table provides assumptions benefit
 domestic plans discount rate FTSE pension liability index AA instruments. Company monitors indices. international discount rates determined AA indices adjusted duration obligation.
 periodic benefit cost actuarial present value obligations based assumptions. Company revises assumptions longterm trends market conditions retirement.
 Discount rate 4. 75%. 90%. 80%
 Expected return plan assets. 40%. 70%
 compensation increase


Non-Recurring Fair Value
 assets measured Level 3 inputs Note 1 acquired businesses goodwill intangible assets long-lived assets equity investments. measurement value impaired.
 adjusted carrying values ASC not material December 31, 2019 2018. impairment losses Consolidated Statements Operations
 closure under-utilized centers consolidation leased space. recorded impairment charges $1. 7 million $9. 4 million $5. 2 million 2019 2018 2017 exit leased facilities leasehold improvements equipment furniture fixtures not recoverable. Note 5 Costs Exit Disposal Activities.
 impairment charge $0. 2 million write-down vacant parcel land. December 31, 2017.
 Property equipment
 Operating lease right-of-use assets


table summarizes pension cost statements 2019 2018
 included.
 2019 purchased group annuity contract obligations retirees. pension obligation $24. 4 million 500 participants transferred. funded by assets Pension Plans. recognized pension settlement charge $6. 7 million transfer lump payments.
 2018 2017 Retirement Plan amended freeze benefit accruals cash participants. recognized pre-tax curtailment gain $1. 2 million $1. 3 million net pension cost 2018 2017.
 Service cost $ 5,809 3,055
 Interest cost 30,327
 Expected return on plan assets (34,627) (38,640
 Amortization
 Net actuarial loss 2,890 6,110
 Prior service cost
 Plan curtailment
 settlement 6,726
5,489 883 1,086


2019 2018
 Sales
 $9. 54 billion increase 20%.
 Grocery & Snacks sales $3. 28 billion decrease $7. 8 million 2018. Volume acquisitions divestitures flat. merchandising changes price elasticity declines production challenges offset innovation. Price mix flat brand building investments higher pricing. acquisition Angie's Artisan Treats 2017 contributed $41. 3 million sales. $115. 9 million sales Wesson oil business. 2018 $156. 4 million.
 Refrigerated & Frozen sales $2. 80 billion increase $51. 0 million 2% 2018. 1% increase volume. innovation offset reduced merchandising spend recall. Price/mix flat offset brand building investments. acquisition Sandwich Bros. 2018 contributed $25. 7 million sales.
 International net sales $793.decrease $50. 1 million 6% 2018. 2% increase volume 4% decrease foreign exchange 2% increase price/mix. driven Canadian snacks frozen businesses. acquisition Angie's Artisan Treats contributed $3. 7 million sales. $4. 1 million Del Monte® fruit. $48. 9 million. $17. 1 million $24. 5 million Wesson ® oil business. sales $793. 4 million decrease $50. 1 million 6% 2018. 2% increase volume 4% decrease 2% increase price/mix. Canadian snacks frozen. Angie's Artisan Treats $3. 7 million sales. $4. 1 million Del Monte® fruit business Canada. $48. 9 million. $17. 1 million $24. 5 million Wesson oil business.
 sales $934. 2 million decrease $120. 6 million 11% compared.2019 14% decrease volume excluding divestitures. value-over-volume strategy sale Trenton Missouri production. Price/mix increased 5% 2018. product customer mix inflation value-over-volume strategy. $34. 2 million net sales Wesson ® oil business sold fourth quarter. 2018 $53. 4 million sales. declined 7% sale Trenton Missouri.
 Pinnacle Foods net sales $1. 73 billion. consumption declines value-over-volume strategy.
 2019 2018 Sales
 Grocery Snacks. $3,279.
 Refrigerated Frozen 2,804. 2,753.
.
 Foodservice. 1,054.
 Pinnacle Foods 1,727.
 $9,538.


. Reconciliation cash flow
 table/profit cash.
/profit (7,644) 2,788 (6,079)
 Loss discontinued operations 3,535 1,969 4
 continuing operations (4,109 4,757 (1,972)
 Non-operating expense
 Investment income (433)
 Financing costs 2,088 1,074 1,406
 Income tax expense 1,496 4,764
 Operating/profit (951) 4,299 3,725
 Adjustments
 Share-based payments non-cash charges
 Depreciation amortisation
 Loss disposal property equipment intangible assets
 equity associates joint ventures 908
 Impairment losses 3,525
 Other expense
 inventory
receivables (1,118
 739 286 (473
 Cash 14,182 13,860 13,781
 tax (1,131,118
 discontinued operations 858 1,203
 12,980 13,600 14,223


Assets Segments
 shows. trade receivables inventory property equipment goodwill intangible assets leased systems.
 assets allocated 2018 revised error. Food Care understated $372. million offset Product Care $369. million 3 million. no impact consolidated assets. goodwill-lived.
 Assets allocated
 Food Care 1,997. 1,914.
 Product Care 2,762. 2,273.
 $ 4,760. 4,188.
 Assets not allocated
 equivalents 262. 271.
 sale.
 Income tax receivables.
.
 Deferred taxes 238.
.
 $ 5,765. 5,050.


Cash balances foreign subsidiaries $548,000 $656,000 29, 2019 2018. Earnings reinvested. liquidity. cash flows funding divestitures capital market conditions.
 cash flows
 Net
 2019 $11. 6 million loss $15. 4 million non-cash charges $4. 3 million. stock-based compensation $3. 1 million depreciation amortization $1. 2 million. $392,000 accounts payable liabilities $1. 5 million offset inventory $483,000 accounts receivable $218,000 $229,000 deferred revenue $158,000.
 2018 cash $12. 6 million loss $13. 8 million non-cash charges $3. 6 million. write-downs $386,000 depreciation $1. 3 million stock-based compensation $1. 9 million. capital $2.accounts receivable $1. 3 million gross inventory $662,000 assets $879,000 offset accrued liabilities $235,000 trade payables $223,000.
 2017 cash $12. 9 million loss $14. 1 million non-cash charges $3. 1 million. write-downs $232,000 depreciation amortization-lived assets $1. 4 million stock-based compensation $1. 4 million. capital $1. 9 million accounts receivable $86,000 gross inventory $1. 8 million accounts payable $145,000 accrued liabilities $72,000.
 $921,000 leasehold improvements $576,000 software $365,000.
 $288,000 old equipment.
 $642,000.
 $7. 6 million. 3 million shares common stock. offset repayments tax payments.
 2018 $22. 9 million additional borrowing $9.million line credit cash $13. 9 million common stock offering May 2018 $676,000 issuance common shares employees. offset finance lease obligations tax payments stock awards.
 2017 net cash financing $15. 2 million $15. 2 million stock offering March 2017 $352,000 common shares taxes $198,000. offset $344,000 capital software lease obligations.
 require cash business. existing cash equivalents resources Revolving Facility operations capital expenditures twelve months. Facility September 2021 renew alternative. violations debt covenants restrict cash repayment debt. cash requirements revenue profit market acceptance products inventories accounts receivable manufacturing capacity new product development capital expenditures operating expenses. additional equity debt financing. no assurance financing.
,638,938)
 investing (921) (288) (642)
 financing 7,600 22,862 15,237


GasLog Ltd. Subsidiaries consolidated financial statements years 31, 2017 2018 2019. S. Dollars. Equity Transactions
 February 26, 2019 Partnership Third Equity Distribution Agreement ATM Programme $144,040 to $250,000. December 31, 2019 unutilized $126,556.
 April 1, 2019 GasLog Partners issued 49,850 common units 24,925 RCUs PCUs $22. 99 per unit.
 June 24, 2019 Partnership Agreement eliminate IDRs 2,532,911 common units 2,490,000 Class B units 415,000 June 30 2019. units rights obligations voting rights participation distributions GasLog. eligible conversion July 1 2020 2021 2022 2023 2024 2025.IDR elimination allocation GasLog profit non revised distribution policy June 30, 2019 98% common unitholders 2% general partner. profit three months June 30 2019.
 Excludes profits GAS-fourteen. April 26, November 14 April 1 2019.
 Dividends non-controlling interests cash distributions units.
 December 31, 2019 cash distributions $73,090 $31,036 common preference-controlling.
 GasLog Partners’ profit(loss
 Common unitholders 75,879 (66,268)
 General partner 1,602
 IDRs
 preference equity distributions 22,498
 102,597 (37,419)
 23,882
 non-controlling interests 78,715
 102,597


. Reportable Segments Geographic Information Major Customers
 segments components enterprise financial information evaluated performance resources. internal reporting system financial data. Net sales attributed region product manufactured service. services manufacturing processes customers order fulfillment processes interchangeable. performance operating income (loss. net sales administrative expenses excludes corporate expenses. $13. 5 million employee bonus Reform. not allocated. Inter-segment transactions recorded arm’s length. accounting policies same Company.
 information segment disclosures 2019 2018 2017. Net sales based location
 sales
 United States $1,197,665 $1,000,680 $984,773
 Malaysia 1,138,380 1,118,032 940,045
 China 418,825,977 339,216
 Mexico 231,643 218,264 181,573
195,837 177,111 114
 United Kingdom 99,825,426
 14,271
 inter-country (132,012),384
,434


Income
 2018 increased $189. 3 million. percent sales $121. 5 million. 2017. Excluding surcharge special items adjusted margin 10. 6 percent 2018 8. percent 2017. reflects stronger demand improved product mix cost improvements offset higher variable compensation expense.
 impacted special items. margin excluding surcharge loss divestiture. impact-GAAP Financial Measures”.
 Net sales $2,157. $1,797.
 surcharge revenue.
 sales excluding surcharge $1,792. $1,558.
 Operating income $189. $121
 Special items
 Loss divestiture.
 excluding $189. $124
 margin. 8%.
 excluding surcharge. 6%


. Equity shares suspense account
 Regulation 34(3) Schedule V SEBI Listing Regulations equity shares
 1:1 bonus equity shares.
 voting rights shares March 31, 2019 frozen owner claims shares.
 Number shareholders equity shares
 outstanding shares April 1, 2018 26  820
 Shareholders transfer
 transferred
 transferred IEPF Authority Section 124 Act
 shareholders outstanding shares March 31, 2019 26 1,640*


COST SALES
 producing processing packing shell eggs
 non-egg costs.
 costs feed hen amortization
. variables
 year 2019 $1,138. 3 million decrease $3. 6 million. 3% $1,141. 9 million 2018. average cost dozen decreased feed ingredients increased. produced 84. 4% eggs 84. 2% previous. Feed cost $0. 415 per dozen $0. 394 increase 5. 3%. less favorable crop conditions. higher ingredient prices. $18. 4 million.
 weeks decreased $34. 1 million 11. 3% $301. 9 million to $267. 8 million. Average cost per dozen decreased 42. 3% lower egg prices. Feed cost per dozen $0. 411 $0. 416 1. 2%.
 Gross profit 16. 4% 2019 24. 0% 2018.decrease lower prices non-specialty eggs.
 Fiscal Year Quarter
 June 1 2019 2018
 Cost sales
 Farm production $ 635,797 $ 603,887. 3 % 162,142 155,471.
 Processing packaging 222,765 214,078. 55,584 53,734. 4%
 Outside egg purchases 249,605  287,472. 44,509 81,623.
 shell eggs 1,108,167 1,105,437. 262,235 290,828.
 Egg products 29,020 35,551. 5,139 10,743.
 1,142.
 $1,138,329 $1,141,886. $267,818 $301,879.
 Farm production cost dozen
. 415.
.
. 697.. 727.
 egg purchases cost dozen $1. 26.
 Dozen 876,705 873,307. 222,625 215,729.
 1,038,900 1,037,713. 254,772 251,955.


ASC 740-10 Company adopted interest penalties income taxes
 changes unrecognized tax benefits December 31, 2019
 tax benefits settlement expiration statute 12 months.
 files. foreign tax returns varying statutes limitations. unused losses tax credits years 2003 examination
 Unrecognized tax benefits year $6,029 $3,004 $2,460
 Increases year 1,050
 Decreases
 2,984 1,975
 end year $8,965 6,029 3,004


Innovation Investment
 target markets-average growth profit innovation competency contracting barriers. cash program captures research acquisitions markets leading positions return.
 committed innovation technology problems. contributions technological advancements.
 cost company-sponsored R&D Statements Operations
 Years Ended September 30,
-Sponsored Research Development Expense
 Transportation Systems $ 10,948 13,394 26,308
 Mission Solutions
 Global Defense 10,573
 Unallocated corporate expenses
 research development expense $ 50,132 52,398


Liquidity Capital Resources
 cash financial. expect business financial condition strong cash flows cash equivalents short-term investments $5. 9 billion capital $1. 5 billion revolving credit facility operational financing requirements 12 months. primary sources liquidity dividend payments debt maturities include cash equivalents short-term investments.
 December 31, 2019 cash outside. foreign subsidiaries $2. 8 billion $1. 4 billion December 31, 2018. available U. S. restrictions.
 cash impacted seasonality. sales fourth quarter. consider transactions shareholder value business results divestitures joint share repurchases structural changes. future cash proceeds.
 Sources Liquidity
 Net cash operating activities $1,831 $1,790 $41
 investing
 financing 1,783
 foreign exchange rate changes
equivalents restricted $1,569 $2,060


 ASC Topic 606 unbilled deferred revenue disclosures performance obligations. orders renewal subscription services maintenance revenue. not Consolidated Balance Sheet. Part II Item 8 Note 2 Autodesk obligations.
 unbilled deferred revenue timing subscription agreements billing cycles renewals foreign currency fluctuations
 January 31, 2019 31, 2018
 ASC 605
 Deferred revenue $2,091. $2,269. $1,955.
 Unbilled deferred revenue.
 $2,682. $2,760. $2.


