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what was the difference in percentage cumulative return on investment for united parcel service inc . compared to the s&p 500 index for the five year period ended 12/31/09? | Context: ['( 1 ) includes shares repurchased through our publicly announced share repurchase program and shares tendered to pay the exercise price and tax withholding on employee stock options .', 'shareowner return performance graph the following performance graph and related information shall not be deemed 201csoliciting material 201d or to be 201cfiled 201d with the securities and exchange commission , nor shall such information be incorporated by reference into any future filing under the securities act of 1933 or securities exchange act of 1934 , each as amended , except to the extent that the company specifically incorporates 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 s&p 500 index , and the dow jones transportation average .', 'the comparison of the total cumulative return on investment , which is the change in the quarterly stock price plus reinvested dividends for each of the quarterly periods , assumes that $ 100 was invested on december 31 , 2004 in the s&p 500 index , the dow jones transportation average , and our class b common stock .', 'comparison of five year cumulative total return $ 40.00 $ 60.00 $ 80.00 $ 100.00 $ 120.00 $ 140.00 $ 160.00 2004 20092008200720062005 s&p 500 ups dj transport .']
Data Table:
----------------------------------------
, 12/31/04, 12/31/05, 12/31/06, 12/31/07, 12/31/08, 12/31/09
united parcel service inc ., $ 100.00, $ 89.49, $ 91.06, $ 87.88, $ 70.48, $ 75.95
s&p 500 index, $ 100.00, $ 104.91, $ 121.48, $ 128.15, $ 80.74, $ 102.11
dow jones transportation average, $ 100.00, $ 111.65, $ 122.61, $ 124.35, $ 97.72, $ 115.88
----------------------------------------
Follow-up: ['.'] | -0.2616 | UPS/2009/page_33.pdf-2 | ['( 1 ) includes shares repurchased through our publicly announced share repurchase program and shares tendered to pay the exercise price and tax withholding on employee stock options .', 'shareowner return performance graph the following performance graph and related information shall not be deemed 201csoliciting material 201d or to be 201cfiled 201d with the securities and exchange commission , nor shall such information be incorporated by reference into any future filing under the securities act of 1933 or securities exchange act of 1934 , each as amended , except to the extent that the company specifically incorporates 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 s&p 500 index , and the dow jones transportation average .', 'the comparison of the total cumulative return on investment , which is the change in the quarterly stock price plus reinvested dividends for each of the quarterly periods , assumes that $ 100 was invested on december 31 , 2004 in the s&p 500 index , the dow jones transportation average , and our class b common stock .', 'comparison of five year cumulative total return $ 40.00 $ 60.00 $ 80.00 $ 100.00 $ 120.00 $ 140.00 $ 160.00 2004 20092008200720062005 s&p 500 ups dj transport .'] | ['.'] | ----------------------------------------
, 12/31/04, 12/31/05, 12/31/06, 12/31/07, 12/31/08, 12/31/09
united parcel service inc ., $ 100.00, $ 89.49, $ 91.06, $ 87.88, $ 70.48, $ 75.95
s&p 500 index, $ 100.00, $ 104.91, $ 121.48, $ 128.15, $ 80.74, $ 102.11
dow jones transportation average, $ 100.00, $ 111.65, $ 122.61, $ 124.35, $ 97.72, $ 115.88
---------------------------------------- | subtract(75.95, const_100), divide(#0, const_100), subtract(102.11, const_100), divide(#2, const_100), subtract(#1, #3) | -0.2616 |
what was the percentage cumulative total shareholder return on disca for the five year period ended december 31 , 2016? | Background: ['december 31 , december 31 , december 31 , december 31 , december 31 , december 31 .']
----------
Table:
****************************************
| december 312011 | december 312012 | december 312013 | december 312014 | december 312015 | december 312016
disca | $ 100.00 | $ 154.94 | $ 220.70 | $ 168.17 | $ 130.24 | $ 133.81
discb | $ 100.00 | $ 150.40 | $ 217.35 | $ 175.04 | $ 127.80 | $ 137.83
disck | $ 100.00 | $ 155.17 | $ 222.44 | $ 178.89 | $ 133.79 | $ 142.07
s&p 500 | $ 100.00 | $ 113.41 | $ 146.98 | $ 163.72 | $ 162.53 | $ 178.02
peer group | $ 100.00 | $ 134.98 | $ 220.77 | $ 253.19 | $ 243.93 | $ 271.11
****************************************
----------
Additional Information: ['equity compensation plan information information regarding securities authorized for issuance under equity compensation plans will be set forth in our definitive proxy statement for our 2017 annual meeting of stockholders under the caption 201csecurities authorized for issuance under equity compensation plans , 201d which is incorporated herein by reference .', 'item 6 .', 'selected financial data .', 'the table set forth below presents our selected financial information for each of the past five years ( in millions , except per share amounts ) .', 'the selected statement of operations information for each of the three years ended december 31 , 2016 and the selected balance sheet information as of december 31 , 2016 and 2015 have been derived from and should be read in conjunction with the information in item 7 , 201cmanagement 2019s discussion and analysis of financial condition and results of operations , 201d the audited consolidated financial statements included in item 8 , 201cfinancial statements and supplementary data , 201d and other financial information included elsewhere in this annual report on form 10-k .', 'the selected statement of operations information for each of the two years ended december 31 , 2013 and 2012 and the selected balance sheet information as of december 31 , 2014 , 2013 and 2012 have been derived from financial statements not included in this annual report on form 10-k .', '2016 2015 2014 2013 2012 selected statement of operations information : revenues $ 6497 $ 6394 $ 6265 $ 5535 $ 4487 operating income 2058 1985 2061 1975 1859 income from continuing operations , net of taxes 1218 1048 1137 1077 956 loss from discontinued operations , net of taxes 2014 2014 2014 2014 ( 11 ) net income 1218 1048 1137 1077 945 net income available to discovery communications , inc .', '1194 1034 1139 1075 943 basic earnings per share available to discovery communications , inc .', 'series a , b and c common stockholders : continuing operations $ 1.97 $ 1.59 $ 1.67 $ 1.50 $ 1.27 discontinued operations 2014 2014 2014 2014 ( 0.01 ) net income 1.97 1.59 1.67 1.50 1.25 diluted earnings per share available to discovery communications , inc .', 'series a , b and c common stockholders : continuing operations $ 1.96 $ 1.58 $ 1.66 $ 1.49 $ 1.26 discontinued operations 2014 2014 2014 2014 ( 0.01 ) net income 1.96 1.58 1.66 1.49 1.24 weighted average shares outstanding : basic 401 432 454 484 498 diluted 610 656 687 722 759 selected balance sheet information : cash and cash equivalents $ 300 $ 390 $ 367 $ 408 $ 1201 total assets 15758 15864 15970 14934 12892 long-term debt : current portion 82 119 1107 17 31 long-term portion 7841 7616 6002 6437 5174 total liabilities 10348 10172 9619 8701 6599 redeemable noncontrolling interests 243 241 747 36 2014 equity attributable to discovery communications , inc .', '5167 5451 5602 6196 6291 total equity $ 5167 $ 5451 $ 5604 $ 6197 $ 6293 2022 income per share amounts may not sum since each is calculated independently .', '2022 on september 30 , 2016 , the company recorded an other-than-temporary impairment of $ 62 million related to its investment in lionsgate .', "on december 2 , 2016 , the company acquired a 39% ( 39 % ) minority interest in group nine media , a newly formed media holding company , in exchange for contributions of $ 100 million and the company's digital network businesses seeker and sourcefed , resulting in a gain of $ 50 million upon deconsolidation of the businesses .", '( see note 4 to the accompanying consolidated financial statements. ) .'] | 0.3381 | DISCA/2016/page_30.pdf-3 | ['december 31 , december 31 , december 31 , december 31 , december 31 , december 31 .'] | ['equity compensation plan information information regarding securities authorized for issuance under equity compensation plans will be set forth in our definitive proxy statement for our 2017 annual meeting of stockholders under the caption 201csecurities authorized for issuance under equity compensation plans , 201d which is incorporated herein by reference .', 'item 6 .', 'selected financial data .', 'the table set forth below presents our selected financial information for each of the past five years ( in millions , except per share amounts ) .', 'the selected statement of operations information for each of the three years ended december 31 , 2016 and the selected balance sheet information as of december 31 , 2016 and 2015 have been derived from and should be read in conjunction with the information in item 7 , 201cmanagement 2019s discussion and analysis of financial condition and results of operations , 201d the audited consolidated financial statements included in item 8 , 201cfinancial statements and supplementary data , 201d and other financial information included elsewhere in this annual report on form 10-k .', 'the selected statement of operations information for each of the two years ended december 31 , 2013 and 2012 and the selected balance sheet information as of december 31 , 2014 , 2013 and 2012 have been derived from financial statements not included in this annual report on form 10-k .', '2016 2015 2014 2013 2012 selected statement of operations information : revenues $ 6497 $ 6394 $ 6265 $ 5535 $ 4487 operating income 2058 1985 2061 1975 1859 income from continuing operations , net of taxes 1218 1048 1137 1077 956 loss from discontinued operations , net of taxes 2014 2014 2014 2014 ( 11 ) net income 1218 1048 1137 1077 945 net income available to discovery communications , inc .', '1194 1034 1139 1075 943 basic earnings per share available to discovery communications , inc .', 'series a , b and c common stockholders : continuing operations $ 1.97 $ 1.59 $ 1.67 $ 1.50 $ 1.27 discontinued operations 2014 2014 2014 2014 ( 0.01 ) net income 1.97 1.59 1.67 1.50 1.25 diluted earnings per share available to discovery communications , inc .', 'series a , b and c common stockholders : continuing operations $ 1.96 $ 1.58 $ 1.66 $ 1.49 $ 1.26 discontinued operations 2014 2014 2014 2014 ( 0.01 ) net income 1.96 1.58 1.66 1.49 1.24 weighted average shares outstanding : basic 401 432 454 484 498 diluted 610 656 687 722 759 selected balance sheet information : cash and cash equivalents $ 300 $ 390 $ 367 $ 408 $ 1201 total assets 15758 15864 15970 14934 12892 long-term debt : current portion 82 119 1107 17 31 long-term portion 7841 7616 6002 6437 5174 total liabilities 10348 10172 9619 8701 6599 redeemable noncontrolling interests 243 241 747 36 2014 equity attributable to discovery communications , inc .', '5167 5451 5602 6196 6291 total equity $ 5167 $ 5451 $ 5604 $ 6197 $ 6293 2022 income per share amounts may not sum since each is calculated independently .', '2022 on september 30 , 2016 , the company recorded an other-than-temporary impairment of $ 62 million related to its investment in lionsgate .', "on december 2 , 2016 , the company acquired a 39% ( 39 % ) minority interest in group nine media , a newly formed media holding company , in exchange for contributions of $ 100 million and the company's digital network businesses seeker and sourcefed , resulting in a gain of $ 50 million upon deconsolidation of the businesses .", '( see note 4 to the accompanying consolidated financial statements. ) .'] | ****************************************
| december 312011 | december 312012 | december 312013 | december 312014 | december 312015 | december 312016
disca | $ 100.00 | $ 154.94 | $ 220.70 | $ 168.17 | $ 130.24 | $ 133.81
discb | $ 100.00 | $ 150.40 | $ 217.35 | $ 175.04 | $ 127.80 | $ 137.83
disck | $ 100.00 | $ 155.17 | $ 222.44 | $ 178.89 | $ 133.79 | $ 142.07
s&p 500 | $ 100.00 | $ 113.41 | $ 146.98 | $ 163.72 | $ 162.53 | $ 178.02
peer group | $ 100.00 | $ 134.98 | $ 220.77 | $ 253.19 | $ 243.93 | $ 271.11
**************************************** | subtract(133.81, const_100), divide(#0, const_100) | 0.3381 |
what is the growth rate in net sales for is&gs in 2012? | Background: ['aeronautics 2019 operating profit for 2011 increased $ 132 million , or 9% ( 9 % ) , compared to 2010 .', 'the increase primarily was attributable to approximately $ 115 million of higher operating profit on c-130 programs due to increased volume and the retirement of risks ; increased volume and risk retirements on f-16 programs of about $ 50 million and c-5 programs of approximately $ 20 million ; and about $ 70 million due to risk retirements on other aeronautics sustainment activities in 2011 .', 'these increases partially were offset by a decline in operating profit of approximately $ 75 million on the f-22 program and f-35 development contract primarily due to lower volume and about $ 55 million on other programs , including f-35 lrip , primarily due to lower profit rate adjustments in 2011 compared to 2010 .', 'adjustments not related to volume , including net profit rate adjustments described above , were approximately $ 90 million higher in 2011 compared to 2010 .', 'backlog backlog decreased in 2012 compared to 2011 mainly due to lower orders on f-35 contracts and c-130 programs , partially offset by higher orders on f-16 programs .', 'backlog increased in 2011 compared to 2010 mainly due to higher orders on f-35 contracts , which partially were offset by higher sales volume on the c-130 programs .', 'trends we expect aeronautics will experience a mid single digit percentage range decline in net sales for 2013 as compared to 2012 .', 'a decrease in net sales from a decline in f-16 and c-130j aircraft deliveries is expected to be partially offset by an increase in net sales volume on f-35 lrip contracts .', 'operating profit is projected to decrease at a high single digit percentage range from 2012 levels due to the expected decline in net sales as well as changes in aircraft mix , resulting in a slight decline in operating margins between the years .', 'information systems & global solutions our is&gs business segment provides management services , integrated information technology solutions , and advanced technology systems and expertise across a broad spectrum of applications for civil , defense , intelligence , and other government customers .', 'is&gs has a portfolio of many smaller contracts as compared to our other business segments .', 'is&gs has been impacted by the continuing downturn in the federal information technology budgets and the impact of the continuing resolution that was effective on october 1 , 2012 , the start of the u.s .', 'government 2019s fiscal year .', 'is&gs 2019 operating results included the following ( in millions ) : .']
Table:
----------------------------------------
, 2012, 2011, 2010
net sales, $ 8846, $ 9381, $ 9921
operating profit, 808, 874, 814
operating margins, 9.1% ( 9.1 % ), 9.3% ( 9.3 % ), 8.2% ( 8.2 % )
backlog at year-end, 8700, 9300, 9700
----------------------------------------
Additional Information: ['2012 compared to 2011 is&gs 2019 net sales for 2012 decreased $ 535 million , or 6% ( 6 % ) , compared to 2011 .', 'the decrease was attributable to lower net sales of approximately $ 485 million due to the substantial completion of various programs during 2011 ( primarily jtrs ; odin ; and u.k .', 'census ) ; and about $ 255 million due to lower volume on numerous other programs ( primarily hanford ; warfighter information network-tactical ( win-t ) ; command , control , battle management and communications ( c2bmc ) ; and transportation worker identification credential ( twic ) ) .', 'partially offsetting the decreases were higher net sales of approximately $ 140 million from qtc , which was acquired early in the fourth quarter of 2011 ; and about $ 65 million from increased activity on numerous other programs , primarily federal cyber security programs and persistent threat detection system ( ptds ) operational support .', 'is&gs 2019 operating profit for 2012 decreased $ 66 million , or 8% ( 8 % ) , compared to 2011 .', 'the decrease was attributable to lower operating profit of approximately $ 50 million due to the favorable impact of the odin contract completion in 2011 ; about $ 25 million due to an increase in reserves for performance issues related to an international airborne surveillance system in 2012 ; and approximately $ 20 million due to lower volume on certain programs ( primarily c2bmc and win-t ) .', 'partially offsetting the decreases was an increase in operating profit due to higher risk retirements of approximately $ 15 million from the twic program ; and about $ 10 million due to increased activity on numerous other programs , primarily federal cyber security programs and ptds operational support .', 'operating profit for the jtrs program was comparable as a decrease in volume was offset by a decrease in reserves .', 'adjustments not related to volume , including net profit booking rate adjustments and other matters described above , were approximately $ 20 million higher for 2012 compared to 2011. .'] | -535.0 | LMT/2012/page_44.pdf-1 | ['aeronautics 2019 operating profit for 2011 increased $ 132 million , or 9% ( 9 % ) , compared to 2010 .', 'the increase primarily was attributable to approximately $ 115 million of higher operating profit on c-130 programs due to increased volume and the retirement of risks ; increased volume and risk retirements on f-16 programs of about $ 50 million and c-5 programs of approximately $ 20 million ; and about $ 70 million due to risk retirements on other aeronautics sustainment activities in 2011 .', 'these increases partially were offset by a decline in operating profit of approximately $ 75 million on the f-22 program and f-35 development contract primarily due to lower volume and about $ 55 million on other programs , including f-35 lrip , primarily due to lower profit rate adjustments in 2011 compared to 2010 .', 'adjustments not related to volume , including net profit rate adjustments described above , were approximately $ 90 million higher in 2011 compared to 2010 .', 'backlog backlog decreased in 2012 compared to 2011 mainly due to lower orders on f-35 contracts and c-130 programs , partially offset by higher orders on f-16 programs .', 'backlog increased in 2011 compared to 2010 mainly due to higher orders on f-35 contracts , which partially were offset by higher sales volume on the c-130 programs .', 'trends we expect aeronautics will experience a mid single digit percentage range decline in net sales for 2013 as compared to 2012 .', 'a decrease in net sales from a decline in f-16 and c-130j aircraft deliveries is expected to be partially offset by an increase in net sales volume on f-35 lrip contracts .', 'operating profit is projected to decrease at a high single digit percentage range from 2012 levels due to the expected decline in net sales as well as changes in aircraft mix , resulting in a slight decline in operating margins between the years .', 'information systems & global solutions our is&gs business segment provides management services , integrated information technology solutions , and advanced technology systems and expertise across a broad spectrum of applications for civil , defense , intelligence , and other government customers .', 'is&gs has a portfolio of many smaller contracts as compared to our other business segments .', 'is&gs has been impacted by the continuing downturn in the federal information technology budgets and the impact of the continuing resolution that was effective on october 1 , 2012 , the start of the u.s .', 'government 2019s fiscal year .', 'is&gs 2019 operating results included the following ( in millions ) : .'] | ['2012 compared to 2011 is&gs 2019 net sales for 2012 decreased $ 535 million , or 6% ( 6 % ) , compared to 2011 .', 'the decrease was attributable to lower net sales of approximately $ 485 million due to the substantial completion of various programs during 2011 ( primarily jtrs ; odin ; and u.k .', 'census ) ; and about $ 255 million due to lower volume on numerous other programs ( primarily hanford ; warfighter information network-tactical ( win-t ) ; command , control , battle management and communications ( c2bmc ) ; and transportation worker identification credential ( twic ) ) .', 'partially offsetting the decreases were higher net sales of approximately $ 140 million from qtc , which was acquired early in the fourth quarter of 2011 ; and about $ 65 million from increased activity on numerous other programs , primarily federal cyber security programs and persistent threat detection system ( ptds ) operational support .', 'is&gs 2019 operating profit for 2012 decreased $ 66 million , or 8% ( 8 % ) , compared to 2011 .', 'the decrease was attributable to lower operating profit of approximately $ 50 million due to the favorable impact of the odin contract completion in 2011 ; about $ 25 million due to an increase in reserves for performance issues related to an international airborne surveillance system in 2012 ; and approximately $ 20 million due to lower volume on certain programs ( primarily c2bmc and win-t ) .', 'partially offsetting the decreases was an increase in operating profit due to higher risk retirements of approximately $ 15 million from the twic program ; and about $ 10 million due to increased activity on numerous other programs , primarily federal cyber security programs and ptds operational support .', 'operating profit for the jtrs program was comparable as a decrease in volume was offset by a decrease in reserves .', 'adjustments not related to volume , including net profit booking rate adjustments and other matters described above , were approximately $ 20 million higher for 2012 compared to 2011. .'] | ----------------------------------------
, 2012, 2011, 2010
net sales, $ 8846, $ 9381, $ 9921
operating profit, 808, 874, 814
operating margins, 9.1% ( 9.1 % ), 9.3% ( 9.3 % ), 8.2% ( 8.2 % )
backlog at year-end, 8700, 9300, 9700
---------------------------------------- | subtract(8846, 9381) | -535.0 |
what was the percentage improvement in the unbilled receivables on construction contracts from 2007 to 2008 | Pre-text: ['duke realty corporation annual report , 200844 estimated with reasonable accuracy .', 'the percentage of completion estimates are based on a comparison of the contract expenditures incurred to the estimated final costs .', 'changes in job performance , job conditions and estimated profitability may result in revisions to costs and income and are recognized in the period in which the revisions are determined .', 'unbilled receivables on construction contracts totaled $ 22.7 million and $ 33.1 million at december 31 , 2008 and 2007 , respectively .', 'property sales gains on sales of all properties are recognized in accordance with sfas 66 .', 'the specific timing of the sale is measured against various criteria in sfas 66 related to the terms of the transactions and any continuing involvement in the form of management or financial assistance from the seller associated with the properties .', 'we make judgments based on the specific terms of each transaction as to the amount of the total profit from the transaction that we recognize considering factors such as continuing ownership interest we may have with the buyer ( 201cpartial sales 201d ) and our level of future involvement with the property or the buyer that acquires the assets .', 'if the sales criteria are not met , we defer gain recognition and account for the continued operations of the property by applying the finance , installment or cost recovery methods , as appropriate , until the full accrual sales criteria are met .', 'estimated future costs to be incurred after completion of each sale are included in the determination of the gain on sales .', 'gains from sales of depreciated property are included in discontinued operations and the proceeds from the sale of these held-for-rental properties are classified in the investing activities section of the consolidated statements of cash flows .', 'gains or losses from our sale of properties that were developed or repositioned with the intent to sell and not for long-term rental ( 201cbuild-for- sale 201d properties ) are classified as gain on sale of build-for-sale properties in the consolidated statements of operations .', 'all activities and proceeds received from the development and sale of these buildings are classified in the operating activities section of the consolidated statements of cash flows .', 'net income per common share basic net income per common share is computed by dividing net income available for common shareholders by the weighted average number of common shares outstanding for the period .', 'diluted net income per common share is computed by dividing the sum of net income available for common shareholders and the minority interest in earnings allocable to units not owned by us , by the sum of the weighted average number of common shares outstanding and minority units outstanding , including any potential dilutive securities for the period .', 'the following table reconciles the components of basic and diluted net income per common share ( in thousands ) : .']
######
Data Table:
****************************************
2008 2007 2006
basic net income available for common shareholders $ 56616 $ 217692 $ 145095
minority interest in earnings of common unitholders 2968 14399 14238
diluted net income available for common shareholders $ 59584 $ 232091 $ 159333
weighted average number of common shares outstanding 146915 139255 134883
weighted average partnership units outstanding 7619 9204 13186
dilutive shares for stock-based compensation plans ( 1 ) 507 1155 1324
weighted average number of common shares and potential dilutive securities 155041 149614 149393
****************************************
######
Post-table: ['weighted average number of common shares and potential dilutive securities 155041 149614 149393 ( 1 ) excludes ( in thousands of shares ) 7731 , 780 and 719 of anti-dilutive shares for the years ended december 31 , 2008 , 2007 and 2006 , respectively .', 'also excludes the 3.75% ( 3.75 % ) exchangeable senior notes due november 2011 ( 201cexchangeable notes 201d ) issued in 2006 , that have an anti-dilutive effect on earnings per share for the years ended december 31 , 2008 , 2007 and 2006 .', 'a joint venture partner in one of our unconsolidated companies has the option to convert a portion of its ownership in the joint venture to our common shares .', 'the effect of this option on earnings per share was anti-dilutive for the years ended december 31 , 2008 , 2007 and 2006. .'] | -0.3142 | DRE/2008/page_46.pdf-4 | ['duke realty corporation annual report , 200844 estimated with reasonable accuracy .', 'the percentage of completion estimates are based on a comparison of the contract expenditures incurred to the estimated final costs .', 'changes in job performance , job conditions and estimated profitability may result in revisions to costs and income and are recognized in the period in which the revisions are determined .', 'unbilled receivables on construction contracts totaled $ 22.7 million and $ 33.1 million at december 31 , 2008 and 2007 , respectively .', 'property sales gains on sales of all properties are recognized in accordance with sfas 66 .', 'the specific timing of the sale is measured against various criteria in sfas 66 related to the terms of the transactions and any continuing involvement in the form of management or financial assistance from the seller associated with the properties .', 'we make judgments based on the specific terms of each transaction as to the amount of the total profit from the transaction that we recognize considering factors such as continuing ownership interest we may have with the buyer ( 201cpartial sales 201d ) and our level of future involvement with the property or the buyer that acquires the assets .', 'if the sales criteria are not met , we defer gain recognition and account for the continued operations of the property by applying the finance , installment or cost recovery methods , as appropriate , until the full accrual sales criteria are met .', 'estimated future costs to be incurred after completion of each sale are included in the determination of the gain on sales .', 'gains from sales of depreciated property are included in discontinued operations and the proceeds from the sale of these held-for-rental properties are classified in the investing activities section of the consolidated statements of cash flows .', 'gains or losses from our sale of properties that were developed or repositioned with the intent to sell and not for long-term rental ( 201cbuild-for- sale 201d properties ) are classified as gain on sale of build-for-sale properties in the consolidated statements of operations .', 'all activities and proceeds received from the development and sale of these buildings are classified in the operating activities section of the consolidated statements of cash flows .', 'net income per common share basic net income per common share is computed by dividing net income available for common shareholders by the weighted average number of common shares outstanding for the period .', 'diluted net income per common share is computed by dividing the sum of net income available for common shareholders and the minority interest in earnings allocable to units not owned by us , by the sum of the weighted average number of common shares outstanding and minority units outstanding , including any potential dilutive securities for the period .', 'the following table reconciles the components of basic and diluted net income per common share ( in thousands ) : .'] | ['weighted average number of common shares and potential dilutive securities 155041 149614 149393 ( 1 ) excludes ( in thousands of shares ) 7731 , 780 and 719 of anti-dilutive shares for the years ended december 31 , 2008 , 2007 and 2006 , respectively .', 'also excludes the 3.75% ( 3.75 % ) exchangeable senior notes due november 2011 ( 201cexchangeable notes 201d ) issued in 2006 , that have an anti-dilutive effect on earnings per share for the years ended december 31 , 2008 , 2007 and 2006 .', 'a joint venture partner in one of our unconsolidated companies has the option to convert a portion of its ownership in the joint venture to our common shares .', 'the effect of this option on earnings per share was anti-dilutive for the years ended december 31 , 2008 , 2007 and 2006. .'] | ****************************************
2008 2007 2006
basic net income available for common shareholders $ 56616 $ 217692 $ 145095
minority interest in earnings of common unitholders 2968 14399 14238
diluted net income available for common shareholders $ 59584 $ 232091 $ 159333
weighted average number of common shares outstanding 146915 139255 134883
weighted average partnership units outstanding 7619 9204 13186
dilutive shares for stock-based compensation plans ( 1 ) 507 1155 1324
weighted average number of common shares and potential dilutive securities 155041 149614 149393
**************************************** | subtract(22.7, 33.1), divide(#0, 33.1) | -0.3142 |
what is the lobor rate as of october 31 , 2009? | Background: ['interest rate to a variable interest rate based on the three-month libor plus 2.05% ( 2.05 % ) ( 2.34% ( 2.34 % ) as of october 31 , 2009 ) .', 'if libor changes by 100 basis points , our annual interest expense would change by $ 3.8 million .', 'foreign currency exposure as more fully described in note 2i .', 'in the notes to consolidated financial statements contained in item 8 of this annual report on form 10-k , we regularly hedge our non-u.s .', 'dollar-based exposures by entering into forward foreign currency exchange contracts .', 'the terms of these contracts are for periods matching the duration of the underlying exposure and generally range from one month to twelve months .', 'currently , our largest foreign currency exposure is the euro , primarily because our european operations have the highest proportion of our local currency denominated expenses .', 'relative to foreign currency exposures existing at october 31 , 2009 and november 1 , 2008 , a 10% ( 10 % ) unfavorable movement in foreign currency exchange rates over the course of the year would not expose us to significant losses in earnings or cash flows because we hedge a high proportion of our year-end exposures against fluctuations in foreign currency exchange rates .', 'the market risk associated with our derivative instruments results from currency exchange rate or interest rate movements that are expected to offset the market risk of the underlying transactions , assets and liabilities being hedged .', 'the counterparties to the agreements relating to our foreign exchange instruments consist of a number of major international financial institutions with high credit ratings .', 'we do not believe that there is significant risk of nonperformance by these counterparties because we continually monitor the credit ratings of such counterparties .', 'while the contract or notional amounts of derivative financial instruments provide one measure of the volume of these transactions , they do not represent the amount of our exposure to credit risk .', 'the amounts potentially subject to credit risk ( arising from the possible inability of counterparties to meet the terms of their contracts ) are generally limited to the amounts , if any , by which the counterparties 2019 obligations under the contracts exceed our obligations to the counterparties .', 'the following table illustrates the effect that a 10% ( 10 % ) unfavorable or favorable movement in foreign currency exchange rates , relative to the u.s .', 'dollar , would have on the fair value of our forward exchange contracts as of october 31 , 2009 and november 1 , 2008: .']
##########
Data Table:
Row 1: , october 31 2009, november 1 2008
Row 2: fair value of forward exchange contracts asset ( liability ), $ 6427, $ -23158 ( 23158 )
Row 3: fair value of forward exchange contracts after a 10% ( 10 % ) unfavorable movement in foreign currency exchange rates asset ( liability ), $ 20132, $ -9457 ( 9457 )
Row 4: fair value of forward exchange contracts after a 10% ( 10 % ) favorable movement in foreign currency exchange rates liability, $ -6781 ( 6781 ), $ -38294 ( 38294 )
##########
Additional Information: ['fair value of forward exchange contracts after a 10% ( 10 % ) unfavorable movement in foreign currency exchange rates asset ( liability ) .', '.', '.', '.', '.', '.', '.', '.', '.', '$ 20132 $ ( 9457 ) fair value of forward exchange contracts after a 10% ( 10 % ) favorable movement in foreign currency exchange rates liability .', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '$ ( 6781 ) $ ( 38294 ) the calculation assumes that each exchange rate would change in the same direction relative to the u.s .', 'dollar .', 'in addition to the direct effects of changes in exchange rates , such changes typically affect the volume of sales or the foreign currency sales price as competitors 2019 products become more or less attractive .', 'our sensitivity analysis of the effects of changes in foreign currency exchange rates does not factor in a potential change in sales levels or local currency selling prices. .'] | 0.0029 | ADI/2009/page_49.pdf-2 | ['interest rate to a variable interest rate based on the three-month libor plus 2.05% ( 2.05 % ) ( 2.34% ( 2.34 % ) as of october 31 , 2009 ) .', 'if libor changes by 100 basis points , our annual interest expense would change by $ 3.8 million .', 'foreign currency exposure as more fully described in note 2i .', 'in the notes to consolidated financial statements contained in item 8 of this annual report on form 10-k , we regularly hedge our non-u.s .', 'dollar-based exposures by entering into forward foreign currency exchange contracts .', 'the terms of these contracts are for periods matching the duration of the underlying exposure and generally range from one month to twelve months .', 'currently , our largest foreign currency exposure is the euro , primarily because our european operations have the highest proportion of our local currency denominated expenses .', 'relative to foreign currency exposures existing at october 31 , 2009 and november 1 , 2008 , a 10% ( 10 % ) unfavorable movement in foreign currency exchange rates over the course of the year would not expose us to significant losses in earnings or cash flows because we hedge a high proportion of our year-end exposures against fluctuations in foreign currency exchange rates .', 'the market risk associated with our derivative instruments results from currency exchange rate or interest rate movements that are expected to offset the market risk of the underlying transactions , assets and liabilities being hedged .', 'the counterparties to the agreements relating to our foreign exchange instruments consist of a number of major international financial institutions with high credit ratings .', 'we do not believe that there is significant risk of nonperformance by these counterparties because we continually monitor the credit ratings of such counterparties .', 'while the contract or notional amounts of derivative financial instruments provide one measure of the volume of these transactions , they do not represent the amount of our exposure to credit risk .', 'the amounts potentially subject to credit risk ( arising from the possible inability of counterparties to meet the terms of their contracts ) are generally limited to the amounts , if any , by which the counterparties 2019 obligations under the contracts exceed our obligations to the counterparties .', 'the following table illustrates the effect that a 10% ( 10 % ) unfavorable or favorable movement in foreign currency exchange rates , relative to the u.s .', 'dollar , would have on the fair value of our forward exchange contracts as of october 31 , 2009 and november 1 , 2008: .'] | ['fair value of forward exchange contracts after a 10% ( 10 % ) unfavorable movement in foreign currency exchange rates asset ( liability ) .', '.', '.', '.', '.', '.', '.', '.', '.', '$ 20132 $ ( 9457 ) fair value of forward exchange contracts after a 10% ( 10 % ) favorable movement in foreign currency exchange rates liability .', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '$ ( 6781 ) $ ( 38294 ) the calculation assumes that each exchange rate would change in the same direction relative to the u.s .', 'dollar .', 'in addition to the direct effects of changes in exchange rates , such changes typically affect the volume of sales or the foreign currency sales price as competitors 2019 products become more or less attractive .', 'our sensitivity analysis of the effects of changes in foreign currency exchange rates does not factor in a potential change in sales levels or local currency selling prices. .'] | Row 1: , october 31 2009, november 1 2008
Row 2: fair value of forward exchange contracts asset ( liability ), $ 6427, $ -23158 ( 23158 )
Row 3: fair value of forward exchange contracts after a 10% ( 10 % ) unfavorable movement in foreign currency exchange rates asset ( liability ), $ 20132, $ -9457 ( 9457 )
Row 4: fair value of forward exchange contracts after a 10% ( 10 % ) favorable movement in foreign currency exchange rates liability, $ -6781 ( 6781 ), $ -38294 ( 38294 ) | subtract(2.34%, 2.05%) | 0.0029 |
what was the ratio of the 2017 credit facility to the 2020 credit facility | Background: ['on may 20 , 2015 , aon plc issued $ 600 million of 4.750% ( 4.750 % ) senior notes due may 2045 .', 'the 4.750% ( 4.750 % ) notes due may 2045 are fully and unconditionally guaranteed by aon corporation .', 'we used the proceeds of the issuance for general corporate purposes .', 'on september 30 , 2015 , $ 600 million of 3.50% ( 3.50 % ) senior notes issued by aon corporation matured and were repaid .', 'on november 13 , 2015 , aon plc issued $ 400 million of 2.80% ( 2.80 % ) senior notes due march 2021 .', 'the 2.80% ( 2.80 % ) notes due march 2021 are fully and unconditionally guaranteed by aon corporation .', 'we used the proceeds of the issuance for general corporate purposes .', 'credit facilities as of december 31 , 2015 , we had two committed credit facilities outstanding : our $ 400 million u.s .', 'credit facility expiring in march 2017 ( the "2017 facility" ) and $ 900 million multi-currency u.s .', 'credit facility expiring in february 2020 ( the "2020 facility" ) .', 'the 2020 facility was entered into on february 2 , 2015 and replaced the previous 20ac650 million european credit facility .', 'each of these facilities is intended to support our commercial paper obligations and our general working capital needs .', 'in addition , each of these facilities includes customary representations , warranties and covenants , including financial covenants that require us to maintain specified ratios of adjusted consolidated ebitda to consolidated interest expense and consolidated debt to adjusted consolidated ebitda , tested quarterly .', 'at december 31 , 2015 , we did not have borrowings under either the 2017 facility or the 2020 facility , and we were in compliance with the financial covenants and all other covenants contained therein during the twelve months ended december 31 , 2015 .', 'effective february 2 , 2016 , the 2020 facility terms were extended for 1 year and will expire in february 2021 our total debt-to-ebitda ratio at december 31 , 2015 and 2014 , is calculated as follows: .']
------
Table:
========================================
years ended december 31,, 2015, 2014
net income, 1422, 1431
interest expense, 273, 255
income taxes, 267, 334
depreciation of fixed assets, 229, 242
amortization of intangible assets, 314, 352
total ebitda, 2505, 2614
total debt, 5737, 5582
total debt-to-ebitda ratio, 2.3, 2.1
========================================
------
Additional Information: ['we use ebitda , as defined by our financial covenants , as a non-gaap measure .', 'this supplemental information related to ebitda represents a measure not in accordance with u.s .', 'gaap and should be viewed in addition to , not instead of , our consolidated financial statements and notes thereto .', 'shelf registration statement on september 3 , 2015 , we filed a shelf registration statement with the sec , registering the offer and sale from time to time of an indeterminate amount of , among other securities , debt securities , preference shares , class a ordinary shares and convertible securities .', 'our ability to access the market as a source of liquidity is dependent on investor demand , market conditions and other factors. .'] | 2.25 | AON/2015/page_43.pdf-2 | ['on may 20 , 2015 , aon plc issued $ 600 million of 4.750% ( 4.750 % ) senior notes due may 2045 .', 'the 4.750% ( 4.750 % ) notes due may 2045 are fully and unconditionally guaranteed by aon corporation .', 'we used the proceeds of the issuance for general corporate purposes .', 'on september 30 , 2015 , $ 600 million of 3.50% ( 3.50 % ) senior notes issued by aon corporation matured and were repaid .', 'on november 13 , 2015 , aon plc issued $ 400 million of 2.80% ( 2.80 % ) senior notes due march 2021 .', 'the 2.80% ( 2.80 % ) notes due march 2021 are fully and unconditionally guaranteed by aon corporation .', 'we used the proceeds of the issuance for general corporate purposes .', 'credit facilities as of december 31 , 2015 , we had two committed credit facilities outstanding : our $ 400 million u.s .', 'credit facility expiring in march 2017 ( the "2017 facility" ) and $ 900 million multi-currency u.s .', 'credit facility expiring in february 2020 ( the "2020 facility" ) .', 'the 2020 facility was entered into on february 2 , 2015 and replaced the previous 20ac650 million european credit facility .', 'each of these facilities is intended to support our commercial paper obligations and our general working capital needs .', 'in addition , each of these facilities includes customary representations , warranties and covenants , including financial covenants that require us to maintain specified ratios of adjusted consolidated ebitda to consolidated interest expense and consolidated debt to adjusted consolidated ebitda , tested quarterly .', 'at december 31 , 2015 , we did not have borrowings under either the 2017 facility or the 2020 facility , and we were in compliance with the financial covenants and all other covenants contained therein during the twelve months ended december 31 , 2015 .', 'effective february 2 , 2016 , the 2020 facility terms were extended for 1 year and will expire in february 2021 our total debt-to-ebitda ratio at december 31 , 2015 and 2014 , is calculated as follows: .'] | ['we use ebitda , as defined by our financial covenants , as a non-gaap measure .', 'this supplemental information related to ebitda represents a measure not in accordance with u.s .', 'gaap and should be viewed in addition to , not instead of , our consolidated financial statements and notes thereto .', 'shelf registration statement on september 3 , 2015 , we filed a shelf registration statement with the sec , registering the offer and sale from time to time of an indeterminate amount of , among other securities , debt securities , preference shares , class a ordinary shares and convertible securities .', 'our ability to access the market as a source of liquidity is dependent on investor demand , market conditions and other factors. .'] | ========================================
years ended december 31,, 2015, 2014
net income, 1422, 1431
interest expense, 273, 255
income taxes, 267, 334
depreciation of fixed assets, 229, 242
amortization of intangible assets, 314, 352
total ebitda, 2505, 2614
total debt, 5737, 5582
total debt-to-ebitda ratio, 2.3, 2.1
======================================== | divide(900, 400) | 2.25 |
what is the percentage change in interest income from 2015 to 2016? | Context: ['item 7a .', 'quantitative and qualitative disclosures about market risk ( amounts in millions ) in the normal course of business , we are exposed to market risks related to interest rates , foreign currency rates and certain balance sheet items .', 'from time to time , we use derivative instruments , pursuant to established guidelines and policies , to manage some portion of these risks .', 'derivative instruments utilized in our hedging activities are viewed as risk management tools and are not used for trading or speculative purposes .', 'interest rates our exposure to market risk for changes in interest rates relates primarily to the fair market value and cash flows of our debt obligations .', 'the majority of our debt ( approximately 93% ( 93 % ) and 89% ( 89 % ) as of december 31 , 2016 and 2015 , respectively ) bears interest at fixed rates .', 'we do have debt with variable interest rates , but a 10% ( 10 % ) increase or decrease in interest rates would not be material to our interest expense or cash flows .', 'the fair market value of our debt is sensitive to changes in interest rates , and the impact of a 10% ( 10 % ) change in interest rates is summarized below .', 'increase/ ( decrease ) in fair market value as of december 31 , 10% ( 10 % ) increase in interest rates 10% ( 10 % ) decrease in interest rates .']
######
Table:
----------------------------------------
as of december 31,, increase/ ( decrease ) in fair market value 10% ( 10 % ) increasein interest rates, increase/ ( decrease ) in fair market value 10% ( 10 % ) decreasein interest rates
2016, $ -26.3 ( 26.3 ), $ 26.9
2015, -33.7 ( 33.7 ), 34.7
----------------------------------------
######
Follow-up: ['we have used interest rate swaps for risk management purposes to manage our exposure to changes in interest rates .', 'we do not have any interest rate swaps outstanding as of december 31 , 2016 .', 'we had $ 1100.6 of cash , cash equivalents and marketable securities as of december 31 , 2016 that we generally invest in conservative , short-term bank deposits or securities .', 'the interest income generated from these investments is subject to both domestic and foreign interest rate movements .', 'during 2016 and 2015 , we had interest income of $ 20.1 and $ 22.8 , respectively .', 'based on our 2016 results , a 100 basis-point increase or decrease in interest rates would affect our interest income by approximately $ 11.0 , assuming that all cash , cash equivalents and marketable securities are impacted in the same manner and balances remain constant from year-end 2016 levels .', 'foreign currency rates we are subject to translation and transaction risks related to changes in foreign currency exchange rates .', 'since we report revenues and expenses in u.s .', 'dollars , changes in exchange rates may either positively or negatively affect our consolidated revenues and expenses ( as expressed in u.s .', 'dollars ) from foreign operations .', 'the foreign currencies that most impacted our results during 2016 included the british pound sterling and , to a lesser extent , the argentine peso , brazilian real and japanese yen .', 'based on 2016 exchange rates and operating results , if the u.s .', 'dollar were to strengthen or weaken by 10% ( 10 % ) , we currently estimate operating income would decrease or increase approximately 4% ( 4 % ) , assuming that all currencies are impacted in the same manner and our international revenue and expenses remain constant at 2016 levels .', 'the functional currency of our foreign operations is generally their respective local currency .', 'assets and liabilities are translated at the exchange rates in effect at the balance sheet date , and revenues and expenses are translated at the average exchange rates during the period presented .', 'the resulting translation adjustments are recorded as a component of accumulated other comprehensive loss , net of tax , in the stockholders 2019 equity section of our consolidated balance sheets .', 'our foreign subsidiaries generally collect revenues and pay expenses in their functional currency , mitigating transaction risk .', 'however , certain subsidiaries may enter into transactions in currencies other than their functional currency .', 'assets and liabilities denominated in currencies other than the functional currency are susceptible to movements in foreign currency until final settlement .', 'currency transaction gains or losses primarily arising from transactions in currencies other than the functional currency are included in office and general expenses .', 'we regularly review our foreign exchange exposures that may have a material impact on our business and from time to time use foreign currency forward exchange contracts or other derivative financial instruments to hedge the effects of potential adverse fluctuations in foreign currency exchange rates arising from these exposures .', 'we do not enter into foreign exchange contracts or other derivatives for speculative purposes. .'] | -0.11842 | IPG/2016/page_46.pdf-1 | ['item 7a .', 'quantitative and qualitative disclosures about market risk ( amounts in millions ) in the normal course of business , we are exposed to market risks related to interest rates , foreign currency rates and certain balance sheet items .', 'from time to time , we use derivative instruments , pursuant to established guidelines and policies , to manage some portion of these risks .', 'derivative instruments utilized in our hedging activities are viewed as risk management tools and are not used for trading or speculative purposes .', 'interest rates our exposure to market risk for changes in interest rates relates primarily to the fair market value and cash flows of our debt obligations .', 'the majority of our debt ( approximately 93% ( 93 % ) and 89% ( 89 % ) as of december 31 , 2016 and 2015 , respectively ) bears interest at fixed rates .', 'we do have debt with variable interest rates , but a 10% ( 10 % ) increase or decrease in interest rates would not be material to our interest expense or cash flows .', 'the fair market value of our debt is sensitive to changes in interest rates , and the impact of a 10% ( 10 % ) change in interest rates is summarized below .', 'increase/ ( decrease ) in fair market value as of december 31 , 10% ( 10 % ) increase in interest rates 10% ( 10 % ) decrease in interest rates .'] | ['we have used interest rate swaps for risk management purposes to manage our exposure to changes in interest rates .', 'we do not have any interest rate swaps outstanding as of december 31 , 2016 .', 'we had $ 1100.6 of cash , cash equivalents and marketable securities as of december 31 , 2016 that we generally invest in conservative , short-term bank deposits or securities .', 'the interest income generated from these investments is subject to both domestic and foreign interest rate movements .', 'during 2016 and 2015 , we had interest income of $ 20.1 and $ 22.8 , respectively .', 'based on our 2016 results , a 100 basis-point increase or decrease in interest rates would affect our interest income by approximately $ 11.0 , assuming that all cash , cash equivalents and marketable securities are impacted in the same manner and balances remain constant from year-end 2016 levels .', 'foreign currency rates we are subject to translation and transaction risks related to changes in foreign currency exchange rates .', 'since we report revenues and expenses in u.s .', 'dollars , changes in exchange rates may either positively or negatively affect our consolidated revenues and expenses ( as expressed in u.s .', 'dollars ) from foreign operations .', 'the foreign currencies that most impacted our results during 2016 included the british pound sterling and , to a lesser extent , the argentine peso , brazilian real and japanese yen .', 'based on 2016 exchange rates and operating results , if the u.s .', 'dollar were to strengthen or weaken by 10% ( 10 % ) , we currently estimate operating income would decrease or increase approximately 4% ( 4 % ) , assuming that all currencies are impacted in the same manner and our international revenue and expenses remain constant at 2016 levels .', 'the functional currency of our foreign operations is generally their respective local currency .', 'assets and liabilities are translated at the exchange rates in effect at the balance sheet date , and revenues and expenses are translated at the average exchange rates during the period presented .', 'the resulting translation adjustments are recorded as a component of accumulated other comprehensive loss , net of tax , in the stockholders 2019 equity section of our consolidated balance sheets .', 'our foreign subsidiaries generally collect revenues and pay expenses in their functional currency , mitigating transaction risk .', 'however , certain subsidiaries may enter into transactions in currencies other than their functional currency .', 'assets and liabilities denominated in currencies other than the functional currency are susceptible to movements in foreign currency until final settlement .', 'currency transaction gains or losses primarily arising from transactions in currencies other than the functional currency are included in office and general expenses .', 'we regularly review our foreign exchange exposures that may have a material impact on our business and from time to time use foreign currency forward exchange contracts or other derivative financial instruments to hedge the effects of potential adverse fluctuations in foreign currency exchange rates arising from these exposures .', 'we do not enter into foreign exchange contracts or other derivatives for speculative purposes. .'] | ----------------------------------------
as of december 31,, increase/ ( decrease ) in fair market value 10% ( 10 % ) increasein interest rates, increase/ ( decrease ) in fair market value 10% ( 10 % ) decreasein interest rates
2016, $ -26.3 ( 26.3 ), $ 26.9
2015, -33.7 ( 33.7 ), 34.7
---------------------------------------- | subtract(20.1, 22.8), divide(#0, 22.8) | -0.11842 |
did the bwe acquisition cost more than the svedka acquisition? | Pre-text: ['492010 annual report consolidation 2013 effective february 28 , 2010 , the company adopted the fasb amended guidance for con- solidation .', 'this guidance clarifies that the scope of the decrease in ownership provisions applies to the follow- ing : ( i ) a subsidiary or group of assets that is a business or nonprofit activity ; ( ii ) a subsidiary that is a business or nonprofit activity that is transferred to an equity method investee or joint venture ; and ( iii ) an exchange of a group of assets that constitutes a business or nonprofit activ- ity for a noncontrolling interest in an entity ( including an equity method investee or joint venture ) .', 'this guidance also expands the disclosures about the deconsolidation of a subsidiary or derecognition of a group of assets within the scope of the guidance .', 'the adoption of this guidance did not have a material impact on the company 2019s consolidated financial statements .', '3 . acquisitions : acquisition of bwe 2013 on december 17 , 2007 , the company acquired all of the issued and outstanding capital stock of beam wine estates , inc .', '( 201cbwe 201d ) , an indirect wholly-owned subsidiary of fortune brands , inc. , together with bwe 2019s subsidiaries : atlas peak vineyards , inc. , buena vista winery , inc. , clos du bois , inc. , gary farrell wines , inc .', 'and peak wines international , inc .', '( the 201cbwe acquisition 201d ) .', 'as a result of the bwe acquisition , the company acquired the u.s .', 'wine portfolio of fortune brands , inc. , including certain wineries , vineyards or inter- ests therein in the state of california , as well as various super-premium and fine california wine brands including clos du bois and wild horse .', 'the bwe acquisition sup- ports the company 2019s strategy of strengthening its portfolio with fast-growing super-premium and above wines .', 'the bwe acquisition strengthens the company 2019s position as the leading wine company in the world and the leading premium wine company in the u.s .', 'total consideration paid in cash was $ 877.3 million .', 'in addition , the company incurred direct acquisition costs of $ 1.4 million .', 'the purchase price was financed with the net proceeds from the company 2019s december 2007 senior notes ( as defined in note 11 ) and revolver borrowings under the company 2019s june 2006 credit agreement , as amended in february 2007 and november 2007 ( as defined in note 11 ) .', 'in accordance with the purchase method of accounting , the acquired net assets are recorded at fair value at the date of acquisition .', 'the purchase price was based primarily on the estimated future operating results of the bwe business , including the factors described above .', 'in june 2008 , the company sold certain businesses consisting of several of the california wineries and wine brands acquired in the bwe acquisition , as well as certain wineries and wine brands from the states of washington and idaho ( collectively , the 201cpacific northwest business 201d ) ( see note 7 ) .', 'the results of operations of the bwe business are reported in the constellation wines segment and are included in the consolidated results of operations of the company from the date of acquisition .', 'the following table summarizes the fair values of the assets acquired and liabilities assumed in the bwe acquisition at the date of acquisition .', '( in millions ) current assets $ 288.4 property , plant and equipment 232.8 .']
######
Table:
****************************************
Row 1: current assets, $ 288.4
Row 2: property plant and equipment, 232.8
Row 3: goodwill, 334.6
Row 4: trademarks, 97.9
Row 5: other assets, 30.2
Row 6: total assets acquired, 983.9
Row 7: current liabilities, 103.9
Row 8: long-term liabilities, 1.3
Row 9: total liabilities assumed, 105.2
Row 10: net assets acquired, $ 878.7
****************************************
######
Post-table: ['other assets 30.2 total assets acquired 983.9 current liabilities 103.9 long-term liabilities 1.3 total liabilities assumed 105.2 net assets acquired $ 878.7 the trademarks are not subject to amortization .', 'all of the goodwill is expected to be deductible for tax purposes .', 'acquisition of svedka 2013 on march 19 , 2007 , the company acquired the svedka vodka brand ( 201csvedka 201d ) in connection with the acquisition of spirits marque one llc and related business ( the 201csvedka acquisition 201d ) .', 'svedka is a premium swedish vodka .', 'at the time of the acquisition , the svedka acquisition supported the company 2019s strategy of expanding the company 2019s premium spirits business and provided a foundation from which the company looked to leverage its existing and future premium spirits portfolio for growth .', 'in addition , svedka complemented the company 2019s then existing portfolio of super-premium and value vodka brands by adding a premium vodka brand .', 'total consideration paid in cash for the svedka acquisition was $ 385.8 million .', 'in addition , the company incurred direct acquisition costs of $ 1.3 million .', 'the pur- chase price was financed with revolver borrowings under the company 2019s june 2006 credit agreement , as amended in february 2007 .', 'in accordance with the purchase method of accounting , the acquired net assets are recorded at fair value at the date of acquisition .', 'the purchase price was based primarily on the estimated future operating results of the svedka business , including the factors described above .', 'the results of operations of the svedka business are reported in the constellation wines segment and are included in the consolidated results of operations of the company from the date of acquisition. .'] | yes | STZ/2010/page_51.pdf-3 | ['492010 annual report consolidation 2013 effective february 28 , 2010 , the company adopted the fasb amended guidance for con- solidation .', 'this guidance clarifies that the scope of the decrease in ownership provisions applies to the follow- ing : ( i ) a subsidiary or group of assets that is a business or nonprofit activity ; ( ii ) a subsidiary that is a business or nonprofit activity that is transferred to an equity method investee or joint venture ; and ( iii ) an exchange of a group of assets that constitutes a business or nonprofit activ- ity for a noncontrolling interest in an entity ( including an equity method investee or joint venture ) .', 'this guidance also expands the disclosures about the deconsolidation of a subsidiary or derecognition of a group of assets within the scope of the guidance .', 'the adoption of this guidance did not have a material impact on the company 2019s consolidated financial statements .', '3 . acquisitions : acquisition of bwe 2013 on december 17 , 2007 , the company acquired all of the issued and outstanding capital stock of beam wine estates , inc .', '( 201cbwe 201d ) , an indirect wholly-owned subsidiary of fortune brands , inc. , together with bwe 2019s subsidiaries : atlas peak vineyards , inc. , buena vista winery , inc. , clos du bois , inc. , gary farrell wines , inc .', 'and peak wines international , inc .', '( the 201cbwe acquisition 201d ) .', 'as a result of the bwe acquisition , the company acquired the u.s .', 'wine portfolio of fortune brands , inc. , including certain wineries , vineyards or inter- ests therein in the state of california , as well as various super-premium and fine california wine brands including clos du bois and wild horse .', 'the bwe acquisition sup- ports the company 2019s strategy of strengthening its portfolio with fast-growing super-premium and above wines .', 'the bwe acquisition strengthens the company 2019s position as the leading wine company in the world and the leading premium wine company in the u.s .', 'total consideration paid in cash was $ 877.3 million .', 'in addition , the company incurred direct acquisition costs of $ 1.4 million .', 'the purchase price was financed with the net proceeds from the company 2019s december 2007 senior notes ( as defined in note 11 ) and revolver borrowings under the company 2019s june 2006 credit agreement , as amended in february 2007 and november 2007 ( as defined in note 11 ) .', 'in accordance with the purchase method of accounting , the acquired net assets are recorded at fair value at the date of acquisition .', 'the purchase price was based primarily on the estimated future operating results of the bwe business , including the factors described above .', 'in june 2008 , the company sold certain businesses consisting of several of the california wineries and wine brands acquired in the bwe acquisition , as well as certain wineries and wine brands from the states of washington and idaho ( collectively , the 201cpacific northwest business 201d ) ( see note 7 ) .', 'the results of operations of the bwe business are reported in the constellation wines segment and are included in the consolidated results of operations of the company from the date of acquisition .', 'the following table summarizes the fair values of the assets acquired and liabilities assumed in the bwe acquisition at the date of acquisition .', '( in millions ) current assets $ 288.4 property , plant and equipment 232.8 .'] | ['other assets 30.2 total assets acquired 983.9 current liabilities 103.9 long-term liabilities 1.3 total liabilities assumed 105.2 net assets acquired $ 878.7 the trademarks are not subject to amortization .', 'all of the goodwill is expected to be deductible for tax purposes .', 'acquisition of svedka 2013 on march 19 , 2007 , the company acquired the svedka vodka brand ( 201csvedka 201d ) in connection with the acquisition of spirits marque one llc and related business ( the 201csvedka acquisition 201d ) .', 'svedka is a premium swedish vodka .', 'at the time of the acquisition , the svedka acquisition supported the company 2019s strategy of expanding the company 2019s premium spirits business and provided a foundation from which the company looked to leverage its existing and future premium spirits portfolio for growth .', 'in addition , svedka complemented the company 2019s then existing portfolio of super-premium and value vodka brands by adding a premium vodka brand .', 'total consideration paid in cash for the svedka acquisition was $ 385.8 million .', 'in addition , the company incurred direct acquisition costs of $ 1.3 million .', 'the pur- chase price was financed with revolver borrowings under the company 2019s june 2006 credit agreement , as amended in february 2007 .', 'in accordance with the purchase method of accounting , the acquired net assets are recorded at fair value at the date of acquisition .', 'the purchase price was based primarily on the estimated future operating results of the svedka business , including the factors described above .', 'the results of operations of the svedka business are reported in the constellation wines segment and are included in the consolidated results of operations of the company from the date of acquisition. .'] | ****************************************
Row 1: current assets, $ 288.4
Row 2: property plant and equipment, 232.8
Row 3: goodwill, 334.6
Row 4: trademarks, 97.9
Row 5: other assets, 30.2
Row 6: total assets acquired, 983.9
Row 7: current liabilities, 103.9
Row 8: long-term liabilities, 1.3
Row 9: total liabilities assumed, 105.2
Row 10: net assets acquired, $ 878.7
**************************************** | greater(877.3, 385.8) | yes |
what is the percent change in equity component changes from 12/31/2011 to 12/31/2012? | Context: ['product management , business development and client service .', 'our alternatives products fall into two main categories 2013 core , which includes hedge funds , funds of funds ( hedge funds and private equity ) and real estate offerings , and currency and commodities .', 'the products offered under the bai umbrella are described below .', '2022 hedge funds ended the year with $ 26.6 billion in aum , down $ 1.4 billion as net inflows into single- strategy hedge funds of $ 1.0 billion were more than offset by return of capital on opportunistic funds .', 'market valuation gains contributed $ 1.1 billion to aum growth .', 'hedge fund aum includes a variety of single-strategy , multi-strategy , and global macro , as well as portable alpha , distressed and opportunistic offerings .', 'products include both open-end hedge funds and similar products , and closed-end funds created to take advantage of specific opportunities over a defined , often longer- term investment horizon .', '2022 funds of funds aum increased $ 6.3 billion , or 28% ( 28 % ) , to $ 29.1 billion at december 31 , 2012 , including $ 17.1 billion in funds of hedge funds and hybrid vehicles and $ 12.0 billion in private equity funds of funds .', 'growth largely reflected $ 6.2 billion of assets from srpep as we expanded our fund of funds product offerings and further engage in european and asian markets .', '2022 real estate and hard assets aum totaled $ 12.7 billion , down $ 0.1 billion , or 1% ( 1 % ) , reflecting $ 0.6 billion in client net redemptions and distributions and $ 0.5 billion in portfolio valuation gains .', 'offerings include high yield debt and core , value-added and opportunistic equity portfolios and renewable power funds .', 'we continued to expand our real estate platform and product offerings with the launch of our first u.s .', 'real estate investment trust ( 201creit 201d ) mutual fund and addition of an infrastructure debt team to further increase and diversify our offerings within global infrastructure investing .', 'currency and commodities .', 'aum in currency and commodities strategies totaled $ 41.4 billion at year-end 2012 , flat from year-end 2011 , reflecting net outflows of $ 1.5 billion , primarily from active currency and currency overlays , and $ 0.8 billion of market and foreign exchange gains .', 'claymore also contributed $ 0.9 billion of aum .', 'currency and commodities products include a range of active and passive products .', 'our ishares commodities products represented $ 24.3 billion of aum , including $ 0.7 billion acquired from claymore , and are not eligible for performance fees .', 'cash management cash management aum totaled $ 263.7 billion at december 31 , 2012 , up $ 9.1 billion , or 4% ( 4 % ) , from year-end 2011 .', 'cash management products include taxable and tax-exempt money market funds and customized separate accounts .', 'portfolios may be denominated in u.s .', 'dollar , euro or british pound .', 'at year-end 2012 , 84% ( 84 % ) of cash aum was managed for institutions and 16% ( 16 % ) for retail and hnw investors .', 'the investor base was also predominantly in the americas , with 69% ( 69 % ) of aum managed for investors in the americas and 31% ( 31 % ) for clients in other regions , mostly emea-based .', 'we generated net inflows of $ 5.0 billion during 2012 , reflecting continued uncertainty around future regulatory changes and a challenging investing environment .', 'to meet investor needs , we sought to provide new solutions and choices for our clients by launching short duration products in the united states , which both immediately address the challenge of a continuing low interest rate environment and will also be important investment options should regulatory changes occur .', 'in the emea business , and in particular for our euro product set , we have taken action to ensure that we can provide effective cash management solutions in the face of a potentially negative yield environment by taking steps to launch new products and re-engineer our existing product set .', 'ishares our industry-leading u.s .', 'and international ishares etp suite is discussed below .', 'component changes in aum 2013 ishares ( dollar amounts in millions ) 12/31/2011 net new business acquired market /fx app ( dep ) 12/31/2012 .']
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Data Table:
----------------------------------------
Row 1: ( dollar amounts in millions ), 12/31/2011, net new business, net acquired, market /fx app ( dep ), 12/31/2012
Row 2: equity, $ 419651, $ 52973, $ 3517, $ 58507, $ 534648
Row 3: fixed income, 153802, 28785, 3026, 7239, 192852
Row 4: multi-asset class, 562, 178, 78, 51, 869
Row 5: alternatives, 19341, 3232, 701, 1064, 24338
Row 6: long-term, $ 593356, $ 85168, $ 7322, $ 66861, $ 752707
----------------------------------------
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Post-table: ['.'] | 0.27403 | BLK/2012/page_33.pdf-2 | ['product management , business development and client service .', 'our alternatives products fall into two main categories 2013 core , which includes hedge funds , funds of funds ( hedge funds and private equity ) and real estate offerings , and currency and commodities .', 'the products offered under the bai umbrella are described below .', '2022 hedge funds ended the year with $ 26.6 billion in aum , down $ 1.4 billion as net inflows into single- strategy hedge funds of $ 1.0 billion were more than offset by return of capital on opportunistic funds .', 'market valuation gains contributed $ 1.1 billion to aum growth .', 'hedge fund aum includes a variety of single-strategy , multi-strategy , and global macro , as well as portable alpha , distressed and opportunistic offerings .', 'products include both open-end hedge funds and similar products , and closed-end funds created to take advantage of specific opportunities over a defined , often longer- term investment horizon .', '2022 funds of funds aum increased $ 6.3 billion , or 28% ( 28 % ) , to $ 29.1 billion at december 31 , 2012 , including $ 17.1 billion in funds of hedge funds and hybrid vehicles and $ 12.0 billion in private equity funds of funds .', 'growth largely reflected $ 6.2 billion of assets from srpep as we expanded our fund of funds product offerings and further engage in european and asian markets .', '2022 real estate and hard assets aum totaled $ 12.7 billion , down $ 0.1 billion , or 1% ( 1 % ) , reflecting $ 0.6 billion in client net redemptions and distributions and $ 0.5 billion in portfolio valuation gains .', 'offerings include high yield debt and core , value-added and opportunistic equity portfolios and renewable power funds .', 'we continued to expand our real estate platform and product offerings with the launch of our first u.s .', 'real estate investment trust ( 201creit 201d ) mutual fund and addition of an infrastructure debt team to further increase and diversify our offerings within global infrastructure investing .', 'currency and commodities .', 'aum in currency and commodities strategies totaled $ 41.4 billion at year-end 2012 , flat from year-end 2011 , reflecting net outflows of $ 1.5 billion , primarily from active currency and currency overlays , and $ 0.8 billion of market and foreign exchange gains .', 'claymore also contributed $ 0.9 billion of aum .', 'currency and commodities products include a range of active and passive products .', 'our ishares commodities products represented $ 24.3 billion of aum , including $ 0.7 billion acquired from claymore , and are not eligible for performance fees .', 'cash management cash management aum totaled $ 263.7 billion at december 31 , 2012 , up $ 9.1 billion , or 4% ( 4 % ) , from year-end 2011 .', 'cash management products include taxable and tax-exempt money market funds and customized separate accounts .', 'portfolios may be denominated in u.s .', 'dollar , euro or british pound .', 'at year-end 2012 , 84% ( 84 % ) of cash aum was managed for institutions and 16% ( 16 % ) for retail and hnw investors .', 'the investor base was also predominantly in the americas , with 69% ( 69 % ) of aum managed for investors in the americas and 31% ( 31 % ) for clients in other regions , mostly emea-based .', 'we generated net inflows of $ 5.0 billion during 2012 , reflecting continued uncertainty around future regulatory changes and a challenging investing environment .', 'to meet investor needs , we sought to provide new solutions and choices for our clients by launching short duration products in the united states , which both immediately address the challenge of a continuing low interest rate environment and will also be important investment options should regulatory changes occur .', 'in the emea business , and in particular for our euro product set , we have taken action to ensure that we can provide effective cash management solutions in the face of a potentially negative yield environment by taking steps to launch new products and re-engineer our existing product set .', 'ishares our industry-leading u.s .', 'and international ishares etp suite is discussed below .', 'component changes in aum 2013 ishares ( dollar amounts in millions ) 12/31/2011 net new business acquired market /fx app ( dep ) 12/31/2012 .'] | ['.'] | ----------------------------------------
Row 1: ( dollar amounts in millions ), 12/31/2011, net new business, net acquired, market /fx app ( dep ), 12/31/2012
Row 2: equity, $ 419651, $ 52973, $ 3517, $ 58507, $ 534648
Row 3: fixed income, 153802, 28785, 3026, 7239, 192852
Row 4: multi-asset class, 562, 178, 78, 51, 869
Row 5: alternatives, 19341, 3232, 701, 1064, 24338
Row 6: long-term, $ 593356, $ 85168, $ 7322, $ 66861, $ 752707
---------------------------------------- | subtract(534648, 419651), divide(#0, 419651) | 0.27403 |
what was the average securitization rate of standby letters of credit as of december 2008 and 2007? | Background: ['notes to consolidated financial statements fifth third bancorp 81 vii held by the trust vii bear a fixed rate of interest of 8.875% ( 8.875 % ) until may 15 , 2058 .', 'thereafter , the notes pay a floating rate at three-month libor plus 500 bp .', 'the bancorp entered into an interest rate swap to convert $ 275 million of the fixed-rate debt into floating .', 'at december 31 , 2008 , the rate paid on the swap was 6.05% ( 6.05 % ) .', 'the jsn vii may be redeemed at the option of the bancorp on or after may 15 , 2013 , or in certain other limited circumstances , at a redemption price of 100% ( 100 % ) of the principal amount plus accrued but unpaid interest .', 'all redemptions are subject to certain conditions and generally require approval by the federal reserve board .', 'subsidiary long-term borrowings the senior fixed-rate bank notes due from 2009 to 2019 are the obligations of a subsidiary bank .', 'the maturities of the face value of the senior fixed-rate bank notes are as follows : $ 36 million in 2009 , $ 800 million in 2010 and $ 275 million in 2019 .', 'the bancorp entered into interest rate swaps to convert $ 1.1 billion of the fixed-rate debt into floating rates .', 'at december 31 , 2008 , the rates paid on these swaps were 2.19% ( 2.19 % ) on $ 800 million and 2.20% ( 2.20 % ) on $ 275 million .', 'in august 2008 , $ 500 million of senior fixed-rate bank notes issued in july of 2003 matured and were paid .', 'these long-term bank notes were issued to third-party investors at a fixed rate of 3.375% ( 3.375 % ) .', 'the senior floating-rate bank notes due in 2013 are the obligations of a subsidiary bank .', 'the notes pay a floating rate at three-month libor plus 11 bp .', 'the senior extendable notes consist of $ 797 million that currently pay interest at three-month libor plus 4 bp and $ 400 million that pay at the federal funds open rate plus 12 bp .', 'the subordinated fixed-rate bank notes due in 2015 are the obligations of a subsidiary bank .', 'the bancorp entered into interest rate swaps to convert the fixed-rate debt into floating rate .', 'at december 31 , 2008 , the weighted-average rate paid on the swaps was 3.29% ( 3.29 % ) .', 'the junior subordinated floating-rate bank notes due in 2032 and 2033 were assumed by a bancorp subsidiary as part of the acquisition of crown in november 2007 .', 'two of the notes pay floating at three-month libor plus 310 and 325 bp .', 'the third note pays floating at six-month libor plus 370 bp .', 'the three-month libor plus 290 bp and the three-month libor plus 279 bp junior subordinated debentures due in 2033 and 2034 , respectively , were assumed by a subsidiary of the bancorp in connection with the acquisition of first national bank .', 'the obligations were issued to fnb statutory trusts i and ii , respectively .', 'the junior subordinated floating-rate bank notes due in 2035 were assumed by a bancorp subsidiary as part of the acquisition of first charter in may 2008 .', 'the obligations were issued to first charter capital trust i and ii , respectively .', 'the notes of first charter capital trust i and ii pay floating at three-month libor plus 169 bp and 142 bp , respectively .', 'the bancorp has fully and unconditionally guaranteed all obligations under the acquired trust preferred securities .', 'at december 31 , 2008 , fhlb advances have rates ranging from 0% ( 0 % ) to 8.34% ( 8.34 % ) , with interest payable monthly .', 'the advances are secured by certain residential mortgage loans and securities totaling $ 8.6 billion .', 'at december 31 , 2008 , $ 2.5 billion of fhlb advances are floating rate .', 'the bancorp has interest rate caps , with a notional of $ 1.5 billion , held against its fhlb advance borrowings .', 'the $ 3.6 billion in advances mature as follows : $ 1.5 billion in 2009 , $ 1 million in 2010 , $ 2 million in 2011 , $ 1 billion in 2012 and $ 1.1 billion in 2013 and thereafter .', 'medium-term senior notes and subordinated bank notes with maturities ranging from one year to 30 years can be issued by two subsidiary banks , of which $ 3.8 billion was outstanding at december 31 , 2008 with $ 16.2 billion available for future issuance .', 'there were no other medium-term senior notes outstanding on either of the two subsidiary banks as of december 31 , 2008 .', '15 .', 'commitments , contingent liabilities and guarantees the bancorp , in the normal course of business , enters into financial instruments and various agreements to meet the financing needs of its customers .', 'the bancorp also enters into certain transactions and agreements to manage its interest rate and prepayment risks , provide funding , equipment and locations for its operations and invest in its communities .', 'these instruments and agreements involve , to varying degrees , elements of credit risk , counterparty risk and market risk in excess of the amounts recognized in the bancorp 2019s consolidated balance sheets .', 'creditworthiness for all instruments and agreements is evaluated on a case-by-case basis in accordance with the bancorp 2019s credit policies .', 'the bancorp 2019s significant commitments , contingent liabilities and guarantees in excess of the amounts recognized in the consolidated balance sheets are summarized as follows : commitments the bancorp has certain commitments to make future payments under contracts .', 'a summary of significant commitments at december 31: .']
------
Data Table:
( $ in millions ) 2008 2007
commitments to extend credit $ 49470 49788
letters of credit ( including standby letters of credit ) 8951 8522
forward contracts to sell mortgage loans 3235 1511
noncancelable lease obligations 937 734
purchase obligations 81 52
capital expenditures 68 94
------
Additional Information: ['commitments to extend credit are agreements to lend , typically having fixed expiration dates or other termination clauses that may require payment of a fee .', 'since many of the commitments to extend credit may expire without being drawn upon , the total commitment amounts do not necessarily represent future cash flow requirements .', 'the bancorp is exposed to credit risk in the event of nonperformance for the amount of the contract .', 'fixed-rate commitments are also subject to market risk resulting from fluctuations in interest rates and the bancorp 2019s exposure is limited to the replacement value of those commitments .', 'as of december 31 , 2008 and 2007 , the bancorp had a reserve for unfunded commitments totaling $ 195 million and $ 95 million , respectively , included in other liabilities in the consolidated balance sheets .', 'standby and commercial letters of credit are conditional commitments issued to guarantee the performance of a customer to a third party .', 'at december 31 , 2008 , approximately $ 3.3 billion of letters of credit expire within one year ( including $ 57 million issued on behalf of commercial customers to facilitate trade payments in dollars and foreign currencies ) , $ 5.3 billion expire between one to five years and $ 0.4 billion expire thereafter .', 'standby letters of credit are considered guarantees in accordance with fasb interpretation no .', '45 , 201cguarantor 2019s accounting and disclosure requirements for guarantees , including indirect guarantees of indebtedness of others 201d ( fin 45 ) .', 'at december 31 , 2008 , the reserve related to these standby letters of credit was $ 3 million .', 'approximately 66% ( 66 % ) and 70% ( 70 % ) of the total standby letters of credit were secured as of december 31 , 2008 and 2007 , respectively .', 'in the event of nonperformance by the customers , the bancorp has rights to the underlying collateral , which can include commercial real estate , physical plant and property , inventory , receivables , cash and marketable securities .', 'the bancorp monitors the credit risk associated with the standby letters of credit using the same dual risk rating system utilized for .'] | 0.68 | FITB/2008/page_69.pdf-1 | ['notes to consolidated financial statements fifth third bancorp 81 vii held by the trust vii bear a fixed rate of interest of 8.875% ( 8.875 % ) until may 15 , 2058 .', 'thereafter , the notes pay a floating rate at three-month libor plus 500 bp .', 'the bancorp entered into an interest rate swap to convert $ 275 million of the fixed-rate debt into floating .', 'at december 31 , 2008 , the rate paid on the swap was 6.05% ( 6.05 % ) .', 'the jsn vii may be redeemed at the option of the bancorp on or after may 15 , 2013 , or in certain other limited circumstances , at a redemption price of 100% ( 100 % ) of the principal amount plus accrued but unpaid interest .', 'all redemptions are subject to certain conditions and generally require approval by the federal reserve board .', 'subsidiary long-term borrowings the senior fixed-rate bank notes due from 2009 to 2019 are the obligations of a subsidiary bank .', 'the maturities of the face value of the senior fixed-rate bank notes are as follows : $ 36 million in 2009 , $ 800 million in 2010 and $ 275 million in 2019 .', 'the bancorp entered into interest rate swaps to convert $ 1.1 billion of the fixed-rate debt into floating rates .', 'at december 31 , 2008 , the rates paid on these swaps were 2.19% ( 2.19 % ) on $ 800 million and 2.20% ( 2.20 % ) on $ 275 million .', 'in august 2008 , $ 500 million of senior fixed-rate bank notes issued in july of 2003 matured and were paid .', 'these long-term bank notes were issued to third-party investors at a fixed rate of 3.375% ( 3.375 % ) .', 'the senior floating-rate bank notes due in 2013 are the obligations of a subsidiary bank .', 'the notes pay a floating rate at three-month libor plus 11 bp .', 'the senior extendable notes consist of $ 797 million that currently pay interest at three-month libor plus 4 bp and $ 400 million that pay at the federal funds open rate plus 12 bp .', 'the subordinated fixed-rate bank notes due in 2015 are the obligations of a subsidiary bank .', 'the bancorp entered into interest rate swaps to convert the fixed-rate debt into floating rate .', 'at december 31 , 2008 , the weighted-average rate paid on the swaps was 3.29% ( 3.29 % ) .', 'the junior subordinated floating-rate bank notes due in 2032 and 2033 were assumed by a bancorp subsidiary as part of the acquisition of crown in november 2007 .', 'two of the notes pay floating at three-month libor plus 310 and 325 bp .', 'the third note pays floating at six-month libor plus 370 bp .', 'the three-month libor plus 290 bp and the three-month libor plus 279 bp junior subordinated debentures due in 2033 and 2034 , respectively , were assumed by a subsidiary of the bancorp in connection with the acquisition of first national bank .', 'the obligations were issued to fnb statutory trusts i and ii , respectively .', 'the junior subordinated floating-rate bank notes due in 2035 were assumed by a bancorp subsidiary as part of the acquisition of first charter in may 2008 .', 'the obligations were issued to first charter capital trust i and ii , respectively .', 'the notes of first charter capital trust i and ii pay floating at three-month libor plus 169 bp and 142 bp , respectively .', 'the bancorp has fully and unconditionally guaranteed all obligations under the acquired trust preferred securities .', 'at december 31 , 2008 , fhlb advances have rates ranging from 0% ( 0 % ) to 8.34% ( 8.34 % ) , with interest payable monthly .', 'the advances are secured by certain residential mortgage loans and securities totaling $ 8.6 billion .', 'at december 31 , 2008 , $ 2.5 billion of fhlb advances are floating rate .', 'the bancorp has interest rate caps , with a notional of $ 1.5 billion , held against its fhlb advance borrowings .', 'the $ 3.6 billion in advances mature as follows : $ 1.5 billion in 2009 , $ 1 million in 2010 , $ 2 million in 2011 , $ 1 billion in 2012 and $ 1.1 billion in 2013 and thereafter .', 'medium-term senior notes and subordinated bank notes with maturities ranging from one year to 30 years can be issued by two subsidiary banks , of which $ 3.8 billion was outstanding at december 31 , 2008 with $ 16.2 billion available for future issuance .', 'there were no other medium-term senior notes outstanding on either of the two subsidiary banks as of december 31 , 2008 .', '15 .', 'commitments , contingent liabilities and guarantees the bancorp , in the normal course of business , enters into financial instruments and various agreements to meet the financing needs of its customers .', 'the bancorp also enters into certain transactions and agreements to manage its interest rate and prepayment risks , provide funding , equipment and locations for its operations and invest in its communities .', 'these instruments and agreements involve , to varying degrees , elements of credit risk , counterparty risk and market risk in excess of the amounts recognized in the bancorp 2019s consolidated balance sheets .', 'creditworthiness for all instruments and agreements is evaluated on a case-by-case basis in accordance with the bancorp 2019s credit policies .', 'the bancorp 2019s significant commitments , contingent liabilities and guarantees in excess of the amounts recognized in the consolidated balance sheets are summarized as follows : commitments the bancorp has certain commitments to make future payments under contracts .', 'a summary of significant commitments at december 31: .'] | ['commitments to extend credit are agreements to lend , typically having fixed expiration dates or other termination clauses that may require payment of a fee .', 'since many of the commitments to extend credit may expire without being drawn upon , the total commitment amounts do not necessarily represent future cash flow requirements .', 'the bancorp is exposed to credit risk in the event of nonperformance for the amount of the contract .', 'fixed-rate commitments are also subject to market risk resulting from fluctuations in interest rates and the bancorp 2019s exposure is limited to the replacement value of those commitments .', 'as of december 31 , 2008 and 2007 , the bancorp had a reserve for unfunded commitments totaling $ 195 million and $ 95 million , respectively , included in other liabilities in the consolidated balance sheets .', 'standby and commercial letters of credit are conditional commitments issued to guarantee the performance of a customer to a third party .', 'at december 31 , 2008 , approximately $ 3.3 billion of letters of credit expire within one year ( including $ 57 million issued on behalf of commercial customers to facilitate trade payments in dollars and foreign currencies ) , $ 5.3 billion expire between one to five years and $ 0.4 billion expire thereafter .', 'standby letters of credit are considered guarantees in accordance with fasb interpretation no .', '45 , 201cguarantor 2019s accounting and disclosure requirements for guarantees , including indirect guarantees of indebtedness of others 201d ( fin 45 ) .', 'at december 31 , 2008 , the reserve related to these standby letters of credit was $ 3 million .', 'approximately 66% ( 66 % ) and 70% ( 70 % ) of the total standby letters of credit were secured as of december 31 , 2008 and 2007 , respectively .', 'in the event of nonperformance by the customers , the bancorp has rights to the underlying collateral , which can include commercial real estate , physical plant and property , inventory , receivables , cash and marketable securities .', 'the bancorp monitors the credit risk associated with the standby letters of credit using the same dual risk rating system utilized for .'] | ( $ in millions ) 2008 2007
commitments to extend credit $ 49470 49788
letters of credit ( including standby letters of credit ) 8951 8522
forward contracts to sell mortgage loans 3235 1511
noncancelable lease obligations 937 734
purchase obligations 81 52
capital expenditures 68 94 | add(66%, 70%), divide(#0, const_2) | 0.68 |
what is the difference in millions between residential mortgages as of jan 1 , 2011 and dec 31 , 2011? | Pre-text: ['agreements associated with the agency securitizations , most sale agreements do not provide for penalties or other remedies if we do not respond timely to investor indemnification or repurchase requests .', 'origination and sale of residential mortgages is an ongoing business activity and , accordingly , management continually assesses the need to recognize indemnification and repurchase liabilities pursuant to the associated investor sale agreements .', 'we establish indemnification and repurchase liabilities for estimated losses on sold first and second-lien mortgages and home equity loans/lines for which indemnification is expected to be provided or for loans that are expected to be repurchased .', 'for the first and second-lien mortgage sold portfolio , we have established an indemnification and repurchase liability pursuant to investor sale agreements based on claims made and our estimate of future claims on a loan by loan basis .', 'these relate primarily to loans originated during 2006-2008 .', 'for the home equity loans/lines sold portfolio , we have established indemnification and repurchase liabilities based upon this same methodology for loans sold during 2005-2007 .', 'indemnification and repurchase liabilities are initially recognized when loans are sold to investors and are subsequently evaluated by management .', 'initial recognition and subsequent adjustments to the indemnification and repurchase liability for the sold residential mortgage portfolio are recognized in residential mortgage revenue on the consolidated income statement .', 'since pnc is no longer engaged in the brokered home equity lending business , only subsequent adjustments are recognized to the home equity loans/lines indemnification and repurchase liability .', 'these adjustments are recognized in other noninterest income on the consolidated income statement .', 'management 2019s subsequent evaluation of these indemnification and repurchase liabilities is based upon trends in indemnification and repurchase requests , actual loss experience , risks in the underlying serviced loan portfolios , and current economic conditions .', 'as part of its evaluation , management considers estimated loss projections over the life of the subject loan portfolio .', 'at december 31 , 2011 and december 31 , 2010 , the total indemnification and repurchase liability for estimated losses on indemnification and repurchase claims totaled $ 130 million and $ 294 million , respectively , and was included in other liabilities on the consolidated balance sheet .', 'an analysis of the changes in this liability during 2011 and 2010 follows : analysis of indemnification and repurchase liability for asserted claims and unasserted claims .']
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Table:
========================================
• in millions, 2011 residential mortgages ( a ), 2011 home equity loans/lines ( b ), 2011 total, 2011 residential mortgages ( a ), 2011 home equity loans/lines ( b ), total
• january 1, $ 144, $ 150, $ 294, $ 229, $ 41, $ 270
• reserve adjustments net, 102, 4, 106, 120, 144, 264
• losses 2013 loan repurchases and settlements, -163 ( 163 ), -107 ( 107 ), -270 ( 270 ), -205 ( 205 ), -35 ( 35 ), -240 ( 240 )
• december 31, $ 83, $ 47, $ 130, $ 144, $ 150, $ 294
========================================
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Post-table: ['( a ) repurchase obligation associated with sold loan portfolios of $ 121.4 billion and $ 139.8 billion at december 31 , 2011 and december 31 , 2010 , respectively .', '( b ) repurchase obligation associated with sold loan portfolios of $ 4.5 billion and $ 6.5 billion at december 31 , 2011 and december 31 , 2010 , respectively .', 'pnc is no longer engaged in the brokered home equity lending business , which was acquired with national city .', 'management believes our indemnification and repurchase liabilities appropriately reflect the estimated probable losses on investor indemnification and repurchase claims at december 31 , 2011 and 2010 .', 'while management seeks to obtain all relevant information in estimating the indemnification and repurchase liability , the estimation process is inherently uncertain and imprecise and , accordingly , it is reasonably possible that future indemnification and repurchase losses could be more or less than our established liability .', 'factors that could affect our estimate include the volume of valid claims driven by investor strategies and behavior , our ability to successfully negotiate claims with investors , housing prices , and other economic conditions .', 'at december 31 , 2011 , we estimate that it is reasonably possible that we could incur additional losses in excess of our indemnification and repurchase liability of up to $ 85 million .', 'this estimate of potential additional losses in excess of our liability is based on assumed higher investor demands , lower claim rescissions , and lower home prices than our current assumptions .', 'reinsurance agreements we have two wholly-owned captive insurance subsidiaries which provide reinsurance to third-party insurers related to insurance sold to our customers .', 'these subsidiaries enter into various types of reinsurance agreements with third-party insurers where the subsidiary assumes the risk of loss through either an excess of loss or quota share agreement up to 100% ( 100 % ) reinsurance .', 'in excess of loss agreements , these subsidiaries assume the risk of loss for an excess layer of coverage up to specified limits , once a defined first loss percentage is met .', 'in quota share agreements , the subsidiaries and third-party insurers share the responsibility for payment of all claims .', 'these subsidiaries provide reinsurance for accidental death & dismemberment , credit life , accident & health , lender placed 200 the pnc financial services group , inc .', '2013 form 10-k .'] | 61.0 | PNC/2011/page_209.pdf-5 | ['agreements associated with the agency securitizations , most sale agreements do not provide for penalties or other remedies if we do not respond timely to investor indemnification or repurchase requests .', 'origination and sale of residential mortgages is an ongoing business activity and , accordingly , management continually assesses the need to recognize indemnification and repurchase liabilities pursuant to the associated investor sale agreements .', 'we establish indemnification and repurchase liabilities for estimated losses on sold first and second-lien mortgages and home equity loans/lines for which indemnification is expected to be provided or for loans that are expected to be repurchased .', 'for the first and second-lien mortgage sold portfolio , we have established an indemnification and repurchase liability pursuant to investor sale agreements based on claims made and our estimate of future claims on a loan by loan basis .', 'these relate primarily to loans originated during 2006-2008 .', 'for the home equity loans/lines sold portfolio , we have established indemnification and repurchase liabilities based upon this same methodology for loans sold during 2005-2007 .', 'indemnification and repurchase liabilities are initially recognized when loans are sold to investors and are subsequently evaluated by management .', 'initial recognition and subsequent adjustments to the indemnification and repurchase liability for the sold residential mortgage portfolio are recognized in residential mortgage revenue on the consolidated income statement .', 'since pnc is no longer engaged in the brokered home equity lending business , only subsequent adjustments are recognized to the home equity loans/lines indemnification and repurchase liability .', 'these adjustments are recognized in other noninterest income on the consolidated income statement .', 'management 2019s subsequent evaluation of these indemnification and repurchase liabilities is based upon trends in indemnification and repurchase requests , actual loss experience , risks in the underlying serviced loan portfolios , and current economic conditions .', 'as part of its evaluation , management considers estimated loss projections over the life of the subject loan portfolio .', 'at december 31 , 2011 and december 31 , 2010 , the total indemnification and repurchase liability for estimated losses on indemnification and repurchase claims totaled $ 130 million and $ 294 million , respectively , and was included in other liabilities on the consolidated balance sheet .', 'an analysis of the changes in this liability during 2011 and 2010 follows : analysis of indemnification and repurchase liability for asserted claims and unasserted claims .'] | ['( a ) repurchase obligation associated with sold loan portfolios of $ 121.4 billion and $ 139.8 billion at december 31 , 2011 and december 31 , 2010 , respectively .', '( b ) repurchase obligation associated with sold loan portfolios of $ 4.5 billion and $ 6.5 billion at december 31 , 2011 and december 31 , 2010 , respectively .', 'pnc is no longer engaged in the brokered home equity lending business , which was acquired with national city .', 'management believes our indemnification and repurchase liabilities appropriately reflect the estimated probable losses on investor indemnification and repurchase claims at december 31 , 2011 and 2010 .', 'while management seeks to obtain all relevant information in estimating the indemnification and repurchase liability , the estimation process is inherently uncertain and imprecise and , accordingly , it is reasonably possible that future indemnification and repurchase losses could be more or less than our established liability .', 'factors that could affect our estimate include the volume of valid claims driven by investor strategies and behavior , our ability to successfully negotiate claims with investors , housing prices , and other economic conditions .', 'at december 31 , 2011 , we estimate that it is reasonably possible that we could incur additional losses in excess of our indemnification and repurchase liability of up to $ 85 million .', 'this estimate of potential additional losses in excess of our liability is based on assumed higher investor demands , lower claim rescissions , and lower home prices than our current assumptions .', 'reinsurance agreements we have two wholly-owned captive insurance subsidiaries which provide reinsurance to third-party insurers related to insurance sold to our customers .', 'these subsidiaries enter into various types of reinsurance agreements with third-party insurers where the subsidiary assumes the risk of loss through either an excess of loss or quota share agreement up to 100% ( 100 % ) reinsurance .', 'in excess of loss agreements , these subsidiaries assume the risk of loss for an excess layer of coverage up to specified limits , once a defined first loss percentage is met .', 'in quota share agreements , the subsidiaries and third-party insurers share the responsibility for payment of all claims .', 'these subsidiaries provide reinsurance for accidental death & dismemberment , credit life , accident & health , lender placed 200 the pnc financial services group , inc .', '2013 form 10-k .'] | ========================================
• in millions, 2011 residential mortgages ( a ), 2011 home equity loans/lines ( b ), 2011 total, 2011 residential mortgages ( a ), 2011 home equity loans/lines ( b ), total
• january 1, $ 144, $ 150, $ 294, $ 229, $ 41, $ 270
• reserve adjustments net, 102, 4, 106, 120, 144, 264
• losses 2013 loan repurchases and settlements, -163 ( 163 ), -107 ( 107 ), -270 ( 270 ), -205 ( 205 ), -35 ( 35 ), -240 ( 240 )
• december 31, $ 83, $ 47, $ 130, $ 144, $ 150, $ 294
======================================== | subtract(144, 83) | 61.0 |
what is the percentage increase in the maximum aggregate amount that may be borrowed under the cp program from 2009 to 2011? | Background: ['the impairment tests performed for intangible assets as of july 31 , 2013 , 2012 and 2011 indicated no impairment charges were required .', 'estimated amortization expense for finite-lived intangible assets for each of the five succeeding years is as follows : ( in millions ) .']
