AMERICAN TOWER CORPORATION SUBSIDIARIES FINANCIAL STATEMENTS amounts millions
 2018 Transactions
 December 2019 purchase price Idea Cellular Infrastructure Services no adjustments. adjustments 2018 acquisitions.
 Pro Forma Consolidated Results
 results 2019 acquisitions January 1, 2018 2018 January 1 2017. anticipated cost synergies integration impacts. not indicative future results.
 Year December
 forma revenues $7,904. $7,936.
 net income American Tower Corporation stockholders $1,844. $1,122.
 common share
 $4. $2.
 $4. $2.


GreenSky. FINANCIAL STATEMENTS States
 consolidation GS Holdings Statements.
 revenue $529,646 $414,673
 costs expenses,693 261,883
 profit 120,953 152,790
 (22,297 (19,276)
 income $98,656 $133,514


ADVANCED ENERGY INDUSTRIES. FINANCIAL STATEMENTS
 table assets liabilities
 September 10 December 31, 2019
 Accounts receivable $ 128,221
 Inventories 140,678
 Property equipment 65,016
 lease right-use assets 60,217
 Goodwill 143,262
 Intangible assets
 Deferred income tax assets 14,767
 Other assets 61,511
 acquired 738,672 692,162
 Accounts payable 144,652
 lease 59,634
 Pension
 Deferred income tax liabilities 37,218
 Other liabilities 80,876 71
 liabilities 370,874 330,909
 assets $367,798,253


Non-Operating Income interest foreign currency losses noncontrolling interests profits subsidiaries Oracle Financial other income gains losses investments unrealized deferred compensation plan equity securities pension income.
 non-operating income decreased 2019 income gains sale securities lower interest income lower cash equivalent marketable securities balances.
 Year Ended May 31,
 Percent Change
 Interest income $1,092 -9%
 Foreign currency losses (111) 50% 62%
 Noncontrolling interests (152) 12%
 Other income (14) -107% -42%
 Total non-operating income $815 -31% $1,185


Unrecognized Tax Benefits
 accounting two-step approach uncertain tax positions. first tax position audit. second measure tax benefit largest amount 50% likely settlement.
 reconciliation unrecognized tax benefits 2019 2018 2017
 benefits 2019 2018 $38. 2 million $36. 7 million reduction effective tax rate. amounts differ from long-term liability $20. 1 million $16. 8 million 2019 accrued interest penalties unrecognized tax benefits French Italian entities deferred tax balances.
 events 12 months unrecognized tax benefits include examinations tax. expiration statutes of limitation.
 calculation tax benefits uncertainties global tax regulations. legislative regulatory judicial developments transfer pricing withholding taxes. tax positions. estimate change unrecognized tax benefits 12 months.

 December 29, 2019 30 2018 31, 2017
 $103,884 $105,959 $82,253
 2,517 2,404 2,478
 1,624 22,151
 Reductions (416) (2,468
 loss (668) (2,462
 $106,941 $103,884


2019 2018
 Revenue
 subscriptions domain registrations renewals hosting business applications. subscription terms average year range monthly ten years. collect subscription fees revenue contract term. net refunds reserve
 Domains revenue subscriptions add-ons aftermarket sales. registrations exclusive use contract term. contract expires.
 Hosting presence revenue website hosting security online visibility.
 Business applications subscriptions third-party productivity applications email accounts marketing telephony solutions.
 table revenue
 12. 3% increase total revenue driven growth customers ARPU full year revenue MSH 2019 offset foreign currency. increase customers customers purchased subscriptions.
. 10. 8% increase revenue. 2019 aftermarket domain sales international growth
. 10. 7% increase website building security acquisition MSH.
 Business applications. 20. 8% increase increased adoption email productivity telephony solutions.
Ended December 31, 2019 2018
 Domains $ 1,351. 1,220. 1,057. 131. 163. 15
 Hosting 1,126. 1,017. 847. 169. 20
 Business applications 510. 422. 326. 87. 21 95. 29 %
 revenue $ 2,988. 2,660. 2,231. 328. 12 % 428. 19


GreenSky. FINANCIAL STATEMENTS States
 deferred tax assets liabilities
 2019 operating loss carryforwards $4. 7 million $3. 9 million indefinite. 8 million expire 2030. federal state tax credit carryforwards $0. 2 million. 5 million 2028 2038. future operations taxable income NOLs credits no valuation allowance.
 Deferred tax assets
 Investment $358,024 $299,466
 operating loss carryforwards tax credits
 364,841 306,979
 deferred tax assets
 liabilities
 $364,841 $306,979


Obligations
 summarizes 2019 obligations five years property lease VPN Avira asset purchase IBM
 Payments
 Less 1 2-5 Years
 Lease Obligations $773 $2,055 $2,828
 Long-Term Liabilities
 Mobile
 $3,423 $4,055 $7,478


 UK employees. increased shareholding no performance conditions. join. save 12 months subscribe shares HMRC rules. provides matching share purchased.
 Shares measured Present Economic Value) valuation. disclosures.
 accumulation period 2019 ESOP ends September 2020 figures projections.
 2015 2016 2017 2018 2019
 Grant date 1st October
 Exercise price 2,797. 4,477. 5,496. 7,240.
 employees 1,038 1,229
 Shares scheme 34,449 22,173 22,411 16,687 16,820
 Vesting period 3 years
 Expected volatility 21%
 Risk free interest rate. 4%. 1%.
 Expected dividend yield 2. 5%. 3%.
 Fair value 2,931. 4,696.5,799. 8,305.


SHORT TERM INVESTMENTS
 twelve months unrealized gains losses
 31
 Government $1,012
 Asset Backed 4,854
 Industrial 5
 Financial 6,879
 $17,779 $11,303


Selling General Administrative Expense
 increased. percent 2019 versus 2018 Higher spending Red Hat Higher acquisition charges amortization currency.
 Operating (non-GAAP expense increased. 4 percent charges amortization Hat.
 year December 31 2019 2018.
 Selling administrative expense
 $17,099 $16,438.
 Advertising promotional expense 1,647 1,466.
 Workforce rebalancing charges.
 Amortization intangible assets.
 Stock-based compensation.
 Bad debt expense.
 consolidated administrative expense $20,604 $19,366.
 Non-operating adjustments
 Amortization intangible assets.
 Acquisition-related charges
-GAAP expense $19,560 $18,915.


Foreign Sales
 Revenues segments include governments companies. years 30 2019 2018 revenues derived countries
 Belgium $49 $64
 France
 China 512
 Russia 302
 Germany 143
 Italy
 South Korea
 Singapore 376
 $1,361 2,444


Operations
 table percentage revenues.
 2019 Revenues 100.
 revenues 10. 11.
 profit 89.
 Operating expenses
 Sales marketing 54. 52.
 development 6. 8
 20.
 operating expenses 80. 81.
 Income operations 8. 7
 income.
 Income taxes 8. 7
 tax 4.
 income. 7%


Revenue Gross Profit Margin
 third-party services inventory hardware. warehouse shipping inventory write-downs infrastructure logistics quality control.
 personnel technical support training. inventory replacements facilities technology infrastructure.
 summary revenue
 Years Ended December 31, Increase
 2019 2018 Amount Percent
 Products $29,816 $34,066 $(4,250) (12)%
 Services 19,065 17,830 1,235 7%
 Total cost $48,881 $51,896 $(3,015) (6)%


options 31 March
 market value share 445. awards vesting period. years. contractual life. 6 years.
 1 April 3,104,563 2,682,738
 granted,695 1,188,149
 Dividend shares awarded 9,749
 forfeited (105,213) (766,324)
 exercised (483,316)
 31 March.,478 3,104,563
 Exercisable 721,269


Debt Obligations
 December 27, 2019 28, 2018
 Senior Secured Term Loan Credit Facility
 June 22, 2016, Company refinanced debt Jefferies Finance LLC collateral. senior secured loan $305,000 maturing June 22, 2022. additional Loans $50,000 unlimited amount Total Leverage Ratio. 90:1. Borrowings senior secured notes prior term loan revolving credit facility. Remaining funds capital expenditures acquisitions working capital general corporate purposes.
 December 13, 2017 Applicable Rate 475 to 400 London-bank Rate. paid costs $761 deferred financing charges.
 July 6, 2018 $47,100 prepayment quarterly amortization. November 16, 2018 Rate 400 to 350 LIBOR. paid costs $626 deferred financing charges.Company wrote off unamortized deferred financing fees $1,081.
 interest Term Loans equal spread plus Base Rate or LIBOR six twelve-month periods. interest rate December 27, 2019 5. 2%.
 Term Loan Facility contains affirmative covenants negative covenants restrictions incurring debt liens paying dividends repaying disposing assets investments events default. December 27, 2019 compliance debt covenants.
 June 29, 2018 entered credit agreement BMO Harris Bank. loan up $150,000. Borrowings capital expenditures acquisitions working capital general corporate purposes. limited borrowing base equal commitments eligible receivables inventory minus reserves. co-borrowers request increase commitments up $25,000.ABL matures June 29, 2023 90 days prior maturity Term Loan Facility.
 interest rate equal spread plus Base Rate or LIBOR six-month periods. recurring fees unused commitments.
 ABL Credit Agreement affirmative covenants negative covenants events default. charge coverage ratio 1:1 below $10,000 10% borrowing base.
 transaction costs $877 deferred financing fees. July 6, 2018 borrowed $47,100 prepayment Term Loans. November 22, 2019 paid borrowings no balance December 27, 2019. average interest rate borrowings 3. 7% 2019.
 debt covenants reserved $16,641 letters credit. funds $133,359 available borrowing.
 issued $150,000. 875% Senior Notes. Bank New York Mellon Trust Company.$43,225 net proceeds borrowings remainder working capital purposes future acquisitions.
 Senior Notes interest 1. 875% per annum payable semiannually June 1 December 1 June 1, 2020. Notes convertible common stock initial conversion price $44. 20 per share. subject adjustments. Notes mature December 1, 2024 unless converted.
 redeem Notes maturity. change repurchase 100% principal amount accrued unpaid interest.
 incurred transaction costs $5,082 deferred financing fees amortized.
 2019 issued $4,000 convertible note maturing June 29, 2023 Bassian Farms. acquisition. interest rate 4. 5% per annum increases 5. 0% after two-year anniversary closing.Company months redeem stock $43. 93 per share. two-year anniversary. change control.
 December 27, 2019 December 28, 2018
 Senior secured term loan $238,129 $239,745
 Convertible notes 150,000
 unsecured note 4,000
 Finance lease obligations 3,905
 Asset-based loan facility 44,185
 Deferred finance fees discount (9,207)
 debt obligations 386,827 278,230
 installments (721)
 $386,106 $278,169


Acquisition
 August 1 2018 acquired AFP. fabricator foam corrugated molded pulp wood packaging solutions Product Care division. expands protective packaging electronic transportation industrial markets. acquired 100% AFP shares estimated $74. million excluding $3. 3 million cash.
 table summarizes consideration final allocation purchase price assets acquired liabilities assumed.
 Final
 August 1 2018 Adjustments September 30 2019
 consideration transferred $ 70. 3. 74.
 Assets
 Cash cash equivalents.
 Trade receivables.
 Inventories.
 Prepaid expenses current assets.
 Property equipment.
 intangible assets.
.
 non-current assets.
 85.
 Liabilities
 long-term debt.
.
 liabilities.
 Long-term debt less current.
 liabilities 15. 13.


Free Cash Flow. non-GAAP operations less capital expenditures.$ 24. 7 million 2019 $4. million 2018 increase $20. 7 million.
 Non-GAAP measures FCF management assessments insight financial performance. FCF management decisions. important cash shareholder value. performance GAAP.
 reconciliation FCF financial statements GAAP
 2019 2018
 Cash flows operating activities $115. $66.
 Payments property plant equipment.
 Free cash flow 24. 7


9.
 December 31,
 Trade accounts $378,616 $338,473
 Income taxes 1,571 916
 13,440 11,132
 393,627 350,521
 Allowance doubtful accounts 3,480
 $390,147 $347,425
 accounts.


