query
stringlengths 26
367
| context
stringlengths 340
16.5k
| output
stringlengths 2
16
| id
stringlengths 20
25
| pre_text
stringlengths 5
8.03k
| post_text
stringlengths 5
8.95k
| table
stringlengths 37
2.9k
| program
stringlengths 9
122
| exe_ans
stringlengths 2
16
|
|---|---|---|---|---|---|---|---|---|
what was the percentage total cumulative return on investment for united parcel service inc . for the five years ended 12/31/06? | Background: ['shareowner return performance graph the following performance graph and related information shall not be deemed 201csoliciting material 201d or to be 201cfiled 201d with the securities and exchange commission , nor shall such information be incorporated by reference into any future filing under the securities act of 1933 or securities exchange act of 1934 , each as amended , except to the extent that the company specifically incorporates it by reference into such filing .', 'the following graph shows a five-year comparison of cumulative total shareowners 2019 returns for our class b common stock , the s&p 500 index , and the dow jones transportation average .', 'the comparison of the total cumulative return on investment , which is the change in the quarterly stock price plus reinvested dividends for each of the quarterly periods , assumes that $ 100 was invested on december 31 , 2001 in the s&p 500 index , the dow jones transportation average , and the class b common stock of united parcel service , inc .', 'comparison of five year cumulative total return $ 40.00 $ 60.00 $ 80.00 $ 100.00 $ 120.00 $ 140.00 $ 160.00 $ 180.00 $ 200.00 2001 2002 2003 2004 2005 2006 s&p 500 ups dj transport .']
----------
Data Table:
========================================
, 12/31/01, 12/31/02, 12/31/03, 12/31/04, 12/31/05, 12/31/06
united parcel service inc ., $ 100.00, $ 117.19, $ 140.49, $ 163.54, $ 146.35, $ 148.92
s&p 500 index, $ 100.00, $ 77.90, $ 100.24, $ 111.15, $ 116.61, $ 135.02
dow jones transportation average, $ 100.00, $ 88.52, $ 116.70, $ 149.06, $ 166.42, $ 182.76
========================================
----------
Additional Information: ['securities authorized for issuance under equity compensation plans the following table provides information as of december 31 , 2006 regarding compensation plans under which our class a common stock is authorized for issuance .', 'these plans do not authorize the issuance of our class b common stock. .'] | 0.4892 | UPS/2006/page_32.pdf-1 | ['shareowner return performance graph the following performance graph and related information shall not be deemed 201csoliciting material 201d or to be 201cfiled 201d with the securities and exchange commission , nor shall such information be incorporated by reference into any future filing under the securities act of 1933 or securities exchange act of 1934 , each as amended , except to the extent that the company specifically incorporates it by reference into such filing .', 'the following graph shows a five-year comparison of cumulative total shareowners 2019 returns for our class b common stock , the s&p 500 index , and the dow jones transportation average .', 'the comparison of the total cumulative return on investment , which is the change in the quarterly stock price plus reinvested dividends for each of the quarterly periods , assumes that $ 100 was invested on december 31 , 2001 in the s&p 500 index , the dow jones transportation average , and the class b common stock of united parcel service , inc .', 'comparison of five year cumulative total return $ 40.00 $ 60.00 $ 80.00 $ 100.00 $ 120.00 $ 140.00 $ 160.00 $ 180.00 $ 200.00 2001 2002 2003 2004 2005 2006 s&p 500 ups dj transport .'] | ['securities authorized for issuance under equity compensation plans the following table provides information as of december 31 , 2006 regarding compensation plans under which our class a common stock is authorized for issuance .', 'these plans do not authorize the issuance of our class b common stock. .'] | ========================================
, 12/31/01, 12/31/02, 12/31/03, 12/31/04, 12/31/05, 12/31/06
united parcel service inc ., $ 100.00, $ 117.19, $ 140.49, $ 163.54, $ 146.35, $ 148.92
s&p 500 index, $ 100.00, $ 77.90, $ 100.24, $ 111.15, $ 116.61, $ 135.02
dow jones transportation average, $ 100.00, $ 88.52, $ 116.70, $ 149.06, $ 166.42, $ 182.76
======================================== | subtract(148.92, const_100), divide(#0, const_100) | 0.4892 |
what percentage of the estimated purchase price is due to goodwill? | Context: ['hologic , inc .', 'notes to consolidated financial statements ( continued ) ( in thousands , except per share data ) the aggregate purchase price for suros of approximately $ 248000 ( subject to adjustment ) consisted of 2300 shares of hologic common stock valued at $ 106500 , cash paid of $ 139000 , and approximately $ 2600 for acquisition related fees and expenses .', 'the company determined the fair value of the shares issued in connection with the acquisition in accordance with eitf issue no .', '99-12 , determination of the measurement date for the market price of acquirer securities issued in a purchase business combination .', 'the components and allocation of the purchase price , consists of the following approximate amounts: .']
------
Tabular Data:
****************************************
net tangible assets acquired as of july 27 2006 | $ 12000
----------|----------
in-process research and development | 4900
developed technology and know how | 46000
customer relationship | 17900
trade name | 5800
deferred income taxes | -21300 ( 21300 )
goodwill | 182800
estimated purchase price | $ 248100
****************************************
------
Additional Information: ['the acquisition also provides for a two-year earn out .', 'the earn-out will be payable in two annual cash installments equal to the incremental revenue growth in suros 2019 business in the two years following the closing .', 'the company has considered the provision of eitf issue no .', '95-8 , accounting for contingent consideration paid to the shareholders of and acquired enterprise in a purchase business combination , and concluded that this contingent consideration represents additional purchase price .', 'as a result , goodwill will be increased by the amount of the additional consideration , if any , when it becomes due and payable .', 'as part of the purchase price allocation , all intangible assets that were a part of the acquisition were identified and valued .', 'it was determined that only customer lists , trademarks and developed technology had separately identifiable values .', 'customer relationships represents suros large installed base that are expected to purchase disposable products on a regular basis .', 'trademarks represent the suros product names that the company intends to continue to use .', 'developed technology represents currently marketable purchased products that the company continues to resell as well as utilize to enhance and incorporate into the company 2019s existing products .', 'the estimated $ 4900 of purchase price allocated to in-process research and development projects primarily related to suros 2019 disposable products .', 'the projects are of various stages of completion and include next generation handpiece and site marker technologies .', 'the company expects that these projects will be completed during fiscal 2007 .', 'the deferred income tax liability relates to the tax effect of acquired identifiable intangible assets , and fair value adjustments to acquired inventory as such amounts are not deductible for tax purposes , partially offset by acquired net operating loss carry forwards that the company believes are realizable .', 'for all of the acquisitions discussed above , goodwill represents the excess of the purchase price over the net identifiable tangible and intangible assets acquired .', 'the company determined that the acquisition of each aeg , r2 and suros resulted in the recognition of goodwill primarily because of synergies unique to the company and the strength of its acquired workforce .', 'supplemental pro-forma information the following unaudited pro forma information presents the consolidated results of operations of the company , r2 and suros as if the acquisitions had occurred at the beginning of each of fiscal 2006 and 2005 .'] | 0.7368 | HOLX/2006/page_103.pdf-1 | ['hologic , inc .', 'notes to consolidated financial statements ( continued ) ( in thousands , except per share data ) the aggregate purchase price for suros of approximately $ 248000 ( subject to adjustment ) consisted of 2300 shares of hologic common stock valued at $ 106500 , cash paid of $ 139000 , and approximately $ 2600 for acquisition related fees and expenses .', 'the company determined the fair value of the shares issued in connection with the acquisition in accordance with eitf issue no .', '99-12 , determination of the measurement date for the market price of acquirer securities issued in a purchase business combination .', 'the components and allocation of the purchase price , consists of the following approximate amounts: .'] | ['the acquisition also provides for a two-year earn out .', 'the earn-out will be payable in two annual cash installments equal to the incremental revenue growth in suros 2019 business in the two years following the closing .', 'the company has considered the provision of eitf issue no .', '95-8 , accounting for contingent consideration paid to the shareholders of and acquired enterprise in a purchase business combination , and concluded that this contingent consideration represents additional purchase price .', 'as a result , goodwill will be increased by the amount of the additional consideration , if any , when it becomes due and payable .', 'as part of the purchase price allocation , all intangible assets that were a part of the acquisition were identified and valued .', 'it was determined that only customer lists , trademarks and developed technology had separately identifiable values .', 'customer relationships represents suros large installed base that are expected to purchase disposable products on a regular basis .', 'trademarks represent the suros product names that the company intends to continue to use .', 'developed technology represents currently marketable purchased products that the company continues to resell as well as utilize to enhance and incorporate into the company 2019s existing products .', 'the estimated $ 4900 of purchase price allocated to in-process research and development projects primarily related to suros 2019 disposable products .', 'the projects are of various stages of completion and include next generation handpiece and site marker technologies .', 'the company expects that these projects will be completed during fiscal 2007 .', 'the deferred income tax liability relates to the tax effect of acquired identifiable intangible assets , and fair value adjustments to acquired inventory as such amounts are not deductible for tax purposes , partially offset by acquired net operating loss carry forwards that the company believes are realizable .', 'for all of the acquisitions discussed above , goodwill represents the excess of the purchase price over the net identifiable tangible and intangible assets acquired .', 'the company determined that the acquisition of each aeg , r2 and suros resulted in the recognition of goodwill primarily because of synergies unique to the company and the strength of its acquired workforce .', 'supplemental pro-forma information the following unaudited pro forma information presents the consolidated results of operations of the company , r2 and suros as if the acquisitions had occurred at the beginning of each of fiscal 2006 and 2005 .'] | ****************************************
net tangible assets acquired as of july 27 2006 | $ 12000
----------|----------
in-process research and development | 4900
developed technology and know how | 46000
customer relationship | 17900
trade name | 5800
deferred income taxes | -21300 ( 21300 )
goodwill | 182800
estimated purchase price | $ 248100
**************************************** | divide(182800, 248100) | 0.7368 |
what is the percent change in total acquisition integration and other expenses from 2006 to 2007? | Pre-text: ['december 31 , 2007 , 2006 and 2005 , included ( in millions ) : .']
------
Table:
----------------------------------------
| 2007 | 2006 | 2005
----------|----------|----------|----------
( gain ) /loss on disposition or impairment of acquired assets and obligations | $ -1.2 ( 1.2 ) | $ -19.2 ( 19.2 ) | $ 3.2
consulting and professional fees | 1.0 | 8.8 | 5.6
employee severance and retention | 1.6 | 3.3 | 13.3
information technology integration | 2.6 | 3.0 | 6.9
in-process research & development | 6.5 | 2.9 | 2013
integration personnel | 2013 | 2.5 | 3.1
facility and employee relocation | 2013 | 1.0 | 6.2
distributor acquisitions | 4.1 | 2013 | 2013
sales agent and lease contract terminations | 5.4 | 0.2 | 12.7
other | 5.2 | 3.6 | 5.6
acquisition integration and other | $ 25.2 | $ 6.1 | $ 56.6
----------------------------------------
------
Post-table: ['in-process research and development charges for 2007 are related to the acquisitions of endius and orthosoft .', 'included in the gain/loss on disposition or impairment of acquired assets and obligations for 2006 is the sale of the former centerpulse austin land and facilities for a gain of $ 5.1 million and the favorable settlement of two pre- acquisition contingent liabilities .', 'these gains were offset by a $ 13.4 million impairment charge for certain centerpulse tradename and trademark intangibles based principally in our europe operating segment .', 'cash and equivalents 2013 we consider all highly liquid investments with an original maturity of three months or less to be cash equivalents .', 'the carrying amounts reported in the balance sheet for cash and equivalents are valued at cost , which approximates their fair value .', 'restricted cash is primarily composed of cash held in escrow related to certain insurance coverage .', 'inventories 2013 inventories , net of allowances for obsolete and slow-moving goods , are stated at the lower of cost or market , with cost determined on a first-in first-out basis .', 'property , plant and equipment 2013 property , plant and equipment is carried at cost less accumulated depreciation .', 'depreciation is computed using the straight-line method based on estimated useful lives of ten to forty years for buildings and improvements , three to eight years for machinery and equipment and generally five years for instruments .', 'maintenance and repairs are expensed as incurred .', 'in accordance with statement of financial accounting standards ( 201csfas 201d ) no .', '144 , 201caccounting for the impairment or disposal of long-lived assets , 201d we review property , plant and equipment for impairment whenever events or changes in circumstances indicate that the carrying value of an asset may not be recoverable .', 'an impairment loss would be recognized when estimated future undiscounted cash flows relating to the asset are less than its carrying amount .', 'an impairment loss is measured as the amount by which the carrying amount of an asset exceeds its fair value .', 'software costs 2013 we capitalize certain computer software and software development costs incurred in connection with developing or obtaining computer software for internal use when both the preliminary project stage is completed and it is probable that the software will be used as intended .', 'capitalized software costs generally include external direct costs of materials and services utilized in developing or obtaining computer software and compensation and related benefits for employees who are directly associated with the software project .', 'capitalized software costs are included in property , plant and equipment on our balance sheet and amortized on a straight-line basis when placed into service over the estimated useful lives of the software , which approximate three to seven years .', 'instruments 2013 instruments are hand held devices used by orthopaedic surgeons during total joint replacement and other surgical procedures .', 'instruments are recognized as long-lived assets and are included in property , plant and equipment .', 'undeployed instruments are carried at cost , net of allowances for excess and obsolete instruments .', 'instruments in the field are carried at cost less accumulated depreciation .', 'depreciation is computed using the straight-line method based on average estimated useful lives , determined principally in reference to associated product life cycles , primarily five years .', 'we review instruments for impairment in accordance with sfas no .', '144 .', 'depreciation of instruments is recognized as selling , general and administrative expense .', 'goodwill 2013 we account for goodwill in accordance with sfas no .', '142 , 201cgoodwill and other intangible assets 201d .', 'goodwill is not amortized but is subject to annual impairment tests .', 'goodwill has been assigned to reporting units , which are consistent with our operating segments .', 'we perform annual impairment tests by comparing each reporting unit 2019s fair value to its carrying amount to determine if there is potential impairment .', 'we perform this test in the fourth quarter of the year .', 'if the fair value of the reporting unit is less than its carrying value , an impairment loss is recorded to the extent that the implied fair value of the reporting unit goodwill is less than the carrying value of the reporting unit goodwill .', 'the fair value of the reporting unit and the implied fair value of goodwill are determined based upon market multiples .', 'intangible assets 2013 we account for intangible assets in accordance with sfas no .', '142 .', 'intangible assets are initially measured at their fair value .', 'we have determined the fair value of our intangible assets either by the fair value of the consideration exchanged for the intangible asset , or the estimated after-tax discounted cash flows expected to be generated from the intangible asset .', 'intangible assets with an indefinite life , including certain trademarks and trade names , are not amortized .', 'the useful lives of indefinite life intangible assets are assessed annually to determine whether events and circumstances continue to support an indefinite life .', 'intangible assets with a finite life , including core and developed technology , certain trademarks and trade names , z i m m e r h o l d i n g s , i n c .', '2 0 0 7 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 ) .'] | 3.13115 | ZBH/2007/page_67.pdf-2 | ['december 31 , 2007 , 2006 and 2005 , included ( in millions ) : .'] | ['in-process research and development charges for 2007 are related to the acquisitions of endius and orthosoft .', 'included in the gain/loss on disposition or impairment of acquired assets and obligations for 2006 is the sale of the former centerpulse austin land and facilities for a gain of $ 5.1 million and the favorable settlement of two pre- acquisition contingent liabilities .', 'these gains were offset by a $ 13.4 million impairment charge for certain centerpulse tradename and trademark intangibles based principally in our europe operating segment .', 'cash and equivalents 2013 we consider all highly liquid investments with an original maturity of three months or less to be cash equivalents .', 'the carrying amounts reported in the balance sheet for cash and equivalents are valued at cost , which approximates their fair value .', 'restricted cash is primarily composed of cash held in escrow related to certain insurance coverage .', 'inventories 2013 inventories , net of allowances for obsolete and slow-moving goods , are stated at the lower of cost or market , with cost determined on a first-in first-out basis .', 'property , plant and equipment 2013 property , plant and equipment is carried at cost less accumulated depreciation .', 'depreciation is computed using the straight-line method based on estimated useful lives of ten to forty years for buildings and improvements , three to eight years for machinery and equipment and generally five years for instruments .', 'maintenance and repairs are expensed as incurred .', 'in accordance with statement of financial accounting standards ( 201csfas 201d ) no .', '144 , 201caccounting for the impairment or disposal of long-lived assets , 201d we review property , plant and equipment for impairment whenever events or changes in circumstances indicate that the carrying value of an asset may not be recoverable .', 'an impairment loss would be recognized when estimated future undiscounted cash flows relating to the asset are less than its carrying amount .', 'an impairment loss is measured as the amount by which the carrying amount of an asset exceeds its fair value .', 'software costs 2013 we capitalize certain computer software and software development costs incurred in connection with developing or obtaining computer software for internal use when both the preliminary project stage is completed and it is probable that the software will be used as intended .', 'capitalized software costs generally include external direct costs of materials and services utilized in developing or obtaining computer software and compensation and related benefits for employees who are directly associated with the software project .', 'capitalized software costs are included in property , plant and equipment on our balance sheet and amortized on a straight-line basis when placed into service over the estimated useful lives of the software , which approximate three to seven years .', 'instruments 2013 instruments are hand held devices used by orthopaedic surgeons during total joint replacement and other surgical procedures .', 'instruments are recognized as long-lived assets and are included in property , plant and equipment .', 'undeployed instruments are carried at cost , net of allowances for excess and obsolete instruments .', 'instruments in the field are carried at cost less accumulated depreciation .', 'depreciation is computed using the straight-line method based on average estimated useful lives , determined principally in reference to associated product life cycles , primarily five years .', 'we review instruments for impairment in accordance with sfas no .', '144 .', 'depreciation of instruments is recognized as selling , general and administrative expense .', 'goodwill 2013 we account for goodwill in accordance with sfas no .', '142 , 201cgoodwill and other intangible assets 201d .', 'goodwill is not amortized but is subject to annual impairment tests .', 'goodwill has been assigned to reporting units , which are consistent with our operating segments .', 'we perform annual impairment tests by comparing each reporting unit 2019s fair value to its carrying amount to determine if there is potential impairment .', 'we perform this test in the fourth quarter of the year .', 'if the fair value of the reporting unit is less than its carrying value , an impairment loss is recorded to the extent that the implied fair value of the reporting unit goodwill is less than the carrying value of the reporting unit goodwill .', 'the fair value of the reporting unit and the implied fair value of goodwill are determined based upon market multiples .', 'intangible assets 2013 we account for intangible assets in accordance with sfas no .', '142 .', 'intangible assets are initially measured at their fair value .', 'we have determined the fair value of our intangible assets either by the fair value of the consideration exchanged for the intangible asset , or the estimated after-tax discounted cash flows expected to be generated from the intangible asset .', 'intangible assets with an indefinite life , including certain trademarks and trade names , are not amortized .', 'the useful lives of indefinite life intangible assets are assessed annually to determine whether events and circumstances continue to support an indefinite life .', 'intangible assets with a finite life , including core and developed technology , certain trademarks and trade names , z i m m e r h o l d i n g s , i n c .', '2 0 0 7 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 ) .'] | ----------------------------------------
| 2007 | 2006 | 2005
----------|----------|----------|----------
( gain ) /loss on disposition or impairment of acquired assets and obligations | $ -1.2 ( 1.2 ) | $ -19.2 ( 19.2 ) | $ 3.2
consulting and professional fees | 1.0 | 8.8 | 5.6
employee severance and retention | 1.6 | 3.3 | 13.3
information technology integration | 2.6 | 3.0 | 6.9
in-process research & development | 6.5 | 2.9 | 2013
integration personnel | 2013 | 2.5 | 3.1
facility and employee relocation | 2013 | 1.0 | 6.2
distributor acquisitions | 4.1 | 2013 | 2013
sales agent and lease contract terminations | 5.4 | 0.2 | 12.7
other | 5.2 | 3.6 | 5.6
acquisition integration and other | $ 25.2 | $ 6.1 | $ 56.6
---------------------------------------- | subtract(25.2, 6.1), divide(#0, 6.1) | 3.13115 |
what portion of total facilities are located in eu? | Context: ['2022 the failure of our information systems to function as intended or their penetration by outside parties with the intent to corrupt them or our failure to comply with privacy laws and regulations could result in business disruption , litigation and regulatory action , and loss of revenue , assets or personal or other confidential data .', 'we use information systems to help manage business processes , collect and interpret business data and communicate internally and externally with employees , suppliers , customers and others .', 'some of these information systems are managed by third-party service providers .', 'we have backup systems and business continuity plans in place , and we take care to protect our systems and data from unauthorized access .', 'nevertheless , failure of our systems to function as intended , or penetration of our systems by outside parties intent on extracting or corrupting information or otherwise disrupting business processes , could place us at a competitive disadvantage , result in a loss of revenue , assets or personal or other sensitive data , litigation and regulatory action , cause damage to our reputation and that of our brands and result in significant remediation and other costs .', 'failure to protect personal data and respect the rights of data subjects could subject us to substantial fines under regulations such as the eu general data protection regulation .', '2022 we may be required to replace third-party contract manufacturers or service providers with our own resources .', 'in certain instances , we contract with third parties to manufacture some of our products or product parts or to provide other services .', 'we may be unable to renew these agreements on satisfactory terms for numerous reasons , including government regulations .', 'accordingly , our costs may increase significantly if we must replace such third parties with our own resources .', 'item 1b .', 'unresolved staff comments .', 'item 2 .', 'properties .', 'at december 31 , 2017 , we operated and owned 46 manufacturing facilities and maintained contract manufacturing relationships with 25 third-party manufacturers across 23 markets .', 'in addition , we work with 38 third-party operators in indonesia who manufacture our hand-rolled cigarettes .', 'pmi-owned manufacturing facilities eema asia america canada total .']
##########
Tabular Data:
========================================
eu ( 1 ) eema asia latinamerica&canada total
fully integrated 7 8 9 7 31
make-pack 3 2014 1 2 6
other 3 1 3 2 9
total 13 9 13 11 46
========================================
##########
Post-table: ['( 1 ) includes facilities that produced heated tobacco units in 2017 .', 'in 2017 , 23 of our facilities each manufactured over 10 billion cigarettes , of which eight facilities each produced over 30 billion units .', 'our largest factories are in karawang and sukorejo ( indonesia ) , izmir ( turkey ) , krakow ( poland ) , st .', 'petersburg and krasnodar ( russia ) , batangas and marikina ( philippines ) , berlin ( germany ) , kharkiv ( ukraine ) , and kutna hora ( czech republic ) .', 'our smallest factories are mostly in latin america and asia , where due to tariff and other constraints we have established small manufacturing units in individual markets .', 'we will continue to optimize our manufacturing base , taking into consideration the evolution of trade blocks .', 'the plants and properties owned or leased and operated by our subsidiaries are maintained in good condition and are believed to be suitable and adequate for our present needs .', 'we are integrating the production of heated tobacco units into a number of our existing manufacturing facilities and progressing with our plans to build manufacturing capacity for our other rrp platforms. .'] | 0.28261 | PM/2017/page_23.pdf-1 | ['2022 the failure of our information systems to function as intended or their penetration by outside parties with the intent to corrupt them or our failure to comply with privacy laws and regulations could result in business disruption , litigation and regulatory action , and loss of revenue , assets or personal or other confidential data .', 'we use information systems to help manage business processes , collect and interpret business data and communicate internally and externally with employees , suppliers , customers and others .', 'some of these information systems are managed by third-party service providers .', 'we have backup systems and business continuity plans in place , and we take care to protect our systems and data from unauthorized access .', 'nevertheless , failure of our systems to function as intended , or penetration of our systems by outside parties intent on extracting or corrupting information or otherwise disrupting business processes , could place us at a competitive disadvantage , result in a loss of revenue , assets or personal or other sensitive data , litigation and regulatory action , cause damage to our reputation and that of our brands and result in significant remediation and other costs .', 'failure to protect personal data and respect the rights of data subjects could subject us to substantial fines under regulations such as the eu general data protection regulation .', '2022 we may be required to replace third-party contract manufacturers or service providers with our own resources .', 'in certain instances , we contract with third parties to manufacture some of our products or product parts or to provide other services .', 'we may be unable to renew these agreements on satisfactory terms for numerous reasons , including government regulations .', 'accordingly , our costs may increase significantly if we must replace such third parties with our own resources .', 'item 1b .', 'unresolved staff comments .', 'item 2 .', 'properties .', 'at december 31 , 2017 , we operated and owned 46 manufacturing facilities and maintained contract manufacturing relationships with 25 third-party manufacturers across 23 markets .', 'in addition , we work with 38 third-party operators in indonesia who manufacture our hand-rolled cigarettes .', 'pmi-owned manufacturing facilities eema asia america canada total .'] | ['( 1 ) includes facilities that produced heated tobacco units in 2017 .', 'in 2017 , 23 of our facilities each manufactured over 10 billion cigarettes , of which eight facilities each produced over 30 billion units .', 'our largest factories are in karawang and sukorejo ( indonesia ) , izmir ( turkey ) , krakow ( poland ) , st .', 'petersburg and krasnodar ( russia ) , batangas and marikina ( philippines ) , berlin ( germany ) , kharkiv ( ukraine ) , and kutna hora ( czech republic ) .', 'our smallest factories are mostly in latin america and asia , where due to tariff and other constraints we have established small manufacturing units in individual markets .', 'we will continue to optimize our manufacturing base , taking into consideration the evolution of trade blocks .', 'the plants and properties owned or leased and operated by our subsidiaries are maintained in good condition and are believed to be suitable and adequate for our present needs .', 'we are integrating the production of heated tobacco units into a number of our existing manufacturing facilities and progressing with our plans to build manufacturing capacity for our other rrp platforms. .'] | ========================================
eu ( 1 ) eema asia latinamerica&canada total
fully integrated 7 8 9 7 31
make-pack 3 2014 1 2 6
other 3 1 3 2 9
total 13 9 13 11 46
======================================== | divide(13, 46) | 0.28261 |
what was the sum of the temporary differences between 2007 and 2009 in billions | Background: ['$ 190 million , or 30% ( 30 % ) of pre-tax earnings before equity earnings .', 'during the 2009 second quarter , in connection with the evaluation of the company 2019s etienne mill in france , the company determined that the future realization of previously recorded deferred tax assets in france , including net operating loss carryforwards , no longer met the 201cmore likely than not 201d standard for asset recognition .', 'accordingly , a charge of $ 156 million , before and after taxes , was recorded to establish a valuation allowance for 100% ( 100 % ) of these assets .', 'additionally in 2009 , as a result of agree- ments on the 2004 and 2005 u.s .', 'federal income tax audits , and related state income tax effects , a $ 26 million credit was recorded .', 'the 2008 income tax provision of $ 162 million included a $ 207 million benefit related to special items which included a $ 175 million tax benefit related to restructuring and other charges , a $ 23 mil- lion tax benefit for the impairment of certain non-u.s .', 'assets , a $ 29 million tax expense for u.s .', 'taxes on a gain in the company 2019s ilim joint venture , a $ 40 million tax benefit related to the restructuring of the company 2019s international operations , and $ 2 mil- lion of other expense .', 'excluding the impact of spe- cial items , the tax provision was $ 369 million , or 31.5% ( 31.5 % ) of pre-tax earnings before equity earnings .', 'the company recorded an income tax provision for 2007 of $ 415 million , including a $ 41 million benefit related to the effective settlement of tax audits , and $ 8 million of other tax benefits .', 'excluding the impact of special items , the tax provision was $ 423 million , or 30% ( 30 % ) of pre-tax earnings before equity earnings .', 'international paper has u.s .', 'federal and non-u.s .', 'net operating loss carryforwards of approximately $ 452 million that expire as follows : 2010 through 2019 2013 $ 8 million , years 2020 through 2029 2013 $ 29 million and indefinite carryforwards of $ 415 million .', 'international paper has tax benefits from net operating loss carryforwards for state taxing jurisdictions of approx- imately $ 204 million that expire as follows : 2010 through 2019 2013 $ 75 million and 2020 through 2029 2013 $ 129 million .', 'international paper also has approx- imately $ 273 million of u.s .', 'federal , non-u.s .', 'and state tax credit carryforwards that expire as follows : 2010 through 2019 2013 $ 54 million , 2020 through 2029 2013 $ 32 million , and indefinite carryforwards 2013 $ 187 mil- lion .', 'further , international paper has $ 2 million of state capital loss carryforwards that expire in 2010 through 2019 .', 'deferred income taxes are not provided for tempo- rary differences of approximately $ 3.5 billion , $ 2.6 billion and $ 3.7 billion as of december 31 , 2009 , 2008 and 2007 , respectively , representing earnings of non-u.s .', 'subsidiaries intended to be permanently reinvested .', 'computation of the potential deferred tax liability associated with these undistributed earnings and other basis differences is not practicable .', 'note 11 commitments and contingent liabilities certain property , machinery and equipment are leased under cancelable and non-cancelable agree- ments .', 'unconditional purchase obligations have been entered into in the ordinary course of business , prin- cipally for capital projects and the purchase of cer- tain pulpwood , logs , wood chips , raw materials , energy and services , including fiber supply agree- ments to purchase pulpwood that were entered into concurrently with the company 2019s 2006 trans- formation plan forestland sales .', 'at december 31 , 2009 , total future minimum commitments under existing non-cancelable operat- ing leases and purchase obligations were as follows : in millions 2010 2011 2012 2013 2014 thereafter obligations $ 177 $ 148 $ 124 $ 96 $ 79 $ 184 purchase obligations ( a ) 2262 657 623 556 532 3729 .']
--
Table:
----------------------------------------
in millions, 2010, 2011, 2012, 2013, 2014, thereafter
lease obligations, $ 177, $ 148, $ 124, $ 96, $ 79, $ 184
purchase obligations ( a ), 2262, 657, 623, 556, 532, 3729
total, $ 2439, $ 805, $ 747, $ 652, $ 611, $ 3913
----------------------------------------
--
Additional Information: ['( a ) includes $ 2.8 billion relating to fiber supply agreements entered into at the time of the company 2019s 2006 transformation plan forestland sales .', 'rent expense was $ 216 million , $ 205 million and $ 168 million for 2009 , 2008 and 2007 , respectively .', 'in connection with sales of businesses , property , equipment , forestlands and other assets , interna- tional paper commonly makes representations and warranties relating to such businesses or assets , and may agree to indemnify buyers with respect to tax and environmental liabilities , breaches of representations and warranties , and other matters .', 'where liabilities for such matters are determined to be probable and subject to reasonable estimation , accrued liabilities are recorded at the time of sale as a cost of the transaction .', 'in may 2008 , a recovery boiler at the company 2019s vicksburg , mississippi facility exploded , resulting in one fatality and injuries to employees of contractors .'] | 9.8 | IP/2009/page_84.pdf-4 | ['$ 190 million , or 30% ( 30 % ) of pre-tax earnings before equity earnings .', 'during the 2009 second quarter , in connection with the evaluation of the company 2019s etienne mill in france , the company determined that the future realization of previously recorded deferred tax assets in france , including net operating loss carryforwards , no longer met the 201cmore likely than not 201d standard for asset recognition .', 'accordingly , a charge of $ 156 million , before and after taxes , was recorded to establish a valuation allowance for 100% ( 100 % ) of these assets .', 'additionally in 2009 , as a result of agree- ments on the 2004 and 2005 u.s .', 'federal income tax audits , and related state income tax effects , a $ 26 million credit was recorded .', 'the 2008 income tax provision of $ 162 million included a $ 207 million benefit related to special items which included a $ 175 million tax benefit related to restructuring and other charges , a $ 23 mil- lion tax benefit for the impairment of certain non-u.s .', 'assets , a $ 29 million tax expense for u.s .', 'taxes on a gain in the company 2019s ilim joint venture , a $ 40 million tax benefit related to the restructuring of the company 2019s international operations , and $ 2 mil- lion of other expense .', 'excluding the impact of spe- cial items , the tax provision was $ 369 million , or 31.5% ( 31.5 % ) of pre-tax earnings before equity earnings .', 'the company recorded an income tax provision for 2007 of $ 415 million , including a $ 41 million benefit related to the effective settlement of tax audits , and $ 8 million of other tax benefits .', 'excluding the impact of special items , the tax provision was $ 423 million , or 30% ( 30 % ) of pre-tax earnings before equity earnings .', 'international paper has u.s .', 'federal and non-u.s .', 'net operating loss carryforwards of approximately $ 452 million that expire as follows : 2010 through 2019 2013 $ 8 million , years 2020 through 2029 2013 $ 29 million and indefinite carryforwards of $ 415 million .', 'international paper has tax benefits from net operating loss carryforwards for state taxing jurisdictions of approx- imately $ 204 million that expire as follows : 2010 through 2019 2013 $ 75 million and 2020 through 2029 2013 $ 129 million .', 'international paper also has approx- imately $ 273 million of u.s .', 'federal , non-u.s .', 'and state tax credit carryforwards that expire as follows : 2010 through 2019 2013 $ 54 million , 2020 through 2029 2013 $ 32 million , and indefinite carryforwards 2013 $ 187 mil- lion .', 'further , international paper has $ 2 million of state capital loss carryforwards that expire in 2010 through 2019 .', 'deferred income taxes are not provided for tempo- rary differences of approximately $ 3.5 billion , $ 2.6 billion and $ 3.7 billion as of december 31 , 2009 , 2008 and 2007 , respectively , representing earnings of non-u.s .', 'subsidiaries intended to be permanently reinvested .', 'computation of the potential deferred tax liability associated with these undistributed earnings and other basis differences is not practicable .', 'note 11 commitments and contingent liabilities certain property , machinery and equipment are leased under cancelable and non-cancelable agree- ments .', 'unconditional purchase obligations have been entered into in the ordinary course of business , prin- cipally for capital projects and the purchase of cer- tain pulpwood , logs , wood chips , raw materials , energy and services , including fiber supply agree- ments to purchase pulpwood that were entered into concurrently with the company 2019s 2006 trans- formation plan forestland sales .', 'at december 31 , 2009 , total future minimum commitments under existing non-cancelable operat- ing leases and purchase obligations were as follows : in millions 2010 2011 2012 2013 2014 thereafter obligations $ 177 $ 148 $ 124 $ 96 $ 79 $ 184 purchase obligations ( a ) 2262 657 623 556 532 3729 .'] | ['( a ) includes $ 2.8 billion relating to fiber supply agreements entered into at the time of the company 2019s 2006 transformation plan forestland sales .', 'rent expense was $ 216 million , $ 205 million and $ 168 million for 2009 , 2008 and 2007 , respectively .', 'in connection with sales of businesses , property , equipment , forestlands and other assets , interna- tional paper commonly makes representations and warranties relating to such businesses or assets , and may agree to indemnify buyers with respect to tax and environmental liabilities , breaches of representations and warranties , and other matters .', 'where liabilities for such matters are determined to be probable and subject to reasonable estimation , accrued liabilities are recorded at the time of sale as a cost of the transaction .', 'in may 2008 , a recovery boiler at the company 2019s vicksburg , mississippi facility exploded , resulting in one fatality and injuries to employees of contractors .'] | ----------------------------------------
in millions, 2010, 2011, 2012, 2013, 2014, thereafter
lease obligations, $ 177, $ 148, $ 124, $ 96, $ 79, $ 184
purchase obligations ( a ), 2262, 657, 623, 556, 532, 3729
total, $ 2439, $ 805, $ 747, $ 652, $ 611, $ 3913
---------------------------------------- | add(3.5, 2.6), add(#0, 3.7) | 9.8 |
did apple outperform ( earn a greater return ) than the s&p information technology index in september 2014? | Background: ['apple inc .', '| 2018 form 10-k | 20 company stock performance the following graph shows a comparison of cumulative total shareholder return , calculated on a dividend-reinvested basis , for the company , the s&p 500 index , the s&p information technology index and the dow jones u.s .', 'technology supersector index for the five years ended september 29 , 2018 .', 'the graph assumes $ 100 was invested in each of the company 2019s common stock , the s&p 500 index , the s&p information technology index and the dow jones u.s .', 'technology supersector index as of the market close on september 27 , 2013 .', 'note that historic stock price performance is not necessarily indicative of future stock price performance .', '* $ 100 invested on september 27 , 2013 in stock or index , including reinvestment of dividends .', 'data points are the last day of each fiscal year for the company 2019s common stock and september 30th for indexes .', 'copyright a9 2018 standard & poor 2019s , a division of s&p global .', 'all rights reserved .', 'copyright a9 2018 s&p dow jones indices llc , a division of s&p global .', 'all rights reserved .', 'september september september september september september .']
##
Data Table:
, september2013, september2014, september2015, september2016, september2017, september2018
apple inc ., $ 100, $ 149, $ 173, $ 174, $ 242, $ 359
s&p 500 index, $ 100, $ 120, $ 119, $ 137, $ 163, $ 192
s&p information technology index, $ 100, $ 129, $ 132, $ 162, $ 209, $ 275
dow jones u.s . technology supersector index, $ 100, $ 130, $ 130, $ 159, $ 203, $ 266
##
Follow-up: ['.'] | yes | AAPL/2018/page_23.pdf-4 | ['apple inc .', '| 2018 form 10-k | 20 company stock performance the following graph shows a comparison of cumulative total shareholder return , calculated on a dividend-reinvested basis , for the company , the s&p 500 index , the s&p information technology index and the dow jones u.s .', 'technology supersector index for the five years ended september 29 , 2018 .', 'the graph assumes $ 100 was invested in each of the company 2019s common stock , the s&p 500 index , the s&p information technology index and the dow jones u.s .', 'technology supersector index as of the market close on september 27 , 2013 .', 'note that historic stock price performance is not necessarily indicative of future stock price performance .', '* $ 100 invested on september 27 , 2013 in stock or index , including reinvestment of dividends .', 'data points are the last day of each fiscal year for the company 2019s common stock and september 30th for indexes .', 'copyright a9 2018 standard & poor 2019s , a division of s&p global .', 'all rights reserved .', 'copyright a9 2018 s&p dow jones indices llc , a division of s&p global .', 'all rights reserved .', 'september september september september september september .'] | ['.'] | , september2013, september2014, september2015, september2016, september2017, september2018
apple inc ., $ 100, $ 149, $ 173, $ 174, $ 242, $ 359
s&p 500 index, $ 100, $ 120, $ 119, $ 137, $ 163, $ 192
s&p information technology index, $ 100, $ 129, $ 132, $ 162, $ 209, $ 275
dow jones u.s . technology supersector index, $ 100, $ 130, $ 130, $ 159, $ 203, $ 266 | greater(149, 129) | yes |
what percent of total amount is held as cash? | Context: ['hlikk has four revolving credit facilities in support of operations .', 'two of the credit facilities have no amounts drawn as of december 31 , 2013 with borrowing limits of approximately a55 billion , or $ 48 each , and individually have expiration dates of january 5 , 2015 and september 30 , 2014 .', 'in december 2013 , hlikk entered into two new revolving credit facility agreements with two japanese banks in order to finance certain withholding taxes on mutual fund gains , that are subsequently credited when hlikk files its 2019 income tax returns .', 'at december 31 , 2013 , hlikk had drawn the total borrowing limits of a55 billion , or $ 48 , and a520 billion , or $ 190 on these credit facilities .', 'the a55 billion credit facility accrues interest at a variable rate based on the one month tokyo interbank offering rate ( tibor ) plus 3 bps , which as of december 31 , 2013 the interest rate was 15 bps , and the a520 billion credit facility accrues interest at a variable rate based on tibor plus 3 bps , or the actual cost of funding , which as of december 31 , 2013 the interest rate was 20 bps .', 'both of the credit facilities expire on september 30 , 2014 .', 'derivative commitments certain of the company 2019s derivative agreements contain provisions that are tied to the financial strength ratings of the individual legal entity that entered into the derivative agreement as set by nationally recognized statistical rating agencies .', 'if the legal entity 2019s financial strength were to fall below certain ratings , the counterparties to the derivative agreements could demand immediate and ongoing full collateralization and in certain instances demand immediate settlement of all outstanding derivative positions traded under each impacted bilateral agreement .', 'the settlement amount is determined by netting the derivative positions transacted under each agreement .', 'if the termination rights were to be exercised by the counterparties , it could impact the legal entity 2019s ability to conduct hedging activities by increasing the associated costs and decreasing the willingness of counterparties to transact with the legal entity .', 'the aggregate fair value of all derivative instruments with credit-risk-related contingent features that are in a net liability position as of december 31 , 2013 was $ 1.2 billion .', 'of this $ 1.2 billion the legal entities have posted collateral of $ 1.4 billion in the normal course of business .', 'in addition , the company has posted collateral of $ 44 associated with a customized gmwb derivative .', 'based on derivative market values as of december 31 , 2013 , a downgrade of one level below the current financial strength ratings by either moody 2019s or s&p could require approximately an additional $ 12 to be posted as collateral .', 'based on derivative market values as of december 31 , 2013 , a downgrade by either moody 2019s or s&p of two levels below the legal entities 2019 current financial strength ratings could require approximately an additional $ 33 of assets to be posted as collateral .', 'these collateral amounts could change as derivative market values change , as a result of changes in our hedging activities or to the extent changes in contractual terms are negotiated .', 'the nature of the collateral that we would post , if required , would be primarily in the form of u.s .', 'treasury bills , u.s .', 'treasury notes and government agency securities .', 'as of december 31 , 2013 , the aggregate notional amount and fair value of derivative relationships that could be subject to immediate termination in the event of rating agency downgrades to either bbb+ or baa1 was $ 536 and $ ( 17 ) , respectively .', 'insurance operations current and expected patterns of claim frequency and severity or surrenders may change from period to period but continue to be within historical norms and , therefore , the company 2019s insurance operations 2019 current liquidity position is considered to be sufficient to meet anticipated demands over the next twelve months , including any obligations related to the company 2019s restructuring activities .', 'for a discussion and tabular presentation of the company 2019s current contractual obligations by period , refer to off-balance sheet arrangements and aggregate contractual obligations within the capital resources and liquidity section of the md&a .', 'the principal sources of operating funds are premiums , fees earned from assets under management and investment income , while investing cash flows originate from maturities and sales of invested assets .', 'the primary uses of funds are to pay claims , claim adjustment expenses , commissions and other underwriting expenses , to purchase new investments and to make dividend payments to the hfsg holding company .', 'the company 2019s insurance operations consist of property and casualty insurance products ( collectively referred to as 201cproperty & casualty operations 201d ) and life insurance and legacy annuity products ( collectively referred to as 201clife operations 201d ) .', 'property & casualty operations property & casualty operations holds fixed maturity securities including a significant short-term investment position ( securities with maturities of one year or less at the time of purchase ) to meet liquidity needs .', 'as of december 31 , 2013 , property & casualty operations 2019 fixed maturities , short-term investments , and cash are summarized as follows: .']
######
Data Table:
========================================
Row 1: fixed maturities, $ 24704
Row 2: short-term investments, 984
Row 3: cash, 189
Row 4: less : derivative collateral, 241
Row 5: total, $ 25636
========================================
######
Additional Information: ['.'] | 0.00737 | HIG/2013/page_124.pdf-2 | ['hlikk has four revolving credit facilities in support of operations .', 'two of the credit facilities have no amounts drawn as of december 31 , 2013 with borrowing limits of approximately a55 billion , or $ 48 each , and individually have expiration dates of january 5 , 2015 and september 30 , 2014 .', 'in december 2013 , hlikk entered into two new revolving credit facility agreements with two japanese banks in order to finance certain withholding taxes on mutual fund gains , that are subsequently credited when hlikk files its 2019 income tax returns .', 'at december 31 , 2013 , hlikk had drawn the total borrowing limits of a55 billion , or $ 48 , and a520 billion , or $ 190 on these credit facilities .', 'the a55 billion credit facility accrues interest at a variable rate based on the one month tokyo interbank offering rate ( tibor ) plus 3 bps , which as of december 31 , 2013 the interest rate was 15 bps , and the a520 billion credit facility accrues interest at a variable rate based on tibor plus 3 bps , or the actual cost of funding , which as of december 31 , 2013 the interest rate was 20 bps .', 'both of the credit facilities expire on september 30 , 2014 .', 'derivative commitments certain of the company 2019s derivative agreements contain provisions that are tied to the financial strength ratings of the individual legal entity that entered into the derivative agreement as set by nationally recognized statistical rating agencies .', 'if the legal entity 2019s financial strength were to fall below certain ratings , the counterparties to the derivative agreements could demand immediate and ongoing full collateralization and in certain instances demand immediate settlement of all outstanding derivative positions traded under each impacted bilateral agreement .', 'the settlement amount is determined by netting the derivative positions transacted under each agreement .', 'if the termination rights were to be exercised by the counterparties , it could impact the legal entity 2019s ability to conduct hedging activities by increasing the associated costs and decreasing the willingness of counterparties to transact with the legal entity .', 'the aggregate fair value of all derivative instruments with credit-risk-related contingent features that are in a net liability position as of december 31 , 2013 was $ 1.2 billion .', 'of this $ 1.2 billion the legal entities have posted collateral of $ 1.4 billion in the normal course of business .', 'in addition , the company has posted collateral of $ 44 associated with a customized gmwb derivative .', 'based on derivative market values as of december 31 , 2013 , a downgrade of one level below the current financial strength ratings by either moody 2019s or s&p could require approximately an additional $ 12 to be posted as collateral .', 'based on derivative market values as of december 31 , 2013 , a downgrade by either moody 2019s or s&p of two levels below the legal entities 2019 current financial strength ratings could require approximately an additional $ 33 of assets to be posted as collateral .', 'these collateral amounts could change as derivative market values change , as a result of changes in our hedging activities or to the extent changes in contractual terms are negotiated .', 'the nature of the collateral that we would post , if required , would be primarily in the form of u.s .', 'treasury bills , u.s .', 'treasury notes and government agency securities .', 'as of december 31 , 2013 , the aggregate notional amount and fair value of derivative relationships that could be subject to immediate termination in the event of rating agency downgrades to either bbb+ or baa1 was $ 536 and $ ( 17 ) , respectively .', 'insurance operations current and expected patterns of claim frequency and severity or surrenders may change from period to period but continue to be within historical norms and , therefore , the company 2019s insurance operations 2019 current liquidity position is considered to be sufficient to meet anticipated demands over the next twelve months , including any obligations related to the company 2019s restructuring activities .', 'for a discussion and tabular presentation of the company 2019s current contractual obligations by period , refer to off-balance sheet arrangements and aggregate contractual obligations within the capital resources and liquidity section of the md&a .', 'the principal sources of operating funds are premiums , fees earned from assets under management and investment income , while investing cash flows originate from maturities and sales of invested assets .', 'the primary uses of funds are to pay claims , claim adjustment expenses , commissions and other underwriting expenses , to purchase new investments and to make dividend payments to the hfsg holding company .', 'the company 2019s insurance operations consist of property and casualty insurance products ( collectively referred to as 201cproperty & casualty operations 201d ) and life insurance and legacy annuity products ( collectively referred to as 201clife operations 201d ) .', 'property & casualty operations property & casualty operations holds fixed maturity securities including a significant short-term investment position ( securities with maturities of one year or less at the time of purchase ) to meet liquidity needs .', 'as of december 31 , 2013 , property & casualty operations 2019 fixed maturities , short-term investments , and cash are summarized as follows: .'] | ['.'] | ========================================
Row 1: fixed maturities, $ 24704
Row 2: short-term investments, 984
Row 3: cash, 189
Row 4: less : derivative collateral, 241
Row 5: total, $ 25636
======================================== | divide(189, 25636) | 0.00737 |
by how much did the effective tax rate decrease from 2002 to 2004? | Pre-text: ['gain or loss on ownership change in map results from contributions to map of certain environmental capital expenditures and leased property acquisitions funded by marathon and ashland .', 'in accordance with map 2019s limited liability company agreement , in certain instances , environmental capital expenditures and acquisitions of leased properties are funded by the original contributor of the assets , but no change in ownership interest may result from these contributions .', 'an excess of ashland funded improvements over marathon funded improvements results in a net gain and an excess of marathon funded improvements over ashland funded improvements results in a net loss .', 'cost of revenues increased by $ 5.822 billion in 2004 from 2003 and by $ 6.040 billion in 2003 from 2002 .', 'the increases are primarily in the rm&t segment and result from higher acquisition costs for crude oil , refined products , refinery charge and blend feedstocks and increased manufacturing expenses .', 'selling , general and administrative expenses increased by $ 105 million in 2004 from 2003 and by $ 97 million in 2003 from 2002 .', 'the increase in 2004 was primarily due to increased stock-based compensation and higher costs associated with business transformation and outsourcing .', 'our 2004 results were also impacted by start-up costs associated with the lng project in equatorial guinea and the increased cost of complying with governmental regulations .', 'the increase in 2003 was primarily due to increased employee benefit expenses ( caused by increased pension expense resulting from changes in actuarial assumptions and a decrease in realized returns on plan assets ) and other employee related costs .', 'additionally , during 2003 , we recorded a charge of $ 24 million related to organizational and business process changes .', 'inventory market valuation reserve ( 2018 2018imv 2019 2019 ) is established to reduce the cost basis of inventories to current market value .', 'generally , we will establish an imv reserve when crude oil prices fall below $ 22 per barrel .', 'the 2002 results of operations include credits to income from operations of $ 71 million , reversing the imv reserve at december 31 , 2001 .', 'net interest and other financial costs decreased by $ 25 million in 2004 from 2003 and by $ 82 million in 2003 from 2002 .', 'the decrease in 2004 is primarily due to an increase in interest income .', 'the decrease in 2003 is primarily due to an increase in capitalized interest related to increased long-term construction projects , the favorable effect of interest rate swaps , the favorable effect of a reduction in interest on tax deficiencies and increased interest income on investments .', 'additionally , included in net interest and other financing costs are foreign currency gains of $ 9 million , $ 13 million and $ 8 million for 2004 , 2003 and 2002 .', 'loss from early extinguishment of debt in 2002 was attributable to the retirement of $ 337 million aggregate principal amount of debt , resulting in a loss of $ 53 million .', 'minority interest in income of map , which represents ashland 2019s 38 percent ownership interest , increased by $ 230 million in 2004 from 2003 and by $ 129 million in 2003 from 2002 .', 'map income was higher in 2004 compared to 2003 and in 2003 compared to 2002 as discussed below in the rm&t segment .', 'minority interest in loss of equatorial guinea lng holdings limited , which represents gepetrol 2019s 25 percent ownership interest , was $ 7 million in 2004 , primarily resulting from gepetrol 2019s share of start-up costs associated with the lng project in equatorial guinea .', 'provision for income taxes increased by $ 143 million in 2004 from 2003 and by $ 215 million in 2003 from 2002 , primarily due to $ 388 million and $ 720 million increases in income before income taxes .', 'the effective tax rate for 2004 was 36.6 percent compared to 36.6 percent and 42.1 percent for 2003 and 2002 .', 'the higher rate in 2002 was due to the united kingdom enactment of a supplementary 10 percent tax on profits from the north sea oil and gas production , retroactively effective to april 17 , 2002 .', 'in 2002 , we recognized a one-time noncash deferred tax adjustment of $ 61 million as a result of the rate increase .', 'the following is an analysis of the effective tax rate for the periods presented: .']
Tabular Data:
| 2004 | 2003 | 2002
----------|----------|----------|----------
statutory tax rate | 35.0% ( 35.0 % ) | 35.0% ( 35.0 % ) | 35.0% ( 35.0 % )
effects of foreign operations ( a ) | 1.3 | -0.4 ( 0.4 ) | 5.6
state and local income taxes after federal income tax effects | 1.6 | 2.2 | 3.9
other federal tax effects | -1.3 ( 1.3 ) | -0.2 ( 0.2 ) | -2.4 ( 2.4 )
effective tax rate | 36.6% ( 36.6 % ) | 36.6% ( 36.6 % ) | 42.1% ( 42.1 % )
Additional Information: ['( a ) the deferred tax effect related to the enactment of a supplemental tax in the u.k .', 'increased the effective tax rate 7.0 percent in .'] | -0.055 | MRO/2004/page_57.pdf-1 | ['gain or loss on ownership change in map results from contributions to map of certain environmental capital expenditures and leased property acquisitions funded by marathon and ashland .', 'in accordance with map 2019s limited liability company agreement , in certain instances , environmental capital expenditures and acquisitions of leased properties are funded by the original contributor of the assets , but no change in ownership interest may result from these contributions .', 'an excess of ashland funded improvements over marathon funded improvements results in a net gain and an excess of marathon funded improvements over ashland funded improvements results in a net loss .', 'cost of revenues increased by $ 5.822 billion in 2004 from 2003 and by $ 6.040 billion in 2003 from 2002 .', 'the increases are primarily in the rm&t segment and result from higher acquisition costs for crude oil , refined products , refinery charge and blend feedstocks and increased manufacturing expenses .', 'selling , general and administrative expenses increased by $ 105 million in 2004 from 2003 and by $ 97 million in 2003 from 2002 .', 'the increase in 2004 was primarily due to increased stock-based compensation and higher costs associated with business transformation and outsourcing .', 'our 2004 results were also impacted by start-up costs associated with the lng project in equatorial guinea and the increased cost of complying with governmental regulations .', 'the increase in 2003 was primarily due to increased employee benefit expenses ( caused by increased pension expense resulting from changes in actuarial assumptions and a decrease in realized returns on plan assets ) and other employee related costs .', 'additionally , during 2003 , we recorded a charge of $ 24 million related to organizational and business process changes .', 'inventory market valuation reserve ( 2018 2018imv 2019 2019 ) is established to reduce the cost basis of inventories to current market value .', 'generally , we will establish an imv reserve when crude oil prices fall below $ 22 per barrel .', 'the 2002 results of operations include credits to income from operations of $ 71 million , reversing the imv reserve at december 31 , 2001 .', 'net interest and other financial costs decreased by $ 25 million in 2004 from 2003 and by $ 82 million in 2003 from 2002 .', 'the decrease in 2004 is primarily due to an increase in interest income .', 'the decrease in 2003 is primarily due to an increase in capitalized interest related to increased long-term construction projects , the favorable effect of interest rate swaps , the favorable effect of a reduction in interest on tax deficiencies and increased interest income on investments .', 'additionally , included in net interest and other financing costs are foreign currency gains of $ 9 million , $ 13 million and $ 8 million for 2004 , 2003 and 2002 .', 'loss from early extinguishment of debt in 2002 was attributable to the retirement of $ 337 million aggregate principal amount of debt , resulting in a loss of $ 53 million .', 'minority interest in income of map , which represents ashland 2019s 38 percent ownership interest , increased by $ 230 million in 2004 from 2003 and by $ 129 million in 2003 from 2002 .', 'map income was higher in 2004 compared to 2003 and in 2003 compared to 2002 as discussed below in the rm&t segment .', 'minority interest in loss of equatorial guinea lng holdings limited , which represents gepetrol 2019s 25 percent ownership interest , was $ 7 million in 2004 , primarily resulting from gepetrol 2019s share of start-up costs associated with the lng project in equatorial guinea .', 'provision for income taxes increased by $ 143 million in 2004 from 2003 and by $ 215 million in 2003 from 2002 , primarily due to $ 388 million and $ 720 million increases in income before income taxes .', 'the effective tax rate for 2004 was 36.6 percent compared to 36.6 percent and 42.1 percent for 2003 and 2002 .', 'the higher rate in 2002 was due to the united kingdom enactment of a supplementary 10 percent tax on profits from the north sea oil and gas production , retroactively effective to april 17 , 2002 .', 'in 2002 , we recognized a one-time noncash deferred tax adjustment of $ 61 million as a result of the rate increase .', 'the following is an analysis of the effective tax rate for the periods presented: .'] | ['( a ) the deferred tax effect related to the enactment of a supplemental tax in the u.k .', 'increased the effective tax rate 7.0 percent in .'] | | 2004 | 2003 | 2002
----------|----------|----------|----------
statutory tax rate | 35.0% ( 35.0 % ) | 35.0% ( 35.0 % ) | 35.0% ( 35.0 % )
effects of foreign operations ( a ) | 1.3 | -0.4 ( 0.4 ) | 5.6
state and local income taxes after federal income tax effects | 1.6 | 2.2 | 3.9
other federal tax effects | -1.3 ( 1.3 ) | -0.2 ( 0.2 ) | -2.4 ( 2.4 )
effective tax rate | 36.6% ( 36.6 % ) | 36.6% ( 36.6 % ) | 42.1% ( 42.1 % ) | subtract(36.6%, 42.1%) | -0.055 |
did the k series 5 year total return outperform the s&p 500? | Context: ['stock performance graph the following graph sets forth the cumulative total shareholder return on our series a common stock , series b common stock and series c common stock as compared with the cumulative total return of the companies listed in the standard and poor 2019s 500 stock index ( 201cs&p 500 index 201d ) and a peer group of companies comprised of cbs corporation class b common stock , scripps network interactive , inc .', '( acquired by the company in march 2018 ) , time warner , inc .', '( acquired by at&t inc .', 'in june 2018 ) , twenty-first century fox , inc .', 'class a common stock ( news corporation class a common stock prior to june 2013 ) , viacom , inc .', 'class b common stock and the walt disney company .', 'the graph assumes $ 100 originally invested on december 31 , 2013 in each of our series a common stock , series b common stock and series c common stock , the s&p 500 index , and the stock of our peer group companies , including reinvestment of dividends , for the years ended december 31 , 2014 , 2015 , 2016 , 2017 and 2018 .', 'two peer companies , scripps networks interactive , inc .', 'and time warner , inc. , were acquired in 2018 .', 'the stock performance chart shows the peer group including scripps networks interactive , inc .', 'and time warner , inc .', 'and excluding both acquired companies for the entire five year period .', 'december 31 , december 31 , december 31 , december 31 , december 31 , december 31 .']
----------
Data Table:
========================================
, december 312013, december 312014, december 312015, december 312016, december 312017, december 312018
disca, $ 100.00, $ 74.58, $ 57.76, $ 59.34, $ 48.45, $ 53.56
discb, $ 100.00, $ 80.56, $ 58.82, $ 63.44, $ 53.97, $ 72.90
disck, $ 100.00, $ 80.42, $ 60.15, $ 63.87, $ 50.49, $ 55.04
s&p 500, $ 100.00, $ 111.39, $ 110.58, $ 121.13, $ 144.65, $ 135.63
peer group incl . acquired companies, $ 100.00, $ 116.64, $ 114.02, $ 127.96, $ 132.23, $ 105.80
peer group ex . acquired companies, $ 100.00, $ 113.23, $ 117.27, $ 120.58, $ 127.90, $ 141.58
========================================
----------
Follow-up: ['equity compensation plan information information regarding securities authorized for issuance under equity compensation plans will be set forth in our definitive proxy statement for our 2019 annual meeting of stockholders under the caption 201csecurities authorized for issuance under equity compensation plans , 201d which is incorporated herein by reference. .'] | no | DISCA/2018/page_39.pdf-4 | ['stock performance graph the following graph sets forth the cumulative total shareholder return on our series a common stock , series b common stock and series c common stock as compared with the cumulative total return of the companies listed in the standard and poor 2019s 500 stock index ( 201cs&p 500 index 201d ) and a peer group of companies comprised of cbs corporation class b common stock , scripps network interactive , inc .', '( acquired by the company in march 2018 ) , time warner , inc .', '( acquired by at&t inc .', 'in june 2018 ) , twenty-first century fox , inc .', 'class a common stock ( news corporation class a common stock prior to june 2013 ) , viacom , inc .', 'class b common stock and the walt disney company .', 'the graph assumes $ 100 originally invested on december 31 , 2013 in each of our series a common stock , series b common stock and series c common stock , the s&p 500 index , and the stock of our peer group companies , including reinvestment of dividends , for the years ended december 31 , 2014 , 2015 , 2016 , 2017 and 2018 .', 'two peer companies , scripps networks interactive , inc .', 'and time warner , inc. , were acquired in 2018 .', 'the stock performance chart shows the peer group including scripps networks interactive , inc .', 'and time warner , inc .', 'and excluding both acquired companies for the entire five year period .', 'december 31 , december 31 , december 31 , december 31 , december 31 , december 31 .'] | ['equity compensation plan information information regarding securities authorized for issuance under equity compensation plans will be set forth in our definitive proxy statement for our 2019 annual meeting of stockholders under the caption 201csecurities authorized for issuance under equity compensation plans , 201d which is incorporated herein by reference. .'] | ========================================
, december 312013, december 312014, december 312015, december 312016, december 312017, december 312018
disca, $ 100.00, $ 74.58, $ 57.76, $ 59.34, $ 48.45, $ 53.56
discb, $ 100.00, $ 80.56, $ 58.82, $ 63.44, $ 53.97, $ 72.90
disck, $ 100.00, $ 80.42, $ 60.15, $ 63.87, $ 50.49, $ 55.04
s&p 500, $ 100.00, $ 111.39, $ 110.58, $ 121.13, $ 144.65, $ 135.63
peer group incl . acquired companies, $ 100.00, $ 116.64, $ 114.02, $ 127.96, $ 132.23, $ 105.80
peer group ex . acquired companies, $ 100.00, $ 113.23, $ 117.27, $ 120.58, $ 127.90, $ 141.58
======================================== | greater(55.04, 135.63) | no |
assuming that intangible asset will be sold , what will be the accumulated deprecation at the end of 2006 , in millions? | Context: ['american tower corporation and subsidiaries notes to consolidated financial statements 2014 ( continued ) the company has selected december 1 as the date to perform its annual impairment test .', 'in performing its 2005 and 2004 testing , the company completed an internal appraisal and estimated the fair value of the rental and management reporting unit that contains goodwill utilizing future discounted cash flows and market information .', 'based on the appraisals performed , the company determined that goodwill in its rental and management segment was not impaired .', 'the company 2019s other intangible assets subject to amortization consist of the following as of december 31 , ( in thousands ) : .']
Data Table:
----------------------------------------
2005 2004
acquired customer base and network location intangibles $ 2606546 $ 1369607
deferred financing costs 65623 89736
acquired licenses and other intangibles 51703 43404
total 2723872 1502747
less accumulated amortization -646560 ( 646560 ) -517444 ( 517444 )
other intangible assets net $ 2077312 $ 985303
----------------------------------------
Post-table: ['the company amortizes its intangible assets over periods ranging from three to fifteen years .', 'amortization of intangible assets for the years ended december 31 , 2005 and 2004 aggregated approximately $ 136.0 million and $ 97.8 million , respectively ( excluding amortization of deferred financing costs , which is included in interest expense ) .', 'the company expects to record amortization expense of approximately $ 183.6 million , $ 178.3 million , $ 174.4 million , $ 172.7 million and $ 170.3 million , for the years ended december 31 , 2006 , 2007 , 2008 , 2009 and 2010 , respectively .', 'these amounts are subject to changes in estimates until the preliminary allocation of the spectrasite purchase price is finalized .', '6 .', 'notes receivable in 2000 , the company loaned tv azteca , s.a .', 'de c.v .', '( tv azteca ) , the owner of a major national television network in mexico , $ 119.8 million .', 'the loan , which initially bore interest at 12.87% ( 12.87 % ) , payable quarterly , was discounted by the company , as the fair value interest rate at the date of the loan was determined to be 14.25% ( 14.25 % ) .', 'the loan was amended effective january 1 , 2003 to increase the original interest rate to 13.11% ( 13.11 % ) .', 'as of december 31 , 2005 and 2004 , approximately $ 119.8 million undiscounted ( $ 108.2 million discounted ) under the loan was outstanding and included in notes receivable and other long-term assets in the accompanying consolidated balance sheets .', 'the term of the loan is seventy years ; however , the loan may be prepaid by tv azteca without penalty during the last fifty years of the agreement .', 'the discount on the loan is being amortized to interest income 2014tv azteca , net , using the effective interest method over the seventy-year term of the loan .', 'simultaneous with the signing of the loan agreement , the company also entered into a seventy year economic rights agreement with tv azteca regarding space not used by tv azteca on approximately 190 of its broadcast towers .', 'in exchange for the issuance of the below market interest rate loan discussed above and the annual payment of $ 1.5 million to tv azteca ( under the economic rights agreement ) , the company has the right to market and lease the unused tower space on the broadcast towers ( the economic rights ) .', 'tv azteca retains title to these towers and is responsible for their operation and maintenance .', 'the company is entitled to 100% ( 100 % ) of the revenues generated from leases with tenants on the unused space and is responsible for any incremental operating expenses associated with those tenants. .'] | 830.16 | AMT/2005/page_84.pdf-1 | ['american tower corporation and subsidiaries notes to consolidated financial statements 2014 ( continued ) the company has selected december 1 as the date to perform its annual impairment test .', 'in performing its 2005 and 2004 testing , the company completed an internal appraisal and estimated the fair value of the rental and management reporting unit that contains goodwill utilizing future discounted cash flows and market information .', 'based on the appraisals performed , the company determined that goodwill in its rental and management segment was not impaired .', 'the company 2019s other intangible assets subject to amortization consist of the following as of december 31 , ( in thousands ) : .'] | ['the company amortizes its intangible assets over periods ranging from three to fifteen years .', 'amortization of intangible assets for the years ended december 31 , 2005 and 2004 aggregated approximately $ 136.0 million and $ 97.8 million , respectively ( excluding amortization of deferred financing costs , which is included in interest expense ) .', 'the company expects to record amortization expense of approximately $ 183.6 million , $ 178.3 million , $ 174.4 million , $ 172.7 million and $ 170.3 million , for the years ended december 31 , 2006 , 2007 , 2008 , 2009 and 2010 , respectively .', 'these amounts are subject to changes in estimates until the preliminary allocation of the spectrasite purchase price is finalized .', '6 .', 'notes receivable in 2000 , the company loaned tv azteca , s.a .', 'de c.v .', '( tv azteca ) , the owner of a major national television network in mexico , $ 119.8 million .', 'the loan , which initially bore interest at 12.87% ( 12.87 % ) , payable quarterly , was discounted by the company , as the fair value interest rate at the date of the loan was determined to be 14.25% ( 14.25 % ) .', 'the loan was amended effective january 1 , 2003 to increase the original interest rate to 13.11% ( 13.11 % ) .', 'as of december 31 , 2005 and 2004 , approximately $ 119.8 million undiscounted ( $ 108.2 million discounted ) under the loan was outstanding and included in notes receivable and other long-term assets in the accompanying consolidated balance sheets .', 'the term of the loan is seventy years ; however , the loan may be prepaid by tv azteca without penalty during the last fifty years of the agreement .', 'the discount on the loan is being amortized to interest income 2014tv azteca , net , using the effective interest method over the seventy-year term of the loan .', 'simultaneous with the signing of the loan agreement , the company also entered into a seventy year economic rights agreement with tv azteca regarding space not used by tv azteca on approximately 190 of its broadcast towers .', 'in exchange for the issuance of the below market interest rate loan discussed above and the annual payment of $ 1.5 million to tv azteca ( under the economic rights agreement ) , the company has the right to market and lease the unused tower space on the broadcast towers ( the economic rights ) .', 'tv azteca retains title to these towers and is responsible for their operation and maintenance .', 'the company is entitled to 100% ( 100 % ) of the revenues generated from leases with tenants on the unused space and is responsible for any incremental operating expenses associated with those tenants. .'] | ----------------------------------------
2005 2004
acquired customer base and network location intangibles $ 2606546 $ 1369607
deferred financing costs 65623 89736
acquired licenses and other intangibles 51703 43404
total 2723872 1502747
less accumulated amortization -646560 ( 646560 ) -517444 ( 517444 )
other intangible assets net $ 2077312 $ 985303
---------------------------------------- | divide(646560, const_1000), add(#0, 183.6) | 830.16 |
what is the growth rate in ccg operating income in 2016? | Pre-text: ['management 2019s discussion and analysis of financial condition and results of operations ( continued ) the following results drove changes in ccg operating income by approximately the amounts indicated: .']
Tabular Data:
----------------------------------------
( in millions ) operating income reconciliation
$ 10646 2016 ccg operating income
1250 lower ccg platform unit cost
905 lower ccg operating expense
625 higher gross margin from ccg platform revenue1
-645 ( 645 ) higher factory start-up costs primarily driven by the ramp of our 10nm process technology
345 other
$ 8166 2015 ccg operating income
-2060 ( 2060 ) higher ccg platform unit costs
-1565 ( 1565 ) lower gross margin from ccg platform revenue2
435 lower factory start-up costs primarily driven by the ramp of our 14nm process technology
430 lower production costs primarily on our 14nm products treated as period charges in 2014
375 lower operating expense
224 other
$ 10327 2014 ccg operating income
----------------------------------------
Post-table: ['1 higher gross margin from higher ccg platform revenue was driven by higher average selling prices on notebook and desktop platforms , offset by lower desktop and notebook platform unit sales .', '2 lower gross margin from lower ccg platform revenue was driven by lower desktop and notebook platform unit sales , partially offset by higher average selling prices on desktop , notebook , and tablet platforms .', 'data center group segment product overview the dcg operating segment offers platforms designed to provide leading energy-efficient performance for all server , network , and storage applications .', 'in addition , dcg focuses on lowering the total cost of ownership on other specific workload- optimizations for the enterprise , cloud service providers , and communications service provider market segments .', 'in 2016 , we launched the following platforms with an array of functionalities and advancements : 2022 intel ae xeon ae processor e5 v4 family , the foundation for high performing clouds and delivers energy-efficient performance for server , network , and storage workloads .', '2022 intel xeon processor e7 v4 family , targeted at platforms requiring four or more cpus ; this processor family delivers high performance and is optimized for real-time analytics and in-memory computing , along with industry-leading reliability , availability , and serviceability .', '2022 intel ae xeon phi 2122 product family , formerly code-named knights landing , with up to 72 high-performance intel processor cores , integrated memory and fabric , and a common software programming model with intel xeon processors .', 'the intel xeon phi product family is designed for highly parallel compute and memory bandwidth-intensive workloads .', 'intel xeon phi processors are positioned to increase the performance of supercomputers , enabling trillions of calculations per second , and to address emerging data analytics and artificial intelligence solutions .', 'in 2017 , we expect to release our next generation of intel xeon processors for compute , storage , and network ; a next-generation intel xeon phi processor optimized for deep learning ; and a suite of single-socket products , including next-generation intel xeon e3 processors , next-generation intel atom processors , and next-generation intel xeon-d processors for dense solutions. .'] | 0.3037 | INTC/2016/page_43.pdf-1 | ['management 2019s discussion and analysis of financial condition and results of operations ( continued ) the following results drove changes in ccg operating income by approximately the amounts indicated: .'] | ['1 higher gross margin from higher ccg platform revenue was driven by higher average selling prices on notebook and desktop platforms , offset by lower desktop and notebook platform unit sales .', '2 lower gross margin from lower ccg platform revenue was driven by lower desktop and notebook platform unit sales , partially offset by higher average selling prices on desktop , notebook , and tablet platforms .', 'data center group segment product overview the dcg operating segment offers platforms designed to provide leading energy-efficient performance for all server , network , and storage applications .', 'in addition , dcg focuses on lowering the total cost of ownership on other specific workload- optimizations for the enterprise , cloud service providers , and communications service provider market segments .', 'in 2016 , we launched the following platforms with an array of functionalities and advancements : 2022 intel ae xeon ae processor e5 v4 family , the foundation for high performing clouds and delivers energy-efficient performance for server , network , and storage workloads .', '2022 intel xeon processor e7 v4 family , targeted at platforms requiring four or more cpus ; this processor family delivers high performance and is optimized for real-time analytics and in-memory computing , along with industry-leading reliability , availability , and serviceability .', '2022 intel ae xeon phi 2122 product family , formerly code-named knights landing , with up to 72 high-performance intel processor cores , integrated memory and fabric , and a common software programming model with intel xeon processors .', 'the intel xeon phi product family is designed for highly parallel compute and memory bandwidth-intensive workloads .', 'intel xeon phi processors are positioned to increase the performance of supercomputers , enabling trillions of calculations per second , and to address emerging data analytics and artificial intelligence solutions .', 'in 2017 , we expect to release our next generation of intel xeon processors for compute , storage , and network ; a next-generation intel xeon phi processor optimized for deep learning ; and a suite of single-socket products , including next-generation intel xeon e3 processors , next-generation intel atom processors , and next-generation intel xeon-d processors for dense solutions. .'] | ----------------------------------------
( in millions ) operating income reconciliation
$ 10646 2016 ccg operating income
1250 lower ccg platform unit cost
905 lower ccg operating expense
625 higher gross margin from ccg platform revenue1
-645 ( 645 ) higher factory start-up costs primarily driven by the ramp of our 10nm process technology
345 other
$ 8166 2015 ccg operating income
-2060 ( 2060 ) higher ccg platform unit costs
-1565 ( 1565 ) lower gross margin from ccg platform revenue2
435 lower factory start-up costs primarily driven by the ramp of our 14nm process technology
430 lower production costs primarily on our 14nm products treated as period charges in 2014
375 lower operating expense
224 other
$ 10327 2014 ccg operating income
---------------------------------------- | subtract(10646, 8166), divide(#0, 8166) | 0.3037 |
for 2016 , what percentage of net revenue was due to the retail electric price adjustment? | Context: ['entergy mississippi , inc .', 'management 2019s financial discussion and analysis results of operations net income 2016 compared to 2015 net income increased $ 16.5 million primarily due to lower other operation and maintenance expenses , higher net revenues , and a lower effective income tax rate , partially offset by higher depreciation and amortization expenses .', '2015 compared to 2014 net income increased $ 17.9 million primarily due to the write-off in 2014 of the regulatory assets associated with new nuclear generation development costs as a result of a joint stipulation entered into with the mississippi public utilities staff , subsequently approved by the mpsc , partially offset by higher depreciation and amortization expenses , higher taxes other than income taxes , higher other operation and maintenance expenses , and lower net revenue .', 'see note 2 to the financial statements for discussion of the new nuclear generation development costs and the joint stipulation .', 'net revenue 2016 compared to 2015 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 2016 to 2015 .', 'amount ( in millions ) .']
Tabular Data:
========================================
| amount ( in millions )
----------|----------
2015 net revenue | $ 696.3
retail electric price | 12.9
volume/weather | 4.7
net wholesale revenue | -2.4 ( 2.4 )
reserve equalization | -2.8 ( 2.8 )
other | -3.3 ( 3.3 )
2016 net revenue | $ 705.4
========================================
Post-table: ['the retail electric price variance is primarily due to a $ 19.4 million net annual increase in revenues , as approved by the mpsc , effective with the first billing cycle of july 2016 , and an increase in revenues collected through the storm damage rider .', 'see note 2 to the financial statements for more discussion on the formula rate plan and the storm damage rider .', 'the volume/weather variance is primarily due to an increase of 153 gwh , or 1% ( 1 % ) , in billed electricity usage , including an increase in industrial usage , partially offset by the effect of less favorable weather on residential and commercial sales .', 'the increase in industrial usage is primarily due to expansion projects in the pulp and paper industry , increased demand for existing customers , primarily in the metals industry , and new customers in the wood products industry. .'] | 0.01829 | ETR/2016/page_374.pdf-4 | ['entergy mississippi , inc .', 'management 2019s financial discussion and analysis results of operations net income 2016 compared to 2015 net income increased $ 16.5 million primarily due to lower other operation and maintenance expenses , higher net revenues , and a lower effective income tax rate , partially offset by higher depreciation and amortization expenses .', '2015 compared to 2014 net income increased $ 17.9 million primarily due to the write-off in 2014 of the regulatory assets associated with new nuclear generation development costs as a result of a joint stipulation entered into with the mississippi public utilities staff , subsequently approved by the mpsc , partially offset by higher depreciation and amortization expenses , higher taxes other than income taxes , higher other operation and maintenance expenses , and lower net revenue .', 'see note 2 to the financial statements for discussion of the new nuclear generation development costs and the joint stipulation .', 'net revenue 2016 compared to 2015 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 2016 to 2015 .', 'amount ( in millions ) .'] | ['the retail electric price variance is primarily due to a $ 19.4 million net annual increase in revenues , as approved by the mpsc , effective with the first billing cycle of july 2016 , and an increase in revenues collected through the storm damage rider .', 'see note 2 to the financial statements for more discussion on the formula rate plan and the storm damage rider .', 'the volume/weather variance is primarily due to an increase of 153 gwh , or 1% ( 1 % ) , in billed electricity usage , including an increase in industrial usage , partially offset by the effect of less favorable weather on residential and commercial sales .', 'the increase in industrial usage is primarily due to expansion projects in the pulp and paper industry , increased demand for existing customers , primarily in the metals industry , and new customers in the wood products industry. .'] | ========================================
| amount ( in millions )
----------|----------
2015 net revenue | $ 696.3
retail electric price | 12.9
volume/weather | 4.7
net wholesale revenue | -2.4 ( 2.4 )
reserve equalization | -2.8 ( 2.8 )
other | -3.3 ( 3.3 )
2016 net revenue | $ 705.4
======================================== | divide(12.9, 705.4) | 0.01829 |
what is the aggregate , inclusive of current maturities of total long-term debt 2013 kmp after the implementation of asu 2009-17 is current maturities , in millions? | Context: ['item 15 .', 'exhibits , financial statement schedules .', '( continued ) kinder morgan , inc .', 'form 10-k .']
--------
Data Table:
• kinder morgan liquids terminals llc-n.j . development revenue bonds due january 15 2018 kinder morgan columbus llc-5.50% ( llc-5.50 % ) ms development revenue note due september 1 2022, 25.0 8.2, 25.0 8.2
• kinder morgan operating l.p . 201cb 201d-jackson-union cos . il revenue bonds due april 1 2024, 23.7, 23.7
• international marine terminals-plaquemines la revenue bonds due march 15 2025, 40.0, 40.0
• other miscellaneous subsidiary debt, 1.3, 1.3
• unamortized debt discount on long-term debt, -20.3 ( 20.3 ), -21.2 ( 21.2 )
• current maturities of long-term debt, -1263.3 ( 1263.3 ), -596.6 ( 596.6 )
• total long-term debt 2013 kmp, $ 10282.8, $ 10007.5
--------
Follow-up: ['____________ ( a ) as a result of the implementation of asu 2009-17 , effective january 1 , 2010 , we ( i ) include the transactions and balances of our business trust , k n capital trust i and k n capital trust iii , in our consolidated financial statements and ( ii ) no longer include our junior subordinated deferrable interest debentures issued to the capital trusts ( see note 18 201crecent accounting pronouncements 201d ) .', '( b ) kmp issued its $ 500 million in principal amount of 9.00% ( 9.00 % ) senior notes due february 1 , 2019 in december 2008 .', 'each holder of the notes has the right to require kmp to repurchase all or a portion of the notes owned by such holder on february 1 , 2012 at a purchase price equal to 100% ( 100 % ) of the principal amount of the notes tendered by the holder plus accrued and unpaid interest to , but excluding , the repurchase date .', 'on and after february 1 , 2012 , interest will cease to accrue on the notes tendered for repayment .', 'a holder 2019s exercise of the repurchase option is irrevocable .', 'kinder morgan kansas , inc .', 'the 2028 and 2098 debentures and the 2012 and 2015 senior notes are redeemable in whole or in part , at kinder morgan kansas , inc . 2019s option at any time , at redemption prices defined in the associated prospectus supplements .', 'the 2027 debentures are redeemable in whole or in part , at kinder morgan kansas , inc . 2019s option after november 1 , 2004 at redemption prices defined in the associated prospectus supplements .', 'on september 2 , 2010 , kinder morgan kansas , inc .', 'paid the remaining $ 1.1 million principal balance outstanding on kinder morgan kansas , inc . 2019s 6.50% ( 6.50 % ) series debentures , due 2013 .', 'kinder morgan finance company , llc on december 20 , 2010 , kinder morgan finance company , llc , a wholly owned subsidiary of kinder morgan kansas , inc. , completed a public offering of senior notes .', 'it issued a total of $ 750 million in principal amount of 6.00% ( 6.00 % ) senior notes due january 15 , 2018 .', 'net proceeds received from the issuance of the notes , after underwriting discounts and commissions , were $ 744.2 million , which were used to retire the principal amount of the 5.35% ( 5.35 % ) senior notes that matured on january 5 , 2011 .', 'the 2011 , 2016 , 2018 and 2036 senior notes issued by kinder morgan finance company , llc are redeemable in whole or in part , at kinder morgan kansas , inc . 2019s option at any time , at redemption prices defined in the associated prospectus supplements .', 'each series of these notes is fully and unconditionally guaranteed by kinder morgan kansas , inc .', 'on a senior unsecured basis as to principal , interest and any additional amounts required to be paid as a result of any withholding or deduction for canadian taxes .', 'capital trust securities kinder morgan kansas , inc . 2019s business trusts , k n capital trust i and k n capital trust iii , are obligated for $ 12.7 million of 8.56% ( 8.56 % ) capital trust securities maturing on april 15 , 2027 and $ 14.4 million of 7.63% ( 7.63 % ) capital trust securities maturing on april 15 , 2028 , respectively , which it guarantees .', 'the 2028 securities are redeemable in whole or in part , at kinder morgan kansas , inc . 2019s option at any time , at redemption prices as defined in the associated prospectus .', 'the 2027 securities are redeemable in whole or in part at kinder morgan kansas , inc . 2019s option and at any time in certain limited circumstances upon the occurrence of certain events and at prices , all defined in the associated prospectus supplements .', 'upon redemption by kinder morgan kansas , inc .', 'or at maturity of the junior subordinated deferrable interest debentures , it must use the proceeds to make redemptions of the capital trust securities on a pro rata basis. .'] | 11546.1 | KMI/2010/page_164.pdf-2 | ['item 15 .', 'exhibits , financial statement schedules .', '( continued ) kinder morgan , inc .', 'form 10-k .'] | ['____________ ( a ) as a result of the implementation of asu 2009-17 , effective january 1 , 2010 , we ( i ) include the transactions and balances of our business trust , k n capital trust i and k n capital trust iii , in our consolidated financial statements and ( ii ) no longer include our junior subordinated deferrable interest debentures issued to the capital trusts ( see note 18 201crecent accounting pronouncements 201d ) .', '( b ) kmp issued its $ 500 million in principal amount of 9.00% ( 9.00 % ) senior notes due february 1 , 2019 in december 2008 .', 'each holder of the notes has the right to require kmp to repurchase all or a portion of the notes owned by such holder on february 1 , 2012 at a purchase price equal to 100% ( 100 % ) of the principal amount of the notes tendered by the holder plus accrued and unpaid interest to , but excluding , the repurchase date .', 'on and after february 1 , 2012 , interest will cease to accrue on the notes tendered for repayment .', 'a holder 2019s exercise of the repurchase option is irrevocable .', 'kinder morgan kansas , inc .', 'the 2028 and 2098 debentures and the 2012 and 2015 senior notes are redeemable in whole or in part , at kinder morgan kansas , inc . 2019s option at any time , at redemption prices defined in the associated prospectus supplements .', 'the 2027 debentures are redeemable in whole or in part , at kinder morgan kansas , inc . 2019s option after november 1 , 2004 at redemption prices defined in the associated prospectus supplements .', 'on september 2 , 2010 , kinder morgan kansas , inc .', 'paid the remaining $ 1.1 million principal balance outstanding on kinder morgan kansas , inc . 2019s 6.50% ( 6.50 % ) series debentures , due 2013 .', 'kinder morgan finance company , llc on december 20 , 2010 , kinder morgan finance company , llc , a wholly owned subsidiary of kinder morgan kansas , inc. , completed a public offering of senior notes .', 'it issued a total of $ 750 million in principal amount of 6.00% ( 6.00 % ) senior notes due january 15 , 2018 .', 'net proceeds received from the issuance of the notes , after underwriting discounts and commissions , were $ 744.2 million , which were used to retire the principal amount of the 5.35% ( 5.35 % ) senior notes that matured on january 5 , 2011 .', 'the 2011 , 2016 , 2018 and 2036 senior notes issued by kinder morgan finance company , llc are redeemable in whole or in part , at kinder morgan kansas , inc . 2019s option at any time , at redemption prices defined in the associated prospectus supplements .', 'each series of these notes is fully and unconditionally guaranteed by kinder morgan kansas , inc .', 'on a senior unsecured basis as to principal , interest and any additional amounts required to be paid as a result of any withholding or deduction for canadian taxes .', 'capital trust securities kinder morgan kansas , inc . 2019s business trusts , k n capital trust i and k n capital trust iii , are obligated for $ 12.7 million of 8.56% ( 8.56 % ) capital trust securities maturing on april 15 , 2027 and $ 14.4 million of 7.63% ( 7.63 % ) capital trust securities maturing on april 15 , 2028 , respectively , which it guarantees .', 'the 2028 securities are redeemable in whole or in part , at kinder morgan kansas , inc . 2019s option at any time , at redemption prices as defined in the associated prospectus .', 'the 2027 securities are redeemable in whole or in part at kinder morgan kansas , inc . 2019s option and at any time in certain limited circumstances upon the occurrence of certain events and at prices , all defined in the associated prospectus supplements .', 'upon redemption by kinder morgan kansas , inc .', 'or at maturity of the junior subordinated deferrable interest debentures , it must use the proceeds to make redemptions of the capital trust securities on a pro rata basis. .'] | • kinder morgan liquids terminals llc-n.j . development revenue bonds due january 15 2018 kinder morgan columbus llc-5.50% ( llc-5.50 % ) ms development revenue note due september 1 2022, 25.0 8.2, 25.0 8.2
• kinder morgan operating l.p . 201cb 201d-jackson-union cos . il revenue bonds due april 1 2024, 23.7, 23.7
• international marine terminals-plaquemines la revenue bonds due march 15 2025, 40.0, 40.0
• other miscellaneous subsidiary debt, 1.3, 1.3
• unamortized debt discount on long-term debt, -20.3 ( 20.3 ), -21.2 ( 21.2 )
• current maturities of long-term debt, -1263.3 ( 1263.3 ), -596.6 ( 596.6 )
• total long-term debt 2013 kmp, $ 10282.8, $ 10007.5 | add(10282.8, 1263.3) | 11546.1 |
what was the percentage change in diluted earnings per common share december 29 2012 and december 28 2013? | Background: ['item 7 .', 'management 2019s discussion and analysis of financial condition and results of operations our management 2019s discussion and analysis of financial condition and results of operations ( md&a ) is provided in addition to the accompanying consolidated financial statements and notes to assist readers in understanding our results of operations , financial condition , and cash flows .', 'md&a is organized as follows : 2022 overview .', 'discussion of our business and overall analysis of financial and other highlights affecting the company in order to provide context for the remainder of md&a .', '2022 critical accounting estimates .', 'accounting estimates that we believe are most important to understanding the assumptions and judgments incorporated in our reported financial results and forecasts .', '2022 results of operations .', 'an analysis of our financial results comparing 2013 to 2012 and comparing 2012 to 2022 liquidity and capital resources .', 'an analysis of changes in our balance sheets and cash flows , and discussion of our financial condition and potential sources of liquidity .', '2022 fair value of financial instruments .', 'discussion of the methodologies used in the valuation of our financial instruments .', '2022 contractual obligations and off-balance-sheet arrangements .', 'overview of contractual obligations , contingent liabilities , commitments , and off-balance-sheet arrangements outstanding as of december 28 , 2013 , including expected payment schedule .', 'the various sections of this md&a contain a number of forward-looking statements that involve a number of risks and uncertainties .', 'words such as 201canticipates , 201d 201cexpects , 201d 201cintends , 201d 201cplans , 201d 201cbelieves , 201d 201cseeks , 201d 201cestimates , 201d 201ccontinues , 201d 201cmay , 201d 201cwill , 201d 201cshould , 201d and variations of such words and similar expressions are intended to identify such forward-looking statements .', 'in addition , any statements that refer to projections of our future financial performance , our anticipated growth and trends in our businesses , uncertain events or assumptions , and other characterizations of future events or circumstances are forward-looking statements .', 'such statements are based on our current expectations and could be affected by the uncertainties and risk factors described throughout this filing and particularly in 201crisk factors 201d in part i , item 1a of this form 10-k .', 'our actual results may differ materially , and these forward-looking statements do not reflect the potential impact of any divestitures , mergers , acquisitions , or other business combinations that had not been completed as of february 14 , 2014 .', 'overview our results of operations for each period were as follows: .']
