Chunk-level Retrieval Eval
Collection
Contextualized chunk-level (query2chunk) retrieval eval for the Citras benchmark. • 19 items • Updated
chunk_id stringlengths 3 6 | chunk stringlengths 12 781 | source_url stringlengths 32 32 | title stringclasses 1
value | chunk_idx int64 0 25 | chunk_start_char int64 0 9.22k | chunk_end_char int64 37 9.39k |
|---|---|---|---|---|---|---|
0_0 | | Years Ended December 31, | | Change |
| 2019 | 2018 | $ | %
| | (dollars in thousands) | |
Impairment of goodwill | $1,910 | $14,740 | $(12,830) | (87%)
Percent of revenues, net | 4% | 26% | |
Impairment of Goodwill
We recorded a goodwill impairment charge of $1.9 million in the fourth quarter of 2019, red... | f6368ece2c45f8080d07ccc5817d2431 | 0 | 0 | 325 | |
0_1 | the goodwill balance to zero at that time. We also recorded a goodwill impairment charge of $14.7 million in the third quarter of 2018. Refer to Note 2 and Note 6 of the accompanying consolidated financial statements for additional information on these goodwill impairment charges. | f6368ece2c45f8080d07ccc5817d2431 | 1 | 325 | 607 | |
1_0 | USDm | 2019 | 2018 | 2017
Vessel values including newbuildings (broker values) | 1,801.5 | 1,675.1 | 1,661.1
Total (value) | 1,801.5 | 1,675.1 | 1,661.1
Borrowings | 863.4 | 754.7 | 753.9
- Hereof debt regarding Land and buildings & Other plant | c1a59538811a79a31264d57ad8df520e | 0 | 0 | 244 | |
1_1 | and operating equipment | -8.7 | - | -
Committed CAPEX on newbuildings | 51.2 | 258.0 | 306.9
Loans receivables | -4.6 | - | -
Cash and cash equivalents, including restricted cash | -72.5 | -127.4 | -134.2
Total (loan) | 828.8 | 885.3 | 926.6
Loan-to-value (LTV) ratio | 46.0% | c1a59538811a79a31264d57ad8df520e | 1 | 244 | 521 | |
1_2 | | 52.9% | 55.8%
Loan-to-value (LTV): TORM defines Loan-to-value (LTV) ratio as Vessel values divided by net borrowings on the vessels.
LTV describes the net debt ratio on the vessel, and is used by TORM to describe the financial situation, the liquidity risk as well as to express the future possibilities to raise new... | c1a59538811a79a31264d57ad8df520e | 2 | 521 | 873 | |
2_0 | | | Year Ended |
| January 3, 2020 | December 28, 2018 | December 29, 2017
| | (in millions) |
Total interest expense, net presented in the consolidated statements of income in which the effects of cash flow hedges are recorded | $133 | $138 | $140
Amount recognized in other comprehensive (loss) income | $(55) |... | 0ba33bc0610e557810de948f4248719e | 0 | 0 | 433 | |
2_1 | . | (7) | (6) | —
Cash Flow Hedges
The Company has interest rate swap agreements to hedge the cash flows of a portion of its variable rate senior secured term loans (the "Variable Rate Loans"). The objective of these instruments is to reduce variability in the forecasted interest payments of the Company's Variable Rat... | 0ba33bc0610e557810de948f4248719e | 1 | 433 | 982 | |
2_2 |
In February 2018, the Company entered into interest rate swap agreements to hedge the cash flows of an additional $250 million of its Variable Rate Loans. The interest rate swap agreements on $1.1 billion of the Company's Variable Rate Loans had a maturity date of December 2021 and a fixed interest rate of 1.08%. | 0ba33bc0610e557810de948f4248719e | 2 | 982 | 1,297 | |
2_3 |
The interest rate swap agreements on $300 million and $250 million of the Company's Variable Rate Loans both had a maturity date of August 2022 and fixed interest rates of 1.66% and 2.59%, respectively. The counterparties to these agreements are financial institutions.
In September 2018, the Company terminated its exi... | 0ba33bc0610e557810de948f4248719e | 3 | 1,297 | 1,643 | |
2_4 | The net derivative gain of $60 million related to the discontinued cash flow hedge remained within accumulated other comprehensive loss and is being reclassified into earnings over the remaining life of the original hedge as the hedged variable rate debt impacts earnings.