Cash
 table summarizes cash 2019 2018 2017
 Operating Activities
 increase cash 2019 driven sales Sunshine advance payments solar modules. investment tax credit. offset expenditures Series 6 manufacturing construction projects.
 Investing Activities
 decrease higher sales securities investments offset 8point3 2018.
 Financing Activities
 decrease lower proceeds debt financings Australia Japan India.
 cash operating activities $174,201 $(326,809) $1,340,677
 investing (362,298 (682,714)
 74,943 255,228
 exchange rate changes cash equivalents cash. (2,959) (13,558) 8,866
 increase cash $(116,113) $(767,853) $914,786


2019 2018
 table Consolidated Statements Operations net revenues
 percentages add rounding.
 Net revenues 100%
 Cost 22
 Gross profit 78 79
 Operating expenses
 Sales marketing 32
 Research development
 General administrative
 Amortization intangible assets
 Restructuring transition costs
 operating expenses 70 78
 income
 Interest expense
 Gain divestiture
 Income operations before taxes
 tax expense
 discontinued operations taxes
 24%


Interest Expense
 increased 2019 higher borrowings $10. billion notes 2017 offset reduction repayments $2. billion 2019 $6. billion 2018.
 Year Ended May 31,
 Percent Change
 millions
 Interest expense $2,082 3% $2,025


Consolidated Financial Statements
 Reconciliations revenues operating income tax expense table
 Includes income expenses Distribution business. unallocated corporate income expenses.
 Reflects revenues online products.
 Intersegment revenues licensing service fees.
 acquisition King debt financings.
 restructuring initiatives.
 non-cash accounting charge liquidation foreign entities.
 tax-related items activities.
 December
 Reconciliation consolidated net revenues
 net revenues $5,969 $6,835 $6,765
 Revenues non-reportable segments
 effect deferred revenues
 Elimination intersegment revenues
 Consolidated net revenues $6,489 $7,500
 Reconciliation consolidated income before tax expense
 operating income $2,054 $2,446 $2,417
non-reportable segments 24
 Share-based compensation (166) (209) (178)
 Amortization intangible assets (203) (370) (757)
 Fees expenses acquisition King
 Restructuring costs
 non-cash charges
 tax items
 Consolidated income 1,607 1,988 1,309
 Interest expense
 Loss extinguishment debt
 Consolidated income tax $1,633,877


Allocation Goodwill Reporting Segment
 table shows goodwill balances segment
 no impairment. indicators impairment interim assessment before assessment. net earnings adverse equity market conditions market multiples common stock price legal factors business climates action unanticipated competition decisions. adverse changes non impairment goodwill financial condition results operations.
 Product
 Carrying Value December 31, 2017 $ 576. $ 1,554. $ 2,130.
 Accumulated impairment.
 Carrying Value December 31, 2017 $ 526. $ 1,412. $ 1,939.
 Acquisition adjustments.
.
 Carrying Value December 31, 2018 $ 568. $ 1,568. $ 2,137.
 impairment.
 Carrying Value December 31, 2018 $ 519. $ 1,427.1,947.
 6. 257. 263.
 2. 6.
 Carrying Value December 31, 2019 $ 577. 1,830. 2,407.
.
 Value $ 527. 1,689. 2,216.


6. Financial Data
 7 Analysis Financial Condition Results consolidated financial statements.
 Consolidated Statements Income 2019 2017 Balance Sheets. 2016 2015, Balance Sheets.
 2019 $3. 5 million pre-tax legal expense Hetronic. Note 9 Contingencies. costs profitability increased costs $6. 9 million.
 pre-tax acquisition expenses $15. 4 million Grakon income $5. 8 million grant $7. 4 million stock-based compensation expense.
 tax benefit foreign earnings Tax Cuts Act. $4. 8 million benefit $2. million foreign investment tax credits. net tariff expense imported Chinese goods $2. 3 million.
 2018 $8. 1 million pre-tax legal expense Hetronic litigation. pre-tax acquisition expenses $6. 8 million Procoplast Pacific Insight $7.international government grant employment $6. million stock compensation reversal RSA.
 2018 tax charge $53. 7 million. Tax Reform tax benefit $9. 8 million foreign investment credits.
 2017 $11. million-tax Hetronic litigation.-tax exit costs $2. 3 million acquisition expenses $1. 5 million $4. 5 million grant.
 tax benefit $4. million foreign investment tax credits tax expense $1. 7 million dividend. 2016 $9. million Hetronic.
 2015 goodwill pre-tax impairment charge $11. million gain sale business $7. million $3. 1 million expense litigation. $5. million tax benefit valuation allowance deferred tax assets.
 Fiscal Year
 April 27, 2019 2018
 Net Sales $1,000.
Income Taxes 103. 123. 115. 110. 120.
 Tax 12. 66. 23. 26. 19.
 Income 91. 57. 92. 84. 101.
 Share Data
 Income.
 Income.
.
 18. 16. 82 14. 53 12 61 11
 Sheet Data
 Debt 292. 57. 27. 57. 5
 Earnings 545. 472. 427. 358. 356.
 Assets 191. 162. 90. 93. 93.
 Equity 689. 630. 541. 470. 459
 Assets 1,231. 915. 704. 655. 605.
 Financial Data
 Average Equity 13. 18. 23
 Pre-tax Income Percentage 10. 13. 14
 Income Percentage.2%. 11. 5%.


.
 income taxes $77. 6 $25. 9 million $48. 4 million 2019 2018 2017. interest borrowings $347. 9 million $85. 3 million $82. 5 million.
 additions deductions deferred tax 2019 2017
 Additions
 Valuation allowance deferred tax assets
 2019 $204. $16. $175. $332.
 2018 $210. $36. $204.
 2017 $161. $15. $37. $210.


Group assumed mortality mortality table S2NA CMI 2018 projections long-term improvement 1. 5% annum. tables translate average life expectancy pensioner retiring 65
 50% non-retired members commute maximum cash retirement
.
 65 life expectancy 86. 8 88. 9 87. 89.
 45 expectancy 65 88. 5 90. 7.


Performance Indicators
 non-GAAP trends financial projections decisions Monthly Recurring Revenue Gross Merchandise Volume.
 table shows MRR GMV December 31, 2019 2018.
 Monthly Recurring Revenue $53,898 $40,932
 Gross Merchandise Volume $61,138,457 $41,103,238


FLNG
 revenues May 31, 2018 Hilli accepted commenced operations. generated $218. 1 million revenues $127. 6 million 2018.
 operating expenses Hilli incurred $53. 7 million $26. 3 million 2018.
 Voyage charterhire commission expenses $0. 9 million $0. 5 million $1. 4 million lower bunker consumption commercial readiness.
 Administrative expenses increased $1. 5 million $1. 4 million 2019 $0. 2 million 2018 corporate expenses salaries employee benefits.
 Project development expenses legal professional consultancy costs. engineering consultation fees Gimi GTA Project FLNG 2018.
 Depreciation amortization May 31, 2018. full year depreciation 31, 2019 months 2018.
 operating/gains gain oil derivative instrument fee $13.million 2019 $26. 7 million 2018 unrealized loss oil derivative instrument prices $39. 1 million $10. million 2018 write-off $3. million $12. 7 million unrecoverable receivables OneLNG 2019 2018.
 net losses April 2018 OneLNG FLNG projects case-by-case.
 2018
 revenues 218,096 127,625 90,471 71%
 Vessel expenses (53,689 104%
 Voyage
 Administrative expenses (1,371
 Project development expenses (2,939)
 Depreciation amortization (48,088) 71%
 Other operating (28,963)
 income 82,586 58,150 42%
 net losses affiliates


income tax. federal tax
 2018 recorded $3. million tax expense foreign earnings. Tax Act. earnings taxed higher rates. $2. 1 million tax expense 2019. 2017 deferred taxes foreign earnings $9. 5 million.
 September 30
 Tax expense. statutory rate $ 10,992 $ 3,124
 State income taxes federal tax effect 1,416
 Nondeductible expenses 1,720
 reserve tax contingencies
 deferred tax asset valuation allowance
 Foreign rate differential
 Tax credits
 Impact. Tax Reform
 Intangible Low-Tax Income
 Stock Based Compensation
 Non-controlling interest equity arrangements
 Provision income taxes $ 11,040 7,093


non-GAAP financial measures Black Knight Investor Relations.
 2019 investment Dun and Bradstreet Corporation Net earnings $73. million accounting adjustments restructuring charges non-operating charges. 2017 non tax benefit $110. million revaluation deferred income tax assets Tax Cuts Jobs Act 2017.
 Revenues $1,177. $1,114. $1,051.
 Adjusted $1,177. $1,116. $1,056.
 Earnings equity losses affiliates $182. $168. $254.
 $108. $168
. 24
 earnings $108. $168. $182.
 share $0. $1. $1.
 Net $295. $277. $209.
 $1.
 $583. $542. $505.
 49.


Goodwill Restructuring Charges
 $9. 2 million 2018 $8. 4 million 2017 Brazilian operations Note 7. no restructuring charges December 31, 2018 $0. 8 million 2017. incurred restructuring charges third quarter 2017 closure Overland Park office termination benefits reorganization costs integrating operations.
 December Change Amount
 restructuring charges
 9,174 8,418
 $9,174 $9,170


Cost Revenues Gross Margins
 manufacturing materials payroll shipping handling costs overhead amortization intangible assets. rely suppliers components materials. order backlog orders.
 Tooling setup costs. expense warranty costs inventory provisions amortization intangible assets. Gross profit margin by segment
 Probe Cards profit increased increased sales higher variable costs less product mix.
 Systems increased sales.
 Corporate Other includes unallocated expenses amortization share-based compensation restructuring charges acquisition costs inventory not.
 Gross profit margin fluctuate with revenue product mix selling prices factory loading material costs. profit increased sales margins.
 Stock-based compensation expense $4. 1 million $3. 5 million.
 Gross profit $211,382 $50,927 $237,496
 Gross margin.
 2018
 profit $187,320 $47,074,055 $210,339
. %. 3 %. 7 %
 2017
 profit $195,903 $46,647 $(26,953) $215,597
. 1 %. 8 %. 3


Manoj Shetty
 Represents accelerated vesting 20,687 stock options. agreement (January 17,.
 employment terminated six months
 immediately vested unvested stock options. remain exercisable
 less than 90 days after termination
 accelerated vesting 8,107 unvested performance restricted stock units.
 January 17,. employment terminated six
 months. death total disability non-vested units
 accelerate vested date termination.
 Type Payment Termination Systemax without Resignation Due to Death Total Disability Change In Control Only Termination without
 Cash Compensation (Salary Non-Equity Incentive
 Value Accelerated Vesting Stock Option Awards 74,100
Value Accelerated Vesting Restricted Stock Unit Awards
 Performance 204,000 (2)
 Medical Other Benefits
 Total 204,000 278,100


Profit Activities
 taxation
-ended 31 March 2019 2018
 Depreciation property plant equipment 11.
 Amortisation intangible assets 16. 25
 Research development expenditure.
 Operating lease rentals
. 12
.
 Pension scheme contributions 8.
 Impairment trade receivables.
 foreign currency differences.


 shift revenue toward cloud profit growth business. Revenue cloud recognized over service period term perpetual license recognized upfront when rights effective.
 increase 2019 due to cloud maintenance revenue.
 decrease cloud driven by increase costs cloud infrastructure. decrease consulting decrease billable hours increase availability partner network.
 2019 2018
 Software license  $275,792 99% $282,950 $(7,158
 Maintenance 254,924 91%
 Cloud 67,918 51% 45,218 55% 22,700
 Consulting 2,727 1% 22,338
 $601,361 66% $589,816 $11,545


breakout product service profit
 value inventory future demand inventory. Forecasted sales marketing backlog revenues. obsolete excess inventory. Obsolete demand reserved. Excess written-down net value.
 December 2019 inventory provision $15. 2 million revisions demand. $8. 7 million Semiconductor Test $4. million Wireless Test $2. million System Test. 5 million Industrial Automation.
 2018 provision $11. 2 million revisions demand. $6. 8 million Semiconductor Test $2. 5 million Wireless Test $1. 2 million System Test $0. 7 million Industrial Automation.
 2019 2018 scrapped $9. 2 million $7. million sold $3. 2 million $6. 7 million written inventory. December 31, 2019 inventory reserves $103. 6 million.no timeline inventory.
 Dollar Change
 profit $1,105. $1,002. $103.
 revenues 58. 6%.
 Service profit $234. $217. $16.
 revenues 57. 5%. 7%.