Table:
----------------------------------------
( dollars in millions except per share amounts ) | three months ended dec . 282013 | three months ended sept . 282013 | three months ended change | three months ended dec . 282013 | three months ended dec . 292012 | change
net revenue | $ 13834 | $ 13483 | $ 351 | $ 52708 | $ 53341 | $ -633 ( 633 )
gross margin | $ 8571 | $ 8414 | $ 157 | $ 31521 | $ 33151 | $ -1630 ( 1630 )
gross margin percentage | 62.0% ( 62.0 % ) | 62.4% ( 62.4 % ) | ( 0.4 ) % ( % ) | 59.8% ( 59.8 % ) | 62.1% ( 62.1 % ) | ( 2.3 ) % ( % )
operating income | $ 3549 | $ 3504 | $ 45 | $ 12291 | $ 14638 | $ -2347 ( 2347 )
net income | $ 2625 | $ 2950 | $ -325 ( 325 ) | $ 9620 | $ 11005 | $ -1385 ( 1385 )
diluted earnings per common share | $ 0.51 | $ 0.58 | $ -0.07 ( 0.07 ) | $ 1.89 | $ 2.13 | $ -0.24 ( 0.24 )
----------------------------------------
Additional Information: ['revenue for 2013 was down 1% ( 1 % ) from 2012 .', 'pccg experienced lower platform unit sales in the first half of the year , but saw offsetting growth in the back half as the pc market began to show signs of stabilization .', 'dcg continued to benefit from the build out of internet cloud computing and the strength of our product portfolio resulting in increased platform volumes for dcg for the year .', 'higher factory start-up costs for our next-generation 14nm process technology led to a decrease in gross margin compared to 2012 .', 'in response to the current business environment and to better align resources , management approved several restructuring actions including targeted workforce reductions as well as the exit of certain businesses and facilities .', 'these actions resulted in restructuring and asset impairment charges of $ 240 million for 2013 .', 'table of contents .'] | -0.11268 | INTC/2013/page_33.pdf-3 | ['item 7 .', 'management 2019s discussion and analysis of financial condition and results of operations our management 2019s discussion and analysis of financial condition and results of operations ( md&a ) is provided in addition to the accompanying consolidated financial statements and notes to assist readers in understanding our results of operations , financial condition , and cash flows .', 'md&a is organized as follows : 2022 overview .', 'discussion of our business and overall analysis of financial and other highlights affecting the company in order to provide context for the remainder of md&a .', '2022 critical accounting estimates .', 'accounting estimates that we believe are most important to understanding the assumptions and judgments incorporated in our reported financial results and forecasts .', '2022 results of operations .', 'an analysis of our financial results comparing 2013 to 2012 and comparing 2012 to 2022 liquidity and capital resources .', 'an analysis of changes in our balance sheets and cash flows , and discussion of our financial condition and potential sources of liquidity .', '2022 fair value of financial instruments .', 'discussion of the methodologies used in the valuation of our financial instruments .', '2022 contractual obligations and off-balance-sheet arrangements .', 'overview of contractual obligations , contingent liabilities , commitments , and off-balance-sheet arrangements outstanding as of december 28 , 2013 , including expected payment schedule .', 'the various sections of this md&a contain a number of forward-looking statements that involve a number of risks and uncertainties .', 'words such as 201canticipates , 201d 201cexpects , 201d 201cintends , 201d 201cplans , 201d 201cbelieves , 201d 201cseeks , 201d 201cestimates , 201d 201ccontinues , 201d 201cmay , 201d 201cwill , 201d 201cshould , 201d and variations of such words and similar expressions are intended to identify such forward-looking statements .', 'in addition , any statements that refer to projections of our future financial performance , our anticipated growth and trends in our businesses , uncertain events or assumptions , and other characterizations of future events or circumstances are forward-looking statements .', 'such statements are based on our current expectations and could be affected by the uncertainties and risk factors described throughout this filing and particularly in 201crisk factors 201d in part i , item 1a of this form 10-k .', 'our actual results may differ materially , and these forward-looking statements do not reflect the potential impact of any divestitures , mergers , acquisitions , or other business combinations that had not been completed as of february 14 , 2014 .', 'overview our results of operations for each period were as follows: .'] | ['revenue for 2013 was down 1% ( 1 % ) from 2012 .', 'pccg experienced lower platform unit sales in the first half of the year , but saw offsetting growth in the back half as the pc market began to show signs of stabilization .', 'dcg continued to benefit from the build out of internet cloud computing and the strength of our product portfolio resulting in increased platform volumes for dcg for the year .', 'higher factory start-up costs for our next-generation 14nm process technology led to a decrease in gross margin compared to 2012 .', 'in response to the current business environment and to better align resources , management approved several restructuring actions including targeted workforce reductions as well as the exit of certain businesses and facilities .', 'these actions resulted in restructuring and asset impairment charges of $ 240 million for 2013 .', 'table of contents .'] | ----------------------------------------
( dollars in millions except per share amounts ) | three months ended dec . 282013 | three months ended sept . 282013 | three months ended change | three months ended dec . 282013 | three months ended dec . 292012 | change
net revenue | $ 13834 | $ 13483 | $ 351 | $ 52708 | $ 53341 | $ -633 ( 633 )
gross margin | $ 8571 | $ 8414 | $ 157 | $ 31521 | $ 33151 | $ -1630 ( 1630 )
gross margin percentage | 62.0% ( 62.0 % ) | 62.4% ( 62.4 % ) | ( 0.4 ) % ( % ) | 59.8% ( 59.8 % ) | 62.1% ( 62.1 % ) | ( 2.3 ) % ( % )
operating income | $ 3549 | $ 3504 | $ 45 | $ 12291 | $ 14638 | $ -2347 ( 2347 )
net income | $ 2625 | $ 2950 | $ -325 ( 325 ) | $ 9620 | $ 11005 | $ -1385 ( 1385 )
diluted earnings per common share | $ 0.51 | $ 0.58 | $ -0.07 ( 0.07 ) | $ 1.89 | $ 2.13 | $ -0.24 ( 0.24 )
---------------------------------------- | subtract(1.89, 2.13), divide(#0, 2.13) | -0.11268 |
what is the percentage change in working capital in 2012 relative to 2011? | Background: ['management 2019s discussion and analysis of financial condition and results of operations ( continued ) liquidity and capital resources snap-on 2019s growth has historically been funded by a combination of cash provided by operating activities and debt financing .', 'snap-on believes that its cash from operations and collections of finance receivables , coupled with its sources of borrowings and available cash on hand , are sufficient to fund its currently anticipated requirements for payments of interest and dividends , new loans originated by our financial services businesses , capital expenditures , working capital , restructuring activities , the funding of pension plans , and funding for additional share repurchases and acquisitions , if any .', 'due to snap-on 2019s credit rating over the years , external funds have been available at an acceptable cost .', 'as of the close of business on february 8 , 2013 , snap-on 2019s long-term debt and commercial paper were rated , respectively , baa1 and p-2 by moody 2019s investors service ; a- and a-2 by standard & poor 2019s ; and a- and f2 by fitch ratings .', 'snap-on believes that its current credit arrangements are sound and that the strength of its balance sheet affords the company the financial flexibility to respond to both internal growth opportunities and those available through acquisitions .', 'however , snap-on cannot provide any assurances of the availability of future financing or the terms on which it might be available , or that its debt ratings may not decrease .', 'the following discussion focuses on information included in the accompanying consolidated balance sheets .', 'as of 2012 year end , working capital ( current assets less current liabilities ) of $ 1079.8 million increased $ 132.9 million from $ 946.9 million at 2011 year end .', 'the following represents the company 2019s working capital position as of 2012 and 2011 year end : ( amounts in millions ) 2012 2011 .']
--
Table:
----------------------------------------
• ( amounts in millions ), 2012, 2011
• cash and cash equivalents, $ 214.5, $ 185.6
• trade and other accounts receivable 2013 net, 497.9, 463.5
• finance receivables 2013 net, 323.1, 277.2
• contract receivables 2013 net, 62.7, 49.7
• inventories 2013 net, 404.2, 386.4
• other current assets, 166.6, 168.3
• total current assets, 1669.0, 1530.7
• notes payable, -5.2 ( 5.2 ), -16.2 ( 16.2 )
• accounts payable, -142.5 ( 142.5 ), -124.6 ( 124.6 )
• other current liabilities, -441.5 ( 441.5 ), -443.0 ( 443.0 )
• total current liabilities, -589.2 ( 589.2 ), -583.8 ( 583.8 )
• working capital, $ 1079.8, $ 946.9
----------------------------------------
--
Additional Information: ['cash and cash equivalents of $ 214.5 million as of 2012 year end compared to cash and cash equivalents of $ 185.6 million at 2011 year end .', 'the $ 28.9 million increase in cash and cash equivalents includes the impacts of ( i ) $ 329.3 million of cash generated from operations , net of $ 73.0 million of cash contributions ( including $ 54.7 million of discretionary contributions ) to the company 2019s domestic pension plans ; ( ii ) $ 445.5 million of cash from collections of finance receivables ; ( iii ) $ 46.8 million of proceeds from stock purchase and option plan exercises ; and ( iv ) $ 27.0 million of cash proceeds from the sale of a non-strategic equity investment at book value .', 'these increases in cash and cash equivalents were partially offset by ( i ) the funding of $ 569.6 million of new finance originations ; ( ii ) dividend payments of $ 81.5 million ; ( iii ) the funding of $ 79.4 million of capital expenditures ; and ( iv ) the repurchase of 1180000 shares of the company 2019s common stock for $ 78.1 million .', 'of the $ 214.5 million of cash and cash equivalents as of 2012 year end , $ 81.4 million was held outside of the united states .', 'snap-on considers these non-u.s .', 'funds as permanently invested in its foreign operations to ( i ) provide adequate working capital ; ( ii ) satisfy various regulatory requirements ; and/or ( iii ) take advantage of business expansion opportunities as they arise ; as such , the company does not presently expect to repatriate these funds to fund its u.s .', 'operations or obligations .', 'the repatriation of cash from certain foreign subsidiaries could have adverse net tax consequences on the company should snap-on be required to pay and record u.s .', 'income taxes and foreign withholding taxes on funds that were previously considered permanently invested .', 'alternatively , the repatriation of such cash from certain other foreign subsidiaries could result in favorable net tax consequences for the company .', 'snap-on periodically evaluates opportunities to repatriate certain foreign cash amounts to the extent that it does not incur additional unfavorable net tax consequences .', '44 snap-on incorporated .'] | 0.14035 | SNA/2012/page_54.pdf-1 | ['management 2019s discussion and analysis of financial condition and results of operations ( continued ) liquidity and capital resources snap-on 2019s growth has historically been funded by a combination of cash provided by operating activities and debt financing .', 'snap-on believes that its cash from operations and collections of finance receivables , coupled with its sources of borrowings and available cash on hand , are sufficient to fund its currently anticipated requirements for payments of interest and dividends , new loans originated by our financial services businesses , capital expenditures , working capital , restructuring activities , the funding of pension plans , and funding for additional share repurchases and acquisitions , if any .', 'due to snap-on 2019s credit rating over the years , external funds have been available at an acceptable cost .', 'as of the close of business on february 8 , 2013 , snap-on 2019s long-term debt and commercial paper were rated , respectively , baa1 and p-2 by moody 2019s investors service ; a- and a-2 by standard & poor 2019s ; and a- and f2 by fitch ratings .', 'snap-on believes that its current credit arrangements are sound and that the strength of its balance sheet affords the company the financial flexibility to respond to both internal growth opportunities and those available through acquisitions .', 'however , snap-on cannot provide any assurances of the availability of future financing or the terms on which it might be available , or that its debt ratings may not decrease .', 'the following discussion focuses on information included in the accompanying consolidated balance sheets .', 'as of 2012 year end , working capital ( current assets less current liabilities ) of $ 1079.8 million increased $ 132.9 million from $ 946.9 million at 2011 year end .', 'the following represents the company 2019s working capital position as of 2012 and 2011 year end : ( amounts in millions ) 2012 2011 .'] | ['cash and cash equivalents of $ 214.5 million as of 2012 year end compared to cash and cash equivalents of $ 185.6 million at 2011 year end .', 'the $ 28.9 million increase in cash and cash equivalents includes the impacts of ( i ) $ 329.3 million of cash generated from operations , net of $ 73.0 million of cash contributions ( including $ 54.7 million of discretionary contributions ) to the company 2019s domestic pension plans ; ( ii ) $ 445.5 million of cash from collections of finance receivables ; ( iii ) $ 46.8 million of proceeds from stock purchase and option plan exercises ; and ( iv ) $ 27.0 million of cash proceeds from the sale of a non-strategic equity investment at book value .', 'these increases in cash and cash equivalents were partially offset by ( i ) the funding of $ 569.6 million of new finance originations ; ( ii ) dividend payments of $ 81.5 million ; ( iii ) the funding of $ 79.4 million of capital expenditures ; and ( iv ) the repurchase of 1180000 shares of the company 2019s common stock for $ 78.1 million .', 'of the $ 214.5 million of cash and cash equivalents as of 2012 year end , $ 81.4 million was held outside of the united states .', 'snap-on considers these non-u.s .', 'funds as permanently invested in its foreign operations to ( i ) provide adequate working capital ; ( ii ) satisfy various regulatory requirements ; and/or ( iii ) take advantage of business expansion opportunities as they arise ; as such , the company does not presently expect to repatriate these funds to fund its u.s .', 'operations or obligations .', 'the repatriation of cash from certain foreign subsidiaries could have adverse net tax consequences on the company should snap-on be required to pay and record u.s .', 'income taxes and foreign withholding taxes on funds that were previously considered permanently invested .', 'alternatively , the repatriation of such cash from certain other foreign subsidiaries could result in favorable net tax consequences for the company .', 'snap-on periodically evaluates opportunities to repatriate certain foreign cash amounts to the extent that it does not incur additional unfavorable net tax consequences .', '44 snap-on incorporated .'] | ----------------------------------------
• ( amounts in millions ), 2012, 2011
• cash and cash equivalents, $ 214.5, $ 185.6
• trade and other accounts receivable 2013 net, 497.9, 463.5
• finance receivables 2013 net, 323.1, 277.2
• contract receivables 2013 net, 62.7, 49.7
• inventories 2013 net, 404.2, 386.4
• other current assets, 166.6, 168.3
• total current assets, 1669.0, 1530.7
• notes payable, -5.2 ( 5.2 ), -16.2 ( 16.2 )
• accounts payable, -142.5 ( 142.5 ), -124.6 ( 124.6 )
• other current liabilities, -441.5 ( 441.5 ), -443.0 ( 443.0 )
• total current liabilities, -589.2 ( 589.2 ), -583.8 ( 583.8 )
• working capital, $ 1079.8, $ 946.9
---------------------------------------- | divide(132.9, 946.9) | 0.14035 |
what percentage of total net revenues investing & lending segment were attributable to equity securities in 2013? | Pre-text: ['management 2019s discussion and analysis net revenues in equities were $ 8.21 billion for 2012 , essentially unchanged compared with 2011 .', 'net revenues in securities services were significantly higher compared with 2011 , reflecting a gain of $ 494 million on the sale of our hedge fund administration business .', 'in addition , equities client execution net revenues were higher than 2011 , primarily reflecting significantly higher results in cash products , principally due to increased levels of client activity .', 'these increases were offset by lower commissions and fees , reflecting declines in the united states , europe and asia .', 'our average daily volumes during 2012 were lower in each of these regions compared with 2011 , consistent with listed cash equity market volumes .', 'during 2012 , equities operated in an environment generally characterized by an increase in global equity prices and lower volatility levels .', 'the net loss attributable to the impact of changes in our own credit spreads on borrowings for which the fair value option was elected was $ 714 million ( $ 433 million and $ 281 million related to fixed income , currency and commodities client execution and equities client execution , respectively ) for 2012 , compared with a net gain of $ 596 million ( $ 399 million and $ 197 million related to fixed income , currency and commodities client execution and equities client execution , respectively ) for 2011 .', 'during 2012 , institutional client services operated in an environment generally characterized by continued broad market concerns and uncertainties , although positive developments helped to improve market conditions .', 'these developments included certain central bank actions to ease monetary policy and address funding risks for european financial institutions .', 'in addition , the u.s .', 'economy posted stable to improving economic data , including favorable developments in unemployment and housing .', 'these improvements resulted in tighter credit spreads , higher global equity prices and lower levels of volatility .', 'however , concerns about the outlook for the global economy and continued political uncertainty , particularly the political debate in the united states surrounding the fiscal cliff , generally resulted in client risk aversion and lower activity levels .', 'also , uncertainty over financial regulatory reform persisted .', 'operating expenses were $ 12.48 billion for 2012 , 3% ( 3 % ) lower than 2011 , primarily due to lower brokerage , clearing , exchange and distribution fees , and lower impairment charges , partially offset by higher net provisions for litigation and regulatory proceedings .', 'pre- tax earnings were $ 5.64 billion in 2012 , 27% ( 27 % ) higher than 2011 .', 'investing & lending investing & lending includes our investing activities and the origination of loans to provide financing to clients .', 'these investments , some of which are consolidated , and loans are typically longer-term in nature .', 'we make investments , directly and indirectly through funds that we manage , in debt securities and loans , public and private equity securities , and real estate entities .', 'the table below presents the operating results of our investing & lending segment. .']
####
Tabular Data:
========================================
in millions | year ended december 2013 | year ended december 2012 | year ended december 2011
----------|----------|----------|----------
equity securities | $ 3930 | $ 2800 | $ 603
debt securities and loans | 1947 | 1850 | 96
other | 1141 | 1241 | 1443
total net revenues | 7018 | 5891 | 2142
operating expenses | 2684 | 2666 | 2673
pre-tax earnings/ ( loss ) | $ 4334 | $ 3225 | $ -531 ( 531 )
========================================
####
Post-table: ['2013 versus 2012 .', 'net revenues in investing & lending were $ 7.02 billion for 2013 , 19% ( 19 % ) higher than 2012 , reflecting a significant increase in net gains from investments in equity securities , driven by company-specific events and stronger corporate performance , as well as significantly higher global equity prices .', 'in addition , net gains and net interest income from debt securities and loans were slightly higher , while other net revenues , related to our consolidated investments , were lower compared with 2012 .', 'if equity markets decline or credit spreads widen , net revenues in investing & lending would likely be negatively impacted .', 'operating expenses were $ 2.68 billion for 2013 , essentially unchanged compared with 2012 .', 'operating expenses during 2013 included lower impairment charges and lower operating expenses related to consolidated investments , partially offset by increased compensation and benefits expenses due to higher net revenues compared with 2012 .', 'pre-tax earnings were $ 4.33 billion in 2013 , 34% ( 34 % ) higher than 2012 .', '52 goldman sachs 2013 annual report .'] | 0.55999 | GS/2013/page_54.pdf-1 | ['management 2019s discussion and analysis net revenues in equities were $ 8.21 billion for 2012 , essentially unchanged compared with 2011 .', 'net revenues in securities services were significantly higher compared with 2011 , reflecting a gain of $ 494 million on the sale of our hedge fund administration business .', 'in addition , equities client execution net revenues were higher than 2011 , primarily reflecting significantly higher results in cash products , principally due to increased levels of client activity .', 'these increases were offset by lower commissions and fees , reflecting declines in the united states , europe and asia .', 'our average daily volumes during 2012 were lower in each of these regions compared with 2011 , consistent with listed cash equity market volumes .', 'during 2012 , equities operated in an environment generally characterized by an increase in global equity prices and lower volatility levels .', 'the net loss attributable to the impact of changes in our own credit spreads on borrowings for which the fair value option was elected was $ 714 million ( $ 433 million and $ 281 million related to fixed income , currency and commodities client execution and equities client execution , respectively ) for 2012 , compared with a net gain of $ 596 million ( $ 399 million and $ 197 million related to fixed income , currency and commodities client execution and equities client execution , respectively ) for 2011 .', 'during 2012 , institutional client services operated in an environment generally characterized by continued broad market concerns and uncertainties , although positive developments helped to improve market conditions .', 'these developments included certain central bank actions to ease monetary policy and address funding risks for european financial institutions .', 'in addition , the u.s .', 'economy posted stable to improving economic data , including favorable developments in unemployment and housing .', 'these improvements resulted in tighter credit spreads , higher global equity prices and lower levels of volatility .', 'however , concerns about the outlook for the global economy and continued political uncertainty , particularly the political debate in the united states surrounding the fiscal cliff , generally resulted in client risk aversion and lower activity levels .', 'also , uncertainty over financial regulatory reform persisted .', 'operating expenses were $ 12.48 billion for 2012 , 3% ( 3 % ) lower than 2011 , primarily due to lower brokerage , clearing , exchange and distribution fees , and lower impairment charges , partially offset by higher net provisions for litigation and regulatory proceedings .', 'pre- tax earnings were $ 5.64 billion in 2012 , 27% ( 27 % ) higher than 2011 .', 'investing & lending investing & lending includes our investing activities and the origination of loans to provide financing to clients .', 'these investments , some of which are consolidated , and loans are typically longer-term in nature .', 'we make investments , directly and indirectly through funds that we manage , in debt securities and loans , public and private equity securities , and real estate entities .', 'the table below presents the operating results of our investing & lending segment. .'] | ['2013 versus 2012 .', 'net revenues in investing & lending were $ 7.02 billion for 2013 , 19% ( 19 % ) higher than 2012 , reflecting a significant increase in net gains from investments in equity securities , driven by company-specific events and stronger corporate performance , as well as significantly higher global equity prices .', 'in addition , net gains and net interest income from debt securities and loans were slightly higher , while other net revenues , related to our consolidated investments , were lower compared with 2012 .', 'if equity markets decline or credit spreads widen , net revenues in investing & lending would likely be negatively impacted .', 'operating expenses were $ 2.68 billion for 2013 , essentially unchanged compared with 2012 .', 'operating expenses during 2013 included lower impairment charges and lower operating expenses related to consolidated investments , partially offset by increased compensation and benefits expenses due to higher net revenues compared with 2012 .', 'pre-tax earnings were $ 4.33 billion in 2013 , 34% ( 34 % ) higher than 2012 .', '52 goldman sachs 2013 annual report .'] | ========================================
in millions | year ended december 2013 | year ended december 2012 | year ended december 2011
----------|----------|----------|----------
equity securities | $ 3930 | $ 2800 | $ 603
debt securities and loans | 1947 | 1850 | 96
other | 1141 | 1241 | 1443
total net revenues | 7018 | 5891 | 2142
operating expenses | 2684 | 2666 | 2673
pre-tax earnings/ ( loss ) | $ 4334 | $ 3225 | $ -531 ( 531 )
======================================== | divide(3930, 7018) | 0.55999 |
what was the percent of the 2008 to 2009 unpaid principal balance exceeded the aggregate fair value non-structured liabilities classified as long-term debt for which the fair value option has been elected | Context: ['certain mortgage loans citigroup has elected the fair value option for certain purchased and originated prime fixed-rate and conforming adjustable-rate first mortgage loans held-for-sale .', 'these loans are intended for sale or securitization and are hedged with derivative instruments .', 'the company has elected the fair value option to mitigate accounting mismatches in cases where hedge .']
----
Tabular Data:
========================================
Row 1: in millions of dollars, december 31 2009, december 31 2008
Row 2: carrying amount reported on the consolidated balance sheet, $ 3338, $ 4273
Row 3: aggregate fair value in excess of unpaid principalbalance, 55, 138
Row 4: balance of non-accrual loans or loans more than 90 days past due, 4, 9
Row 5: aggregate unpaid principal balance in excess of fair value for non-accrualloans or loans more than 90 days past due, 3, 2
========================================
----
Additional Information: ['the changes in fair values of these mortgage loans are reported in other revenue in the company 2019s consolidated statement of income .', 'the changes in fair value during the years ended december 31 , 2009 and 2008 due to instrument-specific credit risk resulted in a $ 10 million loss and $ 32 million loss , respectively .', 'related interest income continues to be measured based on the contractual interest rates and reported as such in the consolidated statement of income .', 'mortgage servicing rights the company accounts for mortgage servicing rights ( msrs ) at fair value .', 'fair value for msrs is determined using an option-adjusted spread valuation approach .', 'this approach consists of projecting servicing cash flows under multiple interest-rate scenarios and discounting these cash flows using risk-adjusted rates .', 'the model assumptions used in the valuation of msrs include mortgage prepayment speeds and discount rates .', 'the fair value of msrs is primarily affected by changes in prepayments that result from shifts in mortgage interest rates .', 'in managing this risk , the company hedges a significant portion of the values of its msrs through the use of interest-rate derivative contracts , forward-purchase commitments of mortgage-backed securities , and purchased securities classified as trading .', 'see note 23 to the consolidated financial statements for further discussions regarding the accounting and reporting of msrs .', 'these msrs , which totaled $ 6.5 billion and $ 5.7 billion as of december 31 , 2009 and 2008 , respectively , are classified as mortgage servicing rights on citigroup 2019s consolidated balance sheet .', 'changes in fair value of msrs are recorded in commissions and fees in the company 2019s consolidated statement of income .', 'certain structured liabilities the company has elected the fair value option for certain structured liabilities whose performance is linked to structured interest rates , inflation or currency risks ( 201cstructured liabilities 201d ) .', 'the company elected the fair value option , because these exposures are considered to be trading-related positions and , therefore , are managed on a fair value basis .', 'these positions will continue to be classified as debt , deposits or derivatives ( trading account liabilities ) on the company 2019s consolidated balance sheet according to their legal form .', 'for those structured liabilities classified as long-term debt for which the fair value option has been elected , the aggregate unpaid principal balance exceeded the aggregate fair value by $ 125 million and $ 671 million as of december 31 , 2009 and 2008 , respectively .', 'the change in fair value for these structured liabilities is reported in principal transactions in the company 2019s consolidated statement of income .', 'related interest expense is measured based on the contractual interest rates and reported as such in the consolidated income statement .', 'certain non-structured liabilities the company has elected the fair value option for certain non-structured liabilities with fixed and floating interest rates ( 201cnon-structured liabilities 201d ) .', 'the company has elected the fair value option where the interest-rate risk of such liabilities is economically hedged with derivative contracts or the proceeds are used to purchase financial assets that will also be accounted for at fair value through earnings .', 'the election has been made to mitigate accounting mismatches and to achieve operational simplifications .', 'these positions are reported in short-term borrowings and long-term debt on the company 2019s consolidated balance sheet .', 'for those non-structured liabilities classified as short-term borrowings for which the fair value option has been elected , the aggregate unpaid principal balance exceeded the aggregate fair value of such instruments by $ 220 million as of december 31 , 2008 .', 'for non-structured liabilities classified as long-term debt for which the fair value option has been elected , the aggregate unpaid principal balance exceeded the aggregate fair value by $ 1542 million and $ 856 million as of december 31 , 2009 and 2008 , respectively .', 'the change in fair value for these non-structured liabilities is reported in principal transactions in the company 2019s consolidated statement of income .', 'related interest expense continues to be measured based on the contractual interest rates and reported as such in the consolidated income statement .', 'accounting is complex and to achieve operational simplifications .', 'the fair value option was not elected for loans held-for-investment , as those loans are not hedged with derivative instruments .', 'the following table provides information about certain mortgage loans carried at fair value: .'] | 0.55512 | C/2009/page_248.pdf-1 | ['certain mortgage loans citigroup has elected the fair value option for certain purchased and originated prime fixed-rate and conforming adjustable-rate first mortgage loans held-for-sale .', 'these loans are intended for sale or securitization and are hedged with derivative instruments .', 'the company has elected the fair value option to mitigate accounting mismatches in cases where hedge .'] | ['the changes in fair values of these mortgage loans are reported in other revenue in the company 2019s consolidated statement of income .', 'the changes in fair value during the years ended december 31 , 2009 and 2008 due to instrument-specific credit risk resulted in a $ 10 million loss and $ 32 million loss , respectively .', 'related interest income continues to be measured based on the contractual interest rates and reported as such in the consolidated statement of income .', 'mortgage servicing rights the company accounts for mortgage servicing rights ( msrs ) at fair value .', 'fair value for msrs is determined using an option-adjusted spread valuation approach .', 'this approach consists of projecting servicing cash flows under multiple interest-rate scenarios and discounting these cash flows using risk-adjusted rates .', 'the model assumptions used in the valuation of msrs include mortgage prepayment speeds and discount rates .', 'the fair value of msrs is primarily affected by changes in prepayments that result from shifts in mortgage interest rates .', 'in managing this risk , the company hedges a significant portion of the values of its msrs through the use of interest-rate derivative contracts , forward-purchase commitments of mortgage-backed securities , and purchased securities classified as trading .', 'see note 23 to the consolidated financial statements for further discussions regarding the accounting and reporting of msrs .', 'these msrs , which totaled $ 6.5 billion and $ 5.7 billion as of december 31 , 2009 and 2008 , respectively , are classified as mortgage servicing rights on citigroup 2019s consolidated balance sheet .', 'changes in fair value of msrs are recorded in commissions and fees in the company 2019s consolidated statement of income .', 'certain structured liabilities the company has elected the fair value option for certain structured liabilities whose performance is linked to structured interest rates , inflation or currency risks ( 201cstructured liabilities 201d ) .', 'the company elected the fair value option , because these exposures are considered to be trading-related positions and , therefore , are managed on a fair value basis .', 'these positions will continue to be classified as debt , deposits or derivatives ( trading account liabilities ) on the company 2019s consolidated balance sheet according to their legal form .', 'for those structured liabilities classified as long-term debt for which the fair value option has been elected , the aggregate unpaid principal balance exceeded the aggregate fair value by $ 125 million and $ 671 million as of december 31 , 2009 and 2008 , respectively .', 'the change in fair value for these structured liabilities is reported in principal transactions in the company 2019s consolidated statement of income .', 'related interest expense is measured based on the contractual interest rates and reported as such in the consolidated income statement .', 'certain non-structured liabilities the company has elected the fair value option for certain non-structured liabilities with fixed and floating interest rates ( 201cnon-structured liabilities 201d ) .', 'the company has elected the fair value option where the interest-rate risk of such liabilities is economically hedged with derivative contracts or the proceeds are used to purchase financial assets that will also be accounted for at fair value through earnings .', 'the election has been made to mitigate accounting mismatches and to achieve operational simplifications .', 'these positions are reported in short-term borrowings and long-term debt on the company 2019s consolidated balance sheet .', 'for those non-structured liabilities classified as short-term borrowings for which the fair value option has been elected , the aggregate unpaid principal balance exceeded the aggregate fair value of such instruments by $ 220 million as of december 31 , 2008 .', 'for non-structured liabilities classified as long-term debt for which the fair value option has been elected , the aggregate unpaid principal balance exceeded the aggregate fair value by $ 1542 million and $ 856 million as of december 31 , 2009 and 2008 , respectively .', 'the change in fair value for these non-structured liabilities is reported in principal transactions in the company 2019s consolidated statement of income .', 'related interest expense continues to be measured based on the contractual interest rates and reported as such in the consolidated income statement .', 'accounting is complex and to achieve operational simplifications .', 'the fair value option was not elected for loans held-for-investment , as those loans are not hedged with derivative instruments .', 'the following table provides information about certain mortgage loans carried at fair value: .'] | ========================================
Row 1: in millions of dollars, december 31 2009, december 31 2008
Row 2: carrying amount reported on the consolidated balance sheet, $ 3338, $ 4273
Row 3: aggregate fair value in excess of unpaid principalbalance, 55, 138
Row 4: balance of non-accrual loans or loans more than 90 days past due, 4, 9
Row 5: aggregate unpaid principal balance in excess of fair value for non-accrualloans or loans more than 90 days past due, 3, 2
======================================== | divide(856, 1542) | 0.55512 |
what percent of assets acquired by the acquisition are non-tangible assets? | Context: ['notes to consolidated financial statements 2014 ( continued ) in connection with these discover related purchases , we have sold the contractual rights to future commissions on discover transactions to certain of our isos .', 'contractual rights sold totaled $ 7.6 million during the year ended may 31 , 2008 and $ 1.0 million during fiscal 2009 .', 'such sale proceeds are generally collected in installments over periods ranging from three to nine months .', 'during fiscal 2009 , we collected $ 4.4 million of such proceeds , which are included in the proceeds from sale of investment and contractual rights in our consolidated statement of cash flows .', 'we do not recognize gains on these sales of contractual rights at the time of sale .', 'proceeds are deferred and recognized as a reduction of the related commission expense .', 'during fiscal 2009 , we recognized $ 1.2 million of such deferred sales proceeds as other long-term liabilities .', 'other 2008 acquisitions during fiscal 2008 , we acquired a majority of the assets of euroenvios money transfer , s.a .', 'and euroenvios conecta , s.l. , which we collectively refer to as lfs spain .', 'lfs spain consisted of two privately- held corporations engaged in money transmittal and ancillary services from spain to settlement locations primarily in latin america .', 'the purpose of the acquisition was to further our strategy of expanding our customer base and market share by opening additional branch locations .', 'during fiscal 2008 , we acquired a series of money transfer branch locations in the united states .', 'the purpose of these acquisitions was to increase the market presence of our dolex-branded money transfer offering .', 'the following table summarizes the preliminary purchase price allocations of all these fiscal 2008 business acquisitions ( in thousands ) : .']
----
Tabular Data:
----------------------------------------
| total
goodwill | $ 13536
customer-related intangible assets | 4091
contract-based intangible assets | 1031
property and equipment | 267
other current assets | 502
total assets acquired | 19427
current liabilities | -2347 ( 2347 )
minority interest in equity of subsidiary ( at historical cost ) | -486 ( 486 )
net assets acquired | $ 16594
----------------------------------------
----
Post-table: ['the customer-related intangible assets have amortization periods of up to 14 years .', 'the contract-based intangible assets have amortization periods of 3 to 10 years .', 'these business acquisitions were not significant to our consolidated financial statements and accordingly , we have not provided pro forma information relating to these acquisitions .', 'in addition , during fiscal 2008 , we acquired a customer list and long-term merchant referral agreement in our canadian merchant services channel for $ 1.7 million .', 'the value assigned to the customer list of $ 0.1 million was expensed immediately .', 'the remaining value was assigned to the merchant referral agreement and is being amortized on a straight-line basis over its useful life of 10 years .', 'fiscal 2007 on july 24 , 2006 , we completed the purchase of a fifty-six percent ownership interest in the asia-pacific merchant acquiring business of the hongkong and shanghai banking corporation limited , or hsbc asia pacific .', 'this business provides card payment processing services to merchants in the asia-pacific region .', 'the .'] | 0.96042 | GPN/2009/page_70.pdf-4 | ['notes to consolidated financial statements 2014 ( continued ) in connection with these discover related purchases , we have sold the contractual rights to future commissions on discover transactions to certain of our isos .', 'contractual rights sold totaled $ 7.6 million during the year ended may 31 , 2008 and $ 1.0 million during fiscal 2009 .', 'such sale proceeds are generally collected in installments over periods ranging from three to nine months .', 'during fiscal 2009 , we collected $ 4.4 million of such proceeds , which are included in the proceeds from sale of investment and contractual rights in our consolidated statement of cash flows .', 'we do not recognize gains on these sales of contractual rights at the time of sale .', 'proceeds are deferred and recognized as a reduction of the related commission expense .', 'during fiscal 2009 , we recognized $ 1.2 million of such deferred sales proceeds as other long-term liabilities .', 'other 2008 acquisitions during fiscal 2008 , we acquired a majority of the assets of euroenvios money transfer , s.a .', 'and euroenvios conecta , s.l. , which we collectively refer to as lfs spain .', 'lfs spain consisted of two privately- held corporations engaged in money transmittal and ancillary services from spain to settlement locations primarily in latin america .', 'the purpose of the acquisition was to further our strategy of expanding our customer base and market share by opening additional branch locations .', 'during fiscal 2008 , we acquired a series of money transfer branch locations in the united states .', 'the purpose of these acquisitions was to increase the market presence of our dolex-branded money transfer offering .', 'the following table summarizes the preliminary purchase price allocations of all these fiscal 2008 business acquisitions ( in thousands ) : .'] | ['the customer-related intangible assets have amortization periods of up to 14 years .', 'the contract-based intangible assets have amortization periods of 3 to 10 years .', 'these business acquisitions were not significant to our consolidated financial statements and accordingly , we have not provided pro forma information relating to these acquisitions .', 'in addition , during fiscal 2008 , we acquired a customer list and long-term merchant referral agreement in our canadian merchant services channel for $ 1.7 million .', 'the value assigned to the customer list of $ 0.1 million was expensed immediately .', 'the remaining value was assigned to the merchant referral agreement and is being amortized on a straight-line basis over its useful life of 10 years .', 'fiscal 2007 on july 24 , 2006 , we completed the purchase of a fifty-six percent ownership interest in the asia-pacific merchant acquiring business of the hongkong and shanghai banking corporation limited , or hsbc asia pacific .', 'this business provides card payment processing services to merchants in the asia-pacific region .', 'the .'] | ----------------------------------------
| total
goodwill | $ 13536
customer-related intangible assets | 4091
contract-based intangible assets | 1031
property and equipment | 267
other current assets | 502
total assets acquired | 19427
current liabilities | -2347 ( 2347 )
minority interest in equity of subsidiary ( at historical cost ) | -486 ( 486 )
net assets acquired | $ 16594
---------------------------------------- | add(13536, 4091), add(#0, 1031), divide(#1, 19427) | 0.96042 |
as of december 2015 what was the ratio of the estimated future benefit payments due in 2016 compared to after 2021 | Pre-text: ['contributions and expected benefit payments the funding of our qualified defined benefit pension plans is determined in accordance with erisa , as amended by the ppa , and in a manner consistent with cas and internal revenue code rules .', 'in 2015 , we made $ 5 million in contributions to our new sikorsky bargained qualified defined benefit pension plan and we plan to make approximately $ 25 million in contributions to this plan in 2016 .', 'the following table presents estimated future benefit payments , which reflect expected future employee service , as of december 31 , 2015 ( in millions ) : .']
--------
Table:
----------------------------------------
| 2016 | 2017 | 2018 | 2019 | 2020 | 2021 - 2025
qualified defined benefit pension plans | $ 2160 | $ 2240 | $ 2320 | $ 2410 | $ 2500 | $ 13670
retiree medical and life insurance plans | 190 | 190 | 200 | 200 | 200 | 940
----------------------------------------
--------
Follow-up: ['defined contribution plans we maintain a number of defined contribution plans , most with 401 ( k ) features , that cover substantially all of our employees .', 'under the provisions of our 401 ( k ) plans , we match most employees 2019 eligible contributions at rates specified in the plan documents .', 'our contributions were $ 393 million in 2015 , $ 385 million in 2014 and $ 383 million in 2013 , the majority of which were funded in our common stock .', 'our defined contribution plans held approximately 40.0 million and 41.7 million shares of our common stock as of december 31 , 2015 and 2014 .', 'note 12 2013 stockholders 2019 equity at december 31 , 2015 and 2014 , our authorized capital was composed of 1.5 billion shares of common stock and 50 million shares of series preferred stock .', 'of the 305 million shares of common stock issued and outstanding as of december 31 , 2015 , 303 million shares were considered outstanding for balance sheet presentation purposes ; the remaining shares were held in a separate trust .', 'of the 316 million shares of common stock issued and outstanding as of december 31 , 2014 , 314 million shares were considered outstanding for balance sheet presentation purposes ; the remaining shares were held in a separate trust .', 'no shares of preferred stock were issued and outstanding at december 31 , 2015 or 2014 .', 'repurchases of common stock during 2015 , we repurchased 15.2 million shares of our common stock for $ 3.1 billion .', 'during 2014 and 2013 , we paid $ 1.9 billion and $ 1.8 billion to repurchase 11.5 million and 16.2 million shares of our common stock .', 'on september 24 , 2015 , our board of directors approved a $ 3.0 billion increase to our share repurchase program .', 'inclusive of this increase , the total remaining authorization for future common share repurchases under our program was $ 3.6 billion as of december 31 , 2015 .', 'as we repurchase our common shares , we reduce common stock for the $ 1 of par value of the shares repurchased , with the excess purchase price over par value recorded as a reduction of additional paid-in capital .', 'due to the volume of repurchases made under our share repurchase program , additional paid-in capital was reduced to zero , with the remainder of the excess purchase price over par value of $ 2.4 billion and $ 1.1 billion recorded as a reduction of retained earnings in 2015 and 2014 .', 'we paid dividends totaling $ 1.9 billion ( $ 6.15 per share ) in 2015 , $ 1.8 billion ( $ 5.49 per share ) in 2014 and $ 1.5 billion ( $ 4.78 per share ) in 2013 .', 'we have increased our quarterly dividend rate in each of the last three years , including a 10% ( 10 % ) increase in the quarterly dividend rate in the fourth quarter of 2015 .', 'we declared quarterly dividends of $ 1.50 per share during each of the first three quarters of 2015 and $ 1.65 per share during the fourth quarter of 2015 ; $ 1.33 per share during each of the first three quarters of 2014 and $ 1.50 per share during the fourth quarter of 2014 ; and $ 1.15 per share during each of the first three quarters of 2013 and $ 1.33 per share during the fourth quarter of 2013. .'] | 0.15801 | LMT/2015/page_106.pdf-1 | ['contributions and expected benefit payments the funding of our qualified defined benefit pension plans is determined in accordance with erisa , as amended by the ppa , and in a manner consistent with cas and internal revenue code rules .', 'in 2015 , we made $ 5 million in contributions to our new sikorsky bargained qualified defined benefit pension plan and we plan to make approximately $ 25 million in contributions to this plan in 2016 .', 'the following table presents estimated future benefit payments , which reflect expected future employee service , as of december 31 , 2015 ( in millions ) : .'] | ['defined contribution plans we maintain a number of defined contribution plans , most with 401 ( k ) features , that cover substantially all of our employees .', 'under the provisions of our 401 ( k ) plans , we match most employees 2019 eligible contributions at rates specified in the plan documents .', 'our contributions were $ 393 million in 2015 , $ 385 million in 2014 and $ 383 million in 2013 , the majority of which were funded in our common stock .', 'our defined contribution plans held approximately 40.0 million and 41.7 million shares of our common stock as of december 31 , 2015 and 2014 .', 'note 12 2013 stockholders 2019 equity at december 31 , 2015 and 2014 , our authorized capital was composed of 1.5 billion shares of common stock and 50 million shares of series preferred stock .', 'of the 305 million shares of common stock issued and outstanding as of december 31 , 2015 , 303 million shares were considered outstanding for balance sheet presentation purposes ; the remaining shares were held in a separate trust .', 'of the 316 million shares of common stock issued and outstanding as of december 31 , 2014 , 314 million shares were considered outstanding for balance sheet presentation purposes ; the remaining shares were held in a separate trust .', 'no shares of preferred stock were issued and outstanding at december 31 , 2015 or 2014 .', 'repurchases of common stock during 2015 , we repurchased 15.2 million shares of our common stock for $ 3.1 billion .', 'during 2014 and 2013 , we paid $ 1.9 billion and $ 1.8 billion to repurchase 11.5 million and 16.2 million shares of our common stock .', 'on september 24 , 2015 , our board of directors approved a $ 3.0 billion increase to our share repurchase program .', 'inclusive of this increase , the total remaining authorization for future common share repurchases under our program was $ 3.6 billion as of december 31 , 2015 .', 'as we repurchase our common shares , we reduce common stock for the $ 1 of par value of the shares repurchased , with the excess purchase price over par value recorded as a reduction of additional paid-in capital .', 'due to the volume of repurchases made under our share repurchase program , additional paid-in capital was reduced to zero , with the remainder of the excess purchase price over par value of $ 2.4 billion and $ 1.1 billion recorded as a reduction of retained earnings in 2015 and 2014 .', 'we paid dividends totaling $ 1.9 billion ( $ 6.15 per share ) in 2015 , $ 1.8 billion ( $ 5.49 per share ) in 2014 and $ 1.5 billion ( $ 4.78 per share ) in 2013 .', 'we have increased our quarterly dividend rate in each of the last three years , including a 10% ( 10 % ) increase in the quarterly dividend rate in the fourth quarter of 2015 .', 'we declared quarterly dividends of $ 1.50 per share during each of the first three quarters of 2015 and $ 1.65 per share during the fourth quarter of 2015 ; $ 1.33 per share during each of the first three quarters of 2014 and $ 1.50 per share during the fourth quarter of 2014 ; and $ 1.15 per share during each of the first three quarters of 2013 and $ 1.33 per share during the fourth quarter of 2013. .'] | ----------------------------------------
| 2016 | 2017 | 2018 | 2019 | 2020 | 2021 - 2025
qualified defined benefit pension plans | $ 2160 | $ 2240 | $ 2320 | $ 2410 | $ 2500 | $ 13670
retiree medical and life insurance plans | 190 | 190 | 200 | 200 | 200 | 940
---------------------------------------- | divide(2160, 13670) | 0.15801 |
what was the percentage of the total other income in 2007 that was rental income | Pre-text: ['be resolved , we cannot reasonably determine the probability of an adverse claim or reasonably estimate any adverse liability or the total maximum exposure under these indemnification arrangements .', 'we do not have any reason to believe that we will be required to make any material payments under these indemnity provisions .', 'income taxes 2013 as discussed in note 4 , the irs has completed its examinations and issued notices of deficiency for tax years 1995 through 2004 , and we are in different stages of the irs appeals process for these years .', 'the irs is examining our tax returns for tax years 2005 and 2006 .', 'in the third quarter of 2007 , we believe that we reached an agreement in principle with the irs to resolve all of the issues , except interest , related to tax years 1995 through 1998 , including the previously reported dispute over certain donations of property .', 'we anticipate signing a closing agreement in 2008 .', 'at december 31 , 2007 , we have recorded a current liability of $ 140 million for tax payments in 2008 related to federal and state income tax examinations .', 'we do not expect that the ultimate resolution of these examinations will have a material adverse effect on our consolidated financial statements .', '11 .', 'other income other income included the following for the years ended december 31 : millions of dollars 2007 2006 2005 .']
--
Tabular Data:
****************************************
millions of dollars 2007 2006 2005
rental income $ 68 $ 83 $ 59
net gain on non-operating asset dispositions 52 72 135
interest income 50 29 17
sale of receivables fees -35 ( 35 ) -33 ( 33 ) -23 ( 23 )
non-operating environmental costs and other -19 ( 19 ) -33 ( 33 ) -43 ( 43 )
total $ 116 $ 118 $ 145
****************************************
--
Post-table: ['12 .', 'share repurchase program on january 30 , 2007 , our board of directors authorized the repurchase of up to 20 million shares of union pacific corporation common stock through the end of 2009 .', 'management 2019s assessments of market conditions and other pertinent facts guide the timing and volume of all repurchases .', 'we expect to fund our common stock repurchases through cash generated from operations , the sale or lease of various operating and non- operating properties , debt issuances , and cash on hand at december 31 , 2007 .', 'during 2007 , we repurchased approximately 13 million shares under this program at an aggregate purchase price of approximately $ 1.5 billion .', 'these shares were recorded in treasury stock at cost , which includes any applicable commissions and fees. .'] | 0.58621 | UNP/2007/page_79.pdf-1 | ['be resolved , we cannot reasonably determine the probability of an adverse claim or reasonably estimate any adverse liability or the total maximum exposure under these indemnification arrangements .', 'we do not have any reason to believe that we will be required to make any material payments under these indemnity provisions .', 'income taxes 2013 as discussed in note 4 , the irs has completed its examinations and issued notices of deficiency for tax years 1995 through 2004 , and we are in different stages of the irs appeals process for these years .', 'the irs is examining our tax returns for tax years 2005 and 2006 .', 'in the third quarter of 2007 , we believe that we reached an agreement in principle with the irs to resolve all of the issues , except interest , related to tax years 1995 through 1998 , including the previously reported dispute over certain donations of property .', 'we anticipate signing a closing agreement in 2008 .', 'at december 31 , 2007 , we have recorded a current liability of $ 140 million for tax payments in 2008 related to federal and state income tax examinations .', 'we do not expect that the ultimate resolution of these examinations will have a material adverse effect on our consolidated financial statements .', '11 .', 'other income other income included the following for the years ended december 31 : millions of dollars 2007 2006 2005 .'] | ['12 .', 'share repurchase program on january 30 , 2007 , our board of directors authorized the repurchase of up to 20 million shares of union pacific corporation common stock through the end of 2009 .', 'management 2019s assessments of market conditions and other pertinent facts guide the timing and volume of all repurchases .', 'we expect to fund our common stock repurchases through cash generated from operations , the sale or lease of various operating and non- operating properties , debt issuances , and cash on hand at december 31 , 2007 .', 'during 2007 , we repurchased approximately 13 million shares under this program at an aggregate purchase price of approximately $ 1.5 billion .', 'these shares were recorded in treasury stock at cost , which includes any applicable commissions and fees. .'] | ****************************************
millions of dollars 2007 2006 2005
rental income $ 68 $ 83 $ 59
net gain on non-operating asset dispositions 52 72 135
interest income 50 29 17
sale of receivables fees -35 ( 35 ) -33 ( 33 ) -23 ( 23 )
non-operating environmental costs and other -19 ( 19 ) -33 ( 33 ) -43 ( 43 )
total $ 116 $ 118 $ 145
**************************************** | divide(68, 116) | 0.58621 |
what percentage of counterparty exposure at december 31 2007 is represented by lehman brothers? | Pre-text: ['mortgage banking activities the company enters into commitments to originate loans whereby the interest rate on the loan is determined prior to funding .', 'these commitments are referred to as interest rate lock commitments ( 201cirlcs 201d ) .', 'irlcs on loans that the company intends to sell are considered to be derivatives and are , therefore , recorded at fair value with changes in fair value recorded in earnings .', 'for purposes of determining fair value , the company estimates the fair value of an irlc based on the estimated fair value of the underlying mortgage loan and the probability that the mortgage loan will fund within the terms of the irlc .', 'the fair value excludes the market value associated with the anticipated sale of servicing rights related to each loan commitment .', 'the fair value of these irlcs was a $ 0.06 million and a $ 0.02 million liability at december 31 , 2007 and 2006 , respectively .', 'the company also designates fair value relationships of closed loans held-for-sale against a combination of mortgage forwards and short treasury positions .', 'short treasury relationships are economic hedges , rather than fair value or cash flow hedges .', 'short treasury positions are marked-to-market , but do not receive hedge accounting treatment under sfas no .', '133 , as amended .', 'the mark-to-market of the mortgage forwards is included in the net change of the irlcs and the related hedging instruments .', 'the fair value of the mark-to-market on closed loans was a $ 1.2 thousand and $ 1.7 million asset at december 31 , 2007 and 2006 , respectively .', 'irlcs , as well as closed loans held-for-sale , expose the company to interest rate risk .', 'the company manages this risk by selling mortgages or mortgage-backed securities on a forward basis referred to as forward sale agreements .', 'changes in the fair value of these derivatives are included as gain ( loss ) on loans and securities , net in the consolidated statement of income ( loss ) .', 'the net change in irlcs , closed loans , mortgage forwards and the short treasury positions generated a net loss of $ 2.4 million in 2007 , a net gain of $ 1.6 million in 2006 and a net loss of $ 0.4 million in 2005 .', 'credit risk credit risk is managed by limiting activity to approved counterparties and setting aggregate exposure limits for each approved counterparty .', 'the credit risk , or maximum exposure , which results from interest rate swaps and purchased interest rate options is represented by the fair value of contracts that have unrealized gains at the reporting date .', 'conversely , we have $ 197.5 million of derivative contracts with unrealized losses at december 31 , 2007 .', 'the company pledged approximately $ 87.4 million of its mortgage-backed securities as collateral of derivative contracts .', 'while the company does not expect that any counterparty will fail to perform , the following table shows the maximum exposure associated with each counterparty to interest rate swaps and purchased interest rate options at december 31 , 2007 ( dollars in thousands ) : counterparty credit .']
######
Tabular Data:
----------------------------------------
• counterparty, credit risk
• bank of america, $ 48161
• lehman brothers, 29136
• jp morgan, 18878
• union bank of switzerland, 15562
• credit suisse first boston, 11047
• royal bank of scotland, 6164
• morgan stanley, 2215
• salomon brothers, 1943
• total exposure, $ 133106
----------------------------------------
######
Follow-up: ['.'] | 0.21889 | ETFC/2007/page_116.pdf-1 | ['mortgage banking activities the company enters into commitments to originate loans whereby the interest rate on the loan is determined prior to funding .', 'these commitments are referred to as interest rate lock commitments ( 201cirlcs 201d ) .', 'irlcs on loans that the company intends to sell are considered to be derivatives and are , therefore , recorded at fair value with changes in fair value recorded in earnings .', 'for purposes of determining fair value , the company estimates the fair value of an irlc based on the estimated fair value of the underlying mortgage loan and the probability that the mortgage loan will fund within the terms of the irlc .', 'the fair value excludes the market value associated with the anticipated sale of servicing rights related to each loan commitment .', 'the fair value of these irlcs was a $ 0.06 million and a $ 0.02 million liability at december 31 , 2007 and 2006 , respectively .', 'the company also designates fair value relationships of closed loans held-for-sale against a combination of mortgage forwards and short treasury positions .', 'short treasury relationships are economic hedges , rather than fair value or cash flow hedges .', 'short treasury positions are marked-to-market , but do not receive hedge accounting treatment under sfas no .', '133 , as amended .', 'the mark-to-market of the mortgage forwards is included in the net change of the irlcs and the related hedging instruments .', 'the fair value of the mark-to-market on closed loans was a $ 1.2 thousand and $ 1.7 million asset at december 31 , 2007 and 2006 , respectively .', 'irlcs , as well as closed loans held-for-sale , expose the company to interest rate risk .', 'the company manages this risk by selling mortgages or mortgage-backed securities on a forward basis referred to as forward sale agreements .', 'changes in the fair value of these derivatives are included as gain ( loss ) on loans and securities , net in the consolidated statement of income ( loss ) .', 'the net change in irlcs , closed loans , mortgage forwards and the short treasury positions generated a net loss of $ 2.4 million in 2007 , a net gain of $ 1.6 million in 2006 and a net loss of $ 0.4 million in 2005 .', 'credit risk credit risk is managed by limiting activity to approved counterparties and setting aggregate exposure limits for each approved counterparty .', 'the credit risk , or maximum exposure , which results from interest rate swaps and purchased interest rate options is represented by the fair value of contracts that have unrealized gains at the reporting date .', 'conversely , we have $ 197.5 million of derivative contracts with unrealized losses at december 31 , 2007 .', 'the company pledged approximately $ 87.4 million of its mortgage-backed securities as collateral of derivative contracts .', 'while the company does not expect that any counterparty will fail to perform , the following table shows the maximum exposure associated with each counterparty to interest rate swaps and purchased interest rate options at december 31 , 2007 ( dollars in thousands ) : counterparty credit .'] | ['.'] | ----------------------------------------
• counterparty, credit risk
• bank of america, $ 48161
• lehman brothers, 29136
• jp morgan, 18878
• union bank of switzerland, 15562
• credit suisse first boston, 11047
• royal bank of scotland, 6164
• morgan stanley, 2215
• salomon brothers, 1943
• total exposure, $ 133106
---------------------------------------- | divide(29136, 133106) | 0.21889 |
what are the total undiscounted minimum capital lease obligations in millions without considering the assets under construction as of december 31 , 2008? | Context: ['marathon oil corporation notes to consolidated financial statements preferred shares 2013 in connection with the acquisition of western discussed in note 6 , the board of directors authorized a class of voting preferred stock consisting of 6 million shares .', 'upon completion of the acquisition , we issued 5 million shares of this voting preferred stock to a trustee , who holds the shares for the benefit of the holders of the exchangeable shares discussed above .', 'each share of voting preferred stock is entitled to one vote on all matters submitted to the holders of marathon common stock .', 'each holder of exchangeable shares may direct the trustee to vote the number of shares of voting preferred stock equal to the number of shares of marathon common stock issuable upon the exchange of the exchangeable shares held by that holder .', 'in no event will the aggregate number of votes entitled to be cast by the trustee with respect to the outstanding shares of voting preferred stock exceed the number of votes entitled to be cast with respect to the outstanding exchangeable shares .', 'except as otherwise provided in our restated certificate of incorporation or by applicable law , the common stock and the voting preferred stock will vote together as a single class in the election of directors of marathon and on all other matters submitted to a vote of stockholders of marathon generally .', 'the voting preferred stock will have no other voting rights except as required by law .', 'other than dividends payable solely in shares of voting preferred stock , no dividend or other distribution , will be paid or payable to the holder of the voting preferred stock .', 'in the event of any liquidation , dissolution or winding up of marathon , the holder of shares of the voting preferred stock will not be entitled to receive any assets of marathon available for distribution to its stockholders .', 'the voting preferred stock is not convertible into any other class or series of the capital stock of marathon or into cash , property or other rights , and may not be redeemed .', '26 .', 'leases we lease a wide variety of facilities and equipment under operating leases , including land and building space , office equipment , production facilities and transportation equipment .', 'most long-term leases include renewal options and , in certain leases , purchase options .', 'future minimum commitments for capital lease obligations ( including sale-leasebacks accounted for as financings ) and for operating lease obligations having initial or remaining noncancelable lease terms in excess of one year are as follows : ( in millions ) capital obligations ( a ) operating obligations .']
------
Table:
Row 1: ( in millions ), capital lease obligations ( a ), operating lease obligations
Row 2: 2009, $ 40, $ 181
Row 3: 2010, 45, 133
Row 4: 2011, 47, 110
Row 5: 2012, 60, 100
Row 6: 2013, 39, 85
Row 7: later years, 426, 379
Row 8: sublease rentals, 2013, -21 ( 21 )
Row 9: total minimum lease payments, $ 657, $ 967
Row 10: less imputed interest costs, -198 ( 198 ),
Row 11: present value of net minimum lease payments, $ 459,
------
Post-table: ['( a ) capital lease obligations includes $ 335 million related to assets under construction as of december 31 , 2008 .', 'these leases are currently reported in long-term debt based on percentage of construction completed at $ 126 million .', 'in connection with past sales of various plants and operations , we assigned and the purchasers assumed certain leases of major equipment used in the divested plants and operations of united states steel .', 'in the event of a default by any of the purchasers , united states steel has assumed these obligations ; however , we remain primarily obligated for payments under these leases .', 'minimum lease payments under these operating lease obligations of $ 21 million have been included above and an equal amount has been reported as sublease rentals .', 'of the $ 459 million present value of net minimum capital lease payments , $ 69 million was related to obligations assumed by united states steel under the financial matters agreement. .'] | 322.0 | MRO/2008/page_145.pdf-1 | ['marathon oil corporation notes to consolidated financial statements preferred shares 2013 in connection with the acquisition of western discussed in note 6 , the board of directors authorized a class of voting preferred stock consisting of 6 million shares .', 'upon completion of the acquisition , we issued 5 million shares of this voting preferred stock to a trustee , who holds the shares for the benefit of the holders of the exchangeable shares discussed above .', 'each share of voting preferred stock is entitled to one vote on all matters submitted to the holders of marathon common stock .', 'each holder of exchangeable shares may direct the trustee to vote the number of shares of voting preferred stock equal to the number of shares of marathon common stock issuable upon the exchange of the exchangeable shares held by that holder .', 'in no event will the aggregate number of votes entitled to be cast by the trustee with respect to the outstanding shares of voting preferred stock exceed the number of votes entitled to be cast with respect to the outstanding exchangeable shares .', 'except as otherwise provided in our restated certificate of incorporation or by applicable law , the common stock and the voting preferred stock will vote together as a single class in the election of directors of marathon and on all other matters submitted to a vote of stockholders of marathon generally .', 'the voting preferred stock will have no other voting rights except as required by law .', 'other than dividends payable solely in shares of voting preferred stock , no dividend or other distribution , will be paid or payable to the holder of the voting preferred stock .', 'in the event of any liquidation , dissolution or winding up of marathon , the holder of shares of the voting preferred stock will not be entitled to receive any assets of marathon available for distribution to its stockholders .', 'the voting preferred stock is not convertible into any other class or series of the capital stock of marathon or into cash , property or other rights , and may not be redeemed .', '26 .', 'leases we lease a wide variety of facilities and equipment under operating leases , including land and building space , office equipment , production facilities and transportation equipment .', 'most long-term leases include renewal options and , in certain leases , purchase options .', 'future minimum commitments for capital lease obligations ( including sale-leasebacks accounted for as financings ) and for operating lease obligations having initial or remaining noncancelable lease terms in excess of one year are as follows : ( in millions ) capital obligations ( a ) operating obligations .'] | ['( a ) capital lease obligations includes $ 335 million related to assets under construction as of december 31 , 2008 .', 'these leases are currently reported in long-term debt based on percentage of construction completed at $ 126 million .', 'in connection with past sales of various plants and operations , we assigned and the purchasers assumed certain leases of major equipment used in the divested plants and operations of united states steel .', 'in the event of a default by any of the purchasers , united states steel has assumed these obligations ; however , we remain primarily obligated for payments under these leases .', 'minimum lease payments under these operating lease obligations of $ 21 million have been included above and an equal amount has been reported as sublease rentals .', 'of the $ 459 million present value of net minimum capital lease payments , $ 69 million was related to obligations assumed by united states steel under the financial matters agreement. .'] | Row 1: ( in millions ), capital lease obligations ( a ), operating lease obligations
Row 2: 2009, $ 40, $ 181
Row 3: 2010, 45, 133
Row 4: 2011, 47, 110
Row 5: 2012, 60, 100
Row 6: 2013, 39, 85
Row 7: later years, 426, 379
Row 8: sublease rentals, 2013, -21 ( 21 )
Row 9: total minimum lease payments, $ 657, $ 967
Row 10: less imputed interest costs, -198 ( 198 ),
Row 11: present value of net minimum lease payments, $ 459, | subtract(657, 335) | 322.0 |
what was the increase in interest expense between 2009 and 2011? | Background: ['as of september 24 , 2011 , the total amount of gross unrecognized tax benefits was $ 1.4 billion , of which $ 563 million , if recognized , would affect the company 2019s effective tax rate .', 'as of september 25 , 2010 , the total amount of gross unrecognized tax benefits was $ 943 million , of which $ 404 million , if recognized , would affect the company 2019s effective tax rate .', 'the aggregate changes in the balance of gross unrecognized tax benefits , which excludes interest and penalties , for the three years ended september 24 , 2011 , is as follows ( in millions ) : .']
------
Tabular Data:
========================================
Row 1: , 2011, 2010, 2009
Row 2: beginning balance, $ 943, 971, $ 506
Row 3: increases related to tax positions taken during a prior year, 49, 61, 341
Row 4: decreases related to tax positions taken during a prior year, -39 ( 39 ), -224 ( 224 ), -24 ( 24 )
Row 5: increases related to tax positions taken during the current year, 425, 240, 151
Row 6: decreases related to settlements with taxing authorities, 0, -102 ( 102 ), 0
Row 7: decreases related to expiration of statute of limitations, -3 ( 3 ), -3 ( 3 ), -3 ( 3 )
Row 8: ending balance, $ 1375, $ 943, $ 971
========================================
------
Post-table: ['the company includes interest and penalties related to unrecognized tax benefits within the provision for income taxes .', 'as of september 24 , 2011 and september 25 , 2010 , the total amount of gross interest and penalties accrued was $ 261 million and $ 247 million , respectively , which is classified as non-current liabilities in the consolidated balance sheets .', 'in connection with tax matters , the company recognized interest expense in 2011 and 2009 of $ 14 million and $ 64 million , respectively , and in 2010 the company recognized an interest benefit of $ 43 million .', 'the company is subject to taxation and files income tax returns in the u.s .', 'federal jurisdiction and in many state and foreign jurisdictions .', 'for u.s .', 'federal income tax purposes , all years prior to 2004 are closed .', 'the internal revenue service ( the 201cirs 201d ) has completed its field audit of the company 2019s federal income tax returns for the years 2004 through 2006 and proposed certain adjustments .', 'the company has contested certain of these adjustments through the irs appeals office .', 'the irs is currently examining the years 2007 through 2009 .', 'in addition , the company is also subject to audits by state , local and foreign tax authorities .', 'in major states and major foreign jurisdictions , the years subsequent to 1988 and 2001 , respectively , generally remain open and could be subject to examination by the taxing authorities .', 'management believes that an adequate provision has been made for any adjustments that may result from tax examinations .', 'however , the outcome of tax audits cannot be predicted with certainty .', 'if any issues addressed in the company 2019s tax audits are resolved in a manner not consistent with management 2019s expectations , the company could be required to adjust its provision for income tax in the period such resolution occurs .', 'although timing of the resolution and/or closure of audits is not certain , the company does not believe it is reasonably possible that its unrecognized tax benefits would materially change in the next 12 months .', 'note 6 2013 shareholders 2019 equity and share-based compensation preferred stock the company has five million shares of authorized preferred stock , none of which is issued or outstanding .', 'under the terms of the company 2019s restated articles of incorporation , the board of directors is authorized to determine or alter the rights , preferences , privileges and restrictions of the company 2019s authorized but unissued shares of preferred stock .', 'comprehensive income comprehensive income consists of two components , net income and other comprehensive income .', 'other comprehensive income refers to revenue , expenses , gains and losses that under gaap are recorded as an element .'] | 50.0 | AAPL/2011/page_65.pdf-3 | ['as of september 24 , 2011 , the total amount of gross unrecognized tax benefits was $ 1.4 billion , of which $ 563 million , if recognized , would affect the company 2019s effective tax rate .', 'as of september 25 , 2010 , the total amount of gross unrecognized tax benefits was $ 943 million , of which $ 404 million , if recognized , would affect the company 2019s effective tax rate .', 'the aggregate changes in the balance of gross unrecognized tax benefits , which excludes interest and penalties , for the three years ended september 24 , 2011 , is as follows ( in millions ) : .'] | ['the company includes interest and penalties related to unrecognized tax benefits within the provision for income taxes .', 'as of september 24 , 2011 and september 25 , 2010 , the total amount of gross interest and penalties accrued was $ 261 million and $ 247 million , respectively , which is classified as non-current liabilities in the consolidated balance sheets .', 'in connection with tax matters , the company recognized interest expense in 2011 and 2009 of $ 14 million and $ 64 million , respectively , and in 2010 the company recognized an interest benefit of $ 43 million .', 'the company is subject to taxation and files income tax returns in the u.s .', 'federal jurisdiction and in many state and foreign jurisdictions .', 'for u.s .', 'federal income tax purposes , all years prior to 2004 are closed .', 'the internal revenue service ( the 201cirs 201d ) has completed its field audit of the company 2019s federal income tax returns for the years 2004 through 2006 and proposed certain adjustments .', 'the company has contested certain of these adjustments through the irs appeals office .', 'the irs is currently examining the years 2007 through 2009 .', 'in addition , the company is also subject to audits by state , local and foreign tax authorities .', 'in major states and major foreign jurisdictions , the years subsequent to 1988 and 2001 , respectively , generally remain open and could be subject to examination by the taxing authorities .', 'management believes that an adequate provision has been made for any adjustments that may result from tax examinations .', 'however , the outcome of tax audits cannot be predicted with certainty .', 'if any issues addressed in the company 2019s tax audits are resolved in a manner not consistent with management 2019s expectations , the company could be required to adjust its provision for income tax in the period such resolution occurs .', 'although timing of the resolution and/or closure of audits is not certain , the company does not believe it is reasonably possible that its unrecognized tax benefits would materially change in the next 12 months .', 'note 6 2013 shareholders 2019 equity and share-based compensation preferred stock the company has five million shares of authorized preferred stock , none of which is issued or outstanding .', 'under the terms of the company 2019s restated articles of incorporation , the board of directors is authorized to determine or alter the rights , preferences , privileges and restrictions of the company 2019s authorized but unissued shares of preferred stock .', 'comprehensive income comprehensive income consists of two components , net income and other comprehensive income .', 'other comprehensive income refers to revenue , expenses , gains and losses that under gaap are recorded as an element .'] | ========================================
Row 1: , 2011, 2010, 2009
Row 2: beginning balance, $ 943, 971, $ 506
Row 3: increases related to tax positions taken during a prior year, 49, 61, 341
Row 4: decreases related to tax positions taken during a prior year, -39 ( 39 ), -224 ( 224 ), -24 ( 24 )
Row 5: increases related to tax positions taken during the current year, 425, 240, 151
Row 6: decreases related to settlements with taxing authorities, 0, -102 ( 102 ), 0
Row 7: decreases related to expiration of statute of limitations, -3 ( 3 ), -3 ( 3 ), -3 ( 3 )
Row 8: ending balance, $ 1375, $ 943, $ 971
======================================== | subtract(64, 14) | 50.0 |
for the quarter ended december 31 , 2018 what was the percent of shares withheld to provide funds for the payment of payroll and income taxes in december | Context: ['table of content part ii item 5 .', "market for the registrant's common equity , related stockholder matters and issuer purchases of equity securities our common stock is traded on the new york stock exchange under the trading symbol 201chfc . 201d in september 2018 , our board of directors approved a $ 1 billion share repurchase program , which replaced all existing share repurchase programs , authorizing us to repurchase common stock in the open market or through privately negotiated transactions .", 'the timing and amount of stock repurchases will depend on market conditions and corporate , regulatory and other relevant considerations .', 'this program may be discontinued at any time by the board of directors .', 'the following table includes repurchases made under this program during the fourth quarter of 2018 .', 'period total number of shares purchased average price paid per share total number of shares purchased as part of publicly announced plans or programs maximum dollar value of shares that may yet be purchased under the plans or programs .']
Table:
========================================
• period, total number ofshares purchased, average pricepaid per share, total number ofshares purchasedas part of publicly announced plans or programs, maximum dollarvalue of sharesthat may yet bepurchased under the plans or programs
• october 2018, 1360987, $ 66.34, 1360987, $ 859039458
• november 2018, 450000, $ 61.36, 450000, $ 831427985
• december 2018, 912360, $ 53.93, 810000, $ 787613605
• total for october to december 2018, 2723347, , 2620987,
========================================
Post-table: ['during the quarter ended december 31 , 2018 , 102360 shares were withheld from certain executives and employees under the terms of our share-based compensation agreements to provide funds for the payment of payroll and income taxes due at vesting of restricted stock awards .', 'as of february 13 , 2019 , we had approximately 97419 stockholders , including beneficial owners holding shares in street name .', 'we intend to consider the declaration of a dividend on a quarterly basis , although there is no assurance as to future dividends since they are dependent upon future earnings , capital requirements , our financial condition and other factors. .'] | 0.03759 | HFC/2018/page_43.pdf-3 | ['table of content part ii item 5 .', "market for the registrant's common equity , related stockholder matters and issuer purchases of equity securities our common stock is traded on the new york stock exchange under the trading symbol 201chfc . 201d in september 2018 , our board of directors approved a $ 1 billion share repurchase program , which replaced all existing share repurchase programs , authorizing us to repurchase common stock in the open market or through privately negotiated transactions .", 'the timing and amount of stock repurchases will depend on market conditions and corporate , regulatory and other relevant considerations .', 'this program may be discontinued at any time by the board of directors .', 'the following table includes repurchases made under this program during the fourth quarter of 2018 .', 'period total number of shares purchased average price paid per share total number of shares purchased as part of publicly announced plans or programs maximum dollar value of shares that may yet be purchased under the plans or programs .'] | ['during the quarter ended december 31 , 2018 , 102360 shares were withheld from certain executives and employees under the terms of our share-based compensation agreements to provide funds for the payment of payroll and income taxes due at vesting of restricted stock awards .', 'as of february 13 , 2019 , we had approximately 97419 stockholders , including beneficial owners holding shares in street name .', 'we intend to consider the declaration of a dividend on a quarterly basis , although there is no assurance as to future dividends since they are dependent upon future earnings , capital requirements , our financial condition and other factors. .'] | ========================================
• period, total number ofshares purchased, average pricepaid per share, total number ofshares purchasedas part of publicly announced plans or programs, maximum dollarvalue of sharesthat may yet bepurchased under the plans or programs
• october 2018, 1360987, $ 66.34, 1360987, $ 859039458
• november 2018, 450000, $ 61.36, 450000, $ 831427985
• december 2018, 912360, $ 53.93, 810000, $ 787613605
• total for october to december 2018, 2723347, , 2620987,
======================================== | divide(102360, 2723347) | 0.03759 |
what is the value of the effect what market change and fx impact had on asset allocation and balanced ? in million $ . | Background: ['long-term product offerings include active and index strategies .', 'our active strategies seek to earn attractive returns in excess of a market benchmark or performance hurdle while maintaining an appropriate risk profile .', 'we offer two types of active strategies : those that rely primarily on fundamental research and those that utilize primarily quantitative models to drive portfolio construction .', 'in contrast , index strategies seek to closely track the returns of a corresponding index , generally by investing in substantially the same underlying securities within the index or in a subset of those securities selected to approximate a similar risk and return profile of the index .', 'index strategies include both our non-etf index products and ishares etfs .', 'althoughmany clients use both active and index strategies , the application of these strategies may differ .', 'for example , clients may use index products to gain exposure to a market or asset class .', 'in addition , institutional non-etf index assignments tend to be very large ( multi-billion dollars ) and typically reflect low fee rates .', 'this has the potential to exaggerate the significance of net flows in institutional index products on blackrock 2019s revenues and earnings .', 'equity year-end 2015 equity aum totaled $ 2.424 trillion , reflecting net inflows of $ 52.8 billion .', 'net inflows included $ 78.4 billion and $ 4.2 billion into ishares and active products , respectively .', 'ishares net inflows were driven by the core series and flows into broad developed market equity exposures , and active net inflows reflected demand for international equities .', 'ishares and active net inflows were partially offset by non-etf index net outflows of $ 29.8 billion .', 'blackrock 2019s effective fee rates fluctuate due to changes in aummix .', 'approximately half of blackrock 2019s equity aum is tied to international markets , including emerging markets , which tend to have higher fee rates than u.s .', 'equity strategies .', 'accordingly , fluctuations in international equity markets , which do not consistently move in tandemwith u.s .', 'markets , may have a greater impact on blackrock 2019s effective equity fee rates and revenues .', 'fixed income fixed income aum ended 2015 at $ 1.422 trillion , increasing $ 28.7 billion , or 2% ( 2 % ) , from december 31 , 2014 .', 'the increase in aum reflected $ 76.9 billion in net inflows , partially offset by $ 48.2 billion in net market depreciation and foreign exchange movements .', 'in 2015 , active net inflows of $ 35.9 billion were diversified across fixed income offerings , with strong flows into our unconstrained , total return and high yield strategies .', 'flagship funds in these product areas include our unconstrained strategic income opportunities and fixed income strategies funds , with net inflows of $ 7.0 billion and $ 3.7 billion , respectively ; our total return fund with net inflows of $ 2.7 billion ; and our high yield bond fund with net inflows of $ 3.5 billion .', 'fixed income ishares net inflows of $ 50.3 billion were led by flows into core , corporate and high yield bond funds .', 'active and ishares net inflows were partially offset by non-etf index net outflows of $ 9.3 billion .', 'multi-asset class blackrock 2019s multi-asset class teammanages a variety of balanced funds and bespoke mandates for a diversified client base that leverages our broad investment expertise in global equities , bonds , currencies and commodities , and our extensive risk management capabilities .', 'investment solutions might include a combination of long-only portfolios and alternative investments as well as tactical asset allocation overlays .', 'component changes in multi-asset class aum for 2015 are presented below .', '( in millions ) december 31 , 2014 net inflows ( outflows ) acquisition ( 1 ) market change fx impact december 31 , 2015 asset allocation and balanced $ 183032 $ 12926 $ 2014 $ ( 6731 ) $ ( 3391 ) $ 185836 .']
########
Data Table:
========================================
• ( in millions ), december 312014, net inflows ( outflows ), acquisition ( 1 ), market change, fx impact, december 312015
• asset allocation and balanced, $ 183032, $ 12926, $ 2014, $ -6731 ( 6731 ), $ -3391 ( 3391 ), $ 185836
• target date/risk, 128611, 218, 2014, -1308 ( 1308 ), -1857 ( 1857 ), 125664
• fiduciary, 66194, 3985, 2014, 627, -6373 ( 6373 ), 64433
• futureadvisor, 2014, 38, 366, -1 ( 1 ), 2014, 403
• multi-asset, $ 377837, $ 17167, $ 366, $ -7413 ( 7413 ), $ -11621 ( 11621 ), $ 376336
========================================
########
Post-table: ['( 1 ) amounts represent $ 366 million of aum acquired in the futureadvisor acquisition in october 2015 .', 'the futureadvisor acquisition amount does not include aum that was held in ishares holdings .', 'multi-asset class net inflows reflected ongoing institutional demand for our solutions-based advice with $ 17.4 billion of net inflows coming from institutional clients .', 'defined contribution plans of institutional clients remained a significant driver of flows , and contributed $ 7.3 billion to institutional multi-asset class net new business in 2015 , primarily into target date and target risk product offerings .', 'retail net outflows of $ 1.3 billion were primarily due to a large single-client transition out of mutual funds into a series of ishares across asset classes .', 'notwithstanding this transition , retail flows reflected demand for our multi-asset income fund family , which raised $ 4.6 billion in 2015 .', 'the company 2019s multi-asset class strategies include the following : 2022 asset allocation and balanced products represented 49% ( 49 % ) of multi-asset class aum at year-end , with growth in aum driven by net new business of $ 12.9 billion .', 'these strategies combine equity , fixed income and alternative components for investors seeking a tailored solution relative to a specific benchmark and within a risk budget .', 'in certain cases , these strategies seek to minimize downside risk through diversification , derivatives strategies and tactical asset allocation decisions .', 'flagship products in this category include our global allocation andmulti-asset income suites. .'] | 10122.0 | BLK/2015/page_35.pdf-1 | ['long-term product offerings include active and index strategies .', 'our active strategies seek to earn attractive returns in excess of a market benchmark or performance hurdle while maintaining an appropriate risk profile .', 'we offer two types of active strategies : those that rely primarily on fundamental research and those that utilize primarily quantitative models to drive portfolio construction .', 'in contrast , index strategies seek to closely track the returns of a corresponding index , generally by investing in substantially the same underlying securities within the index or in a subset of those securities selected to approximate a similar risk and return profile of the index .', 'index strategies include both our non-etf index products and ishares etfs .', 'althoughmany clients use both active and index strategies , the application of these strategies may differ .', 'for example , clients may use index products to gain exposure to a market or asset class .', 'in addition , institutional non-etf index assignments tend to be very large ( multi-billion dollars ) and typically reflect low fee rates .', 'this has the potential to exaggerate the significance of net flows in institutional index products on blackrock 2019s revenues and earnings .', 'equity year-end 2015 equity aum totaled $ 2.424 trillion , reflecting net inflows of $ 52.8 billion .', 'net inflows included $ 78.4 billion and $ 4.2 billion into ishares and active products , respectively .', 'ishares net inflows were driven by the core series and flows into broad developed market equity exposures , and active net inflows reflected demand for international equities .', 'ishares and active net inflows were partially offset by non-etf index net outflows of $ 29.8 billion .', 'blackrock 2019s effective fee rates fluctuate due to changes in aummix .', 'approximately half of blackrock 2019s equity aum is tied to international markets , including emerging markets , which tend to have higher fee rates than u.s .', 'equity strategies .', 'accordingly , fluctuations in international equity markets , which do not consistently move in tandemwith u.s .', 'markets , may have a greater impact on blackrock 2019s effective equity fee rates and revenues .', 'fixed income fixed income aum ended 2015 at $ 1.422 trillion , increasing $ 28.7 billion , or 2% ( 2 % ) , from december 31 , 2014 .', 'the increase in aum reflected $ 76.9 billion in net inflows , partially offset by $ 48.2 billion in net market depreciation and foreign exchange movements .', 'in 2015 , active net inflows of $ 35.9 billion were diversified across fixed income offerings , with strong flows into our unconstrained , total return and high yield strategies .', 'flagship funds in these product areas include our unconstrained strategic income opportunities and fixed income strategies funds , with net inflows of $ 7.0 billion and $ 3.7 billion , respectively ; our total return fund with net inflows of $ 2.7 billion ; and our high yield bond fund with net inflows of $ 3.5 billion .', 'fixed income ishares net inflows of $ 50.3 billion were led by flows into core , corporate and high yield bond funds .', 'active and ishares net inflows were partially offset by non-etf index net outflows of $ 9.3 billion .', 'multi-asset class blackrock 2019s multi-asset class teammanages a variety of balanced funds and bespoke mandates for a diversified client base that leverages our broad investment expertise in global equities , bonds , currencies and commodities , and our extensive risk management capabilities .', 'investment solutions might include a combination of long-only portfolios and alternative investments as well as tactical asset allocation overlays .', 'component changes in multi-asset class aum for 2015 are presented below .', '( in millions ) december 31 , 2014 net inflows ( outflows ) acquisition ( 1 ) market change fx impact december 31 , 2015 asset allocation and balanced $ 183032 $ 12926 $ 2014 $ ( 6731 ) $ ( 3391 ) $ 185836 .'] | ['( 1 ) amounts represent $ 366 million of aum acquired in the futureadvisor acquisition in october 2015 .', 'the futureadvisor acquisition amount does not include aum that was held in ishares holdings .', 'multi-asset class net inflows reflected ongoing institutional demand for our solutions-based advice with $ 17.4 billion of net inflows coming from institutional clients .', 'defined contribution plans of institutional clients remained a significant driver of flows , and contributed $ 7.3 billion to institutional multi-asset class net new business in 2015 , primarily into target date and target risk product offerings .', 'retail net outflows of $ 1.3 billion were primarily due to a large single-client transition out of mutual funds into a series of ishares across asset classes .', 'notwithstanding this transition , retail flows reflected demand for our multi-asset income fund family , which raised $ 4.6 billion in 2015 .', 'the company 2019s multi-asset class strategies include the following : 2022 asset allocation and balanced products represented 49% ( 49 % ) of multi-asset class aum at year-end , with growth in aum driven by net new business of $ 12.9 billion .', 'these strategies combine equity , fixed income and alternative components for investors seeking a tailored solution relative to a specific benchmark and within a risk budget .', 'in certain cases , these strategies seek to minimize downside risk through diversification , derivatives strategies and tactical asset allocation decisions .', 'flagship products in this category include our global allocation andmulti-asset income suites. .'] | ========================================
• ( in millions ), december 312014, net inflows ( outflows ), acquisition ( 1 ), market change, fx impact, december 312015
• asset allocation and balanced, $ 183032, $ 12926, $ 2014, $ -6731 ( 6731 ), $ -3391 ( 3391 ), $ 185836
• target date/risk, 128611, 218, 2014, -1308 ( 1308 ), -1857 ( 1857 ), 125664
• fiduciary, 66194, 3985, 2014, 627, -6373 ( 6373 ), 64433
• futureadvisor, 2014, 38, 366, -1 ( 1 ), 2014, 403
• multi-asset, $ 377837, $ 17167, $ 366, $ -7413 ( 7413 ), $ -11621 ( 11621 ), $ 376336
======================================== | add(6731, 3391) | 10122.0 |
what was the change in wti crude oil ( dollars per barrel ) between july 3 and december 19 , 2008? | Context: ['crude oil , and political unrest in the middle east and elsewhere .', 'later in 2008 , crude oil prices dropped more rapidly than they had climbed as the u.s .', 'dollar rebounded and other countries entered recessions which decreased demand .', 'during 2008 , the average spot price per barrel for wti was $ 99.75 , up from an average of $ 72.41 in 2007 , but ended the year at $ 44.60 .', 'the average spot price per barrel for brent was $ 97.26 in 2008 , up from an average of $ 72.39 in 2007 , but ended the year at $ 36.55 .', 'the differential between wti and brent average prices widened to $ 2.49 in 2008 from $ 0.02 in 2007 .', 'our domestic crude oil production is on average heavier and higher in sulfur content than light sweet wti .', 'heavier and higher sulfur crude oil ( commonly referred to as heavy sour crude oil ) sells at a discount to light sweet crude oil .', 'our international crude oil production is relatively sweet and is generally sold in relation to the brent crude oil benchmark .', 'natural gas prices on average were higher in 2008 than in 2007 .', 'a significant portion of our u.s .', 'lower 48 states natural gas production is sold at bid-week prices or first-of-month indices relative to our specific producing areas .', 'the average henry hub first-of-month price index was $ 2.18 per thousand cubic feet ( 201cmcf 201d ) higher in 2008 than the 2007 average .', 'natural gas sales in alaska are subject to term contracts .', 'our other major natural gas-producing regions are europe and equatorial guinea , where large portions of our natural gas sales are subject to term contracts , making realized prices in these areas less volatile .', 'as we sell larger quantities of natural gas from these regions , to the extent that these fixed prices are lower than prevailing prices , our reported average natural gas prices realizations may decrease .', 'e&p segment income during 2008 was up 57 percent from 2007 , with revenue increases tied to these increases in average commodity prices accounting for almost half of the income improvement .', 'liquid hydrocarbon and natural gas sales volumes were also higher in 2008 than 2007 .', 'oil sands mining oil sands mining segment revenues correlate with prevailing market prices for the various qualities of synthetic crude oil and vacuum gas oil we produce .', 'roughly two-thirds of the normal output mix will track movements in wti and one-third will track movements in the canadian heavy sour crude oil marker , primarily western canadian select .', 'output mix can be impacted by operational problems or planned unit outages at the mine or upgrader .', 'during 2008 , our average realized price for synthetic crude oil and vacuum gas oil was $ 91.90 per barrel , up from 2007 , but ended the year at $ 24.97 per barrel impacted by a heavier yield in december and a seasonal decrease in the value of our heavy output .', 'the operating cost structure of the oil sands mining operations is predominantly fixed , and therefore many of the costs incurred in times of full operation continue during production downtime .', 'per unit costs are sensitive to production rates .', 'key variable costs are natural gas and diesel fuel , which track commodity markets such as the canadian aeco natural gas sales index and crude prices respectively .', 'the table below shows benchmark prices that impact both our revenues and variable costs , listing high and low spot prices during the year. .']