##########
Data Table:
========================================
year, amount
2014, $ 156
2015, 126
2016, 91
2017, 74
2018, 24
========================================
##########
Post-table: ['indefinite-lived acquired management contracts in july 2013 , in connection with the credit suisse etf transaction , the company acquired $ 231 million of indefinite-lived management contracts .', 'in march 2012 , in connection with the claymore transaction , the company acquired $ 163 million of indefinite-lived etp management contracts .', 'finite-lived acquired management contracts in october 2013 , in connection with the mgpa transaction , the company acquired $ 29 million of finite-lived management contracts with a weighted-average estimated useful life of approximately eight years .', 'in september 2012 , in connection with the srpep transaction , the company acquired $ 40 million of finite- lived management contracts with a weighted-average estimated useful life of approximately 10 years .', '11 .', 'other assets at march 31 , 2013 , blackrock held an approximately one- third economic equity interest in private national mortgage acceptance company , llc ( 201cpnmac 201d ) , which is accounted for as an equity method investment and is included in other assets on the consolidated statements of financial condition .', 'on may 8 , 2013 , pennymac became the sole managing member of pnmac in connection with an initial public offering of pennymac ( the 201cpennymac ipo 201d ) .', 'as a result of the pennymac ipo , blackrock recorded a noncash , nonoperating pre-tax gain of $ 39 million related to the carrying value of its equity method investment .', 'subsequent to the pennymac ipo , the company contributed 6.1 million units of its investment to a new donor advised fund ( the 201ccharitable contribution 201d ) .', 'the fair value of the charitable contribution was $ 124 million and is included in general and administration expenses on the consolidated statements of income .', 'in connection with the charitable contribution , the company also recorded a noncash , nonoperating pre-tax gain of $ 80 million related to the contributed investment and a tax benefit of approximately $ 48 million .', 'the carrying value and fair value of the company 2019s remaining interest ( approximately 20% ( 20 % ) or 16 million shares and units ) was approximately $ 127 million and $ 273 million , respectively , at december 31 , 2013 .', 'the fair value of the company 2019s interest reflected the pennymac stock price at december 31 , 2013 ( level 1 input ) .', '12 .', 'borrowings short-term borrowings the carrying value of short-term borrowings at december 31 , 2012 included $ 100 million under the 2012 revolving credit facility .', '2013 revolving credit facility .', 'in march 2011 , the company entered into a five-year $ 3.5 billion unsecured revolving credit facility ( the 201c2011 credit facility 201d ) .', 'in march 2012 , the 2011 credit facility was amended to extend the maturity date by one year to march 2017 and in april 2012 the amount of the aggregate commitment was increased to $ 3.785 billion ( the 201c2012 credit facility 201d ) .', 'in march 2013 , the company 2019s credit facility was amended to extend the maturity date by one year to march 2018 and the amount of the aggregate commitment was increased to $ 3.990 billion ( the 201c2013 credit facility 201d ) .', 'the 2013 credit facility permits the company to request up to an additional $ 1.0 billion of borrowing capacity , subject to lender credit approval , increasing the overall size of the 2013 credit facility to an aggregate principal amount not to exceed $ 4.990 billion .', 'interest on borrowings outstanding accrues at a rate based on the applicable london interbank offered rate plus a spread .', 'the 2013 credit facility requires the company not to exceed a maximum leverage ratio ( ratio of net debt to earnings before interest , taxes , depreciation and amortization , where net debt equals total debt less unrestricted cash ) of 3 to 1 , which was satisfied with a ratio of less than 1 to 1 at december 31 , 2013 .', 'the 2013 credit facility provides back- up liquidity , funds ongoing working capital for general corporate purposes and funds various investment opportunities .', 'at december 31 , 2013 , the company had no amount outstanding under the 2013 credit facility .', 'commercial paper program .', 'on october 14 , 2009 , blackrock established a commercial paper program ( the 201ccp program 201d ) under which the company could issue unsecured commercial paper notes ( the 201ccp notes 201d ) on a private placement basis up to a maximum aggregate amount outstanding at any time of $ 3.0 billion .', 'on may 13 , 2011 , blackrock increased the maximum aggregate amount that may be borrowed under the cp program to $ 3.5 billion .', 'on may 17 , 2012 , blackrock increased the maximum aggregate amount to $ 3.785 billion .', 'in april 2013 , blackrock increased the maximum aggregate amount for which the company could issue unsecured cp notes on a private-placement basis up to a maximum aggregate amount outstanding at any time of $ 3.990 billion .', 'the commercial paper program is currently supported by the 2013 credit facility .', 'at december 31 , 2013 and 2012 , blackrock had no cp notes outstanding. .'] | 0.16667 | BLK/2013/page_123.pdf-3 | ['the impairment tests performed for intangible assets as of july 31 , 2013 , 2012 and 2011 indicated no impairment charges were required .', 'estimated amortization expense for finite-lived intangible assets for each of the five succeeding years is as follows : ( in millions ) .'] | ['indefinite-lived acquired management contracts in july 2013 , in connection with the credit suisse etf transaction , the company acquired $ 231 million of indefinite-lived management contracts .', 'in march 2012 , in connection with the claymore transaction , the company acquired $ 163 million of indefinite-lived etp management contracts .', 'finite-lived acquired management contracts in october 2013 , in connection with the mgpa transaction , the company acquired $ 29 million of finite-lived management contracts with a weighted-average estimated useful life of approximately eight years .', 'in september 2012 , in connection with the srpep transaction , the company acquired $ 40 million of finite- lived management contracts with a weighted-average estimated useful life of approximately 10 years .', '11 .', 'other assets at march 31 , 2013 , blackrock held an approximately one- third economic equity interest in private national mortgage acceptance company , llc ( 201cpnmac 201d ) , which is accounted for as an equity method investment and is included in other assets on the consolidated statements of financial condition .', 'on may 8 , 2013 , pennymac became the sole managing member of pnmac in connection with an initial public offering of pennymac ( the 201cpennymac ipo 201d ) .', 'as a result of the pennymac ipo , blackrock recorded a noncash , nonoperating pre-tax gain of $ 39 million related to the carrying value of its equity method investment .', 'subsequent to the pennymac ipo , the company contributed 6.1 million units of its investment to a new donor advised fund ( the 201ccharitable contribution 201d ) .', 'the fair value of the charitable contribution was $ 124 million and is included in general and administration expenses on the consolidated statements of income .', 'in connection with the charitable contribution , the company also recorded a noncash , nonoperating pre-tax gain of $ 80 million related to the contributed investment and a tax benefit of approximately $ 48 million .', 'the carrying value and fair value of the company 2019s remaining interest ( approximately 20% ( 20 % ) or 16 million shares and units ) was approximately $ 127 million and $ 273 million , respectively , at december 31 , 2013 .', 'the fair value of the company 2019s interest reflected the pennymac stock price at december 31 , 2013 ( level 1 input ) .', '12 .', 'borrowings short-term borrowings the carrying value of short-term borrowings at december 31 , 2012 included $ 100 million under the 2012 revolving credit facility .', '2013 revolving credit facility .', 'in march 2011 , the company entered into a five-year $ 3.5 billion unsecured revolving credit facility ( the 201c2011 credit facility 201d ) .', 'in march 2012 , the 2011 credit facility was amended to extend the maturity date by one year to march 2017 and in april 2012 the amount of the aggregate commitment was increased to $ 3.785 billion ( the 201c2012 credit facility 201d ) .', 'in march 2013 , the company 2019s credit facility was amended to extend the maturity date by one year to march 2018 and the amount of the aggregate commitment was increased to $ 3.990 billion ( the 201c2013 credit facility 201d ) .', 'the 2013 credit facility permits the company to request up to an additional $ 1.0 billion of borrowing capacity , subject to lender credit approval , increasing the overall size of the 2013 credit facility to an aggregate principal amount not to exceed $ 4.990 billion .', 'interest on borrowings outstanding accrues at a rate based on the applicable london interbank offered rate plus a spread .', 'the 2013 credit facility requires the company not to exceed a maximum leverage ratio ( ratio of net debt to earnings before interest , taxes , depreciation and amortization , where net debt equals total debt less unrestricted cash ) of 3 to 1 , which was satisfied with a ratio of less than 1 to 1 at december 31 , 2013 .', 'the 2013 credit facility provides back- up liquidity , funds ongoing working capital for general corporate purposes and funds various investment opportunities .', 'at december 31 , 2013 , the company had no amount outstanding under the 2013 credit facility .', 'commercial paper program .', 'on october 14 , 2009 , blackrock established a commercial paper program ( the 201ccp program 201d ) under which the company could issue unsecured commercial paper notes ( the 201ccp notes 201d ) on a private placement basis up to a maximum aggregate amount outstanding at any time of $ 3.0 billion .', 'on may 13 , 2011 , blackrock increased the maximum aggregate amount that may be borrowed under the cp program to $ 3.5 billion .', 'on may 17 , 2012 , blackrock increased the maximum aggregate amount to $ 3.785 billion .', 'in april 2013 , blackrock increased the maximum aggregate amount for which the company could issue unsecured cp notes on a private-placement basis up to a maximum aggregate amount outstanding at any time of $ 3.990 billion .', 'the commercial paper program is currently supported by the 2013 credit facility .', 'at december 31 , 2013 and 2012 , blackrock had no cp notes outstanding. .'] | ========================================
year, amount
2014, $ 156
2015, 126
2016, 91
2017, 74
2018, 24
======================================== | subtract(3.5, 3.0), divide(#0, 3.0) | 0.16667 |
what portion of the total long-term obligations are incurred from long-term debt? | Background: ['the following table summarizes our future estimated cash payments under existing contractual obligations , including payments due by period: .']
--------
Data Table:
****************************************
Row 1: in millions, payments due by fiscal year total, payments due by fiscal year 2020, payments due by fiscal year 2021 -22, payments due by fiscal year 2023 -24, payments due by fiscal year 2025 and thereafter
Row 2: long-term debt ( a ), $ 13093.0, $ 1396.3, $ 3338.4, $ 2810.2, $ 5548.1
Row 3: accrued interest, 92.6, 92.6, -, -, -
Row 4: operating leases ( b ), 482.6, 120.0, 186.7, 112.9, 63.0
Row 5: capital leases, 0.3, 0.2, 0.1, -, -
Row 6: purchase obligations ( c ), 2961.8, 2605.1, 321.9, 27.6, 7.2
Row 7: total contractual obligations, 16630.3, 4214.2, 3847.1, 2950.7, 5618.3
Row 8: other long-term obligations ( d ), 1302.4, -, -, -, -
Row 9: total long-term obligations, $ 17932.7, $ 4214.2, $ 3847.1, $ 2950.7, $ 5618.3
****************************************
--------
Post-table: ['( a ) amounts represent the expected cash payments of our long-term debt and do not include $ 0.3 million for capital leases or $ 72.0 million for net unamortized debt issuance costs , premiums and discounts , and fair value adjustments .', '( b ) operating leases represents the minimum rental commitments under non-cancelable operating leases .', '( c ) the majority of the purchase obligations represent commitments for raw material and packaging to be utilized in the normal course of business and for consumer marketing spending commitments that support our brands .', 'for purposes of this table , arrangements are considered purchase obligations if a contract specifies all significant terms , including fixed or minimum quantities to be purchased , a pricing structure , and approximate timing of the transaction .', 'most arrangements are cancelable without a significant penalty and with short notice ( usually 30 days ) .', 'any amounts reflected on the consolidated balance sheets as accounts payable and accrued liabilities are excluded from the table above .', '( d ) the fair value of our foreign exchange , equity , commodity , and grain derivative contracts with a payable position to the counterparty was $ 17.3 million as of may 26 , 2019 , based on fair market values as of that date .', 'future changes in market values will impact the amount of cash ultimately paid or received to settle those instruments in the future .', 'other long-term obligations mainly consist of liabilities for accrued compensation and benefits , including the underfunded status of certain of our defined benefit pension , other postretirement benefit , and postemployment benefit plans , and miscellaneous liabilities .', 'we expect to pay approximately $ 20 million of benefits from our unfunded postemployment benefit plans and approximately $ 18 million of deferred compensation in fiscal 2020 .', 'we are unable to reliably estimate the amount of these payments beyond fiscal 2020 .', 'as of may 26 , 2019 , our total liability for uncertain tax positions and accrued interest and penalties was $ 165.1 million .', 'significant accounting estimates for a complete description of our significant accounting policies , please see note 2 to the consolidated financial statements in item 8 of this report .', 'our significant accounting estimates are those that have a meaningful impact on the reporting of our financial condition and results of operations .', 'these estimates include our accounting for promotional expenditures , valuation of long-lived assets , intangible assets , redeemable interest , stock-based compensation , income taxes , and defined benefit pension , other postretirement benefit , and postemployment benefit plans .', 'revenue recognition our revenues are reported net of variable consideration and consideration payable to our customers , including trade promotion , consumer coupon redemption and other costs , including estimated allowances for returns , unsalable product , and prompt pay discounts .', 'trade promotions are recorded using significant judgment of estimated participation and performance levels for offered programs at the time of sale .', 'differences between estimated expenses and actual costs are recognized as a change in management estimate in a subsequent period .', 'our accrued trade liabilities were $ 484 million as of may 26 , 2019 , and $ 500 million as of may 27 , 2018 .', 'because these amounts are significant , if our estimates are inaccurate we would have to make adjustments in subsequent periods that could have a significant effect on our results of operations. .'] | 0.73012 | GIS/2019/page_37.pdf-1 | ['the following table summarizes our future estimated cash payments under existing contractual obligations , including payments due by period: .'] | ['( a ) amounts represent the expected cash payments of our long-term debt and do not include $ 0.3 million for capital leases or $ 72.0 million for net unamortized debt issuance costs , premiums and discounts , and fair value adjustments .', '( b ) operating leases represents the minimum rental commitments under non-cancelable operating leases .', '( c ) the majority of the purchase obligations represent commitments for raw material and packaging to be utilized in the normal course of business and for consumer marketing spending commitments that support our brands .', 'for purposes of this table , arrangements are considered purchase obligations if a contract specifies all significant terms , including fixed or minimum quantities to be purchased , a pricing structure , and approximate timing of the transaction .', 'most arrangements are cancelable without a significant penalty and with short notice ( usually 30 days ) .', 'any amounts reflected on the consolidated balance sheets as accounts payable and accrued liabilities are excluded from the table above .', '( d ) the fair value of our foreign exchange , equity , commodity , and grain derivative contracts with a payable position to the counterparty was $ 17.3 million as of may 26 , 2019 , based on fair market values as of that date .', 'future changes in market values will impact the amount of cash ultimately paid or received to settle those instruments in the future .', 'other long-term obligations mainly consist of liabilities for accrued compensation and benefits , including the underfunded status of certain of our defined benefit pension , other postretirement benefit , and postemployment benefit plans , and miscellaneous liabilities .', 'we expect to pay approximately $ 20 million of benefits from our unfunded postemployment benefit plans and approximately $ 18 million of deferred compensation in fiscal 2020 .', 'we are unable to reliably estimate the amount of these payments beyond fiscal 2020 .', 'as of may 26 , 2019 , our total liability for uncertain tax positions and accrued interest and penalties was $ 165.1 million .', 'significant accounting estimates for a complete description of our significant accounting policies , please see note 2 to the consolidated financial statements in item 8 of this report .', 'our significant accounting estimates are those that have a meaningful impact on the reporting of our financial condition and results of operations .', 'these estimates include our accounting for promotional expenditures , valuation of long-lived assets , intangible assets , redeemable interest , stock-based compensation , income taxes , and defined benefit pension , other postretirement benefit , and postemployment benefit plans .', 'revenue recognition our revenues are reported net of variable consideration and consideration payable to our customers , including trade promotion , consumer coupon redemption and other costs , including estimated allowances for returns , unsalable product , and prompt pay discounts .', 'trade promotions are recorded using significant judgment of estimated participation and performance levels for offered programs at the time of sale .', 'differences between estimated expenses and actual costs are recognized as a change in management estimate in a subsequent period .', 'our accrued trade liabilities were $ 484 million as of may 26 , 2019 , and $ 500 million as of may 27 , 2018 .', 'because these amounts are significant , if our estimates are inaccurate we would have to make adjustments in subsequent periods that could have a significant effect on our results of operations. .'] | ****************************************
Row 1: in millions, payments due by fiscal year total, payments due by fiscal year 2020, payments due by fiscal year 2021 -22, payments due by fiscal year 2023 -24, payments due by fiscal year 2025 and thereafter
Row 2: long-term debt ( a ), $ 13093.0, $ 1396.3, $ 3338.4, $ 2810.2, $ 5548.1
Row 3: accrued interest, 92.6, 92.6, -, -, -
Row 4: operating leases ( b ), 482.6, 120.0, 186.7, 112.9, 63.0
Row 5: capital leases, 0.3, 0.2, 0.1, -, -
Row 6: purchase obligations ( c ), 2961.8, 2605.1, 321.9, 27.6, 7.2
Row 7: total contractual obligations, 16630.3, 4214.2, 3847.1, 2950.7, 5618.3
Row 8: other long-term obligations ( d ), 1302.4, -, -, -, -
Row 9: total long-term obligations, $ 17932.7, $ 4214.2, $ 3847.1, $ 2950.7, $ 5618.3
**************************************** | divide(13093.0, 17932.7) | 0.73012 |
without the gain of $ 113 million from a real estate sale in the second quarter of 2015 what would other income have been in millions? | Pre-text: ['addition , fuel costs were lower as gross-ton miles decreased 9% ( 9 % ) .', 'the fuel consumption rate ( c-rate ) , computed as gallons of fuel consumed divided by gross ton-miles in thousands , increased 1% ( 1 % ) compared to 2014 .', 'decreases in heavier , more fuel-efficient shipments , decreased gross-ton miles and increased the c-rate .', 'volume growth of 7% ( 7 % ) , as measured by gross ton-miles , drove the increase in fuel expense in 2014 compared to 2013 .', 'this was essentially offset by lower locomotive diesel fuel prices , which averaged $ 2.97 per gallon ( including taxes and transportation costs ) in 2014 , compared to $ 3.15 in 2013 , along with a slight improvement in c-rate , computed as gallons of fuel consumed divided by gross ton-miles .', 'depreciation 2013 the majority of depreciation relates to road property , including rail , ties , ballast , and other track material .', 'a higher depreciable asset base , reflecting higher capital spending in recent years , increased depreciation expense in 2015 compared to 2014 .', 'this increase was partially offset by our recent depreciation studies that resulted in lower depreciation rates for some asset classes .', 'depreciation was up 7% ( 7 % ) in 2014 compared to 2013 .', 'a higher depreciable asset base , reflecting higher ongoing capital spending drove the increase .', 'equipment and other rents 2013 equipment and other rents expense primarily includes rental expense that the railroad pays for freight cars owned by other railroads or private companies ; freight car , intermodal , and locomotive leases ; and office and other rent expenses .', 'equipment and other rents expense decreased $ 4 million compared to 2014 primarily from a decrease in manifest and intermodal shipments , partially offset by growth in finished vehicle shipments .', 'higher intermodal volumes and longer cycle times increased short-term freight car rental expense in 2014 compared to 2013 .', 'lower equipment leases essentially offset the higher freight car rental expense , as we exercised purchase options on some of our leased equipment .', 'other 2013 other expenses include state and local taxes , freight , equipment and property damage , utilities , insurance , personal injury , environmental , employee travel , telephone and cellular , computer software , bad debt , and other general expenses .', 'other expenses were flat in 2015 compared to 2014 as higher property taxes were offset by lower costs in other areas .', 'higher property taxes , personal injury expense and utilities costs partially offset by lower environmental expense and costs associated with damaged freight resulted in an increase in other costs in 2014 compared to 2013 .', 'non-operating items % ( % ) change % ( % ) change millions 2015 2014 2013 2015 v 2014 2014 v 2013 .']
--
Tabular Data:
****************************************
millions | 2015 | 2014 | 2013 | % ( % ) change 2015 v 2014 | % ( % ) change 2014 v 2013
other income | $ 226 | $ 151 | $ 128 | 50% ( 50 % ) | 18% ( 18 % )
interest expense | -622 ( 622 ) | -561 ( 561 ) | -526 ( 526 ) | 11 | 7
income taxes | -2884 ( 2884 ) | -3163 ( 3163 ) | -2660 ( 2660 ) | ( 9 ) % ( % ) | 19% ( 19 % )
****************************************
--
Follow-up: ['other income 2013 other income increased in 2015 compared to 2014 primarily due to a $ 113 million gain from a real estate sale in the second quarter of 2015 , partially offset by a gain from the sale of a permanent easement in 2014 .', 'other income increased in 2014 versus 2013 due to higher gains from real estate sales and a sale of a permanent easement .', 'these gains were partially offset by higher environmental costs on non-operating property in 2014 and lower lease income due to the $ 17 million settlement of a land lease contract in interest expense 2013 interest expense increased in 2015 compared to 2014 due to an increased weighted- average debt level of $ 13.0 billion in 2015 from $ 10.7 billion in 2014 , partially offset by the impact of a lower effective interest rate of 4.8% ( 4.8 % ) in 2015 compared to 5.3% ( 5.3 % ) in 2014 .', 'interest expense increased in 2014 versus 2013 due to an increased weighted-average debt level of $ 10.7 billion in 2014 from $ 9.6 billion in 2013 , which more than offset the impact of the lower effective interest rate of 5.3% ( 5.3 % ) in 2014 versus 5.7% ( 5.7 % ) in 2013. .'] | 113.0 | UNP/2015/page_31.pdf-2 | ['addition , fuel costs were lower as gross-ton miles decreased 9% ( 9 % ) .', 'the fuel consumption rate ( c-rate ) , computed as gallons of fuel consumed divided by gross ton-miles in thousands , increased 1% ( 1 % ) compared to 2014 .', 'decreases in heavier , more fuel-efficient shipments , decreased gross-ton miles and increased the c-rate .', 'volume growth of 7% ( 7 % ) , as measured by gross ton-miles , drove the increase in fuel expense in 2014 compared to 2013 .', 'this was essentially offset by lower locomotive diesel fuel prices , which averaged $ 2.97 per gallon ( including taxes and transportation costs ) in 2014 , compared to $ 3.15 in 2013 , along with a slight improvement in c-rate , computed as gallons of fuel consumed divided by gross ton-miles .', 'depreciation 2013 the majority of depreciation relates to road property , including rail , ties , ballast , and other track material .', 'a higher depreciable asset base , reflecting higher capital spending in recent years , increased depreciation expense in 2015 compared to 2014 .', 'this increase was partially offset by our recent depreciation studies that resulted in lower depreciation rates for some asset classes .', 'depreciation was up 7% ( 7 % ) in 2014 compared to 2013 .', 'a higher depreciable asset base , reflecting higher ongoing capital spending drove the increase .', 'equipment and other rents 2013 equipment and other rents expense primarily includes rental expense that the railroad pays for freight cars owned by other railroads or private companies ; freight car , intermodal , and locomotive leases ; and office and other rent expenses .', 'equipment and other rents expense decreased $ 4 million compared to 2014 primarily from a decrease in manifest and intermodal shipments , partially offset by growth in finished vehicle shipments .', 'higher intermodal volumes and longer cycle times increased short-term freight car rental expense in 2014 compared to 2013 .', 'lower equipment leases essentially offset the higher freight car rental expense , as we exercised purchase options on some of our leased equipment .', 'other 2013 other expenses include state and local taxes , freight , equipment and property damage , utilities , insurance , personal injury , environmental , employee travel , telephone and cellular , computer software , bad debt , and other general expenses .', 'other expenses were flat in 2015 compared to 2014 as higher property taxes were offset by lower costs in other areas .', 'higher property taxes , personal injury expense and utilities costs partially offset by lower environmental expense and costs associated with damaged freight resulted in an increase in other costs in 2014 compared to 2013 .', 'non-operating items % ( % ) change % ( % ) change millions 2015 2014 2013 2015 v 2014 2014 v 2013 .'] | ['other income 2013 other income increased in 2015 compared to 2014 primarily due to a $ 113 million gain from a real estate sale in the second quarter of 2015 , partially offset by a gain from the sale of a permanent easement in 2014 .', 'other income increased in 2014 versus 2013 due to higher gains from real estate sales and a sale of a permanent easement .', 'these gains were partially offset by higher environmental costs on non-operating property in 2014 and lower lease income due to the $ 17 million settlement of a land lease contract in interest expense 2013 interest expense increased in 2015 compared to 2014 due to an increased weighted- average debt level of $ 13.0 billion in 2015 from $ 10.7 billion in 2014 , partially offset by the impact of a lower effective interest rate of 4.8% ( 4.8 % ) in 2015 compared to 5.3% ( 5.3 % ) in 2014 .', 'interest expense increased in 2014 versus 2013 due to an increased weighted-average debt level of $ 10.7 billion in 2014 from $ 9.6 billion in 2013 , which more than offset the impact of the lower effective interest rate of 5.3% ( 5.3 % ) in 2014 versus 5.7% ( 5.7 % ) in 2013. .'] | ****************************************
millions | 2015 | 2014 | 2013 | % ( % ) change 2015 v 2014 | % ( % ) change 2014 v 2013
other income | $ 226 | $ 151 | $ 128 | 50% ( 50 % ) | 18% ( 18 % )
interest expense | -622 ( 622 ) | -561 ( 561 ) | -526 ( 526 ) | 11 | 7
income taxes | -2884 ( 2884 ) | -3163 ( 3163 ) | -2660 ( 2660 ) | ( 9 ) % ( % ) | 19% ( 19 % )
**************************************** | subtract(226, 113) | 113.0 |
what percentage increase was there between 2008 and 2009 re : level 3 assets? | Pre-text: ['pricing the loans .', 'when available , valuation assumptions included observable inputs based on whole loan sales .', 'adjustments are made to these assumptions to account for situations when uncertainties exist , including market conditions and liquidity .', 'credit risk is included as part of our valuation process for these loans by considering expected rates of return for market participants for similar loans in the marketplace .', 'based on the significance of unobservable inputs , we classify this portfolio as level 3 .', 'equity investments the valuation of direct and indirect private equity investments requires significant management judgment due to the absence of quoted market prices , inherent lack of liquidity and the long-term nature of such investments .', 'the carrying values of direct and affiliated partnership interests reflect the expected exit price and are based on various techniques including publicly traded price , multiples of adjusted earnings of the entity , independent appraisals , anticipated financing and sale transactions with third parties , or the pricing used to value the entity in a recent financing transaction .', 'in september 2009 , the fasb issued asu 2009-12 2013 fair value measurements and disclosures ( topic 820 ) 2013 investments in certain entities that calculate net asset value per share ( or its equivalent ) .', 'based on the guidance , we value indirect investments in private equity funds based on net asset value as provided in the financial statements that we receive from their managers .', 'due to the time lag in our receipt of the financial information and based on a review of investments and valuation techniques applied , adjustments to the manager-provided value are made when available recent portfolio company information or market information indicates a significant change in value from that provided by the manager of the fund .', 'these investments are classified as level 3 .', 'customer resale agreements we account for structured resale agreements , which are economically hedged using free-standing financial derivatives , at fair value .', 'the fair value for structured resale agreements is determined using a model which includes observable market data such as interest rates as inputs .', 'readily observable market inputs to this model can be validated to external sources , including yield curves , implied volatility or other market-related data .', 'these instruments are classified as level 2 .', 'blackrock series c preferred stock effective february 27 , 2009 , we elected to account for the approximately 2.9 million shares of the blackrock series c preferred stock received in a stock exchange with blackrock at fair value .', 'the series c preferred stock economically hedges the blackrock ltip liability that is accounted for as a derivative .', 'the fair value of the series c preferred stock is determined using a third-party modeling approach , which includes both observable and unobservable inputs .', 'this approach considers expectations of a default/liquidation event and the use of liquidity discounts based on our inability to sell the security at a fair , open market price in a timely manner .', 'due to the significance of unobservable inputs , this security is classified as level 3 .', 'level 3 assets and liabilities financial instruments are considered level 3 when their values are determined using pricing models , discounted cash flow methodologies or similar techniques and at least one significant model assumption or input is unobservable .', 'level 3 assets and liabilities dollars in millions level 3 assets level 3 liabilities % ( % ) of total assets at fair value % ( % ) of total liabilities at fair value consolidated assets consolidated liabilities .']
Data Table:
Row 1: dollars in millions, total level 3 assets, total level 3 liabilities, % ( % ) of total assets at fair value, % ( % ) of total liabilities at fair value, % ( % ) of consolidated assets, % ( % ) of consolidated liabilities,
Row 2: december 31 2009, $ 14151, $ 295, 22% ( 22 % ), 6% ( 6 % ), 5% ( 5 % ), < 1, % ( % )
Row 3: december 31 2008, 7012, 22, 19% ( 19 % ), < 1% ( 1 % ), 2% ( 2 % ), < 1% ( 1 % ),
Additional Information: ['during 2009 , securities transferred into level 3 from level 2 exceeded securities transferred out by $ 4.4 billion .', 'total securities measured at fair value and classified in level 3 at december 31 , 2009 and december 31 , 2008 included securities available for sale and trading securities consisting primarily of non-agency residential mortgage-backed securities and asset- backed securities where management determined that the volume and level of activity for these assets had significantly decreased .', 'there have been no recent new 201cprivate label 201d issues in the residential mortgage-backed securities market .', 'the lack of relevant market activity for these securities resulted in management modifying its valuation methodology for the instruments transferred in 2009 .', 'other level 3 assets include certain commercial mortgage loans held for sale , certain equity securities , auction rate securities , corporate debt securities , private equity investments , residential mortgage servicing rights and other assets. .'] | 101.81118 | PNC/2009/page_51.pdf-3 | ['pricing the loans .', 'when available , valuation assumptions included observable inputs based on whole loan sales .', 'adjustments are made to these assumptions to account for situations when uncertainties exist , including market conditions and liquidity .', 'credit risk is included as part of our valuation process for these loans by considering expected rates of return for market participants for similar loans in the marketplace .', 'based on the significance of unobservable inputs , we classify this portfolio as level 3 .', 'equity investments the valuation of direct and indirect private equity investments requires significant management judgment due to the absence of quoted market prices , inherent lack of liquidity and the long-term nature of such investments .', 'the carrying values of direct and affiliated partnership interests reflect the expected exit price and are based on various techniques including publicly traded price , multiples of adjusted earnings of the entity , independent appraisals , anticipated financing and sale transactions with third parties , or the pricing used to value the entity in a recent financing transaction .', 'in september 2009 , the fasb issued asu 2009-12 2013 fair value measurements and disclosures ( topic 820 ) 2013 investments in certain entities that calculate net asset value per share ( or its equivalent ) .', 'based on the guidance , we value indirect investments in private equity funds based on net asset value as provided in the financial statements that we receive from their managers .', 'due to the time lag in our receipt of the financial information and based on a review of investments and valuation techniques applied , adjustments to the manager-provided value are made when available recent portfolio company information or market information indicates a significant change in value from that provided by the manager of the fund .', 'these investments are classified as level 3 .', 'customer resale agreements we account for structured resale agreements , which are economically hedged using free-standing financial derivatives , at fair value .', 'the fair value for structured resale agreements is determined using a model which includes observable market data such as interest rates as inputs .', 'readily observable market inputs to this model can be validated to external sources , including yield curves , implied volatility or other market-related data .', 'these instruments are classified as level 2 .', 'blackrock series c preferred stock effective february 27 , 2009 , we elected to account for the approximately 2.9 million shares of the blackrock series c preferred stock received in a stock exchange with blackrock at fair value .', 'the series c preferred stock economically hedges the blackrock ltip liability that is accounted for as a derivative .', 'the fair value of the series c preferred stock is determined using a third-party modeling approach , which includes both observable and unobservable inputs .', 'this approach considers expectations of a default/liquidation event and the use of liquidity discounts based on our inability to sell the security at a fair , open market price in a timely manner .', 'due to the significance of unobservable inputs , this security is classified as level 3 .', 'level 3 assets and liabilities financial instruments are considered level 3 when their values are determined using pricing models , discounted cash flow methodologies or similar techniques and at least one significant model assumption or input is unobservable .', 'level 3 assets and liabilities dollars in millions level 3 assets level 3 liabilities % ( % ) of total assets at fair value % ( % ) of total liabilities at fair value consolidated assets consolidated liabilities .'] | ['during 2009 , securities transferred into level 3 from level 2 exceeded securities transferred out by $ 4.4 billion .', 'total securities measured at fair value and classified in level 3 at december 31 , 2009 and december 31 , 2008 included securities available for sale and trading securities consisting primarily of non-agency residential mortgage-backed securities and asset- backed securities where management determined that the volume and level of activity for these assets had significantly decreased .', 'there have been no recent new 201cprivate label 201d issues in the residential mortgage-backed securities market .', 'the lack of relevant market activity for these securities resulted in management modifying its valuation methodology for the instruments transferred in 2009 .', 'other level 3 assets include certain commercial mortgage loans held for sale , certain equity securities , auction rate securities , corporate debt securities , private equity investments , residential mortgage servicing rights and other assets. .'] | Row 1: dollars in millions, total level 3 assets, total level 3 liabilities, % ( % ) of total assets at fair value, % ( % ) of total liabilities at fair value, % ( % ) of consolidated assets, % ( % ) of consolidated liabilities,
Row 2: december 31 2009, $ 14151, $ 295, 22% ( 22 % ), 6% ( 6 % ), 5% ( 5 % ), < 1, % ( % )
Row 3: december 31 2008, 7012, 22, 19% ( 19 % ), < 1% ( 1 % ), 2% ( 2 % ), < 1% ( 1 % ), | subtract(14151, 7012), divide(#0, 7012), multiply(#1, const_100) | 101.81118 |
what is the total average fair value impact of all the instruments? | Background: ['we are exposed to market risk stemming from changes in interest and foreign exchange rates and commod- ity and equity prices .', 'changes in these factors could cause fl uctuations in our earnings and cash fl ows .', 'in the normal course of business , we actively manage our exposure to these market risks by entering into vari- ous hedging transactions , authorized under established policies that place clear controls on these activities .', 'th e counterparties in these transactions are generally highly rated institutions .', 'we establish credit limits for each counterparty .', 'our hedging transactions include but are not limited to a variety of derivative fi nancial instruments .', 'for information on interest rate , foreign exchange , commodity price , and equity instrument risk , please see note 7 to the consolidated financial statements on page 61 of this report .', 'value at risk th e estimates in the table below are intended to mea- sure the maximum potential fair value we could lose in one day from adverse changes in market interest rates , foreign exchange rates , commodity prices , and equity prices under normal market conditions .', 'a monte carlo value-at-risk ( var ) methodology was used to quantify the market risk for our exposures .', 'th e models assumed normal market conditions and used a 95 percent confi - dence level .', 'th e var calculation used historical interest and for- eign exchange rates , and commodity and equity prices from the past year to estimate the potential volatility and correlation of these rates in the future .', 'th e market data were drawn from the riskmetrics 2122 data set .', 'th e calculations are not intended to represent actual losses in fair value that we expect to incur .', 'further , since the hedging instrument ( the derivative ) inversely cor- relates with the underlying exposure , we would expect that any loss or gain in the fair value of our derivatives would be generally off set by an increase or decrease in the fair value of the underlying exposure .', 'th e positions included in the calculations were : debt ; investments ; interest rate swaps ; foreign exchange forwards ; com- modity swaps , futures and options ; and equity instru- ments .', 'th e calculations do not include the underlying foreign exchange and commodities or equity-related positions that are off set by these market-risk-sensitive instruments .', 'th e table below presents the estimated maximum potential var arising from a one-day loss in fair value for our interest rate , foreign currency , commodity , and equity market-risk-sensitive instruments outstanding as of may 28 , 2017 , and may 29 , 2016 , and the average fair value impact during the year ended may 28 , 2017. .']
Tabular Data:
****************************************
in millions, fair value impact may 28 2017, fair value impact averageduringfiscal 2017, fair value impact may 29 2016
interest rate instruments, $ 25.1, $ 26.5, $ 33.3
foreign currency instruments, 24.6, 22.9, 27.6
commodity instruments, 3.2, 2.5, 3.3
equity instruments, 1.3, 1.4, 1.7
****************************************
Follow-up: ['quantitative and qualitative disclosures about market risk 44 general mills .'] | 53.3 | GIS/2017/page_46.pdf-1 | ['we are exposed to market risk stemming from changes in interest and foreign exchange rates and commod- ity and equity prices .', 'changes in these factors could cause fl uctuations in our earnings and cash fl ows .', 'in the normal course of business , we actively manage our exposure to these market risks by entering into vari- ous hedging transactions , authorized under established policies that place clear controls on these activities .', 'th e counterparties in these transactions are generally highly rated institutions .', 'we establish credit limits for each counterparty .', 'our hedging transactions include but are not limited to a variety of derivative fi nancial instruments .', 'for information on interest rate , foreign exchange , commodity price , and equity instrument risk , please see note 7 to the consolidated financial statements on page 61 of this report .', 'value at risk th e estimates in the table below are intended to mea- sure the maximum potential fair value we could lose in one day from adverse changes in market interest rates , foreign exchange rates , commodity prices , and equity prices under normal market conditions .', 'a monte carlo value-at-risk ( var ) methodology was used to quantify the market risk for our exposures .', 'th e models assumed normal market conditions and used a 95 percent confi - dence level .', 'th e var calculation used historical interest and for- eign exchange rates , and commodity and equity prices from the past year to estimate the potential volatility and correlation of these rates in the future .', 'th e market data were drawn from the riskmetrics 2122 data set .', 'th e calculations are not intended to represent actual losses in fair value that we expect to incur .', 'further , since the hedging instrument ( the derivative ) inversely cor- relates with the underlying exposure , we would expect that any loss or gain in the fair value of our derivatives would be generally off set by an increase or decrease in the fair value of the underlying exposure .', 'th e positions included in the calculations were : debt ; investments ; interest rate swaps ; foreign exchange forwards ; com- modity swaps , futures and options ; and equity instru- ments .', 'th e calculations do not include the underlying foreign exchange and commodities or equity-related positions that are off set by these market-risk-sensitive instruments .', 'th e table below presents the estimated maximum potential var arising from a one-day loss in fair value for our interest rate , foreign currency , commodity , and equity market-risk-sensitive instruments outstanding as of may 28 , 2017 , and may 29 , 2016 , and the average fair value impact during the year ended may 28 , 2017. .'] | ['quantitative and qualitative disclosures about market risk 44 general mills .'] | ****************************************
in millions, fair value impact may 28 2017, fair value impact averageduringfiscal 2017, fair value impact may 29 2016
interest rate instruments, $ 25.1, $ 26.5, $ 33.3
foreign currency instruments, 24.6, 22.9, 27.6
commodity instruments, 3.2, 2.5, 3.3
equity instruments, 1.3, 1.4, 1.7
**************************************** | add(26.5, 22.9), add(#0, 2.5), add(#1, 1.4) | 53.3 |
what percentage of worldwide distribution channels doors as of march 31 , 2012 where in europe ? | Pre-text: ['worldwide distribution channels the following table presents the number of doors by geographic location , in which ralph lauren-branded products distributed by our wholesale segment were sold to consumers in our primary channels of distribution as of march 31 , 2012 : location number of .']
Tabular Data:
location number of doors
the americas 6587
europe 4377
asia 83
total 11047
Follow-up: ['in addition , american living and chaps-branded products distributed by our wholesale segment were sold domestically through approximately 1800 doors as of march 31 , 2012 .', 'we have three key wholesale customers that generate significant sales volume .', 'for fiscal 2012 , these customers in the aggregate accounted for approximately 40% ( 40 % ) of total wholesale revenues , with macy 2019s , inc .', 'representing approximately 20% ( 20 % ) of total wholesale revenues .', 'our product brands are sold primarily through our own sales forces .', 'our wholesale segment maintains its primary showrooms in new york city .', 'in addition , we maintain regional showrooms in chicago , dallas , milan , paris , london , munich , madrid , stockholm and tokyo .', 'shop-within-shops .', 'as a critical element of our distribution to department stores , we and our licensing partners utilize shop-within-shops to enhance brand recognition , to permit more complete merchandising of our lines by the department stores and to differentiate the presentation of products .', 'shop-within- shop fixed assets primarily include items such as customized freestanding fixtures , wall cases and components , decorative items and flooring .', 'as of march 31 , 2012 , we had approximately 18000 shop-within-shops dedicated to our ralph lauren-branded wholesale products worldwide .', 'the size of our shop-within-shops ranges from approximately 300 to 7400 square feet .', 'we normally share in the cost of building-out these shop-within-shops with our wholesale customers .', 'basic stock replenishment program .', 'basic products such as knit shirts , chino pants , oxford cloth shirts , and selected accessories ( including footwear ) and home products can be ordered at any time through our basic stock replenishment programs .', 'we generally ship these products within two-to-five days of order receipt .', 'our retail segment as of march 31 , 2012 , our retail segment consisted of 379 stores worldwide , totaling approximately 2.9 million gross square feet , 474 concessions- based shop-within-shops and six e-commerce websites .', 'the extension of our direct-to-consumer reach is a primary long-term strategic goal .', 'ralph lauren retail stores our ralph lauren retail stores reinforce the luxury image and distinct sensibility of our brands and feature exclusive lines that are not sold in domestic department stores .', 'we opened 10 new ralph lauren stores , acquired 3 previously licensed stores , and closed 16 ralph lauren stores in fiscal 2012 .', 'our retail stores are primarily situated in major upscale street locations and upscale regional malls , generally in large urban markets. .'] | 0.39622 | RL/2012/page_13.pdf-2 | ['worldwide distribution channels the following table presents the number of doors by geographic location , in which ralph lauren-branded products distributed by our wholesale segment were sold to consumers in our primary channels of distribution as of march 31 , 2012 : location number of .'] | ['in addition , american living and chaps-branded products distributed by our wholesale segment were sold domestically through approximately 1800 doors as of march 31 , 2012 .', 'we have three key wholesale customers that generate significant sales volume .', 'for fiscal 2012 , these customers in the aggregate accounted for approximately 40% ( 40 % ) of total wholesale revenues , with macy 2019s , inc .', 'representing approximately 20% ( 20 % ) of total wholesale revenues .', 'our product brands are sold primarily through our own sales forces .', 'our wholesale segment maintains its primary showrooms in new york city .', 'in addition , we maintain regional showrooms in chicago , dallas , milan , paris , london , munich , madrid , stockholm and tokyo .', 'shop-within-shops .', 'as a critical element of our distribution to department stores , we and our licensing partners utilize shop-within-shops to enhance brand recognition , to permit more complete merchandising of our lines by the department stores and to differentiate the presentation of products .', 'shop-within- shop fixed assets primarily include items such as customized freestanding fixtures , wall cases and components , decorative items and flooring .', 'as of march 31 , 2012 , we had approximately 18000 shop-within-shops dedicated to our ralph lauren-branded wholesale products worldwide .', 'the size of our shop-within-shops ranges from approximately 300 to 7400 square feet .', 'we normally share in the cost of building-out these shop-within-shops with our wholesale customers .', 'basic stock replenishment program .', 'basic products such as knit shirts , chino pants , oxford cloth shirts , and selected accessories ( including footwear ) and home products can be ordered at any time through our basic stock replenishment programs .', 'we generally ship these products within two-to-five days of order receipt .', 'our retail segment as of march 31 , 2012 , our retail segment consisted of 379 stores worldwide , totaling approximately 2.9 million gross square feet , 474 concessions- based shop-within-shops and six e-commerce websites .', 'the extension of our direct-to-consumer reach is a primary long-term strategic goal .', 'ralph lauren retail stores our ralph lauren retail stores reinforce the luxury image and distinct sensibility of our brands and feature exclusive lines that are not sold in domestic department stores .', 'we opened 10 new ralph lauren stores , acquired 3 previously licensed stores , and closed 16 ralph lauren stores in fiscal 2012 .', 'our retail stores are primarily situated in major upscale street locations and upscale regional malls , generally in large urban markets. .'] | location number of doors
the americas 6587
europe 4377
asia 83
total 11047 | divide(4377, 11047) | 0.39622 |
what percentage of the estimated purchase price is due to developed technology and know how? | Context: ['hologic , inc .', 'notes to consolidated financial statements ( continued ) ( in thousands , except per share data ) the aggregate purchase price for suros of approximately $ 248000 ( subject to adjustment ) consisted of 2300 shares of hologic common stock valued at $ 106500 , cash paid of $ 139000 , and approximately $ 2600 for acquisition related fees and expenses .', 'the company determined the fair value of the shares issued in connection with the acquisition in accordance with eitf issue no .', '99-12 , determination of the measurement date for the market price of acquirer securities issued in a purchase business combination .', 'the components and allocation of the purchase price , consists of the following approximate amounts: .']
##########
Table:
net tangible assets acquired as of july 27 2006 | $ 12000
----------|----------
in-process research and development | 4900
developed technology and know how | 46000
customer relationship | 17900
trade name | 5800
deferred income taxes | -21300 ( 21300 )
goodwill | 182800
estimated purchase price | $ 248100
##########
Follow-up: ['the acquisition also provides for a two-year earn out .', 'the earn-out will be payable in two annual cash installments equal to the incremental revenue growth in suros 2019 business in the two years following the closing .', 'the company has considered the provision of eitf issue no .', '95-8 , accounting for contingent consideration paid to the shareholders of and acquired enterprise in a purchase business combination , and concluded that this contingent consideration represents additional purchase price .', 'as a result , goodwill will be increased by the amount of the additional consideration , if any , when it becomes due and payable .', 'as part of the purchase price allocation , all intangible assets that were a part of the acquisition were identified and valued .', 'it was determined that only customer lists , trademarks and developed technology had separately identifiable values .', 'customer relationships represents suros large installed base that are expected to purchase disposable products on a regular basis .', 'trademarks represent the suros product names that the company intends to continue to use .', 'developed technology represents currently marketable purchased products that the company continues to resell as well as utilize to enhance and incorporate into the company 2019s existing products .', 'the estimated $ 4900 of purchase price allocated to in-process research and development projects primarily related to suros 2019 disposable products .', 'the projects are of various stages of completion and include next generation handpiece and site marker technologies .', 'the company expects that these projects will be completed during fiscal 2007 .', 'the deferred income tax liability relates to the tax effect of acquired identifiable intangible assets , and fair value adjustments to acquired inventory as such amounts are not deductible for tax purposes , partially offset by acquired net operating loss carry forwards that the company believes are realizable .', 'for all of the acquisitions discussed above , goodwill represents the excess of the purchase price over the net identifiable tangible and intangible assets acquired .', 'the company determined that the acquisition of each aeg , r2 and suros resulted in the recognition of goodwill primarily because of synergies unique to the company and the strength of its acquired workforce .', 'supplemental pro-forma information the following unaudited pro forma information presents the consolidated results of operations of the company , r2 and suros as if the acquisitions had occurred at the beginning of each of fiscal 2006 and 2005 .'] | 0.18541 | HOLX/2006/page_103.pdf-2 | ['hologic , inc .', 'notes to consolidated financial statements ( continued ) ( in thousands , except per share data ) the aggregate purchase price for suros of approximately $ 248000 ( subject to adjustment ) consisted of 2300 shares of hologic common stock valued at $ 106500 , cash paid of $ 139000 , and approximately $ 2600 for acquisition related fees and expenses .', 'the company determined the fair value of the shares issued in connection with the acquisition in accordance with eitf issue no .', '99-12 , determination of the measurement date for the market price of acquirer securities issued in a purchase business combination .', 'the components and allocation of the purchase price , consists of the following approximate amounts: .'] | ['the acquisition also provides for a two-year earn out .', 'the earn-out will be payable in two annual cash installments equal to the incremental revenue growth in suros 2019 business in the two years following the closing .', 'the company has considered the provision of eitf issue no .', '95-8 , accounting for contingent consideration paid to the shareholders of and acquired enterprise in a purchase business combination , and concluded that this contingent consideration represents additional purchase price .', 'as a result , goodwill will be increased by the amount of the additional consideration , if any , when it becomes due and payable .', 'as part of the purchase price allocation , all intangible assets that were a part of the acquisition were identified and valued .', 'it was determined that only customer lists , trademarks and developed technology had separately identifiable values .', 'customer relationships represents suros large installed base that are expected to purchase disposable products on a regular basis .', 'trademarks represent the suros product names that the company intends to continue to use .', 'developed technology represents currently marketable purchased products that the company continues to resell as well as utilize to enhance and incorporate into the company 2019s existing products .', 'the estimated $ 4900 of purchase price allocated to in-process research and development projects primarily related to suros 2019 disposable products .', 'the projects are of various stages of completion and include next generation handpiece and site marker technologies .', 'the company expects that these projects will be completed during fiscal 2007 .', 'the deferred income tax liability relates to the tax effect of acquired identifiable intangible assets , and fair value adjustments to acquired inventory as such amounts are not deductible for tax purposes , partially offset by acquired net operating loss carry forwards that the company believes are realizable .', 'for all of the acquisitions discussed above , goodwill represents the excess of the purchase price over the net identifiable tangible and intangible assets acquired .', 'the company determined that the acquisition of each aeg , r2 and suros resulted in the recognition of goodwill primarily because of synergies unique to the company and the strength of its acquired workforce .', 'supplemental pro-forma information the following unaudited pro forma information presents the consolidated results of operations of the company , r2 and suros as if the acquisitions had occurred at the beginning of each of fiscal 2006 and 2005 .'] | net tangible assets acquired as of july 27 2006 | $ 12000
----------|----------
in-process research and development | 4900
developed technology and know how | 46000
customer relationship | 17900
trade name | 5800
deferred income taxes | -21300 ( 21300 )
goodwill | 182800
estimated purchase price | $ 248100 | divide(46000, 248100) | 0.18541 |
what was the ratio of the assets to the obligations of the mrrp in 2012 | Context: ['do so , cme invests such contributions in assets that mirror the assumed investment choices .', 'the balances in these plans are subject to the claims of general creditors of the exchange and totaled $ 38.7 million and $ 31.8 million at december 31 , 2012 and 2011 respectively .', 'although the value of the plans is recorded as an asset in marketable securities in the consolidated balance sheets , there is an equal and offsetting liability .', 'the investment results of these plans have no impact on net income as the investment results are recorded in equal amounts to both investment income and compensation and benefits expense .', 'supplemental savings plan .', 'cme maintains a supplemental plan to provide benefits for employees who have been impacted by statutory limits under the provisions of the qualified pension and savings plan .', 'employees in this plan are subject to the vesting requirements of the underlying qualified plans .', 'deferred compensation plan .', 'a deferred compensation plan is maintained by cme , under which eligible officers and members of the board of directors may contribute a percentage of their compensation and defer income taxes thereon until the time of distribution .', 'comex members 2019 retirement plan and benefits .', 'comex maintains a retirement and benefit plan under the comex members 2019 recognition and retention plan ( mrrp ) .', 'this plan provides benefits to certain members of the comex division based on long-term membership , and participation is limited to individuals who were comex division members prior to nymex 2019s acquisition of comex in 1994 .', 'no new participants were permitted into the plan after the date of this acquisition .', 'under the terms of the mrrp , the company is required to fund the plan with a minimum annual contribution of $ 0.8 million until it is fully funded .', 'all benefits to be paid under the mrrp are based on reasonable actuarial assumptions which are based upon the amounts that are available and are expected to be available to pay benefits .', 'total contributions to the plan were $ 0.8 million for each of 2010 through 2012 .', 'at december 31 , 2012 and 2011 , the obligation for the mrrp totaled $ 22.7 million and $ 21.6 million , respectively .', 'assets with a fair value of $ 18.4 million and $ 17.7 million have been allocated to this plan at december 31 , 2012 and 2011 , respectively , and are included in marketable securities and cash and cash equivalents in the consolidated balance sheets .', 'the balances in these plans are subject to the claims of general creditors of comex .', '13 .', 'commitments operating leases .', 'cme group has entered into various non-cancellable operating lease agreements , with the most significant being as follows : 2022 in april 2012 , the company sold two buildings in chicago at 141 w .', 'jackson and leased back a portion of the property .', 'the operating lease , which has an initial lease term ending on april 30 , 2027 , contains four consecutive renewal options for five years .', '2022 in january 2011 , the company entered into an operating lease for office space in london .', 'the initial lease term , which became effective on january 20 , 2011 , terminates on march 24 , 2026 , with an option to terminate without penalty in january 2021 .', '2022 in july 2008 , the company renegotiated the operating lease for its headquarters at 20 south wacker drive in chicago .', 'the lease , which has an initial term ending on november 30 , 2022 , contains two consecutive renewal options for seven and ten years and a contraction option which allows the company to reduce its occupied space after november 30 , 2018 .', 'in addition , the company may exercise a lease expansion option in december 2017 .', '2022 in august 2006 , the company entered into an operating lease for additional office space in chicago .', 'the initial lease term , which became effective on august 10 , 2006 , terminates on november 30 , 2023 .', 'the lease contains two 5-year renewal options beginning in 2023 .', 'at december 31 , 2012 , future minimum payments under non-cancellable operating leases were payable as follows ( in millions ) : .']
Tabular Data:
========================================
2013 | $ 28.7
2014 | 29.1
2015 | 28.9
2016 | 28.9
2017 | 29.3
thereafter | 152.9
total | $ 297.8
========================================
Post-table: ['.'] | 0.81057 | CME/2012/page_100.pdf-4 | ['do so , cme invests such contributions in assets that mirror the assumed investment choices .', 'the balances in these plans are subject to the claims of general creditors of the exchange and totaled $ 38.7 million and $ 31.8 million at december 31 , 2012 and 2011 respectively .', 'although the value of the plans is recorded as an asset in marketable securities in the consolidated balance sheets , there is an equal and offsetting liability .', 'the investment results of these plans have no impact on net income as the investment results are recorded in equal amounts to both investment income and compensation and benefits expense .', 'supplemental savings plan .', 'cme maintains a supplemental plan to provide benefits for employees who have been impacted by statutory limits under the provisions of the qualified pension and savings plan .', 'employees in this plan are subject to the vesting requirements of the underlying qualified plans .', 'deferred compensation plan .', 'a deferred compensation plan is maintained by cme , under which eligible officers and members of the board of directors may contribute a percentage of their compensation and defer income taxes thereon until the time of distribution .', 'comex members 2019 retirement plan and benefits .', 'comex maintains a retirement and benefit plan under the comex members 2019 recognition and retention plan ( mrrp ) .', 'this plan provides benefits to certain members of the comex division based on long-term membership , and participation is limited to individuals who were comex division members prior to nymex 2019s acquisition of comex in 1994 .', 'no new participants were permitted into the plan after the date of this acquisition .', 'under the terms of the mrrp , the company is required to fund the plan with a minimum annual contribution of $ 0.8 million until it is fully funded .', 'all benefits to be paid under the mrrp are based on reasonable actuarial assumptions which are based upon the amounts that are available and are expected to be available to pay benefits .', 'total contributions to the plan were $ 0.8 million for each of 2010 through 2012 .', 'at december 31 , 2012 and 2011 , the obligation for the mrrp totaled $ 22.7 million and $ 21.6 million , respectively .', 'assets with a fair value of $ 18.4 million and $ 17.7 million have been allocated to this plan at december 31 , 2012 and 2011 , respectively , and are included in marketable securities and cash and cash equivalents in the consolidated balance sheets .', 'the balances in these plans are subject to the claims of general creditors of comex .', '13 .', 'commitments operating leases .', 'cme group has entered into various non-cancellable operating lease agreements , with the most significant being as follows : 2022 in april 2012 , the company sold two buildings in chicago at 141 w .', 'jackson and leased back a portion of the property .', 'the operating lease , which has an initial lease term ending on april 30 , 2027 , contains four consecutive renewal options for five years .', '2022 in january 2011 , the company entered into an operating lease for office space in london .', 'the initial lease term , which became effective on january 20 , 2011 , terminates on march 24 , 2026 , with an option to terminate without penalty in january 2021 .', '2022 in july 2008 , the company renegotiated the operating lease for its headquarters at 20 south wacker drive in chicago .', 'the lease , which has an initial term ending on november 30 , 2022 , contains two consecutive renewal options for seven and ten years and a contraction option which allows the company to reduce its occupied space after november 30 , 2018 .', 'in addition , the company may exercise a lease expansion option in december 2017 .', '2022 in august 2006 , the company entered into an operating lease for additional office space in chicago .', 'the initial lease term , which became effective on august 10 , 2006 , terminates on november 30 , 2023 .', 'the lease contains two 5-year renewal options beginning in 2023 .', 'at december 31 , 2012 , future minimum payments under non-cancellable operating leases were payable as follows ( in millions ) : .'] | ['.'] | ========================================
2013 | $ 28.7
2014 | 29.1
2015 | 28.9
2016 | 28.9
2017 | 29.3
thereafter | 152.9
total | $ 297.8
======================================== | divide(18.4, 22.7) | 0.81057 |
what portion of the total number of properties is related to seniors housing operating? | Context: ['item 7 .', 'management 2019s discussion and analysis of financial condition and results of operations the following discussion and analysis is based primarily on the consolidated financial statements of welltower inc .', 'presented in conformity with u.s .', 'generally accepted accounting principles ( 201cu.s .', 'gaap 201d ) for the periods presented and should be read together with the notes thereto contained in this annual report on form 10-k .', 'other important factors are identified in 201citem 1 2014 business 201d and 201citem 1a 2014 risk factors 201d above .', 'executive summary company overview welltower inc .', '( nyse:well ) , an s&p 500 company headquartered in toledo , ohio , is driving the transformation of health care infrastructure .', 'the company invests with leading seniors housing operators , post- acute providers and health systems to fund the real estate and infrastructure needed to scale innovative care delivery models and improve people 2019s wellness and overall health care experience .', 'welltowertm , a real estate investment trust ( 201creit 201d ) , owns interests in properties concentrated in major , high-growth markets in the united states ( 201cu.s . 201d ) , canada and the united kingdom ( 201cu.k . 201d ) , consisting of seniors housing and post-acute communities and outpatient medical properties .', 'our capital programs , when combined with comprehensive planning , development and property management services , make us a single-source solution for acquiring , planning , developing , managing , repositioning and monetizing real estate assets .', 'the following table summarizes our consolidated portfolio for the year ended december 31 , 2017 ( dollars in thousands ) : type of property noi ( 1 ) percentage of number of properties .']
##########
Table:
****************************************
type of property noi ( 1 ) percentage of noi number of properties
triple-net $ 967084 43.3% ( 43.3 % ) 573
seniors housing operating 880026 39.5% ( 39.5 % ) 443
outpatient medical 384068 17.2% ( 17.2 % ) 270
totals $ 2231178 100.0% ( 100.0 % ) 1286
****************************************
##########
Follow-up: ['( 1 ) represents consolidated noi and excludes our share of investments in unconsolidated entities .', 'entities in which we have a joint venture with a minority partner are shown at 100% ( 100 % ) of the joint venture amount .', 'see non-gaap financial measures for additional information and reconciliation .', 'business strategy our primary objectives are to protect stockholder capital and enhance stockholder value .', 'we seek to pay consistent cash dividends to stockholders and create opportunities to increase dividend payments to stockholders as a result of annual increases in net operating income and portfolio growth .', 'to meet these objectives , we invest across the full spectrum of seniors housing and health care real estate and diversify our investment portfolio by property type , relationship and geographic location .', 'substantially all of our revenues are derived from operating lease rentals , resident fees/services , and interest earned on outstanding loans receivable .', 'these items represent our primary sources of liquidity to fund distributions and depend upon the continued ability of our obligors to make contractual rent and interest payments to us and the profitability of our operating properties .', 'to the extent that our obligors/partners experience operating difficulties and become unable to generate sufficient cash to make payments or operating distributions to us , there could be a material adverse impact on our consolidated results of operations , liquidity and/or financial condition .', 'to mitigate this risk , we monitor our investments through a variety of methods determined by the type of property .', 'our asset management process for seniors housing properties generally includes review of monthly financial statements and other operating data for each property , review of obligor/ partner creditworthiness , property inspections , and review of covenant compliance relating to licensure , real estate taxes , letters of credit and other collateral .', 'our internal property management division manages and monitors the outpatient medical portfolio with a comprehensive process including review of tenant relations .'] | 0.34448 | WELL/2017/page_48.pdf-3 | ['item 7 .', 'management 2019s discussion and analysis of financial condition and results of operations the following discussion and analysis is based primarily on the consolidated financial statements of welltower inc .', 'presented in conformity with u.s .', 'generally accepted accounting principles ( 201cu.s .', 'gaap 201d ) for the periods presented and should be read together with the notes thereto contained in this annual report on form 10-k .', 'other important factors are identified in 201citem 1 2014 business 201d and 201citem 1a 2014 risk factors 201d above .', 'executive summary company overview welltower inc .', '( nyse:well ) , an s&p 500 company headquartered in toledo , ohio , is driving the transformation of health care infrastructure .', 'the company invests with leading seniors housing operators , post- acute providers and health systems to fund the real estate and infrastructure needed to scale innovative care delivery models and improve people 2019s wellness and overall health care experience .', 'welltowertm , a real estate investment trust ( 201creit 201d ) , owns interests in properties concentrated in major , high-growth markets in the united states ( 201cu.s . 201d ) , canada and the united kingdom ( 201cu.k . 201d ) , consisting of seniors housing and post-acute communities and outpatient medical properties .', 'our capital programs , when combined with comprehensive planning , development and property management services , make us a single-source solution for acquiring , planning , developing , managing , repositioning and monetizing real estate assets .', 'the following table summarizes our consolidated portfolio for the year ended december 31 , 2017 ( dollars in thousands ) : type of property noi ( 1 ) percentage of number of properties .'] | ['( 1 ) represents consolidated noi and excludes our share of investments in unconsolidated entities .', 'entities in which we have a joint venture with a minority partner are shown at 100% ( 100 % ) of the joint venture amount .', 'see non-gaap financial measures for additional information and reconciliation .', 'business strategy our primary objectives are to protect stockholder capital and enhance stockholder value .', 'we seek to pay consistent cash dividends to stockholders and create opportunities to increase dividend payments to stockholders as a result of annual increases in net operating income and portfolio growth .', 'to meet these objectives , we invest across the full spectrum of seniors housing and health care real estate and diversify our investment portfolio by property type , relationship and geographic location .', 'substantially all of our revenues are derived from operating lease rentals , resident fees/services , and interest earned on outstanding loans receivable .', 'these items represent our primary sources of liquidity to fund distributions and depend upon the continued ability of our obligors to make contractual rent and interest payments to us and the profitability of our operating properties .', 'to the extent that our obligors/partners experience operating difficulties and become unable to generate sufficient cash to make payments or operating distributions to us , there could be a material adverse impact on our consolidated results of operations , liquidity and/or financial condition .', 'to mitigate this risk , we monitor our investments through a variety of methods determined by the type of property .', 'our asset management process for seniors housing properties generally includes review of monthly financial statements and other operating data for each property , review of obligor/ partner creditworthiness , property inspections , and review of covenant compliance relating to licensure , real estate taxes , letters of credit and other collateral .', 'our internal property management division manages and monitors the outpatient medical portfolio with a comprehensive process including review of tenant relations .'] | ****************************************
type of property noi ( 1 ) percentage of noi number of properties
triple-net $ 967084 43.3% ( 43.3 % ) 573
seniors housing operating 880026 39.5% ( 39.5 % ) 443
outpatient medical 384068 17.2% ( 17.2 % ) 270
totals $ 2231178 100.0% ( 100.0 % ) 1286
**************************************** | divide(443, 1286) | 0.34448 |
how is cash flow from operating activities affected by the change in inventory from 2014 to 2015? | Background: ['the goldman sachs group , inc .', 'and subsidiaries management 2019s discussion and analysis scenario analyses .', 'we conduct various scenario analyses including as part of the comprehensive capital analysis and review ( ccar ) and dodd-frank act stress tests ( dfast ) , as well as our resolution and recovery planning .', 'see 201cequity capital management and regulatory capital 2014 equity capital management 201d below for further information .', 'these scenarios cover short-term and long- term time horizons using various macroeconomic and firm- specific assumptions , based on a range of economic scenarios .', 'we use these analyses to assist us in developing our longer-term balance sheet management strategy , including the level and composition of assets , funding and equity capital .', 'additionally , these analyses help us develop approaches for maintaining appropriate funding , liquidity and capital across a variety of situations , including a severely stressed environment .', 'balance sheet allocation in addition to preparing our consolidated statements of financial condition in accordance with u.s .', 'gaap , we prepare a balance sheet that generally allocates assets to our businesses , which is a non-gaap presentation and may not be comparable to similar non-gaap presentations used by other companies .', 'we believe that presenting our assets on this basis is meaningful because it is consistent with the way management views and manages risks associated with the firm 2019s assets and better enables investors to assess the liquidity of the firm 2019s assets .', 'the table below presents our balance sheet allocation. .']
Data Table:
****************************************
$ in millions as of december 2015 as of december 2014
global core liquid assets ( gcla ) $ 199120 $ 182947
other cash 9180 7805
gcla and cash 208300 190752
secured client financing 221325 210641
inventory 208836 230667
secured financing agreements 63495 74767
receivables 39976 47317
institutional client services 312307 352751
public equity 3991 4041
private equity 16985 17979
debt1 23216 24768
loans receivable2 45407 28938
other 4646 3771
investing & lending 94245 79497
total inventory and related assets 406552 432248
other assets 25218 22201
total assets $ 861395 $ 855842
****************************************
Additional Information: ['1 .', 'includes $ 17.29 billion and $ 18.24 billion as of december 2015 and december 2014 , respectively , of direct loans primarily extended to corporate and private wealth management clients that are accounted for at fair value .', '2 .', 'see note 9 to the consolidated financial statements for further information about loans receivable .', 'the following is a description of the captions in the table above : 2030 global core liquid assets and cash .', 'we maintain liquidity to meet a broad range of potential cash outflows and collateral needs in a stressed environment .', 'see 201cliquidity risk management 201d below for details on the composition and sizing of our 201cglobal core liquid assets 201d ( gcla ) .', 'in addition to our gcla , we maintain other operating cash balances , primarily for use in specific currencies , entities , or jurisdictions where we do not have immediate access to parent company liquidity .', '2030 secured client financing .', 'we provide collateralized financing for client positions , including margin loans secured by client collateral , securities borrowed , and resale agreements primarily collateralized by government obligations .', 'as a result of client activities , we are required to segregate cash and securities to satisfy regulatory requirements .', 'our secured client financing arrangements , which are generally short-term , are accounted for at fair value or at amounts that approximate fair value , and include daily margin requirements to mitigate counterparty credit risk .', '2030 institutional client services .', 'in institutional client services , we maintain inventory positions to facilitate market making in fixed income , equity , currency and commodity products .', 'additionally , as part of market- making activities , we enter into resale or securities borrowing arrangements to obtain securities which we can use to cover transactions in which we or our clients have sold securities that have not yet been purchased .', 'the receivables in institutional client services primarily relate to securities transactions .', '2030 investing & lending .', 'in investing & lending , we make investments and originate loans to provide financing to clients .', 'these investments and loans are typically longer- term in nature .', 'we make investments , directly and indirectly through funds and separate accounts that we manage , in debt securities , loans , public and private equity securities , real estate entities and other investments .', '2030 other assets .', 'other assets are generally less liquid , non- financial assets , including property , leasehold improvements and equipment , goodwill and identifiable intangible assets , income tax-related receivables , equity- method investments , assets classified as held for sale and miscellaneous receivables .', '68 goldman sachs 2015 form 10-k .'] | 21831.0 | GS/2015/page_80.pdf-1 | ['the goldman sachs group , inc .', 'and subsidiaries management 2019s discussion and analysis scenario analyses .', 'we conduct various scenario analyses including as part of the comprehensive capital analysis and review ( ccar ) and dodd-frank act stress tests ( dfast ) , as well as our resolution and recovery planning .', 'see 201cequity capital management and regulatory capital 2014 equity capital management 201d below for further information .', 'these scenarios cover short-term and long- term time horizons using various macroeconomic and firm- specific assumptions , based on a range of economic scenarios .', 'we use these analyses to assist us in developing our longer-term balance sheet management strategy , including the level and composition of assets , funding and equity capital .', 'additionally , these analyses help us develop approaches for maintaining appropriate funding , liquidity and capital across a variety of situations , including a severely stressed environment .', 'balance sheet allocation in addition to preparing our consolidated statements of financial condition in accordance with u.s .', 'gaap , we prepare a balance sheet that generally allocates assets to our businesses , which is a non-gaap presentation and may not be comparable to similar non-gaap presentations used by other companies .', 'we believe that presenting our assets on this basis is meaningful because it is consistent with the way management views and manages risks associated with the firm 2019s assets and better enables investors to assess the liquidity of the firm 2019s assets .', 'the table below presents our balance sheet allocation. .'] | ['1 .', 'includes $ 17.29 billion and $ 18.24 billion as of december 2015 and december 2014 , respectively , of direct loans primarily extended to corporate and private wealth management clients that are accounted for at fair value .', '2 .', 'see note 9 to the consolidated financial statements for further information about loans receivable .', 'the following is a description of the captions in the table above : 2030 global core liquid assets and cash .', 'we maintain liquidity to meet a broad range of potential cash outflows and collateral needs in a stressed environment .', 'see 201cliquidity risk management 201d below for details on the composition and sizing of our 201cglobal core liquid assets 201d ( gcla ) .', 'in addition to our gcla , we maintain other operating cash balances , primarily for use in specific currencies , entities , or jurisdictions where we do not have immediate access to parent company liquidity .', '2030 secured client financing .', 'we provide collateralized financing for client positions , including margin loans secured by client collateral , securities borrowed , and resale agreements primarily collateralized by government obligations .', 'as a result of client activities , we are required to segregate cash and securities to satisfy regulatory requirements .', 'our secured client financing arrangements , which are generally short-term , are accounted for at fair value or at amounts that approximate fair value , and include daily margin requirements to mitigate counterparty credit risk .', '2030 institutional client services .', 'in institutional client services , we maintain inventory positions to facilitate market making in fixed income , equity , currency and commodity products .', 'additionally , as part of market- making activities , we enter into resale or securities borrowing arrangements to obtain securities which we can use to cover transactions in which we or our clients have sold securities that have not yet been purchased .', 'the receivables in institutional client services primarily relate to securities transactions .', '2030 investing & lending .', 'in investing & lending , we make investments and originate loans to provide financing to clients .', 'these investments and loans are typically longer- term in nature .', 'we make investments , directly and indirectly through funds and separate accounts that we manage , in debt securities , loans , public and private equity securities , real estate entities and other investments .', '2030 other assets .', 'other assets are generally less liquid , non- financial assets , including property , leasehold improvements and equipment , goodwill and identifiable intangible assets , income tax-related receivables , equity- method investments , assets classified as held for sale and miscellaneous receivables .', '68 goldman sachs 2015 form 10-k .'] | ****************************************
$ in millions as of december 2015 as of december 2014
global core liquid assets ( gcla ) $ 199120 $ 182947
other cash 9180 7805
gcla and cash 208300 190752
secured client financing 221325 210641
inventory 208836 230667
secured financing agreements 63495 74767
receivables 39976 47317
institutional client services 312307 352751
public equity 3991 4041
private equity 16985 17979
debt1 23216 24768
loans receivable2 45407 28938
other 4646 3771
investing & lending 94245 79497
total inventory and related assets 406552 432248
other assets 25218 22201
total assets $ 861395 $ 855842
**************************************** | subtract(230667, 208836) | 21831.0 |
what is the total amount of principle payment paid from 2008 to 2011? | Background: ['notes to consolidated financial statements 2014 ( continued ) merchant acquiring business in the united kingdom to the partnership .', 'in addition , hsbc uk entered into a ten-year marketing alliance with the partnership in which hsbc uk will refer customers to the partnership for payment processing services in the united kingdom .', 'on june 23 , 2008 , we entered into a new five year , $ 200 million term loan to fund a portion of the acquisition .', 'we funded the remaining purchase price with excess cash and our existing credit facilities .', 'the term loan bears interest , at our election , at the prime rate or london interbank offered rate plus a margin based on our leverage position .', 'as of july 1 , 2008 , the interest rate on the term loan was 3.605% ( 3.605 % ) .', 'the term loan calls for quarterly principal payments of $ 5 million beginning with the quarter ending august 31 , 2008 and increasing to $ 10 million beginning with the quarter ending august 31 , 2010 and $ 15 million beginning with the quarter ending august 31 , 2011 .', 'the partnership agreement includes provisions pursuant to which hsbc uk may compel us to purchase , at fair value , additional membership units from hsbc uk ( the 201cput option 201d ) .', 'hsbc uk may exercise the put option on the fifth anniversary of the closing of the acquisition and on each anniversary thereafter .', 'by exercising the put option , hsbc uk can require us to purchase , on an annual basis , up to 15% ( 15 % ) of the total membership units .', 'additionally , on the tenth anniversary of closing and each tenth anniversary thereafter , hsbc uk may compel us to purchase all of their membership units at fair value .', 'while not redeemable until june 2013 , we estimate the maximum total redemption amount of the minority interest under the put option would be $ 421.4 million , as of may 31 , 2008 .', 'the purpose of this acquisition was to establish a presence in the united kingdom .', 'the key factors that contributed to the decision to make this acquisition include historical and prospective financial statement analysis and hsbc uk 2019s market share and retail presence in the united kingdom .', 'the purchase price was determined by analyzing the historical and prospective financial statements and applying relevant purchase price multiples .', 'the purchase price totaled $ 441.1 million , consisting of $ 438.6 million cash consideration plus $ 2.5 million of direct out of pocket costs .', 'the acquisition has been recorded using the purchase method of accounting , and , accordingly , the purchase price has been allocated to the assets acquired and liabilities assumed based on their estimated fair values at the date of acquisition .', 'the following table summarizes the preliminary purchase price allocation: .']
----------
Data Table:
========================================
• , total
• goodwill, $ 294741
• customer-related intangible assets, 116920
• contract-based intangible assets, 13437
• trademark, 2204
• property and equipment, 26955
• other current assets, 100
• total assets acquired, 454357
• minority interest in equity of subsidiary ( at historical cost ), -13257 ( 13257 )
• net assets acquired, $ 441100
========================================
----------
Post-table: ['due to the recent timing of the transaction , the allocation of the purchase price is preliminary .', 'all of the goodwill associated with the acquisition is expected to be deductible for tax purposes .', 'the customer-related intangible assets have amortization periods of up to 13 years .', 'the contract-based intangible assets have amortization periods of 7 years .', 'the trademark has an amortization period of 5 years. .'] | 30.0 | GPN/2008/page_99.pdf-2 | ['notes to consolidated financial statements 2014 ( continued ) merchant acquiring business in the united kingdom to the partnership .', 'in addition , hsbc uk entered into a ten-year marketing alliance with the partnership in which hsbc uk will refer customers to the partnership for payment processing services in the united kingdom .', 'on june 23 , 2008 , we entered into a new five year , $ 200 million term loan to fund a portion of the acquisition .', 'we funded the remaining purchase price with excess cash and our existing credit facilities .', 'the term loan bears interest , at our election , at the prime rate or london interbank offered rate plus a margin based on our leverage position .', 'as of july 1 , 2008 , the interest rate on the term loan was 3.605% ( 3.605 % ) .', 'the term loan calls for quarterly principal payments of $ 5 million beginning with the quarter ending august 31 , 2008 and increasing to $ 10 million beginning with the quarter ending august 31 , 2010 and $ 15 million beginning with the quarter ending august 31 , 2011 .', 'the partnership agreement includes provisions pursuant to which hsbc uk may compel us to purchase , at fair value , additional membership units from hsbc uk ( the 201cput option 201d ) .', 'hsbc uk may exercise the put option on the fifth anniversary of the closing of the acquisition and on each anniversary thereafter .', 'by exercising the put option , hsbc uk can require us to purchase , on an annual basis , up to 15% ( 15 % ) of the total membership units .', 'additionally , on the tenth anniversary of closing and each tenth anniversary thereafter , hsbc uk may compel us to purchase all of their membership units at fair value .', 'while not redeemable until june 2013 , we estimate the maximum total redemption amount of the minority interest under the put option would be $ 421.4 million , as of may 31 , 2008 .', 'the purpose of this acquisition was to establish a presence in the united kingdom .', 'the key factors that contributed to the decision to make this acquisition include historical and prospective financial statement analysis and hsbc uk 2019s market share and retail presence in the united kingdom .', 'the purchase price was determined by analyzing the historical and prospective financial statements and applying relevant purchase price multiples .', 'the purchase price totaled $ 441.1 million , consisting of $ 438.6 million cash consideration plus $ 2.5 million of direct out of pocket costs .', 'the acquisition has been recorded using the purchase method of accounting , and , accordingly , the purchase price has been allocated to the assets acquired and liabilities assumed based on their estimated fair values at the date of acquisition .', 'the following table summarizes the preliminary purchase price allocation: .'] | ['due to the recent timing of the transaction , the allocation of the purchase price is preliminary .', 'all of the goodwill associated with the acquisition is expected to be deductible for tax purposes .', 'the customer-related intangible assets have amortization periods of up to 13 years .', 'the contract-based intangible assets have amortization periods of 7 years .', 'the trademark has an amortization period of 5 years. .'] | ========================================
• , total
• goodwill, $ 294741
• customer-related intangible assets, 116920
• contract-based intangible assets, 13437
• trademark, 2204
• property and equipment, 26955
• other current assets, 100
• total assets acquired, 454357
• minority interest in equity of subsidiary ( at historical cost ), -13257 ( 13257 )
• net assets acquired, $ 441100
======================================== | add(5, 10), add(#0, #0) | 30.0 |
what was the percentage change in equipment rents payable from 2014 to 2015? | Pre-text: ['appropriate statistical bases .', 'total expense for repairs and maintenance incurred was $ 2.5 billion for 2015 , $ 2.4 billion for 2014 , and $ 2.3 billion for 2013 .', 'assets held under capital leases are recorded at the lower of the net present value of the minimum lease payments or the fair value of the leased asset at the inception of the lease .', 'amortization expense is computed using the straight-line method over the shorter of the estimated useful lives of the assets or the period of the related lease .', '13 .', 'accounts payable and other current liabilities dec .', '31 , dec .', '31 , millions 2015 2014 .']
######
Table:
Row 1: millions, dec . 31 2015, dec . 31 2014
Row 2: accounts payable, $ 743, $ 877
Row 3: income and other taxes payable, 434, 412
Row 4: accrued wages and vacation, 391, 409
Row 5: interest payable, 208, 178
Row 6: accrued casualty costs, 181, 249
Row 7: equipment rents payable, 105, 100
Row 8: dividends payable [a], -, 438
Row 9: other, 550, 640
Row 10: total accounts payable and other current liabilities, $ 2612, $ 3303
######
Additional Information: ['[a] beginning in 2015 , the timing of the dividend declaration and payable dates was aligned to occur within the same quarter .', 'the 2015 dividends paid amount includes the fourth quarter 2014 dividend of $ 438 million , which was paid on january 2 , 2015 , the first quarter 2015 dividend of $ 484 million , which was paid on march 30 , 2015 , the second quarter 2015 dividend of $ 479 million , which was paid on june 30 , 2015 , the third quarter 2015 dividend of $ 476 million , which was paid on september 30 , 2015 , as well as the fourth quarter 2015 dividend of $ 467 million , which was paid on december 30 , 2015 .', '14 .', 'financial instruments strategy and risk 2013 we may use derivative financial instruments in limited instances for other than trading purposes 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 interest rate and fuel 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 , 2015 , and 2014 , we were not required to provide collateral , nor had we received collateral , relating to our hedging activities .', 'interest rate fair value hedges 2013 we manage our overall exposure to fluctuations in interest rates by adjusting the proportion of fixed and floating rate debt instruments within our debt portfolio over a given period .', 'we generally manage the mix of fixed and floating rate debt through the issuance of targeted amounts of each as debt matures or as we require incremental borrowings .', 'we employ derivatives , primarily swaps , as one of the tools to obtain the targeted mix .', 'in addition , we also obtain flexibility in managing interest costs and the interest rate mix within our debt portfolio by evaluating the issuance of and managing outstanding callable fixed-rate debt securities .', 'swaps allow us to convert debt from fixed rates to variable rates and thereby hedge the risk of changes in the debt 2019s fair value attributable to the changes in interest rates .', 'we account for swaps as fair value hedges using the short-cut method ; therefore , we do not record any ineffectiveness within our .'] | 0.05 | UNP/2015/page_76.pdf-3 | ['appropriate statistical bases .', 'total expense for repairs and maintenance incurred was $ 2.5 billion for 2015 , $ 2.4 billion for 2014 , and $ 2.3 billion for 2013 .', 'assets held under capital leases are recorded at the lower of the net present value of the minimum lease payments or the fair value of the leased asset at the inception of the lease .', 'amortization expense is computed using the straight-line method over the shorter of the estimated useful lives of the assets or the period of the related lease .', '13 .', 'accounts payable and other current liabilities dec .', '31 , dec .', '31 , millions 2015 2014 .'] | ['[a] beginning in 2015 , the timing of the dividend declaration and payable dates was aligned to occur within the same quarter .', 'the 2015 dividends paid amount includes the fourth quarter 2014 dividend of $ 438 million , which was paid on january 2 , 2015 , the first quarter 2015 dividend of $ 484 million , which was paid on march 30 , 2015 , the second quarter 2015 dividend of $ 479 million , which was paid on june 30 , 2015 , the third quarter 2015 dividend of $ 476 million , which was paid on september 30 , 2015 , as well as the fourth quarter 2015 dividend of $ 467 million , which was paid on december 30 , 2015 .', '14 .', 'financial instruments strategy and risk 2013 we may use derivative financial instruments in limited instances for other than trading purposes 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 interest rate and fuel 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 , 2015 , and 2014 , we were not required to provide collateral , nor had we received collateral , relating to our hedging activities .', 'interest rate fair value hedges 2013 we manage our overall exposure to fluctuations in interest rates by adjusting the proportion of fixed and floating rate debt instruments within our debt portfolio over a given period .', 'we generally manage the mix of fixed and floating rate debt through the issuance of targeted amounts of each as debt matures or as we require incremental borrowings .', 'we employ derivatives , primarily swaps , as one of the tools to obtain the targeted mix .', 'in addition , we also obtain flexibility in managing interest costs and the interest rate mix within our debt portfolio by evaluating the issuance of and managing outstanding callable fixed-rate debt securities .', 'swaps allow us to convert debt from fixed rates to variable rates and thereby hedge the risk of changes in the debt 2019s fair value attributable to the changes in interest rates .', 'we account for swaps as fair value hedges using the short-cut method ; therefore , we do not record any ineffectiveness within our .'] | Row 1: millions, dec . 31 2015, dec . 31 2014
Row 2: accounts payable, $ 743, $ 877
Row 3: income and other taxes payable, 434, 412
Row 4: accrued wages and vacation, 391, 409
Row 5: interest payable, 208, 178
Row 6: accrued casualty costs, 181, 249
Row 7: equipment rents payable, 105, 100
Row 8: dividends payable [a], -, 438
Row 9: other, 550, 640
Row 10: total accounts payable and other current liabilities, $ 2612, $ 3303 | subtract(105, 100), divide(#0, 100) | 0.05 |
what was the change in total accumulated other comprehensive losses in millions from 2012 to 2013? | Pre-text: ['note 17 .', "accumulated other comprehensive losses : pmi's accumulated other comprehensive losses , net of taxes , consisted of the following: ."]
Tabular Data:
========================================
• ( losses ) earnings ( in millions ), ( losses ) earnings 2014, ( losses ) earnings 2013, 2012
• currency translation adjustments, $ -3929 ( 3929 ), $ -2207 ( 2207 ), $ -331 ( 331 )
• pension and other benefits, -3020 ( 3020 ), -2046 ( 2046 ), -3365 ( 3365 )
• derivatives accounted for as hedges, 123, 63, 92
• total accumulated other comprehensive losses, $ -6826 ( 6826 ), $ -4190 ( 4190 ), $ -3604 ( 3604 )
========================================
Follow-up: ['reclassifications from other comprehensive earnings the movements in accumulated other comprehensive losses and the related tax impact , for each of the components above , that are due to current period activity and reclassifications to the income statement are shown on the consolidated statements of comprehensive earnings for the years ended december 31 , 2014 , 2013 , and 2012 .', 'the movement in currency translation adjustments for the year ended december 31 , 2013 , was also impacted by the purchase of the remaining shares of the mexican tobacco business .', 'in addition , $ 5 million and $ 12 million of net currency translation adjustment gains were transferred from other comprehensive earnings to marketing , administration and research costs in the consolidated statements of earnings for the years ended december 31 , 2014 and 2013 , respectively , upon liquidation of a subsidiary .', 'for additional information , see note 13 .', 'benefit plans and note 15 .', "financial instruments for disclosures related to pmi's pension and other benefits and derivative financial instruments .", 'note 18 .', 'colombian investment and cooperation agreement : on june 19 , 2009 , pmi announced that it had signed an agreement with the republic of colombia , together with the departments of colombia and the capital district of bogota , to promote investment and cooperation with respect to the colombian tobacco market and to fight counterfeit and contraband tobacco products .', 'the investment and cooperation agreement provides $ 200 million in funding to the colombian governments over a 20-year period to address issues of mutual interest , such as combating the illegal cigarette trade , including the threat of counterfeit tobacco products , and increasing the quality and quantity of locally grown tobacco .', 'as a result of the investment and cooperation agreement , pmi recorded a pre-tax charge of $ 135 million in the operating results of the latin america & canada segment during the second quarter of 2009 .', 'at december 31 , 2014 and 2013 , pmi had $ 71 million and $ 74 million , respectively , of discounted liabilities associated with the colombian investment and cooperation agreement .', 'these discounted liabilities are primarily reflected in other long-term liabilities on the consolidated balance sheets and are expected to be paid through 2028 .', 'note 19 .', 'rbh legal settlement : on july 31 , 2008 , rothmans inc .', '( "rothmans" ) announced the finalization of a cad 550 million settlement ( or approximately $ 540 million , based on the prevailing exchange rate at that time ) between itself and rothmans , benson & hedges inc .', '( "rbh" ) , on the one hand , and the government of canada and all 10 provinces , on the other hand .', "the settlement resolved the royal canadian mounted police's investigation relating to products exported from canada by rbh during the 1989-1996 period .", "rothmans' sole holding was a 60% ( 60 % ) interest in rbh .", 'the remaining 40% ( 40 % ) interest in rbh was owned by pmi. .'] | -586.0 | PM/2014/page_112.pdf-1 | ['note 17 .', "accumulated other comprehensive losses : pmi's accumulated other comprehensive losses , net of taxes , consisted of the following: ."] | ['reclassifications from other comprehensive earnings the movements in accumulated other comprehensive losses and the related tax impact , for each of the components above , that are due to current period activity and reclassifications to the income statement are shown on the consolidated statements of comprehensive earnings for the years ended december 31 , 2014 , 2013 , and 2012 .', 'the movement in currency translation adjustments for the year ended december 31 , 2013 , was also impacted by the purchase of the remaining shares of the mexican tobacco business .', 'in addition , $ 5 million and $ 12 million of net currency translation adjustment gains were transferred from other comprehensive earnings to marketing , administration and research costs in the consolidated statements of earnings for the years ended december 31 , 2014 and 2013 , respectively , upon liquidation of a subsidiary .', 'for additional information , see note 13 .', 'benefit plans and note 15 .', "financial instruments for disclosures related to pmi's pension and other benefits and derivative financial instruments .", 'note 18 .', 'colombian investment and cooperation agreement : on june 19 , 2009 , pmi announced that it had signed an agreement with the republic of colombia , together with the departments of colombia and the capital district of bogota , to promote investment and cooperation with respect to the colombian tobacco market and to fight counterfeit and contraband tobacco products .', 'the investment and cooperation agreement provides $ 200 million in funding to the colombian governments over a 20-year period to address issues of mutual interest , such as combating the illegal cigarette trade , including the threat of counterfeit tobacco products , and increasing the quality and quantity of locally grown tobacco .', 'as a result of the investment and cooperation agreement , pmi recorded a pre-tax charge of $ 135 million in the operating results of the latin america & canada segment during the second quarter of 2009 .', 'at december 31 , 2014 and 2013 , pmi had $ 71 million and $ 74 million , respectively , of discounted liabilities associated with the colombian investment and cooperation agreement .', 'these discounted liabilities are primarily reflected in other long-term liabilities on the consolidated balance sheets and are expected to be paid through 2028 .', 'note 19 .', 'rbh legal settlement : on july 31 , 2008 , rothmans inc .', '( "rothmans" ) announced the finalization of a cad 550 million settlement ( or approximately $ 540 million , based on the prevailing exchange rate at that time ) between itself and rothmans , benson & hedges inc .', '( "rbh" ) , on the one hand , and the government of canada and all 10 provinces , on the other hand .', "the settlement resolved the royal canadian mounted police's investigation relating to products exported from canada by rbh during the 1989-1996 period .", "rothmans' sole holding was a 60% ( 60 % ) interest in rbh .", 'the remaining 40% ( 40 % ) interest in rbh was owned by pmi. .'] | ========================================
• ( losses ) earnings ( in millions ), ( losses ) earnings 2014, ( losses ) earnings 2013, 2012
• currency translation adjustments, $ -3929 ( 3929 ), $ -2207 ( 2207 ), $ -331 ( 331 )
• pension and other benefits, -3020 ( 3020 ), -2046 ( 2046 ), -3365 ( 3365 )
• derivatives accounted for as hedges, 123, 63, 92
• total accumulated other comprehensive losses, $ -6826 ( 6826 ), $ -4190 ( 4190 ), $ -3604 ( 3604 )
======================================== | subtract(-4190, -3604) | -586.0 |
what is the decrease observed in the additions for tax positions of prior years , in millions? | Context: ['uncertain tax positions the following is a reconciliation of the company 2019s beginning and ending amount of uncertain tax positions ( in millions ) : .']
