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in 2006 , what was the increase in capacity of our garyville refinery by mbpd ? | Context: ['our refineries processed 944 mbpd of crude oil and 207 mbpd of other charge and blend stocks .', 'the table below sets forth the location and daily crude oil refining capacity of each of our refineries as of december 31 , 2008 .', 'crude oil refining capacity ( thousands of barrels per day ) 2008 .']
------
Table:
****************************************
( thousands of barrels per day ) | 2008
----------|----------
garyville louisiana | 256
catlettsburg kentucky | 226
robinson illinois | 204
detroit michigan | 102
canton ohio | 78
texas city texas | 76
st . paul park minnesota | 74
total | 1016
****************************************
------
Additional Information: ['our refineries include crude oil atmospheric and vacuum distillation , fluid catalytic cracking , catalytic reforming , desulfurization and sulfur recovery units .', 'the refineries process a wide variety of crude oils and produce numerous refined products , ranging from transportation fuels , such as reformulated gasolines , blend- grade gasolines intended for blending with fuel ethanol and ultra-low sulfur diesel fuel , to heavy fuel oil and asphalt .', 'additionally , we manufacture aromatics , cumene , propane , propylene , sulfur and maleic anhydride .', 'our refineries are integrated with each other via pipelines , terminals and barges to maximize operating efficiency .', 'the transportation links that connect our refineries allow the movement of intermediate products between refineries to optimize operations , produce higher margin products and utilize our processing capacity efficiently .', 'our garyville , louisiana , refinery is located along the mississippi river in southeastern louisiana .', 'the garyville refinery processes heavy sour crude oil into products such as gasoline , distillates , sulfur , asphalt , propane , polymer grade propylene , isobutane and coke .', 'in 2006 , we approved an expansion of our garyville refinery by 180 mbpd to 436 mbpd , with a currently projected cost of $ 3.35 billion ( excluding capitalized interest ) .', 'construction commenced in early 2007 and is continuing on schedule .', 'we estimate that , as of december 31 , 2008 , this project is approximately 75 percent complete .', 'we expect to complete the expansion in late 2009 .', 'our catlettsburg , kentucky , refinery is located in northeastern kentucky on the western bank of the big sandy river , near the confluence with the ohio river .', 'the catlettsburg refinery processes sweet and sour crude oils into products such as gasoline , asphalt , diesel , jet fuel , petrochemicals , propane , propylene and sulfur .', 'our robinson , illinois , refinery is located in the southeastern illinois town of robinson .', 'the robinson refinery processes sweet and sour crude oils into products such as multiple grades of gasoline , jet fuel , kerosene , diesel fuel , propane , propylene , sulfur and anode-grade coke .', 'our detroit , michigan , refinery is located near interstate 75 in southwest detroit .', 'the detroit refinery processes light sweet and heavy sour crude oils , including canadian crude oils , into products such as gasoline , diesel , asphalt , slurry , propane , chemical grade propylene and sulfur .', 'in 2007 , we approved a heavy oil upgrading and expansion project at our detroit , michigan , refinery , with a current projected cost of $ 2.2 billion ( excluding capitalized interest ) .', 'this project will enable the refinery to process additional heavy sour crude oils , including canadian bitumen blends , and will increase its crude oil refining capacity by about 15 percent .', 'construction began in the first half of 2008 and is presently expected to be complete in mid-2012 .', 'our canton , ohio , refinery is located approximately 60 miles southeast of cleveland , ohio .', 'the canton refinery processes sweet and sour crude oils into products such as gasoline , diesel fuels , kerosene , propane , sulfur , asphalt , roofing flux , home heating oil and no .', '6 industrial fuel oil .', 'our texas city , texas , refinery is located on the texas gulf coast approximately 30 miles south of houston , texas .', 'the refinery processes sweet crude oil into products such as gasoline , propane , chemical grade propylene , slurry , sulfur and aromatics .', 'our st .', 'paul park , minnesota , refinery is located in st .', 'paul park , a suburb of minneapolis-st .', 'paul .', 'the st .', 'paul park refinery processes predominantly canadian crude oils into products such as gasoline , diesel , jet fuel , kerosene , asphalt , propane , propylene and sulfur. .'] | 256.0 | MRO/2008/page_42.pdf-2 | ['our refineries processed 944 mbpd of crude oil and 207 mbpd of other charge and blend stocks .', 'the table below sets forth the location and daily crude oil refining capacity of each of our refineries as of december 31 , 2008 .', 'crude oil refining capacity ( thousands of barrels per day ) 2008 .'] | ['our refineries include crude oil atmospheric and vacuum distillation , fluid catalytic cracking , catalytic reforming , desulfurization and sulfur recovery units .', 'the refineries process a wide variety of crude oils and produce numerous refined products , ranging from transportation fuels , such as reformulated gasolines , blend- grade gasolines intended for blending with fuel ethanol and ultra-low sulfur diesel fuel , to heavy fuel oil and asphalt .', 'additionally , we manufacture aromatics , cumene , propane , propylene , sulfur and maleic anhydride .', 'our refineries are integrated with each other via pipelines , terminals and barges to maximize operating efficiency .', 'the transportation links that connect our refineries allow the movement of intermediate products between refineries to optimize operations , produce higher margin products and utilize our processing capacity efficiently .', 'our garyville , louisiana , refinery is located along the mississippi river in southeastern louisiana .', 'the garyville refinery processes heavy sour crude oil into products such as gasoline , distillates , sulfur , asphalt , propane , polymer grade propylene , isobutane and coke .', 'in 2006 , we approved an expansion of our garyville refinery by 180 mbpd to 436 mbpd , with a currently projected cost of $ 3.35 billion ( excluding capitalized interest ) .', 'construction commenced in early 2007 and is continuing on schedule .', 'we estimate that , as of december 31 , 2008 , this project is approximately 75 percent complete .', 'we expect to complete the expansion in late 2009 .', 'our catlettsburg , kentucky , refinery is located in northeastern kentucky on the western bank of the big sandy river , near the confluence with the ohio river .', 'the catlettsburg refinery processes sweet and sour crude oils into products such as gasoline , asphalt , diesel , jet fuel , petrochemicals , propane , propylene and sulfur .', 'our robinson , illinois , refinery is located in the southeastern illinois town of robinson .', 'the robinson refinery processes sweet and sour crude oils into products such as multiple grades of gasoline , jet fuel , kerosene , diesel fuel , propane , propylene , sulfur and anode-grade coke .', 'our detroit , michigan , refinery is located near interstate 75 in southwest detroit .', 'the detroit refinery processes light sweet and heavy sour crude oils , including canadian crude oils , into products such as gasoline , diesel , asphalt , slurry , propane , chemical grade propylene and sulfur .', 'in 2007 , we approved a heavy oil upgrading and expansion project at our detroit , michigan , refinery , with a current projected cost of $ 2.2 billion ( excluding capitalized interest ) .', 'this project will enable the refinery to process additional heavy sour crude oils , including canadian bitumen blends , and will increase its crude oil refining capacity by about 15 percent .', 'construction began in the first half of 2008 and is presently expected to be complete in mid-2012 .', 'our canton , ohio , refinery is located approximately 60 miles southeast of cleveland , ohio .', 'the canton refinery processes sweet and sour crude oils into products such as gasoline , diesel fuels , kerosene , propane , sulfur , asphalt , roofing flux , home heating oil and no .', '6 industrial fuel oil .', 'our texas city , texas , refinery is located on the texas gulf coast approximately 30 miles south of houston , texas .', 'the refinery processes sweet crude oil into products such as gasoline , propane , chemical grade propylene , slurry , sulfur and aromatics .', 'our st .', 'paul park , minnesota , refinery is located in st .', 'paul park , a suburb of minneapolis-st .', 'paul .', 'the st .', 'paul park refinery processes predominantly canadian crude oils into products such as gasoline , diesel , jet fuel , kerosene , asphalt , propane , propylene and sulfur. .'] | ****************************************
( thousands of barrels per day ) | 2008
----------|----------
garyville louisiana | 256
catlettsburg kentucky | 226
robinson illinois | 204
detroit michigan | 102
canton ohio | 78
texas city texas | 76
st . paul park minnesota | 74
total | 1016
**************************************** | subtract(436, 180) | 256.0 |
what was the difference in the cumulative total return for a o smith corp and the s&p small cap 600 index for the five year period ended 12/31/10? | Context: ["the graph below shows a five-year comparison of the cumulative shareholder return on the company's common stock with the cumulative total return of the s&p small cap 600 index and the russell 1000 index , both of which are published indices .", 'comparison of five-year cumulative total return from december 31 , 2005 to december 31 , 2010 assumes $ 100 invested with reinvestment of dividends period indexed returns .']
----------
Table:
Row 1: company/index, baseperiod 12/31/05, baseperiod 12/31/06, baseperiod 12/31/07, baseperiod 12/31/08, baseperiod 12/31/09, 12/31/10
Row 2: a o smith corp, 100.0, 108.7, 103.3, 88.8, 133.6, 178.8
Row 3: s&p small cap 600 index, 100.0, 115.1, 114.8, 78.1, 98.0, 123.8
Row 4: russell 1000 index, 100.0, 115.5, 122.1, 76.2, 97.9, 113.6
----------
Follow-up: ['2005 2006 2007 2008 2009 2010 smith ( a o ) corp s&p smallcap 600 index russell 1000 index .'] | 0.55 | AOS/2010/page_18.pdf-1 | ["the graph below shows a five-year comparison of the cumulative shareholder return on the company's common stock with the cumulative total return of the s&p small cap 600 index and the russell 1000 index , both of which are published indices .", 'comparison of five-year cumulative total return from december 31 , 2005 to december 31 , 2010 assumes $ 100 invested with reinvestment of dividends period indexed returns .'] | ['2005 2006 2007 2008 2009 2010 smith ( a o ) corp s&p smallcap 600 index russell 1000 index .'] | Row 1: company/index, baseperiod 12/31/05, baseperiod 12/31/06, baseperiod 12/31/07, baseperiod 12/31/08, baseperiod 12/31/09, 12/31/10
Row 2: a o smith corp, 100.0, 108.7, 103.3, 88.8, 133.6, 178.8
Row 3: s&p small cap 600 index, 100.0, 115.1, 114.8, 78.1, 98.0, 123.8
Row 4: russell 1000 index, 100.0, 115.5, 122.1, 76.2, 97.9, 113.6 | subtract(178.8, const_100), divide(#0, const_100), subtract(123.8, const_100), divide(#2, const_100), subtract(#1, #3) | 0.55 |
in 2010 what was the percent of the global cruise guests on the european cruise | Pre-text: ['part i the following table details the growth in global weighted average berths and the global , north american and european cruise guests over the past five years : weighted-average supply of berths marketed globally ( 1 ) royal caribbean cruises ltd .', 'total berths global cruise guests ( 1 ) north american cruise guests ( 2 ) european cruise guests ( 3 ) .']
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Table:
Row 1: year, weighted-averagesupply ofberthsmarketedglobally ( 1 ), royal caribbean cruises ltd . total berths, globalcruiseguests ( 1 ), north americancruiseguests ( 2 ), europeancruiseguests ( 3 )
Row 2: 2009, 363000, 84050, 17340000, 10198000, 5000000
Row 3: 2010, 391000, 92300, 18800000, 10781000, 5540000
Row 4: 2011, 412000, 92650, 20227000, 11625000, 5894000
Row 5: 2012, 425000, 98650, 20898000, 11640000, 6139000
Row 6: 2013, 432000, 98750, 21300000, 11816000, 6399000
------
Follow-up: ['( 1 ) source : our estimates of the number of global cruise guests and the weighted-average supply of berths marketed globally are based on a com- bination of data that we obtain from various publicly available cruise industry trade information sources including seatrade insider , cruise industry news and cruise line international association ( 201cclia 201d ) .', 'in addition , our estimates incorporate our own statistical analysis utilizing the same publicly available cruise industry data as a base .', '( 2 ) source : cruise line international association based on cruise guests carried for at least two consecutive nights for years 2009 through 2012 .', 'year 2013 amounts represent our estimates ( see number 1 above ) .', 'includes the united states of america and canada .', '( 3 ) source : clia europe , formerly european cruise council , for years 2009 through 2012 .', 'year 2013 amounts represent our estimates ( see number 1 above ) .', 'north america the majority of cruise guests are sourced from north america , which represented approximately 56% ( 56 % ) of global cruise guests in 2013 .', 'the compound annual growth rate in cruise guests sourced from this market was approximately 3.2% ( 3.2 % ) from 2009 to 2013 .', 'europe cruise guests sourced from europe represented approximately 30% ( 30 % ) of global cruise guests in 2013 .', 'the compound annual growth rate in cruise guests sourced from this market was approximately 6.0% ( 6.0 % ) from 2009 to 2013 .', 'other markets in addition to expected industry growth in north america and europe , we expect the asia/pacific region to demonstrate an even higher growth rate in the near term , although it will continue to represent a relatively small sector compared to north america and europe .', 'based on industry data , cruise guests sourced from the asia/pacific region represented approximately 4.5% ( 4.5 % ) of global cruise guests in 2013 .', 'the compound annual growth rate in cruise guests sourced from this market was approximately 15% ( 15 % ) from 2011 to 2013 .', 'competition we compete with a number of cruise lines .', 'our princi- pal competitors are carnival corporation & plc , which owns , among others , aida cruises , carnival cruise lines , costa cruises , cunard line , holland america line , iberocruceros , p&o cruises and princess cruises ; disney cruise line ; msc cruises ; norwegian cruise line and oceania cruises .', 'cruise lines compete with other vacation alternatives such as land-based resort hotels and sightseeing destinations for consumers 2019 leisure time .', 'demand for such activities is influenced by political and general economic conditions .', 'com- panies within the vacation market are dependent on consumer discretionary spending .', 'operating strategies our principal operating strategies are to : and employees and protect the environment in which our vessels and organization operate , to better serve our global guest base and grow our business , order to enhance our revenues , our brands globally , expenditures and ensure adequate cash and liquid- ity , with the overall goal of maximizing our return on invested capital and long-term shareholder value , ization and maintenance of existing ships and the transfer of key innovations across each brand , while prudently expanding our fleet with new state-of- the-art cruise ships , ships by deploying them into those markets and itineraries that provide opportunities to optimize returns , while continuing our focus on existing key markets , service customer preferences and expectations in an innovative manner , while supporting our strategic focus on profitability , and .'] | 0.29468 | RCL/2013/page_18.pdf-3 | ['part i the following table details the growth in global weighted average berths and the global , north american and european cruise guests over the past five years : weighted-average supply of berths marketed globally ( 1 ) royal caribbean cruises ltd .', 'total berths global cruise guests ( 1 ) north american cruise guests ( 2 ) european cruise guests ( 3 ) .'] | ['( 1 ) source : our estimates of the number of global cruise guests and the weighted-average supply of berths marketed globally are based on a com- bination of data that we obtain from various publicly available cruise industry trade information sources including seatrade insider , cruise industry news and cruise line international association ( 201cclia 201d ) .', 'in addition , our estimates incorporate our own statistical analysis utilizing the same publicly available cruise industry data as a base .', '( 2 ) source : cruise line international association based on cruise guests carried for at least two consecutive nights for years 2009 through 2012 .', 'year 2013 amounts represent our estimates ( see number 1 above ) .', 'includes the united states of america and canada .', '( 3 ) source : clia europe , formerly european cruise council , for years 2009 through 2012 .', 'year 2013 amounts represent our estimates ( see number 1 above ) .', 'north america the majority of cruise guests are sourced from north america , which represented approximately 56% ( 56 % ) of global cruise guests in 2013 .', 'the compound annual growth rate in cruise guests sourced from this market was approximately 3.2% ( 3.2 % ) from 2009 to 2013 .', 'europe cruise guests sourced from europe represented approximately 30% ( 30 % ) of global cruise guests in 2013 .', 'the compound annual growth rate in cruise guests sourced from this market was approximately 6.0% ( 6.0 % ) from 2009 to 2013 .', 'other markets in addition to expected industry growth in north america and europe , we expect the asia/pacific region to demonstrate an even higher growth rate in the near term , although it will continue to represent a relatively small sector compared to north america and europe .', 'based on industry data , cruise guests sourced from the asia/pacific region represented approximately 4.5% ( 4.5 % ) of global cruise guests in 2013 .', 'the compound annual growth rate in cruise guests sourced from this market was approximately 15% ( 15 % ) from 2011 to 2013 .', 'competition we compete with a number of cruise lines .', 'our princi- pal competitors are carnival corporation & plc , which owns , among others , aida cruises , carnival cruise lines , costa cruises , cunard line , holland america line , iberocruceros , p&o cruises and princess cruises ; disney cruise line ; msc cruises ; norwegian cruise line and oceania cruises .', 'cruise lines compete with other vacation alternatives such as land-based resort hotels and sightseeing destinations for consumers 2019 leisure time .', 'demand for such activities is influenced by political and general economic conditions .', 'com- panies within the vacation market are dependent on consumer discretionary spending .', 'operating strategies our principal operating strategies are to : and employees and protect the environment in which our vessels and organization operate , to better serve our global guest base and grow our business , order to enhance our revenues , our brands globally , expenditures and ensure adequate cash and liquid- ity , with the overall goal of maximizing our return on invested capital and long-term shareholder value , ization and maintenance of existing ships and the transfer of key innovations across each brand , while prudently expanding our fleet with new state-of- the-art cruise ships , ships by deploying them into those markets and itineraries that provide opportunities to optimize returns , while continuing our focus on existing key markets , service customer preferences and expectations in an innovative manner , while supporting our strategic focus on profitability , and .'] | Row 1: year, weighted-averagesupply ofberthsmarketedglobally ( 1 ), royal caribbean cruises ltd . total berths, globalcruiseguests ( 1 ), north americancruiseguests ( 2 ), europeancruiseguests ( 3 )
Row 2: 2009, 363000, 84050, 17340000, 10198000, 5000000
Row 3: 2010, 391000, 92300, 18800000, 10781000, 5540000
Row 4: 2011, 412000, 92650, 20227000, 11625000, 5894000
Row 5: 2012, 425000, 98650, 20898000, 11640000, 6139000
Row 6: 2013, 432000, 98750, 21300000, 11816000, 6399000 | divide(5540000, 18800000) | 0.29468 |
for the leased cutting rights to approximately 88000 acres of timberland , is the valdosta mill acreage greater than the counce mill acres? | Background: ['item 1b .', 'unresolved staff comments item 2 .', 'properties the table below provides a summary of our containerboard mills , the principal products produced and each mill 2019s year-end 2011 annual practical maximum capacity based upon all of our paper machines 2019 production capabilities , as reported to the af&pa : location function capacity ( tons ) counce , tn .', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', 'kraft linerboard mill 1043000 valdosta , ga .', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', 'kraft linerboard mill 556000 tomahawk , wi .', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', 'semi-chemical medium mill 538000 filer city , mi .', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', 'semi-chemical medium mill 438000 .']
--
Table:
========================================
location | function kraft linerboard mill kraft linerboard mill semi-chemical medium mill semi-chemical medium mill | capacity ( tons ) 1043000 556000 538000 438000
----------|----------|----------
counce tn | valdosta ga | tomahawk wi
filer city mi | filer city mi | filer city mi
total | | 2575000
========================================
--
Follow-up: ['we currently own our four containerboard mills and 44 of our corrugated manufacturing operations ( 37 corrugated plants and seven sheet plants ) .', 'we also own one warehouse and miscellaneous other property , which includes sales offices and woodlands management offices .', 'these sales offices and woodlands management offices generally have one to four employees and serve as administrative offices .', 'pca leases the space for four corrugated plants , 23 sheet plants , six regional design centers , and numerous other distribution centers , warehouses and facilities .', 'the equipment in these leased facilities is , in virtually all cases , owned by pca , except for forklifts and other rolling stock which are generally leased .', 'we lease the cutting rights to approximately 88000 acres of timberland located near our valdosta mill ( 77000 acres ) and our counce mill ( 11000 acres ) .', 'on average , these cutting rights agreements have terms with approximately 12 years remaining .', 'our corporate headquarters is located in lake forest , illinois .', 'the headquarters facility is leased for the next ten years with provisions for two additional five year lease extensions .', 'item 3 .', 'legal proceedings during september and october 2010 , pca and eight other u.s .', 'and canadian containerboard producers were named as defendants in five purported class action lawsuits filed in the united states district court for the northern district of illinois , alleging violations of the sherman act .', 'the lawsuits have been consolidated in a single complaint under the caption kleen products llc v packaging corp .', 'of america et al .', 'the consolidated complaint alleges that the defendants conspired to limit the supply of containerboard , and that the purpose and effect of the alleged conspiracy was to artificially increase prices of containerboard products during the period from august 2005 to the time of filing of the complaints .', 'the complaint was filed as a purported class action suit on behalf of all purchasers of containerboard products during such period .', 'the complaint seeks treble damages and costs , including attorney 2019s fees .', 'the defendants 2019 motions to dismiss the complaint were denied by the court in april 2011 .', 'pca believes the allegations are without merit and will defend this lawsuit vigorously .', 'however , as the lawsuit is in the early stages of discovery , pca is unable to predict the ultimate outcome or estimate a range of reasonably possible losses .', 'pca is a party to various other legal actions arising in the ordinary course of our business .', 'these legal actions cover a broad variety of claims spanning our entire business .', 'as of the date of this filing , we believe it is not reasonably possible that the resolution of these legal actions will , individually or in the aggregate , have a material adverse effect on our financial condition , results of operations or cash flows. .'] | yes | PKG/2011/page_14.pdf-2 | ['item 1b .', 'unresolved staff comments item 2 .', 'properties the table below provides a summary of our containerboard mills , the principal products produced and each mill 2019s year-end 2011 annual practical maximum capacity based upon all of our paper machines 2019 production capabilities , as reported to the af&pa : location function capacity ( tons ) counce , tn .', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', 'kraft linerboard mill 1043000 valdosta , ga .', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', 'kraft linerboard mill 556000 tomahawk , wi .', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', 'semi-chemical medium mill 538000 filer city , mi .', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', 'semi-chemical medium mill 438000 .'] | ['we currently own our four containerboard mills and 44 of our corrugated manufacturing operations ( 37 corrugated plants and seven sheet plants ) .', 'we also own one warehouse and miscellaneous other property , which includes sales offices and woodlands management offices .', 'these sales offices and woodlands management offices generally have one to four employees and serve as administrative offices .', 'pca leases the space for four corrugated plants , 23 sheet plants , six regional design centers , and numerous other distribution centers , warehouses and facilities .', 'the equipment in these leased facilities is , in virtually all cases , owned by pca , except for forklifts and other rolling stock which are generally leased .', 'we lease the cutting rights to approximately 88000 acres of timberland located near our valdosta mill ( 77000 acres ) and our counce mill ( 11000 acres ) .', 'on average , these cutting rights agreements have terms with approximately 12 years remaining .', 'our corporate headquarters is located in lake forest , illinois .', 'the headquarters facility is leased for the next ten years with provisions for two additional five year lease extensions .', 'item 3 .', 'legal proceedings during september and october 2010 , pca and eight other u.s .', 'and canadian containerboard producers were named as defendants in five purported class action lawsuits filed in the united states district court for the northern district of illinois , alleging violations of the sherman act .', 'the lawsuits have been consolidated in a single complaint under the caption kleen products llc v packaging corp .', 'of america et al .', 'the consolidated complaint alleges that the defendants conspired to limit the supply of containerboard , and that the purpose and effect of the alleged conspiracy was to artificially increase prices of containerboard products during the period from august 2005 to the time of filing of the complaints .', 'the complaint was filed as a purported class action suit on behalf of all purchasers of containerboard products during such period .', 'the complaint seeks treble damages and costs , including attorney 2019s fees .', 'the defendants 2019 motions to dismiss the complaint were denied by the court in april 2011 .', 'pca believes the allegations are without merit and will defend this lawsuit vigorously .', 'however , as the lawsuit is in the early stages of discovery , pca is unable to predict the ultimate outcome or estimate a range of reasonably possible losses .', 'pca is a party to various other legal actions arising in the ordinary course of our business .', 'these legal actions cover a broad variety of claims spanning our entire business .', 'as of the date of this filing , we believe it is not reasonably possible that the resolution of these legal actions will , individually or in the aggregate , have a material adverse effect on our financial condition , results of operations or cash flows. .'] | ========================================
location | function kraft linerboard mill kraft linerboard mill semi-chemical medium mill semi-chemical medium mill | capacity ( tons ) 1043000 556000 538000 438000
----------|----------|----------
counce tn | valdosta ga | tomahawk wi
filer city mi | filer city mi | filer city mi
total | | 2575000
======================================== | greater(77000, 11000) | yes |
what percentage of major manufacturing sites are based in europe middle east& africa? | Context: ['adequacy of our provision for income taxes , we regularly assess the likelihood of adverse outcomes resulting from tax examinations .', 'while it is often difficult to predict the final outcome or the timing of the resolution of a tax examination , our reserves for uncertain tax benefits reflect the outcome of tax positions that are more likely than not to occur .', 'while we believe that we have complied with all applicable tax laws , there can be no assurance that a taxing authority will not have a different interpretation of the law and assess us with additional taxes .', 'should additional taxes be assessed , this may result in a material adverse effect on our results of operations and financial condition .', 'item 1b .', 'unresolved staff comments we have no unresolved sec staff comments to report .', 'item 2 .', 'properties as of december 31 , 2018 , we owned or leased 126 major manufacturing sites and 15 major technical centers .', 'a manufacturing site may include multiple plants and may be wholly or partially owned or leased .', 'we also have many smaller manufacturing sites , sales offices , warehouses , engineering centers , joint ventures and other investments strategically located throughout the world .', 'we have a presence in 44 countries .', 'the following table shows the regional distribution of our major manufacturing sites by the operating segment that uses such facilities : north america europe , middle east & africa asia pacific south america total .']
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Tabular Data:
----------------------------------------
, north america, europemiddle east& africa, asia pacific, south america, total
signal and power solutions, 45, 33, 33, 5, 116
advanced safety and user experience, 2, 5, 3, 2014, 10
total, 47, 38, 36, 5, 126
----------------------------------------
----
Post-table: ['in addition to these manufacturing sites , we had 15 major technical centers : eight in north america ; two in europe , middle east and africa ; and five in asia pacific .', 'of our 126 major manufacturing sites and 15 major technical centers , which include facilities owned or leased by our consolidated subsidiaries , 61 are primarily owned and 80 are primarily leased .', 'we frequently review our real estate portfolio and develop footprint strategies to support our customers 2019 global plans , while at the same time supporting our technical needs and controlling operating expenses .', 'we believe our evolving portfolio will meet current and anticipated future needs .', 'item 3 .', 'legal proceedings we are from time to time subject to various actions , claims , suits , government investigations , and other proceedings incidental to our business , including those arising out of alleged defects , breach of contracts , competition and antitrust matters , product warranties , intellectual property matters , personal injury claims and employment-related matters .', 'it is our opinion that the outcome of such matters will not have a material adverse impact on our consolidated financial position , results of operations , or cash flows .', 'with respect to warranty matters , although we cannot ensure that the future costs of warranty claims by customers will not be material , we believe our established reserves are adequate to cover potential warranty settlements .', 'however , the final amounts required to resolve these matters could differ materially from our recorded estimates .', 'brazil matters aptiv conducts business operations in brazil that are subject to the brazilian federal labor , social security , environmental , tax and customs laws , as well as a variety of state and local laws .', 'while aptiv believes it complies with such laws , they are complex , subject to varying interpretations , and the company is often engaged in litigation with government agencies regarding the application of these laws to particular circumstances .', 'as of december 31 , 2018 , the majority of claims asserted against aptiv in brazil relate to such litigation .', 'the remaining claims in brazil relate to commercial and labor litigation with private parties .', 'as of december 31 , 2018 , claims totaling approximately $ 145 million ( using december 31 , 2018 foreign currency rates ) have been asserted against aptiv in brazil .', 'as of december 31 , 2018 , the company maintains accruals for these asserted claims of $ 30 million ( using december 31 , 2018 foreign currency rates ) .', 'the amounts accrued represent claims that are deemed probable of loss and are reasonably estimable based on the company 2019s analyses and assessment of the asserted claims and prior experience with similar matters .', 'while the company believes its accruals are adequate , the final amounts required to resolve these matters could differ materially from the company 2019s recorded estimates and aptiv 2019s results of .'] | 0.30159 | APTV/2018/page_34.pdf-1 | ['adequacy of our provision for income taxes , we regularly assess the likelihood of adverse outcomes resulting from tax examinations .', 'while it is often difficult to predict the final outcome or the timing of the resolution of a tax examination , our reserves for uncertain tax benefits reflect the outcome of tax positions that are more likely than not to occur .', 'while we believe that we have complied with all applicable tax laws , there can be no assurance that a taxing authority will not have a different interpretation of the law and assess us with additional taxes .', 'should additional taxes be assessed , this may result in a material adverse effect on our results of operations and financial condition .', 'item 1b .', 'unresolved staff comments we have no unresolved sec staff comments to report .', 'item 2 .', 'properties as of december 31 , 2018 , we owned or leased 126 major manufacturing sites and 15 major technical centers .', 'a manufacturing site may include multiple plants and may be wholly or partially owned or leased .', 'we also have many smaller manufacturing sites , sales offices , warehouses , engineering centers , joint ventures and other investments strategically located throughout the world .', 'we have a presence in 44 countries .', 'the following table shows the regional distribution of our major manufacturing sites by the operating segment that uses such facilities : north america europe , middle east & africa asia pacific south america total .'] | ['in addition to these manufacturing sites , we had 15 major technical centers : eight in north america ; two in europe , middle east and africa ; and five in asia pacific .', 'of our 126 major manufacturing sites and 15 major technical centers , which include facilities owned or leased by our consolidated subsidiaries , 61 are primarily owned and 80 are primarily leased .', 'we frequently review our real estate portfolio and develop footprint strategies to support our customers 2019 global plans , while at the same time supporting our technical needs and controlling operating expenses .', 'we believe our evolving portfolio will meet current and anticipated future needs .', 'item 3 .', 'legal proceedings we are from time to time subject to various actions , claims , suits , government investigations , and other proceedings incidental to our business , including those arising out of alleged defects , breach of contracts , competition and antitrust matters , product warranties , intellectual property matters , personal injury claims and employment-related matters .', 'it is our opinion that the outcome of such matters will not have a material adverse impact on our consolidated financial position , results of operations , or cash flows .', 'with respect to warranty matters , although we cannot ensure that the future costs of warranty claims by customers will not be material , we believe our established reserves are adequate to cover potential warranty settlements .', 'however , the final amounts required to resolve these matters could differ materially from our recorded estimates .', 'brazil matters aptiv conducts business operations in brazil that are subject to the brazilian federal labor , social security , environmental , tax and customs laws , as well as a variety of state and local laws .', 'while aptiv believes it complies with such laws , they are complex , subject to varying interpretations , and the company is often engaged in litigation with government agencies regarding the application of these laws to particular circumstances .', 'as of december 31 , 2018 , the majority of claims asserted against aptiv in brazil relate to such litigation .', 'the remaining claims in brazil relate to commercial and labor litigation with private parties .', 'as of december 31 , 2018 , claims totaling approximately $ 145 million ( using december 31 , 2018 foreign currency rates ) have been asserted against aptiv in brazil .', 'as of december 31 , 2018 , the company maintains accruals for these asserted claims of $ 30 million ( using december 31 , 2018 foreign currency rates ) .', 'the amounts accrued represent claims that are deemed probable of loss and are reasonably estimable based on the company 2019s analyses and assessment of the asserted claims and prior experience with similar matters .', 'while the company believes its accruals are adequate , the final amounts required to resolve these matters could differ materially from the company 2019s recorded estimates and aptiv 2019s results of .'] | ----------------------------------------
, north america, europemiddle east& africa, asia pacific, south america, total
signal and power solutions, 45, 33, 33, 5, 116
advanced safety and user experience, 2, 5, 3, 2014, 10
total, 47, 38, 36, 5, 126
---------------------------------------- | divide(38, 126) | 0.30159 |
what was the percentage cumulative total return for apple inc . for the five year period ended september 2018? | 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 .']
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
========================================
Additional Information: ['.'] | 2.59 | AAPL/2018/page_23.pdf-2 | ['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
======================================== | subtract(359, 100), divide(#0, 100) | 2.59 |
what was the average number of shares of class a common stock were issued to non-executive between 2010 and 2012 | Context: ['the weighted average grant date fair value of options granted during 2012 , 2011 , and 2010 was $ 13 , $ 19 and $ 20 per share , respectively .', 'the total intrinsic value of options exercised during the years ended december 31 , 2012 , 2011 and 2010 , was $ 19.0 million , $ 4.2 million and $ 15.6 million , respectively .', 'in 2012 , the company granted 931340 shares of restricted class a common stock and 4048 shares of restricted stock units .', 'restricted common stock and restricted stock units generally have a vesting period of 2 to 4 years .', 'the fair value related to these grants was $ 54.5 million , which is recognized as compensation expense on an accelerated basis over the vesting period .', 'beginning with restricted stock grants in september 2010 , dividends are accrued on restricted class a common stock and restricted stock units and are paid once the restricted stock vests .', 'in 2012 , the company also granted 138410 performance shares .', 'the fair value related to these grants was $ 7.7 million , which is recognized as compensation expense on an accelerated and straight-lined basis over the vesting period .', 'the vesting of these shares is contingent on meeting stated performance or market conditions .', 'the following table summarizes restricted stock , restricted stock units , and performance shares activity for 2012 : number of shares weighted average grant date fair value outstanding at december 31 , 2011 .', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '1432610 $ 57 .']
------
Data Table:
• , number of shares, weightedaveragegrant datefair value
• outstanding at december 31 2011, 1432610, $ 57
• granted, 1073798, 54
• vested, -366388 ( 366388 ), 55
• cancelled, -226493 ( 226493 ), 63
• outstanding at december 31 2012, 1913527, 54
------
Follow-up: ['outstanding at december 31 , 2012 .', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '1913527 54 the total fair value of restricted stock , restricted stock units , and performance shares that vested during the years ended december 31 , 2012 , 2011 and 2010 , was $ 20.9 million , $ 11.6 million and $ 10.3 million , respectively .', 'eligible employees may acquire shares of class a common stock using after-tax payroll deductions made during consecutive offering periods of approximately six months in duration .', 'shares are purchased at the end of each offering period at a price of 90% ( 90 % ) of the closing price of the class a common stock as reported on the nasdaq global select market .', 'compensation expense is recognized on the dates of purchase for the discount from the closing price .', 'in 2012 , 2011 and 2010 , a total of 27768 , 32085 and 21855 shares , respectively , of class a common stock were issued to participating employees .', 'these shares are subject to a six-month holding period .', 'annual expense of $ 0.1 million , $ 0.2 million and $ 0.1 million for the purchase discount was recognized in 2012 , 2011 and 2010 , respectively .', 'non-executive directors receive an annual award of class a common stock with a value equal to $ 75000 .', 'non-executive directors may also elect to receive some or all of the cash portion of their annual stipend , up to $ 25000 , in shares of stock based on the closing price at the date of distribution .', 'as a result , 40260 , 40585 and 37350 shares of class a common stock were issued to non-executive directors during 2012 , 2011 and 2010 , respectively .', 'these shares are not subject to any vesting restrictions .', 'expense of $ 2.2 million , $ 2.1 million and $ 2.4 million related to these stock-based payments was recognized for the years ended december 31 , 2012 , 2011 and 2010 , respectively .', '19 .', 'fair value measurements in general , the company uses quoted prices in active markets for identical assets to determine the fair value of marketable securities and equity investments .', 'level 1 assets generally include u.s .', 'treasury securities , equity securities listed in active markets , and investments in publicly traded mutual funds with quoted market prices .', 'if quoted prices are not available to determine fair value , the company uses other inputs that are directly observable .', 'assets included in level 2 generally consist of asset- backed securities , municipal bonds , u.s .', 'government agency securities and interest rate swap contracts .', 'asset-backed securities , municipal bonds and u.s .', 'government agency securities were measured at fair value based on matrix pricing using prices of similar securities with similar inputs such as maturity dates , interest rates and credit ratings .', 'the company determined the fair value of its interest rate swap contracts using standard valuation models with market-based observable inputs including forward and spot exchange rates and interest rate curves. .'] | 59099.0 | CME/2012/page_107.pdf-2 | ['the weighted average grant date fair value of options granted during 2012 , 2011 , and 2010 was $ 13 , $ 19 and $ 20 per share , respectively .', 'the total intrinsic value of options exercised during the years ended december 31 , 2012 , 2011 and 2010 , was $ 19.0 million , $ 4.2 million and $ 15.6 million , respectively .', 'in 2012 , the company granted 931340 shares of restricted class a common stock and 4048 shares of restricted stock units .', 'restricted common stock and restricted stock units generally have a vesting period of 2 to 4 years .', 'the fair value related to these grants was $ 54.5 million , which is recognized as compensation expense on an accelerated basis over the vesting period .', 'beginning with restricted stock grants in september 2010 , dividends are accrued on restricted class a common stock and restricted stock units and are paid once the restricted stock vests .', 'in 2012 , the company also granted 138410 performance shares .', 'the fair value related to these grants was $ 7.7 million , which is recognized as compensation expense on an accelerated and straight-lined basis over the vesting period .', 'the vesting of these shares is contingent on meeting stated performance or market conditions .', 'the following table summarizes restricted stock , restricted stock units , and performance shares activity for 2012 : number of shares weighted average grant date fair value outstanding at december 31 , 2011 .', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '1432610 $ 57 .'] | ['outstanding at december 31 , 2012 .', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '1913527 54 the total fair value of restricted stock , restricted stock units , and performance shares that vested during the years ended december 31 , 2012 , 2011 and 2010 , was $ 20.9 million , $ 11.6 million and $ 10.3 million , respectively .', 'eligible employees may acquire shares of class a common stock using after-tax payroll deductions made during consecutive offering periods of approximately six months in duration .', 'shares are purchased at the end of each offering period at a price of 90% ( 90 % ) of the closing price of the class a common stock as reported on the nasdaq global select market .', 'compensation expense is recognized on the dates of purchase for the discount from the closing price .', 'in 2012 , 2011 and 2010 , a total of 27768 , 32085 and 21855 shares , respectively , of class a common stock were issued to participating employees .', 'these shares are subject to a six-month holding period .', 'annual expense of $ 0.1 million , $ 0.2 million and $ 0.1 million for the purchase discount was recognized in 2012 , 2011 and 2010 , respectively .', 'non-executive directors receive an annual award of class a common stock with a value equal to $ 75000 .', 'non-executive directors may also elect to receive some or all of the cash portion of their annual stipend , up to $ 25000 , in shares of stock based on the closing price at the date of distribution .', 'as a result , 40260 , 40585 and 37350 shares of class a common stock were issued to non-executive directors during 2012 , 2011 and 2010 , respectively .', 'these shares are not subject to any vesting restrictions .', 'expense of $ 2.2 million , $ 2.1 million and $ 2.4 million related to these stock-based payments was recognized for the years ended december 31 , 2012 , 2011 and 2010 , respectively .', '19 .', 'fair value measurements in general , the company uses quoted prices in active markets for identical assets to determine the fair value of marketable securities and equity investments .', 'level 1 assets generally include u.s .', 'treasury securities , equity securities listed in active markets , and investments in publicly traded mutual funds with quoted market prices .', 'if quoted prices are not available to determine fair value , the company uses other inputs that are directly observable .', 'assets included in level 2 generally consist of asset- backed securities , municipal bonds , u.s .', 'government agency securities and interest rate swap contracts .', 'asset-backed securities , municipal bonds and u.s .', 'government agency securities were measured at fair value based on matrix pricing using prices of similar securities with similar inputs such as maturity dates , interest rates and credit ratings .', 'the company determined the fair value of its interest rate swap contracts using standard valuation models with market-based observable inputs including forward and spot exchange rates and interest rate curves. .'] | • , number of shares, weightedaveragegrant datefair value
• outstanding at december 31 2011, 1432610, $ 57
• granted, 1073798, 54
• vested, -366388 ( 366388 ), 55
• cancelled, -226493 ( 226493 ), 63
• outstanding at december 31 2012, 1913527, 54 | add(40260, 40585), add(#0, 37350), add(#1, const_3), divide(#2, const_2) | 59099.0 |
based on the final purchase price allocation what was the ratio of the property and equipment to the intangible assets | Pre-text: ['american tower corporation and subsidiaries notes to consolidated financial statements the allocation of the purchase price was finalized during the year ended december 31 , 2012 .', 'the following table summarizes the allocation of the aggregate purchase consideration paid and the amounts of assets acquired and liabilities assumed based upon their estimated fair value at the date of acquisition ( in thousands ) : purchase price allocation .']
------
Data Table:
Row 1: , final purchase price allocation
Row 2: non-current assets, $ 2
Row 3: property and equipment, 3590
Row 4: intangible assets ( 1 ), 1062
Row 5: other non-current liabilities, -91 ( 91 )
Row 6: fair value of net assets acquired, $ 4563
Row 7: goodwill ( 2 ), 89
------
Follow-up: ['( 1 ) consists of customer-related intangibles of approximately $ 0.4 million and network location intangibles of approximately $ 0.7 million .', 'the customer-related intangibles and network location intangibles are being amortized on a straight-line basis over periods of up to 20 years .', '( 2 ) the company expects that the goodwill recorded will be deductible for tax purposes .', 'the goodwill was allocated to the company 2019s international rental and management segment .', 'colombia 2014colombia movil acquisition 2014on july 17 , 2011 , the company entered into a definitive agreement with colombia movil s.a .', 'e.s.p .', '( 201ccolombia movil 201d ) , whereby atc sitios infraco , s.a.s. , a colombian subsidiary of the company ( 201catc infraco 201d ) , would purchase up to 2126 communications sites from colombia movil for an aggregate purchase price of approximately $ 182.0 million .', 'from december 21 , 2011 through the year ended december 31 , 2012 , atc infraco completed the purchase of 1526 communications sites for an aggregate purchase price of $ 136.2 million ( including contingent consideration of $ 17.3 million ) , subject to post-closing adjustments .', 'through a subsidiary , millicom international cellular s.a .', '( 201cmillicom 201d ) exercised its option to acquire an indirect , substantial non-controlling interest in atc infraco .', 'under the terms of the agreement , the company is required to make additional payments upon the conversion of certain barter agreements with other wireless carriers to cash paying lease agreements .', 'based on the company 2019s current estimates , the value of potential contingent consideration payments required to be made under the amended agreement is expected to be between zero and $ 32.8 million and is estimated to be $ 17.3 million using a probability weighted average of the expected outcomes at december 31 , 2012 .', 'during the year ended december 31 , 2012 , the company recorded a reduction in fair value of $ 1.2 million , which is included in other operating expenses in the consolidated statements of operations. .'] | 3.38041 | AMT/2012/page_123.pdf-3 | ['american tower corporation and subsidiaries notes to consolidated financial statements the allocation of the purchase price was finalized during the year ended december 31 , 2012 .', 'the following table summarizes the allocation of the aggregate purchase consideration paid and the amounts of assets acquired and liabilities assumed based upon their estimated fair value at the date of acquisition ( in thousands ) : purchase price allocation .'] | ['( 1 ) consists of customer-related intangibles of approximately $ 0.4 million and network location intangibles of approximately $ 0.7 million .', 'the customer-related intangibles and network location intangibles are being amortized on a straight-line basis over periods of up to 20 years .', '( 2 ) the company expects that the goodwill recorded will be deductible for tax purposes .', 'the goodwill was allocated to the company 2019s international rental and management segment .', 'colombia 2014colombia movil acquisition 2014on july 17 , 2011 , the company entered into a definitive agreement with colombia movil s.a .', 'e.s.p .', '( 201ccolombia movil 201d ) , whereby atc sitios infraco , s.a.s. , a colombian subsidiary of the company ( 201catc infraco 201d ) , would purchase up to 2126 communications sites from colombia movil for an aggregate purchase price of approximately $ 182.0 million .', 'from december 21 , 2011 through the year ended december 31 , 2012 , atc infraco completed the purchase of 1526 communications sites for an aggregate purchase price of $ 136.2 million ( including contingent consideration of $ 17.3 million ) , subject to post-closing adjustments .', 'through a subsidiary , millicom international cellular s.a .', '( 201cmillicom 201d ) exercised its option to acquire an indirect , substantial non-controlling interest in atc infraco .', 'under the terms of the agreement , the company is required to make additional payments upon the conversion of certain barter agreements with other wireless carriers to cash paying lease agreements .', 'based on the company 2019s current estimates , the value of potential contingent consideration payments required to be made under the amended agreement is expected to be between zero and $ 32.8 million and is estimated to be $ 17.3 million using a probability weighted average of the expected outcomes at december 31 , 2012 .', 'during the year ended december 31 , 2012 , the company recorded a reduction in fair value of $ 1.2 million , which is included in other operating expenses in the consolidated statements of operations. .'] | Row 1: , final purchase price allocation
Row 2: non-current assets, $ 2
Row 3: property and equipment, 3590
Row 4: intangible assets ( 1 ), 1062
Row 5: other non-current liabilities, -91 ( 91 )
Row 6: fair value of net assets acquired, $ 4563
Row 7: goodwill ( 2 ), 89 | divide(3590, 1062) | 3.38041 |
what was the difference in percentage cumulative total shareowners return for united parcel service inc . versus the standard & poor's 500 index for the five years ended 12/31/2016? | Pre-text: ['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 sec , 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 such information 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 standard & poor 2019s 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 , 2011 in the standard & poor 2019s 500 index , the dow jones transportation average and our class b common stock. .']
Tabular Data:
----------------------------------------
• , 12/31/2011, 12/31/2012, 12/31/2013, 12/31/2014, 12/31/2015, 12/31/2016
• united parcel service inc ., $ 100.00, $ 103.84, $ 152.16, $ 165.35, $ 154.61, $ 189.72
• standard & poor 2019s 500 index, $ 100.00, $ 115.99, $ 153.54, $ 174.54, $ 176.94, $ 198.09
• dow jones transportation average, $ 100.00, $ 107.49, $ 151.97, $ 190.07, $ 158.22, $ 192.80
----------------------------------------
Post-table: ['.'] | -0.0837 | UPS/2016/page_34.pdf-4 | ['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 sec , 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 such information 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 standard & poor 2019s 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 , 2011 in the standard & poor 2019s 500 index , the dow jones transportation average and our class b common stock. .'] | ['.'] | ----------------------------------------
• , 12/31/2011, 12/31/2012, 12/31/2013, 12/31/2014, 12/31/2015, 12/31/2016
• united parcel service inc ., $ 100.00, $ 103.84, $ 152.16, $ 165.35, $ 154.61, $ 189.72
• standard & poor 2019s 500 index, $ 100.00, $ 115.99, $ 153.54, $ 174.54, $ 176.94, $ 198.09
• dow jones transportation average, $ 100.00, $ 107.49, $ 151.97, $ 190.07, $ 158.22, $ 192.80
---------------------------------------- | subtract(189.72, const_100), divide(#0, const_100), subtract(198.09, const_100), divide(#2, const_100), subtract(#1, #3) | -0.0837 |
based on the year ended december 31 2008 ( unaudited ) information what was the net profit margin | Pre-text: ['the intangible assets identified that were determined to have value as a result of our analysis of allied 2019s projected revenue streams and their related profits include customer relationships , franchise agreements , other municipal agreements , non-compete agreements and trade names .', 'the fair values for these intangible assets are reflected in the previous table .', 'other intangible assets were identified that are considered to be components of either property and equipment or goodwill under u.s .', 'gaap , including the value of the permitted and probable airspace at allied 2019s landfills ( property and equipment ) , the going concern element of allied 2019s business ( goodwill ) and its assembled workforce ( goodwill ) .', 'the going concern element represents the ability of an established business to earn a higher rate of return on an assembled collection of net assets than would be expected if those assets had to be acquired separately .', 'a substantial portion of this going concern element acquired is represented by allied 2019s infrastructure of market-based collection routes and its related integrated waste transfer and disposal channels , whose value has been included in goodwill .', 'all of the goodwill and other intangible assets resulting from the acquisition of allied will not be deductible for income tax purposes .', 'pro forma information the consolidated financial statements presented for republic include the operating results of allied from the date of the acquisition .', 'the following pro forma information is presented assuming the merger had been completed as of january 1 , 2007 .', 'the unaudited pro forma information presented has been prepared for illustrative purposes and is not intended to be indicative of the results of operations that would have actually occurred had the acquisition been consummated at the beginning of the periods presented or of future results of the combined operations .', 'furthermore , the pro forma results do not give effect to all cost savings or incremental costs that occur as a result of the integration and consolidation of the acquisition ( in millions , except share and per share amounts ) .', 'year ended december 31 , year ended december 31 , ( unaudited ) ( unaudited ) .']
----------
Data Table:
========================================
, year ended december 31 2008 ( unaudited ), year ended december 31 2007 ( unaudited )
revenue, $ 9362.2, $ 9244.9
net income, 285.7, 423.2
basic earnings per share, 0.76, 1.10
diluted earnings per share, 0.75, 1.09
========================================
----------
Additional Information: ['the unaudited pro forma financial information includes adjustments for amortization of identifiable intangible assets , accretion of discounts to fair value associated with debt , environmental , self-insurance and other liabilities , accretion of capping , closure and post-closure obligations and amortization of the related assets , and provision for income taxes .', 'assets held for sale as a condition of the merger with allied , the department of justice ( doj ) required us to divest of certain assets and related liabilities .', 'as such , we classified these assets and liabilities as assets held for sale in our consolidated balance sheet at december 31 , 2008 .', 'certain of the legacy republic assets classified as held for sale were adjusted to their estimated fair values less costs to sell and resulted in the recognition of an asset impairment loss of $ 1.8 million and $ 6.1 million in our consolidated statements of income for the years ended december 31 , 2009 and 2008 , respectively .', 'the assets held for sale related to operations that were allied 2019s were recorded at their estimated fair values in our consolidated balance sheet as of december 31 , 2008 in republic services , inc .', 'and subsidiaries notes to consolidated financial statements , continued .'] | 0.03052 | RSG/2009/page_118.pdf-1 | ['the intangible assets identified that were determined to have value as a result of our analysis of allied 2019s projected revenue streams and their related profits include customer relationships , franchise agreements , other municipal agreements , non-compete agreements and trade names .', 'the fair values for these intangible assets are reflected in the previous table .', 'other intangible assets were identified that are considered to be components of either property and equipment or goodwill under u.s .', 'gaap , including the value of the permitted and probable airspace at allied 2019s landfills ( property and equipment ) , the going concern element of allied 2019s business ( goodwill ) and its assembled workforce ( goodwill ) .', 'the going concern element represents the ability of an established business to earn a higher rate of return on an assembled collection of net assets than would be expected if those assets had to be acquired separately .', 'a substantial portion of this going concern element acquired is represented by allied 2019s infrastructure of market-based collection routes and its related integrated waste transfer and disposal channels , whose value has been included in goodwill .', 'all of the goodwill and other intangible assets resulting from the acquisition of allied will not be deductible for income tax purposes .', 'pro forma information the consolidated financial statements presented for republic include the operating results of allied from the date of the acquisition .', 'the following pro forma information is presented assuming the merger had been completed as of january 1 , 2007 .', 'the unaudited pro forma information presented has been prepared for illustrative purposes and is not intended to be indicative of the results of operations that would have actually occurred had the acquisition been consummated at the beginning of the periods presented or of future results of the combined operations .', 'furthermore , the pro forma results do not give effect to all cost savings or incremental costs that occur as a result of the integration and consolidation of the acquisition ( in millions , except share and per share amounts ) .', 'year ended december 31 , year ended december 31 , ( unaudited ) ( unaudited ) .'] | ['the unaudited pro forma financial information includes adjustments for amortization of identifiable intangible assets , accretion of discounts to fair value associated with debt , environmental , self-insurance and other liabilities , accretion of capping , closure and post-closure obligations and amortization of the related assets , and provision for income taxes .', 'assets held for sale as a condition of the merger with allied , the department of justice ( doj ) required us to divest of certain assets and related liabilities .', 'as such , we classified these assets and liabilities as assets held for sale in our consolidated balance sheet at december 31 , 2008 .', 'certain of the legacy republic assets classified as held for sale were adjusted to their estimated fair values less costs to sell and resulted in the recognition of an asset impairment loss of $ 1.8 million and $ 6.1 million in our consolidated statements of income for the years ended december 31 , 2009 and 2008 , respectively .', 'the assets held for sale related to operations that were allied 2019s were recorded at their estimated fair values in our consolidated balance sheet as of december 31 , 2008 in republic services , inc .', 'and subsidiaries notes to consolidated financial statements , continued .'] | ========================================
, year ended december 31 2008 ( unaudited ), year ended december 31 2007 ( unaudited )
revenue, $ 9362.2, $ 9244.9
net income, 285.7, 423.2
basic earnings per share, 0.76, 1.10
diluted earnings per share, 0.75, 1.09
======================================== | divide(285.7, 9362.2) | 0.03052 |
what percentage of total credit commitments as of december 31 , 2017 are credit card lines? | Background: ['credit commitments and lines of credit the table below summarizes citigroup 2019s credit commitments : in millions of dollars u.s .', 'outside of u.s .', 'december 31 , december 31 .']
------
Table:
========================================
• in millions of dollars, u.s ., outside ofu.s ., december 312018, december 31 2017
• commercial and similar letters of credit, $ 823, $ 4638, $ 5461, $ 5000
• one- to four-family residential mortgages, 1056, 1615, 2671, 2674
• revolving open-end loans secured by one- to four-family residential properties, 10019, 1355, 11374, 12323
• commercial real estate construction and land development, 9565, 1728, 11293, 11151
• credit card lines, 605857, 90150, 696007, 678300
• commercial and other consumer loan commitments, 185849, 102918, 288767, 272655
• other commitments and contingencies, 2560, 761, 3321, 3071
• total, $ 815729, $ 203165, $ 1018894, $ 985174
========================================
------
Follow-up: ['the majority of unused commitments are contingent upon customers maintaining specific credit standards .', 'commercial commitments generally have floating interest rates and fixed expiration dates and may require payment of fees .', 'such fees ( net of certain direct costs ) are deferred and , upon exercise of the commitment , amortized over the life of the loan or , if exercise is deemed remote , amortized over the commitment period .', 'commercial and similar letters of credit a commercial letter of credit is an instrument by which citigroup substitutes its credit for that of a customer to enable the customer to finance the purchase of goods or to incur other commitments .', 'citigroup issues a letter on behalf of its client to a supplier and agrees to pay the supplier upon presentation of documentary evidence that the supplier has performed in accordance with the terms of the letter of credit .', 'when a letter of credit is drawn , the customer is then required to reimburse citigroup .', 'one- to four-family residential mortgages a one- to four-family residential mortgage commitment is a written confirmation from citigroup to a seller of a property that the bank will advance the specified sums enabling the buyer to complete the purchase .', 'revolving open-end loans secured by one- to four-family residential properties revolving open-end loans secured by one- to four-family residential properties are essentially home equity lines of credit .', 'a home equity line of credit is a loan secured by a primary residence or second home to the extent of the excess of fair market value over the debt outstanding for the first mortgage .', 'commercial real estate , construction and land development commercial real estate , construction and land development include unused portions of commitments to extend credit for the purpose of financing commercial and multifamily residential properties as well as land development projects .', 'both secured-by-real-estate and unsecured commitments are included in this line , as well as undistributed loan proceeds , where there is an obligation to advance for construction progress payments .', 'however , this line only includes those extensions of credit that , once funded , will be classified as total loans , net on the consolidated balance sheet .', 'credit card lines citigroup provides credit to customers by issuing credit cards .', 'the credit card lines are cancelable by providing notice to the cardholder or without such notice as permitted by local law .', 'commercial and other consumer loan commitments commercial and other consumer loan commitments include overdraft and liquidity facilities as well as commercial commitments to make or purchase loans , purchase third-party receivables , provide note issuance or revolving underwriting facilities and invest in the form of equity .', 'other commitments and contingencies other commitments and contingencies include committed or unsettled regular-way reverse repurchase agreements and all other transactions related to commitments and contingencies not reported on the lines above .', 'unsettled reverse repurchase and securities lending agreements and unsettled repurchase and securities borrowing agreements in addition , in the normal course of business , citigroup enters into reverse repurchase and securities borrowing agreements , as well as repurchase and securities lending agreements , which settle at a future date .', 'at december 31 , 2018 , and 2017 , citigroup had $ 36.1 billion and $ 35.0 billion unsettled reverse repurchase and securities borrowing agreements , respectively , and $ 30.7 billion and $ 19.1 billion unsettled repurchase and securities lending agreements , respectively .', 'for a further discussion of securities purchased under agreements to resell and securities borrowed , and securities sold under agreements to repurchase and securities loaned , including the company 2019s policy for offsetting repurchase and reverse repurchase agreements , see note 11 to the consolidated financial statements. .'] | 0.68851 | C/2018/page_296.pdf-2 | ['credit commitments and lines of credit the table below summarizes citigroup 2019s credit commitments : in millions of dollars u.s .', 'outside of u.s .', 'december 31 , december 31 .'] | ['the majority of unused commitments are contingent upon customers maintaining specific credit standards .', 'commercial commitments generally have floating interest rates and fixed expiration dates and may require payment of fees .', 'such fees ( net of certain direct costs ) are deferred and , upon exercise of the commitment , amortized over the life of the loan or , if exercise is deemed remote , amortized over the commitment period .', 'commercial and similar letters of credit a commercial letter of credit is an instrument by which citigroup substitutes its credit for that of a customer to enable the customer to finance the purchase of goods or to incur other commitments .', 'citigroup issues a letter on behalf of its client to a supplier and agrees to pay the supplier upon presentation of documentary evidence that the supplier has performed in accordance with the terms of the letter of credit .', 'when a letter of credit is drawn , the customer is then required to reimburse citigroup .', 'one- to four-family residential mortgages a one- to four-family residential mortgage commitment is a written confirmation from citigroup to a seller of a property that the bank will advance the specified sums enabling the buyer to complete the purchase .', 'revolving open-end loans secured by one- to four-family residential properties revolving open-end loans secured by one- to four-family residential properties are essentially home equity lines of credit .', 'a home equity line of credit is a loan secured by a primary residence or second home to the extent of the excess of fair market value over the debt outstanding for the first mortgage .', 'commercial real estate , construction and land development commercial real estate , construction and land development include unused portions of commitments to extend credit for the purpose of financing commercial and multifamily residential properties as well as land development projects .', 'both secured-by-real-estate and unsecured commitments are included in this line , as well as undistributed loan proceeds , where there is an obligation to advance for construction progress payments .', 'however , this line only includes those extensions of credit that , once funded , will be classified as total loans , net on the consolidated balance sheet .', 'credit card lines citigroup provides credit to customers by issuing credit cards .', 'the credit card lines are cancelable by providing notice to the cardholder or without such notice as permitted by local law .', 'commercial and other consumer loan commitments commercial and other consumer loan commitments include overdraft and liquidity facilities as well as commercial commitments to make or purchase loans , purchase third-party receivables , provide note issuance or revolving underwriting facilities and invest in the form of equity .', 'other commitments and contingencies other commitments and contingencies include committed or unsettled regular-way reverse repurchase agreements and all other transactions related to commitments and contingencies not reported on the lines above .', 'unsettled reverse repurchase and securities lending agreements and unsettled repurchase and securities borrowing agreements in addition , in the normal course of business , citigroup enters into reverse repurchase and securities borrowing agreements , as well as repurchase and securities lending agreements , which settle at a future date .', 'at december 31 , 2018 , and 2017 , citigroup had $ 36.1 billion and $ 35.0 billion unsettled reverse repurchase and securities borrowing agreements , respectively , and $ 30.7 billion and $ 19.1 billion unsettled repurchase and securities lending agreements , respectively .', 'for a further discussion of securities purchased under agreements to resell and securities borrowed , and securities sold under agreements to repurchase and securities loaned , including the company 2019s policy for offsetting repurchase and reverse repurchase agreements , see note 11 to the consolidated financial statements. .'] | ========================================
• in millions of dollars, u.s ., outside ofu.s ., december 312018, december 31 2017
• commercial and similar letters of credit, $ 823, $ 4638, $ 5461, $ 5000
• one- to four-family residential mortgages, 1056, 1615, 2671, 2674
• revolving open-end loans secured by one- to four-family residential properties, 10019, 1355, 11374, 12323
• commercial real estate construction and land development, 9565, 1728, 11293, 11151
• credit card lines, 605857, 90150, 696007, 678300
• commercial and other consumer loan commitments, 185849, 102918, 288767, 272655
• other commitments and contingencies, 2560, 761, 3321, 3071
• total, $ 815729, $ 203165, $ 1018894, $ 985174
======================================== | divide(678300, 985174) | 0.68851 |
what portion of the beginning balance of accrual for fraud losses is regulated through adjustments? | Background: ['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. .'] | 0.47128 | GPN/2013/page_71.pdf-2 | ['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(31781, 67436) | 0.47128 |
using the above listed average exercise price , what were the value of the put options purchased? | Pre-text: ['underlying physical transaction occurs .', 'we have not qualified commodity derivative instruments used in our osm or rm&t segments for hedge accounting .', 'as a result , we recognize in net income all changes in the fair value of derivative instruments used in those operations .', 'open commodity derivative positions as of december 31 , 2008 and sensitivity analysis at december 31 , 2008 , our e&p segment held open derivative contracts to mitigate the price risk on natural gas held in storage or purchased to be marketed with our own natural gas production in amounts that were in line with normal levels of activity .', 'at december 31 , 2008 , we had no significant open derivative contracts related to our future sales of liquid hydrocarbons and natural gas and therefore remained substantially exposed to market prices of these commodities .', 'the osm segment holds crude oil options which were purchased by western for a three year period ( january 2007 to december 2009 ) .', 'the premiums for the purchased put options had been partially offset through the sale of call options for the same three-year period , resulting in a net premium liability .', 'payment of the net premium liability is deferred until the settlement of the option contracts .', 'as of december 31 , 2008 , the following put and call options were outstanding: .']
######
Table:
• option expiration date, 2009
• option contract volumes ( barrels per day ) :,
• put options purchased, 20000
• call options sold, 15000
• average exercise price ( dollars per barrel ) :,
• put options, $ 50.50
• call options, $ 90.50
######
Follow-up: ['in the first quarter of 2009 , we sold derivative instruments at an average exercise price of $ 50.50 which effectively offset the open put options for the remainder of 2009 .', 'at december 31 , 2008 , the number of open derivative contracts held by our rm&t segment was lower than in previous periods .', 'starting in the second quarter of 2008 , we decreased our use of derivatives to mitigate crude oil price risk between the time that domestic spot crude oil purchases are priced and when they are actually refined into salable petroleum products .', 'instead , we are addressing this price risk through other means , including changes in contractual terms and crude oil acquisition practices .', 'additionally , in previous periods , certain contracts in our rm&t segment for the purchase or sale of commodities were not qualified or designated as normal purchase or normal sales under generally accepted accounting principles and therefore were accounted for as derivative instruments .', 'during the second quarter of 2008 , as we decreased our use of derivatives , we began to designate such contracts for the normal purchase and normal sale exclusion. .'] | 1010000.0 | MRO/2008/page_99.pdf-1 | ['underlying physical transaction occurs .', 'we have not qualified commodity derivative instruments used in our osm or rm&t segments for hedge accounting .', 'as a result , we recognize in net income all changes in the fair value of derivative instruments used in those operations .', 'open commodity derivative positions as of december 31 , 2008 and sensitivity analysis at december 31 , 2008 , our e&p segment held open derivative contracts to mitigate the price risk on natural gas held in storage or purchased to be marketed with our own natural gas production in amounts that were in line with normal levels of activity .', 'at december 31 , 2008 , we had no significant open derivative contracts related to our future sales of liquid hydrocarbons and natural gas and therefore remained substantially exposed to market prices of these commodities .', 'the osm segment holds crude oil options which were purchased by western for a three year period ( january 2007 to december 2009 ) .', 'the premiums for the purchased put options had been partially offset through the sale of call options for the same three-year period , resulting in a net premium liability .', 'payment of the net premium liability is deferred until the settlement of the option contracts .', 'as of december 31 , 2008 , the following put and call options were outstanding: .'] | ['in the first quarter of 2009 , we sold derivative instruments at an average exercise price of $ 50.50 which effectively offset the open put options for the remainder of 2009 .', 'at december 31 , 2008 , the number of open derivative contracts held by our rm&t segment was lower than in previous periods .', 'starting in the second quarter of 2008 , we decreased our use of derivatives to mitigate crude oil price risk between the time that domestic spot crude oil purchases are priced and when they are actually refined into salable petroleum products .', 'instead , we are addressing this price risk through other means , including changes in contractual terms and crude oil acquisition practices .', 'additionally , in previous periods , certain contracts in our rm&t segment for the purchase or sale of commodities were not qualified or designated as normal purchase or normal sales under generally accepted accounting principles and therefore were accounted for as derivative instruments .', 'during the second quarter of 2008 , as we decreased our use of derivatives , we began to designate such contracts for the normal purchase and normal sale exclusion. .'] | • option expiration date, 2009
• option contract volumes ( barrels per day ) :,
• put options purchased, 20000
• call options sold, 15000
• average exercise price ( dollars per barrel ) :,
• put options, $ 50.50
• call options, $ 90.50 | multiply(20000, 50.50) | 1010000.0 |
what portion of company's property is located in united states? | Pre-text: ['item 2 : properties information concerning applied 2019s properties is set forth below: .']
##
Table:
****************************************
• ( square feet in thousands ), united states, other countries, total
• owned, 4530, 2417, 6947
• leased, 1037, 1341, 2378
• total, 5567, 3758, 9325
****************************************
##
Post-table: ['because of the interrelation of applied 2019s operations , properties within a country may be shared by the segments operating within that country .', 'the company 2019s headquarters offices are in santa clara , california .', 'products in semiconductor systems are manufactured in santa clara , california ; austin , texas ; gloucester , massachusetts ; kalispell , montana ; rehovot , israel ; and singapore .', 'remanufactured equipment products in the applied global services segment are produced primarily in austin , texas .', 'products in the display and adjacent markets segment are manufactured in alzenau , germany and tainan , taiwan .', 'other products are manufactured in treviso , italy .', 'applied also owns and leases offices , plants and warehouse locations in many locations throughout the world , including in europe , japan , north america ( principally the united states ) , israel , china , india , korea , southeast asia and taiwan .', 'these facilities are principally used for manufacturing ; research , development and engineering ; and marketing , sales and customer support .', 'applied also owns a total of approximately 269 acres of buildable land in montana , texas , california , israel and italy that could accommodate additional building space .', 'applied considers the properties that it owns or leases as adequate to meet its current and future requirements .', 'applied regularly assesses the size , capability and location of its global infrastructure and periodically makes adjustments based on these assessments. .'] | 0.597 | AMAT/2018/page_31.pdf-3 | ['item 2 : properties information concerning applied 2019s properties is set forth below: .'] | ['because of the interrelation of applied 2019s operations , properties within a country may be shared by the segments operating within that country .', 'the company 2019s headquarters offices are in santa clara , california .', 'products in semiconductor systems are manufactured in santa clara , california ; austin , texas ; gloucester , massachusetts ; kalispell , montana ; rehovot , israel ; and singapore .', 'remanufactured equipment products in the applied global services segment are produced primarily in austin , texas .', 'products in the display and adjacent markets segment are manufactured in alzenau , germany and tainan , taiwan .', 'other products are manufactured in treviso , italy .', 'applied also owns and leases offices , plants and warehouse locations in many locations throughout the world , including in europe , japan , north america ( principally the united states ) , israel , china , india , korea , southeast asia and taiwan .', 'these facilities are principally used for manufacturing ; research , development and engineering ; and marketing , sales and customer support .', 'applied also owns a total of approximately 269 acres of buildable land in montana , texas , california , israel and italy that could accommodate additional building space .', 'applied considers the properties that it owns or leases as adequate to meet its current and future requirements .', 'applied regularly assesses the size , capability and location of its global infrastructure and periodically makes adjustments based on these assessments. .'] | ****************************************
• ( square feet in thousands ), united states, other countries, total
• owned, 4530, 2417, 6947
• leased, 1037, 1341, 2378
• total, 5567, 3758, 9325
**************************************** | divide(5567, 9325) | 0.597 |
what is the percentage change in the balance of the outstanding commercial papers from 2007 to 2008? | Background: ['as described above , the borrowings are extended on a non-recourse basis .', 'as such , there is no credit or market risk exposure to us on the assets , and as a result the terms of the amlf permit exclusion of the assets from regulatory leverage and risk-based capital calculations .', 'the interest rate on the borrowings is set by the federal reserve bank , and we earn net interest revenue by earning a spread on the difference between the yield we earn on the assets and the rate we pay on the borrowings .', 'for 2008 , we earned net interest revenue associated with this facility of approximately $ 68 million .', 'separately , we currently maintain a commercial paper program under which we can issue up to $ 3 billion with original maturities of up to 270 days from the date of issue .', 'at december 31 , 2008 and 2007 , $ 2.59 billion and $ 2.36 billion , respectively , of commercial paper were outstanding .', 'in addition , state street bank currently has board authority to issue bank notes up to an aggregate of $ 5 billion , including up to $ 2.48 billion of senior notes under the fdic 2019s temporary liquidity guarantee program , instituted by the fdic in october 2008 for qualified senior debt issued through june 30 , 2009 , and up to $ 1 billion of subordinated bank notes ( see note 10 ) .', 'at december 31 , 2008 and 2007 , no notes payable were outstanding , and at december 31 , 2008 , all $ 5 billion was available for issuance .', 'state street bank currently maintains a line of credit of cad $ 800 million , or approximately $ 657 million , to support its canadian securities processing operations .', 'the line of credit has no stated termination date and is cancelable by either party with prior notice .', 'at december 31 , 2008 , no balance was due on this line of credit .', 'note 9 .', 'restructuring charges in december 2008 , we implemented a plan to reduce our expenses from operations and support our long- term growth .', 'in connection with this plan , we recorded aggregate restructuring charges of $ 306 million in our consolidated statement of income .', 'the primary component of the plan was an involuntary reduction of approximately 7% ( 7 % ) of our global workforce , which reduction we expect to be substantially completed by the end of the first quarter of 2009 .', 'other components of the plan included costs related to lease and software license terminations , restructuring of agreements with technology providers and other costs .', 'of the aggregate restructuring charges of $ 306 million , $ 243 million related to severance , a portion of which will be paid in a lump sum or over a defined period , and a portion of which will provide related benefits and outplacement services for approximately 2100 employees identified for involuntary termination in connection with the plan ; $ 49 million related to future lease obligations and write-offs of capitalized assets , including $ 23 million for impairment of other intangible assets ; $ 10 million of costs associated with information technology and $ 4 million of other restructuring costs .', 'the severance component included $ 47 million related to accelerated vesting of equity-based compensation .', 'in december 2008 , approximately 620 employees were involuntarily terminated and left state street .', 'the following table presents the activity in the related balance sheet reserve for 2008 .', '( in millions ) severance lease and write-offs information technology other total .']
Tabular Data:
----------------------------------------
( in millions ) severance lease and asset write-offs information technology other total
initial accrual $ 250 $ 42 $ 10 $ 4 $ 306
payments and adjustments -20 ( 20 ) -25 ( 25 ) -10 ( 10 ) -1 ( 1 ) -56 ( 56 )
balance at december 31 2008 $ 230 $ 17 2014 $ 3 $ 250
----------------------------------------
Additional Information: ['.'] | 0.09746 | STT/2008/page_109.pdf-4 | ['as described above , the borrowings are extended on a non-recourse basis .', 'as such , there is no credit or market risk exposure to us on the assets , and as a result the terms of the amlf permit exclusion of the assets from regulatory leverage and risk-based capital calculations .', 'the interest rate on the borrowings is set by the federal reserve bank , and we earn net interest revenue by earning a spread on the difference between the yield we earn on the assets and the rate we pay on the borrowings .', 'for 2008 , we earned net interest revenue associated with this facility of approximately $ 68 million .', 'separately , we currently maintain a commercial paper program under which we can issue up to $ 3 billion with original maturities of up to 270 days from the date of issue .', 'at december 31 , 2008 and 2007 , $ 2.59 billion and $ 2.36 billion , respectively , of commercial paper were outstanding .', 'in addition , state street bank currently has board authority to issue bank notes up to an aggregate of $ 5 billion , including up to $ 2.48 billion of senior notes under the fdic 2019s temporary liquidity guarantee program , instituted by the fdic in october 2008 for qualified senior debt issued through june 30 , 2009 , and up to $ 1 billion of subordinated bank notes ( see note 10 ) .', 'at december 31 , 2008 and 2007 , no notes payable were outstanding , and at december 31 , 2008 , all $ 5 billion was available for issuance .', 'state street bank currently maintains a line of credit of cad $ 800 million , or approximately $ 657 million , to support its canadian securities processing operations .', 'the line of credit has no stated termination date and is cancelable by either party with prior notice .', 'at december 31 , 2008 , no balance was due on this line of credit .', 'note 9 .', 'restructuring charges in december 2008 , we implemented a plan to reduce our expenses from operations and support our long- term growth .', 'in connection with this plan , we recorded aggregate restructuring charges of $ 306 million in our consolidated statement of income .', 'the primary component of the plan was an involuntary reduction of approximately 7% ( 7 % ) of our global workforce , which reduction we expect to be substantially completed by the end of the first quarter of 2009 .', 'other components of the plan included costs related to lease and software license terminations , restructuring of agreements with technology providers and other costs .', 'of the aggregate restructuring charges of $ 306 million , $ 243 million related to severance , a portion of which will be paid in a lump sum or over a defined period , and a portion of which will provide related benefits and outplacement services for approximately 2100 employees identified for involuntary termination in connection with the plan ; $ 49 million related to future lease obligations and write-offs of capitalized assets , including $ 23 million for impairment of other intangible assets ; $ 10 million of costs associated with information technology and $ 4 million of other restructuring costs .', 'the severance component included $ 47 million related to accelerated vesting of equity-based compensation .', 'in december 2008 , approximately 620 employees were involuntarily terminated and left state street .', 'the following table presents the activity in the related balance sheet reserve for 2008 .', '( in millions ) severance lease and write-offs information technology other total .'] | ['.'] | ----------------------------------------
( in millions ) severance lease and asset write-offs information technology other total
initial accrual $ 250 $ 42 $ 10 $ 4 $ 306
payments and adjustments -20 ( 20 ) -25 ( 25 ) -10 ( 10 ) -1 ( 1 ) -56 ( 56 )
balance at december 31 2008 $ 230 $ 17 2014 $ 3 $ 250
---------------------------------------- | subtract(2.59, 2.36), divide(#0, 2.36) | 0.09746 |
what was the percentage change in free cash flow from 2014 to 2015? | Pre-text: ['to , rather than as a substitute for , cash provided by operating activities .', 'the following table reconciles cash provided by operating activities ( gaap measure ) to free cash flow ( non-gaap measure ) : .']
----------
Tabular Data:
========================================
millions | 2015 | 2014 | 2013
----------|----------|----------|----------
cash provided by operating activities | $ 7344 | $ 7385 | $ 6823
cash used in investing activities | -4476 ( 4476 ) | -4249 ( 4249 ) | -3405 ( 3405 )
dividends paid | -2344 ( 2344 ) | -1632 ( 1632 ) | -1333 ( 1333 )
free cash flow | $ 524 | $ 1504 | $ 2085
========================================
----------
Additional Information: ['2016 outlook f0b7 safety 2013 operating a safe railroad benefits all our constituents : our employees , customers , shareholders and the communities we serve .', 'we will continue using a multi-faceted approach to safety , utilizing technology , risk assessment , quality control , training and employee engagement , and targeted capital investments .', 'we will continue using and expanding the deployment of total safety culture and courage to care throughout our operations , which allows us to identify and implement best practices for employee and operational safety .', 'we will continue our efforts to increase detection of rail defects ; improve or close crossings ; and educate the public and law enforcement agencies about crossing safety through a combination of our own programs ( including risk assessment strategies ) , industry programs and local community activities across our network .', 'f0b7 network operations 2013 in 2016 , we will continue to align resources with customer demand , continue to improve network performance , and maintain our surge capability .', 'f0b7 fuel prices 2013 with the dramatic drop in fuel prices during 2015 , fuel price projections continue to be uncertain in the current environment .', 'we again could see volatile fuel prices during the year , as they are sensitive to global and u.s .', 'domestic demand , refining capacity , geopolitical events , weather conditions and other factors .', 'as prices fluctuate , there will be a timing impact on earnings , as our fuel surcharge programs trail fluctuations in fuel price by approximately two months .', 'continuing lower fuel prices could have a positive impact on the economy by increasing consumer discretionary spending that potentially could increase demand for various consumer products that we transport .', 'alternatively , lower fuel prices will likely have a negative impact on other commodities such as coal , frac sand and crude oil shipments .', 'f0b7 capital plan 2013 in 2016 , we expect our capital plan to be approximately $ 3.75 billion , including expenditures for ptc , 230 locomotives and 450 freight cars .', 'the capital plan may be revised if business conditions warrant or if new laws or regulations affect our ability to generate sufficient returns on these investments .', '( see further discussion in this item 7 under liquidity and capital resources 2013 capital plan. ) f0b7 financial expectations 2013 economic conditions in many of our market sectors continue to drive uncertainty with respect to our volume levels .', 'we expect volumes to be down slightly in 2016 compared to 2015 , but will depend on the overall economy and market conditions .', 'the strong u.s .', 'dollar and historic low commodity prices could also drive continued volatility .', 'one of the biggest uncertainties is the outlook for energy markets , which will bring both challenges and opportunities .', 'in the current environment , we expect continued margin improvement driven by continued pricing opportunities , ongoing productivity initiatives , and the ability to leverage our resources and strengthen our franchise .', 'over the longer term , we expect the overall u.s .', 'economy to continue to improve at a modest pace , with some markets outperforming others. .'] | -0.6516 | UNP/2015/page_24.pdf-3 | ['to , rather than as a substitute for , cash provided by operating activities .', 'the following table reconciles cash provided by operating activities ( gaap measure ) to free cash flow ( non-gaap measure ) : .'] | ['2016 outlook f0b7 safety 2013 operating a safe railroad benefits all our constituents : our employees , customers , shareholders and the communities we serve .', 'we will continue using a multi-faceted approach to safety , utilizing technology , risk assessment , quality control , training and employee engagement , and targeted capital investments .', 'we will continue using and expanding the deployment of total safety culture and courage to care throughout our operations , which allows us to identify and implement best practices for employee and operational safety .', 'we will continue our efforts to increase detection of rail defects ; improve or close crossings ; and educate the public and law enforcement agencies about crossing safety through a combination of our own programs ( including risk assessment strategies ) , industry programs and local community activities across our network .', 'f0b7 network operations 2013 in 2016 , we will continue to align resources with customer demand , continue to improve network performance , and maintain our surge capability .', 'f0b7 fuel prices 2013 with the dramatic drop in fuel prices during 2015 , fuel price projections continue to be uncertain in the current environment .', 'we again could see volatile fuel prices during the year , as they are sensitive to global and u.s .', 'domestic demand , refining capacity , geopolitical events , weather conditions and other factors .', 'as prices fluctuate , there will be a timing impact on earnings , as our fuel surcharge programs trail fluctuations in fuel price by approximately two months .', 'continuing lower fuel prices could have a positive impact on the economy by increasing consumer discretionary spending that potentially could increase demand for various consumer products that we transport .', 'alternatively , lower fuel prices will likely have a negative impact on other commodities such as coal , frac sand and crude oil shipments .', 'f0b7 capital plan 2013 in 2016 , we expect our capital plan to be approximately $ 3.75 billion , including expenditures for ptc , 230 locomotives and 450 freight cars .', 'the capital plan may be revised if business conditions warrant or if new laws or regulations affect our ability to generate sufficient returns on these investments .', '( see further discussion in this item 7 under liquidity and capital resources 2013 capital plan. ) f0b7 financial expectations 2013 economic conditions in many of our market sectors continue to drive uncertainty with respect to our volume levels .', 'we expect volumes to be down slightly in 2016 compared to 2015 , but will depend on the overall economy and market conditions .', 'the strong u.s .', 'dollar and historic low commodity prices could also drive continued volatility .', 'one of the biggest uncertainties is the outlook for energy markets , which will bring both challenges and opportunities .', 'in the current environment , we expect continued margin improvement driven by continued pricing opportunities , ongoing productivity initiatives , and the ability to leverage our resources and strengthen our franchise .', 'over the longer term , we expect the overall u.s .', 'economy to continue to improve at a modest pace , with some markets outperforming others. .'] | ========================================
millions | 2015 | 2014 | 2013
----------|----------|----------|----------
cash provided by operating activities | $ 7344 | $ 7385 | $ 6823
cash used in investing activities | -4476 ( 4476 ) | -4249 ( 4249 ) | -3405 ( 3405 )
dividends paid | -2344 ( 2344 ) | -1632 ( 1632 ) | -1333 ( 1333 )
free cash flow | $ 524 | $ 1504 | $ 2085
======================================== | subtract(524, 1504), divide(#0, 1504) | -0.6516 |
what are the total pre-tax catastrophe losses in the last two years? | Background: ['taxes .', 'if group or its bermuda subsidiaries were to become subject to u.s .', 'income tax ; there could be a material adverse effect on the company 2019s financial condition , results of operations and cash flows .', '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 .', 'available information the company 2019s annual reports on form 10-k , quarterly reports on form 10-q , current reports on form 8-k , proxy state- ments 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 ) .', 'i t e m 1 a .', 'r i s k f a c t o r s 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 , finan- cial condition and results of operations could be materially and adversely affected and the trading price of our common shares could decline significantly .', 'r i s k s r e l a t i n g t o o u r b u s i n e s s 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 .', 'we define a catastrophe as an event that causes a pre-tax loss on property exposures before reinsurance of at least $ 5.0 million , before corporate level rein- surance and taxes .', 'effective for the third quarter 2005 , industrial risk losses have been excluded from catastrophe losses , with prior periods adjusted for comparison purposes .', '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: .']