Tabular Data:
========================================
benchmark wti crude oil ( dollars per barrel ) high $ 145.29 date july 3 low $ 33.87 date december 19
western canadian select ( dollars per barrel ) ( a ) $ 114.95 july $ 23.18 december
aeco natural gas sales index ( canadian dollars per gigajoule ) ( b ) $ 11.34 july 1 $ 5.42 september 19
========================================
Additional Information: ['wti crude oil ( dollars per barrel ) $ 145.29 july 3 $ 33.87 december 19 western canadian select ( dollars per barrel ) ( a ) $ 114.95 july $ 23.18 december aeco natural gas sales index ( canadian dollars per gigajoule ) ( b ) $ 11.34 july 1 $ 5.42 september 19 ( a ) monthly pricing based upon average wti adjusted for differentials unique to western canada .', '( b ) alberta energy company day ahead index .', 'our osm segment reported income of $ 258 million for 2008 , reflecting synthetic crude oil and vacuum gas oil sales averaging 32 mboepd .', 'derivative instruments intended to hedge price risk on future sales have impacted revenues in the periods presented , with net gains of $ 48 million in 2008 and net losses of $ 53 million in 2007 .', 'in the first quarter of 2009 , we entered into derivative instruments which effectively offset certain of our open derivative positions .', 'refining , marketing and transportation rm&t segment income depends largely on our refining and wholesale marketing gross margin , refinery throughputs , retail marketing gross margins for gasoline , distillates and merchandise , and the profitability of our pipeline transportation operations. .'] | 111.42 | MRO/2008/page_69.pdf-2 | ['crude oil , and political unrest in the middle east and elsewhere .', 'later in 2008 , crude oil prices dropped more rapidly than they had climbed as the u.s .', 'dollar rebounded and other countries entered recessions which decreased demand .', 'during 2008 , the average spot price per barrel for wti was $ 99.75 , up from an average of $ 72.41 in 2007 , but ended the year at $ 44.60 .', 'the average spot price per barrel for brent was $ 97.26 in 2008 , up from an average of $ 72.39 in 2007 , but ended the year at $ 36.55 .', 'the differential between wti and brent average prices widened to $ 2.49 in 2008 from $ 0.02 in 2007 .', 'our domestic crude oil production is on average heavier and higher in sulfur content than light sweet wti .', 'heavier and higher sulfur crude oil ( commonly referred to as heavy sour crude oil ) sells at a discount to light sweet crude oil .', 'our international crude oil production is relatively sweet and is generally sold in relation to the brent crude oil benchmark .', 'natural gas prices on average were higher in 2008 than in 2007 .', 'a significant portion of our u.s .', 'lower 48 states natural gas production is sold at bid-week prices or first-of-month indices relative to our specific producing areas .', 'the average henry hub first-of-month price index was $ 2.18 per thousand cubic feet ( 201cmcf 201d ) higher in 2008 than the 2007 average .', 'natural gas sales in alaska are subject to term contracts .', 'our other major natural gas-producing regions are europe and equatorial guinea , where large portions of our natural gas sales are subject to term contracts , making realized prices in these areas less volatile .', 'as we sell larger quantities of natural gas from these regions , to the extent that these fixed prices are lower than prevailing prices , our reported average natural gas prices realizations may decrease .', 'e&p segment income during 2008 was up 57 percent from 2007 , with revenue increases tied to these increases in average commodity prices accounting for almost half of the income improvement .', 'liquid hydrocarbon and natural gas sales volumes were also higher in 2008 than 2007 .', 'oil sands mining oil sands mining segment revenues correlate with prevailing market prices for the various qualities of synthetic crude oil and vacuum gas oil we produce .', 'roughly two-thirds of the normal output mix will track movements in wti and one-third will track movements in the canadian heavy sour crude oil marker , primarily western canadian select .', 'output mix can be impacted by operational problems or planned unit outages at the mine or upgrader .', 'during 2008 , our average realized price for synthetic crude oil and vacuum gas oil was $ 91.90 per barrel , up from 2007 , but ended the year at $ 24.97 per barrel impacted by a heavier yield in december and a seasonal decrease in the value of our heavy output .', 'the operating cost structure of the oil sands mining operations is predominantly fixed , and therefore many of the costs incurred in times of full operation continue during production downtime .', 'per unit costs are sensitive to production rates .', 'key variable costs are natural gas and diesel fuel , which track commodity markets such as the canadian aeco natural gas sales index and crude prices respectively .', 'the table below shows benchmark prices that impact both our revenues and variable costs , listing high and low spot prices during the year. .'] | ['wti crude oil ( dollars per barrel ) $ 145.29 july 3 $ 33.87 december 19 western canadian select ( dollars per barrel ) ( a ) $ 114.95 july $ 23.18 december aeco natural gas sales index ( canadian dollars per gigajoule ) ( b ) $ 11.34 july 1 $ 5.42 september 19 ( a ) monthly pricing based upon average wti adjusted for differentials unique to western canada .', '( b ) alberta energy company day ahead index .', 'our osm segment reported income of $ 258 million for 2008 , reflecting synthetic crude oil and vacuum gas oil sales averaging 32 mboepd .', 'derivative instruments intended to hedge price risk on future sales have impacted revenues in the periods presented , with net gains of $ 48 million in 2008 and net losses of $ 53 million in 2007 .', 'in the first quarter of 2009 , we entered into derivative instruments which effectively offset certain of our open derivative positions .', 'refining , marketing and transportation rm&t segment income depends largely on our refining and wholesale marketing gross margin , refinery throughputs , retail marketing gross margins for gasoline , distillates and merchandise , and the profitability of our pipeline transportation operations. .'] | ========================================
benchmark wti crude oil ( dollars per barrel ) high $ 145.29 date july 3 low $ 33.87 date december 19
western canadian select ( dollars per barrel ) ( a ) $ 114.95 july $ 23.18 december
aeco natural gas sales index ( canadian dollars per gigajoule ) ( b ) $ 11.34 july 1 $ 5.42 september 19
======================================== | subtract(145.29, 33.87) | 111.42 |
in millions for 2014 2013 and 2012 , what was the greatest amount of common share repurchases? | Context: ['notes to consolidated financial statements guarantees of subsidiaries .', 'group inc .', 'fully and unconditionally guarantees the securities issued by gs finance corp. , a wholly-owned finance subsidiary of the group inc .', 'has guaranteed the payment obligations of goldman , sachs & co .', '( gs&co. ) , gs bank usa and goldman sachs execution & clearing , l.p .', '( gsec ) , subject to certain exceptions .', 'in november 2008 , the firm contributed subsidiaries into gs bank usa , and group inc .', 'agreed to guarantee the reimbursement of certain losses , including credit-related losses , relating to assets held by the contributed entities .', 'in connection with this guarantee , group inc .', 'also agreed to pledge to gs bank usa certain collateral , including interests in subsidiaries and other illiquid assets .', 'in addition , group inc .', 'guarantees many of the obligations of its other consolidated subsidiaries on a transaction-by- transaction basis , as negotiated with counterparties .', 'group inc .', 'is unable to develop an estimate of the maximum payout under its subsidiary guarantees ; however , because these guaranteed obligations are also obligations of consolidated subsidiaries , group inc . 2019s liabilities as guarantor are not separately disclosed .', 'note 19 .', 'shareholders 2019 equity common equity dividends declared per common share were $ 2.25 in 2014 , $ 2.05 in 2013 and $ 1.77 in 2012 .', 'on january 15 , 2015 , group inc .', 'declared a dividend of $ 0.60 per common share to be paid on march 30 , 2015 to common shareholders of record on march 2 , 2015 .', 'the firm 2019s share repurchase program is intended to help maintain the appropriate level of common equity .', 'the share repurchase program is effected primarily through regular open-market purchases ( which may include repurchase plans designed to comply with rule 10b5-1 ) , the amounts and timing of which are determined primarily by the firm 2019s current and projected capital position , but which may also be influenced by general market conditions and the prevailing price and trading volumes of the firm 2019s common stock .', 'prior to repurchasing common stock , the firm must receive confirmation that the federal reserve board does not object to such capital actions .', 'the table below presents the amount of common stock repurchased by the firm under the share repurchase program during 2014 , 2013 and 2012. .']
########
Tabular Data:
========================================
in millions except per share amounts | year ended december 2014 | year ended december 2013 | year ended december 2012
common share repurchases | 31.8 | 39.3 | 42.0
average cost per share | $ 171.79 | $ 157.11 | $ 110.31
total cost of common share repurchases | $ 5469 | $ 6175 | $ 4637
========================================
########
Post-table: ['total cost of common share repurchases $ 5469 $ 6175 $ 4637 pursuant to the terms of certain share-based compensation plans , employees may remit shares to the firm or the firm may cancel restricted stock units ( rsus ) or stock options to satisfy minimum statutory employee tax withholding requirements and the exercise price of stock options .', 'under these plans , during 2014 , 2013 and 2012 , employees remitted 174489 shares , 161211 shares and 33477 shares with a total value of $ 31 million , $ 25 million and $ 3 million , and the firm cancelled 5.8 million , 4.0 million and 12.7 million of rsus with a total value of $ 974 million , $ 599 million and $ 1.44 billion .', 'under these plans , the firm also cancelled 15.6 million stock options with a total value of $ 2.65 billion during 2014 .', '170 goldman sachs 2014 annual report .'] | 42.0 | GS/2014/page_172.pdf-4 | ['notes to consolidated financial statements guarantees of subsidiaries .', 'group inc .', 'fully and unconditionally guarantees the securities issued by gs finance corp. , a wholly-owned finance subsidiary of the group inc .', 'has guaranteed the payment obligations of goldman , sachs & co .', '( gs&co. ) , gs bank usa and goldman sachs execution & clearing , l.p .', '( gsec ) , subject to certain exceptions .', 'in november 2008 , the firm contributed subsidiaries into gs bank usa , and group inc .', 'agreed to guarantee the reimbursement of certain losses , including credit-related losses , relating to assets held by the contributed entities .', 'in connection with this guarantee , group inc .', 'also agreed to pledge to gs bank usa certain collateral , including interests in subsidiaries and other illiquid assets .', 'in addition , group inc .', 'guarantees many of the obligations of its other consolidated subsidiaries on a transaction-by- transaction basis , as negotiated with counterparties .', 'group inc .', 'is unable to develop an estimate of the maximum payout under its subsidiary guarantees ; however , because these guaranteed obligations are also obligations of consolidated subsidiaries , group inc . 2019s liabilities as guarantor are not separately disclosed .', 'note 19 .', 'shareholders 2019 equity common equity dividends declared per common share were $ 2.25 in 2014 , $ 2.05 in 2013 and $ 1.77 in 2012 .', 'on january 15 , 2015 , group inc .', 'declared a dividend of $ 0.60 per common share to be paid on march 30 , 2015 to common shareholders of record on march 2 , 2015 .', 'the firm 2019s share repurchase program is intended to help maintain the appropriate level of common equity .', 'the share repurchase program is effected primarily through regular open-market purchases ( which may include repurchase plans designed to comply with rule 10b5-1 ) , the amounts and timing of which are determined primarily by the firm 2019s current and projected capital position , but which may also be influenced by general market conditions and the prevailing price and trading volumes of the firm 2019s common stock .', 'prior to repurchasing common stock , the firm must receive confirmation that the federal reserve board does not object to such capital actions .', 'the table below presents the amount of common stock repurchased by the firm under the share repurchase program during 2014 , 2013 and 2012. .'] | ['total cost of common share repurchases $ 5469 $ 6175 $ 4637 pursuant to the terms of certain share-based compensation plans , employees may remit shares to the firm or the firm may cancel restricted stock units ( rsus ) or stock options to satisfy minimum statutory employee tax withholding requirements and the exercise price of stock options .', 'under these plans , during 2014 , 2013 and 2012 , employees remitted 174489 shares , 161211 shares and 33477 shares with a total value of $ 31 million , $ 25 million and $ 3 million , and the firm cancelled 5.8 million , 4.0 million and 12.7 million of rsus with a total value of $ 974 million , $ 599 million and $ 1.44 billion .', 'under these plans , the firm also cancelled 15.6 million stock options with a total value of $ 2.65 billion during 2014 .', '170 goldman sachs 2014 annual report .'] | ========================================
in millions except per share amounts | year ended december 2014 | year ended december 2013 | year ended december 2012
common share repurchases | 31.8 | 39.3 | 42.0
average cost per share | $ 171.79 | $ 157.11 | $ 110.31
total cost of common share repurchases | $ 5469 | $ 6175 | $ 4637
======================================== | table_max(common share repurchases, none) | 42.0 |
what was the percentage change in the north american industrial packaging net sales in 2012 | Context: ['( $ 125 million ) and higher maintenance outage costs ( $ 18 million ) .', 'additionally , operating profits in 2012 include costs of $ 184 million associated with the acquisition and integration of temple-inland , mill divestiture costs of $ 91 million , costs associated with the restructuring of our european packaging busi- ness of $ 17 million and a $ 3 million gain for other items , while operating costs in 2011 included costs associated with signing an agreement to acquire temple-inland of $ 20 million and a gain of $ 7 million for other items .', 'industrial packaging .']
----------
Table:
========================================
in millions | 2012 | 2011 | 2010
----------|----------|----------|----------
sales | $ 13280 | $ 10430 | $ 9840
operating profit | 1066 | 1147 | 826
========================================
----------
Additional Information: ['north american industr ia l packaging net sales were $ 11.6 billion in 2012 compared with $ 8.6 billion in 2011 and $ 8.4 billion in 2010 .', 'operating profits in 2012 were $ 1.0 billion ( $ 1.3 billion exclud- ing costs associated with the acquisition and integration of temple-inland and mill divestiture costs ) compared with $ 1.1 billion ( both including and excluding costs associated with signing an agree- ment to acquire temple-inland ) in 2011 and $ 763 million ( $ 776 million excluding facility closure costs ) in 2010 .', 'sales volumes for the legacy business were about flat in 2012 compared with 2011 .', 'average sales price was lower mainly due to export containerboard sales prices which bottomed out in the first quarter but climbed steadily the rest of the year .', 'input costs were lower for recycled fiber , wood and natural gas , but higher for starch .', 'freight costs also increased .', 'plan- ned maintenance downtime costs were higher than in 2011 .', 'operating costs were higher largely due to routine inventory valuation adjustments operating profits in 2012 benefited from $ 235 million of temple-inland synergies .', 'market-related downtime in 2012 was about 570000 tons compared with about 380000 tons in 2011 .', 'operating profits in 2012 included $ 184 million of costs associated with the acquisition and integration of temple-inland and $ 91 million of costs associated with the divestiture of three containerboard mills .', 'operating profits in 2011 included charges of $ 20 million for costs associated with the signing of the agreement to acquire temple- inland .', 'looking ahead to 2013 , sales volumes in the first quarter compared with the fourth quarter of 2012 are expected to increase slightly for boxes due to a higher number of shipping days .', 'average sales price realizations are expected to reflect the pass-through to box customers of a containerboard price increase implemented in 2012 .', 'input costs are expected to be higher for recycled fiber , wood and starch .', 'planned maintenance downtime costs are expected to be about $ 26 million higher with outages scheduled at eight mills compared with six mills in the 2012 fourth quarter .', 'manufacturing operating costs are expected to be lower .', 'european industr ia l packaging net sales were $ 1.0 billion in 2012 compared with $ 1.1 billion in 2011 and $ 990 million in 2010 .', 'operating profits in 2012 were $ 53 million ( $ 72 million excluding restructuring costs ) compared with $ 66 million ( $ 61 million excluding a gain for a bargain purchase price adjustment on an acquisition by our joint venture in turkey and costs associated with the closure of our etienne mill in france in 2009 ) in 2011 and $ 70 mil- lion ( $ 73 million before closure costs for our etienne mill ) in 2010 .', 'sales volumes in 2012 were lower than in 2011 reflecting decreased demand for packaging in the industrial market due to a weaker overall economic environment in southern europe .', 'demand for pack- aging in the agricultural markets was about flat year- over-year .', 'average sales margins increased due to sales price increases implemented during 2011 and 2012 and lower board costs .', 'other input costs were higher , primarily for energy and distribution .', 'operat- ing profits in 2012 included a net gain of $ 10 million for an insurance settlement , partially offset by addi- tional operating costs , related to the earthquakes in northern italy in may which affected our san felice box plant .', 'entering the first quarter of 2013 , sales volumes are expected to be stable reflecting a seasonal decrease in market demand in agricultural markets offset by an increase in industrial markets .', 'average sales margins are expected to improve due to lower input costs for containerboard .', 'other input costs should be about flat .', 'operating costs are expected to be higher reflecting the absence of the earthquake insurance settlement that was received in the 2012 fourth quar- asian industr ia l packaging net sales and operating profits include the results of sca pack- aging since the acquisition on june 30 , 2010 , includ- ing the impact of incremental integration costs .', 'net sales for the packaging operations were $ 400 million in 2012 compared with $ 410 million in 2011 and $ 255 million in 2010 .', 'operating profits for the packaging operations were $ 2 million in 2012 compared with $ 2 million in 2011 and a loss of $ 7 million ( a loss of $ 4 million excluding facility closure costs ) in 2010 .', 'operating profits were favorably impacted by higher average sales margins in 2012 compared with 2011 , but this benefit was offset by lower sales volumes and higher raw material costs and operating costs .', 'looking ahead to the first quarter of 2013 , sales volumes and average sales margins are expected to decrease due to seasonality .', 'net sales for the distribution operations were $ 260 million in 2012 compared with $ 285 million in 2011 and $ 240 million in 2010 .', 'operating profits were $ 3 million in 2012 compared with $ 3 million in 2011 and about breakeven in 2010. .'] | 0.34884 | IP/2012/page_55.pdf-3 | ['( $ 125 million ) and higher maintenance outage costs ( $ 18 million ) .', 'additionally , operating profits in 2012 include costs of $ 184 million associated with the acquisition and integration of temple-inland , mill divestiture costs of $ 91 million , costs associated with the restructuring of our european packaging busi- ness of $ 17 million and a $ 3 million gain for other items , while operating costs in 2011 included costs associated with signing an agreement to acquire temple-inland of $ 20 million and a gain of $ 7 million for other items .', 'industrial packaging .'] | ['north american industr ia l packaging net sales were $ 11.6 billion in 2012 compared with $ 8.6 billion in 2011 and $ 8.4 billion in 2010 .', 'operating profits in 2012 were $ 1.0 billion ( $ 1.3 billion exclud- ing costs associated with the acquisition and integration of temple-inland and mill divestiture costs ) compared with $ 1.1 billion ( both including and excluding costs associated with signing an agree- ment to acquire temple-inland ) in 2011 and $ 763 million ( $ 776 million excluding facility closure costs ) in 2010 .', 'sales volumes for the legacy business were about flat in 2012 compared with 2011 .', 'average sales price was lower mainly due to export containerboard sales prices which bottomed out in the first quarter but climbed steadily the rest of the year .', 'input costs were lower for recycled fiber , wood and natural gas , but higher for starch .', 'freight costs also increased .', 'plan- ned maintenance downtime costs were higher than in 2011 .', 'operating costs were higher largely due to routine inventory valuation adjustments operating profits in 2012 benefited from $ 235 million of temple-inland synergies .', 'market-related downtime in 2012 was about 570000 tons compared with about 380000 tons in 2011 .', 'operating profits in 2012 included $ 184 million of costs associated with the acquisition and integration of temple-inland and $ 91 million of costs associated with the divestiture of three containerboard mills .', 'operating profits in 2011 included charges of $ 20 million for costs associated with the signing of the agreement to acquire temple- inland .', 'looking ahead to 2013 , sales volumes in the first quarter compared with the fourth quarter of 2012 are expected to increase slightly for boxes due to a higher number of shipping days .', 'average sales price realizations are expected to reflect the pass-through to box customers of a containerboard price increase implemented in 2012 .', 'input costs are expected to be higher for recycled fiber , wood and starch .', 'planned maintenance downtime costs are expected to be about $ 26 million higher with outages scheduled at eight mills compared with six mills in the 2012 fourth quarter .', 'manufacturing operating costs are expected to be lower .', 'european industr ia l packaging net sales were $ 1.0 billion in 2012 compared with $ 1.1 billion in 2011 and $ 990 million in 2010 .', 'operating profits in 2012 were $ 53 million ( $ 72 million excluding restructuring costs ) compared with $ 66 million ( $ 61 million excluding a gain for a bargain purchase price adjustment on an acquisition by our joint venture in turkey and costs associated with the closure of our etienne mill in france in 2009 ) in 2011 and $ 70 mil- lion ( $ 73 million before closure costs for our etienne mill ) in 2010 .', 'sales volumes in 2012 were lower than in 2011 reflecting decreased demand for packaging in the industrial market due to a weaker overall economic environment in southern europe .', 'demand for pack- aging in the agricultural markets was about flat year- over-year .', 'average sales margins increased due to sales price increases implemented during 2011 and 2012 and lower board costs .', 'other input costs were higher , primarily for energy and distribution .', 'operat- ing profits in 2012 included a net gain of $ 10 million for an insurance settlement , partially offset by addi- tional operating costs , related to the earthquakes in northern italy in may which affected our san felice box plant .', 'entering the first quarter of 2013 , sales volumes are expected to be stable reflecting a seasonal decrease in market demand in agricultural markets offset by an increase in industrial markets .', 'average sales margins are expected to improve due to lower input costs for containerboard .', 'other input costs should be about flat .', 'operating costs are expected to be higher reflecting the absence of the earthquake insurance settlement that was received in the 2012 fourth quar- asian industr ia l packaging net sales and operating profits include the results of sca pack- aging since the acquisition on june 30 , 2010 , includ- ing the impact of incremental integration costs .', 'net sales for the packaging operations were $ 400 million in 2012 compared with $ 410 million in 2011 and $ 255 million in 2010 .', 'operating profits for the packaging operations were $ 2 million in 2012 compared with $ 2 million in 2011 and a loss of $ 7 million ( a loss of $ 4 million excluding facility closure costs ) in 2010 .', 'operating profits were favorably impacted by higher average sales margins in 2012 compared with 2011 , but this benefit was offset by lower sales volumes and higher raw material costs and operating costs .', 'looking ahead to the first quarter of 2013 , sales volumes and average sales margins are expected to decrease due to seasonality .', 'net sales for the distribution operations were $ 260 million in 2012 compared with $ 285 million in 2011 and $ 240 million in 2010 .', 'operating profits were $ 3 million in 2012 compared with $ 3 million in 2011 and about breakeven in 2010. .'] | ========================================
in millions | 2012 | 2011 | 2010
----------|----------|----------|----------
sales | $ 13280 | $ 10430 | $ 9840
operating profit | 1066 | 1147 | 826
======================================== | subtract(11.6, 8.6), divide(#0, 8.6) | 0.34884 |
as of december 2012 , what percentage of available- for-sale securities was comprised of mortgage and other asset-backed loans and securities? | Context: ['management 2019s discussion and analysis sensitivity measures certain portfolios and individual positions are not included in var because var is not the most appropriate risk measure .', 'the market risk of these positions is determined by estimating the potential reduction in net revenues of a 10% ( 10 % ) decline in the underlying asset value .', 'the table below presents market risk for positions that are not included in var .', 'these measures do not reflect diversification benefits across asset categories and therefore have not been aggregated .', 'asset categories 10% ( 10 % ) sensitivity amount as of december in millions 2012 2011 .']
Data Table:
****************************************
Row 1: asset categories, asset categories,
Row 2: in millions, 2012, 2011
Row 3: icbc, $ 208, $ 212
Row 4: equity ( excluding icbc ) 1, 2263, 2458
Row 5: debt2, 1676, 1521
****************************************
Additional Information: ['equity ( excluding icbc ) 1 2263 2458 debt 2 1676 1521 1 .', 'relates to private and restricted public equity securities , including interests in firm-sponsored funds that invest in corporate equities and real estate and interests in firm-sponsored hedge funds .', '2 .', 'primarily relates to interests in our firm-sponsored funds that invest in corporate mezzanine and senior debt instruments .', 'also includes loans backed by commercial and residential real estate , corporate bank loans and other corporate debt , including acquired portfolios of distressed loans .', 'var excludes the impact of changes in counterparty and our own credit spreads on derivatives as well as changes in our own credit spreads on unsecured borrowings for which the fair value option was elected .', 'the estimated sensitivity to a one basis point increase in credit spreads ( counterparty and our own ) on derivatives was a $ 3 million gain ( including hedges ) as of december 2012 .', 'in addition , the estimated sensitivity to a one basis point increase in our own credit spreads on unsecured borrowings for which the fair value option was elected was a $ 7 million gain ( including hedges ) as of december 2012 .', 'however , the actual net impact of a change in our own credit spreads is also affected by the liquidity , duration and convexity ( as the sensitivity is not linear to changes in yields ) of those unsecured borrowings for which the fair value option was elected , as well as the relative performance of any hedges undertaken .', 'the firm engages in insurance activities where we reinsure and purchase portfolios of insurance risk and pension liabilities .', 'the risks associated with these activities include , but are not limited to : equity price , interest rate , reinvestment and mortality risk .', 'the firm mitigates risks associated with insurance activities through the use of reinsurance and hedging .', 'certain of the assets associated with the firm 2019s insurance activities are included in var .', 'in addition to the positions included in var , we held $ 9.07 billion of securities accounted for as available-for- sale as of december 2012 , which support the firm 2019s reinsurance business .', 'as of december 2012 , our available- for-sale securities primarily consisted of $ 3.63 billion of corporate debt securities with an average yield of 4% ( 4 % ) , the majority of which will mature after five years , $ 3.38 billion of mortgage and other asset-backed loans and securities with an average yield of 6% ( 6 % ) , the majority of which will mature after ten years , and $ 856 million of u.s .', 'government and federal agency obligations with an average yield of 3% ( 3 % ) , the majority of which will mature after five years .', 'as of december 2012 , such assets were classified as held for sale and were included in 201cother assets . 201d see note 12 to the consolidated financial statements for further information about assets held for sale .', 'as of december 2011 , we held $ 4.86 billion of securities accounted for as available-for-sale , primarily consisting of $ 1.81 billion of corporate debt securities with an average yield of 5% ( 5 % ) , the majority of which will mature after five years , $ 1.42 billion of mortgage and other asset-backed loans and securities with an average yield of 10% ( 10 % ) , the majority of which will mature after ten years , and $ 662 million of u.s .', 'government and federal agency obligations with an average yield of 3% ( 3 % ) , the majority of which will mature after ten years .', 'in addition , as of december 2012 and december 2011 , we had commitments and held loans for which we have obtained credit loss protection from sumitomo mitsui financial group , inc .', 'see note 18 to the consolidated financial statements for further information about such lending commitments .', 'as of december 2012 , the firm also had $ 6.50 billion of loans held for investment which were accounted for at amortized cost and included in 201creceivables from customers and counterparties , 201d substantially all of which had floating interest rates .', 'the estimated sensitivity to a 100 basis point increase in interest rates on such loans was $ 62 million of additional interest income over a 12-month period , which does not take into account the potential impact of an increase in costs to fund such loans .', 'see note 8 to the consolidated financial statements for further information about loans held for investment .', 'additionally , we make investments accounted for under the equity method and we also make direct investments in real estate , both of which are included in 201cother assets 201d in the consolidated statements of financial condition .', 'direct investments in real estate are accounted for at cost less accumulated depreciation .', 'see note 12 to the consolidated financial statements for information on 201cother assets . 201d goldman sachs 2012 annual report 93 .'] | 0.41274 | GS/2012/page_95.pdf-1 | ['management 2019s discussion and analysis sensitivity measures certain portfolios and individual positions are not included in var because var is not the most appropriate risk measure .', 'the market risk of these positions is determined by estimating the potential reduction in net revenues of a 10% ( 10 % ) decline in the underlying asset value .', 'the table below presents market risk for positions that are not included in var .', 'these measures do not reflect diversification benefits across asset categories and therefore have not been aggregated .', 'asset categories 10% ( 10 % ) sensitivity amount as of december in millions 2012 2011 .'] | ['equity ( excluding icbc ) 1 2263 2458 debt 2 1676 1521 1 .', 'relates to private and restricted public equity securities , including interests in firm-sponsored funds that invest in corporate equities and real estate and interests in firm-sponsored hedge funds .', '2 .', 'primarily relates to interests in our firm-sponsored funds that invest in corporate mezzanine and senior debt instruments .', 'also includes loans backed by commercial and residential real estate , corporate bank loans and other corporate debt , including acquired portfolios of distressed loans .', 'var excludes the impact of changes in counterparty and our own credit spreads on derivatives as well as changes in our own credit spreads on unsecured borrowings for which the fair value option was elected .', 'the estimated sensitivity to a one basis point increase in credit spreads ( counterparty and our own ) on derivatives was a $ 3 million gain ( including hedges ) as of december 2012 .', 'in addition , the estimated sensitivity to a one basis point increase in our own credit spreads on unsecured borrowings for which the fair value option was elected was a $ 7 million gain ( including hedges ) as of december 2012 .', 'however , the actual net impact of a change in our own credit spreads is also affected by the liquidity , duration and convexity ( as the sensitivity is not linear to changes in yields ) of those unsecured borrowings for which the fair value option was elected , as well as the relative performance of any hedges undertaken .', 'the firm engages in insurance activities where we reinsure and purchase portfolios of insurance risk and pension liabilities .', 'the risks associated with these activities include , but are not limited to : equity price , interest rate , reinvestment and mortality risk .', 'the firm mitigates risks associated with insurance activities through the use of reinsurance and hedging .', 'certain of the assets associated with the firm 2019s insurance activities are included in var .', 'in addition to the positions included in var , we held $ 9.07 billion of securities accounted for as available-for- sale as of december 2012 , which support the firm 2019s reinsurance business .', 'as of december 2012 , our available- for-sale securities primarily consisted of $ 3.63 billion of corporate debt securities with an average yield of 4% ( 4 % ) , the majority of which will mature after five years , $ 3.38 billion of mortgage and other asset-backed loans and securities with an average yield of 6% ( 6 % ) , the majority of which will mature after ten years , and $ 856 million of u.s .', 'government and federal agency obligations with an average yield of 3% ( 3 % ) , the majority of which will mature after five years .', 'as of december 2012 , such assets were classified as held for sale and were included in 201cother assets . 201d see note 12 to the consolidated financial statements for further information about assets held for sale .', 'as of december 2011 , we held $ 4.86 billion of securities accounted for as available-for-sale , primarily consisting of $ 1.81 billion of corporate debt securities with an average yield of 5% ( 5 % ) , the majority of which will mature after five years , $ 1.42 billion of mortgage and other asset-backed loans and securities with an average yield of 10% ( 10 % ) , the majority of which will mature after ten years , and $ 662 million of u.s .', 'government and federal agency obligations with an average yield of 3% ( 3 % ) , the majority of which will mature after ten years .', 'in addition , as of december 2012 and december 2011 , we had commitments and held loans for which we have obtained credit loss protection from sumitomo mitsui financial group , inc .', 'see note 18 to the consolidated financial statements for further information about such lending commitments .', 'as of december 2012 , the firm also had $ 6.50 billion of loans held for investment which were accounted for at amortized cost and included in 201creceivables from customers and counterparties , 201d substantially all of which had floating interest rates .', 'the estimated sensitivity to a 100 basis point increase in interest rates on such loans was $ 62 million of additional interest income over a 12-month period , which does not take into account the potential impact of an increase in costs to fund such loans .', 'see note 8 to the consolidated financial statements for further information about loans held for investment .', 'additionally , we make investments accounted for under the equity method and we also make direct investments in real estate , both of which are included in 201cother assets 201d in the consolidated statements of financial condition .', 'direct investments in real estate are accounted for at cost less accumulated depreciation .', 'see note 12 to the consolidated financial statements for information on 201cother assets . 201d goldman sachs 2012 annual report 93 .'] | ****************************************
Row 1: asset categories, asset categories,
Row 2: in millions, 2012, 2011
Row 3: icbc, $ 208, $ 212
Row 4: equity ( excluding icbc ) 1, 2263, 2458
Row 5: debt2, 1676, 1521
**************************************** | add(3.63, 3.38), divide(856, const_1000), divide(#0, #1), divide(3.38, #2) | 0.41274 |
in 2010 what was the ratio of the notes receivable , net , to the related assets \\n | Pre-text: ['american tower corporation and subsidiaries notes to consolidated financial statements recognizing customer revenue , the company must assess the collectability of both the amounts billed and the portion recognized on a straight-line basis .', 'this assessment takes customer credit risk and business and industry conditions into consideration to ultimately determine the collectability 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 the uncertainty is resolved .', 'any amounts which were previously recognized as revenue and subsequently determined to be uncollectible are charged to bad debt expense .', 'accounts receivable are reported net of allowances for doubtful accounts related to estimated losses resulting from a customer 2019s inability to make required payments and reserves for amounts invoiced whose collectability 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 customers in bankruptcy , liquidation or reorganization .', 'receivables are written-off against the allowances when they are determined 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:
****************************************
, 2010, 2009, 2008
balance as of january 1,, $ 28520, $ 11482, $ 8850
current year increases, 16219, 26771, 12059
recoveries and other, -22234 ( 22234 ), -9733 ( 9733 ), -9427 ( 9427 )
balance as of december 31,, $ 22505, $ 28520, $ 11482
****************************************
--
Follow-up: ['the company 2019s largest international customer is iusacell , which is the brand name under which a group of companies controlled by grupo iusacell , s.a .', 'de c.v .', '( 201cgrupo iusacell 201d ) operates .', 'iusacell represented approximately 4% ( 4 % ) of the company 2019s total revenue for the year ended december 31 , 2010 .', 'grupo iusacell has been engaged in a refinancing of a majority of its u.s .', 'dollar denominated debt , and in connection with this process , two of the legal entities of the group , including grupo iusacell , voluntarily filed for a pre-packaged concurso mercantil ( a process substantially equivalent to chapter 11 of u.s .', 'bankruptcy law ) with the backing of a majority of their financial creditors in december 2010 .', 'as of december 31 , 2010 , iusacell notes receivable , net , and related assets ( which include financing lease commitments and a deferred rent asset that are primarily long-term in nature ) were $ 19.7 million and $ 51.2 million , respectively .', 'functional currency 2014as a result of changes to the organizational structure of the company 2019s subsidiaries in latin america in 2010 , the company determined that effective january 1 , 2010 , the functional currency of its foreign subsidiary in brazil is the brazilian real .', 'from that point forward , all assets and liabilities held by the subsidiary in brazil are translated into u.s .', 'dollars at the exchange rate in effect at the end of the applicable reporting period .', 'revenues and expenses are translated at the average monthly exchange rates and the cumulative translation effect is included in stockholders 2019 equity .', 'the change in functional currency from u.s .', 'dollars to brazilian real gave rise to an increase in the net value of certain non-monetary assets and liabilities .', 'the aggregate impact on such assets and liabilities was $ 39.8 million with an offsetting increase in accumulated other comprehensive income ( loss ) .', 'as a result of the renegotiation of the company 2019s agreements with its largest international customer , iusacell , which included , among other changes , converting all of iusacell 2019s contractual obligations to the company from u.s .', 'dollars to mexican pesos , the company has determined that effective april 1 , 2010 , the functional currency of certain of its foreign subsidiaries in mexico is the mexican peso .', 'from that point forward , all assets and liabilities held by those subsidiaries in mexico are translated into u.s .', 'dollars at the exchange rate in effect at the end of the applicable reporting period .', 'revenues and expenses are translated at the average monthly exchange rates and the cumulative translation effect is included in stockholders 2019 equity .', 'the change in functional .'] | 0.38477 | AMT/2010/page_82.pdf-2 | ['american tower corporation and subsidiaries notes to consolidated financial statements recognizing customer revenue , the company must assess the collectability of both the amounts billed and the portion recognized on a straight-line basis .', 'this assessment takes customer credit risk and business and industry conditions into consideration to ultimately determine the collectability 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 the uncertainty is resolved .', 'any amounts which were previously recognized as revenue and subsequently determined to be uncollectible are charged to bad debt expense .', 'accounts receivable are reported net of allowances for doubtful accounts related to estimated losses resulting from a customer 2019s inability to make required payments and reserves for amounts invoiced whose collectability 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 customers in bankruptcy , liquidation or reorganization .', 'receivables are written-off against the allowances when they are determined 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 ) : .'] | ['the company 2019s largest international customer is iusacell , which is the brand name under which a group of companies controlled by grupo iusacell , s.a .', 'de c.v .', '( 201cgrupo iusacell 201d ) operates .', 'iusacell represented approximately 4% ( 4 % ) of the company 2019s total revenue for the year ended december 31 , 2010 .', 'grupo iusacell has been engaged in a refinancing of a majority of its u.s .', 'dollar denominated debt , and in connection with this process , two of the legal entities of the group , including grupo iusacell , voluntarily filed for a pre-packaged concurso mercantil ( a process substantially equivalent to chapter 11 of u.s .', 'bankruptcy law ) with the backing of a majority of their financial creditors in december 2010 .', 'as of december 31 , 2010 , iusacell notes receivable , net , and related assets ( which include financing lease commitments and a deferred rent asset that are primarily long-term in nature ) were $ 19.7 million and $ 51.2 million , respectively .', 'functional currency 2014as a result of changes to the organizational structure of the company 2019s subsidiaries in latin america in 2010 , the company determined that effective january 1 , 2010 , the functional currency of its foreign subsidiary in brazil is the brazilian real .', 'from that point forward , all assets and liabilities held by the subsidiary in brazil are translated into u.s .', 'dollars at the exchange rate in effect at the end of the applicable reporting period .', 'revenues and expenses are translated at the average monthly exchange rates and the cumulative translation effect is included in stockholders 2019 equity .', 'the change in functional currency from u.s .', 'dollars to brazilian real gave rise to an increase in the net value of certain non-monetary assets and liabilities .', 'the aggregate impact on such assets and liabilities was $ 39.8 million with an offsetting increase in accumulated other comprehensive income ( loss ) .', 'as a result of the renegotiation of the company 2019s agreements with its largest international customer , iusacell , which included , among other changes , converting all of iusacell 2019s contractual obligations to the company from u.s .', 'dollars to mexican pesos , the company has determined that effective april 1 , 2010 , the functional currency of certain of its foreign subsidiaries in mexico is the mexican peso .', 'from that point forward , all assets and liabilities held by those subsidiaries in mexico are translated into u.s .', 'dollars at the exchange rate in effect at the end of the applicable reporting period .', 'revenues and expenses are translated at the average monthly exchange rates and the cumulative translation effect is included in stockholders 2019 equity .', 'the change in functional .'] | ****************************************
, 2010, 2009, 2008
balance as of january 1,, $ 28520, $ 11482, $ 8850
current year increases, 16219, 26771, 12059
recoveries and other, -22234 ( 22234 ), -9733 ( 9733 ), -9427 ( 9427 )
balance as of december 31,, $ 22505, $ 28520, $ 11482
**************************************** | divide(19.7, 51.2) | 0.38477 |
what percentage of end of the year 2008 total goodwill does rm&t consist of? | Pre-text: ['marathon oil corporation notes to consolidated financial statements the changes in the carrying amount of goodwill for the years ended december 31 , 2007 , and 2008 , were as follows : ( in millions ) e&p osm rm&t total .']
------
Table:
****************************************
Row 1: ( in millions ), e&p, osm, rm&t, total
Row 2: balance as of december 31 2006, $ 519, $ 2013, $ 879, $ 1398
Row 3: acquired, 71, 1437, 2013, 1508
Row 4: adjusted ( a ), 2013, 2013, -7 ( 7 ), -7 ( 7 )
Row 5: balance as of december 31 2007, 590, 1437, 872, 2899
Row 6: adjusted ( a ), -17 ( 17 ), -25 ( 25 ), 7, -35 ( 35 )
Row 7: impaired, 2013, -1412 ( 1412 ), 2013, -1412 ( 1412 )
Row 8: disposed ( b ), -5 ( 5 ), , 2013, -5 ( 5 )
Row 9: balance as of december 31 2008, $ 568, $ 2013, $ 879, $ 1447
****************************************
------
Post-table: ['( a ) adjustments related to prior period income tax and royalty adjustments .', '( b ) goodwill was allocated to the norwegian outside-operated properties sold in 2008 .', '17 .', 'fair value measurements as defined in sfas no .', '157 , fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date .', 'sfas no .', '157 describes three approaches to measuring the fair value of assets and liabilities : the market approach , the income approach and the cost approach , each of which includes multiple valuation techniques .', 'the market approach uses prices and other relevant information generated by market transactions involving identical or comparable assets or liabilities .', 'the income approach uses valuation techniques to measure fair value by converting future amounts , such as cash flows or earnings , into a single present value amount using current market expectations about those future amounts .', 'the cost approach is based on the amount that would currently be required to replace the service capacity of an asset .', 'this is often referred to as current replacement cost .', 'the cost approach assumes that the fair value would not exceed what it would cost a market participant to acquire or construct a substitute asset of comparable utility , adjusted for obsolescence .', 'sfas no .', '157 does not prescribe which valuation technique should be used when measuring fair value and does not prioritize among the techniques .', 'sfas no .', '157 establishes a fair value hierarchy that prioritizes the inputs used in applying the various valuation techniques .', 'inputs broadly refer to the assumptions that market participants use to make pricing decisions , including assumptions about risk .', 'level 1 inputs are given the highest priority in the fair value hierarchy while level 3 inputs are given the lowest priority .', 'the three levels of the fair value hierarchy are as follows .', '2022 level 1 2013 observable inputs that reflect unadjusted quoted prices for identical assets or liabilities in active markets as of the reporting date .', 'active markets are those in which transactions for the asset or liability occur in sufficient frequency and volume to provide pricing information on an ongoing basis .', '2022 level 2 2013 observable market-based inputs or unobservable inputs that are corroborated by market data .', 'these are inputs other than quoted prices in active markets included in level 1 , which are either directly or indirectly observable as of the reporting date .', '2022 level 3 2013 unobservable inputs that are not corroborated by market data and may be used with internally developed methodologies that result in management 2019s best estimate of fair value .', 'we use a market or income approach for recurring fair value measurements and endeavor to use the best information available .', 'accordingly , valuation techniques that maximize the use of observable inputs are favored .', 'financial assets and liabilities are classified in their entirety based on the lowest priority level of input that is significant to the fair value measurement .', 'the assessment of the significance of a particular input to the fair value measurement requires judgment and may affect the placement of assets and liabilities within the levels of the fair value hierarchy. .'] | 0.60746 | MRO/2008/page_130.pdf-1 | ['marathon oil corporation notes to consolidated financial statements the changes in the carrying amount of goodwill for the years ended december 31 , 2007 , and 2008 , were as follows : ( in millions ) e&p osm rm&t total .'] | ['( a ) adjustments related to prior period income tax and royalty adjustments .', '( b ) goodwill was allocated to the norwegian outside-operated properties sold in 2008 .', '17 .', 'fair value measurements as defined in sfas no .', '157 , fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date .', 'sfas no .', '157 describes three approaches to measuring the fair value of assets and liabilities : the market approach , the income approach and the cost approach , each of which includes multiple valuation techniques .', 'the market approach uses prices and other relevant information generated by market transactions involving identical or comparable assets or liabilities .', 'the income approach uses valuation techniques to measure fair value by converting future amounts , such as cash flows or earnings , into a single present value amount using current market expectations about those future amounts .', 'the cost approach is based on the amount that would currently be required to replace the service capacity of an asset .', 'this is often referred to as current replacement cost .', 'the cost approach assumes that the fair value would not exceed what it would cost a market participant to acquire or construct a substitute asset of comparable utility , adjusted for obsolescence .', 'sfas no .', '157 does not prescribe which valuation technique should be used when measuring fair value and does not prioritize among the techniques .', 'sfas no .', '157 establishes a fair value hierarchy that prioritizes the inputs used in applying the various valuation techniques .', 'inputs broadly refer to the assumptions that market participants use to make pricing decisions , including assumptions about risk .', 'level 1 inputs are given the highest priority in the fair value hierarchy while level 3 inputs are given the lowest priority .', 'the three levels of the fair value hierarchy are as follows .', '2022 level 1 2013 observable inputs that reflect unadjusted quoted prices for identical assets or liabilities in active markets as of the reporting date .', 'active markets are those in which transactions for the asset or liability occur in sufficient frequency and volume to provide pricing information on an ongoing basis .', '2022 level 2 2013 observable market-based inputs or unobservable inputs that are corroborated by market data .', 'these are inputs other than quoted prices in active markets included in level 1 , which are either directly or indirectly observable as of the reporting date .', '2022 level 3 2013 unobservable inputs that are not corroborated by market data and may be used with internally developed methodologies that result in management 2019s best estimate of fair value .', 'we use a market or income approach for recurring fair value measurements and endeavor to use the best information available .', 'accordingly , valuation techniques that maximize the use of observable inputs are favored .', 'financial assets and liabilities are classified in their entirety based on the lowest priority level of input that is significant to the fair value measurement .', 'the assessment of the significance of a particular input to the fair value measurement requires judgment and may affect the placement of assets and liabilities within the levels of the fair value hierarchy. .'] | ****************************************
Row 1: ( in millions ), e&p, osm, rm&t, total
Row 2: balance as of december 31 2006, $ 519, $ 2013, $ 879, $ 1398
Row 3: acquired, 71, 1437, 2013, 1508
Row 4: adjusted ( a ), 2013, 2013, -7 ( 7 ), -7 ( 7 )
Row 5: balance as of december 31 2007, 590, 1437, 872, 2899
Row 6: adjusted ( a ), -17 ( 17 ), -25 ( 25 ), 7, -35 ( 35 )
Row 7: impaired, 2013, -1412 ( 1412 ), 2013, -1412 ( 1412 )
Row 8: disposed ( b ), -5 ( 5 ), , 2013, -5 ( 5 )
Row 9: balance as of december 31 2008, $ 568, $ 2013, $ 879, $ 1447
**************************************** | divide(879, 1447) | 0.60746 |
what was the change in interest paid between 2012 and 2013 in millions? | Background: ['zimmer holdings , inc .', '2013 form 10-k annual report notes to consolidated financial statements ( continued ) we have four tranches of senior notes outstanding : $ 250 million aggregate principal amount of 1.4 percent notes due november 30 , 2014 , $ 500 million aggregate principal amount of 4.625 percent notes due november 30 , 2019 , $ 300 million aggregate principal amount of 3.375 percent notes due november 30 , 2021 and $ 500 million aggregate principal amount of 5.75 percent notes due november 30 , 2039 .', 'interest on each series is payable on may 30 and november 30 of each year until maturity .', 'the estimated fair value of our senior notes as of december 31 , 2013 , based on quoted prices for the specific securities from transactions in over-the-counter markets ( level 2 ) , was $ 1649.5 million .', 'we may redeem the senior notes at our election in whole or in part at any time prior to maturity at a redemption price equal to the greater of 1 ) 100 percent of the principal amount of the notes being redeemed ; or 2 ) the sum of the present values of the remaining scheduled payments of principal and interest ( not including any portion of such payments of interest accrued as of the date of redemption ) , discounted to the date of redemption on a semi-annual basis at the treasury rate ( as defined in the debt agreement ) , plus 15 basis points in the case of the 2014 notes , 20 basis points in the case of the 2019 notes and 2021 notes , and 25 basis points in the case of the 2039 notes .', 'we would also pay the accrued and unpaid interest on the senior notes to the redemption date .', 'we have entered into interest rate swap agreements which we designated as fair value hedges of underlying fixed- rate obligations on our senior notes due 2019 and 2021 .', 'see note 13 for additional information regarding the interest rate swap agreements .', 'before our senior notes due november 30 , 2014 become payable , we intend to issue new senior notes in order to pay the $ 250 million owed .', 'if we are not able to issue new senior notes , we intend to borrow against our senior credit facility to pay these notes .', 'since we have the ability and intent to refinance these senior notes on a long-term basis with new notes or through our senior credit facility , we have classified these senior notes as long-term debt as of december 31 , 2013 .', 'we also have available uncommitted credit facilities totaling $ 50.7 million .', 'at december 31 , 2013 , the weighted average interest rate for our long-term borrowings was 3.3 percent .', 'at december 31 , 2012 , the weighted average interest rate for short-term and long-term borrowings was 1.1 percent and 3.5 percent , respectively .', 'we paid $ 68.1 million , $ 67.8 million and $ 55.0 million in interest during 2013 , 2012 and 2011 , respectively .', '12 .', 'accumulated other comprehensive income oci refers to certain gains and losses that under gaap are included in comprehensive income but are excluded from net earnings as these amounts are initially recorded as an adjustment to stockholders 2019 equity .', 'amounts in oci may be reclassified to net earnings upon the occurrence of certain events .', 'our oci is comprised of foreign currency translation adjustments , unrealized gains and losses on cash flow hedges , unrealized gains and losses on available-for-sale securities , and amortization of prior service costs and unrecognized gains and losses in actuarial assumptions on our defined benefit plans .', 'foreign currency translation adjustments are reclassified to net earnings upon sale or upon a complete or substantially complete liquidation of an investment in a foreign entity .', 'unrealized gains and losses on cash flow hedges are reclassified to net earnings when the hedged item affects net earnings .', 'unrealized gains and losses on available-for-sale securities are reclassified to net earnings if we sell the security before maturity or if the unrealized loss is considered to be other-than-temporary .', 'we typically hold our available-for-sale securities until maturity and are able to realize their amortized cost and therefore we do not have reclassification adjustments to net earnings on these securities .', 'amounts related to defined benefit plans that are in oci are reclassified over the service periods of employees in the plan .', 'the reclassification amounts are allocated to all employees in the plans and therefore the reclassified amounts may become part of inventory to the extent they are considered direct labor costs .', 'see note 14 for more information on our defined benefit plans .', 'the following table shows the changes in the components of oci , net of tax ( in millions ) : foreign currency translation hedges unrealized gains on securities defined benefit .']
##
Table:
foreign currency translation cash flow hedges unrealizedgains onsecurities defined benefit plan items
balance december 31 2012 $ 445.5 $ 4.1 $ 0.4 $ -106.1 ( 106.1 )
oci before reclassifications -44.4 ( 44.4 ) 33.4 0.1 30.6
reclassifications 2013 -4.4 ( 4.4 ) 2013 7.9
balance december 31 2013 $ 401.1 $ 33.1 $ 0.5 $ -67.6 ( 67.6 )
##
Post-table: ['.'] | 0.3 | ZBH/2013/page_57.pdf-2 | ['zimmer holdings , inc .', '2013 form 10-k annual report notes to consolidated financial statements ( continued ) we have four tranches of senior notes outstanding : $ 250 million aggregate principal amount of 1.4 percent notes due november 30 , 2014 , $ 500 million aggregate principal amount of 4.625 percent notes due november 30 , 2019 , $ 300 million aggregate principal amount of 3.375 percent notes due november 30 , 2021 and $ 500 million aggregate principal amount of 5.75 percent notes due november 30 , 2039 .', 'interest on each series is payable on may 30 and november 30 of each year until maturity .', 'the estimated fair value of our senior notes as of december 31 , 2013 , based on quoted prices for the specific securities from transactions in over-the-counter markets ( level 2 ) , was $ 1649.5 million .', 'we may redeem the senior notes at our election in whole or in part at any time prior to maturity at a redemption price equal to the greater of 1 ) 100 percent of the principal amount of the notes being redeemed ; or 2 ) the sum of the present values of the remaining scheduled payments of principal and interest ( not including any portion of such payments of interest accrued as of the date of redemption ) , discounted to the date of redemption on a semi-annual basis at the treasury rate ( as defined in the debt agreement ) , plus 15 basis points in the case of the 2014 notes , 20 basis points in the case of the 2019 notes and 2021 notes , and 25 basis points in the case of the 2039 notes .', 'we would also pay the accrued and unpaid interest on the senior notes to the redemption date .', 'we have entered into interest rate swap agreements which we designated as fair value hedges of underlying fixed- rate obligations on our senior notes due 2019 and 2021 .', 'see note 13 for additional information regarding the interest rate swap agreements .', 'before our senior notes due november 30 , 2014 become payable , we intend to issue new senior notes in order to pay the $ 250 million owed .', 'if we are not able to issue new senior notes , we intend to borrow against our senior credit facility to pay these notes .', 'since we have the ability and intent to refinance these senior notes on a long-term basis with new notes or through our senior credit facility , we have classified these senior notes as long-term debt as of december 31 , 2013 .', 'we also have available uncommitted credit facilities totaling $ 50.7 million .', 'at december 31 , 2013 , the weighted average interest rate for our long-term borrowings was 3.3 percent .', 'at december 31 , 2012 , the weighted average interest rate for short-term and long-term borrowings was 1.1 percent and 3.5 percent , respectively .', 'we paid $ 68.1 million , $ 67.8 million and $ 55.0 million in interest during 2013 , 2012 and 2011 , respectively .', '12 .', 'accumulated other comprehensive income oci refers to certain gains and losses that under gaap are included in comprehensive income but are excluded from net earnings as these amounts are initially recorded as an adjustment to stockholders 2019 equity .', 'amounts in oci may be reclassified to net earnings upon the occurrence of certain events .', 'our oci is comprised of foreign currency translation adjustments , unrealized gains and losses on cash flow hedges , unrealized gains and losses on available-for-sale securities , and amortization of prior service costs and unrecognized gains and losses in actuarial assumptions on our defined benefit plans .', 'foreign currency translation adjustments are reclassified to net earnings upon sale or upon a complete or substantially complete liquidation of an investment in a foreign entity .', 'unrealized gains and losses on cash flow hedges are reclassified to net earnings when the hedged item affects net earnings .', 'unrealized gains and losses on available-for-sale securities are reclassified to net earnings if we sell the security before maturity or if the unrealized loss is considered to be other-than-temporary .', 'we typically hold our available-for-sale securities until maturity and are able to realize their amortized cost and therefore we do not have reclassification adjustments to net earnings on these securities .', 'amounts related to defined benefit plans that are in oci are reclassified over the service periods of employees in the plan .', 'the reclassification amounts are allocated to all employees in the plans and therefore the reclassified amounts may become part of inventory to the extent they are considered direct labor costs .', 'see note 14 for more information on our defined benefit plans .', 'the following table shows the changes in the components of oci , net of tax ( in millions ) : foreign currency translation hedges unrealized gains on securities defined benefit .'] | ['.'] | foreign currency translation cash flow hedges unrealizedgains onsecurities defined benefit plan items
balance december 31 2012 $ 445.5 $ 4.1 $ 0.4 $ -106.1 ( 106.1 )
oci before reclassifications -44.4 ( 44.4 ) 33.4 0.1 30.6
reclassifications 2013 -4.4 ( 4.4 ) 2013 7.9
balance december 31 2013 $ 401.1 $ 33.1 $ 0.5 $ -67.6 ( 67.6 ) | subtract(68.1, 67.8) | 0.3 |
what is the approximate number of vehicle in the fleet that are operating on compressed natural gas ( cng ) approximately 12% ( 12 % ) | Background: ['fleet automation approximately 66% ( 66 % ) of our residential routes have been converted to automated single driver trucks .', 'by converting our residential routes to automated service , we reduce labor costs , improve driver productivity and create a safer work environment for our employees .', 'additionally , communities using automated vehicles have higher participation rates in recycling programs , thereby complementing our initiative to expand our recycling capabilities .', 'fleet conversion to compressed natural gas ( cng ) approximately 12% ( 12 % ) of our fleet operates on natural gas .', 'we expect to continue our gradual fleet conversion to cng , our preferred alternative fuel technology , as part of our ordinary annual fleet replacement process .', 'we believe a gradual fleet conversion is most prudent to realize the full value of our previous fleet investments .', 'approximately 50% ( 50 % ) of our replacement vehicle purchases during 2013 were cng vehicles .', 'we believe using cng vehicles provides us a competitive advantage in communities with strict clean emission objectives or initiatives that focus on protecting the environment .', 'although upfront costs are higher , we expect that using natural gas will reduce our overall fleet operating costs through lower fuel expenses .', 'standardized maintenance based on an industry trade publication , we operate the eighth largest vocational fleet in the united states .', 'as of december 31 , 2013 , our average fleet age in years , by line of business , was as follows : approximate number of vehicles average age .']
######
Tabular Data:
****************************************
, approximate number of vehicles, average age
residential, 7600, 7
commercial, 4300, 6
industrial, 3600, 9
total, 15500, 7
****************************************
######
Post-table: ['through standardization of core functions , we believe we can minimize variability in our maintenance processes resulting in higher vehicle quality while extending the service life of our fleet .', 'we believe operating a more reliable , safer and efficient fleet will lower our operating costs .', 'we have completed implementation of standardized maintenance programs for approximately 45% ( 45 % ) of our fleet maintenance operations as of december 31 , 2013 .', 'cash utilization strategy key components of our cash utilization strategy include increasing free cash flow and improving our return on invested capital .', 'our definition of free cash flow , which is not a measure determined in accordance with united states generally accepted accounting principles ( u.s .', 'gaap ) , is 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 .', 'for a discussion and reconciliation of free cash flow , you should read the 201cfree cash flow 201d section of our management 2019s discussion and analysis of financial condition and results of operations contained in item 7 of this form 10-k .', 'we believe free cash flow drives shareholder value and provides useful information regarding the recurring cash provided by our operations .', 'free cash flow also demonstrates our ability to execute our cash utilization strategy , which includes investments in acquisitions and returning a majority of free cash flow to our shareholders through dividends and share repurchases .', 'we are committed to an efficient capital structure and maintaining our investment grade rating .', 'we manage our free cash flow by ensuring that capital expenditures and operating asset levels are appropriate in light of our existing business and growth opportunities , as well as by closely managing our working capital , which consists primarily of accounts receivable , accounts payable , and accrued landfill and environmental costs. .'] | 1860.0 | RSG/2013/page_16.pdf-2 | ['fleet automation approximately 66% ( 66 % ) of our residential routes have been converted to automated single driver trucks .', 'by converting our residential routes to automated service , we reduce labor costs , improve driver productivity and create a safer work environment for our employees .', 'additionally , communities using automated vehicles have higher participation rates in recycling programs , thereby complementing our initiative to expand our recycling capabilities .', 'fleet conversion to compressed natural gas ( cng ) approximately 12% ( 12 % ) of our fleet operates on natural gas .', 'we expect to continue our gradual fleet conversion to cng , our preferred alternative fuel technology , as part of our ordinary annual fleet replacement process .', 'we believe a gradual fleet conversion is most prudent to realize the full value of our previous fleet investments .', 'approximately 50% ( 50 % ) of our replacement vehicle purchases during 2013 were cng vehicles .', 'we believe using cng vehicles provides us a competitive advantage in communities with strict clean emission objectives or initiatives that focus on protecting the environment .', 'although upfront costs are higher , we expect that using natural gas will reduce our overall fleet operating costs through lower fuel expenses .', 'standardized maintenance based on an industry trade publication , we operate the eighth largest vocational fleet in the united states .', 'as of december 31 , 2013 , our average fleet age in years , by line of business , was as follows : approximate number of vehicles average age .'] | ['through standardization of core functions , we believe we can minimize variability in our maintenance processes resulting in higher vehicle quality while extending the service life of our fleet .', 'we believe operating a more reliable , safer and efficient fleet will lower our operating costs .', 'we have completed implementation of standardized maintenance programs for approximately 45% ( 45 % ) of our fleet maintenance operations as of december 31 , 2013 .', 'cash utilization strategy key components of our cash utilization strategy include increasing free cash flow and improving our return on invested capital .', 'our definition of free cash flow , which is not a measure determined in accordance with united states generally accepted accounting principles ( u.s .', 'gaap ) , is 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 .', 'for a discussion and reconciliation of free cash flow , you should read the 201cfree cash flow 201d section of our management 2019s discussion and analysis of financial condition and results of operations contained in item 7 of this form 10-k .', 'we believe free cash flow drives shareholder value and provides useful information regarding the recurring cash provided by our operations .', 'free cash flow also demonstrates our ability to execute our cash utilization strategy , which includes investments in acquisitions and returning a majority of free cash flow to our shareholders through dividends and share repurchases .', 'we are committed to an efficient capital structure and maintaining our investment grade rating .', 'we manage our free cash flow by ensuring that capital expenditures and operating asset levels are appropriate in light of our existing business and growth opportunities , as well as by closely managing our working capital , which consists primarily of accounts receivable , accounts payable , and accrued landfill and environmental costs. .'] | ****************************************
, approximate number of vehicles, average age
residential, 7600, 7
commercial, 4300, 6
industrial, 3600, 9
total, 15500, 7
**************************************** | multiply(15500, 12%) | 1860.0 |
what is the total amount of cash outflow used for shares repurchased during november 2007 , in millions? | Pre-text: ['page 19 of 94 responded to the request for information pursuant to section 104 ( e ) of cercla .', 'the usepa has initially estimated cleanup costs to be between $ 4 million and $ 5 million .', 'based on the information available to the company at the present time , the company does not believe that this matter will have a material adverse effect upon the liquidity , results of operations or financial condition of the company .', 'europe in january 2003 the german government passed legislation that imposed a mandatory deposit of 25 eurocents on all one-way packages containing beverages except milk , wine , fruit juices and certain alcoholic beverages .', 'ball packaging europe gmbh ( bpe ) , together with certain other plaintiffs , contested the enactment of the mandatory deposit for non-returnable containers based on the german packaging regulation ( verpackungsverordnung ) in federal and state administrative court .', 'all other proceedings have been terminated except for the determination of minimal court fees that are still outstanding in some cases , together with minimal ancillary legal fees .', 'the relevant industries , including bpe and its competitors , have successfully set up a germany-wide return system for one-way beverage containers , which has been operational since may 1 , 2006 , the date required under the deposit legislation .', 'item 4 .', 'submission of matters to a vote of security holders there were no matters submitted to the security holders during the fourth quarter of 2007 .', 'part ii item 5 .', 'market for the registrant 2019s common stock and related stockholder matters ball corporation common stock ( bll ) is traded on the new york stock exchange and the chicago stock exchange .', 'there were 5424 common shareholders of record on february 3 , 2008 .', 'common stock repurchases the following table summarizes the company 2019s repurchases of its common stock during the quarter ended december 31 , 2007 .', 'purchases of securities total number of shares purchased ( a ) average price paid per share total number of shares purchased as part of publicly announced plans or programs maximum number of shares that may yet be purchased under the plans or programs ( b ) .']
####
Table:
****************************************
Row 1: , total number of shares purchased ( a ), average pricepaid per share, total number of shares purchased as part of publicly announced plans or programs, maximum number of shares that may yet be purchased under the plans or programs ( b )
Row 2: october 1 to october 28 2007, 705292, $ 53.53, 705292, 4904824
Row 3: october 29 to november 25 2007, 431170, $ 48.11, 431170, 4473654
Row 4: november 26 to december 31 2007, 8310 ( c ), $ 44.99, 8310, 4465344
Row 5: total, 1144772, $ 51.42, 1144772,
****************************************
####
Additional Information: ['( a ) includes open market purchases and/or shares retained by the company to settle employee withholding tax liabilities .', '( b ) the company has an ongoing repurchase program for which shares are authorized for repurchase from time to time by ball 2019s board of directors .', "on january 23 , 2008 , ball's board of directors authorized the repurchase by the company of up to a total of 12 million shares of its common stock .", 'this repurchase authorization replaces all previous authorizations .', '( c ) does not include 675000 shares under a forward share repurchase agreement entered into in december 2007 and settled on january 7 , 2008 , for approximately $ 31 million .', 'also does not include shares to be acquired in 2008 under an accelerated share repurchase program entered into in december 2007 and funded on january 7 , 2008. .'] | 20.74359 | BLL/2007/page_35.pdf-3 | ['page 19 of 94 responded to the request for information pursuant to section 104 ( e ) of cercla .', 'the usepa has initially estimated cleanup costs to be between $ 4 million and $ 5 million .', 'based on the information available to the company at the present time , the company does not believe that this matter will have a material adverse effect upon the liquidity , results of operations or financial condition of the company .', 'europe in january 2003 the german government passed legislation that imposed a mandatory deposit of 25 eurocents on all one-way packages containing beverages except milk , wine , fruit juices and certain alcoholic beverages .', 'ball packaging europe gmbh ( bpe ) , together with certain other plaintiffs , contested the enactment of the mandatory deposit for non-returnable containers based on the german packaging regulation ( verpackungsverordnung ) in federal and state administrative court .', 'all other proceedings have been terminated except for the determination of minimal court fees that are still outstanding in some cases , together with minimal ancillary legal fees .', 'the relevant industries , including bpe and its competitors , have successfully set up a germany-wide return system for one-way beverage containers , which has been operational since may 1 , 2006 , the date required under the deposit legislation .', 'item 4 .', 'submission of matters to a vote of security holders there were no matters submitted to the security holders during the fourth quarter of 2007 .', 'part ii item 5 .', 'market for the registrant 2019s common stock and related stockholder matters ball corporation common stock ( bll ) is traded on the new york stock exchange and the chicago stock exchange .', 'there were 5424 common shareholders of record on february 3 , 2008 .', 'common stock repurchases the following table summarizes the company 2019s repurchases of its common stock during the quarter ended december 31 , 2007 .', 'purchases of securities total number of shares purchased ( a ) average price paid per share total number of shares purchased as part of publicly announced plans or programs maximum number of shares that may yet be purchased under the plans or programs ( b ) .'] | ['( a ) includes open market purchases and/or shares retained by the company to settle employee withholding tax liabilities .', '( b ) the company has an ongoing repurchase program for which shares are authorized for repurchase from time to time by ball 2019s board of directors .', "on january 23 , 2008 , ball's board of directors authorized the repurchase by the company of up to a total of 12 million shares of its common stock .", 'this repurchase authorization replaces all previous authorizations .', '( c ) does not include 675000 shares under a forward share repurchase agreement entered into in december 2007 and settled on january 7 , 2008 , for approximately $ 31 million .', 'also does not include shares to be acquired in 2008 under an accelerated share repurchase program entered into in december 2007 and funded on january 7 , 2008. .'] | ****************************************
Row 1: , total number of shares purchased ( a ), average pricepaid per share, total number of shares purchased as part of publicly announced plans or programs, maximum number of shares that may yet be purchased under the plans or programs ( b )
Row 2: october 1 to october 28 2007, 705292, $ 53.53, 705292, 4904824
Row 3: october 29 to november 25 2007, 431170, $ 48.11, 431170, 4473654
Row 4: november 26 to december 31 2007, 8310 ( c ), $ 44.99, 8310, 4465344
Row 5: total, 1144772, $ 51.42, 1144772,
**************************************** | multiply(431170, 48.11), divide(#0, const_1000000) | 20.74359 |
during the 2012 year , did the equity awards in which the prescribed performance milestones were achieved exceed the equity award compensation expense for equity granted during the year? | Background: ['abiomed , inc .', 'and subsidiaries notes to consolidated financial statements 2014 ( continued ) note 8 .', 'stock award plans and stock-based compensation ( continued ) restricted stock and restricted stock units the following table summarizes restricted stock and restricted stock unit activity for the fiscal year ended march 31 , 2012 : number of shares ( in thousands ) weighted average grant date fair value ( per share ) .']
Table:
****************************************
• , number of shares ( in thousands ), weighted average grant date fair value ( per share )
• restricted stock and restricted stock units at beginning of year, 407, $ 9.84
• granted, 607, 18.13
• vested, -134 ( 134 ), 10.88
• forfeited, -9 ( 9 ), 13.72
• restricted stock and restricted stock units at end of year, 871, $ 15.76
****************************************
Follow-up: ['the remaining unrecognized compensation expense for outstanding restricted stock and restricted stock units , including performance-based awards , as of march 31 , 2012 was $ 7.1 million and the weighted-average period over which this cost will be recognized is 2.2 years .', 'the weighted average grant-date fair value for restricted stock and restricted stock units granted during the years ended march 31 , 2012 , 2011 , and 2010 was $ 18.13 , $ 10.00 and $ 7.67 per share , respectively .', 'the total fair value of restricted stock and restricted stock units vested in fiscal years 2012 , 2011 , and 2010 was $ 1.5 million , $ 1.0 million and $ 0.4 million , respectively .', 'performance-based awards included in the restricted stock and restricted stock units activity discussed above are certain awards granted in fiscal years 2012 , 2011 and 2010 that vest subject to certain performance-based criteria .', 'in june 2010 , 311000 shares of restricted stock and a performance-based award for the potential issuance of 45000 shares of common stock were issued to certain executive officers and members of senior management of the company , all of which would vest upon achievement of prescribed service milestones by the award recipients and performance milestones by the company .', 'during the year ended march 31 , 2011 , the company determined that it met the prescribed performance targets and a portion of these shares and stock options vested .', 'the remaining shares will vest upon satisfaction of prescribed service conditions by the award recipients .', 'during the three months ended june 30 , 2011 , the company determined that it should have been using the graded vesting method instead of the straight-line method to expense stock-based compensation for the performance-based awards issued in june 2010 .', 'this resulted in additional stock based compensation expense of approximately $ 0.6 million being recorded during the three months ended june 30 , 2011 that should have been recorded during the year ended march 31 , 2011 .', 'the company believes that the amount is not material to its march 31 , 2011 consolidated financial statements and therefore recorded the adjustment in the quarter ended june 30 , 2011 .', 'during the three months ended june 30 , 2011 , performance-based awards of restricted stock units for the potential issuance of 284000 shares of common stock were issued to certain executive officers and members of the senior management , all of which would vest upon achievement of prescribed service milestones by the award recipients and revenue performance milestones by the company .', 'as of march 31 , 2012 , the company determined that it met the prescribed targets for 184000 shares underlying these awards and it believes it is probable that the prescribed performance targets will be met for the remaining 100000 shares , and the compensation expense is being recognized accordingly .', 'during the year ended march 31 , 2012 , the company has recorded $ 3.3 million in stock-based compensation expense for equity awards in which the prescribed performance milestones have been achieved or are probable of being achieved .', 'the remaining unrecognized compensation expense related to these equity awards at march 31 , 2012 is $ 3.6 million based on the company 2019s current assessment of probability of achieving the performance milestones .', 'the weighted-average period over which this cost will be recognized is 2.1 years. .'] | yes | ABMD/2012/page_75.pdf-1 | ['abiomed , inc .', 'and subsidiaries notes to consolidated financial statements 2014 ( continued ) note 8 .', 'stock award plans and stock-based compensation ( continued ) restricted stock and restricted stock units the following table summarizes restricted stock and restricted stock unit activity for the fiscal year ended march 31 , 2012 : number of shares ( in thousands ) weighted average grant date fair value ( per share ) .'] | ['the remaining unrecognized compensation expense for outstanding restricted stock and restricted stock units , including performance-based awards , as of march 31 , 2012 was $ 7.1 million and the weighted-average period over which this cost will be recognized is 2.2 years .', 'the weighted average grant-date fair value for restricted stock and restricted stock units granted during the years ended march 31 , 2012 , 2011 , and 2010 was $ 18.13 , $ 10.00 and $ 7.67 per share , respectively .', 'the total fair value of restricted stock and restricted stock units vested in fiscal years 2012 , 2011 , and 2010 was $ 1.5 million , $ 1.0 million and $ 0.4 million , respectively .', 'performance-based awards included in the restricted stock and restricted stock units activity discussed above are certain awards granted in fiscal years 2012 , 2011 and 2010 that vest subject to certain performance-based criteria .', 'in june 2010 , 311000 shares of restricted stock and a performance-based award for the potential issuance of 45000 shares of common stock were issued to certain executive officers and members of senior management of the company , all of which would vest upon achievement of prescribed service milestones by the award recipients and performance milestones by the company .', 'during the year ended march 31 , 2011 , the company determined that it met the prescribed performance targets and a portion of these shares and stock options vested .', 'the remaining shares will vest upon satisfaction of prescribed service conditions by the award recipients .', 'during the three months ended june 30 , 2011 , the company determined that it should have been using the graded vesting method instead of the straight-line method to expense stock-based compensation for the performance-based awards issued in june 2010 .', 'this resulted in additional stock based compensation expense of approximately $ 0.6 million being recorded during the three months ended june 30 , 2011 that should have been recorded during the year ended march 31 , 2011 .', 'the company believes that the amount is not material to its march 31 , 2011 consolidated financial statements and therefore recorded the adjustment in the quarter ended june 30 , 2011 .', 'during the three months ended june 30 , 2011 , performance-based awards of restricted stock units for the potential issuance of 284000 shares of common stock were issued to certain executive officers and members of the senior management , all of which would vest upon achievement of prescribed service milestones by the award recipients and revenue performance milestones by the company .', 'as of march 31 , 2012 , the company determined that it met the prescribed targets for 184000 shares underlying these awards and it believes it is probable that the prescribed performance targets will be met for the remaining 100000 shares , and the compensation expense is being recognized accordingly .', 'during the year ended march 31 , 2012 , the company has recorded $ 3.3 million in stock-based compensation expense for equity awards in which the prescribed performance milestones have been achieved or are probable of being achieved .', 'the remaining unrecognized compensation expense related to these equity awards at march 31 , 2012 is $ 3.6 million based on the company 2019s current assessment of probability of achieving the performance milestones .', 'the weighted-average period over which this cost will be recognized is 2.1 years. .'] | ****************************************
• , number of shares ( in thousands ), weighted average grant date fair value ( per share )
• restricted stock and restricted stock units at beginning of year, 407, $ 9.84
• granted, 607, 18.13
• vested, -134 ( 134 ), 10.88
• forfeited, -9 ( 9 ), 13.72
• restricted stock and restricted stock units at end of year, 871, $ 15.76
**************************************** | multiply(607, 18.13), multiply(#0, const_1000), multiply(3.3, const_1000000), greater(#1, #2) | yes |
based on the tax benefit related to the share-based compensation cost , what is the effective tax rate in 2016? | Pre-text: ['visa inc .', 'notes to consolidated financial statements 2014 ( continued ) september 30 , 2016 note 16 2014share-based compensation 2007 equity incentive compensation plan the company 2019s 2007 equity incentive compensation plan , or the eip , authorizes the compensation committee of the board of directors to grant non-qualified stock options ( 201coptions 201d ) , restricted stock awards ( 201crsas 201d ) , restricted stock units ( 201crsus 201d ) and performance-based shares to its employees and non-employee directors , for up to 236 million shares of class a common stock .', 'shares available for award may be either authorized and unissued or previously issued shares subsequently acquired by the company .', 'the eip will continue to be in effect until all of the common stock available under the eip is delivered and all restrictions on those shares have lapsed , unless the eip is terminated earlier by the company 2019s board of directors .', 'in january 2016 , the company 2019s board of directors approved an amendment of the eip effective february 3 , 2016 , such that awards may be granted under the plan until january 31 , 2022 .', 'share-based compensation cost is recorded net of estimated forfeitures on a straight-line basis for awards with service conditions only , and on a graded-vesting basis for awards with service , performance and market conditions .', 'the company 2019s estimated forfeiture rate is based on an evaluation of historical , actual and trended forfeiture data .', 'for fiscal 2016 , 2015 and 2014 , the company recorded share-based compensation cost related to the eip of $ 211 million , $ 184 million and $ 172 million , respectively , in personnel on its consolidated statements of operations .', 'the related tax benefits were $ 62 million , $ 54 million and $ 51 million for fiscal 2016 , 2015 and 2014 , respectively .', 'the amount of capitalized share-based compensation cost was immaterial during fiscal 2016 , 2015 and all per share amounts and number of shares outstanding presented below reflect the four-for-one stock split that was effected in the second quarter of fiscal 2015 .', 'see note 14 2014stockholders 2019 equity .', 'options options issued under the eip expire 10 years from the date of grant and primarily vest ratably over 3 years from the date of grant , subject to earlier vesting in full under certain conditions .', 'during fiscal 2016 , 2015 and 2014 , the fair value of each stock option was estimated on the date of grant using a black-scholes option pricing model with the following weighted-average assumptions: .']
Table:
| 2016 | 2015 | 2014
----------|----------|----------|----------
expected term ( in years ) ( 1 ) | 4.35 | 4.55 | 4.80
risk-free rate of return ( 2 ) | 1.5% ( 1.5 % ) | 1.5% ( 1.5 % ) | 1.3% ( 1.3 % )
expected volatility ( 3 ) | 21.7% ( 21.7 % ) | 22.0% ( 22.0 % ) | 25.2% ( 25.2 % )
expected dividend yield ( 4 ) | 0.7% ( 0.7 % ) | 0.8% ( 0.8 % ) | 0.8% ( 0.8 % )
fair value per option granted | $ 15.01 | $ 12.04 | $ 11.03
Follow-up: ['( 1 ) this assumption is based on the company 2019s historical option exercises and those of a set of peer companies that management believes is generally comparable to visa .', 'the company 2019s data is weighted based on the number of years between the measurement date and visa 2019s initial public offering as a percentage of the options 2019 contractual term .', 'the relative weighting placed on visa 2019s data and peer data in fiscal 2016 was approximately 77% ( 77 % ) and 23% ( 23 % ) , respectively , 67% ( 67 % ) and 33% ( 33 % ) in fiscal 2015 , respectively , and 58% ( 58 % ) and 42% ( 42 % ) in fiscal 2014 , respectively. .'] | 0.29384 | V/2016/page_132.pdf-3 | ['visa inc .', 'notes to consolidated financial statements 2014 ( continued ) september 30 , 2016 note 16 2014share-based compensation 2007 equity incentive compensation plan the company 2019s 2007 equity incentive compensation plan , or the eip , authorizes the compensation committee of the board of directors to grant non-qualified stock options ( 201coptions 201d ) , restricted stock awards ( 201crsas 201d ) , restricted stock units ( 201crsus 201d ) and performance-based shares to its employees and non-employee directors , for up to 236 million shares of class a common stock .', 'shares available for award may be either authorized and unissued or previously issued shares subsequently acquired by the company .', 'the eip will continue to be in effect until all of the common stock available under the eip is delivered and all restrictions on those shares have lapsed , unless the eip is terminated earlier by the company 2019s board of directors .', 'in january 2016 , the company 2019s board of directors approved an amendment of the eip effective february 3 , 2016 , such that awards may be granted under the plan until january 31 , 2022 .', 'share-based compensation cost is recorded net of estimated forfeitures on a straight-line basis for awards with service conditions only , and on a graded-vesting basis for awards with service , performance and market conditions .', 'the company 2019s estimated forfeiture rate is based on an evaluation of historical , actual and trended forfeiture data .', 'for fiscal 2016 , 2015 and 2014 , the company recorded share-based compensation cost related to the eip of $ 211 million , $ 184 million and $ 172 million , respectively , in personnel on its consolidated statements of operations .', 'the related tax benefits were $ 62 million , $ 54 million and $ 51 million for fiscal 2016 , 2015 and 2014 , respectively .', 'the amount of capitalized share-based compensation cost was immaterial during fiscal 2016 , 2015 and all per share amounts and number of shares outstanding presented below reflect the four-for-one stock split that was effected in the second quarter of fiscal 2015 .', 'see note 14 2014stockholders 2019 equity .', 'options options issued under the eip expire 10 years from the date of grant and primarily vest ratably over 3 years from the date of grant , subject to earlier vesting in full under certain conditions .', 'during fiscal 2016 , 2015 and 2014 , the fair value of each stock option was estimated on the date of grant using a black-scholes option pricing model with the following weighted-average assumptions: .'] | ['( 1 ) this assumption is based on the company 2019s historical option exercises and those of a set of peer companies that management believes is generally comparable to visa .', 'the company 2019s data is weighted based on the number of years between the measurement date and visa 2019s initial public offering as a percentage of the options 2019 contractual term .', 'the relative weighting placed on visa 2019s data and peer data in fiscal 2016 was approximately 77% ( 77 % ) and 23% ( 23 % ) , respectively , 67% ( 67 % ) and 33% ( 33 % ) in fiscal 2015 , respectively , and 58% ( 58 % ) and 42% ( 42 % ) in fiscal 2014 , respectively. .'] | | 2016 | 2015 | 2014
----------|----------|----------|----------
expected term ( in years ) ( 1 ) | 4.35 | 4.55 | 4.80
risk-free rate of return ( 2 ) | 1.5% ( 1.5 % ) | 1.5% ( 1.5 % ) | 1.3% ( 1.3 % )
expected volatility ( 3 ) | 21.7% ( 21.7 % ) | 22.0% ( 22.0 % ) | 25.2% ( 25.2 % )
expected dividend yield ( 4 ) | 0.7% ( 0.7 % ) | 0.8% ( 0.8 % ) | 0.8% ( 0.8 % )
fair value per option granted | $ 15.01 | $ 12.04 | $ 11.03 | divide(62, 211) | 0.29384 |
in 2008 what was the ratio of the realized investment gains to the unrealized investment losses . | Pre-text: ['united kingdom .', 'bermuda re 2019s uk branch conducts business in the uk and is subject to taxation in the uk .', 'bermuda re believes that it has operated and will continue to operate its bermuda operation in a manner which will not cause them to be subject to uk taxation .', 'if bermuda re 2019s bermuda operations were to become subject to uk income tax , there could be a material adverse impact on the company 2019s financial condition , results of operations and cash flow .', 'ireland .', 'holdings ireland and ireland re conduct business in ireland and are subject to taxation in ireland .', 'available information .', 'the company 2019s annual reports on form 10-k , quarterly reports on form 10-q , current reports on form 8- k , proxy statements and amendments to those reports are available free of charge through the company 2019s internet website at http://www.everestre.com as soon as reasonably practicable after such reports are electronically filed with the securities and exchange commission ( the 201csec 201d ) .', 'item 1a .', 'risk factors in addition to the other information provided in this report , the following risk factors should be considered when evaluating an investment in our securities .', 'if the circumstances contemplated by the individual risk factors materialize , our business , financial condition and results of operations could be materially and adversely affected and the trading price of our common shares could decline significantly .', 'risks relating to our business fluctuations in the financial markets could result in investment losses .', 'prolonged and severe disruptions in the public debt and equity markets , such as occurred during 2008 , could result in significant realized and unrealized losses in our investment portfolio .', 'for the year ended december 31 , 2008 , we incurred $ 695.8 million of realized investment gains and $ 310.4 million of unrealized investment losses .', 'although financial markets significantly improved during 2009 and 2010 , they could deteriorate in the future and again result in substantial realized and unrealized losses , which could have a material adverse impact on our results of operations , equity , business and insurer financial strength and debt ratings .', 'our results could be adversely affected by catastrophic events .', 'we are exposed to unpredictable catastrophic events , including weather-related and other natural catastrophes , as well as acts of terrorism .', 'any material reduction in our operating results caused by the occurrence of one or more catastrophes could inhibit our ability to pay dividends or to meet our interest and principal payment obligations .', 'subsequent to april 1 , 2010 , we define a catastrophe as an event that causes a loss on property exposures before reinsurance of at least $ 10.0 million , before corporate level reinsurance and taxes .', 'prior to april 1 , 2010 , we used a threshold of $ 5.0 million .', 'by way of illustration , during the past five calendar years , pre-tax catastrophe losses , net of contract specific reinsurance but before cessions under corporate reinsurance programs , were as follows: .']
