.
 grew. 1% segments. service $20,737 million product $3,227 million. 4% 6. 6%. Wireless grew. 7% product 6. 6% service 2. 5%. Wireline. 7%. data voice product revenue. 2%. Bell Media revenues increased 3. 1% higher subscriber advertising revenues
 Bell Wireless 9,142 8,818.
 Wireline 12,356,267.
 Bell Media 3,217 3,121.
 Inter-segment eliminations (751).
 BCE revenues 23,964 23,468.


table summarizes consolidated cash equivalents operating financing investing activities
 Cash
 flow fluctuates vessel utilization TCE rates interest rates working capital dry-docking expenditures repairs vessel additions dispositions foreign currency rates. exposure spot tanker market.
 production performance FPSO units. charter contracts global oil prices impacted cash flows.
 Consolidated net cash flow increased $383. 3 million December 31, 2019 from $182. 1 million 2018. due $127. 2 million increase income.
 5 Operating Financial Review Prospects Condition Results.
 $9. 9 million increase cash non-cash working capital $23. 6 million increase dividends joint ventures $17. 1 million increase direct financing lease payments ASU 2016-02 2019.
interest expense losses currency decreased $38. 1 million 2019 losses. offset cash outflows $15. 9 million dry-dock expenditures.
 Daughter Entities hold gas carriers conventional tanker assets. received $317. 8 million proceeds sale Yamal Spirit Torben Spirit $370. 1 million Magdala Myrina Megara 2018.
 Teekay Tankers received $63. 7 million Suezmax tankers $241. 3 million Aframax Suezmax LR2 Product.
 credit facilities capital expenditures. revolving credit longer-term financing. manage maturity profile financing arrangements.
 net cash outflow $227. 3 million prepayments debt issuance costs payments cross currency swaps inflow $553. 7 million 2018. repayments decreased $438. 1 million 2019.
Daughter Entities distributed dividends. no equity financing transactions 2019 2018. Teekay LNG repurchased $25. 7 million common units.
 Parent capital equity $103. 7 million 2018. dividends decreased $16. 6 million 2019 elimination Teekay Parent quarterly dividend.
 received $100 million Brookfield sale interests Altera. capital expenditures $109. 5 million modifications.
 proceeds $11. 5 million Alexander Spirit contributed $72. 4 million ventures expenditures Yamal LNG Bahrain LNG. proceeds $19. 6 million Suezmax tanker.
 expenditures $0. billion modifications. Teekay Parent advanced $25. million Altera unsecured revolving credit.
 proceeds $54. million sale 50% Excelsior Joint Venture $28.European African Spirit. Teekay LNG contributed $40. million loans December 2018 Yamal Bahrain Pan Union capital MALT.
 $25. 3 million outflow 2017 Brookfield Transaction Deconsolidation Sale.
. December
 operating cash flows 383,306 182,135
 financing (382,229 434,786
 investing (50,391 (663,456)


Repurchases. August 22, 2011, established share repurchase program. June 11, 2019 Board Directors authorized extension $5,000,000 24 total $22,000,000 August 2011). stock repurchased open market privately negotiated. timing determined management market conditions. Program suspended discontinued.
 October November December 2019 repurchased stock
 December 31, 2019 repurchased 335,372 shares $764,606 average price per share $2. 28.
 December 31, 2019 repurchased 335,372 shares $764,606 average price share $2. 28.
 December 31, 2019 repurchased 8,489,770 shares $15,906,846 average per share price $1. 87.
 Shares Purchased Average Price Paid Share Plans Programs Maximum

 October 1 to 31, $4,803,723
 November 1 30. $4,779,620
 December 1 to 31, 153,431. $4,445,258
 164,817. 17


unrecognized tax benefits March 31, 2019 2018 $622,000 $619,000 resolution uncertain. March $2. 5 million $2. 1 million net deferred tax assets.
 deferred tax assets $6. 7 million valuation allowance $6. 7 million. months years elapse before uncertain. reconciliation
 unrecognized tax benefit balance March 2019 $599,000 tax rate recognized.
 Unrecognized tax benefits period $2,735 $2,714 $2,055
 Act rate re-measurement
 Reductions
 Lapses current year statutes limitations
 Unrecognized tax benefits end period $3,102 $2,735 $2,714


Consolidated Financial Statements Fiscal Years Ended May 2018 28, 2017 Lamb Weston Spinoff
 November 9, 2016, Spinoff. equity. Commercial segment. discontinued operations.
 comparative financial results
 2017 incurred $74. 8 million expenses professional fees contract services regulatory filings separation. income discontinued operations. 2019 2018 income tax expense $2. 8 million tax benefit $14. 5 million.
 assets $2. 28 billion liabilities $2. 98 billion debt $2. 46 billion transferred Lamb Weston. received cash payment $823. 5 million. 4 debt exchange.
 transition services agreement recognized $2. 2 million $4. 2 million income 2018 2017 expenses.
 sales $1,407.
 discontinued operations taxes earnings.$172.
 before taxes equity earnings. 172.
 tax expense 2. (14. 87.
 15.
 discontinued operations tax. 14. 100.
 income noncontrolling interests. 6.
 discontinued operations Conagra. $14. $93.


Geographic Revenue
 geographic.
 revenue $77,147 million 2019 decreased. 1 percent increased. 2 percent excluding businesses.
 Americas revenue decreased. 9 grew 1 percent. North. decreased. 4 Canada increased. (6. Latin America declined grew adjusted. Brazil declined. 8 percent flat adjusted.
 EMEA revenue decreased. 1 percent flat adjusted increased 1 percent. France Italy decreased. 9. 1. 3 grew 1 1 4. Germany decreased. 9. Middle East Africa decreased. 5.
 Asia Pacific decreased. Japan increased. 3 percent.
 Australia decreased. 3. China decreased. 4 India decreased. 1 percent 5 percent adjusted.
 year December 31 2019. Percent Change.Currency. Businesses
 revenue $77,147 $79,591 (3.
 Americas $36,274 $36,994.
 Europe East 24,443 25,491 (4.
 Asia Pacific 16,430 17,106 (4.


.
 50% preferred shares $4,004 million 2019 2018.
 increase $1,891 million debt lease liabilities $2,304 million IFRS 16 Bell Canada Series M-49 M-50 MTN debentures $600 million $550 million US-2 $600 million.$808 million securitized trade receivables $131 million
 offset redemption Series M-27 M-37 $1 billion $400 million decrease notes payable $1,073 million $29 million lease liabilities
 decrease cash $280 million $2,819 million dividends BCE $1,216 million debt repayments $142 million BCE shares $60 million acquisition costs
 offset $3,818 million free cash flow $240 million issuance
 one year 3,881. 4%
 Long-term debt.
 Preferred shares
(425).
 debt 28,153 25,982 2,171.


.
 Teekay subsidiaries not. Norwegian subsidiaries subject.
 deferred tax assets liabilities
 estimated net operating loss $878. 3 million. Spanish Norwegian Luxembourg subsidiaries Australian subsidiaries.
 disallowed finance costs Spain Norway $15. million $15. million December 31, 2019 available 18 10 years. tax losses Luxembourg available offset income 2017 17 years 2016.
 Deferred tax assets
 Vessels equipment 1,646 5,868
 losses disallowed finance costs 164,009 155,910
 19,674
 deferred tax assets 185,329 172,323
 tax liabilities
 22,913 18,037
 6,512 5,588
 29,425 25,685
 deferred tax assets 155,904 146,638
deferred 2,602


accumulated obligation United States $198. 2 $172. 8 million December 31, 2019 2018. foreign $39. 9 million $35. 6 million.
 pension plans accumulated obligation December 31
 benefit obligation $55. $44. $50. $39.
 Accumulated obligation 53. 39. 48. 35.
 value assets.


. HOOQ share options equity-settled
 December 2015, HOOQ Digital. 65%-owned subsidiary implemented Digital Employee Share Option Scheme. employees subsidiaries granted options purchase shares.
 100% fair value fully vested 4 years vesting commencement.
 fair value 4.
 grant dates exercise prices fair values
 term option 10 years from grant.
 fair values estimated Black-Scholes pricing model.
 1 April 2018 to 31 March 2019 options 9. 6 million shares HOOQ granted. 31 March 2019 43. 3 million shares outstanding.
 Equity-settled price Fair Value grant date
 grant 16 May 2016. 0445. 0463
 April 2017. 0301
. 0292
 July.
.
 October.
 January.. 0316.
 April 2018. 0360
 July 2018. 0368
 October 2018. 0371 0374
 January 2019. 0367.


 granted 2016 Incentive Plan price not less market value per share common stock. term outstanding options exceed ten years one year. Vesting determined compensation committee administrator agreements. dividend rights.
 stock option activity
 weighted average value December 31, 2018 2017 $7. 03 $6. 24. December 31, 2019. total intrinsic value options $16. million $15. 8 million $13. 4 million.
 Shares Weighted Average Exercise Price Contractual Term Intrinsic Value Options
 December 31, 2018 4,864,836 $17.
.
.
 31, 2019 4,006,816 $18. $78,949,941
. $69,349,255


. Registrant’s Common Equity Stockholder Issuer Purchases Securities
 common stock traded NTAP.
 highest lowest intraday sales prices two fiscal years.
 June 7 2019 413 holders stock.
 First Quarter $ 83. $ 63. 45. 37.
 Second Quarter $ 88. 70. 45. 37.
 Third Quarter $ 83. $ 54. 64. 43.
 Fourth Quarter $ 78. 61. 69.


. Selected Financial Data
 historical financial information audited financial statements notes Item 5. Operating Financial Review Prospects. Statements Operations 2019 2018 2017 Balance Sheet data derived statements. Operations 2016 2015 balance Annual Report Form 20-F.
 FINANCIAL DATA December
 figures thousands USD except share data 2019 2018 2017 2016 2015
 Voyage Revenues 317,220 289,016 297,141 357,451 445,738
 Voyage Expenses (141,770),012),465 (125,987)
 Vessel Operating Expense (66,033)
 General Administrative Expenses (13,481,727)
 Depreciation Expenses (63,965),669,889
 Impairment Loss Vessel
 Loss Goodwill
 Loss Disposal Vessels
Settlement Received 5,328
 Net Income 31,971,616) (175,690) 53,341 128,093
 Interest Income
 Expense,390 (34,549) (20,464 (11,170,855
 Financial (4,160 (14,729)
 Expenses (42,252) (48,944) (20,761) (11,053)
 Income Tax Expense
 Gain Equity (7,667) (8,435 (46,642 (2,462
 Income (10,352) (95,306) (204,969) (4,456) 114,627
 Basic Earnings Share.
 Earnings.
 Cash Dividends Share.
 Weighted Average Shares,571,361 141,969,666 103,832,680,001
 Market Price Share.92. 46. 40.


NAVIOS MARITIME. FINANCIAL STATEMENTS. dollars
 NOTE 4: CASH EQUIVALENTS RESTRICTED CASH
 Short-term deposits funds maturity less three months
 loss non. Navios Holdings deposits limits. credit risk financial institutions. Note 2(e.
 December 2019 31,2018
 Cash banks $77,041 $131,432
 Short-term deposits funds 950 6,450
 Restricted cash 736 12,892
 $78,727 $150,774


. EXPENSES
 long-term debt commitment fee deferred financing Credit Facility Note 9.
 2019 2017. $2. million $2. 5 million.
 USD
 34,018 29,753 18
 Commitment Fee 3
 Amortization Deferred Financing 4,372
 costs
 Expenses 38,390 34,549 20


Taxation
 tax expense 2019 higher tax credit 2018 lower standard corporation tax UK. differences
 unprovided deferred tax relates revenue losses property derivative values.
 future tax charges
 Management compliance REIT legislation
 Group UK REIT profits gains property exempt tax conditions. conditions fulfilled.
 short-term reduction dividends underpayment minimum PID corporation tax 19 per cent REIT.
 tax expense £16. 0 million includes £15. 7 million corporation tax underpayment minimum PID. underlying earnings rental income.
 exceptional tax expense £6. 4 million corporation tax prior year underpayment minimum PID. exceptional excluded underlying earnings.
 Loss before tax joint ventures associates.
 standard 19%.
 Exempt property rental profits revaluations.
.
Tax shortfall PID 22.
 Additions disposals property 7.
 Non-deductible.
 Overseas taxation.
 Unprovided deferred 22.
 tax 5.


