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what is the growth rate in the fair value of the total restricted stock units outstanding in 2015? | Pre-text: ['analog devices , inc .', 'notes to consolidated financial statements 2014 ( continued ) a summary of the company 2019s restricted stock unit award activity as of october 31 , 2015 and changes during the fiscal year then ended is presented below : restricted stock units outstanding ( in thousands ) weighted- average grant- date fair value per share .']
##
Tabular Data:
restrictedstock unitsoutstanding ( in thousands ) weighted-average grant-date fair valueper share
restricted stock units outstanding at november 1 2014 3188 $ 43.46
units granted 818 $ 52.25
restrictions lapsed -1151 ( 1151 ) $ 39.72
forfeited -157 ( 157 ) $ 45.80
restricted stock units outstanding at october 31 2015 2698 $ 47.59
##
Follow-up: ['as of october 31 , 2015 , there was $ 108.8 million of total unrecognized compensation cost related to unvested share- based awards comprised of stock options and restricted stock units .', 'that cost is expected to be recognized over a weighted- average period of 1.3 years .', 'the total grant-date fair value of shares that vested during fiscal 2015 , 2014 and 2013 was approximately $ 65.6 million , $ 57.4 million and $ 63.9 million , respectively .', 'common stock repurchase program the company 2019s common stock repurchase program has been in place since august 2004 .', 'in the aggregate , the board of directors have authorized the company to repurchase $ 5.6 billion of the company 2019s common stock under the program .', 'under the program , the company may repurchase outstanding shares of its common stock from time to time in the open market and through privately negotiated transactions .', 'unless terminated earlier by resolution of the company 2019s board of directors , the repurchase program will expire when the company has repurchased all shares authorized under the program .', 'as of october 31 , 2015 , the company had repurchased a total of approximately 140.7 million shares of its common stock for approximately $ 5.0 billion under this program .', 'an additional $ 544.5 million remains available for repurchase of shares under the current authorized program .', 'the repurchased shares are held as authorized but unissued shares of common stock .', 'the company also , from time to time , repurchases shares in settlement of employee minimum tax withholding obligations due upon the vesting of restricted stock units or the exercise of stock options .', 'the withholding amount is based on the employees minimum statutory withholding requirement .', "any future common stock repurchases will be dependent upon several factors , including the company's financial performance , outlook , liquidity and the amount of cash the company has available in the united states .", 'preferred stock the company has 471934 authorized shares of $ 1.00 par value preferred stock , none of which is issued or outstanding .', 'the board of directors is authorized to fix designations , relative rights , preferences and limitations on the preferred stock at the time of issuance .', '4 .', 'industry , segment and geographic information the company operates and tracks its results in one reportable segment based on the aggregation of six operating segments .', 'the company designs , develops , manufactures and markets a broad range of integrated circuits ( ics ) .', "the chief executive officer has been identified as the company's chief operating decision maker .", "the company has determined that all of the company's operating segments share the following similar economic characteristics , and therefore meet the criteria established for operating segments to be aggregated into one reportable segment , namely : 2022 the primary source of revenue for each operating segment is the sale of integrated circuits .", "2022 the integrated circuits sold by each of the company's operating segments are manufactured using similar semiconductor manufacturing processes and raw materials in either the company 2019s own production facilities or by third-party wafer fabricators using proprietary processes .", '2022 the company sells its products to tens of thousands of customers worldwide .', 'many of these customers use products spanning all operating segments in a wide range of applications .', "2022 the integrated circuits marketed by each of the company's operating segments are sold globally through a direct sales force , third-party distributors , independent sales representatives and via our website to the same types of customers .", "all of the company's operating segments share a similar long-term financial model as they have similar economic characteristics .", "the causes for variation in operating and financial performance are the same among the company's operating segments and include factors such as ( i ) life cycle and price and cost fluctuations , ( ii ) number of competitors , ( iii ) product ."] | -0.07328 | ADI/2015/page_72.pdf-2 | ['analog devices , inc .', 'notes to consolidated financial statements 2014 ( continued ) a summary of the company 2019s restricted stock unit award activity as of october 31 , 2015 and changes during the fiscal year then ended is presented below : restricted stock units outstanding ( in thousands ) weighted- average grant- date fair value per share .'] | ['as of october 31 , 2015 , there was $ 108.8 million of total unrecognized compensation cost related to unvested share- based awards comprised of stock options and restricted stock units .', 'that cost is expected to be recognized over a weighted- average period of 1.3 years .', 'the total grant-date fair value of shares that vested during fiscal 2015 , 2014 and 2013 was approximately $ 65.6 million , $ 57.4 million and $ 63.9 million , respectively .', 'common stock repurchase program the company 2019s common stock repurchase program has been in place since august 2004 .', 'in the aggregate , the board of directors have authorized the company to repurchase $ 5.6 billion of the company 2019s common stock under the program .', 'under the program , the company may repurchase outstanding shares of its common stock from time to time in the open market and through privately negotiated transactions .', 'unless terminated earlier by resolution of the company 2019s board of directors , the repurchase program will expire when the company has repurchased all shares authorized under the program .', 'as of october 31 , 2015 , the company had repurchased a total of approximately 140.7 million shares of its common stock for approximately $ 5.0 billion under this program .', 'an additional $ 544.5 million remains available for repurchase of shares under the current authorized program .', 'the repurchased shares are held as authorized but unissued shares of common stock .', 'the company also , from time to time , repurchases shares in settlement of employee minimum tax withholding obligations due upon the vesting of restricted stock units or the exercise of stock options .', 'the withholding amount is based on the employees minimum statutory withholding requirement .', "any future common stock repurchases will be dependent upon several factors , including the company's financial performance , outlook , liquidity and the amount of cash the company has available in the united states .", 'preferred stock the company has 471934 authorized shares of $ 1.00 par value preferred stock , none of which is issued or outstanding .', 'the board of directors is authorized to fix designations , relative rights , preferences and limitations on the preferred stock at the time of issuance .', '4 .', 'industry , segment and geographic information the company operates and tracks its results in one reportable segment based on the aggregation of six operating segments .', 'the company designs , develops , manufactures and markets a broad range of integrated circuits ( ics ) .', "the chief executive officer has been identified as the company's chief operating decision maker .", "the company has determined that all of the company's operating segments share the following similar economic characteristics , and therefore meet the criteria established for operating segments to be aggregated into one reportable segment , namely : 2022 the primary source of revenue for each operating segment is the sale of integrated circuits .", "2022 the integrated circuits sold by each of the company's operating segments are manufactured using similar semiconductor manufacturing processes and raw materials in either the company 2019s own production facilities or by third-party wafer fabricators using proprietary processes .", '2022 the company sells its products to tens of thousands of customers worldwide .', 'many of these customers use products spanning all operating segments in a wide range of applications .', "2022 the integrated circuits marketed by each of the company's operating segments are sold globally through a direct sales force , third-party distributors , independent sales representatives and via our website to the same types of customers .", "all of the company's operating segments share a similar long-term financial model as they have similar economic characteristics .", "the causes for variation in operating and financial performance are the same among the company's operating segments and include factors such as ( i ) life cycle and price and cost fluctuations , ( ii ) number of competitors , ( iii ) product ."] | restrictedstock unitsoutstanding ( in thousands ) weighted-average grant-date fair valueper share
restricted stock units outstanding at november 1 2014 3188 $ 43.46
units granted 818 $ 52.25
restrictions lapsed -1151 ( 1151 ) $ 39.72
forfeited -157 ( 157 ) $ 45.80
restricted stock units outstanding at october 31 2015 2698 $ 47.59 | multiply(3188, 43.46), multiply(2698, 47.59), subtract(#1, #0), divide(#2, #0) | -0.07328 |
what is the cash held on behalf of ge as a percentage of cash and equivalents in 2017? | Pre-text: ['36 | bhge 2017 form 10-k liquidity and capital resources our objective in financing our business is to maintain sufficient liquidity , adequate financial resources and financial flexibility in order to fund the requirements of our business .', 'at december 31 , 2017 , we had cash and equivalents of $ 7.0 billion compared to $ 981 million of cash and equivalents at december 31 , 2016 .', 'cash and equivalents includes $ 997 million of cash held on behalf of ge at december 31 , 2017 .', 'at december 31 , 2017 , approximately $ 3.2 billion of our cash and equivalents was held by foreign subsidiaries compared to approximately $ 878 million at december 31 , 2016 .', 'a substantial portion of the cash held by foreign subsidiaries at december 31 , 2017 has been reinvested in active non-u.s .', 'business operations .', 'at december 31 , 2017 , our intent is , among other things , to use this cash to fund the operations of our foreign subsidiaries , and we have not changed our indefinite reinvestment decision as a result of u.s .', 'tax reform but will reassess this during the course of 2018 .', 'if we decide at a later date to repatriate those funds to the u.s. , we may be required to provide taxes on certain of those funds , however , due to the enactment of u.s .', 'tax reform , repatriations of foreign earnings will generally be free of u.s .', 'federal tax but may incur other taxes such as withholding or state taxes .', 'on july 3 , 2017 , in connection with the transactions , bhge llc entered into a new five-year $ 3 billion committed unsecured revolving credit facility ( 2017 credit agreement ) with commercial banks maturing in july 2022 .', 'as of december 31 , 2017 , there were no borrowings under the 2017 credit agreement .', 'on november 3 , 2017 , bhge llc entered into a commercial paper program under which it may issue from time to time up to $ 3 billion in commercial paper with maturities of no more than 397 days .', 'at december 31 , 2017 , there were no borrowings outstanding under the commercial paper program .', 'the maximum combined borrowing at any time under both the 2017 credit agreement and the commercial paper program is $ 3 billion .', 'on november 6 , 2017 , we announced that our board of directors authorized bhge llc to repurchase up to $ 3 billion of its common units from the company and ge .', 'the proceeds of such repurchase that are distributed to the company will be used to repurchase class a shares of the company on the open market or in privately negotiated transactions .', 'on december 15 , 2017 , we filed a shelf registration statement on form s-3 with the sec to give us the ability to sell up to $ 3 billion in debt securities in amounts to be determined at the time of an offering .', 'any such offering , if it does occur , may happen in one or more transactions .', 'the specific terms of any securities to be sold will be described in supplemental filings with the sec .', 'the registration statement will expire in 2020 .', 'during the year ended december 31 , 2017 , we used cash to fund a variety of activities including certain working capital needs and restructuring costs , capital expenditures , business acquisitions , the payment of dividends and share repurchases .', 'we believe that cash on hand , cash flows generated from operations and the available credit facility will provide sufficient liquidity to manage our global cash needs .', 'cash flows cash flows provided by ( used in ) each type of activity were as follows for the years ended december 31: .']
Tabular Data:
****************************************
( in millions ) | 2017 | 2016 | 2015
operating activities | $ -799 ( 799 ) | $ 262 | $ 1277
investing activities | -4130 ( 4130 ) | -472 ( 472 ) | -466 ( 466 )
financing activities | 10919 | -102 ( 102 ) | -515 ( 515 )
****************************************
Post-table: ['operating activities our largest source of operating cash is payments from customers , of which the largest component is collecting cash related to product or services sales including advance payments or progress collections for work to be performed .', 'the primary use of operating cash is to pay our suppliers , employees , tax authorities and others for a wide range of material and services. .'] | 0.14243 | BKR/2017/page_56.pdf-2 | ['36 | bhge 2017 form 10-k liquidity and capital resources our objective in financing our business is to maintain sufficient liquidity , adequate financial resources and financial flexibility in order to fund the requirements of our business .', 'at december 31 , 2017 , we had cash and equivalents of $ 7.0 billion compared to $ 981 million of cash and equivalents at december 31 , 2016 .', 'cash and equivalents includes $ 997 million of cash held on behalf of ge at december 31 , 2017 .', 'at december 31 , 2017 , approximately $ 3.2 billion of our cash and equivalents was held by foreign subsidiaries compared to approximately $ 878 million at december 31 , 2016 .', 'a substantial portion of the cash held by foreign subsidiaries at december 31 , 2017 has been reinvested in active non-u.s .', 'business operations .', 'at december 31 , 2017 , our intent is , among other things , to use this cash to fund the operations of our foreign subsidiaries , and we have not changed our indefinite reinvestment decision as a result of u.s .', 'tax reform but will reassess this during the course of 2018 .', 'if we decide at a later date to repatriate those funds to the u.s. , we may be required to provide taxes on certain of those funds , however , due to the enactment of u.s .', 'tax reform , repatriations of foreign earnings will generally be free of u.s .', 'federal tax but may incur other taxes such as withholding or state taxes .', 'on july 3 , 2017 , in connection with the transactions , bhge llc entered into a new five-year $ 3 billion committed unsecured revolving credit facility ( 2017 credit agreement ) with commercial banks maturing in july 2022 .', 'as of december 31 , 2017 , there were no borrowings under the 2017 credit agreement .', 'on november 3 , 2017 , bhge llc entered into a commercial paper program under which it may issue from time to time up to $ 3 billion in commercial paper with maturities of no more than 397 days .', 'at december 31 , 2017 , there were no borrowings outstanding under the commercial paper program .', 'the maximum combined borrowing at any time under both the 2017 credit agreement and the commercial paper program is $ 3 billion .', 'on november 6 , 2017 , we announced that our board of directors authorized bhge llc to repurchase up to $ 3 billion of its common units from the company and ge .', 'the proceeds of such repurchase that are distributed to the company will be used to repurchase class a shares of the company on the open market or in privately negotiated transactions .', 'on december 15 , 2017 , we filed a shelf registration statement on form s-3 with the sec to give us the ability to sell up to $ 3 billion in debt securities in amounts to be determined at the time of an offering .', 'any such offering , if it does occur , may happen in one or more transactions .', 'the specific terms of any securities to be sold will be described in supplemental filings with the sec .', 'the registration statement will expire in 2020 .', 'during the year ended december 31 , 2017 , we used cash to fund a variety of activities including certain working capital needs and restructuring costs , capital expenditures , business acquisitions , the payment of dividends and share repurchases .', 'we believe that cash on hand , cash flows generated from operations and the available credit facility will provide sufficient liquidity to manage our global cash needs .', 'cash flows cash flows provided by ( used in ) each type of activity were as follows for the years ended december 31: .'] | ['operating activities our largest source of operating cash is payments from customers , of which the largest component is collecting cash related to product or services sales including advance payments or progress collections for work to be performed .', 'the primary use of operating cash is to pay our suppliers , employees , tax authorities and others for a wide range of material and services. .'] | ****************************************
( in millions ) | 2017 | 2016 | 2015
operating activities | $ -799 ( 799 ) | $ 262 | $ 1277
investing activities | -4130 ( 4130 ) | -472 ( 472 ) | -466 ( 466 )
financing activities | 10919 | -102 ( 102 ) | -515 ( 515 )
**************************************** | multiply(const_7, const_1000), divide(997, #0) | 0.14243 |
what was the ratio of the comcast corporation finite-lived intangible assets in 2016 to 2017 | Context: ['comcast corporation finite-lived intangible assets estimated amortization expense of finite-lived intangible assets ( in millions ) .']
##########
Tabular Data:
****************************************
• 2016, $ 1785
• 2017, $ 1612
• 2018, $ 1365
• 2019, $ 1039
• 2020, $ 902
****************************************
##########
Post-table: ['finite-lived intangible assets are subject to amortization and consist primarily of customer relationships acquired in business combinations , software , cable franchise renewal costs , contractual operating rights and intellectual property rights .', 'our finite-lived intangible assets are amortized primarily on a straight-line basis over their estimated useful life or the term of the associated agreement .', 'we capitalize direct development costs associated with internal-use software , including external direct costs of material and services and payroll costs for employees devoting time to these software projects .', 'we also capitalize costs associated with the purchase of software licenses .', 'we include these costs in other intangible assets and generally amortize them on a straight-line basis over a period not to exceed five years .', 'we expense maintenance and training costs , as well as costs incurred during the preliminary stage of a project , as they are incurred .', 'we capitalize initial operating system software costs and amortize them over the life of the associated hardware .', 'we evaluate the recoverability of our finite-lived intangible assets whenever events or substantive changes in circumstances indicate that the carrying amount may not be recoverable .', 'the evaluation is based on the cash flows generated by the underlying asset groups , including estimated future operating results , trends or other determinants of fair value .', 'if the total of the expected future undiscounted cash flows were less than the carry- ing amount of the asset group , we would recognize an impairment charge to the extent the carrying amount of the asset group exceeded its estimated fair value .', 'unless presented separately , the impairment charge is included as a component of amortization expense .', '97 comcast 2015 annual report on form 10-k .'] | 1.10732 | CMCSA/2015/page_100.pdf-1 | ['comcast corporation finite-lived intangible assets estimated amortization expense of finite-lived intangible assets ( in millions ) .'] | ['finite-lived intangible assets are subject to amortization and consist primarily of customer relationships acquired in business combinations , software , cable franchise renewal costs , contractual operating rights and intellectual property rights .', 'our finite-lived intangible assets are amortized primarily on a straight-line basis over their estimated useful life or the term of the associated agreement .', 'we capitalize direct development costs associated with internal-use software , including external direct costs of material and services and payroll costs for employees devoting time to these software projects .', 'we also capitalize costs associated with the purchase of software licenses .', 'we include these costs in other intangible assets and generally amortize them on a straight-line basis over a period not to exceed five years .', 'we expense maintenance and training costs , as well as costs incurred during the preliminary stage of a project , as they are incurred .', 'we capitalize initial operating system software costs and amortize them over the life of the associated hardware .', 'we evaluate the recoverability of our finite-lived intangible assets whenever events or substantive changes in circumstances indicate that the carrying amount may not be recoverable .', 'the evaluation is based on the cash flows generated by the underlying asset groups , including estimated future operating results , trends or other determinants of fair value .', 'if the total of the expected future undiscounted cash flows were less than the carry- ing amount of the asset group , we would recognize an impairment charge to the extent the carrying amount of the asset group exceeded its estimated fair value .', 'unless presented separately , the impairment charge is included as a component of amortization expense .', '97 comcast 2015 annual report on form 10-k .'] | ****************************************
• 2016, $ 1785
• 2017, $ 1612
• 2018, $ 1365
• 2019, $ 1039
• 2020, $ 902
**************************************** | divide(1785, 1612) | 1.10732 |
what was the net profit margin on december 312013 | Context: ['table of contents notes to consolidated financial statements of american airlines , inc .', 'the asset .', 'projected cash flows are discounted at a required market rate of return that reflects the relative risk of achieving the cash flows and the time value of money .', 'the cost approach , which estimates value by determining the current cost of replacing an asset with another of equivalent economic utility , was used , as appropriate , for certain assets for which the market and income approaches could not be applied due to the nature of the asset .', 'the cost to replace a given asset reflects the estimated reproduction or replacement cost for the asset , less an allowance for loss in value due to depreciation .', 'the fair value of us airways 2019 dividend miles loyalty program liability was determined based on the weighted average equivalent ticket value of outstanding miles which were expected to be redeemed for future travel at december 9 , 2013 .', 'the weighted average equivalent ticket value contemplates differing classes of service , domestic and international itineraries and the carrier providing the award travel .', 'pro-forma impact of the merger american 2019s unaudited pro-forma results presented below include the effects of the merger as if it had been consummated as of january 1 , 2012 .', 'the pro- forma results include the depreciation and amortization associated with the acquired tangible and intangible assets , lease and debt fair value adjustments , the elimination of any deferred gains or losses , adjustments relating to reflecting the fair value of the loyalty program liability and the impact of income changes on profit sharing expense , among others .', 'in addition , the pro-forma results below reflect the impact of higher wage rates related to memorandums of understanding with us airways 2019 pilots that became effective upon closing of the merger , as well as the elimination of american 2019s reorganization items , net and merger transition costs .', 'however , the pro-forma results do not include any anticipated synergies or other expected benefits of the merger .', 'accordingly , the unaudited pro-forma financial information below is not necessarily indicative of either future results of operations or results that might have been achieved had the acquisition been consummated as of january 1 , 2012 .', 'december 31 , ( in millions ) .']
Table:
========================================
• , december 31 2013 ( in millions )
• revenue, $ 40782
• net income, 2707
========================================
Additional Information: ['5 .', 'basis of presentation and summary of significant accounting policies ( a ) basis of presentation on december 30 , 2015 , us airways merged with and into american , which is reflected in american 2019s consolidated financial statements as though the transaction had occurred on december 9 , 2013 , when a subsidiary of amr merged with and into us airways group .', 'thus , the full years of 2015 and 2014 and the period from december 9 , 2013 to december 31 , 2013 are comprised of the consolidated financial data of american and us airways .', 'for the periods prior to december 9 , 2013 , the financial data reflects the results of american only .', 'for financial reporting purposes , the transaction constituted a transfer of assets between entities under common control and was accounted for in a manner similar to the pooling of interests method of accounting .', 'under this method , the carrying amount of net assets recognized in the balance sheets of each combining entity are carried forward to the balance sheet of the combined entity and no other assets or liabilities are recognized .', 'the preparation of financial statements in accordance with accounting principles generally accepted in the united states ( gaap ) requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities , revenues and expenses , and the disclosure of contingent assets and liabilities at the date of the financial statements .', 'actual results could differ from those estimates .', 'the most significant areas of judgment relate to passenger revenue recognition , impairment of goodwill , impairment of long-lived and .'] | 0.06638 | AAL/2015/page_187.pdf-1 | ['table of contents notes to consolidated financial statements of american airlines , inc .', 'the asset .', 'projected cash flows are discounted at a required market rate of return that reflects the relative risk of achieving the cash flows and the time value of money .', 'the cost approach , which estimates value by determining the current cost of replacing an asset with another of equivalent economic utility , was used , as appropriate , for certain assets for which the market and income approaches could not be applied due to the nature of the asset .', 'the cost to replace a given asset reflects the estimated reproduction or replacement cost for the asset , less an allowance for loss in value due to depreciation .', 'the fair value of us airways 2019 dividend miles loyalty program liability was determined based on the weighted average equivalent ticket value of outstanding miles which were expected to be redeemed for future travel at december 9 , 2013 .', 'the weighted average equivalent ticket value contemplates differing classes of service , domestic and international itineraries and the carrier providing the award travel .', 'pro-forma impact of the merger american 2019s unaudited pro-forma results presented below include the effects of the merger as if it had been consummated as of january 1 , 2012 .', 'the pro- forma results include the depreciation and amortization associated with the acquired tangible and intangible assets , lease and debt fair value adjustments , the elimination of any deferred gains or losses , adjustments relating to reflecting the fair value of the loyalty program liability and the impact of income changes on profit sharing expense , among others .', 'in addition , the pro-forma results below reflect the impact of higher wage rates related to memorandums of understanding with us airways 2019 pilots that became effective upon closing of the merger , as well as the elimination of american 2019s reorganization items , net and merger transition costs .', 'however , the pro-forma results do not include any anticipated synergies or other expected benefits of the merger .', 'accordingly , the unaudited pro-forma financial information below is not necessarily indicative of either future results of operations or results that might have been achieved had the acquisition been consummated as of january 1 , 2012 .', 'december 31 , ( in millions ) .'] | ['5 .', 'basis of presentation and summary of significant accounting policies ( a ) basis of presentation on december 30 , 2015 , us airways merged with and into american , which is reflected in american 2019s consolidated financial statements as though the transaction had occurred on december 9 , 2013 , when a subsidiary of amr merged with and into us airways group .', 'thus , the full years of 2015 and 2014 and the period from december 9 , 2013 to december 31 , 2013 are comprised of the consolidated financial data of american and us airways .', 'for the periods prior to december 9 , 2013 , the financial data reflects the results of american only .', 'for financial reporting purposes , the transaction constituted a transfer of assets between entities under common control and was accounted for in a manner similar to the pooling of interests method of accounting .', 'under this method , the carrying amount of net assets recognized in the balance sheets of each combining entity are carried forward to the balance sheet of the combined entity and no other assets or liabilities are recognized .', 'the preparation of financial statements in accordance with accounting principles generally accepted in the united states ( gaap ) requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities , revenues and expenses , and the disclosure of contingent assets and liabilities at the date of the financial statements .', 'actual results could differ from those estimates .', 'the most significant areas of judgment relate to passenger revenue recognition , impairment of goodwill , impairment of long-lived and .'] | ========================================
• , december 31 2013 ( in millions )
• revenue, $ 40782
• net income, 2707
======================================== | divide(2707, 40782) | 0.06638 |
by what percentage will the 2019 pre-tax pension and postretirement expense be higher than that of 2018? | Pre-text: ['inventory on hand , as well as our future purchase commitments with our suppliers , considering multiple factors , including demand forecasts , product life cycle , current sales levels , pricing strategy and cost trends .', 'if our review indicates that inventories of raw materials , components or finished products have become obsolete or are in excess of anticipated demand or that inventory cost exceeds net realizable value , we may be required to make adjustments that will impact the results of operations .', 'goodwill and non-amortizable intangible assets valuation - we test goodwill and non-amortizable intangible assets for impairment annually or more frequently if events occur that would warrant such review .', 'while the company has the option to perform a qualitative assessment for both goodwill and non-amortizable intangible assets to determine if it is more likely than not that an impairment exists , the company elects to perform the quantitative assessment for our annual impairment analysis .', 'the impairment analysis involves comparing the fair value of each reporting unit or non-amortizable intangible asset to the carrying value .', 'if the carrying value exceeds the fair value , goodwill or a non-amortizable intangible asset is considered impaired .', 'to determine the fair value of goodwill , we primarily use a discounted cash flow model , supported by the market approach using earnings multiples of comparable global and local companies within the tobacco industry .', 'at december 31 , 2018 , the carrying value of our goodwill was $ 7.2 billion , which is related to ten reporting units , each of which consists of a group of markets with similar economic characteristics .', 'the estimated fair value of each of our ten reporting units exceeded the carrying value as of december 31 , 2018 .', 'to determine the fair value of non-amortizable intangible assets , we primarily use a discounted cash flow model applying the relief-from-royalty method .', 'we concluded that the fair value of our non- amortizable intangible assets exceeded the carrying value .', 'these discounted cash flow models include management assumptions relevant for forecasting operating cash flows , which are subject to changes in business conditions , such as volumes and prices , costs to produce , discount rates and estimated capital needs .', 'management considers historical experience and all available information at the time the fair values are estimated , and we believe these assumptions are consistent with the assumptions a hypothetical marketplace participant would use .', 'since the march 28 , 2008 , spin-off from altria group , inc. , we have not recorded a charge to earnings for an impairment of goodwill or non-amortizable intangible assets .', 'marketing costs - we incur certain costs to support our products through programs that include advertising , marketing , consumer engagement and trade promotions .', 'the costs of our advertising and marketing programs are expensed in accordance with u.s .', 'gaap .', 'recognition of the cost related to our consumer engagement and trade promotion programs contain uncertainties due to the judgment required in estimating the potential performance and compliance for each program .', "for volume-based incentives provided to customers , management continually assesses and estimates , by customer , the likelihood of the customer's achieving the specified targets , and records the reduction of revenue as the sales are made .", 'for other trade promotions , management relies on estimated utilization rates that have been developed from historical experience .', 'changes in the assumptions used in estimating the cost of any individual marketing program would not result in a material change in our financial position , results of operations or operating cash flows .', 'employee benefit plans - as discussed in item 8 , note 13 .', 'benefit plans to our consolidated financial statements , we provide a range of benefits to our employees and retired employees , including pensions , postretirement health care and postemployment benefits ( primarily severance ) .', 'we record annual amounts relating to these plans based on calculations specified by u.s .', 'gaap .', 'these calculations include various actuarial assumptions , such as discount rates , assumed rates of return on plan assets , compensation increases , mortality , turnover rates and health care cost trend rates .', 'we review actuarial assumptions on an annual basis and make modifications to the assumptions based on current rates and trends when it is deemed appropriate to do so .', 'as permitted by u.s .', 'gaap , any effect of the modifications is generally amortized over future periods .', 'we believe that the assumptions utilized in calculating our obligations under these plans are reasonable based upon our historical experience and advice from our actuaries .', 'weighted-average discount rate assumptions for pension and postretirement plan obligations at december 31 , 2018 and 2017 are as follows: .']
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Table:
----------------------------------------
Row 1: , 2018, 2017
Row 2: pension plans, 1.61% ( 1.61 % ), 1.51% ( 1.51 % )
Row 3: postretirement plans, 3.97% ( 3.97 % ), 3.79% ( 3.79 % )
----------------------------------------
----
Additional Information: ['we anticipate that assumption changes will increase 2019 pre-tax pension and postretirement expense to approximately $ 205 million as compared with approximately $ 160 million in 2018 , excluding amounts related to employee severance and early retirement programs .', 'the anticipated increase is primarily due to higher amortization out of other comprehensive earnings for unrecognized actuarial gains/ losses of $ 14 million , coupled with lower return on assets of $ 16 million , higher interest and service cost of $ 12 million and $ 4 million respectively , partially offset by other movements of $ 1 million .', 'weighted-average expected rate of return and discount rate assumptions have a significant effect on the amount of expense reported for the employee benefit plans .', 'a fifty-basis-point decrease in our discount rate would increase our 2019 pension and postretirement expense by approximately $ 50 million , and a fifty-basis-point increase in our discount rate would decrease our 2019 pension and postretirement .'] | 0.28125 | PM/2018/page_31.pdf-1 | ['inventory on hand , as well as our future purchase commitments with our suppliers , considering multiple factors , including demand forecasts , product life cycle , current sales levels , pricing strategy and cost trends .', 'if our review indicates that inventories of raw materials , components or finished products have become obsolete or are in excess of anticipated demand or that inventory cost exceeds net realizable value , we may be required to make adjustments that will impact the results of operations .', 'goodwill and non-amortizable intangible assets valuation - we test goodwill and non-amortizable intangible assets for impairment annually or more frequently if events occur that would warrant such review .', 'while the company has the option to perform a qualitative assessment for both goodwill and non-amortizable intangible assets to determine if it is more likely than not that an impairment exists , the company elects to perform the quantitative assessment for our annual impairment analysis .', 'the impairment analysis involves comparing the fair value of each reporting unit or non-amortizable intangible asset to the carrying value .', 'if the carrying value exceeds the fair value , goodwill or a non-amortizable intangible asset is considered impaired .', 'to determine the fair value of goodwill , we primarily use a discounted cash flow model , supported by the market approach using earnings multiples of comparable global and local companies within the tobacco industry .', 'at december 31 , 2018 , the carrying value of our goodwill was $ 7.2 billion , which is related to ten reporting units , each of which consists of a group of markets with similar economic characteristics .', 'the estimated fair value of each of our ten reporting units exceeded the carrying value as of december 31 , 2018 .', 'to determine the fair value of non-amortizable intangible assets , we primarily use a discounted cash flow model applying the relief-from-royalty method .', 'we concluded that the fair value of our non- amortizable intangible assets exceeded the carrying value .', 'these discounted cash flow models include management assumptions relevant for forecasting operating cash flows , which are subject to changes in business conditions , such as volumes and prices , costs to produce , discount rates and estimated capital needs .', 'management considers historical experience and all available information at the time the fair values are estimated , and we believe these assumptions are consistent with the assumptions a hypothetical marketplace participant would use .', 'since the march 28 , 2008 , spin-off from altria group , inc. , we have not recorded a charge to earnings for an impairment of goodwill or non-amortizable intangible assets .', 'marketing costs - we incur certain costs to support our products through programs that include advertising , marketing , consumer engagement and trade promotions .', 'the costs of our advertising and marketing programs are expensed in accordance with u.s .', 'gaap .', 'recognition of the cost related to our consumer engagement and trade promotion programs contain uncertainties due to the judgment required in estimating the potential performance and compliance for each program .', "for volume-based incentives provided to customers , management continually assesses and estimates , by customer , the likelihood of the customer's achieving the specified targets , and records the reduction of revenue as the sales are made .", 'for other trade promotions , management relies on estimated utilization rates that have been developed from historical experience .', 'changes in the assumptions used in estimating the cost of any individual marketing program would not result in a material change in our financial position , results of operations or operating cash flows .', 'employee benefit plans - as discussed in item 8 , note 13 .', 'benefit plans to our consolidated financial statements , we provide a range of benefits to our employees and retired employees , including pensions , postretirement health care and postemployment benefits ( primarily severance ) .', 'we record annual amounts relating to these plans based on calculations specified by u.s .', 'gaap .', 'these calculations include various actuarial assumptions , such as discount rates , assumed rates of return on plan assets , compensation increases , mortality , turnover rates and health care cost trend rates .', 'we review actuarial assumptions on an annual basis and make modifications to the assumptions based on current rates and trends when it is deemed appropriate to do so .', 'as permitted by u.s .', 'gaap , any effect of the modifications is generally amortized over future periods .', 'we believe that the assumptions utilized in calculating our obligations under these plans are reasonable based upon our historical experience and advice from our actuaries .', 'weighted-average discount rate assumptions for pension and postretirement plan obligations at december 31 , 2018 and 2017 are as follows: .'] | ['we anticipate that assumption changes will increase 2019 pre-tax pension and postretirement expense to approximately $ 205 million as compared with approximately $ 160 million in 2018 , excluding amounts related to employee severance and early retirement programs .', 'the anticipated increase is primarily due to higher amortization out of other comprehensive earnings for unrecognized actuarial gains/ losses of $ 14 million , coupled with lower return on assets of $ 16 million , higher interest and service cost of $ 12 million and $ 4 million respectively , partially offset by other movements of $ 1 million .', 'weighted-average expected rate of return and discount rate assumptions have a significant effect on the amount of expense reported for the employee benefit plans .', 'a fifty-basis-point decrease in our discount rate would increase our 2019 pension and postretirement expense by approximately $ 50 million , and a fifty-basis-point increase in our discount rate would decrease our 2019 pension and postretirement .'] | ----------------------------------------
Row 1: , 2018, 2017
Row 2: pension plans, 1.61% ( 1.61 % ), 1.51% ( 1.51 % )
Row 3: postretirement plans, 3.97% ( 3.97 % ), 3.79% ( 3.79 % )
---------------------------------------- | subtract(205, 160), divide(#0, 160) | 0.28125 |
what is the percentage change in cash flow hedges in 2011 compare to the 2010? | Context: ['undesignated hedges was $ 41.2 million and $ 42.1 million , respectively .', 'the fair value of these hedging instruments in the company 2019s consolidated balance sheets as of october 29 , 2011 and october 30 , 2010 was immaterial .', 'interest rate exposure management 2014 on june 30 , 2009 , the company entered into interest rate swap transactions related to its outstanding 5.0% ( 5.0 % ) senior unsecured notes where the company swapped the notional amount of its $ 375 million of fixed rate debt at 5.0% ( 5.0 % ) into floating interest rate debt through july 1 , 2014 .', 'under the terms of the swaps , the company will ( i ) receive on the $ 375 million notional amount a 5.0% ( 5.0 % ) annual interest payment that is paid in two installments on the 1st of every january and july , commencing january 1 , 2010 through and ending on the maturity date ; and ( ii ) pay on the $ 375 million notional amount an annual three month libor plus 2.05% ( 2.05 % ) ( 2.42% ( 2.42 % ) as of october 29 , 2011 ) interest payment , payable in four installments on the 1st of every january , april , july and october , commencing on october 1 , 2009 and ending on the maturity date .', 'the libor- based rate is set quarterly three months prior to the date of the interest payment .', 'the company designated these swaps as fair value hedges .', 'the fair value of the swaps at inception was zero and subsequent changes in the fair value of the interest rate swaps were reflected in the carrying value of the interest rate swaps on the balance sheet .', 'the carrying value of the debt on the balance sheet was adjusted by an equal and offsetting amount .', 'the gain or loss on the hedged item ( that is , the fixed-rate borrowings ) attributable to the hedged benchmark interest rate risk and the offsetting gain or loss on the related interest rate swaps for fiscal year 2011 and fiscal year 2010 were as follows : statement of income .']
####
Tabular Data:
----------------------------------------
• statement of income classification, statement of income loss on swaps, statement of income gain on note, statement of income net income effect, statement of income gain on swaps, loss on note, net income effect
• other income, $ -4614 ( 4614 ), $ 4614, $ 2014, $ 20692, $ -20692 ( 20692 ), $ 2014
----------------------------------------
####
Follow-up: ['the amounts earned and owed under the swap agreements are accrued each period and are reported in interest expense .', 'there was no ineffectiveness recognized in any of the periods presented .', 'the market risk associated with the company 2019s derivative instruments results from currency exchange rate or interest rate movements that are expected to offset the market risk of the underlying transactions , assets and liabilities being hedged .', 'the counterparties to the agreements relating to the company 2019s derivative instruments consist of a number of major international financial institutions with high credit ratings .', 'based on the credit ratings of our counterparties as of october 29 , 2011 , we do not believe that there is significant risk of nonperformance by them .', 'furthermore , none of the company 2019s derivative transactions are subject to collateral or other security arrangements and none contain provisions that are dependent on the company 2019s credit ratings from any credit rating agency .', 'while the contract or notional amounts of derivative financial instruments provide one measure of the volume of these transactions , they do not represent the amount of the company 2019s exposure to credit risk .', 'the amounts potentially subject to credit risk ( arising from the possible inability of counterparties to meet the terms of their contracts ) are generally limited to the amounts , if any , by which the counterparties 2019 obligations under the contracts exceed the obligations of the company to the counterparties .', 'as a result of the above considerations , the company does not consider the risk of counterparty default to be significant .', 'the company records the fair value of its derivative financial instruments in the consolidated financial statements in other current assets , other assets or accrued liabilities , depending on their net position , regardless of the purpose or intent for holding the derivative contract .', 'changes in the fair value of the derivative financial instruments are either recognized periodically in earnings or in shareholders 2019 equity as a component of oci .', 'changes in the fair value of cash flow hedges are recorded in oci and reclassified into earnings when the underlying contract matures .', 'changes in the fair values of derivatives not qualifying for hedge accounting are reported in earnings as they occur .', 'the total notional amounts of derivative instruments designated as hedging instruments as of october 29 , 2011 and october 30 , 2010 were $ 375 million of interest rate swap agreements accounted for as fair value hedges and $ 153.7 million and $ 139.9 million , respectively , of cash flow hedges denominated in euros , british pounds and analog devices , inc .', 'notes to consolidated financial statements 2014 ( continued ) .'] | 0.09864 | ADI/2011/page_61.pdf-2 | ['undesignated hedges was $ 41.2 million and $ 42.1 million , respectively .', 'the fair value of these hedging instruments in the company 2019s consolidated balance sheets as of october 29 , 2011 and october 30 , 2010 was immaterial .', 'interest rate exposure management 2014 on june 30 , 2009 , the company entered into interest rate swap transactions related to its outstanding 5.0% ( 5.0 % ) senior unsecured notes where the company swapped the notional amount of its $ 375 million of fixed rate debt at 5.0% ( 5.0 % ) into floating interest rate debt through july 1 , 2014 .', 'under the terms of the swaps , the company will ( i ) receive on the $ 375 million notional amount a 5.0% ( 5.0 % ) annual interest payment that is paid in two installments on the 1st of every january and july , commencing january 1 , 2010 through and ending on the maturity date ; and ( ii ) pay on the $ 375 million notional amount an annual three month libor plus 2.05% ( 2.05 % ) ( 2.42% ( 2.42 % ) as of october 29 , 2011 ) interest payment , payable in four installments on the 1st of every january , april , july and october , commencing on october 1 , 2009 and ending on the maturity date .', 'the libor- based rate is set quarterly three months prior to the date of the interest payment .', 'the company designated these swaps as fair value hedges .', 'the fair value of the swaps at inception was zero and subsequent changes in the fair value of the interest rate swaps were reflected in the carrying value of the interest rate swaps on the balance sheet .', 'the carrying value of the debt on the balance sheet was adjusted by an equal and offsetting amount .', 'the gain or loss on the hedged item ( that is , the fixed-rate borrowings ) attributable to the hedged benchmark interest rate risk and the offsetting gain or loss on the related interest rate swaps for fiscal year 2011 and fiscal year 2010 were as follows : statement of income .'] | ['the amounts earned and owed under the swap agreements are accrued each period and are reported in interest expense .', 'there was no ineffectiveness recognized in any of the periods presented .', 'the market risk associated with the company 2019s derivative instruments results from currency exchange rate or interest rate movements that are expected to offset the market risk of the underlying transactions , assets and liabilities being hedged .', 'the counterparties to the agreements relating to the company 2019s derivative instruments consist of a number of major international financial institutions with high credit ratings .', 'based on the credit ratings of our counterparties as of october 29 , 2011 , we do not believe that there is significant risk of nonperformance by them .', 'furthermore , none of the company 2019s derivative transactions are subject to collateral or other security arrangements and none contain provisions that are dependent on the company 2019s credit ratings from any credit rating agency .', 'while the contract or notional amounts of derivative financial instruments provide one measure of the volume of these transactions , they do not represent the amount of the company 2019s exposure to credit risk .', 'the amounts potentially subject to credit risk ( arising from the possible inability of counterparties to meet the terms of their contracts ) are generally limited to the amounts , if any , by which the counterparties 2019 obligations under the contracts exceed the obligations of the company to the counterparties .', 'as a result of the above considerations , the company does not consider the risk of counterparty default to be significant .', 'the company records the fair value of its derivative financial instruments in the consolidated financial statements in other current assets , other assets or accrued liabilities , depending on their net position , regardless of the purpose or intent for holding the derivative contract .', 'changes in the fair value of the derivative financial instruments are either recognized periodically in earnings or in shareholders 2019 equity as a component of oci .', 'changes in the fair value of cash flow hedges are recorded in oci and reclassified into earnings when the underlying contract matures .', 'changes in the fair values of derivatives not qualifying for hedge accounting are reported in earnings as they occur .', 'the total notional amounts of derivative instruments designated as hedging instruments as of october 29 , 2011 and october 30 , 2010 were $ 375 million of interest rate swap agreements accounted for as fair value hedges and $ 153.7 million and $ 139.9 million , respectively , of cash flow hedges denominated in euros , british pounds and analog devices , inc .', 'notes to consolidated financial statements 2014 ( continued ) .'] | ----------------------------------------
• statement of income classification, statement of income loss on swaps, statement of income gain on note, statement of income net income effect, statement of income gain on swaps, loss on note, net income effect
• other income, $ -4614 ( 4614 ), $ 4614, $ 2014, $ 20692, $ -20692 ( 20692 ), $ 2014
---------------------------------------- | subtract(153.7, 139.9), divide(#0, 139.9) | 0.09864 |
what was the greatest annual change in unrealized gain/loss on derivative instruments , in millions?/ | Context: ['notes to consolidated financial statements ( continued ) note 8 2014shareholders 2019 equity ( continued ) the following table summarizes activity in other comprehensive income related to derivatives , net of taxes , held by the company ( in millions ) : .']
Data Table:
========================================
Row 1: , 2006, 2005, 2004
Row 2: changes in fair value of derivatives, $ 11, $ 7, $ -21 ( 21 )
Row 3: adjustment for net losses realized and included in net income, -12 ( 12 ), 1, 33
Row 4: change in unrealized gain/loss on derivative instruments, $ -1 ( 1 ), $ 8, $ 12
========================================
Follow-up: ['the tax effect related to the changes in fair value of derivatives was $ ( 8 ) million , $ ( 3 ) million , and $ 10 million for 2006 , 2005 , and 2004 , respectively .', 'the tax effect related to derivative gains/losses reclassified from other comprehensive income to net income was $ 8 million , $ ( 2 ) million , and $ ( 13 ) million for 2006 , 2005 , and 2004 , respectively .', 'employee benefit plans 2003 employee stock plan the 2003 employee stock plan ( the 201c2003 plan 201d ) is a shareholder approved plan that provides for broad- based grants to employees , including executive officers .', 'based on the terms of individual option grants , options granted under the 2003 plan generally expire 7 to 10 years after the grant date and generally become exercisable over a period of 4 years , based on continued employment , with either annual or quarterly vesting .', 'the 2003 plan permits the granting of incentive stock options , nonstatutory stock options , restricted stock units , stock appreciation rights , and stock purchase rights .', '1997 employee stock option plan in august 1997 , the company 2019s board of directors approved the 1997 employee stock option plan ( the 201c1997 plan 201d ) , a non-shareholder approved plan for grants of stock options to employees who are not officers of the company .', 'based on the terms of individual option grants , options granted under the 1997 plan generally expire 7 to 10 years after the grant date and generally become exercisable over a period of 4 years , based on continued employment , with either annual or quarterly vesting .', 'in october 2003 , the company terminated the 1997 employee stock option plan and cancelled all remaining unissued shares totaling 28590702 .', 'no new options can be granted from the 1997 plan .', 'employee stock option exchange program on march 20 , 2003 , the company announced a voluntary employee stock option exchange program ( the 201cexchange program 201d ) whereby eligible employees , other than executive officers and members of the board of directors , had an opportunity to exchange outstanding options with exercise prices at or above $ 12.50 per share for a predetermined smaller number of new stock options issued with exercise prices equal to the fair market value of one share of the company 2019s common stock on the day the new awards were issued , which was to be at least six months plus one day after the exchange options were cancelled .', 'on april 17 , 2003 , in accordance with the exchange program , the company cancelled options to purchase 33138386 shares of its common stock .', 'on october 22 , 2003 , new stock options totaling 13394736 shares were issued to employees at an exercise price of $ 11.38 per share , which is equivalent to the closing price of the company 2019s stock on that date .', 'no financial or accounting impact to the company 2019s financial position , results of operations or cash flows was associated with this transaction. .'] | 12.0 | AAPL/2006/page_103.pdf-2 | ['notes to consolidated financial statements ( continued ) note 8 2014shareholders 2019 equity ( continued ) the following table summarizes activity in other comprehensive income related to derivatives , net of taxes , held by the company ( in millions ) : .'] | ['the tax effect related to the changes in fair value of derivatives was $ ( 8 ) million , $ ( 3 ) million , and $ 10 million for 2006 , 2005 , and 2004 , respectively .', 'the tax effect related to derivative gains/losses reclassified from other comprehensive income to net income was $ 8 million , $ ( 2 ) million , and $ ( 13 ) million for 2006 , 2005 , and 2004 , respectively .', 'employee benefit plans 2003 employee stock plan the 2003 employee stock plan ( the 201c2003 plan 201d ) is a shareholder approved plan that provides for broad- based grants to employees , including executive officers .', 'based on the terms of individual option grants , options granted under the 2003 plan generally expire 7 to 10 years after the grant date and generally become exercisable over a period of 4 years , based on continued employment , with either annual or quarterly vesting .', 'the 2003 plan permits the granting of incentive stock options , nonstatutory stock options , restricted stock units , stock appreciation rights , and stock purchase rights .', '1997 employee stock option plan in august 1997 , the company 2019s board of directors approved the 1997 employee stock option plan ( the 201c1997 plan 201d ) , a non-shareholder approved plan for grants of stock options to employees who are not officers of the company .', 'based on the terms of individual option grants , options granted under the 1997 plan generally expire 7 to 10 years after the grant date and generally become exercisable over a period of 4 years , based on continued employment , with either annual or quarterly vesting .', 'in october 2003 , the company terminated the 1997 employee stock option plan and cancelled all remaining unissued shares totaling 28590702 .', 'no new options can be granted from the 1997 plan .', 'employee stock option exchange program on march 20 , 2003 , the company announced a voluntary employee stock option exchange program ( the 201cexchange program 201d ) whereby eligible employees , other than executive officers and members of the board of directors , had an opportunity to exchange outstanding options with exercise prices at or above $ 12.50 per share for a predetermined smaller number of new stock options issued with exercise prices equal to the fair market value of one share of the company 2019s common stock on the day the new awards were issued , which was to be at least six months plus one day after the exchange options were cancelled .', 'on april 17 , 2003 , in accordance with the exchange program , the company cancelled options to purchase 33138386 shares of its common stock .', 'on october 22 , 2003 , new stock options totaling 13394736 shares were issued to employees at an exercise price of $ 11.38 per share , which is equivalent to the closing price of the company 2019s stock on that date .', 'no financial or accounting impact to the company 2019s financial position , results of operations or cash flows was associated with this transaction. .'] | ========================================
Row 1: , 2006, 2005, 2004
Row 2: changes in fair value of derivatives, $ 11, $ 7, $ -21 ( 21 )
Row 3: adjustment for net losses realized and included in net income, -12 ( 12 ), 1, 33
Row 4: change in unrealized gain/loss on derivative instruments, $ -1 ( 1 ), $ 8, $ 12
======================================== | table_max(change in unrealized gain/loss on derivative instruments, none) | 12.0 |
what is the yearly rate of return of s&p500 if the investment occurs in 2010 and it is liquidated one year later? | Background: ['performance graph the performance graph below shows the five-year cumulative total stockholder return on applied common stock during the period from october 31 , 2010 through october 25 , 2015 .', 'this is compared with the cumulative total return of the standard & poor 2019s 500 stock index and the rdg semiconductor composite index over the same period .', 'the comparison assumes $ 100 was invested on october 31 , 2010 in applied common stock and in each of the foregoing indices and assumes reinvestment of dividends , if any .', 'dollar amounts in the graph are rounded to the nearest whole dollar .', 'the performance shown in the graph represents past performance and should not be considered an indication of future performance .', 'comparison of 5 year cumulative total return* among applied materials , inc. , the s&p 500 index and the rdg semiconductor composite index *assumes $ 100 invested on 10/31/10 in stock or index , including reinvestment of dividends .', 'indexes calculated on month-end basis .', '201cs&p 201d is a registered trademark of standard & poor 2019s financial services llc , a subsidiary of the mcgraw-hill companies , inc. .']
Table:
****************************************
, 10/31/2010, 10/30/2011, 10/28/2012, 10/27/2013, 10/26/2014, 10/25/2015
applied materials, 100.00, 104.54, 90.88, 155.43, 188.13, 150.26
s&p 500 index, 100.00, 108.09, 124.52, 158.36, 185.71, 195.37
rdg semiconductor composite index, 100.00, 110.04, 104.07, 136.15, 172.41, 170.40
****************************************
Additional Information: ["dividends during each of fiscal 2015 and 2014 , applied's board of directors declared four quarterly cash dividends of $ 0.10 per share .", 'during fiscal 2013 , applied 2019s board of directors declared three quarterly cash dividends of $ 0.10 per share and one quarterly cash dividend of $ 0.09 per share .', 'dividends paid during fiscal 2015 , 2014 and 2013 amounted to $ 487 million , $ 485 million and $ 456 million , respectively .', 'applied currently anticipates that cash dividends will continue to be paid on a quarterly basis , although the declaration of any future cash dividend is at the discretion of the board of directors and will depend on applied 2019s financial condition , results of operations , capital requirements , business conditions and other factors , as well as a determination by the board of directors that cash dividends are in the best interests of applied 2019s stockholders .', '104 136 10/31/10 10/30/11 10/28/12 10/27/13 10/26/14 10/25/15 applied materials , inc .', 's&p 500 rdg semiconductor composite .'] | 0.0809 | AMAT/2015/page_33.pdf-1 | ['performance graph the performance graph below shows the five-year cumulative total stockholder return on applied common stock during the period from october 31 , 2010 through october 25 , 2015 .', 'this is compared with the cumulative total return of the standard & poor 2019s 500 stock index and the rdg semiconductor composite index over the same period .', 'the comparison assumes $ 100 was invested on october 31 , 2010 in applied common stock and in each of the foregoing indices and assumes reinvestment of dividends , if any .', 'dollar amounts in the graph are rounded to the nearest whole dollar .', 'the performance shown in the graph represents past performance and should not be considered an indication of future performance .', 'comparison of 5 year cumulative total return* among applied materials , inc. , the s&p 500 index and the rdg semiconductor composite index *assumes $ 100 invested on 10/31/10 in stock or index , including reinvestment of dividends .', 'indexes calculated on month-end basis .', '201cs&p 201d is a registered trademark of standard & poor 2019s financial services llc , a subsidiary of the mcgraw-hill companies , inc. .'] | ["dividends during each of fiscal 2015 and 2014 , applied's board of directors declared four quarterly cash dividends of $ 0.10 per share .", 'during fiscal 2013 , applied 2019s board of directors declared three quarterly cash dividends of $ 0.10 per share and one quarterly cash dividend of $ 0.09 per share .', 'dividends paid during fiscal 2015 , 2014 and 2013 amounted to $ 487 million , $ 485 million and $ 456 million , respectively .', 'applied currently anticipates that cash dividends will continue to be paid on a quarterly basis , although the declaration of any future cash dividend is at the discretion of the board of directors and will depend on applied 2019s financial condition , results of operations , capital requirements , business conditions and other factors , as well as a determination by the board of directors that cash dividends are in the best interests of applied 2019s stockholders .', '104 136 10/31/10 10/30/11 10/28/12 10/27/13 10/26/14 10/25/15 applied materials , inc .', 's&p 500 rdg semiconductor composite .'] | ****************************************
, 10/31/2010, 10/30/2011, 10/28/2012, 10/27/2013, 10/26/2014, 10/25/2015
applied materials, 100.00, 104.54, 90.88, 155.43, 188.13, 150.26
s&p 500 index, 100.00, 108.09, 124.52, 158.36, 185.71, 195.37
rdg semiconductor composite index, 100.00, 110.04, 104.07, 136.15, 172.41, 170.40
**************************************** | subtract(108.09, 100), divide(#0, 100) | 0.0809 |
what would operating cash flow have been in 2010 without the changed accounting standards for the receivables securitization facility , in us$ million? | Background: ['liquidity and capital resources as of december 31 , 2011 , our principal sources of liquidity included cash , cash equivalents , our receivables securitization facility , and our revolving credit facility , as well as the availability of commercial paper and other sources of financing through the capital markets .', 'we had $ 1.8 billion of committed credit available under our credit facility , with no borrowings outstanding as of december 31 , 2011 .', 'we did not make any borrowings under this facility during 2011 .', 'the value of the outstanding undivided interest held by investors under the receivables securitization facility was $ 100 million as of december 31 , 2011 , and is included in our consolidated statements of financial position as debt due after one year .', 'the receivables securitization facility obligates us to maintain an investment grade bond rating .', 'if our bond rating were to deteriorate , it could have an adverse impact on our liquidity .', 'access to commercial paper as well as other capital market financings is dependent on market conditions .', 'deterioration of our operating results or financial condition due to internal or external factors could negatively impact our ability to access capital markets as a source of liquidity .', 'access to liquidity through the capital markets is also dependent on our financial stability .', 'we expect that we will continue to have access to liquidity by issuing bonds to public or private investors based on our assessment of the current condition of the credit markets .', 'at december 31 , 2011 and 2010 , we had a working capital surplus .', 'this reflects a strong cash position , which provides enhanced liquidity in an uncertain economic environment .', 'in addition , we believe we have adequate access to capital markets to meet cash requirements , and we have sufficient financial capacity to satisfy our current liabilities .', 'cash flows millions 2011 2010 2009 .']
Tabular Data:
****************************************
cash flowsmillions, 2011, 2010, 2009
cash provided by operating activities, $ 5873, $ 4105, $ 3204
cash used in investing activities, -3119 ( 3119 ), -2488 ( 2488 ), -2145 ( 2145 )
cash used in financing activities, -2623 ( 2623 ), -2381 ( 2381 ), -458 ( 458 )
net change in cash and cashequivalents, $ 131, $ -764 ( 764 ), $ 601
****************************************
Post-table: ['operating activities higher net income and lower cash income tax payments in 2011 increased cash provided by operating activities compared to 2010 .', 'the tax relief , unemployment insurance reauthorization , and job creation act of 2010 , enacted in december 2010 , provided for 100% ( 100 % ) bonus depreciation for qualified investments made during 2011 , and 50% ( 50 % ) bonus depreciation for qualified investments made during 2012 .', 'as a result of the act , the company deferred a substantial portion of its 2011 income tax expense .', 'this deferral decreased 2011 income tax payments , thereby contributing to the positive operating cash flow .', 'in future years , however , additional cash will be used to pay income taxes that were previously deferred .', 'in addition , the adoption of a new accounting standard in january of 2010 changed the accounting treatment for our receivables securitization facility from a sale of undivided interests ( recorded as an operating activity ) to a secured borrowing ( recorded as a financing activity ) , which decreased cash provided by operating activities by $ 400 million in 2010 .', 'higher net income in 2010 increased cash provided by operating activities compared to 2009 .', 'investing activities higher capital investments partially offset by higher proceeds from asset sales in 2011 drove the increase in cash used in investing activities compared to 2010 .', 'higher capital investments and lower proceeds from asset sales in 2010 drove the increase in cash used in investing activities compared to 2009. .'] | 4505.0 | UNP/2011/page_35.pdf-1 | ['liquidity and capital resources as of december 31 , 2011 , our principal sources of liquidity included cash , cash equivalents , our receivables securitization facility , and our revolving credit facility , as well as the availability of commercial paper and other sources of financing through the capital markets .', 'we had $ 1.8 billion of committed credit available under our credit facility , with no borrowings outstanding as of december 31 , 2011 .', 'we did not make any borrowings under this facility during 2011 .', 'the value of the outstanding undivided interest held by investors under the receivables securitization facility was $ 100 million as of december 31 , 2011 , and is included in our consolidated statements of financial position as debt due after one year .', 'the receivables securitization facility obligates us to maintain an investment grade bond rating .', 'if our bond rating were to deteriorate , it could have an adverse impact on our liquidity .', 'access to commercial paper as well as other capital market financings is dependent on market conditions .', 'deterioration of our operating results or financial condition due to internal or external factors could negatively impact our ability to access capital markets as a source of liquidity .', 'access to liquidity through the capital markets is also dependent on our financial stability .', 'we expect that we will continue to have access to liquidity by issuing bonds to public or private investors based on our assessment of the current condition of the credit markets .', 'at december 31 , 2011 and 2010 , we had a working capital surplus .', 'this reflects a strong cash position , which provides enhanced liquidity in an uncertain economic environment .', 'in addition , we believe we have adequate access to capital markets to meet cash requirements , and we have sufficient financial capacity to satisfy our current liabilities .', 'cash flows millions 2011 2010 2009 .'] | ['operating activities higher net income and lower cash income tax payments in 2011 increased cash provided by operating activities compared to 2010 .', 'the tax relief , unemployment insurance reauthorization , and job creation act of 2010 , enacted in december 2010 , provided for 100% ( 100 % ) bonus depreciation for qualified investments made during 2011 , and 50% ( 50 % ) bonus depreciation for qualified investments made during 2012 .', 'as a result of the act , the company deferred a substantial portion of its 2011 income tax expense .', 'this deferral decreased 2011 income tax payments , thereby contributing to the positive operating cash flow .', 'in future years , however , additional cash will be used to pay income taxes that were previously deferred .', 'in addition , the adoption of a new accounting standard in january of 2010 changed the accounting treatment for our receivables securitization facility from a sale of undivided interests ( recorded as an operating activity ) to a secured borrowing ( recorded as a financing activity ) , which decreased cash provided by operating activities by $ 400 million in 2010 .', 'higher net income in 2010 increased cash provided by operating activities compared to 2009 .', 'investing activities higher capital investments partially offset by higher proceeds from asset sales in 2011 drove the increase in cash used in investing activities compared to 2010 .', 'higher capital investments and lower proceeds from asset sales in 2010 drove the increase in cash used in investing activities compared to 2009. .'] | ****************************************
cash flowsmillions, 2011, 2010, 2009
cash provided by operating activities, $ 5873, $ 4105, $ 3204
cash used in investing activities, -3119 ( 3119 ), -2488 ( 2488 ), -2145 ( 2145 )
cash used in financing activities, -2623 ( 2623 ), -2381 ( 2381 ), -458 ( 458 )
net change in cash and cashequivalents, $ 131, $ -764 ( 764 ), $ 601
**************************************** | add(4105, 400) | 4505.0 |
what is the percentual growth observed in the percentage of asset impairment costs concerning the restructuring and other charges costs during 2013 and 2014? | Context: ['restructuring and other charges 2014restructuring and other charges for each year in the three-year period ended december 31 , 2015 were comprised of the following: .']
------
Table:
========================================
Row 1: , 2015, 2014, 2013
Row 2: asset impairments, $ 335, $ 406, $ 116
Row 3: layoff costs, 299, 259, 201
Row 4: legal matters in italy, 201, -, -
Row 5: net loss on divestitures of businesses, 161, 332, -
Row 6: resolution of a legal matter, -, -, 391
Row 7: other, 213, 199, 82
Row 8: reversals of previously recorded layoff and other exit costs, -14 ( 14 ), -28 ( 28 ), -8 ( 8 )
Row 9: restructuring and other charges, $ 1195, $ 1168, $ 782
========================================
------
Post-table: ['layoff costs were recorded based on approved detailed action plans submitted by the operating locations that specified positions to be eliminated , benefits to be paid under existing severance plans , union contracts or statutory requirements , and the expected timetable for completion of the plans .', '2015 actions .', 'in 2015 , alcoa recorded restructuring and other charges of $ 1195 ( $ 836 after-tax and noncontrolling interest ) , which were comprised of the following components : $ 438 ( $ 281 after-tax and noncontrolling interest ) for exit costs related to decisions to permanently shut down and demolish three smelters and a power station ( see below ) ; $ 246 ( $ 118 after-tax and noncontrolling interest ) for the curtailment of two refineries and two smelters ( see below ) ; $ 201 ( pre- and after-tax ) related to legal matters in italy ; a $ 161 ( $ 151 after-tax and noncontrolling interest ) net loss related to the march 2015 divestiture of a rolling mill in russia ( see global rolled products in segment information below ) and post-closing adjustments associated with three december 2014 divestitures ; $ 143 ( $ 102 after-tax and noncontrolling interest ) for layoff costs , including the separation of approximately 2100 employees ( 425 in the transportation and construction solutions segment , 645 in the engineered products and solutions segment , 380 in the primary metals segment , 90 in the global rolled products segment , 85 in the alumina segment , and 475 in corporate ) ; $ 34 ( $ 14 after-tax and noncontrolling interest ) for asset impairments , virtually all of which was related to prior capitalized costs for an expansion project at a refinery in australia that is no longer being pursued ; an $ 18 ( $ 13 after- tax ) gain on the sale of land related to one of the rolling mills in australia that was permanently closed in december 2014 ( see 2014 actions below ) ; a net charge of $ 4 ( a net credit of $ 7 after-tax and noncontrolling interest ) for other miscellaneous items ; and $ 14 ( $ 11 after-tax and noncontrolling interest ) for the reversal of a number of small layoff reserves related to prior periods .', 'during 2015 , management initiated various alumina refining and aluminum smelting capacity curtailments and/or closures .', 'the curtailments were composed of the remaining capacity at all of the following : the s e3o lu eds smelter in brazil ( 74 kmt-per-year ) ; the suriname refinery ( 1330 kmt-per-year ) ; the point comfort , tx refinery ( 2010 kmt-per- year ) ; and the wenatchee , wa smelter ( 143 kmt-per-year ) .', 'all of the curtailments were completed in 2015 except for 1635 kmt-per-year at the point comfort refinery , which is expected to be completed by the end of june 2016 .', 'the permanent closures were composed of the capacity at the warrick , in smelter ( 269 kmt-per-year ) ( includes the closure of a related coal mine ) and the infrastructure of the massena east , ny smelter ( potlines were previously shut down in both 2013 and 2014 2014see 2013 actions and 2014 actions below ) , as the modernization of this smelter is no longer being pursued .', 'the shutdown of the warrick smelter is expected to be completed by the end of march 2016 .', 'the decisions on the above actions were part of a separate 12-month review in refining ( 2800 kmt-per-year ) and smelting ( 500 kmt-per-year ) capacity initiated by management in march 2015 for possible curtailment ( partial or full ) , permanent closure or divestiture .', 'while many factors contributed to each decision , in general , these actions were initiated to maintain competitiveness amid prevailing market conditions for both alumina and aluminum .', 'demolition and remediation activities related to the warrick smelter and the massena east location will begin in 2016 and are expected to be completed by the end of 2020 .', 'separate from the actions initiated under the reviews described above , in mid-2015 , management approved the permanent shutdown and demolition of the po e7os de caldas smelter ( capacity of 96 kmt-per-year ) in brazil and the .'] | 0.19927 | HWM/2015/page_80.pdf-2 | ['restructuring and other charges 2014restructuring and other charges for each year in the three-year period ended december 31 , 2015 were comprised of the following: .'] | ['layoff costs were recorded based on approved detailed action plans submitted by the operating locations that specified positions to be eliminated , benefits to be paid under existing severance plans , union contracts or statutory requirements , and the expected timetable for completion of the plans .', '2015 actions .', 'in 2015 , alcoa recorded restructuring and other charges of $ 1195 ( $ 836 after-tax and noncontrolling interest ) , which were comprised of the following components : $ 438 ( $ 281 after-tax and noncontrolling interest ) for exit costs related to decisions to permanently shut down and demolish three smelters and a power station ( see below ) ; $ 246 ( $ 118 after-tax and noncontrolling interest ) for the curtailment of two refineries and two smelters ( see below ) ; $ 201 ( pre- and after-tax ) related to legal matters in italy ; a $ 161 ( $ 151 after-tax and noncontrolling interest ) net loss related to the march 2015 divestiture of a rolling mill in russia ( see global rolled products in segment information below ) and post-closing adjustments associated with three december 2014 divestitures ; $ 143 ( $ 102 after-tax and noncontrolling interest ) for layoff costs , including the separation of approximately 2100 employees ( 425 in the transportation and construction solutions segment , 645 in the engineered products and solutions segment , 380 in the primary metals segment , 90 in the global rolled products segment , 85 in the alumina segment , and 475 in corporate ) ; $ 34 ( $ 14 after-tax and noncontrolling interest ) for asset impairments , virtually all of which was related to prior capitalized costs for an expansion project at a refinery in australia that is no longer being pursued ; an $ 18 ( $ 13 after- tax ) gain on the sale of land related to one of the rolling mills in australia that was permanently closed in december 2014 ( see 2014 actions below ) ; a net charge of $ 4 ( a net credit of $ 7 after-tax and noncontrolling interest ) for other miscellaneous items ; and $ 14 ( $ 11 after-tax and noncontrolling interest ) for the reversal of a number of small layoff reserves related to prior periods .', 'during 2015 , management initiated various alumina refining and aluminum smelting capacity curtailments and/or closures .', 'the curtailments were composed of the remaining capacity at all of the following : the s e3o lu eds smelter in brazil ( 74 kmt-per-year ) ; the suriname refinery ( 1330 kmt-per-year ) ; the point comfort , tx refinery ( 2010 kmt-per- year ) ; and the wenatchee , wa smelter ( 143 kmt-per-year ) .', 'all of the curtailments were completed in 2015 except for 1635 kmt-per-year at the point comfort refinery , which is expected to be completed by the end of june 2016 .', 'the permanent closures were composed of the capacity at the warrick , in smelter ( 269 kmt-per-year ) ( includes the closure of a related coal mine ) and the infrastructure of the massena east , ny smelter ( potlines were previously shut down in both 2013 and 2014 2014see 2013 actions and 2014 actions below ) , as the modernization of this smelter is no longer being pursued .', 'the shutdown of the warrick smelter is expected to be completed by the end of march 2016 .', 'the decisions on the above actions were part of a separate 12-month review in refining ( 2800 kmt-per-year ) and smelting ( 500 kmt-per-year ) capacity initiated by management in march 2015 for possible curtailment ( partial or full ) , permanent closure or divestiture .', 'while many factors contributed to each decision , in general , these actions were initiated to maintain competitiveness amid prevailing market conditions for both alumina and aluminum .', 'demolition and remediation activities related to the warrick smelter and the massena east location will begin in 2016 and are expected to be completed by the end of 2020 .', 'separate from the actions initiated under the reviews described above , in mid-2015 , management approved the permanent shutdown and demolition of the po e7os de caldas smelter ( capacity of 96 kmt-per-year ) in brazil and the .'] | ========================================
Row 1: , 2015, 2014, 2013
Row 2: asset impairments, $ 335, $ 406, $ 116
Row 3: layoff costs, 299, 259, 201
Row 4: legal matters in italy, 201, -, -
Row 5: net loss on divestitures of businesses, 161, 332, -
Row 6: resolution of a legal matter, -, -, 391
Row 7: other, 213, 199, 82
Row 8: reversals of previously recorded layoff and other exit costs, -14 ( 14 ), -28 ( 28 ), -8 ( 8 )
Row 9: restructuring and other charges, $ 1195, $ 1168, $ 782
======================================== | divide(116, 782), divide(406, 1168), subtract(#1, #0) | 0.19927 |
what percentage of total expected cash outflow to satisfy contractual obligations and commitments as of december 31 , 2010 are due in 2013? | Pre-text: ['contractual commitments we have contractual obligations and commitments in the form of capital leases , operating leases , debt obligations , purchase commitments , and certain other liabilities .', 'we intend to satisfy these obligations through the use of cash flow from operations .', 'the following table summarizes the expected cash outflow to satisfy our contractual obligations and commitments as of december 31 , 2010 ( in millions ) : .']
########
Tabular Data:
****************************************
commitment type | 2011 | 2012 | 2013 | 2014 | 2015 | after 2016 | total
----------|----------|----------|----------|----------|----------|----------|----------
capital leases | $ 18 | $ 19 | $ 19 | $ 20 | $ 21 | $ 112 | $ 209
operating leases | 348 | 268 | 205 | 150 | 113 | 431 | 1515
debt principal | 345 | 2014 | 1750 | 1000 | 100 | 7363 | 10558
debt interest | 322 | 321 | 300 | 274 | 269 | 4940 | 6426
purchase commitments | 642 | 463 | 425 | 16 | 2014 | 2014 | 1546
pension fundings | 1200 | 196 | 752 | 541 | 274 | 2014 | 2963
other liabilities | 69 | 67 | 64 | 58 | 43 | 38 | 339
total | $ 2944 | $ 1334 | $ 3515 | $ 2059 | $ 820 | $ 12884 | $ 23556
****************************************
########
Follow-up: ['our capital lease obligations relate primarily to leases on aircraft .', 'capital leases , operating leases , and purchase commitments , as well as our debt principal obligations , are discussed further in note 7 to our consolidated financial statements .', 'the amount of interest on our debt was calculated as the contractual interest payments due on our fixed-rate debt , in addition to interest on variable rate debt that was calculated based on interest rates as of december 31 , 2010 .', 'the calculations of debt interest take into account the effect of interest rate swap agreements .', 'for debt denominated in a foreign currency , the u.s .', 'dollar equivalent principal amount of the debt at the end of the year was used as the basis to calculate future interest payments .', 'purchase commitments represent contractual agreements to purchase goods or services that are legally binding , the largest of which are orders for aircraft , engines , and parts .', 'as of december 31 , 2010 , we have firm commitments to purchase 20 boeing 767-300er freighters to be delivered between 2011 and 2013 , and two boeing 747-400f aircraft scheduled for delivery during 2011 .', 'these aircraft purchase orders will provide for the replacement of existing capacity and anticipated future growth .', 'pension fundings represent the anticipated required cash contributions that will be made to our qualified pension plans .', 'these contributions include those to the ups ibt pension plan , which was established upon ratification of the national master agreement with the teamsters , as well as the ups pension plan .', 'these plans are discussed further in note 5 to the consolidated financial statements .', 'the pension funding requirements were estimated under the provisions of the pension protection act of 2006 and the employee retirement income security act of 1974 , using discount rates , asset returns , and other assumptions appropriate for these plans .', 'to the extent that the funded status of these plans in future years differs from our current projections , the actual contributions made in future years could materially differ from the amounts shown in the table above .', 'additionally , we have not included minimum funding requirements beyond 2015 , because these projected contributions are not reasonably determinable .', 'we are not subject to any minimum funding requirement for cash contributions in 2011 in the ups retirement plan or ups pension plan .', 'the amount of any minimum funding requirement , as applicable , for these plans could change significantly in future periods , depending on many factors , including future plan asset returns and discount rates .', 'a sustained significant decline in the world equity markets , and the resulting impact on our pension assets and investment returns , could result in our domestic pension plans being subject to significantly higher minimum funding requirements .', 'such an outcome could have a material adverse impact on our financial position and cash flows in future periods .', 'the contractual payments due for 201cother liabilities 201d primarily include commitment payments related to our investment in certain partnerships .', 'the table above does not include approximately $ 284 million of liabilities for .'] | 0.14922 | UPS/2010/page_52.pdf-2 | ['contractual commitments we have contractual obligations and commitments in the form of capital leases , operating leases , debt obligations , purchase commitments , and certain other liabilities .', 'we intend to satisfy these obligations through the use of cash flow from operations .', 'the following table summarizes the expected cash outflow to satisfy our contractual obligations and commitments as of december 31 , 2010 ( in millions ) : .'] | ['our capital lease obligations relate primarily to leases on aircraft .', 'capital leases , operating leases , and purchase commitments , as well as our debt principal obligations , are discussed further in note 7 to our consolidated financial statements .', 'the amount of interest on our debt was calculated as the contractual interest payments due on our fixed-rate debt , in addition to interest on variable rate debt that was calculated based on interest rates as of december 31 , 2010 .', 'the calculations of debt interest take into account the effect of interest rate swap agreements .', 'for debt denominated in a foreign currency , the u.s .', 'dollar equivalent principal amount of the debt at the end of the year was used as the basis to calculate future interest payments .', 'purchase commitments represent contractual agreements to purchase goods or services that are legally binding , the largest of which are orders for aircraft , engines , and parts .', 'as of december 31 , 2010 , we have firm commitments to purchase 20 boeing 767-300er freighters to be delivered between 2011 and 2013 , and two boeing 747-400f aircraft scheduled for delivery during 2011 .', 'these aircraft purchase orders will provide for the replacement of existing capacity and anticipated future growth .', 'pension fundings represent the anticipated required cash contributions that will be made to our qualified pension plans .', 'these contributions include those to the ups ibt pension plan , which was established upon ratification of the national master agreement with the teamsters , as well as the ups pension plan .', 'these plans are discussed further in note 5 to the consolidated financial statements .', 'the pension funding requirements were estimated under the provisions of the pension protection act of 2006 and the employee retirement income security act of 1974 , using discount rates , asset returns , and other assumptions appropriate for these plans .', 'to the extent that the funded status of these plans in future years differs from our current projections , the actual contributions made in future years could materially differ from the amounts shown in the table above .', 'additionally , we have not included minimum funding requirements beyond 2015 , because these projected contributions are not reasonably determinable .', 'we are not subject to any minimum funding requirement for cash contributions in 2011 in the ups retirement plan or ups pension plan .', 'the amount of any minimum funding requirement , as applicable , for these plans could change significantly in future periods , depending on many factors , including future plan asset returns and discount rates .', 'a sustained significant decline in the world equity markets , and the resulting impact on our pension assets and investment returns , could result in our domestic pension plans being subject to significantly higher minimum funding requirements .', 'such an outcome could have a material adverse impact on our financial position and cash flows in future periods .', 'the contractual payments due for 201cother liabilities 201d primarily include commitment payments related to our investment in certain partnerships .', 'the table above does not include approximately $ 284 million of liabilities for .'] | ****************************************
commitment type | 2011 | 2012 | 2013 | 2014 | 2015 | after 2016 | total
----------|----------|----------|----------|----------|----------|----------|----------
capital leases | $ 18 | $ 19 | $ 19 | $ 20 | $ 21 | $ 112 | $ 209
operating leases | 348 | 268 | 205 | 150 | 113 | 431 | 1515
debt principal | 345 | 2014 | 1750 | 1000 | 100 | 7363 | 10558
debt interest | 322 | 321 | 300 | 274 | 269 | 4940 | 6426
purchase commitments | 642 | 463 | 425 | 16 | 2014 | 2014 | 1546
pension fundings | 1200 | 196 | 752 | 541 | 274 | 2014 | 2963
other liabilities | 69 | 67 | 64 | 58 | 43 | 38 | 339
total | $ 2944 | $ 1334 | $ 3515 | $ 2059 | $ 820 | $ 12884 | $ 23556
**************************************** | divide(3515, 23556) | 0.14922 |
for the four largest tenants , what is the average % ( % ) of current year revenues that each represents? | Pre-text: ['american tower corporation and subsidiaries notes to consolidated financial statements financial statements include impairment of long-lived assets ( including goodwill ) , asset retirement obligations , revenue recognition , rent expense , stock-based compensation , income taxes and accounting for business combinations .', 'the company considers events or transactions that occur after the balance sheet date but before the financial statements are issued as additional evidence for certain estimates or to identify matters that require additional disclosure .', 'concentrations of credit risk 2014the company is subject to concentrations of credit risk related to its cash and cash equivalents , notes receivable , accounts receivable , deferred rent asset and derivative financial instruments .', 'the company mitigates its risk with respect to cash and cash equivalents and derivative financial instruments by maintaining its deposits and contracts at high quality financial institutions and monitoring the credit ratings of those institutions .', 'the company derives the largest portion of its revenues , corresponding accounts receivable and the related deferred rent asset from a relatively small number of tenants in the telecommunications industry , and approximately 56% ( 56 % ) of its current year revenues are derived from four tenants .', 'in addition , the company has concentrations of credit risk in certain geographic areas .', 'the company mitigates its concentrations of credit risk with respect to notes and trade receivables and the related deferred rent assets by actively monitoring the credit worthiness of its borrowers and tenants .', 'in recognizing customer revenue , the company must assess the collectibility of both the amounts billed and the portion recognized in advance of billing on a straight-line basis .', 'this assessment takes tenant credit risk and business and industry conditions into consideration to ultimately determine the collectibility of the amounts billed .', 'to the extent the amounts , based on management 2019s estimates , may not be collectible , recognition is deferred until such point as collectibility is determined to be reasonably assured .', 'any amounts that were previously recognized as revenue and subsequently determined to be uncollectible are charged to bad debt expense included in selling , general , administrative and development expense in the accompanying consolidated statements of operations .', 'accounts receivable is reported net of allowances for doubtful accounts related to estimated losses resulting from a tenant 2019s inability to make required payments and allowances for amounts invoiced whose collectibility is not reasonably assured .', 'these allowances are generally estimated based on payment patterns , days past due and collection history , and incorporate changes in economic conditions that may not be reflected in historical trends , such as tenants in bankruptcy , liquidation or reorganization .', 'receivables are written-off against the allowances when they are determined to be uncollectible .', 'such determination includes analysis and consideration of the particular conditions of the account .', 'changes in the allowances were as follows for the years ended december 31 , ( in thousands ) : .']
--
Tabular Data:
****************************************
• , 2014, 2013, 2012
• balance as of january 1, $ 19895, $ 20406, $ 24412
• current year increases, 8243, 7025, 8028
• write-offs net of recoveries and other, -10832 ( 10832 ), -7536 ( 7536 ), -12034 ( 12034 )
• balance as of december 31, $ 17306, $ 19895, $ 20406
****************************************
--
Follow-up: ['functional currency 2014the functional currency of each of the company 2019s foreign operating subsidiaries is the respective local currency , except for costa rica , where the functional currency is the u.s .', 'dollar .', 'all foreign currency assets and liabilities held by the subsidiaries are translated into u.s .', 'dollars at the exchange rate in .'] | 14.0 | AMT/2014/page_113.pdf-1 | ['american tower corporation and subsidiaries notes to consolidated financial statements financial statements include impairment of long-lived assets ( including goodwill ) , asset retirement obligations , revenue recognition , rent expense , stock-based compensation , income taxes and accounting for business combinations .', 'the company considers events or transactions that occur after the balance sheet date but before the financial statements are issued as additional evidence for certain estimates or to identify matters that require additional disclosure .', 'concentrations of credit risk 2014the company is subject to concentrations of credit risk related to its cash and cash equivalents , notes receivable , accounts receivable , deferred rent asset and derivative financial instruments .', 'the company mitigates its risk with respect to cash and cash equivalents and derivative financial instruments by maintaining its deposits and contracts at high quality financial institutions and monitoring the credit ratings of those institutions .', 'the company derives the largest portion of its revenues , corresponding accounts receivable and the related deferred rent asset from a relatively small number of tenants in the telecommunications industry , and approximately 56% ( 56 % ) of its current year revenues are derived from four tenants .', 'in addition , the company has concentrations of credit risk in certain geographic areas .', 'the company mitigates its concentrations of credit risk with respect to notes and trade receivables and the related deferred rent assets by actively monitoring the credit worthiness of its borrowers and tenants .', 'in recognizing customer revenue , the company must assess the collectibility of both the amounts billed and the portion recognized in advance of billing on a straight-line basis .', 'this assessment takes tenant credit risk and business and industry conditions into consideration to ultimately determine the collectibility of the amounts billed .', 'to the extent the amounts , based on management 2019s estimates , may not be collectible , recognition is deferred until such point as collectibility is determined to be reasonably assured .', 'any amounts that were previously recognized as revenue and subsequently determined to be uncollectible are charged to bad debt expense included in selling , general , administrative and development expense in the accompanying consolidated statements of operations .', 'accounts receivable is reported net of allowances for doubtful accounts related to estimated losses resulting from a tenant 2019s inability to make required payments and allowances for amounts invoiced whose collectibility is not reasonably assured .', 'these allowances are generally estimated based on payment patterns , days past due and collection history , and incorporate changes in economic conditions that may not be reflected in historical trends , such as tenants in bankruptcy , liquidation or reorganization .', 'receivables are written-off against the allowances when they are determined to be uncollectible .', 'such determination includes analysis and consideration of the particular conditions of the account .', 'changes in the allowances were as follows for the years ended december 31 , ( in thousands ) : .'] | ['functional currency 2014the functional currency of each of the company 2019s foreign operating subsidiaries is the respective local currency , except for costa rica , where the functional currency is the u.s .', 'dollar .', 'all foreign currency assets and liabilities held by the subsidiaries are translated into u.s .', 'dollars at the exchange rate in .'] | ****************************************
• , 2014, 2013, 2012
• balance as of january 1, $ 19895, $ 20406, $ 24412
• current year increases, 8243, 7025, 8028
• write-offs net of recoveries and other, -10832 ( 10832 ), -7536 ( 7536 ), -12034 ( 12034 )
• balance as of december 31, $ 17306, $ 19895, $ 20406
**************************************** | divide(56, const_4) | 14.0 |
considering the years 2005-2007 , what is the average fair value of shares vested , in millions? | Context: ['humana inc .', 'notes to consolidated financial statements 2014 ( continued ) the total intrinsic value of stock options exercised during 2007 was $ 133.9 million , compared with $ 133.7 million during 2006 and $ 57.8 million during 2005 .', 'cash received from stock option exercises for the years ended december 31 , 2007 , 2006 , and 2005 totaled $ 62.7 million , $ 49.2 million , and $ 36.4 million , respectively .', 'total compensation expense related to nonvested options not yet recognized was $ 23.6 million at december 31 , 2007 .', 'we expect to recognize this compensation expense over a weighted average period of approximately 1.6 years .', 'restricted stock awards restricted stock awards are granted with a fair value equal to the market price of our common stock on the date of grant .', 'compensation expense is recorded straight-line over the vesting period , generally three years from the date of grant .', 'the weighted average grant date fair value of our restricted stock awards was $ 63.59 , $ 54.36 , and $ 32.81 for the years ended december 31 , 2007 , 2006 , and 2005 , respectively .', 'activity for our restricted stock awards was as follows for the year ended december 31 , 2007 : shares weighted average grant-date fair value .']
Data Table:
----------------------------------------
, shares, weighted average grant-date fair value
nonvested restricted stock at december 31 2006, 1107455, $ 45.86
granted, 852353, 63.59
vested, -51206 ( 51206 ), 56.93
forfeited, -63624 ( 63624 ), 49.65
nonvested restricted stock at december 31 2007, 1844978, $ 53.61
----------------------------------------
Post-table: ['the fair value of shares vested during the years ended december 31 , 2007 , 2006 , and 2005 was $ 3.4 million , $ 2.3 million , and $ 0.6 million , respectively .', 'total compensation expense related to nonvested restricted stock awards not yet recognized was $ 44.7 million at december 31 , 2007 .', 'we expect to recognize this compensation expense over a weighted average period of approximately 1.4 years .', 'there are no other contractual terms covering restricted stock awards once vested. .'] | 2.1 | HUM/2007/page_96.pdf-2 | ['humana inc .', 'notes to consolidated financial statements 2014 ( continued ) the total intrinsic value of stock options exercised during 2007 was $ 133.9 million , compared with $ 133.7 million during 2006 and $ 57.8 million during 2005 .', 'cash received from stock option exercises for the years ended december 31 , 2007 , 2006 , and 2005 totaled $ 62.7 million , $ 49.2 million , and $ 36.4 million , respectively .', 'total compensation expense related to nonvested options not yet recognized was $ 23.6 million at december 31 , 2007 .', 'we expect to recognize this compensation expense over a weighted average period of approximately 1.6 years .', 'restricted stock awards restricted stock awards are granted with a fair value equal to the market price of our common stock on the date of grant .', 'compensation expense is recorded straight-line over the vesting period , generally three years from the date of grant .', 'the weighted average grant date fair value of our restricted stock awards was $ 63.59 , $ 54.36 , and $ 32.81 for the years ended december 31 , 2007 , 2006 , and 2005 , respectively .', 'activity for our restricted stock awards was as follows for the year ended december 31 , 2007 : shares weighted average grant-date fair value .'] | ['the fair value of shares vested during the years ended december 31 , 2007 , 2006 , and 2005 was $ 3.4 million , $ 2.3 million , and $ 0.6 million , respectively .', 'total compensation expense related to nonvested restricted stock awards not yet recognized was $ 44.7 million at december 31 , 2007 .', 'we expect to recognize this compensation expense over a weighted average period of approximately 1.4 years .', 'there are no other contractual terms covering restricted stock awards once vested. .'] | ----------------------------------------
, shares, weighted average grant-date fair value
nonvested restricted stock at december 31 2006, 1107455, $ 45.86
granted, 852353, 63.59
vested, -51206 ( 51206 ), 56.93
forfeited, -63624 ( 63624 ), 49.65
nonvested restricted stock at december 31 2007, 1844978, $ 53.61
---------------------------------------- | add(3.4, 0.6), add(#0, 2.3), divide(#1, const_3) | 2.1 |
what is the short-term liability of $ 33.4 million related to biomet metal-on-metal hip implant claims as a percentage of the long-term receivable of $ 95.3 million remaining for future expected reimbursements from our insurance carriers? | Background: ['zimmer biomet holdings , inc .', '2015 form 10-k annual report through february 25 , 2016 , we repurchased approximately $ 415.0 million of shares of our common stock , which includes the $ 250.0 million of shares that we repurchased from certain selling stockholders on february 10 , 2016 .', 'in order to achieve operational synergies , we expect cash outlays related to our integration plans to be approximately $ 290.0 million in 2016 .', 'these cash outlays are necessary to achieve our integration goals of net annual pre-tax operating profit synergies of $ 350.0 million by the end of the third year post-closing date .', 'also as discussed in note 20 to our consolidated financial statements , as of december 31 , 2015 , a short-term liability of $ 50.0 million and long-term liability of $ 264.6 million related to durom cup product liability claims was recorded on our consolidated balance sheet .', 'we expect to continue paying these claims over the next few years .', 'we expect to be reimbursed a portion of these payments for product liability claims from insurance carriers .', 'as of december 31 , 2015 , we have received a portion of the insurance proceeds we estimate we will recover .', 'we have a long-term receivable of $ 95.3 million remaining for future expected reimbursements from our insurance carriers .', 'we also had a short-term liability of $ 33.4 million related to biomet metal-on-metal hip implant claims .', 'at december 31 , 2015 , we had ten tranches of senior notes outstanding as follows ( dollars in millions ) : principal interest rate maturity date .']