Interest Income
 summarizes expense
 income decreased cash debt. expense lower debt balance higher interest rates.
. 2018
 July 27, 2019 2018 2017 Variance
 Interest income $1,308 $1,508 $1,338 $(200
 expense (859) (943)
 $449 $565 $477


. Income Taxes
 Nielsen liability method. deferred income taxes differences tax assets liabilities financial reporting amounts balance tax laws rates. future tax benefits valuation allowance. effect change tax rates recognized statements adjustment tax expense enactment date.
 Company records liability unrecognized tax benefits uncertain tax positions. positions likely sustained reflect largest benefit settlement. recognizes interest penalties unrecognized tax benefits.
 December 22, 2017 TCJA changed. reduced. federal corporate income tax rate 35 percent to 21 percent territorial-style taxing system. one-time transition tax foreign subsidiaries created new taxes foreign earnings. December 31, 2017 effects deferred tax balances one-time transition tax. fourth quarter full year 2017 results non-cash provisional net expense $104 million.finalized accounting TCJA 2018 results fourth quarter reduction tax expense $252 million 2017 expense. net tax benefit $57 million transition tax benefit $195 million re-measurement deferred taxes.
 TCJA imposed. tax intangible low taxed income foreign affiliates. earnings excess threshold return. December 31, 2018 Nielsen taxes GILTI current expense financial statements 31, 2019.
 restructuring transferred intellectual property assets entities non-U. S. tax jurisdictions. gain eliminated consolidated financial statements. transferring entity recognized gain. Nielsen recorded income tax benefit $193 million.
 2019 federal international audits settled tax jurisdictions impact recorded financial statements.
 income) taxes equity net income
 UK non-UK determined location taxing authorities.
 Year December

 MILLIONS 2019
 $27
 Non-UK (633) (885) 801
 equity affiliates $(663)(882) $828


Group loss before tax £. 7)m profit £20. 9m 2017/18. loss after tax £. 8)m £7. 2m profit.
 profit before tax £88. increase £9. 4m Trading profit lower interest costs. profit tax increased. £71. 3m 0% tax £16. 7m. 841 million adjusted earnings per share 8. growth +11. 5%.
 earnings share
 Trading profit 128. 123.
 interest. +8.
 profit tax 88.
 Notional tax (19%).
.
 Average shares 841.
 earnings per share 8.


stock-based compensation expense based on awards expected grants October 1, 2005 reduced for estimated forfeitures. grant revised differ. forfeiture rates years September 30 2019 2018 based on forfeitures.
 No cash settle equity instruments share-base payment 30 2019.
 tables stock option award activity
 shares Weighted average exercise price contractual term Aggregate Intrinsic Value
 Outstanding September 30, 2017 9,376 4. 49
 (1,250 6. 82
 Forfeited
 (4,626) 4. 67
 Outstanding September 30, 2018 3,500 $3. 42
 $2. 99
 Forfeited
.
 Outstanding September 30 2019 $3. 75. $19
.
.


lease restaurants facilities renewal clauses 1 to 20 years. contingent rentals. rent escalation property taxes insurance maintenance. office equipment. rental obligations option.
 rent expense
 Minimum rentals $184,587 $184,106 $185,696
 Contingent rentals 2,255
 Total rent expense 186,842 186,327 188,115
 subleased properties (170,651 (162,640)
 Net rent expense $16,191


 bonuses paid. DSU equal BCE common share. non-management directors compensation paid DSUs until minimum share ownership 50% DSUs. no vesting requirements. Dividends DSUs credited equivalent BCE common shares. settled holder leaves.
 table DSUs December 31, 2019 2018.
 average value $59 2019 $55 2018.
 DSUs
 January 1 4,391,997 4,309,528
 84,588
 RSUs 146,960 112,675
 Dividends 236,079
 31 4,623,099 4,391,997


Customer Contract Balance Sheet Amounts
 Company invoices annual installments. revenue recognition billings unbilled accounts receivable deferred revenue consolidated balance sheets. Amounts balance sheets August 1, 2018 July 31, 2019
 short- long-term expenses assets.
 Unbilled accounts receivable
 contractual terms billing revenue. transfers control software licenses invoices annually two.
 July 31, 2019 transferred ten year license $9. 7 million unbilled accounts receivable July 31, 2019 future billings years ten.
 classified current non-current remaining due date.
 Contract costs
 contract commissions payroll taxes royalties referral fees. classified current non-current amortization date.
 current costs July 31, 2019 $7. 0 million prepaid current assets. non-current $23.4 million balance sheets. amortized $5. 5 million contract costs year July 2019.
 Deferred revenue
 invoiced recognized. current remaining non-current.
 July 31, 2019 recognized revenue $112. 2 million deferred revenue balance August 1 2018.
 Ending July 31,
 Unbilled accounts receivable $ 28,762 46,103
 Contract costs 12,932 30,390
 Deferred revenue (141,685)


Adjusted Revenue limitations supplemental not substitute financial information GAAP.
 net transaction-based costs largest bitcoin costs deferred revenue adjustment recognized companies calculate.
 consider other measures revenue results.
 reconciliation net revenue Adjusted Revenue
 2017 2016 2015 2014
 Total net revenue $3,298,177 $2,214,253  $1,708,721  $1,267,118 $850,192
 Starbucks transaction-based revenue 78,903 142,283
 transaction-based costs 1,558,562 1,230,290,200 672,667
 bitcoin costs 164,827
 deferred revenue adjustment purchase accounting $12,853
 Adjusted Revenue $1,587,641  $983,963  $686,618 $452,168 $276,310


Assets Liabilities
 $39,531 million ($39,470 million goodwill $34,104 million,058 acquisition Red Hat right-use $4,996 million$5,010 new leasing standard prepaid pension $2,199 million$2,152 returns property equipment $782 million$785 million.
 Long-term debt increased $18,497 million$18,550 million Issuances $26,081 million Reclassifications short-term $7,592 million.
 Noncurrent liabilities $6,778 million$6,911 lease liabilities $3,879 million,893 leasing liabilities $2,352 million$2,320 deferred tax liabilities $1,534 million income tax reserves $923 million.
 Noncurrent assets $113,767 $74,236
 Long-term debt
 Noncurrent liabilities


FINANCIAL CONDITION LIQUIDITY CAPITAL RESOURCES
 millions
 cash flows 2019 2018 2017
 Operating growth increased earnings higher cash taxes Imaging.
 Investing 2019 acquisitions iPipeline Gatan Imaging. 2018 acquisitions PowerPlan.
 Financing debt repayments borrowings dividends. 2019 $1. 2 billion senior notes $865. revolving debt repayments dividend payments. 2018 debt borrowings $405. 0 offset issuance senior notes $200. dividends.
 working capital negative $505. 4 December 31, 2019 $200. 4 2018 increased income taxes deferred revenue ASC 842 accounts receivable. increase income taxes $200. 0 divestiture Gatan. second quarter 2020. deferred revenue increase software subscription services.
debt unamortized $5. 3 billion December 31, 2019 (35. 9% $5. 0 billion 2018 (39. 1%. increased debt due $500. 35% senior unsecured notes $700. 95% senior unsecured notes offset revolving debt borrowings $865. 0.
 September 23, 2016, five-year unsecured credit facility JPMorgan Chase Bank. syndicate replaced previous 2012,. 2016 five year $2. 5 billion revolving credit facility $150. letters credit. term loans additional credit commitments not exceed $500. 0.
 Facility covenants debt mergers sell assets grant liens payments capital expenditures change line business. consolidated leverage ratio interest coverage ratio. restrictive leverage ratio 3. 5 to 1.
 2016 Facility 4. 1.Deltek acquisition 2016, increased leverage ratio 4. 25 June 30. December 31,.
 31, 2019 $5. 3 billion senior unsecured notes $0. revolver borrowings. $7. debt finance leases foreign non-U. S. businesses. $74. outstanding letters credit $35. 8 covered group revolving credit capacity.
 redeem senior notes 100% principal premium. Treasury securities.
 debt covenants 2019 2018.
 Note 8.
 Cash equivalents foreign subsidiaries December 31, 2019 $291. $339. 2018 decrease 13. 9%. repatriation $290. acquisition foreign. repatriate earnings tax.
 Capital expenditures $52. $49. $48. 8 2019 2018 2017. Capitalized software expenditures $10. $9. $10. consistent 2019.expect capital software revenues. 0%. 5%.
 Cash
 Operating activities $ 1,461. 1,430. 1,234.
 Investing (1,296. (1,335. (209.
 Financing 177. (388. (1,170.


CUSTOMER STATISTICS
 Excludes 251,379 units (130,404 Internet 87,873 video 33,102 telephony MetroCast acquisition second quarter 2018.
 percentage homes passed.
 first 2019 broadband adjusted non-served multi-dwelling passings penetration.
 INTERNET 2019 additions 21,189 21,417 additional connects Florida expansion MetroCast footprint high speed growth residential business sectors.
 VIDEO losses 4,697 6,760 competitive offers changing video consumption environment offset TiVo video activation bulk properties Florida quarter.
 TELEPHONY additions 489 5,594 growth business decline residential.
 DISTRIBUTION CUSTOMERS August 31, 2019 52% American broadband customers enjoyed "double play bundled services.
 additions %
 Primary service units 901,446 16,981 20,251
Internet,137 21,189 50.
 Video 312,555 (4,697) 35.
 Telephony 142,754 5,594.


. Taxation
 note explains Group tax charge. deferred tax section provides future tax charges tax assets view future.
 Accounting policies
 Income tax expense current deferred taxes.
 Current tax based on taxable profit. Taxable profit differs. liability current tax calculated using tax rates laws enacted reporting period.
 Group recognises provisions uncertain tax positions present obligation past future outflow. Uncertain tax positions assessed measured likely outcome. recognises interest late paid taxes financing costs penalties income tax expense.
 Deferred tax temporary differences between assets liabilities financial statements tax bases taxable profit. accounted financial position liability method. Deferred tax liabilities recognised taxable differences assets.
assets liabilities not recognised if difference from initial taxable profit accounting profit. Deferred tax liabilities not recognised recognition non-tax deductible goodwill.
 Deferred tax liabilities recognised for differences investments subsidiaries associates joint arrangements except Group reversal
 deferred tax assets reviewed adjusted changes taxable profits.
 Deferred tax calculated at rates based tax rates.
 Tax assets liabilities offset legally right set off tax assets against liabilities taxes same
 Tax charged credited to income statement except other income equity recognised in
 income statement tax charge includes relief on capitalised interest
 UK profits offset by allowances capital investment network interest costs €10. 3 billion spectrum payments UK government 2000 2013.
 Income tax expense
2019 2018
 Kingdom corporation tax expense
 21 70
 Adjustments years
 Overseas tax expense
 1,098 1,055 961
 953
 tax expense 1,062 1,018 950
 Deferred tax
 Kingdom deferred tax
 Overseas tax 3,830
 deferred tax expense 434 (1,897)
 income tax 1,496 4,764


Share Compensation Expense
 statements
 inventory.
 2019
 2018
 product revenue $844 $564 $333
 service revenue 1,639 1,131
 Research development 10,443 7,642 3,312
 Sales marketing 11,747 4,253
 administrative 8,224,453 4,146
 expense $32,897 $27,633