Additionally, in September 2018, the Company e... | 0ba33bc0610e557810de948f4248719e | 4 | 1,643 | 2,194 | |
2_5 |
The interest rate swap transactions were accounted for as cash flow hedges. The gain (loss) on the swap is reported as a component of other comprehensive income (loss) and is reclassified into earnings when the interest payments on the underlying hedged items impact earnings. A qualitative assessment of hedge effectiv... | 0ba33bc0610e557810de948f4248719e | 5 | 2,194 | 2,639 | |
2_6 |
The effect of the Company's cash flow hedges on other comprehensive (loss) income and earnings for the periods presented was as follows:
The Company expects to reclassify gains of $1 million from accumulated other comprehensive loss into earnings during the next 12 months. | 0ba33bc0610e557810de948f4248719e | 6 | 2,639 | 2,913 | |
3_0 | | | | | As of and for the Year Ended May 31, |
(in millions, except per share amounts) | 2019 | 2018 (4) | 2017 (4) | 2016 (4) | 2015 (4)
| Consolidated Statements of Operations Data: | | | |
Total revenues | $39,506 | $39,383 | $37,792 | $37,047 | $38,2 | 658be0c705f43657a86f4182a9e524fd | 0 | 0 | 264 | |
3_1 | 26
Operating income | $13,535 | $13,264 | $12,913 | $12,604 | $13,871
Net income (1) | $11,083 | $3,587 | $9,452 | $8,901 | $9,938
Earnings per share—diluted (1) | $2.97 | $0.85 | $2.24 | $2.07 | $2.21 | 658be0c705f43657a86f4182a9e524fd | 1 | 264 | 465 | |
3_2 |
Diluted weighted average common shares outstanding | 3,732 | 4,238 | 4,217 | 4,305 | 4,503
Cash dividends declared per common share | $0.81 | $0.76 | $0.64 | $0.60 | $0.51
| Consolidated Balance Sheets Data: | | | |
Working capital (2) | $27,756 | $57,035 | $50,995 | $ | 658be0c705f43657a86f4182a9e524fd | 2 | 465 | 740 | |
3_3 | 47,105 | $47,314
Total assets (2) | $108,709 | $137,851 | $136,003 | $112,180 | $110,903
Notes payable and other borrowings (3) | $56,167 | $60,619 | $57,909 | $43,855 | $41,958
Item 6.Selecte d Financial Data
The following table | 658be0c705f43657a86f4182a9e524fd | 3 | 740 | 970 | |
3_4 | sets forth selected financial data as of and for our last five fiscal years. This selected financial data should be read in conjunction with the consolidated financial statements and related notes included in Item 15 of this Annual report. Over our last five fiscal years, we have acquired a number of companies, includ... | 658be0c705f43657a86f4182a9e524fd | 4 | 970 | 1,559 | |
3_5 |
(1) Our net income and diluted earnings per share were impacted in fiscal 2019 and 2018 by the effects of the U.S. Tax Cuts and Jobs Act of 2017 (the Tax Act). The more significant provisions of the Tax Act as applicable to us are described below under “Impacts of the U.S. Tax Cuts and Jobs Act of 2017”. | 658be0c705f43657a86f4182a9e524fd | 5 | 1,559 | 1,865 | |
3_6 |
(2) Working capital and total assets decreased in fiscal 2019 primarily due to $36.1 billion of cash used for repurchases of our common stock during fiscal 2019 and also due to dividend payments, partially offset by the favorable impacts to our net current assets resulting from our fiscal 2019 net income. | 658be0c705f43657a86f4182a9e524fd | 6 | 1,865 | 2,172 | |
3_7 | Working capital and total assets sequentially increased in nearly all of the fiscal 2015 to 2018 periods presented primarily due to the favorable impacts to our net current assets resulting from our net income generated during the periods presented and the issuances of long-term senior notes of $10.0 billion in fiscal... | 658be0c705f43657a86f4182a9e524fd | 7 | 2,172 | 2,734 | |
3_8 | In addition, our total assets were also affected in all periods presented by the repayments of notes payable and other borrowings as discussed further below.
(3) Our notes payable and other borrowings, which represented the summation of our notes payable and other borrowings, current, and notes payable and other borro... | 658be0c705f43657a86f4182a9e524fd | 8 | 2,734 | 3,272 | |
3_9 | Notes payable and other borrowings increased between fiscal 2015 and 2018 primarily due to the fiscal 2018 issuance of long-term senior notes of $10.0 billion and short-term borrowings of $2.5 billion, the fiscal 2017 issuance of long-term senior notes of $14.0 billion and short-term borrowings of $3.8 billion, and th... | 658be0c705f43657a86f4182a9e524fd | 9 | 3,272 | 3,644 | |
3_10 | See Note 7 of Notes to Consolidated Financial Statements included elsewhere in this Annual report for additional information regarding our notes payable and other borrowings.