####
Table:
----------------------------------------
principal interest rate maturity date
$ 500.0 1.450% ( 1.450 % ) april 1 2017
1150.0 2.000 april 1 2018
500.0 4.625 november 30 2019
1500.0 2.700 april 1 2020
300.0 3.375 november 30 2021
750.0 3.150 april 1 2022
2000.0 3.550 april 1 2025
500.0 4.250 august 15 2035
500.0 5.750 november 30 2039
1250.0 4.450 august 15 2045
----------------------------------------
####
Post-table: ['we issued $ 7.65 billion of senior notes in march 2015 ( the 201cmerger notes 201d ) , the proceeds of which were used to finance a portion of the cash consideration payable in the biomet merger , pay merger related fees and expenses and pay a portion of biomet 2019s funded debt .', 'on june 24 , 2015 , we also borrowed $ 3.0 billion on a u.s .', 'term loan ( 201cu.s .', 'term loan 201d ) to fund the biomet merger .', 'we may , at our option , redeem our senior notes , in whole or in part , at any time upon payment of the principal , any applicable make-whole premium , and accrued and unpaid interest to the date of redemption .', 'in addition , the merger notes and the 3.375% ( 3.375 % ) senior notes due 2021 may be redeemed at our option without any make-whole premium at specified dates ranging from one month to six months in advance of the scheduled maturity date .', 'we have a $ 4.35 billion credit agreement ( 201ccredit agreement 201d ) that contains : ( i ) a 5-year unsecured u.s .', 'term loan facility ( 201cu.s .', 'term loan facility 201d ) in the principal amount of $ 3.0 billion , and ( ii ) a 5-year unsecured multicurrency revolving facility ( 201cmulticurrency revolving facility 201d ) in the principal amount of $ 1.35 billion .', 'the multicurrency revolving facility will mature in may 2019 , with two one-year extensions available at our option .', 'borrowings under the multicurrency revolving facility may be used for general corporate purposes .', 'there were no borrowings outstanding under the multicurrency revolving facility as of december 31 , 2015 .', 'the u.s .', 'term loan facility will mature in june 2020 , with principal payments due beginning september 30 , 2015 , as follows : $ 75.0 million on a quarterly basis during the first three years , $ 112.5 million on a quarterly basis during the fourth year , and $ 412.5 million on a quarterly basis during the fifth year .', 'in 2015 , we paid $ 500.0 million in principal under the u.s .', 'term loan facility , resulting in $ 2.5 billion in outstanding borrowings as of december 31 , we and certain of our wholly owned foreign subsidiaries are the borrowers under the credit agreement .', 'borrowings under the credit agreement bear interest at floating rates based upon indices determined by the currency of the borrowings plus an applicable margin determined by reference to our senior unsecured long-term credit rating , or at an alternate base rate , or , in the case of borrowings under the multicurrency revolving facility only , at a fixed rate determined through a competitive bid process .', 'the credit agreement contains customary affirmative and negative covenants and events of default for an unsecured financing arrangement , including , among other things , limitations on consolidations , mergers and sales of assets .', 'financial covenants include a consolidated indebtedness to consolidated ebitda ratio of no greater than 5.0 to 1.0 through june 24 , 2016 and no greater than 4.5 to 1.0 thereafter .', 'if our credit rating falls below investment grade , additional restrictions would result , including restrictions on investments and payment of dividends .', 'we were in compliance with all covenants under the credit agreement as of december 31 , 2015 .', 'commitments under the credit agreement are subject to certain fees .', 'on the multicurrency revolving facility , we pay a facility fee at a rate determined by reference to our senior unsecured long-term credit rating .', 'we have a japan term loan agreement with one of the lenders under the credit agreement for 11.7 billion japanese yen that will mature on may 31 , 2018 .', 'borrowings under the japan term loan bear interest at a fixed rate of 0.61 percent per annum until maturity .', 'we also have other available uncommitted credit facilities totaling $ 35.8 million .', 'we place our cash and cash equivalents in highly-rated financial institutions and limit the amount of credit exposure to any one entity .', 'we invest only in high-quality financial instruments in accordance with our internal investment policy .', 'as of december 31 , 2015 , we had short-term and long-term investments in debt securities with a fair value of $ 273.1 million .', 'these investments are in debt securities of many different issuers and , therefore , we believe we have no significant concentration of risk with a single issuer .', 'all of these debt securities remain highly rated and we believe the risk of default by the issuers is low. .'] | 0.35047 | ZBH/2015/page_35.pdf-1 | ['zimmer biomet holdings , inc .', '2015 form 10-k annual report through february 25 , 2016 , we repurchased approximately $ 415.0 million of shares of our common stock , which includes the $ 250.0 million of shares that we repurchased from certain selling stockholders on february 10 , 2016 .', 'in order to achieve operational synergies , we expect cash outlays related to our integration plans to be approximately $ 290.0 million in 2016 .', 'these cash outlays are necessary to achieve our integration goals of net annual pre-tax operating profit synergies of $ 350.0 million by the end of the third year post-closing date .', 'also as discussed in note 20 to our consolidated financial statements , as of december 31 , 2015 , a short-term liability of $ 50.0 million and long-term liability of $ 264.6 million related to durom cup product liability claims was recorded on our consolidated balance sheet .', 'we expect to continue paying these claims over the next few years .', 'we expect to be reimbursed a portion of these payments for product liability claims from insurance carriers .', 'as of december 31 , 2015 , we have received a portion of the insurance proceeds we estimate we will recover .', 'we have a long-term receivable of $ 95.3 million remaining for future expected reimbursements from our insurance carriers .', 'we also had a short-term liability of $ 33.4 million related to biomet metal-on-metal hip implant claims .', 'at december 31 , 2015 , we had ten tranches of senior notes outstanding as follows ( dollars in millions ) : principal interest rate maturity date .'] | ['we issued $ 7.65 billion of senior notes in march 2015 ( the 201cmerger notes 201d ) , the proceeds of which were used to finance a portion of the cash consideration payable in the biomet merger , pay merger related fees and expenses and pay a portion of biomet 2019s funded debt .', 'on june 24 , 2015 , we also borrowed $ 3.0 billion on a u.s .', 'term loan ( 201cu.s .', 'term loan 201d ) to fund the biomet merger .', 'we may , at our option , redeem our senior notes , in whole or in part , at any time upon payment of the principal , any applicable make-whole premium , and accrued and unpaid interest to the date of redemption .', 'in addition , the merger notes and the 3.375% ( 3.375 % ) senior notes due 2021 may be redeemed at our option without any make-whole premium at specified dates ranging from one month to six months in advance of the scheduled maturity date .', 'we have a $ 4.35 billion credit agreement ( 201ccredit agreement 201d ) that contains : ( i ) a 5-year unsecured u.s .', 'term loan facility ( 201cu.s .', 'term loan facility 201d ) in the principal amount of $ 3.0 billion , and ( ii ) a 5-year unsecured multicurrency revolving facility ( 201cmulticurrency revolving facility 201d ) in the principal amount of $ 1.35 billion .', 'the multicurrency revolving facility will mature in may 2019 , with two one-year extensions available at our option .', 'borrowings under the multicurrency revolving facility may be used for general corporate purposes .', 'there were no borrowings outstanding under the multicurrency revolving facility as of december 31 , 2015 .', 'the u.s .', 'term loan facility will mature in june 2020 , with principal payments due beginning september 30 , 2015 , as follows : $ 75.0 million on a quarterly basis during the first three years , $ 112.5 million on a quarterly basis during the fourth year , and $ 412.5 million on a quarterly basis during the fifth year .', 'in 2015 , we paid $ 500.0 million in principal under the u.s .', 'term loan facility , resulting in $ 2.5 billion in outstanding borrowings as of december 31 , we and certain of our wholly owned foreign subsidiaries are the borrowers under the credit agreement .', 'borrowings under the credit agreement bear interest at floating rates based upon indices determined by the currency of the borrowings plus an applicable margin determined by reference to our senior unsecured long-term credit rating , or at an alternate base rate , or , in the case of borrowings under the multicurrency revolving facility only , at a fixed rate determined through a competitive bid process .', 'the credit agreement contains customary affirmative and negative covenants and events of default for an unsecured financing arrangement , including , among other things , limitations on consolidations , mergers and sales of assets .', 'financial covenants include a consolidated indebtedness to consolidated ebitda ratio of no greater than 5.0 to 1.0 through june 24 , 2016 and no greater than 4.5 to 1.0 thereafter .', 'if our credit rating falls below investment grade , additional restrictions would result , including restrictions on investments and payment of dividends .', 'we were in compliance with all covenants under the credit agreement as of december 31 , 2015 .', 'commitments under the credit agreement are subject to certain fees .', 'on the multicurrency revolving facility , we pay a facility fee at a rate determined by reference to our senior unsecured long-term credit rating .', 'we have a japan term loan agreement with one of the lenders under the credit agreement for 11.7 billion japanese yen that will mature on may 31 , 2018 .', 'borrowings under the japan term loan bear interest at a fixed rate of 0.61 percent per annum until maturity .', 'we also have other available uncommitted credit facilities totaling $ 35.8 million .', 'we place our cash and cash equivalents in highly-rated financial institutions and limit the amount of credit exposure to any one entity .', 'we invest only in high-quality financial instruments in accordance with our internal investment policy .', 'as of december 31 , 2015 , we had short-term and long-term investments in debt securities with a fair value of $ 273.1 million .', 'these investments are in debt securities of many different issuers and , therefore , we believe we have no significant concentration of risk with a single issuer .', 'all of these debt securities remain highly rated and we believe the risk of default by the issuers is low. .'] | ----------------------------------------
principal interest rate maturity date
$ 500.0 1.450% ( 1.450 % ) april 1 2017
1150.0 2.000 april 1 2018
500.0 4.625 november 30 2019
1500.0 2.700 april 1 2020
300.0 3.375 november 30 2021
750.0 3.150 april 1 2022
2000.0 3.550 april 1 2025
500.0 4.250 august 15 2035
500.0 5.750 november 30 2039
1250.0 4.450 august 15 2045
---------------------------------------- | divide(33.4, 95.3) | 0.35047 |
what was the percentage change in the total fair value of incentive/performance unit share and restricted stock/unit awards from 2010 to 2011, | Context: ['there were no options granted in excess of market value in 2011 , 2010 or 2009 .', 'shares of common stock available during the next year for the granting of options and other awards under the incentive plans were 33775543 at december 31 , 2011 .', 'total shares of pnc common stock authorized for future issuance under equity compensation plans totaled 35304422 shares at december 31 , 2011 , which includes shares available for issuance under the incentive plans and the employee stock purchase plan ( espp ) as described below .', 'during 2011 , we issued 731336 shares from treasury stock in connection with stock option exercise activity .', 'as with past exercise activity , we currently intend to utilize primarily treasury stock for any future stock option exercises .', 'awards granted to non-employee directors in 2011 , 2010 and 2009 include 27090 , 29040 , and 39552 deferred stock units , respectively , awarded under the outside directors deferred stock unit plan .', 'a deferred stock unit is a phantom share of our common stock , which requires liability accounting treatment until such awards are paid to the participants as cash .', 'as there are no vesting or service requirements on these awards , total compensation expense is recognized in full on awarded deferred stock units on the date of grant .', 'incentive/performance unit share awards and restricted stock/unit awards the fair value of nonvested incentive/performance unit share awards and restricted stock/unit awards is initially determined based on prices not less than the market value of our common stock price on the date of grant .', 'the value of certain incentive/ performance unit share awards is subsequently remeasured based on the achievement of one or more financial and other performance goals generally over a three-year period .', 'the personnel and compensation committee of the board of directors approves the final award payout with respect to incentive/performance unit share awards .', 'restricted stock/unit awards have various vesting periods generally ranging from 36 months to 60 months .', 'beginning in 2011 , we incorporated two changes to certain awards under our existing long-term incentive compensation programs .', 'first , for certain grants of incentive performance units , the future payout amount will be subject to a negative annual adjustment if pnc fails to meet certain risk-related performance metrics .', 'this adjustment is in addition to the existing financial performance metrics relative to our peers .', 'these grants have a three-year performance period and are payable in either stock or a combination of stock and cash .', 'second , performance-based restricted share units ( performance rsus ) were granted in 2011 to certain of our executives in lieu of stock options .', 'these performance rsus ( which are payable solely in stock ) have a service condition , an internal risk-related performance condition , and an external market condition .', 'satisfaction of the performance condition is based on four independent one-year performance periods .', 'the weighted-average grant-date fair value of incentive/ performance unit share awards and restricted stock/unit awards granted in 2011 , 2010 and 2009 was $ 63.25 , $ 54.59 and $ 41.16 per share , respectively .', 'we recognize compensation expense for such awards ratably over the corresponding vesting and/or performance periods for each type of program .', 'nonvested incentive/performance unit share awards and restricted stock/unit awards 2013 rollforward shares in thousands nonvested incentive/ performance unit shares weighted- average date fair nonvested restricted stock/ shares weighted- average date fair .']
######
Tabular Data:
****************************************
shares in thousands december 31 2010 | nonvested incentive/ performance unit shares 363 | weighted- average grant date fair value $ 56.40 | nonvested restricted stock/ unit shares 2250 | weighted- average grant date fair value $ 49.95
granted | 623 | 64.21 | 1059 | 62.68
vested | -156 ( 156 ) | 59.54 | -706 ( 706 ) | 51.27
forfeited | | | -91 ( 91 ) | 52.24
december 31 2011 | 830 | $ 61.68 | 2512 | $ 54.87
****************************************
######
Post-table: ['in the chart above , the unit shares and related weighted- average grant-date fair value of the incentive/performance awards exclude the effect of dividends on the underlying shares , as those dividends will be paid in cash .', 'at december 31 , 2011 , there was $ 61 million of unrecognized deferred compensation expense related to nonvested share- based compensation arrangements granted under the incentive plans .', 'this cost is expected to be recognized as expense over a period of no longer than five years .', 'the total fair value of incentive/performance unit share and restricted stock/unit awards vested during 2011 , 2010 and 2009 was approximately $ 52 million , $ 39 million and $ 47 million , respectively .', 'liability awards we grant annually cash-payable restricted share units to certain executives .', 'the grants were made primarily as part of an annual bonus incentive deferral plan .', 'while there are time- based and service-related vesting criteria , there are no market or performance criteria associated with these awards .', 'compensation expense recognized related to these awards was recorded in prior periods as part of annual cash bonus criteria .', 'as of december 31 , 2011 , there were 753203 of these cash- payable restricted share units outstanding .', '174 the pnc financial services group , inc .', '2013 form 10-k .'] | 2.33333 | PNC/2011/page_183.pdf-4 | ['there were no options granted in excess of market value in 2011 , 2010 or 2009 .', 'shares of common stock available during the next year for the granting of options and other awards under the incentive plans were 33775543 at december 31 , 2011 .', 'total shares of pnc common stock authorized for future issuance under equity compensation plans totaled 35304422 shares at december 31 , 2011 , which includes shares available for issuance under the incentive plans and the employee stock purchase plan ( espp ) as described below .', 'during 2011 , we issued 731336 shares from treasury stock in connection with stock option exercise activity .', 'as with past exercise activity , we currently intend to utilize primarily treasury stock for any future stock option exercises .', 'awards granted to non-employee directors in 2011 , 2010 and 2009 include 27090 , 29040 , and 39552 deferred stock units , respectively , awarded under the outside directors deferred stock unit plan .', 'a deferred stock unit is a phantom share of our common stock , which requires liability accounting treatment until such awards are paid to the participants as cash .', 'as there are no vesting or service requirements on these awards , total compensation expense is recognized in full on awarded deferred stock units on the date of grant .', 'incentive/performance unit share awards and restricted stock/unit awards the fair value of nonvested incentive/performance unit share awards and restricted stock/unit awards is initially determined based on prices not less than the market value of our common stock price on the date of grant .', 'the value of certain incentive/ performance unit share awards is subsequently remeasured based on the achievement of one or more financial and other performance goals generally over a three-year period .', 'the personnel and compensation committee of the board of directors approves the final award payout with respect to incentive/performance unit share awards .', 'restricted stock/unit awards have various vesting periods generally ranging from 36 months to 60 months .', 'beginning in 2011 , we incorporated two changes to certain awards under our existing long-term incentive compensation programs .', 'first , for certain grants of incentive performance units , the future payout amount will be subject to a negative annual adjustment if pnc fails to meet certain risk-related performance metrics .', 'this adjustment is in addition to the existing financial performance metrics relative to our peers .', 'these grants have a three-year performance period and are payable in either stock or a combination of stock and cash .', 'second , performance-based restricted share units ( performance rsus ) were granted in 2011 to certain of our executives in lieu of stock options .', 'these performance rsus ( which are payable solely in stock ) have a service condition , an internal risk-related performance condition , and an external market condition .', 'satisfaction of the performance condition is based on four independent one-year performance periods .', 'the weighted-average grant-date fair value of incentive/ performance unit share awards and restricted stock/unit awards granted in 2011 , 2010 and 2009 was $ 63.25 , $ 54.59 and $ 41.16 per share , respectively .', 'we recognize compensation expense for such awards ratably over the corresponding vesting and/or performance periods for each type of program .', 'nonvested incentive/performance unit share awards and restricted stock/unit awards 2013 rollforward shares in thousands nonvested incentive/ performance unit shares weighted- average date fair nonvested restricted stock/ shares weighted- average date fair .'] | ['in the chart above , the unit shares and related weighted- average grant-date fair value of the incentive/performance awards exclude the effect of dividends on the underlying shares , as those dividends will be paid in cash .', 'at december 31 , 2011 , there was $ 61 million of unrecognized deferred compensation expense related to nonvested share- based compensation arrangements granted under the incentive plans .', 'this cost is expected to be recognized as expense over a period of no longer than five years .', 'the total fair value of incentive/performance unit share and restricted stock/unit awards vested during 2011 , 2010 and 2009 was approximately $ 52 million , $ 39 million and $ 47 million , respectively .', 'liability awards we grant annually cash-payable restricted share units to certain executives .', 'the grants were made primarily as part of an annual bonus incentive deferral plan .', 'while there are time- based and service-related vesting criteria , there are no market or performance criteria associated with these awards .', 'compensation expense recognized related to these awards was recorded in prior periods as part of annual cash bonus criteria .', 'as of december 31 , 2011 , there were 753203 of these cash- payable restricted share units outstanding .', '174 the pnc financial services group , inc .', '2013 form 10-k .'] | ****************************************
shares in thousands december 31 2010 | nonvested incentive/ performance unit shares 363 | weighted- average grant date fair value $ 56.40 | nonvested restricted stock/ unit shares 2250 | weighted- average grant date fair value $ 49.95
granted | 623 | 64.21 | 1059 | 62.68
vested | -156 ( 156 ) | 59.54 | -706 ( 706 ) | 51.27
forfeited | | | -91 ( 91 ) | 52.24
december 31 2011 | 830 | $ 61.68 | 2512 | $ 54.87
**************************************** | add(52, 39), divide(#0, 39) | 2.33333 |
in millions , what was the total in 2014 and 2013 of net interest income? | Background: ['these simulations assume that as assets and liabilities mature , they are replaced or repriced at then current market rates .', 'we also consider forward projections of purchase accounting accretion when forecasting net interest income .', 'the following graph presents the libor/swap yield curves for the base rate scenario and each of the alternate scenarios one year forward .', 'table 51 : alternate interest rate scenarios : one year forward base rates pnc economist market forward slope flattening 2y 3y 5y 10y the fourth quarter 2014 interest sensitivity analyses indicate that our consolidated balance sheet is positioned to benefit from an increase in interest rates and an upward sloping interest rate yield curve .', 'we believe that we have the deposit funding base and balance sheet flexibility to adjust , where appropriate and permissible , to changing interest rates and market conditions .', 'market risk management 2013 customer-related trading we engage in fixed income securities , derivatives and foreign exchange transactions to support our customers 2019 investing and hedging activities .', 'these transactions , related hedges and the credit valuation adjustment ( cva ) related to our customer derivatives portfolio are marked-to-market daily and reported as customer-related trading activities .', 'we do not engage in proprietary trading of these products .', 'we use value-at-risk ( var ) as the primary means to measure and monitor market risk in customer-related trading activities .', 'we calculate a diversified var at a 95% ( 95 % ) confidence interval .', 'var is used to estimate the probability of portfolio losses based on the statistical analysis of historical market risk factors .', 'a diversified var reflects empirical correlations across different asset classes .', 'during 2014 , our 95% ( 95 % ) var ranged between $ .8 million and $ 3.9 million , averaging $ 2.1 million .', 'during 2013 , our 95% ( 95 % ) var ranged between $ 1.7 million and $ 5.5 million , averaging $ 3.5 million .', 'to help ensure the integrity of the models used to calculate var for each portfolio and enterprise-wide , we use a process known as backtesting .', 'the backtesting process consists of comparing actual observations of gains or losses against the var levels that were calculated at the close of the prior day .', 'this assumes that market exposures remain constant throughout the day and that recent historical market variability is a good predictor of future variability .', 'our customer-related trading activity includes customer revenue and intraday hedging which helps to reduce losses , and may reduce the number of instances of actual losses exceeding the prior day var measure .', 'there were two instances during 2014 under our diversified var measure where actual losses exceeded the prior day var measure .', 'in comparison , there was one such instance during 2013 .', 'we use a 500 day look back period for backtesting and include customer-related trading revenue .', 'the following graph shows a comparison of enterprise-wide gains and losses against prior day diversified var for the period indicated .', 'table 52 : enterprise 2013 wide gains/losses versus value-at- total customer-related trading revenue was as follows : table 53 : customer-related trading revenue ( a ) year ended december 31 in millions 2014 2013 .']
Tabular Data:
----------------------------------------
Row 1: year ended december 31in millions, 2014, 2013
Row 2: net interest income, $ 31, $ 30
Row 3: noninterest income, 147, 234
Row 4: total customer-related trading revenue, $ 178, $ 264
Row 5: securities trading ( b ), $ 33, $ 21
Row 6: foreign exchange, 96, 98
Row 7: financial derivatives and other, 49, 145
Row 8: total customer-related trading revenue, $ 178, $ 264
----------------------------------------
Additional Information: ['( a ) customer-related trading revenues exclude underwriting fees for both periods presented .', '( b ) includes changes in fair value for certain loans accounted for at fair value .', 'customer-related trading revenues for 2014 decreased $ 86 million compared with 2013 .', 'the decrease was primarily due to market interest rate changes impacting credit valuations for customer-related derivatives activities and reduced derivatives client sales revenues , which were partially offset by improved securities and foreign exchange client sales results .', '92 the pnc financial services group , inc .', '2013 form 10-k .'] | 61.0 | PNC/2014/page_110.pdf-2 | ['these simulations assume that as assets and liabilities mature , they are replaced or repriced at then current market rates .', 'we also consider forward projections of purchase accounting accretion when forecasting net interest income .', 'the following graph presents the libor/swap yield curves for the base rate scenario and each of the alternate scenarios one year forward .', 'table 51 : alternate interest rate scenarios : one year forward base rates pnc economist market forward slope flattening 2y 3y 5y 10y the fourth quarter 2014 interest sensitivity analyses indicate that our consolidated balance sheet is positioned to benefit from an increase in interest rates and an upward sloping interest rate yield curve .', 'we believe that we have the deposit funding base and balance sheet flexibility to adjust , where appropriate and permissible , to changing interest rates and market conditions .', 'market risk management 2013 customer-related trading we engage in fixed income securities , derivatives and foreign exchange transactions to support our customers 2019 investing and hedging activities .', 'these transactions , related hedges and the credit valuation adjustment ( cva ) related to our customer derivatives portfolio are marked-to-market daily and reported as customer-related trading activities .', 'we do not engage in proprietary trading of these products .', 'we use value-at-risk ( var ) as the primary means to measure and monitor market risk in customer-related trading activities .', 'we calculate a diversified var at a 95% ( 95 % ) confidence interval .', 'var is used to estimate the probability of portfolio losses based on the statistical analysis of historical market risk factors .', 'a diversified var reflects empirical correlations across different asset classes .', 'during 2014 , our 95% ( 95 % ) var ranged between $ .8 million and $ 3.9 million , averaging $ 2.1 million .', 'during 2013 , our 95% ( 95 % ) var ranged between $ 1.7 million and $ 5.5 million , averaging $ 3.5 million .', 'to help ensure the integrity of the models used to calculate var for each portfolio and enterprise-wide , we use a process known as backtesting .', 'the backtesting process consists of comparing actual observations of gains or losses against the var levels that were calculated at the close of the prior day .', 'this assumes that market exposures remain constant throughout the day and that recent historical market variability is a good predictor of future variability .', 'our customer-related trading activity includes customer revenue and intraday hedging which helps to reduce losses , and may reduce the number of instances of actual losses exceeding the prior day var measure .', 'there were two instances during 2014 under our diversified var measure where actual losses exceeded the prior day var measure .', 'in comparison , there was one such instance during 2013 .', 'we use a 500 day look back period for backtesting and include customer-related trading revenue .', 'the following graph shows a comparison of enterprise-wide gains and losses against prior day diversified var for the period indicated .', 'table 52 : enterprise 2013 wide gains/losses versus value-at- total customer-related trading revenue was as follows : table 53 : customer-related trading revenue ( a ) year ended december 31 in millions 2014 2013 .'] | ['( a ) customer-related trading revenues exclude underwriting fees for both periods presented .', '( b ) includes changes in fair value for certain loans accounted for at fair value .', 'customer-related trading revenues for 2014 decreased $ 86 million compared with 2013 .', 'the decrease was primarily due to market interest rate changes impacting credit valuations for customer-related derivatives activities and reduced derivatives client sales revenues , which were partially offset by improved securities and foreign exchange client sales results .', '92 the pnc financial services group , inc .', '2013 form 10-k .'] | ----------------------------------------
Row 1: year ended december 31in millions, 2014, 2013
Row 2: net interest income, $ 31, $ 30
Row 3: noninterest income, 147, 234
Row 4: total customer-related trading revenue, $ 178, $ 264
Row 5: securities trading ( b ), $ 33, $ 21
Row 6: foreign exchange, 96, 98
Row 7: financial derivatives and other, 49, 145
Row 8: total customer-related trading revenue, $ 178, $ 264
---------------------------------------- | table_sum(net interest income, none) | 61.0 |
in millions for the two years ended dec . 312013 and dec . 312012 , \\nwhat was the average balance of total tdrs? | Background: ['troubled debt restructurings ( tdrs ) a tdr is a loan whose terms have been restructured in a manner that grants a concession to a borrower experiencing financial difficulties .', 'tdrs result from our loss mitigation activities , and include rate reductions , principal forgiveness , postponement/reduction of scheduled amortization , and extensions , which are intended to minimize economic loss and to avoid foreclosure or repossession of collateral .', 'additionally , tdrs also result from borrowers that have been discharged from personal liability through chapter 7 bankruptcy and have not formally reaffirmed their loan obligations to pnc .', 'in those situations where principal is forgiven , the amount of such principal forgiveness is immediately charged off .', 'some tdrs may not ultimately result in the full collection of principal and interest , as restructured , and result in potential incremental losses .', 'these potential incremental losses have been factored into our overall alll estimate .', 'the level of any subsequent defaults will likely be affected by future economic conditions .', 'once a loan becomes a tdr , it will continue to be reported as a tdr until it is ultimately repaid in full , the collateral is foreclosed upon , or it is fully charged off .', 'we held specific reserves in the alll of $ .5 billion and $ .6 billion at december 31 , 2013 and december 31 , 2012 , respectively , for the total tdr portfolio .', 'table 70 : summary of troubled debt restructurings in millions dec .', '31 dec .', '31 .']
Tabular Data:
in millions | dec . 312013 | dec . 312012
----------|----------|----------
total consumer lending | $ 2161 | $ 2318
total commercial lending | 578 | 541
total tdrs | $ 2739 | $ 2859
nonperforming | $ 1511 | $ 1589
accruing ( a ) | 1062 | 1037
credit card | 166 | 233
total tdrs | $ 2739 | $ 2859
Post-table: ['( a ) accruing loans have demonstrated a period of at least six months of performance under the restructured terms and are excluded from nonperforming loans .', 'loans where borrowers have been discharged from personal liability through chapter 7 bankruptcy and have not formally reaffirmed their loan obligations to pnc are not returned to accrual status .', 'table 71 quantifies the number of loans that were classified as tdrs as well as the change in the recorded investments as a result of the tdr classification during 2013 , 2012 and 2011 .', 'additionally , the table provides information about the types of tdr concessions .', 'the principal forgiveness tdr category includes principal forgiveness and accrued interest forgiveness .', 'these types of tdrs result in a write down of the recorded investment and a charge-off if such action has not already taken place .', 'the rate reduction tdr category includes reduced interest rate and interest deferral .', 'the tdrs within this category would result in reductions to future interest income .', 'the other tdr category primarily includes consumer borrowers that have been discharged from personal liability through chapter 7 bankruptcy and have not formally reaffirmed their loan obligations to pnc , as well as postponement/reduction of scheduled amortization and contractual extensions for both consumer and commercial borrowers .', 'in some cases , there have been multiple concessions granted on one loan .', 'this is most common within the commercial loan portfolio .', 'when there have been multiple concessions granted in the commercial loan portfolio , the principal forgiveness tdr was prioritized for purposes of determining the inclusion in the table below .', 'for example , if there is principal forgiveness in conjunction with lower interest rate and postponement of amortization , the type of concession will be reported as principal forgiveness .', 'second in priority would be rate reduction .', 'for example , if there is an interest rate reduction in conjunction with postponement of amortization , the type of concession will be reported as a rate reduction .', 'in the event that multiple concessions are granted on a consumer loan , concessions resulting from discharge from personal liability through chapter 7 bankruptcy without formal affirmation of the loan obligations to pnc would be prioritized and included in the other type of concession in the table below .', 'after that , consumer loan concessions would follow the previously discussed priority of concessions for the commercial loan portfolio .', '140 the pnc financial services group , inc .', '2013 form 10-k .'] | 2799.0 | PNC/2013/page_158.pdf-1 | ['troubled debt restructurings ( tdrs ) a tdr is a loan whose terms have been restructured in a manner that grants a concession to a borrower experiencing financial difficulties .', 'tdrs result from our loss mitigation activities , and include rate reductions , principal forgiveness , postponement/reduction of scheduled amortization , and extensions , which are intended to minimize economic loss and to avoid foreclosure or repossession of collateral .', 'additionally , tdrs also result from borrowers that have been discharged from personal liability through chapter 7 bankruptcy and have not formally reaffirmed their loan obligations to pnc .', 'in those situations where principal is forgiven , the amount of such principal forgiveness is immediately charged off .', 'some tdrs may not ultimately result in the full collection of principal and interest , as restructured , and result in potential incremental losses .', 'these potential incremental losses have been factored into our overall alll estimate .', 'the level of any subsequent defaults will likely be affected by future economic conditions .', 'once a loan becomes a tdr , it will continue to be reported as a tdr until it is ultimately repaid in full , the collateral is foreclosed upon , or it is fully charged off .', 'we held specific reserves in the alll of $ .5 billion and $ .6 billion at december 31 , 2013 and december 31 , 2012 , respectively , for the total tdr portfolio .', 'table 70 : summary of troubled debt restructurings in millions dec .', '31 dec .', '31 .'] | ['( a ) accruing loans have demonstrated a period of at least six months of performance under the restructured terms and are excluded from nonperforming loans .', 'loans where borrowers have been discharged from personal liability through chapter 7 bankruptcy and have not formally reaffirmed their loan obligations to pnc are not returned to accrual status .', 'table 71 quantifies the number of loans that were classified as tdrs as well as the change in the recorded investments as a result of the tdr classification during 2013 , 2012 and 2011 .', 'additionally , the table provides information about the types of tdr concessions .', 'the principal forgiveness tdr category includes principal forgiveness and accrued interest forgiveness .', 'these types of tdrs result in a write down of the recorded investment and a charge-off if such action has not already taken place .', 'the rate reduction tdr category includes reduced interest rate and interest deferral .', 'the tdrs within this category would result in reductions to future interest income .', 'the other tdr category primarily includes consumer borrowers that have been discharged from personal liability through chapter 7 bankruptcy and have not formally reaffirmed their loan obligations to pnc , as well as postponement/reduction of scheduled amortization and contractual extensions for both consumer and commercial borrowers .', 'in some cases , there have been multiple concessions granted on one loan .', 'this is most common within the commercial loan portfolio .', 'when there have been multiple concessions granted in the commercial loan portfolio , the principal forgiveness tdr was prioritized for purposes of determining the inclusion in the table below .', 'for example , if there is principal forgiveness in conjunction with lower interest rate and postponement of amortization , the type of concession will be reported as principal forgiveness .', 'second in priority would be rate reduction .', 'for example , if there is an interest rate reduction in conjunction with postponement of amortization , the type of concession will be reported as a rate reduction .', 'in the event that multiple concessions are granted on a consumer loan , concessions resulting from discharge from personal liability through chapter 7 bankruptcy without formal affirmation of the loan obligations to pnc would be prioritized and included in the other type of concession in the table below .', 'after that , consumer loan concessions would follow the previously discussed priority of concessions for the commercial loan portfolio .', '140 the pnc financial services group , inc .', '2013 form 10-k .'] | in millions | dec . 312013 | dec . 312012
----------|----------|----------
total consumer lending | $ 2161 | $ 2318
total commercial lending | 578 | 541
total tdrs | $ 2739 | $ 2859
nonperforming | $ 1511 | $ 1589
accruing ( a ) | 1062 | 1037
credit card | 166 | 233
total tdrs | $ 2739 | $ 2859 | table_average(total tdrs, none) | 2799.0 |
for 2017 , what was the total net losses for the period ? ( $ ) | Pre-text: ['a wholly-owned subsidiary of the company is a registered life insurance company that maintains separate account assets , representing segregated funds held for purposes of funding individual and group pension contracts , and equal and offsetting separate account liabilities .', 'at decem - ber 31 , 2008 and 2007 , the level 3 separate account assets were approximately $ 4 and $ 12 , respectively .', 'the changes in level 3 assets primarily relate to purchases , sales and gains/ ( losses ) .', 'the net investment income and net gains and losses attributable to separate account assets accrue directly to the contract owner and are not reported as non-operating income ( expense ) on the consolidated statements of income .', 'level 3 assets , which includes equity method investments or consolidated investments of real estate funds , private equity funds and funds of private equity funds are valued based upon valuations received from internal as well as third party fund managers .', 'fair valuations at the underlying funds are based on a combination of methods which may include third-party independent appraisals and discounted cash flow techniques .', 'direct investments in private equity companies held by funds of private equity funds are valued based on an assessment of each under - lying investment , incorporating evaluation of additional significant third party financing , changes in valuations of comparable peer companies and the business environment of the companies , among other factors .', 'see note 2 for further detail on the fair value policies by the underlying funds .', 'changes in level 3 assets measured at fair value on a recurring basis for the year ended december 31 , 2008 .']
##########
Table:
========================================
, investments, other assets
december 31 2007, $ 1240, $ 2014
realized and unrealized gains / ( losses ) net, -409 ( 409 ), -16 ( 16 )
purchases sales other settlements and issuances net, 11, 2
net transfers in and/or out of level 3, -29 ( 29 ), 78
december 31 2008, $ 813, $ 64
total net ( losses ) for the period included in earnings attributable to the change in unrealized gains or ( losses ) relating to assets stillheld at the reporting date, $ -366 ( 366 ), $ -17 ( 17 )
========================================
##########
Additional Information: ['total net ( losses ) for the period included in earnings attributable to the change in unrealized gains or ( losses ) relating to assets still held at the reporting date $ ( 366 ) $ ( 17 ) realized and unrealized gains and losses recorded for level 3 assets are reported in non-operating income ( expense ) on the consolidated statements of income .', 'non-controlling interest expense is recorded for consoli- dated investments to reflect the portion of gains and losses not attributable to the company .', 'the company transfers assets in and/or out of level 3 as significant inputs , including performance attributes , used for the fair value measurement become observable .', '6 .', 'variable interest entities in the normal course of business , the company is the manager of various types of sponsored investment vehicles , including collateralized debt obligations and sponsored investment funds , that may be considered vies .', 'the company receives management fees or other incen- tive related fees for its services and may from time to time own equity or debt securities or enter into derivatives with the vehicles , each of which are considered variable inter- ests .', 'the company engages in these variable interests principally to address client needs through the launch of such investment vehicles .', 'the vies are primarily financed via capital contributed by equity and debt holders .', 'the company 2019s involvement in financing the operations of the vies is limited to its equity interests , unfunded capital commitments for certain sponsored investment funds and its capital support agreements for two enhanced cash funds .', 'the primary beneficiary of a vie is the party that absorbs a majority of the entity 2019s expected losses , receives a major - ity of the entity 2019s expected residual returns or both as a result of holding variable interests .', 'in order to determine whether the company is the primary beneficiary of a vie , management must make significant estimates and assumptions of probable future cash flows and assign probabilities to different cash flow scenarios .', 'assumptions made in such analyses include , but are not limited to , market prices of securities , market interest rates , poten- tial credit defaults on individual securities or default rates on a portfolio of securities , gain realization , liquidity or marketability of certain securities , discount rates and the probability of certain other outcomes .', 'vies in which blackrock is the primary beneficiary at december 31 , 2008 , the company was the primary beneficiary of three vies , which resulted in consolidation of three sponsored investment funds ( including two cash management funds and one private equity fund of funds ) .', 'creditors of the vies do not have recourse to the credit of the company .', 'during 2008 , the company determined it became the primary beneficiary of two enhanced cash management funds as a result of concluding that under various cash 177528_txt_59_96:layout 1 3/26/09 10:32 pm page 73 .'] | 383.0 | BLK/2008/page_75.pdf-1 | ['a wholly-owned subsidiary of the company is a registered life insurance company that maintains separate account assets , representing segregated funds held for purposes of funding individual and group pension contracts , and equal and offsetting separate account liabilities .', 'at decem - ber 31 , 2008 and 2007 , the level 3 separate account assets were approximately $ 4 and $ 12 , respectively .', 'the changes in level 3 assets primarily relate to purchases , sales and gains/ ( losses ) .', 'the net investment income and net gains and losses attributable to separate account assets accrue directly to the contract owner and are not reported as non-operating income ( expense ) on the consolidated statements of income .', 'level 3 assets , which includes equity method investments or consolidated investments of real estate funds , private equity funds and funds of private equity funds are valued based upon valuations received from internal as well as third party fund managers .', 'fair valuations at the underlying funds are based on a combination of methods which may include third-party independent appraisals and discounted cash flow techniques .', 'direct investments in private equity companies held by funds of private equity funds are valued based on an assessment of each under - lying investment , incorporating evaluation of additional significant third party financing , changes in valuations of comparable peer companies and the business environment of the companies , among other factors .', 'see note 2 for further detail on the fair value policies by the underlying funds .', 'changes in level 3 assets measured at fair value on a recurring basis for the year ended december 31 , 2008 .'] | ['total net ( losses ) for the period included in earnings attributable to the change in unrealized gains or ( losses ) relating to assets still held at the reporting date $ ( 366 ) $ ( 17 ) realized and unrealized gains and losses recorded for level 3 assets are reported in non-operating income ( expense ) on the consolidated statements of income .', 'non-controlling interest expense is recorded for consoli- dated investments to reflect the portion of gains and losses not attributable to the company .', 'the company transfers assets in and/or out of level 3 as significant inputs , including performance attributes , used for the fair value measurement become observable .', '6 .', 'variable interest entities in the normal course of business , the company is the manager of various types of sponsored investment vehicles , including collateralized debt obligations and sponsored investment funds , that may be considered vies .', 'the company receives management fees or other incen- tive related fees for its services and may from time to time own equity or debt securities or enter into derivatives with the vehicles , each of which are considered variable inter- ests .', 'the company engages in these variable interests principally to address client needs through the launch of such investment vehicles .', 'the vies are primarily financed via capital contributed by equity and debt holders .', 'the company 2019s involvement in financing the operations of the vies is limited to its equity interests , unfunded capital commitments for certain sponsored investment funds and its capital support agreements for two enhanced cash funds .', 'the primary beneficiary of a vie is the party that absorbs a majority of the entity 2019s expected losses , receives a major - ity of the entity 2019s expected residual returns or both as a result of holding variable interests .', 'in order to determine whether the company is the primary beneficiary of a vie , management must make significant estimates and assumptions of probable future cash flows and assign probabilities to different cash flow scenarios .', 'assumptions made in such analyses include , but are not limited to , market prices of securities , market interest rates , poten- tial credit defaults on individual securities or default rates on a portfolio of securities , gain realization , liquidity or marketability of certain securities , discount rates and the probability of certain other outcomes .', 'vies in which blackrock is the primary beneficiary at december 31 , 2008 , the company was the primary beneficiary of three vies , which resulted in consolidation of three sponsored investment funds ( including two cash management funds and one private equity fund of funds ) .', 'creditors of the vies do not have recourse to the credit of the company .', 'during 2008 , the company determined it became the primary beneficiary of two enhanced cash management funds as a result of concluding that under various cash 177528_txt_59_96:layout 1 3/26/09 10:32 pm page 73 .'] | ========================================
, investments, other assets
december 31 2007, $ 1240, $ 2014
realized and unrealized gains / ( losses ) net, -409 ( 409 ), -16 ( 16 )
purchases sales other settlements and issuances net, 11, 2
net transfers in and/or out of level 3, -29 ( 29 ), 78
december 31 2008, $ 813, $ 64
total net ( losses ) for the period included in earnings attributable to the change in unrealized gains or ( losses ) relating to assets stillheld at the reporting date, $ -366 ( 366 ), $ -17 ( 17 )
======================================== | add(366, 17) | 383.0 |
in 2007 what was the percent of the total senior secured transition bonds by entergy texas that was tranche a-2 due october 2018 | Pre-text: ['entergy corporation and subsidiaries notes to financial statements entergy new orleans securitization bonds - hurricane isaac in may 2015 the city council issued a financing order authorizing the issuance of securitization bonds to recover entergy new orleans 2019s hurricane isaac storm restoration costs of $ 31.8 million , including carrying costs , the costs of funding and replenishing the storm recovery reserve in the amount of $ 63.9 million , and approximately $ 3 million of up-front financing costs associated with the securitization .', 'in july 2015 , entergy new orleans storm recovery funding i , l.l.c. , a company wholly owned and consolidated by entergy new orleans , issued $ 98.7 million of storm cost recovery bonds .', 'the bonds have a coupon of 2.67% ( 2.67 % ) and an expected maturity date of june 2024 .', 'although the principal amount is not due until the date given above , entergy new orleans storm recovery funding expects to make principal payments on the bonds over the next five years in the amounts of $ 11.4 million for 2016 , $ 10.6 million for 2017 , $ 11 million for 2018 , $ 11.2 million for 2019 , and $ 11.6 million for 2020 .', 'with the proceeds , entergy new orleans storm recovery funding purchased from entergy new orleans the storm recovery property , which is the right to recover from customers through a storm recovery charge amounts sufficient to service the securitization bonds .', 'the storm recovery property is reflected as a regulatory asset on the consolidated entergy new orleans balance sheet .', 'the creditors of entergy new orleans do not have recourse to the assets or revenues of entergy new orleans storm recovery funding , including the storm recovery property , and the creditors of entergy new orleans storm recovery funding do not have recourse to the assets or revenues of entergy new orleans .', 'entergy new orleans has no payment obligations to entergy new orleans storm recovery funding except to remit storm recovery charge collections .', 'entergy texas securitization bonds - hurricane rita in april 2007 the puct issued a financing order authorizing the issuance of securitization bonds to recover $ 353 million of entergy texas 2019s hurricane rita reconstruction costs and up to $ 6 million of transaction costs , offset by $ 32 million of related deferred income tax benefits .', 'in june 2007 , entergy gulf states reconstruction funding i , llc , a company that is now wholly-owned and consolidated by entergy texas , issued $ 329.5 million of senior secured transition bonds ( securitization bonds ) as follows : amount ( in thousands ) .']
Tabular Data:
----------------------------------------
, amount ( in thousands )
senior secured transition bonds series a:,
tranche a-1 ( 5.51% ( 5.51 % ) ) due october 2013, $ 93500
tranche a-2 ( 5.79% ( 5.79 % ) ) due october 2018, 121600
tranche a-3 ( 5.93% ( 5.93 % ) ) due june 2022, 114400
total senior secured transition bonds, $ 329500
----------------------------------------
Post-table: ['although the principal amount of each tranche is not due until the dates given above , entergy gulf states reconstruction funding expects to make principal payments on the bonds over the next five years in the amounts of $ 26 million for 2016 , $ 27.6 million for 2017 , $ 29.2 million for 2018 , $ 30.9 million for 2019 , and $ 32.8 million for 2020 .', 'all of the scheduled principal payments for 2016 are for tranche a-2 , $ 23.6 million of the scheduled principal payments for 2017 are for tranche a-2 and $ 4 million of the scheduled principal payments for 2017 are for tranche a-3 .', 'all of the scheduled principal payments for 2018-2020 are for tranche a-3 .', 'with the proceeds , entergy gulf states reconstruction funding purchased from entergy texas the transition property , which is the right to recover from customers through a transition charge amounts sufficient to service the securitization bonds .', 'the transition property is reflected as a regulatory asset on the consolidated entergy texas balance sheet .', 'the creditors of entergy texas do not have recourse to the assets or revenues of entergy gulf states reconstruction funding , including the transition property , and the creditors of entergy gulf states reconstruction funding do not have recourse to the assets or revenues of entergy texas .', 'entergy texas has no payment obligations to entergy gulf states reconstruction funding except to remit transition charge collections. .'] | 0.36904 | ETR/2015/page_133.pdf-1 | ['entergy corporation and subsidiaries notes to financial statements entergy new orleans securitization bonds - hurricane isaac in may 2015 the city council issued a financing order authorizing the issuance of securitization bonds to recover entergy new orleans 2019s hurricane isaac storm restoration costs of $ 31.8 million , including carrying costs , the costs of funding and replenishing the storm recovery reserve in the amount of $ 63.9 million , and approximately $ 3 million of up-front financing costs associated with the securitization .', 'in july 2015 , entergy new orleans storm recovery funding i , l.l.c. , a company wholly owned and consolidated by entergy new orleans , issued $ 98.7 million of storm cost recovery bonds .', 'the bonds have a coupon of 2.67% ( 2.67 % ) and an expected maturity date of june 2024 .', 'although the principal amount is not due until the date given above , entergy new orleans storm recovery funding expects to make principal payments on the bonds over the next five years in the amounts of $ 11.4 million for 2016 , $ 10.6 million for 2017 , $ 11 million for 2018 , $ 11.2 million for 2019 , and $ 11.6 million for 2020 .', 'with the proceeds , entergy new orleans storm recovery funding purchased from entergy new orleans the storm recovery property , which is the right to recover from customers through a storm recovery charge amounts sufficient to service the securitization bonds .', 'the storm recovery property is reflected as a regulatory asset on the consolidated entergy new orleans balance sheet .', 'the creditors of entergy new orleans do not have recourse to the assets or revenues of entergy new orleans storm recovery funding , including the storm recovery property , and the creditors of entergy new orleans storm recovery funding do not have recourse to the assets or revenues of entergy new orleans .', 'entergy new orleans has no payment obligations to entergy new orleans storm recovery funding except to remit storm recovery charge collections .', 'entergy texas securitization bonds - hurricane rita in april 2007 the puct issued a financing order authorizing the issuance of securitization bonds to recover $ 353 million of entergy texas 2019s hurricane rita reconstruction costs and up to $ 6 million of transaction costs , offset by $ 32 million of related deferred income tax benefits .', 'in june 2007 , entergy gulf states reconstruction funding i , llc , a company that is now wholly-owned and consolidated by entergy texas , issued $ 329.5 million of senior secured transition bonds ( securitization bonds ) as follows : amount ( in thousands ) .'] | ['although the principal amount of each tranche is not due until the dates given above , entergy gulf states reconstruction funding expects to make principal payments on the bonds over the next five years in the amounts of $ 26 million for 2016 , $ 27.6 million for 2017 , $ 29.2 million for 2018 , $ 30.9 million for 2019 , and $ 32.8 million for 2020 .', 'all of the scheduled principal payments for 2016 are for tranche a-2 , $ 23.6 million of the scheduled principal payments for 2017 are for tranche a-2 and $ 4 million of the scheduled principal payments for 2017 are for tranche a-3 .', 'all of the scheduled principal payments for 2018-2020 are for tranche a-3 .', 'with the proceeds , entergy gulf states reconstruction funding purchased from entergy texas the transition property , which is the right to recover from customers through a transition charge amounts sufficient to service the securitization bonds .', 'the transition property is reflected as a regulatory asset on the consolidated entergy texas balance sheet .', 'the creditors of entergy texas do not have recourse to the assets or revenues of entergy gulf states reconstruction funding , including the transition property , and the creditors of entergy gulf states reconstruction funding do not have recourse to the assets or revenues of entergy texas .', 'entergy texas has no payment obligations to entergy gulf states reconstruction funding except to remit transition charge collections. .'] | ----------------------------------------
, amount ( in thousands )
senior secured transition bonds series a:,
tranche a-1 ( 5.51% ( 5.51 % ) ) due october 2013, $ 93500
tranche a-2 ( 5.79% ( 5.79 % ) ) due october 2018, 121600
tranche a-3 ( 5.93% ( 5.93 % ) ) due june 2022, 114400
total senior secured transition bonds, $ 329500
---------------------------------------- | divide(121600, 329500) | 0.36904 |
what is the estimated value of the available securities for future issuance , ( in millions ) ? | Context: ['item 11 2014executive compensation we incorporate by reference in this item 11 the information relating to executive and director compensation contained under the headings 201cother information about the board and its committees , 201d 201ccompensation and other benefits 201d and 201creport of the compensation committee 201d from our proxy statement to be delivered in connection with our 2013 annual meeting of shareholders to be held on november 20 , 2013 .', 'item 12 2014security ownership of certain beneficial owners and management and related stockholder matters we incorporate by reference in this item 12 the information relating to ownership of our common stock by certain persons contained under the headings 201ccommon stock ownership of management 201d and 201ccommon stock ownership by certain other persons 201d from our proxy statement to be delivered in connection with our 2013 annual meeting of shareholders to be held on november 20 , 2013 .', 'the following table provides certain information as of may 31 , 2013 concerning the shares of the company 2019s common stock that may be issued under existing equity compensation plans .', 'for more information on these plans , see note 11 to notes to consolidated financial statements .', 'plan category number of securities to be issued upon exercise of outstanding options , warrants and rights weighted- average exercise price of outstanding options , warrants and rights number of securities remaining available for future issuance under equity compensation plans ( excluding securities reflected in column ( a ) ) equity compensation plans approved by security holders : 1765510 $ 34.92 7927210 ( 1 ) equity compensation plans not approved by security holders : 2014 2014 2014 .']
####
Table:
========================================
• plan category, number of securities to be issued upon exercise of outstanding options warrants and rights ( a ), weighted-average exerciseprice of outstanding options warrants and rights ( b ), number of securitiesremaining available forfuture issuance under equity compensation plans ( excluding securities reflected in column ( a ) ) ( c ),
• equity compensation plans approved by security holders:, 1765510, $ 34.92, 7927210, -1 ( 1 )
• equity compensation plans not approved by security holders:, 2014, 2014, 2014,
• total, 1765510, $ 34.92, 7927210, -1 ( 1 )
========================================
####
Follow-up: ['( 1 ) also includes shares of common stock available for issuance other than upon the exercise of an option , warrant or right under the global payments inc .', '2000 long-term incentive plan , as amended and restated , the global payments inc .', 'amended and restated 2005 incentive plan , amended and restated 2000 non- employee director stock option plan , global payments employee stock purchase plan and the global payments inc .', '2011 incentive plan .', 'item 13 2014certain relationships and related transactions , and director independence we incorporate by reference in this item 13 the information regarding certain relationships and related transactions between us and some of our affiliates and the independence of our board of directors contained under the headings 201ccertain relationships and related transactions 201d and 201cother information about the board and its committees 201d from our proxy statement to be delivered in connection with our 2013 annual meeting of shareholders to be held on november 20 , 2013 .', 'item 14 2014principal accounting fees and services we incorporate by reference in this item 14 the information regarding principal accounting fees and services contained under the section ratification of the reappointment of auditors from our proxy statement to be delivered in connection with our 2013 annual meeting of shareholders to be held on november 20 , 2013. .'] | 276.81817 | GPN/2013/page_98.pdf-3 | ['item 11 2014executive compensation we incorporate by reference in this item 11 the information relating to executive and director compensation contained under the headings 201cother information about the board and its committees , 201d 201ccompensation and other benefits 201d and 201creport of the compensation committee 201d from our proxy statement to be delivered in connection with our 2013 annual meeting of shareholders to be held on november 20 , 2013 .', 'item 12 2014security ownership of certain beneficial owners and management and related stockholder matters we incorporate by reference in this item 12 the information relating to ownership of our common stock by certain persons contained under the headings 201ccommon stock ownership of management 201d and 201ccommon stock ownership by certain other persons 201d from our proxy statement to be delivered in connection with our 2013 annual meeting of shareholders to be held on november 20 , 2013 .', 'the following table provides certain information as of may 31 , 2013 concerning the shares of the company 2019s common stock that may be issued under existing equity compensation plans .', 'for more information on these plans , see note 11 to notes to consolidated financial statements .', 'plan category number of securities to be issued upon exercise of outstanding options , warrants and rights weighted- average exercise price of outstanding options , warrants and rights number of securities remaining available for future issuance under equity compensation plans ( excluding securities reflected in column ( a ) ) equity compensation plans approved by security holders : 1765510 $ 34.92 7927210 ( 1 ) equity compensation plans not approved by security holders : 2014 2014 2014 .'] | ['( 1 ) also includes shares of common stock available for issuance other than upon the exercise of an option , warrant or right under the global payments inc .', '2000 long-term incentive plan , as amended and restated , the global payments inc .', 'amended and restated 2005 incentive plan , amended and restated 2000 non- employee director stock option plan , global payments employee stock purchase plan and the global payments inc .', '2011 incentive plan .', 'item 13 2014certain relationships and related transactions , and director independence we incorporate by reference in this item 13 the information regarding certain relationships and related transactions between us and some of our affiliates and the independence of our board of directors contained under the headings 201ccertain relationships and related transactions 201d and 201cother information about the board and its committees 201d from our proxy statement to be delivered in connection with our 2013 annual meeting of shareholders to be held on november 20 , 2013 .', 'item 14 2014principal accounting fees and services we incorporate by reference in this item 14 the information regarding principal accounting fees and services contained under the section ratification of the reappointment of auditors from our proxy statement to be delivered in connection with our 2013 annual meeting of shareholders to be held on november 20 , 2013. .'] | ========================================
• plan category, number of securities to be issued upon exercise of outstanding options warrants and rights ( a ), weighted-average exerciseprice of outstanding options warrants and rights ( b ), number of securitiesremaining available forfuture issuance under equity compensation plans ( excluding securities reflected in column ( a ) ) ( c ),
• equity compensation plans approved by security holders:, 1765510, $ 34.92, 7927210, -1 ( 1 )
• equity compensation plans not approved by security holders:, 2014, 2014, 2014,
• total, 1765510, $ 34.92, 7927210, -1 ( 1 )
======================================== | multiply(7927210, 34.92), divide(#0, const_1000000) | 276.81817 |
what was the average decrease in the tax position from 2011 to 2013 | Context: ['the following table summarizes the changes in the company 2019s valuation allowance: .']
##
Tabular Data:
========================================
Row 1: balance at january 1 2011, $ 23788
Row 2: increases in current period tax positions, 1525
Row 3: decreases in current period tax positions, -3734 ( 3734 )
Row 4: balance at december 31 2011, $ 21579
Row 5: increases in current period tax positions, 0
Row 6: decreases in current period tax positions, -2059 ( 2059 )
Row 7: balance at december 31 2012, $ 19520
Row 8: increases in current period tax positions, 0
Row 9: decreases in current period tax positions, -5965 ( 5965 )
Row 10: balance at december 31 2013, $ 13555
========================================
##
Post-table: ['included in 2013 is a discrete tax benefit totaling $ 2979 associated with an entity re-organization within the company 2019s market-based segment that allowed for the utilization of state net operating loss carryforwards and the release of an associated valuation allowance .', 'note 14 : employee benefits pension and other postretirement benefits the company maintains noncontributory defined benefit pension plans covering eligible employees of its regulated utility and shared services operations .', 'benefits under the plans are based on the employee 2019s years of service and compensation .', 'the pension plans have been closed for all employees .', 'the pension plans were closed for most employees hired on or after january 1 , 2006 .', 'union employees hired on or after january 1 , 2001 had their accrued benefit frozen and will be able to receive this benefit as a lump sum upon termination or retirement .', 'union employees hired on or after january 1 , 2001 and non-union employees hired on or after january 1 , 2006 are provided with a 5.25% ( 5.25 % ) of base pay defined contribution plan .', 'the company does not participate in a multiemployer plan .', 'the company 2019s pension funding practice is to contribute at least the greater of the minimum amount required by the employee retirement income security act of 1974 or the normal cost .', 'further , the company will consider additional contributions if needed to avoid 201cat risk 201d status and benefit restrictions under the pension protection act of 2006 .', 'the company may also consider increased contributions , based on other financial requirements and the plans 2019 funded position .', 'pension plan assets are invested in a number of actively managed and indexed investments including equity and bond mutual funds , fixed income securities , guaranteed interest contracts with insurance companies and real estate investment trusts ( 201creits 201d ) .', 'pension expense in excess of the amount contributed to the pension plans is deferred by certain regulated subsidiaries pending future recovery in rates charged for utility services as contributions are made to the plans .', '( see note 6 ) the company also has unfunded noncontributory supplemental non-qualified pension plans that provide additional retirement benefits to certain employees .', 'the company maintains other postretirement benefit plans providing varying levels of medical and life insurance to eligible retirees .', 'the retiree welfare plans are closed for union employees hired on or after january 1 , 2006 .', 'the plans had previously closed for non-union employees hired on or after january 1 , 2002 .', 'the company 2019s policy is to fund other postretirement benefit costs for rate-making purposes .', 'assets of the plans are invested in equity mutual funds , bond mutual funds and fixed income securities. .'] | 3919.33333 | AWK/2013/page_123.pdf-2 | ['the following table summarizes the changes in the company 2019s valuation allowance: .'] | ['included in 2013 is a discrete tax benefit totaling $ 2979 associated with an entity re-organization within the company 2019s market-based segment that allowed for the utilization of state net operating loss carryforwards and the release of an associated valuation allowance .', 'note 14 : employee benefits pension and other postretirement benefits the company maintains noncontributory defined benefit pension plans covering eligible employees of its regulated utility and shared services operations .', 'benefits under the plans are based on the employee 2019s years of service and compensation .', 'the pension plans have been closed for all employees .', 'the pension plans were closed for most employees hired on or after january 1 , 2006 .', 'union employees hired on or after january 1 , 2001 had their accrued benefit frozen and will be able to receive this benefit as a lump sum upon termination or retirement .', 'union employees hired on or after january 1 , 2001 and non-union employees hired on or after january 1 , 2006 are provided with a 5.25% ( 5.25 % ) of base pay defined contribution plan .', 'the company does not participate in a multiemployer plan .', 'the company 2019s pension funding practice is to contribute at least the greater of the minimum amount required by the employee retirement income security act of 1974 or the normal cost .', 'further , the company will consider additional contributions if needed to avoid 201cat risk 201d status and benefit restrictions under the pension protection act of 2006 .', 'the company may also consider increased contributions , based on other financial requirements and the plans 2019 funded position .', 'pension plan assets are invested in a number of actively managed and indexed investments including equity and bond mutual funds , fixed income securities , guaranteed interest contracts with insurance companies and real estate investment trusts ( 201creits 201d ) .', 'pension expense in excess of the amount contributed to the pension plans is deferred by certain regulated subsidiaries pending future recovery in rates charged for utility services as contributions are made to the plans .', '( see note 6 ) the company also has unfunded noncontributory supplemental non-qualified pension plans that provide additional retirement benefits to certain employees .', 'the company maintains other postretirement benefit plans providing varying levels of medical and life insurance to eligible retirees .', 'the retiree welfare plans are closed for union employees hired on or after january 1 , 2006 .', 'the plans had previously closed for non-union employees hired on or after january 1 , 2002 .', 'the company 2019s policy is to fund other postretirement benefit costs for rate-making purposes .', 'assets of the plans are invested in equity mutual funds , bond mutual funds and fixed income securities. .'] | ========================================
Row 1: balance at january 1 2011, $ 23788
Row 2: increases in current period tax positions, 1525
Row 3: decreases in current period tax positions, -3734 ( 3734 )
Row 4: balance at december 31 2011, $ 21579
Row 5: increases in current period tax positions, 0
Row 6: decreases in current period tax positions, -2059 ( 2059 )
Row 7: balance at december 31 2012, $ 19520
Row 8: increases in current period tax positions, 0
Row 9: decreases in current period tax positions, -5965 ( 5965 )
Row 10: balance at december 31 2013, $ 13555
======================================== | add(3734, 2059), add(#0, 5965), divide(#1, const_3) | 3919.33333 |
what are the total operating expenses as a percentage of sales in 2010? | Context: ['operating profit for the segment decreased by 1% ( 1 % ) in 2010 compared to 2009 .', 'for the year , operating profit declines in defense more than offset an increase in civil , while operating profit at intelligence essentially was unchanged .', 'the $ 27 million decrease in operating profit at defense primarily was attributable to a decrease in the level of favorable performance adjustments on mission and combat systems activities in 2010 .', 'the $ 19 million increase in civil principally was due to higher volume on enterprise civilian services .', 'operating profit for the segment decreased by 3% ( 3 % ) in 2009 compared to 2008 .', 'operating profit declines in civil and intelligence partially were offset by growth in defense .', 'the decrease of $ 29 million in civil 2019s operating profit primarily was attributable to a reduction in the level of favorable performance adjustments on enterprise civilian services programs in 2009 compared to 2008 .', 'the decrease in operating profit of $ 27 million at intelligence mainly was due to a reduction in the level of favorable performance adjustments on security solution activities in 2009 compared to 2008 .', 'the increase in defense 2019s operating profit of $ 29 million mainly was due to volume and improved performance in mission and combat systems .', 'the decrease in backlog during 2010 compared to 2009 mainly was due to higher sales volume on enterprise civilian service programs at civil , including volume associated with the dris 2010 program , and mission and combat system programs at defense .', 'backlog decreased in 2009 compared to 2008 due to u.s .', 'government 2019s exercise of the termination for convenience clause on the tsat mission operations system ( tmos ) contract at defense , which resulted in a $ 1.6 billion reduction in orders .', 'this decline more than offset increased orders on enterprise civilian services programs at civil .', 'we expect is&gs will experience a low single digit percentage decrease in sales for 2011 as compared to 2010 .', 'this decline primarily is due to completion of most of the work associated with the dris 2010 program .', 'operating profit in 2011 is expected to decline in relationship to the decline in sales volume , while operating margins are expected to be comparable between the years .', 'space systems our space systems business segment is engaged in the design , research and development , engineering , and production of satellites , strategic and defensive missile systems , and space transportation systems , including activities related to the planned replacement of the space shuttle .', 'government satellite programs include the advanced extremely high frequency ( aehf ) system , the mobile user objective system ( muos ) , the global positioning satellite iii ( gps iii ) system , the space-based infrared system ( sbirs ) , and the geostationary operational environmental satellite r-series ( goes-r ) .', 'strategic and missile defense programs include the targets and countermeasures program and the fleet ballistic missile program .', 'space transportation includes the nasa orion program and , through ownership interests in two joint ventures , expendable launch services ( united launch alliance , or ula ) and space shuttle processing activities for the u.s .', 'government ( united space alliance , or usa ) .', 'the space shuttle is expected to complete its final flight mission in 2011 and our involvement with its launch and processing activities will end at that time .', 'space systems 2019 operating results included the following : ( in millions ) 2010 2009 2008 .']
----------
Table:
( in millions ) | 2010 | 2009 | 2008
----------|----------|----------|----------
net sales | $ 8246 | $ 8654 | $ 8027
operating profit | 972 | 972 | 953
operating margin | 11.8% ( 11.8 % ) | 11.2% ( 11.2 % ) | 11.9% ( 11.9 % )
backlog at year-end | 17800 | 16800 | 17900
----------
Follow-up: ['net sales for space systems decreased by 5% ( 5 % ) in 2010 compared to 2009 .', 'sales declined in all three lines of business during the year .', 'the $ 253 million decrease in space transportation principally was due to lower volume on the space shuttle external tank , commercial launch vehicle activity and other human space flight programs , which partially were offset by higher volume on the orion program .', 'there were no commercial launches in 2010 compared to one commercial launch in 2009 .', 'strategic & defensive missile systems ( s&dms ) sales declined $ 147 million principally due to lower volume on defensive missile programs .', 'the $ 8 million sales decline in satellites primarily was attributable to lower volume on commercial satellites , which partially were offset by higher volume on government satellite activities .', 'there was one commercial satellite delivery in 2010 and one commercial satellite delivery in 2009 .', 'net sales for space systems increased 8% ( 8 % ) in 2009 compared to 2008 .', 'during the year , sales growth at satellites and space transportation offset a decline in s&dms .', 'the sales growth of $ 707 million in satellites was due to higher volume in government satellite activities , which partially was offset by lower volume in commercial satellite activities .', 'there was one commercial satellite delivery in 2009 and two deliveries in 2008 .', 'the increase in sales of $ 21 million in space transportation primarily was due to higher volume on the orion program , which more than offset a decline in the space shuttle 2019s external tank program .', 'there was one commercial launch in both 2009 and 2008 .', 's&dms 2019 sales decreased by $ 102 million mainly due to lower volume on defensive missile programs , which more than offset growth in strategic missile programs. .'] | 0.88212 | LMT/2010/page_39.pdf-2 | ['operating profit for the segment decreased by 1% ( 1 % ) in 2010 compared to 2009 .', 'for the year , operating profit declines in defense more than offset an increase in civil , while operating profit at intelligence essentially was unchanged .', 'the $ 27 million decrease in operating profit at defense primarily was attributable to a decrease in the level of favorable performance adjustments on mission and combat systems activities in 2010 .', 'the $ 19 million increase in civil principally was due to higher volume on enterprise civilian services .', 'operating profit for the segment decreased by 3% ( 3 % ) in 2009 compared to 2008 .', 'operating profit declines in civil and intelligence partially were offset by growth in defense .', 'the decrease of $ 29 million in civil 2019s operating profit primarily was attributable to a reduction in the level of favorable performance adjustments on enterprise civilian services programs in 2009 compared to 2008 .', 'the decrease in operating profit of $ 27 million at intelligence mainly was due to a reduction in the level of favorable performance adjustments on security solution activities in 2009 compared to 2008 .', 'the increase in defense 2019s operating profit of $ 29 million mainly was due to volume and improved performance in mission and combat systems .', 'the decrease in backlog during 2010 compared to 2009 mainly was due to higher sales volume on enterprise civilian service programs at civil , including volume associated with the dris 2010 program , and mission and combat system programs at defense .', 'backlog decreased in 2009 compared to 2008 due to u.s .', 'government 2019s exercise of the termination for convenience clause on the tsat mission operations system ( tmos ) contract at defense , which resulted in a $ 1.6 billion reduction in orders .', 'this decline more than offset increased orders on enterprise civilian services programs at civil .', 'we expect is&gs will experience a low single digit percentage decrease in sales for 2011 as compared to 2010 .', 'this decline primarily is due to completion of most of the work associated with the dris 2010 program .', 'operating profit in 2011 is expected to decline in relationship to the decline in sales volume , while operating margins are expected to be comparable between the years .', 'space systems our space systems business segment is engaged in the design , research and development , engineering , and production of satellites , strategic and defensive missile systems , and space transportation systems , including activities related to the planned replacement of the space shuttle .', 'government satellite programs include the advanced extremely high frequency ( aehf ) system , the mobile user objective system ( muos ) , the global positioning satellite iii ( gps iii ) system , the space-based infrared system ( sbirs ) , and the geostationary operational environmental satellite r-series ( goes-r ) .', 'strategic and missile defense programs include the targets and countermeasures program and the fleet ballistic missile program .', 'space transportation includes the nasa orion program and , through ownership interests in two joint ventures , expendable launch services ( united launch alliance , or ula ) and space shuttle processing activities for the u.s .', 'government ( united space alliance , or usa ) .', 'the space shuttle is expected to complete its final flight mission in 2011 and our involvement with its launch and processing activities will end at that time .', 'space systems 2019 operating results included the following : ( in millions ) 2010 2009 2008 .'] | ['net sales for space systems decreased by 5% ( 5 % ) in 2010 compared to 2009 .', 'sales declined in all three lines of business during the year .', 'the $ 253 million decrease in space transportation principally was due to lower volume on the space shuttle external tank , commercial launch vehicle activity and other human space flight programs , which partially were offset by higher volume on the orion program .', 'there were no commercial launches in 2010 compared to one commercial launch in 2009 .', 'strategic & defensive missile systems ( s&dms ) sales declined $ 147 million principally due to lower volume on defensive missile programs .', 'the $ 8 million sales decline in satellites primarily was attributable to lower volume on commercial satellites , which partially were offset by higher volume on government satellite activities .', 'there was one commercial satellite delivery in 2010 and one commercial satellite delivery in 2009 .', 'net sales for space systems increased 8% ( 8 % ) in 2009 compared to 2008 .', 'during the year , sales growth at satellites and space transportation offset a decline in s&dms .', 'the sales growth of $ 707 million in satellites was due to higher volume in government satellite activities , which partially was offset by lower volume in commercial satellite activities .', 'there was one commercial satellite delivery in 2009 and two deliveries in 2008 .', 'the increase in sales of $ 21 million in space transportation primarily was due to higher volume on the orion program , which more than offset a decline in the space shuttle 2019s external tank program .', 'there was one commercial launch in both 2009 and 2008 .', 's&dms 2019 sales decreased by $ 102 million mainly due to lower volume on defensive missile programs , which more than offset growth in strategic missile programs. .'] | ( in millions ) | 2010 | 2009 | 2008
----------|----------|----------|----------
net sales | $ 8246 | $ 8654 | $ 8027
operating profit | 972 | 972 | 953
operating margin | 11.8% ( 11.8 % ) | 11.2% ( 11.2 % ) | 11.9% ( 11.9 % )
backlog at year-end | 17800 | 16800 | 17900 | subtract(8246, 972), divide(#0, 8246) | 0.88212 |
how many of the total global cruise guests are not from north america or europe? | Background: ['part i the following table details the growth in global weighted average berths and the global , north american and european cruise guests over the past five years : weighted-average supply of berths marketed globally ( 1 ) royal caribbean cruises ltd .', 'total berths global cruise guests ( 1 ) north american cruise guests ( 2 ) european cruise guests ( 3 ) .']
##########
Table:
----------------------------------------
year | weighted-averagesupply ofberthsmarketedglobally ( 1 ) | royal caribbean cruises ltd . total berths | globalcruiseguests ( 1 ) | north americancruiseguests ( 2 ) | europeancruiseguests ( 3 )
2009 | 363000 | 84050 | 17340000 | 10198000 | 5000000
2010 | 391000 | 92300 | 18800000 | 10781000 | 5540000
2011 | 412000 | 92650 | 20227000 | 11625000 | 5894000
2012 | 425000 | 98650 | 20898000 | 11640000 | 6139000
2013 | 432000 | 98750 | 21300000 | 11816000 | 6399000
----------------------------------------
##########
Post-table: ['( 1 ) source : our estimates of the number of global cruise guests and the weighted-average supply of berths marketed globally are based on a com- bination of data that we obtain from various publicly available cruise industry trade information sources including seatrade insider , cruise industry news and cruise line international association ( 201cclia 201d ) .', 'in addition , our estimates incorporate our own statistical analysis utilizing the same publicly available cruise industry data as a base .', '( 2 ) source : cruise line international association based on cruise guests carried for at least two consecutive nights for years 2009 through 2012 .', 'year 2013 amounts represent our estimates ( see number 1 above ) .', 'includes the united states of america and canada .', '( 3 ) source : clia europe , formerly european cruise council , for years 2009 through 2012 .', 'year 2013 amounts represent our estimates ( see number 1 above ) .', 'north america the majority of cruise guests are sourced from north america , which represented approximately 56% ( 56 % ) of global cruise guests in 2013 .', 'the compound annual growth rate in cruise guests sourced from this market was approximately 3.2% ( 3.2 % ) from 2009 to 2013 .', 'europe cruise guests sourced from europe represented approximately 30% ( 30 % ) of global cruise guests in 2013 .', 'the compound annual growth rate in cruise guests sourced from this market was approximately 6.0% ( 6.0 % ) from 2009 to 2013 .', 'other markets in addition to expected industry growth in north america and europe , we expect the asia/pacific region to demonstrate an even higher growth rate in the near term , although it will continue to represent a relatively small sector compared to north america and europe .', 'based on industry data , cruise guests sourced from the asia/pacific region represented approximately 4.5% ( 4.5 % ) of global cruise guests in 2013 .', 'the compound annual growth rate in cruise guests sourced from this market was approximately 15% ( 15 % ) from 2011 to 2013 .', 'competition we compete with a number of cruise lines .', 'our princi- pal competitors are carnival corporation & plc , which owns , among others , aida cruises , carnival cruise lines , costa cruises , cunard line , holland america line , iberocruceros , p&o cruises and princess cruises ; disney cruise line ; msc cruises ; norwegian cruise line and oceania cruises .', 'cruise lines compete with other vacation alternatives such as land-based resort hotels and sightseeing destinations for consumers 2019 leisure time .', 'demand for such activities is influenced by political and general economic conditions .', 'com- panies within the vacation market are dependent on consumer discretionary spending .', 'operating strategies our principal operating strategies are to : and employees and protect the environment in which our vessels and organization operate , to better serve our global guest base and grow our business , order to enhance our revenues , our brands globally , expenditures and ensure adequate cash and liquid- ity , with the overall goal of maximizing our return on invested capital and long-term shareholder value , ization and maintenance of existing ships and the transfer of key innovations across each brand , while prudently expanding our fleet with new state-of- the-art cruise ships , ships by deploying them into those markets and itineraries that provide opportunities to optimize returns , while continuing our focus on existing key markets , service customer preferences and expectations in an innovative manner , while supporting our strategic focus on profitability , and .'] | 3085000.0 | RCL/2013/page_18.pdf-1 | ['part i the following table details the growth in global weighted average berths and the global , north american and european cruise guests over the past five years : weighted-average supply of berths marketed globally ( 1 ) royal caribbean cruises ltd .', 'total berths global cruise guests ( 1 ) north american cruise guests ( 2 ) european cruise guests ( 3 ) .'] | ['( 1 ) source : our estimates of the number of global cruise guests and the weighted-average supply of berths marketed globally are based on a com- bination of data that we obtain from various publicly available cruise industry trade information sources including seatrade insider , cruise industry news and cruise line international association ( 201cclia 201d ) .', 'in addition , our estimates incorporate our own statistical analysis utilizing the same publicly available cruise industry data as a base .', '( 2 ) source : cruise line international association based on cruise guests carried for at least two consecutive nights for years 2009 through 2012 .', 'year 2013 amounts represent our estimates ( see number 1 above ) .', 'includes the united states of america and canada .', '( 3 ) source : clia europe , formerly european cruise council , for years 2009 through 2012 .', 'year 2013 amounts represent our estimates ( see number 1 above ) .', 'north america the majority of cruise guests are sourced from north america , which represented approximately 56% ( 56 % ) of global cruise guests in 2013 .', 'the compound annual growth rate in cruise guests sourced from this market was approximately 3.2% ( 3.2 % ) from 2009 to 2013 .', 'europe cruise guests sourced from europe represented approximately 30% ( 30 % ) of global cruise guests in 2013 .', 'the compound annual growth rate in cruise guests sourced from this market was approximately 6.0% ( 6.0 % ) from 2009 to 2013 .', 'other markets in addition to expected industry growth in north america and europe , we expect the asia/pacific region to demonstrate an even higher growth rate in the near term , although it will continue to represent a relatively small sector compared to north america and europe .', 'based on industry data , cruise guests sourced from the asia/pacific region represented approximately 4.5% ( 4.5 % ) of global cruise guests in 2013 .', 'the compound annual growth rate in cruise guests sourced from this market was approximately 15% ( 15 % ) from 2011 to 2013 .', 'competition we compete with a number of cruise lines .', 'our princi- pal competitors are carnival corporation & plc , which owns , among others , aida cruises , carnival cruise lines , costa cruises , cunard line , holland america line , iberocruceros , p&o cruises and princess cruises ; disney cruise line ; msc cruises ; norwegian cruise line and oceania cruises .', 'cruise lines compete with other vacation alternatives such as land-based resort hotels and sightseeing destinations for consumers 2019 leisure time .', 'demand for such activities is influenced by political and general economic conditions .', 'com- panies within the vacation market are dependent on consumer discretionary spending .', 'operating strategies our principal operating strategies are to : and employees and protect the environment in which our vessels and organization operate , to better serve our global guest base and grow our business , order to enhance our revenues , our brands globally , expenditures and ensure adequate cash and liquid- ity , with the overall goal of maximizing our return on invested capital and long-term shareholder value , ization and maintenance of existing ships and the transfer of key innovations across each brand , while prudently expanding our fleet with new state-of- the-art cruise ships , ships by deploying them into those markets and itineraries that provide opportunities to optimize returns , while continuing our focus on existing key markets , service customer preferences and expectations in an innovative manner , while supporting our strategic focus on profitability , and .'] | ----------------------------------------
year | weighted-averagesupply ofberthsmarketedglobally ( 1 ) | royal caribbean cruises ltd . total berths | globalcruiseguests ( 1 ) | north americancruiseguests ( 2 ) | europeancruiseguests ( 3 )
2009 | 363000 | 84050 | 17340000 | 10198000 | 5000000
2010 | 391000 | 92300 | 18800000 | 10781000 | 5540000
2011 | 412000 | 92650 | 20227000 | 11625000 | 5894000
2012 | 425000 | 98650 | 20898000 | 11640000 | 6139000
2013 | 432000 | 98750 | 21300000 | 11816000 | 6399000
---------------------------------------- | add(11816000, 6399000), subtract(21300000, #0) | 3085000.0 |
what is the highest value of operating profit during this period? | Pre-text: ['higher in the first half of the year , but declined dur- ing the second half of the year reflecting the pass- through to customers of lower resin input costs .', 'however , average margins benefitted from a more favorable mix of products sold .', 'raw material costs were lower , primarily for resins .', 'freight costs were also favorable , while operating costs increased .', 'shorewood sales volumes in 2009 declined from 2008 levels reflecting weaker demand in the home entertainment segment and a decrease in tobacco segment orders as customers have shifted pro- duction outside of the united states , partially offset by higher shipments in the consumer products segment .', 'average sales margins improved reflecting a more favorable mix of products sold .', 'raw material costs were higher , but were partially offset by lower freight costs .', 'operating costs were favorable , reflect- ing benefits from business reorganization and cost reduction actions taken in 2008 and 2009 .', 'charges to restructure operations totaled $ 7 million in 2009 and $ 30 million in 2008 .', 'entering 2010 , coated paperboard sales volumes are expected to increase , while average sales price real- izations should be comparable to 2009 fourth-quarter levels .', 'raw material costs are expected to be sig- nificantly higher for wood , energy and chemicals , but planned maintenance downtime costs will decrease .', 'foodservice sales volumes are expected to remain about flat , but average sales price realizations should improve slightly .', 'input costs for resins should be higher , but will be partially offset by lower costs for bleached board .', 'shorewood sales volumes are expected to decline reflecting seasonal decreases in home entertainment segment shipments .', 'operating costs are expected to be favorable reflecting the benefits of business reorganization efforts .', 'european consumer packaging net sales in 2009 were $ 315 million compared with $ 300 million in 2008 and $ 280 million in 2007 .', 'operating earnings in 2009 of $ 66 million increased from $ 22 million in 2008 and $ 30 million in 2007 .', 'sales volumes in 2009 were higher than in 2008 reflecting increased ship- ments to export markets .', 'average sales margins declined due to increased shipments to lower- margin export markets and lower average sales prices in western europe .', 'entering 2010 , sales volumes for the first quarter are expected to remain strong .', 'average margins should improve reflecting increased sales price realizations and a more favorable geographic mix of products sold .', 'input costs are expected to be higher due to increased wood prices in poland and annual energy tariff increases in russia .', 'asian consumer packaging net sales were $ 545 million in 2009 compared with $ 390 million in 2008 and $ 330 million in 2007 .', 'operating earnings in 2009 were $ 24 million compared with a loss of $ 13 million in 2008 and earnings of $ 12 million in 2007 .', 'the improved operating earnings in 2009 reflect increased sales volumes , higher average sales mar- gins and lower input costs , primarily for chemicals .', 'the loss in 2008 was primarily due to a $ 12 million charge to revalue pulp inventories at our shandong international paper and sun coated paperboard co. , ltd .', 'joint venture and start-up costs associated with the joint venture 2019s new folding box board paper machine .', 'distribution xpedx , our distribution business , markets a diverse array of products and supply chain services to cus- tomers in many business segments .', 'customer demand is generally sensitive to changes in general economic conditions , although the commercial printing segment is also dependent on consumer advertising and promotional spending .', 'distribution 2019s margins are relatively stable across an economic cycle .', 'providing customers with the best choice and value in both products and supply chain services is a key competitive factor .', 'additionally , efficient customer service , cost-effective logistics and focused working capital management are key factors in this segment 2019s profitability .', 'distribution in millions 2009 2008 2007 .']
##
Tabular Data:
========================================
Row 1: in millions, 2009, 2008, 2007
Row 2: sales, $ 6525, $ 7970, $ 7320
Row 3: operating profit, 50, 103, 108
========================================
##
Post-table: ['distribution 2019s 2009 annual sales decreased 18% ( 18 % ) from 2008 and 11% ( 11 % ) from 2007 while operating profits in 2009 decreased 51% ( 51 % ) compared with 2008 and 54% ( 54 % ) compared with 2007 .', 'annual sales of printing papers and graphic arts supplies and equipment totaled $ 4.1 billion in 2009 compared with $ 5.2 billion in 2008 and $ 4.7 billion in 2007 , reflecting weak economic conditions in 2009 .', 'trade margins as a percent of sales for printing papers increased from 2008 but decreased from 2007 due to a higher mix of lower margin direct ship- ments from manufacturers .', 'revenue from packaging products was $ 1.3 billion in 2009 compared with $ 1.7 billion in 2008 and $ 1.5 billion in 2007 .', 'trade margins as a percent of sales for packaging products were higher than in the past two years reflecting an improved product and service mix .', 'facility supplies annual revenue was $ 1.1 billion in 2009 , essentially .'] | 108.0 | IP/2009/page_38.pdf-4 | ['higher in the first half of the year , but declined dur- ing the second half of the year reflecting the pass- through to customers of lower resin input costs .', 'however , average margins benefitted from a more favorable mix of products sold .', 'raw material costs were lower , primarily for resins .', 'freight costs were also favorable , while operating costs increased .', 'shorewood sales volumes in 2009 declined from 2008 levels reflecting weaker demand in the home entertainment segment and a decrease in tobacco segment orders as customers have shifted pro- duction outside of the united states , partially offset by higher shipments in the consumer products segment .', 'average sales margins improved reflecting a more favorable mix of products sold .', 'raw material costs were higher , but were partially offset by lower freight costs .', 'operating costs were favorable , reflect- ing benefits from business reorganization and cost reduction actions taken in 2008 and 2009 .', 'charges to restructure operations totaled $ 7 million in 2009 and $ 30 million in 2008 .', 'entering 2010 , coated paperboard sales volumes are expected to increase , while average sales price real- izations should be comparable to 2009 fourth-quarter levels .', 'raw material costs are expected to be sig- nificantly higher for wood , energy and chemicals , but planned maintenance downtime costs will decrease .', 'foodservice sales volumes are expected to remain about flat , but average sales price realizations should improve slightly .', 'input costs for resins should be higher , but will be partially offset by lower costs for bleached board .', 'shorewood sales volumes are expected to decline reflecting seasonal decreases in home entertainment segment shipments .', 'operating costs are expected to be favorable reflecting the benefits of business reorganization efforts .', 'european consumer packaging net sales in 2009 were $ 315 million compared with $ 300 million in 2008 and $ 280 million in 2007 .', 'operating earnings in 2009 of $ 66 million increased from $ 22 million in 2008 and $ 30 million in 2007 .', 'sales volumes in 2009 were higher than in 2008 reflecting increased ship- ments to export markets .', 'average sales margins declined due to increased shipments to lower- margin export markets and lower average sales prices in western europe .', 'entering 2010 , sales volumes for the first quarter are expected to remain strong .', 'average margins should improve reflecting increased sales price realizations and a more favorable geographic mix of products sold .', 'input costs are expected to be higher due to increased wood prices in poland and annual energy tariff increases in russia .', 'asian consumer packaging net sales were $ 545 million in 2009 compared with $ 390 million in 2008 and $ 330 million in 2007 .', 'operating earnings in 2009 were $ 24 million compared with a loss of $ 13 million in 2008 and earnings of $ 12 million in 2007 .', 'the improved operating earnings in 2009 reflect increased sales volumes , higher average sales mar- gins and lower input costs , primarily for chemicals .', 'the loss in 2008 was primarily due to a $ 12 million charge to revalue pulp inventories at our shandong international paper and sun coated paperboard co. , ltd .', 'joint venture and start-up costs associated with the joint venture 2019s new folding box board paper machine .', 'distribution xpedx , our distribution business , markets a diverse array of products and supply chain services to cus- tomers in many business segments .', 'customer demand is generally sensitive to changes in general economic conditions , although the commercial printing segment is also dependent on consumer advertising and promotional spending .', 'distribution 2019s margins are relatively stable across an economic cycle .', 'providing customers with the best choice and value in both products and supply chain services is a key competitive factor .', 'additionally , efficient customer service , cost-effective logistics and focused working capital management are key factors in this segment 2019s profitability .', 'distribution in millions 2009 2008 2007 .'] | ['distribution 2019s 2009 annual sales decreased 18% ( 18 % ) from 2008 and 11% ( 11 % ) from 2007 while operating profits in 2009 decreased 51% ( 51 % ) compared with 2008 and 54% ( 54 % ) compared with 2007 .', 'annual sales of printing papers and graphic arts supplies and equipment totaled $ 4.1 billion in 2009 compared with $ 5.2 billion in 2008 and $ 4.7 billion in 2007 , reflecting weak economic conditions in 2009 .', 'trade margins as a percent of sales for printing papers increased from 2008 but decreased from 2007 due to a higher mix of lower margin direct ship- ments from manufacturers .', 'revenue from packaging products was $ 1.3 billion in 2009 compared with $ 1.7 billion in 2008 and $ 1.5 billion in 2007 .', 'trade margins as a percent of sales for packaging products were higher than in the past two years reflecting an improved product and service mix .', 'facility supplies annual revenue was $ 1.1 billion in 2009 , essentially .'] | ========================================
Row 1: in millions, 2009, 2008, 2007
Row 2: sales, $ 6525, $ 7970, $ 7320
Row 3: operating profit, 50, 103, 108
======================================== | table_max(operating profit, none) | 108.0 |
what was the percentage increase in bonus deprecation rates for 2012 capital additions? | Context: ['liquidity and capital resources as of december 31 , 2011 , our principal sources of liquidity included cash , cash equivalents , our receivables securitization facility , and our revolving credit facility , as well as the availability of commercial paper and other sources of financing through the capital markets .', 'we had $ 1.8 billion of committed credit available under our credit facility , with no borrowings outstanding as of december 31 , 2011 .', 'we did not make any borrowings under this facility during 2011 .', 'the value of the outstanding undivided interest held by investors under the receivables securitization facility was $ 100 million as of december 31 , 2011 , and is included in our consolidated statements of financial position as debt due after one year .', 'the receivables securitization facility obligates us to maintain an investment grade bond rating .', 'if our bond rating were to deteriorate , it could have an adverse impact on our liquidity .', 'access to commercial paper as well as other capital market financings is dependent on market conditions .', 'deterioration of our operating results or financial condition due to internal or external factors could negatively impact our ability to access capital markets as a source of liquidity .', 'access to liquidity through the capital markets is also dependent on our financial stability .', 'we expect that we will continue to have access to liquidity by issuing bonds to public or private investors based on our assessment of the current condition of the credit markets .', 'at december 31 , 2011 and 2010 , we had a working capital surplus .', 'this reflects a strong cash position , which provides enhanced liquidity in an uncertain economic environment .', 'in addition , we believe we have adequate access to capital markets to meet cash requirements , and we have sufficient financial capacity to satisfy our current liabilities .', 'cash flows millions 2011 2010 2009 .']
