \end{aligned}$ |
| Consolidated income statement | | |
| Loss from continuing operations before income tax | $(20,111)$ | $(21,033)$ |
| Income tax benefit | 5,949 | 6,734 |
| Net loss for the year | $(14,162)$ | $(14,299)$ |
| Retained earnings at the beginning of the period | 4,101 | 30,790 |
| Transferred in from divested subsidiary | $(8,676)$ | - |
| Net loss for the year | $(14,162)$ | $(14,299)$ |
| Dividends paid | - | $(12,390)$ |
| Retained earnings at the end of the year | $(18,737)$ | 4,101 |
The consolidated balance sheet of the entities that are members of the Closed Group is as follows:
| | CONSOLIDATED | |
| :--: | :--: | :--: |
| | $\begin{aligned} & 2019 \\ & \$ 000 \end{aligned}$ | $\begin{aligned} & 2018 \\ & \$ 000 \end{aligned}$ |
| Assets | | |
| Current assets | | |
| Cash and cash equivalents | 9,023 | 17,715 |
| Trade receivables and contract assets | 25,533 | 25,499 |
| Trail commission asset | 19,781 | 16,565 |
| Income tax receivable | 679 | 3,006 |
| Other assets | 6,619 | 7,353 |
| Total current assets | 61,635 | 70,138 |
| Non-current assets | | |
| Investments | 36,799 | 66,918 |
| Trail commission asset | 52,183 | 45,808 |
| Property, plant and equipment | 9,060 | 7,969 |
| Goodwill and other intangible assets | 34,976 | 27,497 |
| Total non-current assets | 133,018 | 148,192 |
| Total assets | 194,653 | 218,330 |
| Liabilities | | |
| Current liabilities | | |
| Trade and other payables | 68,529 | 73,025 |
| Lease liabilities | 2,471 | 2,489 |
| Provisions | 5,164 | 5,065 |
| Total current liabilities | 76,164 | 80,579 |
| Non-current liabilities | | |
| Provisions | 418 | 343 |
| Lease liabilities | 6,773 | 5,929 |
| Net deferred tax liabilities | 14,785 | 13,114 |
| Total non-current liabilities | 21,976 | 19,386 |
| Total liabilities | 98,140 | 99,965 |
| Net Assets | 96,513 | 118,365 |
| Equity | | |
| Contributed equity | 111,290 | 111,066 |
| Reserves | 3,960 | 3,198 |
| Retained earnings | $(18,737)$ | 4,101 |
| Total Equity | 96,513 | 118,365 |
|
|||
What were the stock options outstanding value as of January 31, 2020?
|
61ca17bc7a242ddead4fd5e3a07dc5fb.pdf
|
['aggregate intrinsic value of $239 million based on VMware’s closing stock price as of January 31, 2020']
|
span
|
1
|
tatdqa
|
# VMware, Inc. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued)
## VMware and Pivotal Stock Options
The following table summarizes stock option activity for VMware and Pivotal since February 3, 2017 (shares in thousands):
| | VMware Stock Options | | Pivotal Stock Options | |
| --- | --- | --- | --- | --- |
| | Number of Shares | Weighted-Average Exercise Price (per share) | Number of Shares | Weighted-Average Exercise Price (per share) |
| Outstanding, February 3, 2017 | 1,991 | \$ 69.38 | 39,361 | \$ 6.72 |
| Granted | 745 | 13.79 | 20,323 | 9.73 |
| Forfeited | (36) | 55.44 | $(2,380)$ | 8.13 |
| Expired | (3) | 93.87 | $(1,290)$ | 6.24 |
| Exercised | $(1,050)$ | 53.50 | $(1,626)$ | 5.99 |
| Outstanding, February 2, 2018 | 1,647 | 54.63 | 54,388 | 7.82 |
| Granted | 574 | 16.07 | 2,832 | 14.03 |
| Special Dividend adjustment | 348 | n/a | n/a | n/a |
| Forfeited | (31) | 24.44 | $(2,028)$ | 9.35 |
| Expired | - | - | (273) | 7.02 |
| Exercised | (569) | 46.73 | $(9,018)$ | 6.89 |
| Outstanding, February 1, 2019(1) | 1,969 | 36.50 | 45,901 | 8.31 |
| Granted ${ }^{(2)}$ | 1,571 | 73.19 | - | - |
| Forfeited ${ }^{(3)}$ | (149) | 52.83 | $(10,822)$ | 10.65 |
| Expired | - | - | (128) | 10.10 |
| Exercised ${ }^{(4)}$ | (776) | 39.94 | $(34,951)$ | 7.59 |
| Outstanding, January 31, 2020 | 2,615 | 56.58 | - | - |
${ }^{(1)}$ 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. ${ }^{(2)}$ Stock option granted under the VMware equity plan includes 0.6 million options issued for unvested options assumed as part of the Pivotal acquisition. ${ }^{(3)}$ 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 . ${ }^{(4)}$ 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. The 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
The stock options outstanding as of January 31, 2020 had an aggregate intrinsic value of $\$ 239$ million based on VMware's closing stock price as of January 31, 2020.