Table:
****************************************
• calendar year, calendar year,
• 2006, $ 287.9, million
• 2005, $ 1485.7, million
• 2004, $ 390.0, million
• 2003, $ 35.0, million
• 2002, $ 30.0, million
****************************************
Additional Information: ['our losses from future catastrophic events could exceed our projections .', 'we use projections of possible losses from future catastrophic events of varying types and magnitudes as a strategic under- writing tool .', 'we use these loss projections to estimate our potential catastrophe losses in certain geographic areas and decide on the purchase of retrocessional coverage or other actions to limit the extent of potential losses in a given geographic area .', 'these loss projections are approximations reliant on a mix of quantitative and qualitative processes and actual losses may exceed the projections by a material amount .', 'we focus on potential losses that can be generated by any single event as part of our evaluation and monitoring of our aggre- gate exposure to catastrophic events .', 'accordingly , we employ various techniques to estimate the amount of loss we could sustain from any single catastrophic event in various geographical areas .', 'these techniques range from non-modeled deterministic approaches 2014such as tracking aggregate limits exposed in catastrophe-prone zones and applying historic dam- age factors 2014to modeled approaches that scientifically measure catastrophe risks using sophisticated monte carlo simulation techniques that provide insights into the frequency and severity of expected losses on a probabilistic basis .', 'if our loss reserves are inadequate to meet our actual losses , net income would be reduced or we could incur a loss .', 'we are required to maintain reserves to cover our estimated ultimate liability of losses and loss adjustment expenses for both reported and unreported claims incurred .', 'these reserves are only estimates of what we believe the settlement and adminis- tration of claims will cost based on facts and circumstances known to us .', 'in setting reserves for our reinsurance liabilities , we rely on claim data supplied by our ceding companies and brokers and we employ actuarial and statistical projections .', 'the information received from our ceding companies is not always timely or accurate , which can contribute to inaccuracies in our 81790fin_a 4/13/07 11:08 am page 23 http://www.everestre.com .'] | 1773.6 | RE/2006/page_39.pdf-1 | ['taxes .', 'if group or its bermuda subsidiaries were to become subject to u.s .', 'income tax ; there could be a material adverse effect on the company 2019s financial condition , results of operations and cash flows .', '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 .', 'available information the company 2019s annual reports on form 10-k , quarterly reports on form 10-q , current reports on form 8-k , proxy state- ments 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 ) .', 'i t e m 1 a .', 'r i s k f a c t o r s 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 , finan- cial condition and results of operations could be materially and adversely affected and the trading price of our common shares could decline significantly .', 'r i s k s r e l a t i n g t o o u r b u s i n e s s 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 .', 'we define a catastrophe as an event that causes a pre-tax loss on property exposures before reinsurance of at least $ 5.0 million , before corporate level rein- surance and taxes .', 'effective for the third quarter 2005 , industrial risk losses have been excluded from catastrophe losses , with prior periods adjusted for comparison purposes .', '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: .'] | ['our losses from future catastrophic events could exceed our projections .', 'we use projections of possible losses from future catastrophic events of varying types and magnitudes as a strategic under- writing tool .', 'we use these loss projections to estimate our potential catastrophe losses in certain geographic areas and decide on the purchase of retrocessional coverage or other actions to limit the extent of potential losses in a given geographic area .', 'these loss projections are approximations reliant on a mix of quantitative and qualitative processes and actual losses may exceed the projections by a material amount .', 'we focus on potential losses that can be generated by any single event as part of our evaluation and monitoring of our aggre- gate exposure to catastrophic events .', 'accordingly , we employ various techniques to estimate the amount of loss we could sustain from any single catastrophic event in various geographical areas .', 'these techniques range from non-modeled deterministic approaches 2014such as tracking aggregate limits exposed in catastrophe-prone zones and applying historic dam- age factors 2014to modeled approaches that scientifically measure catastrophe risks using sophisticated monte carlo simulation techniques that provide insights into the frequency and severity of expected losses on a probabilistic basis .', 'if our loss reserves are inadequate to meet our actual losses , net income would be reduced or we could incur a loss .', 'we are required to maintain reserves to cover our estimated ultimate liability of losses and loss adjustment expenses for both reported and unreported claims incurred .', 'these reserves are only estimates of what we believe the settlement and adminis- tration of claims will cost based on facts and circumstances known to us .', 'in setting reserves for our reinsurance liabilities , we rely on claim data supplied by our ceding companies and brokers and we employ actuarial and statistical projections .', 'the information received from our ceding companies is not always timely or accurate , which can contribute to inaccuracies in our 81790fin_a 4/13/07 11:08 am page 23 http://www.everestre.com .'] | ****************************************
• calendar year, calendar year,
• 2006, $ 287.9, million
• 2005, $ 1485.7, million
• 2004, $ 390.0, million
• 2003, $ 35.0, million
• 2002, $ 30.0, million
**************************************** | add(287.9, 1485.7) | 1773.6 |
for net cash provided by operating activities in 2013 , how much was lost due to the decrease in net income? | Pre-text: ['management 2019s discussion and analysis of financial condition and results of operations 2013 ( continued ) ( amounts in millions , except per share amounts ) corporate and other expenses decreased slightly during 2012 by $ 4.7 to $ 137.3 compared to 2011 , primarily due to lower office and general expenses , partially offset by an increase in temporary help to support our information-technology system-upgrade initiatives .', 'liquidity and capital resources cash flow overview the following tables summarize key financial data relating to our liquidity , capital resources and uses of capital. .']
Tabular Data:
cash flow data | years ended december 31 , 2013 | years ended december 31 , 2012 | years ended december 31 , 2011
net income adjusted to reconcile net income to net cashprovided by operating activities1 | $ 598.4 | $ 697.2 | $ 735.7
net cash used in working capital b2 | -9.6 ( 9.6 ) | -293.2 ( 293.2 ) | -359.4 ( 359.4 )
changes in other non-current assets and liabilities using cash | 4.1 | -46.8 ( 46.8 ) | -102.8 ( 102.8 )
net cash provided by operating activities | $ 592.9 | $ 357.2 | $ 273.5
net cash used in investing activities | -224.5 ( 224.5 ) | -210.2 ( 210.2 ) | -58.8 ( 58.8 )
net cash ( used in ) provided by financing activities | -1212.3 ( 1212.3 ) | 131.3 | -541.0 ( 541.0 )
Post-table: ['1 reflects net income adjusted primarily for depreciation and amortization of fixed assets and intangible assets , amortization of restricted stock and other non-cash compensation , non-cash loss related to early extinguishment of debt , and deferred income taxes .', '2 reflects changes in accounts receivable , expenditures billable to clients , other current assets , accounts payable and accrued liabilities .', 'operating activities net cash provided by operating activities during 2013 was $ 592.9 , which was an increase of $ 235.7 as compared to 2012 , primarily as a result of an improvement in working capital usage of $ 283.6 , offset by a decrease in net income .', 'due to the seasonality of our business , we typically generate cash from working capital in the second half of a year and use cash from working capital in the first half of a year , with the largest impacts in the first and fourth quarters .', 'the improvement in working capital in 2013 was impacted by our media businesses and an ongoing focus on working capital management at our agencies .', 'net cash provided by operating activities during 2012 was $ 357.2 , which was an increase of $ 83.7 as compared to 2011 , primarily as a result of a decrease in working capital usage of $ 66.2 .', 'the net working capital usage in 2012 was primarily impacted by our media businesses .', 'the timing of media buying on behalf of our clients affects our working capital and operating cash flow .', 'in most of our businesses , our agencies enter into commitments to pay production and media costs on behalf of clients .', 'to the extent possible we pay production and media charges after we have received funds from our clients .', 'the amounts involved substantially exceed our revenues , and primarily affect the level of accounts receivable , expenditures billable to clients , accounts payable and accrued liabilities .', 'our assets include both cash received and accounts receivable from clients for these pass-through arrangements , while our liabilities include amounts owed on behalf of clients to media and production suppliers .', 'our accrued liabilities are also affected by the timing of certain other payments .', 'for example , while annual cash incentive awards are accrued throughout the year , they are generally paid during the first quarter of the subsequent year .', 'investing activities net cash used in investing activities during 2013 primarily relates to payments for capital expenditures and acquisitions .', 'capital expenditures of $ 173.0 relate primarily to computer hardware and software and leasehold improvements .', 'we made payments of $ 61.5 related to acquisitions completed during 2013. .'] | 47.9 | IPG/2013/page_35.pdf-3 | ['management 2019s discussion and analysis of financial condition and results of operations 2013 ( continued ) ( amounts in millions , except per share amounts ) corporate and other expenses decreased slightly during 2012 by $ 4.7 to $ 137.3 compared to 2011 , primarily due to lower office and general expenses , partially offset by an increase in temporary help to support our information-technology system-upgrade initiatives .', 'liquidity and capital resources cash flow overview the following tables summarize key financial data relating to our liquidity , capital resources and uses of capital. .'] | ['1 reflects net income adjusted primarily for depreciation and amortization of fixed assets and intangible assets , amortization of restricted stock and other non-cash compensation , non-cash loss related to early extinguishment of debt , and deferred income taxes .', '2 reflects changes in accounts receivable , expenditures billable to clients , other current assets , accounts payable and accrued liabilities .', 'operating activities net cash provided by operating activities during 2013 was $ 592.9 , which was an increase of $ 235.7 as compared to 2012 , primarily as a result of an improvement in working capital usage of $ 283.6 , offset by a decrease in net income .', 'due to the seasonality of our business , we typically generate cash from working capital in the second half of a year and use cash from working capital in the first half of a year , with the largest impacts in the first and fourth quarters .', 'the improvement in working capital in 2013 was impacted by our media businesses and an ongoing focus on working capital management at our agencies .', 'net cash provided by operating activities during 2012 was $ 357.2 , which was an increase of $ 83.7 as compared to 2011 , primarily as a result of a decrease in working capital usage of $ 66.2 .', 'the net working capital usage in 2012 was primarily impacted by our media businesses .', 'the timing of media buying on behalf of our clients affects our working capital and operating cash flow .', 'in most of our businesses , our agencies enter into commitments to pay production and media costs on behalf of clients .', 'to the extent possible we pay production and media charges after we have received funds from our clients .', 'the amounts involved substantially exceed our revenues , and primarily affect the level of accounts receivable , expenditures billable to clients , accounts payable and accrued liabilities .', 'our assets include both cash received and accounts receivable from clients for these pass-through arrangements , while our liabilities include amounts owed on behalf of clients to media and production suppliers .', 'our accrued liabilities are also affected by the timing of certain other payments .', 'for example , while annual cash incentive awards are accrued throughout the year , they are generally paid during the first quarter of the subsequent year .', 'investing activities net cash used in investing activities during 2013 primarily relates to payments for capital expenditures and acquisitions .', 'capital expenditures of $ 173.0 relate primarily to computer hardware and software and leasehold improvements .', 'we made payments of $ 61.5 related to acquisitions completed during 2013. .'] | cash flow data | years ended december 31 , 2013 | years ended december 31 , 2012 | years ended december 31 , 2011
net income adjusted to reconcile net income to net cashprovided by operating activities1 | $ 598.4 | $ 697.2 | $ 735.7
net cash used in working capital b2 | -9.6 ( 9.6 ) | -293.2 ( 293.2 ) | -359.4 ( 359.4 )
changes in other non-current assets and liabilities using cash | 4.1 | -46.8 ( 46.8 ) | -102.8 ( 102.8 )
net cash provided by operating activities | $ 592.9 | $ 357.2 | $ 273.5
net cash used in investing activities | -224.5 ( 224.5 ) | -210.2 ( 210.2 ) | -58.8 ( 58.8 )
net cash ( used in ) provided by financing activities | -1212.3 ( 1212.3 ) | 131.3 | -541.0 ( 541.0 ) | subtract(283.6, 235.7) | 47.9 |
what percentage of total scheduled maturities of long term debt are due in 2019? | Background: ['be adjusted by reference to a grid ( the 201cpricing grid 201d ) based on the consolidated leverage ratio and ranges between 1.00% ( 1.00 % ) to 1.25% ( 1.25 % ) for adjusted libor loans and 0.00% ( 0.00 % ) to 0.25% ( 0.25 % ) for alternate base rate loans .', 'the weighted average interest rate under the outstanding term loans and revolving credit facility borrowings was 1.6% ( 1.6 % ) and 1.3% ( 1.3 % ) during the years ended december 31 , 2016 and 2015 , respectively .', 'the company pays a commitment fee on the average daily unused amount of the revolving credit facility and certain fees with respect to letters of credit .', 'as of december 31 , 2016 , the commitment fee was 15.0 basis points .', 'since inception , the company incurred and deferred $ 3.9 million in financing costs in connection with the credit agreement .', '3.250% ( 3.250 % ) senior notes in june 2016 , the company issued $ 600.0 million aggregate principal amount of 3.250% ( 3.250 % ) senior unsecured notes due june 15 , 2026 ( the 201cnotes 201d ) .', 'the proceeds were used to pay down amounts outstanding under the revolving credit facility .', 'interest is payable semi-annually on june 15 and december 15 beginning december 15 , 2016 .', 'prior to march 15 , 2026 ( three months prior to the maturity date of the notes ) , the company may redeem some or all of the notes at any time or from time to time at a redemption price equal to the greater of 100% ( 100 % ) of the principal amount of the notes to be redeemed or a 201cmake-whole 201d amount applicable to such notes as described in the indenture governing the notes , plus accrued and unpaid interest to , but excluding , the redemption date .', 'on or after march 15 , 2026 ( three months prior to the maturity date of the notes ) , the company may redeem some or all of the notes at any time or from time to time at a redemption price equal to 100% ( 100 % ) of the principal amount of the notes to be redeemed , plus accrued and unpaid interest to , but excluding , the redemption date .', 'the indenture governing the notes contains covenants , including limitations that restrict the company 2019s ability and the ability of certain of its subsidiaries to create or incur secured indebtedness and enter into sale and leaseback transactions and the company 2019s ability to consolidate , merge or transfer all or substantially all of its properties or assets to another person , in each case subject to material exceptions described in the indenture .', 'the company incurred and deferred $ 5.3 million in financing costs in connection with the notes .', 'other long term debt in december 2012 , the company entered into a $ 50.0 million recourse loan collateralized by the land , buildings and tenant improvements comprising the company 2019s corporate headquarters .', 'the loan has a seven year term and maturity date of december 2019 .', 'the loan bears interest at one month libor plus a margin of 1.50% ( 1.50 % ) , and allows for prepayment without penalty .', 'the loan includes covenants and events of default substantially consistent with the company 2019s credit agreement discussed above .', 'the loan also requires prior approval of the lender for certain matters related to the property , including transfers of any interest in the property .', 'as of december 31 , 2016 and 2015 , the outstanding balance on the loan was $ 42.0 million and $ 44.0 million , respectively .', 'the weighted average interest rate on the loan was 2.0% ( 2.0 % ) and 1.7% ( 1.7 % ) for the years ended december 31 , 2016 and 2015 , respectively .', 'the following are the scheduled maturities of long term debt as of december 31 , 2016 : ( in thousands ) .']
------
Tabular Data:
========================================
Row 1: 2017, $ 27000
Row 2: 2018, 27000
Row 3: 2019, 63000
Row 4: 2020, 25000
Row 5: 2021, 86250
Row 6: 2022 and thereafter, 600000
Row 7: total scheduled maturities of long term debt, $ 828250
Row 8: current maturities of long term debt, $ 27000
========================================
------
Post-table: ['.'] | 0.07606 | UAA/2016/page_81.pdf-1 | ['be adjusted by reference to a grid ( the 201cpricing grid 201d ) based on the consolidated leverage ratio and ranges between 1.00% ( 1.00 % ) to 1.25% ( 1.25 % ) for adjusted libor loans and 0.00% ( 0.00 % ) to 0.25% ( 0.25 % ) for alternate base rate loans .', 'the weighted average interest rate under the outstanding term loans and revolving credit facility borrowings was 1.6% ( 1.6 % ) and 1.3% ( 1.3 % ) during the years ended december 31 , 2016 and 2015 , respectively .', 'the company pays a commitment fee on the average daily unused amount of the revolving credit facility and certain fees with respect to letters of credit .', 'as of december 31 , 2016 , the commitment fee was 15.0 basis points .', 'since inception , the company incurred and deferred $ 3.9 million in financing costs in connection with the credit agreement .', '3.250% ( 3.250 % ) senior notes in june 2016 , the company issued $ 600.0 million aggregate principal amount of 3.250% ( 3.250 % ) senior unsecured notes due june 15 , 2026 ( the 201cnotes 201d ) .', 'the proceeds were used to pay down amounts outstanding under the revolving credit facility .', 'interest is payable semi-annually on june 15 and december 15 beginning december 15 , 2016 .', 'prior to march 15 , 2026 ( three months prior to the maturity date of the notes ) , the company may redeem some or all of the notes at any time or from time to time at a redemption price equal to the greater of 100% ( 100 % ) of the principal amount of the notes to be redeemed or a 201cmake-whole 201d amount applicable to such notes as described in the indenture governing the notes , plus accrued and unpaid interest to , but excluding , the redemption date .', 'on or after march 15 , 2026 ( three months prior to the maturity date of the notes ) , the company may redeem some or all of the notes at any time or from time to time at a redemption price equal to 100% ( 100 % ) of the principal amount of the notes to be redeemed , plus accrued and unpaid interest to , but excluding , the redemption date .', 'the indenture governing the notes contains covenants , including limitations that restrict the company 2019s ability and the ability of certain of its subsidiaries to create or incur secured indebtedness and enter into sale and leaseback transactions and the company 2019s ability to consolidate , merge or transfer all or substantially all of its properties or assets to another person , in each case subject to material exceptions described in the indenture .', 'the company incurred and deferred $ 5.3 million in financing costs in connection with the notes .', 'other long term debt in december 2012 , the company entered into a $ 50.0 million recourse loan collateralized by the land , buildings and tenant improvements comprising the company 2019s corporate headquarters .', 'the loan has a seven year term and maturity date of december 2019 .', 'the loan bears interest at one month libor plus a margin of 1.50% ( 1.50 % ) , and allows for prepayment without penalty .', 'the loan includes covenants and events of default substantially consistent with the company 2019s credit agreement discussed above .', 'the loan also requires prior approval of the lender for certain matters related to the property , including transfers of any interest in the property .', 'as of december 31 , 2016 and 2015 , the outstanding balance on the loan was $ 42.0 million and $ 44.0 million , respectively .', 'the weighted average interest rate on the loan was 2.0% ( 2.0 % ) and 1.7% ( 1.7 % ) for the years ended december 31 , 2016 and 2015 , respectively .', 'the following are the scheduled maturities of long term debt as of december 31 , 2016 : ( in thousands ) .'] | ['.'] | ========================================
Row 1: 2017, $ 27000
Row 2: 2018, 27000
Row 3: 2019, 63000
Row 4: 2020, 25000
Row 5: 2021, 86250
Row 6: 2022 and thereafter, 600000
Row 7: total scheduled maturities of long term debt, $ 828250
Row 8: current maturities of long term debt, $ 27000
======================================== | divide(63000, 828250) | 0.07606 |
what was the percentage increase in the cash and cash equivalents from 2005 to 2006 | Pre-text: ['note 9 .', 'retirement plan we maintain a defined contribution pension plan covering full-time shoreside employees who have completed the minimum period of continuous service .', 'annual contributions to the plan are based on fixed percentages of participants 2019 salaries and years of service , not to exceed certain maximums .', 'pension cost was $ 13.9 million , $ 12.8 million and $ 12.2 million for the years ended december 31 , 2006 , 2005 and 2004 , respectively .', 'note 10 .', 'income taxes we and the majority of our subsidiaries are currently exempt from united states corporate tax on income from the international opera- tion of ships pursuant to section 883 of the internal revenue code .', 'income tax expense related to our remaining subsidiaries was not significant for the years ended december 31 , 2006 , 2005 and 2004 .', 'final regulations under section 883 were published on august 26 , 2003 , and were effective for the year ended december 31 , 2005 .', 'these regulations confirmed that we qualify for the exemption provid- ed by section 883 , but also narrowed the scope of activities which are considered by the internal revenue service to be incidental to the international operation of ships .', 'the activities listed in the regula- tions as not being incidental to the international operation of ships include income from the sale of air and other transportation such as transfers , shore excursions and pre and post cruise tours .', 'to the extent the income from such activities is earned from sources within the united states , such income will be subject to united states taxa- tion .', 'the application of these new regulations reduced our net income for the years ended december 31 , 2006 and december 31 , 2005 by approximately $ 6.3 million and $ 14.0 million , respectively .', 'note 11 .', 'financial instruments the estimated fair values of our financial instruments are as follows ( in thousands ) : .']
Tabular Data:
----------------------------------------
, 2006, 2005
cash and cash equivalents, $ 104520, $ 125385
long-term debt ( including current portion of long-term debt ), -5474988 ( 5474988 ), -4368874 ( 4368874 )
foreign currency forward contracts in a net ( loss ) gain position, 104159, -115415 ( 115415 )
interest rate swap agreements in a net receivable position, 5856, 8456
fuel swap agreements in a net payable position, -20456 ( 20456 ), -78 ( 78 )
----------------------------------------
Additional Information: ['long-term debt ( including current portion of long-term debt ) ( 5474988 ) ( 4368874 ) foreign currency forward contracts in a net ( loss ) gain position 104159 ( 115415 ) interest rate swap agreements in a net receivable position 5856 8456 fuel swap agreements in a net payable position ( 20456 ) ( 78 ) the reported fair values are based on a variety of factors and assumptions .', 'accordingly , the fair values may not represent actual values of the financial instruments that could have been realized as of december 31 , 2006 or 2005 , or that will be realized in the future and do not include expenses that could be incurred in an actual sale or settlement .', 'our financial instruments are not held for trading or speculative purposes .', 'our exposure under foreign currency contracts , interest rate and fuel swap agreements is limited to the cost of replacing the contracts in the event of non-performance by the counterparties to the contracts , all of which are currently our lending banks .', 'to minimize this risk , we select counterparties with credit risks acceptable to us and we limit our exposure to an individual counterparty .', 'furthermore , all foreign currency forward contracts are denominated in primary currencies .', 'cash and cash equivalents the carrying amounts of cash and cash equivalents approximate their fair values due to the short maturity of these instruments .', 'long-term debt the fair values of our senior notes and senior debentures were esti- mated by obtaining quoted market prices .', 'the fair values of all other debt were estimated using discounted cash flow analyses based on market rates available to us for similar debt with the same remaining maturities .', 'foreign currency contracts the fair values of our foreign currency forward contracts were esti- mated using current market prices for similar instruments .', 'our expo- sure to market risk for fluctuations in foreign currency exchange rates relates to six ship construction contracts and forecasted transactions .', 'we use foreign currency forward contracts to mitigate the impact of fluctuations in foreign currency exchange rates .', 'as of december 31 , 2006 , we had foreign currency forward contracts in a notional amount of $ 3.8 billion maturing through 2009 .', 'as of december 31 , 2006 , the fair value of our foreign currency forward contracts related to the six ship construction contracts , which are designated as fair value hedges , was a net unrealized gain of approximately $ 106.3 mil- lion .', 'at december 31 , 2005 , the fair value of our foreign currency for- ward contracts related to three ship construction contracts , designated as fair value hedges , was a net unrealized loss of approx- imately $ 103.4 million .', 'the fair value of our foreign currency forward contracts related to the other ship construction contract at december 31 , 2005 , which was designated as a cash flow hedge , was an unre- alized loss , of approximately $ 7.8 million .', 'at december 31 , 2006 , approximately 11% ( 11 % ) of the aggregate cost of the ships was exposed to fluctuations in the euro exchange rate .', 'r o y a l c a r i b b e a n c r u i s e s l t d .', '3 5 notes to the consolidated financial statements ( continued ) 51392_financials-v9.qxp 6/7/07 3:40 pm page 35 .'] | -0.16641 | RCL/2006/page_37.pdf-2 | ['note 9 .', 'retirement plan we maintain a defined contribution pension plan covering full-time shoreside employees who have completed the minimum period of continuous service .', 'annual contributions to the plan are based on fixed percentages of participants 2019 salaries and years of service , not to exceed certain maximums .', 'pension cost was $ 13.9 million , $ 12.8 million and $ 12.2 million for the years ended december 31 , 2006 , 2005 and 2004 , respectively .', 'note 10 .', 'income taxes we and the majority of our subsidiaries are currently exempt from united states corporate tax on income from the international opera- tion of ships pursuant to section 883 of the internal revenue code .', 'income tax expense related to our remaining subsidiaries was not significant for the years ended december 31 , 2006 , 2005 and 2004 .', 'final regulations under section 883 were published on august 26 , 2003 , and were effective for the year ended december 31 , 2005 .', 'these regulations confirmed that we qualify for the exemption provid- ed by section 883 , but also narrowed the scope of activities which are considered by the internal revenue service to be incidental to the international operation of ships .', 'the activities listed in the regula- tions as not being incidental to the international operation of ships include income from the sale of air and other transportation such as transfers , shore excursions and pre and post cruise tours .', 'to the extent the income from such activities is earned from sources within the united states , such income will be subject to united states taxa- tion .', 'the application of these new regulations reduced our net income for the years ended december 31 , 2006 and december 31 , 2005 by approximately $ 6.3 million and $ 14.0 million , respectively .', 'note 11 .', 'financial instruments the estimated fair values of our financial instruments are as follows ( in thousands ) : .'] | ['long-term debt ( including current portion of long-term debt ) ( 5474988 ) ( 4368874 ) foreign currency forward contracts in a net ( loss ) gain position 104159 ( 115415 ) interest rate swap agreements in a net receivable position 5856 8456 fuel swap agreements in a net payable position ( 20456 ) ( 78 ) the reported fair values are based on a variety of factors and assumptions .', 'accordingly , the fair values may not represent actual values of the financial instruments that could have been realized as of december 31 , 2006 or 2005 , or that will be realized in the future and do not include expenses that could be incurred in an actual sale or settlement .', 'our financial instruments are not held for trading or speculative purposes .', 'our exposure under foreign currency contracts , interest rate and fuel swap agreements is limited to the cost of replacing the contracts in the event of non-performance by the counterparties to the contracts , all of which are currently our lending banks .', 'to minimize this risk , we select counterparties with credit risks acceptable to us and we limit our exposure to an individual counterparty .', 'furthermore , all foreign currency forward contracts are denominated in primary currencies .', 'cash and cash equivalents the carrying amounts of cash and cash equivalents approximate their fair values due to the short maturity of these instruments .', 'long-term debt the fair values of our senior notes and senior debentures were esti- mated by obtaining quoted market prices .', 'the fair values of all other debt were estimated using discounted cash flow analyses based on market rates available to us for similar debt with the same remaining maturities .', 'foreign currency contracts the fair values of our foreign currency forward contracts were esti- mated using current market prices for similar instruments .', 'our expo- sure to market risk for fluctuations in foreign currency exchange rates relates to six ship construction contracts and forecasted transactions .', 'we use foreign currency forward contracts to mitigate the impact of fluctuations in foreign currency exchange rates .', 'as of december 31 , 2006 , we had foreign currency forward contracts in a notional amount of $ 3.8 billion maturing through 2009 .', 'as of december 31 , 2006 , the fair value of our foreign currency forward contracts related to the six ship construction contracts , which are designated as fair value hedges , was a net unrealized gain of approximately $ 106.3 mil- lion .', 'at december 31 , 2005 , the fair value of our foreign currency for- ward contracts related to three ship construction contracts , designated as fair value hedges , was a net unrealized loss of approx- imately $ 103.4 million .', 'the fair value of our foreign currency forward contracts related to the other ship construction contract at december 31 , 2005 , which was designated as a cash flow hedge , was an unre- alized loss , of approximately $ 7.8 million .', 'at december 31 , 2006 , approximately 11% ( 11 % ) of the aggregate cost of the ships was exposed to fluctuations in the euro exchange rate .', 'r o y a l c a r i b b e a n c r u i s e s l t d .', '3 5 notes to the consolidated financial statements ( continued ) 51392_financials-v9.qxp 6/7/07 3:40 pm page 35 .'] | ----------------------------------------
, 2006, 2005
cash and cash equivalents, $ 104520, $ 125385
long-term debt ( including current portion of long-term debt ), -5474988 ( 5474988 ), -4368874 ( 4368874 )
foreign currency forward contracts in a net ( loss ) gain position, 104159, -115415 ( 115415 )
interest rate swap agreements in a net receivable position, 5856, 8456
fuel swap agreements in a net payable position, -20456 ( 20456 ), -78 ( 78 )
---------------------------------------- | subtract(104520, 125385), divide(#0, 125385) | -0.16641 |
what are the net earnings attributable to pmi in the previous year , ( in billions ) ? | Context: ['net revenues include $ 3.8 billion in 2017 and $ 739 million in 2016 related to the sale of rrps , mainly driven by japan .', 'these net revenue amounts include excise taxes billed to customers .', 'excluding excise taxes , net revenues for rrps were $ 3.6 billion in 2017 and $ 733 million in 2016 .', 'in some jurisdictions , including japan , we are not responsible for collecting excise taxes .', 'in 2017 , approximately $ 0.9 billion of our $ 3.6 billion in rrp net revenues , excluding excise taxes , were from iqos devices and accessories .', 'excise taxes on products increased by $ 1.1 billion , due to : 2022 higher excise taxes resulting from changes in retail prices and tax rates ( $ 4.6 billion ) , partially offset by 2022 favorable currency ( $ 1.9 billion ) and 2022 lower excise taxes resulting from volume/mix ( $ 1.6 billion ) .', 'our cost of sales ; marketing , administration and research costs ; and operating income were as follows : for the years ended december 31 , variance .']
##
Data Table:
----------------------------------------
• ( in millions ), for the years ended december 31 , 2017, for the years ended december 31 , 2016, for the years ended december 31 , $, % ( % )
• cost of sales, $ 10432, $ 9391, $ 1041, 11.1% ( 11.1 % )
• marketing administration and research costs, 6725, 6405, 320, 5.0% ( 5.0 % )
• operating income, 11503, 10815, 688, 6.4% ( 6.4 % )
----------------------------------------
##
Follow-up: ['cost of sales increased by $ 1.0 billion , due to : 2022 higher cost of sales resulting from volume/mix ( $ 1.1 billion ) , partly offset by 2022 lower manufacturing costs ( $ 36 million ) and 2022 favorable currency ( $ 30 million ) .', 'marketing , administration and research costs increased by $ 320 million , due to : 2022 higher expenses ( $ 570 million , largely reflecting increased investment behind reduced-risk products , predominately in the european union and asia ) , partly offset by 2022 favorable currency ( $ 250 million ) .', 'operating income increased by $ 688 million , due primarily to : 2022 price increases ( $ 1.4 billion ) , partly offset by 2022 higher marketing , administration and research costs ( $ 570 million ) and 2022 unfavorable currency ( $ 157 million ) .', 'interest expense , net , of $ 914 million increased by $ 23 million , due primarily to unfavorably currency and higher average debt levels , partly offset by higher interest income .', 'our effective tax rate increased by 12.8 percentage points to 40.7% ( 40.7 % ) .', 'the 2017 effective tax rate was unfavorably impacted by $ 1.6 billion due to the tax cuts and jobs act .', 'for further details , see item 8 , note 11 .', 'income taxes to our consolidated financial statements .', 'we are continuing to evaluate the impact that the tax cuts and jobs act will have on our tax liability .', 'based upon our current interpretation of the tax cuts and jobs act , we estimate that our 2018 effective tax rate will be approximately 28% ( 28 % ) , subject to future regulatory developments and earnings mix by taxing jurisdiction .', 'we are regularly examined by tax authorities around the world , and we are currently under examination in a number of jurisdictions .', 'it is reasonably possible that within the next 12 months certain tax examinations will close , which could result in a change in unrecognized tax benefits along with related interest and penalties .', 'an estimate of any possible change cannot be made at this time .', 'net earnings attributable to pmi of $ 6.0 billion decreased by $ 932 million ( 13.4% ( 13.4 % ) ) .', 'this decrease was due primarily to a higher effective tax rate as discussed above , partly offset by higher operating income .', 'diluted and basic eps of $ 3.88 decreased by 13.4% ( 13.4 % ) .', 'excluding .'] | 6.95522 | PM/2017/page_38.pdf-2 | ['net revenues include $ 3.8 billion in 2017 and $ 739 million in 2016 related to the sale of rrps , mainly driven by japan .', 'these net revenue amounts include excise taxes billed to customers .', 'excluding excise taxes , net revenues for rrps were $ 3.6 billion in 2017 and $ 733 million in 2016 .', 'in some jurisdictions , including japan , we are not responsible for collecting excise taxes .', 'in 2017 , approximately $ 0.9 billion of our $ 3.6 billion in rrp net revenues , excluding excise taxes , were from iqos devices and accessories .', 'excise taxes on products increased by $ 1.1 billion , due to : 2022 higher excise taxes resulting from changes in retail prices and tax rates ( $ 4.6 billion ) , partially offset by 2022 favorable currency ( $ 1.9 billion ) and 2022 lower excise taxes resulting from volume/mix ( $ 1.6 billion ) .', 'our cost of sales ; marketing , administration and research costs ; and operating income were as follows : for the years ended december 31 , variance .'] | ['cost of sales increased by $ 1.0 billion , due to : 2022 higher cost of sales resulting from volume/mix ( $ 1.1 billion ) , partly offset by 2022 lower manufacturing costs ( $ 36 million ) and 2022 favorable currency ( $ 30 million ) .', 'marketing , administration and research costs increased by $ 320 million , due to : 2022 higher expenses ( $ 570 million , largely reflecting increased investment behind reduced-risk products , predominately in the european union and asia ) , partly offset by 2022 favorable currency ( $ 250 million ) .', 'operating income increased by $ 688 million , due primarily to : 2022 price increases ( $ 1.4 billion ) , partly offset by 2022 higher marketing , administration and research costs ( $ 570 million ) and 2022 unfavorable currency ( $ 157 million ) .', 'interest expense , net , of $ 914 million increased by $ 23 million , due primarily to unfavorably currency and higher average debt levels , partly offset by higher interest income .', 'our effective tax rate increased by 12.8 percentage points to 40.7% ( 40.7 % ) .', 'the 2017 effective tax rate was unfavorably impacted by $ 1.6 billion due to the tax cuts and jobs act .', 'for further details , see item 8 , note 11 .', 'income taxes to our consolidated financial statements .', 'we are continuing to evaluate the impact that the tax cuts and jobs act will have on our tax liability .', 'based upon our current interpretation of the tax cuts and jobs act , we estimate that our 2018 effective tax rate will be approximately 28% ( 28 % ) , subject to future regulatory developments and earnings mix by taxing jurisdiction .', 'we are regularly examined by tax authorities around the world , and we are currently under examination in a number of jurisdictions .', 'it is reasonably possible that within the next 12 months certain tax examinations will close , which could result in a change in unrecognized tax benefits along with related interest and penalties .', 'an estimate of any possible change cannot be made at this time .', 'net earnings attributable to pmi of $ 6.0 billion decreased by $ 932 million ( 13.4% ( 13.4 % ) ) .', 'this decrease was due primarily to a higher effective tax rate as discussed above , partly offset by higher operating income .', 'diluted and basic eps of $ 3.88 decreased by 13.4% ( 13.4 % ) .', 'excluding .'] | ----------------------------------------
• ( in millions ), for the years ended december 31 , 2017, for the years ended december 31 , 2016, for the years ended december 31 , $, % ( % )
• cost of sales, $ 10432, $ 9391, $ 1041, 11.1% ( 11.1 % )
• marketing administration and research costs, 6725, 6405, 320, 5.0% ( 5.0 % )
• operating income, 11503, 10815, 688, 6.4% ( 6.4 % )
---------------------------------------- | divide(932, 13.4%), divide(#0, const_1000) | 6.95522 |
at december 31 , 2007 what was face values of outstanding trusts with maturity in 2037 to 2033 | Context: ['percent of the unpaid principal balance of its residential mortgage loans ; one percent of 30 percent of its total assets ; or one-twentieth of its outstanding fhlb advances .', 'in addition , the company must maintain qualified collateral equal to 110 to 115 percent of its advances , depending on the collateral type .', 'these advances are secured with specific mortgage loans and mortgage-backed securities .', 'at december 31 , 2007 and 2006 , the company pledged $ 16.8 billion and $ 12.9 billion , respectively , of the one- to four-family and home equity loans as collateral .', 'other 2014etbh raises capital through the formation of trusts , which sell trust preferred stock in the capital markets .', 'the capital securities must be redeemed in whole at the due date , which is generally 30 years after issuance .', 'each trust issued floating rate cumulative preferred securities , at par with a liquidation amount of $ 1000 per capital security .', 'the trusts use the proceeds from the sale of issuances to purchase floating rate junior subordinated debentures issued by etbh , which guarantees the trust obligations and contributes proceeds from the sale of its subordinated debentures to e*trade bank in the form of a capital contribution .', 'during 2007 , etbh formed three trusts , etbh capital trust xxviii , etbh capital trust xxix and etbh capital trust xxx .', 'these trusts issued a total of 60000 shares of floating rate cumulative preferred securities for a total of $ 60.0 million .', 'net proceeds from these issuances were invested in floating rate junior subordinated debentures that mature in 2037 and have variable rates of 1.90% ( 1.90 % ) , 1.95% ( 1.95 % ) , or 2.10% ( 2.10 % ) above the three- month libor , payable quarterly .', 'during 2006 , etbh formed five trusts , etbh capital trust xxiii through etbh capital trust xxvii .', 'these trusts issued a total of 95000 shares of floating rate cumulative preferred securities for a total of $ 95 million .', 'net proceeds from these issuances were invested in floating rate junior subordinated debentures that mature in 2036 or 2037 and have variable rates of 1.95% ( 1.95 % ) or 2.10% ( 2.10 % ) above the three-month libor , payable quarterly .', 'in april 2007 , etbh called etbh capital trust iv which had sold $ 10.0 million of trust preferred stock in the capital markets in 2002 and generated a loss of $ 0.3 million .', 'in june 2007 , etbh called telebank capital trust i which had sold $ 9.0 million of trust preferred stock in the capital markets in 1997 , and generated a loss of $ 0.9 million .', 'in december 2006 , etbh called etbh capital trust iii which had sold $ 15.0 million of trust preferred stock in the capital markets in 2001 , and generated a loss of $ 0.5 million .', 'the face values of outstanding trusts at december 31 , 2007 are shown below ( dollars in thousands ) : trusts maturity date annual interest rate .']
--------
Tabular Data:
========================================
trusts | face value | maturity date | annual interest rate
----------|----------|----------|----------
etbh capital trust ii | $ 5000 | 2031 | 10.25% ( 10.25 % )
etbh capital trust i | $ 20000 | 2031 | 3.75% ( 3.75 % ) above 6-month libor
etbh capital trust v vi viii | $ 51000 | 2032 | 3.25%-3.65% ( 3.25%-3.65 % ) above 3-month libor
etbh capital trust vii ix 2014xii | $ 65000 | 2033 | 3.00%-3.30% ( 3.00%-3.30 % ) above 3-month libor
etbh capital trust xiii 2014xviii xx | $ 77000 | 2034 | 2.45%-2.90% ( 2.45%-2.90 % ) above 3-month libor
etbh capital trust xix xxi xxii | $ 60000 | 2035 | 2.20%-2.40% ( 2.20%-2.40 % ) above 3-month libor
etbh capital trust xxiii 2014xxiv | $ 45000 | 2036 | 2.10% ( 2.10 % ) above 3-month libor
etbh capital trust xxv 2014xxx | $ 110000 | 2037 | 1.90%-2.00% ( 1.90%-2.00 % ) above 3-month libor
========================================
--------
Post-table: ['the company also has multiple term loans from financial institutions .', 'these loans are collateralized by equipment .', 'borrowings under these term loans bear interest at 1% ( 1 % ) above libor , 0.68% ( 0.68 % ) above libor or 9.30% ( 9.30 % ) .', 'the company had approximately $ 40 million of principal outstanding under these loans at december 31 , 2007 .', 'other borrowings also includes $ 12.0 million of overnight and other short-term borrowings in connection with the federal reserve bank 2019s term investment option and treasury , tax and loan programs .', 'the company pledged $ 12.0 million of securities to secure these borrowings from the federal reserve bank. .'] | 1.69231 | ETFC/2007/page_123.pdf-1 | ['percent of the unpaid principal balance of its residential mortgage loans ; one percent of 30 percent of its total assets ; or one-twentieth of its outstanding fhlb advances .', 'in addition , the company must maintain qualified collateral equal to 110 to 115 percent of its advances , depending on the collateral type .', 'these advances are secured with specific mortgage loans and mortgage-backed securities .', 'at december 31 , 2007 and 2006 , the company pledged $ 16.8 billion and $ 12.9 billion , respectively , of the one- to four-family and home equity loans as collateral .', 'other 2014etbh raises capital through the formation of trusts , which sell trust preferred stock in the capital markets .', 'the capital securities must be redeemed in whole at the due date , which is generally 30 years after issuance .', 'each trust issued floating rate cumulative preferred securities , at par with a liquidation amount of $ 1000 per capital security .', 'the trusts use the proceeds from the sale of issuances to purchase floating rate junior subordinated debentures issued by etbh , which guarantees the trust obligations and contributes proceeds from the sale of its subordinated debentures to e*trade bank in the form of a capital contribution .', 'during 2007 , etbh formed three trusts , etbh capital trust xxviii , etbh capital trust xxix and etbh capital trust xxx .', 'these trusts issued a total of 60000 shares of floating rate cumulative preferred securities for a total of $ 60.0 million .', 'net proceeds from these issuances were invested in floating rate junior subordinated debentures that mature in 2037 and have variable rates of 1.90% ( 1.90 % ) , 1.95% ( 1.95 % ) , or 2.10% ( 2.10 % ) above the three- month libor , payable quarterly .', 'during 2006 , etbh formed five trusts , etbh capital trust xxiii through etbh capital trust xxvii .', 'these trusts issued a total of 95000 shares of floating rate cumulative preferred securities for a total of $ 95 million .', 'net proceeds from these issuances were invested in floating rate junior subordinated debentures that mature in 2036 or 2037 and have variable rates of 1.95% ( 1.95 % ) or 2.10% ( 2.10 % ) above the three-month libor , payable quarterly .', 'in april 2007 , etbh called etbh capital trust iv which had sold $ 10.0 million of trust preferred stock in the capital markets in 2002 and generated a loss of $ 0.3 million .', 'in june 2007 , etbh called telebank capital trust i which had sold $ 9.0 million of trust preferred stock in the capital markets in 1997 , and generated a loss of $ 0.9 million .', 'in december 2006 , etbh called etbh capital trust iii which had sold $ 15.0 million of trust preferred stock in the capital markets in 2001 , and generated a loss of $ 0.5 million .', 'the face values of outstanding trusts at december 31 , 2007 are shown below ( dollars in thousands ) : trusts maturity date annual interest rate .'] | ['the company also has multiple term loans from financial institutions .', 'these loans are collateralized by equipment .', 'borrowings under these term loans bear interest at 1% ( 1 % ) above libor , 0.68% ( 0.68 % ) above libor or 9.30% ( 9.30 % ) .', 'the company had approximately $ 40 million of principal outstanding under these loans at december 31 , 2007 .', 'other borrowings also includes $ 12.0 million of overnight and other short-term borrowings in connection with the federal reserve bank 2019s term investment option and treasury , tax and loan programs .', 'the company pledged $ 12.0 million of securities to secure these borrowings from the federal reserve bank. .'] | ========================================
trusts | face value | maturity date | annual interest rate
----------|----------|----------|----------
etbh capital trust ii | $ 5000 | 2031 | 10.25% ( 10.25 % )
etbh capital trust i | $ 20000 | 2031 | 3.75% ( 3.75 % ) above 6-month libor
etbh capital trust v vi viii | $ 51000 | 2032 | 3.25%-3.65% ( 3.25%-3.65 % ) above 3-month libor
etbh capital trust vii ix 2014xii | $ 65000 | 2033 | 3.00%-3.30% ( 3.00%-3.30 % ) above 3-month libor
etbh capital trust xiii 2014xviii xx | $ 77000 | 2034 | 2.45%-2.90% ( 2.45%-2.90 % ) above 3-month libor
etbh capital trust xix xxi xxii | $ 60000 | 2035 | 2.20%-2.40% ( 2.20%-2.40 % ) above 3-month libor
etbh capital trust xxiii 2014xxiv | $ 45000 | 2036 | 2.10% ( 2.10 % ) above 3-month libor
etbh capital trust xxv 2014xxx | $ 110000 | 2037 | 1.90%-2.00% ( 1.90%-2.00 % ) above 3-month libor
======================================== | divide(110000, 65000) | 1.69231 |
what was the percentual increase in the additions during 2004 and 2005? | Context: ['federal realty investment trust schedule iii summary of real estate and accumulated depreciation 2014continued three years ended december 31 , 2006 reconciliation of accumulated depreciation and amortization ( in thousands ) .']
####
Tabular Data:
****************************************
balance december 31 2003 | $ 514177
----------|----------
additions during period 2014depreciation and amortization expense | 82551
deductions during period 2014disposition and retirements of property | -1390 ( 1390 )
balance december 31 2004 | 595338
additions during period 2014depreciation and amortization expense | 83656
deductions during period 2014disposition and retirements of property | -15244 ( 15244 )
balance december 31 2005 | 663750
additions during period 2014depreciation and amortization expense | 89564
deductions during period 2014disposition and retirements of property | -12807 ( 12807 )
balance december 31 2006 | $ 740507
****************************************
####
Post-table: ['.'] | 0.01339 | FRT/2006/page_133.pdf-1 | ['federal realty investment trust schedule iii summary of real estate and accumulated depreciation 2014continued three years ended december 31 , 2006 reconciliation of accumulated depreciation and amortization ( in thousands ) .'] | ['.'] | ****************************************
balance december 31 2003 | $ 514177
----------|----------
additions during period 2014depreciation and amortization expense | 82551
deductions during period 2014disposition and retirements of property | -1390 ( 1390 )
balance december 31 2004 | 595338
additions during period 2014depreciation and amortization expense | 83656
deductions during period 2014disposition and retirements of property | -15244 ( 15244 )
balance december 31 2005 | 663750
additions during period 2014depreciation and amortization expense | 89564
deductions during period 2014disposition and retirements of property | -12807 ( 12807 )
balance december 31 2006 | $ 740507
**************************************** | divide(83656, 82551), subtract(#0, const_1) | 0.01339 |
what portion of the total net reorganization items are related to professional fees? | Context: ['table of contents notes to consolidated financial statements of american airlines , inc .', 'certificate of incorporation ( the certificate of incorporation ) contains transfer restrictions applicable to certain substantial stockholders .', 'although the purpose of these transfer restrictions is to prevent an ownership change from occurring , there can be no assurance that an ownership change will not occur even with these transfer restrictions .', 'a copy of the certificate of incorporation was attached as exhibit 3.1 to a current report on form 8-k filed by aag with the sec on december 9 , 2013 .', 'reorganization items , net reorganization items refer to revenues , expenses ( including professional fees ) , realized gains and losses and provisions for losses that are realized or incurred in the chapter 11 cases .', 'the following table summarizes the components included in reorganization items , net on the consolidated statement of operations for the year ended december 31 , 2013 ( in millions ) : december 31 .']
######
Table:
, december 31 2013
labor-related deemed claim ( 1 ), $ 1733
aircraft and facility financing renegotiations and rejections ( 2 ) ( 3 ), 320
fair value of conversion discount ( 4 ), 218
professional fees, 199
other, 170
total reorganization items net, $ 2640
######
Follow-up: ['( 1 ) in exchange for employees 2019 contributions to the successful reorganization , including agreeing to reductions in pay and benefits , american agreed in the plan to provide each employee group a deemed claim , which was used to provide a distribution of a portion of the equity of the reorganized entity to those employees .', 'each employee group received a deemed claim amount based upon a portion of the value of cost savings provided by that group through reductions to pay and benefits as well as through certain work rule changes .', 'the total value of this deemed claim was approximately $ 1.7 billion .', '( 2 ) amounts include allowed claims ( claims approved by the bankruptcy court ) and estimated allowed claims relating to ( i ) the rejection or modification of financings related to aircraft and ( ii ) entry of orders treated as unsecured claims with respect to facility agreements supporting certain issuances of special facility revenue bonds .', 'the debtors recorded an estimated claim associated with the rejection or modification of a financing or facility agreement when the applicable motion was filed with the bankruptcy court to reject or modify such financing or facility agreement and the debtors believed that it was probable the motion would be approved , and there was sufficient information to estimate the claim .', '( 3 ) pursuant to the plan , the debtors agreed to allow certain post-petition unsecured claims on obligations .', 'as a result , during the year ended december 31 , 2013 , american recorded reorganization charges to adjust estimated allowed claim amounts previously recorded on rejected special facility revenue bonds of $ 180 million , allowed general unsecured claims related to the 1990 and 1994 series of special facility revenue bonds that financed certain improvements at john f .', 'kennedy international airport ( jfk ) , and rejected bonds that financed certain improvements at chicago o 2019hare international airport ( ord ) , which are included in the table above .', '( 4 ) the plan allowed unsecured creditors receiving aag series a preferred stock a conversion discount of 3.5% ( 3.5 % ) .', 'accordingly , american recorded the fair value of such discount upon the confirmation of the plan by the bankruptcy court. .'] | 0.07538 | AAL/2015/page_183.pdf-2 | ['table of contents notes to consolidated financial statements of american airlines , inc .', 'certificate of incorporation ( the certificate of incorporation ) contains transfer restrictions applicable to certain substantial stockholders .', 'although the purpose of these transfer restrictions is to prevent an ownership change from occurring , there can be no assurance that an ownership change will not occur even with these transfer restrictions .', 'a copy of the certificate of incorporation was attached as exhibit 3.1 to a current report on form 8-k filed by aag with the sec on december 9 , 2013 .', 'reorganization items , net reorganization items refer to revenues , expenses ( including professional fees ) , realized gains and losses and provisions for losses that are realized or incurred in the chapter 11 cases .', 'the following table summarizes the components included in reorganization items , net on the consolidated statement of operations for the year ended december 31 , 2013 ( in millions ) : december 31 .'] | ['( 1 ) in exchange for employees 2019 contributions to the successful reorganization , including agreeing to reductions in pay and benefits , american agreed in the plan to provide each employee group a deemed claim , which was used to provide a distribution of a portion of the equity of the reorganized entity to those employees .', 'each employee group received a deemed claim amount based upon a portion of the value of cost savings provided by that group through reductions to pay and benefits as well as through certain work rule changes .', 'the total value of this deemed claim was approximately $ 1.7 billion .', '( 2 ) amounts include allowed claims ( claims approved by the bankruptcy court ) and estimated allowed claims relating to ( i ) the rejection or modification of financings related to aircraft and ( ii ) entry of orders treated as unsecured claims with respect to facility agreements supporting certain issuances of special facility revenue bonds .', 'the debtors recorded an estimated claim associated with the rejection or modification of a financing or facility agreement when the applicable motion was filed with the bankruptcy court to reject or modify such financing or facility agreement and the debtors believed that it was probable the motion would be approved , and there was sufficient information to estimate the claim .', '( 3 ) pursuant to the plan , the debtors agreed to allow certain post-petition unsecured claims on obligations .', 'as a result , during the year ended december 31 , 2013 , american recorded reorganization charges to adjust estimated allowed claim amounts previously recorded on rejected special facility revenue bonds of $ 180 million , allowed general unsecured claims related to the 1990 and 1994 series of special facility revenue bonds that financed certain improvements at john f .', 'kennedy international airport ( jfk ) , and rejected bonds that financed certain improvements at chicago o 2019hare international airport ( ord ) , which are included in the table above .', '( 4 ) the plan allowed unsecured creditors receiving aag series a preferred stock a conversion discount of 3.5% ( 3.5 % ) .', 'accordingly , american recorded the fair value of such discount upon the confirmation of the plan by the bankruptcy court. .'] | , december 31 2013
labor-related deemed claim ( 1 ), $ 1733
aircraft and facility financing renegotiations and rejections ( 2 ) ( 3 ), 320
fair value of conversion discount ( 4 ), 218
professional fees, 199
other, 170
total reorganization items net, $ 2640 | divide(199, 2640) | 0.07538 |
what was the percentage change in per diluted share earnings as adjusted from 2008 to 2009? | Background: ['page 26 of 100 our calculation of adjusted net earnings is summarized below: .']
Tabular Data:
( $ in millions except per share amounts ) 2010 2009 2008
net earnings attributable to ball corporation as reported $ 468.0 $ 387.9 $ 319.5
discontinued operations net of tax 74.9 2.2 -4.6 ( 4.6 )
business consolidation activities net of tax -9.3 ( 9.3 ) 13.0 27.1
gains and equity earnings related to acquisitions net of tax -105.9 ( 105.9 ) 2212 2212
gain on dispositions net of tax 2212 -30.7 ( 30.7 ) -4.4 ( 4.4 )
debt refinancing costs net of tax 5.3 2212 2212
adjusted net earnings $ 433.0 $ 372.4 $ 337.6
per diluted share from continuing operations as reported $ 2.96 $ 2.05 $ 1.62
per diluted share as adjusted 2.36 1.96 1.74
Additional Information: ['debt facilities and refinancing interest-bearing debt at december 31 , 2010 , increased $ 216.1 million to $ 2.8 billion from $ 2.6 billion at december 31 , 2009 .', 'in december 2010 , ball replaced its senior credit facilities due october 2011 with new senior credit facilities due december 2015 .', 'the senior credit facilities bear interest at variable rates and include a $ 200 million term a loan denominated in u.s .', 'dollars , a a351 million term b loan denominated in british sterling and a 20ac100 million term c loan denominated in euros .', 'the facilities also include ( 1 ) a multi-currency , long-term revolving credit facility that provides the company with up to approximately $ 850 million and ( 2 ) a french multi-currency revolving facility that provides the company with up to $ 150 million .', 'the revolving credit facilities expire in december 2015 .', 'in november 2010 , ball issued $ 500 million of new 5.75 percent senior notes due in may 2021 .', 'the net proceeds from this offering were used to repay the borrowings under our term d loan facility and for general corporate purposes .', 'in march 2010 , ball issued $ 500 million of new 6.75 percent senior notes due in september 2020 .', 'on that same date , the company issued a notice of redemption to call $ 509 million in 6.875 percent senior notes due december 2012 at a redemption price of 101.146 percent of the outstanding principal amount plus accrued interest .', 'the redemption of the bonds occurred on april 21 , 2010 , and resulted in a charge of $ 8.1 million for the call premium and the write off of unamortized financing costs and unamortized premiums .', 'the charge is included in the 2010 statement of earnings as a component of interest expense .', 'at december 31 , 2010 , approximately $ 976 million was available under the company 2019s committed multi-currency revolving credit facilities .', 'the company 2019s prc operations also had approximately $ 20 million available under a committed credit facility of approximately $ 52 million .', 'in addition to the long-term committed credit facilities , the company had $ 372 million of short-term uncommitted credit facilities available at the end of 2010 , of which $ 76.2 million was outstanding and due on demand , as well as approximately $ 175 million of available borrowings under its accounts receivable securitization program .', 'in october 2010 , the company renewed its receivables sales agreement for a period of one year .', 'the size of the new program will vary between a maximum of $ 125 million for settlement dates in january through april and a maximum of $ 175 million for settlement dates in the remaining months .', 'given our free cash flow projections and unused credit facilities that are available until december 2015 , our liquidity is strong and is expected to meet our ongoing operating cash flow and debt service requirements .', 'while the recent financial and economic conditions have raised concerns about credit risk with counterparties to derivative transactions , the company mitigates its exposure by spreading the risk among various counterparties and limiting exposure to any one party .', 'we also monitor the credit ratings of our suppliers , customers , lenders and counterparties on a regular basis .', 'we were in compliance with all loan agreements at december 31 , 2010 , and all prior years presented , and have met all debt payment obligations .', 'the u.s .', 'note agreements , bank credit agreement and industrial development revenue bond agreements contain certain restrictions relating to dividends , investments , financial ratios , guarantees and the incurrence of additional indebtedness .', 'additional details about our debt and receivables sales agreements are available in notes 12 and 6 , respectively , accompanying the consolidated financial statements within item 8 of this report. .'] | 0.12644 | BLL/2010/page_39.pdf-1 | ['page 26 of 100 our calculation of adjusted net earnings is summarized below: .'] | ['debt facilities and refinancing interest-bearing debt at december 31 , 2010 , increased $ 216.1 million to $ 2.8 billion from $ 2.6 billion at december 31 , 2009 .', 'in december 2010 , ball replaced its senior credit facilities due october 2011 with new senior credit facilities due december 2015 .', 'the senior credit facilities bear interest at variable rates and include a $ 200 million term a loan denominated in u.s .', 'dollars , a a351 million term b loan denominated in british sterling and a 20ac100 million term c loan denominated in euros .', 'the facilities also include ( 1 ) a multi-currency , long-term revolving credit facility that provides the company with up to approximately $ 850 million and ( 2 ) a french multi-currency revolving facility that provides the company with up to $ 150 million .', 'the revolving credit facilities expire in december 2015 .', 'in november 2010 , ball issued $ 500 million of new 5.75 percent senior notes due in may 2021 .', 'the net proceeds from this offering were used to repay the borrowings under our term d loan facility and for general corporate purposes .', 'in march 2010 , ball issued $ 500 million of new 6.75 percent senior notes due in september 2020 .', 'on that same date , the company issued a notice of redemption to call $ 509 million in 6.875 percent senior notes due december 2012 at a redemption price of 101.146 percent of the outstanding principal amount plus accrued interest .', 'the redemption of the bonds occurred on april 21 , 2010 , and resulted in a charge of $ 8.1 million for the call premium and the write off of unamortized financing costs and unamortized premiums .', 'the charge is included in the 2010 statement of earnings as a component of interest expense .', 'at december 31 , 2010 , approximately $ 976 million was available under the company 2019s committed multi-currency revolving credit facilities .', 'the company 2019s prc operations also had approximately $ 20 million available under a committed credit facility of approximately $ 52 million .', 'in addition to the long-term committed credit facilities , the company had $ 372 million of short-term uncommitted credit facilities available at the end of 2010 , of which $ 76.2 million was outstanding and due on demand , as well as approximately $ 175 million of available borrowings under its accounts receivable securitization program .', 'in october 2010 , the company renewed its receivables sales agreement for a period of one year .', 'the size of the new program will vary between a maximum of $ 125 million for settlement dates in january through april and a maximum of $ 175 million for settlement dates in the remaining months .', 'given our free cash flow projections and unused credit facilities that are available until december 2015 , our liquidity is strong and is expected to meet our ongoing operating cash flow and debt service requirements .', 'while the recent financial and economic conditions have raised concerns about credit risk with counterparties to derivative transactions , the company mitigates its exposure by spreading the risk among various counterparties and limiting exposure to any one party .', 'we also monitor the credit ratings of our suppliers , customers , lenders and counterparties on a regular basis .', 'we were in compliance with all loan agreements at december 31 , 2010 , and all prior years presented , and have met all debt payment obligations .', 'the u.s .', 'note agreements , bank credit agreement and industrial development revenue bond agreements contain certain restrictions relating to dividends , investments , financial ratios , guarantees and the incurrence of additional indebtedness .', 'additional details about our debt and receivables sales agreements are available in notes 12 and 6 , respectively , accompanying the consolidated financial statements within item 8 of this report. .'] | ( $ in millions except per share amounts ) 2010 2009 2008
net earnings attributable to ball corporation as reported $ 468.0 $ 387.9 $ 319.5
discontinued operations net of tax 74.9 2.2 -4.6 ( 4.6 )
business consolidation activities net of tax -9.3 ( 9.3 ) 13.0 27.1
gains and equity earnings related to acquisitions net of tax -105.9 ( 105.9 ) 2212 2212
gain on dispositions net of tax 2212 -30.7 ( 30.7 ) -4.4 ( 4.4 )
debt refinancing costs net of tax 5.3 2212 2212
adjusted net earnings $ 433.0 $ 372.4 $ 337.6
per diluted share from continuing operations as reported $ 2.96 $ 2.05 $ 1.62
per diluted share as adjusted 2.36 1.96 1.74 | subtract(1.96, 1.74), divide(#0, 1.74) | 0.12644 |
what was the percentage cumulative total shareholder return on discb common stock from september 18 , 2008 to december 31 , 2008? | Context: ['2 0 0 8 a n n u a l r e p o r t stock performance graph the following graph sets forth the performance of our series a common , series b common stock , and series c common stock for the period september 18 , 2008 through december 31 , 2008 as compared with the performance of the standard and poor 2019s 500 index and a peer group index which consists of the walt disney company , time warner inc. , cbs corporation class b common stock , viacom , inc .', 'class b common stock , news corporation class a common stock , and scripps network interactive , inc .', 'the graph assumes $ 100 originally invested on september 18 , 2006 and that all subsequent dividends were reinvested in additional shares .', 'september 18 , september 30 , december 31 , 2008 2008 2008 .']
######
Tabular Data:
****************************************
september 18 2008 september 30 2008 december 31 2008
disca $ 100.00 $ 103.19 $ 102.53
discb $ 100.00 $ 105.54 $ 78.53
disck $ 100.00 $ 88.50 $ 83.69
s&p 500 $ 100.00 $ 96.54 $ 74.86
peer group $ 100.00 $ 92.67 $ 68.79
****************************************
######
Follow-up: ['s&p 500 peer group .'] | -0.2147 | DISCA/2008/page_141.pdf-3 | ['2 0 0 8 a n n u a l r e p o r t stock performance graph the following graph sets forth the performance of our series a common , series b common stock , and series c common stock for the period september 18 , 2008 through december 31 , 2008 as compared with the performance of the standard and poor 2019s 500 index and a peer group index which consists of the walt disney company , time warner inc. , cbs corporation class b common stock , viacom , inc .', 'class b common stock , news corporation class a common stock , and scripps network interactive , inc .', 'the graph assumes $ 100 originally invested on september 18 , 2006 and that all subsequent dividends were reinvested in additional shares .', 'september 18 , september 30 , december 31 , 2008 2008 2008 .'] | ['s&p 500 peer group .'] | ****************************************
september 18 2008 september 30 2008 december 31 2008
disca $ 100.00 $ 103.19 $ 102.53
discb $ 100.00 $ 105.54 $ 78.53
disck $ 100.00 $ 88.50 $ 83.69
s&p 500 $ 100.00 $ 96.54 $ 74.86
peer group $ 100.00 $ 92.67 $ 68.79
**************************************** | subtract(78.53, const_100), divide(#0, const_100) | -0.2147 |
what percentage of total freight revenues was the intermodal commodity group in 2014? | Pre-text: ['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 , 201ccompany 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 operations and segmentation 2013 we are a class i railroad operating in the u.s .', 'our network includes 32084 route miles , linking pacific coast and gulf coast ports with the midwest and eastern u.s .', 'gateways and providing several corridors to key mexican gateways .', 'we own 26064 miles and operate on the remainder pursuant to trackage rights or leases .', '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 we provide and analyze revenue by commodity group , we treat the financial results of the railroad as one segment due to the integrated nature of our rail network .', 'the following table provides freight revenue by commodity group: .']
########
Data Table:
----------------------------------------
millions | 2015 | 2014 | 2013
----------|----------|----------|----------
agricultural products | $ 3581 | $ 3777 | $ 3276
automotive | 2154 | 2103 | 2077
chemicals | 3543 | 3664 | 3501
coal | 3237 | 4127 | 3978
industrial products | 3808 | 4400 | 3822
intermodal | 4074 | 4489 | 4030
total freight revenues | $ 20397 | $ 22560 | $ 20684
other revenues | 1416 | 1428 | 1279
total operating revenues | $ 21813 | $ 23988 | $ 21963
----------------------------------------
########
Additional Information: ['although our revenues are principally derived from customers domiciled in the u.s. , the ultimate points of origination or destination for some products transported by us are outside the u.s .', 'each of our commodity groups includes revenue from shipments to and from mexico .', 'included in the above table are freight revenues from our mexico business which amounted to $ 2.2 billion in 2015 , $ 2.3 billion in 2014 , and $ 2.1 billion in 2013 .', 'basis of presentation 2013 the consolidated financial statements are presented in accordance with accounting principles generally accepted in the u.s .', '( gaap ) as codified in the financial accounting standards board ( fasb ) accounting standards codification ( asc ) .', 'certain prior period amounts in the statement of cash flows and income tax footnote have been aggregated or disaggregated further to conform to the current period financial presentation .', '2 .', '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 intercompany transactions are eliminated .', 'we currently have no less than majority-owned investments that require consolidation under variable interest entity requirements .', 'cash and cash equivalents 2013 cash equivalents consist of investments with original maturities of three months or less .', 'accounts receivable 2013 accounts receivable includes receivables reduced by an allowance for doubtful accounts .', 'the allowance is based upon historical losses , credit worthiness of customers , and current .'] | 0.19898 | UNP/2015/page_56.pdf-3 | ['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 , 201ccompany 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 operations and segmentation 2013 we are a class i railroad operating in the u.s .', 'our network includes 32084 route miles , linking pacific coast and gulf coast ports with the midwest and eastern u.s .', 'gateways and providing several corridors to key mexican gateways .', 'we own 26064 miles and operate on the remainder pursuant to trackage rights or leases .', '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 we provide and analyze revenue by commodity group , we treat the financial results of the railroad as one segment due to the integrated nature of our rail network .', 'the following table provides freight revenue by commodity group: .'] | ['although our revenues are principally derived from customers domiciled in the u.s. , the ultimate points of origination or destination for some products transported by us are outside the u.s .', 'each of our commodity groups includes revenue from shipments to and from mexico .', 'included in the above table are freight revenues from our mexico business which amounted to $ 2.2 billion in 2015 , $ 2.3 billion in 2014 , and $ 2.1 billion in 2013 .', 'basis of presentation 2013 the consolidated financial statements are presented in accordance with accounting principles generally accepted in the u.s .', '( gaap ) as codified in the financial accounting standards board ( fasb ) accounting standards codification ( asc ) .', 'certain prior period amounts in the statement of cash flows and income tax footnote have been aggregated or disaggregated further to conform to the current period financial presentation .', '2 .', '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 intercompany transactions are eliminated .', 'we currently have no less than majority-owned investments that require consolidation under variable interest entity requirements .', 'cash and cash equivalents 2013 cash equivalents consist of investments with original maturities of three months or less .', 'accounts receivable 2013 accounts receivable includes receivables reduced by an allowance for doubtful accounts .', 'the allowance is based upon historical losses , credit worthiness of customers , and current .'] | ----------------------------------------
millions | 2015 | 2014 | 2013
----------|----------|----------|----------
agricultural products | $ 3581 | $ 3777 | $ 3276
automotive | 2154 | 2103 | 2077
chemicals | 3543 | 3664 | 3501
coal | 3237 | 4127 | 3978
industrial products | 3808 | 4400 | 3822
intermodal | 4074 | 4489 | 4030
total freight revenues | $ 20397 | $ 22560 | $ 20684
other revenues | 1416 | 1428 | 1279
total operating revenues | $ 21813 | $ 23988 | $ 21963
---------------------------------------- | divide(4489, 22560) | 0.19898 |
what is the five year total return on the s&p 500 index? | Background: ['supplemental financial information common stock performance the following graph compares the performance of an investment in the firm 2019s common stock from december 26 , 2008 ( the last trading day before the firm 2019s 2009 fiscal year ) through december 31 , 2013 , with the s&p 500 index and the s&p 500 financials index .', 'the graph assumes $ 100 was invested on december 26 , 2008 in each of the firm 2019s common stock , the s&p 500 index and the s&p 500 financials index , and the dividends were reinvested on the date of payment without payment of any commissions .', 'the performance shown in the graph represents past performance and should not be considered an indication of future performance .', 'the goldman sachs group , inc .', 's&p 500 index s&p 500 financials index dec-09 dec-10 dec-11 dec-12 dec-13dec-08 the table below shows the cumulative total returns in dollars of the firm 2019s common stock , the s&p 500 index and the s&p 500 financials index for goldman sachs 2019 last five fiscal year ends , assuming $ 100 was invested on december 26 , 2008 in each of the firm 2019s common stock , the s&p 500 index and the s&p 500 financials index , and the dividends were reinvested on the date of payment without payment of any commissions .', 'the performance shown in the table represents past performance and should not be considered an indication of future performance. .']
######
Table:
****************************************
12/26/08 12/31/09 12/31/10 12/31/11 12/31/12 12/31/13
the goldman sachs group inc . $ 100.00 $ 224.98 $ 226.19 $ 123.05 $ 176.42 $ 248.36
s&p 500 index 100.00 130.93 150.65 153.83 178.42 236.20
s&p 500 financials index 100.00 124.38 139.47 115.67 148.92 201.92
****************************************
######
Post-table: ['218 goldman sachs 2013 annual report .'] | 136.2 | GS/2013/page_220.pdf-3 | ['supplemental financial information common stock performance the following graph compares the performance of an investment in the firm 2019s common stock from december 26 , 2008 ( the last trading day before the firm 2019s 2009 fiscal year ) through december 31 , 2013 , with the s&p 500 index and the s&p 500 financials index .', 'the graph assumes $ 100 was invested on december 26 , 2008 in each of the firm 2019s common stock , the s&p 500 index and the s&p 500 financials index , and the dividends were reinvested on the date of payment without payment of any commissions .', 'the performance shown in the graph represents past performance and should not be considered an indication of future performance .', 'the goldman sachs group , inc .', 's&p 500 index s&p 500 financials index dec-09 dec-10 dec-11 dec-12 dec-13dec-08 the table below shows the cumulative total returns in dollars of the firm 2019s common stock , the s&p 500 index and the s&p 500 financials index for goldman sachs 2019 last five fiscal year ends , assuming $ 100 was invested on december 26 , 2008 in each of the firm 2019s common stock , the s&p 500 index and the s&p 500 financials index , and the dividends were reinvested on the date of payment without payment of any commissions .', 'the performance shown in the table represents past performance and should not be considered an indication of future performance. .'] | ['218 goldman sachs 2013 annual report .'] | ****************************************
12/26/08 12/31/09 12/31/10 12/31/11 12/31/12 12/31/13
the goldman sachs group inc . $ 100.00 $ 224.98 $ 226.19 $ 123.05 $ 176.42 $ 248.36
s&p 500 index 100.00 130.93 150.65 153.83 178.42 236.20
s&p 500 financials index 100.00 124.38 139.47 115.67 148.92 201.92
**************************************** | subtract(236.20, const_100) | 136.2 |
what is the percent change in expected volatility between 2012 and 2013? | Context: ['upon the death of the employee , the employee 2019s beneficiary typically receives the designated portion of the death benefits directly from the insurance company and the company receives the remainder of the death benefits .', 'it is currently expected that minimal cash payments will be required to fund these policies .', 'the net periodic pension cost for these split-dollar life insurance arrangements was $ 5 million for the years ended december 31 , 2014 , 2013 and 2012 .', 'the company has recorded a liability representing the actuarial present value of the future death benefits as of the employees 2019 expected retirement date of $ 66 million and $ 51 million as of december 31 , 2014 and december 31 , 2013 , respectively .', 'deferred compensation plan the company amended and reinstated its deferred compensation plan ( 201cthe plan 201d ) effective june 1 , 2013 to reopen the plan to certain participants .', 'under the plan , participants may elect to defer base salary and cash incentive compensation in excess of 401 ( k ) plan limitations .', "participants under the plan may choose to invest their deferred amounts in the same investment alternatives available under the company's 401 ( k ) plan .", 'the plan also allows for company matching contributions for the following : ( i ) the first 4% ( 4 % ) of compensation deferred under the plan , subject to a maximum of $ 50000 for board officers , ( ii ) lost matching amounts that would have been made under the 401 ( k ) plan if participants had not participated in the plan , and ( iii ) discretionary amounts as approved by the compensation and leadership committee of the board of directors .', 'defined contribution plan the company and certain subsidiaries have various defined contribution plans , in which all eligible employees may participate .', 'in the u.s. , the 401 ( k ) plan is a contributory plan .', 'matching contributions are based upon the amount of the employees 2019 contributions .', 'the company 2019s expenses for material defined contribution plans for the years ended december 31 , 2014 , 2013 and 2012 were $ 31 million , $ 32 million and $ 30 million , respectively .', 'beginning january 1 , 2012 , the company may make an additional discretionary 401 ( k ) plan matching contribution to eligible employees .', 'for the years ended december 31 , 2014 , 2013 , and 2012 the company made no discretionary matching contributions .', '8 .', 'share-based compensation plans and other incentive plans stock options , stock appreciation rights and employee stock purchase plan the company grants options to acquire shares of common stock to certain employees and to existing option holders of acquired companies in connection with the merging of option plans following an acquisition .', 'each option granted and stock appreciation right has an exercise price of no less than 100% ( 100 % ) of the fair market value of the common stock on the date of the grant .', 'the awards have a contractual life of five to fifteen years and vest over two to four years .', 'stock options and stock appreciation rights assumed or replaced with comparable stock options or stock appreciation rights in conjunction with a change in control of the company only become exercisable if the holder is also involuntarily terminated ( for a reason other than cause ) or quits for good reason within 24 months of a change in control .', 'the employee stock purchase plan allows eligible participants to purchase shares of the company 2019s common stock through payroll deductions of up to 20% ( 20 % ) of eligible compensation on an after-tax basis .', 'plan participants cannot purchase more than $ 25000 of stock in any calendar year .', 'the price an employee pays per share is 85% ( 85 % ) of the lower of the fair market value of the company 2019s stock on the close of the first trading day or last trading day of the purchase period .', 'the plan has two purchase periods , the first from october 1 through march 31 and the second from april 1 through september 30 .', 'for the years ended december 31 , 2014 , 2013 and 2012 , employees purchased 1.4 million , 1.5 million and 1.4 million shares , respectively , at purchase prices of $ 51.76 and $ 53.79 , $ 43.02 and $ 50.47 , and $ 34.52 and $ 42.96 , respectively .', 'the company calculates the value of each employee stock option , estimated on the date of grant , using the black-scholes option pricing model .', 'the weighted-average estimated fair value of employee stock options granted during 2014 , 2013 and 2012 was $ 11.02 , $ 9.52 and $ 9.60 , respectively , using the following weighted-average assumptions: .']
