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A2040-403 exam Dumps Source : Assessment: IBM Forms 8.0 - Forms Design and Development
Test Code : A2040-403
Test Name : Assessment: IBM Forms 8.0 - Forms Design and Development
Vendor Name : IBM
: 103 Real Questions
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IBM Lotus Wednesday introduced a slew of partners to support with its efforts to integrate normal telephony and VoIP with collaboration utility by way of Sametime Unified Telephony Server, which the company stated will ship in July.
IBM's collaboration and voice strategy is to combine the telephony architectures groups already have with Sametime and the rest of the IBM Lotus collaboration platform, together with Notes/Domino, speedy messaging/presence, social networking, conferencing and messaging utility. The plan is to use open protocols and interfaces.
In his keynote handle Wednesday at the VoiceCon display, Bob Picciano, regular supervisor of IBM collaboration, unveiled the Sametime Unified Telephony Validation application and an inventory of partners.
On the checklist of companions who've validated their wares combine with IBM's open protocols in Sametime Unified Telephony Server (SUT) are Alcatel Lucent, Avaya, Cisco, NEC, Nortel, Mitel and Siemens; media gateway providers Dialogic and web; and better voice high-quality suppliers GN Netcom, Plantronics, Polycom and Psytechnics. Picciano referred to an extra crop of partners can be announced within the coming months.
one of the vital partners introduced Wednesday have already been working with IBM on the evolution of Sametime, including Alcatel-Lucent, Avaya, Cisco, Nortel and Siemens.
IBM's integration method is in distinction to ordinary rival Microsoft, which eventually hopes to supplant telephony providers with the aid of re-inventing the PBX in software. And it is different from Cisco, which companions with IBM/Lotus however is taking a greater community strategy to unified communications.
"Our open APIs combine assorted telephony methods, both new VoIP and legacy TDM techniques into the Sametime collaboration atmosphere and business procedure applications," said Bruce Morse, vice president of UC application for IBM/Lotus.SUT server, unveiled in January, will introduce an structure constructed round two servers that kind a single data center integration factor between the IBM/Lotus ambiance and the telephony world.
SUT's Telephony handle Server offers connections to PBX methods by way of Session Initiation Protocol, and finally in a later edition, to desktop-Supported telephony software interfaces.
The Telephony software server offers an aggregation point for presence facts and APIs for developers building UC-enabled applications.
SUT is a module for the Sametime Server and whereas the July unlock might be tagged with the identical eight.0 version number that Sametime has, it can be the first unlock of the SUT expertise.
SUT will allow users to get hold of calls by the use of softphones, and install contact and routing rules in line with vicinity, presence and personal choice. moreover, click-to-name elements let users click on a name and start a voice conversation, IM chat or video convention.
IBM also announced BM Converged Communications services for Sametime Unified Telephony if you want to provide strategy, evaluation, structure, design, integration and implementation for SUT.
follow John Fontana on Twitter: twitter.com/johnfontana.
This story, "IBM Lining up Run at Telephony, VoIP Integration" turned into at the beginning posted with the aid of network World.To touch upon this text and other PCWorld content, consult with their fb page or their Twitter feed.
Researchmoz delivered newest research on "utility Infrastructure Middleware Market Dynamics, trends, Segmentation and opportunity assessment 2019-2025 | IBM, Oracle, TIBCO and utility" to its large collection of analysis reports.
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Albany, ny -- (SBWIRE) -- 04/04/2019 -- software Infrastructure Middleware Market file comprises (6 yr Forecast 2019-2025) comprises Overview, classification, business value, cost, charge and gross profit. It additionally presents in-intensity insight of the application Infrastructure Middleware trade protecting all a must have parameters together with, Drivers, Market trends, Market Dynamics, opportunities, competitive landscape, fee and Gross Margin, utility Infrastructure Middleware market Share by means of place, New problem Feasibility comparison, evaluation and guidelines on New mission funding.
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Middleware is laptop software that provides functions to utility applications beyond these available from the operating equipment. It can be described as "application glue".
The growing demand for IoT middleware and the evolving maturity of cloud utility infrastructure are primary factors contributing to the market increase. IBM leads the global software infrastructure and middleware market. Market leaders are losing their share because of the expanding competitors form open sources, cloud suppliers, and different challengers. approximately one-third of utility infrastructure and middleware spend comes from small and medium agencies, however they represent well-nigh ninety% of the agencies in many regional markets.
The cloud deployment mode has been expanding its market base over the usual on-premise deployment applied sciences with the evolution of cloud infrastructure. modern middleware technological equipment allow the application to be deployed in cloud atmosphere. The contemporary cloud utility infrastructure has evolved to offer enhanced efficiency and scalability than existing on-premise technologies. The emerging trend towards cloud features and the innovation in internet of issues (IoT) extra assist boost investments in contemporary application infrastructure and middleware.
North the united states holds the maximum share of the present application infrastructure and middleware market. Housing many market giants in quite a few industrial verticals, North the us has been dominating the market and is expected to continue its domination right through the forecast period. North the us is experiencing a as soon as-in-a-decade shift on the technological entrance. As hybrid IT has been evolving, most agencies are migrating their infrastructure to the cloud and some continue to keep crucial services onsite. over the past few years, the variety of business-crucial functions have increased drastically. This has translated into more demand for top-performing solutions as conclusion users predict a seamless adventure.
This document focuses on the global application Infrastructure Middleware popularity, future forecast, growth chance, key market and key avid gamers. The analyze objectives are to current the application Infrastructure Middleware development in u.s., Europe and China.
the key avid gamers lined during this studyIBMOracleTIBCO SoftwareSalesforce.comSAP SEMicrosoftSoftware AGRed HatFujitsuCisco SystemsInformaticaUnisys company
Market section by way of type, the product can be break up intoCloudOn-premise
Market section by way of application, split intoBFSIIT & TelecommunicationHealthcareRetailGovernmentOthers
vicinity an Enquiry to Their trade knowledgeable @ https://www.researchmoz.us/enquiry.personal home page?classification=E&repid=2081251
Market segment by means of areas/nations, this file coversUnited StatesEuropeChinaJapanSoutheast AsiaIndiaCentral & South the usa
The examine targets of this document are:to research international software Infrastructure Middleware fame, future forecast, boom probability, key market and key gamers.To latest the software Infrastructure Middleware construction in u.s., Europe and China.To strategically profile the key avid gamers and comprehensively analyze their construction plan and strategies.To outline, describe and forecast the market by using product class, market and key regions.