--------
Data Table:
========================================
• cash flowsmillions, 2011, 2010, 2009
• cash provided by operating activities, $ 5873, $ 4105, $ 3204
• cash used in investing activities, -3119 ( 3119 ), -2488 ( 2488 ), -2145 ( 2145 )
• cash used in financing activities, -2623 ( 2623 ), -2381 ( 2381 ), -458 ( 458 )
• net change in cash and cashequivalents, $ 131, $ -764 ( 764 ), $ 601
========================================
--------
Post-table: ['operating activities higher net income and lower cash income tax payments in 2011 increased cash provided by operating activities compared to 2010 .', 'the tax relief , unemployment insurance reauthorization , and job creation act of 2010 , enacted in december 2010 , provided for 100% ( 100 % ) bonus depreciation for qualified investments made during 2011 , and 50% ( 50 % ) bonus depreciation for qualified investments made during 2012 .', 'as a result of the act , the company deferred a substantial portion of its 2011 income tax expense .', 'this deferral decreased 2011 income tax payments , thereby contributing to the positive operating cash flow .', 'in future years , however , additional cash will be used to pay income taxes that were previously deferred .', 'in addition , the adoption of a new accounting standard in january of 2010 changed the accounting treatment for our receivables securitization facility from a sale of undivided interests ( recorded as an operating activity ) to a secured borrowing ( recorded as a financing activity ) , which decreased cash provided by operating activities by $ 400 million in 2010 .', 'higher net income in 2010 increased cash provided by operating activities compared to 2009 .', 'investing activities higher capital investments partially offset by higher proceeds from asset sales in 2011 drove the increase in cash used in investing activities compared to 2010 .', 'higher capital investments and lower proceeds from asset sales in 2010 drove the increase in cash used in investing activities compared to 2009. .'] | 0.5 | UNP/2011/page_35.pdf-2 | ['liquidity and capital resources as of december 31 , 2011 , our principal sources of liquidity included cash , cash equivalents , our receivables securitization facility , and our revolving credit facility , as well as the availability of commercial paper and other sources of financing through the capital markets .', 'we had $ 1.8 billion of committed credit available under our credit facility , with no borrowings outstanding as of december 31 , 2011 .', 'we did not make any borrowings under this facility during 2011 .', 'the value of the outstanding undivided interest held by investors under the receivables securitization facility was $ 100 million as of december 31 , 2011 , and is included in our consolidated statements of financial position as debt due after one year .', 'the receivables securitization facility obligates us to maintain an investment grade bond rating .', 'if our bond rating were to deteriorate , it could have an adverse impact on our liquidity .', 'access to commercial paper as well as other capital market financings is dependent on market conditions .', 'deterioration of our operating results or financial condition due to internal or external factors could negatively impact our ability to access capital markets as a source of liquidity .', 'access to liquidity through the capital markets is also dependent on our financial stability .', 'we expect that we will continue to have access to liquidity by issuing bonds to public or private investors based on our assessment of the current condition of the credit markets .', 'at december 31 , 2011 and 2010 , we had a working capital surplus .', 'this reflects a strong cash position , which provides enhanced liquidity in an uncertain economic environment .', 'in addition , we believe we have adequate access to capital markets to meet cash requirements , and we have sufficient financial capacity to satisfy our current liabilities .', 'cash flows millions 2011 2010 2009 .'] | ['operating activities higher net income and lower cash income tax payments in 2011 increased cash provided by operating activities compared to 2010 .', 'the tax relief , unemployment insurance reauthorization , and job creation act of 2010 , enacted in december 2010 , provided for 100% ( 100 % ) bonus depreciation for qualified investments made during 2011 , and 50% ( 50 % ) bonus depreciation for qualified investments made during 2012 .', 'as a result of the act , the company deferred a substantial portion of its 2011 income tax expense .', 'this deferral decreased 2011 income tax payments , thereby contributing to the positive operating cash flow .', 'in future years , however , additional cash will be used to pay income taxes that were previously deferred .', 'in addition , the adoption of a new accounting standard in january of 2010 changed the accounting treatment for our receivables securitization facility from a sale of undivided interests ( recorded as an operating activity ) to a secured borrowing ( recorded as a financing activity ) , which decreased cash provided by operating activities by $ 400 million in 2010 .', 'higher net income in 2010 increased cash provided by operating activities compared to 2009 .', 'investing activities higher capital investments partially offset by higher proceeds from asset sales in 2011 drove the increase in cash used in investing activities compared to 2010 .', 'higher capital investments and lower proceeds from asset sales in 2010 drove the increase in cash used in investing activities compared to 2009. .'] | ========================================
• cash flowsmillions, 2011, 2010, 2009
• cash provided by operating activities, $ 5873, $ 4105, $ 3204
• cash used in investing activities, -3119 ( 3119 ), -2488 ( 2488 ), -2145 ( 2145 )
• cash used in financing activities, -2623 ( 2623 ), -2381 ( 2381 ), -458 ( 458 )
• net change in cash and cashequivalents, $ 131, $ -764 ( 764 ), $ 601
======================================== | subtract(100%, 50%) | 0.5 |
considering the years 2011-2013 , what is the average value for settlements? | Context: ['earnings were remitted as dividends after payment of all deferred taxes .', 'as more than 90% ( 90 % ) of the undistributed earnings are in countries with a statutory tax rate of 24% ( 24 % ) or higher , we do not generate a disproportionate amount of taxable income in countries with very low tax rates .', 'a reconciliation of the beginning and ending amount of the unrecognized tax benefits is as follows: .']
--
Tabular Data:
========================================
unrecognized tax benefits 2013 2012 2011
balance at beginning of year $ 110.8 $ 126.4 $ 197.8
additions for tax positions of the current year 12.7 44.5 16.3
additions for tax positions of prior years 9.0 2.3 5.7
reductions for tax positions of prior years -.5 ( .5 ) -46.9 ( 46.9 ) -72.4 ( 72.4 )
settlements -1.4 ( 1.4 ) -11.0 ( 11.0 ) -15.6 ( 15.6 )
statute of limitations expiration -8.0 ( 8.0 ) -3.7 ( 3.7 ) -4.8 ( 4.8 )
foreign currency translation 1.7 -.8 ( .8 ) -.6 ( .6 )
balance at end of year $ 124.3 $ 110.8 $ 126.4
========================================
--
Additional Information: ['at 30 september 2013 and 2012 , we had $ 124.3 and $ 110.8 of unrecognized tax benefits , excluding interest and penalties , of which $ 63.1 and $ 56.9 , respectively , would impact the effective tax rate if recognized .', 'interest and penalties related to unrecognized tax benefits are recorded as a component of income tax expense and totaled $ 2.4 in 2013 , $ ( 26.1 ) in 2012 , and $ ( 2.4 ) in 2011 .', 'our accrued balance for interest and penalties was $ 8.1 and $ 7.2 in 2013 and 2012 , respectively .', 'we were challenged by the spanish tax authorities over income tax deductions taken by certain of our spanish subsidiaries during fiscal years 2005 20132011 .', 'in november 2011 , we reached a settlement with the spanish tax authorities for 20ac41.3 million ( $ 56 ) in resolution of all tax issues under examination .', 'this settlement increased our income tax expense for the fiscal year ended 30 september 2012 by $ 43.8 ( $ .20 per share ) and had a 3.3% ( 3.3 % ) impact on our effective tax rate .', 'as a result of this settlement , we recorded a reduction in unrecognized tax benefits of $ 6.4 for tax positions taken in prior years and $ 11.0 for settlements .', 'on 25 january 2012 , the spanish supreme court released its decision in favor of our spanish subsidiary related to certain tax transactions for years 1991 and 1992 , a period before we controlled this subsidiary .', 'as a result , in the second quarter of 2012 , we recorded a reduction in income tax expense of $ 58.3 ( $ .27 per share ) , resulting in a 4.4% ( 4.4 % ) reduction in our effective tax rate for the fiscal year ended 30 september 2012 .', 'as a result of this ruling , we recorded a reduction in unrecognized tax benefits of $ 38.3 for tax positions taken in prior years .', 'during the third quarter of 2012 , our unrecognized tax benefits increased $ 33.3 as a result of certain tax positions taken in conjunction with the disposition of our homecare business .', 'when resolved , these benefits will be recognized in 201cincome from discontinued operations , net of tax 201d on our consolidated income statements and will not impact our effective tax rate .', 'for additional information , see note 3 , discontinued operations .', 'in the third quarter of 2011 , a u.s .', 'internal revenue service audit over tax years 2007 and 2008 was completed , resulting in a decrease in unrecognized tax benefits of $ 36.0 and a favorable impact to earnings of $ 23.9 .', 'this included a tax benefit of $ 8.9 ( $ .04 per share ) recognized in income from discontinued operations for fiscal year 2011 , as it relates to the previously divested u.s .', 'healthcare business .', 'we are also currently under examination in a number of tax jurisdictions , some of which may be resolved in the next twelve months .', 'as a result , it is reasonably possible that a change in the unrecognized tax benefits may occur during the next twelve months .', 'however , quantification of an estimated range cannot be made at this time. .'] | -9.33333 | APD/2013/page_99.pdf-1 | ['earnings were remitted as dividends after payment of all deferred taxes .', 'as more than 90% ( 90 % ) of the undistributed earnings are in countries with a statutory tax rate of 24% ( 24 % ) or higher , we do not generate a disproportionate amount of taxable income in countries with very low tax rates .', 'a reconciliation of the beginning and ending amount of the unrecognized tax benefits is as follows: .'] | ['at 30 september 2013 and 2012 , we had $ 124.3 and $ 110.8 of unrecognized tax benefits , excluding interest and penalties , of which $ 63.1 and $ 56.9 , respectively , would impact the effective tax rate if recognized .', 'interest and penalties related to unrecognized tax benefits are recorded as a component of income tax expense and totaled $ 2.4 in 2013 , $ ( 26.1 ) in 2012 , and $ ( 2.4 ) in 2011 .', 'our accrued balance for interest and penalties was $ 8.1 and $ 7.2 in 2013 and 2012 , respectively .', 'we were challenged by the spanish tax authorities over income tax deductions taken by certain of our spanish subsidiaries during fiscal years 2005 20132011 .', 'in november 2011 , we reached a settlement with the spanish tax authorities for 20ac41.3 million ( $ 56 ) in resolution of all tax issues under examination .', 'this settlement increased our income tax expense for the fiscal year ended 30 september 2012 by $ 43.8 ( $ .20 per share ) and had a 3.3% ( 3.3 % ) impact on our effective tax rate .', 'as a result of this settlement , we recorded a reduction in unrecognized tax benefits of $ 6.4 for tax positions taken in prior years and $ 11.0 for settlements .', 'on 25 january 2012 , the spanish supreme court released its decision in favor of our spanish subsidiary related to certain tax transactions for years 1991 and 1992 , a period before we controlled this subsidiary .', 'as a result , in the second quarter of 2012 , we recorded a reduction in income tax expense of $ 58.3 ( $ .27 per share ) , resulting in a 4.4% ( 4.4 % ) reduction in our effective tax rate for the fiscal year ended 30 september 2012 .', 'as a result of this ruling , we recorded a reduction in unrecognized tax benefits of $ 38.3 for tax positions taken in prior years .', 'during the third quarter of 2012 , our unrecognized tax benefits increased $ 33.3 as a result of certain tax positions taken in conjunction with the disposition of our homecare business .', 'when resolved , these benefits will be recognized in 201cincome from discontinued operations , net of tax 201d on our consolidated income statements and will not impact our effective tax rate .', 'for additional information , see note 3 , discontinued operations .', 'in the third quarter of 2011 , a u.s .', 'internal revenue service audit over tax years 2007 and 2008 was completed , resulting in a decrease in unrecognized tax benefits of $ 36.0 and a favorable impact to earnings of $ 23.9 .', 'this included a tax benefit of $ 8.9 ( $ .04 per share ) recognized in income from discontinued operations for fiscal year 2011 , as it relates to the previously divested u.s .', 'healthcare business .', 'we are also currently under examination in a number of tax jurisdictions , some of which may be resolved in the next twelve months .', 'as a result , it is reasonably possible that a change in the unrecognized tax benefits may occur during the next twelve months .', 'however , quantification of an estimated range cannot be made at this time. .'] | ========================================
unrecognized tax benefits 2013 2012 2011
balance at beginning of year $ 110.8 $ 126.4 $ 197.8
additions for tax positions of the current year 12.7 44.5 16.3
additions for tax positions of prior years 9.0 2.3 5.7
reductions for tax positions of prior years -.5 ( .5 ) -46.9 ( 46.9 ) -72.4 ( 72.4 )
settlements -1.4 ( 1.4 ) -11.0 ( 11.0 ) -15.6 ( 15.6 )
statute of limitations expiration -8.0 ( 8.0 ) -3.7 ( 3.7 ) -4.8 ( 4.8 )
foreign currency translation 1.7 -.8 ( .8 ) -.6 ( .6 )
balance at end of year $ 124.3 $ 110.8 $ 126.4
======================================== | table_average(settlements, none) | -9.33333 |
what was the difference in percentage cumulative total return for the five year period ended 31-dec-2017 of citi common stock and s&p financials? | Background: ['performance graph comparison of five-year cumulative total return the following graph and table compare the cumulative total return on citi 2019s common stock , which is listed on the nyse under the ticker symbol 201cc 201d and held by 65691 common stockholders of record as of january 31 , 2018 , with the cumulative total return of the s&p 500 index and the s&p financial index over the five-year period through december 31 , 2017 .', 'the graph and table assume that $ 100 was invested on december 31 , 2012 in citi 2019s common stock , the s&p 500 index and the s&p financial index , and that all dividends were reinvested .', 'comparison of five-year cumulative total return for the years ended date citi s&p 500 financials .']
--------
Table:
----------------------------------------
date citi s&p 500 s&p financials
31-dec-2012 100.0 100.0 100.0
31-dec-2013 131.8 132.4 135.6
31-dec-2014 137.0 150.5 156.2
31-dec-2015 131.4 152.6 153.9
31-dec-2016 152.3 170.8 188.9
31-dec-2017 193.5 208.1 230.9
----------------------------------------
--------
Additional Information: ['.'] | -0.374 | C/2017/page_328.pdf-3 | ['performance graph comparison of five-year cumulative total return the following graph and table compare the cumulative total return on citi 2019s common stock , which is listed on the nyse under the ticker symbol 201cc 201d and held by 65691 common stockholders of record as of january 31 , 2018 , with the cumulative total return of the s&p 500 index and the s&p financial index over the five-year period through december 31 , 2017 .', 'the graph and table assume that $ 100 was invested on december 31 , 2012 in citi 2019s common stock , the s&p 500 index and the s&p financial index , and that all dividends were reinvested .', 'comparison of five-year cumulative total return for the years ended date citi s&p 500 financials .'] | ['.'] | ----------------------------------------
date citi s&p 500 s&p financials
31-dec-2012 100.0 100.0 100.0
31-dec-2013 131.8 132.4 135.6
31-dec-2014 137.0 150.5 156.2
31-dec-2015 131.4 152.6 153.9
31-dec-2016 152.3 170.8 188.9
31-dec-2017 193.5 208.1 230.9
---------------------------------------- | subtract(193.5, const_100), divide(#0, const_100), subtract(230.9, const_100), divide(#2, const_100), subtract(#1, #3) | -0.374 |
what is the growth rate in the balance of total debt and capital lease obligations in 2011? | Background: ['note 17 .', 'debt our debt as of december 2 , 2011 and december 3 , 2010 consisted of the following ( in thousands ) : capital lease obligations total debt and capital lease obligations less : current portion debt and capital lease obligations $ 1494627 19681 1514308 $ 1505096 $ 1493969 28492 1522461 $ 1513662 in february 2010 , we issued $ 600.0 million of 3.25% ( 3.25 % ) senior notes due february 1 , 2015 ( the 201c2015 notes 201d ) and $ 900.0 million of 4.75% ( 4.75 % ) senior notes due february 1 , 2020 ( the 201c2020 notes 201d and , together with the 2015 notes , the 201cnotes 201d ) .', 'our proceeds were approximately $ 1.5 billion and were net of an issuance discount of $ 6.6 million .', 'the notes rank equally with our other unsecured and unsubordinated indebtedness .', 'in addition , we incurred issuance costs of approximately $ 10.7 million .', 'both the discount and issuance costs are being amortized to interest expense over the respective terms of the notes using the effective interest method .', 'the effective interest rate including the discount and issuance costs is 3.45% ( 3.45 % ) for the 2015 notes and 4.92% ( 4.92 % ) for the 2020 notes .', 'interest is payable semi-annually , in arrears , on february 1 and august 1 , commencing on august 1 , 2010 .', 'during fiscal 2011 interest payments totaled $ 62.3 million .', 'the proceeds from the notes are available for general corporate purposes , including repayment of any balance outstanding on our credit facility .', 'based on quoted market prices , the fair value of the notes was approximately $ 1.6 billion as of december 2 , 2011 .', 'we may redeem the notes at any time , subject to a make whole premium .', 'in addition , upon the occurrence of certain change of control triggering events , we may be required to repurchase the notes , at a price equal to 101% ( 101 % ) of their principal amount , plus accrued and unpaid interest to the date of repurchase .', 'the notes also include covenants that limit our ability to grant liens on assets and to enter into sale and leaseback transactions , subject to significant allowances .', 'as of december 2 , 2011 , we were in compliance with all of the covenants .', 'credit agreement in august 2007 , we entered into an amendment to our credit agreement dated february 2007 ( the 201camendment 201d ) , which increased the total senior unsecured revolving facility from $ 500.0 million to $ 1.0 billion .', 'the amendment also permits us to request one-year extensions effective on each anniversary of the closing date of the original agreement , subject to the majority consent of the lenders .', 'we also retain an option to request an additional $ 500.0 million in commitments , for a maximum aggregate facility of $ 1.5 billion .', 'in february 2008 , we entered into a second amendment to the credit agreement dated february 26 , 2008 , which extended the maturity date of the facility by one year to february 16 , 2013 .', 'the facility would terminate at this date if no additional extensions have been requested and granted .', 'all other terms and conditions remain the same .', 'the facility contains a financial covenant requiring us not to exceed a certain maximum leverage ratio .', 'at our option , borrowings under the facility accrue interest based on either the london interbank offered rate ( 201clibor 201d ) for one , two , three or six months , or longer periods with bank consent , plus a margin according to a pricing grid tied to this financial covenant , or a base rate .', 'the margin is set at rates between 0.20% ( 0.20 % ) and 0.475% ( 0.475 % ) .', 'commitment fees are payable on the facility at rates between 0.05% ( 0.05 % ) and 0.15% ( 0.15 % ) per year based on the same pricing grid .', 'the facility is available to provide loans to us and certain of our subsidiaries for general corporate purposes .', 'on february 1 , 2010 , we paid the outstanding balance on our credit facility and the entire $ 1.0 billion credit line under this facility remains available for borrowing .', 'capital lease obligation in june 2010 , we entered into a sale-leaseback agreement to sell equipment totaling $ 32.2 million and leaseback the same equipment over a period of 43 months .', 'this transaction was classified as a capital lease obligation and recorded at fair value .', 'as of december 2 , 2011 , our capital lease obligations of $ 19.7 million includes $ 9.2 million of current debt .', 'table of contents adobe systems incorporated notes to consolidated financial statements ( continued ) .']
--
Table:
****************************************
| 2011 | 2010
----------|----------|----------
notes | $ 1494627 | $ 1493969
capital lease obligations | 19681 | 28492
total debt and capital lease obligations | 1514308 | 1522461
less : current portion | 9212 | 8799
debt and capital lease obligations | $ 1505096 | $ 1513662
****************************************
--
Post-table: ['note 17 .', 'debt our debt as of december 2 , 2011 and december 3 , 2010 consisted of the following ( in thousands ) : capital lease obligations total debt and capital lease obligations less : current portion debt and capital lease obligations $ 1494627 19681 1514308 $ 1505096 $ 1493969 28492 1522461 $ 1513662 in february 2010 , we issued $ 600.0 million of 3.25% ( 3.25 % ) senior notes due february 1 , 2015 ( the 201c2015 notes 201d ) and $ 900.0 million of 4.75% ( 4.75 % ) senior notes due february 1 , 2020 ( the 201c2020 notes 201d and , together with the 2015 notes , the 201cnotes 201d ) .', 'our proceeds were approximately $ 1.5 billion and were net of an issuance discount of $ 6.6 million .', 'the notes rank equally with our other unsecured and unsubordinated indebtedness .', 'in addition , we incurred issuance costs of approximately $ 10.7 million .', 'both the discount and issuance costs are being amortized to interest expense over the respective terms of the notes using the effective interest method .', 'the effective interest rate including the discount and issuance costs is 3.45% ( 3.45 % ) for the 2015 notes and 4.92% ( 4.92 % ) for the 2020 notes .', 'interest is payable semi-annually , in arrears , on february 1 and august 1 , commencing on august 1 , 2010 .', 'during fiscal 2011 interest payments totaled $ 62.3 million .', 'the proceeds from the notes are available for general corporate purposes , including repayment of any balance outstanding on our credit facility .', 'based on quoted market prices , the fair value of the notes was approximately $ 1.6 billion as of december 2 , 2011 .', 'we may redeem the notes at any time , subject to a make whole premium .', 'in addition , upon the occurrence of certain change of control triggering events , we may be required to repurchase the notes , at a price equal to 101% ( 101 % ) of their principal amount , plus accrued and unpaid interest to the date of repurchase .', 'the notes also include covenants that limit our ability to grant liens on assets and to enter into sale and leaseback transactions , subject to significant allowances .', 'as of december 2 , 2011 , we were in compliance with all of the covenants .', 'credit agreement in august 2007 , we entered into an amendment to our credit agreement dated february 2007 ( the 201camendment 201d ) , which increased the total senior unsecured revolving facility from $ 500.0 million to $ 1.0 billion .', 'the amendment also permits us to request one-year extensions effective on each anniversary of the closing date of the original agreement , subject to the majority consent of the lenders .', 'we also retain an option to request an additional $ 500.0 million in commitments , for a maximum aggregate facility of $ 1.5 billion .', 'in february 2008 , we entered into a second amendment to the credit agreement dated february 26 , 2008 , which extended the maturity date of the facility by one year to february 16 , 2013 .', 'the facility would terminate at this date if no additional extensions have been requested and granted .', 'all other terms and conditions remain the same .', 'the facility contains a financial covenant requiring us not to exceed a certain maximum leverage ratio .', 'at our option , borrowings under the facility accrue interest based on either the london interbank offered rate ( 201clibor 201d ) for one , two , three or six months , or longer periods with bank consent , plus a margin according to a pricing grid tied to this financial covenant , or a base rate .', 'the margin is set at rates between 0.20% ( 0.20 % ) and 0.475% ( 0.475 % ) .', 'commitment fees are payable on the facility at rates between 0.05% ( 0.05 % ) and 0.15% ( 0.15 % ) per year based on the same pricing grid .', 'the facility is available to provide loans to us and certain of our subsidiaries for general corporate purposes .', 'on february 1 , 2010 , we paid the outstanding balance on our credit facility and the entire $ 1.0 billion credit line under this facility remains available for borrowing .', 'capital lease obligation in june 2010 , we entered into a sale-leaseback agreement to sell equipment totaling $ 32.2 million and leaseback the same equipment over a period of 43 months .', 'this transaction was classified as a capital lease obligation and recorded at fair value .', 'as of december 2 , 2011 , our capital lease obligations of $ 19.7 million includes $ 9.2 million of current debt .', 'table of contents adobe systems incorporated notes to consolidated financial statements ( continued ) .'] | -0.00536 | ADBE/2011/page_116.pdf-4 | ['note 17 .', 'debt our debt as of december 2 , 2011 and december 3 , 2010 consisted of the following ( in thousands ) : capital lease obligations total debt and capital lease obligations less : current portion debt and capital lease obligations $ 1494627 19681 1514308 $ 1505096 $ 1493969 28492 1522461 $ 1513662 in february 2010 , we issued $ 600.0 million of 3.25% ( 3.25 % ) senior notes due february 1 , 2015 ( the 201c2015 notes 201d ) and $ 900.0 million of 4.75% ( 4.75 % ) senior notes due february 1 , 2020 ( the 201c2020 notes 201d and , together with the 2015 notes , the 201cnotes 201d ) .', 'our proceeds were approximately $ 1.5 billion and were net of an issuance discount of $ 6.6 million .', 'the notes rank equally with our other unsecured and unsubordinated indebtedness .', 'in addition , we incurred issuance costs of approximately $ 10.7 million .', 'both the discount and issuance costs are being amortized to interest expense over the respective terms of the notes using the effective interest method .', 'the effective interest rate including the discount and issuance costs is 3.45% ( 3.45 % ) for the 2015 notes and 4.92% ( 4.92 % ) for the 2020 notes .', 'interest is payable semi-annually , in arrears , on february 1 and august 1 , commencing on august 1 , 2010 .', 'during fiscal 2011 interest payments totaled $ 62.3 million .', 'the proceeds from the notes are available for general corporate purposes , including repayment of any balance outstanding on our credit facility .', 'based on quoted market prices , the fair value of the notes was approximately $ 1.6 billion as of december 2 , 2011 .', 'we may redeem the notes at any time , subject to a make whole premium .', 'in addition , upon the occurrence of certain change of control triggering events , we may be required to repurchase the notes , at a price equal to 101% ( 101 % ) of their principal amount , plus accrued and unpaid interest to the date of repurchase .', 'the notes also include covenants that limit our ability to grant liens on assets and to enter into sale and leaseback transactions , subject to significant allowances .', 'as of december 2 , 2011 , we were in compliance with all of the covenants .', 'credit agreement in august 2007 , we entered into an amendment to our credit agreement dated february 2007 ( the 201camendment 201d ) , which increased the total senior unsecured revolving facility from $ 500.0 million to $ 1.0 billion .', 'the amendment also permits us to request one-year extensions effective on each anniversary of the closing date of the original agreement , subject to the majority consent of the lenders .', 'we also retain an option to request an additional $ 500.0 million in commitments , for a maximum aggregate facility of $ 1.5 billion .', 'in february 2008 , we entered into a second amendment to the credit agreement dated february 26 , 2008 , which extended the maturity date of the facility by one year to february 16 , 2013 .', 'the facility would terminate at this date if no additional extensions have been requested and granted .', 'all other terms and conditions remain the same .', 'the facility contains a financial covenant requiring us not to exceed a certain maximum leverage ratio .', 'at our option , borrowings under the facility accrue interest based on either the london interbank offered rate ( 201clibor 201d ) for one , two , three or six months , or longer periods with bank consent , plus a margin according to a pricing grid tied to this financial covenant , or a base rate .', 'the margin is set at rates between 0.20% ( 0.20 % ) and 0.475% ( 0.475 % ) .', 'commitment fees are payable on the facility at rates between 0.05% ( 0.05 % ) and 0.15% ( 0.15 % ) per year based on the same pricing grid .', 'the facility is available to provide loans to us and certain of our subsidiaries for general corporate purposes .', 'on february 1 , 2010 , we paid the outstanding balance on our credit facility and the entire $ 1.0 billion credit line under this facility remains available for borrowing .', 'capital lease obligation in june 2010 , we entered into a sale-leaseback agreement to sell equipment totaling $ 32.2 million and leaseback the same equipment over a period of 43 months .', 'this transaction was classified as a capital lease obligation and recorded at fair value .', 'as of december 2 , 2011 , our capital lease obligations of $ 19.7 million includes $ 9.2 million of current debt .', 'table of contents adobe systems incorporated notes to consolidated financial statements ( continued ) .'] | ['note 17 .', 'debt our debt as of december 2 , 2011 and december 3 , 2010 consisted of the following ( in thousands ) : capital lease obligations total debt and capital lease obligations less : current portion debt and capital lease obligations $ 1494627 19681 1514308 $ 1505096 $ 1493969 28492 1522461 $ 1513662 in february 2010 , we issued $ 600.0 million of 3.25% ( 3.25 % ) senior notes due february 1 , 2015 ( the 201c2015 notes 201d ) and $ 900.0 million of 4.75% ( 4.75 % ) senior notes due february 1 , 2020 ( the 201c2020 notes 201d and , together with the 2015 notes , the 201cnotes 201d ) .', 'our proceeds were approximately $ 1.5 billion and were net of an issuance discount of $ 6.6 million .', 'the notes rank equally with our other unsecured and unsubordinated indebtedness .', 'in addition , we incurred issuance costs of approximately $ 10.7 million .', 'both the discount and issuance costs are being amortized to interest expense over the respective terms of the notes using the effective interest method .', 'the effective interest rate including the discount and issuance costs is 3.45% ( 3.45 % ) for the 2015 notes and 4.92% ( 4.92 % ) for the 2020 notes .', 'interest is payable semi-annually , in arrears , on february 1 and august 1 , commencing on august 1 , 2010 .', 'during fiscal 2011 interest payments totaled $ 62.3 million .', 'the proceeds from the notes are available for general corporate purposes , including repayment of any balance outstanding on our credit facility .', 'based on quoted market prices , the fair value of the notes was approximately $ 1.6 billion as of december 2 , 2011 .', 'we may redeem the notes at any time , subject to a make whole premium .', 'in addition , upon the occurrence of certain change of control triggering events , we may be required to repurchase the notes , at a price equal to 101% ( 101 % ) of their principal amount , plus accrued and unpaid interest to the date of repurchase .', 'the notes also include covenants that limit our ability to grant liens on assets and to enter into sale and leaseback transactions , subject to significant allowances .', 'as of december 2 , 2011 , we were in compliance with all of the covenants .', 'credit agreement in august 2007 , we entered into an amendment to our credit agreement dated february 2007 ( the 201camendment 201d ) , which increased the total senior unsecured revolving facility from $ 500.0 million to $ 1.0 billion .', 'the amendment also permits us to request one-year extensions effective on each anniversary of the closing date of the original agreement , subject to the majority consent of the lenders .', 'we also retain an option to request an additional $ 500.0 million in commitments , for a maximum aggregate facility of $ 1.5 billion .', 'in february 2008 , we entered into a second amendment to the credit agreement dated february 26 , 2008 , which extended the maturity date of the facility by one year to february 16 , 2013 .', 'the facility would terminate at this date if no additional extensions have been requested and granted .', 'all other terms and conditions remain the same .', 'the facility contains a financial covenant requiring us not to exceed a certain maximum leverage ratio .', 'at our option , borrowings under the facility accrue interest based on either the london interbank offered rate ( 201clibor 201d ) for one , two , three or six months , or longer periods with bank consent , plus a margin according to a pricing grid tied to this financial covenant , or a base rate .', 'the margin is set at rates between 0.20% ( 0.20 % ) and 0.475% ( 0.475 % ) .', 'commitment fees are payable on the facility at rates between 0.05% ( 0.05 % ) and 0.15% ( 0.15 % ) per year based on the same pricing grid .', 'the facility is available to provide loans to us and certain of our subsidiaries for general corporate purposes .', 'on february 1 , 2010 , we paid the outstanding balance on our credit facility and the entire $ 1.0 billion credit line under this facility remains available for borrowing .', 'capital lease obligation in june 2010 , we entered into a sale-leaseback agreement to sell equipment totaling $ 32.2 million and leaseback the same equipment over a period of 43 months .', 'this transaction was classified as a capital lease obligation and recorded at fair value .', 'as of december 2 , 2011 , our capital lease obligations of $ 19.7 million includes $ 9.2 million of current debt .', 'table of contents adobe systems incorporated notes to consolidated financial statements ( continued ) .'] | ****************************************
| 2011 | 2010
----------|----------|----------
notes | $ 1494627 | $ 1493969
capital lease obligations | 19681 | 28492
total debt and capital lease obligations | 1514308 | 1522461
less : current portion | 9212 | 8799
debt and capital lease obligations | $ 1505096 | $ 1513662
**************************************** | subtract(1514308, 1522461), divide(#0, 1522461) | -0.00536 |
what was the percentage change in cash capital investments in track from 2004 to 2005? | Context: ['the table below details cash capital investments for the years ended december 31 , 2006 , 2005 , and 2004 .', 'millions of dollars 2006 2005 2004 .']
Data Table:
• millions of dollars, 2006, 2005, 2004
• track, $ 1487, $ 1472, $ 1328
• capacity and commercial facilities, 510, 509, 347
• locomotives and freight cars, 135, 98, 125
• other, 110, 90, 76
• total, $ 2242, $ 2169, $ 1876
Additional Information: ['in 2007 , we expect our total capital investments to be approximately $ 3.2 billion , which may include long- term leases .', 'these investments will be used to maintain track and structures , continue capacity expansions on our main lines in constrained corridors , remove bottlenecks , upgrade and augment equipment to better meet customer needs , build and improve facilities and terminals , and develop and implement new technologies .', 'we designed these investments to maintain infrastructure for safety , enhance customer service , promote growth , and improve operational fluidity .', 'we expect to fund our 2007 cash capital investments through cash generated from operations , the sale or lease of various operating and non-operating properties , and cash on hand at december 31 , 2006 .', 'we expect that these sources will continue to provide sufficient funds to meet our expected capital requirements for 2007 .', 'for the years ended december 31 , 2006 , 2005 , and 2004 , our ratio of earnings to fixed charges was 4.4 , 2.9 , and 2.1 , respectively .', 'the increases in 2006 and 2005 were driven by higher net income .', 'the ratio of earnings to fixed charges was computed on a consolidated basis .', 'earnings represent income from continuing operations , less equity earnings net of distributions , plus fixed charges and income taxes .', 'fixed charges represent interest charges , amortization of debt discount , and the estimated amount representing the interest portion of rental charges .', 'see exhibit 12 for the calculation of the ratio of earnings to fixed charges .', 'financing activities credit facilities 2013 on december 31 , 2006 , we had $ 2 billion in revolving credit facilities available , including $ 1 billion under a five-year facility expiring in march 2009 and $ 1 billion under a five-year facility expiring in march 2010 ( collectively , the "facilities" ) .', 'the facilities are designated for general corporate purposes and support the issuance of commercial paper .', 'neither of the facilities were drawn on in 2006 .', 'commitment fees and interest rates payable under the facilities are similar to fees and rates available to comparably rated investment-grade borrowers .', 'these facilities allow for borrowings at floating rates based on london interbank offered rates , plus a spread , depending upon our senior unsecured debt ratings .', 'the facilities require the maintenance of a minimum net worth and a debt to net worth coverage ratio .', 'at december 31 , 2006 , we were in compliance with these covenants .', 'the facilities do not include any other financial restrictions , credit rating triggers ( other than rating-dependent pricing ) , or any other provision that could require the posting of collateral .', 'in addition to our revolving credit facilities , we had $ 150 million in uncommitted lines of credit available , including $ 75 million that expires in march 2007 and $ 75 million expiring in may 2007 .', 'neither of these lines of credit were used as of december 31 , 2006 .', 'we must have equivalent credit available under our five-year facilities to draw on these $ 75 million lines .', 'dividends 2013 on january 30 , 2007 , we increased the quarterly dividend to $ 0.35 per share , payable beginning on april 2 , 2007 , to shareholders of record on february 28 , 2007 .', 'we expect to fund the increase in the quarterly dividend through cash generated from operations , the sale or lease of various operating and non-operating properties , and cash on hand at december 31 , 2006 .', 'dividend restrictions 2013 we are subject to certain restrictions related to the payment of cash dividends to our shareholders due to minimum net worth requirements under our credit facilities .', 'retained earnings available .'] | 0.10843 | UNP/2006/page_37.pdf-3 | ['the table below details cash capital investments for the years ended december 31 , 2006 , 2005 , and 2004 .', 'millions of dollars 2006 2005 2004 .'] | ['in 2007 , we expect our total capital investments to be approximately $ 3.2 billion , which may include long- term leases .', 'these investments will be used to maintain track and structures , continue capacity expansions on our main lines in constrained corridors , remove bottlenecks , upgrade and augment equipment to better meet customer needs , build and improve facilities and terminals , and develop and implement new technologies .', 'we designed these investments to maintain infrastructure for safety , enhance customer service , promote growth , and improve operational fluidity .', 'we expect to fund our 2007 cash capital investments through cash generated from operations , the sale or lease of various operating and non-operating properties , and cash on hand at december 31 , 2006 .', 'we expect that these sources will continue to provide sufficient funds to meet our expected capital requirements for 2007 .', 'for the years ended december 31 , 2006 , 2005 , and 2004 , our ratio of earnings to fixed charges was 4.4 , 2.9 , and 2.1 , respectively .', 'the increases in 2006 and 2005 were driven by higher net income .', 'the ratio of earnings to fixed charges was computed on a consolidated basis .', 'earnings represent income from continuing operations , less equity earnings net of distributions , plus fixed charges and income taxes .', 'fixed charges represent interest charges , amortization of debt discount , and the estimated amount representing the interest portion of rental charges .', 'see exhibit 12 for the calculation of the ratio of earnings to fixed charges .', 'financing activities credit facilities 2013 on december 31 , 2006 , we had $ 2 billion in revolving credit facilities available , including $ 1 billion under a five-year facility expiring in march 2009 and $ 1 billion under a five-year facility expiring in march 2010 ( collectively , the "facilities" ) .', 'the facilities are designated for general corporate purposes and support the issuance of commercial paper .', 'neither of the facilities were drawn on in 2006 .', 'commitment fees and interest rates payable under the facilities are similar to fees and rates available to comparably rated investment-grade borrowers .', 'these facilities allow for borrowings at floating rates based on london interbank offered rates , plus a spread , depending upon our senior unsecured debt ratings .', 'the facilities require the maintenance of a minimum net worth and a debt to net worth coverage ratio .', 'at december 31 , 2006 , we were in compliance with these covenants .', 'the facilities do not include any other financial restrictions , credit rating triggers ( other than rating-dependent pricing ) , or any other provision that could require the posting of collateral .', 'in addition to our revolving credit facilities , we had $ 150 million in uncommitted lines of credit available , including $ 75 million that expires in march 2007 and $ 75 million expiring in may 2007 .', 'neither of these lines of credit were used as of december 31 , 2006 .', 'we must have equivalent credit available under our five-year facilities to draw on these $ 75 million lines .', 'dividends 2013 on january 30 , 2007 , we increased the quarterly dividend to $ 0.35 per share , payable beginning on april 2 , 2007 , to shareholders of record on february 28 , 2007 .', 'we expect to fund the increase in the quarterly dividend through cash generated from operations , the sale or lease of various operating and non-operating properties , and cash on hand at december 31 , 2006 .', 'dividend restrictions 2013 we are subject to certain restrictions related to the payment of cash dividends to our shareholders due to minimum net worth requirements under our credit facilities .', 'retained earnings available .'] | • millions of dollars, 2006, 2005, 2004
• track, $ 1487, $ 1472, $ 1328
• capacity and commercial facilities, 510, 509, 347
• locomotives and freight cars, 135, 98, 125
• other, 110, 90, 76
• total, $ 2242, $ 2169, $ 1876 | subtract(1472, 1328), divide(#0, 1328) | 0.10843 |
how many federal examinations were concluded in february 2015? | Context: ['cash payments for federal , state , and foreign income taxes were $ 238.3 million , $ 189.5 million , and $ 90.7 million for the years ended december 31 , 2015 , 2014 , and 2013 , respectively .', 'the following table summarizes the changes related to pca 2019s gross unrecognized tax benefits excluding interest and penalties ( dollars in millions ) : .']
----
Data Table:
========================================
• , 2015, 2014, 2013
• balance as of january 1, $ -4.4 ( 4.4 ), $ -5.4 ( 5.4 ), $ -111.3 ( 111.3 )
• increase related to acquisition of boise inc . ( a ), 2014, 2014, -65.2 ( 65.2 )
• increases related to prior years 2019 tax positions, -2.8 ( 2.8 ), -1.0 ( 1.0 ), -0.1 ( 0.1 )
• increases related to current year tax positions, -0.4 ( 0.4 ), -0.3 ( 0.3 ), -1.5 ( 1.5 )
• decreases related to prior years' tax positions ( b ), 2014, 0.9, 64.8
• settlements with taxing authorities ( c ), 0.7, 0.5, 106.2
• expiration of the statute of limitations, 1.1, 0.9, 1.7
• balance at december 31, $ -5.8 ( 5.8 ), $ -4.4 ( 4.4 ), $ -5.4 ( 5.4 )
========================================
----
Follow-up: ['( a ) in 2013 , pca acquired $ 65.2 million of gross unrecognized tax benefits from boise inc .', 'that related primarily to the taxability of the alternative energy tax credits .', '( b ) the 2013 amount includes a $ 64.3 million gross decrease related to the taxability of the alternative energy tax credits claimed in 2009 excise tax returns by boise inc .', 'for further discussion regarding these credits , see note 7 , alternative energy tax credits .', '( c ) the 2013 amount includes a $ 104.7 million gross decrease related to the conclusion of the internal revenue service audit of pca 2019s alternative energy tax credits .', 'for further discussion regarding these credits , see note 7 , alternative energy tax credits .', 'at december 31 , 2015 , pca had recorded a $ 5.8 million gross reserve for unrecognized tax benefits , excluding interest and penalties .', 'of the total , $ 4.2 million ( net of the federal benefit for state taxes ) would impact the effective tax rate if recognized .', 'pca recognizes interest accrued related to unrecognized tax benefits and penalties as income tax expense .', 'at december 31 , 2015 and 2014 , we had an insignificant amount of interest and penalties recorded for unrecognized tax benefits included in the table above .', 'pca does not expect the unrecognized tax benefits to change significantly over the next 12 months .', 'pca is subject to taxation in the united states and various state and foreign jurisdictions .', 'a federal examination of the tax years 2010 2014 2012 was concluded in february 2015 .', 'a federal examination of the 2013 tax year began in october 2015 .', 'the tax years 2014 2014 2015 remain open to federal examination .', 'the tax years 2011 2014 2015 remain open to state examinations .', 'some foreign tax jurisdictions are open to examination for the 2008 tax year forward .', 'through the boise acquisition , pca recorded net operating losses and credit carryforwards from 2008 through 2011 and 2013 that are subject to examinations and adjustments for at least three years following the year in which utilized .', '7 .', 'alternative energy tax credits the company generates black liquor as a by-product of its pulp manufacturing process , which entitled it to certain federal income tax credits .', 'when black liquor is mixed with diesel , it is considered an alternative fuel that was eligible for a $ 0.50 per gallon refundable alternative energy tax credit for gallons produced before december 31 , 2009 .', 'black liquor was also eligible for a $ 1.01 per gallon taxable cellulosic biofuel producer credit for gallons of black liquor produced and used in 2009 .', 'in 2013 , we reversed $ 166.0 million of a reserve for unrecognized tax benefits for alternative energy tax credits as a benefit to income taxes .', 'approximately $ 103.9 million ( $ 102.0 million of tax , net of the federal benefit for state taxes , plus $ 1.9 million of accrued interest ) of the reversal is due to the completion of the irs .'] | 2.0 | PKG/2015/page_62.pdf-4 | ['cash payments for federal , state , and foreign income taxes were $ 238.3 million , $ 189.5 million , and $ 90.7 million for the years ended december 31 , 2015 , 2014 , and 2013 , respectively .', 'the following table summarizes the changes related to pca 2019s gross unrecognized tax benefits excluding interest and penalties ( dollars in millions ) : .'] | ['( a ) in 2013 , pca acquired $ 65.2 million of gross unrecognized tax benefits from boise inc .', 'that related primarily to the taxability of the alternative energy tax credits .', '( b ) the 2013 amount includes a $ 64.3 million gross decrease related to the taxability of the alternative energy tax credits claimed in 2009 excise tax returns by boise inc .', 'for further discussion regarding these credits , see note 7 , alternative energy tax credits .', '( c ) the 2013 amount includes a $ 104.7 million gross decrease related to the conclusion of the internal revenue service audit of pca 2019s alternative energy tax credits .', 'for further discussion regarding these credits , see note 7 , alternative energy tax credits .', 'at december 31 , 2015 , pca had recorded a $ 5.8 million gross reserve for unrecognized tax benefits , excluding interest and penalties .', 'of the total , $ 4.2 million ( net of the federal benefit for state taxes ) would impact the effective tax rate if recognized .', 'pca recognizes interest accrued related to unrecognized tax benefits and penalties as income tax expense .', 'at december 31 , 2015 and 2014 , we had an insignificant amount of interest and penalties recorded for unrecognized tax benefits included in the table above .', 'pca does not expect the unrecognized tax benefits to change significantly over the next 12 months .', 'pca is subject to taxation in the united states and various state and foreign jurisdictions .', 'a federal examination of the tax years 2010 2014 2012 was concluded in february 2015 .', 'a federal examination of the 2013 tax year began in october 2015 .', 'the tax years 2014 2014 2015 remain open to federal examination .', 'the tax years 2011 2014 2015 remain open to state examinations .', 'some foreign tax jurisdictions are open to examination for the 2008 tax year forward .', 'through the boise acquisition , pca recorded net operating losses and credit carryforwards from 2008 through 2011 and 2013 that are subject to examinations and adjustments for at least three years following the year in which utilized .', '7 .', 'alternative energy tax credits the company generates black liquor as a by-product of its pulp manufacturing process , which entitled it to certain federal income tax credits .', 'when black liquor is mixed with diesel , it is considered an alternative fuel that was eligible for a $ 0.50 per gallon refundable alternative energy tax credit for gallons produced before december 31 , 2009 .', 'black liquor was also eligible for a $ 1.01 per gallon taxable cellulosic biofuel producer credit for gallons of black liquor produced and used in 2009 .', 'in 2013 , we reversed $ 166.0 million of a reserve for unrecognized tax benefits for alternative energy tax credits as a benefit to income taxes .', 'approximately $ 103.9 million ( $ 102.0 million of tax , net of the federal benefit for state taxes , plus $ 1.9 million of accrued interest ) of the reversal is due to the completion of the irs .'] | ========================================
• , 2015, 2014, 2013
• balance as of january 1, $ -4.4 ( 4.4 ), $ -5.4 ( 5.4 ), $ -111.3 ( 111.3 )
• increase related to acquisition of boise inc . ( a ), 2014, 2014, -65.2 ( 65.2 )
• increases related to prior years 2019 tax positions, -2.8 ( 2.8 ), -1.0 ( 1.0 ), -0.1 ( 0.1 )
• increases related to current year tax positions, -0.4 ( 0.4 ), -0.3 ( 0.3 ), -1.5 ( 1.5 )
• decreases related to prior years' tax positions ( b ), 2014, 0.9, 64.8
• settlements with taxing authorities ( c ), 0.7, 0.5, 106.2
• expiration of the statute of limitations, 1.1, 0.9, 1.7
• balance at december 31, $ -5.8 ( 5.8 ), $ -4.4 ( 4.4 ), $ -5.4 ( 5.4 )
======================================== | subtract(2012, 2010) | 2.0 |
what is the balance of class a common stock as a percentage of class b common stock? | Pre-text: ['baker hughes , a ge company notes to consolidated and combined financial statements bhge 2017 form 10-k | 85 the total intrinsic value of rsus ( defined as the value of the shares awarded at the current market price ) vested and outstanding in 2017 was $ 17 million and $ 38 million , respectively .', 'the total fair value of rsus vested in 2017 was $ 19 million .', 'as of december 31 , 2017 , there was $ 98 million of total unrecognized compensation cost related to unvested rsus , which is expected to be recognized over a weighted average period of 2.5 years .', 'note 12 .', 'equity common stock we are authorized to issue 2 billion shares of class a common stock , 1.25 billion shares of class b common stock and 50 million shares of preferred stock each of which have a par value of $ 0.0001 per share .', 'on july 3 , 2017 , each share of baker hughes common stock was converted into one share of class a common stock in the company .', 'the number of class a common stock and class b common stock shares outstanding at december 31 , 2017 is 422 million and 707 million , respectively .', 'we have not issued any preferred stock .', 'ge owns all the issued and outstanding class b common stock .', 'each share of class a and class b common stock and the associated membership interest in bhge llc form a paired interest .', 'while each share of class b common stock has equal voting rights to a share of class a common stock , it has no economic rights , meaning holders of class b common stock have no right to dividends and any assets in the event of liquidation of the company .', "former baker hughes stockholders immediately after the completion of the transactions received a special one-time cash dividend of $ 17.50 per share paid by the company to holders of record of the company's class a common stock .", "in addition , during 2017 the company declared and paid regular dividends of $ 0.17 per share and $ 0.18 per share to holders of record of the company's class a common stock during the quarters ended september 30 , 2017 and december 31 , 2017 , respectively .", 'the following table presents the changes in number of shares outstanding ( in thousands ) : class a common class b common .']
Table:
****************************************
• , class a common stock, class b common stock
• balance at december 31 2016, 2014, 2014
• issue of shares on business combination at july 3 2017, 427709, 717111
• issue of shares upon vesting of restricted stock units ( 1 ), 290, 2014
• issue of shares on exercises of stock options ( 1 ), 256, 2014
• stock repurchase program ( 2 ) ( 3 ), -6047 ( 6047 ), -10126 ( 10126 )
• balance at december 31 2017, 422208, 706985
****************************************
Additional Information: ["( 1 ) share amounts reflected above are net of shares withheld to satisfy the employee's tax withholding obligation .", '( 2 ) on november 2 , 2017 , our board of directors authorized bhge llc to repurchase up to $ 3 billion of its common units from the company and ge .', 'the proceeds of this repurchase are to be used by bhge to repurchase class a common stock of the company on the open market , which if fully implemented would result in the repurchase of approximately $ 1.1 billion of class a common stock .', 'the class b common stock of the company , that is paired with repurchased common units , was repurchased by the company at par value .', 'the $ 3 billion repurchase authorization is the aggregate authorization for repurchases of class a and class b common stock together with its paired unit .', 'bhge llc had authorization remaining to repurchase up to approximately $ 2.5 billion of its common units from bhge and ge at december 31 , 2017 .', '( 3 ) during 2017 , we repurchased and canceled 6046735 shares of class a common stock for a total of $ 187 million .', 'we also repurchased and canceled 10126467 shares of class b common stock from ge which is paired together with common units of bhge llc for $ 314 million. .'] | 0.5972 | BKR/2017/page_105.pdf-1 | ['baker hughes , a ge company notes to consolidated and combined financial statements bhge 2017 form 10-k | 85 the total intrinsic value of rsus ( defined as the value of the shares awarded at the current market price ) vested and outstanding in 2017 was $ 17 million and $ 38 million , respectively .', 'the total fair value of rsus vested in 2017 was $ 19 million .', 'as of december 31 , 2017 , there was $ 98 million of total unrecognized compensation cost related to unvested rsus , which is expected to be recognized over a weighted average period of 2.5 years .', 'note 12 .', 'equity common stock we are authorized to issue 2 billion shares of class a common stock , 1.25 billion shares of class b common stock and 50 million shares of preferred stock each of which have a par value of $ 0.0001 per share .', 'on july 3 , 2017 , each share of baker hughes common stock was converted into one share of class a common stock in the company .', 'the number of class a common stock and class b common stock shares outstanding at december 31 , 2017 is 422 million and 707 million , respectively .', 'we have not issued any preferred stock .', 'ge owns all the issued and outstanding class b common stock .', 'each share of class a and class b common stock and the associated membership interest in bhge llc form a paired interest .', 'while each share of class b common stock has equal voting rights to a share of class a common stock , it has no economic rights , meaning holders of class b common stock have no right to dividends and any assets in the event of liquidation of the company .', "former baker hughes stockholders immediately after the completion of the transactions received a special one-time cash dividend of $ 17.50 per share paid by the company to holders of record of the company's class a common stock .", "in addition , during 2017 the company declared and paid regular dividends of $ 0.17 per share and $ 0.18 per share to holders of record of the company's class a common stock during the quarters ended september 30 , 2017 and december 31 , 2017 , respectively .", 'the following table presents the changes in number of shares outstanding ( in thousands ) : class a common class b common .'] | ["( 1 ) share amounts reflected above are net of shares withheld to satisfy the employee's tax withholding obligation .", '( 2 ) on november 2 , 2017 , our board of directors authorized bhge llc to repurchase up to $ 3 billion of its common units from the company and ge .', 'the proceeds of this repurchase are to be used by bhge to repurchase class a common stock of the company on the open market , which if fully implemented would result in the repurchase of approximately $ 1.1 billion of class a common stock .', 'the class b common stock of the company , that is paired with repurchased common units , was repurchased by the company at par value .', 'the $ 3 billion repurchase authorization is the aggregate authorization for repurchases of class a and class b common stock together with its paired unit .', 'bhge llc had authorization remaining to repurchase up to approximately $ 2.5 billion of its common units from bhge and ge at december 31 , 2017 .', '( 3 ) during 2017 , we repurchased and canceled 6046735 shares of class a common stock for a total of $ 187 million .', 'we also repurchased and canceled 10126467 shares of class b common stock from ge which is paired together with common units of bhge llc for $ 314 million. .'] | ****************************************
• , class a common stock, class b common stock
• balance at december 31 2016, 2014, 2014
• issue of shares on business combination at july 3 2017, 427709, 717111
• issue of shares upon vesting of restricted stock units ( 1 ), 290, 2014
• issue of shares on exercises of stock options ( 1 ), 256, 2014
• stock repurchase program ( 2 ) ( 3 ), -6047 ( 6047 ), -10126 ( 10126 )
• balance at december 31 2017, 422208, 706985
**************************************** | divide(422208, 706985) | 0.5972 |
considering the years 2011-2013 , what is the average value of settlements? | Background: ['a reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows: .']
Data Table:
----------------------------------------
2013 2012 2011
balance january 1 $ 4425 $ 4277 $ 4919
additions related to current year positions 320 496 695
additions related to prior year positions 177 58 145
reductions for tax positions of prior years ( 1 ) -747 ( 747 ) -320 ( 320 ) -1223 ( 1223 )
settlements -603 ( 603 ) -67 ( 67 ) -259 ( 259 )
lapse of statute of limitations -69 ( 69 ) -19 ( 19 ) 2014
balance december 31 $ 3503 $ 4425 $ 4277
----------------------------------------
Additional Information: ['( 1 ) amounts reflect the settlements with the irs and cra as discussed below .', 'if the company were to recognize the unrecognized tax benefits of $ 3.5 billion at december 31 , 2013 , the income tax provision would reflect a favorable net impact of $ 3.3 billion .', 'the company is under examination by numerous tax authorities in various jurisdictions globally .', 'the company believes that it is reasonably possible that the total amount of unrecognized tax benefits as of december 31 , 2013 could decrease by up to $ 128 million in the next 12 months as a result of various audit closures , settlements or the expiration of the statute of limitations .', 'the ultimate finalization of the company 2019s examinations with relevant taxing authorities can include formal administrative and legal proceedings , which could have a significant impact on the timing of the reversal of unrecognized tax benefits .', 'the company believes that its reserves for uncertain tax positions are adequate to cover existing risks or exposures .', 'interest and penalties associated with uncertain tax positions amounted to a benefit of $ 319 million in 2013 , $ 88 million in 2012 and $ 95 million in 2011 .', 'these amounts reflect the beneficial impacts of various tax settlements , including those discussed below .', 'liabilities for accrued interest and penalties were $ 665 million and $ 1.2 billion as of december 31 , 2013 and 2012 , respectively .', 'in 2013 , the internal revenue service ( 201cirs 201d ) finalized its examination of schering-plough 2019s 2007-2009 tax years .', 'the company 2019s unrecognized tax benefits for the years under examination exceeded the adjustments related to this examination period and therefore the company recorded a net $ 165 million tax provision benefit in 2013 .', 'in 2010 , the irs finalized its examination of schering-plough 2019s 2003-2006 tax years .', 'in this audit cycle , the company reached an agreement with the irs on an adjustment to income related to intercompany pricing matters .', 'this income adjustment mostly reduced nols and other tax credit carryforwards .', 'the company 2019s reserves for uncertain tax positions were adequate to cover all adjustments related to this examination period .', 'additionally , as previously disclosed , the company was seeking resolution of one issue raised during this examination through the irs administrative appeals process .', 'in 2013 , the company recorded an out-of-period net tax benefit of $ 160 million related to this issue , which was settled in the fourth quarter of 2012 , with final resolution relating to interest owed being reached in the first quarter of 2013 .', 'the company 2019s unrecognized tax benefits related to this issue exceeded the settlement amount .', 'management has concluded that the exclusion of this benefit is not material to current or prior year financial statements .', 'as previously disclosed , the canada revenue agency ( the 201ccra 201d ) had proposed adjustments for 1999 and 2000 relating to intercompany pricing matters and , in july 2011 , the cra issued assessments for other miscellaneous audit issues for tax years 2001-2004 .', 'in 2012 , merck and the cra reached a settlement for these years that calls for merck to pay additional canadian tax of approximately $ 65 million .', 'the company 2019s unrecognized tax benefits related to these matters exceeded the settlement amount and therefore the company recorded a net $ 112 million tax provision benefit in 2012 .', 'a portion of the taxes paid is expected to be creditable for u.s .', 'tax purposes .', 'the company had previously established reserves for these matters .', 'the resolution of these matters did not have a material effect on the company 2019s results of operations , financial position or liquidity .', 'in 2011 , the irs concluded its examination of merck 2019s 2002-2005 federal income tax returns and as a result the company was required to make net payments of approximately $ 465 million .', 'the company 2019s unrecognized tax benefits for the years under examination exceeded the adjustments related to this examination period and therefore the company recorded a net $ 700 million tax provision benefit in 2011 .', 'this net benefit reflects the decrease of unrecognized tax benefits for the years under examination partially offset by increases to unrecognized tax benefits for years subsequent table of contents .'] | -309.66667 | MRK/2013/page_125.pdf-2 | ['a reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows: .'] | ['( 1 ) amounts reflect the settlements with the irs and cra as discussed below .', 'if the company were to recognize the unrecognized tax benefits of $ 3.5 billion at december 31 , 2013 , the income tax provision would reflect a favorable net impact of $ 3.3 billion .', 'the company is under examination by numerous tax authorities in various jurisdictions globally .', 'the company believes that it is reasonably possible that the total amount of unrecognized tax benefits as of december 31 , 2013 could decrease by up to $ 128 million in the next 12 months as a result of various audit closures , settlements or the expiration of the statute of limitations .', 'the ultimate finalization of the company 2019s examinations with relevant taxing authorities can include formal administrative and legal proceedings , which could have a significant impact on the timing of the reversal of unrecognized tax benefits .', 'the company believes that its reserves for uncertain tax positions are adequate to cover existing risks or exposures .', 'interest and penalties associated with uncertain tax positions amounted to a benefit of $ 319 million in 2013 , $ 88 million in 2012 and $ 95 million in 2011 .', 'these amounts reflect the beneficial impacts of various tax settlements , including those discussed below .', 'liabilities for accrued interest and penalties were $ 665 million and $ 1.2 billion as of december 31 , 2013 and 2012 , respectively .', 'in 2013 , the internal revenue service ( 201cirs 201d ) finalized its examination of schering-plough 2019s 2007-2009 tax years .', 'the company 2019s unrecognized tax benefits for the years under examination exceeded the adjustments related to this examination period and therefore the company recorded a net $ 165 million tax provision benefit in 2013 .', 'in 2010 , the irs finalized its examination of schering-plough 2019s 2003-2006 tax years .', 'in this audit cycle , the company reached an agreement with the irs on an adjustment to income related to intercompany pricing matters .', 'this income adjustment mostly reduced nols and other tax credit carryforwards .', 'the company 2019s reserves for uncertain tax positions were adequate to cover all adjustments related to this examination period .', 'additionally , as previously disclosed , the company was seeking resolution of one issue raised during this examination through the irs administrative appeals process .', 'in 2013 , the company recorded an out-of-period net tax benefit of $ 160 million related to this issue , which was settled in the fourth quarter of 2012 , with final resolution relating to interest owed being reached in the first quarter of 2013 .', 'the company 2019s unrecognized tax benefits related to this issue exceeded the settlement amount .', 'management has concluded that the exclusion of this benefit is not material to current or prior year financial statements .', 'as previously disclosed , the canada revenue agency ( the 201ccra 201d ) had proposed adjustments for 1999 and 2000 relating to intercompany pricing matters and , in july 2011 , the cra issued assessments for other miscellaneous audit issues for tax years 2001-2004 .', 'in 2012 , merck and the cra reached a settlement for these years that calls for merck to pay additional canadian tax of approximately $ 65 million .', 'the company 2019s unrecognized tax benefits related to these matters exceeded the settlement amount and therefore the company recorded a net $ 112 million tax provision benefit in 2012 .', 'a portion of the taxes paid is expected to be creditable for u.s .', 'tax purposes .', 'the company had previously established reserves for these matters .', 'the resolution of these matters did not have a material effect on the company 2019s results of operations , financial position or liquidity .', 'in 2011 , the irs concluded its examination of merck 2019s 2002-2005 federal income tax returns and as a result the company was required to make net payments of approximately $ 465 million .', 'the company 2019s unrecognized tax benefits for the years under examination exceeded the adjustments related to this examination period and therefore the company recorded a net $ 700 million tax provision benefit in 2011 .', 'this net benefit reflects the decrease of unrecognized tax benefits for the years under examination partially offset by increases to unrecognized tax benefits for years subsequent table of contents .'] | ----------------------------------------
2013 2012 2011
balance january 1 $ 4425 $ 4277 $ 4919
additions related to current year positions 320 496 695
additions related to prior year positions 177 58 145
reductions for tax positions of prior years ( 1 ) -747 ( 747 ) -320 ( 320 ) -1223 ( 1223 )
settlements -603 ( 603 ) -67 ( 67 ) -259 ( 259 )
lapse of statute of limitations -69 ( 69 ) -19 ( 19 ) 2014
balance december 31 $ 3503 $ 4425 $ 4277
---------------------------------------- | table_average(settlements, none) | -309.66667 |
what portion of the minimum future commitments is due in the next 12 months? | Context: ['on november 18 , 2014 , the company entered into a collateralized reinsurance agreement with kilimanjaro to provide the company with catastrophe reinsurance coverage .', 'this agreement is a multi-year reinsurance contract which covers specified earthquake events .', 'the agreement provides up to $ 500000 thousand of reinsurance coverage from earthquakes in the united states , puerto rico and canada .', 'on december 1 , 2015 the company entered into two collateralized reinsurance agreements with kilimanjaro re to provide the company with catastrophe reinsurance coverage .', 'these agreements are multi-year reinsurance contracts which cover named storm and earthquake events .', 'the first agreement provides up to $ 300000 thousand of reinsurance coverage from named storms and earthquakes in the united states , puerto rico and canada .', 'the second agreement provides up to $ 325000 thousand of reinsurance coverage from named storms and earthquakes in the united states , puerto rico and canada .', 'on april 13 , 2017 the company entered into six collateralized reinsurance agreements with kilimanjaro to provide the company with annual aggregate catastrophe reinsurance coverage .', 'the initial three agreements are four year reinsurance contracts which cover named storm and earthquake events .', 'these agreements provide up to $ 225000 thousand , $ 400000 thousand and $ 325000 thousand , respectively , of annual aggregate reinsurance coverage from named storms and earthquakes in the united states , puerto rico and canada .', 'the subsequent three agreements are five year reinsurance contracts which cover named storm and earthquake events .', 'these agreements provide up to $ 50000 thousand , $ 75000 thousand and $ 175000 thousand , respectively , of annual aggregate reinsurance coverage from named storms and earthquakes in the united states , puerto rico and canada .', 'recoveries under these collateralized reinsurance agreements with kilimanjaro are primarily dependent on estimated industry level insured losses from covered events , as well as , the geographic location of the events .', 'the estimated industry level of insured losses is obtained from published estimates by an independent recognized authority on insured property losses .', 'as of december 31 , 2017 , none of the published insured loss estimates for the 2017 catastrophe events have exceeded the single event retentions under the terms of the agreements that would result in a recovery .', 'in addition , the aggregation of the to-date published insured loss estimates for the 2017 covered events have not exceeded the aggregated retentions for recovery .', 'however , if the published estimates for insured losses for the covered 2017 events increase , the aggregate losses may exceed the aggregate event retentions under the agreements , resulting in a recovery .', 'kilimanjaro has financed the various property catastrophe reinsurance coverages by issuing catastrophe bonds to unrelated , external investors .', 'on april 24 , 2014 , kilimanjaro issued $ 450000 thousand of notes ( 201cseries 2014-1 notes 201d ) .', 'on november 18 , 2014 , kilimanjaro issued $ 500000 thousand of notes ( 201cseries 2014-2 notes 201d ) .', 'on december 1 , 2015 , kilimanjaro issued $ 625000 thousand of notes ( 201cseries 2015-1 notes ) .', 'on april 13 , 2017 , kilimanjaro issued $ 950000 thousand of notes ( 201cseries 2017-1 notes ) and $ 300000 thousand of notes ( 201cseries 2017-2 notes ) .', 'the proceeds from the issuance of the notes listed above are held in reinsurance trust throughout the duration of the applicable reinsurance agreements and invested solely in us government money market funds with a rating of at least 201caaam 201d by standard & poor 2019s .', '9 .', 'operating lease agreements the future minimum rental commitments , exclusive of cost escalation clauses , at december 31 , 2017 , for all of the company 2019s operating leases with remaining non-cancelable terms in excess of one year are as follows : ( dollars in thousands ) .']
----------
Table:
****************************************
Row 1: 2018, $ 16990
Row 2: 2019, 17964
Row 3: 2020, 17115
Row 4: 2021, 8035
Row 5: 2022, 7669
Row 6: thereafter, 24668
Row 7: net commitments, $ 92440
Row 8: ( some amounts may not reconcile due to rounding. ),
****************************************
----------
Follow-up: ['.'] | 0.18379 | RE/2017/page_145.pdf-3 | ['on november 18 , 2014 , the company entered into a collateralized reinsurance agreement with kilimanjaro to provide the company with catastrophe reinsurance coverage .', 'this agreement is a multi-year reinsurance contract which covers specified earthquake events .', 'the agreement provides up to $ 500000 thousand of reinsurance coverage from earthquakes in the united states , puerto rico and canada .', 'on december 1 , 2015 the company entered into two collateralized reinsurance agreements with kilimanjaro re to provide the company with catastrophe reinsurance coverage .', 'these agreements are multi-year reinsurance contracts which cover named storm and earthquake events .', 'the first agreement provides up to $ 300000 thousand of reinsurance coverage from named storms and earthquakes in the united states , puerto rico and canada .', 'the second agreement provides up to $ 325000 thousand of reinsurance coverage from named storms and earthquakes in the united states , puerto rico and canada .', 'on april 13 , 2017 the company entered into six collateralized reinsurance agreements with kilimanjaro to provide the company with annual aggregate catastrophe reinsurance coverage .', 'the initial three agreements are four year reinsurance contracts which cover named storm and earthquake events .', 'these agreements provide up to $ 225000 thousand , $ 400000 thousand and $ 325000 thousand , respectively , of annual aggregate reinsurance coverage from named storms and earthquakes in the united states , puerto rico and canada .', 'the subsequent three agreements are five year reinsurance contracts which cover named storm and earthquake events .', 'these agreements provide up to $ 50000 thousand , $ 75000 thousand and $ 175000 thousand , respectively , of annual aggregate reinsurance coverage from named storms and earthquakes in the united states , puerto rico and canada .', 'recoveries under these collateralized reinsurance agreements with kilimanjaro are primarily dependent on estimated industry level insured losses from covered events , as well as , the geographic location of the events .', 'the estimated industry level of insured losses is obtained from published estimates by an independent recognized authority on insured property losses .', 'as of december 31 , 2017 , none of the published insured loss estimates for the 2017 catastrophe events have exceeded the single event retentions under the terms of the agreements that would result in a recovery .', 'in addition , the aggregation of the to-date published insured loss estimates for the 2017 covered events have not exceeded the aggregated retentions for recovery .', 'however , if the published estimates for insured losses for the covered 2017 events increase , the aggregate losses may exceed the aggregate event retentions under the agreements , resulting in a recovery .', 'kilimanjaro has financed the various property catastrophe reinsurance coverages by issuing catastrophe bonds to unrelated , external investors .', 'on april 24 , 2014 , kilimanjaro issued $ 450000 thousand of notes ( 201cseries 2014-1 notes 201d ) .', 'on november 18 , 2014 , kilimanjaro issued $ 500000 thousand of notes ( 201cseries 2014-2 notes 201d ) .', 'on december 1 , 2015 , kilimanjaro issued $ 625000 thousand of notes ( 201cseries 2015-1 notes ) .', 'on april 13 , 2017 , kilimanjaro issued $ 950000 thousand of notes ( 201cseries 2017-1 notes ) and $ 300000 thousand of notes ( 201cseries 2017-2 notes ) .', 'the proceeds from the issuance of the notes listed above are held in reinsurance trust throughout the duration of the applicable reinsurance agreements and invested solely in us government money market funds with a rating of at least 201caaam 201d by standard & poor 2019s .', '9 .', 'operating lease agreements the future minimum rental commitments , exclusive of cost escalation clauses , at december 31 , 2017 , for all of the company 2019s operating leases with remaining non-cancelable terms in excess of one year are as follows : ( dollars in thousands ) .'] | ['.'] | ****************************************
Row 1: 2018, $ 16990
Row 2: 2019, 17964
Row 3: 2020, 17115
Row 4: 2021, 8035
Row 5: 2022, 7669
Row 6: thereafter, 24668
Row 7: net commitments, $ 92440
Row 8: ( some amounts may not reconcile due to rounding. ),
**************************************** | divide(16990, 92440) | 0.18379 |
for miscellaneous receivables and other assets , what was the percentage that represented assets related to the firm 2019s reinsurance business which were classified as held for sale as of december 2012? | Context: ['notes to consolidated financial statements note 12 .', 'other assets other assets are generally less liquid , non-financial assets .', 'the table below presents other assets by type. .']
Table:
----------------------------------------
in millions as of december 2012 as of december 2011
property leasehold improvements andequipment1 $ 8217 $ 8697
goodwill and identifiable intangibleassets2 5099 5468
income tax-related assets3 5620 5017
equity-method investments4 453 664
miscellaneous receivables and other5 20234 3306
total $ 39623 $ 23152
----------------------------------------
Follow-up: ['1 .', 'net of accumulated depreciation and amortization of $ 9.05 billion and $ 8.46 billion as of december 2012 and december 2011 , respectively .', '2 .', 'includes $ 149 million of intangible assets classified as held for sale .', 'see note 13 for further information about goodwill and identifiable intangible assets .', '3 .', 'see note 24 for further information about income taxes .', '4 .', 'excludes investments accounted for at fair value under the fair value option where the firm would otherwise apply the equity method of accounting of $ 5.54 billion and $ 4.17 billion as of december 2012 and december 2011 , respectively , which are included in 201cfinancial instruments owned , at fair value . 201d the firm has generally elected the fair value option for such investments acquired after the fair value option became available .', '5 .', 'includes $ 16.77 billion of assets related to the firm 2019s reinsurance business which were classified as held for sale as of december 2012 .', 'assets held for sale in the fourth quarter of 2012 , the firm classified its reinsurance business within its institutional client services segment as held for sale .', 'assets related to this business of $ 16.92 billion , consisting primarily of available-for-sale securities and separate account assets at fair value , are included in 201cother assets . 201d liabilities related to the business of $ 14.62 billion are included in 201cother liabilities and accrued expenses . 201d see note 8 for further information about insurance-related assets and liabilities held for sale at fair value .', 'the firm expects to complete the sale of a majority stake in its reinsurance business in 2013 and does not expect to recognize a material gain or loss upon the sale .', 'upon completion of the sale , the firm will no longer consolidate this business .', 'property , leasehold improvements and equipment property , leasehold improvements and equipment included $ 6.20 billion and $ 6.48 billion as of december 2012 and december 2011 , respectively , related to property , leasehold improvements and equipment that the firm uses in connection with its operations .', 'the remainder is held by investment entities , including vies , consolidated by the firm .', 'substantially all property and equipment are depreciated on a straight-line basis over the useful life of the asset .', 'leasehold improvements are amortized on a straight-line basis over the useful life of the improvement or the term of the lease , whichever is shorter .', 'certain costs of software developed or obtained for internal use are capitalized and amortized on a straight-line basis over the useful life of the software .', 'property , leasehold improvements and equipment are tested for impairment whenever events or changes in circumstances suggest that an asset 2019s or asset group 2019s carrying value may not be fully recoverable .', 'the firm 2019s policy for impairment testing of property , leasehold improvements and equipment is the same as is used for identifiable intangible assets with finite lives .', 'see note 13 for further information .', 'goldman sachs 2012 annual report 163 .'] | 3.464 | GS/2012/page_165.pdf-3 | ['notes to consolidated financial statements note 12 .', 'other assets other assets are generally less liquid , non-financial assets .', 'the table below presents other assets by type. .'] | ['1 .', 'net of accumulated depreciation and amortization of $ 9.05 billion and $ 8.46 billion as of december 2012 and december 2011 , respectively .', '2 .', 'includes $ 149 million of intangible assets classified as held for sale .', 'see note 13 for further information about goodwill and identifiable intangible assets .', '3 .', 'see note 24 for further information about income taxes .', '4 .', 'excludes investments accounted for at fair value under the fair value option where the firm would otherwise apply the equity method of accounting of $ 5.54 billion and $ 4.17 billion as of december 2012 and december 2011 , respectively , which are included in 201cfinancial instruments owned , at fair value . 201d the firm has generally elected the fair value option for such investments acquired after the fair value option became available .', '5 .', 'includes $ 16.77 billion of assets related to the firm 2019s reinsurance business which were classified as held for sale as of december 2012 .', 'assets held for sale in the fourth quarter of 2012 , the firm classified its reinsurance business within its institutional client services segment as held for sale .', 'assets related to this business of $ 16.92 billion , consisting primarily of available-for-sale securities and separate account assets at fair value , are included in 201cother assets . 201d liabilities related to the business of $ 14.62 billion are included in 201cother liabilities and accrued expenses . 201d see note 8 for further information about insurance-related assets and liabilities held for sale at fair value .', 'the firm expects to complete the sale of a majority stake in its reinsurance business in 2013 and does not expect to recognize a material gain or loss upon the sale .', 'upon completion of the sale , the firm will no longer consolidate this business .', 'property , leasehold improvements and equipment property , leasehold improvements and equipment included $ 6.20 billion and $ 6.48 billion as of december 2012 and december 2011 , respectively , related to property , leasehold improvements and equipment that the firm uses in connection with its operations .', 'the remainder is held by investment entities , including vies , consolidated by the firm .', 'substantially all property and equipment are depreciated on a straight-line basis over the useful life of the asset .', 'leasehold improvements are amortized on a straight-line basis over the useful life of the improvement or the term of the lease , whichever is shorter .', 'certain costs of software developed or obtained for internal use are capitalized and amortized on a straight-line basis over the useful life of the software .', 'property , leasehold improvements and equipment are tested for impairment whenever events or changes in circumstances suggest that an asset 2019s or asset group 2019s carrying value may not be fully recoverable .', 'the firm 2019s policy for impairment testing of property , leasehold improvements and equipment is the same as is used for identifiable intangible assets with finite lives .', 'see note 13 for further information .', 'goldman sachs 2012 annual report 163 .'] | ----------------------------------------
in millions as of december 2012 as of december 2011
property leasehold improvements andequipment1 $ 8217 $ 8697
goodwill and identifiable intangibleassets2 5099 5468
income tax-related assets3 5620 5017
equity-method investments4 453 664
miscellaneous receivables and other5 20234 3306
total $ 39623 $ 23152
---------------------------------------- | divide(20234, const_1000), subtract(#0, 16.77) | 3.464 |
in 2008 what was the tax rate associated with the goodwill impairment | Context: ['banking ) .', 'the results of the first step of the impairment test showed no indication of impairment in any of the reporting units at any of the periods except december 31 , 2008 and , accordingly , the company did not perform the second step of the impairment test , except for the test performed as of december 31 , 2008 .', 'as of december 31 , 2008 , there was an indication of impairment in the north america consumer banking , latin america consumer banking and emea consumer banking reporting units and , accordingly , the second step of testing was performed on these reporting units .', 'based on the results of the second step of testing , the company recorded a $ 9.6 billion pretax ( $ 8.7 billion after tax ) goodwill impairment charge in the fourth quarter of 2008 , representing the entire amount of goodwill allocated to these reporting units .', 'the primary cause for the goodwill impairment in the above reporting units was the rapid deterioration in the financial markets , as well as in the global economic outlook particularly during the period beginning mid-november through year end 2008 .', 'this deterioration further weakened the near-term prospects for the financial services industry .', 'these and other factors , including the increased possibility of further government intervention , also resulted in the decline in the company 2019s market capitalization from approximately $ 90 billion at july 1 , 2008 and approximately $ 74 billion at october 31 , 2008 to approximately $ 36 billion at december 31 , 2008 .', 'the more significant fair-value adjustments in the pro forma purchase price allocation in the second step of testing were to fair-value loans and debt and were made to identify and value identifiable intangibles .', 'the adjustments to measure the assets , liabilities and intangibles were for the purpose of measuring the implied fair value of goodwill and such adjustments are not reflected in the consolidated balance sheet .', 'the following table shows reporting units with goodwill balances and the excess of fair value of allocated book value as of december 31 , 2008 .', 'reporting unit ( $ in millions ) fair value as a % ( % ) of allocated book value goodwill ( post-impairment ) .']
Tabular Data:
========================================
reporting unit ( $ inmillions ) | fair value as a % ( % ) of allocated book value | goodwill ( post-impairment )
north america cards | 139% ( 139 % ) | 6765
international cards | 218% ( 218 % ) | 4066
asia consumer banking | 293% ( 293 % ) | 3106
securities & banking | 109% ( 109 % ) | 9774
global transaction services | 994% ( 994 % ) | 1570
north america gwm | 386% ( 386 % ) | 1259
international gwm | 171% ( 171 % ) | 592
========================================
Additional Information: ['while no impairment was noted in step one of our securities and banking reporting unit impairment test at october 31 , 2008 and december 31 , 2008 , goodwill present in that reporting unit may be particularly sensitive to further deterioration in economic conditions .', 'under the market approach for valuing this reporting unit , the earnings multiples and transaction multiples were selected from multiples obtained using data from guideline companies and acquisitions .', 'the selection of the actual multiple considers operating performance and financial condition such as return on equity and net income growth of securities and banking as compared to the guideline companies and acquisitions .', 'for the valuation under the income approach , the company utilized a discount rate which it believes reflects the risk and uncertainty related to the projected cash flows , and selected 2013 as the terminal year .', 'in 2013 , the value was derived assuming a return to historical levels of core-business profitability for the reporting unit , despite the significant losses experienced in 2008 .', 'this assumption is based on management 2019s view that this recovery will occur based upon various macro- economic factors such as the recent u.s .', 'government stimulus actions , restoring marketplace confidence and improved risk-management practices on an industry-wide basis .', 'furthermore , company-specific actions such as its recently announced realignment of its businesses to optimize its global businesses for future profitable growth , will also be a factor in returning the company 2019s core securities and banking business to historical levels .', 'small deterioration in the assumptions used in the valuations , in particular the discount rate and growth rate assumptions used in the net income projections , could significantly affect the company 2019s impairment evaluation and , hence , results .', 'if the future were to differ adversely from management 2019s best estimate of key economic assumptions and associated cash flows were to decrease by a small margin , the company could potentially experience future material impairment charges with respect to the goodwill remaining in our securities and banking reporting unit .', 'any such charges by themselves would not negatively affect the company 2019s tier 1 and total regulatory capital ratios , tangible capital or the company 2019s liquidity position. .'] | 0.10345 | C/2008/page_173.pdf-1 | ['banking ) .', 'the results of the first step of the impairment test showed no indication of impairment in any of the reporting units at any of the periods except december 31 , 2008 and , accordingly , the company did not perform the second step of the impairment test , except for the test performed as of december 31 , 2008 .', 'as of december 31 , 2008 , there was an indication of impairment in the north america consumer banking , latin america consumer banking and emea consumer banking reporting units and , accordingly , the second step of testing was performed on these reporting units .', 'based on the results of the second step of testing , the company recorded a $ 9.6 billion pretax ( $ 8.7 billion after tax ) goodwill impairment charge in the fourth quarter of 2008 , representing the entire amount of goodwill allocated to these reporting units .', 'the primary cause for the goodwill impairment in the above reporting units was the rapid deterioration in the financial markets , as well as in the global economic outlook particularly during the period beginning mid-november through year end 2008 .', 'this deterioration further weakened the near-term prospects for the financial services industry .', 'these and other factors , including the increased possibility of further government intervention , also resulted in the decline in the company 2019s market capitalization from approximately $ 90 billion at july 1 , 2008 and approximately $ 74 billion at october 31 , 2008 to approximately $ 36 billion at december 31 , 2008 .', 'the more significant fair-value adjustments in the pro forma purchase price allocation in the second step of testing were to fair-value loans and debt and were made to identify and value identifiable intangibles .', 'the adjustments to measure the assets , liabilities and intangibles were for the purpose of measuring the implied fair value of goodwill and such adjustments are not reflected in the consolidated balance sheet .', 'the following table shows reporting units with goodwill balances and the excess of fair value of allocated book value as of december 31 , 2008 .', 'reporting unit ( $ in millions ) fair value as a % ( % ) of allocated book value goodwill ( post-impairment ) .'] | ['while no impairment was noted in step one of our securities and banking reporting unit impairment test at october 31 , 2008 and december 31 , 2008 , goodwill present in that reporting unit may be particularly sensitive to further deterioration in economic conditions .', 'under the market approach for valuing this reporting unit , the earnings multiples and transaction multiples were selected from multiples obtained using data from guideline companies and acquisitions .', 'the selection of the actual multiple considers operating performance and financial condition such as return on equity and net income growth of securities and banking as compared to the guideline companies and acquisitions .', 'for the valuation under the income approach , the company utilized a discount rate which it believes reflects the risk and uncertainty related to the projected cash flows , and selected 2013 as the terminal year .', 'in 2013 , the value was derived assuming a return to historical levels of core-business profitability for the reporting unit , despite the significant losses experienced in 2008 .', 'this assumption is based on management 2019s view that this recovery will occur based upon various macro- economic factors such as the recent u.s .', 'government stimulus actions , restoring marketplace confidence and improved risk-management practices on an industry-wide basis .', 'furthermore , company-specific actions such as its recently announced realignment of its businesses to optimize its global businesses for future profitable growth , will also be a factor in returning the company 2019s core securities and banking business to historical levels .', 'small deterioration in the assumptions used in the valuations , in particular the discount rate and growth rate assumptions used in the net income projections , could significantly affect the company 2019s impairment evaluation and , hence , results .', 'if the future were to differ adversely from management 2019s best estimate of key economic assumptions and associated cash flows were to decrease by a small margin , the company could potentially experience future material impairment charges with respect to the goodwill remaining in our securities and banking reporting unit .', 'any such charges by themselves would not negatively affect the company 2019s tier 1 and total regulatory capital ratios , tangible capital or the company 2019s liquidity position. .'] | ========================================
reporting unit ( $ inmillions ) | fair value as a % ( % ) of allocated book value | goodwill ( post-impairment )
north america cards | 139% ( 139 % ) | 6765
international cards | 218% ( 218 % ) | 4066
asia consumer banking | 293% ( 293 % ) | 3106
securities & banking | 109% ( 109 % ) | 9774
global transaction services | 994% ( 994 % ) | 1570
north america gwm | 386% ( 386 % ) | 1259
international gwm | 171% ( 171 % ) | 592
======================================== | subtract(9.6, 8.7), divide(#0, 8.7) | 0.10345 |
what was the ratio of the expected net benefit payments of 2011 to 2012 | Pre-text: ['mastercard incorporated notes to consolidated financial statements 2014 ( continued ) ( in thousands , except percent and per share data ) the company does not make any contributions to its postretirement plan other than funding benefits payments .', 'the following table summarizes expected net benefit payments from the company 2019s general assets through 2019 : benefit payments expected subsidy receipts benefit payments .']
