Our property business includes the operation of communications sites and managed networks, the leasing of property interests, and, in select markets, the operation of fiber and the provision of backup power through shared generators. Our presence in a number of markets at different relative stages of wireless development provides us with significant diversification and long-term growth potential. Our property segments accounted for the following percentage of consolidated total revenue for the years ended December 31,:
Communications Sites. Approximately 95%, 96% and 97% of revenue in our property segments was attributable to our communications sites, excluding DAS networks, for the years ended December 31, 2019, 2018 and 2017, respectively.
We lease space on our communications sites to tenants providing a diverse range of communications services, including cellular voice and data, broadcasting, mobile video and a number of other applications. In addition, in many of our international markets, we receive pass-through revenue from our tenants to cover certain costs, including power and fuel costs and ground rent. Our top tenants by revenue for each region are as follows for the year ended December 31, 2019: • U.S.: AT&T Inc. (“AT&T”); Verizon Wireless; T-Mobile US, Inc. (“T-Mobile”); and Sprint Corporation (“Sprint”) accounted for an aggregate of 89% of U.S. property segment revenue. T-Mobile and Sprint have announced plans to merge in 2020. • Asia: Vodafone Idea Limited; Bharti Airtel Limited (“Airtel”); and Reliance Jio accounted for an aggregate of 83% of Asia property segment revenue. • Africa: MTN Group Limited (“MTN”); and Airtel accounted for an aggregate of 74% of Africa property segment revenue. • Europe: Telefónica S.A (“Telefónica”); Bouygues; and Free accounted for an aggregate of 70% of Europe property segment revenue. • Latin America: Telefónica; AT&T; and América Móvil accounted for an aggregate of 58% of Latin America property segment revenue.

              | 2019 | 2018 | 2017
------------- | ---- | ---- | ----
U.S.          | 55%  | 51%  | 55%
Asia          | 16%  | 21%  | 17%
Africa        | 8%   | 7%   | 7%
Europe        | 2%   | 2%   | 2%
Latin America | 18%  | 17%  | 18%

property business includes communications sites networks leasing operation fiber backup power. presence in stages wireless development provides diversification long-term growth potential. property segments consolidated total revenue
 Communications Sites. 95% 96% 97% revenue communications sites 2019 2018 2017.
 lease space communications sites tenants communications services cellular voice data broadcasting mobile video other applications. receive pass-through revenue tenants costs power fuel costs ground rent. top tenants revenue 2019 U. S. AT&T Inc. Verizon Wireless T-Mobile US. Sprint Corporation 89%. property revenue. T-Mobile Sprint 2020. Asia Vodafone Idea Bharti Airtel Reliance Jio 83% Asia revenue. Africa MTN Group Airtel 74% Africa revenue. Europe Telefónica S. Bouygues Free 70% Europe revenue. Latin America Telefónica AT&T América Móvil 58% Latin America revenue.
. 55% 51%
21%
 Africa 8% 7%
 Europe 2%
 Latin America 18% 17%


Periodic Benefit Costs The aggregate net pension cost recognized in the consolidated statements of operations were costs of $6.5 million and $4.6 million for the years ended December 31, 2019 and 2018, respectively.
The following table presents the components of net periodic benefit cost are as follows (in millions):
Of the amounts presented above, income of $1.4 million has been included in cost of revenue and loss of $7.9 million included in other comprehensive income for the year ended December 31, 2019, and income of $2.1 million has been included in cost of revenue and loss of $6.7 million included in other comprehensive income for the year ended December 31, 2018.

                                                | Years Ended December 31, |
----------------------------------------------- | ------------------------ | -----
                                                | 2019                     | 2018
Service cost—benefits earning during the period | $-                       | $-
Interest cost on projected benefit obligation   | 5.3                      | 5.3
Expected return on assets                       | (6.7)                    | (7.5)
Actuarial (gain) loss                           | 7.9                      | 6.7
Foreign currency gain (loss)                    | -                        | 0.1
Net pension (benefit) cost                      | $ 6.5                    | $ 4.6

Periodic Benefit Costs net pension cost statements $6. 5 million $4. 6 million years December 2019 2018.
 table components net benefit cost
 income $1. 4 million revenue loss $7. 9 million December 31, 2019 $2. 1 million loss $6. 7 million December 2018.
 Service cost—benefits earning
 Interest cost benefit obligation 5.
 Expected return assets (6.
 Actuarial (gain loss.
 Foreign currency gain (loss.
 Net pension (benefit cost $ 6. 5 4.


(6) INTANGIBLE ASSETS
Identifiable intangible assets as of June 30, 2019 and 2018 were as follows:
The weighted average remaining amortization period for the Company’s customer relationships asset is 14.3 years. The Company has determined that certain underlying rights (including easements) and the certifications have indefinite lives. The amortization period for underlying rights (including easements) is 13.0 years. The amortization of intangible assets for the years ended June 30, 2019, 2018 and 2017 was $95.1 million, $97.2 million, and $80.0 million, respectively.

                                   | Gross Carrying Amount | Accumulated Amortization | Net
---------------------------------- | --------------------- | ------------------------ | --------
                                   |                       | (in millions)            |
June 30, 2019                      |                       |                          |
Finite-Lived Intangible Assets     |                       |                          |
Customer relationships             | $1,597.6              | $(498.7)                 | $1,098.9
Underlying rights and other        | 3.4                   | (1.5)                    | 1.9
Total                              | 1,601.0               | (500.2)                  | 1,100.8
Indefinite-Lived Intangible Assets |                       |                          |
Certifications                     | 3.5                   | —                        | 3.5
Underlying rights and other        | 14.5                  | —                        | 14.5
Total                              | 1,619.0               | (500.2)                  | 1,118.8
June 30, 2018                      |                       |                          |
Finite-Lived Intangible Assets     |                       |                          |
Customer relationships             | $1,597.0              | $(405.6)                 | $1,191.4
Underlying rights and other        | 2.7                   | (0.6)                    | 2.1
Total                              | 1,599.7               | (406.2)                  | 1,193.5
Indefinite-Lived Intangible Assets |                       |                          |
Certifications                     | 3.5                   | —                        | 3.5
Underlying rights and other        | 15.1                  | —                        | 15.1
Total                              | $1,618.3              | $(406.2)                 | $1,212.1

INTANGIBLE ASSETS
 June 30, 2019 2018
 average amortization customer relationships 14. 3 years. underlying rights easements certifications indefinite lives. amortization 13. years. amortization assets June 30, 2019 2018 2017 $95. 1 million $97. 2 million $80. 0 million.
 Gross Carrying Amount Accumulated Amortization
 30 2019
 Finite-Lived Intangible Assets
 relationships $1,597.(498. $1,098.
 Underlying rights 3.
 1,601. 1,100.
 Indefinite-Lived Intangible Assets
 Certifications 3.
 rights 14.
 1,619. 1,118.
 June 30 2018
 Finite-Lived Intangible Assets
 relationships $1,597. $1,191.
.
 1,599. 1,193.
 Indefinite-Lived Intangible Assets
 Certifications 3.
 Underlying rights.15.
 $1,618.(406. $1,212.


Note 5: Equity-based Compensation Plans
The Company has stock plans that provide for grants of equity-based awards to eligible participants, including stock options and restricted stock units, of the Company’s Common Stock. An option is a right to purchase Common Stock at a set price. An RSU award is an agreement to issue a set number of shares of Common Stock at the time of vesting. The Company’s options and RSU awards typically vest over a period of three years or less. The Company also has an employee stock purchase plan that allows employees to purchase its Common Stock at a discount through payroll deductions.
The Lam Research Corporation 2007 Stock Incentive Plan, as amended and restated, 2011 Stock Incentive Plan, as amended and restated, and the 2015 Stock Incentive Plan (collectively the “Stock Plans”), provide for the grant of non-qualified equity-based awards to eligible employees, consultants and advisors, and non-employee directors of the Company and its subsidiaries. The 2015 Stock Incentive Plan was approved by shareholders authorizing up to 18,000,000 shares available for issuance under the plan. Additionally, 1,232,068 shares that remained available for grants under the Company’s 2007 Stock Incentive Plan were added to the shares available for issuance under the 2015 Stock Incentive Plan. As of June 30, 2019, there were a total of 9,379,904 shares available for future issuance under the Stock Plans. New shares are issued from the Company’s balance of authorized Common Stock from the 2015 Stock Incentive Plan to satisfy stock option exercises and vesting of awards.
The Company recognized the following equity-based compensation expense and benefits in the Consolidated Statements of Operations:
The estimated fair value of the Company’s equity-based awards, less expected forfeitures, is amortized over the awards’ vesting terms on a straight-line basis.

                                                                              |               | YearEnded      |
----------------------------------------------------------------------------- | ------------- | -------------- | -------------
                                                                              | June 30, 2019 | June 24, 2018  | June 25, 2017
                                                                              |               | (in thousands) |
Equity-based compensation expense                                             | $187,234      | $172,216       | $149,975
Income tax benefit recognized related to equity-based compensation            | $47,396       | $87,505        | $38,381
Income tax benefit realized from the exercise and vesting of options and RSUs | $49,242       | $90,297        | $92,749

Equity-based Compensation Plans
 Company plans equity awards participants options restricted stock units Common Stock. option right purchase set price. RSU award issue set shares. options RSU awards vest three years. employee stock purchase plan Stock discount payroll deductions.
 Lam Research Corporation 2007 Stock Incentive Plan 2011 2015 non-qualified equity awards employees consultants advisors non-employee directors subsidiaries. 2015 Incentive Plan 18,000,000 shares issuance. 1,232,068 shares 2007 Incentive Plan added 2015. June 30, 2019 9,379,904 shares available future issuance. New shares issued from Common Stock 2015 Incentive Plan option exercises vesting.
 equity-based compensation expense benefits Consolidated Statements Operations
 estimated fair value awards forfeitures amortized over vesting terms.
 June 30 2019 24 2018 25 2017

 Equity compensation $187,234 $172,216 $149,975
 $47,396 $87,505 $38,381
 options RSUs $49,242 $90,297 $92,749


Asset Retirement Obligations
At December 31, 2019, our asset retirement obligations balance was primarily related to estimated future costs of removing equipment from leased properties and estimated future costs of properly disposing of asbestos and other hazardous materials upon remodeling or demolishing buildings. Asset retirement obligations are included in other long-term liabilities on our consolidated balance sheets.
As of the Level 3 acquisition date, we recorded liabilities to reflect our fair values of Level 3’s asset retirement obligations. Our fair value estimates were determined using the discounted cash flow method.
The following table provides asset retirement obligation activity:
(1) The liabilities assumed during 2018 relate to purchase price adjustments during the year.
The 2019, 2018 and 2017 change in estimates are offset against gross property, plant and equipment.

