Income Tax Accounting Policy

The provision for income taxes includes income taxes paid or payable for the current year plus the change in deferred taxes during the year. Deferred taxes result from differences between the financial and tax basis of assets and liabilities and are adjusted for changes in tax rates and tax laws when changes are enacted. Valuation allowances are recognized to reduce deferred tax assets when it is more likely than not that a tax benefit will not be realized. The assessment of whether or not a valuation allowance is required often requires significant judgment including the long-range forecast of future taxable income and the evaluation of tax planning initiatives. Adjustments to the deferred tax valuation allowances are made to earnings in the period when such assessments are made.

Tax benefits are recognized from an uncertain tax position only if it is more likely than not that the tax position will be sustained on examination by the taxing authorities based on the technical merits of the position. The tax benefit recognized in the financial statements for a particular tax position is based on the largest benefit that is more likely than not to be realized upon settlement.

Source: Bristol-Myers Squibb Co., Annual Report

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Income Tax Expense (Benefit)

Bristol-Myers Squibb Co., income tax expense (benefit), continuing operations

USD $ in millions

 
12 months ended Dec 31, 2017 Dec 31, 2016 Dec 31, 2015 Dec 31, 2014 Dec 31, 2013
U.S. 2,782  1,144  337  334  375 
Non-U.S. 364  468  456  560  427 
Current 3,146  1,612  793  894  802 
U.S. 1,063  (101) (394) (403) (390)
Non-U.S. (53) (103) 47  (139) (101)
Deferred 1,010  (204) (347) (542) (491)
Provision for income taxes 4,156  1,408  446  352  311 

Source: Based on data from Bristol-Myers Squibb Co. Annual Reports

Item Description The company
Current The component of income tax expense for the period representing amounts of income taxes paid or payable (or refundable) for the period for all income tax obligations as determined by applying the provisions of relevant enacted tax laws to relevant amounts of taxable income (loss) from continuing operations. Bristol-Myers Squibb Co.'s current increased from 2015 to 2016 and from 2016 to 2017.
Deferred The component of income tax expense for the period representing the net change in the entity's deferred tax assets and liabilities pertaining to continuing operations. Bristol-Myers Squibb Co.'s deferred increased from 2015 to 2016 and from 2016 to 2017.
Provision for income taxes The sum of the current income tax expense (benefit) and the deferred income tax expense (benefit) pertaining to pretax income (loss) from continuing operations; income tax expense (benefit) may include interest and penalties on tax uncertainties based on the entity's accounting policy. Bristol-Myers Squibb Co.'s provision for income taxes increased from 2015 to 2016 and from 2016 to 2017.

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Effective Income Tax Rate (EITR)

Bristol-Myers Squibb Co., effective income tax rate (EITR) reconciliation

 
Dec 31, 2017 Dec 31, 2016 Dec 31, 2015 Dec 31, 2014 Dec 31, 2013
U.S. statutory Federal income tax rate 35.00% 35.00% 35.00% 35.00% 35.00%
Deemed repatriation transition tax 50.90% –% –% –% –%
Deferred tax remeasurement 5.60% –% –% –% –%
Foreign tax effect of certain operations in Ireland, Puerto Rico and Switzerland -10.90% -7.50% -25.80% -21.40% -21.40%
U.S. tax effect of capital losses –% –% –% -15.20% –%
U.S. Federal valuation allowance release –% -0.50% -4.00% –% -0.30%
U.S. Federal, state and foreign contingent tax matters 1.40% 1.50% 2.70% 9.60% 4.60%
U.S. Federal research based credits -2.80% -2.40% -6.40% -5.40% -7.60%
Goodwill allocated to divestitures 0.10% 0.60% 1.20% 8.80% –%
U.S. Branded Prescription Drug Fee 1.00% 0.90% 2.10% 3.50% 2.20%
Non-deductible R&D charges 5.20% 1.70% 17.80% 2.20% –%
Puerto Rico excise tax -2.60% -2.20% -2.70% -1.20% –%
Domestic manufacturing deduction -1.50% -2.10% -0.80% –% –%
State and local taxes, net of valuation allowance 1.50% 0.40% 0.80% 0.80% 0.90%
Foreign and other -1.90% -1.60% 1.60% -1.90% -2.60%
Effective tax rate 81.00% 23.80% 21.50% 14.80% 10.80%

Source: Based on data from Bristol-Myers Squibb Co. Annual Reports

Item Description The company
Effective tax rate A ratio calculated by dividing the reported amount of income tax expense attributable to continuing operations for the period by GAAP-basis pretax income from continuing operations. Bristol-Myers Squibb Co.'s effective tax rate increased from 2015 to 2016 and from 2016 to 2017.