Table:
benefit payments expected subsidy receipts net benefit payments
2010 $ 2714 $ 71 $ 2643
2011 3028 91 2937
2012 3369 111 3258
2013 3660 134 3526
2014 4019 151 3868
2015 2013 2019 22686 1071 21615
Additional Information: ['the company provides limited postemployment benefits to eligible former u.s .', 'employees , primarily severance under a formal severance plan ( the 201cseverance plan 201d ) .', 'the company accounts for severance expense by accruing the expected cost of the severance benefits expected to be provided to former employees after employment over their relevant service periods .', 'the company updates the assumptions in determining the severance accrual by evaluating the actual severance activity and long-term trends underlying the assumptions .', 'as a result of updating the assumptions , the company recorded incremental severance expense ( benefit ) related to the severance plan of $ 3471 , $ 2643 and $ ( 3418 ) , respectively , during the years 2009 , 2008 and 2007 .', 'these amounts were part of total severance expenses of $ 135113 , $ 32997 and $ 21284 in 2009 , 2008 and 2007 , respectively , included in general and administrative expenses in the accompanying consolidated statements of operations .', 'note 14 .', 'debt on april 28 , 2008 , the company extended its committed unsecured revolving credit facility , dated as of april 28 , 2006 ( the 201ccredit facility 201d ) , for an additional year .', 'the new expiration date of the credit facility is april 26 , 2011 .', 'the available funding under the credit facility will remain at $ 2500000 through april 27 , 2010 and then decrease to $ 2000000 during the final year of the credit facility agreement .', 'other terms and conditions in the credit facility remain unchanged .', 'the company 2019s option to request that each lender under the credit facility extend its commitment was provided pursuant to the original terms of the credit facility agreement .', 'borrowings under the facility are available to provide liquidity in the event of one or more settlement failures by mastercard international customers and , subject to a limit of $ 500000 , for general corporate purposes .', 'the facility fee and borrowing cost are contingent upon the company 2019s credit rating .', 'at december 31 , 2009 , the facility fee was 7 basis points on the total commitment , or approximately $ 1774 annually .', 'interest on borrowings under the credit facility would be charged at the london interbank offered rate ( libor ) plus an applicable margin of 28 basis points or an alternative base rate , and a utilization fee of 10 basis points would be charged if outstanding borrowings under the facility exceed 50% ( 50 % ) of commitments .', 'at the inception of the credit facility , the company also agreed to pay upfront fees of $ 1250 and administrative fees of $ 325 , which are being amortized over five years .', 'facility and other fees associated with the credit facility totaled $ 2222 , $ 2353 and $ 2477 for each of the years ended december 31 , 2009 , 2008 and 2007 , respectively .', 'mastercard was in compliance with the covenants of the credit facility and had no borrowings under the credit facility at december 31 , 2009 or december 31 , 2008 .', 'the majority of credit facility lenders are members or affiliates of members of mastercard international .', 'in june 1998 , mastercard international issued ten-year unsecured , subordinated notes ( the 201cnotes 201d ) paying a fixed interest rate of 6.67% ( 6.67 % ) per annum .', 'mastercard repaid the entire principal amount of $ 80000 on june 30 , 2008 pursuant to the terms of the notes .', 'the interest expense on the notes was $ 2668 and $ 5336 for each of the years ended december 31 , 2008 and 2007 , respectively. .'] | 0.90147 | MA/2009/page_115.pdf-4 | ['mastercard incorporated notes to consolidated financial statements 2014 ( continued ) ( in thousands , except percent and per share data ) the company does not make any contributions to its postretirement plan other than funding benefits payments .', 'the following table summarizes expected net benefit payments from the company 2019s general assets through 2019 : benefit payments expected subsidy receipts benefit payments .'] | ['the company provides limited postemployment benefits to eligible former u.s .', 'employees , primarily severance under a formal severance plan ( the 201cseverance plan 201d ) .', 'the company accounts for severance expense by accruing the expected cost of the severance benefits expected to be provided to former employees after employment over their relevant service periods .', 'the company updates the assumptions in determining the severance accrual by evaluating the actual severance activity and long-term trends underlying the assumptions .', 'as a result of updating the assumptions , the company recorded incremental severance expense ( benefit ) related to the severance plan of $ 3471 , $ 2643 and $ ( 3418 ) , respectively , during the years 2009 , 2008 and 2007 .', 'these amounts were part of total severance expenses of $ 135113 , $ 32997 and $ 21284 in 2009 , 2008 and 2007 , respectively , included in general and administrative expenses in the accompanying consolidated statements of operations .', 'note 14 .', 'debt on april 28 , 2008 , the company extended its committed unsecured revolving credit facility , dated as of april 28 , 2006 ( the 201ccredit facility 201d ) , for an additional year .', 'the new expiration date of the credit facility is april 26 , 2011 .', 'the available funding under the credit facility will remain at $ 2500000 through april 27 , 2010 and then decrease to $ 2000000 during the final year of the credit facility agreement .', 'other terms and conditions in the credit facility remain unchanged .', 'the company 2019s option to request that each lender under the credit facility extend its commitment was provided pursuant to the original terms of the credit facility agreement .', 'borrowings under the facility are available to provide liquidity in the event of one or more settlement failures by mastercard international customers and , subject to a limit of $ 500000 , for general corporate purposes .', 'the facility fee and borrowing cost are contingent upon the company 2019s credit rating .', 'at december 31 , 2009 , the facility fee was 7 basis points on the total commitment , or approximately $ 1774 annually .', 'interest on borrowings under the credit facility would be charged at the london interbank offered rate ( libor ) plus an applicable margin of 28 basis points or an alternative base rate , and a utilization fee of 10 basis points would be charged if outstanding borrowings under the facility exceed 50% ( 50 % ) of commitments .', 'at the inception of the credit facility , the company also agreed to pay upfront fees of $ 1250 and administrative fees of $ 325 , which are being amortized over five years .', 'facility and other fees associated with the credit facility totaled $ 2222 , $ 2353 and $ 2477 for each of the years ended december 31 , 2009 , 2008 and 2007 , respectively .', 'mastercard was in compliance with the covenants of the credit facility and had no borrowings under the credit facility at december 31 , 2009 or december 31 , 2008 .', 'the majority of credit facility lenders are members or affiliates of members of mastercard international .', 'in june 1998 , mastercard international issued ten-year unsecured , subordinated notes ( the 201cnotes 201d ) paying a fixed interest rate of 6.67% ( 6.67 % ) per annum .', 'mastercard repaid the entire principal amount of $ 80000 on june 30 , 2008 pursuant to the terms of the notes .', 'the interest expense on the notes was $ 2668 and $ 5336 for each of the years ended december 31 , 2008 and 2007 , respectively. .'] | benefit payments expected subsidy receipts net benefit payments
2010 $ 2714 $ 71 $ 2643
2011 3028 91 2937
2012 3369 111 3258
2013 3660 134 3526
2014 4019 151 3868
2015 2013 2019 22686 1071 21615 | divide(2937, 3258) | 0.90147 |
what was the percentage increase of capital expenditures for operations in the industrial packaging business segment in from 2017 to 2018? | Pre-text: ['the company recorded equity earnings , net of taxes , related to ilim of $ 290 million in 2018 , compared with earnings of $ 183 million in 2017 , and $ 199 million in 2016 .', "operating results recorded in 2018 included an after-tax non-cash foreign exchange loss of $ 82 million , compared with an after-tax foreign exchange gain of $ 15 million in 2017 and an after-tax foreign exchange gain of $ 25 million in 2016 , primarily on the remeasurement of ilim's u.s .", 'dollar denominated net debt .', 'ilim delivered outstanding performance in 2018 , driven largely by higher price realization and strong demand .', 'sales volumes for the joint venture increased year over year for shipments to china of softwood pulp and linerboard , but were offset by decreased sales of hardwood pulp to china .', 'sales volumes in the russian market increased for softwood pulp and hardwood pulp , but decreased for linerboard .', 'average sales price realizations were significantly higher in 2018 for sales of softwood pulp , hardwood pulp and linerboard to china and other export markets .', 'average sales price realizations in russian markets increased year over year for all products .', 'input costs were higher in 2018 , primarily for wood , fuel and chemicals .', 'distribution costs were negatively impacted by tariffs and inflation .', 'the company received cash dividends from the joint venture of $ 128 million in 2018 , $ 133 million in 2017 and $ 58 million in entering the first quarter of 2019 , sales volumes are expected to be lower than in the fourth quarter of 2018 , due to the seasonal slowdown in china and fewer trading days .', 'based on pricing to date in the current quarter , average sales prices are expected to decrease for hardwood pulp , softwood pulp and linerboard to china .', 'input costs are projected to be relatively flat , while distribution costs are expected to increase .', 'equity earnings - gpip international paper recorded equity earnings of $ 46 million on its 20.5% ( 20.5 % ) ownership position in gpip in 2018 .', 'the company received cash dividends from the investment of $ 25 million in 2018 .', 'liquidity and capital resources overview a major factor in international paper 2019s liquidity and capital resource planning is its generation of operating cash flow , which is highly sensitive to changes in the pricing and demand for our major products .', 'while changes in key cash operating costs , such as energy , raw material , mill outage and transportation costs , do have an effect on operating cash generation , we believe that our focus on pricing and cost controls has improved our cash flow generation over an operating cycle .', "cash uses during 2018 were primarily focused on working capital requirements , capital spending , debt reductions and returning cash to shareholders through dividends and share repurchases under the company's share repurchase program .", 'cash provided by operating activities cash provided by operations , including discontinued operations , totaled $ 3.2 billion in 2018 , compared with $ 1.8 billion for 2017 , and $ 2.5 billion for 2016 .', 'cash used by working capital components ( accounts receivable , contract assets and inventory less accounts payable and accrued liabilities , interest payable and other ) totaled $ 439 million in 2018 , compared with cash used by working capital components of $ 402 million in 2017 , and cash provided by working capital components of $ 71 million in 2016 .', 'investment activities including discontinued operations , investment activities in 2018 increased from 2017 , as 2018 included higher capital spending .', "in 2016 , investment activity included the purchase of weyerhaeuser's pulp business for $ 2.2 billion in cash , the purchase of the holmen business for $ 57 million in cash , net of cash acquired , and proceeds from the sale of the asia packaging business of $ 108 million , net of cash divested .", 'the company maintains an average capital spending target around depreciation and amortization levels , or modestly above , due to strategic plans over the course of an economic cycle .', 'capital spending was $ 1.6 billion in 2018 , or 118% ( 118 % ) of depreciation and amortization , compared with $ 1.4 billion in 2017 , or 98% ( 98 % ) of depreciation and amortization , and $ 1.3 billion , or 110% ( 110 % ) of depreciation and amortization in 2016 .', 'across our segments , capital spending as a percentage of depreciation and amortization ranged from 69.8% ( 69.8 % ) to 132.1% ( 132.1 % ) in 2018 .', 'the following table shows capital spending for operations by business segment for the years ended december 31 , 2018 , 2017 and 2016 , excluding amounts related to discontinued operations of $ 111 million in 2017 and $ 107 million in 2016. .']
Table:
----------------------------------------
in millions, 2018, 2017, 2016
industrial packaging, $ 1061, $ 836, $ 832
global cellulose fibers, 183, 188, 174
printing papers, 303, 235, 215
subtotal, 1547, 1259, 1221
corporate and other, 25, 21, 20
capital spending, $ 1572, $ 1280, $ 1241
----------------------------------------
Follow-up: ['capital expenditures in 2019 are currently expected to be about $ 1.4 billion , or 104% ( 104 % ) of depreciation and amortization , including approximately $ 400 million of strategic investments. .'] | 0.26914 | IP/2018/page_50.pdf-2 | ['the company recorded equity earnings , net of taxes , related to ilim of $ 290 million in 2018 , compared with earnings of $ 183 million in 2017 , and $ 199 million in 2016 .', "operating results recorded in 2018 included an after-tax non-cash foreign exchange loss of $ 82 million , compared with an after-tax foreign exchange gain of $ 15 million in 2017 and an after-tax foreign exchange gain of $ 25 million in 2016 , primarily on the remeasurement of ilim's u.s .", 'dollar denominated net debt .', 'ilim delivered outstanding performance in 2018 , driven largely by higher price realization and strong demand .', 'sales volumes for the joint venture increased year over year for shipments to china of softwood pulp and linerboard , but were offset by decreased sales of hardwood pulp to china .', 'sales volumes in the russian market increased for softwood pulp and hardwood pulp , but decreased for linerboard .', 'average sales price realizations were significantly higher in 2018 for sales of softwood pulp , hardwood pulp and linerboard to china and other export markets .', 'average sales price realizations in russian markets increased year over year for all products .', 'input costs were higher in 2018 , primarily for wood , fuel and chemicals .', 'distribution costs were negatively impacted by tariffs and inflation .', 'the company received cash dividends from the joint venture of $ 128 million in 2018 , $ 133 million in 2017 and $ 58 million in entering the first quarter of 2019 , sales volumes are expected to be lower than in the fourth quarter of 2018 , due to the seasonal slowdown in china and fewer trading days .', 'based on pricing to date in the current quarter , average sales prices are expected to decrease for hardwood pulp , softwood pulp and linerboard to china .', 'input costs are projected to be relatively flat , while distribution costs are expected to increase .', 'equity earnings - gpip international paper recorded equity earnings of $ 46 million on its 20.5% ( 20.5 % ) ownership position in gpip in 2018 .', 'the company received cash dividends from the investment of $ 25 million in 2018 .', 'liquidity and capital resources overview a major factor in international paper 2019s liquidity and capital resource planning is its generation of operating cash flow , which is highly sensitive to changes in the pricing and demand for our major products .', 'while changes in key cash operating costs , such as energy , raw material , mill outage and transportation costs , do have an effect on operating cash generation , we believe that our focus on pricing and cost controls has improved our cash flow generation over an operating cycle .', "cash uses during 2018 were primarily focused on working capital requirements , capital spending , debt reductions and returning cash to shareholders through dividends and share repurchases under the company's share repurchase program .", 'cash provided by operating activities cash provided by operations , including discontinued operations , totaled $ 3.2 billion in 2018 , compared with $ 1.8 billion for 2017 , and $ 2.5 billion for 2016 .', 'cash used by working capital components ( accounts receivable , contract assets and inventory less accounts payable and accrued liabilities , interest payable and other ) totaled $ 439 million in 2018 , compared with cash used by working capital components of $ 402 million in 2017 , and cash provided by working capital components of $ 71 million in 2016 .', 'investment activities including discontinued operations , investment activities in 2018 increased from 2017 , as 2018 included higher capital spending .', "in 2016 , investment activity included the purchase of weyerhaeuser's pulp business for $ 2.2 billion in cash , the purchase of the holmen business for $ 57 million in cash , net of cash acquired , and proceeds from the sale of the asia packaging business of $ 108 million , net of cash divested .", 'the company maintains an average capital spending target around depreciation and amortization levels , or modestly above , due to strategic plans over the course of an economic cycle .', 'capital spending was $ 1.6 billion in 2018 , or 118% ( 118 % ) of depreciation and amortization , compared with $ 1.4 billion in 2017 , or 98% ( 98 % ) of depreciation and amortization , and $ 1.3 billion , or 110% ( 110 % ) of depreciation and amortization in 2016 .', 'across our segments , capital spending as a percentage of depreciation and amortization ranged from 69.8% ( 69.8 % ) to 132.1% ( 132.1 % ) in 2018 .', 'the following table shows capital spending for operations by business segment for the years ended december 31 , 2018 , 2017 and 2016 , excluding amounts related to discontinued operations of $ 111 million in 2017 and $ 107 million in 2016. .'] | ['capital expenditures in 2019 are currently expected to be about $ 1.4 billion , or 104% ( 104 % ) of depreciation and amortization , including approximately $ 400 million of strategic investments. .'] | ----------------------------------------
in millions, 2018, 2017, 2016
industrial packaging, $ 1061, $ 836, $ 832
global cellulose fibers, 183, 188, 174
printing papers, 303, 235, 215
subtotal, 1547, 1259, 1221
corporate and other, 25, 21, 20
capital spending, $ 1572, $ 1280, $ 1241
---------------------------------------- | subtract(1061, 836), divide(#0, 836) | 0.26914 |
what the number of units purchased in december 31 , 2017 | Context: ['2022 secondary market same store communities are generally communities in markets with populations of more than 1 million but less than 1% ( 1 % ) of the total public multifamily reit units or markets with populations of less than 1 million that we have owned and have been stabilized for at least a full 12 months .', '2022 non-same store communities and other includes recent acquisitions , communities in development or lease-up , communities that have been identified for disposition , and communities that have undergone a significant casualty loss .', 'also included in non-same store communities are non-multifamily activities .', 'on the first day of each calendar year , we determine the composition of our same store operating segments for that year as well as adjust the previous year , which allows us to evaluate full period-over-period operating comparisons .', 'an apartment community in development or lease-up is added to the same store portfolio on the first day of the calendar year after it has been owned and stabilized for at least a full 12 months .', 'communities are considered stabilized after achieving 90% ( 90 % ) occupancy for 90 days .', 'communities that have been identified for disposition are excluded from the same store portfolio .', 'all properties acquired from post properties in the merger remained in the non-same store and other operating segment during 2017 , as the properties were recent acquisitions and had not been owned and stabilized for at least 12 months as of january 1 , 2017 .', 'for additional information regarding our operating segments , see note 14 to the consolidated financial statements included elsewhere in this annual report on form 10-k .', 'acquisitions one of our growth strategies is to acquire apartment communities that are located in various large or secondary markets primarily throughout the southeast and southwest regions of the united states .', 'acquisitions , along with dispositions , help us achieve and maintain our desired product mix , geographic diversification and asset allocation .', 'portfolio growth allows for maximizing the efficiency of the existing management and overhead structure .', 'we have extensive experience in the acquisition of multifamily communities .', 'we will continue to evaluate opportunities that arise , and we will utilize this strategy to increase our number of apartment communities in strong and growing markets .', 'we acquired the following apartment communities during the year ended december 31 , 2017: .']
--
Table:
========================================
• community, market, units, closing date
• charlotte at midtown, nashville tn, 279, march 16 2017
• acklen west end, nashville tn, 320, december 28 2017
========================================
--
Post-table: ['dispositions we sell apartment communities and other assets that no longer meet our long-term strategy or when market conditions are favorable , and we redeploy the proceeds from those sales to acquire , develop and redevelop additional apartment communities and rebalance our portfolio across or within geographic regions .', 'dispositions also allow us to realize a portion of the value created through our investments and provide additional liquidity .', 'we are then able to redeploy the net proceeds from our dispositions in lieu of raising additional capital .', 'in deciding to sell an apartment community , we consider current market conditions and generally solicit competing bids from unrelated parties for these individual assets , considering the sales price and other key terms of each proposal .', 'we also consider portfolio dispositions when such a structure is useful to maximize proceeds and efficiency of execution .', 'during the year ended december 31 , 2017 , we disposed of five multifamily properties totaling 1760 units and four land parcels totaling approximately 23 acres .', 'development as another part of our growth strategy , we invest in a limited number of development projects .', 'development activities may be conducted through wholly-owned affiliated companies or through joint ventures with unaffiliated parties .', 'fixed price construction contracts are signed with unrelated parties to minimize construction risk .', 'we typically manage the leasing portion of the project as units become available for lease .', 'we may also engage in limited expansion development opportunities on existing communities in which we typically serve as the developer .', 'while we seek opportunistic new development investments offering attractive long-term investment returns , we intend to maintain a total development commitment that we consider modest in relation to our total balance sheet and investment portfolio .', 'during the year ended december 31 , 2017 , we incurred $ 170.1 million in development costs and completed 7 development projects. .'] | 599.0 | MAA/2017/page_18.pdf-1 | ['2022 secondary market same store communities are generally communities in markets with populations of more than 1 million but less than 1% ( 1 % ) of the total public multifamily reit units or markets with populations of less than 1 million that we have owned and have been stabilized for at least a full 12 months .', '2022 non-same store communities and other includes recent acquisitions , communities in development or lease-up , communities that have been identified for disposition , and communities that have undergone a significant casualty loss .', 'also included in non-same store communities are non-multifamily activities .', 'on the first day of each calendar year , we determine the composition of our same store operating segments for that year as well as adjust the previous year , which allows us to evaluate full period-over-period operating comparisons .', 'an apartment community in development or lease-up is added to the same store portfolio on the first day of the calendar year after it has been owned and stabilized for at least a full 12 months .', 'communities are considered stabilized after achieving 90% ( 90 % ) occupancy for 90 days .', 'communities that have been identified for disposition are excluded from the same store portfolio .', 'all properties acquired from post properties in the merger remained in the non-same store and other operating segment during 2017 , as the properties were recent acquisitions and had not been owned and stabilized for at least 12 months as of january 1 , 2017 .', 'for additional information regarding our operating segments , see note 14 to the consolidated financial statements included elsewhere in this annual report on form 10-k .', 'acquisitions one of our growth strategies is to acquire apartment communities that are located in various large or secondary markets primarily throughout the southeast and southwest regions of the united states .', 'acquisitions , along with dispositions , help us achieve and maintain our desired product mix , geographic diversification and asset allocation .', 'portfolio growth allows for maximizing the efficiency of the existing management and overhead structure .', 'we have extensive experience in the acquisition of multifamily communities .', 'we will continue to evaluate opportunities that arise , and we will utilize this strategy to increase our number of apartment communities in strong and growing markets .', 'we acquired the following apartment communities during the year ended december 31 , 2017: .'] | ['dispositions we sell apartment communities and other assets that no longer meet our long-term strategy or when market conditions are favorable , and we redeploy the proceeds from those sales to acquire , develop and redevelop additional apartment communities and rebalance our portfolio across or within geographic regions .', 'dispositions also allow us to realize a portion of the value created through our investments and provide additional liquidity .', 'we are then able to redeploy the net proceeds from our dispositions in lieu of raising additional capital .', 'in deciding to sell an apartment community , we consider current market conditions and generally solicit competing bids from unrelated parties for these individual assets , considering the sales price and other key terms of each proposal .', 'we also consider portfolio dispositions when such a structure is useful to maximize proceeds and efficiency of execution .', 'during the year ended december 31 , 2017 , we disposed of five multifamily properties totaling 1760 units and four land parcels totaling approximately 23 acres .', 'development as another part of our growth strategy , we invest in a limited number of development projects .', 'development activities may be conducted through wholly-owned affiliated companies or through joint ventures with unaffiliated parties .', 'fixed price construction contracts are signed with unrelated parties to minimize construction risk .', 'we typically manage the leasing portion of the project as units become available for lease .', 'we may also engage in limited expansion development opportunities on existing communities in which we typically serve as the developer .', 'while we seek opportunistic new development investments offering attractive long-term investment returns , we intend to maintain a total development commitment that we consider modest in relation to our total balance sheet and investment portfolio .', 'during the year ended december 31 , 2017 , we incurred $ 170.1 million in development costs and completed 7 development projects. .'] | ========================================
• community, market, units, closing date
• charlotte at midtown, nashville tn, 279, march 16 2017
• acklen west end, nashville tn, 320, december 28 2017
======================================== | add(279, 320) | 599.0 |
what was the percentage change in the excess of current cost over lifo cost was approximately between 2006 and 2005 . | Pre-text: ['notes to consolidated financial statements for the years ended february 3 , 2006 , january 28 , 2005 , and january 30 , 2004 , gross realized gains and losses on the sales of available-for-sale securities were not mate- rial .', 'the cost of securities sold is based upon the specific identification method .', 'merchandise inventories inventories are stated at the lower of cost or market with cost determined using the retail last-in , first-out ( 201clifo 201d ) method .', 'the excess of current cost over lifo cost was approximately $ 5.8 million at february 3 , 2006 and $ 6.3 million at january 28 , 2005 .', 'current cost is deter- mined using the retail first-in , first-out method .', 'lifo reserves decreased $ 0.5 million and $ 0.2 million in 2005 and 2004 , respectively , and increased $ 0.7 million in 2003 .', 'costs directly associated with warehousing and distribu- tion are capitalized into inventory .', 'in 2005 , the company expanded the number of inven- tory departments it utilizes for its gross profit calculation from 10 to 23 .', 'the impact of this change in estimate on the company 2019s consolidated 2005 results of operations was an estimated reduction of gross profit and a corre- sponding decrease to inventory , at cost , of $ 5.2 million .', 'store pre-opening costs pre-opening costs related to new store openings and the construction periods are expensed as incurred .', 'property and equipment property and equipment are recorded at cost .', 'the company provides for depreciation and amortization on a straight-line basis over the following estimated useful lives: .']
##
Table:
----------------------------------------
land improvements | 20
buildings | 39-40
furniture fixtures and equipment | 3-10
----------------------------------------
##
Follow-up: ['improvements of leased properties are amortized over the shorter of the life of the applicable lease term or the estimated useful life of the asset .', 'impairment of long-lived assets when indicators of impairment are present , the company evaluates the carrying value of long-lived assets , other than goodwill , in relation to the operating perform- ance and future cash flows or the appraised values of the underlying assets .', 'the company may adjust the net book value of the underlying assets based upon such cash flow analysis compared to the book value and may also consid- er appraised values .', 'assets to be disposed of are adjusted to the fair value less the cost to sell if less than the book value .', 'the company recorded impairment charges of approximately $ 0.5 million and $ 0.6 million in 2004 and 2003 , respectively , and $ 4.7 million prior to 2003 to reduce the carrying value of its homerville , georgia dc ( which was sold in 2004 ) .', 'the company also recorded impair- ment charges of approximately $ 0.6 million in 2005 and $ 0.2 million in each of 2004 and 2003 to reduce the carrying value of certain of its stores 2019 assets as deemed necessary due to negative sales trends and cash flows at these locations .', 'these charges are included in sg&a expense .', 'other assets other assets consist primarily of long-term invest- ments , debt issuance costs which are amortized over the life of the related obligations , utility and security deposits , life insurance policies and goodwill .', 'vendor rebates the company records vendor rebates , primarily con- sisting of new store allowances , volume purchase rebates and promotional allowances , when realized .', 'the rebates are recorded as a reduction to inventory purchases , at cost , which has the effect of reducing cost of goods sold , as prescribed by emerging issues task force ( 201ceitf 201d ) issue no .', '02-16 , 201caccounting by a customer ( including a reseller ) for certain consideration received from a vendor 201d .', 'rent expense rent expense is recognized over the term of the lease .', 'the company records minimum rental expense on a straight-line basis over the base , non-cancelable lease term commencing on the date that the company takes physical possession of the property from the landlord , which normally includes a period prior to store opening to make necessary leasehold improvements and install store fixtures .', 'when a lease contains a predetermined fixed escalation of the minimum rent , the company recognizes the related rent expense on a straight-line basis and records the difference between the recognized rental expense and the amounts payable under the lease as deferred rent .', 'the company also receives tenant allowances , which are recorded in deferred incentive rent and are amortized as a reduction to rent expense over the term of the lease .', 'any difference between the calculated expense and the amounts actually paid are reflected as a liability in accrued expenses and other in the consolidated balance sheets and totaled approximately $ 25.0 million .'] | -0.07937 | DG/2005/page_44.pdf-1 | ['notes to consolidated financial statements for the years ended february 3 , 2006 , january 28 , 2005 , and january 30 , 2004 , gross realized gains and losses on the sales of available-for-sale securities were not mate- rial .', 'the cost of securities sold is based upon the specific identification method .', 'merchandise inventories inventories are stated at the lower of cost or market with cost determined using the retail last-in , first-out ( 201clifo 201d ) method .', 'the excess of current cost over lifo cost was approximately $ 5.8 million at february 3 , 2006 and $ 6.3 million at january 28 , 2005 .', 'current cost is deter- mined using the retail first-in , first-out method .', 'lifo reserves decreased $ 0.5 million and $ 0.2 million in 2005 and 2004 , respectively , and increased $ 0.7 million in 2003 .', 'costs directly associated with warehousing and distribu- tion are capitalized into inventory .', 'in 2005 , the company expanded the number of inven- tory departments it utilizes for its gross profit calculation from 10 to 23 .', 'the impact of this change in estimate on the company 2019s consolidated 2005 results of operations was an estimated reduction of gross profit and a corre- sponding decrease to inventory , at cost , of $ 5.2 million .', 'store pre-opening costs pre-opening costs related to new store openings and the construction periods are expensed as incurred .', 'property and equipment property and equipment are recorded at cost .', 'the company provides for depreciation and amortization on a straight-line basis over the following estimated useful lives: .'] | ['improvements of leased properties are amortized over the shorter of the life of the applicable lease term or the estimated useful life of the asset .', 'impairment of long-lived assets when indicators of impairment are present , the company evaluates the carrying value of long-lived assets , other than goodwill , in relation to the operating perform- ance and future cash flows or the appraised values of the underlying assets .', 'the company may adjust the net book value of the underlying assets based upon such cash flow analysis compared to the book value and may also consid- er appraised values .', 'assets to be disposed of are adjusted to the fair value less the cost to sell if less than the book value .', 'the company recorded impairment charges of approximately $ 0.5 million and $ 0.6 million in 2004 and 2003 , respectively , and $ 4.7 million prior to 2003 to reduce the carrying value of its homerville , georgia dc ( which was sold in 2004 ) .', 'the company also recorded impair- ment charges of approximately $ 0.6 million in 2005 and $ 0.2 million in each of 2004 and 2003 to reduce the carrying value of certain of its stores 2019 assets as deemed necessary due to negative sales trends and cash flows at these locations .', 'these charges are included in sg&a expense .', 'other assets other assets consist primarily of long-term invest- ments , debt issuance costs which are amortized over the life of the related obligations , utility and security deposits , life insurance policies and goodwill .', 'vendor rebates the company records vendor rebates , primarily con- sisting of new store allowances , volume purchase rebates and promotional allowances , when realized .', 'the rebates are recorded as a reduction to inventory purchases , at cost , which has the effect of reducing cost of goods sold , as prescribed by emerging issues task force ( 201ceitf 201d ) issue no .', '02-16 , 201caccounting by a customer ( including a reseller ) for certain consideration received from a vendor 201d .', 'rent expense rent expense is recognized over the term of the lease .', 'the company records minimum rental expense on a straight-line basis over the base , non-cancelable lease term commencing on the date that the company takes physical possession of the property from the landlord , which normally includes a period prior to store opening to make necessary leasehold improvements and install store fixtures .', 'when a lease contains a predetermined fixed escalation of the minimum rent , the company recognizes the related rent expense on a straight-line basis and records the difference between the recognized rental expense and the amounts payable under the lease as deferred rent .', 'the company also receives tenant allowances , which are recorded in deferred incentive rent and are amortized as a reduction to rent expense over the term of the lease .', 'any difference between the calculated expense and the amounts actually paid are reflected as a liability in accrued expenses and other in the consolidated balance sheets and totaled approximately $ 25.0 million .'] | ----------------------------------------
land improvements | 20
buildings | 39-40
furniture fixtures and equipment | 3-10
---------------------------------------- | subtract(5.8, 6.3), divide(#0, 6.3) | -0.07937 |
considering the eog's roll forward of valuation allowances for deferred income tax assets during 2015-2017 , what was the highest value registered in the beginning balance? | Background: ["the principal components of eog's rollforward of valuation allowances for deferred income tax assets were as follows ( in thousands ) : ."]
--------
Table:
========================================
Row 1: , 2017, 2016, 2015
Row 2: beginning balance, $ 383221, $ 506127, $ 463018
Row 3: increase ( 1 ), 67333, 37221, 146602
Row 4: decrease ( 2 ), -13687 ( 13687 ), -12667 ( 12667 ), -4315 ( 4315 )
Row 5: other ( 3 ), 29554, -147460 ( 147460 ), -99178 ( 99178 )
Row 6: ending balance, $ 466421, $ 383221, $ 506127
========================================
--------
Additional Information: ['( 1 ) increase in valuation allowance related to the generation of tax nols and other deferred tax assets .', '( 2 ) decrease in valuation allowance associated with adjustments to certain deferred tax assets and their related allowance .', '( 3 ) represents dispositions/revisions/foreign exchange rate variances and the effect of statutory income tax rate changes .', 'as of december 31 , 2017 , eog had state income tax nols being carried forward of approximately $ 1.7 billion , which , if unused , expire between 2018 and 2036 .', "during 2017 , eog's united kingdom subsidiary incurred a tax nol of approximately $ 72 million which , along with prior years' nols of $ 857 million , will be carried forward indefinitely .", 'eog also has united states federal and canadian nols of $ 335 million and $ 158 million , respectively , with varying carryforward periods .', "eog's remaining amt credits total $ 798 million , resulting from amt paid with respect to prior years and an increase of $ 41 million in 2017 .", 'as described above , these nols and credits , as well as other less significant future income tax benefits , have been evaluated for the likelihood of utilization , and valuation allowances have been established for the portion of these deferred income tax assets that t do not meet the "more likely than not" threshold .', 'as further described above , significant changes were made by the tcja to the corporate amt that are favorable to eog , including the refunding of amt credit carryovers .', 'due to these legislative changes , eog intends to settle certain uncertain tax positions related to amt credits for taxable years 2011 through 2015 , resulting in a decrease of uncertain tax positions of $ 40 million .', 'the amount of unrecognized tax benefits at december 31 , 2017 , was $ 39 million , resulting from the tax treatment of its research and experimental expenditures related to certain innovations in its horizontal drilling and completion projects , which ish not expected to have an earnings impact .', 'eog records interest and penalties related to unrecognized tax benefits to its income tax provision .', 'eog does not anticipate that the amount of the unrecognized tax benefits will increase during the next twelve months .', 'eog and its subsidiaries file income tax returns and are subject to tax audits in the united states and various state , local and foreign jurisdictions .', "eog's earliest open tax years in its principal jurisdictions are as follows : united states federal ( 2011 ) , canada ( 2014 ) , united kingdom ( 2016 ) , trinidad ( 2011 ) and china ( 2008 ) .", "eog's foreign subsidiaries' undistributed earnings are no longer considered to be permanently reinvested outside the u.s .", 'and , accordingly , eog has cumulatively recorded $ 20 million of foreign and state deferred income taxes as of december 31 , 2017 .', '7 .', 'employee benefit plans stock-based compensation during 2017 , eog maintained various stock-based compensation plans as discussed below .', 'eog recognizes compensation expense on grants of stock options , sars , restricted stock and restricted stock units , performance units and grants made under the eog resources , inc .', 'employee stock purchase plan ( espp ) .', "stock-based compensation expense is calculated based upon the grant date estimated fair value of the awards , net of forfeitures , based upon eog's historical employee turnover rate .", 'compensation expense is amortized over the shorter of the vesting period or the period from date of grant until the date the employee becomes eligible to retire without company approval. .'] | 506127.0 | EOG/2017/page_78.pdf-1 | ["the principal components of eog's rollforward of valuation allowances for deferred income tax assets were as follows ( in thousands ) : ."] | ['( 1 ) increase in valuation allowance related to the generation of tax nols and other deferred tax assets .', '( 2 ) decrease in valuation allowance associated with adjustments to certain deferred tax assets and their related allowance .', '( 3 ) represents dispositions/revisions/foreign exchange rate variances and the effect of statutory income tax rate changes .', 'as of december 31 , 2017 , eog had state income tax nols being carried forward of approximately $ 1.7 billion , which , if unused , expire between 2018 and 2036 .', "during 2017 , eog's united kingdom subsidiary incurred a tax nol of approximately $ 72 million which , along with prior years' nols of $ 857 million , will be carried forward indefinitely .", 'eog also has united states federal and canadian nols of $ 335 million and $ 158 million , respectively , with varying carryforward periods .', "eog's remaining amt credits total $ 798 million , resulting from amt paid with respect to prior years and an increase of $ 41 million in 2017 .", 'as described above , these nols and credits , as well as other less significant future income tax benefits , have been evaluated for the likelihood of utilization , and valuation allowances have been established for the portion of these deferred income tax assets that t do not meet the "more likely than not" threshold .', 'as further described above , significant changes were made by the tcja to the corporate amt that are favorable to eog , including the refunding of amt credit carryovers .', 'due to these legislative changes , eog intends to settle certain uncertain tax positions related to amt credits for taxable years 2011 through 2015 , resulting in a decrease of uncertain tax positions of $ 40 million .', 'the amount of unrecognized tax benefits at december 31 , 2017 , was $ 39 million , resulting from the tax treatment of its research and experimental expenditures related to certain innovations in its horizontal drilling and completion projects , which ish not expected to have an earnings impact .', 'eog records interest and penalties related to unrecognized tax benefits to its income tax provision .', 'eog does not anticipate that the amount of the unrecognized tax benefits will increase during the next twelve months .', 'eog and its subsidiaries file income tax returns and are subject to tax audits in the united states and various state , local and foreign jurisdictions .', "eog's earliest open tax years in its principal jurisdictions are as follows : united states federal ( 2011 ) , canada ( 2014 ) , united kingdom ( 2016 ) , trinidad ( 2011 ) and china ( 2008 ) .", "eog's foreign subsidiaries' undistributed earnings are no longer considered to be permanently reinvested outside the u.s .", 'and , accordingly , eog has cumulatively recorded $ 20 million of foreign and state deferred income taxes as of december 31 , 2017 .', '7 .', 'employee benefit plans stock-based compensation during 2017 , eog maintained various stock-based compensation plans as discussed below .', 'eog recognizes compensation expense on grants of stock options , sars , restricted stock and restricted stock units , performance units and grants made under the eog resources , inc .', 'employee stock purchase plan ( espp ) .', "stock-based compensation expense is calculated based upon the grant date estimated fair value of the awards , net of forfeitures , based upon eog's historical employee turnover rate .", 'compensation expense is amortized over the shorter of the vesting period or the period from date of grant until the date the employee becomes eligible to retire without company approval. .'] | ========================================
Row 1: , 2017, 2016, 2015
Row 2: beginning balance, $ 383221, $ 506127, $ 463018
Row 3: increase ( 1 ), 67333, 37221, 146602
Row 4: decrease ( 2 ), -13687 ( 13687 ), -12667 ( 12667 ), -4315 ( 4315 )
Row 5: other ( 3 ), 29554, -147460 ( 147460 ), -99178 ( 99178 )
Row 6: ending balance, $ 466421, $ 383221, $ 506127
======================================== | table_max(beginning balance, none) | 506127.0 |
what was the percent of the growth of the mastercard from 2013 to 2014 | Pre-text: ['part ii item 5 .', 'market for registrant 2019s common equity , related stockholder matters and issuer purchases of equity securities our class a common stock trades on the new york stock exchange under the symbol 201cma 201d .', 'at february 8 , 2019 , we had 73 stockholders of record for our class a common stock .', 'we believe that the number of beneficial owners is substantially greater than the number of record holders because a large portion of our class a common stock is held in 201cstreet name 201d by brokers .', 'there is currently no established public trading market for our class b common stock .', 'there were approximately 287 holders of record of our non-voting class b common stock as of february 8 , 2019 , constituting approximately 1.1% ( 1.1 % ) of our total outstanding equity .', 'stock performance graph the graph and table below compare the cumulative total stockholder return of mastercard 2019s class a common stock , the s&p 500 financials and the s&p 500 index for the five-year period ended december 31 , 2018 .', 'the graph assumes a $ 100 investment in our class a common stock and both of the indices and the reinvestment of dividends .', 'mastercard 2019s class b common stock is not publicly traded or listed on any exchange or dealer quotation system .', 'total returns to stockholders for each of the years presented were as follows : indexed returns base period for the years ended december 31 .']
########
Tabular Data:
****************************************
• company/index, base period 2013, base period 2014, base period 2015, base period 2016, base period 2017, 2018
• mastercard, $ 100.00, $ 103.73, $ 118.05, $ 126.20, $ 186.37, $ 233.56
• s&p 500 financials, 100.00, 115.20, 113.44, 139.31, 170.21, 148.03
• s&p 500 index, 100.00, 113.69, 115.26, 129.05, 157.22, 150.33
****************************************
########
Follow-up: ['.'] | 0.0373 | MA/2018/page_34.pdf-1 | ['part ii item 5 .', 'market for registrant 2019s common equity , related stockholder matters and issuer purchases of equity securities our class a common stock trades on the new york stock exchange under the symbol 201cma 201d .', 'at february 8 , 2019 , we had 73 stockholders of record for our class a common stock .', 'we believe that the number of beneficial owners is substantially greater than the number of record holders because a large portion of our class a common stock is held in 201cstreet name 201d by brokers .', 'there is currently no established public trading market for our class b common stock .', 'there were approximately 287 holders of record of our non-voting class b common stock as of february 8 , 2019 , constituting approximately 1.1% ( 1.1 % ) of our total outstanding equity .', 'stock performance graph the graph and table below compare the cumulative total stockholder return of mastercard 2019s class a common stock , the s&p 500 financials and the s&p 500 index for the five-year period ended december 31 , 2018 .', 'the graph assumes a $ 100 investment in our class a common stock and both of the indices and the reinvestment of dividends .', 'mastercard 2019s class b common stock is not publicly traded or listed on any exchange or dealer quotation system .', 'total returns to stockholders for each of the years presented were as follows : indexed returns base period for the years ended december 31 .'] | ['.'] | ****************************************
• company/index, base period 2013, base period 2014, base period 2015, base period 2016, base period 2017, 2018
• mastercard, $ 100.00, $ 103.73, $ 118.05, $ 126.20, $ 186.37, $ 233.56
• s&p 500 financials, 100.00, 115.20, 113.44, 139.31, 170.21, 148.03
• s&p 500 index, 100.00, 113.69, 115.26, 129.05, 157.22, 150.33
**************************************** | subtract(103.73, const_100), divide(#0, const_100) | 0.0373 |
what percentage of doors in the wholesale segment as of april 2 , 2016 where in the europe geography? | Background: ['worldwide wholesale distribution channels the following table presents the number of doors by geographic location in which products distributed by our wholesale segment were sold to consumers in our primary channels of distribution as of april 2 , 2016: .']
----
Table:
location | number of doors
the americas ( a ) | 7741
europe ( b ) | 5625
asia ( c ) | 136
total | 13502
----
Post-table: ['( a ) includes the u.s. , canada , and latin america .', '( b ) includes the middle east .', '( c ) includes australia and new zealand .', 'we have three key wholesale customers that generate significant sales volume .', "during fiscal 2016 , sales to our largest wholesale customer , macy's , inc .", '( "macy\'s" ) , accounted for approximately 11% ( 11 % ) and 25% ( 25 % ) of our total net revenues and total wholesale net revenues , respectively .', "further , during fiscal 2016 , sales to our three largest wholesale customers , including macy's , accounted for approximately 24% ( 24 % ) and 53% ( 53 % ) of our total net revenues and total wholesale net revenues , respectively .", 'our products are sold primarily by our own sales forces .', 'our wholesale segment maintains its primary showrooms in new york city .', 'in addition , we maintain regional showrooms in milan , paris , london , munich , madrid , stockholm , and panama .', 'shop-within-shops .', 'as a critical element of our distribution to department stores , we and our licensing partners utilize shop-within-shops to enhance brand recognition , to permit more complete merchandising of our lines by the department stores , and to differentiate the presentation of our products .', 'as of april 2 , 2016 , we had approximately 25000 shop-within-shops in our primary channels of distribution dedicated to our wholesale products worldwide .', 'the size of our shop-within-shops ranges from approximately 100 to 9200 square feet .', 'shop-within-shop fixed assets primarily include items such as customized freestanding fixtures , wall cases and components , decorative items , and flooring .', 'we normally share in the cost of building out these shop-within-shops with our wholesale customers .', 'basic stock replenishment program .', 'basic products such as knit shirts , chino pants , oxford cloth shirts , select accessories , and home products can be ordered by our wholesale customers at any time through our basic stock replenishment program .', 'we generally ship these products within two to five days of order receipt .', 'our retail segment our retail segment sells directly to customers throughout the world via our 493 retail stores , totaling approximately 3.8 million square feet , and 583 concession-based shop-within-shops , as well as through our various e-commerce sites .', 'the extension of our direct-to-consumer reach is one of our primary long-term strategic goals .', 'we operate our retail business using an omni-channel retailing strategy that seeks to deliver an integrated shopping experience with a consistent message of our brands and products to our customers , regardless of whether they are shopping for our products in one of our physical stores or online .', 'ralph lauren stores our ralph lauren stores feature a broad range of apparel , accessories , watch and jewelry , fragrance , and home product assortments in an atmosphere reflecting the distinctive attitude and image of the ralph lauren , polo , double rl , and denim & supply brands , including exclusive merchandise that is not sold in department stores .', 'during fiscal 2016 , we opened 22 new ralph lauren stores and closed 21 stores .', 'our ralph lauren stores are primarily situated in major upscale street locations and upscale regional malls , generally in large urban markets. .'] | 0.4166 | RL/2016/page_9.pdf-1 | ['worldwide wholesale distribution channels the following table presents the number of doors by geographic location in which products distributed by our wholesale segment were sold to consumers in our primary channels of distribution as of april 2 , 2016: .'] | ['( a ) includes the u.s. , canada , and latin america .', '( b ) includes the middle east .', '( c ) includes australia and new zealand .', 'we have three key wholesale customers that generate significant sales volume .', "during fiscal 2016 , sales to our largest wholesale customer , macy's , inc .", '( "macy\'s" ) , accounted for approximately 11% ( 11 % ) and 25% ( 25 % ) of our total net revenues and total wholesale net revenues , respectively .', "further , during fiscal 2016 , sales to our three largest wholesale customers , including macy's , accounted for approximately 24% ( 24 % ) and 53% ( 53 % ) of our total net revenues and total wholesale net revenues , respectively .", 'our products are sold primarily by our own sales forces .', 'our wholesale segment maintains its primary showrooms in new york city .', 'in addition , we maintain regional showrooms in milan , paris , london , munich , madrid , stockholm , and panama .', 'shop-within-shops .', 'as a critical element of our distribution to department stores , we and our licensing partners utilize shop-within-shops to enhance brand recognition , to permit more complete merchandising of our lines by the department stores , and to differentiate the presentation of our products .', 'as of april 2 , 2016 , we had approximately 25000 shop-within-shops in our primary channels of distribution dedicated to our wholesale products worldwide .', 'the size of our shop-within-shops ranges from approximately 100 to 9200 square feet .', 'shop-within-shop fixed assets primarily include items such as customized freestanding fixtures , wall cases and components , decorative items , and flooring .', 'we normally share in the cost of building out these shop-within-shops with our wholesale customers .', 'basic stock replenishment program .', 'basic products such as knit shirts , chino pants , oxford cloth shirts , select accessories , and home products can be ordered by our wholesale customers at any time through our basic stock replenishment program .', 'we generally ship these products within two to five days of order receipt .', 'our retail segment our retail segment sells directly to customers throughout the world via our 493 retail stores , totaling approximately 3.8 million square feet , and 583 concession-based shop-within-shops , as well as through our various e-commerce sites .', 'the extension of our direct-to-consumer reach is one of our primary long-term strategic goals .', 'we operate our retail business using an omni-channel retailing strategy that seeks to deliver an integrated shopping experience with a consistent message of our brands and products to our customers , regardless of whether they are shopping for our products in one of our physical stores or online .', 'ralph lauren stores our ralph lauren stores feature a broad range of apparel , accessories , watch and jewelry , fragrance , and home product assortments in an atmosphere reflecting the distinctive attitude and image of the ralph lauren , polo , double rl , and denim & supply brands , including exclusive merchandise that is not sold in department stores .', 'during fiscal 2016 , we opened 22 new ralph lauren stores and closed 21 stores .', 'our ralph lauren stores are primarily situated in major upscale street locations and upscale regional malls , generally in large urban markets. .'] | location | number of doors
the americas ( a ) | 7741
europe ( b ) | 5625
asia ( c ) | 136
total | 13502 | divide(5625, 13502) | 0.4166 |
what is the net change in the number of individual smoking and health cases pending from 2018 to 2019? | Pre-text: ['note 18 .', 'contingencies : tobacco-related litigation legal proceedings covering a wide range of matters are pending or threatened against us , and/or our subsidiaries , and/or our indemnitees in various jurisdictions .', 'our indemnitees include distributors , licensees , and others that have been named as parties in certain cases and that we have agreed to defend , as well as to pay costs and some or all of judgments , if any , that may be entered against them .', 'pursuant to the terms of the distribution agreement between altria group , inc .', '( "altria" ) and pmi , pmi will indemnify altria and philip morris usa inc .', '( "pm usa" ) , a u.s .', 'tobacco subsidiary of altria , for tobacco product claims based in substantial part on products manufactured by pmi or contract manufactured for pmi by pm usa , and pm usa will indemnify pmi for tobacco product claims based in substantial part on products manufactured by pm usa , excluding tobacco products contract manufactured for pmi .', 'it is possible that there could be adverse developments in pending cases against us and our subsidiaries .', 'an unfavorable outcome or settlement of pending tobacco-related litigation could encourage the commencement of additional litigation .', 'damages claimed in some of the tobacco-related litigation are significant and , in certain cases in brazil , canada , israel and nigeria , range into the billions of u.s .', 'dollars .', 'the variability in pleadings in multiple jurisdictions , together with the actual experience of management in litigating claims , demonstrate that the monetary relief that may be specified in a lawsuit bears little relevance to the ultimate outcome .', 'much of the tobacco-related litigation is in its early stages , and litigation is subject to uncertainty .', 'however , as discussed below , we have to date been largely successful in defending tobacco-related litigation .', 'we and our subsidiaries record provisions in the consolidated financial statements for pending litigation when we determine that an unfavorable outcome is probable and the amount of the loss can be reasonably estimated .', 'at the present time , while it is reasonably possible that an unfavorable outcome in a case may occur , after assessing the information available to it ( i ) management has not concluded that it is probable that a loss has been incurred in any of the pending tobacco-related cases ; ( ii ) management is unable to estimate the possible loss or range of loss for any of the pending tobacco-related cases ; and ( iii ) accordingly , no estimated loss has been accrued in the consolidated financial statements for unfavorable outcomes in these cases , if any .', 'legal defense costs are expensed as incurred .', 'it is possible that our consolidated results of operations , cash flows or financial position could be materially affected in a particular fiscal quarter or fiscal year by an unfavorable outcome or settlement of certain pending litigation .', 'nevertheless , although litigation is subject to uncertainty , we and each of our subsidiaries named as a defendant believe , and each has been so advised by counsel handling the respective cases , that we have valid defenses to the litigation pending against us , as well as valid bases for appeal of adverse verdicts .', 'all such cases are , and will continue to be , vigorously defended .', 'however , we and our subsidiaries may enter into settlement discussions in particular cases if we believe it is in our best interests to do so .', 'to date , no tobacco-related case has been finally resolved in favor of a plaintiff against us , our subsidiaries or indemnitees .', 'the table below lists the number of tobacco-related cases pertaining to combustible products pending against us and/or our subsidiaries or indemnitees as of february 4 , 2019 , february 9 , 2018 and december 31 , 2016 : type of case number of cases pending as of february 4 , 2019 number of cases pending as of february 9 , 2018 number of cases pending as of december 31 , 2016 .']
##########
Table:
type of case number of cases pending as of february 4 2019 number of cases pending as of february 9 2018 number of cases pending as of december 31 2016
individual smoking and health cases 55 57 64
smoking and health class actions 10 11 11
health care cost recovery actions 16 16 16
label-related class actions 1 1 2014
individual label-related cases 7 1 3
public civil actions 2 2 2
##########
Additional Information: ['since 1995 , when the first tobacco-related litigation was filed against a pmi entity , 491 smoking and health , label-related , health care cost recovery , and public civil actions in which we and/or one of our subsidiaries and/or indemnitees were a defendant have been terminated in our favor .', 'thirteen cases have had decisions in favor of plaintiffs .', 'nine of these cases have subsequently reached final resolution in our favor and four remain on appeal. .'] | -2.0 | PM/2018/page_108.pdf-2 | ['note 18 .', 'contingencies : tobacco-related litigation legal proceedings covering a wide range of matters are pending or threatened against us , and/or our subsidiaries , and/or our indemnitees in various jurisdictions .', 'our indemnitees include distributors , licensees , and others that have been named as parties in certain cases and that we have agreed to defend , as well as to pay costs and some or all of judgments , if any , that may be entered against them .', 'pursuant to the terms of the distribution agreement between altria group , inc .', '( "altria" ) and pmi , pmi will indemnify altria and philip morris usa inc .', '( "pm usa" ) , a u.s .', 'tobacco subsidiary of altria , for tobacco product claims based in substantial part on products manufactured by pmi or contract manufactured for pmi by pm usa , and pm usa will indemnify pmi for tobacco product claims based in substantial part on products manufactured by pm usa , excluding tobacco products contract manufactured for pmi .', 'it is possible that there could be adverse developments in pending cases against us and our subsidiaries .', 'an unfavorable outcome or settlement of pending tobacco-related litigation could encourage the commencement of additional litigation .', 'damages claimed in some of the tobacco-related litigation are significant and , in certain cases in brazil , canada , israel and nigeria , range into the billions of u.s .', 'dollars .', 'the variability in pleadings in multiple jurisdictions , together with the actual experience of management in litigating claims , demonstrate that the monetary relief that may be specified in a lawsuit bears little relevance to the ultimate outcome .', 'much of the tobacco-related litigation is in its early stages , and litigation is subject to uncertainty .', 'however , as discussed below , we have to date been largely successful in defending tobacco-related litigation .', 'we and our subsidiaries record provisions in the consolidated financial statements for pending litigation when we determine that an unfavorable outcome is probable and the amount of the loss can be reasonably estimated .', 'at the present time , while it is reasonably possible that an unfavorable outcome in a case may occur , after assessing the information available to it ( i ) management has not concluded that it is probable that a loss has been incurred in any of the pending tobacco-related cases ; ( ii ) management is unable to estimate the possible loss or range of loss for any of the pending tobacco-related cases ; and ( iii ) accordingly , no estimated loss has been accrued in the consolidated financial statements for unfavorable outcomes in these cases , if any .', 'legal defense costs are expensed as incurred .', 'it is possible that our consolidated results of operations , cash flows or financial position could be materially affected in a particular fiscal quarter or fiscal year by an unfavorable outcome or settlement of certain pending litigation .', 'nevertheless , although litigation is subject to uncertainty , we and each of our subsidiaries named as a defendant believe , and each has been so advised by counsel handling the respective cases , that we have valid defenses to the litigation pending against us , as well as valid bases for appeal of adverse verdicts .', 'all such cases are , and will continue to be , vigorously defended .', 'however , we and our subsidiaries may enter into settlement discussions in particular cases if we believe it is in our best interests to do so .', 'to date , no tobacco-related case has been finally resolved in favor of a plaintiff against us , our subsidiaries or indemnitees .', 'the table below lists the number of tobacco-related cases pertaining to combustible products pending against us and/or our subsidiaries or indemnitees as of february 4 , 2019 , february 9 , 2018 and december 31 , 2016 : type of case number of cases pending as of february 4 , 2019 number of cases pending as of february 9 , 2018 number of cases pending as of december 31 , 2016 .'] | ['since 1995 , when the first tobacco-related litigation was filed against a pmi entity , 491 smoking and health , label-related , health care cost recovery , and public civil actions in which we and/or one of our subsidiaries and/or indemnitees were a defendant have been terminated in our favor .', 'thirteen cases have had decisions in favor of plaintiffs .', 'nine of these cases have subsequently reached final resolution in our favor and four remain on appeal. .'] | type of case number of cases pending as of february 4 2019 number of cases pending as of february 9 2018 number of cases pending as of december 31 2016
individual smoking and health cases 55 57 64
smoking and health class actions 10 11 11
health care cost recovery actions 16 16 16
label-related class actions 1 1 2014
individual label-related cases 7 1 3
public civil actions 2 2 2 | subtract(55, 57) | -2.0 |
by how much did apple inc . outperform the s&p computer hardware index over the above mentioned 6 year period? | Background: ['table of contents company stock performance the following graph shows a five-year comparison of cumulative total shareholder return , calculated on a dividend reinvested basis , for the company , the s&p 500 index , the s&p computer hardware index , and the dow jones u.s .', 'technology supersector index .', 'the graph assumes $ 100 was invested in each of the company 2019s common stock , the s&p 500 index , the s&p computer hardware index , and the dow jones u.s .', 'technology supersector index as of the market close on september 30 , 2008 .', 'data points on the graph are annual .', 'note that historic stock price performance is not necessarily indicative of future stock price performance .', 'fiscal year ending september 30 .', 'copyright 2013 s&p , a division of the mcgraw-hill companies inc .', 'all rights reserved .', 'copyright 2013 dow jones & co .', 'all rights reserved .', '*$ 100 invested on 9/30/08 in stock or index , including reinvestment of dividends .', 'september 30 , september 30 , september 30 , september 30 , september 30 , september 30 .']
--------
Table:
========================================
| september 30 2008 | september 30 2009 | september 30 2010 | september 30 2011 | september 30 2012 | september 30 2013
----------|----------|----------|----------|----------|----------|----------
apple inc . | $ 100 | $ 163 | $ 250 | $ 335 | $ 589 | $ 431
s&p 500 index | $ 100 | $ 93 | $ 103 | $ 104 | $ 135 | $ 161
s&p computer hardware index | $ 100 | $ 118 | $ 140 | $ 159 | $ 255 | $ 197
dow jones us technology supersector index | $ 100 | $ 111 | $ 124 | $ 128 | $ 166 | $ 175
========================================
--------
Follow-up: ['.'] | 2.34 | AAPL/2013/page_27.pdf-2 | ['table of contents company stock performance the following graph shows a five-year comparison of cumulative total shareholder return , calculated on a dividend reinvested basis , for the company , the s&p 500 index , the s&p computer hardware index , and the dow jones u.s .', 'technology supersector index .', 'the graph assumes $ 100 was invested in each of the company 2019s common stock , the s&p 500 index , the s&p computer hardware index , and the dow jones u.s .', 'technology supersector index as of the market close on september 30 , 2008 .', 'data points on the graph are annual .', 'note that historic stock price performance is not necessarily indicative of future stock price performance .', 'fiscal year ending september 30 .', 'copyright 2013 s&p , a division of the mcgraw-hill companies inc .', 'all rights reserved .', 'copyright 2013 dow jones & co .', 'all rights reserved .', '*$ 100 invested on 9/30/08 in stock or index , including reinvestment of dividends .', 'september 30 , september 30 , september 30 , september 30 , september 30 , september 30 .'] | ['.'] | ========================================
| september 30 2008 | september 30 2009 | september 30 2010 | september 30 2011 | september 30 2012 | september 30 2013
----------|----------|----------|----------|----------|----------|----------
apple inc . | $ 100 | $ 163 | $ 250 | $ 335 | $ 589 | $ 431
s&p 500 index | $ 100 | $ 93 | $ 103 | $ 104 | $ 135 | $ 161
s&p computer hardware index | $ 100 | $ 118 | $ 140 | $ 159 | $ 255 | $ 197
dow jones us technology supersector index | $ 100 | $ 111 | $ 124 | $ 128 | $ 166 | $ 175
======================================== | subtract(431, 100), divide(#0, 100), subtract(197, 100), divide(#2, 100), subtract(#1, #3) | 2.34 |
how often did the firm post gains exceeding $ 200 million in 2012?\\n | Pre-text: ['jpmorgan chase & co./2012 annual report 167 the chart shows that for year ended december 31 , 2012 , the firm posted market risk related gains on 220 of the 261 days in this period , with gains on eight days exceeding $ 200 million .', 'the chart includes year to date losses incurred in the synthetic credit portfolio .', 'cib and credit portfolio posted market risk-related gains on 254 days in the period .', 'the inset graph looks at those days on which the firm experienced losses and depicts the amount by which var exceeded the actual loss on each of those days .', 'of the losses that were sustained on the 41 days of the 261 days in the trading period , the firm sustained losses that exceeded the var measure on three of those days .', 'these losses in excess of the var all occurred in the second quarter of 2012 and were due to the adverse effect of market movements on risk positions in the synthetic credit portfolio held by cio .', 'during the year ended december 31 , 2012 , cib and credit portfolio experienced seven loss days ; none of the losses on those days exceeded their respective var measures .', 'other risk measures debit valuation adjustment sensitivity the following table provides information about the gross sensitivity of dva to a one-basis-point increase in jpmorgan chase 2019s credit spreads .', 'this sensitivity represents the impact from a one-basis-point parallel shift in jpmorgan chase 2019s entire credit curve .', 'however , the sensitivity at a single point in time multiplied by the change in credit spread at a single maturity point may not be representative of the actual dva gain or loss realized within a period .', 'the actual results reflect the movement in credit spreads across various maturities , which typically do not move in a parallel fashion , and is the product of a constantly changing exposure profile , among other factors .', 'debit valuation adjustment sensitivity ( in millions ) one basis-point increase in jpmorgan chase 2019s credit spread .']
Table:
----------------------------------------
( in millions ), one basis-point increase injpmorgan chase 2019s credit spread
december 31 2012, $ 34
december 31 2011, 35
----------------------------------------
Follow-up: ['economic-value stress testing along with var , stress testing is important in measuring and controlling risk .', 'while var reflects the risk of loss due to adverse changes in markets using recent historical market behavior as an indicator of losses , stress testing captures the firm 2019s exposure to unlikely but plausible events in abnormal markets .', 'the firm runs weekly stress tests on market-related risks across the lines of business using multiple scenarios that assume significant changes in risk factors such as credit spreads , equity prices , interest rates , currency rates or commodity prices .', 'the framework uses a grid-based approach , which calculates multiple magnitudes of stress for both market rallies and market sell-offs for .'] | 0.03065 | JPM/2012/page_157.pdf-2 | ['jpmorgan chase & co./2012 annual report 167 the chart shows that for year ended december 31 , 2012 , the firm posted market risk related gains on 220 of the 261 days in this period , with gains on eight days exceeding $ 200 million .', 'the chart includes year to date losses incurred in the synthetic credit portfolio .', 'cib and credit portfolio posted market risk-related gains on 254 days in the period .', 'the inset graph looks at those days on which the firm experienced losses and depicts the amount by which var exceeded the actual loss on each of those days .', 'of the losses that were sustained on the 41 days of the 261 days in the trading period , the firm sustained losses that exceeded the var measure on three of those days .', 'these losses in excess of the var all occurred in the second quarter of 2012 and were due to the adverse effect of market movements on risk positions in the synthetic credit portfolio held by cio .', 'during the year ended december 31 , 2012 , cib and credit portfolio experienced seven loss days ; none of the losses on those days exceeded their respective var measures .', 'other risk measures debit valuation adjustment sensitivity the following table provides information about the gross sensitivity of dva to a one-basis-point increase in jpmorgan chase 2019s credit spreads .', 'this sensitivity represents the impact from a one-basis-point parallel shift in jpmorgan chase 2019s entire credit curve .', 'however , the sensitivity at a single point in time multiplied by the change in credit spread at a single maturity point may not be representative of the actual dva gain or loss realized within a period .', 'the actual results reflect the movement in credit spreads across various maturities , which typically do not move in a parallel fashion , and is the product of a constantly changing exposure profile , among other factors .', 'debit valuation adjustment sensitivity ( in millions ) one basis-point increase in jpmorgan chase 2019s credit spread .'] | ['economic-value stress testing along with var , stress testing is important in measuring and controlling risk .', 'while var reflects the risk of loss due to adverse changes in markets using recent historical market behavior as an indicator of losses , stress testing captures the firm 2019s exposure to unlikely but plausible events in abnormal markets .', 'the firm runs weekly stress tests on market-related risks across the lines of business using multiple scenarios that assume significant changes in risk factors such as credit spreads , equity prices , interest rates , currency rates or commodity prices .', 'the framework uses a grid-based approach , which calculates multiple magnitudes of stress for both market rallies and market sell-offs for .'] | ----------------------------------------
( in millions ), one basis-point increase injpmorgan chase 2019s credit spread
december 31 2012, $ 34
december 31 2011, 35
---------------------------------------- | divide(const_8, 261) | 0.03065 |
what percentage of total assets acquired where comprised of goodwill? | Context: ['dish network corporation notes to consolidated financial statements - continued december 31 , 2008 , we recorded $ 6 million in interest and penalty expense to earnings .', 'accrued interest and penalties was $ 7 million at december 31 , 2008 .', '11 .', 'acquisition of sling media , inc .', 'during october 2007 , we acquired all remaining outstanding shares ( 94% ( 94 % ) ) of sling media , inc .', '( 201csling media 201d ) for cash consideration of $ 342 million , including direct transaction costs of $ 8 million .', 'we also exchanged sling media employee stock options for our options to purchase approximately 342000 of our common stock valued at approximately $ 16 million .', 'sling media , a leading innovator in the digital- lifestyle space , was acquired to allow us to offer new products and services to our subscribers .', 'on january 1 , 2008 , sling media was distributed to echostar in the spin-off .', 'this transaction was accounted for as a purchase business combination in accordance with statement of financial accounting standards no .', '141 , 201cbusiness combinations 201d ( 201csfas 141 201d ) .', 'the purchase consideration was allocated based on the fair values of identifiable tangible and intangible assets and liabilities as follows : purchase price allocation ( in thousands ) .']
####
Data Table:
----------------------------------------
Row 1: , final purchase price allocation ( in thousands )
Row 2: tangible assets, $ 28779
Row 3: prepaid compensation costs, 11844
Row 4: other noncurrent assets ( 1 ), -9541 ( 9541 )
Row 5: acquisition intangibles, 61800
Row 6: in-process research and development, 22200
Row 7: goodwill, 256917
Row 8: total assets acquired, $ 371999
Row 9: current liabilities, -19233 ( 19233 )
Row 10: long-term liabilities ( 2 ), -10922 ( 10922 )
Row 11: net assets acquired, $ 341844
----------------------------------------
####
Post-table: ['( 1 ) represents the elimination of our previously recorded 6% ( 6 % ) non-controlling interest in sling media .', '( 2 ) includes $ 9 million deferred tax liability related to the acquisition intangibles .', 'the total $ 62 million of acquired intangible assets resulting from the sling media transaction is comprised of technology-based intangibles and trademarks totaling approximately $ 34 million with estimated weighted-average useful lives of seven years , reseller relationships totaling approximately $ 24 million with estimated weighted-average useful lives of three years and contract-based intangibles totaling approximately $ 4 million with estimated weighted-average useful lives of four years .', 'the in-process research and development costs of $ 22 million were expensed to general and administrative expense upon acquisition in accordance with sfas 141 .', 'the goodwill recorded as a result of the acquisition is not deductible for income tax purposes .', 'the business combination did not have a material impact on our results of operations for the year ended december 31 , 2007 and would not have materially impacted our results of operations for these periods had the business combination occurred on january 1 , 2007 .', 'further , the business combination would not have had a material impact on our results of operations for the comparable period in 2006 had the business combination occurred on january 1 , 2006. .'] | 0.69064 | DISH/2008/page_120.pdf-1 | ['dish network corporation notes to consolidated financial statements - continued december 31 , 2008 , we recorded $ 6 million in interest and penalty expense to earnings .', 'accrued interest and penalties was $ 7 million at december 31 , 2008 .', '11 .', 'acquisition of sling media , inc .', 'during october 2007 , we acquired all remaining outstanding shares ( 94% ( 94 % ) ) of sling media , inc .', '( 201csling media 201d ) for cash consideration of $ 342 million , including direct transaction costs of $ 8 million .', 'we also exchanged sling media employee stock options for our options to purchase approximately 342000 of our common stock valued at approximately $ 16 million .', 'sling media , a leading innovator in the digital- lifestyle space , was acquired to allow us to offer new products and services to our subscribers .', 'on january 1 , 2008 , sling media was distributed to echostar in the spin-off .', 'this transaction was accounted for as a purchase business combination in accordance with statement of financial accounting standards no .', '141 , 201cbusiness combinations 201d ( 201csfas 141 201d ) .', 'the purchase consideration was allocated based on the fair values of identifiable tangible and intangible assets and liabilities as follows : purchase price allocation ( in thousands ) .'] | ['( 1 ) represents the elimination of our previously recorded 6% ( 6 % ) non-controlling interest in sling media .', '( 2 ) includes $ 9 million deferred tax liability related to the acquisition intangibles .', 'the total $ 62 million of acquired intangible assets resulting from the sling media transaction is comprised of technology-based intangibles and trademarks totaling approximately $ 34 million with estimated weighted-average useful lives of seven years , reseller relationships totaling approximately $ 24 million with estimated weighted-average useful lives of three years and contract-based intangibles totaling approximately $ 4 million with estimated weighted-average useful lives of four years .', 'the in-process research and development costs of $ 22 million were expensed to general and administrative expense upon acquisition in accordance with sfas 141 .', 'the goodwill recorded as a result of the acquisition is not deductible for income tax purposes .', 'the business combination did not have a material impact on our results of operations for the year ended december 31 , 2007 and would not have materially impacted our results of operations for these periods had the business combination occurred on january 1 , 2007 .', 'further , the business combination would not have had a material impact on our results of operations for the comparable period in 2006 had the business combination occurred on january 1 , 2006. .'] | ----------------------------------------
Row 1: , final purchase price allocation ( in thousands )
Row 2: tangible assets, $ 28779
Row 3: prepaid compensation costs, 11844
Row 4: other noncurrent assets ( 1 ), -9541 ( 9541 )
Row 5: acquisition intangibles, 61800
Row 6: in-process research and development, 22200
Row 7: goodwill, 256917
Row 8: total assets acquired, $ 371999
Row 9: current liabilities, -19233 ( 19233 )
Row 10: long-term liabilities ( 2 ), -10922 ( 10922 )
Row 11: net assets acquired, $ 341844
---------------------------------------- | divide(256917, 371999) | 0.69064 |
what was the percentage change in the reserve for product warranties from december 31 2006 to december 30 2007? | Pre-text: ['utilized .', 'in accordance with sfas no .', '144 , accounting for the impairment or disposal of long-lived assets , a non-cash impairment charge of $ 4.1 million was recorded in the second quarter of fiscal 2008 for the excess machinery .', 'this charge is included as a separate line item in the company 2019s consolidated statement of operations .', 'there was no change to useful lives and related depreciation expense of the remaining assets as the company believes these estimates are currently reflective of the period the assets will be used in operations .', '7 .', 'warranties the company generally provides a one-year warranty on sequencing , genotyping and gene expression systems .', 'at the time revenue is recognized , the company establishes an accrual for estimated warranty expenses associated with system sales .', 'this expense is recorded as a component of cost of product revenue .', 'estimated warranty expenses associated with extended maintenance contracts are recorded as cost of revenue ratably over the term of the maintenance contract .', 'changes in the company 2019s reserve for product warranties from january 1 , 2006 through december 28 , 2008 are as follows ( in thousands ) : .']
##
Tabular Data:
****************************************
Row 1: balance as of january 1 2006, $ 751
Row 2: additions charged to cost of revenue, 1379
Row 3: repairs and replacements, -1134 ( 1134 )
Row 4: balance as of december 31 2006, 996
Row 5: additions charged to cost of revenue, 4939
Row 6: repairs and replacements, -2219 ( 2219 )
Row 7: balance as of december 30 2007, 3716
Row 8: additions charged to cost of revenue, 13044
Row 9: repairs and replacements, -8557 ( 8557 )
Row 10: balance as of december 28 2008, $ 8203
****************************************
##
Additional Information: ['8 .', 'convertible senior notes on february 16 , 2007 , the company issued $ 400.0 million principal amount of 0.625% ( 0.625 % ) convertible senior notes due 2014 ( the notes ) , which included the exercise of the initial purchasers 2019 option to purchase up to an additional $ 50.0 million aggregate principal amount of notes .', 'the net proceeds from the offering , after deducting the initial purchasers 2019 discount and offering expenses , were $ 390.3 million .', 'the company will pay 0.625% ( 0.625 % ) interest per annum on the principal amount of the notes , payable semi-annually in arrears in cash on february 15 and august 15 of each year .', 'the company made interest payments of $ 1.3 million and $ 1.2 million on february 15 , 2008 and august 15 , 2008 , respectively .', 'the notes mature on february 15 , the notes will be convertible into cash and , if applicable , shares of the company 2019s common stock , $ 0.01 par value per share , based on a conversion rate , subject to adjustment , of 45.8058 shares per $ 1000 principal amount of notes ( which represents a conversion price of $ 21.83 per share ) , only in the following circumstances and to the following extent : ( 1 ) during the five business-day period after any five consecutive trading period ( the measurement period ) in which the trading price per note for each day of such measurement period was less than 97% ( 97 % ) of the product of the last reported sale price of the company 2019s common stock and the conversion rate on each such day ; ( 2 ) during any calendar quarter after the calendar quarter ending march 30 , 2007 , if the last reported sale price of the company 2019s common stock for 20 or more trading days in a period of 30 consecutive trading days ending on the last trading day of the immediately illumina , inc .', 'notes to consolidated financial statements 2014 ( continued ) .'] | 2.73092 | ILMN/2008/page_77.pdf-1 | ['utilized .', 'in accordance with sfas no .', '144 , accounting for the impairment or disposal of long-lived assets , a non-cash impairment charge of $ 4.1 million was recorded in the second quarter of fiscal 2008 for the excess machinery .', 'this charge is included as a separate line item in the company 2019s consolidated statement of operations .', 'there was no change to useful lives and related depreciation expense of the remaining assets as the company believes these estimates are currently reflective of the period the assets will be used in operations .', '7 .', 'warranties the company generally provides a one-year warranty on sequencing , genotyping and gene expression systems .', 'at the time revenue is recognized , the company establishes an accrual for estimated warranty expenses associated with system sales .', 'this expense is recorded as a component of cost of product revenue .', 'estimated warranty expenses associated with extended maintenance contracts are recorded as cost of revenue ratably over the term of the maintenance contract .', 'changes in the company 2019s reserve for product warranties from january 1 , 2006 through december 28 , 2008 are as follows ( in thousands ) : .'] | ['8 .', 'convertible senior notes on february 16 , 2007 , the company issued $ 400.0 million principal amount of 0.625% ( 0.625 % ) convertible senior notes due 2014 ( the notes ) , which included the exercise of the initial purchasers 2019 option to purchase up to an additional $ 50.0 million aggregate principal amount of notes .', 'the net proceeds from the offering , after deducting the initial purchasers 2019 discount and offering expenses , were $ 390.3 million .', 'the company will pay 0.625% ( 0.625 % ) interest per annum on the principal amount of the notes , payable semi-annually in arrears in cash on february 15 and august 15 of each year .', 'the company made interest payments of $ 1.3 million and $ 1.2 million on february 15 , 2008 and august 15 , 2008 , respectively .', 'the notes mature on february 15 , the notes will be convertible into cash and , if applicable , shares of the company 2019s common stock , $ 0.01 par value per share , based on a conversion rate , subject to adjustment , of 45.8058 shares per $ 1000 principal amount of notes ( which represents a conversion price of $ 21.83 per share ) , only in the following circumstances and to the following extent : ( 1 ) during the five business-day period after any five consecutive trading period ( the measurement period ) in which the trading price per note for each day of such measurement period was less than 97% ( 97 % ) of the product of the last reported sale price of the company 2019s common stock and the conversion rate on each such day ; ( 2 ) during any calendar quarter after the calendar quarter ending march 30 , 2007 , if the last reported sale price of the company 2019s common stock for 20 or more trading days in a period of 30 consecutive trading days ending on the last trading day of the immediately illumina , inc .', 'notes to consolidated financial statements 2014 ( continued ) .'] | ****************************************
Row 1: balance as of january 1 2006, $ 751
Row 2: additions charged to cost of revenue, 1379
Row 3: repairs and replacements, -1134 ( 1134 )
Row 4: balance as of december 31 2006, 996
Row 5: additions charged to cost of revenue, 4939
Row 6: repairs and replacements, -2219 ( 2219 )
Row 7: balance as of december 30 2007, 3716
Row 8: additions charged to cost of revenue, 13044
Row 9: repairs and replacements, -8557 ( 8557 )
Row 10: balance as of december 28 2008, $ 8203
**************************************** | subtract(3716, 996), divide(#0, 996) | 2.73092 |
what was the total percentage increase from 2007 to 2011 in the number of berths? | Context: ['part i berths at the end of 2011 .', 'there are approximately 10 ships with an estimated 34000 berths that are expected to be placed in service in the north american cruise market between 2012 and 2016 .', 'europe in europe , cruising represents a smaller but growing sector of the vacation industry .', 'it has experienced a compound annual growth rate in cruise guests of approximately 9.6% ( 9.6 % ) from 2007 to 2011 and we believe this market has significant continued growth poten- tial .', 'we estimate that europe was served by 104 ships with approximately 100000 berths at the beginning of 2007 and by 121 ships with approximately 155000 berths at the end of 2011 .', 'there are approximately 10 ships with an estimated 28000 berths that are expected to be placed in service in the european cruise market between 2012 and 2016 .', 'the following table details the growth in the global , north american and european cruise markets in terms of cruise guests and estimated weighted-average berths over the past five years : global cruise guests ( 1 ) weighted-average supply of berths marketed globally ( 1 ) north american cruise guests ( 2 ) weighted-average supply of berths marketed in north america ( 1 ) european cruise guests ( 3 ) weighted-average supply of berths marketed in europe ( 1 ) .']
Table:
****************************************
year | global cruiseguests ( 1 ) | weighted-averagesupplyofberthsmarketedglobally ( 1 ) | northamericancruiseguests ( 2 ) | weighted-average supply ofberths marketedin northamerica ( 1 ) | europeancruiseguests | weighted-averagesupply ofberthsmarketed ineurope ( 1 )
----------|----------|----------|----------|----------|----------|----------
2007 | 16586000 | 327000 | 10247000 | 212000 | 4080000 | 105000
2008 | 17184000 | 347000 | 10093000 | 219000 | 4500000 | 120000
2009 | 17340000 | 363000 | 10198000 | 222000 | 5000000 | 131000
2010 | 18800000 | 391000 | 10781000 | 232000 | 5540000 | 143000
2011 | 20227000 | 412000 | 11625000 | 245000 | 5894000 | 149000
****************************************
Additional Information: ['( 1 ) source : our estimates of the number of global cruise guests , and the weighted-average supply of berths marketed globally , in north america and europe are based on a combination of data that we obtain from various publicly available cruise industry trade information sources including seatrade insider and cruise line international association .', 'in addition , our estimates incorporate our own statistical analysis utilizing the same publicly available cruise industry data as a base .', '( 2 ) source : cruise line international association based on cruise guests carried for at least two consecutive nights for years 2007 through 2010 .', 'year 2011 amounts represent our estimates ( see number 1 above ) .', '( 3 ) source : european cruise council for years 2007 through 2010 .', 'year 2011 amounts represent our estimates ( see number 1 above ) .', 'other markets in addition to expected industry growth in north america and europe as discussed above , we expect the asia/pacific region to demonstrate an even higher growth rate in the near term , although it will continue to represent a relatively small sector compared to north america and europe .', 'we compete with a number of cruise lines ; however , our principal competitors are carnival corporation & plc , which owns , among others , aida cruises , carnival cruise lines , costa cruises , cunard line , holland america line , iberocruceros , p&o cruises and princess cruises ; disney cruise line ; msc cruises ; norwegian cruise line and oceania cruises .', 'cruise lines compete with other vacation alternatives such as land-based resort hotels and sightseeing destinations for consum- ers 2019 leisure time .', 'demand for such activities is influ- enced by political and general economic conditions .', 'companies within the vacation market are dependent on consumer discretionary spending .', 'operating strategies our principal operating strategies are to : and employees and protect the environment in which our vessels and organization operate , to better serve our global guest base and grow our business , order to enhance our revenues while continuing to expand and diversify our guest mix through interna- tional guest sourcing , and ensure adequate cash and liquidity , with the overall goal of maximizing our return on invested capital and long-term shareholder value , our brands throughout the world , revitalization of existing ships and the transfer of key innovations across each brand , while expanding our fleet with the new state-of-the-art cruise ships recently delivered and on order , by deploying them into those markets and itineraries that provide opportunities to optimize returns , while continuing our focus on existing key markets , support ongoing operations and initiatives , and the principal industry distribution channel , while enhancing our consumer outreach programs. .'] | 55.0 | RCL/2011/page_16.pdf-4 | ['part i berths at the end of 2011 .', 'there are approximately 10 ships with an estimated 34000 berths that are expected to be placed in service in the north american cruise market between 2012 and 2016 .', 'europe in europe , cruising represents a smaller but growing sector of the vacation industry .', 'it has experienced a compound annual growth rate in cruise guests of approximately 9.6% ( 9.6 % ) from 2007 to 2011 and we believe this market has significant continued growth poten- tial .', 'we estimate that europe was served by 104 ships with approximately 100000 berths at the beginning of 2007 and by 121 ships with approximately 155000 berths at the end of 2011 .', 'there are approximately 10 ships with an estimated 28000 berths that are expected to be placed in service in the european cruise market between 2012 and 2016 .', 'the following table details the growth in the global , north american and european cruise markets in terms of cruise guests and estimated weighted-average berths over the past five years : global cruise guests ( 1 ) weighted-average supply of berths marketed globally ( 1 ) north american cruise guests ( 2 ) weighted-average supply of berths marketed in north america ( 1 ) european cruise guests ( 3 ) weighted-average supply of berths marketed in europe ( 1 ) .'] | ['( 1 ) source : our estimates of the number of global cruise guests , and the weighted-average supply of berths marketed globally , in north america and europe are based on a combination of data that we obtain from various publicly available cruise industry trade information sources including seatrade insider and cruise line international association .', 'in addition , our estimates incorporate our own statistical analysis utilizing the same publicly available cruise industry data as a base .', '( 2 ) source : cruise line international association based on cruise guests carried for at least two consecutive nights for years 2007 through 2010 .', 'year 2011 amounts represent our estimates ( see number 1 above ) .', '( 3 ) source : european cruise council for years 2007 through 2010 .', 'year 2011 amounts represent our estimates ( see number 1 above ) .', 'other markets in addition to expected industry growth in north america and europe as discussed above , we expect the asia/pacific region to demonstrate an even higher growth rate in the near term , although it will continue to represent a relatively small sector compared to north america and europe .', 'we compete with a number of cruise lines ; however , our principal competitors are carnival corporation & plc , which owns , among others , aida cruises , carnival cruise lines , costa cruises , cunard line , holland america line , iberocruceros , p&o cruises and princess cruises ; disney cruise line ; msc cruises ; norwegian cruise line and oceania cruises .', 'cruise lines compete with other vacation alternatives such as land-based resort hotels and sightseeing destinations for consum- ers 2019 leisure time .', 'demand for such activities is influ- enced by political and general economic conditions .', 'companies within the vacation market are dependent on consumer discretionary spending .', 'operating strategies our principal operating strategies are to : and employees and protect the environment in which our vessels and organization operate , to better serve our global guest base and grow our business , order to enhance our revenues while continuing to expand and diversify our guest mix through interna- tional guest sourcing , and ensure adequate cash and liquidity , with the overall goal of maximizing our return on invested capital and long-term shareholder value , our brands throughout the world , revitalization of existing ships and the transfer of key innovations across each brand , while expanding our fleet with the new state-of-the-art cruise ships recently delivered and on order , by deploying them into those markets and itineraries that provide opportunities to optimize returns , while continuing our focus on existing key markets , support ongoing operations and initiatives , and the principal industry distribution channel , while enhancing our consumer outreach programs. .'] | ****************************************
year | global cruiseguests ( 1 ) | weighted-averagesupplyofberthsmarketedglobally ( 1 ) | northamericancruiseguests ( 2 ) | weighted-average supply ofberths marketedin northamerica ( 1 ) | europeancruiseguests | weighted-averagesupply ofberthsmarketed ineurope ( 1 )
----------|----------|----------|----------|----------|----------|----------
2007 | 16586000 | 327000 | 10247000 | 212000 | 4080000 | 105000
2008 | 17184000 | 347000 | 10093000 | 219000 | 4500000 | 120000
2009 | 17340000 | 363000 | 10198000 | 222000 | 5000000 | 131000
2010 | 18800000 | 391000 | 10781000 | 232000 | 5540000 | 143000
2011 | 20227000 | 412000 | 11625000 | 245000 | 5894000 | 149000
**************************************** | subtract(155000, 100000), divide(#0, 100000), multiply(#1, const_100) | 55.0 |
what was the percent of the capital expenditures we incurred in our cable segment in 2006 for the customer premise equipment | Pre-text: ['facility due 2013 relates to leverage ( ratio of debt to operating income before depreciation and amortization ) .', 'as of december 31 , 2008 , we met this financial covenant by a significant margin .', 'our ability to comply with this financial covenant in the future does not depend on further debt reduction or on improved operating results .', 'share repurchase and dividends as of december 31 , 2008 , we had approximately $ 4.1 billion of availability remaining under our share repurchase authorization .', 'we have previously indicated our plan to fully use our remaining share repurchase authorization by the end of 2009 , subject to market conditions .', 'however , as previously disclosed , due to difficult economic conditions and instability in the capital markets , it is unlikely that we will complete our share repurchase authorization by the end of 2009 as previously planned .', 'share repurchases ( in billions ) 20072006 our board of directors declared a dividend of $ 0.0625 per share for each quarter in 2008 totaling approximately $ 727 million .', 'we paid approximately $ 547 million of dividends in 2008 .', 'we expect to continue to pay quarterly dividends , though each subsequent dividend is subject to approval by our board of directors .', 'we did not declare or pay any cash dividends in 2007 or 2006 .', 'investing activities net cash used in investing activities consists primarily of cash paid for capital expenditures , acquisitions and investments , partially offset by proceeds from sales of investments .', 'capital expenditures our most significant recurring investing activity has been capital expenditures in our cable segment and we expect that this will con- tinue in the future .', 'a significant portion of our capital expenditures is based on the level of customer growth and the technology being deployed .', 'the table below summarizes the capital expenditures we incurred in our cable segment from 2006 through 2008. .']
########
Table:
========================================
year ended december 31 ( in millions ) | 2008 | 2007 | 2006
customer premises equipment ( a ) | $ 3147 | $ 3164 | $ 2321
scalable infrastructure ( b ) | 1024 | 1014 | 906
line extensions ( c ) | 212 | 352 | 275
support capital ( d ) | 522 | 792 | 435
upgrades ( capacity expansion ) ( e ) | 407 | 520 | 307
business services ( f ) | 233 | 151 | 2014
total | $ 5545 | $ 5993 | $ 4244
========================================
########
Follow-up: ['( a ) customer premises equipment ( 201ccpe 201d ) includes costs incurred to connect our services at the customer 2019s home .', 'the equipment deployed typically includes stan- dard digital set-top boxes , hd set-top boxes , digital video recorders , remote controls and modems .', 'cpe also includes the cost of installing this equipment for new customers as well as the material and labor cost incurred to install the cable that connects a customer 2019s dwelling to the network .', '( b ) scalable infrastructure includes costs incurred to secure growth in customers or revenue units or to provide service enhancements , other than those related to cpe .', 'scalable infrastructure includes equipment that controls signal reception , processing and transmission throughout our distribution network , as well as equipment that controls and communicates with the cpe residing within a customer 2019s home .', 'also included in scalable infrastructure is certain equipment necessary for content aggregation and distribution ( video on demand equipment ) and equipment necessary to provide certain video , high-speed internet and digital phone service features ( e.g. , voice mail and e-mail ) .', '( c ) line extensions include the costs of extending our distribution network into new service areas .', 'these costs typically include network design , the purchase and installation of fiber-optic and coaxial cable , and certain electronic equipment .', '( d ) support capital includes costs associated with the replacement or enhancement of non-network assets due to technical or physical obsolescence and wear-out .', 'these costs typically include vehicles , computer and office equipment , furniture and fixtures , tools , and test equipment .', '( e ) upgrades include costs to enhance or replace existing portions of our cable net- work , including recurring betterments .', '( f ) business services include the costs incurred related to the rollout of our services to small and medium-sized businesses .', 'the equipment typically includes high-speed internet modems and phone modems and the cost of installing this equipment for new customers as well as materials and labor incurred to install the cable that connects a customer 2019s business to the closest point of the main distribution net- comcast 2008 annual report on form 10-k 32 .'] | 0.56754 | CMCSA/2008/page_36.pdf-3 | ['facility due 2013 relates to leverage ( ratio of debt to operating income before depreciation and amortization ) .', 'as of december 31 , 2008 , we met this financial covenant by a significant margin .', 'our ability to comply with this financial covenant in the future does not depend on further debt reduction or on improved operating results .', 'share repurchase and dividends as of december 31 , 2008 , we had approximately $ 4.1 billion of availability remaining under our share repurchase authorization .', 'we have previously indicated our plan to fully use our remaining share repurchase authorization by the end of 2009 , subject to market conditions .', 'however , as previously disclosed , due to difficult economic conditions and instability in the capital markets , it is unlikely that we will complete our share repurchase authorization by the end of 2009 as previously planned .', 'share repurchases ( in billions ) 20072006 our board of directors declared a dividend of $ 0.0625 per share for each quarter in 2008 totaling approximately $ 727 million .', 'we paid approximately $ 547 million of dividends in 2008 .', 'we expect to continue to pay quarterly dividends , though each subsequent dividend is subject to approval by our board of directors .', 'we did not declare or pay any cash dividends in 2007 or 2006 .', 'investing activities net cash used in investing activities consists primarily of cash paid for capital expenditures , acquisitions and investments , partially offset by proceeds from sales of investments .', 'capital expenditures our most significant recurring investing activity has been capital expenditures in our cable segment and we expect that this will con- tinue in the future .', 'a significant portion of our capital expenditures is based on the level of customer growth and the technology being deployed .', 'the table below summarizes the capital expenditures we incurred in our cable segment from 2006 through 2008. .'] | ['( a ) customer premises equipment ( 201ccpe 201d ) includes costs incurred to connect our services at the customer 2019s home .', 'the equipment deployed typically includes stan- dard digital set-top boxes , hd set-top boxes , digital video recorders , remote controls and modems .', 'cpe also includes the cost of installing this equipment for new customers as well as the material and labor cost incurred to install the cable that connects a customer 2019s dwelling to the network .', '( b ) scalable infrastructure includes costs incurred to secure growth in customers or revenue units or to provide service enhancements , other than those related to cpe .', 'scalable infrastructure includes equipment that controls signal reception , processing and transmission throughout our distribution network , as well as equipment that controls and communicates with the cpe residing within a customer 2019s home .', 'also included in scalable infrastructure is certain equipment necessary for content aggregation and distribution ( video on demand equipment ) and equipment necessary to provide certain video , high-speed internet and digital phone service features ( e.g. , voice mail and e-mail ) .', '( c ) line extensions include the costs of extending our distribution network into new service areas .', 'these costs typically include network design , the purchase and installation of fiber-optic and coaxial cable , and certain electronic equipment .', '( d ) support capital includes costs associated with the replacement or enhancement of non-network assets due to technical or physical obsolescence and wear-out .', 'these costs typically include vehicles , computer and office equipment , furniture and fixtures , tools , and test equipment .', '( e ) upgrades include costs to enhance or replace existing portions of our cable net- work , including recurring betterments .', '( f ) business services include the costs incurred related to the rollout of our services to small and medium-sized businesses .', 'the equipment typically includes high-speed internet modems and phone modems and the cost of installing this equipment for new customers as well as materials and labor incurred to install the cable that connects a customer 2019s business to the closest point of the main distribution net- comcast 2008 annual report on form 10-k 32 .'] | ========================================
year ended december 31 ( in millions ) | 2008 | 2007 | 2006
customer premises equipment ( a ) | $ 3147 | $ 3164 | $ 2321
scalable infrastructure ( b ) | 1024 | 1014 | 906
line extensions ( c ) | 212 | 352 | 275
support capital ( d ) | 522 | 792 | 435
upgrades ( capacity expansion ) ( e ) | 407 | 520 | 307
business services ( f ) | 233 | 151 | 2014
total | $ 5545 | $ 5993 | $ 4244
======================================== | divide(3147, 5545) | 0.56754 |
what was the ratio of the total property and equipment net in 2006 to 2005 | Pre-text: ['vertex pharmaceuticals incorporated notes to consolidated financial statements ( continued ) f .', 'marketable securities ( continued ) unrealized losses in the portfolio relate to various debt securities including u.s .', 'government securities , u.s .', 'government-sponsored enterprise securities , corporate debt securities and asset-backed securities .', 'for these securities , the unrealized losses are primarily due to increases in interest rates .', 'the investments held by the company are high investment grade and there were no adverse credit events .', 'because the company has the ability and intent to hold these investments until a recovery of fair value , which may be maturity , the company does not consider these investments to be other-than-temporarily impaired as of december 31 , 2006 and 2005 .', 'gross realized gains and losses for 2006 were $ 4000 and $ 88000 respectively .', 'gross realized gains and losses for 2005 were $ 15000 and $ 75000 , respectively .', 'gross realized gains and losses for 2004 were $ 628000 and $ 205000 , respectively .', 'g .', 'restricted cash at december 31 , 2006 and 2005 , the company held $ 30.3 million and $ 41.5 million respectively , in restricted cash .', 'at december 31 , 2006 and 2005 the balance was held in deposit with certain banks predominantly to collateralize conditional stand-by letters of credit in the names of the company 2019s landlords pursuant to certain operating lease agreements .', 'h .', 'property and equipment property and equipment consist of the following at december 31 ( in thousands ) : depreciation and amortization expense for the years ended december 31 , 2006 , 2005 and 2004 was $ 25.4 million , $ 26.3 million and $ 28.4 million , respectively .', 'in 2006 and 2005 , the company wrote off certain assets that were fully depreciated and no longer utilized .', 'there was no effect on the company 2019s net property and equipment .', 'additionally , the company wrote off or sold certain assets that were not fully depreciated .', 'the net loss on disposal of those assets was $ 10000 for 2006 , $ 344000 for 2005 and $ 43000 for 2004 .', 'i .', 'altus investment altus pharmaceuticals , inc .', '( 201caltus 201d ) completed an initial public offering in january 2006 .', 'as of the completion of the offering , vertex owned 817749 shares of common stock and warrants to purchase 1962494 shares of common stock ( the 201caltus warrants 201d ) .', 'in addition , the company , as of the completion .']