####
Tabular Data:
----------------------------------------
2014 2013 2012
expected volatility 21.7% ( 21.7 % ) 22.1% ( 22.1 % ) 24.0% ( 24.0 % )
risk-free interest rate 1.6% ( 1.6 % ) 0.9% ( 0.9 % ) 0.8% ( 0.8 % )
dividend yield 2.5% ( 2.5 % ) 2.4% ( 2.4 % ) 2.2% ( 2.2 % )
expected life ( years ) 5.2 5.9 6.1
----------------------------------------
####
Post-table: ['the company uses the implied volatility for traded options on the company 2019s stock as the expected volatility assumption required in the black-scholes model .', 'the selection of the implied volatility approach was based upon the availability of actively traded options on the company 2019s stock and the company 2019s assessment that implied volatility is more representative of future stock price trends than historical volatility .', 'the risk-free interest rate assumption is based upon the average daily closing rates during the year for u.s .', 'treasury notes that have a life which approximates the expected life of the option .', 'the dividend yield assumption is based on the company 2019s future expectation of dividend payouts .', 'the expected life of employee stock options represents the average of the contractual term of the options and the weighted-average vesting period for all option tranches. .'] | -0.07917 | MSI/2014/page_76.pdf-1 | ['upon the death of the employee , the employee 2019s beneficiary typically receives the designated portion of the death benefits directly from the insurance company and the company receives the remainder of the death benefits .', 'it is currently expected that minimal cash payments will be required to fund these policies .', 'the net periodic pension cost for these split-dollar life insurance arrangements was $ 5 million for the years ended december 31 , 2014 , 2013 and 2012 .', 'the company has recorded a liability representing the actuarial present value of the future death benefits as of the employees 2019 expected retirement date of $ 66 million and $ 51 million as of december 31 , 2014 and december 31 , 2013 , respectively .', 'deferred compensation plan the company amended and reinstated its deferred compensation plan ( 201cthe plan 201d ) effective june 1 , 2013 to reopen the plan to certain participants .', 'under the plan , participants may elect to defer base salary and cash incentive compensation in excess of 401 ( k ) plan limitations .', "participants under the plan may choose to invest their deferred amounts in the same investment alternatives available under the company's 401 ( k ) plan .", 'the plan also allows for company matching contributions for the following : ( i ) the first 4% ( 4 % ) of compensation deferred under the plan , subject to a maximum of $ 50000 for board officers , ( ii ) lost matching amounts that would have been made under the 401 ( k ) plan if participants had not participated in the plan , and ( iii ) discretionary amounts as approved by the compensation and leadership committee of the board of directors .', 'defined contribution plan the company and certain subsidiaries have various defined contribution plans , in which all eligible employees may participate .', 'in the u.s. , the 401 ( k ) plan is a contributory plan .', 'matching contributions are based upon the amount of the employees 2019 contributions .', 'the company 2019s expenses for material defined contribution plans for the years ended december 31 , 2014 , 2013 and 2012 were $ 31 million , $ 32 million and $ 30 million , respectively .', 'beginning january 1 , 2012 , the company may make an additional discretionary 401 ( k ) plan matching contribution to eligible employees .', 'for the years ended december 31 , 2014 , 2013 , and 2012 the company made no discretionary matching contributions .', '8 .', 'share-based compensation plans and other incentive plans stock options , stock appreciation rights and employee stock purchase plan the company grants options to acquire shares of common stock to certain employees and to existing option holders of acquired companies in connection with the merging of option plans following an acquisition .', 'each option granted and stock appreciation right has an exercise price of no less than 100% ( 100 % ) of the fair market value of the common stock on the date of the grant .', 'the awards have a contractual life of five to fifteen years and vest over two to four years .', 'stock options and stock appreciation rights assumed or replaced with comparable stock options or stock appreciation rights in conjunction with a change in control of the company only become exercisable if the holder is also involuntarily terminated ( for a reason other than cause ) or quits for good reason within 24 months of a change in control .', 'the employee stock purchase plan allows eligible participants to purchase shares of the company 2019s common stock through payroll deductions of up to 20% ( 20 % ) of eligible compensation on an after-tax basis .', 'plan participants cannot purchase more than $ 25000 of stock in any calendar year .', 'the price an employee pays per share is 85% ( 85 % ) of the lower of the fair market value of the company 2019s stock on the close of the first trading day or last trading day of the purchase period .', 'the plan has two purchase periods , the first from october 1 through march 31 and the second from april 1 through september 30 .', 'for the years ended december 31 , 2014 , 2013 and 2012 , employees purchased 1.4 million , 1.5 million and 1.4 million shares , respectively , at purchase prices of $ 51.76 and $ 53.79 , $ 43.02 and $ 50.47 , and $ 34.52 and $ 42.96 , respectively .', 'the company calculates the value of each employee stock option , estimated on the date of grant , using the black-scholes option pricing model .', 'the weighted-average estimated fair value of employee stock options granted during 2014 , 2013 and 2012 was $ 11.02 , $ 9.52 and $ 9.60 , respectively , using the following weighted-average assumptions: .'] | ['the company uses the implied volatility for traded options on the company 2019s stock as the expected volatility assumption required in the black-scholes model .', 'the selection of the implied volatility approach was based upon the availability of actively traded options on the company 2019s stock and the company 2019s assessment that implied volatility is more representative of future stock price trends than historical volatility .', 'the risk-free interest rate assumption is based upon the average daily closing rates during the year for u.s .', 'treasury notes that have a life which approximates the expected life of the option .', 'the dividend yield assumption is based on the company 2019s future expectation of dividend payouts .', 'the expected life of employee stock options represents the average of the contractual term of the options and the weighted-average vesting period for all option tranches. .'] | ----------------------------------------
2014 2013 2012
expected volatility 21.7% ( 21.7 % ) 22.1% ( 22.1 % ) 24.0% ( 24.0 % )
risk-free interest rate 1.6% ( 1.6 % ) 0.9% ( 0.9 % ) 0.8% ( 0.8 % )
dividend yield 2.5% ( 2.5 % ) 2.4% ( 2.4 % ) 2.2% ( 2.2 % )
expected life ( years ) 5.2 5.9 6.1
---------------------------------------- | subtract(22.1, 24.0), divide(#0, 24.0) | -0.07917 |
what was the difference in thousands in impact on net income due to compensation expense for stock options and restricted stock between 2005 and 2006? | Pre-text: ['packaging corporation of america notes to consolidated financial statements ( continued ) december 31 , 2006 4 .', 'stock-based compensation ( continued ) same period was $ 1988000 lower , than if it had continued to account for share-based compensation under apb no .', '25 .', 'basic and diluted earnings per share for the year ended december 31 , 2006 were both $ 0.02 lower than if the company had continued to account for share-based compensation under apb no .', '25 .', 'prior to the adoption of sfas no .', '123 ( r ) , the company presented all tax benefits of deductions resulting from share-based payment arrangements as operating cash flows in the statements of cash flows .', 'sfas no .', '123 ( r ) requires the cash flows resulting from the tax benefits from tax deductions in excess of the compensation cost recognized for those share awards ( excess tax benefits ) to be classified as financing cash flows .', 'the excess tax benefit of $ 2885000 classified as a financing cash inflow for the year ended december 31 , 2006 would have been classified as an operating cash inflow if the company had not adopted sfas no .', '123 ( r ) .', 'as a result of adopting sfas no 123 ( r ) , unearned compensation previously recorded in stockholders 2019 equity was reclassified against additional paid in capital on january 1 , 2006 .', 'all stock-based compensation expense not recognized as of december 31 , 2005 and compensation expense related to post 2005 grants of stock options and amortization of restricted stock will be recorded directly to additional paid in capital .', 'compensation expense for stock options and restricted stock recognized in the statements of income for the year ended december 31 , 2006 , 2005 and 2004 was as follows : year ended december 31 , ( in thousands ) 2006 2005 2004 .']
####
Data Table:
****************************************
( in thousands ) | year ended december 31 , 2006 | year ended december 31 , 2005 | year ended december 31 , 2004
----------|----------|----------|----------
stock options | $ -3273 ( 3273 ) | $ 2014 | $ 2014
restricted stock | -2789 ( 2789 ) | -1677 ( 1677 ) | -663 ( 663 )
impact on income before income taxes | -6062 ( 6062 ) | -1677 ( 1677 ) | -663 ( 663 )
income tax benefit | 2382 | 661 | 260
impact on net income | $ -3680 ( 3680 ) | $ -1016 ( 1016 ) | $ -403 ( 403 )
****************************************
####
Additional Information: ['.'] | 2664.0 | PKG/2006/page_65.pdf-3 | ['packaging corporation of america notes to consolidated financial statements ( continued ) december 31 , 2006 4 .', 'stock-based compensation ( continued ) same period was $ 1988000 lower , than if it had continued to account for share-based compensation under apb no .', '25 .', 'basic and diluted earnings per share for the year ended december 31 , 2006 were both $ 0.02 lower than if the company had continued to account for share-based compensation under apb no .', '25 .', 'prior to the adoption of sfas no .', '123 ( r ) , the company presented all tax benefits of deductions resulting from share-based payment arrangements as operating cash flows in the statements of cash flows .', 'sfas no .', '123 ( r ) requires the cash flows resulting from the tax benefits from tax deductions in excess of the compensation cost recognized for those share awards ( excess tax benefits ) to be classified as financing cash flows .', 'the excess tax benefit of $ 2885000 classified as a financing cash inflow for the year ended december 31 , 2006 would have been classified as an operating cash inflow if the company had not adopted sfas no .', '123 ( r ) .', 'as a result of adopting sfas no 123 ( r ) , unearned compensation previously recorded in stockholders 2019 equity was reclassified against additional paid in capital on january 1 , 2006 .', 'all stock-based compensation expense not recognized as of december 31 , 2005 and compensation expense related to post 2005 grants of stock options and amortization of restricted stock will be recorded directly to additional paid in capital .', 'compensation expense for stock options and restricted stock recognized in the statements of income for the year ended december 31 , 2006 , 2005 and 2004 was as follows : year ended december 31 , ( in thousands ) 2006 2005 2004 .'] | ['.'] | ****************************************
( in thousands ) | year ended december 31 , 2006 | year ended december 31 , 2005 | year ended december 31 , 2004
----------|----------|----------|----------
stock options | $ -3273 ( 3273 ) | $ 2014 | $ 2014
restricted stock | -2789 ( 2789 ) | -1677 ( 1677 ) | -663 ( 663 )
impact on income before income taxes | -6062 ( 6062 ) | -1677 ( 1677 ) | -663 ( 663 )
income tax benefit | 2382 | 661 | 260
impact on net income | $ -3680 ( 3680 ) | $ -1016 ( 1016 ) | $ -403 ( 403 )
**************************************** | subtract(3680, 1016) | 2664.0 |
what was the percentage change in net charge-offs relating to commercial banking between 2007 and 2008? | Background: ['management 2019s discussion and analysis 110 jpmorgan chase & co .', '/ 2008 annual report the allowance for credit losses increased $ 13.7 billion from the prior year to $ 23.8 billion .', 'the increase included $ 4.1 billion of allowance related to noncredit-impaired loans acquired in the washington mutual transaction and the related accounting conformity provision .', 'excluding held-for-sale loans , loans carried at fair value , and pur- chased credit-impaired consumer loans , the allowance for loan losses represented 3.62% ( 3.62 % ) of loans at december 31 , 2008 , compared with 1.88% ( 1.88 % ) at december 31 , 2007 .', 'the consumer allowance for loan losses increased $ 10.5 billion from the prior year as a result of the washington mutual transaction and increased allowance for loan loss in residential real estate and credit card .', 'the increase included additions to the allowance for loan losses of $ 4.7 billion driven by higher estimated losses for residential mort- gage and home equity loans as the weak labor market and weak overall economic conditions have resulted in increased delinquencies , while continued weak housing prices have driven a significant increase in loss severity .', 'the allowance for loan losses related to credit card increased $ 4.3 billion from the prior year primarily due to the acquired allowance and subsequent conforming provision for loan loss related to the washington mutual bank acquisition and an increase in provision for loan losses of $ 2.3 billion in 2008 over 2007 , as higher estimated net charge-offs are expected in the port- folio resulting from the current economic conditions .', 'the wholesale allowance for loan losses increase of $ 3.4 billion from december 31 , 2007 , reflected the effect of a weakening credit envi- ronment and the transfer of $ 4.9 billion of funded and unfunded leveraged lending commitments to retained loans from held-for-sale .', 'to provide for the risk of loss inherent in the firm 2019s process of extending credit , an allowance for lending-related commitments is held for both wholesale and consumer , which is reported in other lia- bilities .', 'the wholesale component is computed using a methodology similar to that used for the wholesale loan portfolio , modified for expected maturities and probabilities of drawdown and has an asset- specific component and a formula-based component .', 'for a further discussion on the allowance for lending-related commitment see note 15 on pages 178 2013180 of this annual report .', 'the allowance for lending-related commitments for both wholesale and consumer was $ 659 million and $ 850 million at december 31 , 2008 and 2007 , respectively .', 'the decrease reflects the reduction in lending-related commitments at december 31 , 2008 .', 'for more information , see page 102 of this annual report .', 'the following table presents the allowance for loan losses and net charge-offs ( recoveries ) by business segment at december 31 , 2008 and 2007 .', 'net charge-offs ( recoveries ) december 31 , allowance for loan losses year ended .']
------
Tabular Data:
****************************************
Row 1: december 31 , ( in millions ), december 31 , 2008, december 31 , 2007, 2008, 2007
Row 2: investment bank, $ 3444, $ 1329, $ 105, $ 36
Row 3: commercial banking, 2826, 1695, 288, 44
Row 4: treasury & securities services, 74, 18, -2 ( 2 ), 2014
Row 5: asset management, 191, 112, 11, -8 ( 8 )
Row 6: corporate/private equity, 10, 2014, 2014, 2014
Row 7: total wholesale, 6545, 3154, 402, 72
Row 8: retail financial services, 8918, 2668, 4877, 1350
Row 9: card services, 7692, 3407, 4556, 3116
Row 10: corporate/private equity, 9, 5, 2014, 2014
Row 11: total consumer 2013 reported, 16619, 6080, 9433, 4466
Row 12: credit card 2013 securitized, 2014, 2014, 3612, 2380
Row 13: total consumer 2013 managed, 16619, 6080, 13045, 6846
Row 14: total, $ 23164, $ 9234, $ 13477, $ 6918
****************************************
------
Post-table: ['.'] | 0.66726 | JPM/2008/page_112.pdf-1 | ['management 2019s discussion and analysis 110 jpmorgan chase & co .', '/ 2008 annual report the allowance for credit losses increased $ 13.7 billion from the prior year to $ 23.8 billion .', 'the increase included $ 4.1 billion of allowance related to noncredit-impaired loans acquired in the washington mutual transaction and the related accounting conformity provision .', 'excluding held-for-sale loans , loans carried at fair value , and pur- chased credit-impaired consumer loans , the allowance for loan losses represented 3.62% ( 3.62 % ) of loans at december 31 , 2008 , compared with 1.88% ( 1.88 % ) at december 31 , 2007 .', 'the consumer allowance for loan losses increased $ 10.5 billion from the prior year as a result of the washington mutual transaction and increased allowance for loan loss in residential real estate and credit card .', 'the increase included additions to the allowance for loan losses of $ 4.7 billion driven by higher estimated losses for residential mort- gage and home equity loans as the weak labor market and weak overall economic conditions have resulted in increased delinquencies , while continued weak housing prices have driven a significant increase in loss severity .', 'the allowance for loan losses related to credit card increased $ 4.3 billion from the prior year primarily due to the acquired allowance and subsequent conforming provision for loan loss related to the washington mutual bank acquisition and an increase in provision for loan losses of $ 2.3 billion in 2008 over 2007 , as higher estimated net charge-offs are expected in the port- folio resulting from the current economic conditions .', 'the wholesale allowance for loan losses increase of $ 3.4 billion from december 31 , 2007 , reflected the effect of a weakening credit envi- ronment and the transfer of $ 4.9 billion of funded and unfunded leveraged lending commitments to retained loans from held-for-sale .', 'to provide for the risk of loss inherent in the firm 2019s process of extending credit , an allowance for lending-related commitments is held for both wholesale and consumer , which is reported in other lia- bilities .', 'the wholesale component is computed using a methodology similar to that used for the wholesale loan portfolio , modified for expected maturities and probabilities of drawdown and has an asset- specific component and a formula-based component .', 'for a further discussion on the allowance for lending-related commitment see note 15 on pages 178 2013180 of this annual report .', 'the allowance for lending-related commitments for both wholesale and consumer was $ 659 million and $ 850 million at december 31 , 2008 and 2007 , respectively .', 'the decrease reflects the reduction in lending-related commitments at december 31 , 2008 .', 'for more information , see page 102 of this annual report .', 'the following table presents the allowance for loan losses and net charge-offs ( recoveries ) by business segment at december 31 , 2008 and 2007 .', 'net charge-offs ( recoveries ) december 31 , allowance for loan losses year ended .'] | ['.'] | ****************************************
Row 1: december 31 , ( in millions ), december 31 , 2008, december 31 , 2007, 2008, 2007
Row 2: investment bank, $ 3444, $ 1329, $ 105, $ 36
Row 3: commercial banking, 2826, 1695, 288, 44
Row 4: treasury & securities services, 74, 18, -2 ( 2 ), 2014
Row 5: asset management, 191, 112, 11, -8 ( 8 )
Row 6: corporate/private equity, 10, 2014, 2014, 2014
Row 7: total wholesale, 6545, 3154, 402, 72
Row 8: retail financial services, 8918, 2668, 4877, 1350
Row 9: card services, 7692, 3407, 4556, 3116
Row 10: corporate/private equity, 9, 5, 2014, 2014
Row 11: total consumer 2013 reported, 16619, 6080, 9433, 4466
Row 12: credit card 2013 securitized, 2014, 2014, 3612, 2380
Row 13: total consumer 2013 managed, 16619, 6080, 13045, 6846
Row 14: total, $ 23164, $ 9234, $ 13477, $ 6918
**************************************** | subtract(2826, 1695), divide(#0, 1695) | 0.66726 |
what was the average price per share , in dollars , of the stock the company sold in august 2006? | Context: ['vertex pharmaceuticals incorporated notes to consolidated financial statements ( continued ) i .', 'altus investment ( continued ) of the offering , held 450000 shares of redeemable preferred stock , which are not convertible into common stock and which are redeemable for $ 10.00 per share plus annual dividends of $ 0.50 per share , which have been accruing since the redeemable preferred stock was issued in 1999 , at vertex 2019s option on or after december 31 , 2010 , or by altus at any time .', 'the company was restricted from trading altus securities for a period of six months following the initial public offering .', 'when the altus securities trading restrictions expired , the company sold the 817749 shares of altus common stock for approximately $ 11.7 million , resulting in a realized gain of approximately $ 7.7 million in august 2006 .', 'additionally when the restrictions expired , the company began accounting for the altus warrants as derivative instruments under the financial accounting standards board statement no .', 'fas 133 , 201caccounting for derivative instruments and hedging activities 201d ( 201cfas 133 201d ) .', 'in accordance with fas 133 , in the third quarter of 2006 , the company recorded the altus warrants on its consolidated balance sheet at a fair market value of $ 19.1 million and recorded an unrealized gain on the fair market value of the altus warrants of $ 4.3 million .', 'in the fourth quarter of 2006 the company sold the altus warrants for approximately $ 18.3 million , resulting in a realized loss of $ 0.7 million .', 'as a result of the company 2019s sales of altus common stock and altus warrrants in 2006 , the company recorded a realized gain on a sale of investment of $ 11.2 million .', 'in accordance with the company 2019s policy , as outlined in note b , 201caccounting policies , 201d the company assessed its investment in altus , which it accounts for using the cost method , and determined that there had not been any adjustments to the fair values of that investment that would require the company to write down the investment basis of the asset , in 2005 and 2006 .', 'the company 2019s cost basis carrying value in its outstanding equity and warrants of altus was $ 18.9 million at december 31 , 2005 .', 'j .', 'accrued expenses and other current liabilities accrued expenses and other current liabilities consist of the following at december 31 ( in thousands ) : k .', 'commitments the company leases its facilities and certain equipment under non-cancelable operating leases .', 'the company 2019s leases have terms through april 2018 .', 'the term of the kendall square lease began january 1 , 2003 and lease payments commenced in may 2003 .', 'the company had an obligation under the kendall square lease , staged through 2006 , to build-out the space into finished laboratory and office space .', 'this lease will expire in 2018 , and the company has the option to extend the term for two consecutive terms of ten years each , ultimately expiring in 2038 .', 'the company occupies and uses for its operations approximately 120000 square feet of the kendall square facility .', 'the company has sublease arrangements in place for the remaining rentable square footage of the kendall square facility , with initial terms that expires in april 2011 and august 2012 .', 'see note e , 201crestructuring 201d for further information. .']
####
Table:
========================================
Row 1: , 2006, 2005
Row 2: research and development contract costs, $ 57761, $ 20098
Row 3: payroll and benefits, 25115, 15832
Row 4: professional fees, 3848, 4816
Row 5: other, 4635, 1315
Row 6: total, $ 91359, $ 42061
========================================
####
Post-table: ['research and development contract costs $ 57761 $ 20098 payroll and benefits 25115 15832 professional fees 3848 4816 4635 1315 $ 91359 $ 42061 .'] | 14.30757 | VRTX/2006/page_112.pdf-1 | ['vertex pharmaceuticals incorporated notes to consolidated financial statements ( continued ) i .', 'altus investment ( continued ) of the offering , held 450000 shares of redeemable preferred stock , which are not convertible into common stock and which are redeemable for $ 10.00 per share plus annual dividends of $ 0.50 per share , which have been accruing since the redeemable preferred stock was issued in 1999 , at vertex 2019s option on or after december 31 , 2010 , or by altus at any time .', 'the company was restricted from trading altus securities for a period of six months following the initial public offering .', 'when the altus securities trading restrictions expired , the company sold the 817749 shares of altus common stock for approximately $ 11.7 million , resulting in a realized gain of approximately $ 7.7 million in august 2006 .', 'additionally when the restrictions expired , the company began accounting for the altus warrants as derivative instruments under the financial accounting standards board statement no .', 'fas 133 , 201caccounting for derivative instruments and hedging activities 201d ( 201cfas 133 201d ) .', 'in accordance with fas 133 , in the third quarter of 2006 , the company recorded the altus warrants on its consolidated balance sheet at a fair market value of $ 19.1 million and recorded an unrealized gain on the fair market value of the altus warrants of $ 4.3 million .', 'in the fourth quarter of 2006 the company sold the altus warrants for approximately $ 18.3 million , resulting in a realized loss of $ 0.7 million .', 'as a result of the company 2019s sales of altus common stock and altus warrrants in 2006 , the company recorded a realized gain on a sale of investment of $ 11.2 million .', 'in accordance with the company 2019s policy , as outlined in note b , 201caccounting policies , 201d the company assessed its investment in altus , which it accounts for using the cost method , and determined that there had not been any adjustments to the fair values of that investment that would require the company to write down the investment basis of the asset , in 2005 and 2006 .', 'the company 2019s cost basis carrying value in its outstanding equity and warrants of altus was $ 18.9 million at december 31 , 2005 .', 'j .', 'accrued expenses and other current liabilities accrued expenses and other current liabilities consist of the following at december 31 ( in thousands ) : k .', 'commitments the company leases its facilities and certain equipment under non-cancelable operating leases .', 'the company 2019s leases have terms through april 2018 .', 'the term of the kendall square lease began january 1 , 2003 and lease payments commenced in may 2003 .', 'the company had an obligation under the kendall square lease , staged through 2006 , to build-out the space into finished laboratory and office space .', 'this lease will expire in 2018 , and the company has the option to extend the term for two consecutive terms of ten years each , ultimately expiring in 2038 .', 'the company occupies and uses for its operations approximately 120000 square feet of the kendall square facility .', 'the company has sublease arrangements in place for the remaining rentable square footage of the kendall square facility , with initial terms that expires in april 2011 and august 2012 .', 'see note e , 201crestructuring 201d for further information. .'] | ['research and development contract costs $ 57761 $ 20098 payroll and benefits 25115 15832 professional fees 3848 4816 4635 1315 $ 91359 $ 42061 .'] | ========================================
Row 1: , 2006, 2005
Row 2: research and development contract costs, $ 57761, $ 20098
Row 3: payroll and benefits, 25115, 15832
Row 4: professional fees, 3848, 4816
Row 5: other, 4635, 1315
Row 6: total, $ 91359, $ 42061
======================================== | multiply(11.7, const_1000000), divide(#0, 817749) | 14.30757 |
what portion of the entergy arkansas payment goes to entergy texas? | Pre-text: ['entergy corporation and subsidiaries notes to financial statements equitable discretion and not require refunds for the 20-month period from september 13 , 2001 - may 2 , 2003 .', 'because the ruling on refunds relied on findings in the interruptible load proceeding , which is discussed in a separate section below , the ferc concluded that the refund ruling will be held in abeyance pending the outcome of the rehearing requests in that proceeding .', 'on the second issue , the ferc reversed its prior decision and ordered that the prospective bandwidth remedy begin on june 1 , 2005 ( the date of its initial order in the proceeding ) rather than january 1 , 2006 , as it had previously ordered .', 'pursuant to the october 2011 order , entergy was required to calculate the additional bandwidth payments for the period june - december 2005 utilizing the bandwidth formula tariff prescribed by the ferc that was filed in a december 2006 compliance filing and accepted by the ferc in an april 2007 order .', 'as is the case with bandwidth remedy payments , these payments and receipts will ultimately be paid by utility operating company customers to other utility operating company customers .', 'in december 2011 , entergy filed with the ferc its compliance filing that provides the payments and receipts among the utility operating companies pursuant to the ferc 2019s october 2011 order .', 'the filing shows the following payments/receipts among the utility operating companies : payments ( receipts ) ( in millions ) .']
####
Data Table:
----------------------------------------
payments ( receipts ) ( in millions )
entergy arkansas $ 156
entergy gulf states louisiana ( $ 75 )
entergy louisiana $ 2014
entergy mississippi ( $ 33 )
entergy new orleans ( $ 5 )
entergy texas ( $ 43 )
----------------------------------------
####
Additional Information: ['entergy arkansas made its payment in january 2012 .', 'in february 2012 , entergy arkansas filed for an interim adjustment to its production cost allocation rider requesting that the $ 156 million payment be collected from customers over the 22-month period from march 2012 through december 2013 .', 'in march 2012 the apsc issued an order stating that the payment can be recovered from retail customers through the production cost allocation rider , subject to refund .', 'the lpsc and the apsc have requested rehearing of the ferc 2019s october 2011 order .', 'in december 2013 the lpsc filed a petition for a writ of mandamus at the united states court of appeals for the d.c .', 'circuit .', 'in its petition , the lpsc requested that the d.c .', 'circuit issue an order compelling the ferc to issue a final order on pending rehearing requests .', 'in its response to the lpsc petition , the ferc committed to rule on the pending rehearing request before the end of february .', 'in january 2014 the d.c .', "circuit denied the lpsc's petition .", 'the apsc , the lpsc , the puct , and other parties intervened in the december 2011 compliance filing proceeding , and the apsc and the lpsc also filed protests .', 'calendar year 2013 production costs the liabilities and assets for the preliminary estimate of the payments and receipts required to implement the ferc 2019s remedy based on calendar year 2013 production costs were recorded in december 2013 , based on certain year-to-date information .', 'the preliminary estimate was recorded based on the following estimate of the payments/receipts among the utility operating companies for 2014. .'] | 0.27564 | ETR/2013/page_93.pdf-2 | ['entergy corporation and subsidiaries notes to financial statements equitable discretion and not require refunds for the 20-month period from september 13 , 2001 - may 2 , 2003 .', 'because the ruling on refunds relied on findings in the interruptible load proceeding , which is discussed in a separate section below , the ferc concluded that the refund ruling will be held in abeyance pending the outcome of the rehearing requests in that proceeding .', 'on the second issue , the ferc reversed its prior decision and ordered that the prospective bandwidth remedy begin on june 1 , 2005 ( the date of its initial order in the proceeding ) rather than january 1 , 2006 , as it had previously ordered .', 'pursuant to the october 2011 order , entergy was required to calculate the additional bandwidth payments for the period june - december 2005 utilizing the bandwidth formula tariff prescribed by the ferc that was filed in a december 2006 compliance filing and accepted by the ferc in an april 2007 order .', 'as is the case with bandwidth remedy payments , these payments and receipts will ultimately be paid by utility operating company customers to other utility operating company customers .', 'in december 2011 , entergy filed with the ferc its compliance filing that provides the payments and receipts among the utility operating companies pursuant to the ferc 2019s october 2011 order .', 'the filing shows the following payments/receipts among the utility operating companies : payments ( receipts ) ( in millions ) .'] | ['entergy arkansas made its payment in january 2012 .', 'in february 2012 , entergy arkansas filed for an interim adjustment to its production cost allocation rider requesting that the $ 156 million payment be collected from customers over the 22-month period from march 2012 through december 2013 .', 'in march 2012 the apsc issued an order stating that the payment can be recovered from retail customers through the production cost allocation rider , subject to refund .', 'the lpsc and the apsc have requested rehearing of the ferc 2019s october 2011 order .', 'in december 2013 the lpsc filed a petition for a writ of mandamus at the united states court of appeals for the d.c .', 'circuit .', 'in its petition , the lpsc requested that the d.c .', 'circuit issue an order compelling the ferc to issue a final order on pending rehearing requests .', 'in its response to the lpsc petition , the ferc committed to rule on the pending rehearing request before the end of february .', 'in january 2014 the d.c .', "circuit denied the lpsc's petition .", 'the apsc , the lpsc , the puct , and other parties intervened in the december 2011 compliance filing proceeding , and the apsc and the lpsc also filed protests .', 'calendar year 2013 production costs the liabilities and assets for the preliminary estimate of the payments and receipts required to implement the ferc 2019s remedy based on calendar year 2013 production costs were recorded in december 2013 , based on certain year-to-date information .', 'the preliminary estimate was recorded based on the following estimate of the payments/receipts among the utility operating companies for 2014. .'] | ----------------------------------------
payments ( receipts ) ( in millions )
entergy arkansas $ 156
entergy gulf states louisiana ( $ 75 )
entergy louisiana $ 2014
entergy mississippi ( $ 33 )
entergy new orleans ( $ 5 )
entergy texas ( $ 43 )
---------------------------------------- | divide(43, 156) | 0.27564 |
what was the percentage change in backlog from 2005 to 2006? | Pre-text: ['air mobility sales declined by $ 535 million primarily due to c-130j deliveries ( 12 in 2006 compared to 15 in 2005 ) and lower volume on the c-5 program .', 'combat aircraft sales increased by $ 292 million mainly due to higher f-35 and f-22 volume , partially offset by reduced volume on f-16 programs .', 'other aeronautics programs sales increased by $ 83 million primarily due to higher volume in sustainment services activities .', 'operating profit for the segment increased 21% ( 21 % ) in 2007 compared to 2006 .', 'operating profit increases in combat aircraft more than offset decreases in other aeronautics programs and air mobility .', 'combat aircraft operating profit increased $ 326 million mainly due to improved performance on f-22 and f-16 programs .', 'air mobility and other aeronautics programs declined $ 77 million due to lower operating profit in support and sustainment activities .', 'operating profit for the segment increased 20% ( 20 % ) in 2006 compared to 2005 .', 'operating profit increased in both combat aircraft and air mobility .', 'combat aircraft increased $ 114 million , mainly due to higher volume on the f-35 and f-22 programs , and improved performance on f-16 programs .', 'the improvement for the year was also attributable in part to the fact that in 2005 , operating profit included a reduction in earnings on the f-35 program .', 'air mobility operating profit increased $ 84 million , mainly due to improved performance on c-130j sustainment activities in 2006 .', 'backlog decreased in 2007 as compared to 2006 primarily as a result of sales volume on the f-35 program .', 'this decrease was offset partially by increased orders on the f-22 and c-130j programs .', 'electronic systems electronic systems 2019 operating results included the following : ( in millions ) 2007 2006 2005 .']
######
Tabular Data:
----------------------------------------
( in millions ) | 2007 | 2006 | 2005
----------|----------|----------|----------
net sales | $ 11143 | $ 10519 | $ 9811
operating profit | 1410 | 1264 | 1078
backlog at year-end | 21200 | 19700 | 18600
----------------------------------------
######
Additional Information: ['net sales for electronic systems increased by 6% ( 6 % ) in 2007 compared to 2006 .', 'sales increased in missiles & fire control ( m&fc ) , maritime systems & sensors ( ms2 ) , and platform , training & energy ( pt&e ) .', 'm&fc sales increased $ 258 million mainly due to higher volume in fire control systems and air defense programs , which more than offset declines in tactical missile programs .', 'ms2 sales grew $ 254 million due to volume increases in undersea and radar systems activities that were offset partially by decreases in surface systems activities .', 'pt&e sales increased $ 113 million , primarily due to higher volume in platform integration activities , which more than offset declines in distribution technology activities .', 'net sales for electronic systems increased by 7% ( 7 % ) in 2006 compared to 2005 .', 'higher volume in platform integration activities led to increased sales of $ 329 million at pt&e .', 'ms2 sales increased $ 267 million primarily due to surface systems activities .', 'air defense programs contributed to increased sales of $ 118 million at m&fc .', 'operating profit for the segment increased by 12% ( 12 % ) in 2007 compared to 2006 , representing an increase in all three lines of business during the year .', 'operating profit increased $ 70 million at pt&e primarily due to higher volume and improved performance on platform integration activities .', 'ms2 operating profit increased $ 32 million due to higher volume on undersea and tactical systems activities that more than offset lower volume on surface systems activities .', 'at m&fc , operating profit increased $ 32 million due to higher volume in fire control systems and improved performance in tactical missile programs , which partially were offset by performance on certain international air defense programs in 2006 .', 'operating profit for the segment increased by 17% ( 17 % ) in 2006 compared to 2005 .', 'operating profit increased by $ 74 million at ms2 mainly due to higher volume on surface systems and undersea programs .', 'pt&e operating profit increased $ 61 million mainly due to improved performance on distribution technology activities .', 'higher volume on air defense programs contributed to a $ 52 million increase in operating profit at m&fc .', 'the increase in backlog during 2007 over 2006 resulted primarily from increased orders for certain tactical missile programs and fire control systems at m&fc and platform integration programs at pt&e. .'] | 0.05914 | LMT/2007/page_55.pdf-4 | ['air mobility sales declined by $ 535 million primarily due to c-130j deliveries ( 12 in 2006 compared to 15 in 2005 ) and lower volume on the c-5 program .', 'combat aircraft sales increased by $ 292 million mainly due to higher f-35 and f-22 volume , partially offset by reduced volume on f-16 programs .', 'other aeronautics programs sales increased by $ 83 million primarily due to higher volume in sustainment services activities .', 'operating profit for the segment increased 21% ( 21 % ) in 2007 compared to 2006 .', 'operating profit increases in combat aircraft more than offset decreases in other aeronautics programs and air mobility .', 'combat aircraft operating profit increased $ 326 million mainly due to improved performance on f-22 and f-16 programs .', 'air mobility and other aeronautics programs declined $ 77 million due to lower operating profit in support and sustainment activities .', 'operating profit for the segment increased 20% ( 20 % ) in 2006 compared to 2005 .', 'operating profit increased in both combat aircraft and air mobility .', 'combat aircraft increased $ 114 million , mainly due to higher volume on the f-35 and f-22 programs , and improved performance on f-16 programs .', 'the improvement for the year was also attributable in part to the fact that in 2005 , operating profit included a reduction in earnings on the f-35 program .', 'air mobility operating profit increased $ 84 million , mainly due to improved performance on c-130j sustainment activities in 2006 .', 'backlog decreased in 2007 as compared to 2006 primarily as a result of sales volume on the f-35 program .', 'this decrease was offset partially by increased orders on the f-22 and c-130j programs .', 'electronic systems electronic systems 2019 operating results included the following : ( in millions ) 2007 2006 2005 .'] | ['net sales for electronic systems increased by 6% ( 6 % ) in 2007 compared to 2006 .', 'sales increased in missiles & fire control ( m&fc ) , maritime systems & sensors ( ms2 ) , and platform , training & energy ( pt&e ) .', 'm&fc sales increased $ 258 million mainly due to higher volume in fire control systems and air defense programs , which more than offset declines in tactical missile programs .', 'ms2 sales grew $ 254 million due to volume increases in undersea and radar systems activities that were offset partially by decreases in surface systems activities .', 'pt&e sales increased $ 113 million , primarily due to higher volume in platform integration activities , which more than offset declines in distribution technology activities .', 'net sales for electronic systems increased by 7% ( 7 % ) in 2006 compared to 2005 .', 'higher volume in platform integration activities led to increased sales of $ 329 million at pt&e .', 'ms2 sales increased $ 267 million primarily due to surface systems activities .', 'air defense programs contributed to increased sales of $ 118 million at m&fc .', 'operating profit for the segment increased by 12% ( 12 % ) in 2007 compared to 2006 , representing an increase in all three lines of business during the year .', 'operating profit increased $ 70 million at pt&e primarily due to higher volume and improved performance on platform integration activities .', 'ms2 operating profit increased $ 32 million due to higher volume on undersea and tactical systems activities that more than offset lower volume on surface systems activities .', 'at m&fc , operating profit increased $ 32 million due to higher volume in fire control systems and improved performance in tactical missile programs , which partially were offset by performance on certain international air defense programs in 2006 .', 'operating profit for the segment increased by 17% ( 17 % ) in 2006 compared to 2005 .', 'operating profit increased by $ 74 million at ms2 mainly due to higher volume on surface systems and undersea programs .', 'pt&e operating profit increased $ 61 million mainly due to improved performance on distribution technology activities .', 'higher volume on air defense programs contributed to a $ 52 million increase in operating profit at m&fc .', 'the increase in backlog during 2007 over 2006 resulted primarily from increased orders for certain tactical missile programs and fire control systems at m&fc and platform integration programs at pt&e. .'] | ----------------------------------------
( in millions ) | 2007 | 2006 | 2005
----------|----------|----------|----------
net sales | $ 11143 | $ 10519 | $ 9811
operating profit | 1410 | 1264 | 1078
backlog at year-end | 21200 | 19700 | 18600
---------------------------------------- | subtract(19700, 18600), divide(#0, 18600) | 0.05914 |
what is the percentage change in the balance of goodwill from 2014 to 2015? | Background: ['analog devices , inc .', 'notes to consolidated financial statements 2014 ( continued ) depreciation expense for property , plant and equipment was $ 134.5 million , $ 130.1 million and $ 114.1 million in fiscal 2016 , 2015 and 2014 , respectively .', 'the company reviews property , plant and equipment for impairment whenever events or changes in circumstances indicate that the carrying amount of assets may not be recoverable .', 'recoverability of these assets is determined by comparison of their carrying amount to the future undiscounted cash flows the assets are expected to generate over their remaining economic lives .', 'if such assets are considered to be impaired , the impairment to be recognized in earnings equals the amount by which the carrying value of the assets exceeds their fair value determined by either a quoted market price , if any , or a value determined by utilizing a discounted cash flow technique .', 'if such assets are not impaired , but their useful lives have decreased , the remaining net book value is depreciated over the revised useful life .', 'we have not recorded any material impairment charges related to our property , plant and equipment in fiscal 2016 , fiscal 2015 or fiscal 2014 .', 'f .', 'goodwill and intangible assets goodwill the company evaluates goodwill for impairment annually , as well as whenever events or changes in circumstances suggest that the carrying value of goodwill may not be recoverable .', 'the company tests goodwill for impairment at the reporting unit level ( operating segment or one level below an operating segment ) on an annual basis on the first day of the fourth quarter ( on or about august 1 ) or more frequently if indicators of impairment exist .', 'for the company 2019s latest annual impairment assessment that occurred as of july 31 , 2016 , the company identified its reporting units to be its seven operating segments .', 'the performance of the test involves a two-step process .', 'the first step of the quantitative impairment test involves comparing the fair values of the applicable reporting units with their aggregate carrying values , including goodwill .', 'the company determines the fair value of its reporting units using a weighting of the income and market approaches .', 'under the income approach , the company uses a discounted cash flow methodology which requires management to make significant estimates and assumptions related to forecasted revenues , gross profit margins , operating income margins , working capital cash flow , perpetual growth rates , and long-term discount rates , among others .', 'for the market approach , the company uses the guideline public company method .', 'under this method the company utilizes information from comparable publicly traded companies with similar operating and investment characteristics as the reporting units , to create valuation multiples that are applied to the operating performance of the reporting unit being tested , in order to obtain their respective fair values .', 'in order to assess the reasonableness of the calculated reporting unit fair values , the company reconciles the aggregate fair values of its reporting units determined , as described above , to its current market capitalization , allowing for a reasonable control premium .', 'if the carrying amount of a reporting unit , calculated using the above approaches , exceeds the reporting unit 2019s fair value , the company performs the second step of the goodwill impairment test to determine the amount of impairment loss .', 'the second step of the goodwill impairment test involves comparing the implied fair value of the affected reporting unit 2019s goodwill with the carrying value of that reporting unit .', 'there was no impairment of goodwill in any of the fiscal years presented .', 'the company 2019s next annual impairment assessment will be performed as of the first day of the fourth quarter of the fiscal year ending october 28 , 2017 ( fiscal 2017 ) unless indicators arise that would require the company to reevaluate at an earlier date .', 'the following table presents the changes in goodwill during fiscal 2016 and fiscal 2015: .']
Table:
| 2016 | 2015
balance at beginning of year | $ 1636526 | $ 1642438
acquisition of hittite ( note 6 ) ( 1 ) | 2014 | -1105 ( 1105 )
goodwill adjustment related to other acquisitions ( 2 ) | 44046 | 3663
foreign currency translation adjustment | -1456 ( 1456 ) | -8470 ( 8470 )
balance at end of year | $ 1679116 | $ 1636526
Additional Information: ['( 1 ) amount in fiscal 2015 represents changes to goodwill as a result of finalizing the acquisition accounting related to the hittite acquisition .', '( 2 ) represents goodwill related to other acquisitions that were not material to the company on either an individual or aggregate basis .', 'intangible assets the company reviews finite-lived intangible assets for impairment whenever events or changes in circumstances indicate that the carrying value of assets may not be recoverable .', 'recoverability of these assets is determined by comparison of their carrying value to the estimated future undiscounted cash flows the assets are expected to generate over their remaining .'] | -0.0036 | ADI/2016/page_61.pdf-1 | ['analog devices , inc .', 'notes to consolidated financial statements 2014 ( continued ) depreciation expense for property , plant and equipment was $ 134.5 million , $ 130.1 million and $ 114.1 million in fiscal 2016 , 2015 and 2014 , respectively .', 'the company reviews property , plant and equipment for impairment whenever events or changes in circumstances indicate that the carrying amount of assets may not be recoverable .', 'recoverability of these assets is determined by comparison of their carrying amount to the future undiscounted cash flows the assets are expected to generate over their remaining economic lives .', 'if such assets are considered to be impaired , the impairment to be recognized in earnings equals the amount by which the carrying value of the assets exceeds their fair value determined by either a quoted market price , if any , or a value determined by utilizing a discounted cash flow technique .', 'if such assets are not impaired , but their useful lives have decreased , the remaining net book value is depreciated over the revised useful life .', 'we have not recorded any material impairment charges related to our property , plant and equipment in fiscal 2016 , fiscal 2015 or fiscal 2014 .', 'f .', 'goodwill and intangible assets goodwill the company evaluates goodwill for impairment annually , as well as whenever events or changes in circumstances suggest that the carrying value of goodwill may not be recoverable .', 'the company tests goodwill for impairment at the reporting unit level ( operating segment or one level below an operating segment ) on an annual basis on the first day of the fourth quarter ( on or about august 1 ) or more frequently if indicators of impairment exist .', 'for the company 2019s latest annual impairment assessment that occurred as of july 31 , 2016 , the company identified its reporting units to be its seven operating segments .', 'the performance of the test involves a two-step process .', 'the first step of the quantitative impairment test involves comparing the fair values of the applicable reporting units with their aggregate carrying values , including goodwill .', 'the company determines the fair value of its reporting units using a weighting of the income and market approaches .', 'under the income approach , the company uses a discounted cash flow methodology which requires management to make significant estimates and assumptions related to forecasted revenues , gross profit margins , operating income margins , working capital cash flow , perpetual growth rates , and long-term discount rates , among others .', 'for the market approach , the company uses the guideline public company method .', 'under this method the company utilizes information from comparable publicly traded companies with similar operating and investment characteristics as the reporting units , to create valuation multiples that are applied to the operating performance of the reporting unit being tested , in order to obtain their respective fair values .', 'in order to assess the reasonableness of the calculated reporting unit fair values , the company reconciles the aggregate fair values of its reporting units determined , as described above , to its current market capitalization , allowing for a reasonable control premium .', 'if the carrying amount of a reporting unit , calculated using the above approaches , exceeds the reporting unit 2019s fair value , the company performs the second step of the goodwill impairment test to determine the amount of impairment loss .', 'the second step of the goodwill impairment test involves comparing the implied fair value of the affected reporting unit 2019s goodwill with the carrying value of that reporting unit .', 'there was no impairment of goodwill in any of the fiscal years presented .', 'the company 2019s next annual impairment assessment will be performed as of the first day of the fourth quarter of the fiscal year ending october 28 , 2017 ( fiscal 2017 ) unless indicators arise that would require the company to reevaluate at an earlier date .', 'the following table presents the changes in goodwill during fiscal 2016 and fiscal 2015: .'] | ['( 1 ) amount in fiscal 2015 represents changes to goodwill as a result of finalizing the acquisition accounting related to the hittite acquisition .', '( 2 ) represents goodwill related to other acquisitions that were not material to the company on either an individual or aggregate basis .', 'intangible assets the company reviews finite-lived intangible assets for impairment whenever events or changes in circumstances indicate that the carrying value of assets may not be recoverable .', 'recoverability of these assets is determined by comparison of their carrying value to the estimated future undiscounted cash flows the assets are expected to generate over their remaining .'] | | 2016 | 2015
balance at beginning of year | $ 1636526 | $ 1642438
acquisition of hittite ( note 6 ) ( 1 ) | 2014 | -1105 ( 1105 )
goodwill adjustment related to other acquisitions ( 2 ) | 44046 | 3663
foreign currency translation adjustment | -1456 ( 1456 ) | -8470 ( 8470 )
balance at end of year | $ 1679116 | $ 1636526 | subtract(1636526, 1642438), divide(#0, 1642438) | -0.0036 |
what would 2016 net revenue have been if it was impacted by the same higher other operation and maintenance expenses that impacted the prior year ( in millions ) ? | Pre-text: ['entergy arkansas , inc .', 'and subsidiaries management 2019s financial discussion and analysis results of operations net income 2016 compared to 2015 net income increased $ 92.9 million primarily due to higher net revenue and lower other operation and maintenance expenses , partially offset by a higher effective income tax rate and higher depreciation and amortization expenses .', '2015 compared to 2014 net income decreased $ 47.1 million primarily due to higher other operation and maintenance expenses , partially offset by higher net revenue .', '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 ) .']
##
Table:
========================================
Row 1: , amount ( in millions )
Row 2: 2015 net revenue, $ 1362.2
Row 3: retail electric price, 161.5
Row 4: other, -3.2 ( 3.2 )
Row 5: 2016 net revenue, $ 1520.5
========================================
##
Post-table: ['the retail electric price variance is primarily due to an increase in base rates , as approved by the apsc .', 'the new base 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 .', 'see note 2 to the financial statements for further discussion of the rate case .', 'see note 14 to the financial statements for further discussion of the union power station purchase. .'] | 1473.4 | ETR/2016/page_315.pdf-4 | ['entergy arkansas , inc .', 'and subsidiaries management 2019s financial discussion and analysis results of operations net income 2016 compared to 2015 net income increased $ 92.9 million primarily due to higher net revenue and lower other operation and maintenance expenses , partially offset by a higher effective income tax rate and higher depreciation and amortization expenses .', '2015 compared to 2014 net income decreased $ 47.1 million primarily due to higher other operation and maintenance expenses , partially offset by higher net revenue .', '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 an increase in base rates , as approved by the apsc .', 'the new base 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 .', 'see note 2 to the financial statements for further discussion of the rate case .', 'see note 14 to the financial statements for further discussion of the union power station purchase. .'] | ========================================
Row 1: , amount ( in millions )
Row 2: 2015 net revenue, $ 1362.2
Row 3: retail electric price, 161.5
Row 4: other, -3.2 ( 3.2 )
Row 5: 2016 net revenue, $ 1520.5
======================================== | subtract(1520.5, 47.1) | 1473.4 |
what percent of the balance was used on payments . | Pre-text: ['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 ) : .']
--
Table:
----------------------------------------
balance at may 31 2012 $ 67436
adjustments -31781 ( 31781 )
subtotal 35655
payments -35655 ( 35655 )
balance at may 31 2013 $ 2014
----------------------------------------
--
Additional Information: ['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-1 | ['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 was the difference in millions in liabilities related to asset retirement obligations between 2003 and 2003? | Background: ['impairment of long-lived assets based on the projection of undiscounted cash flows whenever events or changes in circumstances indicate that the carrying amounts of such assets may not be recoverable .', 'in the event such cash flows are not expected to be sufficient to recover the recorded value of the assets , the assets are written down to their estimated fair values ( see note 5 ) .', 'asset retirement obligations 2014effective january 1 , 2003 , the company adopted statement of financial accounting standards ( 2018 2018sfas 2019 2019 ) no .', '143 , 2018 2018accounting for asset retirement obligations . 2019 2019 sfas no .', '143 requires the company to record the fair value of a legal liability for an asset retirement obligation in the period in which it is incurred .', 'when a new liability is recorded the company will capitalize the costs of the liability by increasing the carrying amount of the related long-lived asset .', 'the liability is accreted to its present value each period and the capitalized cost is depreciated over the useful life of the related asset .', 'upon settlement of the liability , the company settles the obligation for its recorded amount or incurs a gain or loss upon settlement .', 'the company 2019s retirement obligations covered by sfas no .', '143 include primarily active ash landfills , water treatment basins and the removal or dismantlement of certain plant and equipment .', 'as of december 31 , 2003 and 2002 , the company had recorded liabilities of approximately $ 29 million and $ 15 million , respectively , related to asset retirement obligations .', 'there are no assets that are legally restricted for purposes of settling asset retirement obligations .', 'upon adoption of sfas no .', '143 , the company recorded an additional liability of approximately $ 13 million , a net asset of approximately $ 9 million , and a cumulative effect of a change in accounting principle of approximately $ 2 million , after income taxes .', 'amounts recorded related to asset retirement obligations during the years ended december 31 , 2003 were as follows ( in millions ) : .']
----
Tabular Data:
****************************************
balance at december 31 2002 | $ 15
additional liability recorded from cumulative effect of accounting change | 13
accretion expense | 2
change in the timing of estimated cash flows | -1 ( 1 )
balance at december 31 2003 | $ 29
****************************************
----
Additional Information: ['proforma net ( loss ) income and ( loss ) earnings per share have not been presented for the years ended december 31 , 2002 and 2001 because the proforma application of sfas no .', '143 to prior periods would result in proforma net ( loss ) income and ( loss ) earnings per share not materially different from the actual amounts reported for those periods in the accompanying consolidated statements of operations .', 'had sfas 143 been applied during all periods presented the asset retirement obligation at january 1 , 2001 , december 31 , 2001 and december 31 , 2002 would have been approximately $ 21 million , $ 23 million and $ 28 million , respectively .', 'included in other long-term liabilities is the accrual for the non-legal obligations for removal of assets in service at ipalco amounting to $ 361 million and $ 339 million at december 31 , 2003 and 2002 , respectively .', 'deferred financing costs 2014financing costs are deferred and amortized over the related financing period using the effective interest method or the straight-line method when it does not differ materially from the effective interest method .', 'deferred financing costs are shown net of accumulated amortization of $ 202 million and $ 173 million as of december 31 , 2003 and 2002 , respectively .', 'project development costs 2014the company capitalizes the costs of developing new construction projects after achieving certain project-related milestones that indicate the project 2019s completion is probable .', 'these costs represent amounts incurred for professional services , permits , options , capitalized interest , and other costs directly related to construction .', 'these costs are transferred to construction in progress when significant construction activity commences , or expensed at the time the company determines that development of a particular project is no longer probable ( see note 5 ) . .'] | 14.0 | AES/2003/page_93.pdf-1 | ['impairment of long-lived assets based on the projection of undiscounted cash flows whenever events or changes in circumstances indicate that the carrying amounts of such assets may not be recoverable .', 'in the event such cash flows are not expected to be sufficient to recover the recorded value of the assets , the assets are written down to their estimated fair values ( see note 5 ) .', 'asset retirement obligations 2014effective january 1 , 2003 , the company adopted statement of financial accounting standards ( 2018 2018sfas 2019 2019 ) no .', '143 , 2018 2018accounting for asset retirement obligations . 2019 2019 sfas no .', '143 requires the company to record the fair value of a legal liability for an asset retirement obligation in the period in which it is incurred .', 'when a new liability is recorded the company will capitalize the costs of the liability by increasing the carrying amount of the related long-lived asset .', 'the liability is accreted to its present value each period and the capitalized cost is depreciated over the useful life of the related asset .', 'upon settlement of the liability , the company settles the obligation for its recorded amount or incurs a gain or loss upon settlement .', 'the company 2019s retirement obligations covered by sfas no .', '143 include primarily active ash landfills , water treatment basins and the removal or dismantlement of certain plant and equipment .', 'as of december 31 , 2003 and 2002 , the company had recorded liabilities of approximately $ 29 million and $ 15 million , respectively , related to asset retirement obligations .', 'there are no assets that are legally restricted for purposes of settling asset retirement obligations .', 'upon adoption of sfas no .', '143 , the company recorded an additional liability of approximately $ 13 million , a net asset of approximately $ 9 million , and a cumulative effect of a change in accounting principle of approximately $ 2 million , after income taxes .', 'amounts recorded related to asset retirement obligations during the years ended december 31 , 2003 were as follows ( in millions ) : .'] | ['proforma net ( loss ) income and ( loss ) earnings per share have not been presented for the years ended december 31 , 2002 and 2001 because the proforma application of sfas no .', '143 to prior periods would result in proforma net ( loss ) income and ( loss ) earnings per share not materially different from the actual amounts reported for those periods in the accompanying consolidated statements of operations .', 'had sfas 143 been applied during all periods presented the asset retirement obligation at january 1 , 2001 , december 31 , 2001 and december 31 , 2002 would have been approximately $ 21 million , $ 23 million and $ 28 million , respectively .', 'included in other long-term liabilities is the accrual for the non-legal obligations for removal of assets in service at ipalco amounting to $ 361 million and $ 339 million at december 31 , 2003 and 2002 , respectively .', 'deferred financing costs 2014financing costs are deferred and amortized over the related financing period using the effective interest method or the straight-line method when it does not differ materially from the effective interest method .', 'deferred financing costs are shown net of accumulated amortization of $ 202 million and $ 173 million as of december 31 , 2003 and 2002 , respectively .', 'project development costs 2014the company capitalizes the costs of developing new construction projects after achieving certain project-related milestones that indicate the project 2019s completion is probable .', 'these costs represent amounts incurred for professional services , permits , options , capitalized interest , and other costs directly related to construction .', 'these costs are transferred to construction in progress when significant construction activity commences , or expensed at the time the company determines that development of a particular project is no longer probable ( see note 5 ) . .'] | ****************************************
balance at december 31 2002 | $ 15
additional liability recorded from cumulative effect of accounting change | 13
accretion expense | 2
change in the timing of estimated cash flows | -1 ( 1 )
balance at december 31 2003 | $ 29
**************************************** | subtract(29, 15) | 14.0 |
what was the difference in millions of capital spending related to business acquisitions from 2010 to 2011? | Background: ['2012 ppg annual report and form 10-k 27 operations in 2011 compared to 2010 , but the increase was reduced by cash used to fund an increase in working capital of $ 212 million driven by our sales growth in 2011 .', 'operating working capital is a subset of total working capital and represents ( 1 ) trade receivables-net of the allowance for doubtful accounts , plus ( 2 ) inventories on a first- in , first-out ( 201cfifo 201d ) basis , less ( 3 ) trade creditors 2019 liabilities .', 'see note 3 , 201cworking capital detail 201d under item 8 of this form 10-k for further information related to the components of the company 2019s operating working capital .', 'we believe operating working capital represents the key components of working capital under the operating control of our businesses .', 'operating working capital at december 31 , 2012 and 2011 was $ 2.9 billion and $ 2.7 billion , respectively .', 'a key metric we use to measure our working capital management is operating working capital as a percentage of sales ( fourth quarter sales annualized ) . .']
--------
Data Table:
****************************************
( millions except percentages ) | 2012 | 2011
----------|----------|----------
trade receivables net | $ 2568 | $ 2512
inventories fifo | 1930 | 1839
trade creditor's liabilities | 1620 | 1612
operating working capital | $ 2878 | $ 2739
operating working capital as % ( % ) of sales | 19.7% ( 19.7 % ) | 19.5% ( 19.5 % )
****************************************
--------
Follow-up: ['operating working capital at december 31 , 2012 increased $ 139 million compared with the prior year end level ; however , excluding the impact of currency and acquisitions , the change was a decrease of $ 21 million during the year ended december 31 , 2012 .', 'this decrease was the net result of decreases in all components of operating working capital .', 'trade receivables from customers , net , as a percentage of fourth quarter sales , annualized , for 2012 was 17.6% ( 17.6 % ) , down slightly from 17.9% ( 17.9 % ) for 2011 .', 'days sales outstanding was 61 days in 2012 , a one day improvement from 2011 .', 'inventories on a fifo basis as a percentage of fourth quarter sales , annualized , for 2012 was 13.2% ( 13.2 % ) up slightly from 13.1% ( 13.1 % ) in 2011 .', 'inventory turnover was 4.8 times in 2012 and 5.0 times in 2011 .', 'total capital spending , including acquisitions , was $ 533 million , $ 446 million and $ 341 million in 2012 , 2011 , and 2010 , respectively .', 'spending related to modernization and productivity improvements , expansion of existing businesses and environmental control projects was $ 411 million , $ 390 million and $ 307 million in 2012 , 2011 , and 2010 , respectively , and is expected to be in the range of $ 350-$ 450 million during 2013 .', 'capital spending , excluding acquisitions , as a percentage of sales was 2.7% ( 2.7 % ) , 2.6% ( 2.6 % ) and 2.3% ( 2.3 % ) in 2012 , 2011 and 2010 , respectively .', 'capital spending related to business acquisitions amounted to $ 122 million , $ 56 million , and $ 34 million in 2012 , 2011 and 2010 , respectively .', 'a primary focus for the corporation in 2013 will continue to be prudent cash deployment focused on profitable earnings growth including pursuing opportunities for additional strategic acquisitions .', 'in january 2013 , ppg received $ 900 million in cash proceeds in connection with the closing of the separation of its commodity chemicals business and subsequent merger of the subsidiary holding the ppg commodity chemicals business with a subsidiary of georgia gulf .', 'refer to note 25 , 201cseparation and merger transaction 201d for financial information regarding the separation of the commodity chemicals business .', 'in december 2012 , the company reached a definitive agreement to acquire the north american architectural coatings business of akzo nobel , n.v. , amsterdam , in a deal valued at $ 1.05 billion .', 'the transaction has been approved by the boards of directors of both companies and is expected to close in the first half of 2013 , subject to regulatory approvals .', 'in december 2012 , the company acquired spraylat corp. , a privately-owned industrial coatings company based in pelham , n.y .', 'in january 2012 , the company completed the previously announced acquisitions of colpisa , a colombian producer of automotive oem and refinish coatings , and dyrup , a european architectural coatings company .', 'the total cost of 2012 acquisitions , including assumed debt , was $ 288 million .', 'dividends paid to shareholders totaled $ 358 million , $ 355 million and $ 360 million in 2012 , 2011 and 2010 , respectively .', 'ppg has paid uninterrupted annual dividends since 1899 , and 2012 marked the 41st consecutive year of increased annual dividend payments to shareholders .', 'we did not have a mandatory contribution to our u.s .', 'defined benefit pension plans in 2012 and we did not make a voluntary contribution to these plans .', 'in 2011 and 2010 , we made voluntary contributions to our u.s .', 'defined benefit pension plans of $ 50 million and $ 250 million , respectively .', 'we do not expect to make a contribution to our u.s .', 'defined benefit pension plans in 2013 .', 'contributions were made to our non-u.s .', 'defined benefit pension plans of $ 81 million , $ 71 million and $ 87 million for 2012 , 2011 and 2010 , respectively , some of which were required by local funding requirements .', 'we expect to make mandatory contributions to our non-u.s .', 'plans in 2013 in the range of approximately $ 75 million to $ 100 million .', 'the company 2019s share repurchase activity in 2012 , 2011 and 2010 was 1 million shares at a cost of $ 92 million , 10.2 million shares at a cost of $ 858 million and 8.1 million shares at a cost of $ 586 million , respectively .', 'no ppg stock was purchased in the last nine months of 2012 during the completion of the separation of its commodity chemicals business and subsequent merger of the subsidiary holding the ppg commodity chemicals business with a subsidiary of georgia gulf .', 'the company reinitiated our share repurchase activity in the first quarter of 2013 .', 'we anticipate spending between $ 500 million and $ 750 million for share repurchases during 2013 .', 'we can repurchase nearly 8 million shares under the current authorization from the board of directors .', 'in september 2012 , ppg entered into a five-year credit agreement ( the "credit agreement" ) with several banks and financial institutions as further discussed in note 8 , "debt and bank credit agreements and leases" .', 'the credit agreement provides for a $ 1.2 billion unsecured revolving credit facility .', 'in connection with entering into this credit agreement , the table of contents .'] | 22.0 | PPG/2012/page_29.pdf-3 | ['2012 ppg annual report and form 10-k 27 operations in 2011 compared to 2010 , but the increase was reduced by cash used to fund an increase in working capital of $ 212 million driven by our sales growth in 2011 .', 'operating working capital is a subset of total working capital and represents ( 1 ) trade receivables-net of the allowance for doubtful accounts , plus ( 2 ) inventories on a first- in , first-out ( 201cfifo 201d ) basis , less ( 3 ) trade creditors 2019 liabilities .', 'see note 3 , 201cworking capital detail 201d under item 8 of this form 10-k for further information related to the components of the company 2019s operating working capital .', 'we believe operating working capital represents the key components of working capital under the operating control of our businesses .', 'operating working capital at december 31 , 2012 and 2011 was $ 2.9 billion and $ 2.7 billion , respectively .', 'a key metric we use to measure our working capital management is operating working capital as a percentage of sales ( fourth quarter sales annualized ) . .'] | ['operating working capital at december 31 , 2012 increased $ 139 million compared with the prior year end level ; however , excluding the impact of currency and acquisitions , the change was a decrease of $ 21 million during the year ended december 31 , 2012 .', 'this decrease was the net result of decreases in all components of operating working capital .', 'trade receivables from customers , net , as a percentage of fourth quarter sales , annualized , for 2012 was 17.6% ( 17.6 % ) , down slightly from 17.9% ( 17.9 % ) for 2011 .', 'days sales outstanding was 61 days in 2012 , a one day improvement from 2011 .', 'inventories on a fifo basis as a percentage of fourth quarter sales , annualized , for 2012 was 13.2% ( 13.2 % ) up slightly from 13.1% ( 13.1 % ) in 2011 .', 'inventory turnover was 4.8 times in 2012 and 5.0 times in 2011 .', 'total capital spending , including acquisitions , was $ 533 million , $ 446 million and $ 341 million in 2012 , 2011 , and 2010 , respectively .', 'spending related to modernization and productivity improvements , expansion of existing businesses and environmental control projects was $ 411 million , $ 390 million and $ 307 million in 2012 , 2011 , and 2010 , respectively , and is expected to be in the range of $ 350-$ 450 million during 2013 .', 'capital spending , excluding acquisitions , as a percentage of sales was 2.7% ( 2.7 % ) , 2.6% ( 2.6 % ) and 2.3% ( 2.3 % ) in 2012 , 2011 and 2010 , respectively .', 'capital spending related to business acquisitions amounted to $ 122 million , $ 56 million , and $ 34 million in 2012 , 2011 and 2010 , respectively .', 'a primary focus for the corporation in 2013 will continue to be prudent cash deployment focused on profitable earnings growth including pursuing opportunities for additional strategic acquisitions .', 'in january 2013 , ppg received $ 900 million in cash proceeds in connection with the closing of the separation of its commodity chemicals business and subsequent merger of the subsidiary holding the ppg commodity chemicals business with a subsidiary of georgia gulf .', 'refer to note 25 , 201cseparation and merger transaction 201d for financial information regarding the separation of the commodity chemicals business .', 'in december 2012 , the company reached a definitive agreement to acquire the north american architectural coatings business of akzo nobel , n.v. , amsterdam , in a deal valued at $ 1.05 billion .', 'the transaction has been approved by the boards of directors of both companies and is expected to close in the first half of 2013 , subject to regulatory approvals .', 'in december 2012 , the company acquired spraylat corp. , a privately-owned industrial coatings company based in pelham , n.y .', 'in january 2012 , the company completed the previously announced acquisitions of colpisa , a colombian producer of automotive oem and refinish coatings , and dyrup , a european architectural coatings company .', 'the total cost of 2012 acquisitions , including assumed debt , was $ 288 million .', 'dividends paid to shareholders totaled $ 358 million , $ 355 million and $ 360 million in 2012 , 2011 and 2010 , respectively .', 'ppg has paid uninterrupted annual dividends since 1899 , and 2012 marked the 41st consecutive year of increased annual dividend payments to shareholders .', 'we did not have a mandatory contribution to our u.s .', 'defined benefit pension plans in 2012 and we did not make a voluntary contribution to these plans .', 'in 2011 and 2010 , we made voluntary contributions to our u.s .', 'defined benefit pension plans of $ 50 million and $ 250 million , respectively .', 'we do not expect to make a contribution to our u.s .', 'defined benefit pension plans in 2013 .', 'contributions were made to our non-u.s .', 'defined benefit pension plans of $ 81 million , $ 71 million and $ 87 million for 2012 , 2011 and 2010 , respectively , some of which were required by local funding requirements .', 'we expect to make mandatory contributions to our non-u.s .', 'plans in 2013 in the range of approximately $ 75 million to $ 100 million .', 'the company 2019s share repurchase activity in 2012 , 2011 and 2010 was 1 million shares at a cost of $ 92 million , 10.2 million shares at a cost of $ 858 million and 8.1 million shares at a cost of $ 586 million , respectively .', 'no ppg stock was purchased in the last nine months of 2012 during the completion of the separation of its commodity chemicals business and subsequent merger of the subsidiary holding the ppg commodity chemicals business with a subsidiary of georgia gulf .', 'the company reinitiated our share repurchase activity in the first quarter of 2013 .', 'we anticipate spending between $ 500 million and $ 750 million for share repurchases during 2013 .', 'we can repurchase nearly 8 million shares under the current authorization from the board of directors .', 'in september 2012 , ppg entered into a five-year credit agreement ( the "credit agreement" ) with several banks and financial institutions as further discussed in note 8 , "debt and bank credit agreements and leases" .', 'the credit agreement provides for a $ 1.2 billion unsecured revolving credit facility .', 'in connection with entering into this credit agreement , the table of contents .'] | ****************************************
( millions except percentages ) | 2012 | 2011
----------|----------|----------
trade receivables net | $ 2568 | $ 2512
inventories fifo | 1930 | 1839
trade creditor's liabilities | 1620 | 1612
operating working capital | $ 2878 | $ 2739
operating working capital as % ( % ) of sales | 19.7% ( 19.7 % ) | 19.5% ( 19.5 % )
**************************************** | subtract(56, 34) | 22.0 |
what percent of the recognized value of the period's acquisition is from the value of trademarks and tradenames? | Background: ['westrock company notes to consolidated financial statements fffd ( continued ) the following table summarizes the weighted average life and the allocation to intangible assets recognized in the mps acquisition , excluding goodwill ( in millions ) : weighted avg .', 'amounts recognized as the acquisition .']
######
Data Table:
----------------------------------------
weighted avg.life amountsrecognized as ofthe acquisitiondate
customer relationships 14.6 $ 1008.7
trademarks and tradenames 3.0 15.2
photo library 10.0 2.5
total 14.4 $ 1026.4
----------------------------------------
######
Additional Information: ['none of the intangibles has significant residual value .', 'we are amortizing the customer relationship intangibles over estimated useful lives ranging from 13 to 16 years based on a straight-line basis because the amortization pattern was not reliably determinable .', 'star pizza acquisition on march 13 , 2017 , we completed the star pizza acquisition .', 'the transaction provided us with a leadership position in the fast growing small-run pizza box market and increases our vertical integration .', 'the purchase price was $ 34.6 million , net of a $ 0.7 million working capital settlement .', 'we have fully integrated the approximately 22000 tons of containerboard used by star pizza annually .', 'we have included the financial results of the acquired assets since the date of the acquisition in our corrugated packaging segment .', 'the purchase price allocation for the acquisition primarily included $ 24.8 million of customer relationship intangible assets and $ 2.2 million of goodwill .', 'we are amortizing the customer relationship intangibles over 10 years based on a straight-line basis because the amortization pattern was not reliably determinable .', 'the fair value assigned to goodwill is primarily attributable to buyer-specific synergies expected to arise after the acquisition ( e.g. , enhanced reach of the combined organization and other synergies ) , and the assembled work force .', 'the goodwill and intangibles are amortizable for income tax purposes .', 'packaging acquisition on january 19 , 2016 , we completed the packaging acquisition .', 'the entities acquired provide value-added folding carton and litho-laminated display packaging solutions .', 'the purchase price was $ 94.1 million , net of cash received of $ 1.7 million , a working capital settlement and a $ 3.5 million escrow receipt in the first quarter of fiscal 2017 .', 'the transaction is subject to an election under section 338 ( h ) ( 10 ) of the code that increases the u.s .', 'tax basis in the acquired u.s .', 'entities .', 'we believe the transaction has provided us with attractive and complementary customers , markets and facilities .', 'we have included the financial results of the acquired entities since the date of the acquisition in our consumer packaging segment .', 'the purchase price allocation for the acquisition primarily included $ 55.0 million of property , plant and equipment , $ 10.5 million of customer relationship intangible assets , $ 9.3 million of goodwill and $ 25.8 million of liabilities , including $ 1.3 million of debt .', 'we are amortizing the customer relationship intangibles over estimated useful lives ranging from 9 to 15 years based on a straight-line basis because the amortization pattern was not reliably determinable .', 'the fair value assigned to goodwill is primarily attributable to buyer-specific synergies expected to arise after the acquisition ( e.g. , enhanced reach of the combined organization and other synergies ) , and the assembled work force .', 'the goodwill and intangibles of the u.s .', 'entities are amortizable for income tax purposes .', 'sp fiber on october 1 , 2015 , we completed the sp fiber acquisition in a stock purchase .', 'the transaction included the acquisition of mills located in dublin , ga and newberg , or , which produce lightweight recycled containerboard and kraft and bag paper .', 'the newberg mill also produced newsprint .', "as part of the transaction , we also acquired sp fiber's 48% ( 48 % ) interest in gps .", 'gps is a joint venture providing steam to the dublin mill and electricity to georgia power .', 'the purchase price was $ 278.8 million , net of cash received of $ 9.2 million and a working capital .'] | 0.01481 | WRK/2018/page_86.pdf-2 | ['westrock company notes to consolidated financial statements fffd ( continued ) the following table summarizes the weighted average life and the allocation to intangible assets recognized in the mps acquisition , excluding goodwill ( in millions ) : weighted avg .', 'amounts recognized as the acquisition .'] | ['none of the intangibles has significant residual value .', 'we are amortizing the customer relationship intangibles over estimated useful lives ranging from 13 to 16 years based on a straight-line basis because the amortization pattern was not reliably determinable .', 'star pizza acquisition on march 13 , 2017 , we completed the star pizza acquisition .', 'the transaction provided us with a leadership position in the fast growing small-run pizza box market and increases our vertical integration .', 'the purchase price was $ 34.6 million , net of a $ 0.7 million working capital settlement .', 'we have fully integrated the approximately 22000 tons of containerboard used by star pizza annually .', 'we have included the financial results of the acquired assets since the date of the acquisition in our corrugated packaging segment .', 'the purchase price allocation for the acquisition primarily included $ 24.8 million of customer relationship intangible assets and $ 2.2 million of goodwill .', 'we are amortizing the customer relationship intangibles over 10 years based on a straight-line basis because the amortization pattern was not reliably determinable .', 'the fair value assigned to goodwill is primarily attributable to buyer-specific synergies expected to arise after the acquisition ( e.g. , enhanced reach of the combined organization and other synergies ) , and the assembled work force .', 'the goodwill and intangibles are amortizable for income tax purposes .', 'packaging acquisition on january 19 , 2016 , we completed the packaging acquisition .', 'the entities acquired provide value-added folding carton and litho-laminated display packaging solutions .', 'the purchase price was $ 94.1 million , net of cash received of $ 1.7 million , a working capital settlement and a $ 3.5 million escrow receipt in the first quarter of fiscal 2017 .', 'the transaction is subject to an election under section 338 ( h ) ( 10 ) of the code that increases the u.s .', 'tax basis in the acquired u.s .', 'entities .', 'we believe the transaction has provided us with attractive and complementary customers , markets and facilities .', 'we have included the financial results of the acquired entities since the date of the acquisition in our consumer packaging segment .', 'the purchase price allocation for the acquisition primarily included $ 55.0 million of property , plant and equipment , $ 10.5 million of customer relationship intangible assets , $ 9.3 million of goodwill and $ 25.8 million of liabilities , including $ 1.3 million of debt .', 'we are amortizing the customer relationship intangibles over estimated useful lives ranging from 9 to 15 years based on a straight-line basis because the amortization pattern was not reliably determinable .', 'the fair value assigned to goodwill is primarily attributable to buyer-specific synergies expected to arise after the acquisition ( e.g. , enhanced reach of the combined organization and other synergies ) , and the assembled work force .', 'the goodwill and intangibles of the u.s .', 'entities are amortizable for income tax purposes .', 'sp fiber on october 1 , 2015 , we completed the sp fiber acquisition in a stock purchase .', 'the transaction included the acquisition of mills located in dublin , ga and newberg , or , which produce lightweight recycled containerboard and kraft and bag paper .', 'the newberg mill also produced newsprint .', "as part of the transaction , we also acquired sp fiber's 48% ( 48 % ) interest in gps .", 'gps is a joint venture providing steam to the dublin mill and electricity to georgia power .', 'the purchase price was $ 278.8 million , net of cash received of $ 9.2 million and a working capital .'] | ----------------------------------------
weighted avg.life amountsrecognized as ofthe acquisitiondate
customer relationships 14.6 $ 1008.7
trademarks and tradenames 3.0 15.2
photo library 10.0 2.5
total 14.4 $ 1026.4
---------------------------------------- | divide(15.2, 1026.4) | 0.01481 |
what was the profit margin from printing paper in 2006 | Pre-text: ['customer demand .', 'this compared with 555000 tons of total downtime in 2006 of which 150000 tons related to lack-of-orders .', 'printing papers in millions 2007 2006 2005 .']
--
Tabular Data:
========================================
• in millions, 2007, 2006, 2005
• sales, $ 6530, $ 6700, $ 6980
• operating profit, $ 1101, $ 636, $ 434
========================================
--
Additional Information: ['north american printing papers net sales in 2007 were $ 3.5 billion compared with $ 4.4 billion in 2006 ( $ 3.5 billion excluding the coated and super- calendered papers business ) and $ 4.8 billion in 2005 ( $ 3.2 billion excluding the coated and super- calendered papers business ) .', 'sales volumes decreased in 2007 versus 2006 partially due to reduced production capacity resulting from the conversion of the paper machine at the pensacola mill to the production of lightweight linerboard for our industrial packaging segment .', 'average sales price realizations increased significantly , reflecting benefits from price increases announced throughout 2007 .', 'lack-of-order downtime declined to 27000 tons in 2007 from 40000 tons in 2006 .', 'operating earnings of $ 537 million in 2007 increased from $ 482 million in 2006 ( $ 407 million excluding the coated and supercalendered papers business ) and $ 175 million in 2005 ( $ 74 million excluding the coated and supercalendered papers business ) .', 'the benefits from improved average sales price realizations more than offset the effects of higher input costs for wood , energy , and freight .', 'mill operations were favorable compared with the prior year due to current-year improvements in machine performance and energy conservation efforts .', 'sales volumes for the first quarter of 2008 are expected to increase slightly , and the mix of prod- ucts sold to improve .', 'demand for printing papers in north america was steady as the quarter began .', 'price increases for cut-size paper and roll stock have been announced that are expected to be effective principally late in the first quarter .', 'planned mill maintenance outage costs should be about the same as in the fourth quarter ; however , raw material costs are expected to continue to increase , primarily for wood and energy .', 'brazil ian papers net sales for 2007 of $ 850 mil- lion were higher than the $ 495 million in 2006 and the $ 465 million in 2005 .', 'compared with 2006 , aver- age sales price realizations improved reflecting price increases for uncoated freesheet paper realized dur- ing the second half of 2006 and the first half of 2007 .', 'excluding the impact of the luiz antonio acquisition , sales volumes increased primarily for cut size and offset paper .', 'operating profits for 2007 of $ 246 mil- lion were up from $ 122 million in 2006 and $ 134 mil- lion in 2005 as the benefits from higher sales prices and favorable manufacturing costs were only parti- ally offset by higher input costs .', 'contributions from the luiz antonio acquisition increased net sales by approximately $ 350 million and earnings by approx- imately $ 80 million in 2007 .', 'entering 2008 , sales volumes for uncoated freesheet paper and pulp should be seasonally lower .', 'average price realizations should be essentially flat , but mar- gins are expected to reflect a less favorable product mix .', 'energy costs , primarily for hydroelectric power , are expected to increase significantly reflecting a lack of rainfall in brazil in the latter part of 2007 .', 'european papers net sales in 2007 were $ 1.5 bil- lion compared with $ 1.3 billion in 2006 and $ 1.2 bil- lion in 2005 .', 'sales volumes in 2007 were higher than in 2006 at our eastern european mills reflecting stronger market demand and improved efficiencies , but lower in western europe reflecting the closure of the marasquel mill in 2006 .', 'average sales price real- izations increased significantly in 2007 in both east- ern and western european markets .', 'operating profits of $ 214 million in 2007 increased from a loss of $ 16 million in 2006 and earnings of $ 88 million in 2005 .', 'the loss in 2006 reflects the impact of a $ 128 million impairment charge to reduce the carrying value of the fixed assets at the saillat , france mill .', 'excluding this charge , the improvement in 2007 compared with 2006 reflects the contribution from higher net sales , partially offset by higher input costs for wood , energy and freight .', 'looking ahead to the first quarter of 2008 , sales volumes are expected to be stable in western europe , but seasonally weaker in eastern europe and russia .', 'average price realizations are expected to remain about flat .', 'wood costs are expected to increase , especially in russia due to strong demand ahead of tariff increases , and energy costs are anticipated to be seasonally higher .', 'asian printing papers net sales were approx- imately $ 20 million in 2007 , compared with $ 15 mil- lion in 2006 and $ 10 million in 2005 .', 'operating earnings increased slightly in 2007 , but were close to breakeven in all periods .', 'u.s .', 'market pulp sales in 2007 totaled $ 655 mil- lion compared with $ 510 million and $ 525 million in 2006 and 2005 , respectively .', 'sales volumes in 2007 were up from 2006 levels , primarily for paper and .'] | 0.09493 | IP/2007/page_30.pdf-3 | ['customer demand .', 'this compared with 555000 tons of total downtime in 2006 of which 150000 tons related to lack-of-orders .', 'printing papers in millions 2007 2006 2005 .'] | ['north american printing papers net sales in 2007 were $ 3.5 billion compared with $ 4.4 billion in 2006 ( $ 3.5 billion excluding the coated and super- calendered papers business ) and $ 4.8 billion in 2005 ( $ 3.2 billion excluding the coated and super- calendered papers business ) .', 'sales volumes decreased in 2007 versus 2006 partially due to reduced production capacity resulting from the conversion of the paper machine at the pensacola mill to the production of lightweight linerboard for our industrial packaging segment .', 'average sales price realizations increased significantly , reflecting benefits from price increases announced throughout 2007 .', 'lack-of-order downtime declined to 27000 tons in 2007 from 40000 tons in 2006 .', 'operating earnings of $ 537 million in 2007 increased from $ 482 million in 2006 ( $ 407 million excluding the coated and supercalendered papers business ) and $ 175 million in 2005 ( $ 74 million excluding the coated and supercalendered papers business ) .', 'the benefits from improved average sales price realizations more than offset the effects of higher input costs for wood , energy , and freight .', 'mill operations were favorable compared with the prior year due to current-year improvements in machine performance and energy conservation efforts .', 'sales volumes for the first quarter of 2008 are expected to increase slightly , and the mix of prod- ucts sold to improve .', 'demand for printing papers in north america was steady as the quarter began .', 'price increases for cut-size paper and roll stock have been announced that are expected to be effective principally late in the first quarter .', 'planned mill maintenance outage costs should be about the same as in the fourth quarter ; however , raw material costs are expected to continue to increase , primarily for wood and energy .', 'brazil ian papers net sales for 2007 of $ 850 mil- lion were higher than the $ 495 million in 2006 and the $ 465 million in 2005 .', 'compared with 2006 , aver- age sales price realizations improved reflecting price increases for uncoated freesheet paper realized dur- ing the second half of 2006 and the first half of 2007 .', 'excluding the impact of the luiz antonio acquisition , sales volumes increased primarily for cut size and offset paper .', 'operating profits for 2007 of $ 246 mil- lion were up from $ 122 million in 2006 and $ 134 mil- lion in 2005 as the benefits from higher sales prices and favorable manufacturing costs were only parti- ally offset by higher input costs .', 'contributions from the luiz antonio acquisition increased net sales by approximately $ 350 million and earnings by approx- imately $ 80 million in 2007 .', 'entering 2008 , sales volumes for uncoated freesheet paper and pulp should be seasonally lower .', 'average price realizations should be essentially flat , but mar- gins are expected to reflect a less favorable product mix .', 'energy costs , primarily for hydroelectric power , are expected to increase significantly reflecting a lack of rainfall in brazil in the latter part of 2007 .', 'european papers net sales in 2007 were $ 1.5 bil- lion compared with $ 1.3 billion in 2006 and $ 1.2 bil- lion in 2005 .', 'sales volumes in 2007 were higher than in 2006 at our eastern european mills reflecting stronger market demand and improved efficiencies , but lower in western europe reflecting the closure of the marasquel mill in 2006 .', 'average sales price real- izations increased significantly in 2007 in both east- ern and western european markets .', 'operating profits of $ 214 million in 2007 increased from a loss of $ 16 million in 2006 and earnings of $ 88 million in 2005 .', 'the loss in 2006 reflects the impact of a $ 128 million impairment charge to reduce the carrying value of the fixed assets at the saillat , france mill .', 'excluding this charge , the improvement in 2007 compared with 2006 reflects the contribution from higher net sales , partially offset by higher input costs for wood , energy and freight .', 'looking ahead to the first quarter of 2008 , sales volumes are expected to be stable in western europe , but seasonally weaker in eastern europe and russia .', 'average price realizations are expected to remain about flat .', 'wood costs are expected to increase , especially in russia due to strong demand ahead of tariff increases , and energy costs are anticipated to be seasonally higher .', 'asian printing papers net sales were approx- imately $ 20 million in 2007 , compared with $ 15 mil- lion in 2006 and $ 10 million in 2005 .', 'operating earnings increased slightly in 2007 , but were close to breakeven in all periods .', 'u.s .', 'market pulp sales in 2007 totaled $ 655 mil- lion compared with $ 510 million and $ 525 million in 2006 and 2005 , respectively .', 'sales volumes in 2007 were up from 2006 levels , primarily for paper and .'] | ========================================
• in millions, 2007, 2006, 2005
• sales, $ 6530, $ 6700, $ 6980
• operating profit, $ 1101, $ 636, $ 434
======================================== | divide(636, 6700) | 0.09493 |
what percentage of total contractual obligations and commitments as of december 31 , 2005 , are total debt principal? | Pre-text: ['dividends is subject to the discretion of the board of directors and will depend on various factors , including our net income , financial condition , cash requirements , future prospects , and other relevant factors .', 'we expect to continue the practice of paying regular cash dividends .', 'during 2005 , we repaid $ 589 million in debt , primarily consisting of paydowns of commercial paper , scheduled principal payments on capital lease obligations , and repayments of debt that was previously assumed with the acquisitions of lynx express ltd .', 'and overnite corp .', 'issuances of debt were $ 128 million in 2005 , and consisted primarily of loans related to our investment in certain equity-method real estate partnerships .', 'we consider the overall fixed and floating interest rate mix of our portfolio and the related overall cost of borrowing when planning for future issuances and non-scheduled repayments of debt .', 'sources of credit we maintain two commercial paper programs under which we are authorized to borrow up to $ 7.0 billion in the united states .', 'we had $ 739 million outstanding under these programs as of december 31 , 2005 , with an average interest rate of 4.01% ( 4.01 % ) .', 'the entire balance outstanding has been classified as a current liability in our balance sheet .', 'we also maintain a european commercial paper program under which we are authorized to borrow up to 20ac1.0 billion in a variety of currencies .', 'there were no amounts outstanding under this program as of december 31 , 2005 .', 'we maintain two credit agreements with a consortium of banks .', 'these agreements provide revolving credit facilities of $ 1.0 billion each , with one expiring on april 20 , 2006 and the other on april 21 , 2010 .', 'interest on any amounts we borrow under these facilities would be charged at 90-day libor plus 15 basis points .', 'there were no borrowings under either of these agreements as of december 31 , 2005 .', 'in august 2003 , we filed a $ 2.0 billion shelf registration statement under which we may issue debt securities in the united states .', 'there was approximately $ 126 million issued under this shelf registration statement at december 31 , 2005 , all of which consists of issuances under our ups notes program .', 'our existing debt instruments and credit facilities do not have cross-default or ratings triggers , however these debt instruments and credit facilities do subject us to certain financial covenants .', 'these covenants generally require us to maintain a $ 3.0 billion minimum net worth and limit the amount of secured indebtedness available to the company .', 'these covenants are not considered material to the overall financial condition of the company , and all covenant tests were satisfied as of december 31 , 2005 .', 'commitments we have contractual obligations and commitments in the form of operating leases , capital leases , debt obligations , purchase commitments , and certain other liabilities .', 'we intend to satisfy these obligations through the use of cash flow from operations .', 'the following table summarizes our contractual obligations and commitments as of december 31 , 2005 ( in millions ) : capitalized leases operating leases principal purchase commitments liabilities .']