Restricted Stock Unit Award Plans
 two for employees directors 2017 2014. Vesting RSU entitles holder share common stock. non-employee director awards payment cash 40% RSU award. awards cash settlement recorded liability balance sheet marked-to-market until. liability $29 thousand $11 thousand at December 31, 2019 2018.
 compensation cost granted RSU without cash settlement RSU’s fair value less exercise cost. amortized to expense recorded additional paid-in capital vesting period.
 summary grants under RSU Plans December 31, 2019 2018
 RSUs Vested
. 459 262
 Granted 333 759
 Distributed (267) (262)
 Vested 825 459
 Forfeited
.1,017 951


table shows difference effective federal
 rate 2019 13. 0% 18. 3% 2018. decrease due $2. 2 billion non-recurring tax benefit disposition preferred stock 2019 deferred tax benefit $2. 1 billion
 reorganization offset goodwill charge not deductible 2018.
 tax rate 2018 18. 3% (48. 3)% 2017. increase due non non-cash tax benefit $16. 8 billion 2017 re-measurement. deferred tax liabilities 21%. TCJA 22, 2017.
 provision taxes 2018 includes Media goodwill impairment charge offset reduction. corporate income tax rate 35% to 21% non-recurring deferred tax benefit $2. 1 billion reorganization.
 2017 Securities and Exchange Commission issued Bulletin 118 TCJA. provisional estimate impacts earnings December 31, 2017 December 22, 2018.2018 Verizon TCJA IRS. Treasury guidance state tax law changes no adjustments $16. billion amount December 2017.
 December 31, 2019 federal income tax rate 21. 35.
 State local income tax rate federal tax benefits 3.
 Preferred stock disposition.
 Affordable housing credit.
 Employee benefits ESOP dividend.
 tax reform re-measurement.
 Internal restructure.
 Noncontrolling interests.
 Non-deductible goodwill.
.
 income tax rate 13. 0% 18. 3%.


assets
 Security deposits
 $8. million (2018 $4. 2 million bank guarantees.
 Customer incentives
 discounted capitalised amortised.
 Costs
 1 July 2018 capitalised cost amortised customer life.
 30 June 2019
 Prepayments 2,631
 Capitalised transaction costs 1,496
 Security deposits 8,822 4
 Customer incentives 625
 assets 412
 Contract costs
 assets 14,432 9,154


. FINANCIAL DATA
 statements. 7. Financial Condition 8. Financial Statements Annual Report.
 adopted ASU 2014-09 Contracts 2018. adjusted balances 2017 2016. not adjusted 2015 2014-09.
 January 1 2019 adopted Accounting Standards Codification method equity. Results 2019 ASC 842 not adjusted accounting ASC 840.
.
 Balance Sheet Data
 cash equivalents securities $68,363 $207,423 $223,748 $133,761
 Goodwill $79,039 $72,858
 assets $984,812 $982,553 $1,012,753 $867,135 $627,758
 stockholders’ equity $539,010 $621,531 $655,870 $322,859


 Registrant processed chicken prepared items.
 Processed chicken salable ice-packed whole. Registrant adds value removing giblets weighing packaging labeling cutting deboning specifications. giblet removal weighing cutting increase value handling cutting labor costs shrinkage consistently sized portions.
 Registrant adds value deep chilling packaging chickens fresh trays brand name weighed pre-priced needs. process increases value shelf life weighing packaging labor uniform packaging.
 Registrant freezes chicken product handling storage distribution marketing shipment overseas 60 days.
 table contribution net sales product lines.
 Fiscal Year Ended October 31,
 2018 2017 2016 2015
 Registrant processed chicken
 Value added
 Fresh vacuum-sealed.3 % 35. 2 39. 8 % 37. 6 35. 2%
 chill-packed 32. 35. 31. 34. 36.
 bulk-packed 14. 15. 16. 15. 13.
 6. 5 5.
 91. 92. 93. 92 5 92
 Non-value
 ice-packed 1. 9
. 2
 93. 93. 6 94. 93 4 93
 7. 6. 5. 6 7
 100.


7 MANAGEMENT’S DISCUSSION ANALYSIS FINANCIAL CONDITION RESULTS OPERATIONS
 discussion financial condition results operations years December 31, 2019 2018 with audited consolidated financial statements notes Form 10-K. contains forward-looking statements Private Securities Litigation Reform Act 1995. statements relate future plans objectives expectations intentions. reasonable assumptions results could differ. Factors include “Risk Factors” section Part I Item 1A. no obligation update forward-looking statements new information.
 Results Operations
 Comparison Year Ended December 31, 2019 to December 31, 2018
 Net Sales $93,662 year ended December 31, 2019 decrease $9,688 9. 4% versus prior year.net sales lower consumption dairy. decline driven by lower branded Skyr offset new item introductions.
 Gross Profit decreased 23. 6% 2019 from 25. 0% 2018. reflects sales softness operating leverage increased freight costs depreciation variable costs.
 Selling Expenses decreased $2,415. 9% to $11,062 from $13,477 2018. advertising marketing lower efficiency changes. 11. 8% 13. 0% 2018.
 General Administrative Expenses decreased $788. 8% to $12,828 $13,616 2018. lower compensation expense professional fees increased legal expenses.
 Goodwill Intangible Asset Impairment goodwill impairment charge $1,244. Note 5 Consolidated Financial Statements Form.
 Net sales $ 93,662 103,350.
goods $ 68,367 74,646 6,279
 Depreciation expense 3,146
 cost $ 71,513 77,492 5,979.
 Gross profit $ 22,149 $ 25,858 (3.
.
 Selling expenses $ 11,062 13,477 2,415.
.
 expenses $ 12,828 13,616 788.
.
 Goodwill intangible asset impairment 1,244.
 Amortization expense $ 192 631.
 operating expenses $ 24,082 28,968 4,886.
.
 Loss operations $ (1,933) (3,110 $ 1,177.
.


December 2019 sold securities $52. 0 million no gain loss. 2018 2017 sold $10. 8 million $118. 3 million gains less than $0. 1 million. Note 11. “Fair Value Measurements”.
 tables summarize unrealized gains losses December 31, 2019 2018
 31, 2019 no investments loss 12 months. 2018 15 investments $207. 2 million loss 12 months unrealized losses $1. 8 million. due interest rates. hold securities until cost basis.-temporarily impaired.
 2019
 Foreign debt. $387,775 $551 $506
 government obligations 21,991
. debt 65,970 66,134
 Time deposits 335,541
. $811,277 $747


Revenue Segment Information
 sales agreements $5,492. million $5,849. million 2019 2018. product development agreements $25. 9 million $29. 3 million.
 Company three segments PSG ASG ISG. wafer manufacturing facilities fabricate ICs costs reflected. segments defined sales.
 allocate income taxes interest segments evaluated gross profit. restructuring impairments charges expenses inventory reserves nonrecurring expenses not allocated.
 operates operations sales marketing information systems finance administration groups. expenses allocated results.
 Revenue gross profit segments
 December 31, 2019
 Revenue external customers $2,788. $1,972. $5,517.
 Segment gross profit 976. 794. 2,046.
 December 31,
 Revenue external customers $3,038. $2,071.$768. $5,878.
 1,110. 317. 2,305.
 Revenue $2,819. $1,950. $772. $5,543.
 959. 817. 2,080.


INCOME TAXES
 Domestic (1,698,689 (2,468,805
 Foreign,222
 (1,750,911) (2,557,531)


table revenues category segment. Travel publications Getaway vouchers hotel platform. Local revenue Deals vouchers entertainment.
 Revenue geography billing address advertiser.-lived assets. international geographies country.
 Ended December 31,
 Pacific
 $6,274 $7,351
 revenues 6,490 7,859
 Europe
 32,081 30,856
 5,293
 36,898,149
 North America
 57,863 56,145
 68,024 67,314
,218 94,352
 $111,412


Operations 2018 2017 thousands percentages
 income expense
 Interest expense decreased 2018 2017 lower debt balances reduction interest swaps one-time charge liability settled 2017. income increased higher interest rates. expense driven foreign currency losses appreciation. Dollar Euro. income 2017 gains depreciation. Dollar.
 Years Ended December 31,
 2017
 Interest expense $(2,085) $(3,343)
 Interest income 1,826 1,284
 Other (expense income (2,676) 3,817
 $(2,935) $1,758


Profit After Tax
 increased. US$52. million from US$37. million previous.
 effective tax rate 8% 6%. reflects deferred tax asset relocation USA. benefits valuation.
 Note 3 annual report.
 2019 2018
 Revenue US$’000
 Designer software licenses 62,377 51 22%
 subscriptions 58,468 13%
 advertising 17,940
 licenses 12,293 44%
 maintenance 22%
 6,635 37%
 revenue 3 (25%)
 91%
 Product Revenue 171,819


. Financial Data
 consolidated financial statements.
 Discussion Analysis Financial Condition Results Operations Consolidated Financial Statements notes.
 January 1 2019 guidance leases 2015 – 2018. 3.
 January 1 2018 revenue recognition 2015 – 2017. 2 Revenues.
 amounts reflect results Symphony WhistleOut Telecommunications Asset acquisition Clearlink Qelp November 1 2018 July 9 May 31, 2017 April 1 2016 July 2 2015, merger integration costs. 4.
 amounts 2019 2018 2017 include exit costs impairments long-lived assets. 5.
 2018 include $1. 2 million Slaughter settlement agreement. Note 22,.
 2017 includes $32. 7 million 2017 Tax Reform Act.Note 20 Income Taxes Financial.
 Company declared cash dividends share five years.
 Ended December 31,
 2019 2018 2017 2016 2015
 Revenues $1,614,762 $1,625,687 $1,586,008 $1,460,037 $1,286,340
 Income operations 89,800 63,202 87,042 92,373 94,358
 Net income 64,081  48,926 32,216 62,390 68,597
 Income Common Share
.
.
 Average Common Shares
 41,649
 Balance Sheet
 Total assets $1,415,500 $1,171,967 $1,327,092,236,403 $947,772
 Long-term debt 73,000 267,000
equity 796,479 724,522


2018 granted equity awards executive officers. Friar Henry Reses Whiteley compensation committee considered past future contributions existing equity awards competitive market data. awards retention goals align compensation market.
. Friar resigned Chief Financial Officer November 16, 2018.
 One-twelfth 10% shares option vest equal installments year April 1 2018-thirty-sixth 90% installments three years April 1 2019.
 2. 5% RSAs vest four installments 7. 5% 12 years.
 16,695 RSAs 2. 5% vest four installments 7. 5% 12 three years. 11,784 RSAs one-sixteenth vest 16 equal quarterly installments four years October 1, 2018.
. Daswani Murphy additional equity awards interim co-CFOs. Murphy April 2018-wide compensation review.grants recommended manager reviewed People Lead approved compensation committee.
 1,336 RSAs one-sixteenth 16 quarterly installments four years April 1 2018. 2,862 2. 5% four installments 7. 5% 12 installments three years April 1 2019.
 1,527 RSAs one 16 installments four. 3,435 RSAs 2. 5% four installments 7. 5% 12 three years 2019.
. Dorsey equity awards 2018 committee equity ownership aligned interests stockholders.
 Executive Officer Securities Options RSUs Fair Value$
. Friar 109,026 38,159 (3) 3,479,299
. Henry,479,299
.
. Whiteley 2,339,553
. Daswani 4,198 187,861
. Murphy 4,962 222,050


. Stock option award plan
 accounting equity compensation estimates financial statements. estimates include.
 Expected Dividend dividends stock price.
 Expected historical volatility.
 Risk-Free Interest Treasury rate.
.
 Forfeiture forfeiture historical data.
-average per share grant fair value options $8. 92 2019 $8. 45 2018 $7. 06 2017. assumptions fair value options three years December 2019
-Scholes Assumptions Dividend yield 4. 5%. 6%.
 Expected volatility 28. 3%. 7%.
 Risk-free interest rate 2. 5%.
 Expected life option term years 4. 3


Stock Compensation
 RSUs options ESPP shares 2017 allocated
 revenue $207 $78 $52
 Selling marketing 2,967 1,577
 Research development 2,013
 General administrative 4,450 2,821
 $9,637 $8,950 $5,478


 Mobile penetration rate market share India.
.
 31 March 2018.
 Telkomsel Airtel
 mobile penetration rate 123%
 31 March 2019 51. 2%.
 31 March 2018 48. 5%. 8%. 7%. 1%
 Mobile customers
 168,642 41,491 384,078 83,490
 59,025 9,676 144,770 39,307
 Growth mobile customers -13%.


revenues by location shipment classified. products ordered U. S. companies Asia Pacific affiliates revenues.
 2019 revenues grew. 8% Americas Power Discrete flat Asia decreased. 6% EMEA lower sales Microcontrollers Power Discrete. 2018 revenues grew led Asia Pacific EMEA growth Imaging Automotive.
 Ended Variation
 2019 2018
 EMEA $2,265 $2,478 $2,142. 7%
 Americas 1,351.
 Asia Pacific 5,940.
 Total $9,556 $9,664 $8,347.