About ResearchMozResearchMoz is the one cease on-line vacation spot to locate and buy market research studies & industry evaluation. They fulfill your whole research wants spanning throughout industry verticals with their massive assortment of market research experiences. They deliver their capabilities to all sizes of companies and across all trade verticals and markets. Their analysis Coordinators have in-depth expertise of reviews as well as publishers and should assist you in making an advised resolution via providing you with independent and deep insights on which studies will satisfy your wants at the premier fee.
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For extra advice on this press free up consult with: http://www.sbwire.com/press-releases/utility-infrastructure-middleware-market-dynamics-traits-segmentation-and-possibility-evaluation-2019-2025-ibm-oracle-tibco-and-software-1188814.htm
IBM's CEO, Ginny Rometty. Reuters in the world of speech focus application, 5.1% is type of a magic number.
agencies that can create utility with error quotes falling in that ballpark are basically matching the capabilities of humans, who leave out roughly 5% of the phrases in a given conversation.
On March 7, IBM introduced it had turn into the first to home in on that benchmark, having performed a fee of 5.5%. The leap forward signals a large win for synthetic intelligence that may eventually live in smartphones and voice assistants like Siri, Alexa, and Google Assistant.
"The potential to admire speech in addition to people do is a continuing problem, when you consider that human speech, especially all the way through spontaneous conversation, is extremely advanced," Julia Hirschberg, a professor of desktop science at Columbia university, advised IBM in an announcement.
Over the ultimate 12 months, IBM has worked to destroy its former listing of 6.9%. in an effort to cut the error fee by way of essentially 1.5 percent elements, the enterprise great-tuned aspects of its acoustics, which decide on up different sorts of speech.
although experts like Hirschberg say machines still can't decide on up certain nuances of speech, comparable to tone and metaphor, application has made considerable advances in rote transcription. And the exams don't seem to be feeding machines softballs: within the latest evaluation, application had to determine what people have been announcing in usual contexts, equivalent to buying a car, which have been plagued by stutters, um s, and mumbling.
IBM says the 5.5% declare to fame is in particular important in an business that often cannot agree what humans are in a position to.
"Others in the industry are chasing this milestone alongside us, and a few have these days claimed accomplishing 5.9 p.c as corresponding to human parity," wrote IBM research scientist George Saon.
In 2016, researchers from Microsoft introduced they'd developed a pc that might truly beat people at realizing dialog. The software had an error price of 6.three%, neatly above IBM's new record.
but given the 5.1% aim IBM has set for itself, Saon continued, "we're not popping the champagne yet."
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(MENAFN - GlobeNewsWire - Nasdaq) itemprop="articleBody">VANCOUVER, British Columbia and JOHANNESBURG, South Africa, April 12, 2019 (GLOBE NEWSWIRE) -- Platinum Group Metals Ltd. (PTM:TSX; PLG:NYSE American) ('Platinum Group' 'PTM' or the 'Company') reports the Company's financial results for the six months ended February 28, 2019 and provides a summary of recent events and outlook. For details of the condensed consolidated interim financial statements for the six months ended February 28, 2019 (the 'Financial Statements') and Management's Discussion and Analysis for the six months ended February 28, 2019 please see the Company's filings on SEDAR ( www.sedar.com ) or on EDGAR ( www.sec.gov ). Shareholders are encouraged to visit the Company's website at www.platinumgroupmetals.net . Shareholders may receive a hard copy of the complete Financial Statements from the Company free of charge upon request.
All amounts herein are reported in United States dollars ('USD') unless otherwise specified. The Company holds cash in Canadian dollars, United States dollars and South African Rand. Changes in exchange rates may create variances in the cash holdings or results reported.The Company is focused on completing a Definitive Feasibility Study ('DFS') for the large scale, palladium dominant and bulk mineable Waterberg Project in South Africa (the 'Waterberg Project'). The strong price outlook for palladium along with DFS optimization work have helped the Company to better estimate the potential mine scale for the Waterberg Project. Optimization work has determined that higher extraction rates for mineralized material are achievable by using tailings as backfill. See more details below in 'Outlook'.
A technical committee of Waterberg JV Resources Pty Ltd. ('Waterberg JV Co.') is overseeing the DFS with participation from all partners. A formal Mining Right Application has been filed and community consultation is ongoing. Power and water planning for the project is advancing well including work under a regional water co-operation agreement with the Capricorn Municipality and engineering and permitting work with power utility Eskom.Impala Platinum Holdings Ltd. ('Implats') made a strategic investment of $30.0 million in November 2017 to purchase a 15% stake in the Waterberg Project, from which the Company received $17.2 million for its 8.6% project interest sold. Implats may elect to increase its stake to 50.01% by additional share purchases from Japan Oil, Gas and Metals National Corporation ('JOGMEC') for an amount of $34.8 million and a commitment to spend $130 million for development of the Waterberg Project. Implats will also have a right of first refusal to smelt and refine Waterberg Project concentrate.
Recent EventsPrior to April 2, 2019 common share purchase warrants representing 968,670 shares at a price of $1.70 each were exercised by holders. Proceeds to the Company totalled $1,646,739. The Company's two largest shareholders exercised approximately 91% of these warrants.
On March 7, 2019, the Company reported the transfer of a 9.755% interest in Waterberg JV Co. to Hanwa Co. Ltd. ('Hanwa') by JOGMEC. Prior to the transfer JOGMEC held a 21.95% interest in the Waterberg Project. Hanwa was the successful bidder in a public tender process for Japanese companies conducted by JOGMEC. Hanwa is a leading Japanese trading company supplying a broad spectrum of products, including steel, non-ferrous metals, metals and alloys, food, petroleum, chemicals, machinery, lumber and many other items, to a diverse range of global customers.On January 11, 2019, the Company paid $8.0 million to Liberty Metals & Mining Holdings, LLC ('LMM') in partial settlement of a secured loan facility due to LMM. The amount paid represented net proceeds from the sale of 4.52 million common shares of JSE listed Royal Bafokeng Platinum Ltd. received by the Company in April 2018 upon completion of stage two of the sale of the Maseve Mine.