|
|||
What was the outstanding number of shares for VMware stock options in 2017?
|
61ca17bc7a242ddead4fd5e3a07dc5fb.pdf
|
['1,991']
|
span
|
1
|
tatdqa
|
# VMware, Inc. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued)
## VMware and Pivotal Stock Options
The following table summarizes stock option activity for VMware and Pivotal since February 3, 2017 (shares in thousands):
| | VMware Stock Options | | Pivotal Stock Options | |
| --- | --- | --- | --- | --- |
| | Number of Shares | Weighted-Average Exercise Price (per share) | Number of Shares | Weighted-Average Exercise Price (per share) |
| Outstanding, February 3, 2017 | 1,991 | \$ 69.38 | 39,361 | \$ 6.72 |
| Granted | 745 | 13.79 | 20,323 | 9.73 |
| Forfeited | (36) | 55.44 | $(2,380)$ | 8.13 |
| Expired | (3) | 93.87 | $(1,290)$ | 6.24 |
| Exercised | $(1,050)$ | 53.50 | $(1,626)$ | 5.99 |
| Outstanding, February 2, 2018 | 1,647 | 54.63 | 54,388 | 7.82 |
| Granted | 574 | 16.07 | 2,832 | 14.03 |
| Special Dividend adjustment | 348 | n/a | n/a | n/a |
| Forfeited | (31) | 24.44 | $(2,028)$ | 9.35 |
| Expired | - | - | (273) | 7.02 |
| Exercised | (569) | 46.73 | $(9,018)$ | 6.89 |
| Outstanding, February 1, 2019(1) | 1,969 | 36.50 | 45,901 | 8.31 |
| Granted ${ }^{(2)}$ | 1,571 | 73.19 | - | - |
| Forfeited ${ }^{(3)}$ | (149) | 52.83 | $(10,822)$ | 10.65 |
| Expired | - | - | (128) | 10.10 |
| Exercised ${ }^{(4)}$ | (776) | 39.94 | $(34,951)$ | 7.59 |
| Outstanding, January 31, 2020 | 2,615 | 56.58 | - | - |
${ }^{(1)}$ 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. ${ }^{(2)}$ Stock option granted under the VMware equity plan includes 0.6 million options issued for unvested options assumed as part of the Pivotal acquisition. ${ }^{(3)}$ 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 . ${ }^{(4)}$ 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. The 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
The stock options outstanding as of January 31, 2020 had an aggregate intrinsic value of $\$ 239$ million based on VMware's closing stock price as of January 31, 2020.
|
|||
What was the number of granted shares from Pivotal Stock Options in 2018?