Note 19 Segment Geographic Information Customers
 Company operates manufacturing wafer semiconductor equipment. segments qualify aggregation customer base economic characteristics processes procurement.
 operates seven regions United States China Europe Japan Korea Southeast Asia Taiwan. revenue long assets.
 Revenues assets region
 2019 four customers 15% revenues. 2018 five 25%. 2017 23% 16% 12% 11% 10%. No customers 10%.
-lived assets
 United States $933,054 $784,469 $575,264
 Europe 72,928 73,336,211
 Korea 28,200,312
 China 6,844
 Taiwan
 Japan 5,750
 Southeast Asia
 $1,059,077 $902,547


income taxes
 Ended December 31,
 2019
 provision taxes
 $49 $44 $48
 1,716 953 1,023
 1,765 997 1,071
 Deferred tax
 Federal
 109
 deferred
 taxes $1,407 $1,082 $1,206


. Income Taxes
 Ended March 31
 Domestic $75,659 $85,263 $215,573
 Foreign 99,290 107 117
 $174,949 $333,243


Investments
 Sophos Holdings Limited Group 100% share capital.
 share-based payment expenses equity awards.
 31 March 2019 31 March 2018
 1,035.
 94.
 31 March 1,130. 1,099.


table intangible assets acquired estimated lives acquisition.
 developed technology AgileCraft’s planning technology. customer relationships. backlog acquisition.
 Value Useful Life
.
 Developed technology $34,600
 Customer relationships 16,900
 Backlog 1,400
 Total intangible assets amortization $52,900


Results Operations
 table summary consolidated statements periods revenues. comparisons not indicative future. Percentage revenues rounded not subtotal.
 discussion consolidated statements 2019 compared 2018. financial condition 2018 2017 Item 7 Annual Report Form 10-K fiscal year December 31, 2018 filed SEC March 14, 2019 available website.
 Stock-based compensation expense
 Amortization intangible assets
 Restructuring-related expenses
 Year Ended December 31,
 % Revenue
 Revenues net $49,036 $58,631
 Cost revenues 22,843 47 27,154
 Gross profit 26,193 53 31,477 54
 Operating expenses
 Sales marketing 15,836 32 23,425
 Research development 17,845 22,450
 General administrative 10,466 13,113
goodwill 1,910 14,740
 expenses 46,037 73,728
 Loss operations (19,844,251)
 Gain divestiture 5,064
 Other income 2,252 1,593
 Loss taxes (12,528) (40,658
 Net loss,408) $(41,244)


Accrued Liabilities
 reserves price concessions stock rotation rights distributors. year 2018 receivable accrued liabilities. ASC 606. Note 1 consolidated financial statements.
 Accrued compensation benefits $133. $87.
 Income taxes 46.
 Sales reserves 366.
 Accrued expenses liabilities 240.
 accrued liabilities $787. $229.


CUSTOMER STATISTICS
 adjustments migration new customer management system third quarter 2018.
.
 quarter Canadian broadband services new customer management system replacing 22 systems. contact center congestion lower services activations fourth quarter first quarter 2019. Contact center marketing operations returned normal end first quarter 2019.
 Variations
 INTERNET 2019 additions 5,966 14,173 prior high speed bundle offers increased demand resellers offset competitive offers contact center congestion.
 VIDEO 2019 net losses 39,185 37,035 competitive offers changing video consumption environment contact center congestion offset digital video fast Internet.
 TELEPHONY 2019 net losses 23,333 32,987 technical issues system increasing wireless penetration offers offset growth business sector more telephony bundles promotional activity second half.
August 31, 2019 69% Canadian broadband customers enjoyed services.
 Net additions %
 Years
 August 31,
 Primary service units 1,810,366 (56,552)
 Internet 788,243 5.
 Video service customers 649,583 (39,185),035) 36.
 Telephony service 372,540 (23,333) (32,987 21. 22.


. EBITDA
 grew. 2019 2018 growth segments. Higher revenues reduced operating expenses drove growth. margin 42. 2% up. pts IFRS 16 service revenue low-margin product sales.
 Bell Wireless 3,842 3,521  321.
 5,414  5,321.
 Media 850  693  157. 7%
 BCE EBITDA 10,106  .


Deferred tax assets
 valuation allowance tax benefits $183. million foreign items operating losses $7. million state tax credits.
 2019 valuation allowance decreased $20. million. driven Reinvent SEE initiatives foreign tax rates.
 net operating loss carryforwards $899. 4 million expiring 2020 unlimited carryover. state loss carryforwards $569. 3 million expire 1 19 years.
 deductible.
 Net operating loss carryforwards.
 state credits.
 Employee benefit items.
 Capitalized expenses.
 Intangibles.
.
-total deferred tax assets.
 allowance.
 deferred tax assets.
 Depreciation amortization.
 Unremitted foreign earnings.
.
.
 deferred tax.
 deferred tax assets 207.


. PROPERTIES
 operate 31 centers Canada. 7 million square feet. 59,500 square foot Cincinnati Ohio 10,000 square foot Chicago Illinois. properties leased. distribution processing corporate facilities state square footage February 21, 2020.
 acquisitions Sid Wainer & Son Cambridge Packing.
 headquarters Ridgefield Connecticut.
 properties good condition facilities adequate capacity.
 Size
 California 618
 New York 231,100
 Texas 214
 Illinois 144
 Ohio 120,400
 Maryland
 Nevada
 Oregon
 Ontario
 Florida
 New Jersey 38
 British Columbia
 Alberta 16
 Arizona
 Washington
 1,807,300


FINANCIAL
 translation assets foreign subsidiaries associates joint ventures Australian Dollar Indian Rupee Indonesian Rupiah Philippine Peso Thai Baht United States Dollar.
 financial position healthy.
.
 assets stable Videology Airtel Africa Dollar. liabilities increased investments.
. liabilities increased.
 Currency translation losses weaker Australian Dollar Indian Rupee Optus Airtel.
 31 March
 assets 7,078
 Non-current 41,837
 48,915
 liabilities 8,794
 19,105
 Net assets 29,810
 Share capital 4,127
 Retained earnings 27,513 27,269
 Currency translation reserve (1,768
 Other reserves
 Equity shareholders 29,838 29,737
-controlling (28)
 equity 29,810


. equity shareholding March 2019
. Top ten shareholders
 consolidated.
 shares Percentage
 Promoters 2,702,450,947.
 Mutual Funds 93,357,668.
 Banks Institutions 2,750,113.
 Insurance Companies 196,172,807.
,842,601.
 Nationals 4,854,682.
 Bodies 26,208,151.
 Public Others 130,744,399.
 Investment Fund 1,663,495
 TOTAL 3,752,384,706.
 shares Percentage
. Tata Sons 2,702,450,947.
. Life Insurance Corporation 152,493,927.
. Mutual Fund 21,680,561.
. 19,248,438.
.,475.
. Developing Markets 16,731,906.
. Prudential Life Insurance 16,139,316.
. Axis Mutual Fund 15,244,614.
. Dhabi 15,036,984.
. Vanguard 14,112,213.


Contributed equity ordinary shares Group. reconciliation traded on-market.
 27 May 2019 off-market buy-back 58,733,844 ordinary shares. bought back at $28. 94 14% discount market price $33. 64 dividend $24. 15 per share ($1,419 million capital $4. 79 per share ($282 $1 million transaction costs. shares bought back cancelled.
 Holders dividends one vote per share meetings. rank after creditors entitled proceeds liquidation.
 Note 6. 2 options performance rights. no dividends voting rights.
 1,258,690,067 paid ordinary shares (2018 1,313,323,941)
 Balance start period.
 Share buy-back.
 dividend reinvestment plan.
period 1,258. 7 1,313. 6,201
 SHARES TRUST
 (4. 9) (3. 4)
 shares incentive plans.
 dividend reinvestment plan.
 Purchase shares Woolworths Employee Share Trust (2.
 end period (6. 9).
 equity 1,251. 8 5,828 1,308. 4 6,055


Inventories.
 lower-cost. first-in first-out. material manufacturing costs. Company records reserves obsolete demand. summary
 27, 2019 28, 2018
 Finished Products $40. $15.
 Process 9. 14
 67. 54.
 Inventories $116. $84.


 exposed operating financing carrying amounts.
 exposed trade receivables obligations. risk minimized large diverse base. minimal risk derivative instruments December 31, 2019 2018. deal institutions investment-grade credit ratings expect meet obligations. monitor credit risk exposure.
 change allowance doubtful accounts trade receivables.
 2019
 Balance January 1
 Adoption IFRS 9
 Additions
 Balance December 31


 expenses increased $71. 5 million. 5% December 2019 2018 $28. 7 million employee costs$12. 2 million stock-based compensation payroll $14. million finance costs net liability non-recurring HST $8. million sales taxes insurance bank fees $9. million Shopify Payments losses $8. million losses $6. million professional services $1. million computer software costs $1. 6 million bad debt. increased $71. 5 million. 5% 2019 $28. 7 million employee costs$12. million stock compensation payroll $14. 9 million finance costs liability-recurring HST $8. million sales taxes insurance bank fees $9. million Shopify Payments losses $8. million losses insurance $6. million services $1. million computer software costs $1. 6 million bad debt.
administrative expenses increased $39. million. 7% December 2018 2017 $30. million employee costs $4. 5 million professional $4. million finance costs insurance $1. 7 million computer software costs.
 2019 2018
 $ 178,934 $ 107,444 $ 67,719 66. 5 % 58. 7 %
 revenues 11. 3 %. 1


 achievement financial targets.
-average grant 2019 2018 2017 $56. $40. $41.
 Unrecognized compensation expense unvested PRSUs $16. million December 31, 2019. years.
 Unvested shares December 31, 2018 1,924 $40.
.
 Forfeited.
 Unvested shares December 31, 1,752 $44.


Assets
 strategic equity investment privately-held. non-marketable controlling interest. market value. records impairment adjusts price changes. July 2019 2018 no changes value $10. 7 million.
 Prepaid expenses $2,640
 Contract costs 23,375
 Deferred costs 8,867
 Strategic investments 10,672
 Other assets $45,554


presents remuneration external auditors.
 Assurance services procedures sustainability.
 non-audit services financial due diligence.
 auditors associates Deloitte Touche Tohmatsu Australia.
 Deloitte Touche Tohmatsu
 Audit financial 3,055 2,778
 Assurance 341
 Tax compliance services
 non services
 3,618 3,271
 Audit 432
 Assurance
 Tax compliance services
 auditors’ remuneration 4,162 3


. Operating Expense Items
 non-audit fees current financial year March 2019 S. 4 million S. 2million KPMG LLP Singapore KPMG Australia tax services certification review regulatory. previous year fees. 2 million S. 3 million Deloitte & Touche LLP Singapore Deloitte Touche Tohmatsu Australia.
 Audit Committee services affect independence auditors. independence.
 Operating expenses
 Auditors' remuneration
 KPMG LLP Singapore.
 KPMG Australia.
 Other KPMG offices.
 Deloitte Touche LLP Singapore.
 Deloitte Touche Tohmatsu Australia.
.
 Non-audit fees
 KPMG LLP Singapore.
 KPMG Australia.
 Other KPMG offices.
.
 Deloitte Touche Tohmatsu Australia.
 offices.
receivables 121. 128
 inventory obsolescence.
 lease. 470.


AMERICAN TOWER CORPORATION FINANCIAL STATEMENTS amounts millions
. PROPERTY EQUIPMENT
 leases
 leased land depreciated life renewal residual value.
 fiber DAS assets.
 improvements.
 31, 2019
 Towers $13,930. $12,777.
 Equipment 1,897. 1,667.
 Buildings improvements 638. 628.
 Land improvements 2,486. 2,285.
 Construction-progress. 358.
 19,325. 17,717.
 depreciation (7,241.
 Property $12,084. $11,247.


stock SARS compensation
 income tax expense Consolidated Statements.
 Ended August
 value SARS $335 $909 $5,053
 stock units $49,725 $62,592,010
 Tax benefit compensation $611 $1,122 $560
 Unrecognized compensation $41,778
-average. 3years


. 2019 Performance Periods Goals. 2019 four quarterly Periods March June September December 31, 2019. two goals Revenue Operating Margin. chart Revenue Operating Margin Goals Periods.
 net revenues third parties services product Form 10-K 2018. gross sales less discounts refunds contra-revenue.
 non-GAAP operating income divided Revenue. less cost operating expenses excluding stock-based compensation expense amortization acquisition intangibles legal settlement charges adjusted acquisitions
 2019 Performance Period Revenue Goal Operating Margin
 Q1 $199. 1%
 Q2 $211. 3%
 Q3 $227. 6%
 Q4 $243. 8%


. increased 15% $144. 4 million 2019 2018 margin 70 points to 14. 7% net sales. sales 2019 2018
 North gross profit 2019 increased 19% percentage net sales increased 80 points.
 product margin funding 30 points. due hardware software margin.
 Services margin improvement 50 points increased vendor funding cloud solution offerings referral fees. 21 point improvement Insight delivered services.
 EMEA’s gross profit 2019 increased 3% 8%. margin increased 40 points.
 gross profit increased 1% 6% 22. 1% 2019 from 21. 2% 2018. due changes sales mix higher margin products services.
 %
 NorthAmerica 871,114. $732,695.
 EMEA $227,083.
 APAC $39,901. $39,556.
 Consolidated $1,138,098.$993,718.