Obligations
 future payments December 31, 2019
 debt obligations principal interest repayments Credit Facility rates.
 minimum cash commitments rental deferred rent rents.
 purchase obligations suppliers.
 Income tax obligations Act transition tax foreign earnings profits eight-year period.
 pension funding commitments.
 3-5
 Debt $341,250 $17,500 35,000 288,750
 Interest payments 36,555 8,532 15,726 12,297
 Operating lease 152,778 22,727,275
 Purchase 192,981 192,803
 Income tax obligations(4) 11,724 1,117 2,234 4
 Pension funding 173,830 6,113 12,712 20,203
 $909,118 248,792


. Income Taxes
 Ended
 April 26, 2019 April 27, 2018 28, 2017
 Federal $ 26 764 $ 22
 State
 102 813 66
 Deferred
 Federal 35 239 61
 deferred 270 74
 taxes $ 99 $ 1,083 $ 140


. STATEMENTS
. TAXES
 distribution pretax income
 Ended December 31,
 Domestic $(20,597) $22,325 $29,088
 Foreign 150,051 169,103
 $67,194 $172,376 $198,191


 $5,517. 9 million $5,878. 3 million 2019 2018. decrease $360. 4 million. 1%. 2% 4. 8%. 5% decrease PSG ASG ISG.
.
 decreased $249. 9 million 8% competitive pricing. Protection Signal Integrated Circuits High Power decreased $106. 5 million $96. 6 million $91. 5 million. offset $30. 1 million $15. million Foundry Services Power Mosfet Division.
 decreased $98. 9 million 5% competitive pricing. Industrial Offline Power Signal Processing Wireless Medical Division decreased $100. 5 million $56. 4 million. offset $84. 8 million Quantenna.
 decreased $11. 6 million. 5% Industrial Sensing Division $20. 8 million decreased demand.
 2.
.35. 7 % 2,071.
. 7.
 revenue $ 5,517. 5,878.


.
 Company operates facilities. manufacturing administrative activities. location size ownership
 facility Mitchel Field Long Island New York 1981 expanded 1988 Nassau County. 1998 sold Reckson Realty.
 leased manufacturing office Reckson 11-year lease two five-year renewal January 2019. July 25 2018 amendment RA 55 CLB extended lease ten years September 30, 2029. annual rent $1,046,810 2019 to $1,276,056 2029. space needs world-wide corporate headquarters.
 Garden Grove California leased FEI-Zyfer. office manufacturing. second amendment 88 months October 1 2017 expiring January 31, 2025. average annual rent $312,000.
 Tianjin China FEI-Asia. Tianjin Free-Trade Zone.lease renewable rent $8,500 August 2019. FEI-Asia sold May 2019 lease transferred.
 FEI-Elcom new lease February 2018 Northvale New Jersey. office manufacturing. expires January 31, 2021 $9,673. needs.
.
 Long Island NY
 Garden Grove CA
 Tianjin
 Northvale


Contract Costs
 table acquisition fulfillment costs
 Acquisition costs commission fees. Fulfillment costs third party internal costs telecommunications services labor materials.
 Deferred acquisition fulfillment costs amortized 30 months 12 60 months business services administrative expenses statements. costs twelve months included current assets. amortized beyond included non-current assets. Deferred costs assessed impairment annual.
 Ended December 31, 2019
 Acquisition Fulfillment Costs
 Beginning period balance $322
 Costs incurred
 Amortization (204)
 End $326


gains instruments. statements. losses $13. 7 million 2019 $14. 9 million 2018
 losses settlements swap terminations.
 2019 2018 swap agreements $1. 1 billion $1. 3 billion fixed rates 3. 0% 2. 9%. Short-term interest rates less than 3. 0% incurred losses $8. 3 million $13. 9 million 2018.
 losses termination swaps 2019 losses $13. 7 million 2018. interest rates recognized unrealized losses $7. 9 million 2019 gains $33. 7 million 2018.
 2019 reversal unrealized losses $26. 9 million warrants Teekay loss $25. 6 million. 2018 unrealized losses $21. 1 million Warrants. Financial Statements Fair Value Measurements Financial Instruments.
Year Ended
 December 31, 2019
 gains
 Interest rate swap agreements (8,296 (13,898
 Foreign currency contracts
 Stock warrants (25,559
 freight agreements
 (27,442
 Unrealized gains
 swap agreements
 Foreign currency contracts
 Stock warrants
 freight agreements
 losses derivative instruments (13,719)


. CASH EQUIVALENTS MARKETABLE SECURITIES
 equivalents deposits banks Tier-1 commercial debt securities maturities 90 days less. Marketable securities Tier-1.
 amortized cash equivalents securities values May 31, 2019 2018. identification gains losses-for-sale. insignificant 2019 2018 2017. table cash equivalents securities available-for-sale
 May 31, 33% 26%, securities investments mature one year 67% 74% one four years. risk interest rates. limit purchases investment-grade high credit ratings credit exposure issuer. averse principal loss default market risk.
 Restricted cash equivalents balance sheets.
 Corporate debt securities $22,242 $44,302
 Commercial debt securities
 Money market funds
 investments $27,942 $52,449
cash $10,629
 securities $17,313,641


2019 2018 2017 no income tax benefit expense recorded for stock options equity.
 change unrecognized income tax benefits reconciled
 total liability tax benefits $1. 5 million $1. 9 million $2. 4 million. reduce tax rate uncertain positions. interest penalties income tax expense. balances accrued interest penalties $0. 5 million. 7 million $0. 8 million.
 anticipate tax position increase decrease liability 12 months. file income tax returns. federal state foreign jurisdictions. not under audit Internal Revenue Service. not subject to changes taxes prior 2016.
 Balance $1,868 $2,366 $2
 Increases tax
 Decreases
 end period $1,487 $1,868 $2,366


Issuer Purchases Equity Securities
 Includes 3,416 shares withheld tax withholding remittance obligations vesting restricted stock awards. exercised 2022 convertible note hedges Note 12 Indebtedness Financial Statements offset Class A common stock. net settled received 3,643,165 shares common stock October 2018.
 Excludes shares received hedges.
 exercised 2022 hedges offset stock. net settled received 1,096,773 shares common stock November 2018.
 Shares purchased Average price paid per share plans programs Maximum shares
 October 1 to 31 3,646,581.
 November 1 30 1,096,773
 December 1 to 31
 4,743,354.


. Business Segments
 revenues from proprietary software subscription basis recurring service contracts support maintenance transaction services. provide client services installation outsourcing cloud hosting revenue cycle management.
 2019 realigned reporting structure divestiture investment Netsmart evolution healthcare IT industry increased focus payer life sciences. changed segments Provider Veradigm. Provider segment clinical software financial management patient engagement solutions. Veradigm payer life sciences market. no impact operating segments. segment disclosures December 31, 2018 2017 revised current.
 sold investment Netsmart December 31, 2018. discontinued. Clinicals Series2000 discontinued Provider segment except acquisition-related deferred revenue adjustments.
 December 31, 2019 eight operating segments aggregated two reportable segments.Provider segment Hospitals Health Systems Ambulatory CarePort FollowMyHealth® EPSiTM EIS-Classics 2bPrecise units separate. clinical software financial patient engagement solutions EHR connectivity financial management outsourcing cloud hosting revenue cycle management training electronic claims administration. Veradigm unit separate. data clinical insights tools workflow research media. solutions improve quality efficiency value healthcare delivery.
 Chief Operating Decision Maker revenues profit income. acquisition deferred revenue adjustments. amortization intangible assets stock-based compensation non expenses transaction costs non-cash asset impairment charges. Non-recurring expenses severance product consolidation legal consulting.corporate research development ancillary products. assets.
 Ended December 31,
 Revenue
 $1,597,115 $1,616,022 $1,441,212
 Veradigm 140
 Unallocated Amounts
 revenue $1,771,677 $1,749,962 $1,497,708
 profit
 $672,206 $710,063 $674,112
 104,896 100,708 43
 Unallocated Amounts (63,522),228,130
 profit $713,580 $724,543 $632,799
 396,724 $402,544 $426,099
 43,996
 Unallocated Amounts (465,176 (539,237) (437,431
 $(24,456) $12


Cash Flows
 table flows operating investing financing activities
 $57. 2 million decrease cash 2019 timing cash receipts Trade receivables income taxes incentive bonus Trade accounts accrued liabilities. $84. 4 million increase cash increased earnings Tax Reform Act timing receipts Trade receivables.
 Investing Activities
 $406. 9 million increase D&B Investment Compass Analytics. $59. 4 million increase HeavyWater Ernst acquisitions higher capital expenditures.
 Financing Activities
 $455. 1 million increase incremental borrowing D&B Investment fewer share repurchases. $96. 8 million decrease tax distributions BKFS senior notes redemption fee.
.
 Cash flows operating $378. $435. $351. $84
 investing (551.
Cash financing 167. (287. 455. 96.
 cash equivalents. 9) $4. 7). $121.


 Group decreased $8. 3 million. to $760. 3 million 31 March 2019. 1 per cent decrease constant currency.
 Americas decreased $2. 2 million to $267. 8 million. 8 per cent reduction. 7 per decline Enduser products WannaCry ransomware launch Intercept X improved UTM sales.
 EMEA increased $0. 2 million to $395. 3 million. 1 per cent growth. 9 per cent. offset reduction endpoint email products.
 APJ Billings decreased $6. 3 million to $97. 2 million. per cent. 8 per. growth impacted stronger performance Network product transition improvement sales Server products.
 Growth
 Region
 Americas 267.
 EMEA.
APJ 97. 2 103. 5 (6.
 760. 768. 6.
 Billings Product
 345. 9 353. 4 (2.
 377. 383.
 37. 3 32. 16. 17.
 760. 768.
 Billings Type
 Subscription 644. 644.
 105. 7 113. (7
 10. 7 (6. 5)
 760. 3 768. 6.


Reconciliations revenues operating income consolidated tax expense table
 Includes income expenses Distribution business. unallocated corporate income expenses.
 games online defer transaction price recognize revenues service periods less year. cost deferred recognized expense. reflects effect deferrals online products.
 Intersegment revenues reflect licensing service fees.
 restructuring initiatives costs.
 tax‐related items activities.
 Reconciliation consolidated net revenues
 revenues $5,969 $6,835
 Revenues non-reportable segments
 effect deferred revenues
 Elimination intersegment revenues
 Consolidated net revenues $6,489 $7,500
 Reconciliation consolidated income before tax expense
 operating income $2,054 $2,446
 non-reportable segments

 Share compensation (166)
 Amortization intangible assets (203) (370)
 Restructuring costs (137)
 tax items
 income 1,607 1,988
 Interest
 Loss extinguishment debt
 income tax $1,633,877


. Share-based payment
. 8 million incentives granted 2019. 7 million. fair value estimated grant Black-Scholes binomial model. assumptions payment value
 expected volatility historical volatility share price volatility. risk free rate UK government bonds.
 share price 163.
 price.
 fair value 141. 95
 Expected volatility (%) 31. 6–32 30.
 Option life
 Performance Shares.
 Options SARs.
 Risk free rate.
 Dividend yield. 5–3


GWL Corporate Free Cash Flow(1)
 reorganization Choice Properties GWL management cash generating GWL. GWL Corporate cash based dividends Loblaw distributions Choice Properties Weston Foods less corporate expenses interest income taxes. Lease payments excluded IFRS 16.
 Corporate includes activities net interest expense corporate activities administrative costs. preferred share dividends.
 quarters years ended December 31
$ millions 2019
 Weston Foods EBITDA(1) 56
 capital expenditures
 Distributions Choice Properties
 Dividends Loblaw
 Weston Foods income taxes
 GWL Corporate cash flow operating businesses 132 539
 Corporate financing costs
 Income taxes paid
 Corporate free cash flow


NOTE 26 DIVIDEND
 diluted earnings 2018 2017 RSUs omitted out-of-money anti-dilutive dilute earnings. note 3 RSU share options.
 EARNINGS PER SHARE
 Net profit/(loss) year (USDm) 166. 8 2.
 average shares 74. 3 73. 4 62.
 treasury shares.
 74. 73. 62.
 Dilutive effect share options.
. 74. 73. 62.
 earnings/(loss) share 2. 24. 48
 Diluted earnings(loss.


 table loss revenues
 30 Research development 21. 18. 7% 15.
 Sales marketing 28. 7% 27. 26.
 5. 6% 6.
 Acquisition integration costs bargain purchase gain.
 Restructuring charges reversals.
 Amortization intangibles.
 operating expenses 56. 8% 58. 3% 53. 5%
 Operating (loss income.


Employee benefits
 Pension plans
 Company accounting pension costs International Accounting Standard 19.
 disclosures defined benefit obligations. contribution.
 total expense pension plans £0. 7m (2018 £0. 6m.
 31st December 2019 post mortality assumptions 85%/96% SAPS S2 2017 projections term trend. 25%. 31st December 2018 mortality 85% SAPS S2 96% CMI 2016. 25%. long-term trend. assumptions reviewed experience statistics.
 financial assumptions 31st December
 best estimates.
 Weighted-average assumptions benefit obligations
 salaries.
 pensions.
 price inflation.
 Discount.


Contract balances
 table receivables assets liabilities customers.
 Accrued income Group’s rights services not invoiced reporting. transferred receivables when invoiced.
 Deferred income advanced consideration. £11. 2m (2018 £nil Auto Trader Stock Limited data services. Revenue recognised 20 years.
 Receivables 27. 28.
 Accrued income. 26.
 Deferred income.