(4) The summary consolidated financial data for the fiscal years ended and as of May 31, 2018 and 2017 have been retrospectively restated to ref... | 658be0c705f43657a86f4182a9e524fd | 10 | 3,644 | 4,024 | |
3_11 | 2014-09, Revenue from Contracts with Customers: Topic 606 and subsequent amendments to the initial guidance: ASU 2015-14, ASU 2016-08, ASU 2016-10, ASU 2016-12, ASU 2016-20, ASU 2017-10, ASU 2017-13 and ASU 2017-14 (collectively, Topic 606), and AS | 658be0c705f43657a86f4182a9e524fd | 11 | 4,024 | 4,274 | |
3_12 | U 2017-07, Compensation—Retirement Benefits (Topic 715): Improving the presentation of Net Periodic Pension Costs and Net Periodic Postretirement Benefit Costs (ASU 2017-07). See Note 1 of Notes to Consolidated Financial Statements included elsewhere in this Annual report for a summary of adjustments related to Topic 6... | 658be0c705f43657a86f4182a9e524fd | 12 | 4,274 | 4,613 | |
3_13 | The summary consolidated financial data for the fiscal years ended and as of May 31, 2016 and 2015 have not been updated to reflect the adoption of Topic 606 or ASU 2017-07. | 658be0c705f43657a86f4182a9e524fd | 13 | 4,613 | 4,787 | |
4_0 | Net financing costs | |
| 2019 | 2018
| €m | €m
Investment income | 433 | 685
Financing costs | (2,088) | (1,074)
Net financing costs | (1,655) | (389)
Analysed as: | |
Net financing costs before interest on settlement of tax issues | (1,043) | (749)
Interest income arising on settlement of outstanding tax issues... | db42f6e5a29d64137be36d103f88f114 | 0 | 0 | 328 | |
4_1 | 1
| (1,042) | (738)
Mark to market (losses)/gains | (423) | 27
Foreign exchange (losses)/gains1 | (190) | 322
Net financing costs | (1,655) | (389)
Note: 1 Primarily comprises foreign exchange differences reflected in the income statement in relation to sterling and US dollar balances. | db42f6e5a29d64137be36d103f88f114 | 1 | 328 | 616 | |
4_2 |
Net financing costs increased by €1.3 billion, primarily driven by mark-to-market losses (including hedges of the mandatory convertible bond) and adverse foreign exchange rate movements. Net financing costs before interest on settlement of tax issues includes increased interest costs as part of the financing for the L... | db42f6e5a29d64137be36d103f88f114 | 2 | 616 | 1,205 | |
5_0 | | April 26, 2019 | April 27, 2018
Deferred tax assets: | |
Reserves and accruals | $ 50 | $ 57
Net operating loss and credit carryforwards | 139 | 131
Stock-based compensation | 16 | 22
Deferred revenue | 205 | 156
Other | 16 | 29
Gross deferred tax assets | 426 | 395
Valuation allowance | (123 ) | | 58b58094569a43f8804e831c5cda5189 | 0 | 0 | 302 | |
5_1 | (109 )
Deferred tax assets, net of valuation allowance | 303 | 286
Deferred tax liabilities: | |
Prepaids and accruals | 31 | 21
Acquired intangibles | 32 | 29
Property and equipment | 31 | 25
Other | 10 | 14
Total deferred tax liabilities | 104 | 89
Deferred tax assets, net of valuation allowance and deferred tax l... | 58b58094569a43f8804e831c5cda5189 | 1 | 302 | 668 | |
5_2 | .S. federal corporate income tax rate change, effective as of January 1, 2018, we remeasured our deferred tax assets and liabilities based on the rates at which they are expected to reverse in the future periods. During fiscal 2018, we recorded $108 million of tax expense related to all tax rate changes. Upon finalizat... | 58b58094569a43f8804e831c5cda5189 | 2 | 668 | 1,186 | |
5_3 |
The TCJA imposes a mandatory, one-time transition tax on accumulated foreign earnings and profits not previously subject to U.S. income tax at a rate of 15.5% on earnings to the extent of foreign cash and other liquid assets, and 8% on the remaining earnings. In fiscal 2018, we recorded a $732 million discrete tax exp... | 58b58094569a43f8804e831c5cda5189 | 3 | 1,186 | 1,749 | |
5_4 |
As of April 26, 2019, we have completed the accounting for the tax impacts of the TCJA, however, we will continue to assess the impact of further guidance from federal and state tax authorities on our business and consolidated financial statements, and recognize any adjustments in the period in which they are determin... | 58b58094569a43f8804e831c5cda5189 | 4 | 1,749 | 2,253 | |
5_5 | Under U.S. GAAP, companies are allowed to make an accounting policy election to either (i) account for GMT as a component of tax expense in the period in which a company is subject to the rules, or (ii) account for GMT in a company’s measurement of deferred taxes. We have elected to recognize the GMT as a period cost ... | 58b58094569a43f8804e831c5cda5189 | 5 | 2,253 | 2,800 | |
5_6 | As a result, tax expense from the sale of an asset in the seller’s tax jurisdiction is recognized when the transfer occurs, even though the pre-tax effects of that transaction are eliminated in consolidation.