26. Income
 Ended December 31,
 Foreign currency gains $(1,262) $2,029
 derivative instruments hedges (674) (1,751)
 gains trust 2,379 1,619
 miscellaneous income (857) (1,659)
,248 $1,258


Section 5
 attract retain employees. employee benefits obligations. employee share plans compensation key management personnel.
.
 planning activities Group. remuneration report pages 38 53.
 KMP aggregate compensation
 years 2019 2018
 transactions KMP
 2019 2018. no transactions.
 Short-term employee benefits 3,728,367 2,780,820
 Post-employment benefits 151,851 184,614
 Share-based payments 651,748 320,560
 Termination benefits,015 841,940
 4,898,981


MANAGEMENT DISCUSSION
. adjusted currency. divested businesses.
 2019 results impacted Red Hat acquisition activity.
 $2. billion. diluted earnings share 2018. tax reform.
 December 31
 year December 31.
 Revenue $ 77,147 $ 79,591.
 Gross profit margin 47. 3% 46. 4%.
 Total expense $ 26,322 25,594.
 Income operations taxes $ 10,166 11,342.
 Provision taxes $ 731.
 $ 9,435.
.
 Net income $ 9,431.
 Earnings share 10.
-average shares.
 $152,186 $123,382.
 $131,202 $106,452.
 20,985 16,929.


 Unbilled subscription shipping charges Consolidated Balance Sheet.
 $000
 January 1
 Indirect taxes 36,821 3,774
 Unbilled revenues 31,629 12,653
 receivables 9,660 11,191 7
 Accrued interest 5,754
 receivables 6,665 8,620
 90,529 41,347


Investing Cash Flow Activities
 December 2019
 cash absence sale businesses. sale Netsmart OneContent cash inflows offset acquisitions Practice Fusion Health Grid. Capital expenditures decreased 2019.
 2018
 cash inflows driven $567 million sale Netsmart $241 million divestiture OneContent.
 purchase Practice Fusion Health Grid offset lower capital expenditures 2018.
 increased 2018 due acquisitions Netsmart.
 Year Ended December
 thousands 2019 2018
 Capital expenditures $(16,600) $(31,309) $(38,759) $14,709 $7,450
 Capitalized software (113,836) (113,308) (118,241) 4,933
 Cash paid business acquisitions (23,443) (177,233) (169,823) 153,790 (7,410)
businesses 807,764
 Purchases equity securities assets (7,191) (16,934) 9,743 (11,328)
 proceeds investing
 (161,056),034 (332,214) (630,090) 801,248
 discontinued operations (221,021),758) (140,263)
(161,056) $248,013,972),069) $660,985


Company unrecognized tax benefits $15. 7 million $3. 0 million June 30 2019 2018. recognizes interest penalties tax positions.
 files tax returns federal state local jurisdictions United States Canada Kingdom France. no longer subject 2014.
 30 Balance $3. $0.
 Additions current year tax positions 1.
 prior year 11.
 Reductions settlement tax authority.
 end year $15. 7 $3.
 Interest penalties $2. $0.
 income tax rate 10.
 next.


summary contractual commercial commitments 29, 2019
 mandatory principal interest payments Class A-2 Notes. repayment dates.
 purchase commitments food beverage packaging restaurant operations.
 payments non-qualified defined benefit plan postretirement healthcare deferred compensation plan 2029.
 letters credit interest reserves Indenture insurance.
 noncontributory defined benefit pension plan full-time employees January 1 2011. additional. Contributions asset performance interest rates tax law regulatory funding. no minimum contribution 2019. Note 12,Retirement Plans consolidated financial statements.
 Payments Due Fiscal Year
 1 1-3 3-5 5 years
 Long-term debt obligations 1,708,916 65
 Capital lease obligations 3,937
lease 1,094,011 193,313 332,020 205,173
 Purchase 1,906,900,100 308,400
 Benefit 74,714 15
 $4,788,478,128,447,185,318,195,611,102
 Commercial Commitments
 letters credit $45,600


Administrative Expense
 increased $8. 6 million 2018 2017. due $3. 7 million employee costs stock-based compensation headcount 79 89. $2. 8 million depreciation amortization $1. 5 million compliance $0. 4 million software subscription. 2 million office expenses.
 Ended December 31,
 $ 31,462 22,895 8,567. 4%
 revenue


. Accrued Liabilities
 Fiscal Year
 Accrued payroll employee benefits 455 565
 Dividends 308
 Restructuring reserves
 Income taxes
 Deferred revenue
 Interest 31
 Share repurchase 18
 liabilities $ 1,613 1,711


Item 6. Selected Financial Data.
 consolidated audited financial statements. read Financial Statements Notes Item 7 Part II Annual Report.
 diluted earnings per share compensation. loss operations adjusting anti-dilutive loss net income.
 weighted-average shares diluted net loss per share.
 Year ended March 31,
 2019 2018 2017 2016 2015
 results
 Net revenue $140,842 $127,360 $120,366 $103,514
 Gross profit 73,880 64,417
 Operating loss (13,081) (12,080) (11,408
 net taxes (13,164) (8,350 (11,721) (3,765
 Net loss(13,164,350
 Per share data
 Net loss..
 shares 23,037
 Balance
 Cash equivalents $40,771 $39,943,255 $75,067
 capital 20,707 19,343 27,183 41,401
 assets 163,591 157,207,305 185,157
 debt
 equity 100,622 108,431 113,669 123,473


Share Compensation compensation costs payments 2019
 tax benefits $1. 8 million $1. 3 million $1. 1 million. administrative statements.
 2019 unrecognized compensation cost non RSAs PSAs $10. 6 million recognized. 7 years.
 Restricted stock $ 4,013 $ 3,249 1,986
 Performance shares 2,823
 $ 6,836 $ 5,119


table fiscal year March 2019 option exercises stock vested officers
 Option Exercises Stock Vested 2019
 value closing common stock price.
 value stock awards RSUs vested settled FY19 RSUs 6/1/2019 PRUs vested settled FY20.
 value vesting closing price common stock PRUs.
 Option Awards Stock Awards
 Shares Acquired Value
 Gregory S. Clark 342,338 7,467,791
 Nicholas. Noviello,155 4,699,993 2,419,818
 Amy. Cappellanti-Wolf 92,644 1,997,239
 Samir Kapuria 112,125 2,497,640
 Scott C. Taylor 103,798 2,216,595


intangible assets
 Non-amortizing brands trademarks.
 Amortizing 20 years customer relationships acquired intellectual property. 2019 2018 2017 recognized amortization expense $49. 1 million $34. 9 million $33. 6 million. $58. 3 million next five years high $59. 9 million 2020 $54. 2 million 2024.
 2019 reclassified $15. 1 million $1. 7 million goodwill noncurrent assets.
 recognized $76. 5 million Chef Red Fork®. $13. 1 million Aylmer® Sundrop International.
 2018 $4. 0 million HK Red. $0. 8 million Aylmer®.
 2017 goodwill impairment charges $198. 9 million $139. 2 million Canadian $59. 7 million Mexican.impairment charges reporting segments quarter 2017 units deterioration forecasted sales profits foreign exchange rates.
 declining sales quantitative impairment test intangibles. recognized impairment charges $31. 5 million Del $5. 5 million Aylmer® International. $67. 1 million Chef $1. 1 million Fiddle Faddle® Grocery Snacks.
 Consolidated Financial Statements Fiscal Years Ended May 26, 2019 27, 2018 28, 2017
 Gross Accumulated
 Non-amortizing intangible assets $3,678.
 Amortizing intangible assets.
. $1,494.


. Liabilities
 June 30 2019 2018:
 compensation benefits $71. $83.
 financial instruments 16.
 postretirement benefits 14. 15.
 Deferred revenue 10.
 interest.
 income taxes.
 pension liabilities.
 26. 24.
 liabilities $157. $148.


assets liabilities OpCo Balance Sheets September 30 2019 2018
 assets restricted not operations Cubic. debt non-recourse. loss P3 $2. 7 million letter credit converted cash MBTA.
 $
 Restricted cash 9,967
 assets
 Long-term costs
 115,508
 noncurrent assets 1,419
 $ 127,274 $ 45,002
 Trade accounts
 Accrued compensation liabilities
 long-term liabilities 21,605
 debt 61,994
 liabilities $ 108,958 $ 20,958
 Cubic equity
 Noncontrolling interests
 equity $ 127,274 45,002


. Revenue
 Contract assets liabilities 31 March 2019
 £1,216m contract liability 1 April 2018 revenue. Impairment losses £36m. no significant changes asset liability balances.
 31 March 1 April
 assets
 1,353 1,417
 liabilities
 1,406


GreenSky. FINANCIAL STATEMENTS States Dollars share
 Note 9. Liabilities
 table liabilities Consolidated Balance Sheets.
 elected fair value method servicing liabilities. Note 3.
 party distributions liabilities.
 Note 3 8 interest rate swap liability December 31, 2019.
 Tax liabilities Reorganization Transactions.
 Deferred lease liabilities calculated lease ASC 840 December 31, 2018. new guidance ASC 842 January 1 2019 lease liabilities separately. Note 1 14.
 Accruals liabilities adjusted exclude financial guarantee. Note 1.
 Transaction processing liabilities $24,465 $4,958
 Servicing 3,796
 Distributions
 Interest rate 2,763
 Tax
 Deferred lease 2,489
 Accruals 9,442
$47,317,051


16C. PRINCIPAL ACCOUNTANT FEES SERVICES
 audit-related tax fees Ernst & Young LLP fiscal years June 30 2019 2018
 Audit Fees audit annual quarterly foreign statutory audits services Ernst & Young LLP. include accounting consultations research comfort letter services exchangeable senior notes.
 Audit-Related Fees services not Fees. control audits due diligence acquisitions.
 Tax fees tax compliance planning advisory services.
 Other fees additional products services principal accountants.
 audit committee pre-approval policy independent accountant audit-audit services.-approves. services principal accountants pre-approved.
 2019 2018
.
 Audit fees $2,980 $3,469
 Audit-related fees (2) 447
 Tax fees (3) 220 238
 Other fees (4)
,856,157


operating expense share-based
 2019 paid €79 million-based payments restructuring. share-based not restructuring expenses.
 millions 2019 2018
 cloud software 138 78
 services 246 142
 Research development 429
 Sales marketing 562
 General administration 461 88 135
-based expenses 1,835 830 1,120
 cash-settled 1,664 674 963
 equity-settled 171 156


Includes cloud services license support revenue adjustments not recognized in GAAP statements accounting requirements. revenue adjustments included in operating segment results. See.
 Excludes stock-based compensation expense allocations. excludes amortization of intangible assets other GAAP-based expenses not allocated to operating segment results.
 Excluding cloud license revenues increased 2019 due to growth support due to increased customer purchases renewals increased cloud license on-premise license revenues. applications infrastructure revenues grew. Americas region contributed 43% EMEA 31% Asia Pacific 26% revenues growth.
 cloud license expenses increased 2019 due higher sales marketing cloud services license support expenses employee expenses technology infrastructure expenses.
 cloud license total margin increased 2019 due to increased revenues margin decreased due to expenses growth.