On November 16, 2018, the Company filed a National Instrument 43-101 technical report for an updated independent mineral resource estimate for the Waterberg Project. The report, entitled 'Technical Report on the Mineral Resource Update for the Waterberg Project Located in the Bushveld Igneous Complex, South Africa' is dated October 22, 2018 (with the effective date of the mineral resources being September 27, 2018) and was prepared by Charles J Muller, B. Sc. (Hons) (Geology), Pr. Sci. Nat., of CJM Consulting (Pty) Ltd. A copy of the report can be found at www.sedar.com , at www.sec.gov and on the Company's website.On October 25, 2018, the Company published an updated independent mineral resource estimate for the Waterberg Project on a 100% basis totalling 26.34 million ounces of platinum, palladium, rhodium and gold (together known as '4E') (242.5 million tonnes at 3.38 g/t 4E comprised of 63.04% palladium, 29.16% platinum, 6.37% gold and 1.43% rhodium), with 6.26 million 4E ounces recognized in the higher confidence Measured category. The updated resource assessment forms the basis for mine design, scheduling and capital cost estimation as part of the DFS. The Waterberg deposit is dominated by palladium and also contains copper and nickel. Inferred mineral resources are estimated at 7.0 million 4E ounces (66.67 million tonnes at 3.26 g/t 4E). The T zone Measured and Indicated mineral resources increased in grade from 3.88 g/t 4E in 2016 to 4.51 g/t 4E in 2018. All of the preceding was estimated at a 2.5 g/t 4E cut-off grade, which is the preferred scenario for the project.
On October 10, 2018, the Company announced that a recent Mining Right Application for the Waterberg Project had been accepted by South Africa's Department of Mineral Resources. The application is supported by the Company and all of the Waterberg Project partners including Implats, JOGMEC and Mnombo Wethu Consultants (Pty) Ltd. The process of consultation under the Mineral and Petroleum Resources Development Act, 2002 and current Environmental Assessment regulations has commenced. Many public meetings have already been completed. Significant feedback from the meetings has been considered in the DFS designs. Local training and employment are key components of the project to maximize the value of the project for all stakeholders.
Results For The Six Months Ended February 28, 2019During the six months ended February 28, 2019 the Company incurred a net loss of $9.5 million (February 28, 2018 – net loss of $26.9 million). General and administrative expenses during the six-month period were $2.9 million (February 28, 2018 - $3.1 million), losses on foreign exchange were $0.6 million (February 28, 2018 – $3.2 million) due to the US Dollar increasing in value relative to the Company's functional currency of the Canadian Dollar.
At February 28, 2019, finance income consisting of interest earned and property rental fees in the period amounted to $0.3 million (February 28, 2018 - $0.4 million), while a gain on marketable securities of $0.6 million was recognized in the current period (February 28, 2018 - $Nil). Loss per share for the period amounted to $0.32 as compared to a loss of $1.65 per share for the six months ended February 28, 2018.Accounts receivable at February 28, 2019 totalled $0.2 million (February 28, 2018 - $2.8 million) while accounts payable and accrued liabilities amounted to $3.7 million (February 28, 2018 - $10.8 million). Accounts receivable were comprised of mainly of amounts receivable for value added taxes repayable to the Company in South Africa and amounts due from joint venture partners and related parties. Accounts payable at February 28, 2019 related mostly to ongoing work at the Waterberg Project with the decrease as compared to February 28, 2018 being primarily due to settlement of payables related to mine closure costs.
Total expenditures on the Waterberg Project, before partner reimbursements, for the six-month period were approximately $5.1 million (February 28, 2018 - $3.9 million). At February 28, 2019, $36 million in accumulated net costs had been capitalized to the Waterberg Project. Total expenditures by all parties on the property since inception are approximately $67 million.For more information on mineral properties, see Note 4 of the Financial Statements.
OutlookThe Company's key business objective is to advance the Waterberg Project to development. The Waterberg project is dominated by palladium at a time when palladium supply is estimated to be in deficit. Mines with palladium as their primary economic mineral are rare.Waterberg JV Co. is advancing the Waterberg Project to completion of a DFS. The DFS is being managed by Platinum Group and a technical committee with comprehensive input at all levels from the Waterberg Project partners.
The positive long-term market outlook for platinum group elements and the value increase created by higher extraction per mining level supports the DFS design change to utilize backfill. Backfill utilizes tailings and concrete to fill in mined out stopes to allow the extraction of mineralized material that would otherwise be left as support pillars. The Company expects that the mining extraction of pillars in the DFS versus the PFS design will have a positive effect on tonnes and ounces for reserves. Ancillary benefits include a reduced tailings foot print, as tailings are put underground in backfill, and increased safety and certainty on the production profile. Two twin declines systems are now planned in the working DFS design rather than three in the PFS design.The DFS owner's team, including representatives from Impala Platinum, have visited Canadian bulk underground mining operations and have worked closely with the independent mining engineering team at Stantec.
As a result of the DFS design optimization described above, additional time and budget are required to complete the DFS. Waterberg JV Co. has approved a change order for Rand 21.5 million (approximately $1.51 million) to fund the required work. The DFS is now targeted for completion in August 2019. The additional time and investment are warranted to achieve the production profile improvements in the DFS that are indicated by the design optimizations described above.An environmental authorization and mining right application are also being advanced. Public consultation has occurred in a positive climate of mutual respect. Local involvement and personnel training are a key part of the design for a modern, safe, responsible mine operating at world class standards. The DFS team is working with NORCAT, a Sudbury, Canada based global training specialist, to incorporate local skills development into the DFS.
We are also pleased to report advancement on their co-operation agreement with the Capricorn Municipality for the supply of water to the project and planned increases in water delivery to the local community as a component of the mine plan.The Waterberg JV Co. team is working very well together with value-add contributions coming from all partners, including senior team members from Impala working with Platinum Group Metals as Manager of the DFS. They look forward to the finalization of the DFS.
In the near term, the Company's liquidity will be constrained until financing has been obtained to repay and discharge remaining amounts of secured debt and for working capital purposes. The Company remains focussed on completing the Waterberg DFS. At the same time the Company has started reviewing several new business opportunities focused on platinum group element metals, including extraction opportunities and potential new uses. The Company will continue to work closely with its major shareholders and lenders. The Company continues to actively assess corporate and strategic alternatives with advisor BMO Nesbitt Burns Inc.
Qualified PersonR. Michael Jones, P.Eng., the Company's President, Chief Executive Officer and a shareholder of the Company, is a non-independent qualified person as defined in National Instrument 43-101 Standards of Disclosure for Mineral Projects and is responsible for preparing the technical information contained in this news release. He has verified the data by reviewing the detailed information of the geological and engineering staff and independent qualified person reports as well as visiting the Waterberg Project site regularly.