During fiscal 2017, we adopted a new accounting standard that simplifies stock-based compensation income tax a... | 58b58094569a43f8804e831c5cda5189 | 6 | 2,800 | 3,395 | |
5_7 |
The components of our deferred tax assets and liabilities are as follows (in millions):
The valuation allowance increased by $14 million in fiscal 2019. The increase is mainly attributable to corresponding changes in deferred tax assets, primarily foreign tax credit carryforwards and certain state tax credit carryforw... | 58b58094569a43f8804e831c5cda5189 | 7 | 3,395 | 3,864 | |
5_8 | In addition, we have gross state net operating loss and tax credit carryforwards of $25 million and $138 million, respectively. The majority of the state credit carryforwards are California research credits which are offset by a valuation allowance as we believe it is more likely than not that these credits will not b... | 58b58094569a43f8804e831c5cda5189 | 8 | 3,864 | 4,387 | |
5_9 | Certain acquired net operating loss and credit carryforwards are subject to an annual limitation under Internal Revenue Code Section 382, but are expected to be realized with the exception of those which have a valuation allowance. The federal, state, and foreign net operating loss carryforwards and credits will expir... | 58b58094569a43f8804e831c5cda5189 | 9 | 4,387 | 4,845 | |
6_0 | | Revenues | | Income (loss) from vessel operations |
(in thousands of U.S. dollars) | 2019 | 2018 | 2019 | 2018
Teekay LNG | 601,256 | 510,762 | 299,253 | 148,599
Teekay Tankers | 943,917 | 776,493 | 123,883 | 7,204 | cbedfa7d1e1d0ba3aa51b369c3969f59 | 0 | 0 | 219 | |
6_1 |
Teekay Parent | 413,806 | 451,659 | (219,094) | 8,516
Elimination of intercompany (1) | (13,588) | (10,426) | — | —
Teekay Corporation Consolidated | 1,945,391 | 1,728,488 | 204,042 | 164,319
RECENT DEVELOPMENTS AND RESULTS OF OPER | cbedfa7d1e1d0ba3aa51b369c3969f59 | 1 | 219 | 452 | |
6_2 | ATIONS
The results of operations that follow have first been divided into (a) our controlling interests in our publicly-traded subsidiaries Teekay LNG and Teekay Tankers and (b) Teekay Parent.
Within these groups, we have further subdivided the results into their respective lines of business. The following table (a) pr... | cbedfa7d1e1d0ba3aa51b369c3969f59 | 2 | 452 | 969 | |
6_3 |
(1) During 2019, Teekay Tankers' ship-to-ship transfer business provided operational and maintenance services to Teekay LNG Bahrain Operations L.L.C., an entity wholly-owned by Teekay LNG, for the LNG receiving and regasification terminal in Bahrain. Also during 2019, the Magellan Spirit LNG carrier was chartered by T... | cbedfa7d1e1d0ba3aa51b369c3969f59 | 3 | 969 | 1,444 | |
7_0 | Net sales (in thousands) | 2018 | 2019
Ceramic Components | $226,204 | $421,849
Tantalum Components | 366,194 | 382,905
Advanced Components | 642,775 | 485,208
Total Electronic Components | 1,235,173 | 1,289,962
Interconnect, Sensing and Control Devices | 327,301 | d7046a455688707967b8cdc411c16b2d | 0 | 0 | 263 | |
7_1 | | 501,828
Total Net Sales | $1,562,474 | $1,791,790
Results of Operations
Year Ended March 31, 2019 compared to Year Ended March 31, 2018
Net sales for the fiscal year ended March 31, 2019 were $1,791.8 million compared to $1,562.5 million for the fiscal year ended March 31, 2018. | d7046a455688707967b8cdc411c16b2d | 1 | 263 | 546 | |
7_2 |
The table below represents product group revenues for the fiscal years ended March 31, 2018 and 2019.
Electronic Component sales were $1,290.0 million for the fiscal year ended March 31, 2019 compared to $1,235.2 million during the fiscal year ended March 31, 2018. | d7046a455688707967b8cdc411c16b2d | 2 | 546 | 812 | |
7_3 |
The sales increase in Electronic Components product sales was driven by increased volume and a favorable pricing environment in our Ceramic and Tantalum
Components across most markets resulting from favorable global market conditions and increased demand for our electronic component products resulting from
technologic... | d7046a455688707967b8cdc411c16b2d | 3 | 812 | 1,464 | |
7_4 | These increases were partially offset by the loss of Kyocera resale product sales which were $19.0 million for fiscal year 2019 as compared to $296.3
million for fiscal year 2018.
Total Interconnect, Sensing and Control Devices product sales were $501.8 million in the fiscal year 2019 as compared to $327.3 million dur... | d7046a455688707967b8cdc411c16b2d | 4 | 1,464 | 1,809 | |
7_5 |
This increase is attributable to sales growth in the automotive industry in addition to sales resulting from our S&C acquisition which accounted for $354.7 million for
fiscal year 2019 as compared to $193.3 million for fiscal year 2018.