                                                 | Years Ended December 31, |      |
------------------------------------------------ | ------------------------ | ---- | ----
                                                 | 2019                     | 2018 | 2017
                                                 | (Dollars in millions)    |      |
Balance at beginning of year                     | $190                     | 115  | 95
Accretion expense                                | 11                       | 10   | 6
Liabilities assumed in acquisition of Level 3(1) | —                        | 58   | 45
Liabilities settled                              | (14)                     | (14) | (3)
Liabilities transferred to Cyxtera               | —                        | —    | (20)
Change in estimate                               | 10                       | 21   | (8)
Balance at end of year                           | $197                     | 190  | 115

Asset Retirement Obligations
 December 31, 2019 removing equipment disposing asbestos hazardous materials remodeling buildings. included long-term liabilities consolidated balance sheets.
 Level 3 acquisition recorded liabilities fair values obligations. determined discounted cash flow method.
 table asset retirement obligation activity
 liabilities assumed 2018 purchase price adjustments.
 2019 2018 2017 estimates offset against property plant equipment.
 Years Ended December 31,
 millions
 Balance beginning year $190  115
 Accretion expense
 Liabilities acquisition Level
 settled
 transferred Cyxtera
 Change estimate
 Balance end year $197  190


Note 18 – Restructuring
During the second half of 2019, the Company implemented a restructuring plan to realign its expense structure with the reduction in revenue experienced in recent years and overall Company objectives. Management assessed the efficiency of our operations and consolidated locations and personnel, among other things, where possible. As part of this restructuring plan, the Company announced plans to reduce its overall operating expenses, both in the U.S and internationally.
In February 2019, the Company announced the restructuring of certain of our workforce predominantly in Germany, which included the closure of our office location in Munich, Germany accompanied by relocation or severance benefits for the affected employees. We also offered voluntary early retirement to certain other employees, which was announced in March 2019.
In January 2018, the Company announced an early retirement incentive program for employees that met certain defined requirements. The cumulative amount incurred during the year ended December 31, 2018 related to this restructuring program was $7.3 million. We did not incur any additional expenses related to this restructuring program during the year ended December 31, 2019.
A reconciliation of the beginning and ending restructuring liability, which is included in accrued wages and benefits in the Consolidated Balance Sheets as of December 31, 2019 and 2018, is as follows:

(In thousands)                            | 2019    | 2018
----------------------------------------- | ------- | -------
Balance at beginning of period            | $185    | $205
Plus: Amounts charged to cost and expense | 6,014   | 7,261
Less: Amounts paid                        | (4,631) | (7,281)
Balance at end of period                  | $1,568  | $185

18 Restructuring
 second half 2019 Company implemented plan expense structure reduction revenue objectives. Management assessed efficiency consolidated locations personnel. plans reduce operating expenses U. internationally.
 February 2019 restructuring workforce Germany closure office Munich relocation severance benefits. offered voluntary early retirement March 2019.
 January 2018 early retirement incentive program. cumulative amount incurred $7. 3 million. additional expenses.
 reconciliation restructuring liability accrued wages benefits Consolidated Balance Sheets December 2019 2018
 2019 2018
 Balance beginning $185 $205
 Plus Amounts charged cost expense 6,014 7,261
 Amounts paid (4,631) (7,281)
 Balance end period $1,568 $185


BUSINESS COMBINATION IN FISCAL 2019
Purchase of a fibre network and corresponding assets
On October 3, 2018, the Corporation's subsidiary, Atlantic Broadband, completed the acquisition of the south Florida fibre network previously owned by FiberLight, LLC. The transaction, combined with the dark fibers acquired from FiberLight in the second quarter of fiscal 2018, added 350 route miles to Atlantic Broadband’s existing south Florida footprint.
The acquisition was accounted for using the purchase method and was subject to post closing adjustments. The final allocation of the purchase price of this acquisition is as follows:

                                                   | Final           | Preliminary
-------------------------------------------------- | --------------- | -----------------
                                                   | August 31, 2019 | November 30, 2018
(In thousands of Canadian dollars)                 | $               | $
Purchase price                                     |                 |
Consideration paid at closing                      | 38,876          | 38,876
Balance due on business combinations               | 5,005           | 5,005
                                                   | 43,881          | 43,881
Net assets acquired                                |                 |
Trade and other receivables                        | 1,308           | 1,743
Prepaid expenses and other                         | 335             | 335
Property, plant and equipment                      | 28,785          | 45,769
Intangible assets                                  | 3,978           | —
Goodwill                                           | 11,093          | —
Trade and other payables assumed                   | (644)           | (644)
Contract liabilities and other liabilities assumed | (974)           | (3,322)
                                                   | 43,881          | 43,881

BUSINESS COMBINATION FISCAL 2019
 Purchase fibre network assets
 October 3, 2018 subsidiary Atlantic Broadband south Florida fibre network FiberLight. fibers added 350 route miles Atlantic south Florida footprint.
 accounted purchase method subject closing adjustments. final allocation purchase price
 August 31, 2019 November 30, 2018
 dollars
 Purchase price
 closing 38,876
 Balance due business combinations 5,005
 43,881
 Net assets acquired
 receivables
 Prepaid expenses 335
 Property plant equipment 28,785
 Intangible assets 3,978
 Goodwill 11,093
 payables
 Contract liabilities
 43,881


Item 14. PRINCIPAL ACCOUNTING FEES AND SERVICES.
Independent Registered Public Accounting Firm
Principal Accountant Fees and Services
The following table presents fees for professional audit services rendered by Brightman Almagor Zohar & Co., a Firm in the Deloitte Global Network (“Deloitte”) for the audit of our financial statements for the fiscal years ended December 31, 2019 and 2018 and fees billed for other services rendered by Deloitte during those periods.
(1) Audit fees are comprised of fees for professional services performed by Deloitte for the audit of our annual financial statements and the review of our quarterly financial statements, as well as other services provided by Deloitte in connection with statutory and regulatory filings or engagements.
(2) Tax fees are comprised of fees for preparation of tax returns to the Company and the services performed by Deloitte in connection with Inter-Company matters.
We did not use Deloitte for financial information system design and implementation. These services, which include designing or implementing a system that aggregates source data underlying the financial statements and generates information that is significant to our financial statements, are provided internally or by other service providers. We did not engage Deloitte to provide compliance outsourcing services.

                   |         | December 31,
------------------ | ------- | ------------
                   | 2018    | 2019
Audit Fees (1)     | $58,000 | $55,000
Audit-Related Fees | $-      | $-
Tax Fees (2)       | $28,000 | $11,000
All Other Fees     | $-      | $-
Total Fees         | $86,000 | $66,000

. PRINCIPAL ACCOUNTING FEES SERVICES.
 Independent Registered Public Accounting Firm
 table fees audit services Brightman Almagor Zohar & Co. Deloitte Global Network audit financial statements fiscal years December 31, 2019 2018 other services.
 Audit fees Deloitte annual quarterly statements services statutory regulatory filings.
 Tax fees preparation tax returns services Inter-Company matters.
 Deloitte financial information system design implementation. provided internally providers. Deloitte compliance outsourcing services.
 31,
 2018 2019
 Audit Fees $58,000 $55,000
 Audit-Related Fees $
 Tax Fees (2) $28,000 $11,000
 Other Fees
 Total Fees $86,000 $66,000


AMERICAN TOWER CORPORATION AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Tabular amounts in millions, unless otherwise disclosed)
17. OTHER OPERATING EXPENSE
Other operating expense consists primarily of impairment charges, net losses on sales or disposals of assets and other operating expense items. The Company records impairment charges to write down certain assets to their net realizable value after an indicator of impairment is identified and subsequent analysis determines that the asset is either partially recoverable or not recoverable. These assets consisted primarily of towers and related assets, which are typically assessed on an individual basis, network location intangibles, which relate directly to towers, and tenant-related intangibles, which are assessed on a tenant basis. Net losses on sales or disposals of assets primarily relate to certain non-core towers, other assets and miscellaneous items. Other operating expenses includes acquisition-related costs and integration costs.
Other operating expenses included the following for the years ended December 31,:

                                           | 2019 (1) | 2018   | 2017 (2)
------------------------------------------ | -------- | ------ | --------
Impairment charges                         | $94.2    | $394.0 | $211.4
Net losses on sales or disposals of assets | 45.1     | 85.6   | 32.8
Other operating expenses                   | 27.0     | 33.7   | 11.8
Total Other operating expenses             | $166.3   | $513.3 | $256.0

AMERICAN TOWER CORPORATION SUBSIDIARIES FINANCIAL STATEMENTS amounts millions
. OTHER OPERATING EXPENSE
 impairment charges net losses sales disposals items. records impairment charges assets net realizable value partially recoverable. assets towers network location intangibles-related intangibles. Net losses sales disposals relate non towers other assets miscellaneous items. acquisition-related integration costs.
 years December 31,
 2019 2018 2017
 Impairment charges $94. $394. $211.
 Net losses sales disposals 45. 85. 32.
 Other operating expenses 27. 33. 11.
 Total $166. $513. $256.


6. Income Taxes
Income tax expense (benefit) for fiscal 2019, 2018 and 2017 were as follows (in thousands):

          | 2019    | 2018    | 2017
--------- | ------- | ------- | ------
Current:  |         |         |
Federal   | $15,160 | $63,814 | $78
State     | —       | 234     | 33
Foreign   | 11,943  | 10,134  | 10,016
          | 27,103  | 74,182  | 10,127
Deferred: |         |         |
Federal   | (3,498) | (2,958) | 77
State     | 827     | (447)   | 38
Foreign   | (7,093) | 23,793  | (481)
          | (9,764) | 20,388  | (366)
          | $17,339 | $94,570 | $9,761

. Income Taxes
 2019 2018 2017
 Federal $15,160 $63,814 $78
 State
 Foreign 11,943 10,134
 27,103 74,182 10,127
 Deferred
 Federal (3,498) (2,958)
 State
 Foreign (7,093) 23,793
 (9,764 20,388
 $17,339 $94,570 $9,761


Consolidated Statements of Earnings and Comprehensive Earnings
A detail of related party items included in Revenues is as follows (in millions):
(1) Transactions with FNF are summarized through November 30, 2019, the date after which FNF is no longer considered a related party.