Tabular Data:
• , 2006, 2005
• furniture and equipment, $ 97638, $ 98387
• leasehold improvements, 74875, 66318
• computers, 19733, 18971
• software, 21274, 18683
• total property and equipment gross, 213520, 202359
• less accumulated depreciation and amortization, 151985, 147826
• total property and equipment net, $ 61535, $ 54533
Post-table: ['furniture and equipment $ 97638 $ 98387 leasehold improvements 74875 66318 computers 19733 18971 software 21274 18683 total property and equipment , gross 213520 202359 less accumulated depreciation and amortization 151985 147826 total property and equipment , net $ 61535 $ 54533 .'] | 1.1284 | VRTX/2006/page_111.pdf-4 | ['vertex pharmaceuticals incorporated notes to consolidated financial statements ( continued ) f .', 'marketable securities ( continued ) unrealized losses in the portfolio relate to various debt securities including u.s .', 'government securities , u.s .', 'government-sponsored enterprise securities , corporate debt securities and asset-backed securities .', 'for these securities , the unrealized losses are primarily due to increases in interest rates .', 'the investments held by the company are high investment grade and there were no adverse credit events .', 'because the company has the ability and intent to hold these investments until a recovery of fair value , which may be maturity , the company does not consider these investments to be other-than-temporarily impaired as of december 31 , 2006 and 2005 .', 'gross realized gains and losses for 2006 were $ 4000 and $ 88000 respectively .', 'gross realized gains and losses for 2005 were $ 15000 and $ 75000 , respectively .', 'gross realized gains and losses for 2004 were $ 628000 and $ 205000 , respectively .', 'g .', 'restricted cash at december 31 , 2006 and 2005 , the company held $ 30.3 million and $ 41.5 million respectively , in restricted cash .', 'at december 31 , 2006 and 2005 the balance was held in deposit with certain banks predominantly to collateralize conditional stand-by letters of credit in the names of the company 2019s landlords pursuant to certain operating lease agreements .', 'h .', 'property and equipment property and equipment consist of the following at december 31 ( in thousands ) : depreciation and amortization expense for the years ended december 31 , 2006 , 2005 and 2004 was $ 25.4 million , $ 26.3 million and $ 28.4 million , respectively .', 'in 2006 and 2005 , the company wrote off certain assets that were fully depreciated and no longer utilized .', 'there was no effect on the company 2019s net property and equipment .', 'additionally , the company wrote off or sold certain assets that were not fully depreciated .', 'the net loss on disposal of those assets was $ 10000 for 2006 , $ 344000 for 2005 and $ 43000 for 2004 .', 'i .', 'altus investment altus pharmaceuticals , inc .', '( 201caltus 201d ) completed an initial public offering in january 2006 .', 'as of the completion of the offering , vertex owned 817749 shares of common stock and warrants to purchase 1962494 shares of common stock ( the 201caltus warrants 201d ) .', 'in addition , the company , as of the completion .'] | ['furniture and equipment $ 97638 $ 98387 leasehold improvements 74875 66318 computers 19733 18971 software 21274 18683 total property and equipment , gross 213520 202359 less accumulated depreciation and amortization 151985 147826 total property and equipment , net $ 61535 $ 54533 .'] | • , 2006, 2005
• furniture and equipment, $ 97638, $ 98387
• leasehold improvements, 74875, 66318
• computers, 19733, 18971
• software, 21274, 18683
• total property and equipment gross, 213520, 202359
• less accumulated depreciation and amortization, 151985, 147826
• total property and equipment net, $ 61535, $ 54533 | divide(61535, 54533) | 1.1284 |
what was the ratio of the tons hedged in 2017 to 2018 | Background: ['republic services , inc .', 'notes to consolidated financial statements 2014 ( continued ) the following table summarizes our outstanding costless collar hedges for occ as of december 31 , 2016 : year tons hedged weighted average floor strike price per ton weighted average cap strike price per ton .']
----------
Table:
year, tons hedged, weighted average floor strikeprice per ton, weighted average cap strikeprice per ton
2017, 120000, $ 81.50, $ 120.00
2018, 120000, 81.50, 120.00
----------
Follow-up: ['costless collar hedges are recorded in our consolidated balance sheets at fair value .', 'fair values of costless collars are determined using standard option valuation models with assumptions about commodity prices based upon forward commodity price curves in underlying markets ( level 2 in the fair value hierarchy ) .', 'we had no outstanding recycling commodity hedges as of december 31 , 2015 .', 'the aggregated fair values of the outstanding recycling commodity hedges as of december 31 , 2016 were current liabilities of $ 0.8 million , and have been recorded in other accrued liabilities in our consolidated balance sheets .', 'no amounts were recognized in other income , net in our consolidated statements of income for the ineffective portion of the changes in fair values during the years ended december 31 , 2016 , 2015 and 2014 .', 'total loss recognized in other comprehensive income for recycling commodity hedges ( the effective portion ) was $ ( 0.5 ) million for the year ended december 31 , 2016 .', 'no amount was recognized in other comprehensive income for 2015 .', 'total gain recognized in other comprehensive income for recycling commodity hedges ( the effective portion ) was $ 0.1 million for the year ended december 31 , 2014 .', 'fair value measurements in measuring fair values of assets and liabilities , we use valuation techniques that maximize the use of observable inputs ( level 1 ) and minimize the use of unobservable inputs ( level 3 ) .', 'we also use market data or assumptions that we believe market participants would use in pricing an asset or liability , including assumptions about risk when appropriate .', 'the carrying value for certain of our financial instruments , including cash , accounts receivable , accounts payable and certain other accrued liabilities , approximates fair value because of their short-term nature. .'] | 1.0 | RSG/2016/page_145.pdf-1 | ['republic services , inc .', 'notes to consolidated financial statements 2014 ( continued ) the following table summarizes our outstanding costless collar hedges for occ as of december 31 , 2016 : year tons hedged weighted average floor strike price per ton weighted average cap strike price per ton .'] | ['costless collar hedges are recorded in our consolidated balance sheets at fair value .', 'fair values of costless collars are determined using standard option valuation models with assumptions about commodity prices based upon forward commodity price curves in underlying markets ( level 2 in the fair value hierarchy ) .', 'we had no outstanding recycling commodity hedges as of december 31 , 2015 .', 'the aggregated fair values of the outstanding recycling commodity hedges as of december 31 , 2016 were current liabilities of $ 0.8 million , and have been recorded in other accrued liabilities in our consolidated balance sheets .', 'no amounts were recognized in other income , net in our consolidated statements of income for the ineffective portion of the changes in fair values during the years ended december 31 , 2016 , 2015 and 2014 .', 'total loss recognized in other comprehensive income for recycling commodity hedges ( the effective portion ) was $ ( 0.5 ) million for the year ended december 31 , 2016 .', 'no amount was recognized in other comprehensive income for 2015 .', 'total gain recognized in other comprehensive income for recycling commodity hedges ( the effective portion ) was $ 0.1 million for the year ended december 31 , 2014 .', 'fair value measurements in measuring fair values of assets and liabilities , we use valuation techniques that maximize the use of observable inputs ( level 1 ) and minimize the use of unobservable inputs ( level 3 ) .', 'we also use market data or assumptions that we believe market participants would use in pricing an asset or liability , including assumptions about risk when appropriate .', 'the carrying value for certain of our financial instruments , including cash , accounts receivable , accounts payable and certain other accrued liabilities , approximates fair value because of their short-term nature. .'] | year, tons hedged, weighted average floor strikeprice per ton, weighted average cap strikeprice per ton
2017, 120000, $ 81.50, $ 120.00
2018, 120000, 81.50, 120.00 | divide(120000, 120000) | 1.0 |
what is the percent change in net revenue between 2006 and 2007? | Background: ['entergy arkansas , inc .', "management's financial discussion and analysis gross operating revenues and fuel and purchased power expenses gross operating revenues increased primarily due to : an increase of $ 114 million in gross wholesale revenue due to an increase in the average price of energy available for resale sales and an increase in sales to affiliated customers ; an increase of $ 106.1 million in production cost allocation rider revenues which became effective in july 2007 as a result of the system agreement proceedings .", 'as a result of the system agreement proceedings , entergy arkansas also has a corresponding increase in deferred fuel expense for payments to other entergy system companies such that there is no effect on net income .', 'entergy arkansas makes payments over a seven-month period but collections from customers occur over a twelve-month period .', 'the production cost allocation rider is discussed in note 2 to the financial statements and the system agreement proceedings are referenced below under "federal regulation" ; and an increase of $ 58.9 million in fuel cost recovery revenues due to changes in the energy cost recovery rider effective april 2008 and september 2008 , partially offset by decreased usage .', 'the energy cost recovery rider filings are discussed in note 2 to the financial statements .', 'the increase was partially offset by a decrease of $ 14.6 million related to volume/weather , as discussed above .', 'fuel and purchased power expenses increased primarily due to an increase of $ 106.1 million in deferred system agreement payments , as discussed above and an increase in the average market price of purchased power .', '2007 compared to 2006 net revenue consists of operating revenues net of : 1 ) fuel , fuel-related expenses , and gas purchased for resale , 2 ) purchased power expenses , and 3 ) other regulatory credits .', 'following is an analysis of the change in net revenue comparing 2007 to 2006 .', 'amount ( in millions ) .']
Data Table:
========================================
, amount ( in millions )
2006 net revenue, $ 1074.5
net wholesale revenue, 13.2
transmission revenue, 11.8
deferred fuel costs revisions, 8.6
other, 2.5
2007 net revenue, $ 1110.6
========================================
Additional Information: ['the net wholesale revenue variance is primarily due to lower wholesale revenues in the third quarter 2006 due to an october 2006 ferc order requiring entergy arkansas to make a refund to a coal plant co-owner resulting from a contract dispute , in addition to re-pricing revisions , retroactive to 2003 , of $ 5.9 million of purchased power agreements among entergy system companies as directed by the ferc .', 'the transmission revenue variance is primarily due to higher rates and the addition of new transmission customers in late 2006 .', 'the deferred fuel cost revisions variance is primarily due to the 2006 energy cost recovery true-up , made in the first quarter 2007 , which increased net revenue by $ 6.6 million .', 'gross operating revenue and fuel and purchased power expenses gross operating revenues decreased primarily due to a decrease of $ 173.1 million in fuel cost recovery revenues due to a decrease in the energy cost recovery rider effective april 2007 .', 'the energy cost recovery rider is discussed in note 2 to the financial statements .', 'the decrease was partially offset by production cost allocation rider revenues of $ 124.1 million that became effective in july 2007 as a result of the system agreement proceedings .', 'as .'] | -0.0325 | ETR/2008/page_267.pdf-1 | ['entergy arkansas , inc .', "management's financial discussion and analysis gross operating revenues and fuel and purchased power expenses gross operating revenues increased primarily due to : an increase of $ 114 million in gross wholesale revenue due to an increase in the average price of energy available for resale sales and an increase in sales to affiliated customers ; an increase of $ 106.1 million in production cost allocation rider revenues which became effective in july 2007 as a result of the system agreement proceedings .", 'as a result of the system agreement proceedings , entergy arkansas also has a corresponding increase in deferred fuel expense for payments to other entergy system companies such that there is no effect on net income .', 'entergy arkansas makes payments over a seven-month period but collections from customers occur over a twelve-month period .', 'the production cost allocation rider is discussed in note 2 to the financial statements and the system agreement proceedings are referenced below under "federal regulation" ; and an increase of $ 58.9 million in fuel cost recovery revenues due to changes in the energy cost recovery rider effective april 2008 and september 2008 , partially offset by decreased usage .', 'the energy cost recovery rider filings are discussed in note 2 to the financial statements .', 'the increase was partially offset by a decrease of $ 14.6 million related to volume/weather , as discussed above .', 'fuel and purchased power expenses increased primarily due to an increase of $ 106.1 million in deferred system agreement payments , as discussed above and an increase in the average market price of purchased power .', '2007 compared to 2006 net revenue consists of operating revenues net of : 1 ) fuel , fuel-related expenses , and gas purchased for resale , 2 ) purchased power expenses , and 3 ) other regulatory credits .', 'following is an analysis of the change in net revenue comparing 2007 to 2006 .', 'amount ( in millions ) .'] | ['the net wholesale revenue variance is primarily due to lower wholesale revenues in the third quarter 2006 due to an october 2006 ferc order requiring entergy arkansas to make a refund to a coal plant co-owner resulting from a contract dispute , in addition to re-pricing revisions , retroactive to 2003 , of $ 5.9 million of purchased power agreements among entergy system companies as directed by the ferc .', 'the transmission revenue variance is primarily due to higher rates and the addition of new transmission customers in late 2006 .', 'the deferred fuel cost revisions variance is primarily due to the 2006 energy cost recovery true-up , made in the first quarter 2007 , which increased net revenue by $ 6.6 million .', 'gross operating revenue and fuel and purchased power expenses gross operating revenues decreased primarily due to a decrease of $ 173.1 million in fuel cost recovery revenues due to a decrease in the energy cost recovery rider effective april 2007 .', 'the energy cost recovery rider is discussed in note 2 to the financial statements .', 'the decrease was partially offset by production cost allocation rider revenues of $ 124.1 million that became effective in july 2007 as a result of the system agreement proceedings .', 'as .'] | ========================================
, amount ( in millions )
2006 net revenue, $ 1074.5
net wholesale revenue, 13.2
transmission revenue, 11.8
deferred fuel costs revisions, 8.6
other, 2.5
2007 net revenue, $ 1110.6
======================================== | subtract(1074.5, 1110.6), divide(#0, 1110.6) | -0.0325 |
what is the percentage change in conduit assets in unites states from 2007 to 2008? | Context: ['conduit assets by asset origin .']
##
Data Table:
( dollars in billions ) | 2008 amount | 2008 percent of total conduit assets | 2008 amount | percent of total conduit assets
united states | $ 11.09 | 46% ( 46 % ) | $ 12.14 | 42% ( 42 % )
australia | 4.30 | 17 | 6.10 | 21
great britain | 1.97 | 8 | 2.93 | 10
spain | 1.71 | 7 | 1.90 | 7
italy | 1.66 | 7 | 1.86 | 7
portugal | 0.62 | 3 | 0.70 | 2
germany | 0.57 | 3 | 0.70 | 2
netherlands | 0.40 | 2 | 0.55 | 2
belgium | 0.29 | 1 | 0.31 | 1
greece | 0.27 | 1 | 0.31 | 1
other | 1.01 | 5 | 1.26 | 5
total conduit assets | $ 23.89 | 100% ( 100 % ) | $ 28.76 | 100% ( 100 % )
##
Post-table: ['the conduits meet the definition of a vie , as defined by fin 46 ( r ) .', 'we have determined that we are not the primary beneficiary of the conduits , as defined by fin 46 ( r ) , and do not record them in our consolidated financial statements .', 'we hold no direct or indirect ownership interest in the conduits , but we provide subordinated financial support to them through contractual arrangements .', 'standby letters of credit absorb certain actual credit losses from the conduit assets ; our commitment under these letters of credit totaled $ 1.00 billion and $ 1.04 billion at december 31 , 2008 and 2007 , respectively .', 'liquidity asset purchase agreements provide liquidity to the conduits in the event they cannot place commercial paper in the ordinary course of their business ; these facilities , which require us to purchase assets from the conduits at par , would provide the needed liquidity to repay maturing commercial paper if there was a disruption in the asset-backed commercial paper market .', 'the aggregate commitment under the liquidity asset purchase agreements was approximately $ 23.59 billion and $ 28.37 billion at december 31 , 2008 and 2007 , respectively .', 'we did not accrue for any losses associated with either our commitment under the standby letters of credit or the liquidity asset purchase agreements in our consolidated statement of condition at december 31 , 2008 or 2007 .', 'during the first quarter of 2008 , pursuant to the contractual terms of our liquidity asset purchase agreements with the conduits , we were required to purchase $ 850 million of conduit assets .', 'the purchase was the result of various factors , including the continued illiquidity in the commercial paper markets .', 'the securities were purchased at prices determined in accordance with existing contractual terms in the liquidity asset purchase agreements , and which exceeded their fair value .', 'accordingly , during the first quarter of 2008 , the securities were written down to their fair value through a $ 12 million reduction of processing fees and other revenue in our consolidated statement of income , and are carried at fair value in securities available for sale in our consolidated statement of condition .', 'none of our liquidity asset purchase agreements with the conduits were drawn upon during the remainder of 2008 , and no draw-downs on the standby letters of credit occurred during 2008 .', 'the conduits generally sell commercial paper to independent third-party investors .', 'however , we sometimes purchase commercial paper from the conduits .', 'as of december 31 , 2008 , we held an aggregate of approximately $ 230 million of commercial paper issued by the conduits , and $ 2 million at december 31 , 2007 .', 'in addition , approximately $ 5.70 billion of u.s .', 'conduit-issued commercial paper had been sold to the cpff .', 'the cpff is scheduled to expire on october 31 , 2009 .', 'the weighted-average maturity of the conduits 2019 commercial paper in the aggregate was approximately 25 days as of december 31 , 2008 , compared to approximately 20 days as of december 31 , 2007 .', 'each of the conduits has issued first-loss notes to independent third parties , which third parties absorb first- dollar losses related to credit risk .', 'aggregate first-loss notes outstanding at december 31 , 2008 for the four conduits totaled $ 67 million , compared to $ 32 million at december 31 , 2007 .', 'actual credit losses of the conduits .'] | -0.08649 | STT/2008/page_116.pdf-2 | ['conduit assets by asset origin .'] | ['the conduits meet the definition of a vie , as defined by fin 46 ( r ) .', 'we have determined that we are not the primary beneficiary of the conduits , as defined by fin 46 ( r ) , and do not record them in our consolidated financial statements .', 'we hold no direct or indirect ownership interest in the conduits , but we provide subordinated financial support to them through contractual arrangements .', 'standby letters of credit absorb certain actual credit losses from the conduit assets ; our commitment under these letters of credit totaled $ 1.00 billion and $ 1.04 billion at december 31 , 2008 and 2007 , respectively .', 'liquidity asset purchase agreements provide liquidity to the conduits in the event they cannot place commercial paper in the ordinary course of their business ; these facilities , which require us to purchase assets from the conduits at par , would provide the needed liquidity to repay maturing commercial paper if there was a disruption in the asset-backed commercial paper market .', 'the aggregate commitment under the liquidity asset purchase agreements was approximately $ 23.59 billion and $ 28.37 billion at december 31 , 2008 and 2007 , respectively .', 'we did not accrue for any losses associated with either our commitment under the standby letters of credit or the liquidity asset purchase agreements in our consolidated statement of condition at december 31 , 2008 or 2007 .', 'during the first quarter of 2008 , pursuant to the contractual terms of our liquidity asset purchase agreements with the conduits , we were required to purchase $ 850 million of conduit assets .', 'the purchase was the result of various factors , including the continued illiquidity in the commercial paper markets .', 'the securities were purchased at prices determined in accordance with existing contractual terms in the liquidity asset purchase agreements , and which exceeded their fair value .', 'accordingly , during the first quarter of 2008 , the securities were written down to their fair value through a $ 12 million reduction of processing fees and other revenue in our consolidated statement of income , and are carried at fair value in securities available for sale in our consolidated statement of condition .', 'none of our liquidity asset purchase agreements with the conduits were drawn upon during the remainder of 2008 , and no draw-downs on the standby letters of credit occurred during 2008 .', 'the conduits generally sell commercial paper to independent third-party investors .', 'however , we sometimes purchase commercial paper from the conduits .', 'as of december 31 , 2008 , we held an aggregate of approximately $ 230 million of commercial paper issued by the conduits , and $ 2 million at december 31 , 2007 .', 'in addition , approximately $ 5.70 billion of u.s .', 'conduit-issued commercial paper had been sold to the cpff .', 'the cpff is scheduled to expire on october 31 , 2009 .', 'the weighted-average maturity of the conduits 2019 commercial paper in the aggregate was approximately 25 days as of december 31 , 2008 , compared to approximately 20 days as of december 31 , 2007 .', 'each of the conduits has issued first-loss notes to independent third parties , which third parties absorb first- dollar losses related to credit risk .', 'aggregate first-loss notes outstanding at december 31 , 2008 for the four conduits totaled $ 67 million , compared to $ 32 million at december 31 , 2007 .', 'actual credit losses of the conduits .'] | ( dollars in billions ) | 2008 amount | 2008 percent of total conduit assets | 2008 amount | percent of total conduit assets
united states | $ 11.09 | 46% ( 46 % ) | $ 12.14 | 42% ( 42 % )
australia | 4.30 | 17 | 6.10 | 21
great britain | 1.97 | 8 | 2.93 | 10
spain | 1.71 | 7 | 1.90 | 7
italy | 1.66 | 7 | 1.86 | 7
portugal | 0.62 | 3 | 0.70 | 2
germany | 0.57 | 3 | 0.70 | 2
netherlands | 0.40 | 2 | 0.55 | 2
belgium | 0.29 | 1 | 0.31 | 1
greece | 0.27 | 1 | 0.31 | 1
other | 1.01 | 5 | 1.26 | 5
total conduit assets | $ 23.89 | 100% ( 100 % ) | $ 28.76 | 100% ( 100 % ) | subtract(11.09, 12.14), divide(#0, 12.14) | -0.08649 |
what is the growth rate in operating income from 2014 to 2015? | Context: ['2016 compared with 2015 net gains on investments of $ 57 million in 2016 decreased $ 52 million from 2015 due to lower net gains in 2016 .', 'net gains on investments in 2015 included a $ 40 million gain related to the bkca acquisition and a $ 35 million unrealized gain on a private equity investment .', 'interest and dividend income increased $ 14 million from 2015 primarily due to higher dividend income in 2016 .', '2015 compared with 2014 net gains on investments of $ 109 million in 2015 decreased $ 45 million from 2014 due to lower net gains in 2015 .', 'net gains on investments in 2015 included a $ 40 million gain related to the bkca acquisition and a $ 35 million unrealized gain on a private equity investment .', 'net gains on investments in 2014 included the positive impact of the monetization of a nonstrategic , opportunistic private equity investment .', 'interest expense decreased $ 28 million from 2014 primarily due to repayments of long-term borrowings in the fourth quarter of 2014 .', 'income tax expense .']
####
Data Table:
****************************************
Row 1: ( in millions ), gaap 2016, gaap 2015, gaap 2014, gaap 2016, gaap 2015, 2014
Row 2: operating income ( 1 ), $ 4570, $ 4664, $ 4474, $ 4674, $ 4695, $ 4563
Row 3: total nonoperating income ( expense ) ( 1 ) ( 2 ), -108 ( 108 ), -69 ( 69 ), -49 ( 49 ), -108 ( 108 ), -70 ( 70 ), -56 ( 56 )
Row 4: income before income taxes ( 2 ), $ 4462, $ 4595, $ 4425, $ 4566, $ 4625, $ 4507
Row 5: income tax expense, $ 1290, $ 1250, $ 1131, $ 1352, $ 1312, $ 1197
Row 6: effective tax rate, 28.9% ( 28.9 % ), 27.2% ( 27.2 % ), 25.6% ( 25.6 % ), 29.6% ( 29.6 % ), 28.4% ( 28.4 % ), 26.6% ( 26.6 % )
****************************************
####
Additional Information: ['( 1 ) see non-gaap financial measures for further information on and reconciliation of as adjusted items .', '( 2 ) net of net income ( loss ) attributable to nci .', 'the company 2019s tax rate is affected by tax rates in foreign jurisdictions and the relative amount of income earned in those jurisdictions , which the company expects to be fairly consistent in the near term .', 'the significant foreign jurisdictions that have lower statutory tax rates than the u.s .', 'federal statutory rate of 35% ( 35 % ) include the united kingdom , channel islands , ireland and canada .', 'u.s .', 'income taxes were not provided for certain undistributed foreign earnings intended to be indefinitely reinvested outside the united states .', '2016 .', 'income tax expense ( gaap ) reflected : 2022 a net noncash benefit of $ 30 million , primarily associated with the revaluation of certain deferred income tax liabilities ; and 2022 a benefit from $ 65 million of nonrecurring items , including the resolution of certain outstanding tax matters .', 'the as adjusted effective tax rate of 29.6% ( 29.6 % ) for 2016 excluded the net noncash benefit of $ 30 million mentioned above , as it will not have a cash flow impact and to ensure comparability among periods presented .', '2015 .', 'income tax expense ( gaap ) reflected : 2022 a net noncash benefit of $ 54 million , primarily associated with the revaluation of certain deferred income tax liabilities ; and 2022 a benefit from $ 75 million of nonrecurring items , primarily due to the realization of losses from changes in the company 2019s organizational tax structure and the resolution of certain outstanding tax matters .', 'the as adjusted effective tax rate of 28.4% ( 28.4 % ) for 2015 excluded the net noncash benefit of $ 54 million mentioned above , as it will not have a cash flow impact and to ensure comparability among periods presented .', '2014 .', 'income tax expense ( gaap ) reflected : 2022 a $ 94 million tax benefit , primarily due to the resolution of certain outstanding tax matters related to the acquisition of bgi , including the previously mentioned $ 50 million tax benefit ( see executive summary for more information ) ; 2022 a $ 73 million net tax benefit related to several favorable nonrecurring items ; and 2022 a net noncash benefit of $ 9 million associated with the revaluation of deferred income tax liabilities .', 'the as adjusted effective tax rate of 26.6% ( 26.6 % ) for 2014 excluded the $ 9 million net noncash benefit as it will not have a cash flow impact and to ensure comparability among periods presented and the $ 50 million tax benefit mentioned above .', 'the $ 50 million general and administrative expense and $ 50 million tax benefit have been excluded from as adjusted results as there is no impact on blackrock 2019s book value .', 'balance sheet overview as adjusted balance sheet the following table presents a reconciliation of the consolidated statement of financial condition presented on a gaap basis to the consolidated statement of financial condition , excluding the impact of separate account assets and separate account collateral held under securities lending agreements ( directly related to lending separate account securities ) and separate account liabilities and separate account collateral liabilities under securities lending agreements and consolidated sponsored investment funds , including consolidated vies .', 'the company presents the as adjusted balance sheet as additional information to enable investors to exclude certain .'] | 0.04247 | BLK/2016/page_75.pdf-4 | ['2016 compared with 2015 net gains on investments of $ 57 million in 2016 decreased $ 52 million from 2015 due to lower net gains in 2016 .', 'net gains on investments in 2015 included a $ 40 million gain related to the bkca acquisition and a $ 35 million unrealized gain on a private equity investment .', 'interest and dividend income increased $ 14 million from 2015 primarily due to higher dividend income in 2016 .', '2015 compared with 2014 net gains on investments of $ 109 million in 2015 decreased $ 45 million from 2014 due to lower net gains in 2015 .', 'net gains on investments in 2015 included a $ 40 million gain related to the bkca acquisition and a $ 35 million unrealized gain on a private equity investment .', 'net gains on investments in 2014 included the positive impact of the monetization of a nonstrategic , opportunistic private equity investment .', 'interest expense decreased $ 28 million from 2014 primarily due to repayments of long-term borrowings in the fourth quarter of 2014 .', 'income tax expense .'] | ['( 1 ) see non-gaap financial measures for further information on and reconciliation of as adjusted items .', '( 2 ) net of net income ( loss ) attributable to nci .', 'the company 2019s tax rate is affected by tax rates in foreign jurisdictions and the relative amount of income earned in those jurisdictions , which the company expects to be fairly consistent in the near term .', 'the significant foreign jurisdictions that have lower statutory tax rates than the u.s .', 'federal statutory rate of 35% ( 35 % ) include the united kingdom , channel islands , ireland and canada .', 'u.s .', 'income taxes were not provided for certain undistributed foreign earnings intended to be indefinitely reinvested outside the united states .', '2016 .', 'income tax expense ( gaap ) reflected : 2022 a net noncash benefit of $ 30 million , primarily associated with the revaluation of certain deferred income tax liabilities ; and 2022 a benefit from $ 65 million of nonrecurring items , including the resolution of certain outstanding tax matters .', 'the as adjusted effective tax rate of 29.6% ( 29.6 % ) for 2016 excluded the net noncash benefit of $ 30 million mentioned above , as it will not have a cash flow impact and to ensure comparability among periods presented .', '2015 .', 'income tax expense ( gaap ) reflected : 2022 a net noncash benefit of $ 54 million , primarily associated with the revaluation of certain deferred income tax liabilities ; and 2022 a benefit from $ 75 million of nonrecurring items , primarily due to the realization of losses from changes in the company 2019s organizational tax structure and the resolution of certain outstanding tax matters .', 'the as adjusted effective tax rate of 28.4% ( 28.4 % ) for 2015 excluded the net noncash benefit of $ 54 million mentioned above , as it will not have a cash flow impact and to ensure comparability among periods presented .', '2014 .', 'income tax expense ( gaap ) reflected : 2022 a $ 94 million tax benefit , primarily due to the resolution of certain outstanding tax matters related to the acquisition of bgi , including the previously mentioned $ 50 million tax benefit ( see executive summary for more information ) ; 2022 a $ 73 million net tax benefit related to several favorable nonrecurring items ; and 2022 a net noncash benefit of $ 9 million associated with the revaluation of deferred income tax liabilities .', 'the as adjusted effective tax rate of 26.6% ( 26.6 % ) for 2014 excluded the $ 9 million net noncash benefit as it will not have a cash flow impact and to ensure comparability among periods presented and the $ 50 million tax benefit mentioned above .', 'the $ 50 million general and administrative expense and $ 50 million tax benefit have been excluded from as adjusted results as there is no impact on blackrock 2019s book value .', 'balance sheet overview as adjusted balance sheet the following table presents a reconciliation of the consolidated statement of financial condition presented on a gaap basis to the consolidated statement of financial condition , excluding the impact of separate account assets and separate account collateral held under securities lending agreements ( directly related to lending separate account securities ) and separate account liabilities and separate account collateral liabilities under securities lending agreements and consolidated sponsored investment funds , including consolidated vies .', 'the company presents the as adjusted balance sheet as additional information to enable investors to exclude certain .'] | ****************************************
Row 1: ( in millions ), gaap 2016, gaap 2015, gaap 2014, gaap 2016, gaap 2015, 2014
Row 2: operating income ( 1 ), $ 4570, $ 4664, $ 4474, $ 4674, $ 4695, $ 4563
Row 3: total nonoperating income ( expense ) ( 1 ) ( 2 ), -108 ( 108 ), -69 ( 69 ), -49 ( 49 ), -108 ( 108 ), -70 ( 70 ), -56 ( 56 )
Row 4: income before income taxes ( 2 ), $ 4462, $ 4595, $ 4425, $ 4566, $ 4625, $ 4507
Row 5: income tax expense, $ 1290, $ 1250, $ 1131, $ 1352, $ 1312, $ 1197
Row 6: effective tax rate, 28.9% ( 28.9 % ), 27.2% ( 27.2 % ), 25.6% ( 25.6 % ), 29.6% ( 29.6 % ), 28.4% ( 28.4 % ), 26.6% ( 26.6 % )
**************************************** | subtract(4664, 4474), divide(#0, 4474) | 0.04247 |
what is the total percentage decrease in future contingent acquisition obligations payable in cash from 2009-2013? | Context: ['notes to consolidated financial statements 2014 ( continued ) ( amounts in millions , except per share amounts ) guarantees we have certain contingent obligations under guarantees of certain of our subsidiaries ( 201cparent company guarantees 201d ) relating principally to credit facilities , guarantees of certain media payables and operating leases .', 'the amount of such parent company guarantees was $ 255.7 and $ 327.1 as of december 31 , 2008 and 2007 , respectively .', 'in the event of non-payment by the applicable subsidiary of the obligations covered by a guarantee , we would be obligated to pay the amounts covered by that guarantee .', 'as of december 31 , 2008 , there are no material assets pledged as security for such parent company guarantees .', 'contingent acquisition obligations we have structured certain acquisitions with additional contingent purchase price obligations in order to reduce the potential risk associated with negative future performance of the acquired entity .', 'in addition , we have entered into agreements that may require us to purchase additional equity interests in certain consolidated and unconsolidated subsidiaries .', 'the amounts relating to these transactions are based on estimates of the future financial performance of the acquired entity , the timing of the exercise of these rights , changes in foreign currency exchange rates and other factors .', 'we have not recorded a liability for these items since the definitive amounts payable are not determinable or distributable .', 'when the contingent acquisition obligations have been met and consideration is determinable and distributable , we record the fair value of this consideration as an additional cost of the acquired entity .', 'however , certain acquisitions contain deferred payments that are fixed and determinable on the acquisition date .', 'in such cases , we record a liability for the payment and record this consideration as an additional cost of the acquired entity on the acquisition date .', 'if deferred payments and purchases of additional interests after the effective date of purchase are contingent upon the future employment of the former owners then we recognize these payments as compensation expense .', 'compensation expense is determined based on the terms and conditions of the respective acquisition agreements and employment terms of the former owners of the acquired businesses .', 'this future expense will not be allocated to the assets and liabilities acquired and is amortized over the required employment terms of the former owners .', 'the following table details the estimated liability with respect to our contingent acquisition obligations and the estimated amount that would be paid in the event of exercise at the earliest exercise date .', 'we have certain put options that are exercisable at the discretion of the minority owners as of december 31 , 2008 .', 'as such , these estimated acquisition payments of $ 5.5 have been included within the total payments expected to be made in 2009 in the table below and , if not made in 2009 , will continue to carry forward into 2010 or beyond until they are exercised or expire .', 'all payments are contingent upon achieving projected operating performance targets and satisfying other conditions specified in the related agreements and are subject to revisions as the earn-out periods progress .', 'as of december 31 , 2008 , our estimated future contingent acquisition obligations payable in cash are as follows: .']
Table:
----------------------------------------
, 2009, 2010, 2011, 2012, 2013, thereafter, total
deferred acquisition payments, $ 67.5, $ 32.1, $ 30.1, $ 4.5, $ 5.7, $ 2014, $ 139.9
put and call options with affiliates1, 11.8, 34.3, 73.6, 70.8, 70.2, 2.2, 262.9
total contingent acquisition payments, 79.3, 66.4, 103.7, 75.3, 75.9, 2.2, 402.8
less cash compensation expense included above, 2.6, 1.3, 0.7, 0.7, 0.3, 2014, 5.6
total, $ 76.7, $ 65.1, $ 103.0, $ 74.6, $ 75.6, $ 2.2, $ 397.2
----------------------------------------
Post-table: ['1 we have entered into certain acquisitions that contain both put and call options with similar terms and conditions .', 'in such instances , we have included the related estimated contingent acquisition obligation in the period when the earliest related option is exercisable .', 'as a result of revisions made during 2008 to eitf topic no .', 'd-98 , classification and measurement of redeemable securities ( 201ceitf d-98 201d ) .'] | 1.43416 | IPG/2008/page_93.pdf-3 | ['notes to consolidated financial statements 2014 ( continued ) ( amounts in millions , except per share amounts ) guarantees we have certain contingent obligations under guarantees of certain of our subsidiaries ( 201cparent company guarantees 201d ) relating principally to credit facilities , guarantees of certain media payables and operating leases .', 'the amount of such parent company guarantees was $ 255.7 and $ 327.1 as of december 31 , 2008 and 2007 , respectively .', 'in the event of non-payment by the applicable subsidiary of the obligations covered by a guarantee , we would be obligated to pay the amounts covered by that guarantee .', 'as of december 31 , 2008 , there are no material assets pledged as security for such parent company guarantees .', 'contingent acquisition obligations we have structured certain acquisitions with additional contingent purchase price obligations in order to reduce the potential risk associated with negative future performance of the acquired entity .', 'in addition , we have entered into agreements that may require us to purchase additional equity interests in certain consolidated and unconsolidated subsidiaries .', 'the amounts relating to these transactions are based on estimates of the future financial performance of the acquired entity , the timing of the exercise of these rights , changes in foreign currency exchange rates and other factors .', 'we have not recorded a liability for these items since the definitive amounts payable are not determinable or distributable .', 'when the contingent acquisition obligations have been met and consideration is determinable and distributable , we record the fair value of this consideration as an additional cost of the acquired entity .', 'however , certain acquisitions contain deferred payments that are fixed and determinable on the acquisition date .', 'in such cases , we record a liability for the payment and record this consideration as an additional cost of the acquired entity on the acquisition date .', 'if deferred payments and purchases of additional interests after the effective date of purchase are contingent upon the future employment of the former owners then we recognize these payments as compensation expense .', 'compensation expense is determined based on the terms and conditions of the respective acquisition agreements and employment terms of the former owners of the acquired businesses .', 'this future expense will not be allocated to the assets and liabilities acquired and is amortized over the required employment terms of the former owners .', 'the following table details the estimated liability with respect to our contingent acquisition obligations and the estimated amount that would be paid in the event of exercise at the earliest exercise date .', 'we have certain put options that are exercisable at the discretion of the minority owners as of december 31 , 2008 .', 'as such , these estimated acquisition payments of $ 5.5 have been included within the total payments expected to be made in 2009 in the table below and , if not made in 2009 , will continue to carry forward into 2010 or beyond until they are exercised or expire .', 'all payments are contingent upon achieving projected operating performance targets and satisfying other conditions specified in the related agreements and are subject to revisions as the earn-out periods progress .', 'as of december 31 , 2008 , our estimated future contingent acquisition obligations payable in cash are as follows: .'] | ['1 we have entered into certain acquisitions that contain both put and call options with similar terms and conditions .', 'in such instances , we have included the related estimated contingent acquisition obligation in the period when the earliest related option is exercisable .', 'as a result of revisions made during 2008 to eitf topic no .', 'd-98 , classification and measurement of redeemable securities ( 201ceitf d-98 201d ) .'] | ----------------------------------------
, 2009, 2010, 2011, 2012, 2013, thereafter, total
deferred acquisition payments, $ 67.5, $ 32.1, $ 30.1, $ 4.5, $ 5.7, $ 2014, $ 139.9
put and call options with affiliates1, 11.8, 34.3, 73.6, 70.8, 70.2, 2.2, 262.9
total contingent acquisition payments, 79.3, 66.4, 103.7, 75.3, 75.9, 2.2, 402.8
less cash compensation expense included above, 2.6, 1.3, 0.7, 0.7, 0.3, 2014, 5.6
total, $ 76.7, $ 65.1, $ 103.0, $ 74.6, $ 75.6, $ 2.2, $ 397.2
---------------------------------------- | subtract(76.7, 75.6), divide(#0, 76.7), multiply(#1, const_100) | 1.43416 |
what was the difference in percentage return for pmi common stock compared to the s&p 500 index for the five years ended 2018? | Context: ["performance graph the graph below compares the cumulative total shareholder return on pmi's common stock with the cumulative total return for the same period of pmi's peer group and the s&p 500 index .", 'the graph assumes the investment of $ 100 as of december 31 , 2013 , in pmi common stock ( at prices quoted on the new york stock exchange ) and each of the indices as of the market close and reinvestment of dividends on a quarterly basis .', 'date pmi pmi peer group ( 1 ) s&p 500 index .']
------
Table:
========================================
date | pmi | pmi peer group ( 1 ) | s&p 500 index
----------|----------|----------|----------
december 31 2013 | $ 100.00 | $ 100.00 | $ 100.00
december 31 2014 | $ 97.90 | $ 107.80 | $ 113.70
december 31 2015 | $ 111.00 | $ 116.80 | $ 115.30
december 31 2016 | $ 120.50 | $ 118.40 | $ 129.00
december 31 2017 | $ 144.50 | $ 140.50 | $ 157.20
december 31 2018 | $ 96.50 | $ 127.70 | $ 150.30
========================================
------
Follow-up: ['( 1 ) the pmi peer group presented in this graph is the same as that used in the prior year .', 'the pmi peer group was established based on a review of four characteristics : global presence ; a focus on consumer products ; and net revenues and a market capitalization of a similar size to those of pmi .', 'the review also considered the primary international tobacco companies .', "as a result of this review , the following companies constitute the pmi peer group : altria group , inc. , anheuser-busch inbev sa/nv , british american tobacco p.l.c. , the coca-cola company , colgate-palmolive co. , diageo plc , heineken n.v. , imperial brands plc , japan tobacco inc. , johnson & johnson , kimberly-clark corporation , the kraft-heinz company , mcdonald's corp. , mondel z international , inc. , nestl e9 s.a. , pepsico , inc. , the procter & gamble company , roche holding ag , and unilever nv and plc .", 'note : figures are rounded to the nearest $ 0.10. .'] | 0.538 | PM/2018/page_24.pdf-2 | ["performance graph the graph below compares the cumulative total shareholder return on pmi's common stock with the cumulative total return for the same period of pmi's peer group and the s&p 500 index .", 'the graph assumes the investment of $ 100 as of december 31 , 2013 , in pmi common stock ( at prices quoted on the new york stock exchange ) and each of the indices as of the market close and reinvestment of dividends on a quarterly basis .', 'date pmi pmi peer group ( 1 ) s&p 500 index .'] | ['( 1 ) the pmi peer group presented in this graph is the same as that used in the prior year .', 'the pmi peer group was established based on a review of four characteristics : global presence ; a focus on consumer products ; and net revenues and a market capitalization of a similar size to those of pmi .', 'the review also considered the primary international tobacco companies .', "as a result of this review , the following companies constitute the pmi peer group : altria group , inc. , anheuser-busch inbev sa/nv , british american tobacco p.l.c. , the coca-cola company , colgate-palmolive co. , diageo plc , heineken n.v. , imperial brands plc , japan tobacco inc. , johnson & johnson , kimberly-clark corporation , the kraft-heinz company , mcdonald's corp. , mondel z international , inc. , nestl e9 s.a. , pepsico , inc. , the procter & gamble company , roche holding ag , and unilever nv and plc .", 'note : figures are rounded to the nearest $ 0.10. .'] | ========================================
date | pmi | pmi peer group ( 1 ) | s&p 500 index
----------|----------|----------|----------
december 31 2013 | $ 100.00 | $ 100.00 | $ 100.00
december 31 2014 | $ 97.90 | $ 107.80 | $ 113.70
december 31 2015 | $ 111.00 | $ 116.80 | $ 115.30
december 31 2016 | $ 120.50 | $ 118.40 | $ 129.00
december 31 2017 | $ 144.50 | $ 140.50 | $ 157.20
december 31 2018 | $ 96.50 | $ 127.70 | $ 150.30
======================================== | subtract(96.50, const_100), divide(#0, const_100), subtract(150.30, const_100), divide(#2, const_100), subtract(#3, #1) | 0.538 |
in the fourth quarter ended december 31 , 2015 what was the percent of the total number of shares purchased that was attributable to the employees to pay stock option exercise prices , satisfy excess tax withholding obligations | Context: ['five-year performance comparison 2013 the following graph provides an indicator of cumulative total shareholder returns for the corporation as compared to the peer group index ( described above ) , the dj trans , and the s&p 500 .', 'the graph assumes that $ 100 was invested in the common stock of union pacific corporation and each index on december 31 , 2010 and that all dividends were reinvested .', 'the information below is historical in nature and is not necessarily indicative of future performance .', 'purchases of equity securities 2013 during 2015 , we repurchased 36921641 shares of our common stock at an average price of $ 99.16 .', 'the following table presents common stock repurchases during each month for the fourth quarter of 2015 : period total number of shares purchased [a] average price paid per share total number of shares purchased as part of a publicly announced plan or program [b] maximum number of shares remaining under the plan or program [b] .']
######
Tabular Data:
****************************************
Row 1: period, total number of shares purchased [a], average price paid per share, total number of shares purchased as part of a publicly announcedplan or program [b], maximum number of shares remaining under the plan or program [b]
Row 2: oct . 1 through oct . 31, 3247731, $ 92.98, 3221153, 56078192
Row 3: nov . 1 through nov . 30, 2325865, 86.61, 2322992, 53755200
Row 4: dec . 1 through dec . 31, 1105389, 77.63, 1102754, 52652446
Row 5: total, 6678985, $ 88.22, 6646899, n/a
****************************************
######
Follow-up: ['[a] total number of shares purchased during the quarter includes approximately 32086 shares delivered or attested to upc by employees to pay stock option exercise prices , satisfy excess tax withholding obligations for stock option exercises or vesting of retention units , and pay withholding obligations for vesting of retention shares .', '[b] effective january 1 , 2014 , our board of directors authorized the repurchase of up to 120 million shares of our common stock by december 31 , 2017 .', 'these repurchases may be made on the open market or through other transactions .', 'our management has sole discretion with respect to determining the timing and amount of these transactions. .'] | 0.0048 | UNP/2015/page_21.pdf-2 | ['five-year performance comparison 2013 the following graph provides an indicator of cumulative total shareholder returns for the corporation as compared to the peer group index ( described above ) , the dj trans , and the s&p 500 .', 'the graph assumes that $ 100 was invested in the common stock of union pacific corporation and each index on december 31 , 2010 and that all dividends were reinvested .', 'the information below is historical in nature and is not necessarily indicative of future performance .', 'purchases of equity securities 2013 during 2015 , we repurchased 36921641 shares of our common stock at an average price of $ 99.16 .', 'the following table presents common stock repurchases during each month for the fourth quarter of 2015 : period total number of shares purchased [a] average price paid per share total number of shares purchased as part of a publicly announced plan or program [b] maximum number of shares remaining under the plan or program [b] .'] | ['[a] total number of shares purchased during the quarter includes approximately 32086 shares delivered or attested to upc by employees to pay stock option exercise prices , satisfy excess tax withholding obligations for stock option exercises or vesting of retention units , and pay withholding obligations for vesting of retention shares .', '[b] effective january 1 , 2014 , our board of directors authorized the repurchase of up to 120 million shares of our common stock by december 31 , 2017 .', 'these repurchases may be made on the open market or through other transactions .', 'our management has sole discretion with respect to determining the timing and amount of these transactions. .'] | ****************************************
Row 1: period, total number of shares purchased [a], average price paid per share, total number of shares purchased as part of a publicly announcedplan or program [b], maximum number of shares remaining under the plan or program [b]
Row 2: oct . 1 through oct . 31, 3247731, $ 92.98, 3221153, 56078192
Row 3: nov . 1 through nov . 30, 2325865, 86.61, 2322992, 53755200
Row 4: dec . 1 through dec . 31, 1105389, 77.63, 1102754, 52652446
Row 5: total, 6678985, $ 88.22, 6646899, n/a
**************************************** | divide(32086, 6678985) | 0.0048 |
what was the average principal in the ief programs at december 31 , 2017 and 2016 , in billions? | Background: ['each clearing firm is required to deposit and maintain balances in the form of cash , u.s .', 'government securities , certain foreign government securities , bank letters of credit or other approved investments to satisfy performance bond and guaranty fund requirements .', 'all non-cash deposits are marked-to-market and haircut on a daily basis .', 'securities deposited by the clearing firms are not reflected in the consolidated financial statements and the clearing house does not earn any interest on these deposits .', 'these balances may fluctuate significantly over time due to investment choices available to clearing firms and changes in the amount of contributions required .', 'in addition , the rules and regulations of cbot require that collateral be provided for delivery of physical commodities , maintenance of capital requirements and deposits on pending arbitration matters .', 'to satisfy these requirements , clearing firms that have accounts that trade certain cbot products have deposited cash , u.s .', 'treasury securities or letters of credit .', 'the clearing house marks-to-market open positions at least once a day ( twice a day for futures and options contracts ) , and require payment from clearing firms whose positions have lost value and make payments to clearing firms whose positions have gained value .', 'the clearing house has the capability to mark-to-market more frequently as market conditions warrant .', 'under the extremely unlikely scenario of simultaneous default by every clearing firm who has open positions with unrealized losses , the maximum exposure related to positions other than credit default and interest rate swap contracts would be one half day of changes in fair value of all open positions , before considering the clearing houses 2019 ability to access defaulting clearing firms 2019 collateral deposits .', 'for cleared credit default swap and interest rate swap contracts , the maximum exposure related to cme 2019s guarantee would be one full day of changes in fair value of all open positions , before considering cme 2019s ability to access defaulting clearing firms 2019 collateral .', 'during 2017 , the clearing house transferred an average of approximately $ 2.4 billion a day through the clearing system for settlement from clearing firms whose positions had lost value to clearing firms whose positions had gained value .', 'the clearing house reduces the guarantee exposure through initial and maintenance performance bond requirements and mandatory guaranty fund contributions .', 'the company believes that the guarantee liability is immaterial and therefore has not recorded any liability at december 31 , 2017 .', 'at december 31 , 2016 , performance bond and guaranty fund contribution assets on the consolidated balance sheets included cash as well as u.s .', 'treasury and u.s .', 'government agency securities with maturity dates of 90 days or less .', 'the u.s .', 'treasury and u.s .', 'government agency securities were purchased by cme , at its discretion , using cash collateral .', 'the benefits , including interest earned , and risks of ownership accrue to cme .', 'interest earned is included in investment income on the consolidated statements of income .', 'there were no u.s .', 'treasury and u.s .', 'government agency securities held at december 31 , 2017 .', 'the amortized cost and fair value of these securities at december 31 , 2016 were as follows : ( in millions ) amortized .']
------
Tabular Data:
****************************************
• ( in millions ), 2016 amortizedcost, 2016 fairvalue
• u.s . treasury securities, $ 5548.9, $ 5549.0
• u.s . government agency securities, 1228.3, 1228.3
****************************************
------
Post-table: ['cme has been designated as a systemically important financial market utility by the financial stability oversight council and maintains a cash account at the federal reserve bank of chicago .', 'at december 31 , 2017 and december 31 , 2016 , cme maintained $ 34.2 billion and $ 6.2 billion , respectively , within the cash account at the federal reserve bank of chicago .', 'clearing firms , at their option , may instruct cme to deposit the cash held by cme into one of the ief programs .', 'the total principal in the ief programs was $ 1.1 billion at december 31 , 2017 and $ 6.8 billion at december 31 .'] | 3.95 | CME/2017/page_83.pdf-3 | ['each clearing firm is required to deposit and maintain balances in the form of cash , u.s .', 'government securities , certain foreign government securities , bank letters of credit or other approved investments to satisfy performance bond and guaranty fund requirements .', 'all non-cash deposits are marked-to-market and haircut on a daily basis .', 'securities deposited by the clearing firms are not reflected in the consolidated financial statements and the clearing house does not earn any interest on these deposits .', 'these balances may fluctuate significantly over time due to investment choices available to clearing firms and changes in the amount of contributions required .', 'in addition , the rules and regulations of cbot require that collateral be provided for delivery of physical commodities , maintenance of capital requirements and deposits on pending arbitration matters .', 'to satisfy these requirements , clearing firms that have accounts that trade certain cbot products have deposited cash , u.s .', 'treasury securities or letters of credit .', 'the clearing house marks-to-market open positions at least once a day ( twice a day for futures and options contracts ) , and require payment from clearing firms whose positions have lost value and make payments to clearing firms whose positions have gained value .', 'the clearing house has the capability to mark-to-market more frequently as market conditions warrant .', 'under the extremely unlikely scenario of simultaneous default by every clearing firm who has open positions with unrealized losses , the maximum exposure related to positions other than credit default and interest rate swap contracts would be one half day of changes in fair value of all open positions , before considering the clearing houses 2019 ability to access defaulting clearing firms 2019 collateral deposits .', 'for cleared credit default swap and interest rate swap contracts , the maximum exposure related to cme 2019s guarantee would be one full day of changes in fair value of all open positions , before considering cme 2019s ability to access defaulting clearing firms 2019 collateral .', 'during 2017 , the clearing house transferred an average of approximately $ 2.4 billion a day through the clearing system for settlement from clearing firms whose positions had lost value to clearing firms whose positions had gained value .', 'the clearing house reduces the guarantee exposure through initial and maintenance performance bond requirements and mandatory guaranty fund contributions .', 'the company believes that the guarantee liability is immaterial and therefore has not recorded any liability at december 31 , 2017 .', 'at december 31 , 2016 , performance bond and guaranty fund contribution assets on the consolidated balance sheets included cash as well as u.s .', 'treasury and u.s .', 'government agency securities with maturity dates of 90 days or less .', 'the u.s .', 'treasury and u.s .', 'government agency securities were purchased by cme , at its discretion , using cash collateral .', 'the benefits , including interest earned , and risks of ownership accrue to cme .', 'interest earned is included in investment income on the consolidated statements of income .', 'there were no u.s .', 'treasury and u.s .', 'government agency securities held at december 31 , 2017 .', 'the amortized cost and fair value of these securities at december 31 , 2016 were as follows : ( in millions ) amortized .'] | ['cme has been designated as a systemically important financial market utility by the financial stability oversight council and maintains a cash account at the federal reserve bank of chicago .', 'at december 31 , 2017 and december 31 , 2016 , cme maintained $ 34.2 billion and $ 6.2 billion , respectively , within the cash account at the federal reserve bank of chicago .', 'clearing firms , at their option , may instruct cme to deposit the cash held by cme into one of the ief programs .', 'the total principal in the ief programs was $ 1.1 billion at december 31 , 2017 and $ 6.8 billion at december 31 .'] | ****************************************
• ( in millions ), 2016 amortizedcost, 2016 fairvalue
• u.s . treasury securities, $ 5548.9, $ 5549.0
• u.s . government agency securities, 1228.3, 1228.3
**************************************** | add(1.1, 6.8), divide(#0, const_2) | 3.95 |
what was the percentage change in revenues between 2005 and 2006? | Pre-text: ['in accordance with sfas no .', '142 , goodwill and other intangible assets , the goodwill is not amortized , but will be subject to a periodic assessment for impairment by applying a fair-value-based test .', 'none of this goodwill is expected to be deductible for tax purposes .', 'the company performs its annual test for impairment of goodwill in may of each year .', 'the company is required to perform a periodic assessment between annual tests in certain circumstances .', 'the company has performed its annual test of goodwill as of may 1 , 2006 and has determined there was no impairment of goodwill during 2006 .', 'the company allocated $ 15.8 million of the purchase price to in-process research and development projects .', 'in-process research and development ( ipr&d ) represents the valuation of acquired , to-be- completed research projects .', 'at the acquisition date , cyvera 2019s ongoing research and development initiatives were primarily involved with the development of its veracode technology and the beadxpress reader .', 'these two projects were approximately 50% ( 50 % ) and 25% ( 25 % ) complete at the date of acquisition , respectively .', 'as of december 31 , 2006 , these two projects were approximately 90% ( 90 % ) and 80% ( 80 % ) complete , respectively .', 'the value assigned to purchased ipr&d was determined by estimating the costs to develop the acquired technology into commercially viable products , estimating the resulting net cash flows from the projects , and discounting the net cash flows to their present value .', 'the revenue projections used to value the ipr&d were , in some cases , reduced based on the probability of developing a new technology , and considered the relevant market sizes and growth factors , expected trends in technology , and the nature and expected timing of new product introductions by the company and its competitors .', 'the resulting net cash flows from such projects are based on the company 2019s estimates of cost of sales , operating expenses , and income taxes from such projects .', 'the rates utilized to discount the net cash flows to their present value were based on estimated cost of capital calculations .', 'due to the nature of the forecast and the risks associated with the projected growth and profitability of the developmental projects , discount rates of 30% ( 30 % ) were considered appropriate for the ipr&d .', 'the company believes that these discount rates were commensurate with the projects 2019stage of development and the uncertainties in the economic estimates described above .', 'if these projects are not successfully developed , the sales and profitability of the combined company may be adversely affected in future periods .', 'the company believes that the foregoing assumptions used in the ipr&d analysis were reasonable at the time of the acquisition .', 'no assurance can be given , however , that the underlying assumptions used to estimate expected project sales , development costs or profitability , or the events associated with such projects , will transpire as estimated .', 'at the date of acquisition , the development of these projects had not yet reached technological feasibility , and the research and development in progress had no alternative future uses .', 'accordingly , these costs were charged to expense in the second quarter of 2005 .', 'the following unaudited pro forma information shows the results of the company 2019s operations for the years ended january 1 , 2006 and january 2 , 2005 as though the acquisition had occurred as of the beginning of the periods presented ( in thousands , except per share data ) : year ended january 1 , year ended january 2 .']
Tabular Data:
========================================
year ended january 1 2006 year ended january 2 2005
revenue $ 73501 $ 50583
net loss -6234 ( 6234 ) -9965 ( 9965 )
net loss per share basic and diluted -0.15 ( 0.15 ) -0.27 ( 0.27 )
========================================
Follow-up: ['illumina , inc .', 'notes to consolidated financial statements 2014 ( continued ) .'] | 0.45308 | ILMN/2006/page_86.pdf-1 | ['in accordance with sfas no .', '142 , goodwill and other intangible assets , the goodwill is not amortized , but will be subject to a periodic assessment for impairment by applying a fair-value-based test .', 'none of this goodwill is expected to be deductible for tax purposes .', 'the company performs its annual test for impairment of goodwill in may of each year .', 'the company is required to perform a periodic assessment between annual tests in certain circumstances .', 'the company has performed its annual test of goodwill as of may 1 , 2006 and has determined there was no impairment of goodwill during 2006 .', 'the company allocated $ 15.8 million of the purchase price to in-process research and development projects .', 'in-process research and development ( ipr&d ) represents the valuation of acquired , to-be- completed research projects .', 'at the acquisition date , cyvera 2019s ongoing research and development initiatives were primarily involved with the development of its veracode technology and the beadxpress reader .', 'these two projects were approximately 50% ( 50 % ) and 25% ( 25 % ) complete at the date of acquisition , respectively .', 'as of december 31 , 2006 , these two projects were approximately 90% ( 90 % ) and 80% ( 80 % ) complete , respectively .', 'the value assigned to purchased ipr&d was determined by estimating the costs to develop the acquired technology into commercially viable products , estimating the resulting net cash flows from the projects , and discounting the net cash flows to their present value .', 'the revenue projections used to value the ipr&d were , in some cases , reduced based on the probability of developing a new technology , and considered the relevant market sizes and growth factors , expected trends in technology , and the nature and expected timing of new product introductions by the company and its competitors .', 'the resulting net cash flows from such projects are based on the company 2019s estimates of cost of sales , operating expenses , and income taxes from such projects .', 'the rates utilized to discount the net cash flows to their present value were based on estimated cost of capital calculations .', 'due to the nature of the forecast and the risks associated with the projected growth and profitability of the developmental projects , discount rates of 30% ( 30 % ) were considered appropriate for the ipr&d .', 'the company believes that these discount rates were commensurate with the projects 2019stage of development and the uncertainties in the economic estimates described above .', 'if these projects are not successfully developed , the sales and profitability of the combined company may be adversely affected in future periods .', 'the company believes that the foregoing assumptions used in the ipr&d analysis were reasonable at the time of the acquisition .', 'no assurance can be given , however , that the underlying assumptions used to estimate expected project sales , development costs or profitability , or the events associated with such projects , will transpire as estimated .', 'at the date of acquisition , the development of these projects had not yet reached technological feasibility , and the research and development in progress had no alternative future uses .', 'accordingly , these costs were charged to expense in the second quarter of 2005 .', 'the following unaudited pro forma information shows the results of the company 2019s operations for the years ended january 1 , 2006 and january 2 , 2005 as though the acquisition had occurred as of the beginning of the periods presented ( in thousands , except per share data ) : year ended january 1 , year ended january 2 .'] | ['illumina , inc .', 'notes to consolidated financial statements 2014 ( continued ) .'] | ========================================
year ended january 1 2006 year ended january 2 2005
revenue $ 73501 $ 50583
net loss -6234 ( 6234 ) -9965 ( 9965 )
net loss per share basic and diluted -0.15 ( 0.15 ) -0.27 ( 0.27 )
======================================== | subtract(73501, 50583), divide(#0, 50583) | 0.45308 |
what was the ratio of the pre-tax gain on the securities transferred from held-to-maturity securities to available-for-sale securities \\n | Pre-text: ['shares of common stock .', 'the dividend of $ 35 million was paid on february 15 , 2019 , to shareholders of record as of the close of business on february 1 , 2019 .', 'share repurchases on july 20 , 2017 , the company announced that its board of directors authorized the repurchase of up to $ 1 billion of shares of its common stock .', 'during 2018 , the company completed this $ 1 billion share repurchase program with the repurchase of 11.0 million shares of common stock at an average price of $ 58.15 per share , or $ 638 million during the year .', 'in october 2018 , the company announced that its board of directors authorized a new $ 1 billion share repurchase program .', 'as of december 31 , 2018 , the company had repurchased 10.3 million shares of common stock at an average price of $ 48.53 per share under the new program .', 'in total , we utilized $ 1.1 billion to repurchase 21.3 million shares at an average price of $ 53.49 under these programs during the year ended december 31 , 2018 .', 'the company accounts for share repurchases retired after repurchase by allocating the excess repurchase price over par to additional paid- in-capital .', 'other common stock activity other common stock activity includes shares withheld to pay taxes for share-based compensation , exercises of stock options , and other activity .', "during the year ended december a031 , 2017 , it also includes a $ 3 million conversion of the company's convertible debentures into 0.3 million shares of common stock .", 'there were no conversions of convertible debentures during the year ended december a031 , 2018 .', 'accumulated other comprehensive loss the following tables present after-tax changes in each component of accumulated other comprehensive loss ( dollars in millions ) : total ( 1 ) .']
----------
Data Table:
| total ( 1 )
----------|----------
balance december 31 2017 | $ ( 26 )
other comprehensive loss before reclassifications | ( 203 )
amounts reclassified from accumulated other comprehensive loss | ( 31 )
transfer of held-to-maturity securities to available-for-sale securities ( 2 ) | 6
net change | ( 228 )
cumulative effect of hedge accounting adoption | ( 7 )
reclassification of tax effects due to federal tax reform | ( 14 )
balance december 31 2018 ( 3 ) | $ ( 275 )
----------
Additional Information: ['balance , december 31 , 2018 ( 3 ) $ ( 275 ) ( 1 ) during the year ended december 31 , 2018 , the accumulated other comprehensive loss activity was related to available-for-sale securities .', '( 2 ) securities with a carrying value of $ 4.7 billion and related unrealized pre-tax gain of $ 7 million , or $ 6 million net of tax , were transferred from held-to-maturity securities to available-for-sale securities during the year ended december 31 , 2018 , as part of a one-time transition election for early adopting the new derivatives and hedge accounting guidance .', 'see note 1 2014 organization , basis of presentation and summary of significant accounting policies for additional information .', '( 3 ) includes unamortized unrealized pre-tax losses of $ 22 million at december a031 , 2018 of which $ 16 million is related to the transfer of available-for-sale securities to held-to-maturity securities during the year ended december 31 , 2018 .', 'e*trade financial corporation notes to consolidated financial statements e*trade 2018 10-k | page 145 .'] | 1.48936 | ETFC/2018/page_153.pdf-2 | ['shares of common stock .', 'the dividend of $ 35 million was paid on february 15 , 2019 , to shareholders of record as of the close of business on february 1 , 2019 .', 'share repurchases on july 20 , 2017 , the company announced that its board of directors authorized the repurchase of up to $ 1 billion of shares of its common stock .', 'during 2018 , the company completed this $ 1 billion share repurchase program with the repurchase of 11.0 million shares of common stock at an average price of $ 58.15 per share , or $ 638 million during the year .', 'in october 2018 , the company announced that its board of directors authorized a new $ 1 billion share repurchase program .', 'as of december 31 , 2018 , the company had repurchased 10.3 million shares of common stock at an average price of $ 48.53 per share under the new program .', 'in total , we utilized $ 1.1 billion to repurchase 21.3 million shares at an average price of $ 53.49 under these programs during the year ended december 31 , 2018 .', 'the company accounts for share repurchases retired after repurchase by allocating the excess repurchase price over par to additional paid- in-capital .', 'other common stock activity other common stock activity includes shares withheld to pay taxes for share-based compensation , exercises of stock options , and other activity .', "during the year ended december a031 , 2017 , it also includes a $ 3 million conversion of the company's convertible debentures into 0.3 million shares of common stock .", 'there were no conversions of convertible debentures during the year ended december a031 , 2018 .', 'accumulated other comprehensive loss the following tables present after-tax changes in each component of accumulated other comprehensive loss ( dollars in millions ) : total ( 1 ) .'] | ['balance , december 31 , 2018 ( 3 ) $ ( 275 ) ( 1 ) during the year ended december 31 , 2018 , the accumulated other comprehensive loss activity was related to available-for-sale securities .', '( 2 ) securities with a carrying value of $ 4.7 billion and related unrealized pre-tax gain of $ 7 million , or $ 6 million net of tax , were transferred from held-to-maturity securities to available-for-sale securities during the year ended december 31 , 2018 , as part of a one-time transition election for early adopting the new derivatives and hedge accounting guidance .', 'see note 1 2014 organization , basis of presentation and summary of significant accounting policies for additional information .', '( 3 ) includes unamortized unrealized pre-tax losses of $ 22 million at december a031 , 2018 of which $ 16 million is related to the transfer of available-for-sale securities to held-to-maturity securities during the year ended december 31 , 2018 .', 'e*trade financial corporation notes to consolidated financial statements e*trade 2018 10-k | page 145 .'] | | total ( 1 )
----------|----------
balance december 31 2017 | $ ( 26 )
other comprehensive loss before reclassifications | ( 203 )
amounts reclassified from accumulated other comprehensive loss | ( 31 )
transfer of held-to-maturity securities to available-for-sale securities ( 2 ) | 6
net change | ( 228 )
cumulative effect of hedge accounting adoption | ( 7 )
reclassification of tax effects due to federal tax reform | ( 14 )
balance december 31 2018 ( 3 ) | $ ( 275 ) | divide(const_7, 4.7) | 1.48936 |
what is the expected growth rate in amortization expense in 2010? | Pre-text: ['intangible assets are amortized on a straight-line basis over their estimated useful lives or on an accelerated method of amortization that is expected to reflect the estimated pattern of economic use .', 'the remaining amortization expense will be recognized over a weighted-average period of approximately 0.9 years .', 'amortization expense from continuing operations , related to intangibles was $ 7.4 million , $ 9.3 million and $ 9.2 million in fiscal 2009 , 2008 and 2007 , respectively .', 'the company expects annual amortization expense for these intangible assets to be: .']
Data Table:
fiscal years | amortization expense
----------|----------
2010 | $ 5425
2011 | $ 1430
Follow-up: ['g .', 'grant accounting certain of the company 2019s foreign subsidiaries have received various grants from governmental agencies .', 'these grants include capital , employment and research and development grants .', 'capital grants for the acquisition of property and equipment are netted against the related capital expenditures and amortized as a credit to depreciation expense over the useful life of the related asset .', 'employment grants , which relate to employee hiring and training , and research and development grants are recognized in earnings in the period in which the related expenditures are incurred by the company .', 'h .', 'translation of foreign currencies the functional currency for the company 2019s foreign sales and research and development operations is the applicable local currency .', 'gains and losses resulting from translation of these foreign currencies into u.s .', 'dollars are recorded in accumulated other comprehensive ( loss ) income .', 'transaction gains and losses and remeasurement of foreign currency denominated assets and liabilities are included in income currently , including those at the company 2019s principal foreign manufacturing operations where the functional currency is the u.s .', 'dollar .', 'foreign currency transaction gains or losses included in other expenses , net , were not material in fiscal 2009 , 2008 or 2007 .', 'i .', 'derivative instruments and hedging agreements foreign exchange exposure management 2014 the company enters into forward foreign currency exchange contracts to offset certain operational and balance sheet exposures from the impact of changes in foreign currency exchange rates .', 'such exposures result from the portion of the company 2019s operations , assets and liabilities that are denominated in currencies other than the u.s .', 'dollar , primarily the euro ; other exposures include the philippine peso and the british pound .', 'these foreign currency exchange contracts are entered into to support transactions made in the normal course of business , and accordingly , are not speculative in nature .', 'the contracts are for periods consistent with the terms of the underlying transactions , generally one year or less .', 'hedges related to anticipated transactions are designated and documented at the inception of the respective hedges as cash flow hedges and are evaluated for effectiveness monthly .', 'derivative instruments are employed to eliminate or minimize certain foreign currency exposures that can be confidently identified and quantified .', 'as the terms of the contract and the underlying transaction are matched at inception , forward contract effectiveness is calculated by comparing the change in fair value of the contract to the change in the forward value of the anticipated transaction , with the effective portion of the gain or loss on the derivative instrument reported as a component of accumulated other comprehensive ( loss ) income ( oci ) in shareholders 2019 equity and reclassified into earnings in the same period during which the hedged transaction affects earnings .', 'any residual change in fair value of the instruments , or ineffectiveness , is recognized immediately in other income/expense .', 'additionally , the company enters into forward foreign currency contracts that economically hedge the gains and losses generated by the remeasurement of certain recorded assets and liabilities in a non-functional currency .', 'changes in the fair value of these undesignated hedges are recognized in other income/expense immediately as an offset to the changes in the fair value of the asset or liability being hedged .', 'analog devices , inc .', 'notes to consolidated financial statements 2014 ( continued ) .'] | -0.26689 | ADI/2009/page_59.pdf-2 | ['intangible assets are amortized on a straight-line basis over their estimated useful lives or on an accelerated method of amortization that is expected to reflect the estimated pattern of economic use .', 'the remaining amortization expense will be recognized over a weighted-average period of approximately 0.9 years .', 'amortization expense from continuing operations , related to intangibles was $ 7.4 million , $ 9.3 million and $ 9.2 million in fiscal 2009 , 2008 and 2007 , respectively .', 'the company expects annual amortization expense for these intangible assets to be: .'] | ['g .', 'grant accounting certain of the company 2019s foreign subsidiaries have received various grants from governmental agencies .', 'these grants include capital , employment and research and development grants .', 'capital grants for the acquisition of property and equipment are netted against the related capital expenditures and amortized as a credit to depreciation expense over the useful life of the related asset .', 'employment grants , which relate to employee hiring and training , and research and development grants are recognized in earnings in the period in which the related expenditures are incurred by the company .', 'h .', 'translation of foreign currencies the functional currency for the company 2019s foreign sales and research and development operations is the applicable local currency .', 'gains and losses resulting from translation of these foreign currencies into u.s .', 'dollars are recorded in accumulated other comprehensive ( loss ) income .', 'transaction gains and losses and remeasurement of foreign currency denominated assets and liabilities are included in income currently , including those at the company 2019s principal foreign manufacturing operations where the functional currency is the u.s .', 'dollar .', 'foreign currency transaction gains or losses included in other expenses , net , were not material in fiscal 2009 , 2008 or 2007 .', 'i .', 'derivative instruments and hedging agreements foreign exchange exposure management 2014 the company enters into forward foreign currency exchange contracts to offset certain operational and balance sheet exposures from the impact of changes in foreign currency exchange rates .', 'such exposures result from the portion of the company 2019s operations , assets and liabilities that are denominated in currencies other than the u.s .', 'dollar , primarily the euro ; other exposures include the philippine peso and the british pound .', 'these foreign currency exchange contracts are entered into to support transactions made in the normal course of business , and accordingly , are not speculative in nature .', 'the contracts are for periods consistent with the terms of the underlying transactions , generally one year or less .', 'hedges related to anticipated transactions are designated and documented at the inception of the respective hedges as cash flow hedges and are evaluated for effectiveness monthly .', 'derivative instruments are employed to eliminate or minimize certain foreign currency exposures that can be confidently identified and quantified .', 'as the terms of the contract and the underlying transaction are matched at inception , forward contract effectiveness is calculated by comparing the change in fair value of the contract to the change in the forward value of the anticipated transaction , with the effective portion of the gain or loss on the derivative instrument reported as a component of accumulated other comprehensive ( loss ) income ( oci ) in shareholders 2019 equity and reclassified into earnings in the same period during which the hedged transaction affects earnings .', 'any residual change in fair value of the instruments , or ineffectiveness , is recognized immediately in other income/expense .', 'additionally , the company enters into forward foreign currency contracts that economically hedge the gains and losses generated by the remeasurement of certain recorded assets and liabilities in a non-functional currency .', 'changes in the fair value of these undesignated hedges are recognized in other income/expense immediately as an offset to the changes in the fair value of the asset or liability being hedged .', 'analog devices , inc .', 'notes to consolidated financial statements 2014 ( continued ) .'] | fiscal years | amortization expense
----------|----------
2010 | $ 5425
2011 | $ 1430 | divide(5425, const_1000), subtract(#0, 7.4), divide(#1, 7.4) | -0.26689 |
fuel surcharge programs represented what share of revenue in 2010? | Pre-text: ['f0b7 positive train control 2013 in response to a legislative mandate to implement ptc by the end of 2015 , we expect to spend approximately $ 335 million during 2012 on developing and deploying ptc .', 'we currently estimate that ptc in accordance with implementing rules issued by the federal rail administration ( fra ) will cost us approximately $ 2 billion by the end of 2015 .', 'this includes costs for installing the new system along our tracks , upgrading locomotives to work with the new system , and adding digital data communication equipment so all the parts of the system can communicate with each other .', 'during 2012 , we plan to continue testing the technology to evaluate its effectiveness .', 'f0b7 financial expectations 2013 we are cautious about the economic environment but anticipate slow but steady volume growth that will exceed 2011 levels .', 'coupled with price , on-going network improvements and operational productivity initiatives , we expect earnings that exceed 2011 earnings .', 'results of operations operating revenues millions 2011 2010 2009 % ( % ) change 2011 v 2010 % ( % ) change 2010 v 2009 .']
####
Data Table:
****************************************
Row 1: millions, 2011, 2010, 2009, % ( % ) change 2011 v 2010, % ( % ) change 2010 v 2009
Row 2: freight revenues, $ 18508, $ 16069, $ 13373, 15% ( 15 % ), 20% ( 20 % )
Row 3: other revenues, 1049, 896, 770, 17, 16
Row 4: total, $ 19557, $ 16965, $ 14143, 15% ( 15 % ), 20% ( 20 % )
****************************************
####
Additional Information: ['we generate freight revenues by transporting freight or other materials from our six commodity groups .', 'freight revenues vary with volume ( carloads ) and average revenue per car ( arc ) .', 'changes in price , traffic mix and fuel surcharges drive arc .', 'we provide some of our customers with contractual incentives for meeting or exceeding specified cumulative volumes or shipping to and from specific locations , which we record as reductions to freight revenues based on the actual or projected future shipments .', 'we recognize freight revenues as shipments move from origin to destination .', 'we allocate freight revenues between reporting periods based on the relative transit time in each reporting period and recognize expenses as we incur them .', 'other revenues include revenues earned by our subsidiaries , revenues from our commuter rail operations , and accessorial revenues , which we earn when customers retain equipment owned or controlled by us or when we perform additional services such as switching or storage .', 'we recognize other revenues as we perform services or meet contractual obligations .', 'freight revenues for all six commodity groups increased during 2011 compared to 2010 , while volume increased in all except intermodal .', 'increased demand in many market sectors , with particularly strong growth in chemical , industrial products , and automotive shipments for the year , generated the increases .', 'arc increased 12% ( 12 % ) , driven by higher fuel cost recoveries and core pricing gains .', 'fuel cost recoveries include fuel surcharge revenue and the impact of resetting the base fuel price for certain traffic , which is described below in more detail .', 'higher fuel prices , volume growth , and new fuel surcharge provisions in renegotiated contracts all combined to increase revenues from fuel surcharges .', 'freight revenues and volume levels for all six commodity groups increased during 2010 as a result of economic improvement in many market sectors .', 'we experienced particularly strong volume growth in automotive , intermodal , and industrial products shipments .', 'core pricing gains and higher fuel surcharges also increased freight revenues and drove a 6% ( 6 % ) improvement in arc .', 'our fuel surcharge programs ( excluding index-based contract escalators that contain some provision for fuel ) generated freight revenues of $ 2.2 billion , $ 1.2 billion , and $ 605 million in 2011 , 2010 , and 2009 , respectively .', 'higher fuel prices , volume growth , and new fuel surcharge provisions in contracts renegotiated during the year increased fuel surcharge amounts in 2011 and 2010 .', 'furthermore , for certain periods during 2009 , fuel prices dropped below the base at which our mileage-based fuel surcharge begins , which resulted in no fuel surcharge recovery for associated shipments during those periods .', 'additionally , fuel surcharge revenue is not entirely comparable to prior periods as we continue to convert portions of our non-regulated traffic to mileage-based fuel surcharge programs .', 'in 2011 , other revenues increased from 2010 due primarily to higher revenues at our subsidiaries that broker intermodal and automotive services. .'] | 16.965 | UNP/2011/page_25.pdf-2 | ['f0b7 positive train control 2013 in response to a legislative mandate to implement ptc by the end of 2015 , we expect to spend approximately $ 335 million during 2012 on developing and deploying ptc .', 'we currently estimate that ptc in accordance with implementing rules issued by the federal rail administration ( fra ) will cost us approximately $ 2 billion by the end of 2015 .', 'this includes costs for installing the new system along our tracks , upgrading locomotives to work with the new system , and adding digital data communication equipment so all the parts of the system can communicate with each other .', 'during 2012 , we plan to continue testing the technology to evaluate its effectiveness .', 'f0b7 financial expectations 2013 we are cautious about the economic environment but anticipate slow but steady volume growth that will exceed 2011 levels .', 'coupled with price , on-going network improvements and operational productivity initiatives , we expect earnings that exceed 2011 earnings .', 'results of operations operating revenues millions 2011 2010 2009 % ( % ) change 2011 v 2010 % ( % ) change 2010 v 2009 .'] | ['we generate freight revenues by transporting freight or other materials from our six commodity groups .', 'freight revenues vary with volume ( carloads ) and average revenue per car ( arc ) .', 'changes in price , traffic mix and fuel surcharges drive arc .', 'we provide some of our customers with contractual incentives for meeting or exceeding specified cumulative volumes or shipping to and from specific locations , which we record as reductions to freight revenues based on the actual or projected future shipments .', 'we recognize freight revenues as shipments move from origin to destination .', 'we allocate freight revenues between reporting periods based on the relative transit time in each reporting period and recognize expenses as we incur them .', 'other revenues include revenues earned by our subsidiaries , revenues from our commuter rail operations , and accessorial revenues , which we earn when customers retain equipment owned or controlled by us or when we perform additional services such as switching or storage .', 'we recognize other revenues as we perform services or meet contractual obligations .', 'freight revenues for all six commodity groups increased during 2011 compared to 2010 , while volume increased in all except intermodal .', 'increased demand in many market sectors , with particularly strong growth in chemical , industrial products , and automotive shipments for the year , generated the increases .', 'arc increased 12% ( 12 % ) , driven by higher fuel cost recoveries and core pricing gains .', 'fuel cost recoveries include fuel surcharge revenue and the impact of resetting the base fuel price for certain traffic , which is described below in more detail .', 'higher fuel prices , volume growth , and new fuel surcharge provisions in renegotiated contracts all combined to increase revenues from fuel surcharges .', 'freight revenues and volume levels for all six commodity groups increased during 2010 as a result of economic improvement in many market sectors .', 'we experienced particularly strong volume growth in automotive , intermodal , and industrial products shipments .', 'core pricing gains and higher fuel surcharges also increased freight revenues and drove a 6% ( 6 % ) improvement in arc .', 'our fuel surcharge programs ( excluding index-based contract escalators that contain some provision for fuel ) generated freight revenues of $ 2.2 billion , $ 1.2 billion , and $ 605 million in 2011 , 2010 , and 2009 , respectively .', 'higher fuel prices , volume growth , and new fuel surcharge provisions in contracts renegotiated during the year increased fuel surcharge amounts in 2011 and 2010 .', 'furthermore , for certain periods during 2009 , fuel prices dropped below the base at which our mileage-based fuel surcharge begins , which resulted in no fuel surcharge recovery for associated shipments during those periods .', 'additionally , fuel surcharge revenue is not entirely comparable to prior periods as we continue to convert portions of our non-regulated traffic to mileage-based fuel surcharge programs .', 'in 2011 , other revenues increased from 2010 due primarily to higher revenues at our subsidiaries that broker intermodal and automotive services. .'] | ****************************************
Row 1: millions, 2011, 2010, 2009, % ( % ) change 2011 v 2010, % ( % ) change 2010 v 2009
Row 2: freight revenues, $ 18508, $ 16069, $ 13373, 15% ( 15 % ), 20% ( 20 % )
Row 3: other revenues, 1049, 896, 770, 17, 16
Row 4: total, $ 19557, $ 16965, $ 14143, 15% ( 15 % ), 20% ( 20 % )
**************************************** | divide(16965, const_1000) | 16.965 |
what is the percentage change net provision for interest and penalties from 2016 to 2017? | Pre-text: ['82 | 2017 form 10-k a reconciliation of the beginning and ending amount of gross unrecognized tax benefits for uncertain tax positions , including positions impacting only the timing of tax benefits , follows .', 'reconciliation of unrecognized tax benefits:1 years a0ended a0december a031 .']
--------
Tabular Data:
****************************************
( millions of dollars ), years ended december 31 , 2017, years ended december 31 , 2016
balance at january 1,, $ 1032, $ 968
additions for tax positions related to current year, 270, 73
additions for tax positions related to prior years, 20, 55
reductions for tax positions related to prior years, -27 ( 27 ), -36 ( 36 )
reductions for settlements2, -9 ( 9 ), -24 ( 24 )
reductions for expiration of statute of limitations, 2014, -4 ( 4 )
balance at december 31,, $ 1286, $ 1032
amount that if recognized would impact the effective tax rate, $ 1209, $ 963
****************************************
--------
Additional Information: ['1 foreign currency impacts are included within each line as applicable .', '2 includes cash payment or other reduction of assets to settle liability .', 'we classify interest and penalties on income taxes as a component of the provision for income taxes .', 'we recognized a net provision for interest and penalties of $ 38 million , $ 34 million and $ 20 million during the years ended december 31 , 2017 , 2016 and 2015 , respectively .', 'the total amount of interest and penalties accrued was $ 157 million and $ 120 million as of december a031 , 2017 and 2016 , respectively .', 'on january 31 , 2018 , we received a revenue agent 2019s report from the irs indicating the end of the field examination of our u.s .', 'income tax returns for 2010 to 2012 .', 'in the audits of 2007 to 2012 including the impact of a loss carryback to 2005 , the irs has proposed to tax in the united states profits earned from certain parts transactions by csarl , based on the irs examination team 2019s application of the 201csubstance-over-form 201d or 201cassignment-of-income 201d judicial doctrines .', 'we are vigorously contesting the proposed increases to tax and penalties for these years of approximately $ 2.3 billion .', 'we believe that the relevant transactions complied with applicable tax laws and did not violate judicial doctrines .', 'we have filed u.s .', 'income tax returns on this same basis for years after 2012 .', 'based on the information currently available , we do not anticipate a significant increase or decrease to our unrecognized tax benefits for this matter within the next 12 months .', 'we currently believe the ultimate disposition of this matter will not have a material adverse effect on our consolidated financial position , liquidity or results of operations .', 'with the exception of a loss carryback to 2005 , tax years prior to 2007 are generally no longer subject to u.s .', 'tax assessment .', 'in our major non-u.s .', 'jurisdictions including australia , brazil , china , germany , japan , mexico , switzerland , singapore and the u.k. , tax years are typically subject to examination for three to ten years .', 'due to the uncertainty related to the timing and potential outcome of audits , we cannot estimate the range of reasonably possible change in unrecognized tax benefits in the next 12 months. .'] | 0.11765 | CAT/2017/page_103.pdf-3 | ['82 | 2017 form 10-k a reconciliation of the beginning and ending amount of gross unrecognized tax benefits for uncertain tax positions , including positions impacting only the timing of tax benefits , follows .', 'reconciliation of unrecognized tax benefits:1 years a0ended a0december a031 .'] | ['1 foreign currency impacts are included within each line as applicable .', '2 includes cash payment or other reduction of assets to settle liability .', 'we classify interest and penalties on income taxes as a component of the provision for income taxes .', 'we recognized a net provision for interest and penalties of $ 38 million , $ 34 million and $ 20 million during the years ended december 31 , 2017 , 2016 and 2015 , respectively .', 'the total amount of interest and penalties accrued was $ 157 million and $ 120 million as of december a031 , 2017 and 2016 , respectively .', 'on january 31 , 2018 , we received a revenue agent 2019s report from the irs indicating the end of the field examination of our u.s .', 'income tax returns for 2010 to 2012 .', 'in the audits of 2007 to 2012 including the impact of a loss carryback to 2005 , the irs has proposed to tax in the united states profits earned from certain parts transactions by csarl , based on the irs examination team 2019s application of the 201csubstance-over-form 201d or 201cassignment-of-income 201d judicial doctrines .', 'we are vigorously contesting the proposed increases to tax and penalties for these years of approximately $ 2.3 billion .', 'we believe that the relevant transactions complied with applicable tax laws and did not violate judicial doctrines .', 'we have filed u.s .', 'income tax returns on this same basis for years after 2012 .', 'based on the information currently available , we do not anticipate a significant increase or decrease to our unrecognized tax benefits for this matter within the next 12 months .', 'we currently believe the ultimate disposition of this matter will not have a material adverse effect on our consolidated financial position , liquidity or results of operations .', 'with the exception of a loss carryback to 2005 , tax years prior to 2007 are generally no longer subject to u.s .', 'tax assessment .', 'in our major non-u.s .', 'jurisdictions including australia , brazil , china , germany , japan , mexico , switzerland , singapore and the u.k. , tax years are typically subject to examination for three to ten years .', 'due to the uncertainty related to the timing and potential outcome of audits , we cannot estimate the range of reasonably possible change in unrecognized tax benefits in the next 12 months. .'] | ****************************************
( millions of dollars ), years ended december 31 , 2017, years ended december 31 , 2016
balance at january 1,, $ 1032, $ 968
additions for tax positions related to current year, 270, 73
additions for tax positions related to prior years, 20, 55
reductions for tax positions related to prior years, -27 ( 27 ), -36 ( 36 )
reductions for settlements2, -9 ( 9 ), -24 ( 24 )
reductions for expiration of statute of limitations, 2014, -4 ( 4 )
balance at december 31,, $ 1286, $ 1032
amount that if recognized would impact the effective tax rate, $ 1209, $ 963
**************************************** | subtract(38, 34), divide(#0, 34) | 0.11765 |
what percentage of total revenues net of interest expense where net interest revenues in 2009? | Pre-text: ['local consumer lending local consumer lending ( lcl ) , which constituted approximately 70% ( 70 % ) of citi holdings by assets as of december 31 , 2010 , includes a portion of citigroup 2019s north american mortgage business , retail partner cards , western european cards and retail banking , citifinancial north america and other local consumer finance businesses globally .', 'the student loan corporation is reported as discontinued operations within the corporate/other segment for the second half of 2010 only .', 'at december 31 , 2010 , lcl had $ 252 billion of assets ( $ 226 billion in north america ) .', 'approximately $ 129 billion of assets in lcl as of december 31 , 2010 consisted of u.s .', 'mortgages in the company 2019s citimortgage and citifinancial operations .', 'the north american assets consist of residential mortgage loans ( first and second mortgages ) , retail partner card loans , personal loans , commercial real estate ( cre ) , and other consumer loans and assets .', 'in millions of dollars 2010 2009 2008 % ( % ) change 2010 vs .', '2009 % ( % ) change 2009 vs .', '2008 .']