----------
Tabular Data:
****************************************
year | capitalized leases | operating leases | debt principal | purchase commitments | other liabilities
----------|----------|----------|----------|----------|----------
2006 | $ 64 | $ 403 | $ 774 | $ 1280 | $ 48
2007 | 107 | 348 | 70 | 826 | 68
2008 | 115 | 248 | 37 | 738 | 69
2009 | 66 | 176 | 104 | 652 | 65
2010 | 61 | 126 | 30 | 478 | 62
after 2010 | 1 | 544 | 2637 | 689 | 285
total | $ 414 | $ 1845 | $ 3652 | $ 4663 | $ 597
****************************************
----------
Follow-up: ['.'] | 0.32692 | UPS/2005/page_43.pdf-2 | ['dividends is subject to the discretion of the board of directors and will depend on various factors , including our net income , financial condition , cash requirements , future prospects , and other relevant factors .', 'we expect to continue the practice of paying regular cash dividends .', 'during 2005 , we repaid $ 589 million in debt , primarily consisting of paydowns of commercial paper , scheduled principal payments on capital lease obligations , and repayments of debt that was previously assumed with the acquisitions of lynx express ltd .', 'and overnite corp .', 'issuances of debt were $ 128 million in 2005 , and consisted primarily of loans related to our investment in certain equity-method real estate partnerships .', 'we consider the overall fixed and floating interest rate mix of our portfolio and the related overall cost of borrowing when planning for future issuances and non-scheduled repayments of debt .', 'sources of credit we maintain two commercial paper programs under which we are authorized to borrow up to $ 7.0 billion in the united states .', 'we had $ 739 million outstanding under these programs as of december 31 , 2005 , with an average interest rate of 4.01% ( 4.01 % ) .', 'the entire balance outstanding has been classified as a current liability in our balance sheet .', 'we also maintain a european commercial paper program under which we are authorized to borrow up to 20ac1.0 billion in a variety of currencies .', 'there were no amounts outstanding under this program as of december 31 , 2005 .', 'we maintain two credit agreements with a consortium of banks .', 'these agreements provide revolving credit facilities of $ 1.0 billion each , with one expiring on april 20 , 2006 and the other on april 21 , 2010 .', 'interest on any amounts we borrow under these facilities would be charged at 90-day libor plus 15 basis points .', 'there were no borrowings under either of these agreements as of december 31 , 2005 .', 'in august 2003 , we filed a $ 2.0 billion shelf registration statement under which we may issue debt securities in the united states .', 'there was approximately $ 126 million issued under this shelf registration statement at december 31 , 2005 , all of which consists of issuances under our ups notes program .', 'our existing debt instruments and credit facilities do not have cross-default or ratings triggers , however these debt instruments and credit facilities do subject us to certain financial covenants .', 'these covenants generally require us to maintain a $ 3.0 billion minimum net worth and limit the amount of secured indebtedness available to the company .', 'these covenants are not considered material to the overall financial condition of the company , and all covenant tests were satisfied as of december 31 , 2005 .', 'commitments we have contractual obligations and commitments in the form of operating leases , capital leases , debt obligations , purchase commitments , and certain other liabilities .', 'we intend to satisfy these obligations through the use of cash flow from operations .', 'the following table summarizes our contractual obligations and commitments as of december 31 , 2005 ( in millions ) : capitalized leases operating leases principal purchase commitments liabilities .'] | ['.'] | ****************************************
year | capitalized leases | operating leases | debt principal | purchase commitments | other liabilities
----------|----------|----------|----------|----------|----------
2006 | $ 64 | $ 403 | $ 774 | $ 1280 | $ 48
2007 | 107 | 348 | 70 | 826 | 68
2008 | 115 | 248 | 37 | 738 | 69
2009 | 66 | 176 | 104 | 652 | 65
2010 | 61 | 126 | 30 | 478 | 62
after 2010 | 1 | 544 | 2637 | 689 | 285
total | $ 414 | $ 1845 | $ 3652 | $ 4663 | $ 597
**************************************** | table_sum(total, none), divide(3652, #0) | 0.32692 |
in millions , what was the mathematical range of debt maturities for 2018-2020? | Pre-text: ['devon energy corporation and subsidiaries notes to consolidated financial statements 2013 ( continued ) debt maturities as of december 31 , 2015 , excluding premiums and discounts , are as follows ( millions ) : .']
######
Tabular Data:
****************************************
Row 1: 2016, $ 976
Row 2: 2017, 2014
Row 3: 2018, 875
Row 4: 2019, 1100
Row 5: 2020, 414
Row 6: thereafter, 9763
Row 7: total, $ 13128
****************************************
######
Post-table: ['credit lines devon has a $ 3.0 billion senior credit facility .', 'the maturity date for $ 30 million of the senior credit facility is october 24 , 2017 .', 'the maturity date for $ 164 million of the senior credit facility is october 24 , 2018 .', 'the maturity date for the remaining $ 2.8 billion is october 24 , 2019 .', 'amounts borrowed under the senior credit facility may , at the election of devon , bear interest at various fixed rate options for periods of up to twelve months .', 'such rates are generally less than the prime rate .', 'however , devon may elect to borrow at the prime rate .', 'the senior credit facility currently provides for an annual facility fee of $ 3.8 million that is payable quarterly in arrears .', 'as of december 31 , 2015 , there were no borrowings under the senior credit facility .', 'the senior credit facility contains only one material financial covenant .', 'this covenant requires devon 2019s ratio of total funded debt to total capitalization , as defined in the credit agreement , to be no greater than 65% ( 65 % ) .', 'the credit agreement contains definitions of total funded debt and total capitalization that include adjustments to the respective amounts reported in the accompanying consolidated financial statements .', 'also , total capitalization is adjusted to add back noncash financial write-downs such as full cost ceiling impairments or goodwill impairments .', 'as of december 31 , 2015 , devon was in compliance with this covenant with a debt-to- capitalization ratio of 23.7% ( 23.7 % ) .', 'commercial paper devon 2019s senior credit facility supports its $ 3.0 billion of short-term credit under its commercial paper program .', 'commercial paper debt generally has a maturity of between 1 and 90 days , although it can have a maturity of up to 365 days , and bears interest at rates agreed to at the time of the borrowing .', 'the interest rate is generally based on a standard index such as the federal funds rate , libor or the money market rate as found in the commercial paper market .', 'as of december 31 , 2015 , devon 2019s outstanding commercial paper borrowings had a weighted-average borrowing rate of 0.63% ( 0.63 % ) .', 'issuance of senior notes in june 2015 , devon issued $ 750 million of 5.0% ( 5.0 % ) senior notes due 2045 that are unsecured and unsubordinated obligations .', 'devon used the net proceeds to repay the floating rate senior notes that matured on december 15 , 2015 , as well as outstanding commercial paper balances .', 'in december 2015 , in conjunction with the announcement of the powder river basin and stack acquisitions , devon issued $ 850 million of 5.85% ( 5.85 % ) senior notes due 2025 that are unsecured and unsubordinated obligations .', 'devon used the net proceeds to fund the cash portion of these acquisitions. .'] | 686.0 | DVN/2015/page_92.pdf-3 | ['devon energy corporation and subsidiaries notes to consolidated financial statements 2013 ( continued ) debt maturities as of december 31 , 2015 , excluding premiums and discounts , are as follows ( millions ) : .'] | ['credit lines devon has a $ 3.0 billion senior credit facility .', 'the maturity date for $ 30 million of the senior credit facility is october 24 , 2017 .', 'the maturity date for $ 164 million of the senior credit facility is october 24 , 2018 .', 'the maturity date for the remaining $ 2.8 billion is october 24 , 2019 .', 'amounts borrowed under the senior credit facility may , at the election of devon , bear interest at various fixed rate options for periods of up to twelve months .', 'such rates are generally less than the prime rate .', 'however , devon may elect to borrow at the prime rate .', 'the senior credit facility currently provides for an annual facility fee of $ 3.8 million that is payable quarterly in arrears .', 'as of december 31 , 2015 , there were no borrowings under the senior credit facility .', 'the senior credit facility contains only one material financial covenant .', 'this covenant requires devon 2019s ratio of total funded debt to total capitalization , as defined in the credit agreement , to be no greater than 65% ( 65 % ) .', 'the credit agreement contains definitions of total funded debt and total capitalization that include adjustments to the respective amounts reported in the accompanying consolidated financial statements .', 'also , total capitalization is adjusted to add back noncash financial write-downs such as full cost ceiling impairments or goodwill impairments .', 'as of december 31 , 2015 , devon was in compliance with this covenant with a debt-to- capitalization ratio of 23.7% ( 23.7 % ) .', 'commercial paper devon 2019s senior credit facility supports its $ 3.0 billion of short-term credit under its commercial paper program .', 'commercial paper debt generally has a maturity of between 1 and 90 days , although it can have a maturity of up to 365 days , and bears interest at rates agreed to at the time of the borrowing .', 'the interest rate is generally based on a standard index such as the federal funds rate , libor or the money market rate as found in the commercial paper market .', 'as of december 31 , 2015 , devon 2019s outstanding commercial paper borrowings had a weighted-average borrowing rate of 0.63% ( 0.63 % ) .', 'issuance of senior notes in june 2015 , devon issued $ 750 million of 5.0% ( 5.0 % ) senior notes due 2045 that are unsecured and unsubordinated obligations .', 'devon used the net proceeds to repay the floating rate senior notes that matured on december 15 , 2015 , as well as outstanding commercial paper balances .', 'in december 2015 , in conjunction with the announcement of the powder river basin and stack acquisitions , devon issued $ 850 million of 5.85% ( 5.85 % ) senior notes due 2025 that are unsecured and unsubordinated obligations .', 'devon used the net proceeds to fund the cash portion of these acquisitions. .'] | ****************************************
Row 1: 2016, $ 976
Row 2: 2017, 2014
Row 3: 2018, 875
Row 4: 2019, 1100
Row 5: 2020, 414
Row 6: thereafter, 9763
Row 7: total, $ 13128
**************************************** | subtract(1100, 414) | 686.0 |
at december 31 , 2010 what was the percent of the total net operating loss carry forwards set to expire between 2021 and 2025 | Context: ['american tower corporation and subsidiaries notes to consolidated financial statements the valuation allowance increased from $ 47.8 million as of december 31 , 2009 to $ 48.2 million as of december 31 , 2010 .', 'the increase was primarily due to valuation allowances on foreign loss carryforwards .', 'at december 31 , 2010 , the company has provided a valuation allowance of approximately $ 48.2 million which primarily relates to state net operating loss carryforwards , equity investments and foreign items .', 'the company has not provided a valuation allowance for the remaining deferred tax assets , primarily its federal net operating loss carryforwards , as management believes the company will have sufficient taxable income to realize these federal net operating loss carryforwards during the twenty-year tax carryforward period .', 'valuation allowances may be reversed if related deferred tax assets are deemed realizable based on changes in facts and circumstances relevant to the assets 2019 recoverability .', 'the recoverability of the company 2019s remaining net deferred tax asset has been assessed utilizing projections based on its current operations .', 'the projections show a significant decrease in depreciation in the later years of the carryforward period as a result of a significant portion of its assets being fully depreciated during the first fifteen years of the carryforward period .', 'accordingly , the recoverability of the net deferred tax asset is not dependent on material improvements to operations , material asset sales or other non-routine transactions .', 'based on its current outlook of future taxable income during the carryforward period , management believes that the net deferred tax asset will be realized .', 'the company 2019s deferred tax assets as of december 31 , 2010 and 2009 in the table above do not include $ 122.1 million and $ 113.9 million , respectively , of excess tax benefits from the exercises of employee stock options that are a component of net operating losses .', 'total stockholders 2019 equity as of december 31 , 2010 will be increased by $ 122.1 million if and when any such excess tax benefits are ultimately realized .', 'at december 31 , 2010 , the company had net federal and state operating loss carryforwards available to reduce future federal and state taxable income of approximately $ 1.2 billion , including losses related to employee stock options of $ 0.3 billion .', 'if not utilized , the company 2019s net operating loss carryforwards expire as follows ( in thousands ) : .']
##
Tabular Data:
****************************************
years ended december 31,, federal, state, foreign
2011 to 2015, $ 2014, $ 2014, $ 503
2016 to 2020, 2014, 331315, 5509
2021 to 2025, 774209, 576780, 2014
2026 to 2030, 423398, 279908, 92412
total, $ 1197607, $ 1188003, $ 98424
****************************************
##
Follow-up: ['in addition , the company has mexican tax credits of $ 5.2 million which if not utilized would expire in 2017. .'] | 0.64646 | AMT/2010/page_111.pdf-1 | ['american tower corporation and subsidiaries notes to consolidated financial statements the valuation allowance increased from $ 47.8 million as of december 31 , 2009 to $ 48.2 million as of december 31 , 2010 .', 'the increase was primarily due to valuation allowances on foreign loss carryforwards .', 'at december 31 , 2010 , the company has provided a valuation allowance of approximately $ 48.2 million which primarily relates to state net operating loss carryforwards , equity investments and foreign items .', 'the company has not provided a valuation allowance for the remaining deferred tax assets , primarily its federal net operating loss carryforwards , as management believes the company will have sufficient taxable income to realize these federal net operating loss carryforwards during the twenty-year tax carryforward period .', 'valuation allowances may be reversed if related deferred tax assets are deemed realizable based on changes in facts and circumstances relevant to the assets 2019 recoverability .', 'the recoverability of the company 2019s remaining net deferred tax asset has been assessed utilizing projections based on its current operations .', 'the projections show a significant decrease in depreciation in the later years of the carryforward period as a result of a significant portion of its assets being fully depreciated during the first fifteen years of the carryforward period .', 'accordingly , the recoverability of the net deferred tax asset is not dependent on material improvements to operations , material asset sales or other non-routine transactions .', 'based on its current outlook of future taxable income during the carryforward period , management believes that the net deferred tax asset will be realized .', 'the company 2019s deferred tax assets as of december 31 , 2010 and 2009 in the table above do not include $ 122.1 million and $ 113.9 million , respectively , of excess tax benefits from the exercises of employee stock options that are a component of net operating losses .', 'total stockholders 2019 equity as of december 31 , 2010 will be increased by $ 122.1 million if and when any such excess tax benefits are ultimately realized .', 'at december 31 , 2010 , the company had net federal and state operating loss carryforwards available to reduce future federal and state taxable income of approximately $ 1.2 billion , including losses related to employee stock options of $ 0.3 billion .', 'if not utilized , the company 2019s net operating loss carryforwards expire as follows ( in thousands ) : .'] | ['in addition , the company has mexican tax credits of $ 5.2 million which if not utilized would expire in 2017. .'] | ****************************************
years ended december 31,, federal, state, foreign
2011 to 2015, $ 2014, $ 2014, $ 503
2016 to 2020, 2014, 331315, 5509
2021 to 2025, 774209, 576780, 2014
2026 to 2030, 423398, 279908, 92412
total, $ 1197607, $ 1188003, $ 98424
**************************************** | divide(774209, 1197607) | 0.64646 |
what was the total decrease of cost of sales due to the adoption of the lifo method | Context: ['advance auto parts , inc .', 'and subsidiaries notes to consolidated financial statements 2013 ( continued ) december 30 , 2006 , december 31 , 2005 and january 1 , 2005 ( in thousands , except per share data ) 8 .', 'inventories , net inventories are stated at the lower of cost or market , cost being determined using the last-in , first-out ( "lifo" ) method for approximately 93% ( 93 % ) of inventories at both december 30 , 2006 and december 31 , 2005 .', 'under the lifo method , the company 2019s cost of sales reflects the costs of the most currently purchased inventories while the inventory carrying balance represents the costs relating to prices paid in prior years .', 'the company 2019s costs to acquire inventory have been generally decreasing in recent years as a result of its significant growth .', 'accordingly , the cost to replace inventory is less than the lifo balances carried for similar product .', 'as a result of the lifo method and the ability to obtain lower product costs , the company recorded a reduction to cost of sales of $ 9978 for fiscal year ended 2006 , an increase in cost of sales of $ 526 for fiscal year ended 2005 and a reduction to cost of sales of $ 11212 for fiscal year ended 2004 .', 'the remaining inventories are comprised of product cores , which consist of the non-consumable portion of certain parts and batteries and are valued under the first-in , first-out ( "fifo" ) method .', 'core values are included as part of our merchandise costs and are either passed on to the customer or returned to the vendor .', 'additionally , these products are not subject to the frequent cost changes like our other merchandise inventory , thus , there is no material difference from applying either the lifo or fifo valuation methods .', 'the company capitalizes certain purchasing and warehousing costs into inventory .', 'purchasing and warehousing costs included in inventory , at fifo , at december 30 , 2006 and december 31 , 2005 , were $ 95576 and $ 92833 , respectively .', 'inventories consist of the following : december 30 , december 31 , 2006 2005 .']
##########
Tabular Data:
========================================
december 30 2006 december 31 2005
inventories at fifo net $ 1380573 $ 1294310
adjustments to state inventories at lifo 82767 72789
inventories at lifo net $ 1463340 $ 1367099
========================================
##########
Post-table: ['replacement cost approximated fifo cost at december 30 , 2006 and december 31 , 2005 .', 'inventory quantities are tracked through a perpetual inventory system .', 'the company uses a cycle counting program in all distribution centers , parts delivered quickly warehouses , or pdqs , local area warehouses , or laws , and retail stores to ensure the accuracy of the perpetual inventory quantities of both merchandise and core inventory .', 'the company establishes reserves for estimated shrink based on historical accuracy and effectiveness of the cycle counting program .', 'the company also establishes reserves for potentially excess and obsolete inventories based on current inventory levels and the historical analysis of product sales and current market conditions .', 'the nature of the company 2019s inventory is such that the risk of obsolescence is minimal and excess inventory has historically been returned to the company 2019s vendors for credit .', 'the company provides reserves when less than full credit is expected from a vendor or when liquidating product will result in retail prices below recorded costs .', 'the company 2019s reserves against inventory for these matters were $ 31376 and $ 22825 at december 30 , 2006 and december 31 , 2005 , respectively .', '9 .', 'property and equipment : property and equipment are stated at cost , less accumulated depreciation .', 'expenditures for maintenance and repairs are charged directly to expense when incurred ; major improvements are capitalized .', 'when items are sold or retired , the related cost and accumulated depreciation are removed from the accounts , with any gain or loss reflected in the consolidated statements of operations .', 'depreciation of land improvements , buildings , furniture , fixtures and equipment , and vehicles is provided over the estimated useful lives , which range from 2 to 40 years , of the respective assets using the straight-line method. .'] | 20664.0 | AAP/2006/page_85.pdf-3 | ['advance auto parts , inc .', 'and subsidiaries notes to consolidated financial statements 2013 ( continued ) december 30 , 2006 , december 31 , 2005 and january 1 , 2005 ( in thousands , except per share data ) 8 .', 'inventories , net inventories are stated at the lower of cost or market , cost being determined using the last-in , first-out ( "lifo" ) method for approximately 93% ( 93 % ) of inventories at both december 30 , 2006 and december 31 , 2005 .', 'under the lifo method , the company 2019s cost of sales reflects the costs of the most currently purchased inventories while the inventory carrying balance represents the costs relating to prices paid in prior years .', 'the company 2019s costs to acquire inventory have been generally decreasing in recent years as a result of its significant growth .', 'accordingly , the cost to replace inventory is less than the lifo balances carried for similar product .', 'as a result of the lifo method and the ability to obtain lower product costs , the company recorded a reduction to cost of sales of $ 9978 for fiscal year ended 2006 , an increase in cost of sales of $ 526 for fiscal year ended 2005 and a reduction to cost of sales of $ 11212 for fiscal year ended 2004 .', 'the remaining inventories are comprised of product cores , which consist of the non-consumable portion of certain parts and batteries and are valued under the first-in , first-out ( "fifo" ) method .', 'core values are included as part of our merchandise costs and are either passed on to the customer or returned to the vendor .', 'additionally , these products are not subject to the frequent cost changes like our other merchandise inventory , thus , there is no material difference from applying either the lifo or fifo valuation methods .', 'the company capitalizes certain purchasing and warehousing costs into inventory .', 'purchasing and warehousing costs included in inventory , at fifo , at december 30 , 2006 and december 31 , 2005 , were $ 95576 and $ 92833 , respectively .', 'inventories consist of the following : december 30 , december 31 , 2006 2005 .'] | ['replacement cost approximated fifo cost at december 30 , 2006 and december 31 , 2005 .', 'inventory quantities are tracked through a perpetual inventory system .', 'the company uses a cycle counting program in all distribution centers , parts delivered quickly warehouses , or pdqs , local area warehouses , or laws , and retail stores to ensure the accuracy of the perpetual inventory quantities of both merchandise and core inventory .', 'the company establishes reserves for estimated shrink based on historical accuracy and effectiveness of the cycle counting program .', 'the company also establishes reserves for potentially excess and obsolete inventories based on current inventory levels and the historical analysis of product sales and current market conditions .', 'the nature of the company 2019s inventory is such that the risk of obsolescence is minimal and excess inventory has historically been returned to the company 2019s vendors for credit .', 'the company provides reserves when less than full credit is expected from a vendor or when liquidating product will result in retail prices below recorded costs .', 'the company 2019s reserves against inventory for these matters were $ 31376 and $ 22825 at december 30 , 2006 and december 31 , 2005 , respectively .', '9 .', 'property and equipment : property and equipment are stated at cost , less accumulated depreciation .', 'expenditures for maintenance and repairs are charged directly to expense when incurred ; major improvements are capitalized .', 'when items are sold or retired , the related cost and accumulated depreciation are removed from the accounts , with any gain or loss reflected in the consolidated statements of operations .', 'depreciation of land improvements , buildings , furniture , fixtures and equipment , and vehicles is provided over the estimated useful lives , which range from 2 to 40 years , of the respective assets using the straight-line method. .'] | ========================================
december 30 2006 december 31 2005
inventories at fifo net $ 1380573 $ 1294310
adjustments to state inventories at lifo 82767 72789
inventories at lifo net $ 1463340 $ 1367099
======================================== | add(9978, 11212), subtract(#0, 526) | 20664.0 |
between 2018 and 2017 what was the percent change in the weighted average cost per share | Background: ['republic services , inc .', 'notes to consolidated financial statements 2014 ( continued ) 12 .', 'share repurchases and dividends share repurchases share repurchase activity during the years ended december 31 , 2018 and 2017 follows ( in millions except per share amounts ) : .']
--------
Data Table:
========================================
| 2018 | 2017
----------|----------|----------
number of shares repurchased | 10.7 | 9.6
amount paid | $ 736.9 | $ 610.7
weighted average cost per share | $ 69.06 | $ 63.84
========================================
--------
Follow-up: ['as of december 31 , 2018 , there were no repurchased shares pending settlement .', 'in october 2017 , our board of directors added $ 2.0 billion to the existing share repurchase authorization that now extends through december 31 , 2020 .', 'share repurchases under the program may be made through open market purchases or privately negotiated transactions in accordance with applicable federal securities laws .', 'while the board of directors has approved the program , the timing of any purchases , the prices and the number of shares of common stock to be purchased will be determined by our management , at its discretion , and will depend upon market conditions and other factors .', 'the share repurchase program may be extended , suspended or discontinued at any time .', 'as of december 31 , 2018 , the remaining authorized purchase capacity under our october 2017 repurchase program was $ 1.1 billion .', 'dividends in october 2018 , our board of directors approved a quarterly dividend of $ 0.375 per share .', 'cash dividends declared were $ 468.4 million , $ 446.3 million and $ 423.8 million for the years ended december 31 , 2018 , 2017 and 2016 , respectively .', 'as of december 31 , 2018 , we recorded a quarterly dividend payable of $ 121.0 million to shareholders of record at the close of business on january 2 , 2019 .', '13 .', 'earnings per share basic earnings per share is computed by dividing net income attributable to republic services , inc .', 'by the weighted average number of common shares ( including vested but unissued rsus ) outstanding during the period .', 'diluted earnings per share is based on the combined weighted average number of common shares and common share equivalents outstanding , which include , where appropriate , the assumed exercise of employee stock options , unvested rsus and unvested psus at the expected attainment levels .', 'we use the treasury stock method in computing diluted earnings per share. .'] | 0.08177 | RSG/2018/page_139.pdf-2 | ['republic services , inc .', 'notes to consolidated financial statements 2014 ( continued ) 12 .', 'share repurchases and dividends share repurchases share repurchase activity during the years ended december 31 , 2018 and 2017 follows ( in millions except per share amounts ) : .'] | ['as of december 31 , 2018 , there were no repurchased shares pending settlement .', 'in october 2017 , our board of directors added $ 2.0 billion to the existing share repurchase authorization that now extends through december 31 , 2020 .', 'share repurchases under the program may be made through open market purchases or privately negotiated transactions in accordance with applicable federal securities laws .', 'while the board of directors has approved the program , the timing of any purchases , the prices and the number of shares of common stock to be purchased will be determined by our management , at its discretion , and will depend upon market conditions and other factors .', 'the share repurchase program may be extended , suspended or discontinued at any time .', 'as of december 31 , 2018 , the remaining authorized purchase capacity under our october 2017 repurchase program was $ 1.1 billion .', 'dividends in october 2018 , our board of directors approved a quarterly dividend of $ 0.375 per share .', 'cash dividends declared were $ 468.4 million , $ 446.3 million and $ 423.8 million for the years ended december 31 , 2018 , 2017 and 2016 , respectively .', 'as of december 31 , 2018 , we recorded a quarterly dividend payable of $ 121.0 million to shareholders of record at the close of business on january 2 , 2019 .', '13 .', 'earnings per share basic earnings per share is computed by dividing net income attributable to republic services , inc .', 'by the weighted average number of common shares ( including vested but unissued rsus ) outstanding during the period .', 'diluted earnings per share is based on the combined weighted average number of common shares and common share equivalents outstanding , which include , where appropriate , the assumed exercise of employee stock options , unvested rsus and unvested psus at the expected attainment levels .', 'we use the treasury stock method in computing diluted earnings per share. .'] | ========================================
| 2018 | 2017
----------|----------|----------
number of shares repurchased | 10.7 | 9.6
amount paid | $ 736.9 | $ 610.7
weighted average cost per share | $ 69.06 | $ 63.84
======================================== | subtract(69.06, 63.84), divide(#0, 63.84) | 0.08177 |
what was the difference in millions of pension and postretirement plan contributions ( ups-sponsored plans ) from 2016 to 2017? | Pre-text: ['united parcel service , inc .', "and subsidiaries management's discussion and analysis of financial condition and results of operations liquidity and capital resources as of december 31 , 2017 , we had $ 4.069 billion in cash , cash equivalents and marketable securities .", 'we believe that our current cash position , access to the long-term debt capital markets and cash flow generated from operations should be adequate not only for operating requirements but also to enable us to complete our capital expenditure programs and to fund dividend payments , share repurchases and long-term debt payments through the next several years .', 'in addition , we have funds available from our commercial paper program and the ability to obtain alternative sources of financing .', 'we regularly evaluate opportunities to optimize our capital structure , including through issuances of debt to refinance existing debt and to fund ongoing cash needs .', 'cash flows from operating activities the following is a summary of the significant sources ( uses ) of cash from operating activities ( amounts in millions ) : .']
Table:
----------------------------------------
2017 2016 2015
net income $ 4910 $ 3431 $ 4844
non-cash operating activities ( 1 ) 5776 6444 4122
pension and postretirement plan contributions ( ups-sponsored plans ) -7794 ( 7794 ) -2668 ( 2668 ) -1229 ( 1229 )
hedge margin receivables and payables -732 ( 732 ) -142 ( 142 ) 170
income tax receivables and payables -550 ( 550 ) -505 ( 505 ) -6 ( 6 )
changes in working capital and other non-current assets and liabilities -178 ( 178 ) -62 ( 62 ) -418 ( 418 )
other operating activities 47 -25 ( 25 ) -53 ( 53 )
net cash from operating activities $ 1479 $ 6473 $ 7430
----------------------------------------
Follow-up: ['( 1 ) represents depreciation and amortization , gains and losses on derivative transactions and foreign exchange , deferred income taxes , provisions for uncollectible accounts , pension and postretirement benefit expense , stock compensation expense and other non-cash items .', 'cash from operating activities remained strong throughout 2015 to 2017 .', 'most of the variability in operating cash flows during the 2015 to 2017 time period relates to the funding of our company-sponsored pension and postretirement benefit plans ( and related cash tax deductions ) .', 'except for discretionary or accelerated fundings of our plans , contributions to our company- sponsored pension plans have largely varied based on whether any minimum funding requirements are present for individual pension plans .', '2022 we made discretionary contributions to our three primary company-sponsored u.s .', 'pension plans totaling $ 7.291 , $ 2.461 and $ 1.030 billion in 2017 , 2016 and 2015 , respectively .', '2022 the remaining contributions from 2015 to 2017 were largely due to contributions to our international pension plans and u.s .', 'postretirement medical benefit plans .', 'apart from the transactions described above , operating cash flow was impacted by changes in our working capital position , payments for income taxes and changes in hedge margin payables and receivables .', 'cash payments for income taxes were $ 1.559 , $ 2.064 and $ 1.913 billion for 2017 , 2016 and 2015 , respectively , and were primarily impacted by the timing of current tax deductions .', 'the net hedge margin collateral ( paid ) /received from derivative counterparties was $ ( 732 ) , $ ( 142 ) and $ 170 million during 2017 , 2016 and 2015 , respectively , due to settlements and changes in the fair value of the derivative contracts used in our currency and interest rate hedging programs .', 'as of december 31 , 2017 , the total of our worldwide holdings of cash , cash equivalents and marketable securities were $ 4.069 billion , of which approximately $ 1.800 billion was held by foreign subsidiaries .', 'the amount of cash , cash equivalents and marketable securities held by our u.s .', 'and foreign subsidiaries fluctuates throughout the year due to a variety of factors , including the timing of cash receipts and disbursements in the normal course of business .', 'cash provided by operating activities in the u.s .', 'continues to be our primary source of funds to finance domestic operating needs , capital expenditures , share repurchases and dividend payments to shareowners .', 'as a result of the tax act , all cash , cash equivalents and marketable securities held by foreign subsidiaries are generally available for distribution to the u.s .', 'without any u.s .', 'federal income taxes .', 'any such distributions may be subject to foreign withholding and u.s .', 'state taxes .', 'when amounts earned by foreign subsidiaries are expected to be indefinitely reinvested , no accrual for taxes is provided. .'] | 5126.0 | UPS/2017/page_58.pdf-2 | ['united parcel service , inc .', "and subsidiaries management's discussion and analysis of financial condition and results of operations liquidity and capital resources as of december 31 , 2017 , we had $ 4.069 billion in cash , cash equivalents and marketable securities .", 'we believe that our current cash position , access to the long-term debt capital markets and cash flow generated from operations should be adequate not only for operating requirements but also to enable us to complete our capital expenditure programs and to fund dividend payments , share repurchases and long-term debt payments through the next several years .', 'in addition , we have funds available from our commercial paper program and the ability to obtain alternative sources of financing .', 'we regularly evaluate opportunities to optimize our capital structure , including through issuances of debt to refinance existing debt and to fund ongoing cash needs .', 'cash flows from operating activities the following is a summary of the significant sources ( uses ) of cash from operating activities ( amounts in millions ) : .'] | ['( 1 ) represents depreciation and amortization , gains and losses on derivative transactions and foreign exchange , deferred income taxes , provisions for uncollectible accounts , pension and postretirement benefit expense , stock compensation expense and other non-cash items .', 'cash from operating activities remained strong throughout 2015 to 2017 .', 'most of the variability in operating cash flows during the 2015 to 2017 time period relates to the funding of our company-sponsored pension and postretirement benefit plans ( and related cash tax deductions ) .', 'except for discretionary or accelerated fundings of our plans , contributions to our company- sponsored pension plans have largely varied based on whether any minimum funding requirements are present for individual pension plans .', '2022 we made discretionary contributions to our three primary company-sponsored u.s .', 'pension plans totaling $ 7.291 , $ 2.461 and $ 1.030 billion in 2017 , 2016 and 2015 , respectively .', '2022 the remaining contributions from 2015 to 2017 were largely due to contributions to our international pension plans and u.s .', 'postretirement medical benefit plans .', 'apart from the transactions described above , operating cash flow was impacted by changes in our working capital position , payments for income taxes and changes in hedge margin payables and receivables .', 'cash payments for income taxes were $ 1.559 , $ 2.064 and $ 1.913 billion for 2017 , 2016 and 2015 , respectively , and were primarily impacted by the timing of current tax deductions .', 'the net hedge margin collateral ( paid ) /received from derivative counterparties was $ ( 732 ) , $ ( 142 ) and $ 170 million during 2017 , 2016 and 2015 , respectively , due to settlements and changes in the fair value of the derivative contracts used in our currency and interest rate hedging programs .', 'as of december 31 , 2017 , the total of our worldwide holdings of cash , cash equivalents and marketable securities were $ 4.069 billion , of which approximately $ 1.800 billion was held by foreign subsidiaries .', 'the amount of cash , cash equivalents and marketable securities held by our u.s .', 'and foreign subsidiaries fluctuates throughout the year due to a variety of factors , including the timing of cash receipts and disbursements in the normal course of business .', 'cash provided by operating activities in the u.s .', 'continues to be our primary source of funds to finance domestic operating needs , capital expenditures , share repurchases and dividend payments to shareowners .', 'as a result of the tax act , all cash , cash equivalents and marketable securities held by foreign subsidiaries are generally available for distribution to the u.s .', 'without any u.s .', 'federal income taxes .', 'any such distributions may be subject to foreign withholding and u.s .', 'state taxes .', 'when amounts earned by foreign subsidiaries are expected to be indefinitely reinvested , no accrual for taxes is provided. .'] | ----------------------------------------
2017 2016 2015
net income $ 4910 $ 3431 $ 4844
non-cash operating activities ( 1 ) 5776 6444 4122
pension and postretirement plan contributions ( ups-sponsored plans ) -7794 ( 7794 ) -2668 ( 2668 ) -1229 ( 1229 )
hedge margin receivables and payables -732 ( 732 ) -142 ( 142 ) 170
income tax receivables and payables -550 ( 550 ) -505 ( 505 ) -6 ( 6 )
changes in working capital and other non-current assets and liabilities -178 ( 178 ) -62 ( 62 ) -418 ( 418 )
other operating activities 47 -25 ( 25 ) -53 ( 53 )
net cash from operating activities $ 1479 $ 6473 $ 7430
---------------------------------------- | subtract(7794, 2668) | 5126.0 |
what was the percentage change in cash flows provided by ( used in ) operating activities including discontinued operations between 2009 and 2010? | Background: ['page 24 of 100 financial condition , liquidity and capital resources cash flows and capital expenditures liquidity our primary sources of liquidity are cash provided by operating activities and external committed borrowings .', 'we believe that cash flows from operations and cash provided by short-term and committed revolver borrowings , when necessary , will be sufficient to meet our ongoing operating requirements , scheduled principal and interest payments on debt , dividend payments and anticipated capital expenditures .', 'the following summarizes our cash flows: .']
----------
Table:
****************************************
( $ in millions ) | 2010 | 2009 | 2008
cash flows provided by ( used in ) operating activities including discontinued operations | $ 515.2 | $ 559.7 | $ 627.6
cash flows provided by ( used in ) investing activities including discontinued operations | -110.2 ( 110.2 ) | -581.4 ( 581.4 ) | -418.0 ( 418.0 )
cash flows provided by ( used in ) financing activities | -459.6 ( 459.6 ) | 100.8 | -205.5 ( 205.5 )
****************************************
----------
Follow-up: ['cash flows provided by operating activities in 2010 included a use of $ 250 million related to a change in accounting for our accounts receivable securitization program .', 'at december 31 , 2009 , the amount of accounts receivable sold under the securitization program was $ 250 million and , under the previous accounting guidance , this amount was presented in the consolidated balance sheet as a reduction of accounts receivable as a result of the true sale of receivables .', 'however , upon the company 2019s adoption of new prospective accounting guidance effective january 1 , 2010 , the amount of accounts receivable sold is not reflected as a reduction of accounts receivable on the balance sheet at december 31 , 2010 , resulting in a $ 250 million increase in accounts receivable and a corresponding working capital outflow from operating activities in the statement of cash flows .', 'there were no accounts receivable sold under the securitization program at december 31 , 2010 .', 'excluding the $ 250 million impact of additional accounts receivable from the change in accounting discussed above , cash flows provided by operations were $ 765.2 million in 2010 compared to $ 559.7 million in 2009 and $ 627.6 million in 2008 .', 'the significant improvement in 2010 was primarily due to higher earnings and favorable working capital changes , partially offset by higher pension funding .', 'lower operating cash flows in 2009 compared to 2008 were the result of working capital increases and higher pension funding and income tax payments during the year , offset by the payment of approximately $ 70 million to a customer for a legal settlement .', 'management performance measures the following financial measurements are on a non-u.s .', 'gaap basis and should be considered in connection with the consolidated financial statements within item 8 of this report .', 'non-u.s .', 'gaap measures should not be considered in isolation and should not be considered superior to , or a substitute for , financial measures calculated in accordance with u.s .', 'gaap .', 'a presentation of earnings in accordance with u.s .', 'gaap is available in item 8 of this report .', 'free cash flow management internally uses a free cash flow measure : ( 1 ) to evaluate the company 2019s operating results , ( 2 ) to plan stock buyback levels , ( 3 ) to evaluate strategic investments and ( 4 ) to evaluate the company 2019s ability to incur and service debt .', 'free cash flow is not a defined term under u.s .', 'gaap , and it should not be inferred that the entire free cash flow amount is available for discretionary expenditures .', 'the company defines free cash flow as cash flow from operating activities less additions to property , plant and equipment ( capital spending ) .', 'free cash flow is typically derived directly from the company 2019s cash flow statements ; however , it may be adjusted for items that affect comparability between periods. .'] | -0.07951 | BLL/2010/page_37.pdf-3 | ['page 24 of 100 financial condition , liquidity and capital resources cash flows and capital expenditures liquidity our primary sources of liquidity are cash provided by operating activities and external committed borrowings .', 'we believe that cash flows from operations and cash provided by short-term and committed revolver borrowings , when necessary , will be sufficient to meet our ongoing operating requirements , scheduled principal and interest payments on debt , dividend payments and anticipated capital expenditures .', 'the following summarizes our cash flows: .'] | ['cash flows provided by operating activities in 2010 included a use of $ 250 million related to a change in accounting for our accounts receivable securitization program .', 'at december 31 , 2009 , the amount of accounts receivable sold under the securitization program was $ 250 million and , under the previous accounting guidance , this amount was presented in the consolidated balance sheet as a reduction of accounts receivable as a result of the true sale of receivables .', 'however , upon the company 2019s adoption of new prospective accounting guidance effective january 1 , 2010 , the amount of accounts receivable sold is not reflected as a reduction of accounts receivable on the balance sheet at december 31 , 2010 , resulting in a $ 250 million increase in accounts receivable and a corresponding working capital outflow from operating activities in the statement of cash flows .', 'there were no accounts receivable sold under the securitization program at december 31 , 2010 .', 'excluding the $ 250 million impact of additional accounts receivable from the change in accounting discussed above , cash flows provided by operations were $ 765.2 million in 2010 compared to $ 559.7 million in 2009 and $ 627.6 million in 2008 .', 'the significant improvement in 2010 was primarily due to higher earnings and favorable working capital changes , partially offset by higher pension funding .', 'lower operating cash flows in 2009 compared to 2008 were the result of working capital increases and higher pension funding and income tax payments during the year , offset by the payment of approximately $ 70 million to a customer for a legal settlement .', 'management performance measures the following financial measurements are on a non-u.s .', 'gaap basis and should be considered in connection with the consolidated financial statements within item 8 of this report .', 'non-u.s .', 'gaap measures should not be considered in isolation and should not be considered superior to , or a substitute for , financial measures calculated in accordance with u.s .', 'gaap .', 'a presentation of earnings in accordance with u.s .', 'gaap is available in item 8 of this report .', 'free cash flow management internally uses a free cash flow measure : ( 1 ) to evaluate the company 2019s operating results , ( 2 ) to plan stock buyback levels , ( 3 ) to evaluate strategic investments and ( 4 ) to evaluate the company 2019s ability to incur and service debt .', 'free cash flow is not a defined term under u.s .', 'gaap , and it should not be inferred that the entire free cash flow amount is available for discretionary expenditures .', 'the company defines free cash flow as cash flow from operating activities less additions to property , plant and equipment ( capital spending ) .', 'free cash flow is typically derived directly from the company 2019s cash flow statements ; however , it may be adjusted for items that affect comparability between periods. .'] | ****************************************
( $ in millions ) | 2010 | 2009 | 2008
cash flows provided by ( used in ) operating activities including discontinued operations | $ 515.2 | $ 559.7 | $ 627.6
cash flows provided by ( used in ) investing activities including discontinued operations | -110.2 ( 110.2 ) | -581.4 ( 581.4 ) | -418.0 ( 418.0 )
cash flows provided by ( used in ) financing activities | -459.6 ( 459.6 ) | 100.8 | -205.5 ( 205.5 )
**************************************** | subtract(515.2, 559.7), divide(#0, 559.7) | -0.07951 |
what was the percentage change in cash flows provided by ( used in ) operating activities including discontinued operations between 2008 and 2009? | Context: ['page 24 of 100 financial condition , liquidity and capital resources cash flows and capital expenditures liquidity our primary sources of liquidity are cash provided by operating activities and external committed borrowings .', 'we believe that cash flows from operations and cash provided by short-term and committed revolver borrowings , when necessary , will be sufficient to meet our ongoing operating requirements , scheduled principal and interest payments on debt , dividend payments and anticipated capital expenditures .', 'the following summarizes our cash flows: .']
Data Table:
========================================
( $ in millions ) | 2010 | 2009 | 2008
----------|----------|----------|----------
cash flows provided by ( used in ) operating activities including discontinued operations | $ 515.2 | $ 559.7 | $ 627.6
cash flows provided by ( used in ) investing activities including discontinued operations | -110.2 ( 110.2 ) | -581.4 ( 581.4 ) | -418.0 ( 418.0 )
cash flows provided by ( used in ) financing activities | -459.6 ( 459.6 ) | 100.8 | -205.5 ( 205.5 )
========================================
Additional Information: ['cash flows provided by operating activities in 2010 included a use of $ 250 million related to a change in accounting for our accounts receivable securitization program .', 'at december 31 , 2009 , the amount of accounts receivable sold under the securitization program was $ 250 million and , under the previous accounting guidance , this amount was presented in the consolidated balance sheet as a reduction of accounts receivable as a result of the true sale of receivables .', 'however , upon the company 2019s adoption of new prospective accounting guidance effective january 1 , 2010 , the amount of accounts receivable sold is not reflected as a reduction of accounts receivable on the balance sheet at december 31 , 2010 , resulting in a $ 250 million increase in accounts receivable and a corresponding working capital outflow from operating activities in the statement of cash flows .', 'there were no accounts receivable sold under the securitization program at december 31 , 2010 .', 'excluding the $ 250 million impact of additional accounts receivable from the change in accounting discussed above , cash flows provided by operations were $ 765.2 million in 2010 compared to $ 559.7 million in 2009 and $ 627.6 million in 2008 .', 'the significant improvement in 2010 was primarily due to higher earnings and favorable working capital changes , partially offset by higher pension funding .', 'lower operating cash flows in 2009 compared to 2008 were the result of working capital increases and higher pension funding and income tax payments during the year , offset by the payment of approximately $ 70 million to a customer for a legal settlement .', 'management performance measures the following financial measurements are on a non-u.s .', 'gaap basis and should be considered in connection with the consolidated financial statements within item 8 of this report .', 'non-u.s .', 'gaap measures should not be considered in isolation and should not be considered superior to , or a substitute for , financial measures calculated in accordance with u.s .', 'gaap .', 'a presentation of earnings in accordance with u.s .', 'gaap is available in item 8 of this report .', 'free cash flow management internally uses a free cash flow measure : ( 1 ) to evaluate the company 2019s operating results , ( 2 ) to plan stock buyback levels , ( 3 ) to evaluate strategic investments and ( 4 ) to evaluate the company 2019s ability to incur and service debt .', 'free cash flow is not a defined term under u.s .', 'gaap , and it should not be inferred that the entire free cash flow amount is available for discretionary expenditures .', 'the company defines free cash flow as cash flow from operating activities less additions to property , plant and equipment ( capital spending ) .', 'free cash flow is typically derived directly from the company 2019s cash flow statements ; however , it may be adjusted for items that affect comparability between periods. .'] | -0.10819 | BLL/2010/page_37.pdf-1 | ['page 24 of 100 financial condition , liquidity and capital resources cash flows and capital expenditures liquidity our primary sources of liquidity are cash provided by operating activities and external committed borrowings .', 'we believe that cash flows from operations and cash provided by short-term and committed revolver borrowings , when necessary , will be sufficient to meet our ongoing operating requirements , scheduled principal and interest payments on debt , dividend payments and anticipated capital expenditures .', 'the following summarizes our cash flows: .'] | ['cash flows provided by operating activities in 2010 included a use of $ 250 million related to a change in accounting for our accounts receivable securitization program .', 'at december 31 , 2009 , the amount of accounts receivable sold under the securitization program was $ 250 million and , under the previous accounting guidance , this amount was presented in the consolidated balance sheet as a reduction of accounts receivable as a result of the true sale of receivables .', 'however , upon the company 2019s adoption of new prospective accounting guidance effective january 1 , 2010 , the amount of accounts receivable sold is not reflected as a reduction of accounts receivable on the balance sheet at december 31 , 2010 , resulting in a $ 250 million increase in accounts receivable and a corresponding working capital outflow from operating activities in the statement of cash flows .', 'there were no accounts receivable sold under the securitization program at december 31 , 2010 .', 'excluding the $ 250 million impact of additional accounts receivable from the change in accounting discussed above , cash flows provided by operations were $ 765.2 million in 2010 compared to $ 559.7 million in 2009 and $ 627.6 million in 2008 .', 'the significant improvement in 2010 was primarily due to higher earnings and favorable working capital changes , partially offset by higher pension funding .', 'lower operating cash flows in 2009 compared to 2008 were the result of working capital increases and higher pension funding and income tax payments during the year , offset by the payment of approximately $ 70 million to a customer for a legal settlement .', 'management performance measures the following financial measurements are on a non-u.s .', 'gaap basis and should be considered in connection with the consolidated financial statements within item 8 of this report .', 'non-u.s .', 'gaap measures should not be considered in isolation and should not be considered superior to , or a substitute for , financial measures calculated in accordance with u.s .', 'gaap .', 'a presentation of earnings in accordance with u.s .', 'gaap is available in item 8 of this report .', 'free cash flow management internally uses a free cash flow measure : ( 1 ) to evaluate the company 2019s operating results , ( 2 ) to plan stock buyback levels , ( 3 ) to evaluate strategic investments and ( 4 ) to evaluate the company 2019s ability to incur and service debt .', 'free cash flow is not a defined term under u.s .', 'gaap , and it should not be inferred that the entire free cash flow amount is available for discretionary expenditures .', 'the company defines free cash flow as cash flow from operating activities less additions to property , plant and equipment ( capital spending ) .', 'free cash flow is typically derived directly from the company 2019s cash flow statements ; however , it may be adjusted for items that affect comparability between periods. .'] | ========================================
( $ in millions ) | 2010 | 2009 | 2008
----------|----------|----------|----------
cash flows provided by ( used in ) operating activities including discontinued operations | $ 515.2 | $ 559.7 | $ 627.6
cash flows provided by ( used in ) investing activities including discontinued operations | -110.2 ( 110.2 ) | -581.4 ( 581.4 ) | -418.0 ( 418.0 )
cash flows provided by ( used in ) financing activities | -459.6 ( 459.6 ) | 100.8 | -205.5 ( 205.5 )
======================================== | subtract(559.7, 627.6), divide(#0, 627.6) | -0.10819 |
what was the percentage change in warranty reserve between 2009 and 2010? | Background: ['on either a straight-line or accelerated basis .', 'amortization expense for intangibles was approximately $ 4.2 million , $ 4.1 million and $ 4.1 million during the years ended december 31 , 2010 , 2009 and 2008 , respectively .', 'estimated annual amortization expense of the december 31 , 2010 balance for the years ended december 31 , 2011 through 2015 is approximately $ 4.8 million .', 'impairment of long-lived assets long-lived assets are reviewed for possible impairment whenever events or circumstances indicate that the carrying amount of such assets may not be recoverable .', 'if such review indicates that the carrying amount of long- lived assets is not recoverable , the carrying amount of such assets is reduced to fair value .', 'during the year ended december 31 , 2010 , we recognized impairment charges on certain long-lived assets during the normal course of business of $ 1.3 million .', 'there were no adjustments to the carrying value of long-lived assets of continuing operations during the years ended december 31 , 2009 or 2008 .', 'fair value of financial instruments our debt is reflected on the balance sheet at cost .', 'based on market conditions as of december 31 , 2010 , the fair value of our term loans ( see note 5 , 201clong-term obligations 201d ) reasonably approximated the carrying value of $ 590 million .', 'at december 31 , 2009 , the fair value of our term loans at $ 570 million was below the carrying value of $ 596 million because our interest rate margins were below the rate available in the market .', 'we estimated the fair value of our term loans by calculating the upfront cash payment a market participant would require to assume our obligations .', 'the upfront cash payment , excluding any issuance costs , is the amount that a market participant would be able to lend at december 31 , 2010 and 2009 to an entity with a credit rating similar to ours and achieve sufficient cash inflows to cover the scheduled cash outflows under our term loans .', 'the carrying amounts of our cash and equivalents , net trade receivables and accounts payable approximate fair value .', 'we apply the market and income approaches to value our financial assets and liabilities , which include the cash surrender value of life insurance , deferred compensation liabilities and interest rate swaps .', 'required fair value disclosures are included in note 7 , 201cfair value measurements . 201d product warranties some of our salvage mechanical products are sold with a standard six-month warranty against defects .', 'additionally , some of our remanufactured engines are sold with a standard three-year warranty against defects .', 'we record the estimated warranty costs at the time of sale using historical warranty claim information to project future warranty claims activity and related expenses .', 'the changes in the warranty reserve are as follows ( in thousands ) : .']
Data Table:
Row 1: balance as of january 1 2009, $ 540
Row 2: warranty expense, 5033
Row 3: warranty claims, -4969 ( 4969 )
Row 4: balance as of december 31 2009, 604
Row 5: warranty expense, 9351
Row 6: warranty claims, -8882 ( 8882 )
Row 7: business acquisitions, 990
Row 8: balance as of december 31 2010, $ 2063
Post-table: ['self-insurance reserves we self-insure a portion of employee medical benefits under the terms of our employee health insurance program .', 'we purchase certain stop-loss insurance to limit our liability exposure .', 'we also self-insure a portion of .'] | 2.41556 | LKQ/2010/page_72.pdf-2 | ['on either a straight-line or accelerated basis .', 'amortization expense for intangibles was approximately $ 4.2 million , $ 4.1 million and $ 4.1 million during the years ended december 31 , 2010 , 2009 and 2008 , respectively .', 'estimated annual amortization expense of the december 31 , 2010 balance for the years ended december 31 , 2011 through 2015 is approximately $ 4.8 million .', 'impairment of long-lived assets long-lived assets are reviewed for possible impairment whenever events or circumstances indicate that the carrying amount of such assets may not be recoverable .', 'if such review indicates that the carrying amount of long- lived assets is not recoverable , the carrying amount of such assets is reduced to fair value .', 'during the year ended december 31 , 2010 , we recognized impairment charges on certain long-lived assets during the normal course of business of $ 1.3 million .', 'there were no adjustments to the carrying value of long-lived assets of continuing operations during the years ended december 31 , 2009 or 2008 .', 'fair value of financial instruments our debt is reflected on the balance sheet at cost .', 'based on market conditions as of december 31 , 2010 , the fair value of our term loans ( see note 5 , 201clong-term obligations 201d ) reasonably approximated the carrying value of $ 590 million .', 'at december 31 , 2009 , the fair value of our term loans at $ 570 million was below the carrying value of $ 596 million because our interest rate margins were below the rate available in the market .', 'we estimated the fair value of our term loans by calculating the upfront cash payment a market participant would require to assume our obligations .', 'the upfront cash payment , excluding any issuance costs , is the amount that a market participant would be able to lend at december 31 , 2010 and 2009 to an entity with a credit rating similar to ours and achieve sufficient cash inflows to cover the scheduled cash outflows under our term loans .', 'the carrying amounts of our cash and equivalents , net trade receivables and accounts payable approximate fair value .', 'we apply the market and income approaches to value our financial assets and liabilities , which include the cash surrender value of life insurance , deferred compensation liabilities and interest rate swaps .', 'required fair value disclosures are included in note 7 , 201cfair value measurements . 201d product warranties some of our salvage mechanical products are sold with a standard six-month warranty against defects .', 'additionally , some of our remanufactured engines are sold with a standard three-year warranty against defects .', 'we record the estimated warranty costs at the time of sale using historical warranty claim information to project future warranty claims activity and related expenses .', 'the changes in the warranty reserve are as follows ( in thousands ) : .'] | ['self-insurance reserves we self-insure a portion of employee medical benefits under the terms of our employee health insurance program .', 'we purchase certain stop-loss insurance to limit our liability exposure .', 'we also self-insure a portion of .'] | Row 1: balance as of january 1 2009, $ 540
Row 2: warranty expense, 5033
Row 3: warranty claims, -4969 ( 4969 )
Row 4: balance as of december 31 2009, 604
Row 5: warranty expense, 9351
Row 6: warranty claims, -8882 ( 8882 )
Row 7: business acquisitions, 990
Row 8: balance as of december 31 2010, $ 2063 | subtract(2063, 604), divide(#0, 604) | 2.41556 |
what percentage of total non-recourse debt as of december 31 , 2010 is due in 2012? | Background: ['the aes corporation notes to consolidated financial statements 2014 ( continued ) december 31 , 2010 , 2009 , and 2008 ( 3 ) multilateral loans include loans funded and guaranteed by bilaterals , multilaterals , development banks and other similar institutions .', '( 4 ) non-recourse debt of $ 708 million as of december 31 , 2009 was excluded from non-recourse debt and included in current and long-term liabilities of held for sale and discontinued businesses in the accompanying consolidated balance sheets .', 'non-recourse debt as of december 31 , 2010 is scheduled to reach maturity as set forth in the table below : december 31 , annual maturities ( in millions ) .']
Table:
****************************************
december 31, annual maturities ( in millions )
2011 $ 2577
2012 657
2013 953
2014 1839
2015 1138
thereafter 7957
total non-recourse debt $ 15121
****************************************
Post-table: ['as of december 31 , 2010 , aes subsidiaries with facilities under construction had a total of approximately $ 432 million of committed but unused credit facilities available to fund construction and other related costs .', 'excluding these facilities under construction , aes subsidiaries had approximately $ 893 million in a number of available but unused committed revolving credit lines to support their working capital , debt service reserves and other business needs .', 'these credit lines can be used in one or more of the following ways : solely for borrowings ; solely for letters of credit ; or a combination of these uses .', 'the weighted average interest rate on borrowings from these facilities was 3.24% ( 3.24 % ) at december 31 , 2010 .', 'non-recourse debt covenants , restrictions and defaults the terms of the company 2019s non-recourse debt include certain financial and non-financial covenants .', 'these covenants are limited to subsidiary activity and vary among the subsidiaries .', 'these covenants may include but are not limited to maintenance of certain reserves , minimum levels of working capital and limitations on incurring additional indebtedness .', 'compliance with certain covenants may not be objectively determinable .', 'as of december 31 , 2010 and 2009 , approximately $ 803 million and $ 653 million , respectively , of restricted cash was maintained in accordance with certain covenants of the non-recourse debt agreements , and these amounts were included within 201crestricted cash 201d and 201cdebt service reserves and other deposits 201d in the accompanying consolidated balance sheets .', 'various lender and governmental provisions restrict the ability of certain of the company 2019s subsidiaries to transfer their net assets to the parent company .', 'such restricted net assets of subsidiaries amounted to approximately $ 5.4 billion at december 31 , 2010. .'] | 0.04345 | AES/2010/page_225.pdf-1 | ['the aes corporation notes to consolidated financial statements 2014 ( continued ) december 31 , 2010 , 2009 , and 2008 ( 3 ) multilateral loans include loans funded and guaranteed by bilaterals , multilaterals , development banks and other similar institutions .', '( 4 ) non-recourse debt of $ 708 million as of december 31 , 2009 was excluded from non-recourse debt and included in current and long-term liabilities of held for sale and discontinued businesses in the accompanying consolidated balance sheets .', 'non-recourse debt as of december 31 , 2010 is scheduled to reach maturity as set forth in the table below : december 31 , annual maturities ( in millions ) .'] | ['as of december 31 , 2010 , aes subsidiaries with facilities under construction had a total of approximately $ 432 million of committed but unused credit facilities available to fund construction and other related costs .', 'excluding these facilities under construction , aes subsidiaries had approximately $ 893 million in a number of available but unused committed revolving credit lines to support their working capital , debt service reserves and other business needs .', 'these credit lines can be used in one or more of the following ways : solely for borrowings ; solely for letters of credit ; or a combination of these uses .', 'the weighted average interest rate on borrowings from these facilities was 3.24% ( 3.24 % ) at december 31 , 2010 .', 'non-recourse debt covenants , restrictions and defaults the terms of the company 2019s non-recourse debt include certain financial and non-financial covenants .', 'these covenants are limited to subsidiary activity and vary among the subsidiaries .', 'these covenants may include but are not limited to maintenance of certain reserves , minimum levels of working capital and limitations on incurring additional indebtedness .', 'compliance with certain covenants may not be objectively determinable .', 'as of december 31 , 2010 and 2009 , approximately $ 803 million and $ 653 million , respectively , of restricted cash was maintained in accordance with certain covenants of the non-recourse debt agreements , and these amounts were included within 201crestricted cash 201d and 201cdebt service reserves and other deposits 201d in the accompanying consolidated balance sheets .', 'various lender and governmental provisions restrict the ability of certain of the company 2019s subsidiaries to transfer their net assets to the parent company .', 'such restricted net assets of subsidiaries amounted to approximately $ 5.4 billion at december 31 , 2010. .'] | ****************************************
december 31, annual maturities ( in millions )
2011 $ 2577
2012 657
2013 953
2014 1839
2015 1138
thereafter 7957
total non-recourse debt $ 15121
**************************************** | divide(657, 15121) | 0.04345 |
based on the provided information what is the approximate number of vehicles that have been converted to natural gas | Pre-text: ['we realize synergies from consolidating businesses into our existing operations , whether through acquisitions or public-private partnerships , which allow us to reduce capital and expense requirements associated with truck routing , personnel , fleet maintenance , inventories and back-office administration .', 'operating model the goal of our operating model pillar is to deliver a consistent , high quality service to all of our customers through the republic way : one way .', 'everywhere .', 'every day .', 'this approach of developing standardized processes with rigorous controls and tracking allows us to leverage our scale and deliver durable operational excellence .', 'the republic way is the key to harnessing the best of what we do as operators and translating that across all facets of our business .', 'a key enabler of the republic way is our organizational structure that fosters a high performance culture by maintaining 360 degree accountability and full profit and loss responsibility with general management , supported by a functional structure to provide subject matter expertise .', 'this structure allows us to take advantage of our scale by coordinating functionally across all of our markets , while empowering local management to respond to unique market dynamics .', 'we have rolled out several productivity and cost control initiatives designed to deliver the best service possible to our customers in the most efficient and environmentally sound way .', 'fleet automation approximately 72% ( 72 % ) 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 , decrease emissions 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 16% ( 16 % ) of our fleet operates on cng .', '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 33% ( 33 % ) of our replacement vehicle purchases during 2015 were cng vehicles .', 'we believe using cng vehicles provides us a competitive advantage in communities with strict clean emission initiatives that focus on protecting the environment .', 'although upfront costs are higher , using cng reduces our overall fleet operating costs through lower fuel expenses .', 'as of december 31 , 2015 , we operated 38 cng fueling stations .', 'standardized maintenance based on an industry trade publication , we operate the ninth largest vocational fleet in the united states .', 'as of december 31 , 2015 , our average fleet age in years , by line of business , was as follows : approximate number of vehicles approximate average age .']
######
Data Table:
----------------------------------------
• , approximate number of vehicles, approximate average age
• residential, 7200, 7
• small-container commercial, 4400, 7
• large-container industrial, 4000, 9
• total, 15600, 7.5
----------------------------------------
######
Post-table: ['onefleet , our standardized vehicle maintenance program , enables us to use best practices for fleet management , truck care and maintenance .', 'through standardization of core functions , we believe we can minimize variability .'] | 2496.0 | RSG/2015/page_18.pdf-1 | ['we realize synergies from consolidating businesses into our existing operations , whether through acquisitions or public-private partnerships , which allow us to reduce capital and expense requirements associated with truck routing , personnel , fleet maintenance , inventories and back-office administration .', 'operating model the goal of our operating model pillar is to deliver a consistent , high quality service to all of our customers through the republic way : one way .', 'everywhere .', 'every day .', 'this approach of developing standardized processes with rigorous controls and tracking allows us to leverage our scale and deliver durable operational excellence .', 'the republic way is the key to harnessing the best of what we do as operators and translating that across all facets of our business .', 'a key enabler of the republic way is our organizational structure that fosters a high performance culture by maintaining 360 degree accountability and full profit and loss responsibility with general management , supported by a functional structure to provide subject matter expertise .', 'this structure allows us to take advantage of our scale by coordinating functionally across all of our markets , while empowering local management to respond to unique market dynamics .', 'we have rolled out several productivity and cost control initiatives designed to deliver the best service possible to our customers in the most efficient and environmentally sound way .', 'fleet automation approximately 72% ( 72 % ) 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 , decrease emissions 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 16% ( 16 % ) of our fleet operates on cng .', '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 33% ( 33 % ) of our replacement vehicle purchases during 2015 were cng vehicles .', 'we believe using cng vehicles provides us a competitive advantage in communities with strict clean emission initiatives that focus on protecting the environment .', 'although upfront costs are higher , using cng reduces our overall fleet operating costs through lower fuel expenses .', 'as of december 31 , 2015 , we operated 38 cng fueling stations .', 'standardized maintenance based on an industry trade publication , we operate the ninth largest vocational fleet in the united states .', 'as of december 31 , 2015 , our average fleet age in years , by line of business , was as follows : approximate number of vehicles approximate average age .'] | ['onefleet , our standardized vehicle maintenance program , enables us to use best practices for fleet management , truck care and maintenance .', 'through standardization of core functions , we believe we can minimize variability .'] | ----------------------------------------
• , approximate number of vehicles, approximate average age
• residential, 7200, 7
• small-container commercial, 4400, 7
• large-container industrial, 4000, 9
• total, 15600, 7.5
---------------------------------------- | multiply(16%, 15600) | 2496.0 |
what percentage of total credit commitments as of december 31 , 2018 are credit card lines? | Background: ['credit commitments and lines of credit the table below summarizes citigroup 2019s credit commitments : in millions of dollars u.s .', 'outside of u.s .', 'december 31 , december 31 .']
####
Tabular Data:
in millions of dollars | u.s . | outside ofu.s . | december 312018 | december 31 2017
----------|----------|----------|----------|----------
commercial and similar letters of credit | $ 823 | $ 4638 | $ 5461 | $ 5000
one- to four-family residential mortgages | 1056 | 1615 | 2671 | 2674
revolving open-end loans secured by one- to four-family residential properties | 10019 | 1355 | 11374 | 12323
commercial real estate construction and land development | 9565 | 1728 | 11293 | 11151
credit card lines | 605857 | 90150 | 696007 | 678300
commercial and other consumer loan commitments | 185849 | 102918 | 288767 | 272655
other commitments and contingencies | 2560 | 761 | 3321 | 3071
total | $ 815729 | $ 203165 | $ 1018894 | $ 985174
####
Follow-up: ['the majority of unused commitments are contingent upon customers maintaining specific credit standards .', 'commercial commitments generally have floating interest rates and fixed expiration dates and may require payment of fees .', 'such fees ( net of certain direct costs ) are deferred and , upon exercise of the commitment , amortized over the life of the loan or , if exercise is deemed remote , amortized over the commitment period .', 'commercial and similar letters of credit a commercial letter of credit is an instrument by which citigroup substitutes its credit for that of a customer to enable the customer to finance the purchase of goods or to incur other commitments .', 'citigroup issues a letter on behalf of its client to a supplier and agrees to pay the supplier upon presentation of documentary evidence that the supplier has performed in accordance with the terms of the letter of credit .', 'when a letter of credit is drawn , the customer is then required to reimburse citigroup .', 'one- to four-family residential mortgages a one- to four-family residential mortgage commitment is a written confirmation from citigroup to a seller of a property that the bank will advance the specified sums enabling the buyer to complete the purchase .', 'revolving open-end loans secured by one- to four-family residential properties revolving open-end loans secured by one- to four-family residential properties are essentially home equity lines of credit .', 'a home equity line of credit is a loan secured by a primary residence or second home to the extent of the excess of fair market value over the debt outstanding for the first mortgage .', 'commercial real estate , construction and land development commercial real estate , construction and land development include unused portions of commitments to extend credit for the purpose of financing commercial and multifamily residential properties as well as land development projects .', 'both secured-by-real-estate and unsecured commitments are included in this line , as well as undistributed loan proceeds , where there is an obligation to advance for construction progress payments .', 'however , this line only includes those extensions of credit that , once funded , will be classified as total loans , net on the consolidated balance sheet .', 'credit card lines citigroup provides credit to customers by issuing credit cards .', 'the credit card lines are cancelable by providing notice to the cardholder or without such notice as permitted by local law .', 'commercial and other consumer loan commitments commercial and other consumer loan commitments include overdraft and liquidity facilities as well as commercial commitments to make or purchase loans , purchase third-party receivables , provide note issuance or revolving underwriting facilities and invest in the form of equity .', 'other commitments and contingencies other commitments and contingencies include committed or unsettled regular-way reverse repurchase agreements and all other transactions related to commitments and contingencies not reported on the lines above .', 'unsettled reverse repurchase and securities lending agreements and unsettled repurchase and securities borrowing agreements in addition , in the normal course of business , citigroup enters into reverse repurchase and securities borrowing agreements , as well as repurchase and securities lending agreements , which settle at a future date .', 'at december 31 , 2018 , and 2017 , citigroup had $ 36.1 billion and $ 35.0 billion unsettled reverse repurchase and securities borrowing agreements , respectively , and $ 30.7 billion and $ 19.1 billion unsettled repurchase and securities lending agreements , respectively .', 'for a further discussion of securities purchased under agreements to resell and securities borrowed , and securities sold under agreements to repurchase and securities loaned , including the company 2019s policy for offsetting repurchase and reverse repurchase agreements , see note 11 to the consolidated financial statements. .'] | 0.6831 | C/2018/page_296.pdf-3 | ['credit commitments and lines of credit the table below summarizes citigroup 2019s credit commitments : in millions of dollars u.s .', 'outside of u.s .', 'december 31 , december 31 .'] | ['the majority of unused commitments are contingent upon customers maintaining specific credit standards .', 'commercial commitments generally have floating interest rates and fixed expiration dates and may require payment of fees .', 'such fees ( net of certain direct costs ) are deferred and , upon exercise of the commitment , amortized over the life of the loan or , if exercise is deemed remote , amortized over the commitment period .', 'commercial and similar letters of credit a commercial letter of credit is an instrument by which citigroup substitutes its credit for that of a customer to enable the customer to finance the purchase of goods or to incur other commitments .', 'citigroup issues a letter on behalf of its client to a supplier and agrees to pay the supplier upon presentation of documentary evidence that the supplier has performed in accordance with the terms of the letter of credit .', 'when a letter of credit is drawn , the customer is then required to reimburse citigroup .', 'one- to four-family residential mortgages a one- to four-family residential mortgage commitment is a written confirmation from citigroup to a seller of a property that the bank will advance the specified sums enabling the buyer to complete the purchase .', 'revolving open-end loans secured by one- to four-family residential properties revolving open-end loans secured by one- to four-family residential properties are essentially home equity lines of credit .', 'a home equity line of credit is a loan secured by a primary residence or second home to the extent of the excess of fair market value over the debt outstanding for the first mortgage .', 'commercial real estate , construction and land development commercial real estate , construction and land development include unused portions of commitments to extend credit for the purpose of financing commercial and multifamily residential properties as well as land development projects .', 'both secured-by-real-estate and unsecured commitments are included in this line , as well as undistributed loan proceeds , where there is an obligation to advance for construction progress payments .', 'however , this line only includes those extensions of credit that , once funded , will be classified as total loans , net on the consolidated balance sheet .', 'credit card lines citigroup provides credit to customers by issuing credit cards .', 'the credit card lines are cancelable by providing notice to the cardholder or without such notice as permitted by local law .', 'commercial and other consumer loan commitments commercial and other consumer loan commitments include overdraft and liquidity facilities as well as commercial commitments to make or purchase loans , purchase third-party receivables , provide note issuance or revolving underwriting facilities and invest in the form of equity .', 'other commitments and contingencies other commitments and contingencies include committed or unsettled regular-way reverse repurchase agreements and all other transactions related to commitments and contingencies not reported on the lines above .', 'unsettled reverse repurchase and securities lending agreements and unsettled repurchase and securities borrowing agreements in addition , in the normal course of business , citigroup enters into reverse repurchase and securities borrowing agreements , as well as repurchase and securities lending agreements , which settle at a future date .', 'at december 31 , 2018 , and 2017 , citigroup had $ 36.1 billion and $ 35.0 billion unsettled reverse repurchase and securities borrowing agreements , respectively , and $ 30.7 billion and $ 19.1 billion unsettled repurchase and securities lending agreements , respectively .', 'for a further discussion of securities purchased under agreements to resell and securities borrowed , and securities sold under agreements to repurchase and securities loaned , including the company 2019s policy for offsetting repurchase and reverse repurchase agreements , see note 11 to the consolidated financial statements. .'] | in millions of dollars | u.s . | outside ofu.s . | december 312018 | december 31 2017
----------|----------|----------|----------|----------
commercial and similar letters of credit | $ 823 | $ 4638 | $ 5461 | $ 5000
one- to four-family residential mortgages | 1056 | 1615 | 2671 | 2674
revolving open-end loans secured by one- to four-family residential properties | 10019 | 1355 | 11374 | 12323
commercial real estate construction and land development | 9565 | 1728 | 11293 | 11151
credit card lines | 605857 | 90150 | 696007 | 678300
commercial and other consumer loan commitments | 185849 | 102918 | 288767 | 272655
other commitments and contingencies | 2560 | 761 | 3321 | 3071
total | $ 815729 | $ 203165 | $ 1018894 | $ 985174 | divide(696007, 1018894) | 0.6831 |
what is the lowest return rate for the initial year of the investment? | Background: ["the graph below compares expeditors international of washington , inc.'s cumulative 5-year total shareholder return on common stock with the cumulative total returns of the s&p 500 index , the nasdaq transportation index , and the nasdaq industrial transportation index ( nqusb2770t ) as a replacement for the nasdaq transportation index .", 'the company is making the modification to reference a specific transportation index and to source that data directly from nasdaq .', 'the graph assumes that the value of the investment in our common stock and in each of the indexes ( including reinvestment of dividends ) was $ 100 on 12/31/2012 and tracks it through 12/31/2017 .', 'total return assumes reinvestment of dividends in each of the indices indicated .', 'comparison of 5-year cumulative total return among expeditors international of washington , inc. , the s&p 500 index , the nasdaq industrial transportation index and the nasdaq transportation index. .']
Data Table:
----------------------------------------
, 12/12, 12/13, 12/14, 12/15, 12/16, 12/17
expeditors international of washington inc ., $ 100.00, $ 113.52, $ 116.07, $ 119.12, $ 142.10, $ 176.08
standard and poor's 500 index, 100.00, 132.39, 150.51, 152.59, 170.84, 208.14
nasdaq transportation, 100.00, 133.76, 187.65, 162.30, 193.79, 248.92
nasdaq industrial transportation ( nqusb2770t ), 100.00, 141.60, 171.91, 132.47, 171.17, 218.34
----------------------------------------
Additional Information: ['the stock price performance included in this graph is not necessarily indicative of future stock price performance .', 'item 6 2014 selected financial data financial highlights in thousands , except per share data 2017 2016 2015 2014 2013 revenues ..................................................................... .', '$ 6920948 6098037 6616632 6564721 6080257 net revenues1 ............................................................... .', '$ 2319189 2164036 2187777 1981427 1882853 net earnings attributable to shareholders ..................... .', '$ 489345 430807 457223 376888 348526 diluted earnings attributable to shareholders per share $ 2.69 2.36 2.40 1.92 1.68 basic earnings attributable to shareholders per share.. .', '$ 2.73 2.38 2.42 1.92 1.69 dividends declared and paid per common share.......... .', '$ 0.84 0.80 0.72 0.64 0.60 cash used for dividends ............................................... .', '$ 150495 145123 135673 124634 123292 cash used for share repurchases ................................. .', '$ 478258 337658 629991 550781 261936 working capital ............................................................. .', '$ 1448333 1288648 1115136 1285188 1526673 total assets .................................................................. .', '$ 3117008 2790871 2565577 2870626 2996416 shareholders 2019 equity ..................................................... .', '$ 1991858 1844638 1691993 1868408 2084783 weighted average diluted shares outstanding .............. .', '181666 182704 190223 196768 206895 weighted average basic shares outstanding ................ .', '179247 181282 188941 196147 205995 _______________________ 1non-gaap measure calculated as revenues less directly related operating expenses attributable to our principal services .', "see management's discussion and analysis for a reconciliation of net revenues to revenues .", 'safe harbor for forward-looking statements under private securities litigation reform act of 1995 ; certain cautionary statements this annual report on form 10-k for the fiscal year ended december 31 , 2017 contains 201cforward-looking statements , 201d as defined in section 27a of the securities act of 1933 , as amended , and section 21e of the securities exchange act of 1934 , as amended .', 'from time to time , expeditors or its representatives have made or may make forward-looking statements , orally or in writing .', 'such forward-looking statements may be included in , but not limited to , press releases , presentations , oral statements made with the approval of an authorized executive officer or in various filings made by expeditors with the securities and exchange commission .', 'statements including those preceded by , followed by or that include the words or phrases 201cwill likely result 201d , 201care expected to 201d , "would expect" , "would not expect" , 201cwill continue 201d , 201cis anticipated 201d , 201cestimate 201d , 201cproject 201d , "provisional" , "plan" , "believe" , "probable" , "reasonably possible" , "may" , "could" , "should" , "intends" , "foreseeable future" or similar expressions are intended to identify 201cforward-looking statements 201d within the meaning of the private securities litigation reform act of 1995 .', 'such statements are qualified in their entirety by reference to and are accompanied by the discussion in item 1a of certain important factors that could cause actual results to differ materially from such forward-looking statements .', 'the risks included in item 1a are not exhaustive .', "furthermore , reference is also made to other sections of this report , which include additional factors that could adversely impact expeditors' business and financial performance .", 'moreover , expeditors operates in a very competitive , complex and rapidly changing global environment .', "new risk factors emerge from time to time and it is not possible for management to predict all of such risk factors , nor can it assess the impact of all of such risk factors on expeditors' business or the extent to which any factor , or combination of factors , may cause actual results to differ materially from those contained in any forward-looking statements .", 'accordingly , forward-looking statements cannot be relied upon as a guarantee of actual results .', "shareholders should be aware that while expeditors does , from time to time , communicate with securities analysts , it is against expeditors' policy to disclose to such analysts any material non-public information or other confidential commercial information .", 'accordingly , shareholders should not assume that expeditors agrees with any statement or report issued by any analyst irrespective of the content of such statement or report .', 'furthermore , expeditors has a policy against issuing financial forecasts or projections or confirming the accuracy of forecasts or projections issued by others .', 'accordingly , to the extent that reports issued by securities analysts contain any projections , forecasts or opinions , such reports are not the responsibility of expeditors. .'] | 13.52 | EXPD/2017/page_30.pdf-3 | ["the graph below compares expeditors international of washington , inc.'s cumulative 5-year total shareholder return on common stock with the cumulative total returns of the s&p 500 index , the nasdaq transportation index , and the nasdaq industrial transportation index ( nqusb2770t ) as a replacement for the nasdaq transportation index .", 'the company is making the modification to reference a specific transportation index and to source that data directly from nasdaq .', 'the graph assumes that the value of the investment in our common stock and in each of the indexes ( including reinvestment of dividends ) was $ 100 on 12/31/2012 and tracks it through 12/31/2017 .', 'total return assumes reinvestment of dividends in each of the indices indicated .', 'comparison of 5-year cumulative total return among expeditors international of washington , inc. , the s&p 500 index , the nasdaq industrial transportation index and the nasdaq transportation index. .'] | ['the stock price performance included in this graph is not necessarily indicative of future stock price performance .', 'item 6 2014 selected financial data financial highlights in thousands , except per share data 2017 2016 2015 2014 2013 revenues ..................................................................... .', '$ 6920948 6098037 6616632 6564721 6080257 net revenues1 ............................................................... .', '$ 2319189 2164036 2187777 1981427 1882853 net earnings attributable to shareholders ..................... .', '$ 489345 430807 457223 376888 348526 diluted earnings attributable to shareholders per share $ 2.69 2.36 2.40 1.92 1.68 basic earnings attributable to shareholders per share.. .', '$ 2.73 2.38 2.42 1.92 1.69 dividends declared and paid per common share.......... .', '$ 0.84 0.80 0.72 0.64 0.60 cash used for dividends ............................................... .', '$ 150495 145123 135673 124634 123292 cash used for share repurchases ................................. .', '$ 478258 337658 629991 550781 261936 working capital ............................................................. .', '$ 1448333 1288648 1115136 1285188 1526673 total assets .................................................................. .', '$ 3117008 2790871 2565577 2870626 2996416 shareholders 2019 equity ..................................................... .', '$ 1991858 1844638 1691993 1868408 2084783 weighted average diluted shares outstanding .............. .', '181666 182704 190223 196768 206895 weighted average basic shares outstanding ................ .', '179247 181282 188941 196147 205995 _______________________ 1non-gaap measure calculated as revenues less directly related operating expenses attributable to our principal services .', "see management's discussion and analysis for a reconciliation of net revenues to revenues .", 'safe harbor for forward-looking statements under private securities litigation reform act of 1995 ; certain cautionary statements this annual report on form 10-k for the fiscal year ended december 31 , 2017 contains 201cforward-looking statements , 201d as defined in section 27a of the securities act of 1933 , as amended , and section 21e of the securities exchange act of 1934 , as amended .', 'from time to time , expeditors or its representatives have made or may make forward-looking statements , orally or in writing .', 'such forward-looking statements may be included in , but not limited to , press releases , presentations , oral statements made with the approval of an authorized executive officer or in various filings made by expeditors with the securities and exchange commission .', 'statements including those preceded by , followed by or that include the words or phrases 201cwill likely result 201d , 201care expected to 201d , "would expect" , "would not expect" , 201cwill continue 201d , 201cis anticipated 201d , 201cestimate 201d , 201cproject 201d , "provisional" , "plan" , "believe" , "probable" , "reasonably possible" , "may" , "could" , "should" , "intends" , "foreseeable future" or similar expressions are intended to identify 201cforward-looking statements 201d within the meaning of the private securities litigation reform act of 1995 .', 'such statements are qualified in their entirety by reference to and are accompanied by the discussion in item 1a of certain important factors that could cause actual results to differ materially from such forward-looking statements .', 'the risks included in item 1a are not exhaustive .', "furthermore , reference is also made to other sections of this report , which include additional factors that could adversely impact expeditors' business and financial performance .", 'moreover , expeditors operates in a very competitive , complex and rapidly changing global environment .', "new risk factors emerge from time to time and it is not possible for management to predict all of such risk factors , nor can it assess the impact of all of such risk factors on expeditors' business or the extent to which any factor , or combination of factors , may cause actual results to differ materially from those contained in any forward-looking statements .", 'accordingly , forward-looking statements cannot be relied upon as a guarantee of actual results .', "shareholders should be aware that while expeditors does , from time to time , communicate with securities analysts , it is against expeditors' policy to disclose to such analysts any material non-public information or other confidential commercial information .", 'accordingly , shareholders should not assume that expeditors agrees with any statement or report issued by any analyst irrespective of the content of such statement or report .', 'furthermore , expeditors has a policy against issuing financial forecasts or projections or confirming the accuracy of forecasts or projections issued by others .', 'accordingly , to the extent that reports issued by securities analysts contain any projections , forecasts or opinions , such reports are not the responsibility of expeditors. .'] | ----------------------------------------
, 12/12, 12/13, 12/14, 12/15, 12/16, 12/17
expeditors international of washington inc ., $ 100.00, $ 113.52, $ 116.07, $ 119.12, $ 142.10, $ 176.08
standard and poor's 500 index, 100.00, 132.39, 150.51, 152.59, 170.84, 208.14
nasdaq transportation, 100.00, 133.76, 187.65, 162.30, 193.79, 248.92
nasdaq industrial transportation ( nqusb2770t ), 100.00, 141.60, 171.91, 132.47, 171.17, 218.34
---------------------------------------- | subtract(113.52, const_100) | 13.52 |
what was the percentage increase in the global guests from 2007 to 2011 | Pre-text: ['part i berths at the end of 2011 .', 'there are approximately 10 ships with an estimated 34000 berths that are expected to be placed in service in the north american cruise market between 2012 and 2016 .', 'europe in europe , cruising represents a smaller but growing sector of the vacation industry .', 'it has experienced a compound annual growth rate in cruise guests of approximately 9.6% ( 9.6 % ) from 2007 to 2011 and we believe this market has significant continued growth poten- tial .', 'we estimate that europe was served by 104 ships with approximately 100000 berths at the beginning of 2007 and by 121 ships with approximately 155000 berths at the end of 2011 .', 'there are approximately 10 ships with an estimated 28000 berths that are expected to be placed in service in the european cruise market between 2012 and 2016 .', 'the following table details the growth in the global , north american and european cruise markets in terms of cruise guests and estimated weighted-average berths over the past five years : global cruise guests ( 1 ) weighted-average supply of berths marketed globally ( 1 ) north american cruise guests ( 2 ) weighted-average supply of berths marketed in north america ( 1 ) european cruise guests ( 3 ) weighted-average supply of berths marketed in europe ( 1 ) .']