Options exercisable vested expected vest January 31, 2020 thousands
 aggregate values pre-tax VMware closing stock price $148. 06 January 31, 2020 options exercised.
 value VMware stock options 2020 2019 2018 $64 million $35 million $32 million. Pivotal options $27 million $41 million $23 million.
 VMware stock options pre-tax value $103 million $56 million $62 million. Pivotal options $278 million $97 million not material 2 2018. vested options settled cash acquisition.
 VMware Stock Options
 Exercise Price Weighted Average Contractual Term years Aggregate Intrinsic
 Exercisable 945 $47. $95
 Vested expected vest 2,589.


TORM defines earnings before income expenses depreciation impairment amortization taxes. computation refers financial income expenses equivalent. expenses interest borrowings losses foreign exchange bank charges. income interest gains.
 EBITDA supplemental measure TORM performance compliance financial covenants restrictions financing agreements. comparability performance. interest depreciation impairment amortization taxes. financing methods structure profit/(loss) between. EBITDA benefits investors investment alternatives.
 excludes not items profit vary. table reconciles EBITDA to net profit
 2019
 Reconciliation to net profit/(loss)
 166.
 Tax.
 Financial expenses 41. 39.
 income -2. -3. -4.
 Depreciation 110. 114.
assets -114. 3.
 202. 120. 5 157.


GasLog Ltd. Subsidiaries
 consolidated financial statements
 December 2017 2018 2019
 amounts. S. Dollars
 Credit risk
 loss cash equivalents short-term investments instruments deposits credit exposures receivables dividends. Group exposed risk non-performance. deals financial institutions high credit ratings.
 2019 70. 0% revenue Shell 74. 2% 92. 6% accounts receivable not collateralized credit risk offset creditworthiness counterparties. Group acquired Shell February 15 2016. obligations. credit losses years. assets maximum exposure credit risk. no substantial credit risk counterparties.
 risk liquid funds instruments limited counterparties high credit ratings.
 2019
 Cash equivalents 342,594 263,747
 Short-term investments 25,000 4,500
20,244 24,900
 Dividends 33,395
 instruments 15,188 4


Canadian
 2019 2018 2017 tax rate differential driven earnings United States.
 effective tax rate decreased 35. 2% 2019 37. 2% 2018. increase tax expense $11. 1 million net income foreign $10. 7 million $26. 4 million reserves benefits $16. 1 million BEAT $16. 3 million reversal States earnings $14. 8 million 2018 tax reform $19. million tax credits research $9. 7 million $6. 8 million valuation allowance decrease $5. 8 million withholding taxes. difference normal course movements non-material items.
 2016, reorganization efficiencies ownership single entity jurisdiction. tax benefit $876. 1 million net deferred tax recognized 2017. Annual Report Form 10-K 2017.
 2019 $242. 3 million domestic non-capital loss carryforwards.$387. 6 million foreign non-capital loss carryforwards $53. 8 million no expiry. remainder expires 2020 2039. investment tax credits $58. 6 million expire 2020 2039.
 Ended June 30
 statutory rate. 5%.
 income taxes $116,752 $102,323 $66,131
 foreign tax rate differences
 valuation allowance,779
 deferred charges 4,242
 permanent differences 4,332
 unrecognized tax benefits 31,992
 withholding taxes
 tax filings
. tax reform
 tax credits research development
 undistributed earnings
 Base Erosion Anti-Abuse Tax 16,030
 reorganization subsidiaries
 $143,826


IFRS
 investment ventures £524. 1 million 31 December 2019 £326. 6 million £197. 5 decrease £299. 8 million 2018. £158. 9 million earnings £27. 9 million property revaluation deficit £182. 9 million £200. 7 million transfer Puerto Venecia Asturias residual interest intu Derby £93. 9 million.
 exposed foreign exchange overseas investments. 2019 24 per cent assets increase 15 per cent property revaluation deficit. disposals 15 per cent.
 reconciliation 159.
 property equipment non assets receivables tax deferred tax liabilities.
 40 per cent stake intu Metrocentre. recoverable £195. 4 million non-controlling interest.
 adjustments instruments convertible bonds deferred tax joint non-controlling interest balance.
IFRS assets intu properties £1,907. 5 million EPRA NAV £1,969. 8 million share 146 pence.
 Investment
 decreased £2,534. 1 million
 revaluation £1,979. 7 million
 intu Derby transfer Puerto Venecia Asturias
 expenditure £129. 2 million projects £44. 5 million Trafford Barton Square extension £14. 5 million redevelopment Broadmarsh £11. 2 million leisure extension Lakeside
 Puerto Venecia Asturias.
 interest Venecia Generali Shopping Centre Fund. Union Investment Real Estate €475. 3 million share €237. 7 11 per cent discount June 2019 valuation. early April net proceeds £95. 4 million repaying debt adjustments fees taxation.
 property.
 Joint ventures.163.
 53. 65. (11.
 debt (4,498. (4,867. 368.
 financial instruments (286. (284. (2.
 assets (307. 34.
 assets 1,846. 3,828. (1,982.
 Non-controlling 58. (16. 74.
 IFRS assets 1,904. 3,811. (1,907.
 73. 135.
 1,977. (1,969.
 share


Stock Units NortonLifeLock stock employment.
. Clark RSU.
. Taylor Noviello PRUs RSUs 70% 30%. executives. 50%.
 RSU Award Amount
 Gregory.
. Noviello 95,416 2,106,785
. Cappellanti-Wolf 78,620 1,683,254
 Samir Kapuria 238,243 5,100,783
 Scott. Taylor 61,339 1,354,365


ASC 606
 2018 Company adopted 606 Revenue Contracts modified retrospective method contracts not completed. Results ASC 606 prior accounting standards.
 impact revenue recognition voyage charter contracts.
 new standard recognizes. voyage expenses.
 cumulative effect January 1 2018 balance sheet
 December 31, 2018 revenues increased $1,418 net income $1,101 net income per share increased $0. 01 ASC 606.
 Balance December 31, 2017 Adjustments ASC 606 Balance January 1, 2018
 Assets
 Voyage receivables $24,209 $1,336 $25,545
 Liabilities
 Deferred income taxes 83,671
 Equity
 Accumulated deficit (265,758)


country sale destination product shipment. No country 10% net revenue. percentage products shipped Asia China systems sold outside Asia Europe Middle East Africa EMEA North American.
 Long-lived assets property equipment leased right-of-use assets intangible assets goodwill geographic area
 Amounts include leased right-of-use assets ASC 842 adjustment deficit January 1, 2019.
 December
 % total
 United States $385,302 85% $426,321
 Singapore 63,556 14%
 Rest of world 5,034 1%
 Total $453,892


FREIGHT RECEIVABLES
 31 December 2019 freight receivables USD. impaired USD.
 expected credit loss lifetime loss receivables. overdue 180 days 25%-100% depending category. overdue one year.
 2019 Analysis 31 December freight receivables
 freight receivables
 39. 44. 25.
 < 30 days 22. 18. 26.
 30 180 days 25. 20. 18.
 180 days 6. 4. 2
 93. 87. 72.
 Allowance expected credit loss 3. 1.
 89. 86. 71.


Earnings per share
 table shows components basic diluted earnings share.
 calculation includes future compensation cost. excludes options higher average market value. excluded options 61,170 2019 12,252,594 2018.
 YEAR ENDED DECEMBER 31
 Net earnings 2,785
 Dividends per common share 3.
 Weighted average shares millions
 900. 898.
 Assumed stock options.
 diluted 901. 898.


Income Taxes
 December 22, 2017. government enacted Tax Cuts and Jobs Act. includes changes. corporate income tax federal corporate rate reduction 35% to 21% limitations interest expense executive compensation base erosion anti-abuse tax new minimum tax transition. taxation modified territorial. one-time. tax liability earnings. “Transition future distributions not subject. repatriated. provisions effective January 1, 2018.
 SEC issued guidance accounting. one-year measurement period accounting. record provisional estimate financial statements. tax laws before.
 Company recorded provisional estimate net tax expense $508,000 December 31, 2017. zero expense Transition Tax $173,000 benefit deferred tax liability unremitted foreign earnings $681,000 expense remeasurement deferred tax assets liabilities corporate rate reduction.
year December 31, 2018 completed accounting income tax Act. additional tax expense 2017 $508,000.
 December 31, 2019 Company reinvested Non-U. S. subsidiaries deferred tax liability undistributed foreign earnings. estimated unrecognized deferred tax liability dividend distributions. approximately $484,000 December 31, 2019
 income tax expense
 Year Ended December 31,
. $11,553 $8,677
 Foreign
 $8,949 $8


31 December 2019 Company repurchased 3,486,700 shares Stock Exchange HKD1. 16 billion. repurchased shares cancelled. repurchase shareholder value.
 Company subsidiaries purchased sold redeemed shares 31 December 2019.
 Purchase consideration share
. Highest
 Month purchase 2019 price paid
 August 362,200. 116,330,916
 September 2,294,500. 776,104,729
 October 830,000. 268,272,462
 Total 3,486,700 1,160,708,107


ADVANCED INDUSTRIES. FINANCIAL STATEMENTS share
 table presents unaudited pro forma results acquisitions Artesyn LumaSense
 include adjustments costs transactions. amortization assets interest financing expenses transaction costs amortization gross profit accounting policies. adjustments net tax impact results.
 results acquisition September 10 2019. December 31, 2019 contributed sales $220. million net income $7. 1 million including interest financing.
 Total sales $788,948 $1,202,790 $718,892 $1,350,037
 Net income Advanced Energy Industries. $64,941 $83,104 $147,025 $158,422
 Earnings per share
 $1. $2. $3. $4.
. 69.


 expenses increased $24. 2 million 31%, 2019. due Reallocation headcount investments. employee costs $16. 3 million overhead costs $3. 4 million.
 expenses increased $15. million 24%, 2018. 2018 Reallocation investments. employee costs $12. million.
 Ended December 31,
 development $101,151 $76,981 $61,975
 Percent revenue 17. 5% 14. 3% 12. 9%


Property Plant Equipment.
. Maintenance. Depreciation calculated-line 5 40 years buildings 3 15 years machinery. summary
 Depreciation $27. 2 $22. 5 $22. 2019 2018 2017. April 27, 2019 28, capital expenditures $6. 4 million $9. million.
 Land $3.
 Buildings Improvements.
 Machinery Equipment 390. 364.
 475. 434
 Depreciation 283. 272.
 $191. $162.


ITEM 6. SELECTED FINANCIAL DATA
 consolidated statements December 31, 2019 2018 2017 balance sheet data derived from audited statements. 2016 2015 balance derived from not. historical results not indicative future. data read with Item 7. Discussion Analysis Financial Condition Results Operations consolidated financial statements information. tables consolidated financial data December 31, 2019 2018 2017 2016 2015 thousands except share data.
 prior Item 1. Business. $28. 0 million expense 2018 agreement legal matter Telephone Consumer Protection Act Item 3. “Legal Proceedings. $1. 7 million interest income $6. 9 million gain other income 2019 promissory note proceeds Item 7. "Management’s Discussion Analysis Financial Condition Results Operations.
reported amounts 2017 2016 2015 reclassified interest income.
 December
 2018 2016 2015
 compensation expense
 Sales marketing $2,075 $1,196
 General administrative 6,474 4,901 2,638
 Research development 12,054 7,332 4,214 2,035 1,266
 compensation expense $20,603 $13,429 $7,413 $4,001


Repurchase Program
 2019 2018 board authorized increases $1. 5 billion repurchase. shares repurchased
 2019 $1. 5 billion repurchase authorization.
 millions
 shares repurchased 12
 Repurchase value $ 1,014


. Intangible assets
 Goodwill allocated three CGUs segments
 Networks Security 73. 72
 Lifecycle Service Assurance 37.
 Connected Devices 46.
 157. 155


. Trade receivables
 IFRS 16 restated.
 due. settlement 30 days current. recognised unconditional invoiced reporting date. Group holds receivables contractual cash flows measures amortised cost interest method.
 Accrued income not invoiced. transferred receivables invoiced. receivables £0. 1m Auto Trader Stock Limited.
 credit risk losses disclosed note 31.
 Trade receivables 27. 28.
 impairment.
 trade receivables 24. 25.
 Accrued income 28. 26.
 Prepayments.
 Other receivables.
 56. 54.


table stock-based compensation cost.
 unrecognized non-vested awards December 2019 $1. 2 billion. years.
 Capitalized stock compensation cost December 2019 2018 2017.
 $100 $82 $91
 Selling
 Research development
 Pre-tax compensation cost 510 534
 tax
 Net stock compensation cost $524 $393


Goodwill activity
 third quarter 2018 AI investments IOTG $480 million goodwill reallocated IOTG.
 fourth quarters 2019 2018 impairment assessments goodwill not impaired. accumulated impairment loss December 28, 2019 $719 million $365 million CCG $275 million DCG $79 million IOTG.
 29, Acquisitions Transfers
 Data Center Group $5,424 $1,758
 Internet of Things Group 1,579
 Programmable Solutions Group
 Client Computing Group 4,403
 $24,513 $1,825,276
 Acquisitions Transfers
 Data Center Group $5,421
 Internet of Things Group 1,126
 10
 Programmable Solutions Group 2,490
Computing Group 4,356 47
 718 238
 $24,389 $162 $24,513


.
 Revenue billing address
 No country 10% revenue.
 Ended December 31,
. $1,979. $1,723. 1,504.
 1,008. 936 727.
 $2,988. $2,660. $2,231.