Cash Financing Activities
 2017 contributions FPS Acquisition.
 2018 minority holders options subsidiary ATC TIPL. December 2019 redemption shares INR 29. 4 billion$425. 7 million.
. 40% February 15 2019 repaid $1. billion. 40% Notes. repaid 2019 Multicurrency Credit Facility. none. Notes outstanding.
. April 22, 2019 redeemed $700. million. Notes redemption price $726. million $5. million accrued unpaid interest. loss retirement $22. 1 million prepayment $21. million unamortized discount deferred financing costs. funded borrowings 2019 Credit Facility cash. none. Notes outstanding.
. 900% Senior January 15 2020 redeemed $500. million.% notes 2021.principal accrued unpaid interest excluding 15 2020 redemption $539. 6 million. 1 million accrued unpaid interest. loss retirement long-term obligations $34. 6 million prepayment $33. 5 million unamortized discount deferred financing costs. redemption funded borrowings 2019 Credit Facility cash. 900% Notes outstanding.
 December
 Proceeds issuance senior notes $4,876. $584. $2,674.
 credit facilities 425.
 Distributions common stock.
.
 Repayments securitized debt.
 noncontrolling interest holders.
 Repayments senior notes,700.
 loan.
 redeemable noncontrolling interest.
 Proceeds issuance securities.


. Financial Information
 Inventories Purchased components $ 8 12
 Finished goods 123
 $ 131


March 31, 2019 Company had $7. 7 million unrecognized tax benefits. reconciliation
 $1. 9 million. income tax rate. tax benefit decrease $1. million 2020 if advanced pricing arrangement audit settled.
 Company files income tax returns U. S. foreign jurisdictions. U Internal Revenue Service concluded examinations. returns 2003. losses. returns 2003 until losses utilized. subject income tax examinations. state jurisdictions 2014. records interest penalty expenses tax benefits. $0. 5 million $0. 9 million accrued interest penalties March 31, 2019 2018 income tax expense. income tax.
 Fiscal Years Ended March 31,
 $8,680 $7,390 $7,103
 Additions business combinations
current 2,027 1,078
 prior 519
 Reductions prior (633) (1,058)
 limitations
 Settlements (2,923)
 fiscal year $7,661 $8,680


2019
 initiated restructuring program consolidation improvements segments. recorded charges $254 million. complete restructuring actions 2021 incur additional $35 million employee severance facility exit costs Transportation Industrial Solutions.
 charges
 Transportation Solutions $ 160 $ 144
 Industrial Solutions 80 66
 Communications Solutions 49 44
 $ 289 $ 254 $


Orders up year-over-year new-unit. large orders increased €. 4 billion combined-cycle power plant France HVDC €. 4 billion Germany €. 3 billion offshore. €. billion Brazil. intake increased
 regions Americas double-digit growth.
 Power revenue decreased
 new-unit. revenue decreased Europe. Africa Middle East Asia Australia offset growth Americas. Adjusted down lower revenue price declines reduced capacity utilization. gains € 166 million divestments. Severance charges € 242 million 2019 € 374 million 2018. order backlog € 51 billion € 13 billion revenue 2020.
 competitive market. power generation market challenging volume stabilizing. gas turbine market impacted delays price pressure. weak growth uncertainty regulatory.
gas turbine market overcapacity fostering consolidation. large steam turbines volume shrank shift gas renewable carbon emission regulation. continue 2020. industrial steam turbines stable flat 2020.
 Oil gas markets developed 2019 recovery natural gas. grow 2020. offshore onshore exploration recover project approvals. Pipelines downstream oil gas-related markets stable 2020.
 year
 millions.
 Orders 19,975 18,451 8 %
 Revenue 17,663 18,125
 service business 8,025 7,756 3%
 Adjusted EBITA 679 722
 margin. 8%.


Changes value defined benefit obligations €247 million €−24 million. reduction invoice rates.
 average term defined benefit commitments
 30/9/2018 30/9/2019
 Germany
 Netherlands
 United Kingdom
 Belgium


 Autodesk recognizes revenue from product subscriptions cloud service agreements renewal fees consulting training services. categories items Consolidated Statements of Operations.
 net revenue geographic location product family sales channel
 AutoCAD balances adjusted.
 Payments product subscriptions cloud subscriptions maintenance subscriptions due up front 30 to 45 days. EBAs annual installments 30 to 60 days. material variable returns refunds warranties.
 January 31, 2019 deferred revenue $2. 7 billion undelivered performance obligations recognized three years. expect $1. 9 billion 72% revenue next 12 months. remaining $0. 8 billion 28%.
 deferred revenue timing billing cycles foreign currency fluctuations
 Fiscal Year ended January 31,
 Net revenue by product family
Architecture Engineering Construction $1,021. $787. $810.
 616. 528. 575.
 AutoCAD 731. 561.
 Media Entertainment.
.
 $2,569. $2,056. $2,031.
. $874. $740. $742.
 175.
 1,049. 871.
 Middle East Africa 1,034. 815. 800
 485.
 $2,569. $2,056. $2,031.
 $1,830. $1,443. $1,468.
 739. 612. 562.
 $2,569. $2,056. $2,031


. Revenue
 AASB 15 Revenue from Contracts Customers framework timing revenue recognition. AASB IFRS 15 Revenue replaced IAS 18 Revenue IAS 11 Construction Contracts.
 new standard revenue recognised control transfers to customer performance obligations.
 Group applied new standard 1 July 2018 modified retrospective approach changes opening retained profits. recognition revenue previous.
 Altium performance obligation revenue streams revenue recognition methods
. Software licenses Revenue recognised license activation. Subscription maintenance Revenue deferred recognised. allocation methodology revenue. Search advertising Revenue recognised price-per-click search result. Services revenue recognised. training implementation. Other revenue Royalties recognised sales. Interest income Revenue recognised principal effective interest rate future cash receipts net carrying.
 Impact opening retained profits
costs sales commissions Altium expedient expensing asset amortised year 12.
 revenue deferred upfront commission paid capitalised amortised. Altium US$6 million deferred revenue 30 June 2018 US$0. 3 million profits.
 US$6. 9 million June 2019 US$ 0. 2 million commissions.
 accounting
 Revenue contracts allocated selling prices recognised accounting policy.
 Software license 82,575 64
 Subscription maintenance 64,955
 advertising 17,940
 Service revenue 3,655
 Other revenue 2,694
 Interest income
 172,752


Deferred revenue invoiced obligations. 2019 2018 recognized $63. 2 million $60. 2 million.
 2019 2018
 Products $6,593 $5,216
 Services 94,571 92,750
 101,164 97,966
 (62,233 (63,874)
 Non-current $38,931 $34,092


Group profit $60. 9 million $50. 7 million $109. 0 million revenue growth. foreign exchange gain $1. 5 million loss $6. 9 million.
 profit before taxation increased $94. 6 million $53. 6 million $41. million $80. 6 million improvement $13. 4 million reduction finance expenses. gains sterling euro.
 profit increased $87. 8 million $26. 9 million March 2019 profit taxation.
 Cash flow $142. 9 million reduced $4. 8 million $147. 7 million. overheads improved use working capital. Unlevered free cashflow decreased $15. 8 million $123. 8 million.
 financial highlights
 IFRS 15 accounting research tax credit scheme tax positions
 non-GAAP measures note 5
$M
 Statutory measures
 Revenue 710. 639. 11.
 taxation 53.
 cash flow 142. 147.
 performance
 760.
 EBITDA 167. 199. (15
 profit 109. 58. 87.
 cash flow 123. 139. (11


Liquidity Capital Resources
 cash. business financial condition strong cash flows cash equivalents short-term investments $5. 9 billion capital $1. 5 billion credit facility operational requirements 12 months. sources liquidity payments debt maturities include cash equivalents short-term investments.
 December 31, 2019 cash outside. foreign subsidiaries $2. 8 billion $1. 4 billion 2018. available U. restrictions.
 cash impacted seasonality. sales fourth quarter. consider transactions shareholder value business results divestitures joint share repurchases structural changes. future cash proceeds.
 Sources Liquidity
 Cash equivalents $5,794 $4,225 $1,569
 Short-term investments 69
 $5,863 $4,380 $1,483
 total assets 30% 24%


. Debt
 Silicon Valley Bank Facility
 maintained Loan Security Agreement SVB loan original $6. 0 million. floating annual interest rate SVB’s prime rate plus 2%. matured repaid May 2019.
 October 10, 2019 Amended Restated Loan Security Agreement SVB Credit Facility. advances up $10. 0 million. floating annual interest rate equal Prime Rate plus 1% or 6%. repaid reborrowed. terminates October 10, 2020. No amounts borrowed Agreement.
 Amounts secured assets personal property inventory bank accounts intellectual property not secured. equipment value up $1. 0 million. financial covenants Liquidity Coverage Ratio protection intellectual property rights covenants. default SVB borrowings foreclose collateral. default interest rate.December 31, 2019 no default Credit Facility.
 Term Loans $8,073 $101,087
 Amortization debt 5,685 16,308
 2,120 6,949
 $15,878 $124,344


Net Income (Loss) Per Share
 Company calculates FASB ASC Topic 260,Earnings. based on weighted-average common shares. Diluted dilutive securities Plan. net loss dilutive securities not included.
 fiscal years 2019 2018 2017 potentially dilutive shares excluded from
 Stock options 1,687  2,806 569
 RSUs 2,352 2,580
 ESPP common stock equivalents 74
 Checker earnout shares 24
 Total potentially dilutive common shares 4,113  5,457  676


.
 Nordic American Tankers Limited formed June 12, 1995 Islands Bermuda. shares trade New York Stock Exchange. acquiring chartering double-hull tankers.
 international fleet 23 Suezmax tankers. new 2019. December 31, 2019 average 156,000 dwt each. 2019 2017 chartered spot market.
 23 Suezmax crude oil tankers majority built Korea.
 Nordic Freedom 159,331
 Nordic Moon 160,305
 Nordic Apollo,998
 Cosmos
 Grace 149,921
 Mistral 164,236
 Passat 164,274
 Vega 163,940
 Nordic Breeze 158,597
 Zenith 158,645
 Sprinter 159,089
 Skier
 Light 158,475
 Cross
 Luna
 Castor 150,249
 Sirius 150,183
Pollux 2003 150,103 2016
 Star 159,000
 Space 159,000
 Tellus 157,000
 Aquarius 157,000
 Cygnus


operating requirements funded cash borrowings.
 future cash borrowings credit external financing.
 cash capital debt business.
 table summarizes cash flows
 Ended December 31,
 2019 2018 2017
 Operating activities $ 339,096 357,321 210,027
 Investing (217,819) (221,459) (1,042,711)
 Financing (118,481 (141,920) 821,264
 cash equivalents $ 2,796 (6,058) (11,420


GasLog. Subsidiaries
 consolidated financial statements
 years December 31, 2017 2018 2019
 amounts. Dollars
 Ship management liability cash Egypt LNG Shipping. obligations
 $200 $169) office lease operating expenses.
 December 31,
 2019
 Ship management creditors 268 328
 parties 169


2013, Company commenced pension plan.
 $1. 2 million 2019 $0. 9 million.
 benefit pension funds actuarial cost. returns benefits. assets Canadian foreign equity securities fixed income instruments short-term investments.
 provides health care life insurance retired employees dependents. funded pay-as-you-go retiree cost contributions deductibles coinsurance.
 balance sheet obligations pension benefits
 December
 Pension $8,566 $10,905
 Other post-employment benefits 23,508 21,330
 Accrued benefit liabilities $32,074 $32,235


. Investments subsidiaries
 additions equity share payments employees subsidiary companies.
 undertakings disclosed note 35 consolidated financial statements.
 1,212. 1,210.
.
 1,216. 1,212


tax effects differences deferred tax assets
 Recognition tax likely.
 valuation allowance $85. 7 million $78. 7 million against. deferred tax assets December 31, 2019 2018. valuation allowance increased $7. 1 million $6. 2 million.
. federal net operating loss carryforwards $193. 8 million
 $185. million state loss $84. 6 million $75. 3 million
. expire 2025. state losses expire 2023
 2039.
. federal research development
 carryforwards $15. 3 million $13. 3 million state
 $16. 4 million $14. 2 million.
 2025 carried over indefinitely.
 annual limitation
 Internal Revenue Code Section 382.
 foreign subsidiaries’ earnings indefinitely reinvested no provision. federal state income taxes.intention one-time transition tax. earnings. income taxes foreign tax credits withholding taxes. 2019 undistributed earnings $13. 6 million $10. 8 million. 2017 taxed tax.
 Deferred tax assets
 Net operating loss $46,273 $43,869
 Research development credits 25,386
 Accruals reserves
 Stock-based compensation 3,306
 Depreciation amortization
 Operating lease liability
 deferred tax assets 96,266
 Valuation allowance
 contract acquisition costs
 Operating lease right use asset
 tax liabilities (9,352)
 Net $1,171


Home Loans CGU
 recoverable 31 December 2018 $5. 6m value-in-use calculation cash projections. cash flows updated Senior Management strategic review. pre-tax discount rate 13% 25% cash flows extrapolated 3% growth rate. recognised impairment charge $4,450,000 goodwill software costs. No other impairment CGUs goodwill brand.
. Goodwill intangible assets
 estimates value
 Cash flow projections
 five-year forecasts. income expenses capital expenditure cash flows CGU.
 Discount
 risks value risks. calculation circumstances weighted cost capital. debt equity. return investment. debt interest bearing borrowings. CGU-specific risk incorporated. pre-tax discount rates
 impairment assessment 31 December 2018 full impairment goodwill Home Loans CGU
CGU Infochoice business sold third party 18 February 2019. note 6. 3
 Growth rate estimates
 5 years cash flows models. based long-term plan growth rates 3%.
 Market share assumptions
 position. expects share markets grow.
 Sensitivity assumptions
 no change carrying value exceed recoverable amount.
 CGU FY19 FY18
 Health. 1%. 6%
. 7%.
 Home Loans. 4%
.
. 7%
 Household.
 International.


assumptions
 scheme liabilities measured projected unit credit method principal actuarial assumptions
 Figures weighted average assumption schemes.
 increases pensions deferred revaluation inflation.
 2018 2017
 Weighted average assumptions 31
 Rate.
 increase salaries.
 Discount rate.