                             |          | Year ended December 31, |
---------------------------- | -------- | ----------------------- | -----
                             | 2019 (1) | 2018                    | 2017
Software services            | $40.2    | $35.9                   | $32.8
Data and analytics services  | 19.3     | 21.7                    | 24.0
Total related party revenues | $59.5    | $57.6                   | $56.8

Statements Earnings
 related party items Revenues
 Transactions FNF summarized November 30, 2019 no longer related party.
 Year ended December 31,
 Software services $40. $35. $32.
 Data services 19. 21. 24.
 related party revenues $59. $57. $56.


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.

                             | 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      | 227,727

Personnel expenses
 sales operating consolidated profit loss.
 Wages salaries 158,371 191,459
 Social security 14,802 17,214
 Pension 8,408
 Share 8,215 10,538
 Restructuring 178
 188,503 227,727


Global Business Services
* Recast to reflect segment changes.
Global Business Services revenue increased compared to 2017 driven by strong growth in Consulting, led by key offerings in digital Global Business Services revenue increased compared to 2017 driven by strong growth in Consulting, led by key offerings in digital and cloud application, where the business has brought together technology and industry expertise to help clients on their digital journey. GPS grew year to year, while Application Management revenue was flat as reported and declined adjusted for currency compared to 2017.
While we continued to help clients move to the cloud with offerings such as Cloud Migration Factory and cloud application development, there were continued declines in the more traditional application management engagements. Within GBS, cloud revenue of $4.7 billion grew 20 percent as reported and 19 percent adjusted for currency compared to the prior year.

($ in millions)                           |          |          |                           |
----------------------------------------- | -------- | -------- | ------------------------- | -----------------------------------------------
For the year ended December 31:           | 2018     | 2017     | Yr.-to-Yr. Percent Change | Yr.-to-Yr. Percent Change Adjusted for Currency
Global Business Services external revenue | $16,595* | $16,073* | 3.2%                      | 2.3%
Consulting                                | $7,705   | $7,262   | 6.1%                      | 5.1%
Application Management                    | 7,852    | 7,821    | 0.4                       | (0.5)
Global Process Services                   | 1,037*   | 990*     | 4.8                       | 4.7

Business Services
 segment changes.
 revenue increased 2017 growth Consulting digital cloud application technology expertise digital journey. GPS grew Application Management revenue flat declined adjusted currency 2017.
 cloud Migration Factory application development declines traditional application management engagements. cloud revenue $4. 7 billion grew 20 percent 19 percent adjusted currency prior year.
 year ended December 31 2018 2017. Percent Change. Adjusted Currency
 Global Business Services revenue $16,595 $16,073 3. 2% 2. 3%
 Consulting $7,705 $7,262 6. 1% 5. 1%
 Application Management 7,852.
 Global Process Services 1,037 990.


* Recast to reflect segment changes.
The 2018 GTS gross profit margin was essentially flat year to year and reflected benefits from productivity initiatives, including automation of delivery processes infused with AI and global workforce optimization.
Pre-tax income performance reflected continued investment to expand go-to-market capabilities and develop new offerings for the hybrid market.

($ in millions)                    |         |         |
---------------------------------- | ------- | ------- | ---------------------------------
For the year ended December 31:    | 2018*   | 2017*   | Yr.-to-Yr. Percent/ Margin Change
Global Technology Services         |         |         |
External total gross profit        | $10,035 | $10,022 | 0.1%
External total gross profit margin | 34.4%   | 34.3%   | 0.1 pts
Pre-tax income                     | $ 1,781 | $ 2,618 | (32.0)%
Pre-tax margin                     | 5.9%    | 8.8%    | (2.8) pts

Recast segment changes.
 2018 GTS profit margin flat productivity automation delivery AI workforce optimization.
 Pre-tax income investment-to-market offerings hybrid market.
 year December 31 2018 2017. Percent Margin Change
 Services
 gross profit $10,035 $10,022.
 margin 34. 4%. 3%.
 Pre-tax income $ 1,781 $ 2,618.
-tax margin 5. 9% 8. 8%.


Other intangible assets were comprised of:
Amortization expense of other intangible assets was $364.7, $316.5, and $294.3 during the years ended December 31, 2019, 2018 and 2017, respectively. Amortization expense is expected to be $400 in 2020, $383 in 2021, $379 in 2022, $347 in 2023 and $321 in 2024.

                                    | Cost       | Accum. amort. | Net book value
----------------------------------- | ---------- | ------------- | --------------
Assets subject to amortization:     |            |               |
Customer related intangibles        | $3,926.8   | $(1,083.6)    | $  2,843.2
Unpatented technology               | 504.0      | (199.5)       | 304.5
Software                            | 172.0      | (93.2)        | 78.8
Patents and other protective rights | 9.7        | (7.5)         | 2.2
Trade names                         | 7.3        | (2.8)         | 4.5
Assets not subject to amortization: |            |               |
Trade names                         | 608.9      | —             | 608.9
Balances at December 31, 2018       | $  5,228.7 | $(1,386.6)    | $  3,842.1
Assets subject to amortization:     |            |               |
Customer related intangibles        | $  4,955.4 | $(1,349.4)    | $  3,606.0
Unpatented technology               | 613.0      | (279.6)       | 333.4
Software                            | 172.2      | (111.5)       | 60.7
Patents and other protective rights | 12.0       | (8.0)         | 4.0
Trade names                         | 7.9        | (4.1)         | 3.8
Assets not subject to amortization: |            |               |
Trade names                         | 659.8      | —             | 659.8
Balances at December 31, 2019       | $ 6,420.3  | $(1,752.6)    | $ 4,667.7

intangible assets
 Amortization expense $364. 7 $316. 5 $294. 3 2019 2018 2017. $400 2020 $383 2021 $379 2022 $347 2023 $321 2024.
.
 Assets subject amortization
 intangibles $3,926.(1,083. 2,843.
 Unpatented 504. 304.
 172. 78.
 Patents protective rights 9.
.
 Assets not amortization
 608.
 Balances December 31, 2018 $ 5,228. $(1,386. 3,842.
 Assets subject amortization
 intangibles $ 4,955. $(1,349. 3,606.
 Unpatented 613. (279. 333.
 172. (111. 60.
 Patents protective rights 12. 4.
 7. 3.
 Assets not subject amortization
 659.
 Balances December 31, 2019 6,420. $(1,752. 4,667.


Consolidated Net Revenues
The key drivers of changes in our consolidated net revenues, operating segment results, consolidated results, and sources of liquidity are presented in the order of significance.
The following table summarizes our consolidated net revenues, increase (decrease) in associated deferred net revenues recognized, and in-game net revenues (amounts in millions):
(1) In-game net revenues primarily includes the net amount of revenue recognized for downloadable content and microtransactions during the period.
Consolidated net revenues
The decrease in consolidated net revenues for 2019, as compared to 2018, was primarily driven by a decrease in revenues of $1.1 billion due to: • lower revenues recognized from the Destiny franchise (reflecting our sale of the publishing rights for Destiny to Bungie in December 2018); • lower revenues recognized from Hearthstone; • lower revenues recognized from Call of Duty franchise catalog titles; and • lower revenues recognized from Overwatch.
The decrease was partially offset by an increase in revenues of $236 million due to: • revenues from Sekiro: Shadows Die Twice, which was released in March 2019; and • revenues recognized from Crash Team Racing Nitro-Fueled, which was released in June 2019.
The remaining net decrease of $131 million was driven by various other franchises and titles.

                                                                |        | For the Years Ended December 31, |                     |
--------------------------------------------------------------- | ------ | -------------------------------- | ------------------- | --------
                                                                | 2019   | 2018                             | Increase/(decrease) | % Change
Consolidated net revenues                                       | $6,489 | $7,500                           | $(1,011)            | (13)%
Net effect from recognition (deferral) of deferred net revenues | 101    | 238                              | (137)               |
In-game net revenues (1)                                        | 3,376  | 4,249                            | (873)               | (21)%

Consolidated Net Revenues
 key drivers operating segment results sources liquidity significance.
 table summarizes revenues deferred net revenues in-game net revenues
 In-game net revenues downloadable content microtransactions.
 Consolidated net revenues
 decrease 2019 2018 driven $1. 1 billion lower revenues Destiny Hearthstone Call of Duty Overwatch.
 offset increase $236 million Sekiro: Shadows Die Twice Crash Team Racing Nitro-Fueled 2019.
 remaining decrease $131 million driven other franchises titles.
 2018 Increase Change
 Consolidated net revenues $6,489  $7,500  $(1,011)  (13)%
 Net effect deferred net revenues 101  238  (137)
 In-game net revenues 3,376  4,249  (873) (21)%


6. Inventories
Inventories consisted of the following components at June 30, 2019 and 2018:
If the FIFO method of inventory had been used instead of the LIFO method, inventories would have been $178.4 million and $210.3 million higher as of June 30, 2019 and 2018, respectively. Current cost of LIFO-valued inventories was $793.0 million at June 30, 2019 and $760.8 million at June 30, 2018. The reductions in LIFO-valued inventories decreased cost of sales by $0.0 million during fiscal year 2019 and $0.6 million during fiscal year 2018 and $0.0 million during fiscal year 2017.

                                | June 30, |
------------------------------- | -------- | ------
($ in millions)                 | 2019     | 2018
Raw materials and supplies      | $169.8   | $157.5
Work in process                 | 425.7    | 372.5
Finished and purchased products | 192.2    | 159.2
Total inventory                 | $787.7   | $689.2

. Inventories
 June 30, 2019
 FIFO $178. 4 million $210. 3 million higher. cost LIFO-valued inventories $793. million 2019 $760. 8 million 2018. reductions decreased cost $0. million 2019 $0. 6 million 2018. million 2017.
 30
 Raw materials supplies $169. $157.
 Work process 425. 372.
 Finished purchased products 192. 159.
 Total inventory $787. $689.