 Ended May 31,
 Percent Change
 2019
 Cloud License Revenues
 Americas $18,410 2% 3% $18,030
 EMEA 9
 Asia Pacific 5,004 4
 revenues 32,582 4%
 Expenses
 Cloud services license support 3,597
 Sales marketing 7,398
 expenses 10,995
 $21,587 $21,387
 66%
 Revenues Geography
 Americas 57%
 EMEA 28%
 Asia Pacific
 Cloud services license support $26,727 2% 4% $26,269
 5,855
 revenues $32,582 4% $32,041
 Ecosystem
 Applications $11,510 $11,065
 Infrastructure revenues 21,072 3% 20
revenues $32,582 4%


Results Operations
 December 31, 2019 2018
 management reviews financial measures service revenue results cash flows. tables results.
 non-cash equity compensation expense $994 $895 2019 2018.
 $17,466 $16,813.
 Service Revenue. increased 5. 0% 2018 to 2019. Exchange rates impacted $5. 3 million. foreign currency comparisons 2019 average exchange rates 2018. increased service revenue increasing sales representatives expanding network adding buildings penetration lower prices.
 Revenue recognition standards taxes Universal Service Fund fees regulatory fees. taxes statements. revenues 2018 to 2019 $2. 4 million.
 net-centric customers purchase price per megabit. corporate customers bandwidth per connection. Revenues corporate net-centric customers represented 68. 4% 31. 6% total service revenue 2019 64. 35.1% service revenue 2018. corporate customers increased. 6% to $373. 7 million 2019 $337. 8 million 2018 increase. net-centric customers decreased 5. 4% $172. 5 million 2019 $182. 3 million 2018 decline average price per megabit. revenue declined slower declined 23. 9% 2018 2019. net-centric market pricing pressure expect lower price. average price megabit corporate revenues greater net-centric revenues lower. foreign exchange rates net-centric revenues.
 on-net revenues increased 5. 9% 2018 2019. connections 8. 4% December 31, 2019. 3. 8% decline on-net ARPU net-centric customers. determined revenue average connections. average price per megabit charges. decline on-net ARPU attributed volume term based pricing discounts.on-net customers service ARPU greater than new due declining prices. on-net ARPU 23. 9% decline average price per megabit.
 off-net revenues increased 2. 7% 2018 to 2019. 6. 3% December 31, 2019. due 5. 0% decrease-net ARPU.
 Network Operations Expenses. personnel facilities costs fiber maintenance leased circuit costs access facilities fees excise taxes. Non-cash equity-based compensation expense. increased 0. 1% 2018 to 2019 8. 0% more customer connections 125 more on-net buildings December 31, 2019. increase network expansion off-net revenues taxes offset price reductions fewer fiber leases. cost circuits.
 Administrative Expenses. increased 9. 8% 2018 to 2019.Non-cash equity compensation SG&A $17. 5 million 2019 $16. 8 million 2018. increased salaries expansion sales headcount. sales force increased. 8% 619 2019 total headcount. 3% 974 to 1,055.
 Depreciation Amortization Expenses. decreased. 2% 2018 2019.
 Gains Equipment Transactions. exchanged used equipment new gains $1. 1 million 2019 $1. million 2018. gains estimated fair value equipment. more equipment.
 Interest Expense. $445. million secured notes $189. 2 million unsecured notes installment payment agreement finance lease obligations €135. million 2024 Notes. interest expense increased. 5% 2019 due $70. million secured notes €135. million unsecured notes 2019 finance lease obligations. 2024 Notes issued €135. million.June 25. 2024 Notes issued Euros reported US Dollars. December valued $151. 4 million gain $2. 3 million.
 Tax. $15. 1 million 2019 $12. 7 million 2018.
. December 2019 2018 2,801 2,676 buildings.
 Service revenue $546,159 $520,193.
 On-net revenues 396,753 374,555.
 Off-net revenues 148,931.
 Network operations 219,801.
 146,913 133,858.
 Depreciation amortization 80,247.
 Gains equipment transactions.
 Interest expense 57,453.
 Income tax 15,154.


Basic Diluted Net Loss per Share
 computed-average shares. Diluted dilutive shares. same periods impact dilutive securities anti-dilutive. uses converted method dilutive effect.
 shares excluded
 2024 Notes 2019 paid $44. 9 million capped call option agreements reduce dilution. 2022 Notes 2017 paid $12. 9 million dilution.
 December 2019 terminated capped call options received $5. 8 million. agreements excluded diluted net loss antidilutive.
 Ended December 31,
 2018 2017
 Convertible senior notes 6,733,914,199
 Stock-based compensation grants 2,038,174 2,562,274 3,268,610
 Total 8,772,088 5,973,473


Benefit Pension Plan Assets
 managed by insurance companies investment managers selected by Autodesk Trustees with. Investments follow local regulations Autodesk not involved.
 pension plan assets investment categories
 insurance contracts represent immediate cash surrender value. Autodesk control over target allocation investment strategies. Insurance contracts investments 35% 44% of plan assets January 31, 2019 2018.
 assets investment fund diversified growth fund Russell Investments Aon Hewitt. capital appreciation. equity-like returns medium long term two-thirds volatility equity markets. assets priced monthly at net asset value without restrictions redemption.
 Fiscal Year Ended January 31,
 Insurance contracts $28.
 Other investments.
 Total assets fair value $42.
 Cash..
 Investment Fund 34.
 pension plan assets value $80. $121.


AMERICAN TOWER CORPORATION SUBSIDIARIES SCHEDULE REAL ESTATE DEPRECIATION
 construction new sites.
 land communications sites.
 capacity tenant revenue.
 sites functionality capacity asset improvements.
 new market launches. non technologies cash flow.
 regional improvements additions.
 foreign currency exchange rate fluctuations deductions.
 amount $15,960. $15,349. $14,277.
 Additions
 Acquisitions 887. 721. 499.
 capital projects 258. 173
 ground lease purchases 189.
 Redevelopment expenditures 213. 177
 Capital improvements 161. 94
 Start-up capital expenditures 71. 113. 158.
. 106
 additions 1,826. 1,456. 1,239.
 Deductions
real estate. 6) (246.
. 9) 78.
 deductions. (845.
 $17,429. 3 $15,960. $15,349.


-BASED COMPENSATION
 tables summarize stock-based compensation expense equity awards statements
 CII Common Preferred Units
 Communications Infrastructure Investments award 625,000,000 common units employees directors affiliates. units stock-based compensation liabilities cash settlement. vested portion reported liability fair value re-measured until settlement compensation expense. December 31, 2016, CII common units fully vested no remaining unrecognized compensation cost.
 value units derived from investments Onvoy subsidiaries June 30,. OVS adjusted to fair value. December 31, 2015, OVS. sale completed May 2016. estimated fair value OVS awards increased stock compensation expense additional paid-in capital $12. 9 million year ended June 30, 2016. Proceeds sale paid by CII.
Ended June 30
 2019
 millions
 Operating costs $11. $9.
 Selling administrative expenses 98. 86. 102.
 stock compensation expense $109. $96. $114.
 units $10. $10.
 stock units 93. 82. 76.
. 26.
 C units.
 compensation expense $109. $96. $114.


. 6 Taxes
 deferred tax liabilities include $2,195,000 (2018 $1,937,000) iMoney Group.
 income tax expense sum current deferred expenses. calculated accounting profit non-taxable items. Deferred calculated tax rates. tax rates enacted reporting date.
 deferred taxes recognised expense profit loss except recognised income equity.
 recognise deferred tax liabilities taxable differences except arises from
 recognition goodwill
 transaction not business affects accounting profit taxable income.
 investments controlled entities recognition deferred tax liabilities required unless temporary difference reversal.
 Deferred tax assets recognised taxable profit available deductible temporary differences unused tax losses credits
Deferred tax assets liabilities offset income taxes settle.
 2019 2018
 Deferred taxes
 payables
 Property Plant Equipment
 40-880 business costs
 foreign exchange differences
 Unused tax losses 4
 deferred tax assets 12,071 10,408
 liabilities
 commission asset (34,168 (31,253)
 Property Plant Equipment
 Development costs (2,109
 deferred tax liabilities (36,858) (33,612)
 deferred tax (24,787


Since 2006, owned 51% IMFT joint venture Intel. governed Board Managers varies ownership. manufactures semiconductor products members long-term cost. 2018 discontinued production NAND 3D XPoint memory. develop 3D XPoint second generation completed cost-sharing quarter 2020. sales Intel $731 million $507 million $493 million 2019 2018 2017.
 capital requirements determined annual plan contributions requested needed. ownership. equity debt financing. members rights obligations capacity IMFT investment debt financing. output eight-month lag. Intel provided debt financing $1. 01 billion 2018 repaid $316 million Intel 2019. August 29, 2019 debt $693 million Member Debt. Members pay fixed costs. capital requirements determined annual plan contributions needed. ownership.Members contribute capital equity debt financing. members rights obligations capacity IMFT debt financing. contribution output eight-month lag. Intel provided debt financing $1. 01 billion IMFT 2018 repaid $316 million Intel 2019. August 29, 2019 debt $693 million IMFT Debt. Members pay fixed costs IMFT capacity.
 January 2019 acquire Intel interest IMFT. closing date October 31, 2019 IMFT wholly-owned subsidiary. quarter 2020 pay Intel $1. 4 billion interest IMFT debt. Intel supply April 2020 50%.
 Creditors IMFT recourse assets. assets liabilities IMFT balance sheets
 balances.
 Assets
 Cash equivalents $130 $91
 Receivables 128
 Inventories
 Other current assets
 391 339
Property plant equipment 2,235 2,641
 $2,664 $3,025
 expenses $118
 debt
 851
 Long-term debt 53 1,064
 74
 $909 $1,305


FINANCIAL STATEMENTS
 revenues markets
 Twelve Months
 Transportation $299,005 $300,124
 Industrial 78,369
 Medical 41 40
 Aerospace Defense 32,569
 Telecom IT
 $468,999 $470,483


Accumulated Benefit Obligation
 2019 2018
 Projected obligation $174,690 $161,104
 Accumulated $161,729 $152,380
 $158,101 $151,715


table estimated payments benefits. Lien Walcott Bertz terminations December 31, 2019. officer waiver claims. benefits life insurance long-term disability 401(k) benefits.
. Lien 18 months salary 150% target bonus. Walcott 12 months 100% target bonus. Bertz six months 50% target bonus unpaid annual target bonus.
. Lien 18 months COBRA. Bertz six. Walcott. post-termination COBRA benefits.
. Walcott stock option 13,006 unvested shares price $17. 15 per share. greater $1. 38 closing price Nasdaq Global Market. Walcott 78,750. Bertz.
. Lien nine months base salary 75% annual target bonus. Walcott six months 50% target bonus. Bertz three months 25% target bonus.
. Lien nine months COBRA benefits.Bertz months COBRA benefits. Walcott.-termination COBRA.
 Bertz
 Change Control
 $1,200,000 $450,000 $254,063
 COBRA Reimbursement(2)
 Acceleration Stock Options RSUs(3)
 $1,248,160 $558,675 $320,361
 Severance(4) $600,000 $225,000 $103,125
 COBRA Reimbursement(5)
 $624,080 $108,674


2019 2018
 Products Licensing test measurement systems Optical Backscatter Reflectometer ODiSI Optical Vector Analyzer platforms optical components sub-assemblies Hyperion Terahertz sensing platforms. increased $22. 5 million $44. 5 million $21. 9 million 2018.
 $10. 8 million MOI $10. 5 million GP. fiber-optic sensing ODiSI composite materials testing structural integrity communications test instruments.
 Technology Development revenues increased $5. 1 million $26. 0 million $21. million 2018. contract awards Phase 2 SBIR contracts. growth Phase SBIR. intelligent systems advanced materials optical systems terahertz research. revenues similar.
 Products licensing revenues $44,491,041 $21,949,689 $22,541,352. 7%
26,024,674,967,556 5,057,118.
,917,245 $27,598,470.


Deferred tax assets liabilities December 27, 2019 28, 2018
 tax changes. Company files tax returns U. S. Federal state Canadian Federal provincial districts. 2016 2019 tax years open three-year 2019. state 2015 2019 years four-year. Company records interest penalties income tax.
 December 27, 2019 valuation allowance $907 Canada net operating loss carryforward $732 $267 reduction deferred tax liabilities $442 state net operating loss carryforwards. not. Canada net loss expires 2036 2038 state net loss carryforwards 2019 2038.
 foreign subsidiaries income before taxes $18 27, 2019 losses $3,223 $1,520 28, 2018 29, 2017. reinvested in earnings foreign operations disregarded for US tax.US tax foreign future remittances.
 27, tax positions.
 Deferred tax assets
 Receivables inventory $4,468 $3,978
 Accrued expenses
 Self-insurance reserves
 loss carryforwards
 Stock compensation
 Operating lease liabilities 37
 deferred tax assets 48,234 12,085
 Property equipment (5
 Intangible assets (15
 earn-out liabilities
 Prepaid expenses
 lease right-use assets
 tax liabilities,210
 Valuation allowance
 deferred tax,883)


IFRS 16
 recognized right-of-use assets $2,257 million lease liabilities $2,304 million deficit $19 million. leases $1,947 million liabilities $2,097 million December 2018 17. January 1 total right-use assets lease liabilities $4,204 million $4,401 million. impacts 16.
 lease commitments December 31, 2018 $1,612 million. difference liabilities $2,304 million increase $1,122 million renewal options $112 million non-monetary transactions decrease$542 million discounting future lease payments borrowing rate 3. 49% January 1.
 IMPACTS
 Prepaid expenses 244
 current assets
 Property plant equipment 24
 non-current assets
 Trade payables liabilities
 Debt due one year
debt 19,760
 Deferred tax 3,163
 liabilities
 Deficit (4,937)
 Non-controlling interest 326


operating expenses increased $43 million driven seasonality salary.
 year-over-year increased $42 million due salary R&D currency hedging.
 Fourth quarter 2019 R&D expenses net tax credits France Italy $37 million $29 million third $39 million fourth quarter 2018.
 Months % Variation
 December 31, 2019 2018 Year-Over-Year
 millions
 Selling general administrative expenses $(285).
 Research development expenses (387).
 Total operating expenses $(672.
 percentage net revenues.