Goodwill Intangibles
 ASC 350 Company assesses goodwill impairment annually fourth quarter fiscal year October 1 balances. evaluates goodwill discounted cash flow valuation model allocates relative fair value approach. operating results business plans future cash flows. segments ACI On Premise ACI On Demand units.
 assumptions cash flow valuation discount rates growth rates cash flow projections terminal value rates. projections sensitive management judgment. rates weighted average cost capital. market industry data company risk factors. develops growth rates cash flow projections constant WACC long-term growth rates. recoverability test impairment calculates implied fair value. no impairment. impairment charge recorded. calculated fair value current carrying value all units periods.
Changes goodwill December 31, 2019
 Goodwill acquisitions E Commerce Group Products. Speedpay. Walletron. purchase price allocations preliminary December 31, 2019 subject changes.
 intangible assets customer relationships trademarks names amortized three to 20 years. Company reviews assets impairment.
 Premise
 Gross Balance December 31, 2018 $ 183,783 $ 773,340 $ 957,123
 impairment
 725,908 909,691
 Goodwill from acquisitions 370,834
 Balance December 31, 2019 $554,617  $725,908 $1,280,525


Dell purchases products channel partners. revenue receipts unearned revenue
 Sales Dell.
 Customer deposits $194 million $85 million January 31, 2020 February 1, 2019.
 Revenue Receipts Unearned Revenue
 31, 1
 Reseller revenue $3,288 $2,355 $1,464 $3,787 $2,554
 Internal-use revenue 82 41 46 57 29
 Collaborative technology project receipts


. Stock-Based Compensation
 December 31,
 2019
 Sales marketing $2,075 $1,196 $561
 6,474 4,901
 Research development 12,054 7,332 4,214
 $20,603 $13,429 $7,413


 IAS 12 Income Taxes deferred tax assets liabilities corporate tax rate temporary differences. UK assets liabilities REIT exemption tax rate 0 other 19 per cent before 1 April 2020 17 per cent after 1 April 2020. Spanish assets liabilities tax rate 25 per cent.
 deferred tax
 net deferred tax £0. 9 million revaluation development property Costa del Sol offset tax losses.
 Investment development property temporary differences
 deferred tax provision
 1 January 2018 24. 6. 23. 7
 (5.
.
 31 December 2018 19. 2 18.
 (16.
.
 31 December 2019 2. 3 (1


Debt Facilities
 total debt
 Short-term borrowings $98. million December 31, 2019 $89. million revolving credit facility $9. lines. borrowings $232. 8 million December 31, 2018 $140. revolving $83. million European securitization program $8. lines.
 long-term debt finance lease liabilities $10. 4 million 2019. Other $28. 7 million long-term liabilities finance leases. Note 4.
 unamortized discounts issuance costs $24. million $24. 3 million December 31, 2018.
 average interest rate short borrowings. 0% long-term debt. 8%. 2018. 8% long-term. 4%.
 Short-term borrowings 98. 232.
 long-term.
.
 July 2022.
 2023.
. December 2020.
.875% December 2022 421.
. April 2023 422.
. September 2023 445.
. 125% December 2024 421.
. September 2025.
. December 2027 420.
. 875% July 2033 445.
.
 long-term debt 3,698. 3,236.
 3,814. 3,474.


reconciliation unrecognized tax benefits
 April 26, 2019 $296 million unrecognized tax benefits $252 million long-term liabilities. $246 million income taxes. tax reform recorded benefits $114 million 2018.
 recognized adjustments interest penalties $4 million 2019 $5 million 2018 2017. interest penalties $18 million $22 million balance April 26, 2019 27, 2018.
 April 26, 2019 27, 2018 28, 2017
 Balance $ 348 $ 218
 Additions
 Additions
 Decreases
 Settlements
 Balance end period $ 296 $ $ 218


 granted RSUs employees consultants Board Directors executives
 February 2016, granted 547,000 PSUs financial operational targets. performance
 80% target. PSUs claw back rights no change
 stock compensation expense 2016
 financial statements. December 31, 2019 253,203 shares vested 200,297 forfeited
 remaining 93,500 shares vest 80% February 2020
 vesting
 October 2018 granted,888 PSUs targets.
 75% December 31, 2020
 vesting requirements. remaining 25% vest first
 anniversary vesting.
 April 2019 granted 346,453 PSUs targets. vest 75% December 31, 2021 remaining 25% vest first anniversary. 346,453. vest 75% December 31, 2021 remaining 25% vest first anniversary vesting. None vested December 31,
granted 375,000 PSUs targets
 2023. One-third eligible
 vesting requirements. values $4. 59 $4.
 $3. Monte Carlo simulation model term
 4. years volatility 38. 45% risk-free interest rate. 7% dividend yield. 0%.
 vested December 31, 2019
 table summarizes stock award activities
 Shares Vesting Term
 Nonvested December 31, 2018 $6.
 Granted 3,288.
.
,340.
 Nonvested December 31, 2019,148.


GasLog Ltd. Subsidiaries consolidated financial statements years 2017 2018 2019 amounts U. S. Dollars except. Tangible Assets Vessels Construction
 movements assets vessels
 Vessels carrying $4,407,156 December 31, 2019 $4,304,252) pledged collateral loan agreements.
 negative indicators difference lack liquidity reduced expectations modern fuel LNG carriers impairment assessment vessels
 property Vessels construction
 January 1, 2018 4,217,866 19,224 4,237,090 166,655
 Additions 49,036 4,678 53,714 637,046
 vessels construction 642,776
 non-current
 Fully amortized fixed assets
 December 31, 2018 4,899,678 23,710 4,923,388 159,275
Additions 26,233 27,687 450,918
 capital expenditures (11,224)
 Transfer vessels 406,870
 amortized assets
 2019 5,314,348
 depreciation
 January 1 2018 460,815,709
 144,611,474
 amortized assets
 December 31, 2018 595,426 4,380 599,806
 Depreciation 156,826,701
 Impairment loss vessels 162,149
 amortized assets
 December 31, 2019 907,192 912,447
 Net book value
 2018 4,304,252
 4,407,156,065


deferred tax assets liabilities
 uncertainty valuation allowance. taxable position income future growth OpenText.
 Deferred tax assets
 Non-capital loss carryforwards $161,119 $129,436
 Undeducted research expenses 137,253 123,114
 Depreciation amortization 683,777 829,369
 Restructuring costs reserves 17,845
 Deferred revenue 53,254
 deferred tax $1,112,987 $1,219,725
 Valuation Allowance,328),924)
 Scientific research tax credits,342
 deferred tax asset $948,578 $1,042,791
 Long-term assets 1,004,450 1,122,729


FINANCIAL STATEMENTS data
 NOTE 12 Debt
 Long-term
 February 12, 2019 five-year Credit Agreement banks extend term facility. revolving $300,000 $150,000 approval. replaces prior $300,000 expired August 10, 2020. Borrowings $50,000 refinanced. terminated February 12, 2019.
 Revolving Credit Facility includes swing line $15,000 letter credit $10,000. Borrowings interest base rate. quarterly commitment fee. ranges. 20% to. 30% leverage ratio.
 maximum leverage ratio charge coverage ratio. borrowing availability. debt covenants December 31, 2019. quarterly statements annual statements auditor certifications compliance certificates quarter. restrictions dispose assets incur debt repay create liens investments loans mergers consolidations stock repurchases dividend payments.Interest rates Revolving Credit Facility LIBOR leverage ratio.
 issuance costs long-term amortized straight-line. Amortization months $163 $185 2018 2017. Consolidated Statement Earnings.
 interest rate swaps variable fixed. cash flow hedges changes recorded earnings.
 December
 credit facility $300,000
 Balance $99,700
 Standby letters credit $1,800
 $198,500 $248,060
 Weighted-average interest rate. 25%.
 Commitment fee.


Performance Share Awards
 grant performance shares to executives key employees Company-wide performance goals. performance goal for one-third performance shares three-year period 2019 based on fiscal 2017 EBITDA return on capital. results Lamb Weston. performance goal final two-thirds shares 2019 based on diluted EPS compound annual growth rate two-year period 2019. certain performance shares subject overarching EPS goal met each year payout. awards earned range zero to two hundred percent targeted shares.
 performance goal three-year 2020 2021 based on diluted EPS CAGR. shares overarching EPS goal met each fiscal year payout. awards earned range zero to two hundred percent targeted shares.
 Awards paid in shares common stock. shares earned distributed after end performance period if participant Company date distribution.value adjusted market price performance amortized compensation expense vesting. Forfeitures accounted.
 activity share awards May 26, 2019 changes
 compensation expense $8. 2 million $11. 8 million $13. 3 million 2019 2018 2017. tax benefit $2. 1 million $3. 9 million $5. 1 million.
 total value shares vested $15. 7 million $11. 2 million $2. 8 million.
 estimates May 26, 2019 $13. 2 million unrecognized compensation expense. 7 years.
 Nonvested shares May 27, 2018.
.
 Adjustments results dividend equivalents.
.
.
 Nonvested shares May 26, 2019.


. ACCOUNTS
 compensation credits doubtful accounts
 balances 2019 2018 2017 compensation credits $4. 5 million $6. 3 million $8. 9 million.
 $6,795 $9,410 $3,279
 11,989
 Charge-offs (13,737
 $5,047 6,795 9,410


Goodwill
 increase Compass Analytics acquisition deductible. 2018 increase $19. 7 million deductible $3. 2 million not deductible.
 Data Analytics
 December 2017 $2,134. $172. $2,306.
 HeavyWater Ernst acquisitions.
 2018 2,157. 2,329.
 Compass Analytics.
 December 2019 $2,189. $172. $2,361.


temporary differences deferred tax assets liabilities
 December 22, 2017 Tax Cuts Jobs Act 2017 Internal Revenue Code. corporate tax rate 35% to 21% 2017 transition. international taxation one-time transition tax repatriation foreign earnings 2017.
 acquisition Connect First January 14 2019 net deferred tax liability $3. 2 million/tax differences acquired technology customer relationships. additional income assets. valuation allowance. 2 million recorded statements tax benefit.
 2019 federal net operating loss carryforwards $782. 7 million $272. 9 million 2023 2037 remainder. state net operating loss carryforwards $675. 6 million 2021. research credit carryforwards federal California tax $20. 2 million $15. 7 million income. federal 2028 California carry indefinitely
Internal Revenue Code 1986 restrictions net operating losses. losses Section 382. ownership change 50% three-year. federal state net losses ownership
 management believes deferred tax assets realized 2019 valuation allowance. net deferred tax assets. net change increase $86. 0 million $18. 2 million
 Deferred tax assets
 Net operating loss credit carry-forwards $196,930 $109,812
 Research development credits 24,452
 Sales tax liability
 Share-based compensation
 Accrued liabilities
 Gross deferred tax assets 234,088
 Valuation allowance
 deferred tax assets 53,998 42,902
 liabilities
 Convertible debt discount (16,701 (21,035)
 Deferred sales commissions (28,601 (18,253)
intangibles (3,857)
 Property (3,573
 deferred tax


9 ASSETS
 non-qualified deferred compensation plan management
 directors. defer compensation retirement
. cash
 deposits Rabbi Trust equity bond mutual funds
 elections. deferred compensation plan liability
 Non-Current Liabilities balance sheets.
 investment licensees 12. 5% equity
 Mexican licensee $1. 7 million wholly-owned subsidiary
 Benelux French licensees.
 cost
. received dividends Mexican licensee. 3
 million. 2 million 2018 2017.
 2015, invested £1,400,000 $2. 2 million 49% minority
 Smart Driver Club technology insurance startup
. accounted equity method
. loans £5,700,000
 $7. 6 million Smart Driver Club annual interest rate 8%
 due 2021. equity net loss $1. 8 million $1. 4 million $1. 3
 million 2017.
equity investment impairment. decision dictated
 losses liquidity Smart Driver Club. recorded
 impairment charge $5. 0 million loss net loss
. Smart Driver Club £400,000 debt March 26, 2019
 fourth amendment agreement
 August 24 2017 acquired ownership interest $1. 4 million ThinxNet GmbH
.
 cloud mobile automotive.
 cost basis investment.
 executed unsecured convertible note receivable $1. 27 million interest rate 6% fixed
 term 12 months converted equity ThinxNet
. equity receivable
 accounts receivable ThinxNet. No gain loss. assets
 balance sheet February.
 August 2018 ThinxNet financing transaction. converted $300,000 accounts receivable ownership interest. revalued recorded impairment charge $326,000. loan repaid June 2019.