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Components of Deferred Tax Assets and Liabilities

Bristol-Myers Squibb Co., components of deferred tax assets and liabilities

USD $ in millions

 
Dec 31, 2017 Dec 31, 2016 Dec 31, 2015 Dec 31, 2014 Dec 31, 2013
Foreign net operating loss carryforwards 2,872  2,945  3,090  3,473  3,892 
State net operating loss and credit carryforwards 143  114  324  337  377 
U.S. Federal net operating loss and credit carryforwards 99  156  173  161  161 
Deferred income 212  764  1,009  1,163  2,168 
Milestone payments and license fees 386  534  560  440  483 
Pension and postretirement benefits 131  358  462  467  120 
Intercompany profit and other inventory items 651  1,241  607  531  495 
Other foreign deferred tax assets 312  188  172  202  187 
Share-based compensation 60  114  122  95  107 
Internal transfer of intellectual property 629  635  247  223 
Other 280  308  438  981  1,210 
Deferred tax assets 5,146  7,351  7,592  8,097  9,423 
Valuation allowance (2,827) (3,078) (3,534) (4,259) (4,623)
Deferred tax assets net of valuation allowance 2,319  4,273  4,058  3,838  4,800 
Depreciation (11) (125) (105) (128) (148)
Acquired intangible assets (216) (344) (338) (390) (2,567)
Goodwill and other (527) (855) (802) (832) (780)
Deferred tax liabilities (754) (1,324) (1,245) (1,350) (3,495)
Deferred tax assets (liabilities), net 1,565  2,949  2,813  2,488  1,305 

Source: Based on data from Bristol-Myers Squibb Co. Annual Reports

Item Description The company
Deferred tax assets The sum of the tax effects as of the balance sheet date of the amounts of all future tax deductions arising from temporary differences between tax basis and generally accepted accounting principles basis recognition of assets, liabilities, revenues and expenses, which can only be deducted for tax purposes when permitted under enacted tax laws (before the valuation allowance, if any, to reduce such sum amount to net realizable value). Includes any tax benefit realized in deferred tax assets for significant impacts of tax planning strategies. Bristol-Myers Squibb Co.'s deferred tax assets declined from 2015 to 2016 and from 2016 to 2017.
Deferred tax assets net of valuation allowance The aggregate tax effects as of the balance sheet date of all future tax deductions arising from temporary differences between tax basis and generally accepted accounting principles basis recognition of assets, liabilities, revenues and expenses, which can only be deducted for tax purposes when permitted under enacted tax laws; net of deducting the allocated valuation allowance, if any, to reduce such amount to net realizable value. Bristol-Myers Squibb Co.'s deferred tax assets net of valuation allowance increased from 2015 to 2016 but then declined significantly from 2016 to 2017.
Deferred tax assets (liabilities), net For entities that net deferred tax assets and tax liabilities, represents the unclassified net amount of deferred tax assets and liabilities as of the balance sheet date, which result from applying the applicable enacted tax rate to net temporary differences and carryforwards pertaining to assets or liabilities. A temporary difference is a difference between the tax basis of an asset or liability and its carrying amount in the financial statements prepared in accordance with generally accepted accounting principles that will reverse in ensuing periods. Bristol-Myers Squibb Co.'s deferred tax assets (liabilities), net increased from 2015 to 2016 but then declined significantly from 2016 to 2017.