8. Other income, net
Other income, net consists of the following (in millions):

                  |                | Year Ended     |
----------------- | -------------- | -------------- | --------------
                  | April 26, 2019 | April 27, 2018 | April 28, 2017
Interest income   | $ 88           | $ 79           | $ 44
Interest expense  | (58)           | (62)           | (52)
Other income, net | 17             | 24             | 8
Other income, net | $ 47           | $ 41           | $ —

. income
 Year Ended
 April 26, 2019 April 27, 2018 28, 2017
 Interest income $ 88 $ 79 $ 44
 Interest expense (58)
 17 24
 $ 47 $ 41


Common Stock
The following is a summary of changes during the years ended December 31, in shares of our common stock and common stock in treasury:
(1) Restricted stock shares issued for new awards under the Omnibus Incentive Plan and restricted stock shares, forfeited as shown above for the year ended December 31, 2019 includes 1,478 restricted stock shares issued and (5,024) restricted stock shares forfeited related to 2018 that were not yet reflected by our Recordkeeper as of December 31, 2018. The table above and our Consolidated Balance Sheets reflect the number of shares issued per our Recordkeeper.
(2) In connection with the acquisition of B+ Equipment in the third quarter of 2015, the Company issued 20,000 shares of restricted common stock on September 26, 2018 to certain former equity holders of B+ Equipment. These shares were issued in offshore transactions with no direct selling efforts in the United States and without registration under the Securities Act of 1933, as amended, in reliance upon the issuer safe harbor provided by Regulation S.
(3) Effective January 1, 2019, new share issuances for vested awards are netted by the number of shares required to cover the recipients' portion of income tax. The portion withheld for taxes are canceled. Prior to January 1, 2019, the shares required to cover the recipients' portion of income tax were issued and recorded to treasury stock. Shares netted for taxes in 2019 primarily relates to vesting activity for restricted stock shares issued in prior years.
(4) Other activity in 2018 primarily relates to prior period adjustment related to years not contained within the table.
(5) Repurchase of common stock for the year ended December 31, 2019 as shown above includes 71,530 shares of common stock that had been repurchased by the Company in 2018 but not yet reflected by the Recordkeeper as of December 31, 2018. The table above and our Consolidated Balance Sheets reflect the number of shares held in treasury per our Recordkeeper.

                                                                                | 2019        | 2018        | 2017
------------------------------------------------------------------------------------------------ | ----------- | ----------- | -----------
Changes in common stock:                                                                         |             |             |
Number of shares, beginning of year                                                              | 231,619,037 | 230,080,944 | 227,638,738
Restricted stock shares issued for new awards(1)                                                 | 1,478       | 569,960     | 480,283
Restricted stock shares, forfeited(1)                                                            | (110,984)   | (86,518 )   | (184,235)
Shares issued for vested restricted stock units                                                  | 164,347     | 151,280     | 607,231
Shares issued as part of acquisition(2)                                                          | —           | 20,000      | —
Shares issued for 2014 Special Performance Stock Units (PSU) Awards                              | —           | 658,783     | 749,653
Shares issued for 2015 Three-Year PSU Awards                                                     | —           | 129,139     | —
Shares issued for 2014 Three-Year PSU Awards                                                     | —           | —           | 636,723
Shares issued for Stock Leverage Opportunity Awards (SLO)                                        | 6,321       | 109,841     | 136,783
Shares granted and issued under the Omnibus Incentive Plan and Directors Stock Plan to Directors | 123,824     | 10,841      | 15,768
Canceled shares for tax netting(3)                                                               | (181,488)   | —           | —
Other activity(4)                                                                                | —           | (25,233 )   | —
Number of shares issued, end of year(1)                                                          | 231,622,535 | 231,619,037 | 230,080,944
Changes in common stock in treasury:                                                             |             |             |
Number of shares held, beginning of year                                                         | 75,964,667  | 61,485,423  | 34,156,355
Repurchase of common stock(5)                                                                    | 1,632,163   | 14,826,924  | 27,320,816
Profit sharing contribution paid in stock                                                        | (487,108)   | (538,524 )  | (502,519)
Shares withheld for taxes(3)                                                                     | —           | 190,844     | 510,771
Number of shares held, end of year(5)                                                            | 77,109,722  | 75,964,667  | 61,485,423
Number of common stock outstanding, end of year                                                  | 154,512,813 | 155,654,370 | 168,595,521

Common Stock
 summary changes December 31, common stock treasury
 Restricted stock shares Omnibus Incentive Plan forfeited December 31, 2019 1,478 issued (5,024) forfeited 2018 reflected Recordkeeper. table Consolidated Balance Sheets reflect issued Recordkeeper.
 acquisition B+ Equipment Company issued shares restricted common stock September 26, 2018 former equity holders. issued offshore transactions no direct selling without registration Securities Act 1933 issuer safe harbor Regulation S.
 January 1, 2019 new share issuances vested awards netted shares income tax. withheld taxes canceled. shares issued recorded treasury stock. Shares netted taxes 2019 vesting activity restricted stock shares prior years.
 activity 2018 prior period adjustment.
 Repurchase common stock December 31, 2019 includes 71,530 shares 2018 not reflected Recordkeeper 2018. table Balance Sheets reflect shares held treasury Recordkeeper.
 Changes common stock
shares 231,619,037 230,080,944 227,638,738
 1,478 569,960 480,283
 (110,984) (86,518 (184,235
 vested stock 164,347 151,280 607,231
 2014 Special Performance Stock,783 749,653
 2015 Three-Year PSU Awards 129,139
 636,723
 Stock Leverage Opportunity Awards 6,321 109,841 136,783
 Omnibus Incentive Plan 123,824 10,841 15,768
 Canceled shares tax (181,488)
 (25,233
 end 231,622,535 231,619,037 230,080,944
 common stock
 75,964,667 61,485,423 34,156,355
 Repurchase 1,632,163 14,826,924 27,320,816
 Profit contribution (487,108 (538,524 (502,519)
 withheld 190,844 510,771
shares 77,109,722,667 61,485,423
 stock 154,512,813 155,654,370 168,595,521


Contractual Obligations
Our contractual obligations as of August 31, 2019 are summarized below. As disclosed below, while we have certain non-cancelable purchase order obligations for property, plant and equipment, we generally do not enter into non-cancelable purchase orders for materials until we receive a corresponding purchase commitment from our customer. Non-cancelable purchase orders do not typically extend beyond the normal lead time of several weeks, at most. Purchase orders beyond this time frame are typically cancelable.
(1) Consists of interest on notes payable and long-term debt outstanding as of August 31, 2019. Certain of our notes payable and long-term debt pay interest at variable rates. We have applied estimated interest rates to determine the value of these expected future interest payments.
(2) Consists of purchase commitments entered into as of August 31, 2019 primarily for property, plant and equipment and software pursuant to legally enforceable and binding agreements.
(3) Includes the estimated company contributions to funded pension plans during fiscal year 2020 and the expected benefit payments for unfunded pension and postretirement plans from fiscal years 2020 through 2029. These future payments are not recorded on the Consolidated Balance Sheets but will be recorded as incurred.
(4) Includes (i) a $28.5 million capital commitment, (ii) a $16.2 million obligation related to a new human resource system and (iii) $33.0 million related to the one-time transition tax as a result of the Tax Act that will be paid in annual installments through fiscal year 2026.
(5) As of August 31, 2019, we have $1.5 million and $103.7 million recorded as a current and a long-term liability, respectively, for uncertain tax positions. We are not able to reasonably estimate the timing of payments, or the amount by which our liability for these uncertain tax positions will increase or decrease over time, and accordingly, this liability has been excluded from the above table.

                                                          |            |                  | Payments due by period (in thousands) |            |
--------------------------------------------------------- | ---------- | ---------------- | ------------------------------------- | ---------- | -------------
                                                          | Total      | Less than 1 year | 1-3 years                             | 3-5 years  | After 5 years
Notes payable and long-term debt                          | $2,496,465 | $375,181         | $491,655                              | $1,134,733 | $494,896
Future interest on notes payable and long-term debt(1)    | 373,762    | 109,506          | 142,082                               | 55,463     | 66,711
Operating lease obligations                               | 603,185    | 118,312          | 187,644                               | 114,297    | 182,932
Capital lease obligations                                 | 77,829     | 6,038            | 11,726                                | 10,928     | 49,137
Non-cancelable purchase order obligations(2)              | 351,230    | 289,516          | 61,537                                | 177        | —
Pension and post retirement contributions and payments(3) | 14,618     | 1,135            | 1,904                                 | 2,396      | 9,183
Other(4)                                                  | 77,669     | 17,922           | 27,863                                | 14,214     | 17,670
Total contractual obligations(5)                          | $3,994,758 | $917,610         | $924,411                              | $1,332,208 | $820,529

Contractual Obligations
 as of August 31, 2019 summarized. non-cancelable obligations for property plant equipment materials until commitment customer. orders extend beyond weeks. beyond cancelable.
 interest on notes payable long-term debt August 31, 2019. variable rates. estimated interest rates future interest payments.
 purchase commitments for property plant equipment software agreements.
 estimated company contributions funded pension plans 2020 benefit payments unfunded pension postretirement plans 2020 through 2029. future payments not recorded Consolidated Balance Sheets recorded as incurred.
 Includes $28. 5 million capital commitment $16. 2 million obligation new human resource system $33. 0 million one-time transition tax paid annual installments through 2026.
 August 31, 2019 $1. 5 million $103. 7 million current long-term liability uncertain tax positions. estimate timing excluded from table.
 Payments due by period
1-3 3-5
 debt $2,496,465 $375,181,655,134,733 $494,896
 interest 373,762 142,082 55
 lease 603,185 118,312 187,644
 Capital lease 77,829 49
 Non-cancelable 351,230 289,516 61,537
 Pension retirement contributions 14,618 1,135 1,904 2,396 9,183
 77,669 17,922 27,863 14
 $3,994,758 $917,610 $924,411 $1,332,208 $820,529


Results of Operations
Year Ended December 31, 2018 Compared to Year Ended December 31, 2019
During the year ended December 31, 2019, we had an average of 27.2 ships operating in our owned and bareboat fleet (including ships owned by the Partnership), having 9,518 revenue operating days and an average of 27.2 ships operating under our technical management (including 27.0 of our owned and bareboat ships). During the year ended December 31, 2018, we had an average of 26.0 ships operating in our owned and bareboat fleet (including ships owned by the Partnership), having 9,030 revenue operating days and an average of 25.5 ships operating under our technical management (including 25.0 of our owned and bareboat ships).
Revenues: Revenues increased by 8.1%, or $50.3 million, from $618.3 million during the year ended December 31, 2018 to $668.6 million during the year ended December 31, 2019. The increase in revenues is mainly attributable to an increase of $63.4 million deriving from the full operation of the GasLog Houston, the GasLog Hong Kong and the GasLog Gladstone which were delivered on January 8, 2018, March 20, 2018 and March 29, 2018, respectively and the deliveries of the GasLog Gladstone on March 15, 2019 and the GasLog Warsaw on July 31, 2019. These deliveries resulted in an increase in revenue operating days. In addition, there was an increase of $11.0 million from our vessels trading in the spot and short-term market including the impact of the unscheduled dry-dockings of the GasLog Savannah, the GasLog Singapore and the GasLog Chelsea and an increase of $2.7 million from the remaining fleet. The above increases were partially offset by a decrease of $26.1 million from the expiration of the initial time charters of the GasLog Shanghai, the GasLog Santiago, the GasLog Sydney, the GasLog Skagen, the GasLog Saratoga and the Methane Jane Elizabeth and a decrease of $0.7 million due to increased off-hire days from the remaining vessels. The average daily hire rate increased from $68,392 for the year ended December 31, 2018 to $70,167 for the year ended December 31, 2019.