Valuation Qualifying Accounts
 schedule valuation qualifying accounts last three years
 Amounts reserves valuation allowance acquisition LoJack.
 warranty reserve Other Current Liabilities consolidated balance sheets.
 Amount valuation allowance deferred tax foreign disclosed fiscal 2018 Form 10-K 12. Deferred tax assets valuation allowances grossed $15. 1 million.
 Balance
 Deductions
 Allowance doubtful accounts
 2017 541 962
 2018
 2019
 Warranty reserve
 2017 1,892 1,305 5,883
 2018 1,331
 2019 1,126 1,398
 Deferred tax assets valuation allowance
 2017 1,618 1,391 3,578 6,587
2018 6,587 15,092 16,844
 2019,844 10,929


reconciliation unrecognized tax benefits
 Interest penalty charges uncertain tax positions income tax expense. March 31, 2019 2018 Company immaterial accrued interest penalties.
 subject taxation United Kingdom foreign jurisdictions. no 2017. foreign jurisdictions 2016. net operating loss carryforwards subject adjustments.
 $24. 9 million unremitted foreign earnings March 31, 2019. taxes provided $10. 0 million. $14. 9 million indefinitely reinvested. immaterial.
 Year ended March 31,
 Beginning balance $6,164 $4,931
 Additions tax positions
 prior
 Reductions foreign exchange rate
 Expiration statutes of limitation
 Reductions settlements tax
 Ending balance $6,016


. STOCK-BASED COMPENSATION
 table expense statements
 Company grants stock options restricted stock units fixed shares employees Directors. 2019 granted awards common stock stock options
 compensation arrangements vest over five years 20% vesting after one year 80% quarterly installments four years. stock options ten years. recognizes compensation accelerated attribution grant. compensation value awards. Forfeitures estimated revised. recognizes expense shares
 Employees receive 50% compensation RSUs cash. equity equal 50% base salary. RSUs granted determined by 85% closing price common stock less expected dividends. award vests 100% CICP payout date following year. Vesting conditioned performance conditions continued employment funding RSUs vest.Company considers vesting probable recognizes compensation expense service period vesting.
 grants settlement vested stock options RSUs. cash shares. withholds price tax. fewer shares issued.
 2019 2018 2017
 Cost revenues $18,822 $16,862 $14,573
 Selling marketing 32,665 23,237 15,720
 Research development 18,938 15,274 13,618
 General administrative 10,484 8,489
 $80,909 $63,862 $53,313
 Income tax benefit $(16,392(13,383,113


success customers high quality service focus needs performance. independent semiconductor foundry revenue sales wafers. table percentages wafer sales December 2017 2018 2019.
 focus high service maintain loyalty. culture emphasizes responsiveness flexibility speed accuracy manufacturing delivery. design development manufacturing.
 2013, UMC Korea office local support shorten time-to. large production capacity advanced process technology better customer service shorter turn-around time manufacturing flexibility higher yields.
 Years Ended December 31,
 Customer Type 2017 2018 2019
 Fabless design companies.
 Integrated device manufacturers.
.


OBLIGATIONS COMMITMENTS
 operations future payments lease debt unconditional purchase obligations. unconditional purchase arrangements sourced product. debt notes payable capital lease obligations totaled $10. 72 billion May 2019 liabilities Balance Sheets. Operating lease unconditional purchase obligations $1. 75 billion not liabilities.
 summary contractual obligations
 open purchase orders agreements not cancellable. settleable less one year.
 obligated pay interest long-term debt capital lease obligations. interest rate 4. 7%.
 unfunded pension postretirement benefit obligations $131. 7 million $87. 8 million. obligations remeasured predict future. not obligated fund pension plans next twelve months. estimate payments approximately $14. 2 million $10.8 million twelve months pension postretirement plans. Note 19 Postretirement Benefits Accounting Estimates Employment Related Benefits pension obligations.
 arrangements future cash payments. guarantees debt lease payments. GAAP commercial commitments not liabilities Consolidated Balance Sheets. May 26, 2019 commercial commitments $5. 3 million $3. 7 million one year $1. 6 million one to three years.
 $56. 4 million standby letters credit. self-insured workers compensation programs not Consolidated Balance Sheets.
 guarantee obligation unconsolidated entity. leases divestiture Swank business 2017. four years maximum future payments $1. 2 million. lease exited facility. eight years maximum future payments $19. 1 million.
 obligation Lamb Weston business arrangement until substituted.separation distribution agreement November 8, 2016 between us Lamb Weston guarantee arrangement liability transferred to Spinoff. required payments Lamb Weston indemnify us reduced by insurance proceeds indemnification provisions.
 Lamb Weston agricultural sublease agreement third party farmland through 2020 two five-year periods. Weston rental payments. guaranteed Lamb Weston's performance payment maximum $75. 0 million. farmland marketable for lease. financial exposure mitigated.
 obligations commitments reserves for uncertainties income taxes estimate. liability for unrecognized tax benefits at May 26, 2019 was $44. 1 million. net tax rate $37. 3 million. Recognition tax benefits effective tax rate.
 Payments Due by Period millions
Contractual Obligations 1-3 3-5 5
 Long-term debt. $10,556. $2,747.,287. $5,522.
 Capital lease 165.
 Operating lease obligations 312.
 Purchase obligations 1,483. 1,195.
.
 $12,519. $1,269. $3,098. $2,429. $5,722.


December 31, 2017 2018
 2018 26. ships 9,030 operating days 25. 5 ships management. 2017 23. ships 8,317 operating days 23. 4 ships 22.
 Revenues increased 17. 7% $93. 1 million $525. 2 million 2017 to $618. 3 million 2018. $64. 2 million spot market LNG shipping rates. $63. 7 million GasLog Houston Hong Kong Genoa January 8 2018 March 20 29, 2018. operating days. offset decrease $25. 4 million expiration charters GasLog Shanghai Santiago Sydney. Shanghai Santiago charter Trafigura Sydney 18-month charter Cheniere. decrease $8. 4 million increased off-hire days four dry-dockings 2018 2017 decrease $0. 7 million increased off-hire days remaining.daily hire rate $63,006 to $68,392 2018. 3 million management vessels.
.
 Revenues $525,229 $618,344
 pool allocation 7,254 17,818
 Voyage expenses commissions (15,404) (20,374
 Vessel operating costs (122,486
 Depreciation (137,187,193)
 expenses (39,850 (41,993)
 Profit 217,556 292,518
 Financial costs (139,181)
 income 2,650 4,784
 Gain derivatives 2,025
 profit 1,159
 expenses (133,347,120
 Profit 84,209 126,398
 Non-controlling interests 68,703 78,715
 $15,506 $47,683


change projected accumulated
 Company pension liability future benefits. discount rate based quarterly average yield Euros treasuries 30 years supplement corporate bonds cost.
 defined benefit plans unfunded liability March 31, 2019 $72. million. 3 million accrued $71. 4 million long liabilities. 2018 $61. million. 9 million accrued $60. 1 million long-term liabilities.
 benefit obligation $61. $50.
 Additions acquisition Microsemi.
 Service cost.
 Interest cost.
 Actuarial losses.
.
 currency exchange rate changes.
 obligation $72. $61.
 Accumulated obligation $66. $55.
 average assumptions
 Discount.
 compensation increase.


Adjusted Operating Income Insurance
 Pre-tax non-U. S. GAAP financial measures financial performance. Management believes Insurance provide information results insight operating trends comparisons. limitations not calculate companies. read together with Company results U. GAAP.
 Adjusted EBITDA Insurance AOI Pre-tax Insurance AOI performance measures limitations income (loss) operations. GAAP measures. exclude items recurring. Insurance AOI Pre-tax Insurance AOI not alternative to income). GAAP measures.
 defines Pre-tax Insurance AOI adjusted impact income tax (benefit) expense current period. Insurance AOI Pre provide financial metrics understand results profitability. adjustments performance market conditions can overshadow performance. measure impact effective analyzing trends.
table shows adjustments Net income Insurance segment Pre-tax AOI.
 Insurance segment revenues gains investment income 2019 2018. adjustments related transactions entities.
 Net income 2019 decreased $105. million to $59. 4 million $165. million. Pre-tax Insurance AOI increased $85. million to $85. million. million. increase driven investment income policy premiums KIC acquisition higher income CGI block growth portfolio reinvestment higher yield assets. decrease policy benefits reserves commissions adjustments higher mortality policy terminations increase contingent non option activity claims activity. offset increase selling administrative expenses headcount additions KIC acquisition.
 Net income Insurance segment $59. $165.
 Effect investment.
 impairment expense.
 Gain bargain purchase.
reinsurance recaptures.
 Acquisition costs 2. 8.
 105. 8
 Income tax expense (20. 6
 Pre-tax Insurance $85.


December 31, 2018
 increased $58. 9 million 28%,. Subscription
 returns increased $54. 1 million 27%,. Professional
 services increased $4. 8 million 37%. Growth
 increased demand new existing customers.
 $29. 6 million existing $28. 3 million
 new customers $1. 1 million interest income funds. revenue
 $1. 2 million cross-border transactions technology acquired May 2018.
 2017
 Subscription returns $254,056 $199,942 $54,114 27%
 Professional services 18 37%
 Total revenue $272,098 $213,159 $58,939 28%


. Business Overview
 Fleet
 23 Suezmax crude oil tankers majority built Korea. spot market one longer term charter agreement 2021. vessels homogenous interchangeable same freight capacity cargo.
 Delivered NAT
 Nordic Freedom 159,331
 Nordic Moon 160,305
 Nordic Apollo 159,998
 Nordic Cosmos 159,999
 Nordic Grace 149,921
 Mistral 164,236
 Passat 164,274
 Vega 163,940
 Nordic Breeze 158,597
 Zenith 158,645
 Nordic Sprinter 159,089
 Skier
 Light 158,475
 Cross
 Luna 150,037
 Nordic Castor 150,249
 Sirius 150,183
 Pollux 150,103
 Star
 Space
 Aquarius
 Cygnus
 Tellus


Company evaluates assumptions current conditions historical data. discount rate future cash flows December 31. represents market rate high-quality fixed income investments. lower discount rate present value benefit obligations. assumptions include demographic factors retirement mortality turnover.
 table net benefit cost accumulated income Pension Plans
 March 2017 FASB issued ASU 2017-07 Improving Presentation Net Pension Cost Postretirement Benefit Cost. amendments require service cost compensation costs. other components separately. effective periods after December 15, 2017 interim. applied retrospectively service cost pension cost postretirement benefit cost capitalization service cost benefit. amendments use pension postretirement benefit plan note retrospective presentation requirements.
 Years Ended December 31,
 2019 2018 2017
Service $405 $448
 Interest 254
 (86)
 cost 573 586 594
 Unrealized tax (2,324) (2,256 (1,574)
 $(1,751)(1,670)(980


 average market value share 2019 350. (2018. shares 31 March 2018 vested vesting period. Options vesting good leavers rules.
 1 April 35,922 44,431
 Dividend shares awarded 788
 Forfeited (7,950
,347
 31 March 5,416 35,922
 Vested 31


Research development
 expense salaries personnel costs products materials services depreciation amortization facilities equipment. programs technology processes reduce costs solar modules.
 table shows expense 2019 2018 2017:
 2019 increased material module testing costs higher employee compensation.
 thousands 2019 2018 2017
 development $96,611 $84,472 $88,573 $12,139 14% $(4,101)
 net sales. 2%. 8%. 0%


 summary
 $21. 5 $16. 3 $51. EMS $2. 6 $16. $82. 4 million DMS $1. 8 million $4. $26. 7 million non-allocated 2019 2018 2017. asset write-off cash settled.
 2013 Restructuring Plans.
 Employee severance benefit costs $16. $16 $56.
 Lease costs.
 Asset write-off. 16 94
 Other costs.
 restructuring charges $25. $36. $160.