Data Table:
----------------------------------------
year, global cruiseguests ( 1 ), weighted-averagesupplyofberthsmarketedglobally ( 1 ), northamericancruiseguests ( 2 ), weighted-average supply ofberths marketedin northamerica ( 1 ), europeancruiseguests, weighted-averagesupply ofberthsmarketed ineurope ( 1 )
2007, 16586000, 327000, 10247000, 212000, 4080000, 105000
2008, 17184000, 347000, 10093000, 219000, 4500000, 120000
2009, 17340000, 363000, 10198000, 222000, 5000000, 131000
2010, 18800000, 391000, 10781000, 232000, 5540000, 143000
2011, 20227000, 412000, 11625000, 245000, 5894000, 149000
----------------------------------------
Additional Information: ['( 1 ) source : our estimates of the number of global cruise guests , and the weighted-average supply of berths marketed globally , in north america and europe are based on a combination of data that we obtain from various publicly available cruise industry trade information sources including seatrade insider and cruise line international association .', 'in addition , our estimates incorporate our own statistical analysis utilizing the same publicly available cruise industry data as a base .', '( 2 ) source : cruise line international association based on cruise guests carried for at least two consecutive nights for years 2007 through 2010 .', 'year 2011 amounts represent our estimates ( see number 1 above ) .', '( 3 ) source : european cruise council for years 2007 through 2010 .', 'year 2011 amounts represent our estimates ( see number 1 above ) .', 'other markets in addition to expected industry growth in north america and europe as discussed above , we expect the asia/pacific region to demonstrate an even higher growth rate in the near term , although it will continue to represent a relatively small sector compared to north america and europe .', 'we compete with a number of cruise lines ; however , our principal competitors are carnival corporation & plc , which owns , among others , aida cruises , carnival cruise lines , costa cruises , cunard line , holland america line , iberocruceros , p&o cruises and princess cruises ; disney cruise line ; msc cruises ; norwegian cruise line and oceania cruises .', 'cruise lines compete with other vacation alternatives such as land-based resort hotels and sightseeing destinations for consum- ers 2019 leisure time .', 'demand for such activities is influ- enced by political and general economic conditions .', 'companies within the vacation market are dependent on consumer discretionary spending .', 'operating strategies our principal operating strategies are to : and employees and protect the environment in which our vessels and organization operate , to better serve our global guest base and grow our business , order to enhance our revenues while continuing to expand and diversify our guest mix through interna- tional guest sourcing , and ensure adequate cash and liquidity , with the overall goal of maximizing our return on invested capital and long-term shareholder value , our brands throughout the world , revitalization of existing ships and the transfer of key innovations across each brand , while expanding our fleet with the new state-of-the-art cruise ships recently delivered and on order , by deploying them into those markets and itineraries that provide opportunities to optimize returns , while continuing our focus on existing key markets , support ongoing operations and initiatives , and the principal industry distribution channel , while enhancing our consumer outreach programs. .'] | 0.21952 | RCL/2011/page_16.pdf-2 | ['part i berths at the end of 2011 .', 'there are approximately 10 ships with an estimated 34000 berths that are expected to be placed in service in the north american cruise market between 2012 and 2016 .', 'europe in europe , cruising represents a smaller but growing sector of the vacation industry .', 'it has experienced a compound annual growth rate in cruise guests of approximately 9.6% ( 9.6 % ) from 2007 to 2011 and we believe this market has significant continued growth poten- tial .', 'we estimate that europe was served by 104 ships with approximately 100000 berths at the beginning of 2007 and by 121 ships with approximately 155000 berths at the end of 2011 .', 'there are approximately 10 ships with an estimated 28000 berths that are expected to be placed in service in the european cruise market between 2012 and 2016 .', 'the following table details the growth in the global , north american and european cruise markets in terms of cruise guests and estimated weighted-average berths over the past five years : global cruise guests ( 1 ) weighted-average supply of berths marketed globally ( 1 ) north american cruise guests ( 2 ) weighted-average supply of berths marketed in north america ( 1 ) european cruise guests ( 3 ) weighted-average supply of berths marketed in europe ( 1 ) .'] | ['( 1 ) source : our estimates of the number of global cruise guests , and the weighted-average supply of berths marketed globally , in north america and europe are based on a combination of data that we obtain from various publicly available cruise industry trade information sources including seatrade insider and cruise line international association .', 'in addition , our estimates incorporate our own statistical analysis utilizing the same publicly available cruise industry data as a base .', '( 2 ) source : cruise line international association based on cruise guests carried for at least two consecutive nights for years 2007 through 2010 .', 'year 2011 amounts represent our estimates ( see number 1 above ) .', '( 3 ) source : european cruise council for years 2007 through 2010 .', 'year 2011 amounts represent our estimates ( see number 1 above ) .', 'other markets in addition to expected industry growth in north america and europe as discussed above , we expect the asia/pacific region to demonstrate an even higher growth rate in the near term , although it will continue to represent a relatively small sector compared to north america and europe .', 'we compete with a number of cruise lines ; however , our principal competitors are carnival corporation & plc , which owns , among others , aida cruises , carnival cruise lines , costa cruises , cunard line , holland america line , iberocruceros , p&o cruises and princess cruises ; disney cruise line ; msc cruises ; norwegian cruise line and oceania cruises .', 'cruise lines compete with other vacation alternatives such as land-based resort hotels and sightseeing destinations for consum- ers 2019 leisure time .', 'demand for such activities is influ- enced by political and general economic conditions .', 'companies within the vacation market are dependent on consumer discretionary spending .', 'operating strategies our principal operating strategies are to : and employees and protect the environment in which our vessels and organization operate , to better serve our global guest base and grow our business , order to enhance our revenues while continuing to expand and diversify our guest mix through interna- tional guest sourcing , and ensure adequate cash and liquidity , with the overall goal of maximizing our return on invested capital and long-term shareholder value , our brands throughout the world , revitalization of existing ships and the transfer of key innovations across each brand , while expanding our fleet with the new state-of-the-art cruise ships recently delivered and on order , by deploying them into those markets and itineraries that provide opportunities to optimize returns , while continuing our focus on existing key markets , support ongoing operations and initiatives , and the principal industry distribution channel , while enhancing our consumer outreach programs. .'] | ----------------------------------------
year, global cruiseguests ( 1 ), weighted-averagesupplyofberthsmarketedglobally ( 1 ), northamericancruiseguests ( 2 ), weighted-average supply ofberths marketedin northamerica ( 1 ), europeancruiseguests, weighted-averagesupply ofberthsmarketed ineurope ( 1 )
2007, 16586000, 327000, 10247000, 212000, 4080000, 105000
2008, 17184000, 347000, 10093000, 219000, 4500000, 120000
2009, 17340000, 363000, 10198000, 222000, 5000000, 131000
2010, 18800000, 391000, 10781000, 232000, 5540000, 143000
2011, 20227000, 412000, 11625000, 245000, 5894000, 149000
---------------------------------------- | subtract(20227000, 16586000), divide(#0, 16586000) | 0.21952 |
what is the percentage change in total gross amount of unrecognized tax benefits from 2011 to 2012? | Context: ['adobe systems incorporated notes to consolidated financial statements ( continued ) accounting for uncertainty in income taxes during fiscal 2013 and 2012 , our aggregate changes in our total gross amount of unrecognized tax benefits are summarized as follows ( in thousands ) : .']
Tabular Data:
----------------------------------------
2013 2012
beginning balance $ 160468 $ 163607
gross increases in unrecognized tax benefits 2013 prior year tax positions 20244 1038
gross increases in unrecognized tax benefits 2013 current year tax positions 16777 23771
settlements with taxing authorities -55851 ( 55851 ) -1754 ( 1754 )
lapse of statute of limitations -4066 ( 4066 ) -25387 ( 25387 )
foreign exchange gains and losses -1474 ( 1474 ) -807 ( 807 )
ending balance $ 136098 $ 160468
----------------------------------------
Additional Information: ['as of november 29 , 2013 , the combined amount of accrued interest and penalties related to tax positions taken on our tax returns and included in non-current income taxes payable was approximately $ 11.4 million .', 'we file income tax returns in the u.s .', 'on a federal basis and in many u.s .', 'state and foreign jurisdictions .', 'we are subject to the continual examination of our income tax returns by the irs and other domestic and foreign tax authorities .', 'our major tax jurisdictions are the u.s. , ireland and california .', 'for california , ireland and the u.s. , the earliest fiscal years open for examination are 2005 , 2006 and 2010 , respectively .', 'we regularly assess the likelihood of outcomes resulting from these examinations to determine the adequacy of our provision for income taxes and have reserved for potential adjustments that may result from the current examinations .', 'we believe such estimates to be reasonable ; however , there can be no assurance that the final determination of any of these examinations will not have an adverse effect on our operating results and financial position .', 'in july 2013 , a u.s .', 'income tax examination covering our fiscal years 2008 and 2009 was completed .', 'our accrued tax and interest related to these years was $ 48.4 million and was previously reported in long-term income taxes payable .', 'we settled the tax obligation resulting from this examination with cash and income tax assets totaling $ 41.2 million , and the resulting $ 7.2 million income tax benefit was recorded in the third quarter of fiscal 2013 .', 'the timing of the resolution of income tax examinations is highly uncertain as are the amounts and timing of tax payments that are part of any audit settlement process .', 'these events could cause large fluctuations in the balance sheet classification of current and non-current assets and liabilities .', 'we believe that within the next 12 months , it is reasonably possible that either certain audits will conclude or statutes of limitations on certain income tax examination periods will expire , or both .', 'given the uncertainties described above , we can only determine a range of estimated potential decreases in underlying unrecognized tax benefits ranging from $ 0 to approximately $ 5 million .', 'note 10 .', 'restructuring fiscal 2011 restructuring plan in the fourth quarter of fiscal 2011 , we initiated a restructuring plan consisting of reductions in workforce and the consolidation of facilities in order to better align our resources around our digital media and digital marketing strategies .', 'during fiscal 2013 , we continued to implement restructuring activities under this plan .', 'total costs incurred to date and expected to be incurred for closing redundant facilities are $ 12.2 million as all facilities under this plan have been exited as of november 29 , 2013 .', 'other restructuring plans other restructuring plans include other adobe plans and other plans associated with certain of our acquisitions that are substantially complete .', 'we continue to make cash outlays to settle obligations under these plans , however the current impact to our consolidated financial statements is not significant .', 'our other restructuring plans primarily consist of the 2009 restructuring plan , which was implemented in the fourth quarter of fiscal 2009 , in order to appropriately align our costs in connection with our fiscal 2010 operating plan. .'] | -0.01919 | ADBE/2013/page_84.pdf-3 | ['adobe systems incorporated notes to consolidated financial statements ( continued ) accounting for uncertainty in income taxes during fiscal 2013 and 2012 , our aggregate changes in our total gross amount of unrecognized tax benefits are summarized as follows ( in thousands ) : .'] | ['as of november 29 , 2013 , the combined amount of accrued interest and penalties related to tax positions taken on our tax returns and included in non-current income taxes payable was approximately $ 11.4 million .', 'we file income tax returns in the u.s .', 'on a federal basis and in many u.s .', 'state and foreign jurisdictions .', 'we are subject to the continual examination of our income tax returns by the irs and other domestic and foreign tax authorities .', 'our major tax jurisdictions are the u.s. , ireland and california .', 'for california , ireland and the u.s. , the earliest fiscal years open for examination are 2005 , 2006 and 2010 , respectively .', 'we regularly assess the likelihood of outcomes resulting from these examinations to determine the adequacy of our provision for income taxes and have reserved for potential adjustments that may result from the current examinations .', 'we believe such estimates to be reasonable ; however , there can be no assurance that the final determination of any of these examinations will not have an adverse effect on our operating results and financial position .', 'in july 2013 , a u.s .', 'income tax examination covering our fiscal years 2008 and 2009 was completed .', 'our accrued tax and interest related to these years was $ 48.4 million and was previously reported in long-term income taxes payable .', 'we settled the tax obligation resulting from this examination with cash and income tax assets totaling $ 41.2 million , and the resulting $ 7.2 million income tax benefit was recorded in the third quarter of fiscal 2013 .', 'the timing of the resolution of income tax examinations is highly uncertain as are the amounts and timing of tax payments that are part of any audit settlement process .', 'these events could cause large fluctuations in the balance sheet classification of current and non-current assets and liabilities .', 'we believe that within the next 12 months , it is reasonably possible that either certain audits will conclude or statutes of limitations on certain income tax examination periods will expire , or both .', 'given the uncertainties described above , we can only determine a range of estimated potential decreases in underlying unrecognized tax benefits ranging from $ 0 to approximately $ 5 million .', 'note 10 .', 'restructuring fiscal 2011 restructuring plan in the fourth quarter of fiscal 2011 , we initiated a restructuring plan consisting of reductions in workforce and the consolidation of facilities in order to better align our resources around our digital media and digital marketing strategies .', 'during fiscal 2013 , we continued to implement restructuring activities under this plan .', 'total costs incurred to date and expected to be incurred for closing redundant facilities are $ 12.2 million as all facilities under this plan have been exited as of november 29 , 2013 .', 'other restructuring plans other restructuring plans include other adobe plans and other plans associated with certain of our acquisitions that are substantially complete .', 'we continue to make cash outlays to settle obligations under these plans , however the current impact to our consolidated financial statements is not significant .', 'our other restructuring plans primarily consist of the 2009 restructuring plan , which was implemented in the fourth quarter of fiscal 2009 , in order to appropriately align our costs in connection with our fiscal 2010 operating plan. .'] | ----------------------------------------
2013 2012
beginning balance $ 160468 $ 163607
gross increases in unrecognized tax benefits 2013 prior year tax positions 20244 1038
gross increases in unrecognized tax benefits 2013 current year tax positions 16777 23771
settlements with taxing authorities -55851 ( 55851 ) -1754 ( 1754 )
lapse of statute of limitations -4066 ( 4066 ) -25387 ( 25387 )
foreign exchange gains and losses -1474 ( 1474 ) -807 ( 807 )
ending balance $ 136098 $ 160468
---------------------------------------- | subtract(160468, 163607), divide(#0, 163607) | -0.01919 |
what percentage of total commercial commitments are credit facilities? | Background: ['amount of commitment expiration per period other commercial commitments after millions total 2013 2014 2015 2016 2017 2017 .']
Table:
****************************************
other commercial commitmentsmillions | total | amount of commitment expiration per period 2013 | amount of commitment expiration per period 2014 | amount of commitment expiration per period 2015 | amount of commitment expiration per period 2016 | amount of commitment expiration per period 2017 | amount of commitment expiration per period after 2017
credit facilities [a] | $ 1800 | $ - | $ - | $ 1800 | $ - | $ - | $ -
receivables securitization facility [b] | 600 | 600 | - | - | - | - | -
guarantees [c] | 307 | 8 | 214 | 12 | 30 | 10 | 33
standby letters of credit [d] | 25 | 24 | 1 | - | - | - | -
total commercialcommitments | $ 2732 | $ 632 | $ 215 | $ 1812 | $ 30 | $ 10 | $ 33
****************************************
Follow-up: ['[a] none of the credit facility was used as of december 31 , 2012 .', '[b] $ 100 million of the receivables securitization facility was utilized at december 31 , 2012 , which is accounted for as debt .', 'the full program matures in july 2013 .', '[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 , 2012 .', 'off-balance sheet arrangements guarantees 2013 at december 31 , 2012 , we were contingently liable for $ 307 million in guarantees .', 'we have recorded a liability of $ 2 million for the fair value of these obligations as of december 31 , 2012 and 2011 .', 'we entered into these contingent guarantees in the normal course of business , and they include guaranteed obligations related to our headquarters building , equipment financings , and affiliated operations .', 'the final guarantee expires in 2022 .', 'we are not aware of any existing event of default that would require us to satisfy these guarantees .', 'we do not expect that these guarantees will have a material adverse effect on our consolidated financial condition , results of operations , or liquidity .', 'other matters labor agreements 2013 approximately 86% ( 86 % ) of our 45928 full-time-equivalent employees are represented by 14 major rail unions .', 'during the year , we concluded the most recent round of negotiations , which began in 2010 , with the ratification of new agreements by several unions that continued negotiating into 2012 .', 'all of the unions executed similar multi-year agreements that provide for higher employee cost sharing of employee health and welfare benefits and higher wages .', 'the current agreements will remain in effect until renegotiated under provisions of the railway labor act .', 'the next round of negotiations will begin in early 2015 .', 'inflation 2013 long periods of inflation significantly increase asset replacement costs for capital-intensive companies .', 'as a result , assuming that we replace all operating assets at current price levels , depreciation charges ( on an inflation-adjusted basis ) would be substantially greater than historically reported amounts .', 'derivative financial instruments 2013 we may use derivative financial instruments in limited instances to assist in managing our overall exposure to fluctuations in interest rates and fuel prices .', 'we are not a party to leveraged derivatives and , by policy , do not use derivative financial instruments for speculative purposes .', 'derivative financial instruments qualifying for hedge accounting must maintain a specified level of effectiveness between the hedging instrument and the item being hedged , both at inception and throughout the hedged period .', 'we formally document the nature and relationships between the hedging instruments and hedged items at inception , as well as our risk-management objectives , strategies for undertaking the various hedge transactions , and method of assessing hedge effectiveness .', 'changes in the fair market value of derivative financial instruments that do not qualify for hedge accounting are charged to earnings .', 'we may use swaps , collars , futures , and/or forward contracts to mitigate the risk of adverse movements in interest rates and fuel prices ; however , the use of these derivative financial instruments may limit future benefits from favorable price movements .', 'market and credit risk 2013 we address market risk related to derivative financial instruments by selecting instruments with value fluctuations that highly correlate with the underlying hedged item .', 'we manage credit risk related to derivative financial instruments , which is minimal , by requiring high credit standards for counterparties and periodic settlements .', 'at december 31 , 2012 and 2011 , we were not required to provide collateral , nor had we received collateral , relating to our hedging activities. .'] | 0.65886 | UNP/2012/page_40.pdf-4 | ['amount of commitment expiration per period other commercial commitments after millions total 2013 2014 2015 2016 2017 2017 .'] | ['[a] none of the credit facility was used as of december 31 , 2012 .', '[b] $ 100 million of the receivables securitization facility was utilized at december 31 , 2012 , which is accounted for as debt .', 'the full program matures in july 2013 .', '[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 , 2012 .', 'off-balance sheet arrangements guarantees 2013 at december 31 , 2012 , we were contingently liable for $ 307 million in guarantees .', 'we have recorded a liability of $ 2 million for the fair value of these obligations as of december 31 , 2012 and 2011 .', 'we entered into these contingent guarantees in the normal course of business , and they include guaranteed obligations related to our headquarters building , equipment financings , and affiliated operations .', 'the final guarantee expires in 2022 .', 'we are not aware of any existing event of default that would require us to satisfy these guarantees .', 'we do not expect that these guarantees will have a material adverse effect on our consolidated financial condition , results of operations , or liquidity .', 'other matters labor agreements 2013 approximately 86% ( 86 % ) of our 45928 full-time-equivalent employees are represented by 14 major rail unions .', 'during the year , we concluded the most recent round of negotiations , which began in 2010 , with the ratification of new agreements by several unions that continued negotiating into 2012 .', 'all of the unions executed similar multi-year agreements that provide for higher employee cost sharing of employee health and welfare benefits and higher wages .', 'the current agreements will remain in effect until renegotiated under provisions of the railway labor act .', 'the next round of negotiations will begin in early 2015 .', 'inflation 2013 long periods of inflation significantly increase asset replacement costs for capital-intensive companies .', 'as a result , assuming that we replace all operating assets at current price levels , depreciation charges ( on an inflation-adjusted basis ) would be substantially greater than historically reported amounts .', 'derivative financial instruments 2013 we may use derivative financial instruments in limited instances to assist in managing our overall exposure to fluctuations in interest rates and fuel prices .', 'we are not a party to leveraged derivatives and , by policy , do not use derivative financial instruments for speculative purposes .', 'derivative financial instruments qualifying for hedge accounting must maintain a specified level of effectiveness between the hedging instrument and the item being hedged , both at inception and throughout the hedged period .', 'we formally document the nature and relationships between the hedging instruments and hedged items at inception , as well as our risk-management objectives , strategies for undertaking the various hedge transactions , and method of assessing hedge effectiveness .', 'changes in the fair market value of derivative financial instruments that do not qualify for hedge accounting are charged to earnings .', 'we may use swaps , collars , futures , and/or forward contracts to mitigate the risk of adverse movements in interest rates and fuel prices ; however , the use of these derivative financial instruments may limit future benefits from favorable price movements .', 'market and credit risk 2013 we address market risk related to derivative financial instruments by selecting instruments with value fluctuations that highly correlate with the underlying hedged item .', 'we manage credit risk related to derivative financial instruments , which is minimal , by requiring high credit standards for counterparties and periodic settlements .', 'at december 31 , 2012 and 2011 , we were not required to provide collateral , nor had we received collateral , relating to our hedging activities. .'] | ****************************************
other commercial commitmentsmillions | total | amount of commitment expiration per period 2013 | amount of commitment expiration per period 2014 | amount of commitment expiration per period 2015 | amount of commitment expiration per period 2016 | amount of commitment expiration per period 2017 | amount of commitment expiration per period after 2017
credit facilities [a] | $ 1800 | $ - | $ - | $ 1800 | $ - | $ - | $ -
receivables securitization facility [b] | 600 | 600 | - | - | - | - | -
guarantees [c] | 307 | 8 | 214 | 12 | 30 | 10 | 33
standby letters of credit [d] | 25 | 24 | 1 | - | - | - | -
total commercialcommitments | $ 2732 | $ 632 | $ 215 | $ 1812 | $ 30 | $ 10 | $ 33
**************************************** | divide(1800, 2732) | 0.65886 |
what was the difference in percentage cumulative total return for e*trade financial corporation and the s&p 500 index for the five years ended 12/15? | Pre-text: ['table of contents 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 ( "s&p" ) 500 index and the dow jones us financials index during the period from december 31 , 2010 through december 31 , 2015. .']
########
Tabular Data:
----------------------------------------
• , 12/10, 12/11, 12/12, 12/13, 12/14, 12/15
• e*trade financial corporation, 100.00, 49.75, 55.94, 122.75, 151.59, 185.25
• s&p 500 index, 100.00, 102.11, 118.45, 156.82, 178.29, 180.75
• dow jones us financials index, 100.00, 87.16, 110.56, 148.39, 170.04, 170.19
----------------------------------------
########
Follow-up: ['.'] | 0.045 | ETFC/2015/page_27.pdf-2 | ['table of contents 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 ( "s&p" ) 500 index and the dow jones us financials index during the period from december 31 , 2010 through december 31 , 2015. .'] | ['.'] | ----------------------------------------
• , 12/10, 12/11, 12/12, 12/13, 12/14, 12/15
• e*trade financial corporation, 100.00, 49.75, 55.94, 122.75, 151.59, 185.25
• s&p 500 index, 100.00, 102.11, 118.45, 156.82, 178.29, 180.75
• dow jones us financials index, 100.00, 87.16, 110.56, 148.39, 170.04, 170.19
---------------------------------------- | subtract(185.25, const_100), divide(#0, const_100), subtract(180.75, const_100), divide(#2, const_100), subtract(#1, #3) | 0.045 |
in 2007 what was the company 2019s consolidated net sales in millions | Pre-text: ['management 2019s discussion and analysis of financial condition and results of operations in 2008 , sales to the segment 2019s top five customers represented approximately 45% ( 45 % ) of the segment 2019s net sales .', 'the segment 2019s backlog was $ 2.3 billion at december 31 , 2008 , compared to $ 2.6 billion at december 31 , 2007 .', 'in 2008 , our digital video customers significantly increased their purchases of the segment 2019s products and services , primarily due to increased demand for digital entertainment devices , particularly ip and hd/dvr devices .', 'in february 2008 , the segment acquired the assets related to digital cable set-top products of zhejiang dahua digital technology co. , ltd and hangzhou image silicon ( known collectively as dahua digital ) , a developer , manufacturer and marketer of cable set-tops and related low-cost integrated circuits for the emerging chinese cable business .', 'the acquisition helped the segment strengthen its position in the rapidly growing cable market in china .', 'enterprise mobility solutions segment the enterprise mobility solutions segment designs , manufactures , sells , installs and services analog and digital two-way radios , wireless lan and security products , voice and data communications products and systems for private networks , wireless broadband systems and end-to-end enterprise mobility solutions to a wide range of customers , including government and public safety agencies ( which , together with all sales to distributors of two-way communication products , are referred to as the 2018 2018government and public safety market 2019 2019 ) , as well as retail , energy and utilities , transportation , manufacturing , healthcare and other commercial customers ( which , collectively , are referred to as the 2018 2018commercial enterprise market 2019 2019 ) .', 'in 2009 , the segment 2019s net sales represented 32% ( 32 % ) of the company 2019s consolidated net sales , compared to 27% ( 27 % ) in 2008 and 21% ( 21 % ) in 2007 .', 'years ended december 31 percent change ( dollars in millions ) 2009 2008 2007 2009 20142008 2008 20142007 .']
--
Tabular Data:
----------------------------------------
( dollars in millions ) | years ended december 31 2009 | years ended december 31 2008 | years ended december 31 2007 | years ended december 31 2009 20142008 | 2008 20142007
segment net sales | $ 7008 | $ 8093 | $ 7729 | ( 13 ) % ( % ) | 5% ( 5 % )
operating earnings | 1057 | 1496 | 1213 | ( 29 ) % ( % ) | 23% ( 23 % )
----------------------------------------
--
Follow-up: ['segment results 20142009 compared to 2008 in 2009 , the segment 2019s net sales were $ 7.0 billion , a decrease of 13% ( 13 % ) compared to net sales of $ 8.1 billion in 2008 .', 'the 13% ( 13 % ) decrease in net sales reflects a 21% ( 21 % ) decrease in net sales to the commercial enterprise market and a 10% ( 10 % ) decrease in net sales to the government and public safety market .', 'the decrease in net sales to the commercial enterprise market reflects decreased net sales in all regions .', 'the decrease in net sales to the government and public safety market was primarily driven by decreased net sales in emea , north america and latin america , partially offset by higher net sales in asia .', 'the segment 2019s overall net sales were lower in north america , emea and latin america and higher in asia the segment had operating earnings of $ 1.1 billion in 2009 , a decrease of 29% ( 29 % ) compared to operating earnings of $ 1.5 billion in 2008 .', 'the decrease in operating earnings was primarily due to a decrease in gross margin , driven by the 13% ( 13 % ) decrease in net sales and an unfavorable product mix .', 'also contributing to the decrease in operating earnings was an increase in reorganization of business charges , relating primarily to higher employee severance costs .', 'these factors were partially offset by decreased sg&a expenses and r&d expenditures , primarily related to savings from cost-reduction initiatives .', 'as a percentage of net sales in 2009 as compared 2008 , gross margin decreased and r&d expenditures and sg&a expenses increased .', 'net sales in north america continued to comprise a significant portion of the segment 2019s business , accounting for approximately 58% ( 58 % ) of the segment 2019s net sales in 2009 , compared to approximately 57% ( 57 % ) in 2008 .', 'the regional shift in 2009 as compared to 2008 reflects a 16% ( 16 % ) decline in net sales outside of north america and a 12% ( 12 % ) decline in net sales in north america .', 'the segment 2019s backlog was $ 2.4 billion at both december 31 , 2009 and december 31 , 2008 .', 'in our government and public safety market , we see a continued emphasis on mission-critical communication and homeland security solutions .', 'in 2009 , we led market innovation through the continued success of our mototrbo line and the delivery of the apx fffd family of products .', 'while spending by end customers in the segment 2019s government and public safety market is affected by government budgets at the national , state and local levels , we continue to see demand for large-scale mission critical communications systems .', 'in 2009 , we had significant wins across the globe , including several city and statewide communications systems in the united states , and continued success winning competitive projects with our tetra systems in europe , the middle east .'] | 36804.7619 | MSI/2009/page_69.pdf-1 | ['management 2019s discussion and analysis of financial condition and results of operations in 2008 , sales to the segment 2019s top five customers represented approximately 45% ( 45 % ) of the segment 2019s net sales .', 'the segment 2019s backlog was $ 2.3 billion at december 31 , 2008 , compared to $ 2.6 billion at december 31 , 2007 .', 'in 2008 , our digital video customers significantly increased their purchases of the segment 2019s products and services , primarily due to increased demand for digital entertainment devices , particularly ip and hd/dvr devices .', 'in february 2008 , the segment acquired the assets related to digital cable set-top products of zhejiang dahua digital technology co. , ltd and hangzhou image silicon ( known collectively as dahua digital ) , a developer , manufacturer and marketer of cable set-tops and related low-cost integrated circuits for the emerging chinese cable business .', 'the acquisition helped the segment strengthen its position in the rapidly growing cable market in china .', 'enterprise mobility solutions segment the enterprise mobility solutions segment designs , manufactures , sells , installs and services analog and digital two-way radios , wireless lan and security products , voice and data communications products and systems for private networks , wireless broadband systems and end-to-end enterprise mobility solutions to a wide range of customers , including government and public safety agencies ( which , together with all sales to distributors of two-way communication products , are referred to as the 2018 2018government and public safety market 2019 2019 ) , as well as retail , energy and utilities , transportation , manufacturing , healthcare and other commercial customers ( which , collectively , are referred to as the 2018 2018commercial enterprise market 2019 2019 ) .', 'in 2009 , the segment 2019s net sales represented 32% ( 32 % ) of the company 2019s consolidated net sales , compared to 27% ( 27 % ) in 2008 and 21% ( 21 % ) in 2007 .', 'years ended december 31 percent change ( dollars in millions ) 2009 2008 2007 2009 20142008 2008 20142007 .'] | ['segment results 20142009 compared to 2008 in 2009 , the segment 2019s net sales were $ 7.0 billion , a decrease of 13% ( 13 % ) compared to net sales of $ 8.1 billion in 2008 .', 'the 13% ( 13 % ) decrease in net sales reflects a 21% ( 21 % ) decrease in net sales to the commercial enterprise market and a 10% ( 10 % ) decrease in net sales to the government and public safety market .', 'the decrease in net sales to the commercial enterprise market reflects decreased net sales in all regions .', 'the decrease in net sales to the government and public safety market was primarily driven by decreased net sales in emea , north america and latin america , partially offset by higher net sales in asia .', 'the segment 2019s overall net sales were lower in north america , emea and latin america and higher in asia the segment had operating earnings of $ 1.1 billion in 2009 , a decrease of 29% ( 29 % ) compared to operating earnings of $ 1.5 billion in 2008 .', 'the decrease in operating earnings was primarily due to a decrease in gross margin , driven by the 13% ( 13 % ) decrease in net sales and an unfavorable product mix .', 'also contributing to the decrease in operating earnings was an increase in reorganization of business charges , relating primarily to higher employee severance costs .', 'these factors were partially offset by decreased sg&a expenses and r&d expenditures , primarily related to savings from cost-reduction initiatives .', 'as a percentage of net sales in 2009 as compared 2008 , gross margin decreased and r&d expenditures and sg&a expenses increased .', 'net sales in north america continued to comprise a significant portion of the segment 2019s business , accounting for approximately 58% ( 58 % ) of the segment 2019s net sales in 2009 , compared to approximately 57% ( 57 % ) in 2008 .', 'the regional shift in 2009 as compared to 2008 reflects a 16% ( 16 % ) decline in net sales outside of north america and a 12% ( 12 % ) decline in net sales in north america .', 'the segment 2019s backlog was $ 2.4 billion at both december 31 , 2009 and december 31 , 2008 .', 'in our government and public safety market , we see a continued emphasis on mission-critical communication and homeland security solutions .', 'in 2009 , we led market innovation through the continued success of our mototrbo line and the delivery of the apx fffd family of products .', 'while spending by end customers in the segment 2019s government and public safety market is affected by government budgets at the national , state and local levels , we continue to see demand for large-scale mission critical communications systems .', 'in 2009 , we had significant wins across the globe , including several city and statewide communications systems in the united states , and continued success winning competitive projects with our tetra systems in europe , the middle east .'] | ----------------------------------------
( dollars in millions ) | years ended december 31 2009 | years ended december 31 2008 | years ended december 31 2007 | years ended december 31 2009 20142008 | 2008 20142007
segment net sales | $ 7008 | $ 8093 | $ 7729 | ( 13 ) % ( % ) | 5% ( 5 % )
operating earnings | 1057 | 1496 | 1213 | ( 29 ) % ( % ) | 23% ( 23 % )
---------------------------------------- | divide(7729, 21%) | 36804.7619 |
at december 31 , 2013 , what was the percent of the environmental-related reserves that was related to asset retirement obligations | Context: ['interest expense related to capital lease obligations was $ 1.7 million during both the years ended december 31 , 2013 and 2012 , and $ 1.5 million during the year ended december 31 , 2011 .', 'purchase commitments in the table below , we set forth our enforceable and legally binding purchase obligations as of december 31 , 2013 .', 'some of the amounts included in the table are based on management 2019s estimates and assumptions about these obligations , including their duration , the possibility of renewal , anticipated actions by third parties , and other factors .', 'because these estimates and assumptions are necessarily subjective , our actual payments may vary from those reflected in the table .', 'purchase orders made in the ordinary course of business are excluded from the table below .', 'any amounts for which we are liable under purchase orders are reflected on the consolidated balance sheets as accounts payable and accrued liabilities .', 'these obligations relate to various purchase agreements for items such as minimum amounts of fiber and energy purchases over periods ranging from one to 15 years .', 'total purchase commitments are as follows ( dollars in thousands ) : .']
##########
Table:
----------------------------------------
2014 $ 120971
2015 54757
2016 14840
2017 3017
2018 2545
thereafter 11536
total $ 207666
----------------------------------------
##########
Follow-up: ['the company purchased a total of $ 61.7 million , $ 27.7 million , and $ 28.5 million during the years ended december 31 , 2013 , 2012 , and 2011 , respectively , under these purchase agreements .', 'the increase in purchase commitments in 2014 , compared with 2013 , relates to the acquisition of boise in fourth quarter 2013 .', 'environmental liabilities the potential costs for various environmental matters are uncertain due to such factors as the unknown magnitude of possible cleanup costs , the complexity and evolving nature of governmental laws and regulations and their interpretations , and the timing , varying costs and effectiveness of alternative cleanup technologies .', 'from 1994 through 2013 , remediation costs at the company 2019s mills and corrugated plants totaled approximately $ 3.2 million .', 'at december 31 , 2013 , the company had $ 34.1 million of environmental-related reserves recorded on its consolidated balance sheet .', 'of the $ 34.1 million , approximately $ 26.5 million related to environmental- related asset retirement obligations discussed in note 14 , asset retirement obligations , and $ 7.6 million related to our estimate of other environmental contingencies .', 'the company recorded $ 7.8 million in 201caccrued liabilities 201d and $ 26.3 million in 201cother long-term liabilities 201d on the consolidated balance sheet .', 'liabilities recorded for environmental contingencies are estimates of the probable costs based upon available information and assumptions .', 'because of these uncertainties , pca 2019s estimates may change .', 'as of the date of this filing , the company believes that it is not reasonably possible that future environmental expenditures for remediation costs and asset retirement obligations above the $ 34.1 million accrued as of december 31 , 2013 , will have a material impact on its financial condition , results of operations , or cash flows .', 'guarantees and indemnifications we provide guarantees , indemnifications , and other assurances to third parties in the normal course of our business .', 'these include tort indemnifications , environmental assurances , and representations and warranties in commercial agreements .', 'at december 31 , 2013 , we are not aware of any material liabilities arising from any guarantee , indemnification , or financial assurance we have provided .', 'if we determined such a liability was probable and subject to reasonable determination , we would accrue for it at that time. .'] | 0.77713 | PKG/2013/page_83.pdf-3 | ['interest expense related to capital lease obligations was $ 1.7 million during both the years ended december 31 , 2013 and 2012 , and $ 1.5 million during the year ended december 31 , 2011 .', 'purchase commitments in the table below , we set forth our enforceable and legally binding purchase obligations as of december 31 , 2013 .', 'some of the amounts included in the table are based on management 2019s estimates and assumptions about these obligations , including their duration , the possibility of renewal , anticipated actions by third parties , and other factors .', 'because these estimates and assumptions are necessarily subjective , our actual payments may vary from those reflected in the table .', 'purchase orders made in the ordinary course of business are excluded from the table below .', 'any amounts for which we are liable under purchase orders are reflected on the consolidated balance sheets as accounts payable and accrued liabilities .', 'these obligations relate to various purchase agreements for items such as minimum amounts of fiber and energy purchases over periods ranging from one to 15 years .', 'total purchase commitments are as follows ( dollars in thousands ) : .'] | ['the company purchased a total of $ 61.7 million , $ 27.7 million , and $ 28.5 million during the years ended december 31 , 2013 , 2012 , and 2011 , respectively , under these purchase agreements .', 'the increase in purchase commitments in 2014 , compared with 2013 , relates to the acquisition of boise in fourth quarter 2013 .', 'environmental liabilities the potential costs for various environmental matters are uncertain due to such factors as the unknown magnitude of possible cleanup costs , the complexity and evolving nature of governmental laws and regulations and their interpretations , and the timing , varying costs and effectiveness of alternative cleanup technologies .', 'from 1994 through 2013 , remediation costs at the company 2019s mills and corrugated plants totaled approximately $ 3.2 million .', 'at december 31 , 2013 , the company had $ 34.1 million of environmental-related reserves recorded on its consolidated balance sheet .', 'of the $ 34.1 million , approximately $ 26.5 million related to environmental- related asset retirement obligations discussed in note 14 , asset retirement obligations , and $ 7.6 million related to our estimate of other environmental contingencies .', 'the company recorded $ 7.8 million in 201caccrued liabilities 201d and $ 26.3 million in 201cother long-term liabilities 201d on the consolidated balance sheet .', 'liabilities recorded for environmental contingencies are estimates of the probable costs based upon available information and assumptions .', 'because of these uncertainties , pca 2019s estimates may change .', 'as of the date of this filing , the company believes that it is not reasonably possible that future environmental expenditures for remediation costs and asset retirement obligations above the $ 34.1 million accrued as of december 31 , 2013 , will have a material impact on its financial condition , results of operations , or cash flows .', 'guarantees and indemnifications we provide guarantees , indemnifications , and other assurances to third parties in the normal course of our business .', 'these include tort indemnifications , environmental assurances , and representations and warranties in commercial agreements .', 'at december 31 , 2013 , we are not aware of any material liabilities arising from any guarantee , indemnification , or financial assurance we have provided .', 'if we determined such a liability was probable and subject to reasonable determination , we would accrue for it at that time. .'] | ----------------------------------------
2014 $ 120971
2015 54757
2016 14840
2017 3017
2018 2545
thereafter 11536
total $ 207666
---------------------------------------- | divide(26.5, 34.1) | 0.77713 |
what is the percentage change in the fair value of the options from 2009 to 2010? | Background: ['the weighted average fair value of options granted during 2010 , 2009 and 2008 was estimated to be $ 7.84 , $ 7.18 and $ 3.84 , respectively , using the black-scholes option pricing model with the assumptions below: .']
##
Table:
****************************************
| 2010 | 2009 | 2008
risk free interest rate | 1.1% ( 1.1 % ) | 2.3% ( 2.3 % ) | 2.8% ( 2.8 % )
volatility | 35.6% ( 35.6 % ) | 35.0% ( 35.0 % ) | 26.0% ( 26.0 % )
dividend yield | 0.7% ( 0.7 % ) | 1.0% ( 1.0 % ) | 1.0% ( 1.0 % )
weighted average expected life ( years ) | 4.4 | 5.0 | 5.3
****************************************
##
Additional Information: ['at december 31 , 2010 and 2009 , the total unrecognized compensation cost related to non-vested stock awards is $ 129.3 million and $ 93.5 million , respectively , which is expected to be recognized in pre-tax income over a weighted average period of 1.7 years as of both year ends .', 'the company granted a total of 1.5 million restricted stock awards at prices ranging from $ 25.76 to $ 28.15 on various dates in 2010 .', 'these awards vest annually over three years .', 'the company also granted 0.9 million performance restricted stock units during 2010 .', 'these performance restricted stock units have been granted at the maximum achievable level and the number of shares that can vest is based on specific revenue and ebitda goals for periods from 2010 through 2012 .', 'during 2009 , we granted 0.5 million shares of restricted stock at a price of $ 22.55 that vest annually over 3 years .', 'on october 1 , 2009 , the company granted 0.4 million restricted stock units at a price of $ 24.85 per share that vested over six months .', 'on march 20 , 2008 , we granted 0.4 million shares of restricted stock at a price of $ 38.75 that were to vest quarterly over 2 years .', 'on july 2 , 2008 , 0.2 million of these shares were canceled and assumed by lps .', 'the remaining unvested restricted shares were converted by the conversion factor of 1.7952 .', 'these awards vested as of october 1 , 2009 , under the change in control provisions due to the metavante acquisition .', 'on october 27 , 2008 , we granted 0.8 million shares of restricted stock at a price of $ 14.35 that vest annually over 3 years .', 'as of december 31 , 2010 and 2009 , we have approximately 2.2 million and 1.4 million unvested restricted shares remaining .', 'as of december 31 , 2010 we also have 0.6 million of restricted stock units that have not vested .', 'share repurchase plans on october 25 , 2006 , our board of directors approved a plan authorizing repurchases of up to $ 200.0 million worth of our common stock ( the 201cold plan 201d ) .', 'on april 17 , 2008 , our board of directors approved a plan authorizing repurchases of up to an additional $ 250.0 million worth of our common stock ( the 201cnew plan 201d ) .', 'under the new plan we repurchased 5.8 million shares of our stock for $ 226.2 million , at an average price of $ 38.97 for the year ended december 31 , 2008 .', 'during the year ended december 31 , 2008 , we also repurchased an additional 0.2 million shares of our stock for $ 10.0 million at an average price of $ 40.56 under the old plan .', 'during 2007 , the company repurchased 1.6 million shares at an average price of $ 49.15 under the old plan .', 'on february 4 , 2010 our board of directors approved a plan authorizing repurchases of up to 15.0 million shares of our common stock in the open market , at prevailing market prices or in privately negotiated transactions , through january 31 , 2013 .', 'we repurchased 1.4 million shares of our common stock for $ 32.2 million , at an average price of $ 22.97 through march 31 , 2010 .', 'no additional shares were repurchased under this plan during the year ended december 31 , 2010 .', 'approximately 13.6 million shares of our common stock remain available to repurchase under this plan as of december 31 , 2010 .', 'on may 25 , 2010 , our board of directors authorized a leveraged recapitalization plan to repurchase up to $ 2.5 billion of our common stock at a price range of $ 29.00 2014 $ 31.00 per share of common stock through a modified 201cdutch auction 201d tender offer ( the 201ctender offer 201d ) .', 'the tender offer commenced on july 6 , 2010 and expired on august 3 , 2010 .', 'the tender offer was oversubscribed at $ 29.00 , resulting in the purchase of 86.2 million shares , including 6.4 million shares underlying previously unexercised stock options .', 'the repurchased shares were added to treasury stock .', 'fidelity national information services , inc .', 'and subsidiaries notes to consolidated financial statements 2014 ( continued ) %%transmsg*** transmitting job : g26369 pcn : 087000000 ***%%pcmsg|87 |00008|yes|no|03/28/2011 17:32|0|0|page is valid , no graphics -- color : n| .'] | 0.09192 | FIS/2010/page_93.pdf-1 | ['the weighted average fair value of options granted during 2010 , 2009 and 2008 was estimated to be $ 7.84 , $ 7.18 and $ 3.84 , respectively , using the black-scholes option pricing model with the assumptions below: .'] | ['at december 31 , 2010 and 2009 , the total unrecognized compensation cost related to non-vested stock awards is $ 129.3 million and $ 93.5 million , respectively , which is expected to be recognized in pre-tax income over a weighted average period of 1.7 years as of both year ends .', 'the company granted a total of 1.5 million restricted stock awards at prices ranging from $ 25.76 to $ 28.15 on various dates in 2010 .', 'these awards vest annually over three years .', 'the company also granted 0.9 million performance restricted stock units during 2010 .', 'these performance restricted stock units have been granted at the maximum achievable level and the number of shares that can vest is based on specific revenue and ebitda goals for periods from 2010 through 2012 .', 'during 2009 , we granted 0.5 million shares of restricted stock at a price of $ 22.55 that vest annually over 3 years .', 'on october 1 , 2009 , the company granted 0.4 million restricted stock units at a price of $ 24.85 per share that vested over six months .', 'on march 20 , 2008 , we granted 0.4 million shares of restricted stock at a price of $ 38.75 that were to vest quarterly over 2 years .', 'on july 2 , 2008 , 0.2 million of these shares were canceled and assumed by lps .', 'the remaining unvested restricted shares were converted by the conversion factor of 1.7952 .', 'these awards vested as of october 1 , 2009 , under the change in control provisions due to the metavante acquisition .', 'on october 27 , 2008 , we granted 0.8 million shares of restricted stock at a price of $ 14.35 that vest annually over 3 years .', 'as of december 31 , 2010 and 2009 , we have approximately 2.2 million and 1.4 million unvested restricted shares remaining .', 'as of december 31 , 2010 we also have 0.6 million of restricted stock units that have not vested .', 'share repurchase plans on october 25 , 2006 , our board of directors approved a plan authorizing repurchases of up to $ 200.0 million worth of our common stock ( the 201cold plan 201d ) .', 'on april 17 , 2008 , our board of directors approved a plan authorizing repurchases of up to an additional $ 250.0 million worth of our common stock ( the 201cnew plan 201d ) .', 'under the new plan we repurchased 5.8 million shares of our stock for $ 226.2 million , at an average price of $ 38.97 for the year ended december 31 , 2008 .', 'during the year ended december 31 , 2008 , we also repurchased an additional 0.2 million shares of our stock for $ 10.0 million at an average price of $ 40.56 under the old plan .', 'during 2007 , the company repurchased 1.6 million shares at an average price of $ 49.15 under the old plan .', 'on february 4 , 2010 our board of directors approved a plan authorizing repurchases of up to 15.0 million shares of our common stock in the open market , at prevailing market prices or in privately negotiated transactions , through january 31 , 2013 .', 'we repurchased 1.4 million shares of our common stock for $ 32.2 million , at an average price of $ 22.97 through march 31 , 2010 .', 'no additional shares were repurchased under this plan during the year ended december 31 , 2010 .', 'approximately 13.6 million shares of our common stock remain available to repurchase under this plan as of december 31 , 2010 .', 'on may 25 , 2010 , our board of directors authorized a leveraged recapitalization plan to repurchase up to $ 2.5 billion of our common stock at a price range of $ 29.00 2014 $ 31.00 per share of common stock through a modified 201cdutch auction 201d tender offer ( the 201ctender offer 201d ) .', 'the tender offer commenced on july 6 , 2010 and expired on august 3 , 2010 .', 'the tender offer was oversubscribed at $ 29.00 , resulting in the purchase of 86.2 million shares , including 6.4 million shares underlying previously unexercised stock options .', 'the repurchased shares were added to treasury stock .', 'fidelity national information services , inc .', 'and subsidiaries notes to consolidated financial statements 2014 ( continued ) %%transmsg*** transmitting job : g26369 pcn : 087000000 ***%%pcmsg|87 |00008|yes|no|03/28/2011 17:32|0|0|page is valid , no graphics -- color : n| .'] | ****************************************
| 2010 | 2009 | 2008
risk free interest rate | 1.1% ( 1.1 % ) | 2.3% ( 2.3 % ) | 2.8% ( 2.8 % )
volatility | 35.6% ( 35.6 % ) | 35.0% ( 35.0 % ) | 26.0% ( 26.0 % )
dividend yield | 0.7% ( 0.7 % ) | 1.0% ( 1.0 % ) | 1.0% ( 1.0 % )
weighted average expected life ( years ) | 4.4 | 5.0 | 5.3
**************************************** | subtract(7.84, 7.18), divide(#0, 7.18) | 0.09192 |
what was the ratio of the collateral pledged in 2011 to 2010 | Background: ['the hartford financial services group , inc .', 'notes to consolidated financial statements ( continued ) 5 .', 'investments and derivative instruments ( continued ) collateral arrangements the company enters into various collateral arrangements in connection with its derivative instruments , which require both the pledging and accepting of collateral .', 'as of december 31 , 2011 and 2010 , collateral pledged having a fair value of $ 1.1 billion and $ 790 , respectively , was included in fixed maturities , afs , in the consolidated balance sheets .', 'from time to time , the company enters into secured borrowing arrangements as a means to increase net investment income .', 'the company received cash collateral of $ 33 as of december 31 , 2011 and 2010 .', 'the following table presents the classification and carrying amount of loaned securities and derivative instruments collateral pledged. .']
########
Tabular Data:
****************************************
Row 1: , december 31 2011, december 31 2010
Row 2: fixed maturities afs, $ 1086, $ 823
Row 3: short-term investments, 199, 2014
Row 4: total collateral pledged, $ 1285, $ 823
****************************************
########
Follow-up: ['as of december 31 , 2011 and 2010 , the company had accepted collateral with a fair value of $ 2.6 billion and $ 1.5 billion , respectively , of which $ 2.0 billion and $ 1.1 billion , respectively , was cash collateral which was invested and recorded in the consolidated balance sheets in fixed maturities and short-term investments with corresponding amounts recorded in other assets and other liabilities .', 'the company is only permitted by contract to sell or repledge the noncash collateral in the event of a default by the counterparty .', 'as of december 31 , 2011 and 2010 , noncash collateral accepted was held in separate custodial accounts and was not included in the company 2019s consolidated balance sheets .', 'securities on deposit with states the company is required by law to deposit securities with government agencies in states where it conducts business .', 'as of december 31 , 2011 and 2010 , the fair value of securities on deposit was approximately $ 1.6 billion and $ 1.4 billion , respectively. .'] | 0.00139 | HIG/2011/page_184.pdf-4 | ['the hartford financial services group , inc .', 'notes to consolidated financial statements ( continued ) 5 .', 'investments and derivative instruments ( continued ) collateral arrangements the company enters into various collateral arrangements in connection with its derivative instruments , which require both the pledging and accepting of collateral .', 'as of december 31 , 2011 and 2010 , collateral pledged having a fair value of $ 1.1 billion and $ 790 , respectively , was included in fixed maturities , afs , in the consolidated balance sheets .', 'from time to time , the company enters into secured borrowing arrangements as a means to increase net investment income .', 'the company received cash collateral of $ 33 as of december 31 , 2011 and 2010 .', 'the following table presents the classification and carrying amount of loaned securities and derivative instruments collateral pledged. .'] | ['as of december 31 , 2011 and 2010 , the company had accepted collateral with a fair value of $ 2.6 billion and $ 1.5 billion , respectively , of which $ 2.0 billion and $ 1.1 billion , respectively , was cash collateral which was invested and recorded in the consolidated balance sheets in fixed maturities and short-term investments with corresponding amounts recorded in other assets and other liabilities .', 'the company is only permitted by contract to sell or repledge the noncash collateral in the event of a default by the counterparty .', 'as of december 31 , 2011 and 2010 , noncash collateral accepted was held in separate custodial accounts and was not included in the company 2019s consolidated balance sheets .', 'securities on deposit with states the company is required by law to deposit securities with government agencies in states where it conducts business .', 'as of december 31 , 2011 and 2010 , the fair value of securities on deposit was approximately $ 1.6 billion and $ 1.4 billion , respectively. .'] | ****************************************
Row 1: , december 31 2011, december 31 2010
Row 2: fixed maturities afs, $ 1086, $ 823
Row 3: short-term investments, 199, 2014
Row 4: total collateral pledged, $ 1285, $ 823
**************************************** | divide(1.1, 790) | 0.00139 |
what was the decrease in the interest payable between august 2012 and in december 2014? | Pre-text: ['fund collateral , net of the distribution of interest earned to the clearing firms , as well as an increase in trading volumes and the reduction of restricted cash related to the cme clearing europe limited ( cmece ) guaranty the increase in 2016 when compared with 2015 was attributable to higher clearing and transaction fees and market data revenue .', 'investing activities the increases in cash provided by investing activities from 2015 through 2017 were due to proceeds from the sale of bm&fbovespa shares as well as declines in purchases of property and equipment .', 'the increase in 2017 when compared with 2016 was also attributable to the sale of the remaining bolsa mexicana de valores , s.a.b .', 'de c.v .', 'shares .', 'financing activities the increases in cash used by financing activities from 2015 through 2017 were attributable to higher cash dividends declared in 2017 and 2016 .', 'the increase in 2016 was partially offset by proceeds from a finance lease obligation related to the sale leaseback of the datacenter in the first quarter of 2016 .', 'debt instruments the following table summarizes our debt outstanding as of december 31 , 2017: .']
Tabular Data:
----------------------------------------
( in millions ) | par value
fixed rate notes due september 2022 stated rate of 3.00% ( 3.00 % ) ( 1 ) | $ 750.0
fixed rate notes due march 2025 stated rate of 3.00% ( 3.00 % ) ( 2 ) | 750.0
fixed rate notes due september 2043 stated rate of 5.30% ( 5.30 % ) ( 3 ) | 750.0
----------------------------------------
Post-table: ['fixed rate notes due september 2022 , stated rate of 3.00% ( 3.00 % ) ( 1 ) .', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '$ 750.0 fixed rate notes due march 2025 , stated rate of 3.00% ( 3.00 % ) ( 2 ) .', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '750.0 fixed rate notes due september 2043 , stated rate of 5.30% ( 5.30 % ) ( 3 ) .', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '750.0 ( 1 ) in august 2012 , we entered into a forward-starting interest rate swap agreement that modified the interest obligation associated with these notes so that the interest payable on the notes effectively became fixed at a rate of 3.32% ( 3.32 % ) .', '( 2 ) in december 2014 , we entered into a forward-starting interest rate swap agreement that modified the interest obligation associated with these notes so that the interest payable on the notes effectively became fixed at a rate of 3.11% ( 3.11 % ) .', '( 3 ) in august 2012 , we entered into a forward-starting interest rate swap agreement that modified the interest obligation associated with these notes so that the interest payable effectively became fixed at a rate of 4.73% ( 4.73 % ) .', 'we maintain a $ 2.3 billion multi-currency revolving senior credit facility with various financial institutions , which matures in november 2022 .', 'the proceeds from this facility can be used for general corporate purposes , which includes providing liquidity for our clearing house in certain circumstances at cme group 2019s discretion and , if necessary , for maturities of commercial paper .', 'as long as we are not in default under this facility , we have the option to increase it up to $ 3.0 billion with the consent of the agent and lenders providing the additional funds .', 'this facility is voluntarily pre-payable from time to time without premium or penalty .', 'under this facility , we are required to remain in compliance with a consolidated net worth test , which is defined as our consolidated shareholders 2019 equity at september 30 , 2017 , giving effect to share repurchases made and special dividends paid during the term of the agreements ( and in no event greater than $ 2.0 billion in aggregate ) , multiplied by 0.65 .', 'we currently do not have any borrowings outstanding under this facility .', 'we maintain a 364-day multi-currency revolving secured credit facility with a consortium of domestic and international banks to be used in certain situations by cme clearing .', 'the facility provides for borrowings of up to $ 7.0 billion .', 'we may use the proceeds to provide temporary liquidity in the unlikely event of a clearing firm default , in the event of a liquidity constraint or default by a depositary ( custodian for our collateral ) , or in the event of a temporary disruption with the domestic payments system that would delay payment of settlement variation between us and our clearing firms .', 'clearing firm guaranty fund contributions received in the form of .'] | -0.21 | CME/2017/page_61.pdf-1 | ['fund collateral , net of the distribution of interest earned to the clearing firms , as well as an increase in trading volumes and the reduction of restricted cash related to the cme clearing europe limited ( cmece ) guaranty the increase in 2016 when compared with 2015 was attributable to higher clearing and transaction fees and market data revenue .', 'investing activities the increases in cash provided by investing activities from 2015 through 2017 were due to proceeds from the sale of bm&fbovespa shares as well as declines in purchases of property and equipment .', 'the increase in 2017 when compared with 2016 was also attributable to the sale of the remaining bolsa mexicana de valores , s.a.b .', 'de c.v .', 'shares .', 'financing activities the increases in cash used by financing activities from 2015 through 2017 were attributable to higher cash dividends declared in 2017 and 2016 .', 'the increase in 2016 was partially offset by proceeds from a finance lease obligation related to the sale leaseback of the datacenter in the first quarter of 2016 .', 'debt instruments the following table summarizes our debt outstanding as of december 31 , 2017: .'] | ['fixed rate notes due september 2022 , stated rate of 3.00% ( 3.00 % ) ( 1 ) .', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '$ 750.0 fixed rate notes due march 2025 , stated rate of 3.00% ( 3.00 % ) ( 2 ) .', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '750.0 fixed rate notes due september 2043 , stated rate of 5.30% ( 5.30 % ) ( 3 ) .', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '750.0 ( 1 ) in august 2012 , we entered into a forward-starting interest rate swap agreement that modified the interest obligation associated with these notes so that the interest payable on the notes effectively became fixed at a rate of 3.32% ( 3.32 % ) .', '( 2 ) in december 2014 , we entered into a forward-starting interest rate swap agreement that modified the interest obligation associated with these notes so that the interest payable on the notes effectively became fixed at a rate of 3.11% ( 3.11 % ) .', '( 3 ) in august 2012 , we entered into a forward-starting interest rate swap agreement that modified the interest obligation associated with these notes so that the interest payable effectively became fixed at a rate of 4.73% ( 4.73 % ) .', 'we maintain a $ 2.3 billion multi-currency revolving senior credit facility with various financial institutions , which matures in november 2022 .', 'the proceeds from this facility can be used for general corporate purposes , which includes providing liquidity for our clearing house in certain circumstances at cme group 2019s discretion and , if necessary , for maturities of commercial paper .', 'as long as we are not in default under this facility , we have the option to increase it up to $ 3.0 billion with the consent of the agent and lenders providing the additional funds .', 'this facility is voluntarily pre-payable from time to time without premium or penalty .', 'under this facility , we are required to remain in compliance with a consolidated net worth test , which is defined as our consolidated shareholders 2019 equity at september 30 , 2017 , giving effect to share repurchases made and special dividends paid during the term of the agreements ( and in no event greater than $ 2.0 billion in aggregate ) , multiplied by 0.65 .', 'we currently do not have any borrowings outstanding under this facility .', 'we maintain a 364-day multi-currency revolving secured credit facility with a consortium of domestic and international banks to be used in certain situations by cme clearing .', 'the facility provides for borrowings of up to $ 7.0 billion .', 'we may use the proceeds to provide temporary liquidity in the unlikely event of a clearing firm default , in the event of a liquidity constraint or default by a depositary ( custodian for our collateral ) , or in the event of a temporary disruption with the domestic payments system that would delay payment of settlement variation between us and our clearing firms .', 'clearing firm guaranty fund contributions received in the form of .'] | ----------------------------------------
( in millions ) | par value
fixed rate notes due september 2022 stated rate of 3.00% ( 3.00 % ) ( 1 ) | $ 750.0
fixed rate notes due march 2025 stated rate of 3.00% ( 3.00 % ) ( 2 ) | 750.0
fixed rate notes due september 2043 stated rate of 5.30% ( 5.30 % ) ( 3 ) | 750.0
---------------------------------------- | subtract(3.11, 3.32) | -0.21 |
what was the percentage change in sales from 2016 to 2017? | Background: ['2022 higher 2017 sales volumes , incremental year-over-year cost savings associated with restructuring and productivity improvement initiatives , costs associated with various growth investments made in 2016 and changes in currency exchange rates , partially offset by incremental year-over-year costs associated with various product development and sales and marketing growth investments : 60 basis points year-over-year operating profit margin comparisons were unfavorably impacted by : 2022 the incremental year-over-year net dilutive effect of acquired businesses : 20 basis points 2016 compared to 2015 year-over-year price increases in the segment contributed 0.3% ( 0.3 % ) to sales growth during 2016 as compared to 2015 and are reflected as a component of the change in sales from existing businesses .', 'sales from existing businesses in the segment 2019s transportation technologies businesses grew at a high-single digit rate during 2016 as compared to 2015 , due primarily to strong demand for dispenser , payment and point-of-sale systems , environmental compliance products as well as vehicle and fleet management products , partly offset by weaker year-over-year demand for compressed natural gas products .', 'as expected , beginning in the second half of 2016 , the business began to experience reduced emv-related demand for indoor point-of-sale solutions , as customers had largely upgraded to products that support indoor emv requirements in the prior year in response to the indoor liability shift .', 'however , demand increased on a year-over-year basis for dispensers and payment systems as customers in the united states continued to upgrade equipment driven primarily by the emv deadlines related to outdoor payment systems .', 'geographically , sales from existing businesses continued to increase on a year-over-year basis in the united states and to a lesser extent in asia and western europe .', 'sales from existing businesses in the segment 2019s automation & specialty components business declined at a low-single digit rate during 2016 as compared to 2015 .', 'the businesses experienced sequential year-over-year improvement in demand during the second half of 2016 as compared to the first half of 2016 .', 'during 2016 , year-over-year demand declined for engine retarder products due primarily to weakness in the north american heavy-truck market , partly offset by strong growth in china and europe .', 'in addition , year-over-year demand declined in certain medical and defense related end markets which were partly offset by increased year-over-year demand for industrial automation products particularly in china .', 'geographically , sales from existing businesses in the segment 2019s automation & specialty components businesses declined in north america , partly offset by growth in western europe and china .', 'sales from existing businesses in the segment 2019s franchise distribution business grew at a mid-single digit rate during 2016 , as compared to 2015 , due primarily to continued net increases in franchisees as well as continued growth in demand for professional tool products and tool storage products , primarily in the united states .', 'this growth was partly offset by year- over-year declines in wheel service equipment sales during 2016 .', 'operating profit margins increased 70 basis points during 2016 as compared to 2015 .', 'the following factors favorably impacted year-over-year operating profit margin comparisons : 2022 higher 2016 sales volumes , pricing improvements , incremental year-over-year cost savings associated with restructuring and productivity improvement initiatives and the incrementally favorable impact of the impairment of certain tradenames used in the segment in 2015 and 2016 , net of costs associated with various growth investments , product development and sales and marketing growth investments , higher year-over-year costs associated with restructuring actions and changes in currency exchange rates : 65 basis points 2022 the incremental net accretive effect in 2016 of acquired businesses : 5 basis points cost of sales and gross profit .']
####
Data Table:
****************************************
( $ in millions ), for the year ended december 31 2017, for the year ended december 31 2016, for the year ended december 31 2015
sales, $ 6656.0, $ 6224.3, $ 6178.8
cost of sales, -3357.5 ( 3357.5 ), -3191.5 ( 3191.5 ), -3178.8 ( 3178.8 )
gross profit, 3298.5, 3032.8, 3000.0
gross profit margin, 49.6% ( 49.6 % ), 48.7% ( 48.7 % ), 48.6% ( 48.6 % )
****************************************
####
Additional Information: ['the year-over-year increase in cost of sales during 2017 as compared to 2016 is due primarily to the impact of higher year- over-year sales volumes and changes in currency exchange rates partly offset by incremental year-over-year cost savings .'] | 0.06936 | FTV/2017/page_45.pdf-2 | ['2022 higher 2017 sales volumes , incremental year-over-year cost savings associated with restructuring and productivity improvement initiatives , costs associated with various growth investments made in 2016 and changes in currency exchange rates , partially offset by incremental year-over-year costs associated with various product development and sales and marketing growth investments : 60 basis points year-over-year operating profit margin comparisons were unfavorably impacted by : 2022 the incremental year-over-year net dilutive effect of acquired businesses : 20 basis points 2016 compared to 2015 year-over-year price increases in the segment contributed 0.3% ( 0.3 % ) to sales growth during 2016 as compared to 2015 and are reflected as a component of the change in sales from existing businesses .', 'sales from existing businesses in the segment 2019s transportation technologies businesses grew at a high-single digit rate during 2016 as compared to 2015 , due primarily to strong demand for dispenser , payment and point-of-sale systems , environmental compliance products as well as vehicle and fleet management products , partly offset by weaker year-over-year demand for compressed natural gas products .', 'as expected , beginning in the second half of 2016 , the business began to experience reduced emv-related demand for indoor point-of-sale solutions , as customers had largely upgraded to products that support indoor emv requirements in the prior year in response to the indoor liability shift .', 'however , demand increased on a year-over-year basis for dispensers and payment systems as customers in the united states continued to upgrade equipment driven primarily by the emv deadlines related to outdoor payment systems .', 'geographically , sales from existing businesses continued to increase on a year-over-year basis in the united states and to a lesser extent in asia and western europe .', 'sales from existing businesses in the segment 2019s automation & specialty components business declined at a low-single digit rate during 2016 as compared to 2015 .', 'the businesses experienced sequential year-over-year improvement in demand during the second half of 2016 as compared to the first half of 2016 .', 'during 2016 , year-over-year demand declined for engine retarder products due primarily to weakness in the north american heavy-truck market , partly offset by strong growth in china and europe .', 'in addition , year-over-year demand declined in certain medical and defense related end markets which were partly offset by increased year-over-year demand for industrial automation products particularly in china .', 'geographically , sales from existing businesses in the segment 2019s automation & specialty components businesses declined in north america , partly offset by growth in western europe and china .', 'sales from existing businesses in the segment 2019s franchise distribution business grew at a mid-single digit rate during 2016 , as compared to 2015 , due primarily to continued net increases in franchisees as well as continued growth in demand for professional tool products and tool storage products , primarily in the united states .', 'this growth was partly offset by year- over-year declines in wheel service equipment sales during 2016 .', 'operating profit margins increased 70 basis points during 2016 as compared to 2015 .', 'the following factors favorably impacted year-over-year operating profit margin comparisons : 2022 higher 2016 sales volumes , pricing improvements , incremental year-over-year cost savings associated with restructuring and productivity improvement initiatives and the incrementally favorable impact of the impairment of certain tradenames used in the segment in 2015 and 2016 , net of costs associated with various growth investments , product development and sales and marketing growth investments , higher year-over-year costs associated with restructuring actions and changes in currency exchange rates : 65 basis points 2022 the incremental net accretive effect in 2016 of acquired businesses : 5 basis points cost of sales and gross profit .'] | ['the year-over-year increase in cost of sales during 2017 as compared to 2016 is due primarily to the impact of higher year- over-year sales volumes and changes in currency exchange rates partly offset by incremental year-over-year cost savings .'] | ****************************************
( $ in millions ), for the year ended december 31 2017, for the year ended december 31 2016, for the year ended december 31 2015
sales, $ 6656.0, $ 6224.3, $ 6178.8
cost of sales, -3357.5 ( 3357.5 ), -3191.5 ( 3191.5 ), -3178.8 ( 3178.8 )
gross profit, 3298.5, 3032.8, 3000.0
gross profit margin, 49.6% ( 49.6 % ), 48.7% ( 48.7 % ), 48.6% ( 48.6 % )
**************************************** | subtract(6656.0, 6224.3), divide(#0, 6224.3) | 0.06936 |
how much of entergy gulf states louisiana first mortgage bonds , in millions of dollars , were paid by entergy texas in total? | Pre-text: ['entergy texas , inc .', "management's financial discussion and analysis dividends or other distributions on its common stock .", "currently , all of entergy texas' retained earnings are available for distribution .", "sources of capital entergy texas' sources to meet its capital requirements include : internally generated funds ; cash on hand ; debt or preferred stock issuances ; and bank financing under new or existing facilities .", 'entergy texas may refinance or redeem debt prior to maturity , to the extent market conditions and interest and dividend rates are favorable .', 'all debt and common and preferred stock issuances by entergy texas require prior regulatory approval .', 'preferred stock and debt issuances are also subject to issuance tests set forth in its corporate charter , bond indentures , and other agreements .', 'entergy texas has sufficient capacity under these tests to meet its foreseeable capital needs .', 'entergy gulf states , inc .', 'filed with the ferc an application , on behalf of entergy texas , for authority to issue up to $ 200 million of short-term debt , up to $ 300 million of tax-exempt bonds , and up to $ 1.3 billion of other long- term securities , including common and preferred or preference stock and long-term debt .', 'on november 8 , 2007 , the ferc issued orders granting the requested authority for a two-year period ending november 8 , 2009 .', "entergy texas' receivables from or ( payables to ) the money pool were as follows as of december 31 for each of the following years: ."]
Data Table:
----------------------------------------
2008 | 2007 | 2006 | 2005
( in thousands ) | ( in thousands ) | ( in thousands ) | ( in thousands )
( $ 50794 ) | $ 154176 | $ 97277 | $ 136545
----------------------------------------
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 $ 100 million scheduled to expire in august 2012 .', 'as of december 31 , 2008 , $ 100 million was outstanding on the credit facility .', 'in february 2009 , entergy texas repaid its credit facility with the proceeds from the bond issuance discussed below .', "on june 2 , 2008 and december 8 , 2008 , under the terms of the debt assumption agreement between entergy texas and entergy gulf states louisiana that is discussed in note 5 to the financial statements , entergy texas paid at maturity $ 148.8 million and $ 160.3 million , respectively , of entergy gulf states louisiana first mortgage bonds , which results in a corresponding decrease in entergy texas' debt assumption liability .", 'in december 2008 , entergy texas borrowed $ 160 million from its parent company , entergy corporation , under a $ 300 million revolving credit facility pursuant to an inter-company credit agreement between entergy corporation and entergy texas .', 'this borrowing would have matured on december 3 , 2013 .', 'entergy texas used these borrowings , together with other available corporate funds , to pay at maturity the portion of the $ 350 million floating rate series of first mortgage bonds due december 2008 that had been assumed by entergy texas , and that bond series is no longer outstanding .', 'in january 2009 , entergy texas repaid its $ 160 million note payable to entergy corporation with the proceeds from the bond issuance discussed below .', 'in january 2009 , entergy texas issued $ 500 million of 7.125% ( 7.125 % ) series mortgage bonds due february 2019 .', 'entergy texas used a portion of the proceeds to repay its $ 160 million note payable to entergy corporation , to repay the $ 100 million outstanding on its credit facility , and to repay short-term borrowings under the entergy system money pool .', 'entergy texas intends to use the remaining proceeds to repay on or prior to maturity approximately $ 70 million of obligations that had been assumed by entergy texas under the debt assumption agreement with entergy gulf states louisiana and for other general corporate purposes. .'] | 309.1 | ETR/2008/page_382.pdf-4 | ['entergy texas , inc .', "management's financial discussion and analysis dividends or other distributions on its common stock .", "currently , all of entergy texas' retained earnings are available for distribution .", "sources of capital entergy texas' sources to meet its capital requirements include : internally generated funds ; cash on hand ; debt or preferred stock issuances ; and bank financing under new or existing facilities .", 'entergy texas may refinance or redeem debt prior to maturity , to the extent market conditions and interest and dividend rates are favorable .', 'all debt and common and preferred stock issuances by entergy texas require prior regulatory approval .', 'preferred stock and debt issuances are also subject to issuance tests set forth in its corporate charter , bond indentures , and other agreements .', 'entergy texas has sufficient capacity under these tests to meet its foreseeable capital needs .', 'entergy gulf states , inc .', 'filed with the ferc an application , on behalf of entergy texas , for authority to issue up to $ 200 million of short-term debt , up to $ 300 million of tax-exempt bonds , and up to $ 1.3 billion of other long- term securities , including common and preferred or preference stock and long-term debt .', 'on november 8 , 2007 , the ferc issued orders granting the requested authority for a two-year period ending november 8 , 2009 .', "entergy texas' 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 $ 100 million scheduled to expire in august 2012 .', 'as of december 31 , 2008 , $ 100 million was outstanding on the credit facility .', 'in february 2009 , entergy texas repaid its credit facility with the proceeds from the bond issuance discussed below .', "on june 2 , 2008 and december 8 , 2008 , under the terms of the debt assumption agreement between entergy texas and entergy gulf states louisiana that is discussed in note 5 to the financial statements , entergy texas paid at maturity $ 148.8 million and $ 160.3 million , respectively , of entergy gulf states louisiana first mortgage bonds , which results in a corresponding decrease in entergy texas' debt assumption liability .", 'in december 2008 , entergy texas borrowed $ 160 million from its parent company , entergy corporation , under a $ 300 million revolving credit facility pursuant to an inter-company credit agreement between entergy corporation and entergy texas .', 'this borrowing would have matured on december 3 , 2013 .', 'entergy texas used these borrowings , together with other available corporate funds , to pay at maturity the portion of the $ 350 million floating rate series of first mortgage bonds due december 2008 that had been assumed by entergy texas , and that bond series is no longer outstanding .', 'in january 2009 , entergy texas repaid its $ 160 million note payable to entergy corporation with the proceeds from the bond issuance discussed below .', 'in january 2009 , entergy texas issued $ 500 million of 7.125% ( 7.125 % ) series mortgage bonds due february 2019 .', 'entergy texas used a portion of the proceeds to repay its $ 160 million note payable to entergy corporation , to repay the $ 100 million outstanding on its credit facility , and to repay short-term borrowings under the entergy system money pool .', 'entergy texas intends to use the remaining proceeds to repay on or prior to maturity approximately $ 70 million of obligations that had been assumed by entergy texas under the debt assumption agreement with entergy gulf states louisiana and for other general corporate purposes. .'] | ----------------------------------------
2008 | 2007 | 2006 | 2005
( in thousands ) | ( in thousands ) | ( in thousands ) | ( in thousands )
( $ 50794 ) | $ 154176 | $ 97277 | $ 136545
---------------------------------------- | add(148.8, 160.3) | 309.1 |
what is the variation of the additions during 2005 and 2006 , in thousands of dollars? | Context: ['federal realty investment trust schedule iii summary of real estate and accumulated depreciation 2014continued three years ended december 31 , 2007 reconciliation of accumulated depreciation and amortization ( in thousands ) .']
------
Tabular Data:
****************************************
balance december 31 2004, $ 595338
additions during period 2014depreciation and amortization expense, 83656
deductions during period 2014disposition and retirements of property, -15244 ( 15244 )
balance december 31 2005, $ 663750
additions during period 2014depreciation and amortization expense, 89564
deductions during period 2014disposition and retirements of property, -12807 ( 12807 )
balance december 31 2006, $ 740507
additions during period 2014depreciation and amortization expense, 96454
deductions during period 2014disposition and retirements of property, -80258 ( 80258 )
balance december 31 2007, $ 756703
****************************************
------
Follow-up: ['.'] | 5908.0 | FRT/2007/page_137.pdf-1 | ['federal realty investment trust schedule iii summary of real estate and accumulated depreciation 2014continued three years ended december 31 , 2007 reconciliation of accumulated depreciation and amortization ( in thousands ) .'] | ['.'] | ****************************************
balance december 31 2004, $ 595338
additions during period 2014depreciation and amortization expense, 83656
deductions during period 2014disposition and retirements of property, -15244 ( 15244 )
balance december 31 2005, $ 663750
additions during period 2014depreciation and amortization expense, 89564
deductions during period 2014disposition and retirements of property, -12807 ( 12807 )
balance december 31 2006, $ 740507
additions during period 2014depreciation and amortization expense, 96454
deductions during period 2014disposition and retirements of property, -80258 ( 80258 )
balance december 31 2007, $ 756703
**************************************** | subtract(89564, 83656) | 5908.0 |
as of december 31 2013 what was the percent of the proved undeveloped reserves in canada | Context: ['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 2013 ( in mmboe ) . .']