------
Tabular Data:
----------------------------------------
calendar year: | pre-tax catastrophe losses
( dollars in millions ) |
2010 | $ 571.1
2009 | 67.4
2008 | 364.3
2007 | 160.0
2006 | 287.9
----------------------------------------
------
Additional Information: ['.'] | 2.24162 | RE/2010/page_42.pdf-1 | ['united kingdom .', 'bermuda re 2019s uk branch conducts business in the uk and is subject to taxation in the uk .', 'bermuda re believes that it has operated and will continue to operate its bermuda operation in a manner which will not cause them to be subject to uk taxation .', 'if bermuda re 2019s bermuda operations were to become subject to uk income tax , there could be a material adverse impact on the company 2019s financial condition , results of operations and cash flow .', 'ireland .', 'holdings ireland and ireland re conduct business in ireland and are subject to taxation in ireland .', 'available information .', 'the company 2019s annual reports on form 10-k , quarterly reports on form 10-q , current reports on form 8- k , proxy statements and amendments to those reports are available free of charge through the company 2019s internet website at http://www.everestre.com as soon as reasonably practicable after such reports are electronically filed with the securities and exchange commission ( the 201csec 201d ) .', 'item 1a .', 'risk factors in addition to the other information provided in this report , the following risk factors should be considered when evaluating an investment in our securities .', 'if the circumstances contemplated by the individual risk factors materialize , our business , financial condition and results of operations could be materially and adversely affected and the trading price of our common shares could decline significantly .', 'risks relating to our business fluctuations in the financial markets could result in investment losses .', 'prolonged and severe disruptions in the public debt and equity markets , such as occurred during 2008 , could result in significant realized and unrealized losses in our investment portfolio .', 'for the year ended december 31 , 2008 , we incurred $ 695.8 million of realized investment gains and $ 310.4 million of unrealized investment losses .', 'although financial markets significantly improved during 2009 and 2010 , they could deteriorate in the future and again result in substantial realized and unrealized losses , which could have a material adverse impact on our results of operations , equity , business and insurer financial strength and debt ratings .', 'our results could be adversely affected by catastrophic events .', 'we are exposed to unpredictable catastrophic events , including weather-related and other natural catastrophes , as well as acts of terrorism .', 'any material reduction in our operating results caused by the occurrence of one or more catastrophes could inhibit our ability to pay dividends or to meet our interest and principal payment obligations .', 'subsequent to april 1 , 2010 , we define a catastrophe as an event that causes a loss on property exposures before reinsurance of at least $ 10.0 million , before corporate level reinsurance and taxes .', 'prior to april 1 , 2010 , we used a threshold of $ 5.0 million .', 'by way of illustration , during the past five calendar years , pre-tax catastrophe losses , net of contract specific reinsurance but before cessions under corporate reinsurance programs , were as follows: .'] | ['.'] | ----------------------------------------
calendar year: | pre-tax catastrophe losses
( dollars in millions ) |
2010 | $ 571.1
2009 | 67.4
2008 | 364.3
2007 | 160.0
2006 | 287.9
---------------------------------------- | divide(695.8, 310.4) | 2.24162 |
what was the percentage increase the contingent rent expense from 2010 to 2011 | Pre-text: ['operating lease agreements .', 'included in these amounts was contingent rent expense of $ 3.6 million , $ 2.0 million and $ 0.6 million for the years ended december 31 , 2011 , 2010 and 2009 , respectively .', 'the operating lease obligations included above do not include any contingent rent .', 'sponsorships and other marketing commitments within the normal course of business , the company enters into contractual commitments in order to promote the company 2019s brand and products .', 'these commitments include sponsorship agreements with teams and athletes on the collegiate and professional levels , official supplier agreements , athletic event sponsorships and other marketing commitments .', 'the following is a schedule of the company 2019s future minimum payments under its sponsorship and other marketing agreements as of december 31 , 2011 : ( in thousands ) .']
##
Data Table:
========================================
2012 $ 52855
2013 46910
2014 42514
2015 22689
2016 3580
2017 and thereafter 966
total future minimum sponsorship and other marketing payments $ 169514
========================================
##
Follow-up: ['the amounts listed above are the minimum obligations required to be paid under the company 2019s sponsorship and other marketing agreements .', 'the amounts listed above do not include additional performance incentives and product supply obligations provided under certain agreements .', 'it is not possible to determine how much the company will spend on product supply obligations on an annual basis as contracts generally do not stipulate specific cash amounts to be spent on products .', 'the amount of product provided to the sponsorships depends on many factors including general playing conditions , the number of sporting events in which they participate and the company 2019s decisions regarding product and marketing initiatives .', 'in addition , the costs to design , develop , source and purchase the products furnished to the endorsers are incurred over a period of time and are not necessarily tracked separately from similar costs incurred for products sold to customers .', 'the company is , from time to time , involved in routine legal matters incidental to its business .', 'the company believes that the ultimate resolution of any such current proceedings and claims will not have a material adverse effect on its consolidated financial position , results of operations or cash flows .', 'in connection with various contracts and agreements , the company has agreed to indemnify counterparties against certain third party claims relating to the infringement of intellectual property rights and other items .', 'generally , such indemnification obligations do not apply in situations in which the counterparties are grossly negligent , engage in willful misconduct , or act in bad faith .', 'based on the company 2019s historical experience and the estimated probability of future loss , the company has determined that the fair value of such indemnifications is not material to its consolidated financial position or results of operations .', '9 .', 'stockholders 2019 equity the company 2019s class a common stock and class b convertible common stock have an authorized number of shares of 100.0 million shares and 11.3 million shares , respectively , and each have a par value of $ 0.0003 1/3 per share .', 'holders of class a common stock and class b convertible common stock have identical rights , including liquidation preferences , except that the holders of class a common stock are entitled to one vote per share and holders of class b convertible common stock are entitled to 10 votes per share on all matters submitted to a stockholder vote .', 'class b convertible common stock may only be held by kevin plank .'] | 0.8 | UA/2011/page_71.pdf-1 | ['operating lease agreements .', 'included in these amounts was contingent rent expense of $ 3.6 million , $ 2.0 million and $ 0.6 million for the years ended december 31 , 2011 , 2010 and 2009 , respectively .', 'the operating lease obligations included above do not include any contingent rent .', 'sponsorships and other marketing commitments within the normal course of business , the company enters into contractual commitments in order to promote the company 2019s brand and products .', 'these commitments include sponsorship agreements with teams and athletes on the collegiate and professional levels , official supplier agreements , athletic event sponsorships and other marketing commitments .', 'the following is a schedule of the company 2019s future minimum payments under its sponsorship and other marketing agreements as of december 31 , 2011 : ( in thousands ) .'] | ['the amounts listed above are the minimum obligations required to be paid under the company 2019s sponsorship and other marketing agreements .', 'the amounts listed above do not include additional performance incentives and product supply obligations provided under certain agreements .', 'it is not possible to determine how much the company will spend on product supply obligations on an annual basis as contracts generally do not stipulate specific cash amounts to be spent on products .', 'the amount of product provided to the sponsorships depends on many factors including general playing conditions , the number of sporting events in which they participate and the company 2019s decisions regarding product and marketing initiatives .', 'in addition , the costs to design , develop , source and purchase the products furnished to the endorsers are incurred over a period of time and are not necessarily tracked separately from similar costs incurred for products sold to customers .', 'the company is , from time to time , involved in routine legal matters incidental to its business .', 'the company believes that the ultimate resolution of any such current proceedings and claims will not have a material adverse effect on its consolidated financial position , results of operations or cash flows .', 'in connection with various contracts and agreements , the company has agreed to indemnify counterparties against certain third party claims relating to the infringement of intellectual property rights and other items .', 'generally , such indemnification obligations do not apply in situations in which the counterparties are grossly negligent , engage in willful misconduct , or act in bad faith .', 'based on the company 2019s historical experience and the estimated probability of future loss , the company has determined that the fair value of such indemnifications is not material to its consolidated financial position or results of operations .', '9 .', 'stockholders 2019 equity the company 2019s class a common stock and class b convertible common stock have an authorized number of shares of 100.0 million shares and 11.3 million shares , respectively , and each have a par value of $ 0.0003 1/3 per share .', 'holders of class a common stock and class b convertible common stock have identical rights , including liquidation preferences , except that the holders of class a common stock are entitled to one vote per share and holders of class b convertible common stock are entitled to 10 votes per share on all matters submitted to a stockholder vote .', 'class b convertible common stock may only be held by kevin plank .'] | ========================================
2012 $ 52855
2013 46910
2014 42514
2015 22689
2016 3580
2017 and thereafter 966
total future minimum sponsorship and other marketing payments $ 169514
======================================== | subtract(3.6, 2.0), divide(#0, 2.0) | 0.8 |
what percent returns did shareholders of state street corporation | Background: ["state street corporation | 52 shareholder return performance presentation the graph presented below compares the cumulative total shareholder return on state street's common stock to the cumulative total return of the s&p 500 index , the s&p financial index and the kbw bank index over a five-year period .", 'the cumulative total shareholder return assumes the investment of $ 100 in state street common stock and in each index on december 31 , 2012 .', 'it also assumes reinvestment of common stock dividends .', 'the s&p financial index is a publicly available , capitalization-weighted index , comprised of 67 of the standard & poor 2019s 500 companies , representing 27 diversified financial services companies , 23 insurance companies , and 17 banking companies .', 'the kbw bank index is a modified cap-weighted index consisting of 24 exchange-listed stocks , representing national money center banks and leading regional institutions. .']
########
Tabular Data:
========================================
| 2012 | 2013 | 2014 | 2015 | 2016 | 2017
----------|----------|----------|----------|----------|----------|----------
state street corporation | $ 100 | $ 159 | $ 172 | $ 148 | $ 178 | $ 227
s&p 500 index | 100 | 132 | 151 | 153 | 171 | 208
s&p financial index | 100 | 136 | 156 | 154 | 189 | 230
kbw bank index | 100 | 138 | 151 | 151 | 195 | 231
========================================
########
Post-table: ['.'] | 1.27 | STT/2017/page_63.pdf-1 | ["state street corporation | 52 shareholder return performance presentation the graph presented below compares the cumulative total shareholder return on state street's common stock to the cumulative total return of the s&p 500 index , the s&p financial index and the kbw bank index over a five-year period .", 'the cumulative total shareholder return assumes the investment of $ 100 in state street common stock and in each index on december 31 , 2012 .', 'it also assumes reinvestment of common stock dividends .', 'the s&p financial index is a publicly available , capitalization-weighted index , comprised of 67 of the standard & poor 2019s 500 companies , representing 27 diversified financial services companies , 23 insurance companies , and 17 banking companies .', 'the kbw bank index is a modified cap-weighted index consisting of 24 exchange-listed stocks , representing national money center banks and leading regional institutions. .'] | ['.'] | ========================================
| 2012 | 2013 | 2014 | 2015 | 2016 | 2017
----------|----------|----------|----------|----------|----------|----------
state street corporation | $ 100 | $ 159 | $ 172 | $ 148 | $ 178 | $ 227
s&p 500 index | 100 | 132 | 151 | 153 | 171 | 208
s&p financial index | 100 | 136 | 156 | 154 | 189 | 230
kbw bank index | 100 | 138 | 151 | 151 | 195 | 231
======================================== | subtract(227, 100), divide(#0, 100) | 1.27 |
what was the total proved reserve amount for the year-end 2015? | Background: ['devon energy corporation and subsidiaries notes to consolidated financial statements 2013 ( continued ) proved undeveloped reserves the following table presents the changes in devon 2019s total proved undeveloped reserves during 2015 ( mmboe ) . .']
Data Table:
• , u.s ., canada, total
• proved undeveloped reserves as of december 31 2014, 305, 384, 689
• extensions and discoveries, 13, 11, 24
• revisions due to prices, -115 ( 115 ), 80, -35 ( 35 )
• revisions other than price, -40 ( 40 ), -80 ( 80 ), -120 ( 120 )
• conversion to proved developed reserves, -88 ( 88 ), -94 ( 94 ), -182 ( 182 )
• proved undeveloped reserves as of december 31 2015, 75, 301, 376
Follow-up: ['proved undeveloped reserves decreased 45% ( 45 % ) from year-end 2014 to year-end 2015 , and the year-end 2015 balance represents 17% ( 17 % ) of total proved reserves .', 'drilling and development activities increased devon 2019s proved undeveloped reserves 24 mmboe and resulted in the conversion of 182 mmboe , or 26% ( 26 % ) , of the 2014 proved undeveloped reserves to proved developed reserves .', 'costs incurred to develop and convert devon 2019s proved undeveloped reserves were approximately $ 2.2 billion for 2015 .', 'additionally , revisions other than price decreased devon 2019s proved undeveloped reserves 120 mmboe primarily due to evaluations of certain properties in the u.s .', 'and canada .', 'the largest revisions , which reduced reserves by 80 mmboe , relate to evaluations of jackfish bitumen reserves .', 'of the 40 mmboe revisions recorded for u.s .', 'properties , a reduction of approximately 27 mmboe represents reserves that devon now does not expect to develop in the next five years , including 20 mmboe attributable to the eagle ford .', 'a significant amount of devon 2019s proved undeveloped reserves at the end of 2015 related to its jackfish operations .', 'at december 31 , 2015 and 2014 , devon 2019s jackfish proved undeveloped reserves were 301 mmboe and 384 mmboe , respectively .', 'development schedules for the jackfish reserves are primarily controlled by the need to keep the processing plants at their 35 mbbl daily facility capacity .', 'processing plant capacity is controlled by factors such as total steam processing capacity and steam-oil ratios .', 'furthermore , development of these projects involves the up-front construction of steam injection/distribution and bitumen processing facilities .', 'due to the large up-front capital investments and large reserves required to provide economic returns , the project conditions meet the specific circumstances requiring a period greater than 5 years for conversion to developed reserves .', 'as a result , these reserves are classified as proved undeveloped for more than five years .', 'currently , the development schedule for these reserves extends through to 2030 .', 'at the end of 2015 , approximately 184 mmboe of proved undeveloped reserves at jackfish have remained undeveloped for five years or more since the initial booking .', 'no other projects have proved undeveloped reserves that have remained undeveloped more than five years from the initial booking of the reserves .', 'furthermore , approximately 180 mmboe of proved undeveloped reserves at jackfish will require in excess of five years , from the date of this filing , to develop .', 'price revisions 2015 2013 reserves decreased 302 mmboe primarily due to lower commodity prices across all products .', 'the lower bitumen price increased canadian reserves due to the decline in royalties , which increases devon 2019s after- royalty volumes .', '2014 2013 reserves increased 9 mmboe primarily due to higher gas prices in the barnett shale and the anadarko basin , partially offset by higher bitumen prices , which result in lower after-royalty volumes , in canada. .'] | 2211.76471 | DVN/2015/page_117.pdf-1 | ['devon energy corporation and subsidiaries notes to consolidated financial statements 2013 ( continued ) proved undeveloped reserves the following table presents the changes in devon 2019s total proved undeveloped reserves during 2015 ( mmboe ) . .'] | ['proved undeveloped reserves decreased 45% ( 45 % ) from year-end 2014 to year-end 2015 , and the year-end 2015 balance represents 17% ( 17 % ) of total proved reserves .', 'drilling and development activities increased devon 2019s proved undeveloped reserves 24 mmboe and resulted in the conversion of 182 mmboe , or 26% ( 26 % ) , of the 2014 proved undeveloped reserves to proved developed reserves .', 'costs incurred to develop and convert devon 2019s proved undeveloped reserves were approximately $ 2.2 billion for 2015 .', 'additionally , revisions other than price decreased devon 2019s proved undeveloped reserves 120 mmboe primarily due to evaluations of certain properties in the u.s .', 'and canada .', 'the largest revisions , which reduced reserves by 80 mmboe , relate to evaluations of jackfish bitumen reserves .', 'of the 40 mmboe revisions recorded for u.s .', 'properties , a reduction of approximately 27 mmboe represents reserves that devon now does not expect to develop in the next five years , including 20 mmboe attributable to the eagle ford .', 'a significant amount of devon 2019s proved undeveloped reserves at the end of 2015 related to its jackfish operations .', 'at december 31 , 2015 and 2014 , devon 2019s jackfish proved undeveloped reserves were 301 mmboe and 384 mmboe , respectively .', 'development schedules for the jackfish reserves are primarily controlled by the need to keep the processing plants at their 35 mbbl daily facility capacity .', 'processing plant capacity is controlled by factors such as total steam processing capacity and steam-oil ratios .', 'furthermore , development of these projects involves the up-front construction of steam injection/distribution and bitumen processing facilities .', 'due to the large up-front capital investments and large reserves required to provide economic returns , the project conditions meet the specific circumstances requiring a period greater than 5 years for conversion to developed reserves .', 'as a result , these reserves are classified as proved undeveloped for more than five years .', 'currently , the development schedule for these reserves extends through to 2030 .', 'at the end of 2015 , approximately 184 mmboe of proved undeveloped reserves at jackfish have remained undeveloped for five years or more since the initial booking .', 'no other projects have proved undeveloped reserves that have remained undeveloped more than five years from the initial booking of the reserves .', 'furthermore , approximately 180 mmboe of proved undeveloped reserves at jackfish will require in excess of five years , from the date of this filing , to develop .', 'price revisions 2015 2013 reserves decreased 302 mmboe primarily due to lower commodity prices across all products .', 'the lower bitumen price increased canadian reserves due to the decline in royalties , which increases devon 2019s after- royalty volumes .', '2014 2013 reserves increased 9 mmboe primarily due to higher gas prices in the barnett shale and the anadarko basin , partially offset by higher bitumen prices , which result in lower after-royalty volumes , in canada. .'] | • , u.s ., canada, total
• proved undeveloped reserves as of december 31 2014, 305, 384, 689
• extensions and discoveries, 13, 11, 24
• revisions due to prices, -115 ( 115 ), 80, -35 ( 35 )
• revisions other than price, -40 ( 40 ), -80 ( 80 ), -120 ( 120 )
• conversion to proved developed reserves, -88 ( 88 ), -94 ( 94 ), -182 ( 182 )
• proved undeveloped reserves as of december 31 2015, 75, 301, 376 | divide(const_100, 17), multiply(376, #0) | 2211.76471 |
does a .5% ( .5 % ) decrease in discount rate have a greater impact on pension expense than a .5% ( .5 % ) decrease in expected long-term return on assets? | Background: ['recent accounting pronouncements see note 1 accounting policies in the notes to consolidated financial statements in item 8 of this report for additional information on the following recent accounting pronouncements that are relevant to our business , including a description of each new pronouncement , the required date of adoption , our planned date of adoption , and the expected impact on our consolidated financial statements .', 'all of the following pronouncements were issued by the fasb unless otherwise noted .', 'the following were issued in 2007 : 2022 sfas 141 ( r ) , 201cbusiness combinations 201d 2022 sfas 160 , 201caccounting and reporting of noncontrolling interests in consolidated financial statements , an amendment of arb no .', '51 201d 2022 in november 2007 , the sec issued staff accounting bulletin no .', '109 , 2022 in june 2007 , the aicpa issued statement of position 07-1 , 201cclarification of the scope of the audit and accounting guide 201cinvestment companies 201d and accounting by parent companies and equity method investors for investments in investment companies . 201d the fasb issued a final fsp in february 2008 which indefinitely delays the effective date of aicpa sop 07-1 .', '2022 fasb staff position no .', '( 201cfsp 201d ) fin 46 ( r ) 7 , 201capplication of fasb interpretation no .', '46 ( r ) to investment companies 201d 2022 fsp fin 48-1 , 201cdefinition of settlement in fasb interpretation ( 201cfin 201d ) no .', '48 201d 2022 sfas 159 , 201cthe fair value option for financial assets and financial liabilities 2013 including an amendment of fasb statement no .', '115 201d the following were issued during 2006 : 2022 sfas 158 , 201cemployers 2019 accounting for defined benefit pension and other postretirement benefit plans 2013 an amendment of fasb statements no .', '87 , 88 , 106 and 132 ( r ) 201d ( 201csfas 158 201d ) 2022 sfas 157 , 201cfair value measurements 201d 2022 fin 48 , 201caccounting for uncertainty in income taxes 2013 an interpretation of fasb statement no .', '109 201d 2022 fsp fas 13-2 , 201caccounting for a change or projected change in the timing of cash flows relating to income taxes generated by a leveraged lease transaction 201d 2022 sfas 156 , 201caccounting for servicing of financial assets 2013 an amendment of fasb statement no .', '140 201d 2022 sfas 155 , 201caccounting for certain hybrid financial instruments 2013 an amendment of fasb statements no .', '133 and 140 201d 2022 the emerging issues task force ( 201ceitf 201d ) of the fasb issued eitf issue 06-4 , 201caccounting for deferred compensation and postretirement benefit aspects of endorsement split-dollar life insurance arrangements 201d status of defined benefit pension plan we have a noncontributory , qualified defined benefit pension plan ( 201cplan 201d or 201cpension plan 201d ) covering eligible employees .', 'benefits are derived from a cash balance formula based on compensation levels , age and length of service .', 'pension contributions are based on an actuarially determined amount necessary to fund total benefits payable to plan participants .', 'consistent with our investment strategy , plan assets are currently approximately 60% ( 60 % ) invested in equity investments with most of the remainder invested in fixed income instruments .', 'plan fiduciaries determine and review the plan 2019s investment policy .', 'we calculate the expense associated with the pension plan in accordance with sfas 87 , 201cemployers 2019 accounting for pensions , 201d and we use assumptions and methods that are compatible with the requirements of sfas 87 , including a policy of reflecting trust assets at their fair market value .', 'on an annual basis , we review the actuarial assumptions related to the pension plan , including the discount rate , the rate of compensation increase and the expected return on plan assets .', 'neither the discount rate nor the compensation increase assumptions significantly affects pension expense .', 'the expected long-term return on assets assumption does significantly affect pension expense .', 'the expected long-term return on plan assets for determining net periodic pension cost for 2007 was 8.25% ( 8.25 % ) , unchanged from 2006 .', 'under current accounting rules , the difference between expected long-term returns and actual returns is accumulated and amortized to pension expense over future periods .', 'each one percentage point difference in actual return compared with our expected return causes expense in subsequent years to change by up to $ 4 million as the impact is amortized into results of operations .', 'the table below reflects the estimated effects on pension expense of certain changes in assumptions , using 2008 estimated expense as a baseline .', 'change in assumption estimated increase to 2008 pension expense ( in millions ) .']
Data Table:
========================================
change in assumption, estimatedincrease to 2008pensionexpense ( in millions )
.5% ( .5 % ) decrease in discount rate, $ 1
.5% ( .5 % ) decrease in expected long-term return on assets, $ 10
.5% ( .5 % ) increase in compensation rate, $ 2
========================================
Follow-up: ['we currently estimate a pretax pension benefit of $ 26 million in 2008 compared with a pretax benefit of $ 30 million in .'] | no | PNC/2007/page_50.pdf-2 | ['recent accounting pronouncements see note 1 accounting policies in the notes to consolidated financial statements in item 8 of this report for additional information on the following recent accounting pronouncements that are relevant to our business , including a description of each new pronouncement , the required date of adoption , our planned date of adoption , and the expected impact on our consolidated financial statements .', 'all of the following pronouncements were issued by the fasb unless otherwise noted .', 'the following were issued in 2007 : 2022 sfas 141 ( r ) , 201cbusiness combinations 201d 2022 sfas 160 , 201caccounting and reporting of noncontrolling interests in consolidated financial statements , an amendment of arb no .', '51 201d 2022 in november 2007 , the sec issued staff accounting bulletin no .', '109 , 2022 in june 2007 , the aicpa issued statement of position 07-1 , 201cclarification of the scope of the audit and accounting guide 201cinvestment companies 201d and accounting by parent companies and equity method investors for investments in investment companies . 201d the fasb issued a final fsp in february 2008 which indefinitely delays the effective date of aicpa sop 07-1 .', '2022 fasb staff position no .', '( 201cfsp 201d ) fin 46 ( r ) 7 , 201capplication of fasb interpretation no .', '46 ( r ) to investment companies 201d 2022 fsp fin 48-1 , 201cdefinition of settlement in fasb interpretation ( 201cfin 201d ) no .', '48 201d 2022 sfas 159 , 201cthe fair value option for financial assets and financial liabilities 2013 including an amendment of fasb statement no .', '115 201d the following were issued during 2006 : 2022 sfas 158 , 201cemployers 2019 accounting for defined benefit pension and other postretirement benefit plans 2013 an amendment of fasb statements no .', '87 , 88 , 106 and 132 ( r ) 201d ( 201csfas 158 201d ) 2022 sfas 157 , 201cfair value measurements 201d 2022 fin 48 , 201caccounting for uncertainty in income taxes 2013 an interpretation of fasb statement no .', '109 201d 2022 fsp fas 13-2 , 201caccounting for a change or projected change in the timing of cash flows relating to income taxes generated by a leveraged lease transaction 201d 2022 sfas 156 , 201caccounting for servicing of financial assets 2013 an amendment of fasb statement no .', '140 201d 2022 sfas 155 , 201caccounting for certain hybrid financial instruments 2013 an amendment of fasb statements no .', '133 and 140 201d 2022 the emerging issues task force ( 201ceitf 201d ) of the fasb issued eitf issue 06-4 , 201caccounting for deferred compensation and postretirement benefit aspects of endorsement split-dollar life insurance arrangements 201d status of defined benefit pension plan we have a noncontributory , qualified defined benefit pension plan ( 201cplan 201d or 201cpension plan 201d ) covering eligible employees .', 'benefits are derived from a cash balance formula based on compensation levels , age and length of service .', 'pension contributions are based on an actuarially determined amount necessary to fund total benefits payable to plan participants .', 'consistent with our investment strategy , plan assets are currently approximately 60% ( 60 % ) invested in equity investments with most of the remainder invested in fixed income instruments .', 'plan fiduciaries determine and review the plan 2019s investment policy .', 'we calculate the expense associated with the pension plan in accordance with sfas 87 , 201cemployers 2019 accounting for pensions , 201d and we use assumptions and methods that are compatible with the requirements of sfas 87 , including a policy of reflecting trust assets at their fair market value .', 'on an annual basis , we review the actuarial assumptions related to the pension plan , including the discount rate , the rate of compensation increase and the expected return on plan assets .', 'neither the discount rate nor the compensation increase assumptions significantly affects pension expense .', 'the expected long-term return on assets assumption does significantly affect pension expense .', 'the expected long-term return on plan assets for determining net periodic pension cost for 2007 was 8.25% ( 8.25 % ) , unchanged from 2006 .', 'under current accounting rules , the difference between expected long-term returns and actual returns is accumulated and amortized to pension expense over future periods .', 'each one percentage point difference in actual return compared with our expected return causes expense in subsequent years to change by up to $ 4 million as the impact is amortized into results of operations .', 'the table below reflects the estimated effects on pension expense of certain changes in assumptions , using 2008 estimated expense as a baseline .', 'change in assumption estimated increase to 2008 pension expense ( in millions ) .'] | ['we currently estimate a pretax pension benefit of $ 26 million in 2008 compared with a pretax benefit of $ 30 million in .'] | ========================================
change in assumption, estimatedincrease to 2008pensionexpense ( in millions )
.5% ( .5 % ) decrease in discount rate, $ 1
.5% ( .5 % ) decrease in expected long-term return on assets, $ 10
.5% ( .5 % ) increase in compensation rate, $ 2
======================================== | greater(1, 10) | no |
what is the total rent expense for the period from december 31 , 2017 , 2016 and 2015 in millions | Background: ['as of december 31 , 2017 , the aggregate future minimum payments under non-cancelable operating leases consist of the following ( in thousands ) : years ending december 31 .']
########
Tabular Data:
========================================
2018 | $ 9127
2019 | 8336
2020 | 8350
2021 | 7741
2022 | 7577
thereafter | 9873
total minimum future lease payments | $ 51004
========================================
########
Post-table: ['rent expense for all operating leases amounted to $ 9.4 million , $ 8.1 million and $ 5.4 million for the years ended december 31 , 2017 , 2016 and 2015 , respectively .', 'financing obligation 2014build-to-suit lease in august 2012 , we executed a lease for a building then under construction in santa clara , california to serve as our headquarters .', 'the lease term is 120 months and commenced in august 2013 .', 'based on the terms of the lease agreement and due to our involvement in certain aspects of the construction , we were deemed the owner of the building ( for accounting purposes only ) during the construction period .', 'upon completion of construction in 2013 , we concluded that we had forms of continued economic involvement in the facility , and therefore did not meet with the provisions for sale-leaseback accounting .', 'we continue to maintain involvement in the property post construction and lack transferability of the risks and rewards of ownership , due to our required maintenance of a $ 4.0 million letter of credit , in addition to our ability and option to sublease our portion of the leased building for fees substantially higher than our base rate .', 'therefore , the lease is accounted for as a financing obligation and lease payments will be attributed to ( 1 ) a reduction of the principal financing obligation ; ( 2 ) imputed interest expense ; and ( 3 ) land lease expense , representing an imputed cost to lease the underlying land of the building .', 'at the conclusion of the initial lease term , we will de-recognize both the net book values of the asset and the remaining financing obligation .', 'as of december 31 , 2017 and 2016 , we have recorded assets of $ 53.4 million , representing the total costs of the building and improvements incurred , including the costs paid by the lessor ( the legal owner of the building ) and additional improvement costs paid by us , and a corresponding financing obligation of $ 39.6 million and $ 41.2 million , respectively .', 'as of december 31 , 2017 , $ 1.9 million and $ 37.7 million were recorded as short-term and long-term financing obligations , respectively .', 'land lease expense under our lease financing obligation amounted to $ 1.3 million for each of the years ended december 31 , 2017 , 2016 and 2015 respectively. .'] | 22.9 | ANET/2017/page_156.pdf-2 | ['as of december 31 , 2017 , the aggregate future minimum payments under non-cancelable operating leases consist of the following ( in thousands ) : years ending december 31 .'] | ['rent expense for all operating leases amounted to $ 9.4 million , $ 8.1 million and $ 5.4 million for the years ended december 31 , 2017 , 2016 and 2015 , respectively .', 'financing obligation 2014build-to-suit lease in august 2012 , we executed a lease for a building then under construction in santa clara , california to serve as our headquarters .', 'the lease term is 120 months and commenced in august 2013 .', 'based on the terms of the lease agreement and due to our involvement in certain aspects of the construction , we were deemed the owner of the building ( for accounting purposes only ) during the construction period .', 'upon completion of construction in 2013 , we concluded that we had forms of continued economic involvement in the facility , and therefore did not meet with the provisions for sale-leaseback accounting .', 'we continue to maintain involvement in the property post construction and lack transferability of the risks and rewards of ownership , due to our required maintenance of a $ 4.0 million letter of credit , in addition to our ability and option to sublease our portion of the leased building for fees substantially higher than our base rate .', 'therefore , the lease is accounted for as a financing obligation and lease payments will be attributed to ( 1 ) a reduction of the principal financing obligation ; ( 2 ) imputed interest expense ; and ( 3 ) land lease expense , representing an imputed cost to lease the underlying land of the building .', 'at the conclusion of the initial lease term , we will de-recognize both the net book values of the asset and the remaining financing obligation .', 'as of december 31 , 2017 and 2016 , we have recorded assets of $ 53.4 million , representing the total costs of the building and improvements incurred , including the costs paid by the lessor ( the legal owner of the building ) and additional improvement costs paid by us , and a corresponding financing obligation of $ 39.6 million and $ 41.2 million , respectively .', 'as of december 31 , 2017 , $ 1.9 million and $ 37.7 million were recorded as short-term and long-term financing obligations , respectively .', 'land lease expense under our lease financing obligation amounted to $ 1.3 million for each of the years ended december 31 , 2017 , 2016 and 2015 respectively. .'] | ========================================
2018 | $ 9127
2019 | 8336
2020 | 8350
2021 | 7741
2022 | 7577
thereafter | 9873
total minimum future lease payments | $ 51004
======================================== | add(9.4, 8.1), add(#0, 5.4) | 22.9 |
as of december 31 , 2017 what was the percent of the utilization of the allowed letter of credit limit on the entergy texas | Pre-text: ['all debt and common and preferred stock issuances by entergy texas require prior regulatory approval .', 'debt issuances are also subject to issuance tests set forth in its bond indenture and other agreements .', 'entergy texas has sufficient capacity under these tests to meet its foreseeable capital needs .', 'entergy texas 2019s receivables from or ( payables to ) the money pool were as follows as of december 31 for each of the following years. .']
Table:
========================================
2017 | 2016 | 2015 | 2014
----------|----------|----------|----------
( in thousands ) | ( in thousands ) | ( in thousands ) | ( in thousands )
$ 44903 | $ 681 | ( $ 22068 ) | $ 306
========================================
Post-table: ['see note 4 to the financial statements for a description of the money pool .', 'entergy texas has a credit facility in the amount of $ 150 million scheduled to expire in august 2022 .', 'the credit facility allows entergy texas to issue letters of credit against $ 30 million of the borrowing capacity of the facility .', 'as of december 31 , 2017 , there were no cash borrowings and $ 25.6 million of letters of credit outstanding under the credit facility .', 'in addition , entergy texas is a party to an uncommitted letter of credit facility as a means to post collateral to support its obligations to miso .', 'as of december 31 , 2017 , a $ 22.8 million letter of credit was outstanding under entergy texas 2019s letter of credit facility .', 'see note 4 to the financial statements for additional discussion of the credit facilities .', 'entergy texas obtained authorizations from the ferc through october 2019 for short-term borrowings , not to exceed an aggregate amount of $ 200 million at any time outstanding , and long-term borrowings and security issuances .', 'see note 4 to the financial statements for further discussion of entergy texas 2019s short-term borrowing limits .', 'entergy texas , inc .', 'and subsidiaries management 2019s financial discussion and analysis state and local rate regulation and fuel-cost recovery the rates that entergy texas charges for its services significantly influence its financial position , results of operations , and liquidity .', 'entergy texas is regulated and the rates charged to its customers are determined in regulatory proceedings .', 'the puct , a governmental agency , is primarily responsible for approval of the rates charged to customers .', 'filings with the puct 2011 rate case in november 2011 , entergy texas filed a rate case requesting a $ 112 million base rate increase reflecting a 10.6% ( 10.6 % ) return on common equity based on an adjusted june 2011 test year . a0 a0the rate case also proposed a purchased power recovery rider . a0 a0on january 12 , 2012 , the puct voted not to address the purchased power recovery rider in the rate case , but the puct voted to set a baseline in the rate case proceeding that would be applicable if a purchased power capacity rider is approved in a separate proceeding . a0 a0in april 2012 the puct staff filed direct testimony recommending a base rate increase of $ 66 million and a 9.6% ( 9.6 % ) return on common equity . a0 a0the puct staff , however , subsequently filed a statement of position in the proceeding indicating that it was still evaluating the position it would ultimately take in the case regarding entergy texas 2019s recovery of purchased power capacity costs and entergy texas 2019s proposal to defer its miso transition expenses . a0 a0in april 2012 , entergy texas filed rebuttal testimony indicating a revised request for a $ 105 million base rate increase . a0 a0a hearing was held in late-april through early-may 2012 .', 'in september 2012 the puct issued an order approving a $ 28 million rate increase , effective july 2012 . a0 a0the order included a finding that 201ca return on common equity ( roe ) of 9.80 percent will allow [entergy texas] a reasonable opportunity to earn a reasonable return on invested capital . 201d a0 a0the order also provided for increases in depreciation rates and the annual storm reserve accrual . a0 a0the order also reduced entergy texas 2019s proposed purchased power capacity costs , stating that they are not known and measurable ; reduced entergy texas 2019s regulatory assets associated with hurricane rita ; excluded from rate recovery capitalized financially-based incentive compensation ; included $ 1.6 million of miso transition expense in base rates ; and reduced entergy 2019s texas 2019s fuel reconciliation recovery by $ 4 .'] | 0.85333 | ETR/2017/page_422.pdf-2 | ['all debt and common and preferred stock issuances by entergy texas require prior regulatory approval .', 'debt issuances are also subject to issuance tests set forth in its bond indenture and other agreements .', 'entergy texas has sufficient capacity under these tests to meet its foreseeable capital needs .', 'entergy texas 2019s receivables from or ( payables to ) the money pool were as follows as of december 31 for each of the following years. .'] | ['see note 4 to the financial statements for a description of the money pool .', 'entergy texas has a credit facility in the amount of $ 150 million scheduled to expire in august 2022 .', 'the credit facility allows entergy texas to issue letters of credit against $ 30 million of the borrowing capacity of the facility .', 'as of december 31 , 2017 , there were no cash borrowings and $ 25.6 million of letters of credit outstanding under the credit facility .', 'in addition , entergy texas is a party to an uncommitted letter of credit facility as a means to post collateral to support its obligations to miso .', 'as of december 31 , 2017 , a $ 22.8 million letter of credit was outstanding under entergy texas 2019s letter of credit facility .', 'see note 4 to the financial statements for additional discussion of the credit facilities .', 'entergy texas obtained authorizations from the ferc through october 2019 for short-term borrowings , not to exceed an aggregate amount of $ 200 million at any time outstanding , and long-term borrowings and security issuances .', 'see note 4 to the financial statements for further discussion of entergy texas 2019s short-term borrowing limits .', 'entergy texas , inc .', 'and subsidiaries management 2019s financial discussion and analysis state and local rate regulation and fuel-cost recovery the rates that entergy texas charges for its services significantly influence its financial position , results of operations , and liquidity .', 'entergy texas is regulated and the rates charged to its customers are determined in regulatory proceedings .', 'the puct , a governmental agency , is primarily responsible for approval of the rates charged to customers .', 'filings with the puct 2011 rate case in november 2011 , entergy texas filed a rate case requesting a $ 112 million base rate increase reflecting a 10.6% ( 10.6 % ) return on common equity based on an adjusted june 2011 test year . a0 a0the rate case also proposed a purchased power recovery rider . a0 a0on january 12 , 2012 , the puct voted not to address the purchased power recovery rider in the rate case , but the puct voted to set a baseline in the rate case proceeding that would be applicable if a purchased power capacity rider is approved in a separate proceeding . a0 a0in april 2012 the puct staff filed direct testimony recommending a base rate increase of $ 66 million and a 9.6% ( 9.6 % ) return on common equity . a0 a0the puct staff , however , subsequently filed a statement of position in the proceeding indicating that it was still evaluating the position it would ultimately take in the case regarding entergy texas 2019s recovery of purchased power capacity costs and entergy texas 2019s proposal to defer its miso transition expenses . a0 a0in april 2012 , entergy texas filed rebuttal testimony indicating a revised request for a $ 105 million base rate increase . a0 a0a hearing was held in late-april through early-may 2012 .', 'in september 2012 the puct issued an order approving a $ 28 million rate increase , effective july 2012 . a0 a0the order included a finding that 201ca return on common equity ( roe ) of 9.80 percent will allow [entergy texas] a reasonable opportunity to earn a reasonable return on invested capital . 201d a0 a0the order also provided for increases in depreciation rates and the annual storm reserve accrual . a0 a0the order also reduced entergy texas 2019s proposed purchased power capacity costs , stating that they are not known and measurable ; reduced entergy texas 2019s regulatory assets associated with hurricane rita ; excluded from rate recovery capitalized financially-based incentive compensation ; included $ 1.6 million of miso transition expense in base rates ; and reduced entergy 2019s texas 2019s fuel reconciliation recovery by $ 4 .'] | ========================================
2017 | 2016 | 2015 | 2014
----------|----------|----------|----------
( in thousands ) | ( in thousands ) | ( in thousands ) | ( in thousands )
$ 44903 | $ 681 | ( $ 22068 ) | $ 306
======================================== | divide(25.6, 30) | 0.85333 |
what was the percent of the change in the compensation expense in connection with connection with the 2005 outperformance plan.during from 2009 to 2010 | Pre-text: ['sl green realty corp .', '2011 annual reportnotes to consolidated financial statements plan were granted to certain employees , including our executives and vesting will occur annually upon the completion of a service period or our meeting established financial performance criteria .', 'annual vesting occurs at rates ranging from 15% ( 15 % ) to 35% ( 35 % ) once per- formance criteria are reached .', 'a summary of our restricted stock as of december a031 , 2011 , 2010 and 2009 and charges during the years then ended are presented below: .']
##########
Data Table:
========================================
| 2011 | 2010 | 2009
----------|----------|----------|----------
balance at beginning of year | 2728290 | 2330532 | 1824190
granted | 185333 | 400925 | 506342
cancelled | -1167 ( 1167 ) | -3167 ( 3167 ) | 2014
balance at end of year | 2912456 | 2728290 | 2330532
vested during the year | 66299 | 153644 | 420050
compensation expense recorded | $ 17365401 | $ 15327206 | $ 23301744
weighted average fair value of restricted stock granted during the year | $ 21768084 | $ 28269983 | $ 4979218
========================================
##########
Post-table: ['compensation expense recorded $ 17365401 $ 15327206 $ 23301744 weighted average fair value of restricted stock granted during the year $ 21768084 $ 28269983 $ 4979218 the fair value of restricted stock that vested during the years ended december a031 , 2011 , 2010 and 2009 was $ 4.3 a0million , $ 16.6 a0million and $ 28.0 a0million , respectively .', 'as of december a031 , 2011 , there was $ 14.7 a0million of total unrecognized compensation cost related to unvested restricted stock , which is expected to be recognized over a weighted-average period of two years .', 'for the years ended december a031 , 2011 , 2010 and 2009 , approximately $ 3.4 a0million , $ 2.2 a0million and $ 1.7 a0million , respec- tively , was capitalized to assets associated with compensation expense related to our long- term compensation plans , restricted stock and stock options .', 'we granted ltip units which had a fair value of $ 8.5 a0million as part of the 2011 performance stock bonus award .', 'the grant date fair value of the ltip unit awards was calculated in accordance with asc 718 .', 'a third party consultant determined the fair value of the ltip units to have a discount from our unrestricted common stock price .', 'the discount was calculated by considering the inherent uncertainty that the ltip units will reach parity with other common partnership units and the illiquidity due to transfer restrictions .', '2003 long- term outperformance compensation program our board of directors adopted a long- term , seven- year compen- sation program for certain members of senior management .', 'the a0program provided for restricted stock awards to be made to plan participants if the holders of our common equity achieved a total return in excess of 40% ( 40 % ) over a 48-month period commenc- ing april a01 , 2003 .', 'in april 2007 , the compensation committee determined that under the terms of the 2003 outperformance plan , as of march a031 , 2007 , the performance hurdles had been met and the maximum performance pool of $ 22825000 , taking into account forfeitures , was established .', 'in connection with this event , approximately 166312 shares of restricted stock ( as adjusted for forfeitures ) were allocated under the 2005 plan .', 'in accordance with the terms of the program , 40% ( 40 % ) of each award vested on march a031 , 2007 and the remainder vested ratably over the subsequent three years based on continued employment .', 'the fair value of the awards under this program on the date of grant was determined to be $ 3.2 a0million .', 'this fair value is expensed over the term of the restricted stock award .', 'forty percent of the value of the award was amortized over four years from the date of grant and the balance was amortized , in equal parts , over five , six and seven years ( i.e. , 20% ( 20 % ) of the total value was amortized over five years ( 20% ( 20 % ) per year ) , 20% ( 20 % ) of the total value was amortized over six years ( 16.67% ( 16.67 % ) per year ) and 20% ( 20 % ) of the total value was amortized over seven years ( 14.29% ( 14.29 % ) per year ) .', 'we recorded compensation expense of $ 23000 and $ 0.1 a0million related to this plan during the years ended december a031 , 2010 and 2009 , respectively .', 'the cost of the 2003 outperformance plan had been fully expensed as of march a031 , 2010 .', '2005 long- term outperformance compensation program in december 2005 , the compensation committee of our board of directors approved a long- term incentive compensation program , the 2005 outperformance plan .', 'participants in the 2005 outperformance plan were entitled to earn ltip units in our operating partnership if our total return to stockholders for the three- year period beginning december a01 , 2005 exceeded a cumulative total return to stockholders of 30% ( 30 % ) ; provided that par- ticipants were entitled to earn ltip units earlier in the event that we achieved maximum performance for 30 consecutive days .', 'the total number of ltip units that could be earned was to be a number having an assumed value equal to 10% ( 10 % ) of the outperformance amount in excess of the 30% ( 30 % ) benchmark , subject to a maximum dilution cap equal to the lesser of 3% ( 3 % ) of our outstanding shares and units of limited partnership interest as of december a01 , 2005 or $ 50.0 a0million .', 'on june a014 , 2006 , the compensation committee determined that under the terms of the a02005 outperformance plan , as of june a08 , 2006 , the performance period had accelerated and the maximum performance pool of $ 49250000 , taking into account forfeitures , had been earned .', 'under the terms of the 2005 outperformance plan , participants also earned additional ltip units with a value equal to the distributions that would have been paid with respect to the ltip units earned if such ltip units had been earned at the beginning of the performance period .', 'the total number of ltip units earned under the 2005 outperformance plan by all participants as of june a08 , 2006 was 490475 .', 'under the terms of the 2005 outperformance plan , all ltip units that were earned remained subject to time- based vesting , with one- third of the ltip units earned vested on each of november a030 , 2008 and the first two anniversaries thereafter based on continued employment .', 'the earned ltip units received regular quarterly distributions on a per unit basis equal to the dividends per share paid on our common stock , whether or not they were vested .', 'the cost of the 2005 outperformance plan ( approximately $ 8.0 a0million , subject to adjustment for forfeitures ) was amortized into earnings through the final vesting period .', 'we recorded approximately $ 1.6 a0million and $ 2.3 a0million of compensation expense during the years ended december a031 , 2010 and 2009 , respectively , in connection with the 2005 outperformance plan .', 'the cost of the 2005 outperformance plan had been fully expensed as of june a030 , 2010 .', '2006 long- term outperformance compensation program on august a014 , 2006 , the compensation committee of our board of directors approved a long- term incentive compensation program , a0the 2006 outperformance plan .', 'the performance criteria under the 2006 outperformance plan were not met and , accordingly , no ltip units were earned under the 2006 outperformance plan .', 'the cost of the 2006 outperformance plan ( approximately $ 16.4 a0million , subject to adjustment for forfeitures ) was amortized into earnings through july a031 , 2011 .', 'we recorded approximately $ 70000 , $ 0.2 a0million and $ 0.4 a0million of compensation expense during the years ended december a031 , 2011 , 2010 and 2009 , respectively , in connection with the 2006 outperformance plan. .'] | -0.30435 | SLG/2011/page_91.pdf-2 | ['sl green realty corp .', '2011 annual reportnotes to consolidated financial statements plan were granted to certain employees , including our executives and vesting will occur annually upon the completion of a service period or our meeting established financial performance criteria .', 'annual vesting occurs at rates ranging from 15% ( 15 % ) to 35% ( 35 % ) once per- formance criteria are reached .', 'a summary of our restricted stock as of december a031 , 2011 , 2010 and 2009 and charges during the years then ended are presented below: .'] | ['compensation expense recorded $ 17365401 $ 15327206 $ 23301744 weighted average fair value of restricted stock granted during the year $ 21768084 $ 28269983 $ 4979218 the fair value of restricted stock that vested during the years ended december a031 , 2011 , 2010 and 2009 was $ 4.3 a0million , $ 16.6 a0million and $ 28.0 a0million , respectively .', 'as of december a031 , 2011 , there was $ 14.7 a0million of total unrecognized compensation cost related to unvested restricted stock , which is expected to be recognized over a weighted-average period of two years .', 'for the years ended december a031 , 2011 , 2010 and 2009 , approximately $ 3.4 a0million , $ 2.2 a0million and $ 1.7 a0million , respec- tively , was capitalized to assets associated with compensation expense related to our long- term compensation plans , restricted stock and stock options .', 'we granted ltip units which had a fair value of $ 8.5 a0million as part of the 2011 performance stock bonus award .', 'the grant date fair value of the ltip unit awards was calculated in accordance with asc 718 .', 'a third party consultant determined the fair value of the ltip units to have a discount from our unrestricted common stock price .', 'the discount was calculated by considering the inherent uncertainty that the ltip units will reach parity with other common partnership units and the illiquidity due to transfer restrictions .', '2003 long- term outperformance compensation program our board of directors adopted a long- term , seven- year compen- sation program for certain members of senior management .', 'the a0program provided for restricted stock awards to be made to plan participants if the holders of our common equity achieved a total return in excess of 40% ( 40 % ) over a 48-month period commenc- ing april a01 , 2003 .', 'in april 2007 , the compensation committee determined that under the terms of the 2003 outperformance plan , as of march a031 , 2007 , the performance hurdles had been met and the maximum performance pool of $ 22825000 , taking into account forfeitures , was established .', 'in connection with this event , approximately 166312 shares of restricted stock ( as adjusted for forfeitures ) were allocated under the 2005 plan .', 'in accordance with the terms of the program , 40% ( 40 % ) of each award vested on march a031 , 2007 and the remainder vested ratably over the subsequent three years based on continued employment .', 'the fair value of the awards under this program on the date of grant was determined to be $ 3.2 a0million .', 'this fair value is expensed over the term of the restricted stock award .', 'forty percent of the value of the award was amortized over four years from the date of grant and the balance was amortized , in equal parts , over five , six and seven years ( i.e. , 20% ( 20 % ) of the total value was amortized over five years ( 20% ( 20 % ) per year ) , 20% ( 20 % ) of the total value was amortized over six years ( 16.67% ( 16.67 % ) per year ) and 20% ( 20 % ) of the total value was amortized over seven years ( 14.29% ( 14.29 % ) per year ) .', 'we recorded compensation expense of $ 23000 and $ 0.1 a0million related to this plan during the years ended december a031 , 2010 and 2009 , respectively .', 'the cost of the 2003 outperformance plan had been fully expensed as of march a031 , 2010 .', '2005 long- term outperformance compensation program in december 2005 , the compensation committee of our board of directors approved a long- term incentive compensation program , the 2005 outperformance plan .', 'participants in the 2005 outperformance plan were entitled to earn ltip units in our operating partnership if our total return to stockholders for the three- year period beginning december a01 , 2005 exceeded a cumulative total return to stockholders of 30% ( 30 % ) ; provided that par- ticipants were entitled to earn ltip units earlier in the event that we achieved maximum performance for 30 consecutive days .', 'the total number of ltip units that could be earned was to be a number having an assumed value equal to 10% ( 10 % ) of the outperformance amount in excess of the 30% ( 30 % ) benchmark , subject to a maximum dilution cap equal to the lesser of 3% ( 3 % ) of our outstanding shares and units of limited partnership interest as of december a01 , 2005 or $ 50.0 a0million .', 'on june a014 , 2006 , the compensation committee determined that under the terms of the a02005 outperformance plan , as of june a08 , 2006 , the performance period had accelerated and the maximum performance pool of $ 49250000 , taking into account forfeitures , had been earned .', 'under the terms of the 2005 outperformance plan , participants also earned additional ltip units with a value equal to the distributions that would have been paid with respect to the ltip units earned if such ltip units had been earned at the beginning of the performance period .', 'the total number of ltip units earned under the 2005 outperformance plan by all participants as of june a08 , 2006 was 490475 .', 'under the terms of the 2005 outperformance plan , all ltip units that were earned remained subject to time- based vesting , with one- third of the ltip units earned vested on each of november a030 , 2008 and the first two anniversaries thereafter based on continued employment .', 'the earned ltip units received regular quarterly distributions on a per unit basis equal to the dividends per share paid on our common stock , whether or not they were vested .', 'the cost of the 2005 outperformance plan ( approximately $ 8.0 a0million , subject to adjustment for forfeitures ) was amortized into earnings through the final vesting period .', 'we recorded approximately $ 1.6 a0million and $ 2.3 a0million of compensation expense during the years ended december a031 , 2010 and 2009 , respectively , in connection with the 2005 outperformance plan .', 'the cost of the 2005 outperformance plan had been fully expensed as of june a030 , 2010 .', '2006 long- term outperformance compensation program on august a014 , 2006 , the compensation committee of our board of directors approved a long- term incentive compensation program , a0the 2006 outperformance plan .', 'the performance criteria under the 2006 outperformance plan were not met and , accordingly , no ltip units were earned under the 2006 outperformance plan .', 'the cost of the 2006 outperformance plan ( approximately $ 16.4 a0million , subject to adjustment for forfeitures ) was amortized into earnings through july a031 , 2011 .', 'we recorded approximately $ 70000 , $ 0.2 a0million and $ 0.4 a0million of compensation expense during the years ended december a031 , 2011 , 2010 and 2009 , respectively , in connection with the 2006 outperformance plan. .'] | ========================================
| 2011 | 2010 | 2009
----------|----------|----------|----------
balance at beginning of year | 2728290 | 2330532 | 1824190
granted | 185333 | 400925 | 506342
cancelled | -1167 ( 1167 ) | -3167 ( 3167 ) | 2014
balance at end of year | 2912456 | 2728290 | 2330532
vested during the year | 66299 | 153644 | 420050
compensation expense recorded | $ 17365401 | $ 15327206 | $ 23301744
weighted average fair value of restricted stock granted during the year | $ 21768084 | $ 28269983 | $ 4979218
======================================== | subtract(1.6, 2.3), divide(#0, 2.3) | -0.30435 |
using the value of the undivided interest held by investors and retained by upri at december 31 , 2009 as a proxy for ar balance , what was the average receivable turnover in 2009?\\n\\n[14] : at december 31 , 2009 and 2008 , the value of the interest retained by upri was $ 417 million and $ 431 million , respectively . | Context: ['amount of commitment expiration per period other commercial commitments after millions of dollars total 2010 2011 2012 2013 2014 2014 .']
Data Table:
****************************************
Row 1: other commercial commitmentsmillions of dollars, total, amount of commitment expiration per period 2010, amount of commitment expiration per period 2011, amount of commitment expiration per period 2012, amount of commitment expiration per period 2013, amount of commitment expiration per period 2014, amount of commitment expiration per period after 2014
Row 2: credit facilities [a], $ 1900, $ -, $ -, $ 1900, $ -, $ -, $ -
Row 3: sale of receivables [b], 600, 600, -, -, -, -, -
Row 4: guarantees [c], 416, 29, 76, 24, 8, 214, 65
Row 5: standby letters of credit [d], 22, 22, -, -, -, -, -
Row 6: total commercial commitments, $ 2938, $ 651, $ 76, $ 1924, $ 8, $ 214, $ 65
****************************************
Additional Information: ['[a] none of the credit facility was used as of december 31 , 2009 .', '[b] $ 400 million of the sale of receivables program was utilized at december 31 , 2009 .', '[c] includes guaranteed obligations related to our headquarters building , equipment financings , and affiliated operations .', '[d] none of the letters of credit were drawn upon as of december 31 , 2009 .', 'off-balance sheet arrangements sale of receivables 2013 the railroad transfers most of its accounts receivable to union pacific receivables , inc .', '( upri ) , a bankruptcy-remote subsidiary , as part of a sale of receivables facility .', 'upri sells , without recourse on a 364-day revolving basis , an undivided interest in such accounts receivable to investors .', 'the total capacity to sell undivided interests to investors under the facility was $ 600 million and $ 700 million at december 31 , 2009 and 2008 , respectively .', 'the value of the outstanding undivided interest held by investors under the facility was $ 400 million and $ 584 million at december 31 , 2009 and 2008 , respectively .', 'during 2009 , upri reduced the outstanding undivided interest held by investors due to a decrease in available receivables .', 'the value of the undivided interest held by investors is not included in our consolidated financial statements .', 'the value of the undivided interest held by investors was supported by $ 817 million and $ 1015 million of accounts receivable held by upri at december 31 , 2009 and 2008 , respectively .', 'at december 31 , 2009 and 2008 , the value of the interest retained by upri was $ 417 million and $ 431 million , respectively .', 'this retained interest is included in accounts receivable in our consolidated financial statements .', 'the interest sold to investors is sold at carrying value , which approximates fair value , and there is no gain or loss recognized from the transaction .', 'the value of the outstanding undivided interest held by investors could fluctuate based upon the availability of eligible receivables and is directly affected by changing business volumes and credit risks , including default and dilution .', 'if default or dilution ratios increase one percent , the value of the outstanding undivided interest held by investors would not change as of december 31 , 2009 .', 'should our credit rating fall below investment grade , the value of the outstanding undivided interest held by investors would be reduced , and , in certain cases , the investors would have the right to discontinue the facility .', 'the railroad services the sold receivables ; however , the railroad does not recognize any servicing asset or liability , as the servicing fees adequately compensate us for these responsibilities .', 'the railroad collected approximately $ 13.8 billion and $ 17.8 billion during the years ended december 31 , 2009 and 2008 , respectively .', 'upri used certain of these proceeds to purchase new receivables under the facility .', 'the costs of the sale of receivables program are included in other income and were $ 9 million , $ 23 million , and $ 35 million for 2009 , 2008 , and 2007 , respectively .', 'the costs include interest , which will vary based on prevailing commercial paper rates , program fees paid to banks , commercial paper issuing costs , and fees for unused commitment availability .', 'the decrease in the 2009 costs was primarily attributable to lower commercial paper rates and a decrease in the outstanding interest held by investors. .'] | 11.18314 | UNP/2009/page_43.pdf-2 | ['amount of commitment expiration per period other commercial commitments after millions of dollars total 2010 2011 2012 2013 2014 2014 .'] | ['[a] none of the credit facility was used as of december 31 , 2009 .', '[b] $ 400 million of the sale of receivables program was utilized at december 31 , 2009 .', '[c] includes guaranteed obligations related to our headquarters building , equipment financings , and affiliated operations .', '[d] none of the letters of credit were drawn upon as of december 31 , 2009 .', 'off-balance sheet arrangements sale of receivables 2013 the railroad transfers most of its accounts receivable to union pacific receivables , inc .', '( upri ) , a bankruptcy-remote subsidiary , as part of a sale of receivables facility .', 'upri sells , without recourse on a 364-day revolving basis , an undivided interest in such accounts receivable to investors .', 'the total capacity to sell undivided interests to investors under the facility was $ 600 million and $ 700 million at december 31 , 2009 and 2008 , respectively .', 'the value of the outstanding undivided interest held by investors under the facility was $ 400 million and $ 584 million at december 31 , 2009 and 2008 , respectively .', 'during 2009 , upri reduced the outstanding undivided interest held by investors due to a decrease in available receivables .', 'the value of the undivided interest held by investors is not included in our consolidated financial statements .', 'the value of the undivided interest held by investors was supported by $ 817 million and $ 1015 million of accounts receivable held by upri at december 31 , 2009 and 2008 , respectively .', 'at december 31 , 2009 and 2008 , the value of the interest retained by upri was $ 417 million and $ 431 million , respectively .', 'this retained interest is included in accounts receivable in our consolidated financial statements .', 'the interest sold to investors is sold at carrying value , which approximates fair value , and there is no gain or loss recognized from the transaction .', 'the value of the outstanding undivided interest held by investors could fluctuate based upon the availability of eligible receivables and is directly affected by changing business volumes and credit risks , including default and dilution .', 'if default or dilution ratios increase one percent , the value of the outstanding undivided interest held by investors would not change as of december 31 , 2009 .', 'should our credit rating fall below investment grade , the value of the outstanding undivided interest held by investors would be reduced , and , in certain cases , the investors would have the right to discontinue the facility .', 'the railroad services the sold receivables ; however , the railroad does not recognize any servicing asset or liability , as the servicing fees adequately compensate us for these responsibilities .', 'the railroad collected approximately $ 13.8 billion and $ 17.8 billion during the years ended december 31 , 2009 and 2008 , respectively .', 'upri used certain of these proceeds to purchase new receivables under the facility .', 'the costs of the sale of receivables program are included in other income and were $ 9 million , $ 23 million , and $ 35 million for 2009 , 2008 , and 2007 , respectively .', 'the costs include interest , which will vary based on prevailing commercial paper rates , program fees paid to banks , commercial paper issuing costs , and fees for unused commitment availability .', 'the decrease in the 2009 costs was primarily attributable to lower commercial paper rates and a decrease in the outstanding interest held by investors. .'] | ****************************************
Row 1: other commercial commitmentsmillions of dollars, total, amount of commitment expiration per period 2010, amount of commitment expiration per period 2011, amount of commitment expiration per period 2012, amount of commitment expiration per period 2013, amount of commitment expiration per period 2014, amount of commitment expiration per period after 2014
Row 2: credit facilities [a], $ 1900, $ -, $ -, $ 1900, $ -, $ -, $ -
Row 3: sale of receivables [b], 600, 600, -, -, -, -, -
Row 4: guarantees [c], 416, 29, 76, 24, 8, 214, 65
Row 5: standby letters of credit [d], 22, 22, -, -, -, -, -
Row 6: total commercial commitments, $ 2938, $ 651, $ 76, $ 1924, $ 8, $ 214, $ 65
**************************************** | add(417, 817), multiply(13.8, const_1000), divide(#1, #0) | 11.18314 |
what is the sale in december 2015 of the 583 mw rhode island state energy center for a realized gain as a percentage of net revenue in 2015? | Background: ['entergy corporation and subsidiaries management 2019s financial discussion and analysis palisades plants and related assets to their fair values .', 'see note 14 to the financial statements for further discussion of the impairment and related charges .', 'as a result of the entergy louisiana and entergy gulf states louisiana business combination , results of operations for 2015 also include two items that occurred in october 2015 : 1 ) a deferred tax asset and resulting net increase in tax basis of approximately $ 334 million and 2 ) a regulatory liability of $ 107 million ( $ 66 million net-of-tax ) as a result of customer credits to be realized by electric customers of entergy louisiana , consistent with the terms of the stipulated settlement in the business combination proceeding .', 'see note 2 to the financial statements for further discussion of the business combination and customer credits .', 'results of operations for 2015 also include the sale in december 2015 of the 583 mw rhode island state energy center for a realized gain of $ 154 million ( $ 100 million net-of-tax ) on the sale and the $ 77 million ( $ 47 million net-of-tax ) write-off and regulatory charges to recognize that a portion of the assets associated with the waterford 3 replacement steam generator project is no longer probable of recovery .', 'see note 14 to the financial statements for further discussion of the rhode island state energy center sale .', 'see note 2 to the financial statements for further discussion of the waterford 3 write-off .', 'net revenue utility following is an analysis of the change in net revenue comparing 2016 to 2015 .', 'amount ( in millions ) .']
----------
Table:
amount ( in millions )
2015 net revenue $ 5829
retail electric price 289
louisiana business combination customer credits 107
volume/weather 14
louisiana act 55 financing savings obligation -17 ( 17 )
other -43 ( 43 )
2016 net revenue $ 6179
----------
Follow-up: ['the retail electric price variance is primarily due to : 2022 an increase in base rates at entergy arkansas , as approved by the apsc .', 'the new rates were effective february 24 , 2016 and began billing with the first billing cycle of april 2016 .', 'the increase includes an interim base rate adjustment surcharge , effective with the first billing cycle of april 2016 , to recover the incremental revenue requirement for the period february 24 , 2016 through march 31 , 2016 .', 'a significant portion of the increase is related to the purchase of power block 2 of the union power station ; 2022 an increase in the purchased power and capacity acquisition cost recovery rider for entergy new orleans , as approved by the city council , effective with the first billing cycle of march 2016 , primarily related to the purchase of power block 1 of the union power station ; 2022 an increase in formula rate plan revenues for entergy louisiana , implemented with the first billing cycle of march 2016 , to collect the estimated first-year revenue requirement related to the purchase of power blocks 3 and 4 of the union power station ; and 2022 an increase in revenues at entergy mississippi , as approved by the mpsc , effective with the first billing cycle of july 2016 , and an increase in revenues collected through the storm damage rider .', 'see note 2 to the financial statements for further discussion of the rate proceedings .', 'see note 14 to the financial statements for discussion of the union power station purchase .', '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 .'] | 0.02642 | ETR/2016/page_17.pdf-4 | ['entergy corporation and subsidiaries management 2019s financial discussion and analysis palisades plants and related assets to their fair values .', 'see note 14 to the financial statements for further discussion of the impairment and related charges .', 'as a result of the entergy louisiana and entergy gulf states louisiana business combination , results of operations for 2015 also include two items that occurred in october 2015 : 1 ) a deferred tax asset and resulting net increase in tax basis of approximately $ 334 million and 2 ) a regulatory liability of $ 107 million ( $ 66 million net-of-tax ) as a result of customer credits to be realized by electric customers of entergy louisiana , consistent with the terms of the stipulated settlement in the business combination proceeding .', 'see note 2 to the financial statements for further discussion of the business combination and customer credits .', 'results of operations for 2015 also include the sale in december 2015 of the 583 mw rhode island state energy center for a realized gain of $ 154 million ( $ 100 million net-of-tax ) on the sale and the $ 77 million ( $ 47 million net-of-tax ) write-off and regulatory charges to recognize that a portion of the assets associated with the waterford 3 replacement steam generator project is no longer probable of recovery .', 'see note 14 to the financial statements for further discussion of the rhode island state energy center sale .', 'see note 2 to the financial statements for further discussion of the waterford 3 write-off .', 'net revenue utility following is an analysis of the change in net revenue comparing 2016 to 2015 .', 'amount ( in millions ) .'] | ['the retail electric price variance is primarily due to : 2022 an increase in base rates at entergy arkansas , as approved by the apsc .', 'the new rates were effective february 24 , 2016 and began billing with the first billing cycle of april 2016 .', 'the increase includes an interim base rate adjustment surcharge , effective with the first billing cycle of april 2016 , to recover the incremental revenue requirement for the period february 24 , 2016 through march 31 , 2016 .', 'a significant portion of the increase is related to the purchase of power block 2 of the union power station ; 2022 an increase in the purchased power and capacity acquisition cost recovery rider for entergy new orleans , as approved by the city council , effective with the first billing cycle of march 2016 , primarily related to the purchase of power block 1 of the union power station ; 2022 an increase in formula rate plan revenues for entergy louisiana , implemented with the first billing cycle of march 2016 , to collect the estimated first-year revenue requirement related to the purchase of power blocks 3 and 4 of the union power station ; and 2022 an increase in revenues at entergy mississippi , as approved by the mpsc , effective with the first billing cycle of july 2016 , and an increase in revenues collected through the storm damage rider .', 'see note 2 to the financial statements for further discussion of the rate proceedings .', 'see note 14 to the financial statements for discussion of the union power station purchase .', '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 .'] | amount ( in millions )
2015 net revenue $ 5829
retail electric price 289
louisiana business combination customer credits 107
volume/weather 14
louisiana act 55 financing savings obligation -17 ( 17 )
other -43 ( 43 )
2016 net revenue $ 6179 | divide(154, 5829) | 0.02642 |
in 2006 what was the ratio of the gross realized gains to the losses | Background: ['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
##
Additional Information: ['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 .'] | 0.04545 | VRTX/2006/page_111.pdf-3 | ['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(4000, 88000) | 0.04545 |
what is the percentage increase in the fair value of option granted from 2013 to 2014? | Context: ['share-based compensation cost is recorded net of estimated forfeitures on a straight-line basis for awards with service conditions only , and on a graded-vesting basis for awards with service , performance and market conditions .', 'the company 2019s estimated forfeiture rate is based on an evaluation of historical , actual and trended forfeiture data .', 'for fiscal 2014 , 2013 , and 2012 , the company recorded share-based compensation cost of $ 172 million , $ 179 million and $ 147 million , respectively , in personnel on its consolidated statements of operations .', 'the amount of capitalized share-based compensation cost was immaterial during fiscal 2014 , 2013 and 2012 .', 'options options issued under the eip expire 10 years from the date of grant and vest ratably over 3 years from the date of grant , subject to earlier vesting in full under certain conditions .', 'during fiscal 2014 , 2013 and 2012 , the fair value of each stock option was estimated on the date of grant using a black-scholes option pricing model with the following weighted-average assumptions: .']
----
Tabular Data:
****************************************
2014 2013 2012
expected term ( in years ) ( 1 ) 4.80 6.08 6.02
risk-free rate of return ( 2 ) 1.3% ( 1.3 % ) 0.8% ( 0.8 % ) 1.2% ( 1.2 % )
expected volatility ( 3 ) 25.2% ( 25.2 % ) 29.3% ( 29.3 % ) 34.9% ( 34.9 % )
expected dividend yield ( 4 ) 0.8% ( 0.8 % ) 0.9% ( 0.9 % ) 0.9% ( 0.9 % )
fair value per option granted $ 44.11 $ 39.03 $ 29.65
****************************************
----
Post-table: ['( 1 ) beginning in fiscal 2014 , assumption is based on the company 2019s historical option exercises and those of a set of peer companies that management believes is generally comparable to visa .', 'the company 2019s data is weighted based on the number of years between the measurement date and visa 2019s initial public offering as a percentage of the options 2019 contractual term .', 'the relative weighting placed on visa 2019s data and peer data in fiscal 2014 was approximately 58% ( 58 % ) and 42% ( 42 % ) , respectively .', 'in fiscal 2013 and 2012 , assumption was fully based on peer companies 2019 data .', '( 2 ) based upon the zero coupon u.s .', 'treasury bond rate over the expected term of the awards .', '( 3 ) based on the company 2019s implied and historical volatility .', 'in fiscal 2013 and 2012 , historical volatility was a blend of visa 2019s historical volatility and those of comparable peer companies .', 'the relative weighting between visa historical volatility and the historical volatility of the peer companies was based on the percentage of years visa stock price information is available since its initial public offering compared to the expected term .', 'the expected volatilities ranged from 22% ( 22 % ) to 26% ( 26 % ) in fiscal ( 4 ) based on the company 2019s annual dividend rate on the date of grant. .'] | 5.08 | V/2014/page_126.pdf-2 | ['share-based compensation cost is recorded net of estimated forfeitures on a straight-line basis for awards with service conditions only , and on a graded-vesting basis for awards with service , performance and market conditions .', 'the company 2019s estimated forfeiture rate is based on an evaluation of historical , actual and trended forfeiture data .', 'for fiscal 2014 , 2013 , and 2012 , the company recorded share-based compensation cost of $ 172 million , $ 179 million and $ 147 million , respectively , in personnel on its consolidated statements of operations .', 'the amount of capitalized share-based compensation cost was immaterial during fiscal 2014 , 2013 and 2012 .', 'options options issued under the eip expire 10 years from the date of grant and vest ratably over 3 years from the date of grant , subject to earlier vesting in full under certain conditions .', 'during fiscal 2014 , 2013 and 2012 , the fair value of each stock option was estimated on the date of grant using a black-scholes option pricing model with the following weighted-average assumptions: .'] | ['( 1 ) beginning in fiscal 2014 , assumption is based on the company 2019s historical option exercises and those of a set of peer companies that management believes is generally comparable to visa .', 'the company 2019s data is weighted based on the number of years between the measurement date and visa 2019s initial public offering as a percentage of the options 2019 contractual term .', 'the relative weighting placed on visa 2019s data and peer data in fiscal 2014 was approximately 58% ( 58 % ) and 42% ( 42 % ) , respectively .', 'in fiscal 2013 and 2012 , assumption was fully based on peer companies 2019 data .', '( 2 ) based upon the zero coupon u.s .', 'treasury bond rate over the expected term of the awards .', '( 3 ) based on the company 2019s implied and historical volatility .', 'in fiscal 2013 and 2012 , historical volatility was a blend of visa 2019s historical volatility and those of comparable peer companies .', 'the relative weighting between visa historical volatility and the historical volatility of the peer companies was based on the percentage of years visa stock price information is available since its initial public offering compared to the expected term .', 'the expected volatilities ranged from 22% ( 22 % ) to 26% ( 26 % ) in fiscal ( 4 ) based on the company 2019s annual dividend rate on the date of grant. .'] | ****************************************
2014 2013 2012
expected term ( in years ) ( 1 ) 4.80 6.08 6.02
risk-free rate of return ( 2 ) 1.3% ( 1.3 % ) 0.8% ( 0.8 % ) 1.2% ( 1.2 % )
expected volatility ( 3 ) 25.2% ( 25.2 % ) 29.3% ( 29.3 % ) 34.9% ( 34.9 % )
expected dividend yield ( 4 ) 0.8% ( 0.8 % ) 0.9% ( 0.9 % ) 0.9% ( 0.9 % )
fair value per option granted $ 44.11 $ 39.03 $ 29.65
**************************************** | subtract(44.11, 39.03) | 5.08 |
what is the percentage change in annual operating cash flow from 2010 to 2011? | Pre-text: ['35% ( 35 % ) due primarily to certain undistributed foreign earnings for which no u.s .', 'taxes are provided because such earnings are intended to be indefinitely reinvested outside the u.s .', 'as of september 24 , 2011 , the company had deferred tax assets arising from deductible temporary differences , tax losses , and tax credits of $ 3.2 billion , and deferred tax liabilities of $ 9.2 billion .', 'management believes it is more likely than not that forecasted income , including income that may be generated as a result of certain tax planning strategies , together with future reversals of existing taxable temporary differences , will be sufficient to fully recover the deferred tax assets .', 'the company will continue to evaluate the realizability of deferred tax assets quarterly by assessing the need for and amount of a valuation allowance .', 'the internal revenue service ( the 201cirs 201d ) has completed its field audit of the company 2019s federal income tax returns for the years 2004 through 2006 and proposed certain adjustments .', 'the company has contested certain of these adjustments through the irs appeals office .', 'the irs is currently examining the years 2007 through 2009 .', 'all irs audit issues for years prior to 2004 have been resolved .', 'in addition , the company is subject to audits by state , local , and foreign tax authorities .', 'management believes that adequate provisions have been made for any adjustments that may result from tax examinations .', 'however , the outcome of tax audits cannot be predicted with certainty .', 'if any issues addressed in the company 2019s tax audits are resolved in a manner not consistent with management 2019s expectations , the company could be required to adjust its provision for income taxes in the period such resolution occurs .', 'liquidity and capital resources the following table presents selected financial information and statistics as of and for the three years ended september 24 , 2011 ( in millions ) : .']
Data Table:
========================================
, 2011, 2010, 2009
cash cash equivalents and marketable securities, $ 81570, $ 51011, $ 33992
accounts receivable net, $ 5369, $ 5510, $ 3361
inventories, $ 776, $ 1051, $ 455
working capital, $ 17018, $ 20956, $ 20049
annual operating cash flow, $ 37529, $ 18595, $ 10159
========================================
Additional Information: ['cash , cash equivalents and marketable securities increased $ 30.6 billion or 60% ( 60 % ) during 2011 .', 'the principal components of this net increase was the cash generated by operating activities of $ 37.5 billion , which was partially offset by payments for acquisition of property , plant and equipment of $ 4.3 billion , payments for acquisition of intangible assets of $ 3.2 billion and payments made in connection with business acquisitions , net of cash acquired , of $ 244 million .', 'the company believes its existing balances of cash , cash equivalents and marketable securities will be sufficient to satisfy its working capital needs , capital asset purchases , outstanding commitments and other liquidity requirements associated with its existing operations over the next 12 months .', 'the company 2019s marketable securities investment portfolio is invested primarily in highly rated securities and its policy generally limits the amount of credit exposure to any one issuer .', 'the company 2019s investment policy requires investments to generally be investment grade with the objective of minimizing the potential risk of principal loss .', 'as of september 24 , 2011 and september 25 , 2010 , $ 54.3 billion and $ 30.8 billion , respectively , of the company 2019s cash , cash equivalents and marketable securities were held by foreign subsidiaries and are generally based in u.s .', 'dollar-denominated holdings .', 'amounts held by foreign subsidiaries are generally subject to u.s .', 'income taxation on repatriation to the u.s .', 'capital assets the company 2019s capital expenditures were $ 4.6 billion during 2011 , consisting of approximately $ 614 million for retail store facilities and $ 4.0 billion for other capital expenditures , including product tooling and manufacturing .'] | 1.01823 | AAPL/2011/page_38.pdf-1 | ['35% ( 35 % ) due primarily to certain undistributed foreign earnings for which no u.s .', 'taxes are provided because such earnings are intended to be indefinitely reinvested outside the u.s .', 'as of september 24 , 2011 , the company had deferred tax assets arising from deductible temporary differences , tax losses , and tax credits of $ 3.2 billion , and deferred tax liabilities of $ 9.2 billion .', 'management believes it is more likely than not that forecasted income , including income that may be generated as a result of certain tax planning strategies , together with future reversals of existing taxable temporary differences , will be sufficient to fully recover the deferred tax assets .', 'the company will continue to evaluate the realizability of deferred tax assets quarterly by assessing the need for and amount of a valuation allowance .', 'the internal revenue service ( the 201cirs 201d ) has completed its field audit of the company 2019s federal income tax returns for the years 2004 through 2006 and proposed certain adjustments .', 'the company has contested certain of these adjustments through the irs appeals office .', 'the irs is currently examining the years 2007 through 2009 .', 'all irs audit issues for years prior to 2004 have been resolved .', 'in addition , the company is subject to audits by state , local , and foreign tax authorities .', 'management believes that adequate provisions have been made for any adjustments that may result from tax examinations .', 'however , the outcome of tax audits cannot be predicted with certainty .', 'if any issues addressed in the company 2019s tax audits are resolved in a manner not consistent with management 2019s expectations , the company could be required to adjust its provision for income taxes in the period such resolution occurs .', 'liquidity and capital resources the following table presents selected financial information and statistics as of and for the three years ended september 24 , 2011 ( in millions ) : .'] | ['cash , cash equivalents and marketable securities increased $ 30.6 billion or 60% ( 60 % ) during 2011 .', 'the principal components of this net increase was the cash generated by operating activities of $ 37.5 billion , which was partially offset by payments for acquisition of property , plant and equipment of $ 4.3 billion , payments for acquisition of intangible assets of $ 3.2 billion and payments made in connection with business acquisitions , net of cash acquired , of $ 244 million .', 'the company believes its existing balances of cash , cash equivalents and marketable securities will be sufficient to satisfy its working capital needs , capital asset purchases , outstanding commitments and other liquidity requirements associated with its existing operations over the next 12 months .', 'the company 2019s marketable securities investment portfolio is invested primarily in highly rated securities and its policy generally limits the amount of credit exposure to any one issuer .', 'the company 2019s investment policy requires investments to generally be investment grade with the objective of minimizing the potential risk of principal loss .', 'as of september 24 , 2011 and september 25 , 2010 , $ 54.3 billion and $ 30.8 billion , respectively , of the company 2019s cash , cash equivalents and marketable securities were held by foreign subsidiaries and are generally based in u.s .', 'dollar-denominated holdings .', 'amounts held by foreign subsidiaries are generally subject to u.s .', 'income taxation on repatriation to the u.s .', 'capital assets the company 2019s capital expenditures were $ 4.6 billion during 2011 , consisting of approximately $ 614 million for retail store facilities and $ 4.0 billion for other capital expenditures , including product tooling and manufacturing .'] | ========================================
, 2011, 2010, 2009
cash cash equivalents and marketable securities, $ 81570, $ 51011, $ 33992
accounts receivable net, $ 5369, $ 5510, $ 3361
inventories, $ 776, $ 1051, $ 455
working capital, $ 17018, $ 20956, $ 20049
annual operating cash flow, $ 37529, $ 18595, $ 10159
======================================== | subtract(37529, 18595), divide(#0, 18595) | 1.01823 |
what is the net change in cash during 2018? | Pre-text: ['bhge 2018 form 10-k | 39 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 .', 'if market conditions were to change and our revenue was reduced significantly or operating costs were to increase , our cash flows and liquidity could be reduced .', 'additionally , it could cause the rating agencies to lower our credit rating .', 'there are no ratings triggers that would accelerate the maturity of any borrowings under our committed credit facility .', 'however , a downgrade in our credit ratings could increase the cost of borrowings under the credit facility and could also limit or preclude our ability to issue commercial paper .', 'should this occur , we could seek alternative sources of funding , including borrowing under the credit facility .', 'during the year ended december 31 , 2018 , we used cash to fund a variety of activities including certain working capital needs and restructuring costs , capital expenditures , the repayment of debt , payment of dividends , distributions to ge 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 ), 2018, 2017, 2016
• operating activities, $ 1762, $ -799 ( 799 ), $ 262
• investing activities, -578 ( 578 ), -4123 ( 4123 ), -472 ( 472 )
• financing activities, -4363 ( 4363 ), 10919, -102 ( 102 )
========================================
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 .', 'cash flows from operating activities generated cash of $ 1762 million and used cash of $ 799 million for the years ended december 31 , 2018 and 2017 , respectively .', 'cash flows from operating activities increased $ 2561 million in 2018 primarily driven by better operating performance .', 'these cash inflows were supported by strong working capital cash flows , especially in the fourth quarter of 2018 , including approximately $ 300 million for a progress collection payment from a customer .', 'included in our cash flows from operating activities for 2018 and 2017 are payments of $ 473 million and $ 612 million , respectively , made primarily for employee severance as a result of our restructuring activities and merger and related costs .', 'cash flows from operating activities used $ 799 million and generated $ 262 million for the years ended december 31 , 2017 and 2016 , respectively .', 'cash flows from operating activities decreased $ 1061 million in 2017 primarily driven by a $ 1201 million negative impact from ending our receivables monetization program in the fourth quarter , and restructuring related payments throughout the year .', 'these cash outflows were partially offset by strong working capital cash flows , especially in the fourth quarter of 2017 .', 'included in our cash flows from operating activities for 2017 and 2016 are payments of $ 612 million and $ 177 million , respectively , made for employee severance as a result of our restructuring activities and merger and related costs .', 'investing activities cash flows from investing activities used cash of $ 578 million , $ 4123 million and $ 472 million for the years ended december 31 , 2018 , 2017 and 2016 , respectively .', 'our principal recurring investing activity is the funding of capital expenditures to ensure that we have the appropriate levels and types of machinery and equipment in place to generate revenue from operations .', 'expenditures for capital assets totaled $ 995 million , $ 665 million and $ 424 million for 2018 , 2017 and 2016 , respectively , partially offset by cash flows from the sale of property , plant and equipment of $ 458 million , $ 172 million and $ 20 million in 2018 , 2017 and 2016 , respectively .', 'proceeds from the disposal of assets related primarily .'] | -3179.0 | BKR/2018/page_59.pdf-4 | ['bhge 2018 form 10-k | 39 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 .', 'if market conditions were to change and our revenue was reduced significantly or operating costs were to increase , our cash flows and liquidity could be reduced .', 'additionally , it could cause the rating agencies to lower our credit rating .', 'there are no ratings triggers that would accelerate the maturity of any borrowings under our committed credit facility .', 'however , a downgrade in our credit ratings could increase the cost of borrowings under the credit facility and could also limit or preclude our ability to issue commercial paper .', 'should this occur , we could seek alternative sources of funding , including borrowing under the credit facility .', 'during the year ended december 31 , 2018 , we used cash to fund a variety of activities including certain working capital needs and restructuring costs , capital expenditures , the repayment of debt , payment of dividends , distributions to ge 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 .', 'cash flows from operating activities generated cash of $ 1762 million and used cash of $ 799 million for the years ended december 31 , 2018 and 2017 , respectively .', 'cash flows from operating activities increased $ 2561 million in 2018 primarily driven by better operating performance .', 'these cash inflows were supported by strong working capital cash flows , especially in the fourth quarter of 2018 , including approximately $ 300 million for a progress collection payment from a customer .', 'included in our cash flows from operating activities for 2018 and 2017 are payments of $ 473 million and $ 612 million , respectively , made primarily for employee severance as a result of our restructuring activities and merger and related costs .', 'cash flows from operating activities used $ 799 million and generated $ 262 million for the years ended december 31 , 2017 and 2016 , respectively .', 'cash flows from operating activities decreased $ 1061 million in 2017 primarily driven by a $ 1201 million negative impact from ending our receivables monetization program in the fourth quarter , and restructuring related payments throughout the year .', 'these cash outflows were partially offset by strong working capital cash flows , especially in the fourth quarter of 2017 .', 'included in our cash flows from operating activities for 2017 and 2016 are payments of $ 612 million and $ 177 million , respectively , made for employee severance as a result of our restructuring activities and merger and related costs .', 'investing activities cash flows from investing activities used cash of $ 578 million , $ 4123 million and $ 472 million for the years ended december 31 , 2018 , 2017 and 2016 , respectively .', 'our principal recurring investing activity is the funding of capital expenditures to ensure that we have the appropriate levels and types of machinery and equipment in place to generate revenue from operations .', 'expenditures for capital assets totaled $ 995 million , $ 665 million and $ 424 million for 2018 , 2017 and 2016 , respectively , partially offset by cash flows from the sale of property , plant and equipment of $ 458 million , $ 172 million and $ 20 million in 2018 , 2017 and 2016 , respectively .', 'proceeds from the disposal of assets related primarily .'] | ========================================
• ( in millions ), 2018, 2017, 2016
• operating activities, $ 1762, $ -799 ( 799 ), $ 262
• investing activities, -578 ( 578 ), -4123 ( 4123 ), -472 ( 472 )
• financing activities, -4363 ( 4363 ), 10919, -102 ( 102 )
======================================== | add(1762, -578), add(#0, -4363) | -3179.0 |
what is the 2010 estimated amortization expense for finite-lived intangible assets as a percentage of the unsecured revolving credit facility? | Pre-text: ['blackrock n 96 n notes in april 2009 , the company acquired $ 2 million of finite- lived management contracts with a five-year estimated useful life associated with the acquisition of the r3 capital partners funds .', 'in december 2009 , in conjunction with the bgi trans- action , the company acquired $ 163 million of finite- lived management contracts with a weighted-average estimated useful life of approximately 10 years .', 'estimated amortization expense for finite-lived intangible assets for each of the five succeeding years is as follows : ( dollar amounts in millions ) .']