About Platinum Group Metals Ltd.Platinum Group is the operator of the Waterberg Project, a bulk mineable underground palladium deposit in northern South Africa. Waterberg was discovered by the Company and has the potential to be a low-cost producer of palladium, platinum, rhodium and gold.
On behalf of the Board ofPlatinum Group Metals Ltd.Frank R. HallamCFO, Corporate Secretary and Director
For further information contact:R. Michael Jones, Presidentor Kris Begic, VP, Corporate DevelopmentPlatinum Group Metals Ltd., VancouverTel: (604) 899-5450 / Toll Free: (866) 899-5450www.platinumgroupmetals.netDisclosure
The Toronto Stock Exchange and the NYSE American have not reviewed and do not accept responsibility for the accuracy or adequacy of this news release, which has been prepared by management.This press release contains forward-looking information within the meaning of Canadian securities laws and forward-looking statements within the meaning of U.S. securities laws (collectively 'forward-looking statements'). Forward-looking statements are typically identified by words such as: believe, expect, anticipate, intend, estimate, plans, postulate and similar expressions, or are those, which, by their nature, refer to future events. All statements that are not statements of historical fact are forward-looking statements. Forward-looking statements in this press release include, without limitation, statements regarding the completion of a DFS by approximately July 31, 2019; Waterberg Project's potential to be a bulk mineable, low cost, dominantly palladium mine producing platinum and palladium based on a fully mechanized mine plan; the potential for the Company to obtain financing to repay and discharge remaining amounts of secured debt and for working capital purposes; new business opportunities; and corporate and strategic alternatives. Mineral resource and reserve estimates are also forward-looking statements because such estimates involve estimates of mineralization that may be encountered in the future if a production decision is made, as well as estimates of future costs and values. Although the Company believes the forward-looking statements in this press release are reasonable, it can give no assurance that the expectations and assumptions in such statements will prove to be correct. The Company cautions investors that any forward-looking statements by the Company are not guarantees of future results or performance and that actual results may differ materially from those in forward-looking statements as a result of various factors, including the Company's inability to generate sufficient cash flow or raise sufficient additional capital to make payment on its indebtedness, and to comply with the terms of such indebtedness; additional financing requirements; the Company's credit facility (the 'LMM Facility') with Liberty Metals & Mining Holdings, LLC ('LMM') is, and any new indebtedness may be, secured and the Company has pledged its shares of Platinum Group Metals (RSA) Proprietary Limited ('PTM RSA'), and PTM RSA has pledged its shares of Waterberg JV Resources (Pty) Limited ('Waterberg JV Co.') to Liberty Metals & Mining Holdings, LLC, a subsidiary of LMM, under the LMM Facility, which potentially could result in the loss of the Company's interest in PTM RSA and the Waterberg Project in the event of a default under the LMM Facility or any new secured indebtedness; the Company's history of losses and negative cash flow; the Company's ability to continue as a going concern; the Company's properties may not be brought into a state of commercial production; uncertainty of estimated production, development plans and cost estimates for the Waterberg Project; discrepancies between actual and estimated mineral reserves and mineral resources, between actual and estimated development and operating costs, between actual and estimated metallurgical recoveries and between estimated and actual production; fluctuations in the relative values of the U.S. Dollar, the Rand and the Canadian Dollar; volatility in metals prices; the failure of the Company or the other shareholders to fund their pro rata share of funding obligations for the Waterberg Project; any disputes or disagreements with the other shareholders of Waterberg JV Co., Mnombo Wethu Consultants (Pty) Ltd. or Maseve; completion of a DFS for the Waterberg Project is subject to economic analysis requirements; the ability of the Company to retain its key management employees and skilled and experienced personnel; conflicts of interest; litigation or other administrative proceedings brought against the Company; actual or alleged breaches of governance processes or instances of fraud, bribery or corruption; the Company may become subject to the U.S. Investment Company Act; exploration, development and mining risks and the inherently dangerous nature of the mining industry, and the risk of inadequate insurance or inability to obtain insurance to cover these risks and other risks and uncertainties; property and mineral title risks including defective title to mineral claims or property; changes in national and local government legislation, taxation, controls, regulations and political or economic developments in Canada and South Africa; equipment shortages and the ability of the Company to acquire necessary access rights and infrastructure for its mineral properties; environmental regulations and the ability to obtain and maintain necessary permits, including environmental authorizations and water use licences; extreme competition in the mineral exploration industry; delays in obtaining, or a failure to obtain, permits necessary for current or future operations or failures to comply with the terms of such permits; risks of doing business in South Africa, including but not limited to, labour, economic and political instability and potential changes to and failures to comply with legislation; the Company's common shares may be delisted from the NYSE American or the TSX if it cannot maintain or regain compliance with the applicable listing requirements; and other risk factors described in the Company's most recent Form 20-F annual report, annual information form and other filings with the SEC and Canadian securities regulators, which may be viewed at www.sec.gov and www.sedar.com, respectively. Proposed changes in the mineral law in South Africa if implemented as proposed would have a material adverse effect on the Company's business and potential interest in projects. Any forward-looking statement speaks only as of the date on which it is made and, except as may be required by applicable securities laws, the Company disclaims any intent or obligation to update any forward- looking statement, whether as a result of new information, future events or results or otherwise.
Estimates of mineralization and other technical information included herein have been prepared in accordance with National Instrument 43-101 – Standards of Disclosure for Mineral Projects ('NI 43-101'). The definitions of proven and probable reserves used in NI 43-101 differ from the definitions in SEC Industry Guide 7. Under SEC Industry Guide 7 standards, a 'final' or 'bankable' feasibility study is required to report reserves, the three-year historical average price is used in any reserve or cash flow analysis to designate reserves and the primary environmental analysis or report must be filed with the appropriate governmental authority. As a result, the reserves reported by the Company in accordance with NI 43-101 may not qualify as 'reserves' under SEC Industry Guide 7. In addition, the terms 'mineral resource' and 'measured mineral resource' are defined in and required to be disclosed by NI 43-101; however, these terms are not defined terms under SEC Industry Guide 7 and historically have not been permitted to be used in reports and registration statements filed with the SEC pursuant to SEC Industry Guide 7. Mineral resources that are not mineral reserves do not have demonstrated economic viability. Investors are cautioned not to assume that any part or all of the mineral deposits in these categories will ever be converted into reserves. Accordingly, descriptions of the Company's mineral deposits in this press release may not be comparable to similar information made public by U.S. companies subject to the reporting and disclosure requirements of SEC Industry Guide 7.