|
61ca17bc7a242ddead4fd5e3a07dc5fb.pdf
|
['2,832']
|
span
|
1
|
tatdqa
|
# VMware, Inc. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued)
## VMware and Pivotal Stock Options
The following table summarizes stock option activity for VMware and Pivotal since February 3, 2017 (shares in thousands):
| | VMware Stock Options | | Pivotal Stock Options | |
| --- | --- | --- | --- | --- |
| | Number of Shares | Weighted-Average Exercise Price (per share) | Number of Shares | Weighted-Average Exercise Price (per share) |
| Outstanding, February 3, 2017 | 1,991 | \$ 69.38 | 39,361 | \$ 6.72 |
| Granted | 745 | 13.79 | 20,323 | 9.73 |
| Forfeited | (36) | 55.44 | $(2,380)$ | 8.13 |
| Expired | (3) | 93.87 | $(1,290)$ | 6.24 |
| Exercised | $(1,050)$ | 53.50 | $(1,626)$ | 5.99 |
| Outstanding, February 2, 2018 | 1,647 | 54.63 | 54,388 | 7.82 |
| Granted | 574 | 16.07 | 2,832 | 14.03 |
| Special Dividend adjustment | 348 | n/a | n/a | n/a |
| Forfeited | (31) | 24.44 | $(2,028)$ | 9.35 |
| Expired | - | - | (273) | 7.02 |
| Exercised | (569) | 46.73 | $(9,018)$ | 6.89 |
| Outstanding, February 1, 2019(1) | 1,969 | 36.50 | 45,901 | 8.31 |
| Granted ${ }^{(2)}$ | 1,571 | 73.19 | - | - |
| Forfeited ${ }^{(3)}$ | (149) | 52.83 | $(10,822)$ | 10.65 |
| Expired | - | - | (128) | 10.10 |
| Exercised ${ }^{(4)}$ | (776) | 39.94 | $(34,951)$ | 7.59 |
| Outstanding, January 31, 2020 | 2,615 | 56.58 | - | - |
${ }^{(1)}$ 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. ${ }^{(2)}$ Stock option granted under the VMware equity plan includes 0.6 million options issued for unvested options assumed as part of the Pivotal acquisition. ${ }^{(3)}$ 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 . ${ }^{(4)}$ 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. The 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
The stock options outstanding as of January 31, 2020 had an aggregate intrinsic value of $\$ 239$ million based on VMware's closing stock price as of January 31, 2020.
|
|||
What was the change in outstanding number of shares for VMware Stock Options between 2017 and 2018?
|
61ca17bc7a242ddead4fd5e3a07dc5fb.pdf
|
-344
|
arithmetic
|
1
|
tatdqa
|
# VMware, Inc. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued)
## VMware and Pivotal Stock Options
The following table summarizes stock option activity for VMware and Pivotal since February 3, 2017 (shares in thousands):
| | VMware Stock Options | | Pivotal Stock Options | |
| --- | --- | --- | --- | --- |
| | Number of Shares | Weighted-Average Exercise Price (per share) | Number of Shares | Weighted-Average Exercise Price (per share) |
| Outstanding, February 3, 2017 | 1,991 | \$ 69.38 | 39,361 | \$ 6.72 |
| Granted | 745 | 13.79 | 20,323 | 9.73 |
| Forfeited | (36) | 55.44 | $(2,380)$ | 8.13 |
| Expired | (3) | 93.87 | $(1,290)$ | 6.24 |
| Exercised | $(1,050)$ | 53.50 | $(1,626)$ | 5.99 |
| Outstanding, February 2, 2018 | 1,647 | 54.63 | 54,388 | 7.82 |
| Granted | 574 | 16.07 | 2,832 | 14.03 |
| Special Dividend adjustment | 348 | n/a | n/a | n/a |
| Forfeited | (31) | 24.44 | $(2,028)$ | 9.35 |
| Expired | - | - | (273) | 7.02 |
| Exercised | (569) | 46.73 | $(9,018)$ | 6.89 |
| Outstanding, February 1, 2019(1) | 1,969 | 36.50 | 45,901 | 8.31 |
| Granted ${ }^{(2)}$ | 1,571 | 73.19 | - | - |
| Forfeited ${ }^{(3)}$ | (149) | 52.83 | $(10,822)$ | 10.65 |
| Expired | - | - | (128) | 10.10 |
| Exercised ${ }^{(4)}$ | (776) | 39.94 | $(34,951)$ | 7.59 |
| Outstanding, January 31, 2020 | 2,615 | 56.58 | - | - |
${ }^{(1)}$ 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. ${ }^{(2)}$ Stock option granted under the VMware equity plan includes 0.6 million options issued for unvested options assumed as part of the Pivotal acquisition. ${ }^{(3)}$ 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 . ${ }^{(4)}$ 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. The 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
The stock options outstanding as of January 31, 2020 had an aggregate intrinsic value of $\$ 239$ million based on VMware's closing stock price as of January 31, 2020.
|
|||
How many years did the outstanding Weighted-Average Exercise Price (per share) for VMware stock options exceed $60.00?