####
Tabular Data:
| 2018 | 2017
----------|----------|----------
balance at january 1 | $ 280 | $ 278
additions based on tax positions related to the current year | 18 | 25
additions for tax positions of prior years | 10 | 12
reductions for tax positions of prior years | -24 ( 24 ) | -26 ( 26 )
settlements | 2014 | -6 ( 6 )
business combinations | 1 | 2014
lapse of statute of limitations | -6 ( 6 ) | -7 ( 7 )
foreign currency translation | 2014 | 4
balance at december 31 | $ 279 | $ 280
####
Follow-up: ['the company 2019s liability for uncertain tax positions as of december 31 , 2018 , 2017 , and 2016 , includes $ 228 million , $ 219 million , and $ 240 million , respectively , related to amounts that would impact the effective tax rate if recognized .', 'it is possible that the amount of unrecognized tax benefits may change in the next twelve months ; however , the company does not expect the change to have a significant impact on its consolidated statements of income or consolidated balance sheets .', 'these changes may be the result of settlements of ongoing audits .', 'at this time , an estimate of the range of the reasonably possible outcomes within the twelve months cannot be made .', 'the company recognizes interest and penalties related to uncertain tax positions in its provision for income taxes .', 'the company accrued potential interest and penalties of $ 22 million , $ 11 million , and $ 15 million in 2018 , 2017 , and 2016 , respectively .', 'the company recorded a liability for interest and penalties of $ 77 million , $ 55 million , and $ 48 million as of december 31 , 2018 , 2017 , and 2016 , respectively .', 'the company and its subsidiaries file income tax returns in their respective jurisdictions .', 'the company has substantially concluded all u.s .', 'federal income tax matters for years through 2007 .', 'material u.s .', 'state and local income tax jurisdiction examinations have been concluded for years through 2005 .', 'the company has concluded income tax examinations in its primary non-u.s .', 'jurisdictions through 2010 .', '12 .', 'shareholders 2019 equityq y distributable reserves as a company incorporated in england and wales , aon is required under u.k .', 'law to have available 201cdistributable reserves 201d to make share repurchases or pay dividends to shareholders .', 'distributable reserves may be created through the earnings of the u.k .', 'parent company and , among other methods , through a reduction in share capital approved by the courts of england and wales .', 'distributable reserves are not directly linked to a u.s .', 'gaap reported amount ( e.g. , retained earnings ) .', 'as of december 31 , 2018 and 2017 , the company had distributable reserves in excess of $ 2.2 billion and $ 1.2 billion , respectively .', 'ordinary shares aon has a share repurchase program authorized by the company 2019s board of directors ( the 201crepurchase program 201d ) .', 'the repurchase program was established in april 2012 with $ 5.0 billion in authorized repurchases , and was increased by $ 5.0 billion in authorized repurchases in each of november 2014 and february 2017 for a total of $ 15.0 billion in repurchase authorizations .', 'under the repurchase program , class a ordinary shares may be repurchased through the open market or in privately negotiated transactions , from time to time , based on prevailing market conditions , and will be funded from available capital. .'] | 2.0 | AON/2018/page_87.pdf-2 | ['uncertain tax positions the following is a reconciliation of the company 2019s beginning and ending amount of uncertain tax positions ( in millions ) : .'] | ['the company 2019s liability for uncertain tax positions as of december 31 , 2018 , 2017 , and 2016 , includes $ 228 million , $ 219 million , and $ 240 million , respectively , related to amounts that would impact the effective tax rate if recognized .', 'it is possible that the amount of unrecognized tax benefits may change in the next twelve months ; however , the company does not expect the change to have a significant impact on its consolidated statements of income or consolidated balance sheets .', 'these changes may be the result of settlements of ongoing audits .', 'at this time , an estimate of the range of the reasonably possible outcomes within the twelve months cannot be made .', 'the company recognizes interest and penalties related to uncertain tax positions in its provision for income taxes .', 'the company accrued potential interest and penalties of $ 22 million , $ 11 million , and $ 15 million in 2018 , 2017 , and 2016 , respectively .', 'the company recorded a liability for interest and penalties of $ 77 million , $ 55 million , and $ 48 million as of december 31 , 2018 , 2017 , and 2016 , respectively .', 'the company and its subsidiaries file income tax returns in their respective jurisdictions .', 'the company has substantially concluded all u.s .', 'federal income tax matters for years through 2007 .', 'material u.s .', 'state and local income tax jurisdiction examinations have been concluded for years through 2005 .', 'the company has concluded income tax examinations in its primary non-u.s .', 'jurisdictions through 2010 .', '12 .', 'shareholders 2019 equityq y distributable reserves as a company incorporated in england and wales , aon is required under u.k .', 'law to have available 201cdistributable reserves 201d to make share repurchases or pay dividends to shareholders .', 'distributable reserves may be created through the earnings of the u.k .', 'parent company and , among other methods , through a reduction in share capital approved by the courts of england and wales .', 'distributable reserves are not directly linked to a u.s .', 'gaap reported amount ( e.g. , retained earnings ) .', 'as of december 31 , 2018 and 2017 , the company had distributable reserves in excess of $ 2.2 billion and $ 1.2 billion , respectively .', 'ordinary shares aon has a share repurchase program authorized by the company 2019s board of directors ( the 201crepurchase program 201d ) .', 'the repurchase program was established in april 2012 with $ 5.0 billion in authorized repurchases , and was increased by $ 5.0 billion in authorized repurchases in each of november 2014 and february 2017 for a total of $ 15.0 billion in repurchase authorizations .', 'under the repurchase program , class a ordinary shares may be repurchased through the open market or in privately negotiated transactions , from time to time , based on prevailing market conditions , and will be funded from available capital. .'] | | 2018 | 2017
----------|----------|----------
balance at january 1 | $ 280 | $ 278
additions based on tax positions related to the current year | 18 | 25
additions for tax positions of prior years | 10 | 12
reductions for tax positions of prior years | -24 ( 24 ) | -26 ( 26 )
settlements | 2014 | -6 ( 6 )
business combinations | 1 | 2014
lapse of statute of limitations | -6 ( 6 ) | -7 ( 7 )
foreign currency translation | 2014 | 4
balance at december 31 | $ 279 | $ 280 | subtract(12, 10) | 2.0 |
how much more money was expensed per outstanding basic weighted-average share in the year ended dec 31 , 2013 compared to the year ended dec 31 , 2014? | Context: ['table of contents cdw corporation and subsidiaries notes to consolidated financial statements which the company realized the benefits of the deductions .', 'this arrangement has been accounted for as contingent consideration .', 'pre-2009 business combinations were accounted for under a former accounting standard which , among other aspects , precluded the recognition of certain contingent consideration as of the business combination date .', 'instead , under the former accounting standard , contingent consideration is accounted for as additional purchase price ( goodwill ) at the time the contingency is resolved .', 'as of december 31 , 2013 , the company accrued $ 20.9 million related to this arrangement within other current liabilities , as the company realized the tax benefit of the compensation deductions during the 2013 tax year .', 'the company made the related cash contribution during the first quarter of 2014 .', '12 .', 'earnings per share the numerator for both basic and diluted earnings per share is net income .', 'the denominator for basic earnings per share is the weighted-average shares outstanding during the period .', 'a reconciliation of basic weighted-average shares outstanding to diluted weighted-average shares outstanding is as follows: .']
Data Table:
****************************************
Row 1: ( in millions ), years ended december 31 , 2015, years ended december 31 , 2014, years ended december 31 , 2013 ( 1 )
Row 2: basic weighted-average shares outstanding, 170.3, 170.6, 156.6
Row 3: effect of dilutive securities ( 2 ), 1.5, 2.2, 2.1
Row 4: diluted weighted-average shares outstanding ( 3 ), 171.8, 172.8, 158.7
****************************************
Follow-up: ['effect of dilutive securities ( 2 ) 1.5 2.2 2.1 diluted weighted-average shares outstanding ( 3 ) 171.8 172.8 158.7 ( 1 ) the 2013 basic weighted-average shares outstanding was impacted by common stock issued during the ipo and the underwriters 2019 exercise in full of the overallotment option granted to them in connection with the ipo .', 'as the common stock was issued on july 2 , 2013 and july 31 , 2013 , respectively , the shares are only partially reflected in the 2013 basic weighted-average shares outstanding .', 'such shares are fully reflected in the 2015 and 2014 basic weighted-average shares outstanding .', 'for additional discussion of the ipo , see note 10 ( stockholders 2019 equity ) .', '( 2 ) the dilutive effect of outstanding stock options , restricted stock units , restricted stock , coworker stock purchase plan units and mpk plan units is reflected in the diluted weighted-average shares outstanding using the treasury stock method .', '( 3 ) there were 0.4 million potential common shares excluded from the diluted weighted-average shares outstanding for the year ended december 31 , 2015 , and there was an insignificant amount of potential common shares excluded from the diluted weighted-average shares outstanding for the years ended december 31 , 2014 and 2013 , as their inclusion would have had an anti-dilutive effect .', '13 .', 'coworker retirement and other compensation benefits profit sharing plan and other savings plans the company has a profit sharing plan that includes a salary reduction feature established under the internal revenue code section 401 ( k ) covering substantially all coworkers in the united states .', 'in addition , coworkers outside the u.s .', 'participate in other savings plans .', 'company contributions to the profit sharing and other savings plans are made in cash and determined at the discretion of the board of directors .', 'for the years ended december 31 , 2015 , 2014 and 2013 , the amounts expensed for these plans were $ 19.8 million , $ 21.9 million and $ 17.3 million , respectively .', 'coworker stock purchase plan on january 1 , 2014 , the first offering period under the company 2019s coworker stock purchase plan ( the 201ccspp 201d ) commenced .', 'the cspp provides the opportunity for eligible coworkers to acquire shares of the company 2019s common stock at a 5% ( 5 % ) discount from the closing market price on the final day of the offering period .', 'there is no compensation expense associated with the cspp .', 'restricted debt unit plan on march 10 , 2010 , the company established the restricted debt unit plan ( the 201crdu plan 201d ) , an unfunded nonqualified deferred compensation plan. .'] | 1.26207 | CDW/2015/page_93.pdf-2 | ['table of contents cdw corporation and subsidiaries notes to consolidated financial statements which the company realized the benefits of the deductions .', 'this arrangement has been accounted for as contingent consideration .', 'pre-2009 business combinations were accounted for under a former accounting standard which , among other aspects , precluded the recognition of certain contingent consideration as of the business combination date .', 'instead , under the former accounting standard , contingent consideration is accounted for as additional purchase price ( goodwill ) at the time the contingency is resolved .', 'as of december 31 , 2013 , the company accrued $ 20.9 million related to this arrangement within other current liabilities , as the company realized the tax benefit of the compensation deductions during the 2013 tax year .', 'the company made the related cash contribution during the first quarter of 2014 .', '12 .', 'earnings per share the numerator for both basic and diluted earnings per share is net income .', 'the denominator for basic earnings per share is the weighted-average shares outstanding during the period .', 'a reconciliation of basic weighted-average shares outstanding to diluted weighted-average shares outstanding is as follows: .'] | ['effect of dilutive securities ( 2 ) 1.5 2.2 2.1 diluted weighted-average shares outstanding ( 3 ) 171.8 172.8 158.7 ( 1 ) the 2013 basic weighted-average shares outstanding was impacted by common stock issued during the ipo and the underwriters 2019 exercise in full of the overallotment option granted to them in connection with the ipo .', 'as the common stock was issued on july 2 , 2013 and july 31 , 2013 , respectively , the shares are only partially reflected in the 2013 basic weighted-average shares outstanding .', 'such shares are fully reflected in the 2015 and 2014 basic weighted-average shares outstanding .', 'for additional discussion of the ipo , see note 10 ( stockholders 2019 equity ) .', '( 2 ) the dilutive effect of outstanding stock options , restricted stock units , restricted stock , coworker stock purchase plan units and mpk plan units is reflected in the diluted weighted-average shares outstanding using the treasury stock method .', '( 3 ) there were 0.4 million potential common shares excluded from the diluted weighted-average shares outstanding for the year ended december 31 , 2015 , and there was an insignificant amount of potential common shares excluded from the diluted weighted-average shares outstanding for the years ended december 31 , 2014 and 2013 , as their inclusion would have had an anti-dilutive effect .', '13 .', 'coworker retirement and other compensation benefits profit sharing plan and other savings plans the company has a profit sharing plan that includes a salary reduction feature established under the internal revenue code section 401 ( k ) covering substantially all coworkers in the united states .', 'in addition , coworkers outside the u.s .', 'participate in other savings plans .', 'company contributions to the profit sharing and other savings plans are made in cash and determined at the discretion of the board of directors .', 'for the years ended december 31 , 2015 , 2014 and 2013 , the amounts expensed for these plans were $ 19.8 million , $ 21.9 million and $ 17.3 million , respectively .', 'coworker stock purchase plan on january 1 , 2014 , the first offering period under the company 2019s coworker stock purchase plan ( the 201ccspp 201d ) commenced .', 'the cspp provides the opportunity for eligible coworkers to acquire shares of the company 2019s common stock at a 5% ( 5 % ) discount from the closing market price on the final day of the offering period .', 'there is no compensation expense associated with the cspp .', 'restricted debt unit plan on march 10 , 2010 , the company established the restricted debt unit plan ( the 201crdu plan 201d ) , an unfunded nonqualified deferred compensation plan. .'] | ****************************************
Row 1: ( in millions ), years ended december 31 , 2015, years ended december 31 , 2014, years ended december 31 , 2013 ( 1 )
Row 2: basic weighted-average shares outstanding, 170.3, 170.6, 156.6
Row 3: effect of dilutive securities ( 2 ), 1.5, 2.2, 2.1
Row 4: diluted weighted-average shares outstanding ( 3 ), 171.8, 172.8, 158.7
**************************************** | divide(156.6, 17.3), divide(170.6, 21.9), subtract(#0, #1) | 1.26207 |
what is the total value of assets , in thousands? | Context: ['humana inc .', 'notes to consolidated financial statements 2014 ( continued ) the grant-date fair value of the award will be estimated using option-pricing models .', 'in addition , certain tax effects of stock option exercises will be reported as a financing activity rather than an operating activity in the statements of cash flows .', 'we adopted sfas 123r on january 1 , 2006 under the retrospective transition method using the black-scholes pricing model .', 'the effect of expensing stock options under a fair value approach using the black-scholes pricing model on diluted earnings per common share for the years ended december 31 , 2005 , 2004 and 2003 is disclosed on page 69 .', 'in addition , the classification of cash inflows from any excess tax benefit associated with exercising stock options will change from an operating activity to a financing activity in the consolidated statements of cash flows with no impact on total cash flows .', 'we estimate the impact of this change in classification will decrease operating cash flows ( and increase financing cash flows ) by approximately $ 15.5 million in 2005 , $ 3.7 million in 2004 , and $ 15.2 million in 2003 .', 'stock option expense after adopting sfas 123r is not expected to be materially different than our pro forma disclosure on page 69 and is dependent on levels of stock options granted during 2006 .', '3 .', 'acquisitions in january 2006 , our commercial segment reached an agreement to acquire cha service company , or cha health , a health plan serving employer groups in kentucky , for cash consideration of approximately $ 60.0 million plus any excess statutory surplus .', 'this transaction , which is subject to regulatory approval , is expected to close effective in the second quarter of 2006 .', 'on december 20 , 2005 , our commercial segment acquired corphealth , inc. , or corphealth , a behavioral health care management company , for cash consideration of approximately $ 54.2 million , including transaction costs .', 'this acquisition allows humana to integrate coverage of medical and behavior health benefits .', 'net tangible assets acquired of $ 6.0 million primarily consisted of cash and cash equivalents .', 'the purchase price exceeded the estimated fair value of the net tangible assets acquired by approximately $ 48.2 million .', 'we preliminarily allocated this excess purchase price to other intangible assets of $ 8.6 million and associated deferred tax liabilities of $ 3.2 million , and non-deductible goodwill of $ 42.8 million .', 'the other intangible assets , which consist primarily of customer contracts , have a weighted average useful life of 14.7 years .', 'the allocation is subject to change pending completion of the valuation by a third party valuation specialist firm assisting us in evaluating the fair value of the assets acquired .', 'on february 16 , 2005 , our government segment acquired careplus health plans of florida , or careplus , as well as its affiliated 10 medical centers and pharmacy company .', 'careplus provides medicare advantage hmo plans and benefits to medicare advantage members in miami-dade , broward and palm beach counties .', 'this acquisition enhances our medicare market position in south florida .', 'we paid approximately $ 444.9 million in cash , including transaction costs .', 'we financed the transaction with $ 294.0 million of borrowings under our credit agreement and $ 150.9 million of cash on hand .', 'the purchase price is subject to a balance sheet settlement process with a nine month claims run-out period .', 'this settlement , which will be reflected as an adjustment to goodwill , is not expected to be material .', 'the fair value of the acquired tangible assets ( assumed liabilities ) consisted of the following: .']
Tabular Data:
****************************************
• , ( in thousands )
• cash and cash equivalents, $ 92116
• premiums receivable and other current assets, 6510
• property and equipment and other assets, 21315
• medical and other expenses payable, -37375 ( 37375 )
• other current liabilities, -23359 ( 23359 )
• other liabilities, -5915 ( 5915 )
• net tangible assets acquired, $ 53292
****************************************
Post-table: ['.'] | 119941.0 | HUM/2005/page_80.pdf-3 | ['humana inc .', 'notes to consolidated financial statements 2014 ( continued ) the grant-date fair value of the award will be estimated using option-pricing models .', 'in addition , certain tax effects of stock option exercises will be reported as a financing activity rather than an operating activity in the statements of cash flows .', 'we adopted sfas 123r on january 1 , 2006 under the retrospective transition method using the black-scholes pricing model .', 'the effect of expensing stock options under a fair value approach using the black-scholes pricing model on diluted earnings per common share for the years ended december 31 , 2005 , 2004 and 2003 is disclosed on page 69 .', 'in addition , the classification of cash inflows from any excess tax benefit associated with exercising stock options will change from an operating activity to a financing activity in the consolidated statements of cash flows with no impact on total cash flows .', 'we estimate the impact of this change in classification will decrease operating cash flows ( and increase financing cash flows ) by approximately $ 15.5 million in 2005 , $ 3.7 million in 2004 , and $ 15.2 million in 2003 .', 'stock option expense after adopting sfas 123r is not expected to be materially different than our pro forma disclosure on page 69 and is dependent on levels of stock options granted during 2006 .', '3 .', 'acquisitions in january 2006 , our commercial segment reached an agreement to acquire cha service company , or cha health , a health plan serving employer groups in kentucky , for cash consideration of approximately $ 60.0 million plus any excess statutory surplus .', 'this transaction , which is subject to regulatory approval , is expected to close effective in the second quarter of 2006 .', 'on december 20 , 2005 , our commercial segment acquired corphealth , inc. , or corphealth , a behavioral health care management company , for cash consideration of approximately $ 54.2 million , including transaction costs .', 'this acquisition allows humana to integrate coverage of medical and behavior health benefits .', 'net tangible assets acquired of $ 6.0 million primarily consisted of cash and cash equivalents .', 'the purchase price exceeded the estimated fair value of the net tangible assets acquired by approximately $ 48.2 million .', 'we preliminarily allocated this excess purchase price to other intangible assets of $ 8.6 million and associated deferred tax liabilities of $ 3.2 million , and non-deductible goodwill of $ 42.8 million .', 'the other intangible assets , which consist primarily of customer contracts , have a weighted average useful life of 14.7 years .', 'the allocation is subject to change pending completion of the valuation by a third party valuation specialist firm assisting us in evaluating the fair value of the assets acquired .', 'on february 16 , 2005 , our government segment acquired careplus health plans of florida , or careplus , as well as its affiliated 10 medical centers and pharmacy company .', 'careplus provides medicare advantage hmo plans and benefits to medicare advantage members in miami-dade , broward and palm beach counties .', 'this acquisition enhances our medicare market position in south florida .', 'we paid approximately $ 444.9 million in cash , including transaction costs .', 'we financed the transaction with $ 294.0 million of borrowings under our credit agreement and $ 150.9 million of cash on hand .', 'the purchase price is subject to a balance sheet settlement process with a nine month claims run-out period .', 'this settlement , which will be reflected as an adjustment to goodwill , is not expected to be material .', 'the fair value of the acquired tangible assets ( assumed liabilities ) consisted of the following: .'] | ['.'] | ****************************************
• , ( in thousands )
• cash and cash equivalents, $ 92116
• premiums receivable and other current assets, 6510
• property and equipment and other assets, 21315
• medical and other expenses payable, -37375 ( 37375 )
• other current liabilities, -23359 ( 23359 )
• other liabilities, -5915 ( 5915 )
• net tangible assets acquired, $ 53292
**************************************** | add(6510, 92116), add(#0, 21315) | 119941.0 |
for the ecp and ais transactions , what portion of the total consideration was paid immediately in cash? | Background: ['abiomed , inc .', 'and subsidiaries notes to consolidated financial statements 2014 ( continued ) note 3 .', 'acquisitions ( continued ) including the revenues of third-party licensees , or ( ii ) the company 2019s sale of ( a ) ecp , ( b ) all or substantially all of ecp 2019s assets , or ( c ) certain of ecp 2019s patent rights , the company will pay to syscore the lesser of ( x ) one-half of the profits earned from such sale described in the foregoing item ( ii ) , after accounting for the costs of acquiring and operating ecp , or ( y ) $ 15.0 million ( less any previous milestone payment ) .', 'ecp 2019s acquisition of ais gmbh aachen innovative solutions in connection with the company 2019s acquisition of ecp , ecp acquired all of the share capital of ais gmbh aachen innovative solutions ( 201cais 201d ) , a limited liability company incorporated in germany , pursuant to a share purchase agreement dated as of june 30 , 2014 , by and among ecp and ais 2019s four individual shareholders .', 'ais , based in aachen , germany , holds certain intellectual property useful to ecp 2019s business , and , prior to being acquired by ecp , had licensed such intellectual property to ecp .', 'the purchase price for the acquisition of ais 2019s share capital was approximately $ 2.8 million in cash , which was provided by the company , and the acquisition closed immediately prior to abiomed europe 2019s acquisition of ecp .', 'the share purchase agreement contains representations , warranties and closing conditions customary for transactions of its size and nature .', 'purchase price allocation the acquisition of ecp and ais was accounted for as a business combination .', 'the purchase price for the acquisition has been allocated to the assets acquired and liabilities assumed based on their estimated fair values .', 'the acquisition-date fair value of the consideration transferred is as follows : acquisition date fair value ( in thousands ) .']
Table:
----------------------------------------
| total acquisition date fair value ( in thousands )
----------|----------
cash consideration | $ 15750
contingent consideration | 6000
total consideration transferred | $ 21750
----------------------------------------
Follow-up: ['.'] | 0.72414 | ABMD/2015/page_86.pdf-1 | ['abiomed , inc .', 'and subsidiaries notes to consolidated financial statements 2014 ( continued ) note 3 .', 'acquisitions ( continued ) including the revenues of third-party licensees , or ( ii ) the company 2019s sale of ( a ) ecp , ( b ) all or substantially all of ecp 2019s assets , or ( c ) certain of ecp 2019s patent rights , the company will pay to syscore the lesser of ( x ) one-half of the profits earned from such sale described in the foregoing item ( ii ) , after accounting for the costs of acquiring and operating ecp , or ( y ) $ 15.0 million ( less any previous milestone payment ) .', 'ecp 2019s acquisition of ais gmbh aachen innovative solutions in connection with the company 2019s acquisition of ecp , ecp acquired all of the share capital of ais gmbh aachen innovative solutions ( 201cais 201d ) , a limited liability company incorporated in germany , pursuant to a share purchase agreement dated as of june 30 , 2014 , by and among ecp and ais 2019s four individual shareholders .', 'ais , based in aachen , germany , holds certain intellectual property useful to ecp 2019s business , and , prior to being acquired by ecp , had licensed such intellectual property to ecp .', 'the purchase price for the acquisition of ais 2019s share capital was approximately $ 2.8 million in cash , which was provided by the company , and the acquisition closed immediately prior to abiomed europe 2019s acquisition of ecp .', 'the share purchase agreement contains representations , warranties and closing conditions customary for transactions of its size and nature .', 'purchase price allocation the acquisition of ecp and ais was accounted for as a business combination .', 'the purchase price for the acquisition has been allocated to the assets acquired and liabilities assumed based on their estimated fair values .', 'the acquisition-date fair value of the consideration transferred is as follows : acquisition date fair value ( in thousands ) .'] | ['.'] | ----------------------------------------
| total acquisition date fair value ( in thousands )
----------|----------
cash consideration | $ 15750
contingent consideration | 6000
total consideration transferred | $ 21750
---------------------------------------- | divide(15750, 21750) | 0.72414 |
what was the ratio of the 10% ( 10 % ) increase/ ( decrease ) in interest rates to the in fair market value as of december 312012 | Context: ['item 7a .', 'quantitative and qualitative disclosures about market risk ( amounts in millions ) in the normal course of business , we are exposed to market risks related to interest rates , foreign currency rates and certain balance sheet items .', 'from time to time , we use derivative instruments , pursuant to established guidelines and policies , to manage some portion of these risks .', 'derivative instruments utilized in our hedging activities are viewed as risk management tools and are not used for trading or speculative purposes .', 'interest rates our exposure to market risk for changes in interest rates relates primarily to the fair market value and cash flows of our debt obligations .', 'the majority of our debt ( approximately 93% ( 93 % ) and 91% ( 91 % ) as of december 31 , 2012 and 2011 , respectively ) bears interest at fixed rates .', 'we do have debt with variable interest rates , but a 10% ( 10 % ) increase or decrease in interest rates would not be material to our interest expense or cash flows .', 'the fair market value of our debt is sensitive to changes in interest rates , and the impact of a 10% ( 10 % ) change in interest rates is summarized below .', 'increase/ ( decrease ) in fair market value as of december 31 , 10% ( 10 % ) increase in interest rates 10% ( 10 % ) decrease in interest rates .']
--------
Tabular Data:
****************************************
Row 1: as of december 31,, increase/ ( decrease ) in fair market value 10% ( 10 % ) increasein interest rates, increase/ ( decrease ) in fair market value 10% ( 10 % ) decreasein interest rates
Row 2: 2012, $ -27.5 ( 27.5 ), $ 28.4
Row 3: 2011, -7.4 ( 7.4 ), 7.7
****************************************
--------
Additional Information: ['we have used interest rate swaps for risk management purposes to manage our exposure to changes in interest rates .', 'during 2012 , we entered into and exited forward-starting interest rate swap agreements to effectively lock in the benchmark rate related to our 3.75% ( 3.75 % ) senior notes due 2023 , which we issued in november 2012 .', 'we do not have any interest rate swaps outstanding as of december 31 , 2012 .', 'we had $ 2590.8 of cash , cash equivalents and marketable securities as of december 31 , 2012 that we generally invest in conservative , short-term investment-grade securities .', 'the interest income generated from these investments is subject to both domestic and foreign interest rate movements .', 'during 2012 and 2011 , we had interest income of $ 29.5 and $ 37.8 , respectively .', 'based on our 2012 results , a 100 basis point increase or decrease in interest rates would affect our interest income by approximately $ 26.0 , assuming that all cash , cash equivalents and marketable securities are impacted in the same manner and balances remain constant from year-end 2012 levels .', 'foreign currency rates we are subject to translation and transaction risks related to changes in foreign currency exchange rates .', 'since we report revenues and expenses in u.s .', 'dollars , changes in exchange rates may either positively or negatively affect our consolidated revenues and expenses ( as expressed in u.s .', 'dollars ) from foreign operations .', 'the primary foreign currencies that impacted our results during 2012 were the brazilian real , euro , indian rupee and the south african rand .', 'based on 2012 exchange rates and operating results , if the u.s .', 'dollar were to strengthen or weaken by 10% ( 10 % ) , we currently estimate operating income would decrease or increase between 3% ( 3 % ) and 5% ( 5 % ) , assuming that all currencies are impacted in the same manner and our international revenue and expenses remain constant at 2012 levels .', 'the functional currency of our foreign operations is generally their respective local currency .', 'assets and liabilities are translated at the exchange rates in effect at the balance sheet date , and revenues and expenses are translated at the average exchange rates during the period presented .', 'the resulting translation adjustments are recorded as a component of accumulated other comprehensive loss , net of tax , in the stockholders 2019 equity section of our consolidated balance sheets .', 'our foreign subsidiaries generally collect revenues and pay expenses in their functional currency , mitigating transaction risk .', 'however , certain subsidiaries may enter into transactions in currencies other than their functional currency .', 'assets and liabilities denominated in currencies other than the functional currency are susceptible to movements in foreign currency until final settlement .', 'currency transaction gains or losses primarily arising from transactions in currencies other than the functional currency are included in office and general expenses .', 'we have not entered into a material amount of foreign currency forward exchange contracts or other derivative financial instruments to hedge the effects of potential adverse fluctuations in foreign currency exchange rates. .'] | -1.03273 | IPG/2012/page_44.pdf-1 | ['item 7a .', 'quantitative and qualitative disclosures about market risk ( amounts in millions ) in the normal course of business , we are exposed to market risks related to interest rates , foreign currency rates and certain balance sheet items .', 'from time to time , we use derivative instruments , pursuant to established guidelines and policies , to manage some portion of these risks .', 'derivative instruments utilized in our hedging activities are viewed as risk management tools and are not used for trading or speculative purposes .', 'interest rates our exposure to market risk for changes in interest rates relates primarily to the fair market value and cash flows of our debt obligations .', 'the majority of our debt ( approximately 93% ( 93 % ) and 91% ( 91 % ) as of december 31 , 2012 and 2011 , respectively ) bears interest at fixed rates .', 'we do have debt with variable interest rates , but a 10% ( 10 % ) increase or decrease in interest rates would not be material to our interest expense or cash flows .', 'the fair market value of our debt is sensitive to changes in interest rates , and the impact of a 10% ( 10 % ) change in interest rates is summarized below .', 'increase/ ( decrease ) in fair market value as of december 31 , 10% ( 10 % ) increase in interest rates 10% ( 10 % ) decrease in interest rates .'] | ['we have used interest rate swaps for risk management purposes to manage our exposure to changes in interest rates .', 'during 2012 , we entered into and exited forward-starting interest rate swap agreements to effectively lock in the benchmark rate related to our 3.75% ( 3.75 % ) senior notes due 2023 , which we issued in november 2012 .', 'we do not have any interest rate swaps outstanding as of december 31 , 2012 .', 'we had $ 2590.8 of cash , cash equivalents and marketable securities as of december 31 , 2012 that we generally invest in conservative , short-term investment-grade securities .', 'the interest income generated from these investments is subject to both domestic and foreign interest rate movements .', 'during 2012 and 2011 , we had interest income of $ 29.5 and $ 37.8 , respectively .', 'based on our 2012 results , a 100 basis point increase or decrease in interest rates would affect our interest income by approximately $ 26.0 , assuming that all cash , cash equivalents and marketable securities are impacted in the same manner and balances remain constant from year-end 2012 levels .', 'foreign currency rates we are subject to translation and transaction risks related to changes in foreign currency exchange rates .', 'since we report revenues and expenses in u.s .', 'dollars , changes in exchange rates may either positively or negatively affect our consolidated revenues and expenses ( as expressed in u.s .', 'dollars ) from foreign operations .', 'the primary foreign currencies that impacted our results during 2012 were the brazilian real , euro , indian rupee and the south african rand .', 'based on 2012 exchange rates and operating results , if the u.s .', 'dollar were to strengthen or weaken by 10% ( 10 % ) , we currently estimate operating income would decrease or increase between 3% ( 3 % ) and 5% ( 5 % ) , assuming that all currencies are impacted in the same manner and our international revenue and expenses remain constant at 2012 levels .', 'the functional currency of our foreign operations is generally their respective local currency .', 'assets and liabilities are translated at the exchange rates in effect at the balance sheet date , and revenues and expenses are translated at the average exchange rates during the period presented .', 'the resulting translation adjustments are recorded as a component of accumulated other comprehensive loss , net of tax , in the stockholders 2019 equity section of our consolidated balance sheets .', 'our foreign subsidiaries generally collect revenues and pay expenses in their functional currency , mitigating transaction risk .', 'however , certain subsidiaries may enter into transactions in currencies other than their functional currency .', 'assets and liabilities denominated in currencies other than the functional currency are susceptible to movements in foreign currency until final settlement .', 'currency transaction gains or losses primarily arising from transactions in currencies other than the functional currency are included in office and general expenses .', 'we have not entered into a material amount of foreign currency forward exchange contracts or other derivative financial instruments to hedge the effects of potential adverse fluctuations in foreign currency exchange rates. .'] | ****************************************
Row 1: as of december 31,, increase/ ( decrease ) in fair market value 10% ( 10 % ) increasein interest rates, increase/ ( decrease ) in fair market value 10% ( 10 % ) decreasein interest rates
Row 2: 2012, $ -27.5 ( 27.5 ), $ 28.4
Row 3: 2011, -7.4 ( 7.4 ), 7.7
**************************************** | divide(28.4, -27.5) | -1.03273 |
what are the total pre-tax catastrophe losses for the company in the last three years?\\n | Background: ['item 1a .', 'risk factors in addition to the other information provided in this report , the following risk factors should be considered when evaluating an investment in our securities .', 'if the circumstances contemplated by the individual risk factors materialize , our business , financial condition and results of operations could be materially and adversely affected and the trading price of our common shares could decline significantly .', 'risks relating to our business fluctuations in the financial markets could result in investment losses .', 'prolonged and severe disruptions in the overall public debt and equity markets , such as occurred during 2008 , could result in significant realized and unrealized losses in our investment portfolio .', 'although financial markets have significantly improved since 2008 , they could deteriorate in the future .', 'there could also be disruption in individual market sectors , such as occurred in the energy sector in recent years .', 'such declines in the financial markets could result in significant realized and unrealized losses on investments and could have a material adverse impact on our results of operations , equity , business and insurer financial strength and debt ratings .', 'our results could be adversely affected by catastrophic events .', 'we are exposed to unpredictable catastrophic events , including weather-related and other natural catastrophes , as well as acts of terrorism .', 'any material reduction in our operating results caused by the occurrence of one or more catastrophes could inhibit our ability to pay dividends or to meet our interest and principal payment obligations .', 'by way of illustration , during the past five calendar years , pre-tax catastrophe losses , net of reinsurance , were as follows: .']
Data Table:
****************************************
calendar year: pre-tax catastrophe losses
( dollars in millions )
2017 $ 1472.6
2016 301.2
2015 53.8
2014 56.3
2013 194.0
****************************************
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 underwriting tool .', 'we use these loss projections to estimate our potential catastrophe losses in certain geographic areas and decide on the placement 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 , resulting in a material adverse effect on our financial condition and results of operations. .'] | 1827.6 | RE/2017/page_41.pdf-2 | ['item 1a .', 'risk factors in addition to the other information provided in this report , the following risk factors should be considered when evaluating an investment in our securities .', 'if the circumstances contemplated by the individual risk factors materialize , our business , financial condition and results of operations could be materially and adversely affected and the trading price of our common shares could decline significantly .', 'risks relating to our business fluctuations in the financial markets could result in investment losses .', 'prolonged and severe disruptions in the overall public debt and equity markets , such as occurred during 2008 , could result in significant realized and unrealized losses in our investment portfolio .', 'although financial markets have significantly improved since 2008 , they could deteriorate in the future .', 'there could also be disruption in individual market sectors , such as occurred in the energy sector in recent years .', 'such declines in the financial markets could result in significant realized and unrealized losses on investments and could have a material adverse impact on our results of operations , equity , business and insurer financial strength and debt ratings .', 'our results could be adversely affected by catastrophic events .', 'we are exposed to unpredictable catastrophic events , including weather-related and other natural catastrophes , as well as acts of terrorism .', 'any material reduction in our operating results caused by the occurrence of one or more catastrophes could inhibit our ability to pay dividends or to meet our interest and principal payment obligations .', 'by way of illustration , during the past five calendar years , pre-tax catastrophe losses , net of reinsurance , 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 underwriting tool .', 'we use these loss projections to estimate our potential catastrophe losses in certain geographic areas and decide on the placement 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 , resulting in a material adverse effect on our financial condition and results of operations. .'] | ****************************************
calendar year: pre-tax catastrophe losses
( dollars in millions )
2017 $ 1472.6
2016 301.2
2015 53.8
2014 56.3
2013 194.0
**************************************** | add(1472.6, 301.2), add(#0, 53.8) | 1827.6 |
in 2011 what was the percent of the change in the account balance at end of year | Background: ['sl green realty corp .', '2011 annual reportnotes to consolidated financial statements plan were granted to certain employees , including our executives and vesting will occur annually upon the completion of a service period or our meeting established financial performance criteria .', 'annual vesting occurs at rates ranging from 15% ( 15 % ) to 35% ( 35 % ) once per- formance criteria are reached .', 'a summary of our restricted stock as of december a031 , 2011 , 2010 and 2009 and charges during the years then ended are presented below: .']
Tabular Data:
========================================
| 2011 | 2010 | 2009
balance at beginning of year | 2728290 | 2330532 | 1824190
granted | 185333 | 400925 | 506342
cancelled | -1167 ( 1167 ) | -3167 ( 3167 ) | 2014
balance at end of year | 2912456 | 2728290 | 2330532
vested during the year | 66299 | 153644 | 420050
compensation expense recorded | $ 17365401 | $ 15327206 | $ 23301744
weighted average fair value of restricted stock granted during the year | $ 21768084 | $ 28269983 | $ 4979218
========================================
Follow-up: ['compensation expense recorded $ 17365401 $ 15327206 $ 23301744 weighted average fair value of restricted stock granted during the year $ 21768084 $ 28269983 $ 4979218 the fair value of restricted stock that vested during the years ended december a031 , 2011 , 2010 and 2009 was $ 4.3 a0million , $ 16.6 a0million and $ 28.0 a0million , respectively .', 'as of december a031 , 2011 , there was $ 14.7 a0million of total unrecognized compensation cost related to unvested restricted stock , which is expected to be recognized over a weighted-average period of two years .', 'for the years ended december a031 , 2011 , 2010 and 2009 , approximately $ 3.4 a0million , $ 2.2 a0million and $ 1.7 a0million , respec- tively , was capitalized to assets associated with compensation expense related to our long- term compensation plans , restricted stock and stock options .', 'we granted ltip units which had a fair value of $ 8.5 a0million as part of the 2011 performance stock bonus award .', 'the grant date fair value of the ltip unit awards was calculated in accordance with asc 718 .', 'a third party consultant determined the fair value of the ltip units to have a discount from our unrestricted common stock price .', 'the discount was calculated by considering the inherent uncertainty that the ltip units will reach parity with other common partnership units and the illiquidity due to transfer restrictions .', '2003 long- term outperformance compensation program our board of directors adopted a long- term , seven- year compen- sation program for certain members of senior management .', 'the a0program provided for restricted stock awards to be made to plan participants if the holders of our common equity achieved a total return in excess of 40% ( 40 % ) over a 48-month period commenc- ing april a01 , 2003 .', 'in april 2007 , the compensation committee determined that under the terms of the 2003 outperformance plan , as of march a031 , 2007 , the performance hurdles had been met and the maximum performance pool of $ 22825000 , taking into account forfeitures , was established .', 'in connection with this event , approximately 166312 shares of restricted stock ( as adjusted for forfeitures ) were allocated under the 2005 plan .', 'in accordance with the terms of the program , 40% ( 40 % ) of each award vested on march a031 , 2007 and the remainder vested ratably over the subsequent three years based on continued employment .', 'the fair value of the awards under this program on the date of grant was determined to be $ 3.2 a0million .', 'this fair value is expensed over the term of the restricted stock award .', 'forty percent of the value of the award was amortized over four years from the date of grant and the balance was amortized , in equal parts , over five , six and seven years ( i.e. , 20% ( 20 % ) of the total value was amortized over five years ( 20% ( 20 % ) per year ) , 20% ( 20 % ) of the total value was amortized over six years ( 16.67% ( 16.67 % ) per year ) and 20% ( 20 % ) of the total value was amortized over seven years ( 14.29% ( 14.29 % ) per year ) .', 'we recorded compensation expense of $ 23000 and $ 0.1 a0million related to this plan during the years ended december a031 , 2010 and 2009 , respectively .', 'the cost of the 2003 outperformance plan had been fully expensed as of march a031 , 2010 .', '2005 long- term outperformance compensation program in december 2005 , the compensation committee of our board of directors approved a long- term incentive compensation program , the 2005 outperformance plan .', 'participants in the 2005 outperformance plan were entitled to earn ltip units in our operating partnership if our total return to stockholders for the three- year period beginning december a01 , 2005 exceeded a cumulative total return to stockholders of 30% ( 30 % ) ; provided that par- ticipants were entitled to earn ltip units earlier in the event that we achieved maximum performance for 30 consecutive days .', 'the total number of ltip units that could be earned was to be a number having an assumed value equal to 10% ( 10 % ) of the outperformance amount in excess of the 30% ( 30 % ) benchmark , subject to a maximum dilution cap equal to the lesser of 3% ( 3 % ) of our outstanding shares and units of limited partnership interest as of december a01 , 2005 or $ 50.0 a0million .', 'on june a014 , 2006 , the compensation committee determined that under the terms of the a02005 outperformance plan , as of june a08 , 2006 , the performance period had accelerated and the maximum performance pool of $ 49250000 , taking into account forfeitures , had been earned .', 'under the terms of the 2005 outperformance plan , participants also earned additional ltip units with a value equal to the distributions that would have been paid with respect to the ltip units earned if such ltip units had been earned at the beginning of the performance period .', 'the total number of ltip units earned under the 2005 outperformance plan by all participants as of june a08 , 2006 was 490475 .', 'under the terms of the 2005 outperformance plan , all ltip units that were earned remained subject to time- based vesting , with one- third of the ltip units earned vested on each of november a030 , 2008 and the first two anniversaries thereafter based on continued employment .', 'the earned ltip units received regular quarterly distributions on a per unit basis equal to the dividends per share paid on our common stock , whether or not they were vested .', 'the cost of the 2005 outperformance plan ( approximately $ 8.0 a0million , subject to adjustment for forfeitures ) was amortized into earnings through the final vesting period .', 'we recorded approximately $ 1.6 a0million and $ 2.3 a0million of compensation expense during the years ended december a031 , 2010 and 2009 , respectively , in connection with the 2005 outperformance plan .', 'the cost of the 2005 outperformance plan had been fully expensed as of june a030 , 2010 .', '2006 long- term outperformance compensation program on august a014 , 2006 , the compensation committee of our board of directors approved a long- term incentive compensation program , a0the 2006 outperformance plan .', 'the performance criteria under the 2006 outperformance plan were not met and , accordingly , no ltip units were earned under the 2006 outperformance plan .', 'the cost of the 2006 outperformance plan ( approximately $ 16.4 a0million , subject to adjustment for forfeitures ) was amortized into earnings through july a031 , 2011 .', 'we recorded approximately $ 70000 , $ 0.2 a0million and $ 0.4 a0million of compensation expense during the years ended december a031 , 2011 , 2010 and 2009 , respectively , in connection with the 2006 outperformance plan. .'] | 0.93677 | SLG/2011/page_91.pdf-6 | ['sl green realty corp .', '2011 annual reportnotes to consolidated financial statements plan were granted to certain employees , including our executives and vesting will occur annually upon the completion of a service period or our meeting established financial performance criteria .', 'annual vesting occurs at rates ranging from 15% ( 15 % ) to 35% ( 35 % ) once per- formance criteria are reached .', 'a summary of our restricted stock as of december a031 , 2011 , 2010 and 2009 and charges during the years then ended are presented below: .'] | ['compensation expense recorded $ 17365401 $ 15327206 $ 23301744 weighted average fair value of restricted stock granted during the year $ 21768084 $ 28269983 $ 4979218 the fair value of restricted stock that vested during the years ended december a031 , 2011 , 2010 and 2009 was $ 4.3 a0million , $ 16.6 a0million and $ 28.0 a0million , respectively .', 'as of december a031 , 2011 , there was $ 14.7 a0million of total unrecognized compensation cost related to unvested restricted stock , which is expected to be recognized over a weighted-average period of two years .', 'for the years ended december a031 , 2011 , 2010 and 2009 , approximately $ 3.4 a0million , $ 2.2 a0million and $ 1.7 a0million , respec- tively , was capitalized to assets associated with compensation expense related to our long- term compensation plans , restricted stock and stock options .', 'we granted ltip units which had a fair value of $ 8.5 a0million as part of the 2011 performance stock bonus award .', 'the grant date fair value of the ltip unit awards was calculated in accordance with asc 718 .', 'a third party consultant determined the fair value of the ltip units to have a discount from our unrestricted common stock price .', 'the discount was calculated by considering the inherent uncertainty that the ltip units will reach parity with other common partnership units and the illiquidity due to transfer restrictions .', '2003 long- term outperformance compensation program our board of directors adopted a long- term , seven- year compen- sation program for certain members of senior management .', 'the a0program provided for restricted stock awards to be made to plan participants if the holders of our common equity achieved a total return in excess of 40% ( 40 % ) over a 48-month period commenc- ing april a01 , 2003 .', 'in april 2007 , the compensation committee determined that under the terms of the 2003 outperformance plan , as of march a031 , 2007 , the performance hurdles had been met and the maximum performance pool of $ 22825000 , taking into account forfeitures , was established .', 'in connection with this event , approximately 166312 shares of restricted stock ( as adjusted for forfeitures ) were allocated under the 2005 plan .', 'in accordance with the terms of the program , 40% ( 40 % ) of each award vested on march a031 , 2007 and the remainder vested ratably over the subsequent three years based on continued employment .', 'the fair value of the awards under this program on the date of grant was determined to be $ 3.2 a0million .', 'this fair value is expensed over the term of the restricted stock award .', 'forty percent of the value of the award was amortized over four years from the date of grant and the balance was amortized , in equal parts , over five , six and seven years ( i.e. , 20% ( 20 % ) of the total value was amortized over five years ( 20% ( 20 % ) per year ) , 20% ( 20 % ) of the total value was amortized over six years ( 16.67% ( 16.67 % ) per year ) and 20% ( 20 % ) of the total value was amortized over seven years ( 14.29% ( 14.29 % ) per year ) .', 'we recorded compensation expense of $ 23000 and $ 0.1 a0million related to this plan during the years ended december a031 , 2010 and 2009 , respectively .', 'the cost of the 2003 outperformance plan had been fully expensed as of march a031 , 2010 .', '2005 long- term outperformance compensation program in december 2005 , the compensation committee of our board of directors approved a long- term incentive compensation program , the 2005 outperformance plan .', 'participants in the 2005 outperformance plan were entitled to earn ltip units in our operating partnership if our total return to stockholders for the three- year period beginning december a01 , 2005 exceeded a cumulative total return to stockholders of 30% ( 30 % ) ; provided that par- ticipants were entitled to earn ltip units earlier in the event that we achieved maximum performance for 30 consecutive days .', 'the total number of ltip units that could be earned was to be a number having an assumed value equal to 10% ( 10 % ) of the outperformance amount in excess of the 30% ( 30 % ) benchmark , subject to a maximum dilution cap equal to the lesser of 3% ( 3 % ) of our outstanding shares and units of limited partnership interest as of december a01 , 2005 or $ 50.0 a0million .', 'on june a014 , 2006 , the compensation committee determined that under the terms of the a02005 outperformance plan , as of june a08 , 2006 , the performance period had accelerated and the maximum performance pool of $ 49250000 , taking into account forfeitures , had been earned .', 'under the terms of the 2005 outperformance plan , participants also earned additional ltip units with a value equal to the distributions that would have been paid with respect to the ltip units earned if such ltip units had been earned at the beginning of the performance period .', 'the total number of ltip units earned under the 2005 outperformance plan by all participants as of june a08 , 2006 was 490475 .', 'under the terms of the 2005 outperformance plan , all ltip units that were earned remained subject to time- based vesting , with one- third of the ltip units earned vested on each of november a030 , 2008 and the first two anniversaries thereafter based on continued employment .', 'the earned ltip units received regular quarterly distributions on a per unit basis equal to the dividends per share paid on our common stock , whether or not they were vested .', 'the cost of the 2005 outperformance plan ( approximately $ 8.0 a0million , subject to adjustment for forfeitures ) was amortized into earnings through the final vesting period .', 'we recorded approximately $ 1.6 a0million and $ 2.3 a0million of compensation expense during the years ended december a031 , 2010 and 2009 , respectively , in connection with the 2005 outperformance plan .', 'the cost of the 2005 outperformance plan had been fully expensed as of june a030 , 2010 .', '2006 long- term outperformance compensation program on august a014 , 2006 , the compensation committee of our board of directors approved a long- term incentive compensation program , a0the 2006 outperformance plan .', 'the performance criteria under the 2006 outperformance plan were not met and , accordingly , no ltip units were earned under the 2006 outperformance plan .', 'the cost of the 2006 outperformance plan ( approximately $ 16.4 a0million , subject to adjustment for forfeitures ) was amortized into earnings through july a031 , 2011 .', 'we recorded approximately $ 70000 , $ 0.2 a0million and $ 0.4 a0million of compensation expense during the years ended december a031 , 2011 , 2010 and 2009 , respectively , in connection with the 2006 outperformance plan. .'] | ========================================
| 2011 | 2010 | 2009
balance at beginning of year | 2728290 | 2330532 | 1824190
granted | 185333 | 400925 | 506342
cancelled | -1167 ( 1167 ) | -3167 ( 3167 ) | 2014
balance at end of year | 2912456 | 2728290 | 2330532
vested during the year | 66299 | 153644 | 420050
compensation expense recorded | $ 17365401 | $ 15327206 | $ 23301744
weighted average fair value of restricted stock granted during the year | $ 21768084 | $ 28269983 | $ 4979218
======================================== | divide(2728290, 2912456) | 0.93677 |
what was the percent decrease of redeemable noncontrolling interests and call options with affiliates from 2021 to 2022? | Background: ['notes to consolidated financial statements 2013 ( continued ) ( amounts in millions , except per share amounts ) guarantees we have guaranteed certain obligations of our subsidiaries relating principally to operating leases and uncommitted lines of credit of certain subsidiaries .', 'as of december 31 , 2018 and 2017 , the amount of parent company guarantees on lease obligations was $ 824.5 and $ 829.2 , respectively , the amount of parent company guarantees primarily relating to uncommitted lines of credit was $ 349.1 and $ 308.8 , respectively , and the amount of parent company guarantees related to daylight overdrafts , primarily utilized to manage intra-day overdrafts due to timing of transactions under cash pooling arrangements without resulting in incremental borrowings , was $ 207.8 and $ 182.2 , respectively .', 'in the event of non-payment by the applicable subsidiary of the obligations covered by a guarantee , we would be obligated to pay the amounts covered by that guarantee .', 'as of december 31 , 2018 , there were no material assets pledged as security for such parent company guarantees .', 'contingent acquisition obligations the following table details the estimated future contingent acquisition obligations payable in cash as of december 31 .']
----
Tabular Data:
| 2019 | 2020 | 2021 | 2022 | 2023 | thereafter | total
deferred acquisition payments | $ 65.7 | $ 20.0 | $ 23.6 | $ 4.7 | $ 10.2 | $ 2.7 | $ 126.9
redeemable noncontrolling interests and call options with affiliates1 | 30.1 | 30.6 | 42.9 | 5.7 | 3.5 | 2.5 | 115.3
total contingent acquisition payments | $ 95.8 | $ 50.6 | $ 66.5 | $ 10.4 | $ 13.7 | $ 5.2 | $ 242.2
----
Post-table: ['1 we have entered into certain acquisitions that contain both redeemable noncontrolling interests and call options with similar terms and conditions .', 'the estimated amounts listed would be paid in the event of exercise at the earliest exercise date .', 'we have certain redeemable noncontrolling interests that are exercisable at the discretion of the noncontrolling equity owners as of december 31 , 2018 .', 'these estimated payments of $ 24.9 are included within the total payments expected to be made in 2019 , and will continue to be carried forward into 2020 or beyond until exercised or expired .', 'redeemable noncontrolling interests are included in the table at current exercise price payable in cash , not at applicable redemption value , in accordance with the authoritative guidance for classification and measurement of redeemable securities .', 'the majority of these payments are contingent upon achieving projected operating performance targets and satisfying other conditions specified in the related agreements and are subject to revision in accordance with the terms of the respective agreements .', 'see note 5 for further information relating to the payment structure of our acquisitions .', 'legal matters we are involved in various legal proceedings , and subject to investigations , inspections , audits , inquiries and similar actions by governmental authorities arising in the normal course of business .', 'the types of allegations that arise in connection with such legal proceedings vary in nature , but can include claims related to contract , employment , tax and intellectual property matters .', 'we evaluate all cases each reporting period and record liabilities for losses from legal proceedings when we determine that it is probable that the outcome in a legal proceeding will be unfavorable and the amount , or potential range , of loss can be reasonably estimated .', 'in certain cases , we cannot reasonably estimate the potential loss because , for example , the litigation is in its early stages .', 'while any outcome related to litigation or such governmental proceedings in which we are involved cannot be predicted with certainty , management believes that the outcome of these matters , individually and in the aggregate , will not have a material adverse effect on our financial condition , results of operations or cash flows .', 'as previously disclosed , on april 10 , 2015 , a federal judge in brazil authorized the search of the records of an agency 2019s offices in s e3o paulo and brasilia , in connection with an ongoing investigation by brazilian authorities involving payments potentially connected to local government contracts .', 'the company had previously investigated the matter and taken a number of remedial and disciplinary actions .', 'the company has been in the process of concluding a settlement related to these matters with government agencies , and that settlement was fully executed in april 2018 .', 'the company has previously provided for such settlement in its consolidated financial statements. .'] | 86.71329 | IPG/2018/page_104.pdf-3 | ['notes to consolidated financial statements 2013 ( continued ) ( amounts in millions , except per share amounts ) guarantees we have guaranteed certain obligations of our subsidiaries relating principally to operating leases and uncommitted lines of credit of certain subsidiaries .', 'as of december 31 , 2018 and 2017 , the amount of parent company guarantees on lease obligations was $ 824.5 and $ 829.2 , respectively , the amount of parent company guarantees primarily relating to uncommitted lines of credit was $ 349.1 and $ 308.8 , respectively , and the amount of parent company guarantees related to daylight overdrafts , primarily utilized to manage intra-day overdrafts due to timing of transactions under cash pooling arrangements without resulting in incremental borrowings , was $ 207.8 and $ 182.2 , respectively .', 'in the event of non-payment by the applicable subsidiary of the obligations covered by a guarantee , we would be obligated to pay the amounts covered by that guarantee .', 'as of december 31 , 2018 , there were no material assets pledged as security for such parent company guarantees .', 'contingent acquisition obligations the following table details the estimated future contingent acquisition obligations payable in cash as of december 31 .'] | ['1 we have entered into certain acquisitions that contain both redeemable noncontrolling interests and call options with similar terms and conditions .', 'the estimated amounts listed would be paid in the event of exercise at the earliest exercise date .', 'we have certain redeemable noncontrolling interests that are exercisable at the discretion of the noncontrolling equity owners as of december 31 , 2018 .', 'these estimated payments of $ 24.9 are included within the total payments expected to be made in 2019 , and will continue to be carried forward into 2020 or beyond until exercised or expired .', 'redeemable noncontrolling interests are included in the table at current exercise price payable in cash , not at applicable redemption value , in accordance with the authoritative guidance for classification and measurement of redeemable securities .', 'the majority of these payments are contingent upon achieving projected operating performance targets and satisfying other conditions specified in the related agreements and are subject to revision in accordance with the terms of the respective agreements .', 'see note 5 for further information relating to the payment structure of our acquisitions .', 'legal matters we are involved in various legal proceedings , and subject to investigations , inspections , audits , inquiries and similar actions by governmental authorities arising in the normal course of business .', 'the types of allegations that arise in connection with such legal proceedings vary in nature , but can include claims related to contract , employment , tax and intellectual property matters .', 'we evaluate all cases each reporting period and record liabilities for losses from legal proceedings when we determine that it is probable that the outcome in a legal proceeding will be unfavorable and the amount , or potential range , of loss can be reasonably estimated .', 'in certain cases , we cannot reasonably estimate the potential loss because , for example , the litigation is in its early stages .', 'while any outcome related to litigation or such governmental proceedings in which we are involved cannot be predicted with certainty , management believes that the outcome of these matters , individually and in the aggregate , will not have a material adverse effect on our financial condition , results of operations or cash flows .', 'as previously disclosed , on april 10 , 2015 , a federal judge in brazil authorized the search of the records of an agency 2019s offices in s e3o paulo and brasilia , in connection with an ongoing investigation by brazilian authorities involving payments potentially connected to local government contracts .', 'the company had previously investigated the matter and taken a number of remedial and disciplinary actions .', 'the company has been in the process of concluding a settlement related to these matters with government agencies , and that settlement was fully executed in april 2018 .', 'the company has previously provided for such settlement in its consolidated financial statements. .'] | | 2019 | 2020 | 2021 | 2022 | 2023 | thereafter | total
deferred acquisition payments | $ 65.7 | $ 20.0 | $ 23.6 | $ 4.7 | $ 10.2 | $ 2.7 | $ 126.9
redeemable noncontrolling interests and call options with affiliates1 | 30.1 | 30.6 | 42.9 | 5.7 | 3.5 | 2.5 | 115.3
total contingent acquisition payments | $ 95.8 | $ 50.6 | $ 66.5 | $ 10.4 | $ 13.7 | $ 5.2 | $ 242.2 | subtract(42.9, 5.7), divide(#0, 42.9), multiply(#1, const_100) | 86.71329 |
assuming there would not have been a sale of the 583 mw rhode island state energy center in 2015 . what would have net revenue be without this gain on sale? | Pre-text: ['entergy corporation and subsidiaries management 2019s financial discussion and analysis a result of the entergy louisiana and entergy gulf states louisiana business combination , results of operations for 2015 also include two items that occurred in october 2015 : 1 ) a deferred tax asset and resulting net increase in tax basis of approximately $ 334 million and 2 ) a regulatory liability of $ 107 million ( $ 66 million net-of-tax ) as a result of customer credits to be realized by electric customers of entergy louisiana , consistent with the terms of the stipulated settlement in the business combination proceeding .', 'see note 2 to the financial statements for further discussion of the business combination and customer credits .', 'results of operations for 2015 also include the sale in december 2015 of the 583 mw rhode island state energy center for a realized gain of $ 154 million ( $ 100 million net-of-tax ) on the sale and the $ 77 million ( $ 47 million net-of-tax ) write-off and regulatory charges to recognize that a portion of the assets associated with the waterford 3 replacement steam generator project is no longer probable of recovery .', 'see note 14 to the financial statements for further discussion of the rhode island state energy center sale .', 'see note 2 to the financial statements for further discussion of the waterford 3 write-off .', 'results of operations for 2014 include $ 154 million ( $ 100 million net-of-tax ) of charges related to vermont yankee primarily resulting from the effects of an updated decommissioning cost study completed in the third quarter 2014 along with reassessment of the assumptions regarding the timing of decommissioning cash flows and severance and employee retention costs .', 'see note 14 to the financial statements for further discussion of the charges .', 'results of operations for 2014 also include the $ 56.2 million ( $ 36.7 million net-of-tax ) write-off in 2014 of entergy mississippi 2019s regulatory asset associated with new nuclear generation development costs as a result of a joint stipulation entered into with the mississippi public utilities staff , subsequently approved by the mpsc , in which entergy mississippi agreed not to pursue recovery of the costs deferred by an mpsc order in the new nuclear generation docket .', 'see note 2 to the financial statements for further discussion of the new nuclear generation development costs and the joint stipulation .', 'net revenue utility following is an analysis of the change in net revenue comparing 2015 to 2014 .', 'amount ( in millions ) .']
##
Table:
----------------------------------------
amount ( in millions )
2014 net revenue $ 5735
retail electric price 187
volume/weather 95
waterford 3 replacement steam generator provision -32 ( 32 )
miso deferral -35 ( 35 )
louisiana business combination customer credits -107 ( 107 )
other -14 ( 14 )
2015 net revenue $ 5829
----------------------------------------
##
Post-table: ['the retail electric price variance is primarily due to : 2022 formula rate plan increases at entergy louisiana , as approved by the lpsc , effective december 2014 and january 2015 ; 2022 an increase in energy efficiency rider revenue primarily due to increases in the energy efficiency rider at entergy arkansas , as approved by the apsc , effective july 2015 and july 2014 , and new energy efficiency riders at entergy louisiana and entergy mississippi that began in the fourth quarter 2014 ; and 2022 an annual net rate increase at entergy mississippi of $ 16 million , effective february 2015 , as a result of the mpsc order in the june 2014 rate case .', 'see note 2 to the financial statements for a discussion of rate and regulatory proceedings. .'] | 5729.0 | ETR/2016/page_23.pdf-4 | ['entergy corporation and subsidiaries management 2019s financial discussion and analysis a result of the entergy louisiana and entergy gulf states louisiana business combination , results of operations for 2015 also include two items that occurred in october 2015 : 1 ) a deferred tax asset and resulting net increase in tax basis of approximately $ 334 million and 2 ) a regulatory liability of $ 107 million ( $ 66 million net-of-tax ) as a result of customer credits to be realized by electric customers of entergy louisiana , consistent with the terms of the stipulated settlement in the business combination proceeding .', 'see note 2 to the financial statements for further discussion of the business combination and customer credits .', 'results of operations for 2015 also include the sale in december 2015 of the 583 mw rhode island state energy center for a realized gain of $ 154 million ( $ 100 million net-of-tax ) on the sale and the $ 77 million ( $ 47 million net-of-tax ) write-off and regulatory charges to recognize that a portion of the assets associated with the waterford 3 replacement steam generator project is no longer probable of recovery .', 'see note 14 to the financial statements for further discussion of the rhode island state energy center sale .', 'see note 2 to the financial statements for further discussion of the waterford 3 write-off .', 'results of operations for 2014 include $ 154 million ( $ 100 million net-of-tax ) of charges related to vermont yankee primarily resulting from the effects of an updated decommissioning cost study completed in the third quarter 2014 along with reassessment of the assumptions regarding the timing of decommissioning cash flows and severance and employee retention costs .', 'see note 14 to the financial statements for further discussion of the charges .', 'results of operations for 2014 also include the $ 56.2 million ( $ 36.7 million net-of-tax ) write-off in 2014 of entergy mississippi 2019s regulatory asset associated with new nuclear generation development costs as a result of a joint stipulation entered into with the mississippi public utilities staff , subsequently approved by the mpsc , in which entergy mississippi agreed not to pursue recovery of the costs deferred by an mpsc order in the new nuclear generation docket .', 'see note 2 to the financial statements for further discussion of the new nuclear generation development costs and the joint stipulation .', 'net revenue utility following is an analysis of the change in net revenue comparing 2015 to 2014 .', 'amount ( in millions ) .'] | ['the retail electric price variance is primarily due to : 2022 formula rate plan increases at entergy louisiana , as approved by the lpsc , effective december 2014 and january 2015 ; 2022 an increase in energy efficiency rider revenue primarily due to increases in the energy efficiency rider at entergy arkansas , as approved by the apsc , effective july 2015 and july 2014 , and new energy efficiency riders at entergy louisiana and entergy mississippi that began in the fourth quarter 2014 ; and 2022 an annual net rate increase at entergy mississippi of $ 16 million , effective february 2015 , as a result of the mpsc order in the june 2014 rate case .', 'see note 2 to the financial statements for a discussion of rate and regulatory proceedings. .'] | ----------------------------------------
amount ( in millions )
2014 net revenue $ 5735
retail electric price 187
volume/weather 95
waterford 3 replacement steam generator provision -32 ( 32 )
miso deferral -35 ( 35 )
louisiana business combination customer credits -107 ( 107 )
other -14 ( 14 )
2015 net revenue $ 5829
---------------------------------------- | subtract(5829, 100) | 5729.0 |
what portion of the authorized shares under the lti plan is issued as of december 31 , 2018? | Background: ['bhge 2018 form 10-k | 85 it is expected that the amount of unrecognized tax benefits will change in the next twelve months due to expiring statutes , audit activity , tax payments , and competent authority proceedings related to transfer pricing or final decisions in matters that are the subject of litigation in various taxing jurisdictions in which we operate .', 'at december 31 , 2018 , we had approximately $ 96 million of tax liabilities , net of $ 1 million of tax assets , related to uncertain tax positions , each of which are individually insignificant , and each of which are reasonably possible of being settled within the next twelve months .', 'we conduct business in more than 120 countries and are subject to income taxes in most taxing jurisdictions in which we operate .', 'all internal revenue service examinations have been completed and closed through year end 2015 for the most significant u.s .', 'returns .', 'we believe there are no other jurisdictions in which the outcome of unresolved issues or claims is likely to be material to our results of operations , financial position or cash flows .', 'we further believe that we have made adequate provision for all income tax uncertainties .', 'note 13 .', 'stock-based compensation in july 2017 , we adopted the bhge 2017 long-term incentive plan ( lti plan ) under which we may grant stock options and other equity-based awards to employees and non-employee directors providing services to the company and our subsidiaries .', 'a total of up to 57.4 million shares of class a common stock are authorized for issuance pursuant to awards granted under the lti plan over its term which expires on the date of the annual meeting of the company in 2027 .', 'a total of 46.2 million shares of class a common stock are available for issuance as of december 31 , 2018 .', 'stock-based compensation cost was $ 121 million and $ 37 million in 2018 and 2017 , respectively .', 'stock-based compensation cost is measured at the date of grant based on the calculated fair value of the award and is generally recognized on a straight-line basis over the vesting period of the equity grant .', 'the compensation cost is determined based on awards ultimately expected to vest ; therefore , we have reduced the cost for estimated forfeitures based on historical forfeiture rates .', 'forfeitures are estimated at the time of grant and revised , if necessary , in subsequent periods to reflect actual forfeitures .', 'there were no stock-based compensation costs capitalized as the amounts were not material .', 'stock options we may grant stock options to our officers , directors and key employees .', 'stock options generally vest in equal amounts over a three-year vesting period provided that the employee has remained continuously employed by the company through such vesting date .', 'the fair value of each stock option granted is estimated using the black- scholes option pricing model .', 'the following table presents the weighted average assumptions used in the option pricing model for options granted under the lti plan .', 'the expected life of the options represents the period of time the options are expected to be outstanding .', 'the expected life is based on a simple average of the vesting term and original contractual term of the awards .', 'the expected volatility is based on the historical volatility of our five main competitors over a six year period .', 'the risk-free interest rate is based on the observed u.s .', 'treasury yield curve in effect at the time the options were granted .', 'the dividend yield is based on a five year history of dividend payouts in baker hughes. .']
------
Data Table:
========================================
| 2018 | 2017
----------|----------|----------
expected life ( years ) | 6 | 6
risk-free interest rate | 2.5% ( 2.5 % ) | 2.1% ( 2.1 % )
volatility | 33.7% ( 33.7 % ) | 36.4% ( 36.4 % )
dividend yield | 2% ( 2 % ) | 1.2% ( 1.2 % )
weighted average fair value per share at grant date | $ 10.34 | $ 12.32
========================================
------
Additional Information: ['baker hughes , a ge company notes to consolidated and combined financial statements .'] | 0.19512 | BKR/2018/page_105.pdf-4 | ['bhge 2018 form 10-k | 85 it is expected that the amount of unrecognized tax benefits will change in the next twelve months due to expiring statutes , audit activity , tax payments , and competent authority proceedings related to transfer pricing or final decisions in matters that are the subject of litigation in various taxing jurisdictions in which we operate .', 'at december 31 , 2018 , we had approximately $ 96 million of tax liabilities , net of $ 1 million of tax assets , related to uncertain tax positions , each of which are individually insignificant , and each of which are reasonably possible of being settled within the next twelve months .', 'we conduct business in more than 120 countries and are subject to income taxes in most taxing jurisdictions in which we operate .', 'all internal revenue service examinations have been completed and closed through year end 2015 for the most significant u.s .', 'returns .', 'we believe there are no other jurisdictions in which the outcome of unresolved issues or claims is likely to be material to our results of operations , financial position or cash flows .', 'we further believe that we have made adequate provision for all income tax uncertainties .', 'note 13 .', 'stock-based compensation in july 2017 , we adopted the bhge 2017 long-term incentive plan ( lti plan ) under which we may grant stock options and other equity-based awards to employees and non-employee directors providing services to the company and our subsidiaries .', 'a total of up to 57.4 million shares of class a common stock are authorized for issuance pursuant to awards granted under the lti plan over its term which expires on the date of the annual meeting of the company in 2027 .', 'a total of 46.2 million shares of class a common stock are available for issuance as of december 31 , 2018 .', 'stock-based compensation cost was $ 121 million and $ 37 million in 2018 and 2017 , respectively .', 'stock-based compensation cost is measured at the date of grant based on the calculated fair value of the award and is generally recognized on a straight-line basis over the vesting period of the equity grant .', 'the compensation cost is determined based on awards ultimately expected to vest ; therefore , we have reduced the cost for estimated forfeitures based on historical forfeiture rates .', 'forfeitures are estimated at the time of grant and revised , if necessary , in subsequent periods to reflect actual forfeitures .', 'there were no stock-based compensation costs capitalized as the amounts were not material .', 'stock options we may grant stock options to our officers , directors and key employees .', 'stock options generally vest in equal amounts over a three-year vesting period provided that the employee has remained continuously employed by the company through such vesting date .', 'the fair value of each stock option granted is estimated using the black- scholes option pricing model .', 'the following table presents the weighted average assumptions used in the option pricing model for options granted under the lti plan .', 'the expected life of the options represents the period of time the options are expected to be outstanding .', 'the expected life is based on a simple average of the vesting term and original contractual term of the awards .', 'the expected volatility is based on the historical volatility of our five main competitors over a six year period .', 'the risk-free interest rate is based on the observed u.s .', 'treasury yield curve in effect at the time the options were granted .', 'the dividend yield is based on a five year history of dividend payouts in baker hughes. .'] | ['baker hughes , a ge company notes to consolidated and combined financial statements .'] | ========================================
| 2018 | 2017
----------|----------|----------
expected life ( years ) | 6 | 6
risk-free interest rate | 2.5% ( 2.5 % ) | 2.1% ( 2.1 % )
volatility | 33.7% ( 33.7 % ) | 36.4% ( 36.4 % )
dividend yield | 2% ( 2 % ) | 1.2% ( 1.2 % )
weighted average fair value per share at grant date | $ 10.34 | $ 12.32
======================================== | subtract(57.4, 46.2), divide(#0, 57.4) | 0.19512 |
in 2018 what was the percent of the long-term debt maturities as part of the total contractual obligations for future payments | Pre-text: ['the company will continue to rely upon debt and capital markets for the majority of any necessary long-term funding not provided by operating cash flows .', 'funding decisions will be guided by our capital structure planning objectives .', 'the primary goals of the company 2019s capital structure planning are to maximize financial flexibility and preserve liquidity while reducing interest expense .', 'the majority of international paper 2019s debt is accessed through global public capital markets where we have a wide base of investors .', 'maintaining an investment grade credit rating is an important element of international paper 2019s financing strategy .', 'at december 31 , 2015 , the company held long-term credit ratings of bbb ( stable outlook ) and baa2 ( stable outlook ) by s&p and moody 2019s , respectively .', 'contractual obligations for future payments under existing debt and lease commitments and purchase obligations at december 31 , 2015 , were as follows: .']
--
Data Table:
----------------------------------------
in millions, 2015, 2016, 2017, 2018, 2019, thereafter
maturities of long-term debt ( a ), $ 426, $ 43, $ 811, $ 427, $ 183, $ 7436
lease obligations, 118, 95, 72, 55, 41, 128
purchase obligations ( b ), 3001, 541, 447, 371, 358, 1579
total ( c ), $ 3545, $ 679, $ 1330, $ 853, $ 582, $ 9143
----------------------------------------
--
Additional Information: ['( a ) total debt includes scheduled principal payments only .', '( b ) includes $ 2.1 billion relating to fiber supply agreements entered into at the time of the 2006 transformation plan forestland sales and in conjunction with the 2008 acquisition of weyerhaeuser company 2019s containerboard , packaging and recycling business .', '( c ) not included in the above table due to the uncertainty as to the amount and timing of the payment are unrecognized tax benefits of approximately $ 101 million .', 'we consider the undistributed earnings of our foreign subsidiaries as of december 31 , 2015 , to be indefinitely reinvested and , accordingly , no u.s .', 'income taxes have been provided thereon .', 'as of december 31 , 2015 , the amount of cash associated with indefinitely reinvested foreign earnings was approximately $ 600 million .', 'we do not anticipate the need to repatriate funds to the united states to satisfy domestic liquidity needs arising in the ordinary course of business , including liquidity needs associated with our domestic debt service requirements .', 'pension obligations and funding at december 31 , 2015 , the projected benefit obligation for the company 2019s u.s .', 'defined benefit plans determined under u.s .', 'gaap was approximately $ 3.5 billion higher than the fair value of plan assets .', 'approximately $ 3.2 billion of this amount relates to plans that are subject to minimum funding requirements .', 'under current irs funding rules , the calculation of minimum funding requirements differs from the calculation of the present value of plan benefits ( the projected benefit obligation ) for accounting purposes .', 'in december 2008 , the worker , retiree and employer recovery act of 2008 ( wera ) was passed by the u.s .', 'congress which provided for pension funding relief and technical corrections .', 'funding contributions depend on the funding method selected by the company , and the timing of its implementation , as well as on actual demographic data and the targeted funding level .', 'the company continually reassesses the amount and timing of any discretionary contributions and elected to make contributions totaling $ 750 million and $ 353 million for the years ended december 31 , 2015 and 2014 , respectively .', 'at this time , we do not expect to have any required contributions to our plans in 2016 , although the company may elect to make future voluntary contributions .', 'the timing and amount of future contributions , which could be material , will depend on a number of factors , including the actual earnings and changes in values of plan assets and changes in interest rates .', 'international paper has announced a voluntary , limited-time opportunity for former employees who are participants in the retirement plan of international paper company ( the pension plan ) to request early payment of their entire pension plan benefit in the form of a single lump sum payment .', 'eligible participants who wish to receive the lump sum payment must make an election between february 29 and april 29 , 2016 , and payment is scheduled to be made on or before june 30 , 2016 .', 'all payments will be made from the pension plan trust assets .', 'the target population has a total liability of $ 3.0 billion .', 'the amount of the total payments will depend on the participation rate of eligible participants , but is expected to be approximately $ 1.5 billion .', 'based on the expected level of payments , settlement accounting rules will apply in the period in which the payments are made .', 'this will result in a plan remeasurement and the recognition in earnings of a pro-rata portion of unamortized net actuarial loss .', 'ilim holding s.a .', 'shareholder 2019s agreement in october 2007 , in connection with the formation of the ilim holding s.a .', 'joint venture , international paper entered into a shareholder 2019s agreement that includes provisions relating to the reconciliation of disputes among the partners .', 'this agreement was amended on may 7 , 2014 .', 'pursuant to the amended agreement , beginning on january 1 , 2017 , either the company or its partners may commence certain procedures specified under the deadlock provisions .', 'if these or any other deadlock provisions are commenced , the company may in certain situations , choose to purchase its partners 2019 50% ( 50 % ) interest in ilim .', 'any such transaction would be subject to review and approval by russian and other relevant antitrust authorities .', 'any such purchase by international paper would result in the consolidation of ilim 2019s financial position and results of operations in all subsequent periods. .'] | 0.50059 | IP/2015/page_51.pdf-4 | ['the company will continue to rely upon debt and capital markets for the majority of any necessary long-term funding not provided by operating cash flows .', 'funding decisions will be guided by our capital structure planning objectives .', 'the primary goals of the company 2019s capital structure planning are to maximize financial flexibility and preserve liquidity while reducing interest expense .', 'the majority of international paper 2019s debt is accessed through global public capital markets where we have a wide base of investors .', 'maintaining an investment grade credit rating is an important element of international paper 2019s financing strategy .', 'at december 31 , 2015 , the company held long-term credit ratings of bbb ( stable outlook ) and baa2 ( stable outlook ) by s&p and moody 2019s , respectively .', 'contractual obligations for future payments under existing debt and lease commitments and purchase obligations at december 31 , 2015 , were as follows: .'] | ['( a ) total debt includes scheduled principal payments only .', '( b ) includes $ 2.1 billion relating to fiber supply agreements entered into at the time of the 2006 transformation plan forestland sales and in conjunction with the 2008 acquisition of weyerhaeuser company 2019s containerboard , packaging and recycling business .', '( c ) not included in the above table due to the uncertainty as to the amount and timing of the payment are unrecognized tax benefits of approximately $ 101 million .', 'we consider the undistributed earnings of our foreign subsidiaries as of december 31 , 2015 , to be indefinitely reinvested and , accordingly , no u.s .', 'income taxes have been provided thereon .', 'as of december 31 , 2015 , the amount of cash associated with indefinitely reinvested foreign earnings was approximately $ 600 million .', 'we do not anticipate the need to repatriate funds to the united states to satisfy domestic liquidity needs arising in the ordinary course of business , including liquidity needs associated with our domestic debt service requirements .', 'pension obligations and funding at december 31 , 2015 , the projected benefit obligation for the company 2019s u.s .', 'defined benefit plans determined under u.s .', 'gaap was approximately $ 3.5 billion higher than the fair value of plan assets .', 'approximately $ 3.2 billion of this amount relates to plans that are subject to minimum funding requirements .', 'under current irs funding rules , the calculation of minimum funding requirements differs from the calculation of the present value of plan benefits ( the projected benefit obligation ) for accounting purposes .', 'in december 2008 , the worker , retiree and employer recovery act of 2008 ( wera ) was passed by the u.s .', 'congress which provided for pension funding relief and technical corrections .', 'funding contributions depend on the funding method selected by the company , and the timing of its implementation , as well as on actual demographic data and the targeted funding level .', 'the company continually reassesses the amount and timing of any discretionary contributions and elected to make contributions totaling $ 750 million and $ 353 million for the years ended december 31 , 2015 and 2014 , respectively .', 'at this time , we do not expect to have any required contributions to our plans in 2016 , although the company may elect to make future voluntary contributions .', 'the timing and amount of future contributions , which could be material , will depend on a number of factors , including the actual earnings and changes in values of plan assets and changes in interest rates .', 'international paper has announced a voluntary , limited-time opportunity for former employees who are participants in the retirement plan of international paper company ( the pension plan ) to request early payment of their entire pension plan benefit in the form of a single lump sum payment .', 'eligible participants who wish to receive the lump sum payment must make an election between february 29 and april 29 , 2016 , and payment is scheduled to be made on or before june 30 , 2016 .', 'all payments will be made from the pension plan trust assets .', 'the target population has a total liability of $ 3.0 billion .', 'the amount of the total payments will depend on the participation rate of eligible participants , but is expected to be approximately $ 1.5 billion .', 'based on the expected level of payments , settlement accounting rules will apply in the period in which the payments are made .', 'this will result in a plan remeasurement and the recognition in earnings of a pro-rata portion of unamortized net actuarial loss .', 'ilim holding s.a .', 'shareholder 2019s agreement in october 2007 , in connection with the formation of the ilim holding s.a .', 'joint venture , international paper entered into a shareholder 2019s agreement that includes provisions relating to the reconciliation of disputes among the partners .', 'this agreement was amended on may 7 , 2014 .', 'pursuant to the amended agreement , beginning on january 1 , 2017 , either the company or its partners may commence certain procedures specified under the deadlock provisions .', 'if these or any other deadlock provisions are commenced , the company may in certain situations , choose to purchase its partners 2019 50% ( 50 % ) interest in ilim .', 'any such transaction would be subject to review and approval by russian and other relevant antitrust authorities .', 'any such purchase by international paper would result in the consolidation of ilim 2019s financial position and results of operations in all subsequent periods. .'] | ----------------------------------------
in millions, 2015, 2016, 2017, 2018, 2019, thereafter
maturities of long-term debt ( a ), $ 426, $ 43, $ 811, $ 427, $ 183, $ 7436
lease obligations, 118, 95, 72, 55, 41, 128
purchase obligations ( b ), 3001, 541, 447, 371, 358, 1579
total ( c ), $ 3545, $ 679, $ 1330, $ 853, $ 582, $ 9143
---------------------------------------- | divide(427, 853) | 0.50059 |
what was the percentage change in the weighted-average estimated fair values of stock options granted from 2013 and 2014 | Context: ['republic services , inc .', 'notes to consolidated financial statements 2014 ( continued ) 11 .', 'employee benefit plans stock-based compensation in february 2007 , our board of directors approved the 2007 stock incentive plan ( 2007 plan ) , and in may 2007 our shareholders ratified the 2007 plan .', 'in march 2011 , our board of directors approved the amended and restated 2007 stock incentive plan , and in may 2011 our shareholders ratified the amended and restated 2007 stock incentive plan .', 'in march 2013 , our board of directors approved the republic services , inc .', 'amended and restated 2007 stock incentive plan ( the amended and restated plan ) , and in may 2013 our shareholders ratified the amended and restated plan .', 'we currently have approximately 15.6 million shares of common stock reserved for future grants under the amended and restated plan .', 'options granted under the 2007 plan and the amended and restated plan are non-qualified and are granted at a price equal to the fair market value of our common stock at the date of grant .', 'generally , options granted have a term of seven to ten years from the date of grant , and vest in increments of 25% ( 25 % ) per year over a period of four years beginning on the first anniversary date of the grant .', 'options granted to non-employee directors have a term of ten years and are fully vested at the grant date .', 'in december 2008 , the board of directors amended and restated the republic services , inc .', '2006 incentive stock plan ( formerly known as the allied waste industries , inc .', '2006 incentive stock plan ) ( the 2006 plan ) .', 'allied 2019s shareholders approved the 2006 plan in may 2006 .', 'the 2006 plan was amended and restated in december 2008 to reflect republic as the new sponsor of the plan , to reflect that any references to shares of common stock are to shares of common stock of republic , and to adjust outstanding awards and the number of shares available under the plan to reflect the allied acquisition .', 'the 2006 plan , as amended and restated , provided for the grant of non- qualified stock options , incentive stock options , shares of restricted stock , shares of phantom stock , stock bonuses , restricted stock units , stock appreciation rights , performance awards , dividend equivalents , cash awards , or other stock-based awards .', 'awards granted under the 2006 plan prior to december 5 , 2008 became fully vested and nonforfeitable upon the closing of the allied acquisition .', 'no further awards will be made under the 2006 stock options we use a lattice binomial option-pricing model to value our stock option grants .', 'we recognize compensation expense on a straight-line basis over the requisite service period for each separately vesting portion of the award , or to the employee 2019s retirement eligible date , if earlier .', 'expected volatility is based on the weighted average of the most recent one year volatility and a historical rolling average volatility of our stock over the expected life of the option .', 'the risk-free interest rate is based on federal reserve rates in effect for bonds with maturity dates equal to the expected term of the option .', 'we use historical data to estimate future option exercises , forfeitures ( at 3.0% ( 3.0 % ) for 2014 and 2013 ) and expected life of the options .', 'when appropriate , separate groups of employees that have similar historical exercise behavior are considered separately for valuation purposes .', 'we did not grant stock options during the year ended december 31 , 2015 .', 'the weighted-average estimated fair values of stock options granted during the years ended december 31 , 2014 and 2013 were $ 5.74 and $ 5.27 per option , respectively , which were calculated using the following weighted-average assumptions: .']