##########
Table:
in millions of dollars | 2010 | 2009 | 2008 | % ( % ) change 2010 vs . 2009 | % ( % ) change 2009 vs . 2008
net interest revenue | $ 13831 | $ 12995 | $ 17136 | 6% ( 6 % ) | ( 24 ) % ( % )
non-interest revenue | 1995 | 4770 | 6362 | -58 ( 58 ) | -25 ( 25 )
total revenues net of interest expense | $ 15826 | $ 17765 | $ 23498 | ( 11 ) % ( % ) | ( 24 ) % ( % )
total operating expenses | $ 8064 | $ 9799 | $ 14238 | ( 18 ) % ( % ) | ( 31 ) % ( % )
net credit losses | $ 17040 | $ 19185 | $ 13111 | ( 11 ) % ( % ) | 46% ( 46 % )
credit reserve build ( release ) | -1771 ( 1771 ) | 5799 | 8573 | nm | -32 ( 32 )
provision for benefits and claims | 775 | 1054 | 1192 | -26 ( 26 ) | -12 ( 12 )
provision for unfunded lending commitments | 2014 | 2014 | 2014 | 2014 | 2014
provisions for credit losses and for benefits and claims | $ 16044 | $ 26038 | $ 22876 | ( 38 ) % ( % ) | 14% ( 14 % )
( loss ) from continuing operations before taxes | $ -8282 ( 8282 ) | $ -18072 ( 18072 ) | $ -13616 ( 13616 ) | 54% ( 54 % ) | ( 33 ) % ( % )
benefits for income taxes | -3289 ( 3289 ) | -7656 ( 7656 ) | -5259 ( 5259 ) | 57 | -46 ( 46 )
( loss ) from continuing operations | $ -4993 ( 4993 ) | $ -10416 ( 10416 ) | $ -8357 ( 8357 ) | 52% ( 52 % ) | ( 25 ) % ( % )
net income attributable to noncontrolling interests | 8 | 33 | 12 | -76 ( 76 ) | nm
net ( loss ) | $ -5001 ( 5001 ) | $ -10449 ( 10449 ) | $ -8369 ( 8369 ) | 52% ( 52 % ) | ( 25 ) % ( % )
average assets ( in billions of dollars ) | $ 324 | $ 351 | $ 420 | ( 8 ) % ( % ) | -16 ( 16 )
net credit losses as a percentage of average loans | 6.20% ( 6.20 % ) | 6.38% ( 6.38 % ) | 3.80% ( 3.80 % ) | |
##########
Post-table: ['nm not meaningful 2010 vs .', '2009 revenues , net of interest expense decreased 11% ( 11 % ) from the prior year .', 'net interest revenue increased 6% ( 6 % ) due to the adoption of sfas 166/167 , partially offset by the impact of lower balances due to portfolio run-off and asset sales .', 'non-interest revenue declined 58% ( 58 % ) , primarily due to the absence of the $ 1.1 billion gain on the sale of redecard in the first quarter of 2009 and a higher mortgage repurchase reserve charge .', 'operating expenses decreased 18% ( 18 % ) , primarily due to the impact of divestitures , lower volumes , re-engineering actions and the absence of costs associated with the u.s .', 'government loss-sharing agreement , which was exited in the fourth quarter of 2009 .', 'provisions for credit losses and for benefits and claims decreased 38% ( 38 % ) , reflecting a net $ 1.8 billion credit reserve release in 2010 compared to a $ 5.8 billion build in 2009 .', 'lower net credit losses across most businesses were partially offset by the impact of the adoption of sfas 166/167 .', 'on a comparable basis , net credit losses were lower year-over-year , driven by improvement in u.s .', 'mortgages , international portfolios and retail partner cards .', 'assets declined 21% ( 21 % ) from the prior year , primarily driven by portfolio run-off , higher loan loss reserve balances , and the impact of asset sales and divestitures , partially offset by an increase of $ 41 billion resulting from the adoption of sfas 166/167 .', 'key divestitures in 2010 included the student loan corporation , primerica , auto loans , the canadian mastercard business and u.s .', 'retail sales finance portfolios .', '2009 vs .', '2008 revenues , net of interest expense decreased 24% ( 24 % ) from the prior year .', 'net interest revenue was 24% ( 24 % ) lower than the prior year , primarily due to lower balances , de-risking of the portfolio , and spread compression .', 'non-interest revenue decreased $ 1.6 billion , mostly driven by the impact of higher credit losses flowing through the securitization trusts , partially offset by the $ 1.1 billion gain on the sale of redecard in the first quarter of 2009 .', 'operating expenses declined 31% ( 31 % ) from the prior year , due to lower volumes and reductions from expense re-engineering actions , and the impact of goodwill write-offs of $ 3.0 billion in the fourth quarter of 2008 , partially offset by higher costs associated with delinquent loans .', 'provisions for credit losses and for benefits and claims increased 14% ( 14 % ) from the prior year , reflecting an increase in net credit losses of $ 6.1 billion , partially offset by lower reserve builds of $ 2.8 billion .', 'higher net credit losses were primarily driven by higher losses of $ 3.6 billion in residential real estate lending , $ 1.0 billion in retail partner cards , and $ 0.7 billion in international .', 'assets decreased $ 57 billion from the prior year , primarily driven by lower originations , wind-down of specific businesses , asset sales , divestitures , write- offs and higher loan loss reserve balances .', 'key divestitures in 2009 included the fi credit card business , italy consumer finance , diners europe , portugal cards , norway consumer and diners club north america. .'] | 0.73149 | C/2010/page_50.pdf-1 | ['local consumer lending local consumer lending ( lcl ) , which constituted approximately 70% ( 70 % ) of citi holdings by assets as of december 31 , 2010 , includes a portion of citigroup 2019s north american mortgage business , retail partner cards , western european cards and retail banking , citifinancial north america and other local consumer finance businesses globally .', 'the student loan corporation is reported as discontinued operations within the corporate/other segment for the second half of 2010 only .', 'at december 31 , 2010 , lcl had $ 252 billion of assets ( $ 226 billion in north america ) .', 'approximately $ 129 billion of assets in lcl as of december 31 , 2010 consisted of u.s .', 'mortgages in the company 2019s citimortgage and citifinancial operations .', 'the north american assets consist of residential mortgage loans ( first and second mortgages ) , retail partner card loans , personal loans , commercial real estate ( cre ) , and other consumer loans and assets .', 'in millions of dollars 2010 2009 2008 % ( % ) change 2010 vs .', '2009 % ( % ) change 2009 vs .', '2008 .'] | ['nm not meaningful 2010 vs .', '2009 revenues , net of interest expense decreased 11% ( 11 % ) from the prior year .', 'net interest revenue increased 6% ( 6 % ) due to the adoption of sfas 166/167 , partially offset by the impact of lower balances due to portfolio run-off and asset sales .', 'non-interest revenue declined 58% ( 58 % ) , primarily due to the absence of the $ 1.1 billion gain on the sale of redecard in the first quarter of 2009 and a higher mortgage repurchase reserve charge .', 'operating expenses decreased 18% ( 18 % ) , primarily due to the impact of divestitures , lower volumes , re-engineering actions and the absence of costs associated with the u.s .', 'government loss-sharing agreement , which was exited in the fourth quarter of 2009 .', 'provisions for credit losses and for benefits and claims decreased 38% ( 38 % ) , reflecting a net $ 1.8 billion credit reserve release in 2010 compared to a $ 5.8 billion build in 2009 .', 'lower net credit losses across most businesses were partially offset by the impact of the adoption of sfas 166/167 .', 'on a comparable basis , net credit losses were lower year-over-year , driven by improvement in u.s .', 'mortgages , international portfolios and retail partner cards .', 'assets declined 21% ( 21 % ) from the prior year , primarily driven by portfolio run-off , higher loan loss reserve balances , and the impact of asset sales and divestitures , partially offset by an increase of $ 41 billion resulting from the adoption of sfas 166/167 .', 'key divestitures in 2010 included the student loan corporation , primerica , auto loans , the canadian mastercard business and u.s .', 'retail sales finance portfolios .', '2009 vs .', '2008 revenues , net of interest expense decreased 24% ( 24 % ) from the prior year .', 'net interest revenue was 24% ( 24 % ) lower than the prior year , primarily due to lower balances , de-risking of the portfolio , and spread compression .', 'non-interest revenue decreased $ 1.6 billion , mostly driven by the impact of higher credit losses flowing through the securitization trusts , partially offset by the $ 1.1 billion gain on the sale of redecard in the first quarter of 2009 .', 'operating expenses declined 31% ( 31 % ) from the prior year , due to lower volumes and reductions from expense re-engineering actions , and the impact of goodwill write-offs of $ 3.0 billion in the fourth quarter of 2008 , partially offset by higher costs associated with delinquent loans .', 'provisions for credit losses and for benefits and claims increased 14% ( 14 % ) from the prior year , reflecting an increase in net credit losses of $ 6.1 billion , partially offset by lower reserve builds of $ 2.8 billion .', 'higher net credit losses were primarily driven by higher losses of $ 3.6 billion in residential real estate lending , $ 1.0 billion in retail partner cards , and $ 0.7 billion in international .', 'assets decreased $ 57 billion from the prior year , primarily driven by lower originations , wind-down of specific businesses , asset sales , divestitures , write- offs and higher loan loss reserve balances .', 'key divestitures in 2009 included the fi credit card business , italy consumer finance , diners europe , portugal cards , norway consumer and diners club north america. .'] | in millions of dollars | 2010 | 2009 | 2008 | % ( % ) change 2010 vs . 2009 | % ( % ) change 2009 vs . 2008
net interest revenue | $ 13831 | $ 12995 | $ 17136 | 6% ( 6 % ) | ( 24 ) % ( % )
non-interest revenue | 1995 | 4770 | 6362 | -58 ( 58 ) | -25 ( 25 )
total revenues net of interest expense | $ 15826 | $ 17765 | $ 23498 | ( 11 ) % ( % ) | ( 24 ) % ( % )
total operating expenses | $ 8064 | $ 9799 | $ 14238 | ( 18 ) % ( % ) | ( 31 ) % ( % )
net credit losses | $ 17040 | $ 19185 | $ 13111 | ( 11 ) % ( % ) | 46% ( 46 % )
credit reserve build ( release ) | -1771 ( 1771 ) | 5799 | 8573 | nm | -32 ( 32 )
provision for benefits and claims | 775 | 1054 | 1192 | -26 ( 26 ) | -12 ( 12 )
provision for unfunded lending commitments | 2014 | 2014 | 2014 | 2014 | 2014
provisions for credit losses and for benefits and claims | $ 16044 | $ 26038 | $ 22876 | ( 38 ) % ( % ) | 14% ( 14 % )
( loss ) from continuing operations before taxes | $ -8282 ( 8282 ) | $ -18072 ( 18072 ) | $ -13616 ( 13616 ) | 54% ( 54 % ) | ( 33 ) % ( % )
benefits for income taxes | -3289 ( 3289 ) | -7656 ( 7656 ) | -5259 ( 5259 ) | 57 | -46 ( 46 )
( loss ) from continuing operations | $ -4993 ( 4993 ) | $ -10416 ( 10416 ) | $ -8357 ( 8357 ) | 52% ( 52 % ) | ( 25 ) % ( % )
net income attributable to noncontrolling interests | 8 | 33 | 12 | -76 ( 76 ) | nm
net ( loss ) | $ -5001 ( 5001 ) | $ -10449 ( 10449 ) | $ -8369 ( 8369 ) | 52% ( 52 % ) | ( 25 ) % ( % )
average assets ( in billions of dollars ) | $ 324 | $ 351 | $ 420 | ( 8 ) % ( % ) | -16 ( 16 )
net credit losses as a percentage of average loans | 6.20% ( 6.20 % ) | 6.38% ( 6.38 % ) | 3.80% ( 3.80 % ) | | | divide(12995, 17765) | 0.73149 |
what percent of debt obligations are long term? | Background: ['2022 triggering our obligation to make payments under any financial guarantee , letter of credit or other credit support we have provided to or on behalf of such subsidiary ; 2022 causing us to record a loss in the event the lender forecloses on the assets ; and 2022 triggering defaults in our outstanding debt at the parent company .', 'for example , our senior secured credit facility and outstanding debt securities at the parent company include events of default for certain bankruptcy related events involving material subsidiaries .', 'in addition , our revolving credit agreement at the parent company includes events of default related to payment defaults and accelerations of outstanding debt of material subsidiaries .', 'some of our subsidiaries are currently in default with respect to all or a portion of their outstanding indebtedness .', 'the total non-recourse debt classified as current in the accompanying consolidated balance sheets amounts to $ 2.2 billion .', 'the portion of current debt related to such defaults was $ 1 billion at december 31 , 2017 , all of which was non-recourse debt related to three subsidiaries 2014 alto maipo , aes puerto rico , and aes ilumina .', 'see note 10 2014debt in item 8 . 2014financial statements and supplementary data of this form 10-k for additional detail .', "none of the subsidiaries that are currently in default are subsidiaries that met the applicable definition of materiality under aes' corporate debt agreements as of december 31 , 2017 in order for such defaults to trigger an event of default or permit acceleration under aes' indebtedness .", 'however , as a result of additional dispositions of assets , other significant reductions in asset carrying values or other matters in the future that may impact our financial position and results of operations or the financial position of the individual subsidiary , it is possible that one or more of these subsidiaries could fall within the definition of a "material subsidiary" and thereby upon an acceleration trigger an event of default and possible acceleration of the indebtedness under the parent company\'s outstanding debt securities .', "a material subsidiary is defined in the company's senior secured revolving credit facility as any business that contributed 20% ( 20 % ) or more of the parent company's total cash distributions from businesses for the four most recently completed fiscal quarters .", 'as of december 31 , 2017 , none of the defaults listed above individually or in the aggregate results in or is at risk of triggering a cross-default under the recourse debt of the company .', 'contractual obligations and parent company contingent contractual obligations a summary of our contractual obligations , commitments and other liabilities as of december 31 , 2017 is presented below and excludes any businesses classified as discontinued operations or held-for-sale ( in millions ) : contractual obligations total less than 1 year more than 5 years other footnote reference ( 4 ) debt obligations ( 1 ) $ 20404 $ 2250 $ 2431 $ 5003 $ 10720 $ 2014 10 interest payments on long-term debt ( 2 ) 9103 1172 2166 1719 4046 2014 n/a .']
######
Table:
----------------------------------------
contractual obligations | total | less than 1 year | 1-3 years | 3-5 years | more than 5 years | other | footnote reference ( 4 )
----------|----------|----------|----------|----------|----------|----------|----------
debt obligations ( 1 ) | $ 20404 | $ 2250 | $ 2431 | $ 5003 | $ 10720 | $ 2014 | 10
interest payments on long-term debt ( 2 ) | 9103 | 1172 | 2166 | 1719 | 4046 | 2014 | n/a
capital lease obligations | 18 | 2 | 2 | 2 | 12 | 2014 | 11
operating lease obligations | 935 | 58 | 116 | 117 | 644 | 2014 | 11
electricity obligations | 4501 | 581 | 948 | 907 | 2065 | 2014 | 11
fuel obligations | 5859 | 1759 | 1642 | 992 | 1466 | 2014 | 11
other purchase obligations | 4984 | 1488 | 1401 | 781 | 1314 | 2014 | 11
other long-term liabilities reflected on aes' consolidated balance sheet under gaap ( 3 ) | 701 | 2014 | 284 | 118 | 277 | 22 | n/a
total | $ 46505 | $ 7310 | $ 8990 | $ 9639 | $ 20544 | $ 22 |
----------------------------------------
######
Follow-up: ['_____________________________ ( 1 ) includes recourse and non-recourse debt presented on the consolidated balance sheet .', 'these amounts exclude capital lease obligations which are included in the capital lease category .', '( 2 ) interest payments are estimated based on final maturity dates of debt securities outstanding at december 31 , 2017 and do not reflect anticipated future refinancing , early redemptions or new debt issuances .', 'variable rate interest obligations are estimated based on rates as of december 31 , 2017 .', '( 3 ) these amounts do not include current liabilities on the consolidated balance sheet except for the current portion of uncertain tax obligations .', 'noncurrent uncertain tax obligations are reflected in the "other" column of the table above as the company is not able to reasonably estimate the timing of the future payments .', 'in addition , these amounts do not include : ( 1 ) regulatory liabilities ( see note 9 2014regulatory assets and liabilities ) , ( 2 ) contingencies ( see note 12 2014contingencies ) , ( 3 ) pension and other postretirement employee benefit liabilities ( see note 13 2014benefit plans ) , ( 4 ) derivatives and incentive compensation ( see note 5 2014derivative instruments and hedging activities ) or ( 5 ) any taxes ( see note 20 2014income taxes ) except for uncertain tax obligations , as the company is not able to reasonably estimate the timing of future payments .', 'see the indicated notes to the consolidated financial statements included in item 8 of this form 10-k for additional information on the items excluded .', '( 4 ) for further information see the note referenced below in item 8 . 2014financial statements and supplementary data of this form 10-k. .'] | 0.88973 | AES/2017/page_110.pdf-3 | ['2022 triggering our obligation to make payments under any financial guarantee , letter of credit or other credit support we have provided to or on behalf of such subsidiary ; 2022 causing us to record a loss in the event the lender forecloses on the assets ; and 2022 triggering defaults in our outstanding debt at the parent company .', 'for example , our senior secured credit facility and outstanding debt securities at the parent company include events of default for certain bankruptcy related events involving material subsidiaries .', 'in addition , our revolving credit agreement at the parent company includes events of default related to payment defaults and accelerations of outstanding debt of material subsidiaries .', 'some of our subsidiaries are currently in default with respect to all or a portion of their outstanding indebtedness .', 'the total non-recourse debt classified as current in the accompanying consolidated balance sheets amounts to $ 2.2 billion .', 'the portion of current debt related to such defaults was $ 1 billion at december 31 , 2017 , all of which was non-recourse debt related to three subsidiaries 2014 alto maipo , aes puerto rico , and aes ilumina .', 'see note 10 2014debt in item 8 . 2014financial statements and supplementary data of this form 10-k for additional detail .', "none of the subsidiaries that are currently in default are subsidiaries that met the applicable definition of materiality under aes' corporate debt agreements as of december 31 , 2017 in order for such defaults to trigger an event of default or permit acceleration under aes' indebtedness .", 'however , as a result of additional dispositions of assets , other significant reductions in asset carrying values or other matters in the future that may impact our financial position and results of operations or the financial position of the individual subsidiary , it is possible that one or more of these subsidiaries could fall within the definition of a "material subsidiary" and thereby upon an acceleration trigger an event of default and possible acceleration of the indebtedness under the parent company\'s outstanding debt securities .', "a material subsidiary is defined in the company's senior secured revolving credit facility as any business that contributed 20% ( 20 % ) or more of the parent company's total cash distributions from businesses for the four most recently completed fiscal quarters .", 'as of december 31 , 2017 , none of the defaults listed above individually or in the aggregate results in or is at risk of triggering a cross-default under the recourse debt of the company .', 'contractual obligations and parent company contingent contractual obligations a summary of our contractual obligations , commitments and other liabilities as of december 31 , 2017 is presented below and excludes any businesses classified as discontinued operations or held-for-sale ( in millions ) : contractual obligations total less than 1 year more than 5 years other footnote reference ( 4 ) debt obligations ( 1 ) $ 20404 $ 2250 $ 2431 $ 5003 $ 10720 $ 2014 10 interest payments on long-term debt ( 2 ) 9103 1172 2166 1719 4046 2014 n/a .'] | ['_____________________________ ( 1 ) includes recourse and non-recourse debt presented on the consolidated balance sheet .', 'these amounts exclude capital lease obligations which are included in the capital lease category .', '( 2 ) interest payments are estimated based on final maturity dates of debt securities outstanding at december 31 , 2017 and do not reflect anticipated future refinancing , early redemptions or new debt issuances .', 'variable rate interest obligations are estimated based on rates as of december 31 , 2017 .', '( 3 ) these amounts do not include current liabilities on the consolidated balance sheet except for the current portion of uncertain tax obligations .', 'noncurrent uncertain tax obligations are reflected in the "other" column of the table above as the company is not able to reasonably estimate the timing of the future payments .', 'in addition , these amounts do not include : ( 1 ) regulatory liabilities ( see note 9 2014regulatory assets and liabilities ) , ( 2 ) contingencies ( see note 12 2014contingencies ) , ( 3 ) pension and other postretirement employee benefit liabilities ( see note 13 2014benefit plans ) , ( 4 ) derivatives and incentive compensation ( see note 5 2014derivative instruments and hedging activities ) or ( 5 ) any taxes ( see note 20 2014income taxes ) except for uncertain tax obligations , as the company is not able to reasonably estimate the timing of future payments .', 'see the indicated notes to the consolidated financial statements included in item 8 of this form 10-k for additional information on the items excluded .', '( 4 ) for further information see the note referenced below in item 8 . 2014financial statements and supplementary data of this form 10-k. .'] | ----------------------------------------
contractual obligations | total | less than 1 year | 1-3 years | 3-5 years | more than 5 years | other | footnote reference ( 4 )
----------|----------|----------|----------|----------|----------|----------|----------
debt obligations ( 1 ) | $ 20404 | $ 2250 | $ 2431 | $ 5003 | $ 10720 | $ 2014 | 10
interest payments on long-term debt ( 2 ) | 9103 | 1172 | 2166 | 1719 | 4046 | 2014 | n/a
capital lease obligations | 18 | 2 | 2 | 2 | 12 | 2014 | 11
operating lease obligations | 935 | 58 | 116 | 117 | 644 | 2014 | 11
electricity obligations | 4501 | 581 | 948 | 907 | 2065 | 2014 | 11
fuel obligations | 5859 | 1759 | 1642 | 992 | 1466 | 2014 | 11
other purchase obligations | 4984 | 1488 | 1401 | 781 | 1314 | 2014 | 11
other long-term liabilities reflected on aes' consolidated balance sheet under gaap ( 3 ) | 701 | 2014 | 284 | 118 | 277 | 22 | n/a
total | $ 46505 | $ 7310 | $ 8990 | $ 9639 | $ 20544 | $ 22 |
---------------------------------------- | subtract(20404, 2250), divide(#0, 20404) | 0.88973 |
by how many percentage points did the health care cost trend rate for next year increase in 2017? | Pre-text: ['assumed health care cost trend rates for the u.s .', 'retiree health care benefit plan as of december 31 are as follows: .']
----
Data Table:
****************************************
Row 1: , 2017, 2016
Row 2: assumed health care cost trend rate for next year, 7.50% ( 7.50 % ), 6.75% ( 6.75 % )
Row 3: ultimate trend rate, 5.00% ( 5.00 % ), 5.00% ( 5.00 % )
Row 4: year in which ultimate trend rate is reached, 2028, 2024
****************************************
----
Additional Information: ['a one percentage point increase or decrease in health care cost trend rates over all future periods would have increased or decreased the accumulated postretirement benefit obligation for the u.s .', 'retiree health care benefit plan as of december 31 , 2017 , by $ 1 million .', 'the service cost and interest cost components of 2017 plan expense would have increased or decreased by less than $ 1 million .', 'deferred compensation arrangements we have a deferred compensation plan that allows u.s .', 'employees whose base salary and management responsibility exceed a certain level to defer receipt of a portion of their cash compensation .', 'payments under this plan are made based on the participant 2019s distribution election and plan balance .', 'participants can earn a return on their deferred compensation based on notional investments in the same investment funds that are offered in our defined contribution plans .', 'as of december 31 , 2017 , our liability to participants of the deferred compensation plans was $ 255 million and is recorded in other long-term liabilities on our consolidated balance sheets .', 'this amount reflects the accumulated participant deferrals and earnings thereon as of that date .', 'as of december 31 , 2017 , we held $ 236 million in mutual funds related to these plans that are recorded in long-term investments on our consolidated balance sheets , and serve as an economic hedge against changes in fair values of our other deferred compensation liabilities .', 'we record changes in the fair value of the liability and the related investment in sg&a as discussed in note 8 .', '11 .', 'debt and lines of credit short-term borrowings we maintain a line of credit to support commercial paper borrowings , if any , and to provide additional liquidity through bank loans .', 'as of december 31 , 2017 , we had a variable-rate revolving credit facility from a consortium of investment-grade banks that allows us to borrow up to $ 2 billion until march 2022 .', 'the interest rate on borrowings under this credit facility , if drawn , is indexed to the applicable london interbank offered rate ( libor ) .', 'as of december 31 , 2017 , our credit facility was undrawn and we had no commercial paper outstanding .', 'long-term debt we retired $ 250 million of maturing debt in march 2017 and another $ 375 million in june 2017 .', 'in may 2017 , we issued an aggregate principal amount of $ 600 million of fixed-rate , long-term debt .', 'the offering consisted of the reissuance of $ 300 million of 2.75% ( 2.75 % ) notes due in 2021 at a premium and the issuance of $ 300 million of 2.625% ( 2.625 % ) notes due in 2024 at a discount .', 'we incurred $ 3 million of issuance and other related costs .', 'the proceeds of the offerings were $ 605 million , net of the original issuance discount and premium , and were used for the repayment of maturing debt and general corporate purposes .', 'in november 2017 , we issued a principal amount of $ 500 million of fixed-rate , long-term debt due in 2027 .', 'we incurred $ 3 million of issuance and other related costs .', 'the proceeds of the offering were $ 494 million , net of the original issuance discount , and were used for general corporate purposes .', 'in may 2016 , we issued a principal amount of $ 500 million of fixed-rate , long-term debt due in 2022 .', 'we incurred $ 3 million of issuance and other related costs .', 'the proceeds of the offering were $ 499 million , net of the original issuance discount , and were used toward the repayment of a portion of $ 1.0 billion of maturing debt retired in may 2016 .', 'in may 2015 , we issued a principal amount of $ 500 million of fixed-rate , long-term debt due in 2020 .', 'we incurred $ 3 million of issuance and other related costs .', 'the proceeds of the offering were $ 498 million , net of the original issuance discount , and were used toward the repayment of a portion of the debt that matured in august 2015 .', 'we retired $ 250 million of maturing debt in april 2015 and another $ 750 million in august 2015 .', 'texas instruments 2022 2017 form 10-k 51 .'] | 0.75 | TXN/2017/page_55.pdf-2 | ['assumed health care cost trend rates for the u.s .', 'retiree health care benefit plan as of december 31 are as follows: .'] | ['a one percentage point increase or decrease in health care cost trend rates over all future periods would have increased or decreased the accumulated postretirement benefit obligation for the u.s .', 'retiree health care benefit plan as of december 31 , 2017 , by $ 1 million .', 'the service cost and interest cost components of 2017 plan expense would have increased or decreased by less than $ 1 million .', 'deferred compensation arrangements we have a deferred compensation plan that allows u.s .', 'employees whose base salary and management responsibility exceed a certain level to defer receipt of a portion of their cash compensation .', 'payments under this plan are made based on the participant 2019s distribution election and plan balance .', 'participants can earn a return on their deferred compensation based on notional investments in the same investment funds that are offered in our defined contribution plans .', 'as of december 31 , 2017 , our liability to participants of the deferred compensation plans was $ 255 million and is recorded in other long-term liabilities on our consolidated balance sheets .', 'this amount reflects the accumulated participant deferrals and earnings thereon as of that date .', 'as of december 31 , 2017 , we held $ 236 million in mutual funds related to these plans that are recorded in long-term investments on our consolidated balance sheets , and serve as an economic hedge against changes in fair values of our other deferred compensation liabilities .', 'we record changes in the fair value of the liability and the related investment in sg&a as discussed in note 8 .', '11 .', 'debt and lines of credit short-term borrowings we maintain a line of credit to support commercial paper borrowings , if any , and to provide additional liquidity through bank loans .', 'as of december 31 , 2017 , we had a variable-rate revolving credit facility from a consortium of investment-grade banks that allows us to borrow up to $ 2 billion until march 2022 .', 'the interest rate on borrowings under this credit facility , if drawn , is indexed to the applicable london interbank offered rate ( libor ) .', 'as of december 31 , 2017 , our credit facility was undrawn and we had no commercial paper outstanding .', 'long-term debt we retired $ 250 million of maturing debt in march 2017 and another $ 375 million in june 2017 .', 'in may 2017 , we issued an aggregate principal amount of $ 600 million of fixed-rate , long-term debt .', 'the offering consisted of the reissuance of $ 300 million of 2.75% ( 2.75 % ) notes due in 2021 at a premium and the issuance of $ 300 million of 2.625% ( 2.625 % ) notes due in 2024 at a discount .', 'we incurred $ 3 million of issuance and other related costs .', 'the proceeds of the offerings were $ 605 million , net of the original issuance discount and premium , and were used for the repayment of maturing debt and general corporate purposes .', 'in november 2017 , we issued a principal amount of $ 500 million of fixed-rate , long-term debt due in 2027 .', 'we incurred $ 3 million of issuance and other related costs .', 'the proceeds of the offering were $ 494 million , net of the original issuance discount , and were used for general corporate purposes .', 'in may 2016 , we issued a principal amount of $ 500 million of fixed-rate , long-term debt due in 2022 .', 'we incurred $ 3 million of issuance and other related costs .', 'the proceeds of the offering were $ 499 million , net of the original issuance discount , and were used toward the repayment of a portion of $ 1.0 billion of maturing debt retired in may 2016 .', 'in may 2015 , we issued a principal amount of $ 500 million of fixed-rate , long-term debt due in 2020 .', 'we incurred $ 3 million of issuance and other related costs .', 'the proceeds of the offering were $ 498 million , net of the original issuance discount , and were used toward the repayment of a portion of the debt that matured in august 2015 .', 'we retired $ 250 million of maturing debt in april 2015 and another $ 750 million in august 2015 .', 'texas instruments 2022 2017 form 10-k 51 .'] | ****************************************
Row 1: , 2017, 2016
Row 2: assumed health care cost trend rate for next year, 7.50% ( 7.50 % ), 6.75% ( 6.75 % )
Row 3: ultimate trend rate, 5.00% ( 5.00 % ), 5.00% ( 5.00 % )
Row 4: year in which ultimate trend rate is reached, 2028, 2024
**************************************** | subtract(7.50, 6.75) | 0.75 |
in 2015 what was the ratio of the cash provided by operating activities to the purchases of property and equipment | Pre-text: ['financial assurance we must provide financial assurance to governmental agencies and a variety of other entities under applicable environmental regulations relating to our landfill operations for capping , closure and post-closure costs , and related to our performance under certain collection , landfill and transfer station contracts .', 'we satisfy these financial assurance requirements by providing surety bonds , letters of credit , or insurance policies ( financial assurance instruments ) , or trust deposits , which are included in restricted cash and marketable securities and other assets in our consolidated balance sheets .', 'the amount of the financial assurance requirements for capping , closure and post-closure costs is determined by applicable state environmental regulations .', 'the financial assurance requirements for capping , closure and post-closure costs may be associated with a portion of the landfill or the entire landfill .', 'generally , states require a third-party engineering specialist to determine the estimated capping , closure and post-closure costs that are used to determine the required amount of financial assurance for a landfill .', 'the amount of financial assurance required can , and generally will , differ from the obligation determined and recorded under u.s .', 'gaap .', 'the amount of the financial assurance requirements related to contract performance varies by contract .', 'additionally , we must provide financial assurance for our insurance program and collateral for certain performance obligations .', 'we do not expect a material increase in financial assurance requirements during 2016 , although the mix of financial assurance instruments may change .', 'these financial assurance instruments are issued in the normal course of business and are not considered indebtedness .', 'because we currently have no liability for the financial assurance instruments , they are not reflected in our consolidated balance sheets ; however , we record capping , closure and post-closure liabilities and insurance liabilities as they are incurred .', 'off-balance sheet arrangements we have no off-balance sheet debt or similar obligations , other than operating leases and financial assurances , which are not classified as debt .', 'we have no transactions or obligations with related parties that are not disclosed , consolidated into or reflected in our reported financial position or results of operations .', 'we have not guaranteed any third-party debt .', 'free cash flow we define free cash flow , which is not a measure determined in accordance with u.s .', 'gaap , as cash provided by operating activities less purchases of property and equipment , plus proceeds from sales of property and equipment , as presented in our consolidated statements of cash flows .', 'the following table calculates our free cash flow for the years ended december 31 , 2015 , 2014 and 2013 ( in millions of dollars ) : .']
##
Tabular Data:
========================================
Row 1: , 2015, 2014, 2013
Row 2: cash provided by operating activities, $ 1679.7, $ 1529.8, $ 1548.2
Row 3: purchases of property and equipment, -945.6 ( 945.6 ), -862.5 ( 862.5 ), -880.8 ( 880.8 )
Row 4: proceeds from sales of property and equipment, 21.2, 35.7, 23.9
Row 5: free cash flow, $ 755.3, $ 703.0, $ 691.3
========================================
##
Additional Information: ['for a discussion of the changes in the components of free cash flow , see our discussion regarding cash flows provided by operating activities and cash flows used in investing activities contained elsewhere in this management 2019s discussion and analysis of financial condition and results of operations. .'] | 1.77633 | RSG/2015/page_75.pdf-1 | ['financial assurance we must provide financial assurance to governmental agencies and a variety of other entities under applicable environmental regulations relating to our landfill operations for capping , closure and post-closure costs , and related to our performance under certain collection , landfill and transfer station contracts .', 'we satisfy these financial assurance requirements by providing surety bonds , letters of credit , or insurance policies ( financial assurance instruments ) , or trust deposits , which are included in restricted cash and marketable securities and other assets in our consolidated balance sheets .', 'the amount of the financial assurance requirements for capping , closure and post-closure costs is determined by applicable state environmental regulations .', 'the financial assurance requirements for capping , closure and post-closure costs may be associated with a portion of the landfill or the entire landfill .', 'generally , states require a third-party engineering specialist to determine the estimated capping , closure and post-closure costs that are used to determine the required amount of financial assurance for a landfill .', 'the amount of financial assurance required can , and generally will , differ from the obligation determined and recorded under u.s .', 'gaap .', 'the amount of the financial assurance requirements related to contract performance varies by contract .', 'additionally , we must provide financial assurance for our insurance program and collateral for certain performance obligations .', 'we do not expect a material increase in financial assurance requirements during 2016 , although the mix of financial assurance instruments may change .', 'these financial assurance instruments are issued in the normal course of business and are not considered indebtedness .', 'because we currently have no liability for the financial assurance instruments , they are not reflected in our consolidated balance sheets ; however , we record capping , closure and post-closure liabilities and insurance liabilities as they are incurred .', 'off-balance sheet arrangements we have no off-balance sheet debt or similar obligations , other than operating leases and financial assurances , which are not classified as debt .', 'we have no transactions or obligations with related parties that are not disclosed , consolidated into or reflected in our reported financial position or results of operations .', 'we have not guaranteed any third-party debt .', 'free cash flow we define free cash flow , which is not a measure determined in accordance with u.s .', 'gaap , as cash provided by operating activities less purchases of property and equipment , plus proceeds from sales of property and equipment , as presented in our consolidated statements of cash flows .', 'the following table calculates our free cash flow for the years ended december 31 , 2015 , 2014 and 2013 ( in millions of dollars ) : .'] | ['for a discussion of the changes in the components of free cash flow , see our discussion regarding cash flows provided by operating activities and cash flows used in investing activities contained elsewhere in this management 2019s discussion and analysis of financial condition and results of operations. .'] | ========================================
Row 1: , 2015, 2014, 2013
Row 2: cash provided by operating activities, $ 1679.7, $ 1529.8, $ 1548.2
Row 3: purchases of property and equipment, -945.6 ( 945.6 ), -862.5 ( 862.5 ), -880.8 ( 880.8 )
Row 4: proceeds from sales of property and equipment, 21.2, 35.7, 23.9
Row 5: free cash flow, $ 755.3, $ 703.0, $ 691.3
======================================== | divide(1679.7, 945.6) | 1.77633 |
what is the net liability for pension plan resulting from acquisition of vinamul and acetex? | Pre-text: ['celanese corporation and subsidiaries notes to consolidated financial statements ( continued ) 2022 amend certain material agreements governing bcp crystal 2019s indebtedness ; 2022 change the business conducted by celanese holdings and its subsidiaries ; and 2022 enter into hedging agreements that restrict dividends from subsidiaries .', 'in addition , the senior credit facilities require bcp crystal to maintain the following financial covenants : a maximum total leverage ratio , a maximum bank debt leverage ratio , a minimum interest coverage ratio and maximum capital expenditures limitation .', 'the maximum consolidated net bank debt to adjusted ebitda ratio , as defined , previously required under the senior credit facilities , was eliminated when the company amended the facilities in january 2005 .', 'as of december 31 , 2005 , the company was in compliance with all of the financial covenants related to its debt agreements .', 'the maturation of the company 2019s debt , including short term borrowings , is as follows : ( in $ millions ) .']
Table:
========================================
| total ( in$ millions )
2006 | 155
2007 | 29
2008 | 22
2009 | 40
2010 | 28
thereafter ( 1 ) | 3163
total | 3437
========================================
Additional Information: ['( 1 ) includes $ 2 million purchase accounting adjustment to assumed debt .', '17 .', 'benefit obligations pension obligations .', 'pension obligations are established for benefits payable in the form of retirement , disability and surviving dependent pensions .', 'the benefits offered vary according to the legal , fiscal and economic conditions of each country .', 'the commitments result from participation in defined contribution and defined benefit plans , primarily in the u.s .', 'benefits are dependent on years of service and the employee 2019s compensation .', 'supplemental retirement benefits provided to certain employees are non-qualified for u.s .', 'tax purposes .', 'separate trusts have been established for some non-qualified plans .', 'defined benefit pension plans exist at certain locations in north america and europe .', 'as of december 31 , 2005 , the company 2019s u.s .', 'qualified pension plan represented greater than 85% ( 85 % ) and 75% ( 75 % ) of celanese 2019s pension plan assets and liabilities , respectively .', 'independent trusts or insurance companies administer the majority of these plans .', 'actuarial valuations for these plans are prepared annually .', 'the company sponsors various defined contribution plans in europe and north america covering certain employees .', 'employees may contribute to these plans and the company will match these contributions in varying amounts .', 'contributions to the defined contribution plans are based on specified percentages of employee contributions and they aggregated $ 12 million for the year ended decem- ber 31 , 2005 , $ 8 million for the nine months ended december 31 , 2004 , $ 3 million for the three months ended march 31 , 2004 and $ 11 million for the year ended december 31 , 2003 .', 'in connection with the acquisition of cag , the purchaser agreed to pre-fund $ 463 million of certain pension obligations .', 'during the nine months ended december 31 , 2004 , $ 409 million was pre-funded to the company 2019s pension plans .', 'the company contributed an additional $ 54 million to the non-qualified pension plan 2019s rabbi trusts in february 2005 .', 'in connection with the company 2019s acquisition of vinamul and acetex , the company assumed certain assets and obligations related to the acquired pension plans .', 'the company recorded liabilities of $ 128 million for these pension plans .', 'total pension assets acquired amounted to $ 85 million. .'] | 43.0 | CE/2005/page_167.pdf-2 | ['celanese corporation and subsidiaries notes to consolidated financial statements ( continued ) 2022 amend certain material agreements governing bcp crystal 2019s indebtedness ; 2022 change the business conducted by celanese holdings and its subsidiaries ; and 2022 enter into hedging agreements that restrict dividends from subsidiaries .', 'in addition , the senior credit facilities require bcp crystal to maintain the following financial covenants : a maximum total leverage ratio , a maximum bank debt leverage ratio , a minimum interest coverage ratio and maximum capital expenditures limitation .', 'the maximum consolidated net bank debt to adjusted ebitda ratio , as defined , previously required under the senior credit facilities , was eliminated when the company amended the facilities in january 2005 .', 'as of december 31 , 2005 , the company was in compliance with all of the financial covenants related to its debt agreements .', 'the maturation of the company 2019s debt , including short term borrowings , is as follows : ( in $ millions ) .'] | ['( 1 ) includes $ 2 million purchase accounting adjustment to assumed debt .', '17 .', 'benefit obligations pension obligations .', 'pension obligations are established for benefits payable in the form of retirement , disability and surviving dependent pensions .', 'the benefits offered vary according to the legal , fiscal and economic conditions of each country .', 'the commitments result from participation in defined contribution and defined benefit plans , primarily in the u.s .', 'benefits are dependent on years of service and the employee 2019s compensation .', 'supplemental retirement benefits provided to certain employees are non-qualified for u.s .', 'tax purposes .', 'separate trusts have been established for some non-qualified plans .', 'defined benefit pension plans exist at certain locations in north america and europe .', 'as of december 31 , 2005 , the company 2019s u.s .', 'qualified pension plan represented greater than 85% ( 85 % ) and 75% ( 75 % ) of celanese 2019s pension plan assets and liabilities , respectively .', 'independent trusts or insurance companies administer the majority of these plans .', 'actuarial valuations for these plans are prepared annually .', 'the company sponsors various defined contribution plans in europe and north america covering certain employees .', 'employees may contribute to these plans and the company will match these contributions in varying amounts .', 'contributions to the defined contribution plans are based on specified percentages of employee contributions and they aggregated $ 12 million for the year ended decem- ber 31 , 2005 , $ 8 million for the nine months ended december 31 , 2004 , $ 3 million for the three months ended march 31 , 2004 and $ 11 million for the year ended december 31 , 2003 .', 'in connection with the acquisition of cag , the purchaser agreed to pre-fund $ 463 million of certain pension obligations .', 'during the nine months ended december 31 , 2004 , $ 409 million was pre-funded to the company 2019s pension plans .', 'the company contributed an additional $ 54 million to the non-qualified pension plan 2019s rabbi trusts in february 2005 .', 'in connection with the company 2019s acquisition of vinamul and acetex , the company assumed certain assets and obligations related to the acquired pension plans .', 'the company recorded liabilities of $ 128 million for these pension plans .', 'total pension assets acquired amounted to $ 85 million. .'] | ========================================
| total ( in$ millions )
2006 | 155
2007 | 29
2008 | 22
2009 | 40
2010 | 28
thereafter ( 1 ) | 3163
total | 3437
======================================== | subtract(128, 85) | 43.0 |
what was the change in billions of total debt from december 31 , 2014 to 2015? | Background: ['in addition to the committed credit facilities discussed above , certain of our subsidiaries maintain short-term credit arrangements to meet their respective working capital needs .', 'these credit arrangements , which amounted to approximately $ 2.9 billion at december 31 , 2015 , and $ 3.2 billion at december 31 , 2014 , are for the sole use of our subsidiaries .', 'borrowings under these arrangements amounted to $ 825 million at december 31 , 2015 , and $ 1.2 billion at december 31 , 2014 .', 'commercial paper program 2013 we have commercial paper programs in place in the u.s .', 'and in europe .', 'at december 31 , 2015 and december 31 , 2014 , we had no commercial paper outstanding .', 'effective april 19 , 2013 , our commercial paper program in the u.s .', 'was increased by $ 2.0 billion .', 'as a result , our commercial paper programs in place in the u.s .', 'and in europe currently have an aggregate issuance capacity of $ 8.0 billion .', 'we expect that the existence of the commercial paper program and the committed credit facilities , coupled with our operating cash flows , will enable us to meet our liquidity requirements .', 'sale of accounts receivable 2013 to mitigate credit risk and enhance cash and liquidity management we sell trade receivables to unaffiliated financial institutions .', 'these arrangements allow us to sell , on an ongoing basis , certain trade receivables without recourse .', 'the trade receivables sold are generally short-term in nature and are removed from the consolidated balance sheets .', 'we sell trade receivables under two types of arrangements , servicing and non-servicing .', 'pmi 2019s operating cash flows were positively impacted by the amount of the trade receivables sold and derecognized from the consolidated balance sheets , which remained outstanding with the unaffiliated financial institutions .', 'the trade receivables sold that remained outstanding under these arrangements as of december 31 , 2015 , 2014 and 2013 were $ 888 million , $ 120 million and $ 146 million , respectively .', 'the net proceeds received are included in cash provided by operating activities in the consolidated statements of cash flows .', 'for further details , see item 8 , note 23 .', 'sale of accounts receivable to our consolidated financial statements .', 'debt 2013 our total debt was $ 28.5 billion at december 31 , 2015 , and $ 29.5 billion at december 31 , 2014 .', 'our total debt is primarily fixed rate in nature .', 'for further details , see item 8 , note 7 .', 'indebtedness .', 'the weighted-average all-in financing cost of our total debt was 3.0% ( 3.0 % ) in 2015 , compared to 3.2% ( 3.2 % ) in 2014 .', 'see item 8 , note 16 .', 'fair value measurements to our consolidated financial statements for a discussion of our disclosures related to the fair value of debt .', 'the amount of debt that we can issue is subject to approval by our board of directors .', 'on february 21 , 2014 , we filed a shelf registration statement with the u.s .', 'securities and exchange commission , under which we may from time to time sell debt securities and/or warrants to purchase debt securities over a three-year period .', 'our debt issuances in 2015 were as follows : ( in millions ) type face value interest rate issuance maturity u.s .', 'dollar notes ( a ) $ 500 1.250% ( 1.250 % ) august 2015 august 2017 u.s .', 'dollar notes ( a ) $ 750 3.375% ( 3.375 % ) august 2015 august 2025 ( a ) interest on these notes is payable annually in arrears beginning in february 2016 .', 'the net proceeds from the sale of the securities listed in the table above will be used for general corporate purposes .', 'the weighted-average time to maturity of our long-term debt was 10.8 years at the end of 2014 and 10.5 years at the end of 2015 .', '2022 off-balance sheet arrangements and aggregate contractual obligations we have no off-balance sheet arrangements , including special purpose entities , other than guarantees and contractual obligations discussed below. .']
--
Tabular Data:
****************************************
• type, , face value, interest rate, issuance, maturity
• u.s . dollar notes, ( a ), $ 500, 1.250% ( 1.250 % ), august 2015, august 2017
• u.s . dollar notes, ( a ), $ 750, 3.375% ( 3.375 % ), august 2015, august 2025
****************************************
--
Post-table: ['in addition to the committed credit facilities discussed above , certain of our subsidiaries maintain short-term credit arrangements to meet their respective working capital needs .', 'these credit arrangements , which amounted to approximately $ 2.9 billion at december 31 , 2015 , and $ 3.2 billion at december 31 , 2014 , are for the sole use of our subsidiaries .', 'borrowings under these arrangements amounted to $ 825 million at december 31 , 2015 , and $ 1.2 billion at december 31 , 2014 .', 'commercial paper program 2013 we have commercial paper programs in place in the u.s .', 'and in europe .', 'at december 31 , 2015 and december 31 , 2014 , we had no commercial paper outstanding .', 'effective april 19 , 2013 , our commercial paper program in the u.s .', 'was increased by $ 2.0 billion .', 'as a result , our commercial paper programs in place in the u.s .', 'and in europe currently have an aggregate issuance capacity of $ 8.0 billion .', 'we expect that the existence of the commercial paper program and the committed credit facilities , coupled with our operating cash flows , will enable us to meet our liquidity requirements .', 'sale of accounts receivable 2013 to mitigate credit risk and enhance cash and liquidity management we sell trade receivables to unaffiliated financial institutions .', 'these arrangements allow us to sell , on an ongoing basis , certain trade receivables without recourse .', 'the trade receivables sold are generally short-term in nature and are removed from the consolidated balance sheets .', 'we sell trade receivables under two types of arrangements , servicing and non-servicing .', 'pmi 2019s operating cash flows were positively impacted by the amount of the trade receivables sold and derecognized from the consolidated balance sheets , which remained outstanding with the unaffiliated financial institutions .', 'the trade receivables sold that remained outstanding under these arrangements as of december 31 , 2015 , 2014 and 2013 were $ 888 million , $ 120 million and $ 146 million , respectively .', 'the net proceeds received are included in cash provided by operating activities in the consolidated statements of cash flows .', 'for further details , see item 8 , note 23 .', 'sale of accounts receivable to our consolidated financial statements .', 'debt 2013 our total debt was $ 28.5 billion at december 31 , 2015 , and $ 29.5 billion at december 31 , 2014 .', 'our total debt is primarily fixed rate in nature .', 'for further details , see item 8 , note 7 .', 'indebtedness .', 'the weighted-average all-in financing cost of our total debt was 3.0% ( 3.0 % ) in 2015 , compared to 3.2% ( 3.2 % ) in 2014 .', 'see item 8 , note 16 .', 'fair value measurements to our consolidated financial statements for a discussion of our disclosures related to the fair value of debt .', 'the amount of debt that we can issue is subject to approval by our board of directors .', 'on february 21 , 2014 , we filed a shelf registration statement with the u.s .', 'securities and exchange commission , under which we may from time to time sell debt securities and/or warrants to purchase debt securities over a three-year period .', 'our debt issuances in 2015 were as follows : ( in millions ) type face value interest rate issuance maturity u.s .', 'dollar notes ( a ) $ 500 1.250% ( 1.250 % ) august 2015 august 2017 u.s .', 'dollar notes ( a ) $ 750 3.375% ( 3.375 % ) august 2015 august 2025 ( a ) interest on these notes is payable annually in arrears beginning in february 2016 .', 'the net proceeds from the sale of the securities listed in the table above will be used for general corporate purposes .', 'the weighted-average time to maturity of our long-term debt was 10.8 years at the end of 2014 and 10.5 years at the end of 2015 .', '2022 off-balance sheet arrangements and aggregate contractual obligations we have no off-balance sheet arrangements , including special purpose entities , other than guarantees and contractual obligations discussed below. .'] | -1.0 | PM/2015/page_85.pdf-2 | ['in addition to the committed credit facilities discussed above , certain of our subsidiaries maintain short-term credit arrangements to meet their respective working capital needs .', 'these credit arrangements , which amounted to approximately $ 2.9 billion at december 31 , 2015 , and $ 3.2 billion at december 31 , 2014 , are for the sole use of our subsidiaries .', 'borrowings under these arrangements amounted to $ 825 million at december 31 , 2015 , and $ 1.2 billion at december 31 , 2014 .', 'commercial paper program 2013 we have commercial paper programs in place in the u.s .', 'and in europe .', 'at december 31 , 2015 and december 31 , 2014 , we had no commercial paper outstanding .', 'effective april 19 , 2013 , our commercial paper program in the u.s .', 'was increased by $ 2.0 billion .', 'as a result , our commercial paper programs in place in the u.s .', 'and in europe currently have an aggregate issuance capacity of $ 8.0 billion .', 'we expect that the existence of the commercial paper program and the committed credit facilities , coupled with our operating cash flows , will enable us to meet our liquidity requirements .', 'sale of accounts receivable 2013 to mitigate credit risk and enhance cash and liquidity management we sell trade receivables to unaffiliated financial institutions .', 'these arrangements allow us to sell , on an ongoing basis , certain trade receivables without recourse .', 'the trade receivables sold are generally short-term in nature and are removed from the consolidated balance sheets .', 'we sell trade receivables under two types of arrangements , servicing and non-servicing .', 'pmi 2019s operating cash flows were positively impacted by the amount of the trade receivables sold and derecognized from the consolidated balance sheets , which remained outstanding with the unaffiliated financial institutions .', 'the trade receivables sold that remained outstanding under these arrangements as of december 31 , 2015 , 2014 and 2013 were $ 888 million , $ 120 million and $ 146 million , respectively .', 'the net proceeds received are included in cash provided by operating activities in the consolidated statements of cash flows .', 'for further details , see item 8 , note 23 .', 'sale of accounts receivable to our consolidated financial statements .', 'debt 2013 our total debt was $ 28.5 billion at december 31 , 2015 , and $ 29.5 billion at december 31 , 2014 .', 'our total debt is primarily fixed rate in nature .', 'for further details , see item 8 , note 7 .', 'indebtedness .', 'the weighted-average all-in financing cost of our total debt was 3.0% ( 3.0 % ) in 2015 , compared to 3.2% ( 3.2 % ) in 2014 .', 'see item 8 , note 16 .', 'fair value measurements to our consolidated financial statements for a discussion of our disclosures related to the fair value of debt .', 'the amount of debt that we can issue is subject to approval by our board of directors .', 'on february 21 , 2014 , we filed a shelf registration statement with the u.s .', 'securities and exchange commission , under which we may from time to time sell debt securities and/or warrants to purchase debt securities over a three-year period .', 'our debt issuances in 2015 were as follows : ( in millions ) type face value interest rate issuance maturity u.s .', 'dollar notes ( a ) $ 500 1.250% ( 1.250 % ) august 2015 august 2017 u.s .', 'dollar notes ( a ) $ 750 3.375% ( 3.375 % ) august 2015 august 2025 ( a ) interest on these notes is payable annually in arrears beginning in february 2016 .', 'the net proceeds from the sale of the securities listed in the table above will be used for general corporate purposes .', 'the weighted-average time to maturity of our long-term debt was 10.8 years at the end of 2014 and 10.5 years at the end of 2015 .', '2022 off-balance sheet arrangements and aggregate contractual obligations we have no off-balance sheet arrangements , including special purpose entities , other than guarantees and contractual obligations discussed below. .'] | ['in addition to the committed credit facilities discussed above , certain of our subsidiaries maintain short-term credit arrangements to meet their respective working capital needs .', 'these credit arrangements , which amounted to approximately $ 2.9 billion at december 31 , 2015 , and $ 3.2 billion at december 31 , 2014 , are for the sole use of our subsidiaries .', 'borrowings under these arrangements amounted to $ 825 million at december 31 , 2015 , and $ 1.2 billion at december 31 , 2014 .', 'commercial paper program 2013 we have commercial paper programs in place in the u.s .', 'and in europe .', 'at december 31 , 2015 and december 31 , 2014 , we had no commercial paper outstanding .', 'effective april 19 , 2013 , our commercial paper program in the u.s .', 'was increased by $ 2.0 billion .', 'as a result , our commercial paper programs in place in the u.s .', 'and in europe currently have an aggregate issuance capacity of $ 8.0 billion .', 'we expect that the existence of the commercial paper program and the committed credit facilities , coupled with our operating cash flows , will enable us to meet our liquidity requirements .', 'sale of accounts receivable 2013 to mitigate credit risk and enhance cash and liquidity management we sell trade receivables to unaffiliated financial institutions .', 'these arrangements allow us to sell , on an ongoing basis , certain trade receivables without recourse .', 'the trade receivables sold are generally short-term in nature and are removed from the consolidated balance sheets .', 'we sell trade receivables under two types of arrangements , servicing and non-servicing .', 'pmi 2019s operating cash flows were positively impacted by the amount of the trade receivables sold and derecognized from the consolidated balance sheets , which remained outstanding with the unaffiliated financial institutions .', 'the trade receivables sold that remained outstanding under these arrangements as of december 31 , 2015 , 2014 and 2013 were $ 888 million , $ 120 million and $ 146 million , respectively .', 'the net proceeds received are included in cash provided by operating activities in the consolidated statements of cash flows .', 'for further details , see item 8 , note 23 .', 'sale of accounts receivable to our consolidated financial statements .', 'debt 2013 our total debt was $ 28.5 billion at december 31 , 2015 , and $ 29.5 billion at december 31 , 2014 .', 'our total debt is primarily fixed rate in nature .', 'for further details , see item 8 , note 7 .', 'indebtedness .', 'the weighted-average all-in financing cost of our total debt was 3.0% ( 3.0 % ) in 2015 , compared to 3.2% ( 3.2 % ) in 2014 .', 'see item 8 , note 16 .', 'fair value measurements to our consolidated financial statements for a discussion of our disclosures related to the fair value of debt .', 'the amount of debt that we can issue is subject to approval by our board of directors .', 'on february 21 , 2014 , we filed a shelf registration statement with the u.s .', 'securities and exchange commission , under which we may from time to time sell debt securities and/or warrants to purchase debt securities over a three-year period .', 'our debt issuances in 2015 were as follows : ( in millions ) type face value interest rate issuance maturity u.s .', 'dollar notes ( a ) $ 500 1.250% ( 1.250 % ) august 2015 august 2017 u.s .', 'dollar notes ( a ) $ 750 3.375% ( 3.375 % ) august 2015 august 2025 ( a ) interest on these notes is payable annually in arrears beginning in february 2016 .', 'the net proceeds from the sale of the securities listed in the table above will be used for general corporate purposes .', 'the weighted-average time to maturity of our long-term debt was 10.8 years at the end of 2014 and 10.5 years at the end of 2015 .', '2022 off-balance sheet arrangements and aggregate contractual obligations we have no off-balance sheet arrangements , including special purpose entities , other than guarantees and contractual obligations discussed below. .'] | ****************************************
• type, , face value, interest rate, issuance, maturity
• u.s . dollar notes, ( a ), $ 500, 1.250% ( 1.250 % ), august 2015, august 2017
• u.s . dollar notes, ( a ), $ 750, 3.375% ( 3.375 % ), august 2015, august 2025
**************************************** | subtract(28.5, 29.5) | -1.0 |
in 2006 what was the percentage of the personal injury liability that was current as of december 31 | Background: ['consolidated results of operations , financial condition , or liquidity ; however , to the extent possible , where unasserted claims are considered probable and where such claims can be reasonably estimated , we have recorded a liability .', 'we do not expect that any known lawsuits , claims , environmental costs , commitments , contingent liabilities , or guarantees will have a material adverse effect on our consolidated results of operations , financial condition , or liquidity after taking into account liabilities previously recorded for these matters .', 'personal injury 2013 the cost of personal injuries to employees and others related to our activities is charged to expense based on estimates of the ultimate cost and number of incidents each year .', 'we use third-party actuaries to assist us in measuring the expense and liability , including unasserted claims .', 'compensation for work-related accidents is governed by the federal employers 2019 liability act ( fela ) .', 'under fela , damages are assessed based on a finding of fault through litigation or out-of-court settlements .', 'our personal injury liability activity was as follows : millions of dollars 2006 2005 2004 .']
----
Table:
millions of dollars | 2006 | 2005 | 2004
beginning balance | $ 619 | $ 639 | $ 619
accruals | 240 | 247 | 288
payments | -228 ( 228 ) | -267 ( 267 ) | -268 ( 268 )
ending balance at december 31 | $ 631 | $ 619 | $ 639
current portion ending balance at december 31 | $ 233 | $ 274 | $ 274
----
Follow-up: ['our personal injury liability is discounted to present value using applicable u.s .', 'treasury rates .', 'approximately 87% ( 87 % ) of the recorded liability related to asserted claims , and approximately 13% ( 13 % ) related to unasserted claims .', 'personal injury accruals were higher in 2004 due to a 1998 crossing accident verdict upheld in 2004 and a 2004 derailment near san antonio .', 'asbestos 2013 we are a defendant in a number of lawsuits in which current and former employees allege exposure to asbestos .', 'additionally , we have received claims for asbestos exposure that have not been litigated .', 'the claims and lawsuits ( collectively referred to as 201cclaims 201d ) allege occupational illness resulting from exposure to asbestos- containing products .', 'in most cases , the claimants do not have credible medical evidence of physical impairment resulting from the alleged exposures .', 'additionally , most claims filed against us do not specify an amount of alleged damages .', 'during 2004 , we engaged a third party with extensive experience in estimating resolution costs for asbestos- related claims to assist us in assessing the number and value of these unasserted claims through 2034 , based on our average claims experience over a multi-year period .', 'as a result , we increased our liability in 2004 for asbestos- related claims in the fourth quarter of 2004 .', 'the liability for resolving both asserted and unasserted claims was based on the following assumptions : 2022 the number of future claims received would be consistent with historical averages .', '2022 the number of claims filed against us will decline each year .', '2022 the average settlement values for asserted and unasserted claims will be equivalent to historical averages .', '2022 the percentage of claims dismissed in the future will be equivalent to historical averages. .'] | 0.36926 | UNP/2006/page_72.pdf-1 | ['consolidated results of operations , financial condition , or liquidity ; however , to the extent possible , where unasserted claims are considered probable and where such claims can be reasonably estimated , we have recorded a liability .', 'we do not expect that any known lawsuits , claims , environmental costs , commitments , contingent liabilities , or guarantees will have a material adverse effect on our consolidated results of operations , financial condition , or liquidity after taking into account liabilities previously recorded for these matters .', 'personal injury 2013 the cost of personal injuries to employees and others related to our activities is charged to expense based on estimates of the ultimate cost and number of incidents each year .', 'we use third-party actuaries to assist us in measuring the expense and liability , including unasserted claims .', 'compensation for work-related accidents is governed by the federal employers 2019 liability act ( fela ) .', 'under fela , damages are assessed based on a finding of fault through litigation or out-of-court settlements .', 'our personal injury liability activity was as follows : millions of dollars 2006 2005 2004 .'] | ['our personal injury liability is discounted to present value using applicable u.s .', 'treasury rates .', 'approximately 87% ( 87 % ) of the recorded liability related to asserted claims , and approximately 13% ( 13 % ) related to unasserted claims .', 'personal injury accruals were higher in 2004 due to a 1998 crossing accident verdict upheld in 2004 and a 2004 derailment near san antonio .', 'asbestos 2013 we are a defendant in a number of lawsuits in which current and former employees allege exposure to asbestos .', 'additionally , we have received claims for asbestos exposure that have not been litigated .', 'the claims and lawsuits ( collectively referred to as 201cclaims 201d ) allege occupational illness resulting from exposure to asbestos- containing products .', 'in most cases , the claimants do not have credible medical evidence of physical impairment resulting from the alleged exposures .', 'additionally , most claims filed against us do not specify an amount of alleged damages .', 'during 2004 , we engaged a third party with extensive experience in estimating resolution costs for asbestos- related claims to assist us in assessing the number and value of these unasserted claims through 2034 , based on our average claims experience over a multi-year period .', 'as a result , we increased our liability in 2004 for asbestos- related claims in the fourth quarter of 2004 .', 'the liability for resolving both asserted and unasserted claims was based on the following assumptions : 2022 the number of future claims received would be consistent with historical averages .', '2022 the number of claims filed against us will decline each year .', '2022 the average settlement values for asserted and unasserted claims will be equivalent to historical averages .', '2022 the percentage of claims dismissed in the future will be equivalent to historical averages. .'] | millions of dollars | 2006 | 2005 | 2004
beginning balance | $ 619 | $ 639 | $ 619
accruals | 240 | 247 | 288
payments | -228 ( 228 ) | -267 ( 267 ) | -268 ( 268 )
ending balance at december 31 | $ 631 | $ 619 | $ 639
current portion ending balance at december 31 | $ 233 | $ 274 | $ 274 | divide(233, 631) | 0.36926 |
what is the percent change in weighted average shares outstanding for basic net earnings per share between 2008 and 2009? | Pre-text: ['14 .', 'capital stock and earnings per share we are authorized to issue 250 million shares of preferred stock , none of which were issued or outstanding as of december 31 , 2009 .', 'the numerator for both basic and diluted earnings per share is net earnings available to common stockholders .', 'the denominator for basic earnings per share is the weighted average number of common shares outstanding during the period .', 'the denominator for diluted earnings per share is weighted average shares outstanding adjusted for the effect of dilutive stock options and other equity awards .', 'the following is a reconciliation of weighted average shares for the basic and diluted share computations for the years ending december 31 ( in millions ) : .']
Tabular Data:
----------------------------------------
, 2009, 2008, 2007
weighted average shares outstanding for basic net earnings per share, 215.0, 227.3, 235.5
effect of dilutive stock options and other equity awards, 0.8, 1.0, 2.0
weighted average shares outstanding for diluted net earnings per share, 215.8, 228.3, 237.5
----------------------------------------
Additional Information: ['weighted average shares outstanding for basic net earnings per share 215.0 227.3 235.5 effect of dilutive stock options and other equity awards 0.8 1.0 2.0 weighted average shares outstanding for diluted net earnings per share 215.8 228.3 237.5 for the year ended december 31 , 2009 , an average of 14.3 million options to purchase shares of common stock were not included in the computation of diluted earnings per share as the exercise prices of these options were greater than the average market price of the common stock .', 'for the years ended december 31 , 2008 and 2007 , an average of 11.2 million and 3.1 million options , respectively , were not included .', 'during 2009 , we repurchased approximately 19.8 million shares of our common stock at an average price of $ 46.56 per share for a total cash outlay of $ 923.7 million , including commissions .', 'in april 2008 , we announced that our board of directors authorized a $ 1.25 billion share repurchase program which was originally set to expire on december 31 , 2009 .', 'in september 2009 , the board of directors extended this program to december 31 , 2010 .', 'approximately $ 211.1 million remains authorized for future repurchases under this plan .', '15 .', 'segment data we design , develop , manufacture and market orthopaedic reconstructive implants , dental implants , spinal implants , trauma products and related surgical products which include surgical supplies and instruments designed to aid in surgical procedures and post-operation rehabilitation .', 'we also provide other healthcare-related services .', 'revenue related to these services currently represents less than 1 percent of our total net sales .', 'we manage operations through three major geographic segments 2013 the americas , which is comprised principally of the united states and includes other north , central and south american markets ; europe , which is comprised principally of europe and includes the middle east and africa ; and asia pacific , which is comprised primarily of japan and includes other asian and pacific markets .', 'this structure is the basis for our reportable segment information discussed below .', 'management evaluates reportable segment performance based upon segment operating profit exclusive of operating expenses pertaining to global operations and corporate expenses , share-based compensation expense , settlement , certain claims , acquisition , integration , realignment and other expenses , net curtailment and settlement , inventory step-up , in-process research and development write-offs and intangible asset amortization expense .', 'global operations include research , development engineering , medical education , brand management , corporate legal , finance , and human resource functions and u.s .', 'and puerto rico-based manufacturing operations and logistics .', 'intercompany transactions have been eliminated from segment operating profit .', 'management reviews accounts receivable , inventory , property , plant and equipment , goodwill and intangible assets by reportable segment exclusive of u.s .', 'and puerto rico-based manufacturing operations and logistics and corporate assets .', 'z i m m e r h o l d i n g s , i n c .', '2 0 0 9 f o r m 1 0 - k a n n u a l r e p o r t notes to consolidated financial statements ( continued ) %%transmsg*** transmitting job : c55340 pcn : 060000000 ***%%pcmsg|60 |00007|yes|no|02/24/2010 01:32|0|0|page is valid , no graphics -- color : d| .'] | -0.05411 | ZBH/2009/page_88.pdf-2 | ['14 .', 'capital stock and earnings per share we are authorized to issue 250 million shares of preferred stock , none of which were issued or outstanding as of december 31 , 2009 .', 'the numerator for both basic and diluted earnings per share is net earnings available to common stockholders .', 'the denominator for basic earnings per share is the weighted average number of common shares outstanding during the period .', 'the denominator for diluted earnings per share is weighted average shares outstanding adjusted for the effect of dilutive stock options and other equity awards .', 'the following is a reconciliation of weighted average shares for the basic and diluted share computations for the years ending december 31 ( in millions ) : .'] | ['weighted average shares outstanding for basic net earnings per share 215.0 227.3 235.5 effect of dilutive stock options and other equity awards 0.8 1.0 2.0 weighted average shares outstanding for diluted net earnings per share 215.8 228.3 237.5 for the year ended december 31 , 2009 , an average of 14.3 million options to purchase shares of common stock were not included in the computation of diluted earnings per share as the exercise prices of these options were greater than the average market price of the common stock .', 'for the years ended december 31 , 2008 and 2007 , an average of 11.2 million and 3.1 million options , respectively , were not included .', 'during 2009 , we repurchased approximately 19.8 million shares of our common stock at an average price of $ 46.56 per share for a total cash outlay of $ 923.7 million , including commissions .', 'in april 2008 , we announced that our board of directors authorized a $ 1.25 billion share repurchase program which was originally set to expire on december 31 , 2009 .', 'in september 2009 , the board of directors extended this program to december 31 , 2010 .', 'approximately $ 211.1 million remains authorized for future repurchases under this plan .', '15 .', 'segment data we design , develop , manufacture and market orthopaedic reconstructive implants , dental implants , spinal implants , trauma products and related surgical products which include surgical supplies and instruments designed to aid in surgical procedures and post-operation rehabilitation .', 'we also provide other healthcare-related services .', 'revenue related to these services currently represents less than 1 percent of our total net sales .', 'we manage operations through three major geographic segments 2013 the americas , which is comprised principally of the united states and includes other north , central and south american markets ; europe , which is comprised principally of europe and includes the middle east and africa ; and asia pacific , which is comprised primarily of japan and includes other asian and pacific markets .', 'this structure is the basis for our reportable segment information discussed below .', 'management evaluates reportable segment performance based upon segment operating profit exclusive of operating expenses pertaining to global operations and corporate expenses , share-based compensation expense , settlement , certain claims , acquisition , integration , realignment and other expenses , net curtailment and settlement , inventory step-up , in-process research and development write-offs and intangible asset amortization expense .', 'global operations include research , development engineering , medical education , brand management , corporate legal , finance , and human resource functions and u.s .', 'and puerto rico-based manufacturing operations and logistics .', 'intercompany transactions have been eliminated from segment operating profit .', 'management reviews accounts receivable , inventory , property , plant and equipment , goodwill and intangible assets by reportable segment exclusive of u.s .', 'and puerto rico-based manufacturing operations and logistics and corporate assets .', 'z i m m e r h o l d i n g s , i n c .', '2 0 0 9 f o r m 1 0 - k a n n u a l r e p o r t notes to consolidated financial statements ( continued ) %%transmsg*** transmitting job : c55340 pcn : 060000000 ***%%pcmsg|60 |00007|yes|no|02/24/2010 01:32|0|0|page is valid , no graphics -- color : d| .'] | ----------------------------------------
, 2009, 2008, 2007
weighted average shares outstanding for basic net earnings per share, 215.0, 227.3, 235.5
effect of dilutive stock options and other equity awards, 0.8, 1.0, 2.0
weighted average shares outstanding for diluted net earnings per share, 215.8, 228.3, 237.5
---------------------------------------- | subtract(215.0, 227.3), divide(#0, 227.3) | -0.05411 |
was the caribbean segment revenue increase greater than the south american growth ? | Context: ['increase .', 'in north america , contract generation segment revenues increased $ 46 million .', 'in the caribbean ( which includes venezuela and colombia ) , contract generation segment revenues increased $ 11 million , and this was due to a full year of operations at merida iii offset by a lower capacity factor at los mina .', 'competitive supply revenues increased $ 300 million or 13% ( 13 % ) to $ 2.7 billion in 2001 from $ 2.4 billion in 2000 .', 'excluding businesses acquired or that commenced commercial operations in 2001 or 2000 , competitive supply revenues increased 3% ( 3 % ) to $ 2.4 billion in 2001 .', 'the most significant increases occurred within north america and the caribbean .', 'slight increases were recorded within south america and asia .', 'europe/africa reported a slight decrease due to lower pool prices in the u.k .', 'offset by the start of commercial operations at fifoots and the acquisition of ottana .', 'in north america , competitive supply segment revenues increased $ 184 million due primarily to an expanded customer base at new energy as well as increased operations at placerita .', 'these increases in north america were offset by lower market prices at our new york businesses .', 'in the caribbean , competitive supply segment revenues increased $ 123 million due primarily to the acquisition of chivor .', 'large utility revenues increased $ 300 million , or 14% ( 14 % ) to $ 2.4 billion in 2001 from $ 2.1 billion in 2000 , principally resulting from the addition of revenues attributable to businesses acquired during 2001 or 2000 .', 'excluding businesses acquired in 2001 and 2000 , large utility revenues increased 1% ( 1 % ) to $ 1.6 billion in 2001 .', 'the majority of the increase occurred within the caribbean , and there was a slight increase in north america .', 'in the caribbean , revenues increased $ 312 million due to a full year of revenues from edc , which was acquired in june 2000 .', 'growth distribution revenues increased $ 400 million , or 31% ( 31 % ) to $ 1.7 billion in 2001 from $ 1.3 billion in 2000 .', 'excluding businesses acquired in 2001 or 2000 , growth distribution revenues increased 20% ( 20 % ) to $ 1.3 billion in 2001 .', 'revenues increased most significantly in the caribbean and to a lesser extent in south america and europe/africa .', 'revenues decreased slightly in asia .', 'in the caribbean , growth distribution segment revenues increased $ 296 million due primarily to a full year of operations at caess , which was acquired in 2000 and improved operations at ede este .', 'in south america , growth distribution segment revenues increased $ 89 million due to the significant revenues at sul from our settlement with the brazilian government offset by declines in revenues at our argentine distribution businesses .', 'the settlement with the brazilian government confirmed the sales price that sul would receive from its sales into the southeast market ( where rationing occurred ) under its itaipu contract .', 'in europe/africa , growth distribution segment revenues increased $ 59 million from the acquisition of sonel .', 'in asia , growth distribution segment revenues decreased $ 33 million mainly due to the change in the way in which we are accounting for our investment in cesco .', 'cesco was previously consolidated but was changed to equity method during 2001 when the company was removed from management and the board of directors .', 'this decline was partially offset by the increase in revenues from the distribution businesses that we acquired in the ukraine .', 'aes is a global power company which operates in 29 countries around the world .', 'the breakdown of aes 2019s revenues for the years ended december 31 , 2001 and 2000 , based on the geographic region in which they were earned , is set forth below .', 'a more detailed breakdown by country can be found in note 16 of the consolidated financial statements. .']
----------
Tabular Data:
----------------------------------------
, 2001, 2000, % ( % ) change
north america, $ 3.6 billion, $ 3.4 billion, 6% ( 6 % )
south america, $ 1.7 billion, $ 1.1 billion, 55% ( 55 % )
caribbean*, $ 1.9 billion, $ 1.1 billion, 73% ( 73 % )
europe/africa, $ 1.4 billion, $ 1.3 billion, 8% ( 8 % )
asia, $ 693 million, $ 615 million, 13% ( 13 % )
----------------------------------------
----------
Post-table: ['* includes venezuela and colombia. .'] | yes | AES/2001/page_43.pdf-1 | ['increase .', 'in north america , contract generation segment revenues increased $ 46 million .', 'in the caribbean ( which includes venezuela and colombia ) , contract generation segment revenues increased $ 11 million , and this was due to a full year of operations at merida iii offset by a lower capacity factor at los mina .', 'competitive supply revenues increased $ 300 million or 13% ( 13 % ) to $ 2.7 billion in 2001 from $ 2.4 billion in 2000 .', 'excluding businesses acquired or that commenced commercial operations in 2001 or 2000 , competitive supply revenues increased 3% ( 3 % ) to $ 2.4 billion in 2001 .', 'the most significant increases occurred within north america and the caribbean .', 'slight increases were recorded within south america and asia .', 'europe/africa reported a slight decrease due to lower pool prices in the u.k .', 'offset by the start of commercial operations at fifoots and the acquisition of ottana .', 'in north america , competitive supply segment revenues increased $ 184 million due primarily to an expanded customer base at new energy as well as increased operations at placerita .', 'these increases in north america were offset by lower market prices at our new york businesses .', 'in the caribbean , competitive supply segment revenues increased $ 123 million due primarily to the acquisition of chivor .', 'large utility revenues increased $ 300 million , or 14% ( 14 % ) to $ 2.4 billion in 2001 from $ 2.1 billion in 2000 , principally resulting from the addition of revenues attributable to businesses acquired during 2001 or 2000 .', 'excluding businesses acquired in 2001 and 2000 , large utility revenues increased 1% ( 1 % ) to $ 1.6 billion in 2001 .', 'the majority of the increase occurred within the caribbean , and there was a slight increase in north america .', 'in the caribbean , revenues increased $ 312 million due to a full year of revenues from edc , which was acquired in june 2000 .', 'growth distribution revenues increased $ 400 million , or 31% ( 31 % ) to $ 1.7 billion in 2001 from $ 1.3 billion in 2000 .', 'excluding businesses acquired in 2001 or 2000 , growth distribution revenues increased 20% ( 20 % ) to $ 1.3 billion in 2001 .', 'revenues increased most significantly in the caribbean and to a lesser extent in south america and europe/africa .', 'revenues decreased slightly in asia .', 'in the caribbean , growth distribution segment revenues increased $ 296 million due primarily to a full year of operations at caess , which was acquired in 2000 and improved operations at ede este .', 'in south america , growth distribution segment revenues increased $ 89 million due to the significant revenues at sul from our settlement with the brazilian government offset by declines in revenues at our argentine distribution businesses .', 'the settlement with the brazilian government confirmed the sales price that sul would receive from its sales into the southeast market ( where rationing occurred ) under its itaipu contract .', 'in europe/africa , growth distribution segment revenues increased $ 59 million from the acquisition of sonel .', 'in asia , growth distribution segment revenues decreased $ 33 million mainly due to the change in the way in which we are accounting for our investment in cesco .', 'cesco was previously consolidated but was changed to equity method during 2001 when the company was removed from management and the board of directors .', 'this decline was partially offset by the increase in revenues from the distribution businesses that we acquired in the ukraine .', 'aes is a global power company which operates in 29 countries around the world .', 'the breakdown of aes 2019s revenues for the years ended december 31 , 2001 and 2000 , based on the geographic region in which they were earned , is set forth below .', 'a more detailed breakdown by country can be found in note 16 of the consolidated financial statements. .'] | ['* includes venezuela and colombia. .'] | ----------------------------------------
, 2001, 2000, % ( % ) change
north america, $ 3.6 billion, $ 3.4 billion, 6% ( 6 % )
south america, $ 1.7 billion, $ 1.1 billion, 55% ( 55 % )
caribbean*, $ 1.9 billion, $ 1.1 billion, 73% ( 73 % )
europe/africa, $ 1.4 billion, $ 1.3 billion, 8% ( 8 % )
asia, $ 693 million, $ 615 million, 13% ( 13 % )
---------------------------------------- | greater(296, 89) | yes |
what is the net change in net revenue during 2015? | Pre-text: ['entergy corporation and subsidiaries management 2019s financial discussion and analysis the volume/weather variance is primarily due to an increase of 1402 gwh , or 1% ( 1 % ) , in billed electricity usage , including an increase in industrial usage and the effect of more favorable weather .', 'the increase in industrial sales was primarily due to expansion in the chemicals industry and the addition of new customers , partially offset by decreased demand primarily due to extended maintenance outages for existing chemicals customers .', 'the waterford 3 replacement steam generator provision is due to a regulatory charge of approximately $ 32 million recorded in 2015 related to the uncertainty associated with the resolution of the waterford 3 replacement steam generator project .', 'see note 2 to the financial statements for a discussion of the waterford 3 replacement steam generator prudence review proceeding .', 'the miso deferral variance is primarily due to the deferral in 2014 of non-fuel miso-related charges , as approved by the lpsc and the mpsc .', 'the deferral of non-fuel miso-related charges is partially offset in other operation and maintenance expenses .', 'see note 2 to the financial statements for further discussion of the recovery of non-fuel miso-related charges .', 'the louisiana business combination customer credits variance is due to a regulatory liability of $ 107 million recorded by entergy in october 2015 as a result of the entergy gulf states louisiana and entergy louisiana business combination .', 'consistent with the terms of the stipulated settlement in the business combination proceeding , electric customers of entergy louisiana will realize customer credits associated with the business combination ; accordingly , in october 2015 , entergy recorded a regulatory liability of $ 107 million ( $ 66 million net-of-tax ) .', 'see note 2 to the financial statements for further discussion of the business combination and customer credits .', 'entergy wholesale commodities following is an analysis of the change in net revenue comparing 2015 to 2014 .', 'amount ( in millions ) .']
########
Data Table:
amount ( in millions )
2014 net revenue $ 2224
nuclear realized price changes -310 ( 310 )
vermont yankee shutdown in december 2014 -305 ( 305 )
nuclear volume excluding vermont yankee effect 20
other 37
2015 net revenue $ 1666
########
Post-table: ['as shown in the table above , net revenue for entergy wholesale commodities decreased by approximately $ 558 million in 2016 primarily due to : 2022 lower realized wholesale energy prices , primarily due to significantly higher northeast market power prices in 2014 , and lower capacity prices in 2015 ; and 2022 a decrease in net revenue as a result of vermont yankee ceasing power production in december 2014 .', 'the decrease was partially offset by higher volume in the entergy wholesale commodities nuclear fleet , excluding vermont yankee , resulting from fewer refueling outage days in 2015 as compared to 2014 , partially offset by more unplanned outage days in 2015 as compared to 2014. .'] | -558.0 | ETR/2016/page_24.pdf-4 | ['entergy corporation and subsidiaries management 2019s financial discussion and analysis the volume/weather variance is primarily due to an increase of 1402 gwh , or 1% ( 1 % ) , in billed electricity usage , including an increase in industrial usage and the effect of more favorable weather .', 'the increase in industrial sales was primarily due to expansion in the chemicals industry and the addition of new customers , partially offset by decreased demand primarily due to extended maintenance outages for existing chemicals customers .', 'the waterford 3 replacement steam generator provision is due to a regulatory charge of approximately $ 32 million recorded in 2015 related to the uncertainty associated with the resolution of the waterford 3 replacement steam generator project .', 'see note 2 to the financial statements for a discussion of the waterford 3 replacement steam generator prudence review proceeding .', 'the miso deferral variance is primarily due to the deferral in 2014 of non-fuel miso-related charges , as approved by the lpsc and the mpsc .', 'the deferral of non-fuel miso-related charges is partially offset in other operation and maintenance expenses .', 'see note 2 to the financial statements for further discussion of the recovery of non-fuel miso-related charges .', 'the louisiana business combination customer credits variance is due to a regulatory liability of $ 107 million recorded by entergy in october 2015 as a result of the entergy gulf states louisiana and entergy louisiana business combination .', 'consistent with the terms of the stipulated settlement in the business combination proceeding , electric customers of entergy louisiana will realize customer credits associated with the business combination ; accordingly , in october 2015 , entergy recorded a regulatory liability of $ 107 million ( $ 66 million net-of-tax ) .', 'see note 2 to the financial statements for further discussion of the business combination and customer credits .', 'entergy wholesale commodities following is an analysis of the change in net revenue comparing 2015 to 2014 .', 'amount ( in millions ) .'] | ['as shown in the table above , net revenue for entergy wholesale commodities decreased by approximately $ 558 million in 2016 primarily due to : 2022 lower realized wholesale energy prices , primarily due to significantly higher northeast market power prices in 2014 , and lower capacity prices in 2015 ; and 2022 a decrease in net revenue as a result of vermont yankee ceasing power production in december 2014 .', 'the decrease was partially offset by higher volume in the entergy wholesale commodities nuclear fleet , excluding vermont yankee , resulting from fewer refueling outage days in 2015 as compared to 2014 , partially offset by more unplanned outage days in 2015 as compared to 2014. .'] | amount ( in millions )
2014 net revenue $ 2224
nuclear realized price changes -310 ( 310 )
vermont yankee shutdown in december 2014 -305 ( 305 )
nuclear volume excluding vermont yankee effect 20
other 37
2015 net revenue $ 1666 | subtract(1666, 2224) | -558.0 |
in 2014 what percentage of contractual obligations for future payments under existing debt and lease commitments and purchase obligations at december 31 , 2013 was attributable to maturities of long-term debt? | Pre-text: ['average cost of debt from 7.1% ( 7.1 % ) to an effective rate of 6.9% ( 6.9 % ) .', 'the inclusion of the offsetting interest income from short-term investments reduced this effective rate to 6.26% ( 6.26 % ) .', 'other financing activities during 2011 included the issuance of approximately 0.3 million shares of treasury stock for various incentive plans and the acquisition of 1.0 million shares of treasury stock primarily related to restricted stock withholding taxes .', 'payments of restricted stock withholding taxes totaled $ 30 million .', 'off-balance sheet variable interest entities information concerning off-balance sheet variable interest entities is set forth in note 12 variable interest entities and preferred securities of subsidiaries on pages 72 through 75 of item 8 .', 'financial statements and supplementary data for discussion .', 'liquidity and capital resources outlook for 2014 capital expenditures and long-term debt international paper expects to be able to meet projected capital expenditures , service existing debt and meet working capital and dividend requirements during 2014 through current cash balances and cash from operations .', 'additionally , the company has existing credit facilities totaling $ 2.0 billion .', 'the company was in compliance with all its debt covenants at december 31 , 2013 .', 'the company 2019s financial covenants require the maintenance of a minimum net worth of $ 9 billion and a total debt-to- capital ratio of less than 60% ( 60 % ) .', 'net worth is defined as the sum of common stock , paid-in capital and retained earnings , less treasury stock plus any cumulative goodwill impairment charges .', 'the calculation also excludes accumulated other comprehensive income/ loss and nonrecourse financial liabilities of special purpose entities .', 'the total debt-to-capital ratio is defined as total debt divided by the sum of total debt plus net worth .', 'at december 31 , 2013 , international paper 2019s net worth was $ 15.1 billion , and the total-debt- to-capital ratio was 39% ( 39 % ) .', 'the company will continue to rely upon debt and capital markets for the majority of any necessary long-term funding not provided by operating cash flows .', 'funding decisions will be guided by our capital structure planning objectives .', 'the primary goals of the company 2019s capital structure planning are to maximize financial flexibility and preserve liquidity while reducing interest expense .', 'the majority of international paper 2019s debt is accessed through global public capital markets where we have a wide base of investors .', 'maintaining an investment grade credit rating is an important element of international paper 2019s financing strategy .', 'at december 31 , 2013 , the company held long-term credit ratings of bbb ( stable outlook ) and baa3 ( stable outlook ) by s&p and moody 2019s , respectively .', 'contractual obligations for future payments under existing debt and lease commitments and purchase obligations at december 31 , 2013 , were as follows: .']