INCOME TAX EXPENSE
 difference tax.
 effective tax rate 25. 8% 26. 9% 2018. 2019 lower reduction Alberta corporate income tax rate four-year.
 millions Years December 31
 Adjusted EBITDA 6,212 5,983
 Depreciation amortization 2,488 2,211
 Gain property plant equipment
 Restructuring acquisition
 Finance costs 840
 Other income
 Income tax expense 712
 Net income 2,043 2,059


. AVERAGE SHARES
 earnings per share-average. diluted earnings adjusted additional shares dilutive. include nonvested stock awards stock options non-management director stock equivalents. Performance share awards included diluted shares criteria met.
 table reconciles shares diluted
 2018 2017
-average shares 25,823 28,499 30,630
 dilutive securities
 Nonvested stock awards units
 Stock options
 Performance share awards
 shares diluted 26,068 28,807 30,914
 Excluded diluted
 Performance conditions not satisfied


Company $4. 8 million $1. 5 million. 1 million 2018 2017. technology software revenue customer relationships trade names sales marketing.
 Future amortization intangible
 Assets Software
 2020 2,582 3,522
 2021
 2022
 2023
 $ 22,274 8,349


OPTIONS
 summary stock option activity December 31, 2019 2018:
 Average Exercise Price Contractual Life Intrinsic Value
 December 31, 2017 2,341,340. 77. $1,087
 376,667 2.
 224,400.
.
 31, 2018 2,486,646 $1. 89. $1,550
 50,832 3.
 181,281.
 December 31, 2019 2,356,197. 89.
 1,843,468. 75.


 Group has reporting period
 Future swaps maturity dates 23 September 2019 to 23 2026.
 24 June 2019 Group reset interest rates AUD swaps. cash outflow $22. 9m reduced financial liability note 9. cumulative change fair value hedging instruments separate reserve.
 balance recycled reserve to finance costs future. year ended 30 June 2019 $0. 1m recognised finance costs.
 Interest rate swaps (AUD)
 400,000 270,000
 Future 275,000
 swaps (NZD
 73,500 53,500
 100,000
 NZD swaps
 70,361 48,944
 Future 47,864 91


Liquefaction services revenue
 Hilli moored Customer’s gasfields service capacity LTA. revenue
 LTA bills base rate oil price $60 or less per barrel increased greater than $60 per barrel excluded revenue transaction price.
 Customer billing commissioning period $33. 8 million upfront payment services. deferred recognized revenue.
 Day 1 gain oil derivative instrument recognized December 2017 $79. 6 million. amortized recognized "Liquefaction services revenue.
 recognize services revenue partially unsatisfied performance obligation remaining contract term less than eight years transaction price.
 Ended December 31,
 Base tolling fee 204,501 119,677
 Amortization deferred commissioning period revenue 4,220 2,467
Day 1 9,950
 218,096 127,625


income expenses
 Company receives public funding from. research development recognized costs incurred agreement signed conditions met.
 R&D funding 2017 from Nano2017 program French return 2024 depends on future sales product group 2019 to 2024. $47 million December 31, 2019 $42 million December 31, 2018.
 Phase-out costs closing stage manufacturing facility. start-up costs. before production certification.
 Exchange gains losses exchange rate changes changes fair value trading derivative instruments.
 Patent costs include legal attorney fees pre-litigation consultancy fees. net of settlements litigation costs.
 2019 gain on sale businesses related to. 2018 2017
.
 2019 2018 2017
 Research development funding 132 52 65
 Phase-out start-up costs (38) (1) (8)
Exchange gain 4
 Patent costs
 Gain sale businesses assets 8
 Other net
 Total 103 53


CASH FLOW ANALYSIS
 Fiscal 2018 IFRS 15 accounting policy Cogeco discontinued operations. policies operations sections. flow discontinued operations.
 OPERATING ACTIVITIES 2019 fourth-quarter cash flow increased 19. 3% higher adjusted EBITDA income taxes financial expense non-cash activities working capital.
 INVESTING ACTIVITIES 2019 decreased 25. 8% acquisition spectrum licenses decrease property plant equipment.
 months August 31, 2019
 flow operating activities 304,702 255,438.
 investing activities (144,332 (194,474).
 financing activities (50,198) (52,127.
 Effect exchange rate changes cash equivalents foreign currency (1,405)
 continuing operations 108,767 8,774
 discontinued.
 equivalents 447,737 62,818
end 556,504 84,725


5. MARKET REGISTRANT’S COMMON EQUITY MATTERS.
 Company’s common stock trades NYSE American “DIT”. October 31, 2019 closing price NYSE $73. 00 565,942 shares outstanding. 521 persons common shares 121 shareholders record participants Depository Trust Company. table reflects high low closing prices per share common stock NYSE American fiscal 2019 2018.
 4th Quarter $100. $73. $89.
 3rd Quarter 100.
 2nd Quarter 101.
 1st Quarter.


ITEM 6. SELECTED FINANCIAL DATA
 data derived from consolidated financial statements. with Item 7 Discussion Analysis Financial Condition Results financial statements notes. information not indicative future. results differ.
 consolidated balance sheet December 31, 2019 acquisition Speedpay Note 3.
 Accounting Standards Update 2016-02 Leases.
 December 31, 2018 ASU 2014-09 Revenue Contracts adjustment $244. 0 million retained earnings.
 December 31, 2017 reflects Baldwin Hackett & Meeks, Inc. judgment. $46. 7 million administrative expense $1. 4 million interest expense 15.
 balance December 31, 2016, sale Community Financial Services assets liabilities.
 December 31, 2019 borrowed $500. 0 million new senior secured term loan drew $250.Revolving Credit Facility acquisition Speedpay. issued $400. million notes due August 15 2026. proceeds $300. million 2020 2013. Note 5 Statements.
 2019 2018
 Balance
 Working capital $308,426 $269,857 $100,039 $31,625
 assets 3,257,534 2,122,455 1,861,639 1,902,295 1,975,788
 debt 34,148 20,767
 1,350,592,602 668,356
 Stockholders’ equity 1,129,968 1,048,231 764,597


ADJUSTED DEBT LEVERAGE RATIO
 valuation analysis capital structure decisions. includes long-term debt derivative assets short-term borrowings cash equivalents.
 Includes current long-term before deferred transaction costs discounts. “Reconciliation Measures. debt derivatives without adjustment credit risk leverage market valuation.
 “Accounting Policies”. Adjusted net debt EBITDA non-GAAP measures not substitutes GAAP. not IFRS.-GAAP Measures.
 IFRS 16 January 2019
 modified definition adjusted net debt includes lease. adding liabilities payments removed EBITDA change.
 December 31, 2019 held $1,831 million
 marketable securities publicly traded companies (2018 – $1,051 million.adjusted net debt increased $3,379 million December 31, 2018 lease liabilities $1,725 million long-term debt 600 MHz spectrum licences $1,731 million offset net cash.
 Financial.
 2019
 Long-term debt 16,130 14,404
 adjustment credit risk
 Short-term borrowings 2,238 2,255
 Lease liabilities 1,725 1,545
 Cash equivalents
 Adjusted net debt 18,185 16,351 14,806
 12-month EBITDA 6,212 6,157
 Debt leverage ratio.


. Earnings per Share
 basic diluted April 30 2019 2018
 dilutive securities excluded antidilutive. shares excluded 1,216,000 1,259,500. effect dilutive securities 242,874 127,536.
 April
 Basic EPS Shares,250 8,841,166
 Dilutive Securities
 Diluted EPS Shares 9,159,124 8,841,166


Receivables balances Golar Partners subsidiaries December 31, 2019 2018
 Interest income short-term loan balances Receivables unpaid management fees expenses services dividends Hilli Common Units arrangements. invoice. settled quarterly. Balances unsecured interest-free settled. November 2019 loaned $15. 0 million Golar Partners interest LIBOR plus 5. 0%. repaid $0. 1 million December 2019.
 Methane Princess lease security deposit movements advances funds security deposits. tax lease indemnity Agreement. settled termination lease.
 Balances due Golar Partners subsidiaries (2,708 4,091
 Princess lease deposit movements
 (4,961 1,256


highest-performance networks new services content Bell better communications experience home workplace.
 2019 Bell welcomed new subscribers retail Internet IPTV wireless managed decline home phone services.
 speed quality Best National Mobile Network gains postpaid prepaid wireless Internet growth fastest consumer home Internet Fibe TV Alt TV customers product programing innovations.
 wholesale subscribers.
 business telephone.
 retail subscribers
 9.
 High-speed.
.
 retail Internet IPTV wireless.
 Local residential telephone.
.


WebLife Balance Inc.
 November 30, 2017 acquired shares WebLife. browser vendor threat protection email privacy.
 estimated acquired assets liabilities Acquisition Date. results included financial statements since.
 consideration transferred $48,765 cash $278.
 unvested stock options canceled exchanged unvested awards. fair value $333 pre-combination service. $1,468 post-combination services. subject service $1,468 stock-based compensation expense. 107 shares common stock deferred employees fair value $9,652 not included purchase price. deferred shares subject forfeiture employment terminates fair value expensed stock-based compensation expense.
 Proofpoint, Inc. Consolidated Financial Statements share amounts
 fair values assets acquired liabilities assumed goodwill

 value
 assets $534
 Liabilities
 Deferred revenue
 Customer relationships
 technology 16,600
 Deferred tax
 Goodwill 36,514 Indefinite
 $49,043


Equity Securities Issuer Affiliated Purchasers
 purchases CalAmp Rule 10b-18 common stock fourth quarter February 28, 2019
 Average price share repurchase program commissions.
 December 10 2018 Board authorized repurchase program $20. million stock 12 months. February 28, 2019 $10. million $20. utilized. open market transactions Rule 10b5-1 Act.
 Shares Purchased Average Price Paid Share Announced Plans Approximate Dollar Value
 December 1 31, 2018 75,000 $12. $19,028,173
 January 1 31, 2019 524,577. $11,685,543
 February 1 28, 2019 116,042. $10,000
 715,619.


Disaggregation revenue
 table disaggregated revenue markets
 Company derived 90% 88% revenues RingCentral Office 2019 2018 2017
 markets
 North America 93% 95%
 7% 5%
 Total revenues 100%


Adopted Accounting
 April 1, 2018 Company adopted ASU 2014-09-Revenue Contracts Customers 606) amendments (“New Revenue modified retrospective method. applied contracts open. recognized effect retained earnings. comparative information restated reported under accounting standards. adoption impacts net sales revenue sold inventory price concessions. deferred revenue cost shipments distributors until. estimates returns records revenue sale. Sales non-distributor customers recognized upon shipment. cumulative effect changes consolidated April 1, 2018 balance sheet standard summarized table opening balance sheet adjustments. impact adoption consolidated income statement balance sheet March 31, 2019
 changes financial statements due transition from sellthrough to sell-in revenue eliminated deferred income shipments reduced accounts receivable increased retained earnings.recognized revenue New Revenue Standard driven Microchip business.
 year March 2019
 Statement Balances New Revenue Standard
 Net sales $5,349. $5,380.
 Cost sales $2,418. $2,434.
 Gross profit $2,931. $2,946.
 Income taxes $204. $219.
 Income tax provision(151.
 Net income operations $355. $368.


.
 Income operations declined 7 %. charges € 619 million € 492 million Industrial Businesses. EBITA margin 11. 5 % 2019. 2018 € 923 million € 669 million Industrial Businesses.
 tax rate 25% 2019 below 26% reversal income tax provisions. Income operations declined 6%.
 discontinued operations provision Communications activities.
 decline earnings per share income Siemens AG € 5,174 million 2019 € million 2018 lower shares. earnings per share € 6. 93.
 ROCE 11. 1 % below target range Siemens Financial Framework portfolio transactions Mentor Mendix merger wind power Tecnológica. decline lower income interest tax higher average capital employed.
 Digital Industries
 Smart Infrastructure
 Gas Power
 Mobility
Healthineers 2,461 11 %
 Renewable Energy 482
 Industrial Businesses 8,986 8,857 1
 EBITA. %.
 Financial Services 632 633
 Portfolio Companies 77 %
 Financial Statements (1,135
 Income taxes 7,518 8,050
 tax expenses (1,872) 9
 5,646 5,996
 Net income 5,648 6,120
 earnings share.
.


 tax rate calculated. 2019 13. 0% 18. 3% 2018.
 decrease due $2. 2 billion non-recurring tax benefit preferred stock deferred tax benefit $2. 1 billion reorganization offset goodwill charge not deductible 2018.
 reconciliation tax Note 12 consolidated financial statements.
 Increase
 December 31, 2019.
 Provision income taxes $2,945 $ 3,584 $ (639) (17. 8)%
 income tax rate 13. 0% 18. 3%


. Restructuring exit costs
 quarter 2018 Board Directors approved restructuring plan subscription transition digitizing re-imagining manufacturing construction production. Autodesk investments research development go-to-market. digital infrastructure customer success construction. re-balancing long-term goals. reduction 11% workforce 1,027 employees consolidation leased facilities. January 31, 2019 actions complete.
 restructuring charges $39. 2 million employee termination benefits $3. 2 million lease termination exit costs.
 restructuring charges costs 2019
 Adjustments foreign exchange rate changes settlement lease contracts write offs fixed assets.
 current reserve Balance Sheets accrued liabilities. no non-current portion January 31, 2019.
 Balances
 2018
 Employee terminations costs $53. $39. $2.
Facility terminations exit costs. 5. 2.
 $55. 5. 4. 4). $2.
 $55. 5.
 $55.