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Deferred Tax Assets and Liabilities, Classification

Bristol-Myers Squibb Co., deferred tax assets and liabilities, classification

USD $ in millions

 
Dec 31, 2017 Dec 31, 2016 Dec 31, 2015 Dec 31, 2014 Dec 31, 2013
Deferred income tax assets, current 1,644  1,826 
Deferred income tax assets, non-current 1,610  2,996  2,844  915  508 
Deferred income tax liabilities, current (included in income taxes payable) 11  956 
Deferred income tax liabilities, non-current (included in income taxes payable) 45  47  31  60  73 

Source: Based on data from Bristol-Myers Squibb Co. Annual Reports

Item Description The company
Deferred income tax assets, current The current portion of the aggregate tax effects as of the balance sheet date of all future tax deductions arising from temporary differences between tax basis and generally accepted accounting principles basis recognition of assets, liabilities, revenues and expenses, which can only be deducted for tax purposes when permitted under enacted tax laws; after deducting the allocated valuation allowance, if any, to reduce such amount to net realizable value. Deferred tax liabilities and assets shall be classified as current or noncurrent based on the classification of the related asset or liability for financial reporting. A deferred tax liability or asset that is not related to an asset or liability for financial reporting, including deferred tax assets related to carryforwards, shall be classified according to the expected reversal date of the temporary difference. An unrecognized tax benefit that is directly related to a position taken in a tax year that results in a net operating loss carryforward should be presented as a reduction of the related deferred tax asset.
Deferred income tax assets, non-current The noncurrent portion as of the balance sheet date of the aggregate carrying amount of all future tax deductions arising from temporary differences between tax basis and generally accepted accounting principles basis recognition of assets, liabilities, revenues and expenses, which can only be deducted for tax purposes when permitted under enacted tax laws; after the valuation allowance, if any, to reduce such amount to net realizable value. Deferred tax liabilities and assets shall be classified as current or noncurrent based on the classification of the related asset or liability for financial reporting. A deferred tax liability or asset that is not related to an asset or liability for financial reporting, including deferred tax assets related to carryforwards, shall be classified according to the expected reversal date of the temporary difference. Bristol-Myers Squibb Co.'s deferred income tax assets, non-current increased from 2015 to 2016 but then declined significantly from 2016 to 2017.
Deferred income tax liabilities, current (included in income taxes payable) Represents the current portion of deferred tax liabilities, which result from applying the applicable tax rate to net taxable temporary differences pertaining to each jurisdiction to which the entity is obligated to pay income tax. A current taxable temporary difference is a difference between the tax basis and the carrying amount of a current asset or liability in the financial statements prepared in accordance with generally accepted accounting principles. In a classified statement of financial position, an enterprise shall separate deferred tax liabilities and assets into a current amount and a noncurrent amount. Deferred tax liabilities and assets shall be classified as current or noncurrent based on the classification of the related asset or liability for financial reporting. A deferred tax liability or asset that is not related to an asset or liability for financial reporting, including deferred tax assets related to carryforwards, shall be classified according to the expected reversal date of the temporary difference.
Deferred income tax liabilities, non-current (included in income taxes payable) Represents the noncurrent portion of deferred tax liabilities, which result from applying the applicable tax rate to net taxable temporary differences pertaining to each jurisdiction to which the entity is obligated to pay income tax. A noncurrent taxable temporary difference is a difference between the tax basis and the carrying amount of a noncurrent asset or liability in the financial statements prepared in accordance with generally accepted accounting principles. In a classified statement of financial position, an enterprise shall separate deferred tax liabilities and assets into a current amount and a noncurrent amount. Deferred tax liabilities and assets shall be classified as current or noncurrent based on the classification of the related asset or liability for financial reporting. A deferred tax liability or asset that is not related to an asset or liability for financial reporting, including deferred tax assets related to carryforwards, shall be classified according to the expected reversal date of the temporary difference. Bristol-Myers Squibb Co.'s deferred income tax liabilities, non-current (included in income taxes payable) increased from 2015 to 2016 but then slightly declined from 2016 to 2017.

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Analyst Adjustments: Removal of Deferred Taxes