|
61ca17bc7a242ddead4fd5e3a07dc5fb.pdf
|
1
|
count
|
1
|
tatdqa
|
# VMware, Inc. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued)
## VMware and Pivotal Stock Options
The following table summarizes stock option activity for VMware and Pivotal since February 3, 2017 (shares in thousands):
| | VMware Stock Options | | Pivotal Stock Options | |
| --- | --- | --- | --- | --- |
| | Number of Shares | Weighted-Average Exercise Price (per share) | Number of Shares | Weighted-Average Exercise Price (per share) |
| Outstanding, February 3, 2017 | 1,991 | \$ 69.38 | 39,361 | \$ 6.72 |
| Granted | 745 | 13.79 | 20,323 | 9.73 |
| Forfeited | (36) | 55.44 | $(2,380)$ | 8.13 |
| Expired | (3) | 93.87 | $(1,290)$ | 6.24 |
| Exercised | $(1,050)$ | 53.50 | $(1,626)$ | 5.99 |
| Outstanding, February 2, 2018 | 1,647 | 54.63 | 54,388 | 7.82 |
| Granted | 574 | 16.07 | 2,832 | 14.03 |
| Special Dividend adjustment | 348 | n/a | n/a | n/a |
| Forfeited | (31) | 24.44 | $(2,028)$ | 9.35 |
| Expired | - | - | (273) | 7.02 |
| Exercised | (569) | 46.73 | $(9,018)$ | 6.89 |
| Outstanding, February 1, 2019(1) | 1,969 | 36.50 | 45,901 | 8.31 |
| Granted ${ }^{(2)}$ | 1,571 | 73.19 | - | - |
| Forfeited ${ }^{(3)}$ | (149) | 52.83 | $(10,822)$ | 10.65 |
| Expired | - | - | (128) | 10.10 |
| Exercised ${ }^{(4)}$ | (776) | 39.94 | $(34,951)$ | 7.59 |
| Outstanding, January 31, 2020 | 2,615 | 56.58 | - | - |
${ }^{(1)}$ 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. ${ }^{(2)}$ Stock option granted under the VMware equity plan includes 0.6 million options issued for unvested options assumed as part of the Pivotal acquisition. ${ }^{(3)}$ 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 . ${ }^{(4)}$ 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. The 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
The stock options outstanding as of January 31, 2020 had an aggregate intrinsic value of $\$ 239$ million based on VMware's closing stock price as of January 31, 2020.
|
|||
What was the percentage change in the outstanding weighted-average exercise price per share for pivotal stock options between 2018 and 2019?
|
61ca17bc7a242ddead4fd5e3a07dc5fb.pdf
|
6.27
|
arithmetic
|
1
|
tatdqa
|
# VMware, Inc. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued)
## VMware and Pivotal Stock Options
The following table summarizes stock option activity for VMware and Pivotal since February 3, 2017 (shares in thousands):
| | VMware Stock Options | | Pivotal Stock Options | |
| --- | --- | --- | --- | --- |
| | Number of Shares | Weighted-Average Exercise Price (per share) | Number of Shares | Weighted-Average Exercise Price (per share) |
| Outstanding, February 3, 2017 | 1,991 | \$ 69.38 | 39,361 | \$ 6.72 |
| Granted | 745 | 13.79 | 20,323 | 9.73 |
| Forfeited | (36) | 55.44 | $(2,380)$ | 8.13 |
| Expired | (3) | 93.87 | $(1,290)$ | 6.24 |
| Exercised | $(1,050)$ | 53.50 | $(1,626)$ | 5.99 |
| Outstanding, February 2, 2018 | 1,647 | 54.63 | 54,388 | 7.82 |
| Granted | 574 | 16.07 | 2,832 | 14.03 |
| Special Dividend adjustment | 348 | n/a | n/a | n/a |
| Forfeited | (31) | 24.44 | $(2,028)$ | 9.35 |
| Expired | - | - | (273) | 7.02 |
| Exercised | (569) | 46.73 | $(9,018)$ | 6.89 |
| Outstanding, February 1, 2019(1) | 1,969 | 36.50 | 45,901 | 8.31 |
| Granted ${ }^{(2)}$ | 1,571 | 73.19 | - | - |
| Forfeited ${ }^{(3)}$ | (149) | 52.83 | $(10,822)$ | 10.65 |
| Expired | - | - | (128) | 10.10 |
| Exercised ${ }^{(4)}$ | (776) | 39.94 | $(34,951)$ | 7.59 |
| Outstanding, January 31, 2020 | 2,615 | 56.58 | - | - |
${ }^{(1)}$ 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. ${ }^{(2)}$ Stock option granted under the VMware equity plan includes 0.6 million options issued for unvested options assumed as part of the Pivotal acquisition. ${ }^{(3)}$ 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 . ${ }^{(4)}$ 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. The 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
The stock options outstanding as of January 31, 2020 had an aggregate intrinsic value of $\$ 239$ million based on VMware's closing stock price as of January 31, 2020.