Table:
========================================
• , 2014, 2013
• expected volatility, 27.5% ( 27.5 % ), 28.9% ( 28.9 % )
• risk-free interest rate, 1.4% ( 1.4 % ), 0.7% ( 0.7 % )
• dividend yield, 3.2% ( 3.2 % ), 3.2% ( 3.2 % )
• expected life ( in years ), 4.6, 4.5
• contractual life ( in years ), 7.0, 7.0
========================================
Additional Information: ['.'] | 0.08918 | RSG/2015/page_127.pdf-2 | ['republic services , inc .', 'notes to consolidated financial statements 2014 ( continued ) 11 .', 'employee benefit plans stock-based compensation in february 2007 , our board of directors approved the 2007 stock incentive plan ( 2007 plan ) , and in may 2007 our shareholders ratified the 2007 plan .', 'in march 2011 , our board of directors approved the amended and restated 2007 stock incentive plan , and in may 2011 our shareholders ratified the amended and restated 2007 stock incentive plan .', 'in march 2013 , our board of directors approved the republic services , inc .', 'amended and restated 2007 stock incentive plan ( the amended and restated plan ) , and in may 2013 our shareholders ratified the amended and restated plan .', 'we currently have approximately 15.6 million shares of common stock reserved for future grants under the amended and restated plan .', 'options granted under the 2007 plan and the amended and restated plan are non-qualified and are granted at a price equal to the fair market value of our common stock at the date of grant .', 'generally , options granted have a term of seven to ten years from the date of grant , and vest in increments of 25% ( 25 % ) per year over a period of four years beginning on the first anniversary date of the grant .', 'options granted to non-employee directors have a term of ten years and are fully vested at the grant date .', 'in december 2008 , the board of directors amended and restated the republic services , inc .', '2006 incentive stock plan ( formerly known as the allied waste industries , inc .', '2006 incentive stock plan ) ( the 2006 plan ) .', 'allied 2019s shareholders approved the 2006 plan in may 2006 .', 'the 2006 plan was amended and restated in december 2008 to reflect republic as the new sponsor of the plan , to reflect that any references to shares of common stock are to shares of common stock of republic , and to adjust outstanding awards and the number of shares available under the plan to reflect the allied acquisition .', 'the 2006 plan , as amended and restated , provided for the grant of non- qualified stock options , incentive stock options , shares of restricted stock , shares of phantom stock , stock bonuses , restricted stock units , stock appreciation rights , performance awards , dividend equivalents , cash awards , or other stock-based awards .', 'awards granted under the 2006 plan prior to december 5 , 2008 became fully vested and nonforfeitable upon the closing of the allied acquisition .', 'no further awards will be made under the 2006 stock options we use a lattice binomial option-pricing model to value our stock option grants .', 'we recognize compensation expense on a straight-line basis over the requisite service period for each separately vesting portion of the award , or to the employee 2019s retirement eligible date , if earlier .', 'expected volatility is based on the weighted average of the most recent one year volatility and a historical rolling average volatility of our stock over the expected life of the option .', 'the risk-free interest rate is based on federal reserve rates in effect for bonds with maturity dates equal to the expected term of the option .', 'we use historical data to estimate future option exercises , forfeitures ( at 3.0% ( 3.0 % ) for 2014 and 2013 ) and expected life of the options .', 'when appropriate , separate groups of employees that have similar historical exercise behavior are considered separately for valuation purposes .', 'we did not grant stock options during the year ended december 31 , 2015 .', 'the weighted-average estimated fair values of stock options granted during the years ended december 31 , 2014 and 2013 were $ 5.74 and $ 5.27 per option , respectively , which were calculated using the following weighted-average assumptions: .'] | ['.'] | ========================================
• , 2014, 2013
• expected volatility, 27.5% ( 27.5 % ), 28.9% ( 28.9 % )
• risk-free interest rate, 1.4% ( 1.4 % ), 0.7% ( 0.7 % )
• dividend yield, 3.2% ( 3.2 % ), 3.2% ( 3.2 % )
• expected life ( in years ), 4.6, 4.5
• contractual life ( in years ), 7.0, 7.0
======================================== | subtract(5.74, 5.27), divide(#0, 5.27) | 0.08918 |
what portion of total cash obligations is due within the next 12 months? | Pre-text: ['american tower corporation and subsidiaries notes to consolidated financial statements as of december 31 , 2010 and 2009 , the company had $ 295.4 million and $ 295.0 million net , respectively ( $ 300.0 million aggregate principal amount ) outstanding under the 7.25% ( 7.25 % ) notes .', 'as of december 31 , 2010 and 2009 , the carrying value includes a discount of $ 4.6 million and $ 5.0 million , respectively .', '5.0% ( 5.0 % ) convertible notes 2014the 5.0% ( 5.0 % ) convertible notes due 2010 ( 201c5.0% ( 201c5.0 % ) notes 201d ) matured on february 15 , 2010 , and interest was payable semiannually on february 15 and august 15 of each year .', 'the 5.0% ( 5.0 % ) notes were convertible at any time into shares of the company 2019s class a common stock ( 201ccommon stock 201d ) at a conversion price of $ 51.50 per share , subject to adjustment in certain cases .', 'as of december 31 , 2010 and 2009 , the company had none and $ 59.7 million outstanding , respectively , under the 5.0% ( 5.0 % ) notes .', 'ati 7.25% ( 7.25 % ) senior subordinated notes 2014the ati 7.25% ( 7.25 % ) notes were issued with a maturity of december 1 , 2011 and interest was payable semi-annually in arrears on june 1 and december 1 of each year .', 'the ati 7.25% ( 7.25 % ) notes were jointly and severally guaranteed on a senior subordinated basis by the company and substantially all of the wholly owned domestic restricted subsidiaries of ati and the company , other than spectrasite and its subsidiaries .', 'the notes ranked junior in right of payment to all existing and future senior indebtedness of ati , the sister guarantors ( as defined in the indenture relating to the notes ) and their domestic restricted subsidiaries .', 'the ati 7.25% ( 7.25 % ) notes were structurally senior in right of payment to all other existing and future indebtedness of the company , including the company 2019s senior notes , convertible notes and the revolving credit facility and term loan .', 'during the year ended december 31 , 2010 , ati issued a notice for the redemption of the principal amount of its outstanding ati 7.25% ( 7.25 % ) notes .', 'in accordance with the redemption provisions and the indenture for the ati 7.25% ( 7.25 % ) notes , the notes were redeemed at a price equal to 100.00% ( 100.00 % ) of the principal amount , plus accrued and unpaid interest up to , but excluding , september 23 , 2010 , for an aggregate purchase price of $ 0.3 million .', 'as of december 31 , 2010 and 2009 , the company had none and $ 0.3 million , respectively , outstanding under the ati 7.25% ( 7.25 % ) notes .', 'capital lease obligations and notes payable 2014the company 2019s capital lease obligations and notes payable approximated $ 46.3 million and $ 59.0 million as of december 31 , 2010 and 2009 , respectively .', 'these obligations bear interest at rates ranging from 2.5% ( 2.5 % ) to 9.3% ( 9.3 % ) and mature in periods ranging from less than one year to approximately seventy years .', 'maturities 2014as of december 31 , 2010 , aggregate carrying value 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:
2011 | $ 74896
2012 | 625884
2013 | 618
2014 | 1750479
2015 | 600489
thereafter | 2541858
total cash obligations | 5594224
unamortized discounts and premiums net | -6836 ( 6836 )
balance as of december 31 2010 | $ 5587388
----
Post-table: ['.'] | 0.01339 | AMT/2010/page_105.pdf-2 | ['american tower corporation and subsidiaries notes to consolidated financial statements as of december 31 , 2010 and 2009 , the company had $ 295.4 million and $ 295.0 million net , respectively ( $ 300.0 million aggregate principal amount ) outstanding under the 7.25% ( 7.25 % ) notes .', 'as of december 31 , 2010 and 2009 , the carrying value includes a discount of $ 4.6 million and $ 5.0 million , respectively .', '5.0% ( 5.0 % ) convertible notes 2014the 5.0% ( 5.0 % ) convertible notes due 2010 ( 201c5.0% ( 201c5.0 % ) notes 201d ) matured on february 15 , 2010 , and interest was payable semiannually on february 15 and august 15 of each year .', 'the 5.0% ( 5.0 % ) notes were convertible at any time into shares of the company 2019s class a common stock ( 201ccommon stock 201d ) at a conversion price of $ 51.50 per share , subject to adjustment in certain cases .', 'as of december 31 , 2010 and 2009 , the company had none and $ 59.7 million outstanding , respectively , under the 5.0% ( 5.0 % ) notes .', 'ati 7.25% ( 7.25 % ) senior subordinated notes 2014the ati 7.25% ( 7.25 % ) notes were issued with a maturity of december 1 , 2011 and interest was payable semi-annually in arrears on june 1 and december 1 of each year .', 'the ati 7.25% ( 7.25 % ) notes were jointly and severally guaranteed on a senior subordinated basis by the company and substantially all of the wholly owned domestic restricted subsidiaries of ati and the company , other than spectrasite and its subsidiaries .', 'the notes ranked junior in right of payment to all existing and future senior indebtedness of ati , the sister guarantors ( as defined in the indenture relating to the notes ) and their domestic restricted subsidiaries .', 'the ati 7.25% ( 7.25 % ) notes were structurally senior in right of payment to all other existing and future indebtedness of the company , including the company 2019s senior notes , convertible notes and the revolving credit facility and term loan .', 'during the year ended december 31 , 2010 , ati issued a notice for the redemption of the principal amount of its outstanding ati 7.25% ( 7.25 % ) notes .', 'in accordance with the redemption provisions and the indenture for the ati 7.25% ( 7.25 % ) notes , the notes were redeemed at a price equal to 100.00% ( 100.00 % ) of the principal amount , plus accrued and unpaid interest up to , but excluding , september 23 , 2010 , for an aggregate purchase price of $ 0.3 million .', 'as of december 31 , 2010 and 2009 , the company had none and $ 0.3 million , respectively , outstanding under the ati 7.25% ( 7.25 % ) notes .', 'capital lease obligations and notes payable 2014the company 2019s capital lease obligations and notes payable approximated $ 46.3 million and $ 59.0 million as of december 31 , 2010 and 2009 , respectively .', 'these obligations bear interest at rates ranging from 2.5% ( 2.5 % ) to 9.3% ( 9.3 % ) and mature in periods ranging from less than one year to approximately seventy years .', 'maturities 2014as of december 31 , 2010 , aggregate carrying value of long-term debt , including capital leases , for the next five years and thereafter are estimated to be ( in thousands ) : year ending december 31 .'] | ['.'] | 2011 | $ 74896
2012 | 625884
2013 | 618
2014 | 1750479
2015 | 600489
thereafter | 2541858
total cash obligations | 5594224
unamortized discounts and premiums net | -6836 ( 6836 )
balance as of december 31 2010 | $ 5587388 | divide(74896, 5594224) | 0.01339 |
considering the years 2015-2016 , what is the decrease observed in the cash contributions to funded plans and benefit payments for unfunded plans? | Pre-text: ['pension expense .']
Data Table:
----------------------------------------
• , 2016, 2015, 2014
• pension expense, $ 68.1, $ 135.6, $ 135.9
• special terminations settlements and curtailments ( included above ), 7.3, 35.2, 5.8
• weighted average discount rate ( a ), 4.1% ( 4.1 % ), 4.0% ( 4.0 % ), 4.6% ( 4.6 % )
• weighted average expected rate of return on plan assets, 7.5% ( 7.5 % ), 7.4% ( 7.4 % ), 7.7% ( 7.7 % )
• weighted average expected rate of compensation increase, 3.5% ( 3.5 % ), 3.5% ( 3.5 % ), 3.9% ( 3.9 % )
----------------------------------------
Post-table: ['( a ) effective in 2016 , the company began to measure the service cost and interest cost components of pension expense by applying spot rates along the yield curve to the relevant projected cash flows , as we believe this provides a better measurement of these costs .', 'the company has accounted for this as a change in accounting estimate and , accordingly has accounted for it on a prospective basis .', 'this change does not affect the measurement of the total benefit obligation .', '2016 vs .', '2015 pension expense , excluding special items , decreased from the prior year due to the adoption of the spot rate approach which reduced service cost and interest cost , the impact from expected return on assets and demographic gains , partially offset by the impact of the adoption of new mortality tables for our major plans .', 'special items of $ 7.3 included pension settlement losses of $ 6.4 , special termination benefits of $ 2.0 , and curtailment gains of $ 1.1 .', 'these resulted primarily from our recent business restructuring and cost reduction actions .', '2015 vs .', '2014 the decrease in pension expense , excluding special items , was due to the impact from expected return on assets , a 40 bp reduction in the weighted average compensation increase assumption , and lower service cost and interest cost .', 'the decrease was partially offset by the impact of higher amortization of actuarial losses , which resulted primarily from a 60 bp decrease in weighted average discount rate .', 'special items of $ 35.2 included pension settlement losses of $ 21.2 , special termination benefits of $ 8.7 , and curtailment losses of $ 5.3 .', 'these resulted primarily from our recent business restructuring and cost reduction actions .', '2017 outlook in 2017 , pension expense , excluding special items , is estimated to be approximately $ 70 to $ 75 , an increase of $ 10 to $ 15 from 2016 , resulting primarily from a decrease in discount rates , offset by favorable asset experience , effects of the versum spin-off and the adoption of new mortality tables .', 'pension settlement losses of $ 10 to $ 15 are expected , dependent on the timing of retirements .', 'in 2017 , we expect pension expense to include approximately $ 164 for amortization of actuarial losses compared to $ 121 in 2016 .', 'net actuarial losses of $ 484 were recognized in accumulated other comprehensive income in 2016 , primarily attributable to lower discount rates and improved mortality projections .', 'actuarial gains/losses are amortized into pension expense over prospective periods to the extent they are not offset by future gains or losses .', 'future changes in the discount rate and actual returns on plan assets different from expected returns would impact the actuarial gains/losses and resulting amortization in years beyond 2017 .', 'during the first quarter of 2017 , the company expects to record a curtailment loss estimated to be $ 5 to $ 10 related to employees transferring to versum .', 'the loss will be reflected in the results from discontinued operations on the consolidated income statements .', 'we continue to evaluate opportunities to manage the liabilities associated with our pension plans .', 'pension funding pension funding includes both contributions to funded plans and benefit payments for unfunded plans , which are primarily non-qualified plans .', 'with respect to funded plans , our funding policy is that contributions , combined with appreciation and earnings , will be sufficient to pay benefits without creating unnecessary surpluses .', 'in addition , we make contributions to satisfy all legal funding requirements while managing our capacity to benefit from tax deductions attributable to plan contributions .', 'with the assistance of third party actuaries , we analyze the liabilities and demographics of each plan , which help guide the level of contributions .', 'during 2016 and 2015 , our cash contributions to funded plans and benefit payments for unfunded plans were $ 79.3 and $ 137.5 , respectively .', 'for 2017 , cash contributions to defined benefit plans are estimated to be $ 65 to $ 85 .', 'the estimate is based on expected contributions to certain international plans and anticipated benefit payments for unfunded plans , which .'] | -0.42327 | APD/2016/page_57.pdf-2 | ['pension expense .'] | ['( a ) effective in 2016 , the company began to measure the service cost and interest cost components of pension expense by applying spot rates along the yield curve to the relevant projected cash flows , as we believe this provides a better measurement of these costs .', 'the company has accounted for this as a change in accounting estimate and , accordingly has accounted for it on a prospective basis .', 'this change does not affect the measurement of the total benefit obligation .', '2016 vs .', '2015 pension expense , excluding special items , decreased from the prior year due to the adoption of the spot rate approach which reduced service cost and interest cost , the impact from expected return on assets and demographic gains , partially offset by the impact of the adoption of new mortality tables for our major plans .', 'special items of $ 7.3 included pension settlement losses of $ 6.4 , special termination benefits of $ 2.0 , and curtailment gains of $ 1.1 .', 'these resulted primarily from our recent business restructuring and cost reduction actions .', '2015 vs .', '2014 the decrease in pension expense , excluding special items , was due to the impact from expected return on assets , a 40 bp reduction in the weighted average compensation increase assumption , and lower service cost and interest cost .', 'the decrease was partially offset by the impact of higher amortization of actuarial losses , which resulted primarily from a 60 bp decrease in weighted average discount rate .', 'special items of $ 35.2 included pension settlement losses of $ 21.2 , special termination benefits of $ 8.7 , and curtailment losses of $ 5.3 .', 'these resulted primarily from our recent business restructuring and cost reduction actions .', '2017 outlook in 2017 , pension expense , excluding special items , is estimated to be approximately $ 70 to $ 75 , an increase of $ 10 to $ 15 from 2016 , resulting primarily from a decrease in discount rates , offset by favorable asset experience , effects of the versum spin-off and the adoption of new mortality tables .', 'pension settlement losses of $ 10 to $ 15 are expected , dependent on the timing of retirements .', 'in 2017 , we expect pension expense to include approximately $ 164 for amortization of actuarial losses compared to $ 121 in 2016 .', 'net actuarial losses of $ 484 were recognized in accumulated other comprehensive income in 2016 , primarily attributable to lower discount rates and improved mortality projections .', 'actuarial gains/losses are amortized into pension expense over prospective periods to the extent they are not offset by future gains or losses .', 'future changes in the discount rate and actual returns on plan assets different from expected returns would impact the actuarial gains/losses and resulting amortization in years beyond 2017 .', 'during the first quarter of 2017 , the company expects to record a curtailment loss estimated to be $ 5 to $ 10 related to employees transferring to versum .', 'the loss will be reflected in the results from discontinued operations on the consolidated income statements .', 'we continue to evaluate opportunities to manage the liabilities associated with our pension plans .', 'pension funding pension funding includes both contributions to funded plans and benefit payments for unfunded plans , which are primarily non-qualified plans .', 'with respect to funded plans , our funding policy is that contributions , combined with appreciation and earnings , will be sufficient to pay benefits without creating unnecessary surpluses .', 'in addition , we make contributions to satisfy all legal funding requirements while managing our capacity to benefit from tax deductions attributable to plan contributions .', 'with the assistance of third party actuaries , we analyze the liabilities and demographics of each plan , which help guide the level of contributions .', 'during 2016 and 2015 , our cash contributions to funded plans and benefit payments for unfunded plans were $ 79.3 and $ 137.5 , respectively .', 'for 2017 , cash contributions to defined benefit plans are estimated to be $ 65 to $ 85 .', 'the estimate is based on expected contributions to certain international plans and anticipated benefit payments for unfunded plans , which .'] | ----------------------------------------
• , 2016, 2015, 2014
• pension expense, $ 68.1, $ 135.6, $ 135.9
• special terminations settlements and curtailments ( included above ), 7.3, 35.2, 5.8
• weighted average discount rate ( a ), 4.1% ( 4.1 % ), 4.0% ( 4.0 % ), 4.6% ( 4.6 % )
• weighted average expected rate of return on plan assets, 7.5% ( 7.5 % ), 7.4% ( 7.4 % ), 7.7% ( 7.7 % )
• weighted average expected rate of compensation increase, 3.5% ( 3.5 % ), 3.5% ( 3.5 % ), 3.9% ( 3.9 % )
---------------------------------------- | subtract(79.3, 137.5), divide(#0, 137.5) | -0.42327 |
the company purchased how much in millions during the year ended december 31 , 2004 and during the year ended december 31 , 2003 under purchase agreements? | Context: ['packaging corporation of america notes to consolidated financial statements ( continued ) december 31 , 2005 10 .', 'commitments and contingencies ( continued ) purchase commitments the company has entered into various purchase agreements to buy minimum amounts of energy over periods ranging from one to two years at fixed prices .', 'total purchase commitments over the next two years are as follows : ( in thousands ) .']
--
Tabular Data:
2006, $ 2408
2007, 1364
total, $ 3772
--
Follow-up: ['these purchase agreements are not marked to market .', 'the company purchased $ 12.8 million during the year ended december 31 , 2005 , $ 17.6 million during the year ended december 31 , 2004 , and $ 19.3 million during the year ended december 31 , 2003 under these purchase agreements .', 'litigation on may 14 , 1999 , pca was named as a defendant in two consolidated class action complaints which alleged a civil violation of section 1 of the sherman act .', 'the suits , then captioned winoff industries , inc .', 'v .', 'stone container corporation , mdl no .', '1261 ( e.d .', 'pa. ) and general refractories co .', 'v .', 'gaylord container corporation , mdl no .', '1261 ( e.d .', 'pa. ) , name pca as a defendant based solely on the allegation that pca is successor to the interests of tenneco packaging inc .', 'and tenneco inc. , both of which were also named as defendants in the suits , along with nine other linerboard and corrugated sheet manufacturers .', 'the complaints allege that the defendants , during the period october 1 , 1993 through november 30 , 1995 , conspired to limit the supply of linerboard , and that the purpose and effect of the alleged conspiracy was to artificially increase prices of corrugated containers and corrugated sheets , respectively .', 'on november 3 , 2003 , pactiv ( formerly known as tenneco packaging ) , tenneco and pca entered into an agreement to settle the class action lawsuits .', 'the settlement agreement provided for a full release of all claims against pca as a result of the class action lawsuits and was approved by the court in an opinion issued on april 21 , 2004 .', 'approximately 160 plaintiffs opted out of the class and together filed about ten direct action complaints in various federal courts across the country .', 'all of the opt-out complaints make allegations against the defendants , including pca , substantially similar to those made in the class actions .', 'the settlement agreement does not cover these direct action cases .', 'these actions have almost all been consolidated as in re linerboard , mdl 1261 ( e.d .', 'pa. ) for pretrial purposes .', 'pactiv , tenneco and pca have reached an agreement to settle all of the opt-out cases .', 'these agreements provide for a full release of all claims against pca as a result of litigation .', 'pca has made no payments to the plaintiffs as a result of the settlement of any of the opt-out suits .', 'as of the date of this filing , we believe it is not reasonably possible that the outcome of any pending litigation related to these matters will have a material adverse effect on our financial position , results of operations or cash flows .', 'pca is also party to various legal actions arising in the ordinary course of 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 .'] | 36.9 | PKG/2005/page_74.pdf-2 | ['packaging corporation of america notes to consolidated financial statements ( continued ) december 31 , 2005 10 .', 'commitments and contingencies ( continued ) purchase commitments the company has entered into various purchase agreements to buy minimum amounts of energy over periods ranging from one to two years at fixed prices .', 'total purchase commitments over the next two years are as follows : ( in thousands ) .'] | ['these purchase agreements are not marked to market .', 'the company purchased $ 12.8 million during the year ended december 31 , 2005 , $ 17.6 million during the year ended december 31 , 2004 , and $ 19.3 million during the year ended december 31 , 2003 under these purchase agreements .', 'litigation on may 14 , 1999 , pca was named as a defendant in two consolidated class action complaints which alleged a civil violation of section 1 of the sherman act .', 'the suits , then captioned winoff industries , inc .', 'v .', 'stone container corporation , mdl no .', '1261 ( e.d .', 'pa. ) and general refractories co .', 'v .', 'gaylord container corporation , mdl no .', '1261 ( e.d .', 'pa. ) , name pca as a defendant based solely on the allegation that pca is successor to the interests of tenneco packaging inc .', 'and tenneco inc. , both of which were also named as defendants in the suits , along with nine other linerboard and corrugated sheet manufacturers .', 'the complaints allege that the defendants , during the period october 1 , 1993 through november 30 , 1995 , conspired to limit the supply of linerboard , and that the purpose and effect of the alleged conspiracy was to artificially increase prices of corrugated containers and corrugated sheets , respectively .', 'on november 3 , 2003 , pactiv ( formerly known as tenneco packaging ) , tenneco and pca entered into an agreement to settle the class action lawsuits .', 'the settlement agreement provided for a full release of all claims against pca as a result of the class action lawsuits and was approved by the court in an opinion issued on april 21 , 2004 .', 'approximately 160 plaintiffs opted out of the class and together filed about ten direct action complaints in various federal courts across the country .', 'all of the opt-out complaints make allegations against the defendants , including pca , substantially similar to those made in the class actions .', 'the settlement agreement does not cover these direct action cases .', 'these actions have almost all been consolidated as in re linerboard , mdl 1261 ( e.d .', 'pa. ) for pretrial purposes .', 'pactiv , tenneco and pca have reached an agreement to settle all of the opt-out cases .', 'these agreements provide for a full release of all claims against pca as a result of litigation .', 'pca has made no payments to the plaintiffs as a result of the settlement of any of the opt-out suits .', 'as of the date of this filing , we believe it is not reasonably possible that the outcome of any pending litigation related to these matters will have a material adverse effect on our financial position , results of operations or cash flows .', 'pca is also party to various legal actions arising in the ordinary course of 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 .'] | 2006, $ 2408
2007, 1364
total, $ 3772 | add(17.6, 19.3) | 36.9 |
what percentage of average common equity attribution in 2016 is made up of institutional securities? | Background: ['management 2019s discussion and analysis environment , for example , to incorporate changes in stress testing or enhancements to modeling techniques .', 'we will continue to evaluate the framework with respect to the impact of future regulatory requirements , as appropriate .', 'average common equity attribution1 $ in billions 2017 2016 2015 .']
##
Data Table:
========================================
$ in billions | 2017 | 2016 | 2015
----------|----------|----------|----------
institutional securities | $ 40.2 | $ 43.2 | $ 34.6
wealth management | 17.2 | 15.3 | 11.2
investment management | 2.4 | 2.8 | 2.2
parent company | 10.0 | 7.6 | 18.9
total | $ 69.8 | $ 68.9 | $ 66.9
========================================
##
Additional Information: ['1 .', 'average common equity is a non-gaap financial measure .', 'see 201cselected non-gaap financial information 201d herein .', 'regulatory developments resolution and recovery planning pursuant to the dodd-frank act , we are required to periodi- cally submit to the federal reserve and the fdic a resolution plan that describes our strategy for a rapid and orderly resolu- tion under the u.s .', 'bankruptcy code in the event of our material financial distress or failure .', 'our preferred resolution strategy , which is set out in our 2017 resolution plan , is an spoe strategy .', 'we submitted our full 2017 resolution plan on june 30 , 2017 .', 'as indicated in our 2017 resolution plan , the parent company has amended and restated its support agreement with its material entities , as defined in our 2017 resolution plan .', 'under the secured amended and restated support agreement , upon the occur- rence of a resolution scenario , the parent company would be obligated to contribute or loan on a subordinated basis all of its contributable material assets , other than shares in subsidi- aries of the parent company and certain intercompany receiv- ables , to provide capital and liquidity , as applicable , to our material entities .', 'the obligations of the parent company under the secured amended and restated support agreement are in most cases secured on a senior basis by the assets of the parent company ( other than shares in subsidiaries of the parent company ) .', 'as a result , claims of our material entities against the assets of the parent company ( other than shares in subsidiaries of the parent company ) are effectively senior to unsecured obliga- tions of the parent company .', 'in december 2017 , we received joint feedback on our 2017 resolution plan from the federal reserve and the fdic .', 'the feedback identified no deficiencies in our 2017 resolution plan but noted one shortcoming to be remediated in our next resolution plan submission .', 'further , the federal reserve and the fdic have extended the next resolution plan filing deadline for eight large domestic banks , including us , by one year to july 1 , 2019 .', 'for more information about resolution and recovery planning requirements and our activities in these areas , including the implications of such activities in a resolution scenario , see 201cbusiness 2014supervision and regulation 2014financial holding company 2014resolution and recovery planning 201d and 201crisk factors 2014legal , regulatory and compliance risk . 201d legacy covered funds under the volcker rule the volcker rule prohibits 201cbanking entities , 201d including us and our affiliates , from engaging in certain 201cproprietary trading 201d activities , as defined in the volcker rule , subject to exemptions for underwriting , market-making-related activities , risk-mitigating hedging and certain other activities .', 'the volcker rule also prohibits certain investments and relation- ships by banking entities with 201ccovered funds , 201d with a number of exemptions and exclusions .', 'in june 2017 , we received approval from the federal reserve of our application for a five-year extension of the transition period to conform invest- ments in certain legacy volcker covered funds that are also illiquid funds .', 'the approval covered essentially all of our non-conforming investments in , and relationships with , legacy covered funds subject to the volcker rule .', 'for more informa- tion about the volcker rule , see 201cbusiness 2014supervision and regulation 2014activities restrictions under the volcker rule . 201d u.s .', 'department of labor conflict of interest rule the u.s .', 'dol 2019s final conflict of interest rule under erisa went into effect on june 9 , 2017 , with certain aspects subject to phased-in compliance .', 'full compliance with the rule 2019s related exemptions is currently scheduled to be required by july 1 , 2019 .', 'in addition , the u.s .', 'dol is undertaking an examination of the rule that may result in changes to the rule or its related exemptions or a change in the full compliance date .', 'for a discussion of the u.s .', 'dol conflict of interest rule , see 201cbusiness 2014supervision and regulation 2014instit- utional securities and wealth management . 201d u.k .', 'referendum following the u.k .', 'electorate vote to leave the e.u. , the u.k .', 'invoked article 50 of the lisbon treaty on march 29 , 2017 , which triggered a two-year period , subject to extension ( which would need the unanimous approval of the e.u .', 'member states ) , during which the u.k .', 'government is expected to negotiate its withdrawal agreement with the e.u .', 'for further discussion of u.k .', 'referendum 2019s potential impact on our operations , see 201crisk factors 2014international risk . 201d for further information regarding our exposure to the u.k. , see also 201cquantitative and qualitative disclosures about market risk 2014risk management 2014credit risk 2014country risk exposure . 201d 69 december 2017 form 10-k .'] | 0.627 | MS/2017/page_74.pdf-2 | ['management 2019s discussion and analysis environment , for example , to incorporate changes in stress testing or enhancements to modeling techniques .', 'we will continue to evaluate the framework with respect to the impact of future regulatory requirements , as appropriate .', 'average common equity attribution1 $ in billions 2017 2016 2015 .'] | ['1 .', 'average common equity is a non-gaap financial measure .', 'see 201cselected non-gaap financial information 201d herein .', 'regulatory developments resolution and recovery planning pursuant to the dodd-frank act , we are required to periodi- cally submit to the federal reserve and the fdic a resolution plan that describes our strategy for a rapid and orderly resolu- tion under the u.s .', 'bankruptcy code in the event of our material financial distress or failure .', 'our preferred resolution strategy , which is set out in our 2017 resolution plan , is an spoe strategy .', 'we submitted our full 2017 resolution plan on june 30 , 2017 .', 'as indicated in our 2017 resolution plan , the parent company has amended and restated its support agreement with its material entities , as defined in our 2017 resolution plan .', 'under the secured amended and restated support agreement , upon the occur- rence of a resolution scenario , the parent company would be obligated to contribute or loan on a subordinated basis all of its contributable material assets , other than shares in subsidi- aries of the parent company and certain intercompany receiv- ables , to provide capital and liquidity , as applicable , to our material entities .', 'the obligations of the parent company under the secured amended and restated support agreement are in most cases secured on a senior basis by the assets of the parent company ( other than shares in subsidiaries of the parent company ) .', 'as a result , claims of our material entities against the assets of the parent company ( other than shares in subsidiaries of the parent company ) are effectively senior to unsecured obliga- tions of the parent company .', 'in december 2017 , we received joint feedback on our 2017 resolution plan from the federal reserve and the fdic .', 'the feedback identified no deficiencies in our 2017 resolution plan but noted one shortcoming to be remediated in our next resolution plan submission .', 'further , the federal reserve and the fdic have extended the next resolution plan filing deadline for eight large domestic banks , including us , by one year to july 1 , 2019 .', 'for more information about resolution and recovery planning requirements and our activities in these areas , including the implications of such activities in a resolution scenario , see 201cbusiness 2014supervision and regulation 2014financial holding company 2014resolution and recovery planning 201d and 201crisk factors 2014legal , regulatory and compliance risk . 201d legacy covered funds under the volcker rule the volcker rule prohibits 201cbanking entities , 201d including us and our affiliates , from engaging in certain 201cproprietary trading 201d activities , as defined in the volcker rule , subject to exemptions for underwriting , market-making-related activities , risk-mitigating hedging and certain other activities .', 'the volcker rule also prohibits certain investments and relation- ships by banking entities with 201ccovered funds , 201d with a number of exemptions and exclusions .', 'in june 2017 , we received approval from the federal reserve of our application for a five-year extension of the transition period to conform invest- ments in certain legacy volcker covered funds that are also illiquid funds .', 'the approval covered essentially all of our non-conforming investments in , and relationships with , legacy covered funds subject to the volcker rule .', 'for more informa- tion about the volcker rule , see 201cbusiness 2014supervision and regulation 2014activities restrictions under the volcker rule . 201d u.s .', 'department of labor conflict of interest rule the u.s .', 'dol 2019s final conflict of interest rule under erisa went into effect on june 9 , 2017 , with certain aspects subject to phased-in compliance .', 'full compliance with the rule 2019s related exemptions is currently scheduled to be required by july 1 , 2019 .', 'in addition , the u.s .', 'dol is undertaking an examination of the rule that may result in changes to the rule or its related exemptions or a change in the full compliance date .', 'for a discussion of the u.s .', 'dol conflict of interest rule , see 201cbusiness 2014supervision and regulation 2014instit- utional securities and wealth management . 201d u.k .', 'referendum following the u.k .', 'electorate vote to leave the e.u. , the u.k .', 'invoked article 50 of the lisbon treaty on march 29 , 2017 , which triggered a two-year period , subject to extension ( which would need the unanimous approval of the e.u .', 'member states ) , during which the u.k .', 'government is expected to negotiate its withdrawal agreement with the e.u .', 'for further discussion of u.k .', 'referendum 2019s potential impact on our operations , see 201crisk factors 2014international risk . 201d for further information regarding our exposure to the u.k. , see also 201cquantitative and qualitative disclosures about market risk 2014risk management 2014credit risk 2014country risk exposure . 201d 69 december 2017 form 10-k .'] | ========================================
$ in billions | 2017 | 2016 | 2015
----------|----------|----------|----------
institutional securities | $ 40.2 | $ 43.2 | $ 34.6
wealth management | 17.2 | 15.3 | 11.2
investment management | 2.4 | 2.8 | 2.2
parent company | 10.0 | 7.6 | 18.9
total | $ 69.8 | $ 68.9 | $ 66.9
======================================== | divide(43.2, 68.9) | 0.627 |
what was the value of the rsu's granted | Pre-text: ['70| | duke realty corporation annual report 2009 the following table summarizes transactions for our rsus , excluding dividend equivalents , for 2009 : weighted average number of grant date restricted stock units rsus fair value .']
####
Tabular Data:
========================================
restricted stock units, number of rsus, weighted average grant date fair value
rsus at december 31 2008, 401375, $ 29.03
granted, 1583616, $ 9.32
vested, -129352 ( 129352 ), $ 28.39
forfeited, -172033 ( 172033 ), $ 12.53
rsus at december 31 2009, 1683606, $ 12.23
========================================
####
Additional Information: ['compensation cost recognized for rsus totaled $ 7.3 million , $ 4.9 million and $ 3.0 million for the years ended december 31 , 2009 , 2008 and 2007 , respectively .', 'as of december 31 , 2009 , there was $ 6.7 million of total unrecognized compensation expense related to nonvested rsus granted under the plan , which is expected to be recognized over a weighted average period of 3.3 years .', '( 14 ) financial instruments we are exposed to capital market risk , such as changes in interest rates .', 'in an effort to manage interest rate risk , we may enter into interest rate hedging arrangements from time to time .', 'we do not utilize derivative financial instruments for trading or speculative purposes .', 'in november 2007 , we entered into forward starting interest swaps with notional amounts appropriate to hedge interest rates on $ 300.0 million of anticipated debt offerings in 2009 .', 'the forward starting swaps were appropriately designated and tested for effectiveness as cash flow hedges .', 'in march 2008 , we settled the forward starting swaps and made a cash payment of $ 14.6 million to the counterparties .', 'an effectiveness test was performed as of the settlement date and it was concluded that a highly effective cash flow hedge was still in place for the expected debt offering .', 'of the amount paid in settlement , approximately $ 700000 was immediately reclassified to interest expense , as the result of partial ineffectiveness calculated at the settlement date .', 'the net amount of $ 13.9 million was recorded in other comprehensive income ( 201coci 201d ) and is being recognized through interest expense over the life of the hedged debt offering , which took place in may 2008 .', 'the remaining unamortized amount included as a reduction to accumulated oci as of december 31 , 2009 is $ 9.3 million .', 'in august 2005 , we entered into $ 300.0 million of cash flow hedges through forward starting interest rate swaps to hedge interest rates on $ 300.0 million of anticipated debt offerings in 2007 .', 'the swaps qualified for hedge accounting , with any changes in fair value recorded in oci .', 'in conjunction with the september 2007 issuance of $ 300.0 million of senior unsecured notes , we terminated these cash flow hedges as designated .', 'the settlement amount received of $ 10.7 million is being recognized to earnings through a reduction of interest expense over the term of the hedged cash flows .', 'the remaining unamortized amount included as an increase to accumulated oci as of december 31 , 2009 is $ 8.2 million .', 'the ineffective portion of the hedge was insignificant .', 'the effectiveness of our hedges is evaluated throughout their lives using the hypothetical derivative method under which the change in fair value of the actual swap designated as the hedging instrument is compared to the change in fair value of a hypothetical swap .', 'we had no material interest rate derivatives , when considering both fair value and notional amount , at december 31 , 2009. .'] | 14759301.12 | DRE/2009/page_72.pdf-1 | ['70| | duke realty corporation annual report 2009 the following table summarizes transactions for our rsus , excluding dividend equivalents , for 2009 : weighted average number of grant date restricted stock units rsus fair value .'] | ['compensation cost recognized for rsus totaled $ 7.3 million , $ 4.9 million and $ 3.0 million for the years ended december 31 , 2009 , 2008 and 2007 , respectively .', 'as of december 31 , 2009 , there was $ 6.7 million of total unrecognized compensation expense related to nonvested rsus granted under the plan , which is expected to be recognized over a weighted average period of 3.3 years .', '( 14 ) financial instruments we are exposed to capital market risk , such as changes in interest rates .', 'in an effort to manage interest rate risk , we may enter into interest rate hedging arrangements from time to time .', 'we do not utilize derivative financial instruments for trading or speculative purposes .', 'in november 2007 , we entered into forward starting interest swaps with notional amounts appropriate to hedge interest rates on $ 300.0 million of anticipated debt offerings in 2009 .', 'the forward starting swaps were appropriately designated and tested for effectiveness as cash flow hedges .', 'in march 2008 , we settled the forward starting swaps and made a cash payment of $ 14.6 million to the counterparties .', 'an effectiveness test was performed as of the settlement date and it was concluded that a highly effective cash flow hedge was still in place for the expected debt offering .', 'of the amount paid in settlement , approximately $ 700000 was immediately reclassified to interest expense , as the result of partial ineffectiveness calculated at the settlement date .', 'the net amount of $ 13.9 million was recorded in other comprehensive income ( 201coci 201d ) and is being recognized through interest expense over the life of the hedged debt offering , which took place in may 2008 .', 'the remaining unamortized amount included as a reduction to accumulated oci as of december 31 , 2009 is $ 9.3 million .', 'in august 2005 , we entered into $ 300.0 million of cash flow hedges through forward starting interest rate swaps to hedge interest rates on $ 300.0 million of anticipated debt offerings in 2007 .', 'the swaps qualified for hedge accounting , with any changes in fair value recorded in oci .', 'in conjunction with the september 2007 issuance of $ 300.0 million of senior unsecured notes , we terminated these cash flow hedges as designated .', 'the settlement amount received of $ 10.7 million is being recognized to earnings through a reduction of interest expense over the term of the hedged cash flows .', 'the remaining unamortized amount included as an increase to accumulated oci as of december 31 , 2009 is $ 8.2 million .', 'the ineffective portion of the hedge was insignificant .', 'the effectiveness of our hedges is evaluated throughout their lives using the hypothetical derivative method under which the change in fair value of the actual swap designated as the hedging instrument is compared to the change in fair value of a hypothetical swap .', 'we had no material interest rate derivatives , when considering both fair value and notional amount , at december 31 , 2009. .'] | ========================================
restricted stock units, number of rsus, weighted average grant date fair value
rsus at december 31 2008, 401375, $ 29.03
granted, 1583616, $ 9.32
vested, -129352 ( 129352 ), $ 28.39
forfeited, -172033 ( 172033 ), $ 12.53
rsus at december 31 2009, 1683606, $ 12.23
======================================== | multiply(1583616, 9.32) | 14759301.12 |
what is the difference in the tier 1 capital ratio between the advanced approaches and the standardized approach at december 31 , 2015? | Context: ['basel iii ( full implementation ) citigroup 2019s capital resources under basel iii ( full implementation ) citi currently estimates that its effective minimum common equity tier 1 capital , tier 1 capital and total capital ratio requirements under the u.s .', 'basel iii rules , on a fully implemented basis and assuming a 3% ( 3 % ) gsib surcharge , may be 10% ( 10 % ) , 11.5% ( 11.5 % ) and 13.5% ( 13.5 % ) , respectively .', 'further , under the u.s .', 'basel iii rules , citi must also comply with a 4% ( 4 % ) minimum tier 1 leverage ratio requirement and an effective 5% ( 5 % ) minimum supplementary leverage ratio requirement .', 'the following tables set forth the capital tiers , total risk-weighted assets , risk-based capital ratios , quarterly adjusted average total assets , total leverage exposure and leverage ratios , assuming full implementation under the u.s .', 'basel iii rules , for citi as of december 31 , 2015 and december 31 , 2014 .', 'citigroup capital components and ratios under basel iii ( full implementation ) december 31 , 2015 december 31 , 2014 ( 1 ) in millions of dollars , except ratios advanced approaches standardized approach advanced approaches standardized approach .']
----
Data Table:
----------------------------------------
in millions of dollars except ratios, december 31 2015 advanced approaches, december 31 2015 standardized approach, december 31 2015 advanced approaches, standardized approach
common equity tier 1 capital, $ 146865, $ 146865, $ 136597, $ 136597
tier 1 capital, 164036, 164036, 148066, 148066
total capital ( tier 1 capital + tier 2 capital ) ( 2 ), 186097, 198655, 165454, 178413
total risk-weighted assets, 1216277, 1162884, 1292605, 1228488
common equity tier 1 capital ratio ( 3 ) ( 4 ), 12.07% ( 12.07 % ), 12.63% ( 12.63 % ), 10.57% ( 10.57 % ), 11.12% ( 11.12 % )
tier 1 capital ratio ( 3 ) ( 4 ), 13.49, 14.11, 11.45, 12.05
total capital ratio ( 3 ) ( 4 ), 15.30, 17.08, 12.80, 14.52
----------------------------------------
----
Follow-up: ['common equity tier 1 capital ratio ( 3 ) ( 4 ) 12.07% ( 12.07 % ) 12.63% ( 12.63 % ) 10.57% ( 10.57 % ) 11.12% ( 11.12 % ) tier 1 capital ratio ( 3 ) ( 4 ) 13.49 14.11 11.45 12.05 total capital ratio ( 3 ) ( 4 ) 15.30 17.08 12.80 14.52 in millions of dollars , except ratios december 31 , 2015 december 31 , 2014 ( 1 ) quarterly adjusted average total assets ( 5 ) $ 1724710 $ 1835637 total leverage exposure ( 6 ) 2317849 2492636 tier 1 leverage ratio ( 4 ) 9.51% ( 9.51 % ) 8.07% ( 8.07 % ) supplementary leverage ratio ( 4 ) 7.08 5.94 ( 1 ) restated to reflect the retrospective adoption of asu 2014-01 for lihtc investments , consistent with current period presentation .', '( 2 ) under the advanced approaches framework eligible credit reserves that exceed expected credit losses are eligible for inclusion in tier 2 capital to the extent the excess reserves do not exceed 0.6% ( 0.6 % ) of credit risk-weighted assets , which differs from the standardized approach in which the allowance for credit losses is eligible for inclusion in tier 2 capital up to 1.25% ( 1.25 % ) of credit risk-weighted assets , with any excess allowance for credit losses being deducted in arriving at credit risk-weighted assets .', '( 3 ) as of december 31 , 2015 and december 31 , 2014 , citi 2019s common equity tier 1 capital , tier 1 capital , and total capital ratios were the lower derived under the basel iii advanced approaches framework .', '( 4 ) citi 2019s basel iii capital ratios and related components , on a fully implemented basis , are non-gaap financial measures .', 'citi believes these ratios and the related components provide useful information to investors and others by measuring citi 2019s progress against future regulatory capital standards .', '( 5 ) tier 1 leverage ratio denominator .', '( 6 ) supplementary leverage ratio denominator. .'] | -0.62 | C/2015/page_46.pdf-1 | ['basel iii ( full implementation ) citigroup 2019s capital resources under basel iii ( full implementation ) citi currently estimates that its effective minimum common equity tier 1 capital , tier 1 capital and total capital ratio requirements under the u.s .', 'basel iii rules , on a fully implemented basis and assuming a 3% ( 3 % ) gsib surcharge , may be 10% ( 10 % ) , 11.5% ( 11.5 % ) and 13.5% ( 13.5 % ) , respectively .', 'further , under the u.s .', 'basel iii rules , citi must also comply with a 4% ( 4 % ) minimum tier 1 leverage ratio requirement and an effective 5% ( 5 % ) minimum supplementary leverage ratio requirement .', 'the following tables set forth the capital tiers , total risk-weighted assets , risk-based capital ratios , quarterly adjusted average total assets , total leverage exposure and leverage ratios , assuming full implementation under the u.s .', 'basel iii rules , for citi as of december 31 , 2015 and december 31 , 2014 .', 'citigroup capital components and ratios under basel iii ( full implementation ) december 31 , 2015 december 31 , 2014 ( 1 ) in millions of dollars , except ratios advanced approaches standardized approach advanced approaches standardized approach .'] | ['common equity tier 1 capital ratio ( 3 ) ( 4 ) 12.07% ( 12.07 % ) 12.63% ( 12.63 % ) 10.57% ( 10.57 % ) 11.12% ( 11.12 % ) tier 1 capital ratio ( 3 ) ( 4 ) 13.49 14.11 11.45 12.05 total capital ratio ( 3 ) ( 4 ) 15.30 17.08 12.80 14.52 in millions of dollars , except ratios december 31 , 2015 december 31 , 2014 ( 1 ) quarterly adjusted average total assets ( 5 ) $ 1724710 $ 1835637 total leverage exposure ( 6 ) 2317849 2492636 tier 1 leverage ratio ( 4 ) 9.51% ( 9.51 % ) 8.07% ( 8.07 % ) supplementary leverage ratio ( 4 ) 7.08 5.94 ( 1 ) restated to reflect the retrospective adoption of asu 2014-01 for lihtc investments , consistent with current period presentation .', '( 2 ) under the advanced approaches framework eligible credit reserves that exceed expected credit losses are eligible for inclusion in tier 2 capital to the extent the excess reserves do not exceed 0.6% ( 0.6 % ) of credit risk-weighted assets , which differs from the standardized approach in which the allowance for credit losses is eligible for inclusion in tier 2 capital up to 1.25% ( 1.25 % ) of credit risk-weighted assets , with any excess allowance for credit losses being deducted in arriving at credit risk-weighted assets .', '( 3 ) as of december 31 , 2015 and december 31 , 2014 , citi 2019s common equity tier 1 capital , tier 1 capital , and total capital ratios were the lower derived under the basel iii advanced approaches framework .', '( 4 ) citi 2019s basel iii capital ratios and related components , on a fully implemented basis , are non-gaap financial measures .', 'citi believes these ratios and the related components provide useful information to investors and others by measuring citi 2019s progress against future regulatory capital standards .', '( 5 ) tier 1 leverage ratio denominator .', '( 6 ) supplementary leverage ratio denominator. .'] | ----------------------------------------
in millions of dollars except ratios, december 31 2015 advanced approaches, december 31 2015 standardized approach, december 31 2015 advanced approaches, standardized approach
common equity tier 1 capital, $ 146865, $ 146865, $ 136597, $ 136597
tier 1 capital, 164036, 164036, 148066, 148066
total capital ( tier 1 capital + tier 2 capital ) ( 2 ), 186097, 198655, 165454, 178413
total risk-weighted assets, 1216277, 1162884, 1292605, 1228488
common equity tier 1 capital ratio ( 3 ) ( 4 ), 12.07% ( 12.07 % ), 12.63% ( 12.63 % ), 10.57% ( 10.57 % ), 11.12% ( 11.12 % )
tier 1 capital ratio ( 3 ) ( 4 ), 13.49, 14.11, 11.45, 12.05
total capital ratio ( 3 ) ( 4 ), 15.30, 17.08, 12.80, 14.52
---------------------------------------- | subtract(13.49, 14.11) | -0.62 |
in the consolidated statement of financial position what was the ratio of the properties held under capital leases in 2015 to 2014\\n | Background: ['we maintain and operate the assets based on contractual obligations within the lease arrangements , which set specific guidelines consistent within the railroad industry .', 'as such , we have no control over activities that could materially impact the fair value of the leased assets .', 'we do not hold the power to direct the activities of the vies and , therefore , do not control the ongoing activities that have a significant impact on the economic performance of the vies .', 'additionally , we do not have the obligation to absorb losses of the vies or the right to receive benefits of the vies that could potentially be significant to the we are not considered to be the primary beneficiary and do not consolidate these vies because our actions and decisions do not have the most significant effect on the vie 2019s performance and our fixed-price purchase options are not considered to be potentially significant to the vies .', 'the future minimum lease payments associated with the vie leases totaled $ 2.6 billion as of december 31 , 2015 .', '17 .', 'leases we lease certain locomotives , freight cars , and other property .', 'the consolidated statements of financial position as of december 31 , 2015 and 2014 included $ 2273 million , net of $ 1189 million of accumulated depreciation , and $ 2454 million , net of $ 1210 million of accumulated depreciation , respectively , for properties held under capital leases .', 'a charge to income resulting from the depreciation for assets held under capital leases is included within depreciation expense in our consolidated statements of income .', 'future minimum lease payments for operating and capital leases with initial or remaining non-cancelable lease terms in excess of one year as of december 31 , 2015 , were as follows : millions operating leases capital leases .']
Tabular Data:
****************************************
Row 1: millions, operatingleases, capitalleases
Row 2: 2016, $ 491, $ 217
Row 3: 2017, 446, 220
Row 4: 2018, 371, 198
Row 5: 2019, 339, 184
Row 6: 2020, 282, 193
Row 7: later years, 1501, 575
Row 8: total minimum lease payments, $ 3430, $ 1587
Row 9: amount representing interest, n/a, -319 ( 319 )
Row 10: present value of minimum lease payments, n/a, $ 1268
****************************************
Follow-up: ['approximately 95% ( 95 % ) of capital lease payments relate to locomotives .', 'rent expense for operating leases with terms exceeding one month was $ 590 million in 2015 , $ 593 million in 2014 , and $ 618 million in 2013 .', 'when cash rental payments are not made on a straight-line basis , we recognize variable rental expense on a straight-line basis over the lease term .', 'contingent rentals and sub-rentals are not significant .', '18 .', 'commitments and contingencies asserted and unasserted claims 2013 various claims and lawsuits are pending against us and certain of our subsidiaries .', 'we cannot fully determine the effect of all asserted and unasserted claims on our consolidated results of operations , financial condition , or liquidity .', 'to the extent possible , we have recorded a liability where asserted and unasserted claims are considered probable and where such claims can be reasonably estimated .', 'we do not expect that any known lawsuits , claims , environmental costs , commitments , contingent liabilities , or guarantees will have a material adverse effect on our consolidated results of operations , financial condition , or liquidity after taking into account liabilities and insurance recoveries previously recorded for these matters .', 'personal injury 2013 the cost of personal injuries to employees and others related to our activities is charged to expense based on estimates of the ultimate cost and number of incidents each year .', 'we use an actuarial analysis to measure the expense and liability , including unasserted claims .', 'the federal employers 2019 liability act ( fela ) governs compensation for work-related accidents .', 'under fela , damages are assessed based on a finding of fault through litigation or out-of-court settlements .', 'we offer a comprehensive variety of services and rehabilitation programs for employees who are injured at work .', 'our personal injury liability is not discounted to present value due to the uncertainty surrounding the timing of future payments .', 'approximately 94% ( 94 % ) of the recorded liability is related to asserted claims and .'] | 0.92624 | UNP/2015/page_80.pdf-2 | ['we maintain and operate the assets based on contractual obligations within the lease arrangements , which set specific guidelines consistent within the railroad industry .', 'as such , we have no control over activities that could materially impact the fair value of the leased assets .', 'we do not hold the power to direct the activities of the vies and , therefore , do not control the ongoing activities that have a significant impact on the economic performance of the vies .', 'additionally , we do not have the obligation to absorb losses of the vies or the right to receive benefits of the vies that could potentially be significant to the we are not considered to be the primary beneficiary and do not consolidate these vies because our actions and decisions do not have the most significant effect on the vie 2019s performance and our fixed-price purchase options are not considered to be potentially significant to the vies .', 'the future minimum lease payments associated with the vie leases totaled $ 2.6 billion as of december 31 , 2015 .', '17 .', 'leases we lease certain locomotives , freight cars , and other property .', 'the consolidated statements of financial position as of december 31 , 2015 and 2014 included $ 2273 million , net of $ 1189 million of accumulated depreciation , and $ 2454 million , net of $ 1210 million of accumulated depreciation , respectively , for properties held under capital leases .', 'a charge to income resulting from the depreciation for assets held under capital leases is included within depreciation expense in our consolidated statements of income .', 'future minimum lease payments for operating and capital leases with initial or remaining non-cancelable lease terms in excess of one year as of december 31 , 2015 , were as follows : millions operating leases capital leases .'] | ['approximately 95% ( 95 % ) of capital lease payments relate to locomotives .', 'rent expense for operating leases with terms exceeding one month was $ 590 million in 2015 , $ 593 million in 2014 , and $ 618 million in 2013 .', 'when cash rental payments are not made on a straight-line basis , we recognize variable rental expense on a straight-line basis over the lease term .', 'contingent rentals and sub-rentals are not significant .', '18 .', 'commitments and contingencies asserted and unasserted claims 2013 various claims and lawsuits are pending against us and certain of our subsidiaries .', 'we cannot fully determine the effect of all asserted and unasserted claims on our consolidated results of operations , financial condition , or liquidity .', 'to the extent possible , we have recorded a liability where asserted and unasserted claims are considered probable and where such claims can be reasonably estimated .', 'we do not expect that any known lawsuits , claims , environmental costs , commitments , contingent liabilities , or guarantees will have a material adverse effect on our consolidated results of operations , financial condition , or liquidity after taking into account liabilities and insurance recoveries previously recorded for these matters .', 'personal injury 2013 the cost of personal injuries to employees and others related to our activities is charged to expense based on estimates of the ultimate cost and number of incidents each year .', 'we use an actuarial analysis to measure the expense and liability , including unasserted claims .', 'the federal employers 2019 liability act ( fela ) governs compensation for work-related accidents .', 'under fela , damages are assessed based on a finding of fault through litigation or out-of-court settlements .', 'we offer a comprehensive variety of services and rehabilitation programs for employees who are injured at work .', 'our personal injury liability is not discounted to present value due to the uncertainty surrounding the timing of future payments .', 'approximately 94% ( 94 % ) of the recorded liability is related to asserted claims and .'] | ****************************************
Row 1: millions, operatingleases, capitalleases
Row 2: 2016, $ 491, $ 217
Row 3: 2017, 446, 220
Row 4: 2018, 371, 198
Row 5: 2019, 339, 184
Row 6: 2020, 282, 193
Row 7: later years, 1501, 575
Row 8: total minimum lease payments, $ 3430, $ 1587
Row 9: amount representing interest, n/a, -319 ( 319 )
Row 10: present value of minimum lease payments, n/a, $ 1268
**************************************** | divide(2273, 2454) | 0.92624 |
what is operating income return on sales for 2003 in the coatings segment? | Context: ['management 2019s discussion and analysis interest expense was $ 17 million less in 2004 than in 2003 reflecting the year over year reduction in debt of $ 316 million .', 'other charges declined $ 30 million in 2004 due to a combination of lower environmental remediation , legal and workers compensation expenses and the absence of certain 2003 charges .', 'other earnings were $ 28 million higher in 2004 due primarily to higher earnings from our equity affiliates .', 'the effective tax rate for 2004 was 30.29% ( 30.29 % ) compared to 34.76% ( 34.76 % ) for the full year 2003 .', 'the reduction in the rate for 2004 reflects the benefit of the subsidy offered pursuant to the medicare act not being subject to tax , the continued improvement in the geographical mix of non- u.s .', 'earnings and the favorable resolution during 2004 of matters related to two open u.s .', 'federal income tax years .', 'net income in 2004 totaled $ 683 million , an increase of $ 189 million over 2003 , and earnings per share 2013 diluted increased $ 1.06 to $ 3.95 per share .', 'results of business segments net sales operating income ( millions ) 2004 2003 2004 2003 ( 1 ) coatings $ 5275 $ 4835 $ 777 $ 719 .']
######
Table:
( millions ), net sales 2004, net sales 2003, net sales 2004, 2003 ( 1 )
coatings, $ 5275, $ 4835, $ 777, $ 719
glass, 2204, 2150, 169, 71
chemicals, 2034, 1771, 291, 228
######
Additional Information: ['chemicals 2034 1771 291 228 ( 1 ) operating income by segment for 2003 has been revised to reflect a change in the allocation method for certain pension and other postretirement benefit costs in 2004 ( see note 22 , 201cbusiness segment information 201d , under item 8 of this form 10-k ) .', 'coatings sales increased $ 440 million or 9% ( 9 % ) in 2004 .', 'sales increased 6% ( 6 % ) from improved volumes across all our coatings businesses and 4% ( 4 % ) due to the positive effects of foreign currency translation , primarily from our european operations .', 'sales declined 1% ( 1 % ) due to lower selling prices , principally in our automotive business .', 'operating income increased $ 58 million in 2004 .', 'factors increasing operating income were the higher sales volume ( $ 135 million ) and the favorable effects of currency translation described above and improved manufacturing efficiencies of $ 20 million .', 'factors decreasing operating income were inflationary cost increases of $ 82 million and lower selling prices .', 'glass sales increased $ 54 million or 3% ( 3 % ) in 2004 .', 'sales increased 6% ( 6 % ) from improved volumes primarily from our performance glazings ( flat glass ) , fiber glass , and automotive original equipment businesses net of lower volumes in our automotive replacement glass business .', 'sales also increased 2% ( 2 % ) due to the positive effects of foreign currency translation , primarily from our european fiber glass operations .', 'sales declined 5% ( 5 % ) due to lower selling prices across all our glass businesses .', 'operating income in 2004 increased $ 98 million .', 'factors increasing operating income were improved manufacturing efficiencies of $ 110 million , higher sales volume ( $ 53 million ) described above , higher equity earnings and the gains on the sale/leaseback of precious metals of $ 19 million .', 'the principal factor decreasing operating income was lower selling prices .', 'fiber glass volumes were up 15% ( 15 % ) for the year , although pricing declined .', 'with the shift of electronic printed wiring board production to asia and the volume and pricing gains there , equity earnings from our joint venture serving that region grew in 2004 .', 'these factors combined with focused cost reductions and manufacturing efficiencies to improve the operating performance of this business , as we continue to position it for future growth in profitability .', 'chemicals sales increased $ 263 million or 15% ( 15 % ) in 2004 .', 'sales increased 10% ( 10 % ) from improved volumes in our commodity and specialty businesses and 4% ( 4 % ) due to higher selling prices for our commodity products .', 'sales also increased 1% ( 1 % ) due to the positive effects of foreign currency translation , primarily from our european operations .', 'operating income increased $ 63 million in 2004 .', 'factors increasing operating income were the higher selling prices for our commodity products and the higher sales volume ( $ 73 million ) described above , improved manufacturing efficiencies of $ 25 million and lower environmental expenses .', 'factors decreasing 2004 operating income were inflationary cost increases of $ 40 million and higher energy costs of $ 79 million .', 'other significant factors the company 2019s pension and other postretirement benefit costs for 2004 were $ 45 million lower than in 2003 .', 'this decrease reflects the market driven growth in pension plan assets that occurred in 2003 , the impact of the $ 140 million in cash contributed to the pension plans by the company in 2004 and the benefit of the subsidy offered pursuant to the medicare act , as discussed in note 12 , 201cpension and other postretirement benefits , 201d under item 8 of this form 10-k .', 'commitments and contingent liabilities , including environmental matters ppg is involved in a number of lawsuits and claims , both actual and potential , including some that it has asserted against others , in which substantial monetary damages are sought .', 'see item 3 , 201clegal proceedings 201d of this form 10-k and note 13 , 201ccommitments and contingent liabilities , 201d under item 8 of this form 10-k for a description of certain of these lawsuits , including a description of the proposed ppg settlement arrangement for asbestos claims announced on may 14 , 2002 .', 'as discussed in item 3 and note 13 , although the result of any future litigation of such lawsuits and claims is inherently unpredictable , management believes that , in the aggregate , the outcome of all lawsuits and claims involving ppg , including asbestos-related claims in the event the ppg settlement arrangement described in note 13 does not become effective , will not have a material effect on ppg 2019s consolidated financial position or liquidity ; however , any such outcome may be material to the results of operations of any particular period in which costs , if any , are recognized .', 'the company has been named as a defendant , along with various other co-defendants , in a number of antitrust lawsuits filed in federal and state courts .', 'these suits allege that ppg acted with competitors to fix prices and allocate markets in the flat glass and automotive refinish industries .', '22 2005 ppg annual report and form 10-k .'] | 0.14871 | PPG/2005/page_24.pdf-1 | ['management 2019s discussion and analysis interest expense was $ 17 million less in 2004 than in 2003 reflecting the year over year reduction in debt of $ 316 million .', 'other charges declined $ 30 million in 2004 due to a combination of lower environmental remediation , legal and workers compensation expenses and the absence of certain 2003 charges .', 'other earnings were $ 28 million higher in 2004 due primarily to higher earnings from our equity affiliates .', 'the effective tax rate for 2004 was 30.29% ( 30.29 % ) compared to 34.76% ( 34.76 % ) for the full year 2003 .', 'the reduction in the rate for 2004 reflects the benefit of the subsidy offered pursuant to the medicare act not being subject to tax , the continued improvement in the geographical mix of non- u.s .', 'earnings and the favorable resolution during 2004 of matters related to two open u.s .', 'federal income tax years .', 'net income in 2004 totaled $ 683 million , an increase of $ 189 million over 2003 , and earnings per share 2013 diluted increased $ 1.06 to $ 3.95 per share .', 'results of business segments net sales operating income ( millions ) 2004 2003 2004 2003 ( 1 ) coatings $ 5275 $ 4835 $ 777 $ 719 .'] | ['chemicals 2034 1771 291 228 ( 1 ) operating income by segment for 2003 has been revised to reflect a change in the allocation method for certain pension and other postretirement benefit costs in 2004 ( see note 22 , 201cbusiness segment information 201d , under item 8 of this form 10-k ) .', 'coatings sales increased $ 440 million or 9% ( 9 % ) in 2004 .', 'sales increased 6% ( 6 % ) from improved volumes across all our coatings businesses and 4% ( 4 % ) due to the positive effects of foreign currency translation , primarily from our european operations .', 'sales declined 1% ( 1 % ) due to lower selling prices , principally in our automotive business .', 'operating income increased $ 58 million in 2004 .', 'factors increasing operating income were the higher sales volume ( $ 135 million ) and the favorable effects of currency translation described above and improved manufacturing efficiencies of $ 20 million .', 'factors decreasing operating income were inflationary cost increases of $ 82 million and lower selling prices .', 'glass sales increased $ 54 million or 3% ( 3 % ) in 2004 .', 'sales increased 6% ( 6 % ) from improved volumes primarily from our performance glazings ( flat glass ) , fiber glass , and automotive original equipment businesses net of lower volumes in our automotive replacement glass business .', 'sales also increased 2% ( 2 % ) due to the positive effects of foreign currency translation , primarily from our european fiber glass operations .', 'sales declined 5% ( 5 % ) due to lower selling prices across all our glass businesses .', 'operating income in 2004 increased $ 98 million .', 'factors increasing operating income were improved manufacturing efficiencies of $ 110 million , higher sales volume ( $ 53 million ) described above , higher equity earnings and the gains on the sale/leaseback of precious metals of $ 19 million .', 'the principal factor decreasing operating income was lower selling prices .', 'fiber glass volumes were up 15% ( 15 % ) for the year , although pricing declined .', 'with the shift of electronic printed wiring board production to asia and the volume and pricing gains there , equity earnings from our joint venture serving that region grew in 2004 .', 'these factors combined with focused cost reductions and manufacturing efficiencies to improve the operating performance of this business , as we continue to position it for future growth in profitability .', 'chemicals sales increased $ 263 million or 15% ( 15 % ) in 2004 .', 'sales increased 10% ( 10 % ) from improved volumes in our commodity and specialty businesses and 4% ( 4 % ) due to higher selling prices for our commodity products .', 'sales also increased 1% ( 1 % ) due to the positive effects of foreign currency translation , primarily from our european operations .', 'operating income increased $ 63 million in 2004 .', 'factors increasing operating income were the higher selling prices for our commodity products and the higher sales volume ( $ 73 million ) described above , improved manufacturing efficiencies of $ 25 million and lower environmental expenses .', 'factors decreasing 2004 operating income were inflationary cost increases of $ 40 million and higher energy costs of $ 79 million .', 'other significant factors the company 2019s pension and other postretirement benefit costs for 2004 were $ 45 million lower than in 2003 .', 'this decrease reflects the market driven growth in pension plan assets that occurred in 2003 , the impact of the $ 140 million in cash contributed to the pension plans by the company in 2004 and the benefit of the subsidy offered pursuant to the medicare act , as discussed in note 12 , 201cpension and other postretirement benefits , 201d under item 8 of this form 10-k .', 'commitments and contingent liabilities , including environmental matters ppg is involved in a number of lawsuits and claims , both actual and potential , including some that it has asserted against others , in which substantial monetary damages are sought .', 'see item 3 , 201clegal proceedings 201d of this form 10-k and note 13 , 201ccommitments and contingent liabilities , 201d under item 8 of this form 10-k for a description of certain of these lawsuits , including a description of the proposed ppg settlement arrangement for asbestos claims announced on may 14 , 2002 .', 'as discussed in item 3 and note 13 , although the result of any future litigation of such lawsuits and claims is inherently unpredictable , management believes that , in the aggregate , the outcome of all lawsuits and claims involving ppg , including asbestos-related claims in the event the ppg settlement arrangement described in note 13 does not become effective , will not have a material effect on ppg 2019s consolidated financial position or liquidity ; however , any such outcome may be material to the results of operations of any particular period in which costs , if any , are recognized .', 'the company has been named as a defendant , along with various other co-defendants , in a number of antitrust lawsuits filed in federal and state courts .', 'these suits allege that ppg acted with competitors to fix prices and allocate markets in the flat glass and automotive refinish industries .', '22 2005 ppg annual report and form 10-k .'] | ( millions ), net sales 2004, net sales 2003, net sales 2004, 2003 ( 1 )
coatings, $ 5275, $ 4835, $ 777, $ 719
glass, 2204, 2150, 169, 71
chemicals, 2034, 1771, 291, 228 | divide(719, 4835) | 0.14871 |
what is the percent change in freight revenue from 2008 to 2010? | Pre-text: ['us in a position to handle demand changes .', 'we will also continue utilizing industrial engineering techniques to improve productivity .', '2022 fuel prices 2013 uncertainty about the economy makes fuel price projections difficult , and we 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 .', 'to reduce the impact of fuel price on earnings , we will continue to seek recovery from our customers through our fuel surcharge programs and to expand our fuel conservation efforts .', '2022 capital plan 2013 in 2011 , we plan to make total capital investments of approximately $ 3.2 billion , including expenditures for positive train control ( ptc ) , which 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. ) 2022 positive train control 2013 in response to a legislative mandate to implement ptc by the end of 2015 , we expect to spend approximately $ 250 million during 2011 on developing ptc .', 'we currently estimate that ptc will cost us approximately $ 1.4 billion to implement by the end of 2015 , in accordance with rules issued by the federal railroad administration ( fra ) .', 'this includes costs for installing the new system along our tracks , upgrading locomotives to work with the new system , and adding digital data communication equipment so all the parts of the system can communicate with each other .', 'during 2011 , we plan to begin testing the technology to evaluate its effectiveness .', '2022 financial expectations 2013 we remain cautious about economic conditions , but anticipate volume to increase from 2010 levels .', 'in addition , we expect volume , price , and productivity gains to offset expected higher costs for fuel , labor inflation , depreciation , casualty costs , and property taxes to drive operating ratio improvement .', 'results of operations operating revenues millions 2010 2009 2008 % ( % ) change 2010 v 2009 % ( % ) change 2009 v 2008 .']
Data Table:
----------------------------------------
millions | 2010 | 2009 | 2008 | % ( % ) change 2010 v 2009 | % ( % ) change 2009 v 2008
----------|----------|----------|----------|----------|----------
freight revenues | $ 16069 | $ 13373 | $ 17118 | 20% ( 20 % ) | ( 22 ) % ( % )
other revenues | 896 | 770 | 852 | 16 | -10 ( 10 )
total | $ 16965 | $ 14143 | $ 17970 | 20% ( 20 % ) | ( 21 ) % ( % )
----------------------------------------
Follow-up: ['freight revenues are revenues generated by transporting freight or other materials from our six commodity groups .', 'freight revenues vary with volume ( carloads ) and average revenue per car ( arc ) .', 'changes in price , traffic mix and fuel surcharges drive arc .', 'we provide some of our customers with contractual incentives for meeting or exceeding specified cumulative volumes or shipping to and from specific locations , which we record as a reduction to freight revenues based on the actual or projected future shipments .', 'we recognize freight revenues as freight moves from origin to destination .', 'we allocate freight revenues between reporting periods based on the relative transit time in each reporting period and recognize expenses as we incur them .', 'other revenues include revenues earned by our subsidiaries , revenues from our commuter rail operations , and accessorial revenues , which we earn when customers retain equipment owned or controlled by us or when we perform additional services such as switching or storage .', 'we recognize other revenues as we perform services or meet contractual obligations .', 'freight revenues and volume levels for all six commodity groups increased during 2010 as a result of economic improvement in many market sectors .', 'we experienced particularly strong volume growth in automotive , intermodal , and industrial products shipments .', 'core pricing gains and higher fuel surcharges also increased freight revenues and drove a 6% ( 6 % ) improvement in arc .', 'freight revenues and volume levels for all six commodity groups decreased during 2009 , reflecting continued economic weakness .', 'we experienced the largest volume declines in automotive and industrial .'] | 6.12805 | UNP/2010/page_25.pdf-1 | ['us in a position to handle demand changes .', 'we will also continue utilizing industrial engineering techniques to improve productivity .', '2022 fuel prices 2013 uncertainty about the economy makes fuel price projections difficult , and we 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 .', 'to reduce the impact of fuel price on earnings , we will continue to seek recovery from our customers through our fuel surcharge programs and to expand our fuel conservation efforts .', '2022 capital plan 2013 in 2011 , we plan to make total capital investments of approximately $ 3.2 billion , including expenditures for positive train control ( ptc ) , which 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. ) 2022 positive train control 2013 in response to a legislative mandate to implement ptc by the end of 2015 , we expect to spend approximately $ 250 million during 2011 on developing ptc .', 'we currently estimate that ptc will cost us approximately $ 1.4 billion to implement by the end of 2015 , in accordance with rules issued by the federal railroad administration ( fra ) .', 'this includes costs for installing the new system along our tracks , upgrading locomotives to work with the new system , and adding digital data communication equipment so all the parts of the system can communicate with each other .', 'during 2011 , we plan to begin testing the technology to evaluate its effectiveness .', '2022 financial expectations 2013 we remain cautious about economic conditions , but anticipate volume to increase from 2010 levels .', 'in addition , we expect volume , price , and productivity gains to offset expected higher costs for fuel , labor inflation , depreciation , casualty costs , and property taxes to drive operating ratio improvement .', 'results of operations operating revenues millions 2010 2009 2008 % ( % ) change 2010 v 2009 % ( % ) change 2009 v 2008 .'] | ['freight revenues are revenues generated by transporting freight or other materials from our six commodity groups .', 'freight revenues vary with volume ( carloads ) and average revenue per car ( arc ) .', 'changes in price , traffic mix and fuel surcharges drive arc .', 'we provide some of our customers with contractual incentives for meeting or exceeding specified cumulative volumes or shipping to and from specific locations , which we record as a reduction to freight revenues based on the actual or projected future shipments .', 'we recognize freight revenues as freight moves from origin to destination .', 'we allocate freight revenues between reporting periods based on the relative transit time in each reporting period and recognize expenses as we incur them .', 'other revenues include revenues earned by our subsidiaries , revenues from our commuter rail operations , and accessorial revenues , which we earn when customers retain equipment owned or controlled by us or when we perform additional services such as switching or storage .', 'we recognize other revenues as we perform services or meet contractual obligations .', 'freight revenues and volume levels for all six commodity groups increased during 2010 as a result of economic improvement in many market sectors .', 'we experienced particularly strong volume growth in automotive , intermodal , and industrial products shipments .', 'core pricing gains and higher fuel surcharges also increased freight revenues and drove a 6% ( 6 % ) improvement in arc .', 'freight revenues and volume levels for all six commodity groups decreased during 2009 , reflecting continued economic weakness .', 'we experienced the largest volume declines in automotive and industrial .'] | ----------------------------------------
millions | 2010 | 2009 | 2008 | % ( % ) change 2010 v 2009 | % ( % ) change 2009 v 2008
----------|----------|----------|----------|----------|----------
freight revenues | $ 16069 | $ 13373 | $ 17118 | 20% ( 20 % ) | ( 22 ) % ( % )
other revenues | 896 | 770 | 852 | 16 | -10 ( 10 )
total | $ 16965 | $ 14143 | $ 17970 | 20% ( 20 % ) | ( 21 ) % ( % )
---------------------------------------- | subtract(17118, 16069), divide(#0, 17118), multiply(#1, const_100) | 6.12805 |
what was the change in millions between 2012 and 2013 in currency hedges? | Background: ['notes to consolidated financial statements net investment hedges the firm seeks to reduce the impact of fluctuations in foreign exchange rates on its net investment in certain non- u.s .', 'operations through the use of foreign currency forward contracts and foreign currency-denominated debt .', 'for foreign currency forward contracts designated as hedges , the effectiveness of the hedge is assessed based on the overall changes in the fair value of the forward contracts ( i.e. , based on changes in forward rates ) .', 'for foreign currency-denominated debt designated as a hedge , the effectiveness of the hedge is assessed based on changes in spot rates .', 'for qualifying net investment hedges , the gains or losses on the hedging instruments , to the extent effective , are included in 201ccurrency translation 201d within the consolidated statements of comprehensive income .', 'the table below presents the gains/ ( losses ) from net investment hedging. .']
######
Tabular Data:
****************************************
Row 1: in millions, year ended december 2013, year ended december 2012, year ended december 2011
Row 2: currency hedges, $ 150, $ -233 ( 233 ), $ 160
Row 3: foreign currency-denominated debt hedges, 470, 347, -147 ( 147 )
****************************************
######
Post-table: ['the gain/ ( loss ) related to ineffectiveness was not material for 2013 , 2012 or 2011 .', 'the loss reclassified to earnings from accumulated other comprehensive income was not material for 2013 or 2012 , and was $ 186 million for 2011 .', 'as of december 2013 and december 2012 , the firm had designated $ 1.97 billion and $ 2.77 billion , respectively , of foreign currency-denominated debt , included in 201cunsecured long-term borrowings 201d and 201cunsecured short- term borrowings , 201d as hedges of net investments in non- u.s .', 'subsidiaries .', 'cash flow hedges beginning in the third quarter of 2013 , the firm designated certain commodities-related swap and forward contracts as cash flow hedges .', 'these swap and forward contracts hedge the firm 2019s exposure to the variability in cash flows associated with the forecasted sales of certain energy commodities by one of the firm 2019s consolidated investments .', 'the firm applies a statistical method that utilizes regression analysis when assessing hedge effectiveness .', 'a cash flow hedge is considered highly effective in offsetting changes in forecasted cash flows attributable to the hedged risk when the regression analysis results in a coefficient of determination of 80% ( 80 % ) or greater and a slope between 80% ( 80 % ) and 125% ( 125 % ) .', 'for qualifying cash flow hedges , the gains or losses on derivatives , to the extent effective , are included in 201ccash flow hedges 201d within the consolidated statements of comprehensive income .', 'gains or losses resulting from hedge ineffectiveness are included in 201cother principal transactions 201d in the consolidated statements of earnings .', 'the effective portion of the gains , before taxes , recognized on these cash flow hedges was $ 14 million for 2013 .', 'the gain/ ( loss ) related to hedge ineffectiveness was not material for 2013 .', 'there were no gains/ ( losses ) excluded from the assessment of hedge effectiveness or reclassified to earnings from accumulated other comprehensive income during 2013 .', 'the amounts recorded in 201ccash flow hedges 201d will be reclassified to 201cother principal transactions 201d in the same periods as the corresponding gain or loss on the sale of the hedged energy commodities , which is also recorded in 201cother principal transactions . 201d the firm expects to reclassify $ 5 million of gains , net of taxes , related to cash flow hedges from 201ccash flow hedges 201d to earnings within the next twelve months .', 'the length of time over which the firm is hedging its exposure to the variability in future cash flows for forecasted transactions is approximately two years .', '150 goldman sachs 2013 annual report .'] | 383.0 | GS/2013/page_152.pdf-2 | ['notes to consolidated financial statements net investment hedges the firm seeks to reduce the impact of fluctuations in foreign exchange rates on its net investment in certain non- u.s .', 'operations through the use of foreign currency forward contracts and foreign currency-denominated debt .', 'for foreign currency forward contracts designated as hedges , the effectiveness of the hedge is assessed based on the overall changes in the fair value of the forward contracts ( i.e. , based on changes in forward rates ) .', 'for foreign currency-denominated debt designated as a hedge , the effectiveness of the hedge is assessed based on changes in spot rates .', 'for qualifying net investment hedges , the gains or losses on the hedging instruments , to the extent effective , are included in 201ccurrency translation 201d within the consolidated statements of comprehensive income .', 'the table below presents the gains/ ( losses ) from net investment hedging. .'] | ['the gain/ ( loss ) related to ineffectiveness was not material for 2013 , 2012 or 2011 .', 'the loss reclassified to earnings from accumulated other comprehensive income was not material for 2013 or 2012 , and was $ 186 million for 2011 .', 'as of december 2013 and december 2012 , the firm had designated $ 1.97 billion and $ 2.77 billion , respectively , of foreign currency-denominated debt , included in 201cunsecured long-term borrowings 201d and 201cunsecured short- term borrowings , 201d as hedges of net investments in non- u.s .', 'subsidiaries .', 'cash flow hedges beginning in the third quarter of 2013 , the firm designated certain commodities-related swap and forward contracts as cash flow hedges .', 'these swap and forward contracts hedge the firm 2019s exposure to the variability in cash flows associated with the forecasted sales of certain energy commodities by one of the firm 2019s consolidated investments .', 'the firm applies a statistical method that utilizes regression analysis when assessing hedge effectiveness .', 'a cash flow hedge is considered highly effective in offsetting changes in forecasted cash flows attributable to the hedged risk when the regression analysis results in a coefficient of determination of 80% ( 80 % ) or greater and a slope between 80% ( 80 % ) and 125% ( 125 % ) .', 'for qualifying cash flow hedges , the gains or losses on derivatives , to the extent effective , are included in 201ccash flow hedges 201d within the consolidated statements of comprehensive income .', 'gains or losses resulting from hedge ineffectiveness are included in 201cother principal transactions 201d in the consolidated statements of earnings .', 'the effective portion of the gains , before taxes , recognized on these cash flow hedges was $ 14 million for 2013 .', 'the gain/ ( loss ) related to hedge ineffectiveness was not material for 2013 .', 'there were no gains/ ( losses ) excluded from the assessment of hedge effectiveness or reclassified to earnings from accumulated other comprehensive income during 2013 .', 'the amounts recorded in 201ccash flow hedges 201d will be reclassified to 201cother principal transactions 201d in the same periods as the corresponding gain or loss on the sale of the hedged energy commodities , which is also recorded in 201cother principal transactions . 201d the firm expects to reclassify $ 5 million of gains , net of taxes , related to cash flow hedges from 201ccash flow hedges 201d to earnings within the next twelve months .', 'the length of time over which the firm is hedging its exposure to the variability in future cash flows for forecasted transactions is approximately two years .', '150 goldman sachs 2013 annual report .'] | ****************************************
Row 1: in millions, year ended december 2013, year ended december 2012, year ended december 2011
Row 2: currency hedges, $ 150, $ -233 ( 233 ), $ 160
Row 3: foreign currency-denominated debt hedges, 470, 347, -147 ( 147 )
**************************************** | subtract(150, -233) | 383.0 |
what was total cash retuned to shareholders in 2012? | Context: ['morgan stanley consolidated statements of changes in total equity 2014 ( continued ) ( dollars in millions ) preferred common paid-in capital retained earnings employee accumulated comprehensive income ( loss ) common held in treasury at cost common issued to employee redeemable controlling interests equity balance at december 31 , 2011 .', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '$ 1508 $ 20 $ 22836 $ 40341 $ 3166 $ ( 157 ) $ ( 2499 ) $ ( 3166 ) $ 8029 $ 70078 net income applicable to morgan stanley .', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '2014 2014 2014 68 2014 2014 2014 2014 2014 68 net income applicable to nonredeemable noncontrolling interests .', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '2014 2014 2014 2014 2014 2014 2014 2014 524 524 .']
##########
Tabular Data:
, preferred stock, common stock, paid-in capital, retained earnings, employee stock trust, accumulated other comprehensive income ( loss ), common stock held in treasury at cost, common stock issued to employee trust, non- redeemable non- controlling interests, total equity
balance at december 31 2011, $ 1508, $ 20, $ 22836, $ 40341, $ 3166, $ -157 ( 157 ), $ -2499 ( 2499 ), $ -3166 ( 3166 ), $ 8029, $ 70078
net income applicable to morgan stanley, 2014, 2014, 2014, 68, 2014, 2014, 2014, 2014, 2014, 68
net income applicable to nonredeemable noncontrolling interests, 2014, 2014, 2014, 2014, 2014, 2014, 2014, 2014, 524, 524
dividends, 2014, 2014, 2014, -497 ( 497 ), 2014, 2014, 2014, 2014, 2014, -497 ( 497 )
shares issued under employee plans and related tax effects, 2014, 2014, 662, 2014, -234 ( 234 ), 2014, 485, 234, 2014, 1147
repurchases of common stock, 2014, 2014, 2014, 2014, 2014, 2014, -227 ( 227 ), 2014, 2014, -227 ( 227 )
net change in cash flow hedges, 2014, 2014, 2014, 2014, 2014, 6, 2014, 2014, 2014, 6
pension postretirement and other related adjustments, 2014, 2014, 2014, 2014, 2014, -265 ( 265 ), 2014, 2014, 5, -260 ( 260 )
foreign currency translation adjustments, 2014, 2014, 2014, 2014, 2014, -128 ( 128 ), 2014, 2014, -125 ( 125 ), -253 ( 253 )
change in net unrealized gains on securities available for sale, 2014, 2014, 2014, 2014, 2014, 28, 2014, 2014, 2014, 28
purchase of additional stake in the wealth management joint venture, 2014, 2014, -107 ( 107 ), 2014, 2014, 2014, 2014, 2014, -1718 ( 1718 ), -1825 ( 1825 )
reclassification to redeemable noncontrolling interests, 2014, 2014, 2014, 2014, 2014, 2014, 2014, 2014, -4288 ( 4288 ), -4288 ( 4288 )
other net increases, 2014, 2014, 35, 2014, 2014, 2014, 2014, 2014, 892, 927
balance at december 31 2012, $ 1508, $ 20, $ 23426, $ 39912, $ 2932, $ -516 ( 516 ), $ -2241 ( 2241 ), $ -2932 ( 2932 ), $ 3319, $ 65428
##########
Post-table: ['balance at december 31 , 2012 .', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '$ 1508 $ 20 $ 23426 $ 39912 $ 2932 $ ( 516 ) $ ( 2241 ) $ ( 2932 ) $ 3319 $ 65428 see notes to consolidated financial statements. .'] | 724.0 | MS/2012/page_150.pdf-1 | ['morgan stanley consolidated statements of changes in total equity 2014 ( continued ) ( dollars in millions ) preferred common paid-in capital retained earnings employee accumulated comprehensive income ( loss ) common held in treasury at cost common issued to employee redeemable controlling interests equity balance at december 31 , 2011 .', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '$ 1508 $ 20 $ 22836 $ 40341 $ 3166 $ ( 157 ) $ ( 2499 ) $ ( 3166 ) $ 8029 $ 70078 net income applicable to morgan stanley .', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '2014 2014 2014 68 2014 2014 2014 2014 2014 68 net income applicable to nonredeemable noncontrolling interests .', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '2014 2014 2014 2014 2014 2014 2014 2014 524 524 .'] | ['balance at december 31 , 2012 .', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '$ 1508 $ 20 $ 23426 $ 39912 $ 2932 $ ( 516 ) $ ( 2241 ) $ ( 2932 ) $ 3319 $ 65428 see notes to consolidated financial statements. .'] | , preferred stock, common stock, paid-in capital, retained earnings, employee stock trust, accumulated other comprehensive income ( loss ), common stock held in treasury at cost, common stock issued to employee trust, non- redeemable non- controlling interests, total equity
balance at december 31 2011, $ 1508, $ 20, $ 22836, $ 40341, $ 3166, $ -157 ( 157 ), $ -2499 ( 2499 ), $ -3166 ( 3166 ), $ 8029, $ 70078
net income applicable to morgan stanley, 2014, 2014, 2014, 68, 2014, 2014, 2014, 2014, 2014, 68
net income applicable to nonredeemable noncontrolling interests, 2014, 2014, 2014, 2014, 2014, 2014, 2014, 2014, 524, 524
dividends, 2014, 2014, 2014, -497 ( 497 ), 2014, 2014, 2014, 2014, 2014, -497 ( 497 )
shares issued under employee plans and related tax effects, 2014, 2014, 662, 2014, -234 ( 234 ), 2014, 485, 234, 2014, 1147
repurchases of common stock, 2014, 2014, 2014, 2014, 2014, 2014, -227 ( 227 ), 2014, 2014, -227 ( 227 )
net change in cash flow hedges, 2014, 2014, 2014, 2014, 2014, 6, 2014, 2014, 2014, 6
pension postretirement and other related adjustments, 2014, 2014, 2014, 2014, 2014, -265 ( 265 ), 2014, 2014, 5, -260 ( 260 )
foreign currency translation adjustments, 2014, 2014, 2014, 2014, 2014, -128 ( 128 ), 2014, 2014, -125 ( 125 ), -253 ( 253 )
change in net unrealized gains on securities available for sale, 2014, 2014, 2014, 2014, 2014, 28, 2014, 2014, 2014, 28
purchase of additional stake in the wealth management joint venture, 2014, 2014, -107 ( 107 ), 2014, 2014, 2014, 2014, 2014, -1718 ( 1718 ), -1825 ( 1825 )
reclassification to redeemable noncontrolling interests, 2014, 2014, 2014, 2014, 2014, 2014, 2014, 2014, -4288 ( 4288 ), -4288 ( 4288 )
other net increases, 2014, 2014, 35, 2014, 2014, 2014, 2014, 2014, 892, 927
balance at december 31 2012, $ 1508, $ 20, $ 23426, $ 39912, $ 2932, $ -516 ( 516 ), $ -2241 ( 2241 ), $ -2932 ( 2932 ), $ 3319, $ 65428 | add(497, 227) | 724.0 |
what was the industrial packaging profit margin in 2012 | Context: ['( $ 125 million ) and higher maintenance outage costs ( $ 18 million ) .', 'additionally , operating profits in 2012 include costs of $ 184 million associated with the acquisition and integration of temple-inland , mill divestiture costs of $ 91 million , costs associated with the restructuring of our european packaging busi- ness of $ 17 million and a $ 3 million gain for other items , while operating costs in 2011 included costs associated with signing an agreement to acquire temple-inland of $ 20 million and a gain of $ 7 million for other items .', 'industrial packaging .']