 Deferred compensation plan $6,413 $5,641
 licensees 2,263
 ThinxNet
 Smart Driver Club
 Deferred product cost 10,094 3,523
 $18,829


VMware Pivotal Stock Options
 table summarizes activity since February 3 2017
 weighted-average price February 1, 2019 reflects adjustments Special Dividend.
 Stock option VMware equity plan includes. 6 million options unvested.
 forfeited. 2 million options converted VMware conversion ratio.
. 4 million vested options settled cash.
 options granted unvested options combinations. weighted-average exercise price per share may vary VMware stock price grant
 stock options January 31, 2020 value $239 million closing stock price.
 VMware Pivotal Options
 Weighted-Average Price
 February 3 2017 $69.
 Granted.
 Forfeited.
 Expired.
 Exercised.
 February 2, 2018 1,647 54.54,388.
 Granted. 2,832.
 Dividend adjustment
 Forfeited 24. 44 (2,028).
 Expired.
 Exercised. 73 (9,018.
 February 1 1,969. 45,901.
 1,571.
. 83 (10,822).
 Expired.
 (776). 94 (34,951).
 January 31, 2020 2,615 56. 58


EBITDA
 2019 foreign exchange rate. 3255 USD/CDN.
 Fiscal 2018 IFRS 15 accounting policy Cogeco Peer 1 discontinued operations. policies operations sections.
 Fiscal 2019 translated average foreign exchange rate. 2773 USD/CDN.
 EBITDA increased 10. 0%. 5% American broadband services MetroCast FiberLight acquisitions Canadian broadband services decline operating expenses.
 "Segmented operating financial results section.
 Years ended August 31, 2019 currency Foreign exchange impact
 Canadian broadband services,681.
 American broadband services 465,645 369,200.
 Inter-segment eliminations (46,386.
 1,107,940 1,006,818.


INCOME TAX
 domestic foreign components loss December 31, 2019 2018 2017
 thousands
 Domestic $(22,708 $29,110 $17,120
 Foreign
,708 $28,790 $16,651


Adopted Accounting Guidance
 May 28, 2014, Financial Accounting Standards Board issued Accounting Standards Update. 2014-09 Revenue Contracts Customers Topic 606 revenue transfer promised goods services. Topic 606 Subtopic 340-40 Assets Deferred Costs Contracts capitalization incremental costs contract. new revenue standard replaces revenue recognition guidance GAAP permits full modified retrospective transition method.
 December 1, 2018 adopted new revenue standard. Prior information restated standard. applied revenue standard contracts completed. accounting policies revenue recognition sales commissions.
 recognized cumulative effects revenue standard December 1, 2018
 capitalized $413. 2 million contract acquisition costs. amortizing costs period benefit.
 Revenue contracts deferred. recorded adjustments balances increase unbilled receivables $24.contract assets $46. million deferred revenue $52. million adjustments earnings.
 deferred income tax liability $82. 8 million.
 impacts reduction retained earnings.
 November 30 December 1, 2018
 Trade receivables $1,315,578 $43,028,358,606
 Prepaid expenses assets 312,499
 Other assets 186,522 273,421
 Liabilities Stockholders’ Equity
 Accrued expenses 1,163,185,543
 Deferred revenue 2,915,974
 Deferred income taxes 46,702
 Retained earnings $11,815,597


. Profit before tax
 items charged
 $ million
 Employee benefit costs 220. 208.
 Costs inventories. 79.
-down inventories net realisable value.
 Amortisation intangible assets.
 Depreciation property plant equipment.
 Depreciation right-of-use assets.
 Amortisation contract.
 Operating leases minimum lease payments.
 Expenses short-term leases low assets.
 Product development costs 96.
 Net foreign exchange loss.


pre-tax discount rate recoverable calculations 8. 5% (2018. 0% based weighted average cost capital risks uncertainties. risk-free rate return market risk premium beta factor Group comparator companies.
 same discount rate CGUs principal risks uncertainties to 33 impact CGU. additional factors risk profile considered analysis annual impairment tests.
 future growth rates income operating costs. change growth rate assumptions pre-tax discount rate cash flow projections. value-in-use calculations suggest impairment Board alternative use values.
 assumptions
 2019 review no impairment recognised CGUs. Sensitivity
 analysis. no changes assumptions growth rate
 discount rate impairment.
 Annual growth rate.
 Risk free rate return.
 Market risk premium.
 Beta factor.
 Cost debt. 3%


PROPERTY EQUIPMENT
 equipment
 Depreciation $80,206 $58,423
 Computer $137,763 $94,384
 Furniture fixtures 187,167 159
 254,032
 depreciation 148,916 104,702
 $176,014 $149,330


Stock Units
 table summarizes RSU activity years
 cost determined value Common Stock compensation expense recognized vesting period. recognized $6. $5. $4. million stock compensation expense. 2019 $12. 2 million unrecognized compensation expense. years.
 Value Per Share
 2016 2,046,169 $4.
 1,249,224 $6.
 $4.
.
 2017 2,357,021 $5.
 1,184,906 $8.
 $5.
 $7.
 2018 2,580,176 $6.
 1,147,976 $9.
 $6.
 $7.
 2019 2,352,487.


performance measures
 Cash generation
 key performance. Executive Directors’ remuneration.
 adjusted operating profit depreciation amortisation less cash payments pension schemes equity settled share plans working capital changes.
 Adjusted operating profit 282. 264.
 Depreciation amortisation.
 Cash payments pension schemes.
 Equity share plans 6.
 Working capital changes (21.
 296. 276.


obligations December 31, 2019 2019 Senior Secured Credit Facility financing three 2018 Newbuildings.
 table financial commercial obligations.
 indebtedness.
 estimated interest payments.
 Newbuildings.
.
 future obligation operating lease liabilities.
 five-year senior secured credit facility $306. 1 million twenty-year maturity floating LIBOR interest rate matures February 2024. excess cash amortization 50% net earnings collateral amortization.
 Contractual Obligations Less 1 1-3 3-5 years 5 years
 Senior Secured Credit Facility (1) 291,798 18,749 30,610 242,439
 Interest Payments (2) 82,255 21,690 39,624 20,941
 Financing 2018 Newbuildings (3) 119,867 16,287 17,849 78,101
Newbuildings 47,517 7,674 13,739
 Lease 1,937
,374 56,243 100,898 293,342


. Fair value estimation table analyses Group’s financial instruments fair value 31 December 2019 by valuation techniques. inputs categorised three levels
 Quoted prices active markets
 Inputs
 unobservable 3).
 fair value of financial instruments traded in active markets determined quoted market prices reporting period. active if quoted prices available represent market transactions. instruments included in level 1.
 fair value of instruments not traded active market determined valuation techniques. maximise observable market data rely little on entity specific estimates. If all inputs level 2.
 not level 3.
 valuation techniques include Dealer quotes fair value of interest rate swaps calculated estimated future cash flows yield curves discounted cash flow analysis.
 1 2 3
RMB’Million
 31 December 2019
 14,766 5 116,079 135,936
 74,707 81,721
 375
 liabilities 2,396
 31 December 2018
 10,875 5 81,993 97,877
 41,578 1,941 43,519
 2,032
 liabilities 4,466


Property equipment
 Depreciation amortization $86. 5 million $97. 4 million $88. 8 million 2019 2018 2017.
. Depreciation recorded estimated useful life term straight-line method. lives. Maintenance repairs.
 Estimated Lives
 Computer equipment 3 years $. $ 417.
 55. 40.
 Indefinite.
 Buildings improvements 5-40 years 145. 175.
 Leasehold improvements 99. 70.
 1-20 years 25.
 property equipment 770. 739.
 accumulated depreciation amortization (511. (440.
 $ 258. $ 299.


Film Electrolytic
 table sales operating income 2018 2017
 2018 2017 adjusted ASC 606
 $202. million increased $19. 7 million. 8% from $182. 2 million 2017. distributor $13. 7 million $3. 3 million OEM $4. 2 million EMS. offset decrease $1. 2 million OEM Americas APAC. impact $7. 6 million foreign currency exchange Euro.
 Operating Income
 $3. 6 million 2018 improved $12. 7 million from $9. million 2017. $4. 3 million increase gross margin restructuring activities. $11. 7 million loss write down disposal long-lived assets. offset $2. 1 million restructuring charges $0. million SG&A expenses. million R&D expenses.
 Fiscal Years
 March 31, 2018 2017
Net Sales
 $201,977 $182,228
 Segment operating income 3,622. 8% (9.


. EBITDA non-IFRS earnings before interest tax depreciation amortisation.
. NPATA profit after tax amortisation intangibles. EPSa Remuneration Report.
. EBITDA NPAT costs Sigma acquisition premises lease. Note 4.
 revenue FY19 $231. 3 million $0. 5 million up FY18. Sigma $5. million $4. 5 million lower. lower non revenues lower licence fees reduced project work. recurring revenues 63% revenue.
 EBITDA $55. 8 million. 0% $60. million FY18. EBITDA margin 24. 1% 26. 0%. Sigma $0. 1 million EBITDA June. Sigma EBITDA margin 24. 6%. lower non-recurring revenue expenses Centre.
Million FY19 FY18 Variance
 Operating revenue 231. 230.
 EBITDA 55. 60.
 NPAT 24. 29. 7%
 NPATA 33. 38. 9%)
 EPS 17. 19. 6%


Proofpoint, Inc. Consolidated Financial Statements (dollars share amounts thousands
 transaction price performance obligation standalone selling price.
 Recognition revenue Company satisfies performance obligation recognizes revenue control services transferred customers consideration. records revenue net value added sales tax.
 generates sales channel partners. discount revenues recorded
. recorded recognition criteria met. Channel partners receive order carry inventory products. Payment not contingent success. offers rebates joint marketing funds incentive programs revenues reduced.
 Payment terms invoiced amounts 30 to 45 days.
 Disaggregation Revenue
 derives revenue subscription service software hardware services service training.
 revenue disaggregation
 Subscription service revenue
Subscription service revenue-based enterprise licensing model contract terms one to three years subscription fees platform subscription fees software support updates. (3) subscription fees for customer support services for software standalone functionality hardware. hosted on-demand service arrangements provide right possession software. Support revenue from security updates upgrades bug fixes maintenance. time-elapsed method progress control. fixed consideration revenue recognized straight-line over contract term access revenue criteria met. contracts non-inate
 revenue terms one to three years subscription fees fees software support updates. obligation (3) subscription fees for access support services for software standalone functionality hardware. hosted on-demand service arrangements right possession software. Support revenue from security updates upgrades bug fixes maintenance. time-elapsed method progress control.fixed subscription service revenue recognized contract term criteria. contracts non-cancelable. Customers terminate fails. purchase additional services stated price. evaluated case-by-case material right separate performance obligation.
 Ended December 31,
 Subscription service revenue $849,267 $681,138 $489,274
 software revenue 25,739 23,262 17,081
 Hardware services 13,184 12,594
 Total revenue $888,190 $716,994 $519,681


Stock Options Market-based Vesting Criteria
 grant NQs market stock target. Share-based compensation expense recognized three years.
 compensation expense reversed. common stock target price remaining unamortized compensation cost recognized.
 Stock options 2019 2018 2017 585,000 325,000 320,000 fair values $7. 47 $15. 52 $13. 18 per share total fair value $2. 4 million $5. 0 million $4. 3 million.
 valued Monte Carlo simulation model.
 2019 canceled 1,122,500 performance-based stock options 748,328 PRSUs 13 employees. incremental compensation cost $8. 2 million recognized share-based compensation expense three years.
 remaining compensation expense September 27, 2019 $2. 8 million.
 Risk-free interest rate.
term 3. 7.
 volatility 51. 45.
 $53. $98. $67


15. EXHIBITS FINANCIAL STATEMENT SCHEDULES
. Financial Statements
 Reference Item 8 financial statements schedules Report.
. Statement Schedules
 QuickLogic Corporation
 Valuation Qualifying Accounts
 schedules omitted financial statements.
 Balance Beginning Period Costs Expenses Write-offs End Period
 Allowance Doubtful Accounts
 Fiscal Year 2019
 Year 2018
 2017
 Allowance Deferred Tax Assets
 Year 2019
 Fiscal Year 2018
 Year 2017 $79,150


. Property Equipment
 January 31, 2020 construction buildings improvements.
 Depreciation $234 million $211 $206 million 2020 2019 2018.
 Equipment software $1,404 $1,448
 Buildings improvements 1,088
 Furniture fixtures
 Construction
 equipment 2,718 2,611
 depreciation (1,438)
 $1,280 $1


Income Taxes
 2018 tax rate different Tax Act reform. Company recorded $3. 3 million reduction deferred rate tax liabilities net operating losses offset valuation allowance foreign state tax effects $0. 4 million settlement California Franchise Tax Board. differences. March 31, 2018 $198. 7 million federal net operating loss carryforward expires 2031 2038.
 2017 tax rate different net operating losses deferred tax assets offset valuation allowance state taxes. differences.
 uncertain reduction unrecognized tax benefits zero to $0. 1 million. 2 million interest tax examinations expiration statutes limitations. routinely audited changes unrecognized tax benefits.
 valuation allowance deferred tax assets. tax assets future taxable income.losses management believes realize benefits deductible differences.
 Year ended March 31,
 2018 2017
 Income tax expense (3,251) 3,487
 tax rate (28. (2.