|
|||
Which years does the table provide information for reclassifications of realized transactions out of AOCI are recorded on the consolidated statements of income?
|
c381090518804a5ee9dd856ab9c3737d.pdf
|
['2019', '2018', '2017']
|
multi-span
|
1
|
tatdqa
|
| | Unrealized Holding Gains (Losses) Available-for-sale Securities | Minimum Pension Liability | Foreign Currency | Total |
| --- | --- | --- | --- | --- |
| Balance at March 31, 2017 | $0.3 | $(5.3) | $(9.4) | $(14.4) |
| Other comprehensive loss before reclassifications | (13.6) | (5.6) | — | (19.2) |
| Amounts reclassified from accumulated other comprehensive income (loss) | 15.2 | 0.8 | — | 16.0 |
| Net other comprehensive loss | 1.6 | (4.8) | — | (3.2) |
| Balance at March 31, 2018 | $1.9 | $(10.1) | $(9.4) | $(17.6) |
The table below details where reclassifications of realized transactions out of AOCI are recorded on the consolidated statements of income (amounts in millions).
| Description of AOCI Component | Year ended March 31, | | | | Related Statement of Income Line |
| --- | --- | --- | --- | --- | --- |
| | 2019 | 2018 | 2017 | | |
| Unrealized losses on available-for-sale securities | $(5.6) | $(15.2) | $(1.5) | Other income, net | |
| Amortization of actuarial loss | (1.0) | (0.8) | | Other income, net | |
| Reclassification of realized transactions, net of taxes | $(6.6) | $(16.0) | $(1.5) | Net Income | |
# Note 23. Dividends
On October 28, 2002, the Company announced that its Board of Directors had approved and instituted a quarterly cash dividend on its common stock. The Company has continued to pay quarterly dividends and has increased the amount of such dividends on a regular basis. Cash dividends paid per share were $\$ 1.457, \$ 1.449$ and $\$ 1.441$ during fiscal 2019, 2018 and 2017, respectively. Total dividend payments amounted to $\$ 344.4$ million, $\$ 337.5$ million and $\$ 315.4$ million during fiscal 2019, 2018 and 2017, respectively.
|
|||
What were the Unrealized losses on available-for-sale securities in 2017?
|
c381090518804a5ee9dd856ab9c3737d.pdf
|
['(1.5)']
|
span
|
1
|
tatdqa
|
| | Unrealized Holding Gains (Losses) Available-for-sale Securities | Minimum Pension Liability | Foreign Currency | Total |
| --- | --- | --- | --- | --- |
| Balance at March 31, 2017 | $0.3 | $(5.3) | $(9.4) | $(14.4) |
| Other comprehensive loss before reclassifications | (13.6) | (5.6) | — | (19.2) |
| Amounts reclassified from accumulated other comprehensive income (loss) | 15.2 | 0.8 | — | 16.0 |
| Net other comprehensive loss | 1.6 | (4.8) | — | (3.2) |
| Balance at March 31, 2018 | $1.9 | $(10.1) | $(9.4) | $(17.6) |
The table below details where reclassifications of realized transactions out of AOCI are recorded on the consolidated statements of income (amounts in millions).
| Description of AOCI Component | Year ended March 31, | | | | Related Statement of Income Line |
| --- | --- | --- | --- | --- | --- |
| | 2019 | 2018 | 2017 | | |
| Unrealized losses on available-for-sale securities | $(5.6) | $(15.2) | $(1.5) | Other income, net | |
| Amortization of actuarial loss | (1.0) | (0.8) | | Other income, net | |
| Reclassification of realized transactions, net of taxes | $(6.6) | $(16.0) | $(1.5) | Net Income | |
# Note 23. Dividends
On October 28, 2002, the Company announced that its Board of Directors had approved and instituted a quarterly cash dividend on its common stock. The Company has continued to pay quarterly dividends and has increased the amount of such dividends on a regular basis. Cash dividends paid per share were $\$ 1.457, \$ 1.449$ and $\$ 1.441$ during fiscal 2019, 2018 and 2017, respectively. Total dividend payments amounted to $\$ 344.4$ million, $\$ 337.5$ million and $\$ 315.4$ million during fiscal 2019, 2018 and 2017, respectively.