------
Data Table:
in millions, 2012, 2011, 2010
sales, $ 13280, $ 10430, $ 9840
operating profit, 1066, 1147, 826
------
Follow-up: ['north american industr ia l packaging net sales were $ 11.6 billion in 2012 compared with $ 8.6 billion in 2011 and $ 8.4 billion in 2010 .', 'operating profits in 2012 were $ 1.0 billion ( $ 1.3 billion exclud- ing costs associated with the acquisition and integration of temple-inland and mill divestiture costs ) compared with $ 1.1 billion ( both including and excluding costs associated with signing an agree- ment to acquire temple-inland ) in 2011 and $ 763 million ( $ 776 million excluding facility closure costs ) in 2010 .', 'sales volumes for the legacy business were about flat in 2012 compared with 2011 .', 'average sales price was lower mainly due to export containerboard sales prices which bottomed out in the first quarter but climbed steadily the rest of the year .', 'input costs were lower for recycled fiber , wood and natural gas , but higher for starch .', 'freight costs also increased .', 'plan- ned maintenance downtime costs were higher than in 2011 .', 'operating costs were higher largely due to routine inventory valuation adjustments operating profits in 2012 benefited from $ 235 million of temple-inland synergies .', 'market-related downtime in 2012 was about 570000 tons compared with about 380000 tons in 2011 .', 'operating profits in 2012 included $ 184 million of costs associated with the acquisition and integration of temple-inland and $ 91 million of costs associated with the divestiture of three containerboard mills .', 'operating profits in 2011 included charges of $ 20 million for costs associated with the signing of the agreement to acquire temple- inland .', 'looking ahead to 2013 , sales volumes in the first quarter compared with the fourth quarter of 2012 are expected to increase slightly for boxes due to a higher number of shipping days .', 'average sales price realizations are expected to reflect the pass-through to box customers of a containerboard price increase implemented in 2012 .', 'input costs are expected to be higher for recycled fiber , wood and starch .', 'planned maintenance downtime costs are expected to be about $ 26 million higher with outages scheduled at eight mills compared with six mills in the 2012 fourth quarter .', 'manufacturing operating costs are expected to be lower .', 'european industr ia l packaging net sales were $ 1.0 billion in 2012 compared with $ 1.1 billion in 2011 and $ 990 million in 2010 .', 'operating profits in 2012 were $ 53 million ( $ 72 million excluding restructuring costs ) compared with $ 66 million ( $ 61 million excluding a gain for a bargain purchase price adjustment on an acquisition by our joint venture in turkey and costs associated with the closure of our etienne mill in france in 2009 ) in 2011 and $ 70 mil- lion ( $ 73 million before closure costs for our etienne mill ) in 2010 .', 'sales volumes in 2012 were lower than in 2011 reflecting decreased demand for packaging in the industrial market due to a weaker overall economic environment in southern europe .', 'demand for pack- aging in the agricultural markets was about flat year- over-year .', 'average sales margins increased due to sales price increases implemented during 2011 and 2012 and lower board costs .', 'other input costs were higher , primarily for energy and distribution .', 'operat- ing profits in 2012 included a net gain of $ 10 million for an insurance settlement , partially offset by addi- tional operating costs , related to the earthquakes in northern italy in may which affected our san felice box plant .', 'entering the first quarter of 2013 , sales volumes are expected to be stable reflecting a seasonal decrease in market demand in agricultural markets offset by an increase in industrial markets .', 'average sales margins are expected to improve due to lower input costs for containerboard .', 'other input costs should be about flat .', 'operating costs are expected to be higher reflecting the absence of the earthquake insurance settlement that was received in the 2012 fourth quar- asian industr ia l packaging net sales and operating profits include the results of sca pack- aging since the acquisition on june 30 , 2010 , includ- ing the impact of incremental integration costs .', 'net sales for the packaging operations were $ 400 million in 2012 compared with $ 410 million in 2011 and $ 255 million in 2010 .', 'operating profits for the packaging operations were $ 2 million in 2012 compared with $ 2 million in 2011 and a loss of $ 7 million ( a loss of $ 4 million excluding facility closure costs ) in 2010 .', 'operating profits were favorably impacted by higher average sales margins in 2012 compared with 2011 , but this benefit was offset by lower sales volumes and higher raw material costs and operating costs .', 'looking ahead to the first quarter of 2013 , sales volumes and average sales margins are expected to decrease due to seasonality .', 'net sales for the distribution operations were $ 260 million in 2012 compared with $ 285 million in 2011 and $ 240 million in 2010 .', 'operating profits were $ 3 million in 2012 compared with $ 3 million in 2011 and about breakeven in 2010. .'] | 0.08027 | IP/2012/page_55.pdf-4 | ['( $ 125 million ) and higher maintenance outage costs ( $ 18 million ) .', 'additionally , operating profits in 2012 include costs of $ 184 million associated with the acquisition and integration of temple-inland , mill divestiture costs of $ 91 million , costs associated with the restructuring of our european packaging busi- ness of $ 17 million and a $ 3 million gain for other items , while operating costs in 2011 included costs associated with signing an agreement to acquire temple-inland of $ 20 million and a gain of $ 7 million for other items .', 'industrial packaging .'] | ['north american industr ia l packaging net sales were $ 11.6 billion in 2012 compared with $ 8.6 billion in 2011 and $ 8.4 billion in 2010 .', 'operating profits in 2012 were $ 1.0 billion ( $ 1.3 billion exclud- ing costs associated with the acquisition and integration of temple-inland and mill divestiture costs ) compared with $ 1.1 billion ( both including and excluding costs associated with signing an agree- ment to acquire temple-inland ) in 2011 and $ 763 million ( $ 776 million excluding facility closure costs ) in 2010 .', 'sales volumes for the legacy business were about flat in 2012 compared with 2011 .', 'average sales price was lower mainly due to export containerboard sales prices which bottomed out in the first quarter but climbed steadily the rest of the year .', 'input costs were lower for recycled fiber , wood and natural gas , but higher for starch .', 'freight costs also increased .', 'plan- ned maintenance downtime costs were higher than in 2011 .', 'operating costs were higher largely due to routine inventory valuation adjustments operating profits in 2012 benefited from $ 235 million of temple-inland synergies .', 'market-related downtime in 2012 was about 570000 tons compared with about 380000 tons in 2011 .', 'operating profits in 2012 included $ 184 million of costs associated with the acquisition and integration of temple-inland and $ 91 million of costs associated with the divestiture of three containerboard mills .', 'operating profits in 2011 included charges of $ 20 million for costs associated with the signing of the agreement to acquire temple- inland .', 'looking ahead to 2013 , sales volumes in the first quarter compared with the fourth quarter of 2012 are expected to increase slightly for boxes due to a higher number of shipping days .', 'average sales price realizations are expected to reflect the pass-through to box customers of a containerboard price increase implemented in 2012 .', 'input costs are expected to be higher for recycled fiber , wood and starch .', 'planned maintenance downtime costs are expected to be about $ 26 million higher with outages scheduled at eight mills compared with six mills in the 2012 fourth quarter .', 'manufacturing operating costs are expected to be lower .', 'european industr ia l packaging net sales were $ 1.0 billion in 2012 compared with $ 1.1 billion in 2011 and $ 990 million in 2010 .', 'operating profits in 2012 were $ 53 million ( $ 72 million excluding restructuring costs ) compared with $ 66 million ( $ 61 million excluding a gain for a bargain purchase price adjustment on an acquisition by our joint venture in turkey and costs associated with the closure of our etienne mill in france in 2009 ) in 2011 and $ 70 mil- lion ( $ 73 million before closure costs for our etienne mill ) in 2010 .', 'sales volumes in 2012 were lower than in 2011 reflecting decreased demand for packaging in the industrial market due to a weaker overall economic environment in southern europe .', 'demand for pack- aging in the agricultural markets was about flat year- over-year .', 'average sales margins increased due to sales price increases implemented during 2011 and 2012 and lower board costs .', 'other input costs were higher , primarily for energy and distribution .', 'operat- ing profits in 2012 included a net gain of $ 10 million for an insurance settlement , partially offset by addi- tional operating costs , related to the earthquakes in northern italy in may which affected our san felice box plant .', 'entering the first quarter of 2013 , sales volumes are expected to be stable reflecting a seasonal decrease in market demand in agricultural markets offset by an increase in industrial markets .', 'average sales margins are expected to improve due to lower input costs for containerboard .', 'other input costs should be about flat .', 'operating costs are expected to be higher reflecting the absence of the earthquake insurance settlement that was received in the 2012 fourth quar- asian industr ia l packaging net sales and operating profits include the results of sca pack- aging since the acquisition on june 30 , 2010 , includ- ing the impact of incremental integration costs .', 'net sales for the packaging operations were $ 400 million in 2012 compared with $ 410 million in 2011 and $ 255 million in 2010 .', 'operating profits for the packaging operations were $ 2 million in 2012 compared with $ 2 million in 2011 and a loss of $ 7 million ( a loss of $ 4 million excluding facility closure costs ) in 2010 .', 'operating profits were favorably impacted by higher average sales margins in 2012 compared with 2011 , but this benefit was offset by lower sales volumes and higher raw material costs and operating costs .', 'looking ahead to the first quarter of 2013 , sales volumes and average sales margins are expected to decrease due to seasonality .', 'net sales for the distribution operations were $ 260 million in 2012 compared with $ 285 million in 2011 and $ 240 million in 2010 .', 'operating profits were $ 3 million in 2012 compared with $ 3 million in 2011 and about breakeven in 2010. .'] | in millions, 2012, 2011, 2010
sales, $ 13280, $ 10430, $ 9840
operating profit, 1066, 1147, 826 | divide(1066, 13280) | 0.08027 |
what is the average price at issuance? | Pre-text: ['notes to consolidated financial statements 2013 ( continued ) ( amounts in millions , except per share amounts ) debt transactions see note 6 for further information regarding the company 2019s acquisition of acxiom ( the 201cacxiom acquisition 201d ) on october 1 , 2018 ( the 201cclosing date 201d ) .', 'senior notes on september 21 , 2018 , in order to fund the acxiom acquisition and related fees and expenses , we issued a total of $ 2000.0 in aggregate principal amount of unsecured senior notes ( in four separate series of $ 500.0 each , together , the 201csenior notes 201d ) .', 'upon issuance , the senior notes were reflected on our consolidated balance sheets net of discount of $ 5.8 and net of the capitalized debt issuance costs , including commissions and offering expenses of $ 16.1 , both of which will be amortized in interest expense through the respective maturity dates of each series of senior notes using the effective interest method .', 'interest is payable semi-annually in arrears on april 1st and october 1st of each year , commencing on april 1 , 2019 .', 'the issuance was comprised of the following four series of notes : senior notes par value discount at issuance net price at issuance issuance cost net proceeds .']
Tabular Data:
****************************************
• senior notes, par value, discount at issuance, net price at issuance, issuance cost, net proceeds
• 3.50% ( 3.50 % ) senior notes due 2020, $ 500.0, $ 1.0, $ 499.0, $ 2.9, $ 496.1
• 3.75% ( 3.75 % ) senior notes due 2021, 500.0, 0.3, 499.7, 3.2, 496.5
• 4.65% ( 4.65 % ) senior notes due 2028, 500.0, 1.7, 498.3, 4.4, 493.9
• 5.40% ( 5.40 % ) senior notes due 2048, 500.0, 2.8, 497.2, 5.6, 491.6
• total, $ 2000.0, $ 5.8, $ 1994.2, $ 16.1, $ 1978.1
****************************************
Follow-up: ['consistent with our other debt securities , the newly issued senior notes include covenants that , among other things , limit our liens and the liens of certain of our consolidated subsidiaries , but do not require us to maintain any financial ratios or specified levels of net worth or liquidity .', 'we may redeem each series of the senior notes at any time in whole or from time to time in part in accordance with the provisions of the indenture , including the applicable supplemental indenture , under which such series of senior notes was issued .', 'if the acxiom acquisition had been terminated or had not closed on or prior to june 30 , 2019 , we would have been required to redeem the senior notes due 2020 , 2021 and 2028 at a redemption price equal to 101% ( 101 % ) of the principal amount thereof , plus accrued and unpaid interest .', 'additionally , upon the occurrence of a change of control repurchase event with respect to the senior notes , each holder of the senior notes has the right to require the company to purchase that holder 2019s senior notes at a price equal to 101% ( 101 % ) of the principal amount thereof , plus accrued and unpaid interest , unless the company has exercised its option to redeem all the senior notes .', 'term loan agreement on october 1 , 2018 , in order to fund the acxiom acquisition and related fees and expenses , we borrowed $ 500.0 through debt financing arrangements with third-party lenders under a three-year term loan agreement ( the 201cterm loan agreement 201d ) , $ 100.0 of which we paid down on december 3 , 2018 .', 'consistent with our other debt securities , the term loan agreement includes covenants that , among other things , limit our liens and the liens of certain of our consolidated subsidiaries .', 'in addition , it requires us to maintain the same financial maintenance covenants as discussed below .', 'loans under the term loan bear interest at a variable rate based on , at the company 2019s option , either the base rate or the eurodollar rate ( each as defined in the term loan agreement ) plus an applicable margin that is determined based on our credit ratings .', 'as of december 31 , 2018 , the applicable margin was 0.25% ( 0.25 % ) for base rate loans and 1.25% ( 1.25 % ) for eurodollar rate loans. .'] | 498.55 | IPG/2018/page_78.pdf-3 | ['notes to consolidated financial statements 2013 ( continued ) ( amounts in millions , except per share amounts ) debt transactions see note 6 for further information regarding the company 2019s acquisition of acxiom ( the 201cacxiom acquisition 201d ) on october 1 , 2018 ( the 201cclosing date 201d ) .', 'senior notes on september 21 , 2018 , in order to fund the acxiom acquisition and related fees and expenses , we issued a total of $ 2000.0 in aggregate principal amount of unsecured senior notes ( in four separate series of $ 500.0 each , together , the 201csenior notes 201d ) .', 'upon issuance , the senior notes were reflected on our consolidated balance sheets net of discount of $ 5.8 and net of the capitalized debt issuance costs , including commissions and offering expenses of $ 16.1 , both of which will be amortized in interest expense through the respective maturity dates of each series of senior notes using the effective interest method .', 'interest is payable semi-annually in arrears on april 1st and october 1st of each year , commencing on april 1 , 2019 .', 'the issuance was comprised of the following four series of notes : senior notes par value discount at issuance net price at issuance issuance cost net proceeds .'] | ['consistent with our other debt securities , the newly issued senior notes include covenants that , among other things , limit our liens and the liens of certain of our consolidated subsidiaries , but do not require us to maintain any financial ratios or specified levels of net worth or liquidity .', 'we may redeem each series of the senior notes at any time in whole or from time to time in part in accordance with the provisions of the indenture , including the applicable supplemental indenture , under which such series of senior notes was issued .', 'if the acxiom acquisition had been terminated or had not closed on or prior to june 30 , 2019 , we would have been required to redeem the senior notes due 2020 , 2021 and 2028 at a redemption price equal to 101% ( 101 % ) of the principal amount thereof , plus accrued and unpaid interest .', 'additionally , upon the occurrence of a change of control repurchase event with respect to the senior notes , each holder of the senior notes has the right to require the company to purchase that holder 2019s senior notes at a price equal to 101% ( 101 % ) of the principal amount thereof , plus accrued and unpaid interest , unless the company has exercised its option to redeem all the senior notes .', 'term loan agreement on october 1 , 2018 , in order to fund the acxiom acquisition and related fees and expenses , we borrowed $ 500.0 through debt financing arrangements with third-party lenders under a three-year term loan agreement ( the 201cterm loan agreement 201d ) , $ 100.0 of which we paid down on december 3 , 2018 .', 'consistent with our other debt securities , the term loan agreement includes covenants that , among other things , limit our liens and the liens of certain of our consolidated subsidiaries .', 'in addition , it requires us to maintain the same financial maintenance covenants as discussed below .', 'loans under the term loan bear interest at a variable rate based on , at the company 2019s option , either the base rate or the eurodollar rate ( each as defined in the term loan agreement ) plus an applicable margin that is determined based on our credit ratings .', 'as of december 31 , 2018 , the applicable margin was 0.25% ( 0.25 % ) for base rate loans and 1.25% ( 1.25 % ) for eurodollar rate loans. .'] | ****************************************
• senior notes, par value, discount at issuance, net price at issuance, issuance cost, net proceeds
• 3.50% ( 3.50 % ) senior notes due 2020, $ 500.0, $ 1.0, $ 499.0, $ 2.9, $ 496.1
• 3.75% ( 3.75 % ) senior notes due 2021, 500.0, 0.3, 499.7, 3.2, 496.5
• 4.65% ( 4.65 % ) senior notes due 2028, 500.0, 1.7, 498.3, 4.4, 493.9
• 5.40% ( 5.40 % ) senior notes due 2048, 500.0, 2.8, 497.2, 5.6, 491.6
• total, $ 2000.0, $ 5.8, $ 1994.2, $ 16.1, $ 1978.1
**************************************** | divide(1994.2, const_4) | 498.55 |
what percent of facilities are for consumer packaging? | Context: ['consume significant amounts of energy , and we may in the future incur additional or increased capital , operating and other expenditures from changes due to new or increased climate-related and other environmental regulations .', 'we could also incur substantial liabilities , including fines or sanctions , enforcement actions , natural resource damages claims , cleanup and closure costs , and third-party claims for property damage and personal injury under environmental and common laws .', 'the foreign corrupt practices act of 1977 and local anti-bribery laws , including those in brazil , china , mexico , india and the united kingdom ( where we maintain operations directly or through a joint venture ) , prohibit companies and their intermediaries from making improper payments to government officials for the purpose of influencing official decisions .', 'our internal control policies and procedures , or those of our vendors , may not adequately protect us from reckless or criminal acts committed or alleged to have been committed by our employees , agents or vendors .', 'any such violations could lead to civil or criminal monetary and non-monetary penalties and/or could damage our reputation .', 'we are subject to a number of labor and employment laws and regulations that could significantly increase our operating costs and reduce our operational flexibility .', 'additionally , changing privacy laws in the united states ( including the california consumer privacy act , which will become effective in january 2020 ) , europe ( where the general data protection regulation became effective in 2018 ) and elsewhere have created new individual privacy rights , imposed increased obligations on companies handling personal data and increased potential exposure to fines and penalties .', 'item 1b .', 'unresolved staff comments there are no unresolved sec staff comments .', 'item 2 .', 'properties we operate locations in north america , including the majority of u.s .', 'states , south america , europe , asia and australia .', 'we lease our principal offices in atlanta , ga .', 'we believe that our existing production capacity is adequate to serve existing demand for our products and consider our plants and equipment to be in good condition .', 'our corporate and operating facilities as of september 30 , 2019 are summarized below: .']
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Tabular Data:
----------------------------------------
segment | number of facilities owned | number of facilities leased | number of facilities total
----------|----------|----------|----------
corrugated packaging | 112 | 61 | 173
consumer packaging | 84 | 55 | 139
corporate and significant regional offices | 2014 | 10 | 10
total | 196 | 126 | 322
----------------------------------------
--------
Post-table: ['the tables that follow show our annual production capacity by mill at september 30 , 2019 in thousands of tons , except for the north charleston , sc mill which reflects our capacity after the previously announced machine closure expected to occur in fiscal 2020 .', 'our mill system production levels and operating rates may vary from year to year due to changes in market and other factors , including the impact of hurricanes and other weather-related events .', 'our simple average mill system operating rates for the last three years averaged 94% ( 94 % ) .', 'we own all of our mills. .'] | 0.43168 | WRK/2019/page_31.pdf-2 | ['consume significant amounts of energy , and we may in the future incur additional or increased capital , operating and other expenditures from changes due to new or increased climate-related and other environmental regulations .', 'we could also incur substantial liabilities , including fines or sanctions , enforcement actions , natural resource damages claims , cleanup and closure costs , and third-party claims for property damage and personal injury under environmental and common laws .', 'the foreign corrupt practices act of 1977 and local anti-bribery laws , including those in brazil , china , mexico , india and the united kingdom ( where we maintain operations directly or through a joint venture ) , prohibit companies and their intermediaries from making improper payments to government officials for the purpose of influencing official decisions .', 'our internal control policies and procedures , or those of our vendors , may not adequately protect us from reckless or criminal acts committed or alleged to have been committed by our employees , agents or vendors .', 'any such violations could lead to civil or criminal monetary and non-monetary penalties and/or could damage our reputation .', 'we are subject to a number of labor and employment laws and regulations that could significantly increase our operating costs and reduce our operational flexibility .', 'additionally , changing privacy laws in the united states ( including the california consumer privacy act , which will become effective in january 2020 ) , europe ( where the general data protection regulation became effective in 2018 ) and elsewhere have created new individual privacy rights , imposed increased obligations on companies handling personal data and increased potential exposure to fines and penalties .', 'item 1b .', 'unresolved staff comments there are no unresolved sec staff comments .', 'item 2 .', 'properties we operate locations in north america , including the majority of u.s .', 'states , south america , europe , asia and australia .', 'we lease our principal offices in atlanta , ga .', 'we believe that our existing production capacity is adequate to serve existing demand for our products and consider our plants and equipment to be in good condition .', 'our corporate and operating facilities as of september 30 , 2019 are summarized below: .'] | ['the tables that follow show our annual production capacity by mill at september 30 , 2019 in thousands of tons , except for the north charleston , sc mill which reflects our capacity after the previously announced machine closure expected to occur in fiscal 2020 .', 'our mill system production levels and operating rates may vary from year to year due to changes in market and other factors , including the impact of hurricanes and other weather-related events .', 'our simple average mill system operating rates for the last three years averaged 94% ( 94 % ) .', 'we own all of our mills. .'] | ----------------------------------------
segment | number of facilities owned | number of facilities leased | number of facilities total
----------|----------|----------|----------
corrugated packaging | 112 | 61 | 173
consumer packaging | 84 | 55 | 139
corporate and significant regional offices | 2014 | 10 | 10
total | 196 | 126 | 322
---------------------------------------- | divide(139, 322) | 0.43168 |
what was the percentage change in net cash from operating activities from 2012 to 2013? | Context: ['united parcel service , inc .', "and subsidiaries management's discussion and analysis of financial condition and results of operations liquidity and capital resources operating activities the following is a summary of the significant sources ( uses ) of cash from operating activities ( amounts in millions ) : ."]
------
Data Table:
| 2013 | 2012 | 2011
net income | $ 4372 | $ 807 | $ 3804
non-cash operating activities ( a ) | 3318 | 7313 | 4578
pension and postretirement plan contributions ( ups-sponsored plans ) | -212 ( 212 ) | -917 ( 917 ) | -1436 ( 1436 )
income tax receivables and payables | -155 ( 155 ) | 280 | 236
changes in working capital and other noncurrent assets and liabilities | 121 | -148 ( 148 ) | -12 ( 12 )
other operating activities | -140 ( 140 ) | -119 ( 119 ) | -97 ( 97 )
net cash from operating activities | $ 7304 | $ 7216 | $ 7073
------
Post-table: ['( a ) represents depreciation and amortization , gains and losses on derivative and foreign exchange transactions , deferred income taxes , provisions for uncollectible accounts , pension and postretirement benefit expense , stock compensation expense , impairment charges and other non-cash items .', 'cash from operating activities remained strong throughout the 2011 to 2013 time period .', 'operating cash flow was favorably impacted in 2013 , compared with 2012 , by lower contributions into our defined benefit pension and postretirement benefit plans ; however , this was partially offset by certain tnt express transaction-related charges , as well as changes in income tax receivables and payables .', 'we paid a termination fee to tnt express of 20ac200 million ( $ 268 million ) under the agreement to terminate the merger protocol in the first quarter of 2013 .', 'additionally , the cash payments for income taxes increased in 2013 compared with 2012 , and were impacted by the timing of current 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 in 2013 , we did not have any required , nor make any discretionary , contributions to our primary company-sponsored pension plans in the u.s .', '2022 in 2012 , we made a $ 355 million required contribution to the ups ibt pension plan .', '2022 in 2011 , we made a $ 1.2 billion contribution to the ups ibt pension plan , which satisfied our 2011 contribution requirements and also approximately $ 440 million in contributions that would not have been required until after 2011 .', '2022 the remaining contributions in the 2011 through 2013 period were largely due to contributions to our international pension plans and u.s .', 'postretirement medical benefit plans .', 'as discussed further in the 201ccontractual commitments 201d section , we have minimum funding requirements in the next several years , primarily related to the ups ibt pension , ups retirement and ups pension plans .', 'as of december 31 , 2013 , the total of our worldwide holdings of cash and cash equivalents was $ 4.665 billion .', 'approximately 45%-55% ( 45%-55 % ) of cash and cash equivalents was held by foreign subsidiaries throughout the year .', 'the amount of cash 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 united states continues to be our primary source of funds to finance domestic operating needs , capital expenditures , share repurchases and dividend payments to shareowners .', 'to the extent that such amounts represent previously untaxed earnings , the cash held by foreign subsidiaries would be subject to tax if such amounts were repatriated in the form of dividends ; however , not all international cash balances would have to be repatriated in the form of a dividend if returned to the u.s .', 'when amounts earned by foreign subsidiaries are expected to be indefinitely reinvested , no accrual for taxes is provided. .'] | 0.0122 | UPS/2013/page_56.pdf-4 | ['united parcel service , inc .', "and subsidiaries management's discussion and analysis of financial condition and results of operations liquidity and capital resources operating activities the following is a summary of the significant sources ( uses ) of cash from operating activities ( amounts in millions ) : ."] | ['( a ) represents depreciation and amortization , gains and losses on derivative and foreign exchange transactions , deferred income taxes , provisions for uncollectible accounts , pension and postretirement benefit expense , stock compensation expense , impairment charges and other non-cash items .', 'cash from operating activities remained strong throughout the 2011 to 2013 time period .', 'operating cash flow was favorably impacted in 2013 , compared with 2012 , by lower contributions into our defined benefit pension and postretirement benefit plans ; however , this was partially offset by certain tnt express transaction-related charges , as well as changes in income tax receivables and payables .', 'we paid a termination fee to tnt express of 20ac200 million ( $ 268 million ) under the agreement to terminate the merger protocol in the first quarter of 2013 .', 'additionally , the cash payments for income taxes increased in 2013 compared with 2012 , and were impacted by the timing of current 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 in 2013 , we did not have any required , nor make any discretionary , contributions to our primary company-sponsored pension plans in the u.s .', '2022 in 2012 , we made a $ 355 million required contribution to the ups ibt pension plan .', '2022 in 2011 , we made a $ 1.2 billion contribution to the ups ibt pension plan , which satisfied our 2011 contribution requirements and also approximately $ 440 million in contributions that would not have been required until after 2011 .', '2022 the remaining contributions in the 2011 through 2013 period were largely due to contributions to our international pension plans and u.s .', 'postretirement medical benefit plans .', 'as discussed further in the 201ccontractual commitments 201d section , we have minimum funding requirements in the next several years , primarily related to the ups ibt pension , ups retirement and ups pension plans .', 'as of december 31 , 2013 , the total of our worldwide holdings of cash and cash equivalents was $ 4.665 billion .', 'approximately 45%-55% ( 45%-55 % ) of cash and cash equivalents was held by foreign subsidiaries throughout the year .', 'the amount of cash 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 united states continues to be our primary source of funds to finance domestic operating needs , capital expenditures , share repurchases and dividend payments to shareowners .', 'to the extent that such amounts represent previously untaxed earnings , the cash held by foreign subsidiaries would be subject to tax if such amounts were repatriated in the form of dividends ; however , not all international cash balances would have to be repatriated in the form of a dividend if returned to the u.s .', 'when amounts earned by foreign subsidiaries are expected to be indefinitely reinvested , no accrual for taxes is provided. .'] | | 2013 | 2012 | 2011
net income | $ 4372 | $ 807 | $ 3804
non-cash operating activities ( a ) | 3318 | 7313 | 4578
pension and postretirement plan contributions ( ups-sponsored plans ) | -212 ( 212 ) | -917 ( 917 ) | -1436 ( 1436 )
income tax receivables and payables | -155 ( 155 ) | 280 | 236
changes in working capital and other noncurrent assets and liabilities | 121 | -148 ( 148 ) | -12 ( 12 )
other operating activities | -140 ( 140 ) | -119 ( 119 ) | -97 ( 97 )
net cash from operating activities | $ 7304 | $ 7216 | $ 7073 | subtract(7304, 7216), divide(#0, 7216) | 0.0122 |
what was the percentage increase in the liquidity coverage ratio ( lcr ) for citi from 2015 to 2016 | Pre-text: ['liquidity monitoring and measurement stress testing liquidity stress testing is performed for each of citi 2019s major entities , operating subsidiaries and/or countries .', 'stress testing and scenario analyses are intended to quantify the potential impact of a liquidity event on the balance sheet and liquidity position , and to identify viable funding alternatives that can be utilized .', 'these scenarios include assumptions about significant changes in key funding sources , market triggers ( such as credit ratings ) , potential uses of funding and political and economic conditions in certain countries .', 'these conditions include expected and stressed market conditions as well as company- specific events .', 'liquidity stress tests are conducted to ascertain potential mismatches between liquidity sources and uses over a variety of time horizons ( overnight , one week , two weeks , one month , three months , one year ) and over a variety of stressed conditions .', 'liquidity limits are set accordingly .', 'to monitor the liquidity of an entity , these stress tests and potential mismatches are calculated with varying frequencies , with several tests performed daily .', 'given the range of potential stresses , citi maintains a series of contingency funding plans on a consolidated basis and for individual entities .', 'these plans specify a wide range of readily available actions for a variety of adverse market conditions or idiosyncratic stresses .', 'short-term liquidity measurement : liquidity coverage ratio ( lcr ) in addition to internal measures that citi has developed for a 30-day stress scenario , citi also monitors its liquidity by reference to the lcr , as calculated pursuant to the u.s .', 'lcr rules .', 'generally , the lcr is designed to ensure that banks maintain an adequate level of hqla to meet liquidity needs under an acute 30-day stress scenario .', 'the lcr is calculated by dividing hqla by estimated net outflows over a stressed 30-day period , with the net outflows determined by applying prescribed outflow factors to various categories of liabilities , such as deposits , unsecured and secured wholesale borrowings , unused lending commitments and derivatives- related exposures , partially offset by inflows from assets maturing within 30 days .', 'banks are required to calculate an add-on to address potential maturity mismatches between contractual cash outflows and inflows within the 30-day period in determining the total amount of net outflows .', 'the minimum lcr requirement is 100% ( 100 % ) , effective january 2017 .', 'in december 2016 , the federal reserve board adopted final rules which require additional disclosures relating to the lcr of large financial institutions , including citi .', 'among other things , the final rules require citi to disclose components of its average hqla , lcr and inflows and outflows each quarter .', 'in addition , the final rules require disclosure of citi 2019s calculation of the maturity mismatch add-on as well as other qualitative disclosures .', 'the effective date for these disclosures is april 1 , 2017 .', 'the table below sets forth the components of citi 2019s lcr calculation and hqla in excess of net outflows for the periods indicated : in billions of dollars dec .', '31 , sept .', '30 , dec .', '31 .']
Data Table:
in billions of dollars dec . 31 2016 sept . 30 2016 dec . 31 2015
hqla $ 403.7 $ 403.8 $ 389.2
net outflows 332.5 335.3 344.4
lcr 121% ( 121 % ) 120% ( 120 % ) 113% ( 113 % )
hqla in excess of net outflows $ 71.3 $ 68.5 $ 44.8
Post-table: ['note : amounts set forth in the table above are presented on an average basis .', 'as set forth in the table above , citi 2019s lcr increased both year-over-year and sequentially .', 'the increase year-over-year was driven by both an increase in hqla and a reduction in net outflows .', 'sequentially , the increase was driven by a slight reduction in net outflows , as hqla remained largely unchanged .', 'long-term liquidity measurement : net stable funding ratio ( nsfr ) in the second quarter of 2016 , the federal reserve board , the fdic and the occ issued a proposed rule to implement the basel iii nsfr requirement .', 'the u.s.-proposed nsfr is largely consistent with the basel committee 2019s final nsfr rules .', 'in general , the nsfr assesses the availability of a bank 2019s stable funding against a required level .', 'a bank 2019s available stable funding would include portions of equity , deposits and long-term debt , while its required stable funding would be based on the liquidity characteristics of its assets , derivatives and commitments .', 'standardized weightings would be required to be applied to the various asset and liabilities classes .', 'the ratio of available stable funding to required stable funding would be required to be greater than 100% ( 100 % ) .', 'while citi believes that it is compliant with the proposed u.s .', 'nsfr rules as of december 31 , 2016 , it will need to evaluate any final version of the rules , which are expected to be released during 2017 .', 'the proposed rules would require full implementation of the u.s .', 'nsfr beginning january 1 , 2018. .'] | 0.0708 | C/2016/page_120.pdf-1 | ['liquidity monitoring and measurement stress testing liquidity stress testing is performed for each of citi 2019s major entities , operating subsidiaries and/or countries .', 'stress testing and scenario analyses are intended to quantify the potential impact of a liquidity event on the balance sheet and liquidity position , and to identify viable funding alternatives that can be utilized .', 'these scenarios include assumptions about significant changes in key funding sources , market triggers ( such as credit ratings ) , potential uses of funding and political and economic conditions in certain countries .', 'these conditions include expected and stressed market conditions as well as company- specific events .', 'liquidity stress tests are conducted to ascertain potential mismatches between liquidity sources and uses over a variety of time horizons ( overnight , one week , two weeks , one month , three months , one year ) and over a variety of stressed conditions .', 'liquidity limits are set accordingly .', 'to monitor the liquidity of an entity , these stress tests and potential mismatches are calculated with varying frequencies , with several tests performed daily .', 'given the range of potential stresses , citi maintains a series of contingency funding plans on a consolidated basis and for individual entities .', 'these plans specify a wide range of readily available actions for a variety of adverse market conditions or idiosyncratic stresses .', 'short-term liquidity measurement : liquidity coverage ratio ( lcr ) in addition to internal measures that citi has developed for a 30-day stress scenario , citi also monitors its liquidity by reference to the lcr , as calculated pursuant to the u.s .', 'lcr rules .', 'generally , the lcr is designed to ensure that banks maintain an adequate level of hqla to meet liquidity needs under an acute 30-day stress scenario .', 'the lcr is calculated by dividing hqla by estimated net outflows over a stressed 30-day period , with the net outflows determined by applying prescribed outflow factors to various categories of liabilities , such as deposits , unsecured and secured wholesale borrowings , unused lending commitments and derivatives- related exposures , partially offset by inflows from assets maturing within 30 days .', 'banks are required to calculate an add-on to address potential maturity mismatches between contractual cash outflows and inflows within the 30-day period in determining the total amount of net outflows .', 'the minimum lcr requirement is 100% ( 100 % ) , effective january 2017 .', 'in december 2016 , the federal reserve board adopted final rules which require additional disclosures relating to the lcr of large financial institutions , including citi .', 'among other things , the final rules require citi to disclose components of its average hqla , lcr and inflows and outflows each quarter .', 'in addition , the final rules require disclosure of citi 2019s calculation of the maturity mismatch add-on as well as other qualitative disclosures .', 'the effective date for these disclosures is april 1 , 2017 .', 'the table below sets forth the components of citi 2019s lcr calculation and hqla in excess of net outflows for the periods indicated : in billions of dollars dec .', '31 , sept .', '30 , dec .', '31 .'] | ['note : amounts set forth in the table above are presented on an average basis .', 'as set forth in the table above , citi 2019s lcr increased both year-over-year and sequentially .', 'the increase year-over-year was driven by both an increase in hqla and a reduction in net outflows .', 'sequentially , the increase was driven by a slight reduction in net outflows , as hqla remained largely unchanged .', 'long-term liquidity measurement : net stable funding ratio ( nsfr ) in the second quarter of 2016 , the federal reserve board , the fdic and the occ issued a proposed rule to implement the basel iii nsfr requirement .', 'the u.s.-proposed nsfr is largely consistent with the basel committee 2019s final nsfr rules .', 'in general , the nsfr assesses the availability of a bank 2019s stable funding against a required level .', 'a bank 2019s available stable funding would include portions of equity , deposits and long-term debt , while its required stable funding would be based on the liquidity characteristics of its assets , derivatives and commitments .', 'standardized weightings would be required to be applied to the various asset and liabilities classes .', 'the ratio of available stable funding to required stable funding would be required to be greater than 100% ( 100 % ) .', 'while citi believes that it is compliant with the proposed u.s .', 'nsfr rules as of december 31 , 2016 , it will need to evaluate any final version of the rules , which are expected to be released during 2017 .', 'the proposed rules would require full implementation of the u.s .', 'nsfr beginning january 1 , 2018. .'] | in billions of dollars dec . 31 2016 sept . 30 2016 dec . 31 2015
hqla $ 403.7 $ 403.8 $ 389.2
net outflows 332.5 335.3 344.4
lcr 121% ( 121 % ) 120% ( 120 % ) 113% ( 113 % )
hqla in excess of net outflows $ 71.3 $ 68.5 $ 44.8 | subtract(121, 113), divide(#0, 113) | 0.0708 |
what was the change in the large utilities percentage of revenues from 2001 to 2002? | Background: ['competitive supply aes 2019s competitive supply line of business consists of generating facilities that sell electricity directly to wholesale customers in competitive markets .', 'additionally , as compared to the contract generation segment discussed above , these generating facilities generally sell less than 75% ( 75 % ) of their output pursuant to long-term contracts with pre-determined pricing provisions and/or sell into power pools , under shorter-term contracts or into daily spot markets .', 'the prices paid for electricity under short-term contracts and in the spot markets are unpredictable and can be , and from time to time have been , volatile .', 'the results of operations of aes 2019s competitive supply business are also more sensitive to the impact of market fluctuations in the price of electricity , natural gas , coal and other raw materials .', 'in the united kingdom , txu europe entered administration in november 2002 and is no longer performing under its contracts with drax and barry .', 'as described in the footnotes and in other sections of the discussion and analysis of financial condition and results of operations , txu europe 2019s failure to perform under its contracts has had a material adverse effect on the results of operations of these businesses .', 'two aes competitive supply businesses , aes wolf hollow , l.p .', 'and granite ridge have fuel supply agreements with el paso merchant energy l.p .', 'an affiliate of el paso corp. , which has encountered financial difficulties .', 'the company does not believe the financial difficulties of el paso corp .', 'will have a material adverse effect on el paso merchant energy l.p . 2019s performance under the supply agreement ; however , there can be no assurance that a further deterioration in el paso corp 2019s financial condition will not have a material adverse effect on the ability of el paso merchant energy l.p .', 'to perform its obligations .', 'while el paso corp 2019s financial condition may not have a material adverse effect on el paso merchant energy , l.p .', 'at this time , it could lead to a default under the aes wolf hollow , l.p . 2019s fuel supply agreement , in which case aes wolf hollow , l.p . 2019s lenders may seek to declare a default under its credit agreements .', 'aes wolf hollow , l.p .', 'is working in concert with its lenders to explore options to avoid such a default .', 'the revenues from our facilities that distribute electricity to end-use customers are generally subject to regulation .', 'these businesses are generally required to obtain third party approval or confirmation of rate increases before they can be passed on to the customers through tariffs .', 'these businesses comprise the large utilities and growth distribution segments of the company .', 'revenues from contract generation and competitive supply are not regulated .', 'the distribution of revenues between the segments for the years ended december 31 , 2002 , 2001 and 2000 is as follows: .']
##########
Tabular Data:
----------------------------------------
Row 1: , 2002, 2001, 2000
Row 2: large utilities, 36% ( 36 % ), 21% ( 21 % ), 22% ( 22 % )
Row 3: growth distribution, 14% ( 14 % ), 21% ( 21 % ), 21% ( 21 % )
Row 4: contract generation, 29% ( 29 % ), 32% ( 32 % ), 27% ( 27 % )
Row 5: competitive supply, 21% ( 21 % ), 26% ( 26 % ), 30% ( 30 % )
----------------------------------------
##########
Post-table: ['development costs certain subsidiaries and affiliates of the company ( domestic and non-u.s. ) are in various stages of developing and constructing greenfield power plants , some but not all of which have signed long-term contracts or made similar arrangements for the sale of electricity .', 'successful completion depends upon overcoming substantial risks , including , but not limited to , risks relating to failures of siting , financing , construction , permitting , governmental approvals or the potential for termination of the power sales contract as a result of a failure to meet certain milestones .', 'as of december 31 , 2002 , capitalized costs for projects under development and in early stage construction were approximately $ 15 million and capitalized costs for projects under construction were approximately $ 3.2 billion .', 'the company believes .'] | 0.15 | AES/2002/page_60.pdf-1 | ['competitive supply aes 2019s competitive supply line of business consists of generating facilities that sell electricity directly to wholesale customers in competitive markets .', 'additionally , as compared to the contract generation segment discussed above , these generating facilities generally sell less than 75% ( 75 % ) of their output pursuant to long-term contracts with pre-determined pricing provisions and/or sell into power pools , under shorter-term contracts or into daily spot markets .', 'the prices paid for electricity under short-term contracts and in the spot markets are unpredictable and can be , and from time to time have been , volatile .', 'the results of operations of aes 2019s competitive supply business are also more sensitive to the impact of market fluctuations in the price of electricity , natural gas , coal and other raw materials .', 'in the united kingdom , txu europe entered administration in november 2002 and is no longer performing under its contracts with drax and barry .', 'as described in the footnotes and in other sections of the discussion and analysis of financial condition and results of operations , txu europe 2019s failure to perform under its contracts has had a material adverse effect on the results of operations of these businesses .', 'two aes competitive supply businesses , aes wolf hollow , l.p .', 'and granite ridge have fuel supply agreements with el paso merchant energy l.p .', 'an affiliate of el paso corp. , which has encountered financial difficulties .', 'the company does not believe the financial difficulties of el paso corp .', 'will have a material adverse effect on el paso merchant energy l.p . 2019s performance under the supply agreement ; however , there can be no assurance that a further deterioration in el paso corp 2019s financial condition will not have a material adverse effect on the ability of el paso merchant energy l.p .', 'to perform its obligations .', 'while el paso corp 2019s financial condition may not have a material adverse effect on el paso merchant energy , l.p .', 'at this time , it could lead to a default under the aes wolf hollow , l.p . 2019s fuel supply agreement , in which case aes wolf hollow , l.p . 2019s lenders may seek to declare a default under its credit agreements .', 'aes wolf hollow , l.p .', 'is working in concert with its lenders to explore options to avoid such a default .', 'the revenues from our facilities that distribute electricity to end-use customers are generally subject to regulation .', 'these businesses are generally required to obtain third party approval or confirmation of rate increases before they can be passed on to the customers through tariffs .', 'these businesses comprise the large utilities and growth distribution segments of the company .', 'revenues from contract generation and competitive supply are not regulated .', 'the distribution of revenues between the segments for the years ended december 31 , 2002 , 2001 and 2000 is as follows: .'] | ['development costs certain subsidiaries and affiliates of the company ( domestic and non-u.s. ) are in various stages of developing and constructing greenfield power plants , some but not all of which have signed long-term contracts or made similar arrangements for the sale of electricity .', 'successful completion depends upon overcoming substantial risks , including , but not limited to , risks relating to failures of siting , financing , construction , permitting , governmental approvals or the potential for termination of the power sales contract as a result of a failure to meet certain milestones .', 'as of december 31 , 2002 , capitalized costs for projects under development and in early stage construction were approximately $ 15 million and capitalized costs for projects under construction were approximately $ 3.2 billion .', 'the company believes .'] | ----------------------------------------
Row 1: , 2002, 2001, 2000
Row 2: large utilities, 36% ( 36 % ), 21% ( 21 % ), 22% ( 22 % )
Row 3: growth distribution, 14% ( 14 % ), 21% ( 21 % ), 21% ( 21 % )
Row 4: contract generation, 29% ( 29 % ), 32% ( 32 % ), 27% ( 27 % )
Row 5: competitive supply, 21% ( 21 % ), 26% ( 26 % ), 30% ( 30 % )
---------------------------------------- | subtract(36%, 21%) | 0.15 |
what was the percentage increase of inventories at lifo net from the beginning of 2012 to the end of 2013? | Background: ['advance auto parts , inc .', 'and subsidiaries notes to the consolidated financial statements december 28 , 2013 , december 29 , 2012 and december 31 , 2011 ( in thousands , except per share data ) in july 2012 , the fasb issued asu no .', '2012-02 201cintangible-goodwill and other 2013 testing indefinite-lived intangible assets for impairment . 201d asu 2012-02 modifies the requirement to test intangible assets that are not subject to amortization based on events or changes in circumstances that might indicate that the asset is impaired now requiring the test only if it is more likely than not that the asset is impaired .', 'furthermore , asu 2012-02 provides entities the option of performing a qualitative assessment to determine if it is more likely than not that the fair value of an intangible asset is less than the carrying amount as a basis for determining whether it is necessary to perform a quantitative impairment test .', 'asu 2012-02 is effective for fiscal years beginning after september 15 , 2012 and early adoption is permitted .', 'the adoption of asu 2012-02 had no impact on the company 2019s consolidated financial condition , results of operations or cash flows .', '3 .', 'inventories , net : merchandise inventory the company used the lifo method of accounting for approximately 95% ( 95 % ) of inventories at both december 28 , 2013 and december 29 , 2012 .', 'under lifo , the company 2019s cost of sales reflects the costs of the most recently purchased inventories , while the inventory carrying balance represents the costs for inventories purchased in fiscal 2013 and prior years .', 'the company recorded a reduction to cost of sales of $ 5572 and $ 24087 in fiscal 2013 and fiscal 2012 , respectively .', 'the company 2019s overall costs to acquire inventory for the same or similar products have generally decreased historically as the company has been able to leverage its continued growth , execution of merchandise strategies and realization of supply chain efficiencies .', 'in fiscal 2011 , the company recorded an increase to cost of sales of $ 24708 due to an increase in supply chain costs and inflationary pressures affecting certain product categories .', 'product cores the remaining inventories are comprised of product cores , the non-consumable portion of certain parts and batteries , which are valued under the first-in , first-out ( 201cfifo 201d ) method .', 'product cores are included as part of the company 2019s merchandise costs and are either passed on to the customer or returned to the vendor .', 'because product cores are not subject to frequent cost changes like the company 2019s other merchandise inventory , there is no material difference when applying either the lifo or fifo valuation method .', 'inventory overhead costs purchasing and warehousing costs included in inventory as of december 28 , 2013 and december 29 , 2012 , were $ 161519 and $ 134258 , respectively .', 'inventory balance and inventory reserves inventory balances at the end of fiscal 2013 and 2012 were as follows : december 28 , december 29 .']
########
Table:
Row 1: , december 282013, december 292012
Row 2: inventories at fifo net, $ 2424795, $ 2182419
Row 3: adjustments to state inventories at lifo, 131762, 126190
Row 4: inventories at lifo net, $ 2556557, $ 2308609
########
Follow-up: ['inventory quantities are tracked through a perpetual inventory system .', 'the company completes physical inventories and other targeted inventory counts in its store locations to ensure the accuracy of the perpetual inventory quantities of both merchandise and core inventory in these locations .', 'in its distribution centers and pdq aes , the company uses a cycle counting program to ensure the accuracy of the perpetual inventory quantities of both merchandise and product core inventory .', 'reserves for estimated shrink are established based on the results of physical inventories conducted by the company with the assistance of an independent third party in substantially all of the company 2019s stores over the course of the year , other targeted inventory counts in its stores , results from recent cycle counts in its distribution facilities and historical and current loss trends. .'] | 2556557.0 | AAP/2013/page_68.pdf-4 | ['advance auto parts , inc .', 'and subsidiaries notes to the consolidated financial statements december 28 , 2013 , december 29 , 2012 and december 31 , 2011 ( in thousands , except per share data ) in july 2012 , the fasb issued asu no .', '2012-02 201cintangible-goodwill and other 2013 testing indefinite-lived intangible assets for impairment . 201d asu 2012-02 modifies the requirement to test intangible assets that are not subject to amortization based on events or changes in circumstances that might indicate that the asset is impaired now requiring the test only if it is more likely than not that the asset is impaired .', 'furthermore , asu 2012-02 provides entities the option of performing a qualitative assessment to determine if it is more likely than not that the fair value of an intangible asset is less than the carrying amount as a basis for determining whether it is necessary to perform a quantitative impairment test .', 'asu 2012-02 is effective for fiscal years beginning after september 15 , 2012 and early adoption is permitted .', 'the adoption of asu 2012-02 had no impact on the company 2019s consolidated financial condition , results of operations or cash flows .', '3 .', 'inventories , net : merchandise inventory the company used the lifo method of accounting for approximately 95% ( 95 % ) of inventories at both december 28 , 2013 and december 29 , 2012 .', 'under lifo , the company 2019s cost of sales reflects the costs of the most recently purchased inventories , while the inventory carrying balance represents the costs for inventories purchased in fiscal 2013 and prior years .', 'the company recorded a reduction to cost of sales of $ 5572 and $ 24087 in fiscal 2013 and fiscal 2012 , respectively .', 'the company 2019s overall costs to acquire inventory for the same or similar products have generally decreased historically as the company has been able to leverage its continued growth , execution of merchandise strategies and realization of supply chain efficiencies .', 'in fiscal 2011 , the company recorded an increase to cost of sales of $ 24708 due to an increase in supply chain costs and inflationary pressures affecting certain product categories .', 'product cores the remaining inventories are comprised of product cores , the non-consumable portion of certain parts and batteries , which are valued under the first-in , first-out ( 201cfifo 201d ) method .', 'product cores are included as part of the company 2019s merchandise costs and are either passed on to the customer or returned to the vendor .', 'because product cores are not subject to frequent cost changes like the company 2019s other merchandise inventory , there is no material difference when applying either the lifo or fifo valuation method .', 'inventory overhead costs purchasing and warehousing costs included in inventory as of december 28 , 2013 and december 29 , 2012 , were $ 161519 and $ 134258 , respectively .', 'inventory balance and inventory reserves inventory balances at the end of fiscal 2013 and 2012 were as follows : december 28 , december 29 .'] | ['inventory quantities are tracked through a perpetual inventory system .', 'the company completes physical inventories and other targeted inventory counts in its store locations to ensure the accuracy of the perpetual inventory quantities of both merchandise and core inventory in these locations .', 'in its distribution centers and pdq aes , the company uses a cycle counting program to ensure the accuracy of the perpetual inventory quantities of both merchandise and product core inventory .', 'reserves for estimated shrink are established based on the results of physical inventories conducted by the company with the assistance of an independent third party in substantially all of the company 2019s stores over the course of the year , other targeted inventory counts in its stores , results from recent cycle counts in its distribution facilities and historical and current loss trends. .'] | Row 1: , december 282013, december 292012
Row 2: inventories at fifo net, $ 2424795, $ 2182419
Row 3: adjustments to state inventories at lifo, 131762, 126190
Row 4: inventories at lifo net, $ 2556557, $ 2308609 | multiply(2556557, 2182419), divide(#0, 2182419) | 2556557.0 |
what is the difference in millions , between additional collateral or termination payments for a two-notch downgrade and additional collateral or termination payments for a one-notch downgrade at the end of december 2012? | Pre-text: ['management 2019s discussion and analysis we believe our credit ratings are primarily based on the credit rating agencies 2019 assessment of : 2030 our liquidity , market , credit and operational risk management practices ; 2030 the level and variability of our earnings ; 2030 our capital base ; 2030 our franchise , reputation and management ; 2030 our corporate governance ; and 2030 the external operating environment , including the assumed level of government support .', 'certain of the firm 2019s derivatives have been transacted under bilateral agreements with counterparties who may require us to post collateral or terminate the transactions based on changes in our credit ratings .', 'we assess the impact of these bilateral agreements by determining the collateral or termination payments that would occur assuming a downgrade by all rating agencies .', 'a downgrade by any one rating agency , depending on the agency 2019s relative ratings of the firm at the time of the downgrade , may have an impact which is comparable to the impact of a downgrade by all rating agencies .', 'we allocate a portion of our gce to ensure we would be able to make the additional collateral or termination payments that may be required in the event of a two-notch reduction in our long-term credit ratings , as well as collateral that has not been called by counterparties , but is available to them .', 'the table below presents the additional collateral or termination payments related to our net derivative liabilities under bilateral agreements that could have been called at the reporting date by counterparties in the event of a one-notch and two-notch downgrade in our credit ratings. .']
########
Data Table:
----------------------------------------
in millions, as of december 2013, as of december 2012
additional collateral or termination payments for a one-notch downgrade, $ 911, $ 1534
additional collateral or termination payments for a two-notch downgrade, 2989, 2500
----------------------------------------
########
Additional Information: ['in millions 2013 2012 additional collateral or termination payments for a one-notch downgrade $ 911 $ 1534 additional collateral or termination payments for a two-notch downgrade 2989 2500 cash flows as a global financial institution , our cash flows are complex and bear little relation to our net earnings and net assets .', 'consequently , we believe that traditional cash flow analysis is less meaningful in evaluating our liquidity position than the excess liquidity and asset-liability management policies described above .', 'cash flow analysis may , however , be helpful in highlighting certain macro trends and strategic initiatives in our businesses .', 'year ended december 2013 .', 'our cash and cash equivalents decreased by $ 11.54 billion to $ 61.13 billion at the end of 2013 .', 'we generated $ 4.54 billion in net cash from operating activities .', 'we used net cash of $ 16.08 billion for investing and financing activities , primarily to fund loans held for investment and repurchases of common stock .', 'year ended december 2012 .', 'our cash and cash equivalents increased by $ 16.66 billion to $ 72.67 billion at the end of 2012 .', 'we generated $ 9.14 billion in net cash from operating and investing activities .', 'we generated $ 7.52 billion in net cash from financing activities from an increase in bank deposits , partially offset by net repayments of unsecured and secured long-term borrowings .', 'year ended december 2011 .', 'our cash and cash equivalents increased by $ 16.22 billion to $ 56.01 billion at the end of 2011 .', 'we generated $ 23.13 billion in net cash from operating and investing activities .', 'we used net cash of $ 6.91 billion for financing activities , primarily for repurchases of our series g preferred stock and common stock , partially offset by an increase in bank deposits .', 'goldman sachs 2013 annual report 89 .'] | 966.0 | GS/2013/page_91.pdf-3 | ['management 2019s discussion and analysis we believe our credit ratings are primarily based on the credit rating agencies 2019 assessment of : 2030 our liquidity , market , credit and operational risk management practices ; 2030 the level and variability of our earnings ; 2030 our capital base ; 2030 our franchise , reputation and management ; 2030 our corporate governance ; and 2030 the external operating environment , including the assumed level of government support .', 'certain of the firm 2019s derivatives have been transacted under bilateral agreements with counterparties who may require us to post collateral or terminate the transactions based on changes in our credit ratings .', 'we assess the impact of these bilateral agreements by determining the collateral or termination payments that would occur assuming a downgrade by all rating agencies .', 'a downgrade by any one rating agency , depending on the agency 2019s relative ratings of the firm at the time of the downgrade , may have an impact which is comparable to the impact of a downgrade by all rating agencies .', 'we allocate a portion of our gce to ensure we would be able to make the additional collateral or termination payments that may be required in the event of a two-notch reduction in our long-term credit ratings , as well as collateral that has not been called by counterparties , but is available to them .', 'the table below presents the additional collateral or termination payments related to our net derivative liabilities under bilateral agreements that could have been called at the reporting date by counterparties in the event of a one-notch and two-notch downgrade in our credit ratings. .'] | ['in millions 2013 2012 additional collateral or termination payments for a one-notch downgrade $ 911 $ 1534 additional collateral or termination payments for a two-notch downgrade 2989 2500 cash flows as a global financial institution , our cash flows are complex and bear little relation to our net earnings and net assets .', 'consequently , we believe that traditional cash flow analysis is less meaningful in evaluating our liquidity position than the excess liquidity and asset-liability management policies described above .', 'cash flow analysis may , however , be helpful in highlighting certain macro trends and strategic initiatives in our businesses .', 'year ended december 2013 .', 'our cash and cash equivalents decreased by $ 11.54 billion to $ 61.13 billion at the end of 2013 .', 'we generated $ 4.54 billion in net cash from operating activities .', 'we used net cash of $ 16.08 billion for investing and financing activities , primarily to fund loans held for investment and repurchases of common stock .', 'year ended december 2012 .', 'our cash and cash equivalents increased by $ 16.66 billion to $ 72.67 billion at the end of 2012 .', 'we generated $ 9.14 billion in net cash from operating and investing activities .', 'we generated $ 7.52 billion in net cash from financing activities from an increase in bank deposits , partially offset by net repayments of unsecured and secured long-term borrowings .', 'year ended december 2011 .', 'our cash and cash equivalents increased by $ 16.22 billion to $ 56.01 billion at the end of 2011 .', 'we generated $ 23.13 billion in net cash from operating and investing activities .', 'we used net cash of $ 6.91 billion for financing activities , primarily for repurchases of our series g preferred stock and common stock , partially offset by an increase in bank deposits .', 'goldman sachs 2013 annual report 89 .'] | ----------------------------------------
in millions, as of december 2013, as of december 2012
additional collateral or termination payments for a one-notch downgrade, $ 911, $ 1534
additional collateral or termination payments for a two-notch downgrade, 2989, 2500
---------------------------------------- | subtract(2500, 1534) | 966.0 |
what percentage of worldwide distribution channels doors were located in europe? | Pre-text: ['global brand concepts american living launched exclusively at jcpenney in february 2008 , american living is a new tradition in american style for family and home , developed for the jcpenney customer by polo ralph lauren 2019s global brand concepts .', 'american living features menswear , womenswear , childrenswear , accessories and home furnishings capturing the american spirit with modern style and superior quality .', 'a complete lifestyle brand for the entire family and the home , american living mixes sporty , iconic essentials with eye-catching looks for a free-spirited take on contemporary style for every day .', 'american living is available exclusively at jcpenney and jcp.com .', 'chaps translates the classic heritage and timeless aesthetic of ralph lauren into an accessible line for men , women , children and the home .', 'from casual basics designed for versatility and ease of wear to smart , finely tailored silhouettes perfect for business and more formal occasions , chaps creates interchangeable classics that are both enduring and affordable .', 'the chaps men 2019s collection is available at select department and specialty stores .', 'the chaps collections for women , children and the home are available only at kohl 2019s and kohls.com .', 'our wholesale segment our wholesale segment sells our products to leading upscale and certain mid-tier department stores , specialty stores and golf and pro shops , both domestically and internationally .', 'we have focused on elevating our brand and improving productivity by reducing the number of unproductive doors within department stores in which our products are sold , improving in-store product assortment and presentation , and improving full-price sell-throughs to consumers .', 'as of the end of fiscal 2009 , our ralph lauren-branded products were sold through approximately 6100 doors worldwide and during fiscal 2009 , we invested approximately $ 35 million in related shop-within-shops primarily in domestic and international department and specialty stores .', 'department stores are our major wholesale customers in north america .', 'in europe , our wholesale sales are a varying mix of sales to both department stores and specialty shops , depending on the country .', 'our collection brands 2014 women 2019s ralph lauren collection and black label and men 2019s purple label collection and black label 2014 are distributed through a limited number of premier fashion retailers .', 'in addition , we sell excess and out- of-season products through secondary distribution channels , including our retail factory stores .', 'in japan , our products are distributed primarily through shop-within-shops at premiere department stores .', 'the mix of business is weighted to polo ralph lauren in men 2019s and women 2019s blue label .', 'the distribution of men 2019s and women 2019s black label is also expanding through shop-within-shop presentations in top tier department stores across japan .', 'worldwide distribution channels the following table presents the approximate number of doors by geographic location , in which ralph lauren- branded products distributed by our wholesale segment were sold to consumers in our primary channels of distribution as of march 28 , 2009 : location number of doors ( a ) .']
Data Table:
****************************************
location, number of doors ( a )
united states and canada, 2104
europe, 3873
japan, 120
total, 6097
****************************************
Additional Information: ['( a ) in asia/pacific ( excluding japan ) , our products are distributed by our licensing partners. .'] | 0.63523 | RL/2009/page_20.pdf-1 | ['global brand concepts american living launched exclusively at jcpenney in february 2008 , american living is a new tradition in american style for family and home , developed for the jcpenney customer by polo ralph lauren 2019s global brand concepts .', 'american living features menswear , womenswear , childrenswear , accessories and home furnishings capturing the american spirit with modern style and superior quality .', 'a complete lifestyle brand for the entire family and the home , american living mixes sporty , iconic essentials with eye-catching looks for a free-spirited take on contemporary style for every day .', 'american living is available exclusively at jcpenney and jcp.com .', 'chaps translates the classic heritage and timeless aesthetic of ralph lauren into an accessible line for men , women , children and the home .', 'from casual basics designed for versatility and ease of wear to smart , finely tailored silhouettes perfect for business and more formal occasions , chaps creates interchangeable classics that are both enduring and affordable .', 'the chaps men 2019s collection is available at select department and specialty stores .', 'the chaps collections for women , children and the home are available only at kohl 2019s and kohls.com .', 'our wholesale segment our wholesale segment sells our products to leading upscale and certain mid-tier department stores , specialty stores and golf and pro shops , both domestically and internationally .', 'we have focused on elevating our brand and improving productivity by reducing the number of unproductive doors within department stores in which our products are sold , improving in-store product assortment and presentation , and improving full-price sell-throughs to consumers .', 'as of the end of fiscal 2009 , our ralph lauren-branded products were sold through approximately 6100 doors worldwide and during fiscal 2009 , we invested approximately $ 35 million in related shop-within-shops primarily in domestic and international department and specialty stores .', 'department stores are our major wholesale customers in north america .', 'in europe , our wholesale sales are a varying mix of sales to both department stores and specialty shops , depending on the country .', 'our collection brands 2014 women 2019s ralph lauren collection and black label and men 2019s purple label collection and black label 2014 are distributed through a limited number of premier fashion retailers .', 'in addition , we sell excess and out- of-season products through secondary distribution channels , including our retail factory stores .', 'in japan , our products are distributed primarily through shop-within-shops at premiere department stores .', 'the mix of business is weighted to polo ralph lauren in men 2019s and women 2019s blue label .', 'the distribution of men 2019s and women 2019s black label is also expanding through shop-within-shop presentations in top tier department stores across japan .', 'worldwide distribution channels the following table presents the approximate number of doors by geographic location , in which ralph lauren- branded products distributed by our wholesale segment were sold to consumers in our primary channels of distribution as of march 28 , 2009 : location number of doors ( a ) .'] | ['( a ) in asia/pacific ( excluding japan ) , our products are distributed by our licensing partners. .'] | ****************************************
location, number of doors ( a )
united states and canada, 2104
europe, 3873
japan, 120
total, 6097
**************************************** | divide(3873, 6097) | 0.63523 |
what is the yearly amortization expense related to customer-related intangible assets , ( in thousands ) ? | Background: ['notes to consolidated financial statements 2014 ( continued ) owns the remaining 44% ( 44 % ) .', 'we purchased our share of gpap philippines for $ 10.9 million .', 'the purpose of this acquisition was to expand our presence in the asia-pacific market .', 'this business acquisition was not significant to our consolidated financial statements and accordingly , we have not provided pro forma information relating to this acquisition .', 'the following table summarizes the preliminary purchase price allocation ( in thousands ) : .']
Tabular Data:
========================================
goodwill | $ 6286
----------|----------
customer-related intangible assets | 3248
contract-based intangible assets | 952
trademark | 224
property and equipment | 300
total assets acquired | 11010
minority interest in equity of subsidiary ( at historical cost ) | -132 ( 132 )
net assets acquired | $ 10878
========================================
Follow-up: ['all of the goodwill associated with the acquisition is non-deductible for tax purposes .', 'the customer-related intangible assets have amortization periods of 11 years .', 'the contract-based intangible assets have amortization periods of 7 years .', 'the trademark has an amortization period of 5 years .', 'money transfer branch locations during 2009 , we completed the second and final series of money transfer branch location acquisitions in the united states as part of an assignment and asset purchase agreement with a privately held company .', 'the purpose of this acquisition was to increase the market presence of our dolex-branded money transfer offering .', 'the purchase price of these acquisitions was $ 787 thousand with $ 739 thousand allocated to goodwill and $ 48 thousand allocated to intangibles .', 'pursuant to our annual impairment test in fiscal 2009 , goodwill and other intangibles related to our money transfer business were deemed impaired .', 'please see note 3 2014impairment charges for further information .', 'this business acquisition was not significant to our consolidated financial statements and accordingly , we have not provided pro forma information relating to this acquisition .', 'fiscal 2008 discover during the year ended may 31 , 2008 , we acquired a portfolio of merchants that process discover transactions and the rights to process discover transactions for our existing and new merchants for $ 6.0 million .', 'the purchase of the portfolio was structured to occur in tranches .', 'during fiscal 2009 , additional tranches were purchased for $ 1.4 million .', 'as a result of this acquisition , we now process discover transactions similarly to how we currently process visa and mastercard transactions .', 'the purpose of this acquisition was to offer merchants a single point of contact for discover , visa and mastercard card processing .', 'the operating results of the acquired portfolio have been included in our consolidated financial statements from the dates of acquisition .', 'the customer-related intangible assets have amortization periods of 10 years .', 'these business acquisitions were not significant to our consolidated financial statements and accordingly , we have not provided pro forma information relating to these acquisitions. .'] | 295.27273 | GPN/2009/page_69.pdf-4 | ['notes to consolidated financial statements 2014 ( continued ) owns the remaining 44% ( 44 % ) .', 'we purchased our share of gpap philippines for $ 10.9 million .', 'the purpose of this acquisition was to expand our presence in the asia-pacific market .', 'this business acquisition was not significant to our consolidated financial statements and accordingly , we have not provided pro forma information relating to this acquisition .', 'the following table summarizes the preliminary purchase price allocation ( in thousands ) : .'] | ['all of the goodwill associated with the acquisition is non-deductible for tax purposes .', 'the customer-related intangible assets have amortization periods of 11 years .', 'the contract-based intangible assets have amortization periods of 7 years .', 'the trademark has an amortization period of 5 years .', 'money transfer branch locations during 2009 , we completed the second and final series of money transfer branch location acquisitions in the united states as part of an assignment and asset purchase agreement with a privately held company .', 'the purpose of this acquisition was to increase the market presence of our dolex-branded money transfer offering .', 'the purchase price of these acquisitions was $ 787 thousand with $ 739 thousand allocated to goodwill and $ 48 thousand allocated to intangibles .', 'pursuant to our annual impairment test in fiscal 2009 , goodwill and other intangibles related to our money transfer business were deemed impaired .', 'please see note 3 2014impairment charges for further information .', 'this business acquisition was not significant to our consolidated financial statements and accordingly , we have not provided pro forma information relating to this acquisition .', 'fiscal 2008 discover during the year ended may 31 , 2008 , we acquired a portfolio of merchants that process discover transactions and the rights to process discover transactions for our existing and new merchants for $ 6.0 million .', 'the purchase of the portfolio was structured to occur in tranches .', 'during fiscal 2009 , additional tranches were purchased for $ 1.4 million .', 'as a result of this acquisition , we now process discover transactions similarly to how we currently process visa and mastercard transactions .', 'the purpose of this acquisition was to offer merchants a single point of contact for discover , visa and mastercard card processing .', 'the operating results of the acquired portfolio have been included in our consolidated financial statements from the dates of acquisition .', 'the customer-related intangible assets have amortization periods of 10 years .', 'these business acquisitions were not significant to our consolidated financial statements and accordingly , we have not provided pro forma information relating to these acquisitions. .'] | ========================================
goodwill | $ 6286
----------|----------
customer-related intangible assets | 3248
contract-based intangible assets | 952
trademark | 224
property and equipment | 300
total assets acquired | 11010
minority interest in equity of subsidiary ( at historical cost ) | -132 ( 132 )
net assets acquired | $ 10878
======================================== | divide(3248, 11) | 295.27273 |
what is the net change in the balance of unrecognized tax benefits from 2007 to 2008? | Pre-text: ['notes to consolidated financial statements 2014 ( continued ) company 2019s financial statements and establishes guidelines for recognition and measurement of a tax position taken or expected to be taken in a tax return .', 'as a result of this adoption , we recorded a $ 1.5 million increase in the liability for unrecognized income tax benefits , which was accounted for as a $ 1.0 million reduction to the june 1 , 2007 balance of retained earnings and a $ 0.5 million reduction to the june 1 , 2007 balance of additional paid-in capital .', 'as of the adoption date , other long-term liabilities included liabilities for unrecognized income tax benefits of $ 3.8 million and accrued interest and penalties of $ 0.7 million .', 'a reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows ( in thousands ) : .']
Table:
balance at june 1 2007, $ 3760
additions based on tax positions related to the current year, 93
additions for tax positions of prior years, 50
reductions for tax positions of prior years, 2014
settlements with taxing authorities, -190 ( 190 )
balance at may 31 2008, $ 3713
Additional Information: ['as of may 31 , 2008 , the total amount of gross unrecognized tax benefits that , if recognized , would affect the effective tax rate is $ 3.7 million .', 'we recognize accrued interest related to unrecognized income tax benefits in interest expense and accrued penalty expense related to unrecognized tax benefits in sales , general and administrative expenses .', 'during fiscal 2008 , we recorded $ 0.3 million of accrued interest and penalty expense related to the unrecognized income tax benefits .', 'we anticipate the total amount of unrecognized income tax benefits will decrease by $ 1.1 million net of interest and penalties from our foreign operations within the next 12 months as a result of the expiration of the statute of limitations .', 'we conduct business globally and file income tax returns in the united states federal jurisdiction and various state and foreign jurisdictions .', 'in the normal course of business , we are subject to examination by taxing authorities throughout the world , including such major jurisdictions as the united states and canada .', 'with few exceptions , we are no longer subject to income tax examinations for years ended may 31 , 2003 and prior .', 'we are currently under audit by the internal revenue service of the united states for the 2004 to 2005 tax years .', 'we expect that the examination phase of the audit for the years 2004 to 2005 will conclude in fiscal 2009 .', 'note 8 2014shareholders 2019 equity on april 5 , 2007 , our board of directors approved a share repurchase program that authorized the purchase of up to $ 100 million of global payments 2019 stock in the open market or as otherwise may be determined by us , subject to market conditions , business opportunities , and other factors .', 'under this authorization , we repurchased 2.3 million shares of our common stock during fiscal 2008 at a cost of $ 87.0 million , or an average of $ 37.85 per share , including commissions .', 'as of may 31 , 2008 , we had $ 13.0 million remaining under our current share repurchase authorization .', 'no amounts were repurchased during fiscal 2007 .', 'note 9 2014share-based awards and options as of may 31 , 2008 , we had four share-based employee compensation plans .', 'for all share-based awards granted after june 1 , 2006 , compensation expense is recognized on a straight-line basis .', 'the fair value of share- based awards granted prior to june 1 , 2006 is amortized as compensation expense on an accelerated basis from the date of the grant .', 'there was no share-based compensation capitalized during fiscal 2008 , 2007 , and 2006. .'] | -47.0 | GPN/2008/page_88.pdf-1 | ['notes to consolidated financial statements 2014 ( continued ) company 2019s financial statements and establishes guidelines for recognition and measurement of a tax position taken or expected to be taken in a tax return .', 'as a result of this adoption , we recorded a $ 1.5 million increase in the liability for unrecognized income tax benefits , which was accounted for as a $ 1.0 million reduction to the june 1 , 2007 balance of retained earnings and a $ 0.5 million reduction to the june 1 , 2007 balance of additional paid-in capital .', 'as of the adoption date , other long-term liabilities included liabilities for unrecognized income tax benefits of $ 3.8 million and accrued interest and penalties of $ 0.7 million .', 'a reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows ( in thousands ) : .'] | ['as of may 31 , 2008 , the total amount of gross unrecognized tax benefits that , if recognized , would affect the effective tax rate is $ 3.7 million .', 'we recognize accrued interest related to unrecognized income tax benefits in interest expense and accrued penalty expense related to unrecognized tax benefits in sales , general and administrative expenses .', 'during fiscal 2008 , we recorded $ 0.3 million of accrued interest and penalty expense related to the unrecognized income tax benefits .', 'we anticipate the total amount of unrecognized income tax benefits will decrease by $ 1.1 million net of interest and penalties from our foreign operations within the next 12 months as a result of the expiration of the statute of limitations .', 'we conduct business globally and file income tax returns in the united states federal jurisdiction and various state and foreign jurisdictions .', 'in the normal course of business , we are subject to examination by taxing authorities throughout the world , including such major jurisdictions as the united states and canada .', 'with few exceptions , we are no longer subject to income tax examinations for years ended may 31 , 2003 and prior .', 'we are currently under audit by the internal revenue service of the united states for the 2004 to 2005 tax years .', 'we expect that the examination phase of the audit for the years 2004 to 2005 will conclude in fiscal 2009 .', 'note 8 2014shareholders 2019 equity on april 5 , 2007 , our board of directors approved a share repurchase program that authorized the purchase of up to $ 100 million of global payments 2019 stock in the open market or as otherwise may be determined by us , subject to market conditions , business opportunities , and other factors .', 'under this authorization , we repurchased 2.3 million shares of our common stock during fiscal 2008 at a cost of $ 87.0 million , or an average of $ 37.85 per share , including commissions .', 'as of may 31 , 2008 , we had $ 13.0 million remaining under our current share repurchase authorization .', 'no amounts were repurchased during fiscal 2007 .', 'note 9 2014share-based awards and options as of may 31 , 2008 , we had four share-based employee compensation plans .', 'for all share-based awards granted after june 1 , 2006 , compensation expense is recognized on a straight-line basis .', 'the fair value of share- based awards granted prior to june 1 , 2006 is amortized as compensation expense on an accelerated basis from the date of the grant .', 'there was no share-based compensation capitalized during fiscal 2008 , 2007 , and 2006. .'] | balance at june 1 2007, $ 3760
additions based on tax positions related to the current year, 93
additions for tax positions of prior years, 50
reductions for tax positions of prior years, 2014
settlements with taxing authorities, -190 ( 190 )
balance at may 31 2008, $ 3713 | subtract(3713, 3760) | -47.0 |
what is the percentage change in inventories at fifo net during 2012? | Context: ['in june 2011 , the fasb issued asu no .', '2011-05 201ccomprehensive income 2013 presentation of comprehensive income . 201d asu 2011-05 requires comprehensive income , the components of net income , and the components of other comprehensive income either in a single continuous statement of comprehensive income or in two separate but consecutive statements .', 'in both choices , an entity is required to present each component of net income along with total net income , each component of other comprehensive income along with a total for other comprehensive income , and a total amount for comprehensive income .', "this update eliminates the option to present the components of other comprehensive income as part of the statement of changes in stockholders' equity .", 'the amendments in this update do not change the items that must be reported in other comprehensive income or when an item of other comprehensive income must be reclassified to net income .', 'the amendments in this update should be applied retrospectively and is effective for interim and annual reporting periods beginning after december 15 , 2011 .', 'the company adopted this guidance in the first quarter of 2012 .', 'the adoption of asu 2011-05 is for presentation purposes only and had no material impact on the company 2019s consolidated financial statements .', '3 .', 'inventories , net : merchandise inventory the company used the lifo method of accounting for approximately 95% ( 95 % ) of inventories at both december 29 , 2012 and december 31 , 2011 .', 'under lifo , the company 2019s cost of sales reflects the costs of the most recently purchased inventories , while the inventory carrying balance represents the costs for inventories purchased in fiscal 2012 and prior years .', 'the company recorded a reduction to cost of sales of $ 24087 and $ 29554 in fiscal 2012 and fiscal 2010 , respectively .', 'as a result of utilizing lifo , the company recorded an increase to cost of sales of $ 24708 for fiscal 2011 , due to an increase in supply chain costs and inflationary pressures affecting certain product categories .', 'the company 2019s overall costs to acquire inventory for the same or similar products have generally decreased historically as the company has been able to leverage its continued growth , execution of merchandise strategies and realization of supply chain efficiencies .', 'product cores the remaining inventories are comprised of product cores , the non-consumable portion of certain parts and batteries , which are valued under the first-in , first-out ( "fifo" ) method .', "product cores are included as part of the company's merchandise costs and are either passed on to the customer or returned to the vendor .", "because product cores are not subject to frequent cost changes like the company's other merchandise inventory , there is no material difference when applying either the lifo or fifo valuation method .", 'inventory overhead costs purchasing and warehousing costs included in inventory at december 29 , 2012 and december 31 , 2011 , were $ 134258 and $ 126840 , respectively .', 'inventory balance and inventory reserves inventory balances at the end of fiscal 2012 and 2011 were as follows : december 29 , december 31 .']
######
Data Table:
========================================
| december 292012 | december 312011
----------|----------|----------
inventories at fifo net | $ 2182419 | $ 1941055
adjustments to state inventories at lifo | 126190 | 102103
inventories at lifo net | $ 2308609 | $ 2043158
========================================
######
Additional Information: ['inventory quantities are tracked through a perpetual inventory system .', 'the company completes physical inventories and other targeted inventory counts in its store locations to ensure the accuracy of the perpetual inventory quantities of both merchandise and core inventory in these locations .', 'in its distribution centers and pdq aes , the company uses a cycle counting program to ensure the accuracy of the perpetual inventory quantities of both merchandise and product core inventory .', 'reserves advance auto parts , inc .', 'and subsidiaries notes to the consolidated financial statements december 29 , 2012 , december 31 , 2011 and january 1 , 2011 ( in thousands , except per share data ) .'] | 0.12435 | AAP/2012/page_61.pdf-1 | ['in june 2011 , the fasb issued asu no .', '2011-05 201ccomprehensive income 2013 presentation of comprehensive income . 201d asu 2011-05 requires comprehensive income , the components of net income , and the components of other comprehensive income either in a single continuous statement of comprehensive income or in two separate but consecutive statements .', 'in both choices , an entity is required to present each component of net income along with total net income , each component of other comprehensive income along with a total for other comprehensive income , and a total amount for comprehensive income .', "this update eliminates the option to present the components of other comprehensive income as part of the statement of changes in stockholders' equity .", 'the amendments in this update do not change the items that must be reported in other comprehensive income or when an item of other comprehensive income must be reclassified to net income .', 'the amendments in this update should be applied retrospectively and is effective for interim and annual reporting periods beginning after december 15 , 2011 .', 'the company adopted this guidance in the first quarter of 2012 .', 'the adoption of asu 2011-05 is for presentation purposes only and had no material impact on the company 2019s consolidated financial statements .', '3 .', 'inventories , net : merchandise inventory the company used the lifo method of accounting for approximately 95% ( 95 % ) of inventories at both december 29 , 2012 and december 31 , 2011 .', 'under lifo , the company 2019s cost of sales reflects the costs of the most recently purchased inventories , while the inventory carrying balance represents the costs for inventories purchased in fiscal 2012 and prior years .', 'the company recorded a reduction to cost of sales of $ 24087 and $ 29554 in fiscal 2012 and fiscal 2010 , respectively .', 'as a result of utilizing lifo , the company recorded an increase to cost of sales of $ 24708 for fiscal 2011 , due to an increase in supply chain costs and inflationary pressures affecting certain product categories .', 'the company 2019s overall costs to acquire inventory for the same or similar products have generally decreased historically as the company has been able to leverage its continued growth , execution of merchandise strategies and realization of supply chain efficiencies .', 'product cores the remaining inventories are comprised of product cores , the non-consumable portion of certain parts and batteries , which are valued under the first-in , first-out ( "fifo" ) method .', "product cores are included as part of the company's merchandise costs and are either passed on to the customer or returned to the vendor .", "because product cores are not subject to frequent cost changes like the company's other merchandise inventory , there is no material difference when applying either the lifo or fifo valuation method .", 'inventory overhead costs purchasing and warehousing costs included in inventory at december 29 , 2012 and december 31 , 2011 , were $ 134258 and $ 126840 , respectively .', 'inventory balance and inventory reserves inventory balances at the end of fiscal 2012 and 2011 were as follows : december 29 , december 31 .'] | ['inventory quantities are tracked through a perpetual inventory system .', 'the company completes physical inventories and other targeted inventory counts in its store locations to ensure the accuracy of the perpetual inventory quantities of both merchandise and core inventory in these locations .', 'in its distribution centers and pdq aes , the company uses a cycle counting program to ensure the accuracy of the perpetual inventory quantities of both merchandise and product core inventory .', 'reserves advance auto parts , inc .', 'and subsidiaries notes to the consolidated financial statements december 29 , 2012 , december 31 , 2011 and january 1 , 2011 ( in thousands , except per share data ) .'] | ========================================
| december 292012 | december 312011
----------|----------|----------
inventories at fifo net | $ 2182419 | $ 1941055
adjustments to state inventories at lifo | 126190 | 102103
inventories at lifo net | $ 2308609 | $ 2043158
======================================== | subtract(2182419, 1941055), divide(#0, 1941055) | 0.12435 |
what percentage of 2012 undeveloped reserves consisted of extensions discoveries and other additions? | Background: ['estimates of synthetic crude oil reserves are prepared by glj petroleum consultants of calgary , canada , third-party consultants .', 'their reports for all years are filed as exhibits to this annual report on form 10-k .', 'the team lead responsible for the estimates of our osm reserves has 34 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 .', 'the second team member has 13 years of experience in petroleum engineering and has conducted surface mineable oil sands evaluations since 2009 .', 'both are registered practicing professional engineers 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 , 2012 .', '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 .', 'in the very limited instances where differences outside the 10 percent tolerance cannot be resolved by year end , a plan to resolve the difference is developed and our senior management is informed .', 'this process did not result in significant changes to our reserve estimates in 2012 or 2011 .', 'there were no third-party audits performed in 2010 .', 'during 2012 , netherland , sewell & associates , inc .', '( "nsai" ) prepared a certification of december 31 , 2011 reserves for the alba field in e.g .', 'the nsai summary report is filed as an exhibit to this annual report on form 10-k .', 'members of the nsai team have many years of industry experience , having worked for large , international oil and gas companies before joining nsai .', 'the senior technical advisor has a bachelor of science degree in geophysics and over 15 years of experience in the estimation of and evaluation of reserves .', 'the second member has a bachelor of science degree in chemical engineering and master of business administration along with over 3 years of experience in estimation and evaluation of reserves .', 'both are licensed in the state of texas .', 'ryder scott company ( "ryder scott" ) performed audits of several of our fields in 2012 and 2011 .', 'their summary reports on audits performed in 2012 and 2011 are filed as exhibits 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 where he served on the oil and gas reserves committee and is a registered professional engineer in the state of texas .', 'changes in proved undeveloped reserves as of december 31 , 2012 , 571 mmboe of proved undeveloped reserves were reported , an increase of 176 mmboe from december 31 , 2011 .', 'the following table shows changes in total proved undeveloped reserves for 2012 : ( mmboe ) .']
######
Tabular Data:
****************************************
beginning of year, 395
revisions of previous estimates, -13 ( 13 )
improved recovery, 2
purchases of reserves in place, 56
extensions discoveries and other additions, 201
transfer to proved developed, -70 ( 70 )
end of year, 571
****************************************
######
Post-table: ['significant additions to proved undeveloped reserves during 2012 include 56 mmboe due to acquisitions in the eagle ford shale .', 'development drilling added 124 mmboe in the eagle ford , 35 mmboe in the bakken and 15 mmboe in the oklahoma resource basins shale play .', 'a gas sharing agreement signed with the libyan government in 2012 added 19 mmboe .', 'additionally , 30 mmboe were transferred from proved undeveloped to proved developed reserves in the eagle ford and 14 mmboe in the bakken shale plays due to producing wells .', 'costs incurred in 2012 , 2011 and 2010 relating to the development of proved undeveloped reserves , were $ 1995 million $ 1107 million and $ 1463 million .', 'a total of 27 mmboe was booked as a result of reliable technology .', 'technologies included statistical analysis of production performance , decline curve analysis , rate transient analysis , reservoir simulation and volumetric analysis .', 'the statistical nature of production performance coupled with highly certain reservoir continuity or quality within the reliable technology areas and sufficient proved undeveloped locations establish the reasonable certainty criteria required for booking reserves. .'] | 0.35201 | MRO/2012/page_22.pdf-3 | ['estimates of synthetic crude oil reserves are prepared by glj petroleum consultants of calgary , canada , third-party consultants .', 'their reports for all years are filed as exhibits to this annual report on form 10-k .', 'the team lead responsible for the estimates of our osm reserves has 34 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 .', 'the second team member has 13 years of experience in petroleum engineering and has conducted surface mineable oil sands evaluations since 2009 .', 'both are registered practicing professional engineers 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 , 2012 .', '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 .', 'in the very limited instances where differences outside the 10 percent tolerance cannot be resolved by year end , a plan to resolve the difference is developed and our senior management is informed .', 'this process did not result in significant changes to our reserve estimates in 2012 or 2011 .', 'there were no third-party audits performed in 2010 .', 'during 2012 , netherland , sewell & associates , inc .', '( "nsai" ) prepared a certification of december 31 , 2011 reserves for the alba field in e.g .', 'the nsai summary report is filed as an exhibit to this annual report on form 10-k .', 'members of the nsai team have many years of industry experience , having worked for large , international oil and gas companies before joining nsai .', 'the senior technical advisor has a bachelor of science degree in geophysics and over 15 years of experience in the estimation of and evaluation of reserves .', 'the second member has a bachelor of science degree in chemical engineering and master of business administration along with over 3 years of experience in estimation and evaluation of reserves .', 'both are licensed in the state of texas .', 'ryder scott company ( "ryder scott" ) performed audits of several of our fields in 2012 and 2011 .', 'their summary reports on audits performed in 2012 and 2011 are filed as exhibits 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 where he served on the oil and gas reserves committee and is a registered professional engineer in the state of texas .', 'changes in proved undeveloped reserves as of december 31 , 2012 , 571 mmboe of proved undeveloped reserves were reported , an increase of 176 mmboe from december 31 , 2011 .', 'the following table shows changes in total proved undeveloped reserves for 2012 : ( mmboe ) .'] | ['significant additions to proved undeveloped reserves during 2012 include 56 mmboe due to acquisitions in the eagle ford shale .', 'development drilling added 124 mmboe in the eagle ford , 35 mmboe in the bakken and 15 mmboe in the oklahoma resource basins shale play .', 'a gas sharing agreement signed with the libyan government in 2012 added 19 mmboe .', 'additionally , 30 mmboe were transferred from proved undeveloped to proved developed reserves in the eagle ford and 14 mmboe in the bakken shale plays due to producing wells .', 'costs incurred in 2012 , 2011 and 2010 relating to the development of proved undeveloped reserves , were $ 1995 million $ 1107 million and $ 1463 million .', 'a total of 27 mmboe was booked as a result of reliable technology .', 'technologies included statistical analysis of production performance , decline curve analysis , rate transient analysis , reservoir simulation and volumetric analysis .', 'the statistical nature of production performance coupled with highly certain reservoir continuity or quality within the reliable technology areas and sufficient proved undeveloped locations establish the reasonable certainty criteria required for booking reserves. .'] | ****************************************
beginning of year, 395
revisions of previous estimates, -13 ( 13 )
improved recovery, 2
purchases of reserves in place, 56
extensions discoveries and other additions, 201
transfer to proved developed, -70 ( 70 )
end of year, 571
**************************************** | divide(201, 571) | 0.35201 |
by what percentage did adjustments to valuation allowances increase from 2011 to 2012> | Pre-text: ['provision for income taxes increased $ 1791 million in 2012 from 2011 primarily due to the increase in pretax income from continuing operations , including the impact of the resumption of sales in libya in the first quarter of 2012 .', 'the following is an analysis of the effective income tax rates for 2012 and 2011: .']
----
Table:
----------------------------------------
| 2012 | 2011
----------|----------|----------
statutory rate applied to income from continuing operations before income taxes | 35% ( 35 % ) | 35% ( 35 % )
effects of foreign operations including foreign tax credits | 18 | 6
change in permanent reinvestment assertion | 2014 | 5
adjustments to valuation allowances | 21 | 14
tax law changes | 2014 | 1
effective income tax rate on continuing operations | 74% ( 74 % ) | 61% ( 61 % )
----------------------------------------
----
Additional Information: ['the effective income tax rate is influenced by a variety of factors including the geographic sources of income and the relative magnitude of these sources of income .', 'the provision for income taxes is allocated on a discrete , stand-alone basis to pretax segment income and to individual items not allocated to segments .', 'the difference between the total provision and the sum of the amounts allocated to segments appears in the "corporate and other unallocated items" shown in the reconciliation of segment income to net income below .', 'effects of foreign operations 2013 the effects of foreign operations on our effective tax rate increased in 2012 as compared to 2011 , primarily due to the resumption of sales in libya in the first quarter of 2012 , where the statutory rate is in excess of 90 percent .', 'change in permanent reinvestment assertion 2013 in the second quarter of 2011 , we recorded $ 716 million of deferred u.s .', 'tax on undistributed earnings of $ 2046 million that we previously intended to permanently reinvest in foreign operations .', 'offsetting this tax expense were associated foreign tax credits of $ 488 million .', 'in addition , we reduced our valuation allowance related to foreign tax credits by $ 228 million due to recognizing deferred u.s .', 'tax on previously undistributed earnings .', 'adjustments to valuation allowances 2013 in 2012 and 2011 , we increased the valuation allowance against foreign tax credits because it is more likely than not that we will be unable to realize all u.s .', 'benefits on foreign taxes accrued in those years .', 'see item 8 .', 'financial statements and supplementary data - note 10 to the consolidated financial statements for further information about income taxes .', 'discontinued operations is presented net of tax , and reflects our downstream business that was spun off june 30 , 2011 and our angola business which we agreed to sell in 2013 .', 'see item 8 .', 'financial statements and supplementary data 2013 notes 3 and 6 to the consolidated financial statements for additional information. .'] | 0.5 | MRO/2013/page_49.pdf-2 | ['provision for income taxes increased $ 1791 million in 2012 from 2011 primarily due to the increase in pretax income from continuing operations , including the impact of the resumption of sales in libya in the first quarter of 2012 .', 'the following is an analysis of the effective income tax rates for 2012 and 2011: .'] | ['the effective income tax rate is influenced by a variety of factors including the geographic sources of income and the relative magnitude of these sources of income .', 'the provision for income taxes is allocated on a discrete , stand-alone basis to pretax segment income and to individual items not allocated to segments .', 'the difference between the total provision and the sum of the amounts allocated to segments appears in the "corporate and other unallocated items" shown in the reconciliation of segment income to net income below .', 'effects of foreign operations 2013 the effects of foreign operations on our effective tax rate increased in 2012 as compared to 2011 , primarily due to the resumption of sales in libya in the first quarter of 2012 , where the statutory rate is in excess of 90 percent .', 'change in permanent reinvestment assertion 2013 in the second quarter of 2011 , we recorded $ 716 million of deferred u.s .', 'tax on undistributed earnings of $ 2046 million that we previously intended to permanently reinvest in foreign operations .', 'offsetting this tax expense were associated foreign tax credits of $ 488 million .', 'in addition , we reduced our valuation allowance related to foreign tax credits by $ 228 million due to recognizing deferred u.s .', 'tax on previously undistributed earnings .', 'adjustments to valuation allowances 2013 in 2012 and 2011 , we increased the valuation allowance against foreign tax credits because it is more likely than not that we will be unable to realize all u.s .', 'benefits on foreign taxes accrued in those years .', 'see item 8 .', 'financial statements and supplementary data - note 10 to the consolidated financial statements for further information about income taxes .', 'discontinued operations is presented net of tax , and reflects our downstream business that was spun off june 30 , 2011 and our angola business which we agreed to sell in 2013 .', 'see item 8 .', 'financial statements and supplementary data 2013 notes 3 and 6 to the consolidated financial statements for additional information. .'] | ----------------------------------------
| 2012 | 2011
----------|----------|----------
statutory rate applied to income from continuing operations before income taxes | 35% ( 35 % ) | 35% ( 35 % )
effects of foreign operations including foreign tax credits | 18 | 6
change in permanent reinvestment assertion | 2014 | 5
adjustments to valuation allowances | 21 | 14
tax law changes | 2014 | 1
effective income tax rate on continuing operations | 74% ( 74 % ) | 61% ( 61 % )
---------------------------------------- | subtract(21, 14), divide(#0, 14) | 0.5 |
what was the ratio of the pre-tax catastrophe losses from 2014 to 2013 | Context: ['available information .', 'the company 2019s annual reports on form 10-k , quarterly reports on form 10-q , current reports on form 8- k , proxy statements and amendments to those reports are available free of charge through the company 2019s internet website at http://www.everestregroup.com as soon as reasonably practicable after such reports are electronically filed with the securities and exchange commission ( the 201csec 201d ) .', 'item 1a .', 'risk factors in addition to the other information provided in this report , the following risk factors should be considered when evaluating an investment in our securities .', 'if the circumstances contemplated by the individual risk factors materialize , our business , financial condition and results of operations could be materially and adversely affected and the trading price of our common shares could decline significantly .', 'risks relating to our business fluctuations in the financial markets could result in investment losses .', 'prolonged and severe disruptions in the overall public debt and equity markets , such as occurred during 2008 , could result in significant realized and unrealized losses in our investment portfolio .', 'although financial markets have significantly improved since 2008 , they could deteriorate in the future .', 'there could also be disruption in individual market sectors , such as occurred in the energy sector during the fourth quarter of 2014 .', 'such declines in the financial markets could result in significant realized and unrealized losses on investments and could have a material adverse impact on our results of operations , equity , business and insurer financial strength and debt ratings .', 'our results could be adversely affected by catastrophic events .', 'we are exposed to unpredictable catastrophic events , including weather-related and other natural catastrophes , as well as acts of terrorism .', 'any material reduction in our operating results caused by the occurrence of one or more catastrophes could inhibit our ability to pay dividends or to meet our interest and principal payment obligations .', 'subsequent to april 1 , 2010 , we define a catastrophe as an event that causes a loss on property exposures before reinsurance of at least $ 10.0 million , before corporate level reinsurance and taxes .', 'prior to april 1 , 2010 , we used a threshold of $ 5.0 million .', 'by way of illustration , during the past five calendar years , pre-tax catastrophe losses , net of contract specific reinsurance but before cessions under corporate reinsurance programs , were as follows: .']