Revenue
 Consolidated Statement Profit Loss
-ended March 2019 2018
 Revenue Product
 328. 5 316.
 348. 4 291.
 33.
 710. 6 639.


. STATEMENTS COMPREHENSIVE INCOME
 Reclassification 2019.
 Tax benefits $(5 $0 $(326) translation adjustments.
 benefits $0 $(2) $(1,876) unrealized losses securities.
 Tax expenses $(2 $202 $1,747 defined benefit pension plans.
 28,2019 29,2018 30,2017
 Net income $53,825 $247,358 $207,122
 income
 Translation adjustment net (32,609)
 unrealized losses securities
 benefit pension plans
 income (39,169
 Comprehensive income $14,656 $230,285


table beneficial ownership common shares April 12, 2020 three years stockholders 2% directors executive officers. ownership SEC rules.
 36. 49% owned United Microelectronics Corporation March 31, 2020.
 major stockholders voting rights. not controlled by corporation foreign government.
 “Item 9. Offer. Price Information American Depositary Shares” annual report.
 April 14, 2018 2019 12, 2020
 common shares owned
 Beneficial Owner
 Hsun Chieh Investment Co. 3. 50%. 64% 441,371,000. 75%
 Silicon Integrated Systems. 50%. 35% 285,380,424. 42%
 Directors executive officers 6. 32%. 67% 832,664,416. 07%


. Contingent liabilities legal proceedings
 future cash outflows likelihood payment not.
 Performance bonds require payments
 guarantees Vodafone Group 50% AUD1. 7 billion US$3. 5 billion Vodafone Hutchison Australia Pty Limited. net investment joint venture 12.
 2019 2018
 Performance 337 993
 Other guarantees contingent liabilities2 2,943 4,036


Communications Solutions segment operating income decreased $79 million 2019 2018. included
 decreased lower volume.
 Restructuring charges $ 48 $ 13
 $ 49 $ 13


Results
 table summarizes combined results Company TOKIN acquisition Sale April 1 2016. pro forma amounts not indicative future results
 net income March 31, 2018 excludes 34% gain sale EMD $75. 2 million 34% interest TOKIN $68. 7 million bargain gain acquisition $62. 2 million.
 net income March 2017 includes 34% gain sale EMD $123. 4 million valuation allowance deferred tax asset gain 34% interest TOKIN $66. 7 million bargain gain acquisition $60. 3 million.
 years March 31, 2018 2017 adjusted ASC 606.
 forma revenues $1,217,655 $1,060,777
 net income operations stockholders 51,975 226,086
 earnings common share.
 diluted.
 52,798
 diluted 58 55


.
 31,2019
 materials $2,310,081 $2,070,569
 468,217,742
 Finished goods 314,258,335
 (69,553)
 $3,023,003,457,706


Financial Data
 millions-share
 fourth quarter 2019 $872 million charge reversal. taxation foreign dividends. Treasury regulation.
 Ended July 27, April January October 27,
 Revenue. $13,428 $12,958
 Gross margin $8,574 $8,173
 Operating income $3,690 $3,513 $3,211 $3,805
 Net income $2,206 $3,044
 income share.
 diluted.
 Cash dividends share.
 Cash equivalents investments. $33,413 $34,643 $40,383 $42,593


. Contract balances
 table receivables contract liabilities contracts. Group contract assets.
 no revenue recognised 2019 2018 2017 obligations previous periods.
 revenue invoicing cash collections results in trade receivables deferred income payments.
 Group receives payments billing schedule. receivables recognised right consideration unconditional. Contract liabilities recognised revenue.
 recognises incremental costs contract. costs assets note 21.
 Trade receivables 128. 123. 113.
 Contract liabilities
 Payments.
 Deferred income 66. 69.
.
 Revenue recognised from contract liabilities beginning 56. 65. 62.


EARNINGS PER SHARE
 computed average common stock. Diluted EPS dilutive shares. stock options awards.
 components basic diluted EPS
 Anti-dilutive stock-based awards excluded immaterial.
 Ended June 30 2019 2018
 Net income shareholders $ 39,240 $ 16,571 25,489
 Weighted average shares 7,673 7,700 7,746
 Dilutive effect stock-based awards 80
 Common stock 7,753 7,794
 Earnings Per Share
 Basic $ 5. $.
 Diluted.


GOODWILL
 value
 Reclassifications due tax adjustments acquisitions 2019 2018. Note 2.
 Application Network Software Measurement Analytical Solutions Process Technologies
 Balances December 31, 2017 $ 4,565. $ 2,591. $ 1,345. 318. 8,820.
 Goodwill 684. 33. 717.
 sale (156.
.
 Reclassifications 3.
 Balances December 31, 2018 $ 5,236. $ 2,623. $ 1,174. $312. 9,346.
 Goodwill acquired 143. 1,303. 1,447.
.
 Reclassifications.
 Balances December 31, 2019 $ 5,389. $ 3,933. 1,178. 314. 10,815.


Cash Flow Hedges
 instruments gain loss AOCI reclassified earnings transactions. summary gains cash flow hedges June 30 2019 2018 2017:
 Gain AOCI Derivatives
 Years Ended June 30
 millions 2019 2018
 Derivatives Cash Flow Hedging Relationship
 Commodity contracts $45. $41. $9.
 Foreign exchange contracts.
 $44. $41. $9.


Adjusted EBITDA Earnings before Interest Expense Taxes Depreciation Amortization Special Items. Management uses performance business. metric. Annual Incentive Plan. estimates. misleading. vary calculation all periods. provides comparison performance. assumes gain/losses Special Items not reflective core operating results.
 Includes depreciation amortization adjustments of $(0. 8) million $(2. 4) million years December 31, 2019 2018.
 Other Special Items fees professional services legal fees Special Items one-time infrequent.
 performance using Adjusted EBITDA Margin. calculated divided by net trade sales. profitability of sales to third parties efficiency core operations.
 table shows reconciliation. GAAP Net Earnings operations to non-U.GAAP Company EBITDA operations
 December 31,
 earnings $ 293. $ 150. 62.
 Interest 184. 177.
 Income tax provision 76. 307. 330.
 Depreciation amortization 184. 159. 158
 Special Items
 Restructuring 41.
 restructuring 60.
 Foreign currency exchange loss inflationary economies.
 Loss debt redemption refinancing.
 acquisition divestiture.
 Novipax settlement.
-action litigation settlement.
 retirement.
 Special 29.
 Pre-tax impact Special Items 225. 94.
. GAAP Company Adjusted EBITDA operations $ 964. $ 889. $ 833.


Management allowance credit loss lifetime provision trade receivables. receivables overdue 180 days 25%-100% category. overdue year 100%.
 Movements provisions freight receivables
 Allowance loss recognized income statement expenses bunkers commissions.
 calculated ageing factor customer knowledge based provision matrix days past due.
 Allowance credit loss
 Balance 1 January 1. 7 1. 3 2.
 Adjustment prior years 1.
 Provisions 2. 4
 -1.
.
 Balance 31 December 3. 7 1.


Deferred taxes recognized deductible differences loss tax differences. tax bases. assets reduced valuation allowance. adjusted tax laws rates enactment.
 December 31, 2019 Company net operating loss carry-forwards $21. 6 million offset future income. No tax benefit reported 2019 financial statements offset valuation allowance.
 deferred tax assets
 ownership Tax Reform Act 1986 operating loss carry-forwards subject annual limitations.-forwards limited future years.
 Deferred tax assets
 NOL carryover $5,910 $3,370
 R&D carryover 173
 Depreciation
 6,361 3,843
 Less valuation allowance
 Net deferred tax asset


Assets
 balance sheets
 December 31,
 Prepaid expenses $274 307
 Income tax receivable 35
 Materials supplies inventory 105
 Contract assets
 acquisition 178
 fulfillment costs 115
 59
 $808


. EQUITY
 September 2018 Group $175. 4m equity raising. 105,677,937 securities $59. 5m 39,712,882.
 25 June 2019 $170m equity raising. June proceeds. future issue AASB 132 contributed equity. 99,415,205 securities 1 July 2019. not.
 non-underwritten security purchase plan. 30 July 2019 $13. 5m,735 securities.
 9,143,772 (2018 6,480,246) securities issued $16. 2m $9. 6m. average price ten days 2% discount.
 capital 83,692 66
 future issue 16
 contributed equity 100,143 66
 securities
 balance 1 July,107,042 512,913,914
 retail 105,677,937 39,712,882
9,143,772 6,480,246
,928,751,107


ACQUISITIONS PROPERTY PLANT EQUIPMENT
 capital intensity segment
 Fiscal 2018 restated IFRS 15 change accounting policy. policies. 2019 translated average foreign exchange rate. 3100 USD/CDN.
 fourth-quarter acquisitions decreased 10. 6%. 2% lower capital expenditures Canadian American broadband services. capital intensity 24. 9% 28. 7% lower higher revenue.
 months August
 Canadian broadband services 79,132 89,405.
 24. 7% 28.
 American broadband services 65,967 72,914.
.
 Consolidated 145,099 162,319.
 24. 9% 28. 7%


table intangible assets acquired estimated lives date acquisition.
 developed technology management organization. customer relationships Trello.
.
 Developed technology $50,600
 Customer relationships 56,900
 Trade names 19,900
 Total intangible assets amortization $127,400


June 30 2018 Company adopted ASU 2016-18-Statement Cash Flows Restricted Cash. requires change cash equivalents restricted. reconciling. retrospective transition method. financial statements.
 table summarizes balance sheet adjustments New Revenue Standard ASU 2016-01-Financial Instruments (Subtopic Recognition Financial Assets Liabilities ASU 2016-16-Intra-Entity Transfers Assets Other Inventory
 Balance
 March 31, 2018 ASU 2016-01 2016-16 April 1, 2018
 Accounts receivable $563. $340. $903.
 Inventories $476. $471.
 assets $119. $17. $137.
 Long-term deferred tax assets $100. $1,579. $1,656.
 $71. $47.

 Accrued $229. $404. $633.
 Deferred income shipments $333.
 deferred tax liability $205. $16. $221.
-term liabilities $240. $239.
 STOCKHOLDERS EQUITY
 loss $(17.
 Retained earnings $1,397. $241. $1,558. $3,199.


GreenSky. FINANCIAL STATEMENTS States Dollars share
 table loan receivable sales servicing.
 Ended December 31,
 Gain sold loan receivables
 Cash Flows
 Sales $91,946 $139,026 $72,071
 Servicing fees 3


Cash flow measures capital additions
 free cash flow capital additions operating free cash flow calculated not recognised IFRS. communicate free cash flow investors
 evaluate liquidity cash. include payments licences intangible assets dividends discretionary acquisitions disposals financing. reflect amounts obligation incur. cash discretionary activities financial position returns dividends purchases
 Free cash flow facilitates comparability results
 used planning reporting incentive
 investment community debt rating agencies.
 reconciliation of cash generated operations operating free cash flow.
 2019 2018 2017
 Cash generated operations 14,182  13,860 13,781
 Capital additions (7,227) (7,321) (7,675)
 Working capital movement (89) 171  (822)
property plant equipment 45
 Restructuring 266
 free cash flow 7,071
 Taxation
 Dividends
 non-controlling shareholders (584
 Interest
 cash flow 5,443 5,417 4,056
 Licence spectrum payments,123
 Restructuring payments (195)
 cash flow 4,411 4,044 3


finance cost £47. 2m £1. 2m 2017/18. interest £40. 5m £3. 9m. senior secured notes £31. 7m.
 £0. 5m lower re-financing 2021 £325m 6. 5% October 2023 £300m 6. 25%. debt interest £5. 1m £2. 1m lower lower debt margin revolving credit refinancing 2018. debt costs £3. 7m £1. 3m lower lower transaction costs £300m. 25%.
 redemption fees £11. 3m £5. 7m fee £5. 6m redemption fee.
 £0. 4m discount long-term property provisions yields cost. 2018/19 discount charge £3. 0m cost £47. 2m. interest income £7. 6m Hovis Holdings reversal impairment.
secured notes interest 31. 7 32.
 Bank debt interest. 7.
 36. 39.
 Amortisation debt issuance costs. 7
 40. 44.
 movements interest rate instruments.
 Write-off financing costs redemption fees 11.
 Discount.
 finance income.
 interest. 8
 finance cost 47. 48.