Our sales to independent electronic distributors represented 42.3% of total net sa... | d7046a455688707967b8cdc411c16b2d | 5 | 1,809 | 2,230 | |
7_6 | Overall, distributor sales activity increased in dollars when compared to the same period last year due to a more favorable pricing environment
and increased order activity throughout the year in response to extended product delivery lead times. This increase in distributor activity is reflective of the increased
cust... | d7046a455688707967b8cdc411c16b2d | 6 | 2,230 | 2,762 | |
7_7 | As a result of the favorable pricing environment and high demand, such allowance charges decreased to $28.9
million, or 3.9% of gross sales to distributor customers, for the fiscal year ended March 31, 2019 compared to $30.5 million, or 4.6% of gross sales to distributor
customers, for the fiscal year ended March 31, ... | d7046a455688707967b8cdc411c16b2d | 7 | 2,762 | 3,087 | |
7_8 | Applications under such programs for fiscal years ended March 31, 2019 and 2018 were approximately $24.4 million
and $29.4 million, respectively.
The regional sales percentages of our total sales in the fiscal year ended March 31, 2019 decreased in the Asian region while increasing in the European and
American regions... | d7046a455688707967b8cdc411c16b2d | 8 | 3,087 | 3,541 | |
7_9 | Sales in the
Asian, American, and European regions represented 31.4%, 27.1% and 41.5% of total sales, respectively, for the fiscal year ended March 31, 2019. This compares to
37.2%, 25.6% and 37.2% of total sales for the Asian, American, and European regions in the prior year, respectively. | d7046a455688707967b8cdc411c16b2d | 9 | 3,541 | 3,833 | |
7_10 | As a result of the movement of the U.S. dollar
against certain foreign currencies, reported sales for the fiscal year ended March 31, 2019 were unfavorably impacted by approximately $33.3 million when compared to
the prior year.
Gross profit in the fiscal year ended March 31, 2019 was $482.9 million, compared to gross... | d7046a455688707967b8cdc411c16b2d | 10 | 3,833 | 4,219 | |
7_11 | Gross
profit as a percentage of sales for the fiscal year ended March 31, 2019 was 27.0% compared to 20.4% for the fiscal year ended March 31, 2018. The increase in gross
profit as a percentage of sales reflects a better margin product mix, improved operating efficiencies, cost control, and a more favorable pricing en... | d7046a455688707967b8cdc411c16b2d | 11 | 4,219 | 4,563 | |
7_12 |
We incurred costs of $9.2 million for the fiscal year ended March 31, 2019, as compared to $4.2 million for the fiscal year ended March 31, 2018, due to incremental
depreciation and amortization as a result of purchase accounting adjustments to inventory and fixed assets related to the S&C, Ethertronics and Kumatec ac... | d7046a455688707967b8cdc411c16b2d | 12 | 4,563 | 4,894 | |
7_13 |
For the fiscal year ended March 31, 2019, gross profit due to currency movement were unfavorably impacted by approximately $7.2 million when compared to the
previous fiscal year | d7046a455688707967b8cdc411c16b2d | 13 | 4,894 | 5,072 | |
8_0 | | | Years Ended December 31, |
All figures in USD ‘000, except TCE rate per day | 2019 | 2018 | Variance
Voyage Revenue | 317,220 | 289,016 | 9.8%
Less Voyage expenses | (141,770) | (165,012) | (14.1%)
Net Voyage Revenue | 175,450 | 124,00 | 9369cf38757ad3e31c53eb5e8304934e | 0 | 0 | 254 | |
8_1 | 4 | 41.5%
Vessel Calendar Days (1) | 8,395 | 9,747 | (13.9%)
Less off-hire days | 293 | 277 | 5.8%
Total TCE days | 8,102 | 9,470 | (14.4%)
TCE Rate per day (2) | $21,655 | $13,095 | 65.4%)
Total Days for vessel operating expenses | 9369cf38757ad3e31c53eb5e8304934e | 1 | 254 | 491 | |
8_2 | | 8,395 | 9,747 | (13.9%)
(1) Vessel Calendar Days is the total number of days the vessels were in our fleet.
(2) Time Charter Equivalent (“TCE”) Rate, results from Net Voyage Revenue divided by total TCE days.
The change in Voyage revenue is due to two main factors:
i) The number of TCE days
ii) The change in the ... | 9369cf38757ad3e31c53eb5e8304934e | 2 | 491 | 829 | |
8_3 |
With regards to i), the decrease in vessel calendar days is mainly due to the disposal of ten vessels in 2018, offset by three 2018 Newbuildings delivered in the latter part of 2018.