CONTRACT BALANCES
 December 31
 change assets to 2019 due to timing invoicing SaaS PCS renewals offset by revenues $674. 2. 2019 business acquisitions increased liabilities $96. 2.
 allocate revenue deferred balance until exceeds.
 Impairment losses immaterial 2019.
 revenue. accrued Consolidated Balance Sheets.
 Unbilled receivables $ 183. 5 $ 169. 14.
 Contract liabilities (840. (714. (126.
 Deferred revenue (33. (29.
 Net contract assets $ (690. 5) (574. (116.


Grants Plan-Based Awards 2018
 table executive officers 2018. plan-based cash awards 2018.
 amounts aggregate grant value RSUs RSAs option awards ASC 718. valuation assumptions Notes Consolidated Financial Statements Annual Report Form 10-K year December 31, 2018.
 Name Grant Date Securities Restricted Stock Awards Units Options Price Option Awards$ Fair Value
. Dorsey
. Friar 38,159 109,026 44. 75 3,479,299
. Henry. 3,479,299
. Reses. 3,479,299
. Whiteley 16,695 47,699. 1,522,215
. Daswani,198 187,861
. Murphy,050


weighted-average grant date VMware stock options due higher options lower market.
 plan volatility stock prices volatilities Class A common stock. expected term patterns post-vesting termination behavior option period. dividend yield zero regular dividends. risk-free interest rate U. S. Treasury instrument.
 Pivotal equity plan volatility companies size cycle profitability growth. expected term estimated simplified method vesting terms exercise terms contractual lives. dividend yield zero regular dividends. risk-free interest rate U. Treasury instrument.
 VMware Employee Stock Purchase Plan January 31, 2020 February 1 2019 2 2018
 Dividend yield None
 Expected volatility 27. 4%. 5%. 6%
 Risk-free interest rate. 7%.
 Expected term.
grant $35. 66. $21.


table lists customers Company revenues 10% years 2019 2018
 accounts receivable Customer A totaled $0. 3 million 1% $1. 1 million accounts. Customer B totaled $7. 4 million 36% $0. 2 million 2%. Company exposed credit risk. No other customers accounted 10% or more accounts
 2019.
 2019 2018
 % Revenue
 Customer A $3. 8  5% $7. 5 10%
 Customer B $10. 2 13%. 3%


Liquidity
 table liquidity
 decrease liquidity to $239. million revolving credit borrowings $48. million payments property rights offset positive cash flows.
 Company Official Payments Corporation $140. million overdraft Bank of America. secured loan timing differences payment settlement. December 31, 2019 $138. 5 million available.
 Cash liquid investments maturities three months. $121. 4 million cash equivalents $49. 2 million foreign subsidiaries. taxes. earnings Indian foreign subsidiaries indefinitely reinvested. permanently reinvested book/tax differences subsidiaries. reverse sales events.
 Cash equivalents $121,398 $148,502
 revolving credit facility 261,000
 Total liquidity $382,398 $648,502


Cash flows 2019 2018 2017
 $9. million $16. 5 million net loss $4. million deferred income taxes. million loss JVP $1. stock compensation $2. depreciation amortization $7. assets liabilities.
 $25. 6 million 2018 $20. 7 million net income. compensation. depreciation amortization $3. warrant liability deferred income taxes $2. million $4. million liabilities.
 $16. 6 million 2017 $22. million income. compensation. depreciation amortization. $2. warrant liability deferred income taxes.
 Investing Activities $3. million securities $24. million property equipment. investment JVP. redemptions $18. 3 $3. sale.
 2018 $13. 2 million $11. million 2018 Patent Assignment Agreement $1. JVP.
31, 2017 $2. million Patent Assignment Agreement offset. 1 million JVP fund.
 2019 financing.
 2018 $21. 6 million redemption Series A-1 Preferred Stock $19. 9 million. share repurchase offset. 3 million stock options.
 2017 cash $12. 8 million Series A-1 Preferred Stock $14. 4 million Common Share offering $12. million offset redeeming retiring Series Preferred Stock Financing $13. 8 million.
 cash operating $(9,885) $25,601 $16,586
 investing $(3,822)
 financing


 2018/19 assets operations decreased €709 million €14. 5 billion (30/9/2018 €15. 2 billion.
 2018/19 non-current assets decreased €141 million €6. 7 billion. property plant equipment. due property sales currency effects increased carrying amount.
 Adjustment.
 Adjusted discontinued business segment.
 consolidated financial statements.
. 30/9/2018/2019
 Non-current assets 6,877
 Goodwill
 intangible assets
 Property plant equipment
 Investment properties
 Financial assets
 Investments equity
 non assets 24
 Deferred tax assets 329 262


Income taxes. expense rates 2019 2018 effects U. S Tax Reform
 non-GAAP tax expense tax rate excluding special items bonus restructuring charges insight impact. tax expense rate enhance investors analyze performance.
 tax expense 2019 $17. 3 million $94. 6 million 2018. decrease due $85. 9 million impact Tax
 Reform offset increase tax expense intangible low-taxed income provisions
. expense decreased $10. 5 million
 undistributed earnings foreign subsidiaries reinvested
.
 $94. 6 million tax expense 2018 included $85. 9 million Tax Reform. $3. 6 million benefit valuation allowance net deferred tax assets.
 Income tax expense $17. $94.
 Accumulated foreign earnings assertion.
. Tax Reform.
special tax items.
 valuation allowance release.
-time employee bonus.
 Income tax-GAAP $21. $11.


table revenue
 Subscriber Solutions Experience Customer Devices. SmartRG represents.
 Network Solutions Services Support
 Access Aggregation $301,801 $57,069 $358,870
 Subscriber Solutions Experience 129,067 134,460
 Traditional Products 27,364 8,583 35,947
 $458,232 $71,045 $529,277


 TORM defines intangible fixed assets joint ventures bunkers accounts receivables assets held-for-sale deferred tax trade payables current tax liabilities income. operating profit. development assets liabilities net profit. not calculated
 Accounts receivables Freight receivables Other receivables Prepayments.
 Trade payables.
 Tangible fixed assets 1,782. 1,445. 1,384.
 Investments joint ventures.
 Bunkers 34.
 Accounts receivables 99.
 Assets held-for-sale.
 Deferred tax.
 Trade payables.
 Current tax liabilities.
 Deferred income.
 Invested capital 1,786. 1,469. 1,406.


Property Plant Equipment
 Depreciation $180. 6 $123. 7 $122. 9 million 2017.
 $83. $73.
 improvements 647. 508.
 Machinery equipment 2,095. 1,943.
 Projects 119. 118
 2,945. 2,644.
 depreciation amortization 1,949. 1,876.
 $996. $767.


CASH FLOWS millions
 restricted cash
 fiscal year March 2019 adopted ASU 2016-18 Statement Cash Flows Restricted Cash. balance restricted cash foreign currency foreign taxing authority
 March
 Effect foreign exchange rate changes cash equivalents.
 decrease cash equivalents (472. (1,184.
 restricted cash period 901. 908. 2,092.
 end $428. $901. $908.


ADVANCED INDUSTRIES. FINANCIAL STATEMENTS
 pension plan discontinued operations. liabilities expenses Balance Sheets Statements.
 pension benefit cost
 Ended December 31,
 Service cost $272 $841
 Interest cost 1,211 802
 return assets (615) (597)
 Amortization gains losses 411 478
 Net pension cost $1,279 $1,456 $715


FINANCIAL STATEMENTS
 recorded loss. pension plans tax
.
 Balance January 1 2018 $75,740 $1,898
 Amortization retirement benefits (4,538)
 actuarial gain
 Foreign exchange
 ASU 2018-02
 Balance January 1 2019 $95,494 $1,916
 Amortization retirement benefits (4,060
 (2,604)
 Balance December 31, 2019 $88,830 $1,900


3—ACQUISITIONS DIVESTITURES
 Sale CGD Services
 April 18, 2018 stock purchase agreement Nova Global Supply Services Valiant CGD Services business. conditions discontinued operations second quarter 2018. recognized $6. 9 million loss excess net assets CGD Services less estimated sales price costs.
 sale closed May 31, 2018. Purchaser $135. 0 million cash adjusted estimated working capital CGD Services. third quarter 2018 received $133. 8 million receivable settlement. balance receivable $3. 7 million September 30, 2018. 2019 revised estimates. reduced receivable $1. 4 million recognized loss sale CGD Services 2019. remaining working capital settlement estimates settled.
 eligible additional cash payment $3. 0 million earn-out conditions government contracts. No receivable earn conditions.
CGD Services discontinued May 31, 2018. net income discontinued operations
 Ended September 30
 Net sales 262,228 378,152
 Costs expenses
 sales 235,279 342,819
 Selling expenses 11,365 17,487
 Amortization intangibles 1,373 2,752
 Restructuring costs
 Other income
 Earnings before taxes 14,219 14,932
 Net loss sale 1,423,131
 Income tax provision 3,845
,243 14,531


Restructuring
 October 2019 plan costs advanced technologies. workforce reduction 5% closure. office facilities. second fiscal quarter 2020. recorded restructuring expenses $2. 5 million fourth quarter 2019
 December 31, 2019 accrued unpaid restructuring costs $1. 5 million Consolidated Balance Sheets
 Cost revenue Sales marketing Research development restructuring expense
 Employee severance payroll taxes
 Facilities closure expenses.
 Legal fees.


EXPENSE
 2018 Cogeco Peer 1 discontinued operations. operations.
 2019 fourth-quarter expense decreased. 2% reimbursements $65 million US$35 million Canadian Revolving Facility US$328 million sale Cogeco Peer 1 lower debt interest rates First Lien Credit Facilities appreciation US dollar Canadian dollar.
 months August
 Interest long-term debt 41,307 46,127.
 foreign exchange losses
 Amortization deferred transaction costs.
 Capitalized borrowing costs.
.


CAPITAL.
 Shares warrants service providers
 August 17, 2017 issued Anthony Fiorino former CEO consulting services 4,327 shares stock 2014. Plan eight quarterly installments November 17, vested second anniversary.
 December 31, 2019 2018 $25 $102.
 March 26, 2019 issued legal advisor shares Common Stock. 2018 legal services. general administrative expense.
 May 23, 2019 granted former director option 2014 Global Plan purchase 4,167 shares Common Stock price share $0. 75. option fully vested exercisable grant.
 Stock-Based Compensation Expense
.
 Research development
 General administrative


. Cash equivalents
 accounting policies balances convertible cash subject insignificant risk value original maturity three months. held amortised cost fair value. consolidated cash flow statement defined above bank overdrafts. loans borrowings.
 IFRS 9 1 April 2018 new classifications financial instruments. equivalents loans receivables IAS 39 financial assets amortised cost IFRS 9. accounting carrying amounts.
 include restricted cash £44m £40m held countries. remaining balance £4m held escrow accounts.
 Cash bank hand 495   469
 Cash equivalents
 US deposits 3  26
 UK deposits 1,132
 Other deposits 36
 Total cash equivalents 1,171 82
 1,666  528
overdrafts (72) (29)
 1,594 499


fair value plan assets Note 20 May 27, 2018
 Level 1 assets valued prices. include common stock. mutual funds units real estate trusts traded priced.
 2 valued inputs prices yield curves indices. fixed income securities data.
 3 market pricing estimated unobservable inputs.
 assets measured share not. long-term varying redemption availability. $51. 0 million May 26, 2019 managers impose redemption gates redemption. $4. 2 million imposed gates.
 unfunded commitments $48. 3 million private equity $17. 0 million natural resources funds. unfunded commitments plan assets.
 Consolidated Financial Statements Fiscal Years Ended May 26, 2019 May 27, 2018 May 28, 2017
 1 3

 Cash equivalents $1. $65.
 Equity securities
. 319.
 International equity securities 256. 257.
 Fixed income securities
 Government bonds 1,854.
 Corporate bonds.
 Mortgage-backed bonds.
 Real estate funds.
 limited partnerships.
 receivables unsettled transactions.
 value pension plan assets $596. $2,058. $2,655.
 Investments net asset value 700.
 pension plan assets $3,355.