                                                  |           | Year ended December 31, |
------------------------------------------------- | --------- | ----------------------- | ----------
                                                  | 2018      | 2019                    | Change
Amounts are in thousands of U.S. Dollars          |           |                         |
Revenues                                          | $618,344  | $668,637                | $50,293
Net pool allocation                               | 17,818    | (4,264)                 | (22,082)
Voyage expenses and commissions                   | (20,374)  | (23,772)                | (3,398)
Vessel operating and supervision costs            | (128,084) | (139,662)               | (11,578)
Depreciation                                      | (153,193) | (168,041)               | (14,848)
General and administrative expenses               | (41,993)  | (47,385)                | (5,392)
Impairment loss on vessels                        | —         | (162,149)               | (162,149)
Profit from operations                            | 292,518   | 123,364                 | (169,154)
Financial costs                                   | (166,627) | (190,481)               | (23,854)
Financial income                                  | 4,784     | 5,318                   | 534
Loss on derivatives                               | (6,077)   | (55,441)                | (49,364)
Share of profit of associates                     | 1,800     | 1,627                   | (173)
Total other expenses, net                         | (166,120) | (238,977)               | (72,857)
Profit/(loss) for the year                        | 126,398   | (115,613)               | (242,011)
Non-controlling interests                         | 78,715    | (14,952)                | (93,667)
Profit/(loss) attributable to owners of the Group | $47,683   | $(100,661)              | $(148,344)

Operations
 December 31, 2018 2019
 2019 27. 2 ships fleet revenue operating days 27. 2 ships technical management. December 31, 2018 26. ships 9,030 revenue operating days 25. 5 ships technical management.
 Revenues increased 8. 1% $50. 3 million $618. 3 million 2018 to $668. 6 million 2019. $63. 4 million operation GasLog Houston Hong Kong Gladstone delivered January 8, 2018 March 20, 2018 29, 2018 Gladstone March 15, 2019 Warsaw July 31, 2019. revenue operating days. increase $11. 0 million vessels spot short-term market unscheduled dry-dockings GasLog Savannah Singapore Chelsea increase $2. 7 million remaining fleet. offset decrease $26. 1 million expiration charters GasLog Shanghai Santiago Sydney Skagen Saratoga Jane Elizabeth decrease $0. 7 million increased off-hire days remaining vessels.daily hire rate $68,392 2018 to $70,167 2019.
 2019
 Amounts. Dollars
 Revenues $618,344 $668,637 $50,293
 pool allocation 17,818 (4,264
 Voyage expenses commissions (20,374,772
 Vessel costs (128,084 (139,662
 Depreciation (153,193) (168,041)
 expenses (41,993) (47,385
 Impairment loss vessels,149
 Profit operations 292,518 123,364
 Financial costs (166,627) (190,481
 income 4,784 5,318
 Loss derivatives (6,077,441
 Share profit 1,800
 expenses (166,120 (238,977
 Profit(loss 126,398 (115,613)
 Non-controlling interests 78,715 (14,952),667
 $47,683,661


Share-based payments
Disclosures of the share-based payments offered to employees are set out below. More detail on each scheme is given in the Annual Report on Remuneration 2019 on pages 102 to 132. The charge to the Income Statement in respect of share-based payments is made up as follows:

                                             | 2019 | 2018
-------------------------------------------- | ---- | ----
                                             | £m   | £m
Performance Share Plan                       | 5.1  | 4.7
Employee Share Ownership Plan                | 1.1  | 1.0
Total expense recognised in Income Statement | 6.2  | 5.7

Share-based payments
 Disclosures. detail Annual Report Remuneration 2019 pages 102 to 132. charge Income Statement share-based payments
 2019 2018
 £m
 Performance Share Plan 5.
 Employee Share Ownership Plan.
 Total expense Income Statement 6.


Investing Activities. Cash flows (used in) provided by investing activities changed from a source of$65.7 million in 2018 to a use of $13.8 million in 2019. This change of$79.5 million primarily resulted from a decrease of$62.9 million in cash proceeds from the sale of company-operated restaurants, including repayments of notes issued in connection with 2018 refranchising transactions, and an increase of $9.8 million in capital expenditures.
Capital Expenditures — The composition of capital expenditures in each fiscal year is summarized in the table below (in thousands):
Our capital expenditure program includes, among other things, restaurant remodeling, information technology enhancements, and investments in new locations and equipment. In 2019, capital expenditures increased by $9.8 million primarily due to an increase of $16.2 million in purchases of assets intended for sale or sale and leaseback, partially offset by a $8.7 million decrease in restaurant capital maintenance and facility improvement spending mainly from a decrease in the average number of company-operated restaurants compared to the prior year. The increase in purchases of assets intended for sale or sale and leaseback was primarily due to the Company’s purchase of a commercial property in Los Angeles, California, on which an existing company restaurant and another retail tenant are located. The purchase price was $17.3 million, and we currently intend to sell the entire property and lease back the parcel on which our company operated restaurant is located within the next 12 months.

                                                            | 2019    | 2018
----------------------------------------------------------- | ------- | -------
Restaurants:                                                |         |
Restaurant facility expenditures                            | $9,202  | $17,949
Purchases of assets intended for sale or sale and leaseback | 21,660  | 5,497
New restaurants                                             | 1,381   | 2,088
Other, including information technology                     | 3,597   | 7,572
                                                            | 35,840  | 33,106
Corporate Services:                                         |         |
Information technology                                      | 9,405   | 4,584
Other, including facility improvements                      | 2,404   | 152
                                                            | 11,809  | 4,736
Total capital expenditures                                  | $47,649 | $37,842

Investing Activities. Cash flows changed from$65. 7 million 2018 to $13. 8 million 2019. change$79. 5 million from decrease$62. 9 million cash sale restaurants repayments refranchising increase $9. 8 million capital expenditures.
 includes restaurant remodeling information technology enhancements investments new locations equipment. 2019 increased $9. 8 million $16. 2 million purchases sale leaseback offset $8. 7 million decrease restaurant capital maintenance facility improvement-operated restaurants. increase purchases due purchase commercial property Los Angeles restaurant. purchase price $17. 3 million intend to sell property lease back 12 months.
 Restaurants
 Restaurant facility expenditures $9,202 $17,949
 Purchases 21,660 5,497
 New restaurants 1,381 2,088
 technology 3,597
 35,840
 Corporate Services
 Information technology 9,405 4,584
 facility improvements 2,404
 11,809 4
,649 $37,842


The table below shows the annual pension entitlement earned during the Executive Board membership of each member of the Executive Board on reaching the scheduled retirement age of 62, based on entitlements from SAP under performance-based and salary-linked plans.
Annual Pension Entitlement
1) The rights shown here for Bill McDermott refer solely to rights under the pension plan for SAP America.
These are vested entitlements. To the extent that members continue to serve on the Executive Board and that therefore more contributions are made for them in the future, pensions actually payable at the scheduled retirement age will be higher than the amounts shown in the table.

€ thousands                                                                      | Vested on 12/31/2019 | Vested on 12/31/2018
-------------------------------------------------------------------------------- | -------------------- | --------------------
Christian Klein (Co-CEO from 10/11/2019)                                         | 8.2                  | 4.1
Adaire Fox-Martin                                                                | 11.8                 | 7.3
Michael Kleinemeier                                                              | 20.0                 | 14.8
Bernd Leukert (until 3/31/2019)                                                  | 34.7                 | 24.6
Bill McDermott (CEO until 10/10/2019, Executive Board Member until 11/15/2019)1) | 90.8                 | 105.1
Luka Mucic                                                                       | 27.6                 | 23.2
Jürgen Müller (from 1/1/2019)                                                    | 4.8                  | -
Stefan Ries                                                                      | 16.8                 | 12.6
Thomas Saueressig (from 11/1/2019)                                               | 0.2                  | -

table shows annual pension entitlement Executive Board membership retirement 62 SAP performance salary-linked plans.
 rights Bill McDermott pension plan SAP America.
. pensions retirement higher.
 Vested 12/31/2019 12/31/2018
 Christian Klein-CEO 10/11/2019 8. 4.
 Adaire Fox-Martin 11.
 Michael Kleinemeier.
 Bernd Leukert 3/31/2019 34. 24.
 Bill McDermott 10/10/2019 Executive Board Member 11/15/2019 90. 105.
 Luka Mucic 27. 23.
 Jürgen Müller 1/1/2019.
 Stefan Ries.
 Thomas Saueressig 11/1/2019.