(EDGAR Online via COMTEX) -- ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
Maxim Integrated Products, Inc. ("Maxim Integrated" or the "Company" and also referred to as "we," "our" or "us") disclaims any duty to and undertakes no obligation to update any forward-looking statement, whether as a result of new information relating to existing conditions, future events or otherwise or to release publicly the results of any future revisions it may make to forward-looking statements to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events, except as required by federal securities laws. Readers are cautioned not to place undue reliance on such statements, which speak only as of the date of this Quarterly Report on Form 10-Q. Readers should carefully review future reports and documents that the Company files with or furnishes to the SEC from time to time, such as its Annual Reports on Form 10-K, its Quarterly Reports on Form 10-Q, and any Current Reports on Form 8-K.
Overview of Business
Maxim Integrated is incorporated in the state of Delaware. Maxim Integrated designs, develops, manufactures and markets a broad range of linear and mixed-signal integrated circuits, commonly referred to as analog circuits, for a large number of geographically diverse customers. They also provide a range of high-frequency process technologies and capabilities that can be used in custom designs. The analog market is fragmented and characterized by many diverse applications, a great number of product variations and, with respect to many circuit types, relatively long product life cycles. They are a global company with a wafer manufacturing facility in the U.S., testing facilities in the Philippines and Thailand, and sales and circuit design offices around the world. They also utilize third party foundries for manufacturing of their products. The major end-markets in which their products are sold are the Automotive, Communications and Data Center, Computing, Consumer and Industrial markets.
CRITICAL ACCOUNTING POLICIES
The methods, estimates, and judgments they use in applying their most critical accounting policies have a significant impact on the results they report in their financial statements. The Securities and Exchange Commission ("SEC") has defined the most critical accounting policies as the ones that are most important to the presentation of their financial condition and results of operations, and that require us to make their most difficult and subjective accounting judgments, often as a result of the need to make estimates of matters that are inherently uncertain. Based on this definition, their most critical accounting policies include revenue recognition, which impacts the recording of net revenues; valuation of inventories, which impacts costs of goods sold and gross margins; the assessment of recoverability of long-lived assets, which impacts impairment of long-lived assets; assessment of recoverability of intangible assets and goodwill, which impacts impairment of goodwill and intangible assets; accounting for income taxes, which
impacts the income tax provision; and assessment of litigation and contingencies, which impacts charges recorded in cost of goods sold, selling, general and administrative expenses and income taxes. These policies and the estimates and judgments involved are discussed further in the Management's Discussion and Analysis of Financial Condition in their Annual Report on Form 10-K for the fiscal year ended June 30, 2018. They have other significant accounting policies that either do not generally require estimates and judgments that are as difficult or subjective, or it is less likely that such accounting policies would have a material impact on their reported results of operations for a given period.
Except for the accounting policies and estimates outlined under Part I, Item 1. Financial Statements - Note 2, there have been no material changes during the six months ended December 29, 2018 to the items that they disclosed as their critical accounting policies and estimates in Management's Discussion and Analysis of Financial Condition and Results of Operations in their Annual Report on Form 10-K for the fiscal year ended June 30, 2018.RESULTS OF OPERATIONS The following table sets forth certain Condensed Consolidated Statements of Income data expressed as a percentage of net revenues for the periods indicated: Three Months Ended Six Months Ended December 29, December 30, December 29, December 30, 2018 2017 2018 2017 Net revenues 100.0 % 100.0 % 100.0 % 100.0 % Cost of goods sold 35.3 % 34.2 % 33.9 % 34.6 % Gross margin 64.7 % 65.8 % 66.1 % 65.4 % Operating expenses: Research and development 19.1 % 18.6 % 18.3 % 18.7 % Selling, general and administrative 13.5 % 13.7 % 13.1 % 13.3 % Intangible asset amortization 0.1 % 0.2 % 0.1 % 0.2 % Impairment of long-lived assets 0.1 % 0.1 % 0.1 % 0.1 % Severance and restructuring expenses 0.2 % 1.0 % 0.2 % 1.0 % Other operating expenses (income), net - % (0.2 )% - % (0.2 )% Total operating expenses 33.0 % 33.5 % 31.8 % 33.1 % Operating income (loss) 31.6 % 32.3 % 34.3 % 32.2 % Interest and other income (expense), net 0.1 % (0.5 )% - % (0.6 )% Income before provision for income taxes 31.7 % 31.8 % 34.3 % 31.6 % Income tax provision (benefit) 8.8 % 43.8 % 7.2 % 25.0 % Net income (loss) 22.9 % (12.0 )% 27.1 % 6.6 %
The following table shows stock-based compensation included in the components of the Condensed Consolidated Statements of Income reported above as a percentage of net revenues for the periods indicated:Three Months Ended Six Months Ended December 29, December 30, December 29, December 30, 2018 2017 2018 2017 Cost of goods sold 0.4 % 0.4 % 0.4 % 0.4 % Research and development 1.7 % 1.6 % 1.6 % 1.5 % Selling, general and administrative 1.6 % 1.4 % 1.5 % 1.3 % 3.7 % 3.4 % 3.5 % 3.2 %
Net revenues were $576.9 million and $622.6 million for the three months ended December 29, 2018 and December 30, 2017, respectively. Revenue from industrial products are down by 14%, mainly due to a decline in shipments of control and automation products. Revenue from communications and data center products are down by 20%, due to generally lower shipments of server, basestation and data center products. Revenue from automotive products are up by 3%, driven by higher demand for auto powertrain, and auto safety and security products. In addition, the decrease in revenue was partially driven by a one-time incremental $22.0 million of revenue recognized as a result of the sell-in accounting revenue transition during the second quarter of fiscal 2018. Also, the decrease in revenue was partially driven by the 13-week second quarter of fiscal year 2019 compared to the 14-week second quarter of fiscal year 2018.
Net revenues were $1,215.4 million and $1,198.3 million for the six months ended December 29, 2018 and December 30, 2017, respectively. Revenue from automotive products are up by 8%, driven by higher demand for auto powertrain, and auto safety and security products. Revenue from consumer products are up by 7%, driven by an overall higher demand for cell phones, handheld computers, and wearable consumer products. Revenue from communications and data center products are down by 7% due to generally lower shipments of server and basestation products.