With regards to ii), the TCE rate increased by $8,560, or 65.4%. | 9369cf38757ad3e31c53eb5e8304934e | 3 | 829 | 1,077 | |
8_4 | The indicative rates presented by Clarksons Shipping increased by 91.7% for the twelve months of 2019 compared to the same twelve months in 2018 to $31,560 from $16,466, respectively. The rates presented by Clarksons Shipping were significantly influenced by the spike in the Suezmax tanker rates in the fourth quarter ... | 9369cf38757ad3e31c53eb5e8304934e | 4 | 1,077 | 1,419 | |
8_5 | Our average TCE was also positively impacted by the increased tanker rates towards the end of 2019, but not to the same extent as the rates reported by Clarksons Shipping. We expect this spike to materialize to a larger extent in the first quarter of 2020 compared to the rates reported by Clarksons Shipping. | 9369cf38757ad3e31c53eb5e8304934e | 5 | 1,419 | 1,729 | |
8_6 |
As a result of i) and ii) net voyage revenues increased by 41.5% from $124.0 million for the year ended December 31, 2018, to $175.5 million for the year ended December 31, 2019. | 9369cf38757ad3e31c53eb5e8304934e | 6 | 1,729 | 1,908 | |
9_0 | | | 2019 | 2018
| Note | £m | £m
UK | | 24.5 | 24.9
Ireland | | 0.4 | 0.5
Total | | 24.9 | 25.4
Credit risk
The carrying amount of financial assets, previously recognised as loans and receivables under IAS 39 now classified as amortised cost under IFRS 9, represents the maximum credit exposure. | bd45c8b1e606fc10e96ca3ee70e7c2cc | 0 | 0 | 302 | |
9_1 | The maximum exposure to credit risk at 31 March 2019 was £59.1m (2018: £56.5m).
The maximum exposure to credit risk for trade receivables at the reporting date by geographic region was: | bd45c8b1e606fc10e96ca3ee70e7c2cc | 1 | 302 | 488 | |
10_0 | Fiscal Year ended | June 1, 2019 | June 2, 2018 | June 3, 2017
Net income (loss) attributable to Cal-Maine Foods, Inc. - (in thousands) | $54,229 | $125,932 | $(74,278)
Gross profit (in thousands) | 222,859 | 361,046 | 45,550
Net average shell egg selling price (rounded) | 1. | 2213379a66c4432592ef7375092347ce | 0 | 0 | 276 | |
10_1 | 27 | 1.40 | 1.01
Average Urner Barry Spot Egg Market Quotations 1 | 1.23 | 1.49 | 0.85
Feed cost per dozen produced | 0.415 | 0.394 | 0.399
Executive Overview of Results – Fiscal Years Ended June 1, 2019, June 2, 2018, and June 3, 2017
Our operating results are significantly affected by wholesale shell egg market pric... | 2213379a66c4432592ef7375092347ce | 1 | 276 | 614 | |
10_2 | which can fluctuate
widely and are outside of our control. The majority of our shell eggs are sold at independently quoted wholesale
market prices for shell eggs or formulas related to our costs of production which include the cost of corn and soybean
meal. The following table shows our net income (loss), gross profit... | 2213379a66c4432592ef7375092347ce | 2 | 614 | 1,262 | |
10_3 | The periods of high profitability have often reflected increased consumer demand relative to supply while the
periods of significant loss have often reflected excess supply for the then prevailing consumer demand. Historically,
demand for shell eggs increases in line with overall population growth. As reflected above,... | 2213379a66c4432592ef7375092347ce | 3 | 1,262 | 1,843 | |
10_4 | In fiscal 2017, our net average selling price and dozens sold decreased over the previous fiscal year
primarily due to the oversupply of eggs resulting from the repopulation of the national flock of laying hens to levels
exceeding the flock size prior to the avian influenza outbreak in 2015, along with a reduced deman... | 2213379a66c4432592ef7375092347ce | 4 | 1,843 | 2,325 | |
10_5 | Fiscal 2019 saw an increasing U.S. flock size result in oversupply of eggs, particularly in the last half
of the fiscal year. This resulted in decreased gross profit and net income for fiscal 2019.
NET SALES
Net sales for the fiscal year ended June 1, 2019 were $1,361.2 million, a decrease of $141.7 million, or 9.4%, ... | 2213379a66c4432592ef7375092347ce | 5 | 2,325 | 2,696 | |
10_6 | The decrease was primarily due to lower selling prices for non-specialty
eggs in fiscal 2019 due to the oversupply of eggs, particularly in the last half of the fiscal year, contrasted with fiscal
2018 in which we experienced strong demand resulting in higher prices for non-specialty eggs.
In fiscal 2019, shell egg sa... | 2213379a66c4432592ef7375092347ce | 6 | 2,696 | 3,063 | |
10_7 | Total dozens sold in fiscal 2019 were 1,038.9 million, an increase of 1.2 million dozen, or 0.1%, compared to 1,037.7 million sold in fiscal 2018 resulting in an increase in net sales of $1.7 million for fiscal 2019 compared with the prior year. | 2213379a66c4432592ef7375092347ce | 7 | 3,063 | 3,309 | |
10_8 |
Net average selling price of shell eggs decreased from $1.397 per dozen for fiscal 2018 to $1.265 per dozen for fiscal 2019, a decrease of $0.132 per dozen, or 9.4%, primarily reflecting an abundance of eggs in the market. The decrease in sales price in fiscal 2019 from fiscal 2018 resulted in a corresponding decrease... | 2213379a66c4432592ef7375092347ce | 8 | 3,309 | 3,796 | |
10_9 | Small changes in production or demand levels can have a large effect on shell egg prices.