Alternative Performance Measures
 Unlevered Free Cash Flow
 exceptional items capital expenditure. cash generation supplemental liquidity.
 Year-ended 31 March 2019 March 2018
 Net cash flow 142. 147
 Exceptional items.
 Net capital expenditure.
 Unlevered free cash flow 123.


 table 5% securities directors officers April 27, 2020.
 Amount Percent
 Garo. Armen 4,741,323
 Robert. Stein 502,500
 Khalil Barrage 380,000
 Alexander. Arrow 671,799
 Larry. Feinberg. Greenwich 800,000
 Brian. Corvese 145,000
 David. Lovejoy 668,037
 Josh Silverman 140,000
 Strategic Bio Partners Third Avenue 1,895,945 17%
 directors officers 6,580,622 44%


Note 8. Property Plant Equipment
 December 31, 2019 2018
 lives leasehold building improvements estimated life shorter.
 Depreciation expense operations $12,548 $12,643 $9,028 $9,189 internal software.
 capitalized software $3,800 $6,690.
 Useful life 2019 2018
 Computer equipment software 14,689 14,058
 Furniture equipment 2,766 3,732
 Leasehold building improvements 7,201 7,450
 Construction progress
 25,605 25,240
 Accumulated depreciation amortization (19,981 (17,884
 7,356
 33,351
 2,973
 (25,853)
 10,471 15,622
 $16,095 $22,978


net sales APAC 2019 2018
 APAC decreased 4% 2% foreign currency $6. 7 million 2019 2018. increases hardware services offset decrease software.
 expansion hardware higher sales.
 cloud declines software.
 Higher volume cloud software referral fees impacted services sales. contributions Insight increased sales digital innovation solutions.
 Sales Mix 2019 2018 %Change
 Hardware $34,965 $29,496 19%
 Software 92,988 107 (13%)
 Services 52,288
 $180,241 $186,914


Employee Stock Purchase Plan
 maximum shares 2011 12,000,000.
 Employees participate after 90 days. purchase common stock payroll deductions not exceed 10% compensation price equal 85% fair value stock. Section 423 Internal Revenue Code. August 31, 2019 3,397,019 shares 2011 ESPP.
 fair value estimated Black-Scholes option pricing model. weighted-average assumptions
 expected volatility estimated historical volatility common stock.
 Fiscal Year Ended August 31,
 dividend yield. 6%
 Risk-free interest rate. 3%.
. 6%
 life. 5.


Expense
 2019 results impacted Red Hat acquisition activity.
 expenses operational spending interest debt amortization assets retention legal advisory fees.
 expense increased 2. 8 percent driven higher spending Red Hat operational investments interest acquisition activity lower IP income offset lower non retirement costs activity. operating (non-GAAP expense increased. 1 percent driven higher acquisition activity retirement costs.
 December 31.
 consolidated expense $26,322 $25,594 2. 8%
 Non-operating adjustments
 Amortization intangible assets.
 Acquisition-related charges
 Non-operating retirement.
-GAAP expense $24,533 $23,569.
 consolidated expense-to-revenue ratio 34.32. 2%
-GAAP expense-revenue 31. 8%.


Management Discussion Analysis
 constant exchange rates Australian Dollar United States Dollar Rupee Indonesian Rupiah Philippine Peso Thai Baht 31 March 2018. net profit items.
 Group. core businesses gained market share mobile Singapore Australia. Amobee Trustwave regional associates. digital ecosystems payments gaming esports.
. businesses gained market share mobile. Amobee Trustwave regional associates. digital ecosystems payments gaming esports.
 operating revenue grew 3. 7% ICT digital services equipment sales. EBITDA down 3. 9% services price erosion. 6% depreciation Australian Dollar revenue stable EBITDA declined 7. 1%.
 Depreciation amortisation charges fell. 2% rose. 7% increased investments mobile infrastructure spectrum spending.
EBIT contributions declined 12%. 2%.
 EBIT declined 12%.
 associates network spectrum content. Pre-tax contributions declined 38% due Airtel Telkomsel. Airtel losses pricing Indian mobile. competition EBIT S$4. 01 billion down 24% last year.
 Net finance expense up 2. lower dividend income Southern Cross higher interest expense borrowings.
 net profit declined 21%. S$2. 03 billion divestment NetLink Trust. net profit S$3. 10 billion down 44% last year.
 profit declined 21%. S$2. billion divestment NetLink. profit S$3. 10 billion down 44% last year.
 diversified earnings base expansion investments overseas.operations outside Singapore three-quarters revenue EBITDA.
 financial position cash flow strong 31 March 2019. Free cash flow up. 2% S$3. 65 billion.
 Financial Year ended 31 March
 Operating revenue 17,372 17,268.
 EBITDA 4,692 5,051 -7.
 EBITDA margin 27.
 pre-tax profits 1,536 2,461.
 EBIT 4,006 5,261.
-tax profits 2,470 2,801.
 Net finance expense (355).
 Taxation (1,344.
 net profit 2,825 3,593.
 earnings per share.
 Exceptional items-tax 1,880.
 Net profit 3,095 5,473.
 earnings per share 19.-43.
 post-tax profits 1,383 1,823.


ITEM 6. SELECTED FINANCIAL DATA
 consolidated statements December 31, 2019 2018 2017 balance sheet data derived from audited statements. 2016 2015 balance derived from not. historical results not indicative future. data read with Item 7. Discussion Analysis Financial Condition Results Operations consolidated financial statements information. tables consolidated financial data December 31, 2019 2018 2017 2016 2015 thousands except share data.
 prior Item 1. Business. $28. 0 million expense 2018 agreement legal matter Telephone Consumer Protection Act Item 3. “Legal Proceedings. $1. 7 million interest income $6. 9 million gain other income 2019 promissory note proceeds Item 7. "Management’s Discussion Analysis Financial Condition Results Operations.
reported amounts in statements years December 31, 2018 2017 2016 2015 reclassified interest income separate line item included in other income.
 measure SaaS license revenue renewal rate 12-month dividing total revenue Alarm. by no terminations service upgrades downgrades. renewal rate represents residential commercial properties. annualized percentage. service provider partners three to five-year service contracts. rate calculated across subscriber base Alarm. including not estimate rate. revenue renewal rate ability retain grow revenue lifetime value subscriber base.
 define Adjusted EBITDA as net income before interest expense other income income taxes amortization depreciation expense stock-based compensation acquisition-related expense legal costs settlement fees non-ordinary intellectual property litigation. not indicative of core operating performance.non-cash items amortization depreciation stock-based compensation. 2015 compensation $0. 8 million repurchase employee's stock. legal expenses intellectual property license agreements. Adjusted EBITDA not GAAP. EBITDA net income.
 Ended December 31,
 2018 2017 2016 2015
 Financial Data
 SaaS license revenue renewal 94%
 Adjusted $108,307 $93,081 $71,628 $49


SHARE-BASED PAYMENTS
 option schemes Fair value
 directors Binomial Model value expensed vesting period. average value 31 December 2019 HKD123. 82 per share RMB106. 09 share HKD127. 43 per share RMB103. 46.
 risk free rate dividend yield expected volatility Binomial Model.
 expected volatility average daily price volatility.
 average share price grant date HKD373. 33 HKD405.
 Risk free rate.
 Dividend yield. 25%
 Expected volatility.


Note 17 Earnings (Loss) per Share
 basic diluted earnings December 2019 2018 2017
 5. 7 million 2. 5 million unvested stock options PSUs RSUs restricted stock excluded anti-dilutive effect.
 2017 3. 2 million stock options outstanding included prices greater average market anti-dilutive stock method.
 2019 2018
 Net Income (Loss $(52,982) $(19,342) $23,840
 average shares—basic 47,836 47,880 48,153
 dilutive securities
 Restricted stock units
 47,836
 Earnings (loss) per share—basic.
.


financial information tables
 Revenues Corporate Other deferred purchase accounting adjustments GAAP.
 Operating expenses equity-based compensation payroll taxes $51. 7 million $51. 4 million $19. 2 million years December 2019 2018 2017.
 Depreciation amortization incremental adjustments purchase accounting.
 Transition integration costs executive transition acquisitions.
 Receivables related parties Corporate Other.
 December 31, 2018
 Data Analytics
 Revenues $962. $154. $1,114.
 Expenses
 Operating 394. 115. 625.
 Transition integration costs 6.
 EBITDA 567. 482.
 Depreciation amortization 112.
 Operating income (loss 454. 25. 265.
 Interest expense.
 Other.
taxes 206.
 tax 37.
 earnings $168.
 assets $3,227. $310. $115. $3,653.
 $2,157. $172. $2,329.


. Accumulated Loss
 Reclassifications gains losses-sale debt securities. Note 3 Instruments reclassifications derivative instruments. Reclassifications defined benefit pension components. Note 15 Benefit Plans.
 Unrealized Gains Derivative Instruments Sale Securities Benefit Pension Components Foreign Currency Translation Adjustments
 Balances January 31, 2017 $14. 6 $1. 5(33.(160.(178.
 income reclassifications (24. 4. 86. 65.
 Pre-tax losses reclassified income (9.
 3.
 income (31. 4. 81. 54.
 Balances January 31, 2018 (16. 1 (29.
 income reclassifications 20. 14. (58 (22.
Pre-tax gains income 12. 1. 13. 7
 Tax effects. (2.
 income 31. 6 2. 13. 8) (11.
 Balances January 31, 2019 $15. $3.


Effect ASC 606 December 31, 2018
 effect adopting ASC 606 Consolidated Balance Sheet
 ASC receivables $172. $6. $179.
 Prepaid expenses assets 67. 52.
 6. 11.
 software 405. 401.
 Deferred contract costs 161. (17 144.
 non-current assets 125. 118.
 3,653. 3,622.
 Deferred revenues 52. 4 57.
 revenues 106. 102.
 Deferred income taxes 220. 212
 liabilities 1,866. 1,858.
 earnings 381. 358.
 1,786. 1,764.
 liabilities 3,653. 3,622.


Original Equipment Manufacturers end-customers marketing engineering support Distribution distributors representatives.
 fourth quarter revenues Distribution 28% total revenues flat decreasing year-over-year.
 Three Months Ended
 December 31, 2019 31, 2018
 OEM 72% 69%
 Distribution
 100%


Earnings per share calculated two-class method common stock participating securities capital structure. Unvested share-based awards non-forfeitable rights dividends participating securities.
 shares unvested restricted stock participating securities. dilutive effect options equivalents non stock computed "treasury" method.
 no dilutive common share equivalents December 31, 2019 loss. shares excluded diluted EPS 2018 2,168,454 warrants stock,960 unvested restricted stock awards,760 convertible preferred stock.
 net income (loss) basic diluted EPS calculations
 Net (loss income common stock participating stockholders.
 Earnings common shares
 shares
 Weighted-average common stock.
 Unvested restricted stock.
Preferred stock 2. 4. 9
 47. 49. 6
 loss
 94. 3 % 89. 3 %
 Unvested restricted stock 1. 3 %. 8 %
 Preferred 4. 4 % 9. 9 %
 Net income common stock. $139.
 Distributed Undistributed earnings Shareholders
 assumed shares.
 dilutive subsidiary securities
 Net income common stock. 135.
 dilutive earnings share
 average shares 44.
 assumed shares.
. 46.
 Net (loss income participating security holders.
 Diluted.


2019 2018 2017 Company recorded charges $5. 1 million $3. 4 million $1. 2 million losses 10% pension liability.
 recorded expense $0. 3 million restructuring. 6 million $4. million. 1 discontinued $1. 9 million restructuring multi plan withdrawal costs.
 changes assets benefit obligations
 Consolidated Financial Statements Years May 26, 2019 27, 2018 28, 2017
 Pension Benefits
 Net actuarial gain $(72. $120. $25. $16.
.
 Amortization service cost.
 Settlement curtailment loss.
 Recognized net actuarial loss.
. $(65. $127.