Other Non-current Liabilities
Other non-current liabilities consisted of the following (in thousands):

                                    | 2019    | 2018
----------------------------------- | ------- | ----
Lease liabilities                   | $28,046 | $—
Other                               | 708     | 534
Total other non-current liabilities | $28,754 | $534

Non-current Liabilities
 2019 2018
 Lease liabilities $28,046 $—
 534
-current liabilities $28,754 $534


STOCK OPTIONS
Under BCE’s long-term incentive plans, BCE may grant options to executives to buy BCE common shares. The subscription price of a grant is based on the higher of: • the volume-weighted average of the trading price on the trading day immediately prior to the effective date of the grant • the volume-weighted average of the trading price for the last five consecutive trading days ending on the trading day immediately prior to the effective date of the grant
At December 31, 2019, 7,524,891 common shares were authorized for issuance under these plans. Options vest fully after three years of continuous employment from the date of grant. All options become exercisable when they vest and can be exercised for a period of seven years from the date of grant for options granted prior to 2019 and ten years from the date of grant for options granted in 2019.
The following table summarizes BCE’s outstanding stock options at December 31, 2019 and 2018.
(1) The weighted average market share price for options exercised was $62 in 2019 and $55 in 2018.

                         |      | 2019              |                                     | 2018              |
------------------------ | ---- | ----------------- | ----------------------------------- | ----------------- | -----------------------------------
                         | NOTE | NUMBER OF OPTIONS | WEIGHTED AVERAGE EXERCISE PRICE ($) | NUMBER OF OPTIONS | WEIGHTED AVERAGE EXERCISE PRICE ($)
Outstanding, January 1   |      | 14,072,332        | 56                                  | 10,490,249        | 55
Granted                  |      | 3,357,303         | 58                                  | 3,888,693         | 56
Exercised (1)            | 27   | (4,459,559)       | 54                                  | (266,941)         | 42
Forfeited                |      | (144,535)         | 58                                  | (39,669)          | 58
Outstanding, December 31 |      | 12,825,541        | 57                                  | 14,072,332        | 56
Exercisable, December 31 |      | 2,786,043         | 56                                  | 4,399,588         | 52

OPTIONS
 BCE’s-term incentive plans grant options executives buy common shares. subscription price based on volume-weighted average trading price last five days
 December 31, 2019 7,524,891 common shares authorized for issuance. Options vest after three years employment. options exercisable seven years 2019 ten years 2019.
 table summarizes BCE’s outstanding stock options at December 31, 2019 2018.
 weighted average market share price $62 2019 $55 in 2018.
 NUMBER OPTIONS WEIGHTED AVERAGE EXERCISE PRICE
 Outstanding January 1 14,072,332  10,490,249
 Granted 3,357,303 58 3,888,693
 Exercised (4,459,559) 54 (266,941)
 Forfeited (144,535) (39,669)
 December 31 12,825,541 14,072,332
 December 31 2,786,043  4,399,588


Senior Notes
On March 4, 2019, the company completed a public offering of $750 million aggregate principal amount of the Company’s Senior Notes due March 15, 2026 (the “2026 Notes”), $1.0 billion aggregate principal amount of the Company’s Senior Notes due March 15, 2029 (the “2029 Notes”), and $750 million aggregate principal amount of the Company’s Senior Notes due March 15, 2049 (the “2049 Notes”). The Company will pay interest at an annual rate of 3.75%, 4.00%, and 4.875%, on the 2026, 2029, and 2049 Notes, respectively, on a semi-annual basis on March 15 and September 15 of each year beginning September 15, 2019.
On March 12, 2015, the Company completed a public offering of $500 million aggregate principal amount of the Company’s Senior Notes due March 15, 2020 (the “2020 Notes”) and $500 million aggregate principal amount of the Company’s Senior Notes due March 15, 2025 (the “2025 Notes”). The Company pays interest at an annual rate of 2.75% and 3.80% on the 2020 Notes and 2025 Notes, respectively, on a semi-annual basis on March 15 and September 15 of each year. During the year ended June 26, 2016, the Company entered into a series of interest rate contracts hedging the fair value of a portion of the 2025 Notes par value, whereby the Company receives a fixed rate and pays a variable rate based on a certain benchmark interest rate. Refer to Note 9— Financial Instruments for additional information regarding these interest rate contracts.
On June 7, 2016, the Company completed a public offering of $800 million aggregate principal amount of Senior Notes due June 2021 (the “2021 Notes”). The Company pays interest at an annual rate of 2.80% on the 2021 Notes on a semi-annual basis on June 15 and December 15 of each year.
The Company may redeem the 2020, 2021, 2025, 2026, 2029 and 2049 Notes (collectively the “Senior Notes”) at a redemption price equal to 100% of the principal amount of such series (“par”), plus a “make whole” premium as described in the indenture in respect to the Senior Notes and accrued and unpaid interest before February 15, 2020, for the 2020 Notes, before May 15, 2021 for the 2021 Notes, before December 15, 2024 for the 2025 Notes, before January 15, 2026 for the 2026 Notes, before December 15, 2028 for the 2029 Notes, and before September 15, 2048 for the 2049 Notes. The Company may redeem the Senior Notes at par, plus accrued and unpaid interest at any time on or after February 15, 2020, for the 2020 Notes, on or after May 15, 2021 for the 2021 Notes, on or after December 24, 2024, for the 2025 Notes, on or after January 15, 2026 for the 2026 Notes, on or after December 15, 2028 for the 2029 Notes, and on or after September 15, 2048 for the 2049 Notes. In addition, upon the occurrence of certain events, as described in the indenture, the Company will be required to make an offer to repurchase the Senior Notes at a price equal to 101% of the principal amount of the respective note, plus accrued and unpaid interest.
Selected additional information regarding the Senior Notes outstanding as of June 30, 2019, is as follows:

           | Remaining Amortization period | Fair Value of Notes (Level2)
---------- | ----------------------------- | ----------------------------
           | (years)                       | (in thousands)
2020 Notes | 0.7                           | $500,855
2021 Notes | 2.0                           | $806,232
2025 Notes | 5.7                           | $528,895
2026 Notes | 6.7                           | $786,915
2029 Notes | 9.7                           | $1,063,670
2049 Notes | 29.7                          | $828,188

 March 4, 2019 public $750 million March 15 2026 $1. 0 billion March 15 2029 $750 million March 15 2049. interest annual 3. 75% 4. 4. 875% 2026 2029 2049 Notes semi-annual March 15 September 15 beginning 15 2019.
 March 12, 2015, public offering $500 million Notes March 15 2020 $500 million March 15 2025. pays interest annual 2. 75% 3. 80% 2020 2025 Notes semi-annual March 15 September 15. June 26, 2016, interest rate contracts hedging 2025 Notes fixed variable rate benchmark interest rate. Note 9— Financial Instruments.
 June 7, 2016, public $800 million Senior Notes 2021. pays interest annual 2. 80% 2021 Notes semi-annual June 15 December 15 each year.
Company redeem 2020 2021 2025 2026 2029 2049 Notes redemption price 100% principal amount plus “make whole” premium accrued unpaid interest before February 15, 2020 May 15, 2021 December 15 2024 2025 January 15 2026 December 15 2028 2029 September 15, 2048 2049. redeem Senior Notes after February 15 2020 May 15 2021 December 24 2024 January 15 2026 2026 December 15 2028 September 15, 2048 2049. events repurchase Senior Notes price equal 101% principal amount plus accrued unpaid interest.
 additional information Senior Notes outstanding as June 30, 2019
 Remaining Amortization period Fair Value Notes (Level2)
 2020. $500,855
 2021. $806,232
 2025. $528,895
 2026. $786,915
 2029. $1,063,670
 2049. $828,188


19. INCOME TAXES
Deferred income taxes reflect the net effect of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and amounts used for income tax purposes. The components of our deferred tax assets and liabilities are as follows (in thousands):
As of September 27, 2019, we had $923.4 million of gross federal net operating loss ("NOL") carryforwards consisting of $479.2 million relating to the AppliedMicro Acquisition, $158.9 million relating to our acquisition of Mindspeed Technologies, Inc. in 2013, $26.2 million relating to our acquisition of BinOptics Corporation in 2014 and $259.1 million relating to losses generated by MACOM.
The federal NOL carryforwards will expire at various dates through 2037 for losses generated prior to the tax period ended September 28, 2018. For losses generated during the tax period ended September 28, 2018 and future years, the NOL carryforward period is infinite. The reported net operating loss carryforward includes any limitation under Sections 382 and 383 of the Internal Revenue Code of 1986, as amended, which applies to an ownership change as defined under Section 382.

                                                     | September 27, 2019 | September 28, 2018
---------------------------------------------------- | ------------------ | ------------------
Deferred tax assets (liabilities):                   |                    |
Federal and foreign net operating losses and credits | $263,199           | $321,982
  Intangible assets                                  | 9,887              | (94,929)
  Property and equipment                             | (1,473)            | (6,293)
Other non-current deferred tax assets                | 16,933             | 13,850
Deferred compensation                                | —                  | 3,810
Deferred gain                                        | —                  | 6,575
Interest                                             | 7,170              | —
  Valuation allowance                                | (252,536)          | (243,112)
Total deferred tax asset                             | $43,180            | $1,883

. INCOME TAXES
 Deferred taxes differences assets liabilities. deferred tax assets liabilities
 September 27, 2019 $923. 4 million federal net loss carryforwards $479. 2 million AppliedMicro Acquisition $158. 9 million Mindspeed Technologies. $26. 2 million BinOptics $259. 1 million MACOM.
 carryforwards expire 2037 losses. NOL carryforward infinite. loss limitation Sections 382 383 Internal Revenue Code 1986 ownership change.
 September 27, 2019 28, 2018
 Deferred tax assets
 Federal foreign net operating losses credits $263,199 $321,982
 Intangible assets 9,887
 Property equipment (1,473
 non-current deferred tax assets 16,933
 Deferred compensation
 gain
 Interest 7
 Valuation allowance
 Total deferred tax asset $43,180 $1


Taxes
At €298 million (2017/18: €216 million), recognised income tax expenses are €81 million higher than the previous year’s figures.
During the reporting period, the group tax rate for the continuing segment is 42.0% (2017/18: 37.6%). The group tax rate represents the relationship between recognised income tax expenses and earnings before taxes. The increase in the ratio in the current financial year is mainly attributable to impairments on deferred taxes on loss carry-forwards in Germany. The comparatively low ratio in the previous year includes positive one-off tax effects such as tax rate changes abroad and the reduction for risk provisions.
For more information about income taxes, see the notes to the consolidated financial statements in no. 12 – income taxes page 206 .
1 Adjustment of previous year according to explanation in notes.