Egg products accounted for approximately 3% of our net sales. These revenues were $41.5 million for the fiscal year
ended June 1, 2019 compared with $43.5 million for the fiscal 2018. | 2213379a66c4432592ef7375092347ce | 9 | 3,796 | 4,070 | |
11_0 | | 2019 | 2018
| (in thousands) |
Deferred tax assets: | |
Net operating loss carryforwards | $65,477 | $64,887
Research and development credits | 80,404 | 75,032
Accrued expenses and other | 7,768 | 7,965
Lease obligation | 2,047 | —
Accrued compensation | 1,441 | 2,504
Stock-based compensation | 4bca637fa8d11fd4333c8c9844dd4727 | 0 | 0 | 300 | |
11_1 | | 3,460 | 2,550
| 160,597 | 152,938
Less valuation allowance | (77,957) | (79,196)
| 82,640 | 73,742
Deferred tax liabilities: | |
Fixed assets | (246) | (1,391)
Leased right-of-use assets | (1,483) | —
Intangible assets | (13,627) | | 4bca637fa8d11fd4333c8c9844dd4727 | 1 | 300 | 538 | |
11_2 | (20,833)
Net deferred tax assets | $67,284 | 51,518
The components of the deferred income tax assets are as follows:
At December 31, 2019, the Company had federal, state and foreign tax net operating loss carryforwards of approximately $269.3 million, $86.4 million and $11.7 million, respectively. | 4bca637fa8d11fd4333c8c9844dd4727 | 2 | 538 | 838 | |
11_3 | The federal, state and foreign tax loss carryforwards will begin to expire in2 020, 2020 and 2026 respectively, unless previously utilized. At December 31, 2019, the Company had federal, state and foreign tax credit carryforwards of approximately $41.8 million, $86.3 million and $5.7 million, respectively. The federal... | 4bca637fa8d11fd4333c8c9844dd4727 | 3 | 838 | 1,275 | |
11_4 | The state tax credit carryforwards do not expire. The Company also has foreign incentive deductions of approximately $24.5 million that do not expire.
In addition, the Company has $0.3 million of federal alternative minimum tax credit carryforwards that will be refundable in future years, due to the Tax Cuts and Jobs ... | 4bca637fa8d11fd4333c8c9844dd4727 | 4 | 1,275 | 1,946 | |
11_5 | The Company records a valuation allowance to reduce its deferred taxes to the amount it believes is more likely than not to be realized. In making such determination, the Company considers all available positive and negative evidence quarterly, including scheduled reversals of deferred tax liabilities, projected futur... | 4bca637fa8d11fd4333c8c9844dd4727 | 5 | 1,946 | 2,494 | |
11_6 | Based upon the Company's review of all positive and negative evidence, the Company released $51.2 million in valuation allowance against certain of its deferred tax assets in 2017. In 2018, the Company released an additional $11.3 million of its valuation allowance as a result of completing its analysis of the effects... | 4bca637fa8d11fd4333c8c9844dd4727 | 6 | 2,494 | 3,120 | |
11_7 | The Company does not incur expense or benefit in certain tax-free jurisdictions in which it operates.
The income tax benefit for the year ended December 31, 2019 primarily related to the mix of pre-tax income among jurisdictions, discrete tax benefits related to stockbased compensation, and release of certain reserves... | 4bca637fa8d11fd4333c8c9844dd4727 | 7 | 3,120 | 3,486 | |
11_8 |
The income tax benefit for the year ended December 31, 2018 primarily related to a partial release of the Company's valuation allowance and the mix of pre-tax income among jurisdictions, excess tax benefits related to stock-based compensation, and release of uncertain tax positions under ASC 740-10. | 4bca637fa8d11fd4333c8c9844dd4727 | 8 | 3,486 | 3,787 | |
12_0 | | | Common Stock Price Range 2018
| Low | High
First Quarter | $ 5.99 | $ 8.40
Second Quarter | $ 4.79 | $ 6.48
Third Quarter | $ 2.66 | $ 4.63
Fourth Quarter | $ 1.88 | $ 3.39
ITEM 5 MARKET FOR REGISTRANT’S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES
Our common stock is lis... | 0cf6769516cf2a245aaed5fcf2bd9c21 | 0 | 0 | 357 | |
12_1 | the symbol “LWAY.” Trading commenced on March 29, 1988. As of March 16, 2020, there were approximately 147 holders of record of Lifeway’s Common Stock.