--------
Tabular Data:
========================================
• , u.s ., canada, total
• proved undeveloped reserves as of december 31 2012, 407, 433, 840
• extensions and discoveries, 57, 38, 95
• revisions due to prices, 1, -10 ( 10 ), -9 ( 9 )
• revisions other than price, -91 ( 91 ), 13, -78 ( 78 )
• conversion to proved developed reserves, -116 ( 116 ), -31 ( 31 ), -147 ( 147 )
• proved undeveloped reserves as of december 31 2013, 258, 443, 701
========================================
--------
Post-table: ['at december 31 , 2013 , devon had 701 mmboe of proved undeveloped reserves .', 'this represents a 17 percent decrease as compared to 2012 and represents 24 percent of total proved reserves .', 'drilling and development activities increased devon 2019s proved undeveloped reserves 95 mmboe and resulted in the conversion of 147 mmboe , or 18 percent , of the 2012 proved undeveloped reserves to proved developed reserves .', 'costs incurred related to the development and conversion of devon 2019s proved undeveloped reserves were $ 1.9 billion for 2013 .', 'additionally , revisions other than price decreased devon 2019s proved undeveloped reserves 78 mmboe primarily due to evaluations of certain u.s .', 'onshore dry-gas areas , which devon does not expect to develop in the next five years .', 'the largest revisions relate to the dry-gas areas in the cana-woodford shale in western oklahoma , carthage in east texas and the barnett shale in north texas .', 'a significant amount of devon 2019s proved undeveloped reserves at the end of 2013 related to its jackfish operations .', 'at december 31 , 2013 and 2012 , devon 2019s jackfish proved undeveloped reserves were 441 mmboe and 429 mmboe , respectively .', 'development schedules for the jackfish reserves are primarily controlled by the need to keep the processing plants at their 35000 barrel daily facility capacity .', 'processing plant capacity is controlled by factors such as total steam processing capacity , steam-oil ratios and air quality discharge permits .', 'as a result , these reserves are classified as proved undeveloped for more than five years .', 'currently , the development schedule for these reserves extends though the year 2031 .', 'price revisions 2013 2013 reserves increased 94 mmboe primarily due to higher gas prices .', 'of this increase , 43 mmboe related to the barnett shale and 19 mmboe related to the rocky mountain area .', '2012 2013 reserves decreased 171 mmboe primarily due to lower gas prices .', 'of this decrease , 100 mmboe related to the barnett shale and 25 mmboe related to the rocky mountain area .', '2011 2013 reserves decreased 21 mmboe due to lower gas prices and higher oil prices .', 'the higher oil prices increased devon 2019s canadian royalty burden , which reduced devon 2019s oil reserves .', 'revisions other than price total revisions other than price for 2013 , 2012 and 2011 primarily related to devon 2019s evaluation of certain dry gas regions , with the largest revisions being made in the cana-woodford shale , barnett shale and carthage .'] | 0.63195 | DVN/2013/page_101.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 2013 ( in mmboe ) . .'] | ['at december 31 , 2013 , devon had 701 mmboe of proved undeveloped reserves .', 'this represents a 17 percent decrease as compared to 2012 and represents 24 percent of total proved reserves .', 'drilling and development activities increased devon 2019s proved undeveloped reserves 95 mmboe and resulted in the conversion of 147 mmboe , or 18 percent , of the 2012 proved undeveloped reserves to proved developed reserves .', 'costs incurred related to the development and conversion of devon 2019s proved undeveloped reserves were $ 1.9 billion for 2013 .', 'additionally , revisions other than price decreased devon 2019s proved undeveloped reserves 78 mmboe primarily due to evaluations of certain u.s .', 'onshore dry-gas areas , which devon does not expect to develop in the next five years .', 'the largest revisions relate to the dry-gas areas in the cana-woodford shale in western oklahoma , carthage in east texas and the barnett shale in north texas .', 'a significant amount of devon 2019s proved undeveloped reserves at the end of 2013 related to its jackfish operations .', 'at december 31 , 2013 and 2012 , devon 2019s jackfish proved undeveloped reserves were 441 mmboe and 429 mmboe , respectively .', 'development schedules for the jackfish reserves are primarily controlled by the need to keep the processing plants at their 35000 barrel daily facility capacity .', 'processing plant capacity is controlled by factors such as total steam processing capacity , steam-oil ratios and air quality discharge permits .', 'as a result , these reserves are classified as proved undeveloped for more than five years .', 'currently , the development schedule for these reserves extends though the year 2031 .', 'price revisions 2013 2013 reserves increased 94 mmboe primarily due to higher gas prices .', 'of this increase , 43 mmboe related to the barnett shale and 19 mmboe related to the rocky mountain area .', '2012 2013 reserves decreased 171 mmboe primarily due to lower gas prices .', 'of this decrease , 100 mmboe related to the barnett shale and 25 mmboe related to the rocky mountain area .', '2011 2013 reserves decreased 21 mmboe due to lower gas prices and higher oil prices .', 'the higher oil prices increased devon 2019s canadian royalty burden , which reduced devon 2019s oil reserves .', 'revisions other than price total revisions other than price for 2013 , 2012 and 2011 primarily related to devon 2019s evaluation of certain dry gas regions , with the largest revisions being made in the cana-woodford shale , barnett shale and carthage .'] | ========================================
• , u.s ., canada, total
• proved undeveloped reserves as of december 31 2012, 407, 433, 840
• extensions and discoveries, 57, 38, 95
• revisions due to prices, 1, -10 ( 10 ), -9 ( 9 )
• revisions other than price, -91 ( 91 ), 13, -78 ( 78 )
• conversion to proved developed reserves, -116 ( 116 ), -31 ( 31 ), -147 ( 147 )
• proved undeveloped reserves as of december 31 2013, 258, 443, 701
======================================== | divide(443, 701) | 0.63195 |
what was the percent of the change in the weighted average cost per share from 2015 to 2016 | Pre-text: ['republic services , inc .', 'notes to consolidated financial statements 2014 ( continued ) employee stock purchase plan republic employees are eligible to participate in an employee stock purchase plan .', 'the plan allows participants to purchase our common stock for 95% ( 95 % ) of its quoted market price on the last day of each calendar quarter .', 'for the years ended december 31 , 2016 , 2015 and 2014 , issuances under this plan totaled 130085 shares , 141055 shares and 139941 shares , respectively .', 'as of december 31 , 2016 , shares reserved for issuance to employees under this plan totaled 0.5 million and republic held employee contributions of approximately $ 1.5 million for the purchase of common stock .', '12 .', 'stock repurchases and dividends stock repurchases stock repurchase activity during the years ended december 31 , 2016 and 2015 follows ( in millions except per share amounts ) : .']
####
Data Table:
----------------------------------------
Row 1: , 2016, 2015
Row 2: number of shares repurchased, 8.4, 9.8
Row 3: amount paid, $ 403.8, $ 404.7
Row 4: weighted average cost per share, $ 48.56, $ 41.39
----------------------------------------
####
Follow-up: ['as of december 31 , 2016 , there were no repurchased shares pending settlement .', 'in october 2015 , our board of directors added $ 900.0 million to the existing share repurchase authorization , which now extends through december 31 , 2017 .', 'share repurchases under the program may be made through open market purchases or privately negotiated transactions in accordance with applicable federal securities laws .', 'while the board of directors has approved the program , the timing of any purchases , the prices and the number of shares of common stock to be purchased will be determined by our management , at its discretion , and will depend upon market conditions and other factors .', 'the share repurchase program may be extended , suspended or discontinued at any time .', 'as of december 31 , 2016 , the october 2015 repurchase program had remaining authorized purchase capacity of $ 451.7 million .', 'in december 2015 , our board of directors changed the status of 71272964 treasury shares to authorized and unissued .', 'in doing so , the number of our issued shares was reduced by the stated amount .', 'our accounting policy is to deduct the par value from common stock and to reflect the excess of cost over par value as a deduction from additional paid-in capital .', 'the change in unissued shares resulted in a reduction of $ 2295.3 million in treasury stock , $ 0.6 million in common stock , and $ 2294.7 million in additional paid-in capital .', 'there was no effect on our total stockholders 2019 equity position as a result of the change .', 'dividends in october 2016 , our board of directors approved a quarterly dividend of $ 0.32 per share .', 'cash dividends declared were $ 423.8 million , $ 404.3 million and $ 383.6 million for the years ended december 31 , 2016 , 2015 and 2014 , respectively .', 'as of december 31 , 2016 , we recorded a quarterly dividend payable of $ 108.6 million to shareholders of record at the close of business on january 3 , 2017. .'] | 0.17323 | RSG/2016/page_139.pdf-1 | ['republic services , inc .', 'notes to consolidated financial statements 2014 ( continued ) employee stock purchase plan republic employees are eligible to participate in an employee stock purchase plan .', 'the plan allows participants to purchase our common stock for 95% ( 95 % ) of its quoted market price on the last day of each calendar quarter .', 'for the years ended december 31 , 2016 , 2015 and 2014 , issuances under this plan totaled 130085 shares , 141055 shares and 139941 shares , respectively .', 'as of december 31 , 2016 , shares reserved for issuance to employees under this plan totaled 0.5 million and republic held employee contributions of approximately $ 1.5 million for the purchase of common stock .', '12 .', 'stock repurchases and dividends stock repurchases stock repurchase activity during the years ended december 31 , 2016 and 2015 follows ( in millions except per share amounts ) : .'] | ['as of december 31 , 2016 , there were no repurchased shares pending settlement .', 'in october 2015 , our board of directors added $ 900.0 million to the existing share repurchase authorization , which now extends through december 31 , 2017 .', 'share repurchases under the program may be made through open market purchases or privately negotiated transactions in accordance with applicable federal securities laws .', 'while the board of directors has approved the program , the timing of any purchases , the prices and the number of shares of common stock to be purchased will be determined by our management , at its discretion , and will depend upon market conditions and other factors .', 'the share repurchase program may be extended , suspended or discontinued at any time .', 'as of december 31 , 2016 , the october 2015 repurchase program had remaining authorized purchase capacity of $ 451.7 million .', 'in december 2015 , our board of directors changed the status of 71272964 treasury shares to authorized and unissued .', 'in doing so , the number of our issued shares was reduced by the stated amount .', 'our accounting policy is to deduct the par value from common stock and to reflect the excess of cost over par value as a deduction from additional paid-in capital .', 'the change in unissued shares resulted in a reduction of $ 2295.3 million in treasury stock , $ 0.6 million in common stock , and $ 2294.7 million in additional paid-in capital .', 'there was no effect on our total stockholders 2019 equity position as a result of the change .', 'dividends in october 2016 , our board of directors approved a quarterly dividend of $ 0.32 per share .', 'cash dividends declared were $ 423.8 million , $ 404.3 million and $ 383.6 million for the years ended december 31 , 2016 , 2015 and 2014 , respectively .', 'as of december 31 , 2016 , we recorded a quarterly dividend payable of $ 108.6 million to shareholders of record at the close of business on january 3 , 2017. .'] | ----------------------------------------
Row 1: , 2016, 2015
Row 2: number of shares repurchased, 8.4, 9.8
Row 3: amount paid, $ 403.8, $ 404.7
Row 4: weighted average cost per share, $ 48.56, $ 41.39
---------------------------------------- | subtract(48.56, 41.39), divide(#0, 41.39) | 0.17323 |
what portion of the approved securities is to be issued upon exercise of outstanding options warrants rights? | Context: ['bhge 2017 form 10-k | 103 part iii item 10 .', 'directors , executive officers and corporate governance information regarding our code of conduct , the spirit and the letter , and code of ethical conduct certificates for our principal executive officer , principal financial officer and principal accounting officer are described in item 1 .', 'business of this annual report .', 'information concerning our directors is set forth in the sections entitled "proposal no .', '1 , election of directors - board nominees for directors" and "corporate governance - committees of the board" in our definitive proxy statement for the 2018 annual meeting of stockholders to be filed with the sec pursuant to the exchange act within 120 days of the end of our fiscal year on december 31 , 2017 ( "proxy statement" ) , which sections are incorporated herein by reference .', 'for information regarding our executive officers , see "item 1 .', 'business - executive officers of baker hughes" in this annual report on form 10-k .', 'additional information regarding compliance by directors and executive officers with section 16 ( a ) of the exchange act is set forth under the section entitled "section 16 ( a ) beneficial ownership reporting compliance" in our proxy statement , which section is incorporated herein by reference .', 'item 11 .', 'executive compensation information for this item is set forth in the following sections of our proxy statement , which sections are incorporated herein by reference : "compensation discussion and analysis" "director compensation" "compensation committee interlocks and insider participation" and "compensation committee report." item 12 .', 'security ownership of certain beneficial owners and management and related stockholder matters information concerning security ownership of certain beneficial owners and our management is set forth in the sections entitled "stock ownership of certain beneficial owners" and 201cstock ownership of section 16 ( a ) director and executive officers 201d ) in our proxy statement , which sections are incorporated herein by reference .', 'we permit our employees , officers and directors to enter into written trading plans complying with rule 10b5-1 under the exchange act .', "rule 10b5-1 provides criteria under which such an individual may establish a prearranged plan to buy or sell a specified number of shares of a company's stock over a set period of time .", 'any such plan must be entered into in good faith at a time when the individual is not in possession of material , nonpublic information .', "if an individual establishes a plan satisfying the requirements of rule 10b5-1 , such individual's subsequent receipt of material , nonpublic information will not prevent transactions under the plan from being executed .", 'certain of our officers have advised us that they have and may enter into stock sales plans for the sale of shares of our class a common stock which are intended to comply with the requirements of rule 10b5-1 of the exchange act .', 'in addition , the company has and may in the future enter into repurchases of our class a common stock under a plan that complies with rule 10b5-1 or rule 10b-18 of the exchange act .', 'equity compensation plan information the information in the following table is presented as of december 31 , 2017 with respect to shares of our class a common stock that may be issued under our lti plan which has been approved by our stockholders ( in millions , except per share prices ) .', 'equity compensation plan category number of securities to be issued upon exercise of outstanding options , warrants and rights weighted average exercise price of outstanding options , warrants and rights number of securities remaining available for future issuance under equity compensation plans ( excluding securities reflected in the first column ) .']
########
Table:
========================================
equity compensation plancategory | number ofsecurities to beissued uponexercise ofoutstandingoptions warrantsand rights | weighted averageexercise price ofoutstandingoptions warrantsand rights | number of securitiesremaining availablefor future issuanceunder equitycompensation plans ( excluding securitiesreflected in the firstcolumn )
stockholder-approved plans | 1.6 | $ 36.61 | 53.7
nonstockholder-approved plans | 2014 | 2014 | 2014
total | 1.6 | $ 36.61 | 53.7
========================================
########
Additional Information: ['.'] | 0.02893 | BKR/2017/page_123.pdf-2 | ['bhge 2017 form 10-k | 103 part iii item 10 .', 'directors , executive officers and corporate governance information regarding our code of conduct , the spirit and the letter , and code of ethical conduct certificates for our principal executive officer , principal financial officer and principal accounting officer are described in item 1 .', 'business of this annual report .', 'information concerning our directors is set forth in the sections entitled "proposal no .', '1 , election of directors - board nominees for directors" and "corporate governance - committees of the board" in our definitive proxy statement for the 2018 annual meeting of stockholders to be filed with the sec pursuant to the exchange act within 120 days of the end of our fiscal year on december 31 , 2017 ( "proxy statement" ) , which sections are incorporated herein by reference .', 'for information regarding our executive officers , see "item 1 .', 'business - executive officers of baker hughes" in this annual report on form 10-k .', 'additional information regarding compliance by directors and executive officers with section 16 ( a ) of the exchange act is set forth under the section entitled "section 16 ( a ) beneficial ownership reporting compliance" in our proxy statement , which section is incorporated herein by reference .', 'item 11 .', 'executive compensation information for this item is set forth in the following sections of our proxy statement , which sections are incorporated herein by reference : "compensation discussion and analysis" "director compensation" "compensation committee interlocks and insider participation" and "compensation committee report." item 12 .', 'security ownership of certain beneficial owners and management and related stockholder matters information concerning security ownership of certain beneficial owners and our management is set forth in the sections entitled "stock ownership of certain beneficial owners" and 201cstock ownership of section 16 ( a ) director and executive officers 201d ) in our proxy statement , which sections are incorporated herein by reference .', 'we permit our employees , officers and directors to enter into written trading plans complying with rule 10b5-1 under the exchange act .', "rule 10b5-1 provides criteria under which such an individual may establish a prearranged plan to buy or sell a specified number of shares of a company's stock over a set period of time .", 'any such plan must be entered into in good faith at a time when the individual is not in possession of material , nonpublic information .', "if an individual establishes a plan satisfying the requirements of rule 10b5-1 , such individual's subsequent receipt of material , nonpublic information will not prevent transactions under the plan from being executed .", 'certain of our officers have advised us that they have and may enter into stock sales plans for the sale of shares of our class a common stock which are intended to comply with the requirements of rule 10b5-1 of the exchange act .', 'in addition , the company has and may in the future enter into repurchases of our class a common stock under a plan that complies with rule 10b5-1 or rule 10b-18 of the exchange act .', 'equity compensation plan information the information in the following table is presented as of december 31 , 2017 with respect to shares of our class a common stock that may be issued under our lti plan which has been approved by our stockholders ( in millions , except per share prices ) .', 'equity compensation plan category number of securities to be issued upon exercise of outstanding options , warrants and rights weighted average exercise price of outstanding options , warrants and rights number of securities remaining available for future issuance under equity compensation plans ( excluding securities reflected in the first column ) .'] | ['.'] | ========================================
equity compensation plancategory | number ofsecurities to beissued uponexercise ofoutstandingoptions warrantsand rights | weighted averageexercise price ofoutstandingoptions warrantsand rights | number of securitiesremaining availablefor future issuanceunder equitycompensation plans ( excluding securitiesreflected in the firstcolumn )
stockholder-approved plans | 1.6 | $ 36.61 | 53.7
nonstockholder-approved plans | 2014 | 2014 | 2014
total | 1.6 | $ 36.61 | 53.7
======================================== | add(1.6, 53.7), divide(1.6, #0) | 0.02893 |
what was the change in millions in the reserve for product warranties from 2005 to 2006? | Pre-text: ['notes to the financial statements as a reduction of debt or accrued interest .', 'new esop shares that have been released are considered outstanding in computing earnings per common share .', 'unreleased new esop shares are not considered to be outstanding .', 'pensions and other postretirement benefits in september 2006 , the fasb issued sfas no .', '158 , 201cemployers 2019 accounting for defined benefit pension and other postretirement plans , an amendment of fasb statements no .', '87 , 88 , 106 , and 132 ( r ) . 201d under this new standard , a company must recognize a net liability or asset to report the funded status of its defined benefit pension and other postretirement benefit plans on its balance sheets as well as recognize changes in that funded status , in the year in which the changes occur , through charges or credits to comprehensive income .', 'sfas no .', '158 does not change how pensions and other postretirement benefits are accounted for and reported in the income statement .', 'ppg adopted the recognition and disclosure provisions of sfas no .', '158 as of dec .', '31 , 2006 .', 'the following table presents the impact of applying sfas no .', '158 on individual line items in the balance sheet as of dec .', '31 , 2006 : ( millions ) balance sheet caption : before application of sfas no .', '158 ( 1 ) adjustments application of sfas no .', '158 .']
Data Table:
( millions ) balance sheet caption:, before application of sfas no . 158 ( 1 ), adjustments, after application of sfas no . 158
other assets, $ 494, $ 105, $ 599
deferred income tax liability, -193 ( 193 ), 57, -136 ( 136 )
accrued pensions, -371 ( 371 ), -258 ( 258 ), -629 ( 629 )
other postretirement benefits, -619 ( 619 ), -409 ( 409 ), -1028 ( 1028 )
accumulated other comprehensive loss, 480, 505, 985
Additional Information: ['other postretirement benefits ( 619 ) ( 409 ) ( 1028 ) accumulated other comprehensive loss 480 505 985 ( 1 ) represents balances that would have been recorded under accounting standards prior to the adoption of sfas no .', '158 .', 'see note 13 , 201cpensions and other postretirement benefits , 201d for additional information .', 'derivative financial instruments and hedge activities the company recognizes all derivative instruments as either assets or liabilities at fair value on the balance sheet .', 'the accounting for changes in the fair value of a derivative depends on the use of the derivative .', 'to the extent that a derivative is effective as a cash flow hedge of an exposure to future changes in value , the change in fair value of the derivative is deferred in accumulated other comprehensive ( loss ) income .', 'any portion considered to be ineffective is reported in earnings immediately .', 'to the extent that a derivative is effective as a hedge of an exposure to future changes in fair value , the change in the derivative 2019s fair value is offset in the statement of income by the change in fair value of the item being hedged .', 'to the extent that a derivative or a financial instrument is effective as a hedge of a net investment in a foreign operation , the change in the derivative 2019s fair value is deferred as an unrealized currency translation adjustment in accumulated other comprehensive ( loss ) income .', 'product warranties the company accrues for product warranties at the time the associated products are sold based on historical claims experience .', 'as of dec .', '31 , 2006 and 2005 , the reserve for product warranties was $ 10 million and $ 4 million , respectively .', 'pretax charges against income for product warranties in 2006 , 2005 and 2004 totaled $ 4 million , $ 5 million and $ 4 million , respectively .', 'cash outlays related to product warranties were $ 5 million , $ 4 million and $ 4 million in 2006 , 2005 and 2004 , respectively .', 'in addition , $ 7 million of warranty obligations were assumed as part of the company 2019s 2006 business acquisitions .', 'asset retirement obligations an asset retirement obligation represents a legal obligation associated with the retirement of a tangible long-lived asset that is incurred upon the acquisition , construction , development or normal operation of that long-lived asset .', 'we recognize asset retirement obligations in the period in which they are incurred , if a reasonable estimate of fair value can be made .', 'the asset retirement obligation is subsequently adjusted for changes in fair value .', 'the associated estimated asset retirement costs are capitalized as part of the carrying amount of the long-lived asset and depreciated over its useful life .', 'ppg 2019s asset retirement obligations are primarily associated with closure of certain assets used in the chemicals manufacturing process .', 'as of dec .', '31 , 2006 and 2005 the accrued asset retirement obligation was $ 10 million and as of dec .', '31 , 2004 it was $ 9 million .', 'in march 2005 , the fasb issued fasb interpretation ( 201cfin 201d ) no .', '47 , 201caccounting for conditional asset retirement obligations , an interpretation of fasb statement no .', '143 201d .', 'fin no .', '47 clarifies the term conditional asset retirement obligation as used in sfas no .', '143 , 201caccounting for asset retirement obligations 201d , and provides further guidance as to when an entity would have sufficient information to reasonably estimate the fair value of an asset retirement obligation .', 'effective dec .', '31 , 2005 , ppg adopted the provisions of fin no .', '47 .', 'our only conditional asset retirement obligation relates to the possible future abatement of asbestos contained in certain ppg production facilities .', 'the asbestos in our production facilities arises from the application of normal and customary building practices in the past when the facilities were constructed .', 'this asbestos is encapsulated in place and , as a result , there is no current legal requirement to abate it .', 'inasmuch as there is no requirement to abate , we do not have any current plans or an intention to abate and therefore the timing , method and cost of future abatement , if any , are not 40 2006 ppg annual report and form 10-k 4282_txt .'] | 6.0 | PPG/2006/page_42.pdf-4 | ['notes to the financial statements as a reduction of debt or accrued interest .', 'new esop shares that have been released are considered outstanding in computing earnings per common share .', 'unreleased new esop shares are not considered to be outstanding .', 'pensions and other postretirement benefits in september 2006 , the fasb issued sfas no .', '158 , 201cemployers 2019 accounting for defined benefit pension and other postretirement plans , an amendment of fasb statements no .', '87 , 88 , 106 , and 132 ( r ) . 201d under this new standard , a company must recognize a net liability or asset to report the funded status of its defined benefit pension and other postretirement benefit plans on its balance sheets as well as recognize changes in that funded status , in the year in which the changes occur , through charges or credits to comprehensive income .', 'sfas no .', '158 does not change how pensions and other postretirement benefits are accounted for and reported in the income statement .', 'ppg adopted the recognition and disclosure provisions of sfas no .', '158 as of dec .', '31 , 2006 .', 'the following table presents the impact of applying sfas no .', '158 on individual line items in the balance sheet as of dec .', '31 , 2006 : ( millions ) balance sheet caption : before application of sfas no .', '158 ( 1 ) adjustments application of sfas no .', '158 .'] | ['other postretirement benefits ( 619 ) ( 409 ) ( 1028 ) accumulated other comprehensive loss 480 505 985 ( 1 ) represents balances that would have been recorded under accounting standards prior to the adoption of sfas no .', '158 .', 'see note 13 , 201cpensions and other postretirement benefits , 201d for additional information .', 'derivative financial instruments and hedge activities the company recognizes all derivative instruments as either assets or liabilities at fair value on the balance sheet .', 'the accounting for changes in the fair value of a derivative depends on the use of the derivative .', 'to the extent that a derivative is effective as a cash flow hedge of an exposure to future changes in value , the change in fair value of the derivative is deferred in accumulated other comprehensive ( loss ) income .', 'any portion considered to be ineffective is reported in earnings immediately .', 'to the extent that a derivative is effective as a hedge of an exposure to future changes in fair value , the change in the derivative 2019s fair value is offset in the statement of income by the change in fair value of the item being hedged .', 'to the extent that a derivative or a financial instrument is effective as a hedge of a net investment in a foreign operation , the change in the derivative 2019s fair value is deferred as an unrealized currency translation adjustment in accumulated other comprehensive ( loss ) income .', 'product warranties the company accrues for product warranties at the time the associated products are sold based on historical claims experience .', 'as of dec .', '31 , 2006 and 2005 , the reserve for product warranties was $ 10 million and $ 4 million , respectively .', 'pretax charges against income for product warranties in 2006 , 2005 and 2004 totaled $ 4 million , $ 5 million and $ 4 million , respectively .', 'cash outlays related to product warranties were $ 5 million , $ 4 million and $ 4 million in 2006 , 2005 and 2004 , respectively .', 'in addition , $ 7 million of warranty obligations were assumed as part of the company 2019s 2006 business acquisitions .', 'asset retirement obligations an asset retirement obligation represents a legal obligation associated with the retirement of a tangible long-lived asset that is incurred upon the acquisition , construction , development or normal operation of that long-lived asset .', 'we recognize asset retirement obligations in the period in which they are incurred , if a reasonable estimate of fair value can be made .', 'the asset retirement obligation is subsequently adjusted for changes in fair value .', 'the associated estimated asset retirement costs are capitalized as part of the carrying amount of the long-lived asset and depreciated over its useful life .', 'ppg 2019s asset retirement obligations are primarily associated with closure of certain assets used in the chemicals manufacturing process .', 'as of dec .', '31 , 2006 and 2005 the accrued asset retirement obligation was $ 10 million and as of dec .', '31 , 2004 it was $ 9 million .', 'in march 2005 , the fasb issued fasb interpretation ( 201cfin 201d ) no .', '47 , 201caccounting for conditional asset retirement obligations , an interpretation of fasb statement no .', '143 201d .', 'fin no .', '47 clarifies the term conditional asset retirement obligation as used in sfas no .', '143 , 201caccounting for asset retirement obligations 201d , and provides further guidance as to when an entity would have sufficient information to reasonably estimate the fair value of an asset retirement obligation .', 'effective dec .', '31 , 2005 , ppg adopted the provisions of fin no .', '47 .', 'our only conditional asset retirement obligation relates to the possible future abatement of asbestos contained in certain ppg production facilities .', 'the asbestos in our production facilities arises from the application of normal and customary building practices in the past when the facilities were constructed .', 'this asbestos is encapsulated in place and , as a result , there is no current legal requirement to abate it .', 'inasmuch as there is no requirement to abate , we do not have any current plans or an intention to abate and therefore the timing , method and cost of future abatement , if any , are not 40 2006 ppg annual report and form 10-k 4282_txt .'] | ( millions ) balance sheet caption:, before application of sfas no . 158 ( 1 ), adjustments, after application of sfas no . 158
other assets, $ 494, $ 105, $ 599
deferred income tax liability, -193 ( 193 ), 57, -136 ( 136 )
accrued pensions, -371 ( 371 ), -258 ( 258 ), -629 ( 629 )
other postretirement benefits, -619 ( 619 ), -409 ( 409 ), -1028 ( 1028 )
accumulated other comprehensive loss, 480, 505, 985 | subtract(10, 4) | 6.0 |
what portion of the estimated purchase price is derived by the net tangible assets? | Pre-text: ['hologic , inc .', 'notes to consolidated financial statements ( continued ) ( in thousands , except per share data ) the acquisition also provides for up to two annual earn out payments not to exceed $ 15000 in the aggregate based on biolucent 2019s achievement of certain revenue targets .', '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 will represent 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 .', 'the allocation of the purchase price is based upon preliminary estimates of the fair value of assets acquired and liabilities assumed as of september 18 , 2007 .', 'the company is in the process of gathering information to finalize its valuation of certain assets and liabilities .', 'the purchase price allocation will be finalized once the company has all necessary information to complete its estimate , but generally no later than one year from the date of acquisition .', 'the components and initial allocation of the purchase price , consists of the following approximate amounts: .']
Tabular Data:
========================================
net tangible assets acquired as of september 18 2007, $ 2800
developed technology and know how, 12300
customer relationship, 17000
trade name, 2800
deferred income tax liabilities net, -9500 ( 9500 )
goodwill, 47800
estimated purchase price, $ 73200
========================================
Follow-up: ['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 relationship , trade name and developed technology and know how had separately identifiable values .', 'the fair value of these intangible assets was determined through the application of the income approach .', 'customer relationship represents a large customer base that are expected to purchase this disposable product on a regular basis .', 'trade name represents the biolucent product names that the company intends to continue to use .', 'developed technology and know how represents currently marketable purchased products that the company continues to sell as well as utilize to enhance and incorporate into the company 2019s existing products .', '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 carryforwards of approximately $ 2400 .', 'fiscal 2006 acquisitions : on may 2 , 2006 , the company acquired 100% ( 100 % ) of the outstanding voting stock of aeg elektrofotografie gmbh and its group of related companies ( aeg ) .', 'the results of operations for aeg have been included in the company 2019s consolidated financial statements from the date of acquisition as part of its other business segment .', 'the company has concluded that the acquisition of aeg does not represent a material business combination and therefore no pro forma financial information has been provided herein .', 'aeg specializes in the manufacture of photoconductor materials for use in a variety of electro photographic applications including for the coating of the company 2019s digital detectors .', 'the acquisition of aeg allows the company to have control over a critical step in its detector manufacturing process 2014to more efficiently manage .'] | 0.03825 | HOLX/2007/page_126.pdf-2 | ['hologic , inc .', 'notes to consolidated financial statements ( continued ) ( in thousands , except per share data ) the acquisition also provides for up to two annual earn out payments not to exceed $ 15000 in the aggregate based on biolucent 2019s achievement of certain revenue targets .', '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 will represent 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 .', 'the allocation of the purchase price is based upon preliminary estimates of the fair value of assets acquired and liabilities assumed as of september 18 , 2007 .', 'the company is in the process of gathering information to finalize its valuation of certain assets and liabilities .', 'the purchase price allocation will be finalized once the company has all necessary information to complete its estimate , but generally no later than one year from the date of acquisition .', 'the components and initial allocation of the purchase price , consists of the following approximate amounts: .'] | ['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 relationship , trade name and developed technology and know how had separately identifiable values .', 'the fair value of these intangible assets was determined through the application of the income approach .', 'customer relationship represents a large customer base that are expected to purchase this disposable product on a regular basis .', 'trade name represents the biolucent product names that the company intends to continue to use .', 'developed technology and know how represents currently marketable purchased products that the company continues to sell as well as utilize to enhance and incorporate into the company 2019s existing products .', '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 carryforwards of approximately $ 2400 .', 'fiscal 2006 acquisitions : on may 2 , 2006 , the company acquired 100% ( 100 % ) of the outstanding voting stock of aeg elektrofotografie gmbh and its group of related companies ( aeg ) .', 'the results of operations for aeg have been included in the company 2019s consolidated financial statements from the date of acquisition as part of its other business segment .', 'the company has concluded that the acquisition of aeg does not represent a material business combination and therefore no pro forma financial information has been provided herein .', 'aeg specializes in the manufacture of photoconductor materials for use in a variety of electro photographic applications including for the coating of the company 2019s digital detectors .', 'the acquisition of aeg allows the company to have control over a critical step in its detector manufacturing process 2014to more efficiently manage .'] | ========================================
net tangible assets acquired as of september 18 2007, $ 2800
developed technology and know how, 12300
customer relationship, 17000
trade name, 2800
deferred income tax liabilities net, -9500 ( 9500 )
goodwill, 47800
estimated purchase price, $ 73200
======================================== | divide(2800, 73200) | 0.03825 |
what was the specialty businesses and other profit margin in 2004 | Context: ['will no longer be significant contributors to business operating results , while expenses should also decline significantly reflecting the reduced level of operations .', 'operating earnings will primarily consist of retail forestland and real estate sales of remaining acreage .', 'specialty businesses and other the specialty businesses and other segment includes the results of the arizona chemical business and certain divested businesses whose results are included in this segment for periods prior to their sale or closure .', 'this segment 2019s 2006 net sales increased 2% ( 2 % ) from 2005 , but declined 17% ( 17 % ) from 2004 .', 'operating profits in 2006 were up substantially from both 2005 and 2004 .', 'the decline in sales compared with 2004 principally reflects declining contributions from businesses sold or closed .', 'specialty businesses and other in millions 2006 2005 2004 .']
##
Data Table:
****************************************
Row 1: in millions, 2006, 2005, 2004
Row 2: sales, $ 935, $ 915, $ 1120
Row 3: operating profit, $ 61, $ 4, $ 38
****************************************
##
Follow-up: ['arizona chemical sales were $ 769 million in 2006 , compared with $ 692 million in 2005 and $ 672 million in 2004 .', 'sales volumes declined in 2006 compared with 2005 , but average sales price realiza- tions in 2006 were higher in both the united states and europe .', 'operating earnings in 2006 were sig- nificantly higher than in 2005 and more than 49% ( 49 % ) higher than in 2004 .', 'the increase over 2005 reflects the impact of the higher average sales price realiza- tions and lower manufacturing costs , partially offset by higher prices for crude tall oil ( cto ) .', 'earnings for 2005 also included a $ 13 million charge related to a plant shutdown in norway .', 'other businesses in this operating segment include operations that have been sold , closed or held for sale , primarily the polyrey business in france and , in prior years , the european distribution business .', 'sales for these businesses were approximately $ 166 million in 2006 , compared with $ 223 million in 2005 and $ 448 million in 2004 .', 'in december 2006 , the company entered into a definitive agreement to sell the arizona chemical business , expected to close in the first quarter of liquidity and capital resources overview a major factor in international paper 2019s liquidity and capital resource planning is its generation of operat- ing cash flow , which is highly sensitive to changes in the pricing and demand for our major products .', 'while changes in key cash operating costs , such as energy and raw material costs , do have an effect on operating cash generation , we believe that our strong focus on cost controls has improved our cash flow generation over an operating cycle .', 'as part of the continuing focus on improving our return on investment , we have focused our capital spending on improving our key paper and packaging businesses both globally and in north america .', 'spending levels have been kept below the level of depreciation and amortization charges for each of the last three years , and we anticipate spending will again be slightly below depreciation and amor- tization in 2007 .', 'financing activities in 2006 have been focused on the transformation plan objective of strengthening the balance sheet through repayment of debt , resulting in a net reduction in 2006 of $ 5.2 billion following a $ 1.7 billion net reduction in 2005 .', 'additionally , we made a $ 1.0 billion voluntary cash contribution to our u.s .', 'qualified pension plan in december 2006 to begin satisfying projected long-term funding requirements and to lower future pension expense .', 'our liquidity position continues to be strong , with approximately $ 3.0 billion of committed liquidity to cover future short-term cash flow requirements not met by operating cash flows .', 'management believes it is important for interna- tional paper to maintain an investment-grade credit rating to facilitate access to capital markets on favorable terms .', 'at december 31 , 2006 , the com- pany held long-term credit ratings of bbb ( stable outlook ) and baa3 ( stable outlook ) from standard & poor 2019s and moody 2019s investor services , respectively .', 'cash provided by operations cash provided by continuing operations totaled $ 1.0 billion for 2006 , compared with $ 1.2 billion for 2005 and $ 1.7 billion in 2004 .', 'the 2006 amount is net of a $ 1.0 billion voluntary cash pension plan contribution made in the fourth quarter of 2006 .', 'the major components of cash provided by continuing oper- ations are earnings from continuing operations .'] | 0.03393 | IP/2006/page_34.pdf-3 | ['will no longer be significant contributors to business operating results , while expenses should also decline significantly reflecting the reduced level of operations .', 'operating earnings will primarily consist of retail forestland and real estate sales of remaining acreage .', 'specialty businesses and other the specialty businesses and other segment includes the results of the arizona chemical business and certain divested businesses whose results are included in this segment for periods prior to their sale or closure .', 'this segment 2019s 2006 net sales increased 2% ( 2 % ) from 2005 , but declined 17% ( 17 % ) from 2004 .', 'operating profits in 2006 were up substantially from both 2005 and 2004 .', 'the decline in sales compared with 2004 principally reflects declining contributions from businesses sold or closed .', 'specialty businesses and other in millions 2006 2005 2004 .'] | ['arizona chemical sales were $ 769 million in 2006 , compared with $ 692 million in 2005 and $ 672 million in 2004 .', 'sales volumes declined in 2006 compared with 2005 , but average sales price realiza- tions in 2006 were higher in both the united states and europe .', 'operating earnings in 2006 were sig- nificantly higher than in 2005 and more than 49% ( 49 % ) higher than in 2004 .', 'the increase over 2005 reflects the impact of the higher average sales price realiza- tions and lower manufacturing costs , partially offset by higher prices for crude tall oil ( cto ) .', 'earnings for 2005 also included a $ 13 million charge related to a plant shutdown in norway .', 'other businesses in this operating segment include operations that have been sold , closed or held for sale , primarily the polyrey business in france and , in prior years , the european distribution business .', 'sales for these businesses were approximately $ 166 million in 2006 , compared with $ 223 million in 2005 and $ 448 million in 2004 .', 'in december 2006 , the company entered into a definitive agreement to sell the arizona chemical business , expected to close in the first quarter of liquidity and capital resources overview a major factor in international paper 2019s liquidity and capital resource planning is its generation of operat- ing cash flow , which is highly sensitive to changes in the pricing and demand for our major products .', 'while changes in key cash operating costs , such as energy and raw material costs , do have an effect on operating cash generation , we believe that our strong focus on cost controls has improved our cash flow generation over an operating cycle .', 'as part of the continuing focus on improving our return on investment , we have focused our capital spending on improving our key paper and packaging businesses both globally and in north america .', 'spending levels have been kept below the level of depreciation and amortization charges for each of the last three years , and we anticipate spending will again be slightly below depreciation and amor- tization in 2007 .', 'financing activities in 2006 have been focused on the transformation plan objective of strengthening the balance sheet through repayment of debt , resulting in a net reduction in 2006 of $ 5.2 billion following a $ 1.7 billion net reduction in 2005 .', 'additionally , we made a $ 1.0 billion voluntary cash contribution to our u.s .', 'qualified pension plan in december 2006 to begin satisfying projected long-term funding requirements and to lower future pension expense .', 'our liquidity position continues to be strong , with approximately $ 3.0 billion of committed liquidity to cover future short-term cash flow requirements not met by operating cash flows .', 'management believes it is important for interna- tional paper to maintain an investment-grade credit rating to facilitate access to capital markets on favorable terms .', 'at december 31 , 2006 , the com- pany held long-term credit ratings of bbb ( stable outlook ) and baa3 ( stable outlook ) from standard & poor 2019s and moody 2019s investor services , respectively .', 'cash provided by operations cash provided by continuing operations totaled $ 1.0 billion for 2006 , compared with $ 1.2 billion for 2005 and $ 1.7 billion in 2004 .', 'the 2006 amount is net of a $ 1.0 billion voluntary cash pension plan contribution made in the fourth quarter of 2006 .', 'the major components of cash provided by continuing oper- ations are earnings from continuing operations .'] | ****************************************
Row 1: in millions, 2006, 2005, 2004
Row 2: sales, $ 935, $ 915, $ 1120
Row 3: operating profit, $ 61, $ 4, $ 38
**************************************** | divide(38, 1120) | 0.03393 |
for commercial mortgage recourse obligations , what was average reserve adjustments net for 2010 and 2011 , in millions? | Context: ['recourse and repurchase obligations as discussed in note 3 loans sale and servicing activities and variable interest entities , pnc has sold commercial mortgage and residential mortgage loans directly or indirectly in securitizations and whole-loan sale transactions with continuing involvement .', 'one form of continuing involvement includes certain recourse and loan repurchase obligations associated with the transferred assets in these transactions .', 'commercial mortgage loan recourse obligations we originate , close and service certain multi-family commercial mortgage loans which are sold to fnma under fnma 2019s dus program .', 'we participated in a similar program with the fhlmc .', 'under these programs , we generally assume up to a one-third pari passu risk of loss on unpaid principal balances through a loss share arrangement .', 'at december 31 , 2011 and december 31 , 2010 , the unpaid principal balance outstanding of loans sold as a participant in these programs was $ 13.0 billion and $ 13.2 billion , respectively .', 'the potential maximum exposure under the loss share arrangements was $ 4.0 billion at both december 31 , 2011 and december 31 , 2010 .', 'we maintain a reserve for estimated losses based upon our exposure .', 'the reserve for losses under these programs totaled $ 47 million and $ 54 million as of december 31 , 2011 and december 31 , 2010 , respectively , and is included in other liabilities on our consolidated balance sheet .', 'if payment is required under these programs , we would not have a contractual interest in the collateral underlying the mortgage loans on which losses occurred , although the value of the collateral is taken into account in determining our share of such losses .', 'our exposure and activity associated with these recourse obligations are reported in the corporate & institutional banking segment .', 'analysis of commercial mortgage recourse obligations .']
Table:
========================================
Row 1: in millions, 2011, 2010
Row 2: january 1, $ 54, $ 71
Row 3: reserve adjustments net, 1, 9
Row 4: losses 2013 loan repurchases and settlements, -8 ( 8 ), -2 ( 2 )
Row 5: loan sales, , -24 ( 24 )
Row 6: december 31, $ 47, $ 54
========================================
Follow-up: ['residential mortgage loan and home equity repurchase obligations while residential mortgage loans are sold on a non-recourse basis , we assume certain loan repurchase obligations associated with mortgage loans we have sold to investors .', 'these loan repurchase obligations primarily relate to situations where pnc is alleged to have breached certain origination covenants and representations and warranties made to purchasers of the loans in the respective purchase and sale agreements .', 'residential mortgage loans covered by these loan repurchase obligations include first and second-lien mortgage loans we have sold through agency securitizations , non-agency securitizations , and whole-loan sale transactions .', 'as discussed in note 3 in this report , agency securitizations consist of mortgage loans sale transactions with fnma , fhlmc , and gnma , while non-agency securitizations and whole-loan sale transactions consist of mortgage loans sale transactions with private investors .', 'our historical exposure and activity associated with agency securitization repurchase obligations has primarily been related to transactions with fnma and fhlmc , as indemnification and repurchase losses associated with fha and va-insured and uninsured loans pooled in gnma securitizations historically have been minimal .', 'repurchase obligation activity associated with residential mortgages is reported in the residential mortgage banking segment .', 'pnc 2019s repurchase obligations also include certain brokered home equity loans/lines that were sold to a limited number of private investors in the financial services industry by national city prior to our acquisition .', 'pnc is no longer engaged in the brokered home equity lending business , and our exposure under these loan repurchase obligations is limited to repurchases of whole-loans sold in these transactions .', 'repurchase activity associated with brokered home equity loans/lines is reported in the non-strategic assets portfolio segment .', 'loan covenants and representations and warranties are established through loan sale agreements with various investors to provide assurance that pnc has sold loans to investors of sufficient investment quality .', 'key aspects of such covenants and representations and warranties include the loan 2019s compliance with any applicable loan criteria established by the investor , including underwriting standards , delivery of all required loan documents to the investor or its designated party , sufficient collateral valuation , and the validity of the lien securing the loan .', 'as a result of alleged breaches of these contractual obligations , investors may request pnc to indemnify them against losses on certain loans or to repurchase loans .', 'these investor indemnification or repurchase claims are typically settled on an individual loan basis through make- whole payments or loan repurchases ; however , on occasion we may negotiate pooled settlements with investors .', 'indemnifications for loss or loan repurchases typically occur when , after review of the claim , we agree insufficient evidence exists to dispute the investor 2019s claim that a breach of a loan covenant and representation and warranty has occurred , such breach has not been cured , and the effect of such breach is deemed to have had a material and adverse effect on the value of the transferred loan .', 'depending on the sale agreement and upon proper notice from the investor , we typically respond to such indemnification and repurchase requests within 60 days , although final resolution of the claim may take a longer period of time .', 'with the exception of the sales the pnc financial services group , inc .', '2013 form 10-k 199 .'] | 5.0 | PNC/2011/page_208.pdf-2 | ['recourse and repurchase obligations as discussed in note 3 loans sale and servicing activities and variable interest entities , pnc has sold commercial mortgage and residential mortgage loans directly or indirectly in securitizations and whole-loan sale transactions with continuing involvement .', 'one form of continuing involvement includes certain recourse and loan repurchase obligations associated with the transferred assets in these transactions .', 'commercial mortgage loan recourse obligations we originate , close and service certain multi-family commercial mortgage loans which are sold to fnma under fnma 2019s dus program .', 'we participated in a similar program with the fhlmc .', 'under these programs , we generally assume up to a one-third pari passu risk of loss on unpaid principal balances through a loss share arrangement .', 'at december 31 , 2011 and december 31 , 2010 , the unpaid principal balance outstanding of loans sold as a participant in these programs was $ 13.0 billion and $ 13.2 billion , respectively .', 'the potential maximum exposure under the loss share arrangements was $ 4.0 billion at both december 31 , 2011 and december 31 , 2010 .', 'we maintain a reserve for estimated losses based upon our exposure .', 'the reserve for losses under these programs totaled $ 47 million and $ 54 million as of december 31 , 2011 and december 31 , 2010 , respectively , and is included in other liabilities on our consolidated balance sheet .', 'if payment is required under these programs , we would not have a contractual interest in the collateral underlying the mortgage loans on which losses occurred , although the value of the collateral is taken into account in determining our share of such losses .', 'our exposure and activity associated with these recourse obligations are reported in the corporate & institutional banking segment .', 'analysis of commercial mortgage recourse obligations .'] | ['residential mortgage loan and home equity repurchase obligations while residential mortgage loans are sold on a non-recourse basis , we assume certain loan repurchase obligations associated with mortgage loans we have sold to investors .', 'these loan repurchase obligations primarily relate to situations where pnc is alleged to have breached certain origination covenants and representations and warranties made to purchasers of the loans in the respective purchase and sale agreements .', 'residential mortgage loans covered by these loan repurchase obligations include first and second-lien mortgage loans we have sold through agency securitizations , non-agency securitizations , and whole-loan sale transactions .', 'as discussed in note 3 in this report , agency securitizations consist of mortgage loans sale transactions with fnma , fhlmc , and gnma , while non-agency securitizations and whole-loan sale transactions consist of mortgage loans sale transactions with private investors .', 'our historical exposure and activity associated with agency securitization repurchase obligations has primarily been related to transactions with fnma and fhlmc , as indemnification and repurchase losses associated with fha and va-insured and uninsured loans pooled in gnma securitizations historically have been minimal .', 'repurchase obligation activity associated with residential mortgages is reported in the residential mortgage banking segment .', 'pnc 2019s repurchase obligations also include certain brokered home equity loans/lines that were sold to a limited number of private investors in the financial services industry by national city prior to our acquisition .', 'pnc is no longer engaged in the brokered home equity lending business , and our exposure under these loan repurchase obligations is limited to repurchases of whole-loans sold in these transactions .', 'repurchase activity associated with brokered home equity loans/lines is reported in the non-strategic assets portfolio segment .', 'loan covenants and representations and warranties are established through loan sale agreements with various investors to provide assurance that pnc has sold loans to investors of sufficient investment quality .', 'key aspects of such covenants and representations and warranties include the loan 2019s compliance with any applicable loan criteria established by the investor , including underwriting standards , delivery of all required loan documents to the investor or its designated party , sufficient collateral valuation , and the validity of the lien securing the loan .', 'as a result of alleged breaches of these contractual obligations , investors may request pnc to indemnify them against losses on certain loans or to repurchase loans .', 'these investor indemnification or repurchase claims are typically settled on an individual loan basis through make- whole payments or loan repurchases ; however , on occasion we may negotiate pooled settlements with investors .', 'indemnifications for loss or loan repurchases typically occur when , after review of the claim , we agree insufficient evidence exists to dispute the investor 2019s claim that a breach of a loan covenant and representation and warranty has occurred , such breach has not been cured , and the effect of such breach is deemed to have had a material and adverse effect on the value of the transferred loan .', 'depending on the sale agreement and upon proper notice from the investor , we typically respond to such indemnification and repurchase requests within 60 days , although final resolution of the claim may take a longer period of time .', 'with the exception of the sales the pnc financial services group , inc .', '2013 form 10-k 199 .'] | ========================================
Row 1: in millions, 2011, 2010
Row 2: january 1, $ 54, $ 71
Row 3: reserve adjustments net, 1, 9
Row 4: losses 2013 loan repurchases and settlements, -8 ( 8 ), -2 ( 2 )
Row 5: loan sales, , -24 ( 24 )
Row 6: december 31, $ 47, $ 54
======================================== | table_average(reserve adjustments net, none) | 5.0 |
for the textron 2019s tools and test equipment business acquisition what was the ratio of price paid to annual sales? | Pre-text: ['2018 emerson annual report | 37 inco me taxes the provision for income taxes is based on pretax income reported in the consolidated statements of earnings and tax rates currently enacted in each jurisdiction .', 'certain income and expense items are recognized in different time periods for financial reporting and income tax filing purposes , and deferred income taxes are provided for the effect of temporary differences .', 'the company also provides for foreign withholding taxes and any applicable u.s .', 'income taxes on earnings intended to be repatriated from non-u.s .', 'locations .', 'no provision has been made for these taxes on approximately $ 3.4 billion of undistributed earnings of non-u.s .', 'subsidiaries as of september 30 , 2018 , as these earnings are considered indefinitely invested or otherwise retained for continuing international operations .', 'recognition of foreign withholding taxes and any applicable u.s .', 'income taxes on undistributed non-u.s .', 'earnings would be triggered by a management decision to repatriate those earnings .', 'determination of the amount of taxes that might be paid on these undistributed earnings if eventually remitted is not practicable .', 'see note 14 .', '( 2 ) weighted-average common shares basic earnings per common share consider only the weighted-average of common shares outstanding while diluted earnings per common share also consider the dilutive effects of stock options and incentive shares .', 'an inconsequential number of shares of common stock were excluded from the computation of dilutive earnings per in 2018 as the effect would have been antidilutive , while 4.5 million and 13.3 million shares of common stock were excluded in 2017 and 2016 , respectively .', 'earnings allocated to participating securities were inconsequential for all years presented .', 'reconciliations of weighted-average shares for basic and diluted earnings per common share follow ( shares in millions ) : 2016 2017 2018 .']
Tabular Data:
| 2016 | 2017 | 2018
basic shares outstanding | 644.0 | 642.1 | 632.0
dilutive shares | 2.8 | 1.3 | 3.3
diluted shares outstanding | 646.8 | 643.4 | 635.3
Follow-up: ['( 3 ) acquisitions and divestitures on july 17 , 2018 , the company completed the acquisition of aventics , a global provider of smart pneumatics technologies that power machine and factory automation applications , for $ 622 , net of cash acquired .', 'this business , which has annual sales of approximately $ 425 , is reported in the industrial solutions product offering in the automation solutions segment .', 'the company recognized goodwill of $ 358 ( $ 20 of which is expected to be tax deductible ) , and identifiable intangible assets of $ 278 , primarily intellectual property and customer relationships with a weighted-average useful life of approximately 12 years .', 'on july 2 , 2018 , the company completed the acquisition of textron 2019s tools and test equipment business for $ 810 , net of cash acquired .', 'this business , with annual sales of approximately $ 470 , is a manufacturer of electrical and utility tools , diagnostics , and test and measurement instruments , and is reported in the tools & home products segment .', 'the company recognized goodwill of $ 374 ( $ 17 of which is expected to be tax deductible ) , and identifiable intangible assets of $ 358 , primarily intellectual property and customer relationships with a weighted-average useful life of approximately 14 years .', 'on december 1 , 2017 , the company acquired paradigm , a provider of software solutions for the oil and gas industry , for $ 505 , net of cash acquired .', 'this business had annual sales of approximately $ 140 and is included in the measurement & analytical instrumentation product offering within automation solutions .', 'the company recognized goodwill of $ 328 ( $ 160 of which is expected to be tax deductible ) , and identifiable intangible assets of $ 238 , primarily intellectual property and customer relationships with a weighted-average useful life of approximately 11 years .', 'during 2018 , the company also acquired four smaller businesses , two in the automation solutions segment and two in the climate technologies segment. .'] | 1.7234 | EMR/2018/page_41.pdf-2 | ['2018 emerson annual report | 37 inco me taxes the provision for income taxes is based on pretax income reported in the consolidated statements of earnings and tax rates currently enacted in each jurisdiction .', 'certain income and expense items are recognized in different time periods for financial reporting and income tax filing purposes , and deferred income taxes are provided for the effect of temporary differences .', 'the company also provides for foreign withholding taxes and any applicable u.s .', 'income taxes on earnings intended to be repatriated from non-u.s .', 'locations .', 'no provision has been made for these taxes on approximately $ 3.4 billion of undistributed earnings of non-u.s .', 'subsidiaries as of september 30 , 2018 , as these earnings are considered indefinitely invested or otherwise retained for continuing international operations .', 'recognition of foreign withholding taxes and any applicable u.s .', 'income taxes on undistributed non-u.s .', 'earnings would be triggered by a management decision to repatriate those earnings .', 'determination of the amount of taxes that might be paid on these undistributed earnings if eventually remitted is not practicable .', 'see note 14 .', '( 2 ) weighted-average common shares basic earnings per common share consider only the weighted-average of common shares outstanding while diluted earnings per common share also consider the dilutive effects of stock options and incentive shares .', 'an inconsequential number of shares of common stock were excluded from the computation of dilutive earnings per in 2018 as the effect would have been antidilutive , while 4.5 million and 13.3 million shares of common stock were excluded in 2017 and 2016 , respectively .', 'earnings allocated to participating securities were inconsequential for all years presented .', 'reconciliations of weighted-average shares for basic and diluted earnings per common share follow ( shares in millions ) : 2016 2017 2018 .'] | ['( 3 ) acquisitions and divestitures on july 17 , 2018 , the company completed the acquisition of aventics , a global provider of smart pneumatics technologies that power machine and factory automation applications , for $ 622 , net of cash acquired .', 'this business , which has annual sales of approximately $ 425 , is reported in the industrial solutions product offering in the automation solutions segment .', 'the company recognized goodwill of $ 358 ( $ 20 of which is expected to be tax deductible ) , and identifiable intangible assets of $ 278 , primarily intellectual property and customer relationships with a weighted-average useful life of approximately 12 years .', 'on july 2 , 2018 , the company completed the acquisition of textron 2019s tools and test equipment business for $ 810 , net of cash acquired .', 'this business , with annual sales of approximately $ 470 , is a manufacturer of electrical and utility tools , diagnostics , and test and measurement instruments , and is reported in the tools & home products segment .', 'the company recognized goodwill of $ 374 ( $ 17 of which is expected to be tax deductible ) , and identifiable intangible assets of $ 358 , primarily intellectual property and customer relationships with a weighted-average useful life of approximately 14 years .', 'on december 1 , 2017 , the company acquired paradigm , a provider of software solutions for the oil and gas industry , for $ 505 , net of cash acquired .', 'this business had annual sales of approximately $ 140 and is included in the measurement & analytical instrumentation product offering within automation solutions .', 'the company recognized goodwill of $ 328 ( $ 160 of which is expected to be tax deductible ) , and identifiable intangible assets of $ 238 , primarily intellectual property and customer relationships with a weighted-average useful life of approximately 11 years .', 'during 2018 , the company also acquired four smaller businesses , two in the automation solutions segment and two in the climate technologies segment. .'] | | 2016 | 2017 | 2018
basic shares outstanding | 644.0 | 642.1 | 632.0
dilutive shares | 2.8 | 1.3 | 3.3
diluted shares outstanding | 646.8 | 643.4 | 635.3 | divide(810, 470) | 1.7234 |
what is the percentage change in research and development expense from 2015 to 2016? | Pre-text: ['table of contents other equity method investments infraservs .', 'we hold indirect ownership interests in several german infraserv groups that own and develop industrial parks and provide on-site general and administrative support to tenants .', 'our ownership interest in the equity investments in infraserv affiliates are as follows : as of december 31 , 2017 ( in percentages ) infraserv gmbh & co .', 'gendorf kg ( 1 ) ................................................................................................... .', '39 .']
------
Table:
as of december 31 2017 ( in percentages )
infraserv gmbh & co . gendorf kg ( 1 ) 39
infraserv gmbh & co . hoechst kg 32
infraserv gmbh & co . knapsack kg ( 1 ) 27
------
Post-table: ['infraserv gmbh & co .', 'knapsack kg ( 1 ) ................................................................................................ .', '27 ______________________________ ( 1 ) see note 29 - subsequent events in the accompanying consolidated financial statements for further information .', 'research and development our business models leverage innovation and conduct research and development activities to develop new , and optimize existing , production technologies , as well as to develop commercially viable new products and applications .', 'research and development expense was $ 72 million , $ 78 million and $ 119 million for the years ended december 31 , 2017 , 2016 and 2015 , respectively .', 'we consider the amounts spent during each of the last three fiscal years on research and development activities to be sufficient to execute our current strategic initiatives .', 'intellectual property we attach importance to protecting our intellectual property , including safeguarding our confidential information and through our patents , trademarks and copyrights , in order to preserve our investment in research and development , manufacturing and marketing .', 'patents may cover processes , equipment , products , intermediate products and product uses .', 'we also seek to register trademarks as a means of protecting the brand names of our company and products .', 'patents .', 'in most industrial countries , patent protection exists for new substances and formulations , as well as for certain unique applications and production processes .', 'however , we do business in regions of the world where intellectual property protection may be limited and difficult to enforce .', 'confidential information .', 'we maintain stringent information security policies and procedures wherever we do business .', 'such information security policies and procedures include data encryption , controls over the disclosure and safekeeping of confidential information and trade secrets , as well as employee awareness training .', 'trademarks .', 'amcel ae , aoplus ae , ateva ae , avicor ae , celanese ae , celanex ae , celcon ae , celfx ae , celstran ae , celvolit ae , clarifoil ae , dur- o-set ae , ecomid ae , ecovae ae , forflex ae , forprene ae , frianyl ae , fortron ae , ghr ae , gumfit ae , gur ae , hostaform ae , laprene ae , metalx ae , mowilith ae , mt ae , nilamid ae , nivionplast ae , nutrinova ae , nylfor ae , pibiflex ae , pibifor ae , pibiter ae , polifor ae , resyn ae , riteflex ae , slidex ae , sofprene ae , sofpur ae , sunett ae , talcoprene ae , tecnoprene ae , thermx ae , tufcor ae , vantage ae , vectra ae , vinac ae , vinamul ae , vitaldose ae , zenite ae and certain other branded products and services named in this document are registered or reserved trademarks or service marks owned or licensed by celanese .', 'the foregoing is not intended to be an exhaustive or comprehensive list of all registered or reserved trademarks and service marks owned or licensed by celanese .', 'fortron ae is a registered trademark of fortron industries llc .', 'hostaform ae is a registered trademark of hoechst gmbh .', 'mowilith ae and nilamid ae are registered trademarks of celanese in most european countries .', 'we monitor competitive developments and defend against infringements on our intellectual property rights .', 'neither celanese nor any particular business segment is materially dependent upon any one patent , trademark , copyright or trade secret .', 'environmental and other regulation matters pertaining to environmental and other regulations are discussed in item 1a .', 'risk factors , as well as note 2 - summary of accounting policies , note 16 - environmental and note 24 - commitments and contingencies in the accompanying consolidated financial statements. .'] | -0.34454 | CE/2017/page_20.pdf-4 | ['table of contents other equity method investments infraservs .', 'we hold indirect ownership interests in several german infraserv groups that own and develop industrial parks and provide on-site general and administrative support to tenants .', 'our ownership interest in the equity investments in infraserv affiliates are as follows : as of december 31 , 2017 ( in percentages ) infraserv gmbh & co .', 'gendorf kg ( 1 ) ................................................................................................... .', '39 .'] | ['infraserv gmbh & co .', 'knapsack kg ( 1 ) ................................................................................................ .', '27 ______________________________ ( 1 ) see note 29 - subsequent events in the accompanying consolidated financial statements for further information .', 'research and development our business models leverage innovation and conduct research and development activities to develop new , and optimize existing , production technologies , as well as to develop commercially viable new products and applications .', 'research and development expense was $ 72 million , $ 78 million and $ 119 million for the years ended december 31 , 2017 , 2016 and 2015 , respectively .', 'we consider the amounts spent during each of the last three fiscal years on research and development activities to be sufficient to execute our current strategic initiatives .', 'intellectual property we attach importance to protecting our intellectual property , including safeguarding our confidential information and through our patents , trademarks and copyrights , in order to preserve our investment in research and development , manufacturing and marketing .', 'patents may cover processes , equipment , products , intermediate products and product uses .', 'we also seek to register trademarks as a means of protecting the brand names of our company and products .', 'patents .', 'in most industrial countries , patent protection exists for new substances and formulations , as well as for certain unique applications and production processes .', 'however , we do business in regions of the world where intellectual property protection may be limited and difficult to enforce .', 'confidential information .', 'we maintain stringent information security policies and procedures wherever we do business .', 'such information security policies and procedures include data encryption , controls over the disclosure and safekeeping of confidential information and trade secrets , as well as employee awareness training .', 'trademarks .', 'amcel ae , aoplus ae , ateva ae , avicor ae , celanese ae , celanex ae , celcon ae , celfx ae , celstran ae , celvolit ae , clarifoil ae , dur- o-set ae , ecomid ae , ecovae ae , forflex ae , forprene ae , frianyl ae , fortron ae , ghr ae , gumfit ae , gur ae , hostaform ae , laprene ae , metalx ae , mowilith ae , mt ae , nilamid ae , nivionplast ae , nutrinova ae , nylfor ae , pibiflex ae , pibifor ae , pibiter ae , polifor ae , resyn ae , riteflex ae , slidex ae , sofprene ae , sofpur ae , sunett ae , talcoprene ae , tecnoprene ae , thermx ae , tufcor ae , vantage ae , vectra ae , vinac ae , vinamul ae , vitaldose ae , zenite ae and certain other branded products and services named in this document are registered or reserved trademarks or service marks owned or licensed by celanese .', 'the foregoing is not intended to be an exhaustive or comprehensive list of all registered or reserved trademarks and service marks owned or licensed by celanese .', 'fortron ae is a registered trademark of fortron industries llc .', 'hostaform ae is a registered trademark of hoechst gmbh .', 'mowilith ae and nilamid ae are registered trademarks of celanese in most european countries .', 'we monitor competitive developments and defend against infringements on our intellectual property rights .', 'neither celanese nor any particular business segment is materially dependent upon any one patent , trademark , copyright or trade secret .', 'environmental and other regulation matters pertaining to environmental and other regulations are discussed in item 1a .', 'risk factors , as well as note 2 - summary of accounting policies , note 16 - environmental and note 24 - commitments and contingencies in the accompanying consolidated financial statements. .'] | as of december 31 2017 ( in percentages )
infraserv gmbh & co . gendorf kg ( 1 ) 39
infraserv gmbh & co . hoechst kg 32
infraserv gmbh & co . knapsack kg ( 1 ) 27 | subtract(78, 119), divide(#0, 119) | -0.34454 |
what will be the balance of aggregate principal payments of long-term debt as of december 31 , 2004 , assuming that no new debt is issued? | Pre-text: ['american tower corporation and subsidiaries notes to consolidated financial statements 2014 ( continued ) maturities 2014as of december 31 , 2003 , aggregate principal payments of long-term debt , including capital leases , for the next five years and thereafter are estimated to be ( in thousands ) : year ending december 31 .']
Data Table:
****************************************
2004 | $ 77622
----------|----------
2005 | 115444
2006 | 365051
2007 | 728153
2008 | 808043
thereafter | 1650760
total cash obligations | 3745073
accreted value of original issue discount of the ati 12.25% ( 12.25 % ) notes | -339601 ( 339601 )
accreted value of the related warrants | -44247 ( 44247 )
balance as of december 31 2003 | $ 3361225
****************************************
Additional Information: ['the holders of the company 2019s convertible notes have the right to require the company to repurchase their notes on specified dates prior to their maturity dates in 2009 and 2010 , but the company may pay the purchase price by issuing shares of class a common stock , subject to certain conditions .', 'obligations with respect to the right of the holders to put the 6.25% ( 6.25 % ) notes and 5.0% ( 5.0 % ) notes have been included in the table above as if such notes mature on the date of their put rights in 2006 and 2007 , respectively .', '( see note 19. ) 8 .', 'derivative financial instruments under the terms of the credit facilities , the company is required to enter into interest rate protection agreements on at least 50% ( 50 % ) of its variable rate debt .', 'under these agreements , the company is exposed to credit risk to the extent that a counterparty fails to meet the terms of a contract .', 'such exposure is limited to the current value of the contract at the time the counterparty fails to perform .', 'the company believes its contracts as of december 31 , 2003 are with credit worthy institutions .', 'as of december 31 , 2003 , the company had three interest rate caps outstanding that include an aggregate notional amount of $ 500.0 million ( each at an interest rate of 5% ( 5 % ) ) and expire in 2004 .', 'as of december 31 , 2003 and 2002 , liabilities related to derivative financial instruments of $ 0.0 million and $ 15.5 million are reflected in other long-term liabilities in the accompanying consolidated balance sheet .', 'during the year ended december 31 , 2003 , the company recorded an unrealized loss of approximately $ 0.3 million ( net of a tax benefit of approximately $ 0.2 million ) in other comprehensive loss for the change in fair value of cash flow hedges and reclassified $ 5.9 million ( net of a tax benefit of approximately $ 3.2 million ) into results of operations .', 'during the year ended december 31 , 2002 , the company recorded an unrealized loss of approximately $ 9.1 million ( net of a tax benefit of approximately $ 4.9 million ) in other comprehensive loss for the change in fair value of cash flow hedges and reclassified $ 19.5 million ( net of a tax benefit of approximately $ 10.5 million ) into results of operations .', 'hedge ineffectiveness resulted in a gain of approximately $ 1.0 million and a loss of approximately $ 2.2 million for the years ended december 31 , 2002 and 2001 , respectively , which are recorded in loss on investments and other expense in the accompanying consolidated statements of operations for those periods .', 'the company records the changes in fair value of its derivative instruments that are not accounted for as hedges in loss on investments and other expense .', 'the company does not anticipate reclassifying any derivative losses into its statement of operations within the next twelve months , as there are no amounts included in other comprehensive loss as of december 31 , 2003. .'] | 3283603.0 | AMT/2003/page_85.pdf-3 | ['american tower corporation and subsidiaries notes to consolidated financial statements 2014 ( continued ) maturities 2014as of december 31 , 2003 , aggregate principal payments of long-term debt , including capital leases , for the next five years and thereafter are estimated to be ( in thousands ) : year ending december 31 .'] | ['the holders of the company 2019s convertible notes have the right to require the company to repurchase their notes on specified dates prior to their maturity dates in 2009 and 2010 , but the company may pay the purchase price by issuing shares of class a common stock , subject to certain conditions .', 'obligations with respect to the right of the holders to put the 6.25% ( 6.25 % ) notes and 5.0% ( 5.0 % ) notes have been included in the table above as if such notes mature on the date of their put rights in 2006 and 2007 , respectively .', '( see note 19. ) 8 .', 'derivative financial instruments under the terms of the credit facilities , the company is required to enter into interest rate protection agreements on at least 50% ( 50 % ) of its variable rate debt .', 'under these agreements , the company is exposed to credit risk to the extent that a counterparty fails to meet the terms of a contract .', 'such exposure is limited to the current value of the contract at the time the counterparty fails to perform .', 'the company believes its contracts as of december 31 , 2003 are with credit worthy institutions .', 'as of december 31 , 2003 , the company had three interest rate caps outstanding that include an aggregate notional amount of $ 500.0 million ( each at an interest rate of 5% ( 5 % ) ) and expire in 2004 .', 'as of december 31 , 2003 and 2002 , liabilities related to derivative financial instruments of $ 0.0 million and $ 15.5 million are reflected in other long-term liabilities in the accompanying consolidated balance sheet .', 'during the year ended december 31 , 2003 , the company recorded an unrealized loss of approximately $ 0.3 million ( net of a tax benefit of approximately $ 0.2 million ) in other comprehensive loss for the change in fair value of cash flow hedges and reclassified $ 5.9 million ( net of a tax benefit of approximately $ 3.2 million ) into results of operations .', 'during the year ended december 31 , 2002 , the company recorded an unrealized loss of approximately $ 9.1 million ( net of a tax benefit of approximately $ 4.9 million ) in other comprehensive loss for the change in fair value of cash flow hedges and reclassified $ 19.5 million ( net of a tax benefit of approximately $ 10.5 million ) into results of operations .', 'hedge ineffectiveness resulted in a gain of approximately $ 1.0 million and a loss of approximately $ 2.2 million for the years ended december 31 , 2002 and 2001 , respectively , which are recorded in loss on investments and other expense in the accompanying consolidated statements of operations for those periods .', 'the company records the changes in fair value of its derivative instruments that are not accounted for as hedges in loss on investments and other expense .', 'the company does not anticipate reclassifying any derivative losses into its statement of operations within the next twelve months , as there are no amounts included in other comprehensive loss as of december 31 , 2003. .'] | ****************************************
2004 | $ 77622
----------|----------
2005 | 115444
2006 | 365051
2007 | 728153
2008 | 808043
thereafter | 1650760
total cash obligations | 3745073
accreted value of original issue discount of the ati 12.25% ( 12.25 % ) notes | -339601 ( 339601 )
accreted value of the related warrants | -44247 ( 44247 )
balance as of december 31 2003 | $ 3361225
**************************************** | subtract(3361225, 77622) | 3283603.0 |
what was the operating margin for 2002? | Context: ['other expense , net , decreased $ 6.2 million , or 50.0% ( 50.0 % ) , for the year ended december 31 , 2004 compared to the year ended december 31 , 2003 .', 'the decrease was primarily due to a reduction in charges on disposal and transfer costs of fixed assets and facility closure costs of $ 3.3 million , reduced legal charges of $ 1.5 million , and a reduction in expenses of $ 1.4 million consisting of individually insignificant items .', 'interest expense and income taxes interest expense decreased in 2004 by $ 92.2 million , or 75.7% ( 75.7 % ) , from 2003 .', 'this decrease included $ 73.3 million of expenses related to the company 2019s debt refinancing , which was completed in july 2003 .', 'the $ 73.3 million of expenses consisted of $ 55.9 million paid in premiums for the tender of the 95 20448% ( 20448 % ) senior subordinated notes , and a $ 17.4 million non-cash charge for the write-off of deferred financing fees related to the 95 20448% ( 20448 % ) notes and pca 2019s original revolving credit facility .', 'excluding the $ 73.3 million charge , interest expense was $ 18.9 million lower than in 2003 as a result of lower interest rates attributable to the company 2019s july 2003 refinancing and lower debt levels .', 'pca 2019s effective tax rate was 38.0% ( 38.0 % ) for the year ended december 31 , 2004 and 42.3% ( 42.3 % ) for the year ended december 31 , 2003 .', 'the higher tax rate in 2003 is due to stable permanent items over lower book income ( loss ) .', 'for both years 2004 and 2003 tax rates are higher than the federal statutory rate of 35.0% ( 35.0 % ) due to state income taxes .', 'year ended december 31 , 2003 compared to year ended december 31 , 2002 the historical results of operations of pca for the years ended december 31 , 2003 and 2002 are set forth below : for the year ended december 31 , ( in millions ) 2003 2002 change .']
########
Tabular Data:
----------------------------------------
• ( in millions ), 2003, 2002, change
• net sales, $ 1735.5, $ 1735.9, $ -0.4 ( 0.4 )
• income before interest and taxes, $ 96.9, $ 145.3, $ -48.4 ( 48.4 )
• interest expense net, -121.8 ( 121.8 ), -67.7 ( 67.7 ), -54.1 ( 54.1 )
• income ( loss ) before taxes, -24.9 ( 24.9 ), 77.6, -102.5 ( 102.5 )
• ( provision ) benefit for income taxes, 10.5, -29.4 ( 29.4 ), 39.9
• net income ( loss ), $ -14.4 ( 14.4 ), $ 48.2, $ -62.6 ( 62.6 )
----------------------------------------
########
Additional Information: ['net sales net sales decreased by $ 0.4 million , or 0.0% ( 0.0 % ) , for the year ended december 31 , 2003 from the year ended december 31 , 2002 .', 'net sales increased due to improved sales volumes compared to 2002 , however , this increase was entirely offset by lower sales prices .', 'total corrugated products volume sold increased 2.1% ( 2.1 % ) to 28.1 billion square feet in 2003 compared to 27.5 billion square feet in 2002 .', 'on a comparable shipment-per-workday basis , corrugated products sales volume increased 1.7% ( 1.7 % ) in 2003 from 2002 .', 'shipments-per-workday is calculated by dividing our total corrugated products volume during the year by the number of workdays within the year .', 'the lower percentage increase was due to the fact that 2003 had one more workday ( 252 days ) , those days not falling on a weekend or holiday , than 2002 ( 251 days ) .', 'containerboard sales volume to external domestic and export customers decreased 6.7% ( 6.7 % ) to 445000 tons for the year ended december 31 , 2003 from 477000 tons in the comparable period of 2002 .', 'income before interest and taxes income before interest and taxes decreased by $ 48.4 million , or 33.3% ( 33.3 % ) , for the year ended december 31 , 2003 compared to 2002 .', 'included in income before interest and taxes for the twelve months .'] | 0.0837 | PKG/2004/page_23.pdf-4 | ['other expense , net , decreased $ 6.2 million , or 50.0% ( 50.0 % ) , for the year ended december 31 , 2004 compared to the year ended december 31 , 2003 .', 'the decrease was primarily due to a reduction in charges on disposal and transfer costs of fixed assets and facility closure costs of $ 3.3 million , reduced legal charges of $ 1.5 million , and a reduction in expenses of $ 1.4 million consisting of individually insignificant items .', 'interest expense and income taxes interest expense decreased in 2004 by $ 92.2 million , or 75.7% ( 75.7 % ) , from 2003 .', 'this decrease included $ 73.3 million of expenses related to the company 2019s debt refinancing , which was completed in july 2003 .', 'the $ 73.3 million of expenses consisted of $ 55.9 million paid in premiums for the tender of the 95 20448% ( 20448 % ) senior subordinated notes , and a $ 17.4 million non-cash charge for the write-off of deferred financing fees related to the 95 20448% ( 20448 % ) notes and pca 2019s original revolving credit facility .', 'excluding the $ 73.3 million charge , interest expense was $ 18.9 million lower than in 2003 as a result of lower interest rates attributable to the company 2019s july 2003 refinancing and lower debt levels .', 'pca 2019s effective tax rate was 38.0% ( 38.0 % ) for the year ended december 31 , 2004 and 42.3% ( 42.3 % ) for the year ended december 31 , 2003 .', 'the higher tax rate in 2003 is due to stable permanent items over lower book income ( loss ) .', 'for both years 2004 and 2003 tax rates are higher than the federal statutory rate of 35.0% ( 35.0 % ) due to state income taxes .', 'year ended december 31 , 2003 compared to year ended december 31 , 2002 the historical results of operations of pca for the years ended december 31 , 2003 and 2002 are set forth below : for the year ended december 31 , ( in millions ) 2003 2002 change .'] | ['net sales net sales decreased by $ 0.4 million , or 0.0% ( 0.0 % ) , for the year ended december 31 , 2003 from the year ended december 31 , 2002 .', 'net sales increased due to improved sales volumes compared to 2002 , however , this increase was entirely offset by lower sales prices .', 'total corrugated products volume sold increased 2.1% ( 2.1 % ) to 28.1 billion square feet in 2003 compared to 27.5 billion square feet in 2002 .', 'on a comparable shipment-per-workday basis , corrugated products sales volume increased 1.7% ( 1.7 % ) in 2003 from 2002 .', 'shipments-per-workday is calculated by dividing our total corrugated products volume during the year by the number of workdays within the year .', 'the lower percentage increase was due to the fact that 2003 had one more workday ( 252 days ) , those days not falling on a weekend or holiday , than 2002 ( 251 days ) .', 'containerboard sales volume to external domestic and export customers decreased 6.7% ( 6.7 % ) to 445000 tons for the year ended december 31 , 2003 from 477000 tons in the comparable period of 2002 .', 'income before interest and taxes income before interest and taxes decreased by $ 48.4 million , or 33.3% ( 33.3 % ) , for the year ended december 31 , 2003 compared to 2002 .', 'included in income before interest and taxes for the twelve months .'] | ----------------------------------------
• ( in millions ), 2003, 2002, change
• net sales, $ 1735.5, $ 1735.9, $ -0.4 ( 0.4 )
• income before interest and taxes, $ 96.9, $ 145.3, $ -48.4 ( 48.4 )
• interest expense net, -121.8 ( 121.8 ), -67.7 ( 67.7 ), -54.1 ( 54.1 )
• income ( loss ) before taxes, -24.9 ( 24.9 ), 77.6, -102.5 ( 102.5 )
• ( provision ) benefit for income taxes, 10.5, -29.4 ( 29.4 ), 39.9
• net income ( loss ), $ -14.4 ( 14.4 ), $ 48.2, $ -62.6 ( 62.6 )
---------------------------------------- | divide(145.3, 1735.9) | 0.0837 |
what was the average crack spread for us gulf coast lls 6-3-2-1 in the first and second quarter of 2008? | Background: ['our refining and wholesale marketing gross margin is the difference between the prices of refined products sold and the costs of crude oil and other charge and blendstocks refined , including the costs to transport these inputs to our refineries , the costs of purchased products and manufacturing expenses , including depreciation .', 'the crack spread is a measure of the difference between market prices for refined products and crude oil , commonly used by the industry as an indicator of the impact of price on the refining margin .', 'crack spreads can fluctuate significantly , particularly when prices of refined products do not move in the same relationship as the cost of crude oil .', 'as a performance benchmark and a comparison with other industry participants , we calculate midwest ( chicago ) and u.s .', 'gulf coast crack spreads that we feel most closely track our operations and slate of products .', 'posted light louisiana sweet ( 201clls 201d ) prices and a 6-3-2-1 ratio of products ( 6 barrels of crude oil producing 3 barrels of gasoline , 2 barrels of distillate and 1 barrel of residual fuel ) are used for the crack spread calculation .', 'the following table lists calculated average crack spreads by quarter for the midwest ( chicago ) and gulf coast markets in 2008 .', 'crack spreads ( dollars per barrel ) 1st qtr 2nd qtr 3rd qtr 4th qtr 2008 .']