Bristol-Myers Squibb Co., adjustments to financial data

USD $ in millions

 
Dec 31, 2017 Dec 31, 2016 Dec 31, 2015 Dec 31, 2014 Dec 31, 2013
Adjustment to Current Assets
Current assets (as reported) 14,854  13,704  10,415  14,608  18,916 
Less: Current deferred tax assets, net 1,644  1,826 
Current assets (adjusted) 14,854  13,704  10,415  12,964  17,090 
Adjustment to Total Assets
Total assets (as reported) 33,551  33,707  31,748  33,749  38,592 
Less: Current deferred tax assets, net 1,644  1,826 
Less: Noncurrent deferred tax assets, net 1,610  2,996  2,844  915  508 
Total assets (adjusted) 31,941  30,711  28,904  31,190  36,258 
Adjustment to Current Liabilities
Current liabilities (as reported) 9,563  8,841  8,017  8,461  12,440 
Less: Current deferred tax liabilities, net 11  956 
Current liabilities (adjusted) 9,563  8,841  8,017  8,450  11,484 
Adjustment to Total Liabilities
Total liabilities (as reported) 21,704  17,360  17,324  18,766  23,356 
Less: Current deferred tax liabilities, net 11  956 
Less: Noncurrent deferred tax liabilities, net 45  47  31  60  73 
Total liabilities (adjusted) 21,659  17,313  17,293  18,695  22,327 
Adjustment to Total Bristol-Myers Squibb Company Shareholders' Equity
Total Bristol-Myers Squibb Company shareholders' equity (as reported) 11,741  16,177  14,266  14,852  15,154 
Less: Net deferred tax assets (liabilities) 1,565  2,949  2,813  2,488  1,305 
Total Bristol-Myers Squibb Company shareholders' equity (adjusted) 10,176  13,228  11,453  12,364  13,849 
Adjustment to Net Earnings Attributable To BMS
Net earnings attributable to BMS (as reported) 1,007  4,457  1,565  2,004  2,563 
Add: Deferred income tax expense (benefit) 1,010  (204) (347) (542) (491)
Net earnings attributable to BMS (adjusted) 2,017  4,253  1,218  1,462  2,072 

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Adjusted Ratios: Removal of Deferred Taxes (Summary)

Bristol-Myers Squibb Co., adjusted ratios

 
Dec 31, 2017 Dec 31, 2016 Dec 31, 2015 Dec 31, 2014 Dec 31, 2013
Current Ratio
Reported current ratio 1.55 1.55 1.30 1.73 1.52
Adjusted current ratio 1.55 1.55 1.30 1.53 1.49
Net Profit Margin
Reported net profit margin 4.85% 22.94% 9.45% 12.62% 15.64%
Adjusted net profit margin 9.71% 21.89% 7.36% 9.21% 12.65%
Total Asset Turnover
Reported total asset turnover 0.62 0.58 0.52 0.47 0.42
Adjusted total asset turnover 0.65 0.63 0.57 0.51 0.45
Financial Leverage
Reported financial leverage 2.86 2.08 2.23 2.27 2.55
Adjusted financial leverage 3.14 2.32 2.52 2.52 2.62
Return on Equity (ROE)
Reported ROE 8.58% 27.55% 10.97% 13.49% 16.91%
Adjusted ROE 19.82% 32.15% 10.63% 11.82% 14.96%
Return on Assets (ROA)
Reported ROA 3.00% 13.22% 4.93% 5.94% 6.64%
Adjusted ROA 6.31% 13.85% 4.21% 4.69% 5.71%
Ratio Description The company
Adjusted current ratio A liquidity ratio calculated as adjusted current assets divided by adjusted current liabilities. Bristol-Myers Squibb Co.'s adjusted current ratio improved from 2015 to 2016 and from 2016 to 2017.
Adjusted net profit margin An indicator of profitability, calculated as adjusted net income divided by total revenue. Bristol-Myers Squibb Co.'s adjusted net profit margin improved from 2015 to 2016 but then slightly deteriorated from 2016 to 2017 not reaching 2015 level.
Adjusted total asset turnover An activity ratio calculated as total revenue divided by adjusted total assets. Bristol-Myers Squibb Co.'s adjusted total asset turnover improved from 2015 to 2016 and from 2016 to 2017.
Adjusted financial leverage A measure of financial leverage calculated as adjusted total assets divided by adjusted total equity.
Financial leverage is the extent to which a company can effect, through the use of debt, a proportional change in the return on common equity that is greater than a given proportional change in operating income.
Bristol-Myers Squibb Co.'s adjusted financial leverage declined from 2015 to 2016 but then increased from 2016 to 2017 exceeding 2015 level.
Adjusted ROE A profitability ratio calculated as adjusted net income divided by adjusted shareholders' equity. Bristol-Myers Squibb Co.'s adjusted ROE improved from 2015 to 2016 but then slightly deteriorated from 2016 to 2017 not reaching 2015 level.
Adjusted ROA A profitability ratio calculated as adjusted net income divided by adjusted total assets. Bristol-Myers Squibb Co.'s adjusted ROA improved from 2015 to 2016 but then slightly deteriorated from 2016 to 2017 not reaching 2015 level.