GasLog. Subsidiaries
 consolidated financial statements
 2017 2018 2019
. Dollars
. Equivalents
 Ship management accounts GasLog. obligations. compensating balance current liability.
 December
 2019
 accounts 220,089 113,655
 deposits maturities three months. 121,925 149,491
 Ship management accounts
,594 263,747


Return invested capital
. value encourages reinvestment low returns long payback. calculated operating profit after tax divided average goodwill intangible assets property equipment assets inventories receivables liabilities.
 Restated IFRS 16. note 1 24.
 reconciliation page 30.
 Tax tax multiplied tax rate 25. 5%. 7% page 30.
 million 2019 2018
 profit before tax
 (2
 tax
 Goodwill 18,067
 Intangible assets 12,962
 Property plant equipment
 Net assets
 Inventories 4,164
 receivables 6,695
 liabilities (14
 Period-end invested capital 39,263 38,015
 Average 38,639
 Return. 2%. 1%


Summary Share-Based Compensation Expense
 stock options purchase rights restricted stock RSUs.
 July 27, 2019 compensation cost unvested awards $3. 3 billion 2. 8 years.
 27, 2019 2018
 Cost sales—product $90 $94 $85
 130
 compensation expense.
 Research development.
 Sales marketing
 General administrative
 Restructuring charges
 operating expenses 1,371
 $1,591 $1,599 $1,529
 Income tax benefit. $542


Results Operations Consolidated Financial Statements expense loss sale disposal assets lease termination costs impairment expense retirement obligations FCC reimbursements. table summarizes results compares change periods.
 Net revenue Construction segment 2019 decreased $3. 1 million to $713. 3 million from $716. 4 million 2018. lower revenues structural steel fabrication erection projects. offset acquisition GrayWolf higher revenues construction modeling detailing.
 Cost revenue Construction segment 2019 decreased $28. 1 million to $572. 3 million from $600. 4 million 2018. activity. offset costs acquisition GrayWolf.
 expenses Construction segment 2019 increased $12. 9 million to $79. 8 million from $66. 9 million 2018. due increases salary benefits operating expenses acquisition GrayWolf.
Depreciation amortization Construction segment increased $8. 1 million $15. 5 million $7. 4 million. due amortization intangibles GrayWolf assets.
 decreased $0. 8 million $0. 6 million $0. 2 million. due gains losses sale land assets.
 Net revenue $713. $716.
 Cost revenue 572. 600.
 Selling administrative 79. 66. 12
 Depreciation amortization 15. 7.
 Other operating expense 0.
 Income operations 45. $41. $3


Comprehensive Income includes net income currency translation adjustments derivative activity value-for-sale investments Accounting Standards Update 2016-01) service cost gains pension postretirement health care plans. foreign investments taxes currency adjustments converting. dollars. estimated taxes deferred tax liability adjustments.
 table accumulated balances income net tax
 unrealized gains-sale securities earnings ASU 2016-01 stranded tax effects rate ASU 2018-02 $0. 6 million $17. 4 million.
 Consolidated Financial Statements Fiscal Years Ended May 26, 2019 28, 2017
 Currency translation losses reclassification adjustments.
 Derivative adjustments.
 Unrealized gains available-for-sale securities.
 Pension post-employment benefit obligations reclassification adjustments.(112.
 loss(110. 3). 5).


Non-marketable investments
 measured fair value market data. Financial information fair value information measurement date.
 table reconciliations Level 3 instrument values
 transfers Level 3 public offerings 2019. no transfers between 2018.
-marketable investments
.
 Balance June 30, 2017
 Purchases 87,700 (177,907)
 Gains (losses
 non-operating income 12,232 (24,646
 Balance June 30, 2018 99,932 (202,553)
 unrealized gains (losses assets liabilities June 30 2018
 income,232
 Balance 30 $99,932
 Purchases
 Transfer out
 Gains (losses
 non-operating income 114,665 (648,573
June 30 2019 $214,597(851,126
 unrealized gains assets liabilities
 income 114,665 (648,573


statement income
 year ended 31 March 2019
 Group adopted IFRS 9 15 Contracts 16 1 April 2018. year 31 March 2018 restated IFRS 16 retrospective method. impact change accounting policies note 2 consolidated financial statements.
 Profit 197.
 income
 Items reclassified profit loss
 Exchange differences foreign operations.
 not reclassified profit loss
 post-employment benefit obligations.
 income net tax.
 income equity holders.


reconciliation unrecognized tax benefits
 provision uncertain tax positions outside US.
 interest penalties tax expense. financial position liquidity.
 subject US federal income tax state foreign jurisdictions UK. Federal income tax returns 2016 2019. State tax returns 2015 2019 years.
 audit United Kingdom December 2017. no ongoing audits foreign tax jurisdictions.
 Year Ended December
 Balance January 1 $1,402 $1,271
 Increases
 Decreases (1,402)
 Balance December 31 $1,402 $1,271


 Adjusted cash. Note 2 Financial Statements.
 cash fell £4. 8 million £238. 1 million (2018 £242. 9 million 84% cash conversion. Aflex facility 90%.
.
 Capital additions increased £19. million. £15. 7 million new factory Aflex Hose locations production Pharmaceutical products.
 £6 million 2020.
 capital expenditure £65 million OPAL Steam Specialties. efficiency flexibility.
 Tax increased £16. 8 million £78. 4 million. Free cash flow £154. 3 million (2018 £174. 6 million capital expenditure tax.
 Dividend payments £76. 3 million £67. 3 million final 2018 interim dividend 2019.
 cash outflow £137. 6 million acquisition Thermocoax £0. 9 million distribution rights.share purchases new employee schemes cash outflow £12. 5 million (2018 £5. 0 million.
 acquisition Thermocoax net debt increased £235. 8 million to £295. 2 million 31st December 2019 £59. 4 million. debt to EBITDA ratio 0. 9 times (2018. times excluding IFRS 16. EBITDA Note 2 debt Note 24.
 Income Statement Financial Position exposed currencies.
 direct sales business model local units. currency exposures managed Treasury Policy forward contracts transactions. exposures euro US dollar Chinese renminbi Korean won. mitigation regional manufacturing overhead costs local currencies.
 Board capital requirements strong financial position. high return capital strong cash generation. capital allocation policy unchanged. investment growth performance indicators.Acquisition targets strategic commercial economic return criteria. cash resources requirements return capital shareholders special dividends 2012 2014. reduce financial leverage returns.
 Cash flow
 Adjusted operating profit 282. 264
 Depreciation amortisation.
 Depreciation leased assets.
 Cash payments pension schemes operating profit.
 Equity share plans.
 Working capital changes.
 Repayments lease liabilities.
 Capital additions.
 Capital disposals.
 Adjusted cash 238. 242
 Net interest.
 Income taxes.
 Free cash flow 154.
 Net dividends (76.
 Purchase employee benefit trust shares.
/Disposals subsidiaries.
 Cash flow.
 Exchange.
 net debt. (373.
 31st December IFRS 16 (295..
 IFRS 16 lease.
 debt lease liability 31st.


Derivatives financial instruments
 Interest rate risk profile assets
 31st December
 assets no interest earned trade receivables cash bank.
 Floating fixed rate assets cash bank deposit.
 Fixed Floating no interest earned
 29. 28.
 115. 1 16 97.
 dollar 98. 16 81.
 42. 11. 30.
 146. 5. 10. 130.
 431. 9 6. 55. 369.


 €1. billion working capital improvement 2019 disposal spreads. margin improvement 5-S savings. marketing efficiencies zero-based-budgeting programme.
 IFRS 16. note 1 24.
 measures not defined IFRS.
 commentary non-GAAP
 pages 27 32.
 cash outflow investing €2. 2 billion €4. billion €7. billion disposal spreads.
 outflow financing €4. 7 billion €12.
 billion. €6. billion repurchase
 shares. 2019 repayments €1. billion higher
.
 Operating profit
 Depreciation amortisation impairment
 Changes working capital
 Pensions obligations
 Elimination disposals
 Non-cash charge share-based compensation
 adjustments
 flow
 Income tax
 Net capital expenditure
dividends (548)
 Free cash 6,132 5,433
 (2,237) 4,644
 financing,113


NAVIOS MARITIME HOLDINGS. FINANCIAL STATEMENTS U. S. dollars except share data
 discontinued operations December 31, 2019 2018
 Navios Containers control November 2018 ASC 805 recalculation equity interest fair value gain statements. excess Navios net assets $229,865 over shares $171,743 bargain gain $58,122. fair value 34,603,100 shares determined closing share price $4. 96.
 interest Containers $6,078 remeasured fair $6,269 gain $191 gain consolidated statements.
 results operations Navios Containers statements conversion. limited partnership November 30, 2018.
 January 1 to August 30, 2019 November 30 December 31, 2018
 Revenue $89,925 $12,053
charter terminal (3,976)
 vessel (44,088)
 (6,706)
 Depreciation amortization (22,858
 Interest finance (10,519)
 (5,896)
 discontinued operations,118 $752
 noncontrolling $3,968
 Navios Holdings(150


Assets not allocated. amortization depreciation included overhead allocation impracticable identify.
 Long-lived assets instruments classified location company countries over 10%
 United States $ 55,252 $ 44,501 42,730
 Ireland 12,958 12,843,889
 Other countries 25,422 22,538 19,898
 $ 93,632 $ 79,882 75,517


EMPLOYEE NUMBERS
 Full-time 30/9
 METRO.
 86,239 82,979
 Germany 11,816
 Western Europe. 24,073
 Russia 13,884
 Eastern Europe. 28,264 27,589
 Asia 7
,067
 94,018 90,883


LIABILITIES
 Company Finjan Blue Patent Assignment Agreement IBM.
 December 31,
 current $2,000 $1,500
 non-current 1,799 3
 $3,799 $4,963


Depreciation Amortization
 table depreciation segment
 Corporate adjustments purchase accounting GAAP.
 increase driven new clients accelerated amortization deferred contract costs hardware software.
 Year December 31,
 Software Solutions $123. $112. $11. 10%
 Data Analytics 15. 14. 13%
 Corporate 96. 90. 6. 7%
 $236. $217. 19.


changes in common shares Omnibus Incentive Plan Predecessor Plans
 December 31, 2018 1,478 restricted stock shares issued (5,024) forfeited. reflects activity difference between issued.
 Director units granted deferred include share-settled dividends.
 Omnibus Incentive Plan 2005 Contingent Stock Plan permit withholding taxes charges.
 table excludes. 2 million contingently issuable shares under PSU SLO awards maximum shares December 31, 2019.
 record share-based incentive compensation expense expenses Consolidated Statements Operations equity liability. credit to additional paid-in capital deficit current liability fair value. expense remeasured to fair value reporting period. expense credit expected cost program. PSUs earned may equal targeted performance criteria.

 4,489,347 3,668,954 5,385,870
 Shares Omnibus Incentive Plan 2,199,114
 (571,438 (480,283)
 105,960 184,235
 awarded (819,808) (351,946)
 forfeited 96,534 64,122 288,801
 2014 PSU Awards (658,783 (749,653
 2015-Year PSU Awards (129,139
 units Awards,195,478 (44,254)
 forfeited 1,580
 shares granted,491
 withheld 249,368 94,624 101,767
 end 4,048,509,489,347 3,668,954


Quarterly Results
 table unaudited quarterly financial information 2019 2018 years. statements adjustments included. results not indicative future.
 Includes acquisition integration charges $17. 6 million $13. 4 million $12. million $8. million $8. 1 million August May.
 Includes$13. 3 $111. 4 million $30. 9 million income tax expense.
 distressed customer charge $6. 2 million $18. million $14. 7 million.
 Includes $32. 4 million stock-based compensation expense restricted stock units one-time cash settled award months November 30, 2017.
 Fiscal Year 2018
 Months
 August 31, May 31, February 28, November 30
 Net revenue $5,771,831 $5,436,952,585,532
442,147 398,227 397,133,285
 Operating 153,896 112,971 129,532 145,754
 Net (56,608) 42,702 37,528 63,919
 Jabil Inc.,314) $42,541 $37,308 $63,795
 earnings share stockholders Jabil.
.
.


Revenue
 revenue product category
 Software hardware scanner. Service revenue SaaS maintenance consulting services.
 Twelve Months Ended September 30
 Deposits software hardware $41,860 $33,071 $25,407
 service 15,170 8,437
 57,030 41,508 32,370
 Identity verification software hardware 4,985
 service 22,575 14,424 8,780
 27,560 22,051
 $84,590 $63,559 $45,390


. INCOME TAXES
 profit loss
 December 31,
 Netherlands (4,128 (28,409)
 countries (6,374 (9,011
 (10 (37,420)
 Deferred
 (9,370
 (15,436,650


reconciliation tax rate federal rate
 2019 2018 (3. 4%. 8%) impact related uncertain tax positions.
 2019 Company expense income taxes $11. million effective tax rate (3. 8)%. different. federal tax rate due stock-based compensation decision Altera Corp. Commissioner. full valuation allowance. deferred tax assets income/losses foreign jurisdictions pretax losses jurisdictions tax benefit.
 Year Ended December 31,
 Tax federal statutory rate 21. 35.
 State taxes federal effect.
 Foreign rate differential.
 Tax credits.
 Domestic production activities deduction.
 Stock-based compensation.
 Change prior year reserves.
 Change valuation allowance.
 Effect change tax rate Act.
.
 Effective tax rate (3.


. FINANCIAL CONDITION RESULTS
 Performance Summary. table presents consolidated financial data years
-GAAP metric Invested Capital Return Exhibit.
. 2019 increased $290. million. 1% 2018.
 analyzed geographic sector. measures performance allocates resources. business development strategy targeted market sectors.
 Net sales $3,164. $2,873.
 Cost sales 2,872. 2,615.
 Gross profit 291. 257.
 margin.
 Operating income 142.
.
.
 expense.
 income 108.
 earnings per share $3.
 Return invested capital 13.
 Economic return 4.