--------
Data Table:
• calendar year:, pre-tax catastrophe losses
• ( dollars in millions ),
• 2014, $ 62.2
• 2013, 195.0
• 2012, 410.0
• 2011, 1300.4
• 2010, 571.1
--------
Post-table: ['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 underwriting tool .', 'we use these loss projections to estimate our potential catastrophe losses in certain geographic areas and decide on the placement 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 , resulting in a material adverse effect on our financial condition and results of operations. .'] | -132.8 | RE/2014/page_40.pdf-3 | ['available information .', 'the company 2019s annual reports on form 10-k , quarterly reports on form 10-q , current reports on form 8- k , proxy statements and amendments to those reports are available free of charge through the company 2019s internet website at http://www.everestregroup.com as soon as reasonably practicable after such reports are electronically filed with the securities and exchange commission ( the 201csec 201d ) .', 'item 1a .', 'risk factors in addition to the other information provided in this report , the following risk factors should be considered when evaluating an investment in our securities .', 'if the circumstances contemplated by the individual risk factors materialize , our business , financial condition and results of operations could be materially and adversely affected and the trading price of our common shares could decline significantly .', 'risks relating to our business fluctuations in the financial markets could result in investment losses .', 'prolonged and severe disruptions in the overall public debt and equity markets , such as occurred during 2008 , could result in significant realized and unrealized losses in our investment portfolio .', 'although financial markets have significantly improved since 2008 , they could deteriorate in the future .', 'there could also be disruption in individual market sectors , such as occurred in the energy sector during the fourth quarter of 2014 .', 'such declines in the financial markets could result in significant realized and unrealized losses on investments and could have a material adverse impact on our results of operations , equity , business and insurer financial strength and debt ratings .', 'our results could be adversely affected by catastrophic events .', 'we are exposed to unpredictable catastrophic events , including weather-related and other natural catastrophes , as well as acts of terrorism .', 'any material reduction in our operating results caused by the occurrence of one or more catastrophes could inhibit our ability to pay dividends or to meet our interest and principal payment obligations .', 'subsequent to april 1 , 2010 , we define a catastrophe as an event that causes a loss on property exposures before reinsurance of at least $ 10.0 million , before corporate level reinsurance and taxes .', 'prior to april 1 , 2010 , we used a threshold of $ 5.0 million .', 'by way of illustration , during the past five calendar years , pre-tax catastrophe losses , net of contract specific reinsurance but before cessions under corporate reinsurance programs , were as follows: .'] | ['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 underwriting tool .', 'we use these loss projections to estimate our potential catastrophe losses in certain geographic areas and decide on the placement 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 , resulting in a material adverse effect on our financial condition and results of operations. .'] | • calendar year:, pre-tax catastrophe losses
• ( dollars in millions ),
• 2014, $ 62.2
• 2013, 195.0
• 2012, 410.0
• 2011, 1300.4
• 2010, 571.1 | subtract(62.2, 195.0) | -132.8 |
based on the review of the activity between the company and the 2015 financing entities what was the ratio of the cash payments to cash receipts in 2013 | Pre-text: ['credit and therefore was not the primary beneficiary at december 31 , 2014 .', 'the company 2019s maximum exposure to loss at december 31 , 2014 equaled the principal amount of the timber notes ; however , an analysis performed by the company concluded the likelihood of this exposure was remote .', 'during the third quarter of 2015 , we initiated a series of actions in order to extend the 2006 monetization structure and maintain the long-term nature of the $ 1.4 billion deferred tax liability .', 'first , international paper acquired the class a interests in the investor entities from a third party for $ 198 million in cash .', 'as a result , international paper became the owner of all of the class a and class b interests in the entities and became the primary beneficiary of the entities .', 'the assets and liabilities of the entities , primarily consisting of the timber notes and third party bank loans , were recorded at fair value as of the acquisition date of the class a interests .', 'subsequent to purchasing the class a interests in the investor entities , international paper restructured the entities , which resulted in the formation of wholly- owned , bankruptcy-remote special purpose entities ( the 2015 financing entities ) .', 'as part of the restructuring , the timber notes held by the borrower entities , subject to the third party bank loans , were contributed to the 2015 financing entities along with approximately $ 150 million in international paper debt obligations , approximately $ 600 million in cash and approximately $ 130 million in demand loans from international paper , and certain entities were liquidated .', 'as a result of these transactions , international paper began consolidating the 2015 financing entities during the third quarter of 2015 .', 'also , during the third quarter of 2015 , the 2015 financing entities used $ 630 million in cash to pay down a portion of the third party bank loans and refinanced approximately $ 4.2 billion of those loans on nonrecourse terms ( the 2015 refinance loans ) .', 'during the fourth quarter of 2015 , international paper extended the maturity date on the timber notes for an additional five years .', 'the timber notes are shown in financial assets of special purpose entities on the accompanying consolidated balance sheet and mature in august 2021 unless extended for an additional five years .', 'these notes are supported by approximately $ 4.8 billion of irrevocable letters of credit .', 'in addition , the company extinguished the 2015 refinance loans scheduled to mature in may 2016 and entered into new nonrecourse third party bank loans totaling approximately $ 4.2 billion ( the extension loans ) .', 'provisions of loan agreements related to approximately $ 1.1 billion of the extension loans require the bank issuing letters of credit supporting the timber notes pledged as collateral to maintain a credit rating at or above a specified threshold .', 'in the event the credit rating of the letter of credit bank is downgraded below the specified threshold , the letters of credit must be replaced within 60 days with letters of credit from a qualifying financial institution .', 'the extension loans are shown in nonrecourse financial liabilities of special purpose entities on the accompanying consolidated balance sheet and mature in the fourth quarter of 2020 .', 'the extinguishment of the 2015 refinance loans of approximately $ 4.2 billion and the issuance of the extension loans of approximately $ 4.2 billion are shown as part of reductions of debt and issuances of debt , respectively , in the financing activities of the consolidated statement of cash flows .', 'the extension loans are nonrecourse to the company , and are secured by approximately $ 4.8 billion of timber notes , the irrevocable letters of credit supporting the timber notes and approximately $ 150 million of international paper debt obligations .', 'the $ 150 million of international paper debt obligations are eliminated in the consolidation of the 2015 financing entities and are not reflected in the company 2019s consolidated balance sheet .', 'the purchase of the class a interests and subsequent restructuring described above facilitated the refinancing and extensions of the third party bank loans on nonrecourse terms .', 'the transactions described in these paragraphs result in continued long-term classification of the $ 1.4 billion deferred tax liability recognized in connection with the 2006 forestlands as of december 31 , 2015 , the fair value of the timber notes and extension loans is $ 4.68 billion and $ 4.28 billion , respectively .', 'the timber notes and extension loans are classified as level 2 within the fair value hierarchy , which is further defined in note 14 .', 'activity between the company and the 2015 financing entities ( the entities prior to the purchase of the class a interest discussed above ) was as follows: .']
----
Table:
• in millions, 2015, 2014, 2013
• revenue ( a ), $ 43, $ 38, $ 45
• expense ( a ), 81, 72, 79
• cash receipts ( b ), 21, 22, 33
• cash payments ( c ), 71, 73, 84
----
Post-table: ['( a ) the net expense related to the company 2019s interest in the entities is included in the accompanying consolidated statement of operations , as international paper has and intends to effect its legal right to offset as discussed above .', 'after formation of the 2015 financing entities , the revenue and expense are included in interest expense , net in the accompanying consolidated statement of operations .', '( b ) the cash receipts are equity distributions from the entities to international paper prior to the formation of the 2015 financing entities .', 'after formation of the 2015 financing entities , cash receipts are interest received on the financial assets of special purpose entities. .'] | 2.54545 | IP/2015/page_82.pdf-1 | ['credit and therefore was not the primary beneficiary at december 31 , 2014 .', 'the company 2019s maximum exposure to loss at december 31 , 2014 equaled the principal amount of the timber notes ; however , an analysis performed by the company concluded the likelihood of this exposure was remote .', 'during the third quarter of 2015 , we initiated a series of actions in order to extend the 2006 monetization structure and maintain the long-term nature of the $ 1.4 billion deferred tax liability .', 'first , international paper acquired the class a interests in the investor entities from a third party for $ 198 million in cash .', 'as a result , international paper became the owner of all of the class a and class b interests in the entities and became the primary beneficiary of the entities .', 'the assets and liabilities of the entities , primarily consisting of the timber notes and third party bank loans , were recorded at fair value as of the acquisition date of the class a interests .', 'subsequent to purchasing the class a interests in the investor entities , international paper restructured the entities , which resulted in the formation of wholly- owned , bankruptcy-remote special purpose entities ( the 2015 financing entities ) .', 'as part of the restructuring , the timber notes held by the borrower entities , subject to the third party bank loans , were contributed to the 2015 financing entities along with approximately $ 150 million in international paper debt obligations , approximately $ 600 million in cash and approximately $ 130 million in demand loans from international paper , and certain entities were liquidated .', 'as a result of these transactions , international paper began consolidating the 2015 financing entities during the third quarter of 2015 .', 'also , during the third quarter of 2015 , the 2015 financing entities used $ 630 million in cash to pay down a portion of the third party bank loans and refinanced approximately $ 4.2 billion of those loans on nonrecourse terms ( the 2015 refinance loans ) .', 'during the fourth quarter of 2015 , international paper extended the maturity date on the timber notes for an additional five years .', 'the timber notes are shown in financial assets of special purpose entities on the accompanying consolidated balance sheet and mature in august 2021 unless extended for an additional five years .', 'these notes are supported by approximately $ 4.8 billion of irrevocable letters of credit .', 'in addition , the company extinguished the 2015 refinance loans scheduled to mature in may 2016 and entered into new nonrecourse third party bank loans totaling approximately $ 4.2 billion ( the extension loans ) .', 'provisions of loan agreements related to approximately $ 1.1 billion of the extension loans require the bank issuing letters of credit supporting the timber notes pledged as collateral to maintain a credit rating at or above a specified threshold .', 'in the event the credit rating of the letter of credit bank is downgraded below the specified threshold , the letters of credit must be replaced within 60 days with letters of credit from a qualifying financial institution .', 'the extension loans are shown in nonrecourse financial liabilities of special purpose entities on the accompanying consolidated balance sheet and mature in the fourth quarter of 2020 .', 'the extinguishment of the 2015 refinance loans of approximately $ 4.2 billion and the issuance of the extension loans of approximately $ 4.2 billion are shown as part of reductions of debt and issuances of debt , respectively , in the financing activities of the consolidated statement of cash flows .', 'the extension loans are nonrecourse to the company , and are secured by approximately $ 4.8 billion of timber notes , the irrevocable letters of credit supporting the timber notes and approximately $ 150 million of international paper debt obligations .', 'the $ 150 million of international paper debt obligations are eliminated in the consolidation of the 2015 financing entities and are not reflected in the company 2019s consolidated balance sheet .', 'the purchase of the class a interests and subsequent restructuring described above facilitated the refinancing and extensions of the third party bank loans on nonrecourse terms .', 'the transactions described in these paragraphs result in continued long-term classification of the $ 1.4 billion deferred tax liability recognized in connection with the 2006 forestlands as of december 31 , 2015 , the fair value of the timber notes and extension loans is $ 4.68 billion and $ 4.28 billion , respectively .', 'the timber notes and extension loans are classified as level 2 within the fair value hierarchy , which is further defined in note 14 .', 'activity between the company and the 2015 financing entities ( the entities prior to the purchase of the class a interest discussed above ) was as follows: .'] | ['( a ) the net expense related to the company 2019s interest in the entities is included in the accompanying consolidated statement of operations , as international paper has and intends to effect its legal right to offset as discussed above .', 'after formation of the 2015 financing entities , the revenue and expense are included in interest expense , net in the accompanying consolidated statement of operations .', '( b ) the cash receipts are equity distributions from the entities to international paper prior to the formation of the 2015 financing entities .', 'after formation of the 2015 financing entities , cash receipts are interest received on the financial assets of special purpose entities. .'] | • in millions, 2015, 2014, 2013
• revenue ( a ), $ 43, $ 38, $ 45
• expense ( a ), 81, 72, 79
• cash receipts ( b ), 21, 22, 33
• cash payments ( c ), 71, 73, 84 | divide(84, 33) | 2.54545 |
in 2014 what was the income from continuing operations adjusted for diluting operations? | Background: ['from those currently anticipated and expressed in such forward-looking statements as a result of a number of factors , including those we discuss under 201crisk factors 201d and elsewhere in this form 10-k .', 'you should read 201crisk factors 201d and 201cforward-looking statements . 201d executive overview general american water works company , inc .', '( herein referred to as 201camerican water 201d or the 201ccompany 201d ) is the largest investor-owned united states water and wastewater utility company , as measured both by operating revenues and population served .', 'our approximately 6400 employees provide drinking water , wastewater and other water related services to an estimated 15 million people in 47 states and in one canadian province .', 'our primary business involves the ownership of water and wastewater utilities that provide water and wastewater services to residential , commercial , industrial and other customers .', 'our regulated businesses that provide these services are generally subject to economic regulation by state regulatory agencies in the states in which they operate .', 'the federal government and the states also regulate environmental , health and safety and water quality matters .', 'our regulated businesses provide services in 16 states and serve approximately 3.2 million customers based on the number of active service connections to our water and wastewater networks .', 'we report the results of these businesses in our regulated businesses segment .', 'we also provide services that are not subject to economic regulation by state regulatory agencies .', 'we report the results of these businesses in our market-based operations segment .', 'in 2014 , we continued the execution of our strategic goals .', 'our commitment to growth through investment in our regulated infrastructure and expansion of our regulated customer base and our market-based operations , combined with operational excellence led to continued improvement in regulated operating efficiency , improved performance of our market-based operations , and enabled us to provide increased value to our customers and investors .', 'during the year , we focused on growth , addressed regulatory lag , made more efficient use of capital and improved our regulated operation and maintenance ( 201co&m 201d ) efficiency ratio .', '2014 financial results for the year ended december 31 , 2014 , we continued to increase net income , while making significant capital investment in our infrastructure and implementing operational efficiency improvements to keep customer rates affordable .', 'highlights of our 2014 operating results compared to 2013 and 2012 include: .']
------
Tabular Data:
========================================
Row 1: , 2014, 2013, 2012
Row 2: income from continuing operations, $ 2.39, $ 2.07, $ 2.10
Row 3: income ( loss ) from discontinued operations net of tax, $ -0.04 ( 0.04 ), $ -0.01 ( 0.01 ), $ -0.09 ( 0.09 )
Row 4: diluted earnings per share, $ 2.35, $ 2.06, $ 2.01
========================================
------
Additional Information: ['continuing operations income from continuing operations included 4 cents per diluted share of costs resulting from the freedom industries chemical spill in west virginia in 2014 and included 14 cents per diluted share in 2013 related to a tender offer .', 'earnings from continuing operations , adjusted for these two items , increased 10% ( 10 % ) , or 22 cents per share , mainly due to favorable operating results from our regulated businesses segment due to higher revenues and lower operating expenses , partially offset by higher depreciation expenses .', 'also contributing to the overall increase in income from continuing operations was lower interest expense in 2014 compared to the same period in 2013. .'] | 2.35 | AWK/2014/page_45.pdf-4 | ['from those currently anticipated and expressed in such forward-looking statements as a result of a number of factors , including those we discuss under 201crisk factors 201d and elsewhere in this form 10-k .', 'you should read 201crisk factors 201d and 201cforward-looking statements . 201d executive overview general american water works company , inc .', '( herein referred to as 201camerican water 201d or the 201ccompany 201d ) is the largest investor-owned united states water and wastewater utility company , as measured both by operating revenues and population served .', 'our approximately 6400 employees provide drinking water , wastewater and other water related services to an estimated 15 million people in 47 states and in one canadian province .', 'our primary business involves the ownership of water and wastewater utilities that provide water and wastewater services to residential , commercial , industrial and other customers .', 'our regulated businesses that provide these services are generally subject to economic regulation by state regulatory agencies in the states in which they operate .', 'the federal government and the states also regulate environmental , health and safety and water quality matters .', 'our regulated businesses provide services in 16 states and serve approximately 3.2 million customers based on the number of active service connections to our water and wastewater networks .', 'we report the results of these businesses in our regulated businesses segment .', 'we also provide services that are not subject to economic regulation by state regulatory agencies .', 'we report the results of these businesses in our market-based operations segment .', 'in 2014 , we continued the execution of our strategic goals .', 'our commitment to growth through investment in our regulated infrastructure and expansion of our regulated customer base and our market-based operations , combined with operational excellence led to continued improvement in regulated operating efficiency , improved performance of our market-based operations , and enabled us to provide increased value to our customers and investors .', 'during the year , we focused on growth , addressed regulatory lag , made more efficient use of capital and improved our regulated operation and maintenance ( 201co&m 201d ) efficiency ratio .', '2014 financial results for the year ended december 31 , 2014 , we continued to increase net income , while making significant capital investment in our infrastructure and implementing operational efficiency improvements to keep customer rates affordable .', 'highlights of our 2014 operating results compared to 2013 and 2012 include: .'] | ['continuing operations income from continuing operations included 4 cents per diluted share of costs resulting from the freedom industries chemical spill in west virginia in 2014 and included 14 cents per diluted share in 2013 related to a tender offer .', 'earnings from continuing operations , adjusted for these two items , increased 10% ( 10 % ) , or 22 cents per share , mainly due to favorable operating results from our regulated businesses segment due to higher revenues and lower operating expenses , partially offset by higher depreciation expenses .', 'also contributing to the overall increase in income from continuing operations was lower interest expense in 2014 compared to the same period in 2013. .'] | ========================================
Row 1: , 2014, 2013, 2012
Row 2: income from continuing operations, $ 2.39, $ 2.07, $ 2.10
Row 3: income ( loss ) from discontinued operations net of tax, $ -0.04 ( 0.04 ), $ -0.01 ( 0.01 ), $ -0.09 ( 0.09 )
Row 4: diluted earnings per share, $ 2.35, $ 2.06, $ 2.01
======================================== | subtract(2.39, 0.04) | 2.35 |
what is the total value of repurchased shares during october 2012 , in millions? | Background: ['issuer purchases of equity securities the following table provides information about our repurchases of common stock during the three-month period ended december 31 , 2012 .', 'period total number of shares purchased average price paid per total number of shares purchased as part of publicly announced program ( a ) amount available for future share repurchases the program ( b ) ( in millions ) .']
--------
Table:
****************************************
period total number of shares purchased average price paid per share total number of shares purchased as part of publicly announced program ( a ) amount available for future share repurchases under the program ( b ) ( in millions )
october 1 2012 2013 october 28 2012 842445 $ 93.38 842445 $ 2522
october 29 2012 2013 november 25 2012 872973 90.86 872973 2443
november 26 2012 2013 december 31 2012 1395288 92.02 1395288 2315
total 3110706 $ 92.07 3110706 $ 2315
****************************************
--------
Follow-up: ['( a ) we repurchased a total of 3.1 million shares of our common stock for $ 286 million during the quarter ended december 31 , 2012 under a share repurchase program that we announced in october 2010 .', '( b ) our board of directors has approved a share repurchase program for the repurchase of our common stock from time-to-time , authorizing an amount available for share repurchases of $ 6.5 billion .', 'under the program , management has discretion to determine the dollar amount of shares to be repurchased and the timing of any repurchases in compliance with applicable law and regulation .', 'the program does not have an expiration date .', 'as of december 31 , 2012 , we had repurchased a total of 54.3 million shares under the program for $ 4.2 billion. .'] | 78.66751 | LMT/2012/page_29.pdf-4 | ['issuer purchases of equity securities the following table provides information about our repurchases of common stock during the three-month period ended december 31 , 2012 .', 'period total number of shares purchased average price paid per total number of shares purchased as part of publicly announced program ( a ) amount available for future share repurchases the program ( b ) ( in millions ) .'] | ['( a ) we repurchased a total of 3.1 million shares of our common stock for $ 286 million during the quarter ended december 31 , 2012 under a share repurchase program that we announced in october 2010 .', '( b ) our board of directors has approved a share repurchase program for the repurchase of our common stock from time-to-time , authorizing an amount available for share repurchases of $ 6.5 billion .', 'under the program , management has discretion to determine the dollar amount of shares to be repurchased and the timing of any repurchases in compliance with applicable law and regulation .', 'the program does not have an expiration date .', 'as of december 31 , 2012 , we had repurchased a total of 54.3 million shares under the program for $ 4.2 billion. .'] | ****************************************
period total number of shares purchased average price paid per share total number of shares purchased as part of publicly announced program ( a ) amount available for future share repurchases under the program ( b ) ( in millions )
october 1 2012 2013 october 28 2012 842445 $ 93.38 842445 $ 2522
october 29 2012 2013 november 25 2012 872973 90.86 872973 2443
november 26 2012 2013 december 31 2012 1395288 92.02 1395288 2315
total 3110706 $ 92.07 3110706 $ 2315
**************************************** | multiply(842445, 93.38), divide(#0, const_1000000) | 78.66751 |
what was the percentage change of our accrued trade liabilities in 2019 compared to 2018 | Context: ['the following table summarizes our future estimated cash payments under existing contractual obligations , including payments due by period: .']
Tabular Data:
========================================
in millions payments due by fiscal year total payments due by fiscal year 2020 payments due by fiscal year 2021 -22 payments due by fiscal year 2023 -24 payments due by fiscal year 2025 and thereafter
long-term debt ( a ) $ 13093.0 $ 1396.3 $ 3338.4 $ 2810.2 $ 5548.1
accrued interest 92.6 92.6 - - -
operating leases ( b ) 482.6 120.0 186.7 112.9 63.0
capital leases 0.3 0.2 0.1 - -
purchase obligations ( c ) 2961.8 2605.1 321.9 27.6 7.2
total contractual obligations 16630.3 4214.2 3847.1 2950.7 5618.3
other long-term obligations ( d ) 1302.4 - - - -
total long-term obligations $ 17932.7 $ 4214.2 $ 3847.1 $ 2950.7 $ 5618.3
========================================
Post-table: ['( a ) amounts represent the expected cash payments of our long-term debt and do not include $ 0.3 million for capital leases or $ 72.0 million for net unamortized debt issuance costs , premiums and discounts , and fair value adjustments .', '( b ) operating leases represents the minimum rental commitments under non-cancelable operating leases .', '( c ) the majority of the purchase obligations represent commitments for raw material and packaging to be utilized in the normal course of business and for consumer marketing spending commitments that support our brands .', 'for purposes of this table , arrangements are considered purchase obligations if a contract specifies all significant terms , including fixed or minimum quantities to be purchased , a pricing structure , and approximate timing of the transaction .', 'most arrangements are cancelable without a significant penalty and with short notice ( usually 30 days ) .', 'any amounts reflected on the consolidated balance sheets as accounts payable and accrued liabilities are excluded from the table above .', '( d ) the fair value of our foreign exchange , equity , commodity , and grain derivative contracts with a payable position to the counterparty was $ 17.3 million as of may 26 , 2019 , based on fair market values as of that date .', 'future changes in market values will impact the amount of cash ultimately paid or received to settle those instruments in the future .', 'other long-term obligations mainly consist of liabilities for accrued compensation and benefits , including the underfunded status of certain of our defined benefit pension , other postretirement benefit , and postemployment benefit plans , and miscellaneous liabilities .', 'we expect to pay approximately $ 20 million of benefits from our unfunded postemployment benefit plans and approximately $ 18 million of deferred compensation in fiscal 2020 .', 'we are unable to reliably estimate the amount of these payments beyond fiscal 2020 .', 'as of may 26 , 2019 , our total liability for uncertain tax positions and accrued interest and penalties was $ 165.1 million .', 'significant accounting estimates for a complete description of our significant accounting policies , please see note 2 to the consolidated financial statements in item 8 of this report .', 'our significant accounting estimates are those that have a meaningful impact on the reporting of our financial condition and results of operations .', 'these estimates include our accounting for promotional expenditures , valuation of long-lived assets , intangible assets , redeemable interest , stock-based compensation , income taxes , and defined benefit pension , other postretirement benefit , and postemployment benefit plans .', 'revenue recognition our revenues are reported net of variable consideration and consideration payable to our customers , including trade promotion , consumer coupon redemption and other costs , including estimated allowances for returns , unsalable product , and prompt pay discounts .', 'trade promotions are recorded using significant judgment of estimated participation and performance levels for offered programs at the time of sale .', 'differences between estimated expenses and actual costs are recognized as a change in management estimate in a subsequent period .', 'our accrued trade liabilities were $ 484 million as of may 26 , 2019 , and $ 500 million as of may 27 , 2018 .', 'because these amounts are significant , if our estimates are inaccurate we would have to make adjustments in subsequent periods that could have a significant effect on our results of operations. .'] | -16.0 | GIS/2019/page_37.pdf-3 | ['the following table summarizes our future estimated cash payments under existing contractual obligations , including payments due by period: .'] | ['( a ) amounts represent the expected cash payments of our long-term debt and do not include $ 0.3 million for capital leases or $ 72.0 million for net unamortized debt issuance costs , premiums and discounts , and fair value adjustments .', '( b ) operating leases represents the minimum rental commitments under non-cancelable operating leases .', '( c ) the majority of the purchase obligations represent commitments for raw material and packaging to be utilized in the normal course of business and for consumer marketing spending commitments that support our brands .', 'for purposes of this table , arrangements are considered purchase obligations if a contract specifies all significant terms , including fixed or minimum quantities to be purchased , a pricing structure , and approximate timing of the transaction .', 'most arrangements are cancelable without a significant penalty and with short notice ( usually 30 days ) .', 'any amounts reflected on the consolidated balance sheets as accounts payable and accrued liabilities are excluded from the table above .', '( d ) the fair value of our foreign exchange , equity , commodity , and grain derivative contracts with a payable position to the counterparty was $ 17.3 million as of may 26 , 2019 , based on fair market values as of that date .', 'future changes in market values will impact the amount of cash ultimately paid or received to settle those instruments in the future .', 'other long-term obligations mainly consist of liabilities for accrued compensation and benefits , including the underfunded status of certain of our defined benefit pension , other postretirement benefit , and postemployment benefit plans , and miscellaneous liabilities .', 'we expect to pay approximately $ 20 million of benefits from our unfunded postemployment benefit plans and approximately $ 18 million of deferred compensation in fiscal 2020 .', 'we are unable to reliably estimate the amount of these payments beyond fiscal 2020 .', 'as of may 26 , 2019 , our total liability for uncertain tax positions and accrued interest and penalties was $ 165.1 million .', 'significant accounting estimates for a complete description of our significant accounting policies , please see note 2 to the consolidated financial statements in item 8 of this report .', 'our significant accounting estimates are those that have a meaningful impact on the reporting of our financial condition and results of operations .', 'these estimates include our accounting for promotional expenditures , valuation of long-lived assets , intangible assets , redeemable interest , stock-based compensation , income taxes , and defined benefit pension , other postretirement benefit , and postemployment benefit plans .', 'revenue recognition our revenues are reported net of variable consideration and consideration payable to our customers , including trade promotion , consumer coupon redemption and other costs , including estimated allowances for returns , unsalable product , and prompt pay discounts .', 'trade promotions are recorded using significant judgment of estimated participation and performance levels for offered programs at the time of sale .', 'differences between estimated expenses and actual costs are recognized as a change in management estimate in a subsequent period .', 'our accrued trade liabilities were $ 484 million as of may 26 , 2019 , and $ 500 million as of may 27 , 2018 .', 'because these amounts are significant , if our estimates are inaccurate we would have to make adjustments in subsequent periods that could have a significant effect on our results of operations. .'] | ========================================
in millions payments due by fiscal year total payments due by fiscal year 2020 payments due by fiscal year 2021 -22 payments due by fiscal year 2023 -24 payments due by fiscal year 2025 and thereafter
long-term debt ( a ) $ 13093.0 $ 1396.3 $ 3338.4 $ 2810.2 $ 5548.1
accrued interest 92.6 92.6 - - -
operating leases ( b ) 482.6 120.0 186.7 112.9 63.0
capital leases 0.3 0.2 0.1 - -
purchase obligations ( c ) 2961.8 2605.1 321.9 27.6 7.2
total contractual obligations 16630.3 4214.2 3847.1 2950.7 5618.3
other long-term obligations ( d ) 1302.4 - - - -
total long-term obligations $ 17932.7 $ 4214.2 $ 3847.1 $ 2950.7 $ 5618.3
======================================== | subtract(484, 500) | -16.0 |
what was the change in net sales in 2015 in millions | Pre-text: ['augusta , georgia mill and $ 2 million of costs associated with the sale of the shorewood business .', 'consumer packaging .']
--
Table:
========================================
in millions, 2015, 2014, 2013
sales, $ 2940, $ 3403, $ 3435
operating profit ( loss ), -25 ( 25 ), 178, 161
========================================
--
Follow-up: ['north american consumer packaging net sales were $ 1.9 billion in 2015 compared with $ 2.0 billion in 2014 and $ 2.0 billion in 2013 .', 'operating profits were $ 81 million ( $ 91 million excluding the cost associated with the planned conversion of our riegelwood mill to 100% ( 100 % ) pulp production , net of proceeds from the sale of the carolina coated bristols brand , and sheet plant closure costs ) in 2015 compared with $ 92 million ( $ 100 million excluding sheet plant closure costs ) in 2014 and $ 63 million ( $ 110 million excluding paper machine shutdown costs and costs related to the sale of the shorewood business ) in 2013 .', 'coated paperboard sales volumes in 2015 were lower than in 2014 reflecting weaker market demand .', 'the business took about 77000 tons of market-related downtime in 2015 compared with about 41000 tons in 2014 .', 'average sales price realizations increased modestly year over year as competitive pressures in the current year only partially offset the impact of sales price increases implemented in 2014 .', 'input costs decreased for energy and chemicals , but wood costs increased .', 'planned maintenance downtime costs were $ 10 million lower in 2015 .', 'operating costs were higher , mainly due to inflation and overhead costs .', 'foodservice sales volumes increased in 2015 compared with 2014 reflecting strong market demand .', 'average sales margins increased due to lower resin costs and a more favorable mix .', 'operating costs and distribution costs were both higher .', 'looking ahead to the first quarter of 2016 , coated paperboard sales volumes are expected to be slightly lower than in the fourth quarter of 2015 due to our exit from the coated bristols market .', 'average sales price realizations are expected to be flat , but margins should benefit from a more favorable product mix .', 'input costs are expected to be higher for wood , chemicals and energy .', 'planned maintenance downtime costs should be $ 4 million higher with a planned maintenance outage scheduled at our augusta mill in the first quarter .', 'foodservice sales volumes are expected to be seasonally lower .', 'average sales margins are expected to improve due to a more favorable mix .', 'operating costs are expected to decrease .', 'european consumer packaging net sales in 2015 were $ 319 million compared with $ 365 million in 2014 and $ 380 million in 2013 .', 'operating profits in 2015 were $ 87 million compared with $ 91 million in 2014 and $ 100 million in 2013 .', 'sales volumes in 2015 compared with 2014 increased in europe , but decreased in russia .', 'average sales margins improved in russia due to slightly higher average sales price realizations and a more favorable mix .', 'in europe average sales margins decreased reflecting lower average sales price realizations and an unfavorable mix .', 'input costs were lower in europe , primarily for wood and energy , but were higher in russia , primarily for wood .', 'looking forward to the first quarter of 2016 , compared with the fourth quarter of 2015 , sales volumes are expected to be stable .', 'average sales price realizations are expected to be slightly higher in both russia and europe .', 'input costs are expected to be flat , while operating costs are expected to increase .', 'asian consumer packaging the company sold its 55% ( 55 % ) equity share in the ip-sun jv in october 2015 .', 'net sales and operating profits presented below include results through september 30 , 2015 .', 'net sales were $ 682 million in 2015 compared with $ 1.0 billion in 2014 and $ 1.1 billion in 2013 .', 'operating profits in 2015 were a loss of $ 193 million ( a loss of $ 19 million excluding goodwill and other asset impairment costs ) compared with losses of $ 5 million in 2014 and $ 2 million in 2013 .', 'sales volumes and average sales price realizations were lower in 2015 due to over-supplied market conditions and competitive pressures .', 'average sales margins were also negatively impacted by a less favorable mix .', 'input costs and freight costs were lower and operating costs also decreased .', "on october 13 , 2015 , the company finalized the sale of its 55% ( 55 % ) interest in ip asia coated paperboard ( ip- sun jv ) business , within the company's consumer packaging segment , to its chinese coated board joint venture partner , shandong sun holding group co. , ltd .", 'for rmb 149 million ( approximately usd $ 23 million ) .', 'during the third quarter of 2015 , a determination was made that the current book value of the asset group exceeded its estimated fair value of $ 23 million , which was the agreed upon selling price .', 'the 2015 loss includes the net pre-tax impairment charge of $ 174 million ( $ 113 million after taxes ) .', "a pre-tax charge of $ 186 million was recorded during the third quarter in the company's consumer packaging segment to write down the long-lived assets of this business to their estimated fair value .", "in the fourth quarter of 2015 , upon the sale and corresponding deconsolidation of ip-sun jv from the company's consolidated balance sheet , final adjustments were made resulting in a reduction of the impairment of $ 12 million .", "the amount of pre-tax losses related to noncontrolling interest of the ip-sun jv included in the company's consolidated statement of operations for the years ended december 31 , 2015 , 2014 and 2013 were $ 19 million , $ 12 million and $ 8 million , respectively .", "the amount of pre-tax losses related to the ip-sun jv included in the company's ."] | -318.0 | IP/2015/page_46.pdf-4 | ['augusta , georgia mill and $ 2 million of costs associated with the sale of the shorewood business .', 'consumer packaging .'] | ['north american consumer packaging net sales were $ 1.9 billion in 2015 compared with $ 2.0 billion in 2014 and $ 2.0 billion in 2013 .', 'operating profits were $ 81 million ( $ 91 million excluding the cost associated with the planned conversion of our riegelwood mill to 100% ( 100 % ) pulp production , net of proceeds from the sale of the carolina coated bristols brand , and sheet plant closure costs ) in 2015 compared with $ 92 million ( $ 100 million excluding sheet plant closure costs ) in 2014 and $ 63 million ( $ 110 million excluding paper machine shutdown costs and costs related to the sale of the shorewood business ) in 2013 .', 'coated paperboard sales volumes in 2015 were lower than in 2014 reflecting weaker market demand .', 'the business took about 77000 tons of market-related downtime in 2015 compared with about 41000 tons in 2014 .', 'average sales price realizations increased modestly year over year as competitive pressures in the current year only partially offset the impact of sales price increases implemented in 2014 .', 'input costs decreased for energy and chemicals , but wood costs increased .', 'planned maintenance downtime costs were $ 10 million lower in 2015 .', 'operating costs were higher , mainly due to inflation and overhead costs .', 'foodservice sales volumes increased in 2015 compared with 2014 reflecting strong market demand .', 'average sales margins increased due to lower resin costs and a more favorable mix .', 'operating costs and distribution costs were both higher .', 'looking ahead to the first quarter of 2016 , coated paperboard sales volumes are expected to be slightly lower than in the fourth quarter of 2015 due to our exit from the coated bristols market .', 'average sales price realizations are expected to be flat , but margins should benefit from a more favorable product mix .', 'input costs are expected to be higher for wood , chemicals and energy .', 'planned maintenance downtime costs should be $ 4 million higher with a planned maintenance outage scheduled at our augusta mill in the first quarter .', 'foodservice sales volumes are expected to be seasonally lower .', 'average sales margins are expected to improve due to a more favorable mix .', 'operating costs are expected to decrease .', 'european consumer packaging net sales in 2015 were $ 319 million compared with $ 365 million in 2014 and $ 380 million in 2013 .', 'operating profits in 2015 were $ 87 million compared with $ 91 million in 2014 and $ 100 million in 2013 .', 'sales volumes in 2015 compared with 2014 increased in europe , but decreased in russia .', 'average sales margins improved in russia due to slightly higher average sales price realizations and a more favorable mix .', 'in europe average sales margins decreased reflecting lower average sales price realizations and an unfavorable mix .', 'input costs were lower in europe , primarily for wood and energy , but were higher in russia , primarily for wood .', 'looking forward to the first quarter of 2016 , compared with the fourth quarter of 2015 , sales volumes are expected to be stable .', 'average sales price realizations are expected to be slightly higher in both russia and europe .', 'input costs are expected to be flat , while operating costs are expected to increase .', 'asian consumer packaging the company sold its 55% ( 55 % ) equity share in the ip-sun jv in october 2015 .', 'net sales and operating profits presented below include results through september 30 , 2015 .', 'net sales were $ 682 million in 2015 compared with $ 1.0 billion in 2014 and $ 1.1 billion in 2013 .', 'operating profits in 2015 were a loss of $ 193 million ( a loss of $ 19 million excluding goodwill and other asset impairment costs ) compared with losses of $ 5 million in 2014 and $ 2 million in 2013 .', 'sales volumes and average sales price realizations were lower in 2015 due to over-supplied market conditions and competitive pressures .', 'average sales margins were also negatively impacted by a less favorable mix .', 'input costs and freight costs were lower and operating costs also decreased .', "on october 13 , 2015 , the company finalized the sale of its 55% ( 55 % ) interest in ip asia coated paperboard ( ip- sun jv ) business , within the company's consumer packaging segment , to its chinese coated board joint venture partner , shandong sun holding group co. , ltd .", 'for rmb 149 million ( approximately usd $ 23 million ) .', 'during the third quarter of 2015 , a determination was made that the current book value of the asset group exceeded its estimated fair value of $ 23 million , which was the agreed upon selling price .', 'the 2015 loss includes the net pre-tax impairment charge of $ 174 million ( $ 113 million after taxes ) .', "a pre-tax charge of $ 186 million was recorded during the third quarter in the company's consumer packaging segment to write down the long-lived assets of this business to their estimated fair value .", "in the fourth quarter of 2015 , upon the sale and corresponding deconsolidation of ip-sun jv from the company's consolidated balance sheet , final adjustments were made resulting in a reduction of the impairment of $ 12 million .", "the amount of pre-tax losses related to noncontrolling interest of the ip-sun jv included in the company's consolidated statement of operations for the years ended december 31 , 2015 , 2014 and 2013 were $ 19 million , $ 12 million and $ 8 million , respectively .", "the amount of pre-tax losses related to the ip-sun jv included in the company's ."] | ========================================
in millions, 2015, 2014, 2013
sales, $ 2940, $ 3403, $ 3435
operating profit ( loss ), -25 ( 25 ), 178, 161
======================================== | subtract(682, const_1000) | -318.0 |
what is the growth rate in the fair value of forward exchange contracts asset from 2009 to 2010? | Context: ['the following table illustrates the effect that a 10% ( 10 % ) unfavorable or favorable movement in foreign currency exchange rates , relative to the u.s .', 'dollar , would have on the fair value of our forward exchange contracts as of october 30 , 2010 and october 31 , 2009: .']
##########
Tabular Data:
========================================
Row 1: , october 30 2010, october 31 2009
Row 2: fair value of forward exchange contracts asset, $ 7256, $ 8367
Row 3: fair value of forward exchange contracts after a 10% ( 10 % ) unfavorable movement in foreign currency exchange rates asset, $ 22062, $ 20132
Row 4: fair value of forward exchange contracts after a 10% ( 10 % ) favorable movement in foreign currency exchange rates liability, $ -7396 ( 7396 ), $ -6781 ( 6781 )
========================================
##########
Additional Information: ['fair value of forward exchange contracts after a 10% ( 10 % ) unfavorable movement in foreign currency exchange rates asset .', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '$ 22062 $ 20132 fair value of forward exchange contracts after a 10% ( 10 % ) favorable movement in foreign currency exchange rates liability .', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '$ ( 7396 ) $ ( 6781 ) the calculation assumes that each exchange rate would change in the same direction relative to the u.s .', 'dollar .', 'in addition to the direct effects of changes in exchange rates , such changes typically affect the volume of sales or the foreign currency sales price as competitors 2019 products become more or less attractive .', 'our sensitivity analysis of the effects of changes in foreign currency exchange rates does not factor in a potential change in sales levels or local currency selling prices. .'] | -0.13278 | ADI/2010/page_50.pdf-1 | ['the following table illustrates the effect that a 10% ( 10 % ) unfavorable or favorable movement in foreign currency exchange rates , relative to the u.s .', 'dollar , would have on the fair value of our forward exchange contracts as of october 30 , 2010 and october 31 , 2009: .'] | ['fair value of forward exchange contracts after a 10% ( 10 % ) unfavorable movement in foreign currency exchange rates asset .', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '$ 22062 $ 20132 fair value of forward exchange contracts after a 10% ( 10 % ) favorable movement in foreign currency exchange rates liability .', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '$ ( 7396 ) $ ( 6781 ) the calculation assumes that each exchange rate would change in the same direction relative to the u.s .', 'dollar .', 'in addition to the direct effects of changes in exchange rates , such changes typically affect the volume of sales or the foreign currency sales price as competitors 2019 products become more or less attractive .', 'our sensitivity analysis of the effects of changes in foreign currency exchange rates does not factor in a potential change in sales levels or local currency selling prices. .'] | ========================================
Row 1: , october 30 2010, october 31 2009
Row 2: fair value of forward exchange contracts asset, $ 7256, $ 8367
Row 3: fair value of forward exchange contracts after a 10% ( 10 % ) unfavorable movement in foreign currency exchange rates asset, $ 22062, $ 20132
Row 4: fair value of forward exchange contracts after a 10% ( 10 % ) favorable movement in foreign currency exchange rates liability, $ -7396 ( 7396 ), $ -6781 ( 6781 )
======================================== | subtract(7256, 8367), divide(#0, 8367) | -0.13278 |
what portion of the estimated amortization expense will be recognized in 2017? | Background: ['amortization expense , which is included in selling , general and administrative expenses , was $ 13.0 million , $ 13.9 million and $ 8.5 million for the years ended december 31 , 2016 , 2015 and 2014 , respectively .', 'the following is the estimated amortization expense for the company 2019s intangible assets as of december 31 , 2016 : ( in thousands ) .']
----------
Data Table:
========================================
• 2017, $ 10509
• 2018, 9346
• 2019, 9240
• 2020, 7201
• 2021, 5318
• 2022 and thereafter, 16756
• amortization expense of intangible assets, $ 58370
========================================
----------
Additional Information: ['at december 31 , 2016 , 2015 and 2014 , the company determined that its goodwill and indefinite- lived intangible assets were not impaired .', '5 .', 'credit facility and other long term debt credit facility the company is party to a credit agreement that provides revolving commitments for up to $ 1.25 billion of borrowings , as well as term loan commitments , in each case maturing in january 2021 .', 'as of december 31 , 2016 there was no outstanding balance under the revolving credit facility and $ 186.3 million of term loan borrowings remained outstanding .', 'at the company 2019s request and the lender 2019s consent , revolving and or term loan borrowings may be increased by up to $ 300.0 million in aggregate , subject to certain conditions as set forth in the credit agreement , as amended .', 'incremental borrowings are uncommitted and the availability thereof , will depend on market conditions at the time the company seeks to incur such borrowings .', 'the borrowings under the revolving credit facility have maturities of less than one year .', 'up to $ 50.0 million of the facility may be used for the issuance of letters of credit .', 'there were $ 2.6 million of letters of credit outstanding as of december 31 , 2016 .', 'the credit agreement contains negative covenants that , subject to significant exceptions , limit the ability of the company and its subsidiaries to , among other things , incur additional indebtedness , make restricted payments , pledge their assets as security , make investments , loans , advances , guarantees and acquisitions , undergo fundamental changes and enter into transactions with affiliates .', 'the company is also required to maintain a ratio of consolidated ebitda , as defined in the credit agreement , to consolidated interest expense of not less than 3.50 to 1.00 and is not permitted to allow the ratio of consolidated total indebtedness to consolidated ebitda to be greater than 3.25 to 1.00 ( 201cconsolidated leverage ratio 201d ) .', 'as of december 31 , 2016 , the company was in compliance with these ratios .', 'in addition , the credit agreement contains events of default that are customary for a facility of this nature , and includes a cross default provision whereby an event of default under other material indebtedness , as defined in the credit agreement , will be considered an event of default under the credit agreement .', 'borrowings under the credit agreement bear interest at a rate per annum equal to , at the company 2019s option , either ( a ) an alternate base rate , or ( b ) a rate based on the rates applicable for deposits in the interbank market for u.s .', 'dollars or the applicable currency in which the loans are made ( 201cadjusted libor 201d ) , plus in each case an applicable margin .', 'the applicable margin for loans will .'] | 0.18004 | UAA/2016/page_80.pdf-4 | ['amortization expense , which is included in selling , general and administrative expenses , was $ 13.0 million , $ 13.9 million and $ 8.5 million for the years ended december 31 , 2016 , 2015 and 2014 , respectively .', 'the following is the estimated amortization expense for the company 2019s intangible assets as of december 31 , 2016 : ( in thousands ) .'] | ['at december 31 , 2016 , 2015 and 2014 , the company determined that its goodwill and indefinite- lived intangible assets were not impaired .', '5 .', 'credit facility and other long term debt credit facility the company is party to a credit agreement that provides revolving commitments for up to $ 1.25 billion of borrowings , as well as term loan commitments , in each case maturing in january 2021 .', 'as of december 31 , 2016 there was no outstanding balance under the revolving credit facility and $ 186.3 million of term loan borrowings remained outstanding .', 'at the company 2019s request and the lender 2019s consent , revolving and or term loan borrowings may be increased by up to $ 300.0 million in aggregate , subject to certain conditions as set forth in the credit agreement , as amended .', 'incremental borrowings are uncommitted and the availability thereof , will depend on market conditions at the time the company seeks to incur such borrowings .', 'the borrowings under the revolving credit facility have maturities of less than one year .', 'up to $ 50.0 million of the facility may be used for the issuance of letters of credit .', 'there were $ 2.6 million of letters of credit outstanding as of december 31 , 2016 .', 'the credit agreement contains negative covenants that , subject to significant exceptions , limit the ability of the company and its subsidiaries to , among other things , incur additional indebtedness , make restricted payments , pledge their assets as security , make investments , loans , advances , guarantees and acquisitions , undergo fundamental changes and enter into transactions with affiliates .', 'the company is also required to maintain a ratio of consolidated ebitda , as defined in the credit agreement , to consolidated interest expense of not less than 3.50 to 1.00 and is not permitted to allow the ratio of consolidated total indebtedness to consolidated ebitda to be greater than 3.25 to 1.00 ( 201cconsolidated leverage ratio 201d ) .', 'as of december 31 , 2016 , the company was in compliance with these ratios .', 'in addition , the credit agreement contains events of default that are customary for a facility of this nature , and includes a cross default provision whereby an event of default under other material indebtedness , as defined in the credit agreement , will be considered an event of default under the credit agreement .', 'borrowings under the credit agreement bear interest at a rate per annum equal to , at the company 2019s option , either ( a ) an alternate base rate , or ( b ) a rate based on the rates applicable for deposits in the interbank market for u.s .', 'dollars or the applicable currency in which the loans are made ( 201cadjusted libor 201d ) , plus in each case an applicable margin .', 'the applicable margin for loans will .'] | ========================================
• 2017, $ 10509
• 2018, 9346
• 2019, 9240
• 2020, 7201
• 2021, 5318
• 2022 and thereafter, 16756
• amortization expense of intangible assets, $ 58370
======================================== | divide(10509, 58370) | 0.18004 |
what was the percent of increase in the amortization expense from 2007 to 2008 | Pre-text: ['on the underlying exposure .', 'for derivative contracts that are designated and qualify as cash fl ow hedges , the effective portion of gains and losses on these contracts is reported as a component of other comprehensive income and reclassifi ed into earnings in the same period the hedged transaction affects earnings .', 'hedge ineffectiveness is immediately recognized in earnings .', 'derivative contracts that are not designated as hedging instruments are recorded at fair value with the gain or loss recognized in current earnings during the period of change .', 'we may enter into foreign currency forward and option contracts to reduce the effect of fl uctuating currency exchange rates ( principally the euro , the british pound , and the japanese yen ) .', 'foreign currency derivatives used for hedging are put in place using the same or like currencies and duration as the underlying exposures .', 'forward contracts are principally used to manage exposures arising from subsidiary trade and loan payables and receivables denominated in foreign currencies .', 'these contracts are recorded at fair value with the gain or loss recognized in other 2014net .', 'the purchased option contracts are used to hedge anticipated foreign currency transactions , primarily intercompany inventory activities expected to occur within the next year .', 'these contracts are designated as cash fl ow hedges of those future transactions and the impact on earnings is included in cost of sales .', 'we may enter into foreign currency forward contracts and currency swaps as fair value hedges of fi rm commitments .', 'forward and option contracts generally have maturities not exceeding 12 months .', 'in the normal course of business , our operations are exposed to fl uctuations in interest rates .', 'these fl uctuations can vary the costs of fi nancing , investing , and operating .', 'we address a portion of these risks through a controlled program of risk management that includes the use of derivative fi nancial instruments .', 'the objective of controlling these risks is to limit the impact of fl uctuations in interest rates on earnings .', 'our primary interest rate risk exposure results from changes in short-term u.s .', 'dollar interest rates .', 'in an effort to manage interest rate exposures , we strive to achieve an acceptable balance between fi xed and fl oating rate debt and investment positions and may enter into interest rate swaps or collars to help maintain that balance .', 'interest rate swaps or collars that convert our fi xed- rate debt or investments to a fl oating rate are designated as fair value hedges of the underlying instruments .', 'interest rate swaps or collars that convert fl oating rate debt or investments to a fi xed rate are designated as cash fl ow hedg- es .', 'interest expense on the debt is adjusted to include the payments made or received under the swap agreements .', 'goodwill and other intangibles : goodwill is not amortized .', 'all other intangibles arising from acquisitions and research alliances have fi nite lives and are amortized over their estimated useful lives , ranging from 5 to 20 years , using the straight-line method .', 'the weighted-average amortization period for developed product technology is approximately 12 years .', 'amortization expense for 2008 , 2007 , and 2006 was $ 193.4 million , $ 172.8 million , and $ 7.6 million before tax , respectively .', 'the estimated amortization expense for each of the fi ve succeeding years approximates $ 280 million before tax , per year .', 'substantially all of the amortization expense is included in cost of sales .', 'see note 3 for further discussion of goodwill and other intangibles acquired in 2008 and 2007 .', 'goodwill and other intangible assets at december 31 were as follows: .']
------
Tabular Data:
========================================
| 2008 | 2007
----------|----------|----------
goodwill | $ 1167.5 | $ 745.7
developed product technology 2014 gross | 3035.4 | 1767.5
less accumulated amortization | -346.6 ( 346.6 ) | -162.6 ( 162.6 )
developed product technology 2014 net | 2688.8 | 1604.9
other intangibles 2014 gross | 243.2 | 142.8
less accumulated amortization | -45.4 ( 45.4 ) | -38.0 ( 38.0 )
other intangibles 2014 net | 197.8 | 104.8
total intangibles 2014 net | $ 4054.1 | $ 2455.4
========================================
------
Post-table: ['goodwill and net other intangibles are reviewed to assess recoverability at least annually and when certain impairment indicators are present .', 'no signifi cant impairments occurred with respect to the carrying value of our goodwill or other intangible assets in 2008 , 2007 , or 2006 .', 'property and equipment : property and equipment is stated on the basis of cost .', 'provisions for depreciation of buildings and equipment are computed generally by the straight-line method at rates based on their estimated useful lives ( 12 to 50 years for buildings and 3 to 18 years for equipment ) .', 'we review the carrying value of long-lived assets for potential impairment on a periodic basis and whenever events or changes in circumstances indicate the .'] | 0.11921 | LLY/2008/page_39.pdf-3 | ['on the underlying exposure .', 'for derivative contracts that are designated and qualify as cash fl ow hedges , the effective portion of gains and losses on these contracts is reported as a component of other comprehensive income and reclassifi ed into earnings in the same period the hedged transaction affects earnings .', 'hedge ineffectiveness is immediately recognized in earnings .', 'derivative contracts that are not designated as hedging instruments are recorded at fair value with the gain or loss recognized in current earnings during the period of change .', 'we may enter into foreign currency forward and option contracts to reduce the effect of fl uctuating currency exchange rates ( principally the euro , the british pound , and the japanese yen ) .', 'foreign currency derivatives used for hedging are put in place using the same or like currencies and duration as the underlying exposures .', 'forward contracts are principally used to manage exposures arising from subsidiary trade and loan payables and receivables denominated in foreign currencies .', 'these contracts are recorded at fair value with the gain or loss recognized in other 2014net .', 'the purchased option contracts are used to hedge anticipated foreign currency transactions , primarily intercompany inventory activities expected to occur within the next year .', 'these contracts are designated as cash fl ow hedges of those future transactions and the impact on earnings is included in cost of sales .', 'we may enter into foreign currency forward contracts and currency swaps as fair value hedges of fi rm commitments .', 'forward and option contracts generally have maturities not exceeding 12 months .', 'in the normal course of business , our operations are exposed to fl uctuations in interest rates .', 'these fl uctuations can vary the costs of fi nancing , investing , and operating .', 'we address a portion of these risks through a controlled program of risk management that includes the use of derivative fi nancial instruments .', 'the objective of controlling these risks is to limit the impact of fl uctuations in interest rates on earnings .', 'our primary interest rate risk exposure results from changes in short-term u.s .', 'dollar interest rates .', 'in an effort to manage interest rate exposures , we strive to achieve an acceptable balance between fi xed and fl oating rate debt and investment positions and may enter into interest rate swaps or collars to help maintain that balance .', 'interest rate swaps or collars that convert our fi xed- rate debt or investments to a fl oating rate are designated as fair value hedges of the underlying instruments .', 'interest rate swaps or collars that convert fl oating rate debt or investments to a fi xed rate are designated as cash fl ow hedg- es .', 'interest expense on the debt is adjusted to include the payments made or received under the swap agreements .', 'goodwill and other intangibles : goodwill is not amortized .', 'all other intangibles arising from acquisitions and research alliances have fi nite lives and are amortized over their estimated useful lives , ranging from 5 to 20 years , using the straight-line method .', 'the weighted-average amortization period for developed product technology is approximately 12 years .', 'amortization expense for 2008 , 2007 , and 2006 was $ 193.4 million , $ 172.8 million , and $ 7.6 million before tax , respectively .', 'the estimated amortization expense for each of the fi ve succeeding years approximates $ 280 million before tax , per year .', 'substantially all of the amortization expense is included in cost of sales .', 'see note 3 for further discussion of goodwill and other intangibles acquired in 2008 and 2007 .', 'goodwill and other intangible assets at december 31 were as follows: .'] | ['goodwill and net other intangibles are reviewed to assess recoverability at least annually and when certain impairment indicators are present .', 'no signifi cant impairments occurred with respect to the carrying value of our goodwill or other intangible assets in 2008 , 2007 , or 2006 .', 'property and equipment : property and equipment is stated on the basis of cost .', 'provisions for depreciation of buildings and equipment are computed generally by the straight-line method at rates based on their estimated useful lives ( 12 to 50 years for buildings and 3 to 18 years for equipment ) .', 'we review the carrying value of long-lived assets for potential impairment on a periodic basis and whenever events or changes in circumstances indicate the .'] | ========================================
| 2008 | 2007
----------|----------|----------
goodwill | $ 1167.5 | $ 745.7
developed product technology 2014 gross | 3035.4 | 1767.5
less accumulated amortization | -346.6 ( 346.6 ) | -162.6 ( 162.6 )
developed product technology 2014 net | 2688.8 | 1604.9
other intangibles 2014 gross | 243.2 | 142.8
less accumulated amortization | -45.4 ( 45.4 ) | -38.0 ( 38.0 )
other intangibles 2014 net | 197.8 | 104.8
total intangibles 2014 net | $ 4054.1 | $ 2455.4
======================================== | subtract(193.4, 172.8), divide(#0, 172.8) | 0.11921 |
what was the percentage change in the amortized cost in 2009 | Pre-text: ['impairment net unrealized losses on securities available for sale were as follows as of december 31: .']
####
Tabular Data:
========================================
Row 1: ( in millions ), 2009, 2008
Row 2: fair value, $ 72699, $ 54163
Row 3: amortized cost, 74843, 60786
Row 4: net unrealized loss pre-tax, $ -2144 ( 2144 ), $ -6623 ( 6623 )
Row 5: net unrealized loss after-tax, $ -1316 ( 1316 ), $ -4057 ( 4057 )
========================================
####
Post-table: ['the above net unrealized loss amounts at december 31 , 2009 and december 31 , 2008 excluded the remaining net unrealized loss of $ 1.01 billion , or $ 635 million after-tax , and $ 2.27 billion , or $ 1.39 billion after- tax , respectively , related to reclassifications of securities available for sale to securities held to maturity .', 'these after-tax amounts are recorded in other comprehensive income .', 'the decline in the remaining after-tax unrealized loss amounts related to transferred securities resulted from amortization and from the recognition of losses from other-than-temporary impairment on certain of the securities .', 'we conduct periodic reviews of individual securities to assess whether other-than-temporary impairment exists .', 'to the extent that other-than-temporary impairment is identified , the impairment is broken into a credit component and a non-credit component .', 'the credit component is recognized in our consolidated statement of income , and the non-credit component is recognized in other comprehensive income to the extent that management does not intend to sell the security ( see note 3 of the notes to consolidated financial statements included under item 8 ) .', 'the assessment of other-than-temporary impairment involves an evaluation of economic and security- specific factors , which are more fully described in note 3 .', 'such factors are based upon estimates , derived by management , which contemplate current market conditions and security-specific performance .', 'to the extent that market conditions are worse than management 2019s expectations , other-than-temporary impairment could increase , in particular the credit component that would be recognized in our consolidated statement of income .', 'national housing prices , according to the case-shiller national hpi , have declined to date approximately 30% ( 30 % ) peak-to-current .', 'management currently estimates that national housing prices will continue to decline and bottom out during the second half of 2010 , consistent with a peak-to-trough housing price decline of approximately 37% ( 37 % ) .', 'as an indication of the sensitivity of our portfolio with respect to our more significant assumptions underlying our assessment of impairment , if we were to increase our default estimates to 110% ( 110 % ) of management 2019s current expectations with a corresponding slowing of prepayment speeds to 90% ( 90 % ) of management 2019s current expectations , credit-related other-than-temporary impairment could increase by approximately $ 120 million to $ 125 million , which impairment would be recorded in our consolidated statement of income .', 'excluding the securities for which other-than-temporary impairment was recorded , management considers the aggregate decline in fair value of the remaining securities and the resulting net unrealized losses to be temporary and not the result of any material changes in the credit characteristics of the securities .', 'additional information about our assessment of impairment is provided in note 3 of the notes to consolidated financial statements included under item 8. .'] | 0.23125 | STT/2009/page_73.pdf-1 | ['impairment net unrealized losses on securities available for sale were as follows as of december 31: .'] | ['the above net unrealized loss amounts at december 31 , 2009 and december 31 , 2008 excluded the remaining net unrealized loss of $ 1.01 billion , or $ 635 million after-tax , and $ 2.27 billion , or $ 1.39 billion after- tax , respectively , related to reclassifications of securities available for sale to securities held to maturity .', 'these after-tax amounts are recorded in other comprehensive income .', 'the decline in the remaining after-tax unrealized loss amounts related to transferred securities resulted from amortization and from the recognition of losses from other-than-temporary impairment on certain of the securities .', 'we conduct periodic reviews of individual securities to assess whether other-than-temporary impairment exists .', 'to the extent that other-than-temporary impairment is identified , the impairment is broken into a credit component and a non-credit component .', 'the credit component is recognized in our consolidated statement of income , and the non-credit component is recognized in other comprehensive income to the extent that management does not intend to sell the security ( see note 3 of the notes to consolidated financial statements included under item 8 ) .', 'the assessment of other-than-temporary impairment involves an evaluation of economic and security- specific factors , which are more fully described in note 3 .', 'such factors are based upon estimates , derived by management , which contemplate current market conditions and security-specific performance .', 'to the extent that market conditions are worse than management 2019s expectations , other-than-temporary impairment could increase , in particular the credit component that would be recognized in our consolidated statement of income .', 'national housing prices , according to the case-shiller national hpi , have declined to date approximately 30% ( 30 % ) peak-to-current .', 'management currently estimates that national housing prices will continue to decline and bottom out during the second half of 2010 , consistent with a peak-to-trough housing price decline of approximately 37% ( 37 % ) .', 'as an indication of the sensitivity of our portfolio with respect to our more significant assumptions underlying our assessment of impairment , if we were to increase our default estimates to 110% ( 110 % ) of management 2019s current expectations with a corresponding slowing of prepayment speeds to 90% ( 90 % ) of management 2019s current expectations , credit-related other-than-temporary impairment could increase by approximately $ 120 million to $ 125 million , which impairment would be recorded in our consolidated statement of income .', 'excluding the securities for which other-than-temporary impairment was recorded , management considers the aggregate decline in fair value of the remaining securities and the resulting net unrealized losses to be temporary and not the result of any material changes in the credit characteristics of the securities .', 'additional information about our assessment of impairment is provided in note 3 of the notes to consolidated financial statements included under item 8. .'] | ========================================
Row 1: ( in millions ), 2009, 2008
Row 2: fair value, $ 72699, $ 54163
Row 3: amortized cost, 74843, 60786
Row 4: net unrealized loss pre-tax, $ -2144 ( 2144 ), $ -6623 ( 6623 )
Row 5: net unrealized loss after-tax, $ -1316 ( 1316 ), $ -4057 ( 4057 )
======================================== | subtract(74843, 60786), divide(#0, 60786) | 0.23125 |
what is the change in percentage points in debt-to-capital ratio from 2008 to 2009? | Pre-text: ["entergy corporation and subsidiaries management's financial discussion and analysis methodology of computing massachusetts state income taxes resulting from legislation passed in the third quarter 2008 , which resulted in an income tax benefit of approximately $ 18.8 million .", 'these factors were partially offset by : income taxes recorded by entergy power generation , llc , prior to its liquidation , resulting from the redemption payments it received in connection with its investment in entergy nuclear power marketing , llc during the third quarter 2008 , which resulted in an income tax expense of approximately $ 16.1 million ; book and tax differences for utility plant items and state income taxes at the utility operating companies , including the flow-through treatment of the entergy arkansas write-offs discussed above .', 'the effective income tax rate for 2007 was 30.7% ( 30.7 % ) .', "the reduction in the effective income tax rate versus the federal statutory rate of 35% ( 35 % ) in 2007 is primarily due to : a reduction in income tax expense due to a step-up in the tax basis on the indian point 2 non-qualified decommissioning trust fund resulting from restructuring of the trusts , which reduced deferred taxes on the trust fund and reduced current tax expense ; the resolution of tax audit issues involving the 2002-2003 audit cycle ; an adjustment to state income taxes for non-utility nuclear to reflect the effect of a change in the methodology of computing new york state income taxes as required by that state's taxing authority ; book and tax differences related to the allowance for equity funds used during construction ; and the amortization of investment tax credits .", 'these factors were partially offset by book and tax differences for utility plant items and state income taxes at the utility operating companies .', 'see note 3 to the financial statements for a reconciliation of the federal statutory rate of 35.0% ( 35.0 % ) to the effective income tax rates , and for additional discussion regarding income taxes .', "liquidity and capital resources this section discusses entergy's capital structure , capital spending plans and other uses of capital , sources of capital , and the cash flow activity presented in the cash flow statement .", "capital structure entergy's capitalization is balanced between equity and debt , as shown in the following table .", "the decrease in the debt to capital percentage from 2008 to 2009 is primarily the result of an increase in shareholders' equity primarily due to an increase in retained earnings , partially offset by repurchases of common stock , along with a decrease in borrowings under entergy corporation's revolving credit facility .", "the increase in the debt to capital percentage from 2007 to 2008 is primarily the result of additional borrowings under entergy corporation's revolving credit facility. ."]
Data Table:
****************************************
Row 1: , 2009, 2008, 2007
Row 2: net debt to net capital at the end of the year, 53.5% ( 53.5 % ), 55.6% ( 55.6 % ), 54.7% ( 54.7 % )
Row 3: effect of subtracting cash from debt, 3.8% ( 3.8 % ), 4.1% ( 4.1 % ), 2.9% ( 2.9 % )
Row 4: debt to capital at the end of the year, 57.3% ( 57.3 % ), 59.7% ( 59.7 % ), 57.6% ( 57.6 % )
****************************************
Follow-up: ['.'] | -2.4 | ETR/2009/page_24.pdf-1 | ["entergy corporation and subsidiaries management's financial discussion and analysis methodology of computing massachusetts state income taxes resulting from legislation passed in the third quarter 2008 , which resulted in an income tax benefit of approximately $ 18.8 million .", 'these factors were partially offset by : income taxes recorded by entergy power generation , llc , prior to its liquidation , resulting from the redemption payments it received in connection with its investment in entergy nuclear power marketing , llc during the third quarter 2008 , which resulted in an income tax expense of approximately $ 16.1 million ; book and tax differences for utility plant items and state income taxes at the utility operating companies , including the flow-through treatment of the entergy arkansas write-offs discussed above .', 'the effective income tax rate for 2007 was 30.7% ( 30.7 % ) .', "the reduction in the effective income tax rate versus the federal statutory rate of 35% ( 35 % ) in 2007 is primarily due to : a reduction in income tax expense due to a step-up in the tax basis on the indian point 2 non-qualified decommissioning trust fund resulting from restructuring of the trusts , which reduced deferred taxes on the trust fund and reduced current tax expense ; the resolution of tax audit issues involving the 2002-2003 audit cycle ; an adjustment to state income taxes for non-utility nuclear to reflect the effect of a change in the methodology of computing new york state income taxes as required by that state's taxing authority ; book and tax differences related to the allowance for equity funds used during construction ; and the amortization of investment tax credits .", 'these factors were partially offset by book and tax differences for utility plant items and state income taxes at the utility operating companies .', 'see note 3 to the financial statements for a reconciliation of the federal statutory rate of 35.0% ( 35.0 % ) to the effective income tax rates , and for additional discussion regarding income taxes .', "liquidity and capital resources this section discusses entergy's capital structure , capital spending plans and other uses of capital , sources of capital , and the cash flow activity presented in the cash flow statement .", "capital structure entergy's capitalization is balanced between equity and debt , as shown in the following table .", "the decrease in the debt to capital percentage from 2008 to 2009 is primarily the result of an increase in shareholders' equity primarily due to an increase in retained earnings , partially offset by repurchases of common stock , along with a decrease in borrowings under entergy corporation's revolving credit facility .", "the increase in the debt to capital percentage from 2007 to 2008 is primarily the result of additional borrowings under entergy corporation's revolving credit facility. ."] | ['.'] | ****************************************
Row 1: , 2009, 2008, 2007
Row 2: net debt to net capital at the end of the year, 53.5% ( 53.5 % ), 55.6% ( 55.6 % ), 54.7% ( 54.7 % )
Row 3: effect of subtracting cash from debt, 3.8% ( 3.8 % ), 4.1% ( 4.1 % ), 2.9% ( 2.9 % )
Row 4: debt to capital at the end of the year, 57.3% ( 57.3 % ), 59.7% ( 59.7 % ), 57.6% ( 57.6 % )
**************************************** | subtract(57.3, 59.7) | -2.4 |
what was the net adjustments as recorded in 2011 in millions | Pre-text: ['hii expects to incur higher costs to complete ships currently under construction in avondale due to anticipated reductions in productivity .', 'as a result , in the second quarter of 2010 , the company increased the estimates to complete lpd-23 and lpd-25 by approximately $ 210 million .', 'the company recognized a $ 113 million pre-tax charge to operating income for these contracts in the second quarter of 2010 .', 'hii is exploring alternative uses of the avondale facility , including alternative opportunities for the workforce .', 'in connection with and as a result of the decision to wind down shipbuilding operations at the avondale , louisiana facility , the company began incurring and paying related employee severance and incentive compensation liabilities and expenditures , asset retirement obligation liabilities that became reasonably estimable , and amounts owed for not meeting certain requirements under its cooperative endeavor agreement with the state of louisiana .', 'the company anticipates that it will incur substantial other restructuring and facilities shutdown related costs , including , but not limited to , severance expense , relocation expense , and asset write-downs related to the avondale facilities .', 'these costs are expected to be allowable expenses under government accounting standards and thus should be recoverable in future years 2019 overhead costs .', 'these future costs could approximate $ 271 million , based on management 2019s current estimate .', 'such costs should be recoverable under existing flexibly priced contracts or future negotiated contracts in accordance with federal acquisition regulation ( 201cfar 201d ) provisions relating to the treatment of restructuring and shutdown related costs .', 'the company is currently in discussions with the u.s .', 'navy regarding its cost submission to support the recoverability of these costs under the far and applicable contracts , and this submission is subject to review and acceptance by the u.s .', 'navy .', 'the defense contract audit agency ( 201cdcaa 201d ) , a dod agency , prepared an initial audit report on the company 2019s cost proposal for restructuring and shutdown related costs of $ 310 million , which stated that the proposal was not adequately supported for the dcaa to reach a conclusion and questioned approximately $ 25 million , or 8% ( 8 % ) , of the costs submitted by the company .', 'accordingly , the dcaa did not accept the proposal as submitted .', 'the company has submitted a revised proposal to address the concerns of the dcaa and to reflect a revised estimated total cost of $ 271 million .', 'should the company 2019s revised proposal be challenged by the u.s .', 'navy , the company would likely pursue prescribed dispute resolution alternatives to resolve the challenge .', 'that process , however , would create uncertainty as to the timing and eventual allowability of the costs related to the wind down of the avondale facility .', 'ultimately , the company anticipates these discussions with the u.s .', 'navy will result in an agreement that is substantially in accordance with management 2019s cost recovery expectations .', 'accordingly , hii has treated these costs as allowable costs in determining the earnings performance on its contracts in process .', 'the actual restructuring expenses related to the wind down may be greater than the company 2019s current estimate , and any inability to recover such costs could result in a material effect on the company 2019s consolidated financial position , results of operations or cash flows .', 'the company also evaluated the effect that the wind down of the avondale facilities might have on the benefit plans in which hii employees participate .', 'hii determined that the potential impact of a curtailment in these plans was not material to its consolidated financial position , results of operations or cash flows .', 'the table below summarizes the company 2019s liability for restructuring and shutdown related costs associated with winding down the avondale facility .', 'as of december 31 , 2011 and 2010 , these costs are comprised primarily of employee severance and retention and incentive bonuses .', 'these amounts were capitalized in inventoried costs , and will be recognized as expenses in cost of product sales beginning in 2014 .', '( $ in millions ) employee compensation other accruals total .']
----------
Data Table:
****************************************
( $ in millions ), employee compensation, other accruals, total
balance at january 1 2010, $ 0, $ 0, $ 0
accrual established, 27, 39, 66
payments, 0, 0, 0
adjustments, 0, 0, 0
balance at december 31 2010, $ 27, $ 39, $ 66
accrual established, 0, 0, 0
payments, -24 ( 24 ), -36 ( 36 ), -60 ( 60 )
adjustments, 47, -3 ( 3 ), 44
balance at december 31 2011, $ 50, $ 0, $ 50
****************************************
----------
Additional Information: ['.'] | 23.0 | HII/2011/page_90.pdf-3 | ['hii expects to incur higher costs to complete ships currently under construction in avondale due to anticipated reductions in productivity .', 'as a result , in the second quarter of 2010 , the company increased the estimates to complete lpd-23 and lpd-25 by approximately $ 210 million .', 'the company recognized a $ 113 million pre-tax charge to operating income for these contracts in the second quarter of 2010 .', 'hii is exploring alternative uses of the avondale facility , including alternative opportunities for the workforce .', 'in connection with and as a result of the decision to wind down shipbuilding operations at the avondale , louisiana facility , the company began incurring and paying related employee severance and incentive compensation liabilities and expenditures , asset retirement obligation liabilities that became reasonably estimable , and amounts owed for not meeting certain requirements under its cooperative endeavor agreement with the state of louisiana .', 'the company anticipates that it will incur substantial other restructuring and facilities shutdown related costs , including , but not limited to , severance expense , relocation expense , and asset write-downs related to the avondale facilities .', 'these costs are expected to be allowable expenses under government accounting standards and thus should be recoverable in future years 2019 overhead costs .', 'these future costs could approximate $ 271 million , based on management 2019s current estimate .', 'such costs should be recoverable under existing flexibly priced contracts or future negotiated contracts in accordance with federal acquisition regulation ( 201cfar 201d ) provisions relating to the treatment of restructuring and shutdown related costs .', 'the company is currently in discussions with the u.s .', 'navy regarding its cost submission to support the recoverability of these costs under the far and applicable contracts , and this submission is subject to review and acceptance by the u.s .', 'navy .', 'the defense contract audit agency ( 201cdcaa 201d ) , a dod agency , prepared an initial audit report on the company 2019s cost proposal for restructuring and shutdown related costs of $ 310 million , which stated that the proposal was not adequately supported for the dcaa to reach a conclusion and questioned approximately $ 25 million , or 8% ( 8 % ) , of the costs submitted by the company .', 'accordingly , the dcaa did not accept the proposal as submitted .', 'the company has submitted a revised proposal to address the concerns of the dcaa and to reflect a revised estimated total cost of $ 271 million .', 'should the company 2019s revised proposal be challenged by the u.s .', 'navy , the company would likely pursue prescribed dispute resolution alternatives to resolve the challenge .', 'that process , however , would create uncertainty as to the timing and eventual allowability of the costs related to the wind down of the avondale facility .', 'ultimately , the company anticipates these discussions with the u.s .', 'navy will result in an agreement that is substantially in accordance with management 2019s cost recovery expectations .', 'accordingly , hii has treated these costs as allowable costs in determining the earnings performance on its contracts in process .', 'the actual restructuring expenses related to the wind down may be greater than the company 2019s current estimate , and any inability to recover such costs could result in a material effect on the company 2019s consolidated financial position , results of operations or cash flows .', 'the company also evaluated the effect that the wind down of the avondale facilities might have on the benefit plans in which hii employees participate .', 'hii determined that the potential impact of a curtailment in these plans was not material to its consolidated financial position , results of operations or cash flows .', 'the table below summarizes the company 2019s liability for restructuring and shutdown related costs associated with winding down the avondale facility .', 'as of december 31 , 2011 and 2010 , these costs are comprised primarily of employee severance and retention and incentive bonuses .', 'these amounts were capitalized in inventoried costs , and will be recognized as expenses in cost of product sales beginning in 2014 .', '( $ in millions ) employee compensation other accruals total .'] | ['.'] | ****************************************
( $ in millions ), employee compensation, other accruals, total
balance at january 1 2010, $ 0, $ 0, $ 0
accrual established, 27, 39, 66
payments, 0, 0, 0
adjustments, 0, 0, 0
balance at december 31 2010, $ 27, $ 39, $ 66
accrual established, 0, 0, 0
payments, -24 ( 24 ), -36 ( 36 ), -60 ( 60 )
adjustments, 47, -3 ( 3 ), 44
balance at december 31 2011, $ 50, $ 0, $ 50
**************************************** | multiply(24, const_m1), add(#0, 47) | 23.0 |
what percentage of revenue net of interest expense is due to non-interest revenue in 2010? | Background: ['special asset pool special asset pool ( sap ) , which constituted approximately 22% ( 22 % ) of citi holdings by assets as of december 31 , 2010 , is a portfolio of securities , loans and other assets that citigroup intends to actively reduce over time through asset sales and portfolio run-off .', 'at december 31 , 2010 , sap had $ 80 billion of assets .', 'sap assets have declined by $ 248 billion , or 76% ( 76 % ) , from peak levels in 2007 reflecting cumulative write-downs , asset sales and portfolio run-off .', 'in millions of dollars 2010 2009 2008 % ( % ) change 2010 vs .', '2009 % ( % ) change 2009 vs .', '2008 .']
----------
Table:
in millions of dollars, 2010, 2009, 2008, % ( % ) change 2010 vs . 2009, % ( % ) change 2009 vs . 2008
net interest revenue, $ 1219, $ 2754, $ 2676, ( 56 ) % ( % ), 3% ( 3 % )
non-interest revenue, 1633, -6014 ( 6014 ), -42375 ( 42375 ), nm, 86
revenues net of interest expense, $ 2852, $ -3260 ( 3260 ), $ -39699 ( 39699 ), nm, 92% ( 92 % )
total operating expenses, $ 548, $ 824, $ 893, ( 33 ) % ( % ), ( 8 ) % ( % )
net credit losses, $ 2013, $ 5399, $ 906, ( 63 ) % ( % ), nm
provision ( releases ) for unfunded lending commitments, -76 ( 76 ), 111, -172 ( 172 ), nm, nm
credit reserve builds ( releases ), -1711 ( 1711 ), -530 ( 530 ), 2677, nm, nm
provisions for credit losses and for benefits and claims, $ 226, $ 4980, $ 3411, ( 95 ) % ( % ), 46% ( 46 % )
income ( loss ) from continuing operations before taxes, $ 2078, $ -9064 ( 9064 ), $ -44003 ( 44003 ), nm, 79% ( 79 % )
income taxes ( benefits ), 905, -3695 ( 3695 ), -16714 ( 16714 ), nm, 78
net income ( loss ) from continuing operations, $ 1173, $ -5369 ( 5369 ), $ -27289 ( 27289 ), nm, 80% ( 80 % )
net income ( loss ) attributable to noncontrolling interests, 188, -16 ( 16 ), -205 ( 205 ), nm, 92
net income ( loss ), $ 985, $ -5353 ( 5353 ), $ -27084 ( 27084 ), nm, 80% ( 80 % )
eop assets ( in billions of dollars ), $ 80, $ 136, $ 219, ( 41 ) % ( % ), ( 38 ) % ( % )
----------
Additional Information: ['nm not meaningful 2010 vs .', '2009 revenues , net of interest expense increased $ 6.1 billion , primarily due to the improvement of revenue marks in 2010 .', 'aggregate marks were negative $ 2.6 billion in 2009 as compared to positive marks of $ 3.4 billion in 2010 ( see 201citems impacting sap revenues 201d below ) .', 'revenue in the current year included positive marks of $ 2.0 billion related to sub-prime related direct exposure , a positive $ 0.5 billion cva related to the monoline insurers , and $ 0.4 billion on private equity positions .', 'these positive marks were partially offset by negative revenues of $ 0.5 billion on alt-a mortgages and $ 0.4 billion on commercial real estate .', 'operating expenses decreased 33% ( 33 % ) in 2010 , mainly driven by the absence of the u.s .', 'government loss-sharing agreement , lower compensation , and lower transaction expenses .', 'provisions for credit losses and for benefits and claims decreased $ 4.8 billion due to a decrease in net credit losses of $ 3.4 billion and a higher release of loan loss reserves and unfunded lending commitments of $ 1.4 billion .', 'assets declined 41% ( 41 % ) from the prior year , primarily driven by sales and amortization and prepayments .', 'asset sales of $ 39 billion for the year of 2010 generated pretax gains of approximately $ 1.3 billion .', '2009 vs .', '2008 revenues , net of interest expense increased $ 36.4 billion in 2009 , primarily due to the absence of significant negative revenue marks occurring in the prior year .', 'total negative marks were $ 2.6 billion in 2009 as compared to $ 37.4 billion in 2008 .', 'revenue in 2009 included positive marks of $ 0.8 billion on subprime-related direct exposures .', 'these positive revenues were partially offset by negative revenues of $ 1.5 billion on alt-a mortgages , $ 0.8 billion of write-downs on commercial real estate , and a negative $ 1.6 billion cva on the monoline insurers and fair value option liabilities .', 'revenue was also affected by negative marks on private equity positions and write-downs on highly leveraged finance commitments .', 'operating expenses decreased 8% ( 8 % ) in 2009 , mainly driven by lower compensation and lower volumes and transaction expenses , partially offset by costs associated with the u.s .', 'government loss-sharing agreement exited in the fourth quarter of 2009 .', 'provisions for credit losses and for benefits and claims increased $ 1.6 billion , primarily driven by $ 4.5 billion in increased net credit losses , partially offset by a lower provision for loan losses and unfunded lending commitments of $ 2.9 billion .', 'assets declined 38% ( 38 % ) versus the prior year , primarily driven by amortization and prepayments , sales , marks and charge-offs. .'] | 0.57258 | C/2010/page_52.pdf-2 | ['special asset pool special asset pool ( sap ) , which constituted approximately 22% ( 22 % ) of citi holdings by assets as of december 31 , 2010 , is a portfolio of securities , loans and other assets that citigroup intends to actively reduce over time through asset sales and portfolio run-off .', 'at december 31 , 2010 , sap had $ 80 billion of assets .', 'sap assets have declined by $ 248 billion , or 76% ( 76 % ) , from peak levels in 2007 reflecting cumulative write-downs , asset sales and portfolio run-off .', 'in millions of dollars 2010 2009 2008 % ( % ) change 2010 vs .', '2009 % ( % ) change 2009 vs .', '2008 .'] | ['nm not meaningful 2010 vs .', '2009 revenues , net of interest expense increased $ 6.1 billion , primarily due to the improvement of revenue marks in 2010 .', 'aggregate marks were negative $ 2.6 billion in 2009 as compared to positive marks of $ 3.4 billion in 2010 ( see 201citems impacting sap revenues 201d below ) .', 'revenue in the current year included positive marks of $ 2.0 billion related to sub-prime related direct exposure , a positive $ 0.5 billion cva related to the monoline insurers , and $ 0.4 billion on private equity positions .', 'these positive marks were partially offset by negative revenues of $ 0.5 billion on alt-a mortgages and $ 0.4 billion on commercial real estate .', 'operating expenses decreased 33% ( 33 % ) in 2010 , mainly driven by the absence of the u.s .', 'government loss-sharing agreement , lower compensation , and lower transaction expenses .', 'provisions for credit losses and for benefits and claims decreased $ 4.8 billion due to a decrease in net credit losses of $ 3.4 billion and a higher release of loan loss reserves and unfunded lending commitments of $ 1.4 billion .', 'assets declined 41% ( 41 % ) from the prior year , primarily driven by sales and amortization and prepayments .', 'asset sales of $ 39 billion for the year of 2010 generated pretax gains of approximately $ 1.3 billion .', '2009 vs .', '2008 revenues , net of interest expense increased $ 36.4 billion in 2009 , primarily due to the absence of significant negative revenue marks occurring in the prior year .', 'total negative marks were $ 2.6 billion in 2009 as compared to $ 37.4 billion in 2008 .', 'revenue in 2009 included positive marks of $ 0.8 billion on subprime-related direct exposures .', 'these positive revenues were partially offset by negative revenues of $ 1.5 billion on alt-a mortgages , $ 0.8 billion of write-downs on commercial real estate , and a negative $ 1.6 billion cva on the monoline insurers and fair value option liabilities .', 'revenue was also affected by negative marks on private equity positions and write-downs on highly leveraged finance commitments .', 'operating expenses decreased 8% ( 8 % ) in 2009 , mainly driven by lower compensation and lower volumes and transaction expenses , partially offset by costs associated with the u.s .', 'government loss-sharing agreement exited in the fourth quarter of 2009 .', 'provisions for credit losses and for benefits and claims increased $ 1.6 billion , primarily driven by $ 4.5 billion in increased net credit losses , partially offset by a lower provision for loan losses and unfunded lending commitments of $ 2.9 billion .', 'assets declined 38% ( 38 % ) versus the prior year , primarily driven by amortization and prepayments , sales , marks and charge-offs. .'] | in millions of dollars, 2010, 2009, 2008, % ( % ) change 2010 vs . 2009, % ( % ) change 2009 vs . 2008
net interest revenue, $ 1219, $ 2754, $ 2676, ( 56 ) % ( % ), 3% ( 3 % )
non-interest revenue, 1633, -6014 ( 6014 ), -42375 ( 42375 ), nm, 86
revenues net of interest expense, $ 2852, $ -3260 ( 3260 ), $ -39699 ( 39699 ), nm, 92% ( 92 % )
total operating expenses, $ 548, $ 824, $ 893, ( 33 ) % ( % ), ( 8 ) % ( % )
net credit losses, $ 2013, $ 5399, $ 906, ( 63 ) % ( % ), nm
provision ( releases ) for unfunded lending commitments, -76 ( 76 ), 111, -172 ( 172 ), nm, nm
credit reserve builds ( releases ), -1711 ( 1711 ), -530 ( 530 ), 2677, nm, nm
provisions for credit losses and for benefits and claims, $ 226, $ 4980, $ 3411, ( 95 ) % ( % ), 46% ( 46 % )
income ( loss ) from continuing operations before taxes, $ 2078, $ -9064 ( 9064 ), $ -44003 ( 44003 ), nm, 79% ( 79 % )
income taxes ( benefits ), 905, -3695 ( 3695 ), -16714 ( 16714 ), nm, 78
net income ( loss ) from continuing operations, $ 1173, $ -5369 ( 5369 ), $ -27289 ( 27289 ), nm, 80% ( 80 % )
net income ( loss ) attributable to noncontrolling interests, 188, -16 ( 16 ), -205 ( 205 ), nm, 92
net income ( loss ), $ 985, $ -5353 ( 5353 ), $ -27084 ( 27084 ), nm, 80% ( 80 % )
eop assets ( in billions of dollars ), $ 80, $ 136, $ 219, ( 41 ) % ( % ), ( 38 ) % ( % ) | divide(1633, 2852) | 0.57258 |
what was the percentage change in the expected volatility from 2012 to 2013 | Pre-text: ['republic services , inc .', 'notes to consolidated financial statements 2014 ( continued ) in december 2008 , the board of directors amended and restated the republic services , inc .', '2006 incentive stock plan ( formerly known as the allied waste industries , inc .', '2006 incentive stock plan ( the 2006 plan ) ) .', 'allied 2019s shareholders approved the 2006 plan in may 2006 .', 'the 2006 plan was amended and restated in december 2008 to reflect republic as the new sponsor of the plan , and that any references to shares of common stock are to shares of common stock of republic , and to adjust outstanding awards and the number of shares available under the plan to reflect the allied acquisition .', 'the 2006 plan , as amended and restated , provided for the grant of non- qualified stock options , incentive stock options , shares of restricted stock , shares of phantom stock , stock bonuses , restricted stock units , stock appreciation rights , performance awards , dividend equivalents , cash awards , or other stock-based awards .', 'awards granted under the 2006 plan prior to december 5 , 2008 became fully vested and nonforfeitable upon the closing of the allied acquisition .', 'no further awards will be made under the 2006 stock options we use a lattice binomial option-pricing model to value our stock option grants .', 'we recognize compensation expense on a straight-line basis over the requisite service period for each separately vesting portion of the award , or to the employee 2019s retirement eligible date , if earlier .', 'expected volatility is based on the weighted average of the most recent one year volatility and a historical rolling average volatility of our stock over the expected life of the option .', 'the risk-free interest rate is based on federal reserve rates in effect for bonds with maturity dates equal to the expected term of the option .', 'we use historical data to estimate future option exercises , forfeitures ( at 3.0% ( 3.0 % ) for each of the periods presented ) and expected life of the options .', 'when appropriate , separate groups of employees that have similar historical exercise behavior are considered separately for valuation purposes .', 'the weighted-average estimated fair values of stock options granted during the years ended december 31 , 2014 , 2013 and 2012 were $ 5.74 , $ 5.27 and $ 4.77 per option , respectively , which were calculated using the following weighted-average assumptions: .']