Common stock price
The following table shows the high and low sale prices per share of our common stock as reported on the Nasdaq Global Market for each quarter during... | 0cf6769516cf2a245aaed5fcf2bd9c21 | 1 | 357 | 711 | |
13_0 | | December 31, |
| 2018 | 2019
Wages and salaries | 158,371 | 191,459
Social security | 14,802 | 17,214
Pension expenses | 6,937 | 8,408
Share-based payment expenses | 8,215 | 10,538
Restructuring expenses | 178 | 108
Total | 188,503 | | 4f3059102029ebc4cfc6f78f0836ae38 | 0 | 0 | 239 | |
13_1 | 227,727
Personnel expenses for employees were as follows:
Personnel expenses are included in cost of sales and in operating expenses in the consolidated statement of profit or loss. | 4f3059102029ebc4cfc6f78f0836ae38 | 1 | 239 | 421 | |
14_0 | Days past due | 1–90 | 91–180 | 181–360 | >360 | Total
Country risk: Low | 1,347 | 125 | 127 | 313 | 1,912
Country risk: Medium | 891 | 725 | 600 | 819 | 3,035
Country risk: High | 583 | 365 | 217 | 1,315 | | 168d8b4e350cd1466e20530e331c8765 | 0 | 0 | 207 | |
14_1 | 2,480
Total past due | 2,821 | 1,215 | 944 | 2,447 | 7,427
Aging analysis of gross values by risk category at December 31, 2019
The distribution of trade receivables and contract assets closely follows the distribution of the Company’s sales, see note B1, “Segment information.” The ten largest customers represented 49... | 168d8b4e350cd1466e20530e331c8765 | 1 | 207 | 594 | |
15_0 | (dollars in thousands) | Last Fiscal Year of Expiration | Amount
Income tax net operating loss carryforwards:(1) | |
Domestic–state | 2039 | $57,299
Foreign | 2039 or indefinite | $565,609
Tax credit carryforwards:(1) | |
Domestic–federal | 2029 | $39,784
Domestic–state | 2027 | $3,313
Foreign(2) | 202 | e1ea6e253bcba794b65f0dc1bbe6de58 | 0 | 0 | 307 | |
15_1 | 7 or indefinite | $15,345
Tax Carryforwards
The amount and expiration dates of income tax net operating loss carryforwards and tax credit carryforwards, which are available to reduce future taxes, if any, as of August 31, 2019 are as follows:
(1) Net of unrecognized tax benefits.
(2) Calculated based on the deferral m... | e1ea6e253bcba794b65f0dc1bbe6de58 | 1 | 307 | 676 | |
16_0 | | | Fiscal |
| 2019 | 2018 | 2017
| | (in millions) |
Transportation Solutions: | | |
Automotive | $ 5,686 | $ 6,092 | $ 5,228
Commercial transportation | 1,221 | 1,280 | 997
Sensors | 914 | 918 | 814
Total Transportation Solutions | 7,821 | 8,29 | b356c7d1cb958fd4522d0248f18290a2 | 0 | 0 | 257 | |
16_1 | 0 | 7,039
Industrial Solutions: | | |
Industrial equipment | 1,949 | 1,987 | 1,747
Aerospace, defense, oil, and gas | 1,306 | 1,157 | 1,075
Energy | 699 | 712 | 685
Total Industrial Solutions | 3,954 | 3,856 | 3,507
Communications Solutions: | | |
Data and | b356c7d1cb958fd4522d0248f18290a2 | 1 | 257 | 519 | |
16_2 | devices | 993 | 1,068 | 963
Appliances | 680 | 774 | 676
Total Communications Solutions | 1,673 | 1,842 | 1,639
Total | $ 13,448 | $ 13,988 | $ 12,185
Net sales by segment and industry end market(1) were as follows:
(1) Industry end market information is presented consistently with our internal management reporting a... | b356c7d1cb958fd4522d0248f18290a2 | 2 | 519 | 869 | |
16_3 | as management deems necessary. | b356c7d1cb958fd4522d0248f18290a2 | 3 | 869 | 900 | |
17_0 | | | Fiscal Year End
| 2019 | 2018
| | (in millions)
Deferred tax assets: | |
Accrued liabilities and reserves | $ 245 | $ 255
Tax loss and credit carryforwards | 6,041 | 3,237
Inventories | 43 | 58
Intangible assets | 964 | —
Pension and postretirement benefits | 248 | 179
Deferred revenue | 4 | 5 | c925a45ca827b9f90901cd5cec26a8ff | 0 | 0 | 307 | |
17_1 |
Interest | 134 | 30
Unrecognized income tax benefits | 7 | 8
Basis difference in subsidiaries | — | 946
Other | 8 | 13
Gross deferred tax assets | 7,694 | 4,731
Valuation allowance | (4,970) | (2,191)
Deferred tax assets, net of valuation allowance | 2,724 | 2,540
| |
Deferred tax liabilities: | |
Intangible asse... | c925a45ca827b9f90901cd5cec26a8ff | 1 | 307 | 637 | |
17_2 | 552)
Property, plant, and equipment | (57) | (13)
Other | (47) | (38)
Total deferred tax liabilities | (104) | (603)
Net deferred tax assets | $ 2,620 | $ 1,937
Deferred Tax Assets and Liabilities
Deferred income taxes result from temporary differences between the amount of assets and liabilities recognized for finan... | c925a45ca827b9f90901cd5cec26a8ff | 2 | 637 | 1,058 |
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