 Revenue
 United States 56% 58% revenue 2019 2017. Kingdom $159. million $196. million 11% 12%. less 10% 2018. country 10%. December long-lived assets outside States $27. million $36. million.
 $799,016 $880,534 $944,052
 Americas 94,961 101,282 116
 Europe Middle East Africa 410,485,196
 Asia Pacific 130,326 145,971
 $1,434,788 $1,511,983,615,519


2019 $1,203 million $197 million 2018 price higher R&D spending offset grants currency hedging.
 2018 $1,400 million improved $395 million higher lower restructuring charges offset currency hedging expenses.
 December
 income $1,203 $1,400 $1,005
 net revenues. 6%. 5%.


table presents franchise revenues costs fiscal
 Franchise rental revenues increased $13. million. 3% 2019 restaurants same-store sales. leased refranchising contributed revenues $12. 4 million 2019.
 rental revenues $272,815 $259,047
 Royalties 163,047
 fees
 170,674
 revenues $613,300 $421,632
 occupancy expenses $166,584 $158,319
 support
 178,093
 costs $356,787 $169,912
 revenues. 2% 40.
 Average franchise restaurants 2,081
 increase. 6%
 Franchised restaurant sales $3,167,920 $3,018,067
 $1,523 $1,488
 Increase same-store sales. 3%.
 Royalties sales.


 sales decreased $1. 5 million -10% 2019 compared 2018. adopted ASC 606 standard January 1 2018 modified retrospective method. Historical sales recorded gross principal. new standard agent control hardware. January 1 2018 hardware revenue net cost reduces revenue cost. ASC 606 hardware revenue net cost periods.
 majority hardware sales Americas segment. dependent customer desires.
 December
 Change. Prior Year
 Revenue (Pre ASC 606 Adoption $44,972 -10%
 Cost -32,455
 Revenue (Post ASC 606 Adoption $12,517 $13,967 -10% 27%


. Provisions post-employment benefits plans obligations
 recognised IAS 19.
 company pension plans. employer external providers. external providers’ assets finance pension entitlements plan assets. benefits based performance length service.
 important performance-based pension plans.
 € million 30/9/2018 30/9/2019
  414
 indirect commitments 12
 voluntary pension benefits
 71
 427 509
 obligations similar pensions 41
 468 543


Earnings Per Share
 net income per share ON Semiconductor Corporation
 income by average shares.
 shares stock options RSUs treasury stock method. awards anti-dilutive excluded from income.
 anti-dilutive awards approximately 0. 8 million 0. 6 million 0. 2 million December 31, 2019 2018 2017.
 dilutive impact 1.% Notes. 625% Notes determined net share settlement requirements into cash value excess convertible into common stock.
 if average price common stock exceeds $ 25. 96 per share. or $30. 70 per share. additional potential shares included in diluted shares.
 convertible note hedges not anti-dilutive. offset dilutive effect. when stock price above $18. 50 per share.$20. share. 625%.
 December 31,
 Net income Semiconductor Corporation $211. $627. $810.
 average shares 410. 423. 421.
 shares
 share awards. 4. 5.
 3. 7.
 average shares 416. 435. 428.
 income common share Semiconductor
 $0. 52 $1. $1.
. $1. $1.


. Deed cross guarantee
 iSelect Deed Guarantee ASIC Class Order 98/1418 subsidiaries. relieved requirements Corporations Act 2001 financial reports.
 iSelect Limited subsidiaries. “Closed. General Brokerage Services Energy Watch Trading Procure Power Energy Watch Services iSelect International Deed 26 June 2013.
 1 July 2014,. iSelect International 8 September 2014. iSelect Limited guarantees payment debt entities Closed Group.
 consolidated income statement
 2019 2018
 Loss operations income tax (20,111
 Income tax benefit
 Net loss (14,162)
 Retained earnings
 Transferred divested subsidiary (8,676
 Net loss (14
 Dividends paid (12,390
 Retained earnings end (18,737 4


CONTRACTUAL OBLIGATIONS COMMITMENTS OFF-BALANCE SHEET
 disclosures contractual obligations commercial commitments regulatory filings. obligations commitments September 28, 2019
 Includes $150. 0 million 2018 Notes interest Note 4.
 capital lease obligations payments interest non financing failed sale-leasebacks Guadalajara Mexico.
 purchase obligations purchases inventory equipment.
. federal income taxes repatriation undistributed foreign earnings Tax Reform. Capital Resources.
 obligations deferred compensation former executive officers key employees retirement obligation. excluded impact $2. 3 million unrecognized income tax benefits. future cash flows.
 other obligations guarantees salary continuation benefits executive officer terminated cause. Excluded bonus incentive compensation amounts paid year termination.
future lease payments facilities Guadalajara Mexico 15-year agreements 5-year renewal options Note 4 Capital Lease Obligations Financing Consolidated Financial Statements.
 Payments Fiscal Year
 Contractual Obligations 2021-2022 2023-2024
 Debt Obligations $288. $101. $12. $12. $162.
 Capital Lease Obligations 49.
 Operating Lease Obligations 40.
 Purchase Obligations 620. 598.
 Repatriation Tax Undistributed Foreign Earnings 65.
 Liabilities Balance.
 Liabilities.
 Financing Obligations 119.
 Contractual Cash Obligations $1,206. $732. $76. $51. $347.


deferred tax assets tax loss
-forwards German consolidation group.
 30/9/2018 30/9/2019
 Corporate tax losses 4,320
 Trade tax losses 3,296
 Interest-forwards 57
 Temporary differences 104


Section D People
 employee benefit obligations annual leave long service leave post-employment benefits. share plans compensation Key Management Personnel.
. EMPLOYEE BENEFITS.
.
. non-current.
 Employee benefits liability
 annual long service leave. includes annual leave service.
 Group annual leave long service leave balances next 12 months. unconditional right defer settlement leave.
 2019 2018
 Current 13,859 12,710
 Non-current 189  675
 Total benefits liability 14,048 13,385


. payables
 unsecured paid 30 days recognition. amounts same values short-term.
 payables 3,486 4,184
 Accrued expenses 2,717
 GST taxes 2,644 1,256
 Other payables 6,157 4,161
 18,993 12,318


Restricted Share Awards
 restrictions. Conditions vesting determined. restrictions lapse death disability. retirement portion vest. Recipients voting rights receive dividend equivalents. fair value amortized vesting. closing value shares. vest four years management compensation committee.
 activity
-average grant-date fair value $77. 77 $93. 45 $67. 72.
 total $48 million $50 million $50 million.
 2019 $64 million unrecognized compensation expense nonvested awards recognized 1. 7 years.
 Weighted-Average Grant-Date Fair Value
 Nonvested 2018 1,631,470 $ 75.
 Granted 692,899.
 Vested (689,040).
 Forfeited (232,910).
 Nonvested 2019 1,402,419.


Balance
 Sheets Assets held-for-sale carrying value costs. carrying value December 31, 2019 $1. 4 million.
 Depreciation property plant equipment amortization finance leases $409. 7 million $359. 3 million $325. 2 million 2019 2018 2017.
 reserves credit reserves $178. 7 million $230. 8 million December.
 Inventories
 Raw materials $138. $137.
.
 Finished goods.
 $1,232.,225.
 Property plant equipment
.
 Buildings.
 Machinery,275. 3,980
.
 Accumulated depreciation (2,669.
 $2,591. $2,549.
 Accrued expenses
 payroll benefits $153. $240.
 reserves.
 Income taxes.
..
 $538. $659.


customers accounted 10% net revenues
 Nokia largest customer 2019 2018 2017. purchases contract manufacturers distributors. purchases Nokia 45% 36% 41% net revenues 2019 2018 2017. other OEM customers 10% net revenues.
 Year
 Contract manufacturers consignment warehouses
 Flextronics Technology 21. 8% 14. 4%
 Sanmina.
 Distributors
 Avnet Logistics. 25.
 Nexcomm.


dividend proposed Board Directors financial year 2019.
 Includes net sales segments.
 figures consolidated financial
 statements IFRS. Year-on-year
 change.
 Nokia Technologies IPR Licensing sales Finland.
 Financial highlights
 year December 31,
 operations
 Net sales 23,315 22,563
 Gross profit 8,326 9,139
 margin. 7%. 4%. 5%
 Operating profit(loss
.
 Profit/(loss
 Earnings per share diluted.
 Dividend per.
 31
 Net cash financial investments


Issuer purchases equity securities
 stock repurchased three months December 31, 2019
 Shares withheld option price tax withholding obligations stock compensation.
 repurchase program Item 7 Annual Report information.
 Total Number Shares Purchased Average Price Paid Share Shares Share Repurchase Program Approximate Dollar Value Shares Purchased
 October 1 2019 31, $71. $45,484
 November 1 $75.
 December $76.
 $75.


19 FINANCIAL INSTRUMENTS
 refer 21 fair value hierarchies.
 value derivatives
 freight bunkers
 freight agreements.
 Bunker swaps.
 interest currency exchange rate
 exchange contracts.
 Interest rate swaps.
 value derivatives 31 December.


euro US dollar exchange rate December 31, 2019 €1 = $1. 1213.
 May 23, 2019. Manzi member Supervisory Board.
 indirect employees.
 service agreements. loans overdrafts. guaranteed debts leases.
 Directors' remuneration
 Average Supervisory Board $105 $ 115,618 123,281
 Net revenues $ 9,556
 Operating income $ 1,203 1
 Average remuneration indirect employees
 $ 97,300


table fiscal 2019 compensation current former non directors
 directors receive retainer fee $50,000 additional fee $15,000 $20,000. chair fee $15,000 $25,000. Lead Independent Director Chairman fee $100,000 (reduced $75,000 2020.
 stock awards.
 grant fair value FY19.
. granted 12,320 RSUs May 17, 2018 per-share fair value $22. 32 grant fair value $274,982. paid cash. outstanding stock awards March 29, 2019.
. Barsamian. Hill appointed January 7 2019 received fees FY19. granted 2,717 RSUs February 5, 2019 per-share fair value $22. 80 aggregate grant date fair value $61,947.director’s fees paid cash.
. Barsamian 100% annual retainer fee $50,000 common stock. granted 494 shares per share value $22. 80 grant date fair value $11,263. fee paid cash.
. Feld Fuller appointed Board September 16, 2018 received fees FY19. granted 6,764 RSUs December 7, 2018 per-share fair value $21. 78 grant date fair value $147,320. fees paid cash.
 Mr. Feld 100% annual retainer fee $50,000 common stock. granted 1,229 shares per share fair value $21. 78 aggregate grant date fair value $26,767. balance. fee paid cash.
 Messrs. Hao Humphrey received 100% annual retainer fee $50,000 common stock.2000 Director Equity Incentive Plan granted 2,240 shares $22. 32 aggregate $49,997. fee paid cash.
. Laybourne. Miller Board December 3 2018 2019 Annual Meeting.
. non-employee director fees December 3 2018. granted 5,584 RSUs May 17, 2018 per-share value $22. 32 $124,635. paid cash.
 2019 Director Compensation
 Fees Stock Awards Total
 Susan. 3 73
 Frank. Dangeard 274,982 360,000
 Peter. Feld 16,071 174,108 190
. Fuller 147,321 182
 Kenneth.
 Richard. 61,948 77
 David. Humphrey
 Geraldine. 80,018 274,982 355,000
.Mahoney,024 274,976 380,000
. 245,274
. Sands 70 274,982 345,000
. Schulman
. Unruh
 Suzanne. Vautrinot


Item 5. Market Registrant’s Common Equity Stockholder Matters Issuer Purchases Equity Securities.
 Market information
 common stock available trading over-the-counter quoted OTCQB symbol “PTIX. limited market trading volume negligible. no guarantee active trading market
 Trades subject Rule 15g-9 Exchange Act requirements broker/dealers securities
. special suitability determination
 receive purchaser’s agreement before sale.
 SEC rules regulate broker/dealer practices transactions “penny stocks. stocks equity securities
 price less than $5. 00 price volume information
. penny stock rules require broker/dealer
 standardized risk disclosure document stocks risks
. current bid offer quotations compensation
 salesperson monthly account statements market value stock. quotations
 before transaction. requirements trading activity secondary market common stock.rules investors difficult sell shares.
 common stock quoted OTC July July
 October 16. Commencing October 17, 2016, quoted OTCQB “PTIX”. table
 high low bid prices stock. reflect inter prices without retail mark-up markdown
 commission may not represent transactions.
 OTCQB marketplace. negligible trading volume.
 First Quarter $2. $1.
 Second Quarter.
 Third Quarter $2. $1
 Fourth Quarter.
 First Quarter $2. $2
 Second Quarter.
 Third Quarter.
 Fourth Quarter.