€ million                                          | 2017/2018 | 2018/2019
-------------------------------------------------- | --------- | ---------
Actual taxes                                       | 173       | 215
thereof Germany                                    | (14)      | (9)
thereof international                              | (159)     | (206)
thereof tax expenses/income for the current period | (194)     | (221)
thereof tax expenses/income of previous periods    | (−21)     | (−6)
Deferred taxes                                     | 43        | 83
thereof Germany                                    | (39)      | (104)
thereof international                              | (4)       | (−21)
                                                   | 216       | 298

 €298 million (2017/18 €216 income tax expenses €81 million higher previous.
 group tax rate segment 42. 0% (2017/18 37. 6%). relationship income tax expenses earnings before taxes. increase deferred taxes loss-forwards Germany. low ratio previous year positive tax effects rate changes reduction risk provisions.
 notes consolidated financial statements. page 206.
 Adjustment previous year.
 € million 2017/2018 2018/2019
 taxes 173 215
 Germany
 (159) (206)
 expenses current period (194) (221)
 previous periods
 Deferred taxes 43
 Germany


Cash Conversion Cycle
The following table presents the components of our cash conversion cycle for the fourth quarter of each of the past three fiscal years:
(1) Days sales outstanding, referred to as DSO, calculates the average collection period of our receivables. DSO is based on ending accounts receivable and net revenue for each period. DSO is calculated by dividing accounts receivable by average net revenue per day for the current quarter (91 days for each of the fourth quarters presented above). The year over year increases in DSO in the fourth quarter of fiscal 2019 and fiscal 2018 were primarily due to less favorable shipping linearity and, in the case of fiscal 2019, one of our major distributors choosing not to take advantage of an early payment discount.
(2) Days inventory outstanding, referred to as DIO, measures the average number of days from procurement to sale of our products. DIO is based on ending inventory and cost of revenues for each period. DIO is calculated by dividing ending inventory by average cost of revenues per day for the current quarter. The increase in DIO in the fourth quarter of fiscal 2019 compared to the corresponding period of fiscal 2018 was primarily due to higher levels of finished goods on hand at the end of fiscal 2019. Compared to the corresponding period in fiscal 2017, the decrease in DIO in the fourth quarter of fiscal 2018 was due primarily to strong product sales towards the end of the fourth quarter of fiscal 2018.
(3) Days payables outstanding, referred to as DPO, calculates the average number of days our payables remain outstanding before payment. DPO is based on ending accounts payable and cost of revenues for each period. DPO is calculated by dividing accounts payable by average cost of revenues per day for the current quarter. DPO for the fourth quarter of fiscal 2019 was relatively unchanged compared to the fourth quarter of fiscal 2018, while it increased compared to the corresponding period in fiscal 2017 was primarily the result of improved vendor payables management and extensions of payment terms with our suppliers.
(4) The cash conversion cycle is the sum of DSO and DIO less DPO. Items which may cause the cash conversion cycle in a particular period to differ include, but are not limited to, changes in business mix, changes in payment terms (including extended payment terms from suppliers), the extent of shipment linearity, seasonal trends and the timing of revenue recognition and inventory purchases within the period.

                                 | Three Months Ended |                |
-------------------------------- | ------------------ | -------------- | --------------
(in days)                        |                    |                |
Three Months Ended               | April 26, 2019     | April 27, 2018 | April 28, 2017
Days sales outstanding (1)       | 70                 | 58             | 45
Days inventory outstanding (2)   | 21                 | 18             | 26
Days payables outstanding (3)    | (87)               | (90)           | (56)
Cash conversion cycle (4)        | 3                  | (14 )          | 15
Days may not add due to rounding |                    |                |

Cash Conversion Cycle
 table presents components cash conversion cycle fourth quarter past three fiscal years
 Days sales outstanding DSO calculates average collection period receivables. based on accounts receivable net revenue. average net revenue per day current quarter (91 days. year over year increases DSO fourth quarter 2019 2018 due to less shipping linearity 2019 early payment discount.
 Days inventory outstanding DIO average days procurement to sale. based inventory cost revenues. calculated cost revenues per. increase DIO 2019 due to higher finished goods on hand. decrease DIO 2018 due to strong product sales.
 Days payables outstanding DPO calculates average days payables before payment. based accounts payable cost revenues. calculated dividing average cost revenues per day. fourth quarter 2019 unchanged 2018 increased 2017 improved vendor payables management extensions payment terms suppliers.
 cash conversion cycle sum of DSO DIO less DPO.cash conversion cycle business mix payment terms shipment linearity seasonal trends timing revenue recognition inventory purchases.
 Three Months Ended
 Three Months Ended April 26, 2019 27, 2018 April 28, 2017
 sales outstanding 45
 Days inventory outstanding 26
 Days payables outstanding (87) (90) (56)
 Cash conversion cycle 15
 Days add rounding


Common Stock Reserved for Issuance
As of July 31, 2019 and 2018, the Company was authorized to issue 500,000,000 shares of common stock with a par value of $0.0001 per share and, of these, 82,140,883 and 80,611,698 shares of common stock were issued and outstanding, respectively. Per the terms of the Company’s 2011 Stock Plan, on January first of each year, an additional number of shares equal to up to 5% of the number of shares of common stock issued and outstanding on the preceding December 31st is added to the Company’s 2011 Stock Plan reserve.
As of July 31, 2019 and 2018, the Company had reserved shares of common stock for future issuance as follows:
In March 2018, the Company completed a public offering of 2,628,571 shares of its common stock. The public offering price of the shares sold in the offering was $87.50 per share. No shares were sold by the Company’s stockholders in this public offering.

                                                   | July 31, 2019  | July 31, 2018
-------------------------------------------------- | -------------- | -------------
Exercise of stock options to purchase common stock | 216,727        | 537,064
Vesting of restricted stock awards                 | 2,384,673      | 2,932,155
Shares available for grant under stock plans       | 24,776,361     | 21,592,494
Total common stock reserved for issuance           | 27,377,761     | 25,061,713

Stock Reserved Issuance
 July 31, 2019 2018 Company authorized issue 500,000,000 shares par value $0. 0001 per share 82,140,883 80,611,698 shares issued outstanding. 2011 January first additional 5% added reserve.
 July future issuance
 March 2018 public offering 2,628,571 shares stock. price $87. 50 per share. No shares sold stockholders.
 2019 2018
 Exercise stock options stock 216,727,064
 Vesting restricted stock awards 2,384,673 2,932,155
 Shares plans 24,776,361 21,592,494
 stock reserved issuance 27,377,761 25,061,713


NOTE 5 – PROPERTY, PLANT AND EQUIPMENT
Property, plant and equipment is summarized as follows (in thousands):
We do not have leasehold improvements nor do we have capitalized leases. Costs of betterments are capitalized while maintenance costs and repair costs are charged to operations as incurred. When a depreciable asset is retired from service, the cost and accumulated depreciation will be removed from the respective accounts.
Depreciation expense was $66 thousand and $73 thousand for each of the years ended December 31, 2019 and 2018, respectively.

                                         | December 31, |
---------------------------------------- | ------------ | -------
                                         | 2019         | 2018
Building and improvements                | $1,273       | $1,273
Scientific equipment                     | 597          | 598
Computer hardware and software           | 106          | 107
Machinery and equipment                  | 274          | 275
Land and improvements                    | 162          | 162
Other personal property                  | 70           | 70
Office equipment                         | 27           | 27
                                         | 2,509        | 2,512
Less: accumulated depreciation           | (1,969)      | (1,906)
Total property, plant and equipment, net | $ 540        | $ 606

5 PROPERTY PLANT EQUIPMENT
 summarized
 leasehold improvements capitalized leases. betterments capitalized maintenance repair charged. depreciable asset retired depreciation removed accounts.
 Depreciation expense $66 $73 thousand December 31, 2019 2018.
 Building improvements $1,273
 Scientific equipment 597
 Computer hardware software 106
 Machinery equipment 274
 Land improvements 162
 personal property 70
 Office equipment
 2,509
 accumulated depreciation (1,969)
 Total property equipment $ 540


16. INCOME TAXES
The components of (loss) income before (benefit from) income taxes are:

(in thousands)                                   | 2019       | 2018      | 2017
------------------------------------------------ | ---------- | --------- | -------
Domestic                                         | $(51,396)  | (27,494)  | 57,493
Foreign                                          | (83,450)   | 15,951    | 28,742
(Loss) income before (benefit from) income taxes | $(134,846) | $(11,543) | $86,235

. INCOME TAXES
 components
 2019 2018
 Domestic $(51,396) (27,494 57,493
 Foreign (83,450 15,951 28,742
 $(134,846) $(11,543) $86,235


AMERICAN TOWER CORPORATION AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Tabular amounts in millions, unless otherwise disclosed)
Other Redeemable Noncontrolling Interests—During the year ended December 31, 2019, the Company entered into an agreement with MTN to acquire MTN’s noncontrolling interests in each of the Company’s joint ventures in Ghana and Uganda for total consideration of approximately $523.0 million. The transaction is expected to close in the first quarter of 2020, subject to regulatory approval and other closing conditions. In addition, the Company, through a subsidiary of ATC Europe, entered into an agreement with its local partners in France to form Eure-et-Loir Réseaux Mobiles SAS (“Eure-et-Loir”), a telecommunications infrastructure company that owns and operates wireless communications towers in France. The Company’s controlling interest in Eure-et-Loir is 51% with local partners holding a 49% noncontrolling interest. The agreement provides the local partners with put options, which allow them to sell outstanding shares of Eure-et-Loir to the Company, and the Company with call options, which allow it to buy the noncontrolling shares of Eure-et-Loir. The put options, which are not under the Company’s control, cannot be separated from the noncontrolling interests. As a result, the combination of the noncontrolling interests and the redemption feature requires classification as redeemable noncontrolling interests in the consolidated balance sheet, separate from equity. The value of the Eure-et-Loir interests as of December 31, 2019 was $2.7 million.
The changes in Redeemable noncontrolling interests for the years ended December 31, 2019, 2018 and 2017 were as follows:

                                                                                |          | Year Ended December 31, |
-------------------------------------------------------------------------------- | -------- | ----------------------- | --------
                                                                                | 2019     | 2018                    | 2017
Balance as of January 1,                                                         | $1,004.8 | $1,126.2                | $1,091.3
Additions to redeemable noncontrolling interests                                 | 525.7    | —                       | —
Net income (loss) attributable to noncontrolling interests                       | 35.8     | (87.9)                  | (33.4)
Adjustment to noncontrolling interest redemption value                           | (35.8)   | 86.7                    | —
Adjustment to noncontrolling interest due to merger                              | —        | (28.1)                  | —
Purchase of redeemable noncontrolling interest                                   | (425.7)  | —                       | —
Foreign currency translation adjustment attributable to noncontrolling interests | (8.3)    | (92.1)                  | 68.3
Balance as of December 31,                                                       | $1,096.5 | $1,004.8                | $1,126.2

AMERICAN TOWER CORPORATION SUBSIDIARIES FINANCIAL STATEMENTS amounts millions
 Redeemable Noncontrolling December 31, 2019 Company agreement MTN acquire noncontrolling interests joint ventures Ghana Uganda approximately $523. 0 million. transaction first quarter 2020 regulatory approval. agreement local partners France Eure-et-Loir Réseaux Mobiles SAS wireless communications towers. controlling interest 51% local partners 49% noncontrolling interest. agreement provides partners put options call options buy noncontrolling shares. put options separated noncontrolling interests. redemption requires redeemable balance sheet equity. value Eure-et-Loir interests December 31, 2019 $2. 7 million.
 changes Redeemable noncontrolling interests years December 31, 2019 2018 2017
 Balance January 1 $1,004. $1,126. $1,091.
 Additions redeemable noncontrolling interests.
income noncontrolling interests 35.
 Adjustment noncontrolling interest redemption. 86.
 Adjustment merger (28.
 Purchase redeemable noncontrolling interest (425.
 currency adjustment noncontrolling interests. 68.
 Balance December $1,096. 5 $1,004. $1,126.


xii. Shareholding as on March 31, 2019:
a. Distribution of equity shareholding as on March 31, 2019:

Number of shares | Holding       | Percentage to capital | Number of accounts | Percentage to total accounts
---------------- | ------------- | --------------------- | ------------------ | ----------------------------
1 - 100          | 18,402,438    | 0.5                   | 528,148            | 70.3
101 - 500        | 37,550,103    | 1.0                   | 185,200            | 24.6
501 - 1000       | 14,900,327    | 0.4                   | 20,749             | 2.8
1001 - 5000      | 27,199,737    | 0.7                   | 13,897             | 1.9
5001 - 10000     | 9,150,929     | 0.2                   | 1,292              | 0.2
10001 - 20000    | 8,811,580     | 0.2                   | 622                | 0.1
20001 - 30000    | 5,636,878     | 0.2                   | 230                | -
30001 - 40000    | 5,424,479     | 0.1                   | 154                | -
40001- 50000     | 4,808,196     | 0.1                   | 106                | -
50001 -100000    | 21,790,964    | 0.6                   | 304                | -
100001 - above   | 3,598,709,075 | 96.0                  | 903                | 0.1
GRAND TOTAL      | 3,752,384,706 | 100.0                 | 751,605            | 100.0

. Shareholding March 31, 2019
. Distribution equity
 shares Percentage capital accounts
 1 - 100 18,402,438. 528,148.
 - 500 37,550,103. 185,200.
 501 - 1000 14,900,327. 20,749.
 1001 - 5000 27,199,737 .
 5001 - 10000 9,150,929.
 10001 - 20000 8,811,580 .
 20001 - 30000 5,636,878.
 30001 - 40000 5,424,479.
 40001- 50000 4,808,196.
 50001 -100000 21,790,964.
 3,598,709,075.
 3,752,384,706 . 751,605.


19. Cash and cash equivalents
Cash at bank and in hand is denominated in the following currencies:
Cash balances with an original maturity of less than three months were held in current accounts during the year and attracted interest at a weighted average rate of 0.3% (2018: 0.3%).

                         | 2019 | 2018
------------------------ | ---- | ----
                         | £m   | £m
Sterling                 | 5.8  | 4.1
Euro                     | 0.1  | 0.2
Cash at bank and in hand | 5.9  | 4.3

. Cash equivalents
 bank denominated currencies
 balances less three months held accounts attracted interest average 0. 3% (2018. 3%.
 2019 2018
 £m
 Sterling 5. 8 4.
 Euro.
 bank hand 5. 9.


AMERICAN TOWER CORPORATION AND SUBSIDIARIES SCHEDULE III—SCHEDULE OF REAL ESTATE AND ACCUMULATED DEPRECIATION (dollars in millions)
(7) Primarily includes foreign currency exchange rate fluctuations and other deductions.

                                                               | 2019       | 2018       | 2017
-------------------------------------------------------------- | ---------- | ---------- | ----------
Gross amount of accumulated depreciation at beginning          | $(5,724.7) | $(5,181.2) | $(4,548.1)
Additions during period:                                       |            |            |
Depreciation                                                   | (768.4)    | (751.4)    | (718.7)
Other                                                          | —          | —          | —
Total additions                                                | (768.4)    | (751.4)    | (718.7)
Deductions during period:                                      |            |            |
Amount of accumulated depreciation for assets sold or disposed | 121.4      | 129.3      | 100.7
Other (7)                                                      | (10.5)     | 78.6       | (15.1)
Total deductions                                               | 110.9      | 207.9      | 85.6
Balance at end                                                 | $(6,382.2) | $(5,724.7) | $(5,181.2)

AMERICAN TOWER CORPORATION SUBSIDIARIES SCHEDULE REAL ESTATE ACCUMULATED DEPRECIATION
 foreign currency exchange rate fluctuations deductions.
 accumulated depreciation $(5,724. 7),181. 2),548.
 Additions
 (768. (751. (718.
 (768.
 Deductions
 accumulated depreciation assets sold disposed 121. 129. 3 100.
. 78. (15.
 deductions 110. 9 207. 85.
 Balance $(6,382. 2)(5,724.,181.


Note 11: Income Taxes
The provision for income tax expense (benefit) is as follows (amounts in thousands):
(1) Fiscal years ended March 31, 2018 and 2017 adjusted due to the adoption of ASC 606.
The Company realized a deferred tax expense (benefit) for fiscal years ended 2019, 2018 and 2017 of ($50.1) million, $0.6 million and $1.2 million, respectively, in U.S. and certain foreign jurisdictions based on changes in judgment about the realizability of deferred tax assets in future years.

                                                              |           | Fiscal Years Ended March 31, |
------------------------------------------------------------- | --------- | ---------------------------- | ------
                                                              | 2019      | 2018                         | 2017
Current:                                                      |           |                              |
Federal                                                       | $170      | $223                         | $—
State and local                                               | 161       | 50                           | 62
Foreign                                                       | 9,966     | 8,295                        | 4,247
Total current income tax expense from continuing operations   | 10,297    | 8,568                        | 4,309
Deferred:                                                     |           |                              |
Federal                                                       | (43,804)  | (807)                        | (6)
State and local                                               | (773)     | (96)                         | (97)
Foreign (1)                                                   | (5,180)   | 1,467                        | 88
Deferred tax expense (benefit) from continuing operations (1) | (49,757)  | 564                          | (15)
Provision for income tax expense (benefit) (1)                | $(39,460) | $9,132                       | $4,294

Income Taxes
 expense
 Fiscal years March 2018 2017 adjusted ASC 606.
 Company realized deferred tax expense 2017$50. million. 6 million $1. 2 million. foreign jurisdictions deferred tax.
 Fiscal Years Ended March
 2019
 Current
 Federal $170 $223
 State local
 Foreign 9,966 8,295 4,247
 income tax expense operations 10,297 8,568 4,309
 Deferred
 Federal (43,804)
 State local
 Foreign (5,180 1,467
 Deferred tax expense) operations (49,757)
 Provision income tax expense (benefit $(39,460) $9,132 $4,294


Amounts recognized in Accumulated other comprehensive income (loss) at March 31, 2019 and 2018 consist of the following (amounts in thousands):
Although not reflected in the table above, the tax effect on the pension balances was $2.4 million and $2.3 million as of March 31, 2019 and 2018, respectively.

                                              | Pension |         | Other Benefits |
--------------------------------------------- | ------- | ------- | -------------- | ------
                                              | 2019    | 2018    | 2019           | 2018
Net actuarial loss (gain)                     | $16,864 | $15,691 | $(793)         | $(879)
Prior service cost                            | 1,325   | 1,413   | —              | —
Accumulated other comprehensive (income) loss | $18,189 | $17,104 | $(793)         | $(879)

Accumulated income March 31, 2019 2018
 tax effect pension balances $2. 4 million $2. 3 million March 31, 2019 2018.
 Benefits
 Net actuarial loss $16,864 $15,691 $(793) $(879)
 service cost 1,325
 Accumulated loss $18,189 $17,104 $(793) $(879


Year Ended December 31, 2018 Compared to the Year Ended December 31, 2017
Our management reviews and analyzes several key financial measures in order to manage our business and assess the quality of and variability of our service revenue, operating results and cash flows. The following summary tables present a comparison of our results of operations with respect to certain key financial measures. The comparisons illustrated in the tables are discussed in greater detail below.

                                   | Year Ended December 31, |         |
---------------------------------- | ----------------------- | ------- | -------
                                   | 2018                    | 2017    | Change
Other Operating Data               |                         |         |
Average Revenue Per Unit (ARPU)    |                         |         |
ARPU—on-net                        | $ 480                   | $ 506   | (5.1)%
ARPU—off-net                       | $ 1,155                 | $ 1,239 | (6.8)%
Average price per megabit          | $ 0.82                  | $ 1.11  | (25.9)%
Customer Connections—end of period |                         |         |
On-net                             | 68,770                  | 61,334  | 12.1%
Off-net                            | 10,974                  | 9,953   | 10.3%

Ended December 31, 2018 2017
 management reviews financial measures service revenue operating results cash flows. tables comparison results financial measures. comparisons discussed.
 Ended December 31,
 2018 2017
 Operating Data
 Average Revenue Per Unit (ARPU)
-net $ 480 $ 506.
-net $ 1,155 $ 1,239.
 Average price megabit $. 82 $ 1.
 Customer Connections—end period
 On-net 68,770 61,334 12.
 Off-net 10,974.