Table:
• , 2014, 2013, 2012
• expected volatility, 27.5% ( 27.5 % ), 28.9% ( 28.9 % ), 27.8% ( 27.8 % )
• risk-free interest rate, 1.4% ( 1.4 % ), 0.7% ( 0.7 % ), 0.8% ( 0.8 % )
• dividend yield, 3.2% ( 3.2 % ), 3.2% ( 3.2 % ), 3.2% ( 3.2 % )
• expected life ( in years ), 4.6, 4.5, 4.5
• contractual life ( in years ), 7.0, 7.0, 7.0
Additional Information: ['.'] | 0.03957 | RSG/2014/page_123.pdf-2 | ['republic services , inc .', 'notes to consolidated financial statements 2014 ( continued ) in december 2008 , the board of directors amended and restated the republic services , inc .', '2006 incentive stock plan ( formerly known as the allied waste industries , inc .', '2006 incentive stock plan ( the 2006 plan ) ) .', 'allied 2019s shareholders approved the 2006 plan in may 2006 .', 'the 2006 plan was amended and restated in december 2008 to reflect republic as the new sponsor of the plan , and that any references to shares of common stock are to shares of common stock of republic , and to adjust outstanding awards and the number of shares available under the plan to reflect the allied acquisition .', 'the 2006 plan , as amended and restated , provided for the grant of non- qualified stock options , incentive stock options , shares of restricted stock , shares of phantom stock , stock bonuses , restricted stock units , stock appreciation rights , performance awards , dividend equivalents , cash awards , or other stock-based awards .', 'awards granted under the 2006 plan prior to december 5 , 2008 became fully vested and nonforfeitable upon the closing of the allied acquisition .', 'no further awards will be made under the 2006 stock options we use a lattice binomial option-pricing model to value our stock option grants .', 'we recognize compensation expense on a straight-line basis over the requisite service period for each separately vesting portion of the award , or to the employee 2019s retirement eligible date , if earlier .', 'expected volatility is based on the weighted average of the most recent one year volatility and a historical rolling average volatility of our stock over the expected life of the option .', 'the risk-free interest rate is based on federal reserve rates in effect for bonds with maturity dates equal to the expected term of the option .', 'we use historical data to estimate future option exercises , forfeitures ( at 3.0% ( 3.0 % ) for each of the periods presented ) and expected life of the options .', 'when appropriate , separate groups of employees that have similar historical exercise behavior are considered separately for valuation purposes .', 'the weighted-average estimated fair values of stock options granted during the years ended december 31 , 2014 , 2013 and 2012 were $ 5.74 , $ 5.27 and $ 4.77 per option , respectively , which were calculated using the following weighted-average assumptions: .'] | ['.'] | • , 2014, 2013, 2012
• expected volatility, 27.5% ( 27.5 % ), 28.9% ( 28.9 % ), 27.8% ( 27.8 % )
• risk-free interest rate, 1.4% ( 1.4 % ), 0.7% ( 0.7 % ), 0.8% ( 0.8 % )
• dividend yield, 3.2% ( 3.2 % ), 3.2% ( 3.2 % ), 3.2% ( 3.2 % )
• expected life ( in years ), 4.6, 4.5, 4.5
• contractual life ( in years ), 7.0, 7.0, 7.0 | subtract(28.9, 27.8), divide(#0, 27.8) | 0.03957 |
what percentage of debt repayment will take place during 2008-2009? | Background: ['part ii , item 7 in 2006 , cash provided by financing activities was $ 291 million which was primarily due to the proceeds from employee stock plans ( $ 442 million ) and an increase in debt of $ 1.5 billion partially offset by the repurchase of 17.99 million shares of schlumberger stock ( $ 1.07 billion ) and the payment of dividends to shareholders ( $ 568 million ) .', 'schlumberger believes that at december 31 , 2006 , cash and short-term investments of $ 3.0 billion and available and unused credit facilities of $ 2.2 billion are sufficient to meet future business requirements for at least the next twelve months .', 'summary of major contractual commitments ( stated in millions ) .']
----------
Table:
========================================
contractual commitments | total | payment period 2007 | payment period 2008 - 2009 | payment period 2010 - 2011 | payment period after 2011
debt1 | $ 5986 | $ 1322 | $ 2055 | $ 1961 | $ 648
operating leases | $ 691 | $ 191 | $ 205 | $ 106 | $ 189
purchase obligations2 | $ 1526 | $ 1490 | $ 36 | $ 2013 | $ 2013
========================================
----------
Follow-up: ['purchase obligations 2 $ 1526 $ 1490 $ 36 $ 2013 $ 2013 1 .', 'excludes future payments for interest .', 'includes amounts relating to the $ 1425 million of convertible debentures which are described in note 11 of the consolidated financial statements .', '2 .', 'represents an estimate of contractual obligations in the ordinary course of business .', 'although these contractual obligations are considered enforceable and legally binding , the terms generally allow schlumberger the option to reschedule and adjust their requirements based on business needs prior to the delivery of goods .', 'refer to note 4 of the consolidated financial statements for details regarding potential commitments associated with schlumberger 2019s prior business acquisitions .', 'refer to note 20 of the consolidated financial statements for details regarding schlumberger 2019s pension and other postretirement benefit obligations .', 'schlumberger has outstanding letters of credit/guarantees which relate to business performance bonds , custom/excise tax commitments , facility lease/rental obligations , etc .', 'these were entered into in the ordinary course of business and are customary practices in the various countries where schlumberger operates .', 'critical accounting policies and estimates the preparation of financial statements and related disclosures in conformity with accounting principles generally accepted in the united states requires schlumberger to make estimates and assumptions that affect the reported amounts of assets and liabilities , the disclosure of contingent assets and liabilities and the reported amounts of revenue and expenses .', 'the following accounting policies involve 201ccritical accounting estimates 201d because they are particularly dependent on estimates and assumptions made by schlumberger about matters that are inherently uncertain .', 'a summary of all of schlumberger 2019s significant accounting policies is included in note 2 to the consolidated financial statements .', 'schlumberger bases its estimates on historical experience and on various other assumptions that are believed to be reasonable under the circumstances , the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources .', 'actual results may differ from these estimates under different assumptions or conditions .', 'multiclient seismic data the westerngeco segment capitalizes the costs associated with obtaining multiclient seismic data .', 'the carrying value of the multiclient seismic data library at december 31 , 2006 , 2005 and 2004 was $ 227 million , $ 222 million and $ 347 million , respectively .', 'such costs are charged to cost of goods sold and services based on the percentage of the total costs to the estimated total revenue that schlumberger expects to receive from the sales of such data .', 'however , except as described below under 201cwesterngeco purchase accounting , 201d under no circumstance will an individual survey carry a net book value greater than a 4-year straight-lined amortized value. .'] | 0.3433 | SLB/2006/page_45.pdf-2 | ['part ii , item 7 in 2006 , cash provided by financing activities was $ 291 million which was primarily due to the proceeds from employee stock plans ( $ 442 million ) and an increase in debt of $ 1.5 billion partially offset by the repurchase of 17.99 million shares of schlumberger stock ( $ 1.07 billion ) and the payment of dividends to shareholders ( $ 568 million ) .', 'schlumberger believes that at december 31 , 2006 , cash and short-term investments of $ 3.0 billion and available and unused credit facilities of $ 2.2 billion are sufficient to meet future business requirements for at least the next twelve months .', 'summary of major contractual commitments ( stated in millions ) .'] | ['purchase obligations 2 $ 1526 $ 1490 $ 36 $ 2013 $ 2013 1 .', 'excludes future payments for interest .', 'includes amounts relating to the $ 1425 million of convertible debentures which are described in note 11 of the consolidated financial statements .', '2 .', 'represents an estimate of contractual obligations in the ordinary course of business .', 'although these contractual obligations are considered enforceable and legally binding , the terms generally allow schlumberger the option to reschedule and adjust their requirements based on business needs prior to the delivery of goods .', 'refer to note 4 of the consolidated financial statements for details regarding potential commitments associated with schlumberger 2019s prior business acquisitions .', 'refer to note 20 of the consolidated financial statements for details regarding schlumberger 2019s pension and other postretirement benefit obligations .', 'schlumberger has outstanding letters of credit/guarantees which relate to business performance bonds , custom/excise tax commitments , facility lease/rental obligations , etc .', 'these were entered into in the ordinary course of business and are customary practices in the various countries where schlumberger operates .', 'critical accounting policies and estimates the preparation of financial statements and related disclosures in conformity with accounting principles generally accepted in the united states requires schlumberger to make estimates and assumptions that affect the reported amounts of assets and liabilities , the disclosure of contingent assets and liabilities and the reported amounts of revenue and expenses .', 'the following accounting policies involve 201ccritical accounting estimates 201d because they are particularly dependent on estimates and assumptions made by schlumberger about matters that are inherently uncertain .', 'a summary of all of schlumberger 2019s significant accounting policies is included in note 2 to the consolidated financial statements .', 'schlumberger bases its estimates on historical experience and on various other assumptions that are believed to be reasonable under the circumstances , the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources .', 'actual results may differ from these estimates under different assumptions or conditions .', 'multiclient seismic data the westerngeco segment capitalizes the costs associated with obtaining multiclient seismic data .', 'the carrying value of the multiclient seismic data library at december 31 , 2006 , 2005 and 2004 was $ 227 million , $ 222 million and $ 347 million , respectively .', 'such costs are charged to cost of goods sold and services based on the percentage of the total costs to the estimated total revenue that schlumberger expects to receive from the sales of such data .', 'however , except as described below under 201cwesterngeco purchase accounting , 201d under no circumstance will an individual survey carry a net book value greater than a 4-year straight-lined amortized value. .'] | ========================================
contractual commitments | total | payment period 2007 | payment period 2008 - 2009 | payment period 2010 - 2011 | payment period after 2011
debt1 | $ 5986 | $ 1322 | $ 2055 | $ 1961 | $ 648
operating leases | $ 691 | $ 191 | $ 205 | $ 106 | $ 189
purchase obligations2 | $ 1526 | $ 1490 | $ 36 | $ 2013 | $ 2013
======================================== | divide(2055, 5986) | 0.3433 |
what is the growth rate in net revenue in 2016? | Pre-text: ['entergy corporation and subsidiaries management 2019s financial discussion and analysis combination .', 'consistent with the terms of the stipulated settlement in the business combination proceeding , electric customers of entergy louisiana will realize customer credits associated with the business combination ; accordingly , in october 2015 , entergy recorded a regulatory liability of $ 107 million ( $ 66 million net-of-tax ) .', 'these costs are being amortized over a nine-year period beginning december 2015 .', 'see note 2 to the financial statements for further discussion of the business combination and customer credits .', 'the volume/weather variance is primarily due to the effect of more favorable weather during the unbilled period and an increase in industrial usage , partially offset by the effect of less favorable weather on residential sales .', 'the increase in industrial usage is primarily due to expansion projects , primarily in the chemicals industry , and increased demand from new customers , primarily in the industrial gases industry .', 'the louisiana act 55 financing savings obligation variance results from a regulatory charge for tax savings to be shared with customers per an agreement approved by the lpsc .', 'the tax savings results from the 2010-2011 irs audit settlement on the treatment of the louisiana act 55 financing of storm costs for hurricane gustav and hurricane ike .', 'see note 3 to the financial statements for additional discussion of the settlement and benefit sharing .', 'included in other is a provision of $ 23 million recorded in 2016 related to the settlement of the waterford 3 replacement steam generator prudence review proceeding , offset by a provision of $ 32 million recorded in 2015 related to the uncertainty at that time associated with the resolution of the waterford 3 replacement steam generator prudence review proceeding .', 'see note 2 to the financial statements for a discussion of the waterford 3 replacement steam generator prudence review proceeding .', 'entergy wholesale commodities following is an analysis of the change in net revenue comparing 2016 to 2015 .', 'amount ( in millions ) .']
##########
Table:
========================================
• , amount ( in millions )
• 2015 net revenue, $ 1666
• nuclear realized price changes, -149 ( 149 )
• rhode island state energy center, -44 ( 44 )
• nuclear volume, -36 ( 36 )
• fitzpatrick reimbursement agreement, 41
• nuclear fuel expenses, 68
• other, -4 ( 4 )
• 2016 net revenue, $ 1542
========================================
##########
Post-table: ['as shown in the table above , net revenue for entergy wholesale commodities decreased by approximately $ 124 million in 2016 primarily due to : 2022 lower realized wholesale energy prices and lower capacity prices , although the average revenue per mwh shown in the table below for the nuclear fleet is slightly higher because it includes revenues from the fitzpatrick reimbursement agreement with exelon , the amortization of the palisades below-market ppa , and vermont yankee capacity revenue .', 'the effect of the amortization of the palisades below-market ppa and vermont yankee capacity revenue on the net revenue variance from 2015 to 2016 is minimal ; 2022 the sale of the rhode island state energy center in december 2015 .', 'see note 14 to the financial statements for further discussion of the rhode island state energy center sale ; and 2022 lower volume in the entergy wholesale commodities nuclear fleet resulting from more refueling outage days in 2016 as compared to 2015 and larger exercise of resupply options in 2016 as compared to 2015 .', 'see 201cnuclear .'] | -0.07443 | ETR/2016/page_18.pdf-1 | ['entergy corporation and subsidiaries management 2019s financial discussion and analysis combination .', 'consistent with the terms of the stipulated settlement in the business combination proceeding , electric customers of entergy louisiana will realize customer credits associated with the business combination ; accordingly , in october 2015 , entergy recorded a regulatory liability of $ 107 million ( $ 66 million net-of-tax ) .', 'these costs are being amortized over a nine-year period beginning december 2015 .', 'see note 2 to the financial statements for further discussion of the business combination and customer credits .', 'the volume/weather variance is primarily due to the effect of more favorable weather during the unbilled period and an increase in industrial usage , partially offset by the effect of less favorable weather on residential sales .', 'the increase in industrial usage is primarily due to expansion projects , primarily in the chemicals industry , and increased demand from new customers , primarily in the industrial gases industry .', 'the louisiana act 55 financing savings obligation variance results from a regulatory charge for tax savings to be shared with customers per an agreement approved by the lpsc .', 'the tax savings results from the 2010-2011 irs audit settlement on the treatment of the louisiana act 55 financing of storm costs for hurricane gustav and hurricane ike .', 'see note 3 to the financial statements for additional discussion of the settlement and benefit sharing .', 'included in other is a provision of $ 23 million recorded in 2016 related to the settlement of the waterford 3 replacement steam generator prudence review proceeding , offset by a provision of $ 32 million recorded in 2015 related to the uncertainty at that time associated with the resolution of the waterford 3 replacement steam generator prudence review proceeding .', 'see note 2 to the financial statements for a discussion of the waterford 3 replacement steam generator prudence review proceeding .', 'entergy wholesale commodities following is an analysis of the change in net revenue comparing 2016 to 2015 .', 'amount ( in millions ) .'] | ['as shown in the table above , net revenue for entergy wholesale commodities decreased by approximately $ 124 million in 2016 primarily due to : 2022 lower realized wholesale energy prices and lower capacity prices , although the average revenue per mwh shown in the table below for the nuclear fleet is slightly higher because it includes revenues from the fitzpatrick reimbursement agreement with exelon , the amortization of the palisades below-market ppa , and vermont yankee capacity revenue .', 'the effect of the amortization of the palisades below-market ppa and vermont yankee capacity revenue on the net revenue variance from 2015 to 2016 is minimal ; 2022 the sale of the rhode island state energy center in december 2015 .', 'see note 14 to the financial statements for further discussion of the rhode island state energy center sale ; and 2022 lower volume in the entergy wholesale commodities nuclear fleet resulting from more refueling outage days in 2016 as compared to 2015 and larger exercise of resupply options in 2016 as compared to 2015 .', 'see 201cnuclear .'] | ========================================
• , amount ( in millions )
• 2015 net revenue, $ 1666
• nuclear realized price changes, -149 ( 149 )
• rhode island state energy center, -44 ( 44 )
• nuclear volume, -36 ( 36 )
• fitzpatrick reimbursement agreement, 41
• nuclear fuel expenses, 68
• other, -4 ( 4 )
• 2016 net revenue, $ 1542
======================================== | subtract(1542, 1666), divide(#0, 1666) | -0.07443 |
the company 2019s allowance for the expected return of products shipped and credits related to pricing or quantities shipped as of december 31 , 2015 , is what percent of the total 2015 ending balance? | Pre-text: ['concentration of credit risk credit risk represents the accounting loss that would be recognized at the reporting date if counterparties failed to perform as contracted .', 'the company believes the likelihood of incurring material losses due to concentration of credit risk is remote .', 'the principal financial instruments subject to credit risk are as follows : cash and cash equivalents - the company maintains cash deposits with major banks , which from time to time may exceed insured limits .', 'the possibility of loss related to financial condition of major banks has been deemed minimal .', 'additionally , the company 2019s investment policy limits exposure to concentrations of credit risk and changes in market conditions .', 'accounts receivable - a large number of customers in diverse industries and geographies , as well as the practice of establishing reasonable credit lines , limits credit risk .', 'based on historical trends and experiences , the allowance for doubtful accounts is adequate to cover potential credit risk losses .', 'foreign currency and interest rate contracts and derivatives - exposure to credit risk is limited by internal policies and active monitoring of counterparty risks .', 'in addition , the company uses a diversified group of major international banks and financial institutions as counterparties .', 'the company does not anticipate nonperformance by any of these counterparties .', 'cash and cash equivalents cash equivalents include highly-liquid investments with a maturity of three months or less when purchased .', 'accounts receivable and allowance for doubtful accounts accounts receivable are carried at their face amounts less an allowance for doubtful accounts .', 'accounts receivable are recorded at the invoiced amount and generally do not bear interest .', 'the company estimates the balance of allowance for doubtful accounts by analyzing accounts receivable balances by age and applying historical write-off and collection trend rates .', 'the company 2019s estimates include separately providing for customer balances based on specific circumstances and credit conditions , and when it is deemed probable that the balance is uncollectible .', 'account balances are charged off against the allowance when it is determined the receivable will not be recovered .', 'the company 2019s allowance for doubtful accounts balance also includes an allowance for the expected return of products shipped and credits related to pricing or quantities shipped of $ 15 million as of december 31 , 2015 and 2014 and $ 14 million as of december 31 , 2013 .', 'returns and credit activity is recorded directly to sales .', 'the following table summarizes the activity in the allowance for doubtful accounts: .']
--
Tabular Data:
----------------------------------------
( millions ) | 2015 | 2014 | 2013
beginning balance | $ 77 | $ 81 | $ 73
bad debt expense | 26 | 23 | 28
write-offs | -22 ( 22 ) | -20 ( 20 ) | -21 ( 21 )
other ( a ) | -6 ( 6 ) | -7 ( 7 ) | 1
ending balance | $ 75 | $ 77 | $ 81
----------------------------------------
--
Follow-up: ['( a ) other amounts are primarily the effects of changes in currency translations and the impact of allowance for returns and credits .', 'inventory valuations inventories are valued at the lower of cost or market .', 'certain u.s .', 'inventory costs are determined on a last-in , first-out ( lifo ) basis .', 'lifo inventories represented 39% ( 39 % ) and 37% ( 37 % ) of consolidated inventories as of december 31 , 2015 and 2014 , respectively .', 'lifo inventories include certain legacy nalco u.s .', 'inventory acquired at fair value as part of the nalco merger .', 'all other inventory costs are determined using either the average cost or first-in , first-out ( fifo ) methods .', 'inventory values at fifo , as shown in note 5 , approximate replacement during the fourth quarter of 2015 , the company improved estimates related to its inventory reserves and product costing , resulting in a net pre-tax charge of approximately $ 6 million .', 'separately , the actions resulted in charge of $ 20.6 million related to inventory reserve calculations , partially offset by a gain of $ 14.5 million related to the capitalization of certain cost components into inventory .', 'both of these items are reflected in note 3. .'] | 0.2 | ECL/2015/page_70.pdf-4 | ['concentration of credit risk credit risk represents the accounting loss that would be recognized at the reporting date if counterparties failed to perform as contracted .', 'the company believes the likelihood of incurring material losses due to concentration of credit risk is remote .', 'the principal financial instruments subject to credit risk are as follows : cash and cash equivalents - the company maintains cash deposits with major banks , which from time to time may exceed insured limits .', 'the possibility of loss related to financial condition of major banks has been deemed minimal .', 'additionally , the company 2019s investment policy limits exposure to concentrations of credit risk and changes in market conditions .', 'accounts receivable - a large number of customers in diverse industries and geographies , as well as the practice of establishing reasonable credit lines , limits credit risk .', 'based on historical trends and experiences , the allowance for doubtful accounts is adequate to cover potential credit risk losses .', 'foreign currency and interest rate contracts and derivatives - exposure to credit risk is limited by internal policies and active monitoring of counterparty risks .', 'in addition , the company uses a diversified group of major international banks and financial institutions as counterparties .', 'the company does not anticipate nonperformance by any of these counterparties .', 'cash and cash equivalents cash equivalents include highly-liquid investments with a maturity of three months or less when purchased .', 'accounts receivable and allowance for doubtful accounts accounts receivable are carried at their face amounts less an allowance for doubtful accounts .', 'accounts receivable are recorded at the invoiced amount and generally do not bear interest .', 'the company estimates the balance of allowance for doubtful accounts by analyzing accounts receivable balances by age and applying historical write-off and collection trend rates .', 'the company 2019s estimates include separately providing for customer balances based on specific circumstances and credit conditions , and when it is deemed probable that the balance is uncollectible .', 'account balances are charged off against the allowance when it is determined the receivable will not be recovered .', 'the company 2019s allowance for doubtful accounts balance also includes an allowance for the expected return of products shipped and credits related to pricing or quantities shipped of $ 15 million as of december 31 , 2015 and 2014 and $ 14 million as of december 31 , 2013 .', 'returns and credit activity is recorded directly to sales .', 'the following table summarizes the activity in the allowance for doubtful accounts: .'] | ['( a ) other amounts are primarily the effects of changes in currency translations and the impact of allowance for returns and credits .', 'inventory valuations inventories are valued at the lower of cost or market .', 'certain u.s .', 'inventory costs are determined on a last-in , first-out ( lifo ) basis .', 'lifo inventories represented 39% ( 39 % ) and 37% ( 37 % ) of consolidated inventories as of december 31 , 2015 and 2014 , respectively .', 'lifo inventories include certain legacy nalco u.s .', 'inventory acquired at fair value as part of the nalco merger .', 'all other inventory costs are determined using either the average cost or first-in , first-out ( fifo ) methods .', 'inventory values at fifo , as shown in note 5 , approximate replacement during the fourth quarter of 2015 , the company improved estimates related to its inventory reserves and product costing , resulting in a net pre-tax charge of approximately $ 6 million .', 'separately , the actions resulted in charge of $ 20.6 million related to inventory reserve calculations , partially offset by a gain of $ 14.5 million related to the capitalization of certain cost components into inventory .', 'both of these items are reflected in note 3. .'] | ----------------------------------------
( millions ) | 2015 | 2014 | 2013
beginning balance | $ 77 | $ 81 | $ 73
bad debt expense | 26 | 23 | 28
write-offs | -22 ( 22 ) | -20 ( 20 ) | -21 ( 21 )
other ( a ) | -6 ( 6 ) | -7 ( 7 ) | 1
ending balance | $ 75 | $ 77 | $ 81
---------------------------------------- | divide(15, 75) | 0.2 |
what was the ratio of the share repurchase in 2019 to 2018 | Context: ['factors , including the market price of our common stock , general economic and market conditions and applicable legal requirements .', 'the repurchase program may be commenced , suspended or discontinued at any time .', 'in fiscal 2019 , we repurchased approximately 2.1 million shares of our common stock for an aggregate cost of $ 88.6 million .', 'in fiscal 2018 , we repurchased approximately 3.4 million shares of our common stock for an aggregate cost of $ 195.1 million .', 'as of september 30 , 2019 , we had approximately 19.1 million shares of common stock available for repurchase under the program .', 'we anticipate that we will be able to fund our capital expenditures , interest payments , dividends and stock repurchases , pension payments , working capital needs , note repurchases , restructuring activities , repayments of current portion of long-term debt and other corporate actions for the foreseeable future from cash generated from operations , borrowings under our credit facilities , proceeds from our a/r sales agreement , proceeds from the issuance of debt or equity securities or other additional long-term debt financing , including new or amended facilities .', 'in addition , we continually review our capital structure and conditions in the private and public debt markets in order to optimize our mix of indebtedness .', 'in connection with these reviews , we may seek to refinance existing indebtedness to extend maturities , reduce borrowing costs or otherwise improve the terms and composition of our indebtedness .', 'contractual obligations we summarize our enforceable and legally binding contractual obligations at september 30 , 2019 , and the effect these obligations are expected to have on our liquidity and cash flow in future periods in the following table .', 'certain amounts in this 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 , including estimated minimum pension plan contributions and estimated benefit payments related to postretirement obligations , supplemental retirement plans and deferred compensation plans .', 'because these estimates and assumptions are subjective , the enforceable and legally binding obligations we actually pay in future periods may vary from those presented in the table. .']
Tabular Data:
----------------------------------------
( in millions ) payments due by period total payments due by period fiscal 2020 payments due by period fiscal 2021and 2022 payments due by period fiscal 2023and 2024 payments due by period thereafter
long-term debt including current portionexcluding capital lease obligations ( 1 ) $ 9714.1 $ 550.8 $ 939.8 $ 2494.3 $ 5729.2
operating lease obligations ( 2 ) 930.4 214.3 316.4 193.6 206.1
capital lease obligations ( 3 ) 168.9 6.4 8.7 2.9 150.9
purchase obligations and other ( 4 ) ( 5 ) ( 6 ) 2293.5 1607.0 292.5 206.7 187.3
total $ 13106.9 $ 2378.5 $ 1557.4 $ 2897.5 $ 6273.5
----------------------------------------
Follow-up: ['( 1 ) includes only principal payments owed on our debt assuming that all of our long-term debt will be held to maturity , excluding scheduled payments .', 'we have excluded $ 163.5 million of fair value of debt step-up , deferred financing costs and unamortized bond discounts from the table to arrive at actual debt obligations .', 'see 201cnote 13 .', 'debt 201d of the notes to consolidated financial statements for information on the interest rates that apply to our various debt instruments .', '( 2 ) see 201cnote 15 .', 'operating leases 201d of the notes to consolidated financial statements for additional information .', '( 3 ) the fair value step-up of $ 16.9 million is excluded .', 'see 201cnote 13 .', 'debt 2014 capital lease and other indebtedness 201d of the notes to consolidated financial statements for additional information .', '( 4 ) purchase obligations include agreements to purchase goods or services that are enforceable and legally binding and that specify all significant terms , including : fixed or minimum quantities to be purchased ; fixed , minimum or variable price provision ; and the approximate timing of the transaction .', 'purchase obligations exclude agreements that are cancelable without penalty .', '( 5 ) we have included in the table future estimated minimum pension plan contributions and estimated benefit payments related to postretirement obligations , supplemental retirement plans and deferred compensation plans .', 'our estimates are based on factors , such as discount rates and expected returns on plan assets .', 'future contributions are subject to changes in our underfunded status based on factors such as investment performance , discount rates , returns on plan assets and changes in legislation .', 'it is possible that our assumptions may change , actual market performance may vary or we may decide to contribute different amounts .', 'we have excluded $ 237.2 million of multiemployer pension plan withdrawal liabilities recorded as of september 30 , 2019 , including our estimate of the accumulated funding deficiency , due to lack of .'] | 0.61765 | WRK/2019/page_51.pdf-2 | ['factors , including the market price of our common stock , general economic and market conditions and applicable legal requirements .', 'the repurchase program may be commenced , suspended or discontinued at any time .', 'in fiscal 2019 , we repurchased approximately 2.1 million shares of our common stock for an aggregate cost of $ 88.6 million .', 'in fiscal 2018 , we repurchased approximately 3.4 million shares of our common stock for an aggregate cost of $ 195.1 million .', 'as of september 30 , 2019 , we had approximately 19.1 million shares of common stock available for repurchase under the program .', 'we anticipate that we will be able to fund our capital expenditures , interest payments , dividends and stock repurchases , pension payments , working capital needs , note repurchases , restructuring activities , repayments of current portion of long-term debt and other corporate actions for the foreseeable future from cash generated from operations , borrowings under our credit facilities , proceeds from our a/r sales agreement , proceeds from the issuance of debt or equity securities or other additional long-term debt financing , including new or amended facilities .', 'in addition , we continually review our capital structure and conditions in the private and public debt markets in order to optimize our mix of indebtedness .', 'in connection with these reviews , we may seek to refinance existing indebtedness to extend maturities , reduce borrowing costs or otherwise improve the terms and composition of our indebtedness .', 'contractual obligations we summarize our enforceable and legally binding contractual obligations at september 30 , 2019 , and the effect these obligations are expected to have on our liquidity and cash flow in future periods in the following table .', 'certain amounts in this 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 , including estimated minimum pension plan contributions and estimated benefit payments related to postretirement obligations , supplemental retirement plans and deferred compensation plans .', 'because these estimates and assumptions are subjective , the enforceable and legally binding obligations we actually pay in future periods may vary from those presented in the table. .'] | ['( 1 ) includes only principal payments owed on our debt assuming that all of our long-term debt will be held to maturity , excluding scheduled payments .', 'we have excluded $ 163.5 million of fair value of debt step-up , deferred financing costs and unamortized bond discounts from the table to arrive at actual debt obligations .', 'see 201cnote 13 .', 'debt 201d of the notes to consolidated financial statements for information on the interest rates that apply to our various debt instruments .', '( 2 ) see 201cnote 15 .', 'operating leases 201d of the notes to consolidated financial statements for additional information .', '( 3 ) the fair value step-up of $ 16.9 million is excluded .', 'see 201cnote 13 .', 'debt 2014 capital lease and other indebtedness 201d of the notes to consolidated financial statements for additional information .', '( 4 ) purchase obligations include agreements to purchase goods or services that are enforceable and legally binding and that specify all significant terms , including : fixed or minimum quantities to be purchased ; fixed , minimum or variable price provision ; and the approximate timing of the transaction .', 'purchase obligations exclude agreements that are cancelable without penalty .', '( 5 ) we have included in the table future estimated minimum pension plan contributions and estimated benefit payments related to postretirement obligations , supplemental retirement plans and deferred compensation plans .', 'our estimates are based on factors , such as discount rates and expected returns on plan assets .', 'future contributions are subject to changes in our underfunded status based on factors such as investment performance , discount rates , returns on plan assets and changes in legislation .', 'it is possible that our assumptions may change , actual market performance may vary or we may decide to contribute different amounts .', 'we have excluded $ 237.2 million of multiemployer pension plan withdrawal liabilities recorded as of september 30 , 2019 , including our estimate of the accumulated funding deficiency , due to lack of .'] | ----------------------------------------
( in millions ) payments due by period total payments due by period fiscal 2020 payments due by period fiscal 2021and 2022 payments due by period fiscal 2023and 2024 payments due by period thereafter
long-term debt including current portionexcluding capital lease obligations ( 1 ) $ 9714.1 $ 550.8 $ 939.8 $ 2494.3 $ 5729.2
operating lease obligations ( 2 ) 930.4 214.3 316.4 193.6 206.1
capital lease obligations ( 3 ) 168.9 6.4 8.7 2.9 150.9
purchase obligations and other ( 4 ) ( 5 ) ( 6 ) 2293.5 1607.0 292.5 206.7 187.3
total $ 13106.9 $ 2378.5 $ 1557.4 $ 2897.5 $ 6273.5
---------------------------------------- | divide(2.1, 3.4) | 0.61765 |
what is the percentage change in the cash dividends received by the company in 2012 compare to 2011? | Pre-text: ['polyplastics co. , ltd .', 'polyplastics is a leading supplier of engineered plastics in the asia-pacific region and is a venture between daicel chemical industries ltd. , japan ( 55% ( 55 % ) ) and ticona llc ( 45% ( 45 % ) ownership and a wholly-owned subsidiary of cna holdings llc ) .', 'polyplastics is a producer and marketer of pom and lcp , with principal production facilities located in japan , taiwan , malaysia and china .', 'fortron industries llc .', 'fortron is a leading global producer of polyphenylene sulfide ( "pps" ) , sold under the fortron ae brand , which is used in a wide variety of automotive and other applications , especially those requiring heat and/or chemical resistance .', 'fortron is a limited liability company whose members are ticona fortron inc .', '( 50% ( 50 % ) ownership and a wholly-owned subsidiary of cna holdings llc ) and kureha corporation ( 50% ( 50 % ) ) .', "fortron's facility is located in wilmington , north carolina .", 'this venture combines the sales , marketing , distribution , compounding and manufacturing expertise of celanese with the pps polymer technology expertise of kureha .', 'china acetate strategic ventures .', 'we hold ownership interest in three separate acetate production ventures in china as follows : nantong cellulose fibers co .', 'ltd .', '( 31% ( 31 % ) ) , kunming cellulose fibers co .', 'ltd .', '( 30% ( 30 % ) ) and zhuhai cellulose fibers co .', 'ltd .', '( 30% ( 30 % ) ) .', 'the china national tobacco corporation , the chinese state-owned tobacco entity , controls the remaining ownership interest in each of these ventures .', "our chinese acetate ventures fund their operations using operating cash flow and pay a dividend in the second quarter of each fiscal year based on the ventures' performance for the preceding year .", 'in 2012 , 2011 and 2010 , we received cash dividends of $ 83 million , $ 78 million and $ 71 million , respectively .', "during 2012 , our venture's nantong facility completed an expansion of its acetate flake and acetate tow capacity , each by 30000 tons .", 'we made contributions of $ 29 million over three years related to the capacity expansion in nantong .', 'similar expansions since the ventures were formed have led to earnings growth and increased dividends for the company .', "according to the euromonitor database services , china is estimated to have a 42% ( 42 % ) share of the world's 2011 cigarette consumption and is the fastest growing area for cigarette consumption at an estimated growth rate of 3.5% ( 3.5 % ) per year from 2011 through 2016 .", 'combined , these ventures are a leader in chinese domestic acetate production and we believe we are well positioned to supply chinese cigarette producers .', 'although our ownership interest in each of our china acetate ventures exceeds 20% ( 20 % ) , we account for these investments using the cost method of accounting because we determined that we cannot exercise significant influence over these entities due to local government investment in and influence over these entities , limitations on our involvement in the day-to-day operations and the present inability of the entities to provide timely financial information prepared in accordance with generally accepted accounting principles in the united states ( "us gaap" ) .', '2022 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 ventures are as follows : as of december 31 , 2012 ( in percentages ) .']
########
Tabular Data:
========================================
Row 1: , as of december 31 2012 ( in percentages )
Row 2: infraserv gmbh & co . gendorf kg, 39
Row 3: infraserv gmbh & co . knapsack kg, 27
Row 4: infraserv gmbh & co . hoechst kg, 32
========================================
########
Post-table: ['raw materials and energy we purchase a variety of raw materials and energy from sources in many countries for use in our production processes .', 'we have a policy of maintaining , when available , multiple sources of supply for materials .', 'however , some of our individual plants may have single sources of supply for some of their raw materials , such as carbon monoxide , steam and acetaldehyde .', 'although we have been able to obtain sufficient supplies of raw materials , there can be no assurance that unforeseen developments will not affect our raw material supply .', 'even if we have multiple sources of supply for a raw material , there can be no assurance that these sources can make up for the loss of a major supplier .', 'it is also possible profitability will be adversely affected if we are required to qualify additional sources of supply to our specifications in the event of the loss of a sole supplier .', 'in addition , the price of raw materials varies , often substantially , from year to year. .'] | 0.0641 | CE/2012/page_16.pdf-1 | ['polyplastics co. , ltd .', 'polyplastics is a leading supplier of engineered plastics in the asia-pacific region and is a venture between daicel chemical industries ltd. , japan ( 55% ( 55 % ) ) and ticona llc ( 45% ( 45 % ) ownership and a wholly-owned subsidiary of cna holdings llc ) .', 'polyplastics is a producer and marketer of pom and lcp , with principal production facilities located in japan , taiwan , malaysia and china .', 'fortron industries llc .', 'fortron is a leading global producer of polyphenylene sulfide ( "pps" ) , sold under the fortron ae brand , which is used in a wide variety of automotive and other applications , especially those requiring heat and/or chemical resistance .', 'fortron is a limited liability company whose members are ticona fortron inc .', '( 50% ( 50 % ) ownership and a wholly-owned subsidiary of cna holdings llc ) and kureha corporation ( 50% ( 50 % ) ) .', "fortron's facility is located in wilmington , north carolina .", 'this venture combines the sales , marketing , distribution , compounding and manufacturing expertise of celanese with the pps polymer technology expertise of kureha .', 'china acetate strategic ventures .', 'we hold ownership interest in three separate acetate production ventures in china as follows : nantong cellulose fibers co .', 'ltd .', '( 31% ( 31 % ) ) , kunming cellulose fibers co .', 'ltd .', '( 30% ( 30 % ) ) and zhuhai cellulose fibers co .', 'ltd .', '( 30% ( 30 % ) ) .', 'the china national tobacco corporation , the chinese state-owned tobacco entity , controls the remaining ownership interest in each of these ventures .', "our chinese acetate ventures fund their operations using operating cash flow and pay a dividend in the second quarter of each fiscal year based on the ventures' performance for the preceding year .", 'in 2012 , 2011 and 2010 , we received cash dividends of $ 83 million , $ 78 million and $ 71 million , respectively .', "during 2012 , our venture's nantong facility completed an expansion of its acetate flake and acetate tow capacity , each by 30000 tons .", 'we made contributions of $ 29 million over three years related to the capacity expansion in nantong .', 'similar expansions since the ventures were formed have led to earnings growth and increased dividends for the company .', "according to the euromonitor database services , china is estimated to have a 42% ( 42 % ) share of the world's 2011 cigarette consumption and is the fastest growing area for cigarette consumption at an estimated growth rate of 3.5% ( 3.5 % ) per year from 2011 through 2016 .", 'combined , these ventures are a leader in chinese domestic acetate production and we believe we are well positioned to supply chinese cigarette producers .', 'although our ownership interest in each of our china acetate ventures exceeds 20% ( 20 % ) , we account for these investments using the cost method of accounting because we determined that we cannot exercise significant influence over these entities due to local government investment in and influence over these entities , limitations on our involvement in the day-to-day operations and the present inability of the entities to provide timely financial information prepared in accordance with generally accepted accounting principles in the united states ( "us gaap" ) .', '2022 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 ventures are as follows : as of december 31 , 2012 ( in percentages ) .'] | ['raw materials and energy we purchase a variety of raw materials and energy from sources in many countries for use in our production processes .', 'we have a policy of maintaining , when available , multiple sources of supply for materials .', 'however , some of our individual plants may have single sources of supply for some of their raw materials , such as carbon monoxide , steam and acetaldehyde .', 'although we have been able to obtain sufficient supplies of raw materials , there can be no assurance that unforeseen developments will not affect our raw material supply .', 'even if we have multiple sources of supply for a raw material , there can be no assurance that these sources can make up for the loss of a major supplier .', 'it is also possible profitability will be adversely affected if we are required to qualify additional sources of supply to our specifications in the event of the loss of a sole supplier .', 'in addition , the price of raw materials varies , often substantially , from year to year. .'] | ========================================
Row 1: , as of december 31 2012 ( in percentages )
Row 2: infraserv gmbh & co . gendorf kg, 39
Row 3: infraserv gmbh & co . knapsack kg, 27
Row 4: infraserv gmbh & co . hoechst kg, 32
======================================== | subtract(83, 78), divide(#0, 78) | 0.0641 |
what is the percentage change in the balance of the prudential insurance company of america from 2016 to 2017? | Context: ['15 .', 'commitments and contingencies in the ordinary course of business , the company is involved in lawsuits , arbitrations and other formal and informal dispute resolution procedures , the outcomes of which will determine the company 2019s rights and obligations under insurance and reinsurance agreements .', 'in some disputes , the company seeks to enforce its rights under an agreement or to collect funds owing to it .', 'in other matters , the company is resisting attempts by others to collect funds or enforce alleged rights .', 'these disputes arise from time to time and are ultimately resolved through both informal and formal means , including negotiated resolution , arbitration and litigation .', 'in all such matters , the company believes that its positions are legally and commercially reasonable .', 'the company considers the statuses of these proceedings when determining its reserves for unpaid loss and loss adjustment expenses .', 'aside from litigation and arbitrations related to these insurance and reinsurance agreements , the company is not a party to any other material litigation or arbitration .', 'the company has entered into separate annuity agreements with the prudential insurance of america ( 201cthe prudential 201d ) and an additional unaffiliated life insurance company in which the company has either purchased annuity contracts or become the assignee of annuity proceeds that are meant to settle claim payment obligations in the future .', 'in both instances , the company would become contingently liable if either the prudential or the unaffiliated life insurance company were unable to make payments related to the respective annuity contract .', 'the table below presents the estimated cost to replace all such annuities for which the company was contingently liable for the periods indicated: .']
##########
Data Table:
****************************************
( dollars in thousands ) | at december 31 , 2017 | at december 31 , 2016
----------|----------|----------
the prudential insurance company of america | $ 144618 | $ 146507
unaffiliated life insurance company | 34444 | 33860
****************************************
##########
Post-table: ['16 .', 'share-based compensation plans the company has a 2010 stock incentive plan ( 201c2010 employee plan 201d ) , a 2009 non-employee director stock option and restricted stock plan ( 201c2009 director plan 201d ) and a 2003 non-employee director equity compensation plan ( 201c2003 director plan 201d ) .', 'under the 2010 employee plan , 4000000 common shares have been authorized to be granted as non- qualified share options , incentive share options , share appreciation rights , restricted share awards or performance share unit awards to officers and key employees of the company .', 'at december 31 , 2017 , there were 2553473 remaining shares available to be granted under the 2010 employee plan .', 'the 2010 employee plan replaced a 2002 employee plan , which replaced a 1995 employee plan ; therefore , no further awards will be granted under the 2002 employee plan or the 1995 employee plan .', 'through december 31 , 2017 , only non-qualified share options , restricted share awards and performance share unit awards had been granted under the employee plans .', 'under the 2009 director plan , 37439 common shares have been authorized to be granted as share options or restricted share awards to non-employee directors of the company .', 'at december 31 , 2017 , there were 34957 remaining shares available to be granted under the 2009 director plan .', 'the 2009 director plan replaced a 1995 director plan , which expired .', 'under the 2003 director plan , 500000 common shares have been authorized to be granted as share options or share awards to non-employee directors of the company .', 'at december 31 , 2017 there were 346714 remaining shares available to be granted under the 2003 director plan. .'] | -0.01289 | RE/2017/page_159.pdf-4 | ['15 .', 'commitments and contingencies in the ordinary course of business , the company is involved in lawsuits , arbitrations and other formal and informal dispute resolution procedures , the outcomes of which will determine the company 2019s rights and obligations under insurance and reinsurance agreements .', 'in some disputes , the company seeks to enforce its rights under an agreement or to collect funds owing to it .', 'in other matters , the company is resisting attempts by others to collect funds or enforce alleged rights .', 'these disputes arise from time to time and are ultimately resolved through both informal and formal means , including negotiated resolution , arbitration and litigation .', 'in all such matters , the company believes that its positions are legally and commercially reasonable .', 'the company considers the statuses of these proceedings when determining its reserves for unpaid loss and loss adjustment expenses .', 'aside from litigation and arbitrations related to these insurance and reinsurance agreements , the company is not a party to any other material litigation or arbitration .', 'the company has entered into separate annuity agreements with the prudential insurance of america ( 201cthe prudential 201d ) and an additional unaffiliated life insurance company in which the company has either purchased annuity contracts or become the assignee of annuity proceeds that are meant to settle claim payment obligations in the future .', 'in both instances , the company would become contingently liable if either the prudential or the unaffiliated life insurance company were unable to make payments related to the respective annuity contract .', 'the table below presents the estimated cost to replace all such annuities for which the company was contingently liable for the periods indicated: .'] | ['16 .', 'share-based compensation plans the company has a 2010 stock incentive plan ( 201c2010 employee plan 201d ) , a 2009 non-employee director stock option and restricted stock plan ( 201c2009 director plan 201d ) and a 2003 non-employee director equity compensation plan ( 201c2003 director plan 201d ) .', 'under the 2010 employee plan , 4000000 common shares have been authorized to be granted as non- qualified share options , incentive share options , share appreciation rights , restricted share awards or performance share unit awards to officers and key employees of the company .', 'at december 31 , 2017 , there were 2553473 remaining shares available to be granted under the 2010 employee plan .', 'the 2010 employee plan replaced a 2002 employee plan , which replaced a 1995 employee plan ; therefore , no further awards will be granted under the 2002 employee plan or the 1995 employee plan .', 'through december 31 , 2017 , only non-qualified share options , restricted share awards and performance share unit awards had been granted under the employee plans .', 'under the 2009 director plan , 37439 common shares have been authorized to be granted as share options or restricted share awards to non-employee directors of the company .', 'at december 31 , 2017 , there were 34957 remaining shares available to be granted under the 2009 director plan .', 'the 2009 director plan replaced a 1995 director plan , which expired .', 'under the 2003 director plan , 500000 common shares have been authorized to be granted as share options or share awards to non-employee directors of the company .', 'at december 31 , 2017 there were 346714 remaining shares available to be granted under the 2003 director plan. .'] | ****************************************
( dollars in thousands ) | at december 31 , 2017 | at december 31 , 2016
----------|----------|----------
the prudential insurance company of america | $ 144618 | $ 146507
unaffiliated life insurance company | 34444 | 33860
**************************************** | subtract(144618, 146507), divide(#0, 146507) | -0.01289 |
what was the percentage change in the allowance for doubtful accounts between 2016 and 2017? | Pre-text: ['zimmer biomet holdings , inc .', 'and subsidiaries 2017 form 10-k annual report notes to consolidated financial statements ( continued ) substantially complete .', 'the following table summarizes the liabilities related to these integration plans ( in millions ) : employee termination benefits contract terminations total .']
##########
Table:
****************************************
• , employee termination benefits, contract terminations, total
• balance december 31 2016, $ 38.1, $ 35.1, $ 73.2
• additions, 12.1, 5.2, 17.3
• cash payments, -36.7 ( 36.7 ), -10.4 ( 10.4 ), -47.1 ( 47.1 )
• foreign currency exchange rate changes, 1.3, 0.4, 1.7
• balance december 31 2017, $ 14.8, $ 30.3, $ 45.1
****************************************
##########
Post-table: ['we have also recognized other employee termination benefits related to ldr , other acquisitions and our operational excellence initiatives .', 'dedicated project personnel expenses include the salary , benefits , travel expenses and other costs directly associated with employees who are 100 percent dedicated to our integration of acquired businesses , employees who have been notified of termination , but are continuing to work on transferring their responsibilities and employees working on our quality enhancement and remediation efforts and operational excellence initiatives .', 'relocated facilities expenses are the moving costs , lease expenses and other facility costs incurred during the relocation period in connection with relocating certain facilities .', 'certain litigation matters relate to net expenses recognized during the year for the estimated or actual settlement of certain pending litigation and similar claims , including matters where we recognized income from a settlement on more favorable terms than our previous estimate , or we reduced our estimate of a previously recorded contingent liability .', 'these litigation matters have included royalty disputes , patent litigation matters , product liability litigation matters and commercial litigation matters .', 'contract termination costs relate to terminated agreements in connection with the integration of acquired companies and changes to our distribution model as part of business restructuring and operational excellence initiatives .', 'the terminated contracts primarily relate to sales agents and distribution agreements .', 'information technology integration costs are non- capitalizable costs incurred related to integrating information technology platforms of acquired companies or other significant software implementations as part of our quality and operational excellence initiatives .', 'as part of the biomet merger , we recognized $ 209.0 million of intangible assets for in-process research and development ( 201cipr&d 201d ) projects .', 'during 2017 and 2016 , we recorded impairment losses of $ 18.8 million and $ 30.0 million , respectively , related to these ipr&d intangible assets .', 'the impairments were primarily due to the termination of certain ipr&d projects .', 'we also recognized $ 479.0 million of intangible assets for trademarks that we designated as having an indefinite life .', 'during 2017 , we reclassified one of these trademarks to a finite life asset which resulted in an impairment of $ 8.0 million .', 'loss/impairment on disposal of assets relates to assets that we have sold or intend to sell , or for which the economic useful life of the asset has been significantly reduced due to integration or our quality and operational excellence initiatives .', 'contingent consideration adjustments represent the changes in the fair value of contingent consideration obligations to be paid to the prior owners of acquired businesses .', 'certain r&d agreements relate to agreements with upfront payments to obtain intellectual property to be used in r&d projects that have no alternative future use in other projects .', 'cash and cash equivalents 2013 we consider all highly liquid investments with an original maturity of three months or less to be cash equivalents .', 'the carrying amounts reported in the balance sheet for cash and cash equivalents are valued at cost , which approximates their fair value .', 'accounts receivable 2013 accounts receivable consists of trade and other miscellaneous receivables .', 'we grant credit to customers in the normal course of business and maintain an allowance for doubtful accounts for potential credit losses .', 'we determine the allowance for doubtful accounts by geographic market and take into consideration historical credit experience , creditworthiness of the customer and other pertinent information .', 'we make concerted efforts to collect all accounts receivable , but sometimes we have to write-off the account against the allowance when we determine the account is uncollectible .', 'the allowance for doubtful accounts was $ 60.2 million and $ 51.6 million as of december 31 , 2017 and 2016 , respectively .', 'inventories 2013 inventories are stated at the lower of cost or market , with cost determined on a first-in first-out basis .', 'property , plant and equipment 2013 property , plant and equipment is carried at cost less accumulated depreciation .', 'depreciation is computed using the straight-line method based on estimated useful lives of ten to forty years for buildings and improvements and three to eight years for machinery and equipment .', 'maintenance and repairs are expensed as incurred .', 'we review property , plant and equipment for impairment whenever events or changes in circumstances indicate that the carrying value of an asset may not be recoverable .', 'an impairment loss would be recognized when estimated future undiscounted cash flows relating to the asset are less than its carrying amount .', 'an impairment loss is measured as the amount by which the carrying amount of an asset exceeds its fair value .', 'software costs 2013 we capitalize certain computer software and software development costs incurred in connection with developing or obtaining computer software for internal use when both the preliminary project stage is completed and it is probable that the software will be used as intended .', 'capitalized software costs generally include external direct costs of materials and services utilized in developing or obtaining computer software and compensation and related .'] | 0.16667 | ZBH/2017/page_50.pdf-2 | ['zimmer biomet holdings , inc .', 'and subsidiaries 2017 form 10-k annual report notes to consolidated financial statements ( continued ) substantially complete .', 'the following table summarizes the liabilities related to these integration plans ( in millions ) : employee termination benefits contract terminations total .'] | ['we have also recognized other employee termination benefits related to ldr , other acquisitions and our operational excellence initiatives .', 'dedicated project personnel expenses include the salary , benefits , travel expenses and other costs directly associated with employees who are 100 percent dedicated to our integration of acquired businesses , employees who have been notified of termination , but are continuing to work on transferring their responsibilities and employees working on our quality enhancement and remediation efforts and operational excellence initiatives .', 'relocated facilities expenses are the moving costs , lease expenses and other facility costs incurred during the relocation period in connection with relocating certain facilities .', 'certain litigation matters relate to net expenses recognized during the year for the estimated or actual settlement of certain pending litigation and similar claims , including matters where we recognized income from a settlement on more favorable terms than our previous estimate , or we reduced our estimate of a previously recorded contingent liability .', 'these litigation matters have included royalty disputes , patent litigation matters , product liability litigation matters and commercial litigation matters .', 'contract termination costs relate to terminated agreements in connection with the integration of acquired companies and changes to our distribution model as part of business restructuring and operational excellence initiatives .', 'the terminated contracts primarily relate to sales agents and distribution agreements .', 'information technology integration costs are non- capitalizable costs incurred related to integrating information technology platforms of acquired companies or other significant software implementations as part of our quality and operational excellence initiatives .', 'as part of the biomet merger , we recognized $ 209.0 million of intangible assets for in-process research and development ( 201cipr&d 201d ) projects .', 'during 2017 and 2016 , we recorded impairment losses of $ 18.8 million and $ 30.0 million , respectively , related to these ipr&d intangible assets .', 'the impairments were primarily due to the termination of certain ipr&d projects .', 'we also recognized $ 479.0 million of intangible assets for trademarks that we designated as having an indefinite life .', 'during 2017 , we reclassified one of these trademarks to a finite life asset which resulted in an impairment of $ 8.0 million .', 'loss/impairment on disposal of assets relates to assets that we have sold or intend to sell , or for which the economic useful life of the asset has been significantly reduced due to integration or our quality and operational excellence initiatives .', 'contingent consideration adjustments represent the changes in the fair value of contingent consideration obligations to be paid to the prior owners of acquired businesses .', 'certain r&d agreements relate to agreements with upfront payments to obtain intellectual property to be used in r&d projects that have no alternative future use in other projects .', 'cash and cash equivalents 2013 we consider all highly liquid investments with an original maturity of three months or less to be cash equivalents .', 'the carrying amounts reported in the balance sheet for cash and cash equivalents are valued at cost , which approximates their fair value .', 'accounts receivable 2013 accounts receivable consists of trade and other miscellaneous receivables .', 'we grant credit to customers in the normal course of business and maintain an allowance for doubtful accounts for potential credit losses .', 'we determine the allowance for doubtful accounts by geographic market and take into consideration historical credit experience , creditworthiness of the customer and other pertinent information .', 'we make concerted efforts to collect all accounts receivable , but sometimes we have to write-off the account against the allowance when we determine the account is uncollectible .', 'the allowance for doubtful accounts was $ 60.2 million and $ 51.6 million as of december 31 , 2017 and 2016 , respectively .', 'inventories 2013 inventories are stated at the lower of cost or market , with cost determined on a first-in first-out basis .', 'property , plant and equipment 2013 property , plant and equipment is carried at cost less accumulated depreciation .', 'depreciation is computed using the straight-line method based on estimated useful lives of ten to forty years for buildings and improvements and three to eight years for machinery and equipment .', 'maintenance and repairs are expensed as incurred .', 'we review property , plant and equipment for impairment whenever events or changes in circumstances indicate that the carrying value of an asset may not be recoverable .', 'an impairment loss would be recognized when estimated future undiscounted cash flows relating to the asset are less than its carrying amount .', 'an impairment loss is measured as the amount by which the carrying amount of an asset exceeds its fair value .', 'software costs 2013 we capitalize certain computer software and software development costs incurred in connection with developing or obtaining computer software for internal use when both the preliminary project stage is completed and it is probable that the software will be used as intended .', 'capitalized software costs generally include external direct costs of materials and services utilized in developing or obtaining computer software and compensation and related .'] | ****************************************
• , employee termination benefits, contract terminations, total
• balance december 31 2016, $ 38.1, $ 35.1, $ 73.2
• additions, 12.1, 5.2, 17.3
• cash payments, -36.7 ( 36.7 ), -10.4 ( 10.4 ), -47.1 ( 47.1 )
• foreign currency exchange rate changes, 1.3, 0.4, 1.7
• balance december 31 2017, $ 14.8, $ 30.3, $ 45.1
**************************************** | subtract(60.2, 51.6), divide(#0, 51.6) | 0.16667 |
in 2010 what was the ratio of the non-us pension plans , discretionary contributions to the postretirement benefit plans | Context: ['contractual obligations the following table includes aggregated information about citigroup 2019s contractual obligations that impact its short- and long-term liquidity and capital needs .', 'the table includes information about payments due under specified contractual obligations , aggregated by type of contractual obligation .', 'it includes the maturity profile of citigroup 2019s consolidated long-term debt , leases and other long-term liabilities .', 'citigroup 2019s contractual obligations include purchase obligations that are enforceable and legally binding for citi .', 'for the purposes of the table below , purchase obligations are included through the termination date of the respective agreements , even if the contract is renewable .', 'many of the purchase agreements for goods or services include clauses that would allow citigroup to cancel the agreement with specified notice ; however , that impact is not included in the table ( unless citigroup has already notified the counterparty of its intention to terminate the agreement ) .', 'other liabilities reflected on citigroup 2019s consolidated balance sheet include obligations for goods and services that have already been received , uncertain tax positions , as well as other long-term liabilities that have been incurred and will ultimately be paid in cash .', 'excluded from the following table are obligations that are generally short-term in nature , including deposit liabilities and securities sold under agreements to repurchase .', 'the table also excludes certain insurance and investment contracts subject to mortality and morbidity risks or without defined maturities , such that the timing of payments and withdrawals is uncertain .', 'the liabilities related to these insurance and investment contracts are included on the consolidated balance sheet as insurance policy and claims reserves , contractholder funds , and separate and variable accounts .', 'citigroup 2019s funding policy for pension plans is generally to fund to the minimum amounts required by the applicable laws and regulations .', 'at december 31 , 2009 , there were no minimum required contributions , and no contributions are currently planned for the u.s .', 'pension plans .', 'accordingly , no amounts have been included in the table below for future contributions to the u.s .', 'pension plans .', 'for the non-u.s .', 'pension plans , discretionary contributions in 2010 are anticipated to be approximately $ 160 million .', 'the anticipated cash contributions in 2010 related to the non-u.s .', 'postretirement benefit plans are $ 72 million .', 'these amounts are included in the purchase obligations in the table below .', 'the estimated pension and postretirement plan contributions are subject to change , since contribution decisions are affected by various factors , such as market performance , regulatory and legal requirements , and management 2019s ability to change funding policy .', 'for additional information regarding citi 2019s retirement benefit obligations , see note 9 to the consolidated financial statements. .']
--
Table:
****************************************
in millions of dollars at year end | contractual obligations by year 2010 | contractual obligations by year 2011 | contractual obligations by year 2012 | contractual obligations by year 2013 | contractual obligations by year 2014 | contractual obligations by year thereafter
long-term debt obligations ( 1 ) | $ 47162 | $ 59656 | $ 69344 | $ 28132 | $ 34895 | $ 124830
lease obligations | 1247 | 1110 | 1007 | 900 | 851 | 2770
purchase obligations | 1032 | 446 | 331 | 267 | 258 | 783
other long-term liabilities reflected on citi 2019s consolidated balance sheet ( 2 ) | 34218 | 156 | 36 | 35 | 36 | 3009
total | $ 83659 | $ 61368 | $ 70718 | $ 29334 | $ 36040 | $ 131392
****************************************
--
Post-table: ['( 1 ) for additional information about long-term debt and trust preferred securities , see note 20 to the consolidated financial statements .', '( 2 ) relates primarily to accounts payable and accrued expenses included in other liabilities in citi 2019s consolidated balance sheet. .'] | 2.22222 | C/2009/page_63.pdf-1 | ['contractual obligations the following table includes aggregated information about citigroup 2019s contractual obligations that impact its short- and long-term liquidity and capital needs .', 'the table includes information about payments due under specified contractual obligations , aggregated by type of contractual obligation .', 'it includes the maturity profile of citigroup 2019s consolidated long-term debt , leases and other long-term liabilities .', 'citigroup 2019s contractual obligations include purchase obligations that are enforceable and legally binding for citi .', 'for the purposes of the table below , purchase obligations are included through the termination date of the respective agreements , even if the contract is renewable .', 'many of the purchase agreements for goods or services include clauses that would allow citigroup to cancel the agreement with specified notice ; however , that impact is not included in the table ( unless citigroup has already notified the counterparty of its intention to terminate the agreement ) .', 'other liabilities reflected on citigroup 2019s consolidated balance sheet include obligations for goods and services that have already been received , uncertain tax positions , as well as other long-term liabilities that have been incurred and will ultimately be paid in cash .', 'excluded from the following table are obligations that are generally short-term in nature , including deposit liabilities and securities sold under agreements to repurchase .', 'the table also excludes certain insurance and investment contracts subject to mortality and morbidity risks or without defined maturities , such that the timing of payments and withdrawals is uncertain .', 'the liabilities related to these insurance and investment contracts are included on the consolidated balance sheet as insurance policy and claims reserves , contractholder funds , and separate and variable accounts .', 'citigroup 2019s funding policy for pension plans is generally to fund to the minimum amounts required by the applicable laws and regulations .', 'at december 31 , 2009 , there were no minimum required contributions , and no contributions are currently planned for the u.s .', 'pension plans .', 'accordingly , no amounts have been included in the table below for future contributions to the u.s .', 'pension plans .', 'for the non-u.s .', 'pension plans , discretionary contributions in 2010 are anticipated to be approximately $ 160 million .', 'the anticipated cash contributions in 2010 related to the non-u.s .', 'postretirement benefit plans are $ 72 million .', 'these amounts are included in the purchase obligations in the table below .', 'the estimated pension and postretirement plan contributions are subject to change , since contribution decisions are affected by various factors , such as market performance , regulatory and legal requirements , and management 2019s ability to change funding policy .', 'for additional information regarding citi 2019s retirement benefit obligations , see note 9 to the consolidated financial statements. .'] | ['( 1 ) for additional information about long-term debt and trust preferred securities , see note 20 to the consolidated financial statements .', '( 2 ) relates primarily to accounts payable and accrued expenses included in other liabilities in citi 2019s consolidated balance sheet. .'] | ****************************************
in millions of dollars at year end | contractual obligations by year 2010 | contractual obligations by year 2011 | contractual obligations by year 2012 | contractual obligations by year 2013 | contractual obligations by year 2014 | contractual obligations by year thereafter
long-term debt obligations ( 1 ) | $ 47162 | $ 59656 | $ 69344 | $ 28132 | $ 34895 | $ 124830
lease obligations | 1247 | 1110 | 1007 | 900 | 851 | 2770
purchase obligations | 1032 | 446 | 331 | 267 | 258 | 783
other long-term liabilities reflected on citi 2019s consolidated balance sheet ( 2 ) | 34218 | 156 | 36 | 35 | 36 | 3009
total | $ 83659 | $ 61368 | $ 70718 | $ 29334 | $ 36040 | $ 131392
**************************************** | divide(160, 72) | 2.22222 |
during 2010 , what was the return on assets? | Pre-text: ['item 6 .', 'selected financial data the following table represents our selected financial data .', 'the table should be read in conjunction with item 7 and item 8 of this report .', 'the table below reflects immaterial error corrections discussed in note 2 : summary of significant accounting policies in item 8. .']
######
Data Table:
****************************************
• ( $ in millions except per share amounts ), year ended december 31 2012, year ended december 31 2011, year ended december 31 2010, year ended december 31 2009, year ended december 31 2008
• sales and service revenues, $ 6708, $ 6575, $ 6723, $ 6292, $ 6189
• goodwill impairment, 2014, 290, 2014, 2014, 2465
• operating income ( loss ), 358, 100, 241, 203, -2332 ( 2332 )
• net earnings ( loss ), 146, -100 ( 100 ), 131, 119, -2397 ( 2397 )
• total assets, 6392, 6069, 5270, 5097, 4821
• long-term debt ( 1 ), 1779, 1830, 105, 283, 283
• total long-term obligations, 4341, 3838, 1637, 1708, 1823
• free cash flow ( 2 ), 170, 331, 168, -269 ( 269 ), 121
• dividends declared per share, $ 0.10, $ 2014, $ 2014, $ 2014, $ 2014
• basic earnings ( loss ) per share ( 3 ), $ 2.96, $ -2.05 ( 2.05 ), $ 2.68, $ 2.44, $ -49.14 ( 49.14 )
• diluted earnings ( loss ) per share ( 3 ), $ 2.91, $ -2.05 ( 2.05 ), $ 2.68, $ 2.44, $ -49.14 ( 49.14 )
****************************************
######
Follow-up: ['basic earnings ( loss ) per share ( 3 ) $ 2.96 $ ( 2.05 ) $ 2.68 $ 2.44 $ ( 49.14 ) diluted earnings ( loss ) per share ( 3 ) $ 2.91 $ ( 2.05 ) $ 2.68 $ 2.44 $ ( 49.14 ) ( 1 ) long-term debt does not include amounts payable to our former parent as of and before december 31 , 2010 , as these amounts were due upon demand and included in current liabilities .', '( 2 ) free cash flow is a non-gaap financial measure and represents cash from operating activities less capital expenditures .', 'see liquidity and capital resources in item 7 for more information on this measure .', '( 3 ) on march 30 , 2011 , the record date of the stock distribution associated with the spin-off from northrop grumman , approximately 48.8 million shares of $ 0.01 par value hii common stock were distributed to northrop grumman stockholders .', 'this share amount was utilized for the calculation of basic and diluted earnings ( loss ) per share for the three months ended march 31 , 2011 , and all prior periods , as no common stock of the company existed prior to march 30 , 2011 , and the impact of dilutive securities in the three month period ended march 31 , 2011 , was not meaningful. .'] | 0.02486 | HII/2012/page_47.pdf-2 | ['item 6 .', 'selected financial data the following table represents our selected financial data .', 'the table should be read in conjunction with item 7 and item 8 of this report .', 'the table below reflects immaterial error corrections discussed in note 2 : summary of significant accounting policies in item 8. .'] | ['basic earnings ( loss ) per share ( 3 ) $ 2.96 $ ( 2.05 ) $ 2.68 $ 2.44 $ ( 49.14 ) diluted earnings ( loss ) per share ( 3 ) $ 2.91 $ ( 2.05 ) $ 2.68 $ 2.44 $ ( 49.14 ) ( 1 ) long-term debt does not include amounts payable to our former parent as of and before december 31 , 2010 , as these amounts were due upon demand and included in current liabilities .', '( 2 ) free cash flow is a non-gaap financial measure and represents cash from operating activities less capital expenditures .', 'see liquidity and capital resources in item 7 for more information on this measure .', '( 3 ) on march 30 , 2011 , the record date of the stock distribution associated with the spin-off from northrop grumman , approximately 48.8 million shares of $ 0.01 par value hii common stock were distributed to northrop grumman stockholders .', 'this share amount was utilized for the calculation of basic and diluted earnings ( loss ) per share for the three months ended march 31 , 2011 , and all prior periods , as no common stock of the company existed prior to march 30 , 2011 , and the impact of dilutive securities in the three month period ended march 31 , 2011 , was not meaningful. .'] | ****************************************
• ( $ in millions except per share amounts ), year ended december 31 2012, year ended december 31 2011, year ended december 31 2010, year ended december 31 2009, year ended december 31 2008
• sales and service revenues, $ 6708, $ 6575, $ 6723, $ 6292, $ 6189
• goodwill impairment, 2014, 290, 2014, 2014, 2465
• operating income ( loss ), 358, 100, 241, 203, -2332 ( 2332 )
• net earnings ( loss ), 146, -100 ( 100 ), 131, 119, -2397 ( 2397 )
• total assets, 6392, 6069, 5270, 5097, 4821
• long-term debt ( 1 ), 1779, 1830, 105, 283, 283
• total long-term obligations, 4341, 3838, 1637, 1708, 1823
• free cash flow ( 2 ), 170, 331, 168, -269 ( 269 ), 121
• dividends declared per share, $ 0.10, $ 2014, $ 2014, $ 2014, $ 2014
• basic earnings ( loss ) per share ( 3 ), $ 2.96, $ -2.05 ( 2.05 ), $ 2.68, $ 2.44, $ -49.14 ( 49.14 )
• diluted earnings ( loss ) per share ( 3 ), $ 2.91, $ -2.05 ( 2.05 ), $ 2.68, $ 2.44, $ -49.14 ( 49.14 )
**************************************** | divide(131, 5270) | 0.02486 |
what was the average net sales from 2003 to 2005 in millions | Context: ['entering 2006 , earnings in the first quarter are ex- pected to improve compared with the 2005 fourth quar- ter due principally to higher average price realizations , reflecting announced price increases .', 'product demand for the first quarter should be seasonally slow , but is ex- pected to strengthen as the year progresses , supported by continued economic growth in north america , asia and eastern europe .', 'average prices should also improve in 2006 as price increases announced in late 2005 and early 2006 for uncoated freesheet paper and pulp con- tinue to be realized .', 'operating rates are expected to improve as a result of industry-wide capacity reductions in 2005 .', 'although energy and raw material costs remain high , there has been some decline in both natural gas and delivered wood costs , with further moderation ex- pected later in 2006 .', 'we will continue to focus on fur- ther improvements in our global manufacturing operations , implementation of supply chain enhance- ments and reductions in overhead costs during 2006 .', 'industrial packaging demand for industrial packaging products is closely correlated with non-durable industrial goods production in the united states , as well as with demand for proc- essed foods , poultry , meat and agricultural products .', 'in addition to prices and volumes , major factors affecting the profitability of industrial packaging are raw material and energy costs , manufacturing efficiency and product industrial packaging 2019s net sales for 2005 increased 2% ( 2 % ) compared with 2004 , and were 18% ( 18 % ) higher than in 2003 , reflecting the inclusion of international paper distribution limited ( formerly international paper pacific millennium limited ) beginning in august 2005 .', 'operating profits in 2005 were 39% ( 39 % ) lower than in 2004 and 13% ( 13 % ) lower than in 2003 .', 'sales volume increases ( $ 24 million ) , improved price realizations ( $ 66 million ) , and strong mill operating performance ( $ 27 million ) were not enough to offset the effects of increased raw material costs ( $ 103 million ) , higher market related downtime costs ( $ 50 million ) , higher converting operating costs ( $ 22 million ) , and unfavorable mix and other costs ( $ 67 million ) .', 'additionally , the may 2005 sale of our industrial papers business resulted in a $ 25 million lower earnings contribution from this business in 2005 .', 'the segment took 370000 tons of downtime in 2005 , including 230000 tons of lack-of-order downtime to balance internal supply with customer demand , com- pared to a total of 170000 tons in 2004 , which included 5000 tons of lack-of-order downtime .', 'industrial packaging in millions 2005 2004 2003 .']
----------
Tabular Data:
----------------------------------------
in millions | 2005 | 2004 | 2003
----------|----------|----------|----------
sales | $ 4935 | $ 4830 | $ 4170
operating profit | $ 230 | $ 380 | $ 264
----------------------------------------
----------
Follow-up: ['containerboard 2019s net sales totaled $ 895 million in 2005 , $ 951 million in 2004 and $ 815 million in 2003 .', 'soft market conditions and declining customer demand at the end of the first quarter led to lower average sales prices during the second and third quarters .', 'beginning in the fourth quarter , prices recovered as a result of in- creased customer demand and a rationalization of sup- ply .', 'full year sales volumes trailed 2004 levels early in the year , reflecting the weak market conditions in the first half of 2005 .', 'however , volumes rebounded in the second half of the year , and finished the year ahead of 2004 levels .', 'operating profits decreased 38% ( 38 % ) from 2004 , but were flat with 2003 .', 'the favorable impacts of in- creased sales volumes , higher average sales prices and improved mill operating performance were not enough to offset the impact of higher wood , energy and other raw material costs and increased lack-of-order down- time .', 'implementation of the new supply chain operating model in our containerboard mills during 2005 resulted in increased operating efficiency and cost savings .', 'specialty papers in 2005 included the kraft paper business for the full year and the industrial papers busi- ness for five months prior to its sale in may 2005 .', 'net sales totaled $ 468 million in 2005 , $ 723 million in 2004 and $ 690 million in 2003 .', 'operating profits in 2005 were down 23% ( 23 % ) compared with 2004 and 54% ( 54 % ) com- pared with 2003 , reflecting the lower contribution from industrial papers .', 'u.s .', 'converting operations net sales for 2005 were $ 2.6 billion compared with $ 2.3 billion in 2004 and $ 1.9 billion in 2003 .', 'sales volumes were up 10% ( 10 % ) in 2005 compared with 2004 , mainly due to the acquisition of box usa in july 2004 .', 'average sales prices in 2005 began the year above 2004 levels , but softened in the second half of the year .', 'operating profits in 2005 de- creased 46% ( 46 % ) and 4% ( 4 % ) from 2004 and 2003 levels , re- spectively , primarily due to increased linerboard , freight and energy costs .', 'european container sales for 2005 were $ 883 mil- lion compared with $ 865 million in 2004 and $ 801 mil- lion in 2003 .', 'operating profits declined 19% ( 19 % ) and 13% ( 13 % ) compared with 2004 and 2003 , respectively .', 'the in- crease in sales in 2005 reflected a slight increase in de- mand over 2004 , but this was not sufficient to offset the negative earnings effect of increased operating costs , unfavorable foreign exchange rates and a reduction in average sales prices .', 'the moroccan box plant acquis- ition , which was completed in october 2005 , favorably impacted fourth-quarter results .', 'industrial packaging 2019s sales in 2005 included $ 104 million from international paper distribution limited , our asian box and containerboard business , subsequent to the acquisition of an additional 50% ( 50 % ) interest in au- gust 2005. .'] | 942.0 | IP/2005/page_28.pdf-4 | ['entering 2006 , earnings in the first quarter are ex- pected to improve compared with the 2005 fourth quar- ter due principally to higher average price realizations , reflecting announced price increases .', 'product demand for the first quarter should be seasonally slow , but is ex- pected to strengthen as the year progresses , supported by continued economic growth in north america , asia and eastern europe .', 'average prices should also improve in 2006 as price increases announced in late 2005 and early 2006 for uncoated freesheet paper and pulp con- tinue to be realized .', 'operating rates are expected to improve as a result of industry-wide capacity reductions in 2005 .', 'although energy and raw material costs remain high , there has been some decline in both natural gas and delivered wood costs , with further moderation ex- pected later in 2006 .', 'we will continue to focus on fur- ther improvements in our global manufacturing operations , implementation of supply chain enhance- ments and reductions in overhead costs during 2006 .', 'industrial packaging demand for industrial packaging products is closely correlated with non-durable industrial goods production in the united states , as well as with demand for proc- essed foods , poultry , meat and agricultural products .', 'in addition to prices and volumes , major factors affecting the profitability of industrial packaging are raw material and energy costs , manufacturing efficiency and product industrial packaging 2019s net sales for 2005 increased 2% ( 2 % ) compared with 2004 , and were 18% ( 18 % ) higher than in 2003 , reflecting the inclusion of international paper distribution limited ( formerly international paper pacific millennium limited ) beginning in august 2005 .', 'operating profits in 2005 were 39% ( 39 % ) lower than in 2004 and 13% ( 13 % ) lower than in 2003 .', 'sales volume increases ( $ 24 million ) , improved price realizations ( $ 66 million ) , and strong mill operating performance ( $ 27 million ) were not enough to offset the effects of increased raw material costs ( $ 103 million ) , higher market related downtime costs ( $ 50 million ) , higher converting operating costs ( $ 22 million ) , and unfavorable mix and other costs ( $ 67 million ) .', 'additionally , the may 2005 sale of our industrial papers business resulted in a $ 25 million lower earnings contribution from this business in 2005 .', 'the segment took 370000 tons of downtime in 2005 , including 230000 tons of lack-of-order downtime to balance internal supply with customer demand , com- pared to a total of 170000 tons in 2004 , which included 5000 tons of lack-of-order downtime .', 'industrial packaging in millions 2005 2004 2003 .'] | ['containerboard 2019s net sales totaled $ 895 million in 2005 , $ 951 million in 2004 and $ 815 million in 2003 .', 'soft market conditions and declining customer demand at the end of the first quarter led to lower average sales prices during the second and third quarters .', 'beginning in the fourth quarter , prices recovered as a result of in- creased customer demand and a rationalization of sup- ply .', 'full year sales volumes trailed 2004 levels early in the year , reflecting the weak market conditions in the first half of 2005 .', 'however , volumes rebounded in the second half of the year , and finished the year ahead of 2004 levels .', 'operating profits decreased 38% ( 38 % ) from 2004 , but were flat with 2003 .', 'the favorable impacts of in- creased sales volumes , higher average sales prices and improved mill operating performance were not enough to offset the impact of higher wood , energy and other raw material costs and increased lack-of-order down- time .', 'implementation of the new supply chain operating model in our containerboard mills during 2005 resulted in increased operating efficiency and cost savings .', 'specialty papers in 2005 included the kraft paper business for the full year and the industrial papers busi- ness for five months prior to its sale in may 2005 .', 'net sales totaled $ 468 million in 2005 , $ 723 million in 2004 and $ 690 million in 2003 .', 'operating profits in 2005 were down 23% ( 23 % ) compared with 2004 and 54% ( 54 % ) com- pared with 2003 , reflecting the lower contribution from industrial papers .', 'u.s .', 'converting operations net sales for 2005 were $ 2.6 billion compared with $ 2.3 billion in 2004 and $ 1.9 billion in 2003 .', 'sales volumes were up 10% ( 10 % ) in 2005 compared with 2004 , mainly due to the acquisition of box usa in july 2004 .', 'average sales prices in 2005 began the year above 2004 levels , but softened in the second half of the year .', 'operating profits in 2005 de- creased 46% ( 46 % ) and 4% ( 4 % ) from 2004 and 2003 levels , re- spectively , primarily due to increased linerboard , freight and energy costs .', 'european container sales for 2005 were $ 883 mil- lion compared with $ 865 million in 2004 and $ 801 mil- lion in 2003 .', 'operating profits declined 19% ( 19 % ) and 13% ( 13 % ) compared with 2004 and 2003 , respectively .', 'the in- crease in sales in 2005 reflected a slight increase in de- mand over 2004 , but this was not sufficient to offset the negative earnings effect of increased operating costs , unfavorable foreign exchange rates and a reduction in average sales prices .', 'the moroccan box plant acquis- ition , which was completed in october 2005 , favorably impacted fourth-quarter results .', 'industrial packaging 2019s sales in 2005 included $ 104 million from international paper distribution limited , our asian box and containerboard business , subsequent to the acquisition of an additional 50% ( 50 % ) interest in au- gust 2005. .'] | ----------------------------------------
in millions | 2005 | 2004 | 2003
----------|----------|----------|----------
sales | $ 4935 | $ 4830 | $ 4170
operating profit | $ 230 | $ 380 | $ 264
---------------------------------------- | add(468, 723), add(#0, 690), add(#1, const_3), divide(#2, const_2) | 942.0 |
what was the percentage growth in the total re-organization costs from 2012 to 2013 | Context: ['table of contents interest expense , net of capitalized interest increased $ 64 million , or 9.8% ( 9.8 % ) , to $ 710 million in 2013 from $ 646 million in 2012 primarily due to special charges of $ 92 million to recognize post-petition interest expense on unsecured obligations pursuant to the plan and penalty interest related to 10.5% ( 10.5 % ) secured notes and 7.50% ( 7.50 % ) senior secured notes .', 'other nonoperating expense , net of $ 84 million in 2013 consists principally of net foreign currency losses of $ 55 million and early debt extinguishment charges of $ 48 million .', 'other nonoperating income in 2012 consisted principally of a $ 280 million special credit related to the settlement of a commercial dispute partially offset by net foreign currency losses .', '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 as a direct result of the chapter 11 cases .', 'the following table summarizes the components included in reorganization items , net on american 2019s consolidated statements of operations for the years ended december 31 , 2013 and 2012 ( in millions ) : .']
Tabular Data:
• , 2013, 2012
• pension and postretirement benefits, $ 2014, $ -66 ( 66 )
• labor-related deemed claim ( 1 ), 1733, 2014
• aircraft and facility financing renegotiations and rejections ( 2 ) ( 3 ), 320, 1951
• fair value of conversion discount ( 4 ), 218, 2014
• professional fees, 199, 227
• other, 170, 67
• total reorganization items net, $ 2640, $ 2179
Post-table: ['( 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 .', 'see note 2 to american 2019s consolidated financial statements in part ii , item 8b for further information .', '( 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 jfk , and rejected bonds that financed certain improvements at 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. .'] | 0.21156 | AAL/2014/page_92.pdf-3 | ['table of contents interest expense , net of capitalized interest increased $ 64 million , or 9.8% ( 9.8 % ) , to $ 710 million in 2013 from $ 646 million in 2012 primarily due to special charges of $ 92 million to recognize post-petition interest expense on unsecured obligations pursuant to the plan and penalty interest related to 10.5% ( 10.5 % ) secured notes and 7.50% ( 7.50 % ) senior secured notes .', 'other nonoperating expense , net of $ 84 million in 2013 consists principally of net foreign currency losses of $ 55 million and early debt extinguishment charges of $ 48 million .', 'other nonoperating income in 2012 consisted principally of a $ 280 million special credit related to the settlement of a commercial dispute partially offset by net foreign currency losses .', '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 as a direct result of the chapter 11 cases .', 'the following table summarizes the components included in reorganization items , net on american 2019s consolidated statements of operations for the years ended december 31 , 2013 and 2012 ( in millions ) : .'] | ['( 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 .', 'see note 2 to american 2019s consolidated financial statements in part ii , item 8b for further information .', '( 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 jfk , and rejected bonds that financed certain improvements at 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. .'] | • , 2013, 2012
• pension and postretirement benefits, $ 2014, $ -66 ( 66 )
• labor-related deemed claim ( 1 ), 1733, 2014
• aircraft and facility financing renegotiations and rejections ( 2 ) ( 3 ), 320, 1951
• fair value of conversion discount ( 4 ), 218, 2014
• professional fees, 199, 227
• other, 170, 67
• total reorganization items net, $ 2640, $ 2179 | subtract(2640, 2179), divide(#0, 2179) | 0.21156 |
what was the percentage cumulative total shareholder return for ball corporation for the five year period ending 12/31/10? | Context: ['page 15 of 100 shareholder return performance the line graph below compares the annual percentage change in ball corporation 2019s cumulative total shareholder return on its common stock with the cumulative total return of the dow jones containers & packaging index and the s&p composite 500 stock index for the five-year period ended december 31 , 2010 .', 'it assumes $ 100 was invested on december 31 , 2005 , and that all dividends were reinvested .', 'the dow jones containers & packaging index total return has been weighted by market capitalization .', 'total return analysis .']
Data Table:
| 12/31/05 | 12/31/06 | 12/31/07 | 12/31/08 | 12/31/09 | 12/31/10
ball corporation | $ 100.00 | $ 110.86 | $ 115.36 | $ 107.58 | $ 134.96 | $ 178.93
dj containers & packaging index | $ 100.00 | $ 112.09 | $ 119.63 | $ 75.00 | $ 105.34 | $ 123.56
s&p 500 index | $ 100.00 | $ 115.80 | $ 122.16 | $ 76.96 | $ 97.33 | $ 111.99
copyright a9 2011 standard & poor 2019s a division of the mcgraw-hill companies inc . all rights reserved . ( www.researchdatagroup.com/s&p.htm ) | copyright a9 2011 standard & poor 2019s a division of the mcgraw-hill companies inc . all rights reserved . ( www.researchdatagroup.com/s&p.htm ) | copyright a9 2011 standard & poor 2019s a division of the mcgraw-hill companies inc . all rights reserved . ( www.researchdatagroup.com/s&p.htm ) | copyright a9 2011 standard & poor 2019s a division of the mcgraw-hill companies inc . all rights reserved . ( www.researchdatagroup.com/s&p.htm ) | copyright a9 2011 standard & poor 2019s a division of the mcgraw-hill companies inc . all rights reserved . ( www.researchdatagroup.com/s&p.htm ) | copyright a9 2011 standard & poor 2019s a division of the mcgraw-hill companies inc . all rights reserved . ( www.researchdatagroup.com/s&p.htm ) | copyright a9 2011 standard & poor 2019s a division of the mcgraw-hill companies inc . all rights reserved . ( www.researchdatagroup.com/s&p.htm )
copyright a9 2011 dow jones & company . all rights reserved . | copyright a9 2011 dow jones & company . all rights reserved . | copyright a9 2011 dow jones & company . all rights reserved . | copyright a9 2011 dow jones & company . all rights reserved . | copyright a9 2011 dow jones & company . all rights reserved . | copyright a9 2011 dow jones & company . all rights reserved . | copyright a9 2011 dow jones & company . all rights reserved .
Additional Information: ['.'] | 0.7893 | BLL/2010/page_28.pdf-1 | ['page 15 of 100 shareholder return performance the line graph below compares the annual percentage change in ball corporation 2019s cumulative total shareholder return on its common stock with the cumulative total return of the dow jones containers & packaging index and the s&p composite 500 stock index for the five-year period ended december 31 , 2010 .', 'it assumes $ 100 was invested on december 31 , 2005 , and that all dividends were reinvested .', 'the dow jones containers & packaging index total return has been weighted by market capitalization .', 'total return analysis .'] | ['.'] | | 12/31/05 | 12/31/06 | 12/31/07 | 12/31/08 | 12/31/09 | 12/31/10
ball corporation | $ 100.00 | $ 110.86 | $ 115.36 | $ 107.58 | $ 134.96 | $ 178.93
dj containers & packaging index | $ 100.00 | $ 112.09 | $ 119.63 | $ 75.00 | $ 105.34 | $ 123.56
s&p 500 index | $ 100.00 | $ 115.80 | $ 122.16 | $ 76.96 | $ 97.33 | $ 111.99
copyright a9 2011 standard & poor 2019s a division of the mcgraw-hill companies inc . all rights reserved . ( www.researchdatagroup.com/s&p.htm ) | copyright a9 2011 standard & poor 2019s a division of the mcgraw-hill companies inc . all rights reserved . ( www.researchdatagroup.com/s&p.htm ) | copyright a9 2011 standard & poor 2019s a division of the mcgraw-hill companies inc . all rights reserved . ( www.researchdatagroup.com/s&p.htm ) | copyright a9 2011 standard & poor 2019s a division of the mcgraw-hill companies inc . all rights reserved . ( www.researchdatagroup.com/s&p.htm ) | copyright a9 2011 standard & poor 2019s a division of the mcgraw-hill companies inc . all rights reserved . ( www.researchdatagroup.com/s&p.htm ) | copyright a9 2011 standard & poor 2019s a division of the mcgraw-hill companies inc . all rights reserved . ( www.researchdatagroup.com/s&p.htm ) | copyright a9 2011 standard & poor 2019s a division of the mcgraw-hill companies inc . all rights reserved . ( www.researchdatagroup.com/s&p.htm )
copyright a9 2011 dow jones & company . all rights reserved . | copyright a9 2011 dow jones & company . all rights reserved . | copyright a9 2011 dow jones & company . all rights reserved . | copyright a9 2011 dow jones & company . all rights reserved . | copyright a9 2011 dow jones & company . all rights reserved . | copyright a9 2011 dow jones & company . all rights reserved . | copyright a9 2011 dow jones & company . all rights reserved . | subtract(178.93, const_100), divide(#0, const_100) | 0.7893 |
what was the operating margin for space systems in 2002? | Background: ['lockheed martin corporation management 2019s discussion and analysis of financial condition and results of operations december 31 , 2002 space systems space systems 2019 operating results included the following : ( in millions ) 2002 2001 2000 .']