During the three months ended December 29, 2018 and December 30, 2017, approximately 89% and 87% of net revenues, respectively, were derived from customers outside of the United States. While less than 1.0% of their sales are denominated in currencies other than U.S. dollars, they enter into foreign currency forward contracts to mitigate their risks on firm commitments and net monetary assets denominated in foreign currencies. The impact of changes in foreign exchange rates on their revenue and results of operations for the three months ended December 29, 2018 and December 30, 2017 was immaterial.
Our gross margin percentages were 64.7% and 65.8% for the three months ended December 29, 2018 and December 30, 2017, respectively. Their gross margin decreased by 1.1 percentage points, due to higher inventory reserves.
Our gross margin percentages were 66.1% and 65.4% for the six months ended December 29, 2018 and December 30, 2017, respectively. Their gross margin increased by 0.7 percentage points, due to lower intangible amortization, and certain one-time events, partially offset by higher inventory reserves.
Research and Development
Research and development expenses were $110.3 million and $115.9 million for the three months ended December 29, 2018 and December 30, 2017, respectively, which represented 19.1% and 18.6% of net revenues for each respective period. The $5.6 million decrease was due to lower salaries and related personnel expenses.
Research and development expenses were $223.0 million and $224.5 million for the six months ended December 29, 2018 and December 30, 2017, respectively, which represented 18.3% and 18.7% of net revenues for each respective period. The $1.5 million decrease was due to lower salaries and related personnel expenses.
Selling, General and Administrative
Selling, general and administrative expenses were $77.9 million and $85.3 million for the three months ended December 29, 2018 and December 30, 2017, respectively, which represented 13.5% and 13.7% of net revenues for each respective period. The $7.5 million decrease was due to lower salaries and related personnel expenses, as well as lower legal expenses.
Selling, general and administrative expenses were $159.4 million and $159.0 million for the six months ended December 29, 2018 and December 30, 2017, respectively, which represented 13.1% and 13.3% of net revenues for each respective period. Selling, general and administrative expenses remained roughly flat year-over-year.
Severance and Restructuring Expenses
Severance and restructuring expenses were $1.2 million and $6.5 million for the three months ended December 29, 2018 and December 30, 2017, respectively, which represented 0.2% and 1.0% of net revenues for each respective period. The $5.3 million decrease was primarily due to a decrease in restructuring activities.
Severance and restructuring expenses were $2.2 million and $12.0 million for the six months ended December 29, 2018 and December 30, 2017, respectively, which represented 0.2% and 1.0% of net revenues for each respective period. The $9.8 million decrease was primarily due to a decrease in restructuring activities.
Provision for Income Taxes
In the three and six months ended December 29, 2018, the Company recorded an income tax provision of $50.8 million and $87.0 million, respectively, compared to $272.9 million and $299.4 million for the three and six months ended December 30, 2017, respectively. The Company's effective tax rate for the three and six months ended December 29, 2018 was 27.8% and 20.9%, respectively, compared to 137.9% and 79.0% for the three and six months ended December 30, 2017, respectively.
On December 22, 2017 legislation, commonly referred to as the Tax Cuts and Jobs Act (the "Act"), was enacted. The Act included a one-time tax on accumulated unremitted earnings of their foreign subsidiaries ("Transition Tax"). SEC Staff Accounting Bulletin No. 118 allowed the use of provisional amounts (reasonable estimates) if accounting for the income tax effects of the Act was not completed. Provisional amounts must be adjusted within a one-year measurement period from the enactment date of the Act. In the second quarter of fiscal year 2018, the Company recorded a discrete $236.9 million provisional Transition Tax charge. During the measurement period the Company gathered additional information and analyzed available guidance to more precisely compute
the amount of the Transition Tax. In the second quarter of fiscal year 2019, the Company completed this work and recorded a discrete $22.1 million measurement period adjustment for the Transition Tax, which increased the Company's effective tax rate for the three and six months ended December 29, 2018 by 12.1% and 5.3%, respectively. As of the end of the second quarter of fiscal year 2019, the accounting for income tax effects of the Act has been completed.
The Act reduced the federal statutory tax rate from 35% to 21%, effective January 1, 2018, which resulted in a fiscal year 2018 federal statutory tax rate of 28.1% for the Company (average of a 35% rate for the first half of fiscal year 2018 and a 21% rate for the second half of fiscal year 2018). The Company's federal statutory tax rate for fiscal year 2019 is 21%. In the second quarter of fiscal year 2018, the Company recorded a $13.7 million discrete charge to remeasure deferred tax assets and liabilities as of the enactment date of the Act to reflect the federal statutory tax rate reductions.
The Act included Global Intangible Low-Taxed Income ("GILTI") provisions, which impact the Company in fiscal year 2019. The GILTI provisions effectively subject income earned by the Company's foreign subsidiaries to current U.S. tax at a rate of 10.5%, less foreign tax credits. Under U.S. GAAP the Company can make an accounting policy election to recognize deferred taxes for temporary differences expected to impact GILTI in future years or provide for tax expense related to GILTI in the year the tax is incurred as a period expense. The Company has elected to treat tax generated by the GILTI provisions as a period expense.
The Company's federal statutory tax rate for fiscal year 2019 is 21%. The Company's effective tax rate for the three months ended December 29, 2018 was higher than the statutory rate primarily due to a $22.1 million discrete charge for the Transition Tax, tax generated by the GILTI provisions, and a $4.9 million discrete charge for interest accruals for unrecognized tax benefits, partially offset by earnings of foreign subsidiaries, generated primarily by the Company's international operations managed in Ireland, that were taxed at lower rates.
The Company's effective tax rate for the six months ended December 29, 2018 was lower than the statutory rate primarily due to earnings of foreign subsidiaries, generated primarily by the Company's international operations managed in Ireland, that were taxed at lower rates, partially offset by a $22.1 million discrete charge for the Transition Tax, tax generated by the GILTI provisions, and a $9.4 million discrete charge for interest accruals for unrecognized tax benefits.
The Company's federal statutory tax rate for fiscal year 2018 was 28.1%. The Company's effective tax rate for the three and six months ended December 30, 2017 was higher than the statutory rate primarily due to a $236.9 million discrete provisional charge for the Transition Tax, a $13.7 million discrete charge to remeasure deferred taxes as of the enactment date of the Act, $4.2 million and $8.0 million discrete charges for interest accruals for unrecognized tax benefits in the three and six months ended December 30, 2017, respectively, partially offset by earnings of foreign subsidiaries, generated primarily by the Company's international operations managed in Ireland, that were taxed at lower rates.