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Adjusted Current Ratio

 
Dec 31, 2017 Dec 31, 2016 Dec 31, 2015 Dec 31, 2014 Dec 31, 2013
As Reported
Current assets (USD $ in millions) 14,854  13,704  10,415  14,608  18,916 
Current liabilities (USD $ in millions) 9,563  8,841  8,017  8,461  12,440 
Current ratio1 1.55 1.55 1.30 1.73 1.52
Adjusted for Deferred Taxes
Adjusted current assets (USD $ in millions) 14,854  13,704  10,415  12,964  17,090 
Adjusted current liabilities (USD $ in millions) 9,563  8,841  8,017  8,450  11,484 
Adjusted current ratio2 1.55 1.55 1.30 1.53 1.49

2017 Calculations

1 Current ratio = Current assets ÷ Current liabilities
= 14,854 ÷ 9,563 = 1.55

2 Adjusted current ratio = Adjusted current assets ÷ Adjusted current liabilities
= 14,854 ÷ 9,563 = 1.55

Ratio Description The company
Adjusted current ratio A liquidity ratio calculated as adjusted current assets divided by adjusted current liabilities. Bristol-Myers Squibb Co.'s adjusted current ratio improved from 2015 to 2016 and from 2016 to 2017.

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Adjusted Net Profit Margin

 
Dec 31, 2017 Dec 31, 2016 Dec 31, 2015 Dec 31, 2014 Dec 31, 2013
As Reported
Net earnings attributable to BMS (USD $ in millions) 1,007  4,457  1,565  2,004  2,563 
Revenues (USD $ in millions) 20,776  19,427  16,560  15,879  16,385 
Net profit margin1 4.85% 22.94% 9.45% 12.62% 15.64%
Adjusted for Deferred Taxes
Adjusted net earnings attributable to BMS (USD $ in millions) 2,017  4,253  1,218  1,462  2,072 
Adjusted net profit margin2 9.71% 21.89% 7.36% 9.21% 12.65%

2017 Calculations

1 Net profit margin = 100 × Net earnings attributable to BMS ÷ Revenues
= 100 × 1,007 ÷ 20,776 = 4.85%

2 Adjusted net profit margin = 100 × Adjusted net earnings attributable to BMS ÷ Revenues
= 100 × 2,017 ÷ 20,776 = 9.71%

Ratio Description The company
Adjusted net profit margin An indicator of profitability, calculated as adjusted net income divided by total revenue. Bristol-Myers Squibb Co.'s adjusted net profit margin improved from 2015 to 2016 but then slightly deteriorated from 2016 to 2017 not reaching 2015 level.

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Adjusted Total Asset Turnover

 
Dec 31, 2017 Dec 31, 2016 Dec 31, 2015 Dec 31, 2014 Dec 31, 2013
As Reported
Revenues (USD $ in millions) 20,776  19,427  16,560  15,879  16,385 
Total assets (USD $ in millions) 33,551  33,707  31,748  33,749  38,592 
Total asset turnover1 0.62 0.58 0.52 0.47 0.42
Adjusted for Deferred Taxes
Adjusted total assets (USD $ in millions) 31,941  30,711  28,904  31,190  36,258 
Adjusted total asset turnover2 0.65 0.63 0.57 0.51 0.45

2017 Calculations

1 Total asset turnover = Revenues ÷ Total assets
= 20,776 ÷ 33,551 = 0.62

2 Adjusted total asset turnover = Revenues ÷ Adjusted total assets
= 20,776 ÷ 31,941 = 0.65

Ratio Description The company
Adjusted total asset turnover An activity ratio calculated as total revenue divided by adjusted total assets. Bristol-Myers Squibb Co.'s adjusted total asset turnover improved from 2015 to 2016 and from 2016 to 2017.