----------
Table:
========================================
Row 1: crack spreads ( dollars per barrel ), 1st qtr, 2nd qtr, 3rd qtr, 4th qtr, 2008
Row 2: chicago lls 6-3-2-1, $ 0.07, $ 2.71, $ 7.81, $ 2.31, $ 3.27
Row 3: us gulf coast lls 6-3-2-1, $ 1.39, $ 1.99, $ 6.32, ( $ 0.01 ), $ 2.45
========================================
----------
Additional Information: ['in addition to the market changes indicated by the crack spreads , our refining and wholesale marketing gross margin is impacted by factors such as the types of crude oil and other charge and blendstocks processed , the selling prices realized for refined products , the impact of commodity derivative instruments used to mitigate price risk and the cost of purchased products for resale .', 'we process significant amounts of sour crude oil which can enhance our profitability compared to certain of our competitors , as sour crude oil typically can be purchased at a discount to sweet crude oil .', 'finally , our refining and wholesale marketing gross margin is impacted by changes in manufacturing costs , which are primarily driven by the level of maintenance activities at the refineries and the price of purchased natural gas used for plant fuel .', 'our 2008 refining and wholesale marketing gross margin was the key driver of the 43 percent decrease in rm&t segment income when compared to 2007 .', 'our average refining and wholesale marketing gross margin per gallon decreased 37 percent , to 11.66 cents in 2008 from 18.48 cents in 2007 , primarily due to the significant and rapid increases in crude oil prices early in 2008 and lagging wholesale price realizations .', 'our retail marketing gross margin for gasoline and distillates , which is the difference between the ultimate price paid by consumers and the cost of refined products , including secondary transportation and consumer excise taxes , also impacts rm&t segment profitability .', 'while on average demand has been increasing for several years , there are numerous factors including local competition , seasonal demand fluctuations , the available wholesale supply , the level of economic activity in our marketing areas and weather conditions that impact gasoline and distillate demand throughout the year .', 'in 2008 , demand began to drop due to the combination of significant increases in retail petroleum prices and a broad slowdown in general activity .', 'the gross margin on merchandise sold at retail outlets has historically been more constant .', 'the profitability of our pipeline transportation operations is primarily dependent on the volumes shipped through our crude oil and refined products pipelines .', 'the volume of crude oil that we transport is directly affected by the supply of , and refiner demand for , crude oil in the markets served directly by our crude oil pipelines .', 'key factors in this supply and demand balance are the production levels of crude oil by producers , the availability and cost of alternative modes of transportation , and refinery and transportation system maintenance levels .', 'the volume of refined products that we transport is directly affected by the production levels of , and user demand for , refined products in the markets served by our refined product pipelines .', 'in most of our markets , demand for gasoline peaks during the summer and declines during the fall and winter months , whereas distillate demand is more ratable throughout the year .', 'as with crude oil , other transportation alternatives and system maintenance levels influence refined product movements .', 'integrated gas our integrated gas strategy is to link stranded natural gas resources with areas where a supply gap is emerging due to declining production and growing demand .', 'our integrated gas operations include marketing and transportation of products manufactured from natural gas , such as lng and methanol , primarily in the u.s. , europe and west africa .', 'our most significant lng investment is our 60 percent ownership in a production facility in equatorial guinea , which sells lng under a long-term contract at prices tied to henry hub natural gas prices .', 'in 2008 , its .'] | 1.69 | MRO/2008/page_70.pdf-1 | ['our refining and wholesale marketing gross margin is the difference between the prices of refined products sold and the costs of crude oil and other charge and blendstocks refined , including the costs to transport these inputs to our refineries , the costs of purchased products and manufacturing expenses , including depreciation .', 'the crack spread is a measure of the difference between market prices for refined products and crude oil , commonly used by the industry as an indicator of the impact of price on the refining margin .', 'crack spreads can fluctuate significantly , particularly when prices of refined products do not move in the same relationship as the cost of crude oil .', 'as a performance benchmark and a comparison with other industry participants , we calculate midwest ( chicago ) and u.s .', 'gulf coast crack spreads that we feel most closely track our operations and slate of products .', 'posted light louisiana sweet ( 201clls 201d ) prices and a 6-3-2-1 ratio of products ( 6 barrels of crude oil producing 3 barrels of gasoline , 2 barrels of distillate and 1 barrel of residual fuel ) are used for the crack spread calculation .', 'the following table lists calculated average crack spreads by quarter for the midwest ( chicago ) and gulf coast markets in 2008 .', 'crack spreads ( dollars per barrel ) 1st qtr 2nd qtr 3rd qtr 4th qtr 2008 .'] | ['in addition to the market changes indicated by the crack spreads , our refining and wholesale marketing gross margin is impacted by factors such as the types of crude oil and other charge and blendstocks processed , the selling prices realized for refined products , the impact of commodity derivative instruments used to mitigate price risk and the cost of purchased products for resale .', 'we process significant amounts of sour crude oil which can enhance our profitability compared to certain of our competitors , as sour crude oil typically can be purchased at a discount to sweet crude oil .', 'finally , our refining and wholesale marketing gross margin is impacted by changes in manufacturing costs , which are primarily driven by the level of maintenance activities at the refineries and the price of purchased natural gas used for plant fuel .', 'our 2008 refining and wholesale marketing gross margin was the key driver of the 43 percent decrease in rm&t segment income when compared to 2007 .', 'our average refining and wholesale marketing gross margin per gallon decreased 37 percent , to 11.66 cents in 2008 from 18.48 cents in 2007 , primarily due to the significant and rapid increases in crude oil prices early in 2008 and lagging wholesale price realizations .', 'our retail marketing gross margin for gasoline and distillates , which is the difference between the ultimate price paid by consumers and the cost of refined products , including secondary transportation and consumer excise taxes , also impacts rm&t segment profitability .', 'while on average demand has been increasing for several years , there are numerous factors including local competition , seasonal demand fluctuations , the available wholesale supply , the level of economic activity in our marketing areas and weather conditions that impact gasoline and distillate demand throughout the year .', 'in 2008 , demand began to drop due to the combination of significant increases in retail petroleum prices and a broad slowdown in general activity .', 'the gross margin on merchandise sold at retail outlets has historically been more constant .', 'the profitability of our pipeline transportation operations is primarily dependent on the volumes shipped through our crude oil and refined products pipelines .', 'the volume of crude oil that we transport is directly affected by the supply of , and refiner demand for , crude oil in the markets served directly by our crude oil pipelines .', 'key factors in this supply and demand balance are the production levels of crude oil by producers , the availability and cost of alternative modes of transportation , and refinery and transportation system maintenance levels .', 'the volume of refined products that we transport is directly affected by the production levels of , and user demand for , refined products in the markets served by our refined product pipelines .', 'in most of our markets , demand for gasoline peaks during the summer and declines during the fall and winter months , whereas distillate demand is more ratable throughout the year .', 'as with crude oil , other transportation alternatives and system maintenance levels influence refined product movements .', 'integrated gas our integrated gas strategy is to link stranded natural gas resources with areas where a supply gap is emerging due to declining production and growing demand .', 'our integrated gas operations include marketing and transportation of products manufactured from natural gas , such as lng and methanol , primarily in the u.s. , europe and west africa .', 'our most significant lng investment is our 60 percent ownership in a production facility in equatorial guinea , which sells lng under a long-term contract at prices tied to henry hub natural gas prices .', 'in 2008 , its .'] | ========================================
Row 1: crack spreads ( dollars per barrel ), 1st qtr, 2nd qtr, 3rd qtr, 4th qtr, 2008
Row 2: chicago lls 6-3-2-1, $ 0.07, $ 2.71, $ 7.81, $ 2.31, $ 3.27
Row 3: us gulf coast lls 6-3-2-1, $ 1.39, $ 1.99, $ 6.32, ( $ 0.01 ), $ 2.45
======================================== | add(1.39, 1.99), divide(#0, const_2) | 1.69 |
what portion of the total purchased shares presented in the table was purchased during october 2008? | Background: ['annual report on form 10-k 108 fifth third bancorp part ii item 5 .', 'market for registrant 2019s common equity , related stockholder matters and issuer purchases of equity securities the information required by this item is included in the corporate information found on the inside of the back cover and in the discussion of dividend limitations that the subsidiaries can pay to the bancorp discussed in note 26 of the notes to the consolidated financial statements .', 'additionally , as of december 31 , 2008 , the bancorp had approximately 60025 shareholders of record .', 'issuer purchases of equity securities period shares purchased average paid per shares purchased as part of publicly announced plans or programs maximum shares that may be purchased under the plans or programs .']
##
Table:
period, sharespurchased ( a ), averagepricepaid pershare, sharespurchasedas part ofpubliclyannouncedplans orprograms, maximumshares thatmay bepurchasedunder theplans orprograms
october 2008, 25394, $ -, -, 19201518
november 2008, 7526, -, -, 19201518
december 2008, 40, -, -, 19201518
total, 32960, $ -, -, 19201518
##
Post-table: ['( a ) the bancorp repurchased 25394 , 7526 and 40 shares during october , november and december of 2008 in connection with various employee compensation plans of the bancorp .', 'these purchases are not included against the maximum number of shares that may yet be purchased under the board of directors authorization. .'] | 0.77045 | FITB/2008/page_96.pdf-1 | ['annual report on form 10-k 108 fifth third bancorp part ii item 5 .', 'market for registrant 2019s common equity , related stockholder matters and issuer purchases of equity securities the information required by this item is included in the corporate information found on the inside of the back cover and in the discussion of dividend limitations that the subsidiaries can pay to the bancorp discussed in note 26 of the notes to the consolidated financial statements .', 'additionally , as of december 31 , 2008 , the bancorp had approximately 60025 shareholders of record .', 'issuer purchases of equity securities period shares purchased average paid per shares purchased as part of publicly announced plans or programs maximum shares that may be purchased under the plans or programs .'] | ['( a ) the bancorp repurchased 25394 , 7526 and 40 shares during october , november and december of 2008 in connection with various employee compensation plans of the bancorp .', 'these purchases are not included against the maximum number of shares that may yet be purchased under the board of directors authorization. .'] | period, sharespurchased ( a ), averagepricepaid pershare, sharespurchasedas part ofpubliclyannouncedplans orprograms, maximumshares thatmay bepurchasedunder theplans orprograms
october 2008, 25394, $ -, -, 19201518
november 2008, 7526, -, -, 19201518
december 2008, 40, -, -, 19201518
total, 32960, $ -, -, 19201518 | divide(25394, 32960) | 0.77045 |
what is the increase observed in the interest net of capitalized interest during 2015 and 2016? | Background: ['the diluted earnings per share calculation excludes stock options , sars , restricted stock and units and performance units and stock that were anti-dilutive .', 'shares underlying the excluded stock options and sars totaled 10.3 million , 10.2 million and 0.7 million for the years ended december 31 , 2016 , 2015 and 2014 , respectively .', 'for the years ended december 31 , 2016 and 2015 , respectively , 4.5 million and 5.3 million shares of restricted stock and restricted stock units and performance units and performance stock were excluded .', '10 .', 'supplemental cash flow information net cash paid for interest and income taxes was as follows for the years ended december 31 , 2016 , 2015 and 2014 ( in thousands ) : .']
Data Table:
========================================
| 2016 | 2015 | 2014
----------|----------|----------|----------
interest net of capitalized interest | $ 252030 | $ 222088 | $ 197383
income taxes net of refunds received | $ -39293 ( 39293 ) | $ 41108 | $ 342741
========================================
Follow-up: ["eog's accrued capital expenditures at december 31 , 2016 , 2015 and 2014 were $ 388 million , $ 416 million and $ 972 million , respectively .", "non-cash investing activities for the year ended december 31 , 2016 , included $ 3834 million in non-cash additions to eog's oil and gas properties related to the yates transaction ( see note 17 ) .", "non-cash investing activities for the year ended december 31 , 2014 included non-cash additions of $ 5 million to eog's oil and gas properties as a result of property exchanges .", '11 .', "business segment information eog's operations are all crude oil and natural gas exploration and production related .", 'the segment reporting topic of the asc establishes standards for reporting information about operating segments in annual financial statements .', 'operating segments are defined as components of an enterprise about which separate financial information is available and evaluated regularly by the chief operating decision maker , or decision-making group , in deciding how to allocate resources and in assessing performance .', "eog's chief operating decision-making process is informal and involves the chairman of the board and chief executive officer and other key officers .", "this group routinely reviews and makes operating decisions related to significant issues associated with each of eog's major producing areas in the united states , trinidad , the united kingdom and china .", 'for segment reporting purposes , the chief operating decision maker considers the major united states producing areas to be one operating segment. .'] | 0.13482 | EOG/2016/page_80.pdf-1 | ['the diluted earnings per share calculation excludes stock options , sars , restricted stock and units and performance units and stock that were anti-dilutive .', 'shares underlying the excluded stock options and sars totaled 10.3 million , 10.2 million and 0.7 million for the years ended december 31 , 2016 , 2015 and 2014 , respectively .', 'for the years ended december 31 , 2016 and 2015 , respectively , 4.5 million and 5.3 million shares of restricted stock and restricted stock units and performance units and performance stock were excluded .', '10 .', 'supplemental cash flow information net cash paid for interest and income taxes was as follows for the years ended december 31 , 2016 , 2015 and 2014 ( in thousands ) : .'] | ["eog's accrued capital expenditures at december 31 , 2016 , 2015 and 2014 were $ 388 million , $ 416 million and $ 972 million , respectively .", "non-cash investing activities for the year ended december 31 , 2016 , included $ 3834 million in non-cash additions to eog's oil and gas properties related to the yates transaction ( see note 17 ) .", "non-cash investing activities for the year ended december 31 , 2014 included non-cash additions of $ 5 million to eog's oil and gas properties as a result of property exchanges .", '11 .', "business segment information eog's operations are all crude oil and natural gas exploration and production related .", 'the segment reporting topic of the asc establishes standards for reporting information about operating segments in annual financial statements .', 'operating segments are defined as components of an enterprise about which separate financial information is available and evaluated regularly by the chief operating decision maker , or decision-making group , in deciding how to allocate resources and in assessing performance .', "eog's chief operating decision-making process is informal and involves the chairman of the board and chief executive officer and other key officers .", "this group routinely reviews and makes operating decisions related to significant issues associated with each of eog's major producing areas in the united states , trinidad , the united kingdom and china .", 'for segment reporting purposes , the chief operating decision maker considers the major united states producing areas to be one operating segment. .'] | ========================================
| 2016 | 2015 | 2014
----------|----------|----------|----------
interest net of capitalized interest | $ 252030 | $ 222088 | $ 197383
income taxes net of refunds received | $ -39293 ( 39293 ) | $ 41108 | $ 342741
======================================== | divide(252030, 222088), subtract(#0, const_1) | 0.13482 |
in 2018 , what percentage of undeveloped acres were located in the u.s? | Context: ['in the ordinary course of business , based on our evaluations of certain geologic trends and prospective economics , we have allowed certain lease acreage to expire and may allow additional acreage to expire in the future .', 'if production is not established or we take no other action to extend the terms of the leases , licenses or concessions , undeveloped acreage listed in the table below will expire over the next three years .', 'we plan to continue the terms of certain of these licenses and concession areas or retain leases through operational or administrative actions ; however , the majority of the undeveloped acres associated with other africa as listed in the table below pertains to our licenses in ethiopia and kenya , for which we executed agreements in 2015 to sell .', 'the kenya transaction closed in february 2016 and the ethiopia transaction is expected to close in the first quarter of 2016 .', 'see item 8 .', 'financial statements and supplementary data - note 5 to the consolidated financial statements for additional information about this disposition .', 'net undeveloped acres expiring year ended december 31 .']
##
Tabular Data:
========================================
• ( in thousands ), net undeveloped acres expiring year ended december 31 , 2016, net undeveloped acres expiring year ended december 31 , 2017, net undeveloped acres expiring year ended december 31 , 2018
• u.s ., 68, 89, 128
• e.g ., 2014, 92, 36
• other africa, 189, 4352, 854
• total africa, 189, 4444, 890
• other international, 2014, 2014, 2014
• total, 257, 4533, 1018
========================================
##
Post-table: ['.'] | 0.12574 | MRO/2015/page_18.pdf-2 | ['in the ordinary course of business , based on our evaluations of certain geologic trends and prospective economics , we have allowed certain lease acreage to expire and may allow additional acreage to expire in the future .', 'if production is not established or we take no other action to extend the terms of the leases , licenses or concessions , undeveloped acreage listed in the table below will expire over the next three years .', 'we plan to continue the terms of certain of these licenses and concession areas or retain leases through operational or administrative actions ; however , the majority of the undeveloped acres associated with other africa as listed in the table below pertains to our licenses in ethiopia and kenya , for which we executed agreements in 2015 to sell .', 'the kenya transaction closed in february 2016 and the ethiopia transaction is expected to close in the first quarter of 2016 .', 'see item 8 .', 'financial statements and supplementary data - note 5 to the consolidated financial statements for additional information about this disposition .', 'net undeveloped acres expiring year ended december 31 .'] | ['.'] | ========================================
• ( in thousands ), net undeveloped acres expiring year ended december 31 , 2016, net undeveloped acres expiring year ended december 31 , 2017, net undeveloped acres expiring year ended december 31 , 2018
• u.s ., 68, 89, 128
• e.g ., 2014, 92, 36
• other africa, 189, 4352, 854
• total africa, 189, 4444, 890
• other international, 2014, 2014, 2014
• total, 257, 4533, 1018
======================================== | divide(128, 1018) | 0.12574 |
what portion of the prepaid rent is used during 2009? | Background: ['adobe systems incorporated notes to consolidated financial statements ( continued ) note 8 .', 'other assets other assets as of november 27 , 2009 and november 28 , 2008 consisted of the following ( in thousands ) : .']
Data Table:
========================================
| 2009 | 2008
acquired rights to use technology | $ 84313 | $ 90643
investments | 63526 | 76589
security and other deposits | 11692 | 16087
prepaid royalties | 12059 | 9026
deferred compensation plan assets | 9045 | 7560
restricted cash | 4650 | 7361
prepaid land lease | 3209 | 3185
prepaid rent | 1377 | 2658
other | 1394 | 3420
other assets | $ 191265 | $ 216529
========================================
Post-table: ['acquired rights to use technology purchased during fiscal 2009 and fiscal 2008 was $ 6.0 million and $ 100.4 million , respectively .', 'of the cost for fiscal 2008 , an estimated $ 56.4 million was related to future licensing rights and has been capitalized and is being amortized on a straight-line basis over the estimated useful lives up to fifteen years .', 'of the remaining costs for fiscal 2008 , we estimated that $ 27.2 million was related to historical use of licensing rights which was expensed as cost of sales and the residual of $ 16.8 million for fiscal 2008 was expensed as general and administrative costs .', 'in connection with these licensing arrangements , we have the ability to acquire additional rights to use technology in the future .', 'see note 17 for further information regarding our contractual commitments .', 'in general , acquired rights to use technology are amortized over their estimated useful lives of 3 to 15 years .', 'included in investments are our indirect investments through our limited partnership interest in adobe ventures of approximately $ 37.1 million and $ 39.0 million as of november 27 , 2009 and november 28 , 2008 , respectively , which is consolidated in accordance with the provisions for consolidating variable interest entities .', 'the partnership is controlled by granite ventures , an independent venture capital firm and sole general partner of adobe ventures .', 'we are the primary beneficiary of adobe ventures and bear virtually all of the risks and rewards related to our ownership .', 'our investment in adobe ventures does not have a significant impact on our consolidated financial position , results of operations or cash flows .', 'adobe ventures carries its investments in equity securities at estimated fair value and investment gains and losses are included in our consolidated statements of income .', 'substantially all of the investments held by adobe ventures at november 27 , 2009 and november 28 , 2008 are not publicly traded and , therefore , there is no established market for these securities .', 'in order to determine the fair value of these investments , we use the most recent round of financing involving new non-strategic investors or estimates of current market value made by granite ventures .', 'it is our policy to evaluate the fair value of these investments held by adobe ventures , as well as our direct investments , on a regular basis .', 'this evaluation includes , but is not limited to , reviewing each company 2019s cash position , financing needs , earnings and revenue outlook , operational performance , management and ownership changes and competition .', 'in the case of privately-held companies , this evaluation is based on information that we request from these companies .', 'this information is not subject to the same disclosure regulations as u.s .', 'publicly traded companies and as such , the basis for these evaluations is subject to the timing and the accuracy of the data received from these companies .', 'see note 4 for further information regarding adobe ventures .', 'also included in investments are our direct investments in privately-held companies of approximately $ 26.4 million and $ 37.6 million as of november 27 , 2009 and november 28 , 2008 , respectively , which are accounted for based on the cost method .', 'we assess these investments for impairment in value as circumstances dictate .', 'see note 4 for further information regarding our cost method investments .', 'we entered into a purchase and sale agreement , effective may 12 , 2008 , for the acquisition of real property located in waltham , massachusetts .', 'we purchased the property upon completion of construction of an office building shell and core , parking structure , and site improvements .', 'the purchase price for the property was $ 44.7 million and closed on june 16 , 2009 .', 'we made an initial deposit of $ 7.0 million which was included in security and other deposits as of november 28 , 2008 and the remaining balance was paid at closing .', 'this deposit was held in escrow until closing and then applied to the purchase price. .'] | -1281.0 | ADBE/2009/page_98.pdf-2 | ['adobe systems incorporated notes to consolidated financial statements ( continued ) note 8 .', 'other assets other assets as of november 27 , 2009 and november 28 , 2008 consisted of the following ( in thousands ) : .'] | ['acquired rights to use technology purchased during fiscal 2009 and fiscal 2008 was $ 6.0 million and $ 100.4 million , respectively .', 'of the cost for fiscal 2008 , an estimated $ 56.4 million was related to future licensing rights and has been capitalized and is being amortized on a straight-line basis over the estimated useful lives up to fifteen years .', 'of the remaining costs for fiscal 2008 , we estimated that $ 27.2 million was related to historical use of licensing rights which was expensed as cost of sales and the residual of $ 16.8 million for fiscal 2008 was expensed as general and administrative costs .', 'in connection with these licensing arrangements , we have the ability to acquire additional rights to use technology in the future .', 'see note 17 for further information regarding our contractual commitments .', 'in general , acquired rights to use technology are amortized over their estimated useful lives of 3 to 15 years .', 'included in investments are our indirect investments through our limited partnership interest in adobe ventures of approximately $ 37.1 million and $ 39.0 million as of november 27 , 2009 and november 28 , 2008 , respectively , which is consolidated in accordance with the provisions for consolidating variable interest entities .', 'the partnership is controlled by granite ventures , an independent venture capital firm and sole general partner of adobe ventures .', 'we are the primary beneficiary of adobe ventures and bear virtually all of the risks and rewards related to our ownership .', 'our investment in adobe ventures does not have a significant impact on our consolidated financial position , results of operations or cash flows .', 'adobe ventures carries its investments in equity securities at estimated fair value and investment gains and losses are included in our consolidated statements of income .', 'substantially all of the investments held by adobe ventures at november 27 , 2009 and november 28 , 2008 are not publicly traded and , therefore , there is no established market for these securities .', 'in order to determine the fair value of these investments , we use the most recent round of financing involving new non-strategic investors or estimates of current market value made by granite ventures .', 'it is our policy to evaluate the fair value of these investments held by adobe ventures , as well as our direct investments , on a regular basis .', 'this evaluation includes , but is not limited to , reviewing each company 2019s cash position , financing needs , earnings and revenue outlook , operational performance , management and ownership changes and competition .', 'in the case of privately-held companies , this evaluation is based on information that we request from these companies .', 'this information is not subject to the same disclosure regulations as u.s .', 'publicly traded companies and as such , the basis for these evaluations is subject to the timing and the accuracy of the data received from these companies .', 'see note 4 for further information regarding adobe ventures .', 'also included in investments are our direct investments in privately-held companies of approximately $ 26.4 million and $ 37.6 million as of november 27 , 2009 and november 28 , 2008 , respectively , which are accounted for based on the cost method .', 'we assess these investments for impairment in value as circumstances dictate .', 'see note 4 for further information regarding our cost method investments .', 'we entered into a purchase and sale agreement , effective may 12 , 2008 , for the acquisition of real property located in waltham , massachusetts .', 'we purchased the property upon completion of construction of an office building shell and core , parking structure , and site improvements .', 'the purchase price for the property was $ 44.7 million and closed on june 16 , 2009 .', 'we made an initial deposit of $ 7.0 million which was included in security and other deposits as of november 28 , 2008 and the remaining balance was paid at closing .', 'this deposit was held in escrow until closing and then applied to the purchase price. .'] | ========================================
| 2009 | 2008
acquired rights to use technology | $ 84313 | $ 90643
investments | 63526 | 76589
security and other deposits | 11692 | 16087
prepaid royalties | 12059 | 9026
deferred compensation plan assets | 9045 | 7560
restricted cash | 4650 | 7361
prepaid land lease | 3209 | 3185
prepaid rent | 1377 | 2658
other | 1394 | 3420
other assets | $ 191265 | $ 216529
======================================== | subtract(1377, 2658) | -1281.0 |
by how much did the grant date fair value per share increase from 2017 to 2018? | Pre-text: ['condition are valued using a monte carlo model .', 'expected volatility is based on historical volatilities of traded common stock of the company and comparative companies using daily stock prices over the past three years .', 'the expected term is three years and the risk-free interest rate is based on the three-year u.s .', 'treasury rate in effect as of the measurement date .', 'the following table provides the weighted average assumptions used in the monte carlo simulation and the weighted average grant date fair values of psus granted for the years ended december 31: .']
Table:
----------------------------------------
Row 1: , 2018, 2017, 2016
Row 2: expected volatility, 17.23% ( 17.23 % ), 17.40% ( 17.40 % ), 15.90% ( 15.90 % )
Row 3: risk-free interest rate, 2.36% ( 2.36 % ), 1.53% ( 1.53 % ), 0.91% ( 0.91 % )
Row 4: expected life ( years ), 3.0, 3.0, 3.0
Row 5: grant date fair value per share, $ 73.62, $ 72.81, $ 77.16
----------------------------------------
Post-table: ['the grant date fair value of psus that vest ratably and have market and/or performance conditions are amortized through expense over the requisite service period using the graded-vesting method .', 'if dividends are paid with respect to shares of the company 2019s common stock before the rsus and psus are distributed , the company credits a liability for the value of the dividends that would have been paid if the rsus and psus were shares of company common stock .', 'when the rsus and psus are distributed , the company pays the participant a lump sum cash payment equal to the value of the dividend equivalents accrued .', 'the company accrued dividend equivalents totaling $ 1 million , less than $ 1 million and $ 1 million to accumulated deficit in the accompanying consolidated statements of changes in shareholders 2019 equity for the years ended december 31 , 2018 , 2017 and 2016 , respectively .', 'employee stock purchase plan the company maintains a nonqualified employee stock purchase plan ( the 201cespp 201d ) through which employee participants may use payroll deductions to acquire company common stock at a discount .', 'prior to february 5 , 2019 , the purchase price of common stock acquired under the espp was the lesser of 90% ( 90 % ) of the fair market value of the common stock at either the beginning or the end of a three -month purchase period .', 'on july 27 , 2018 , the espp was amended , effective february 5 , 2019 , to permit employee participants to acquire company common stock at 85% ( 85 % ) of the fair market value of the common stock at the end of the purchase period .', 'as of december 31 , 2018 , there were 1.9 million shares of common stock reserved for issuance under the espp .', 'the espp is considered compensatory .', 'during the years ended december 31 , 2018 , 2017 and 2016 , the company issued 95 thousand , 93 thousand and 93 thousand shares , respectively , under the espp. .'] | 0.01112 | AWK/2018/page_152.pdf-2 | ['condition are valued using a monte carlo model .', 'expected volatility is based on historical volatilities of traded common stock of the company and comparative companies using daily stock prices over the past three years .', 'the expected term is three years and the risk-free interest rate is based on the three-year u.s .', 'treasury rate in effect as of the measurement date .', 'the following table provides the weighted average assumptions used in the monte carlo simulation and the weighted average grant date fair values of psus granted for the years ended december 31: .'] | ['the grant date fair value of psus that vest ratably and have market and/or performance conditions are amortized through expense over the requisite service period using the graded-vesting method .', 'if dividends are paid with respect to shares of the company 2019s common stock before the rsus and psus are distributed , the company credits a liability for the value of the dividends that would have been paid if the rsus and psus were shares of company common stock .', 'when the rsus and psus are distributed , the company pays the participant a lump sum cash payment equal to the value of the dividend equivalents accrued .', 'the company accrued dividend equivalents totaling $ 1 million , less than $ 1 million and $ 1 million to accumulated deficit in the accompanying consolidated statements of changes in shareholders 2019 equity for the years ended december 31 , 2018 , 2017 and 2016 , respectively .', 'employee stock purchase plan the company maintains a nonqualified employee stock purchase plan ( the 201cespp 201d ) through which employee participants may use payroll deductions to acquire company common stock at a discount .', 'prior to february 5 , 2019 , the purchase price of common stock acquired under the espp was the lesser of 90% ( 90 % ) of the fair market value of the common stock at either the beginning or the end of a three -month purchase period .', 'on july 27 , 2018 , the espp was amended , effective february 5 , 2019 , to permit employee participants to acquire company common stock at 85% ( 85 % ) of the fair market value of the common stock at the end of the purchase period .', 'as of december 31 , 2018 , there were 1.9 million shares of common stock reserved for issuance under the espp .', 'the espp is considered compensatory .', 'during the years ended december 31 , 2018 , 2017 and 2016 , the company issued 95 thousand , 93 thousand and 93 thousand shares , respectively , under the espp. .'] | ----------------------------------------
Row 1: , 2018, 2017, 2016
Row 2: expected volatility, 17.23% ( 17.23 % ), 17.40% ( 17.40 % ), 15.90% ( 15.90 % )
Row 3: risk-free interest rate, 2.36% ( 2.36 % ), 1.53% ( 1.53 % ), 0.91% ( 0.91 % )
Row 4: expected life ( years ), 3.0, 3.0, 3.0
Row 5: grant date fair value per share, $ 73.62, $ 72.81, $ 77.16
---------------------------------------- | subtract(73.62, 72.81), divide(#0, 72.81) | 0.01112 |
what percent of 2008's total other expenses is the total customer indemnification reserve? | Context: ['note 21 .', 'expenses during the fourth quarter of 2008 , we elected to provide support to certain investment accounts managed by ssga through the purchase of asset- and mortgage-backed securities and a cash infusion , which resulted in a charge of $ 450 million .', 'ssga manages certain investment accounts , offered to retirement plans , that allow participants to purchase and redeem units at a constant net asset value regardless of volatility in the underlying value of the assets held by the account .', 'the accounts enter into contractual arrangements with independent third-party financial institutions that agree to make up any shortfall in the account if all the units are redeemed at the constant net asset value .', 'the financial institutions have the right , under certain circumstances , to terminate this guarantee with respect to future investments in the account .', 'during 2008 , the liquidity and pricing issues in the fixed-income markets adversely affected the market value of the securities in these accounts to the point that the third-party guarantors considered terminating their financial guarantees with the accounts .', 'although we were not statutorily or contractually obligated to do so , we elected to purchase approximately $ 2.49 billion of asset- and mortgage-backed securities from these accounts that had been identified as presenting increased risk in the current market environment and to contribute an aggregate of $ 450 million to the accounts to improve the ratio of the market value of the accounts 2019 portfolio holdings to the book value of the accounts .', 'we have no ongoing commitment or intent to provide support to these accounts .', 'the securities are carried in investment securities available for sale in our consolidated statement of condition .', 'the components of other expenses were as follows for the years ended december 31: .']
Tabular Data:
****************************************
( in millions ) 2008 2007 2006
customer indemnification obligation $ 200
securities processing 187 $ 79 $ 37
other 505 399 281
total other expenses $ 892 $ 478 $ 318
****************************************
Additional Information: ['in september and october 2008 , lehman brothers holdings inc. , or lehman brothers , and certain of its affiliates filed for bankruptcy or other insolvency proceedings .', 'while we had no unsecured financial exposure to lehman brothers or its affiliates , we indemnified certain customers in connection with these and other collateralized repurchase agreements with lehman brothers entities .', 'in the then current market environment , the market value of the underlying collateral had declined .', 'during the third quarter of 2008 , to the extent these declines resulted in collateral value falling below the indemnification obligation , we recorded a reserve to provide for our estimated net exposure .', 'the reserve , which totaled $ 200 million , was based on the cost of satisfying the indemnification obligation net of the fair value of the collateral , which we purchased during the fourth quarter of 2008 .', 'the collateral , composed of commercial real estate loans which are discussed in note 5 , is recorded in loans and leases in our consolidated statement of condition. .'] | -692.0 | STT/2008/page_139.pdf-4 | ['note 21 .', 'expenses during the fourth quarter of 2008 , we elected to provide support to certain investment accounts managed by ssga through the purchase of asset- and mortgage-backed securities and a cash infusion , which resulted in a charge of $ 450 million .', 'ssga manages certain investment accounts , offered to retirement plans , that allow participants to purchase and redeem units at a constant net asset value regardless of volatility in the underlying value of the assets held by the account .', 'the accounts enter into contractual arrangements with independent third-party financial institutions that agree to make up any shortfall in the account if all the units are redeemed at the constant net asset value .', 'the financial institutions have the right , under certain circumstances , to terminate this guarantee with respect to future investments in the account .', 'during 2008 , the liquidity and pricing issues in the fixed-income markets adversely affected the market value of the securities in these accounts to the point that the third-party guarantors considered terminating their financial guarantees with the accounts .', 'although we were not statutorily or contractually obligated to do so , we elected to purchase approximately $ 2.49 billion of asset- and mortgage-backed securities from these accounts that had been identified as presenting increased risk in the current market environment and to contribute an aggregate of $ 450 million to the accounts to improve the ratio of the market value of the accounts 2019 portfolio holdings to the book value of the accounts .', 'we have no ongoing commitment or intent to provide support to these accounts .', 'the securities are carried in investment securities available for sale in our consolidated statement of condition .', 'the components of other expenses were as follows for the years ended december 31: .'] | ['in september and october 2008 , lehman brothers holdings inc. , or lehman brothers , and certain of its affiliates filed for bankruptcy or other insolvency proceedings .', 'while we had no unsecured financial exposure to lehman brothers or its affiliates , we indemnified certain customers in connection with these and other collateralized repurchase agreements with lehman brothers entities .', 'in the then current market environment , the market value of the underlying collateral had declined .', 'during the third quarter of 2008 , to the extent these declines resulted in collateral value falling below the indemnification obligation , we recorded a reserve to provide for our estimated net exposure .', 'the reserve , which totaled $ 200 million , was based on the cost of satisfying the indemnification obligation net of the fair value of the collateral , which we purchased during the fourth quarter of 2008 .', 'the collateral , composed of commercial real estate loans which are discussed in note 5 , is recorded in loans and leases in our consolidated statement of condition. .'] | ****************************************
( in millions ) 2008 2007 2006
customer indemnification obligation $ 200
securities processing 187 $ 79 $ 37
other 505 399 281
total other expenses $ 892 $ 478 $ 318
**************************************** | subtract(200, 892) | -692.0 |
what is the amount of interest payment incurred from the bonds issued by the mississippi business finance corporation? | Background: ['performance of the company 2019s obligations under the senior notes , including any repurchase obligations resulting from a change of control , is unconditionally guaranteed , jointly and severally , on an unsecured basis , by each of hii 2019s existing and future domestic restricted subsidiaries that guarantees debt under the credit facility ( the 201csubsidiary guarantors 201d ) .', 'the guarantees rank equally with all other unsecured and unsubordinated indebtedness of the guarantors .', 'the subsidiary guarantors are each directly or indirectly 100% ( 100 % ) owned by hii .', 'there are no significant restrictions on the ability of hii or any subsidiary guarantor to obtain funds from their respective subsidiaries by dividend or loan .', 'mississippi economic development revenue bonds 2014as of december 31 , 2011 and 2010 , the company had $ 83.7 million outstanding from the issuance of industrial revenue bonds issued by the mississippi business finance corporation .', 'these bonds accrue interest at a fixed rate of 7.81% ( 7.81 % ) per annum ( payable semi-annually ) and mature in 2024 .', 'while repayment of principal and interest is guaranteed by northrop grumman systems corporation , hii has agreed to indemnify northrop grumman systems corporation for any losses related to the guaranty .', 'in accordance with the terms of the bonds , the proceeds have been used to finance the construction , reconstruction , and renovation of the company 2019s interest in certain ship manufacturing and repair facilities , or portions thereof , located in the state of mississippi .', 'gulf opportunity zone industrial development revenue bonds 2014as of december 31 , 2011 and 2010 , the company had $ 21.6 million outstanding from the issuance of gulf opportunity zone industrial development revenue bonds ( 201cgo zone irbs 201d ) issued by the mississippi business finance corporation .', 'the go zone irbs were initially issued in a principal amount of $ 200 million , and in november 2010 , in connection with the anticipated spin-off , hii purchased $ 178 million of the bonds using the proceeds from a $ 178 million intercompany loan from northrop grumman .', 'see note 20 : related party transactions and former parent company equity .', 'the remaining bonds accrue interest at a fixed rate of 4.55% ( 4.55 % ) per annum ( payable semi-annually ) , and mature in 2028 .', 'in accordance with the terms of the bonds , the proceeds have been used to finance the construction , reconstruction , and renovation of the company 2019s interest in certain ship manufacturing and repair facilities , or portions thereof , located in the state of mississippi .', 'the estimated fair value of the company 2019s total long-term debt , including current portions , at december 31 , 2011 and 2010 , was $ 1864 million and $ 128 million , respectively .', 'the fair value of the total long-term debt was calculated based on recent trades for most of the company 2019s debt instruments or based on interest rates prevailing on debt with substantially similar risks , terms and maturities .', 'the aggregate amounts of principal payments due on long-term debt for each of the next five years and thereafter are : ( $ in millions ) .']
----------
Data Table:
----------------------------------------
• 2012, $ 29
• 2013, 50
• 2014, 79
• 2015, 108
• 2016, 288
• thereafter, 1305
• total long-term debt, $ 1859
----------------------------------------
----------
Follow-up: ['14 .', 'investigations , claims , and litigation the company is involved in legal proceedings before various courts and administrative agencies , and is periodically subject to government examinations , inquiries and investigations .', 'pursuant to fasb accounting standard codification 450 contingencies , the company has accrued for losses associated with investigations , claims and litigation when , and to the extent that , loss amounts related to the investigations , claims and litigation are probable and can be reasonably estimated .', 'the actual losses that might be incurred to resolve such investigations , claims and litigation may be higher or lower than the amounts accrued .', 'for matters where a material loss is probable or reasonably possible and the amount of loss cannot be reasonably estimated , but the company is able to reasonably estimate a range of possible losses , such estimated range is required to be disclosed in these notes .', 'this estimated range would be based on information currently available to the company and would involve elements of judgment and significant uncertainties .', 'this estimated range of possible loss would not represent the company 2019s maximum possible loss exposure .', 'for matters as to which the company is not able to reasonably estimate a possible loss or range of loss , the company is required to indicate the reasons why it is unable to estimate the possible loss or range of loss .', 'for matters not specifically described in these notes , the company does not believe , based on information currently available to it , that it is reasonably possible that the liabilities , if any , arising from .'] | 3.26849 | HII/2011/page_100.pdf-3 | ['performance of the company 2019s obligations under the senior notes , including any repurchase obligations resulting from a change of control , is unconditionally guaranteed , jointly and severally , on an unsecured basis , by each of hii 2019s existing and future domestic restricted subsidiaries that guarantees debt under the credit facility ( the 201csubsidiary guarantors 201d ) .', 'the guarantees rank equally with all other unsecured and unsubordinated indebtedness of the guarantors .', 'the subsidiary guarantors are each directly or indirectly 100% ( 100 % ) owned by hii .', 'there are no significant restrictions on the ability of hii or any subsidiary guarantor to obtain funds from their respective subsidiaries by dividend or loan .', 'mississippi economic development revenue bonds 2014as of december 31 , 2011 and 2010 , the company had $ 83.7 million outstanding from the issuance of industrial revenue bonds issued by the mississippi business finance corporation .', 'these bonds accrue interest at a fixed rate of 7.81% ( 7.81 % ) per annum ( payable semi-annually ) and mature in 2024 .', 'while repayment of principal and interest is guaranteed by northrop grumman systems corporation , hii has agreed to indemnify northrop grumman systems corporation for any losses related to the guaranty .', 'in accordance with the terms of the bonds , the proceeds have been used to finance the construction , reconstruction , and renovation of the company 2019s interest in certain ship manufacturing and repair facilities , or portions thereof , located in the state of mississippi .', 'gulf opportunity zone industrial development revenue bonds 2014as of december 31 , 2011 and 2010 , the company had $ 21.6 million outstanding from the issuance of gulf opportunity zone industrial development revenue bonds ( 201cgo zone irbs 201d ) issued by the mississippi business finance corporation .', 'the go zone irbs were initially issued in a principal amount of $ 200 million , and in november 2010 , in connection with the anticipated spin-off , hii purchased $ 178 million of the bonds using the proceeds from a $ 178 million intercompany loan from northrop grumman .', 'see note 20 : related party transactions and former parent company equity .', 'the remaining bonds accrue interest at a fixed rate of 4.55% ( 4.55 % ) per annum ( payable semi-annually ) , and mature in 2028 .', 'in accordance with the terms of the bonds , the proceeds have been used to finance the construction , reconstruction , and renovation of the company 2019s interest in certain ship manufacturing and repair facilities , or portions thereof , located in the state of mississippi .', 'the estimated fair value of the company 2019s total long-term debt , including current portions , at december 31 , 2011 and 2010 , was $ 1864 million and $ 128 million , respectively .', 'the fair value of the total long-term debt was calculated based on recent trades for most of the company 2019s debt instruments or based on interest rates prevailing on debt with substantially similar risks , terms and maturities .', 'the aggregate amounts of principal payments due on long-term debt for each of the next five years and thereafter are : ( $ in millions ) .'] | ['14 .', 'investigations , claims , and litigation the company is involved in legal proceedings before various courts and administrative agencies , and is periodically subject to government examinations , inquiries and investigations .', 'pursuant to fasb accounting standard codification 450 contingencies , the company has accrued for losses associated with investigations , claims and litigation when , and to the extent that , loss amounts related to the investigations , claims and litigation are probable and can be reasonably estimated .', 'the actual losses that might be incurred to resolve such investigations , claims and litigation may be higher or lower than the amounts accrued .', 'for matters where a material loss is probable or reasonably possible and the amount of loss cannot be reasonably estimated , but the company is able to reasonably estimate a range of possible losses , such estimated range is required to be disclosed in these notes .', 'this estimated range would be based on information currently available to the company and would involve elements of judgment and significant uncertainties .', 'this estimated range of possible loss would not represent the company 2019s maximum possible loss exposure .', 'for matters as to which the company is not able to reasonably estimate a possible loss or range of loss , the company is required to indicate the reasons why it is unable to estimate the possible loss or range of loss .', 'for matters not specifically described in these notes , the company does not believe , based on information currently available to it , that it is reasonably possible that the liabilities , if any , arising from .'] | ----------------------------------------
• 2012, $ 29
• 2013, 50
• 2014, 79
• 2015, 108
• 2016, 288
• thereafter, 1305
• total long-term debt, $ 1859
---------------------------------------- | multiply(83.7, 7.81%), divide(#0, const_2) | 3.26849 |
what were total costs incurred in 2011 , 2010 and 2009 relating to the development of proved undeveloped reserves , in millions? | Pre-text: ['for the estimates of our oil sands mining reserves has 33 years of experience in petroleum engineering and has conducted surface mineable oil sands evaluations since 1986 .', 'he is a member of spe , having served as regional director from 1998 through 2001 and is a registered practicing professional engineer in the province of alberta .', 'audits of estimates third-party consultants are engaged to provide independent estimates for fields that comprise 80 percent of our total proved reserves over a rolling four-year period for the purpose of auditing the in-house reserve estimates .', 'we met this goal for the four-year period ended december 31 , 2011 .', 'we established a tolerance level of 10 percent such that initial estimates by the third-party consultants are accepted if they are within 10 percent of our internal estimates .', 'should the third-party consultants 2019 initial analysis fail to reach our tolerance level , both our team and the consultants re-examine the information provided , request additional data and refine their analysis if appropriate .', 'this resolution process is continued until both estimates are within 10 percent .', 'this process did not result in significant changes to our reserve estimates in 2011 or 2009 .', 'there were no third-party audits performed in 2010 .', 'during 2011 , netherland , sewell & associates , inc .', '( 201cnsai 201d ) prepared a certification of december 31 , 2010 reserves for the alba field in equatorial guinea .', 'the nsai summary report is filed as an exhibit to this annual report on form 10-k .', 'the senior members of the nsai team have over 50 years of industry experience between them , having worked for large , international oil and gas companies before joining nsai .', 'the team lead has a master of science in mechanical engineering and is a member of spe .', 'the senior technical advisor has a bachelor of science degree in geophysics and is a member of the society of exploration geophysicists , the american association of petroleum geologists and the european association of geoscientists and engineers .', 'both are licensed in the state of texas .', 'ryder scott company ( 201cryder scott 201d ) performed audits of several of our fields in 2011 and 2009 .', 'their summary report on audits performed in 2011 is filed as an exhibit to this annual report on form 10-k .', 'the team lead for ryder scott has over 20 years of industry experience , having worked for a major international oil and gas company before joining ryder scott .', 'he has a bachelor of science degree in mechanical engineering , is a member of spe and is a registered professional engineer in the state of texas .', 'the corporate reserves group also performs separate , detailed technical reviews of reserve estimates for significant fields that were acquired recently or for properties with other indicators such as excessively short or long lives , performance above or below expectations or changes in economic or operating conditions .', 'changes in proved undeveloped reserves as of december 31 , 2011 , 395 mmboe of proved undeveloped reserves were reported , a decrease of 10 mmboe from december 31 , 2010 .', 'the following table shows changes in total proved undeveloped reserves for 2011: .']
Tabular Data:
****************************************
beginning of year, 405
revisions of previous estimates, 15
improved recovery, 1
purchases of reserves in place, 91
extensions discoveries and other additions, 49
transfer to proved developed, -166 ( 166 )
end of year, 395
****************************************
Follow-up: ['significant additions to proved undeveloped reserves during 2011 include 91 mmboe due to acreage acquisition in the eagle ford shale , 26 mmboe related to anadarko woodford shale development , 10 mmboe for development drilling in the bakken shale play and 8 mmboe for additional drilling in norway .', 'additionally , 139 mmboe were transferred from proved undeveloped to proved developed reserves due to startup of the jackpine upgrader expansion in canada .', 'costs incurred in 2011 , 2010 and 2009 relating to the development of proved undeveloped reserves , were $ 1107 million , $ 1463 million and $ 792 million .', 'projects can remain in proved undeveloped reserves for extended periods in certain situations such as behind-pipe zones where reserves will not be accessed until the primary producing zone depletes , large development projects which take more than five years to complete , and the timing of when additional gas compression is needed .', 'of the 395 mmboe of proved undeveloped reserves at year end 2011 , 34 percent of the volume is associated with projects that have been included in proved reserves for more than five years .', 'the majority of this volume is related to a compression project in equatorial guinea that was sanctioned by our board of directors in 2004 and is expected to be completed by 2016 .', 'performance of this field has exceeded expectations , and estimates of initial dry gas in place increased by roughly 10 percent between 2004 and 2010 .', 'production is not expected to experience a natural decline from facility-limited plateau production until 2014 , or possibly 2015 .', 'the timing of the installation of compression is being driven by the reservoir performance. .'] | 3362.0 | MRO/2011/page_21.pdf-1 | ['for the estimates of our oil sands mining reserves has 33 years of experience in petroleum engineering and has conducted surface mineable oil sands evaluations since 1986 .', 'he is a member of spe , having served as regional director from 1998 through 2001 and is a registered practicing professional engineer in the province of alberta .', 'audits of estimates third-party consultants are engaged to provide independent estimates for fields that comprise 80 percent of our total proved reserves over a rolling four-year period for the purpose of auditing the in-house reserve estimates .', 'we met this goal for the four-year period ended december 31 , 2011 .', 'we established a tolerance level of 10 percent such that initial estimates by the third-party consultants are accepted if they are within 10 percent of our internal estimates .', 'should the third-party consultants 2019 initial analysis fail to reach our tolerance level , both our team and the consultants re-examine the information provided , request additional data and refine their analysis if appropriate .', 'this resolution process is continued until both estimates are within 10 percent .', 'this process did not result in significant changes to our reserve estimates in 2011 or 2009 .', 'there were no third-party audits performed in 2010 .', 'during 2011 , netherland , sewell & associates , inc .', '( 201cnsai 201d ) prepared a certification of december 31 , 2010 reserves for the alba field in equatorial guinea .', 'the nsai summary report is filed as an exhibit to this annual report on form 10-k .', 'the senior members of the nsai team have over 50 years of industry experience between them , having worked for large , international oil and gas companies before joining nsai .', 'the team lead has a master of science in mechanical engineering and is a member of spe .', 'the senior technical advisor has a bachelor of science degree in geophysics and is a member of the society of exploration geophysicists , the american association of petroleum geologists and the european association of geoscientists and engineers .', 'both are licensed in the state of texas .', 'ryder scott company ( 201cryder scott 201d ) performed audits of several of our fields in 2011 and 2009 .', 'their summary report on audits performed in 2011 is filed as an exhibit to this annual report on form 10-k .', 'the team lead for ryder scott has over 20 years of industry experience , having worked for a major international oil and gas company before joining ryder scott .', 'he has a bachelor of science degree in mechanical engineering , is a member of spe and is a registered professional engineer in the state of texas .', 'the corporate reserves group also performs separate , detailed technical reviews of reserve estimates for significant fields that were acquired recently or for properties with other indicators such as excessively short or long lives , performance above or below expectations or changes in economic or operating conditions .', 'changes in proved undeveloped reserves as of december 31 , 2011 , 395 mmboe of proved undeveloped reserves were reported , a decrease of 10 mmboe from december 31 , 2010 .', 'the following table shows changes in total proved undeveloped reserves for 2011: .'] | ['significant additions to proved undeveloped reserves during 2011 include 91 mmboe due to acreage acquisition in the eagle ford shale , 26 mmboe related to anadarko woodford shale development , 10 mmboe for development drilling in the bakken shale play and 8 mmboe for additional drilling in norway .', 'additionally , 139 mmboe were transferred from proved undeveloped to proved developed reserves due to startup of the jackpine upgrader expansion in canada .', 'costs incurred in 2011 , 2010 and 2009 relating to the development of proved undeveloped reserves , were $ 1107 million , $ 1463 million and $ 792 million .', 'projects can remain in proved undeveloped reserves for extended periods in certain situations such as behind-pipe zones where reserves will not be accessed until the primary producing zone depletes , large development projects which take more than five years to complete , and the timing of when additional gas compression is needed .', 'of the 395 mmboe of proved undeveloped reserves at year end 2011 , 34 percent of the volume is associated with projects that have been included in proved reserves for more than five years .', 'the majority of this volume is related to a compression project in equatorial guinea that was sanctioned by our board of directors in 2004 and is expected to be completed by 2016 .', 'performance of this field has exceeded expectations , and estimates of initial dry gas in place increased by roughly 10 percent between 2004 and 2010 .', 'production is not expected to experience a natural decline from facility-limited plateau production until 2014 , or possibly 2015 .', 'the timing of the installation of compression is being driven by the reservoir performance. .'] | ****************************************
beginning of year, 405
revisions of previous estimates, 15
improved recovery, 1
purchases of reserves in place, 91
extensions discoveries and other additions, 49
transfer to proved developed, -166 ( 166 )
end of year, 395
**************************************** | add(1107, 1463), add(#0, 792) | 3362.0 |
what is the effective income tax rate in 2010 based on the information about the gains on sales of discontinued operations? | Pre-text: ['analog devices , inc .', 'notes to consolidated financial statements 2014 ( continued ) asu no .', '2011-05 is effective for fiscal years , and interim periods within those years , beginning after december 15 , 2011 , which is the company 2019s fiscal year 2013 .', 'subsequently , in december 2011 , the fasb issued asu no .', '2011-12 , deferral of the effective date for amendments to the presentation of reclassifications of items out of accumulated other comprehensive income in accounting standards update no .', '2011-05 ( asu no .', '2011-12 ) , which defers only those changes in asu no .', '2011-05 that relate to the presentation of reclassification adjustments but does not affect all other requirements in asu no .', '2011-05 .', 'the adoption of asu no .', '2011-05 and asu no .', '2011-12 will affect the presentation of comprehensive income but will not materially impact the company 2019s financial condition or results of operations .', 'u .', 'discontinued operations in november 2007 , the company entered into a purchase and sale agreement with certain subsidiaries of on semiconductor corporation to sell the company 2019s cpu voltage regulation and pc thermal monitoring business which consisted of core voltage regulator products for the central processing unit in computing and gaming applications and temperature sensors and fan-speed controllers for managing the temperature of the central processing unit .', 'during fiscal 2008 , the company completed the sale of this business .', 'in the first quarter of fiscal 2010 , proceeds of $ 1 million were released from escrow and $ 0.6 million net of tax was recorded as additional gain from the sale of discontinued operations .', 'the company does not expect any additional proceeds from this sale .', 'in september 2007 , the company entered into a definitive agreement to sell its baseband chipset business to mediatek inc .', 'the decision to sell the baseband chipset business was due to the company 2019s decision to focus its resources in areas where its signal processing expertise can provide unique capabilities and earn superior returns .', 'during fiscal 2008 , the company completed the sale of its baseband chipset business for net cash proceeds of $ 269 million .', 'the company made cash payments of $ 1.7 million during fiscal 2009 related to retention payments for employees who transferred to mediatek inc .', 'and for the reimbursement of intellectual property license fees incurred by mediatek .', 'during fiscal 2010 , the company received cash proceeds of $ 62 million as a result of the receipt of a refundable withholding tax and also recorded an additional gain on sale of $ 0.3 million , or $ 0.2 million net of tax , due to the settlement of certain items at less than the amounts accrued .', 'in fiscal 2011 , additional proceeds of $ 10 million were released from escrow and $ 6.5 million net of tax was recorded as additional gain from the sale of discontinued operations .', 'the company does not expect any additional proceeds from this sale .', 'the following amounts related to the cpu voltage regulation and pc thermal monitoring and baseband chipset businesses have been segregated from continuing operations and reported as discontinued operations. .']
Table:
----------------------------------------
Row 1: , 2012, 2011, 2010
Row 2: gain on sale of discontinued operations before income taxes, $ 2014, $ 10000, $ 1316
Row 3: provision for income taxes, 2014, 3500, 457
Row 4: gain on sale of discontinued operations net of tax, $ 2014, $ 6500, $ 859
----------------------------------------
Post-table: ['3 .', 'stock-based compensation and shareholders 2019 equity equity compensation plans the company grants , or has granted , stock options and other stock and stock-based awards under the 2006 stock incentive plan ( 2006 plan ) .', 'the 2006 plan was approved by the company 2019s board of directors on january 23 , 2006 and was approved by shareholders on march 14 , 2006 and subsequently amended in march 2006 , june 2009 , september 2009 , december 2009 , december 2010 and june 2011 .', 'the 2006 plan provides for the grant of up to 15 million shares of the company 2019s common stock , plus such number of additional shares that were subject to outstanding options under the company 2019s previous plans that are not issued because the applicable option award subsequently terminates or expires without being exercised .', 'the 2006 plan provides for the grant of incentive stock options intended to qualify under section 422 of the internal revenue code of 1986 , as amended , non-statutory stock options , stock appreciation rights , restricted stock , restricted stock units and other stock-based awards .', 'employees , officers , directors , consultants and advisors of the company and its subsidiaries are eligible to be granted awards under the 2006 plan .', 'no award may be made under the 2006 plan after march 13 , 2016 , but awards previously granted may extend beyond that date .', 'the company will not grant further options under any previous plans .', 'while the company may grant to employees options that become exercisable at different times or within different periods , the company has generally granted to employees options that vest over five years and become exercisable in annual installments of 20% ( 20 % ) on each of the first , second , third , fourth and fifth anniversaries of the date of grant ; 33.3% ( 33.3 % ) on each of the third , fourth , and fifth anniversaries of the date of grant ; or in annual installments of 25% ( 25 % ) on each of the second , third , fourth .'] | 0.34726 | ADI/2012/page_65.pdf-2 | ['analog devices , inc .', 'notes to consolidated financial statements 2014 ( continued ) asu no .', '2011-05 is effective for fiscal years , and interim periods within those years , beginning after december 15 , 2011 , which is the company 2019s fiscal year 2013 .', 'subsequently , in december 2011 , the fasb issued asu no .', '2011-12 , deferral of the effective date for amendments to the presentation of reclassifications of items out of accumulated other comprehensive income in accounting standards update no .', '2011-05 ( asu no .', '2011-12 ) , which defers only those changes in asu no .', '2011-05 that relate to the presentation of reclassification adjustments but does not affect all other requirements in asu no .', '2011-05 .', 'the adoption of asu no .', '2011-05 and asu no .', '2011-12 will affect the presentation of comprehensive income but will not materially impact the company 2019s financial condition or results of operations .', 'u .', 'discontinued operations in november 2007 , the company entered into a purchase and sale agreement with certain subsidiaries of on semiconductor corporation to sell the company 2019s cpu voltage regulation and pc thermal monitoring business which consisted of core voltage regulator products for the central processing unit in computing and gaming applications and temperature sensors and fan-speed controllers for managing the temperature of the central processing unit .', 'during fiscal 2008 , the company completed the sale of this business .', 'in the first quarter of fiscal 2010 , proceeds of $ 1 million were released from escrow and $ 0.6 million net of tax was recorded as additional gain from the sale of discontinued operations .', 'the company does not expect any additional proceeds from this sale .', 'in september 2007 , the company entered into a definitive agreement to sell its baseband chipset business to mediatek inc .', 'the decision to sell the baseband chipset business was due to the company 2019s decision to focus its resources in areas where its signal processing expertise can provide unique capabilities and earn superior returns .', 'during fiscal 2008 , the company completed the sale of its baseband chipset business for net cash proceeds of $ 269 million .', 'the company made cash payments of $ 1.7 million during fiscal 2009 related to retention payments for employees who transferred to mediatek inc .', 'and for the reimbursement of intellectual property license fees incurred by mediatek .', 'during fiscal 2010 , the company received cash proceeds of $ 62 million as a result of the receipt of a refundable withholding tax and also recorded an additional gain on sale of $ 0.3 million , or $ 0.2 million net of tax , due to the settlement of certain items at less than the amounts accrued .', 'in fiscal 2011 , additional proceeds of $ 10 million were released from escrow and $ 6.5 million net of tax was recorded as additional gain from the sale of discontinued operations .', 'the company does not expect any additional proceeds from this sale .', 'the following amounts related to the cpu voltage regulation and pc thermal monitoring and baseband chipset businesses have been segregated from continuing operations and reported as discontinued operations. .'] | ['3 .', 'stock-based compensation and shareholders 2019 equity equity compensation plans the company grants , or has granted , stock options and other stock and stock-based awards under the 2006 stock incentive plan ( 2006 plan ) .', 'the 2006 plan was approved by the company 2019s board of directors on january 23 , 2006 and was approved by shareholders on march 14 , 2006 and subsequently amended in march 2006 , june 2009 , september 2009 , december 2009 , december 2010 and june 2011 .', 'the 2006 plan provides for the grant of up to 15 million shares of the company 2019s common stock , plus such number of additional shares that were subject to outstanding options under the company 2019s previous plans that are not issued because the applicable option award subsequently terminates or expires without being exercised .', 'the 2006 plan provides for the grant of incentive stock options intended to qualify under section 422 of the internal revenue code of 1986 , as amended , non-statutory stock options , stock appreciation rights , restricted stock , restricted stock units and other stock-based awards .', 'employees , officers , directors , consultants and advisors of the company and its subsidiaries are eligible to be granted awards under the 2006 plan .', 'no award may be made under the 2006 plan after march 13 , 2016 , but awards previously granted may extend beyond that date .', 'the company will not grant further options under any previous plans .', 'while the company may grant to employees options that become exercisable at different times or within different periods , the company has generally granted to employees options that vest over five years and become exercisable in annual installments of 20% ( 20 % ) on each of the first , second , third , fourth and fifth anniversaries of the date of grant ; 33.3% ( 33.3 % ) on each of the third , fourth , and fifth anniversaries of the date of grant ; or in annual installments of 25% ( 25 % ) on each of the second , third , fourth .'] | ----------------------------------------
Row 1: , 2012, 2011, 2010
Row 2: gain on sale of discontinued operations before income taxes, $ 2014, $ 10000, $ 1316
Row 3: provision for income taxes, 2014, 3500, 457
Row 4: gain on sale of discontinued operations net of tax, $ 2014, $ 6500, $ 859
---------------------------------------- | divide(457, 1316) | 0.34726 |
what was the percentage change in net cash provided by operating activities from 2016 to 2017? | Background: ['in summary , our cash flows for each period were as follows : years ended ( in millions ) dec 30 , dec 31 , dec 26 .']
Data Table:
****************************************
• years ended ( in millions ), dec 302017, dec 312016, dec 262015
• net cash provided by operating activities, $ 22110, $ 21808, $ 19018
• net cash used for investing activities, -15762 ( 15762 ), -25817 ( 25817 ), -8183 ( 8183 )
• net cash provided by ( used for ) financing activities, -8475 ( 8475 ), -5739 ( 5739 ), 1912
• net increase ( decrease ) in cash and cash equivalents, $ -2127 ( 2127 ), $ -9748 ( 9748 ), $ 12747
****************************************
Post-table: ['operating activities cash provided by operating activities is net income adjusted for certain non-cash items and changes in assets and liabilities .', 'for 2017 compared to 2016 , the $ 302 million increase in cash provided by operating activities was due to changes to working capital partially offset by adjustments for non-cash items and lower net income .', 'tax reform did not have an impact on our 2017 cash provided by operating activities .', 'the increase in cash provided by operating activities was driven by increased income before taxes and $ 1.0 billion receipts of customer deposits .', 'these increases were partially offset by increased inventory and accounts receivable .', 'income taxes paid , net of refunds , in 2017 compared to 2016 were $ 2.9 billion higher due to higher income before taxes , taxable gains on sales of asml , and taxes on the isecg divestiture .', 'we expect approximately $ 2.0 billion of additional customer deposits in 2018 .', 'for 2016 compared to 2015 , the $ 2.8 billion increase in cash provided by operating activities was due to adjustments for non-cash items and changes in working capital , partially offset by lower net income .', 'the adjustments for non-cash items were higher in 2016 primarily due to restructuring and other charges and the change in deferred taxes , partially offset by lower depreciation .', 'investing activities investing cash flows consist primarily of capital expenditures ; investment purchases , sales , maturities , and disposals ; and proceeds from divestitures and cash used for acquisitions .', 'our capital expenditures were $ 11.8 billion in 2017 ( $ 9.6 billion in 2016 and $ 7.3 billion in 2015 ) .', 'the decrease in cash used for investing activities in 2017 compared to 2016 was primarily due to higher net activity of available-for sale-investments in 2017 , proceeds from our divestiture of isecg in 2017 , and higher maturities and sales of trading assets in 2017 .', 'this activity was partially offset by higher capital expenditures in 2017 .', 'the increase in cash used for investing activities in 2016 compared to 2015 was primarily due to our completed acquisition of altera , net purchases of trading assets in 2016 compared to net sales of trading assets in 2015 , and higher capital expenditures in 2016 .', 'this increase was partially offset by lower investments in non-marketable equity investments .', 'financing activities financing cash flows consist primarily of repurchases of common stock , payment of dividends to stockholders , issuance and repayment of short-term and long-term debt , and proceeds from the sale of shares of common stock through employee equity incentive plans .', 'the increase in cash used for financing activities in 2017 compared to 2016 was primarily due to net long-term debt activity , which was a use of cash in 2017 compared to a source of cash in 2016 .', 'during 2017 , we repurchased $ 3.6 billion of common stock under our authorized common stock repurchase program , compared to $ 2.6 billion in 2016 .', 'as of december 30 , 2017 , $ 13.2 billion remained available for repurchasing common stock under the existing repurchase authorization limit .', 'we base our level of common stock repurchases on internal cash management decisions , and this level may fluctuate .', 'proceeds from the sale of common stock through employee equity incentive plans totaled $ 770 million in 2017 compared to $ 1.1 billion in 2016 .', 'our total dividend payments were $ 5.1 billion in 2017 compared to $ 4.9 billion in 2016 .', 'we have paid a cash dividend in each of the past 101 quarters .', 'in january 2018 , our board of directors approved an increase to our cash dividend to $ 1.20 per share on an annual basis .', 'the board has declared a quarterly cash dividend of $ 0.30 per share of common stock for q1 2018 .', 'the dividend is payable on march 1 , 2018 to stockholders of record on february 7 , 2018 .', 'cash was used for financing activities in 2016 compared to cash provided by financing activities in 2015 , primarily due to fewer debt issuances and the repayment of debt in 2016 .', 'this activity was partially offset by repayment of commercial paper in 2015 and fewer common stock repurchases in 2016 .', 'md&a - results of operations consolidated results and analysis 37 .'] | 0.01385 | INTC/2017/page_45.pdf-3 | ['in summary , our cash flows for each period were as follows : years ended ( in millions ) dec 30 , dec 31 , dec 26 .'] | ['operating activities cash provided by operating activities is net income adjusted for certain non-cash items and changes in assets and liabilities .', 'for 2017 compared to 2016 , the $ 302 million increase in cash provided by operating activities was due to changes to working capital partially offset by adjustments for non-cash items and lower net income .', 'tax reform did not have an impact on our 2017 cash provided by operating activities .', 'the increase in cash provided by operating activities was driven by increased income before taxes and $ 1.0 billion receipts of customer deposits .', 'these increases were partially offset by increased inventory and accounts receivable .', 'income taxes paid , net of refunds , in 2017 compared to 2016 were $ 2.9 billion higher due to higher income before taxes , taxable gains on sales of asml , and taxes on the isecg divestiture .', 'we expect approximately $ 2.0 billion of additional customer deposits in 2018 .', 'for 2016 compared to 2015 , the $ 2.8 billion increase in cash provided by operating activities was due to adjustments for non-cash items and changes in working capital , partially offset by lower net income .', 'the adjustments for non-cash items were higher in 2016 primarily due to restructuring and other charges and the change in deferred taxes , partially offset by lower depreciation .', 'investing activities investing cash flows consist primarily of capital expenditures ; investment purchases , sales , maturities , and disposals ; and proceeds from divestitures and cash used for acquisitions .', 'our capital expenditures were $ 11.8 billion in 2017 ( $ 9.6 billion in 2016 and $ 7.3 billion in 2015 ) .', 'the decrease in cash used for investing activities in 2017 compared to 2016 was primarily due to higher net activity of available-for sale-investments in 2017 , proceeds from our divestiture of isecg in 2017 , and higher maturities and sales of trading assets in 2017 .', 'this activity was partially offset by higher capital expenditures in 2017 .', 'the increase in cash used for investing activities in 2016 compared to 2015 was primarily due to our completed acquisition of altera , net purchases of trading assets in 2016 compared to net sales of trading assets in 2015 , and higher capital expenditures in 2016 .', 'this increase was partially offset by lower investments in non-marketable equity investments .', 'financing activities financing cash flows consist primarily of repurchases of common stock , payment of dividends to stockholders , issuance and repayment of short-term and long-term debt , and proceeds from the sale of shares of common stock through employee equity incentive plans .', 'the increase in cash used for financing activities in 2017 compared to 2016 was primarily due to net long-term debt activity , which was a use of cash in 2017 compared to a source of cash in 2016 .', 'during 2017 , we repurchased $ 3.6 billion of common stock under our authorized common stock repurchase program , compared to $ 2.6 billion in 2016 .', 'as of december 30 , 2017 , $ 13.2 billion remained available for repurchasing common stock under the existing repurchase authorization limit .', 'we base our level of common stock repurchases on internal cash management decisions , and this level may fluctuate .', 'proceeds from the sale of common stock through employee equity incentive plans totaled $ 770 million in 2017 compared to $ 1.1 billion in 2016 .', 'our total dividend payments were $ 5.1 billion in 2017 compared to $ 4.9 billion in 2016 .', 'we have paid a cash dividend in each of the past 101 quarters .', 'in january 2018 , our board of directors approved an increase to our cash dividend to $ 1.20 per share on an annual basis .', 'the board has declared a quarterly cash dividend of $ 0.30 per share of common stock for q1 2018 .', 'the dividend is payable on march 1 , 2018 to stockholders of record on february 7 , 2018 .', 'cash was used for financing activities in 2016 compared to cash provided by financing activities in 2015 , primarily due to fewer debt issuances and the repayment of debt in 2016 .', 'this activity was partially offset by repayment of commercial paper in 2015 and fewer common stock repurchases in 2016 .', 'md&a - results of operations consolidated results and analysis 37 .'] | ****************************************
• years ended ( in millions ), dec 302017, dec 312016, dec 262015
• net cash provided by operating activities, $ 22110, $ 21808, $ 19018
• net cash used for investing activities, -15762 ( 15762 ), -25817 ( 25817 ), -8183 ( 8183 )
• net cash provided by ( used for ) financing activities, -8475 ( 8475 ), -5739 ( 5739 ), 1912
• net increase ( decrease ) in cash and cash equivalents, $ -2127 ( 2127 ), $ -9748 ( 9748 ), $ 12747
**************************************** | subtract(22110, 21808), divide(#0, 21808) | 0.01385 |
what was the percentage change in the carrying amount reported on the consolidated balance sheet from 2007 to 2008? | Pre-text: ['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 .', 'the majority of these non-structured liabilities are a result of the company 2019s election of the fair-value option for liabilities associated with the citi-advised structured investment vehicles ( sivs ) , which were consolidated during the fourth quarter of 2007 .', 'the change in fair values of the sivs 2019 liabilities reported in earnings was $ 2.6 billion for the year ended december 31 , 2008 .', 'for these non-structured liabilities the aggregate fair value is $ 263 million lower than the aggregate unpaid principal balance as of december 31 , 2008 .', 'for all other non-structured liabilities classified as long-term debt for which the fair-value option has been elected , the aggregate unpaid principal balance exceeds the aggregate fair value of such instruments by $ 97 million as of december 31 , 2008 while the aggregate fair value exceeded the aggregate unpaid principal by $ 112 million as of december 31 , 2007 .', 'the change in fair value of these non-structured liabilities reported a gain of $ 1.2 billion for the year ended december 31 , 2008 .', '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 .', '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 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 .', 'this election was effective for applicable instruments originated or purchased on or after september 1 , 2007 .', 'the following table provides information about certain mortgage loans carried at fair value : in millions of dollars december 31 , december 31 , carrying amount reported on the consolidated balance sheet $ 4273 $ 6392 aggregate fair value in excess of unpaid principal balance $ 138 $ 136 balance on non-accrual loans or loans more than 90 days past due $ 9 $ 17 aggregate unpaid principal balance in excess of fair value for non-accrual loans or loans more than 90 days past due $ 2 $ 2014 the changes in fair values of these mortgage loans is reported in other revenue in the company 2019s consolidated statement of income .', 'the changes in fair value during the year ended december 31 , 2008 due to instrument- specific credit risk resulted in a $ 32 million loss .', 'the change in fair value during 2007 due to instrument-specific credit risk was immaterial .', 'related interest income continues to be measured based on the contractual interest rates and reported as such in the consolidated income statement .', 'items selected for fair-value accounting in accordance with sfas 155 and sfas 156 certain hybrid financial instruments the company has elected to apply fair-value accounting under sfas 155 for certain hybrid financial assets and liabilities whose performance is linked to risks other than interest rate , foreign exchange or inflation ( e.g. , equity , credit or commodity risks ) .', 'in addition , the company has elected fair-value accounting under sfas 155 for residual interests retained from securitizing certain financial assets .', 'the company has elected fair-value accounting for these instruments because these exposures are considered to be trading-related positions and , therefore , are managed on a fair-value basis .', 'in addition , the accounting for these instruments is simplified under a fair-value approach as it eliminates the complicated operational requirements of bifurcating the embedded derivatives from the host contracts and accounting for each separately .', 'the hybrid financial instruments are classified as trading account assets , loans , deposits , trading account liabilities ( for prepaid derivatives ) , short-term borrowings or long-term debt on the company 2019s consolidated balance sheet according to their legal form , while residual interests in certain securitizations are classified as trading account assets .', 'for hybrid financial instruments for which fair-value accounting has been elected under sfas 155 and that are classified as long-term debt , the aggregate unpaid principal exceeds the aggregate fair value by $ 1.9 billion as of december 31 , 2008 , while the aggregate fair value exceeds the aggregate unpaid principal balance by $ 460 million as of december 31 , 2007 .', 'the difference for those instruments classified as loans is immaterial .', 'changes in fair value for hybrid financial instruments , which in most cases includes a component for accrued interest , are recorded in principal transactions in the company 2019s consolidated statement of income .', 'interest accruals for certain hybrid instruments classified as trading assets are recorded separately from the change in fair value as interest revenue in the company 2019s consolidated statement of income .', 'mortgage servicing rights the company accounts for mortgage servicing rights ( msrs ) at fair value in accordance with sfas 156 .', '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 on page 175 for further discussions regarding the accounting and reporting of msrs .', 'these msrs , which totaled $ 5.7 billion and $ 8.4 billion as of december 31 , 2008 and december 31 , 2007 , 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. .']