At December 29, 2018 and June 30, 2018, their current quarter backlog was approximately $372.3 million and $441.1 million, respectively. In backlog, they include orders with customer request dates within the next three months. As is customary in the semiconductor industry, these orders may be canceled in most cases without penalty to customers. Accordingly, they believe that their backlog is not a reliable measure of future revenues. All backlog numbers have been adjusted for estimated future distribution ship and debit pricing adjustments.FINANCIAL CONDITION, LIQUIDITY AND CAPITAL RESOURCES Financial Condition Cash flows were as follows: Six Months Ended December 29, December 30, 2018 2017 (in thousands) Net cash provided by (used in) operating activities $ 431,435 $ 449,580 Net cash provided by (used in) investing activities 496,454 (731,186 ) Net cash provided by (used in) financing activities (1,064,633 ) (333,005 ) Net increase (decrease) in cash and cash equivalents $ (136,744 ) $ (614,611 )
Cash provided by operating activities is net income adjusted for certain non-cash items and changes in certain assets and liabilities.
Cash provided by operating activities was $431.4 million in the six months ended December 29, 2018, a decrease of $18.1 million compared with the six months ended December 30, 2017. This decrease was due to changes in working capital, partially offset by higher net income.
Investing cash flows consist primarily of net investment purchases and maturities, and capital expenditures.
Cash provided by investing activities was $496.5 million for the six months ended December 29, 2018, compared with cash used by investing activities of $731.2 million for the six months ended December 30, 2017, a change of $1,227.6 million. The change was due to lower purchases of and higher proceeds from maturity of available-for-sale securities, in order to provide funds to repay the November 2018 Notes.
Financing cash flows consist primarily of debt issuance, repurchases of common stock, and payment of dividends to stockholders.
Net cash used in financing activities increased by approximately $731.6 million for the six months ended December 29, 2018 compared to the six months ended December 30, 2017. The increase was due to the repayment of the November 2018 Notes and repurchases of their common stock.
Liquidity and Capital Resources
As of December 29, 2018, their available funds consisted of $2.0 billion in cash, cash equivalents and short-term investments. They anticipate that the available funds and cash generated from operations will be sufficient to meet cash and working capital requirements, including the anticipated level of capital expenditures, common stock repurchases, debt repayments and dividend payments for at least the next twelve months.
Available Borrowing Resources
We have access to a $350 million senior unsecured revolving credit facility that expires on June 27, 2019. As of December 29, 2018, they had not borrowed any amounts from this credit facility. Effective January 22, 2019, the Company terminated this revolving credit facility.
As of December 29, 2018, they did not have any material off-balance-sheet arrangements, as defined in Item 303(a)(4)(ii) of SEC Regulation S-K.
Feb 01, 2019
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Participants were recruited as part of the INMA Project, a multicenter birth cohort study aimed at investigating the effect of environmental exposures and diet during pregnancy on fetal and child development in different areas of Spain (17). Cohorts included in this analysis were established in 2003–2008 in the geographical areas of Asturias, Gipuzkoa, Sabadell, and Valencia. A total of 2,644 eligible women (≥16 y, intention to deliver at the reference hospital, ability to communicate in Spanish or the other official language in the region, singleton pregnancy, no assisted conception) were recruited during prenatal visits in the first trimester of pregnancy. Women were followed through pregnancy and children from birth through the fourth year of life. Of the 2,506 children followed through birth, 2,080 (83%) were evaluated at ≥ 4 y. Participants lost to follow-up were characterized by lower scores on most socio-environmental variables and had significantly shorter duration of exclusive breastfeeding in comparison to children still participating at ≥ 4 y (Supplementary Table S8 online). Final analyses included all children (N = 1346) born at term (≥ 37 wk) with complete data for any breastfeeding variable, for whom assessment of cognitive development, attention, ADHD symptoms, or autistic traits was available, and for whom for all covariates were available. Participants who were excluded due to missing data on any confounding variable were younger at testing and their mothers had higher social class compared to the included participants, but they were comparable with breastfeeding duration and on the vast majority of confounding variables (Supplementary Table S9 online). Participating mothers signed an informed consent form in each phase, and the ethics committees of the centers involved approved the research protocol.Breastfeeding Assessment
Detailed information about the child’s diet was obtained using interviewer-administered questionnaires with the mothers when children were 6 mo old (Asturias and Sabadell sub-cohorts), 14 mo, and 4 y (all sub-cohorts) (Supplementary Figure S1 online). “Any breastfeeding” was defined as the child receiving any type of breast milk feeding, no matter if combined or not with other diets; “predominant breastfeeding”, as the child breastfed only, but allowing supplementations of non-milk liquids, fruit juice, oral rehydration salts solution, drops, and syrup forms of vitamins, minerals, and medicines; and “exclusive” breastfeeding, as the child receiving breast milk only, not allowing other food or drink, not even water, but allowing the infant to receive oral rehydration salts solution, drops and syrups. Information on exclusive breastfeeding was not collected in the Valencia cohort (n = 484, 36.0%).Child Assessment
Cognitive development was assessed using the Spanish version of the McCarthy Scales of Children’s Abilities (MSCA) (18). The MSCA is composed of subtests assessing verbal, perceptive–performance, memory, quantitative, and motor function, and generates a General Cognitive Index (GCI). For each cohort, raw scores from the GCI were centered to a mean of 100, with a standard deviation of 15 to compute index scores. All testing was performed by trained psychologists. Examiners identified children whose tests were of good quality (n = 1,265), of poor quality (e.g., due to fatigue, illness, etc.; n = 66) and those for whom testing was invalided due to lack of collaboration (n = 7). Children with invalid testing were excluded from all MSCA analyses.
Attention function was assessed using Conners’ Kiddie Continuous Performance Test (K-CPT), a 7-min computerized test in which children were instructed to press the space-bar when they saw any image on the computer screen, except a ball (19). Omissions (child failing to respond when he/she should), false alarms (child responds when he/she should not) and hit reaction time (mean response time for all correct hits) were computed and examined separately.