----------
Table:
========================================
• 2010, $ 160
• 2011, 157
• 2012, 156
• 2013, 155
• 2014, 149
========================================
----------
Post-table: ['indefinite-lived acquired management contracts on september 29 , 2006 , in conjunction with the mlim transaction , the company acquired indefinite-lived man- agement contracts valued at $ 4477 million consisting of $ 4271 million for all retail mutual funds and $ 206 million for alternative investment products .', 'on october 1 , 2007 , in conjunction with the quellos transaction , the company acquired $ 631 million in indefinite-lived management contracts associated with alternative investment products .', 'on october 1 , 2007 , the company purchased the remain- ing 20% ( 20 % ) of an investment manager of a fund of hedge funds .', 'in conjunction with this transaction , the company recorded $ 8 million in additional indefinite-lived management contracts associated with alternative investment products .', 'on december 1 , 2009 , in conjunction with the bgi transaction , the company acquired $ 9785 million in indefinite-lived management contracts valued consisting primarily for exchange traded funds and common and collective trusts .', 'indefinite-lived acquired trade names/trademarks on december 1 , 2009 , in conjunction with the bgi transaction , the company acquired trade names/ trademarks primarily related to ishares valued at $ 1402.5 million .', 'the fair value was determined using a royalty rate based primarily on normalized marketing and promotion expenditures to develop and support the brands globally .', '13 .', 'borrowings short-term borrowings 2007 facility in august 2007 , the company entered into a five-year $ 2.5 billion unsecured revolving credit facility ( the 201c2007 facility 201d ) , which permits the company to request an additional $ 500 million of borrowing capacity , subject to lender credit approval , up to a maximum of $ 3.0 billion .', 'the 2007 facility requires the company not to exceed a maximum leverage ratio ( ratio of net debt to earnings before interest , taxes , depreciation and amortiza- tion , where net debt equals total debt less domestic unrestricted cash ) of 3 to 1 , which was satisfied with a ratio of less than 1 to 1 at december 31 , 2009 .', 'the 2007 facility provides back-up liquidity , funds ongoing working capital for general corporate purposes and funds various investment opportunities .', 'at december 31 , 2009 , the company had $ 200 million outstanding under the 2007 facility with an interest rate of 0.44% ( 0.44 % ) and a maturity date during february 2010 .', 'during february 2010 , the company rolled over $ 100 million in borrowings with an interest rate of 0.43% ( 0.43 % ) and a maturity date in may 2010 .', 'lehman commercial paper inc .', 'has a $ 140 million participation under the 2007 facility ; however blackrock does not expect that lehman commercial paper inc .', 'will honor its commitment to fund additional amounts .', 'bank of america , a related party , has a $ 140 million participation under the 2007 facility .', 'in december 2007 , in order to support two enhanced cash funds that blackrock manages , blackrock elected to procure two letters of credit under the existing 2007 facility in an aggregate amount of $ 100 million .', 'in decem- ber 2008 , the letters of credit were terminated .', 'commercial paper program on october 14 , 2009 , blackrock established a com- mercial paper program ( the 201ccp program 201d ) under which the company may issue unsecured commercial paper notes ( the 201ccp notes 201d ) on a private placement basis up to a maximum aggregate amount outstanding at any time of $ 3 billion .', 'the proceeds of the commercial paper issuances were used for the financing of a portion of the bgi transaction .', 'subsidiaries of bank of america and barclays , as well as other third parties , act as dealers under the cp program .', 'the cp program is supported by the 2007 facility .', 'the company began issuance of cp notes under the cp program on november 4 , 2009 .', 'as of december 31 , 2009 , blackrock had approximately $ 2 billion of out- standing cp notes with a weighted average interest rate of 0.20% ( 0.20 % ) and a weighted average maturity of 23 days .', 'since december 31 , 2009 , the company repaid approxi- mately $ 1.4 billion of cp notes with proceeds from the long-term notes issued in december 2009 .', 'as of march 5 , 2010 , blackrock had $ 596 million of outstanding cp notes with a weighted average interest rate of 0.18% ( 0.18 % ) and a weighted average maturity of 38 days .', 'japan commitment-line in june 2008 , blackrock japan co. , ltd. , a wholly owned subsidiary of the company , entered into a five billion japanese yen commitment-line agreement with a bank- ing institution ( the 201cjapan commitment-line 201d ) .', 'the term of the japan commitment-line was one year and interest accrued at the applicable japanese short-term prime rate .', 'in june 2009 , blackrock japan co. , ltd .', 'renewed the japan commitment-line for a term of one year .', 'the japan commitment-line is intended to provide liquid- ity and flexibility for operating requirements in japan .', 'at december 31 , 2009 , the company had no borrowings outstanding on the japan commitment-line .', 'convertible debentures in february 2005 , the company issued $ 250 million aggregate principal amount of convertible debentures ( the 201cdebentures 201d ) , due in 2035 and bearing interest at a rate of 2.625% ( 2.625 % ) per annum .', 'interest is payable semi- annually in arrears on february 15 and august 15 of each year , and commenced august 15 , 2005 .', 'prior to february 15 , 2009 , the debentures could have been convertible at the option of the holder at a decem- ber 31 , 2008 conversion rate of 9.9639 shares of common stock per one dollar principal amount of debentures under certain circumstances .', 'the debentures would have been convertible into cash and , in some situations as described below , additional shares of the company 2019s common stock , if during the five business day period after any five consecutive trading day period the trading price per debenture for each day of such period is less than 103% ( 103 % ) of the product of the last reported sales price of blackrock 2019s common stock and the conversion rate of the debentures on each such day or upon the occurrence of certain other corporate events , such as a distribution to the holders of blackrock common stock of certain rights , assets or debt securities , if the company becomes party to a merger , consolidation or transfer of all or substantially all of its assets or a change of control of the company .', 'on february 15 , 2009 , the debentures became convertible into cash at any time prior to maturity at the option of the holder and , in some situations as described below , additional shares of the company 2019s common stock at the current conversion rate .', 'at the time the debentures are tendered for conver- sion , for each one dollar principal amount of debentures converted , a holder shall be entitled to receive cash and shares of blackrock common stock , if any , the aggregate value of which ( the 201cconversion value 201d ) will be deter- mined by multiplying the applicable conversion rate by the average of the daily volume weighted average price of blackrock common stock for each of the ten consecutive trading days beginning on the second trading day imme- diately following the day the debentures are tendered for conversion ( the 201cten-day weighted average price 201d ) .', 'the company will deliver the conversion value to holders as follows : ( 1 ) an amount in cash ( the 201cprincipal return 201d ) equal to the lesser of ( a ) the aggregate conversion value of the debentures to be converted and ( b ) the aggregate principal amount of the debentures to be converted , and ( 2 ) if the aggregate conversion value of the debentures to be converted is greater than the principal return , an amount in shares ( the 201cnet shares 201d ) , determined as set forth below , equal to such aggregate conversion value less the principal return ( the 201cnet share amount 201d ) .', 'the number of net shares to be paid will be determined by dividing the net share amount by the ten-day weighted average price .', 'in lieu of delivering fractional shares , the company will deliver cash based on the ten-day weighted average price .', 'the conversion rate for the debentures is subject to adjustments upon the occurrence of certain corporate events , such as a change of control of the company , 193253ti_txt.indd 96 4/2/10 1:18 pm .'] | 0.0025 | BLK/2009/page_98.pdf-2 | ['blackrock n 96 n notes in april 2009 , the company acquired $ 2 million of finite- lived management contracts with a five-year estimated useful life associated with the acquisition of the r3 capital partners funds .', 'in december 2009 , in conjunction with the bgi trans- action , the company acquired $ 163 million of finite- lived management contracts with a weighted-average estimated useful life of approximately 10 years .', 'estimated amortization expense for finite-lived intangible assets for each of the five succeeding years is as follows : ( dollar amounts in millions ) .'] | ['indefinite-lived acquired management contracts on september 29 , 2006 , in conjunction with the mlim transaction , the company acquired indefinite-lived man- agement contracts valued at $ 4477 million consisting of $ 4271 million for all retail mutual funds and $ 206 million for alternative investment products .', 'on october 1 , 2007 , in conjunction with the quellos transaction , the company acquired $ 631 million in indefinite-lived management contracts associated with alternative investment products .', 'on october 1 , 2007 , the company purchased the remain- ing 20% ( 20 % ) of an investment manager of a fund of hedge funds .', 'in conjunction with this transaction , the company recorded $ 8 million in additional indefinite-lived management contracts associated with alternative investment products .', 'on december 1 , 2009 , in conjunction with the bgi transaction , the company acquired $ 9785 million in indefinite-lived management contracts valued consisting primarily for exchange traded funds and common and collective trusts .', 'indefinite-lived acquired trade names/trademarks on december 1 , 2009 , in conjunction with the bgi transaction , the company acquired trade names/ trademarks primarily related to ishares valued at $ 1402.5 million .', 'the fair value was determined using a royalty rate based primarily on normalized marketing and promotion expenditures to develop and support the brands globally .', '13 .', 'borrowings short-term borrowings 2007 facility in august 2007 , the company entered into a five-year $ 2.5 billion unsecured revolving credit facility ( the 201c2007 facility 201d ) , which permits the company to request an additional $ 500 million of borrowing capacity , subject to lender credit approval , up to a maximum of $ 3.0 billion .', 'the 2007 facility requires the company not to exceed a maximum leverage ratio ( ratio of net debt to earnings before interest , taxes , depreciation and amortiza- tion , where net debt equals total debt less domestic unrestricted cash ) of 3 to 1 , which was satisfied with a ratio of less than 1 to 1 at december 31 , 2009 .', 'the 2007 facility provides back-up liquidity , funds ongoing working capital for general corporate purposes and funds various investment opportunities .', 'at december 31 , 2009 , the company had $ 200 million outstanding under the 2007 facility with an interest rate of 0.44% ( 0.44 % ) and a maturity date during february 2010 .', 'during february 2010 , the company rolled over $ 100 million in borrowings with an interest rate of 0.43% ( 0.43 % ) and a maturity date in may 2010 .', 'lehman commercial paper inc .', 'has a $ 140 million participation under the 2007 facility ; however blackrock does not expect that lehman commercial paper inc .', 'will honor its commitment to fund additional amounts .', 'bank of america , a related party , has a $ 140 million participation under the 2007 facility .', 'in december 2007 , in order to support two enhanced cash funds that blackrock manages , blackrock elected to procure two letters of credit under the existing 2007 facility in an aggregate amount of $ 100 million .', 'in decem- ber 2008 , the letters of credit were terminated .', 'commercial paper program on october 14 , 2009 , blackrock established a com- mercial paper program ( the 201ccp program 201d ) under which the company may issue unsecured commercial paper notes ( the 201ccp notes 201d ) on a private placement basis up to a maximum aggregate amount outstanding at any time of $ 3 billion .', 'the proceeds of the commercial paper issuances were used for the financing of a portion of the bgi transaction .', 'subsidiaries of bank of america and barclays , as well as other third parties , act as dealers under the cp program .', 'the cp program is supported by the 2007 facility .', 'the company began issuance of cp notes under the cp program on november 4 , 2009 .', 'as of december 31 , 2009 , blackrock had approximately $ 2 billion of out- standing cp notes with a weighted average interest rate of 0.20% ( 0.20 % ) and a weighted average maturity of 23 days .', 'since december 31 , 2009 , the company repaid approxi- mately $ 1.4 billion of cp notes with proceeds from the long-term notes issued in december 2009 .', 'as of march 5 , 2010 , blackrock had $ 596 million of outstanding cp notes with a weighted average interest rate of 0.18% ( 0.18 % ) and a weighted average maturity of 38 days .', 'japan commitment-line in june 2008 , blackrock japan co. , ltd. , a wholly owned subsidiary of the company , entered into a five billion japanese yen commitment-line agreement with a bank- ing institution ( the 201cjapan commitment-line 201d ) .', 'the term of the japan commitment-line was one year and interest accrued at the applicable japanese short-term prime rate .', 'in june 2009 , blackrock japan co. , ltd .', 'renewed the japan commitment-line for a term of one year .', 'the japan commitment-line is intended to provide liquid- ity and flexibility for operating requirements in japan .', 'at december 31 , 2009 , the company had no borrowings outstanding on the japan commitment-line .', 'convertible debentures in february 2005 , the company issued $ 250 million aggregate principal amount of convertible debentures ( the 201cdebentures 201d ) , due in 2035 and bearing interest at a rate of 2.625% ( 2.625 % ) per annum .', 'interest is payable semi- annually in arrears on february 15 and august 15 of each year , and commenced august 15 , 2005 .', 'prior to february 15 , 2009 , the debentures could have been convertible at the option of the holder at a decem- ber 31 , 2008 conversion rate of 9.9639 shares of common stock per one dollar principal amount of debentures under certain circumstances .', 'the debentures would have been convertible into cash and , in some situations as described below , additional shares of the company 2019s common stock , if during the five business day period after any five consecutive trading day period the trading price per debenture for each day of such period is less than 103% ( 103 % ) of the product of the last reported sales price of blackrock 2019s common stock and the conversion rate of the debentures on each such day or upon the occurrence of certain other corporate events , such as a distribution to the holders of blackrock common stock of certain rights , assets or debt securities , if the company becomes party to a merger , consolidation or transfer of all or substantially all of its assets or a change of control of the company .', 'on february 15 , 2009 , the debentures became convertible into cash at any time prior to maturity at the option of the holder and , in some situations as described below , additional shares of the company 2019s common stock at the current conversion rate .', 'at the time the debentures are tendered for conver- sion , for each one dollar principal amount of debentures converted , a holder shall be entitled to receive cash and shares of blackrock common stock , if any , the aggregate value of which ( the 201cconversion value 201d ) will be deter- mined by multiplying the applicable conversion rate by the average of the daily volume weighted average price of blackrock common stock for each of the ten consecutive trading days beginning on the second trading day imme- diately following the day the debentures are tendered for conversion ( the 201cten-day weighted average price 201d ) .', 'the company will deliver the conversion value to holders as follows : ( 1 ) an amount in cash ( the 201cprincipal return 201d ) equal to the lesser of ( a ) the aggregate conversion value of the debentures to be converted and ( b ) the aggregate principal amount of the debentures to be converted , and ( 2 ) if the aggregate conversion value of the debentures to be converted is greater than the principal return , an amount in shares ( the 201cnet shares 201d ) , determined as set forth below , equal to such aggregate conversion value less the principal return ( the 201cnet share amount 201d ) .', 'the number of net shares to be paid will be determined by dividing the net share amount by the ten-day weighted average price .', 'in lieu of delivering fractional shares , the company will deliver cash based on the ten-day weighted average price .', 'the conversion rate for the debentures is subject to adjustments upon the occurrence of certain corporate events , such as a change of control of the company , 193253ti_txt.indd 96 4/2/10 1:18 pm .'] | ========================================
• 2010, $ 160
• 2011, 157
• 2012, 156
• 2013, 155
• 2014, 149
======================================== | divide(2.5, const_1000) | 0.0025 |
in 2008 what was the percent of the total freight revenues that was related to agricultural | Context: ['notes to the consolidated financial statements union pacific corporation and subsidiary companies for purposes of this report , unless the context otherwise requires , all references herein to the 201ccorporation 201d , 201cupc 201d , 201cwe 201d , 201cus 201d , and 201cour 201d mean union pacific corporation and its subsidiaries , including union pacific railroad company , which will be separately referred to herein as 201cuprr 201d or the 201crailroad 201d .', '1 .', 'nature of operations and significant accounting policies operations and segmentation 2013 we are a class i railroad that operates in the united states .', 'we have 32012 route miles , linking pacific coast and gulf coast ports with the midwest and eastern united states gateways and providing several corridors to key mexican gateways .', 'we serve the western two- thirds of the country and maintain coordinated schedules with other rail carriers for the handling of freight to and from the atlantic coast , the pacific coast , the southeast , the southwest , canada , and mexico .', 'export and import traffic is moved through gulf coast and pacific coast ports and across the mexican and canadian borders .', 'the railroad , along with its subsidiaries and rail affiliates , is our one reportable operating segment .', 'although revenues are analyzed by commodity group , we analyze the net financial results of the railroad as one segment due to the integrated nature of our rail network .', 'the following table provides revenue by commodity group : millions of dollars 2008 2007 2006 .']
----
Data Table:
• millions of dollars, 2008, 2007, 2006
• agricultural, $ 3174, $ 2605, $ 2385
• automotive, 1344, 1458, 1427
• chemicals, 2494, 2287, 2084
• energy, 3810, 3134, 2949
• industrial products, 3273, 3077, 3135
• intermodal, 3023, 2925, 2811
• total freight revenues, $ 17118, $ 15486, $ 14791
• other revenues, 852, 797, 787
• total operating revenues, $ 17970, $ 16283, $ 15578
----
Follow-up: ['basis of presentation 2013 certain prior year amounts have been reclassified to conform to the current period financial statement presentation .', 'the reclassifications include reporting freight revenues instead of commodity revenues .', 'the amounts reclassified from freight revenues to other revenues totaled $ 30 million and $ 71 million for the years ended december 31 , 2007 , and december 31 , 2006 , respectively .', 'in addition , we modified our operating expense categories to report fuel used in railroad operations as a stand-alone category , to combine purchased services and materials into one line , and to reclassify certain other expenses among operating expense categories .', 'these reclassifications had no impact on previously reported operating revenues , total operating expenses , operating income or net income .', 'significant accounting policies principles of consolidation 2013 the consolidated financial statements include the accounts of union pacific corporation and all of its subsidiaries .', 'investments in affiliated companies ( 20% ( 20 % ) to 50% ( 50 % ) owned ) are accounted for using the equity method of accounting .', 'all significant intercompany transactions are eliminated .', 'the corporation evaluates its less than majority-owned investments for consolidation .'] | 0.18542 | UNP/2008/page_59.pdf-1 | ['notes to the consolidated financial statements union pacific corporation and subsidiary companies for purposes of this report , unless the context otherwise requires , all references herein to the 201ccorporation 201d , 201cupc 201d , 201cwe 201d , 201cus 201d , and 201cour 201d mean union pacific corporation and its subsidiaries , including union pacific railroad company , which will be separately referred to herein as 201cuprr 201d or the 201crailroad 201d .', '1 .', 'nature of operations and significant accounting policies operations and segmentation 2013 we are a class i railroad that operates in the united states .', 'we have 32012 route miles , linking pacific coast and gulf coast ports with the midwest and eastern united states gateways and providing several corridors to key mexican gateways .', 'we serve the western two- thirds of the country and maintain coordinated schedules with other rail carriers for the handling of freight to and from the atlantic coast , the pacific coast , the southeast , the southwest , canada , and mexico .', 'export and import traffic is moved through gulf coast and pacific coast ports and across the mexican and canadian borders .', 'the railroad , along with its subsidiaries and rail affiliates , is our one reportable operating segment .', 'although revenues are analyzed by commodity group , we analyze the net financial results of the railroad as one segment due to the integrated nature of our rail network .', 'the following table provides revenue by commodity group : millions of dollars 2008 2007 2006 .'] | ['basis of presentation 2013 certain prior year amounts have been reclassified to conform to the current period financial statement presentation .', 'the reclassifications include reporting freight revenues instead of commodity revenues .', 'the amounts reclassified from freight revenues to other revenues totaled $ 30 million and $ 71 million for the years ended december 31 , 2007 , and december 31 , 2006 , respectively .', 'in addition , we modified our operating expense categories to report fuel used in railroad operations as a stand-alone category , to combine purchased services and materials into one line , and to reclassify certain other expenses among operating expense categories .', 'these reclassifications had no impact on previously reported operating revenues , total operating expenses , operating income or net income .', 'significant accounting policies principles of consolidation 2013 the consolidated financial statements include the accounts of union pacific corporation and all of its subsidiaries .', 'investments in affiliated companies ( 20% ( 20 % ) to 50% ( 50 % ) owned ) are accounted for using the equity method of accounting .', 'all significant intercompany transactions are eliminated .', 'the corporation evaluates its less than majority-owned investments for consolidation .'] | • millions of dollars, 2008, 2007, 2006
• agricultural, $ 3174, $ 2605, $ 2385
• automotive, 1344, 1458, 1427
• chemicals, 2494, 2287, 2084
• energy, 3810, 3134, 2949
• industrial products, 3273, 3077, 3135
• intermodal, 3023, 2925, 2811
• total freight revenues, $ 17118, $ 15486, $ 14791
• other revenues, 852, 797, 787
• total operating revenues, $ 17970, $ 16283, $ 15578 | divide(3174, 17118) | 0.18542 |
what portion of the total full-time employees of american are pilots? | Background: ['future regulatory developments future regulatory developments and actions could affect operations and increase operating costs for the airline industry , including our airline subsidiaries .', 'see part i , item 1a .', 'risk factors - " if we are unable to obtain and maintain adequate facilities and infrastructure throughout our system and , at some airports , adequate slots , we may be unable to operate our existing flight schedule and to expand or change our route network in the future , which may have a material adverse impact on our operations ," "our business is subject to extensive government regulation , which may result in increases in our costs , disruptions to our operations , limits on our operating flexibility , reductions in the demand for air travel , and competitive disadvantages" and "we are subject to many forms of environmental regulation and may incur substantial costs as a result" for additional information .', 'employees and labor relations the airline business is labor intensive .', 'in 2013 , salaries , wages , and benefits were one of our largest expenses and represented approximately 22% ( 22 % ) of our operating expenses .', 'the table below presents our approximate number of active full-time equivalent employees as of december 31 , 2013 .', 'american us airways wholly-owned regional carriers total .']
----
Tabular Data:
========================================
Row 1: , american, us airways, wholly-owned regional carriers, total
Row 2: pilots, 7900, 4100, 3400, 15400
Row 3: flight attendants, 15000, 7700, 2100, 24800
Row 4: maintenance personnel, 11300, 3100, 2400, 16800
Row 5: fleet service personnel, 7400, 5500, 1700, 14600
Row 6: passenger service personnel, 10300, 6200, 6400, 22900
Row 7: administrative and other, 8200, 5500, 2200, 15900
Row 8: total, 60100, 32100, 18200, 110400
========================================
----
Post-table: ['.'] | 0.13145 | AAL/2013/page_15.pdf-4 | ['future regulatory developments future regulatory developments and actions could affect operations and increase operating costs for the airline industry , including our airline subsidiaries .', 'see part i , item 1a .', 'risk factors - " if we are unable to obtain and maintain adequate facilities and infrastructure throughout our system and , at some airports , adequate slots , we may be unable to operate our existing flight schedule and to expand or change our route network in the future , which may have a material adverse impact on our operations ," "our business is subject to extensive government regulation , which may result in increases in our costs , disruptions to our operations , limits on our operating flexibility , reductions in the demand for air travel , and competitive disadvantages" and "we are subject to many forms of environmental regulation and may incur substantial costs as a result" for additional information .', 'employees and labor relations the airline business is labor intensive .', 'in 2013 , salaries , wages , and benefits were one of our largest expenses and represented approximately 22% ( 22 % ) of our operating expenses .', 'the table below presents our approximate number of active full-time equivalent employees as of december 31 , 2013 .', 'american us airways wholly-owned regional carriers total .'] | ['.'] | ========================================
Row 1: , american, us airways, wholly-owned regional carriers, total
Row 2: pilots, 7900, 4100, 3400, 15400
Row 3: flight attendants, 15000, 7700, 2100, 24800
Row 4: maintenance personnel, 11300, 3100, 2400, 16800
Row 5: fleet service personnel, 7400, 5500, 1700, 14600
Row 6: passenger service personnel, 10300, 6200, 6400, 22900
Row 7: administrative and other, 8200, 5500, 2200, 15900
Row 8: total, 60100, 32100, 18200, 110400
======================================== | divide(7900, 60100) | 0.13145 |
what is the growth rate in the balance of total multi assets from 2014 to 2015? | Background: ['long-term product offerings include active and index strategies .', 'our active strategies seek to earn attractive returns in excess of a market benchmark or performance hurdle while maintaining an appropriate risk profile .', 'we offer two types of active strategies : those that rely primarily on fundamental research and those that utilize primarily quantitative models to drive portfolio construction .', 'in contrast , index strategies seek to closely track the returns of a corresponding index , generally by investing in substantially the same underlying securities within the index or in a subset of those securities selected to approximate a similar risk and return profile of the index .', 'index strategies include both our non-etf index products and ishares etfs .', 'althoughmany clients use both active and index strategies , the application of these strategies may differ .', 'for example , clients may use index products to gain exposure to a market or asset class .', 'in addition , institutional non-etf index assignments tend to be very large ( multi-billion dollars ) and typically reflect low fee rates .', 'this has the potential to exaggerate the significance of net flows in institutional index products on blackrock 2019s revenues and earnings .', 'equity year-end 2015 equity aum totaled $ 2.424 trillion , reflecting net inflows of $ 52.8 billion .', 'net inflows included $ 78.4 billion and $ 4.2 billion into ishares and active products , respectively .', 'ishares net inflows were driven by the core series and flows into broad developed market equity exposures , and active net inflows reflected demand for international equities .', 'ishares and active net inflows were partially offset by non-etf index net outflows of $ 29.8 billion .', 'blackrock 2019s effective fee rates fluctuate due to changes in aummix .', 'approximately half of blackrock 2019s equity aum is tied to international markets , including emerging markets , which tend to have higher fee rates than u.s .', 'equity strategies .', 'accordingly , fluctuations in international equity markets , which do not consistently move in tandemwith u.s .', 'markets , may have a greater impact on blackrock 2019s effective equity fee rates and revenues .', 'fixed income fixed income aum ended 2015 at $ 1.422 trillion , increasing $ 28.7 billion , or 2% ( 2 % ) , from december 31 , 2014 .', 'the increase in aum reflected $ 76.9 billion in net inflows , partially offset by $ 48.2 billion in net market depreciation and foreign exchange movements .', 'in 2015 , active net inflows of $ 35.9 billion were diversified across fixed income offerings , with strong flows into our unconstrained , total return and high yield strategies .', 'flagship funds in these product areas include our unconstrained strategic income opportunities and fixed income strategies funds , with net inflows of $ 7.0 billion and $ 3.7 billion , respectively ; our total return fund with net inflows of $ 2.7 billion ; and our high yield bond fund with net inflows of $ 3.5 billion .', 'fixed income ishares net inflows of $ 50.3 billion were led by flows into core , corporate and high yield bond funds .', 'active and ishares net inflows were partially offset by non-etf index net outflows of $ 9.3 billion .', 'multi-asset class blackrock 2019s multi-asset class teammanages a variety of balanced funds and bespoke mandates for a diversified client base that leverages our broad investment expertise in global equities , bonds , currencies and commodities , and our extensive risk management capabilities .', 'investment solutions might include a combination of long-only portfolios and alternative investments as well as tactical asset allocation overlays .', 'component changes in multi-asset class aum for 2015 are presented below .', '( in millions ) december 31 , 2014 net inflows ( outflows ) acquisition ( 1 ) market change fx impact december 31 , 2015 asset allocation and balanced $ 183032 $ 12926 $ 2014 $ ( 6731 ) $ ( 3391 ) $ 185836 .']
##
Tabular Data:
• ( in millions ), december 312014, net inflows ( outflows ), acquisition ( 1 ), market change, fx impact, december 312015
• asset allocation and balanced, $ 183032, $ 12926, $ 2014, $ -6731 ( 6731 ), $ -3391 ( 3391 ), $ 185836
• target date/risk, 128611, 218, 2014, -1308 ( 1308 ), -1857 ( 1857 ), 125664
• fiduciary, 66194, 3985, 2014, 627, -6373 ( 6373 ), 64433
• futureadvisor, 2014, 38, 366, -1 ( 1 ), 2014, 403
• multi-asset, $ 377837, $ 17167, $ 366, $ -7413 ( 7413 ), $ -11621 ( 11621 ), $ 376336
##
Additional Information: ['( 1 ) amounts represent $ 366 million of aum acquired in the futureadvisor acquisition in october 2015 .', 'the futureadvisor acquisition amount does not include aum that was held in ishares holdings .', 'multi-asset class net inflows reflected ongoing institutional demand for our solutions-based advice with $ 17.4 billion of net inflows coming from institutional clients .', 'defined contribution plans of institutional clients remained a significant driver of flows , and contributed $ 7.3 billion to institutional multi-asset class net new business in 2015 , primarily into target date and target risk product offerings .', 'retail net outflows of $ 1.3 billion were primarily due to a large single-client transition out of mutual funds into a series of ishares across asset classes .', 'notwithstanding this transition , retail flows reflected demand for our multi-asset income fund family , which raised $ 4.6 billion in 2015 .', 'the company 2019s multi-asset class strategies include the following : 2022 asset allocation and balanced products represented 49% ( 49 % ) of multi-asset class aum at year-end , with growth in aum driven by net new business of $ 12.9 billion .', 'these strategies combine equity , fixed income and alternative components for investors seeking a tailored solution relative to a specific benchmark and within a risk budget .', 'in certain cases , these strategies seek to minimize downside risk through diversification , derivatives strategies and tactical asset allocation decisions .', 'flagship products in this category include our global allocation andmulti-asset income suites. .'] | -0.00397 | BLK/2015/page_35.pdf-4 | ['long-term product offerings include active and index strategies .', 'our active strategies seek to earn attractive returns in excess of a market benchmark or performance hurdle while maintaining an appropriate risk profile .', 'we offer two types of active strategies : those that rely primarily on fundamental research and those that utilize primarily quantitative models to drive portfolio construction .', 'in contrast , index strategies seek to closely track the returns of a corresponding index , generally by investing in substantially the same underlying securities within the index or in a subset of those securities selected to approximate a similar risk and return profile of the index .', 'index strategies include both our non-etf index products and ishares etfs .', 'althoughmany clients use both active and index strategies , the application of these strategies may differ .', 'for example , clients may use index products to gain exposure to a market or asset class .', 'in addition , institutional non-etf index assignments tend to be very large ( multi-billion dollars ) and typically reflect low fee rates .', 'this has the potential to exaggerate the significance of net flows in institutional index products on blackrock 2019s revenues and earnings .', 'equity year-end 2015 equity aum totaled $ 2.424 trillion , reflecting net inflows of $ 52.8 billion .', 'net inflows included $ 78.4 billion and $ 4.2 billion into ishares and active products , respectively .', 'ishares net inflows were driven by the core series and flows into broad developed market equity exposures , and active net inflows reflected demand for international equities .', 'ishares and active net inflows were partially offset by non-etf index net outflows of $ 29.8 billion .', 'blackrock 2019s effective fee rates fluctuate due to changes in aummix .', 'approximately half of blackrock 2019s equity aum is tied to international markets , including emerging markets , which tend to have higher fee rates than u.s .', 'equity strategies .', 'accordingly , fluctuations in international equity markets , which do not consistently move in tandemwith u.s .', 'markets , may have a greater impact on blackrock 2019s effective equity fee rates and revenues .', 'fixed income fixed income aum ended 2015 at $ 1.422 trillion , increasing $ 28.7 billion , or 2% ( 2 % ) , from december 31 , 2014 .', 'the increase in aum reflected $ 76.9 billion in net inflows , partially offset by $ 48.2 billion in net market depreciation and foreign exchange movements .', 'in 2015 , active net inflows of $ 35.9 billion were diversified across fixed income offerings , with strong flows into our unconstrained , total return and high yield strategies .', 'flagship funds in these product areas include our unconstrained strategic income opportunities and fixed income strategies funds , with net inflows of $ 7.0 billion and $ 3.7 billion , respectively ; our total return fund with net inflows of $ 2.7 billion ; and our high yield bond fund with net inflows of $ 3.5 billion .', 'fixed income ishares net inflows of $ 50.3 billion were led by flows into core , corporate and high yield bond funds .', 'active and ishares net inflows were partially offset by non-etf index net outflows of $ 9.3 billion .', 'multi-asset class blackrock 2019s multi-asset class teammanages a variety of balanced funds and bespoke mandates for a diversified client base that leverages our broad investment expertise in global equities , bonds , currencies and commodities , and our extensive risk management capabilities .', 'investment solutions might include a combination of long-only portfolios and alternative investments as well as tactical asset allocation overlays .', 'component changes in multi-asset class aum for 2015 are presented below .', '( in millions ) december 31 , 2014 net inflows ( outflows ) acquisition ( 1 ) market change fx impact december 31 , 2015 asset allocation and balanced $ 183032 $ 12926 $ 2014 $ ( 6731 ) $ ( 3391 ) $ 185836 .'] | ['( 1 ) amounts represent $ 366 million of aum acquired in the futureadvisor acquisition in october 2015 .', 'the futureadvisor acquisition amount does not include aum that was held in ishares holdings .', 'multi-asset class net inflows reflected ongoing institutional demand for our solutions-based advice with $ 17.4 billion of net inflows coming from institutional clients .', 'defined contribution plans of institutional clients remained a significant driver of flows , and contributed $ 7.3 billion to institutional multi-asset class net new business in 2015 , primarily into target date and target risk product offerings .', 'retail net outflows of $ 1.3 billion were primarily due to a large single-client transition out of mutual funds into a series of ishares across asset classes .', 'notwithstanding this transition , retail flows reflected demand for our multi-asset income fund family , which raised $ 4.6 billion in 2015 .', 'the company 2019s multi-asset class strategies include the following : 2022 asset allocation and balanced products represented 49% ( 49 % ) of multi-asset class aum at year-end , with growth in aum driven by net new business of $ 12.9 billion .', 'these strategies combine equity , fixed income and alternative components for investors seeking a tailored solution relative to a specific benchmark and within a risk budget .', 'in certain cases , these strategies seek to minimize downside risk through diversification , derivatives strategies and tactical asset allocation decisions .', 'flagship products in this category include our global allocation andmulti-asset income suites. .'] | • ( in millions ), december 312014, net inflows ( outflows ), acquisition ( 1 ), market change, fx impact, december 312015
• asset allocation and balanced, $ 183032, $ 12926, $ 2014, $ -6731 ( 6731 ), $ -3391 ( 3391 ), $ 185836
• target date/risk, 128611, 218, 2014, -1308 ( 1308 ), -1857 ( 1857 ), 125664
• fiduciary, 66194, 3985, 2014, 627, -6373 ( 6373 ), 64433
• futureadvisor, 2014, 38, 366, -1 ( 1 ), 2014, 403
• multi-asset, $ 377837, $ 17167, $ 366, $ -7413 ( 7413 ), $ -11621 ( 11621 ), $ 376336 | subtract(376336, 377837), divide(#0, 377837) | -0.00397 |
what is the net change in non-operating income from 2009 to 2010? | Pre-text: ['4 4 m a n a g e m e n t 2019 s d i s c u s s i o n notes to table ( continued ) ( a ) ( continued ) management believes that operating income , as adjusted , and operating margin , as adjusted , are effective indicators of blackrock 2019s financial performance over time .', 'as such , management believes that operating income , as adjusted , and operating margin , as adjusted , provide useful disclosure to investors .', 'operating income , as adjusted : bgi transaction and integration costs recorded in 2010 and 2009 consist principally of certain advisory payments , compensation expense , legal fees , marketing and promotional , occupancy and consulting expenses incurred in conjunction with the bgi transaction .', 'restructuring charges recorded in 2009 and 2008 consist of compensation costs , occupancy costs and professional fees .', 'the expenses associated with restructuring and bgi transaction and integration costs have been deemed non-recurring by management and have been excluded from operating income , as adjusted , to help enhance the comparability of this information to the current reporting periods .', 'as such , management believes that operating margins exclusive of these costs are useful measures in evaluating blackrock 2019s operating performance for the respective periods .', 'the portion of compensation expense associated with certain long-term incentive plans ( 201cltip 201d ) that will be funded through the distribution to participants of shares of blackrock stock held by pnc and a merrill lynch cash compensation contribution , a portion of which has been received , have been excluded because these charges ultimately do not impact blackrock 2019s book value .', 'compensation expense associated with appreciation/ ( depreciation ) on investments related to certain blackrock deferred compensation plans has been excluded as returns on investments set aside for these plans , which substantially offset this expense , are reported in non-operating income ( expense ) .', 'operating margin , as adjusted : operating income used for measuring operating margin , as adjusted , is equal to operating income , as adjusted , excluding the impact of closed-end fund launch costs and commissions .', 'management believes that excluding such costs and commissions is useful because these costs can fluctuate considerably and revenues associated with the expenditure of these costs will not fully impact the company 2019s results until future periods .', 'operating margin , as adjusted , allows the company to compare performance from period-to-period by adjusting for items that may not recur , recur infrequently or may fluctuate based on market movements , such as restructuring charges , transaction and integration costs , closed-end fund launch costs , commissions paid to certain employees as compensation and fluctua- tions in compensation expense based on mark-to-market movements in investments held to fund certain compensation plans .', 'the company also uses operating margin , as adjusted , to monitor corporate performance and efficiency and as a benchmark to compare its performance to other companies .', 'management uses both the gaap and non-gaap financial measures in evaluating the financial performance of blackrock .', 'the non-gaap measure by itself may pose limitations because it does not include all of the company 2019s revenues and expenses .', 'revenue used for operating margin , as adjusted , excludes distribution and servicing costs paid to related parties and other third parties .', 'management believes that excluding such costs is useful to blackrock because it creates consistency in the treatment for certain contracts for similar services , which due to the terms of the contracts , are accounted for under gaap on a net basis within investment advisory , administration fees and securities lending revenue .', 'amortization of deferred sales commissions is excluded from revenue used for operating margin measurement , as adjusted , because such costs , over time , offset distribution fee revenue earned by the company .', 'reimbursable property management compensation represented com- pensation and benefits paid to personnel of metric property management , inc .', '( 201cmetric 201d ) , a subsidiary of blackrock realty advisors , inc .', '( 201crealty 201d ) .', 'prior to the transfer in 2008 , these employees were retained on metric 2019s payroll when certain properties were acquired by realty 2019s clients .', 'the related compensation and benefits were fully reimbursed by realty 2019s clients and have been excluded from revenue used for operating margin , as adjusted , because they did not bear an economic cost to blackrock .', 'for each of these items , blackrock excludes from revenue used for operating margin , as adjusted , the costs related to each of these items as a proxy for such offsetting revenues .', '( b ) non-operating income ( expense ) , less net income ( loss ) attributable to non-controlling interests , as adjusted : non-operating income ( expense ) , less net income ( loss ) attributable to non-controlling interests ( 201cnci 201d ) , as adjusted , equals non-operating income ( expense ) , gaap basis , less net income ( loss ) attributable to nci , gaap basis , adjusted for compensation expense associated with depreciation/ ( appreciation ) on investments related to certain blackrock deferred compensation plans .', 'the compensation expense offset is recorded in operating income .', 'this compensation expense has been included in non-operating income ( expense ) , less net income ( loss ) attributable to nci , as adjusted , to offset returns on investments set aside for these plans , which are reported in non-operating income ( expense ) , gaap basis. .']
--------
Data Table:
----------------------------------------
( dollar amounts in millions ) | yearended december 31 , 2010 | yearended december 31 , 2009 | yearended december 31 , 2008
----------|----------|----------|----------
non-operating income ( expense ) gaap basis | $ 23 | $ -6 ( 6 ) | $ -577 ( 577 )
less : net income ( loss ) attributable to nci | -13 ( 13 ) | 22 | -155 ( 155 )
non-operating income ( expense ) ( 1 ) | 36 | -28 ( 28 ) | -422 ( 422 )
compensation expense related to ( appreciation ) /depreciation on deferred compensation plans | -11 ( 11 ) | -18 ( 18 ) | 38
non-operating income ( expense ) less net income ( loss ) attributable to nci as adjusted | $ 25 | $ -46 ( 46 ) | $ -384 ( 384 )
----------------------------------------
--------
Post-table: ['non-operating income ( expense ) ( 1 ) 36 ( 28 ) ( 422 ) compensation expense related to ( appreciation ) / depreciation on deferred compensation plans ( 11 ) ( 18 ) 38 non-operating income ( expense ) , less net income ( loss ) attributable to nci , as adjusted $ 25 ( $ 46 ) ( $ 384 ) ( 1 ) net of net income ( loss ) attributable to non-controlling interests .', 'management believes that non-operating income ( expense ) , less net income ( loss ) attributable to nci , as adjusted , provides for comparability of this information to prior periods and is an effective measure for reviewing blackrock 2019s non-operating contribution to its results .', 'as compensation expense associated with ( appreciation ) /depreciation on investments related to certain deferred compensation plans , which is included in operating income , offsets the gain/ ( loss ) on the investments set aside for these plans , management believes that non-operating income ( expense ) , less net income ( loss ) attributable to nci , as adjusted , provides a useful measure , for both management and investors , of blackrock 2019s non-operating results that impact book value. .'] | 64.0 | BLK/2010/page_46.pdf-3 | ['4 4 m a n a g e m e n t 2019 s d i s c u s s i o n notes to table ( continued ) ( a ) ( continued ) management believes that operating income , as adjusted , and operating margin , as adjusted , are effective indicators of blackrock 2019s financial performance over time .', 'as such , management believes that operating income , as adjusted , and operating margin , as adjusted , provide useful disclosure to investors .', 'operating income , as adjusted : bgi transaction and integration costs recorded in 2010 and 2009 consist principally of certain advisory payments , compensation expense , legal fees , marketing and promotional , occupancy and consulting expenses incurred in conjunction with the bgi transaction .', 'restructuring charges recorded in 2009 and 2008 consist of compensation costs , occupancy costs and professional fees .', 'the expenses associated with restructuring and bgi transaction and integration costs have been deemed non-recurring by management and have been excluded from operating income , as adjusted , to help enhance the comparability of this information to the current reporting periods .', 'as such , management believes that operating margins exclusive of these costs are useful measures in evaluating blackrock 2019s operating performance for the respective periods .', 'the portion of compensation expense associated with certain long-term incentive plans ( 201cltip 201d ) that will be funded through the distribution to participants of shares of blackrock stock held by pnc and a merrill lynch cash compensation contribution , a portion of which has been received , have been excluded because these charges ultimately do not impact blackrock 2019s book value .', 'compensation expense associated with appreciation/ ( depreciation ) on investments related to certain blackrock deferred compensation plans has been excluded as returns on investments set aside for these plans , which substantially offset this expense , are reported in non-operating income ( expense ) .', 'operating margin , as adjusted : operating income used for measuring operating margin , as adjusted , is equal to operating income , as adjusted , excluding the impact of closed-end fund launch costs and commissions .', 'management believes that excluding such costs and commissions is useful because these costs can fluctuate considerably and revenues associated with the expenditure of these costs will not fully impact the company 2019s results until future periods .', 'operating margin , as adjusted , allows the company to compare performance from period-to-period by adjusting for items that may not recur , recur infrequently or may fluctuate based on market movements , such as restructuring charges , transaction and integration costs , closed-end fund launch costs , commissions paid to certain employees as compensation and fluctua- tions in compensation expense based on mark-to-market movements in investments held to fund certain compensation plans .', 'the company also uses operating margin , as adjusted , to monitor corporate performance and efficiency and as a benchmark to compare its performance to other companies .', 'management uses both the gaap and non-gaap financial measures in evaluating the financial performance of blackrock .', 'the non-gaap measure by itself may pose limitations because it does not include all of the company 2019s revenues and expenses .', 'revenue used for operating margin , as adjusted , excludes distribution and servicing costs paid to related parties and other third parties .', 'management believes that excluding such costs is useful to blackrock because it creates consistency in the treatment for certain contracts for similar services , which due to the terms of the contracts , are accounted for under gaap on a net basis within investment advisory , administration fees and securities lending revenue .', 'amortization of deferred sales commissions is excluded from revenue used for operating margin measurement , as adjusted , because such costs , over time , offset distribution fee revenue earned by the company .', 'reimbursable property management compensation represented com- pensation and benefits paid to personnel of metric property management , inc .', '( 201cmetric 201d ) , a subsidiary of blackrock realty advisors , inc .', '( 201crealty 201d ) .', 'prior to the transfer in 2008 , these employees were retained on metric 2019s payroll when certain properties were acquired by realty 2019s clients .', 'the related compensation and benefits were fully reimbursed by realty 2019s clients and have been excluded from revenue used for operating margin , as adjusted , because they did not bear an economic cost to blackrock .', 'for each of these items , blackrock excludes from revenue used for operating margin , as adjusted , the costs related to each of these items as a proxy for such offsetting revenues .', '( b ) non-operating income ( expense ) , less net income ( loss ) attributable to non-controlling interests , as adjusted : non-operating income ( expense ) , less net income ( loss ) attributable to non-controlling interests ( 201cnci 201d ) , as adjusted , equals non-operating income ( expense ) , gaap basis , less net income ( loss ) attributable to nci , gaap basis , adjusted for compensation expense associated with depreciation/ ( appreciation ) on investments related to certain blackrock deferred compensation plans .', 'the compensation expense offset is recorded in operating income .', 'this compensation expense has been included in non-operating income ( expense ) , less net income ( loss ) attributable to nci , as adjusted , to offset returns on investments set aside for these plans , which are reported in non-operating income ( expense ) , gaap basis. .'] | ['non-operating income ( expense ) ( 1 ) 36 ( 28 ) ( 422 ) compensation expense related to ( appreciation ) / depreciation on deferred compensation plans ( 11 ) ( 18 ) 38 non-operating income ( expense ) , less net income ( loss ) attributable to nci , as adjusted $ 25 ( $ 46 ) ( $ 384 ) ( 1 ) net of net income ( loss ) attributable to non-controlling interests .', 'management believes that non-operating income ( expense ) , less net income ( loss ) attributable to nci , as adjusted , provides for comparability of this information to prior periods and is an effective measure for reviewing blackrock 2019s non-operating contribution to its results .', 'as compensation expense associated with ( appreciation ) /depreciation on investments related to certain deferred compensation plans , which is included in operating income , offsets the gain/ ( loss ) on the investments set aside for these plans , management believes that non-operating income ( expense ) , less net income ( loss ) attributable to nci , as adjusted , provides a useful measure , for both management and investors , of blackrock 2019s non-operating results that impact book value. .'] | ----------------------------------------
( dollar amounts in millions ) | yearended december 31 , 2010 | yearended december 31 , 2009 | yearended december 31 , 2008
----------|----------|----------|----------
non-operating income ( expense ) gaap basis | $ 23 | $ -6 ( 6 ) | $ -577 ( 577 )
less : net income ( loss ) attributable to nci | -13 ( 13 ) | 22 | -155 ( 155 )
non-operating income ( expense ) ( 1 ) | 36 | -28 ( 28 ) | -422 ( 422 )
compensation expense related to ( appreciation ) /depreciation on deferred compensation plans | -11 ( 11 ) | -18 ( 18 ) | 38
non-operating income ( expense ) less net income ( loss ) attributable to nci as adjusted | $ 25 | $ -46 ( 46 ) | $ -384 ( 384 )
---------------------------------------- | subtract(36, -28) | 64.0 |
what is the roi in s&p500 if the investment was made in 2012 and sold in 2015? | Context: ['performance graph the performance graph below shows the five-year cumulative total stockholder return on applied common stock during the period from october 28 , 2012 through october 29 , 2017 .', '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 28 , 2012 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 10/28/12 in stock or 10/31/12 in index , including reinvestment of dividends .', 'indexes calculated on month-end basis .', 'copyright a9 2017 standard & poor 2019s , a division of s&p global .', 'all rights reserved. .']
########
Data Table:
****************************************
Row 1: , 10/28/2012, 10/27/2013, 10/26/2014, 10/25/2015, 10/30/2016, 10/29/2017
Row 2: applied materials, 100.00, 171.03, 207.01, 165.34, 293.64, 586.91
Row 3: s&p 500 index, 100.00, 127.18, 149.14, 156.89, 163.97, 202.72
Row 4: rdg semiconductor composite index, 100.00, 131.94, 167.25, 160.80, 193.36, 288.96
****************************************
########
Additional Information: ['dividends during each of fiscal 2017 , 2016 and 2015 , applied 2019s board of directors declared four quarterly cash dividends in the amount of $ 0.10 per share .', '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 .', '10/28/12 10/27/13 10/26/14 10/25/15 10/30/16 10/29/17 applied materials , inc .', 's&p 500 rdg semiconductor composite .'] | 0.5689 | AMAT/2017/page_33.pdf-2 | ['performance graph the performance graph below shows the five-year cumulative total stockholder return on applied common stock during the period from october 28 , 2012 through october 29 , 2017 .', '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 28 , 2012 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 10/28/12 in stock or 10/31/12 in index , including reinvestment of dividends .', 'indexes calculated on month-end basis .', 'copyright a9 2017 standard & poor 2019s , a division of s&p global .', 'all rights reserved. .'] | ['dividends during each of fiscal 2017 , 2016 and 2015 , applied 2019s board of directors declared four quarterly cash dividends in the amount of $ 0.10 per share .', '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 .', '10/28/12 10/27/13 10/26/14 10/25/15 10/30/16 10/29/17 applied materials , inc .', 's&p 500 rdg semiconductor composite .'] | ****************************************
Row 1: , 10/28/2012, 10/27/2013, 10/26/2014, 10/25/2015, 10/30/2016, 10/29/2017
Row 2: applied materials, 100.00, 171.03, 207.01, 165.34, 293.64, 586.91
Row 3: s&p 500 index, 100.00, 127.18, 149.14, 156.89, 163.97, 202.72
Row 4: rdg semiconductor composite index, 100.00, 131.94, 167.25, 160.80, 193.36, 288.96
**************************************** | subtract(156.89, const_100), divide(#0, const_100) | 0.5689 |
what percentage of total active full-time equivalent employees consisted of passenger service personnel? | Background: ['table of contents other areas in which we do business .', 'depending on the scope of such regulation , certain of our facilities and operations , or the operations of our suppliers , may be subject to additional operating and other permit requirements , potentially resulting in increased operating costs .', 'future regulatory developments future regulatory developments and actions could affect operations and increase operating costs for the airline industry , including our airline subsidiaries .', 'see part i , item 1a .', 'risk factors 2013 201cif we are unable to obtain and maintain adequate facilities and infrastructure throughout our system and , at some airports , adequate slots , we may be unable to operate our existing flight schedule and to expand or change our route network in the future , which may have a material adverse impact on our operations , 201d 201cour business is subject to extensive government regulation , which may result in increases in our costs , disruptions to our operations , limits on our operating flexibility , reductions in the demand for air travel , and competitive disadvantages 201d and 201cwe are subject to many forms of environmental regulation and may incur substantial costs as a result 201d for additional information .', 'employees and labor relations the airline business is labor intensive .', 'in 2015 , salaries , wages and benefits were our largest expenses and represented approximately 31% ( 31 % ) of our operating expenses .', 'the table below presents our approximate number of active full-time equivalent employees as of december 31 , 2015 .', 'mainline operations wholly-owned regional carriers total .']
------
Table:
, mainline operations, wholly-owned regional carriers, total
pilots and flight crew training instructors, 13100, 3200, 16300
flight attendants, 24100, 1900, 26000
maintenance personnel, 14400, 1800, 16200
fleet service personnel, 16100, 3200, 19300
passenger service personnel, 16500, 7100, 23600
administrative and other, 14700, 2400, 17100
total, 98900, 19600, 118500
------
Post-table: ['.'] | 0.19916 | AAL/2015/page_15.pdf-3 | ['table of contents other areas in which we do business .', 'depending on the scope of such regulation , certain of our facilities and operations , or the operations of our suppliers , may be subject to additional operating and other permit requirements , potentially resulting in increased operating costs .', 'future regulatory developments future regulatory developments and actions could affect operations and increase operating costs for the airline industry , including our airline subsidiaries .', 'see part i , item 1a .', 'risk factors 2013 201cif we are unable to obtain and maintain adequate facilities and infrastructure throughout our system and , at some airports , adequate slots , we may be unable to operate our existing flight schedule and to expand or change our route network in the future , which may have a material adverse impact on our operations , 201d 201cour business is subject to extensive government regulation , which may result in increases in our costs , disruptions to our operations , limits on our operating flexibility , reductions in the demand for air travel , and competitive disadvantages 201d and 201cwe are subject to many forms of environmental regulation and may incur substantial costs as a result 201d for additional information .', 'employees and labor relations the airline business is labor intensive .', 'in 2015 , salaries , wages and benefits were our largest expenses and represented approximately 31% ( 31 % ) of our operating expenses .', 'the table below presents our approximate number of active full-time equivalent employees as of december 31 , 2015 .', 'mainline operations wholly-owned regional carriers total .'] | ['.'] | , mainline operations, wholly-owned regional carriers, total
pilots and flight crew training instructors, 13100, 3200, 16300
flight attendants, 24100, 1900, 26000
maintenance personnel, 14400, 1800, 16200
fleet service personnel, 16100, 3200, 19300
passenger service personnel, 16500, 7100, 23600
administrative and other, 14700, 2400, 17100
total, 98900, 19600, 118500 | divide(23600, 118500) | 0.19916 |
what percentage of total minimum lease payments are operating leases? | Pre-text: ['direct the activities of the vies and , therefore , do not control the ongoing activities that have a significant impact on the economic performance of the vies .', 'additionally , we do not have the obligation to absorb losses of the vies or the right to receive benefits of the vies that could potentially be significant to the we are not considered to be the primary beneficiary and do not consolidate these vies because our actions and decisions do not have the most significant effect on the vie 2019s performance and our fixed-price purchase options are not considered to be potentially significant to the vies .', 'the future minimum lease payments associated with the vie leases totaled $ 3.0 billion as of december 31 , 2014 .', '17 .', 'leases we lease certain locomotives , freight cars , and other property .', 'the consolidated statements of financial position as of december 31 , 2014 and 2013 included $ 2454 million , net of $ 1210 million of accumulated depreciation , and $ 2486 million , net of $ 1092 million of accumulated depreciation , respectively , for properties held under capital leases .', 'a charge to income resulting from the depreciation for assets held under capital leases is included within depreciation expense in our consolidated statements of income .', 'future minimum lease payments for operating and capital leases with initial or remaining non-cancelable lease terms in excess of one year as of december 31 , 2014 , were as follows : millions operating leases capital leases .']
##
Table:
• millions, operatingleases, capitalleases
• 2015, $ 508, $ 253
• 2016, 484, 249
• 2017, 429, 246
• 2018, 356, 224
• 2019, 323, 210
• later years, 1625, 745
• total minimum leasepayments, $ 3725, $ 1927
• amount representing interest, n/a, -407 ( 407 )
• present value of minimum leasepayments, n/a, $ 1520
##
Follow-up: ['approximately 95% ( 95 % ) of capital lease payments relate to locomotives .', 'rent expense for operating leases with terms exceeding one month was $ 593 million in 2014 , $ 618 million in 2013 , and $ 631 million in 2012 .', 'when cash rental payments are not made on a straight-line basis , we recognize variable rental expense on a straight-line basis over the lease term .', 'contingent rentals and sub-rentals are not significant .', '18 .', 'commitments and contingencies asserted and unasserted claims 2013 various claims and lawsuits are pending against us and certain of our subsidiaries .', 'we cannot fully determine the effect of all asserted and unasserted claims on our consolidated results of operations , financial condition , or liquidity ; however , to the extent possible , where asserted and 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 and insurance recoveries 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 an actuarial analysis to measure the expense and liability , including unasserted claims .', 'the federal employers 2019 liability act ( fela ) governs compensation for work-related accidents .', 'under fela , damages are assessed based on a finding of fault through litigation or out-of-court settlements .', 'we offer a comprehensive variety of services and rehabilitation programs for employees who are injured at work .', 'our personal injury liability is not discounted to present value due to the uncertainty surrounding the timing of future payments .', 'approximately 93% ( 93 % ) of the recorded liability is related to asserted claims and approximately 7% ( 7 % ) is related to unasserted claims at december 31 , 2014 .', 'because of the uncertainty .'] | 0.65906 | UNP/2014/page_80.pdf-2 | ['direct the activities of the vies and , therefore , do not control the ongoing activities that have a significant impact on the economic performance of the vies .', 'additionally , we do not have the obligation to absorb losses of the vies or the right to receive benefits of the vies that could potentially be significant to the we are not considered to be the primary beneficiary and do not consolidate these vies because our actions and decisions do not have the most significant effect on the vie 2019s performance and our fixed-price purchase options are not considered to be potentially significant to the vies .', 'the future minimum lease payments associated with the vie leases totaled $ 3.0 billion as of december 31 , 2014 .', '17 .', 'leases we lease certain locomotives , freight cars , and other property .', 'the consolidated statements of financial position as of december 31 , 2014 and 2013 included $ 2454 million , net of $ 1210 million of accumulated depreciation , and $ 2486 million , net of $ 1092 million of accumulated depreciation , respectively , for properties held under capital leases .', 'a charge to income resulting from the depreciation for assets held under capital leases is included within depreciation expense in our consolidated statements of income .', 'future minimum lease payments for operating and capital leases with initial or remaining non-cancelable lease terms in excess of one year as of december 31 , 2014 , were as follows : millions operating leases capital leases .'] | ['approximately 95% ( 95 % ) of capital lease payments relate to locomotives .', 'rent expense for operating leases with terms exceeding one month was $ 593 million in 2014 , $ 618 million in 2013 , and $ 631 million in 2012 .', 'when cash rental payments are not made on a straight-line basis , we recognize variable rental expense on a straight-line basis over the lease term .', 'contingent rentals and sub-rentals are not significant .', '18 .', 'commitments and contingencies asserted and unasserted claims 2013 various claims and lawsuits are pending against us and certain of our subsidiaries .', 'we cannot fully determine the effect of all asserted and unasserted claims on our consolidated results of operations , financial condition , or liquidity ; however , to the extent possible , where asserted and 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 and insurance recoveries 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 an actuarial analysis to measure the expense and liability , including unasserted claims .', 'the federal employers 2019 liability act ( fela ) governs compensation for work-related accidents .', 'under fela , damages are assessed based on a finding of fault through litigation or out-of-court settlements .', 'we offer a comprehensive variety of services and rehabilitation programs for employees who are injured at work .', 'our personal injury liability is not discounted to present value due to the uncertainty surrounding the timing of future payments .', 'approximately 93% ( 93 % ) of the recorded liability is related to asserted claims and approximately 7% ( 7 % ) is related to unasserted claims at december 31 , 2014 .', 'because of the uncertainty .'] | • millions, operatingleases, capitalleases
• 2015, $ 508, $ 253
• 2016, 484, 249
• 2017, 429, 246
• 2018, 356, 224
• 2019, 323, 210
• later years, 1625, 745
• total minimum leasepayments, $ 3725, $ 1927
• amount representing interest, n/a, -407 ( 407 )
• present value of minimum leasepayments, n/a, $ 1520 | add(3725, 1927), divide(3725, #0) | 0.65906 |
of the total contractual obligations and off-balance sheet arrangements contractual obligations what percentage is due to operating leases where we are the primary obligor? | Pre-text: ['loan activity .', 'from time to time , we make loans to owners of hotels that we operate or franchise .', 'loan collections , net of loan advances , amounted to $ 35 million in 2018 , compared to net collections of $ 94 million in 2017 .', 'at year-end 2018 , we had $ 131 million of senior , mezzanine , and other loans outstanding , compared to $ 149 million outstanding at year-end 2017 .', 'equity method investments .', 'cash outflows of $ 72 million in 2018 , $ 62 million in 2017 , and $ 13 million in 2016 for equity method investments primarily reflect our investments in several joint ventures .', 'financing activities cash flows debt .', 'debt increased by $ 1109 million in 2018 , to $ 9347 million at year-end 2018 from $ 8238 million at year-end 2017 , primarily due to the issuance of our series x , y , z , and aa notes , partially offset by the maturity of our series s notes ( $ 330 million ) and lower outstanding commercial paper ( $ 126 million ) .', 'see footnote 10 .', 'long-term debt for additional information on the debt issuances .', 'our financial objectives include diversifying our financing sources , optimizing the mix and maturity of our long-term debt , and reducing our working capital .', 'at year-end 2018 , our long-term debt had a weighted average interest rate of 3.3 percent and a weighted average maturity of approximately 4.8 years .', 'the ratio of our fixed-rate long-term debt to our total long-term debt was 0.7 to 1.0 at year-end 2018 .', 'see the 201ccash requirements and our credit facility , 201d caption in this 201cliquidity and capital resources 201d section for more information on our credit facility .', 'share repurchases .', 'we purchased 21.5 million shares of our common stock in 2018 at an average price of $ 130.67 per share , 29.2 million shares in 2017 at an average price of $ 103.66 per share , and 8.0 million shares in 2016 at an average price of $ 71.55 per share .', 'at year-end 2018 , 10.7 million shares remained available for repurchase under board approved authorizations , and on february 15 , 2019 , our board of directors further increased our common stock repurchase authorization by 25 million shares .', 'for additional information , see 201cfourth quarter 2018 issuer purchases of equity securities 201d in part ii , item 5 .', 'dividends .', 'our board of directors declared the following quarterly cash dividends in 2018 : ( 1 ) $ 0.33 per share declared on february 9 , 2018 and paid march 30 , 2018 to shareholders of record on february 23 , 2018 , ( 2 ) $ 0.41 per share declared on may 4 , 2018 and paid june 29 , 2018 to shareholders of record on may 18 , 2018 , ( 3 ) $ 0.41 per share declared on august 9 , 2018 and paid september 28 , 2018 to shareholders of record on august 23 , 2018 , and ( 4 ) $ 0.41 per share declared on november 8 , 2018 and paid december 31 , 2018 to shareholders of record on november 21 , 2018 .', 'our board of directors declared a cash dividend of $ 0.41 per share on february 15 , 2019 , payable on march 29 , 2019 to shareholders of record on march 1 , 2019 .', 'contractual obligations and off-balance sheet arrangements contractual obligations the following table summarizes our contractual obligations at year-end 2018: .']
------
Data Table:
****************************************
( $ in millions ) total payments due by period less than1 year payments due by period 1-3 years payments due by period 3-5 years payments due by period after5 years
debt ( 1 ) $ 10483 $ 1074 $ 4392 $ 2054 $ 2963
capital lease obligations ( 1 ) 230 13 26 26 165
operating leases where we are the primary obligor 2073 171 315 292 1295
purchase obligations 286 153 116 17 2014
other noncurrent liabilities 136 3 28 20 85
total contractual obligations $ 13208 $ 1414 $ 4877 $ 2409 $ 4508
****************************************
------
Additional Information: ['( 1 ) includes principal as well as interest payments .', 'the preceding table does not reflect transition tax payments totaling $ 507 million as a result of the 2017 tax act .', 'in addition , the table does not reflect unrecognized tax benefits at year-end 2018 of $ 559 million .', 'in addition to the purchase obligations noted in the preceding table , in the normal course of business we enter into purchase commitments to manage the daily operating needs of the hotels that we manage .', 'since we are reimbursed from the cash flows of the hotels , these obligations have minimal impact on our net income and cash flow. .'] | 0.15695 | MAR/2018/page_43.pdf-1 | ['loan activity .', 'from time to time , we make loans to owners of hotels that we operate or franchise .', 'loan collections , net of loan advances , amounted to $ 35 million in 2018 , compared to net collections of $ 94 million in 2017 .', 'at year-end 2018 , we had $ 131 million of senior , mezzanine , and other loans outstanding , compared to $ 149 million outstanding at year-end 2017 .', 'equity method investments .', 'cash outflows of $ 72 million in 2018 , $ 62 million in 2017 , and $ 13 million in 2016 for equity method investments primarily reflect our investments in several joint ventures .', 'financing activities cash flows debt .', 'debt increased by $ 1109 million in 2018 , to $ 9347 million at year-end 2018 from $ 8238 million at year-end 2017 , primarily due to the issuance of our series x , y , z , and aa notes , partially offset by the maturity of our series s notes ( $ 330 million ) and lower outstanding commercial paper ( $ 126 million ) .', 'see footnote 10 .', 'long-term debt for additional information on the debt issuances .', 'our financial objectives include diversifying our financing sources , optimizing the mix and maturity of our long-term debt , and reducing our working capital .', 'at year-end 2018 , our long-term debt had a weighted average interest rate of 3.3 percent and a weighted average maturity of approximately 4.8 years .', 'the ratio of our fixed-rate long-term debt to our total long-term debt was 0.7 to 1.0 at year-end 2018 .', 'see the 201ccash requirements and our credit facility , 201d caption in this 201cliquidity and capital resources 201d section for more information on our credit facility .', 'share repurchases .', 'we purchased 21.5 million shares of our common stock in 2018 at an average price of $ 130.67 per share , 29.2 million shares in 2017 at an average price of $ 103.66 per share , and 8.0 million shares in 2016 at an average price of $ 71.55 per share .', 'at year-end 2018 , 10.7 million shares remained available for repurchase under board approved authorizations , and on february 15 , 2019 , our board of directors further increased our common stock repurchase authorization by 25 million shares .', 'for additional information , see 201cfourth quarter 2018 issuer purchases of equity securities 201d in part ii , item 5 .', 'dividends .', 'our board of directors declared the following quarterly cash dividends in 2018 : ( 1 ) $ 0.33 per share declared on february 9 , 2018 and paid march 30 , 2018 to shareholders of record on february 23 , 2018 , ( 2 ) $ 0.41 per share declared on may 4 , 2018 and paid june 29 , 2018 to shareholders of record on may 18 , 2018 , ( 3 ) $ 0.41 per share declared on august 9 , 2018 and paid september 28 , 2018 to shareholders of record on august 23 , 2018 , and ( 4 ) $ 0.41 per share declared on november 8 , 2018 and paid december 31 , 2018 to shareholders of record on november 21 , 2018 .', 'our board of directors declared a cash dividend of $ 0.41 per share on february 15 , 2019 , payable on march 29 , 2019 to shareholders of record on march 1 , 2019 .', 'contractual obligations and off-balance sheet arrangements contractual obligations the following table summarizes our contractual obligations at year-end 2018: .'] | ['( 1 ) includes principal as well as interest payments .', 'the preceding table does not reflect transition tax payments totaling $ 507 million as a result of the 2017 tax act .', 'in addition , the table does not reflect unrecognized tax benefits at year-end 2018 of $ 559 million .', 'in addition to the purchase obligations noted in the preceding table , in the normal course of business we enter into purchase commitments to manage the daily operating needs of the hotels that we manage .', 'since we are reimbursed from the cash flows of the hotels , these obligations have minimal impact on our net income and cash flow. .'] | ****************************************
( $ in millions ) total payments due by period less than1 year payments due by period 1-3 years payments due by period 3-5 years payments due by period after5 years
debt ( 1 ) $ 10483 $ 1074 $ 4392 $ 2054 $ 2963
capital lease obligations ( 1 ) 230 13 26 26 165
operating leases where we are the primary obligor 2073 171 315 292 1295
purchase obligations 286 153 116 17 2014
other noncurrent liabilities 136 3 28 20 85
total contractual obligations $ 13208 $ 1414 $ 4877 $ 2409 $ 4508
**************************************** | divide(2073, 13208) | 0.15695 |
what is the net change in the balance of foreign currency instruments from 2014 to 2015? | Pre-text: ['energy ; disruptions or ineffi ciencies in the supply chain ; eff ectiveness of restructuring and cost savings initia- tives ; volatility in the market value of derivatives used to manage price risk for certain commodities ; benefi t plan expenses due to changes in plan asset values and discount rates used to determine plan liabilities ; failure or breach of our information technology systems ; for- eign economic conditions , including currency rate fl uc- tuations ; and political unrest in foreign markets and economic uncertainty due to terrorism or war .', 'you should also consider the risk factors that we identify in item 1a of our 2015 form 10-k , which could also aff ect our future results .', 'we undertake no obligation to publicly revise any forward-looking statements to refl ect events or circum- stances aft er the date of those statements or to refl ect the occurrence of anticipated or unanticipated events .', 'quantitative and qualitative disclosures about market risk we are exposed to market risk stemming from changes in interest and foreign exchange rates and commod- ity and equity prices .', 'changes in these factors could cause fl uctuations in our earnings and cash fl ows .', 'in the normal course of business , we actively manage our exposure to these market risks by entering into vari- ous hedging transactions , authorized under established policies that place clear controls on these activities .', 'th e counterparties in these transactions are generally highly rated institutions .', 'we establish credit limits for each counterparty .', 'our hedging transactions include but are not limited to a variety of derivative fi nancial instruments .', 'for information on interest rate , foreign exchange , commodity price , and equity instrument risk , please see note 7 to the consolidated financial statements on page 52 of this report .', 'value at risk th e estimates in the table below are intended to mea- sure the maximum potential fair value we could lose in one day from adverse changes in market interest rates , foreign exchange rates , commodity prices , and equity prices under normal market conditions .', 'a monte carlo value-at-risk ( var ) methodology was used to quantify the market risk for our exposures .', 'th e models assumed normal market conditions and used a 95 percent confi - dence level .', 'th e var calculation used historical interest and for- eign exchange rates , and commodity and equity prices from the past year to estimate the potential volatility and correlation of these rates in the future .', 'th e market data were drawn from the riskmetrics 2122 data set .', 'th e calculations are not intended to represent actual losses in fair value that we expect to incur .', 'further , since the hedging instrument ( the derivative ) inversely correlates with the underlying exposure , we would expect that any loss or gain in the fair value of our derivatives would be generally off set by an increase or decrease in the fair value of the underlying exposure .', 'th e positions included in the calculations were : debt ; investments ; interest rate swaps ; foreign exchange forwards ; com- modity swaps , futures and options ; and equity instru- ments .', 'th e calculations do not include the underlying foreign exchange and commodities or equity-related positions that are off set by these market-risk-sensitive instruments .', 'th e table below presents the estimated maximum potential var arising from a one-day loss in fair value for our interest rate , foreign currency , commodity , and equity market-risk-sensitive instruments outstanding as of may 31 , 2015 , and may 25 , 2014 , and the average fair value impact during the year ended may 31 , 2015. .']
------
Tabular Data:
========================================
in millions | fair value impact may 31 2015 | fair value impact averageduringfiscal 2015 | fair value impact may 25 2014
----------|----------|----------|----------
interest rate instruments | $ 25.1 | $ 23.7 | $ 32.7
foreign currency instruments | 17.9 | 8.8 | 7.2
commodity instruments | 3.7 | 3.7 | 3.0
equity instruments | 1.2 | 1.2 | 1.1
========================================
------
Additional Information: ['36 general mills .'] | 10.7 | GIS/2015/page_38.pdf-1 | ['energy ; disruptions or ineffi ciencies in the supply chain ; eff ectiveness of restructuring and cost savings initia- tives ; volatility in the market value of derivatives used to manage price risk for certain commodities ; benefi t plan expenses due to changes in plan asset values and discount rates used to determine plan liabilities ; failure or breach of our information technology systems ; for- eign economic conditions , including currency rate fl uc- tuations ; and political unrest in foreign markets and economic uncertainty due to terrorism or war .', 'you should also consider the risk factors that we identify in item 1a of our 2015 form 10-k , which could also aff ect our future results .', 'we undertake no obligation to publicly revise any forward-looking statements to refl ect events or circum- stances aft er the date of those statements or to refl ect the occurrence of anticipated or unanticipated events .', 'quantitative and qualitative disclosures about market risk we are exposed to market risk stemming from changes in interest and foreign exchange rates and commod- ity and equity prices .', 'changes in these factors could cause fl uctuations in our earnings and cash fl ows .', 'in the normal course of business , we actively manage our exposure to these market risks by entering into vari- ous hedging transactions , authorized under established policies that place clear controls on these activities .', 'th e counterparties in these transactions are generally highly rated institutions .', 'we establish credit limits for each counterparty .', 'our hedging transactions include but are not limited to a variety of derivative fi nancial instruments .', 'for information on interest rate , foreign exchange , commodity price , and equity instrument risk , please see note 7 to the consolidated financial statements on page 52 of this report .', 'value at risk th e estimates in the table below are intended to mea- sure the maximum potential fair value we could lose in one day from adverse changes in market interest rates , foreign exchange rates , commodity prices , and equity prices under normal market conditions .', 'a monte carlo value-at-risk ( var ) methodology was used to quantify the market risk for our exposures .', 'th e models assumed normal market conditions and used a 95 percent confi - dence level .', 'th e var calculation used historical interest and for- eign exchange rates , and commodity and equity prices from the past year to estimate the potential volatility and correlation of these rates in the future .', 'th e market data were drawn from the riskmetrics 2122 data set .', 'th e calculations are not intended to represent actual losses in fair value that we expect to incur .', 'further , since the hedging instrument ( the derivative ) inversely correlates with the underlying exposure , we would expect that any loss or gain in the fair value of our derivatives would be generally off set by an increase or decrease in the fair value of the underlying exposure .', 'th e positions included in the calculations were : debt ; investments ; interest rate swaps ; foreign exchange forwards ; com- modity swaps , futures and options ; and equity instru- ments .', 'th e calculations do not include the underlying foreign exchange and commodities or equity-related positions that are off set by these market-risk-sensitive instruments .', 'th e table below presents the estimated maximum potential var arising from a one-day loss in fair value for our interest rate , foreign currency , commodity , and equity market-risk-sensitive instruments outstanding as of may 31 , 2015 , and may 25 , 2014 , and the average fair value impact during the year ended may 31 , 2015. .'] | ['36 general mills .'] | ========================================
in millions | fair value impact may 31 2015 | fair value impact averageduringfiscal 2015 | fair value impact may 25 2014
----------|----------|----------|----------
interest rate instruments | $ 25.1 | $ 23.7 | $ 32.7
foreign currency instruments | 17.9 | 8.8 | 7.2
commodity instruments | 3.7 | 3.7 | 3.0
equity instruments | 1.2 | 1.2 | 1.1
======================================== | subtract(17.9, 7.2) | 10.7 |
what was the percentage change in total operating expenses between 2008 and 2009? | Context: ['corporate/other corporate/other includes global staff functions ( includes finance , risk , human resources , legal and compliance ) and other corporate expense , global operations and technology ( o&t ) , residual corporate treasury and corporate items .', 'at december 31 , 2009 , this segment had approximately $ 230 billion of assets , consisting primarily of the company 2019s liquidity portfolio , including $ 110 billion of cash and cash equivalents. .']
--
Data Table:
========================================
Row 1: in millions of dollars, 2009, 2008, 2007
Row 2: net interest revenue, $ -1663 ( 1663 ), $ -2680 ( 2680 ), $ -2008 ( 2008 )
Row 3: non-interest revenue, -8893 ( 8893 ), 422, -302 ( 302 )
Row 4: total revenues net of interest expense, $ -10556 ( 10556 ), $ -2258 ( 2258 ), $ -2310 ( 2310 )
Row 5: total operating expenses, $ 1420, $ 510, $ 1813
Row 6: provisions for loan losses and for benefits and claims, -1 ( 1 ), 1, -3 ( 3 )
Row 7: ( loss ) from continuing operations before taxes, $ -11975 ( 11975 ), $ -2769 ( 2769 ), $ -4120 ( 4120 )
Row 8: income taxes ( benefits ), -4369 ( 4369 ), -587 ( 587 ), -1446 ( 1446 )
Row 9: ( loss ) from continuing operations, $ -7606 ( 7606 ), $ -2182 ( 2182 ), $ -2674 ( 2674 )
Row 10: income ( loss ) from discontinued operations net of taxes, -445 ( 445 ), 4002, 708
Row 11: net income ( loss ) before attribution of noncontrolling interests, $ -8051 ( 8051 ), $ 1820, $ -1966 ( 1966 )
Row 12: net income attributable to noncontrolling interests, 2014, 2014, 2
Row 13: net income ( loss ), $ -8051 ( 8051 ), $ 1820, $ -1968 ( 1968 )
========================================
--
Follow-up: ['2009 vs .', '2008 revenues , net of interest expense declined , primarily due to the pretax loss on debt extinguishment related to the repayment of the $ 20 billion of tarp trust preferred securities and the pretax loss in connection with 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 o&t .', 'this was 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 .', '2008 vs .', '2007 revenues , net of interest expense increased primarily due to the gain in 2007 on the sale of certain corporate-owned assets and higher intersegment eliminations , partially offset by improved treasury hedging activities .', 'operating expenses declined , primarily due to lower restructuring charges in 2008 as well as reductions in incentive compensation and benefits expense. .'] | 1.78431 | C/2009/page_48.pdf-1 | ['corporate/other corporate/other includes global staff functions ( includes finance , risk , human resources , legal and compliance ) and other corporate expense , global operations and technology ( o&t ) , residual corporate treasury and corporate items .', 'at december 31 , 2009 , this segment had approximately $ 230 billion of assets , consisting primarily of the company 2019s liquidity portfolio , including $ 110 billion of cash and cash equivalents. .'] | ['2009 vs .', '2008 revenues , net of interest expense declined , primarily due to the pretax loss on debt extinguishment related to the repayment of the $ 20 billion of tarp trust preferred securities and the pretax loss in connection with 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 o&t .', 'this was 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 .', '2008 vs .', '2007 revenues , net of interest expense increased primarily due to the gain in 2007 on the sale of certain corporate-owned assets and higher intersegment eliminations , partially offset by improved treasury hedging activities .', 'operating expenses declined , primarily due to lower restructuring charges in 2008 as well as reductions in incentive compensation and benefits expense. .'] | ========================================
Row 1: in millions of dollars, 2009, 2008, 2007
Row 2: net interest revenue, $ -1663 ( 1663 ), $ -2680 ( 2680 ), $ -2008 ( 2008 )
Row 3: non-interest revenue, -8893 ( 8893 ), 422, -302 ( 302 )
Row 4: total revenues net of interest expense, $ -10556 ( 10556 ), $ -2258 ( 2258 ), $ -2310 ( 2310 )
Row 5: total operating expenses, $ 1420, $ 510, $ 1813
Row 6: provisions for loan losses and for benefits and claims, -1 ( 1 ), 1, -3 ( 3 )
Row 7: ( loss ) from continuing operations before taxes, $ -11975 ( 11975 ), $ -2769 ( 2769 ), $ -4120 ( 4120 )
Row 8: income taxes ( benefits ), -4369 ( 4369 ), -587 ( 587 ), -1446 ( 1446 )
Row 9: ( loss ) from continuing operations, $ -7606 ( 7606 ), $ -2182 ( 2182 ), $ -2674 ( 2674 )
Row 10: income ( loss ) from discontinued operations net of taxes, -445 ( 445 ), 4002, 708
Row 11: net income ( loss ) before attribution of noncontrolling interests, $ -8051 ( 8051 ), $ 1820, $ -1966 ( 1966 )
Row 12: net income attributable to noncontrolling interests, 2014, 2014, 2
Row 13: net income ( loss ), $ -8051 ( 8051 ), $ 1820, $ -1968 ( 1968 )
======================================== | subtract(1420, 510), divide(#0, 510) | 1.78431 |
what portion of the securities approved by the security holders is issued? | Context: ['part a0iii item a010 .', 'directors , executive officers and corporate governance for the information required by this item a010 with respect to our executive officers , see part a0i , item 1 .', 'of this report .', 'for the other information required by this item a010 , see 201celection of directors , 201d 201cnominees for election to the board of directors , 201d 201ccorporate governance 201d and 201csection a016 ( a ) beneficial ownership reporting compliance , 201d in the proxy statement for our 2019 annual meeting , which information is incorporated herein by reference .', 'the proxy statement for our 2019 annual meeting will be filed within 120 a0days after the end of the fiscal year covered by this annual report on form 10-k .', 'item a011 .', 'executive compensation for the information required by this item a011 , see 201ccompensation discussion and analysis , 201d 201ccompensation committee report , 201d and 201cexecutive compensation 201d in the proxy statement for our 2019 annual meeting , which information is incorporated herein by reference .', 'item a012 .', 'security ownership of certain beneficial owners and management and related stockholder matters for the information required by this item a012 with respect to beneficial ownership of our common stock , see 201csecurity ownership of certain beneficial owners and management 201d in the proxy statement for our 2019 annual meeting , which information is incorporated herein by reference .', 'the following table sets forth certain information as of december a031 , 2018 regarding our equity plans : plan category number of securities to be issued upon exercise of outstanding options , warrants and rights ( 1 ) 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 ) ( b ) ( c ) equity compensation plans approved by security holders 1471449 $ 136.62 3578241 ( 1 ) the number of securities in column ( a ) include 22290 shares of common stock underlying performance stock units if maximum performance levels are achieved ; the actual number of shares , if any , to be issued with respect to the performance stock units will be based on performance with respect to specified financial and relative stock price measures .', 'item a013 .', 'certain relationships and related transactions , and director independence for the information required by this item a013 , see 201ccertain transactions 201d and 201ccorporate governance 201d in the proxy statement for our 2019 annual meeting , which information is incorporated herein by reference .', 'item a014 .', 'principal accounting fees and services for the information required by this item a014 , see 201caudit and non-audit fees 201d and 201caudit committee pre-approval procedures 201d in the proxy statement for our 2019 annual meeting , which information is incorporated herein by reference. .']