Cash Flows
 Combined Pension Plan post-retirement health care life insurance distributed paid. estimated assumptions reduced participant contributions.
 Combined Pension Plan Post-Retirement Benefit Medicare Part D Subsidy
 future benefit payments
 2020 $971
 2021
 2022
 2023
 2024
 2025-2029 3,813


Unbilled receivables billing subject time.
 December 31, 2019
 1 year $180,219 60%
 1-2 years 91 30%
 2-5 years 30
 $301,955


-TERM DEBT
 Company-term obligations 2019 2018.
 Estate. 99% installments $38,344 August 2021 September 2021 facilities 2,263,040 2,648,179
. 50% quarterly installments $49,114 June 2023 September 1,395,351 1,476,772
-free installments 2019 629,746
 3,658,391 4,754,697
 $3,125,644,658,391


fair value derivative 127,346 295,945 warrants 2016 offering Merger calculated Black-Scholes option model
 Risk-free interest rate U. S. Treasury Note similar term.
 Dividend yield 0% dividend yield.
 Volatility calculates volatility stock price peer group stock price.
 term remaining contractual maturity warrants.
 December 31, 2019 2018 marked derivative feature warrants fair value recorded loss $343,857 gain
 $250,241 value.
 Exercise price.
 Risk-free interest rate. 46%. 59%
 Dividend yield.
 Expected volatility 152% 133%
 Contractual term. 15


 table summarizes 2019 2018 2017
 2019 $6. 7 million $539. 7 million foreign subsidiaries. reinvest foreign earnings. income taxes repatriation.
 2017
 $60,068 $103,051 $60,765
 operating 10,317 3,295 4,863
 investing (24,574 (48,413) (70,972)
 financing,101 3,099 108,475
 Effects exchange rates (250 (964)
 $539,662 $60,068 $103,051


FINANCIAL STATEMENTS
 $493. $261 non. 2020.
 benefit payments service
. Non. Post-Retirement Life Insurance
 2020 $15,514 $393
 2021 15,399
 2022 15,218
 2023 14,983
 2024 14,706
 2025-2029 68,594
 $144,414 $1,050 $3,279


table cash equivalents restricted cash sheets December 31, 2019 2018
 Note 7. Cash.
 2019 sold $52. million no gain loss. 2018 2017 sold $10. 8 million $118. 3 million less than $0. 1 million. Note 11. Value.
 Balance Sheet 2019
 Cash equivalents $ 1,352,741 $ 1,403,562
 Restricted cash 13,697 19,671
 Restricted noncurrent. investments 80,072 139,390
 Total cash equivalents restricted cash $ 1,446,510  $ 1,562,623


table summarizes intangible assets acquired estimated lives VMware
 excess purchase consideration value recorded goodwill. estimated value liabilities based management estimates assumptions. initial allocation purchase price valuations subject change information. VMware expects finalize allocation purchase price. goodwill assets not deductible tax.
 Weighted-Average Useful Lives Fair Value
 Purchased technology. $232
 Customer relationships lists.
 Trademarks tradenames.
.
-lived intangible assets $492


GasLog Ltd. Subsidiaries
 consolidated financial statements
 December 2017 2018 2019
 amounts. Dollars
. Transactions
 balances statements
 Assets
 Dividends receivable due
 June 28, 2019 GasLog transferred Golar 100 shares Cool Pool Limited. December 31, 2019 receivable balance nil.
 Dividends receivable
 Cool Pool
 receivables
 33,395


. Goodwill Purchased Intangible Assets
 tables
 direct purchases licenses.
 Impairment charges $47 million 2017. value future cash flows.
 July 27, 2019 Accumulated Amortization
 Purchased intangible assets finite lives
 Technology. $3,270 $(1,933) $1,337
 Customer relationships.
 assets finite lives 4,151 (2,286) 1,865
-process research development indefinite.
. $4,487 $2,201


Units
 August 29, 2019 16 million shares 14 million service conditions. restrictions lapse-fourth-third grant. Restrictions lapse 2019 three-year. shares awarded vary 0% 200% target achievement level. activity 2019
 Shares Weighted-Average Grant Date Value Share
 Outstanding August 30, 2018 $25. 18
 Granted.
 Restrictions lapsed.
 Canceled.
 Outstanding August 29, 2019.


Property
 furniture computers leasehold improvements. lives seven years. Leasehold improvements depreciated. Depreciation 2019 2018 2017 $8. million $8. 6 million $9. 1 million Consolidated Statements Income. intangible assets.
 Office equipment $ 38,373 $ 39,633
 Furniture fixtures 5,017
 Leasehold improvement 23,534 19,430
 66,924 63,673
 accumulated depreciation (44,199 (49,355
 $ 22,725 14,318


intangible assets
 acquired Brink Drive-Thru Restaurant Magic software development costs. capitalizes software costs Restaurant/Retail reporting. costs feasibility charged operations research development costs.
 technological feasibility established planning designing coding testing specifications.
 costs after perpetual license capitalized amortized-by when available.
 developed software costs $2. 5 million $3. 0 million not general release threshold December 31, 2019 31, 2018. expected satisfy 12 months.
 Software capitalized ASC 350-40 amortized over benefit period three to seven years. Long-lived assets tested for impairment. Software costs capitalized 2019 2018 were $4. 1 million $3. 9 million.
Annual amortization sales computed straight-line method economic life ratio future revenues. Amortization capitalized software costs $3. 3 million $3. 5 million 2019 2018.
 intangible assets
 Acquired software costs $36,137 $18,972 3 - 7 years
 Customer relationships 7
 Non-compete agreements
 41,027
 accumulated amortization (12,389
 $28,638 $7,454
 software costs release threshold 2,500
 Trademarks-amortizable 1,810
 $32,948 $10,859


Consolidated Cash Flows
 table summarizes cash activities changes periods
 Operating Activities Cash $110. 5 million December 31, 2019 $341. 4 million 2018. $230. 9 million decrease recapture reinsurance treaties Insurance 2018 offset improved performance KIC acquisition reduction losses Broadcasting increase working capital Telecommunications segments.
 Investing Activities $263. 7 million 2019 $224. 6 million 2018. $39. 1 million increase increase net cash Insurance segment KIC acquisition recaptures decrease cash Life Sciences segment increase Energy segment stations 2019. decreases offset reduction Construction segment acquisition GrayWolf reduction Broadcasting segment less acquisitions.
 offset reduction net cash Insurance segment purchases acquisition KIC.
 Financing Activities $62. 4 million December 31, 2019 $115. 2 million 2018.8 million decrease Construction Broadcasting Energy Corporate decline cash holders Life Sciences sale BeneVir 2018.
 Ended December 31,
 Operating $110. $341.(230.
 Investing (263. (224.
 Financing 62. 115. (52
 Effect exchange rate changes cash equivalents 1.
 decrease cash equivalents restricted cash $(89. $231.(321.


Share Compensation Board Directors grant awards Consolidated Communications Holdings. 2005 Long-Term Incentive Plan. permits stock options appreciation rights grants unit grants equity-based awards directors employees Compensation Committee.
 April 30, 2018 shareholders approved amendment 2,000,000 shares term through April 30, 2028.
 4,650,000 shares authorized no more 300,000 shares granted stock options appreciation rights employee director. until April 30, 2028.
 fair value market price stock grant. expense.
 performance-based incentive program. annual grants PSAs. performance cycle.
 participant target award payout opportunity 0% to 120% target performance. estimate PSAs fair value expensed date grant.
 table summarizes grants RSAs PSAs December 31, 2019 2018 2017:
Year Ended December 31,
 2019 Grant 2018 2017
 Granted 551,214 $. 478,210 $ 12. 124,100.
 Granted 371,672 $ 12. 36,982 $ 23.
 922,886,210 161,082


PRICES COMMON
 Market.
 High Low Sale
 First Quarter $8. 95 $7.
 Second Quarter. 7
 Third Quarter 13.
 Fourth Quarter.
 First Quarter $10. 76 7.
 Second Quarter.
 Third Quarter.
 Fourth Quarter.


. Earnings per share?
 profit after tax equity average shares deducting employee trusts treasury shares.
 diluted earnings options potential shares dilutive. 36m shares excluded.
 earnings based profit after tax equity shareholders excludes non-controlling interests. Profit after tax £2,159m non £3m. Profit non-controlling interests not presented.
 Year ended 31 March 2019 2018
 average shares (millions 9,912 9,911
 Dilutive shares options 6
 executive share awards 57 48
 Diluted average shares (millions 9,961 9,994
 earnings per share 21. 20. 19.
 Diluted.


 revenue region location. EMEA Americas.
 Revenue
 millions
 Germany 3,658,352
 EMEA 8,158 7,446
 12,105 11,104
 United States 9,085 7,880
 Americas 2,109 1,832
 11,194 9,713
 Japan 1,180
 APJ 2,928 2,814
 4,254 3,891 3,699
 Group 27,553 24,708


 Subscription Solutions
 increased $10. 7 million 39. 9% three months 2019 compared 2018. increase due to costs merchants infrastructure hosting employee costs credit card fees amortization technology payments theme developers. decreased from 7. 8% 2018 to 7. 4% 2019.
 Merchant Solutions
 increased $72. 5 million 55. 2% 2019 2018. increase due to higher payment processing interchange fees Shopify Payments. amortization intangibles employee costs product costs credit card fees infrastructure hosting manufacturing costs POS hardware. increased from 38. 2% 2018 to 40. 4% 2019 Shopify Payments larger percentage revenue.
.
 revenues
 Cost subscription solutions $ 37,369  $ 26,706  39. 9 %
merchant solutions 203,900 55.
 241,269 158,119 52. 6 %
. 4. 8
 40. 4. 2 %
 47. 8 46.


 BCE expenditures $3,988 million up $17 million 2018. capital intensity ratio 16. 6% down. 3 pts last year.
 Greater investments wireless segment $33 million 2019 LTE-A network small-cells growth speeds coverage signal quality data fibre backhaul 5G
 modest reduction wireline $10 million homes businesses fixed WTTP rural Ontario Québec fibre Internet TV services contracts
 Lower capital expenditures Bell Media $6 million 2019 due production equipment IT upgrades
 Bell Wireless 697 664.
 7. 6%. 5%.
 Bell Wireline 3,183.
 25. 8%.
 Bell Media.
 3. 4%. 7%.
 3,988 3,971.
 16. 6%. 9%.


. Contingent liabilities
 guarantee contracts rent guarantees 10 years unlikely.
 million 30/9/2018 30/9/2019
 contracts 18
 collateral third-party liabilities
 Other liabilities


. NON-CURRENT ASSETS
 ASC 842 balance sheet presents right-of-use-assets office leases. adopted modified transition approach January 1, 2019.
 Investment OLT-O Italian company construction FSRU terminal Livorno coast Italy 2. 7% interest share capital. May 2019 shareholder sold shareholding re. impairment charge $7. 3 million down December 31, 2019.
 non-current assets payments items conversion Viking FSRU. carrying value Viking $16. 2 million.
 non-current assets payments conversion Gimi FLNG. Limited Notice works conversion commenced January 2019. December 31, 2019 carrying value $31. 0 million reclassified "Asset under development".
 Oil derivative instrument
 Operating lease right-of-use-assets
 Foreign exchange swap
swaps 6,298
 OLT-O 7,347
 assets 24,700 40,729
 80 139


remuneration Group’s auditors PricewaterhouseCoopers LLP firms International services year 31 March 2019 analysed
 Fees new accounting standards IFRS 15 “Revenue Contracts 2018 IFRS 16 “Leases” 2019.
 fees statutory regulatory filings. 31 March 2018 includes non fees Vodafone New Zealand merger Vodafone India Idea Cellular. amount year 31 March 2017 regulatory filings IPO Vodafone India.
 Audit and Risk Committee auditor independence non-audit services report pages 71 to 76.
 2019 2018 2017
 Parent company
 new accounting
 Audit fees
 Non-audit fees
 Total fees