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Adjusted Financial Leverage

 
Dec 31, 2017 Dec 31, 2016 Dec 31, 2015 Dec 31, 2014 Dec 31, 2013
As Reported
Total assets (USD $ in millions) 33,551  33,707  31,748  33,749  38,592 
Total Bristol-Myers Squibb Company shareholders' equity (USD $ in millions) 11,741  16,177  14,266  14,852  15,154 
Financial leverage1 2.86 2.08 2.23 2.27 2.55
Adjusted for Deferred Taxes
Adjusted total assets (USD $ in millions) 31,941  30,711  28,904  31,190  36,258 
Adjusted total Bristol-Myers Squibb Company shareholders' equity (USD $ in millions) 10,176  13,228  11,453  12,364  13,849 
Adjusted financial leverage2 3.14 2.32 2.52 2.52 2.62

2017 Calculations

1 Financial leverage = Total assets ÷ Total Bristol-Myers Squibb Company shareholders' equity
= 33,551 ÷ 11,741 = 2.86

2 Adjusted financial leverage = Adjusted total assets ÷ Adjusted total Bristol-Myers Squibb Company shareholders' equity
= 31,941 ÷ 10,176 = 3.14

Ratio Description The company
Adjusted financial leverage A measure of financial leverage calculated as adjusted total assets divided by adjusted total equity.
Financial leverage is the extent to which a company can effect, through the use of debt, a proportional change in the return on common equity that is greater than a given proportional change in operating income.
Bristol-Myers Squibb Co.'s adjusted financial leverage declined from 2015 to 2016 but then increased from 2016 to 2017 exceeding 2015 level.

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Adjusted Return on Equity (ROE)

 
Dec 31, 2017 Dec 31, 2016 Dec 31, 2015 Dec 31, 2014 Dec 31, 2013
As Reported
Net earnings attributable to BMS (USD $ in millions) 1,007  4,457  1,565  2,004  2,563 
Total Bristol-Myers Squibb Company shareholders' equity (USD $ in millions) 11,741  16,177  14,266  14,852  15,154 
ROE1 8.58% 27.55% 10.97% 13.49% 16.91%
Adjusted for Deferred Taxes
Adjusted net earnings attributable to BMS (USD $ in millions) 2,017  4,253  1,218  1,462  2,072 
Adjusted total Bristol-Myers Squibb Company shareholders' equity (USD $ in millions) 10,176  13,228  11,453  12,364  13,849 
Adjusted ROE2 19.82% 32.15% 10.63% 11.82% 14.96%

2017 Calculations

1 ROE = 100 × Net earnings attributable to BMS ÷ Total Bristol-Myers Squibb Company shareholders' equity
= 100 × 1,007 ÷ 11,741 = 8.58%

2 Adjusted ROE = 100 × Adjusted net earnings attributable to BMS ÷ Adjusted total Bristol-Myers Squibb Company shareholders' equity
= 100 × 2,017 ÷ 10,176 = 19.82%

Ratio Description The company
Adjusted ROE A profitability ratio calculated as adjusted net income divided by adjusted shareholders' equity. Bristol-Myers Squibb Co.'s adjusted ROE improved from 2015 to 2016 but then slightly deteriorated from 2016 to 2017 not reaching 2015 level.

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Adjusted Return on Assets (ROA)

 
Dec 31, 2017 Dec 31, 2016 Dec 31, 2015 Dec 31, 2014 Dec 31, 2013
As Reported
Net earnings attributable to BMS (USD $ in millions) 1,007  4,457  1,565  2,004  2,563 
Total assets (USD $ in millions) 33,551  33,707  31,748  33,749  38,592 
ROA1 3.00% 13.22% 4.93% 5.94% 6.64%
Adjusted for Deferred Taxes
Adjusted net earnings attributable to BMS (USD $ in millions) 2,017  4,253  1,218  1,462  2,072 
Adjusted total assets (USD $ in millions) 31,941  30,711  28,904  31,190  36,258 
Adjusted ROA2 6.31% 13.85% 4.21% 4.69% 5.71%

2017 Calculations

1 ROA = 100 × Net earnings attributable to BMS ÷ Total assets
= 100 × 1,007 ÷ 33,551 = 3.00%

2 Adjusted ROA = 100 × Adjusted net earnings attributable to BMS ÷ Adjusted total assets
= 100 × 2,017 ÷ 31,941 = 6.31%

Ratio Description The company
Adjusted ROA A profitability ratio calculated as adjusted net income divided by adjusted total assets. Bristol-Myers Squibb Co.'s adjusted ROA improved from 2015 to 2016 but then slightly deteriorated from 2016 to 2017 not reaching 2015 level.

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