Table:
========================================
plan category | number of securitiesto be issued uponexercise ofoutstanding options warrants and rights ( 1 ) ( a ) ( b ) | weighted-averageexercise price ofoutstanding options warrants and rights | number of securitiesremaining available forfuture issuance underequity compensationplans ( excludingsecurities reflected in column ( a ) ) ( c )
equity compensation plans approved by security holders | 1471449 | $ 136.62 | 3578241
========================================
Post-table: ['part a0iii item a010 .', 'directors , executive officers and corporate governance for the information required by this item a010 with respect to our executive officers , see part a0i , item 1 .', 'of this report .', 'for the other information required by this item a010 , see 201celection of directors , 201d 201cnominees for election to the board of directors , 201d 201ccorporate governance 201d and 201csection a016 ( a ) beneficial ownership reporting compliance , 201d in the proxy statement for our 2019 annual meeting , which information is incorporated herein by reference .', 'the proxy statement for our 2019 annual meeting will be filed within 120 a0days after the end of the fiscal year covered by this annual report on form 10-k .', 'item a011 .', 'executive compensation for the information required by this item a011 , see 201ccompensation discussion and analysis , 201d 201ccompensation committee report , 201d and 201cexecutive compensation 201d in the proxy statement for our 2019 annual meeting , which information is incorporated herein by reference .', 'item a012 .', 'security ownership of certain beneficial owners and management and related stockholder matters for the information required by this item a012 with respect to beneficial ownership of our common stock , see 201csecurity ownership of certain beneficial owners and management 201d in the proxy statement for our 2019 annual meeting , which information is incorporated herein by reference .', 'the following table sets forth certain information as of december a031 , 2018 regarding our equity plans : plan category number of securities to be issued upon exercise of outstanding options , warrants and rights ( 1 ) 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 ) ( b ) ( c ) equity compensation plans approved by security holders 1471449 $ 136.62 3578241 ( 1 ) the number of securities in column ( a ) include 22290 shares of common stock underlying performance stock units if maximum performance levels are achieved ; the actual number of shares , if any , to be issued with respect to the performance stock units will be based on performance with respect to specified financial and relative stock price measures .', 'item a013 .', 'certain relationships and related transactions , and director independence for the information required by this item a013 , see 201ccertain transactions 201d and 201ccorporate governance 201d in the proxy statement for our 2019 annual meeting , which information is incorporated herein by reference .', 'item a014 .', 'principal accounting fees and services for the information required by this item a014 , see 201caudit and non-audit fees 201d and 201caudit committee pre-approval procedures 201d in the proxy statement for our 2019 annual meeting , which information is incorporated herein by reference. .'] | 0.29139 | TFX/2018/page_74.pdf-1 | ['part a0iii item a010 .', 'directors , executive officers and corporate governance for the information required by this item a010 with respect to our executive officers , see part a0i , item 1 .', 'of this report .', 'for the other information required by this item a010 , see 201celection of directors , 201d 201cnominees for election to the board of directors , 201d 201ccorporate governance 201d and 201csection a016 ( a ) beneficial ownership reporting compliance , 201d in the proxy statement for our 2019 annual meeting , which information is incorporated herein by reference .', 'the proxy statement for our 2019 annual meeting will be filed within 120 a0days after the end of the fiscal year covered by this annual report on form 10-k .', 'item a011 .', 'executive compensation for the information required by this item a011 , see 201ccompensation discussion and analysis , 201d 201ccompensation committee report , 201d and 201cexecutive compensation 201d in the proxy statement for our 2019 annual meeting , which information is incorporated herein by reference .', 'item a012 .', 'security ownership of certain beneficial owners and management and related stockholder matters for the information required by this item a012 with respect to beneficial ownership of our common stock , see 201csecurity ownership of certain beneficial owners and management 201d in the proxy statement for our 2019 annual meeting , which information is incorporated herein by reference .', 'the following table sets forth certain information as of december a031 , 2018 regarding our equity plans : plan category number of securities to be issued upon exercise of outstanding options , warrants and rights ( 1 ) 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 ) ( b ) ( c ) equity compensation plans approved by security holders 1471449 $ 136.62 3578241 ( 1 ) the number of securities in column ( a ) include 22290 shares of common stock underlying performance stock units if maximum performance levels are achieved ; the actual number of shares , if any , to be issued with respect to the performance stock units will be based on performance with respect to specified financial and relative stock price measures .', 'item a013 .', 'certain relationships and related transactions , and director independence for the information required by this item a013 , see 201ccertain transactions 201d and 201ccorporate governance 201d in the proxy statement for our 2019 annual meeting , which information is incorporated herein by reference .', 'item a014 .', 'principal accounting fees and services for the information required by this item a014 , see 201caudit and non-audit fees 201d and 201caudit committee pre-approval procedures 201d in the proxy statement for our 2019 annual meeting , which information is incorporated herein by reference. .'] | ['part a0iii item a010 .', 'directors , executive officers and corporate governance for the information required by this item a010 with respect to our executive officers , see part a0i , item 1 .', 'of this report .', 'for the other information required by this item a010 , see 201celection of directors , 201d 201cnominees for election to the board of directors , 201d 201ccorporate governance 201d and 201csection a016 ( a ) beneficial ownership reporting compliance , 201d in the proxy statement for our 2019 annual meeting , which information is incorporated herein by reference .', 'the proxy statement for our 2019 annual meeting will be filed within 120 a0days after the end of the fiscal year covered by this annual report on form 10-k .', 'item a011 .', 'executive compensation for the information required by this item a011 , see 201ccompensation discussion and analysis , 201d 201ccompensation committee report , 201d and 201cexecutive compensation 201d in the proxy statement for our 2019 annual meeting , which information is incorporated herein by reference .', 'item a012 .', 'security ownership of certain beneficial owners and management and related stockholder matters for the information required by this item a012 with respect to beneficial ownership of our common stock , see 201csecurity ownership of certain beneficial owners and management 201d in the proxy statement for our 2019 annual meeting , which information is incorporated herein by reference .', 'the following table sets forth certain information as of december a031 , 2018 regarding our equity plans : plan category number of securities to be issued upon exercise of outstanding options , warrants and rights ( 1 ) 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 ) ( b ) ( c ) equity compensation plans approved by security holders 1471449 $ 136.62 3578241 ( 1 ) the number of securities in column ( a ) include 22290 shares of common stock underlying performance stock units if maximum performance levels are achieved ; the actual number of shares , if any , to be issued with respect to the performance stock units will be based on performance with respect to specified financial and relative stock price measures .', 'item a013 .', 'certain relationships and related transactions , and director independence for the information required by this item a013 , see 201ccertain transactions 201d and 201ccorporate governance 201d in the proxy statement for our 2019 annual meeting , which information is incorporated herein by reference .', 'item a014 .', 'principal accounting fees and services for the information required by this item a014 , see 201caudit and non-audit fees 201d and 201caudit committee pre-approval procedures 201d in the proxy statement for our 2019 annual meeting , which information is incorporated herein by reference. .'] | ========================================
plan category | number of securitiesto be issued uponexercise ofoutstanding options warrants and rights ( 1 ) ( a ) ( b ) | weighted-averageexercise price ofoutstanding options warrants and rights | number of securitiesremaining available forfuture issuance underequity compensationplans ( excludingsecurities reflected in column ( a ) ) ( c )
equity compensation plans approved by security holders | 1471449 | $ 136.62 | 3578241
======================================== | add(1471449, 3578241), divide(1471449, #0) | 0.29139 |
what was the average amount expensed by the company for the company contributions to the profit sharing and other savings plans from 2013 to 2015 in millions | Context: ['table of contents cdw corporation and subsidiaries notes to consolidated financial statements which the company realized the benefits of the deductions .', 'this arrangement has been accounted for as contingent consideration .', 'pre-2009 business combinations were accounted for under a former accounting standard which , among other aspects , precluded the recognition of certain contingent consideration as of the business combination date .', 'instead , under the former accounting standard , contingent consideration is accounted for as additional purchase price ( goodwill ) at the time the contingency is resolved .', 'as of december 31 , 2013 , the company accrued $ 20.9 million related to this arrangement within other current liabilities , as the company realized the tax benefit of the compensation deductions during the 2013 tax year .', 'the company made the related cash contribution during the first quarter of 2014 .', '12 .', 'earnings per share the numerator for both basic and diluted earnings per share is net income .', 'the denominator for basic earnings per share is the weighted-average shares outstanding during the period .', 'a reconciliation of basic weighted-average shares outstanding to diluted weighted-average shares outstanding is as follows: .']
Data Table:
( in millions ), years ended december 31 , 2015, years ended december 31 , 2014, years ended december 31 , 2013 ( 1 )
basic weighted-average shares outstanding, 170.3, 170.6, 156.6
effect of dilutive securities ( 2 ), 1.5, 2.2, 2.1
diluted weighted-average shares outstanding ( 3 ), 171.8, 172.8, 158.7
Post-table: ['effect of dilutive securities ( 2 ) 1.5 2.2 2.1 diluted weighted-average shares outstanding ( 3 ) 171.8 172.8 158.7 ( 1 ) the 2013 basic weighted-average shares outstanding was impacted by common stock issued during the ipo and the underwriters 2019 exercise in full of the overallotment option granted to them in connection with the ipo .', 'as the common stock was issued on july 2 , 2013 and july 31 , 2013 , respectively , the shares are only partially reflected in the 2013 basic weighted-average shares outstanding .', 'such shares are fully reflected in the 2015 and 2014 basic weighted-average shares outstanding .', 'for additional discussion of the ipo , see note 10 ( stockholders 2019 equity ) .', '( 2 ) the dilutive effect of outstanding stock options , restricted stock units , restricted stock , coworker stock purchase plan units and mpk plan units is reflected in the diluted weighted-average shares outstanding using the treasury stock method .', '( 3 ) there were 0.4 million potential common shares excluded from the diluted weighted-average shares outstanding for the year ended december 31 , 2015 , and there was an insignificant amount of potential common shares excluded from the diluted weighted-average shares outstanding for the years ended december 31 , 2014 and 2013 , as their inclusion would have had an anti-dilutive effect .', '13 .', 'coworker retirement and other compensation benefits profit sharing plan and other savings plans the company has a profit sharing plan that includes a salary reduction feature established under the internal revenue code section 401 ( k ) covering substantially all coworkers in the united states .', 'in addition , coworkers outside the u.s .', 'participate in other savings plans .', 'company contributions to the profit sharing and other savings plans are made in cash and determined at the discretion of the board of directors .', 'for the years ended december 31 , 2015 , 2014 and 2013 , the amounts expensed for these plans were $ 19.8 million , $ 21.9 million and $ 17.3 million , respectively .', 'coworker stock purchase plan on january 1 , 2014 , the first offering period under the company 2019s coworker stock purchase plan ( the 201ccspp 201d ) commenced .', 'the cspp provides the opportunity for eligible coworkers to acquire shares of the company 2019s common stock at a 5% ( 5 % ) discount from the closing market price on the final day of the offering period .', 'there is no compensation expense associated with the cspp .', 'restricted debt unit plan on march 10 , 2010 , the company established the restricted debt unit plan ( the 201crdu plan 201d ) , an unfunded nonqualified deferred compensation plan. .'] | 19.66667 | CDW/2015/page_93.pdf-1 | ['table of contents cdw corporation and subsidiaries notes to consolidated financial statements which the company realized the benefits of the deductions .', 'this arrangement has been accounted for as contingent consideration .', 'pre-2009 business combinations were accounted for under a former accounting standard which , among other aspects , precluded the recognition of certain contingent consideration as of the business combination date .', 'instead , under the former accounting standard , contingent consideration is accounted for as additional purchase price ( goodwill ) at the time the contingency is resolved .', 'as of december 31 , 2013 , the company accrued $ 20.9 million related to this arrangement within other current liabilities , as the company realized the tax benefit of the compensation deductions during the 2013 tax year .', 'the company made the related cash contribution during the first quarter of 2014 .', '12 .', 'earnings per share the numerator for both basic and diluted earnings per share is net income .', 'the denominator for basic earnings per share is the weighted-average shares outstanding during the period .', 'a reconciliation of basic weighted-average shares outstanding to diluted weighted-average shares outstanding is as follows: .'] | ['effect of dilutive securities ( 2 ) 1.5 2.2 2.1 diluted weighted-average shares outstanding ( 3 ) 171.8 172.8 158.7 ( 1 ) the 2013 basic weighted-average shares outstanding was impacted by common stock issued during the ipo and the underwriters 2019 exercise in full of the overallotment option granted to them in connection with the ipo .', 'as the common stock was issued on july 2 , 2013 and july 31 , 2013 , respectively , the shares are only partially reflected in the 2013 basic weighted-average shares outstanding .', 'such shares are fully reflected in the 2015 and 2014 basic weighted-average shares outstanding .', 'for additional discussion of the ipo , see note 10 ( stockholders 2019 equity ) .', '( 2 ) the dilutive effect of outstanding stock options , restricted stock units , restricted stock , coworker stock purchase plan units and mpk plan units is reflected in the diluted weighted-average shares outstanding using the treasury stock method .', '( 3 ) there were 0.4 million potential common shares excluded from the diluted weighted-average shares outstanding for the year ended december 31 , 2015 , and there was an insignificant amount of potential common shares excluded from the diluted weighted-average shares outstanding for the years ended december 31 , 2014 and 2013 , as their inclusion would have had an anti-dilutive effect .', '13 .', 'coworker retirement and other compensation benefits profit sharing plan and other savings plans the company has a profit sharing plan that includes a salary reduction feature established under the internal revenue code section 401 ( k ) covering substantially all coworkers in the united states .', 'in addition , coworkers outside the u.s .', 'participate in other savings plans .', 'company contributions to the profit sharing and other savings plans are made in cash and determined at the discretion of the board of directors .', 'for the years ended december 31 , 2015 , 2014 and 2013 , the amounts expensed for these plans were $ 19.8 million , $ 21.9 million and $ 17.3 million , respectively .', 'coworker stock purchase plan on january 1 , 2014 , the first offering period under the company 2019s coworker stock purchase plan ( the 201ccspp 201d ) commenced .', 'the cspp provides the opportunity for eligible coworkers to acquire shares of the company 2019s common stock at a 5% ( 5 % ) discount from the closing market price on the final day of the offering period .', 'there is no compensation expense associated with the cspp .', 'restricted debt unit plan on march 10 , 2010 , the company established the restricted debt unit plan ( the 201crdu plan 201d ) , an unfunded nonqualified deferred compensation plan. .'] | ( in millions ), years ended december 31 , 2015, years ended december 31 , 2014, years ended december 31 , 2013 ( 1 )
basic weighted-average shares outstanding, 170.3, 170.6, 156.6
effect of dilutive securities ( 2 ), 1.5, 2.2, 2.1
diluted weighted-average shares outstanding ( 3 ), 171.8, 172.8, 158.7 | add(19.8, 21.9), add(17.3, #0), divide(#1, const_3) | 19.66667 |
what percentage of tangible book value at december 31 , 2010 is due to cash and cash equivalents and mutual fund investment holdings? | Pre-text: ['investment advisory revenues earned on the other investment portfolios that we manage decreased $ 44 million , or 8.5% ( 8.5 % ) , to $ 477.8 million in 2009 .', 'average assets in these portfolios were $ 129.5 billion during 2009 , down $ 12.6 billion or 9% ( 9 % ) from 2008 .', 'other investment portfolio assets under management increased $ 46.7 billion during 2009 , including $ 36.5 billion in market gains and income and $ 10.2 billion of net inflows , primarily from institutional investors .', 'net inflows include $ 1.3 billion transferred from the stock and blended asset mutual funds during 2009 .', 'administrative fees decreased $ 35 million , or 10% ( 10 % ) , to $ 319 million in 2009 .', 'this change includes a $ 4 million decrease in 12b-1 distribution and service fees recognized on lower average assets under management in the advisor and r classes of our sponsored mutual funds and a $ 31 million reduction in our mutual fund servicing revenue , which is primarily attributable to our cost reduction efforts in the mutual fund and retirement plan servicing functions .', 'changes in administrative fees are generally offset by similar changes in related operating expenses that are incurred to provide services to the funds and their investors .', 'our largest expense , compensation and related costs , decreased $ 42 million , or 5% ( 5 % ) , from 2008 to $ 773 million in 2009 .', 'the largest part of this decrease is attributable to a $ 19 million reduction in our annual bonus program .', 'reductions in the use of outside contractors lowered 2009 costs $ 14 million with the remainder of the cost savings primarily attributable to the workforce reduction and lower employee benefits and other employment expenses .', 'average headcount in 2009 was down 5.4% ( 5.4 % ) from 2008 due to attrition , retirements and our workforce reduction in april 2009 .', 'advertising and promotion expenditures were down $ 31 million , or 30% ( 30 % ) , versus 2008 due to our decision to reduce spending in response to lower investor activity in the 2009 market environment .', 'depreciation expense and other occupancy and facility costs together increased $ 4 million , or 2.5% ( 2.5 % ) compared to 2008 , as we moderated or delayed our capital spending and facility growth plans .', 'other operating expenses decreased $ 33 million , or 18% ( 18 % ) from 2008 , including a decline of $ 4 million in distribution and service expenses recognized on lower average assets under management in our advisor and r classes of mutual fund shares that are sourced from financial intermediaries .', 'our cost control efforts resulted in the remaining expense reductions , including lower professional fees and travel and related costs .', 'our non-operating investment activity resulted in net losses of $ 12.7 million in 2009 and $ 52.3 million in 2008 .', 'the improvement of nearly $ 40 million is primarily attributable to a reduction in the other than temporary impairments recognized on our investments in sponsored mutual funds in 2009 versus 2008 .', 'the following table details our related mutual fund investment gains and losses ( in millions ) during the two years ended december 31 , 2009. .']
Table:
| 2008 | 2009 | change
other than temporary impairments recognized | $ -91.3 ( 91.3 ) | $ -36.1 ( 36.1 ) | $ 55.2
capital gain distributions received | 5.6 | 2.0 | -3.6 ( 3.6 )
net gain ( loss ) realized on fund dispositions | -4.5 ( 4.5 ) | 7.4 | 11.9
net loss recognized on fund holdings | $ -90.2 ( 90.2 ) | $ -26.7 ( 26.7 ) | $ 63.5
Follow-up: ['lower income of $ 16 million from our money market holdings due to the significantly lower interest rate environment offset the improvement experienced with our fund investments .', 'the 2009 provision for income taxes as a percentage of pretax income is 37.1% ( 37.1 % ) , down from 38.4% ( 38.4 % ) in 2008 .', 'our 2009 provision includes reductions of prior years 2019 tax provisions and discrete nonrecurring benefits that lowered our 2009 effective tax rate by 1.0% ( 1.0 % ) .', 'c a p i t a l r e s o u r c e s a n d l i q u i d i t y .', 'during 2010 , stockholders 2019 equity increased from $ 2.9 billion to $ 3.3 billion .', 'we repurchased nearly 5.0 million common shares for $ 240.0 million in 2010 .', 'tangible book value is $ 2.6 billion at december 31 , 2010 , and our cash and cash equivalents and our mutual fund investment holdings total more than $ 1.5 billion .', 'given the availability of these financial resources , we do not maintain an available external source of liquidity .', 't .', 'rowe price group annual report 2010 .'] | 0.57692 | TROW/2010/page_22.pdf-4 | ['investment advisory revenues earned on the other investment portfolios that we manage decreased $ 44 million , or 8.5% ( 8.5 % ) , to $ 477.8 million in 2009 .', 'average assets in these portfolios were $ 129.5 billion during 2009 , down $ 12.6 billion or 9% ( 9 % ) from 2008 .', 'other investment portfolio assets under management increased $ 46.7 billion during 2009 , including $ 36.5 billion in market gains and income and $ 10.2 billion of net inflows , primarily from institutional investors .', 'net inflows include $ 1.3 billion transferred from the stock and blended asset mutual funds during 2009 .', 'administrative fees decreased $ 35 million , or 10% ( 10 % ) , to $ 319 million in 2009 .', 'this change includes a $ 4 million decrease in 12b-1 distribution and service fees recognized on lower average assets under management in the advisor and r classes of our sponsored mutual funds and a $ 31 million reduction in our mutual fund servicing revenue , which is primarily attributable to our cost reduction efforts in the mutual fund and retirement plan servicing functions .', 'changes in administrative fees are generally offset by similar changes in related operating expenses that are incurred to provide services to the funds and their investors .', 'our largest expense , compensation and related costs , decreased $ 42 million , or 5% ( 5 % ) , from 2008 to $ 773 million in 2009 .', 'the largest part of this decrease is attributable to a $ 19 million reduction in our annual bonus program .', 'reductions in the use of outside contractors lowered 2009 costs $ 14 million with the remainder of the cost savings primarily attributable to the workforce reduction and lower employee benefits and other employment expenses .', 'average headcount in 2009 was down 5.4% ( 5.4 % ) from 2008 due to attrition , retirements and our workforce reduction in april 2009 .', 'advertising and promotion expenditures were down $ 31 million , or 30% ( 30 % ) , versus 2008 due to our decision to reduce spending in response to lower investor activity in the 2009 market environment .', 'depreciation expense and other occupancy and facility costs together increased $ 4 million , or 2.5% ( 2.5 % ) compared to 2008 , as we moderated or delayed our capital spending and facility growth plans .', 'other operating expenses decreased $ 33 million , or 18% ( 18 % ) from 2008 , including a decline of $ 4 million in distribution and service expenses recognized on lower average assets under management in our advisor and r classes of mutual fund shares that are sourced from financial intermediaries .', 'our cost control efforts resulted in the remaining expense reductions , including lower professional fees and travel and related costs .', 'our non-operating investment activity resulted in net losses of $ 12.7 million in 2009 and $ 52.3 million in 2008 .', 'the improvement of nearly $ 40 million is primarily attributable to a reduction in the other than temporary impairments recognized on our investments in sponsored mutual funds in 2009 versus 2008 .', 'the following table details our related mutual fund investment gains and losses ( in millions ) during the two years ended december 31 , 2009. .'] | ['lower income of $ 16 million from our money market holdings due to the significantly lower interest rate environment offset the improvement experienced with our fund investments .', 'the 2009 provision for income taxes as a percentage of pretax income is 37.1% ( 37.1 % ) , down from 38.4% ( 38.4 % ) in 2008 .', 'our 2009 provision includes reductions of prior years 2019 tax provisions and discrete nonrecurring benefits that lowered our 2009 effective tax rate by 1.0% ( 1.0 % ) .', 'c a p i t a l r e s o u r c e s a n d l i q u i d i t y .', 'during 2010 , stockholders 2019 equity increased from $ 2.9 billion to $ 3.3 billion .', 'we repurchased nearly 5.0 million common shares for $ 240.0 million in 2010 .', 'tangible book value is $ 2.6 billion at december 31 , 2010 , and our cash and cash equivalents and our mutual fund investment holdings total more than $ 1.5 billion .', 'given the availability of these financial resources , we do not maintain an available external source of liquidity .', 't .', 'rowe price group annual report 2010 .'] | | 2008 | 2009 | change
other than temporary impairments recognized | $ -91.3 ( 91.3 ) | $ -36.1 ( 36.1 ) | $ 55.2
capital gain distributions received | 5.6 | 2.0 | -3.6 ( 3.6 )
net gain ( loss ) realized on fund dispositions | -4.5 ( 4.5 ) | 7.4 | 11.9
net loss recognized on fund holdings | $ -90.2 ( 90.2 ) | $ -26.7 ( 26.7 ) | $ 63.5 | divide(1.5, 2.6) | 0.57692 |
what portion of the authorized shares of class b common stock is outstanding as of december 31 , 2017? | 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
****************************************
Follow-up: ["( 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. .'] | 0.5656 | BKR/2017/page_105.pdf-2 | ['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
**************************************** | multiply(1.25, const_1000), divide(707, #0) | 0.5656 |
what is the roi of an investment in dj us containers & packaging from 2006 to 2008? | Pre-text: ['shareholder return performance the line graph below compares the annual percentage change in ball corporation fffds cumulative total shareholder return on its common stock with the cumulative total return of the dow jones containers & packaging index and the s&p composite 500 stock index for the five-year period ended december 31 , 2011 .', 'it assumes $ 100 was invested on december 31 , 2006 , and that all dividends were reinvested .', 'the dow jones containers & packaging index total return has been weighted by market capitalization .', 'total return to stockholders ( assumes $ 100 investment on 12/31/06 ) total return analysis .']
##########
Table:
****************************************
| 12/31/2006 | 12/31/2007 | 12/31/2008 | 12/31/2009 | 12/31/2010 | 12/31/2011
ball corporation | $ 100.00 | $ 104.05 | $ 97.04 | $ 121.73 | $ 161.39 | $ 170.70
dj us containers & packaging | $ 100.00 | $ 106.73 | $ 66.91 | $ 93.98 | $ 110.23 | $ 110.39
s&p 500 | $ 100.00 | $ 105.49 | $ 66.46 | $ 84.05 | $ 96.71 | $ 98.75
****************************************
##########
Post-table: ['copyright a9 2012 standard & poor fffds , a division of the mcgraw-hill companies inc .', 'all rights reserved .', '( www.researchdatagroup.com/s&p.htm ) copyright a9 2012 dow jones & company .', 'all rights reserved. .'] | -0.3309 | BLL/2011/page_29.pdf-2 | ['shareholder return performance the line graph below compares the annual percentage change in ball corporation fffds cumulative total shareholder return on its common stock with the cumulative total return of the dow jones containers & packaging index and the s&p composite 500 stock index for the five-year period ended december 31 , 2011 .', 'it assumes $ 100 was invested on december 31 , 2006 , and that all dividends were reinvested .', 'the dow jones containers & packaging index total return has been weighted by market capitalization .', 'total return to stockholders ( assumes $ 100 investment on 12/31/06 ) total return analysis .'] | ['copyright a9 2012 standard & poor fffds , a division of the mcgraw-hill companies inc .', 'all rights reserved .', '( www.researchdatagroup.com/s&p.htm ) copyright a9 2012 dow jones & company .', 'all rights reserved. .'] | ****************************************
| 12/31/2006 | 12/31/2007 | 12/31/2008 | 12/31/2009 | 12/31/2010 | 12/31/2011
ball corporation | $ 100.00 | $ 104.05 | $ 97.04 | $ 121.73 | $ 161.39 | $ 170.70
dj us containers & packaging | $ 100.00 | $ 106.73 | $ 66.91 | $ 93.98 | $ 110.23 | $ 110.39
s&p 500 | $ 100.00 | $ 105.49 | $ 66.46 | $ 84.05 | $ 96.71 | $ 98.75
**************************************** | subtract(66.91, const_100), divide(#0, const_100) | -0.3309 |
did contract services expense increase more in 2012 than in 2011? | Background: ['maintenance and contract expenses incurred by our subsidiaries for external transportation services ) ; materials used to maintain the railroad 2019s lines , structures , and equipment ; costs of operating facilities jointly used by uprr and other railroads ; transportation and lodging for train crew employees ; trucking and contracting costs for intermodal containers ; leased automobile maintenance expenses ; and tools and supplies .', 'expenses for contract services increased $ 103 million in 2012 versus 2011 , primarily due to increased demand for transportation services purchased by our logistics subsidiaries for their customers and additional costs for repair and maintenance of locomotives and freight cars .', 'expenses for contract services increased $ 106 million in 2011 versus 2010 , driven by volume-related external transportation services incurred by our subsidiaries , and various other types of contractual services , including flood-related repairs , mitigation and improvements .', 'volume-related crew transportation and lodging costs , as well as expenses associated with jointly owned operating facilities , also increased costs compared to 2010 .', 'in addition , an increase in locomotive maintenance materials used to prepare a portion of our locomotive fleet for return to active service due to increased volume and additional capacity for weather related issues and warranty expirations increased expenses in 2011 .', 'depreciation 2013 the majority of depreciation relates to road property , including rail , ties , ballast , and other track material .', 'a higher depreciable asset base , reflecting ongoing capital spending , increased depreciation expense in 2012 compared to 2011 .', 'a higher depreciable asset base , reflecting ongoing capital spending , increased depreciation expense in 2011 compared to 2010 .', 'higher depreciation rates for rail and other track material also contributed to the increase .', 'the higher rates , which became effective january 1 , 2011 , resulted primarily from increased track usage ( based on higher gross ton-miles in 2010 ) .', 'equipment and other rents 2013 equipment and other rents expense primarily includes rental expense that the railroad pays for freight cars owned by other railroads or private companies ; freight car , intermodal , and locomotive leases ; and office and other rent expenses .', 'increased automotive and intermodal shipments , partially offset by improved car-cycle times , drove an increase in our short-term freight car rental expense in 2012 .', 'conversely , lower locomotive lease expense partially offset the higher freight car rental expense .', 'costs increased in 2011 versus 2010 as higher short-term freight car rental expense and container lease expense offset lower freight car and locomotive lease expense .', 'other 2013 other expenses include personal injury , freight and property damage , destruction of equipment , insurance , environmental , bad debt , state and local taxes , utilities , telephone and cellular , employee travel , computer software , and other general expenses .', 'other costs in 2012 were slightly higher than 2011 primarily due to higher property taxes .', 'despite continual improvement in our safety experience and lower estimated annual costs , personal injury expense increased in 2012 compared to 2011 , as the liability reduction resulting from historical claim experience was less than the reduction in 2011 .', 'higher property taxes , casualty costs associated with destroyed equipment , damaged freight and property and environmental costs increased other costs in 2011 compared to 2010 .', 'a one-time payment of $ 45 million in the first quarter of 2010 related to a transaction with csxi and continued improvement in our safety performance and lower estimated liability for personal injury , which reduced our personal injury expense year-over-year , partially offset increases in other costs .', 'non-operating items millions 2012 2011 2010 % ( % ) change 2012 v 2011 % ( % ) change 2011 v 2010 .']
Tabular Data:
========================================
Row 1: millions, 2012, 2011, 2010, % ( % ) change 2012 v 2011, % ( % ) change 2011 v 2010
Row 2: other income, $ 108, $ 112, $ 54, ( 4 ) % ( % ), 107% ( 107 % )
Row 3: interest expense, -535 ( 535 ), -572 ( 572 ), -602 ( 602 ), -6 ( 6 ), -5 ( 5 )
Row 4: income taxes, -2375 ( 2375 ), -1972 ( 1972 ), -1653 ( 1653 ), 20% ( 20 % ), 19% ( 19 % )
========================================
Follow-up: ['other income 2013 other income decreased in 2012 versus 2011 due to lower gains from real estate sales and higher environmental costs associated with non-operating properties , partially offset by an interest payment from a tax refund. .'] | no | UNP/2012/page_30.pdf-2 | ['maintenance and contract expenses incurred by our subsidiaries for external transportation services ) ; materials used to maintain the railroad 2019s lines , structures , and equipment ; costs of operating facilities jointly used by uprr and other railroads ; transportation and lodging for train crew employees ; trucking and contracting costs for intermodal containers ; leased automobile maintenance expenses ; and tools and supplies .', 'expenses for contract services increased $ 103 million in 2012 versus 2011 , primarily due to increased demand for transportation services purchased by our logistics subsidiaries for their customers and additional costs for repair and maintenance of locomotives and freight cars .', 'expenses for contract services increased $ 106 million in 2011 versus 2010 , driven by volume-related external transportation services incurred by our subsidiaries , and various other types of contractual services , including flood-related repairs , mitigation and improvements .', 'volume-related crew transportation and lodging costs , as well as expenses associated with jointly owned operating facilities , also increased costs compared to 2010 .', 'in addition , an increase in locomotive maintenance materials used to prepare a portion of our locomotive fleet for return to active service due to increased volume and additional capacity for weather related issues and warranty expirations increased expenses in 2011 .', 'depreciation 2013 the majority of depreciation relates to road property , including rail , ties , ballast , and other track material .', 'a higher depreciable asset base , reflecting ongoing capital spending , increased depreciation expense in 2012 compared to 2011 .', 'a higher depreciable asset base , reflecting ongoing capital spending , increased depreciation expense in 2011 compared to 2010 .', 'higher depreciation rates for rail and other track material also contributed to the increase .', 'the higher rates , which became effective january 1 , 2011 , resulted primarily from increased track usage ( based on higher gross ton-miles in 2010 ) .', 'equipment and other rents 2013 equipment and other rents expense primarily includes rental expense that the railroad pays for freight cars owned by other railroads or private companies ; freight car , intermodal , and locomotive leases ; and office and other rent expenses .', 'increased automotive and intermodal shipments , partially offset by improved car-cycle times , drove an increase in our short-term freight car rental expense in 2012 .', 'conversely , lower locomotive lease expense partially offset the higher freight car rental expense .', 'costs increased in 2011 versus 2010 as higher short-term freight car rental expense and container lease expense offset lower freight car and locomotive lease expense .', 'other 2013 other expenses include personal injury , freight and property damage , destruction of equipment , insurance , environmental , bad debt , state and local taxes , utilities , telephone and cellular , employee travel , computer software , and other general expenses .', 'other costs in 2012 were slightly higher than 2011 primarily due to higher property taxes .', 'despite continual improvement in our safety experience and lower estimated annual costs , personal injury expense increased in 2012 compared to 2011 , as the liability reduction resulting from historical claim experience was less than the reduction in 2011 .', 'higher property taxes , casualty costs associated with destroyed equipment , damaged freight and property and environmental costs increased other costs in 2011 compared to 2010 .', 'a one-time payment of $ 45 million in the first quarter of 2010 related to a transaction with csxi and continued improvement in our safety performance and lower estimated liability for personal injury , which reduced our personal injury expense year-over-year , partially offset increases in other costs .', 'non-operating items millions 2012 2011 2010 % ( % ) change 2012 v 2011 % ( % ) change 2011 v 2010 .'] | ['other income 2013 other income decreased in 2012 versus 2011 due to lower gains from real estate sales and higher environmental costs associated with non-operating properties , partially offset by an interest payment from a tax refund. .'] | ========================================
Row 1: millions, 2012, 2011, 2010, % ( % ) change 2012 v 2011, % ( % ) change 2011 v 2010
Row 2: other income, $ 108, $ 112, $ 54, ( 4 ) % ( % ), 107% ( 107 % )
Row 3: interest expense, -535 ( 535 ), -572 ( 572 ), -602 ( 602 ), -6 ( 6 ), -5 ( 5 )
Row 4: income taxes, -2375 ( 2375 ), -1972 ( 1972 ), -1653 ( 1653 ), 20% ( 20 % ), 19% ( 19 % )
======================================== | greater(103, 106) | no |
what was the operating income margin for 2006? | Pre-text: ['results of operations year ended december 31 , 2006 compared to year ended december 31 , 2005 the historical results of operations of pca for the years ended december 31 , 2006 and 2005 are set forth below : for the year ended december 31 , ( in millions ) 2006 2005 change .']
Tabular Data:
****************************************
• ( in millions ), for the year ended december 31 , 2006, for the year ended december 31 , 2005, change
• net sales, $ 2187.1, $ 1993.7, $ 193.4
• income from operations, $ 225.9, $ 116.1, $ 109.8
• interest expense net, -31.2 ( 31.2 ), -28.1 ( 28.1 ), -3.1 ( 3.1 )
• income before taxes, 194.7, 88.0, 106.7
• provision for income taxes, -69.7 ( 69.7 ), -35.4 ( 35.4 ), -34.3 ( 34.3 )
• net income, $ 125.0, $ 52.6, $ 72.4
****************************************
Post-table: ['net sales net sales increased by $ 193.4 million , or 9.7% ( 9.7 % ) , for the year ended december 31 , 2006 from the year ended december 31 , 2005 .', 'net sales increased primarily due to increased sales prices and volumes of corrugated products and containerboard compared to 2005 .', 'total corrugated products volume sold increased 0.4% ( 0.4 % ) to 31.3 billion square feet in 2006 compared to 31.2 billion square feet in 2005 .', 'on a comparable shipment-per-workday basis , corrugated products sales volume increased 0.8% ( 0.8 % ) in 2006 from 2005 .', 'shipments-per-workday is calculated by dividing our total corrugated products volume during the year by the number of workdays within the year .', 'the larger percentage increase on a shipment-per-workday basis was due to the fact that 2006 had one less workday ( 249 days ) , those days not falling on a weekend or holiday , than 2005 ( 250 days ) .', 'containerboard sales volume to external domestic and export customers increased 15.6% ( 15.6 % ) to 482000 tons for the year ended december 31 , 2006 from 417000 tons in 2005 .', 'income from operations income from operations increased by $ 109.8 million , or 94.6% ( 94.6 % ) , for the year ended december 31 , 2006 compared to 2005 .', 'included in income from operations for the year ended december 31 , 2005 is income of $ 14.0 million , net of expenses , consisting of two dividends paid to pca by southern timber venture , llc ( stv ) , the timberlands joint venture in which pca owns a 311 20443% ( 20443 % ) ownership interest .', 'excluding the dividends from stv , income from operations increased $ 123.8 million in 2006 compared to 2005 .', 'the $ 123.8 million increase in income from operations was primarily attributable to higher sales prices and volume as well as improved mix of business ( $ 195.6 million ) , partially offset by increased costs related to transportation ( $ 18.9 million ) , energy , primarily purchased fuels and electricity ( $ 18.3 million ) , wage increases for hourly and salaried personnel ( $ 16.9 million ) , medical , pension and other benefit costs ( $ 9.9 million ) , and incentive compensation ( $ 6.5 million ) .', 'gross profit increased $ 137.1 million , or 44.7% ( 44.7 % ) , for the year ended december 31 , 2006 from the year ended december 31 , 2005 .', 'gross profit as a percentage of net sales increased from 15.4% ( 15.4 % ) of net sales in 2005 to 20.3% ( 20.3 % ) of net sales in the current year primarily due to the increased sales prices described previously .', 'selling and administrative expenses increased $ 12.3 million , or 8.4% ( 8.4 % ) , for the year ended december 31 , 2006 from the comparable period in 2005 .', 'the increase was primarily the result of increased salary and .'] | 0.10329 | PKG/2006/page_27.pdf-3 | ['results of operations year ended december 31 , 2006 compared to year ended december 31 , 2005 the historical results of operations of pca for the years ended december 31 , 2006 and 2005 are set forth below : for the year ended december 31 , ( in millions ) 2006 2005 change .'] | ['net sales net sales increased by $ 193.4 million , or 9.7% ( 9.7 % ) , for the year ended december 31 , 2006 from the year ended december 31 , 2005 .', 'net sales increased primarily due to increased sales prices and volumes of corrugated products and containerboard compared to 2005 .', 'total corrugated products volume sold increased 0.4% ( 0.4 % ) to 31.3 billion square feet in 2006 compared to 31.2 billion square feet in 2005 .', 'on a comparable shipment-per-workday basis , corrugated products sales volume increased 0.8% ( 0.8 % ) in 2006 from 2005 .', 'shipments-per-workday is calculated by dividing our total corrugated products volume during the year by the number of workdays within the year .', 'the larger percentage increase on a shipment-per-workday basis was due to the fact that 2006 had one less workday ( 249 days ) , those days not falling on a weekend or holiday , than 2005 ( 250 days ) .', 'containerboard sales volume to external domestic and export customers increased 15.6% ( 15.6 % ) to 482000 tons for the year ended december 31 , 2006 from 417000 tons in 2005 .', 'income from operations income from operations increased by $ 109.8 million , or 94.6% ( 94.6 % ) , for the year ended december 31 , 2006 compared to 2005 .', 'included in income from operations for the year ended december 31 , 2005 is income of $ 14.0 million , net of expenses , consisting of two dividends paid to pca by southern timber venture , llc ( stv ) , the timberlands joint venture in which pca owns a 311 20443% ( 20443 % ) ownership interest .', 'excluding the dividends from stv , income from operations increased $ 123.8 million in 2006 compared to 2005 .', 'the $ 123.8 million increase in income from operations was primarily attributable to higher sales prices and volume as well as improved mix of business ( $ 195.6 million ) , partially offset by increased costs related to transportation ( $ 18.9 million ) , energy , primarily purchased fuels and electricity ( $ 18.3 million ) , wage increases for hourly and salaried personnel ( $ 16.9 million ) , medical , pension and other benefit costs ( $ 9.9 million ) , and incentive compensation ( $ 6.5 million ) .', 'gross profit increased $ 137.1 million , or 44.7% ( 44.7 % ) , for the year ended december 31 , 2006 from the year ended december 31 , 2005 .', 'gross profit as a percentage of net sales increased from 15.4% ( 15.4 % ) of net sales in 2005 to 20.3% ( 20.3 % ) of net sales in the current year primarily due to the increased sales prices described previously .', 'selling and administrative expenses increased $ 12.3 million , or 8.4% ( 8.4 % ) , for the year ended december 31 , 2006 from the comparable period in 2005 .', 'the increase was primarily the result of increased salary and .'] | ****************************************
• ( in millions ), for the year ended december 31 , 2006, for the year ended december 31 , 2005, change
• net sales, $ 2187.1, $ 1993.7, $ 193.4
• income from operations, $ 225.9, $ 116.1, $ 109.8
• interest expense net, -31.2 ( 31.2 ), -28.1 ( 28.1 ), -3.1 ( 3.1 )
• income before taxes, 194.7, 88.0, 106.7
• provision for income taxes, -69.7 ( 69.7 ), -35.4 ( 35.4 ), -34.3 ( 34.3 )
• net income, $ 125.0, $ 52.6, $ 72.4
**************************************** | divide(225.9, 2187.1) | 0.10329 |
what portion of the beginning balance of accrual for fraud losses is paid in cash? | Context: ['our initial estimate of fraud losses , fines and other charges on our understanding of the rules and operating regulations published by the networks and preliminary communications with the networks .', 'we have now reached resolution with and made payments to the networks , resulting in charges that were less than our initial estimates .', 'the primary difference between our initial estimates and the final charges relates to lower fraud related costs attributed to this event than previously expected .', 'the following table reflects the activity in our accrual for fraud losses , fines and other charges for the twelve months ended may 31 , 2013 ( in thousands ) : .']
####
Tabular Data:
balance at may 31 2012, $ 67436
adjustments, -31781 ( 31781 )
subtotal, 35655
payments, -35655 ( 35655 )
balance at may 31 2013, $ 2014
####
Post-table: ['we were insured under policies that provided coverage of certain costs associated with this event .', 'the policies provided a total of $ 30.0 million in policy limits and contained various sub-limits of liability and other terms , conditions and limitations , including a $ 1.0 million deductible per claim .', 'as of fiscal year 2013 , we received assessments from certain networks and submitted additional claims to the insurers and recorded $ 20.0 million in additional insurance recoveries based on our negotiations with our insurers .', 'we will record receivables for any additional recoveries in the periods in which we determine such recovery is probable and the amount can be reasonably estimated .', 'a class action arising out of the processing system intrusion was filed against us on april 4 , 2012 by natalie willingham ( individually and on behalf of a putative nationwide class ) ( the 201cplaintiff 201d ) .', 'specifically , ms .', 'willingham alleged that we failed to maintain reasonable and adequate procedures to protect her personally identifiable information ( 201cpii 201d ) which she claims resulted in two fraudulent charges on her credit card in march 2012 .', 'further , ms .', 'willingham asserted that we failed to timely notify the public of the data breach .', 'based on these allegations , ms .', 'willingham asserted claims for negligence , violation of the federal stored communications act , willful violation of the fair credit reporting act , negligent violation of the fair credit reporting act , violation of georgia 2019s unfair and deceptive trade practices act , negligence per se , breach of third-party beneficiary contract , and breach of implied contract .', 'ms .', 'willingham sought an unspecified amount of damages and injunctive relief .', 'the lawsuit was filed in the united states district court for the northern district of georgia .', 'on may 14 , 2012 , we filed a motion to dismiss .', 'on july 11 , 2012 , plaintiff filed a motion for leave to amend her complaint , and on july 16 , 2012 , the court granted that motion .', 'she then filed an amended complaint on july 16 , 2012 .', 'the amended complaint did not add any new causes of action .', 'instead , it added two new named plaintiffs ( nadine and robert hielscher ) ( together with plaintiff , the 201cplaintiffs 201d ) and dropped plaintiff 2019s claim for negligence per se .', 'on august 16 , 2012 , we filed a motion to dismiss the plaintiffs 2019 amended complaint .', 'the plaintiffs filed their response in opposition to our motion to dismiss on october 5 , 2012 , and we subsequently filed our reply brief on october 22 , 2012 .', 'the magistrate judge issued a report and recommendation recommending dismissal of all of plaintiffs 2019 claims with prejudice .', 'the plaintiffs subsequently agreed to voluntarily dismiss the lawsuit with prejudice , with each party bearing its own fees and costs .', 'this was the only consideration exchanged by the parties in connection with plaintiffs 2019 voluntary dismissal with prejudice of the lawsuit .', 'the lawsuit was dismissed with prejudice on march 6 , 2013 .', 'note 3 2014settlement processing assets and obligations we are designated as a merchant service provider by mastercard and an independent sales organization by visa .', 'these designations are dependent upon member clearing banks ( 201cmember 201d ) sponsoring us and our adherence to the standards of the networks .', 'we have primary financial institution sponsors in the various markets where we facilitate payment transactions with whom we have sponsorship or depository and clearing agreements .', 'these agreements allow us to route transactions under the member banks 2019 control and identification numbers to clear credit card transactions through mastercard and visa .', 'in certain markets , we are members in various payment networks , allowing us to process and fund transactions without third-party sponsorship. .'] | 0.52872 | GPN/2013/page_71.pdf-3 | ['our initial estimate of fraud losses , fines and other charges on our understanding of the rules and operating regulations published by the networks and preliminary communications with the networks .', 'we have now reached resolution with and made payments to the networks , resulting in charges that were less than our initial estimates .', 'the primary difference between our initial estimates and the final charges relates to lower fraud related costs attributed to this event than previously expected .', 'the following table reflects the activity in our accrual for fraud losses , fines and other charges for the twelve months ended may 31 , 2013 ( in thousands ) : .'] | ['we were insured under policies that provided coverage of certain costs associated with this event .', 'the policies provided a total of $ 30.0 million in policy limits and contained various sub-limits of liability and other terms , conditions and limitations , including a $ 1.0 million deductible per claim .', 'as of fiscal year 2013 , we received assessments from certain networks and submitted additional claims to the insurers and recorded $ 20.0 million in additional insurance recoveries based on our negotiations with our insurers .', 'we will record receivables for any additional recoveries in the periods in which we determine such recovery is probable and the amount can be reasonably estimated .', 'a class action arising out of the processing system intrusion was filed against us on april 4 , 2012 by natalie willingham ( individually and on behalf of a putative nationwide class ) ( the 201cplaintiff 201d ) .', 'specifically , ms .', 'willingham alleged that we failed to maintain reasonable and adequate procedures to protect her personally identifiable information ( 201cpii 201d ) which she claims resulted in two fraudulent charges on her credit card in march 2012 .', 'further , ms .', 'willingham asserted that we failed to timely notify the public of the data breach .', 'based on these allegations , ms .', 'willingham asserted claims for negligence , violation of the federal stored communications act , willful violation of the fair credit reporting act , negligent violation of the fair credit reporting act , violation of georgia 2019s unfair and deceptive trade practices act , negligence per se , breach of third-party beneficiary contract , and breach of implied contract .', 'ms .', 'willingham sought an unspecified amount of damages and injunctive relief .', 'the lawsuit was filed in the united states district court for the northern district of georgia .', 'on may 14 , 2012 , we filed a motion to dismiss .', 'on july 11 , 2012 , plaintiff filed a motion for leave to amend her complaint , and on july 16 , 2012 , the court granted that motion .', 'she then filed an amended complaint on july 16 , 2012 .', 'the amended complaint did not add any new causes of action .', 'instead , it added two new named plaintiffs ( nadine and robert hielscher ) ( together with plaintiff , the 201cplaintiffs 201d ) and dropped plaintiff 2019s claim for negligence per se .', 'on august 16 , 2012 , we filed a motion to dismiss the plaintiffs 2019 amended complaint .', 'the plaintiffs filed their response in opposition to our motion to dismiss on october 5 , 2012 , and we subsequently filed our reply brief on october 22 , 2012 .', 'the magistrate judge issued a report and recommendation recommending dismissal of all of plaintiffs 2019 claims with prejudice .', 'the plaintiffs subsequently agreed to voluntarily dismiss the lawsuit with prejudice , with each party bearing its own fees and costs .', 'this was the only consideration exchanged by the parties in connection with plaintiffs 2019 voluntary dismissal with prejudice of the lawsuit .', 'the lawsuit was dismissed with prejudice on march 6 , 2013 .', 'note 3 2014settlement processing assets and obligations we are designated as a merchant service provider by mastercard and an independent sales organization by visa .', 'these designations are dependent upon member clearing banks ( 201cmember 201d ) sponsoring us and our adherence to the standards of the networks .', 'we have primary financial institution sponsors in the various markets where we facilitate payment transactions with whom we have sponsorship or depository and clearing agreements .', 'these agreements allow us to route transactions under the member banks 2019 control and identification numbers to clear credit card transactions through mastercard and visa .', 'in certain markets , we are members in various payment networks , allowing us to process and fund transactions without third-party sponsorship. .'] | balance at may 31 2012, $ 67436
adjustments, -31781 ( 31781 )
subtotal, 35655
payments, -35655 ( 35655 )
balance at may 31 2013, $ 2014 | divide(35655, 67436) | 0.52872 |
what percent of foreign pretax earnings in 2008 were from discontinued operations? | Context: ['the company is currently under audit by the internal revenue service and other major taxing jurisdictions around the world .', 'it is thus reasonably possible that significant changes in the gross balance of unrecognized tax benefits may occur within the next 12 months , but the company does not expect such audits to result in amounts that would cause a significant change to its effective tax rate , other than the following items .', 'the company is currently at irs appeals for the years 1999 20132002 .', 'one of the issues relates to the timing of the inclusion of interchange fees received by the company relating to credit card purchases by its cardholders .', 'it is reasonably possible that within the next 12 months the company can either reach agreement on this issue at appeals or decide to litigate the issue .', 'this issue is presently being litigated by another company in a united states tax court case .', 'the gross uncertain tax position for this item at december 31 , 2008 is $ 542 million .', 'since this is a temporary difference , the only effect to the company 2019s effective tax rate would be due to net interest and state tax rate differentials .', 'if the reserve were to be released , the tax benefit could be as much as $ 168 million .', 'in addition , the company expects to conclude the irs audit of its u.s .', 'federal consolidated income tax returns for the years 2003 20132005 within the next 12 months .', 'the gross uncertain tax position at december 31 , 2008 for the items expected to be resolved is approximately $ 350 million plus gross interest of $ 70 million .', 'the potential net tax benefit to continuing operations could be approximately $ 325 million .', 'the following are the major tax jurisdictions in which the company and its affiliates operate and the earliest tax year subject to examination: .']
--
Table:
----------------------------------------
jurisdiction tax year
united states 2003
mexico 2006
new york state and city 2005
united kingdom 2007
germany 2000
korea 2005
japan 2006
brazil 2004
----------------------------------------
--
Additional Information: ['foreign pretax earnings approximated $ 10.3 billion in 2008 , $ 9.1 billion in 2007 , and $ 13.6 billion in 2006 ( $ 5.1 billion , $ 0.7 billion and $ 0.9 billion of which , respectively , are in discontinued operations ) .', 'as a u.s .', 'corporation , citigroup and its u.s .', 'subsidiaries are subject to u.s .', 'taxation currently on all foreign pretax earnings earned by a foreign branch .', 'pretax earnings of a foreign subsidiary or affiliate are subject to u.s .', 'taxation when effectively repatriated .', 'the company provides income taxes on the undistributed earnings of non-u.s .', 'subsidiaries except to the extent that such earnings are indefinitely invested outside the united states .', 'at december 31 , 2008 , $ 22.8 billion of accumulated undistributed earnings of non-u.s .', 'subsidiaries were indefinitely invested .', 'at the existing u.s .', 'federal income tax rate , additional taxes ( net of u.s .', 'foreign tax credits ) of $ 6.1 billion would have to be provided if such earnings were remitted currently .', 'the current year 2019s effect on the income tax expense from continuing operations is included in the foreign income tax rate differential line in the reconciliation of the federal statutory rate to the company 2019s effective income tax rate on the previous page .', 'income taxes are not provided for on the company 2019s savings bank base year bad debt reserves that arose before 1988 because under current u.s .', 'tax rules such taxes will become payable only to the extent such amounts are distributed in excess of limits prescribed by federal law .', 'at december 31 , 2008 , the amount of the base year reserves totaled approximately $ 358 million ( subject to a tax of $ 125 million ) .', 'the company has no valuation allowance on deferred tax assets at december 31 , 2008 and december 31 , 2007 .', 'at december 31 , 2008 , the company had a u.s .', 'foreign tax-credit carryforward of $ 10.5 billion , $ 0.4 billion whose expiry date is 2016 , $ 5.3 billion whose expiry date is 2017 and $ 4.8 billion whose expiry date is 2018 .', 'the company has a u.s federal consolidated net operating loss ( nol ) carryforward of approximately $ 13 billion whose expiration date is 2028 .', 'the company also has a general business credit carryforward of $ 0.6 billion whose expiration dates are 2027-2028 .', 'the company has state and local net operating loss carryforwards of $ 16.2 billion and $ 4.9 billion in new york state and new york city , respectively .', 'this consists of $ 2.4 billion and $ 1.2 billion , whose expiration date is 2027 and $ 13.8 billion and $ 3.7 billion whose expiration date is 2028 and for which the company has recorded a deferred-tax asset of $ 1.2 billion , along with less significant net operating losses in various other states for which the company has recorded a deferred-tax asset of $ 399 million and which expire between 2012 and 2028 .', 'in addition , the company has recorded deferred-tax assets in apb 23 subsidiaries for foreign net operating loss carryforwards of $ 130 million ( which expires in 2018 ) and $ 101 million ( with no expiration ) .', 'although realization is not assured , the company believes that the realization of the recognized net deferred tax asset of $ 44.5 billion is more likely than not based on expectations as to future taxable income in the jurisdictions in which it operates and available tax planning strategies , as defined in sfas 109 , that could be implemented if necessary to prevent a carryforward from expiring .', 'the company 2019s net deferred tax asset ( dta ) of $ 44.5 billion consists of approximately $ 36.5 billion of net u.s .', 'federal dtas , $ 4 billion of net state dtas and $ 4 billion of net foreign dtas .', 'included in the net federal dta of $ 36.5 billion are deferred tax liabilities of $ 4 billion that will reverse in the relevant carryforward period and may be used to support the dta .', 'the major components of the u.s .', 'federal dta are $ 10.5 billion in foreign tax-credit carryforwards , $ 4.6 billion in a net-operating-loss carryforward , $ 0.6 billion in a general-business-credit carryforward , $ 19.9 billion in net deductions that have not yet been taken on a tax return , and $ 0.9 billion in compensation deductions , which reduced additional paid-in capital in january 2009 and for which sfas 123 ( r ) did not permit any adjustment to such dta at december 31 , 2008 because the related stock compensation was not yet deductible to the company .', 'in general , citigroup would need to generate approximately $ 85 billion of taxable income during the respective carryforward periods to fully realize its federal , state and local dtas. .'] | 0.49515 | C/2008/page_159.pdf-1 | ['the company is currently under audit by the internal revenue service and other major taxing jurisdictions around the world .', 'it is thus reasonably possible that significant changes in the gross balance of unrecognized tax benefits may occur within the next 12 months , but the company does not expect such audits to result in amounts that would cause a significant change to its effective tax rate , other than the following items .', 'the company is currently at irs appeals for the years 1999 20132002 .', 'one of the issues relates to the timing of the inclusion of interchange fees received by the company relating to credit card purchases by its cardholders .', 'it is reasonably possible that within the next 12 months the company can either reach agreement on this issue at appeals or decide to litigate the issue .', 'this issue is presently being litigated by another company in a united states tax court case .', 'the gross uncertain tax position for this item at december 31 , 2008 is $ 542 million .', 'since this is a temporary difference , the only effect to the company 2019s effective tax rate would be due to net interest and state tax rate differentials .', 'if the reserve were to be released , the tax benefit could be as much as $ 168 million .', 'in addition , the company expects to conclude the irs audit of its u.s .', 'federal consolidated income tax returns for the years 2003 20132005 within the next 12 months .', 'the gross uncertain tax position at december 31 , 2008 for the items expected to be resolved is approximately $ 350 million plus gross interest of $ 70 million .', 'the potential net tax benefit to continuing operations could be approximately $ 325 million .', 'the following are the major tax jurisdictions in which the company and its affiliates operate and the earliest tax year subject to examination: .'] | ['foreign pretax earnings approximated $ 10.3 billion in 2008 , $ 9.1 billion in 2007 , and $ 13.6 billion in 2006 ( $ 5.1 billion , $ 0.7 billion and $ 0.9 billion of which , respectively , are in discontinued operations ) .', 'as a u.s .', 'corporation , citigroup and its u.s .', 'subsidiaries are subject to u.s .', 'taxation currently on all foreign pretax earnings earned by a foreign branch .', 'pretax earnings of a foreign subsidiary or affiliate are subject to u.s .', 'taxation when effectively repatriated .', 'the company provides income taxes on the undistributed earnings of non-u.s .', 'subsidiaries except to the extent that such earnings are indefinitely invested outside the united states .', 'at december 31 , 2008 , $ 22.8 billion of accumulated undistributed earnings of non-u.s .', 'subsidiaries were indefinitely invested .', 'at the existing u.s .', 'federal income tax rate , additional taxes ( net of u.s .', 'foreign tax credits ) of $ 6.1 billion would have to be provided if such earnings were remitted currently .', 'the current year 2019s effect on the income tax expense from continuing operations is included in the foreign income tax rate differential line in the reconciliation of the federal statutory rate to the company 2019s effective income tax rate on the previous page .', 'income taxes are not provided for on the company 2019s savings bank base year bad debt reserves that arose before 1988 because under current u.s .', 'tax rules such taxes will become payable only to the extent such amounts are distributed in excess of limits prescribed by federal law .', 'at december 31 , 2008 , the amount of the base year reserves totaled approximately $ 358 million ( subject to a tax of $ 125 million ) .', 'the company has no valuation allowance on deferred tax assets at december 31 , 2008 and december 31 , 2007 .', 'at december 31 , 2008 , the company had a u.s .', 'foreign tax-credit carryforward of $ 10.5 billion , $ 0.4 billion whose expiry date is 2016 , $ 5.3 billion whose expiry date is 2017 and $ 4.8 billion whose expiry date is 2018 .', 'the company has a u.s federal consolidated net operating loss ( nol ) carryforward of approximately $ 13 billion whose expiration date is 2028 .', 'the company also has a general business credit carryforward of $ 0.6 billion whose expiration dates are 2027-2028 .', 'the company has state and local net operating loss carryforwards of $ 16.2 billion and $ 4.9 billion in new york state and new york city , respectively .', 'this consists of $ 2.4 billion and $ 1.2 billion , whose expiration date is 2027 and $ 13.8 billion and $ 3.7 billion whose expiration date is 2028 and for which the company has recorded a deferred-tax asset of $ 1.2 billion , along with less significant net operating losses in various other states for which the company has recorded a deferred-tax asset of $ 399 million and which expire between 2012 and 2028 .', 'in addition , the company has recorded deferred-tax assets in apb 23 subsidiaries for foreign net operating loss carryforwards of $ 130 million ( which expires in 2018 ) and $ 101 million ( with no expiration ) .', 'although realization is not assured , the company believes that the realization of the recognized net deferred tax asset of $ 44.5 billion is more likely than not based on expectations as to future taxable income in the jurisdictions in which it operates and available tax planning strategies , as defined in sfas 109 , that could be implemented if necessary to prevent a carryforward from expiring .', 'the company 2019s net deferred tax asset ( dta ) of $ 44.5 billion consists of approximately $ 36.5 billion of net u.s .', 'federal dtas , $ 4 billion of net state dtas and $ 4 billion of net foreign dtas .', 'included in the net federal dta of $ 36.5 billion are deferred tax liabilities of $ 4 billion that will reverse in the relevant carryforward period and may be used to support the dta .', 'the major components of the u.s .', 'federal dta are $ 10.5 billion in foreign tax-credit carryforwards , $ 4.6 billion in a net-operating-loss carryforward , $ 0.6 billion in a general-business-credit carryforward , $ 19.9 billion in net deductions that have not yet been taken on a tax return , and $ 0.9 billion in compensation deductions , which reduced additional paid-in capital in january 2009 and for which sfas 123 ( r ) did not permit any adjustment to such dta at december 31 , 2008 because the related stock compensation was not yet deductible to the company .', 'in general , citigroup would need to generate approximately $ 85 billion of taxable income during the respective carryforward periods to fully realize its federal , state and local dtas. .'] | ----------------------------------------
jurisdiction tax year
united states 2003
mexico 2006
new york state and city 2005
united kingdom 2007
germany 2000
korea 2005
japan 2006
brazil 2004
---------------------------------------- | divide(5.1, 10.3) | 0.49515 |
what was the increase observed in the initial balance between 2017 and 2018? | Background: ['eog resources , inc .', 'supplemental information to consolidated financial statements ( continued ) net proved undeveloped reserves .', "the following table presents the changes in eog's total proved undeveloped reserves during 2018 , 2017 and 2016 ( in mboe ) : ."]
Table:
Row 1: , 2018, 2017, 2016
Row 2: balance at january 1, 1162635, 1053027, 1045640
Row 3: extensions and discoveries, 490725, 237378, 138101
Row 4: revisions, -8244 ( 8244 ), 33127, 64413
Row 5: acquisition of reserves, 311, 2014, 2014
Row 6: sale of reserves, 2014, -8253 ( 8253 ), -45917 ( 45917 )
Row 7: conversion to proved developed reserves, -265718 ( 265718 ), -152644 ( 152644 ), -149210 ( 149210 )
Row 8: balance at december 31, 1379709, 1162635, 1053027
Follow-up: ['for the twelve-month period ended december 31 , 2018 , total puds increased by 217 mmboe to 1380 mmboe .', 'eog added approximately 31 mmboe of puds through drilling activities where the wells were drilled but significant expenditures remained for completion .', 'based on the technology employed by eog to identify and record puds ( see discussion of technology employed on pages f-36 and f-37 of this annual report on form 10-k ) , eog added 460 mmboe .', 'the pud additions were primarily in the permian basin , anadarko basin , the eagle ford and , to a lesser extent , the rocky mountain area , and 80% ( 80 % ) of the additions were crude oil and condensate and ngls .', 'during 2018 , eog drilled and transferred 266 mmboe of puds to proved developed reserves at a total capital cost of $ 2745 million .', 'all puds , including drilled but uncompleted wells ( ducs ) , are scheduled for completion within five years of the original reserve booking .', 'for the twelve-month period ended december 31 , 2017 , total puds increased by 110 mmboe to 1163 mmboe .', 'eog added approximately 38 mmboe of puds through drilling activities where the wells were drilled but significant expenditures remained for completion .', 'based on the technology employed by eog to identify and record puds , eog added 199 mmboe .', 'the pud additions were primarily in the permian basin and , to a lesser extent , the eagle ford and the rocky mountain area , and 74% ( 74 % ) of the additions were crude oil and condensate and ngls .', 'during 2017 , eog drilled and transferred 153 mmboe of puds to proved developed reserves at a total capital cost of $ 1440 million .', 'revisions of puds totaled positive 33 mmboe , primarily due to updated type curves resulting from improved performance of offsetting wells in the permian basin , the impact of increases in the average crude oil and natural gas prices used in the december 31 , 2017 , reserves estimation as compared to the prices used in the prior year estimate , and lower costs .', 'during 2017 , eog sold or exchanged 8 mmboe of puds primarily in the permian basin .', 'for the twelve-month period ended december 31 , 2016 , total puds increased by 7 mmboe to 1053 mmboe .', 'eog added approximately 21 mmboe of puds through drilling activities where the wells were drilled but significant expenditures remained for completion .', 'based on the technology employed by eog to identify and record puds , eog added 117 mmboe .', 'the pud additions were primarily in the permian basin and , to a lesser extent , the rocky mountain area , and 82% ( 82 % ) of the additions were crude oil and condensate and ngls .', 'during 2016 , eog drilled and transferred 149 mmboe of puds to proved developed reserves at a total capital cost of $ 1230 million .', 'revisions of puds totaled positive 64 mmboe , primarily due to improved well performance , primarily in the delaware basin , and lower production costs , partially offset by the impact of decreases in the average crude oil and natural gas prices used in the december 31 , 2016 , reserves estimation as compared to the prices used in the prior year estimate .', 'during 2016 , eog sold 46 mmboe of puds primarily in the haynesville play. .'] | 0.10409 | EOG/2018/page_98.pdf-2 | ['eog resources , inc .', 'supplemental information to consolidated financial statements ( continued ) net proved undeveloped reserves .', "the following table presents the changes in eog's total proved undeveloped reserves during 2018 , 2017 and 2016 ( in mboe ) : ."] | ['for the twelve-month period ended december 31 , 2018 , total puds increased by 217 mmboe to 1380 mmboe .', 'eog added approximately 31 mmboe of puds through drilling activities where the wells were drilled but significant expenditures remained for completion .', 'based on the technology employed by eog to identify and record puds ( see discussion of technology employed on pages f-36 and f-37 of this annual report on form 10-k ) , eog added 460 mmboe .', 'the pud additions were primarily in the permian basin , anadarko basin , the eagle ford and , to a lesser extent , the rocky mountain area , and 80% ( 80 % ) of the additions were crude oil and condensate and ngls .', 'during 2018 , eog drilled and transferred 266 mmboe of puds to proved developed reserves at a total capital cost of $ 2745 million .', 'all puds , including drilled but uncompleted wells ( ducs ) , are scheduled for completion within five years of the original reserve booking .', 'for the twelve-month period ended december 31 , 2017 , total puds increased by 110 mmboe to 1163 mmboe .', 'eog added approximately 38 mmboe of puds through drilling activities where the wells were drilled but significant expenditures remained for completion .', 'based on the technology employed by eog to identify and record puds , eog added 199 mmboe .', 'the pud additions were primarily in the permian basin and , to a lesser extent , the eagle ford and the rocky mountain area , and 74% ( 74 % ) of the additions were crude oil and condensate and ngls .', 'during 2017 , eog drilled and transferred 153 mmboe of puds to proved developed reserves at a total capital cost of $ 1440 million .', 'revisions of puds totaled positive 33 mmboe , primarily due to updated type curves resulting from improved performance of offsetting wells in the permian basin , the impact of increases in the average crude oil and natural gas prices used in the december 31 , 2017 , reserves estimation as compared to the prices used in the prior year estimate , and lower costs .', 'during 2017 , eog sold or exchanged 8 mmboe of puds primarily in the permian basin .', 'for the twelve-month period ended december 31 , 2016 , total puds increased by 7 mmboe to 1053 mmboe .', 'eog added approximately 21 mmboe of puds through drilling activities where the wells were drilled but significant expenditures remained for completion .', 'based on the technology employed by eog to identify and record puds , eog added 117 mmboe .', 'the pud additions were primarily in the permian basin and , to a lesser extent , the rocky mountain area , and 82% ( 82 % ) of the additions were crude oil and condensate and ngls .', 'during 2016 , eog drilled and transferred 149 mmboe of puds to proved developed reserves at a total capital cost of $ 1230 million .', 'revisions of puds totaled positive 64 mmboe , primarily due to improved well performance , primarily in the delaware basin , and lower production costs , partially offset by the impact of decreases in the average crude oil and natural gas prices used in the december 31 , 2016 , reserves estimation as compared to the prices used in the prior year estimate .', 'during 2016 , eog sold 46 mmboe of puds primarily in the haynesville play. .'] | Row 1: , 2018, 2017, 2016
Row 2: balance at january 1, 1162635, 1053027, 1045640
Row 3: extensions and discoveries, 490725, 237378, 138101
Row 4: revisions, -8244 ( 8244 ), 33127, 64413
Row 5: acquisition of reserves, 311, 2014, 2014
Row 6: sale of reserves, 2014, -8253 ( 8253 ), -45917 ( 45917 )
Row 7: conversion to proved developed reserves, -265718 ( 265718 ), -152644 ( 152644 ), -149210 ( 149210 )
Row 8: balance at december 31, 1379709, 1162635, 1053027 | divide(1162635, 1053027), subtract(#0, 1) | 0.10409 |
what was the percentage change in the free cash flow from 2014 to 2015 | Context: ['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. .'] | 0.0744 | RSG/2015/page_75.pdf-2 | ['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
**************************************** | subtract(755.3, 703.0), divide(#0, 703.0) | 0.0744 |
what percentage of total minimum lease payments are due in 2016? | Background: ['other off-balance sheet commitments lease commitments the company leases various equipment and facilities , including retail space , under noncancelable operating lease arrangements .', 'the company does not currently utilize any other off-balance sheet financing arrangements .', 'the major facility leases are typically for terms not exceeding 10 years and generally provide renewal options for terms not exceeding five additional years .', 'leases for retail space are for terms ranging from five to 20 years , the majority of which are for 10 years , and often contain multi-year renewal options .', 'as of september 29 , 2012 , the company 2019s total future minimum lease payments under noncancelable operating leases were $ 4.4 billion , of which $ 3.1 billion related to leases for retail space .', 'rent expense under all operating leases , including both cancelable and noncancelable leases , was $ 488 million , $ 338 million and $ 271 million in 2012 , 2011 and 2010 , respectively .', 'future minimum lease payments under noncancelable operating leases having remaining terms in excess of one year as of september 29 , 2012 , are as follows ( in millions ) : .']
Data Table:
****************************************
2013 $ 516
2014 556
2015 542
2016 513
2017 486
thereafter 1801
total minimum lease payments $ 4414
****************************************
Additional Information: ['other commitments as of september 29 , 2012 , the company had outstanding off-balance sheet third-party manufacturing commitments and component purchase commitments of $ 21.1 billion .', 'in addition to the off-balance sheet commitments mentioned above , the company had outstanding obligations of $ 988 million as of september 29 , 2012 , which were comprised mainly of commitments to acquire capital assets , including product tooling and manufacturing process equipment , and commitments related to advertising , research and development , internet and telecommunications services and other obligations .', 'contingencies the company is subject to various legal proceedings and claims that have arisen in the ordinary course of business and have not been fully adjudicated , certain of which are discussed in part i , item 3 of this form 10-k under the heading 201clegal proceedings 201d and in part i , item 1a of this form 10-k under the heading 201crisk factors . 201d in the opinion of management , there was not at least a reasonable possibility the company may have incurred a material loss , or a material loss in excess of a recorded accrual , with respect to loss contingencies .', 'however , the outcome of litigation is inherently uncertain .', 'therefore , although management considers the likelihood of such an outcome to be remote , if one or more of these legal matters were resolved against the company in a reporting period for amounts in excess of management 2019s expectations , the company 2019s consolidated financial statements for that reporting period could be materially adversely affected .', 'apple inc .', 'vs samsung electronics co. , ltd , et al .', 'on august 24 , 2012 , a jury returned a verdict awarding the company $ 1.05 billion in its lawsuit against samsung electronics and affiliated parties in the united states district court , northern district of california , san jose division .', 'because the award is subject to entry of final judgment and may be subject to appeal , the company has not recognized the award in its consolidated financial statements for the year ended september 29 , 2012. .'] | 0.11622 | AAPL/2012/page_71.pdf-1 | ['other off-balance sheet commitments lease commitments the company leases various equipment and facilities , including retail space , under noncancelable operating lease arrangements .', 'the company does not currently utilize any other off-balance sheet financing arrangements .', 'the major facility leases are typically for terms not exceeding 10 years and generally provide renewal options for terms not exceeding five additional years .', 'leases for retail space are for terms ranging from five to 20 years , the majority of which are for 10 years , and often contain multi-year renewal options .', 'as of september 29 , 2012 , the company 2019s total future minimum lease payments under noncancelable operating leases were $ 4.4 billion , of which $ 3.1 billion related to leases for retail space .', 'rent expense under all operating leases , including both cancelable and noncancelable leases , was $ 488 million , $ 338 million and $ 271 million in 2012 , 2011 and 2010 , respectively .', 'future minimum lease payments under noncancelable operating leases having remaining terms in excess of one year as of september 29 , 2012 , are as follows ( in millions ) : .'] | ['other commitments as of september 29 , 2012 , the company had outstanding off-balance sheet third-party manufacturing commitments and component purchase commitments of $ 21.1 billion .', 'in addition to the off-balance sheet commitments mentioned above , the company had outstanding obligations of $ 988 million as of september 29 , 2012 , which were comprised mainly of commitments to acquire capital assets , including product tooling and manufacturing process equipment , and commitments related to advertising , research and development , internet and telecommunications services and other obligations .', 'contingencies the company is subject to various legal proceedings and claims that have arisen in the ordinary course of business and have not been fully adjudicated , certain of which are discussed in part i , item 3 of this form 10-k under the heading 201clegal proceedings 201d and in part i , item 1a of this form 10-k under the heading 201crisk factors . 201d in the opinion of management , there was not at least a reasonable possibility the company may have incurred a material loss , or a material loss in excess of a recorded accrual , with respect to loss contingencies .', 'however , the outcome of litigation is inherently uncertain .', 'therefore , although management considers the likelihood of such an outcome to be remote , if one or more of these legal matters were resolved against the company in a reporting period for amounts in excess of management 2019s expectations , the company 2019s consolidated financial statements for that reporting period could be materially adversely affected .', 'apple inc .', 'vs samsung electronics co. , ltd , et al .', 'on august 24 , 2012 , a jury returned a verdict awarding the company $ 1.05 billion in its lawsuit against samsung electronics and affiliated parties in the united states district court , northern district of california , san jose division .', 'because the award is subject to entry of final judgment and may be subject to appeal , the company has not recognized the award in its consolidated financial statements for the year ended september 29 , 2012. .'] | ****************************************
2013 $ 516
2014 556
2015 542
2016 513
2017 486
thereafter 1801
total minimum lease payments $ 4414
**************************************** | divide(513, 4414) | 0.11622 |
what was average operating margins for mfc from 2011 to 2013? | Pre-text: ['warfighter information network-tactical ( win-t ) ; command , control , battle management and communications ( c2bmc ) ; and twic ) .', 'partially offsetting the decreases were higher net sales of approximately $ 140 million from qtc , which was acquired early in the fourth quarter of 2011 ; and about $ 65 million from increased activity on numerous other programs , primarily federal cyber security programs and ptds operational support .', 'is&gs 2019 operating profit for 2012 decreased $ 66 million , or 8% ( 8 % ) , compared to 2011 .', 'the decrease was attributable to lower operating profit of approximately $ 50 million due to the favorable impact of the odin contract completion in 2011 ; about $ 25 million due to an increase in reserves for performance issues related to an international airborne surveillance system in 2012 ; and approximately $ 20 million due to lower volume on certain programs ( primarily c2bmc and win-t ) .', 'partially offsetting the decreases was an increase in operating profit due to higher risk retirements of approximately $ 15 million from the twic program ; and about $ 10 million due to increased activity on numerous other programs , primarily federal cyber security programs and ptds operational support .', 'operating profit for the jtrs program was comparable as a decrease in volume was offset by a decrease in reserves .', 'adjustments not related to volume , including net profit booking rate adjustments and other matters described above , were approximately $ 20 million higher for 2012 compared to 2011 .', 'backlog backlog decreased in 2013 compared to 2012 primarily due to lower orders on several programs ( such as eram and ngi ) , higher sales on certain programs ( the national science foundation antarctic support and the disa gsm-o ) , and declining activities on several smaller programs primarily due to the continued downturn in federal information technology budgets .', 'backlog decreased in 2012 compared to 2011 primarily due to the substantial completion of various programs in 2011 ( primarily odin , u.k .', 'census , and jtrs ) .', 'trends we expect is&gs 2019 net sales to decline in 2014 in the high single digit percentage range as compared to 2013 primarily due to the continued downturn in federal information technology budgets .', 'operating profit is also expected to decline in 2014 in the high single digit percentage range consistent with the expected decline in net sales , resulting in margins that are comparable with 2013 results .', 'missiles and fire control our mfc business segment provides air and missile defense systems ; tactical missiles and air-to-ground precision strike weapon systems ; logistics and other technical services ; fire control systems ; mission operations support , readiness , engineering support , and integration services ; and manned and unmanned ground vehicles .', 'mfc 2019s major programs include pac-3 , thaad , multiple launch rocket system , hellfire , joint air-to-surface standoff missile ( jassm ) , javelin , apache fire control system ( apache ) , sniper ae , low altitude navigation and targeting infrared for night ( lantirn ae ) , and sof clss .', 'mfc 2019s operating results included the following ( in millions ) : .']
##
Table:
----------------------------------------
| 2013 | 2012 | 2011
net sales | $ 7757 | $ 7457 | $ 7463
operating profit | 1431 | 1256 | 1069
operating margins | 18.4% ( 18.4 % ) | 16.8% ( 16.8 % ) | 14.3% ( 14.3 % )
backlog at year-end | 15000 | 14700 | 14400
----------------------------------------
##
Post-table: ['2013 compared to 2012 mfc 2019s net sales for 2013 increased $ 300 million , or 4% ( 4 % ) , compared to 2012 .', 'the increase was primarily attributable to higher net sales of approximately $ 450 million for air and missile defense programs ( thaad and pac-3 ) due to increased production volume and deliveries ; about $ 70 million for fire control programs due to net increased deliveries and volume ; and approximately $ 55 million for tactical missile programs due to net increased deliveries .', 'the increases were partially offset by lower net sales of about $ 275 million for various technical services programs due to lower volume driven by the continuing impact of defense budget reductions and related competitive pressures .', 'the increase for fire control programs was primarily attributable to increased deliveries on the sniper ae and lantirn ae programs , increased volume on the sof clss program , partially offset by lower volume on longbow fire control radar and other programs .', 'the increase for tactical missile programs was primarily attributable to increased deliveries on jassm and other programs , partially offset by fewer deliveries on the guided multiple launch rocket system and javelin programs. .'] | 0.165 | LMT/2013/page_46.pdf-3 | ['warfighter information network-tactical ( win-t ) ; command , control , battle management and communications ( c2bmc ) ; and twic ) .', 'partially offsetting the decreases were higher net sales of approximately $ 140 million from qtc , which was acquired early in the fourth quarter of 2011 ; and about $ 65 million from increased activity on numerous other programs , primarily federal cyber security programs and ptds operational support .', 'is&gs 2019 operating profit for 2012 decreased $ 66 million , or 8% ( 8 % ) , compared to 2011 .', 'the decrease was attributable to lower operating profit of approximately $ 50 million due to the favorable impact of the odin contract completion in 2011 ; about $ 25 million due to an increase in reserves for performance issues related to an international airborne surveillance system in 2012 ; and approximately $ 20 million due to lower volume on certain programs ( primarily c2bmc and win-t ) .', 'partially offsetting the decreases was an increase in operating profit due to higher risk retirements of approximately $ 15 million from the twic program ; and about $ 10 million due to increased activity on numerous other programs , primarily federal cyber security programs and ptds operational support .', 'operating profit for the jtrs program was comparable as a decrease in volume was offset by a decrease in reserves .', 'adjustments not related to volume , including net profit booking rate adjustments and other matters described above , were approximately $ 20 million higher for 2012 compared to 2011 .', 'backlog backlog decreased in 2013 compared to 2012 primarily due to lower orders on several programs ( such as eram and ngi ) , higher sales on certain programs ( the national science foundation antarctic support and the disa gsm-o ) , and declining activities on several smaller programs primarily due to the continued downturn in federal information technology budgets .', 'backlog decreased in 2012 compared to 2011 primarily due to the substantial completion of various programs in 2011 ( primarily odin , u.k .', 'census , and jtrs ) .', 'trends we expect is&gs 2019 net sales to decline in 2014 in the high single digit percentage range as compared to 2013 primarily due to the continued downturn in federal information technology budgets .', 'operating profit is also expected to decline in 2014 in the high single digit percentage range consistent with the expected decline in net sales , resulting in margins that are comparable with 2013 results .', 'missiles and fire control our mfc business segment provides air and missile defense systems ; tactical missiles and air-to-ground precision strike weapon systems ; logistics and other technical services ; fire control systems ; mission operations support , readiness , engineering support , and integration services ; and manned and unmanned ground vehicles .', 'mfc 2019s major programs include pac-3 , thaad , multiple launch rocket system , hellfire , joint air-to-surface standoff missile ( jassm ) , javelin , apache fire control system ( apache ) , sniper ae , low altitude navigation and targeting infrared for night ( lantirn ae ) , and sof clss .', 'mfc 2019s operating results included the following ( in millions ) : .'] | ['2013 compared to 2012 mfc 2019s net sales for 2013 increased $ 300 million , or 4% ( 4 % ) , compared to 2012 .', 'the increase was primarily attributable to higher net sales of approximately $ 450 million for air and missile defense programs ( thaad and pac-3 ) due to increased production volume and deliveries ; about $ 70 million for fire control programs due to net increased deliveries and volume ; and approximately $ 55 million for tactical missile programs due to net increased deliveries .', 'the increases were partially offset by lower net sales of about $ 275 million for various technical services programs due to lower volume driven by the continuing impact of defense budget reductions and related competitive pressures .', 'the increase for fire control programs was primarily attributable to increased deliveries on the sniper ae and lantirn ae programs , increased volume on the sof clss program , partially offset by lower volume on longbow fire control radar and other programs .', 'the increase for tactical missile programs was primarily attributable to increased deliveries on jassm and other programs , partially offset by fewer deliveries on the guided multiple launch rocket system and javelin programs. .'] | ----------------------------------------
| 2013 | 2012 | 2011
net sales | $ 7757 | $ 7457 | $ 7463
operating profit | 1431 | 1256 | 1069
operating margins | 18.4% ( 18.4 % ) | 16.8% ( 16.8 % ) | 14.3% ( 14.3 % )
backlog at year-end | 15000 | 14700 | 14400
---------------------------------------- | table_average(operating margins, none) | 0.165 |
what is the average volatility used to value employee stock purchase rights in 2017? | Background: ['table of contents adobe inc .', 'notes to consolidated financial statements ( continued ) stock options the 2003 plan allows us to grant options to all employees , including executive officers , outside consultants and non- employee directors .', 'this plan will continue until the earlier of ( i ) termination by the board or ( ii ) the date on which all of the shares available for issuance under the plan have been issued and restrictions on issued shares have lapsed .', 'option vesting periods used in the past were generally four years and expire seven years from the effective date of grant .', 'we eliminated the use of stock option grants for all employees and non-employee directors but may choose to issue stock options in the future .', 'performance share programs our 2018 , 2017 and 2016 performance share programs aim to help focus key employees on building stockholder value , provide significant award potential for achieving outstanding company performance and enhance the ability of the company to attract and retain highly talented and competent individuals .', 'the executive compensation committee of our board of directors approves the terms of each of our performance share programs , including the award calculation methodology , under the terms of our 2003 plan .', 'shares may be earned based on the achievement of an objective relative total stockholder return measured over a three-year performance period .', "performance share awards will be awarded and fully vest upon the later of the executive compensation committee's certification of the level of achievement or the three-year anniversary of each grant .", 'program participants generally have the ability to receive up to 200% ( 200 % ) of the target number of shares originally granted .', 'on january 24 , 2018 , the executive compensation committee approved the 2018 performance share program , the terms of which are similar to prior year performance share programs as discussed above .', 'as of november 30 , 2018 , the shares awarded under our 2018 , 2017 and 2016 performance share programs are yet to be achieved .', 'issuance of shares upon exercise of stock options , vesting of restricted stock units and performance shares , and purchases of shares under the espp , we will issue treasury stock .', 'if treasury stock is not available , common stock will be issued .', 'in order to minimize the impact of on-going dilution from exercises of stock options and vesting of restricted stock units and performance shares , we instituted a stock repurchase program .', 'see note 12 for information regarding our stock repurchase programs .', 'valuation of stock-based compensation stock-based compensation cost is measured at the grant date based on the fair value of the award .', 'our performance share awards are valued using a monte carlo simulation model .', 'the fair value of the awards are fixed at grant date and amortized over the longer of the remaining performance or service period .', 'we use the black-scholes option pricing model to determine the fair value of espp shares .', 'the determination of the fair value of stock-based payment awards on the date of grant using an option pricing model is affected by our stock price as well as assumptions regarding a number of complex and subjective variables .', 'these variables include our expected stock price volatility over the expected term of the awards , actual and projected employee stock option exercise behaviors , a risk-free interest rate and any expected dividends .', 'the expected term of espp shares is the average of the remaining purchase periods under each offering period .', 'the assumptions used to value employee stock purchase rights were as follows: .']