|
|||
What was the Amortization of actuarial loss in 2019?
|
c381090518804a5ee9dd856ab9c3737d.pdf
|
['(1.0)']
|
span
|
1
|
tatdqa
|
| | Unrealized Holding Gains (Losses) Available-for-sale Securities | Minimum Pension Liability | Foreign Currency | Total |
| --- | --- | --- | --- | --- |
| Balance at March 31, 2017 | $0.3 | $(5.3) | $(9.4) | $(14.4) |
| Other comprehensive loss before reclassifications | (13.6) | (5.6) | — | (19.2) |
| Amounts reclassified from accumulated other comprehensive income (loss) | 15.2 | 0.8 | — | 16.0 |
| Net other comprehensive loss | 1.6 | (4.8) | — | (3.2) |
| Balance at March 31, 2018 | $1.9 | $(10.1) | $(9.4) | $(17.6) |
The table below details where reclassifications of realized transactions out of AOCI are recorded on the consolidated statements of income (amounts in millions).
| Description of AOCI Component | Year ended March 31, | | | | Related Statement of Income Line |
| --- | --- | --- | --- | --- | --- |
| | 2019 | 2018 | 2017 | | |
| Unrealized losses on available-for-sale securities | $(5.6) | $(15.2) | $(1.5) | Other income, net | |
| Amortization of actuarial loss | (1.0) | (0.8) | | Other income, net | |
| Reclassification of realized transactions, net of taxes | $(6.6) | $(16.0) | $(1.5) | Net Income | |
# Note 23. Dividends
On October 28, 2002, the Company announced that its Board of Directors had approved and instituted a quarterly cash dividend on its common stock. The Company has continued to pay quarterly dividends and has increased the amount of such dividends on a regular basis. Cash dividends paid per share were $\$ 1.457, \$ 1.449$ and $\$ 1.441$ during fiscal 2019, 2018 and 2017, respectively. Total dividend payments amounted to $\$ 344.4$ million, $\$ 337.5$ million and $\$ 315.4$ million during fiscal 2019, 2018 and 2017, respectively.
|
|||
What was the change in the Amortization of actuarial loss between 2018 and 2019?
|
c381090518804a5ee9dd856ab9c3737d.pdf
|
-0.2
|
arithmetic
|
1
|
tatdqa
|
| | Unrealized Holding Gains (Losses) Available-for-sale Securities | Minimum Pension Liability | Foreign Currency | Total |
| --- | --- | --- | --- | --- |
| Balance at March 31, 2017 | $0.3 | $(5.3) | $(9.4) | $(14.4) |
| Other comprehensive loss before reclassifications | (13.6) | (5.6) | — | (19.2) |
| Amounts reclassified from accumulated other comprehensive income (loss) | 15.2 | 0.8 | — | 16.0 |
| Net other comprehensive loss | 1.6 | (4.8) | — | (3.2) |
| Balance at March 31, 2018 | $1.9 | $(10.1) | $(9.4) | $(17.6) |
The table below details where reclassifications of realized transactions out of AOCI are recorded on the consolidated statements of income (amounts in millions).
| Description of AOCI Component | Year ended March 31, | | | | Related Statement of Income Line |
| --- | --- | --- | --- | --- | --- |
| | 2019 | 2018 | 2017 | | |
| Unrealized losses on available-for-sale securities | $(5.6) | $(15.2) | $(1.5) | Other income, net | |
| Amortization of actuarial loss | (1.0) | (0.8) | | Other income, net | |
| Reclassification of realized transactions, net of taxes | $(6.6) | $(16.0) | $(1.5) | Net Income | |
# Note 23. Dividends
On October 28, 2002, the Company announced that its Board of Directors had approved and instituted a quarterly cash dividend on its common stock. The Company has continued to pay quarterly dividends and has increased the amount of such dividends on a regular basis. Cash dividends paid per share were $\$ 1.457, \$ 1.449$ and $\$ 1.441$ during fiscal 2019, 2018 and 2017, respectively. Total dividend payments amounted to $\$ 344.4$ million, $\$ 337.5$ million and $\$ 315.4$ million during fiscal 2019, 2018 and 2017, respectively.
|
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