Table:
in millions 2014 2015 2016 2017 2018 thereafter
maturities of long-term debt ( a ) $ 661 $ 498 $ 571 $ 285 $ 1837 $ 5636
debt obligations with right of offset ( b ) 2014 2014 5185 2014 2014 2014
lease obligations 171 133 97 74 59 162
purchase obligations ( c ) 3170 770 642 529 453 2404
total ( d ) $ 4002 $ 1401 $ 6495 $ 888 $ 2349 $ 8202
Follow-up: ['( a ) total debt includes scheduled principal payments only .', '( b ) represents debt obligations borrowed from non-consolidated variable interest entities for which international paper has , and intends to effect , a legal right to offset these obligations with investments held in the entities .', 'accordingly , in its consolidated balance sheet at december 31 , 2013 , international paper has offset approximately $ 5.2 billion of interests in the entities against this $ 5.2 billion of debt obligations held by the entities ( see note 12 variable interest entities and preferred securities of subsidiaries on pages 72 through 75 in item 8 .', 'financial statements and supplementary data ) .', '( c ) includes $ 3.3 billion relating to fiber supply agreements entered into at the time of the 2006 transformation plan forestland sales and in conjunction with the 2008 acquisition of weyerhaeuser company 2019s containerboard , packaging and recycling business .', '( d ) not included in the above table due to the uncertainty as to the amount and timing of the payment are unrecognized tax benefits of approximately $ 146 million .', 'we consider the undistributed earnings of our foreign subsidiaries as of december 31 , 2013 , to be indefinitely reinvested and , accordingly , no u.s .', 'income taxes have been provided thereon .', 'as of december 31 , 2013 , the amount of cash associated with indefinitely reinvested foreign earnings was approximately $ 900 million .', 'we do not anticipate the need to repatriate funds to the united states to satisfy domestic liquidity needs arising in the ordinary course of business , including liquidity needs associated with our domestic debt service requirements .', 'pension obligations and funding at december 31 , 2013 , the projected benefit obligation for the company 2019s u.s .', 'defined benefit plans determined under u.s .', 'gaap was approximately $ 2.2 billion higher than the fair value of plan assets .', 'approximately $ 1.8 billion of this amount relates to plans that are subject to minimum funding requirements .', 'under current irs funding rules , the calculation of minimum funding requirements differs from the calculation of the present value of plan benefits ( the projected benefit obligation ) for accounting purposes .', 'in december 2008 , the worker , retiree and employer recovery act of 2008 ( wera ) was passed by the u.s .', 'congress which provided for pension funding relief and technical corrections .', 'funding .'] | 0.16517 | IP/2013/page_70.pdf-1 | ['average cost of debt from 7.1% ( 7.1 % ) to an effective rate of 6.9% ( 6.9 % ) .', 'the inclusion of the offsetting interest income from short-term investments reduced this effective rate to 6.26% ( 6.26 % ) .', 'other financing activities during 2011 included the issuance of approximately 0.3 million shares of treasury stock for various incentive plans and the acquisition of 1.0 million shares of treasury stock primarily related to restricted stock withholding taxes .', 'payments of restricted stock withholding taxes totaled $ 30 million .', 'off-balance sheet variable interest entities information concerning off-balance sheet variable interest entities is set forth in note 12 variable interest entities and preferred securities of subsidiaries on pages 72 through 75 of item 8 .', 'financial statements and supplementary data for discussion .', 'liquidity and capital resources outlook for 2014 capital expenditures and long-term debt international paper expects to be able to meet projected capital expenditures , service existing debt and meet working capital and dividend requirements during 2014 through current cash balances and cash from operations .', 'additionally , the company has existing credit facilities totaling $ 2.0 billion .', 'the company was in compliance with all its debt covenants at december 31 , 2013 .', 'the company 2019s financial covenants require the maintenance of a minimum net worth of $ 9 billion and a total debt-to- capital ratio of less than 60% ( 60 % ) .', 'net worth is defined as the sum of common stock , paid-in capital and retained earnings , less treasury stock plus any cumulative goodwill impairment charges .', 'the calculation also excludes accumulated other comprehensive income/ loss and nonrecourse financial liabilities of special purpose entities .', 'the total debt-to-capital ratio is defined as total debt divided by the sum of total debt plus net worth .', 'at december 31 , 2013 , international paper 2019s net worth was $ 15.1 billion , and the total-debt- to-capital ratio was 39% ( 39 % ) .', 'the company will continue to rely upon debt and capital markets for the majority of any necessary long-term funding not provided by operating cash flows .', 'funding decisions will be guided by our capital structure planning objectives .', 'the primary goals of the company 2019s capital structure planning are to maximize financial flexibility and preserve liquidity while reducing interest expense .', 'the majority of international paper 2019s debt is accessed through global public capital markets where we have a wide base of investors .', 'maintaining an investment grade credit rating is an important element of international paper 2019s financing strategy .', 'at december 31 , 2013 , the company held long-term credit ratings of bbb ( stable outlook ) and baa3 ( stable outlook ) by s&p and moody 2019s , respectively .', 'contractual obligations for future payments under existing debt and lease commitments and purchase obligations at december 31 , 2013 , were as follows: .'] | ['( a ) total debt includes scheduled principal payments only .', '( b ) represents debt obligations borrowed from non-consolidated variable interest entities for which international paper has , and intends to effect , a legal right to offset these obligations with investments held in the entities .', 'accordingly , in its consolidated balance sheet at december 31 , 2013 , international paper has offset approximately $ 5.2 billion of interests in the entities against this $ 5.2 billion of debt obligations held by the entities ( see note 12 variable interest entities and preferred securities of subsidiaries on pages 72 through 75 in item 8 .', 'financial statements and supplementary data ) .', '( c ) includes $ 3.3 billion relating to fiber supply agreements entered into at the time of the 2006 transformation plan forestland sales and in conjunction with the 2008 acquisition of weyerhaeuser company 2019s containerboard , packaging and recycling business .', '( d ) not included in the above table due to the uncertainty as to the amount and timing of the payment are unrecognized tax benefits of approximately $ 146 million .', 'we consider the undistributed earnings of our foreign subsidiaries as of december 31 , 2013 , to be indefinitely reinvested and , accordingly , no u.s .', 'income taxes have been provided thereon .', 'as of december 31 , 2013 , the amount of cash associated with indefinitely reinvested foreign earnings was approximately $ 900 million .', 'we do not anticipate the need to repatriate funds to the united states to satisfy domestic liquidity needs arising in the ordinary course of business , including liquidity needs associated with our domestic debt service requirements .', 'pension obligations and funding at december 31 , 2013 , the projected benefit obligation for the company 2019s u.s .', 'defined benefit plans determined under u.s .', 'gaap was approximately $ 2.2 billion higher than the fair value of plan assets .', 'approximately $ 1.8 billion of this amount relates to plans that are subject to minimum funding requirements .', 'under current irs funding rules , the calculation of minimum funding requirements differs from the calculation of the present value of plan benefits ( the projected benefit obligation ) for accounting purposes .', 'in december 2008 , the worker , retiree and employer recovery act of 2008 ( wera ) was passed by the u.s .', 'congress which provided for pension funding relief and technical corrections .', 'funding .'] | in millions 2014 2015 2016 2017 2018 thereafter
maturities of long-term debt ( a ) $ 661 $ 498 $ 571 $ 285 $ 1837 $ 5636
debt obligations with right of offset ( b ) 2014 2014 5185 2014 2014 2014
lease obligations 171 133 97 74 59 162
purchase obligations ( c ) 3170 770 642 529 453 2404
total ( d ) $ 4002 $ 1401 $ 6495 $ 888 $ 2349 $ 8202 | divide(661, 4002) | 0.16517 |
in 2009 what was the ratio of the credit cards assets to liabilities | Background: ['note 10 loan sales and securitizations loan sales we sell residential and commercial mortgage loans in loan securitization transactions sponsored by government national mortgage association ( gnma ) , fnma , and fhlmc and in certain instances to other third-party investors .', 'gnma , fnma , and the fhlmc securitize our transferred loans into mortgage-backed securities for sale into the secondary market .', 'generally , we do not retain any interest in the transferred loans other than mortgage servicing rights .', 'refer to note 9 goodwill and other intangible assets for further discussion on our residential and commercial mortgage servicing rights assets .', 'during 2009 , residential and commercial mortgage loans sold totaled $ 19.8 billion and $ 5.7 billion , respectively .', 'during 2008 , commercial mortgage loans sold totaled $ 3.1 billion .', 'there were no residential mortgage loans sales in 2008 as these activities were obtained through our acquisition of national city .', 'our continuing involvement in these loan sales consists primarily of servicing and limited repurchase obligations for loan and servicer breaches in representations and warranties .', 'generally , we hold a cleanup call repurchase option for loans sold with servicing retained to the other third-party investors .', 'in certain circumstances as servicer , we advance principal and interest payments to the gses and other third-party investors and also may make collateral protection advances .', 'our risk of loss in these servicing advances has historically been minimal .', 'we maintain a liability for estimated losses on loans expected to be repurchased as a result of breaches in loan and servicer representations and warranties .', 'we have also entered into recourse arrangements associated with commercial mortgage loans sold to fnma and fhlmc .', 'refer to note 25 commitments and guarantees for further discussion on our repurchase liability and recourse arrangements .', 'our maximum exposure to loss in our loan sale activities is limited to these repurchase and recourse obligations .', 'in addition , for certain loans transferred in the gnma and fnma transactions , we hold an option to repurchase individual delinquent loans that meet certain criteria .', 'without prior authorization from these gses , this option gives pnc the ability to repurchase the delinquent loan at par .', 'under gaap , once we have the unilateral ability to repurchase the delinquent loan , effective control over the loan has been regained and we are required to recognize the loan and a corresponding repurchase liability on the balance sheet regardless of our intent to repurchase the loan .', 'at december 31 , 2009 and december 31 , 2008 , the balance of our repurchase option asset and liability totaled $ 577 million and $ 476 million , respectively .', 'securitizations in securitizations , loans are typically transferred to a qualifying special purpose entity ( qspe ) that is demonstrably distinct from the transferor to transfer the risk from our consolidated balance sheet .', 'a qspe is a bankruptcy-remote trust allowed to perform only certain passive activities .', 'in addition , these entities are self-liquidating and in certain instances are structured as real estate mortgage investment conduits ( remics ) for tax purposes .', 'the qspes are generally financed by issuing certificates for various levels of senior and subordinated tranches .', 'qspes are exempt from consolidation provided certain conditions are met .', 'our securitization activities were primarily obtained through our acquisition of national city .', 'credit card receivables , automobile , and residential mortgage loans were securitized through qspes sponsored by ncb .', 'these qspes were financed primarily through the issuance and sale of beneficial interests to independent third parties and were not consolidated on our balance sheet at december 31 , 2009 or december 31 , 2008 .', 'however , see note 1 accounting policies regarding accounting guidance that impacts the accounting for these qspes effective january 1 , 2010 .', 'qualitative and quantitative information about the securitization qspes and our retained interests in these transactions follow .', 'the following summarizes the assets and liabilities of the securitization qspes associated with securitization transactions that were outstanding at december 31 , 2009. .']
Tabular Data:
in millions | december 31 2009 credit card | december 31 2009 mortgage | december 31 2009 credit card | mortgage
----------|----------|----------|----------|----------
assets ( a ) | $ 2368 | $ 232 | $ 2129 | $ 319
liabilities | 1622 | 232 | 1824 | 319
Additional Information: ['( a ) represents period-end outstanding principal balances of loans transferred to the securitization qspes .', 'credit card loans at december 31 , 2009 , the credit card securitization series 2005-1 , 2006-1 , 2007-1 , and 2008-3 were outstanding .', 'during the fourth quarter of 2009 , the 2008-1 and 2008-2 credit card securitization series matured .', 'our continuing involvement in the securitized credit card receivables consists primarily of servicing and our holding of certain retained interests .', 'servicing fees earned approximate current market rates for servicing fees ; therefore , no servicing asset or liability is recognized .', 'we hold a clean-up call repurchase option to the extent a securitization series extends past its scheduled note principal payoff date .', 'to the extent this occurs , the clean-up call option is triggered when the principal balance of the asset- backed notes of any series reaches 5% ( 5 % ) of the initial principal balance of the asset-backed notes issued at the securitization .'] | 1.45993 | PNC/2009/page_133.pdf-2 | ['note 10 loan sales and securitizations loan sales we sell residential and commercial mortgage loans in loan securitization transactions sponsored by government national mortgage association ( gnma ) , fnma , and fhlmc and in certain instances to other third-party investors .', 'gnma , fnma , and the fhlmc securitize our transferred loans into mortgage-backed securities for sale into the secondary market .', 'generally , we do not retain any interest in the transferred loans other than mortgage servicing rights .', 'refer to note 9 goodwill and other intangible assets for further discussion on our residential and commercial mortgage servicing rights assets .', 'during 2009 , residential and commercial mortgage loans sold totaled $ 19.8 billion and $ 5.7 billion , respectively .', 'during 2008 , commercial mortgage loans sold totaled $ 3.1 billion .', 'there were no residential mortgage loans sales in 2008 as these activities were obtained through our acquisition of national city .', 'our continuing involvement in these loan sales consists primarily of servicing and limited repurchase obligations for loan and servicer breaches in representations and warranties .', 'generally , we hold a cleanup call repurchase option for loans sold with servicing retained to the other third-party investors .', 'in certain circumstances as servicer , we advance principal and interest payments to the gses and other third-party investors and also may make collateral protection advances .', 'our risk of loss in these servicing advances has historically been minimal .', 'we maintain a liability for estimated losses on loans expected to be repurchased as a result of breaches in loan and servicer representations and warranties .', 'we have also entered into recourse arrangements associated with commercial mortgage loans sold to fnma and fhlmc .', 'refer to note 25 commitments and guarantees for further discussion on our repurchase liability and recourse arrangements .', 'our maximum exposure to loss in our loan sale activities is limited to these repurchase and recourse obligations .', 'in addition , for certain loans transferred in the gnma and fnma transactions , we hold an option to repurchase individual delinquent loans that meet certain criteria .', 'without prior authorization from these gses , this option gives pnc the ability to repurchase the delinquent loan at par .', 'under gaap , once we have the unilateral ability to repurchase the delinquent loan , effective control over the loan has been regained and we are required to recognize the loan and a corresponding repurchase liability on the balance sheet regardless of our intent to repurchase the loan .', 'at december 31 , 2009 and december 31 , 2008 , the balance of our repurchase option asset and liability totaled $ 577 million and $ 476 million , respectively .', 'securitizations in securitizations , loans are typically transferred to a qualifying special purpose entity ( qspe ) that is demonstrably distinct from the transferor to transfer the risk from our consolidated balance sheet .', 'a qspe is a bankruptcy-remote trust allowed to perform only certain passive activities .', 'in addition , these entities are self-liquidating and in certain instances are structured as real estate mortgage investment conduits ( remics ) for tax purposes .', 'the qspes are generally financed by issuing certificates for various levels of senior and subordinated tranches .', 'qspes are exempt from consolidation provided certain conditions are met .', 'our securitization activities were primarily obtained through our acquisition of national city .', 'credit card receivables , automobile , and residential mortgage loans were securitized through qspes sponsored by ncb .', 'these qspes were financed primarily through the issuance and sale of beneficial interests to independent third parties and were not consolidated on our balance sheet at december 31 , 2009 or december 31 , 2008 .', 'however , see note 1 accounting policies regarding accounting guidance that impacts the accounting for these qspes effective january 1 , 2010 .', 'qualitative and quantitative information about the securitization qspes and our retained interests in these transactions follow .', 'the following summarizes the assets and liabilities of the securitization qspes associated with securitization transactions that were outstanding at december 31 , 2009. .'] | ['( a ) represents period-end outstanding principal balances of loans transferred to the securitization qspes .', 'credit card loans at december 31 , 2009 , the credit card securitization series 2005-1 , 2006-1 , 2007-1 , and 2008-3 were outstanding .', 'during the fourth quarter of 2009 , the 2008-1 and 2008-2 credit card securitization series matured .', 'our continuing involvement in the securitized credit card receivables consists primarily of servicing and our holding of certain retained interests .', 'servicing fees earned approximate current market rates for servicing fees ; therefore , no servicing asset or liability is recognized .', 'we hold a clean-up call repurchase option to the extent a securitization series extends past its scheduled note principal payoff date .', 'to the extent this occurs , the clean-up call option is triggered when the principal balance of the asset- backed notes of any series reaches 5% ( 5 % ) of the initial principal balance of the asset-backed notes issued at the securitization .'] | in millions | december 31 2009 credit card | december 31 2009 mortgage | december 31 2009 credit card | mortgage
----------|----------|----------|----------|----------
assets ( a ) | $ 2368 | $ 232 | $ 2129 | $ 319
liabilities | 1622 | 232 | 1824 | 319 | divide(2368, 1622) | 1.45993 |
what percentage did the allowance for doubtful accounts receivables increase from the beginning of 2015 to the end of 2016? | Pre-text: ['advance auto parts , inc .', 'schedule ii - valuation and qualifying accounts ( in thousands ) allowance for doubtful accounts receivable : balance at beginning of period charges to expenses deductions balance at end of period january 3 , 2015 $ 13295 $ 17182 $ ( 14325 ) ( 1 ) $ 16152 january 2 , 2016 16152 22067 ( 12461 ) ( 1 ) 25758 december 31 , 2016 25758 24597 ( 21191 ) ( 1 ) 29164 ( 1 ) accounts written off during the period .', 'these amounts did not impact the company 2019s statement of operations for any year presented .', 'note : other valuation and qualifying accounts have not been reported in this schedule because they are either not applicable or because the information has been included elsewhere in this report. .']
Tabular Data:
----------------------------------------
allowance for doubtful accounts receivable:, balance atbeginningof period, charges toexpenses, deductions, , balance atend ofperiod
january 3 2015, $ 13295, $ 17182, $ -14325 ( 14325 ), -1 ( 1 ), $ 16152
january 2 2016, 16152, 22067, -12461 ( 12461 ), -1 ( 1 ), 25758
december 31 2016, 25758, 24597, -21191 ( 21191 ), -1 ( 1 ), 29164
----------------------------------------
Follow-up: ['advance auto parts , inc .', 'schedule ii - valuation and qualifying accounts ( in thousands ) allowance for doubtful accounts receivable : balance at beginning of period charges to expenses deductions balance at end of period january 3 , 2015 $ 13295 $ 17182 $ ( 14325 ) ( 1 ) $ 16152 january 2 , 2016 16152 22067 ( 12461 ) ( 1 ) 25758 december 31 , 2016 25758 24597 ( 21191 ) ( 1 ) 29164 ( 1 ) accounts written off during the period .', 'these amounts did not impact the company 2019s statement of operations for any year presented .', 'note : other valuation and qualifying accounts have not been reported in this schedule because they are either not applicable or because the information has been included elsewhere in this report. .'] | 1.19361 | AAP/2016/page_96.pdf-3 | ['advance auto parts , inc .', 'schedule ii - valuation and qualifying accounts ( in thousands ) allowance for doubtful accounts receivable : balance at beginning of period charges to expenses deductions balance at end of period january 3 , 2015 $ 13295 $ 17182 $ ( 14325 ) ( 1 ) $ 16152 january 2 , 2016 16152 22067 ( 12461 ) ( 1 ) 25758 december 31 , 2016 25758 24597 ( 21191 ) ( 1 ) 29164 ( 1 ) accounts written off during the period .', 'these amounts did not impact the company 2019s statement of operations for any year presented .', 'note : other valuation and qualifying accounts have not been reported in this schedule because they are either not applicable or because the information has been included elsewhere in this report. .'] | ['advance auto parts , inc .', 'schedule ii - valuation and qualifying accounts ( in thousands ) allowance for doubtful accounts receivable : balance at beginning of period charges to expenses deductions balance at end of period january 3 , 2015 $ 13295 $ 17182 $ ( 14325 ) ( 1 ) $ 16152 january 2 , 2016 16152 22067 ( 12461 ) ( 1 ) 25758 december 31 , 2016 25758 24597 ( 21191 ) ( 1 ) 29164 ( 1 ) accounts written off during the period .', 'these amounts did not impact the company 2019s statement of operations for any year presented .', 'note : other valuation and qualifying accounts have not been reported in this schedule because they are either not applicable or because the information has been included elsewhere in this report. .'] | ----------------------------------------
allowance for doubtful accounts receivable:, balance atbeginningof period, charges toexpenses, deductions, , balance atend ofperiod
january 3 2015, $ 13295, $ 17182, $ -14325 ( 14325 ), -1 ( 1 ), $ 16152
january 2 2016, 16152, 22067, -12461 ( 12461 ), -1 ( 1 ), 25758
december 31 2016, 25758, 24597, -21191 ( 21191 ), -1 ( 1 ), 29164
---------------------------------------- | subtract(29164, 13295), divide(#0, 13295) | 1.19361 |
what is the growth rate of the net earnings attributable to pmi? | Pre-text: ['the fair value of the psu award at the date of grant is amortized to expense over the performance period , which is typically three years after the date of the award , or upon death , disability or reaching the age of 58 .', 'as of december 31 , 2017 , pmi had $ 34 million of total unrecognized compensation cost related to non-vested psu awards .', 'this cost is recognized over a weighted-average performance cycle period of two years , or upon death , disability or reaching the age of 58 .', 'during the years ended december 31 , 2017 , and 2016 , there were no psu awards that vested .', 'pmi did not grant any psu awards during note 10 .', 'earnings per share : unvested share-based payment awards that contain non-forfeitable rights to dividends or dividend equivalents are participating securities and therefore are included in pmi 2019s earnings per share calculation pursuant to the two-class method .', 'basic and diluted earnings per share ( 201ceps 201d ) were calculated using the following: .']
##########
Tabular Data:
****************************************
( in millions ) | for the years ended december 31 , 2017 | for the years ended december 31 , 2016 | for the years ended december 31 , 2015
----------|----------|----------|----------
net earnings attributable to pmi | $ 6035 | $ 6967 | $ 6873
less distributed and undistributed earnings attributable to share-based payment awards | 14 | 19 | 24
net earnings for basic and diluted eps | $ 6021 | $ 6948 | $ 6849
weighted-average shares for basic eps | 1552 | 1551 | 1549
plus contingently issuable performance stock units ( psus ) | 1 | 2014 | 2014
weighted-average shares for diluted eps | 1553 | 1551 | 1549
****************************************
##########
Follow-up: ['for the 2017 , 2016 and 2015 computations , there were no antidilutive stock options. .'] | -0.13377 | PM/2017/page_99.pdf-1 | ['the fair value of the psu award at the date of grant is amortized to expense over the performance period , which is typically three years after the date of the award , or upon death , disability or reaching the age of 58 .', 'as of december 31 , 2017 , pmi had $ 34 million of total unrecognized compensation cost related to non-vested psu awards .', 'this cost is recognized over a weighted-average performance cycle period of two years , or upon death , disability or reaching the age of 58 .', 'during the years ended december 31 , 2017 , and 2016 , there were no psu awards that vested .', 'pmi did not grant any psu awards during note 10 .', 'earnings per share : unvested share-based payment awards that contain non-forfeitable rights to dividends or dividend equivalents are participating securities and therefore are included in pmi 2019s earnings per share calculation pursuant to the two-class method .', 'basic and diluted earnings per share ( 201ceps 201d ) were calculated using the following: .'] | ['for the 2017 , 2016 and 2015 computations , there were no antidilutive stock options. .'] | ****************************************
( in millions ) | for the years ended december 31 , 2017 | for the years ended december 31 , 2016 | for the years ended december 31 , 2015
----------|----------|----------|----------
net earnings attributable to pmi | $ 6035 | $ 6967 | $ 6873
less distributed and undistributed earnings attributable to share-based payment awards | 14 | 19 | 24
net earnings for basic and diluted eps | $ 6021 | $ 6948 | $ 6849
weighted-average shares for basic eps | 1552 | 1551 | 1549
plus contingently issuable performance stock units ( psus ) | 1 | 2014 | 2014
weighted-average shares for diluted eps | 1553 | 1551 | 1549
**************************************** | subtract(6035, 6967), divide(#0, 6967) | -0.13377 |
what is the percent change in relative percentages of operating companies income ( loss ) attributable to smokeable products from 2015 to 2016? | Pre-text: ['10-k altria ar release tuesday , february 27 , 2018 10:00pm andra design llc the relative percentages of operating companies income ( loss ) attributable to each reportable segment and the all other category were as follows: .']
Table:
----------------------------------------
| 2017 | 2016 | 2015
smokeable products | 85.8% ( 85.8 % ) | 86.2% ( 86.2 % ) | 87.4% ( 87.4 % )
smokeless products | 13.2 | 13.1 | 12.8
wine | 1.5 | 1.8 | 1.8
all other | -0.5 ( 0.5 ) | -1.1 ( 1.1 ) | -2.0 ( 2.0 )
total | 100.0% ( 100.0 % ) | 100.0% ( 100.0 % ) | 100.0% ( 100.0 % )
----------------------------------------
Additional Information: ['for items affecting the comparability of the relative percentages of operating companies income ( loss ) attributable to each reportable segment , see note 15 .', 'narrative description of business portions of the information called for by this item are included in operating results by business segment in item 7 .', 'management 2019s discussion and analysis of financial condition and results of operations of this annual report on form 10-k ( 201citem 7 201d ) .', 'tobacco space altria group , inc . 2019s tobacco operating companies include pm usa , usstc and other subsidiaries of ust , middleton , nu mark and nat sherman .', 'altria group distribution company provides sales and distribution services to altria group , inc . 2019s tobacco operating companies .', 'the products of altria group , inc . 2019s tobacco subsidiaries include smokeable tobacco products , consisting of cigarettes manufactured and sold by pm usa and nat sherman , machine- made large cigars and pipe tobacco manufactured and sold by middleton and premium cigars sold by nat sherman ; smokeless tobacco products manufactured and sold by usstc ; and innovative tobacco products , including e-vapor products manufactured and sold by nu mark .', 'cigarettes : pm usa is the largest cigarette company in the united states .', 'marlboro , the principal cigarette brand of pm usa , has been the largest-selling cigarette brand in the united states for over 40 years .', 'nat sherman sells substantially all of its super premium cigarettes in the united states .', 'total smokeable products segment 2019s cigarettes shipment volume in the united states was 116.6 billion units in 2017 , a decrease of 5.1% ( 5.1 % ) from cigars : middleton is engaged in the manufacture and sale of machine-made large cigars and pipe tobacco .', 'middleton contracts with a third-party importer to supply a majority of its cigars and sells substantially all of its cigars to customers in the united states .', 'black & mild is the principal cigar brand of middleton .', 'nat sherman sources all of its cigars from third-party suppliers and sells substantially all of its cigars to customers in the united states .', 'total smokeable products segment 2019s cigars shipment volume was approximately 1.5 billion units in 2017 , an increase of 9.9% ( 9.9 % ) from 2016 .', 'smokeless tobacco products : usstc is the leading producer and marketer of moist smokeless tobacco ( 201cmst 201d ) products .', 'the smokeless products segment includes the premium brands , copenhagen and skoal , and value brands , red seal and husky .', 'substantially all of the smokeless tobacco products are manufactured and sold to customers in the united states .', 'total smokeless products segment 2019s shipment volume was 841.3 million units in 2017 , a decrease of 1.4% ( 1.4 % ) from 2016 .', 'innovative tobacco products : nu mark participates in the e-vapor category and has developed and commercialized other innovative tobacco products .', 'in addition , nu mark sources the production of its e-vapor products through overseas contract manufacturing arrangements .', 'in 2013 , nu mark introduced markten e-vapor products .', 'in april 2014 , nu mark acquired the e-vapor business of green smoke , inc .', 'and its affiliates ( 201cgreen smoke 201d ) , which began selling e-vapor products in 2009 .', 'in 2017 , altria group , inc . 2019s subsidiaries purchased certain intellectual property related to innovative tobacco products .', 'in december 2013 , altria group , inc . 2019s subsidiaries entered into a series of agreements with philip morris international inc .', '( 201cpmi 201d ) pursuant to which altria group , inc . 2019s subsidiaries provide an exclusive license to pmi to sell nu mark 2019s e-vapor products outside the united states , and pmi 2019s subsidiaries provide an exclusive license to altria group , inc . 2019s subsidiaries to sell two of pmi 2019s heated tobacco product platforms in the united states .', 'further , in july 2015 , altria group , inc .', 'announced the expansion of its strategic framework with pmi to include a joint research , development and technology-sharing agreement .', 'under this agreement , altria group , inc . 2019s subsidiaries and pmi will collaborate to develop e-vapor products for commercialization in the united states by altria group , inc . 2019s subsidiaries and in markets outside the united states by pmi .', 'this agreement also provides for exclusive technology cross licenses , technical information sharing and cooperation on scientific assessment , regulatory engagement and approval related to e-vapor products .', 'in the fourth quarter of 2016 , pmi submitted a modified risk tobacco product ( 201cmrtp 201d ) application for an electronically heated tobacco product with the united states food and drug administration 2019s ( 201cfda 201d ) center for tobacco products and filed its corresponding pre-market tobacco product application in the first quarter of 2017 .', 'upon regulatory authorization by the fda , altria group , inc . 2019s subsidiaries will have an exclusive license to sell this heated tobacco product in the united states .', 'distribution , competition and raw materials : altria group , inc . 2019s tobacco subsidiaries sell their tobacco products principally to wholesalers ( including distributors ) , large retail organizations , including chain stores , and the armed services .', 'the market for tobacco products is highly competitive , characterized by brand recognition and loyalty , with product quality , taste , price , product innovation , marketing , packaging and distribution constituting the significant methods of competition .', 'promotional activities include , in certain instances and where permitted by law , allowances , the distribution of incentive items , price promotions , product promotions , coupons and other discounts. .'] | 0.012 | MO/2017/page_10.pdf-1 | ['10-k altria ar release tuesday , february 27 , 2018 10:00pm andra design llc the relative percentages of operating companies income ( loss ) attributable to each reportable segment and the all other category were as follows: .'] | ['for items affecting the comparability of the relative percentages of operating companies income ( loss ) attributable to each reportable segment , see note 15 .', 'narrative description of business portions of the information called for by this item are included in operating results by business segment in item 7 .', 'management 2019s discussion and analysis of financial condition and results of operations of this annual report on form 10-k ( 201citem 7 201d ) .', 'tobacco space altria group , inc . 2019s tobacco operating companies include pm usa , usstc and other subsidiaries of ust , middleton , nu mark and nat sherman .', 'altria group distribution company provides sales and distribution services to altria group , inc . 2019s tobacco operating companies .', 'the products of altria group , inc . 2019s tobacco subsidiaries include smokeable tobacco products , consisting of cigarettes manufactured and sold by pm usa and nat sherman , machine- made large cigars and pipe tobacco manufactured and sold by middleton and premium cigars sold by nat sherman ; smokeless tobacco products manufactured and sold by usstc ; and innovative tobacco products , including e-vapor products manufactured and sold by nu mark .', 'cigarettes : pm usa is the largest cigarette company in the united states .', 'marlboro , the principal cigarette brand of pm usa , has been the largest-selling cigarette brand in the united states for over 40 years .', 'nat sherman sells substantially all of its super premium cigarettes in the united states .', 'total smokeable products segment 2019s cigarettes shipment volume in the united states was 116.6 billion units in 2017 , a decrease of 5.1% ( 5.1 % ) from cigars : middleton is engaged in the manufacture and sale of machine-made large cigars and pipe tobacco .', 'middleton contracts with a third-party importer to supply a majority of its cigars and sells substantially all of its cigars to customers in the united states .', 'black & mild is the principal cigar brand of middleton .', 'nat sherman sources all of its cigars from third-party suppliers and sells substantially all of its cigars to customers in the united states .', 'total smokeable products segment 2019s cigars shipment volume was approximately 1.5 billion units in 2017 , an increase of 9.9% ( 9.9 % ) from 2016 .', 'smokeless tobacco products : usstc is the leading producer and marketer of moist smokeless tobacco ( 201cmst 201d ) products .', 'the smokeless products segment includes the premium brands , copenhagen and skoal , and value brands , red seal and husky .', 'substantially all of the smokeless tobacco products are manufactured and sold to customers in the united states .', 'total smokeless products segment 2019s shipment volume was 841.3 million units in 2017 , a decrease of 1.4% ( 1.4 % ) from 2016 .', 'innovative tobacco products : nu mark participates in the e-vapor category and has developed and commercialized other innovative tobacco products .', 'in addition , nu mark sources the production of its e-vapor products through overseas contract manufacturing arrangements .', 'in 2013 , nu mark introduced markten e-vapor products .', 'in april 2014 , nu mark acquired the e-vapor business of green smoke , inc .', 'and its affiliates ( 201cgreen smoke 201d ) , which began selling e-vapor products in 2009 .', 'in 2017 , altria group , inc . 2019s subsidiaries purchased certain intellectual property related to innovative tobacco products .', 'in december 2013 , altria group , inc . 2019s subsidiaries entered into a series of agreements with philip morris international inc .', '( 201cpmi 201d ) pursuant to which altria group , inc . 2019s subsidiaries provide an exclusive license to pmi to sell nu mark 2019s e-vapor products outside the united states , and pmi 2019s subsidiaries provide an exclusive license to altria group , inc . 2019s subsidiaries to sell two of pmi 2019s heated tobacco product platforms in the united states .', 'further , in july 2015 , altria group , inc .', 'announced the expansion of its strategic framework with pmi to include a joint research , development and technology-sharing agreement .', 'under this agreement , altria group , inc . 2019s subsidiaries and pmi will collaborate to develop e-vapor products for commercialization in the united states by altria group , inc . 2019s subsidiaries and in markets outside the united states by pmi .', 'this agreement also provides for exclusive technology cross licenses , technical information sharing and cooperation on scientific assessment , regulatory engagement and approval related to e-vapor products .', 'in the fourth quarter of 2016 , pmi submitted a modified risk tobacco product ( 201cmrtp 201d ) application for an electronically heated tobacco product with the united states food and drug administration 2019s ( 201cfda 201d ) center for tobacco products and filed its corresponding pre-market tobacco product application in the first quarter of 2017 .', 'upon regulatory authorization by the fda , altria group , inc . 2019s subsidiaries will have an exclusive license to sell this heated tobacco product in the united states .', 'distribution , competition and raw materials : altria group , inc . 2019s tobacco subsidiaries sell their tobacco products principally to wholesalers ( including distributors ) , large retail organizations , including chain stores , and the armed services .', 'the market for tobacco products is highly competitive , characterized by brand recognition and loyalty , with product quality , taste , price , product innovation , marketing , packaging and distribution constituting the significant methods of competition .', 'promotional activities include , in certain instances and where permitted by law , allowances , the distribution of incentive items , price promotions , product promotions , coupons and other discounts. .'] | ----------------------------------------
| 2017 | 2016 | 2015
smokeable products | 85.8% ( 85.8 % ) | 86.2% ( 86.2 % ) | 87.4% ( 87.4 % )
smokeless products | 13.2 | 13.1 | 12.8
wine | 1.5 | 1.8 | 1.8
all other | -0.5 ( 0.5 ) | -1.1 ( 1.1 ) | -2.0 ( 2.0 )
total | 100.0% ( 100.0 % ) | 100.0% ( 100.0 % ) | 100.0% ( 100.0 % )
---------------------------------------- | subtract(87.4%, 86.2%) | 0.012 |
what was the ratio of the total amount of expected loss notes out- standing at december 31 , 2008 compared to 2007 | Background: ['notes to consolidated financial statements 192 jpmorgan chase & co .', '/ 2008 annual report consolidation analysis the multi-seller conduits administered by the firm were not consoli- dated at december 31 , 2008 and 2007 , because each conduit had issued expected loss notes ( 201celns 201d ) , the holders of which are com- mitted to absorbing the majority of the expected loss of each respective conduit .', 'implied support the firm did not have and continues not to have any intent to pro- tect any eln holders from potential losses on any of the conduits 2019 holdings and has no plans to remove any assets from any conduit unless required to do so in its role as administrator .', 'should such a transfer occur , the firm would allocate losses on such assets between itself and the eln holders in accordance with the terms of the applicable eln .', 'expected loss modeling in determining the primary beneficiary of the conduits the firm uses a monte carlo 2013based model to estimate the expected losses of each of the conduits and considers the relative rights and obliga- tions of each of the variable interest holders .', 'the firm 2019s expected loss modeling treats all variable interests , other than the elns , as its own to determine consolidation .', 'the variability to be considered in the modeling of expected losses is based on the design of the enti- ty .', 'the firm 2019s traditional multi-seller conduits are designed to pass credit risk , not liquidity risk , to its variable interest holders , as the assets are intended to be held in the conduit for the longer term .', 'under fin 46 ( r ) , the firm is required to run the monte carlo-based expected loss model each time a reconsideration event occurs .', 'in applying this guidance to the conduits , the following events , are considered to be reconsideration events , as they could affect the determination of the primary beneficiary of the conduits : 2022 new deals , including the issuance of new or additional variable interests ( credit support , liquidity facilities , etc ) ; 2022 changes in usage , including the change in the level of outstand- ing variable interests ( credit support , liquidity facilities , etc ) ; 2022 modifications of asset purchase agreements ; and 2022 sales of interests held by the primary beneficiary .', 'from an operational perspective , the firm does not run its monte carlo-based expected loss model every time there is a reconsideration event due to the frequency of their occurrence .', 'instead , the firm runs its expected loss model each quarter and includes a growth assump- tion for each conduit to ensure that a sufficient amount of elns exists for each conduit at any point during the quarter .', 'as part of its normal quarterly modeling , the firm updates , when applicable , the inputs and assumptions used in the expected loss model .', 'specifically , risk ratings and loss given default assumptions are continually updated .', 'the total amount of expected loss notes out- standing at december 31 , 2008 and 2007 , were $ 136 million and $ 130 million , respectively .', 'management has concluded that the model assumptions used were reflective of market participants 2019 assumptions and appropriately considered the probability of changes to risk ratings and loss given defaults .', 'qualitative considerations the multi-seller conduits are primarily designed to provide an effi- cient means for clients to access the commercial paper market .', 'the firm believes the conduits effectively disperse risk among all parties and that the preponderance of the economic risk in the firm 2019s multi- seller conduits is not held by jpmorgan chase .', 'consolidated sensitivity analysis on capital the table below shows the impact on the firm 2019s reported assets , lia- bilities , tier 1 capital ratio and tier 1 leverage ratio if the firm were required to consolidate all of the multi-seller conduits that it admin- isters at their current carrying value .', 'december 31 , 2008 ( in billions , except ratios ) reported pro forma ( a ) ( b ) .']
Tabular Data:
****************************************
Row 1: ( in billions except ratios ), reported, pro forma ( a ) ( b )
Row 2: assets, $ 2175.1, $ 2218.2
Row 3: liabilities, 2008.2, 2051.3
Row 4: tier 1 capital ratio, 10.9% ( 10.9 % ), 10.9% ( 10.9 % )
Row 5: tier 1 leverage ratio, 6.9, 6.8
****************************************
Additional Information: ['( a ) the table shows the impact of consolidating the assets and liabilities of the multi- seller conduits at their current carrying value ; as such , there would be no income statement or capital impact at the date of consolidation .', 'if the firm were required to consolidate the assets and liabilities of the conduits at fair value , the tier 1 capital ratio would be approximately 10.8% ( 10.8 % ) .', 'the fair value of the assets is primarily based upon pricing for comparable transactions .', 'the fair value of these assets could change significantly because the pricing of conduit transactions is renegotiated with the client , generally , on an annual basis and due to changes in current market conditions .', '( b ) consolidation is assumed to occur on the first day of the quarter , at the quarter-end levels , in order to provide a meaningful adjustment to average assets in the denomi- nator of the leverage ratio .', 'the firm could fund purchases of assets from vies should it become necessary .', '2007 activity in july 2007 , a reverse repurchase agreement collateralized by prime residential mortgages held by a firm-administered multi-seller conduit was put to jpmorgan chase under its deal-specific liquidity facility .', 'the asset was transferred to and recorded by jpmorgan chase at its par value based on the fair value of the collateral that supported the reverse repurchase agreement .', 'during the fourth quarter of 2007 , additional information regarding the value of the collateral , including performance statistics , resulted in the determi- nation by the firm that the fair value of the collateral was impaired .', 'impairment losses were allocated to the eln holder ( the party that absorbs the majority of the expected loss from the conduit ) in accor- dance with the contractual provisions of the eln note .', 'on october 29 , 2007 , certain structured cdo assets originated in the second quarter of 2007 and backed by subprime mortgages were transferred to the firm from two firm-administered multi-seller conduits .', 'it became clear in october that commercial paper investors and rating agencies were becoming increasingly concerned about cdo assets backed by subprime mortgage exposures .', 'because of these concerns , and to ensure the continuing viability of the two conduits as financing vehicles for clients and as investment alternatives for commercial paper investors , the firm , in its role as administrator , transferred the cdo assets out of the multi-seller con- duits .', 'the structured cdo assets were transferred to the firm at .'] | 1.04615 | JPM/2008/page_194.pdf-2 | ['notes to consolidated financial statements 192 jpmorgan chase & co .', '/ 2008 annual report consolidation analysis the multi-seller conduits administered by the firm were not consoli- dated at december 31 , 2008 and 2007 , because each conduit had issued expected loss notes ( 201celns 201d ) , the holders of which are com- mitted to absorbing the majority of the expected loss of each respective conduit .', 'implied support the firm did not have and continues not to have any intent to pro- tect any eln holders from potential losses on any of the conduits 2019 holdings and has no plans to remove any assets from any conduit unless required to do so in its role as administrator .', 'should such a transfer occur , the firm would allocate losses on such assets between itself and the eln holders in accordance with the terms of the applicable eln .', 'expected loss modeling in determining the primary beneficiary of the conduits the firm uses a monte carlo 2013based model to estimate the expected losses of each of the conduits and considers the relative rights and obliga- tions of each of the variable interest holders .', 'the firm 2019s expected loss modeling treats all variable interests , other than the elns , as its own to determine consolidation .', 'the variability to be considered in the modeling of expected losses is based on the design of the enti- ty .', 'the firm 2019s traditional multi-seller conduits are designed to pass credit risk , not liquidity risk , to its variable interest holders , as the assets are intended to be held in the conduit for the longer term .', 'under fin 46 ( r ) , the firm is required to run the monte carlo-based expected loss model each time a reconsideration event occurs .', 'in applying this guidance to the conduits , the following events , are considered to be reconsideration events , as they could affect the determination of the primary beneficiary of the conduits : 2022 new deals , including the issuance of new or additional variable interests ( credit support , liquidity facilities , etc ) ; 2022 changes in usage , including the change in the level of outstand- ing variable interests ( credit support , liquidity facilities , etc ) ; 2022 modifications of asset purchase agreements ; and 2022 sales of interests held by the primary beneficiary .', 'from an operational perspective , the firm does not run its monte carlo-based expected loss model every time there is a reconsideration event due to the frequency of their occurrence .', 'instead , the firm runs its expected loss model each quarter and includes a growth assump- tion for each conduit to ensure that a sufficient amount of elns exists for each conduit at any point during the quarter .', 'as part of its normal quarterly modeling , the firm updates , when applicable , the inputs and assumptions used in the expected loss model .', 'specifically , risk ratings and loss given default assumptions are continually updated .', 'the total amount of expected loss notes out- standing at december 31 , 2008 and 2007 , were $ 136 million and $ 130 million , respectively .', 'management has concluded that the model assumptions used were reflective of market participants 2019 assumptions and appropriately considered the probability of changes to risk ratings and loss given defaults .', 'qualitative considerations the multi-seller conduits are primarily designed to provide an effi- cient means for clients to access the commercial paper market .', 'the firm believes the conduits effectively disperse risk among all parties and that the preponderance of the economic risk in the firm 2019s multi- seller conduits is not held by jpmorgan chase .', 'consolidated sensitivity analysis on capital the table below shows the impact on the firm 2019s reported assets , lia- bilities , tier 1 capital ratio and tier 1 leverage ratio if the firm were required to consolidate all of the multi-seller conduits that it admin- isters at their current carrying value .', 'december 31 , 2008 ( in billions , except ratios ) reported pro forma ( a ) ( b ) .'] | ['( a ) the table shows the impact of consolidating the assets and liabilities of the multi- seller conduits at their current carrying value ; as such , there would be no income statement or capital impact at the date of consolidation .', 'if the firm were required to consolidate the assets and liabilities of the conduits at fair value , the tier 1 capital ratio would be approximately 10.8% ( 10.8 % ) .', 'the fair value of the assets is primarily based upon pricing for comparable transactions .', 'the fair value of these assets could change significantly because the pricing of conduit transactions is renegotiated with the client , generally , on an annual basis and due to changes in current market conditions .', '( b ) consolidation is assumed to occur on the first day of the quarter , at the quarter-end levels , in order to provide a meaningful adjustment to average assets in the denomi- nator of the leverage ratio .', 'the firm could fund purchases of assets from vies should it become necessary .', '2007 activity in july 2007 , a reverse repurchase agreement collateralized by prime residential mortgages held by a firm-administered multi-seller conduit was put to jpmorgan chase under its deal-specific liquidity facility .', 'the asset was transferred to and recorded by jpmorgan chase at its par value based on the fair value of the collateral that supported the reverse repurchase agreement .', 'during the fourth quarter of 2007 , additional information regarding the value of the collateral , including performance statistics , resulted in the determi- nation by the firm that the fair value of the collateral was impaired .', 'impairment losses were allocated to the eln holder ( the party that absorbs the majority of the expected loss from the conduit ) in accor- dance with the contractual provisions of the eln note .', 'on october 29 , 2007 , certain structured cdo assets originated in the second quarter of 2007 and backed by subprime mortgages were transferred to the firm from two firm-administered multi-seller conduits .', 'it became clear in october that commercial paper investors and rating agencies were becoming increasingly concerned about cdo assets backed by subprime mortgage exposures .', 'because of these concerns , and to ensure the continuing viability of the two conduits as financing vehicles for clients and as investment alternatives for commercial paper investors , the firm , in its role as administrator , transferred the cdo assets out of the multi-seller con- duits .', 'the structured cdo assets were transferred to the firm at .'] | ****************************************
Row 1: ( in billions except ratios ), reported, pro forma ( a ) ( b )
Row 2: assets, $ 2175.1, $ 2218.2
Row 3: liabilities, 2008.2, 2051.3
Row 4: tier 1 capital ratio, 10.9% ( 10.9 % ), 10.9% ( 10.9 % )
Row 5: tier 1 leverage ratio, 6.9, 6.8
**************************************** | divide(136, 130) | 1.04615 |
what was the ratio of total operating expenses to net interest income in 2010? | Context: ['corporate/other corporate/other includes global staff functions ( including finance , risk , human resources , legal and compliance ) and other corporate expense , global operations and technology , residual corporate treasury and corporate items .', 'at december 31 , 2010 , this segment had approximately $ 272 billion of assets , consisting primarily of citi 2019s liquidity portfolio , including $ 87 billion of cash and deposits with banks. .']
------
Data Table:
----------------------------------------
in millions of dollars | 2010 | 2009 | 2008
net interest revenue | $ 1059 | $ -1657 ( 1657 ) | $ -2671 ( 2671 )
non-interest revenue | 695 | -8898 ( 8898 ) | 413
total revenues net of interest expense | $ 1754 | $ -10555 ( 10555 ) | $ -2258 ( 2258 )
total operating expenses | $ 1953 | $ 1418 | $ 511
provisions for loan losses and for benefits and claims | 2014 | 2014 | 2014
( loss ) from continuing operations before taxes | $ -199 ( 199 ) | $ -11973 ( 11973 ) | $ -2769 ( 2769 )
benefits for income taxes | -153 ( 153 ) | -4356 ( 4356 ) | -585 ( 585 )
( loss ) from continuing operations | $ -46 ( 46 ) | $ -7617 ( 7617 ) | $ -2184 ( 2184 )
income ( loss ) from discontinued operations net of taxes | -68 ( 68 ) | -445 ( 445 ) | 4002
net income ( loss ) before attribution of noncontrolling interests | $ -114 ( 114 ) | $ -8062 ( 8062 ) | $ 1818
net ( loss ) attributable to noncontrolling interests | -48 ( 48 ) | -2 ( 2 ) | 2014
net income ( loss ) | $ -66 ( 66 ) | $ -8060 ( 8060 ) | $ 1818
----------------------------------------
------
Post-table: ['2010 vs .', '2009 revenues , net of interest expense increased primarily due to the absence of the loss on debt extinguishment related to the repayment of the $ 20 billion of tarp trust preferred securities and the exit from the loss-sharing agreement with the u.s .', 'government , each in the fourth quarter of 2009 .', 'revenues also increased due to gains on sales of afs securities , benefits from lower short- term interest rates and other improved treasury results during the current year .', 'these increases were partially offset by the absence of the pretax gain related to citi 2019s public and private exchange offers in 2009 .', 'operating expenses increased primarily due to various legal and related expenses , as well as other non-compensation expenses .', '2009 vs .', '2008 revenues , net of interest expense declined primarily due to the pretax loss on debt extinguishment related to the repayment of tarp and the exit from the loss-sharing agreement with the u.s .', 'government .', 'revenues also declined due to the absence of the 2008 sale of citigroup global services limited recorded in operations and technology .', 'these declines were partially offset by a pretax gain related to the exchange offers , revenues and higher intersegment eliminations .', 'operating expenses increased primarily due to intersegment eliminations and increases in compensation , partially offset by lower repositioning reserves. .'] | 1.84419 | C/2010/page_55.pdf-1 | ['corporate/other corporate/other includes global staff functions ( including finance , risk , human resources , legal and compliance ) and other corporate expense , global operations and technology , residual corporate treasury and corporate items .', 'at december 31 , 2010 , this segment had approximately $ 272 billion of assets , consisting primarily of citi 2019s liquidity portfolio , including $ 87 billion of cash and deposits with banks. .'] | ['2010 vs .', '2009 revenues , net of interest expense increased primarily due to the absence of the loss on debt extinguishment related to the repayment of the $ 20 billion of tarp trust preferred securities and the exit from the loss-sharing agreement with the u.s .', 'government , each in the fourth quarter of 2009 .', 'revenues also increased due to gains on sales of afs securities , benefits from lower short- term interest rates and other improved treasury results during the current year .', 'these increases were partially offset by the absence of the pretax gain related to citi 2019s public and private exchange offers in 2009 .', 'operating expenses increased primarily due to various legal and related expenses , as well as other non-compensation expenses .', '2009 vs .', '2008 revenues , net of interest expense declined primarily due to the pretax loss on debt extinguishment related to the repayment of tarp and the exit from the loss-sharing agreement with the u.s .', 'government .', 'revenues also declined due to the absence of the 2008 sale of citigroup global services limited recorded in operations and technology .', 'these declines were partially offset by a pretax gain related to the exchange offers , revenues and higher intersegment eliminations .', 'operating expenses increased primarily due to intersegment eliminations and increases in compensation , partially offset by lower repositioning reserves. .'] | ----------------------------------------
in millions of dollars | 2010 | 2009 | 2008
net interest revenue | $ 1059 | $ -1657 ( 1657 ) | $ -2671 ( 2671 )
non-interest revenue | 695 | -8898 ( 8898 ) | 413
total revenues net of interest expense | $ 1754 | $ -10555 ( 10555 ) | $ -2258 ( 2258 )
total operating expenses | $ 1953 | $ 1418 | $ 511
provisions for loan losses and for benefits and claims | 2014 | 2014 | 2014
( loss ) from continuing operations before taxes | $ -199 ( 199 ) | $ -11973 ( 11973 ) | $ -2769 ( 2769 )
benefits for income taxes | -153 ( 153 ) | -4356 ( 4356 ) | -585 ( 585 )
( loss ) from continuing operations | $ -46 ( 46 ) | $ -7617 ( 7617 ) | $ -2184 ( 2184 )
income ( loss ) from discontinued operations net of taxes | -68 ( 68 ) | -445 ( 445 ) | 4002
net income ( loss ) before attribution of noncontrolling interests | $ -114 ( 114 ) | $ -8062 ( 8062 ) | $ 1818
net ( loss ) attributable to noncontrolling interests | -48 ( 48 ) | -2 ( 2 ) | 2014
net income ( loss ) | $ -66 ( 66 ) | $ -8060 ( 8060 ) | $ 1818
---------------------------------------- | divide(1953, 1059) | 1.84419 |
what were total generated aggregate proceeds to the company prior to deducting underwriting discounts , expenses and transaction costs , in millions? | Context: ['.']
Data Table:
========================================
june 27 2013 december 31 2013
cdw corp $ 100 $ 138
s&p midcap 400 index 100 118
cdw peers 100 113
========================================
Post-table: ['use of proceeds from registered securities on july 2 , 2013 , the company completed an ipo of its common stock in which it issued and sold 23250000 shares of common stock .', 'on july 31 , 2013 , the company completed the sale of an additional 3487500 shares of common stock to the underwriters of the ipo pursuant to the underwriters 2019 july 26 , 2013 exercise in full of the overallotment option granted to them in connection with the ipo .', 'such shares were registered under the securities act of 1933 , as amended , pursuant to the company 2019s registration statement on form s-1 ( file 333-187472 ) , which was declared effective by the sec on june 26 , 2013 .', 'the shares of common stock are listed on the nasdaq global select market under the symbol 201ccdw . 201d the company 2019s shares of common stock were sold to the underwriters at a price of $ 17.00 per share in the ipo and upon the exercise of the overallotment option , which together , generated aggregate net proceeds of $ 424.7 million to the company after deducting $ 29.8 million in underwriting discounts , expenses and transaction costs .', 'using a portion of the net proceeds from the ipo ( exclusive of proceeds from the exercise of the overallotment option ) , the company paid a $ 24.4 million termination fee to affiliates of madison dearborn partners , llc and providence equity partners , l.l.c .', 'in connection with the termination of the management services agreement with such entities that was effective upon completion of the ipo , redeemed $ 175.0 million aggregate principal amount of senior secured notes due 2018 , and redeemed $ 146.0 million aggregate principal amount of senior subordinated notes due 2017 .', 'the redemption price of the senior secured notes due 2018 was 108.0% ( 108.0 % ) of the principal amount redeemed , plus accrued and unpaid interest to the date of redemption .', 'the company used cash on hand to pay such accrued and unpaid interest .', 'the redemption price of the senior subordinated notes due 2017 was 106.268% ( 106.268 % ) of the principal amount redeemed , plus accrued and unpaid interest to the date of redemption .', 'the company used cash on hand to pay such accrued and unpaid interest .', 'on october 18 , 2013 , proceeds from the overallotment option exercise of $ 56.0 million and cash on hand were used to redeem $ 155.0 million aggregate principal amount of senior subordinated notes due 2017 .', 'the redemption price of the senior subordinated notes due 2017 was 104.178% ( 104.178 % ) of the principal amount redeemed , plus accrued and unpaid interest to the date of redemption .', 'the company used cash on hand to pay such redemption premium and accrued and unpaid interest .', 'j.p .', 'morgan securities llc , barclays capital inc .', 'and goldman , sachs & co .', 'acted as joint book-running managers of the ipo and as representatives of the underwriters .', 'deutsche bank securities inc .', 'and morgan stanley & co .', 'llc acted as additional book-running managers in the ipo .', 'robert w .', 'baird & co .', 'incorporated , raymond james & associates , inc. , william blair & company , l.l.c. , needham & company , llc , stifel , nicolaus & company , incorporated , loop capital markets llc and the williams capital group , l.p .', 'acted as managing underwriters in the ipo. .'] | 454.5 | CDW/2013/page_33.pdf-3 | ['.'] | ['use of proceeds from registered securities on july 2 , 2013 , the company completed an ipo of its common stock in which it issued and sold 23250000 shares of common stock .', 'on july 31 , 2013 , the company completed the sale of an additional 3487500 shares of common stock to the underwriters of the ipo pursuant to the underwriters 2019 july 26 , 2013 exercise in full of the overallotment option granted to them in connection with the ipo .', 'such shares were registered under the securities act of 1933 , as amended , pursuant to the company 2019s registration statement on form s-1 ( file 333-187472 ) , which was declared effective by the sec on june 26 , 2013 .', 'the shares of common stock are listed on the nasdaq global select market under the symbol 201ccdw . 201d the company 2019s shares of common stock were sold to the underwriters at a price of $ 17.00 per share in the ipo and upon the exercise of the overallotment option , which together , generated aggregate net proceeds of $ 424.7 million to the company after deducting $ 29.8 million in underwriting discounts , expenses and transaction costs .', 'using a portion of the net proceeds from the ipo ( exclusive of proceeds from the exercise of the overallotment option ) , the company paid a $ 24.4 million termination fee to affiliates of madison dearborn partners , llc and providence equity partners , l.l.c .', 'in connection with the termination of the management services agreement with such entities that was effective upon completion of the ipo , redeemed $ 175.0 million aggregate principal amount of senior secured notes due 2018 , and redeemed $ 146.0 million aggregate principal amount of senior subordinated notes due 2017 .', 'the redemption price of the senior secured notes due 2018 was 108.0% ( 108.0 % ) of the principal amount redeemed , plus accrued and unpaid interest to the date of redemption .', 'the company used cash on hand to pay such accrued and unpaid interest .', 'the redemption price of the senior subordinated notes due 2017 was 106.268% ( 106.268 % ) of the principal amount redeemed , plus accrued and unpaid interest to the date of redemption .', 'the company used cash on hand to pay such accrued and unpaid interest .', 'on october 18 , 2013 , proceeds from the overallotment option exercise of $ 56.0 million and cash on hand were used to redeem $ 155.0 million aggregate principal amount of senior subordinated notes due 2017 .', 'the redemption price of the senior subordinated notes due 2017 was 104.178% ( 104.178 % ) of the principal amount redeemed , plus accrued and unpaid interest to the date of redemption .', 'the company used cash on hand to pay such redemption premium and accrued and unpaid interest .', 'j.p .', 'morgan securities llc , barclays capital inc .', 'and goldman , sachs & co .', 'acted as joint book-running managers of the ipo and as representatives of the underwriters .', 'deutsche bank securities inc .', 'and morgan stanley & co .', 'llc acted as additional book-running managers in the ipo .', 'robert w .', 'baird & co .', 'incorporated , raymond james & associates , inc. , william blair & company , l.l.c. , needham & company , llc , stifel , nicolaus & company , incorporated , loop capital markets llc and the williams capital group , l.p .', 'acted as managing underwriters in the ipo. .'] | ========================================
june 27 2013 december 31 2013
cdw corp $ 100 $ 138
s&p midcap 400 index 100 118
cdw peers 100 113
======================================== | add(424.7, 29.8) | 454.5 |
what is the estimated value , in dollars , of the total number of shares purchased between 9/30/07 and 10/26/07? | Background: ['part ii item 5 : market for registrant 2019s common equity , related stockholder matters and issuer purchases of equity securities motorola 2019s common stock is listed on the new york and chicago stock exchanges .', 'the number of stockholders of record of motorola common stock on january 31 , 2008 was 79907 .', 'information regarding securities authorized for issuance under equity compensation plans is incorporated by reference to the information under the caption 201cequity compensation plan information 201d of motorola 2019s proxy statement for the 2008 annual meeting of stockholders .', 'the remainder of the response to this item incorporates by reference note 16 , 201cquarterly and other financial data ( unaudited ) 201d of the notes to consolidated financial statements appearing under 201citem 8 : financial statements and supplementary data 201d .', 'the following table provides information with respect to acquisitions by the company of shares of its common stock during the quarter ended december 31 , 2007 .', 'issuer purchases of equity securities period ( a ) total number of shares purchased ( 1 ) ( 2 ) ( b ) average price paid per share ( 1 ) ( 3 ) ( c ) total number of shares purchased as part of publicly announced plans or programs ( 2 ) ( d ) maximum number ( or approximate dollar value ) of shares that may yet be purchased under the plans or programs ( 2 ) .']
####
Table:
period ( a ) total number of shares purchased ( 1 ) ( 2 ) ( b ) average price paid per share ( 1 ) ( 3 ) ( c ) total number of shares purchased as part of publicly announced plans or programs ( 2 ) ( d ) maximum number ( or approximate dollar value ) of shares that may yet be purchased under the plans or programs ( 2 )
9/30/07 to 10/26/07 2972951 $ 18.84 2964225 $ 4267375081
10/27/07 to 11/23/07 5709917 $ 17.23 5706600 $ 4169061854
11/24/07 to 12/31/07 25064045 $ 16.04 25064045 $ 3767061887
total 33746913 $ 16.49 33734870
####
Follow-up: ['( 1 ) in addition to purchases under the 2006 stock repurchase program ( as defined below ) , included in this column are transactions under the company 2019s equity compensation plans involving the delivery to the company of 12043 shares of motorola common stock to satisfy tax withholding obligations in connection with the vesting of restricted stock granted to company employees .', '( 2 ) through actions taken on july 24 , 2006 and march 21 , 2007 , the board of directors has authorized the company to repurchase an aggregate amount of up to $ 7.5 billion of its outstanding shares of common stock over a period ending in june 2009 , subject to market conditions ( the 201c2006 stock repurchase program 201d ) .', '( 3 ) average price paid per share of common stock repurchased under the 2006 stock repurchase program is execution price , excluding commissions paid to brokers. .'] | 56010396.84 | MSI/2007/page_42.pdf-3 | ['part ii item 5 : market for registrant 2019s common equity , related stockholder matters and issuer purchases of equity securities motorola 2019s common stock is listed on the new york and chicago stock exchanges .', 'the number of stockholders of record of motorola common stock on january 31 , 2008 was 79907 .', 'information regarding securities authorized for issuance under equity compensation plans is incorporated by reference to the information under the caption 201cequity compensation plan information 201d of motorola 2019s proxy statement for the 2008 annual meeting of stockholders .', 'the remainder of the response to this item incorporates by reference note 16 , 201cquarterly and other financial data ( unaudited ) 201d of the notes to consolidated financial statements appearing under 201citem 8 : financial statements and supplementary data 201d .', 'the following table provides information with respect to acquisitions by the company of shares of its common stock during the quarter ended december 31 , 2007 .', 'issuer purchases of equity securities period ( a ) total number of shares purchased ( 1 ) ( 2 ) ( b ) average price paid per share ( 1 ) ( 3 ) ( c ) total number of shares purchased as part of publicly announced plans or programs ( 2 ) ( d ) maximum number ( or approximate dollar value ) of shares that may yet be purchased under the plans or programs ( 2 ) .'] | ['( 1 ) in addition to purchases under the 2006 stock repurchase program ( as defined below ) , included in this column are transactions under the company 2019s equity compensation plans involving the delivery to the company of 12043 shares of motorola common stock to satisfy tax withholding obligations in connection with the vesting of restricted stock granted to company employees .', '( 2 ) through actions taken on july 24 , 2006 and march 21 , 2007 , the board of directors has authorized the company to repurchase an aggregate amount of up to $ 7.5 billion of its outstanding shares of common stock over a period ending in june 2009 , subject to market conditions ( the 201c2006 stock repurchase program 201d ) .', '( 3 ) average price paid per share of common stock repurchased under the 2006 stock repurchase program is execution price , excluding commissions paid to brokers. .'] | period ( a ) total number of shares purchased ( 1 ) ( 2 ) ( b ) average price paid per share ( 1 ) ( 3 ) ( c ) total number of shares purchased as part of publicly announced plans or programs ( 2 ) ( d ) maximum number ( or approximate dollar value ) of shares that may yet be purchased under the plans or programs ( 2 )
9/30/07 to 10/26/07 2972951 $ 18.84 2964225 $ 4267375081
10/27/07 to 11/23/07 5709917 $ 17.23 5706600 $ 4169061854
11/24/07 to 12/31/07 25064045 $ 16.04 25064045 $ 3767061887
total 33746913 $ 16.49 33734870 | multiply(18.84, 2972951) | 56010396.84 |
what was the percent of the total interest on long-term debt to the total contractual cash obligations | Background: ['a summary of the company 2019s significant contractual obligations as of december 31 , 2015 , follows : contractual obligations .']
##
Tabular Data:
( millions ) | total | payments due by year 2016 | payments due by year 2017 | payments due by year 2018 | payments due by year 2019 | payments due by year 2020 | payments due by year after 2020
long-term debt including current portion ( note 10 ) | $ 9878 | $ 1125 | $ 744 | $ 993 | $ 622 | $ 1203 | $ 5191
interest on long-term debt | 2244 | 174 | 157 | 153 | 149 | 146 | 1465
operating leases ( note 14 ) | 943 | 234 | 191 | 134 | 86 | 72 | 226
capital leases ( note 14 ) | 59 | 11 | 6 | 4 | 3 | 3 | 32
unconditional purchase obligations and other | 1631 | 1228 | 160 | 102 | 54 | 56 | 31
total contractual cash obligations | $ 14755 | $ 2772 | $ 1258 | $ 1386 | $ 914 | $ 1480 | $ 6945
##
Post-table: ['long-term debt payments due in 2016 and 2017 include floating rate notes totaling $ 126 million ( classified as current portion of long-term debt ) , and $ 96 million ( included as a separate floating rate note in the long-term debt table ) , respectively , as a result of put provisions associated with these debt instruments .', 'interest projections on both floating and fixed rate long-term debt , including the effects of interest rate swaps , are based on effective interest rates as of december 31 , 2015 .', 'unconditional purchase obligations are defined as an agreement to purchase goods or services that is enforceable and legally binding on the company .', 'included in the unconditional purchase obligations category above are certain obligations related to take or pay contracts , capital commitments , service agreements and utilities .', 'these estimates include both unconditional purchase obligations with terms in excess of one year and normal ongoing purchase obligations with terms of less than one year .', 'many of these commitments relate to take or pay contracts , in which 3m guarantees payment to ensure availability of products or services that are sold to customers .', 'the company expects to receive consideration ( products or services ) for these unconditional purchase obligations .', 'contractual capital commitments are included in the preceding table , but these commitments represent a small part of the company 2019s expected capital spending in 2016 and beyond .', 'the purchase obligation amounts do not represent the entire anticipated purchases in the future , but represent only those items for which the company is contractually obligated .', 'the majority of 3m 2019s products and services are purchased as needed , with no unconditional commitment .', 'for this reason , these amounts will not provide a reliable indicator of the company 2019s expected future cash outflows on a stand-alone basis .', 'other obligations , included in the preceding table within the caption entitled 201cunconditional purchase obligations and other , 201d include the current portion of the liability for uncertain tax positions under asc 740 , which is expected to be paid out in cash in the next 12 months .', 'the company is not able to reasonably estimate the timing of the long-term payments or the amount by which the liability will increase or decrease over time ; therefore , the long-term portion of the net tax liability of $ 208 million is excluded from the preceding table .', 'refer to note 8 for further details .', 'as discussed in note 11 , the company does not have a required minimum cash pension contribution obligation for its u.s .', 'plans in 2016 and company contributions to its u.s .', 'and international pension plans are expected to be largely discretionary in future years ; therefore , amounts related to these plans are not included in the preceding table .', 'financial instruments the company enters into foreign exchange forward contracts , options and swaps to hedge against the effect of exchange rate fluctuations on cash flows denominated in foreign currencies and certain intercompany financing transactions .', 'the company manages interest rate risks using a mix of fixed and floating rate debt .', 'to help manage borrowing costs , the company may enter into interest rate swaps .', 'under these arrangements , the company agrees to exchange , at specified intervals , the difference between fixed and floating interest amounts calculated by reference to an agreed-upon notional principal amount .', 'the company manages commodity price risks through negotiated supply contracts , price protection agreements and forward contracts. .'] | 0.15208 | MMM/2015/page_50.pdf-1 | ['a summary of the company 2019s significant contractual obligations as of december 31 , 2015 , follows : contractual obligations .'] | ['long-term debt payments due in 2016 and 2017 include floating rate notes totaling $ 126 million ( classified as current portion of long-term debt ) , and $ 96 million ( included as a separate floating rate note in the long-term debt table ) , respectively , as a result of put provisions associated with these debt instruments .', 'interest projections on both floating and fixed rate long-term debt , including the effects of interest rate swaps , are based on effective interest rates as of december 31 , 2015 .', 'unconditional purchase obligations are defined as an agreement to purchase goods or services that is enforceable and legally binding on the company .', 'included in the unconditional purchase obligations category above are certain obligations related to take or pay contracts , capital commitments , service agreements and utilities .', 'these estimates include both unconditional purchase obligations with terms in excess of one year and normal ongoing purchase obligations with terms of less than one year .', 'many of these commitments relate to take or pay contracts , in which 3m guarantees payment to ensure availability of products or services that are sold to customers .', 'the company expects to receive consideration ( products or services ) for these unconditional purchase obligations .', 'contractual capital commitments are included in the preceding table , but these commitments represent a small part of the company 2019s expected capital spending in 2016 and beyond .', 'the purchase obligation amounts do not represent the entire anticipated purchases in the future , but represent only those items for which the company is contractually obligated .', 'the majority of 3m 2019s products and services are purchased as needed , with no unconditional commitment .', 'for this reason , these amounts will not provide a reliable indicator of the company 2019s expected future cash outflows on a stand-alone basis .', 'other obligations , included in the preceding table within the caption entitled 201cunconditional purchase obligations and other , 201d include the current portion of the liability for uncertain tax positions under asc 740 , which is expected to be paid out in cash in the next 12 months .', 'the company is not able to reasonably estimate the timing of the long-term payments or the amount by which the liability will increase or decrease over time ; therefore , the long-term portion of the net tax liability of $ 208 million is excluded from the preceding table .', 'refer to note 8 for further details .', 'as discussed in note 11 , the company does not have a required minimum cash pension contribution obligation for its u.s .', 'plans in 2016 and company contributions to its u.s .', 'and international pension plans are expected to be largely discretionary in future years ; therefore , amounts related to these plans are not included in the preceding table .', 'financial instruments the company enters into foreign exchange forward contracts , options and swaps to hedge against the effect of exchange rate fluctuations on cash flows denominated in foreign currencies and certain intercompany financing transactions .', 'the company manages interest rate risks using a mix of fixed and floating rate debt .', 'to help manage borrowing costs , the company may enter into interest rate swaps .', 'under these arrangements , the company agrees to exchange , at specified intervals , the difference between fixed and floating interest amounts calculated by reference to an agreed-upon notional principal amount .', 'the company manages commodity price risks through negotiated supply contracts , price protection agreements and forward contracts. .'] | ( millions ) | total | payments due by year 2016 | payments due by year 2017 | payments due by year 2018 | payments due by year 2019 | payments due by year 2020 | payments due by year after 2020
long-term debt including current portion ( note 10 ) | $ 9878 | $ 1125 | $ 744 | $ 993 | $ 622 | $ 1203 | $ 5191
interest on long-term debt | 2244 | 174 | 157 | 153 | 149 | 146 | 1465
operating leases ( note 14 ) | 943 | 234 | 191 | 134 | 86 | 72 | 226
capital leases ( note 14 ) | 59 | 11 | 6 | 4 | 3 | 3 | 32
unconditional purchase obligations and other | 1631 | 1228 | 160 | 102 | 54 | 56 | 31
total contractual cash obligations | $ 14755 | $ 2772 | $ 1258 | $ 1386 | $ 914 | $ 1480 | $ 6945 | divide(2244, 14755) | 0.15208 |
what is the total return if 100000 are invested in applied materials in 2008 and sold in 2011? | Background: ['performance graph the performance graph below shows the five-year cumulative total stockholder return on applied common stock during the period from october 26 , 2008 through october 27 , 2013 .', 'this is compared with the cumulative total return of the standard & poor 2019s 500 stock index and the rdg semiconductor composite index over the same period .', 'the comparison assumes $ 100 was invested on october 26 , 2008 in applied common stock and in each of the foregoing indices and assumes reinvestment of dividends , if any .', 'dollar amounts in the graph are rounded to the nearest whole dollar .', 'the performance shown in the graph represents past performance and should not be considered an indication of future performance .', 'comparison of 5 year cumulative total return* among applied materials , inc. , the s&p 500 index and the rdg semiconductor composite index * assumes $ 100 invested on 10/26/08 in stock or 10/31/08 in index , including reinvestment of dividends .', 'indexes calculated on month-end basis .', '201cs&p 201d is a registered trademark of standard & poor 2019s financial services llc , a subsidiary of the mcgraw-hill companies , inc. .']
Tabular Data:
========================================
, 10/26/2008, 10/25/2009, 10/31/2010, 10/30/2011, 10/28/2012, 10/27/2013
applied materials, 100.00, 116.07, 113.08, 118.21, 102.77, 175.76
s&p 500 index, 100.00, 109.80, 127.94, 138.29, 159.32, 202.61
rdg semiconductor composite index, 100.00, 124.98, 153.98, 166.89, 149.81, 200.47
========================================
Additional Information: ['dividends during fiscal 2013 , applied 2019s board of directors declared three quarterly cash dividends of $ 0.10 per share each and one quarterly cash dividend of $ 0.09 per share .', 'during fiscal 2012 , applied 2019s board of directors declared three quarterly cash dividends of $ 0.09 per share each and one quarterly cash dividend of $ 0.08 per share .', 'during fiscal 2011 , applied 2019s board of directors declared three quarterly cash dividends of $ 0.08 per share each and one quarterly cash dividend of $ 0.07 .', 'dividends declared during fiscal 2013 , 2012 and 2011 totaled $ 469 million , $ 438 million and $ 408 million , respectively .', 'applied currently anticipates that it will continue to pay cash dividends on a quarterly basis in the future , although the declaration and amount of any future cash dividends are at the discretion of the board of directors and will depend on applied 2019s financial condition , results of operations , capital requirements , business conditions and other factors , as well as a determination that cash dividends are in the best interests of applied 2019s stockholders. .'] | 18210.0 | AMAT/2013/page_37.pdf-1 | ['performance graph the performance graph below shows the five-year cumulative total stockholder return on applied common stock during the period from october 26 , 2008 through october 27 , 2013 .', 'this is compared with the cumulative total return of the standard & poor 2019s 500 stock index and the rdg semiconductor composite index over the same period .', 'the comparison assumes $ 100 was invested on october 26 , 2008 in applied common stock and in each of the foregoing indices and assumes reinvestment of dividends , if any .', 'dollar amounts in the graph are rounded to the nearest whole dollar .', 'the performance shown in the graph represents past performance and should not be considered an indication of future performance .', 'comparison of 5 year cumulative total return* among applied materials , inc. , the s&p 500 index and the rdg semiconductor composite index * assumes $ 100 invested on 10/26/08 in stock or 10/31/08 in index , including reinvestment of dividends .', 'indexes calculated on month-end basis .', '201cs&p 201d is a registered trademark of standard & poor 2019s financial services llc , a subsidiary of the mcgraw-hill companies , inc. .'] | ['dividends during fiscal 2013 , applied 2019s board of directors declared three quarterly cash dividends of $ 0.10 per share each and one quarterly cash dividend of $ 0.09 per share .', 'during fiscal 2012 , applied 2019s board of directors declared three quarterly cash dividends of $ 0.09 per share each and one quarterly cash dividend of $ 0.08 per share .', 'during fiscal 2011 , applied 2019s board of directors declared three quarterly cash dividends of $ 0.08 per share each and one quarterly cash dividend of $ 0.07 .', 'dividends declared during fiscal 2013 , 2012 and 2011 totaled $ 469 million , $ 438 million and $ 408 million , respectively .', 'applied currently anticipates that it will continue to pay cash dividends on a quarterly basis in the future , although the declaration and amount of any future cash dividends are at the discretion of the board of directors and will depend on applied 2019s financial condition , results of operations , capital requirements , business conditions and other factors , as well as a determination that cash dividends are in the best interests of applied 2019s stockholders. .'] | ========================================
, 10/26/2008, 10/25/2009, 10/31/2010, 10/30/2011, 10/28/2012, 10/27/2013
applied materials, 100.00, 116.07, 113.08, 118.21, 102.77, 175.76
s&p 500 index, 100.00, 109.80, 127.94, 138.29, 159.32, 202.61
rdg semiconductor composite index, 100.00, 124.98, 153.98, 166.89, 149.81, 200.47
======================================== | divide(100000, const_100), subtract(118.21, const_100), multiply(#0, #1) | 18210.0 |
what is the growth rate in the price of shares from the highest value during the quarter ended december 31 , 2010 and the closing price on february 11 , 2011? | Context: ['part ii item 5 .', 'market for registrant 2019s common equity , related stockholder matters and issuer purchases of equity securities the following table presents reported quarterly high and low per share sale prices of our common stock on the new york stock exchange ( 201cnyse 201d ) for the years 2010 and 2009. .']
Tabular Data:
****************************************
Row 1: 2010, high, low
Row 2: quarter ended march 31, $ 44.61, $ 40.10
Row 3: quarter ended june 30, 45.33, 38.86
Row 4: quarter ended september 30, 52.11, 43.70
Row 5: quarter ended december 31, 53.14, 49.61
Row 6: 2009, high, low
Row 7: quarter ended march 31, $ 32.53, $ 25.45
Row 8: quarter ended june 30, 34.52, 27.93
Row 9: quarter ended september 30, 37.71, 29.89
Row 10: quarter ended december 31, 43.84, 35.03
****************************************
Post-table: ['on february 11 , 2011 , the closing price of our common stock was $ 56.73 per share as reported on the nyse .', 'as of february 11 , 2011 , we had 397612895 outstanding shares of common stock and 463 registered holders .', 'dividends we have not historically paid a dividend on our common stock .', 'payment of dividends in the future , when , as and if authorized by our board of directors , would depend upon many factors , including our earnings and financial condition , restrictions under applicable law and our current and future loan agreements , our debt service requirements , our capital expenditure requirements and other factors that our board of directors may deem relevant from time to time , including the potential determination to elect reit status .', 'in addition , the loan agreement for our revolving credit facility and term loan contain covenants that generally restrict our ability to pay dividends unless certain financial covenants are satisfied .', 'for more information about the restrictions under the loan agreement for the revolving credit facility and term loan , our notes indentures and the loan agreement related to our securitization , see item 7 of this annual report under the caption 201cmanagement 2019s discussion and analysis of financial condition and results of operations 2014liquidity and capital resources 2014factors affecting sources of liquidity 201d and note 6 to our consolidated financial statements included in this annual report. .'] | 0.06756 | AMT/2010/page_34.pdf-1 | ['part ii item 5 .', 'market for registrant 2019s common equity , related stockholder matters and issuer purchases of equity securities the following table presents reported quarterly high and low per share sale prices of our common stock on the new york stock exchange ( 201cnyse 201d ) for the years 2010 and 2009. .'] | ['on february 11 , 2011 , the closing price of our common stock was $ 56.73 per share as reported on the nyse .', 'as of february 11 , 2011 , we had 397612895 outstanding shares of common stock and 463 registered holders .', 'dividends we have not historically paid a dividend on our common stock .', 'payment of dividends in the future , when , as and if authorized by our board of directors , would depend upon many factors , including our earnings and financial condition , restrictions under applicable law and our current and future loan agreements , our debt service requirements , our capital expenditure requirements and other factors that our board of directors may deem relevant from time to time , including the potential determination to elect reit status .', 'in addition , the loan agreement for our revolving credit facility and term loan contain covenants that generally restrict our ability to pay dividends unless certain financial covenants are satisfied .', 'for more information about the restrictions under the loan agreement for the revolving credit facility and term loan , our notes indentures and the loan agreement related to our securitization , see item 7 of this annual report under the caption 201cmanagement 2019s discussion and analysis of financial condition and results of operations 2014liquidity and capital resources 2014factors affecting sources of liquidity 201d and note 6 to our consolidated financial statements included in this annual report. .'] | ****************************************
Row 1: 2010, high, low
Row 2: quarter ended march 31, $ 44.61, $ 40.10
Row 3: quarter ended june 30, 45.33, 38.86
Row 4: quarter ended september 30, 52.11, 43.70
Row 5: quarter ended december 31, 53.14, 49.61
Row 6: 2009, high, low
Row 7: quarter ended march 31, $ 32.53, $ 25.45
Row 8: quarter ended june 30, 34.52, 27.93
Row 9: quarter ended september 30, 37.71, 29.89
Row 10: quarter ended december 31, 43.84, 35.03
**************************************** | subtract(56.73, 53.14), divide(#0, 53.14) | 0.06756 |
what percentage of buildings are owned in the united states by the company? | Pre-text: ['item 2 : properties information concerning applied 2019s properties is set forth below: .']
------
Tabular Data:
****************************************
( square feet in thousands ) | united states | other countries | total
owned | 4530 | 2417 | 6947
leased | 1037 | 1341 | 2378
total | 5567 | 3758 | 9325
****************************************
------
Post-table: ['because of the interrelation of applied 2019s operations , properties within a country may be shared by the segments operating within that country .', 'the company 2019s headquarters offices are in santa clara , california .', 'products in semiconductor systems are manufactured in santa clara , california ; austin , texas ; gloucester , massachusetts ; kalispell , montana ; rehovot , israel ; and singapore .', 'remanufactured equipment products in the applied global services segment are produced primarily in austin , texas .', 'products in the display and adjacent markets segment are manufactured in alzenau , germany and tainan , taiwan .', 'other products are manufactured in treviso , italy .', 'applied also owns and leases offices , plants and warehouse locations in many locations throughout the world , including in europe , japan , north america ( principally the united states ) , israel , china , india , korea , southeast asia and taiwan .', 'these facilities are principally used for manufacturing ; research , development and engineering ; and marketing , sales and customer support .', 'applied also owns a total of approximately 269 acres of buildable land in montana , texas , california , israel and italy that could accommodate additional building space .', 'applied considers the properties that it owns or leases as adequate to meet its current and future requirements .', 'applied regularly assesses the size , capability and location of its global infrastructure and periodically makes adjustments based on these assessments. .'] | 0.81372 | AMAT/2018/page_31.pdf-2 | ['item 2 : properties information concerning applied 2019s properties is set forth below: .'] | ['because of the interrelation of applied 2019s operations , properties within a country may be shared by the segments operating within that country .', 'the company 2019s headquarters offices are in santa clara , california .', 'products in semiconductor systems are manufactured in santa clara , california ; austin , texas ; gloucester , massachusetts ; kalispell , montana ; rehovot , israel ; and singapore .', 'remanufactured equipment products in the applied global services segment are produced primarily in austin , texas .', 'products in the display and adjacent markets segment are manufactured in alzenau , germany and tainan , taiwan .', 'other products are manufactured in treviso , italy .', 'applied also owns and leases offices , plants and warehouse locations in many locations throughout the world , including in europe , japan , north america ( principally the united states ) , israel , china , india , korea , southeast asia and taiwan .', 'these facilities are principally used for manufacturing ; research , development and engineering ; and marketing , sales and customer support .', 'applied also owns a total of approximately 269 acres of buildable land in montana , texas , california , israel and italy that could accommodate additional building space .', 'applied considers the properties that it owns or leases as adequate to meet its current and future requirements .', 'applied regularly assesses the size , capability and location of its global infrastructure and periodically makes adjustments based on these assessments. .'] | ****************************************
( square feet in thousands ) | united states | other countries | total
owned | 4530 | 2417 | 6947
leased | 1037 | 1341 | 2378
total | 5567 | 3758 | 9325
**************************************** | divide(4530, 5567) | 0.81372 |
what was the percentage change in net cash provided by operating activities between 2011 and 2012? | Pre-text: ['in summary , our cash flows for each period were as follows: .']
Tabular Data:
****************************************
( in millions ) | 2013 | 2012 | 2011
net cash provided by operating activities | $ 20776 | $ 18884 | $ 20963
net cash used for investing activities | -18073 ( 18073 ) | -14060 ( 14060 ) | -10301 ( 10301 )
net cash used for financing activities | -5498 ( 5498 ) | -1408 ( 1408 ) | -11100 ( 11100 )
effect of exchange rate fluctuations on cash and cash equivalents | -9 ( 9 ) | -3 ( 3 ) | 5
net increase ( decrease ) in cash and cash equivalents | $ -2804 ( 2804 ) | $ 3413 | $ -433 ( 433 )
****************************************
Follow-up: ['operating activities cash provided by operating activities is net income adjusted for certain non-cash items and changes in certain assets and liabilities .', 'for 2013 compared to 2012 , the $ 1.9 billion increase in cash provided by operating activities was due to changes in working capital , partially offset by lower net income in 2013 .', 'income taxes paid , net of refunds , in 2013 compared to 2012 were $ 1.1 billion lower due to lower income before taxes in 2013 and 2012 income tax overpayments .', 'changes in assets and liabilities as of december 28 , 2013 , compared to december 29 , 2012 , included lower income taxes payable and receivable resulting from a reduction in taxes due in 2013 , and lower inventories due to the sell-through of older-generation products , partially offset by the ramp of 4th generation intel core processor family products .', 'for 2013 , our three largest customers accounted for 44% ( 44 % ) of our net revenue ( 43% ( 43 % ) in 2012 and 2011 ) , with hewlett- packard company accounting for 17% ( 17 % ) of our net revenue ( 18% ( 18 % ) in 2012 and 19% ( 19 % ) in 2011 ) , dell accounting for 15% ( 15 % ) of our net revenue ( 14% ( 14 % ) in 2012 and 15% ( 15 % ) in 2011 ) , and lenovo accounting for 12% ( 12 % ) of our net revenue ( 11% ( 11 % ) in 2012 and 9% ( 9 % ) in 2011 ) .', 'these three customers accounted for 34% ( 34 % ) of our accounts receivable as of december 28 , 2013 ( 33% ( 33 % ) as of december 29 , 2012 ) .', 'for 2012 compared to 2011 , the $ 2.1 billion decrease in cash provided by operating activities was due to lower net income and changes in our working capital , partially offset by adjustments for non-cash items .', 'the adjustments for noncash items were higher due primarily to higher depreciation in 2012 compared to 2011 , partially offset by increases in non-acquisition-related deferred tax liabilities as of december 31 , 2011 .', 'investing activities investing cash flows consist primarily of capital expenditures ; investment purchases , sales , maturities , and disposals ; as well as cash used for acquisitions .', 'the increase in cash used for investing activities in 2013 compared to 2012 was primarily due to an increase in purchases of available-for-sale investments and a decrease in maturities and sales of trading assets , partially offset by an increase in maturities and sales of available-for-sale investments and a decrease in purchases of licensed technology and patents .', 'our capital expenditures were $ 10.7 billion in 2013 ( $ 11.0 billion in 2012 and $ 10.8 billion in 2011 ) .', 'cash used for investing activities increased in 2012 compared to 2011 primarily due to net purchases of available- for-sale investments and trading assets in 2012 , as compared to net maturities and sales of available-for-sale investments and trading assets in 2011 , partially offset by a decrease in cash paid for acquisitions .', 'net purchases of available-for-sale investments in 2012 included our purchase of $ 3.2 billion of equity securities in asml in q3 2012 .', 'financing activities financing cash flows consist primarily of repurchases of common stock , payment of dividends to stockholders , issuance and repayment of long-term debt , and proceeds from the sale of shares through employee equity incentive plans .', 'table of contents management 2019s discussion and analysis of financial condition and results of operations ( continued ) .'] | -0.09917 | INTC/2013/page_47.pdf-1 | ['in summary , our cash flows for each period were as follows: .'] | ['operating activities cash provided by operating activities is net income adjusted for certain non-cash items and changes in certain assets and liabilities .', 'for 2013 compared to 2012 , the $ 1.9 billion increase in cash provided by operating activities was due to changes in working capital , partially offset by lower net income in 2013 .', 'income taxes paid , net of refunds , in 2013 compared to 2012 were $ 1.1 billion lower due to lower income before taxes in 2013 and 2012 income tax overpayments .', 'changes in assets and liabilities as of december 28 , 2013 , compared to december 29 , 2012 , included lower income taxes payable and receivable resulting from a reduction in taxes due in 2013 , and lower inventories due to the sell-through of older-generation products , partially offset by the ramp of 4th generation intel core processor family products .', 'for 2013 , our three largest customers accounted for 44% ( 44 % ) of our net revenue ( 43% ( 43 % ) in 2012 and 2011 ) , with hewlett- packard company accounting for 17% ( 17 % ) of our net revenue ( 18% ( 18 % ) in 2012 and 19% ( 19 % ) in 2011 ) , dell accounting for 15% ( 15 % ) of our net revenue ( 14% ( 14 % ) in 2012 and 15% ( 15 % ) in 2011 ) , and lenovo accounting for 12% ( 12 % ) of our net revenue ( 11% ( 11 % ) in 2012 and 9% ( 9 % ) in 2011 ) .', 'these three customers accounted for 34% ( 34 % ) of our accounts receivable as of december 28 , 2013 ( 33% ( 33 % ) as of december 29 , 2012 ) .', 'for 2012 compared to 2011 , the $ 2.1 billion decrease in cash provided by operating activities was due to lower net income and changes in our working capital , partially offset by adjustments for non-cash items .', 'the adjustments for noncash items were higher due primarily to higher depreciation in 2012 compared to 2011 , partially offset by increases in non-acquisition-related deferred tax liabilities as of december 31 , 2011 .', 'investing activities investing cash flows consist primarily of capital expenditures ; investment purchases , sales , maturities , and disposals ; as well as cash used for acquisitions .', 'the increase in cash used for investing activities in 2013 compared to 2012 was primarily due to an increase in purchases of available-for-sale investments and a decrease in maturities and sales of trading assets , partially offset by an increase in maturities and sales of available-for-sale investments and a decrease in purchases of licensed technology and patents .', 'our capital expenditures were $ 10.7 billion in 2013 ( $ 11.0 billion in 2012 and $ 10.8 billion in 2011 ) .', 'cash used for investing activities increased in 2012 compared to 2011 primarily due to net purchases of available- for-sale investments and trading assets in 2012 , as compared to net maturities and sales of available-for-sale investments and trading assets in 2011 , partially offset by a decrease in cash paid for acquisitions .', 'net purchases of available-for-sale investments in 2012 included our purchase of $ 3.2 billion of equity securities in asml in q3 2012 .', 'financing activities financing cash flows consist primarily of repurchases of common stock , payment of dividends to stockholders , issuance and repayment of long-term debt , and proceeds from the sale of shares through employee equity incentive plans .', 'table of contents management 2019s discussion and analysis of financial condition and results of operations ( continued ) .'] | ****************************************
( in millions ) | 2013 | 2012 | 2011
net cash provided by operating activities | $ 20776 | $ 18884 | $ 20963
net cash used for investing activities | -18073 ( 18073 ) | -14060 ( 14060 ) | -10301 ( 10301 )
net cash used for financing activities | -5498 ( 5498 ) | -1408 ( 1408 ) | -11100 ( 11100 )
effect of exchange rate fluctuations on cash and cash equivalents | -9 ( 9 ) | -3 ( 3 ) | 5
net increase ( decrease ) in cash and cash equivalents | $ -2804 ( 2804 ) | $ 3413 | $ -433 ( 433 )
**************************************** | subtract(18884, 20963), divide(#0, 20963) | -0.09917 |
what was the percentage change in interest payments from 2007 to 2008? | Context: ['notes to the consolidated financial statements on march 18 , 2008 , ppg completed a public offering of $ 600 million in aggregate principal amount of its 5.75% ( 5.75 % ) notes due 2013 ( the 201c2013 notes 201d ) , $ 700 million in aggregate principal amount of its 6.65% ( 6.65 % ) notes due 2018 ( the 201c2018 notes 201d ) and $ 250 million in aggregate principal amount of its 7.70% ( 7.70 % ) notes due 2038 ( the 201c2038 notes 201d and , together with the 2013 notes and the 2018 notes , the 201cnotes 201d ) .', 'the notes were offered by the company pursuant to its existing shelf registration .', 'the proceeds of this offering of $ 1538 million ( net of discount and issuance costs ) and additional borrowings of $ 195 million under the 20ac650 million revolving credit facility were used to repay existing debt , including certain short-term debt and the amounts outstanding under the 20ac1 billion bridge loan .', 'no further amounts can be borrowed under the 20ac1 billion bridge loan .', 'the discount and issuance costs related to the notes , which totaled $ 12 million , will be amortized to interest expense over the respective lives of the notes .', 'short-term debt outstanding as of december 31 , 2008 and 2007 , was as follows : ( millions ) 2008 2007 .']