. Debt
 Revolving Credit Facility Loan
 September 12, 2018 Company five-year Credit Agreement Bank of America. Wells Fargo Bank. 2016,. senior unsecured revolving credit facility $200. million term loan $250. million. increase $200. million. guaranteed. subsidiaries. quarterly payments. 25% original ($3. 1 million remaining balance due September 12, 2023.
 borrowings variable rates debt EBITDA ratio. interest rate 3. 98% April 27, 2019. representations warranties financial covenants restrictive covenants events default. covenants. fair value approximates book value interest variable.
 Subsidiary Credit
 Pacific Insight Bank of Montreal maximum C$10. million option increase C$5. million. Availability eligible accounts receivable finished goods inventory balances.Interest calculated base rate plus margin. Pacific Insight credit agreement Roynat terminated 2019. repayments $3. 8 million prepayment fee $0. 1 million.
 Procoplast eighteen notes maturities 2019 to 2031.-average interest rate 1. 5% April 27, 2019 $3. 2 million short-term. fair value debt $16. 3 million Level 2 inputs nonrecurring.
 paid $3. 1 million September 12 2018. amortized five-year term.
 Revolving Credit Facility.
 Loan.
.
.
 Unamortized Debt Issuance Costs.
.
.
 Long-term Debt.


fourth third quarters 2019 2018 recorded income tax expense $62 million $28 million $28 million reflecting third quarter 2019 estimated annual tax rate jurisdictions consolidated results taxes fourth quarters actual tax charges benefits jurisdiction true-up tax provisions visibility. tax charges benefits.
 Income tax expense
 Three Months Ended
 December 31, 2019 September 29, 2019 December 31, 2018
 (Unaudited millions
 Income tax expense $(62) $(28)


AMERICAN TOWER CORPORATION SUBSIDIARIES FINANCIAL STATEMENTS amounts millions
 expects unrecognized tax benefits change 12 months tax matters statute limitations lapses. to $53. million.
 unrecognized tax benefits
 2019 2018 2017 statute limitations lapsed positions settled $2. 5 million $9. 3 million. million liability.
 recorded penalties interest $10. million $8. million $5. million 2017. expiration statute limitations positions reduced liability penalties $2. 7 million $16. 2 million $0. 6 million.
 December 31, 2019 2018 accrued interest penalties balance sheets $26. 6 million $19. 1 million.
 consolidated income tax returns. federal foreign. subject examination U. foreign jurisdictions.federal state foreign NOLs tax years open after. assesses additional assessments. provisions income taxes through December 31, 2019.
 Ended December 31,
 Balance January 1 $107. $116. $107.
 Additions tax positions 33. 8. 7.
 Additions reductions prior years 37.
 Foreign currency (1. (8.
 Reduction statute limitations. (2.
 Reduction settlements (6.
 Balance December 31 $175. $107. $116.


14. PROVISION WARRANTY
 changes
 Costs labor materials. one year. Company accrues estimated cost sale. estimated future expenses updated. costs charged against.
 Balance January 1 6,562 7,955
 sales 18,408 26,301
 Deductions (8,985) (12,232
 expired warranty (8,214) (5,684
 Foreign currency translation
 Balance December 31 7,955 16,424


. CASH FLOW ANALYSIS
 Fiscal 2018 IFRS 15 accounting policy Cogeco discontinued operations. policies operations sections.
 discontinued operations.
 2019 cash flow increased. 9% higher EBITDA income taxes financial expense integration restructuring acquisitions costs.
 investing activities decreased. 5% MetroCast acquisition $1. 76 billion.
 August
 flow operating activities 868,711 620,748.
 investing (471,078) (2,191,666).
 financing activities (659,222) 1,426,136
 Effect exchange rate changes cash equivalents foreign currency 1,989
 change continuing operations (262,028) (142,793).
 discontinued 733,807 16,333
 84,725 211,185.
 end 556,504 84,725


revenue Energy segment 2019 increased $18. 3 million to $39. million $20. 7 million 2018. driven AFTC 2018 2019 CNG sales quarter ampCNG stations. revenues acquisition CNG sales.
 Cost revenue Energy increased $5. 9 million to $17. 1 million $11. 2 million 2018. growth gasoline higher commodity utility costs ampCNG stations.
 Selling expenses increased $0. 9 million to $4. 9 million. salaries benefits acquisition ampCNG stations offset one-time expense abandonment station project.
 Depreciation amortization Energy segment increased $1. 4 million to $6. 9 million $5. 5 million. acquisition ampCNG stations.
 operating expense loss $0. 5 million impairment stations fourth quarter 2018.
 revenue $39.$18.
 revenue 17. 11.
 Selling administrative.
 Depreciation amortization 6. 9 5.
 operating expense.
 Income operations 10. $10.


estimated future benefit payments December 2019
 contribution plans accrue benefits. benefits $20 million 2019 $18 million 2018. annual cost $86 million 2019 $84 million 2018 $77 million 2017.
 Pension
 2020
 2021
 2022
 2023
 2024
 2025 2029


Interest Income (Expense
 changed $3. 3 million $13. 8 million 2018 $10. 4 million 2019. due decrease interest expense lower balance debt term loan.
 Ended December % Change
 (dollars thousands
 Interest $(10,427) $(13,755) (24)%
 net revenue


Teradyne determined stock life exercise data age terms grant. Volatility determined historical. risk-free interest rate. Treasury yield curve. Dividend yield estimated annual dividend $0. 36 per share divided stock price $37. 95 2019 $47. 70 2018 $28. 56 2017.
 Stock compensation plan activity 2019 2018 2017
 Restricted Stock Units
 Non-vested January 1 2,454 3,174
 Awarded
 Vested
 Forfeited
 Non-vested December31 2,454 3
 Stock Options
 Outstanding January 1
 Granted
 Exercised
 Forfeited
 Expired
 Outstanding December 31
 Vested expected


Stock options
 tables stock activities
 aggregate intrinsic value excess closing price common stock $6. 87 December 31, 2019 options.
 Shares Exercise Price Contractual Term Intrinsic
 December 31, 2018 $5.
 Exercised $2.
 Canceled $9.
 31, 2019 3,702 $5. $6,395
 Vested exercisable $5. $6


value options granted estimated Black-Scholes optionpricing model ASC 718 weighted average assumptions
 Expected volatilities based historical common stock volatility. life employee behavior. risk-free interest rate based implied yield. Treasury zero coupon bonds. dividend yield zero.
 Years Ended December 31,
 Expected life (years 5.
 Risk-free interest rate 2. 7%. 9%
 Expected volatility 26. 4% 29.
 dividend yield


Purchases Equity Securities
 fourth quarter 2015, Lifeway announced share repurchase program. November 1 2017 Board Directors amended 2015 stock repurchase program adding. $5,185 625 shares. no expiration date.
 Total shares purchased Average price paid share Approximate Dollar Value Shares
 1/1/2018 1/31/2018 106,441.
 2/1/2018/28/2018 24,486.
 4/1/2018 4/30/2018 15,433.
 6/1/2018 4,143.
 8/1/2018/31/2018 1,332.
 9/1/2018 9/30/18 40,364.
 11/1/2018.
 12/1/2018/31/18 8,305.
 217,732.
 1/1/2019 46,743.46,743 4,384
 2/1/2019 9,100.
 3/1/2019 26,932.
 4/1/2019/2019 4,300.
 5/1/2019 57,817.
 6/1/2019/2019 11,146.
 8/1/2019 8/31/2019 37,567. 4,018
 9/1/2019 9/30/2019 17,531. 3,965
 2019 211,136.


Expense
 decreased $4. million 2018 interest expense $5. 7 million convertible senior notes. offset $1. 4 million interest income short-term investments.
 Ended December 31,
 2018 2017
 expense net $ 4,326.
 revenue 3%


 backlog decreased $663. million September 30 2018 to 2019. due contracts CTS. net decrease $104. 5 million October 1, 2018 ASC 606. Changes exchange rates. dollar 2019 decreased backlog $79. million.
 backlog
 Transportation Systems $ 2,953. $ 3,544.
 Mission Solutions.
 Global Defense.
 $ 3,401. $ 4,064.


. $7. 2 million 2019. due loss $13. 2 million $22. 4 million non-cash expense $2 million net assets liabilities.
 $6. 9 million 2018. loss $12. 1 million $19. 2 million non expense compensation.
 $3. 4 million 2017. $6. 4 million increased collections accounts receivable.
. 2019 $5. 5 million. $2. 2 million development software $3. 3 million purchase property.
 2018 $15. 1 million. $8. 9 million software $6. 1 million purchase property.
 2017 $13. 9 million. $11. 9 million software $4. 2 million purchase property $2. 2 million proceeds life insurance policies.
. $1. 3 million repurchase shares payments capital lease obligations.
2019
 Net cash
 Operating $7,241 $6,874 $3,433
 Investing (15,085),865
 Financing
 exchange rate cash
 Cash flows $828,312),353


German group tax rate income tax expense €216 million €176 million. deviation €81 million tax expense €298 million reconciled
 Adjustment previous year.
 differing national tax deferred tax revenue €6 million €23 million tax rate changes.
 repayment €20 million change foreign law 2018.
 real estate transactions €30 million €2 million.
 income tax expenses. 53%)
 Effects differing national tax rates
 Non-deductible business expenses
 deferred taxes
 Additions reductions local taxes
 holidays
 deviations
 Income tax expenses
 Group tax rate.


net sales sector
 Healthcare/Life Sciences. increased $180. 1 million 17. 3%. end-market demand $32. 7 million $26. 9 million.
 Industrial/Commercial. increased $63. 5 million 6. $64. 8 million $33. 2 million. offset $7. 3 million decrease end-life products $4. 2 million disengagement decreased end-market demand.
 Aerospace/Defense. increased $143. 5 million 32. 2%. $120. 2 million $9. million increased end-market demand.
 Communications. decreased $96. 2 million. 4%. $37. 3 million reduction disengagements $15. 3 million end-of-life products decreased endmarket demand. offset $18. 1 million increase $4. 5 million increase.
 Healthcare/Life Sciences $1,220.
 Industrial/Commercial.
. 445.
 Communications. 470.
 3,164. 2,873.


balance sheet operating finance leases
 ROU assets finance property equipment
 Current lease liabilities accrued expenses. immaterial amount due parties.
 Operating lease liabilities. Finance lease liabilities.
 January 31, 2020
 Operating Finance Leases
 ROU assets non-current $886 $58
 Lease liabilities $109 $4
 Lease non-current
 Total lease liabilities $855 $59


. Financial Services
 supports investments leasing equipment project financing debt equity. financing know-how technology expertise
 provides
 solutions.
 strong earnings before taxes. equity higher debt business declined higher credit hits. assets increased growth debt positive currency translation.
 industrial businesses. influenced business development. know-how.
 Fiscal year
 millions
 Earnings before taxes 633
 ROE taxes 19. 1 %. 7 %
 Total assets 29,901 27,628


2019
 December 31,
 Parent Company divided A. B. assets earnings. A one vote per share B one tenth vote per.
 total treasury shares 19,853,247 (37,057,039 2018 50,265,499 2017).
 A shares 261,755,983 1,309
 B shares,395,752 15
 3,334,151,735 16,672


Stock
 changes unvested units 2019
 recorded equity compensation expense $31. $19. million $16. 2 million 2019 2017. total fair value $18. million 8 million. average grant-date value $49. $51. $49. December 31, 2019 unrecognized compensation cost $47. 5 million recognized 2. years. 2017 forfeitures equity-based payments.
 $31. $19. 9 $16. 2 million. total value
 $18. 2 $18
. average grant-date fair value $49.
 $51. $49. December unrecognized compensation cost $47.
 million recognized 2. 5 years. January 2017
 forfeitures equity-based payments.
 RSU grants 2019 282,327 units performance-based vesting criteria.
 financial.December 2019 equity compensation
 recognized performance.
 January 1 2019 997,173 $52.
 945,159 49.
,060 51.
 50.
 December 31, 2019 1,496,693 $50.


. Assets
 December 31,
 SSL pre-closing taxes 13 $598 $2,410
 affiliates 186
 Prepaid expenses 164
 $1,322 $3,232