####
Tabular Data:
========================================
| 2018 | 2017 | 2016
expected life ( in years ) | 0.5 - 2.0 | 0.5 - 2.0 | 0.5 - 2.0
volatility | 26% ( 26 % ) - 29% ( 29 % ) | 22% ( 22 % ) - 27% ( 27 % ) | 26 - 29% ( 29 % )
risk free interest rate | 1.54% ( 1.54 % ) - 2.52% ( 2.52 % ) | 0.62% ( 0.62 % ) - 1.41% ( 1.41 % ) | 0.37 - 1.06% ( 1.06 % )
========================================
####
Follow-up: ['.'] | 0.245 | ADBE/2018/page_88.pdf-2 | ['table of contents adobe inc .', 'notes to consolidated financial statements ( continued ) stock options the 2003 plan allows us to grant options to all employees , including executive officers , outside consultants and non- employee directors .', 'this plan will continue until the earlier of ( i ) termination by the board or ( ii ) the date on which all of the shares available for issuance under the plan have been issued and restrictions on issued shares have lapsed .', 'option vesting periods used in the past were generally four years and expire seven years from the effective date of grant .', 'we eliminated the use of stock option grants for all employees and non-employee directors but may choose to issue stock options in the future .', 'performance share programs our 2018 , 2017 and 2016 performance share programs aim to help focus key employees on building stockholder value , provide significant award potential for achieving outstanding company performance and enhance the ability of the company to attract and retain highly talented and competent individuals .', 'the executive compensation committee of our board of directors approves the terms of each of our performance share programs , including the award calculation methodology , under the terms of our 2003 plan .', 'shares may be earned based on the achievement of an objective relative total stockholder return measured over a three-year performance period .', "performance share awards will be awarded and fully vest upon the later of the executive compensation committee's certification of the level of achievement or the three-year anniversary of each grant .", 'program participants generally have the ability to receive up to 200% ( 200 % ) of the target number of shares originally granted .', 'on january 24 , 2018 , the executive compensation committee approved the 2018 performance share program , the terms of which are similar to prior year performance share programs as discussed above .', 'as of november 30 , 2018 , the shares awarded under our 2018 , 2017 and 2016 performance share programs are yet to be achieved .', 'issuance of shares upon exercise of stock options , vesting of restricted stock units and performance shares , and purchases of shares under the espp , we will issue treasury stock .', 'if treasury stock is not available , common stock will be issued .', 'in order to minimize the impact of on-going dilution from exercises of stock options and vesting of restricted stock units and performance shares , we instituted a stock repurchase program .', 'see note 12 for information regarding our stock repurchase programs .', 'valuation of stock-based compensation stock-based compensation cost is measured at the grant date based on the fair value of the award .', 'our performance share awards are valued using a monte carlo simulation model .', 'the fair value of the awards are fixed at grant date and amortized over the longer of the remaining performance or service period .', 'we use the black-scholes option pricing model to determine the fair value of espp shares .', 'the determination of the fair value of stock-based payment awards on the date of grant using an option pricing model is affected by our stock price as well as assumptions regarding a number of complex and subjective variables .', 'these variables include our expected stock price volatility over the expected term of the awards , actual and projected employee stock option exercise behaviors , a risk-free interest rate and any expected dividends .', 'the expected term of espp shares is the average of the remaining purchase periods under each offering period .', 'the assumptions used to value employee stock purchase rights were as follows: .'] | ['.'] | ========================================
| 2018 | 2017 | 2016
expected life ( in years ) | 0.5 - 2.0 | 0.5 - 2.0 | 0.5 - 2.0
volatility | 26% ( 26 % ) - 29% ( 29 % ) | 22% ( 22 % ) - 27% ( 27 % ) | 26 - 29% ( 29 % )
risk free interest rate | 1.54% ( 1.54 % ) - 2.52% ( 2.52 % ) | 0.62% ( 0.62 % ) - 1.41% ( 1.41 % ) | 0.37 - 1.06% ( 1.06 % )
======================================== | add(22%, 27%), divide(#0, const_2) | 0.245 |
what was the 2012 total return on the s&p 500? | Pre-text: ['22 2016 annual report performance graph the following chart presents a comparison for the five-year period ended june 30 , 2016 , of the market performance of the company 2019s common stock with the s&p 500 index and an index of peer companies selected by the company : comparison of 5 year cumulative total return among jack henry & associates , inc. , the s&p 500 index , and a peer group the following information depicts a line graph with the following values: .']
Table:
========================================
, 2011, 2012, 2013, 2014, 2015, 2016
jkhy, 100.00, 116.62, 161.33, 206.53, 228.24, 312.11
peer group, 100.00, 107.65, 126.89, 174.28, 219.46, 251.24
s&p 500, 100.00, 105.45, 127.17, 158.46, 170.22, 177.02
========================================
Post-table: ['this comparison assumes $ 100 was invested on june 30 , 2011 , and assumes reinvestments of dividends .', 'total returns are calculated according to market capitalization of peer group members at the beginning of each period .', 'peer companies selected are in the business of providing specialized computer software , hardware and related services to financial institutions and other businesses .', 'companies in the peer group are aci worldwide , inc. , bottomline technology , inc. , broadridge financial solutions , cardtronics , inc. , convergys corp. , corelogic , inc. , dst systems , inc. , euronet worldwide , inc. , fair isaac corp. , fidelity national information services , inc. , fiserv , inc. , global payments , inc. , moneygram international , inc. , ss&c technologies holdings , inc. , total systems services , inc. , tyler technologies , inc. , verifone systems , inc. , and wex , inc. .', 'heartland payment systems , inc .', 'was removed from the peer group as it merged with global payments , inc .', 'in april 2016. .'] | 5.45 | JKHY/2016/page_25.pdf-2 | ['22 2016 annual report performance graph the following chart presents a comparison for the five-year period ended june 30 , 2016 , of the market performance of the company 2019s common stock with the s&p 500 index and an index of peer companies selected by the company : comparison of 5 year cumulative total return among jack henry & associates , inc. , the s&p 500 index , and a peer group the following information depicts a line graph with the following values: .'] | ['this comparison assumes $ 100 was invested on june 30 , 2011 , and assumes reinvestments of dividends .', 'total returns are calculated according to market capitalization of peer group members at the beginning of each period .', 'peer companies selected are in the business of providing specialized computer software , hardware and related services to financial institutions and other businesses .', 'companies in the peer group are aci worldwide , inc. , bottomline technology , inc. , broadridge financial solutions , cardtronics , inc. , convergys corp. , corelogic , inc. , dst systems , inc. , euronet worldwide , inc. , fair isaac corp. , fidelity national information services , inc. , fiserv , inc. , global payments , inc. , moneygram international , inc. , ss&c technologies holdings , inc. , total systems services , inc. , tyler technologies , inc. , verifone systems , inc. , and wex , inc. .', 'heartland payment systems , inc .', 'was removed from the peer group as it merged with global payments , inc .', 'in april 2016. .'] | ========================================
, 2011, 2012, 2013, 2014, 2015, 2016
jkhy, 100.00, 116.62, 161.33, 206.53, 228.24, 312.11
peer group, 100.00, 107.65, 126.89, 174.28, 219.46, 251.24
s&p 500, 100.00, 105.45, 127.17, 158.46, 170.22, 177.02
======================================== | subtract(105.45, 100.00) | 5.45 |
what was the percentage change in the in pretax losses related to foreign exchange transactions in 2007 | Context: ['2007 annual report 61 warranties : snap-on provides product warranties for specific product lines and accrues for estimated future warranty costs in the period in which the sale is recorded .', 'see note 15 for further information on warranties .', 'minority interests and equity earnings ( loss ) of unconsolidated affiliates : 201cminority interests and equity earnings ( loss ) , net of tax 201d on the accompanying consolidated statements of earnings is comprised of the following : ( amounts in millions ) 2007 2006 2005 .']
----
Data Table:
----------------------------------------
• ( amounts in millions ), 2007, 2006, 2005
• minority interests, $ -4.9 ( 4.9 ), $ -3.7 ( 3.7 ), $ -3.5 ( 3.5 )
• equity earnings ( loss ) net of tax, 2.4, 2014, 2.1
• total, $ -2.5 ( 2.5 ), $ -3.7 ( 3.7 ), $ -1.4 ( 1.4 )
----------------------------------------
----
Additional Information: ['minority interests in consolidated subsidiaries of $ 17.3 million as of december 29 , 2007 , and $ 16.8 million as of december 30 , 2006 , are included in 201cother long-term liabilities 201d on the accompanying consolidated balance sheets .', 'investments in unconsolidated affiliates of $ 30.7 million as of december 29 , 2007 , and $ 30.6 million as of december 30 , 2006 , are included in 201cother assets 201d on the accompanying consolidated balance sheets .', 'foreign currency translation : the financial statements of snap-on 2019s foreign subsidiaries are translated into u.s .', 'dollars in accordance with sfas no .', '52 , 201cforeign currency translation . 201d assets and liabilities of foreign subsidiaries are translated at current rates of exchange , and income and expense items are translated at the average exchange rate for the period .', 'the resulting translation adjustments are recorded directly into 201caccumulated other comprehensive income ( loss ) 201d on the accompanying consolidated balance sheets .', 'foreign exchange transactions resulted in pretax losses of $ 1.7 million in 2007 and $ 1.2 million in 2006 , and a pretax gain of $ 0.7 million in 2005 .', 'foreign exchange transaction gains and losses are reported in 201cother income ( expense ) - net 201d on the accompanying consolidated statements of earnings .', 'income taxes : in the ordinary course of business there is inherent uncertainty in quantifying income tax positions .', 'we assess income tax positions and record tax benefits for all years subject to examination based upon management 2019s evaluation of the facts , circumstances and information available at the reporting dates .', 'for those tax positions where it is more-likely-than-not that a tax benefit will be sustained , we record the largest amount of tax benefit with a greater than 50% ( 50 % ) likelihood of being realized upon ultimate settlement with a taxing authority that has full knowledge of all relevant information .', 'for those income tax positions where it is not more-likely-than-not that a tax benefit will be sustained , no tax benefit is recognized in the financial statements .', 'when applicable , associated interest and penalties are recognized as a component of income tax expense .', 'accrued interest and penalties are included within the related tax liability in the accompanying consolidated balance sheets .', 'deferred income taxes are provided for temporary differences arising from differences in bases of assets and liabilities for tax and financial reporting purposes .', 'deferred income taxes are recorded on temporary differences using enacted tax rates in effect for the year in which the temporary differences are expected to reverse .', 'the effect of a change in tax rates on deferred tax assets and liabilities is recognized in income in the period that includes the enactment date .', 'see note 8 for further information on income taxes .', 'per share data : basic earnings per share calculations were computed by dividing net earnings by the corresponding weighted-average number of common shares outstanding for the period .', 'the dilutive effect of the potential exercise of outstanding options to purchase common shares is calculated using the treasury stock method .', 'snap-on had dilutive shares as of year-end 2007 , 2006 and 2005 , of 731442 shares , 911697 shares and 584222 shares , respectively .', 'options to purchase 493544 shares , 23000 shares and 612892 shares of snap-on common stock for the fiscal years ended 2007 , 2006 and 2005 , respectively , were not included in the computation of diluted earnings per share as the exercise prices of the options were greater than the average market price of the common stock for the respective year and , as a result , the effect on earnings per share would be anti-dilutive .', 'stock-based compensation : effective january 1 , 2006 , the company adopted sfas no .', '123 ( r ) , 201cshare-based payment , 201d using the modified prospective method .', 'sfas no .', '123 ( r ) requires entities to recognize the cost of employee services in exchange for awards of equity instruments based on the grant-date fair value of those awards ( with limited exceptions ) .', 'that cost , based on the estimated number of awards that are expected to vest , is recognized over the period during which the employee is required to provide the service in exchange for the award .', 'no compensation cost is recognized for awards for which employees do not render the requisite service .', 'upon adoption , the grant-date fair value of employee share options .'] | 0.41667 | SNA/2007/page_69.pdf-1 | ['2007 annual report 61 warranties : snap-on provides product warranties for specific product lines and accrues for estimated future warranty costs in the period in which the sale is recorded .', 'see note 15 for further information on warranties .', 'minority interests and equity earnings ( loss ) of unconsolidated affiliates : 201cminority interests and equity earnings ( loss ) , net of tax 201d on the accompanying consolidated statements of earnings is comprised of the following : ( amounts in millions ) 2007 2006 2005 .'] | ['minority interests in consolidated subsidiaries of $ 17.3 million as of december 29 , 2007 , and $ 16.8 million as of december 30 , 2006 , are included in 201cother long-term liabilities 201d on the accompanying consolidated balance sheets .', 'investments in unconsolidated affiliates of $ 30.7 million as of december 29 , 2007 , and $ 30.6 million as of december 30 , 2006 , are included in 201cother assets 201d on the accompanying consolidated balance sheets .', 'foreign currency translation : the financial statements of snap-on 2019s foreign subsidiaries are translated into u.s .', 'dollars in accordance with sfas no .', '52 , 201cforeign currency translation . 201d assets and liabilities of foreign subsidiaries are translated at current rates of exchange , and income and expense items are translated at the average exchange rate for the period .', 'the resulting translation adjustments are recorded directly into 201caccumulated other comprehensive income ( loss ) 201d on the accompanying consolidated balance sheets .', 'foreign exchange transactions resulted in pretax losses of $ 1.7 million in 2007 and $ 1.2 million in 2006 , and a pretax gain of $ 0.7 million in 2005 .', 'foreign exchange transaction gains and losses are reported in 201cother income ( expense ) - net 201d on the accompanying consolidated statements of earnings .', 'income taxes : in the ordinary course of business there is inherent uncertainty in quantifying income tax positions .', 'we assess income tax positions and record tax benefits for all years subject to examination based upon management 2019s evaluation of the facts , circumstances and information available at the reporting dates .', 'for those tax positions where it is more-likely-than-not that a tax benefit will be sustained , we record the largest amount of tax benefit with a greater than 50% ( 50 % ) likelihood of being realized upon ultimate settlement with a taxing authority that has full knowledge of all relevant information .', 'for those income tax positions where it is not more-likely-than-not that a tax benefit will be sustained , no tax benefit is recognized in the financial statements .', 'when applicable , associated interest and penalties are recognized as a component of income tax expense .', 'accrued interest and penalties are included within the related tax liability in the accompanying consolidated balance sheets .', 'deferred income taxes are provided for temporary differences arising from differences in bases of assets and liabilities for tax and financial reporting purposes .', 'deferred income taxes are recorded on temporary differences using enacted tax rates in effect for the year in which the temporary differences are expected to reverse .', 'the effect of a change in tax rates on deferred tax assets and liabilities is recognized in income in the period that includes the enactment date .', 'see note 8 for further information on income taxes .', 'per share data : basic earnings per share calculations were computed by dividing net earnings by the corresponding weighted-average number of common shares outstanding for the period .', 'the dilutive effect of the potential exercise of outstanding options to purchase common shares is calculated using the treasury stock method .', 'snap-on had dilutive shares as of year-end 2007 , 2006 and 2005 , of 731442 shares , 911697 shares and 584222 shares , respectively .', 'options to purchase 493544 shares , 23000 shares and 612892 shares of snap-on common stock for the fiscal years ended 2007 , 2006 and 2005 , respectively , were not included in the computation of diluted earnings per share as the exercise prices of the options were greater than the average market price of the common stock for the respective year and , as a result , the effect on earnings per share would be anti-dilutive .', 'stock-based compensation : effective january 1 , 2006 , the company adopted sfas no .', '123 ( r ) , 201cshare-based payment , 201d using the modified prospective method .', 'sfas no .', '123 ( r ) requires entities to recognize the cost of employee services in exchange for awards of equity instruments based on the grant-date fair value of those awards ( with limited exceptions ) .', 'that cost , based on the estimated number of awards that are expected to vest , is recognized over the period during which the employee is required to provide the service in exchange for the award .', 'no compensation cost is recognized for awards for which employees do not render the requisite service .', 'upon adoption , the grant-date fair value of employee share options .'] | ----------------------------------------
• ( amounts in millions ), 2007, 2006, 2005
• minority interests, $ -4.9 ( 4.9 ), $ -3.7 ( 3.7 ), $ -3.5 ( 3.5 )
• equity earnings ( loss ) net of tax, 2.4, 2014, 2.1
• total, $ -2.5 ( 2.5 ), $ -3.7 ( 3.7 ), $ -1.4 ( 1.4 )
---------------------------------------- | subtract(1.7, 1.2), divide(#0, 1.2) | 0.41667 |
in 2012 what was the percentage of the premium apid to the exchange for outstanding notes exchanged | Context: ['note 8 2013 debt our long-term debt consisted of the following ( in millions ) : .']
Tabular Data:
----------------------------------------
| 2012 | 2011
notes with rates from 2.13% ( 2.13 % ) to 6.15% ( 6.15 % ) due 2016 to 2042 | $ 5642 | $ 5308
notes with rates from 7.00% ( 7.00 % ) to 7.75% ( 7.75 % ) due 2013 to 2036 | 1080 | 1239
other debt | 478 | 19
total long-term debt | 7200 | 6966
less : unamortized discounts | -892 ( 892 ) | -506 ( 506 )
total long-term debt net of unamortized discounts | 6308 | 6460
less : current maturities of long-term debt | -150 ( 150 ) | 2014
total long-term debt net | $ 6158 | $ 6460
----------------------------------------
Additional Information: ['in december 2012 , we issued notes totaling $ 1.3 billion with a fixed interest rate of 4.07% ( 4.07 % ) maturing in december 2042 ( the new notes ) in exchange for outstanding notes totaling $ 1.2 billion with interest rates ranging from 5.50% ( 5.50 % ) to 8.50% ( 8.50 % ) maturing in 2023 to 2040 ( the old notes ) .', 'in connection with the exchange , we paid a premium of $ 393 million , of which $ 225 million was paid in cash and $ 168 million was in the form of new notes .', 'this premium , in addition to $ 194 million in remaining unamortized discounts related to the old notes , will be amortized as additional interest expense over the term of the new notes using the effective interest method .', 'we may , at our option , redeem some or all of the new notes at any time by paying the principal amount of notes being redeemed plus a make-whole premium and accrued and unpaid interest .', 'interest on the new notes is payable on june 15 and december 15 of each year , beginning on june 15 , 2013 .', 'the new notes are unsecured senior obligations and rank equally in right of payment with all of our existing and future unsecured and unsubordinated indebtedness .', 'on september 9 , 2011 , we issued $ 2.0 billion of long-term notes in a registered public offering consisting of $ 500 million maturing in 2016 with a fixed interest rate of 2.13% ( 2.13 % ) , $ 900 million maturing in 2021 with a fixed interest rate of 3.35% ( 3.35 % ) , and $ 600 million maturing in 2041 with a fixed interest rate of 4.85% ( 4.85 % ) .', 'we may , at our option , redeem some or all of the notes at any time by paying the principal amount of notes being redeemed plus a make-whole premium and accrued and unpaid interest .', 'interest on the notes is payable on march 15 and september 15 of each year , beginning on march 15 , 2012 .', 'in october 2011 , we used a portion of the proceeds to redeem all of our $ 500 million long-term notes maturing in 2013 .', 'in 2011 , we repurchased $ 84 million of our long-term notes through open-market purchases .', 'we paid premiums of $ 48 million in connection with the early extinguishments of debt , which were recognized in other non-operating income ( expense ) , net .', 'in august 2011 , we entered into a $ 1.5 billion revolving credit facility with a group of banks and terminated our existing $ 1.5 billion revolving credit facility that was to expire in june 2012 .', 'the credit facility expires august 2016 , and we may request and the banks may grant , at their discretion , an increase to the credit facility by an additional amount up to $ 500 million .', 'there were no borrowings outstanding under either facility through december 31 , 2012 .', 'borrowings under the credit facility would be unsecured and bear interest at rates based , at our option , on a eurodollar rate or a base rate , as defined in the credit facility .', 'each bank 2019s obligation to make loans under the credit facility is subject to , among other things , our compliance with various representations , warranties and covenants , including covenants limiting our ability and certain of our subsidiaries 2019 ability to encumber assets and a covenant not to exceed a maximum leverage ratio , as defined in the credit facility .', 'the leverage ratio covenant excludes the adjustments recognized in stockholders 2019 equity related to postretirement benefit plans .', 'as of december 31 , 2012 , we were in compliance with all covenants contained in the credit facility , as well as in our debt agreements .', 'we have agreements in place with banking institutions to provide for the issuance of commercial paper .', 'there were no commercial paper borrowings outstanding during 2012 or 2011 .', 'if we were to issue commercial paper , the borrowings would be supported by the credit facility .', 'during the next five years , we have scheduled long-term debt maturities of $ 150 million due in 2013 and $ 952 million due in 2016 .', 'interest payments were $ 378 million in 2012 , $ 326 million in 2011 , and $ 337 million in 2010. .'] | 327.5 | LMT/2012/page_81.pdf-2 | ['note 8 2013 debt our long-term debt consisted of the following ( in millions ) : .'] | ['in december 2012 , we issued notes totaling $ 1.3 billion with a fixed interest rate of 4.07% ( 4.07 % ) maturing in december 2042 ( the new notes ) in exchange for outstanding notes totaling $ 1.2 billion with interest rates ranging from 5.50% ( 5.50 % ) to 8.50% ( 8.50 % ) maturing in 2023 to 2040 ( the old notes ) .', 'in connection with the exchange , we paid a premium of $ 393 million , of which $ 225 million was paid in cash and $ 168 million was in the form of new notes .', 'this premium , in addition to $ 194 million in remaining unamortized discounts related to the old notes , will be amortized as additional interest expense over the term of the new notes using the effective interest method .', 'we may , at our option , redeem some or all of the new notes at any time by paying the principal amount of notes being redeemed plus a make-whole premium and accrued and unpaid interest .', 'interest on the new notes is payable on june 15 and december 15 of each year , beginning on june 15 , 2013 .', 'the new notes are unsecured senior obligations and rank equally in right of payment with all of our existing and future unsecured and unsubordinated indebtedness .', 'on september 9 , 2011 , we issued $ 2.0 billion of long-term notes in a registered public offering consisting of $ 500 million maturing in 2016 with a fixed interest rate of 2.13% ( 2.13 % ) , $ 900 million maturing in 2021 with a fixed interest rate of 3.35% ( 3.35 % ) , and $ 600 million maturing in 2041 with a fixed interest rate of 4.85% ( 4.85 % ) .', 'we may , at our option , redeem some or all of the notes at any time by paying the principal amount of notes being redeemed plus a make-whole premium and accrued and unpaid interest .', 'interest on the notes is payable on march 15 and september 15 of each year , beginning on march 15 , 2012 .', 'in october 2011 , we used a portion of the proceeds to redeem all of our $ 500 million long-term notes maturing in 2013 .', 'in 2011 , we repurchased $ 84 million of our long-term notes through open-market purchases .', 'we paid premiums of $ 48 million in connection with the early extinguishments of debt , which were recognized in other non-operating income ( expense ) , net .', 'in august 2011 , we entered into a $ 1.5 billion revolving credit facility with a group of banks and terminated our existing $ 1.5 billion revolving credit facility that was to expire in june 2012 .', 'the credit facility expires august 2016 , and we may request and the banks may grant , at their discretion , an increase to the credit facility by an additional amount up to $ 500 million .', 'there were no borrowings outstanding under either facility through december 31 , 2012 .', 'borrowings under the credit facility would be unsecured and bear interest at rates based , at our option , on a eurodollar rate or a base rate , as defined in the credit facility .', 'each bank 2019s obligation to make loans under the credit facility is subject to , among other things , our compliance with various representations , warranties and covenants , including covenants limiting our ability and certain of our subsidiaries 2019 ability to encumber assets and a covenant not to exceed a maximum leverage ratio , as defined in the credit facility .', 'the leverage ratio covenant excludes the adjustments recognized in stockholders 2019 equity related to postretirement benefit plans .', 'as of december 31 , 2012 , we were in compliance with all covenants contained in the credit facility , as well as in our debt agreements .', 'we have agreements in place with banking institutions to provide for the issuance of commercial paper .', 'there were no commercial paper borrowings outstanding during 2012 or 2011 .', 'if we were to issue commercial paper , the borrowings would be supported by the credit facility .', 'during the next five years , we have scheduled long-term debt maturities of $ 150 million due in 2013 and $ 952 million due in 2016 .', 'interest payments were $ 378 million in 2012 , $ 326 million in 2011 , and $ 337 million in 2010. .'] | ----------------------------------------
| 2012 | 2011
notes with rates from 2.13% ( 2.13 % ) to 6.15% ( 6.15 % ) due 2016 to 2042 | $ 5642 | $ 5308
notes with rates from 7.00% ( 7.00 % ) to 7.75% ( 7.75 % ) due 2013 to 2036 | 1080 | 1239
other debt | 478 | 19
total long-term debt | 7200 | 6966
less : unamortized discounts | -892 ( 892 ) | -506 ( 506 )
total long-term debt net of unamortized discounts | 6308 | 6460
less : current maturities of long-term debt | -150 ( 150 ) | 2014
total long-term debt net | $ 6158 | $ 6460
---------------------------------------- | divide(393, 1.2) | 327.5 |
what is the change in fair value of financial market instruments as part of the hedging strategy during 2010? | Pre-text: ['years .', 'the company does not yet have a robust set of annuitization experience because most of its clients 2019 policyholders are not yet eligible to annuitize utilizing the gmib .', 'however , for certain clients there are several years of annuitization experience 2013 for those clients the annuitization function reflects the actual experience and has a maximum annuitization rate per annum of 8 percent ( a higher maximum applies in the first year a policy is eligible to annuitize utilizing the gmib 2013 it is over 13 percent ) .', 'for most clients there is no currently observable relevant annuitization behavior data and so we use a weighted aver- age ( with a heavier weighting on the observed experience noted previously ) of three different annuitization functions with maximum annuitization rates per annum of 8 percent , 12 percent , and 30 percent , respectively ( with significantly higher rates in the first year a policy is eligible to annuitize utilizing the gmib ) .', 'as noted elsewhere , our gmib reinsurance treaties include claim limits to protect ace in the event that actual annuitization behavior is significantly higher than expected .', 'during 2010 , the company made various changes to assumptions ( primarily annuitization and lapse ) and methods used to calculate the fair value .', 'the changes had a net effect of reducing fair value of the liability by $ 98 million ( where the dollar impact of each change was measured in the quarter in which the change was implemented ) .', 'during 2010 , we recorded realized losses of $ 64 million primarily due to increasing net fair value of reported glb reinsurance liabilities resulting substantially from the impact of falling interest rates .', 'this excludes realized losses of $ 150 mil- lion during 2010 on derivative hedge instruments held to partially offset the risk in the va guarantee reinsurance portfolio .', 'these derivatives do not receive hedge accounting treatment .', 'refer to 201cnet realized gains ( losses ) 201d for a breakdown of the realized gains on glb reinsurance and the realized losses on the derivatives for 2010 and 2009 .', 'ace tempest life re employs a strategy to manage the financial market and policyholder behavior risks embedded in the reinsurance of va guarantees .', 'risk management begins with underwriting a prospective client and guarantee design , with particular focus on protecting ace 2019s position from policyholder options that , because of anti-selective behavior , could adversely impact our obligation .', 'a second layer of risk management is the structure of the reinsurance contracts .', 'all va guarantee reinsurance contracts include some form of annual or aggregate claim limit ( s ) .', 'the exact limits vary by contract , but some examples of typical con- tract provisions include : 2022 annual claim limits , as a percentage of reinsured account or guaranteed value , for gmdbs and gmibs ; 2022 annual annuitization rate limits , as a percentage of annuitization eligible account or guaranteed value , for gmibs ; and 2022 per policy claim limits , as a percentage of guaranteed value , for gmabs .', 'a third layer of risk management is the hedging strategy which is focused on mitigating long-term economic losses at a portfolio level .', 'ace tempest life re owned financial market instruments as part of the hedging strategy with a fair value of $ 21 million and $ 47 million at december 31 , 2010 , and 2009 , respectively .', 'the instruments are substantially collateralized by our counterparties , on a daily basis .', 'we also limit the aggregate amount of variable annuity reinsurance guarantee risk we are willing to assume .', 'the last substantive u.s .', 'transaction was quoted in mid-2007 and the last transaction in japan was quoted in late 2007 .', 'the aggregate number of policyholders is currently decreasing through policyholder withdrawals and deaths at a rate of 5-10 per- cent annually .', 'note that glb claims cannot occur for any reinsured policy until it has reached the end of its 201cwaiting period 201d .', 'the vast majority of policies we reinsure reach the end of their 201cwaiting periods 201d in 2013 or later , as shown in the table below .', 'year of first payment eligibility percent of living benefit account values .']
------
Tabular Data:
****************************************
year of first payment eligibility | percent ofliving benefitaccount values
2010 and prior | 1% ( 1 % )
2011 | 0% ( 0 % )
2012 | 7% ( 7 % )
2013 | 24% ( 24 % )
2014 | 19% ( 19 % )
2015 | 5% ( 5 % )
2016 | 6% ( 6 % )
2017 | 18% ( 18 % )
2018 and after | 20% ( 20 % )
total | 100% ( 100 % )
****************************************
------
Follow-up: ['.'] | -26.0 | CB/2010/page_83.pdf-1 | ['years .', 'the company does not yet have a robust set of annuitization experience because most of its clients 2019 policyholders are not yet eligible to annuitize utilizing the gmib .', 'however , for certain clients there are several years of annuitization experience 2013 for those clients the annuitization function reflects the actual experience and has a maximum annuitization rate per annum of 8 percent ( a higher maximum applies in the first year a policy is eligible to annuitize utilizing the gmib 2013 it is over 13 percent ) .', 'for most clients there is no currently observable relevant annuitization behavior data and so we use a weighted aver- age ( with a heavier weighting on the observed experience noted previously ) of three different annuitization functions with maximum annuitization rates per annum of 8 percent , 12 percent , and 30 percent , respectively ( with significantly higher rates in the first year a policy is eligible to annuitize utilizing the gmib ) .', 'as noted elsewhere , our gmib reinsurance treaties include claim limits to protect ace in the event that actual annuitization behavior is significantly higher than expected .', 'during 2010 , the company made various changes to assumptions ( primarily annuitization and lapse ) and methods used to calculate the fair value .', 'the changes had a net effect of reducing fair value of the liability by $ 98 million ( where the dollar impact of each change was measured in the quarter in which the change was implemented ) .', 'during 2010 , we recorded realized losses of $ 64 million primarily due to increasing net fair value of reported glb reinsurance liabilities resulting substantially from the impact of falling interest rates .', 'this excludes realized losses of $ 150 mil- lion during 2010 on derivative hedge instruments held to partially offset the risk in the va guarantee reinsurance portfolio .', 'these derivatives do not receive hedge accounting treatment .', 'refer to 201cnet realized gains ( losses ) 201d for a breakdown of the realized gains on glb reinsurance and the realized losses on the derivatives for 2010 and 2009 .', 'ace tempest life re employs a strategy to manage the financial market and policyholder behavior risks embedded in the reinsurance of va guarantees .', 'risk management begins with underwriting a prospective client and guarantee design , with particular focus on protecting ace 2019s position from policyholder options that , because of anti-selective behavior , could adversely impact our obligation .', 'a second layer of risk management is the structure of the reinsurance contracts .', 'all va guarantee reinsurance contracts include some form of annual or aggregate claim limit ( s ) .', 'the exact limits vary by contract , but some examples of typical con- tract provisions include : 2022 annual claim limits , as a percentage of reinsured account or guaranteed value , for gmdbs and gmibs ; 2022 annual annuitization rate limits , as a percentage of annuitization eligible account or guaranteed value , for gmibs ; and 2022 per policy claim limits , as a percentage of guaranteed value , for gmabs .', 'a third layer of risk management is the hedging strategy which is focused on mitigating long-term economic losses at a portfolio level .', 'ace tempest life re owned financial market instruments as part of the hedging strategy with a fair value of $ 21 million and $ 47 million at december 31 , 2010 , and 2009 , respectively .', 'the instruments are substantially collateralized by our counterparties , on a daily basis .', 'we also limit the aggregate amount of variable annuity reinsurance guarantee risk we are willing to assume .', 'the last substantive u.s .', 'transaction was quoted in mid-2007 and the last transaction in japan was quoted in late 2007 .', 'the aggregate number of policyholders is currently decreasing through policyholder withdrawals and deaths at a rate of 5-10 per- cent annually .', 'note that glb claims cannot occur for any reinsured policy until it has reached the end of its 201cwaiting period 201d .', 'the vast majority of policies we reinsure reach the end of their 201cwaiting periods 201d in 2013 or later , as shown in the table below .', 'year of first payment eligibility percent of living benefit account values .'] | ['.'] | ****************************************
year of first payment eligibility | percent ofliving benefitaccount values
2010 and prior | 1% ( 1 % )
2011 | 0% ( 0 % )
2012 | 7% ( 7 % )
2013 | 24% ( 24 % )
2014 | 19% ( 19 % )
2015 | 5% ( 5 % )
2016 | 6% ( 6 % )
2017 | 18% ( 18 % )
2018 and after | 20% ( 20 % )
total | 100% ( 100 % )
**************************************** | subtract(21, 47) | -26.0 |
what was the percent of the value of the interest retained by upri from 2007 to 2008 was $ 431 million and $ 471 million , respectively . | Context: ['interest rate cash flow hedges 2013 we report changes in the fair value of cash flow hedges in accumulated other comprehensive loss until the hedged item affects earnings .', 'at both december 31 , 2008 and 2007 , we had reductions of $ 4 million recorded as an accumulated other comprehensive loss that is being amortized on a straight-line basis through september 30 , 2014 .', 'as of december 31 , 2008 and 2007 , we had no interest rate cash flow hedges outstanding .', 'earnings impact 2013 our use of derivative financial instruments had the following impact on pre-tax income for the years ended december 31 : millions of dollars 2008 2007 2006 .']
Table:
****************************************
millions of dollars, 2008, 2007, 2006
( increase ) /decrease in interest expense from interest rate hedging, $ 1, $ -8 ( 8 ), $ -8 ( 8 )
( increase ) /decrease in fuel expense from fuel derivatives, 1, -1 ( 1 ), 3
increase/ ( decrease ) in pre-tax income, $ 2, $ -9 ( 9 ), $ -5 ( 5 )
****************************************
Follow-up: ['fair value of debt instruments 2013 the fair value of our short- and long-term debt was estimated using quoted market prices , where available , or current borrowing rates .', 'at december 31 , 2008 , the fair value of total debt is approximately $ 247 million less than the carrying value .', 'at december 31 , 2007 , the fair value of total debt exceeded the carrying value by approximately $ 96 million .', 'at december 31 , 2008 and 2007 , approximately $ 320 million and $ 181 million , respectively , of fixed-rate debt securities contained call provisions that allowed us to retire the debt instruments prior to final maturity , with the payment of fixed call premiums , or in certain cases , at par .', 'sale of receivables 2013 the railroad transfers most of its accounts receivable to union pacific receivables , inc .', '( upri ) , a bankruptcy-remote subsidiary , as part of a sale of receivables facility .', 'upri sells , without recourse on a 364-day revolving basis , an undivided interest in such accounts receivable to investors .', 'the total capacity to sell undivided interests to investors under the facility was $ 700 million and $ 600 million at december 31 , 2008 and 2007 , respectively .', 'the value of the outstanding undivided interest held by investors under the facility was $ 584 million and $ 600 million at december 31 , 2008 and 2007 , respectively .', 'upri reduced the outstanding undivided interest held by investors due to a decrease in available receivables at december 31 , 2008 .', 'the value of the outstanding undivided interest held by investors is not included in our consolidated financial statements .', 'the value of the undivided interest held by investors was supported by $ 1015 million and $ 1071 million of accounts receivable held by upri at december 31 , 2008 and 2007 , respectively .', 'at december 31 , 2008 and 2007 , the value of the interest retained by upri was $ 431 million and $ 471 million , respectively .', 'this retained interest is included in accounts receivable in our consolidated financial statements .', 'the interest sold to investors is sold at carrying value , which approximates fair value , and there is no gain or loss recognized from the transaction .', 'the value of the outstanding undivided interest held by investors could fluctuate based upon the availability of eligible receivables and is directly affected by changing business volumes and credit risks , including default and dilution .', 'if default or dilution percentages were to increase one percentage point , the amount of eligible receivables would decrease by $ 6 million .', 'should our credit rating fall below investment grade , the value of the outstanding undivided interest held by investors would be reduced , and , in certain cases , the investors would have the right to discontinue the facility .', 'the railroad services the sold receivables ; however , the railroad does not recognize any servicing asset or liability as the servicing fees adequately compensate us for these responsibilities .', 'the railroad collected approximately $ 17.8 billion and $ 16.1 billion during the years ended december 31 , 2008 and 2007 , respectively .', 'upri used certain of these proceeds to purchase new receivables under the facility. .'] | -0.08493 | UNP/2008/page_79.pdf-1 | ['interest rate cash flow hedges 2013 we report changes in the fair value of cash flow hedges in accumulated other comprehensive loss until the hedged item affects earnings .', 'at both december 31 , 2008 and 2007 , we had reductions of $ 4 million recorded as an accumulated other comprehensive loss that is being amortized on a straight-line basis through september 30 , 2014 .', 'as of december 31 , 2008 and 2007 , we had no interest rate cash flow hedges outstanding .', 'earnings impact 2013 our use of derivative financial instruments had the following impact on pre-tax income for the years ended december 31 : millions of dollars 2008 2007 2006 .'] | ['fair value of debt instruments 2013 the fair value of our short- and long-term debt was estimated using quoted market prices , where available , or current borrowing rates .', 'at december 31 , 2008 , the fair value of total debt is approximately $ 247 million less than the carrying value .', 'at december 31 , 2007 , the fair value of total debt exceeded the carrying value by approximately $ 96 million .', 'at december 31 , 2008 and 2007 , approximately $ 320 million and $ 181 million , respectively , of fixed-rate debt securities contained call provisions that allowed us to retire the debt instruments prior to final maturity , with the payment of fixed call premiums , or in certain cases , at par .', 'sale of receivables 2013 the railroad transfers most of its accounts receivable to union pacific receivables , inc .', '( upri ) , a bankruptcy-remote subsidiary , as part of a sale of receivables facility .', 'upri sells , without recourse on a 364-day revolving basis , an undivided interest in such accounts receivable to investors .', 'the total capacity to sell undivided interests to investors under the facility was $ 700 million and $ 600 million at december 31 , 2008 and 2007 , respectively .', 'the value of the outstanding undivided interest held by investors under the facility was $ 584 million and $ 600 million at december 31 , 2008 and 2007 , respectively .', 'upri reduced the outstanding undivided interest held by investors due to a decrease in available receivables at december 31 , 2008 .', 'the value of the outstanding undivided interest held by investors is not included in our consolidated financial statements .', 'the value of the undivided interest held by investors was supported by $ 1015 million and $ 1071 million of accounts receivable held by upri at december 31 , 2008 and 2007 , respectively .', 'at december 31 , 2008 and 2007 , the value of the interest retained by upri was $ 431 million and $ 471 million , respectively .', 'this retained interest is included in accounts receivable in our consolidated financial statements .', 'the interest sold to investors is sold at carrying value , which approximates fair value , and there is no gain or loss recognized from the transaction .', 'the value of the outstanding undivided interest held by investors could fluctuate based upon the availability of eligible receivables and is directly affected by changing business volumes and credit risks , including default and dilution .', 'if default or dilution percentages were to increase one percentage point , the amount of eligible receivables would decrease by $ 6 million .', 'should our credit rating fall below investment grade , the value of the outstanding undivided interest held by investors would be reduced , and , in certain cases , the investors would have the right to discontinue the facility .', 'the railroad services the sold receivables ; however , the railroad does not recognize any servicing asset or liability as the servicing fees adequately compensate us for these responsibilities .', 'the railroad collected approximately $ 17.8 billion and $ 16.1 billion during the years ended december 31 , 2008 and 2007 , respectively .', 'upri used certain of these proceeds to purchase new receivables under the facility. .'] | ****************************************
millions of dollars, 2008, 2007, 2006
( increase ) /decrease in interest expense from interest rate hedging, $ 1, $ -8 ( 8 ), $ -8 ( 8 )
( increase ) /decrease in fuel expense from fuel derivatives, 1, -1 ( 1 ), 3
increase/ ( decrease ) in pre-tax income, $ 2, $ -9 ( 9 ), $ -5 ( 5 )
**************************************** | subtract(431, 471), divide(#0, 471) | -0.08493 |
in 2006 what was the percentage of the dividends declared to the amount available in retained earnings for dividends | Context: ['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 .', '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 the credit facilities referred to above .', 'the amount of retained earnings available for dividends was $ 7.8 billion and $ 6.2 billion at december 31 , 2006 and 2005 , respectively .', 'we do not expect that these restrictions will have a material adverse effect on our consolidated financial condition , results of operations , or liquidity .', 'we declared dividends of $ 323 million in 2006 and $ 316 million in 2005 .', 'shelf registration statement 2013 under a current shelf registration statement , we may issue any combination of debt securities , preferred stock , common stock , or warrants for debt securities or preferred stock in one or more offerings .', 'at december 31 , 2006 , we had $ 500 million remaining for issuance under the current shelf registration statement .', 'we have no immediate plans to issue any securities ; however , we routinely consider and evaluate opportunities to replace existing debt or access capital through issuances of debt securities under this shelf registration , and , therefore , we may issue debt securities at any time .', '6 .', 'leases we lease certain locomotives , freight cars , and other property .', 'future minimum lease payments for operating and capital leases with initial or remaining non-cancelable lease terms in excess of one year as of december 31 , 2006 were as follows : millions of dollars operating leases capital leases .']
##########
Data Table:
========================================
millions of dollars operatingleases capital leases
2007 $ 624 $ 180
2008 546 173
2009 498 168
2010 456 148
2011 419 157
later years 2914 1090
total minimum lease payments $ 5457 $ 1916
amount representing interest n/a -680 ( 680 )
present value of minimum lease payments n/a $ 1236
========================================
##########
Additional Information: ['rent expense for operating leases with terms exceeding one month was $ 798 million in 2006 , $ 728 million in 2005 , and $ 651 million in 2004 .', 'when cash rental payments are not made on a straight-line basis , we recognize variable rental expense on a straight-line basis over the lease term .', 'contingent rentals and sub-rentals are not significant. .'] | 41.41026 | UNP/2006/page_62.pdf-2 | ['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 .', '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 the credit facilities referred to above .', 'the amount of retained earnings available for dividends was $ 7.8 billion and $ 6.2 billion at december 31 , 2006 and 2005 , respectively .', 'we do not expect that these restrictions will have a material adverse effect on our consolidated financial condition , results of operations , or liquidity .', 'we declared dividends of $ 323 million in 2006 and $ 316 million in 2005 .', 'shelf registration statement 2013 under a current shelf registration statement , we may issue any combination of debt securities , preferred stock , common stock , or warrants for debt securities or preferred stock in one or more offerings .', 'at december 31 , 2006 , we had $ 500 million remaining for issuance under the current shelf registration statement .', 'we have no immediate plans to issue any securities ; however , we routinely consider and evaluate opportunities to replace existing debt or access capital through issuances of debt securities under this shelf registration , and , therefore , we may issue debt securities at any time .', '6 .', 'leases we lease certain locomotives , freight cars , and other property .', 'future minimum lease payments for operating and capital leases with initial or remaining non-cancelable lease terms in excess of one year as of december 31 , 2006 were as follows : millions of dollars operating leases capital leases .'] | ['rent expense for operating leases with terms exceeding one month was $ 798 million in 2006 , $ 728 million in 2005 , and $ 651 million in 2004 .', 'when cash rental payments are not made on a straight-line basis , we recognize variable rental expense on a straight-line basis over the lease term .', 'contingent rentals and sub-rentals are not significant. .'] | ========================================
millions of dollars operatingleases capital leases
2007 $ 624 $ 180
2008 546 173
2009 498 168
2010 456 148
2011 419 157
later years 2914 1090
total minimum lease payments $ 5457 $ 1916
amount representing interest n/a -680 ( 680 )
present value of minimum lease payments n/a $ 1236
======================================== | divide(323, 7.8) | 41.41026 |
what is the increase observed in the return of the second year of the investment for peer group? | Background: ['stock total return performance the following graph compares our total return to stockholders with the returns of the standard & poor 2019s composite 500 index ( 201cs&p 500 201d ) and the dow jones us select health care providers index ( 201cpeer group 201d ) for the five years ended december 31 , 2017 .', 'the graph assumes an investment of $ 100 in each of our common stock , the s&p 500 , and the peer group on december 31 , 2012 , and that dividends were reinvested when paid. .']
Table:
========================================
• , 12/31/2012, 12/31/2013, 12/31/2014, 12/31/2015, 12/31/2016, 12/31/2017
• hum, $ 100, $ 152, $ 214, $ 267, $ 307, $ 377
• s&p 500, $ 100, $ 132, $ 150, $ 153, $ 171, $ 208
• peer group, $ 100, $ 137, $ 175, $ 186, $ 188, $ 238
========================================
Post-table: ['the stock price performance included in this graph is not necessarily indicative of future stock price performance. .'] | 0.27737 | HUM/2017/page_45.pdf-3 | ['stock total return performance the following graph compares our total return to stockholders with the returns of the standard & poor 2019s composite 500 index ( 201cs&p 500 201d ) and the dow jones us select health care providers index ( 201cpeer group 201d ) for the five years ended december 31 , 2017 .', 'the graph assumes an investment of $ 100 in each of our common stock , the s&p 500 , and the peer group on december 31 , 2012 , and that dividends were reinvested when paid. .'] | ['the stock price performance included in this graph is not necessarily indicative of future stock price performance. .'] | ========================================
• , 12/31/2012, 12/31/2013, 12/31/2014, 12/31/2015, 12/31/2016, 12/31/2017
• hum, $ 100, $ 152, $ 214, $ 267, $ 307, $ 377
• s&p 500, $ 100, $ 132, $ 150, $ 153, $ 171, $ 208
• peer group, $ 100, $ 137, $ 175, $ 186, $ 188, $ 238
======================================== | divide(175, 137), subtract(#0, const_1) | 0.27737 |
what was the weighted average price per share of the shares 30.9 repurchased as of february 11 , 2011 | Context: ['issuer purchases of equity securities during the three months ended december 31 , 2010 , we repurchased 1460682 shares of our common stock for an aggregate of $ 74.6 million , including commissions and fees , pursuant to our publicly announced stock repurchase program , as follows : period total number of shares purchased ( 1 ) average price paid per share total number of shares purchased as part of publicly announced plans or programs approximate dollar value of shares that may yet be purchased under the plans or programs ( in millions ) .']
######
Data Table:
****************************************
period | total number of shares purchased ( 1 ) | average price paid per share | total number of shares purchased as part of publicly announced plans or programs | approximate dollar value of shares that may yet be purchasedunder the plans or programs ( in millions )
october 2010 | 722890 | $ 50.76 | 722890 | $ 369.1
november 2010 | 400692 | $ 51.81 | 400692 | $ 348.3
december 2010 | 337100 | $ 50.89 | 337100 | $ 331.1
total fourth quarter | 1460682 | $ 51.08 | 1460682 | $ 331.1
****************************************
######
Post-table: ['( 1 ) repurchases made pursuant to the $ 1.5 billion stock repurchase program approved by our board of directors in february 2008 ( the 201cbuyback 201d ) .', 'under this program , our management is authorized to purchase shares from time to time through open market purchases or privately negotiated transactions at prevailing prices as permitted by securities laws and other legal requirements , and subject to market conditions and other factors .', 'to facilitate repurchases , we make purchases pursuant to trading plans under rule 10b5-1 of the exchange act , which allows us to repurchase shares during periods when we otherwise might be prevented from doing so under insider trading laws or because of self-imposed trading blackout periods .', 'this program may be discontinued at any time .', 'subsequent to december 31 , 2010 , we repurchased 1122481 shares of our common stock for an aggregate of $ 58.0 million , including commissions and fees , pursuant to the buyback .', 'as of february 11 , 2011 , we had repurchased a total of 30.9 million shares of our common stock for an aggregate of $ 1.2 billion , including commissions and fees pursuant to the buyback .', 'we expect to continue to manage the pacing of the remaining $ 273.1 million under the buyback in response to general market conditions and other relevant factors. .'] | 0.03883 | AMT/2010/page_36.pdf-3 | ['issuer purchases of equity securities during the three months ended december 31 , 2010 , we repurchased 1460682 shares of our common stock for an aggregate of $ 74.6 million , including commissions and fees , pursuant to our publicly announced stock repurchase program , as follows : period total number of shares purchased ( 1 ) average price paid per share total number of shares purchased as part of publicly announced plans or programs approximate dollar value of shares that may yet be purchased under the plans or programs ( in millions ) .'] | ['( 1 ) repurchases made pursuant to the $ 1.5 billion stock repurchase program approved by our board of directors in february 2008 ( the 201cbuyback 201d ) .', 'under this program , our management is authorized to purchase shares from time to time through open market purchases or privately negotiated transactions at prevailing prices as permitted by securities laws and other legal requirements , and subject to market conditions and other factors .', 'to facilitate repurchases , we make purchases pursuant to trading plans under rule 10b5-1 of the exchange act , which allows us to repurchase shares during periods when we otherwise might be prevented from doing so under insider trading laws or because of self-imposed trading blackout periods .', 'this program may be discontinued at any time .', 'subsequent to december 31 , 2010 , we repurchased 1122481 shares of our common stock for an aggregate of $ 58.0 million , including commissions and fees , pursuant to the buyback .', 'as of february 11 , 2011 , we had repurchased a total of 30.9 million shares of our common stock for an aggregate of $ 1.2 billion , including commissions and fees pursuant to the buyback .', 'we expect to continue to manage the pacing of the remaining $ 273.1 million under the buyback in response to general market conditions and other relevant factors. .'] | ****************************************
period | total number of shares purchased ( 1 ) | average price paid per share | total number of shares purchased as part of publicly announced plans or programs | approximate dollar value of shares that may yet be purchasedunder the plans or programs ( in millions )
october 2010 | 722890 | $ 50.76 | 722890 | $ 369.1
november 2010 | 400692 | $ 51.81 | 400692 | $ 348.3
december 2010 | 337100 | $ 50.89 | 337100 | $ 331.1
total fourth quarter | 1460682 | $ 51.08 | 1460682 | $ 331.1
**************************************** | divide(1.2, 30.9) | 0.03883 |
how much of total future minimum lease payments are due currently? | Context: ['abiomed , inc .', 'and subsidiaries notes to consolidated financial statements 2014 ( continued ) note 10 .', 'commitments and contingencies the following is a description of the company 2019s significant arrangements in which the company is a guarantor .', 'indemnifications 2014in many sales transactions , the company indemnifies customers against possible claims of patent infringement caused by the company 2019s products .', 'the indemnifications contained within sales contracts usually do not include limits on the claims .', 'the company has never incurred any material costs to defend lawsuits or settle patent infringement claims related to sales transactions .', 'the company enters into agreements with other companies in the ordinary course of business , typically with underwriters , contractors , clinical sites and customers that include indemnification provisions .', 'under these provisions the company generally indemnifies and holds harmless the indemnified party for losses suffered or incurred by the indemnified party as a result of its activities .', 'these indemnification provisions generally survive termination of the underlying agreement .', 'the maximum potential amount of future payments the company could be required to make under these indemnification provisions is unlimited .', 'abiomed has never incurred any material costs to defend lawsuits or settle claims related to these indemnification agreements .', 'as a result , the estimated fair value of these agreements is immaterial .', 'accordingly , the company has no liabilities recorded for these agreements as of march 31 , 2012 .', 'clinical study agreements 2014in the company 2019s clinical study agreements , abiomed has agreed to indemnify the participating institutions against losses incurred by them for claims related to any personal injury of subjects taking part in the study to the extent they relate to uses of the company 2019s devices in accordance with the clinical study agreement , the protocol for the device and abiomed 2019s instructions .', 'the indemnification provisions contained within the company 2019s clinical study agreements do not generally include limits on the claims .', 'the company has never incurred any material costs related to the indemnification provisions contained in its clinical study agreements .', 'facilities leases 2014the company rents its danvers , massachusetts facility under an operating lease agreement that expires on february 28 , 2016 .', 'monthly rent under the facility lease is as follows : 2022 the base rent for november 2008 through june 2010 was $ 40000 per month ; 2022 the base rent for july 2010 through february 2014 is $ 64350 per month ; and 2022 the base rent for march 2014 through february 2016 will be $ 66000 per month .', 'in addition , the company has certain rights to terminate the facility lease early , subject to the payment of a specified termination fee based on the timing of the termination , as further outlined in the lease amendment .', 'the company has a lease for its european headquarters in aachen , germany .', 'the lease payments are approximately 36000 20ac ( euro ) ( approximately u.s .', '$ 50000 at march 31 , 2012 exchange rates ) per month and the lease term expires in december 2012 .', 'in july 2008 , the company entered into a lease agreement providing for the lease of a 33000 square foot manufacturing facility in athlone , ireland .', 'the lease agreement was for a term of 25 years , commencing on july 18 , 2008 .', 'the company relocated the production equipment from its athlone , ireland manufacturing facility to its aachen and danvers facilities and fully vacated the athlone facility in the first quarter of fiscal 2011 .', 'in march 2011 , the company terminated the lease agreement and paid a termination fee of approximately $ 0.8 million as a result of the early termination of the lease .', 'total rent expense for the company 2019s operating leases included in the accompanying consolidated statements of operations approximated $ 1.6 million , $ 2.7 million and $ 2.2 million for the fiscal years ended march 31 , 2012 , 2011 , and 2010 , respectively .', 'future minimum lease payments under all significant non-cancelable operating leases as of march 31 , 2012 are approximately as follows : fiscal year ending march 31 , operating leases ( in $ 000s ) .']
##
Tabular Data:
----------------------------------------
fiscal year ending march 31, | operating leases ( in $ 000s )
----------|----------
2013 | 1473
2014 | 964
2015 | 863
2016 | 758
2017 | 32
thereafter | 128
total future minimum lease payments | $ 4218
----------------------------------------
##
Additional Information: ['.'] | 2845.5 | ABMD/2012/page_79.pdf-2 | ['abiomed , inc .', 'and subsidiaries notes to consolidated financial statements 2014 ( continued ) note 10 .', 'commitments and contingencies the following is a description of the company 2019s significant arrangements in which the company is a guarantor .', 'indemnifications 2014in many sales transactions , the company indemnifies customers against possible claims of patent infringement caused by the company 2019s products .', 'the indemnifications contained within sales contracts usually do not include limits on the claims .', 'the company has never incurred any material costs to defend lawsuits or settle patent infringement claims related to sales transactions .', 'the company enters into agreements with other companies in the ordinary course of business , typically with underwriters , contractors , clinical sites and customers that include indemnification provisions .', 'under these provisions the company generally indemnifies and holds harmless the indemnified party for losses suffered or incurred by the indemnified party as a result of its activities .', 'these indemnification provisions generally survive termination of the underlying agreement .', 'the maximum potential amount of future payments the company could be required to make under these indemnification provisions is unlimited .', 'abiomed has never incurred any material costs to defend lawsuits or settle claims related to these indemnification agreements .', 'as a result , the estimated fair value of these agreements is immaterial .', 'accordingly , the company has no liabilities recorded for these agreements as of march 31 , 2012 .', 'clinical study agreements 2014in the company 2019s clinical study agreements , abiomed has agreed to indemnify the participating institutions against losses incurred by them for claims related to any personal injury of subjects taking part in the study to the extent they relate to uses of the company 2019s devices in accordance with the clinical study agreement , the protocol for the device and abiomed 2019s instructions .', 'the indemnification provisions contained within the company 2019s clinical study agreements do not generally include limits on the claims .', 'the company has never incurred any material costs related to the indemnification provisions contained in its clinical study agreements .', 'facilities leases 2014the company rents its danvers , massachusetts facility under an operating lease agreement that expires on february 28 , 2016 .', 'monthly rent under the facility lease is as follows : 2022 the base rent for november 2008 through june 2010 was $ 40000 per month ; 2022 the base rent for july 2010 through february 2014 is $ 64350 per month ; and 2022 the base rent for march 2014 through february 2016 will be $ 66000 per month .', 'in addition , the company has certain rights to terminate the facility lease early , subject to the payment of a specified termination fee based on the timing of the termination , as further outlined in the lease amendment .', 'the company has a lease for its european headquarters in aachen , germany .', 'the lease payments are approximately 36000 20ac ( euro ) ( approximately u.s .', '$ 50000 at march 31 , 2012 exchange rates ) per month and the lease term expires in december 2012 .', 'in july 2008 , the company entered into a lease agreement providing for the lease of a 33000 square foot manufacturing facility in athlone , ireland .', 'the lease agreement was for a term of 25 years , commencing on july 18 , 2008 .', 'the company relocated the production equipment from its athlone , ireland manufacturing facility to its aachen and danvers facilities and fully vacated the athlone facility in the first quarter of fiscal 2011 .', 'in march 2011 , the company terminated the lease agreement and paid a termination fee of approximately $ 0.8 million as a result of the early termination of the lease .', 'total rent expense for the company 2019s operating leases included in the accompanying consolidated statements of operations approximated $ 1.6 million , $ 2.7 million and $ 2.2 million for the fiscal years ended march 31 , 2012 , 2011 , and 2010 , respectively .', 'future minimum lease payments under all significant non-cancelable operating leases as of march 31 , 2012 are approximately as follows : fiscal year ending march 31 , operating leases ( in $ 000s ) .'] | ['.'] | ----------------------------------------
fiscal year ending march 31, | operating leases ( in $ 000s )
----------|----------
2013 | 1473
2014 | 964
2015 | 863
2016 | 758
2017 | 32
thereafter | 128
total future minimum lease payments | $ 4218
---------------------------------------- | add(1473, 4218), divide(#0, const_2) | 2845.5 |
what is the roi of an investment in s&p500 from 2006 to 2007? | Background: ['the graph below matches cadence design systems , inc . 2019s cumulative 5-year total shareholder return on common stock with the cumulative total returns of the s&p 500 index , the s&p information technology index , and the nasdaq composite index .', 'the graph assumes that the value of the investment in our common stock , and in each index ( including reinvestment of dividends ) was $ 100 on december 28 , 2002 and tracks it through december 29 , 2007 .', 'comparison of 5 year cumulative total return* among cadence design systems , inc. , the s&p 500 index , the nasdaq composite index and the s&p information technology index 12/29/0712/30/0612/31/051/1/051/3/0412/28/02 cadence design systems , inc .', 'nasdaq composite s & p information technology s & p 500 * $ 100 invested on 12/28/02 in stock or on 12/31/02 in index-including reinvestment of dividends .', 'indexes calculated on month-end basis .', 'copyright b7 2007 , standard & poor 2019s , a division of the mcgraw-hill companies , inc .', 'all rights reserved .', 'www.researchdatagroup.com/s&p.htm .']
##########
Tabular Data:
12/28/02 1/3/04 1/1/05 12/31/05 12/30/06 12/29/07
cadence design systems inc . 100.00 149.92 113.38 138.92 147.04 139.82
s & p 500 100.00 128.68 142.69 149.70 173.34 182.87
nasdaq composite 100.00 149.75 164.64 168.60 187.83 205.22
s & p information technology 100.00 147.23 150.99 152.49 165.32 192.28
##########
Additional Information: ['the stock price performance included in this graph is not necessarily indicative of future stock price performance .'] | 0.05498 | CDNS/2007/page_30.pdf-2 | ['the graph below matches cadence design systems , inc . 2019s cumulative 5-year total shareholder return on common stock with the cumulative total returns of the s&p 500 index , the s&p information technology index , and the nasdaq composite index .', 'the graph assumes that the value of the investment in our common stock , and in each index ( including reinvestment of dividends ) was $ 100 on december 28 , 2002 and tracks it through december 29 , 2007 .', 'comparison of 5 year cumulative total return* among cadence design systems , inc. , the s&p 500 index , the nasdaq composite index and the s&p information technology index 12/29/0712/30/0612/31/051/1/051/3/0412/28/02 cadence design systems , inc .', 'nasdaq composite s & p information technology s & p 500 * $ 100 invested on 12/28/02 in stock or on 12/31/02 in index-including reinvestment of dividends .', 'indexes calculated on month-end basis .', 'copyright b7 2007 , standard & poor 2019s , a division of the mcgraw-hill companies , inc .', 'all rights reserved .', 'www.researchdatagroup.com/s&p.htm .'] | ['the stock price performance included in this graph is not necessarily indicative of future stock price performance .'] | 12/28/02 1/3/04 1/1/05 12/31/05 12/30/06 12/29/07
cadence design systems inc . 100.00 149.92 113.38 138.92 147.04 139.82
s & p 500 100.00 128.68 142.69 149.70 173.34 182.87
nasdaq composite 100.00 149.75 164.64 168.60 187.83 205.22
s & p information technology 100.00 147.23 150.99 152.49 165.32 192.28 | subtract(182.87, 173.34), divide(#0, 173.34) | 0.05498 |
in 2013 what was the percent of the maturities of long term debt of the total contractual obligations for future payments under existing debt and lease commitments and purchase obligations at december 31 , 2012 | Pre-text: ['through current cash balances and cash from oper- ations .', 'additionally , the company has existing credit facilities totaling $ 2.5 billion .', 'the company was in compliance with all its debt covenants at december 31 , 2012 .', '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 calcu- lation also excludes accumulated other compre- hensive 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 , 2012 , international paper 2019s net worth was $ 13.9 bil- lion , and the total-debt-to-capital ratio was 42% ( 42 % ) .', '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 capi- tal 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 , 2012 , 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 , 2012 , were as follows: .']
Table:
========================================
in millions | 2013 | 2014 | 2015 | 2016 | 2017 | thereafter
maturities of long-term debt ( a ) | $ 444 | $ 708 | $ 479 | $ 571 | $ 216 | $ 7722
debt obligations with right of offset ( b ) | 2014 | 2014 | 2014 | 5173 | 2014 | 2014
lease obligations | 198 | 136 | 106 | 70 | 50 | 141
purchase obligations ( c ) | 3213 | 828 | 722 | 620 | 808 | 2654
total ( d ) | $ 3855 | $ 1672 | $ 1307 | $ 6434 | $ 1074 | $ 10517
========================================
Post-table: ['( 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 con- solidated balance sheet at december 31 , 2012 , 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 11 variable interest entities and preferred securities of subsidiaries on pages 69 through 72 in item 8 .', 'financial statements and supplementary data ) .', '( c ) includes $ 3.6 billion relating to fiber supply agreements entered into at the time of the 2006 transformation plan forest- land 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 bene- fits of approximately $ 620 million .', 'we consider the undistributed earnings of our for- eign subsidiaries as of december 31 , 2012 , to be indefinitely reinvested and , accordingly , no u.s .', 'income taxes have been provided thereon .', 'as of december 31 , 2012 , the amount of cash associated with indefinitely reinvested foreign earnings was approximately $ 840 million .', 'we do not anticipate the need to repatriate funds to the united states to sat- isfy domestic liquidity needs arising in the ordinary course of business , including liquidity needs asso- ciated with our domestic debt service requirements .', 'pension obligations and funding at december 31 , 2012 , the projected benefit obliga- tion for the company 2019s u.s .', 'defined benefit plans determined under u.s .', 'gaap was approximately $ 4.1 billion higher than the fair value of plan assets .', 'approximately $ 3.7 billion of this amount relates to plans that are subject to minimum funding require- ments .', 'under current irs funding rules , the calcu- lation 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 contributions depend on the funding method selected by the company , and the timing of its implementation , as well as on actual demo- graphic data and the targeted funding level .', 'the company continually reassesses the amount and timing of any discretionary contributions and elected to make voluntary contributions totaling $ 44 million and $ 300 million for the years ended december 31 , 2012 and 2011 , respectively .', 'at this time , we expect that required contributions to its plans in 2013 will be approximately $ 31 million , although the company may elect to make future voluntary contributions .', 'the timing and amount of future contributions , which could be material , will depend on a number of factors , including the actual earnings and changes in values of plan assets and changes in interest rates .', 'ilim holding s.a .', 'shareholder 2019s agreement in october 2007 , in connection with the for- mation of the ilim holding s.a .', 'joint venture , international paper entered into a share- holder 2019s agreement that includes provisions relating to the reconciliation of disputes among the partners .', 'this agreement provides that at .'] | 0.11518 | IP/2012/page_64.pdf-4 | ['through current cash balances and cash from oper- ations .', 'additionally , the company has existing credit facilities totaling $ 2.5 billion .', 'the company was in compliance with all its debt covenants at december 31 , 2012 .', '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 calcu- lation also excludes accumulated other compre- hensive 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 , 2012 , international paper 2019s net worth was $ 13.9 bil- lion , and the total-debt-to-capital ratio was 42% ( 42 % ) .', '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 capi- tal 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 , 2012 , 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 , 2012 , 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 con- solidated balance sheet at december 31 , 2012 , 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 11 variable interest entities and preferred securities of subsidiaries on pages 69 through 72 in item 8 .', 'financial statements and supplementary data ) .', '( c ) includes $ 3.6 billion relating to fiber supply agreements entered into at the time of the 2006 transformation plan forest- land 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 bene- fits of approximately $ 620 million .', 'we consider the undistributed earnings of our for- eign subsidiaries as of december 31 , 2012 , to be indefinitely reinvested and , accordingly , no u.s .', 'income taxes have been provided thereon .', 'as of december 31 , 2012 , the amount of cash associated with indefinitely reinvested foreign earnings was approximately $ 840 million .', 'we do not anticipate the need to repatriate funds to the united states to sat- isfy domestic liquidity needs arising in the ordinary course of business , including liquidity needs asso- ciated with our domestic debt service requirements .', 'pension obligations and funding at december 31 , 2012 , the projected benefit obliga- tion for the company 2019s u.s .', 'defined benefit plans determined under u.s .', 'gaap was approximately $ 4.1 billion higher than the fair value of plan assets .', 'approximately $ 3.7 billion of this amount relates to plans that are subject to minimum funding require- ments .', 'under current irs funding rules , the calcu- lation 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 contributions depend on the funding method selected by the company , and the timing of its implementation , as well as on actual demo- graphic data and the targeted funding level .', 'the company continually reassesses the amount and timing of any discretionary contributions and elected to make voluntary contributions totaling $ 44 million and $ 300 million for the years ended december 31 , 2012 and 2011 , respectively .', 'at this time , we expect that required contributions to its plans in 2013 will be approximately $ 31 million , although the company may elect to make future voluntary contributions .', 'the timing and amount of future contributions , which could be material , will depend on a number of factors , including the actual earnings and changes in values of plan assets and changes in interest rates .', 'ilim holding s.a .', 'shareholder 2019s agreement in october 2007 , in connection with the for- mation of the ilim holding s.a .', 'joint venture , international paper entered into a share- holder 2019s agreement that includes provisions relating to the reconciliation of disputes among the partners .', 'this agreement provides that at .'] | ========================================
in millions | 2013 | 2014 | 2015 | 2016 | 2017 | thereafter
maturities of long-term debt ( a ) | $ 444 | $ 708 | $ 479 | $ 571 | $ 216 | $ 7722
debt obligations with right of offset ( b ) | 2014 | 2014 | 2014 | 5173 | 2014 | 2014
lease obligations | 198 | 136 | 106 | 70 | 50 | 141
purchase obligations ( c ) | 3213 | 828 | 722 | 620 | 808 | 2654
total ( d ) | $ 3855 | $ 1672 | $ 1307 | $ 6434 | $ 1074 | $ 10517
======================================== | divide(444, 3855) | 0.11518 |
what is the yearly amortization rate related to the purchased technology? | Pre-text: ['adobe systems incorporated notes to consolidated financial statements ( continued ) foreign currency translation we translate assets and liabilities of foreign subsidiaries , whose functional currency is their local currency , at exchange rates in effect at the balance sheet date .', 'we translate revenue and expenses at the monthly average exchange rates .', 'we include accumulated net translation adjustments in stockholders 2019 equity as a component of accumulated other comprehensive income .', 'property and equipment we record property and equipment at cost less accumulated depreciation and amortization .', 'property and equipment are depreciated using the straight-line method over their estimated useful lives ranging from 1 to 5 years for computers and equipment , 1 to 6 years for furniture and fixtures and up to 35 years for buildings .', 'leasehold improvements are amortized using the straight-line method over the lesser of the remaining respective lease term or useful lives .', 'goodwill , purchased intangibles and other long-lived assets we review our goodwill for impairment annually , or more frequently , if facts and circumstances warrant a review .', 'we completed our annual impairment test in the second quarter of fiscal 2009 and determined that there was no impairment .', 'goodwill is assigned to one or more reporting segments on the date of acquisition .', 'we evaluate goodwill for impairment by comparing the fair value of each of our reporting segments to its carrying value , including the associated goodwill .', 'to determine the fair values , we use the market approach based on comparable publicly traded companies in similar lines of businesses and the income approach based on estimated discounted future cash flows .', 'our cash flow assumptions consider historical and forecasted revenue , operating costs and other relevant factors .', 'we amortize intangible assets with finite lives over their estimated useful lives and review them for impairment whenever an impairment indicator exists .', 'we continually monitor events and changes in circumstances that could indicate carrying amounts of our long-lived assets , including our intangible assets may not be recoverable .', 'when such events or changes in circumstances occur , we assess recoverability by determining whether the carrying value of such assets will be recovered through the undiscounted expected future cash flows .', 'if the future undiscounted cash flows are less than the carrying amount of these assets , we recognize an impairment loss based on the excess of the carrying amount over the fair value of the assets .', 'we did not recognize any intangible asset impairment charges in fiscal 2009 , 2008 or 2007 .', 'our intangible assets are amortized over their estimated useful lives of 1 to 13 years as shown in the table below .', 'amortization is based on the pattern in which the economic benefits of the intangible asset will be consumed .', 'weighted average useful life ( years ) .']
Data Table:
----------------------------------------
| weighted average useful life ( years )
----------|----------
purchased technology | 7
localization | 1
trademarks | 7
customer contracts and relationships | 10
other intangibles | 2
----------------------------------------
Additional Information: ['software development costs capitalization of software development costs for software to be sold , leased , or otherwise marketed begins upon the establishment of technological feasibility , which is generally the completion of a working prototype that has been certified as having no critical bugs and is a release candidate .', 'amortization begins once the software is ready for its intended use , generally based on the pattern in which the economic benefits will be consumed .', 'to date , software development costs incurred between completion of a working prototype and general availability of the related product have not been material .', 'revenue recognition our revenue is derived from the licensing of software products , consulting , hosting services and maintenance and support .', 'primarily , we recognize revenue when persuasive evidence of an arrangement exists , we have delivered the product or performed the service , the fee is fixed or determinable and collection is probable. .'] | 14.28571 | ADBE/2009/page_81.pdf-1 | ['adobe systems incorporated notes to consolidated financial statements ( continued ) foreign currency translation we translate assets and liabilities of foreign subsidiaries , whose functional currency is their local currency , at exchange rates in effect at the balance sheet date .', 'we translate revenue and expenses at the monthly average exchange rates .', 'we include accumulated net translation adjustments in stockholders 2019 equity as a component of accumulated other comprehensive income .', 'property and equipment we record property and equipment at cost less accumulated depreciation and amortization .', 'property and equipment are depreciated using the straight-line method over their estimated useful lives ranging from 1 to 5 years for computers and equipment , 1 to 6 years for furniture and fixtures and up to 35 years for buildings .', 'leasehold improvements are amortized using the straight-line method over the lesser of the remaining respective lease term or useful lives .', 'goodwill , purchased intangibles and other long-lived assets we review our goodwill for impairment annually , or more frequently , if facts and circumstances warrant a review .', 'we completed our annual impairment test in the second quarter of fiscal 2009 and determined that there was no impairment .', 'goodwill is assigned to one or more reporting segments on the date of acquisition .', 'we evaluate goodwill for impairment by comparing the fair value of each of our reporting segments to its carrying value , including the associated goodwill .', 'to determine the fair values , we use the market approach based on comparable publicly traded companies in similar lines of businesses and the income approach based on estimated discounted future cash flows .', 'our cash flow assumptions consider historical and forecasted revenue , operating costs and other relevant factors .', 'we amortize intangible assets with finite lives over their estimated useful lives and review them for impairment whenever an impairment indicator exists .', 'we continually monitor events and changes in circumstances that could indicate carrying amounts of our long-lived assets , including our intangible assets may not be recoverable .', 'when such events or changes in circumstances occur , we assess recoverability by determining whether the carrying value of such assets will be recovered through the undiscounted expected future cash flows .', 'if the future undiscounted cash flows are less than the carrying amount of these assets , we recognize an impairment loss based on the excess of the carrying amount over the fair value of the assets .', 'we did not recognize any intangible asset impairment charges in fiscal 2009 , 2008 or 2007 .', 'our intangible assets are amortized over their estimated useful lives of 1 to 13 years as shown in the table below .', 'amortization is based on the pattern in which the economic benefits of the intangible asset will be consumed .', 'weighted average useful life ( years ) .'] | ['software development costs capitalization of software development costs for software to be sold , leased , or otherwise marketed begins upon the establishment of technological feasibility , which is generally the completion of a working prototype that has been certified as having no critical bugs and is a release candidate .', 'amortization begins once the software is ready for its intended use , generally based on the pattern in which the economic benefits will be consumed .', 'to date , software development costs incurred between completion of a working prototype and general availability of the related product have not been material .', 'revenue recognition our revenue is derived from the licensing of software products , consulting , hosting services and maintenance and support .', 'primarily , we recognize revenue when persuasive evidence of an arrangement exists , we have delivered the product or performed the service , the fee is fixed or determinable and collection is probable. .'] | ----------------------------------------
| weighted average useful life ( years )
----------|----------
purchased technology | 7
localization | 1
trademarks | 7
customer contracts and relationships | 10
other intangibles | 2
---------------------------------------- | divide(const_100, 7) | 14.28571 |
what was the percent of the growth in the total cumulative value of the common stock for e*trade financial corporation from 2004 to 2005 | Pre-text: ['december 18 , 2007 , we issued an additional 23182197 shares of common stock to citadel .', 'the issuances were exempt from registration pursuant to section 4 ( 2 ) of the securities act of 1933 , and each purchaser has represented to us that it is an 201caccredited investor 201d as defined in regulation d promulgated under the securities act of 1933 , and that the common stock was being acquired for investment .', 'we did not engage in a general solicitation or advertising with regard to the issuances of the common stock and have not offered securities to the public in connection with the issuances .', 'see item 1 .', 'business 2014citadel investment .', 'performance graph the following performance graph shows the cumulative total return to a holder of the company 2019s common stock , assuming dividend reinvestment , compared with the cumulative total return , assuming dividend reinvestment , of the standard & poor 2019s ( 201cs&p 201d ) 500 and the s&p super cap diversified financials during the period from december 31 , 2002 through december 31 , 2007. .']
------
Table:
****************************************
12/02 12/03 12/04 12/05 12/06 12/07
e*trade financial corporation 100.00 260.29 307.61 429.22 461.32 73.05
s&p 500 100.00 128.68 142.69 149.70 173.34 182.87
s&p super cap diversified financials 100.00 139.29 156.28 170.89 211.13 176.62
****************************************
------
Follow-up: ['2022 $ 100 invested on 12/31/02 in stock or index-including reinvestment of dividends .', 'fiscal year ending december 31 .', '2022 copyright a9 2008 , standard & poor 2019s , a division of the mcgraw-hill companies , inc .', 'all rights reserved .', 'www.researchdatagroup.com/s&p.htm .'] | 0.39534 | ETFC/2007/page_22.pdf-2 | ['december 18 , 2007 , we issued an additional 23182197 shares of common stock to citadel .', 'the issuances were exempt from registration pursuant to section 4 ( 2 ) of the securities act of 1933 , and each purchaser has represented to us that it is an 201caccredited investor 201d as defined in regulation d promulgated under the securities act of 1933 , and that the common stock was being acquired for investment .', 'we did not engage in a general solicitation or advertising with regard to the issuances of the common stock and have not offered securities to the public in connection with the issuances .', 'see item 1 .', 'business 2014citadel investment .', 'performance graph the following performance graph shows the cumulative total return to a holder of the company 2019s common stock , assuming dividend reinvestment , compared with the cumulative total return , assuming dividend reinvestment , of the standard & poor 2019s ( 201cs&p 201d ) 500 and the s&p super cap diversified financials during the period from december 31 , 2002 through december 31 , 2007. .'] | ['2022 $ 100 invested on 12/31/02 in stock or index-including reinvestment of dividends .', 'fiscal year ending december 31 .', '2022 copyright a9 2008 , standard & poor 2019s , a division of the mcgraw-hill companies , inc .', 'all rights reserved .', 'www.researchdatagroup.com/s&p.htm .'] | ****************************************
12/02 12/03 12/04 12/05 12/06 12/07
e*trade financial corporation 100.00 260.29 307.61 429.22 461.32 73.05
s&p 500 100.00 128.68 142.69 149.70 173.34 182.87
s&p super cap diversified financials 100.00 139.29 156.28 170.89 211.13 176.62
**************************************** | subtract(429.22, 307.61), divide(#0, 307.61) | 0.39534 |
what was the percentage change in the company recognized tax-related interest and penalties in 2011 . | Pre-text: ['december 31 , 2011 , the company recognized a decrease of $ 3 million of tax-related interest and penalties and had approximately $ 16 million accrued at december 31 , 2011 .', 'note 12 derivative instruments and fair value measurements the company is exposed to certain market risks such as changes in interest rates , foreign currency exchange rates , and commodity prices , which exist as a part of its ongoing business operations .', 'management uses derivative financial and commodity instruments , including futures , options , and swaps , where appropriate , to manage these risks .', 'instruments used as hedges must be effective at reducing the risk associated with the exposure being hedged and must be designated as a hedge at the inception of the contract .', 'the company designates derivatives as cash flow hedges , fair value hedges , net investment hedges , and uses other contracts to reduce volatility in interest rates , foreign currency and commodities .', 'as a matter of policy , the company does not engage in trading or speculative hedging transactions .', 'total notional amounts of the company 2019s derivative instruments as of december 28 , 2013 and december 29 , 2012 were as follows: .']
######
Table:
****************************************
( millions ) 2013 2012
foreign currency exchange contracts $ 517 $ 570
interest rate contracts 2400 2150
commodity contracts 361 320
total $ 3278 $ 3040
****************************************
######
Follow-up: ['following is a description of each category in the fair value hierarchy and the financial assets and liabilities of the company that were included in each category at december 28 , 2013 and december 29 , 2012 , measured on a recurring basis .', 'level 1 2014 financial assets and liabilities whose values are based on unadjusted quoted prices for identical assets or liabilities in an active market .', 'for the company , level 1 financial assets and liabilities consist primarily of commodity derivative contracts .', 'level 2 2014 financial assets and liabilities whose values are based on quoted prices in markets that are not active or model inputs that are observable either directly or indirectly for substantially the full term of the asset or liability .', 'for the company , level 2 financial assets and liabilities consist of interest rate swaps and over-the-counter commodity and currency contracts .', 'the company 2019s calculation of the fair value of interest rate swaps is derived from a discounted cash flow analysis based on the terms of the contract and the interest rate curve .', 'over-the-counter commodity derivatives are valued using an income approach based on the commodity index prices less the contract rate multiplied by the notional amount .', 'foreign currency contracts are valued using an income approach based on forward rates less the contract rate multiplied by the notional amount .', 'the company 2019s calculation of the fair value of level 2 financial assets and liabilities takes into consideration the risk of nonperformance , including counterparty credit risk .', 'level 3 2014 financial assets and liabilities whose values are based on prices or valuation techniques that require inputs that are both unobservable and significant to the overall fair value measurement .', 'these inputs reflect management 2019s own assumptions about the assumptions a market participant would use in pricing the asset or liability .', 'the company did not have any level 3 financial assets or liabilities as of december 28 , 2013 or december 29 , 2012. .'] | 0.15789 | K/2013/page_62.pdf-1 | ['december 31 , 2011 , the company recognized a decrease of $ 3 million of tax-related interest and penalties and had approximately $ 16 million accrued at december 31 , 2011 .', 'note 12 derivative instruments and fair value measurements the company is exposed to certain market risks such as changes in interest rates , foreign currency exchange rates , and commodity prices , which exist as a part of its ongoing business operations .', 'management uses derivative financial and commodity instruments , including futures , options , and swaps , where appropriate , to manage these risks .', 'instruments used as hedges must be effective at reducing the risk associated with the exposure being hedged and must be designated as a hedge at the inception of the contract .', 'the company designates derivatives as cash flow hedges , fair value hedges , net investment hedges , and uses other contracts to reduce volatility in interest rates , foreign currency and commodities .', 'as a matter of policy , the company does not engage in trading or speculative hedging transactions .', 'total notional amounts of the company 2019s derivative instruments as of december 28 , 2013 and december 29 , 2012 were as follows: .'] | ['following is a description of each category in the fair value hierarchy and the financial assets and liabilities of the company that were included in each category at december 28 , 2013 and december 29 , 2012 , measured on a recurring basis .', 'level 1 2014 financial assets and liabilities whose values are based on unadjusted quoted prices for identical assets or liabilities in an active market .', 'for the company , level 1 financial assets and liabilities consist primarily of commodity derivative contracts .', 'level 2 2014 financial assets and liabilities whose values are based on quoted prices in markets that are not active or model inputs that are observable either directly or indirectly for substantially the full term of the asset or liability .', 'for the company , level 2 financial assets and liabilities consist of interest rate swaps and over-the-counter commodity and currency contracts .', 'the company 2019s calculation of the fair value of interest rate swaps is derived from a discounted cash flow analysis based on the terms of the contract and the interest rate curve .', 'over-the-counter commodity derivatives are valued using an income approach based on the commodity index prices less the contract rate multiplied by the notional amount .', 'foreign currency contracts are valued using an income approach based on forward rates less the contract rate multiplied by the notional amount .', 'the company 2019s calculation of the fair value of level 2 financial assets and liabilities takes into consideration the risk of nonperformance , including counterparty credit risk .', 'level 3 2014 financial assets and liabilities whose values are based on prices or valuation techniques that require inputs that are both unobservable and significant to the overall fair value measurement .', 'these inputs reflect management 2019s own assumptions about the assumptions a market participant would use in pricing the asset or liability .', 'the company did not have any level 3 financial assets or liabilities as of december 28 , 2013 or december 29 , 2012. .'] | ****************************************
( millions ) 2013 2012
foreign currency exchange contracts $ 517 $ 570
interest rate contracts 2400 2150
commodity contracts 361 320
total $ 3278 $ 3040
**************************************** | add(16, 3), divide(3, #0) | 0.15789 |
what was the profit margin in 2012 | Background: ['see note 10 goodwill and other intangible assets for further discussion of the accounting for goodwill and other intangible assets .', 'the estimated amount of rbc bank ( usa ) revenue and net income ( excluding integration costs ) included in pnc 2019s consolidated income statement for 2012 was $ 1.0 billion and $ 273 million , respectively .', 'upon closing and conversion of the rbc bank ( usa ) transaction , subsequent to march 2 , 2012 , separate records for rbc bank ( usa ) as a stand-alone business have not been maintained as the operations of rbc bank ( usa ) have been fully integrated into pnc .', 'rbc bank ( usa ) revenue and earnings disclosed above reflect management 2019s best estimate , based on information available at the reporting date .', 'the following table presents certain unaudited pro forma information for illustrative purposes only , for 2012 and 2011 as if rbc bank ( usa ) had been acquired on january 1 , 2011 .', 'the unaudited estimated pro forma information combines the historical results of rbc bank ( usa ) with the company 2019s consolidated historical results and includes certain adjustments reflecting the estimated impact of certain fair value adjustments for the respective periods .', 'the pro forma information is not indicative of what would have occurred had the acquisition taken place on january 1 , 2011 .', 'in particular , no adjustments have been made to eliminate the impact of other-than-temporary impairment losses and losses recognized on the sale of securities that may not have been necessary had the investment securities been recorded at fair value as of january 1 , 2011 .', 'the unaudited pro forma information does not consider any changes to the provision for credit losses resulting from recording loan assets at fair value .', 'additionally , the pro forma financial information does not include the impact of possible business model changes and does not reflect pro forma adjustments to conform accounting policies between rbc bank ( usa ) and pnc .', 'additionally , pnc expects to achieve further operating cost savings and other business synergies , including revenue growth , as a result of the acquisition that are not reflected in the pro forma amounts that follow .', 'as a result , actual results will differ from the unaudited pro forma information presented .', 'table 57 : rbc bank ( usa ) and pnc unaudited pro forma results .']