------
Table:
========================================
• ( millions ), 2008, 2007
• 20ac1 billion bridge loan agreement 5.2% ( 5.2 % ), $ 2014, $ 1047
• u.s . commercial paper 5.3% ( 5.3 % ) as of dec . 31 2008, 222, 617
• 20ac650 million revolving credit facility weighted average 2.9% ( 2.9 % ) as of dec . 31 2008 ( 1 ), 200, 2014
• other weighted average 4.0% ( 4.0 % ) as of dec . 31 2008, 362, 154
• total, $ 784, $ 1818
========================================
------
Follow-up: ['total $ 784 $ 1818 ( 1 ) borrowings under this facility have a term of 30 days and can be rolled over monthly until the facility expires in 2010 .', 'ppg is in compliance with the restrictive covenants under its various credit agreements , loan agreements and indentures .', 'the company 2019s revolving credit agreements include a financial ratio covenant .', 'the covenant requires that the amount of total indebtedness not exceed 60% ( 60 % ) of the company 2019s total capitalization excluding the portion of accumulated other comprehensive income ( loss ) related to pensions and other postretirement benefit adjustments .', 'as of december 31 , 2008 , total indebtedness was 45% ( 45 % ) of the company 2019s total capitalization excluding the portion of accumulated other comprehensive income ( loss ) related to pensions and other postretirement benefit adjustments .', 'additionally , substantially all of the company 2019s debt agreements contain customary cross- default provisions .', 'those provisions generally provide that a default on a debt service payment of $ 10 million or more for longer than the grace period provided ( usually 10 days ) under one agreement may result in an event of default under other agreements .', 'none of the company 2019s primary debt obligations are secured or guaranteed by the company 2019s affiliates .', 'interest payments in 2008 , 2007 and 2006 totaled $ 228 million , $ 102 million and $ 90 million , respectively .', 'rental expense for operating leases was $ 267 million , $ 188 million and $ 161 million in 2008 , 2007 and 2006 , respectively .', 'the primary leased assets include paint stores , transportation equipment , warehouses and other distribution facilities , and office space , including the company 2019s corporate headquarters located in pittsburgh , pa .', 'minimum lease commitments for operating leases that have initial or remaining lease terms in excess of one year as of december 31 , 2008 , are ( in millions ) $ 126 in 2009 , $ 107 in 2010 , $ 82 in 2011 , $ 65 in 2012 , $ 51 in 2013 and $ 202 thereafter .', 'the company had outstanding letters of credit of $ 82 million as of december 31 , 2008 .', 'the letters of credit secure the company 2019s performance to third parties under certain self-insurance programs and other commitments made in the ordinary course of business .', 'as of december 31 , 2008 and 2007 guarantees outstanding were $ 70 million .', 'the guarantees relate primarily to debt of certain entities in which ppg has an ownership interest and selected customers of certain of the company 2019s businesses .', 'a portion of such debt is secured by the assets of the related entities .', 'the carrying values of these guarantees were $ 9 million and $ 3 million as of december 31 , 2008 and 2007 , respectively , and the fair values were $ 40 million and $ 17 million , as of december 31 , 2008 and 2007 , respectively .', 'the company does not believe any loss related to these letters of credit or guarantees is likely .', '10 .', 'financial instruments , excluding derivative financial instruments included in ppg 2019s financial instrument portfolio are cash and cash equivalents , cash held in escrow , marketable equity securities , company-owned life insurance and short- and long-term debt instruments .', 'the fair values of the financial instruments approximated their carrying values , in the aggregate , except for long-term long-term debt ( excluding capital lease obligations ) , had carrying and fair values totaling $ 3122 million and $ 3035 million , respectively , as of december 31 , 2008 .', 'the corresponding amounts as of december 31 , 2007 , were $ 1201 million and $ 1226 million , respectively .', 'the fair values of the debt instruments were based on discounted cash flows and interest rates currently available to the company for instruments of the same remaining maturities .', '2008 ppg annual report and form 10-k 45 .'] | 1.23529 | PPG/2008/page_47.pdf-4 | ['notes to the consolidated financial statements on march 18 , 2008 , ppg completed a public offering of $ 600 million in aggregate principal amount of its 5.75% ( 5.75 % ) notes due 2013 ( the 201c2013 notes 201d ) , $ 700 million in aggregate principal amount of its 6.65% ( 6.65 % ) notes due 2018 ( the 201c2018 notes 201d ) and $ 250 million in aggregate principal amount of its 7.70% ( 7.70 % ) notes due 2038 ( the 201c2038 notes 201d and , together with the 2013 notes and the 2018 notes , the 201cnotes 201d ) .', 'the notes were offered by the company pursuant to its existing shelf registration .', 'the proceeds of this offering of $ 1538 million ( net of discount and issuance costs ) and additional borrowings of $ 195 million under the 20ac650 million revolving credit facility were used to repay existing debt , including certain short-term debt and the amounts outstanding under the 20ac1 billion bridge loan .', 'no further amounts can be borrowed under the 20ac1 billion bridge loan .', 'the discount and issuance costs related to the notes , which totaled $ 12 million , will be amortized to interest expense over the respective lives of the notes .', 'short-term debt outstanding as of december 31 , 2008 and 2007 , was as follows : ( millions ) 2008 2007 .'] | ['total $ 784 $ 1818 ( 1 ) borrowings under this facility have a term of 30 days and can be rolled over monthly until the facility expires in 2010 .', 'ppg is in compliance with the restrictive covenants under its various credit agreements , loan agreements and indentures .', 'the company 2019s revolving credit agreements include a financial ratio covenant .', 'the covenant requires that the amount of total indebtedness not exceed 60% ( 60 % ) of the company 2019s total capitalization excluding the portion of accumulated other comprehensive income ( loss ) related to pensions and other postretirement benefit adjustments .', 'as of december 31 , 2008 , total indebtedness was 45% ( 45 % ) of the company 2019s total capitalization excluding the portion of accumulated other comprehensive income ( loss ) related to pensions and other postretirement benefit adjustments .', 'additionally , substantially all of the company 2019s debt agreements contain customary cross- default provisions .', 'those provisions generally provide that a default on a debt service payment of $ 10 million or more for longer than the grace period provided ( usually 10 days ) under one agreement may result in an event of default under other agreements .', 'none of the company 2019s primary debt obligations are secured or guaranteed by the company 2019s affiliates .', 'interest payments in 2008 , 2007 and 2006 totaled $ 228 million , $ 102 million and $ 90 million , respectively .', 'rental expense for operating leases was $ 267 million , $ 188 million and $ 161 million in 2008 , 2007 and 2006 , respectively .', 'the primary leased assets include paint stores , transportation equipment , warehouses and other distribution facilities , and office space , including the company 2019s corporate headquarters located in pittsburgh , pa .', 'minimum lease commitments for operating leases that have initial or remaining lease terms in excess of one year as of december 31 , 2008 , are ( in millions ) $ 126 in 2009 , $ 107 in 2010 , $ 82 in 2011 , $ 65 in 2012 , $ 51 in 2013 and $ 202 thereafter .', 'the company had outstanding letters of credit of $ 82 million as of december 31 , 2008 .', 'the letters of credit secure the company 2019s performance to third parties under certain self-insurance programs and other commitments made in the ordinary course of business .', 'as of december 31 , 2008 and 2007 guarantees outstanding were $ 70 million .', 'the guarantees relate primarily to debt of certain entities in which ppg has an ownership interest and selected customers of certain of the company 2019s businesses .', 'a portion of such debt is secured by the assets of the related entities .', 'the carrying values of these guarantees were $ 9 million and $ 3 million as of december 31 , 2008 and 2007 , respectively , and the fair values were $ 40 million and $ 17 million , as of december 31 , 2008 and 2007 , respectively .', 'the company does not believe any loss related to these letters of credit or guarantees is likely .', '10 .', 'financial instruments , excluding derivative financial instruments included in ppg 2019s financial instrument portfolio are cash and cash equivalents , cash held in escrow , marketable equity securities , company-owned life insurance and short- and long-term debt instruments .', 'the fair values of the financial instruments approximated their carrying values , in the aggregate , except for long-term long-term debt ( excluding capital lease obligations ) , had carrying and fair values totaling $ 3122 million and $ 3035 million , respectively , as of december 31 , 2008 .', 'the corresponding amounts as of december 31 , 2007 , were $ 1201 million and $ 1226 million , respectively .', 'the fair values of the debt instruments were based on discounted cash flows and interest rates currently available to the company for instruments of the same remaining maturities .', '2008 ppg annual report and form 10-k 45 .'] | ========================================
• ( millions ), 2008, 2007
• 20ac1 billion bridge loan agreement 5.2% ( 5.2 % ), $ 2014, $ 1047
• u.s . commercial paper 5.3% ( 5.3 % ) as of dec . 31 2008, 222, 617
• 20ac650 million revolving credit facility weighted average 2.9% ( 2.9 % ) as of dec . 31 2008 ( 1 ), 200, 2014
• other weighted average 4.0% ( 4.0 % ) as of dec . 31 2008, 362, 154
• total, $ 784, $ 1818
======================================== | subtract(228, 102), divide(#0, 102) | 1.23529 |
considering the year 2018 , what is the percentage of the cash dividend paid per share concerning the total amount paid per share? | Context: ['humana inc .', 'notes to consolidated financial statements 2014 ( continued ) 15 .', 'stockholders 2019 equity dividends the following table provides details of dividend payments , excluding dividend equivalent rights , in 2016 , 2017 , and 2018 under our board approved quarterly cash dividend policy : payment amount per share amount ( in millions ) .']
------
Tabular Data:
****************************************
paymentdate | amountper share | totalamount ( in millions )
----------|----------|----------
2016 | $ 1.16 | $ 172
2017 | $ 1.49 | $ 216
2018 | $ 1.90 | $ 262
****************************************
------
Post-table: ['on november 2 , 2018 , the board declared a cash dividend of $ 0.50 per share that was paid on january 25 , 2019 to stockholders of record on december 31 , 2018 , for an aggregate amount of $ 68 million .', 'declaration and payment of future quarterly dividends is at the discretion of our board and may be adjusted as business needs or market conditions change .', 'in february 2019 , the board declared a cash dividend of $ 0.55 per share payable on april 26 , 2019 to stockholders of record on march 29 , 2019 .', 'stock repurchases our board of directors may authorize the purchase of our common shares .', 'under our share repurchase authorization , shares may have been purchased from time to time at prevailing prices in the open market , by block purchases , through plans designed to comply with rule 10b5-1 under the securities exchange act of 1934 , as amended , or in privately-negotiated transactions ( including pursuant to accelerated share repurchase agreements with investment banks ) , subject to certain regulatory restrictions on volume , pricing , and timing .', 'on february 14 , 2017 , our board of directors authorized the repurchase of up to $ 2.25 billion of our common shares expiring on december 31 , 2017 , exclusive of shares repurchased in connection with employee stock plans .', 'on february 16 , 2017 , we entered into an accelerated share repurchase agreement , the february 2017 asr , with goldman , sachs & co .', 'llc , or goldman sachs , to repurchase $ 1.5 billion of our common stock as part of the $ 2.25 billion share repurchase authorized on february 14 , 2017 .', 'on february 22 , 2017 , we made a payment of $ 1.5 billion to goldman sachs from available cash on hand and received an initial delivery of 5.83 million shares of our common stock from goldman sachs based on the then current market price of humana common stock .', 'the payment to goldman sachs was recorded as a reduction to stockholders 2019 equity , consisting of a $ 1.2 billion increase in treasury stock , which reflected the value of the initial 5.83 million shares received upon initial settlement , and a $ 300 million decrease in capital in excess of par value , which reflected the value of stock held back by goldman sachs pending final settlement of the february 2017 asr .', 'upon settlement of the february 2017 asr on august 28 , 2017 , we received an additional 0.84 million shares as determined by the average daily volume weighted-average share price of our common stock during the term of the agreement of $ 224.81 , less a discount and subject to adjustments pursuant to the terms and conditions of the february 2017 asr , bringing the total shares received under this program to 6.67 million .', 'in addition , upon settlement we reclassified the $ 300 million value of stock initially held back by goldman sachs from capital in excess of par value to treasury stock .', 'subsequent to settlement of the february 2017 asr , we repurchased an additional 3.04 million shares in the open market , utilizing the remaining $ 750 million of the $ 2.25 billion authorization prior to expiration .', 'on december 14 , 2017 , our board of directors authorized the repurchase of up to $ 3.0 billion of our common shares expiring on december 31 , 2020 , exclusive of shares repurchased in connection with employee stock plans. .'] | 0.26316 | HUM/2018/page_129.pdf-2 | ['humana inc .', 'notes to consolidated financial statements 2014 ( continued ) 15 .', 'stockholders 2019 equity dividends the following table provides details of dividend payments , excluding dividend equivalent rights , in 2016 , 2017 , and 2018 under our board approved quarterly cash dividend policy : payment amount per share amount ( in millions ) .'] | ['on november 2 , 2018 , the board declared a cash dividend of $ 0.50 per share that was paid on january 25 , 2019 to stockholders of record on december 31 , 2018 , for an aggregate amount of $ 68 million .', 'declaration and payment of future quarterly dividends is at the discretion of our board and may be adjusted as business needs or market conditions change .', 'in february 2019 , the board declared a cash dividend of $ 0.55 per share payable on april 26 , 2019 to stockholders of record on march 29 , 2019 .', 'stock repurchases our board of directors may authorize the purchase of our common shares .', 'under our share repurchase authorization , shares may have been purchased from time to time at prevailing prices in the open market , by block purchases , through plans designed to comply with rule 10b5-1 under the securities exchange act of 1934 , as amended , or in privately-negotiated transactions ( including pursuant to accelerated share repurchase agreements with investment banks ) , subject to certain regulatory restrictions on volume , pricing , and timing .', 'on february 14 , 2017 , our board of directors authorized the repurchase of up to $ 2.25 billion of our common shares expiring on december 31 , 2017 , exclusive of shares repurchased in connection with employee stock plans .', 'on february 16 , 2017 , we entered into an accelerated share repurchase agreement , the february 2017 asr , with goldman , sachs & co .', 'llc , or goldman sachs , to repurchase $ 1.5 billion of our common stock as part of the $ 2.25 billion share repurchase authorized on february 14 , 2017 .', 'on february 22 , 2017 , we made a payment of $ 1.5 billion to goldman sachs from available cash on hand and received an initial delivery of 5.83 million shares of our common stock from goldman sachs based on the then current market price of humana common stock .', 'the payment to goldman sachs was recorded as a reduction to stockholders 2019 equity , consisting of a $ 1.2 billion increase in treasury stock , which reflected the value of the initial 5.83 million shares received upon initial settlement , and a $ 300 million decrease in capital in excess of par value , which reflected the value of stock held back by goldman sachs pending final settlement of the february 2017 asr .', 'upon settlement of the february 2017 asr on august 28 , 2017 , we received an additional 0.84 million shares as determined by the average daily volume weighted-average share price of our common stock during the term of the agreement of $ 224.81 , less a discount and subject to adjustments pursuant to the terms and conditions of the february 2017 asr , bringing the total shares received under this program to 6.67 million .', 'in addition , upon settlement we reclassified the $ 300 million value of stock initially held back by goldman sachs from capital in excess of par value to treasury stock .', 'subsequent to settlement of the february 2017 asr , we repurchased an additional 3.04 million shares in the open market , utilizing the remaining $ 750 million of the $ 2.25 billion authorization prior to expiration .', 'on december 14 , 2017 , our board of directors authorized the repurchase of up to $ 3.0 billion of our common shares expiring on december 31 , 2020 , exclusive of shares repurchased in connection with employee stock plans. .'] | ****************************************
paymentdate | amountper share | totalamount ( in millions )
----------|----------|----------
2016 | $ 1.16 | $ 172
2017 | $ 1.49 | $ 216
2018 | $ 1.90 | $ 262
**************************************** | divide(0.50, 1.90) | 0.26316 |
what percent of total material obligations and commitments as of december 31 , 2009 are operating leases? | Pre-text: ['payables that were reclassified as part of our capital lease obligations .', 'capital lease obligations are reported in our consolidated statements of financial position as debt .', 'on october 15 , 2009 , we entered into a capital lease agreement for 44 locomotives with a total equipment cost of $ 100 million .', 'the lessor purchased the 44 locomotives from the corporation and subsequently leased the locomotives back to the railroad .', 'these capital lease obligations are reported in our consolidated statements of financial position as debt at december 31 , 2009 .', 'off-balance sheet arrangements , contractual obligations , and commercial commitments as described in the notes to the consolidated financial statements and as referenced in the tables below , we have contractual obligations and commercial commitments that may affect our financial condition .', 'based on our assessment of the underlying provisions and circumstances of our contractual obligations and commercial commitments , including material sources of off-balance sheet and structured finance arrangements , other than the risks that we and other similarly situated companies face with respect to the condition of the capital markets ( as described in item 1a of part ii of this report ) , there is no known trend , demand , commitment , event , or uncertainty that is reasonably likely to occur that would have a material adverse effect on our consolidated results of operations , financial condition , or liquidity .', 'in addition , our commercial obligations , financings , and commitments are customary transactions that are similar to those of other comparable corporations , particularly within the transportation industry .', 'the following tables identify material obligations and commitments as of december 31 , 2009 : payments due by december 31 , contractual obligations after millions of dollars total 2010 2011 2012 2013 2014 2014 other .']
##
Tabular Data:
----------------------------------------
contractual obligations millions of dollars, total, payments due by december 31 2010, payments due by december 31 2011, payments due by december 31 2012, payments due by december 31 2013, payments due by december 31 2014, payments due by december 31 after 2014, payments due by december 31 other
debt [a], $ 12645, $ 846, $ 896, $ 1104, $ 985, $ 951, $ 7863, $ -
operating leases, 5312, 576, 570, 488, 425, 352, 2901, -
capital lease obligations [b], 2975, 290, 292, 247, 256, 267, 1623, -
purchase obligations [c], 2738, 386, 317, 242, 249, 228, 1284, 32
other post retirement benefits [d], 435, 41, 42, 43, 43, 44, 222, -
income tax contingencies [e], 61, 1, -, -, -, -, -, 60
total contractual obligations, $ 24166, $ 2140, $ 2117, $ 2124, $ 1958, $ 1842, $ 13893, $ 92
----------------------------------------
##
Post-table: ['[a] excludes capital lease obligations of $ 2061 million , unamortized discount of $ ( 110 ) million , and market value adjustments of $ 15 million for debt with qualifying hedges that are recorded as liabilities on the consolidated statements of financial position .', 'includes an interest component of $ 4763 million .', '[b] represents total obligations , including interest component of $ 914 million .', '[c] purchase obligations include locomotive maintenance contracts ; purchase commitments for ties , ballast , and rail ; and agreements to purchase other goods and services .', 'for amounts where we can not reasonably estimate the year of settlement , they are reflected in the other column .', '[d] includes estimated other post retirement , medical , and life insurance payments and payments made under the unfunded pension plan for the next ten years .', 'no amounts are included for funded pension as no contributions are currently required .', '[e] future cash flows for income tax contingencies reflect the recorded liability for unrecognized tax benefits , including interest and penalties , as of december 31 , 2009 .', 'where we can reasonably estimate the years in which these liabilities may be settled , this is shown in the table .', 'for amounts where we can not reasonably estimate the year of settlement , they are reflected in the other column. .'] | 0.21981 | UNP/2009/page_42.pdf-3 | ['payables that were reclassified as part of our capital lease obligations .', 'capital lease obligations are reported in our consolidated statements of financial position as debt .', 'on october 15 , 2009 , we entered into a capital lease agreement for 44 locomotives with a total equipment cost of $ 100 million .', 'the lessor purchased the 44 locomotives from the corporation and subsequently leased the locomotives back to the railroad .', 'these capital lease obligations are reported in our consolidated statements of financial position as debt at december 31 , 2009 .', 'off-balance sheet arrangements , contractual obligations , and commercial commitments as described in the notes to the consolidated financial statements and as referenced in the tables below , we have contractual obligations and commercial commitments that may affect our financial condition .', 'based on our assessment of the underlying provisions and circumstances of our contractual obligations and commercial commitments , including material sources of off-balance sheet and structured finance arrangements , other than the risks that we and other similarly situated companies face with respect to the condition of the capital markets ( as described in item 1a of part ii of this report ) , there is no known trend , demand , commitment , event , or uncertainty that is reasonably likely to occur that would have a material adverse effect on our consolidated results of operations , financial condition , or liquidity .', 'in addition , our commercial obligations , financings , and commitments are customary transactions that are similar to those of other comparable corporations , particularly within the transportation industry .', 'the following tables identify material obligations and commitments as of december 31 , 2009 : payments due by december 31 , contractual obligations after millions of dollars total 2010 2011 2012 2013 2014 2014 other .'] | ['[a] excludes capital lease obligations of $ 2061 million , unamortized discount of $ ( 110 ) million , and market value adjustments of $ 15 million for debt with qualifying hedges that are recorded as liabilities on the consolidated statements of financial position .', 'includes an interest component of $ 4763 million .', '[b] represents total obligations , including interest component of $ 914 million .', '[c] purchase obligations include locomotive maintenance contracts ; purchase commitments for ties , ballast , and rail ; and agreements to purchase other goods and services .', 'for amounts where we can not reasonably estimate the year of settlement , they are reflected in the other column .', '[d] includes estimated other post retirement , medical , and life insurance payments and payments made under the unfunded pension plan for the next ten years .', 'no amounts are included for funded pension as no contributions are currently required .', '[e] future cash flows for income tax contingencies reflect the recorded liability for unrecognized tax benefits , including interest and penalties , as of december 31 , 2009 .', 'where we can reasonably estimate the years in which these liabilities may be settled , this is shown in the table .', 'for amounts where we can not reasonably estimate the year of settlement , they are reflected in the other column. .'] | ----------------------------------------
contractual obligations millions of dollars, total, payments due by december 31 2010, payments due by december 31 2011, payments due by december 31 2012, payments due by december 31 2013, payments due by december 31 2014, payments due by december 31 after 2014, payments due by december 31 other
debt [a], $ 12645, $ 846, $ 896, $ 1104, $ 985, $ 951, $ 7863, $ -
operating leases, 5312, 576, 570, 488, 425, 352, 2901, -
capital lease obligations [b], 2975, 290, 292, 247, 256, 267, 1623, -
purchase obligations [c], 2738, 386, 317, 242, 249, 228, 1284, 32
other post retirement benefits [d], 435, 41, 42, 43, 43, 44, 222, -
income tax contingencies [e], 61, 1, -, -, -, -, -, 60
total contractual obligations, $ 24166, $ 2140, $ 2117, $ 2124, $ 1958, $ 1842, $ 13893, $ 92
---------------------------------------- | divide(5312, 24166) | 0.21981 |
what is the total revenue for the fiscal year of 2015? | Context: ['of exercise for stock options exercised or at period end for outstanding stock options , less the applicable exercise price .', 'the company issued new shares to satisfy exercised stock options .', 'compensation expense the company recorded $ 43 million , $ 34 million , and $ 44 million of expense related to stock awards for the years ended december 31 , 2015 , 2014 , and 2013 , respectively .', 'the company recorded $ 17 million , $ 13 million , and $ 17 million as a tax benefit related to stock awards and stock options for the years ended december 31 , 2015 , 2014 , and 2013 , respectively .', 'the company recognized tax benefits for the years ended december 31 , 2015 , 2014 , and 2013 , of $ 41 million , $ 53 million , and $ 32 million , respectively , from the issuance of stock in settlement of stock awards , and $ 4 million , $ 5 million , and $ 4 million for the years ended december 31 , 2015 , 2014 , and 2013 , respectively , from the exercise of stock options .', 'unrecognized compensation expense as of december 31 , 2015 , the company had less than $ 1 million of unrecognized compensation expense associated with rsrs granted in 2015 and 2014 , which will be recognized over a weighted average period of 1.0 year , and $ 25 million of unrecognized expense associated with rpsrs granted in 2015 , 2014 , and 2013 , which will be recognized over a weighted average period of 0.6 years .', 'as of december 31 , 2015 , the company had no unrecognized compensation expense related to stock options .', 'compensation expense for stock options was fully recognized as of december 31 , 2013 .', '20 .', 'unaudited selected quarterly data unaudited quarterly financial results for the years ended december 31 , 2015 and 2014 , are set forth in the following tables: .']
----
Table:
****************************************
( $ in millions except per share amounts ) | year ended december 31 2015 1st qtr | year ended december 31 2015 2nd qtr ( 1 ) | year ended december 31 2015 3rd qtr | year ended december 31 2015 4th qtr ( 2 )
----------|----------|----------|----------|----------
sales and service revenues | $ 1570 | $ 1745 | $ 1800 | $ 1905
operating income ( loss ) | 156 | 269 | 200 | 144
earnings ( loss ) before income taxes | 133 | 244 | 175 | 80
net earnings ( loss ) | 87 | 156 | 111 | 50
dividends declared per share | $ 0.40 | $ 0.40 | $ 0.40 | $ 0.50
basic earnings ( loss ) per share | $ 1.80 | $ 3.22 | $ 2.31 | $ 1.07
diluted earnings ( loss ) per share | $ 1.79 | $ 3.20 | $ 2.29 | $ 1.06
****************************************
----
Post-table: ['( 1 ) in the second quarter of 2015 , the company recorded a $ 59 million goodwill impairment charge .', 'during the same period , the company recorded $ 136 million of operating income as a result of the aon settlement .', '( 2 ) in the fourth quarter of 2015 , the company recorded $ 16 million goodwill impairment and $ 27 million intangible asset impairment charges. .'] | 7020.0 | HII/2015/page_120.pdf-1 | ['of exercise for stock options exercised or at period end for outstanding stock options , less the applicable exercise price .', 'the company issued new shares to satisfy exercised stock options .', 'compensation expense the company recorded $ 43 million , $ 34 million , and $ 44 million of expense related to stock awards for the years ended december 31 , 2015 , 2014 , and 2013 , respectively .', 'the company recorded $ 17 million , $ 13 million , and $ 17 million as a tax benefit related to stock awards and stock options for the years ended december 31 , 2015 , 2014 , and 2013 , respectively .', 'the company recognized tax benefits for the years ended december 31 , 2015 , 2014 , and 2013 , of $ 41 million , $ 53 million , and $ 32 million , respectively , from the issuance of stock in settlement of stock awards , and $ 4 million , $ 5 million , and $ 4 million for the years ended december 31 , 2015 , 2014 , and 2013 , respectively , from the exercise of stock options .', 'unrecognized compensation expense as of december 31 , 2015 , the company had less than $ 1 million of unrecognized compensation expense associated with rsrs granted in 2015 and 2014 , which will be recognized over a weighted average period of 1.0 year , and $ 25 million of unrecognized expense associated with rpsrs granted in 2015 , 2014 , and 2013 , which will be recognized over a weighted average period of 0.6 years .', 'as of december 31 , 2015 , the company had no unrecognized compensation expense related to stock options .', 'compensation expense for stock options was fully recognized as of december 31 , 2013 .', '20 .', 'unaudited selected quarterly data unaudited quarterly financial results for the years ended december 31 , 2015 and 2014 , are set forth in the following tables: .'] | ['( 1 ) in the second quarter of 2015 , the company recorded a $ 59 million goodwill impairment charge .', 'during the same period , the company recorded $ 136 million of operating income as a result of the aon settlement .', '( 2 ) in the fourth quarter of 2015 , the company recorded $ 16 million goodwill impairment and $ 27 million intangible asset impairment charges. .'] | ****************************************
( $ in millions except per share amounts ) | year ended december 31 2015 1st qtr | year ended december 31 2015 2nd qtr ( 1 ) | year ended december 31 2015 3rd qtr | year ended december 31 2015 4th qtr ( 2 )
----------|----------|----------|----------|----------
sales and service revenues | $ 1570 | $ 1745 | $ 1800 | $ 1905
operating income ( loss ) | 156 | 269 | 200 | 144
earnings ( loss ) before income taxes | 133 | 244 | 175 | 80
net earnings ( loss ) | 87 | 156 | 111 | 50
dividends declared per share | $ 0.40 | $ 0.40 | $ 0.40 | $ 0.50
basic earnings ( loss ) per share | $ 1.80 | $ 3.22 | $ 2.31 | $ 1.07
diluted earnings ( loss ) per share | $ 1.79 | $ 3.20 | $ 2.29 | $ 1.06
**************************************** | add(1570, 1745), add(#0, 1800), add(#1, 1905) | 7020.0 |
what is the percentage change in comprehensive income attributable to nbcuniversal from 2014 to 2015? | Pre-text: ['nbcuniversal media , llc consolidated statement of comprehensive income .']
Data Table:
----------------------------------------
• year ended december 31 ( in millions ), 2015, 2014, 2013
• net income, $ 3624, $ 3297, $ 2122
• deferred gains ( losses ) on cash flow hedges net, -21 ( 21 ), 25, -5 ( 5 )
• employee benefit obligations net, 60, -106 ( 106 ), 95
• currency translation adjustments net, -121 ( 121 ), -62 ( 62 ), -41 ( 41 )
• comprehensive income, 3542, 3154, 2171
• net ( income ) loss attributable to noncontrolling interests, -210 ( 210 ), -182 ( 182 ), -154 ( 154 )
• other comprehensive ( income ) loss attributable to noncontrolling interests, 29, 2014, 2014
• comprehensive income attributable to nbcuniversal, $ 3361, $ 2972, $ 2017
----------------------------------------
Post-table: ['see accompanying notes to consolidated financial statements .', '147 comcast 2015 annual report on form 10-k .'] | 0.13089 | CMCSA/2015/page_150.pdf-2 | ['nbcuniversal media , llc consolidated statement of comprehensive income .'] | ['see accompanying notes to consolidated financial statements .', '147 comcast 2015 annual report on form 10-k .'] | ----------------------------------------
• year ended december 31 ( in millions ), 2015, 2014, 2013
• net income, $ 3624, $ 3297, $ 2122
• deferred gains ( losses ) on cash flow hedges net, -21 ( 21 ), 25, -5 ( 5 )
• employee benefit obligations net, 60, -106 ( 106 ), 95
• currency translation adjustments net, -121 ( 121 ), -62 ( 62 ), -41 ( 41 )
• comprehensive income, 3542, 3154, 2171
• net ( income ) loss attributable to noncontrolling interests, -210 ( 210 ), -182 ( 182 ), -154 ( 154 )
• other comprehensive ( income ) loss attributable to noncontrolling interests, 29, 2014, 2014
• comprehensive income attributable to nbcuniversal, $ 3361, $ 2972, $ 2017
---------------------------------------- | subtract(3361, 2972), divide(#0, 2972) | 0.13089 |
what was the profit margin in 2015 | Context: ['simplify the presentation of deferred income taxes and reduce complexity without decreasing the usefulness of information provided to users of financial statements .', 'the adoption of this pronouncement did not have a significant impact on the company 2019s financial position , results of operations and cash flows .', '3 .', 'acquisitions endomondo on january 5 , 2015 , the company acquired 100% ( 100 % ) of the outstanding equity of endomondo , a denmark- based digital connected fitness company , to expand the under armour connected fitness community .', 'the purchase price was $ 85.0 million , adjusted for working capital .', 'the company recognized $ 0.6 million and $ 0.8 million in acquisition related costs that were expensed during the three months ended march 31 , 2015 and december 31 , 2014 , respectively .', 'these costs are included in the consolidated statements of income in the line item entitled 201cselling , general and administrative expenses . 201d pro forma results are not presented , as the acquisition was not considered material to the consolidated company .', 'myfitnesspal on march 17 , 2015 , the company acquired 100% ( 100 % ) of the outstanding equity of mfp , a digital nutrition and connected fitness company , to expand the under armour connected fitness community .', 'the final adjusted transaction value totaled $ 474.0 million .', 'the total consideration of $ 463.9 million was adjusted to reflect the accelerated vesting of certain share awards of mfp , which are not conditioned upon continued employment , and transaction costs borne by the selling shareholders .', 'the acquisition was funded with $ 400.0 million of increased term loan borrowings and a draw on the revolving credit facility , with the remaining amount funded by cash on the company recognized $ 5.7 million of acquisition related costs that were expensed during the three months ended march 31 , 2015 .', 'these costs are included in the consolidated statement of income in the line item entitled 201cselling , general and administrative expenses . 201d the following represents the pro forma consolidated income statement as if mfp had been included in the consolidated results of the company for the year ended december 31 , 2015 and december 31 , 2014: .']
Data Table:
****************************************
( in thousands ) | year ended december 31 , 2015 | year ended december 31 , 2014
----------|----------|----------
net revenues | $ 3967008 | $ 3098341
net income | 231277 | 189659
****************************************
Post-table: ['these amounts have been calculated after applying the company 2019s accounting policies and adjusting the results of mfp to reflect the acquisition as if it closed on january 1 , 2014 .', 'pro forma net income for the year ended december 31 , 2014 includes $ 5.7 million in transaction expenses which were included in the consolidated statement of income for the year ended december 31 , 2015 , but excluded from the calculation of pro forma net income for december 31 , 2015. .'] | 0.0583 | UA/2015/page_71.pdf-1 | ['simplify the presentation of deferred income taxes and reduce complexity without decreasing the usefulness of information provided to users of financial statements .', 'the adoption of this pronouncement did not have a significant impact on the company 2019s financial position , results of operations and cash flows .', '3 .', 'acquisitions endomondo on january 5 , 2015 , the company acquired 100% ( 100 % ) of the outstanding equity of endomondo , a denmark- based digital connected fitness company , to expand the under armour connected fitness community .', 'the purchase price was $ 85.0 million , adjusted for working capital .', 'the company recognized $ 0.6 million and $ 0.8 million in acquisition related costs that were expensed during the three months ended march 31 , 2015 and december 31 , 2014 , respectively .', 'these costs are included in the consolidated statements of income in the line item entitled 201cselling , general and administrative expenses . 201d pro forma results are not presented , as the acquisition was not considered material to the consolidated company .', 'myfitnesspal on march 17 , 2015 , the company acquired 100% ( 100 % ) of the outstanding equity of mfp , a digital nutrition and connected fitness company , to expand the under armour connected fitness community .', 'the final adjusted transaction value totaled $ 474.0 million .', 'the total consideration of $ 463.9 million was adjusted to reflect the accelerated vesting of certain share awards of mfp , which are not conditioned upon continued employment , and transaction costs borne by the selling shareholders .', 'the acquisition was funded with $ 400.0 million of increased term loan borrowings and a draw on the revolving credit facility , with the remaining amount funded by cash on the company recognized $ 5.7 million of acquisition related costs that were expensed during the three months ended march 31 , 2015 .', 'these costs are included in the consolidated statement of income in the line item entitled 201cselling , general and administrative expenses . 201d the following represents the pro forma consolidated income statement as if mfp had been included in the consolidated results of the company for the year ended december 31 , 2015 and december 31 , 2014: .'] | ['these amounts have been calculated after applying the company 2019s accounting policies and adjusting the results of mfp to reflect the acquisition as if it closed on january 1 , 2014 .', 'pro forma net income for the year ended december 31 , 2014 includes $ 5.7 million in transaction expenses which were included in the consolidated statement of income for the year ended december 31 , 2015 , but excluded from the calculation of pro forma net income for december 31 , 2015. .'] | ****************************************
( in thousands ) | year ended december 31 , 2015 | year ended december 31 , 2014
----------|----------|----------
net revenues | $ 3967008 | $ 3098341
net income | 231277 | 189659
**************************************** | divide(231277, 3967008) | 0.0583 |
what will be the rate of return for global payments from 2002 to 2003? | Pre-text: ['stock performance graph the following line-graph presentation compares our cumulative shareholder returns with the standard & poor 2019s information technology index and the standard & poor 2019s 500 stock index for the past five years .', 'the line graph assumes the investment of $ 100 in our common stock , the standard & poor 2019s information technology index , and the standard & poor 2019s 500 stock index on may 31 , 2002 and assumes reinvestment of all dividends .', 'comparison of 5 year cumulative total return* among global payments inc. , the s&p 500 index and the s&p information technology index 5/02 5/03 5/04 5/05 5/06 5/07 global payments inc .', 's&p 500 s&p information technology * $ 100 invested on 5/31/02 in stock or index-including reinvestment of dividends .', 'fiscal year ending may 31 .', 'global payments s&p 500 information technology .']
########
Tabular Data:
----------------------------------------
| global payments | s&p 500 | s&p information technology
may 31 2002 | $ 100.00 | $ 100.00 | $ 100.00
may 31 2003 | 94.20 | 91.94 | 94.48
may 31 2004 | 129.77 | 108.79 | 115.24
may 31 2005 | 193.30 | 117.75 | 116.29
may 31 2006 | 260.35 | 127.92 | 117.14
may 31 2007 | 224.24 | 157.08 | 144.11
----------------------------------------
########
Additional Information: ['issuer purchases of equity securities on april 5 , 2007 , our board of directors authorized repurchases of our common stock in an amount up to $ 100 million .', 'the board has authorized us to purchase shares from time to time as market conditions permit .', 'there is no expiration date with respect to this authorization .', 'no amounts have been repurchased during the fiscal year ended may 31 , 2007. .'] | -0.058 | GPN/2007/page_39.pdf-1 | ['stock performance graph the following line-graph presentation compares our cumulative shareholder returns with the standard & poor 2019s information technology index and the standard & poor 2019s 500 stock index for the past five years .', 'the line graph assumes the investment of $ 100 in our common stock , the standard & poor 2019s information technology index , and the standard & poor 2019s 500 stock index on may 31 , 2002 and assumes reinvestment of all dividends .', 'comparison of 5 year cumulative total return* among global payments inc. , the s&p 500 index and the s&p information technology index 5/02 5/03 5/04 5/05 5/06 5/07 global payments inc .', 's&p 500 s&p information technology * $ 100 invested on 5/31/02 in stock or index-including reinvestment of dividends .', 'fiscal year ending may 31 .', 'global payments s&p 500 information technology .'] | ['issuer purchases of equity securities on april 5 , 2007 , our board of directors authorized repurchases of our common stock in an amount up to $ 100 million .', 'the board has authorized us to purchase shares from time to time as market conditions permit .', 'there is no expiration date with respect to this authorization .', 'no amounts have been repurchased during the fiscal year ended may 31 , 2007. .'] | ----------------------------------------
| global payments | s&p 500 | s&p information technology
may 31 2002 | $ 100.00 | $ 100.00 | $ 100.00
may 31 2003 | 94.20 | 91.94 | 94.48
may 31 2004 | 129.77 | 108.79 | 115.24
may 31 2005 | 193.30 | 117.75 | 116.29
may 31 2006 | 260.35 | 127.92 | 117.14
may 31 2007 | 224.24 | 157.08 | 144.11
---------------------------------------- | subtract(94.20, const_100), divide(#0, const_100) | -0.058 |
what was the change in millions of alt-a mortgages pretax revenue from 2008 to 2009? | Background: ['2009 vs .', '2008 revenues , net of interest expense increased 11% ( 11 % ) or $ 2.7 billion , as markets began to recover in the early part of 2009 , bringing back higher levels of volume activity and higher levels of liquidity , which began to decline again in the third quarter of 2009 .', 'the growth in revenue in the early part of the year was mainly due to a $ 7.1 billion increase in fixed income markets , reflecting strong trading opportunities across all asset classes in the first half of 2009 , and a $ 1.5 billion increase in investment banking revenue primarily from increases in debt and equity underwriting activities reflecting higher transaction volumes from depressed 2008 levels .', 'these increases were offset by a $ 6.4 billion decrease in lending revenue primarily from losses on credit default swap hedges .', 'excluding the 2009 and 2008 cva impact , as indicated in the table below , revenues increased 23% ( 23 % ) or $ 5.5 billion .', 'operating expenses decreased 17% ( 17 % ) , or $ 2.7 billion .', 'excluding the 2008 repositioning and restructuring charges and the 2009 litigation reserve release , operating expenses declined 11% ( 11 % ) or $ 1.6 billion , mainly as a result of headcount reductions and benefits from expense management .', 'provisions for loan losses and for benefits and claims decreased 7% ( 7 % ) or $ 129 million , to $ 1.7 billion , mainly due to lower credit reserve builds and net credit losses , due to an improved credit environment , particularly in the latter part of the year .', '2008 vs .', '2007 revenues , net of interest expense decreased 2% ( 2 % ) or $ 0.4 billion reflecting the overall difficult market conditions .', 'excluding the 2008 and 2007 cva impact , revenues decreased 3% ( 3 % ) or $ 0.6 billion .', 'the reduction in revenue was primarily due to a decrease in investment banking revenue of $ 2.3 billion to $ 3.2 billion , mainly in debt and equity underwriting , reflecting lower volumes , and a decrease in equity markets revenue of $ 2.3 billion to $ 2.9 billion due to extremely high volatility and reduced levels of activity .', 'these reductions were offset by an increase in fixed income markets of $ 2.9 billion to $ 14.4 billion due to strong performance in interest rates and currencies , and an increase in lending revenue of $ 2.4 billion to $ 4.2 billion mainly from gains on credit default swap hedges .', 'operating expenses decreased by 2% ( 2 % ) or $ 0.4 billion .', 'excluding the 2008 and 2007 repositioning and restructuring charges and the 2007 litigation reserve reversal , operating expenses decreased by 7% ( 7 % ) or $ 1.1 billion driven by headcount reduction and lower performance-based incentives .', 'provisions for credit losses and for benefits and claims increased $ 1.3 billion to $ 1.8 billion mainly from higher credit reserve builds and net credit losses offset by a lower provision for unfunded lending commitments due to deterioration in the credit environment .', 'certain revenues impacting securities and banking items that impacted s&b revenues during 2009 and 2008 are set forth in the table below. .']
Tabular Data:
========================================
in millions of dollars | pretax revenue 2009 | pretax revenue 2008
----------|----------|----------
private equity and equity investments | $ 201 | $ -377 ( 377 )
alt-a mortgages ( 1 ) ( 2 ) | 321 | -737 ( 737 )
commercial real estate ( cre ) positions ( 1 ) ( 3 ) | 68 | 270
cva on citi debt liabilities under fair value option | -3974 ( 3974 ) | 4325
cva on derivatives positions excluding monoline insurers | 2204 | -3292 ( 3292 )
total significant revenue items | $ -1180 ( 1180 ) | $ 189
========================================
Post-table: ['( 1 ) net of hedges .', '( 2 ) for these purposes , alt-a mortgage securities are non-agency residential mortgage-backed securities ( rmbs ) where ( i ) the underlying collateral has weighted average fico scores between 680 and 720 or ( ii ) for instances where fico scores are greater than 720 , rmbs have 30% ( 30 % ) or less of the underlying collateral composed of full documentation loans .', 'see 201cmanaging global risk 2014credit risk 2014u.s .', 'consumer mortgage lending . 201d ( 3 ) s&b 2019s commercial real estate exposure is split into three categories of assets : held at fair value ; held- to-maturity/held-for-investment ; and equity .', 'see 201cmanaging global risk 2014credit risk 2014exposure to commercial real estate 201d section for a further discussion .', 'in the table above , 2009 includes a $ 330 million pretax adjustment to the cva balance , which reduced pretax revenues for the year , reflecting a correction of an error related to prior periods .', 'see 201csignificant accounting policies and significant estimates 201d below and notes 1 and 34 to the consolidated financial statements for a further discussion of this adjustment .', '2010 outlook the 2010 outlook for s&b will depend on the level of client activity and on macroeconomic conditions , market valuations and volatility , interest rates and other market factors .', 'management of s&b currently expects to maintain client activity throughout 2010 and to operate in market conditions that offer moderate volatility and increased liquidity .', 'operating expenses will benefit from continued re-engineering and expense management initiatives , but will be offset by investments in talent and infrastructure to support growth. .'] | 1058.0 | C/2009/page_38.pdf-2 | ['2009 vs .', '2008 revenues , net of interest expense increased 11% ( 11 % ) or $ 2.7 billion , as markets began to recover in the early part of 2009 , bringing back higher levels of volume activity and higher levels of liquidity , which began to decline again in the third quarter of 2009 .', 'the growth in revenue in the early part of the year was mainly due to a $ 7.1 billion increase in fixed income markets , reflecting strong trading opportunities across all asset classes in the first half of 2009 , and a $ 1.5 billion increase in investment banking revenue primarily from increases in debt and equity underwriting activities reflecting higher transaction volumes from depressed 2008 levels .', 'these increases were offset by a $ 6.4 billion decrease in lending revenue primarily from losses on credit default swap hedges .', 'excluding the 2009 and 2008 cva impact , as indicated in the table below , revenues increased 23% ( 23 % ) or $ 5.5 billion .', 'operating expenses decreased 17% ( 17 % ) , or $ 2.7 billion .', 'excluding the 2008 repositioning and restructuring charges and the 2009 litigation reserve release , operating expenses declined 11% ( 11 % ) or $ 1.6 billion , mainly as a result of headcount reductions and benefits from expense management .', 'provisions for loan losses and for benefits and claims decreased 7% ( 7 % ) or $ 129 million , to $ 1.7 billion , mainly due to lower credit reserve builds and net credit losses , due to an improved credit environment , particularly in the latter part of the year .', '2008 vs .', '2007 revenues , net of interest expense decreased 2% ( 2 % ) or $ 0.4 billion reflecting the overall difficult market conditions .', 'excluding the 2008 and 2007 cva impact , revenues decreased 3% ( 3 % ) or $ 0.6 billion .', 'the reduction in revenue was primarily due to a decrease in investment banking revenue of $ 2.3 billion to $ 3.2 billion , mainly in debt and equity underwriting , reflecting lower volumes , and a decrease in equity markets revenue of $ 2.3 billion to $ 2.9 billion due to extremely high volatility and reduced levels of activity .', 'these reductions were offset by an increase in fixed income markets of $ 2.9 billion to $ 14.4 billion due to strong performance in interest rates and currencies , and an increase in lending revenue of $ 2.4 billion to $ 4.2 billion mainly from gains on credit default swap hedges .', 'operating expenses decreased by 2% ( 2 % ) or $ 0.4 billion .', 'excluding the 2008 and 2007 repositioning and restructuring charges and the 2007 litigation reserve reversal , operating expenses decreased by 7% ( 7 % ) or $ 1.1 billion driven by headcount reduction and lower performance-based incentives .', 'provisions for credit losses and for benefits and claims increased $ 1.3 billion to $ 1.8 billion mainly from higher credit reserve builds and net credit losses offset by a lower provision for unfunded lending commitments due to deterioration in the credit environment .', 'certain revenues impacting securities and banking items that impacted s&b revenues during 2009 and 2008 are set forth in the table below. .'] | ['( 1 ) net of hedges .', '( 2 ) for these purposes , alt-a mortgage securities are non-agency residential mortgage-backed securities ( rmbs ) where ( i ) the underlying collateral has weighted average fico scores between 680 and 720 or ( ii ) for instances where fico scores are greater than 720 , rmbs have 30% ( 30 % ) or less of the underlying collateral composed of full documentation loans .', 'see 201cmanaging global risk 2014credit risk 2014u.s .', 'consumer mortgage lending . 201d ( 3 ) s&b 2019s commercial real estate exposure is split into three categories of assets : held at fair value ; held- to-maturity/held-for-investment ; and equity .', 'see 201cmanaging global risk 2014credit risk 2014exposure to commercial real estate 201d section for a further discussion .', 'in the table above , 2009 includes a $ 330 million pretax adjustment to the cva balance , which reduced pretax revenues for the year , reflecting a correction of an error related to prior periods .', 'see 201csignificant accounting policies and significant estimates 201d below and notes 1 and 34 to the consolidated financial statements for a further discussion of this adjustment .', '2010 outlook the 2010 outlook for s&b will depend on the level of client activity and on macroeconomic conditions , market valuations and volatility , interest rates and other market factors .', 'management of s&b currently expects to maintain client activity throughout 2010 and to operate in market conditions that offer moderate volatility and increased liquidity .', 'operating expenses will benefit from continued re-engineering and expense management initiatives , but will be offset by investments in talent and infrastructure to support growth. .'] | ========================================
in millions of dollars | pretax revenue 2009 | pretax revenue 2008
----------|----------|----------
private equity and equity investments | $ 201 | $ -377 ( 377 )
alt-a mortgages ( 1 ) ( 2 ) | 321 | -737 ( 737 )
commercial real estate ( cre ) positions ( 1 ) ( 3 ) | 68 | 270
cva on citi debt liabilities under fair value option | -3974 ( 3974 ) | 4325
cva on derivatives positions excluding monoline insurers | 2204 | -3292 ( 3292 )
total significant revenue items | $ -1180 ( 1180 ) | $ 189
======================================== | subtract(321, -737) | 1058.0 |
what portion of the securitization bonds issued by entergy gulf states reconstruction funding has a maturity date in 2022? | Background: ["entergy corporation and subsidiaries notes to financial statements in november 2000 , entergy's non-utility nuclear business purchased the fitzpatrick and indian point 3 power plants in a seller-financed transaction .", 'entergy issued notes to nypa with seven annual installments of approximately $ 108 million commencing one year from the date of the closing , and eight annual installments of $ 20 million commencing eight years from the date of the closing .', 'these notes do not have a stated interest rate , but have an implicit interest rate of 4.8% ( 4.8 % ) .', "in accordance with the purchase agreement with nypa , the purchase of indian point 2 in 2001 resulted in entergy's non-utility nuclear business becoming liable to nypa for an additional $ 10 million per year for 10 years , beginning in september 2003 .", 'this liability was recorded upon the purchase of indian point 2 in september 2001 , and is included in the note payable to nypa balance above .', 'in july 2003 , a payment of $ 102 million was made prior to maturity on the note payable to nypa .', 'under a provision in a letter of credit supporting these notes , if certain of the utility operating companies or system energy were to default on other indebtedness , entergy could be required to post collateral to support the letter of credit .', 'covenants in the entergy corporation notes require it to maintain a consolidated debt ratio of 65% ( 65 % ) or less of its total capitalization .', "if entergy's debt ratio exceeds this limit , or if entergy corporation or certain of the utility operating companies default on other indebtedness or are in bankruptcy or insolvency proceedings , an acceleration of the notes' maturity dates may occur .", 'entergy gulf states louisiana , entergy louisiana , entergy mississippi , entergy texas , and system energy have received ferc long-term financing orders authorizing long-term securities issuances .', 'entergy arkansas has received an apsc long-term financing order authorizing long-term securities issuances .', 'the long-term securities issuances of entergy new orleans are limited to amounts authorized by the city council , and the current authorization extends through august 2010 .', "capital funds agreement pursuant to an agreement with certain creditors , entergy corporation has agreed to supply system energy with sufficient capital to : maintain system energy's equity capital at a minimum of 35% ( 35 % ) of its total capitalization ( excluding short- term debt ) ; permit the continued commercial operation of grand gulf ; pay in full all system energy indebtedness for borrowed money when due ; and enable system energy to make payments on specific system energy debt , under supplements to the agreement assigning system energy's rights in the agreement as security for the specific debt .", "entergy texas securitization bonds - hurricane rita in april 2007 , the puct issued a financing order authorizing the issuance of securitization bonds to recover $ 353 million of entergy texas' hurricane rita reconstruction costs and up to $ 6 million of transaction costs , offset by $ 32 million of related deferred income tax benefits .", 'in june 2007 , entergy gulf states reconstruction funding i , llc , a company wholly-owned and consolidated by entergy texas , issued $ 329.5 million of senior secured transition bonds ( securitization bonds ) , as follows : amount ( in thousands ) .']
Table:
========================================
• , amount ( in thousands )
• senior secured transition bonds series a:,
• tranche a-1 ( 5.51% ( 5.51 % ) ) due october 2013, $ 93500
• tranche a-2 ( 5.79% ( 5.79 % ) ) due october 2018, 121600
• tranche a-3 ( 5.93% ( 5.93 % ) ) due june 2022, 114400
• total senior secured transition bonds, $ 329500
========================================
Follow-up: ['.'] | 0.34719 | ETR/2009/page_107.pdf-2 | ["entergy corporation and subsidiaries notes to financial statements in november 2000 , entergy's non-utility nuclear business purchased the fitzpatrick and indian point 3 power plants in a seller-financed transaction .", 'entergy issued notes to nypa with seven annual installments of approximately $ 108 million commencing one year from the date of the closing , and eight annual installments of $ 20 million commencing eight years from the date of the closing .', 'these notes do not have a stated interest rate , but have an implicit interest rate of 4.8% ( 4.8 % ) .', "in accordance with the purchase agreement with nypa , the purchase of indian point 2 in 2001 resulted in entergy's non-utility nuclear business becoming liable to nypa for an additional $ 10 million per year for 10 years , beginning in september 2003 .", 'this liability was recorded upon the purchase of indian point 2 in september 2001 , and is included in the note payable to nypa balance above .', 'in july 2003 , a payment of $ 102 million was made prior to maturity on the note payable to nypa .', 'under a provision in a letter of credit supporting these notes , if certain of the utility operating companies or system energy were to default on other indebtedness , entergy could be required to post collateral to support the letter of credit .', 'covenants in the entergy corporation notes require it to maintain a consolidated debt ratio of 65% ( 65 % ) or less of its total capitalization .', "if entergy's debt ratio exceeds this limit , or if entergy corporation or certain of the utility operating companies default on other indebtedness or are in bankruptcy or insolvency proceedings , an acceleration of the notes' maturity dates may occur .", 'entergy gulf states louisiana , entergy louisiana , entergy mississippi , entergy texas , and system energy have received ferc long-term financing orders authorizing long-term securities issuances .', 'entergy arkansas has received an apsc long-term financing order authorizing long-term securities issuances .', 'the long-term securities issuances of entergy new orleans are limited to amounts authorized by the city council , and the current authorization extends through august 2010 .', "capital funds agreement pursuant to an agreement with certain creditors , entergy corporation has agreed to supply system energy with sufficient capital to : maintain system energy's equity capital at a minimum of 35% ( 35 % ) of its total capitalization ( excluding short- term debt ) ; permit the continued commercial operation of grand gulf ; pay in full all system energy indebtedness for borrowed money when due ; and enable system energy to make payments on specific system energy debt , under supplements to the agreement assigning system energy's rights in the agreement as security for the specific debt .", "entergy texas securitization bonds - hurricane rita in april 2007 , the puct issued a financing order authorizing the issuance of securitization bonds to recover $ 353 million of entergy texas' hurricane rita reconstruction costs and up to $ 6 million of transaction costs , offset by $ 32 million of related deferred income tax benefits .", 'in june 2007 , entergy gulf states reconstruction funding i , llc , a company wholly-owned and consolidated by entergy texas , issued $ 329.5 million of senior secured transition bonds ( securitization bonds ) , as follows : amount ( in thousands ) .'] | ['.'] | ========================================
• , amount ( in thousands )
• senior secured transition bonds series a:,
• tranche a-1 ( 5.51% ( 5.51 % ) ) due october 2013, $ 93500
• tranche a-2 ( 5.79% ( 5.79 % ) ) due october 2018, 121600
• tranche a-3 ( 5.93% ( 5.93 % ) ) due june 2022, 114400
• total senior secured transition bonds, $ 329500
======================================== | divide(114400, 329500) | 0.34719 |
what was the average net revenue between 2010 and 2011 | Context: ['entergy new orleans , inc .', 'management 2019s financial discussion and analysis plan to spin off the utility 2019s transmission business see the 201cplan to spin off the utility 2019s transmission business 201d section of entergy corporation and subsidiaries management 2019s financial discussion and analysis for a discussion of this matter , including the planned retirement of debt and preferred securities .', 'results of operations net income 2011 compared to 2010 net income increased $ 4.9 million primarily due to lower other operation and maintenance expenses , lower taxes other than income taxes , a lower effective income tax rate , and lower interest expense , partially offset by lower net revenue .', '2010 compared to 2009 net income remained relatively unchanged , increasing $ 0.6 million , primarily due to higher net revenue and lower interest expense , almost entirely offset by higher other operation and maintenance expenses , higher taxes other than income taxes , lower other income , and higher depreciation and amortization expenses .', 'net revenue 2011 compared to 2010 net revenue consists of operating revenues net of : 1 ) fuel , fuel-related expenses , and gas purchased for resale , 2 ) purchased power expenses , and 3 ) other regulatory charges ( credits ) .', 'following is an analysis of the change in net revenue comparing 2011 to 2010 .', 'amount ( in millions ) .']
##
Table:
****************************************
| amount ( in millions )
----------|----------
2010 net revenue | $ 272.9
retail electric price | -16.9 ( 16.9 )
net gas revenue | -9.1 ( 9.1 )
gas cost recovery asset | -3.0 ( 3.0 )
volume/weather | 5.4
other | -2.3 ( 2.3 )
2011 net revenue | $ 247.0
****************************************
##
Additional Information: ['the retail electric price variance is primarily due to formula rate plan decreases effective october 2010 and october 2011 .', 'see note 2 to the financial statements for a discussion of the formula rate plan filing .', 'the net gas revenue variance is primarily due to milder weather in 2011 compared to 2010 .', 'the gas cost recovery asset variance is primarily due to the recognition in 2010 of a $ 3 million gas operations regulatory asset associated with the settlement of entergy new orleans 2019s electric and gas formula rate plan case and the amortization of that asset .', 'see note 2 to the financial statements for additional discussion of the formula rate plan settlement. .'] | 260.95 | ETR/2011/page_358.pdf-4 | ['entergy new orleans , inc .', 'management 2019s financial discussion and analysis plan to spin off the utility 2019s transmission business see the 201cplan to spin off the utility 2019s transmission business 201d section of entergy corporation and subsidiaries management 2019s financial discussion and analysis for a discussion of this matter , including the planned retirement of debt and preferred securities .', 'results of operations net income 2011 compared to 2010 net income increased $ 4.9 million primarily due to lower other operation and maintenance expenses , lower taxes other than income taxes , a lower effective income tax rate , and lower interest expense , partially offset by lower net revenue .', '2010 compared to 2009 net income remained relatively unchanged , increasing $ 0.6 million , primarily due to higher net revenue and lower interest expense , almost entirely offset by higher other operation and maintenance expenses , higher taxes other than income taxes , lower other income , and higher depreciation and amortization expenses .', 'net revenue 2011 compared to 2010 net revenue consists of operating revenues net of : 1 ) fuel , fuel-related expenses , and gas purchased for resale , 2 ) purchased power expenses , and 3 ) other regulatory charges ( credits ) .', 'following is an analysis of the change in net revenue comparing 2011 to 2010 .', 'amount ( in millions ) .'] | ['the retail electric price variance is primarily due to formula rate plan decreases effective october 2010 and october 2011 .', 'see note 2 to the financial statements for a discussion of the formula rate plan filing .', 'the net gas revenue variance is primarily due to milder weather in 2011 compared to 2010 .', 'the gas cost recovery asset variance is primarily due to the recognition in 2010 of a $ 3 million gas operations regulatory asset associated with the settlement of entergy new orleans 2019s electric and gas formula rate plan case and the amortization of that asset .', 'see note 2 to the financial statements for additional discussion of the formula rate plan settlement. .'] | ****************************************
| amount ( in millions )
----------|----------
2010 net revenue | $ 272.9
retail electric price | -16.9 ( 16.9 )
net gas revenue | -9.1 ( 9.1 )
gas cost recovery asset | -3.0 ( 3.0 )
volume/weather | 5.4
other | -2.3 ( 2.3 )
2011 net revenue | $ 247.0
**************************************** | add(272.9, 247.0), add(#0, const_2), divide(#1, const_2) | 260.95 |
were there more isos granted in the year than restricted stock units? | Pre-text: ['there were no options granted in excess of market value in 2011 , 2010 or 2009 .', 'shares of common stock available during the next year for the granting of options and other awards under the incentive plans were 33775543 at december 31 , 2011 .', 'total shares of pnc common stock authorized for future issuance under equity compensation plans totaled 35304422 shares at december 31 , 2011 , which includes shares available for issuance under the incentive plans and the employee stock purchase plan ( espp ) as described below .', 'during 2011 , we issued 731336 shares from treasury stock in connection with stock option exercise activity .', 'as with past exercise activity , we currently intend to utilize primarily treasury stock for any future stock option exercises .', 'awards granted to non-employee directors in 2011 , 2010 and 2009 include 27090 , 29040 , and 39552 deferred stock units , respectively , awarded under the outside directors deferred stock unit plan .', 'a deferred stock unit is a phantom share of our common stock , which requires liability accounting treatment until such awards are paid to the participants as cash .', 'as there are no vesting or service requirements on these awards , total compensation expense is recognized in full on awarded deferred stock units on the date of grant .', 'incentive/performance unit share awards and restricted stock/unit awards the fair value of nonvested incentive/performance unit share awards and restricted stock/unit awards is initially determined based on prices not less than the market value of our common stock price on the date of grant .', 'the value of certain incentive/ performance unit share awards is subsequently remeasured based on the achievement of one or more financial and other performance goals generally over a three-year period .', 'the personnel and compensation committee of the board of directors approves the final award payout with respect to incentive/performance unit share awards .', 'restricted stock/unit awards have various vesting periods generally ranging from 36 months to 60 months .', 'beginning in 2011 , we incorporated two changes to certain awards under our existing long-term incentive compensation programs .', 'first , for certain grants of incentive performance units , the future payout amount will be subject to a negative annual adjustment if pnc fails to meet certain risk-related performance metrics .', 'this adjustment is in addition to the existing financial performance metrics relative to our peers .', 'these grants have a three-year performance period and are payable in either stock or a combination of stock and cash .', 'second , performance-based restricted share units ( performance rsus ) were granted in 2011 to certain of our executives in lieu of stock options .', 'these performance rsus ( which are payable solely in stock ) have a service condition , an internal risk-related performance condition , and an external market condition .', 'satisfaction of the performance condition is based on four independent one-year performance periods .', 'the weighted-average grant-date fair value of incentive/ performance unit share awards and restricted stock/unit awards granted in 2011 , 2010 and 2009 was $ 63.25 , $ 54.59 and $ 41.16 per share , respectively .', 'we recognize compensation expense for such awards ratably over the corresponding vesting and/or performance periods for each type of program .', 'nonvested incentive/performance unit share awards and restricted stock/unit awards 2013 rollforward shares in thousands nonvested incentive/ performance unit shares weighted- average date fair nonvested restricted stock/ shares weighted- average date fair .']
Table:
========================================
shares in thousands december 31 2010 | nonvested incentive/ performance unit shares 363 | weighted- average grant date fair value $ 56.40 | nonvested restricted stock/ unit shares 2250 | weighted- average grant date fair value $ 49.95
granted | 623 | 64.21 | 1059 | 62.68
vested | -156 ( 156 ) | 59.54 | -706 ( 706 ) | 51.27
forfeited | | | -91 ( 91 ) | 52.24
december 31 2011 | 830 | $ 61.68 | 2512 | $ 54.87
========================================
Additional Information: ['in the chart above , the unit shares and related weighted- average grant-date fair value of the incentive/performance awards exclude the effect of dividends on the underlying shares , as those dividends will be paid in cash .', 'at december 31 , 2011 , there was $ 61 million of unrecognized deferred compensation expense related to nonvested share- based compensation arrangements granted under the incentive plans .', 'this cost is expected to be recognized as expense over a period of no longer than five years .', 'the total fair value of incentive/performance unit share and restricted stock/unit awards vested during 2011 , 2010 and 2009 was approximately $ 52 million , $ 39 million and $ 47 million , respectively .', 'liability awards we grant annually cash-payable restricted share units to certain executives .', 'the grants were made primarily as part of an annual bonus incentive deferral plan .', 'while there are time- based and service-related vesting criteria , there are no market or performance criteria associated with these awards .', 'compensation expense recognized related to these awards was recorded in prior periods as part of annual cash bonus criteria .', 'as of december 31 , 2011 , there were 753203 of these cash- payable restricted share units outstanding .', '174 the pnc financial services group , inc .', '2013 form 10-k .'] | no | PNC/2011/page_183.pdf-2 | ['there were no options granted in excess of market value in 2011 , 2010 or 2009 .', 'shares of common stock available during the next year for the granting of options and other awards under the incentive plans were 33775543 at december 31 , 2011 .', 'total shares of pnc common stock authorized for future issuance under equity compensation plans totaled 35304422 shares at december 31 , 2011 , which includes shares available for issuance under the incentive plans and the employee stock purchase plan ( espp ) as described below .', 'during 2011 , we issued 731336 shares from treasury stock in connection with stock option exercise activity .', 'as with past exercise activity , we currently intend to utilize primarily treasury stock for any future stock option exercises .', 'awards granted to non-employee directors in 2011 , 2010 and 2009 include 27090 , 29040 , and 39552 deferred stock units , respectively , awarded under the outside directors deferred stock unit plan .', 'a deferred stock unit is a phantom share of our common stock , which requires liability accounting treatment until such awards are paid to the participants as cash .', 'as there are no vesting or service requirements on these awards , total compensation expense is recognized in full on awarded deferred stock units on the date of grant .', 'incentive/performance unit share awards and restricted stock/unit awards the fair value of nonvested incentive/performance unit share awards and restricted stock/unit awards is initially determined based on prices not less than the market value of our common stock price on the date of grant .', 'the value of certain incentive/ performance unit share awards is subsequently remeasured based on the achievement of one or more financial and other performance goals generally over a three-year period .', 'the personnel and compensation committee of the board of directors approves the final award payout with respect to incentive/performance unit share awards .', 'restricted stock/unit awards have various vesting periods generally ranging from 36 months to 60 months .', 'beginning in 2011 , we incorporated two changes to certain awards under our existing long-term incentive compensation programs .', 'first , for certain grants of incentive performance units , the future payout amount will be subject to a negative annual adjustment if pnc fails to meet certain risk-related performance metrics .', 'this adjustment is in addition to the existing financial performance metrics relative to our peers .', 'these grants have a three-year performance period and are payable in either stock or a combination of stock and cash .', 'second , performance-based restricted share units ( performance rsus ) were granted in 2011 to certain of our executives in lieu of stock options .', 'these performance rsus ( which are payable solely in stock ) have a service condition , an internal risk-related performance condition , and an external market condition .', 'satisfaction of the performance condition is based on four independent one-year performance periods .', 'the weighted-average grant-date fair value of incentive/ performance unit share awards and restricted stock/unit awards granted in 2011 , 2010 and 2009 was $ 63.25 , $ 54.59 and $ 41.16 per share , respectively .', 'we recognize compensation expense for such awards ratably over the corresponding vesting and/or performance periods for each type of program .', 'nonvested incentive/performance unit share awards and restricted stock/unit awards 2013 rollforward shares in thousands nonvested incentive/ performance unit shares weighted- average date fair nonvested restricted stock/ shares weighted- average date fair .'] | ['in the chart above , the unit shares and related weighted- average grant-date fair value of the incentive/performance awards exclude the effect of dividends on the underlying shares , as those dividends will be paid in cash .', 'at december 31 , 2011 , there was $ 61 million of unrecognized deferred compensation expense related to nonvested share- based compensation arrangements granted under the incentive plans .', 'this cost is expected to be recognized as expense over a period of no longer than five years .', 'the total fair value of incentive/performance unit share and restricted stock/unit awards vested during 2011 , 2010 and 2009 was approximately $ 52 million , $ 39 million and $ 47 million , respectively .', 'liability awards we grant annually cash-payable restricted share units to certain executives .', 'the grants were made primarily as part of an annual bonus incentive deferral plan .', 'while there are time- based and service-related vesting criteria , there are no market or performance criteria associated with these awards .', 'compensation expense recognized related to these awards was recorded in prior periods as part of annual cash bonus criteria .', 'as of december 31 , 2011 , there were 753203 of these cash- payable restricted share units outstanding .', '174 the pnc financial services group , inc .', '2013 form 10-k .'] | ========================================
shares in thousands december 31 2010 | nonvested incentive/ performance unit shares 363 | weighted- average grant date fair value $ 56.40 | nonvested restricted stock/ unit shares 2250 | weighted- average grant date fair value $ 49.95
granted | 623 | 64.21 | 1059 | 62.68
vested | -156 ( 156 ) | 59.54 | -706 ( 706 ) | 51.27
forfeited | | | -91 ( 91 ) | 52.24
december 31 2011 | 830 | $ 61.68 | 2512 | $ 54.87
======================================== | greater(623, 1059) | no |
what portion of total liability assumed from accelio was reported as current liabilities? | Background: ['2003 and for hedging relationships designated after june 30 , 2003 .', 'the adoption of sfas 149 did not have a material impact on our consolidated financial position , results of operations or cash flows .', 'in may 2003 , the fasb issued statement of financial accounting standards no .', '150 ( 201csfas 150 201d ) , 201caccounting for certain financial instruments with characteristics of both liabilities and equity . 201d sfas 150 requires that certain financial instruments , which under previous guidance were accounted for as equity , must now be accounted for as liabilities .', 'the financial instruments affected include mandatory redeemable stock , certain financial instruments that require or may require the issuer to buy back some of its shares in exchange for cash or other assets and certain obligations that can be settled with shares of stock .', 'sfas 150 is effective for all financial instruments entered into or modified after may 31 , 2003 , and otherwise is effective at the beginning of the first interim period beginning after june 15 , 2003 .', 'the adoption of sfas 150 did not have a material impact on our consolidated financial position , results of operations or cash flows .', 'note 2 .', 'acquisitions on may 19 , 2003 , we purchased the technology assets of syntrillium , a privately held company , for $ 16.5 million cash .', 'syntrillium developed , published and marketed digital audio tools including its recording application , cool edit pro ( renamed adobe audition ) , all of which have been added to our existing line of professional digital imaging and video products .', 'by adding adobe audition and the other tools to our existing line of products , we have improved the adobe video workflow and expanded the products and tools available to videographers , dvd authors and independent filmmakers .', 'in connection with the purchase , we allocated $ 13.7 million to goodwill , $ 2.7 million to purchased technology and $ 0.1 million to tangible assets .', 'we also accrued $ 0.1 million in acquisition-related legal and accounting fees .', 'goodwill has been allocated to our digital imaging and video segment .', 'purchased technology is being amortized to cost of product revenue over its estimated useful life of three years .', 'the consolidated financial statements include the operating results of the purchased technology assets from the date of purchase .', 'pro forma results of operations have not been presented because the effect of this acquisition was not material .', 'in april 2002 , we acquired all of the outstanding common stock of accelio .', 'accelio was a provider of web-enabled solutions that helped customers manage business processes driven by electronic forms .', 'the acquisition of accelio broadened our epaper solution business .', 'at the date of acquisition , the aggregate purchase price was $ 70.2 million , which included the issuance of 1.8 million shares of common stock of adobe , valued at $ 68.4 million , and cash of $ 1.8 million .', 'the following table summarizes the purchase price allocation: .']
Tabular Data:
========================================
• cash and cash equivalents, $ 9117
• accounts receivable net, 11906
• other current assets, 4735
• purchased technology, 2710
• goodwill, 77009
• in-process research and development, 410
• trademarks and other intangible assets, 1029
• total assets acquired, 106916
• current liabilities, -18176 ( 18176 )
• liabilities recognized in connection with the business combination, -16196 ( 16196 )
• deferred revenue, -2360 ( 2360 )
• total liabilities assumed, -36732 ( 36732 )
• net assets acquired, $ 70184
========================================
Post-table: ['we allocated $ 2.7 million to purchased technology and $ 0.4 million to in-process research and development .', 'the amount allocated to purchased technology represented the fair market value of the technology for each of the existing products , as of the date of the acquisition .', 'the purchased technology was assigned a useful life of three years and is being amortized to cost of product revenue .', 'the amount allocated to in-process research and development was expensed at the time of acquisition due to the state of the development of certain products and the uncertainty of the technology .', 'the remaining purchase price was allocated to goodwill and was assigned to our epaper segment ( which was renamed intelligent documents beginning in fiscal 2004 ) .', 'in accordance with sfas no .', '142 .'] | 0.49483 | ADBE/2003/page_113.pdf-1 | ['2003 and for hedging relationships designated after june 30 , 2003 .', 'the adoption of sfas 149 did not have a material impact on our consolidated financial position , results of operations or cash flows .', 'in may 2003 , the fasb issued statement of financial accounting standards no .', '150 ( 201csfas 150 201d ) , 201caccounting for certain financial instruments with characteristics of both liabilities and equity . 201d sfas 150 requires that certain financial instruments , which under previous guidance were accounted for as equity , must now be accounted for as liabilities .', 'the financial instruments affected include mandatory redeemable stock , certain financial instruments that require or may require the issuer to buy back some of its shares in exchange for cash or other assets and certain obligations that can be settled with shares of stock .', 'sfas 150 is effective for all financial instruments entered into or modified after may 31 , 2003 , and otherwise is effective at the beginning of the first interim period beginning after june 15 , 2003 .', 'the adoption of sfas 150 did not have a material impact on our consolidated financial position , results of operations or cash flows .', 'note 2 .', 'acquisitions on may 19 , 2003 , we purchased the technology assets of syntrillium , a privately held company , for $ 16.5 million cash .', 'syntrillium developed , published and marketed digital audio tools including its recording application , cool edit pro ( renamed adobe audition ) , all of which have been added to our existing line of professional digital imaging and video products .', 'by adding adobe audition and the other tools to our existing line of products , we have improved the adobe video workflow and expanded the products and tools available to videographers , dvd authors and independent filmmakers .', 'in connection with the purchase , we allocated $ 13.7 million to goodwill , $ 2.7 million to purchased technology and $ 0.1 million to tangible assets .', 'we also accrued $ 0.1 million in acquisition-related legal and accounting fees .', 'goodwill has been allocated to our digital imaging and video segment .', 'purchased technology is being amortized to cost of product revenue over its estimated useful life of three years .', 'the consolidated financial statements include the operating results of the purchased technology assets from the date of purchase .', 'pro forma results of operations have not been presented because the effect of this acquisition was not material .', 'in april 2002 , we acquired all of the outstanding common stock of accelio .', 'accelio was a provider of web-enabled solutions that helped customers manage business processes driven by electronic forms .', 'the acquisition of accelio broadened our epaper solution business .', 'at the date of acquisition , the aggregate purchase price was $ 70.2 million , which included the issuance of 1.8 million shares of common stock of adobe , valued at $ 68.4 million , and cash of $ 1.8 million .', 'the following table summarizes the purchase price allocation: .'] | ['we allocated $ 2.7 million to purchased technology and $ 0.4 million to in-process research and development .', 'the amount allocated to purchased technology represented the fair market value of the technology for each of the existing products , as of the date of the acquisition .', 'the purchased technology was assigned a useful life of three years and is being amortized to cost of product revenue .', 'the amount allocated to in-process research and development was expensed at the time of acquisition due to the state of the development of certain products and the uncertainty of the technology .', 'the remaining purchase price was allocated to goodwill and was assigned to our epaper segment ( which was renamed intelligent documents beginning in fiscal 2004 ) .', 'in accordance with sfas no .', '142 .'] | ========================================
• cash and cash equivalents, $ 9117
• accounts receivable net, 11906
• other current assets, 4735
• purchased technology, 2710
• goodwill, 77009
• in-process research and development, 410
• trademarks and other intangible assets, 1029
• total assets acquired, 106916
• current liabilities, -18176 ( 18176 )
• liabilities recognized in connection with the business combination, -16196 ( 16196 )
• deferred revenue, -2360 ( 2360 )
• total liabilities assumed, -36732 ( 36732 )
• net assets acquired, $ 70184
======================================== | divide(18176, 36732) | 0.49483 |
what was the percent of the change in the weighted average grant date fair value per share of restricted stock from 2016 to 2017 | Context: ['performance based restricted stock awards is generally recognized using the accelerated amortization method with each vesting tranche valued as a separate award , with a separate vesting date , consistent with the estimated value of the award at each period end .', 'additionally , compensation expense is adjusted for actual forfeitures for all awards in the period that the award was forfeited .', 'compensation expense for stock options is generally recognized on a straight-line basis over the requisite service period .', 'maa presents stock compensation expense in the consolidated statements of operations in "general and administrative expenses" .', 'effective january 1 , 2017 , the company adopted asu 2016-09 , improvements to employee share- based payment accounting , which allows employers to make a policy election to account for forfeitures as they occur .', 'the company elected this option using the modified retrospective transition method , with a cumulative effect adjustment to retained earnings , and there was no material effect on the consolidated financial position or results of operations taken as a whole resulting from the reversal of previously estimated forfeitures .', 'total compensation expense under the stock plan was approximately $ 10.8 million , $ 12.2 million and $ 6.9 million for the years ended december 31 , 2017 , 2016 and 2015 , respectively .', 'of these amounts , total compensation expense capitalized was approximately $ 0.2 million , $ 0.7 million and $ 0.7 million for the years ended december 31 , 2017 , 2016 and 2015 , respectively .', 'as of december 31 , 2017 , the total unrecognized compensation expense was approximately $ 14.1 million .', 'this cost is expected to be recognized over the remaining weighted average period of 1.2 years .', 'total cash paid for the settlement of plan shares totaled $ 4.8 million , $ 2.0 million and $ 1.0 million for the years ended december 31 , 2017 , 2016 and 2015 , respectively .', 'information concerning grants under the stock plan is listed below .', 'restricted stock in general , restricted stock is earned based on either a service condition , performance condition , or market condition , or a combination thereof , and generally vests ratably over a period from 1 year to 5 years .', 'service based awards are earned when the employee remains employed over the requisite service period and are valued on the grant date based upon the market price of maa common stock on the date of grant .', 'market based awards are earned when maa reaches a specified stock price or specified return on the stock price ( price appreciation plus dividends ) and are valued on the grant date using a monte carlo simulation .', 'performance based awards are earned when maa reaches certain operational goals such as funds from operations , or ffo , targets and are valued based upon the market price of maa common stock on the date of grant as well as the probability of reaching the stated targets .', 'maa remeasures the fair value of the performance based awards each balance sheet date with adjustments made on a cumulative basis until the award is settled and the final compensation is known .', 'the weighted average grant date fair value per share of restricted stock awards granted during the years ended december 31 , 2017 , 2016 and 2015 , was $ 84.53 , $ 73.20 and $ 68.35 , respectively .', 'the following is a summary of the key assumptions used in the valuation calculations for market based awards granted during the years ended december 31 , 2017 , 2016 and 2015: .']
Data Table:
----------------------------------------
, 2017, 2016, 2015
risk free rate, 0.65% ( 0.65 % ) - 1.57% ( 1.57 % ), 0.49% ( 0.49 % ) - 1.27% ( 1.27 % ), 0.10% ( 0.10 % ) - 1.05% ( 1.05 % )
dividend yield, 3.573% ( 3.573 % ), 3.634% ( 3.634 % ), 3.932% ( 3.932 % )
volatility, 20.43% ( 20.43 % ) - 21.85% ( 21.85 % ), 18.41% ( 18.41 % ) - 19.45% ( 19.45 % ), 15.41% ( 15.41 % ) - 16.04% ( 16.04 % )
requisite service period, 3 years, 3 years, 3 years
----------------------------------------
Post-table: ['the risk free rate was based on a zero coupon risk-free rate .', 'the minimum risk free rate was based on a period of 0.25 years for the years ended december 31 , 2017 , 2016 and 2015 .', 'the maximum risk free rate was based on a period of 3 years for the years ended december 31 , 2017 , 2016 and 2015 .', 'the dividend yield was based on the closing stock price of maa stock on the date of grant .', 'volatility for maa was obtained by using a blend of both historical and implied volatility calculations .', 'historical volatility was based on the standard deviation of daily total continuous returns , and implied volatility was based on the trailing month average of daily implied volatilities interpolating between the volatilities implied by stock call option contracts that were closest to the terms shown and closest to the money .', 'the minimum volatility was based on a period of 3 years , 2 years and 1 year for the years ended december 31 , 2017 , 2016 and 2015 , respectively .', 'the maximum volatility was based on a period of 1 year , 1 year and 2 years for the years ended december 31 , 2017 , 2016 and 2015 , respectively .', 'the requisite service period is based on the criteria for the separate programs according to the vesting schedule. .'] | 0.15478 | MAA/2017/page_89.pdf-2 | ['performance based restricted stock awards is generally recognized using the accelerated amortization method with each vesting tranche valued as a separate award , with a separate vesting date , consistent with the estimated value of the award at each period end .', 'additionally , compensation expense is adjusted for actual forfeitures for all awards in the period that the award was forfeited .', 'compensation expense for stock options is generally recognized on a straight-line basis over the requisite service period .', 'maa presents stock compensation expense in the consolidated statements of operations in "general and administrative expenses" .', 'effective january 1 , 2017 , the company adopted asu 2016-09 , improvements to employee share- based payment accounting , which allows employers to make a policy election to account for forfeitures as they occur .', 'the company elected this option using the modified retrospective transition method , with a cumulative effect adjustment to retained earnings , and there was no material effect on the consolidated financial position or results of operations taken as a whole resulting from the reversal of previously estimated forfeitures .', 'total compensation expense under the stock plan was approximately $ 10.8 million , $ 12.2 million and $ 6.9 million for the years ended december 31 , 2017 , 2016 and 2015 , respectively .', 'of these amounts , total compensation expense capitalized was approximately $ 0.2 million , $ 0.7 million and $ 0.7 million for the years ended december 31 , 2017 , 2016 and 2015 , respectively .', 'as of december 31 , 2017 , the total unrecognized compensation expense was approximately $ 14.1 million .', 'this cost is expected to be recognized over the remaining weighted average period of 1.2 years .', 'total cash paid for the settlement of plan shares totaled $ 4.8 million , $ 2.0 million and $ 1.0 million for the years ended december 31 , 2017 , 2016 and 2015 , respectively .', 'information concerning grants under the stock plan is listed below .', 'restricted stock in general , restricted stock is earned based on either a service condition , performance condition , or market condition , or a combination thereof , and generally vests ratably over a period from 1 year to 5 years .', 'service based awards are earned when the employee remains employed over the requisite service period and are valued on the grant date based upon the market price of maa common stock on the date of grant .', 'market based awards are earned when maa reaches a specified stock price or specified return on the stock price ( price appreciation plus dividends ) and are valued on the grant date using a monte carlo simulation .', 'performance based awards are earned when maa reaches certain operational goals such as funds from operations , or ffo , targets and are valued based upon the market price of maa common stock on the date of grant as well as the probability of reaching the stated targets .', 'maa remeasures the fair value of the performance based awards each balance sheet date with adjustments made on a cumulative basis until the award is settled and the final compensation is known .', 'the weighted average grant date fair value per share of restricted stock awards granted during the years ended december 31 , 2017 , 2016 and 2015 , was $ 84.53 , $ 73.20 and $ 68.35 , respectively .', 'the following is a summary of the key assumptions used in the valuation calculations for market based awards granted during the years ended december 31 , 2017 , 2016 and 2015: .'] | ['the risk free rate was based on a zero coupon risk-free rate .', 'the minimum risk free rate was based on a period of 0.25 years for the years ended december 31 , 2017 , 2016 and 2015 .', 'the maximum risk free rate was based on a period of 3 years for the years ended december 31 , 2017 , 2016 and 2015 .', 'the dividend yield was based on the closing stock price of maa stock on the date of grant .', 'volatility for maa was obtained by using a blend of both historical and implied volatility calculations .', 'historical volatility was based on the standard deviation of daily total continuous returns , and implied volatility was based on the trailing month average of daily implied volatilities interpolating between the volatilities implied by stock call option contracts that were closest to the terms shown and closest to the money .', 'the minimum volatility was based on a period of 3 years , 2 years and 1 year for the years ended december 31 , 2017 , 2016 and 2015 , respectively .', 'the maximum volatility was based on a period of 1 year , 1 year and 2 years for the years ended december 31 , 2017 , 2016 and 2015 , respectively .', 'the requisite service period is based on the criteria for the separate programs according to the vesting schedule. .'] | ----------------------------------------
, 2017, 2016, 2015
risk free rate, 0.65% ( 0.65 % ) - 1.57% ( 1.57 % ), 0.49% ( 0.49 % ) - 1.27% ( 1.27 % ), 0.10% ( 0.10 % ) - 1.05% ( 1.05 % )
dividend yield, 3.573% ( 3.573 % ), 3.634% ( 3.634 % ), 3.932% ( 3.932 % )
volatility, 20.43% ( 20.43 % ) - 21.85% ( 21.85 % ), 18.41% ( 18.41 % ) - 19.45% ( 19.45 % ), 15.41% ( 15.41 % ) - 16.04% ( 16.04 % )
requisite service period, 3 years, 3 years, 3 years
---------------------------------------- | subtract(84.53, 73.20), divide(#0, 73.20) | 0.15478 |
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