Sales contracts type deliverable revenue timing revenue cash flows.
 Sales Geographic Region
 Ended September 30
 United States $ 956. 627. 522.
 United Kingdom 218. 240.
 163. 166 175.
 East East 74. 86 112
 84. 81. 77.
 sales $1,496. $1,202. $1,107.


three-month period August 31, 2019 average foreign exchange rate 1. 3222 USD/CDN. Fiscal 2018 restated IFRS 15 change accounting policy. policies. Fiscal 2019 translated average rate 1. 3100 USD/CDN.
 2019 fourth-quarter revenue increased 7. 0%. US$199. 5 million US$188. 1 million 2018. rate increases activation bulk properties Florida Internet FiberLight acquisition decrease video service customers.
 OPERATING EXPENSES increased 8. 6%. programming rate increases FiberLight acquisition compensation expenses marketing initiatives.
 EBITDA increased 5. 1%. US$87. 4 million US$83. 9 million. organic growth FiberLight acquisition.
 ACQUISITIONS PROPERTY decreased 9. 5%. lower purchases capital expenditures additional capital expenditures expansion Florida.
months August 31, Foreign exchange
 Revenue 263,738 246,443 7.
 expenses 148,215 136,506.
 EBITDA 115,523 109,937 5. 4. 1,057
 margin 43. 8% 44. 6%
 Acquisitions property equipment 65,967 72,914 (9.
 Capital intensity 25. 0% 29. 6%


.
 bad debt $0. 5 million. 8 million $1. 4 million.
 Beginning balance January 1 $2,429 $7,478 $3,532
 Additions adjustments 1,074 1,691 7,680
 Write-offs (2,128 (6,740) (3,734
 Ending balance December 31 $1,375 $2,429 $7,478


reconciliation United Kingdom tax rate Company’s effective tax rate statements
 parent entity Jersey law affairs managed controlled United Kingdom. Company resident United Kingdom tax. entity United Kingdom earnings subject 19% 19% 20% statutory tax rate years March 31, 2019 2018 2017.
 effective tax rate differs due windfall tax benefits equity valuation allowance deferred tax assets jurisdictional earnings mix tax credits withholding taxes differences non-deductible expenses.
 March
 Tax statutory rate 19. 20.
. state taxes.
 Foreign rate differential 26.
.
 income loss.
 Share-based compensation.
.
 Non-deductible interest expense.
 Tax credits.
 Unremitted earnings.
 valuation allowance.
 Deferred tax.
 Tax reserves. 9) (21. 5).
 return. 4
 Withholding taxes. 5)
 foreign taxes.
 Non-deductible expenses. 4).
 Deferred tax rate. 8).
 Acquisition costs. 6)
. 5).
 Tax Rate. (27


Software
 December 31, 2019 2018
 average amortization. 61 years.
 Amortization $1. 025 million $1. 2 million December 31, 2019 2018.
 $6,029 $5,102
 Accumulated amortization (4,485)
 $1,690


GBS profit margin increased. 27. 7 percent pre-tax income $1,666 million. pre-tax margin. improvements driven higher-value delivery productivity benefit global delivery model. services skills clients cloud.
 segment changes.
 December 31. Percent Margin Change
 gross profit $4,606 $4,448 3. 5%
 margin 27. 7% 26. 8%.
 Pre-tax income $1,666 $1,629. 2%
 margin.


Performance Share Units
 table illustrates award units 2015 LTIP
 vest date three year period. awards divided parts separate annual performance condition performance Group.
 Year-ended 31 March 2019 31 March 2018
 share units
 7,546 269. 6,024 219.
 Awarded 506. 440.
 Forfeited (2,234) 414. 223.
 (2,949 262. 64
 end 4,084 295. 7,546 269.


Consolidated Revenues
 increased $1. billion. 8% 2019 due Consumer offset Business Corporate.
 Results Operations.
 Corporate revenues decreased $124 million. 2% $232 million Verizon Media.
 Increase
 Ended December 31,.
 Consumer $ 91,056 $ 89,762 1,294. 4%
 Business 31,443 31,534.
 Corporate other 9,812.
 Eliminations (443).
 Consolidated Revenues $131,868 $130,863.


Cash
 2019 $4. 8 million income $5. 3 million non-cash $2. 5 million stock-based compensation $1. 5 million tax benefit $3. 3 million cash outflow $1. 8 million. accounts receivable $2. million inventory. million contract assets. million. million accounts payable accrued expenses. million contract liabilities $1. 2 million
 2018 $3. million income $11. million gain optoelectronic $8. 6 million non-cash charges $1. 2 million stock compensation. million outflow $7. million. inventory. receivable. million contract assets. million accounts payable accrued liabilities. million $1. million assets.
 $19. million acquisition. million fixed asset additions. million intellectual property costs.
 proceeds optoelectronic $15. million $5. million.additions. million intellectual property rights.
 $2. 4 million $1. 2 million 2018. repaid. 6 million loans $2. 2 million common stock. offset. 4 million options warrants. repaid $1. 8 million loan. 5 million stock. offset $1. 1 million options warrants.
 $4,798,201 $(3,308,826)
 (19,814,991) 10,037,123
 financing (2,437,560,249,564)
 $(17,454,350 $5,478,733


NOTE 5 VESSELS PROPERTY DEFERRED DRYDOCK
 September 30, 2019 Company two DWT chemical tankers Hyundai Mipo Dockyard. Overseas Gulf Coast Sun Coast operating Marshall Islands flag one-year charters.
 September 2019 sold $1,234, commissions. recognized immaterial gain loss.
 May June 2019 sold two ATBs $1,101 $1,069 commissions. recognized immaterial loss.
 July 2018 January 2019 contracts Greenbrier Marine construction two 204,000 BBL oil chemical tank barges. delivery first second half 2020. remaining commitments $45,849 2020.
 December 6, 2018 sold one ATB barge $2,367, broker commissions. recognized gain $877 included loss/(gain).
 June 2018 ship structural damage.repairs covered insurance. Company filed lawsuit-party ship lost earnings off-hire 46 repair days.
 December 31, 2019 vessel fleet 8. 2 years six Handysize Carriers two lightering ATBs two clean ATBs. pledged collateral loan value $634,379.
 $919,212 $845,868
 depreciation (274,900
 644,312 596,929
 Construction progress 65,697
 28,993
 amortization (2,053)
 26,940
 property
 depreciation amortization
 $ 737,212 $ 597,659


 Sales Marketing
 increased $122. million 35. 1% 2019 2018 $70. million marketing programs campaigns sponsorships payments. Employee-related costs increased $48. million$14. million stock-based compensation payroll taxes Shopify. Computer hardware software increased $3. million headcount
 increased $124. million 55. 1% 2018 2017 $80. million employee-related costs. marketing increased $39. million computer hardware software $4. million.
 2019
 Sales marketing $ 472,841 $ 350,069 225,694 35. 1 % 55.
 revenues 30. 32. 6 % 33. 5 %


. Stock-Based Compensation
 2019 Equity Incentive Plan Deferred Compensation Plan. issues common stock treasury stock option vesting.
 table stock-based compensation expense income tax benefits
 administrative costs.
 taxes.
 no capitalized costs December 31, 2019 2018 2017.
 Stock-based compensation $(7,396) $(7,543) $(7,621)
 Income tax benefit 1,775 1,810 2,858


Company recognizes employees directors’ compensation profit loss years December 31, 2017 2018 2019. Board of Directors estimates Articles of Incorporation government regulations industry averages.
 compensation
 stock calculated compensation divided closing price. estimates change adjustment profit loss.
 distributions 2017 2018 reported June 12, 2019 2019 approved February 26, 2020. details distribution
 consistent with resolutions March 7, 2018 6, 2019.
 Information Observation Post System” website TWSE.
 2018 2019
 Employees’ compensation Cash $1,032,324 $1,400,835 $1,132,952
 Directors’ compensation 11,452 7,624


GreenSky, Inc. FINANCIAL STATEMENTS States Dollars share data
 Cash Equivalents
 non-interest interest-bearing demand deposit accounts financial institutions. equivalents market mutual fund accounts government securities. liquid investments three months less cash equivalents. carrying amounts equivalents approximate fair values short maturities liquid nature. Note 3.
 cash balances exceed insured amounts credit risk. no significant credit risk. cash equivalents expose credit risk limited investments backed faith United States government.
 Restricted Cash
 interest-bearing escrow accounts contracts Bank Partners. amounts escrowed Partners credit losses additional amounts Bank Partners interest deferred interest loans custodial loan funding consumer borrower payments. balances not considered evaluation restricted cash usage. liability Partners financial guarantee. Note 14.
table cash Consolidated Balance Sheets Statements Cash Flows.
 Cash equivalents $195,760 $303,390 $224,614
 Restricted cash 250,081 155,109 129,224
 Flows $445,841 $458,499 $353,838


. Net Loss Per Share
 earnings income shares less repurchase excludes dilutive effects options warrants unvested restricted stock. Dilutive earnings income dilutive effect options warrants stock.
 table diluted net loss
 dilutive shares incentive plans determined treasury stock method exercise stock options vesting restricted stock issuance common stock. stock options price higher average stock price excluded loss-dilutive.
 2019
 2018
 2017
 Net loss $(25,853) $(46,792) $(1,744)
 Weighted-average shares diluted 117,954 114,221 108,273
 Net loss per share. 22.


option activity May 26, 2019
 compensation expense accounting forfeitures. granted. million stock options value $6. 12 per share. value $7. 9 million $15. million $29. million 2019 2018. closing market price common stock day $28. 83 per share.
 Compensation expense $2. 2 million $4. 2 million $6. million 2019 2018 discontinued operations. million 2017. million. tax benefit. million $1. $2. million.
 May 26, 2019. 2 million unrecognized compensation expense.
 Cash 2019 2018 2017 $12. 4 million $25. 1 million $84. 4 million. tax benefit $2. 3 million $5. million $19. 5 million 2019 2017.
 Price Contractual Term Value

 May 27, 2018. $28.
. $20. 75 $7.
 Expired. $29.
 May 2019. $29. $9.
 May 26, 2019. $28. 32 $9.


Unallocated Amounts
 revenue profit income amortization acquisition deferred revenue adjustments. amortization intangible assets stock-based compensation core business transaction-related costs non asset impairment charges data.
 Expenses core business severance product consolidation legal consulting charges. not included reportable results “Unallocated Amounts” category.
 corporate administrative expenses research development expenses revenue resale ancillary products.
 2019
 Revenue customer- project-driven. increase revenue due $2 million amortization acquisition deferred revenue adjustments $24. 3 million 2018.
 Gross unallocated expenses totaled $478 million 2019 $533 million 2018. decrease lower impairment goodwill charges $35 million severance legal expenses $16 million acquisition amortization $1 million.offset $3 million additional stock compensation expense.
 2018 2017
 Revenue resale ancillary products hardware customer project driven. Revenue improved lower amortization acquisition-related deferred revenue adjustments Business Practice Fusion Health Grid NantHealth acquisitions.
 adjustments totaled $24 million $29 million 2017.
 unallocated expenses $533 million $424 million. increase driven higher transaction-related severance legal expenses EIS Business Practice Fusion Health Grid
 impairment charges $58 million goodwill impairment charges $14 million transaction severance legal expenses $30 million amortization intangible acquisition asset $9 million. increase amortization due intangible assets acquisitions quarter 2017.
 Ended December
 2019 Change
 Revenue $13,346.
profit $(63,522),228,130 (26. 3% 1.
 Loss operations(465,176(539,237)(437,431. 7% 23. 3%
 margin


AMERICAN TOWER CORPORATION SUBSIDIARIES FINANCIAL STATEMENTS amounts millions
 Cash deposits short-term investments maturities three months. maintains deposits monitors credit ratings.
 Restricted contractual provisions.
 reconciliation cash equivalents restricted cash
 Ended December 31,
 Cash equivalents $1,501. $1,208. $802.
 Restricted cash.
 cash equivalents restricted cash $1,578. $1,304. $954.


Consolidated Financial Statements Fiscal Years Ended May 26, 2019 2018 28, 2017 millions share amounts Private Brands Operations
 February 1, 2016, Private Brands operations TreeHouse Foods.
 financial results Private Brands
 transition services agreement TreeHouse recognized $2. 2 million $16. 9 million income 2018 2017 SG&A expenses.
 Loss sale business.
 Income discontinued operations income taxes investment earnings.
.
 tax expense.
 discontinued operations net tax.