ADHD symptoms were estimated using the ADHD criteria of Diagnostic and Statistical Manual of Mental Disorders, Fourth Edition (ADHD-DSM-IV) form list completed by the child’s classroom teacher (20). ADHD-DSM-IV is an internationally recognized form list comprising 18 symptoms and is designed to evaluate attention deficit (9 symptoms) and hyperactivity and impulsivity (9 symptoms) in children. Each symptom is rated using a 4-point scale, i.e., 0 = “not at all”, 1 = “just a little”, 2 = “pretty much”, and 3 = “very much”. Sum of scores was calculated to provide continuous measures of inattention, hyperactivity/impulsivity, and combined ADHD symptoms. ADHD in the clinical range was estimated by recording ratings of options 0 and 1 as “symptom absent”, and ratings of 2 and 3 as “symptom present”, and using the DSM-IV criteria for ADHD (≥ 6 symptoms within a single category). Cronbach’s Alpha Coefficient analyses in their sample were >0.89 for all ADHD-DSM-IVscales, suggesting excellent internal consistency.
Autistic traits were assessed using the Spanish version of the Childhood Autism Spectrum Test (CAST; formerly Childhood Asperger Syndrome Test) (21). The CAST is a 37-item questionnaire that the evaluator administers to the child’s parents. Each question can be scored with 0 (autism-negative response) or 1 point (autism-positive response), except for six questions that are not scored. The maximum possible score is 31 points. The total number of points was computed to provide a continuous measure of autistic traits. Higher scores indicate more autistic traits. Additionally, a score of 15 has been used as a cut-off to identify children at risk for ASD. Cronbach’s Alpha Coefficient analysis in their sample was of 0.64 for CAST total score.Other Variables
A set of potentially confounding variables was selected a priori based on prior studies of the effects of breastfeeding on child development. Information on parental education, social class, and other socio-demographic characteristics and habits (including maternal age and country of birth, parity, and maternal smoking) were obtained through questionnaires during the first and third trimesters of pregnancy, and when the child was 14 mo and 4 y of age (5). Child care attendance (yes/no) was assessed at each postnatal visit. Maternal verbal IQ was estimated at the 4-y assessment using the Similarities subtest of the Weschler Adult Intelligence Scales-Third Edition (WAIS-III), a subtest showing strong correlations with the full verbal scale (22). Raw scores were converted to an IQ-scale with a mean of 100 and a standard deviation of 15, using data from the entire sample. Maternal psychopathology was assessed at the 4-y assessment using the Symptom Checklist – Revised (SCL-90-R), a self-reported questionnaire comprising 90 items which provides a Global Severity Index designed to measure overall psychological distress (23). T-scores > 65 on the Global Severity Index were considered at risk for psychopathology. For the subsample of participants from the Gipuzkoa cohort, quality of family context was also assessed at 2 y using the Etxadi-Gangoiti Scale (EGS), a 127-item interview carried out in the family’s home by psychologists. The EGS provides three subscales (Stimulation of cognitive and linguistic development, Stimulation of social and emotional development, and Organisation of the social context and physical environment) (24).Statistical Analyses
The normality of each variable’s distribution was inspected visually and checked for skewness and kurtosis (normality range: −2.0 to 2.0). Log transformations were conducted on each ADHD-DSM-IV symptom variable and on K-CPT omission errors, since these variables followed log-normal distributions. Associations between breastfeeding duration and MSCA – GCI, K-CPT omission errors, commission errors and hit reaction time, ADHD-DSM-IV Inattention, Hyperactivity, and Total symptoms, and CAST total score were examined using linear regression analyses. Associations with ADHD scores within the clinical range and CAST scores in the borderline range (yes vs. no) were also examined using logistic regression analysis. In order to illustrate the extent to which socio-environmental variables accounted for the associations between breastfeeding duration and outcomes, child and assessment covariates were included as a first step in the regression model (minimally-adjusted models), and social and parental covariates were entered as a second step (fully-adjusted models). Because birthweight and maternal age might not be linearly associated with child outcomes, several categories of these covariates were created, and those that explained the largest percentages of child outcomes were used in subsequent models. Standardized regression coefficients are reported to facilitate comparisons across developmental domains, and raw regression coefficients are also reported to facilitate interpretation of the results.
Minimally-adjusted models included the following child variables: age (continuous), sex, cohort (Asturias/Gipuzkoa/Sabadell/Valencia), birthweight (<−1.5 SD/−1.5 – 0 SD/0 – 1.5 SD/> 1.5 SD to the sample mean), and quality of assessment (good vs. poor; MSCA analyses only). Fully-adjusted models additionally adjusted for parity (0 vs. ≥1), maternal variables: age (< 25/25–29/30–34/35+ years), education (primary or less/secondary school/university), social class (managers, technicians, and associate professionals/skill manual and other nonmanual workers/semiskilled and unskilled manual workers), country of birth (Spain: yes/no), smoking during pregnancy (yes/no), verbal IQ proxy (continuous), and psychological distress (at risk for psychopathology: yes/no); paternal variables: education and social class (same categories as for maternal variables); and child care (attending to kindergarten at 18 mo: yes/no). In order to examine whether different associations were observed for “any”, “predominant” and “exclusive” breastfeeding due to sample differences, analyses were rerun including children with available data for all types of breastfeeding only. To exclude the possibility that any observed effect was attributable to differences between breastfed and nonbreastfed children, all analyses were also rerun without nonbreastfed children. Significant associations between duration of any breastfeeding and child outcomes were explored further by replacing the continuous breastfeeding duration variable by the following categories: 0 (not breastfed) – 2 mo (used as reference); 2–6 mo; 6–12 mo; > 12 mo. The effect of child gender on the relationship between duration of breastfeeding and each outcome was examined using linear regression analyses stratified by sex, and by adding the interaction term to the main regression models. Because quality of family context was available for < 20% of the sample, it was not included in the main regression models; nevertheless, because of previous evidence suggesting that quality of home environment constitutes a major confounding factor in the relationship between breastfeeding and child development (2), supplemental analyses were conducted in order to examine the impact of controlling for EGS scores on the study results, within the subsample from the Gipuzkoa sub-cohort for which this variable was available. In order to maximize sample size, this supplemental set of analyses only controlled for child characteristics in addition to quality of family context, which allowed for the inclusion of additional children who had missing data on socio-environmental variables. In order to examine whether the relationship of breastfeeding duration to a given child outcome was independent from its association with other child outcomes that were found to be associated with breastfeeding, all significant final models were rerun including the other outcomes as covariates. Finally, to evaluate the role of participant loss due to attrition and missing data, main linear regression models for each child outcome with duration of any breastfeeding as a predictor were reconducted using inverse probability weighting (25).
Associations were considered statistically significant at P < 0.05. All analyses were conducted with IBM SPSS Statistics Version 22.0 (IBM, Armonk, NY).
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