##
Table:
========================================
in millions of dollars | december 31 2008 | december 31 2007
carrying amount reported on the consolidated balance sheet | $ 4273 | $ 6392
aggregate fair value in excess of unpaid principal balance | $ 138 | $ 136
balance on non-accrual loans or loans more than 90 days past due | $ 9 | $ 17
aggregate unpaid principal balance in excess of fair value for non-accrual loans or loans more than 90 days pastdue | $ 2 | $ 2014
========================================
##
Additional Information: ['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 .', 'the majority of these non-structured liabilities are a result of the company 2019s election of the fair-value option for liabilities associated with the citi-advised structured investment vehicles ( sivs ) , which were consolidated during the fourth quarter of 2007 .', 'the change in fair values of the sivs 2019 liabilities reported in earnings was $ 2.6 billion for the year ended december 31 , 2008 .', 'for these non-structured liabilities the aggregate fair value is $ 263 million lower than the aggregate unpaid principal balance as of december 31 , 2008 .', 'for all other non-structured liabilities classified as long-term debt for which the fair-value option has been elected , the aggregate unpaid principal balance exceeds the aggregate fair value of such instruments by $ 97 million as of december 31 , 2008 while the aggregate fair value exceeded the aggregate unpaid principal by $ 112 million as of december 31 , 2007 .', 'the change in fair value of these non-structured liabilities reported a gain of $ 1.2 billion for the year ended december 31 , 2008 .', '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 .', '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 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 .', 'this election was effective for applicable instruments originated or purchased on or after september 1 , 2007 .', 'the following table provides information about certain mortgage loans carried at fair value : in millions of dollars december 31 , december 31 , carrying amount reported on the consolidated balance sheet $ 4273 $ 6392 aggregate fair value in excess of unpaid principal balance $ 138 $ 136 balance on non-accrual loans or loans more than 90 days past due $ 9 $ 17 aggregate unpaid principal balance in excess of fair value for non-accrual loans or loans more than 90 days past due $ 2 $ 2014 the changes in fair values of these mortgage loans is reported in other revenue in the company 2019s consolidated statement of income .', 'the changes in fair value during the year ended december 31 , 2008 due to instrument- specific credit risk resulted in a $ 32 million loss .', 'the change in fair value during 2007 due to instrument-specific credit risk was immaterial .', 'related interest income continues to be measured based on the contractual interest rates and reported as such in the consolidated income statement .', 'items selected for fair-value accounting in accordance with sfas 155 and sfas 156 certain hybrid financial instruments the company has elected to apply fair-value accounting under sfas 155 for certain hybrid financial assets and liabilities whose performance is linked to risks other than interest rate , foreign exchange or inflation ( e.g. , equity , credit or commodity risks ) .', 'in addition , the company has elected fair-value accounting under sfas 155 for residual interests retained from securitizing certain financial assets .', 'the company has elected fair-value accounting for these instruments because these exposures are considered to be trading-related positions and , therefore , are managed on a fair-value basis .', 'in addition , the accounting for these instruments is simplified under a fair-value approach as it eliminates the complicated operational requirements of bifurcating the embedded derivatives from the host contracts and accounting for each separately .', 'the hybrid financial instruments are classified as trading account assets , loans , deposits , trading account liabilities ( for prepaid derivatives ) , short-term borrowings or long-term debt on the company 2019s consolidated balance sheet according to their legal form , while residual interests in certain securitizations are classified as trading account assets .', 'for hybrid financial instruments for which fair-value accounting has been elected under sfas 155 and that are classified as long-term debt , the aggregate unpaid principal exceeds the aggregate fair value by $ 1.9 billion as of december 31 , 2008 , while the aggregate fair value exceeds the aggregate unpaid principal balance by $ 460 million as of december 31 , 2007 .', 'the difference for those instruments classified as loans is immaterial .', 'changes in fair value for hybrid financial instruments , which in most cases includes a component for accrued interest , are recorded in principal transactions in the company 2019s consolidated statement of income .', 'interest accruals for certain hybrid instruments classified as trading assets are recorded separately from the change in fair value as interest revenue in the company 2019s consolidated statement of income .', 'mortgage servicing rights the company accounts for mortgage servicing rights ( msrs ) at fair value in accordance with sfas 156 .', '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 on page 175 for further discussions regarding the accounting and reporting of msrs .', 'these msrs , which totaled $ 5.7 billion and $ 8.4 billion as of december 31 , 2008 and december 31 , 2007 , 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. .'] | -0.33151 | C/2008/page_212.pdf-4 | ['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 .', 'the majority of these non-structured liabilities are a result of the company 2019s election of the fair-value option for liabilities associated with the citi-advised structured investment vehicles ( sivs ) , which were consolidated during the fourth quarter of 2007 .', 'the change in fair values of the sivs 2019 liabilities reported in earnings was $ 2.6 billion for the year ended december 31 , 2008 .', 'for these non-structured liabilities the aggregate fair value is $ 263 million lower than the aggregate unpaid principal balance as of december 31 , 2008 .', 'for all other non-structured liabilities classified as long-term debt for which the fair-value option has been elected , the aggregate unpaid principal balance exceeds the aggregate fair value of such instruments by $ 97 million as of december 31 , 2008 while the aggregate fair value exceeded the aggregate unpaid principal by $ 112 million as of december 31 , 2007 .', 'the change in fair value of these non-structured liabilities reported a gain of $ 1.2 billion for the year ended december 31 , 2008 .', '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 .', '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 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 .', 'this election was effective for applicable instruments originated or purchased on or after september 1 , 2007 .', 'the following table provides information about certain mortgage loans carried at fair value : in millions of dollars december 31 , december 31 , carrying amount reported on the consolidated balance sheet $ 4273 $ 6392 aggregate fair value in excess of unpaid principal balance $ 138 $ 136 balance on non-accrual loans or loans more than 90 days past due $ 9 $ 17 aggregate unpaid principal balance in excess of fair value for non-accrual loans or loans more than 90 days past due $ 2 $ 2014 the changes in fair values of these mortgage loans is reported in other revenue in the company 2019s consolidated statement of income .', 'the changes in fair value during the year ended december 31 , 2008 due to instrument- specific credit risk resulted in a $ 32 million loss .', 'the change in fair value during 2007 due to instrument-specific credit risk was immaterial .', 'related interest income continues to be measured based on the contractual interest rates and reported as such in the consolidated income statement .', 'items selected for fair-value accounting in accordance with sfas 155 and sfas 156 certain hybrid financial instruments the company has elected to apply fair-value accounting under sfas 155 for certain hybrid financial assets and liabilities whose performance is linked to risks other than interest rate , foreign exchange or inflation ( e.g. , equity , credit or commodity risks ) .', 'in addition , the company has elected fair-value accounting under sfas 155 for residual interests retained from securitizing certain financial assets .', 'the company has elected fair-value accounting for these instruments because these exposures are considered to be trading-related positions and , therefore , are managed on a fair-value basis .', 'in addition , the accounting for these instruments is simplified under a fair-value approach as it eliminates the complicated operational requirements of bifurcating the embedded derivatives from the host contracts and accounting for each separately .', 'the hybrid financial instruments are classified as trading account assets , loans , deposits , trading account liabilities ( for prepaid derivatives ) , short-term borrowings or long-term debt on the company 2019s consolidated balance sheet according to their legal form , while residual interests in certain securitizations are classified as trading account assets .', 'for hybrid financial instruments for which fair-value accounting has been elected under sfas 155 and that are classified as long-term debt , the aggregate unpaid principal exceeds the aggregate fair value by $ 1.9 billion as of december 31 , 2008 , while the aggregate fair value exceeds the aggregate unpaid principal balance by $ 460 million as of december 31 , 2007 .', 'the difference for those instruments classified as loans is immaterial .', 'changes in fair value for hybrid financial instruments , which in most cases includes a component for accrued interest , are recorded in principal transactions in the company 2019s consolidated statement of income .', 'interest accruals for certain hybrid instruments classified as trading assets are recorded separately from the change in fair value as interest revenue in the company 2019s consolidated statement of income .', 'mortgage servicing rights the company accounts for mortgage servicing rights ( msrs ) at fair value in accordance with sfas 156 .', '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 on page 175 for further discussions regarding the accounting and reporting of msrs .', 'these msrs , which totaled $ 5.7 billion and $ 8.4 billion as of december 31 , 2008 and december 31 , 2007 , 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. .'] | ['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 .', 'the majority of these non-structured liabilities are a result of the company 2019s election of the fair-value option for liabilities associated with the citi-advised structured investment vehicles ( sivs ) , which were consolidated during the fourth quarter of 2007 .', 'the change in fair values of the sivs 2019 liabilities reported in earnings was $ 2.6 billion for the year ended december 31 , 2008 .', 'for these non-structured liabilities the aggregate fair value is $ 263 million lower than the aggregate unpaid principal balance as of december 31 , 2008 .', 'for all other non-structured liabilities classified as long-term debt for which the fair-value option has been elected , the aggregate unpaid principal balance exceeds the aggregate fair value of such instruments by $ 97 million as of december 31 , 2008 while the aggregate fair value exceeded the aggregate unpaid principal by $ 112 million as of december 31 , 2007 .', 'the change in fair value of these non-structured liabilities reported a gain of $ 1.2 billion for the year ended december 31 , 2008 .', '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 .', '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 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 .', 'this election was effective for applicable instruments originated or purchased on or after september 1 , 2007 .', 'the following table provides information about certain mortgage loans carried at fair value : in millions of dollars december 31 , december 31 , carrying amount reported on the consolidated balance sheet $ 4273 $ 6392 aggregate fair value in excess of unpaid principal balance $ 138 $ 136 balance on non-accrual loans or loans more than 90 days past due $ 9 $ 17 aggregate unpaid principal balance in excess of fair value for non-accrual loans or loans more than 90 days past due $ 2 $ 2014 the changes in fair values of these mortgage loans is reported in other revenue in the company 2019s consolidated statement of income .', 'the changes in fair value during the year ended december 31 , 2008 due to instrument- specific credit risk resulted in a $ 32 million loss .', 'the change in fair value during 2007 due to instrument-specific credit risk was immaterial .', 'related interest income continues to be measured based on the contractual interest rates and reported as such in the consolidated income statement .', 'items selected for fair-value accounting in accordance with sfas 155 and sfas 156 certain hybrid financial instruments the company has elected to apply fair-value accounting under sfas 155 for certain hybrid financial assets and liabilities whose performance is linked to risks other than interest rate , foreign exchange or inflation ( e.g. , equity , credit or commodity risks ) .', 'in addition , the company has elected fair-value accounting under sfas 155 for residual interests retained from securitizing certain financial assets .', 'the company has elected fair-value accounting for these instruments because these exposures are considered to be trading-related positions and , therefore , are managed on a fair-value basis .', 'in addition , the accounting for these instruments is simplified under a fair-value approach as it eliminates the complicated operational requirements of bifurcating the embedded derivatives from the host contracts and accounting for each separately .', 'the hybrid financial instruments are classified as trading account assets , loans , deposits , trading account liabilities ( for prepaid derivatives ) , short-term borrowings or long-term debt on the company 2019s consolidated balance sheet according to their legal form , while residual interests in certain securitizations are classified as trading account assets .', 'for hybrid financial instruments for which fair-value accounting has been elected under sfas 155 and that are classified as long-term debt , the aggregate unpaid principal exceeds the aggregate fair value by $ 1.9 billion as of december 31 , 2008 , while the aggregate fair value exceeds the aggregate unpaid principal balance by $ 460 million as of december 31 , 2007 .', 'the difference for those instruments classified as loans is immaterial .', 'changes in fair value for hybrid financial instruments , which in most cases includes a component for accrued interest , are recorded in principal transactions in the company 2019s consolidated statement of income .', 'interest accruals for certain hybrid instruments classified as trading assets are recorded separately from the change in fair value as interest revenue in the company 2019s consolidated statement of income .', 'mortgage servicing rights the company accounts for mortgage servicing rights ( msrs ) at fair value in accordance with sfas 156 .', '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 on page 175 for further discussions regarding the accounting and reporting of msrs .', 'these msrs , which totaled $ 5.7 billion and $ 8.4 billion as of december 31 , 2008 and december 31 , 2007 , 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. .'] | ========================================
in millions of dollars | december 31 2008 | december 31 2007
carrying amount reported on the consolidated balance sheet | $ 4273 | $ 6392
aggregate fair value in excess of unpaid principal balance | $ 138 | $ 136
balance on non-accrual loans or loans more than 90 days past due | $ 9 | $ 17
aggregate unpaid principal balance in excess of fair value for non-accrual loans or loans more than 90 days pastdue | $ 2 | $ 2014
======================================== | subtract(4273, 6392), divide(#0, 6392) | -0.33151 |
what is the ratio of the acquisitions / divestitures net to the fuel recovery fees as part of the expected 2019 revenue to increase | Context: ['incremental contract start-up costs 2014large municipal contract .', 'during 2018 and 2017 , we incurred costs of $ 5.7 million and $ 8.2 million , respectively , related to the implementation of a large municipal contract .', 'these costs did not meet the capitalization criteria prescribed by the new revenue recognition standard .', 'adoption of the tax act .', 'the tax act was enacted on december 22 , 2017 .', 'among other things , the tax act reduced the u.s .', 'federal corporate tax rate from 35% ( 35 % ) to 21% ( 21 % ) .', 'for the year ended december 31 , 2017 , we recorded provisional amounts based on our estimates of the tax act 2019s effect to our deferred taxes , uncertain tax positions , and one-time transition tax .', 'these adjustments reduced our tax provision by $ 463.9 million .', 'during 2018 , we adjusted the provisional amounts recorded as of december 31 , 2017 for the one-time transition tax , deferred taxes and uncertain tax positions .', 'these adjustments increased our tax provision by $ 0.3 million .', 'bridgeton insurance recovery , net .', 'during 2018 , we collected an insurance recovery of $ 40.0 million related to our closed bridgeton landfill in missouri , which we recognized as a reduction of remediation expenses in our cost of operations .', 'in addition , we incurred $ 12.0 million of incremental costs attributable to the bridgeton insurance recovery .', 'recent developments 2019 financial guidance in 2019 , we will continue to focus on managing the controllable aspects of our business by enhancing the quality of our revenue , investing in profitable growth opportunities and reducing costs .', 'our team remains focused on executing our strategy to deliver consistent earnings and free cash flow growth , and improve return on invested capital .', 'we are committed to an efficient capital structure , maintaining our investment grade credit ratings and increasing cash returned to our shareholders .', 'our guidance is based on current economic conditions and does not assume any significant changes in the overall economy in 2019 .', 'specific guidance follows : revenue we expect 2019 revenue to increase by approximately 4.25 to 4.75% ( 4.75 % ) comprised of the following : increase ( decrease ) .']
Tabular Data:
========================================
, increase ( decrease )
average yield, 2.75% ( 2.75 % )
volume, 0.0 to 0.25
energy services, 2013
fuel recovery fees, 0.25
recycling processing and commodity sales, 0.25 to 0.5
acquisitions / divestitures net, 1.0
total change, 4.25 to 4.75% ( 4.75 % )
========================================
Follow-up: ['changes in price are restricted on approximately 50% ( 50 % ) of our annual service revenue .', 'the majority of these restricted pricing arrangements are tied to fluctuations in a specific index ( primarily a consumer price index ) as defined in the contract .', 'the consumer price index varies from a single historical stated period of time or an average of trailing historical rates over a stated period of time .', 'in addition , the initial effect of pricing resets typically lags 6 to 12 months from the end of the index measurement period to the date the revised pricing goes into effect .', 'as a result , current changes in a specific index may not manifest themselves in our reported pricing for several quarters into the future. .'] | 4.0 | RSG/2018/page_47.pdf-2 | ['incremental contract start-up costs 2014large municipal contract .', 'during 2018 and 2017 , we incurred costs of $ 5.7 million and $ 8.2 million , respectively , related to the implementation of a large municipal contract .', 'these costs did not meet the capitalization criteria prescribed by the new revenue recognition standard .', 'adoption of the tax act .', 'the tax act was enacted on december 22 , 2017 .', 'among other things , the tax act reduced the u.s .', 'federal corporate tax rate from 35% ( 35 % ) to 21% ( 21 % ) .', 'for the year ended december 31 , 2017 , we recorded provisional amounts based on our estimates of the tax act 2019s effect to our deferred taxes , uncertain tax positions , and one-time transition tax .', 'these adjustments reduced our tax provision by $ 463.9 million .', 'during 2018 , we adjusted the provisional amounts recorded as of december 31 , 2017 for the one-time transition tax , deferred taxes and uncertain tax positions .', 'these adjustments increased our tax provision by $ 0.3 million .', 'bridgeton insurance recovery , net .', 'during 2018 , we collected an insurance recovery of $ 40.0 million related to our closed bridgeton landfill in missouri , which we recognized as a reduction of remediation expenses in our cost of operations .', 'in addition , we incurred $ 12.0 million of incremental costs attributable to the bridgeton insurance recovery .', 'recent developments 2019 financial guidance in 2019 , we will continue to focus on managing the controllable aspects of our business by enhancing the quality of our revenue , investing in profitable growth opportunities and reducing costs .', 'our team remains focused on executing our strategy to deliver consistent earnings and free cash flow growth , and improve return on invested capital .', 'we are committed to an efficient capital structure , maintaining our investment grade credit ratings and increasing cash returned to our shareholders .', 'our guidance is based on current economic conditions and does not assume any significant changes in the overall economy in 2019 .', 'specific guidance follows : revenue we expect 2019 revenue to increase by approximately 4.25 to 4.75% ( 4.75 % ) comprised of the following : increase ( decrease ) .'] | ['changes in price are restricted on approximately 50% ( 50 % ) of our annual service revenue .', 'the majority of these restricted pricing arrangements are tied to fluctuations in a specific index ( primarily a consumer price index ) as defined in the contract .', 'the consumer price index varies from a single historical stated period of time or an average of trailing historical rates over a stated period of time .', 'in addition , the initial effect of pricing resets typically lags 6 to 12 months from the end of the index measurement period to the date the revised pricing goes into effect .', 'as a result , current changes in a specific index may not manifest themselves in our reported pricing for several quarters into the future. .'] | ========================================
, increase ( decrease )
average yield, 2.75% ( 2.75 % )
volume, 0.0 to 0.25
energy services, 2013
fuel recovery fees, 0.25
recycling processing and commodity sales, 0.25 to 0.5
acquisitions / divestitures net, 1.0
total change, 4.25 to 4.75% ( 4.75 % )
======================================== | divide(1.0, 0.25) | 4.0 |
what was the percentage change in cash paid for income taxes , net of refunds received between 2015 and 2016? | Context: ['host hotels & resorts , inc. , host hotels & resorts , l.p. , and subsidiaries notes to consolidated financial statements 2014 ( continued ) cash paid for income taxes , net of refunds received , was $ 40 million , $ 15 million , and $ 9 million in 2017 , 2016 , and 2015 , respectively .', 'a reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows ( in millions ) : .']
####
Data Table:
========================================
| 2017 | 2016
----------|----------|----------
balance at january 1 | $ 11 | $ 11
balance at december 31 | $ 11 | $ 11
========================================
####
Follow-up: ['all of such uncertain tax position amounts , if recognized , would impact our reconciliation between the income tax provision calculated at the statutory u.s .', 'federal income tax rate of 35% ( 35 % ) ( 21% ( 21 % ) beginning with calendar year 2018 ) and the actual income tax provision recorded each year .', 'as of december 31 , 2017 , the tax years that remain subject to examination by major tax jurisdictions generally include 2014-2017 .', 'there were no material interest or penalties recorded for the years ended december 31 , 2017 , 2016 , and 2015 .', '7 .', 'leases taxable reit subsidiaries leases we lease substantially all of our hotels to a wholly owned subsidiary that qualifies as a taxable reit subsidiary due to federal income tax restrictions on a reit 2019s ability to derive revenue directly from the operation and management of a hotel .', 'ground leases as of december 31 , 2017 , all or a portion of 26 of our hotels are subject to ground leases , generally with multiple renewal options , all of which are accounted for as operating leases .', 'for lease agreements with scheduled rent increases , we recognize the lease expense ratably over the term of the lease .', 'certain of these leases contain provisions for the payment of contingent rentals based on a percentage of sales in excess of stipulated amounts .', 'other lease information we also have leases on facilities used in our former restaurant business , all of which we subsequently subleased .', 'these leases and subleases contain one or more renewal options , generally for five- or ten-year periods .', 'the restaurant leases are accounted for as operating leases .', 'our contingent liability related to these leases is $ 9 million as of december 31 , 2017 .', 'we , however , consider the likelihood of any material funding related to these leases to be remote .', 'our leasing activity also includes those entered into by our hotels for various types of equipment , such as computer equipment , vehicles and telephone systems .', 'equipment leases are accounted for either as operating or capital leases , depending upon the characteristics of the particular lease arrangement .', 'equipment leases that are characterized as capital leases are classified as furniture and equipment and are depreciated over the life of the lease .', 'the amortization expense applicable to capitalized leases is included in depreciation expense. .'] | 0.66667 | HST/2017/page_142.pdf-1 | ['host hotels & resorts , inc. , host hotels & resorts , l.p. , and subsidiaries notes to consolidated financial statements 2014 ( continued ) cash paid for income taxes , net of refunds received , was $ 40 million , $ 15 million , and $ 9 million in 2017 , 2016 , and 2015 , respectively .', 'a reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows ( in millions ) : .'] | ['all of such uncertain tax position amounts , if recognized , would impact our reconciliation between the income tax provision calculated at the statutory u.s .', 'federal income tax rate of 35% ( 35 % ) ( 21% ( 21 % ) beginning with calendar year 2018 ) and the actual income tax provision recorded each year .', 'as of december 31 , 2017 , the tax years that remain subject to examination by major tax jurisdictions generally include 2014-2017 .', 'there were no material interest or penalties recorded for the years ended december 31 , 2017 , 2016 , and 2015 .', '7 .', 'leases taxable reit subsidiaries leases we lease substantially all of our hotels to a wholly owned subsidiary that qualifies as a taxable reit subsidiary due to federal income tax restrictions on a reit 2019s ability to derive revenue directly from the operation and management of a hotel .', 'ground leases as of december 31 , 2017 , all or a portion of 26 of our hotels are subject to ground leases , generally with multiple renewal options , all of which are accounted for as operating leases .', 'for lease agreements with scheduled rent increases , we recognize the lease expense ratably over the term of the lease .', 'certain of these leases contain provisions for the payment of contingent rentals based on a percentage of sales in excess of stipulated amounts .', 'other lease information we also have leases on facilities used in our former restaurant business , all of which we subsequently subleased .', 'these leases and subleases contain one or more renewal options , generally for five- or ten-year periods .', 'the restaurant leases are accounted for as operating leases .', 'our contingent liability related to these leases is $ 9 million as of december 31 , 2017 .', 'we , however , consider the likelihood of any material funding related to these leases to be remote .', 'our leasing activity also includes those entered into by our hotels for various types of equipment , such as computer equipment , vehicles and telephone systems .', 'equipment leases are accounted for either as operating or capital leases , depending upon the characteristics of the particular lease arrangement .', 'equipment leases that are characterized as capital leases are classified as furniture and equipment and are depreciated over the life of the lease .', 'the amortization expense applicable to capitalized leases is included in depreciation expense. .'] | ========================================
| 2017 | 2016
----------|----------|----------
balance at january 1 | $ 11 | $ 11
balance at december 31 | $ 11 | $ 11
======================================== | subtract(15, 9), divide(#0, 9) | 0.66667 |
what portion of the total number of securities approved by the security holders is issued? | Context: ['part iii item 10 .', 'directors , executive officers and corporate governance for the information required by this item 10 , other than information with respect to our executive officers contained at the end of item 1 of this report , see 201celection of directors , 201d 201cnominees for election to the board of directors , 201d 201ccorporate governance 201d and 201csection 16 ( a ) beneficial ownership reporting compliance , 201d in the proxy statement for our 2015 annual meeting , which information is incorporated herein by reference .', 'the proxy statement for our 2015 annual meeting will be filed within 120 days of the close of our fiscal year .', 'for the information required by this item 10 with respect to our executive officers , see part i of this report on pages 11 - 12 .', 'item 11 .', 'executive compensation for the information required by this item 11 , see 201cexecutive compensation , 201d 201ccompensation committee report on executive compensation 201d and 201ccompensation committee interlocks and insider participation 201d in the proxy statement for our 2015 annual meeting , which information is incorporated herein by reference .', 'item 12 .', 'security ownership of certain beneficial owners and management and related stockholder matters for the information required by this item 12 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 2015 annual meeting , which information is incorporated herein by reference .', 'the following table sets forth certain information as of december 31 , 2014 regarding our equity plans : plan category number of securities to be issued upon exercise of outstanding options , warrants and rights weighted-average exercise price of outstanding options , warrants and rights number of securities remaining available for future issuance under equity compensation plans ( excluding securities reflected in column ( a ) ( b ) ( c ) equity compensation plans approved by security holders 1233672 $ 75.93 4903018 item 13 .', 'certain relationships and related transactions , and director independence for the information required by this item 13 , see 201ccertain transactions 201d and 201ccorporate governance 201d in the proxy statement for our 2015 annual meeting , which information is incorporated herein by reference .', 'item 14 .', 'principal accounting fees and services for the information required by this item 14 , see 201caudit and non-audit fees 201d and 201cpolicy on audit committee pre- approval of audit and non-audit services of independent registered public accounting firm 201d in the proxy statement for our 2015 annual meeting , which information is incorporated herein by reference. .']
Data Table:
plan category number of securitiesto be issued uponexercise ofoutstanding options warrants and rights ( 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 1233672 $ 75.93 4903018
Post-table: ['part iii item 10 .', 'directors , executive officers and corporate governance for the information required by this item 10 , other than information with respect to our executive officers contained at the end of item 1 of this report , see 201celection of directors , 201d 201cnominees for election to the board of directors , 201d 201ccorporate governance 201d and 201csection 16 ( a ) beneficial ownership reporting compliance , 201d in the proxy statement for our 2015 annual meeting , which information is incorporated herein by reference .', 'the proxy statement for our 2015 annual meeting will be filed within 120 days of the close of our fiscal year .', 'for the information required by this item 10 with respect to our executive officers , see part i of this report on pages 11 - 12 .', 'item 11 .', 'executive compensation for the information required by this item 11 , see 201cexecutive compensation , 201d 201ccompensation committee report on executive compensation 201d and 201ccompensation committee interlocks and insider participation 201d in the proxy statement for our 2015 annual meeting , which information is incorporated herein by reference .', 'item 12 .', 'security ownership of certain beneficial owners and management and related stockholder matters for the information required by this item 12 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 2015 annual meeting , which information is incorporated herein by reference .', 'the following table sets forth certain information as of december 31 , 2014 regarding our equity plans : plan category number of securities to be issued upon exercise of outstanding options , warrants and rights weighted-average exercise price of outstanding options , warrants and rights number of securities remaining available for future issuance under equity compensation plans ( excluding securities reflected in column ( a ) ( b ) ( c ) equity compensation plans approved by security holders 1233672 $ 75.93 4903018 item 13 .', 'certain relationships and related transactions , and director independence for the information required by this item 13 , see 201ccertain transactions 201d and 201ccorporate governance 201d in the proxy statement for our 2015 annual meeting , which information is incorporated herein by reference .', 'item 14 .', 'principal accounting fees and services for the information required by this item 14 , see 201caudit and non-audit fees 201d and 201cpolicy on audit committee pre- approval of audit and non-audit services of independent registered public accounting firm 201d in the proxy statement for our 2015 annual meeting , which information is incorporated herein by reference. .'] | 0.20103 | TFX/2014/page_74.pdf-1 | ['part iii item 10 .', 'directors , executive officers and corporate governance for the information required by this item 10 , other than information with respect to our executive officers contained at the end of item 1 of this report , see 201celection of directors , 201d 201cnominees for election to the board of directors , 201d 201ccorporate governance 201d and 201csection 16 ( a ) beneficial ownership reporting compliance , 201d in the proxy statement for our 2015 annual meeting , which information is incorporated herein by reference .', 'the proxy statement for our 2015 annual meeting will be filed within 120 days of the close of our fiscal year .', 'for the information required by this item 10 with respect to our executive officers , see part i of this report on pages 11 - 12 .', 'item 11 .', 'executive compensation for the information required by this item 11 , see 201cexecutive compensation , 201d 201ccompensation committee report on executive compensation 201d and 201ccompensation committee interlocks and insider participation 201d in the proxy statement for our 2015 annual meeting , which information is incorporated herein by reference .', 'item 12 .', 'security ownership of certain beneficial owners and management and related stockholder matters for the information required by this item 12 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 2015 annual meeting , which information is incorporated herein by reference .', 'the following table sets forth certain information as of december 31 , 2014 regarding our equity plans : plan category number of securities to be issued upon exercise of outstanding options , warrants and rights weighted-average exercise price of outstanding options , warrants and rights number of securities remaining available for future issuance under equity compensation plans ( excluding securities reflected in column ( a ) ( b ) ( c ) equity compensation plans approved by security holders 1233672 $ 75.93 4903018 item 13 .', 'certain relationships and related transactions , and director independence for the information required by this item 13 , see 201ccertain transactions 201d and 201ccorporate governance 201d in the proxy statement for our 2015 annual meeting , which information is incorporated herein by reference .', 'item 14 .', 'principal accounting fees and services for the information required by this item 14 , see 201caudit and non-audit fees 201d and 201cpolicy on audit committee pre- approval of audit and non-audit services of independent registered public accounting firm 201d in the proxy statement for our 2015 annual meeting , which information is incorporated herein by reference. .'] | ['part iii item 10 .', 'directors , executive officers and corporate governance for the information required by this item 10 , other than information with respect to our executive officers contained at the end of item 1 of this report , see 201celection of directors , 201d 201cnominees for election to the board of directors , 201d 201ccorporate governance 201d and 201csection 16 ( a ) beneficial ownership reporting compliance , 201d in the proxy statement for our 2015 annual meeting , which information is incorporated herein by reference .', 'the proxy statement for our 2015 annual meeting will be filed within 120 days of the close of our fiscal year .', 'for the information required by this item 10 with respect to our executive officers , see part i of this report on pages 11 - 12 .', 'item 11 .', 'executive compensation for the information required by this item 11 , see 201cexecutive compensation , 201d 201ccompensation committee report on executive compensation 201d and 201ccompensation committee interlocks and insider participation 201d in the proxy statement for our 2015 annual meeting , which information is incorporated herein by reference .', 'item 12 .', 'security ownership of certain beneficial owners and management and related stockholder matters for the information required by this item 12 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 2015 annual meeting , which information is incorporated herein by reference .', 'the following table sets forth certain information as of december 31 , 2014 regarding our equity plans : plan category number of securities to be issued upon exercise of outstanding options , warrants and rights weighted-average exercise price of outstanding options , warrants and rights number of securities remaining available for future issuance under equity compensation plans ( excluding securities reflected in column ( a ) ( b ) ( c ) equity compensation plans approved by security holders 1233672 $ 75.93 4903018 item 13 .', 'certain relationships and related transactions , and director independence for the information required by this item 13 , see 201ccertain transactions 201d and 201ccorporate governance 201d in the proxy statement for our 2015 annual meeting , which information is incorporated herein by reference .', 'item 14 .', 'principal accounting fees and services for the information required by this item 14 , see 201caudit and non-audit fees 201d and 201cpolicy on audit committee pre- approval of audit and non-audit services of independent registered public accounting firm 201d in the proxy statement for our 2015 annual meeting , which information is incorporated herein by reference. .'] | plan category number of securitiesto be issued uponexercise ofoutstanding options warrants and rights ( 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 1233672 $ 75.93 4903018 | add(1233672, 4903018), divide(1233672, #0) | 0.20103 |
what is the percent change in alternative component changes in alternatives from 12/31/2011 to 12/31/2012? | Context: ['challenging investment environment with $ 15.0 billion , or 95% ( 95 % ) , of net inflows coming from institutional clients , with the remaining $ 0.8 billion , or 5% ( 5 % ) , generated by retail and hnw clients .', 'defined contribution plans of institutional clients remained a significant driver of flows .', 'this client group added $ 13.1 billion of net new business in 2012 .', 'during the year , americas net inflows of $ 18.5 billion were partially offset by net outflows of $ 2.6 billion collectively from emea and asia-pacific clients .', 'the company 2019s multi-asset strategies include the following : 2022 asset allocation and balanced products represented 52% ( 52 % ) , or $ 140.2 billion , of multi-asset class aum at year-end , up $ 14.1 billion , with growth in aum driven by net new business of $ 1.6 billion and $ 12.4 billion in market and foreign exchange gains .', '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 .', '2022 target date and target risk products ended the year at $ 69.9 billion , up $ 20.8 billion , or 42% ( 42 % ) , since december 31 , 2011 .', 'growth in aum was driven by net new business of $ 14.5 billion , a year-over-year organic growth rate of 30% ( 30 % ) .', 'institutional investors represented 90% ( 90 % ) of target date and target risk aum , with defined contribution plans accounting for over 80% ( 80 % ) of aum .', 'the remaining 10% ( 10 % ) of target date and target risk aum consisted of retail client investments .', 'flows were driven by defined contribution investments in our lifepath and lifepath retirement income ae offerings , which are qualified investment options under the pension protection act of 2006 .', 'these products utilize a proprietary asset allocation model that seeks to balance risk and return over an investment horizon based on the investor 2019s expected retirement timing .', '2022 fiduciary management services accounted for 22% ( 22 % ) , or $ 57.7 billion , of multi-asset aum at december 31 , 2012 and increased $ 7.7 billion during the year due to market and foreign exchange gains .', 'these are complex mandates in which pension plan sponsors retain blackrock to assume responsibility for some or all aspects of plan management .', 'these customized services require strong partnership with the clients 2019 investment staff and trustees in order to tailor investment strategies to meet client-specific risk budgets and return objectives .', 'alternatives component changes in alternatives aum ( dollar amounts in millions ) 12/31/2011 net new business acquired market /fx app ( dep ) 12/31/2012 .']
--
Tabular Data:
• ( dollar amounts in millions ), 12/31/2011, net new business, net acquired, market /fx app ( dep ), 12/31/2012
• core, $ 63647, $ -3922 ( 3922 ), $ 6166, $ 2476, $ 68367
• currency and commodities, 41301, -1547 ( 1547 ), 860, 814, 41428
• alternatives, $ 104948, $ -5469 ( 5469 ), $ 7026, $ 3290, $ 109795
--
Additional Information: ['alternatives aum totaled $ 109.8 billion at year-end 2012 , up $ 4.8 billion , or 5% ( 5 % ) , reflecting $ 3.3 billion in portfolio valuation gains and $ 7.0 billion in new assets related to the acquisitions of srpep , which deepened our alternatives footprint in the european and asian markets , and claymore .', 'core alternative outflows of $ 3.9 billion were driven almost exclusively by return of capital to clients .', 'currency net outflows of $ 5.0 billion were partially offset by net inflows of $ 3.5 billion into ishares commodity funds .', 'we continued to make significant investments in our alternatives platform as demonstrated by our acquisition of srpep , successful closes on the renewable power initiative and our build out of an alternatives retail platform , which now stands at nearly $ 10.0 billion in aum .', 'we believe that as alternatives become more conventional and investors adapt their asset allocation strategies to best meet their investment objectives , they will further increase their use of alternative investments to complement core holdings .', 'institutional investors represented 69% ( 69 % ) , or $ 75.8 billion , of alternatives aum with retail and hnw investors comprising an additional 9% ( 9 % ) , or $ 9.7 billion , at year-end 2012 .', 'ishares commodity products accounted for the remaining $ 24.3 billion , or 22% ( 22 % ) , of aum at year-end .', 'alternative clients are geographically diversified with 56% ( 56 % ) , 26% ( 26 % ) , and 18% ( 18 % ) of clients located in the americas , emea and asia-pacific , respectively .', 'the blackrock alternative investors ( 201cbai 201d ) group coordinates our alternative investment efforts , including .'] | 0.04618 | BLK/2012/page_32.pdf-1 | ['challenging investment environment with $ 15.0 billion , or 95% ( 95 % ) , of net inflows coming from institutional clients , with the remaining $ 0.8 billion , or 5% ( 5 % ) , generated by retail and hnw clients .', 'defined contribution plans of institutional clients remained a significant driver of flows .', 'this client group added $ 13.1 billion of net new business in 2012 .', 'during the year , americas net inflows of $ 18.5 billion were partially offset by net outflows of $ 2.6 billion collectively from emea and asia-pacific clients .', 'the company 2019s multi-asset strategies include the following : 2022 asset allocation and balanced products represented 52% ( 52 % ) , or $ 140.2 billion , of multi-asset class aum at year-end , up $ 14.1 billion , with growth in aum driven by net new business of $ 1.6 billion and $ 12.4 billion in market and foreign exchange gains .', '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 .', '2022 target date and target risk products ended the year at $ 69.9 billion , up $ 20.8 billion , or 42% ( 42 % ) , since december 31 , 2011 .', 'growth in aum was driven by net new business of $ 14.5 billion , a year-over-year organic growth rate of 30% ( 30 % ) .', 'institutional investors represented 90% ( 90 % ) of target date and target risk aum , with defined contribution plans accounting for over 80% ( 80 % ) of aum .', 'the remaining 10% ( 10 % ) of target date and target risk aum consisted of retail client investments .', 'flows were driven by defined contribution investments in our lifepath and lifepath retirement income ae offerings , which are qualified investment options under the pension protection act of 2006 .', 'these products utilize a proprietary asset allocation model that seeks to balance risk and return over an investment horizon based on the investor 2019s expected retirement timing .', '2022 fiduciary management services accounted for 22% ( 22 % ) , or $ 57.7 billion , of multi-asset aum at december 31 , 2012 and increased $ 7.7 billion during the year due to market and foreign exchange gains .', 'these are complex mandates in which pension plan sponsors retain blackrock to assume responsibility for some or all aspects of plan management .', 'these customized services require strong partnership with the clients 2019 investment staff and trustees in order to tailor investment strategies to meet client-specific risk budgets and return objectives .', 'alternatives component changes in alternatives aum ( dollar amounts in millions ) 12/31/2011 net new business acquired market /fx app ( dep ) 12/31/2012 .'] | ['alternatives aum totaled $ 109.8 billion at year-end 2012 , up $ 4.8 billion , or 5% ( 5 % ) , reflecting $ 3.3 billion in portfolio valuation gains and $ 7.0 billion in new assets related to the acquisitions of srpep , which deepened our alternatives footprint in the european and asian markets , and claymore .', 'core alternative outflows of $ 3.9 billion were driven almost exclusively by return of capital to clients .', 'currency net outflows of $ 5.0 billion were partially offset by net inflows of $ 3.5 billion into ishares commodity funds .', 'we continued to make significant investments in our alternatives platform as demonstrated by our acquisition of srpep , successful closes on the renewable power initiative and our build out of an alternatives retail platform , which now stands at nearly $ 10.0 billion in aum .', 'we believe that as alternatives become more conventional and investors adapt their asset allocation strategies to best meet their investment objectives , they will further increase their use of alternative investments to complement core holdings .', 'institutional investors represented 69% ( 69 % ) , or $ 75.8 billion , of alternatives aum with retail and hnw investors comprising an additional 9% ( 9 % ) , or $ 9.7 billion , at year-end 2012 .', 'ishares commodity products accounted for the remaining $ 24.3 billion , or 22% ( 22 % ) , of aum at year-end .', 'alternative clients are geographically diversified with 56% ( 56 % ) , 26% ( 26 % ) , and 18% ( 18 % ) of clients located in the americas , emea and asia-pacific , respectively .', 'the blackrock alternative investors ( 201cbai 201d ) group coordinates our alternative investment efforts , including .'] | • ( dollar amounts in millions ), 12/31/2011, net new business, net acquired, market /fx app ( dep ), 12/31/2012
• core, $ 63647, $ -3922 ( 3922 ), $ 6166, $ 2476, $ 68367
• currency and commodities, 41301, -1547 ( 1547 ), 860, 814, 41428
• alternatives, $ 104948, $ -5469 ( 5469 ), $ 7026, $ 3290, $ 109795 | subtract(109795, 104948), divide(#0, 104948) | 0.04618 |
as of december 31 , 2010 what percentage of the collateral that it was able to sell , repledge , deliver , or otherwise use was actually used for these purposes? | Pre-text: ['jpmorgan chase & co./2010 annual report 281 pledged assets at december 31 , 2010 , assets were pledged to collateralize repur- chase agreements , other securities financing agreements , derivative transactions and for other purposes , including to secure borrowings and public deposits .', 'certain of these pledged assets may be sold or repledged by the secured parties and are identified as financial instruments owned ( pledged to various parties ) on the consoli- dated balance sheets .', 'in addition , at december 31 , 2010 and 2009 , the firm had pledged $ 288.7 billion and $ 344.6 billion , respectively , of financial instruments it owns that may not be sold or repledged by the secured parties .', 'the significant components of the firm 2019s pledged assets were as follows. .']
Table:
december 31 ( in billions ) 2010 2009
securities $ 112.1 $ 155.3
loans 214.8 285.5
trading assets and other 123.2 84.6
totalassetspledged ( a ) $ 450.1 $ 525.4
Post-table: ['total assets pledged ( a ) $ 450.1 $ 525.4 ( a ) total assets pledged do not include assets of consolidated vies ; these assets are used to settle the liabilities of those entities .', 'see note 16 on pages 244 2013 259 of this annual report for additional information on assets and liabilities of consolidated vies .', 'collateral at december 31 , 2010 and 2009 , the firm had accepted assets as collateral that it could sell or repledge , deliver or otherwise use with a fair value of approximately $ 655.0 billion and $ 635.6 billion , respectively .', 'this collateral was generally obtained under resale agreements , securities borrowing agreements , cus- tomer margin loans and derivative agreements .', 'of the collateral received , approximately $ 521.3 billion and $ 472.7 billion were sold or repledged , generally as collateral under repurchase agreements , securities lending agreements or to cover short sales and to collat- eralize deposits and derivative agreements .', 'the reporting of collat- eral sold or repledged was revised in 2010 to include certain securities used to cover short sales and to collateralize deposits and derivative agreements .', 'prior period amounts have been revised to conform to the current presentation .', 'this revision had no impact on the firm 2019s consolidated balance sheets or its results of operations .', 'contingencies in 2008 , the firm resolved with the irs issues related to compliance with reporting and withholding requirements for certain accounts transferred to the bank of new york mellon corporation ( 201cbnym 201d ) in connection with the firm 2019s sale to bnym of its corporate trust business .', 'the resolution of these issues did not have a material effect on the firm. .'] | 0.79588 | JPM/2010/page_281.pdf-3 | ['jpmorgan chase & co./2010 annual report 281 pledged assets at december 31 , 2010 , assets were pledged to collateralize repur- chase agreements , other securities financing agreements , derivative transactions and for other purposes , including to secure borrowings and public deposits .', 'certain of these pledged assets may be sold or repledged by the secured parties and are identified as financial instruments owned ( pledged to various parties ) on the consoli- dated balance sheets .', 'in addition , at december 31 , 2010 and 2009 , the firm had pledged $ 288.7 billion and $ 344.6 billion , respectively , of financial instruments it owns that may not be sold or repledged by the secured parties .', 'the significant components of the firm 2019s pledged assets were as follows. .'] | ['total assets pledged ( a ) $ 450.1 $ 525.4 ( a ) total assets pledged do not include assets of consolidated vies ; these assets are used to settle the liabilities of those entities .', 'see note 16 on pages 244 2013 259 of this annual report for additional information on assets and liabilities of consolidated vies .', 'collateral at december 31 , 2010 and 2009 , the firm had accepted assets as collateral that it could sell or repledge , deliver or otherwise use with a fair value of approximately $ 655.0 billion and $ 635.6 billion , respectively .', 'this collateral was generally obtained under resale agreements , securities borrowing agreements , cus- tomer margin loans and derivative agreements .', 'of the collateral received , approximately $ 521.3 billion and $ 472.7 billion were sold or repledged , generally as collateral under repurchase agreements , securities lending agreements or to cover short sales and to collat- eralize deposits and derivative agreements .', 'the reporting of collat- eral sold or repledged was revised in 2010 to include certain securities used to cover short sales and to collateralize deposits and derivative agreements .', 'prior period amounts have been revised to conform to the current presentation .', 'this revision had no impact on the firm 2019s consolidated balance sheets or its results of operations .', 'contingencies in 2008 , the firm resolved with the irs issues related to compliance with reporting and withholding requirements for certain accounts transferred to the bank of new york mellon corporation ( 201cbnym 201d ) in connection with the firm 2019s sale to bnym of its corporate trust business .', 'the resolution of these issues did not have a material effect on the firm. .'] | december 31 ( in billions ) 2010 2009
securities $ 112.1 $ 155.3
loans 214.8 285.5
trading assets and other 123.2 84.6
totalassetspledged ( a ) $ 450.1 $ 525.4 | divide(521.3, 655.0) | 0.79588 |
what was the percentage reduction of the proved undeveloped reserves from 2013 to 2014 | 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 2014 ( in mmboe ) . .']
Table:
Row 1: , u.s ., canada, total
Row 2: proved undeveloped reserves as of december 31 2013, 258, 443, 701
Row 3: extensions and discoveries, 153, 8, 161
Row 4: revisions due to prices, -1 ( 1 ), -34 ( 34 ), -35 ( 35 )
Row 5: revisions other than price, -61 ( 61 ), 18, -43 ( 43 )
Row 6: sale of reserves, -4 ( 4 ), -2 ( 2 ), -6 ( 6 )
Row 7: conversion to proved developed reserves, -40 ( 40 ), -49 ( 49 ), -89 ( 89 )
Row 8: proved undeveloped reserves as of december 31 2014, 305, 384, 689
Additional Information: ['at december 31 , 2014 , devon had 689 mmboe of proved undeveloped reserves .', 'this represents a 2 percent decrease as compared to 2013 and represents 25 percent of total proved reserves .', 'drilling and development activities increased devon 2019s proved undeveloped reserves 161 mmboe and resulted in the conversion of 89 mmboe , or 13 percent , of the 2013 proved undeveloped reserves to proved developed reserves .', 'costs incurred related to the development and conversion of devon 2019s proved undeveloped reserves were approximately $ 1.0 billion for 2014 .', 'additionally , revisions other than price decreased devon 2019s proved undeveloped reserves 43 mmboe primarily due to evaluations of certain u.s .', 'onshore dry-gas areas , which devon does not expect to develop in the next five years .', 'the largest revisions , which were approximately 69 mmboe , relate to the dry-gas areas in the barnett shale in north texas .', 'a significant amount of devon 2019s proved undeveloped reserves at the end of 2014 related to its jackfish operations .', 'at december 31 , 2014 and 2013 , devon 2019s jackfish proved undeveloped reserves were 384 mmboe and 441 mmboe , respectively .', 'development schedules for the jackfish reserves are primarily controlled by the need to keep the processing plants at their 35000 barrel 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 though the year 2031 .', 'price revisions 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 .', '2013 2013 reserves increased 94 mmboe primarily due to higher gas prices .', 'of this increase , 43 mmboe related to the barnett shale and 19 mmboe related to the rocky mountain area .', '2012 2013 reserves decreased 171 mmboe primarily due to lower gas prices .', 'of this decrease , 100 mmboe related to the barnett shale and 25 mmboe related to the rocky mountain area. .'] | -0.01712 | DVN/2014/page_112.pdf-4 | ['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 2014 ( in mmboe ) . .'] | ['at december 31 , 2014 , devon had 689 mmboe of proved undeveloped reserves .', 'this represents a 2 percent decrease as compared to 2013 and represents 25 percent of total proved reserves .', 'drilling and development activities increased devon 2019s proved undeveloped reserves 161 mmboe and resulted in the conversion of 89 mmboe , or 13 percent , of the 2013 proved undeveloped reserves to proved developed reserves .', 'costs incurred related to the development and conversion of devon 2019s proved undeveloped reserves were approximately $ 1.0 billion for 2014 .', 'additionally , revisions other than price decreased devon 2019s proved undeveloped reserves 43 mmboe primarily due to evaluations of certain u.s .', 'onshore dry-gas areas , which devon does not expect to develop in the next five years .', 'the largest revisions , which were approximately 69 mmboe , relate to the dry-gas areas in the barnett shale in north texas .', 'a significant amount of devon 2019s proved undeveloped reserves at the end of 2014 related to its jackfish operations .', 'at december 31 , 2014 and 2013 , devon 2019s jackfish proved undeveloped reserves were 384 mmboe and 441 mmboe , respectively .', 'development schedules for the jackfish reserves are primarily controlled by the need to keep the processing plants at their 35000 barrel 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 though the year 2031 .', 'price revisions 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 .', '2013 2013 reserves increased 94 mmboe primarily due to higher gas prices .', 'of this increase , 43 mmboe related to the barnett shale and 19 mmboe related to the rocky mountain area .', '2012 2013 reserves decreased 171 mmboe primarily due to lower gas prices .', 'of this decrease , 100 mmboe related to the barnett shale and 25 mmboe related to the rocky mountain area. .'] | Row 1: , u.s ., canada, total
Row 2: proved undeveloped reserves as of december 31 2013, 258, 443, 701
Row 3: extensions and discoveries, 153, 8, 161
Row 4: revisions due to prices, -1 ( 1 ), -34 ( 34 ), -35 ( 35 )
Row 5: revisions other than price, -61 ( 61 ), 18, -43 ( 43 )
Row 6: sale of reserves, -4 ( 4 ), -2 ( 2 ), -6 ( 6 )
Row 7: conversion to proved developed reserves, -40 ( 40 ), -49 ( 49 ), -89 ( 89 )
Row 8: proved undeveloped reserves as of december 31 2014, 305, 384, 689 | subtract(689, 701), divide(#0, 701) | -0.01712 |
what was the average segment net sales from 2005 to 2007 in millions | Pre-text: ['on a geographic basis , the 1% ( 1 % ) increase in net sales reflects higher net sales in north america and emea , partially offset by lower net sales in asia .', 'the increase in net sales in north america was driven primarily by higher sales of digital entertainment devices , partially offset by lower demand for iden infrastructure equipment driven by customer expenditures returning to historic trends compared to an exceptionally strong 2005 .', 'the increase in net sales in emea was driven primarily by higher sales of digital entertainment devices .', 'the decrease in net sales in asia was due , in part , to delays in the granting of 3g licenses in china that led service providers to slow their near-term capital investment , as well as competitive pricing pressure .', 'net sales in north america continued to comprise a significant portion of the segment 2019s business , accounting for approximately 56% ( 56 % ) of the segment 2019s total net sales in 2006 , compared to approximately 55% ( 55 % ) of the segment 2019s total net sales in 2005 .', 'the segment reported operating earnings of $ 787 million in 2006 , compared to operating earnings of $ 1.2 billion in 2005 .', 'the 36% ( 36 % ) decrease in operating earnings was primarily due to : ( i ) a decrease in gross margin , due to an unfavorable product/regional mix and competitive pricing in the wireless networks market , and ( ii ) an increase in other charges ( income ) from an increase in reorganization of business charges , primarily related to employee severance , and from a legal reserve .', 'as a percentage of net sales in 2006 as compared to 2005 , gross margin , sg&a expenses , r&d expenditures and operating margin all decreased .', 'in 2006 , net sales to the segment 2019s top five customers , which included sprint nextel , comcast corporation , verizon , kddi and china mobile , represented 45% ( 45 % ) of the segment 2019s total net sales .', 'the segment 2019s backlog was $ 3.2 billion at december 31 , 2006 , compared to $ 2.4 billion at december 31 , 2005 .', 'the increase in backlog is primarily due to strong orders for our digital and hd/dvr set-tops .', 'in the market for digital entertainment devices , demand for the segment 2019s products depends primarily on the level of capital spending by broadband operators for constructing , rebuilding or upgrading their communications systems , and for offering advanced services .', 'in 2006 , our digital video customers significantly increased their purchases of the segment 2019s products and services , primarily due to increased demand for digital video set-tops , particularly hd/dvr set-tops .', 'during 2006 , the segment completed a number of significant acquisitions , including : ( i ) kreatel communications ab , a leading developer of innovative ip-based digital set-tops and software , ( ii ) nextnet wireless , inc. , a former clearwire corporation subsidiary and a leading provider of ofdm-based non-line-of-sight ( 201cnlos 201d ) wireless broadband infrastructure equipment , ( iii ) broadbus technologies , inc. , a provider of technology solutions for television on demand , and ( iv ) vertasent llc , a software developer for managing technology elements for switched digital video networks .', 'these acquisitions did not have a material impact on the segment results in 2006 .', 'enterprise mobility solutions segment the enterprise mobility solutions segment designs , manufactures , sells , installs and services analog and digital two-way radio , voice and data communications products and systems for private networks , wireless broadband systems and end-to-end enterprise mobility solutions to a wide range of enterprise markets , including government and public safety agencies ( which , together with all sales to distributors of two-way communications products , are referred to as the 201cgovernment and public safety market 201d ) , as well as retail , utility , transportation , manufacturing , healthcare and other commercial customers ( which , collectively , are referred to as the 201ccommercial enterprise market 201d ) .', 'in 2007 , the segment 2019s net sales represented 21% ( 21 % ) of the company 2019s consolidated net sales , compared to 13% ( 13 % ) in 2006 and 14% ( 14 % ) in 2005 .', '( dollars in millions ) 2007 2006 2005 2007 20142006 2006 20142005 years ended december 31 percent change .']
##
Tabular Data:
( 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 | $ 7729 | $ 5400 | $ 5038 | 43% ( 43 % ) | 7% ( 7 % )
operating earnings | 1213 | 958 | 860 | 27% ( 27 % ) | 11% ( 11 % )
##
Additional Information: ['segment results 20142007 compared to 2006 in 2007 , the segment 2019s net sales increased 43% ( 43 % ) to $ 7.7 billion , compared to $ 5.4 billion in 2006 .', 'the 43% ( 43 % ) increase in net sales was primarily due to increased net sales in the commercial enterprise market , driven by the net sales from the symbol business acquired in january 2007 .', 'net sales in the government and public safety market increased 6% ( 6 % ) , primarily due to strong demand in north america .', 'on a geographic basis , net sales increased in all regions .', '62 management 2019s discussion and analysis of financial condition and results of operations .'] | 6055.66667 | MSI/2007/page_70.pdf-1 | ['on a geographic basis , the 1% ( 1 % ) increase in net sales reflects higher net sales in north america and emea , partially offset by lower net sales in asia .', 'the increase in net sales in north america was driven primarily by higher sales of digital entertainment devices , partially offset by lower demand for iden infrastructure equipment driven by customer expenditures returning to historic trends compared to an exceptionally strong 2005 .', 'the increase in net sales in emea was driven primarily by higher sales of digital entertainment devices .', 'the decrease in net sales in asia was due , in part , to delays in the granting of 3g licenses in china that led service providers to slow their near-term capital investment , as well as competitive pricing pressure .', 'net sales in north america continued to comprise a significant portion of the segment 2019s business , accounting for approximately 56% ( 56 % ) of the segment 2019s total net sales in 2006 , compared to approximately 55% ( 55 % ) of the segment 2019s total net sales in 2005 .', 'the segment reported operating earnings of $ 787 million in 2006 , compared to operating earnings of $ 1.2 billion in 2005 .', 'the 36% ( 36 % ) decrease in operating earnings was primarily due to : ( i ) a decrease in gross margin , due to an unfavorable product/regional mix and competitive pricing in the wireless networks market , and ( ii ) an increase in other charges ( income ) from an increase in reorganization of business charges , primarily related to employee severance , and from a legal reserve .', 'as a percentage of net sales in 2006 as compared to 2005 , gross margin , sg&a expenses , r&d expenditures and operating margin all decreased .', 'in 2006 , net sales to the segment 2019s top five customers , which included sprint nextel , comcast corporation , verizon , kddi and china mobile , represented 45% ( 45 % ) of the segment 2019s total net sales .', 'the segment 2019s backlog was $ 3.2 billion at december 31 , 2006 , compared to $ 2.4 billion at december 31 , 2005 .', 'the increase in backlog is primarily due to strong orders for our digital and hd/dvr set-tops .', 'in the market for digital entertainment devices , demand for the segment 2019s products depends primarily on the level of capital spending by broadband operators for constructing , rebuilding or upgrading their communications systems , and for offering advanced services .', 'in 2006 , our digital video customers significantly increased their purchases of the segment 2019s products and services , primarily due to increased demand for digital video set-tops , particularly hd/dvr set-tops .', 'during 2006 , the segment completed a number of significant acquisitions , including : ( i ) kreatel communications ab , a leading developer of innovative ip-based digital set-tops and software , ( ii ) nextnet wireless , inc. , a former clearwire corporation subsidiary and a leading provider of ofdm-based non-line-of-sight ( 201cnlos 201d ) wireless broadband infrastructure equipment , ( iii ) broadbus technologies , inc. , a provider of technology solutions for television on demand , and ( iv ) vertasent llc , a software developer for managing technology elements for switched digital video networks .', 'these acquisitions did not have a material impact on the segment results in 2006 .', 'enterprise mobility solutions segment the enterprise mobility solutions segment designs , manufactures , sells , installs and services analog and digital two-way radio , voice and data communications products and systems for private networks , wireless broadband systems and end-to-end enterprise mobility solutions to a wide range of enterprise markets , including government and public safety agencies ( which , together with all sales to distributors of two-way communications products , are referred to as the 201cgovernment and public safety market 201d ) , as well as retail , utility , transportation , manufacturing , healthcare and other commercial customers ( which , collectively , are referred to as the 201ccommercial enterprise market 201d ) .', 'in 2007 , the segment 2019s net sales represented 21% ( 21 % ) of the company 2019s consolidated net sales , compared to 13% ( 13 % ) in 2006 and 14% ( 14 % ) 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 43% ( 43 % ) to $ 7.7 billion , compared to $ 5.4 billion in 2006 .', 'the 43% ( 43 % ) increase in net sales was primarily due to increased net sales in the commercial enterprise market , driven by the net sales from the symbol business acquired in january 2007 .', 'net sales in the government and public safety market increased 6% ( 6 % ) , primarily due to strong demand in north america .', 'on a geographic basis , net sales increased in all regions .', '62 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 | $ 7729 | $ 5400 | $ 5038 | 43% ( 43 % ) | 7% ( 7 % )
operating earnings | 1213 | 958 | 860 | 27% ( 27 % ) | 11% ( 11 % ) | add(7729, 5400), add(5038, #0), divide(#1, const_3) | 6055.66667 |
how much was 2003 total treasury & securities services without the benefit of the special gain ( in us$ m ) ? | Context: ['j.p .', 'morgan chase & co .', '/ 2003 annual report 33 corporate credit allocation in 2003 , tss was assigned a corporate credit allocation of pre- tax earnings and the associated capital related to certain credit exposures managed within ib 2019s credit portfolio on behalf of clients shared with tss .', 'prior periods have been revised to reflect this allocation .', 'for 2003 , the impact to tss of this change increased pre-tax operating results by $ 36 million and average allocated capital by $ 712 million , and it decreased sva by $ 65 million .', 'pre-tax operating results were $ 46 million lower than in 2002 , reflecting lower loan volumes and higher related expenses , slightly offset by a decrease in credit costs .', 'business outlook tss revenue in 2004 is expected to benefit from improved global equity markets and from two recent acquisitions : the november 2003 acquisition of the bank one corporate trust portfolio , and the january 2004 acquisition of citigroup 2019s electronic funds services business .', 'tss also expects higher costs as it integrates these acquisitions and continues strategic investments to sup- port business expansion .', 'by client segment tss dimensions of 2003 revenue diversification by business revenue by geographic region investor services 36% ( 36 % ) other 1% ( 1 % ) institutional trust services 23% ( 23 % ) treasury services 40% ( 40 % ) large corporations 21% ( 21 % ) middle market 18% ( 18 % ) banks 11% ( 11 % ) nonbank financial institutions 44% ( 44 % ) public sector/governments 6% ( 6 % ) europe , middle east & africa 27% ( 27 % ) asia/pacific 9% ( 9 % ) the americas 64% ( 64 % ) ( a ) includes the elimination of revenue related to shared activities with chase middle market in the amount of $ 347 million .', 'year ended december 31 , operating revenue .']
----------
Tabular Data:
****************************************
year ended december 31 , ( in millions ) year ended december 31 , 2003 year ended december 31 , 2002 change
treasury services $ 1927 $ 1818 6% ( 6 % )
investor services 1449 1513 -4 ( 4 )
institutional trust services ( a ) 928 864 7
other ( a ) ( b ) -312 ( 312 ) -303 ( 303 ) -3 ( 3 )
total treasury & securities services $ 3992 $ 3892 3% ( 3 % )
****************************************
----------
Post-table: ['( a ) includes a portion of the $ 41 million gain on sale of a nonstrategic business in 2003 : $ 1 million in institutional trust services and $ 40 million in other .', '( b ) includes the elimination of revenues related to shared activities with chase middle market , and a $ 50 million gain on sale of a non-u.s .', 'securities clearing firm in 2002. .'] | 3951.0 | JPM/2003/page_35.pdf-2 | ['j.p .', 'morgan chase & co .', '/ 2003 annual report 33 corporate credit allocation in 2003 , tss was assigned a corporate credit allocation of pre- tax earnings and the associated capital related to certain credit exposures managed within ib 2019s credit portfolio on behalf of clients shared with tss .', 'prior periods have been revised to reflect this allocation .', 'for 2003 , the impact to tss of this change increased pre-tax operating results by $ 36 million and average allocated capital by $ 712 million , and it decreased sva by $ 65 million .', 'pre-tax operating results were $ 46 million lower than in 2002 , reflecting lower loan volumes and higher related expenses , slightly offset by a decrease in credit costs .', 'business outlook tss revenue in 2004 is expected to benefit from improved global equity markets and from two recent acquisitions : the november 2003 acquisition of the bank one corporate trust portfolio , and the january 2004 acquisition of citigroup 2019s electronic funds services business .', 'tss also expects higher costs as it integrates these acquisitions and continues strategic investments to sup- port business expansion .', 'by client segment tss dimensions of 2003 revenue diversification by business revenue by geographic region investor services 36% ( 36 % ) other 1% ( 1 % ) institutional trust services 23% ( 23 % ) treasury services 40% ( 40 % ) large corporations 21% ( 21 % ) middle market 18% ( 18 % ) banks 11% ( 11 % ) nonbank financial institutions 44% ( 44 % ) public sector/governments 6% ( 6 % ) europe , middle east & africa 27% ( 27 % ) asia/pacific 9% ( 9 % ) the americas 64% ( 64 % ) ( a ) includes the elimination of revenue related to shared activities with chase middle market in the amount of $ 347 million .', 'year ended december 31 , operating revenue .'] | ['( a ) includes a portion of the $ 41 million gain on sale of a nonstrategic business in 2003 : $ 1 million in institutional trust services and $ 40 million in other .', '( b ) includes the elimination of revenues related to shared activities with chase middle market , and a $ 50 million gain on sale of a non-u.s .', 'securities clearing firm in 2002. .'] | ****************************************
year ended december 31 , ( in millions ) year ended december 31 , 2003 year ended december 31 , 2002 change
treasury services $ 1927 $ 1818 6% ( 6 % )
investor services 1449 1513 -4 ( 4 )
institutional trust services ( a ) 928 864 7
other ( a ) ( b ) -312 ( 312 ) -303 ( 303 ) -3 ( 3 )
total treasury & securities services $ 3992 $ 3892 3% ( 3 % )
**************************************** | subtract(3992, 41) | 3951.0 |
what was the ratio of the common shares whose exercise price exceeded the average market price of the company 2019s common stock for each respective reporting date in 2008 to 2007 | Context: ['in april 2009 , the fasb issued additional guidance under asc 820 which provides guidance on estimat- ing the fair value of an asset or liability ( financial or nonfinancial ) when the volume and level of activity for the asset or liability have significantly decreased , and on identifying transactions that are not orderly .', 'the application of the requirements of this guidance did not have a material effect on the accompanying consolidated financial statements .', 'in august 2009 , the fasb issued asu 2009-05 , 201cmeasuring liabilities at fair value , 201d which further amends asc 820 by providing clarification for cir- cumstances in which a quoted price in an active market for the identical liability is not available .', 'the company included the disclosures required by this guidance in the accompanying consolidated financial statements .', 'accounting for uncertainty in income taxes in june 2006 , the fasb issued guidance under asc 740 , 201cincome taxes 201d ( formerly fin 48 ) .', 'this guid- ance prescribes a recognition threshold and measurement attribute for the financial statement recognition and measurement of a tax position taken or expected to be taken in tax returns .', 'specifically , the financial statement effects of a tax position may be recognized only when it is determined that it is 201cmore likely than not 201d that , based on its technical merits , the tax position will be sustained upon examination by the relevant tax authority .', 'the amount recognized shall be measured as the largest amount of tax benefits that exceed a 50% ( 50 % ) probability of being recognized .', 'this guidance also expands income tax disclosure requirements .', 'international paper applied the provisions of this guidance begin- ning in the first quarter of 2007 .', 'the adoption of this guidance resulted in a charge to the beginning bal- ance of retained earnings of $ 94 million at the date of adoption .', 'note 3 industry segment information financial information by industry segment and geo- graphic area for 2009 , 2008 and 2007 is presented on pages 47 and 48 .', 'effective january 1 , 2008 , the company changed its method of allocating corpo- rate overhead expenses to its business segments to increase the expense amounts allocated to these businesses in reports reviewed by its chief executive officer to facilitate performance comparisons with other companies .', 'accordingly , the company has revised its presentation of industry segment operat- ing profit to reflect this change in allocation method , and has adjusted all comparative prior period information on this basis .', 'note 4 earnings per share attributable to international paper company common shareholders basic earnings per common share from continuing operations are computed by dividing earnings from continuing operations by the weighted average number of common shares outstanding .', 'diluted earnings per common share from continuing oper- ations are computed assuming that all potentially dilutive securities , including 201cin-the-money 201d stock options , were converted into common shares at the beginning of each year .', 'in addition , the computation of diluted earnings per share reflects the inclusion of contingently convertible securities in periods when dilutive .', 'a reconciliation of the amounts included in the computation of basic earnings per common share from continuing operations , and diluted earnings per common share from continuing operations is as fol- in millions except per share amounts 2009 2008 2007 .']
Data Table:
----------------------------------------
in millions except per share amounts | 2009 | 2008 | 2007
----------|----------|----------|----------
earnings ( loss ) from continuing operations | $ 663 | $ -1269 ( 1269 ) | $ 1215
effect of dilutive securities ( a ) | 2013 | 2013 | 2013
earnings ( loss ) from continuing operations 2013 assumingdilution | $ 663 | $ -1269 ( 1269 ) | $ 1215
average common shares outstanding | 425.3 | 421.0 | 428.9
effect of dilutive securities restricted performance share plan ( a ) | 2.7 | 2013 | 3.7
stock options ( b ) | 2013 | 2013 | 0.4
average common shares outstanding 2013 assuming dilution | 428.0 | 421.0 | 433.0
basic earnings ( loss ) per common share from continuing operations | $ 1.56 | $ -3.02 ( 3.02 ) | $ 2.83
diluted earnings ( loss ) per common share from continuing operations | $ 1.55 | $ -3.02 ( 3.02 ) | $ 2.81
----------------------------------------
Post-table: ['average common shares outstanding 2013 assuming dilution 428.0 421.0 433.0 basic earnings ( loss ) per common share from continuing operations $ 1.56 $ ( 3.02 ) $ 2.83 diluted earnings ( loss ) per common share from continuing operations $ 1.55 $ ( 3.02 ) $ 2.81 ( a ) securities are not included in the table in periods when anti- dilutive .', '( b ) options to purchase 22.2 million , 25.1 million and 17.5 million shares for the years ended december 31 , 2009 , 2008 and 2007 , respectively , were not included in the computation of diluted common shares outstanding because their exercise price exceeded the average market price of the company 2019s common stock for each respective reporting date .', 'note 5 restructuring and other charges this footnote discusses restructuring and other charges recorded for each of the three years included in the period ended december 31 , 2009 .', 'it .'] | 1.43429 | IP/2009/page_72.pdf-3 | ['in april 2009 , the fasb issued additional guidance under asc 820 which provides guidance on estimat- ing the fair value of an asset or liability ( financial or nonfinancial ) when the volume and level of activity for the asset or liability have significantly decreased , and on identifying transactions that are not orderly .', 'the application of the requirements of this guidance did not have a material effect on the accompanying consolidated financial statements .', 'in august 2009 , the fasb issued asu 2009-05 , 201cmeasuring liabilities at fair value , 201d which further amends asc 820 by providing clarification for cir- cumstances in which a quoted price in an active market for the identical liability is not available .', 'the company included the disclosures required by this guidance in the accompanying consolidated financial statements .', 'accounting for uncertainty in income taxes in june 2006 , the fasb issued guidance under asc 740 , 201cincome taxes 201d ( formerly fin 48 ) .', 'this guid- ance prescribes a recognition threshold and measurement attribute for the financial statement recognition and measurement of a tax position taken or expected to be taken in tax returns .', 'specifically , the financial statement effects of a tax position may be recognized only when it is determined that it is 201cmore likely than not 201d that , based on its technical merits , the tax position will be sustained upon examination by the relevant tax authority .', 'the amount recognized shall be measured as the largest amount of tax benefits that exceed a 50% ( 50 % ) probability of being recognized .', 'this guidance also expands income tax disclosure requirements .', 'international paper applied the provisions of this guidance begin- ning in the first quarter of 2007 .', 'the adoption of this guidance resulted in a charge to the beginning bal- ance of retained earnings of $ 94 million at the date of adoption .', 'note 3 industry segment information financial information by industry segment and geo- graphic area for 2009 , 2008 and 2007 is presented on pages 47 and 48 .', 'effective january 1 , 2008 , the company changed its method of allocating corpo- rate overhead expenses to its business segments to increase the expense amounts allocated to these businesses in reports reviewed by its chief executive officer to facilitate performance comparisons with other companies .', 'accordingly , the company has revised its presentation of industry segment operat- ing profit to reflect this change in allocation method , and has adjusted all comparative prior period information on this basis .', 'note 4 earnings per share attributable to international paper company common shareholders basic earnings per common share from continuing operations are computed by dividing earnings from continuing operations by the weighted average number of common shares outstanding .', 'diluted earnings per common share from continuing oper- ations are computed assuming that all potentially dilutive securities , including 201cin-the-money 201d stock options , were converted into common shares at the beginning of each year .', 'in addition , the computation of diluted earnings per share reflects the inclusion of contingently convertible securities in periods when dilutive .', 'a reconciliation of the amounts included in the computation of basic earnings per common share from continuing operations , and diluted earnings per common share from continuing operations is as fol- in millions except per share amounts 2009 2008 2007 .'] | ['average common shares outstanding 2013 assuming dilution 428.0 421.0 433.0 basic earnings ( loss ) per common share from continuing operations $ 1.56 $ ( 3.02 ) $ 2.83 diluted earnings ( loss ) per common share from continuing operations $ 1.55 $ ( 3.02 ) $ 2.81 ( a ) securities are not included in the table in periods when anti- dilutive .', '( b ) options to purchase 22.2 million , 25.1 million and 17.5 million shares for the years ended december 31 , 2009 , 2008 and 2007 , respectively , were not included in the computation of diluted common shares outstanding because their exercise price exceeded the average market price of the company 2019s common stock for each respective reporting date .', 'note 5 restructuring and other charges this footnote discusses restructuring and other charges recorded for each of the three years included in the period ended december 31 , 2009 .', 'it .'] | ----------------------------------------
in millions except per share amounts | 2009 | 2008 | 2007
----------|----------|----------|----------
earnings ( loss ) from continuing operations | $ 663 | $ -1269 ( 1269 ) | $ 1215
effect of dilutive securities ( a ) | 2013 | 2013 | 2013
earnings ( loss ) from continuing operations 2013 assumingdilution | $ 663 | $ -1269 ( 1269 ) | $ 1215
average common shares outstanding | 425.3 | 421.0 | 428.9
effect of dilutive securities restricted performance share plan ( a ) | 2.7 | 2013 | 3.7
stock options ( b ) | 2013 | 2013 | 0.4
average common shares outstanding 2013 assuming dilution | 428.0 | 421.0 | 433.0
basic earnings ( loss ) per common share from continuing operations | $ 1.56 | $ -3.02 ( 3.02 ) | $ 2.83
diluted earnings ( loss ) per common share from continuing operations | $ 1.55 | $ -3.02 ( 3.02 ) | $ 2.81
---------------------------------------- | divide(25.1, 17.5) | 1.43429 |
what is the book to market ratio of the commercial mortgage-backed securities | Pre-text: ['the company had net realized capital losses for 2015 of $ 184.1 million .', 'in 2015 , the company recorded $ 102.2 million of other-than-temporary impairments on fixed maturity securities , $ 45.6 million of losses due to fair value re-measurements and $ 36.3 million of net realized capital losses from sales of fixed maturity and equity securities .', 'in 2014 , net realized capital gains were $ 84.0 million due to $ 121.7 million of gains from fair value re-measurements on fixed maturity and equity securities and $ 1.9 million of net realized capital gains from sales of fixed maturity and equity securities , partially offset by $ 39.5 million of other-than- temporary impairments on fixed maturity securities .', 'in 2013 , net realized capital gains were $ 300.2 million due to $ 258.9 million of gains due to fair value re-measurements on fixed maturity and equity securities and $ 42.4 million of net realized capital gains from sales of fixed maturity and equity securities , partially offset by $ 1.1 million of other-than-temporary impairments on fixed maturity securities .', 'the company 2019s cash and invested assets totaled $ 17.7 billion at december 31 , 2015 , which consisted of 87.4% ( 87.4 % ) fixed maturities and cash , of which 91.4% ( 91.4 % ) were investment grade ; 8.2% ( 8.2 % ) equity securities and 4.4% ( 4.4 % ) other invested assets .', 'the average maturity of fixed maturity securities was 4.1 years at december 31 , 2015 , and their overall duration was 3.0 years .', 'as of december 31 , 2015 , the company did not have any direct investments in commercial real estate or direct commercial mortgages or any material holdings of derivative investments ( other than equity index put option contracts as discussed in item 8 , 201cfinancial statements and supplementary data 201d - note 4 of notes to consolidated financial statements ) or securities of issuers that are experiencing cash flow difficulty to an extent that the company 2019s management believes could threaten the issuer 2019s ability to meet debt service payments , except where other-than-temporary impairments have been recognized .', 'the company 2019s investment portfolio includes structured commercial mortgage-backed securities ( 201ccmbs 201d ) with a book value of $ 264.9 million and a market value of $ 266.3 million .', 'cmbs securities comprising more than 70% ( 70 % ) of the december 31 , 2015 market value are rated aaa by standard & poor 2019s financial services llc ( 201cstandard & poor 2019s 201d ) .', 'furthermore , securities comprising more than 90% ( 90 % ) of the market value are rated investment grade by standard & poor 2019s .', 'the following table reflects investment results for the company for the periods indicated: .']
--------
Data Table:
----------------------------------------
( dollars in millions ) december 31 , average investments ( 1 ) december 31 , pre-tax investment income ( 2 ) december 31 , pre-tax effective yield december 31 , pre-tax realized net capital ( losses ) gains ( 3 ) december 31 , pre-tax unrealized net capital gains ( losses )
2015 $ 17430.8 $ 473.8 2.72% ( 2.72 % ) $ -184.1 ( 184.1 ) $ -194.0 ( 194.0 )
2014 16831.9 530.6 3.15% ( 3.15 % ) 84.0 20.3
2013 16472.5 548.5 3.33% ( 3.33 % ) 300.2 -467.2 ( 467.2 )
2012 16220.9 600.2 3.70% ( 3.70 % ) 164.4 161.0
2011 15680.9 620.0 3.95% ( 3.95 % ) 6.9 106.6
----------------------------------------
--------
Follow-up: ['pre-tax pre-tax pre-tax pre-tax realized net unrealized net average investment effective capital ( losses ) capital gains ( dollars in millions ) investments ( 1 ) income ( 2 ) yield gains ( 3 ) ( losses ) 17430.8$ 473.8$ 2.72% ( 2.72 % ) ( 184.1 ) $ ( 194.0 ) $ 16831.9 530.6 3.15% ( 3.15 % ) 84.0 20.3 16472.5 548.5 3.33% ( 3.33 % ) 300.2 ( 467.2 ) 16220.9 600.2 3.70% ( 3.70 % ) 164.4 161.0 15680.9 620.0 3.95% ( 3.95 % ) 6.9 106.6 ( 1 ) average of the beginning and ending carrying values of investments and cash , less net funds held , future policy benefit reserve , and non-interest bearing cash .', 'bonds , common stock and redeemable and non-redeemable preferred stocks are carried at market value .', 'common stock which are actively managed are carried at fair value .', '( 2 ) after investment expenses , excluding realized net capital gains ( losses ) .', '( 3 ) included in 2015 , 2014 , 2013 , 2012 and 2011 are fair value re-measurements of ( $ 45.6 ) million , $ 121.7 million , $ 258.9 million , $ 118.1 million and ( $ 4.4 ) million , respectively. .'] | 0.99474 | RE/2015/page_33.pdf-1 | ['the company had net realized capital losses for 2015 of $ 184.1 million .', 'in 2015 , the company recorded $ 102.2 million of other-than-temporary impairments on fixed maturity securities , $ 45.6 million of losses due to fair value re-measurements and $ 36.3 million of net realized capital losses from sales of fixed maturity and equity securities .', 'in 2014 , net realized capital gains were $ 84.0 million due to $ 121.7 million of gains from fair value re-measurements on fixed maturity and equity securities and $ 1.9 million of net realized capital gains from sales of fixed maturity and equity securities , partially offset by $ 39.5 million of other-than- temporary impairments on fixed maturity securities .', 'in 2013 , net realized capital gains were $ 300.2 million due to $ 258.9 million of gains due to fair value re-measurements on fixed maturity and equity securities and $ 42.4 million of net realized capital gains from sales of fixed maturity and equity securities , partially offset by $ 1.1 million of other-than-temporary impairments on fixed maturity securities .', 'the company 2019s cash and invested assets totaled $ 17.7 billion at december 31 , 2015 , which consisted of 87.4% ( 87.4 % ) fixed maturities and cash , of which 91.4% ( 91.4 % ) were investment grade ; 8.2% ( 8.2 % ) equity securities and 4.4% ( 4.4 % ) other invested assets .', 'the average maturity of fixed maturity securities was 4.1 years at december 31 , 2015 , and their overall duration was 3.0 years .', 'as of december 31 , 2015 , the company did not have any direct investments in commercial real estate or direct commercial mortgages or any material holdings of derivative investments ( other than equity index put option contracts as discussed in item 8 , 201cfinancial statements and supplementary data 201d - note 4 of notes to consolidated financial statements ) or securities of issuers that are experiencing cash flow difficulty to an extent that the company 2019s management believes could threaten the issuer 2019s ability to meet debt service payments , except where other-than-temporary impairments have been recognized .', 'the company 2019s investment portfolio includes structured commercial mortgage-backed securities ( 201ccmbs 201d ) with a book value of $ 264.9 million and a market value of $ 266.3 million .', 'cmbs securities comprising more than 70% ( 70 % ) of the december 31 , 2015 market value are rated aaa by standard & poor 2019s financial services llc ( 201cstandard & poor 2019s 201d ) .', 'furthermore , securities comprising more than 90% ( 90 % ) of the market value are rated investment grade by standard & poor 2019s .', 'the following table reflects investment results for the company for the periods indicated: .'] | ['pre-tax pre-tax pre-tax pre-tax realized net unrealized net average investment effective capital ( losses ) capital gains ( dollars in millions ) investments ( 1 ) income ( 2 ) yield gains ( 3 ) ( losses ) 17430.8$ 473.8$ 2.72% ( 2.72 % ) ( 184.1 ) $ ( 194.0 ) $ 16831.9 530.6 3.15% ( 3.15 % ) 84.0 20.3 16472.5 548.5 3.33% ( 3.33 % ) 300.2 ( 467.2 ) 16220.9 600.2 3.70% ( 3.70 % ) 164.4 161.0 15680.9 620.0 3.95% ( 3.95 % ) 6.9 106.6 ( 1 ) average of the beginning and ending carrying values of investments and cash , less net funds held , future policy benefit reserve , and non-interest bearing cash .', 'bonds , common stock and redeemable and non-redeemable preferred stocks are carried at market value .', 'common stock which are actively managed are carried at fair value .', '( 2 ) after investment expenses , excluding realized net capital gains ( losses ) .', '( 3 ) included in 2015 , 2014 , 2013 , 2012 and 2011 are fair value re-measurements of ( $ 45.6 ) million , $ 121.7 million , $ 258.9 million , $ 118.1 million and ( $ 4.4 ) million , respectively. .'] | ----------------------------------------
( dollars in millions ) december 31 , average investments ( 1 ) december 31 , pre-tax investment income ( 2 ) december 31 , pre-tax effective yield december 31 , pre-tax realized net capital ( losses ) gains ( 3 ) december 31 , pre-tax unrealized net capital gains ( losses )
2015 $ 17430.8 $ 473.8 2.72% ( 2.72 % ) $ -184.1 ( 184.1 ) $ -194.0 ( 194.0 )
2014 16831.9 530.6 3.15% ( 3.15 % ) 84.0 20.3
2013 16472.5 548.5 3.33% ( 3.33 % ) 300.2 -467.2 ( 467.2 )
2012 16220.9 600.2 3.70% ( 3.70 % ) 164.4 161.0
2011 15680.9 620.0 3.95% ( 3.95 % ) 6.9 106.6
---------------------------------------- | divide(264.9, 266.3) | 0.99474 |
what portion of the total purchase consideration was issued at the time of the true-up? | Context: ['visa inc .', 'notes to consolidated financial statements 2014 ( continued ) september 30 , 2008 ( in millions , except as noted ) purchase consideration total purchase consideration of approximately $ 17.3 billion was exchanged in october 2007 for the acquired interests .', 'the consideration was comprised of the following: .']
Data Table:
========================================
in millions
visa inc . common stock $ 16785
visa europe put option 346
liability under framework agreement 132
total purchase consideration issued at reorganization date 17263
visa inc . shares issued as additional purchase consideration at the time of the true-up ( 1 ) 1150
total purchase consideration $ 18413
========================================
Additional Information: ['( 1 ) see description of the true-up of purchase consideration below .', 'see note 4 2014visa europe for more information related to the visa europe put option and the liability under framework agreement .', 'visa inc .', 'common stock issued in exchange for the acquired regions the value of the purchase consideration conveyed to each of the member groups of the acquired regions was determined by valuing the underlying businesses contributed by each , after giving effect to negotiated adjustments .', 'the value of the purchase consideration , consisting of all outstanding shares of class canada , class ap , class lac and class cemea common stock , was measured at june 15 , 2007 ( the 201cmeasurement date 201d ) , the date on which all parties entered into the global restructuring agreement , and was determined to have a fair value of approximately $ 12.6 billion .', 'the company primarily relied upon the analysis of comparable companies with similar industry , business model and financial profiles .', 'this analysis considered a range of metrics including the forward multiples of revenue ; earnings before interest , depreciation and amortization ; and net income of comparable companies .', 'ultimately , the company determined that the forward net income multiple was the most appropriate measure to value the acquired regions and reflect anticipated changes in the company 2019s financial profile prospectively .', 'this multiple was applied to the corresponding forward net income of the acquired regions to calculate their value .', 'the most comparable company identified was mastercard inc .', 'therefore , the most significant input into this analysis was mastercard 2019s forward net income multiple of 27 times net income at the measurement date .', 'the company additionally performed discounted cash flow analyses for each region .', 'these analyses considered the company 2019s forecast by region and incorporated market participant assumptions for growth and profitability .', 'the cash flows were discounted using rates ranging from 12-16% ( 12-16 % ) , reflecting returns for investments times earnings before interest , tax , depreciation and amortization ( 201cebitda 201d ) to ascribe value to periods beyond the company 2019s forecast , consistent with recent payment processing , financial exchange and credit card precedent transactions. .'] | 0.06246 | V/2008/page_130.pdf-1 | ['visa inc .', 'notes to consolidated financial statements 2014 ( continued ) september 30 , 2008 ( in millions , except as noted ) purchase consideration total purchase consideration of approximately $ 17.3 billion was exchanged in october 2007 for the acquired interests .', 'the consideration was comprised of the following: .'] | ['( 1 ) see description of the true-up of purchase consideration below .', 'see note 4 2014visa europe for more information related to the visa europe put option and the liability under framework agreement .', 'visa inc .', 'common stock issued in exchange for the acquired regions the value of the purchase consideration conveyed to each of the member groups of the acquired regions was determined by valuing the underlying businesses contributed by each , after giving effect to negotiated adjustments .', 'the value of the purchase consideration , consisting of all outstanding shares of class canada , class ap , class lac and class cemea common stock , was measured at june 15 , 2007 ( the 201cmeasurement date 201d ) , the date on which all parties entered into the global restructuring agreement , and was determined to have a fair value of approximately $ 12.6 billion .', 'the company primarily relied upon the analysis of comparable companies with similar industry , business model and financial profiles .', 'this analysis considered a range of metrics including the forward multiples of revenue ; earnings before interest , depreciation and amortization ; and net income of comparable companies .', 'ultimately , the company determined that the forward net income multiple was the most appropriate measure to value the acquired regions and reflect anticipated changes in the company 2019s financial profile prospectively .', 'this multiple was applied to the corresponding forward net income of the acquired regions to calculate their value .', 'the most comparable company identified was mastercard inc .', 'therefore , the most significant input into this analysis was mastercard 2019s forward net income multiple of 27 times net income at the measurement date .', 'the company additionally performed discounted cash flow analyses for each region .', 'these analyses considered the company 2019s forecast by region and incorporated market participant assumptions for growth and profitability .', 'the cash flows were discounted using rates ranging from 12-16% ( 12-16 % ) , reflecting returns for investments times earnings before interest , tax , depreciation and amortization ( 201cebitda 201d ) to ascribe value to periods beyond the company 2019s forecast , consistent with recent payment processing , financial exchange and credit card precedent transactions. .'] | ========================================
in millions
visa inc . common stock $ 16785
visa europe put option 346
liability under framework agreement 132
total purchase consideration issued at reorganization date 17263
visa inc . shares issued as additional purchase consideration at the time of the true-up ( 1 ) 1150
total purchase consideration $ 18413
======================================== | divide(1150, 18413) | 0.06246 |
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