##
Table:
in millions, for the year ended december 31 2012, for the year ended december 31 2011
total revenues, $ 15721, $ 15421
net income, 2989, 2911
##
Post-table: ['in connection with the rbc bank ( usa ) acquisition and other prior acquisitions , pnc recognized $ 267 million of integration charges in 2012 .', 'pnc recognized $ 42 million of integration charges in 2011 in connection with prior acquisitions .', 'the integration charges are included in the table above .', 'sale of smartstreet effective october 26 , 2012 , pnc divested certain deposits and assets of the smartstreet business unit , which was acquired by pnc as part of the rbc bank ( usa ) acquisition , to union bank , n.a .', 'smartstreet is a nationwide business focused on homeowner or community association managers and had approximately $ 1 billion of assets and deposits as of september 30 , 2012 .', 'the gain on sale was immaterial and resulted in a reduction of goodwill and core deposit intangibles of $ 46 million and $ 13 million , respectively .', 'results from operations of smartstreet from march 2 , 2012 through october 26 , 2012 are included in our consolidated income statement .', 'flagstar branch acquisition effective december 9 , 2011 , pnc acquired 27 branches in the northern metropolitan atlanta , georgia area from flagstar bank , fsb , a subsidiary of flagstar bancorp , inc .', 'the fair value of the assets acquired totaled approximately $ 211.8 million , including $ 169.3 million in cash , $ 24.3 million in fixed assets and $ 18.2 million of goodwill and intangible assets .', 'we also assumed approximately $ 210.5 million of deposits associated with these branches .', 'no deposit premium was paid and no loans were acquired in the transaction .', 'our consolidated income statement includes the impact of the branch activity subsequent to our december 9 , 2011 acquisition .', 'bankatlantic branch acquisition effective june 6 , 2011 , we acquired 19 branches in the greater tampa , florida area from bankatlantic , a subsidiary of bankatlantic bancorp , inc .', 'the fair value of the assets acquired totaled $ 324.9 million , including $ 256.9 million in cash , $ 26.0 million in fixed assets and $ 42.0 million of goodwill and intangible assets .', 'we also assumed approximately $ 324.5 million of deposits associated with these branches .', 'a $ 39.0 million deposit premium was paid and no loans were acquired in the transaction .', 'our consolidated income statement includes the impact of the branch activity subsequent to our june 6 , 2011 acquisition .', 'sale of pnc global investment servicing on july 1 , 2010 , we sold pnc global investment servicing inc .', '( gis ) , a leading provider of processing , technology and business intelligence services to asset managers , broker- dealers and financial advisors worldwide , for $ 2.3 billion in cash pursuant to a definitive agreement entered into on february 2 , 2010 .', 'this transaction resulted in a pretax gain of $ 639 million , net of transaction costs , in the third quarter of 2010 .', 'this gain and results of operations of gis through june 30 , 2010 are presented as income from discontinued operations , net of income taxes , on our consolidated income statement .', 'as part of the sale agreement , pnc has agreed to provide certain transitional services on behalf of gis until completion of related systems conversion activities .', '138 the pnc financial services group , inc .', '2013 form 10-k .'] | 0.19013 | PNC/2012/page_157.pdf-4 | ['see note 10 goodwill and other intangible assets for further discussion of the accounting for goodwill and other intangible assets .', 'the estimated amount of rbc bank ( usa ) revenue and net income ( excluding integration costs ) included in pnc 2019s consolidated income statement for 2012 was $ 1.0 billion and $ 273 million , respectively .', 'upon closing and conversion of the rbc bank ( usa ) transaction , subsequent to march 2 , 2012 , separate records for rbc bank ( usa ) as a stand-alone business have not been maintained as the operations of rbc bank ( usa ) have been fully integrated into pnc .', 'rbc bank ( usa ) revenue and earnings disclosed above reflect management 2019s best estimate , based on information available at the reporting date .', 'the following table presents certain unaudited pro forma information for illustrative purposes only , for 2012 and 2011 as if rbc bank ( usa ) had been acquired on january 1 , 2011 .', 'the unaudited estimated pro forma information combines the historical results of rbc bank ( usa ) with the company 2019s consolidated historical results and includes certain adjustments reflecting the estimated impact of certain fair value adjustments for the respective periods .', 'the pro forma information is not indicative of what would have occurred had the acquisition taken place on january 1 , 2011 .', 'in particular , no adjustments have been made to eliminate the impact of other-than-temporary impairment losses and losses recognized on the sale of securities that may not have been necessary had the investment securities been recorded at fair value as of january 1 , 2011 .', 'the unaudited pro forma information does not consider any changes to the provision for credit losses resulting from recording loan assets at fair value .', 'additionally , the pro forma financial information does not include the impact of possible business model changes and does not reflect pro forma adjustments to conform accounting policies between rbc bank ( usa ) and pnc .', 'additionally , pnc expects to achieve further operating cost savings and other business synergies , including revenue growth , as a result of the acquisition that are not reflected in the pro forma amounts that follow .', 'as a result , actual results will differ from the unaudited pro forma information presented .', 'table 57 : rbc bank ( usa ) and pnc unaudited pro forma results .'] | ['in connection with the rbc bank ( usa ) acquisition and other prior acquisitions , pnc recognized $ 267 million of integration charges in 2012 .', 'pnc recognized $ 42 million of integration charges in 2011 in connection with prior acquisitions .', 'the integration charges are included in the table above .', 'sale of smartstreet effective october 26 , 2012 , pnc divested certain deposits and assets of the smartstreet business unit , which was acquired by pnc as part of the rbc bank ( usa ) acquisition , to union bank , n.a .', 'smartstreet is a nationwide business focused on homeowner or community association managers and had approximately $ 1 billion of assets and deposits as of september 30 , 2012 .', 'the gain on sale was immaterial and resulted in a reduction of goodwill and core deposit intangibles of $ 46 million and $ 13 million , respectively .', 'results from operations of smartstreet from march 2 , 2012 through october 26 , 2012 are included in our consolidated income statement .', 'flagstar branch acquisition effective december 9 , 2011 , pnc acquired 27 branches in the northern metropolitan atlanta , georgia area from flagstar bank , fsb , a subsidiary of flagstar bancorp , inc .', 'the fair value of the assets acquired totaled approximately $ 211.8 million , including $ 169.3 million in cash , $ 24.3 million in fixed assets and $ 18.2 million of goodwill and intangible assets .', 'we also assumed approximately $ 210.5 million of deposits associated with these branches .', 'no deposit premium was paid and no loans were acquired in the transaction .', 'our consolidated income statement includes the impact of the branch activity subsequent to our december 9 , 2011 acquisition .', 'bankatlantic branch acquisition effective june 6 , 2011 , we acquired 19 branches in the greater tampa , florida area from bankatlantic , a subsidiary of bankatlantic bancorp , inc .', 'the fair value of the assets acquired totaled $ 324.9 million , including $ 256.9 million in cash , $ 26.0 million in fixed assets and $ 42.0 million of goodwill and intangible assets .', 'we also assumed approximately $ 324.5 million of deposits associated with these branches .', 'a $ 39.0 million deposit premium was paid and no loans were acquired in the transaction .', 'our consolidated income statement includes the impact of the branch activity subsequent to our june 6 , 2011 acquisition .', 'sale of pnc global investment servicing on july 1 , 2010 , we sold pnc global investment servicing inc .', '( gis ) , a leading provider of processing , technology and business intelligence services to asset managers , broker- dealers and financial advisors worldwide , for $ 2.3 billion in cash pursuant to a definitive agreement entered into on february 2 , 2010 .', 'this transaction resulted in a pretax gain of $ 639 million , net of transaction costs , in the third quarter of 2010 .', 'this gain and results of operations of gis through june 30 , 2010 are presented as income from discontinued operations , net of income taxes , on our consolidated income statement .', 'as part of the sale agreement , pnc has agreed to provide certain transitional services on behalf of gis until completion of related systems conversion activities .', '138 the pnc financial services group , inc .', '2013 form 10-k .'] | in millions, for the year ended december 31 2012, for the year ended december 31 2011
total revenues, $ 15721, $ 15421
net income, 2989, 2911 | divide(2989, 15721) | 0.19013 |
what is the net number of stores that opened during 2011? | Context: ['the following table sets forth information concerning increases in the total number of our aap stores during the past five years : beginning stores new stores ( 1 ) stores closed ending stores ( 1 ) does not include stores that opened as relocations of previously existing stores within the same general market area or substantial renovations of stores .', 'our store-based information systems , which are designed to improve the efficiency of our operations and enhance customer service , are comprised of a proprietary pos system and electronic parts catalog , or epc , system .', 'information maintained by our pos system is used to formulate pricing , marketing and merchandising strategies and to replenish inventory accurately and rapidly .', 'our pos system is fully integrated with our epc system and enables our store team members to assist our customers in their parts selection and ordering based on the year , make , model and engine type of their vehicles .', 'our centrally-based epc data management system enables us to reduce the time needed to ( i ) exchange data with our vendors and ( ii ) catalog and deliver updated , accurate parts information .', "our epc system also contains enhanced search engines and user-friendly navigation tools that enhance our team members' ability to look up any needed parts as well as additional products the customer needs to complete an automotive repair project .", 'if a hard-to-find part or accessory is not available at one of our stores , the epc system can determine whether the part is carried and in-stock through our hub or pdq ae networks or can be ordered directly from one of our vendors .', 'available parts and accessories are then ordered electronically from another store , hub , pdq ae or directly from the vendor with immediate confirmation of price , availability and estimated delivery time .', 'we also support our store operations with additional proprietary systems and customer driven labor scheduling capabilities .', 'our store-level inventory management system provides real-time inventory tracking at the store level .', 'with the store-level system , store team members can check the quantity of on-hand inventory for any sku , adjust stock levels for select items for store specific events , automatically process returns and defective merchandise , designate skus for cycle counts and track merchandise transfers .', 'our stores use radio frequency hand-held devices to help ensure the accuracy of our inventory .', 'our standard operating procedure , or sop , system is a web-based , electronic data management system that provides our team members with instant access to any of our standard operating procedures through a comprehensive on-line search function .', 'all of these systems are tightly integrated and provide real-time , comprehensive information to store personnel , resulting in improved customer service levels , team member productivity and in-stock availability .', 'purchasing for virtually all of the merchandise for our stores is handled by our merchandise teams located in three primary locations : 2022 store support center in roanoke , virginia ; 2022 regional office in minneapolis , minnesota ; and 2022 global sourcing office in taipei , taiwan .', 'our roanoke team is primarily responsible for the parts categories and our minnesota team is primarily responsible for accessories , oil and chemicals .', 'our global sourcing team works closely with both teams .', 'in fiscal 2011 , we purchased merchandise from approximately 500 vendors , with no single vendor accounting for more than 9% ( 9 % ) of purchases .', 'our purchasing strategy involves negotiating agreements with most of our vendors to purchase merchandise over a specified period of time along with other terms , including pricing , payment terms and volume .', 'the merchandising team has developed strong vendor relationships in the industry and , in a collaborative effort with our vendor partners , utilizes a category management process where we manage the mix of our product offerings to meet customer demand .', 'we believe this process , which develops a customer-focused business plan for each merchandise category , and our global sourcing operation are critical to improving comparable store sales , gross margin and inventory productivity. .']
--------
Data Table:
----------------------------------------
| 2011 | 2010 | 2009 | 2008 | 2007
----------|----------|----------|----------|----------|----------
beginning stores | 3369 | 3264 | 3243 | 3153 | 2995
new stores ( 1 ) | 95 | 110 | 75 | 109 | 175
stores closed | -4 ( 4 ) | -5 ( 5 ) | -54 ( 54 ) | -19 ( 19 ) | -17 ( 17 )
ending stores | 3460 | 3369 | 3264 | 3243 | 3153
----------------------------------------
--------
Additional Information: ['the following table sets forth information concerning increases in the total number of our aap stores during the past five years : beginning stores new stores ( 1 ) stores closed ending stores ( 1 ) does not include stores that opened as relocations of previously existing stores within the same general market area or substantial renovations of stores .', 'our store-based information systems , which are designed to improve the efficiency of our operations and enhance customer service , are comprised of a proprietary pos system and electronic parts catalog , or epc , system .', 'information maintained by our pos system is used to formulate pricing , marketing and merchandising strategies and to replenish inventory accurately and rapidly .', 'our pos system is fully integrated with our epc system and enables our store team members to assist our customers in their parts selection and ordering based on the year , make , model and engine type of their vehicles .', 'our centrally-based epc data management system enables us to reduce the time needed to ( i ) exchange data with our vendors and ( ii ) catalog and deliver updated , accurate parts information .', "our epc system also contains enhanced search engines and user-friendly navigation tools that enhance our team members' ability to look up any needed parts as well as additional products the customer needs to complete an automotive repair project .", 'if a hard-to-find part or accessory is not available at one of our stores , the epc system can determine whether the part is carried and in-stock through our hub or pdq ae networks or can be ordered directly from one of our vendors .', 'available parts and accessories are then ordered electronically from another store , hub , pdq ae or directly from the vendor with immediate confirmation of price , availability and estimated delivery time .', 'we also support our store operations with additional proprietary systems and customer driven labor scheduling capabilities .', 'our store-level inventory management system provides real-time inventory tracking at the store level .', 'with the store-level system , store team members can check the quantity of on-hand inventory for any sku , adjust stock levels for select items for store specific events , automatically process returns and defective merchandise , designate skus for cycle counts and track merchandise transfers .', 'our stores use radio frequency hand-held devices to help ensure the accuracy of our inventory .', 'our standard operating procedure , or sop , system is a web-based , electronic data management system that provides our team members with instant access to any of our standard operating procedures through a comprehensive on-line search function .', 'all of these systems are tightly integrated and provide real-time , comprehensive information to store personnel , resulting in improved customer service levels , team member productivity and in-stock availability .', 'purchasing for virtually all of the merchandise for our stores is handled by our merchandise teams located in three primary locations : 2022 store support center in roanoke , virginia ; 2022 regional office in minneapolis , minnesota ; and 2022 global sourcing office in taipei , taiwan .', 'our roanoke team is primarily responsible for the parts categories and our minnesota team is primarily responsible for accessories , oil and chemicals .', 'our global sourcing team works closely with both teams .', 'in fiscal 2011 , we purchased merchandise from approximately 500 vendors , with no single vendor accounting for more than 9% ( 9 % ) of purchases .', 'our purchasing strategy involves negotiating agreements with most of our vendors to purchase merchandise over a specified period of time along with other terms , including pricing , payment terms and volume .', 'the merchandising team has developed strong vendor relationships in the industry and , in a collaborative effort with our vendor partners , utilizes a category management process where we manage the mix of our product offerings to meet customer demand .', 'we believe this process , which develops a customer-focused business plan for each merchandise category , and our global sourcing operation are critical to improving comparable store sales , gross margin and inventory productivity. .'] | 91.0 | AAP/2011/page_16.pdf-1 | ['the following table sets forth information concerning increases in the total number of our aap stores during the past five years : beginning stores new stores ( 1 ) stores closed ending stores ( 1 ) does not include stores that opened as relocations of previously existing stores within the same general market area or substantial renovations of stores .', 'our store-based information systems , which are designed to improve the efficiency of our operations and enhance customer service , are comprised of a proprietary pos system and electronic parts catalog , or epc , system .', 'information maintained by our pos system is used to formulate pricing , marketing and merchandising strategies and to replenish inventory accurately and rapidly .', 'our pos system is fully integrated with our epc system and enables our store team members to assist our customers in their parts selection and ordering based on the year , make , model and engine type of their vehicles .', 'our centrally-based epc data management system enables us to reduce the time needed to ( i ) exchange data with our vendors and ( ii ) catalog and deliver updated , accurate parts information .', "our epc system also contains enhanced search engines and user-friendly navigation tools that enhance our team members' ability to look up any needed parts as well as additional products the customer needs to complete an automotive repair project .", 'if a hard-to-find part or accessory is not available at one of our stores , the epc system can determine whether the part is carried and in-stock through our hub or pdq ae networks or can be ordered directly from one of our vendors .', 'available parts and accessories are then ordered electronically from another store , hub , pdq ae or directly from the vendor with immediate confirmation of price , availability and estimated delivery time .', 'we also support our store operations with additional proprietary systems and customer driven labor scheduling capabilities .', 'our store-level inventory management system provides real-time inventory tracking at the store level .', 'with the store-level system , store team members can check the quantity of on-hand inventory for any sku , adjust stock levels for select items for store specific events , automatically process returns and defective merchandise , designate skus for cycle counts and track merchandise transfers .', 'our stores use radio frequency hand-held devices to help ensure the accuracy of our inventory .', 'our standard operating procedure , or sop , system is a web-based , electronic data management system that provides our team members with instant access to any of our standard operating procedures through a comprehensive on-line search function .', 'all of these systems are tightly integrated and provide real-time , comprehensive information to store personnel , resulting in improved customer service levels , team member productivity and in-stock availability .', 'purchasing for virtually all of the merchandise for our stores is handled by our merchandise teams located in three primary locations : 2022 store support center in roanoke , virginia ; 2022 regional office in minneapolis , minnesota ; and 2022 global sourcing office in taipei , taiwan .', 'our roanoke team is primarily responsible for the parts categories and our minnesota team is primarily responsible for accessories , oil and chemicals .', 'our global sourcing team works closely with both teams .', 'in fiscal 2011 , we purchased merchandise from approximately 500 vendors , with no single vendor accounting for more than 9% ( 9 % ) of purchases .', 'our purchasing strategy involves negotiating agreements with most of our vendors to purchase merchandise over a specified period of time along with other terms , including pricing , payment terms and volume .', 'the merchandising team has developed strong vendor relationships in the industry and , in a collaborative effort with our vendor partners , utilizes a category management process where we manage the mix of our product offerings to meet customer demand .', 'we believe this process , which develops a customer-focused business plan for each merchandise category , and our global sourcing operation are critical to improving comparable store sales , gross margin and inventory productivity. .'] | ['the following table sets forth information concerning increases in the total number of our aap stores during the past five years : beginning stores new stores ( 1 ) stores closed ending stores ( 1 ) does not include stores that opened as relocations of previously existing stores within the same general market area or substantial renovations of stores .', 'our store-based information systems , which are designed to improve the efficiency of our operations and enhance customer service , are comprised of a proprietary pos system and electronic parts catalog , or epc , system .', 'information maintained by our pos system is used to formulate pricing , marketing and merchandising strategies and to replenish inventory accurately and rapidly .', 'our pos system is fully integrated with our epc system and enables our store team members to assist our customers in their parts selection and ordering based on the year , make , model and engine type of their vehicles .', 'our centrally-based epc data management system enables us to reduce the time needed to ( i ) exchange data with our vendors and ( ii ) catalog and deliver updated , accurate parts information .', "our epc system also contains enhanced search engines and user-friendly navigation tools that enhance our team members' ability to look up any needed parts as well as additional products the customer needs to complete an automotive repair project .", 'if a hard-to-find part or accessory is not available at one of our stores , the epc system can determine whether the part is carried and in-stock through our hub or pdq ae networks or can be ordered directly from one of our vendors .', 'available parts and accessories are then ordered electronically from another store , hub , pdq ae or directly from the vendor with immediate confirmation of price , availability and estimated delivery time .', 'we also support our store operations with additional proprietary systems and customer driven labor scheduling capabilities .', 'our store-level inventory management system provides real-time inventory tracking at the store level .', 'with the store-level system , store team members can check the quantity of on-hand inventory for any sku , adjust stock levels for select items for store specific events , automatically process returns and defective merchandise , designate skus for cycle counts and track merchandise transfers .', 'our stores use radio frequency hand-held devices to help ensure the accuracy of our inventory .', 'our standard operating procedure , or sop , system is a web-based , electronic data management system that provides our team members with instant access to any of our standard operating procedures through a comprehensive on-line search function .', 'all of these systems are tightly integrated and provide real-time , comprehensive information to store personnel , resulting in improved customer service levels , team member productivity and in-stock availability .', 'purchasing for virtually all of the merchandise for our stores is handled by our merchandise teams located in three primary locations : 2022 store support center in roanoke , virginia ; 2022 regional office in minneapolis , minnesota ; and 2022 global sourcing office in taipei , taiwan .', 'our roanoke team is primarily responsible for the parts categories and our minnesota team is primarily responsible for accessories , oil and chemicals .', 'our global sourcing team works closely with both teams .', 'in fiscal 2011 , we purchased merchandise from approximately 500 vendors , with no single vendor accounting for more than 9% ( 9 % ) of purchases .', 'our purchasing strategy involves negotiating agreements with most of our vendors to purchase merchandise over a specified period of time along with other terms , including pricing , payment terms and volume .', 'the merchandising team has developed strong vendor relationships in the industry and , in a collaborative effort with our vendor partners , utilizes a category management process where we manage the mix of our product offerings to meet customer demand .', 'we believe this process , which develops a customer-focused business plan for each merchandise category , and our global sourcing operation are critical to improving comparable store sales , gross margin and inventory productivity. .'] | ----------------------------------------
| 2011 | 2010 | 2009 | 2008 | 2007
----------|----------|----------|----------|----------|----------
beginning stores | 3369 | 3264 | 3243 | 3153 | 2995
new stores ( 1 ) | 95 | 110 | 75 | 109 | 175
stores closed | -4 ( 4 ) | -5 ( 5 ) | -54 ( 54 ) | -19 ( 19 ) | -17 ( 17 )
ending stores | 3460 | 3369 | 3264 | 3243 | 3153
---------------------------------------- | subtract(95, const_4) | 91.0 |
for level 3 financial assets in millions , for 2018 and 2017 , what was the largest balance of cash instruments? | Pre-text: ['the goldman sachs group , inc .', 'and subsidiaries notes to consolidated financial statements the table below presents a summary of level 3 financial assets. .']
##
Table:
----------------------------------------
• $ in millions, as of december 2018, as of december 2017
• cash instruments, $ 17227, $ 15395
• derivatives, 4948, 3802
• other financial assets, 6, 4
• total, $ 22181, $ 19201
----------------------------------------
##
Follow-up: ['level 3 financial assets as of december 2018 increased compared with december 2017 , primarily reflecting an increase in level 3 cash instruments .', 'see notes 6 through 8 for further information about level 3 financial assets ( including information about unrealized gains and losses related to level 3 financial assets and financial liabilities , and transfers in and out of level 3 ) .', 'note 6 .', 'cash instruments cash instruments include u.s .', 'government and agency obligations , non-u.s .', 'government and agency obligations , mortgage-backed loans and securities , corporate debt instruments , equity securities , investments in funds at nav , and other non-derivative financial instruments owned and financial instruments sold , but not yet purchased .', 'see below for the types of cash instruments included in each level of the fair value hierarchy and the valuation techniques and significant inputs used to determine their fair values .', 'see note 5 for an overview of the firm 2019s fair value measurement policies .', 'level 1 cash instruments level 1 cash instruments include certain money market instruments , u.s .', 'government obligations , most non-u.s .', 'government obligations , certain government agency obligations , certain corporate debt instruments and actively traded listed equities .', 'these instruments are valued using quoted prices for identical unrestricted instruments in active markets .', 'the firm defines active markets for equity instruments based on the average daily trading volume both in absolute terms and relative to the market capitalization for the instrument .', 'the firm defines active markets for debt instruments based on both the average daily trading volume and the number of days with trading activity .', 'level 2 cash instruments level 2 cash instruments include most money market instruments , most government agency obligations , certain non-u.s .', 'government obligations , most mortgage-backed loans and securities , most corporate debt instruments , most state and municipal obligations , most other debt obligations , restricted or less liquid listed equities , commodities and certain lending commitments .', 'valuations of level 2 cash instruments can be verified to quoted prices , recent trading activity for identical or similar instruments , broker or dealer quotations or alternative pricing sources with reasonable levels of price transparency .', 'consideration is given to the nature of the quotations ( e.g. , indicative or firm ) and the relationship of recent market activity to the prices provided from alternative pricing sources .', 'valuation adjustments are typically made to level 2 cash instruments ( i ) if the cash instrument is subject to transfer restrictions and/or ( ii ) for other premiums and liquidity discounts that a market participant would require to arrive at fair value .', 'valuation adjustments are generally based on market evidence .', 'level 3 cash instruments level 3 cash instruments have one or more significant valuation inputs that are not observable .', 'absent evidence to the contrary , level 3 cash instruments are initially valued at transaction price , which is considered to be the best initial estimate of fair value .', 'subsequently , the firm uses other methodologies to determine fair value , which vary based on the type of instrument .', 'valuation inputs and assumptions are changed when corroborated by substantive observable evidence , including values realized on sales .', 'valuation techniques and significant inputs of level 3 cash instruments valuation techniques of level 3 cash instruments vary by instrument , but are generally based on discounted cash flow techniques .', 'the valuation techniques and the nature of significant inputs used to determine the fair values of each type of level 3 cash instrument are described below : loans and securities backed by commercial real estate .', 'loans and securities backed by commercial real estate are directly or indirectly collateralized by a single commercial real estate property or a portfolio of properties , and may include tranches of varying levels of subordination .', 'significant inputs are generally determined based on relative value analyses and include : 2030 market yields implied by transactions of similar or related assets and/or current levels and changes in market indices such as the cmbx ( an index that tracks the performance of commercial mortgage bonds ) ; 118 goldman sachs 2018 form 10-k .'] | 17227.0 | GS/2018/page_134.pdf-1 | ['the goldman sachs group , inc .', 'and subsidiaries notes to consolidated financial statements the table below presents a summary of level 3 financial assets. .'] | ['level 3 financial assets as of december 2018 increased compared with december 2017 , primarily reflecting an increase in level 3 cash instruments .', 'see notes 6 through 8 for further information about level 3 financial assets ( including information about unrealized gains and losses related to level 3 financial assets and financial liabilities , and transfers in and out of level 3 ) .', 'note 6 .', 'cash instruments cash instruments include u.s .', 'government and agency obligations , non-u.s .', 'government and agency obligations , mortgage-backed loans and securities , corporate debt instruments , equity securities , investments in funds at nav , and other non-derivative financial instruments owned and financial instruments sold , but not yet purchased .', 'see below for the types of cash instruments included in each level of the fair value hierarchy and the valuation techniques and significant inputs used to determine their fair values .', 'see note 5 for an overview of the firm 2019s fair value measurement policies .', 'level 1 cash instruments level 1 cash instruments include certain money market instruments , u.s .', 'government obligations , most non-u.s .', 'government obligations , certain government agency obligations , certain corporate debt instruments and actively traded listed equities .', 'these instruments are valued using quoted prices for identical unrestricted instruments in active markets .', 'the firm defines active markets for equity instruments based on the average daily trading volume both in absolute terms and relative to the market capitalization for the instrument .', 'the firm defines active markets for debt instruments based on both the average daily trading volume and the number of days with trading activity .', 'level 2 cash instruments level 2 cash instruments include most money market instruments , most government agency obligations , certain non-u.s .', 'government obligations , most mortgage-backed loans and securities , most corporate debt instruments , most state and municipal obligations , most other debt obligations , restricted or less liquid listed equities , commodities and certain lending commitments .', 'valuations of level 2 cash instruments can be verified to quoted prices , recent trading activity for identical or similar instruments , broker or dealer quotations or alternative pricing sources with reasonable levels of price transparency .', 'consideration is given to the nature of the quotations ( e.g. , indicative or firm ) and the relationship of recent market activity to the prices provided from alternative pricing sources .', 'valuation adjustments are typically made to level 2 cash instruments ( i ) if the cash instrument is subject to transfer restrictions and/or ( ii ) for other premiums and liquidity discounts that a market participant would require to arrive at fair value .', 'valuation adjustments are generally based on market evidence .', 'level 3 cash instruments level 3 cash instruments have one or more significant valuation inputs that are not observable .', 'absent evidence to the contrary , level 3 cash instruments are initially valued at transaction price , which is considered to be the best initial estimate of fair value .', 'subsequently , the firm uses other methodologies to determine fair value , which vary based on the type of instrument .', 'valuation inputs and assumptions are changed when corroborated by substantive observable evidence , including values realized on sales .', 'valuation techniques and significant inputs of level 3 cash instruments valuation techniques of level 3 cash instruments vary by instrument , but are generally based on discounted cash flow techniques .', 'the valuation techniques and the nature of significant inputs used to determine the fair values of each type of level 3 cash instrument are described below : loans and securities backed by commercial real estate .', 'loans and securities backed by commercial real estate are directly or indirectly collateralized by a single commercial real estate property or a portfolio of properties , and may include tranches of varying levels of subordination .', 'significant inputs are generally determined based on relative value analyses and include : 2030 market yields implied by transactions of similar or related assets and/or current levels and changes in market indices such as the cmbx ( an index that tracks the performance of commercial mortgage bonds ) ; 118 goldman sachs 2018 form 10-k .'] | ----------------------------------------
• $ in millions, as of december 2018, as of december 2017
• cash instruments, $ 17227, $ 15395
• derivatives, 4948, 3802
• other financial assets, 6, 4
• total, $ 22181, $ 19201
---------------------------------------- | table_max(cash instruments, none) | 17227.0 |
what are the average pension expenses for those three years? | Pre-text: ['unconditional purchase obligations approximately $ 390 of our long-term unconditional purchase obligations relate to feedstock supply for numerous hyco ( hydrogen , carbon monoxide , and syngas ) facilities .', 'the price of feedstock supply is principally related to the price of natural gas .', 'however , long-term take-or-pay sales contracts to hyco customers are generally matched to the term of the feedstock supply obligations and provide recovery of price increases in the feedstock supply .', 'due to the matching of most long-term feedstock supply obligations to customer sales contracts , we do not believe these purchase obligations would have a material effect on our financial condition or results of operations .', 'refer to note 17 , commitments and contingencies , to the consolidated financial statements for additional information on our unconditional purchase obligations .', 'the unconditional purchase obligations also include other product supply and purchase commitments and electric power and natural gas supply purchase obligations , which are primarily pass-through contracts with our customers .', 'in addition , purchase commitments to spend approximately $ 540 for additional plant and equipment are included in the unconditional purchase obligations in 2016 .', 'we also purchase materials , energy , capital equipment , supplies , and services as part of the ordinary course of business under arrangements that are not unconditional purchase obligations .', 'the majority of such purchases are for raw materials and energy , which are obtained under requirements-type contracts at market prices .', 'obligation for future contribution to an equity affiliate on 19 april 2015 , a joint venture between air products and acwa holding entered into a 20-year oxygen and nitrogen supply agreement to supply saudi aramco 2019s oil refinery and power plant being built in jazan , saudi arabia .', 'air products owns 25% ( 25 % ) of the joint venture and guarantees the repayment of its share of an equity bridge loan .', 'in total , we expect to invest approximately $ 100 in this joint venture .', 'as of 30 september 2015 , we recorded a noncurrent liability of $ 67.5 for our obligation to make future equity contributions based on advances received by the joint venture under the loan .', 'income tax liabilities noncurrent deferred income tax liabilities as of 30 september 2015 were $ 903.3 .', 'tax liabilities related to unrecognized tax benefits as of 30 september 2015 were $ 97.5 .', 'these tax liabilities were excluded from the contractual obligations table , as it is impractical to determine a cash impact by year given that payments will vary according to changes in tax laws , tax rates , and our operating results .', 'in addition , there are uncertainties in timing of the effective settlement of our uncertain tax positions with respective taxing authorities .', 'refer to note 23 , income taxes , to the consolidated financial statements for additional information .', 'pension benefits the company sponsors defined benefit pension plans and defined contribution plans that cover a substantial portion of its worldwide employees .', 'the principal defined benefit pension plans 2014the u.s .', 'salaried pension plan and the u.k .', 'pension plan 2014were closed to new participants in 2005 and were replaced with defined contribution plans .', 'over the long run , the shift to defined contribution plans is expected to reduce volatility of both plan expense and contributions .', 'the fair market value of plan assets for our defined benefit pension plans as of the 30 september 2015 measurement date decreased to $ 3916.4 from $ 4114.6 at the end of fiscal year 2014 .', 'the projected benefit obligation for these plans was $ 4787.8 and $ 4738.6 at the end of the fiscal years 2015 and 2014 , respectively .', 'refer to note 16 , retirement benefits , to the consolidated financial statements for comprehensive and detailed disclosures on our postretirement benefits .', 'pension expense .']
----
Table:
========================================
Row 1: , 2015, 2014, 2013
Row 2: pension expense, $ 135.6, $ 135.9, $ 169.7
Row 3: special terminations settlements and curtailments ( included above ), 35.2, 5.8, 19.8
Row 4: weighted average discount rate, 4.0% ( 4.0 % ), 4.6% ( 4.6 % ), 4.0% ( 4.0 % )
Row 5: weighted average expected rate of return on plan assets, 7.4% ( 7.4 % ), 7.7% ( 7.7 % ), 7.7% ( 7.7 % )
Row 6: weighted average expected rate of compensation increase, 3.5% ( 3.5 % ), 3.9% ( 3.9 % ), 3.8% ( 3.8 % )
========================================
----
Additional Information: ['.'] | 147.06667 | APD/2015/page_54.pdf-2 | ['unconditional purchase obligations approximately $ 390 of our long-term unconditional purchase obligations relate to feedstock supply for numerous hyco ( hydrogen , carbon monoxide , and syngas ) facilities .', 'the price of feedstock supply is principally related to the price of natural gas .', 'however , long-term take-or-pay sales contracts to hyco customers are generally matched to the term of the feedstock supply obligations and provide recovery of price increases in the feedstock supply .', 'due to the matching of most long-term feedstock supply obligations to customer sales contracts , we do not believe these purchase obligations would have a material effect on our financial condition or results of operations .', 'refer to note 17 , commitments and contingencies , to the consolidated financial statements for additional information on our unconditional purchase obligations .', 'the unconditional purchase obligations also include other product supply and purchase commitments and electric power and natural gas supply purchase obligations , which are primarily pass-through contracts with our customers .', 'in addition , purchase commitments to spend approximately $ 540 for additional plant and equipment are included in the unconditional purchase obligations in 2016 .', 'we also purchase materials , energy , capital equipment , supplies , and services as part of the ordinary course of business under arrangements that are not unconditional purchase obligations .', 'the majority of such purchases are for raw materials and energy , which are obtained under requirements-type contracts at market prices .', 'obligation for future contribution to an equity affiliate on 19 april 2015 , a joint venture between air products and acwa holding entered into a 20-year oxygen and nitrogen supply agreement to supply saudi aramco 2019s oil refinery and power plant being built in jazan , saudi arabia .', 'air products owns 25% ( 25 % ) of the joint venture and guarantees the repayment of its share of an equity bridge loan .', 'in total , we expect to invest approximately $ 100 in this joint venture .', 'as of 30 september 2015 , we recorded a noncurrent liability of $ 67.5 for our obligation to make future equity contributions based on advances received by the joint venture under the loan .', 'income tax liabilities noncurrent deferred income tax liabilities as of 30 september 2015 were $ 903.3 .', 'tax liabilities related to unrecognized tax benefits as of 30 september 2015 were $ 97.5 .', 'these tax liabilities were excluded from the contractual obligations table , as it is impractical to determine a cash impact by year given that payments will vary according to changes in tax laws , tax rates , and our operating results .', 'in addition , there are uncertainties in timing of the effective settlement of our uncertain tax positions with respective taxing authorities .', 'refer to note 23 , income taxes , to the consolidated financial statements for additional information .', 'pension benefits the company sponsors defined benefit pension plans and defined contribution plans that cover a substantial portion of its worldwide employees .', 'the principal defined benefit pension plans 2014the u.s .', 'salaried pension plan and the u.k .', 'pension plan 2014were closed to new participants in 2005 and were replaced with defined contribution plans .', 'over the long run , the shift to defined contribution plans is expected to reduce volatility of both plan expense and contributions .', 'the fair market value of plan assets for our defined benefit pension plans as of the 30 september 2015 measurement date decreased to $ 3916.4 from $ 4114.6 at the end of fiscal year 2014 .', 'the projected benefit obligation for these plans was $ 4787.8 and $ 4738.6 at the end of the fiscal years 2015 and 2014 , respectively .', 'refer to note 16 , retirement benefits , to the consolidated financial statements for comprehensive and detailed disclosures on our postretirement benefits .', 'pension expense .'] | ['.'] | ========================================
Row 1: , 2015, 2014, 2013
Row 2: pension expense, $ 135.6, $ 135.9, $ 169.7
Row 3: special terminations settlements and curtailments ( included above ), 35.2, 5.8, 19.8
Row 4: weighted average discount rate, 4.0% ( 4.0 % ), 4.6% ( 4.6 % ), 4.0% ( 4.0 % )
Row 5: weighted average expected rate of return on plan assets, 7.4% ( 7.4 % ), 7.7% ( 7.7 % ), 7.7% ( 7.7 % )
Row 6: weighted average expected rate of compensation increase, 3.5% ( 3.5 % ), 3.9% ( 3.9 % ), 3.8% ( 3.8 % )
======================================== | table_average(pension expense, none) | 147.06667 |
what was the profit margin in 2004 | Background: ['operating profit for the segment increased by 15% ( 15 % ) in 2005 compared to 2004 .', 'operating profit increased by $ 80 million at m&fc mainly due to improved performance on fire control and air defense programs .', 'performance on surface systems programs contributed to an increase in operating profit of $ 50 million at ms2 .', 'pt&ts operating profit increased $ 10 million primarily due to improved performance on simulation and training programs .', 'the increase in backlog during 2006 over 2005 resulted primarily from increased orders on certain platform integration programs in pt&ts .', 'space systems space systems 2019 operating results included the following : ( in millions ) 2006 2005 2004 .']
######
Table:
****************************************
Row 1: ( in millions ), 2006, 2005, 2004
Row 2: net sales, $ 7923, $ 6820, $ 6359
Row 3: operating profit, 746, 609, 489
Row 4: backlog at year-end, 18768, 15925, 16112
****************************************
######
Additional Information: ['net sales for space systems increased by 16% ( 16 % ) in 2006 compared to 2005 .', 'during the year , sales growth in satellites and strategic & defensive missile systems ( s&dms ) offset declines in space transportation .', 'the $ 1.1 billion growth in satellites sales was mainly due to higher volume on both government and commercial satellite programs .', 'there were five commercial satellite deliveries in 2006 compared to no deliveries in 2005 .', 'higher volume in both fleet ballistic missile and missile defense programs accounted for the $ 114 million sales increase at s&dms .', 'in space transportation , sales declined $ 102 million primarily due to lower volume in government space transportation activities on the titan and external tank programs .', 'increased sales on the atlas evolved expendable launch vehicle launch capabilities ( elc ) contract partially offset the lower government space transportation sales .', 'net sales for space systems increased by 7% ( 7 % ) in 2005 compared to 2004 .', 'during the year , sales growth in satellites and s&dms offset declines in space transportation .', 'the $ 410 million increase in satellites sales was due to higher volume on government satellite programs that more than offset declines in commercial satellite activities .', 'there were no commercial satellite deliveries in 2005 , compared to four in 2004 .', 'increased sales of $ 235 million in s&dms were attributable to the fleet ballistic missile and missile defense programs .', 'the $ 180 million decrease in space transportation 2019s sales was mainly due to having three atlas launches in 2005 compared to six in 2004 .', 'operating profit for the segment increased 22% ( 22 % ) in 2006 compared to 2005 .', 'operating profit increased in satellites , space transportation and s&dms .', 'the $ 72 million growth in satellites operating profit was primarily driven by the volume and performance on government satellite programs and commercial satellite deliveries .', 'in space transportation , the $ 39 million growth in operating profit was attributable to improved performance on the atlas program resulting from risk reduction activities , including the first quarter definitization of the elc contract .', 'in s&dms , the $ 26 million increase in operating profit was due to higher volume and improved performance on both the fleet ballistic missile and missile defense programs .', 'operating profit for the segment increased 25% ( 25 % ) in 2005 compared to 2004 .', 'operating profit increased in space transportation , s&dms and satellites .', 'in space transportation , the $ 60 million increase in operating profit was primarily attributable to improved performance on the atlas vehicle program .', 'satellites 2019 operating profit increased $ 35 million due to the higher volume and improved performance on government satellite programs , which more than offset the decreased operating profit due to the decline in commercial satellite deliveries .', 'the $ 20 million increase in s&dms was attributable to higher volume on fleet ballistic missile and missile defense programs .', 'in december 2006 , we completed a transaction with boeing to form ula , a joint venture which combines the production , engineering , test and launch operations associated with u.s .', 'government launches of our atlas launch vehicles and boeing 2019s delta launch vehicles ( see related discussion on our 201cspace business 201d under 201cindustry considerations 201d ) .', 'we are accounting for our investment in ula under the equity method of accounting .', 'as a result , our share of the net earnings or losses of ula are included in other income and expenses , and we will no longer recognize sales related to launch vehicle services provided to the u.s .', 'government .', 'in 2006 , we recorded sales to the u.s .', 'government for atlas launch services totaling approximately $ 600 million .', 'we have retained the right to market commercial atlas launch services .', 'we contributed assets to ula , and ula assumed liabilities related to our atlas business in exchange for our 50% ( 50 % ) ownership interest .', 'the net book value of the assets contributed and liabilities assumed was approximately $ 200 million at .'] | 0.0769 | LMT/2006/page_54.pdf-2 | ['operating profit for the segment increased by 15% ( 15 % ) in 2005 compared to 2004 .', 'operating profit increased by $ 80 million at m&fc mainly due to improved performance on fire control and air defense programs .', 'performance on surface systems programs contributed to an increase in operating profit of $ 50 million at ms2 .', 'pt&ts operating profit increased $ 10 million primarily due to improved performance on simulation and training programs .', 'the increase in backlog during 2006 over 2005 resulted primarily from increased orders on certain platform integration programs in pt&ts .', 'space systems space systems 2019 operating results included the following : ( in millions ) 2006 2005 2004 .'] | ['net sales for space systems increased by 16% ( 16 % ) in 2006 compared to 2005 .', 'during the year , sales growth in satellites and strategic & defensive missile systems ( s&dms ) offset declines in space transportation .', 'the $ 1.1 billion growth in satellites sales was mainly due to higher volume on both government and commercial satellite programs .', 'there were five commercial satellite deliveries in 2006 compared to no deliveries in 2005 .', 'higher volume in both fleet ballistic missile and missile defense programs accounted for the $ 114 million sales increase at s&dms .', 'in space transportation , sales declined $ 102 million primarily due to lower volume in government space transportation activities on the titan and external tank programs .', 'increased sales on the atlas evolved expendable launch vehicle launch capabilities ( elc ) contract partially offset the lower government space transportation sales .', 'net sales for space systems increased by 7% ( 7 % ) in 2005 compared to 2004 .', 'during the year , sales growth in satellites and s&dms offset declines in space transportation .', 'the $ 410 million increase in satellites sales was due to higher volume on government satellite programs that more than offset declines in commercial satellite activities .', 'there were no commercial satellite deliveries in 2005 , compared to four in 2004 .', 'increased sales of $ 235 million in s&dms were attributable to the fleet ballistic missile and missile defense programs .', 'the $ 180 million decrease in space transportation 2019s sales was mainly due to having three atlas launches in 2005 compared to six in 2004 .', 'operating profit for the segment increased 22% ( 22 % ) in 2006 compared to 2005 .', 'operating profit increased in satellites , space transportation and s&dms .', 'the $ 72 million growth in satellites operating profit was primarily driven by the volume and performance on government satellite programs and commercial satellite deliveries .', 'in space transportation , the $ 39 million growth in operating profit was attributable to improved performance on the atlas program resulting from risk reduction activities , including the first quarter definitization of the elc contract .', 'in s&dms , the $ 26 million increase in operating profit was due to higher volume and improved performance on both the fleet ballistic missile and missile defense programs .', 'operating profit for the segment increased 25% ( 25 % ) in 2005 compared to 2004 .', 'operating profit increased in space transportation , s&dms and satellites .', 'in space transportation , the $ 60 million increase in operating profit was primarily attributable to improved performance on the atlas vehicle program .', 'satellites 2019 operating profit increased $ 35 million due to the higher volume and improved performance on government satellite programs , which more than offset the decreased operating profit due to the decline in commercial satellite deliveries .', 'the $ 20 million increase in s&dms was attributable to higher volume on fleet ballistic missile and missile defense programs .', 'in december 2006 , we completed a transaction with boeing to form ula , a joint venture which combines the production , engineering , test and launch operations associated with u.s .', 'government launches of our atlas launch vehicles and boeing 2019s delta launch vehicles ( see related discussion on our 201cspace business 201d under 201cindustry considerations 201d ) .', 'we are accounting for our investment in ula under the equity method of accounting .', 'as a result , our share of the net earnings or losses of ula are included in other income and expenses , and we will no longer recognize sales related to launch vehicle services provided to the u.s .', 'government .', 'in 2006 , we recorded sales to the u.s .', 'government for atlas launch services totaling approximately $ 600 million .', 'we have retained the right to market commercial atlas launch services .', 'we contributed assets to ula , and ula assumed liabilities related to our atlas business in exchange for our 50% ( 50 % ) ownership interest .', 'the net book value of the assets contributed and liabilities assumed was approximately $ 200 million at .'] | ****************************************
Row 1: ( in millions ), 2006, 2005, 2004
Row 2: net sales, $ 7923, $ 6820, $ 6359
Row 3: operating profit, 746, 609, 489
Row 4: backlog at year-end, 18768, 15925, 16112
**************************************** | divide(489, 6359) | 0.0769 |
what is the lowest return for the first year of the investment? | Context: ['stock performance graph * $ 100 invested on 11/17/11 in our stock or 10/31/11 in the relevant index , including reinvestment of dividends .', 'fiscal year ending december 31 , 2013 .', '( 1 ) delphi automotive plc ( 2 ) s&p 500 2013 standard & poor 2019s 500 total return index ( 3 ) automotive supplier peer group 2013 russell 3000 auto parts index , including american axle & manufacturing , borgwarner inc. , cooper tire & rubber company , dana holding corp. , delphi automotive plc , dorman products inc. , federal-mogul corp. , ford motor co. , fuel systems solutions inc. , general motors co. , gentex corp. , gentherm inc. , genuine parts co. , johnson controls inc. , lkq corp. , lear corp. , meritor inc. , remy international inc. , standard motor products inc. , stoneridge inc. , superior industries international , trw automotive holdings corp. , tenneco inc. , tesla motors inc. , the goodyear tire & rubber co. , tower international inc. , visteon corp. , and wabco holdings inc .', 'company index november 17 , december 31 , december 31 , december 31 .']
------
Data Table:
========================================
• company index, november 17 2011, december 31 2011, december 31 2012, december 31 2013
• delphi automotive plc ( 1 ), $ 100.00, $ 100.98, $ 179.33, $ 285.81
• s&p 500 ( 2 ), 100.00, 100.80, 116.93, 154.80
• automotive supplier peer group ( 3 ), 100.00, 89.27, 110.41, 166.46
========================================
------
Additional Information: ["dividends on february 26 , 2013 , the board of directors approved the initiation of dividend payments on the company's ordinary shares .", 'the board of directors declared a regular quarterly cash dividend of $ 0.17 per ordinary share that was paid in each quarter of 2013 .', 'in addition , in january 2014 , the board of directors declared a regular quarterly cash dividend of $ 0.25 per ordinary share , payable on february 27 , 2014 to shareholders of record at the close of business on february 18 , 2014 .', 'in october 2011 , the board of managers of delphi automotive llp approved a distribution of approximately $ 95 million , which was paid on december 5 , 2011 , principally in respect of taxes , to members of delphi automotive llp who held membership interests as of the close of business on october 31 , 2011. .'] | 10.41 | APTV/2013/page_48.pdf-3 | ['stock performance graph * $ 100 invested on 11/17/11 in our stock or 10/31/11 in the relevant index , including reinvestment of dividends .', 'fiscal year ending december 31 , 2013 .', '( 1 ) delphi automotive plc ( 2 ) s&p 500 2013 standard & poor 2019s 500 total return index ( 3 ) automotive supplier peer group 2013 russell 3000 auto parts index , including american axle & manufacturing , borgwarner inc. , cooper tire & rubber company , dana holding corp. , delphi automotive plc , dorman products inc. , federal-mogul corp. , ford motor co. , fuel systems solutions inc. , general motors co. , gentex corp. , gentherm inc. , genuine parts co. , johnson controls inc. , lkq corp. , lear corp. , meritor inc. , remy international inc. , standard motor products inc. , stoneridge inc. , superior industries international , trw automotive holdings corp. , tenneco inc. , tesla motors inc. , the goodyear tire & rubber co. , tower international inc. , visteon corp. , and wabco holdings inc .', 'company index november 17 , december 31 , december 31 , december 31 .'] | ["dividends on february 26 , 2013 , the board of directors approved the initiation of dividend payments on the company's ordinary shares .", 'the board of directors declared a regular quarterly cash dividend of $ 0.17 per ordinary share that was paid in each quarter of 2013 .', 'in addition , in january 2014 , the board of directors declared a regular quarterly cash dividend of $ 0.25 per ordinary share , payable on february 27 , 2014 to shareholders of record at the close of business on february 18 , 2014 .', 'in october 2011 , the board of managers of delphi automotive llp approved a distribution of approximately $ 95 million , which was paid on december 5 , 2011 , principally in respect of taxes , to members of delphi automotive llp who held membership interests as of the close of business on october 31 , 2011. .'] | ========================================
• company index, november 17 2011, december 31 2011, december 31 2012, december 31 2013
• delphi automotive plc ( 1 ), $ 100.00, $ 100.98, $ 179.33, $ 285.81
• s&p 500 ( 2 ), 100.00, 100.80, 116.93, 154.80
• automotive supplier peer group ( 3 ), 100.00, 89.27, 110.41, 166.46
======================================== | subtract(110.41, const_100) | 10.41 |
what percent of the hardy acquisition was paid in cash? | Pre-text: ['mondavi produces , markets and sells premium , super-premium and fine california wines under the woodbridge by robert mondavi , robert mondavi private selection and robert mondavi winery brand names .', 'woodbridge and robert mondavi private selection are the leading premium and super-premium wine brands by volume , respectively , in the united states .', 'the acquisition of robert mondavi supports the company 2019s strategy of strengthening the breadth of its portfolio across price segments to capitalize on the overall growth in the pre- mium , super-premium and fine wine categories .', 'the company believes that the acquired robert mondavi brand names have strong brand recognition globally .', 'the vast majority of robert mondavi 2019s sales are generated in the united states .', 'the company intends to leverage the robert mondavi brands in the united states through its selling , marketing and distribution infrastructure .', 'the company also intends to further expand distribution for the robert mondavi brands in europe through its constellation europe infrastructure .', 'the company and robert mondavi have complementary busi- nesses that share a common growth orientation and operating philosophy .', 'the robert mondavi acquisition provides the company with a greater presence in the fine wine sector within the united states and the ability to capitalize on the broader geographic distribution in strategic international markets .', 'the robert mondavi acquisition supports the company 2019s strategy of growth and breadth across categories and geographies , and strengthens its competitive position in its core markets .', 'in par- ticular , the company believes there are growth opportunities for premium , super-premium and fine wines in the united kingdom , united states and other wine markets .', 'total consid- eration paid in cash to the robert mondavi shareholders was $ 1030.7 million .', 'additionally , the company expects to incur direct acquisition costs of $ 11.2 million .', 'the purchase price was financed with borrowings under the company 2019s 2004 credit agreement ( as defined in note 9 ) .', 'in accordance with the pur- chase method of accounting , the acquired net assets are recorded at fair value at the date of acquisition .', 'the purchase price was based primarily on the estimated future operating results of robert mondavi , including the factors described above , as well as an estimated benefit from operating cost synergies .', 'the results of operations of the robert mondavi business are reported in the constellation wines segment and have been included in the consolidated statement of income since the acquisition date .', 'the following table summarizes the estimated fair values of the assets acquired and liabilities assumed in the robert mondavi acquisition at the date of acquisition .', 'the company is in the process of obtaining third-party valuations of certain assets and liabilities , and refining its restructuring plan which is under development and will be finalized during the company 2019s year ending february 28 , 2006 ( see note19 ) .', 'accordingly , the allocation of the purchase price is subject to refinement .', 'estimated fair values at december 22 , 2004 , are as follows : {in thousands} .']
##
Data Table:
****************************************
Row 1: current assets, $ 494788
Row 2: property plant and equipment, 452902
Row 3: other assets, 178823
Row 4: trademarks, 186000
Row 5: goodwill, 590459
Row 6: total assets acquired, 1902972
Row 7: current liabilities, 309051
Row 8: long-term liabilities, 552060
Row 9: total liabilities acquired, 861111
Row 10: net assets acquired, $ 1041861
****************************************
##
Follow-up: ['the trademarks are not subject to amortization .', 'none of the goodwill is expected to be deductible for tax purposes .', 'in connection with the robert mondavi acquisition and robert mondavi 2019s previously disclosed intention to sell certain of its winery properties and related assets , and other vineyard prop- erties , the company has classified certain assets as held for sale as of february 28 , 2005 .', 'the company expects to sell these assets during the year ended february 28 , 2006 , for net pro- ceeds of approximately $ 150 million to $ 175 million .', 'no gain or loss is expected to be recognized upon the sale of these assets .', 'hardy acquisition 2013 on march 27 , 2003 , the company acquired control of brl hardy limited , now known as hardy wine company limited ( 201chardy 201d ) , and on april 9 , 2003 , the company completed its acquisition of all of hardy 2019s outstanding capital stock .', 'as a result of the acquisition of hardy , the company also acquired the remaining 50% ( 50 % ) ownership of pacific wine partners llc ( 201cpwp 201d ) , the joint venture the company established with hardy in july 2001 .', 'the acquisition of hardy along with the remaining interest in pwp is referred to together as the 201chardy acquisition . 201d through this acquisition , the company acquired one of australia 2019s largest wine producers with interests in winer- ies and vineyards in most of australia 2019s major wine regions as well as new zealand and the united states and hardy 2019s market- ing and sales operations in the united kingdom .', 'total consideration paid in cash and class a common stock to the hardy shareholders was $ 1137.4 million .', 'additionally , the company recorded direct acquisition costs of $ 17.2 million .', 'the acquisition date for accounting purposes is march 27 , 2003 .', 'the company has recorded a $ 1.6 million reduction in the purchase price to reflect imputed interest between the accounting acquisition date and the final payment of consider- ation .', 'this charge is included as interest expense in the consolidated statement of income for the year ended february 29 , 2004 .', 'the cash portion of the purchase price paid to the hardy shareholders and optionholders ( $ 1060.2 mil- lion ) was financed with $ 660.2 million of borrowings under the company 2019s then existing credit agreement and $ 400.0 million .'] | 0.37729 | STZ/2005/page_57.pdf-3 | ['mondavi produces , markets and sells premium , super-premium and fine california wines under the woodbridge by robert mondavi , robert mondavi private selection and robert mondavi winery brand names .', 'woodbridge and robert mondavi private selection are the leading premium and super-premium wine brands by volume , respectively , in the united states .', 'the acquisition of robert mondavi supports the company 2019s strategy of strengthening the breadth of its portfolio across price segments to capitalize on the overall growth in the pre- mium , super-premium and fine wine categories .', 'the company believes that the acquired robert mondavi brand names have strong brand recognition globally .', 'the vast majority of robert mondavi 2019s sales are generated in the united states .', 'the company intends to leverage the robert mondavi brands in the united states through its selling , marketing and distribution infrastructure .', 'the company also intends to further expand distribution for the robert mondavi brands in europe through its constellation europe infrastructure .', 'the company and robert mondavi have complementary busi- nesses that share a common growth orientation and operating philosophy .', 'the robert mondavi acquisition provides the company with a greater presence in the fine wine sector within the united states and the ability to capitalize on the broader geographic distribution in strategic international markets .', 'the robert mondavi acquisition supports the company 2019s strategy of growth and breadth across categories and geographies , and strengthens its competitive position in its core markets .', 'in par- ticular , the company believes there are growth opportunities for premium , super-premium and fine wines in the united kingdom , united states and other wine markets .', 'total consid- eration paid in cash to the robert mondavi shareholders was $ 1030.7 million .', 'additionally , the company expects to incur direct acquisition costs of $ 11.2 million .', 'the purchase price was financed with borrowings under the company 2019s 2004 credit agreement ( as defined in note 9 ) .', 'in accordance with the pur- chase method of accounting , the acquired net assets are recorded at fair value at the date of acquisition .', 'the purchase price was based primarily on the estimated future operating results of robert mondavi , including the factors described above , as well as an estimated benefit from operating cost synergies .', 'the results of operations of the robert mondavi business are reported in the constellation wines segment and have been included in the consolidated statement of income since the acquisition date .', 'the following table summarizes the estimated fair values of the assets acquired and liabilities assumed in the robert mondavi acquisition at the date of acquisition .', 'the company is in the process of obtaining third-party valuations of certain assets and liabilities , and refining its restructuring plan which is under development and will be finalized during the company 2019s year ending february 28 , 2006 ( see note19 ) .', 'accordingly , the allocation of the purchase price is subject to refinement .', 'estimated fair values at december 22 , 2004 , are as follows : {in thousands} .'] | ['the trademarks are not subject to amortization .', 'none of the goodwill is expected to be deductible for tax purposes .', 'in connection with the robert mondavi acquisition and robert mondavi 2019s previously disclosed intention to sell certain of its winery properties and related assets , and other vineyard prop- erties , the company has classified certain assets as held for sale as of february 28 , 2005 .', 'the company expects to sell these assets during the year ended february 28 , 2006 , for net pro- ceeds of approximately $ 150 million to $ 175 million .', 'no gain or loss is expected to be recognized upon the sale of these assets .', 'hardy acquisition 2013 on march 27 , 2003 , the company acquired control of brl hardy limited , now known as hardy wine company limited ( 201chardy 201d ) , and on april 9 , 2003 , the company completed its acquisition of all of hardy 2019s outstanding capital stock .', 'as a result of the acquisition of hardy , the company also acquired the remaining 50% ( 50 % ) ownership of pacific wine partners llc ( 201cpwp 201d ) , the joint venture the company established with hardy in july 2001 .', 'the acquisition of hardy along with the remaining interest in pwp is referred to together as the 201chardy acquisition . 201d through this acquisition , the company acquired one of australia 2019s largest wine producers with interests in winer- ies and vineyards in most of australia 2019s major wine regions as well as new zealand and the united states and hardy 2019s market- ing and sales operations in the united kingdom .', 'total consideration paid in cash and class a common stock to the hardy shareholders was $ 1137.4 million .', 'additionally , the company recorded direct acquisition costs of $ 17.2 million .', 'the acquisition date for accounting purposes is march 27 , 2003 .', 'the company has recorded a $ 1.6 million reduction in the purchase price to reflect imputed interest between the accounting acquisition date and the final payment of consider- ation .', 'this charge is included as interest expense in the consolidated statement of income for the year ended february 29 , 2004 .', 'the cash portion of the purchase price paid to the hardy shareholders and optionholders ( $ 1060.2 mil- lion ) was financed with $ 660.2 million of borrowings under the company 2019s then existing credit agreement and $ 400.0 million .'] | ****************************************
Row 1: current assets, $ 494788
Row 2: property plant and equipment, 452902
Row 3: other assets, 178823
Row 4: trademarks, 186000
Row 5: goodwill, 590459
Row 6: total assets acquired, 1902972
Row 7: current liabilities, 309051
Row 8: long-term liabilities, 552060
Row 9: total liabilities acquired, 861111
Row 10: net assets acquired, $ 1041861
**************************************** | divide(400.0, 1060.2) | 0.37729 |
consumer related loans make up how much of the companies total corporate lending exposure? | Pre-text: ['at december 31 , 2013 , the aggregate amount of investment grade funded loans was $ 6.5 billion and the aggregate amount of non-investment grade funded loans was $ 7.9 billion .', 'in connection with these corporate lending activities ( which include corporate funded and unfunded lending commitments ) , the company had hedges ( which include 201csingle name , 201d 201csector 201d and 201cindex 201d hedges ) with a notional amount of $ 9.0 billion related to the total corporate lending exposure of $ 93.0 billion at december 31 , 2013 .', '201cevent-driven 201d loans and lending commitments at december 31 , 2013 .', 'included in the total corporate lending exposure amounts in the table above at december 31 , 2013 were 201cevent- driven 201d exposures of $ 9.5 billion composed of funded loans of $ 2.0 billion and lending commitments of $ 7.5 billion .', 'included in the 201cevent-driven 201d exposure at december 31 , 2013 were $ 7.3 billion of loans and lending commitments to non-investment grade borrowers .', 'the maturity profile of the 201cevent-driven 201d loans and lending commitments at december 31 , 2013 was as follows : 33% ( 33 % ) will mature in less than 1 year , 17% ( 17 % ) will mature within 1 to 3 years , 32% ( 32 % ) will mature within 3 to 5 years and 18% ( 18 % ) will mature in over 5 years .', 'industry exposure 2014corporate lending .', 'the company also monitors its credit exposure to individual industries for credit exposure arising from corporate loans and lending commitments as discussed above .', 'the following table shows the company 2019s credit exposure from its primary corporate loans and lending commitments by industry at december 31 , 2013 : industry corporate lending exposure ( dollars in millions ) .']
##
Data Table:
• industry, corporate lending exposure ( dollars in millions )
• energy, $ 12240
• utilities, 10410
• healthcare, 10095
• consumer discretionary, 9981
• industrials, 9514
• funds exchanges and other financial services ( 1 ), 7190
• consumer staples, 6788
• information technology, 6526
• telecommunications services, 5658
• materials, 4867
• real estate, 4171
• other, 5593
• total, $ 93033
##
Additional Information: ['( 1 ) includes mutual funds , pension funds , private equity and real estate funds , exchanges and clearinghouses and diversified financial services .', 'institutional securities other lending activities .', 'in addition to the primary corporate lending activity described above , the institutional securities business segment engages in other lending activity .', 'these loans primarily include corporate loans purchased in the secondary market , commercial and residential mortgage loans , asset-backed loans and financing extended to institutional clients .', 'at december 31 , 2013 , approximately 99.6% ( 99.6 % ) of institutional securities other lending activities held for investment were current ; less than 0.4% ( 0.4 % ) were on non- accrual status because the loans were past due for a period of 90 days or more or payment of principal or interest was in doubt. .'] | 0.18025 | MS/2013/page_132.pdf-1 | ['at december 31 , 2013 , the aggregate amount of investment grade funded loans was $ 6.5 billion and the aggregate amount of non-investment grade funded loans was $ 7.9 billion .', 'in connection with these corporate lending activities ( which include corporate funded and unfunded lending commitments ) , the company had hedges ( which include 201csingle name , 201d 201csector 201d and 201cindex 201d hedges ) with a notional amount of $ 9.0 billion related to the total corporate lending exposure of $ 93.0 billion at december 31 , 2013 .', '201cevent-driven 201d loans and lending commitments at december 31 , 2013 .', 'included in the total corporate lending exposure amounts in the table above at december 31 , 2013 were 201cevent- driven 201d exposures of $ 9.5 billion composed of funded loans of $ 2.0 billion and lending commitments of $ 7.5 billion .', 'included in the 201cevent-driven 201d exposure at december 31 , 2013 were $ 7.3 billion of loans and lending commitments to non-investment grade borrowers .', 'the maturity profile of the 201cevent-driven 201d loans and lending commitments at december 31 , 2013 was as follows : 33% ( 33 % ) will mature in less than 1 year , 17% ( 17 % ) will mature within 1 to 3 years , 32% ( 32 % ) will mature within 3 to 5 years and 18% ( 18 % ) will mature in over 5 years .', 'industry exposure 2014corporate lending .', 'the company also monitors its credit exposure to individual industries for credit exposure arising from corporate loans and lending commitments as discussed above .', 'the following table shows the company 2019s credit exposure from its primary corporate loans and lending commitments by industry at december 31 , 2013 : industry corporate lending exposure ( dollars in millions ) .'] | ['( 1 ) includes mutual funds , pension funds , private equity and real estate funds , exchanges and clearinghouses and diversified financial services .', 'institutional securities other lending activities .', 'in addition to the primary corporate lending activity described above , the institutional securities business segment engages in other lending activity .', 'these loans primarily include corporate loans purchased in the secondary market , commercial and residential mortgage loans , asset-backed loans and financing extended to institutional clients .', 'at december 31 , 2013 , approximately 99.6% ( 99.6 % ) of institutional securities other lending activities held for investment were current ; less than 0.4% ( 0.4 % ) were on non- accrual status because the loans were past due for a period of 90 days or more or payment of principal or interest was in doubt. .'] | • industry, corporate lending exposure ( dollars in millions )
• energy, $ 12240
• utilities, 10410
• healthcare, 10095
• consumer discretionary, 9981
• industrials, 9514
• funds exchanges and other financial services ( 1 ), 7190
• consumer staples, 6788
• information technology, 6526
• telecommunications services, 5658
• materials, 4867
• real estate, 4171
• other, 5593
• total, $ 93033 | add(9981, 6788), divide(#0, 93033) | 0.18025 |
in 2004 what was the amount of the total gains on sales of the joint venture and the land | Context: ['management 2019s discussion and analysis of financial condition and results of operations maturity at an effective rate of 6.33% ( 6.33 % ) .', 'in december we issued $ 250 million of unsecured floating rate debt at 26 basis points over libor .', 'the debt matures in two years , but is callable at our option after six months .', '25cf in august , we paid off $ 15 million of a $ 40 million secured floating rate term loan .', 'we also assumed $ 29.9 million of secured debt in conjunction with a property acquisition in atlanta .', '25cf the average balance and average borrowing rate of our $ 500 million revolving credit facility were slightly higher in 2004 than in 2003 .', 'at the end of 2004 we were not utilizing our credit facility .', 'depreciation and amortization expense depreciation and amortization expense increased from $ 188.0 million in 2003 to $ 224.6 million in 2004 as a result of increased capital spending associated with increased leasing , the additional basis resulting from acquisitions , development activity and the application of sfas 141 as described below .', 'the points below highlight the significant increase in depreciation and amortization .', '25cf depreciation expense on tenant improvements increased by $ 14.1 million .', '25cf depreciation expense on buildings increased by $ 6.0 million .', '25cf lease commission amortization increased by $ 2.2 million .', 'the amortization expense associated with acquired lease intangible assets increased by approximately $ 10.0 million .', 'the acquisitions were accounted for in accordance with sfas 141 which requires the allocation of a portion of a property 2019s purchase price to intangible assets for leases acquired and in-place at the closing date of the acquisition .', 'these intangible assets are amortized over the remaining life of the leases ( generally 3-5 years ) as compared to the building basis portion of the acquisition , which is depreciated over 40 years .', 'service operations service operations primarily consist of our merchant building sales and the leasing , management , construction and development services for joint venture properties and properties owned by third parties .', 'these operations are heavily influenced by the current state of the economy as leasing and management fees are dependent upon occupancy while construction and development services rely on businesses expanding operations .', 'service operations earnings increased from $ 21.8 million in 2003 to $ 24.4 million in 2004 .', 'the increase reflects higher construction volumes partially offset by increased staffing costs for our new national development and construction group and construction jobs in certain markets .', 'other factors impacting service operations are discussed below .', '25cf we experienced a 1.6% ( 1.6 % ) decrease in our overall gross profit margin percentage in our general contractor business in 2004 as compared to 2003 , due to continued competitive pricing pressure in many of our markets .', 'we expect margins to increase in 2005 as economic conditions improve .', 'however , despite this decrease , we were able to increase our net general contractor revenues from $ 26.8 million in 2003 to $ 27.6 million in 2004 because of an increase in volume .', 'this volume increase was attributable to continued low financing costs available to businesses , thereby making it more attractive for them to own instead of lease facilities .', 'we have a substantial backlog of $ 183.2 million for third party construction as of december 31 , 2004 , that will carry into 2005 .', '25cf our merchant building development and sales program , whereby a building is developed by us and then sold , is a significant component of construction and development income .', 'during 2004 , we generated after tax gains of $ 16.5 million from the sale of six properties compared to $ 9.6 million from the sale of four properties in 2003 .', 'profit margins on these types of building sales fluctuate by sale depending on the type of property being sold , the strength of the underlying tenant and nature of the sale , such as a pre-contracted purchase price for a primary tenant versus a sale on the open market .', 'general and administrative expense general and administrative expense increased from $ 22.1 million in 2003 to $ 26.4 million in 2004 .', 'the increase was a result of increased staffing and employee compensation costs to support development of our national development and construction group .', 'we also experienced an increase in marketing to support certain new projects .', 'other income and expenses earnings from sales of land and ownership interests in unconsolidated companies , net of impairment adjustments , is comprised of the following amounts in 2004 and 2003 ( in thousands ) : .']
########
Data Table:
Row 1: , 2004, 2003
Row 2: gain on sale of joint venture interests, $ 83, $ 8617
Row 3: gain on land sales, 10543, 7695
Row 4: impairment adjustment, -424 ( 424 ), -560 ( 560 )
Row 5: total, $ 10202, $ 15752
########
Post-table: ['in the first quarter of 2003 , we sold our 50% ( 50 % ) interest in a joint venture that owned and operated depreciable investment property .', 'the joint venture developed and operated real estate assets ; thus , the gain was not included in operating income. .'] | 127.0241 | DRE/2004/page_26.pdf-2 | ['management 2019s discussion and analysis of financial condition and results of operations maturity at an effective rate of 6.33% ( 6.33 % ) .', 'in december we issued $ 250 million of unsecured floating rate debt at 26 basis points over libor .', 'the debt matures in two years , but is callable at our option after six months .', '25cf in august , we paid off $ 15 million of a $ 40 million secured floating rate term loan .', 'we also assumed $ 29.9 million of secured debt in conjunction with a property acquisition in atlanta .', '25cf the average balance and average borrowing rate of our $ 500 million revolving credit facility were slightly higher in 2004 than in 2003 .', 'at the end of 2004 we were not utilizing our credit facility .', 'depreciation and amortization expense depreciation and amortization expense increased from $ 188.0 million in 2003 to $ 224.6 million in 2004 as a result of increased capital spending associated with increased leasing , the additional basis resulting from acquisitions , development activity and the application of sfas 141 as described below .', 'the points below highlight the significant increase in depreciation and amortization .', '25cf depreciation expense on tenant improvements increased by $ 14.1 million .', '25cf depreciation expense on buildings increased by $ 6.0 million .', '25cf lease commission amortization increased by $ 2.2 million .', 'the amortization expense associated with acquired lease intangible assets increased by approximately $ 10.0 million .', 'the acquisitions were accounted for in accordance with sfas 141 which requires the allocation of a portion of a property 2019s purchase price to intangible assets for leases acquired and in-place at the closing date of the acquisition .', 'these intangible assets are amortized over the remaining life of the leases ( generally 3-5 years ) as compared to the building basis portion of the acquisition , which is depreciated over 40 years .', 'service operations service operations primarily consist of our merchant building sales and the leasing , management , construction and development services for joint venture properties and properties owned by third parties .', 'these operations are heavily influenced by the current state of the economy as leasing and management fees are dependent upon occupancy while construction and development services rely on businesses expanding operations .', 'service operations earnings increased from $ 21.8 million in 2003 to $ 24.4 million in 2004 .', 'the increase reflects higher construction volumes partially offset by increased staffing costs for our new national development and construction group and construction jobs in certain markets .', 'other factors impacting service operations are discussed below .', '25cf we experienced a 1.6% ( 1.6 % ) decrease in our overall gross profit margin percentage in our general contractor business in 2004 as compared to 2003 , due to continued competitive pricing pressure in many of our markets .', 'we expect margins to increase in 2005 as economic conditions improve .', 'however , despite this decrease , we were able to increase our net general contractor revenues from $ 26.8 million in 2003 to $ 27.6 million in 2004 because of an increase in volume .', 'this volume increase was attributable to continued low financing costs available to businesses , thereby making it more attractive for them to own instead of lease facilities .', 'we have a substantial backlog of $ 183.2 million for third party construction as of december 31 , 2004 , that will carry into 2005 .', '25cf our merchant building development and sales program , whereby a building is developed by us and then sold , is a significant component of construction and development income .', 'during 2004 , we generated after tax gains of $ 16.5 million from the sale of six properties compared to $ 9.6 million from the sale of four properties in 2003 .', 'profit margins on these types of building sales fluctuate by sale depending on the type of property being sold , the strength of the underlying tenant and nature of the sale , such as a pre-contracted purchase price for a primary tenant versus a sale on the open market .', 'general and administrative expense general and administrative expense increased from $ 22.1 million in 2003 to $ 26.4 million in 2004 .', 'the increase was a result of increased staffing and employee compensation costs to support development of our national development and construction group .', 'we also experienced an increase in marketing to support certain new projects .', 'other income and expenses earnings from sales of land and ownership interests in unconsolidated companies , net of impairment adjustments , is comprised of the following amounts in 2004 and 2003 ( in thousands ) : .'] | ['in the first quarter of 2003 , we sold our 50% ( 50 % ) interest in a joint venture that owned and operated depreciable investment property .', 'the joint venture developed and operated real estate assets ; thus , the gain was not included in operating income. .'] | Row 1: , 2004, 2003
Row 2: gain on sale of joint venture interests, $ 83, $ 8617
Row 3: gain on land sales, 10543, 7695
Row 4: impairment adjustment, -424 ( 424 ), -560 ( 560 )
Row 5: total, $ 10202, $ 15752 | divide(10543, 83) | 127.0241 |
what was the growth , in a percentage , of the consolidated net sales from 2005 to 2007? | Context: ['unit shipments increased 49% ( 49 % ) to 217.4 million units in 2006 , compared to 146.0 million units in 2005 .', 'the overall increase was driven by increased unit shipments of products for gsm , cdma and 3g technologies , partially offset by decreased unit shipments of products for iden technology .', 'for the full year 2006 , unit shipments by the segment increased in all regions .', 'due to the segment 2019s increase in unit shipments outpacing overall growth in the worldwide handset market , which grew approximately 20% ( 20 % ) in 2006 , the segment believes that it expanded its global handset market share to an estimated 22% ( 22 % ) for the full year 2006 .', 'in 2006 , asp decreased approximately 11% ( 11 % ) compared to 2005 .', 'the overall decrease in asp was driven primarily by changes in the geographic and product-tier mix of sales .', 'by comparison , asp decreased approximately 10% ( 10 % ) in 2005 and increased approximately 15% ( 15 % ) in 2004 .', 'asp is impacted by numerous factors , including product mix , market conditions and competitive product offerings , and asp trends often vary over time .', 'in 2006 , the largest of the segment 2019s end customers ( including sales through distributors ) were china mobile , verizon , sprint nextel , cingular , and t-mobile .', 'these five largest customers accounted for approximately 39% ( 39 % ) of the segment 2019s net sales in 2006 .', 'besides selling directly to carriers and operators , the segment also sold products through a variety of third-party distributors and retailers , which accounted for approximately 38% ( 38 % ) of the segment 2019s net sales .', 'the largest of these distributors was brightstar corporation .', 'although the u.s .', 'market continued to be the segment 2019s largest individual market , many of our customers , and more than 65% ( 65 % ) of the segment 2019s 2006 net sales , were outside the u.s .', 'the largest of these international markets were china , brazil , the united kingdom and mexico .', 'home and networks mobility segment the home and networks mobility segment designs , manufactures , sells , installs and services : ( i ) digital video , internet protocol ( 201cip 201d ) video and broadcast network interactive set-tops ( 201cdigital entertainment devices 201d ) , end-to- end video delivery solutions , broadband access infrastructure systems , and associated data and voice customer premise equipment ( 201cbroadband gateways 201d ) to cable television and telecom service providers ( collectively , referred to as the 201chome business 201d ) , and ( ii ) wireless access systems ( 201cwireless networks 201d ) , including cellular infrastructure systems and wireless broadband systems , to wireless service providers .', 'in 2007 , the segment 2019s net sales represented 27% ( 27 % ) of the company 2019s consolidated net sales , compared to 21% ( 21 % ) in 2006 and 26% ( 26 % ) in 2005 .', '( dollars in millions ) 2007 2006 2005 2007 20142006 2006 20142005 years ended december 31 percent change .']
Data Table:
========================================
• ( dollars in millions ), years ended december 31 2007, years ended december 31 2006, years ended december 31 2005, years ended december 31 2007 20142006, 2006 20142005
• segment net sales, $ 10014, $ 9164, $ 9037, 9% ( 9 % ), 1% ( 1 % )
• operating earnings, 709, 787, 1232, ( 10 ) % ( % ), ( 36 ) % ( % )
========================================
Post-table: ['segment results 20142007 compared to 2006 in 2007 , the segment 2019s net sales increased 9% ( 9 % ) to $ 10.0 billion , compared to $ 9.2 billion in 2006 .', 'the 9% ( 9 % ) increase in net sales reflects a 27% ( 27 % ) increase in net sales in the home business , partially offset by a 1% ( 1 % ) decrease in net sales of wireless networks .', 'net sales of digital entertainment devices increased approximately 43% ( 43 % ) , reflecting increased demand for digital set-tops , including hd/dvr set-tops and ip set-tops , partially offset by a decline in asp due to a product mix shift towards all-digital set-tops .', 'unit shipments of digital entertainment devices increased 51% ( 51 % ) to 15.2 million units .', 'net sales of broadband gateways increased approximately 6% ( 6 % ) , primarily due to higher net sales of data modems , driven by net sales from the netopia business acquired in february 2007 .', 'net sales of wireless networks decreased 1% ( 1 % ) , primarily driven by lower net sales of iden and cdma infrastructure equipment , partially offset by higher net sales of gsm infrastructure equipment , despite competitive pricing pressure .', 'on a geographic basis , the 9% ( 9 % ) increase in net sales reflects higher net sales in all geographic regions .', 'the increase in net sales in north america was driven primarily by higher sales of digital entertainment devices , partially offset by lower net sales of iden and cdma infrastructure equipment .', 'the increase in net sales in asia was primarily due to higher net sales of gsm infrastructure equipment , partially offset by lower net sales of cdma infrastructure equipment .', 'the increase in net sales in emea was , primarily due to higher net sales of gsm infrastructure equipment , partially offset by lower demand for iden and cdma infrastructure equipment .', 'net sales in north america continue to comprise a significant portion of the segment 2019s business , accounting for 52% ( 52 % ) of the segment 2019s total net sales in 2007 , compared to 56% ( 56 % ) of the segment 2019s total net sales in 2006 .', '60 management 2019s discussion and analysis of financial condition and results of operations .'] | 0.15073 | MSI/2007/page_68.pdf-1 | ['unit shipments increased 49% ( 49 % ) to 217.4 million units in 2006 , compared to 146.0 million units in 2005 .', 'the overall increase was driven by increased unit shipments of products for gsm , cdma and 3g technologies , partially offset by decreased unit shipments of products for iden technology .', 'for the full year 2006 , unit shipments by the segment increased in all regions .', 'due to the segment 2019s increase in unit shipments outpacing overall growth in the worldwide handset market , which grew approximately 20% ( 20 % ) in 2006 , the segment believes that it expanded its global handset market share to an estimated 22% ( 22 % ) for the full year 2006 .', 'in 2006 , asp decreased approximately 11% ( 11 % ) compared to 2005 .', 'the overall decrease in asp was driven primarily by changes in the geographic and product-tier mix of sales .', 'by comparison , asp decreased approximately 10% ( 10 % ) in 2005 and increased approximately 15% ( 15 % ) in 2004 .', 'asp is impacted by numerous factors , including product mix , market conditions and competitive product offerings , and asp trends often vary over time .', 'in 2006 , the largest of the segment 2019s end customers ( including sales through distributors ) were china mobile , verizon , sprint nextel , cingular , and t-mobile .', 'these five largest customers accounted for approximately 39% ( 39 % ) of the segment 2019s net sales in 2006 .', 'besides selling directly to carriers and operators , the segment also sold products through a variety of third-party distributors and retailers , which accounted for approximately 38% ( 38 % ) of the segment 2019s net sales .', 'the largest of these distributors was brightstar corporation .', 'although the u.s .', 'market continued to be the segment 2019s largest individual market , many of our customers , and more than 65% ( 65 % ) of the segment 2019s 2006 net sales , were outside the u.s .', 'the largest of these international markets were china , brazil , the united kingdom and mexico .', 'home and networks mobility segment the home and networks mobility segment designs , manufactures , sells , installs and services : ( i ) digital video , internet protocol ( 201cip 201d ) video and broadcast network interactive set-tops ( 201cdigital entertainment devices 201d ) , end-to- end video delivery solutions , broadband access infrastructure systems , and associated data and voice customer premise equipment ( 201cbroadband gateways 201d ) to cable television and telecom service providers ( collectively , referred to as the 201chome business 201d ) , and ( ii ) wireless access systems ( 201cwireless networks 201d ) , including cellular infrastructure systems and wireless broadband systems , to wireless service providers .', 'in 2007 , the segment 2019s net sales represented 27% ( 27 % ) of the company 2019s consolidated net sales , compared to 21% ( 21 % ) in 2006 and 26% ( 26 % ) in 2005 .', '( dollars in millions ) 2007 2006 2005 2007 20142006 2006 20142005 years ended december 31 percent change .'] | ['segment results 20142007 compared to 2006 in 2007 , the segment 2019s net sales increased 9% ( 9 % ) to $ 10.0 billion , compared to $ 9.2 billion in 2006 .', 'the 9% ( 9 % ) increase in net sales reflects a 27% ( 27 % ) increase in net sales in the home business , partially offset by a 1% ( 1 % ) decrease in net sales of wireless networks .', 'net sales of digital entertainment devices increased approximately 43% ( 43 % ) , reflecting increased demand for digital set-tops , including hd/dvr set-tops and ip set-tops , partially offset by a decline in asp due to a product mix shift towards all-digital set-tops .', 'unit shipments of digital entertainment devices increased 51% ( 51 % ) to 15.2 million units .', 'net sales of broadband gateways increased approximately 6% ( 6 % ) , primarily due to higher net sales of data modems , driven by net sales from the netopia business acquired in february 2007 .', 'net sales of wireless networks decreased 1% ( 1 % ) , primarily driven by lower net sales of iden and cdma infrastructure equipment , partially offset by higher net sales of gsm infrastructure equipment , despite competitive pricing pressure .', 'on a geographic basis , the 9% ( 9 % ) increase in net sales reflects higher net sales in all geographic regions .', 'the increase in net sales in north america was driven primarily by higher sales of digital entertainment devices , partially offset by lower net sales of iden and cdma infrastructure equipment .', 'the increase in net sales in asia was primarily due to higher net sales of gsm infrastructure equipment , partially offset by lower net sales of cdma infrastructure equipment .', 'the increase in net sales in emea was , primarily due to higher net sales of gsm infrastructure equipment , partially offset by lower demand for iden and cdma infrastructure equipment .', 'net sales in north america continue to comprise a significant portion of the segment 2019s business , accounting for 52% ( 52 % ) of the segment 2019s total net sales in 2007 , compared to 56% ( 56 % ) of the segment 2019s total net sales in 2006 .', '60 management 2019s discussion and analysis of financial condition and results of operations .'] | ========================================
• ( dollars in millions ), years ended december 31 2007, years ended december 31 2006, years ended december 31 2005, years ended december 31 2007 20142006, 2006 20142005
• segment net sales, $ 10014, $ 9164, $ 9037, 9% ( 9 % ), 1% ( 1 % )
• operating earnings, 709, 787, 1232, ( 10 ) % ( % ), ( 36 ) % ( % )
======================================== | multiply(10014, 27%), multiply(9037, 26%), subtract(#0, #1), divide(#2, #1) | 0.15073 |
how much percent did the investor make on applied materials from the first 5 years compared to the 2016 to 2017 time period ? ( not including compound interest ) | Background: ['performance graph the performance graph below shows the five-year cumulative total stockholder return on applied common stock during the period from october 28 , 2012 through october 29 , 2017 .', '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 28 , 2012 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 10/28/12 in stock or 10/31/12 in index , including reinvestment of dividends .', 'indexes calculated on month-end basis .', 'copyright a9 2017 standard & poor 2019s , a division of s&p global .', 'all rights reserved. .']
Table:
----------------------------------------
| 10/28/2012 | 10/27/2013 | 10/26/2014 | 10/25/2015 | 10/30/2016 | 10/29/2017
applied materials | 100.00 | 171.03 | 207.01 | 165.34 | 293.64 | 586.91
s&p 500 index | 100.00 | 127.18 | 149.14 | 156.89 | 163.97 | 202.72
rdg semiconductor composite index | 100.00 | 131.94 | 167.25 | 160.80 | 193.36 | 288.96
----------------------------------------
Additional Information: ['dividends during each of fiscal 2017 , 2016 and 2015 , applied 2019s board of directors declared four quarterly cash dividends in the amount of $ 0.10 per share .', '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 .', '10/28/12 10/27/13 10/26/14 10/25/15 10/30/16 10/29/17 applied materials , inc .', 's&p 500 rdg semiconductor composite .'] | 192.64126 | AMAT/2017/page_33.pdf-3 | ['performance graph the performance graph below shows the five-year cumulative total stockholder return on applied common stock during the period from october 28 , 2012 through october 29 , 2017 .', '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 28 , 2012 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 10/28/12 in stock or 10/31/12 in index , including reinvestment of dividends .', 'indexes calculated on month-end basis .', 'copyright a9 2017 standard & poor 2019s , a division of s&p global .', 'all rights reserved. .'] | ['dividends during each of fiscal 2017 , 2016 and 2015 , applied 2019s board of directors declared four quarterly cash dividends in the amount of $ 0.10 per share .', '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 .', '10/28/12 10/27/13 10/26/14 10/25/15 10/30/16 10/29/17 applied materials , inc .', 's&p 500 rdg semiconductor composite .'] | ----------------------------------------
| 10/28/2012 | 10/27/2013 | 10/26/2014 | 10/25/2015 | 10/30/2016 | 10/29/2017
applied materials | 100.00 | 171.03 | 207.01 | 165.34 | 293.64 | 586.91
s&p 500 index | 100.00 | 127.18 | 149.14 | 156.89 | 163.97 | 202.72
rdg semiconductor composite index | 100.00 | 131.94 | 167.25 | 160.80 | 193.36 | 288.96
---------------------------------------- | subtract(293.64, const_100), subtract(586.91, 293.64), divide(#1, 293.64), subtract(#0, #2) | 192.64126 |
Subsets and Splits
No community queries yet
The top public SQL queries from the community will appear here once available.