########
Table:
----------------------------------------
( in millions ) | 2002 | 2001 | 2000
net sales | $ 7384 | $ 6836 | $ 7339
operating profit | 443 | 360 | 345
----------------------------------------
########
Additional Information: ['net sales for space systems increased by 8% ( 8 % ) in 2002 compared to 2001 .', 'the increase in sales for 2002 resulted from higher volume in government space of $ 370 million and commercial space of $ 180 million .', 'in government space , increases of $ 470 million in government satellite programs and $ 130 million in ground systems activities more than offset volume declines of $ 175 million on government launch vehi- cles and $ 55 million on strategic missile programs .', 'the increase in commercial space sales is primarily attributable to an increase in launch vehicle activities , with nine commercial launches during 2002 compared to six in 2001 .', 'net sales for the segment decreased by 7% ( 7 % ) in 2001 com- pared to 2000 .', 'the decrease in sales for 2001 resulted from volume declines in commercial space of $ 560 million , which more than offset increases in government space of $ 60 million .', 'in commercial space , sales declined due to volume reductions of $ 480 million in commercial launch vehicle activities and $ 80 million in satellite programs .', 'there were six launches in 2001 compared to 14 launches in 2000 .', 'the increase in gov- ernment space resulted from a combined increase of $ 230 mil- lion related to higher volume on government satellite programs and ground systems activities .', 'these increases were partially offset by a $ 110 million decrease related to volume declines in government launch vehicle activity , primarily due to program maturities , and by $ 50 million due to the absence in 2001 of favorable adjustments recorded on the titan iv pro- gram in 2000 .', 'operating profit for the segment increased 23% ( 23 % ) in 2002 as compared to 2001 , mainly driven by the commercial space business .', 'reduced losses in commercial space during 2002 resulted in increased operating profit of $ 90 million when compared to 2001 .', 'commercial satellite manufacturing losses declined $ 100 million in 2002 as operating performance improved and satellite deliveries increased .', 'in the first quarter of 2001 , a $ 40 million loss provision was recorded on certain commercial satellite manufacturing contracts .', 'due to the industry-wide oversupply and deterioration of pricing in the commercial launch market , financial results on commercial launch vehicles continue to be challenging .', 'during 2002 , this trend led to a decline in operating profit of $ 10 million on commercial launch vehicles when compared to 2001 .', 'this decrease was primarily due to lower profitability of $ 55 mil- lion on the three additional launches in the current year , addi- tional charges of $ 60 million ( net of a favorable contract adjustment of $ 20 million ) for market and pricing pressures and included the adverse effect of a $ 35 million adjustment for commercial launch vehicle contract settlement costs .', 'the 2001 results also included charges for market and pricing pressures , which reduced that year 2019s operating profit by $ 145 million .', 'the $ 10 million decrease in government space 2019s operating profit for the year is primarily due to the reduced volume on government launch vehicles and strategic missile programs , which combined to decrease operating profit by $ 80 million , partially offset by increases of $ 40 million in government satellite programs and $ 30 million in ground systems activities .', 'operating profit for the segment increased by 4% ( 4 % ) in 2001 compared to 2000 .', 'operating profit increased in 2001 due to a $ 35 million increase in government space partially offset by higher year-over-year losses of $ 20 million in commercial space .', 'in government space , operating profit increased due to the impact of higher volume and improved performance in ground systems and government satellite programs .', 'the year- to-year comparison of operating profit was not affected by the $ 50 million favorable titan iv adjustment recorded in 2000 discussed above , due to a $ 55 million charge related to a more conservative assessment of government launch vehi- cle programs that was recorded in the fourth quarter of 2000 .', 'in commercial space , decreased operating profit of $ 15 mil- lion on launch vehicles more than offset lower losses on satel- lite manufacturing activities .', 'the commercial launch vehicle operating results included $ 60 million in higher charges for market and pricing pressures when compared to 2000 .', 'these negative adjustments were partially offset by $ 50 million of favorable contract adjustments on certain launch vehicle con- tracts .', 'commercial satellite manufacturing losses decreased slightly from 2000 and included the adverse impact of a $ 40 million loss provision recorded in the first quarter of 2001 for certain commercial satellite contracts related to schedule and technical issues. .'] | 0.05999 | LMT/2002/page_33.pdf-3 | ['lockheed martin corporation management 2019s discussion and analysis of financial condition and results of operations december 31 , 2002 space systems space systems 2019 operating results included the following : ( in millions ) 2002 2001 2000 .'] | ['net sales for space systems increased by 8% ( 8 % ) in 2002 compared to 2001 .', 'the increase in sales for 2002 resulted from higher volume in government space of $ 370 million and commercial space of $ 180 million .', 'in government space , increases of $ 470 million in government satellite programs and $ 130 million in ground systems activities more than offset volume declines of $ 175 million on government launch vehi- cles and $ 55 million on strategic missile programs .', 'the increase in commercial space sales is primarily attributable to an increase in launch vehicle activities , with nine commercial launches during 2002 compared to six in 2001 .', 'net sales for the segment decreased by 7% ( 7 % ) in 2001 com- pared to 2000 .', 'the decrease in sales for 2001 resulted from volume declines in commercial space of $ 560 million , which more than offset increases in government space of $ 60 million .', 'in commercial space , sales declined due to volume reductions of $ 480 million in commercial launch vehicle activities and $ 80 million in satellite programs .', 'there were six launches in 2001 compared to 14 launches in 2000 .', 'the increase in gov- ernment space resulted from a combined increase of $ 230 mil- lion related to higher volume on government satellite programs and ground systems activities .', 'these increases were partially offset by a $ 110 million decrease related to volume declines in government launch vehicle activity , primarily due to program maturities , and by $ 50 million due to the absence in 2001 of favorable adjustments recorded on the titan iv pro- gram in 2000 .', 'operating profit for the segment increased 23% ( 23 % ) in 2002 as compared to 2001 , mainly driven by the commercial space business .', 'reduced losses in commercial space during 2002 resulted in increased operating profit of $ 90 million when compared to 2001 .', 'commercial satellite manufacturing losses declined $ 100 million in 2002 as operating performance improved and satellite deliveries increased .', 'in the first quarter of 2001 , a $ 40 million loss provision was recorded on certain commercial satellite manufacturing contracts .', 'due to the industry-wide oversupply and deterioration of pricing in the commercial launch market , financial results on commercial launch vehicles continue to be challenging .', 'during 2002 , this trend led to a decline in operating profit of $ 10 million on commercial launch vehicles when compared to 2001 .', 'this decrease was primarily due to lower profitability of $ 55 mil- lion on the three additional launches in the current year , addi- tional charges of $ 60 million ( net of a favorable contract adjustment of $ 20 million ) for market and pricing pressures and included the adverse effect of a $ 35 million adjustment for commercial launch vehicle contract settlement costs .', 'the 2001 results also included charges for market and pricing pressures , which reduced that year 2019s operating profit by $ 145 million .', 'the $ 10 million decrease in government space 2019s operating profit for the year is primarily due to the reduced volume on government launch vehicles and strategic missile programs , which combined to decrease operating profit by $ 80 million , partially offset by increases of $ 40 million in government satellite programs and $ 30 million in ground systems activities .', 'operating profit for the segment increased by 4% ( 4 % ) in 2001 compared to 2000 .', 'operating profit increased in 2001 due to a $ 35 million increase in government space partially offset by higher year-over-year losses of $ 20 million in commercial space .', 'in government space , operating profit increased due to the impact of higher volume and improved performance in ground systems and government satellite programs .', 'the year- to-year comparison of operating profit was not affected by the $ 50 million favorable titan iv adjustment recorded in 2000 discussed above , due to a $ 55 million charge related to a more conservative assessment of government launch vehi- cle programs that was recorded in the fourth quarter of 2000 .', 'in commercial space , decreased operating profit of $ 15 mil- lion on launch vehicles more than offset lower losses on satel- lite manufacturing activities .', 'the commercial launch vehicle operating results included $ 60 million in higher charges for market and pricing pressures when compared to 2000 .', 'these negative adjustments were partially offset by $ 50 million of favorable contract adjustments on certain launch vehicle con- tracts .', 'commercial satellite manufacturing losses decreased slightly from 2000 and included the adverse impact of a $ 40 million loss provision recorded in the first quarter of 2001 for certain commercial satellite contracts related to schedule and technical issues. .'] | ----------------------------------------
( in millions ) | 2002 | 2001 | 2000
net sales | $ 7384 | $ 6836 | $ 7339
operating profit | 443 | 360 | 345
---------------------------------------- | divide(443, 7384) | 0.05999 |
what was the change in the percentage of sales to restaurants from 2018 to 2019? | Context: ['sysco corporation a0- a0form a010-k 3 part a0i item a01 a0business we estimate that our sales by type of customer during the past three fiscal years were as follows: .']
--------
Table:
========================================
type of customer | 2019 | 2018 | 2017
restaurants | 62% ( 62 % ) | 62% ( 62 % ) | 61% ( 61 % )
education government | 9 | 8 | 9
travel leisure retail | 9 | 8 | 9
healthcare | 8 | 9 | 9
other ( 1 ) | 12 | 13 | 12
totals | 100% ( 100 % ) | 100% ( 100 % ) | 100% ( 100 % )
========================================
--------
Additional Information: ['( 1 ) other includes cafeterias that are not stand-alone restaurants , bakeries , caterers , churches , civic and fraternal organizations , vending distributors , other distributors and international exports .', 'none of these types of customers , as a group , exceeded 5% ( 5 % ) of total sales in any of the years for which information is presented .', 'sources of supply we purchase from thousands of suppliers , both domestic and international , none of which individually accounts for more than 10% ( 10 % ) of our purchases .', 'these suppliers consist generally of large corporations selling brand name and private label merchandise , as well as independent regional brand and private label processors and packers .', 'we also provide specialty and seasonal products from small to mid-sized producers to meet a growing demand for locally sourced products .', 'our locally sourced products , including produce , meats , cheese and other products , help differentiate our customers 2019 offerings , satisfy demands for new products , and support local communities .', 'purchasing is generally carried out through both centrally developed purchasing programs , domestically and internationally , and direct purchasing programs established by our various operating companies .', 'we administer a consolidated product procurement program designed to develop , obtain and ensure consistent quality food and non-food products .', 'the program covers the purchasing and marketing of branded merchandise , as well as products from a number of national brand suppliers , encompassing substantially all product lines .', 'some of our products are purchased internationally within global procurement centers in order to build strategic relationships with international suppliers and to optimize our supply chain network .', 'sysco 2019s operating companies purchase product from the suppliers participating in these consolidated programs and from other suppliers , although sysco brand products are only available to the operating companies through these consolidated programs .', 'we also focus on increasing profitability by lowering operating costs and by lowering aggregate inventory levels , which reduces future facility expansion needs at our broadline operating companies , while providing greater value to our suppliers and customers .', 'working capital practices our growth is funded through a combination of cash flow from operations , commercial paper issuances and long-term borrowings .', 'see the discussion in item 7 201cmanagement 2019s discussion and analysis of financial condition and results of operations - liquidity and capital resources 201d regarding our liquidity , financial position and sources and uses of funds .', 'we extend credit terms to our customers that can vary from cash on delivery to 30 days or more based on our assessment of each customer 2019s credit worthiness .', 'we monitor each customer 2019s account and will suspend shipments if necessary .', 'a majority of our sales orders are filled within 24 hours of when customer orders are placed .', 'we generally maintain inventory on hand to be able to meet customer demand .', 'the level of inventory on hand will vary by product depending on shelf-life , supplier order fulfillment lead times and customer demand .', 'we also make purchases of additional volumes of certain products based on supply or pricing opportunities .', 'we take advantage of suppliers 2019 cash discounts where appropriate and otherwise generally receive payment terms from our suppliers ranging from weekly to 45 days or more .', 'corporate headquarters and shared services center our corporate staff makes available a number of services to our operating companies and our shared services center performs support services for employees , suppliers and customers .', 'members of these groups possess experience and expertise in , among other areas , customer and vendor contract administration , accounting and finance , treasury , legal , information technology , payroll and employee benefits , risk management and insurance , sales and marketing , merchandising , inbound logistics , human resources , strategy and tax compliance services .', 'the corporate office also makes available supply chain expertise , such as in warehousing and distribution services , which provide assistance in operational best practices , including space utilization , energy conservation , fleet management and work flow. .'] | 0.0 | SYY/2019/page_9.pdf-2 | ['sysco corporation a0- a0form a010-k 3 part a0i item a01 a0business we estimate that our sales by type of customer during the past three fiscal years were as follows: .'] | ['( 1 ) other includes cafeterias that are not stand-alone restaurants , bakeries , caterers , churches , civic and fraternal organizations , vending distributors , other distributors and international exports .', 'none of these types of customers , as a group , exceeded 5% ( 5 % ) of total sales in any of the years for which information is presented .', 'sources of supply we purchase from thousands of suppliers , both domestic and international , none of which individually accounts for more than 10% ( 10 % ) of our purchases .', 'these suppliers consist generally of large corporations selling brand name and private label merchandise , as well as independent regional brand and private label processors and packers .', 'we also provide specialty and seasonal products from small to mid-sized producers to meet a growing demand for locally sourced products .', 'our locally sourced products , including produce , meats , cheese and other products , help differentiate our customers 2019 offerings , satisfy demands for new products , and support local communities .', 'purchasing is generally carried out through both centrally developed purchasing programs , domestically and internationally , and direct purchasing programs established by our various operating companies .', 'we administer a consolidated product procurement program designed to develop , obtain and ensure consistent quality food and non-food products .', 'the program covers the purchasing and marketing of branded merchandise , as well as products from a number of national brand suppliers , encompassing substantially all product lines .', 'some of our products are purchased internationally within global procurement centers in order to build strategic relationships with international suppliers and to optimize our supply chain network .', 'sysco 2019s operating companies purchase product from the suppliers participating in these consolidated programs and from other suppliers , although sysco brand products are only available to the operating companies through these consolidated programs .', 'we also focus on increasing profitability by lowering operating costs and by lowering aggregate inventory levels , which reduces future facility expansion needs at our broadline operating companies , while providing greater value to our suppliers and customers .', 'working capital practices our growth is funded through a combination of cash flow from operations , commercial paper issuances and long-term borrowings .', 'see the discussion in item 7 201cmanagement 2019s discussion and analysis of financial condition and results of operations - liquidity and capital resources 201d regarding our liquidity , financial position and sources and uses of funds .', 'we extend credit terms to our customers that can vary from cash on delivery to 30 days or more based on our assessment of each customer 2019s credit worthiness .', 'we monitor each customer 2019s account and will suspend shipments if necessary .', 'a majority of our sales orders are filled within 24 hours of when customer orders are placed .', 'we generally maintain inventory on hand to be able to meet customer demand .', 'the level of inventory on hand will vary by product depending on shelf-life , supplier order fulfillment lead times and customer demand .', 'we also make purchases of additional volumes of certain products based on supply or pricing opportunities .', 'we take advantage of suppliers 2019 cash discounts where appropriate and otherwise generally receive payment terms from our suppliers ranging from weekly to 45 days or more .', 'corporate headquarters and shared services center our corporate staff makes available a number of services to our operating companies and our shared services center performs support services for employees , suppliers and customers .', 'members of these groups possess experience and expertise in , among other areas , customer and vendor contract administration , accounting and finance , treasury , legal , information technology , payroll and employee benefits , risk management and insurance , sales and marketing , merchandising , inbound logistics , human resources , strategy and tax compliance services .', 'the corporate office also makes available supply chain expertise , such as in warehousing and distribution services , which provide assistance in operational best practices , including space utilization , energy conservation , fleet management and work flow. .'] | ========================================
type of customer | 2019 | 2018 | 2017
restaurants | 62% ( 62 % ) | 62% ( 62 % ) | 61% ( 61 % )
education government | 9 | 8 | 9
travel leisure retail | 9 | 8 | 9
healthcare | 8 | 9 | 9
other ( 1 ) | 12 | 13 | 12
totals | 100% ( 100 % ) | 100% ( 100 % ) | 100% ( 100 % )
======================================== | subtract(62%, 62%) | 0.0 |
what are the total assets repoert? | Pre-text: ['assets ( including trade receivables ) that are in the scope of the update .', 'asu 2016-13 also made amendments to the current impairment model for held-to-maturity and available-for-sale debt securities and certain guarantees .', 'the guidance will become effective for us on january 1 , 2020 .', 'early adoption is permitted for periods beginning on or after january 1 , 2019 .', 'we are evaluating the effect of asu 2016-13 on our consolidated financial statements .', 'note 2 2014 acquisitions the transactions described below were accounted for as business combinations , which requires that we record the assets acquired and liabilities assumed at fair value as of the acquisition date .', 'on october 17 , 2018 , we acquired sicom systems , inc .', '( 201csicom 201d ) for total purchase consideration of $ 409.2 million , which we funded with cash on hand and by drawing on our revolving credit facility ( described in 201cnote 8 2014 long-term debt and lines of credit 201d ) .', 'sicom is a provider of end-to-end enterprise , cloud-based software solutions and other technologies to quick service restaurants and food service management companies .', 'sicom 2019s technologies are complementary to our existing xenial solutions , and we believe this acquisition will expand our software-driven payments strategy by enabling us to increase our capabilities and expand on our existing presence in the restaurant vertical market .', 'prior to the acquisition , sicom was indirectly owned by a private equity investment firm where one of our board members is a partner and investor .', 'his direct interest in the transaction was approximately $ 1.1 million , the amount distributed to him based on his investment interest in the fund of the private equity firm that sold sicom to us .', 'based on consideration of all relevant information , the audit committee of our board of directors recommended that the board approve the acquisition of sicom , which it did .', 'the provisional estimated acquisition-date fair values of major classes of assets acquired and liabilities assumed as of december 31 , 2018 , including a reconciliation to the total purchase consideration , were as follows ( in thousands ) : .']
Tabular Data:
----------------------------------------
cash and cash equivalents $ 7540
property and equipment 5943
identified intangible assets 188294
other assets 22278
deferred income taxes -48448 ( 48448 )
other liabilities -31250 ( 31250 )
total identifiable net assets 144357
goodwill 264844
total purchase consideration $ 409201
----------------------------------------
Additional Information: ['as of december 31 , 2018 , we considered these balances to be provisional because we were still in the process of determining the final purchase consideration , which is subject to adjustment pursuant to the purchase agreement , and gathering and reviewing information to support the valuations of the assets acquired and liabilities assumed .', 'goodwill arising from the acquisition of $ 264.8 million , included in the north america segment , was attributable to expected growth opportunities , an assembled workforce and potential synergies from combining our existing businesses .', 'we expect that approximately $ 50 million of the goodwill from this acquisition will be deductible for income tax purposes .', '74 2013 global payments inc .', '| 2018 form 10-k annual report .'] | 224055.0 | GPN/2018/page_74.pdf-2 | ['assets ( including trade receivables ) that are in the scope of the update .', 'asu 2016-13 also made amendments to the current impairment model for held-to-maturity and available-for-sale debt securities and certain guarantees .', 'the guidance will become effective for us on january 1 , 2020 .', 'early adoption is permitted for periods beginning on or after january 1 , 2019 .', 'we are evaluating the effect of asu 2016-13 on our consolidated financial statements .', 'note 2 2014 acquisitions the transactions described below were accounted for as business combinations , which requires that we record the assets acquired and liabilities assumed at fair value as of the acquisition date .', 'on october 17 , 2018 , we acquired sicom systems , inc .', '( 201csicom 201d ) for total purchase consideration of $ 409.2 million , which we funded with cash on hand and by drawing on our revolving credit facility ( described in 201cnote 8 2014 long-term debt and lines of credit 201d ) .', 'sicom is a provider of end-to-end enterprise , cloud-based software solutions and other technologies to quick service restaurants and food service management companies .', 'sicom 2019s technologies are complementary to our existing xenial solutions , and we believe this acquisition will expand our software-driven payments strategy by enabling us to increase our capabilities and expand on our existing presence in the restaurant vertical market .', 'prior to the acquisition , sicom was indirectly owned by a private equity investment firm where one of our board members is a partner and investor .', 'his direct interest in the transaction was approximately $ 1.1 million , the amount distributed to him based on his investment interest in the fund of the private equity firm that sold sicom to us .', 'based on consideration of all relevant information , the audit committee of our board of directors recommended that the board approve the acquisition of sicom , which it did .', 'the provisional estimated acquisition-date fair values of major classes of assets acquired and liabilities assumed as of december 31 , 2018 , including a reconciliation to the total purchase consideration , were as follows ( in thousands ) : .'] | ['as of december 31 , 2018 , we considered these balances to be provisional because we were still in the process of determining the final purchase consideration , which is subject to adjustment pursuant to the purchase agreement , and gathering and reviewing information to support the valuations of the assets acquired and liabilities assumed .', 'goodwill arising from the acquisition of $ 264.8 million , included in the north america segment , was attributable to expected growth opportunities , an assembled workforce and potential synergies from combining our existing businesses .', 'we expect that approximately $ 50 million of the goodwill from this acquisition will be deductible for income tax purposes .', '74 2013 global payments inc .', '| 2018 form 10-k annual report .'] | ----------------------------------------
cash and cash equivalents $ 7540
property and equipment 5943
identified intangible assets 188294
other assets 22278
deferred income taxes -48448 ( 48448 )
other liabilities -31250 ( 31250 )
total identifiable net assets 144357
goodwill 264844
total purchase consideration $ 409201
---------------------------------------- | add(7540, 5943), add(#0, 188294), add(#1, 22278) | 224055.0 |
what would the effect on other postretirement benefit obligations be if there was a 2-percent point increase? | Background: ['marathon oil corporation notes to consolidated financial statements assumed health care cost trend rates have a significant effect on the amounts reported for defined benefit retiree health care plans .', 'a one-percentage-point change in assumed health care cost trend rates would have the following effects : ( in millions ) 1-percentage- point increase 1-percentage- point decrease .']
Table:
========================================
Row 1: ( in millions ), 1-percentage-point increase, 1-percentage-point decrease
Row 2: effect on total of service and interest cost components, $ 9, $ 7
Row 3: effect on other postretirement benefit obligations, 88, 72
========================================
Additional Information: ['plan investment policies and strategies the investment policies for our u.s .', 'and international pension plan assets reflect the funded status of the plans and expectations regarding our future ability to make further contributions .', 'long-term investment goals are to : ( 1 ) manage the assets in accordance with the legal requirements of all applicable laws ; ( 2 ) produce investment returns which meet or exceed the rates of return achievable in the capital markets while maintaining the risk parameters set by the plans 2019 investment committees and protecting the assets from any erosion of purchasing power ; and ( 3 ) position the portfolios with a long-term risk/return orientation .', 'u.s .', 'plans 2013 historical performance and future expectations suggest that common stocks will provide higher total investment returns than fixed income securities over a long-term investment horizon .', 'short-term investments only reflect the liquidity requirements for making pension payments .', 'as such , the plans 2019 targeted asset allocation is comprised of 75 percent equity securities and 25 percent fixed income securities .', 'in the second quarter of 2009 , we exchanged the majority of our publicly-traded stocks and bonds for interests in pooled equity and fixed income investment funds from our outside manager , representing 58 percent and 20 percent of u.s .', 'plan assets , respectively , as of december 31 , 2009 .', 'these funds are managed with the same style and strategy as when the securities were held separately .', 'each fund 2019s main objective is to provide investors with exposure to either a publicly-traded equity or fixed income portfolio comprised of both u.s .', 'and non-u.s .', 'securities .', 'the equity fund holdings primarily consist of publicly-traded individually-held securities in various sectors of many industries .', 'the fixed income fund holdings primarily consist of publicly-traded investment-grade bonds .', 'the plans 2019 assets are managed by a third-party investment manager .', 'the investment manager has limited discretion to move away from the target allocations based upon the manager 2019s judgment as to current confidence or concern regarding the capital markets .', 'investments are diversified by industry and type , limited by grade and maturity .', 'the plans 2019 investment policy prohibits investments in any securities in the steel industry and allows derivatives subject to strict guidelines , such that derivatives may only be written against equity securities in the portfolio .', 'investment performance and risk is measured and monitored on an ongoing basis through quarterly investment meetings and periodic asset and liability studies .', 'international plans 2013 our international plans 2019 target asset allocation is comprised of 70 percent equity securities and 30 percent fixed income securities .', 'the plan assets are invested in six separate portfolios , mainly pooled fund vehicles , managed by several professional investment managers .', 'investments are diversified by industry and type , limited by grade and maturity .', 'the use of derivatives by the investment managers is permitted , subject to strict guidelines .', 'the investment managers 2019 performance is measured independently by a third-party asset servicing consulting firm .', 'overall , investment performance and risk is measured and monitored on an ongoing basis through quarterly investment portfolio reviews and periodic asset and liability studies .', 'fair value measurements plan assets are measured at fair value .', 'the definition and approaches to measuring fair value and the three levels of the fair value hierarchy are described in note 16 .', 'the following provides a description of the valuation techniques employed for each major plan asset category at december 31 , 2009 and 2008 .', 'cash and cash equivalents 2013 cash and cash equivalents include cash on deposit and an investment in a money market mutual fund that invests mainly in short-term instruments and cash , both of which are valued using a .'] | 176.0 | MRO/2009/page_132.pdf-1 | ['marathon oil corporation notes to consolidated financial statements assumed health care cost trend rates have a significant effect on the amounts reported for defined benefit retiree health care plans .', 'a one-percentage-point change in assumed health care cost trend rates would have the following effects : ( in millions ) 1-percentage- point increase 1-percentage- point decrease .'] | ['plan investment policies and strategies the investment policies for our u.s .', 'and international pension plan assets reflect the funded status of the plans and expectations regarding our future ability to make further contributions .', 'long-term investment goals are to : ( 1 ) manage the assets in accordance with the legal requirements of all applicable laws ; ( 2 ) produce investment returns which meet or exceed the rates of return achievable in the capital markets while maintaining the risk parameters set by the plans 2019 investment committees and protecting the assets from any erosion of purchasing power ; and ( 3 ) position the portfolios with a long-term risk/return orientation .', 'u.s .', 'plans 2013 historical performance and future expectations suggest that common stocks will provide higher total investment returns than fixed income securities over a long-term investment horizon .', 'short-term investments only reflect the liquidity requirements for making pension payments .', 'as such , the plans 2019 targeted asset allocation is comprised of 75 percent equity securities and 25 percent fixed income securities .', 'in the second quarter of 2009 , we exchanged the majority of our publicly-traded stocks and bonds for interests in pooled equity and fixed income investment funds from our outside manager , representing 58 percent and 20 percent of u.s .', 'plan assets , respectively , as of december 31 , 2009 .', 'these funds are managed with the same style and strategy as when the securities were held separately .', 'each fund 2019s main objective is to provide investors with exposure to either a publicly-traded equity or fixed income portfolio comprised of both u.s .', 'and non-u.s .', 'securities .', 'the equity fund holdings primarily consist of publicly-traded individually-held securities in various sectors of many industries .', 'the fixed income fund holdings primarily consist of publicly-traded investment-grade bonds .', 'the plans 2019 assets are managed by a third-party investment manager .', 'the investment manager has limited discretion to move away from the target allocations based upon the manager 2019s judgment as to current confidence or concern regarding the capital markets .', 'investments are diversified by industry and type , limited by grade and maturity .', 'the plans 2019 investment policy prohibits investments in any securities in the steel industry and allows derivatives subject to strict guidelines , such that derivatives may only be written against equity securities in the portfolio .', 'investment performance and risk is measured and monitored on an ongoing basis through quarterly investment meetings and periodic asset and liability studies .', 'international plans 2013 our international plans 2019 target asset allocation is comprised of 70 percent equity securities and 30 percent fixed income securities .', 'the plan assets are invested in six separate portfolios , mainly pooled fund vehicles , managed by several professional investment managers .', 'investments are diversified by industry and type , limited by grade and maturity .', 'the use of derivatives by the investment managers is permitted , subject to strict guidelines .', 'the investment managers 2019 performance is measured independently by a third-party asset servicing consulting firm .', 'overall , investment performance and risk is measured and monitored on an ongoing basis through quarterly investment portfolio reviews and periodic asset and liability studies .', 'fair value measurements plan assets are measured at fair value .', 'the definition and approaches to measuring fair value and the three levels of the fair value hierarchy are described in note 16 .', 'the following provides a description of the valuation techniques employed for each major plan asset category at december 31 , 2009 and 2008 .', 'cash and cash equivalents 2013 cash and cash equivalents include cash on deposit and an investment in a money market mutual fund that invests mainly in short-term instruments and cash , both of which are valued using a .'] | ========================================
Row 1: ( in millions ), 1-percentage-point increase, 1-percentage-point decrease
Row 2: effect on total of service and interest cost components, $ 9, $ 7
Row 3: effect on other postretirement benefit obligations, 88, 72
======================================== | multiply(88, const_2) | 176.0 |
what was the percentage increase in litigation reserves in 2012? | Pre-text: ['management 2019s discussion and analysis 110 jpmorgan chase & co./2013 annual report 2012 compared with 2011 net loss was $ 2.0 billion , compared with a net income of $ 919 million in the prior year .', 'private equity reported net income of $ 292 million , compared with net income of $ 391 million in the prior year .', 'net revenue was $ 601 million , compared with $ 836 million in the prior year , due to lower unrealized and realized gains on private investments , partially offset by higher unrealized gains on public securities .', 'noninterest expense was $ 145 million , down from $ 238 million in the prior year .', 'treasury and cio reported a net loss of $ 2.1 billion , compared with net income of $ 1.3 billion in the prior year .', 'net revenue was a loss of $ 3.1 billion , compared with net revenue of $ 3.2 billion in the prior year .', 'the current year loss reflected $ 5.8 billion of losses incurred by cio from the synthetic credit portfolio for the six months ended june 30 , 2012 , and $ 449 million of losses from the retained index credit derivative positions for the three months ended september 30 , 2012 .', 'these losses were partially offset by securities gains of $ 2.0 billion .', 'the current year revenue reflected $ 888 million of extinguishment gains related to the redemption of trust preferred securities , which are included in all other income in the above table .', 'the extinguishment gains were related to adjustments applied to the cost basis of the trust preferred securities during the period they were in a qualified hedge accounting relationship .', 'net interest income was negative $ 683 million , compared with $ 1.4 billion in the prior year , primarily reflecting the impact of lower portfolio yields and higher deposit balances across the firm .', 'other corporate reported a net loss of $ 221 million , compared with a net loss of $ 821 million in the prior year .', 'noninterest revenue of $ 1.8 billion was driven by a $ 1.1 billion benefit for the washington mutual bankruptcy settlement , which is included in all other income in the above table , and a $ 665 million gain from the recovery on a bear stearns-related subordinated loan .', 'noninterest expense of $ 3.8 billion was up $ 1.0 billion compared with the prior year .', 'the current year included expense of $ 3.7 billion for additional litigation reserves , largely for mortgage-related matters .', 'the prior year included expense of $ 3.2 billion for additional litigation reserves .', 'treasury and cio overview treasury and cio are predominantly responsible for measuring , monitoring , reporting and managing the firm 2019s liquidity , funding and structural interest rate and foreign exchange risks , as well as executing the firm 2019s capital plan .', 'the risks managed by treasury and cio arise from the activities undertaken by the firm 2019s four major reportable business segments to serve their respective client bases , which generate both on- and off-balance sheet assets and liabilities .', 'cio achieves the firm 2019s asset-liability management objectives generally by investing in high-quality securities that are managed for the longer-term as part of the firm 2019s afs and htm investment securities portfolios ( the 201cinvestment securities portfolio 201d ) .', 'cio also uses derivatives , as well as securities that are not classified as afs or htm , to meet the firm 2019s asset-liability management objectives .', 'for further information on derivatives , see note 6 on pages 220 2013233 of this annual report .', 'for further information about securities not classified within the afs or htm portfolio , see note 3 on pages 195 2013215 of this annual report .', 'the treasury and cio investment securities portfolio primarily consists of u.s .', 'and non-u.s .', 'government securities , agency and non-agency mortgage-backed securities , other asset-backed securities , corporate debt securities and obligations of u.s .', 'states and municipalities .', 'at december 31 , 2013 , the total treasury and cio investment securities portfolio was $ 347.6 billion ; the average credit rating of the securities comprising the treasury and cio investment securities portfolio was aa+ ( based upon external ratings where available and where not available , based primarily upon internal ratings that correspond to ratings as defined by s&p and moody 2019s ) .', 'see note 12 on pages 249 2013254 of this annual report for further information on the details of the firm 2019s investment securities portfolio .', 'for further information on liquidity and funding risk , see liquidity risk management on pages 168 2013173 of this annual report .', 'for information on interest rate , foreign exchange and other risks , treasury and cio value-at-risk ( 201cvar 201d ) and the firm 2019s structural interest rate-sensitive revenue at risk , see market risk management on pages 142 2013148 of this annual report .', 'selected income statement and balance sheet data as of or for the year ended december 31 , ( in millions ) 2013 2012 2011 .']
Table:
========================================
as of or for the year ended december 31 ( in millions ) | 2013 | 2012 | 2011
----------|----------|----------|----------
securities gains | $ 659 | $ 2028 | $ 1385
investment securities portfolio ( average ) | 353712 | 358029 | 330885
investment securities portfolio ( period 2013end ) ( a ) | 347562 | 365421 | 355605
mortgage loans ( average ) | 5145 | 10241 | 13006
mortgage loans ( period-end ) | 3779 | 7037 | 13375
========================================
Post-table: ['( a ) period-end investment securities included held-to-maturity balance of $ 24.0 billion at december 31 , 2013 .', 'held-to-maturity balances for the other periods were not material. .'] | 0.15625 | JPM/2013/page_104.pdf-2 | ['management 2019s discussion and analysis 110 jpmorgan chase & co./2013 annual report 2012 compared with 2011 net loss was $ 2.0 billion , compared with a net income of $ 919 million in the prior year .', 'private equity reported net income of $ 292 million , compared with net income of $ 391 million in the prior year .', 'net revenue was $ 601 million , compared with $ 836 million in the prior year , due to lower unrealized and realized gains on private investments , partially offset by higher unrealized gains on public securities .', 'noninterest expense was $ 145 million , down from $ 238 million in the prior year .', 'treasury and cio reported a net loss of $ 2.1 billion , compared with net income of $ 1.3 billion in the prior year .', 'net revenue was a loss of $ 3.1 billion , compared with net revenue of $ 3.2 billion in the prior year .', 'the current year loss reflected $ 5.8 billion of losses incurred by cio from the synthetic credit portfolio for the six months ended june 30 , 2012 , and $ 449 million of losses from the retained index credit derivative positions for the three months ended september 30 , 2012 .', 'these losses were partially offset by securities gains of $ 2.0 billion .', 'the current year revenue reflected $ 888 million of extinguishment gains related to the redemption of trust preferred securities , which are included in all other income in the above table .', 'the extinguishment gains were related to adjustments applied to the cost basis of the trust preferred securities during the period they were in a qualified hedge accounting relationship .', 'net interest income was negative $ 683 million , compared with $ 1.4 billion in the prior year , primarily reflecting the impact of lower portfolio yields and higher deposit balances across the firm .', 'other corporate reported a net loss of $ 221 million , compared with a net loss of $ 821 million in the prior year .', 'noninterest revenue of $ 1.8 billion was driven by a $ 1.1 billion benefit for the washington mutual bankruptcy settlement , which is included in all other income in the above table , and a $ 665 million gain from the recovery on a bear stearns-related subordinated loan .', 'noninterest expense of $ 3.8 billion was up $ 1.0 billion compared with the prior year .', 'the current year included expense of $ 3.7 billion for additional litigation reserves , largely for mortgage-related matters .', 'the prior year included expense of $ 3.2 billion for additional litigation reserves .', 'treasury and cio overview treasury and cio are predominantly responsible for measuring , monitoring , reporting and managing the firm 2019s liquidity , funding and structural interest rate and foreign exchange risks , as well as executing the firm 2019s capital plan .', 'the risks managed by treasury and cio arise from the activities undertaken by the firm 2019s four major reportable business segments to serve their respective client bases , which generate both on- and off-balance sheet assets and liabilities .', 'cio achieves the firm 2019s asset-liability management objectives generally by investing in high-quality securities that are managed for the longer-term as part of the firm 2019s afs and htm investment securities portfolios ( the 201cinvestment securities portfolio 201d ) .', 'cio also uses derivatives , as well as securities that are not classified as afs or htm , to meet the firm 2019s asset-liability management objectives .', 'for further information on derivatives , see note 6 on pages 220 2013233 of this annual report .', 'for further information about securities not classified within the afs or htm portfolio , see note 3 on pages 195 2013215 of this annual report .', 'the treasury and cio investment securities portfolio primarily consists of u.s .', 'and non-u.s .', 'government securities , agency and non-agency mortgage-backed securities , other asset-backed securities , corporate debt securities and obligations of u.s .', 'states and municipalities .', 'at december 31 , 2013 , the total treasury and cio investment securities portfolio was $ 347.6 billion ; the average credit rating of the securities comprising the treasury and cio investment securities portfolio was aa+ ( based upon external ratings where available and where not available , based primarily upon internal ratings that correspond to ratings as defined by s&p and moody 2019s ) .', 'see note 12 on pages 249 2013254 of this annual report for further information on the details of the firm 2019s investment securities portfolio .', 'for further information on liquidity and funding risk , see liquidity risk management on pages 168 2013173 of this annual report .', 'for information on interest rate , foreign exchange and other risks , treasury and cio value-at-risk ( 201cvar 201d ) and the firm 2019s structural interest rate-sensitive revenue at risk , see market risk management on pages 142 2013148 of this annual report .', 'selected income statement and balance sheet data as of or for the year ended december 31 , ( in millions ) 2013 2012 2011 .'] | ['( a ) period-end investment securities included held-to-maturity balance of $ 24.0 billion at december 31 , 2013 .', 'held-to-maturity balances for the other periods were not material. .'] | ========================================
as of or for the year ended december 31 ( in millions ) | 2013 | 2012 | 2011
----------|----------|----------|----------
securities gains | $ 659 | $ 2028 | $ 1385
investment securities portfolio ( average ) | 353712 | 358029 | 330885
investment securities portfolio ( period 2013end ) ( a ) | 347562 | 365421 | 355605
mortgage loans ( average ) | 5145 | 10241 | 13006
mortgage loans ( period-end ) | 3779 | 7037 | 13375
======================================== | subtract(3.7, 3.2), divide(#0, 3.2) | 0.15625 |
what percentage of the net proceeds came from the floating rates due in 2015 and 2016? | Background: ['devon energy corporation and subsidiaries notes to consolidated financial statements 2013 ( continued ) other debentures and notes following are descriptions of the various other debentures and notes outstanding at december 31 , 2014 and 2013 , as listed in the table presented at the beginning of this note .', 'geosouthern debt in december 2013 , in conjunction with the planned geosouthern acquisition , devon issued $ 2.25 billion aggregate principal amount of fixed and floating rate senior notes resulting in cash proceeds of approximately $ 2.2 billion , net of discounts and issuance costs .', 'the floating rate senior notes due in 2015 bear interest at a rate equal to three-month libor plus 0.45 percent , which rate will be reset quarterly .', 'the floating rate senior notes due in 2016 bears interest at a rate equal to three-month libor plus 0.54 percent , which rate will be reset quarterly .', 'the schedule below summarizes the key terms of these notes ( in millions ) . .']
--------
Tabular Data:
****************************************
Row 1: floating rate due december 15 2015, $ 500
Row 2: floating rate due december 15 2016, 350
Row 3: 1.20% ( 1.20 % ) due december 15 2016 ( 1 ), 650
Row 4: 2.25% ( 2.25 % ) due december 15 2018, 750
Row 5: discount and issuance costs, -2 ( 2 )
Row 6: net proceeds, $ 2248
****************************************
--------
Follow-up: ['( 1 ) the 1.20% ( 1.20 % ) $ 650 million note due december 15 , 2016 was redeemed on november 13 , 2014 .', 'the senior notes were classified as short-term debt on devon 2019s consolidated balance sheet as of december 31 , 2013 due to certain redemption features in the event that the geosouthern acquisition was not completed on or prior to june 30 , 2014 .', 'on february 28 , 2014 , the geosouthern acquisition closed and thus the senior notes were subsequently classified as long-term debt .', 'additionally , during december 2013 , devon entered into a term loan agreement with a group of major financial institutions pursuant to which devon could draw up to $ 2.0 billion to finance , in part , the geosouthern acquisition and to pay transaction costs .', 'in february 2014 , devon drew the $ 2.0 billion of term loans for the geosouthern transaction , and the amount was subsequently repaid on june 30 , 2014 with the canadian divestiture proceeds that were repatriated to the u.s .', 'in june 2014 , at which point the term loan was terminated. .'] | 37.81139 | DVN/2014/page_88.pdf-1 | ['devon energy corporation and subsidiaries notes to consolidated financial statements 2013 ( continued ) other debentures and notes following are descriptions of the various other debentures and notes outstanding at december 31 , 2014 and 2013 , as listed in the table presented at the beginning of this note .', 'geosouthern debt in december 2013 , in conjunction with the planned geosouthern acquisition , devon issued $ 2.25 billion aggregate principal amount of fixed and floating rate senior notes resulting in cash proceeds of approximately $ 2.2 billion , net of discounts and issuance costs .', 'the floating rate senior notes due in 2015 bear interest at a rate equal to three-month libor plus 0.45 percent , which rate will be reset quarterly .', 'the floating rate senior notes due in 2016 bears interest at a rate equal to three-month libor plus 0.54 percent , which rate will be reset quarterly .', 'the schedule below summarizes the key terms of these notes ( in millions ) . .'] | ['( 1 ) the 1.20% ( 1.20 % ) $ 650 million note due december 15 , 2016 was redeemed on november 13 , 2014 .', 'the senior notes were classified as short-term debt on devon 2019s consolidated balance sheet as of december 31 , 2013 due to certain redemption features in the event that the geosouthern acquisition was not completed on or prior to june 30 , 2014 .', 'on february 28 , 2014 , the geosouthern acquisition closed and thus the senior notes were subsequently classified as long-term debt .', 'additionally , during december 2013 , devon entered into a term loan agreement with a group of major financial institutions pursuant to which devon could draw up to $ 2.0 billion to finance , in part , the geosouthern acquisition and to pay transaction costs .', 'in february 2014 , devon drew the $ 2.0 billion of term loans for the geosouthern transaction , and the amount was subsequently repaid on june 30 , 2014 with the canadian divestiture proceeds that were repatriated to the u.s .', 'in june 2014 , at which point the term loan was terminated. .'] | ****************************************
Row 1: floating rate due december 15 2015, $ 500
Row 2: floating rate due december 15 2016, 350
Row 3: 1.20% ( 1.20 % ) due december 15 2016 ( 1 ), 650
Row 4: 2.25% ( 2.25 % ) due december 15 2018, 750
Row 5: discount and issuance costs, -2 ( 2 )
Row 6: net proceeds, $ 2248
**************************************** | add(500, 350), divide(#0, 2248), multiply(#1, const_100) | 37.81139 |
what percent of warehouse locations are located in japan . | Context: ['item 2 : properties information concerning applied 2019s principal properties at october 27 , 2013 is set forth below : location type principal use square footage ownership santa clara , ca .', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', 'office , plant & warehouse headquarters ; marketing ; manufacturing ; distribution ; research , development , engineering ; customer support 1476000 150000 leased austin , tx .', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', 'office , plant & warehouse manufacturing 1719000 145000 leased rehovot , israel .', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', 'office , plant & warehouse manufacturing ; research , development , engineering ; customer support 417000 leased singapore .', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', 'office , plant & warehouse manufacturing and customer support 392000 10000 leased gloucester , ma .', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', 'office , plant & warehouse manufacturing ; research , development , engineering ; customer support 315000 131000 leased tainan , taiwan .', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', 'office , plant & warehouse manufacturing and customer support 320000 owned because of the interrelation of applied 2019s operations , properties within a country may be shared by the segments operating within that country .', 'products in the silicon systems group are manufactured in austin , texas ; singapore ; gloucester , massachusetts ; and rehovot , israel .', 'remanufactured equipment products in the applied global services segment are produced primarily in austin , texas .', 'products in the display segment are manufactured in tainan , taiwan ; santa clara , california ; and alzenau , germany .', 'products in the energy and environmental solutions segment are primarily manufactured in alzenau , germany ; treviso , italy ; and cheseaux , switzerland .', 'in addition to the above properties , applied also owns and leases offices , plants and/or warehouse locations in 78 locations throughout the world : 18 in europe , 21 in japan , 15 in north america ( principally the united states ) , 8 in china , 7 in korea , 6 in southeast asia , and 3 in taiwan .', 'these facilities are principally used for manufacturing ; research , development and engineering ; and marketing , sales and/or customer support .', 'applied also owns a total of approximately 139 acres of buildable land in 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. .']
--------
Tabular Data:
****************************************
Row 1: location, type, principal use, squarefootage, ownership
Row 2: santa clara ca, office plant & warehouse, headquarters ; marketing ; manufacturing ; distribution ; research developmentengineering ; customer support, 1476000150000, ownedleased
Row 3: austin tx, office plant & warehouse, manufacturing, 1719000145000, ownedleased
Row 4: rehovot israel, office plant & warehouse, manufacturing ; researchdevelopment engineering;customer support, 4170005000, ownedleased
Row 5: singapore, office plant & warehouse, manufacturing andcustomer support, 39200010000, ownedleased
Row 6: gloucester ma, office plant & warehouse, manufacturing ; researchdevelopment engineering;customer support, 315000131000, ownedleased
Row 7: tainan taiwan, office plant & warehouse, manufacturing andcustomer support, 320000, owned
****************************************
--------
Additional Information: ['item 2 : properties information concerning applied 2019s principal properties at october 27 , 2013 is set forth below : location type principal use square footage ownership santa clara , ca .', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', 'office , plant & warehouse headquarters ; marketing ; manufacturing ; distribution ; research , development , engineering ; customer support 1476000 150000 leased austin , tx .', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', 'office , plant & warehouse manufacturing 1719000 145000 leased rehovot , israel .', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', 'office , plant & warehouse manufacturing ; research , development , engineering ; customer support 417000 leased singapore .', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', 'office , plant & warehouse manufacturing and customer support 392000 10000 leased gloucester , ma .', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', 'office , plant & warehouse manufacturing ; research , development , engineering ; customer support 315000 131000 leased tainan , taiwan .', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', 'office , plant & warehouse manufacturing and customer support 320000 owned because of the interrelation of applied 2019s operations , properties within a country may be shared by the segments operating within that country .', 'products in the silicon systems group are manufactured in austin , texas ; singapore ; gloucester , massachusetts ; and rehovot , israel .', 'remanufactured equipment products in the applied global services segment are produced primarily in austin , texas .', 'products in the display segment are manufactured in tainan , taiwan ; santa clara , california ; and alzenau , germany .', 'products in the energy and environmental solutions segment are primarily manufactured in alzenau , germany ; treviso , italy ; and cheseaux , switzerland .', 'in addition to the above properties , applied also owns and leases offices , plants and/or warehouse locations in 78 locations throughout the world : 18 in europe , 21 in japan , 15 in north america ( principally the united states ) , 8 in china , 7 in korea , 6 in southeast asia , and 3 in taiwan .', 'these facilities are principally used for manufacturing ; research , development and engineering ; and marketing , sales and/or customer support .', 'applied also owns a total of approximately 139 acres of buildable land in 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. .'] | 0.26923 | AMAT/2013/page_35.pdf-1 | ['item 2 : properties information concerning applied 2019s principal properties at october 27 , 2013 is set forth below : location type principal use square footage ownership santa clara , ca .', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', 'office , plant & warehouse headquarters ; marketing ; manufacturing ; distribution ; research , development , engineering ; customer support 1476000 150000 leased austin , tx .', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', 'office , plant & warehouse manufacturing 1719000 145000 leased rehovot , israel .', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', 'office , plant & warehouse manufacturing ; research , development , engineering ; customer support 417000 leased singapore .', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', 'office , plant & warehouse manufacturing and customer support 392000 10000 leased gloucester , ma .', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', 'office , plant & warehouse manufacturing ; research , development , engineering ; customer support 315000 131000 leased tainan , taiwan .', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', 'office , plant & warehouse manufacturing and customer support 320000 owned because of the interrelation of applied 2019s operations , properties within a country may be shared by the segments operating within that country .', 'products in the silicon systems group are manufactured in austin , texas ; singapore ; gloucester , massachusetts ; and rehovot , israel .', 'remanufactured equipment products in the applied global services segment are produced primarily in austin , texas .', 'products in the display segment are manufactured in tainan , taiwan ; santa clara , california ; and alzenau , germany .', 'products in the energy and environmental solutions segment are primarily manufactured in alzenau , germany ; treviso , italy ; and cheseaux , switzerland .', 'in addition to the above properties , applied also owns and leases offices , plants and/or warehouse locations in 78 locations throughout the world : 18 in europe , 21 in japan , 15 in north america ( principally the united states ) , 8 in china , 7 in korea , 6 in southeast asia , and 3 in taiwan .', 'these facilities are principally used for manufacturing ; research , development and engineering ; and marketing , sales and/or customer support .', 'applied also owns a total of approximately 139 acres of buildable land in 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. .'] | ['item 2 : properties information concerning applied 2019s principal properties at october 27 , 2013 is set forth below : location type principal use square footage ownership santa clara , ca .', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', 'office , plant & warehouse headquarters ; marketing ; manufacturing ; distribution ; research , development , engineering ; customer support 1476000 150000 leased austin , tx .', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', 'office , plant & warehouse manufacturing 1719000 145000 leased rehovot , israel .', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', 'office , plant & warehouse manufacturing ; research , development , engineering ; customer support 417000 leased singapore .', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', 'office , plant & warehouse manufacturing and customer support 392000 10000 leased gloucester , ma .', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', 'office , plant & warehouse manufacturing ; research , development , engineering ; customer support 315000 131000 leased tainan , taiwan .', '.', '.', '.', '.', '.', '.', '.', '.', '.', '.', 'office , plant & warehouse manufacturing and customer support 320000 owned because of the interrelation of applied 2019s operations , properties within a country may be shared by the segments operating within that country .', 'products in the silicon systems group are manufactured in austin , texas ; singapore ; gloucester , massachusetts ; and rehovot , israel .', 'remanufactured equipment products in the applied global services segment are produced primarily in austin , texas .', 'products in the display segment are manufactured in tainan , taiwan ; santa clara , california ; and alzenau , germany .', 'products in the energy and environmental solutions segment are primarily manufactured in alzenau , germany ; treviso , italy ; and cheseaux , switzerland .', 'in addition to the above properties , applied also owns and leases offices , plants and/or warehouse locations in 78 locations throughout the world : 18 in europe , 21 in japan , 15 in north america ( principally the united states ) , 8 in china , 7 in korea , 6 in southeast asia , and 3 in taiwan .', 'these facilities are principally used for manufacturing ; research , development and engineering ; and marketing , sales and/or customer support .', 'applied also owns a total of approximately 139 acres of buildable land in 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. .'] | ****************************************
Row 1: location, type, principal use, squarefootage, ownership
Row 2: santa clara ca, office plant & warehouse, headquarters ; marketing ; manufacturing ; distribution ; research developmentengineering ; customer support, 1476000150000, ownedleased
Row 3: austin tx, office plant & warehouse, manufacturing, 1719000145000, ownedleased
Row 4: rehovot israel, office plant & warehouse, manufacturing ; researchdevelopment engineering;customer support, 4170005000, ownedleased
Row 5: singapore, office plant & warehouse, manufacturing andcustomer support, 39200010000, ownedleased
Row 6: gloucester ma, office plant & warehouse, manufacturing ; researchdevelopment engineering;customer support, 315000131000, ownedleased
Row 7: tainan taiwan, office plant & warehouse, manufacturing andcustomer support, 320000, owned
**************************************** | divide(21, 78) | 0.26923 |
what was the estimated percentual increase in the expected volatility observed during 2007 and 2008? | Context: ['.']
--------
Tabular Data:
----------------------------------------
2008 2007 2006
weighted average fair value of options granted $ 18.47 $ 33.81 $ 20.01
expected volatility 0.3845 0.3677 0.3534
dividend yield 3.75% ( 3.75 % ) 0.76% ( 0.76 % ) 1.00% ( 1.00 % )
expected life of options in years 6.0 6.0 6.3
risk-free interest rate 2% ( 2 % ) 4% ( 4 % ) 5% ( 5 % )
----------------------------------------
--------
Post-table: ['the black-scholes option valuation model was developed for use in estimating the fair value of traded options which have no vesting restrictions and are fully transferable .', 'in addition , option valuation models require the input of highly subjective assumptions , including the expected stock price volatility .', 'because the company 2019s employee stock options have characteristics significantly different from those of traded options , and because changes in the subjective input assumptions can materially affect the fair value estimate , in management 2019s opinion , the existing models do not necessarily provide a reliable single measure of the fair value of its employee stock options .', 'the fair value of the rsus was determined based on the market value at the date of grant .', 'the total fair value of awards vested during 2008 , 2007 , and 2006 was $ 35384 , $ 17840 , and $ 9413 , respectively .', 'the total stock based compensation expense calculated using the black-scholes option valuation model in 2008 , 2007 , and 2006 was $ 38872 , $ 22164 , and $ 11913 , respectively.the aggregate intrinsic values of options outstanding and exercisable at december 27 , 2008 were $ 8.2 million and $ 8.2 million , respectively .', 'the aggregate intrinsic value of options exercised during the year ended december 27 , 2008 was $ 0.6 million .', 'aggregate intrinsic value represents the positive difference between the company 2019s closing stock price on the last trading day of the fiscal period , which was $ 19.39 on december 27 , 2008 , and the exercise price multiplied by the number of options exercised .', 'as of december 27 , 2008 , there was $ 141.7 million of total unrecognized compensation cost related to unvested share-based compensation awards granted to employees under the stock compensation plans .', 'that cost is expected to be recognized over a period of five years .', 'employee stock purchase plan the shareholders also adopted an employee stock purchase plan ( espp ) .', 'up to 2000000 shares of common stock have been reserved for the espp .', 'shares will be offered to employees at a price equal to the lesser of 85% ( 85 % ) of the fair market value of the stock on the date of purchase or 85% ( 85 % ) of the fair market value on the enrollment date .', 'the espp is intended to qualify as an 201cemployee stock purchase plan 201d under section 423 of the internal revenue code .', 'during 2008 , 2007 , and 2006 , 362902 , 120230 , and 124693 shares , respectively were purchased under the plan for a total purchase price of $ 8782 , $ 5730 , and $ 3569 , respectively .', 'at december 27 , 2008 , approximately 663679 shares were available for future issuance .', '10 .', 'earnings per share the following table sets forth the computation of basic and diluted net income per share: .'] | 0.04569 | GRMN/2008/page_98.pdf-1 | ['.'] | ['the black-scholes option valuation model was developed for use in estimating the fair value of traded options which have no vesting restrictions and are fully transferable .', 'in addition , option valuation models require the input of highly subjective assumptions , including the expected stock price volatility .', 'because the company 2019s employee stock options have characteristics significantly different from those of traded options , and because changes in the subjective input assumptions can materially affect the fair value estimate , in management 2019s opinion , the existing models do not necessarily provide a reliable single measure of the fair value of its employee stock options .', 'the fair value of the rsus was determined based on the market value at the date of grant .', 'the total fair value of awards vested during 2008 , 2007 , and 2006 was $ 35384 , $ 17840 , and $ 9413 , respectively .', 'the total stock based compensation expense calculated using the black-scholes option valuation model in 2008 , 2007 , and 2006 was $ 38872 , $ 22164 , and $ 11913 , respectively.the aggregate intrinsic values of options outstanding and exercisable at december 27 , 2008 were $ 8.2 million and $ 8.2 million , respectively .', 'the aggregate intrinsic value of options exercised during the year ended december 27 , 2008 was $ 0.6 million .', 'aggregate intrinsic value represents the positive difference between the company 2019s closing stock price on the last trading day of the fiscal period , which was $ 19.39 on december 27 , 2008 , and the exercise price multiplied by the number of options exercised .', 'as of december 27 , 2008 , there was $ 141.7 million of total unrecognized compensation cost related to unvested share-based compensation awards granted to employees under the stock compensation plans .', 'that cost is expected to be recognized over a period of five years .', 'employee stock purchase plan the shareholders also adopted an employee stock purchase plan ( espp ) .', 'up to 2000000 shares of common stock have been reserved for the espp .', 'shares will be offered to employees at a price equal to the lesser of 85% ( 85 % ) of the fair market value of the stock on the date of purchase or 85% ( 85 % ) of the fair market value on the enrollment date .', 'the espp is intended to qualify as an 201cemployee stock purchase plan 201d under section 423 of the internal revenue code .', 'during 2008 , 2007 , and 2006 , 362902 , 120230 , and 124693 shares , respectively were purchased under the plan for a total purchase price of $ 8782 , $ 5730 , and $ 3569 , respectively .', 'at december 27 , 2008 , approximately 663679 shares were available for future issuance .', '10 .', 'earnings per share the following table sets forth the computation of basic and diluted net income per share: .'] | ----------------------------------------
2008 2007 2006
weighted average fair value of options granted $ 18.47 $ 33.81 $ 20.01
expected volatility 0.3845 0.3677 0.3534
dividend yield 3.75% ( 3.75 % ) 0.76% ( 0.76 % ) 1.00% ( 1.00 % )
expected life of options in years 6.0 6.0 6.3
risk-free interest rate 2% ( 2 % ) 4% ( 4 % ) 5% ( 5 % )
---------------------------------------- | divide(0.3845, 0.3677), subtract(#0, const_1) | 0.04569 |
what is the growth rate in the price of shares from the highest value during the quarter ended december 31 , 2006 and the closing price on february 22 , 2007? | Background: ['part ii item 5 .', 'market for registrant 2019s common equity , related stockholder matters and issuer purchases of equity securities the following table presents reported quarterly high and low per share sale prices of our class a common stock on the new york stock exchange ( nyse ) for the years 2006 and 2005. .']
--
Tabular Data:
• 2006, high, low
• quarter ended march 31, $ 32.68, $ 26.66
• quarter ended june 30, 35.75, 27.35
• quarter ended september 30, 36.92, 29.98
• quarter ended december 31, 38.74, 35.21
• 2005, high, low
• quarter ended march 31, $ 19.28, $ 17.30
• quarter ended june 30, 21.16, 16.28
• quarter ended september 30, 25.20, 20.70
• quarter ended december 31, 28.33, 22.73
--
Post-table: ['on february 22 , 2007 , the closing price of our class a common stock was $ 40.38 per share as reported on the nyse .', 'as of february 22 , 2007 , we had 419988395 outstanding shares of class a common stock and 623 registered holders .', 'in february 2004 , all outstanding shares of our class b common stock were converted into shares of our class a common stock on a one-for-one basis pursuant to the occurrence of the 201cdodge conversion event 201d as defined in our charter .', 'also in february 2004 , all outstanding shares of class c common stock were converted into shares of class a common stock on a one-for-one basis .', 'in august 2005 , we amended and restated our charter to , among other things , eliminate our class b common stock and class c common stock .', 'dividends we have never paid a dividend on any class of our common stock .', 'we anticipate that we may retain future earnings , if any , to fund the development and growth of our business .', 'the indentures governing our 7.50% ( 7.50 % ) senior notes due 2012 ( 7.50% ( 7.50 % ) notes ) and our 7.125% ( 7.125 % ) senior notes due 2012 ( 7.125% ( 7.125 % ) notes ) may prohibit us from paying dividends to our stockholders unless we satisfy certain financial covenants .', 'our credit facilities and the indentures governing the terms of our debt securities contain covenants that may restrict the ability of our subsidiaries from making to us any direct or indirect distribution , dividend or other payment on account of their limited liability company interests , partnership interests , capital stock or other equity interests .', 'under our credit facilities , the borrower subsidiaries may pay cash dividends or make other distributions to us in accordance with the applicable credit facility only if no default exists or would be created thereby .', 'the indenture governing the terms of the ati 7.25% ( 7.25 % ) notes prohibit ati and certain of our other subsidiaries that have guaranteed those notes ( sister guarantors ) from paying dividends and making other payments or distributions to us unless certain financial covenants are satisfied .', 'the indentures governing the terms of our 7.50% ( 7.50 % ) notes and 7.125% ( 7.125 % ) notes also contain certain restrictive covenants , which prohibit the restricted subsidiaries under these indentures from paying dividends and making other payments or distributions to us unless certain financial covenants are satisfied .', 'for more information about the restrictions under our credit facilities and our notes indentures , see item 7 of this annual report under the caption 201cmanagement 2019s discussion and analysis of financial condition and results of operations 2014liquidity and capital resources 2014factors affecting sources of liquidity 201d and note 7 to our consolidated financial statements included in this annual report. .'] | 0.04233 | AMT/2006/page_31.pdf-3 | ['part ii item 5 .', 'market for registrant 2019s common equity , related stockholder matters and issuer purchases of equity securities the following table presents reported quarterly high and low per share sale prices of our class a common stock on the new york stock exchange ( nyse ) for the years 2006 and 2005. .'] | ['on february 22 , 2007 , the closing price of our class a common stock was $ 40.38 per share as reported on the nyse .', 'as of february 22 , 2007 , we had 419988395 outstanding shares of class a common stock and 623 registered holders .', 'in february 2004 , all outstanding shares of our class b common stock were converted into shares of our class a common stock on a one-for-one basis pursuant to the occurrence of the 201cdodge conversion event 201d as defined in our charter .', 'also in february 2004 , all outstanding shares of class c common stock were converted into shares of class a common stock on a one-for-one basis .', 'in august 2005 , we amended and restated our charter to , among other things , eliminate our class b common stock and class c common stock .', 'dividends we have never paid a dividend on any class of our common stock .', 'we anticipate that we may retain future earnings , if any , to fund the development and growth of our business .', 'the indentures governing our 7.50% ( 7.50 % ) senior notes due 2012 ( 7.50% ( 7.50 % ) notes ) and our 7.125% ( 7.125 % ) senior notes due 2012 ( 7.125% ( 7.125 % ) notes ) may prohibit us from paying dividends to our stockholders unless we satisfy certain financial covenants .', 'our credit facilities and the indentures governing the terms of our debt securities contain covenants that may restrict the ability of our subsidiaries from making to us any direct or indirect distribution , dividend or other payment on account of their limited liability company interests , partnership interests , capital stock or other equity interests .', 'under our credit facilities , the borrower subsidiaries may pay cash dividends or make other distributions to us in accordance with the applicable credit facility only if no default exists or would be created thereby .', 'the indenture governing the terms of the ati 7.25% ( 7.25 % ) notes prohibit ati and certain of our other subsidiaries that have guaranteed those notes ( sister guarantors ) from paying dividends and making other payments or distributions to us unless certain financial covenants are satisfied .', 'the indentures governing the terms of our 7.50% ( 7.50 % ) notes and 7.125% ( 7.125 % ) notes also contain certain restrictive covenants , which prohibit the restricted subsidiaries under these indentures from paying dividends and making other payments or distributions to us unless certain financial covenants are satisfied .', 'for more information about the restrictions under our credit facilities and our notes indentures , see item 7 of this annual report under the caption 201cmanagement 2019s discussion and analysis of financial condition and results of operations 2014liquidity and capital resources 2014factors affecting sources of liquidity 201d and note 7 to our consolidated financial statements included in this annual report. .'] | • 2006, high, low
• quarter ended march 31, $ 32.68, $ 26.66
• quarter ended june 30, 35.75, 27.35
• quarter ended september 30, 36.92, 29.98
• quarter ended december 31, 38.74, 35.21
• 2005, high, low
• quarter ended march 31, $ 19.28, $ 17.30
• quarter ended june 30, 21.16, 16.28
• quarter ended september 30, 25.20, 20.70
• quarter ended december 31, 28.33, 22.73 | subtract(40.38, 38.74), divide(#0, 38.74) | 0.04233 |
what portion of the total future minimum lease payments is due in the next 12 months? | Pre-text: ['table of contents hologic , inc .', 'notes to consolidated financial statements ( continued ) ( in thousands , except per share data ) location during fiscal 2009 .', 'the company was responsible for a significant portion of the construction costs and therefore was deemed , for accounting purposes , to be the owner of the building during the construction period , in accordance with asc 840 , leases , subsection 40-15-5 .', 'during the year ended september 27 , 2008 , the company recorded an additional $ 4400 in fair market value of the building , which was completed in fiscal 2008 .', 'this is in addition to the $ 3000 fair market value of the land and the $ 7700 fair market value related to the building constructed that cytyc had recorded as of october 22 , 2007 .', 'the company has recorded such fair market value within property and equipment on its consolidated balance sheets .', 'at september 26 , 2009 , the company has recorded $ 1508 in accrued expenses and $ 16329 in other long-term liabilities related to this obligation in the consolidated balance sheet .', 'the term of the lease is for a period of approximately ten years with the option to extend for two consecutive five-year terms .', 'the lease term commenced in may 2008 , at which time the company began transferring the company 2019s costa rican operations to this facility .', 'it is expected that this process will be complete by february 2009 .', 'at the completion of the construction period , the company reviewed the lease for potential sale-leaseback treatment in accordance with asc 840 , subsection 40 , sale-leaseback transactions ( formerly sfas no .', '98 ( 201csfas 98 201d ) , accounting for leases : sale-leaseback transactions involving real estate , sales-type leases of real estate , definition of the lease term , and initial direct costs of direct financing leases 2014an amendment of financial accounting standards board ( 201cfasb 201d ) statements no .', '13 , 66 , and 91 and a rescission of fasb statement no .', '26 and technical bulletin no .', '79-11 ) .', 'based on its analysis , the company determined that the lease did not qualify for sale-leaseback treatment .', 'therefore , the building , leasehold improvements and associated liabilities will remain on the company 2019s financial statements throughout the lease term , and the building and leasehold improvements will be depreciated on a straight line basis over their estimated useful lives of 35 years .', 'future minimum lease payments , including principal and interest , under this lease were as follows at september 26 , 2009: .']
--------
Tabular Data:
| amount
fiscal 2010 | $ 1508
fiscal 2011 | 1561
fiscal 2012 | 1616
fiscal 2013 | 1672
fiscal 2014 | 1731
thereafter | 7288
total minimum payments | 15376
less-amount representing interest | -6094 ( 6094 )
total | $ 9282
--------
Post-table: ['in addition , as a result of the merger with cytyc , the company assumed the obligation to a non-cancelable lease agreement for a building with approximately 146000 square feet located in marlborough , massachusetts , to be principally used as an additional manufacturing facility .', 'in 2011 , the company will have an option to lease an additional 30000 square feet .', 'as part of the lease agreement , the lessor agreed to allow the company to make significant renovations to the facility to prepare the facility for the company 2019s manufacturing needs .', 'the company was responsible for a significant amount of the construction costs and therefore was deemed , for accounting purposes , to be the owner of the building during the construction period in accordance with asc 840-40-15-5 .', 'the $ 13200 fair market value of the facility is included within property and equipment , net on the consolidated balance sheet .', 'at september 26 , 2009 , the company has recorded $ 982 in accrued expenses and source : hologic inc , 10-k , november 24 , 2009 powered by morningstar ae document research 2120 the information contained herein may not be copied , adapted or distributed and is not warranted to be accurate , complete or timely .', 'the user assumes all risks for any damages or losses arising from any use of this information , except to the extent such damages or losses cannot be limited or excluded by applicable law .', 'past financial performance is no guarantee of future results. .'] | 0.09807 | HOLX/2009/page_153.pdf-1 | ['table of contents hologic , inc .', 'notes to consolidated financial statements ( continued ) ( in thousands , except per share data ) location during fiscal 2009 .', 'the company was responsible for a significant portion of the construction costs and therefore was deemed , for accounting purposes , to be the owner of the building during the construction period , in accordance with asc 840 , leases , subsection 40-15-5 .', 'during the year ended september 27 , 2008 , the company recorded an additional $ 4400 in fair market value of the building , which was completed in fiscal 2008 .', 'this is in addition to the $ 3000 fair market value of the land and the $ 7700 fair market value related to the building constructed that cytyc had recorded as of october 22 , 2007 .', 'the company has recorded such fair market value within property and equipment on its consolidated balance sheets .', 'at september 26 , 2009 , the company has recorded $ 1508 in accrued expenses and $ 16329 in other long-term liabilities related to this obligation in the consolidated balance sheet .', 'the term of the lease is for a period of approximately ten years with the option to extend for two consecutive five-year terms .', 'the lease term commenced in may 2008 , at which time the company began transferring the company 2019s costa rican operations to this facility .', 'it is expected that this process will be complete by february 2009 .', 'at the completion of the construction period , the company reviewed the lease for potential sale-leaseback treatment in accordance with asc 840 , subsection 40 , sale-leaseback transactions ( formerly sfas no .', '98 ( 201csfas 98 201d ) , accounting for leases : sale-leaseback transactions involving real estate , sales-type leases of real estate , definition of the lease term , and initial direct costs of direct financing leases 2014an amendment of financial accounting standards board ( 201cfasb 201d ) statements no .', '13 , 66 , and 91 and a rescission of fasb statement no .', '26 and technical bulletin no .', '79-11 ) .', 'based on its analysis , the company determined that the lease did not qualify for sale-leaseback treatment .', 'therefore , the building , leasehold improvements and associated liabilities will remain on the company 2019s financial statements throughout the lease term , and the building and leasehold improvements will be depreciated on a straight line basis over their estimated useful lives of 35 years .', 'future minimum lease payments , including principal and interest , under this lease were as follows at september 26 , 2009: .'] | ['in addition , as a result of the merger with cytyc , the company assumed the obligation to a non-cancelable lease agreement for a building with approximately 146000 square feet located in marlborough , massachusetts , to be principally used as an additional manufacturing facility .', 'in 2011 , the company will have an option to lease an additional 30000 square feet .', 'as part of the lease agreement , the lessor agreed to allow the company to make significant renovations to the facility to prepare the facility for the company 2019s manufacturing needs .', 'the company was responsible for a significant amount of the construction costs and therefore was deemed , for accounting purposes , to be the owner of the building during the construction period in accordance with asc 840-40-15-5 .', 'the $ 13200 fair market value of the facility is included within property and equipment , net on the consolidated balance sheet .', 'at september 26 , 2009 , the company has recorded $ 982 in accrued expenses and source : hologic inc , 10-k , november 24 , 2009 powered by morningstar ae document research 2120 the information contained herein may not be copied , adapted or distributed and is not warranted to be accurate , complete or timely .', 'the user assumes all risks for any damages or losses arising from any use of this information , except to the extent such damages or losses cannot be limited or excluded by applicable law .', 'past financial performance is no guarantee of future results. .'] | | amount
fiscal 2010 | $ 1508
fiscal 2011 | 1561
fiscal 2012 | 1616
fiscal 2013 | 1672
fiscal 2014 | 1731
thereafter | 7288
total minimum payments | 15376
less-amount representing interest | -6094 ( 6094 )
total | $ 9282 | divide(1508, 15376) | 0.09807 |
as of december 312007 what was the percentage of future minimum rental payments under non-cancelable operating leases in 2010 | Background: ['american tower corporation and subsidiaries notes to consolidated financial statements 2014 ( continued ) as of december 31 , 2006 , the company held a total of ten interest rate swap agreements to manage exposure to variable rate interest obligations under its amt opco and spectrasite credit facilities and four forward starting interest rate swap agreements to manage exposure to variability in cash flows relating to forecasted interest payments in connection with the securitization which the company designated as cash flow hedges .', 'the eight american tower swaps had an aggregate notional amount of $ 450.0 million and fixed rates ranging between 4.63% ( 4.63 % ) and 4.88% ( 4.88 % ) and the two spectrasite swaps have an aggregate notional amount of $ 100.0 million and a fixed rate of 4.95% ( 4.95 % ) .', 'the four forward starting interest rate swap agreements had an aggregate notional amount of $ 900.0 million , fixed rates ranging between 4.73% ( 4.73 % ) and 5.10% ( 5.10 % ) .', 'as of december 31 , 2006 , the company also held three interest rate swap instruments and one interest rate cap instrument that were acquired in the spectrasite , inc .', 'merger in august 2005 and were not designated as cash flow hedges .', 'the three interest rate swaps , which had a fair value of $ 6.7 million at the date of acquisition , have an aggregate notional amount of $ 300.0 million , a fixed rate of 3.88% ( 3.88 % ) .', 'the interest rate cap had a notional amount of $ 175.0 million , a fixed rate of 7.0% ( 7.0 % ) , and expired in february 2006 .', 'as of december 31 , 2006 , other comprehensive income includes unrealized gains on short term available-for-sale securities of $ 10.4 million and unrealized gains related to the interest rate swap agreements in the table above of $ 5.7 million , net of tax .', 'during the year ended december 31 , 2006 , the company recorded a net unrealized gain of approximately $ 6.5 million ( net of a tax provision of approximately $ 3.5 million ) in other comprehensive loss for the change in fair value of interest rate swaps designated as cash flow hedges and reclassified $ 0.7 million ( net of an income tax benefit of $ 0.2 million ) into results of operations during the year ended december 31 , 2006 .', '9 .', 'commitments and contingencies lease obligations 2014the company leases certain land , office and tower space under operating leases that expire over various terms .', 'many of the leases contain renewal options with specified increases in lease payments upon exercise of the renewal option .', 'escalation clauses present in operating leases , excluding those tied to cpi or other inflation-based indices , are recognized on a straight-line basis over the non-cancelable term of the lease .', '( see note 1. ) future minimum rental payments under non-cancelable operating leases include payments for certain renewal periods at the company 2019s option because failure to renew could result in a loss of the applicable tower site and related revenues from tenant leases , thereby making it reasonably assured that the company will renew the lease .', 'such payments in effect at december 31 , 2007 are as follows ( in thousands ) : year ending december 31 .']
Table:
****************************************
2008 | $ 217969
----------|----------
2009 | 215763
2010 | 208548
2011 | 199024
2012 | 190272
thereafter | 2451496
total | $ 3483072
****************************************
Follow-up: ['aggregate rent expense ( including the effect of straight-line rent expense ) under operating leases for the years ended december 31 , 2007 , 2006 and 2005 approximated $ 246.4 million , $ 237.0 million and $ 168.7 million , respectively. .'] | 0.05987 | AMT/2007/page_116.pdf-3 | ['american tower corporation and subsidiaries notes to consolidated financial statements 2014 ( continued ) as of december 31 , 2006 , the company held a total of ten interest rate swap agreements to manage exposure to variable rate interest obligations under its amt opco and spectrasite credit facilities and four forward starting interest rate swap agreements to manage exposure to variability in cash flows relating to forecasted interest payments in connection with the securitization which the company designated as cash flow hedges .', 'the eight american tower swaps had an aggregate notional amount of $ 450.0 million and fixed rates ranging between 4.63% ( 4.63 % ) and 4.88% ( 4.88 % ) and the two spectrasite swaps have an aggregate notional amount of $ 100.0 million and a fixed rate of 4.95% ( 4.95 % ) .', 'the four forward starting interest rate swap agreements had an aggregate notional amount of $ 900.0 million , fixed rates ranging between 4.73% ( 4.73 % ) and 5.10% ( 5.10 % ) .', 'as of december 31 , 2006 , the company also held three interest rate swap instruments and one interest rate cap instrument that were acquired in the spectrasite , inc .', 'merger in august 2005 and were not designated as cash flow hedges .', 'the three interest rate swaps , which had a fair value of $ 6.7 million at the date of acquisition , have an aggregate notional amount of $ 300.0 million , a fixed rate of 3.88% ( 3.88 % ) .', 'the interest rate cap had a notional amount of $ 175.0 million , a fixed rate of 7.0% ( 7.0 % ) , and expired in february 2006 .', 'as of december 31 , 2006 , other comprehensive income includes unrealized gains on short term available-for-sale securities of $ 10.4 million and unrealized gains related to the interest rate swap agreements in the table above of $ 5.7 million , net of tax .', 'during the year ended december 31 , 2006 , the company recorded a net unrealized gain of approximately $ 6.5 million ( net of a tax provision of approximately $ 3.5 million ) in other comprehensive loss for the change in fair value of interest rate swaps designated as cash flow hedges and reclassified $ 0.7 million ( net of an income tax benefit of $ 0.2 million ) into results of operations during the year ended december 31 , 2006 .', '9 .', 'commitments and contingencies lease obligations 2014the company leases certain land , office and tower space under operating leases that expire over various terms .', 'many of the leases contain renewal options with specified increases in lease payments upon exercise of the renewal option .', 'escalation clauses present in operating leases , excluding those tied to cpi or other inflation-based indices , are recognized on a straight-line basis over the non-cancelable term of the lease .', '( see note 1. ) future minimum rental payments under non-cancelable operating leases include payments for certain renewal periods at the company 2019s option because failure to renew could result in a loss of the applicable tower site and related revenues from tenant leases , thereby making it reasonably assured that the company will renew the lease .', 'such payments in effect at december 31 , 2007 are as follows ( in thousands ) : year ending december 31 .'] | ['aggregate rent expense ( including the effect of straight-line rent expense ) under operating leases for the years ended december 31 , 2007 , 2006 and 2005 approximated $ 246.4 million , $ 237.0 million and $ 168.7 million , respectively. .'] | ****************************************
2008 | $ 217969
----------|----------
2009 | 215763
2010 | 208548
2011 | 199024
2012 | 190272
thereafter | 2451496
total | $ 3483072
**************************************** | divide(208548, 3483072) | 0.05987 |
what percent of total operating income was asia-pacific in 2015? | Context: ['2022 net revenues in our connected fitness operating segment increased $ 34.2 million to $ 53.4 million in 2015 from $ 19.2 million in 2014 primarily due to revenues generated from our two connected fitness acquisitions in 2015 and growth in our existing connected fitness business .', 'operating income ( loss ) by segment is summarized below: .']
Data Table:
****************************************
Row 1: ( in thousands ), year ended december 31 , 2015, year ended december 31 , 2014, year ended december 31 , $ change, year ended december 31 , % ( % ) change
Row 2: north america, $ 460961, $ 372347, $ 88614, 23.8% ( 23.8 % )
Row 3: emea, 3122, -11763 ( 11763 ), 14885, 126.5
Row 4: asia-pacific, 36358, 21858, 14500, 66.3
Row 5: latin america, -30593 ( 30593 ), -15423 ( 15423 ), -15170 ( 15170 ), -98.4 ( 98.4 )
Row 6: connected fitness, -61301 ( 61301 ), -13064 ( 13064 ), -48237 ( 48237 ), -369.2 ( 369.2 )
Row 7: total operating income, $ 408547, $ 353955, $ 54592, 15.4% ( 15.4 % )
****************************************
Additional Information: ['the increase in total operating income was driven by the following : 2022 operating income in our north america operating segment increased $ 88.6 million to $ 461.0 million in 2015 from $ 372.4 million in 2014 primarily due to the items discussed above in the consolidated results of operations .', '2022 operating income in our emea operating segment increased $ 14.9 million to $ 3.1 million in 2015 from a loss of $ 11.8 million in 2014 primarily due to sales growth discussed above in the consolidated results of operations .', '2022 operating income in our asia-pacific operating segment increased $ 14.5 million to $ 36.4 million in 2015 from $ 21.9 million in 2014 primarily due to sales growth discussed above in the consolidated results of operations .', '2022 operating loss in our latin america operating segment increased $ 15.2 million to $ 30.6 million in 2015 from $ 15.4 million in 2014 primarily due to increased investments to support growth in the region and the economic challenges in brazil during the period .', 'this increase in operating loss was offset by sales growth discussed above .', '2022 operating loss in our connected fitness segment increased $ 48.2 million to $ 61.3 million in 2015 from $ 13.1 million in 2014 primarily due to investments to support growth in our connected fitness business , including the impact of our two connected fitness acquisitions in 2015 .', 'these acquisitions contributed $ 23.6 million to the operating loss for the connected fitness segment in 2015 .', 'seasonality historically , we have recognized a majority of our net revenues and a significant portion of our income from operations in the last two quarters of the year , driven primarily by increased sales volume of our products during the fall selling season , including our higher priced cold weather products , along with a larger proportion of higher margin direct to consumer sales .', 'seasonality could have an impact on the timing of accruals if the sales in the last two quarters of the year do not materialize .', 'the level of our working capital generally reflects the seasonality and growth in our business .', 'we generally expect inventory , accounts payable and certain accrued expenses to be higher in the second and third quarters in preparation for the fall selling season. .'] | 0.08899 | UAA/2016/page_52.pdf-1 | ['2022 net revenues in our connected fitness operating segment increased $ 34.2 million to $ 53.4 million in 2015 from $ 19.2 million in 2014 primarily due to revenues generated from our two connected fitness acquisitions in 2015 and growth in our existing connected fitness business .', 'operating income ( loss ) by segment is summarized below: .'] | ['the increase in total operating income was driven by the following : 2022 operating income in our north america operating segment increased $ 88.6 million to $ 461.0 million in 2015 from $ 372.4 million in 2014 primarily due to the items discussed above in the consolidated results of operations .', '2022 operating income in our emea operating segment increased $ 14.9 million to $ 3.1 million in 2015 from a loss of $ 11.8 million in 2014 primarily due to sales growth discussed above in the consolidated results of operations .', '2022 operating income in our asia-pacific operating segment increased $ 14.5 million to $ 36.4 million in 2015 from $ 21.9 million in 2014 primarily due to sales growth discussed above in the consolidated results of operations .', '2022 operating loss in our latin america operating segment increased $ 15.2 million to $ 30.6 million in 2015 from $ 15.4 million in 2014 primarily due to increased investments to support growth in the region and the economic challenges in brazil during the period .', 'this increase in operating loss was offset by sales growth discussed above .', '2022 operating loss in our connected fitness segment increased $ 48.2 million to $ 61.3 million in 2015 from $ 13.1 million in 2014 primarily due to investments to support growth in our connected fitness business , including the impact of our two connected fitness acquisitions in 2015 .', 'these acquisitions contributed $ 23.6 million to the operating loss for the connected fitness segment in 2015 .', 'seasonality historically , we have recognized a majority of our net revenues and a significant portion of our income from operations in the last two quarters of the year , driven primarily by increased sales volume of our products during the fall selling season , including our higher priced cold weather products , along with a larger proportion of higher margin direct to consumer sales .', 'seasonality could have an impact on the timing of accruals if the sales in the last two quarters of the year do not materialize .', 'the level of our working capital generally reflects the seasonality and growth in our business .', 'we generally expect inventory , accounts payable and certain accrued expenses to be higher in the second and third quarters in preparation for the fall selling season. .'] | ****************************************
Row 1: ( in thousands ), year ended december 31 , 2015, year ended december 31 , 2014, year ended december 31 , $ change, year ended december 31 , % ( % ) change
Row 2: north america, $ 460961, $ 372347, $ 88614, 23.8% ( 23.8 % )
Row 3: emea, 3122, -11763 ( 11763 ), 14885, 126.5
Row 4: asia-pacific, 36358, 21858, 14500, 66.3
Row 5: latin america, -30593 ( 30593 ), -15423 ( 15423 ), -15170 ( 15170 ), -98.4 ( 98.4 )
Row 6: connected fitness, -61301 ( 61301 ), -13064 ( 13064 ), -48237 ( 48237 ), -369.2 ( 369.2 )
Row 7: total operating income, $ 408547, $ 353955, $ 54592, 15.4% ( 15.4 % )
**************************************** | divide(36358, 408547) | 0.08899 |
what is the proportion of total global headquarters leases to total other operating leases? | Background: ["table of contents contractual obligations the company's significant contractual obligations as of december 31 , 2016 are summarized below: ."]
Table:
****************************************
( in thousands ) | payments due by period total | payments due by period within 1 year | payments due by period 2 2013 3 years | payments due by period 4 2013 5 years | payments due by period after 5 years
----------|----------|----------|----------|----------|----------
global headquarters operating lease ( 1 ) | $ 40859 | $ 4278 | $ 8556 | $ 8928 | $ 19097
other operating leases ( 2 ) | 29808 | 9861 | 12814 | 4752 | 2381
unconditional purchase obligations ( 3 ) | 37415 | 14134 | 20012 | 3269 | 2014
obligations related to uncertain tax positions including interest and penalties ( 4 ) | 2 | 2 | 2014 | 2014 | 2014
other long-term obligations ( 5 ) | 30846 | 13292 | 11472 | 1763 | 4319
total contractual obligations | $ 138930 | $ 41567 | $ 52854 | $ 18712 | $ 25797
****************************************
Follow-up: ["( 1 ) on september 14 , 2012 , the company entered into a lease agreement for 186000 square feet of rentable space located in an office facility in canonsburg , pennsylvania , which serves as the company's headquarters .", 'the lease was effective as of september 14 , 2012 , but because the leased premises were under construction , the company was not obligated to pay rent until three months following the date that the leased premises were delivered to ansys , which occurred on october 1 , 2014 .', 'the term of the lease is 183 months , beginning on october 1 , 2014 .', "the company has a one-time right to terminate the lease effective upon the last day of the tenth full year following the date of possession ( december 31 , 2024 ) by providing the landlord with at least 18 months' prior written notice of such termination .", "( 2 ) other operating leases primarily include noncancellable lease commitments for the company's other domestic and international offices as well as certain operating equipment .", '( 3 ) unconditional purchase obligations primarily include software licenses and long-term purchase contracts for network , communication and office maintenance services , which are unrecorded as of december 31 , 2016 .', '( 4 ) the company has $ 18.4 million of unrecognized tax benefits , including estimated interest and penalties , that have been recorded as liabilities in accordance with income tax accounting guidance for which the company is uncertain as to if or when such amounts may be settled .', 'as a result , such amounts are excluded from the table above .', '( 5 ) other long-term obligations primarily include third-party commissions of $ 15.0 million , deferred compensation of $ 7.4 million ( including estimated imputed interest of $ 161000 within 1 year and $ 87000 within 2-3 years ) and post- employment benefits , including pension obligations , of $ 6.5 million for certain foreign locations of the company .', 'these amounts include the related current portions when applicable. .'] | 1.37074 | ANSS/2016/page_47.pdf-2 | ["table of contents contractual obligations the company's significant contractual obligations as of december 31 , 2016 are summarized below: ."] | ["( 1 ) on september 14 , 2012 , the company entered into a lease agreement for 186000 square feet of rentable space located in an office facility in canonsburg , pennsylvania , which serves as the company's headquarters .", 'the lease was effective as of september 14 , 2012 , but because the leased premises were under construction , the company was not obligated to pay rent until three months following the date that the leased premises were delivered to ansys , which occurred on october 1 , 2014 .', 'the term of the lease is 183 months , beginning on october 1 , 2014 .', "the company has a one-time right to terminate the lease effective upon the last day of the tenth full year following the date of possession ( december 31 , 2024 ) by providing the landlord with at least 18 months' prior written notice of such termination .", "( 2 ) other operating leases primarily include noncancellable lease commitments for the company's other domestic and international offices as well as certain operating equipment .", '( 3 ) unconditional purchase obligations primarily include software licenses and long-term purchase contracts for network , communication and office maintenance services , which are unrecorded as of december 31 , 2016 .', '( 4 ) the company has $ 18.4 million of unrecognized tax benefits , including estimated interest and penalties , that have been recorded as liabilities in accordance with income tax accounting guidance for which the company is uncertain as to if or when such amounts may be settled .', 'as a result , such amounts are excluded from the table above .', '( 5 ) other long-term obligations primarily include third-party commissions of $ 15.0 million , deferred compensation of $ 7.4 million ( including estimated imputed interest of $ 161000 within 1 year and $ 87000 within 2-3 years ) and post- employment benefits , including pension obligations , of $ 6.5 million for certain foreign locations of the company .', 'these amounts include the related current portions when applicable. .'] | ****************************************
( in thousands ) | payments due by period total | payments due by period within 1 year | payments due by period 2 2013 3 years | payments due by period 4 2013 5 years | payments due by period after 5 years
----------|----------|----------|----------|----------|----------
global headquarters operating lease ( 1 ) | $ 40859 | $ 4278 | $ 8556 | $ 8928 | $ 19097
other operating leases ( 2 ) | 29808 | 9861 | 12814 | 4752 | 2381
unconditional purchase obligations ( 3 ) | 37415 | 14134 | 20012 | 3269 | 2014
obligations related to uncertain tax positions including interest and penalties ( 4 ) | 2 | 2 | 2014 | 2014 | 2014
other long-term obligations ( 5 ) | 30846 | 13292 | 11472 | 1763 | 4319
total contractual obligations | $ 138930 | $ 41567 | $ 52854 | $ 18712 | $ 25797
**************************************** | divide(40859, 29808) | 1.37074 |
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